Evening Star Newspaper, December 6, 1932, Page 14

A—14 =¥y FINANCIAL. CHRISTMAS CLUBS GET ! Ahead of Last Year in Some Banks EDWARD C. STONE. ngs ciub funds for 1933 led up ot a rapid rate in hington banks. many local institutions t the information that these are again meeting with splen- did favor. The 1933 clubs were pencd on_the la By Christmas be smasned year since 1 and receive $25 at the end cf 2 and get $50 at the year c na reccive $100. $5 and or $20 a r $1.000 in Interest on Christn when the payments t not cnly are clubs going 1 but the past few alco witness®i a gain in regu- ccounts. Two chief rea- assigned for this improvement ple put part of each year's ings right hack ~ into rse, that is The other desire on the ople to strength- positi Never cn more needed ¢ of & great many ; day” ch demands. banl s are increasing their savings accounts. s York w York Stock Exchange Year- received in Washingion, is with miscellancous information hange. nearly 2,000,030 tclephone mitted in 2 five-hour ses- | vecn members' offices and ihe the hang>. About 1,600 telephon~ clerks are engaged cn the | floor in handling orders. | ximately 70,000 miles of tele- greph and telephone wi are used in | th> New York Stock Exchange Build- ing, exclusive of those which are strung for the service of tenants. | ‘The telephone booths on the floor of | the Exchange are connected with the | trading posts by a pneumatic tub> sys- | tem, which contains 35 miles of alumi- num tubing and six 73-horsepower com- pressors delivering 30,000 cubic feet of | air ver minute at 114 pounds’ prezsure. | The Stock Exchange employs a re- | frigeration system for cooling the ‘air | in th> building. On excessively humid | days as much as four gallons of water a minute are extracted from the at- mosphere. On October 1 of ti vear the Ex change had 35 stock tickers 2and 4 bond tickers running mto Washington. These tickers are all over the United States, | the Dominicn of Canada and Cuba. Million Miles of Ticker Tape. The average consumption of ticker | tap> during a 5,000,000-share day, | something very rare in these times, is approximately 2500 feet per ticker. | On Octeber 29, 1929, when total sales | amounted to more than 16,000,000 ( shares, aporoximately 80.009,000 feet, or | 15,000 miles, of ticker taps were used on_the stock tickers alone. During 1929, when total sales amcunted to more than 1.124,000,000 | ing a new high record, | 5,340,000.000 feet of | ticker tape, or more than 1,000.000 | miles, werc consumed on the stock | ers_alone | times ip has been posted for sale up to Ociober 1, 1932, was $625,000. | The jargest trading day in the his- 7 of the Stock Exchange was October 1929, when a total of 16,410,030 | changed hands The largest day’s trading in bonds we; back in 1918, on December 30, a total of $44,486,000 par value. were only 11 days prior to 1925 when the daily volume of trading i sto: eeded 3.000.000 shares. Stegkdale Forum Speaker. A large attendance at the monthly forum dinner of Wachington Chapter Institute of Bank: wis fore start at the Hay- unced, the speakers Dr. 1 A. Stockdale, the gational G. Gould Lincoln, political years ccnnected with Star Rey of rzl theme mectings this at the Cro:sroads.” °k Changes Hands. pital Traction stock on of the Washing- ue opened with followed by a ging hands at the came 173-share turn- over as the I, in this issue reccrded in many s The $1.,000 4s which moved at Washington G et 41, transfer was ton Railway & Electric 87 65, series A, moved corporation’s 6, hington Gas 55 regis- t 1015 sion two shares Power per 1d at 1069 Life Insurance recently paid a < g two policies teken out in June nearly th months after Lincoln was assassinated, according to H Lawrence Choate, gen- eral agent of the company’s Washing- ton of The 1 ney was start- ed by Joseph C. Lewis in 1845, the year the company was founded Chairman Norbeck Banking and Curre he expects to committec’s st gome time betore Eastern Steanm declared the regu of 31.75 on the fi cents on the no-pa th payable January 2 record December 16. of cent the Se risty Lines, Inc. has terly dividends erred stocks, to stock of SALES DECREASE SHOWN BY MONTGOMERY WARD NELY START Deposits for 1933 Reported‘ | CHICAGO, December 6 (#).—Mont- | gomery Ward & Co. reported today sales. for November, 1932, aggregated $16,551,568, compared with $18,402.376 in November last year, a decrease of 10.6 per cent. Total sales for 11 months of 1932 were $159,014.106. against $197,- 462,316 the corresponding time in 1931, s deamee of 1947 per cent, - ‘s individual sales are mot given in in this edition are from yesi Stock ana ividend Rate. Abrm & Straus 1.20.. 1 19 NOTE—Tod: Sales of each Sales— 1. 1 5% 15 51%. 10 1% Adams Express 12 Adams Millis (2 22 Adams Exppf (5). 915 Addressograph. 104 30% Air Reduction (3) 55 Airway Elec Appl. .. 1 ka Juneau (50c). 147 s Alleghany Corp. ... % %, Alleg Corp pf $30ww 4215 Alifed Chem & D (6). 4_ Allis-Chalmers Mfg. 12 Amerada Corp 5 Am Bank Note : 612 Am Brake Sh&F (60¢; « Am Can ™).... 20s r&Foundry pf. Am Chicle (13). Am Come’l Alcohol. . Am & Foreign Pwr. . ‘Am & For Pwr pf(7). . Am & For Pwr 2d pf. 7y Am Hide & Leath pf. ‘Am Home Prod 4.20 5' AmIce (1)........ '; Am International. Am Locomotive. .. Am Locomotive pf. . Am Mact&¥dy (80c). Am Metal ¢ .. Am Fower & Light.. 10 AmP& LtpfA (5. 51 Am Pwr & Lt pf (6) » Am Radiator. .. Am Tolling Mills 5's Am Smelt & Ref. 3 Am Steel Foundr: 20 Am Stores 13 Am Sugar ( 0% Am Tel & Tel (9). 401: Am Tobacco (16). 44 Am Tobacco B (16 10'; Am Type Fdrs pf 11 Am Water Wks (2).. 11 Am Wat Wks efs(2). 1% Am Woolen ceae 15': Am Woolen pf.. 14 Am Zine & Lead 3 Anaconda Copper Anacond « Anchor Cap (1.20)... « Armour of 111 (A)... A Armourof 111 (B)... 2 Armour of 111 pf Y vds. .. .. Asso Dry G 1stpf.. 15 Asso Dry G 2d pf.. . 612 Associated O11 (1) » Atchison () o “oast Line. . ulf&West Ind.. 2 Refining(1). 6 I T Atias Powder 15 81, Auburn Motor (f4).. ichols A (1) tion Corp (Del “Baldwin Locomot... 2 paldwin Locomot pf. 1008 4 Baltimore & Ohlo. 3 Baltimore & Ohio Bangor & Arostk . Ba & Aroos pf (7). Barnsdall Corp...... > Beatrice Creamery Beatrice Crm pf (7 Belding-Hemingw Bendix Aviation. Bethlehem Steel. .... Bethlehem Steel pf. . Blaw Knox. ... Boan Alumn & Brass Rorden Co (2). - Borg Warne 3 Briges Mfs Co...... Bkyn Manhat Tran. . 2 Bklyn Man Tr nf (6). Brown Shoe (3). Brunswick-Balke. ... Bruns Term & Rwys. : Bucyru. jecv pf.. Budd (EG) Mfg..... : Budd (EG) Mfg pf.. : Budd Wheel..... Burns Bros (A) vte Burns Bros (B) vte.. Burns Bros pf. . . Burroughs AM(40¢). Bush Terminal...... 4 Bush Term'l deb stk. 10s Bush Terminal pf(7) 20s ; Butte & Superior.... 1 Butterick Co........ Bvers (A M). « California Packing.. 1 Calumet & Hecla.... 4 Canada Dry (1.20). 4 Canadian Pacific. Car Clin & O sta (5). Case (J1) Co.. Caterpillar Trac 50c. Celanese Corp Celotex pf.. . Cent Aguirre (1%) 29 10s s C - maaFkanweReaS Eona 2 3 B 3 20 Checker Cab Mfg Ches & Ohio (213) . Chesapeake Corp (2) : Chi & Eastern 111 pf.. Chi Great Western. Chi Great Westn pf. . Chi Mil StP & Pac. Chi Mil StP & Pac pf. Chi & Northwestern. Chi & Northwest pf.. Chi Rock 1 & Pa Chi R [ & Pac 6% pf. Chi RT& Pac 7% pf. : Chi Yellow Cab (1) Chiids Company . Chrysler Corp (1). City Ice & Fuel (2) City Ice&Fuel pf 635 . Coca-Cola Co (7). . Colgate-Palm-P (1). Colo Fuel & Iron. . Colo & South 1st pf. . Columbia Gas (b1) Coluinb Gas pf A (6). Columbla Pic ctfs : Columb Carbon (2) Commercial Credit Comel Credit A “omcl Cred pf ( 5 “omel Cred 1st(672). *omel Cred pf B (2) . “omel Inv Trust (2). “omel Solv (60c) omwlith & Southn “omwlth & S ongre “on Cgr prpf xwé 1 *onsol Cigars pf(7). Im pf.. “onsol NY (4) msol Gas NY ol Laund *onsol Oil Corp <0l Oil pf (8). Cons RR of Cuba pf. Consol Textile. Contl Baking (A) Contl Baking (B).... Contl Baking pf (6).. Contl Can (2) Contl Diamond “ontl Insur (1.20). “ont Motors “ontl Ol (Del)...... “orn Products (3)... Sty amme e ‘ream of Wht(f2% roxley Radio “rownCork & Seal ‘rown W P 1st pf(4) “rown Zellerbach “rucible Steel pe. . dahy Pack tis Publishing artiss-Wright (A avison Chemical. .. Debenhams Security. Del & Hudson (6). 2 Del Lack & Westn. Detroit Edison (6). .. 4 Dome Mines (+1.30). g Aircraft (75c). & Dresser (SR)MIg(B) Drug Corp (4). Dupont de Nem (2).. tman Kodak (3). on Mfg Co. . ichild 3 lec Auto-L (1.20) 1004 lec Auto Lite pf(7). 4 k: lec & Musical Instr. 16 2% Elec Pwr& Lt... 551y » Elec Pwr & Lt pf ( 10% Elec Pwr & Lt pf ( 2% Klec Storage Bat (. qui Office Bldg 1% . 2 ErleRR. 2% Erie RR 1st pf 2 rie R R 2d pf. 2% Fairbanks-Morse. 2 '3 Federal Screw W . 10% 3 Fed Water Service A, 15% 6y Federal DeptS(60e). 2™ 6 Fidelity-Phoen1.20.. THE EVENING Add 00 High, Low. Close. 17 NOTE—Today's individuz! sales are mot given in thi of each stock In this edition At ~Prev, 1985 — Stock and Sales Low. Dividend Rate. Add 00. Hizh. irestone T & R (1). 12% irst Natl Stores 213 491, k Rubber. . Foster-Whee! ox Film (A) yeste: amewell 2 2 Gen Am Investors 91; Gen Am Tank Car(1) 10'; Gen Bakin, able Electric (40c). n Elec spec (60¢) .. as, 81, 10% Gen Ital Edis (2 Gen Mills (3) Gen Mills pf (6).. Gen Motors (1) Gen Motors pf (5)... en Outdoor Adv. ... Gen Outdoor Ady (A) Gen Public Service en Realty & Util. alty & Util pt f Raz (1). £RL ). »propf (7) d Dust (1.60). 208 ar 1st nf ( Silk Hosi Graham-Taige. . : nd Union Grand Union pf (3 ) (1). hern pf... hern Ore.. Iahn Dept Tahn Dept 8 Hamilton Watch an Corp (B).. Homes Houston Ofl Houston Oil (new). son Motor Car. .. Tupp Motors Tilinois C Ind.an Mot Indian Industr Ingersoll-T Inspira Insurans Interboro Ran Interlake Tron Int Agriculture Int fach (6) Int Int Cement » Int Combustion. Int Combustion pf Int Harvester (1.20). Int Hydro-Elec (A).. Int Nickel of Can. 2 Int Paper & Pwr (A). Int Paper & Pwr (C). Int Paper & Pwr pt Int Printing Ink. . ... Int Printg Ink pf (6) Int Salt (115)..... Int Tel ; Inters itral. r Cycle Johns-Manville 21, Kansas City Southn. Kan City Sou pf (2). + Kayser (J) & Co 15 Kelly Spring Tire < Haves Wheel tor Corp. nnecott Copper 6% Kresze (SS) Co (1 187 10 Krozer Grocery (1).. 65 40 Laclede Gas pf () 56% 25 4% g 29Y% 'high Valle hman Corp hn & Fink ( libbey Owens Link Belt (80c) Liguid Carbanic. w's, Inc Long Bell Lumb(A) . Loose-Wiles Bis (2). Lorillard (P) (1.20). 5 Louisiana Oil. : Lou ELA (1%). McAndrew MeCall Corpn MelInt port T P (4). hbins »bs pt McLellan Stores. coaad wper (50¢) mod gtd 1 ibo Ol e Midld (8 Marmon Motor ¢ Marshall Field & Co. Mathieson Alk (1%). 4 May Dept Stores (1). Miami Copper o Mid Continent Petm. Midland Steel Prod. 220 1 1 0 1 00 1 13 4 e 21 Missouri Missouri P Monsanto Chem 1% . Montgomery Ward. . Moter Meter G & El Motor Products Motor Wheel. Corp. . B =h Motors (1). 114 Nat Acme Co « 20% Nat Biscait ( 1424 101 Nat Biscuit pl 18% 61z Nat Cash Rt 31% 14% Nat Dairy Prod (2) 7% 13 Nat Distillers. .. .. Nat Pwr & Lt (1), + Nat Steel (30¢). Na Nat isner B ada Con Copper Y Investors. .. N Y N H & Hartford. ¥ Y N H & Hart pf. N Y Ont & Wester N Y Steam 15t pf( 10% Noranda Min (a1.10) Norfolk & Southern. . Norfolk & West (8).. Norf & Westn pf (1). North Am Aviation. . Nor-Amer(b107%stk). North Amer pf (3).. North German L Northern Pacif Ohio GIl (a50c). ... *arm Equip. . F 1q pr pf A levator (1).. teel 104 22, 9 Otis 1'% Otis 31, Otis Steel 12 Owens 111 T67s Pacific ( 20% Pacific Li ; 58 fic Tel&Teleg(T) 1% ard Motor Car. . 1'3 Paramount Publix. 2 Park & Tilford. . 1'4 Pathe Exchange (A). 3% Patino Min Peerless Motor Car. Penick & Ford (12). Penney (1 C) (1.80). Penny (J C) pf (5) + Tenn Dixie Cement. Penn Dixic Cmit pf, 4 Penna Railroad. . Peoples Gas Chl (5). Pe quette pf. .. s Pere Marquette pr pf 5008 Petrol Corp of Am. 2 Phelps Dodge. .. 8 Phila & Read C & 1. 11 Phillips Petroleum. .. 9 Pierce Oft pf.. : Pierce Petroleum. . Pilisbury Flour(60c) Pitts Coal pf. .. Plymouth Ofl (1).. Poore & Co (B). ... . Postal Tel&Cable pf . Presced Steel Car. .. Proctor & Gamble (2) Proc & Gamb pf (5) . Public Sve Public Sve 71's Public Sve N 2Ty 10% Pullman Corp (3).es F1 6 .20 STAR, WASHINGTON, edition. T *Tiet Low. Close. CI 12 49 3 % 12% 47 bla . 10 20 9y 2% 6% 15 281 98 4R 81 9Ty —1% € % D. C., TUESDAY, NOTE—Today's individual sales a Sales of each stock in this « 1 ~Prev. 1932 Stock and Sales— High. Low. Dividend Rate. ~ Add 00 H 4% Purity Bakeries (1).. 4 213 Radlo Corp. ... 3% Radfo Corp pt B. .. 3 1 114 Radio-Keith-Orph. 15 Reading Ry 2d pf(2). 214 Real Siik Hoslery. . 7 Real Silk Hoslery pf. Republic Steel Republic Steel p Revere Cop & Br pf Reynolds Spring eynolds Tob A (3).. St Joseph Lead. . Scott Paper (1.40). iboard Air Line. hoard Air Line Seaboard 011 Del 40¢. Sears Roebuck Servel Ine Sharp & Dohme Shattuck(FG) (i0¢). - Shell Unfon O] Shell Union Oil pf Simms Petroleum. . elly Oil : Skelly O pf ww ¥ Vacu N pEww S0 Port Ric Su: Southern C'al E Southern Pacific. . ilway pt (A G) Kellos picer Mg = ndard Brands (1), wnds f ( nd 0il terling § tewart Warner. . tone & W 215 Studebaker Corp 30 Studebaker pf 4% Sun Oil (k1) . un Oil pe (6 Tennessee Corp. Thatcher Mfz pf Thompson Products. Thomps Tido Water Asso Oil. Tide Water As pf (6) Timke Axle Timken Roller Bg(1) Transamerica Corp. Tri-Contl Corp win City Rap Tran. RALLY T0 CLOSE List Resumes Upward March After Softening in Early | Afternoon. | _— | BY GEORGE T. HUGHES. | Special Dispatch to The Star. 1 NEW YORK, December 6.—Stocks staged a robust rally today. The ma | ket “opened higher, advanced moderately during the morning, softened in the early afternoon and then went forward | Wwith a rush in the last hour. | There was no news adequate to ac- count for the strength. which appeared to be based more on the lack of offer- ings than on any change in the busi- ness or financial outlook. In other words, the shert interest discovered that stocks were in scant supply when they started to retire their con- tracts they bid up prices on themselves. It is true that the hops was expressed of constructive action by Congress on the many controversial subjects before it, but there was no definite informa- tion to bear it out. Ccemmodities Weak. The rai‘road stocks were the backbone of the market and led the recovery Norfolk & Western, Louisville & Nash-| ville, Atlantic Coast Line, Union Pacific | and a long lirt of others were in active | demand. American Telephone & Tele- graph was up between 4 and 5 points | at_the end There was fo strength in commod- | ities. Wheat left off tractionally down on the day and cotton was little changed. Hides and silver were the only two staples-to make any sizeable gains. Sterling exchange in midafter- | noon was up a quarter of a cent on the day. | The market seemed to have recovered quickly «from its disappointment over the failure of the prohibition repeal measure in the House—either that or it was satisfied that resubmission was certain eventually, Perhaps, t0o, it may have concluded that the whole subject had been given undue importance | | marketwise. At any rate, the list open- {ed higher all along the line. The one exception was Safeway Stores. That stock has been under pressure for some time. but today it was acutely weak. Under heavy selling it dropped over 4 points, leading to reports that the present dividend of $5 annually was to be cut to $3. Rail Issues Lead. ' The break in Safeway had no effect on the rest of the market, which, how- ever, had one unfavorable dividend an- | nouncement to absorb. American | Power & Light cut in two the dividends on its $6 and its $5 preferred stocks On the former a quarterly payment of | 75 cents a share was ordered and on the latter one of 621: cents a share, The regular rate quarterly was $1.50 on the $6 issue and $125 on the $5 stock. Dividends are cumulative. The market had expected a reduction of | some kind and the action of the di- | rectors had been well discounted. | Railroad stocks were the leaders in | the early upturn. Union Pacific was strong on the announcement that it had acquired a large block of Pennsyl- vania, presumably on the theory that any road well fixed enough to buy | shares in another road must be worth buying into. Pennsylvania stock itself was little changed. Atchison ran up over 2 points and gains of a point m" more were registered in Chesapeake & | Ohio, Lackawanna ard New York Cen- tral. Short Interest Nervous. United States Steel preferred worked higher in an erratic market. At one time there were fluctuations of more than a point betwecn sales, suggesting a large and nervous short interest. The common was higher, as much as 2 points at one time. American Telephone | & Telegraph crossed 105, up nearly 3 points net. and there was active cover- | ing in Allied Chemical, American Can and Westinghous Electric. | Mack Truck declared the regular | dividend of 25 cents a share on its capital stock. = Central Aguirre Asso- | ciates also declared the regular on its shares. Associated Oll ordered a pay- | ment of 25 cents a share, the same as | in the three preceding quarters. | Sterling exchange was relatively quiet. here was at $3.20%, up 7 | from last night's close. Francs dipped | again, almost to the point where gold can move from Paris to New. York. Montreal funds rallied slightly to a | 1475 per cent discount basis. | Business fell off in I’Q afternoon and DECEMBER 6, yesty 1932. Wet. Close. Chse. o+ by 1 31y nit Afre Btock and Dividend Rate, acific (6). nk Car (1.40) FINANCIAL, TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE this_ed s not given in thi m yesterd: 3 Net 5 X Low. Close. Chge. Add 00 Hieh, 1-Fisher(50¢) raft nit Biscuit (2) “nit Carbon ir Store nit Corp (40c) e Corp e (3 4 Unit Fru Unit Uit s&1m (1 s&lm pf (i), Un't Plece Dye Wk, US & For TS kel D W pf 615 cpf. IS Gypsum (160). ) 7S Hoffman 1S Indus Ale S Leat 75 Pine hol 4 +11 h 5 2 ;3% &N & Fdry (2). +% 1st (1.20). S Rubber. 7S Rubl 1S Steel. ... Steel pf (7) 1 1 1 1 1 U S Pipe 1 1 ' 1 1 T nit Store Uil Pwr T Vadecn Bl Vanad Wi ldo: Ward Ward rer 18t pf 3 e 3 1 & Lt (A) 5 m oom % n 2% tem (1). ing (B) aking pr(2). Warn Bros Pictures. » Warner Qui lan Warren Bro Weszo ¢ Western Western Westing" ¢ pf (6) Elpf (T) Pwrpf (7). iry pt B. Pacific pf Union. . se Air B(1). Westinghouse Elec West White Se aco Chlorine. . Wheeling Ste, i O % 23% + % Wileox Oil & Gas. Wiilys-Overland Woolworth (2.40). .. Worthington Pump. 612 Yale & Towne (1). 14 13% 9 9% + 1 1% Yellow Truck. .. 3 a3, 4 Youngzstown Sh& 9u 4 Zonite Produets. .. .. 10% % 11 a Saies of Stocks on New York Exchange. 10:30 AM. 1:30 P.M Dividend rates as payments based on the latest quarterly or hall *Unit of trading less than 100 shares. 4% stock. 2% in stock. Stock. v rayable in scrip i stock. a Paid e Payable in cash or siock 1Plus S1 in special preferred stock. m Paid last year—no regular rate. 200,000 12:00 Noon... 500,000 600,000 2:10 P.M. « 700,000 glven n the above table are the annual cash arly declarations. tPartly extra. this vear—no regular rate. b Py fPlus 8 in stock. k Plus 3% nPlis 5% in stock. Cotton Market Special Dispatch to The Star. NEW YORK, December 6 (4#).—Cot- ton prices improved today for the first time in sever d days and, under steady absorption of contracts, closed 11 to 15 | points higher than yesterday. The | greatest advance occurred in October | of the next crop. due in large measure to the introduction in Congress of farm relief measures. Spots were ad- vanced 10 points to 5:80. Opt High. December January March May A October . ... " @ (Copyright, se. | | 6.05 616 | 2) BIG STEEL RAIL ORDER | PLACED BY SANTA FE NEW YORK, December 6 (#).—Santa Fe Railroad directors have authorized the purchsse of 26,484 tons of steel rails, President W. B. Storey announced today This is one of the largest rail orders | placed this year. In former years much larger orders for rails were common at this season, but the 1932 volume of buying will be the smallest in many | years, according to steel executives, It has been reported that a number of the railroads have considered placing fair sized tonnages for rails, but have been holding off in the belief that a further cut in the price may yet be made. | METAL MARKET. | NEW YORK, December 6 (#)— Copper steady: electrolytic, spot and future, 5'5a5%,. Tin steadier; spot and nearby, 22.62; future, 22.75. Iron quiet, unchanged. Lead : spot, New York, 3.00; East St. Louis, 290. Zinc quiet; East St. Louis. spot and future, 3.12. Antimony, 5.50. * | PARIS EXCHANGE RATES. | PARIS, December 6 () —Three per cent rentes, 77 francs; 4'> per cent rentes, 93 francs 55 centimes. Exchange on Londcn, 82 francs 25 centimes. The dollar was quoted at 25 francs 6115 centimes. U. S. TREASURY BALANCE. By the Associated Press. ‘Treasury receipts for Decomber 3 were $8,378,747.23; expenditures, $10.939,- 634.33; balance, $578,286,802.61. Customs duties for three days of December werc $2,426,152.77. INVESTMENT TRl)STS NEW YORK, December 6 (4).—Over- the-counter market: (Quotations as of 12 o'clock.) Bid [ Asked. | 1% Am Bank_Stock Bullock Pund. . Cumulative Tt Sh Corporate Trust. Corporate Trust A A Corporate Trust Accum Se Dividend Shrs A Fund Tr Shrs A Fund Tr Shrs B Mass Invest Tr 3 Nation Wide Sec vic NY Bk Tr sh Nor Am Tr Shi Nor Am Tr Sh Ner Am Tr Sh 1 er of Am Tr A. Super of Am Tr AA Super of Am Tr B .. Super of Am Tr BB Super of Am Tr C. Supe rof Am Tr D. Trusted Am Bk “A" the market lost a part of its gains, but still held well above the preceding close. Weakness developed in Interna- ,tional Telephone & Telegraph. however, on the increasing intensity of the sit- uation between the company and the Spanish government over the move to confiscate the property of its subsidiaxy operating in that country. The stock was heavily sold for a loss of over a peint. Santa Fe Dividend Voted. Railroad stocks were firm, particu- larly Louisville & Nashville and North- ern Pacific, among the lower-priced is- sues, and Union Pacific among the divi- dend payers. MelIntyre Mining worked uu‘p close to its old high in the gold t. Atchison declared the regular divi- | dend on the preferred stock, as had been expected. International Shoe or- dered the regular payment on the com- mon. Earnings of Canada Dry Ginger | Ale for the year ended September 30 were announced as equal to 84 cents a | share, against $3.33 a share in the pre- | ceding S $ st (Copyright, 10829 | : i Chase Natl () Commercial (X) Fifth Fi Manhattan () . c Public ( Bankers (1) Bklyn Trust (1 Cen Hanover ( ch STEADINESS LAID T0 DULL TRADING Lack of Offerings Rather Than Buying Cited as Market Factor. Special Dispatch to The Star. NEW YORK, December 6.—The rel- ative steadiness of the stock market all during the unsettlement in sterling exchange has been due more to the lack of offerings than to any buying sup- port. There are three kinds of selling that affects prices. First there is short sell- ing, but that never alarms the experi- enced trader, who knows that every short contract must eventually be re- tired and that every short seller must eventually be a buy Short selling can depress prices, but not permanently in itself. ‘The second kind is the liquidation of the stocks held in margin accounts or as collateral for bank loans. That may break the market wide open, as it did in the Fall of 1929 and as it did re- peatedly during the bear market when stocks were coming out of bank loans. No such situation obtains_tod: The market is as thoroughly liquidated as it has ever been, considering the num- ber of issues listed. The third is the offering for account of investors of stocks owned outright. No market can stand up indefinitely under that kind of pressure and it is this sort of selling which the bears try to anticipate. There is practically no investment liquidation in the market at the present time, but it might easily come if and when the real owners of stocks are convinced that the financial | and business situation is becoming worse instead of better. (Copyright, 19 MONEY MARKET. NEW YORK, December 6 (4) money steady; 1 per cent all day. Time loans steady: 60-90 days, '2: 4 months, 3, 5-6 months, 1 per cent. Prime commercial paper, 11, Bankers ac- ceptances unchanged NEW YORK BANK STOCKS NEW YORK, December 6 (#).—Over- —Call the-counter market (Quotations as of 2 0'Clock.) BANKS. Bid ve (*41) | 2ti (100) TRUST COMPANIES, 158" 134 N i rental (1 S Exch (1) re (16 *Including extra. Market Averages By the Assoclated Press. STOCKS. Yesterday .. Previous day Week az0 Month ago Yesterday Previous d Week ago Month ago Year ago ... 2ok | CREDT CONTUES IMPROVED TREND ::|Reserve Statement Reveals | Increasing Funds in New York Banks. By the Associated Press. The Federal Reserve condition state- | ment of weekly reporting member banks | showed further improvement in credit, | due to the unusual showing of banks in New York. Although banks in other { districts reduced their loans and invest- | ments by $43,000,000, there was an in- crease of $112,000,000 in such items by |New York Federal Reserve member | banks, thus recording for the system as 1@ whole a net increase of $69,000,000. Bankers said that such a movement was not unusuzl in periods of extreme | money ease, a fact to which the New | York Federal Reserve Bank Review celled attention last September in a special study of money movements coy- iering a period of about 70 years. the past. the assembling of funds in New York, it was recalled, served as a | prelude to returning financial confi- | dence. Net demand deposits of the system as | whole continued their sharp upward climb, gaining $186,000,000. { The condition statement of banks in | h'i‘ldlng cities on November 30 gives the { following summary of the principal as- jfets and liabilities of these banks with changes from a week ago: (In millions of dollars.) {Loans and ota : | Loans—Totai on’ securiites 19,002 10415 with Ped: rve Banks sh in vault Net demand _deposits [ Time deposits E | Government deposits . Due from banks . Due to banks Borrowings__ fiom Reserve Banks .. Loans on securities at reporting mem- j ber banks in the New York district ine | creased $30,000,000. Federal Markets at a Glance NEW YORK, December 6 (#).— | Stocks firm; list rallies in quiet trading. Bonds irregular; rails firm. Curb firm; Lake Shore Mines at new high. For- eign exchanges steady; French frane heavy. Cotton higher; trade buying, higher cables. Sugar quiet; poor t demand. Coffee higher; expectation 1o reduction Brazilian export tax. CHICAGO, December 6 (#).—Wheat easy; bearish acreage cstimate Winter wheat, weakness Winnipeg. Corn easy; liquidation May and July, easier cash market. Cattle steady to lower. Hogs very slow and lower. DIVIDENDS ANNOUNCED NEW YORK, December 6 . —Divi= dends declared: oy Liquidating. Pe- Comp: Rate. riod. abl Midwes: Refin.$12535% +rrsrs Reduced. -30c @ Jan. 1 Initial, Canad Celanese Ltd 7% Dt pI il Waukesha Motor Dee. 36 Dec. 31 Des. 17 Celan Co Am pr pf . Jan. 1 Cleve Cliffs I 5% pf.5¢ .. Dec.15 Regular. Angl-Pers O Ltd 1 pf. 47, Do. 2d pf. . 113% d "Celanese Ltd pt_pt 3 Cannon Milis Contl Bk & Tr. Ecuad_Cor Ltd pf First Nat Stores Monroe Chem pf. National Tea ..... N Englard Pw Asi: Eeytect Cucle .. oaquin LP pf A D 9B ... Do. pr pt Do. pr pf A Central_Agu Asso Emers Bromo-Sel Do. B : Walgreen pf." Natl Candy Co. Associated Ol . Mack Trucks . . Gen Print Ink pf International ~Shoe Sante Fe Railroad SELL LIFE INSURANCE | THERE'S MORE MONEY IN IT For Information Address Box 312.E, Star Office We Recommend SUPER CORPORATION OF AMERICA TRUST SHARES Ferris, Woodroof & Lewis, Inc. Investment Securitiy Washington Building § i Brewery Stocks | (Old Established Breweries) | Bought, Sold, Quoted COLONY COMPANY Investment Bankers WASHINGTON BUILDING | | Metropolitan Washington, D. €. SECURITY SALESMEN WANTED @ If you have a clientele that has purchased securi- ties still having a market value, even though they show a substantial loss, there is an opportunity to change loss to profit, ® You must have the best of references and a record of success. In answering, state your present and for- mer connections. Your re- ply will be absolutely con- fidential, and, if satisfac- tory, an appointment made. @ Address Box 166-A, Star Office, Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission ard Tsinbismiss High, 19 00.4 1087 101 1 103170 623 68 High, 103000 94D 1008 101.4 1019 Low.' 1030...'63.3 97.3 066 928 (Copsright, 1932, Stand. Statistics Co.) Replies T aoicatons JAMES F. SHEA 643 Indiana Ave. N.W.