Evening Star Newspaper, December 17, 1932, Page 10

FA—10 ** MEEM S SUCCESS IN NEW-POSITION Head of Washington Loan & Trust Co. Completes First Year. BY EDWARD C. STONE. Harry G. Meem completed his first year as president of the Washington Loan & Trust Co., this weex. Elected head of the institution on December 14, 1931, he succeeded the late John B. Larner, one of the leading financial and civic leaders in Washington for nearly hall a cen- tury. As head of the trust company, Mr. Mcem has met with merked s cess. He chosen to fill th office after 40 years' _connection with the institu- tion, having start- ed to climb the financial ladder es a bank runner Advancing through many important offices, he was scnior vice president when elected to his present position. The trust company president is a native of Washington, having been born in Georgetown where members of his family had resided since 175 He is a director of the Equitable Co-Opera- tive Building Association and holds an important office in the American Red Cross Society. During the World War he made a m enviable record in hing the Liberty Loan drives, the Tesults of his efforts bringing great credit to his bank. Among many other organizations, Mr. Meem belongs to the Chevy Chase Club, Archeological Society and the National Geographic Seciety. C. & O. Net Income Advances. The report of the Chesapeake & Ohio Railway Co., for the 11 months ending on November 30, shows a net income of $21.330,346 aiter taxes, charges and sinking fund appropriations, equivalent, after ellowing for dividend requircments on the 6': per cent preferred stock, to 2.75 a share (par $25) on_ 7,652,778 shares of common stock. ‘This com- pares with $25,719.269, or $3.36 a com- mon share in the first 11 months of 2931. The railroad’s November net income showed an excellent advance, being $2.041,183 in comparison with $1.481,- 935 in November a year ago. Other figures: Harry G. Meem. 1931. - $9,032,248 2.338.786 1,481,935 111,994,979 1932, Nov gross. Net oper inc. *Surp aft chgs. 11 mos gross 9i Net oper inc... 29.727.508 33,635.490 *Surp aft chgs. 21,330,348 25.719,269 *After sinking fund appropriations. | ‘Bank's Structure Explains Dividends. | Announcement that the San Fran- eisco Bank has declared an initial | Christmas dividend of $50 a share, the FINANCIAL. ~Prev, 1932~ High. 9% 16% 6314 NEW YORK STOCK EXCHANGE Received by Private Wiro Direct to The Star Offiee. | |STOCKS HOLD GAIN IN SMALL TRADING :|Market Closes Week With Steady Tone — Price Changes Slight. Net. . Low. Close. Chss. 5% 5% 5% — 4 10 & Net. = 8tock and Bales— Dividend Rate. Add 00. High. 2% Int Hydro-Elec (A).. 7 5% Stock and Low. Dividend Rat 1% Adams Expres: 4% Afiliated Prod 1.60 80% Afr Reduction (3) 7% Alaska Juneau (50 % Alleghany Corp. .... 3, Alleg Corp pf $30ww 42% Aliled Chem & D (6). 4's Alpha Port Cement. , 5 Amal Leather pf.. 12 Amerada Corp (2) 5 Am Bank Note 29% Am Can (4). 9315 Am Can Co pf (7). 34 Am Car & Foundry. 16 Am Car&Foundry pt. 1% Am Chain - 18 Am Chicle (13). .2 Am Colortype. . i1 Am Come'l Alcohol. . 2 Am & Foreign Pwr. . 3% Am&Forgn Pw pf(6) 2% Am & For Pwr 2d pf. 25 Am Home Prod 4.20. 5 AmIceCo. 23 Am Internatio 3% Am Locomotive. 19 Am Locomotive pf. . T'a Am Mach&Fdy (80c). 11: Am Metal Co. ... 3 Am Fower & Light. . 10 AmP&LEDPLA (2%). 15% Am Pwr & Lt pf (3). 3's Am Radfator. . 13% Am Safety Raz 514 Am Smelt & Ref.. 21% Am Snuff (13%) 13 Am Sugar (2). 70'% Am Tel & Tel (9 4075 Am Tobacco (16). 44~ Am Tobacco B (16 95! Am Tobacco pf (6).. 10's Am Type Fdrs pf.... 11 Am Water Works(1). 26 Am Wat W 1st pf(6) 15's Am Woolen pf.. 3_ Anaconda Copper. T Armour of 111 (A). % Armour of 11l (B 315 Armour of Il pf 1 Arnold Constable. 177 Atchison . 9% Atlantic Coast Line. . & Atlantic Refining(1). 71; Atias Powder. . ... 5 28%, Auburn Motor (£4).. rp (Del).. . 1083~ gh. Low. 9% 591y 133 1 3% Int Rys Cent Am pf.. 26 Int Silver pf (4). 2% Int Tele & Teleg. 10% Island Creek Coal 15% Jewel Tea Co (3) 33% 10 Johns-Manville. 15% 2% Kansas City Southn., 5 Kan City Sou pf (2). 3 Kaufmann Dept St. . % Kelsey-Hayes Wheel 4% Kennecott Copper... 6% Kresge (SS) Co (1).. 10 Kroger Grocery (1).. 25 Lambert Co (15). 1% Lehigh Val Coal pf. 5 Lehigh Valley RR... 30% Lehman Corp (2.40). 34% Ligg & Myers B (15). 9 Liquid Carbanic, 13% Loew’s, Inc (3).. 1% Loft Inc 9 Lorillard (P) (1.20) 8% Lou Gas&El A (1%) 7% Louisville & Nash. 1% Ludlum Steel. . 10 McCall Corpn (2).... 1%4 McKesson & Robbins 10 Mack Trucks (1).... Macy (RH) & Co (2) Mallison & Co pf.... Manhat Elev mod gtd Marine Midld (80c).. Market St Ry prpf.. Marshall Field & Co. Mathieson Alk (1%). May Dept Stores (1). Maytag Co1stpf.... Miami Copper. Mid Continent Pe! FERE FER @ ©m 00 14 310 00 1o 1 1 1 090 1 1k GO0 ot Ot D0 1k G2 00 1k 00 O BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, December 17.—The week in the stock market closed with prices firm and trading light. It was the general opinion in the street that stocks had given a remark- ably good account of themselves all through the week and nothing hap- pened today to change that view. "The car loadings statement was about as had been predicted. It showed a decréase of 26,245 cars from last week. This was a decline of 15 per cent from the corresponding week a vear ago, a decrease of 29.9 per cent from the same week in 1930 and compares with a de- cline of 139 per cent recorded in the totals given out last Saturday. This showing provided no’ basis for speculative operations for the rise in the railroad shares, but, on the other hand, they did not sell off. Nor was the intense competition in the low- priced automobile field, as exemplified in the new models now coming on the market, reflected in _any softening of the motor shares. The only one that did anything was Auburn and that was higher. Public Utilities were steady. Ameri- can Telephone ranged above 108 most | of the time, or near the upper limit of this recovery. Accumulation seemed to be in progress in a number of the | electric light and power stocks. among them Public Service of N. J., Columbia Gas and United Corporation. General Baking was in good demand, perhaps| in the belief that it had filled its| flour requirements at the present low prices. One weak spot was Coco-Cola, which | broke 3 points to a new 1932 low. That selling was doubtless professional ex- | pression of doubt as to the effect on the company’s business on the legaliza- tion of beer. Owens-Illinois Glass was bid up also because of progress toward | modifying the prohibition law. The oil stocks were heavy, but not weak. It was felt that the new price structure might involve inventory losses at the year end. On the other hand, news ihat the Texas Railway Commission | had ordered a shutdown of all the wells | in the East Texas fields fl'ontl nolqn to- | until January 1 was constructive. duéterhng exchange continued its re- covery. At $3.31'% it was up S from last night's close. Francs were quoted unchanged around the point where gold | |could move. It was believed that the Benk of France was supporting the | market. There was also an opinion | that a good deal of the strength in sterling was due to purchases for French account. Montreal funds were slightly lower. The commodity markets presented a more cheerful aspect today. Cotton was strong, up during the early trading over 50 cents a bale. Wheat rallied in ‘Winnipeg after yesterday's collapse. | SEEE TR | o 51% 67% 22 3% 5 18% 23% 38% 11% 21 6% » FF EF §F OSFESFEEF e RNE R0 MO RO NDW IR N OV D G E FEFP F - £EEFE FEERS Ll +4+14+1 FEFEF PE FRP EFEF PIPIEPITE ++1 t Biscuit (2.80 2 Nat Cash Reg (A Nat Dairy Prod (2) % Nat Pwr & Lt (1) Nat Steel (50c) 2 Nat Supply Co. Nat Surety. . N Y Central N Y Investors. . NYNH & Hartford. N Y Ont & Western NY Steam 1st pf(7). Norfolk & Southern. . 1% North Am Aviation.. 13% Nor Amer(b10%stk). 51 Northern Pacific. ... 5_ Ohio GIl (a50c) 1 Oliver Farm Equip. 9 Otis Elevator (1) 90 Otis Elev pf (6). 14 Otis Steel. . 12 Owens I1i Gla 1 Tacific Coast. 167 Pacific Gas & El (2) 11 Packard Motor Car. 1'5 Paramount Publix. Peerless Motor Car. Penick & Ford (13).. Penney (J C) (1.80). Peun Dixie Cement Penna Rallroad...... Peoples Gas Chi (5).. Petrol Corp of Am. Phelps Dodge Phila Co 6% (3). Phila & Read C& 1. Phillips Petroleum. .\ PlercuOll....ovueoes Pilisbury Flour(60c) Pitts Term Coal pf.. Pittston Co.... | Plymouth Ol (1).... 9 | Proctor & Gamble(2) | Vel ++ e 0058 monErrmEonm L4 +4+ 44+ 15% 3% 57 43y 25% 11 4 22's 106 91 424 315 31 5% 113 4% 323 3415 21y 23% 121 ™ 115 41 % Barker Bros pf Barnsdall Corp Nut Pkg (3). -Hemingway, Belg N Ry pt pf 4.09. 3 Bendix Aviation. Best & Co RBethlehem Steel. . Bethlehem Steel pt + Bizelow-Sanford Borden Co (2). Borg Warner Boston & Maine. Bkyn Manhat Tran. . 5 Bucyrus-Erie Bucyrus-Erie Burroughs AM(40¢). 2 Butte Copper & Zinc. 53 +1+ 1 © [ o B FREFFEEFRFE 4t FEERFEF + + o California Packing.. Calumet & Hecla.... Canada Dry (1.20) Canadfan Pacific. . Case (1 1) Co Cerro de Pasco. Ches & Ohlo (2%). Chesapeake Corp ( Chi Great Western Chi Mil StP & Pac... Chi Ml StP & Pac pf. Chi & Northwestern, } ¥ L4 0+ 1+ THE EVEN G STAB; WASHINGTON, D. C., SATURDAY, DECEMBER 17, 1932. FINANCIAL. LOWER RAIL RATES ADVOCATED BY HEAD OF CARRIER SYSTEM L. &N. President Suggcats Scaling Down of Charges in Order to Bring About Increase in Business. Bpecial Dispatch to The Star. and strange voice has been raised in the councils of railroad managers. It roclaims & doctrine that has long Been regarded as unseemly and de- structive. It argues for a reduction in passenger and freight rates as one of the quick ways of restoring pre ity. The voice is that of President Cole of the Louisville & Nashville. Other persons have had the same idea about rates and have argued in favor of it. It has not, however, been popular in transportation circles, where, as re- cently as a year ago, application was made to the Interstate Commerce Com- mission for an increase in freight rates as a measure of relief for declining egmngs and unsettlement of railroad cedit. It mut be added that Mr. Cole’s rec- ommendation was made in connection with the question of railroad wages. Obviously wages cannot again be re- duced helow the 10 per cent cut made effective last February unless there is | some compensation to the shipper in lower rates. Rate Increase Inadequate. The significant point is that railroad men have finally come to the con- clusion that, in order to meet the new forms of competition and to sumulaxe‘ new business, they must adopt the policies of industry and accommodate the charges for their services to the present capacity to pay. It has been found that the last rate increase, which went into effect in March, has not realized for the carriers the net revenue they had anticipated. roads. There is now a movement for a reduction in long-haul business, This is already in operation in schedules of Pacific ‘There is quite a unamimous opinion among railroad executives that passen- ger rates are too high and should be reduced. On the other hand, there has been little indication that operating of- ficials favored or felt that they could afford to advocate a reduction in freight rates. In spite of the fact that de- flation was taking place in practically g:ry“ofiwr commodity at mu:nmfime. re agreed a year ago that ht uu-{‘;n must be advanced. % Receipts From Fares. In 1921 the average receipts per pas senger mile were 3.086 cents. In 1931 they were 2513 cents. In 1921 the average per ton-mile rate was 1.275 cents, and 10 years later, 1.051 cents. In 1929 it was 1.076 cents. The Inter- state Commerce Commission, in its brief on the 15 per cent case, stated that the decline in the freight revenue per ton-miie since 1923 was not en- tirely due to public regulation, as “it is well known that the railroads have themselves voluntarily reduced many .” It pointed out that no: ferrous metals, lumber, petroleum, cot- ton and numerous other commodities | were among those which the carriers had cut on their own initiative. A number of these reductions were com- pelled in order to meet water competi- tition through the Panama Canal and The law of diminishing returns has come into operation and violently dis- | turbed the channels of traffic. Certain | commodities, on which the rate was ad- | vanced beyond the capacity of the ship- | per to pay, have come under the control | of motor trucks and water lines even | where they involved the movement of | could not be hauled except over steel | rails. | The trend toward lower passenger | rates in order to meet the competition from motor busses and from private | automobiles has been increasing for| several years. Cheap excursions have | become popular and, in spite of extreme- on the different north and south water- ways where barge lines operate. The willingness even to consider a reduction in rates on freight is one of the signs of the times. It is linked with a recognition of the fact that, to restore prosperity, concessions of many kinds will have be made; that | what has been regarded as tonnage that | charges for services justified in the prosperous years prior to 1930 cannot be met by the producer or the manu- facturer or the wage earner of today when what he has to sell or what he receives as compensation for his work 15 frequently less than half of that available three years ago. (Copyright. 1932.) BUSINESS DECLARED ON BETTER BASIS Bradstreet's Says Resistance Line| Has Been Established in Recent Months. By the Associated Press. i NEW YORK, December 17.—The | current issue of Bradstreet's will say: “The testimony of events and statis- tical items increasingly indicates that ENGLAND IMPROVES HER FOREIGN TRADE Rate of Decline Checked by Sus- pension of the Gold Standard and Cheaper Money. By the Associated Press. NEW YORK, December 17.—Payment | by Great Britain today of her war loan | installment of some $95,000,000 to the | sum of | United States called attention to the | previous. Winter rates from Wi south to | mnumnumm"h%fimmwme rates for competitive and commercial | BALANCED BUDGET HELD TRADE NEED Expert Believes Business Re- vival Waits on Govern- ment Financing. Special Dispatch to The Star. NEW YORK, December 17.—To the layman the mystery of the enormous zubscriptions by banks and corpora- tlons to'all new issues of low-interest- bearing Government securities remains unsolved. He cannot understand the practice that has been in existence for over a year of filling investment port- folios with Treasury certificates and discount bills at nominal rates of in- terest and at the same time shutting off the supply of capital from markets that need it in order to facilitate the ordinary operations of business. The latest illustration of this Gov- ernment security complex is furnished by the oversubscription for the 2% per cent four-year notes and the three- quarters of 1 per cent certificates, which the Treasury offered last week. The one was covered 20 times and the other 16 times. On the other hand, three excellent public_utility and industrial loans that were brought on the market recently have had hard sledding. All of them were available today at approximately the price paid by the underwriters, or from 1. to 2'; per cent below the price of issue. Competition for Capital. ‘The competition between the Gov- ernment and private corporations for capital was referred to by Col. Leonard P. AyTes today in a review of the busi- ::is; prospects for 1933.¢ In this he “New construction and industrial equipment are normally paid for by the flotation of long-term bonds, and until such issues can be sold in volume, no return to satisfactory business activity is to be expected. It is quite unlikely that such issues can be freely sold until the Pederal Government itself can market a long-term issue, and it may well be doubted that this can be done until convincing steps have been taken to insure a real balancing of the Federal budget.” The amount of new corporation cap- ital. placed in the first 11 months of this year was only $315,000,000, of which' about $274,000,000 represented loans to public utilities. In the same period of 1931 new capital created by similar corporations was about $1,700,- 000,000, in 1930 it was $4.763,000,000 and in'the January-November term of 1929 it was $8,377.000.000. or 28 times more than this year. Including the most recent Government offerings there have been 45 Treasury issues placed on the market this year, aggregating $8.- 000,000,000. The amount applied for was $48,000,000,000, or an average over- subscription of six times. The report of the controller of the currency for the year ended June 30, 1932, shows that the investment ac- count of 19,163 banks on that date in- cluded United States Government se- | curities of a par amount of $6,455,- | 583,000. This was nearly double the Federal securities held the year It compared with $7,000,000,- EFOF FEFEFF FF | business has finally entrenched itself {in a line from which it will not permit | the forces of deflation to dislodge it. recent. apparent | improvement in the | 000 bonds of States, counties, munici- | United Kingdom's foreign trade posi- | palities, railroads and public service o corporations. The September 30 state- Chi Pneumatic Tool. Chi Rock I & Pac.... Chi R I& Pac 6% pf. usual extra of $75 a share and the regu- lar quarterly dividend of $60 per share, | 12 2 DIVIDENDS ANNOUNCED Public Sve N J(3.20). Public Sve NJ pf (5). Public Sve N is not as surprising as it appears, at first glance. The Bankers' Directory shows that this bank’s capital stock is $1,000,- 000 and the institution has a surplus of $5,100,000. The par value is $1,000 a share. The bank pays a regular dividend of 24 per cent a year and an extra of 71, per cent. Without including the Christmas dividend, the present yield on the stock is 3.75 per cent. The par value of the stock is so high that the Teturn is about the same as that paid by several Washington bank stocks. While the high dividend figures are easily understood, what puzzles local bankers more is the president’s state- ment that the institution is just com- pleting its most successful year in his- tory. And it was organized in 1868. Business Waits on Congress. The following summary of the gen- €ral business situation made by the Standard _Statistics Co. reflects the | views of many local bankers. | “Business improvement must now await clarification of legislative uncer- tainties, but current downward trends in most lines are conforming closely to | normal seasonal tendencies. Stabilizing factors should continue in evidence during the next several months. Con- structive legislation by Congress would provide the needed stimulus to bu ness if the Spring period is to record | a renewal of the uptrend which was witnessed early this Fall. Further hesi- tation during December and January is inevitable because of the time factor in- volved. “Currently, industrial planning is be- | ing held in abeyance, largely because of the importance ascribed to the pros- pective legislation at the present short session of Congress. Business policies cannot be formulated until certain basic political decisions are made. The exist- ing uncertainty, therefore, is likely to extend at least through the early Win- ter months while Congress is debating the legislative program. Thus, while here has been a_definite improvement business morale as a result of the easonal trade betterment achieved in he early Fall, the basis for renewed ectivity in most lines will not be in | $ight before Spring.” Local Banks Declare Dividends. © At a regular meeting of the direc-| fors of the Liberty National Bank, held | yesterday, the regular semi-annual divi- dend of $3.50 per share was declared, payable December 31 to stockholders of | record December 23. | The board of directors of the Seventh Street Savings Bank have declared the semi-annual dividend of $3 per share | on the capital stock, payable December | 31 to holders of record at the close of business December 28. | The Pennsylvania Railroad reports | shet income for the 10 months ended | October 31 as $10.591,106, equal to 80 ents a share on the capital stock. This ¢ompares with $19.063.817, or $1.45 a ®harc in the like 1931 period ' Thomas Nelson Perk a director in | #he American Telephone & Telegraph | ke has been elected a director of w's, Inc.. to take the place of Har- ey L. Clarke. | + Definite announcement that the| Glass bank bill will be taken up in the| #Senate on January 5 was cne of the ost important news items of the week banking circles. # German Firm Retiring Bonds. BALTIMORE, December 17 (Spe- ¢ial).—Retirement of close to 40 per eent of the $25,000,000 in securities of dhe Stinnes Cos. of Germany, sold in fhis country in 1926, has aiready been effected, it was announced in a state- gcnt just issued by Halsey, Stuart & 0., local fiscal agents for the com- panies. In October, 1926, $12,500,000 Hugo Stinnes Corporation 10-year 7 per cent gold notes and” $12,500,000 Hugo Stinnes Industries, Inc., 20-year 7 per cent gold debentures were sold to the public. Up to August 31 of this year, $9.838,000 of the securities had been redeemed or were held for redemption. aving only $15,162,000 outstanding at he present time. » The two organizations control a wide Yariety of business interests in_Ger- many, and both operate under Mary- dand charters. k e . U. S. TREASURY BALANCE. By the Associated Press. ¢ Treasury receipts for December 15 Swere $788.314,278.77; expenditures, $586,- ©69,248.62; 'balance, $704,912.416.46. Customs duties for 15 days of Decem- er were $11,273,056.55. k & 457 19'% 18% 57 16 64 331 61% 104 NT pt (6). Chrysler Corp (1)... Coca-Cola Co (7).... Colgate-Palm-P (1). Colo & South 1st pf.. Columbia Gas (bl).. Columbia Pic ctfs. Columb Carbon (2).. Commercial Credit. . Comel Inv Tr pf 635. 2 Comel Solv (60¢).... Comwlth & Southn. . Comwlth & Sou pf(6) 2 Congol-Nairn (60e). Consol Cgrprpf 6%. Consol Film. ... Consol Film pf...... Consol Gas N'Y (4).. Consol Gas NY pf(5) Consol Laund 50c. .. Cgnsol Of1 Corp. Consol Textile. Container Corp (A).. Contl Baking (B).... Contl Baking pf (4). Contl Can (2)... Contl Insur (1.20). Cont Motors. Contl Ofl (Del) Corn Products (3). Crown Cork & Seal Cuhan-Am Sugar. 4 Cuba Co. . Curtis Publ 1 | +%| NEW YORK, December 17 (#)— | Extra. Pe- Pay- Hldrs of Company. Rate. riod. able. record. i Mat] Bk (Memphis) $1 .. Un N Bk (Wilm).$2.50 Initial. Am El Sec pf new.10c Increased. Pullman Corp ( Pure Oil. . 4% Purity Bakeries (1 2'3 Radio Corj 3% Radio Corp pf 113 Radic-Keith-Orph. 2% Real Silk Hosiery. 1 Remington-Rand 113 Reo Motor Car. 1% Republic Steel. 2 Revere Copper 40% 26'% Reynolds Tob B (3).. 1% % Richfield Ofl. 12« Roval Dutch. ERSAY a3 B F S wunnDnnmare LR N .15 | Interim. Brit-Am Tob Ltd..10d .. Jan. | Reduced. Amer Bank & Trust INew Hav N S f!.‘_f EIF F ¥ Jan | Jan. 2 Dec St L-San Francisco St L-San Fran pf. Schulte Retail Stores Seaboard Air Line. Seaboard Oil Del 40e. Sears Roebuck. Seneca Copper. ... Shattuck(FG) (50¢). Shell Union Oil. Simmons Co. . Simms Petrolm (25¢) Skelly Oil. . Socony Vacuum Solv Am pf ww (53 So Port Ric Sug 1.60. Southern Cal Ed(2). g Southern Pacific. .... Southern Railway. Southern Railway pf Standard Brands (1). Stand Brands pf (7). Stand Gas&El (1.20 Stand Gas&El pf (4 Stand Gas&El pf (6). Stand Invest Corp. Stand Ofl Calif (2).. Stana Oil Kansas Stand OIl N J (12). % Sterling Secur (A). % Sterling Secur pf. 17 Stewart Warner 4% Stone & Webster. 215 Studebaker Corp. 24% Sun Ofl (k1) 1 _Superior Of1 6 Telautograph (1) 9% Texas Corp (1).. 12 Tex Gulf Sulph (2) 14 Tex Pacific Coal&Oil. 214 Tex Pacific Land Tr. 2 Thatcher Mfg Co 7% Thermoid Co. 3% Third Avenue. 2% Thompson Pro ¢ 2 Tido Water Asso Ofl. 7% Timken Roller Bg(1) 214 Transamerica Corp. . 5% 115 Tri-Contl Corp...... 311 _19% Tr.co Products(2%). 36% 15% Un Carbide & C(1.20) 15% 8 UnOilof Calif (1). 9413 27% Union Pacific (6).... 71% 40 Union Pacific pf (4). 34% 6% Unit Afrcraft....... 5713 30% Unit Aircraft pf (3). 18 65% Unjt Carbon 14 315 Unit Corp (40c) 20 Unit Corp pt (3). 2% Unit Electric Coal 10% Unit Fruit (2).. 9% Unit Gas&Im (1.20) 70 Unit Gas&Im pf (5).. 3% Un't Piece Dye Wks. 6% U S Distributing pf.. 26 US & Forn Sec pf. 84% U S Gypsum pf (7). % U S Hoffman 3% US Leather 1% U S Rubber. 21% U S Steel 5115 U S Steel pf (7). 55 U S Tobacco (4.40). 2 23 Univ Pic1st pf (3).. 1308 1% Util Pwr & Lt (A). 3 23% 5% Vanadium Corp. 42% 15% Van Raalte 1st p 69% 20 Va-Car Chem 7% pf. 4% % WabashRR.. 6 1 Wabash pf (A). % Warn Bros Pictures 1% Warren Bros. T% Warren Found .. 8% Wesson Oil & Sn (1). 25 West PaElec A (7).. 661 West Pa Pwr Df (6). 3% Western Dairy pt A, 14 Western Maryland. 12% Western Union,..... 9% Westing’se Air B(1). 15% Westinghouse Elec. . 3 Jan. Cit: Jan. | y City) c | Mountain States Pow 7% cum pf s Phila Insulated Wir Resumed. Cagtral Firetw Co of ate-Md ... 10¢ .. | Richardsen Co 3 Seulanmon-To vaoHNwNew® w0 O DOwd o Jan | Feb. + Jan Dec. Dec. Dec: 20 | Q Jan. 15 Dec. 3 1 Deferred. | Cunard 8 S pf.. . .Div due at this time | Reculs | 14 | Amer Hard Rub pf__§ | Am Tn Bot 77 pt. 87" ' | Amoskeag Co 'pf Bt B & C omobile Belt RR & 5t'¥a 66! Stock. +1 - avuEnBonZaweBa o Railways Corp .. FEEF FEF & OPES 1 315 Cutler Hammer. 814 Del Lack & Westn. .. 11; Denver & RG W pf.. 12 Diamond Match (1).. 5 Doug Alrcraft (75¢). 23 Drug Corp (4). Dupont de Nem (2).., ‘RR pt Bnks. . e R . p! : Burco Inc pf 35'% Eastman Kodak (3).. 3 Eaton Mfg Co. E 815 Elec Auto-L (1. 7 Elec & Musical Instr. 2% Elec Pwr&Lt....... 10% Elec Pwr&Lt pf 2.33. 12% Elec Storage Bat (2). 25 Eng Pub Sve pt (6).. 2 Erie RR2d pf. 1, Fashion Park Asso.. 112 Fashion Park As pf.. 13; Federal Mot Truck 1, Federal Screw Wks.. 3 Fed Water Service A, 6% Federal DeptS(60c).. 6 Fidelity-Phoen 1.20.. 10% Firestone T& R (1).. 45 Firestone T&R pf (6) 35 First Natl Stores 2%. 1 Fisk Rubber........ 10% Fourth Nat Inv 1.10.. 1 FoxFilm (A)....... 10 Freeport-Texas (2).. 915 Gen Am Tank Car(1) 102 Gen Baking (2) 5 11; Gen Cable (A). 812 Gen Electric (40¢)... 10% Gen Elec spec (60¢).. 195% Gen F00ds (2)....... % Gen Gas & Elec (A).. 28 Gen Milis (3) . 7% Gen Motors (1) . 4 Gen Outdoor Adv (A) 1 Gen Public Service. . 61 Gen Rwy Signal (1).. 2 Gen Refractories.... 10% Gillette Saf Raz (1). 45 lotte Saf 1t pf (5) 4 Gimbel Bros. 7 Gimbel Bros pf Glidden Co. .. 23 Gobel (Adolf). 814 Gold Dust (1.60 2% Goodrich (B F) 5' Goodyear Tire&Rub. 7l Gotham Silk Hoslery 501 Gotham S H pf (7) 1 Graham-Paige. 31, Grand Unlon.... . 6% Granite City Steel(1) 141 Grant (W T) (1)..... 513 Great Northern pf... 3% Great West Sug. 15 Grigsby Grunow 3 & Hahn Dept Stores. .. Tix Hahn Dept Stores pf. 31 Hall W F) Printing.. % Hartman Corp (B). % Hayes Body. .. E 57 Hershey Choc b 5 Holland Furnace 1% Houston Ol (new) 5 Howe Sound (40c)... 2% Hudson Motor Car... 115 Hupp Motor: 4% Illinois Central 15' Illinois Cent11 % Ind.an Motor Cycle. . Ti Industrial Rayon (2) 14% Ingersoll-Rand (2).. % Inspiration Copper. . 3% Insuranshares (Del) 1 Insuranshares (Md). 214 Interboro Rap Trans. 15 Interlake Iron. . 1% Int Carriers Ltd 20c. 13 Int Combustion 23 Int Comb pfctfs..... 10% Int Harvester (1.20). 68% Int Harvester pf (7). “ Capada Pac | carnat”co ¥ bt Cen T (Harrisbe) $3 FEF 13% 397% 2 13% 18Y% 26% | Com Disc_Cal | Smosprpse: o Conn’ Gas & C Sec Do. weSaman + 1 0 DDOODOOONDWOD DOOLOVNNNNOD e ” -9 treal) ~ pf 5 Div Tr 8h orig sel | ._ser. c. Dom Bridge 1 EEERE + 1 L++ 1+ sxsesf 527 8 &5 N A+ First First N B (Jersey C) .50c (Memphis) . $:3 n ++ +1 1 el R [l s % @ 3 BeBeSmd o @UOOOODOLUBOOOOLNNNOLODD o e 'S SisrsssPefrssrssrasees 1 10s 101% 1% 6% 415 Il e s S 5 s VRO i et e bt b 0080 b s 18 O D en Ot B it e Do 6% i Northw Natl In Pacific Commerci Panama P & L 7% e l44++ 1+ A b & TH% ¥ 9% ERURIR RENERENY ¥F PO @ @ LV +l0 Sxsssserases # o 3 PP TPT 1T Y CPNPRC O PPy 2 ++1U1+00 REEREEe 8 2913190 TIRENEY FNNER & 45% 57 26% Wrigley (Wm) (3).: T% 1% Yellow Truck. 9% 4 Zonite Products. ren in the above table the annual cash PATD e Aed o the. Intest QUATLERY. o RAL{-YCATIS deciatasionn *Unit of trading less than 100 res. tPartly extrs. iPlus in stocl 'a year—no l!;\lh’ rate. b Payable in .yable in or stock. {Plus 8% l{%f‘i. ;l"\ll TFhis 5% in sock: " e P stock, 1 Plus $1 In special preferred yesr—no regular rate. bt ) weluwennth o %8 A careful examination of the more for the month of November shows that | during the course of the last six | month. Among the latter have been the national election, the convening of Congress, the uncertainty and appre- verse Supreme Court decision regarding t&e right of Texas to restrict the flow | of ofl, the collapse of the copper con- ference snd the sharply accentuated | budgetarf _difficulties of many local | overnments. | ¥ “Busipess has taken all these on Lhk‘ of gais still left over from the super- seascaal spurt of the late Summer and early Fall. ecopcmic series, just completed by Bradstreet’s Weekly, shows that busi- ness throughout the country, after giv- ing proper weight to the three funda- mental fields of production, distribu- tion and finance, shows a decline of but 0.1 point for the month of Novem- ber. This is caused entirely by a severe drop in the composite index represent- ing finance consisting of stock and bonds sales, dividend and interest pay- ments, money rates, new financing, bank debits in New York City and the rate of circulation of the deposit dollar in the financial metropolis.” A study of 25 rundamemall While the sharp drop of sterling ex- | comprehensive reports covering business | change over the past several months has not thus far acted as any great | a resistance line has been established | spur to British exports. the cheapening of the pound has at least been a de- 31 months which has not yielded to the | terrent to John Bull's spending of his =7 | enervating developments of the past| meagre savings for imported goods. ‘The trouble with England’s reaping any great export advantages through the depreciation of the pound has been that | hension over theintergovernmentaldebts, | other countries also divorced the gold | a relapse in commodity prices, an ad- standard and their exchanges sank along with sterling. Most foreign observers, however. in analyzing the British situation, arrive at the conclusion that the lowering of the dollar value of the pound, while it may not have brought a boom in ex- ports, at least served partly to check | chin apd refused to yield the residue | the rate cf decline of foreign sales. —_— Bank of England Statement. LONDON, December 17 (#).—The | weekly statement of the Bank of Eni land shows the following changes in | pounds. Total reserve decreased 6,- 1 678,000, circulation increased 6,594,000, bullion decreased 84,000, other securities increased 256,000, public deposits in- creased 15,000, other deposits decreased 11,046,000, notes reserve decreased 6- 504,000, government securities decreased 11,595,000. The proportion of the bank's reserve te liability is 33.31 per cent, compared iwith 33.77 last week. Rate of discount, 2 per cent. Trade Reports at a Glance. By the Associated Press. NEW YORK, December 17.—Tabloid Teview of wholesale and retail business conditions, as reported to Bradstreet's this week from the follow- ing centers, on the basis of comparisons with conditions in the same areas in the corresponding week last year: Whiolesale and Job trade, Pittsburgh Chicago . Cleveland . Detroit .. Indianapolis Louisville Milwaukee Des Moines Duluth .. Kansas City . Minneapolis Omaha . St. Louis . St. Paul Baltimore . Retail trage. Quiet. Good Quiet Quiet Manufacturing and industry. Quiet Coltec- tions. Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Fair Quiet Quiet Fair Quiet Quiet Quiet Quiet Fair Fair Fair PITTSBURGH.—Continued cold weather accelerates demand for coal and coke; glass production far below 1931; steel operations on 15 per cent basis; no increase in railroad buying: retail holiday trade at Uniontown brisk. CHICAGO.—Holiday buying nearing peak; release of automobile orders enlivens steel industry—prospects for increased rail orders favor- able; freezing weather causes active demand for coal and more employ- ment to miners. CLEVELAND.—Retail trade feeling usual seasonal stimulus; profits low; many large corporations declaring 1-cent dividends to prevent share- holders from paying 5 per cent tax on market value of securities. DETROIT.—Holiday buying fairly strong as result of attractive fea- tures and “sales’ ht seasonal gain in wholesale holiday merchandise: slig] employment at auto plants increasing; State construction main stimulus to building trade. INDIANAPOLIS.—Merchants featuring practical gifts, with sales volume fair; stocks lowest in years: facturing activity on_dovmtrend. LOUISVILLE.—Tobacco manufa merchants disappointed with holiday well as other electrical devices, seasonally active; groceries eqt volume. but dollar value continues MILWAU! retail coal sales on upgrade; manu- cturers continue to operate overtime; movement; floor and tablg lamps, as = 11931 in off. KEE.—Domestic fuel demand stimulated by colder weather; wholesale buying confined to immediate needs; retail holiday buying more pronounced; municipal construction DES continue disappointing. DULUTH. below a year ago; building and suppli MOINES.—Christmas buying about equals 1931; footwear and hea: goods and notions jobbers’ orders ma relieves considerable unemployment. of moderate-priced necessities clothing selling fairly well; dry ly fill-ins; farm commodity prices .—Holiday buying nearing peak; wholesale movement far e virtual ies inactive; manufacturing at standstill; lake movement about over: collections backward. KANSAS CITY chases confined to necessities; lead flour mill orders extreme! to carry wheat crop through. MINNEAPOLIS—A] —Merchants’ holida; 1y light; wheat prices weak; moisture of holidays stimulates demand for whole- y volume moderate, with pur- and zinc production exceeds sales; insufficient sale groceries, produce and clothing; retail necessity lines find volume to 1931; probable return of beer encouraged rehabilitation of breweries; flour market OMAHA - wholesale dry goods in arge, but actual buying below better demand; drugs gain over previous itions: month; grain receipts and prices low; cold weather increases burden of welfare soctef ties. ST. LOUIS.—Christmas buying gradually its peak, with indi- reaching cations that net volume will exceed last year; toy and novlety producers’ fill-in orders far exceed expectations; lead belt and output at low ebb. ST. PAUL—Wholesale footwear, equal 1931 in volume; retail distribution leather and plumbin unsteady apparel and electrical supplies about far below expectations; harness, ies 3 BALmOR!,—glflop}Idly% buying nearing peak, unit sales hing last ; low-priced staple articles cn{mm&"&mflm t:pllmmn.r civic groups protest 1933 tax rate. in best demand; men's | ment of the banks to the controller of the currency and to State banking au- thorities was notable for the expansion that had occurred since June 30 in Government short-term paper. When | the December 31 report is available, it E} Ellgle unhkel);zgm! another increase asury certificaf v ookl s tes and notes will It is understood that before the De- | cember 15 offering of Treasury paper | was announced last week, a number of | the large New York banks and trust | companies indicated to the Secretary of the Treasury that they would be | willing to subscribe to between $300.- 000.000 and $400.000,000 in long-term Government bonds. It was also re- ported that the life insurance com- panies have available something like | $200.600,000 which they are anxious to | place on a long-term basis and would prefer Government securities. Experiment Is Urged. The value in at least trying the ex- periment of a long-term Government | loan weuld be in educating the public | to the safety of United States Govern- | ment bonds as well as their productivity | In income. for it is assumed that a long | maturity would carry a rate of at least | 3!z per cent. At the same time there would be started a program of red | ing the short-term debt and providing |a source of money supply other than that which has been confined to the banks and large corporations. When money rates begin to advance under a revival of business, they will obviously sell out their low interest-bearing paper and by so doing considerably unsettle the market for all Government loans. On the other hand. a general distribu- tion of long-term bonds with the pub- lic would lessen any such contingency. 'REFRIGERATOR SALES | SHOW GAIN IN YEAR Census Bureau Reports Increase in Business During 1931. Figures Given. By the Associated Press. One important American industry, | mechanical refrigerators, registered an | increase in 1931 as compared with the | peak year 1929. | The Census Bureau reports that s preliminary tabulation shows the valus | of all refrigerating machines using re- | frigerants other than ammonia mads last year amounted to $156,211,388, an | increase of 3.9 per cent as compared with $150,309,209 reported for 1929, the last preceding census period. The total production of domestic elec- tric refrigerators, complete with cabi- nets, in 1931 amounted to 808,504, va!l- ued 2t $101,663.647. These figures rep- | resent an increase of 34.2 per cent in |number and a decrease of 1.4 per cent | in value as compared with (02,370, val- ued at $103,085,042, reported in 1929. e BROKERS’ LOANS GAIN $1,000,000 DURING WEEK Special Dispatch to The Star. NEW YORK, December 17.—The weekly statement of the Federal Re- serve on broakers' loans shows an in- crease of $1,000,000 to $392,000,000 during the week ended December 14. This compares with the low of $331,- 000,000 on July 27 and with $662,000,- 000 on December 16, 1931. Loans for own account amounted to $377,000,000, compared with $376,000.- 000 a week ago. Loans for out-of-town banks were unchan at $12,000,000 and loans for account of others were also unchanged at $4,000,000. Demand loans constituted ~$232,000,000 of the total against $234,000,000 last week and time loans = were $161,000,000. against 158,000,000 a week ago. The New York Fedcr-i Reserve Dis- trict rediscouqt rate r~- 'ns unchanged at 212 per cent. Copper Prices Firmer. NEW YORK, December 17 (®).— Copper in the export market showed a firmer tone today, sales being re- ported at a 5 cents pound. ' This com- pares with a low of 4.85 cents follow- ing the collapse of the International Copper Conference last