Evening Star Newspaper, January 14, 1933, Page 12

D. C., SATURDAY, JANUARY STOCKS ARE HEAVY |LIBERFY LOAN REFUNDING BLAN THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE ' Received by Private Wire Direct to The Star Office. FINANCIAL. IPLANS T0 CONTROL FINANCIAL. | | A * BANKERS AWAITING INTEREST ~—1932— Stock and Net Dividend Rate. Bales— ~—1932— TWO CONFERENCES Management and Savings Due for Special Attention by Eastern Groups. BY EDWARD C. STONE. Local bankers are awaiting the East- ern Bank Management which is to b2 held this year at Phila- Relphia on March 22-23. The Siates Included in the parley are New York, New Jersey, Pennsylvania, Delaware, Maryland, = Virginia, West Virginia, Connecticut, Rhode Island, Massachu- setts, Vermont, New Hampshire and Maine, and the District of Columbia. ‘The conference, which is sponsored bv the American Bankers' Association, will deal with the technical working prob- lems of banking operations. The programs for the conference will be arranged by the bankers' associa- ! tions in each district in conjunction with the Bank Management Commis- sion plan to enable the ankers to engage in an tudy of major current bank- ing p ems Leading bankers, se- lected because of their oualificaticns o present practical knowledge gained from seasoned first-hand experience in bank operation, will address the dele- gates “The application of the best banking | practices and mecthods t> the indi- vidual bank’s requircment under con- s confronting them today will be | treated from a practical point of view,” Chairman A. B. Taylor says in his an- neuncement. “Each conference will aid a strengthening of the foundations of the banking structure through in- creasing the efficiency of management to foster the Cevelopment of stronger, mor> serviceable and more profitable intensive trengthening the and States | { discussion the annual Regional Savings Conference, which will be held at the Waldorf-Astoria Hotel, New York, January 26 and 27, under the auspices of the savings division, Amer- ican Bankers' Association, according to announcement by W. Espey Albig, dep- uty manager of the association. Title Officers Are Elected. At the annual meeting of the board of directors of the District, Lawyers and Washington Title Insurance Com- panies, the following were elected of- ficers of the companies for the ensuing year: Arthur G. Bishop, president; James McD. Shea, vice president; Joseph N. Saunders, vice president and title of- ficer; Charles W. Stetson, vice presi- dent and title officer; George H. O'Con- nor, vice president and title officer; Francis E. Smith, jr., vice president and title officer; Albert F. Miles, vice presi- dent; Harry M. Packard, secretary- treasurer; John H. Stadtler, assistant secretary-treasurer; Raymond J. Vier- buchen, assistant secretary-treasurer; E. Roy Hill, assistant treasurer. ‘The January number of Dollars and Sense, published by Washington Chap- ter, American Institute of Banking, and edited by A. E. Henze of W. H. Hibbs & Co., has appeared in the financial district. The issue opens with an ar- ticle by President Prancis H. Stscon of the American Bankers' Assooietion on “Some Fallacies About Affiliates.” President Richard A. Norris of Wash- on Chapter sums up present ac- tivities, including plans for the twenty- ninth anhual banquet. Chapter mem- becship has now reached the 510 mark. The final report of the Women's Cemmittee for last year shows a loss in membership and enrollments with a corresponding loss in the number of women employed in banks. There are 42,350 women in banks where chapters exist; 11,292 women members of the institute; 5,386 women enroiments; 1,460 women holding standard certifi- cates Philadelphia has the greater number of Women members, 950. Cleveland, Los Angeles follow with 838 and 767. Los Angeles leads with 591 women enrolled, with New York second with 418. Los Angeles also has the greatest number Confevence, | of women standard certificate holders, with Washington seccnd. Barks Reported Unusually Liquid. The year-end statements of New Work banks and trust companies, the stocks of which are widely held in Washington, reveal many interesting features, according to a study by Horn- blower & Weeks. The trend toward maintenance of liquidity of resources continues unchanged: despite this liquidity earnings covered dividends by & good margin in most instances; de- posits of 15 of these institutions in- Creased over $700,000,000 since June 30. There were no dividend cuts during the nd half of 1932 and throughout the o depression no leading New York ng House bank passed a dividend. “h> year witnessed one of the great- est financial crises in the history of the country, but due to the foresight of the managements, and the supervision of the Clearing House, the banks were easily able to meet the “run” on the United States which was borne in large part by the New York financial insti- tutions, and they emerged from the crisis stronger than before, with their portfolios written down, overhead ex- penses cut to a minimum, and with ample resources to finance the busi- ness_recovery now getting under way, the brokers state. Adantic & Pacific Sales. Great Atlantic & Pacific Tea Co. es- timates sales for the five weeks ended December 31 at $79,615,596, compared with $91,309,637 for the same period of 1931, a drop of 128 per cent. Ton- nage sales were 498,470 against 516,165 & year ago, a 3.4 per cent decrease. The slow and undoubtedly irregular Fecuperation of business is being as- sisted by the Federal Reserve's definite | announcement of a continued easy money policy. says Business Week. The full potentialities of this policy, which was aggressively pushed in the Sum- mer of 1932, are likely to become ap- parent in the current year. Banks cannot afford indefinitely to accumu- late idle reserves. An encouraging speculative interest came to light this week in the stock, | bond and commodity markets, lifting numerous issues to notably higher lev- els. Even secondary rail issues par- ticipated in the rally, despite the cloudy outlook besetting rail maturities and rail reliel, the review adds. Gleaned in Financial District. President Bertram Chesterman of the | Morris Plan Bank, has returned from Richmond, where he attended a re- glonal conference of Morris Plan Banks Jocated dn the fifth Federal -Reserve district. C. E. Warner, jr., former chief of dis- | tribution of the consus, has joined the staff of Slauson & White, inyestment dealers, in the People’s Life Insurance Building. He is a director in the Home Loan & Savings Association and has other business interests. les J. Rogers, for many years manager of the Washington office of L. C. Smith and Corona Typewriters, Inc. has been appointed executive sales manager of the company, ‘The directors of the Potomac Joint Stock Land Bank have re-elected all the officers as follows: George A. Harris. president; John I Cassedy, vice presi- dent; Vernor Gowin, vice president and secretary-treasurer; Audrey B. Carroll, assistant secretary-treasurer. President James A. Cissei of the Sil- wver Spring National Bank, told the stockholders, at the annual meeting, that the earnings of the bank for the year 1932 were the most satisfactory of Ne High. Low. . A . . . v 5 87% 334 10% 270 541a T4 22% 5% 28% 35% 19% 5 83 2% 4% 1% T 5% 24 40 By 18% 34 11% 12 19 94 187 5 84 Millls (2) 815 Addressegraph . 4% AMiliated Prod 1.60.. 307 Alr Reduction (3). 7% Alaska Juneau(60c). % Albrny Wrap Paper. % Alleghany Corp % Alleg Corp pf 330ww 3 Alleg Co pf $30 xw. 42'; Alifed Chem & D (6 415 Alpha Port Cement Amerada Corp (2). 5 Am Bank Note. 29% Am Can (4) 931 Am Can Co pf (7) 2 Am & Forelgn Pwr 5 Am & For Pwr pf(7). 25 Am Home Prod 4.20.. 3% Am Ice Co 215 Am International 8% Am Locomotive 17% Am Locomotive nf. 715 Am Mach&Fdy (80c). 14 Am News (1%).. 3 Am Fower & Light. 10 AmP&LtpfA (2% 3% Am Radfator. 2 Am Rolling M 5% Am Sm & Ref 3 Am Steel Foundry. 20 Am Stores (12%4) 13 Am Sugar (2) 70% Am Tel & Tel (9) 40'; Am Tobacco (16) 44 Am Tobacco B (46... 95'% Am Tobacco vf (6). 11 Am Water Works(1) 1513 Am Woolen pf. 3 Anaconda Copper. . 9 40 Anchor Cap pf (615). 10s 85 Archer-Dan pf (7). 5 Armour of 111 (A) % Armour of Il (B) 13 Armour of 1l pt. Atchison. .. Atl Gult&W Ind pf. . Atlantic Refininz(1). 45'5 Atlas Powder f (6). 28% Auburn Auto (d4). 11, Avation Corp (Del) " Baltimare & Ohlo Baltimore & Ohlo nf. Bangor & Arostk(2). B: all Corp. . trice Creamery. . ndix Aviation. Bethlehem Steel. Borden Co (2) Borg Warner. Briges Mfg Co. Bikyn Manhat Tran Bklvn Man Tr of (6). Bklyn Union Gas(5). Brown Shoe pf (7). Budd Wheel. iR Bush Term'l deb stk. 10s Bush Terminal pf(7) 10s 1% Butterick Co. 9 Brers (A M) Calumet & Hecla. . Canada Dry G A(1) Canaifan Pacific. Case (J 1) Co. : Caterpillar Trac 50c. Cent Azuirre (1%) Century Rib Mills. .. Ches & Ohlo (24)... Chesapealke Cq Chi Great W Chi Mil StP & Pac Chi Mil StP & Pac pt. Chi & Northwestern. Chi Pneu Tool pf. Chrysler Corp (1) Cily Ice&Fuel nf 6%. Coca-Cola Co (7). Coca Cola (A) (3) “olgate-Palm-P (1). Colo & South 1st pt Columbia Gas (b1). Columbia Pic ctfs 4 Columb Carbon (2 Comcl Inv Trust (2). Comel Inv Trpf 6% . Comel Inv cv pf(e6). Comel Solv (60c). Comwlth & Southn. Comwlth & Sou pf(6) Consol Film S % Consol Film pf. Con=ol Gas N Y (4) Consol Gas NY pf(5) oo P - soaBon Do Ban N F e 1 6 1% D Consol Textile. 24% Contl Baking pf (4).. 17% Contl Can (2) 6% Contl Insur (1.20). % Cont Motors. 3% Contl Of (Del). ... 248 Corn Products (1), 9914 Corn Prod of (7). 1315 Creum of Wht(1215) 7% Crown Cork & Seal. . 19 Crown W P 1st pf(4) 214 Cuba RR pf. % Cuhan-Am Sugar 87% Curtis Publish pf. % Curtiss-Wright 115 Chirtiss-Wright 314 Cutler Hammer 1 Davison Chemical. 32 Del & Hudson (6) 814 Del Lack & Westn. 12 Diamend Match (1) T Dome Mines (11.10 11% Dominion Stores 5 Doug Alrcraft (75c). 23 Drug Corp (4)...... 22 Dupont de Nem (2) 80% Dupont deN db pf(6) 87 Duques Lt 1st pf (5 35% Fastman Kodak (3). 815 Elec Auto-L (1.20) Elec Pwr & Lt. ® 3 " PO-IISTRINL. JOTCINTORH. PIN e 20, 1 » 5 BhenemBae msomnd . w 3 NemaaS B 12% Elec Storage Bat 4 Engineers Pub 18 _Eng PSpfww (5 30 Fed Lt & Trac pf (6). 214 Fed Water Service A 6 Fidelity-Phoen1.20.. 35 First Natl Stores 214 1 Foundation Co. 10% Fourth Nat Inv 1.10.. 1 Fox Film (A) 10 Freeport-Tex: ‘ 915 Gen Am Tank Car(1) 10'; Gen Baking (2) . Gen Bronze, Gen Cable pf. Gen Cigar (4) Gen Electric (40e). Gen Foods (2). g Gen G&EL pf A (7). Gen Mills (3) 5 Gen Motors (1) Gen Motors pf (5). Gen Outdoor Ady. 4 Gen Printing Ink. Gen Prtg Ink pf (6). (ien Public Service Gen Rwy Signal (1 Gen Realty & Utll. .. Gillette Saf Rax (1) Gillette Saf R pt (5). Gimbel Bros. Gobel (Adolf). T e 20: o wHeE AR Gofyear 1st pf (7). Gotham Silk Hoslery Graham-Paige. 4 Great Northern pf. Great Wn Sug pf (T) 1% Grigsby Grunow 2% Hoilander Sons - 110 Homestake Min (9). 1 Houdaflie-Hersh (B) 2% Hudson Motor Car... 1'a Hupp Motors 4% Illinols Central 714 Industrial Ray 1, Intercontl Rubber 3% Int Cement 10% Int Harvester (1.20) 2% Int Hydro-Elec (A). 315 Int Nickel of Can. ... 1% Int Paper & Pwr pf.. 3y Int Rys Cent Am pf.. 25 Int Tele & Teleg. 15%% Jewel Tea Co (3). 10 _Johns-Manville . Kelsey-Hayes Wheel 28, Kelvinator Corp, 47 Kennecott 1 Kresge Dept . 6% Kresge (SS) Co (1).. 132 Kreuger & Toll 10 Kroger Grocer: 26 LambertCo (4).. 1% Lee Rubber & Tire . 10 1 51% 651a 6714 IBEEES 2214 9% 20% 1313 235 T4 33 815 T 3% 1 287 40% 23% B 1% 42 20% 37% 3 L+ ++ 4111 & » I+ Exs 18% 26% 813 10 31 36% 15% 94 34% 2815 28% 340 Bl o bl L Bl BT 7% 1% Yellow Truck.... Dividend rates as give payments based on the In “Unit 4% in 16% stock. 334 2% 6 steck. Pay 4 Lehman Corp ( ¢ Loew's, Inc (3). 9 814 Tia Add 00. High. 5% Low. Close. Chge. . 5% 5% Lehigh Valley RR.. 2.40). Liggett & Myers(15) Ligg & Myers B (15). Lima Locomotive Liquid Carbanic. [ YRS FRTEE PRy Loew's Ine pf (6%) LOTCION. .. i i ue Loose-Wiles Bis (2). Loose-Wiles 1st (7). Lorillard (P) (1.20), Lou Gas&EL A (1%). Louisville & Nash MeCall Corpn (2) 2 McCrory Stores'pf. . MclIntyre P M(11%) McKeesport T P (4). McLellan Stores. ... McLellan Stores pf Mack Trucks (1).... Macy (RH) & Co (2) Madison Sq Garden. . Manhattan Elev gtd. Manhat Elev mod gtd Marine Mid1d (80c).. Melville Shoe (1.20). Miami Copper. .. Min-IT'well Reg (1) 4 Mo Kan & Texas. 2 2 B 4 Nat Biscuit (2 B 13 9 1% 8ix 1674 203 13 14 % 14 our Paci gomery V or Prod ( Motor Wheel Murray Cor, Nash Motors (1). 0) . Nat Dairy Prod (2 Nat Dept Strs 1st pf. Nat Distillers. .. Nat Lead pf A (7). Nat Pwr & Lt (1) Nat Steel (50¢). ¥ Y Chicago & St L N Y Chi & St Lnt, N Y N H & Hartford. N Y Ont & Western N Y Steam pf (6 Noranda Min (al. Norfolk & West (8) North Am Aviation. . Nor Amer(b10%stk). Northern Pacific. Norwalk Tire & Rub. Ohio Ol (a50¢). . Oliver Farm Bquip Otis Elevator (1) Otis Steel. . Otis Steel pr pf. Pacific Gas & El (2) .. Pacific Lighting (3). Packard Motor Car Paramount Publix. Pathe Exchange. Pathe Exchange (4 Patino Mines. . . Penick & Ford (1)... Penney (J C) (1.80). Penny (J C) pf (6) Penna Raflroad re Marquette pf., Petrol Corp of Am Phelps Dodge. . Phila & Read C& 1. Phillips Petroleum Phoenix Hosiery. Pierce Petrolenm Pitts United pt. Plymouth Off (1 Postal Tel&Cable pf. Pressed Steel nf. Proctor & Gamble(2) Proc & Gamb pf (5). Public Sve N J(3.20). Public Sve NJ pt (6). Pullman Corp (3) Pure Ofl pf (8).. g SenfreamaBun = ® -8 AR oad Teneen pe 3 » 8 Purity Bakeries (1). 214 38, 1% 15 21 1 114 1% 5 2614 1214 30 LY 1 18 6% 9 4 So Port Ric Sug 1.60,. 4 8 Bl 215 30 68 1e 9% 12 24 2% 20 ™ 2y 19% 513 L 275 64 11 6% I 31y 20 % 10% 9 0 115 bl % T 254 o e Pa in stock. m Paid ) D Payable in scrip. trading less than 100 Radio Corp. ... Radio Corp pf B Radic-Keith-Orph. Reading 1st pf (2)... Real Silk Hoslery Remington-Rand eo Motor Car. Republic Steel. Republic Steel pf. Reynolds Tob B ( Roval Dutch. Safeway Stores (3) St Joseph Lead St L-San Fran pf. Scott Paper (1.40). eaboard O11 Del 40y ears Roebuck. Second Nat Inv, Servel Ine. . . . Sharon Steel Hoop. .. Sharp & Dohme. . Shattuck(FG) (50c). hell Transport & Tr Shell Unfon Ofl. ..... Shell Unfon Ol pf. Simmons Co..... Socony Vacuum 40c. & S RO R A A M EaE @A R A AN P4+ 101 Southern Cal Ed(2) Southern Pacific. Southern Railway. Spalding (A & tand Oil Calif (2)., Stand Oil Exp pf (5). Stand Oil N vart W Studebaker Corp. Studebaker pt (7). Sun Ofl pf (6) Superior Ofl Texas Corp (1) Tex Gult Sulph (2) Tex Pacific Land Tr.. Thompson Products. Tide Water As pf () Timken Roller Bg(1) Transamerica Corp. . Tr.co Products U Union Pacific (6) Unit Afreraft. . Unit Biscuit (2). 17nit Carbon. Unit Cigar Store: Unit Corp (40¢) Unit Corp pt (3). Unit Dyewood. .. Unit Fruit (2). Unit Gas&Im (1.20).. Unit Gas&Im pf (5).. Leahter pr pf(7). U S Pipe & Fdry (2).. U 8 Pipe 1st (1.20) U S Rubber, ., I+ +14+1 1011 2 Unit Stores pf (3% ). Univ Leaf Tob (2). Util Pwr & Lt (A). Vanadium Corp Vulcan Detinning. Wabash pf (A).. . Waldorf Svatem (1). Warn Bros Pictures. Warren Eros. W ren Bros ev pf. .. arren Found & P West Pa Elec A (7).. West Pa Elec pf (6). West Pa Pwr pf (6), Western Maryland. . Western Pacific pf. Western Union. . . Westing'se Air B(1). Westinghouse Elec. . White Sew Mch pf.,., Willys-Overland Wilson & Co pf. ‘Woolworth (2 Wrig @ g Pl T TOTOR - PRRVSUIOY . [P PRRY ooy 2 248 B4 3T 374 8% 3% 3y in the above table are the annual quarterly or ha 243, 35 cash early declarations. . aPald this year—no re . able in cash or siock. {Bius 8% ja stork Pl 1Plus $1 in special preferred stock. k Plis 3 2 n tPartly extra. IPlus r_rate. uhnn} in jact YeAr—no regular rate. nPlus 5% Southern Maryland Trust Co. SEAT PLEASANT, Md., January, 14 any year since its organization, in 1910. ’{'he Seventh District Home Loan by the Executive Committee. Bllinols and Wisconsin. It serves (Special).—W. S. Collins was elected | president of ‘the Southern Maryland k has be to function, loans ex-| Trust Co. at the annual meeting a-e%sng s1nof)u03 having been approved the board of directors yesterday. Other officers chosen for the coming Hayward,, vice year were. W. J. first president; F. L. Wight, Jr., second vice | Directors chosen for 1933 were B, E, president; Mary E. Myers, treasurer; Leo J. Naughton, secretary. A new office, chairman of the board, was cre- ated and Mendel Behrend chosen to il it. The number of directors of the bank was ordered reduced from 21 to 15.at a recent meeting of the stockholders. Behrend, Mendel Behrend, W. Clin- ton Brown, Mary M. Carmody, J. G. A. Cameron, W. S. Collins, Joseph H. Prohlick, W. J. Hayward, Charles g. {.leg:fi: D.'Gl.‘.vevl:'ph, W. H. Lacy, | Wells and F. L. Wight, i + | them. %), ¢ " 3 5 Un Oll of Calif (1)... 3 2 :' AT SHORT SESSION Lack of Favorable Trade News Causes Resump- tion of Selling. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, January 14.—Stocks were heavy.in today’s week end session, | but volume was light and there was no sign that the market was breaking out of its trading area. Speculation was not affected by the news, but rather by the technical po- sition of the market itself. ‘There were a few stocks and groups of shares moving against the trend, but the main body was reactionary because there ap- peared to be-no impetus for resuming the advance. The {obaccos made the best showing, under the leadership of R. J. Reynolds, Buying in this issue was founded cn the excellent 1932 earning report re- cently given out, as well as on the ad- vice of several investment services. In general the attitude toward the tobacco stocks was much more favorable than it was a month ago. Another stock that received strong mand for which there was no public texplanation. The heaviness was most apparent in the motor securities. Chrys- ler sold off a point. The others were down fractionally. Reports from the Motor Show generally were optimistic, but the market took no cognizance of ‘The weekly car-loadin showed sn increase of 28,873 cars over | the preceding week. Comparison with the same period of 1932 was agaln thrown out of joint by the fact that th> weel statement other year. It is interesting to note, + | however, that in the three weeks ended +[January 7 the average decline over the same period of a year ago was 11.7 per cent, whereas as in the imme- diately preceding 21 days the decline was 13.4 per cent. By that much the Teport Was encouraging. Steel stocks were heavy, as were the amusement shares. The rails were ir- regular, lower in the first hour, but ral- lying somewhat before the close. Al- lied Chemical, United Aircraft and Eastman Kodak were well supported. Foreign exchanges were featureless. Both the pound sterling and the French frenc opened unchanged. The stock market had no help from commodities, fluctuations in which were as indecisive as in securities. WHOLESALE PRICES. Butter—One-pound prints (93 score), 27; tub, 26; one-pound prints (92 score), 26; tub, 25; one-pound prints (90 score), 25; tub, 24. Eggs—Hennery whites, 28a31; me- dium whites, 22a25; current receipts, 25a28; Government graded, extras, 1 31!%; mediums, 29!3; standards, 30. | Poultry, alive—Turkeys, young hens, 16a18; young toms, 14al5; oid toms, 8; old hens, 10al12; chickens, Plymouth Rock broilers, 14a16; Plymouth Rocks, 4 ’pound.s and over, 15a16; under, 12a13; mixed colored chickens. 12al4; Leg- horn, 10; colored hens, 13a15; Leghorn hens, 6a7; hens, 4 pounds and over, 12al4; capons, large, 17a19; small, 15a 16; roasting chickens, 15a16; keats, old, 20a25; young, 25a35; roosters, 7a8. Poultry, dressed — Turkeys, young hens, 19a21; young toms, 17a18; old toms,. 10; old hens, 13al5; chickens, Plymouth Rocks, 4 pounds and over, 17a19; under, 14al5; Plymouth Rock broilers, 18a20; capons, large, 21a23; small, 17a19; mixed colored chickens, 14215; Leghorns, 14; roosters, 10a12; hens, 4. pounds and over, 15a17; keats. young, 20a30; old," 15a20. Meats—Beef, 11; lamb, 15; veal, 11; | pork loins, 914 : fresh hams, 91%; smoked hants, 107%; strip bacon, 12; lard, T%; compound, 7. . . . . ‘Game—Rabbits, per dozen, 1.50a1.80. Pruits—Apples, ‘fancy box stock, 1.40a 1.75; pears, 2.00a2.50; pineapple, 3.258. 3,50;. cranberries, 2.50; grapes, 200a 2.25; alligator pears, 2.50a3.00; oranges, 250a3.50; lemons, -4.00a7.00; grapefruit, 2.5023.00; tangerines, 1.25a1.50; pe: mons, kumquats, quarts, 15; ba- nanas, rhubarb, 5-pound boxes, strawberries, pints, 10a 15; quarts, 20a25. Potatoes, 100-pound Idaho bakers, 1.65a ] cabbage, new, 90a 1.00; old, 65a75: kale, 35a50; spinach, 75a1.00; -watercress, 75 pers, 2.00a 3.00; eggplant, 2.00a2.25; lettuce, berg, 3.25a3.50;. peas, 1.50a2.00; beans, 1.75a2.50; limas, 3.50a4.00; mushrooms, 75; beets, crates, 1.50; car- rots, crates, 1.50; tomatoes, repacks, 1.25a1.75; parsnips, 1.25a1.50; turnips, 75; broccoli, 2.50a3.00; squash, 2.25a 2.50; salsify, dozen bunches, 75. NEW YORK, January 14 (#).—Stocks steady; leaders stiffen in late dealings. Bonds irregular; rails sag. Curb steady; list moves narrowly. Foreign exchange steady; market dull. Cotton very steady; trade buying. Coffee lower; in- creased Santos receipts. | AMERICAN DOLLAR HITS NEW HIGH AT PARIS By the Associated Press. PARIS, January 14.—The dollar yes- | terday reached & new high for recent weeks, closing at 25.63. Bankers said that the price was raised because of the expense of handling gold shipments to New York, where it was found that it lost weight slightly in melting. ‘The gold export rate now is estimated at around 25.635. (The gold export rate is nominally 25.625). One hundred and twenty-one boxes of gold valued at 76,350,600 francs were shipped today to America on the Man- hattan. U. S. TREASURY BALANCE. By the Associated Press. Treasury recelpts for January 12 were $4.638,65017; expenditures, $18,445,586; balance, $430,030,293.81. Customs d ties for 12 days of January were $7,- 730,197.16. Two Banks Name Officers. FRONT ROYAL, Va, January 14 (Special). —At the ‘annual meeting of the stockholders of the Bank of War- ren held in the banking house, the following directors were elected for the year: E. H. Jackson, W. W. Sonner, G. C. Ramsey, L. F. Hansborough. B. J. Hillidge, O. W. Borden, C. E. Strother, 1. H. Trout and J. H. Downing. Imme- diately after the stockholders meeting adjourned the directors held a meeting and organized with E. H. Jackson, presi- dent; W. W. Sonner, vice president, and M. B. Turner, cashier. At the meeting of the stockholders of the Citizens’ National Bank the fol- lowing directors” were elected: B. S. Atwood, O. R. Bowen, R. W. Burstfield, G. W. Duncan, T. S. Duncan, W. V. Robinson, R. W. Payne, Elliott Marshall, J. F. Purcell, W. C. Carter, J. G. Tapp and W. C. Weaver, jr. The directors re-elected the officers of the bank for the ensuing year: R. Bowen, president; R. W. vice president;’ G. W. Dui N. ent; J..G. Tapp, chairman of the m.m E. K. Davis, cashler, support was United Fruit, for the de- | (he Government was one of the mn_i o in one year included a holi- | !day, which wes not the case for the Adva::ates of Retirement and Substitution "of New Long-Term Bonds Gain Attention of Treasury. Special Dispatch to The Star. NEW YORK, January 14—The ad- vocates of an early refunding of the First and Fourth United States Liberty | 4%, per cent bonds and of portions of | the short-term or floating debt of the | Government are beginning to receive respectful attention in Treasury circles. For months they have been recom- | mending the retirement of the calable | Liberty bonds and the substitution of long-term bonds for short-term Treas- | ury certificates while money rates are (low and it is possible for the Govern- | ment to borrow on advantageous terms. Many reasons have been advanced by | those who have been opposed to the | refunding operations to show why this would not be practicable. Still, the sentiment for a change in the char-| acter of the Government debt has per- sisted. ‘Wiggin Supports Policy. | One of the new proponents of @ re- funding policy is Albert H. Wiggin, who | has just retired as head of the Chase | Natfonal Bank, and who stated publicly | 30 pér cent of the entire Government | debt. These bonds may not be called | anm romt:xmll? this year. Prepara- lons for rei ng them should early in the Spring. 85 Naturally, the question arises as to the rate of interest the Treasury would regard as satisfactory and which would appeal to those investors who were asked to turt in either their First or Fourth Liberty 4!, per cent bonds in exchange for a new issue. The general feeliig among Government bond deal- ers is that a long term Treasury loan could be floated within the next six months on a 31 per cent basis. This reduction of 1 per cent from the pres-, ent rate would save the Goverrfment! $68,000,000 annually in its service! charges. ~ The refunding operation ! could not be successfully carried out unless it ‘were accompanied by a cam- paign of publicity that would creats an interest among Investors in Government cecurities which they do not today possess. Trial Tests Made. Nearly one-half of the present Gov- ernment debt is held in the Federal OIL FLOW WATCHED Oklahoma Interests Keep Eye on Activities in State Assembly. By the Associated Press. TULSA, Okla., January 14.—While other areas of the midcontinent oil re- glon scanned reports of production that thowed the disposition of East Texas operators under reopening of their fields, in Oklahoma chief attention is centered in the investigaiing and legis- Iative activity of the Geeral Assembly now in session. Rumblings of discontent over the ap- plication of Oklahoma's. oil conservation laws have been general for more than two years, and there have been repeated l’u-mnm !o( ll.ll:itvcry through illegal run- ing of wells and talk of other irregu~ larities. ’ A committee of seven State Senatots was appointed to conduct an investi- gation of the entire structure of pro- Tation in Oklahoma as'administered by the Corporation ' Commission and con- trolled by the State military forces un- early this week that refunding of a | Reserve banks and in the national and | der Lieut. Col. Cicero I. Murray, cousin substantial part of the floating cebt of | tlals to a period of recovery. 1t is understood that other leaders in | the New York banking world have for | some time been endeavoring to impress | on Secretary of the Treasury Mills the | desirability of initiating a refunding | program before there is a sufficient re- | found that these have been generously | covery in business to advance interest | rates and cause a possible decline in the prices of all Government paper. They argue that there will never be a more propitious time during the present generation for reducing the carrying | charges on the Government's long-term debt than exists today. ‘There are outstanding about $532,- 000,000 of PFirst Liberty 4!, per cent . The first call date on this is- sue was June 15, 1932. They may be retired on sufficient notice at any time after that day. The refunding of this maturity should not be attended by any great difficulty, as the amount is com- paratively small as Government loans go. The test of the market would dc- velop during the process of refunding the Fourth Liberty 4Ys, which are outstanding in the amount of $6,268,- 000,000 and at present represent nearly | State bank and trust companies. The proportion of it publicly owned i smaller than that carried by investors abroad in their national loans. The Treasury has made a number of | trial tests through offerings of moder- ately long-term bonds in the last year at 3 per cent to 3'{ per cent. It has received. For instance, the 3'; per cent loan running for five years, placed last September, is now selling at a pre- mium of nearly 3 per cent, or on an income basis of 2%, per cent, The four-year notes with & coupon ‘of 31, ! per cent, heavily over-subscribed last August, are quoted at & -premium of 3% per cent, heavily oversubscribed last The long-term Treasury 3%s are at premiums of better than 2l per -cent, wmt’ a yield of approximately 3 per cent. s These conditions give warrant for the belief that, so far as the interest rate is concerned, one of 3!, per cent in refunding 43, per cent loans would be acceptable. e problem is more with the weight of debt involved of Gov. Willilam H. Murray. New Proration Bills. So far no new proration bills have been introduced in either house of the Legislature, but at least two such meas- ures will be introduced in the Senate shortly, one having the backing of Gov. Murray and most influential members of the oil fraternity, the other prepared by Senalor Knox Garvin of Duncan, chairman of the Senate Ofl and Gas Committee. ‘The administration measure concerns itself principally with strengthening the present conservation laws, putting teth in penalty clauses and otherwise bringing it into form to cope with pro- duction and proration requirements of ‘There has been indication of & ‘endency toward abolition of proratio and there is little likelihood of such an eventuality. ~Producers generally have been agreed that even the present pon- derous, slow-moving proration ma- chinery is better than none at all, and the leaning has been toward sett than with the associated rate of interest. . | (Copyright, 1933, BALTIMORE SAVINGS WELL MAINTAINED| Mutual Banks Report Only Minor Changes After Year of Opera- tion—Depositors Gain. Special Dispatch to The Star, BALTIMORE, January 14.—Although 1932 was a year of particularly heavy demand on the country’s banking insti- tutions, the mutual savings banks of | Baltimore closed the year with only minor changes from their position at the beginning of the period. according to compilations based on the ,annual statement of the seven largest of these banks. The total number of depositors in- creased from 299,787 at the end of 1931 to 303,666 at the end of 1932, a gain of 3,879 accounts. ‘Total deposits stood at $203,484,774.34 | on Decamber 31, 1932, as compared with $208,322,540.95 at the beginni of the year, a decrease of $4,837,766, or 2.3 per cent. One institution which made a par- ticularly impressive gain in number of depositors and total deposits. was the Postal Savings Bank. At the close of the year this bank had 4.000 depositors, against 1,708 at the end ef 1931, and total deposits of $2,599,727, as against $990,638 the year before, a gain of £1,609,089, or 162 per cent. — Railways Receivers Start Work. - BALTIMORE, January 14 ( 1al). —Work on plans for the rehabilitation of the United Railways has been started by the receivers, with the co-operation of counsel, appointed by Judge William C. Coleman in the United States Dis- trict Court. ‘The receivers are Lucius S. Storrs, former president of the company, and William H. Meese, vice president of the Western Electric Co., in charge of the Point Breece plant here. $500,000 OIL PLANT PERMIT IS SOUGHT Pan-American Company Plans New Structure in Curtis Bay Sec. tion of Baltimore. Special Dispatch to The Star. BALTIMORE, January 14.—A new | petroleum refinery and storage plant to L e cost $500,000 will be erected here by the Pan-American Petroleum & Trans- port Co. adjoining its present plant on ‘Wagners Point on Curtis Bay. This became known with the filing of an application for & permit for the erection of the first units of the new plant at an initial cost of between $500,000 and $1,000,000. The new structure will be built on about 30 acres of land to be reciaimed on the waterfront adjoining Wi agners Point. filling and retaining behind a S bulkhz‘l”d. { According to the application filed with the bureau ntnmgnp,mmx- 'F unit of the new plant will consist ?meu tanks of 80,000 gallons capacity. the American Co.. This.is.a of (i Srandard Ol Go. of Thdlaoar COPPER BUYING SUBSIDES. NEW YORK, January :14 '(#).—After a slight- increase in - over the past week, the export copper market has relapsed into extreme - dullness, with sellers quoting 5.10 cents a. ?xma, com- ed with & matm& 5.25 cents. Domestic buying is practically nfl‘uwl'.h the -price’ unchanged at 5 cents. Trade Reports at a- Glance By the Associated 'Press. NEW YORK, January 14.—Tabloid ‘review._of wholesaie business conditions as reported to Bradstreet’s this week from the fol- lowing centers, on the basis of comparisons areas in the corresponding week last' year: ‘Wholesale and Pittsburgh Chicago Cleveland Detroit . Indianapol Louisville . Milwaukee . Des Moines . Duluth .. Kansas City . Minneapolis . Omaha . St. Louis . St. Paul Baltimore .+ Quiet and retail with conditions in the same . Retail ‘Trade. Quiet Fair Quiet et Fair Quiet Quiet Quiet Quiet Quiet Fair Comment, Pittsb rgh—Merchants’ “sales” meet fair success; wholesale trade in between-s son lull; glass industry presenting annual show this week: l operations at plants quiet pending cutcome; coal demand tapering off; municipal construction constitutes main building activity. . Chicago—Merchandise trade looks up; furniture mart yielded satis- factory volume due to attractive designs and prices; shoe manufacturers at convention intirnated fairly good standing: wheat advances to highest point since November 15. Cleveland—Improved . confidence crease in savings accoun in banks ‘results’ in ‘$1,000,000 ‘in- ; automobile industry steps up production, with consequent benefit to_employment; Cleveland ‘steel on-30 per cent basis due to auto releases—Youngstown receives large pipe orders—Trucson an- nounces $2,000,0000 contract for refrigerator work. Detroit—Retall trade in seasonal lull; wholesale lines, except drugs and paper, inactive; automobile producers active on requirements for dealers’ floors—preparations general on uptrend, though far below normal. Indianapolic—Department stores for automobile shows; employment featuring clearance “sales” with me- diocre results; manufacturing continues quiet, with a number of plants closed completely; building stagna: collections backward. Louisville—Tobacco manufacturers’ unfilled orders far behind; de- partment stores featuring les” to dispose of Winter stocks; industrial activity practically ceased or on skeleton forces; tobacco crop continues to bring satisfactory returns—market Milwaukee—Slightly better tone washing machinery plant on full force and five and one-half non-ferrous ingot metal producer receives largest orders mild weather retards coal sales active. in trade than a year ; bottle ay week; in two years; vertising campaigns produce fair results; Wwholesale orders mostly fill-ins; considerable increase in mining activity; hog and corn prices poor; building at \ndstill. Duluth—General trade in seasonal lull; low-priced heavy merchan- dise in better demand; department stores concentrating on January clear- ance “sales”; indusf arking time collections continue to lag. try E Kansas City—Attractive prices the feature of retail trade; drug sales compare favorably with last year; live limited, due to uncertain wheat prices—wheat crop needs Minneapolis—Business activity fails to revive; retail sales 20 below 1932; industry at virtual standstill; milk reduced to 7 cen! holding up 'fairly well; vances sharply; flour inarket remains ‘Omaha—Wholesale coal orders recede due to mild weather; some manufacturing lines report inquiries best in 60 days; shoe production up-grade in improve. stock receipts light; flour mills sales molsture. per cent grocery and produce demand e ts a quart; wheat price ad- ull, line with increasing orders; live stock receipts heavy, prices St.” Louis—Shoe manufagturers increasing production in line with demand; wholesale orders for Spring delivery on steady increase; drugs and chemicals holding their own; lead and zinc prices firm, output on uptrend, St. "Paul—Ladies’ apparel manufacturers more active than a wholesale shoes and harness slow; increased activity in leather accessories; demand. year ago: and auto groceries and confectionery in R g Baltimore—Weak commodity prices a hindrance to trade activity: wholesalers anticipate no betterment before Spring; retail stocks A [ very low; irugs and chemicals more active; grocery tonnage compares favorably with 1932, but prices are off and profits less. definitely and protecting the rights small identifying chronie viclators and strengtnening existing statutes with good amendments. Under present ration laws thou- sands of small wells in Oklahoma that would be abandoned if forced to com- pete with the huge volume of flush production possible from newer major fields of the State still are functioning and cing their small allotment per and seri-stripper wells represent an aggregate of almast 250,000 barrels a day and a probable total recoverable velume of 750,000 barrels. ‘The reduction in prices of crude in December caused abandonment of cer- tain s wells, but the example of s wide-open flow policy eaused the crude structures to collapse, 1 fear. ‘They almost unanimously in faver of a xug.um g:m;ne State's tion policy, as per :emben indicated in recent statements. ‘prods above this mark, due Teopening the East Texas pools and to a 42,000~ barrel temporary increase in Oklahoma. Oil men were particularly interested in: the East Texas flow, which was re- o1 by the Oil and Gas Journal to 872 barrels daily. This was 10,000 barrels above the level Texas Railroad Com: SLIGHT GAIN IX BANK CLEARINGS IS REPORTED By.the Assoeinted Press. i NEW . YORK,' January 14—Bank clearings for mel first n:l‘l :::kmumm new year are only slightly g -of the closing weeks of Decem. the United States, R. G. Dun & Co.,, was d are 25 per cent un: year. At New York City the amount was $2,926,481,000, which was 28.4 per cent less, while the for cities outside of New York of $1,481,484,000 was 17.3 per cent smaller, Conditions in New York and at some of the larger citles, particularly those in the West and on the Pacific Coast, are the least satisfactory. Philadelphia again reports a small increase and this week's clearings at Buffalo are in ex- cess of last year's. Losses continue con- siderably smaller at St, Louls, Kansas City and Minneapolis, as well as at most of the Southern centers. Pigures for leading citles, showing increases and decreases, as compared with the same period a year ago, follow: (Totals in thousands.) Philadelphi phia Baitimore Pittsbu Buffalo Ghicago Detroit Cleveland Cincinnati 58558 FYERRYRRIGRECE =t Son tsoi v isiol D) SeREg $1.48 Tasdat $4.407,985 |5 e wH oI W @ & NEW YORK BANK STOCKS