Evening Star Newspaper, January 12, 1933, Page 14

L FOR WORK OF YEAR I'ational Director Addresses Local Chapter of Junier Bankers. TY EDWARD C. STO! T: Harold Stonier, national educa- 101 director of the American Insti- of Banking, made a stirring ad- before the Washington Chapter night in the American Security in which he congratulated er on the splendid record in student enrollment and in «2s work. Addressing the officers, facu'ty, board of governors, committee man and consuls, Dr. Stonier said: “The members of this chapter ai o be congratulated upon the splendid 3ccord they have made this year in | £iudent cnrollments and classes. While 112 institute has lost 10 per cent from i's cnrollment for last vear in the en- 1re organization of 230 chapters, this caopter 15 ahead of its last year's en- 3-liment which speaks very highly fer th> character of the administration and tne support being given by the banks t district.” Dr. Stonier also paid special tribute to Robert V. Fleming for his work as heirman of the Legislative Committee the American Bankers Association. ‘There arc many important issues,” he gaid, “regarding finance before the Icgisiative department of the Govern- ment at the present time. The Amer- jcan Bankers Association is fortunate, elieve, in having as chairman of its deral Legslation Committee, Robert . Fleming from your own city. At ession_ of the lasi con- | of the American Bankers Asso- | in Los Angeles in October he | > one of the most clear, lucid, and | statements regarding Congress and business man that it has ever been privilege to hear. 01d Leadership Now Impossible. Referring to the great changes in financial leadership in the past 25 years, . Stonier continued: “Qn every hand we hear complaint of theMack of lead- ership in the present crisis. Our con- ception of leadership has not changed materially, but the conditions out of which leadership comes have altered greatly, and this makes it almost im- possible for_any one to assume leader- | ship now. People complain bitterly be- cause we have no Harrimans, Hills, | Carnegics and others of the old masters of business and finance. Two things have occurred which make that kind of leadership almost impossible at the present moment. First, | the present situation has grown to too! great a volume in dollars and eents for 2ny one man to be able to dominate it. The second factcr is the wide diversi- fication of stock and bond ownership, which is a development of the past decade. The old masters never had to yeckon with such amounts of money or with such numbers of security holders.” Institute’s Great Chance, Dr: Stonier quoted a statement of Harry J. Haes, icrmer head of the American Bankers dssociation, sum- ming up the work of the institute in the estimate of banking leaders, when Mr. Haas said: “The principles of good bank man- agement can be taught, and common | sense can be cultivated, by means of | technical education. Promoticn of | banking education. therefore, is one of the major obligations of organized banking. “In the American Institute of Bank- ing we have what is considered to be :an outstanding project for adult educa- tion. The institute should be famili to every member of the association, and every senior banker should insist that his employee. ever possible, shall pursue its courses. It is one of the best practical methods possible for bringing about universal good bnnkmgi 1or America.” Robert C. Lacey, chairman of the ‘Educational Committee, presided at last night's meeting. Robert A. Norris. chapter president; Paul J. Seltzer, chief consul; Robert E. Lee, chairman Mem- bership Committee: Raymond B, Dickey, dean of the faculty, and C. H. Pnpfi,] president of the District Bankers’ As- | sociation, were other speakers. The meeting was very largely attended. Todays Trading on Exchange. Trading on the Washington Stock Exchange opened today with $500 ‘Washington Railway & Electric 4s sell- ing at 90':. After call, Washington Gas 6s, series | A, figured in three $1,000 sales at 100%. | Washington G , 1958, were again in the limelight. These bonds opened with a $5.000 sale at 941;, the price at which the new issue is being offered. Other sales at the same price brought the day’s turnover to $£13,000. Riggs National Bank stock was quoted ex dividend today. following the recent | dividend action. Union Trust Co. stock | is also being quoted ex dividend. Heard in Financial District. The board of cirectors of the Wash- jnzion Loan & Trust Co. has declared tae regular quarterly dividend of 3 per cent and an extra dividend of 2 per cent, payable February 1, to stock- holders of record January 24. Directors of F. W. Woolworth Co. to- day declared a regular guarterly divi- dend of 60 cents a share. It March 1 to stock of record Pebruar: The Home Building Association. 723 ‘Twentiet} has adopted an amendm: itution permit- ting membership of the association in n_ Bank t chapt & oA A gy =] > Building & Loan rended the charter to | iance of an additional | class of stock. Membership was sub- stantially increased during the past year. i Capital Traction Directors. At the annual mecting of the stock- holders of the Capital Traction Co. held this noon, the following directors Were re-elected George E. Hamilton, John H. Hanna, John M. Perry, G. Thomas Dunlop, C.| Merle Thorpe and S. P.| Thomp b | So much time was taken up in hear- | Association hi permit ing and ciscussing annual reports tha the annual election of officers was post- | poned until tomorrow Railway Shops Reopen. MOI'TREAL, January 12 (#).—Shops of the Canadian Pacific Railways have | recpened after & Christmas shutdown | and 20,000 men went back to work in the provinces, 4,000 of them in Mont- real. SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co.) -Chalmers Co. 55 1 can Chain Co Tel. & Tel.. t. Wks, &'E Hemi: hem_Steel Co dian Nor v North#est. R R cago Rock lsland Cleve. Lo, & Wheel Colorado & So. Ry. 4% Commercial Credit 5} Delsware & Hudson 5s 1 Den. & Rio Grande 4 Gen. Mot. Accep_ Co. Gen' petrolewm Cors, en Public Service 5'z Grand Trunk Canads 6s Great Northern Ry. 75 19: savstone Telephone 5 ede Gas Light Tgulsyille & Nashville faw York Cent, & H. 45 1934 N. ¥, Chi. & 8t. L. 4s 1937 791y 1518 181 1 12 35 213% in 4574 125 N. W Telephone 4155 1934 Perna. R. R. Co. fites 14 Fortland Gen 1.*public Iron & Stee irclaly Crude Ol 5 ite 100% FINANCIAL TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE NOTE—Today's in Stock and Low. Dividend Rate. 1% Adams Express... 815 Addressograpl 1} Acv Rumley. 307 Air Reduction ( dual sales are mot given in this edition. Sales of each stock in this edition are from Bales— Add 00. High. 24 9 5 . 90 7% Alaska Juneau(60c). 7 % Alleghany Corp. 3 Allez Corp pf $30ww 13 5 42'3 Aliied Chem & D (6). x152 962 Allied Chem pf (T).. 4 Allis-Chalmers Mfg. 12 3'3 Am Ag Chem (Del) Am Bank Note. % Am Beet §ugar 6'2 Am Brake Sh&F (60c. 40 Am Brake Sh pf (7). 29% AmCan (4)....... 9315 A Can Co pf (7) 3's Am Car & Foundry 15 Am Car&Foundry pf. 11 Am Comc'l Alcohol. . % Am Encaustic Tiling. 2 Am & Foreign Pwr. . 3% Am&Forgn Pw pf (6) 5 Am & For Pwr pf(7). 2% Am & For Pwr 2d pf. 3 Am Haw Stship (1).. 47% Am Hid Leath pf. 25 Am Home Prod 4.20.. % Am Ice Co Am International % Am Locomotive T2 Am Mach&Fdy (80c). 1 Am Mach & Met ct. 61 Am Metal pf..... 14 Am News (1%). 3 AmPower & Light. . 10 AmPRLtpfA (21). 15% Am Pwr& Lt pf (3). 3% Am Radiator. .. 3 Am Rolling Mills, 13% Am Safety Razor (3). eel Foundry. 20 Am Stores (123%) 13 Am Sugar (2). 70" Am Tel & Tel (9).. 40", Am Tobacco (16). . 44 Am Tobacco B (16. 4 Am Type Founder. 10': Am Type Fdrs pf. 11 Am Water Works(1) 11 Am Wat Wks etfs(1) 26 Am Wat W 1st p£(6) < Am Woolen........ Am Woolen pf . Am Writ Paper ctfs 2 Anaconda Copper. 51 Anchor Cap (80c)... " Armour of 11 (A)... % Armour of 11l (B)... 813 Armour of 111 pf.. 1 Arnold Constable.. 3 Asso Dry Goods. ... 18% Asso Dry G 1st pf.. 177 Atchison. . 35 Atchison cvesie % Atlantic Coast Line 8% Atlantic Refining(1). 71z Atias Powder....... Atlas Powder pf (6). 28% Auburn Auto (d4)... Anstin-Nichols A (1) 115 Avation Corp (Del) 3 8 3% 6 62 3% 10 87n Baldwin Locomot. Baldwin Locomet pf. Baitimore & Ohfo. Baltimore & Ohlo pf. Bamberger pf (6 . Barnsdall Corp. Beatrice Creamery. . Beech-Nut Pkg (3) Bendix Aviation Best & Co g Bethlehem Steel Bethlehem Steel pf. . Blaw Knox Bonn Alumn & Brass Borden Co (2)..... 4 Borg Warner Briges Mfz Co...... Bkyn Manhat Tran. Bklvn Man Tr pt (6). Bklvn & Queens. ... Bklyn Unioh Gas(5). Brown Shoe (3)..... Brunswick-Balke. : Bucyrus-Erie Bucyrus-Eri »f. Bucyrus fe pf (4). : Budd (EG) Mfg.. Budd (E G) Mfg pf : Budd Wheel........ Burroughs AM(40¢c). Bush Term'l deb stk. Bvers (A M) litornia Packing . “allahan Zine & Ld lumet & Hecla nada Dry G A(1) “anadiian Pacific. ... e (T1) Copf (7). 4% Caterpillar Trac 50c. v Cent Aguirre (1%). s Century Rib Mills 60 Century Rib M pf(7). 215 Cerro de Pasco 161 Checker Cab Mfg « Ches & Ohlo (233) Chesapeake Corp (2) 3 Chi Great Westn pf. . T Chi MilS(P & Pac pt 2 Chi& Northwestern. 4 Chi& Northwest pf.. 1 Chi Pneumatic Tool 215 Chi Pneu Tool pf. 113 Ch! Rock 1 & Pac. 2 ChiRI&Pac6% pf, 3% Chi R1& Pac 7% pf. 5 Chicasha Cotton Oil *hitds Company ler Corp (1) Jee & Fuel (2). Ice&Fuel pf 634 . 10% Colgate-Palm-P (1). 8 Colo & South 1st pf. 414 Columbia Gas (b1) 40 Columnb GaspfA (6 131% Columb Carbon (2) s Commercial Credit. . 11% Comel Credit A (3).. 40 Comcl Cred 15t(6%:). 1074 Comel Inv Trust (2). 55t Comcl Inv cv pf(e6) . 315 Comcl Solv (60¢).... 1% Comwlth & Southn. . 273 Comwlth & Sou pf(6) 612 Congol-Nairn (60c). 17 Consol Cer pr pf 6% . 1 Consol Film........ 2% Consol Film pf...... 3115 Consol GasN Y (4).. 723 Consol Gas NY pf(5) 4 Consol Laund 50¢ 4 Congol Oi] Corp. 1% Cons RR of Cuba pf. 14 Consol Textlle. .. 1, Container Corp (B) 274 Contl Baking (A) 13 Contl Baking (B).... 2474 Contl Baking pf (4).. 175 Contl Cam (2)..... 6% Contl Insur (1.20)... 5 Cont Motors 3% Contl Oil (Del). 243 Corn Products ( 11z Coty. 1313 Creum of Wht(t 7% Crown Cork & Seal. 14 Crucible Steel pf.. 15 Cuba Co. % Cuhan-Am Suga 14 Cuban-Am Sugar pf. Crdahy Pack (2%).. Amerada Corp (2)... 1 0 6 2 2 1 5 608 219 6 3 1 6 4 181 4 16 6 3 2 11 18 37 4 9 = 608 100s 137 13 24 79 70 1 51 1 126 5 210s 103 14 3708 54 9 570s 19 2 3 61 50 446 130s 28 6 147s 12 123 14 3 10 72 11 4 2 20 1 2 108, 2 19 108 154 41 15 ‘6 208 16 2 174 205 11 3 108 6 -9 136 Curtis Publish pf(7). Curtiss-Wright. . Curtiss-Wright (A). ushmans pf (8). Cutler Hammer 1 Davison Chemic: 813 Del Lack & Westn. .. 54 Detroit Edison (6) 12 715 Dome Mines (11.10) 111 Dominion Stores 1.20 b Doug Afreraft (75¢). 5 Dresser Mfg (A).... 1% Dresser (SR)Mfg(B) 23 Drug Corp (4). 22 Dupont de Nem (2) 87 Duques Lt 1st pf 877 35% Eastman Kodak (3). 97 3 Baton MfgCo.... 2% 7 Elec & Musical Instr 2% Elec Pwr & Lt.. 874 Elec Pwr & Lt (2) 10% Elec Pwr&Lt pt 2.33 18 EngPSpfww (5%) 25 Eng Pub Sve pt (6). 2% Erie R R 1st pf. 93, Exchange Buf 84 Fed Lt&Trac ($1) Diamond Mateh (1) . 80% Dupont deN db pf (6) 614 Deere & Co pf (40c)., 104% Eastman Kod pf (6). 815 Elec Auto-L (1.20).. 25¢). 13 1 y's paper. High. 54's 15% % 5y 9% 24 6314 127% 11 3 89% 120 L +4 I+ 154 118 18% 381 113, 21 16 19 o 3 B ] t+1 3074 4674 188 31% 274 321y 4 344 91 23% 121 24 26 T8 11% 41 T 814 + + 38 4215 T — % 10 8% 4+ u 1% 201 20% 142% 101 NOTE—Today's individual sales are ms Bales of each stock in this edition are from yesierday's paver. Stock and Low. Dividend Rate. 36 First Natl Stores 2% M1l 3 Foster-Wheeler. 1 Foundation Co. 10% Fourth Nat Inv 1. 1 FoxFilm (A).. 15 Franklin Smn pf(7). 10 Freeport-Texas (2).. 1y Gen Am Tnvestor: 9% Gen Am Tank Car(1) 4% Gen Asphalt. .. 10'5 Gen Baking 12) 's Gen Bronze. 11 Gen Cable (A) 3% Gen Cable pf 20 Gen Cigar (4). 3 8!5 Gen Electric (40e)... 221 10% Gen Elec spee (60c).. 15 19% Gen Foods (2)....... % Gen Gas & Wlec (A).. Gen G&E cv pfA g6 Gen G&EIpf A (£7). Gen GEELpf A (£8). Gen Mills (3).... Gen Mills pf (6). Gen Motors (1)...... Gen Motors pf (5). Gen Public Service. Gen Rwy Signal (1).. Gen Realty & Utll. .. Gillefte Saf Rax (1). Gillette Glidden Co. .. Gobel (Adolf) Gold Dust (1.20). Goodrich (BF), Goodrich (BF) pf... Goodyear Tire&Rub. Goodyear 1st pf (7).. Gotham Silk Hoslery Graham-Paige Grant (W T) (1). Great Northern pf. Great Wn Sug pf (7). Grigsby Grunow. 4 Gulf Mobile&Nor pf. 4 Gulf States Steel.... 8 Stl 1st pf 5308 sack W (112) 1 cken Wat pf A 1% 80s Hahn Dept Stores 21 Helme (GW) (7). 4 Hercules Powder 112 3 Hescules Pow pf (7). 170s Hershey Choc (5) o Hershey Choe pf ( Homestake Min (9) . Houdaille-Hersh (B) Househd Fin pf 4.20. Houston Oil. ... Houston Ofl (new). . Howe Sound (40e) . Hudson & Man (215). Hudson Man pf (5) Hudson Motor Car. 11 Hupp Motors Sales— 2 @S mmEaBa EBware s s 208 108 140 4 4 82 2 93 108 3 1 s Central. . Tllinois Cent 11 (4).. Industrial Rayon (2) Ineersoll-Rand (2) Inland Steel. . Inspiration Copper. Insuransh Del(15c). Insuranshares (Md). Interboro Rap Trans Interlake Tron Int Bus Mach (6 Int Carriers Ltd 20c. Int Cement Int Combustion. Int Combustion pf. Int Harvester (1.20). Int Hydro-Elec (A).. Int Merchant Marine Int Nickel of Can. Int Paper & Pwrpf.. 1 Int Printg Ink nf (6) 100s ¢ Int Rys Cent Am ctfs 508 Int Salt (1%).. 6 It Shoe (2). it Int Tele & Teleg 208 Intertvpe Corn 303 11 20 2% 15'% Jewel Tea Co (3). 33%_10 Johns-Manville. Kansas City Southn. Kan City Sou pf ( Kaufmann Dept Kayser (1) & Co. Kelsey-llayes Wheel Kelvinator Corp. Kennecott Copper. Kresge Dept Stores. . Kresze (SS) Ca (1) Kreuger & Toll. Krozer Grocery Lambert (o (4)... Lee Rubber & Tire... Leh Port Cement. Leh Port Cmt pf 3. 100s Lehigh Valley RR.. 19 Lehman Corp (2.40). Liggett & Myers(t5) Lizg & Myers B (15). Lily Tulip Cup (1 Link Belt (80c). Liquid Carbanic Loew's, Ine (3)...... Loft In Toose-Wiles 1st (7). Lorillard (P) (1.20). 713 Louisville & Nash. 1 27 31 Mecintyre Pore M(1). MeKeesport T P (4). on & Robbins MeLellan MeLellan Stores pf Mack Trucks (1).. Maey (RH) & Co (2) Mazma Copper (30c) Manhat Elev mod £td 6'¢ Marine Midld (80c).. Marmon Motor Car Marshall Field & Co. 4 May Dept Stores (1). Maytag pf ww...... Mid Continent Petm., Midland Steel Prod Mo Kan & Texas. Mo Kan & Texas pf. . Missouri Pacific Missouri Pacifie p: Monsanto Chem 1% . Montgomery W Mother Lode. Motor Prod (g Nash Motors (1). Nash Chat & Nat Acme Co. Nat Riscult (2.30); Nat Biscuit pf (7). 614 Nat Cash Reg (A). 14% 13 20% 2 tl Dist pr pf (2 Nat Pwr & Lt (1) Nat Ry Mex 2d pf NY Central..... N Y Chicago & S NYChi &St L of N'Y & Harlem (5). N Y N H & Hartford. N YN H & Hart pf NY Ont & Western NY Steam pf (6).... Noranda Min (a1.19). Norfolk & West (8) .. North Am Aviation.. 38 Nor Amer(b10%stk). 152 North Amer pf (3). 1 Northern Pacific..... 57 orwalk Tire 6 Ohio O11 (a50c 29 Oliver Farm Bquip 23 Omnibus pf A (%) 1 Orpheum Circuit pf.. 400s Otis Elevator (1).... 29 Otis Steel. ... o Pacific Ca Pacific o T Pacific Lighting (3). 14 Pacific Mills. . .. 2508 Pacific Tel&Telez (1) 508 Pacific T & T pf (6).. 208 2 Packard Motor Car 23 Paramount Publix... 43 Park Utah 2 Parmelee Transport. 1 Patino Mines........ 7 Peerless Motor Car.. 10 Penney (JC) (1.80)., 79 Penny (J C) pf (6) 8 Penna Railroad 254 Peoples Gas Chi (5). 7 Pere Marquette pf... 60s Pere Marquette pr pf 110s Petrol Corpof Am... 9 Phelps Dodge. ... 17 Phila Co 6% (3). 2 Phila & Read C & I 14 408 18 Add 00 siven in this edition. High. 53m 91y 4 20 21 15' 137% Rly 171y 18% 26 14% 102% 18% T 8 8% 5 By 3019 4% 1001 Low. Close. Chge 53% — % 53% . 9% 4 19% 2% 2% el 5% 1 26% 1 173a 6% 8 8% b 5% 3012 4% 91 4 19% 219 154 2414 3% 26% 02 17% 6% 8 815 5% 53 3019 Net. e 1 10 +i+l1+1+1 FEP FERELPERIFEE FF (s e 1+ 1 + b F b+ +1 1001 P41 1++1 -1 * Sates NOTEToday's in . | —1932— High. Low. 221 9% 1215 819 6 1n 17 1% 4 42% 10315 1% 9%, 60 102% 114 Sales— Add 00. H 1 ock and Dividend Rate Pilisbury Flour(60¢) 1 Plymouth Ol (1). Port Ric Am Tob(A). Postal Tel&Cable pf. Presred Steel Car Proctor & Gamble: Proc & Gamb pf (5). % Producers & Refin. Prod & Refiners pt. Public Sve N J(3.20). Public Sve NJ pt (6). Public T pt (7). Pub Sve G&E pf (5). Pullman Corp (3)... PUr& Ol iosseesas Pure Oil pf (8).... 4 Purity Bakeries (1) Radio Corp. . 3% Radlo Corp pf B. .. 113 Radio-Keith-Orph, 913 Reading Rwy (1) 1 Remington-Rand. 1% Reo Motor Car. 1% Republic Steet 5 Republic Steel pf. 5% Reynolds Metals(1). Reynolds Tob A (3).. Reynolds Tob B (3).. Richfield Oll. ... Rossia Ins of Amer Roval Dutech Safeway Stores (3) St Joseph Lead. Schulte Retail Stores Schuite Ret Stor pf. . Seaboard Oil Del 40y Sears Roebuck Second Nat Inv.. Servel Inc. .. Sharon Steel Hoop. Sharp & Dohme. . Shattuck(FG) (50c). Shell Union Ofl. Shell Union Oil pt immons Co.... - mms Petrolm (25¢) Skelly Oil....... Skelly Oil pf ww. ocony Vacuum 40c olv Am pf ww (5?2 So Port Ric Sug Port Rie S pf(8) Southern Cal Ed(2 outhern Pacific. outhern Railway. Southern Railway p tandard Brands (1). Stand Gas&El (1.20). 4 Stand Gas&El pt (4). Stand Oil Calif (2).. Stand Oil Exp pt (5 Stand Oil Kans Stand Oil N J (12). Sterling Secur (A). . terling Secur cv pf. Stewart Warner Stone & Webster. Studebaker Corp Studebaker pf (7 Sun Oil pt (6). 1| n b4 W FEEER 3. Tex Gulf Sulph (2 Tex Pacific Land Tr. Thatcher Mfg Co.. Third Avenue. .. .. Thompson Produc Thompson Starrett Tide Water Asso Oil. Tide Water As pf (6) Tide Wat Oii pf (5).. Timken-Detroit Axle Timken Roller Bg(1) Transamerica Corp. . ividual sales are mot given in of each stock jn this edition are from yest: : this_edition. NOTE_Today: of each stock in Stock and wividend Rate, 1!3 Tri-Contl Corp. .. ... Jlen & Co. ..... Union Bag & Paper. igh. Low. Close. High. 1 9 [ 93 B Low. 0 1 115 Un Carb Un Ol of Calif (1). % Unlon Pacific (6).. Union Pacific pf (4). it Afrcraft....... Unit Afrcraft pf (3). U Unit Cs ‘s individual sales are not given in this edition. this edition are from yesterday's paper. Sales— Net. Add 00 High. Low. Close. Chse. 25 4w 4 4 6 1w M 14 3 & 6 6 112 284 27TW 274 — 2 1% 11 n —-% T T4 THU — W 6513 (66 +1 26% — X 581 + % ide & C(1.20) Unit Clgar Stores. Unit Corp (40c). Unit Corp pt (3) 2 1 Unit Electric Coal 33, 3 Unit Fru Unit Gas&Im (1. USGyp U v v Rea 7S Rub 7S Smt 7S Smt 10 31 211 511; 12 | 52% 13 S Stee. 3 31 100 50 10% it (2) 8 * =i sum (1.60)., S Leather (A) S Leahter pr pf(7). U S Pipe & Fdry (2).. 4% Ity & Imp.... ber 1st pf. £ & Ref (1).. g&Ref pf 314 198 (1) « United Stores (A). Univ Leaf Tobacco Univ Leaf Tob pf(8). 10% Univ Pictures 1st pf. 3418 1'; Util Pwr & Lt (A). 208 26 238, 90 | 34 | _80 | 6 1 3 T 19 L) 10% 254 401 43 81 ' 5% Vanadius 60V 7% Vulean I 62 Vulean T « Wabash Wabash Wabash Warren Warren Wesson West Pa West Pa West Pa West Pa West Pa Pwr pf (7). Western Western Md 2d pf Western Pacific. . Western Westing'se Air B(1). Westinghouse Elec. . Westing| Westvaco Chlorine. . Wheelin Wilcox Oil & Ga lcox Rich A ( Overland. Wiilys. Woolworth ( Worthin 1% Yellow Truck 1 Elec&Pw pf ( Waldorf S Walworth Co.... Ward Baking (A)... Ward Baking (B)... ‘Ward Baking pt (2). Warn Bros Pictures. Zonite Products. . m Corp. 6) Detinning. .. 3 detin pf (7). RR Pr(A).... pf (B). tem (1). RRCE THTSTUToT Bros Bros cv pt. Oll&Sn (1). 6 Elec A (7). 2008 g . Elec pf (6). 1108 +2 Bipf (7)... 110s Pwrpf(6). 20s 1 - 3 & + 1% 5% — % 2 +% 28% - % U4+ 4 29% 2% - T4 +1 19% +1% 2% — % 18% +1% 2 Maryland... Union. L) 17! hse 1st (313) 30y % g Steel pf. %). 40) ston Pump (Wm) (3). 35% 154 — 3% 367 + % 3% — 4 51 + 13 12% - % 4%+ % 10 50 10 Sales of Stocks on New York Exchange. 0. A M. 0 P.M.. e Payable in stock. 1P m Paid_la: sle in serip CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, January 12.—Following | is today’s summary of corporation news prepared by Standard Statistics Co., Inc, New York, for the Associated Press: | Aircraft. North American Aviation, Inc—Air mail revenue of Eastern Air Transport, | Inc., subsidiary, for first 11 months of 1932, totaled $1,621,000 vs. $1,822,000 for | like,1931 period. Food Products. ‘White Rock Mineral Springs Co. 193 common share earnings, $2.51 vs. $4.07. Investment Trusts. . Capital Management Corporation de- j clared quarterly dividend of 15 cents; | on November 1 dividend of 25 cents was paid. Miscellaneous. Du Pont (E. 1) De Nemours & Co.— | Subsidiary, du Pont Cellophane Co., re- duced its price of cellophane used for wrapping purposes from 5 to 10 per| cent. Railroad and Railroad Equipment. Chicago, Milwaukee, St. Paul & Pa: cific Railroad—Net railway operatiny deficit, 12 months ended December 31, | is placed at $555,500 vs. net railway op: erating income of $8,334,406. Missouri-Pacific Railroad—Plan for | refunding $34,548,000 4 per cent bonds of St. Louis, Iton Mountain & Southern Railway, maturing May 1, is expected FEDERAL BULDIG PROETS PUSHED Funds Obligated by Qovern- ment Are Increased During December. BY CHAS. P. SCHAEFFER, Ascociated Press Business Writer. Despite the absence of contracts for emergency relief program construction, funds obligated by the Government un- | der public building contracts increased during December. A statement showing the status of the building program revealed that $320,886,283 was under contract as of December 31 out of the $492,682,611 regular program, representing an in- crease of $1,000,000 during the month. ‘The period saw a net increase of six in the number of Federal building projects under way. Twelve were com- pleted at a cost of $3,800,000 and eon- tractural agreements were awarded on 18 new projects. At the end of the month a total of 419 buildings were | contracted for, in whole or in part. A total of 281 of the 814 buildings nvolved in the entire building program | had been completed on December 31, | | involving_expenditures of $98,233,069. That the program is nearing compie- tion is apparent in the steady monthly | decrease in soon. It is thought that plan will pro- vide for the payment of 50 per cent| of maturity with the proceeds from | an Reconstruction Finance Corpora- | tion loan and that remainder will be refunded. | Pressed Steel Car Co—Two receivers | appointed for company by Chancery Court, Jersey City, N. J. Reading Co. 1932 earnings estimated around $1 per common share, vs. 37 cents in 1931. Retail Trade. American Department Stores Corpo- ration offers $50 principal amount of 6 per cent sinking fund notes, to be due December 31, 1947, and one share of no-par common stock in exchange for | each $100 par value of series “A™ 7 per | ;| cent convertible first preferred stock. | American Stores Co. 1932 sales esti- mated around $115,000,000, a decline of | about 15 per cent from 1931. | Drug, Inc., subsidiary United Drug, | Inc, has sold its interest in Boots | Pure Drug Co., Ltd., for price reported to be around £8,000,000. Newberry (J. J.) Co. December sales up 1.4 per cent; twelve months, up 6.3 per _cent. Woolworth (F. W.) Co declared regu- ! lar quarterly dividend of 60 cents a | | share Steel and Iron. Gulf States Steel Co. reported can earn charges with operations at 30 per cent of capacity; loans at year end re- ported around $600,000. ‘Wheeling Steel Corporation reopened 6 additional hot mills at its Yorkville, Ohio, plant, bringing total to 12. Utilities. Electric Power Associates declared a dividend of 10 cents each on common and class “A" stocks; on November 1, 1932, dividend of 15 cents a share was paid on each class. NEW YORK BANK STOCKS NEW YORK, January 12 (#).—Over- | | the-counter market; quotations as of 10 o'clock: BANKS. Bid Chase (2) . 3 Commercial First National Manhattan Natlonal City (2 Public () s . (100) TRUST COMPANIES Bankers' (3) .. Brooklyn_Trust Central Hano Chemical (1,80, s | Continental (1.20) 1 | Corn Exchange (4) 4| Empire () . % | Guarsnty (20) ... % | Irving (1.60), Manufacturers’ : % | New York Trust (5) 35| Title Guar. & Trust ( “Includes extri w! 3. 4.R0). 34 % _— 35; Peanuts experted from Draein, Man- | churia, in the firs. seven months of | ing projects still in the preliminary stages. For instance, only 21 projects are still | in_the drawing stage, involving $4,- | 505,858. A total of 72 buildings are awaiting bids or contract awards, involving ex- penditures of but $20,919,359. A month previously there were 86 projects, in- volving expenditures of $25,677,759. It is expected that by nex: Spring the $100,000,000 emergency building program under the emergency relief and | reconstruction act will get under way, thus augmeniting in considerable degree the Government's efforts to reduce un- employment. PROFESSIONAL TRADERS OPTIMISTIC ON STOCKS ‘ B Special Dispatch to The Star. | NEW YORK, January 12—The stock | market has had a substantial advance | since the first of the year. A number | of stocks are selling higher than at any | time in 1932 and the list as a whole at the opening today was at the high f the movement. The question arises how much farther the rally can go without the benefit of material improvement in business. On that point it is sufficient to say that professional opinion is optimistic. For one thing it is said that stocks are only following strentgh in bonds, which in turn is founded on the great excess of money available for investment. On ‘Tuesday, also, the stock market had the support of the grain market, or vice versa, as you choose. It is admitted by all that a real rally in commodities would help stocks. The test will come when stocks meet realiz- in volume. That has not yet appeared because traders who bought lower down are content to let their com- mitments ride. (Copyright, 1933.) INVESTMENT TRUSTS NEW YORK, January 12 (#).—Over- the-counter market. Quotations as of 12 o'clock. | Asked. Am Bank Stock. . 180 | | Bullock Fund . Cumulative Tr 8h°. Corporate Trust ... Corporate Trusi AA Corp Tr AA Mod Corp Tr Accum Ser '’ Corp Tr Accum Ser Mod Dividend Shrs ...... Fund Tr Shrs A.... Pund Tr Shrs B. Mass Invest Nation_Wide Sec vic .. N. Y. Bk Tr Shrs Nor Am Tr Shares Nor Am Tr Sh 1 Nor Am Tr Sh 1956 Super of. Am Tr A . Super of Am Tr AA Super Super year—no regular rate, number and cost of lhe‘\ 110.000 1 tPartly extra :Plus reguiar_rate. b Pavable n s {Plus §7 in stock. h Plus S1 in special preferred stock. k Plus 3 nPlus & year—no Grain Market 7 the Associated Press CHICAGO, January 12.—Wheat prices tended upward early today after cn irregular start. Reinstatement of lines by sold out speculative bulls was a factor, ard there were also indica- tions of colcer weather in the West. | Opening at % decline«to % advance, wheat Yater rose ail around. Corn started unchanged to >; off and sub- sequently held near the initial limits. One source of price bulges in wheat was the fact that the Oriental military crisis acted as a disturbing element, and was generally regarded as likely to pro- vide decided market strength at any moment. Estimates that the Orient had bought 37,000,000 bushels of wheat from Australia so far this season, about | 25 per cent of the Australian total ex- | poriable surplus, attracted considerable notice. Another stimulus was continued absence of rain in drought districts of domestic Winter wheat territory. Increased selling pressure on wheat, however, appeared after moderate up- turns in prices, and the market at times slipped down to below vesterday’s finish. Some houses with Eastern connections ‘were conspicuous on the selling side. A peculiar development was larger wheat shipments from South Russian ports, despite advices of food scarcity in larg | industrial centers. Corn and oats were governed mainly by, wheat action. Provisions reflected an upward trend of hog values. $75,000,000 TREASURY By the Associated Press. for $75,000,000 of 91-day Treasury bills to be sold to the highest bidder on Jan- | uary 16. The bills will be dated January 18 and will mature on April 19, when they will be redeemed at face value. The money derived from the sale of the ary 18. FOREIGN EXCHANGE. (Quotatiops furnisked by W. B. Hibbs & Co.y Nominal gold Selling checks value. today. Rome. ' lira. . Zurich, franc. .11 Athens, drachma’ Madrid, peseta. . Copenhagen, crown . Oslo. crown....... Stockholm, crown . Montreal, ‘discount, 11 U. S. TREASURY CERTIFICATES (Reported by Chas. D. Barney & Co.) Bate—Maturity 101 16 Market Averages By the Assoctated Press. STOCKS. 20 90 1s. Util. Total Yesterday ... 549 5 1 Previous day. Week ago ... Month ago .. Year ago 3 years ago. ago Yesterday ... 66. ¥ Previous day. 65.6 63.7 L 633 600 BILLS TO BE SOLD JAN. 16 Secretary Mills has invited tenders | | bills will be used to retire $75,000,000 in | Treasury bills which mature on Janu- | STOCKS ARE LOWER - ASMARKET CLOSES 'Late Profit-Taking Results in Losses Among t Leaders. | BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 12.—Stocks | left off lower today, after a session of uncertain and erratic price movemnts. The turnover. however, was only half that of the day before and the losses not out of proportion to the recent | gains. The market had to take considerable realizing and probably some short sell- ing. Railroad shares led the reaction, with heaviness in American Telephone, Allied Chemical and United States Steel common. BBrooklyn-Manhattan Tran- sit was outstandingly strong. The market had a number of in- teresting features during the early trading. One of them was the good showing by Industrial Rayon in its annual report. While earnings for the year were only $1.64 a share against $471 in 1931, the last quarte; was very profitable. In those three months the company eatned $3.10 a share against a net loss in the previous quarter and $1.97 a share in fourth quarter of 1931. The stcck was bought | on this statement, A weak spot was Proctor & Gamble, Directors meet for dividend action on Saturday and the market seems none too sure about maintenance of the present $2 rate. especially when the recent reductions in the price of soap are taken into account. The stock sold off over a point yesterday and lost double that amount today. Relatively Strong issues were Allied Chemical, Auburn Auto, Case, 'New | York Central, Union Pacific and Good- |year. The buying in the last nam | was particularly persistent. It is un- | derstood that the tire companies are doing a good replacement business. R. J. Reynolds was another steady issue, | helped also by its annual report, which revealed a net of $3.36 a share for the two classes of common stock. | ; Explanation of the 7-point jump in J. C. Penney preferred Wednesday came |in the company's announcement today ‘askmg for offers of stock at 103, the | callable price, to the extent of $7.500,- 1 000. The stock held not far from Wed- nesday’s top, but just below the call | price. On the other hand, the muni- tions issues, which were in demand yes- terday, lost their gains. Elsewhere in the list local tractions were in favor under the leadership of Brooklyn-Manhattan Transit, the com- mon of which gained 2 points. The puu)l‘usmcké ‘,‘Eu heavy, as traders took | profits. ails were neglect the first half of the d:g. s . PARIS BOURSE PRICES. PARIS, January 12 (#).—Three cent rentes. 77 francs 40 centimes; 43§ per cent rentes. 94.00. xchange on London, 85.95. - | 1ar was quoted at 25,6115 > To¢ 9ok Now Available Upon Request Ferris, Woodroof & Lewis, Inc. Investment Secur sion Buildirg Wash WITH SAFETY IN GUARANTY 6E 0 FIRST MORTGAGES It you have money for investment, choose these safe. hish-yielding Pirst Mortease Bonds secuied by direct First Mortg . | producing properties in the N In Denominations as Lo ‘ Monthly Payments If REAL ESTATE MORTGAGE AND | UARANTY CO) ‘ 1610 K Street | | | i 1] 5.000 war {| Fres. ¢ iwe ST 10000 St Louis ‘Joint Stock 000 Nation, L 's @ . R ot /000 Hearst Publications 1] I1st 6%'s @ et . 25 Shares Hearst Con 000, Marflower Hotel & i 1Y, .. 75 Park Real Est | 5 Colony Company : Wash. Bldg. Met. 2721 - § Auchincloss, Parker | and Redpath MEMBERS: New York and Washingion Stock Ezchanges ASSOCIATE MEMBERS: New York, Curb Ezchange | ‘! 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