Evening Star Newspaper, January 8, 1933, Page 53

.FINANCIAL,S R.F.C. GRANTS 307 BUILDING LOANS Distribution of Funds Noted in Report—IJersey Heads List. Is Special Dispatch to The Star. NEW YORK, January 7.—In the re- Grain Market | By the Assoctated Press. CHICAGO, January 7.—Fresh up- turns in grain values here early today resulted from active new speculative | buying. A stimulus was the fact that | the Liverpool wheat market made more than a full response to vesterday's ad- vance this side of the Atlantic. Open- ing 1a% up, Chicago wheat futures held near the initial limits. Corn started unchanged to i higher and subsequently rose all around. Spokesmen for houses that were most conspicuous on the buying side of the wheat market today said purchases were largely because of belief that the port of the Reconstruction Finance | climax of low prices had been passed Corporation, covering its operations from | The suggested pricesfixing clause of the the date of its inception in February agricultural allotment bill at Washing- to the end of November, it was shown |ton was also considered an incentive. th:tmsg)’l }l,o-dnsb:ggnng\fit‘l]gg ;:ou‘t 35;52; Mo&e scre.:, hnwe"‘erd. wsl< ‘lensid on as- 0001 . a en ize o serticns that Unites tal farmers building and loan associations. Of this | were carrying less wheat than at this amount something over $89.000.000 had | time last “year, and that without this been disbursed in cash, $3.273,000 with- | country's surpius Europeans appeared drawn or canceled and about $8,000.000 | to realiz> the world supply and demand S hnatous o Uie geotraphiodl diic | B o of cloes adjustment Y s - orY cen! P resh ad- tribution of these loans indicates that. | vanee in nhear wan saon it T4 of the total of 82 associations assisted | market had *o absorb lively profit-ta by the Reconstruction Finance Corpora- |ing sales on the way up, but did s> with tion, 206 were in New J<‘r~<<‘.‘l'v 159 in | surprising readiness. One unofficial es- Ohio, 67 in Wisconsin, 58 in Illinols, 64 | timat~ which attracted wide notice was in North Carolina, 28 in Arkansa, 26;z at, including visible stocks end coun- in California, 21 in Louisiana, 26 in|try elevators and farm holdings, the Pennsylvania, 20 in New York. 19 in | United States has now 68,000,000 bush- Texas and 15 in West Virginia. As- | els less wheat than a vear ago. Corn sociations in other States that were aided range from 2 to 13. Summer Demand Greatest. ‘The New England States of Maine, Massachusetts, New Hampshire, Ver- mont and Rhode Island were epparently not applicants for aid, but assistance was given to six associations in Con- necticut. The period when relief was most generally demanded by the building and loan associations was between June and August. This coincided with the high point of the year for bank failures. In July and August aid was given to 140 associations in each month, in Sep- | tember to 105, in October to 62 and in November to 61. In the same time the applications of banks for loans de- creased over 50 per cent. There is | undoubtedly some relation between the | apparent lifting of pressure on_both | classes of financial institutions. It has been intimated that not a few of the Joans to the building associations by the Reconstruction Finance CorporltlonJ were used to liquidate loans from banks. | In a majority of instances the diffi- | culties of the building and loan a: sociations have been most acute in | those parts of the country where there | ‘was an active real estate boom and an overbuilding of residences and apart- ments in the period after the war. ‘This era of intense speculation in real estate was accompanied by the forma- | tion of many building and loan ascocia- tions, whose managements had little | training in the real estate field and | were frequently more concerned with | the commissions they could make and | in carrying on a semi-banking business than with establishing loans on ap- | praisal formulas that had permitted . others to weather earlier depressions. | Building and loan associations that had | been functioning for many years prior | to the real estate boom of the 20s have experienced comparatively little diffi- culty. Withdrawals Numerous. The situation with the novitiate class | today i3 extremely serious. They have been compelled to take back many prop- | erties. They are still loaded with mni | and oats reflected wheat strength. Provisions were easy, influenced by | hog market setbacks. WHEAT— Open. Hieh. . TR en 48%y Low. May .. 483 uly : September . CORI— duly o0 Sept OATS— May May | July Business Notes By the Associated Press, NEW YORK, January 7.—Import trade circles hear that the “buy Amer- ican” drive has resulted in the can- cellation of a consicerable number of orders for foreign merchandise. The campaign has had some effect in the South, Far West, and in New Eng- land, but the reaction is particularly noticeable in the Midwest, it is said. Shoe dealers report that the post- hcliday reaction in sales is more pro- nounced than a year ago. Previous to the holiday demand was fairly active althovgh the individual orders were small. Despite restricted production a strong undertone is noted in the glass market, the American Glass Review reports. Prezent demand from t! uilding trades for window glass is at a low point, but some buying is reported for replenish- ment of stocks. Dealers in precious stones say that business continues quiet with prices of fine stones firmly held. Chinaware manufacturers opening Spring lines of merchandise at the | trade showing in Pittsburgh next weex | will, it is reported resist any attempis on the part of buyers to force higher discount ellowznces in the new season. THE SUNDAY STAR, WASHINGTON, D. C., JANUARY 8, 1933—PART SIX. SLIGHTLY HIGHER Market Is Held Back, How- ever, by Receipts of Heavy Shipments. | BY FRANK 1. WELLER, Associated Press Farm Editor. | Hogs and slaughter lambs have had some slight advance in the last week, | | but beef cattle continue to drag, weight | making for a wide price range | The market still is burdened with heavy :teers. Not only were there too| meny 1,200 to 1.300 pound averages. but | the crop scaling 1.400 pouncs upward | | was exce'sive. Weight rather than | | grade was the pricemaking factor and | downturns from the high time last week | amounted to 25 to 50 cents. A raft of ' longfeds cmparable to kinds brirging | around ¢5 a week ago had to sell at $4.50 per hundredweight. | | Top for Bullocks. | Choice heavy bullocks made a top of | $625, while long yearling> reached a peak of $7.10, 90 cents under the aver- 2ge top of a m:nth ago. Al] light steers | 2nd yearlings are bringirg a premium | of 50 cents to $1 over the rank and | file of weighty bu'lock; at Chicago. These heavy offerinzs continue to glut the market despite the fact that whole- salers want carcasses scaling 700 pounds and up. For the Jat three wecks the feature | of the market has been the br-ad call for kinds ling under 1,000 pounds. | | but even they zre 25 cent: cheaper in! | instance, duc’to the sizable runs, which | scem to have let the market in for a; certain amount of pressure, suggestive | | that buyers might attempt to get light | cattle more in line with weighty bul- locks, which now are selling largely at $5 downward. How much longer weighty :teers will ( Tun in excessive numbers is a matter | of doubt in the trade. It is the con- census that it will take at least 60 days to clean up the surpius. Some expect too weighty bullocks to run 90 days or more, while others take the view that with finishers in the mood to liquidate because of big feeding lotes the glut | will have passed within 30 days, allow- ing an upturn as the dressed trade is relfeved cf heavy beef. The weakest link in the yearling | market was light heifers and ixed | yearlings, which, due to scarcity last week, were on the upgrade. Many | weighty heifers sold as much as $1 lower | than late last week. Most light heifers | had to be carried to midweek and did | not_get complete clearance until the | weck end. Beef cows were less reliably “-'mud than at any time this season, | which explains new low prices on the | crop and the fact that the rank and | file of well-fattened cows with weight | sold at 250a2.75. The bulk of cutter | cows sold down to 1.50a2.00—which | meant that after he had deducted freight and yardage costs the farmer would get about $12 for the ordinary | cow. | This seeming out-of-lineness was ex- plained by the fact that 100 to 150 day fed steers scaling almost 1,500 pounds | s0ld in numerous instances at 4.50a4.75, | practically all of them being well bred | and fat enough to yield 62 to 64 per | cent of beef. Stock and dividend. Acme Wire vte Adams Millis 1st pf (7). Aero Supply Mfg (B)... AfrIny Inc vte. . Ala Great Ala Pwr cum pf (7 Allied Mills Inc. .. Aluminum Co of Am. ... Alumn Co of Am pf (3).. Aluminum Co Ltd. . Aluminum Ltd cum pf. . Am Austin Car. .. Am Bakeries A (1). Am Beverage Cory Am Brit & Cont. Am Capital of. . AmCit P& T A (a3) Am it Pw& Lt B.. Am Cyanamid (B) Am El Sc pt pf(40c) 5 Am Investo Ee) Am Lt & Traction (2) lamandra Corp. y perpowe Am Super 1st pf (§) Am Superpower pf Am Thread pf (2. R £+l Stock and dividend. Irving Air Chute (40¢).. Italian Superpowr A..... Kot LAk . ousiavsace Lake Shore Mines (13) Lefcourt Realty Lehigh Coal & N (80¢) Long Islcu pf B (6)..... Louisiana Lan & EX. .... Mavis Bottling (A) Memphis Natural Met Edison pf (6). 4 Mich Gas & Ol Corp. Midl Sta Pet vic A Midl West Utilitie: d West v pf new Midvale Co (2 Moody's Inv S Mort Bank of Cq Mountain Prod (80c) vat Aviation. .. at Bellas Hess. ... Nat Bond & Share (1 Nat Fuel Gas (1) at Investors t Investors war. Nat Pwr & Lt pf (6). Nat Rubber Mach. High LIVESTOCKPRICES || NEW YORK CUR | FOR WEEK ENDING JANUARY 7, 1933. B SUMMARY |\ Low. Close. 5! 5% 1% 1w % 5% + +l+++++ + Chge Anchor Post Fence. Anglo-Chilean Nit Appal El Pwr pf (7) N New 1++1 Eng Pow pf (6) FINANCIAL. UMBER OF BANKS SHARPLY REDUCED System in U. S. Declared W Strengthened by Weeding Out of Weak Units. % BY CHAS. P. SHAEFFER, Associated Press Business Writer. The last decade has contributed mightily in minimizing what is claimed to be one of the outstanding weaknesses | in America’s banking system—too many | banks. Government statistics reveal that a | corrective process has been going on steadily since 1921, principally through failures. but also through mergers anG consolidations in the banking field. Whatever the sause, the 30,820 banks |in the fleld in 1921 have dwindled to 4 | less than 20,000 at the lacest date for | which statistics are available. In 1S.: | there was one bank for every 3400 | persons, taking the Nation as a whole, 5 | Whereas, now. there is one institution , for every 6,100 persons. In some Western States in 1921 there was one institution for every 1,500 peo- Arcturus Radio Tube. Ark Nat GasA..... Ark Nat Gas cu pf. Armstrong Cork o Asso El Ind Ltd(k1oe). . Asso Gas & Electric. ... Asso Gas & Elec (A) As=0 Gas & Fl war Asso Tel Utilities s Atlantic Const Fisheries Atlas Utilities Corp. Atlas Utilities war Atlas Util pf (3)... Auto Voting Machin Bell Tel of Canada ( Beneficial T, (113). Blue Ridge'Corp. . Blue Ridge cv pf (a3)... Brazilian Trac L & Pwr. Brill Corp B. ... British-Am O11 ¢ Yo Brit-Am To eou B(67c). . Buffalo N&EP pf(1.60).. Buffalo N&EP 1st pf(5). Bunker Hill & Sullivan.. Butler Bros. Cable Radio T Canadian Marconi Carnation Co Carolina Pwr&Lt pl rrier Corporation. . ... Cent Hud G&E etfs 80c. . & Cent Public Service A. .. Central States Electri Cent States Elec war. s C & Cities Cities Service pf Cities Sve P & I Claude Neon Inc Claude > Cleve ElTllum (1.60) . Colombia Syndicate. . Colum G&F cv pf (5). 4 Columbia Oil & Gas vtc. . Colimbia Pictures . Comwlth Edison (5) Comwlth & Sou war. Comstock Tunnel. Consolidated Copper. ... 4 Consol Gas Balto(3.60). . % Consol Gas UtilA... Cord Corp. L l++++1 l+++++ FES “Rrsse A AR - = 4400 & ++ Fl+ 14+ P P New England T & New Jersey Zine (2) Newmont Mining N Y & Hon Ros (1 N Y XY Tel pf (63%). Niag Hudson Pwr 1.20 agara Hud (A) wa ‘iagara Hud (C) war & Shrs (Md) B{ Niles-Bement-Pond. P uropean Oil Corp Northern Pipe L (50c). . North States Pwr A (6). Northwest Engineering. Novadel Agne (5). Ohlo Copper Ohio Oil 1 cu pi Overseas Sec. . Pac Gas & B pt(1.37%). Pac Gas&El 1st pf(113). Pacific Lighting pf (6).. Pan Am Airways, . Paramount Motors Parke Davis (1) Parker Rust ( Penroad Corp Penn Wat & Pow ( Phil Morris Inc..... Phoenix Secur Corp. Phoenix Securities pf. Pilot Radio Tube (A). Pioneer Gold (24c). . Pitney Bowes P (b4%). . Pittsbgh & L E (215 Pittsburgh Plate G Premier Gold (12¢) Prent Hall ey (3) Propper McCallum Prudential Inv. . . Public 17til Hold war Public Util Hold xw Public Util Hold em pf. Puget Sd P & Lt pf (5) Quaker Oats pf (6) Rainbow Lum Prod A. Reliance Intl (A). . Reliance Ma Reybarn (' A Reynolds Invest. ... Richfield Oil of Cal pf. Root Refining cv pr pf. .. Safety Car Heat & Lt St Antony Gold..... St Regis Paper. . ,.‘ R R S 39 ottt A+ L4+ +1+41+ » +1+ 1+ Ll +h++ 14 every 750 people. Another principal weakness of the | banking structure as now constituted, | and one which is recognized as such by the American Bankers' Association, | is the fact that in some jurisdictions | banks may be established with a capi- | tal of only $10,000. The economic_policy commission of the association believes that no bank should be started anywhere with a | capital of less than $50,000, even | though this would preclude the organ- ization of banks in many rural com- | munities too small to support a bank | with that much capital. However, the | commission believes that in these days of good roads and modern transporta- tion. & concentration of banking power around a county unit is preferable to | lt?l;lfl l? lx?:ututlonrjhlch li nqt 'INVESTMENT SUGGESTIONS | Upon Request Woodroof & Lewis, Inc. vestment Securities n | Nat. 5925 Its If you believe that ethical high- grade lawyers should belong to the Bar Association, wouldn’t you pre- fer buying your life insurance from 4 life underwriter who is a member of I || the Life Underwriters’ Association? I District of Columbia | Life Underwriters’ Association STOCKS | To introduce our unbiased three-fold | EFk FESHT FEFELIES ple, and in Montana there was one for | b \ldequmly capitalized and unable to | operate at a profit. | _ The percentage of failed institutions | during the last 10 years has been pre- | pcnderantly among the smaller com- munities and institutiohs. Of the 6,987 tanks that were declared insolvent and closed, 4276 or 61 per cent had & capital cf $25,000 or less, and 6,032, or mor> than 86 per cent, were in towns of less than 5,000 population, U s 1) | British Gain in Coal Trade. | OTTAWA, Canada, January 7 (Spe- | cial) —British colleries have made seri- | ous inrcads in the Canadian anthracile | coal market, which previously was almost | exclusively ‘enjoyed by American pro= | ducers. | " Imports of anthracite from the Uni | States drcpped by 522.742 tons in 19: while those from Great Britain ine creased by 363,149 tons, Federal statite tics incicate. CHICAGO, January 7 (#).—Butter— Receipts, 9, tubs; market easy; creamery specials (93 score), 21%a21%; extras (92), 20%; extra firsts (90-91), 201,a21%;: fifsts’ (88-89). 20; seconds (86-87), 19-19':: standards (90 cen- tralized carlots), 20%. Eggs—Receipts, 4,639 cases; market firm; prices unchanged. . INVEST YOUR XMAS MONEY IN SAFE FIRST MORTGAGES ‘e offer a list of well chosen, incomes producing properties in_the Nation's Capit: | —secures by direct First Morts: cked by our enormous Tesource Tn Penopinations as Low s 3100 Monthly Payments If Desired REAL ESTATE MORTGAGE AND GUARANTY CORP. 1810 K Street Producing Oil Roylkiei st Deseriptive Booklet Upon Re Benjamin J. Mills 144 First Mortgage Loan Applications on Residences Invited at 6% Glover & Flather 1508 H St. N.W. National 1753 REPORT OF CONDITION {United States Savings Bank Of Washington, in the District of Columbia, a close of business on December 31,. .Sl.nn,ua.;;b. " 79.0! United Government securities owned £ . Other bonds. stock: d securities owned 6. Banking _house, $ furniture and “fixtures, other than banking house.... and due from banki 1.031.19 483,666.65 86,328.06 23,898,586 321,331.83 % service to investors not acquainted with | the work of America’s leading Invest- ment Weekly, we offer a 12 weeks’ subscription for only $2. The offer has depreciated to such an Total . 32.834,421.07 pesrrrliond R | has been carried on in a most conserva- g h iginal equities | B S tive manner, no open difficulties have | e have been exhausted. Many of them v v 2 ing the present period of | Hog prices advanced slightly at have suffered from the withgrawal of ?;f_ix;lr]::eggdrué ‘ng“:‘ & ?Ialues, per | Chicago under improved shipping der St Regis Paper pf. .. Salt Creek Prod (1) Security Allied Corp. Segal I & Hdwr, | Corroon & Re % Cosden Oil cod . Cosden & Co pf Creole Petrolen 4 % FHEEEE L+ nds and are faced with withdrawal | gflcs. | It is estimated that 8,000,000 homes In Ohio, where difficulties of the in this country have been financed building and loan mfiuamx vvemi ldla‘; closed early in the depression, stated th‘typl'lctlcllly ev':ry association | in 1929. In 1911 the total assets of in the State is on notice for withdrawals | building and loan associations in the and that in one moderate sized city | United States were reckoned at $1,000 approximately $100,000,000 is tied up in | 000,000. Today they approximate $9.. building and loan organizations. In | 000,000,000. In 1931 building and loan New York State, where building and | associations made mortgage loans ag- loan associations have been in operation | gregating $97,000,000. This figure for successfully for more than half a cen- | 1932 was much smaller. tury and the practice of making loans | (Copyright, 1933.) - WASHINGTON STOCK EXCHANGE YEAR 1933 (Reported by W. B. Hibbs & Co., Hibbs Building, Washington, D. C.) BALES OCCURRING ON THE WASHINGTON ETCCK EXCHANGE FOR UP TO AND INCLUDING JANUARY 6. 1933 Approx Close. m: 524 1043, 100 1023 803, BONDS. Bales. PUBLIC UTILITIES. $500 Capital Traction Ist bs, 1047 1,000 Potomac Electric Power cons. 5,500 Washington Gas Light 6s, 1933, series A. 2,500 Washington Gas Light 6s, 1036, series B. 5,500 Washington Raflway & Electric 4s, 1951 STOCK P Open. Hish. Low 5215 524 B2 104% 104% 104% ces 100 100% 100 103 103% 102% &0 89N 8912 s, 1936 4.87% High. Low. 1% 10 Div. value. rate. Close . $100 100 100 Shares. PUBLIC UTILITIES. 40 Capital Traction . 52 Potomac Electric Power pfd 1 Washington Rwy. & Elec. pfd.. 108 108 % 87% 87% $5.50 5.00 Trade Reports at a Glance By the Associated Press NEW YORK, January 7.—Tabloid review of wholesale and retail business conditions as reported to Bradstreet’s this week Yrom the fol- lowing centers, on the basis of comparisons with conditions in the same areas in the corresponding week last year: Wholesale and Job Trade. . Quiet Fair Quiet Quict Fair Quiet Quiet . Quiet Quiet Quiet Quiet Quiet Quiet - Quiet Comment. ‘Wholesale coal orders show marked decl'ne due to inter- retail coal in fair demend, being stimulated by cold Mfg. and Collec~ Industry. tions. Quiet Slow Quict Slow Quiet Slow Quiet Slow Quiet Slow Quict Slow Quiet Slow Quict Slow Quiet Slow Quict Slow Quiet Slow Quiet Slow. Quict Slow Quiet Slow Retail Trade. Quiet Fair Quiet Quiet Fair Quiet Quiet Quict Quiet Quiet Quiet Quiet Fai Quiet Pittsburgh Chicago Cleveland Detroit Indianapo! Louisville . Milwaukee Des Moines . Duluth Kansas City Omaha 8t. Louis St. Paul Baltimore and tile inactive. ¥ Chicago—Department stores featuring extensive post-holiday “sales”: 10 per cent cut in percale prices has unsettling effect on general cotton goods quotations; steel industry starts new year with better than antici- pated specifications; railroads increas ng employment Cleveland—Steel producers rcceive large automobile orders; Akron tire industry on short schedule since August, 1932, but with normal re- placement demand probable, 1933 prospects appear encouraging; food prices favoring consumer. Detroit—Inventory taking about completed at retail and preparations for January clearance “sales” geneial; automobile activity and emp! ment accclerate as smaller plants resume operations following inventory period: power consumption highest in several months Indianapolis—Merchants’ post-hol'day “sales” cnly moderately suc- cessful; wholesale trade seasonally off: most factories closed for inventory purposes, hence production in all lines curtailed; collections beckward, Louisville—Tobacco producers continue on full time, with unfilled orders numerous; manufacturing at virtual standstill: merchants fea- turng “salcs” to dispose of unsold holiday stocks; tobacco crop about one- third sold, with prices high and steady. Milwaukee—Merchants featuring “sales” to lower stocks before taking inventory; wholesale trade and manufacturing in seasonal lull; groceries and foodstuffs holding fairly well; m'ld weather prolongs rosd-bugding activity. Des Moines—Wholesale orders favoring essentials; at reteil, demand for low-priced merchandise leads: manufacturing continues on reduced schedules; farm prices disappointing; all lines ccmplain of limited collections. Duluth—Wholesale orders generally small fill-ins; iron mining and lumber activity far below normal; no demand for mining machinery; shoes and heavy clothing fairly active; unemployment serious; collec- tions only fair. & Kansas City—Wholesale and retail trades in between-season lull; live stock receipts light and prices irregular; flour sales off; tri-State district mines closed for holiday period; wheat crop needs rain. Omaha—Wholesalers' orders light; merchants advertising heavily, with response only fair, in spite of exceptional values; manufacturers outlook slightly better: unemployment serious. St Louis—Post-holiday lull characterizes general trade; shoe pro- duction exceeds seasonal expectations; drug and chemical sales about equal last year: lead and zinc orics firm—production shows uptrend. St. Paul—Wholesale distribut'on limited. with moct salesmen off the road during inventory period; furs, hats, hardware, zutemobile accessories and leather 5 to 10 per cent below last year; groceries and confectionery in fair demand. EBaltimore—General trade quiet with no material improvement ex- for another month; merchants preparing for January "sales”; esti- wholesal mated at 408,000 acres—2 per cent more than in Fall of 1931. le marking time; State's Winter wheat | through building and loan associations. | | Of ‘these about 500,000 were financed | |mand 2nd a slight contraction in { receipts which, in turn, had & beneficial effect on fresh pork prices. Closing values were 10 to 15 cents higher than a week ogo. Shipments from Chicago were the largest since February, East- ward bound. The top advanced to 3.35. | Comparatively light receipts at prac- | tically "all markets gave salesmen the whip hand and after sharp price de- clines a week ago fat lambs gradually advanced 25 to 35 cents at Chicago. Eastern orders were the life of the trade, but killers insisted that dressed prices did not justify higher live prices. The bulk of good and choice lambs of desirable weight closed at 6.20a6.35. ‘Wheat Pool Proposed. WELLINGTON, New Zealand, Jan- uary 7 (#).—Formation of a compulsory wheat pool designed to maintain the average value of wheat. based on the New Zealand home consumption value, at 4 shillings 5 pence a bushel ($1.06 at par) and the export val:e of probably half a crown 4 bushel (60 cc.ts at par), is provided for in the regulations issued today under the Board of Trade act. A wheat purchase board is to be es- | tablished to ccntrol all dealings in | wheat throughout New Zealand. The coming harvest is expected to yleld an | exportable surplus. Bank Earnings Set Record. CHICAGO. January 7 (#).—Earnings in 1932 of the Federal Reserve Bank | of Chicago, netting $2,242,725, were the | largest since 1929, and for the first time in three years excceded the amount | distributed to banks owning stock. Net { earnings In 1931 were $609,895 and in 1930, $1.054.328. DIVIDENDS AT“NOUNCED NEW YOQRK, January 7 (#).—- Accumulated. Pe- Pay- .., Rate. riod. “able. -$1.16% .. Dec. 30 Stock. Cn Mn & Smtg Can.10% .. .. | Initial. ..10c .. Jan. 20 | Omitted. | Company. Rate. | Chain Store Real Estate Tr.75¢ Un Nat Bank (Troy N Y).$1.50 | Regular. Hldrs. of record. Dec. 30 Dec. 31 | | Palcnbre Nickel M | Jan. 14 Period, Due. Q Jan. 5 8 Jan.1 | Pay- Hidrs. of |« Company. | Amliated "Prod #iac Am Motor Ins (Chi) 43¢ Burtman pl..S1 Bl R R Holds W pf Pe. Rate. riod. Biae M ec s1 PR $1.50 ollins Co "2 | Coon” w B ‘pf | Pelin (3 3" &"Co’ pf First Nt Bi: (Mo town N J) . Geizt (CH) nf Inv $6 pf ar pf Muskezon Huntington Nat BE Columbus Ohlo | Hutchins Invest be Hyd El Sec 5 pf B Indusi Tr Co Phils Iny Mtze & Guar Do pi Leh & Wilkes-Bar: Corl Co of N J La P & L S8 pf Malone LEP <0 pt p 0) & Co p! (Charon Mich G&E en Do $6 of o 6 pt | Mutual Loan B LN $i50 U0 <4 ® 0OO O DD OOO DOOWOD u» OOOO OWOOD OWOOD g E boe .. Nat City Bk Rochelle .. ..... Newport Nat Bark North R'R of N .S North Tr Co Phila. Northwestern Fire & 20e . 31 5 30 38 o .““le n[n!kl Ty .B0c . 31 ranee & Rocind 2 0 1 1 21 . 10 28 Net nk Pine Bluff ATK) .85 31 Union Trust Co' (New Castle Pa). .. .. . 31 onjied onio il a1 2238 DOOOO™ ™ D DO>PO® ® p W DO® O 31 g 113} i & Cresson Consol (klic). Crocker Wheeler. . Crown Cork Intl (A) Cuban Tobacco vie Cuzi Mex Mining Darby Petroleum Deere & Co. . De Forest Radio. . Deiroit Aircraft. Dubilier C & Radio Duke Power (5). 4 East G & Fuel Asso..... East G & F Asso pf (6).. Fastern States Power Kastern Util Asso (2 Fastern Utll Asso ¢ Fasy Wash Mach (B). Edison El Boston (12 r Electric Cor} c Bd & Share(b§% ) Kl Bond & Share pf (6). ¥ Bond & Share pf (5). c Pwr Asso (A)60c EIP & Lopt war..... Elec Pwr & Lt 2 pf 4 Elec Shareholdin: Flectric Share pf w Empire Dist Elec pf. Empire Gas & Fuel 8%. . Kureka Pipe Line (4). Furop EI Ltd A (30¢). Europ El Ltd deb rts Falcon Lead. Fedders Mfg A. ... Federated Corp (sta). Fisk Rubber (new) Florida I’ & L pf (7) Ford Motor Can A.. Ford Motor France. Focd Motor Ltd. Foundation For Shi Franklin Mfg Co Gen Alloys Generz 1 Aviation Gen Elec Ltd 20 2-5¢ orgia Power pf (6 en Alden Coal...... Glohe Underwrit (k3 Gold Seal Elec new Shawin FPEFFEETE FEOEEE R | TH++ ++ + - ¥ L4+ 1+ 14+++0 1+ ldman Sach T C. rham Inc pf. . aymur Corp (1). eat Atl & Pac n-v( at A & P Tea pf ( trs Prod vie Gulf Oil of Penna. Hamilton Gas vte. Hazeltine Corp Hecla Mining Hollinger Gold (17 Horn & Hardart (2 Hudson Bay Min & Humble Oil (2).. Hydro Elec Security Hygrade F 5 Hygrade Sylvania (13).. 111 Pwr & Lt pf (6) Imp Oi1 of Can (50c Tmp Tob Insur Co of Insurance Security . Intercontl Petroleum. Intl Petroleum (1) Intl Utilities (A) Intl Utilities (B) Interstate F ex. Intersta‘e Equity ev pi Interstate Hos (k6 Wr R T T S e Dividend rates in payment _tParily ex stock — k Payabl. in s hPlus 1% in stock. regular rate m Pius iast year + Seiberling Rubbe Selected Industri Select Ind all etfs(51).. 4 Sentry Safety Control. .. Swift International (2). Sylvania G M Ltd (4¢) Taggart Corporation Technicolor Inc Tech Hughes (60¢ T'exon Oil & Land (1). Todd Shipyard (1).. Trans L Tubize C| Tung-Sol Lamp. .. Sol Lamp pf.. Afr pf (A)xw (3). ar Fast (40¢) . "nit Corp war., nit Founders. it Lt & Pwr (A). it Lt & Pwr pf Foil B (30¢) 7S & Internatl Inter Sec 1st pt Lines pf .. “nited Stores vic no resular rate 381 " P R | Wat & Pwr(50c) Shenandoah Corp Shenandoah Corp pf. Sherwin-Williams (115) Silica Gel et Silver King Singer Mfg Co (8). Smith (AO)... Smith (4 O) pf (7) SoCal Ed pf A (1% So Cal Edis pf B (1%). SoCal EApf C (1%).... Southern Pipe Line(60c) 4 Southland Royalty (2 & Spanish & Gen rets Stand O1l of Ind (1). Stand Oil of Ky (1.20)... Stand Pwr & Lt (1.20). . Stutz Motor Car. b L+ | + c) R 1o+ ++1 atillon Corp. s Corp war. . Corp pf (315) F 1+t "til Power & Light “til Power & Lt pf (7 “tility Equities. , "tility & Ind. ... Venezuela Petroleum Waitt & Bond A (2) aitt & reen Co (1). er (Hiram). ‘Walker Mining. Wayne Pump. Wayne Pump pf. West Auto Sup (A) (1) West Cartridge pf (6). West Mass (o (2.40). Willow Cafeterias, Woodley Petrol Wool (FW)Ltd § Bond (B). ht Hargreav(t20e). " Ol & Gas (A)... dollars tra. 3P A sed on last qua us 4% in stock. rterly or semi-annual & Pavable in cash or Plus 6% in stock & Faia iy yenr oo Plus 8% in stock. b Paid | 3 Plus 2 t 3r n stock % in ‘stock. BANK CLEARINGS GAIN REPORTED FOR WEEK By the Associated Press. NEW YORK, Januery 7.—Bank clearings again exceeded by a consider- able amount thosc of the preceding week. In part, this reflects the heavier settlements through the banks at the opening of the new yesr. As a greater part of these large early Janusry pay- ments appeared in the bank clearings of a year ago, the losses at this time con- tinue heavy, ccmpared with the figures of 1931. The decline, however, now is less severe than it has been for many months past. ‘Total clearings this week for all lead- ing cities in the United States, as re- ported G. Dun & Co. were $4, + | piled by R. G. Dun & Co., showing de- | | creases gs compared with same period a vear ago follow: (Totals in thousands.) e o | Cincinnati St. Louls. . Kansas Cit Omahs .. Minneapolis Richmond Atlanta . | two days of 1932 BANK SUSPENSIONS GAIN. NEW YORK, January 7 (#).—An in- crease in bank suspensjons for the week Just passed is reported by the American Banker. Closings totaled 51, the larg- est number since last February. Eight- 2en of the cesualties occurred in the last Illinois had 10 sus- Towa 9, Kansas d Mi; | mesota 5, Missouri and Nebraska 4 _and | Indiana 3. The others were scattered. PARIS BOURSE PRICES. PARIS, January 7 (#)—Three per cent rentes, 77 francs 10 centimes; 413 per cent rentes, 93.55. Exchange on London, 85.65. The dollar was quoted at 25.62%. 818,537,000, a reduction of 25.8 per cent, compared with those for the same week of last year. At New York City, the amount was $3,299,718,000, 26.3 per cent below that of a year ago, while the ag- gregate for the cities outside of New York of $1,518,819,000 was 24.6 per cent smaller. The betterment is chiefly et some of the outside centers. The excess over last week was $1,360,686,000, or 39.4 per Takoma Park Bank Meeting. "ru:o)m \ PARK. Md. Jlnu:‘ry Y Special) — nny stockholders of the O A much more favorable showing appears this week st some of the lead- o Gold Notes Retired. NEW YORK, January 7 (#).—, ican Rolling Mill Co. retired on Decem. ber 31 the last $1,000,000, par value, of its three-year 475 per cent gold notes, due November 1 next, and also $1,500,000 of its 5 per cent gold debentures of 1948. Two Die in Plane Crash. , 8. Dak., January nd H. FREEMAN, »— Vernon Davis Davis I of Win- PEEFEEEEFIE i ncludes 12 issues of The Financial 12| World, 3 monthly (48-page) issaes of 12| pur “ladependent Appraisals of 1350 of "10 Outstanding Dividend Com: Stocks,” a copy of “Time to Buy a ortune?” and a pamphlet entitled “A lew Basis for Selecting Stocks.” Keep ncially informed during the next 12 by returning this “ad” with §2 your address within next 15 days. | %FINANCIAL WORLD 53-FM Park Place New York _EEZ: £ cashi checks outstanding 'mand deposits e deposits . 25. Bills payable ‘and ' redis: counts . 31. Other liabiiities do nl—'n:m.. 2 ias s *(riis 1o the best ‘o beliet. " Bubscribed and sworn to befors me this 6th day of JIIIHII’,;!IOF:!A.. = (Seal) Notaty Publie. Oorrect—Attest: wEoserr W K B ahs m. D. Barry, Wilur H. Zepp, Directo. REPORT OF CONDITION December 31, 1932 . Loans and discounts. . Overdrafts . Cash and due from banks. . Other assets.. ‘Total . Capit. Surp! . Undivided profits—net . Due to banks, incl outstanding ... . Demand deposits . Time deposits. .. . Other labilities _ Subscribed and sworn to before me (Seal.) Correct—Attest : R. E. BOLLING. JAMES M. JOHNSTON, ‘THOMAS P. BROWN, FEYR ST IN | 6% FI Over a Third of a Century soundness, I Hi I I Deposits involved aggregated $22,500,000, ' [f| = Without a Loss A carefully | to an P - I dition give Inzvestor. I May be . United States Government securities owned . Other bonds, stocks and securities owned. .. . Banking house, $223,712.09; furniture and fixtures, $10,773.46. . . Reserve with Federal Reserve Bank . United States Government deposits LT . Interest, taxes and other expenses accrued and unpaid. Experience Liberty National Bank Of Washington, in the District of Columbis at the close of business on RESOURCES. - $1,851,071.56 182.82 86),278.44 653,460.83 234,485.55 161,900.5¢ 340,361.4¢ 2,152.09 «ee. $3,903,893.20 LIABILITIES $500,000.00 250,000.00 90,478.59 52,068.67 1,102,162.57 1,878,710.21 4.300.00 26,139.00 3421 $3,903,893.25 I M. F. CALNAN, cashier of the above-named bank, do solemnly swear that the above statement is true to the best of my knowledge and belief. M. F. CALNAN, Cashier. this 7th day of January, 1933. JOSEPHINE H. GADDIS, Notary Public. THOMAS P. LITTLEPAGE, PAUL E. JOHNSON. NORMAN B. FROST, Directors. MORTGAGES ONE OF THE SAFEST VESTMENTS is that offered by our RST MORTGAGES has proved their vested as the security is in improved Washington real estate, the appraisement of which has been made with n consideration. every con- purchased in amounts from $250 up. | B. F. SAUL CO. National 2100 THERE IS 925 15th St. N.W. SUBSTITUTE FOR . SAFETY