Evening Star Newspaper, December 9, 1932, Page 14

‘A—14 wxx ‘SPURT SHOWN HERE N HOLIDAY TRADE D. C. Bank Clearings Ad- {vance $8,390,000 During [ Week Ended December 7. BY EDWARD C. STONE, Bank clearings in Washington for the week ended December 7 totaled $21,171,000, compared with $12,781,000 for the week ending November 30, or a gain of $8,390,000 over the previous week and only 8.7 per cent behind the corresponding ‘week a year ago. These figures from the Wash- ington Clearing ‘House Association indicate a sharp risc in business conditions here. The improvement is_tempered some- what by the fect that the Thanks- giving holiday re- duced clearings during the week ending November 30, but at the same time there is a very substantial gain which reflects a | marked pick-up in Christmas holiday | trade. e Nearby cities also reported substantial gains, Baltimore clearings amounted 4,692,000, against $44,974,000 in | previous week, off 14 per cent from Ri ond clearings were | red with $24,832,000, | from the like period | Norfolk clearings were al- t double those of the vious week, | ile farther South Atlanta reported | similar substantial improvement. Bank clearings at 47 leading cities of the United States, as reported by Brad- street’s Weekly, showed substantial im- provement for the week ending Decem- ber 7. At $4,934,704,000 they were 34.6 per cent higher than in the pre- ceding week and only 8.2 per cent be- low the corresponding 1931 period. Part of this advance must still be explained away on the basis of the Thanksgiving day holiday in the earlier | week, but an improvement of 6 per cent still remains. This is contrary to the usual ‘seasonal movement at this time, with the result that the Clearings | Index, compiled by Bradstreet's, rose from 40.5 to 46.9 per cent of the 1928- 30 average, bringing it to the highest level recorded since April 20. With cne intermediate recession, the index has new risen 9.6 points or 25.7 per cent in three weeks, the best gain it has made this year. Trust Company 43 Years Old. President Corcoran Thom and the other officers of the American Security & Trust Co. received many congratu- Jetions today on the bank's forty-third | anniversary. The big event in the in- stituticn's calendar during the past year was the completion last May of the remodeling of the main office at Penn- sylvania avenue and Fifteenth street and its connection with the handsome 10-story addition completed and put into service a year ago. The bank has made an enviable record of growth during its more than four decades of existence. The present officers in ad- dition to President Thom include: Vice president, Howard Moran; sec- retary, Frederick P. H. Siddons; treas- urer, Charles E. Howe; trust officer, David N. Houston; real estate officer, William L. Beale; auditor, J. Dann Faber; assistant secretaries, Albert H. Shillington and Robert L. Flather; as- sistant_ trust officers, T. Stanley Hol- Jand, Arthur G. Nichols, J. Eliot Moran and Earl G. Jonscher; assistant treas- urers, William W. Keck, Hans W. Ire- land, Percy C. Brady, James C. Dulin, jr.; Edward E. Swan, Richard E. Harris, Harry P. White and Charles C. Boswell. 1Its directors are C. A. Aspinwall, Gist Blair, Harry K. Boss, George W. Brown, Charles A. Carry, William M. Wwilliam S. Corby, William W. Everett, ‘William J. Flather, jr.; M. G. Gibbs, James M. Green, Gilbert H. Grosvenor, J. Philip Herrmann, G. Percy McGlue, William Montgomery, Howard Moran, Clarence F. Norment, Newbold Noyes, Howard S. Reeside, John Saul, James F. Shea, Corcoran Thom, S. Percy Thompson, Benjamin V. Thoron, John F. Wilkins. Members of the Advisory Board for | branches are John M. Beane, William E. Bradley, Joseph P. Burke, Alexander S. Clarke, Charles R: Denny, John B. Geier, M. G. Gibbs, Charles M. Ham- mett, L. A. Herman, J. Philip Herr- mann, Frank A. Johnson, Charles Kat- telmann, G. Percy McGlue, William Miller, Howard Moran, James C. Nealon, M. Frank Ruppert, John Saul, James F. Shea, Alexander J. Taylor, Henry Wahl, George M. Yeatman. | Insurance Men Elect Officers. | The Underwriters’ Association of the | District of Columbia held jts eighteenth | annual meeting yesterday at the Wil- lard Hotel. Charles E. Hood was elec- ted chairman of the Governing Cnm-‘ mittee, and Charles F. Roberts, branch manager of the Home Insurance Co., vice chairman. | New members elected to the Govern- | ing Committee are W. D. Ellett of Ellett & Shore, Inc.; William M. Hoff- man, president of the Firemen's In- surance Co. of Washington and George- town; Douglas R. Phillips, vice presi- dent Alex K. Phillips, Inc.; Eugene ‘Young of Young & Simon, and Edward 6. Brashears was re-elected treasurer. Directo! f Jacobs Transfer Co., Inc,, | have declared the second semi-annual dend for 1932, payable to stock- holders of record December 2, payments already having been made, according to W. E. Humphreys, the president. While drayage has declined col bly, the officers report that expe e been held down so that net profits | will exceed the full dividend | quirements. | The company hes an office in Balti- | more which is under the same board | rectors and officers. Officers re- d tod: hat the bysiness situation that cil the transfer business is concerned. Rail Earnings in South. Class 1 railroads in the Southern dis trict for the first 10 mon had 2 net y operating in $17,144,500, h was at the annual 1ate of retu 0.61 per cent on their | rty invest; For the 10d in 1931, th ) income ar $37.672.115, | ) was at the annual rate of return | of 134 per cent on their property in- | vestment. Gross operating revenues of | the class 1 railroads in the Southern | district for the first 10 months in | 1932 amounted to $317,993.221, a de- crease of 28.4 per cent under the same period of 1931, while operating expenses | 78,825, a decrease of 27. Corcoran Thom. the a year ago. id- 1 railroads in the thern | district for the month of October had | a net railway operating income of $5, 570,892, compared with $3,787,860 in Oc- | tober last vear. | Gleaned in Financial District. | Eliot H. Thomson of the Washing- | ton Loan & Trust Co. spoke over the radio last night on “Christmas Savings Clubs” a matter on which he is an outstanding authority. Next Monday evening, Thomas J. Groom of the Bank of Commerce & Savings is to speak on the same subject. George Stark, a member of the New | York Stock Exchange house of Carter | & Co., was a visitor in the local finan- cial district today . | The Chase National Bank has de-| clared the regular quarterly dividend | of 50 cents a share, payable January 1| to stock of record December 15. | The New York Life Agents Club| will hold its last meeting of the year on Monday at 12:30 p.m., at the May- flower Hotel. Lemuel C. Sandford, as- sistant secretary of the New York Life Insurance Co. of New York will be| mg'mnclpu speaker, OTE—Today' Salen 'of Chch sicek ‘in this editi . 1932~ ~Prev. High. 94 zu 1614 6314 791 724 28% 17T 5la 5% 15% 19% FINANCIAL, THE EVENING STAR, WASHINGTON. D. C, FRIDAY, DECEMBER 9, 1932. TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE are fro Steck and Sales— Low. Dividend Rate. Add 00 High. 1% Adams Express. SR O 915 Addressograph " 4y Affiiliated Prod 1.60., 30% Alr Reductfon (3)..u T% Alaska Juneau (50c). % Alleghany Corp. ...« 3 Alleg Corp pf $30ww. % 42% 4 Allis-Chalmers Mfg.. ‘Amal Leather pf..... Amerada Corp (2). 4 Am Ag Chem (Del) Am Bank Note. 4 Am Brake Sh&F (60c} Am Can (4).. § Am Car & Foundry Am Car&Foundry pf. ‘Am Come'l Alcohol. .. Encaustic THINg. reign Pw Am&Forgn Pw pf (6 ‘Am & For Pwr pf(7) 2 2 14 2 Am Haw Stship (1)«o Am Hide & Leath pf., Am Home Prod 4.20.. 5 Am Ice (1) ¢ Am International & Am Mach&Fdy (80c). 2 Am Metal Co. Am News (1 Am Fower & Light. .. AmP&LtDPLA (2%). Am Radiator. ‘Am Rolling Mil! Am Smelt & Ref Am Smeit & Ref pf. ‘Am Smelt&Ref 2d pf. ‘Am Steel Foundry. . Am Stores (121) Am Sugar (2) Am Tel & Tel (9). Am Tobacco (16) . Am Tobacco B (6. Am Tobacco pt (6)..1x s Am Type Fars nf...« Am Water Works(1). Am Wat Wks etfs(1) Am Woolen. E Am Woolen pf ‘Am Writ Pape ‘Anaconda Copper ‘Anchor Cap (60¢). .+ Armour of TI1 (A) Armour of I11 pf. ‘Arnold Constable. .. ‘Asso Dry Goods Asso Dry G 1st pf 5 Associated Of1 (1). Atchd 5 Atchison pf (5) 9% Atlantic Coast Line 8% Atlantic Refining (1 28% Auburn Motor (f4) 135 Avation Corp (Del) Baldwin Locomot Baldwin Locomot pf. ¢ Baltimore & Ohio.... Baltimore & Ohigpf. Bamberger pf (6%) Bangor & Arostk(2). % Barnsdall Corp. Bayuk Cig 15t f (7). i Beatrice Creamery Bendix Aviation. Best & Co.... Bethlehem Steel... .. Bethlehem Steel pf.. Bigelow-Sanford Boan Alumn & Bras Borden Co (2) Borg Warner. . *4 Briges Mfg Co. 4 Bkyn Manhat Tran Bklyn Man Tr of (6). Bklyn Union Gas(5) . 4 Bucyrus-Erie Budd Wheel Burns Bros (A) vic. . Burns Bros pf....... Burroughs AM (40c). Bush Terminal pf(7) Butte & Superior. Butterick Co. Bers (A M) California Packing.. Canada Dry (1.20)... Canadian Pacific. Case (JI)Co.uuuunnn Caterpillar Trac 50c. Celanese Corp. . Celotex pf. . Cent Aguirre (1%) Cerro de Pasco. . Certain-teed Prod 7 Certain-teed pf 4 Checker Cab Mfg. Ches & Ohlo (2%). Chesapeake Corp (2). 4 Chi Great Westn pf.. Chi Mil StP & Pac. Chi Mil StP & Pac pf. Chi & Northwestern. Chi & Northwest pf.. Chi Pneumatic Tool., % ChiRockI& Pac.... Chi RI&Pac6% pf. ChiRI& Pac 7% pf. Chrysler Corp (1). City Ice & Fuel (2) 4 City Tce&Fuel pf 6%. City Stores. Coca-Cola Co (7 Colgate-Palm-P (1). Colz-Palm-P pf (6).. Collins & Aikman. ... Colonial Beacon Oil.. Colo Fuel & Iron. Columbia Gas (b1).. Coluinb Columb Carbon (2) Comcl Inv Trust (2). Comel Inv Tr pf 6% Comel Solv (60c) Comwlth & Comwlth & Sou pt(6) % [PYSTRITTOING - JUPFi= = JU0= U P e o 2 -l @ S TYETSIOR =PSRN IR Consol Cigar. .. Consol Cgr pr pf 6% Consol Film pf.. Consol Laund 50c. Consol Oil rp Cont) Baking (A) Contl Baking (B).... Cont] Baking pf (6).. Contl Can (2)... Contl Diamond Fibre. Contl Insur (1.20). Cont Motors Contl Oil (Del) Corn Products Coty, Inc.... 2 Cream of Wht(12%). Crosley Radio. & Co pf (40¢).. udson (6) . ack & Westn. Denver & R G W pf.. Detroit Edison (6 Diamond Match (1). Dome Mines (+1.30 Doug Al 7 Dresser M Drug Corp (4). Dapont de Nem 514 Eastman Kodak (3). Feal Gimmy 9% Exchange Buf 2% Fairbanks-Morse. .. 10 Fairbanks Morse pf. 1% Federal Mot Truck. . 3 Fed Water Service A. 6 Fidelity-Phoen 1.20., 10% Firestone T & R (1). 35 First Natl Stores 2% 14 Fisk Rubber 2 Follansbee B; 3 Foster-Wheelel 10% Fourth Nat Inv 1.10 1 FoxFilm (A)....... 15 Franklin Smn pf(7) 10 Freeport-Texas (2).. b% Gamewell Co. .. . 13 Gen Am Investors. .. 9% Gen Am Tank Car(1) 4% Gen Asphalt. . 10Y% Gen Bakiug (2). TN GO - U U AN OO s & ven in, this edition. individual sales are l‘yl’"‘ A ”'"_"d Low. Close. Chie. 5% 6% + W% 19 =% 9% + % 5T +1% 13% + % High, 5 28Y% 5% 16' 1% 247 45 40 33% b4 4| *11l +1 +HLI+11++4+) 22% 9% 20% 37 59% k] ~Prev, 1932 Stock and Low. Dividend Rat 14 Gen Bronze. 1% Gen Cable (A 3% Gen Cable pt 75 Gen Cigar f (1) 8% Gen Electric (40¢) 10% Gen Elec spec (60¢) 19% Gen Foods (2)....... 3 Gen Gas&Elcvpf A. Gen G &Epf A (p8).. Gen Mills (3). % Gen Motors (1 Gen Motors pf (5). .. Gen Public Service. . Gen Rwy Signal (1)., Gen Realty & Util pf. Gillette Saf Raz (1).. Gimbel Bros. . . Gimbel Bros pf, Glidden Co........ Glidden Co pr pf (7). Gold Dust (1.60)..... Goodrich (BF). ... Goodyear Tire&Rub.. Gotham Silk Hosiery. Graham-Paige 4 Grand Union. . Grand Union pf (3). Grant (WT) (1). 4 Great Northern pf Great Northern Ore Great West Sug z<by Grunow . Tiacken Wat pf A 1% 3% Hahn Dept Stores 314 Hall W F) Printing.., Hawailian Pineapple. 50 Helma W) (17)... 4315 Hershey Choc (6)... 110 Homestake Min(110) 1 Houdaille-Hersh (B) 8% Houston Oil. ... 1% Houston Oil (new). 5 Howe Sound (40¢)... 274 Hudson Motor Car % 15'% Tiinois Central. Illinois Cent 11 ( 714 Industrial Rayon ( 14% Ingersoll-Rand (2) % Inspiration Copper.. 1 Insuranshares (Md). 24 Interboro Rap Trans, 5215 Int Bus Mach (6)...4 35 Int Cement. .. 15 Int Combustion. . 41 Int Combustion pf. 10% Int Harvester (1.20)a 2% Int Hydro-Elec (A) .. % Int Merchant Marin 314 Int Nickel of Can. ... 1% Int Paper & Pwr (B). 1 Int Paper & Pwr (C). Int Paper & Pwr pf. . Int Printg Ink pf (8). Int Salt (1%).. Int Tele & Teleg Intst Dp St pf xw (7 Johns-Manville. 5 Kan City Sou pf (2). 3 Kaufmann Dept St.. 4% Kayser (J) & Co. % Kelly-Spring ctfs 15 Kelsey-Hayes Wheel 2% Kelvinator Corp. 47 Kennecott Copper 6% Kresge (SS) Co (1).. 10 Kroger Grocery (1).. 40 Laclede Gas pf (5). 25 Lambert Co (15). 1% Lee Rubber & Tire. 3% Leh Port Cement. 42% Leh Port Cmt pf 3%. 1 Lehigh Valley Coal.. 1% Lehigh Val Coal pf. Lehigh Valley R R. Lehman Corp (2.40).. Lehn & Fink ( Libbey Owens Gla 321 Liggett & Myers( 3414 Ligs & Myers B (15). 814 Lima Locomotive 9 Liquid Carbanic 13% Loew 39 Loe 1% Loft Ine 16% Loose-V 2). 9 Lorillard (P) (1.20).. 814 Lou Gas&El A (1%). ille & Nash Por M(i1%) McKeesport TP (4). 4 McKesson & Robbins McKesson & Robs pf. McLellan Stores. Mack Trucks (1). Macy (RH) & Co (2) Magzma Copper (50c) Manhat Elev mod gtd Manhattan Shirt. ... 4 Marine Midid (80c) mon Motor C Marshall Field & Co. Mathieson Alk (13). 4 May Dept Stores (1), Melville Shoe (1.20).. Mengel Co pf.... i Mesta Machine (1). 4 Mid Continent Petm. M StP & S S Marie. Mo Kan & Texas. Mo Kan & Texa » S 5 ) » I - [RYOTE I- 'Y 24% M 2% 18 10 5 30% 6 3% ssouri Pacific pt. . santo Chem 1% .. Montgomery Ward. . Motor Products (2) " & » 8 8 D IS 0D U = I RO IS ST 1O 10 =3 55 03 1 0 Acme Co. . Bella Hess pf Nat Biscult (2.80) Nat Cash Reg (A)... Dairy Prod (2).. Dept Strs 1st pf. at Distillers at Enam & Stamp Pwr & Lt (1) S Y Air Brake. ¢ Central Y Chi& StLpf. { & Harlem (5) { Investors ¥ N H & Hartford.. Y N H & Hart pt. Y Shipbuilding. Steam pf (6 Steam 1st pf(7). oranda Min (21.10). orfolk & West (8).. orth Am Aviation. . or Amer(b10 %stk). 5 Ohio Oil (a50c) . % Oliver Farm Equip. .; 9 Otis Elevator (1) 1% Otls Steel. 31 Otis Steel 12 Owens Il Glas 167 Pacific Gas & amount Publix. Pathe Exchang . Pathe Exchange (A). Patino Mines. . & Peerless Motor Car. Penick & Ford (12) Penney (J C) (1.80) 5, 2 Penna Rallroad ‘ Peoples Gas Chi (5).. Petrol Corp of Am. Phelps Dodzge Phila & Read C & 1. Phillips Petroleum % Pierce Oil Pierce P Pilisbury Pittston Co. ... Plymouth Oil (1) Poore & Co (B).. Postal Tel&Cable pf.. Proctor & Gamble(2) Proc & Gamb pf (5).. Public Sve N J(3.20). Public Sve NJ pf (5). Public Sve NJ pf (6). Public Sve NJ pf (7). Pullman Corp (3) 2% Pure Oll 4% Purlly Bakeries (1)., 215 Radio Corp. 0 Radio Corp p! 3% Radlo Corp pf B. 1% Radic-Keith-Orph. 15 Reading 1st pf (2). 1 Remington-Rand 1% Republic Steel. 5 Republic Steel pf.... 26% Reynolds Tob B (3).. % Richfield Oll. \ 301 Safeway Stores ( 69 Safeway Strs p (7). 0 315 104 29% 105 16 117% 24% % 554 1% 16% 3% 6% " NOTE—Toda al sales are ot ef Sales 'of Cach siock in-ihis cdition -:e“?n- yeaterd e 'Add 00 High. Low. Close. Chse. 2 2% 2% % 5374 2% — 31 + 104 + 20% + 105 15% + 1% + 24% + ™+ % % 3% % % b % 1% 16 —15% 40% 3¢ I+ +1 R i+ P + % % 2 L4+4+ 1|+ FHEHFLLL 4+ 05 i i 106% 214 + +EE++E + 4 FEFFEF FE P TEF S R | FREFEE ¥ + At = " WA E & OF jof labor to resist the process. Butte, Sales of each stock in NOTE—Today’s individu: this ed ~Prev. 1932 Stock and Dividend Rate. 4% St Joseph Lead % St L-San Francisco. . 1 St L-San Fran . Schulte Retail Stores Schulte Ret Stor pf., Scott Paper (1.40)... 1 Seaboard Afr Line. .. . Seabaard Ofl Del 40e. Sears Roebuck. 4 Servel Inc. Sharp & Dohme. ... .« * Shattuck(FG) (50¢). 4 Shell Union Oll. . x Shell Union Ol pf. % Simmons Co. Skelly Ol Snider Packing. . Socony Vacuum 40c.. So Port Ric Sug 1.60, Southern Cal Ed(2).. Southern Paciflc. .... Southern Railway... Southern Railway pf Spang Chalf pf. . . Standard Brands (1). Stand Gas & Elec (2) Stand Gas&El pf (4). Stand Gas&El pf (6). i Stand Invest Corp Stand Oil Calit Stand 1l K: Stand 011 Stewart Warner. Stone & Webster Studebaker Corp. ... Studebaker pf (7)... 1 Symington (A) Tennessee Corp. 4 Texas Corp (1). Tex Gulf Sulph (2).. 4 Tex Pacific Coal&Oil, Tex Pacific Land Tr.. Third Avenue....... Thompson Starrett. . Tide Water Asso Ofl. Tide Water As pf (6) Timken Roller Eg(1) Transamerica Corp. . Tri-Contl Corp Trico Products. 14 Ulen & Co. 7% Und-EIl-Fis i 75 Und-El-Fish pf (7). 15% Un Carbide & C(1.20) 27% Union Pacific (6). 11% Un Tank Car (1.40).. 61 Unit Aircraft... .. 400 30% Unit Aircraftpf (3). x 7 11 Unit Biscuit (2) % 6% Unit Carbon. 1 Unit Cigar St 315 Unit Corp (40c). .. 61 ‘oday's Indi TE— -‘..'.nul T Sales of Sach siock ~Pre 32~ High. | Low, 39%, 3% 22 96 64 3% 10% 131 3% ™ 2 15% 27 USGyp! 1% 314 10 21% U S Rubl U S Smt U 8 Tob: 27 12 Univ Le: Util Pw 7 Wabash ‘Wabash % ] 1% 25 22 Warren Wi % White S Wil 45% 24 41 % 27% 9% 5 141 Worth F 10:30 A M. 1:30 P.M. - n stock. 1 Plus stock. m Paid © ravable in scrip U S Indus Alcohol. U S Leather (A). . U S Pipe & Fdry (2).« U S Realty & Imp U S Rubber. United Stores (A). Unit Stores pf (314). 5% Vanadium Corp C: a Elec&Pw pf (6) T Vulean Detinning. .. last year—no regular rate. sales not n this edition. SR e Trom 'yesterda's Baver, Stock and Sal Lividend Rate. Add 00 ‘3“4"' 9% Unit Gas&Im (1.20).. 70 Unit Gas&Im pf (5) .3 26 US&FornSecpf.... U S Freight.... sum (1.60) A Der 1s & & Ref ( 1. 0@ R RN RSB a DN acco (4. & oAt 2Erge af Tob (2)... T & Lt (A). - 41+ RR. pL(A).. ‘Ward Baking (B). ‘Warn Bros Pictures. Bros West Pa Elec A (7). West Pa El pf (7) West Pa Pwr pf (7). 14 Western Dairy pf A. ‘Western Dairy pf B.. % Western Maryland Western Pacific. s Western Union ‘Westing’'se Air Westinghouse Elec. . tvaco Chlorine ‘Wheeling Steei pf. AR AR ewing Mach.. Wilcox Oil & Gas 4 Wilcox Rich A -Overland Wilson & Co. 1% Wilson & Co (A) 22 Woolwarth (2.40). Worthington ump. . Pump (A).... 1% Yellow Truck. . 4 Youngstown Sh&Tu.. 4 Zonite Produets. ..., Sales of Stocks on New York Exchange. :0 W%+ % 120.000 12:00 Noon. 470,000 0 P.M. Dividend rates ‘s siven In the above table are th shares. {Partly exu 1P te.” b Payable in in stock. h Plus k Plus 3% & $1 k. nPlus 5% in stock. BUSINESS RETAINS GAING CREDITABLY Bradstreet’s States Interest Centers in Events on Capitol Hill. By the Associated Press. NEW YORK, December 9.—The cur- rent issue of Bradstreet's will say: “Business during the last week has taken time out to observe t# opening ceremonies of the great pok'ical arena at the Nation’s Cipital. I fealizes the | essential bond between & government | which exacts one-third of the national income and recovery. Business in the meantime is holding its lines creditably in spite of the failure of certain signs of activity to show desirable vigor. “The special reports from 55 centers to Bradstreet’s Weekly show that re- tail trade is pointing to the holiday peak in sales. The general consensus is that advance volume is satisfactory, although achieved at a price which leaves little in the way of profit for the stores, Labor Resists Cuts. “The attempts of communities and zarticular organizations to retrench in drder to permit survival has in some | instances run afoul the determination | Mont., reports a virtual paralysis of trade due to the reluctance of labor to accept cuts. The same disinclination to permit an adaptation to the exigent circumstances of hard times is evident in the opposition of municipal employes to accept reductions in pay, the recent pronouncement of the American Feder- ation of Labor on the sanctity of wage scales and in the lines of battle already being drawn between the rail unions and rail managements for the forth- coming discussion of further wage cuts. “The reports indicate that the hand- to-mouth buying policies of merchants and manufacturers have reached an acute stage. One manufacturer states that he does not have enough stock on hand to fill a single normal order. An unusually large number of orders re- ceived by jobbers in New York City call for immediate deliveries, indicating the low levels which inventories have reached. Stocks of coffee and hard coal are specifically reported as below customary requirements at this time. Complicated by States. “This situation is not helped by the laws of such States as Ohio, which place a tax upon inventories held at the end of t’?}e‘ year. “The heavy industries look a bit brighter than they have for some weeks. The daily rate of pig iron production in November was 21,042 tons, compared to 20,800 tons in October. The rate of steel operations during the past week moved up from 16 to 17 per cent of capacity. Automobile output increased from 10,795 units to 11,158 and heavy construction projects totaled $28,694,000 as compared to_$19,327,000 for the previous week. Bituminous coal pr$- duction is almost at the same level as a year ago. New financing is up from $10,054,000 to $29,086,000. Carload.mgs' showed a sharp decline from 575,851 of the previous week to 493,882 for the last reported week. However, these last reports covered the Thanksgiving week and a correction for this factor reveals but ; negligible decline from the earlier week. Furthermore, reports from individual roads for the week ending Decomber 3 show that traffic i; holding up remark- ably well and may register an actual increase after seasonal adjustment. On the other side of the picture is a slight increase in failures frcm 463 to 478 and a rise in bank suspensions from 28 to 36. During the last two weeks bank failures have exceeded the correspond- ing weeks of 1931. Commodity prices have also suffered, the index of whole- sale food prices. compiled by Brad- street’s Weekly, falling 5 cents from $1.72 to $1.67. This places the index back where it was on November 8. Crop Reports Hopeful. “Crop reports hold come hope for commodity prices. Crop prospects in Argentina are less favorable. Australia, Russia and Rumania are no better than fair. Conditions in the Texas Panhandle are 60 per cent of normal, while ‘a a great part of Oklahoma, the Western third of Kansas and in Nebras- ka the conditions are the poorest for Winter wheat in recent years. “Moisture deficiency continues to in- crease and ination and growth of the, Winter wheat plant is seriously subnormal. Acreage of Winter wheat for the 1933 harvest is estimated at 6.3 per cent below that of the preceding year. On an average yield of 13 bushels an acre this would account for a reduc- tion of 33,000,000 bushels in the next wheat crop. As a matter of fact, the condition of the crop on December 1 was only 74.6 per cent or normal, the lowest ever reported for this date, and compares with a condition of 79.4 per cent for the last year and a 10-year average of 83.3 per cent. It is signifi- CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, December 9—The fol- lowing is -today’s summary of corpora- tion news prepared by Standard Sta- sociated Press. Automobile Parts and Tires. Goodyear Tire & Rubber Co.—Com- pany is employing 36,000 persons; 16, oog u" .:txrvo,n plant. wart-Warncr Corp. — Company's brakes adopted for 1933 mod:l:nyof Pierce-Arrow Motor Car Co. Food Products. Corn Products Refining Co.—Direc- dividend of 75 cents. Aircraft. reported to have purchased Martz New York-Buffalo Air Line and to be nego- Airways, Inc. Electrical Equipment and Radio. General Electric Co.—To distribute holdings of Radio Corporation of Amer- ica common stock to common stock- holders of record December 16 in ratio of one share R. C. A. stock for each six shares of General Electric com- mon stock held. ’ Food Products. Continental Baking Corporation de- clared a dividend of $1 on preferred stock; in two preceding quarters a divi- dend of $1.50 each was paid on pre- ferred stock, prior to which regular quarterly disbursements of $2 were made. Southwest Dairy Products Co—Com- pany has consented to appointment of receivers as necessary step in bringing about and perfecting a proper reor- ganization. Household Products. Bigelow-Sanford Carpet Co. to close its Clinton mill and concentrate pro- duction in Amsterdam and Thompson- ville plants. Miscellaneous. Plymouth Cordage Co. deficit, year ended September 30, $232,627 vs. net income, $24,857. Office and Business Equipment. Naticnal Cash Register Co—Operating expenses of ccmpany were reduced more than $2,000,000 during current year, most of which will be permanent, it is said. Operations for the final quarter are expected to result in a deficit. 0Oil. North American Oil Consolidated— Directors to be asked to consider re- sumpticn of dividend at their meeting in January, 1933. It is believed a rate of 5 cents a month will be considered. Socony-Vacuum___ Corporation, sub- sidiary Standard Oil of New York, ad- vanced tank wagon price of kerosene 1 cent a gallon in several sections of its territory. Railroad and Railroad Equipment. Chicago, Burlington & Quincy Rail- road—November operations resulted in profit after all charges. Figure was less than that of a year ago. Southern Pacific Co. reduced its pas- senger train mileage more than 3,000,- 000 miles in first nine months, com- pared with like 1931 period. Retail Trade. Great Atlantic & Pacific Tea Co. dol- lar sales, four weeks ended November 26, off 15.8 per cent; 39 weeks, off 14.3 per cent; tonnage sales, four weeks ended November 26, off 5.6 per cent; 39 weeks, off 4.1 per cent. First National Stores Inc. sales, four weeks ended November 26, off 2.7 per cent. ber sales off 6.6 per cent; 11 months, off 13.9 per cent. Sears, Roebuck & Co. sales, four| weeks ended December 3, off 15.7 per cent; 48 weeks, off 19.6 per cent. Krogery Grocery & Baking Co.—Sales, four weeks ended December 3, off 8 per cent; 48 weeks off 13.1 per cent; average number of stores in operation off 2.8 per cent from 1931 period. Oppenheim, Collins & Co.—Sales, three months ended October 31, 32.2 per cent. Utilities. American Telephone & Telegraph Co. Associated Bell System companies had a net loss of about 102,000 telephones in November, vs. 105,000 in October, 1932; October earnings’ report to I. C. C. covering operating activities shows gross revenues for the month 20.7 per cent below 1931 period, while operating in- come was off 32.1 per cent; 10 months’ gross off 17.5 per cent, operating income off 36.5 per cent. American Water Works & Electric Co.—Subsidiary, Atlantic County Wa- ter Co., reduced its rates 25 per cent, effective January 1, 1933. National principles of a new organization plan are reported company and National Public Service Corporation, a subsidiary; R. F. C. fi; cant that millers are -ccumuhtin‘l caah whest n il gk 50 tistics Co.. Inc., New York, for the As- | tors expected to declare regular quarterly bi tiating for a large interest in Northwest A Interstate Department Stores Novem- | the-counter market: off Ce Electric Power Co.—Main | tesf to have been drawn up for | Co. Grain Market CHICAGO, December 9 (#).—Sensa- tionally bullish conditions regarding the new domestic Winter wheat crop, espe- cially in Kansas and Oklahoma, re- ceived much attention today, but new buying orders lacked volume. Reports were current that almost no moisture had been received for more than a month over an area that nor- mally has 20,000,000 acres of wheat. In the absence of active buying, though, wheat future deliveries averaged only fractionally higher, influenced but little either by export purchases of more than 1,000,000 bushels of wheat from Canada. Wheat closed unsettled at a shade to % above yesterday's finish: corn, un- changed to % up; oats, 14al, advanced, and provisions, unchanged to 2 cents oy 5% 444 High. 7 Aviation Corporation—E. L. Cord is |} Cotton Market NEW YORK, December 9 (4).—Cot- ton was steady today. . Offerings con- tinued light, with nothing to indicate any easing of spot holdings in the South, and prices advanced on covering and trade buying. March contracts, which had sold off to 5.53 on the break of yesterday, advanced to 5.84, with the midafternoon market ruling about 14 to 15 points net higher on the active months. December .. January March May July October Markets at a Glance NEW YORK, December 9 #)— Stocks firm; list rallies in late covering. Bonds irregular; rails easy. Curb firm; leaders advance moderately. Foreign exchanges irregular; sterling firm. Cot- iton higher; covering, trade buying, i scarcity of contracts. Sugar quiet; firm fi? market. Coffee quiet; trade buy- CHICAGO, December 9 (#).—Wheat steady; continued low temperatures all States. Corn steady; smaller receipts Chicago, unfavorable weather. Cattle lower. — CHICAGO DAIRY MARKET. CHICAGO, December 9 (#).—Butter —Receipts, 5877 tubs; market steady, prices unchanged. Eggs—Receipts, 2,362 cases; steady; prices unchanged. Poultry, live—Receipts, 36 trucks; market steady; hens, 10al3; Leghorn hens, 9; colored Springs, 10'2; Rock Springs, 11%5; roosters, 8; turkeys, 1la 16; ducks, 9al0; geese, 10; Leghorn chickens, 9; broilers, 13. market STOCK PRICES UP ON SHORT COVERING |Well Planned Drive Send List Upward in Final Trading. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, December 9.—A we planned drive against the shorts in t} last hour of today's session sent priq up sharply on the exchange under i{ creased activity. Galns ran from fractions to as my, as 3 and 4 points, with the tape at (’ time behind business on the floor. There was no excuse in the news the sudden reversal of trend. 'I1 market hed been dull and sagging un{ late in the day. but it was never weq and, except in the case of United Stat{ Steel preferred. not really heavy. Proy ably it was the fact that the marke would not go down which induced pro fessionals to see what they,could do o the other side. They succeeded in intimidating newly created short interest, by Whether they can obtain a public fo lowing on the side of advance after th covering is over remains to be seen. Cotton Stages Rally. Cotton rallied after yesterday’s weak ?lsss but in commodities nyn ‘whol ere Was no .recovery correspondis that in stocks. Wheat lel%oofln‘ul"l changed to up Y4, but most staples di little one way or the other. The one disturbing feature was th heaviness in United States Steel pre ferred. Offerings are believed to be 4 large part for short account, but ths does not explain the lack of suppor which is plainly due to doubt abov dividend action at the board meeting g e: c'r:d &l nefi(t ln:onm Steel comma actional wer, particu larly active. hly it Railway shares of the gave a good account of M%fl: vestment demand for Norfolk & West ern was in evidence, the stoa to a new high on the movement. Unia Pacific was well supported, as wa Atchison. The gold stocks reacted afte yesterday's buying. Oils were steady Treports of favorable developments wi re%nrdutu pnfes and production. ontinental Baki dend of 31 on' the peeteraa® s against $1.50 previously paid. Th stock is entitled to $2 quarterly, s that there are now considerable unpaf accumulations. On the other hang General Baking declared the regulg rate on its common and announce that the balance sheet would reveal stronger cash position at the end ¢ the year than it did a year ago. Con tinental Baking preferred sold off point or so. General Baking comm was fractionally higher. o A. T. & T. Gross Drops. American Telephone & Telegraph, & report covering operating ut‘l’:’m' only and excluding non-operating come, such as dividends from sidiaries, showed a drop in gross October from ‘8.952,3!: to $7,101,1: and a decline in net from $2.570.55 0 $1,744,797 the comparison being witl the same month a year ago. Tele phone was steady during .?hn ear] u rels divi trading ~ sometimes fra sometimes fractionally down. Safeway Stores was another tively weak spot prior to today’s dend meeting. Union Carbide, Chrys ler, Allied Chemical' and North Amer} can were firm. Announcement ths General Electric would distribute on share of Radio for every six shares General -Electric hrmfit selling Radio, which reicted fractionally. Afternoon Market Dull. ‘The nmmamco mxnvu dull any Z pper a failure of the international ?&e‘m to accomplish anything toward contrq of production. The outlook now is fa lower prices and a freeze-out of th high cost producers. shares, how ever, are selling so low that there is oy gremn-e on them, no matter wha appens. Seaboard Oil went to a ney high in response partly to the mon favorable attitude toward the oil trad and partly to the efforts of its sponsory Safeway Stores common was put af a $3 dividend basis, against $5 previ ously paid and the stock rallied slight! Peoples Gas of Chicago declared a $1.; dividend, the same as in the two pre ceding quarters. Sterling exchange was weak in Lon don before business was resumed ol this side, opening at $3.21, against yes terday's close of $3.23%. The pouny was better on this side, however, beinj quoted in mid-afternoon at $3.23%, uj 1 5-16 from yesterday's final. (Copyright, 1032.) U. S. TREASURY BALANCE. By the Associated Press. Treasury receipts for December ! Iwere $7,429,205.88; expenditures, $12, 709,468.9: balance, ~ $548,981,308.12 customs duties for séven days of De cember, $5,013,467.20, FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co. Nominai gold Selling check value. t London, pound. 42 Paris, franc. slow; steady to firm, Hogs weak tQ Rome. Vienna, schill Budapest, pengo. .. Prague, crown (n.). Warsaw, zloty. . Copenhagen, cr Oslo. crown. Stockholm, Montreal, © Re discount,’ 142% . e ———— SELL LIFE INSURANCE THERE'S MORE MONEY IN IT For Information Address Box 312-E, Star Office BAR SILVER. NEW YORK, December 9 (#).—Bar silver barely steady, 's lower at 25%. REAL ESTATE APPRAISER-CONSULTANT Investigzte Before vest 50" Years Experience: 1315 H St Met. NEW YORK BANK STOCKS NEW YORK, December 9 (#).—Over- (Quotations as of 2 0’'Clock.) Chase Natl (2) . Commercial (8) . Fifth Ave (*44) Natl City (2) xd Public (2) .. TRUST COMPANIES. Bankers (3) ... Bklyn Trust {10} N Y Trust (5) . Title G & T (3.20) United States (60) . *Including extras. “n‘qudAte bank loans of Eastern Insull Utilities. International Hydro-Electric System— l:ldmm’;;:efi for action :m prefer- T been postponed to December 14. ‘Building & Loan | Association | MAIN OFFICE, 610 13th N.W. | 735 N. Capitol St. | BRANCHES { 31st & M, Georgetown 8th & K, Nevy Yard || Under Supervision of U. S, Treasury i Use the _ | Building & Loan ‘1 ' PLAN for Your National Electric Power Co.—Receivers for Middle West Utilities Co. issued a pro- t against proposed sale of collateral held by Central B‘;no\;er Bank & Trust . as West ilities were n % nies report that receivers for'l(lgl‘u for a $21,000,000 loan with wgien 10| Christmas Savings | and receive 3% INTEREST