Evening Star Newspaper, November 26, 1932, Page 12

FINANCIAL. BROKERS TOMOVE | INTO NEW OFFICES Fenner, Beane & Ungerleider Changing to Southern Building._ BY EDWARD C. STONE. Fenner, Beane & - Ungerleider, New) . ¥ork Stock Exchange firm, which has maintained Washington offices at 1430 K strect northwest for a long time, will open new and en- forged officcs at 807-309 Fiftecnth street, in the South- ern Building, next Monday, according to announcement today by John D Mothershed, the lo- v cal manager. & l H 1 The new offices comprice the com- for- of Harriss & Vose and that formerly occupied by Weaver Bros., brokers. reel estate The par titicn between the tw> old offices has been removed, the premises remodeled and _richly ' fur- | nished, making a most attractive end gpacicus brokerage office All modern facilities for the con- venience of customers have been in- stalled, including private offices and conference rooms. Latest quotations will b: posied on the board covering New York Exchunge and Curb stocks. | bank stocks, grain and other commodi- tic:. Extra telephone lines have been lled for handling local guotation John D. Mothershed. addition to Manager John D. N-ihershed, the personnel of the office ircindes Richmond P. Davis, assistant m-nager; Henry Shepherd, H. Kenneth Murray, Robert K. Carpenter, Mrs. ‘Ambler H. Cardwell, brokers, and John M. Wilbur, Bowman McCalla MacAr- thur and Claude H. Creamer. The in- vestment department will be in charge of Clement G. Randle and Dwight G. Smyth. President Sisson Is Cheerful. The elimination of uneconomic units by suspensions, mergers and voluntary Hquidations has made the country’s panking structure stronger than any of the sweeping plans for legislative re- forms could have done, Francis H. Sis- son, president of the American Bankers' As-ociation, declared, at a dinner meet- ing of New York Chapter, American In- stitute of Banking. One of the needs of the Nation is a stronger banking system, he continued. Benkers generally agree, Mr. Sisson said, that the maximum improvement with a minimum of disturbance could best be obtained through gradual and progressive strengthening rather than through abrupt transition, such as bringing all banks under Federal con- trel. He said that the country's financial outlook is unmistakably encouraging, with the current situation showing a satisfactory improvement over the criti- cal conditions that existed a few months ago. D. C. Store Sales Compared. H In a detailed sales report covering| business in 33 department stores in the | fifth Federal Reserve district, the Rich- amond Reserve Bank states that retail trade in Washington in October was 20.0 per cent under the figure for Octo- ber, 1931. For the first 10 months of 1932 loc2] trade was off 16.1 per cent Irom last year. | Stecks carried in Washington stores at the end of October were 14.2 per cent Jower than on October 31, 1931. Com- pered with the end of September this year stocks were 8.7 per cent larger. During October stocks were turhed over .371 times and during the first 10 months of this year were turned 3.026 times. The percentage of October 1, 1932, receivables collected during the month of October was 27.6, against 29.3 for Richmend, 22.3 for Baltimore and 25.2 for the fifth district 2s a whole. Sales in Richmond in October were off 19.4 per cent, in Baltimore 19.9 per! cent and for the whole district 20.4 per cent. Fewer Failures Being Noted. “NEW YORK STOCK EXCHANGE ~Prev, 1932~ i) “THE -EVENING STAR. WASHINGTON, -D.- C., Received by Private Wire Direct to The Star Office. Stock and Sales— Low. Djvidend Rate. Adains Expres: Adv Rumley Air Reduction (3). Alaska Juneau (50¢). Allesh: 3 Allied Allled Allis-Chalmers Mfg. i Ama' Leather Am Ba Am Br: Am Can (4).. Am Ca Am Cai Am Ei Am & Foreign Pwr. . Am & For Pwr 2d pf. Am Ha Am Ho! Am International Am Locomotive pf. . 5 Am MacL&Fdy(80c) . Am Fower & Light. . AMP&Ltof A (5).. Am Pwr & Lt pf (6). Am Ra Am Rol Am Safety Razor ( Am Sm Am Snuff (1335). Am Stores ( ) Am Te : Am Tol Am Tobacco B (6. Am Ty Am Car&Foundry pf. any Corp..... Chem & D (6). Chem pf (7). a nk Note. ake Shé& PO O HUTITSL FIOTOPWIvE- P n Co pf r & Foundr: mc’l Alcohol. . caustic Tiling ropean Secur. w Stship (1).. me Prod 4.20 % EY ~28nmmpuRemann diator. .. Iling Mills. elt & Ref. © 1& Tel (7). bacco (16). E pe Founders Am Type Fdrs pf. . Am Water Wks (2 Am Wat Wks cfs(2). Am Woolen pf. . Anaconda Copper Anchor Cap (1.20). Armou Armour of 11 (B)... Art Me! Associated Apparel. . Atchison. ....... Atlanti Auburn Motor (f4).. Avation Corn (Del) more & Ohi « Bal Rang & Barnsd: ayuk Ci 4 Beatrice Relding-Hemingw. Bendix Bethlehem Steel. . . Bethlel Roan A Bon Am Rorden Borz Warner. Briges Rkyn Manhat T} Brown 4 Brunswick-Balke. . : Budd (E G) Mfg > Budd Whee Bush Term Bush T Bvers ( rof 111 (A) tal-Construct. o =1). Bhafcacais o > Aroos pf ( all Corp. 15t pl( reamery 2 3 reBr T iR aaReaTale Aviation 1em Steel pf. . lumn & Brass nia (A) (15).. Co (2)..... "~ Mfs Ce e Shoe pf (7). 2l ‘erm’l deb stk. A M) - Canadian Pacific. Cannen Case (J Celotex Mills'(1). 1 Co. vte, . Cent Azuirre (1 Cerro de Pasco Checker Cab Mf: Ches & Ohio (27 Chesapeake Corp (2) Chi Mil StP & Pac pf. Chi & Northwestern. Chi Rock I & Pac.... Chrysler Corp (1) City Stores. ... Coca-Cola Co (7).... Colgate-Palm-P (1). Collins & Alkman. . % Colo Fuel & Iron. ... Columbia Gas (b1).. Columb Gas pf A (6). 4 Columbia Pic ctfs. .. Celumb Carbon (2).. Commer rcial Credit. . Comel CreditA (3). . Comel Inv T war sta. Comel Inv'Trpf 6% . Comel Tny cv pfie6). CGomel Solv (60¢). Comwlth & Southn. . Comwith & Sou nf (6) Congol. afrn (80e). Congress Cigar (1).. 5 '‘Consol 1 Consel Cansob Cons R Consol Cont] Baking pf (6) Contl C: Cont M Contl Oil (Del). Corn Products (3 Coty, Inc. . Crown 7 Curtiss-Wright. urti Del & Hudson (5). 4 Del Lack & Westn GasNY.(4).. Laundries(1) 0il Corp: Rof Cuba pf. . Textile. an (2 otors. 9 Cork & Seal. . P aBhaRa et R ri - Stock and, Divicend Rate. 20 Int Shoe (2). 714 Int Silver. . 25 Int Tele & Telex 10 Johns-Manville. 30 Jones & Laugh p! ~Prev. 1922 High. Lo 44% 26 153 Net Low. Close. Chse. 5% 5% 3 3 53% 134 1% 3% 117% 1 8 1% 10t 51tz 53% 1314 1% %! 5y Kelsey-Hayes Wheel 23, Kelvinator Corp. 4 Lehman Corp (2.40) . Libbey Owens Glass. Ligz & ) Liquid Loew's Inc (14). RS RN McIntyr Por M(11%) Mclecsport TP (4). McKesson & Robbins llan Stores pf. . (RH) & Co (2) opper (30¢) ) v mod gtd 2 Marine Midld (80c) shall Field & Co. Dept Stores (1), Mid Continent Petm. Minn Moline Pow. " Motor Wheel Murray Corp <h Motors (1) Nat Dairy Prod ( Nat Distille . Nat Pwr & Lt (1). At Steel H & Ha 3% N Y Ont & W 70 NY Steam pf (6).... 10% Noranda Min (1.10), 57 rfolk & West (8) 11 North Am Aviation. . 13% Nor Amer(b10 stk). 49 North Am Ed pf (6). 515 Northern Pacific b Ohio O1l (aa0c). 67 Pacific Gas & BI (2). 20% Pacific Lighting (3). Pacific Tel&Teleg (7) ¢ Packard Motor Car. . Paramount Publix Park Utah. Penick & Ford 2).. Penney (1 C) 1.80... Penna Railroad. Peoples D S pf (61 Peoples Gas Chi (5). Petrol Corp of Am Phelps Dodze. Phila & Read C&T.. 4 Philip Morris&Co(1) Phillips Petroleum. . Phoenix Hosjery. ... 2 Pillsbury Flour (60c) Pitts United pf. Plymouth Oil (1).... Proctor & Gamble(2) Public Sve N J(2.20). Puilman Corp (3).... Pure Oil. X Purity Bakeries (1). Radio Corp. Radio Corp pf B. . Radic-Keith-Orph 4 Reading Rwy (1). .. Rensselaer & Sar (8) Reo Motor Car . Republic Steel. Republic Steel pf. ... 4 Revnolds Tob B (3). Richfield O11. Roval Duteh. 28% 12'a 304 Safeway Stor Yoo 0 Safeway Strs pf (6) St Joseph Lead 5 an Francisco, . San Fran pf.... Schulte Retail Stores Seaboard Air Line. .. Seaboard Oil Del 40c. Sears Roebuck £ Second Nat Inv Seneca Copper Servel Inc Sharp &Dohime pf(2) Shell Union Ofl pf. Simmons Co. . eily Oil. Skelly Oil pf ww Snider Packing. g Opening Is- Slightly Higher, sion, but volume was low on the rally _fTEXAS IS WATCHED "Bailrtml Commission Plans Hear- SHORT SESSION but Part of Advance Lost Later. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, November 26.—All the markets improved slightly in today’s short week end sessions. The gains were not entirely retained to the end in most cases. and also, gen- | erally cpeaking, they were due to ihc| retirng of commitments for the declinc | possibility of some unexpzctedly e developments in the war deb. | crisis before business is resumed Mon- day. Sterling exchange opened in London at $3.20%, which was down from Fri- day's close of $3.211, but ther> was a decided rally on this side. First quo- tations were at $3.22'., and in mid- morning transac'ions were effected at $3.22, up 1'5 points from New York's Friday clese. Montreal funds were weak again, starting in at 15 per cent disccunt and reacting to 15 per cent | later. Volume Is Small. There was a better feeling in the Chicag> wheat market, with Dzcember above 43 cents a bu-hel against yester- day'’s extreme low of 411, cents. Cotton was slightly higher at the stait. No of these rallies, howevir, could bz r garded as of any great significance. Stocks marked time. The opening { was slightly higher and during the fir:t hour the market rcnged above the pre- Part cf this advantage | I ceding close. s lo't in the second half of the ses- and on the setback and trading was| most'y of the ev-ning-up variety The weekly car loadings statement was favorable. It showed an increase of 38,758 cars over the preceding week and a decline of 11.8 per cent from the corresponding week in 1931, which was better than had been predicted More railroads reported larger net for October than in that month a year ago. The railroad stocks, however, moved with the rest of the list. Gold Stocks Neglected. The lethargy of the market was so pronounced that even the gold stocks, the one group now enjoying spaculative favor, were neglected. United State; Steel common and preferred were heavy. Youngstown reported lower prices for steel scrap and advices frcm | the industry were to the effect that a ' seasonal decline in activity was in prog- ress. American Telephone, Atchison, Allied ! Chemical and Union Pacific were all a | point or more higher in the first hou | and all canceled the advance, nur!llll‘»’i at least, before the close. The food | shares were irregular, with corn prod- ucts making the best showing. Stocks weakened toward the close ! and the market was sagging at th Special pressure was exerts |against American Tobacco Sharer, while Standard Oil of New Jersey and | Safeway Stores offered good resistance. (Copyright. 1932.) BY OIL INDUSTRY ing Today to Fix Details of Proration Law. By the Associated Press. TULSA, Okla, November 26.—As has been the case frequently in the last two years, prospective developments in | Texas are the chief concern of mid- ! continent oil men_this week. In Austin the Railroad Commission, | charged with control of the State’s ofl | production, had on calendar a hearing for today to fix allowances.and issue orders on crude oil output based on the new law permitting curtailment to mar- ket demand. Coming, as it does, on the heels of authoritative forecasts of sharply re- duced consumption until well into next ‘SATURDAY, NOVEMBER 26. 1932. [STOCKS MARK TIME | NANC 1AL. Trade Reports at a Glance. By the Associated Press. NEW YORK, November 26. — Tabloid review of the wholesale and retail business conditions, as reported to Bradstreet's this week from the following centers, on the basis of comparisons with conditions in the same areas in the correfponding week last year: . Wholecale Retail a Job trade. trade. Pittsburgh Quiet Chicago Fair Cleveland Quiet Detroit ...... Quiet Indianapolis Fair Loulsville Quiet Milwaukee Quiet Des Moines . Fair Duluth Quiet Kansas City Quiet Minneapolis . Quiet Omeha ..... Quiet St. Louis Fair St. Paul . Quiet Fair Baltimore Quiet Feir Comment. Pittsburgh—Reta:l trade cn uptrend but volume remains below 1931; apparel wholesalers faitly active: glass manufacturing quiet; coal produc- tion accelerates but prices continue low. y Chicago—Week's wholesale and retail trade and m#ufacturing slightly ahead of 1931; “toy parade” created greater interest in Christmas buying; employment recedes slightly. while pay rolls increase 1 per cent; steel capacity reduced to 16 and 17 per cent. Cleveland—Steel produ~iion rises 3 per cenf to a 38 per cent basis; Youngstown steel marking time at 17 per cent: Toleco closed banks plan- ning to pay dividend of about $5.000.000 on December 15, Detroit—Seasonable weather and “sales” stimulate retail trade but volume continues far below normal; wholesaling reveals cpotted condition; employment gradually rises as automobile industry furthers production of 1933 displays. Indianapolis—Retail movement gradual but steacy; wholesale volume fair; automotive activity stimulates some lines but orders generally limited; unemployment serious: collections backward. Louisville—Cigarette manufacturers on full capacity; men's clothing production exceeds 1931 but with skeleton forces on full time; electrical goods and wholesale hardware ¢2mand steadily increasing. Milwaukee—Employment in metal trades declines: hosiery mills less active; auto parts producers active with orders for Winter show models: holiday food products priced very low; Christmas merchandise being displayed. Des Moines—Retailing seascnally active; wholesale orders small fill-ins; coal trading in full swing: industry at stancstill: automobiles and accessories in poro demand: Community Chest drive over-subscribed; excessive moisture damages corn crop. Duluth—Dry goods and apparel in active demand; wholesale volume off; industrial activity at low ebb; mining and shipping far below normal; collections hard to make. Kansas City—American Royal Live Stock Exposition completed one of largest shows in history; flour mill sales 50 to 55 per cent of capacity, with buyers conservative, due to declining prices; lead and zinc sales improve. Minneapolis—Cold weather stimulates movement of seasonal lines; though general business and industry remain slow, there is some evidenee of stabilization since election; holiday trade negligible. Omaha—Wholesale trade continues to drag; manufacturing inactive; holiday food prices exceedingly low; grain receipts light, with mills operating below normal; live stock receipts steady, with prices fairly firm; corn husking well under way. St. Louis—Retail trade on gradual uptrend; seasonal lull characterizes shoe industry; coal output gains sharply; lead and zinc quiet as prices show downward trend: drug and chemical sales exceed 1931. St. Paul—Department stores slightly more active; wholesale volume of furs, clothing and millinery in excess of 1931; demand for holiday lines below expectations; industrial activity stagnant. Baltimore—General trade marking time; holiday buying conservative; hosiery and knit goods fairly active; dry goods, notions and kindred lines quiet; Fall movement much below former years. STOCKS T0 BENEFIT BY REPEAL LISTED Manufscturing Collee- and inaustry. Quiet Quiet Quiet, Quiet Quiet . Slow Slow Slow Slow Slew Slow Slow Quiet Quiet Quiet Christmas Savings At Mount Airy, Md., Will Total $18,000 Special Dispateh to Tke Star. MOUNT AIRY, Md., November 26,—Participants in Christmas savings clubs sponsored by the banks throughout this com- munity will receive approximately $18,000 when the 1932 checks are mailed during the first week in December. This figure represents a decrease of 10 per cent, com- pared with last year’s total. Average Daily Credit Volume of Reserve Banks Rises $4,000,000 in Week. Wall Street Turns to Special Groups as Speculation Reaches Low Ebb. Special Dispatch to The Star. | NEW YORK, November 26.—With | speculation in the general list of stocks | at the low ebb of the year, Wall Street has been forced to turn to special groups | for divertisement. The ‘most popular of these groups have been the alcohcl FI have been made to attract a public | following in the expectation of prohibi- tion modification and eventual repeal. | For a time the scheme ‘orked nicely, tainty arose over the action of President Hoover on & beer bill, when and if| passed by Congress. Then much of the speculation was unintelligent and over- of their present status in the way of | earnings or b.mo;k ;‘heet ‘pc:lfllon,‘ Sponsors for them t¢ the cynical view that it did not make any difference | BY the Associated Press, u‘ouéd ber stlé‘re to ';k! éhz’!uxg‘& off ;Re | Reserve Bank credit outstanding during hands of the pools. So far the public|(pe week ending November 23 was re- l;;:dt::n i e L | ported yesterday by the Federal Re- stocks, in which strenuous attempts but enthusiasm abated when uncer- | dove. _ Stocks were advanced regardless | about present conditions; the public| The daily average volume of Federal It may be interesting to name some |serve Banks as $2,209,000,000, an in- RCASESTIRS COML OPERATIR Fight of Virginia Group to Force Cuts Vital for Industry. By the Associated Press. | NORTON. Va. November 26.—While coal proGucing roctions of a half a dozen States watch the proceedings with interest the Virginia Coal Opera- tors’ Association, the town of Norton and others Monday will ask the State Corporation Commission to reduce the wholesale power schedules of the Old Dominion Power Co. by approximately 52 per cent. I The petition charges that the eom- { pany has inflated its fixed capital assets Itn such an extent that its effective rates in the wholesale schedules should be drastically reduced. Converting the essense of the charge into dollars and cents, the petitioners assert that the defendant company’s fixed capital assets, amounting to $5.- |258.168.49, December 31, 1931, should be reduced by the commission because of alleged arbitrary and excessive write- ups and the value of abandoned and non-useful power plants. Huge Reduction Asked. A reduction of $2,749.696.17 is asked, leaving a net value of $2,509,474.32 as the maximum fair value of all of the defendant company's property used and useful in the production, sale and dis- tribution of electric power in Virginia. The case is of interest to coal op- erators in Virginia, West Virginia, Ken- tucky, Tennessee and Alabama. The compleint was filed with the Virginia ccmmission last August. The original hearing was set for September 28. The defendant company asked for a 60-day continuance and it was granted. Meanwhile vigorous preparations have been made for the case by the operators, the power company and representatives of Insull interests, with executive of- fices in Louisvile, Ky. The coal operators have empioyed & committee of engineers to make a cbm- plete appraisal of the physical proper- ties of the company, which operates ex- clusively in Virginia, serving the eoal industry and general customers in Lee and Wise Counties. A great mass of statistical data and public records has been prepared for introduction as evi- dence. Gets Appraisal Also. The defendant company likewise has employed an appraisal company to make its valuation of the company property. Simi'ar proceedings have been insti- gated in Southwest Virginia, where & reduction of approximately 50 per cent has been ed, and in Eastern Ken- tucky, where a reduction of approoxi- mately 35 per cent was asked. The commission has ordered the Old Dominion Power Co. to file its ledgers, journals and other records and vouch- ers with it for examination. ‘The complaint as filed with the Cor- poration Commission was over the sig- nature of Lee Long, president of the Coal Operators’ Association, and Paul and Kyle Mor- AID IS EXPECTED FOR NICKEL PLATE R.F.C. Reported Ready to Advance $5,000,000 for Extension of Defaulted Issue. By the Associated Press. NEW YORK, November 26.—Report is current that announcement may be made shortly of the decision of the Re- construction Finance Corporation to advance to the Nickel Plate the $5,000,~ 000 necessary to carry out its plan for eztension of the $20,000,000 note issue defaulted on October 1, last. Recent figures showed that upward of £2 per cent of the face amount of these unsecured notes had been de- posited under the plan for payment of |25 per cent in cash and extension of i the balance in the form of new 3-year per cent notes. Diamond Match (1) year, the hearing is charged with more | of the stocks included under the classi- crease of $4,000,000, compared with the ' & ‘The decline in failures at this time, Report has it that deposits now in continuing over a period of 18 weeks with but a single insignificant interrup- tion, is contrary to normal seasonal behavoir. Total failures for the week ending November 17 were 408. which is 7 less than the week before and st total since December 24, This is the first instance where index on the recovery side has established contect with the great bocm > index of Bradstreet's Iy, 31 articles, again od forward 2 cents and is at $1.73. It has thus wiped out completely the decline of 9 cents, which took place in the two weeks from October 18 to November 1. Cauticn must be observed in noting this improvement. It is due lergely to a rise in the price of butter, cges and hogs and is not general encugh be whole: in fact, the declines - the past week cxceeded the increases. Among 87 commodities 11 increased, 22 decreased and 54 remained un- A week ago, comparable 5 were 21, 13 and 53, respectively. Heard in Financial District. of Ccmmercial Credit Co. ul quarterly div- per cent and 7 per referred stocks, 8 per cent * preferred and the $3 class “A” convertible stocks were declared, pay- able December 31, 1932, to stockholders of record at 12 noon on December 10. 1932 Virginia Public Service Co. has de- clared the regular quarterly dividends of $1.75 on the 7 per cent preferred and | $1.50 on the 6 per cent preferred stocks, | both payzble Jenuary 1 to stock of rec-; ord December 10. | North American Co. has declared the | rezular quarterly dividends of 22 per| cent in common on the common stock | and 75 cents on the preferred, both | payable January 3 to stock of record | mber 5. J. C. Penney Co. declared a quarterly dividend of 45 cents on its common | stock and the regular quarterly pay- ment of $1.50 on its preferred stock. Bcih dividends are payable December 21 to stock of record December 20. A. Wingo of Petersburg, Va., was intcd manager and executive vice sident of the Regional Agricultural Credit Corportion, with headquarters in Baltimore. This district includes Mary- Jand, Pennsvlvapia, Virginia, West Vir- ginia and Delaware ‘The Chicago Clearing House Associa- tion has voted to reduce interest rate on ravings accounts to 2': per cent ir;fi\ 3 per cent, effective January 1, . INVESTMEN'I;fiTRUSTS NEW YORK, November 26 Over-the-counter market »— (Quetations as of 11 o'clock.) Asigd Dividend Shrs Fund Tt Shrs A . § Dome Mihes ($1.30).. Doug Afrcraft (75¢). Dresser Mg (A). Drug C Dupont de Nem (2. 4 Eastman Kodak (3) Eaton Mfg Co. 4 Elec Auto-L (1.20).. Elec & Musical Instr. Elec Pwr & Lt Flec Pwr & Lt pf (5). ec Pwr & Lt pf (7) 4 Firestone T & R (1). First Natl Stores 213 Fisk Rubber. .. Fsk Ru en Baking (2). en Cal Gen Cal Gen Electric (40c). Gen Foods (2). .. Gen Gas & Elec (A) Gen Motors (1). . Gen Motors pf (3). Gillette Saf Raz (1). Gillette Saf R pf (5). Gimbel Gold Dust (1.60). Goodrich (BF)..... Goodyear Tire&Rub. Getham Silk Hosiery Graham-Paige. ranby rand Union pf (3) Grant ( Great Northern pf. 'z Grigsby Grunow. 5 Hahn I Hamilt Hawaii 83 57 Hershe 160'% 110 Iilinois Central o Ind.an Motor Cycle. . Indust; Ingersoll-Rand (2) Inspiration Copper. . Insura Insuranshares (Md). Interboro Rap Trans ¢ Int Bu Int Cement. ... Int Combustion pf . Int Ha Int Ha Int Hy 2 Int Nickel of Can.... Int Paper & Pwr (B). Int Pa Int Pri Homestake Min(110) 1 Houdaille-Hersh (B) 42'% Househd Fin pf 4.20. 83, Houston Oil. . 13 Houston Oil (new). . Hudson Motor Car. .. orp (4).. Bomanns o bber 1st p 1950 UNES TN itk i 0 RO 2 2 52 00N ble. . ble pf. = an3T » are8en el Signal (1). ty & Utl. .. Bros. . Consol. WT))... Jept Stores on Watch. ... an Pineapple . v Choe pf(15) s R 03 O e By S 1 1S 2900 1 4 10 e B 29 rial Rayon (2) nshares (Del) s Machine (n6) rvester (1.20) rvester pf (7). dro-Elec (A). . - PO T ver & Pwr. pt inting Ink. Socony Vacunm 40c. Southern Pacific. ... Southern Railway... Southern Railway pf Standard Brands (1). Stand Stand G Stand 011 Kansas. Stand Oil N Studebaker Corp Studehaker pf Superior Oil Texas Corn (1) Tex Gulf Sulph (2). . Tex Pacific Coal&Oil. Third Avenue Timken-Detroit Axle Timken Roller Bg(1) Tr; Tnion Bag & Paper. . Un Carblde & C(1.2 Un Oil of Calif (1) rion Pacific (6). ' za1 nit Corp (40c). nit Corp pf (3) nit Fruit (2). nit Gas&Im (1.20) TS & Forn Secur. ... ypsum (160).. Indus Alcohol. .. Leather (A) Pipe & Fdry (2) S Realty & Imp. 1+ &S % United § Unit Univ Ple 1st pf (8).. "4 Vadsco Sales Corp 28% 5% Vanadium Corp. 7 2!% Van Raalte il 69% 20 Va-Car Chem 7% vf. 432 3 Warn Bros Pletures. 8% 11 Warren Bros. . . 111 80 West Pa Pwr pf (7). 11% 13 Western Maryland. . 2 Western Pacific. Western Union...... Westing’se Air B(1). Westinghouse Elec. . Wheeling Steel. s Wheeling Steet pf. .. i White Sewing Mach. Wilcox Oil & Gas. Wiilys-Overland. ... Woolworth (2.40). .. 1% Yellow Truck 4 Youngstown S 10% 9% 4% Zonite Products 450 | Dividend rates as given in the above table are the annual cas | payments based on the latest quarterly or Malf-vearly Aeciaratins. Unit of tradiog less than 100 shaves. tPartly extra. . :Blus i stock. a Paid this year—no regular rate. b Pasable in ¢ Pavable in cash or stock. fFlus & in stock. b Plus n stock. 1Plus $1 in special preferred stock. .k Plis 37 ia stock. 'm Paid last year— - Stock. | mPaid Jast year—no regular rate. nPlus 5% in stock. 3 4814 50 11, 27 33 L+l + RAEARE S NE 351, T8 38y 5% | new administration comes into power. |tion of all_speculative markets will| be temporarily governed by the prog-' | current than ordinary importance. Looming larger every day, the Gulf Coast areas of the State are due to r ceive considerabie attention, perhap: more than East Texas, where the prob- lem of proration has been simplified by | definite knowledge of field conditions. | The bulk of the midcontinent’s ex- ploration now is being carried on in the Gulf Coast rigion; new wells Have been discovered and pools enlarged sufficient | to give this area virtually as great im- | portance as East Texas. Brokers’ Comment NEW YORK, November 26.—Most| brokers today saw no prospect of a change in market trends while the debt question remains uppermost. Comments include: Redmond & Co.—Although the mar- ket probably could and will stage a sharp rally as soon as a satisfactory compromise is reached on the Decem- per 15 payments, there are still other | obstacles in the path of business and securities recovery, such as the balanc- ing of the Federal budget, revenue legislation, including the possibilily of a beer bill at the short session of Con-; gress, and probable revision of the tariff, ! which may be delayed until after the Hamershlag, Borg & Co.—It seems no exaggeration to state that the ac- ress of intergovernmental debt nego-| tiations. 5 Frazier Jelke & Co.—In our opinion a great deal depends on the early behavior of sterling, as the price of the British pound has a definite influence | over the prices of wheat. cotton and other .commodities basic in American economy. Hornblower & Weeks—We would be inclined to await further evidence that reactionary tendencies have run their course before assuming other | than a strictly trading attitude toward the market. Shields & Co.—With the debt ques- ' tion unsettled and nothing kncwn of the foreign reaction. to our attitude there is no reason to change advised trading policy. While no outside lig- | uidation is evidenced professional pres- sure is likely to continue the main trend downward . until definitely favorable news develops. NEW YORK gANK STOCKS NEW YORK., November 26 (). —Over- | the-counter market: (Quotations as of 11 o'clock.) BANKS. Bid. Asked. fication of issues likely to be aided by | preceding week and of sm‘ooo.ooo.' | in 1891 and never since that time has repeal or modification. One Wall Street | : house has tabulated them for the compared with the corresponding week benefit of its clients. The list includes | in 1931, Air Reduction, American Commercial N 1 Aliohal, Aasiise GapyCasinda Dry. Gor | .+ O3 Hovember 33 Sotal Resceye Jinak Products, Crown Cork & Seal, Foster- | Wheeler, Liquid Carbonic, National Dis- | crease of $7,000,000 for the week. This tillers, Owens-Tinols Glass, Penick :‘decmu corresponds with an increase Ford, Standard Brands, United States | : ' | of $36,000,000 in monetary gold stock, Industrial Alcohol and White Rock. | offcet in part by increases of $6.000,000 == | in money in circulation and $18,000,000 Dividends Maintained. |in \:;expended capital rund.;. non- One company which has been able to | member deposits, etc., and a decrease maintain disbursements on its preferred | O $4.000,000 in Treasury currency ad- stock all through the dep’l::ssl(;:\ fi;lusted» American Sugar Refining. This is all | 1 the more mtgg‘wonhy becase the sugar | bought in open market and of United industry has been depressed much | States Government securities were prac- longer than any other. Moregver, the | tically unchanged from a week ago. = - | November 23 totals (in millions of period. ~American Sugar was organized | o, r5) with changes from & week ago it omitted or reduced the dividend on | 3nd & year ago follo its 7 per cent preferred stock. Chain Reports Hopeful. S. Govt. securi- Reports from the chain Stores are othes Reséive Bank encouraging. Sales during October | were in point of volume the highest | since May. althcugh & pact of the gain is seasonal. General business condl-: tions, especially in the distributive trades, are showing signs of improve- ment. The heavy industries lag be- hind, with another decrease this week in the rate of steel production. Never- theless, both bankers and business men are more optimistic over the outlook, providing always there is no fresh | deflation in commodity prices induced by the weakness in sterling exchange, which, in turn, is of course due to tl war debt situation. (Copyright, Nov, Bills discounted. ... Bilis bouant 35 credit . £k 260 Monetary gold stock |4 Treasury ~currency, adjusted .. ... [1 Money in circulation. 5, Member bank reserve balances .. <, 5800 Capital funds. non< ‘membe; i etc | _Combined resources and liabilities of the Reserve Banks at the close of busi- ness Thursday were reported last night by tne board (in thousands of dollars) as follows: up Up 151 156 283 RESOURCES. Gold with Federal Reserve agent: Gold redemption fund with U. Treasury ... Gold_held exclusively agalnst Federal Reserve notes: Gold settlement fund with Fed- eral Reserve Board. .. ...... Gold and gold certificates held banks ....... . 1932 0.351 TREATMENT DIFFERENT FOR CREDITOR GROUPS “NEW_YORK, November 26 (Spe- clal). —The City of Cordoba, Argentina, apparently has two codes of financial ethics. One set of creditors is being paid, while another is completely ig- nored. Holders of the city's 7 per cent bonds, due in 1937, are now receiving interest due November 15, while the holders of the 7s of 1957 have been asked to forego payments Why, no one seems to know. Announcement that regular payment would be made on the 1937 bonds had precisely the same effect upon both the defaulted issue and the one which has not vet defaulted. Both declined| Total bills and fractionally. Assuming continuance of [ Due from_foreign interest on the 1937 loan, the current vield, at prevailing prices, is about 28 per cent. (Copyrisht. 369 339,487 6 Total gold reserves. .. Reserves other than goid Total 1eserves . Non-reserve cash Bills discounted— Secured by U. 8’ Government obli- gations ......... s Others bills discounted . 001 Total bills discounted . 0 Bilis bought in open markei - U. 8. Government securities— Bonds . : Treasury notes . Certificates and bills 2 9 Total U. S. Government securi- Other securities . securities banks. .. of ‘other i 932. by North 1 American News- H paper Alliance, Inc.) 08 | i Holdings of discounted bills, of bills ol 30° 34,646 | | white, 34v ! U. 8. TREASURY BALANCE. Chase (2) . : Am Tr Shares Tr 8h 1 liqy | beans in ‘a result of recent weakness in wheat markets. Leading sellers report only the usual rin of job lot orders. Rayon—Leading producers report a good volume of orders booked this ‘month. for January delivery. The trade expects that viscose plants will operate dation. at close to full capacity during the first New York warchouses total | month of the new year to meet the con- about 668,000 ‘bags, . which is close to |suming f the record high. oy s ‘Rubber—Dow, Jones & Co. says that, By the Associated Press. Cocoa—Prices have been following downward trend in this market on active ccocoa attempts to effect artificial restriction of output, no indications have appeared of any important betterment in-the in- dustry's statistical position. The net position of the world’s large stocks of i 1540 £2) =, 31 Nationel City (2) . ublic, TRUST COMPANIES. Bankers (3) . a3 roc) Tr excess crude, it is said, rubber is now | Br virtuall; ago, when the British-Dutch negotia- tions for a curb on output collapsed. Tin—Weakness in security and other commodity markets has had a depress- ing effect on tin, which is now at its Jowest levels for some time at around 23 cents a pound. . unchanged from eight months | Gfit Guaranty (20" Irving (1.60) fieetes Title Guar. & Trust +*Includes extra. +a'| Chicago, | BY the Associated Press. ! Treasury receipts for November 23 were $63,076,080.64; expenditures, $69.- 328,399.81; - balance, $613,362,639.02. Customs duties for 23 days of Novem- ber were $19,716,125.95. R Freight Traffic Gain. NEW YORK, November 26 (#).—The Burlington & Quincy handled 20,798 cars of revenue Pederal ywill be viewed as meeting the “sub- stantially all” requirement set as neces- sary to assure the Reconstruction Fi- nance Corporation advance. Washington Produce Butter—One-pound prints (93 score), 27; 3 (92 score), 26; tub, 25; one-pound prints (90 score), 25; tub, 24. -Hennery, whites, 35a38; current receipts, 30a32; Government graded extras, 40; standard-, 38; mediums, 34. Poultry, alive—Turkeys, old toms, 10a11; old hens, 12a13; young toms, 14; young hens, 16; No. 2's, 9210; chickens, Plymouth Rocks, 4 pounds and_ over, 14a15; 4 pounds and under, 12a13; mixed colored chickens and Leghorns, 9al2; hens, 4 pounds and over, 14al5; capons, 7 pounds and over, 20a22; small capons and roasting chickens, 17a20; 'Ilce;t!. old, 20a25; young, 25a35; roosters, a8. Poultry, dressed—Old toms, 13a14; old hens, 14a16; young toms, 17a20; young hens, 18a20; No. 2's, 11a13; chickens, Plymouth Rocks, 4 pounds and over, 16a17; 4 pounds and under, 14al6; capons, 7 pounds and over, 23a26; mixed colored chickens and Leghorns, 24a25; small d umumu Meats—Beef, 12; lamb, 13; veal, 11; k loins, 12; fresh hams, 10; smoked ms, 13; bacon, 13; lard, 7; com- pound, 7. Live stock — Hogs, light, 3.50a3.75; medium, 3.50a375; heavy, 3.25a350; pigs, 3.50a3.75; roughs, 2.00a2.75; calves, 3.00a6.00; lambs, 3.00a5.50. Game—Rabbits, per dozen, 1.80a2.40. Frults—Apples, bushel, 50a1.50; fancy box stock, 1.50a2.25; pears, bushel, 1.50a 2.00: fancy box stock, 1.75a2.25; seckels, credit amounted to $2,201,000,000, a de- | v 0. o 45 Up1,124 ot 39 a ! 2.00a2.50; grapes, Concords, 3-pound | baskets, 11a12 nichons, 1.25; muscatels, 1. emperors, 1.25; corn- ; p- ! son seedless, 2.25a2.50; Malaga, 1.50; i juice grapes, 70a85; honeydews, 2.00a 2.50; alligator pears, 1.25a1.75; bananas, 1.50a2.50; pineapples, 3.50a4.25; Christmas melons, 2.00; casabas, 2.25; oranges, 3.50a4.50; Satsumas, 3.50a4.00; grapefruit, 3.75a4.00; lemons, 4.50a6.00" persimmons, 1.25a1.50; limes, per 100, 2.00; cranberries, 2.75. Potatoes—100-pound sacks, 1.00a1.10; Idaho bakets, 2.00; sweets, bushel, 50a60; string beans, Zfll!.fiv limas, 6.75; onions, yellow, 60a75; 75a1.00; broccoli, 3.00a3.25: peas, 2.75a3.00; celery, 2.25; cucumbers, .25a3.00; beets, T bunches, .00; carrots, per bushel, 75; lettuce, 3.25a3.50; New York, 1.00; per dozen bunches, 75; turnips, ; cabbage, 60a75; mushrooms, kale, 35a50; spinach, 65a75; tma- toes, California, 30-pound lugs, 1.75 repacks, 1.50; parsnij bushel, 1.25; okra, 1.50a2.00; sq , 1.50a2.5); cel- ery, New York, 1.25a1.50; California, 2.00a2.25; eggplant, 2.00a2.25. 60a7: 1.00; circulation 2,604,428 et AR 3 i | INCREASE CONTINUED IN U. S. GOLD STOCKS NEW YORK, N. Y, —VYesterday’s gold sta | York o Total deposits . Deferred avatlability liems. Capital paid in Surplus ... . All other liabiliies ‘Total liabilities . .0 Ratlo ¢ total reserves o ‘deposits pidera) Reserve nots i . November 26 (#). P and 82.7% Uruguay. There was freight last week, cfl‘m with 19559 in the previous Wi 3 SR from addjtional gain of $355,600 through for- bilities combi ooflmnfnr“ l 'ign correspond. 33,458 eign carmark releases. ents .....