Evening Star Newspaper, December 5, 1932, Page 14

THE EVENING STAR, WASHINGTON, D. (., MONDAY, DECEMBER 5, 1932. FINANCIAL, ! TE—Today's indi sales in this edition. | NOTE—Today's individusl sales are not in this edition. Sates oF Chch otk ‘In Ui waMion re Trom yeSerdsy's Daver: Sales of hch stock in this caition are from yeslerdas's aper. ~Prev. 1032 Stockand Sales— Net | —Prev. 1932+ Stockand Sales— et Hig Low. Dividend Rate. Add 00 Low. Close. Chge. | High. Lo Dividend Rate. Add 00. High. Low. Close. Chye. Schulte Ret Stor pf.. , 708 5! 51 5% 32% 10% Unit Fruit (2). .x 55 21% 21 2% + ‘-‘ Seaboard Oil Del 40c. 9 1% ]7‘: 9% Unit Gas&Im (1.20).. 203 19 %4 e + % - & Sears Roebuck.».rv: 178 19% 185 1% U'S & Forn Secur 28 _IHigh Rates Undermining 13% U 8 Indus Alcohol. 57, 3 - |: Many F"_ms Accordiw “ 'y Seneca Copper.... W 10% U S Gypsum (160) 2 + 1% U S Lgather. . to Observer. fA=14 w33 FINANCIAL,S B § in_this_edition. NOTE—Today's individual SHuw SHARP GAIN Sales of ach Siock in this CONIon Sre Trom vemerday's paver. Sales of ach stock in & ~Prev. 1932~ Stockand Sal Wet. | —Prev. 1032 Stock and fien. Low. Divisend Rate. . Add00.High. Low.Close. Chee. | High. Low. Dividend Rate. Add 00. High. Adams Expres: 94 5% 4% 4% — 4! 9 4 GenOutdoor Adv(A) 2 Adams Millis (2). 5 > bt~ 14 ! 21 Gen Printing Ink.... 70s ¢ Addressograph. s . 6% Gen Rwy Signal (1).. Adv Rumley 3 pki %4 Gen Realty & Util. 4 Affiiliated Pr e 9! Gen Steel Casaing pf. % Alr Reduction (3) 2 2 5 Gillette Saf Raz (1). Airway Elec Appl = lette Saf R pf (5). Large Offerings Voted by Several States. ¢ Alaska Juncau (063, 67 ¥ Simbel o e S 3 Alleg Corp pf $30ww ilidden Co. . . v Alifed Chem & D (6). dden Co pr pf (7). Allis-Chalmers Mfg. Gobel (Adolf). - Amerada Corp (2)... Gold Dust (1.60)..... 5 Am Bank Note...... Goodrich (B F) & Am Can (4). Goodrich (BF) pf. : Goodyear Tire&Rub.. Graham-Paige. Monthly Summary Reveals % Sharp & Dohme. .. Shattuck(FG) (50c). Shell Union O11. Simmons Co. Skelly Oil ot Servel Ine.... Sharon Steel Hoop Phe & Fary (2). Pipe 1st (1. < BY EDWARD C. STONE. Bond dealers in the local financial @istrict were deeply interested today in the report that new State and munici- { .l bond financing by the voters of 53 B nitics I 24 States during Novem- | Per totaled $88,328,000, compared with i 6,306,351 in November, 1931; $405, Am & Foreign Pwr.., i in November, 1030, and $48,-| 21 Am & For Pwr 2d pf. 4 in 1929, Am Hide & Leather. . atg> totel for last month is due | 51% ‘Am Home Prod 4 ; the large number of State| 21% AmIce (1).. s at the November 8 | Am International. Am Locomotive..... 2 Am Mach&Fdy (80¢). Am Metal Co x Am News (12). Am Fower & Light.. AmP&Ltpf A (5).. Am Pwr & Lt pf (6) Am Radfator. . Am Rolling M{ls Am Shipbuilding ( Am Smelt & Ref. . Am Snuff (13%) Am Steel Foundry Am Sugar (2). i Am Tel & Tel (8 2 Am Tobacco (16) Am Tobacco B (+ . i Am Tobacco pf (6).. 4 Am Type Fdrs pf. Am Water Wks (2). . Am Wat Wks cfs(2) . Am Wat W 1st pf(6) Am Woolen pf. . Am Writ Pap Anaconda Copper th from Jul Anchor Cap (1.20)... deposits in banks % 04 r-Danicls (1), excess of the ) 111 (A). .. 44+ BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, December 5.—The re- mark of Will Rogers—that one of the T % Vadsce Sales Corp | causes of our hard times and slow re- thern Pacif T e e 1 {covery is the high rate of interest that uhern Railway' o S e : 5 1; | borrowers have to pay—approaches the harn Eaiiway b T eweme et ,. | economic situation with greater exact- % Ward Raking (B). co::menu of this humorist. - 13 Warn Bros Picture 5, 3 e ISGani ST - Tk Warran oo N erest rates are undermining the posi- 814 Wesson Ofl 1 tion of some of the mortgage companies 25 West Pa Ele is given in a request just made to the West PRRle & (1) helders of $6,000,000 mortgage certifi- West Pa El bt (7). icates of a title and mortgage guaran- Western Dairy pf B. teeing company in New Jersey that they y accept a rate of 4 per cent on their z . | certificates in lieu of the 52 per cent |now being paid. This is based on the |present emergency, under which the |concern has fourd it difficult to collect 3% !mxerest from mortgagers. Maturities Due January 1. The proposed commutation in the interest rate on the guaranteed certifi- cates appears to be imperative during the present period of stress. It is not unlikely that other companies similarly situated eventually will make the same mupoul to the holders of their obliga- ms. r 7 3 Socony Vacuum 40c.. 179 wl 3 Inited Stores (A) . So Port Ric Sug 1.60.. 53 9| 10% 1% UtilPwr &Lt (A). Southern Cal Ed(2). Southern Pacific Am Come’l Alcohol. . ‘Am Encaustic Tiling. I+110L1+) +1++10 ong important issues ed were $20.000,000 State of New | . $20,000,000 Tllinois, | $30,000,000 State of N 00 erling Secur cv pf. Sterling S 2. 4 Stewart Warner Stone & Webster. Studebaker Corp Studebaker pf (7) Tennessee Corp. . Texas Corp (1). Tex Gulf Sulph (2). . ex Pacific Coal&Oil. Tex Pacific Land Tr. Thatcher Mfg Co. The Fair pf (7). .... Thompson Products. Tide Water Asso Ofl. |+ Western Pacific pf Western Union : Westinghouse Elec. . Westvaco Chlorine. . White Sewi Wilcox Oil & Gas Wiilys-Overland Wilson & Co (A). Wilson & Co pf Woolworth (2.40) . vorthington Pump. . ‘Worth Pump (B) . 2 Tide Water As pt (6) Wrigley (Wm) (3 E 34% Timken-Detroit Axle y 1% Yellow Truck . 3% % Timken Roller Bg(1) 3 3 «| 11% 3 Young Spring&W (1) | 4 Youngstown Sh&Tu. 10% 4 Houdaille-Hersh(A) Houdailie-Hersh (B) Househd F 4+ i the voters | tes rejected Hudson & Man (2 Hudson Motor Car. Hupp Motor: 4% Illinois Ce 14% Ingersoll- 10 Inland Steel 3% Insuranshar 1 Insuranshares (Md). 24 Interboro Rap Trans. 1 - ++ 11+ f tate REode | of San Francisco, | 118'% of Columbus, Long Beach There have been a number of em= barrassing bond maturities recently {and others that will have to be taken {care of on January 1, where the ele~ ment of a high carrying cost to the borrower has entered into its predica~ ment. In such cases the effort has nith Radio. . 2. . Zonite Products..... 70 41 4 Saies of Stocks on New York Exchange. 10:30 AM....... 100,000 12:00 Noon 1:30 P.M. . *400,000 2:10 P.M been made fo meet a portion of the Un Oil of Calif (1) Union Pacific (6). Shade Closings. hal g Int Combustion Int Harvester (1.20). P+ +] ccording to ilton Institute. ~ Suspensions for four months affected $114,269,000 of deposits. But the ceposits in banks | which opened totaled $148.567,000, mak- | ; a net gein of $34,208,000 for the period. How greatly the banking posi- tion has changed is illustrated by a| comperison in the institute’s bulletins the same months of last year: In Octcber, 1931, alone, bank sus- Int Paper & Pwr Int Paper & Pwr pf 4 Int Salt (1 Trt Shoe (2) Int Tele & Teleg. 18 Intst Dp St pf xw (7). 201 104 Island Creek Coal(2). —_— Baldwin Locomot. . . 33% 10 Johns-Manville Baldwin Locomot pf. 4508 84 30 Jones & Laugh pf(3) pensions locked up $471,380,000 of de- Baltimore & Ohfo.... 208 E 5 9% 3 Kaufmann Dept St.. The emount of deposits affected Baltimore & Ohio pf. ~ 41 3 it oF 8% ctfs. .. end closings is of first im- 3% Barnsdall Corp...... Kelsey-Hatah Wheel ber of banks opening Beatrice Creamery . . Sepidye i Y Deposits are 3eatrice Crm pf (7). B arificoteCOBIAE. it is the dollars Bendix Aviation..... el d up in closed institutions or made Best & Co. . K by reopenings which affect| Bethlehem Steel..... { Bethlehem Steel pf.. Boan Alumn & Brass Borden Co (2). . % Borg Warner. 4 Briges Mfz Co Bkyn Manhat Tran. . Bruns Term & Rwys. ¢ Budd (E G) Mfg BurnsBros (A)..... 1 Burroughs AM(40c). 39 Bush Term'l deb stk. 1508 i Bush Terminal pf(7) 2508 Butte & Superfor.... 3 Bvers (A M). Calumet & Hecla. ... 2 Campbell-Wyant Fy. Canada Drv (1.20) 4 Canadian Pacific 10% Cannon Mills (1) 215 Capital Admin (A) 9 Cap Admin pf A (3).. | a J 59 Contracts awarded in October for | e e construction work in_the fifth district,| 15 ' 4a Caterpillar Trac50c, 33 says the Richmond Reserve Bank, in- Galatiose Cory, 19 cluding both urban and rural projects, | ; totaled only $13,464,279, compared with | $23,242,082 in October, 1931, and $25- | . 569,208 in_October, 1930, according to figures collected by the F. W. Dodge | Corporation. Of the awards in October, | this year, $3,204,019, or 245 per cent, Atchison. Atlantic Coas Atlantic Refining (1) . Atlas Powder. c 4 Auburn Motor (£4) Avation Corp (Del) . ge (SS) Co (1).. s (SH) Co (j1).. er Grocery (1).. Lambert Co (15). ... Lehigh Valley Coal.. Lehigh Val Coal pf Lehigh Valley RR.. Lehman Corp (2.40). Lehn & Fink (2)..... Libbey Owens Gla Ligg & Myers B (15). Tulip Cup (1%). & Lima Locomotive. Liquid Carbanic. Loew’s, Inc (3) LoftInc.. in Time of Relatively Low Profits. Building in Fifth District. | Construction work in the fifth Federal | reserve district continues far below normal, and is the outstanding factor in the unemployment situation, as has‘ been the case for more than a year.| Building permits issued in October in 32 cities in the district totaled 2,771, in comparison with 3,152 permits issued in October, 1931, and the estimated | valuation figures last month totaled only -$3,211,466, a decrease of 25.6 per cent und he small total of $4,313,998 in Octcber, 1931. Only 5 of the 32 cities chowed higher valuation figures| for October, 1932, thon for October, 1931, and saveral of the larger cities, including Richmond and Washington, ted much lower figures than for| October last year. T wBRe2aaR e ERal R e " wala Louisiana Oil Ref nf. 4 Lou Gas&El A (1%). Louisville & Nash. .. dlum Steel a Por M(t1%) C 1 - 2 Keesport T P (4). Celotex Co. . 1258 ‘ McKesson & Robbins Celotex pf. 10s 3 315 McK. Robs pf. % Cent Azuirre (1 8 Mack Trucks (1). ... 3 Cerro de Pasco o Macy (RH) & Co (2) Ches & Ohio (234)... 331 4 Madison Sq Garden. . Chesapeake Corp (2) 54 Magma Copper (50c) Chi Great Western. . 9 Manhattan Elev gtd. ey L) Dividend rates as given In the above table maturity either through loans from the : . | N ares. : Tnit Gorp (0o . ; insiock. 'wPaia this year—mo’ reguiar rate. in | remainder with an opligation " that - n 191 . 3 i . < e it G oot HEtH L ek, 1 Pius S1in’special breferred stock. 'k Biis 3% & | ould pay interest only as and if ool - . 11| stock. mPaid last year—no regular rate. nPlus 5% in stock, | €8rned. The difficulties of the St. Unit Dyewool 14 .5 Favable in scrip, Louis-San Francisco Railway are large- ly those of fixed charges too heavy to be borne even in normal times by this carrier. For this reason there CORPORATION e e Fox, e aen, s plan proposed, which only temporizes REPORTS with this condition instead of meeting it frankly and, by reducing a portion of fixed debt of a contingent liability character, permanently effecting & TRENDS AND PROSPECTS OF | | " “”w‘?"::"m LEADING ORGANIZATIONS, The denand 156 Iwee pebe At S e Ty T terest on farm mortgages i becoming . 'ml —The | H increasingly insistent anc be a Moderate Advances Lost| =W, YORK, December S.-The Cash and Cash Items Gain|ibies wiivels scmmsser in mnices b portant corporation news prepared by ‘The farm owner who is a borrower . When News of Capital |Standard statistics Co., Inc., New York, is not able today to obtain enough for the Associated Press: m: Lo to bl;" !r:umabhw . . ‘whe: a Te- Action Arrives. Aircraft. duction in both, 'he. might bé_abie (o Bellanca Aircraft Corporation gets preserve his $250,000 plane order from Brazilian build ur BY. GRGRGE T. NUGRES. i AfForaft. Go. - aalatin ifiscal PiaL Dl to i Mt hn i charged by the private mort- Enesial Dikaich.t The su}:. 5 year ended November 30 were off 39.5 M :W YOGRK' bDecember 5 eral | ooge companies 4 wellpu"by those NEW YORK, December 5—For one|per cent; unfilled orders on November o e ing Ly lic today its det operating under a quasi-governmental dey st least ihe stock market forgol | 30 were 41,750,000, va. $3,190,620 & year | TiStCment &8 of Geplember 2. For Uie| gharacter. s e s st :ssg OBl | previous. Thows eamninge o § cmendar year it The fact has been mentioned before s et Advertising, Printing and Publishing. | the common stocks, as has already been | {7 tse dispatches that, while there Up to the time the resvlt was an- | United Business Publishers, Inc,|2nnounced. In the third quarter the |y n. Sers) reduction in ] v nounced in the House stocks had| deficit, 9 months ended September 30, | SOrporation operated at a deflcit:before | gimogt “universal policy of *Feducing tolled wearily upward, but when the | 5218361 vs. net income, $100,053. the preferred dividend. That alsc WaS|rates of interest on demand and tints news came that resubmission had los = - Siey semeried dowss again A lett off | Automobiles and Trucks. It is the balance sheet position which "m“”““u‘;f,u‘t‘“m:‘"“wg g‘:::‘m rates about where they were at Saturday’s| Chrysler Corporation—Granted Willys- | Is intesesting. Comparison is made be-| i ‘the Jeast modified. Cloee, | Overland Co. a license to use floating| t¥een the situation on September 30, (Copyright, 1932 Volume was as low us ever all during | power. . e Dunh:régi;l;&-::fi' B the recovery, and the pace quickene: illys-Overland Co. ol a - only in the few minutes of selling that | license to use floating power from | ictually increased notwithstanding tne| U. 8. TREASURY BALANGE. followed the vote. Then the tape was | Chrysler Corporation. Tel Ou'gc‘m rnfl;‘;blfiggpmflons. By the Associated Press. slightly behind business on- the floor- Food Products. tors had cash of " 110 pageaeral Mo-| Treasury receipts for December 3 The alcohol stocks were bld up in the | porden Co. subsidiary, Borden Farm cash $1' $1010836391; expenditures, Toon, with 1o one the loser except the | B s e R e - | Ghties’tor twar 'dmwfi."mm'"’ 3 % | gra cent a quarf hot " professional operator. There Was NO | {5 11 cents in New York area; it was | $74,615,059 fii:‘lu:e 'ZZ"a"u"xfl‘z"‘,"e.’r”% o public participation on either side. was for residential work, compared with | $6,446,982, or 27.6 per cent, for this type of work in October, 1931. Virginia Company Reports. The Virginia Electric & Power Co. | reports gross earnings for the 12 months ended October 31 of $15,711,874, against $17,087,603 1n the same period a year | ago. Net operating revenue totaled $7.370,440, compared with $7,878,852 in the previous year. Balance for divi- dends and surplus, after provision for Tetirement reserve, amounted to $3,628,- | €16, as against $4,013,115 in the cor- nding period last year, the report | According to information ; received |™ here, New Yeork City bank stogks made | slight gains lest week, adding a little lJess than 1 per cent to the value. Six- teen of the city’s leading bank stocks | arz now yielding 6.53 per cent and are now selling 1.04 times their book values and 13.4 tumes earnings, compared with | 13.3 times rnings at the end of the | previous week. | A total of $151,174,950 of Treasury boads bearing rates of interest from 3| to 3% p were held December 1 | by the Treasurer of the United States to sccure circulation of national bank the amendment to the| 5% ank act authorizing the| 11% The | 68% vember 1 was $133,749,950. 98% bonds as security. Today's D. C. Exchange Trading. g The Washington Stock Exchange fol- | lowed the example of the New York Ex- | change and trading was light g of Congress slowed | probably that had | et cpened with $1,000 Wash- | i 5s selling at 10 ric Power 5, per cent| preferred stock figured in a 10-share sale at 107% and a single share of the i Chi Great Westn pf.. Chi Mil StP & Pac pf. Chi & Northwestern. Chi & Northwest pf.. Chi Pneumatic Tool., 4 Chi Rock I & Pac.... ChiRT& Pac 6% pf. 4 Chi RT& Pac 7% pf. 4 Chiids Company..... Chrysler Corp (1)... City Ice & Fuel (2).. Coca-Cola Co (7).... % Coca Cola (A) (3). .. Colgate-Palm-P (1). Colo Fuel & Iron. ... Colo & South 1st pf.. % Columbia Gas (b1).. Columb Gas pf A (6). “olumb Carbon (2).. Commercial Credit. . ¢ Comel Cred pf (1 Comel Inv Trust (2). Comel Inv Trpf 635 4 Comel Solv (60c). Comwlth & Southn. . Cagewlth & Sou pf(6) Congol-Nairn (§0c) . ss Clgar (1).. Consol Film. Consol Film pf. Consol Gas N Consol Gas Consol Laun Consol Ol Corp. Consol Textlle. ..... Contl Baking pf (6).. Contl Can (2). Contl Insur ( Cont Motors., Contl Oil (De! Corn Products Corn Prod pf (7) Coty. Inc. . Crosley Radio. Crown Cork & Seal. . Crown C&S pf (2.70). 17 44 141 25 4 15 10 12 3 662 1 x 2 x10s 131 281 25 19 R FULL+ Manhat Elev mod gtd 4 Maracaibo Oil Exp... % Marire Midld (80c).. 4 Marmon Motor Car Mathieson Alk (112). May Dept Stores (1). Mengel Co Mengel Co p! % Met-Gold Pic pf 1.89. Miami Copper. ...... Mid Continent Petm. Midland Steel Prod Minn Moline Pow 4 MStP&S S Mlsd Mo Kan & Texas. Mo Kan & Texas p ouri Pacific. ... ssouri Pacific pf.. Monsanto Chem 1% .. Montgomery Ward Motor Meter G & El. Mullins Mg Murray Nat Cash Reg (A). t Dairy Prod Nat Distillers. Nat Distillers pf(13) t Pwr & Lt (1) t Steel (50¢) Supply Co. t Surety. ewport Industries. N 'Y Air Brake. 3 Y Central..... Y Chi&StLpf... Y & Harlem (5). Y Investors. . Y Ont & Western rfolk & West (8).. rf & Westn pf (4). orth Am Aviation. . Nor Amer (b10 % stk) 1+ +++1+4+ 1++ 14 Sterling Recovers. Sterling exchange rallied, but French francs weakened, making a new low for the year, and coming down almost to the point where it would be profitable to ship gold from Paris to New York. The recovery in sterling. which took the quotation up to $3.2033 in the after- noon, was said to be due to French buying. ‘Whether because cf the improvement in sterling exchange or poor crop pros- pects, wheat advanced, December gain- ing over a cent a bushel. Cotton was little changed. Silver rallied vigorously, up 19 to 23 points in midafternoon. Other staples showed no important change. For the better tone in the market during the early trading there was no reason in the news. The relatively bet- ter showing made by the car loadings statement Saturday may have helped some, but in general the situation was unchanged. The probabilities are that the steadiness stocks have exhibited all through the unsettlement in the ex- change market stimulated short cover- ing today. Gain More Than Point. Gains of a point or more were made by the leaders during the first 2 hours of business. Among the noticeably firm spots were Sears-Roebuck, up over a point, International Business Machines, up over 2 points, Allied Chemical; and in the railway list, Atchison and Union Pacific. Contracts for the decline were retired in American Tobacco shares, and the same was true of American ‘Telephone & Telegraph. Nevertheless, the trading was slow on the recovery and did not in itself indi- cate any sustained advance. If there had been any organized attempt to bid up prices it would have been easy to accomplish because of the sold-out con- stated price paid producers has been cut 12 cent a quart. Railroad and Railroad Equipment. Denver & Rio Grande Western Rail- ’rond authorized to guarantee paymeunt of dividends on $3,850,000 stock of Denver & Salt Lake Western Railroad, following completion of cut-off. Minneapolis, St. Paul & Sault Ste. Marie Railway—A receiver has been appointed for Wisconsin Central Rail- way, subsidiary, by Federal Court, Minneapolis. Pullman Inc. October deficit after taxes of Pullman Co., subsidiary, was $273,110, vs. a deficit of $282,976; 10 months’ deficit was $863,903, vs. surplus after taxes of $2,462,723. Theaters, Etc. General Theaters Equipment Inc.— Chancery Court has instructed receiver for company not to proceed at this time with proposed litigation against former directors and banks: holds such action would be inimical to proposed reorgan- | ization plans. Utilities. Central West Public Service Co. net income before cepreciation, amortiza- tion and Federal taxes, 12 months ended October 31, $121,642. International Telephone & Telegraph Corperation—Spanish government to ask for a revision of contract for Span- ish telephone monopoly vested with affiliate. Columbus Railway, Power & Light Co. net income, 12 months ended Septem- ber 30, $2,266,855, vs. $2.719,699. Middle Western Telephone Co.—Re- ceiver appointed for Southern Indiana Telephone & Telegraph Co., subsidiary, by Federal Court, Indianapolis. NEW YORK BANK STOCKS $36,246,922 at the date of the state- ment, and there was a corresponding drop in other marketable securitios from $10,571,702 to $1,899,917. The sum of these three items is $205,029,119 for De- cember 31 and $208,098,832 for Septem- ber 30, which is a remarkable showing of financial strength and competent management. Against these quick as- zeuli!' iof over 8201;)02506000 all current lia- les are onl 495,513, leavi net of $157,603,319. e Value of Stock Cited. A sidelight on the situation is the fact that the preferred stock is selling in the open market for only a little more than $140,000,000. In other words, the senior issue is valued marketwise at less than its equity in quick assets. Other corporations might well take a lesson from General Motors in the comprehensiveness of its quarterly re- ports. Many of them do make satis- factory presentations of their financial Ppositions once a year. Very few do it every three months, and what investors want and ought to have in these times Is reassurance on cash resources as reg- ularly and as often as practicable. When the stock market is declining as it did last week, invariably there arises the specter of the old lows. The market made its extreme low for the great bear swing on July 8 last. On that day the Dow-Jones industrial aver- age stood at 41.22, the railroad average at 13.23 and the utilities at 16.53. At today’s opening the industrials stood at 55.83, the rails at 24.23 and the utili- ties at 25.40—which ought to be reas- suring to the timid in the margin of safety it reveals. Sharp Rise Expected. ‘The short interest in the stock mar- ket as of November 28 totaled 1,862,804 shares. On October 31 it was 1,839,939 shares. That increase, only 22,865 shares, is very moderate in view of the he ||ity Building & Loan Association MAIN OFFICE, 610 13th N.W. i 735 N. Capitol St. 'BRANCHES { 31 st & M, Georgetown : 8th & K, Navy Yard Under Supervision of U. S. Treasury ‘-—_ Use a Part of Your Christmas Savings Check ‘TO OPEN A 1933 CHRISTMAS SAVINGS ACCOUNT —with this friendly institution. ® SIX DJ ® With Interest Added, Small Amounts in 50 weeks grow to large sums. 50 Paid on Christmas Savl o Compounded Semi-Annually. OLDEST NATIONAL BANK in the District of Columbia same corporation’s 6 per cent preferred NEW YORK, December 5 (#).—Over- | course of piices during November. On August 31 the short account was 1,.- 968,643 shares and on July 29 it was 2,259,349. Short selling cannot be blamed for the present reaction. It is the bellef of those best qualified to speak that the market, once relieved of the incubus of the foreign debt con- troversy, would stage a sharp advance. The * trade magazine Steel, in its weekly summary made public today, puts the rate of operations at 16 per cent of capacity, a drop of 1!, points on the week. Declines were reported in every district except Pittsburgh, Youngstown and Eastern Pennsylvania. (Copyright. 1932.) “BAR SILVER - NEW YORK, December 5 (Special) ~— Handy & Harman quote bar silver today at 251 cents, up Ya. INVESTMENT TRUSTS |=eroee— TERRET RO, CLOCK PUNCH A if you have the punch. For information address Box 312-E, Star REAL ESTATE APPRAISER-CONSULTANT Investigate Before You Tnvest 30 Years' Experience. C. W. STEERS 1315 H St Met, 0248 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. ENTERPRISE SERIAL BUILDING ASSOCIATION North Amer pf (3)... 3 2 dition. Yorth Am Ed f (6). fls'.e:'llng exchange opened at $3.17%, | the-counter market: Northern Pacific. off 1% cents from Saturday’s closing. "Clock. orwalk Tire & Ru Most of this decline had been cancered ey short sessicn. The Glass bank reform | Ohio OIL (a50c) noon. ~<The European gold currencies | Chase Natl (2) bill s still prominent place on the 11 Curtiss 1% Oliver Farm Equip were unchanged or lower. There are|gommercial (5) Senate ndar, but the controversial | _12 3! Cutler Hammer..... 3 5 L 4% 1% Omnibus Corp. observers who believe that the sterling | pirse Nati (100 ch banking for nation- Davison Chemical k: 3% 3% 4 9 Otis Elevator (1) quotation has discounted the worst that | Manhattan o i idered too involved for Deere & Co pf (10c).. 21 1% Otis Steel. ... can happen on December 15, No one | Eali, Sy, ) t session and might cause a long Del Lack & Westn... 416 1 Otis Steel pr pf can speak dogmatically on that point | PuPlc (%) - -- e tie-up. At the ent time | Detroit Edison (6)... 2 Owens 11] Glass (2)., “.“hout more information about the bankers are far more interested in | Diamond Match (1).. 32 S G EE Dasition of the continental speculators | Bankers () . s trade than in | Dome Mines (11.30).. 47 7% 20% Pacific Lighting (3). Who have been dominating the market | 855, Tls, on pertaining Doug Afreraft (75c).. 77 g i LIt Packurd Molee ohe. for the British pound. Drug Corp (4)....... 147 82 Y 115 11 Paramount Publix... g emical (1 fi‘m‘ . Drug Corp (... 14T Wheat's Rally Helps. | Comm Boaen =" upont de Nem (2).. 47 Park & Tilford. . A rally in wheat helped sentiment |EmPire (160} 103 i Parmelee Transport. toward stocks, but here also there was 3y ) 7 ratino Min 5 ¥ not sufficlent recovery to bring any as- | M Is Tenick & Ford (1) surance. A flurry in the alcohol stocks | Y, rust (5 Penney (J C) (180 preceded the debate in Congress ofr re- | United States (60) Penn Coal & Coke peal of the cighteenth amendment.| ‘*Including extra. i :_’enn‘a l-{;'“n(:!& = 0 Most of the buying in these shares, Pettol Corp ot v,y however, was on the floor. There has ol - ;)::n no public following attracted as Phila Co 6% (3). 2 el matket. e 2 11 3 further improve- o ment in the afternoon under the lead- | NEW YORK, December 5 (P).— B n ot ership of the railway shares. The | Over-the-counter market: 5 2 ¥ ) & BB G1INL) £ against 22,005 in the preceding week. |Am Bank_Stock. 9 b3 5 Postal TAlACAbla Db This was a decline from a_year ago | Bullock Fund. ¥ed Mines&Sm pf. .. ostal TelkCable pf .. of 10.6 per cent, whereas the last previ- | Sumulative Tr Sh 1 2: Dy 3 -, Federal DpiSG00I" 2508w L5 ok Protmasiieicars. . ous comparison showed a loss of 16.1 | Gorborare miust & per_cent. g*} {;::Hs ::g fl_f‘fl‘}:o" Tobacco stocks. were generally strong e e et and American Telephone & Telegraph ki at 104 was about midway betw houses of 33,711 hogsheads. While the 35 First Natl Stores 2%, 31 2% Pure Ol high and the low of lasty\\Peeek'see;lnx:gze. market is unusually dull, prices are % Fisk Rubber. ... 11 % Exrity B Traders complained that the market holding fairly steady at the following <k Rubber 1t pf. .. 3 . 31 215 Radio Corp. . held within such narrow limits that ations per 100 pounds: Frosted and i Florsheim Shoe (A) .. 4 3% Radio Corp pf B. they were unable to make a profit rior, 2.00a4.50; sound to good com- | i ¥ood Mathiner 1'; Radio-Keith-Orph. either way, and commission houses felt mon, 5.00a15.00; medium to good, 15.00a | 3 Foster-Wheeler y 4 RR Sec Il Cent Stk the same about the lack of business. 30.00; good to fine red, 30.00a41.00; 10% Fourth Nat Iny 6 1T% 17% 17 21 9% Reading Rwy (1) The impressive thing was the stability fancy, 41.50a42.00. Seconds—Common % 1 FoxFilm (A).. p 3 23 Real Silk Hosiery prices showed in the face of all the and medium, ‘4.00a15,00; good to fine, 10 Freeport-Texas (2) 3 2 + 1 1 Remington-Rand existing uncertainty. 16.00a28.00; 1931 crop ground leaves, 214 Fuller Co pr pf 4 Tem Rand 1st pf. ‘The regular dividends were declared - 2.00a12.00; upper country burley nom- e 3% Gex Am Investors. ., 265 1% Reo Motor Car. by McKeesport Tin Plate and by the 7th and Indiana Ave. N.W. inal. 9% Gen Am Tank Car(1) 1% Republic Steel. 3 Lambert Co. on their respective stocks. — i 4% Gen Asphalt. . S T Bieslut. ~ (Copyright, 1932) LOANS . Z evere Co I Tourists to Spend More. 10% Gen Baking (2). i Fo X 65 Reynolds Tob A (3).. 2108 7655 ; o o CHICAGO, December 5 UP).—The 2ok Gon heatets 4 401 261 Reynolds Tob B (3).. 401 PARIS EXCHANGE RATES. |iofal United States shi day. RusiemEe? Rt g2t 00 Chicago Motor Club reported increasing |- 2 L 10% Gen El (604 1% 1 Richfield Oil.... i % numbers of motorists driving to Winter e 913 1% Rossia Ins of Amer.. 25 PARIB, December § (F).—Thres per 69th Series of Stock Now ) W4 x Tesorts, predicted a ‘“tremendous in- 1 GonGaa & e 23% 1214 Royal Dutch. ... s 18% + % | cent rentes, 76 francs 60 centimes; 417 | o) Open for Subscripti crease” over 1931 and 1932 in the ex- Gen Mills (3)... 59% 30% Safeway Stores (5).. 207 —13 Pper cent rentes, 93 francs 40 centimes. | or on penditures of tourists during 1933, and Gen Mills pt (6). 17% 4% StJoseph Lead...... 23 7 Exchange on London, 81 francs 28 |fied, 60; James E. Connelly, James ¥, Shea. reed the signs as definite augury of % . % 1% + % centimes. The dollar was quoted at 25 m 1.10a1.15; President Secretary 7% Gen Motors (1). % + StL-San Francisco 6 the “retwrn of prosperity.” 56% Gen Motors pf (5) 9% 1 Stl-SanFranpf.... 17 3 ’ 1% francs 60 centimes, 1.10, . A j*a8 “rown Zellerbach. 1 financlers were watching Con- 3% Crucible Steel. today, although banking legma-‘ & Crucible Steel pf the program for the | Curtis Publishing. 1d preside | has joined the financial of the Paramount Publix o poration in an executive capacity.| 1" e sl LAYy B0 atering the Fox organization | 2% Flec Pwr & Lt. T 209 Mr. Griswold was editor of the Chicago | 874 Elec Pwr & Lt pf (6), 19 Journal of Commerce for nine years. 10% Elec Pwr & Ltpt (1), 21 r % | 12% Elec Storage Bat‘(;). 8 LEAF TOBACCO SALES | 5 33 masiomesuss s DECLINE AT BALTIMORE| Vi BALTIMORE, December 5 (Special). | —Both receipts and sales of Maryland | leaf tobacco showed sharp declines last | week, the former dropping to 323 hogs- 75 Filene's Sons pf 6%., 1108 keads and the latter to 295 hogsheads, 10% Firestone T&R (1).. 25 leaving a stock in State tobacco ware- 45 Firestone TR pf(6) 24 tington-Scl 1 ec Auto-L ( < 57 8 Your Attorney —can advise you fully as to the advantages of naming a Corporate Trustee, to act under a trust agreement or a Will. Such advantages include among others: @ The Security of perpetual Yfe. ® Guidance and advice of many experienced business Nfid{: ©® Safetyin the care of securities. ® Prompt uttention to maturi National BANK = Fifteenth Street Opposite U. S. Treasury EF FELH L H+ Lxee 4 12 3 & REFFEES