Evening Star Newspaper, December 2, 1932, Page 15

@ touched the highest a FINANCIAL, *DOMESTIC BONDS - SHOWBETTERTONE British Debts Note Affects Foreign Loans Less Than Expected. Special Dispatch to The Star. NEW YORK, December 2.—The effect today of the British note on war debts and ‘a further decline in sterling ex- change was not so pronounced on doilar loans identified with sterling as might have been anticipated. United Kingdom of Great Britain and Treland 5',s moved up fractionally at the start, though later they lost their gain, and there were small advances in Belgian and Prench issues. The French government 7%, in crossing 124, ce of the year. The weak section of this market was in the Australian government obligations, which were down 2 to 3 points after Thursday's rise of 4 to nearly 5 points in them. New South Wales 5s lost an average of a point. Reich Issues Lower. German issues were lower, especially the mortgage bank bonds, which de- clined a point. There was a further recovery in Japanese public utilities and in Yokohama 6s. Argentine 5lzs were up a point. In the demestic list, which was quiet, there appeared to be a better tone to some-of the speculative bonds that have been under pressure most of the week. Baltimore & Ohio 4!s, Rock Island 415s and Great Northern 7s rose from 15 to a point. Missouri-Pacific 55 were again heavy and there was & small loss in Nickel Plate 6 per cent receipts, as the difficulties of effecting payment of the notes increase. Studebaker 6s, United Drug 5s and Unjted States Rubber 5s were all soft in gone. A feature of the market was the yincreased activity and strength in Sincflair Oil 7s, which touched par for the { first time this year. Last Spring theg sold as low as 72%. Other mem- befls of the oil group were also steady. United States Group Steady. There was little change in the mar- et for United States Government hsues. The demand for high-grade bonds continues_insistent, with bids for sub- stantial blocks, but few offerings. There has been a strong inquiry for the better grade public utilities from European investors, Holland and Switzerland having been the best buyers. It was reported that the new issue of Amer- jcan Smelting & Refining first mort- gage 5s, offered at 883, has had a good reception. This has always been rated s among the highest in the industrial group. 5 (Copsright, Y CONDITION IS REPORTED BY NEW YORK RESERVE NEW YORK, December 2 (#).—The statement of the condition of the Fed- eral Reserve Bank of New York at the close of business November 30 shows: 122,220,000 Teserves. .$1.022.220. Toral ektrves :711080.800.000 Bills discountec ured by Tnited_States obligations. . Uncollected items. ... 3" “Reser : Fedtiaal circutation 583.162.000 Defember bank reserve scc't. 1.190.788.000 Total deposits © 1,223,631 Ratio of mé“pfi‘"‘i"fi‘fn?:; eral 2ot sfkludies “Combined Washington Stock Exchange 5 * o USALES: 2o, fomac Electrip 5% % pra.—3 at 10735, gmmu Electric 6% pfd—5 at 110%. Wahington Gas 55—$1,000 - at 101%, $1,000 at 101%. L "Bid and Asked Prices. BONDS. PUBLIC UTILITY: Amer. Tel. & Tel. 4%s '39... 1 Am. Tel. & Tel. ctl. tr. 5s... Anaeostis & Fot. R R. 65 in 59.8 per cent Bid. Asked. T A toms lec. 6s 1 + Washington Gas 4 Washington Gas Wash. Gas 65, series A"\ ‘Wash. Gas 65, series B Wash. Rwy. & Elec. 4 'MISCELLA! AN g d ke jash. MEL. Cold Storase b, STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (). Capital Traction Co.. ‘Wash. Gas Light Co. (18 Nk . Biesmboat (811100 Sglec. Power 0% ;.?:shg% Pa:e;flb‘z}r;;le.. i Sy, & Elec.. com. Wash: Fwy. & Elec. pid. (5).. e liowing_figures are not bids, bu mertly Sootaes: minimum prices Bxed by The ‘Washington Stock Exchanse. NATIONAL BANK. Min price. Caphal (8)..... - 115 Coiumba, ( Commereial (stamped) (8)." District 6) ... er Lincoln (10) Metropolitan (10) . Riges (15). Second (6).. Washington Amer, Sec. & Tr. Natl. Sav. & Tr Prince Georses BE. Union Trust (S5 Wash. Loan & Tr. (11) SAVINGS BANK. of Bethesda (1i5) & Savings (10 Washington (12 .. Gok Con "Bk (109 tates (30) hanics (20) FIRE INSURANCE. American (12) Gorcoran (107, Firemen's (%) National Union’ (15) BONDS UNITED STATES. (Sales are in $1.000.) High. Llow. Close. Lib 3%s 32-47.... 101 29 10128 10129 Lib 1st 4% s 32-47 1026 1024 1024 Lib 4th 435 33-38 10817 10815 10315 U S 3851-55.. 9611 967 US34s46-49..., US3%sM41-43.. 1019 1016 1016 US3%sJ40-43.. 1019 1019 1019 US3%s43-47.... 100 29 100 27 100 27 US3%s46-56..., 1026 1028 1025 US4ds44-54....., 1041 104 104 US4%s47-52...; 108 10729 108 Sales. High. Low. Close. Abitibi P&P 5s'53. 13 Alleghany 5s'44... 5 Alleghany 55 '4 Alleghany 55 '50... Allis-Chalm 58 '37. AmF P 552030.,.. AmIGChb5%s'49. Am Intl 5%s°49 Am Metal 5% Am Sm&Ref Am Sug Ref 6; . Am T&T 43539 Am T&T c tr 55°46. Am T&T deb 55°60. Am T&T deb 5s'65. Am T&T 5%s8'43. . Am Wat Wks 55'34. Am Wat Wks 6s'75 Am Wr Pap 65'47.. Argentine 514562, Argent 65 '61 May. Argentine 65 '59 Ju Argentine 65’59 Oc Argentine 6s A '57. 12 Argentine 6s B'58. 59 Arm & Co 4%45°39. 166 Arm Del 514s'43.., 18 Atchison gn 4s'95., 26 Atchison 4%38'48.. 17 AtICL1st4s'52... 20 At] Gulf&W158'59. 30 19 4 17 Australia 5555 Australia 5s 57 Austrian 7s '43 Austrian 78 '57. B&O4%s'33 B&OTL6sC"95. B&OP&WYV 4s'41 B&OSwdv 58’50, Batav Pet 4145’42, Belgium 6s '55 Belgium 6%s Belgium 7s'55..... 11 Belgium 7556 Bell Tel Pa 5= C'60. Berlin Cy El 6s'55. Berlin CE16% Berlin C El 645’59 Beth Stl pm 5s'36.. Bolivia 7s'58 . Bolivia 8547 Bordeaux 6s Bos & Ms 5s Brail 614 101% 101% 108% 108 38 T 5415 53% 50% 50 93 93 5% 5% 6 6 104% 104% 62% 61 15% 14 15% 141 20% 62 10615 106 86 85% 101% 101% 105'% 105% 25 24% 224 21% 5 6 104% 61 is Brazil CR 7s'52 Brazil 8s "41 remen 7s '35 klyn A’ Bklyn Man 6s A '68 14 Bklyn Un Gas 5s'50 Bklyn U Gas 58 '57. Budapest 6s'62..... 40 Buenos AR 6s'61.. 8 Buff Gen El 43;'81 1 BR& Pitts 4.8'57 1 Bush Ter con 58'55. 10 Bush T Bldg 55'60. 1 Calif Packing 5540 6 Canada 45°60. .. 4. 73 Canada 4%s°36. ... 47 Canada 55 Can Nat Ry 434851 Can Nat Ry 4% 556 Can Nat Ry 41857 Can Nat 41 "68. Can Nat Ry 4%’ Can Nat 55’69 July 2 55’69 Can Nor 43535 Can Nor db 615546, Can Nor deb 75'40. 19 Can Pac db 4s. . 2 Can Pac 5s 44 cf 1 CarClin&0 65’52, 4 Cent Pac 1st 45'49. 25 Qert-td db 535 "48. Ches Corp 55 47 C&Ogen 4%5'92, C&Ocon5s'39... CB&Qgn4s'58. CB&Q4%s'T7... CB&Q 111 45 4! Chi & Est T11 58'51. Chi Grt West 4859 4 CM&StPgn 4s'89. 6 ChiM&StP4%sC 1 CM&StP 4%s'89.. 3 C M StP&P 55'75. €M&StPadjbs.. 97 Chi&NW 4152037 8 Chi & NW 4% 5'49. 56 w 5 - 25 3 6 94% 94% 5 104% 1045 1045 3 87 87 87 11 80% 6 92 6 80% 80% 92 92 1315 T 14% 374 Chi&NW rf 5s 2037 Chi RI&P rf ChiR143:8°60.... 23 5 Chi Un Sta 4%8'63 10 % 95% 95% Chi Un St 5844 9 101% 101 101 ChiUn Sta 6% 6112 111% 111% Childs deb 55°43... 1 29% 20% 291 Chile 65'60. 6% 6% Chile 6s'61. ... 6 6 Chile 6s '61 Jan. 6% 6% o . 31y 32 Chile Mtg Bk 6561 3 Chl Mtg Bk 6%s'57 37 10 9% 9% Chin GvtRy 6s’51.. 1 15% 15% 15% Cin Un Trm 552020 6 101% 101% 101% Clev Term 4%5'77. 16 63 61% 63 Cologne 63 '50 1 Colomb 65’61 Jan.. 41 Colomb 6561 Oct. . 64 Colo & Sou 48’35 10 Colo & Sou 415’80 8 Col G&E 55’52 May 10 Col Gas & E 53 '61.. 15 Com Inves 5%s'49. 3 Cons CMArf58°50 5 Con G NY 4%s'51. 9 . 9814 98y Con Gas N Y 5s'57. 19 102% 1021 102% Con G NY 5%s'45. 10 1051 105% 1051 Con PwrJap6%s.. 4 31% 31 31 Consum Pow 58’52, 7 105 104% 105 Copenhag 41%s '53. 65 65 65 Copenhag s '52 69% 694 691 Cuba 535°45... 404 38% 40% Cuba R R 1st 55 '5; 2T% 27% 27% Cuba RRrf 7%8'36 2814 2815 Cuba Nor 51542 2205 Czecho 8s 93 93 Del & Hud cv 58 95 _ 95 Del & Hud 5%s'37. 90%~ 908, Denmark 4345 '62 73 73% Denmark 5%s'55 85 Denmark 6542 D&RG W 55’55 Det Ed 4%sD’61.. Det Edison rf 5s'49. Det Edison 58 '52.. 26 Dodge Bros 6s°40.. 4 Duquesne 4% A'67T 4 DEI5%s'53 Mar.. 3 141 100% 100% 100% 1007 87 87 103% 103% 99% 100 THE EVENING STAR, WASHINGTON, ON NEW YO STOCK EXCHAN Received by Private Wire Direet to The Star Office. Inland St 433 A'T8. 12 Inland St 41¢s B'81. 10 Int Rap Tr rf 58’66 36 Int & Gt N 65 B'5! 8 Int & Gt Nor 65'52, Int Cement 68’48 Japanese 515 6! Japanese 6155 '54. Kan CF S&M 4s'36 Kan C P&L 4%s'6 <an C| 0 14 . 36 7 Karstadt 65 Kend 512548 w- Kresge Found 6s'36 Kreug & Toll5s'59. MO RH A NG ARRORD RS Lorillard 7s La & Ark Lou G & L&N 4t McKes &R Manhat Ry cn 4s' Mex 4s ast 1904-54. Midvale Stl 55 '36. . Milan 61¢s ‘52 3 Mil E Rv&L 55 '61. Mont Pow 55°43. .. Mont Pwr 55 A '62. Mor&Co 1st 435" OT &M 51zs 54, w S Wales 58 '57. w S Wales 5s '58. g 7 ; ntdb 4s 34, Y Crf 55 2013... Y Cent db 65 '35. YCLS 3%s'98 Y Edison 5s B'44. Y Edison 55 C'51. Y Edrf63%s’41. Y NH&H 65 48. .., [ O&W gn ds '55., NY O&W rf 45°92., Y Rys Inc 6s65.. Y Ry& 65 A65. .. NY Tel gn 44539 Nia Sh Md 51%5°50. ord 6125 '50. . orth Am Co 5. or Am Ed 55 C'69. or Am E 5%s'63. Ger Lloyd 6s°47. or O T & L 6s "47. or Pac gn 3s 2047, or Pac 45’9 . or St Pw 55 A *41. Nor St Pw 6s B "41. Norway 58 "63. Norway 5%s '65 Norway 6s'44. Norway 6s'52. Ore Sh L 5s gtd "46. Oreg-Wash 4s'61. . Orient Dev 5% '58 Orient Dev 6s 53. . Owens 111 G1 55 '39. Pac G&E 55'42.... Pac T&T 1st 5837, Pac T&T rf 55'52.. Pan Am Pet 65’40 Paramount 65'47. . Param-Pub 5%s'50 Penn gn 4% s '65 Penn 43 4 Penn gen 55 '68. Penn 635 36 . Penn P&L 4%s '81. Peop Gas ref 55 '47. Pere Marq 4%s '80. Peru 6560 Peru 6561 Peru 7s Phila Co 5s Phila Elec 45°71. .. Phila & Read 65°49 Phillip Pet 5% 8°39 Pillsb F M 6s '43 PCC&S 2 = Raftolnhnennmos ~ e N [P - = Poland 7s '47 Poland 8s '50 . Port Gn E1 4%5°60. Por RAm T 65 '42 51,4 Public Serv 4s'71. PubSv G 4%s'67.. | Pub Sv G 4%s'70. Pure O1l 535 '37 Pure Oil 534540 Queensland 7s°41.. Rem Arms 6s A '37. Rem R 5%SA'4Tww Rhinelbe U 75 '46 Rhine Ruhr 6s Rhine West 65 Rhine West 6s Rhine W, Rich Oil Cal 65 '44. Rio de Jan 618 '53. RioDeJan ext 85'46 R Gr Do § Rome 6% 5 Royal Dutch 4 Rumania 7s '59 StL IM R&G 4 St L&SF 43 A "50. .. StL&SF 4%s'78. St L&SF 53 B " StP&KCSL 4% 0 Pau 7s '40 ao Paulo 8s aNanSoaruss o o) oo 2 110 102% % 60 100% 1 7% 6% 451 17 = AlD RETIREMENTS 4 00% % | NEW YORK, December | tion common BIG CASH RESERVES General Motors Acceptance and Others Reveal Strong Position. Speclal Dispatch to The Star. 2.—~Two financial announcements the latter part of this week are of slgnificance in that they reveal the substantial cash resources still possessed by some corpo- rations after more than three years of business depression. The first is a notice to the holders of General Motors Acceptance Corpo- ration 6 per cent debentures that the entire outstanding amount of these notes will be paid off February 1 next at 102. This will be possible” without any new financing, for the balance sheet of the company on June 30 showed that it had cash on hand of over $43,000,000. The original amount of the issue was $50,000,000. In the last five years, through annual calls, the amount has been reduced $20,000.000. The notes sold as high as 104% last year and throughout the decline in rities have been one of the most stable of all listed issues. The second announcement comes from the Framerican Industrial Devel- opment Corporation, which is offering to retire at par on January 1 the entire outstanding amount of its $10,000.000 of 7% per cent debenture bonds. These | were issued in January, 1922, at 99| and have sold as high 109. Their maturity date is January 1, 1942, s their cancellation will be anticipated by nine years. The stockholders of | the company already have ratified a contract under which the principal a sets of the concern have b tra ferred to a foreign company in con- sideration that the latter repay the oul standing debentures. The extent to which both domestic and foreign bends are being redeemed before maturity is indicated in figurcs that have just been prepared covering | the first 11 months of this year. The amount is over $307,000,000. The latest available statistics of financing during | 1932 are for the 10 months ended Octo- ber 31. In that period the amount of new capital issued was $304,000,000, or slightly less than the amount of the bond redemptions for the 11 months Of the latter some were paid off and refinanced at a lower rate of interest | and were undoubtedly included in the refunding operations for the 10 months of $269,000,000. The greater pa ever, helped to reduce the net amoun! armoutstsndmz domestic and foreign ebt. (Copyright, 1932.) CORPORATIO REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, December 2.—Following is today's summary of corporation news prepared by Standard Statistics Co., Inc., New York, for the Associated Press. Aircraft, | Pan-American Airways Corporation has contracted for engineering work on two types of large fiying boats. Automobile Parts and Tires. | Firestone T. & R. Co. common share | carnings, year ended October 31, $1.07 Building, Real Estate and Related Lines, | American Encaustic Tiling Co., Ltd., deficit, nine months ended September | 30, $550,177 vs. deficit $312,818. United States Realty & Improvement Co.—Receiver appointed for Savoy-Plaza Corporation, subsidiary, following volun- tary petition in bankruptcy by that | concern. ¥ Chemicals and Fertilizers. | American Cyanamid Co., subsidiary, Calco Chemical Co., has acquired Noii | Chemical & Color Works of New York City. Coal and Coke. | Truax-Traer Coal Co. deficit, six | months ended October 31, $117.719 vs. | net income, excluding $47411 discount | on debentures retired, was $5,047. Office and Business Equipment, Addressograph-Multigraph Corpora- share earnings, nine months ended September 30, 22 cents | vs. 67 cents. | oil. | Shell Unicn Oil Corp.—Subsidiary, Shell Petroleum Corporation, has adop ed 40-hour week in divisional s offices without any reduction in pay. Shipping and Shipbuilding. New York Shipbuilding Corp.—Meet- ing of directors of company for action on %elerred dividend postponed to De- cember 7. Utilities. Central Public Service Co.—Involun- tary bankruptcy petition filed against company by three holders of deben- tures; petition alleges insolvency and preferential payments to creditors. Consolidated Gas Utilities Co.—L. W. Cary, president, named temporary r ceiver for this company and for con- solidated Gas Service Co., a subsldXRr‘,»',‘ by Pederal Court, Oklahoma; court di- | rected receiver to borrow money for | payment of interest due December 1, on | first mortgage and collateral of 6 per | cent bonds, series A, of Consolidated Gas Utilities Co. | Empire District Electric Power Co.— Federal Power Commission has granted | company a major license for project on | White River, Mo., which substations and lines penditure of $30,000,000. Southern California Gas Co—Com- | bined preferred share earnings, 12| months ended October 31, $15.83 vs. $13.87. BAR SILVER. NEW YORK, December 2 (#).—Bar | | Exchange turned active and weak dur- GUR PRICES SAG AT AGTIVE CLOSE Interest Centers in British Reply, but Opinions Confused. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, December 2.—The Curb ing the final hour today, after opening lower and drifting downward for near- 1y four hours. The whole Street tolay centered its attention on the British reply to the United States note about war payments. Traders were confused at the opening, ome expressing the belief that the British debt plea had been discounted. Professionals, however, offered shares shortly after the opening when they saw the pound sterling weaken here and international securities decline in overseas markets, Aluminum Co. Down. Aluminum Co. of America common ple of points when the com- declared only 75 cents on the pre- iferred stock, which carries 6 per cent cumulative dividends. Hoskins Manu- lared a dividend of 25| t has been discounted. | Cord Corporation moved lower despite its acquisition of control of Trans- american Air Lines, Inc., through pur- chase of 45,000 shares of Thompson Aeronautical stock. Humble Oil, depending on the action of pipe line exccutives in Dallas tomor- row, will resume buying 100 per cent of crude oil from lease and royalty oW in the Texas fields, it announced publicly today, but this had been fore- hadowed on the tape several sessions ago. Oil Shares Inactive. Aside from the slight betterment in Standard Oil of Kentucky, petroleum securities were not active. A drop of a point in Gulf Oil was a feature in mis. cellancous oils_during the third hour. Southern Pipe Lines was the only active 10 in that classification. Some of the wide moves in early aft- ernoon were a rise of 73 points in Edison Electric Illuminating of Boston, 2 gain of 3 points in American Maize Products, a decline of more than a peint in Americen Laundry Machinery, | 25-c | n Oil & Land was accom- | pani a gain of a point in that stock. 1932 Clothiers Are Hopeful. NEW YORK, December 2 (#).— Men's wear retailers attending the Spring buying convention of the Affil- iated Clothiers, Inc., here have ex- pressed confidence in the price struc-| ture of the clothing market. An in-| crease in prices llens and trim- 4 paid to labor was predicted by some of the members, it was said. (Copyright, BONDS ON THE CURB | | Cent Pub Sve A. D. C, FRIDAY, DECEMBER 2, 1932. FINANCIAL. N. Y. CURB MARKET Received by Private Wire Direct to The Star Office. Stock and Sale— Dividend Rate. Add 00. Acme Wire vte. 1 Alexander Indus.. 1 Allied IntInvepf.. 1 Allled Mills........ 1 Aluminum of Amer 350 Alum Co Am pt (3) 5508 Alumn Ltd cum pf. Am Beverage..... AmCitiesP&L B Am Cyanamid B Am Founders...... 4 AmGas&El (31).. 23 Am Laun Mch 1.20. 25s AmLt&Tr(2%).. 2 Am Maize Prod (1), Am Superpower. Anglo Chilean Nitr, Arkansas Nt Gs A.. Asso Tel Utilities. Atlas Utilities. Atlas Util war. Auto Voting Mac] Axton Fish A 3.20 Blue Ridge. Brasilian T, Buff N&E pf (1.60). Cable & Wire A rcts Cable & Wire B rets C&W pf rets k6 2-5¢ Canadian Marcon!. Childs pf.. 5¢ Celanese pf (33).. 50s 1 Cent & Swn Util pf. 20s Cent States Elec 26 Citles Service. . 68 Cities Servicepf... 2 Cities Sv P&L $6 p£100s Cities Sv P&L $7 pf 508 Clev Elec Illu 1.60., 1 Colombia Synd.... & Cel G & Ecv pf (5).1258 ColOll &Gas vec... 1 Comwlth & Sou war Comstock Tunnel. CAMCoctfs.. Cons Gas Balt 3.60. Cons Gas Util A... Cord Corp. . = Cresson Cons(klc). Crown Cent Pete. Deere & Co. .. De Forest Radlo Detroit Aircraft Duval Tex Sulphur. Eastr G&F pf (6).. 25s Edison El Bost(12) 10s Eisler Elec Corp... 4 Bl Bd & Share b6% 413 Bl Bd & Sharepf 6. 3 Elec Pwr Asso(60c) 6 Elec Pwr As(A)60c 6 Elec P & Lt 2d pf A 150s Elec Shareholding. Elec Share pf ww. EBmpireG& F 7% k Rubber (n Ford Motor Can A. Ford M Ltd. . General Allo . Gen Theat Eq ov pf Gilbert (AC).... Glen Alden Coal Goldfield Consol Goldman Sach: Groc Strs Prd vte Gulf Ol of Pa..... Horn & Hard (2%). Hudson Bay Min. Humble Ol (2). Hydro Elec Secur... Imp Ofl of Can 50c.. Intercont Pete. ... Interstate Eq cv pf Interst Hos (k65¢). Interst Pw Del pf 7 1 Irving Air Ch(40c). Italian Superpw A.. Knott Corp........ Lake Shore Min(13) Lefcourt Realty... Lone Star G bé4c. . Louisiana L & Ex.. Midl West Utilities Midvale Steel (3).. Mo Kans Pipe L... New Mex & A Lnd. Newmont Mining. . 2| NY Telpf (6%) Nlag Hud Pwr 1. ¢| Niag Hud (A) wars 66 6o HRY, ."vfl'\r L ORa ok | Viag Hud Pw C wr. 5% . Am Lt & P pf. North Europ Oil Novadel Agne (4).. 1 Pac GEE 1st pf 1% Pan Am AIrways. . Pantepec Oil . Paramount Motors Penroad Corp. Phil Morris Ing Phil Morris A 1% . Pilot Radio Tube A Pioneer GM Ltd 24c Pitney Bow P b4%. Pitts Plate Gls (1). Prudential Inv.... 2 Prudential Inv pf 6 508 PubUtilHdxw.. 13 Pug Sd P&Lpf k5% 108 ) 2% 3 1% 2 19% 2y 4 3 14 33 0% 2% (4 27% | Stock and Sale— Dividend Rate. Add 00. High. Rainbow Lum A... 5 1 Rainbow LumB... 8 % St Regis Paper.... 18 2% 2% St Regis Paper pf.. 30s 20 20 Salt Creek Prod (1) 1 3% Segal Lock & Hrd.. 1 % Selected Industries 1 1% Shenandoah pf. 14% Silica Gel ct. . Y South Penn Oil (1). 12 SouCalEdpfB1% 22'4 Sou Pipe Line(60c) 4% Southland Roy 20c. S W Bell Tel pf 7... 508 Stand Oi1 Ind (1). 2214 Stand Oil Ky 1.20. . 11% Stand O1l, Ohio 1%.100s 2115 Starrett Corp pf. 2 Stetson (J B). Stutz Motor Car... Swift & Co. . SwiftIntl (t4)...., 2 Swiss Amer El pt.. 508 Technicolor. Tech Hughes Texon O&Land 11% Tobacco Prod Del. . Trans Lux DLPS. United Corp war... United Founders United Gas. Unit Gas pt B Urit Lt&Pwr (A).. Unit Lt & Pwr pf., Unit Shoe Mch 2% . US Elec Pwr ww.. USFoll B (30¢)... US & Intl 1st pt. .. US Play Card (1). Unit Verde Ext 40¢c. UtlP& Lt Utility & In Van Camp Pack. Walker (Hiram)... 1 5 Walker (H) pf (1) T Walker Mining. Wenden Copper. West Mass Co 2.40. 50s Wool Ltd k25 1-5c.. 1 1% “Y” Ol & Gas (A).. 14 1 Dividend rates in_dolla: quarter)y or semi-annua aividend. 1Partly extra. 3Plus & Pavable in cash or stock. b stock. e Adjustment dividend. in stock. 3 lus | in stock. mPlus 3% in stock. n Plus 87 in stock. p Paid last year—no regular rate. JOIN IN LAUNCHING NEW TRUST PLAN Three Baltimore Investment Firms Participate in Offering “Co- mingled Fund” Type. 4 4 114% 1143 % % & 32'a 32% 1% 1% based on last *Ex | Special Dispatch to The Star. 3| BALTIMORE, December 2.—Three | Baltimore investment houses are par- | ticipating in the launching of a new type of bond investment to be known as North American Bond Trust Certifi- cate. Distributors Group, Inc., is spon- sor of the new security and City Bank Farmers Trust Co. of New York is trus- tee, Stein Bros. & Boyce, Mackubin, | Goodrich & Co., and W. W. Lanahan % & Co. are the local firms which will participate in the offering. 4|~ This new investment trust is said to be of the “co-mingled fund” type in- stead of the unit type, and its portfoli at the beginning will contain bonds of 200 different issues, the largest of any bond trust organized so far. Grain Market CHICAGO, December 2 (#)—Dis- turbed world financial conditions re- % | ceived most of the blame among wheat traders today for material reactions which took place in grain values. A 4-cent break in the English pound sterling at one time was construed as especiaily bearish. Suggestions that the Argentine wheat crop would be 10,000, 00 bushels less than last year's harvest were virtually ignored. Wheat closed heavy, %-2!3 under yesterday's finish, corn %-11; off, and plr‘uvisiom unchanged to 15 cents de- cline. WHEA December . 3y k | July CORN— Bond Offerings Increase. NEW_YORK, December 2 (#).—New bond offerings in the New York market this week totaled $11,511,000. against $9,444,000 last week and $17,896,000 a year ago. LOOK FORWARD to Your Future Bankihg Needs The Columbia National Is Equipped to Meet Them OUTSTANDING LOAN AVERAGE DECLINES Reserve Credits on November 30 Practically Unchanged, However. By the Associated Press, The daily average volume of Federal Reserve Bank credit outstanding during the week ending November 30 was re- ported yesterday by the Federal Reserve Banks ‘as $2.204,000,000. This was & decrease of $5,000,000, compared with the preceding week and an increase of $258,000,000, compared with the corre- sponding week in 1931. On November 30 total Reserve Bank credit amounted to $2,202,000, practical- ly unchanged from a week ago. In- creases of $13,000,000 in money in eir- culation and $11,000,000 in member bank reserve balances were substantially offset by increases of $18,000,000 - in monetary gold stock and a decrease of $3,000,000 in unexpended capital funds, non-member deposits, etc. Holdings of discounted bills declined $4,000,000 at the Federal Reserve Bank of Sen Francisco and increased $3,000,- 000 at Cleveland. The system’s holdings of discounted bills and of bills bought in open market showed litti change for the week, While holdings of United States Treasury notes increased $9,000,- 000 and of Treasury certificates and bills decreased by the same amount. November 30 totals (in millions of dol- lars) with changes from a week ago and a year ago follow: Bills discounted. . Bills_bought.. "1,851 Unchanged Up1,134 8 Unchanged Off 39 Up 1 Up 207 Up18s o 79 nchanged Up 145 Up 13 Up 139 Up 11 Up curities ... | Other Reserve Bk | ~credit o | Total Reserve Bk. realt ... .. 2 | Monetary gold ck . 4,338 | rreasary ‘cirrenes or 3 om WESTERN ISSUES BALANCE SHEET NEW YORK, December 2 (P) Norfolk & Western's balance sheet at the end of October shows near-term maturities of only $2,000,000 for the ensuing six months, compared with & total of $4,670,000 in the same period 2 year ago. The road had cash on hand of $6,344,912, against $5,710,132 & year ago. Current assets totaled $12,- 947,380, a bit larger than the total of $12,835,058 shown on October 31, 1931, while current liabilities show a reduc- tion of nearly $1,000,000 at $2,633,179. Investments in other than affiliated companies were reduced by $6,650,186 to $30,894,987. U. 8. TREASURY BALANCE. By the Associated Press. Treasury receipts for November 30 were $103,697,665.34; e ditures, $109,640,646.75; balance, $589,729,503.99. Customs duties for the month of No= ember were $24,050,875.51. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Lendon, pound. Paris, franc Warsaw, ZIoty. ... Capenhagen, crown Oslo, crown.... Stockholm, crown., 26. Montreal, discount, 14%% —— SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co.) Bid. 77 7 1933 Allis-Chalmers Co. 55 1937. . in Co. 6s 1._blas 1943 1 s 1936 . Bs 1936 4155 1035 o: y. Commercial Credit’ 5'as Delaware & Hudson 5s Den. & Great Northern Ry. Keystone Telephone N. Y. E Northwest. Telep. Penna. R.'R. Co. 6las 1 Portland Gen. Elec. 5s Republic Iron & Steel 55 Sinclair Crude Ofl 5las St. L. IMS.R. R.&G. 45 1933 Southern Pacific_5s 1934 Union El Lt. & Pow. Union Ofl Co. Calif. Va. Rwy_& Powel Wabash Rwy. Co. Sao Paulo 8s silver weak; %, lower at 25. Saxon P W 6%s Saxon 7s'45. Seab ALrf 4s Seab AL 6 Dutch East 168'47. 7 Dutch East 1 6s°62. 22 El Salvador 8548 Erlecv 4s A '53 Erie gen 4s'96. Erie ref 5567 Erle ref 55’75 Erie & Jer 6s'55. Fiat deb 7s'46 Finland 5%s'58. Finland 75’50 | Fla E Coast 55 'T4.. Fram Ind 73%s'42. . French Gov 49. . French Gv Gelsenk’hen 6s '3 Gen Cable 513 '4 Gen Motors 6s'37.. 41 5%5'39 1 Gen St Cas 515849, Ger Cent Bk 6s°38. 24 Ger Cen Bk 6560 J 17 Ger Cen Bk 65’60 0 50 Ger Cen Bk 7s'50.. 3 100 100% 100 100% 60 60 321 324 Remember, the time of success is AHEAD, and to the future your plans must go to pave the way for your prosperity. Make the Colum- bia National a partner in your ef. - ‘Columbia ( Real Estate RavarmaarneS8a aak~s Sales. High. y 6 104 18 1008 19 o Ne8 10014 Capital $250,000.00 Surplus £500,000.00 Shell U Oil 5 . Shell U O 55 '49ww. Sinc Oil 6%5s B'38. Sinc Oil 78 A 37 P Un Pac 4s '68 Un Pac rf 4s | Un Pac 4%s Unit Drug 58 '53. . U S Rubber 58'47... Un St W 6125 A'4T. A'51 3 “1’ vite your account NOW in prepa- 4 ration for your future. . 83 22 19 2 2 1001, 100 e o WE PAY 3°/ INTEREST 1237 124 o ON SAVINGS Smith(A0)6%8 "3 Soissons 6s '36 B ] Uruguay 65 '60 BE. USH. US| NEelliRn Uruguay 65 '64 102% 1028 102% | & : 3 % i 80 80 80 . ) ty 5 Ter. Ref. & W The Carpel Corp W Mech. Mige. con ash. Med. Bids Wdwd. & Lothro Wawd SEx dividend BBooks clased. Market Averages By the Associated Press. STOCKS. Upper Austri FRANK J. STRYKER, President® Util Pw 50 20 o0 Util Pow Yesteraay ... B4 359" B55 Ba4 e R Frevious di 1 8i0 o Daily, 8:30 to 3—Saturdays till 12 0'Clock i ‘ cago - . SR | { Open to 5 p.m. on 1st and 2nd, 15th, 16th 748 | and last day of the month 17 extra el'a% extra. ey Unlisted Department. BONDS. 10014 88° 1017 St 01l N J StOIN Y 438" Army-Nayy Club 5s Cosmos Club 413s. Commercial Club 15t Mayflower Hotel 6s. NetorolBn o Bondie st ational Bizs.. . ington Suburben 5%4s......... Wabash &s Walworth 65 A Warn Br Pic 6s'39. Warsaw 7s '58. West E1db 5s'44. . West Md 1st 4s '52. West Md 5%8°77.. ‘West Pac 55 A"46.. West Union 5s '51. West Union 55 '60. West Un 6%5s'36.. Westphalia 6s '53. . Wil & Co 15t 6541 ‘Wis Cent Tm 4s'36. 17 ‘Yokohama 6s '61... 19 Ygstn S&T 5s A'78. 3 Ygstn S&T 5s B'70. 1 Sweden 5 Swiss 5% Taiwan EP 5%s'71 12 TennELP 6s A '47.. 4 Ter AsStL4s'53.. 1 Tex Corp cv 55 "44.. 42 Tex&P 1st 55 2000.. 1 56 1 4 Tere pacsa Do, 1 ex & Pac bs 48% 49 | Thira Avadj5s’6 81 * Third Av rf 45°60. . 6 105% 105% 105% | Tob P NJ 6145 2022 34 4 584 58 58w | Tokio 58’52 6 6 354 384% 3415 Toklo514s'61 8 2 58% 58% 58w Tokie ElLt 6s'63.. 14 by 1930...1 Goodrich 6s'45. ... Hish Goodyr Rub 58'57. . | Grand Trunk 6s'36 33 Grand Trunk 78’40 24 104 4l 9T STOCKS. Anacostia Bank....... Chspin Sacks 8% pfd. Gonnecticut Ple cons Heurich Bre ewery. ict Title Insurance inklin National Trust Co. Grt Nor 4%8D'76. Grt Nor 4% s E'77. Grt Nor gn 7s '36 Hudson Coal 58 '62. Hud & M adj 5s'57. | Hua & M r£5s'57. . 111 Bell Tell 5s8°56. . 111 Cent rf 4s'55... 111 Cent 4% '66 ' I11 Cent ref 55°55. . 5. 6 0 1 0. 1. 2 6 8 1 3 16 $ 023 623 80 94. 1098 101 533 973 96.