Evening Star Newspaper, December 24, 1932, Page 15

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FINANCIAL BONDS BONDS ARE LOWER INSMALL TRADING Market Average Has Lost Nearly Two Points During Past Week. BY CHARLES F. SPEARE. Bpecial Dispaich to The Star. NEW YORK, December 24.—Im- provement in a few bond issues today was not sufficient to change the general picture of the market, which again suf- fered from liquidation under which a number of new low prices was reached. The average of the market in the past week has declined nearly 2 points, representing the heaviest loss for such & period in several months. The best gains in the railroad list were in the Baltimore & Ohio issues, which rose 1 to 2 points, and in New York Central refunding 4':s and 5s, whose gain amounted to 1 to 12 points. On the other hand, Rock Is- land_refunding 4s were heavy under 20, St. Paul 5s broke below 14, Nickel Plate 4,5 were lower than they have been before and Northern Pacific 6s lost a point. The International Telephone & Tele- graph 4!2s and 5s continued their de- cline. Western Union 6'!2s were down 21> points on one transaction. Texas Co. 55 lost a small fraction, while United Drug 5s moved above 60. There was some improvement in Ar- gentine loans, with German 5'2s and 7s off fractionally. Japanese 5!5s were down a point and Vienna 6s, which are in default, were up 1l _points, or at a premium over German 5!5s. The United States Government list once more reflected the transfer of funds out of securities of a_poor char- acter into Treasury loans. Treasury 4s duplicated their previous high price of the year and Treasury 3s moved up 3. ‘The rate of 0.09 per cent, at which the $100,000,000 of Treasury bills were bid in on Friday, suggests that the Government will soon be able to w_short-term money for almost nothing. This makes the case of the Reconstruction _Finance Corporation, which charges from 3 to 6 per cent, according to the borrower, one for which there is little defense. VIRGINIA TOBACCO EXPORTS SHOW GAIN Sales Are Larger Than in 1931, but Below the Five-Year Average. By the Assoclated Press. RICHMOND, Va., December 24.—EX- ports of Virginia fire-cured tobacco from January to October this year totaled 12,397,000 pounds, as compared with 9,852,000 pounds in 1931, Depart- ment of Agriculture figures showed. Exports this year, however, fell con- siderably below the 1926-1930 five-year average of 17,397,000 pounds. The quaniity’ of unmanufactured tobacco exported since July 1 has com- pared favorably with that of the same period in other years, due largely to increases in the exports of flue-cured tobacco to China, where the shipments nermally are of low grade. The indicated consumption of tobac- co products in 1932, the department said, still shows a decline in compari- son with 1931, both in the United States Europe, where 75 per cent or more he tobacco produced in this coun- ¥ 15 consumed. Recently the rate of decline appears to be slower than earlier in the de- pression, the department said, espe- cially in the case of cigarettes. Also the tendency for high-priced products to be reduced more than the cheaper ones has been continued. Reports of the commissioner of internal revenue indicate that for the period January to October consumption of the dif- ferent classes of tobacco products in the United States this year declined from 1931 as follows: Cigars, 17 per cent: cigarettes, 9.8; manufactured to- bacco, 5.1; and snuff, 11.1 per cent. IMPROVEMENT IN BANK CLEARINGS IS REPORTED By the Assoclated Press. NEW YORK, December 24.—Bank clearings show further improvement for the week. Not only was the total well above that of last week, but It was also substantially higher than that of the week before. Where the clearings total for last ‘week was nearly 40 per cent under that of the corresponding 1931 week, the current total is less than 30 per cent under that of the same week of last year, The improved showing is due in part to the fact that different dates were included in the two weeks. This variation is eliminated in the average daily figures, which show 1932 clear- ings uniformly under those of 1931 for December, but which also show moder- ate improvement over the earlier months of the year. The bank clearings total for this week for the principal cities, as compiled by R. G. Dun & Co, is $4,713,658,000, which is 295 per cent under the $6.- 687,521,000 reported for the correspond- ing 1931 week. The total of New York City clearings, 30.1 per cent under the 1931 figure, was $3,270,039.000. The principal cities outside of New York City had clearings this f 1,443~ 919,000, 26.4 per cent I than _they Teported at this time 1 few of the Southern c his week, n are greater at the other large cities, particularly at New York, Beston, Chicago, Detroit and San Fra; Figures for leading centers, as com= piled by R. G. Dun & Co., showing de- Ccreases and one increase as compared with same period a year ago follow: (Totals in thousands.) Week Do Per cent. Boston .. 3 Philadelpt Baltim Pittsbu Buffalo Por-tland .. Seattle . TORRTN ol i $4,713,938 Average Daily. December to date...$735,574 November . 678,686 = 462 . 933,396 . 35.0 YULE DINNER PLANNED @pecial Dispatch to The Star. DANVILLE, Va.,, December 24.—Be- tween 70 and 80 inmates of the city 3ail will be served a special Christmas dinner tomorrow. City Sergt. Joe Stewart has announced he would per- etuate the custom iritizted y: 220 v his predecessor, the late rgé P. H. ‘who served for over ) yoars, HnQUYSOUASES. 8 4N 43N 4 UNITED STATES. (Sales are in $1.000.) Lib 3%s 82-47. Lib 1st 4% s 32. U S 3s51-55 US34%s US3%sM4 US3%s43-47... USdsa4-54..... US4%s47-52... Abitibi P&P 58’53, Alleghany 5s *44 Alleghany 5s°49 Allegnany 65 '50 Allis-Chalm 5s'37. AmF P 5s2030.... Am1GCh5%8'49 Am Intl 514s°49... Am Sm&Ref 5s 47, Am Sug Ref 6s'37. Am T&T 41339, Am T&T c tr 5s ™. Am T&T deb 5360 Am T&T deb 55 °65. Am T&T 5%3"43.. Am Wat Wks 5s'34. Am Wr Pap 65 '47. Am Wat Wks 6s ‘75 Argentine 514s°62. Argent 6s ‘61 May. Argentine 6s '59 Oc Argentine 6s A '57. Argentine 6s B '58. Arm & Co 4%8'39.. Arm Del 5%s 43 At] Gulf&W158'59. Atl Refdb5s'37... AtICL un 413s "t Atchison gn 4s 95 Atchison 414s'48.. Australia 5s°55. Australia 5s°57. Austrian 7s'57. B&O4%4s'33 1B&O 413860 B&O 1st §s'48. B & Oref 55'95. B&Orf 55D 2000. B&Orf6sC'95 B&OP&WYV 4s Batav Pet 4 Belgium 65 ‘55 Belgium 615" Belglum 7s ‘55 Belgium 75°56 Bell Tel Pa 5s Berlin Cy El 65’55 Beth Stl pm 5s ‘36 Beth Stirf 55 Bolivia 75°58. Bolivia 7s '69. Bolivia 8s'4 Bos & Me 55’5 Bos & Ms 536 Brazil 6138 '27 BrazilCR 7s'52... BKlyn Ed 5s A 49.. Bklyn Elev 63%s. .. Bkiyn Man 65 A ‘68 Bklyn U Gas 5s°57. Budapest 6s'62. Buenos A R 65 BR & Pitts 43 Bush Ter con Calif Packing 65’40 Canada 4s '60. Canada 4%s'36 Canada 5s '5: Can Nat Ry 412551 Can Nat Ry 412857 CanNat 4% '68.... Can Nat Ry 4%5s'55 Can Nat 5569 July Can Nor db 614846, Can Nor deb 75 '40. Can Pacab 4s..... Can Pac 4148’46 Can Pac 4%5'60 Can Pac 5s'44 ctfs. Cent 111 E&G 5s '61 Cent Pac 1st 43°49. Cent Pac 5360, Cen Ry NJ gn & Cert-td ab 53 Ches Corp 5347 C&Ogen 48’92, C&O4%sB'95 CB&Q4%4s Chi & Est 111 5 Chi Grt West 48'59 C M & StP gn 45'89. Chi M & StP 4%sC C M StP&P 58 '75.. 42. Chi&NW rf 55 2037 Chi & NW 638 '36. Chi RI&P gn 4588 Chi RI&P rf 45°'34. Chi RI& P 4%s'52 ChiRI4%8°60.... Chi Un Sta 43,363 Ch! Un St 5s'44... Chi Un Sta 53 B'63. C& W Ind cn 4s'52. C& W Ind 5%s'62. Chile 65°60. Chile 6s'61. Chile 63 '61 Chile 6s ‘61 Sept. Chile 75 *4: Chile Cop Chile Mtg Bk 6s ‘61 Chl Mtg Bk 618 '57 Chl Mtg Bk 6%s '61 CCC&St L 4% SETT Colomb 6s '61 Jan.. Colomb 6s '61 Oct. . Colo & Sou 4% '80. Col G&E 51 °52 May. Col Gas & E 5s'61. Com Inves 5%8'49. Con Gas N Y 585 Con Pwr Jap 6%8. Cuba 53%8°45. Cuba R R 15t 55 52 Cuba Nor 5%8 '42.. | Del&Hud ref 45°43. Del & Hud 5%s'37. Denmark 4% '6: Denmark 6s42. ... D& RGren 4s'36, D&RG W 5s'55.. Det Ed43%sD’61. . Det Edison rf 55'49. Det Edison £s'52., Dodge Bros 6s'40.. Donner Stl 7s 42 Duquesne 4% A ‘67 DEI5%s 53 Mar. Dutch East I 65'47. Dutch East 16562, East C Sug 7%s'3 Erte Con 45 '96. Erie gen 4596, Erieref 5567 Erieref 53° Finland §13s'58. Finland 6s’45 Finland 6138 '56. Fla E Coast 55 ‘T4 French Gov 75 '49.. French Gv 7%8'41. Cen Baking 5145°40 Gen Motors 63 3 Gen Th Eq 6540, .. Ger Cent Bk 68°38. Ger Cen Bk 6560 3 ier Cen Bk 65 °60 O ‘en Bk 7s .. n Elec Goodrich 68 '45 Goodrich 614547 Goodyr Rub 58" Grand Trunk 6s ‘36 Grand Trunk 7s 40 Gt Brit&Ir 5 37 76. Grt Nor gn 7836, Hudson Coal 68 ‘62. Hud & M rf 58 '57.. Humble Of1 65 '37.. 111 Bell Tell 55 °56. . 1l Cent et tr 48 '53. 111 Cent rf 4s '55. 111 Cent 4% '66. ... 111 CCStL&N 4%s. Int Rap Tr rf 5s°66 Int Rap Tr 7s'32 Int Cement 5s 48 Int & G Naj 6s'5: Int Hydro E1 65°44. Int Pap ref s A'4T. Int Tel&T 433 '39. IntT&T 438’52 Int T & T 63°65, Italy 7s ‘51 Italy Pub 7 Japanese 5% Japanese 6%: . | Kan CF s&M 4538 Kan C PGL 435 ‘61 Kan City Sou 3s°30. - - ReN RN H S B UAR AN DD UND A s b N 994 1 » wSen E LTI ESTSPRSEE Y [SYSRT I LTI o [T O RRe RS ORwD w, = NeaRamSoware =~S aaIaeni Rl SN wamN oo EeBrormm B oo SR w anERehs - " (YT PRRTH- 1 PSSP @ 12 High Low. 102 20 102 30 1029 1025 Lib 4th 43 833-38 1042 10328 9715 9718 992 US3%sJ40-43.. 1024 10131 1028 1022 10610 106 4 109 19 109 19 Sales. High. 11% 2 61% 46% 103 54 1 ON NEW THE EVENING STAR, WASHINGTON, BOND BUYING AIDS [CURB SHARES GAIN | [ . YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Close. 10220 025 1042 9715 994 1024 11% 25 19% 8 6% 1024 1028 10610 109 19 Low. Close. 11% 25 20 103% 1 54 Low. Clase. 89 8 91% 91% 2 26 59 1 Karstadt 6s 43, Kresge Found 6; s 5 Kreug & Toll5s'59. u 88% 62% 5 5% 3 852 Lautaro Nit 6s '5 Leh Vi Loew's 6s41...... L&N4%sC2003.. McKes & R 5%s'50. Manhat Ry cn 4s'90 Market St 78 A *40. Midvale Stl 53°36.. Milan 6%s ‘52 .12 M1l E Ry&L 68 '61. Mil E Ry&L 58°71. MSP&SSM cn 4s ‘38 MSP&SSM 5%s 78 MK&T4sB62... MK & T adj 5867, Mo Pac gn 4s'75. .. Mo Pacrf 55 A '65. Mo Pac 5s F'77.... 3 Mo Pac 5s G '78.... Mo Pac 5s H '80. Mo Pac5sI°81.... Mo Pac 5%sA'49.. Nassau Elec 43 ‘51, Nat Dairy 5%s'48. Nat Steel 5s°56 NEng T 1st 5 N J Power 463 NOT&MGY%s"54. Nw S Wales 58 '58.. N Y Centdb 4s'34. N Y Cent 45 "42. N Y Cent 4598, N Y Crf 435 20 NYCr£6s2013... N Y Cent db 6s°35. NYC&SIL 41578, NYC&StL515SA'T4. N Y Edison 5s B'44 N Y EL H&P 4549 NY NH&H 4s°67. .. Y NH&H clt 6s'40 NY O&W gn 4s'55. NY O&W rf 45°92.. NY Rys Inc 6s'65. . 2 N Y Tel gn 4%s'39 NY W&B 4365 '46... Norf Sou rf 53 '61.. Nor & Wnen 4596, North Am Co 5s'61 rAm E 51563, rOT&L 6s47. r Pac gn 3s 2 r Pacr 1 6s 2047, 5563 2 6543 Norway 6344 Norway 6s ‘52 Ore Sh L 5s gtd Pac G&E bs - Pac T&T 1st 58'37. Paramount 6s ‘4 Param-Pub %850 PeaoN B o Penn 5s '64. Penn gen 55 '68. Pere M 1st 4s Peru 6s'60. Peru 6s°61. Phila Co 55 '67. Phila Elec 4s'71... Phila & Read 63 '49 Phillip Pet 5% 8°39 PillsbF M 6s Poland 6s '40. Poland 7s 47 Port Gn E14% Pos Tel & C 53 '53 Prussia 6s'52 Prussia ¢ Public Serv 437 PubSv G 414867, Queensland 6s '47.. Read 4348 A'97... Rem R 5% 5A4Tww Rhinelbe U 75 "46. . Rhine Ruhr 63'53.. Rhine West 68 '55. . Rich Ofl Cal 6s "44.. Rio de Jan 6133753 RioDeJan ext 8s'46 Rio Gr W 1st 4539 RIAr&L4%s’'s4. Rome 6%s°52 StL IM R&G 45'33 StL&SF4%s St L&SF 53 B '50. ;San A& AP4s'43 n Boa—Nonvnare » neoablemad Grnavantn~nBaa " Seab A Lirf 4s'59 Seab AL 65 A '45. Shell U Of 55°47. Shell U O 55 '49w: Sinc 01l 7s A '37 | SincCro 538 | Skelly O11 5% Sou Pac col 4s°49.. Sou Pac 4%s'68... Sou P 43569 ww. Sou Pac 4%s ‘81 Sou P&OT 4% 8A’ Sou Ry gn 4s A'56 Sou Ry 58 ‘94 Sou Ry 614866 SW Bell T5s A StO1 N J 6846 StOINY 4% Studebaker Sweden 5%s Tatwan EP 6348’71 Tenn Cop 6s B 44.. Tenn E1 P 68 A '47.. Tex & Ark 5%s5'60.. Tex Corp cv 58 44., 8 Tex&P 1st 58 2000 Tex & Pac 68 B'7T.. Tex & P 55 C'79 Third Av 1st 58" Third Av adj 58°60. Tob P NJ 6%s 2022 Tokio 5852, svsee Tokio 5%5 '61. . Tokio El Lt 65 ‘53 Un EIPSL ref 5s'33 Union El L&P 5857 Un Pac 1st 43°47... Un Pac rf 48 2008 Unit Drug 58 ‘63 U S Rubber 5847 UnStWé% UnSt W 6%sA’ Ud St W 6%s C'51. Uruguay 6s '60. Uruguay 6s '6 Utah P & L 53"44 Ttil Pw 58°59 ww... Util Pow 5%s "47.. Vanadium St 55’41 Vienna 68°62..--- Wabash 41s'78. Wabash 1st 5s 39 Wabash 55 Wabash 53%s 7 Walworth 63 A Warn Br Ple 6s'39. Warren Bros 6s'41. Warsaw 78 °5 West Eldb 5s ‘4 t Ma 1st 4 t Ma 5345 | West Pac 5s A "46.. est Un cl tr 5538 t Union 58 '51. West Union 58 '60.. West Un 6% '36. Westphalla 65 53 Wh&LEcn4s'49, Wh Sew Mch 6s '40 Wil & Co 15t 63 41, Yokohama 6s *61 Yestn S&T 68 1s Markets at a Glance NEW YORK, December 24 (#).— Stocks steady; holiday dullness prevails. Bonds {rregular; United States Govern- ments higher. Curb steady; list stag- nant, Forelgn ges irregular; Prench franc steadies. Cotton, sugar and coffee closed. Winter Aids Coal Producers. NEW YORK, December 24 (#)—~The old-fashioned Winter is helping the conl producers, even if it has not had any effect on the coal securities, The anthracite people anticipate & lar tonnage movement in the first quarter of next year than a year ago. The price structure is said to be very firm. Even the oil industry. menaced by price cuts GERMAN INDUSTRY Some Firms Make Up Loss on Sales by Purchasing Securities. By the Associated Press. NEW YORK, December 24—The uhnrgoglmunu at which German dol- lar ds have been selling in New York have permitted German industrial co?eerm. 'upon occasion, to work an in- vol undersell competitors in foreign mar- kets by offering their goods at prices actually under cost. ‘This has been possible because of the fact that German bonds in New York have been selling sharply below prices for equivalent bonds in Berlin, as & result of the severe restrictions which the Reichsbank has placed on foreign exchange transactions. Ordinarily, a German investor who has funds in Germany is not permitted to transfer his money to buy securities abroad. The Reichsbank has upon occasion, however, permitted German industrial concerns to use funds received in pay- ments for exports to purchase German bonds in New York and other foreign markets. They may then transfer the bonds to Berlin and sell them at a ved transaction permitting them to! much higher price. According to Wall Street bankers, German industrial concerns may there- fore contract to sell limited amounts of goods abroad at substantially less than cost and make up the difference through the bond transactions. This gives the German concerns a striking advantage in the world strug- gle for trade. While information is lacking in Wall Street as to how much business had been done on that basis, it was under- 8, |Stood to have been small, for the Reichsbank is exerting every effort to .| get foreign exchange to “meet the charges on the Reich’s external debt. German firms selling goods and serv- ices abroad are compelled to turn in the foreign_currencies received in payment to the Reichsbank in exchange for Ger- man currency. Only when a concern can convince the German banking au- thorities, it is understood in Wall Street, that it must resort to the bond trans- action in order to place a price low enough to get a contract, will it be per- mitted. Even then the authorities are likely to permit only a part of the pro- ceeds of the transaction to be used to buy bonds in foreign markets. In spite of all efforts to expand for- eign trade, the German surplus of ex- ports over imports has been running this year somewhat under the require- ments to meet service charges on ex- ternal debts. If it were not for other factors, chief of which is believed to have been a steady repatriation of Ger- man capital which had sought refuge abroad during troublesome times at home, the Reichsbank obviously could 3| not. get adequate forelgn exchange to make the payments on | debts. paym her foreign Nevertheless, German dollar bonds « | have had a sweeping recovery since the Lausanne agreement last June, which virtually ended reparations. Several have more than doubled in price. A 1, | number have been making new highs for 1932 in the past few days. Evi- dently the French default on her debt 14 | Payment to the United States on De- cember 15 was regarded as indica that the French wgfl‘uld not seek w“x'l:5 vive the Young plan of - Finite) g pl reparation pay. GOLD PRIGES HIGHER AS SILVER DECLINES Curtailment in Output of White Metal Does Not Force Gain in Value. By the Associated Press. NEW YORK, December 24.—Pulling |in opposite directions, gold and silver, the money metals of the ages, are now |at the top and bottom of world de- | mand levels. | While the 1932 production of silver, | which has recently fallen to a historic |low under 25 cents an ounce, is ex- | pected to be around 25 per cent below | that of last year, it is estimated that the gold output of the world will even exceed the former record mark estab- lished in 1912. During the first nine months of 1932 the United States produced about 10 per cent of world gold production, compared with 73 per cent for the British Empire. Russia’s production amounted to about 7 per cent and the Temainder of the gold producing countries accounted for 10 per cent. The lack of interest in silver is gen- erally attributed to the reduced demand of India and China, which normally absorb about 75 per cent of the world’s demand. In turn, the falling off of this demand is blamed on the shrinkage in value of exports from the Orient brought about by the sweeping decline in prices and trade in the world at large. Baltimore Markets Bpecial Dispatch to The Star. BALTIMORE, Md, December 24— ‘White potatoes, per 100 pounds, 85a1.10; barrel, 1.25al. basket, 25a30; carrots, per 100, 1.50a 2.00; caulifiower, crate, 1.75a1.85; celery, crate, 75a1.75; cucumbers, hamper, 2.50 24.50; eggplants, crate, 2.00a2.75; let- tuce, ' crate, 1.75a2.50; onions, per 100, 75a90; peas, bushel, 1.25a3.00; pum) kins, per 100, 10.00a15.00; spinach, bushel, 40a1.10; peppers, bushel, 2.00a 3550 r:;lbemu. box, l.75fl.gii‘opn|mu, Y ; ta , one-half, D, .00a1.60; umubu:ha 1.5082.50; tomatoes, lug, 1.0083.50; turnj per, 20a25; apples, bushel, 25a1.75. Dairy Markets. Live poultry—Turkeys, hens, pound, 16a17; gobblers, 12a13; old hens and toms, 11al2; young chickens, 10al13; Leghorns, 10a11; old hens, 10al4; Leg- horns, 10; old roosters, 7a8; ducks, 10a 12; geese, 10a13; guinea fowls, each, 15;25: p[gonln‘ up“:a :loals. s cet cases; whites, dozen, 30a32; nearby, firsts, 28; Western firsts, 28; Southern firsts, 27; current receipts, 27. Butter—Good to fancy creamery, pound, 21a26; ladles, 16a17; store packed, 12a13; process butter, 18a19. FREIGHT LOADINGS DROP 4,420 CARS FOR WEEK The American Rallway Association announced yesterday that revenue freight loaded during the week ended ember 17 was 516,796 cars, a de- creaso of 4,420 under the preceding woek and 64,374 under the same week last year. Miscellaneous freight loaded during the week ended December 17 totaled 148,382 cars, decrease of 19,216 below the preceding week and 43,680 under the same week in 1931; coal, 144,758, increase, 20,343 over the week and 24,939 above the correspond- last year; coke, 6,671 cars, in- 225; less than car- 160,112, decerase, 5955 lgnfl ildlfl'”l‘l'vo lw::k,.lr;ld.fla. d’:creue. and 3.960; n ;rod . 26,689, flugu. Z,Ifl"l‘nd 82! forest products, 11,989, decrease, 3,397 and 6,162 and ore, 2,122, increase of ), 89 the week before and 2,100 S e e e B i i e INQUIET MARKET List Closes Firm at High Levels of Day—Utili- ties Featured. BY JOHN A. CRONE. Special Dispatch to The Star NEW YORK, December 24—The Curb Exchange, in one of those dull pre-holiday sessions, finished firmly today. The close was at the high of the day. Bunker Hill-Sullivan Mining, an ex- ception to the general upward trend, eased, following the lowered quotations on bar silver. Cleveland Union Stock- yaras made. no immediate response to the dividend reduction from 375 to 25 cents quarterly on the common. British Columbia Power ignored the shrinkage in earnings reported by the company for the first 11 months of this year. Electric Bond & Share at the end was a trifle higher, but Standard Oil of Indiana and Cities Service were heavy. Pan-American Airways opened up a point. SAVINGS DEPOSITS GAIN IN MARYLAND Increase of $3,267,000 for Year Is Reported by Mutual Banks of State. Special Dispatch to The Star. BALTIMORE, December 24 —Mary- land weathered the depression with an increase of $3,267,000 in savings deposits at the mutual banks, according to the annual report of the controller of the currency. D. C., SATURDAY, DECEMBER 24, 1932. Y. CURB MARKET Recelved by Private Wire Direct to The Star Office. « mm:a‘::w e, men. Low. Close. Alabam Pw pf (7). 20s 63 63 63 Aluminum of Amer3508 li‘é . 2 6% 4 AmCitlesP&LB., Am Cyanamid B... 3% Am & For Pw war 4% Am Founders...... AmGas&El (31).. Am Investors, Inc.. Am Invest, Inc,war. AmLt&Tr (2%).. Am Manufacturing 50s Am Maracaibo. 1 Am Superpower. Am Super 1st pf 6. Am Util & Gen pf. Anchor Pcst Fence. Arkansas NtGs A. Asso Gas&Elec (A) Atlantic Lobos. .... Atlas Utiliti Atlas Utl war. . Auto Voting Mach. - CRSS=L e ) Bulova Watch cv pt Bunker Hill & Sul. . 25 Cable & Wire Brcta Ceat PubSvc A.... Cities Service. Clev Elec Illu 1.60.. ColonOfl..ccee..s Cel G & E cv pf (5). 75 Col O] & Gas vtc. Comwith Edis (5) 1 Comwlth & Sou war 3258 Comstock Tunnel. . Consol Retall Strs. Cord Corp...... Creole Petroleum. De Forest Radlo Detroit Afrcraft Duke Pow (5).. Eastr G&F pf (6). Eastn States Power Edison El Bos({12) Kisler Elec Corp... Bl Bd & Share b6 1 Bd & Share pf 6. Elec Pwr Asso(60c) ElecP&Lt2d pf A Elec Shareholding. Empire G&F 8%.. Europ E1 Ltd A 30c | Fageol Motor. Federated Corp. Tisk Rubber (new) Ford Motor Can A. EYR 0P o 5 1% 171% 1 16% 40% 3% 84 7 3% 14 2% 3% 1% 514 This increase took place during the year ended last June. At that time deposits of the mutuil savings banks in the State totaled $216,195,000, as compared with $212928000 & year previously. The number of depositors in these banks rose from 326,778 to 340,778, but the average amount due each depositor declined from $652.10 to $634.42. The average rate of interest declined from 4 to 3! per cent during the fiscal year. Of the 14 mutual savings banks in the State 12 are located in Balti- more. All reporting banks in Maryland. other than national and postal savings banks and exclusive of Christmas funds, had 814,172 savings depositors. The State banks had 208,790 savings de- positors, with $61,801,000 in deposits, and the trust companies, 262,604 de- positors, with $82,140,000 in deposits. Postal savings banks in Maryland showed a balance of $1,519,686 to the credit of depositors on June 30, 1932, compared with $453,491 a year pre- viously. Drug Inquiry Improves. NEW YORK, December 24 (#).— Dealers in crude drugs reported a bet- ter inquiry for material for delivery early in the new year. BONDS ON THE CURB Sales in DOMESTIC BONDS. Tousands. High 4 Alabama Pow 5s '56 41 1 Alabama Pow b 2 Aluminum Co Low. Close. I R RO B tersta Pw Bs '57.. 59 rs Cn P&L 5s B 47 esge, Bs 45 cf dp xington Ut 5s '52 P & L 55 3 5| 1Y 3 ) A 20 GO OAEDRI bt G158 25 3 NS H RS S ARSI AN G L3 QZ 22222 gR° SIS gy BeREEDEETY 8 £ AN 2002 2 s 3 I3 22220 SEEEE o BAR 20400 Homera®, 78 021 10216 10215 84! 83 84 00% 100% 100% Ly e v 5015 64 g5 *00, , 1 A5 5 & 5 50% 503 91 33, oDt Sgggag 1 49 83 'BONDS. 5 lelol-] SES - 12 B A FaB84R822 .1 SRORR g 2 i 28 " __ St i 598 38 : SR8F 28 BoSa 8358 FREESSE & 288,350 4t B Fa | Ford Motor France. Ford M Ltd........ | Gerrard (S A)..... Glen Alden Coal... ! Globe Underw k35c | Goldman Sachs. ... Graymur Corp (1. Great A & Pn-v(17)10s | GtA &P Teapt (7) | Groc Strs Prd vte | Gulf Otl of Pa. Hall Lamp (k10c) Hecla Mining Hudson Mi; STEEL PRODUCTION DECLINES FURTHER Output of U. S. Mills Is Esti- mated at 14 Per Cent of Capacity. 2508 1 3 1 27% 2 By the Assoctated Press. NEW YORK, December 24—Stee! production, save for some business in automobile materials and tin plate. | stagnated during the past week, as the industry came under the usual year end influences, says Iron Age in its | weekly review. Ingot production was estimated at 14 per cent of capacity, against 15 per cent a week previously. The extreme low point last Summer was 12 per cent. Quiet comparing to that of the low point of Summer was said to be in prospect for the holiday period, as sev- eral plants are planning to shut down for a week or 10 days, or longer. Year End Slump Seen. “The receipt of orders during the next few days for January shipment might alter the plans of scme steel companies with respect to next week's schedules, but the business now on the books does not warrant the expectation that a severe year end slump in opera- tions can be avoided.” said the review. “The Pittsburgh district will drop to about 10 per cent next week, while Chi- cago production has already slipped be- low that figure. There have also been declines in the valleys and at Birming- ham. “In contrast to this slowing down in most districts the Detroit unit of the National Steel ration is m-kuig teel Corpo: steel for & brief time at full capacity meet urgent requirements of automo- bile manufacturers, and at Cleveland, steel operations have declined only slightly owing to the support of auto- mobile companies’ needs. Foundries making castings for motor cars are taking more pig iron from Cleveland and Chicago furnaces, with the result that shipments in those districts this month will decline little if any from those of November. Tin plate production, though it has declined to an average of 35 per cent, 1s the mainstay of some district opera- tions, notably at Wheeling, where a 30 per cent steel-making rate is main- tained this week. Tin plate contract- ing for 1933 is proceeding slowly, & sit- uation attributed largely to the fact that producers are taking a firmer price stand than they did a year ago, con- cessions to large buyers being in lesser amount and not subject to negotiations. Irregularity Noted. The firm price situation on tin plate is not to be found, however, through- out the whole list of steel products. Marked {irregularity has occurred on plates in the East, where sharp con- cessions from published quotations have been given on attractive tonnages and some of the larger producers, which hitherto have declined to grant such deep cuts, have been forced by compe- tition to do so. At Chicago and else- where in the Middle West structural steel prices have weakened on some building projects. Production Increased. NEW YORK, December 24 (#).—It is % | reported that many manufacturers of garden tools and steel goods have step- ped uj production and employment M:heds;fa to' the highest point since Market Averages Week ago .. Month ago £ Befsit Nxekorsi ES s SER33J e-.wsns-.eg' 2 S avoaner bR oo 3832F, SaRERE 92200 u»-n SatassSacan 233 S Bame e mne BEIRE SRR, AN £2RSR = 22Ra8 Bohabissioanotol Rk & 235 82 Gkt Ro28IER (Copyright, 1932, Etand. R i & Stock and Dividend Rate. Ads Imp Ol1 of Can 50c. Ind P&L cupf6%.. Ins Co N Am (2) Insurance Sec, Irving Alr Ch(40c) Ital Superpw db rts 8al s | Leonardon....... Mass Uil Asso Memphis Nat Mid Sta Pet vte Mount & Gulf...... Mountain Prod $0c. Nat A Nat Pw&Lt pf (6). Newberry (JJ) (1). New Eng Pw pf (6) New Jersey Zine 2. NYTelpt (6%)... N Y Transit (130¢ Niag Hud Pwr 1.20. Hvud wr B war Niag Hud Pw C wr. Niag Shs(Md)B 20c Niles-Bement-Pond Nipissing. . cos North & So Amer A Northern P L(50¢c). PacG&E 1stpf 1% Pan Am Airways. . Pantepec Ofl. », | Parke Davis 11.30.. Penroad Corp...... Penn W & Pw (3).. Phoenix Secur Corp Pilot Radio Tube A Ploneer GM Ltd 24e Pitney Bow P bé% Prudenttal Inv. ... Pub Utt] Hid wa, PubUtil Hldx w, Pub Util Hld ¢ pf. . Puget Sd P&L pf 5. Reliance Int A..... Reliance Manage. . Reynolds Investing Rossia Intl........ Ryerson (Joseph).. Safety Car H & Lt. St Regls Paper.... St Regis Paper pf.. Secur Corp Gen. ... Segal Lock & Hrd.. Selected Industries Eel Ind all efs(5%) Seton Leather. ... Silica Gel ct. . Stnger Mfg Co (3). Sing M Ld rct p28c. SouCalEdpfC13% Sou Pipe Line(60c) Southland Roy 20c. Stand Ol Ind (1).. Stand Ofl Ky 1.20... Bullivan Mach. Swift & Co... Swiss Amer El pt. Taggart Corp. . % Trans Lux DLP'S. Tubize Chat Corp.. United Founder: United Gas........ Unit Lt&Pwr (A).. Unit Lt & Pwr pf.. U S Elec Pwr ww. U S & Intl Sec.. US & Intl 1st pt. U S Play Card (1).. United Stores vtc.. Unit Verde Ext 40c. Utah P&Lt pf (7).. Utllity Equities BRBRERERERY Van Camp Pack w West Auto Su A1), Woodley Petrol.,,. “Y" Oll & Gas (A).. Dividend rates in quarterly or cividend e Adjustment in’ stoek. lus 6 in in stock. in stock. in stock. 3 Plus 2% m Plus 3% D Paid last of a Century to an Investor. THERE semi-annual payment. 1Partly extra. 2 Payable in cash or stock. Over a Third Without @ Loss IS NO SUBSTITUTE FOR FINANCIAL, FUR SALES HELPED BY COLD WEATHER Lower-Priced Coats Com- prise Bulk of Business in Gotham. le— 2 % Th TH 25s 63 63 63 168 331 33% % ! 5 5 % % Special Dispatch to The Star. NEW YORK, December 24—Furs thanks to the severe cold snap, are moving moderately here, which is con- trary to all seasonal expectations. Al- though the bulk of sales are in the lower-priced coats, muffs and scarfs, there has been a fair upturn in quality sales the last few days. Foreign furriers are flocking into the city for the big fur sales now under way, partly because they regard New York as the cheapest raw fur market in the world at present and partly be- cause Europe is evincing an interest in suck American products as muskrat and silver fox. 48 6508 63 1 12% 508 46 4 26 150811415 1 3 Retailers reported a moderate demand for the swagger sport models, longer 14 | coats and scarfs. In the higher-priced brackets mink seems to remain the most popular fur. In other price ranges Hud- son seal and caracul are selling well. Silver fox is emphasized for neckwear. Lapin and kidskin move most freely in fur capes. The silver fox auctions now being held here are unusual in several respects. It 18 the first time that two important auctioneers, the New York Auction Co. and the American National Fox (silver fox) Association, have held their sales {at the same time. The two auction | firms, agents for fur raisers all over the | country, therefore decided to hold their | sales on alternate days, limit size of of- ferings and equalize offerings. The result is that 15,000 silver fox Ppelts are being offered equally by the two companies. Production of silver foxes this fur year is expected to be in the neighbor- | hood of 200,000, against about 225,000 for the world output a year ago. In this country, however, the fox raisers are expected to show no let-up in pro- duction, for many farmers have found furs brought cash when wheat, cotton, corn and other commodities could not be sold at any price. (Copyright, 1032, . $4,000,000 IN DIVIDENDS. ATLANTA December 24 (#).—Atlanta and Georgia corporations will distribute dividends the first of the year approxi= mating $4,000,000. The Coca-Cola Co. will lead in quar~ terly dividend payments of $2,700,000. The Georgia Power Co. will pay ov|$800,000 and local national banks will 314 | release a total of $300,000. 17+| Other payments include: ' Bibb Manufacturing Co.. $150.000: ™ | Atlantic Ice & Coal Co., $100,000; Cor 18% | tinental Gin Co.. $75.000; Rich's, In 11% | $14,600; American Discount Co., $12. # 500; Southern Spring Bed Co. $7.89 2 | Atlantic, Birmingham & Coast Rail- way, $129.500; Exposition Cotton Mills, * | $19.600; Decatur Building & Loan As- 2% | sociation, $13,500; Southeastern Ex- % | press Co. (semi-annual), $35,000. % k] 2% 1 dollars based on last *Ex $Plus 4% in stock. Adjusted Level Nearer. NEW YORK, December 24 (P).— While the Lamp, official organ of Standard Ol of New Jersey, editorially said it looked for no marked improve- ment in business in the near future, it | added: “We can make out much better in future even on present volume of trade. * * ' We are nearer an ad- Justed level between income and living costs.” - b Payable in dividend. fPlus 5% stock. in stock. in stock. n Plus 8% year—no regular rate. MORTGAGE AN INVESTMENT FOR LADIES —in which they can place their sur- plus funds with the assurance that they will earn a generous interest with the security for principal vested in improved Washington real estate. Our 69, FIRST MORTGAGES represent such an investment, fundamentally sound and attractive- ly generous, May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 925 15th St. N.W. SAFETY B R R IR ETIED) TR C 7y i THE OMMERCIAL NATIONAL BANK The Bank of Personal Service Extends Holiday Greetings to Its Friends and Customers, and Wishes for Them a Happy and

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