Evening Star Newspaper, December 1, 1932, Page 14

i =T D. . BANK OPENED - JUST25 YEARS AGD Commerce & Savings Keeps Several Officials for Quar- ter Century. bl BY EDWARD C. STONE. ‘The Bank of Commerce & Savings, at Seventh and E streets, threw its| doors open for business just 25 years ago_tomorrow. De- cember 2, 1907. Officers and di- | rectors today were | making plans to take special notice | of the event, hav- ing issued a gen- eral invitation to patrons and friends to visit the bank- ing Tooms some time during the | o officers ex- d pride today 1n the record which the bank has made in the last quarter century. Maurice D. Rosenberg, the president, and John M. Riordon, ex- ecutive vice president, have been with the bank since the day it opened and several of the di- also have bank ihe term of M. D. Rosenbere. nd Mr. includes Sanders, president; Irvin Owings, vice president; Thomas J. Groom, vice president and cashier; Oliver B. Exline, essistant cashier; Prancis B. assistant cashier; Joseph H. Milans, secretary, and Clarence A. Weaver, auditor. The present directors include Thomas N. Beavers, Willlam L. Bush, E. T. Chewning, J. E. Collifiower, R. L. El- | lictt, Albert S. Gatley, M. A. Leese, | John F. Mzaury, Harry E. Mayer, Vernon G. Owen and Frank Owings. ‘The bank is a member of the Amer- ican Bankers’ Association, the District | of Columbia Association and the Wash- ington Clearing House ~Association President Resenberg is a former presi- | dent of the District Bankers’ Associa- | ticn, and other cfficers have from time to time taken a very active part in| the affairs of the local association. | Szvings Bank Disburses $300,000. | Checks were mailed by the Mount Vernon Savings Bank today to 8.000 | members of the Christmas Savings Club | aggregating $300,000. The interest on | these accounts rangad from 37 cents| on the $25 clubs to $15 on the $1,000 ‘memberships. Cultivating the Christmas club sav- ings habit has been one of the largest factors in making it possible to have a sufficient amount of money to.be expended for those things everybody desires at Christmas time. This Christ- mas savings habit has constantly gained momentum since its inception and is now looked upon as one of the most convenient ways of saving a definite sum each week. It is a habit that be- comes almost mandatory. A great deal of money that club members receive at Christmastime is redeposited at the bank in savings accounts, and in a great many instances, has been the stepping stone for creating substantial sums, whizk!lla later on have hec;x m:d f&r purchasing homes, making investments, oo B The Mount Vernon Bank looks for- ward to having the’ largest club this next year since the organization of the institution. | C. & P. Report Held Gratifying. ‘The October report of the Chesa- pezke & Potomac Telephone Co. was of particular interest because it re- vealed a gain of 557 telephones during the month. This indicates that the number of connections now is substan- tially above the disconnections. Both the number of telephone calls in No- vember and in the first 10 months of the year also were ahead of the same periods g year ago. If the other sub- sidiaries of the American Telephone & ‘Telegraph Co. made as good a record, therc would be little chance for dis- cussion over keeping the dividend at the present figure. Another financial statement that is | Teceiving favorable ccmment in the | loc21 financial district is the latest re- port of the Washington Gas Light Co. Dctober net cperating income was witn- in about $18,000 of equaling last year's monthly total, while the net corporate income of $848,95240 for the first 10 menths of 1932 was only $64,403.06 be- low the corresponding net a year ago. For the first 10 months of 1932, the Georgetown Gas Light Co. reported a net income of $95.155.67, within $13,- | 839.58 of net profits in the like period | las; year. D. C. Trade Given New Boost. L the distribution of approxi 'y $8.000,000 to 100,000 members of | Savings Clubs con- | shington banks, trade | John M. Riordon. 1o duct b in the Capital has been given a sub-| stantial boost. Disbursements lmve‘ been made during the past few days and are now completed. The 1933 Christmas Savings Clubs | started off today under full steam.| Bankers reported that many of this year’s members already have signed up Tor next year in this great thrift move- ment. With thousands, the Christmas Savings Club has become a habit. Bankers believe that the co-operative campaign will interest enough new people in the plan so that another high | mark can be hung up. both in mem- bership and the amount subscribed. Forum Speaker Is Announced. | It is announced by Norman E.| Towsen, chairman of the Forum Com- mittec of Washington Chapter, Ameri- can Institute of Banking, that Rev. Allen A. Stockdale, pastor of the First Congregational Church in this city, will be one of the speakers at the meet- ing at the Hay-Adzams House on De- cember 7. Dr. Stockdale is a widely known lecturer and writer and is an authority on philosophy and soclology. During the World War he was with the Red Cross in France. Reservations for the coming meeting are coming in rapidly. 1 Today'’s Trading on Exchange. Washington Gas 6s, series A, on the Washington Stock Ex- | today, three $1,000 sales and a | le being recorded at 100. Po- | Electric Power 6 per cent pre- | moved at 111. During the | session 10 shares of Capital Traction stock sold at 4% and 40 more in 10- | share lots at 4%;. Eliot H. Thomson, chairman of the District Bankers’ Association Advertis- | ing Committee, will address members and guests of the Advertising Club of ‘Washington at the club’s’ lturfcheon at the Raleigh Hotel, Friday noon, on “Money for Christmas.” .He. will ex. plain in detail what the Christmas Sav- ings Clubs mean to the cn)'. The Treasury's latest offering of $100,- 000,000 of 91-day bills was put out at an average interest rate on‘a bank dis- count basis of 013 per cent for the lot, Secretary Mills enncunced. Bids totaled | $302,630,000 Virginian Railway Co. reports for 19 monihs ended October 81, 1982, met | income of $1433,115 after taxes and charges, equivalent after dividend re- quirements on 6 per cent preferred | 140 FINANCIAL. NOTE— i 1 sales ¢ siven In this edition. Sales 0f thch soek ' ihi ChIon re from yeslerdar's DAver. ~—Prey. 1932~ Stock and High. ~ Low. Dividend Rate. 95 1% Adams Express.. 73 22 Adams Exp pf (5) 915 Addressograph. 1'% Adv Rumley.. 307 Air Reduction (3) % Alaska Juneau (50 % Alleghany Corp 421, Aliled Chem & D (6). 4 Allis-Chalmers Mfg. Amerada Corp (2)... 5 Am Ag Chem (Del). . Am Bank Note. .. 2 Am Brake Sh&F (60¢ Am Brake Sh pf (7). Am Can (4)..... Am Car & Foundry. . Am Car&Foundry pf Am Chicle (13). .. Am Comc'l Alcohol. . Am European Secur . Am & Forelgn Pwr.. Am&Forgn Pw pf (6) Am & For Pwr pf(7). Am Home Prod 4.2, Amlce (1)..... Am Iece pf (6) Am Internatior Am Locomotive. Am Locomotive p Am Metal pf. Am News (132). Am Fower & Light.. AmP&LtplA (5).. Am Pwr & Lt pf (6). Am Radiator. . Am Rolling Mills. ... Am Safety Razor (3). Am Ship & Com. Am Shipbuilding (2 Am Smelt & Ref..... Smelt&Ref 2d pf. uff (13%). Steel Foundry. .. Am Steel »re7). 10 Bales— Add 00 His 16 14 L 4T 6314 16% 3% 881 15% 22% Am Sumatra Tob Am Tel & Tel (4) Am Tobacco (161. ... Am Tobacco B (16. .. Am Water WKs (2) .. Am Wat WKs c! Am Woolen. . Am Woolen pf.. Anaconda Copper. Anchor Cap (1.20) Armour of 111 (A). Armour of 111 (B) Armour of Il pt.. Art Metal Construct. Associated Apparel. . Assc Dry Goods. 20 Asso Dry G 1st pf. 17% Atchison. 2 35 Atchison pf (5). 93, Atlantic Coast Line. . 8% Atlantic Refining(1). 4513 Atlas Powder pf (6). 28% Auburn Motor (f4).. 115 Avation Corp (Del) 2 Baldwin Locomot. 1 3% Baltimore & Ohio.... 83 Baltimore & Ohlo pf. Barnsdall Corp. ..... 2 Beatrice Creamer: Belding-Hemingw Belg N Ry pt pf 4.0 2 Bendix Aviation. Bethlehem Steel. .. .. Bethlehem Steel pf. . Blaw Knox Boan Alumn & Bra: Borden Co (2). 4 Borg Warner % Briges Mfg Co. . Bkyn Manhat Tran. . Bucyrus-Erie Bucyrus-Erie cv pf. . Budd (E G) Mfg. . 2 Budd (E G) Mfg pf. Budd Wheel. .. Burroughs AM(40c). Butte Copper & Zinc. 12 Butte & Superior 7 Byers (AM). 5 47 California Packing. . 13 Calumet & Hecla 6 Canada Dry ( 74 Canadian Pac! 16% Case (J 1) Co.. . 4% Caterpillar Trac 50c. 1% Celanese Corp. 5 315 Cerro de Pasco. 16'2 Checker Cab Mfg.... 9% Ches & Ohlo (2%4)... 47 Chesapeake Corp (2) 1'% Chi Great Western. . 213 Chi Great Westn pf.. 3 Chi Mil StP & Pac. 2 Chi Mil StP & Pac pf. Chi & Northwestern. Chi & Northwest pf.. Chi Pneumatic Tool., Chi Pneu Tool pt. Chi Rock I & Pac Chi Yellow Cab (1) Chiids Company..... Chrysler Corp (1). City Ice & Fuel (2) % City Yce&Fuel pf 6% . Clark Equipment. ... Coca-Cola Co (7) Colgate-Palm-P (1). « Columbia Gas (b1).. Columbia Pic ctfs. .., Columb Carbon (2).. Commercial Credit. . Comcl Credit A (3).. Comel Inv Trust (2). Comel Solv (60c) Comwlth & South; Comwlth & Sou pf( 140 10 16 208 80 97 21% a1y 7 14 4 13% > 1% 24% 19 15 203 » Be — cRea>Sann Son T4 13 1 1 x160 2 408 1 igars pr(7). Consol Film. . Consol Film pf. Consol Gas N Y (4) Consol Laund 50c. Consol Oil Corp Consol Textile. Cont! Baking (A) Contl Baking (B).... ‘ontl Baking pf (6).. Contl Can (2)....... Contl Diamond Fibre Contl Insur (1.20). Cont Motors Contl Ol (Del). 55% Corn Products (3)... Corn Prod pf (7). Cream of Wht(12%). Crown Cork & Seal... 12 Crown C&S pf (2.70). 2 Crown W P 1st pf(4) 30s Crucible Steel. 3 15 Crucible Steel pf. 20 % Curtiss-Wright 13; Curtiss-Wright 1 Davison Chemical.. 6% Deere & Co pf (40¢).. 32 Del & Hudson (6).... 815 Del Lack & Westn. 54 Detroit Edison (6) 12 Diamond Match (1).. 20%; Diamond Mach pf 113 Ti3 Dome Mines (11.30).. 5 Doug Alrcraft (75c). 23 Drug Corp (4)... Dupont de Nem (2).. 123 3 Eaton Mfg Co. .. 814 Elec Auto-L (1.20) 26 7y Elec & Musical Instr. 6 2% ElecPwr&Lt....... 5 8% Elec Pwr& Ltpt (6), 5 10% Elec Pwr&Ltpf (1), 5 12% Elec Storage Bat (2). 2 16 Endicott-Johnson(3) 3 2 ErieRR.... 3 25 Erie R R 1st pf 1» Evans Auto Prod 9%, Exchange Buf (2 408 .. 2508 30 Fed Lt & Trac pf (6). 200s 15 Fed Mines&Sm pf. 1 3. Fed Water Service A, 2 61 Federal DeptS(60c).. 6 Fidelity-Phoen 1.20, 10% Firestone T & R (1 45 Firestone T&R pt(6); 85 " First Natl Stores 2%, % Fisk Rubber. - 3% Fsk Rubber 1st p 3 Foster-Wheeler. 1 FoxFilm (A). 10 Freeport-Texa 0 Am Investor. 945 Gen Am Tank Car(1) 4% Gen Asphalt.. ‘ 10's Gen Baking (2). 1: Gen Bronze 11: Gen ¢ 20 Gen Cigar (4).. 815 Gen Electric (40¢) 10% Gen Elec spec (80c) 19% Gen Foods (2).... % Gen Gas & Elec (A).. . o H b SwuR St A Retidan stock to 11 cents a share on 312,715 shares of common stock. This com- pares with g,ul,m. or $4.61 a com- | wmon sbare mn"1931, e 1y a2 24% 3 ‘GemrGas&Elevpf Ay 1 48 28 Gen Milis (3). 3 5 Gan Motor Ciggass L2 - 5% gh. Low. Close. Chee 5% THE EVENING STAR. WASHINGTON, D. C., Net High. 5% + % 56 9% 3 157 1315 23% % 815 30 N Sales of eacl ~Prev. 1932 OTE—Today's individual sales are mot given in this edition. Stock and Low. Dividend Rate. 4 Gen Outdoor Adv (A) Gen Public Service. . Gen Rwy Signal (1). Gen Realty & Util... Gen Realty & Util pf. Gen Refractories. ... Gen Steel Casaing pf. Gillette Saf Raz (1), Gimbel Bros. mbel Bros pf Glidden Co. Gobel (Adolf)..... Gold Dust (1.60) odrich (B F) Goodyear Tire&Rub. Gotham Silk Hosiery Grahai Paige. . anby Consol. eat Northern pf. .. Great Northern Ore. . teel.... tl 15t pf Hershey Choc pf(t Holland Furnace. ... Homestake Min(110) Houdaille-Hersh (B) % Houston Oil. . Houston Oil (new) Howe Sound (40¢c). .. Hudson & Man (215). son Motor Car-. .. Tllinois Central Tllinois Cent 11 (4) Ind.an Motor Cy piration Coppr nshares (Del) Insuranshares (Md) . Interboro Rap Trans. “arriers Ltd 20c. Int Cement. . Int Combustion Int Harvester (1.20). Int Hydro-Elec (A).. Int Nickel of Can.... Int Nick Can pf (7).. Int Paper pf Int Paper & Int Salt (1%) Int Silver. . Int Tele & Teleg..... Intst Dp St pf xw(7). 15 Jewel Tea (143%) 10 Johns-Manville 45 Johns-Manv pf (7) 30 Jomes & 21% Kansas City S 3 Kaufmann Dept St Krozer Grocery (1).. 25 Lambert Co (15).... 1% Lee Rubber & T! 47 Leh Port Cmt pf 314. 5 Lehigh Valley RR.. 301; Lehman Corp (2.40). 3%, Libbey Owens Glass 341, Ligg & Myers B (5 % " Liquid Carbanic. 13% Loew's, Inc (3) 1% Loft Inc.. . 16'4 Loose-Wiles Bis (2). 9 Lorillard (P) (1.20). 815 Lou Gas&El A (1%). 713 Louisville & Nash. 10 McCall Corpn (2). ... 13 McIntyr Por M(11%) McKeesport T P (4). McKesson & Robs pf. McLellan Store: E Mack Trucks (1) Macy (RH) & Ci Madison Sq Garden. . Manhattan Elev gtd. Manhat Elev mod gtd Manhattan Shirt. ... 2 Marmon Motor Car Marshall Field & Co. 9 Mathieson Alk (1%). 4 May Dept Stores (1). Mengel Co. AMiam! Copper Mid Continent . Midland Steel Prod. . Midland Stl 1st pf(8) Min-II'well Reg (1).. Minn Moline Pow Minn Moline P pf. ... M isd(4) Mo Kan & Texas pf, Missouri Pacific. ¢ Missouri Pacific pf Monsanto Chem 1% .. Montgomery Ward Motor Meter G & El.. Motor Products (2).. Motors (1). a. Bella Hess pt t Biscuit (2.80). t Cash Reg (A). at Dairy Prod (2) t Dept Strs 1st pf. t Distillers. .. at Pwr & Lt (1) t Steel (50c).. 2 Nat Surety.... Nat Tea (60c).. ner Brothers da Con Copper ewport Industries ewton Steel. . N Y Central.... Y Chi & St L pf. " Investors. . Ont & Western Y Shipbuilding. . Y Shipbldg pf (7). Y Steam pf (6).. oranda Min (a1.10). orfolk & West (8)., orth Am Aviation or Amer(b10 % stk orth Amer pf (3). orthern Pacific. 14 Oliver Farm Equip 3 Oppenheim Collins. 9 Otis Elevator (1) 114 Oti. eel. ... 314 Otis Steel pr pf. 12 Owens 11} Glass (2) 1fic Coast . acific Gas & Bl (2).. Pacific Lighting (3). Packard Motor Car. . Panhandle Pro&Ref. Paramount Publix. Park Utah. .. Pathe Exchange. Patino Mines. Peerless Motor Penick & Ford (12) Penney (J C) 1.80 %4 Penna Railroad. . Pere Marquette pf. 4 Pet Milk Petrol Corp of Am. Phelps Dodge Phila & Read Phillips Petroleu & Pierce Retroleum Pillsbury Flour(60c ’itts United pf. . Plymouth OIl (1) Postal Tel&Cable pf. Proctor & Gamble(3) Proc & Gamb pf ( Public Sve N J( ; Pullmah Cotp (3) % Pure Oil 4% Purity Bi 214 Radio Corp. .. 3% Radlo Corppt B 1'% Radio-Keith-Orph. 214 Real Silk Hosiery. ¥ Real Silk Hoslery pts Remington-Rand 1 1674 20% 1% % 14 20). 1% Republic Steel. 5 Republic Steel pf.... 264 Revnolds Tob B (3).. 1'; Rossia Ins of Amer T2'% Roval Duteh.... 30 Safeway 60 Safe: 69 Safeway Strs pf (7 4% St Joseph Lead 1 StL-San Fran pf 13% 3@ St Loulis Southwn. 1 8K 4+ 4 40 - 1 134 + % L19% . [N * % Schulte Retail Store: 4 Seaboard Air Line 6%-Seaboard Bale: 'add 00, High. Low. Close. Chge. 2 5 5 5 3 12% 1 h stock in this edition are from yesterday's paper. Net. 3 — % 2% % 10 6% 13 1 2 % Y% !!s- -J'I_!:J ™ 1'a Tie 513 4% 4 + % +11% -2 +1% -1 individual sales are not gl this edition are from Stockand Sales— Dividend Rate. Seagrave Corp. Sears Roebuck. Seneca Copper. Servel Inc.. .o Sharp &Dohme pf(2) Shattuck(FG) (50c) Shell Union Oi1 Shubert Theaters Simmons Co Skelly 0l Skelly Oil of ww. Sloss-Sheff Steel pf. . 4 Snider Packing...... Socony Vacuum 40c. . 32 So Port Ric Sug 1.60. 14 Southern Cal Ed(2).. 8 Southern Pacific. 108 Southern Railwa 3 Southern Railway p Spang Chalf pf. 4 Spicer Mg pf (3) tand Gas Stand tand Ofl N J (12). rling Secur cv p Stewart Warner. Stone & Webster. Studebaker Corp. . Studebaker pf (7). Telautograph (1) Tennessee Corp % Texas Corp (1). Tex Gulf Sulph (2 ¢ Tex Pacific Land Tr. ‘Thatcher Mfg Co The Fair pf (7) Third Avenue Thompson Starrett. . Thompson-Staret pf. Tide Water Asso Oil. Tide Water As pf (6) Timken-Detroit Axle Timken Roller Bg(1) Transamerica Corp. . sue & Willlams. © Un Carbide & C(1.20) Un Ol of Calif (1). Union Pacific (6) tn Tank Car (1.40) 2 Unit Alrcraft 30% Unit Aircraft pf (3).. nit Biscuit (2). Unit Carbon Add 00 High. SR 2w THURSDAY, DECEMB iven in this yesterday’s paver. Net Low. Close. Chge. 1% 1%+ 4% 17% 18'% +1 26 101 13t 10 21% U 55 27 11, Util Pw s Vadsco 20 UnitCorppf (3). 10% Tnit Fruit (2).. 9% Unit Gas&Im (1.20). 3% Un't Piece Dye Wks. 1% U S & Forn Secur U S & Forn Sec pf. S Gypsum (1.60). U S Indus Alcohol. 7% U S Plpe & Fdry (2) 2 US Realty & Imp 114 U'S Rubber. ... 314 U S Rubber 1st pf. .. U S Smtg & Ref (1) Steel. 5113 U S Steel pt U S Tobacco (4.40). Unit Stores pf (33¢). r& Lt (A). Sales Corp. 5% Vanadium Corp 20 Va-Car Chem 7% pi 71 Vulean Detinning Wabash R It Walworth Co. S Warn Bros Pictur Wa wer Quinlan ‘Warrsn Bros cv AW i 4 9 10:30 A M... . 1:30 P.M.. 4 JTmit of trading stock. 2% in stock. stocl D Payable in scrip. 1 Plus 115 F 4! Zonite Produets..... 3 Saies of Stocks on New York Exchange. m Paid last yesr—no regular rate. ‘argo 1008 Wesson Oil & i il West Pa El pf 3 West Pa Pwr pf (6). Western Dairy pf A. Western Maryland. . Western Union. . Westing’se Air B(1). Westinghouse Elec. . White Motor. Wilcox Oil & Ga Wiilys-Overland. Wilson & Co Wilson & C Woolworth ( Worthington Pump 1% Yellow Truck Youngstown & 103 508 & 1% -1 - % &N 1% Zy ‘1% + % +% » -1 T +1% + % 3% + 1 100 an 100 4 - % 100,000 1 500,000 00 Noon + 200,000 600,000 Dividend rates as given in the above table are the annual cash payments based on the latest quarterly or half-yearly decla: less than 100 shares. tPartly extra. in stock. aPaid this year—no regular rate. e Payable in cash or stock. 1Plus 8% $1 in special preferred stocl nPlus 5% in CONDITIONS BETTER' IN FIFTH DISTRICT | Federal Reserve Report Cites Evidences of Im- provement. By the Associated Press. RICHMOND, Va., December 1.—Evi- dences of “improved basic conditions” in the Fifth Federal Reserve District were reported yesterday by the Rich-| mond Federal Reserve Bank. In its monthly review of credit, bus- iness and agricultural conditions, the bank said there weer seasonal increases in trade in some lines in October and the first half of November, as well as 8 fundamental improvement. In banking, developments indicated that some money has returned to cir- culation from hoards. This the review said, was indicated by increased de- mand deposits in reporting member banks in spite of a decline in loans. " Further, the actual circulation of Fed- Ll++++ +++ 1% - 8 % [ S ..ot eral Reserve notes of the Richmond bank declined, while ordinarily at the period under review circulation rises several million dollars. Other indica- tors show a seasonal expansion of trade with a resultant need for more money with which to transact business. The Increased deposits and decreased circu- lation shows that adidtional funds are coming into trade channels from sources outside the banks. Savings Increase. Savings deposits in mutual savings banks increased in October, the report showed, and time deposits in reporting member banks remained practically un- changed. The district’s commercial failure record in October was said to be about in line with the record of other recent months, but worse than the national record for the month. No improvement in unemployment conditions was re- ported, but rather some seasonal in- crease in the number of unemployed. Coal production improved seasonally, but less than in October last year. In the textile field, mills continued opera- tions on full daylight shifts, with in- creased pay rolls reflected in improved trade in mill centers. \ Cotton prices were lower than last year, but domestic consumption and ex- ports improved over October, 1931. To- bacco manufactures declined in Octo- ber as against October, 1931. Auction tobacco markets sold much less tobacco than in October last year, and this year's prices, while higher than last year, were low, in view of the short crop due to carry-over. More Time Needed. In the face of this condition, the re- view said, “it will require more than one short crop or increased consumption to 1aise tobacco prices materially.” Retail trade increased in October over September, but less than seasonal amount, due partly to relatively large sales in September. Wholesale trade compared fairly well with October, 1931, in view of the price changes dur- ing the year. In agriculture, crops for 1932 are practically all made and harvested, and on the whole yields were lower than last year, partly due to acreage reduction in some crops and drought conditions in the district during much of the growing season. Farmers in many instances raised more feed and foodstuffs than last year and this year's crops were made very cheaply, but total farm cash *)income promises to be even less than last year.in spite of sbmewhat better prices for cotton, tobacco and other crops. BANK OF FRANCE GIVES CONDITION STATEMENT PARIS, December 1 (#).—The weekly statement of the Bank of France shows the following changes in francs: Gold increased 33,000,000, sight balances abroad unchanged, bills discounted at home increased 522,000,000, bills bought abroad decreased 33,000,000, advances decreased 10,000,000, circulation de- creased 69,000,000, current accounts in- creased 481,000,000 Rate of discount, 2!, per cent. SHARP GAIN REPORTED IN COMMERCIAL LOANS | 3:5a By the Assoclated Press. Commercial loans of weekly reporting member banks showed a sharp rise dur- ing the week ended November 23. In the table that follows the loans are given for comparable periods, as an- nounced by the Federal Reserve Board: Week ended Nov. 23 ..$6,118,000,000 Previous week... 6.094,000,000 Same week last ye: 7,574,000,000 Pennsy Loadings Off. NEW YORK, December 1 (#.— Loadings of the Pennsylvania system last 'eikmmled 74,915 cars, or ,.1'1..: cenf er a year ago, com ith 3,505, or 173 per cent below 1931, in the previous week. o the Peade sy Groceries Taking Larger Share of | National Income | | | B the Associated Press. NEW YORK, December 1.—R. G. Dun & Co. reports that grocery trade sales during the current year have held up “re- markably well” despite curtailed purchasing power. It is esti- mated, says this agency, that nearly 30 per cent of the Na- tion’s income in 1932 will be spent in the food industry, as ;.-gxzz;pnred with 25 per cent in |STINNES COMPANY BOARD RE-ELECTED Annual Report Given at Baltimore Shows Net Loss Reduced to $506,925 in 1931. Special Dispatch to The Star. BALTIMORE, December 1.—At the annual stockholders’ meeting of the Hugo Stinnes Corporation held here yesterday, the board of directors was re-elected and the annual report sub- mitted for P. H. Saunders of New Orleans, chairman of the board, by F. ‘W. Wehmeyer, assistant secretary and assistant treasurer. The corporation owns the Hugo Stinnes Industries and its subsidieries and is still a factor in the industrial life of Germany. The report, which was for 1931, shows gross earnings of $2,449,094.58 and a net loss after de- preciation and other charges of $731, 439.87. This loss was reduced to $506,. 925.78 through the purchase of deben- ture bonds in the open market. Hugo Stinnes, son of the founder of the Stinnes industries, is president of the corporation. The directors include Mr. Stinnes and Mr. Saunders, M. J. A. Berten, George W. Davison, C. B. Stuart and H. F. Reindel of New York, R. C. Schaffner of Chicago, Pranz Bracht, Mrs. C. Hugo Stinnes, Otto Stinnes and P. H. Witthoefft, all of Germany. 'STOCK EXCHANGE SETS ADDED REGULATIONS NEW YORK, December 1 (#).—The New York Stock Exchange yesterday announced additional regulations gov- erning the activities of its members. Members were forbidden to carry ac- counts for any employe of the exchange, or its subsidiaries, without first obtain- ing the written consent of his employer. They were forbidden, also, to carry accounts for any employe of a bank, insurance company of other organiza- tion, dealing in the purchase and sale of securities, without obtaining the employer’s consent. In addition, they were forbidden to give any compensation, “directly or in- directly” for services rendered to “any cmploye of a bank. trust company, in- urance company, or of any c tion, A in the business of publishing any news- paper, news service, or statistics or in- formation in regard to securities” with- employer. DIVIDENDS ANNOUNCED NEW YORK, December 1 ().— Extra, e Company. Hazel Atlas Glass "¢ o2, Reduced. - Hidrs. of . record 7 Dec. 15 Harriman Invst Fund Inc invest shra..50c Q Dec. 1 Nov.30 e Interim, e ora T 2, Do (Am dep Rapid Electrotybe Deferred. Chi Bur & Q RR..*$3 8 r £ Am Natl Fin pf. Am Wringer .. Bankers Invest Tr: ! Amer d 2 wh R @ 19 e 19— ERRRRAGRRSaR. & T & G glinh e i Havalian com £'5. 38¢ SRTRRRRRRRLN ) i Srrirmmnuane Sw % H ... 30¢ Bleach & Bt S Ruberoid Co . Springfield 1:" & 1 out first obtaining the consent of the | CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, December 1.—Follow- | ing is today's summary of corporation news prepared by Standard Statistics Co., Inc, New York, for the Associated Press: g Advertising, Printing and Publishing. Butterick Co. deficit, 9 months ended September 30, $203,280, vs. net income $263,631. Automobiles and Trucks. Chrysler Corporation—Prices of new Dodge line show reductions of from $175 to $200, compared with 1932 models. ‘Willys-Overland Co.—Orders on hand said to be sufficient to absorb output cf new line for six weeks. Automobile Parts and Tires. Motometer Gauge & Equipment Cor- poration has more than doubled pay roll in past few months under diversifica- tion program. Electrical Equipment and Radio. General Electric Co.— Chairman Young believes television sets could be marketed at this time; thinks economic conditions are only drawback ‘to such commercialization. Food Products. Loudon Packing Co. declared a quarterly dividend of 25 cents on com- mon stock; previously pald 623 cents quarterly. Van Camp Packing Co.—Receivers have been appointed for company and its su] es; officials state reorgan- izatior of company is planned. Miscellaneous. Diamond Match Co. common share earnings, nine months ended Septem- ber 30, $1.20, vs. $1.08. Hazel-Atias Glass Co. declared usual extra dividend cf 25 cents and regular quarterly dividend of 75 cents. Railroad and Railroad Equipment. pick-up and store-door delivery of less- than-carload freight to be handled at standard station-to-station rates, effec- tive January 1, 1933. Pittsburgh & West Virginia Railway —October net railway operating income was $129.936 vs. $62,045; 10-month totals were $445,565 vs. $537,408. per cent of convertible 4!, per cent bonds have been deposited in favor of refunding plan. Reading Co—Directors expected declare another common dividend of 25 cents at December meeting. Retail Trade. United Cigar Stores Co. of America— Referee in bankruptcy has approved disaffirmation of 10 additional leases of company. Shipping and Shipbuilding. Atlantic, Gulf & West Indies Steam- ship Lines’ deficit nine months ended September 30, $1,072,575 vs. net income $191,075. Theaters, Ete. Radio-Kelth-Otpheum Corp. an- nounced State-Lake Theater, in the Loop district of Chicago, will be closed for an indefinite period beginning De- cember 10. Utilities. Associated Telephone Utilities Co.— In 12 months ended September 30 net income, before depreciation and $30.639 undeclared subsidiary preferred divi- dends, was $2,243,031 vs. net income, bafore depreciation, of $3,673,489 in pre- ceding 12 months. Commonwealth Utilities Corporation directors took no action on quarterly dividends on class “A” and “B” common ::Mkzs«; paid 50 cents each on Septem- T 30. United Gas Improvement Co.—Report of Philadelphia controller recommends placing city’s gas rate jurisdiction in hands of Pennsylvania Public Service Commission instead of municipal body. An audit of Philadelphia Gas Works Co., subsidiary, prepared by counsel, for controller, recommended that gas rate for 1933 be reduced to at least 86 cents per 1,000 cubic feet from 90 cents, | Connecticut Power Co. net incame, be- fore depreciation, etc., nine months ended September 30, $1,541,765, vs. sl.~| 608,048, NEW YORK BANK STOCKS NEW YORK, December 1 (#).—Over- the-counter market: (Quetations ax of 2 O'Clock.) 'BANKS, Chase Natl (2) ... Commercial (8) ", TRUST CC! Bankers (1) . . Bklyn Trust 3 Cen Hanover Chemical (1.80 .. Continental (1.20) Corn Exch (4) Empire (1.60) Guaranty (20) . ool 85 8 gz 32 ® 000 oo 0o ROOOODOOORKODO OO © O < w02 hnzs G Irving (1.80) Manufacturers (2)" . N Y Trust (5) - T (3.2¢ tes (80) ISTOCKS INPROVE AS WHEAT GAINS i[|Market Recoveries Reveal Nothing Conclusive, but Traders Cheered. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, December 1.—Sterling, stocks and wheat all improved today. Sterling rallied for a gain of over 34 points on top of yesterday’s ad- vance. Wheat was up nearly 3 cents for the December delivery and stocks made slow but substantial advances. There was nothing conclusive in the recoveries in any of these markets, but they lett a more cheerful feeling. In sterling and in stocks short covering was the main incentive, but in wheat there was buving on the pocr prosowst of the Winter crop. It was reported also that Eastern speculators were operating for the rise in Chicago. Bank Stocks Active . Sterling exchange railied again dur- ing the early trading. It opened in London at $3.21 against the previous close of $3.191; and thereafter ad- vanced to $3.23, where it was up over 8 points from the week’s low. On this side the opening was $3.23%, up 3% points, but thereafter it came down & point or so. There was stil no other reason for the rally than an appar- ently oversold position on the part of the international speculators, who play in the exchange market the role as- | signed by our political friends to the “international bankers.” Another encouraging feature was the buying in bank stocks, which was quite aggressive during the morning. Wheat rallied with sterling and was up over a cent a bushel in the first hour, and that had some effect on stocks. The unfavorable point was again heaviness in United States Steel preferred and the sympathetic pressure on the com- mon. The preferred sold in the first hour at 62!, a new low on this reac- tion and comparing with the bear mar- ket low of 51'; made in June. Volume was again very low and cover~ ing went on leisurely. Shorts were in no hurry to take contracts. American To« bacco B advanced a couple of points, as did Air Reduction and Union Pacific, all of them recent targets for selling activity. American Telephone rallied a point, but was unable to hold the gain, There was a remarkable scarcity of news calculated to affect prices. New motor car registrations for October were reported as 63,195, which compares with 81,893 in September and 102,659 in October a year ago. A compilation of aggregate rail net income for Sep~ tember showed a total of $6,384,811, against $16,819,318 in September, 1931, Optimism Growing, Opinion in the Street, in speculative quarters at least, was not as pessimistic as the tape would make it appear. It was felt that some way would be found out of the international debt intangle- ment and, despite the seasonal recession in business, hope was expressed of & recovery in the Spring, which the opgj- mistic believe will be discounted in the inarket long before that time. ‘The market held the gains in the afternoon and in wma-;h:(m in- creased them. The pace was still slow, but the e was good. J. Case advanced: more than 2 poin sympathy with the rally in w] gold stocks were taken uj ond half of the sesion, un ship of Homestake. (Copyright. 1932.) SAVINGS DECLINE BARED IN REPORT Depositors Tapped “Rainy B Funds by $3,925,898,000 in Year Ending June 30. By the Associated Press. tapped their “rainy day” money by $3,925,898,000 m 12 months ended 'last June 30, it is re- vealed. But they still had $24,281,346,- 000 left on deposit, which was approxi- mately $3,000,000,000 more than the total of 10 years ago. In its annual savings compilation for American Bankers’ Association Boston & Maine Railroad—Rates on | j tal savings fi mcm’nm; sa! acl 5, bul ” Dort, InCIUAIng the, PRYMEnE of that support, inc! burden which has becomuyamnhvm— Baltimore & Ohio Rallroad—Over 30 * taxation. “of ter social significance than thedee'r?'mmuvtnndmuum loss of 7,047,340 in the number of de- to | positors, which drogned from 51,399,446 a year ago to 44.352,106,” the pul tion said. “The high record of 53,188,- 348 depositors in 1928 has now to 44,352,106, a loss of over 800,000, despite’ a population increase in the United States during this time .of X Savings t $33 greater per in “Savi are ye greater per in- habitant than 10 years ago, and $106 greater than in 1912, U. S. TREASURY BALANCE. BY the Associated Press. ‘Treasury receipts for November 29 were $3,069,325.55; expendif , ot 605,167.55; ' balance, $595,672,485.40. Customs duties for 29 days of Novem- ber were $23,479,018.20. BAR SILVER. NEW YORK, December 1 (#).—Bar silver easy, Vs lower at 25%. 1 We Recommend | SUPER CORPORATION OF l AMERICA TRUST SHARES “ Ferris, Woodroof & Lewis, Ine. | Investment Securities | Washingte I LIFE INSURANCE Are Not Born mmmflnnm-mnumn— Address Box 312-E, Star Office. LOANS ON IMPROVED PROPERTY