Evening Star Newspaper, January 20, 1933, Page 14

FINANCIAL. mnusmms“mfi s LIS SHOWS GANS 60 H ) 2 102 :x%mafl Shares Also Feature FINANCIAL. 1933.’ A—14 wxx NG STAR, WASHINGTON, D. C., FRIDAY, JANUARY 20, NOTE—Today’s individual sales are not given in this edition. Sales of each steck in this edliien are from yesterdar's paser., ~Prev, 1 Stock and Net. High.” Low. Lividend Rate. Addx 00 High. Low. cuu Chge. DECREASE IN BANK CLEARINGS NOTED = e s i eek in Dis-| 10 9% Amiatea Proa1.60. o 9y _Sllght Loss for Week 8 64 58% Air Reduction (3). 7 L i i il M 1w 06 Dk + ! trict Laid to Seasonal 13% 113 Alaska Juneau(60c). 1% + % 1% 1 Alleshany C‘;?z'o v 114 1 21 Alleg Corp pf $30ww Factors. 89% 804 Aliled Chem & D (6). Allegheny Steel. Allis-Chalmers Mfg. ‘Amerads. Corp (2)... 4 Am Ag Chem (Del).. Am Bank Note. . Am Brake Sh&F(GOe Sales ’:1 e.'eh'fi:'& Tt ~Prev. 1 Today's in NOTE—1 les of each stock in Sleredy et o al sales are not edition are ln- day's paper. rev. 1933— Stock and Sale: Net. High. Low. Dividend Rate. ~ Add 00 sllh. la' Gloss. m- 14% 13 Texas Corp (1)...... 28 13 22 Tex Gult Sulph (2).. 24 24 24 % 60 59 U S Tobacco ( 4% Tex Pacific Land Tr. 2 4% 101% 101 Univ Leaf Tob pf 1% Thermoid Co. e %| 4% 3% Util Pwr& Lt (A). % 5% Thompson Pr i i 34 Tido Water Asso Ol I CoRp e 126 +%| Upturn in Prices—To- 41% Tide Water As pf (6) 84% i 8 accos Strong. OTE Today's individ in, this_edition. O CAch Arerk Tn i hon e oy estaraas's Baber, tion a sl,ock and ~Prev. m‘l.x« m I Net. Low. " Dividend Rate. ‘Add 00. Hlll\. 72'% Great Wn Sug pf (7) 208 T4% 9% Gulf States Steel. 10% 17% Lo 19% 17% Hackensack W (1‘,’;) 70% 6€9% Helme (GW) (17)... 0% 17% 16 Hercules Powder 1% % Hershey Choc (5)... Hemestake Min (9). Houdailie-Hersh tB) Houston Oil. . % Houston Oil (new Howe Sound (40c Hudson Motor Car. 2% Hupp Motors. 11% Illinois Central Ind Motor Cycle pf. 9’)’. + % 61 +1 Airway Elec Appl... 3% Tl Pea e 20% 17 Vulcan Detinning... 20s 18% 14% Timken Roller Bg(1) %| 8% Th Waldorf Svatem (1) 1 8% 8% 5 Transamerica Corp. . % 14 % Ward Baking (B)... 1 1 3% Tri-Contl Corp. ... .. y 2% 1% Warn Bros Pictures, 7 % 1% 1% Twin City Rap Tran. 4% 3% Warren Bros. .. A B 7 Twin City Rap Tr pf. 9 8 54 39 25 4% 7 BY GEORGE T. HUGHES. Warren Found & P... 8% — % | Special Dispatch to The Star. Webster-Eisenlhr pf 200s NEW YORK, Janua: ry 20.—Although ‘West Pa Elec pf (6). x20s there was some reaction in the lsgsl. §~ BY EDWARD C. STONE. Bank clearings in Washington for the week ended January 18 totaled $17.- 528,000, against $19,549,000 during the 50 +10 12 Und-Ell-Fisher(50c) i week ending January 11, and 22.9 per cent under the same week a year ago. The modest drop is assigned to seasonal variations. Richmond made the best comparative showing of any city in the fifth Federal Reserve district. Clearings in the Vir- ginia capital totaled $27.742,000,-against the slightly higher figure of $28,037,000 in the previous week, but only 1.3 per cent behind the record of the corre- sponding week in 1932 Baltimore cleared checks amounting to $53.165.000, against $53,237,000 and 17.2 per cent less than the like week last year. Norfolk showed a slump,| clearings being $2,343,000 in comparison with $2,666.000, also 8 per cent below the 19 figures in the corresponding week. Although outside of the fifth district, Atlanta made the most inter- | esting record of any city in the South. Clearings were lower than the previol week, but 7.5 per cent atove the mar & year ago. | For the country as a whole, clearings 1n 47 large cities were 1 1 per cent ahead of the previous ck, according to Bradstreet’s, but 23 pm cent off from | last year. | Credit Concern Elects Officers. | meeting of the | nance, Weshingten | the following elected Chester H rington, James N. Warrington, Myrtle D. War- | rington, Charles E. Hood, Frank P. Morse, H. A. L. Barker, Harry Friedman | and D. C. Barnhart. The directors met immediately, de- | clared the company's twenty-fi secutive quarterly dividend and the following officers: Chester H. War- | rington, president; Myrtle D. Warring- ton, first vice presiden® James N. War- | rington, second vice president, and D. C. | Barnhart, secretary and treasurer. At the annual meeting of the stock- holders of the Lincoln Service Corpora- tion, industrial bankers, the following were elected to the board of directors: Charles Delm: W. Springer, Francis J. Crilley. William_ Jeffries Chewning, jr.. Rowland C. Ringgold, Frank B. Severance, William J. Byrne | and Harry J. Collis. John H. Verkou- | +teren was appointed auditor and Wade H. Ellis, general counsel for the ensuing year. The follow the ensui: were elected for Sharles Delmar, pri dent; Francis J. Crilley, vice president Rowland C. Ringgold, vice president, | and William Jefferies Chewning ir., | secretary and treasurer. () Bethesda Bank Names Officers. Directors of the Bank of Bethesda | have organized for the coming year by | re-electing the same officers as served the bank during 1932. They include George P. Sacks, president; Dr. Ben- jamin C. Perry, first-vice president Brainard W. Parker, second vice presi: dent; S. Walter Bogley, cashier; W. Paul Stallsmith, assistant cashier, and Francis C. Wallace, secretary. At the recent annual meeting the same board of directors was retained in office. The board of directors of the Home Plate Glass Insurance Co. has organ- ized with the selection of the following officers: Byron S. Adams, president; C vice president; . secretary-treas- William H. \Iarhur\ assistant sec- treasurer. The financial report showed an increase in the business of | the company for the year. The com- pany was incorporated in 1882. | American Stores Dividend Voted. Directors of American Stores Co. have red the regular quarterly dividend cents per share, payable April 1 ockholders of record March 16. gal l‘S of Amecrican Stores Co. for the four weeks ending December 31 totaled $9,250.463 against $9.602,682 in Decem- ber of the previous year, a decrease of $352.219 or 3.6 per cent. For the 12 months ended December 31, 1932, sales amounted to $115,453,529 in comparison with $135,226,406 in 1931, & decrease of $19,772.877, or 14.6 per cent. Company officials stated that sales for the five weeks ended Decem- ber 3, 1932, showed a drop of 14 per cent as_compared with the corrcspondmg pebiod in 1931 Both monthiy and yearly reports uere made without regard to changes in the number of American stores operated during the year. The percentage figures show a v much better situation in t month of 1932 than for the year ng officer: C! Harper Joins New Business Firm. B. Ogle Harper, for many years a partner in the investment banking firm of Crane, Parris & Co., has become as- sociated with W. M. Canby & Co., life Insurance and_estate counselors in_the Southern Building, 2 new concern which has started in business during the pres- ent week. . Incidentally, W. M. Candy, head of the firm, was with the Wash- ington office of the National City Co. for 10 vears, so that he, too, is well | known in the financial district. George M. Ferris, president of Ferris. ‘Woodroof & Lewis, Inc., who has just | returned from a business trip to New York, states that there prevails at this | time a changed fecling for the bctter‘ among the prominent banking and in- vestment houses which he visited. President Richard A. Norris of Wash- | ington Chapter, American Institute of | Banking; Vice President Robert H. Lacey and Past President I. J. Roberts, will attend the annual banquet of New York Chapter tomorrow night. Mr. Roberts will be entertained by the Chase Na- tional at luncheon at noon. William Walter Phelps of New York, partner in Goedbody & Co., will be here tomorrow to attend the Alfalfa Club dinner. Frederi Berens, formerly with Stein Bros. & Boyce, iS NOW asso- ciated with Goodbody & Co., in the office here, Active Trading on Exchange. The Washington Stock Exchange wit- ressed an active session today. The new Washington Gas Light 5s, 1958, came back into the limelight with seven sales making a turnover of $13,000 at 9414, Capital Traction 5s appeared on v,he board in a $1,000 sale at 56. Washing- ton Gas 6s, Series A, came out in a $1,000 sale at 100%;, while Georgetown Gas_5s were active at 103%s and 103. Capital Traction 5s sold at 56%. Caplml Traction stock muv?d in a very small sale at 10's, 40 shares of Potomac Electric Power 5!> per cent preferred sold at 107, and five shares of | the same corporation’s 6 per cent pre- ferred changed hands at 111% Ogden L. Mills, Secretary of the Treas- ury, was in New York yesterday to at- tend a dinner at the Town Hall Club. He made a visit to officials of the Fed- «cral Reserve Bank during the afternoon. National Power & Light Co. has de- clared the regular quarterly dividend of 25 cents on the common stock, payable |- March 1 to stock of record February 11. —— Spread in_Copper Price. NEW YORK, January 20 (#).—Owing to a difference in brands and varying marketing conditions the export price of copper shows a considerable spread, ranging from 4.95 cents to 5.07}> cents a pound. Domestic sellers continue to quote 5 cents a pound for the current quarter. Buying is dull in all markets. V. S. TREASURY BALANCE. By the Associated Press ‘Treasury receipts for Jmus.ry 18 were #31/86,754.76; exp>: £84,413, B 0. Cusic for ays ol Janpary were | i i Am Chicle (13). 4 Am Come'l Alcohol. . Am & Forelgn Pwr. .. Am&Forgn Pw pf(6) Am & For Pwr pf(7). Am & For Pwr 2d pf., Am Home Prod 4.20. Am Ice Co. % Am Internal Am Locomotive. ‘Am Locomotive pf Am Macn&Fdy (800). x ¢ % Am Metal Co Am Metal pf. ' Am Power & Light. . AmPRLEpLA (234). Am Pwr & Lt of (3). % Am Rolljng Mills. AmSm&Ref....... Am Sm & Ref 7% pf 4 Am Snuff (13%)..... Am Stee] Foundry... : Am Sugar (2)....... Am Tel & Tel (9).... Am Tobacco (16).... Am Tobaceo B (+ - Am Water Work: Am Wat Wks cthu) Am Wat W 1st pf(6) Am Woolen......... Am Woolen pf...... Anaconda Copper.... Anchor Cap (60c)... Armour of I11 (A)... Armour of Ill (B)... Assc Dry Good: Atchison. . Atehizon pf (5) Atlantic Coast Li Atlantic Refining (1) Atlas Powder pf (6). Auburn Auto (d4)... i 2 Avation Corp (Del 413 Baldwin Locomot. 8% Baltimore & Ohlo. 10% Baltimore & Ohlo pf. 20 Bangor & Arostk(2) ‘!‘7 Barnsdall Corp. Bayuk Cig 1st pf(7) 101, Beatrice Creamery. . 45 Beech-Nut Pkg ( 4 Reldin: 6314« Belg N Ry pt pf 4. DJ % Bendix Aviation.. Bethlehem Steel. . Bonn Alumn & Brass Borden Co (2). Briges Mfz Co Briggs & Strat Bkyn Manhat Tran. . Bklyn Man Tr pf (6). 7% Bklyn Union Gas(5). Burns Bros (A) vte.. Burroughs AM(40¢). Bush Terminal Bush Terminal 128 Bvers (A M). % California Packing. . 14 Calumet & Hecla. ... Canada Dry G A(1) . Canaiian Pacific Case (JI) Co.... Case (JT) Copf (7). Caterpillar Trac 50c. Celanesd Corp. .. . Cent Aguirre (134).. Cerro de Pasco. . ... Ches & Ohlo (2%4)... Chesapeake Corp (2) Chi Great Westn pf. . Chi Mil StP & Pac. Chi Mil StP & Pac Chi Chi Preu ChiR1& Pac »f Chi St Paul M& O pf. Chicasha Cotton Oil.. Chrysler Corp (1) . City Ice&Fuel pf 6%. Coca-Cola Co (7) Coca Cola (A) (3). Colgate-Palm-P (1). Colz-Palm-P pf (6).. Collins & Afkman. ... Colo Fuel & Iron 4 Colunb Gas pf A ( Columbia Plc ctfs. .. Columb Carbon (2).. s Commercial Credit. . Comcl Credit A (3).. Comel Inv Trust (2). Comel Inv Trpf 6%. Comel Inv cv pf(e6). Comel Solv (60c). ... Comwlth & Southn. . Comwlth & Sou pf(6) Congol-Nairn (60e) . Consol Film Consol Film Consol'Gas N Y (4).. Consol Gas NY pf(5) Consol Laund 50c. Consol Ofl Corp. Consol Oil pf (8) 4 Consol Textile Contl Baking ( Contl Can (2)... Contl Diamond Fibre Contl Insur (1.20)... Cont Motors. Contl Ofl (Del) i Corn Products (3) Corrr Prod pf (T) Coty. Inc. Creum of Whi({234) . Crown Cork & Seal. . 4 Crucible Steel. a Cructble Steel p: 3 Cuba Co. .. Cuba RR pf. Curtis Publishing. .. Curtis Publish pf(7). Curtiss-Wright..... Curtiss-Wright (A). '2) 754 Cashmans pf (7) 4% 581 27% Ty 19% 2T% 13 131 3l 38% 411y 106 1011 61% 6 L,Ah 6075 Cushmans pf (8) 3% Davison Chemical. .. Debenhams Security 4915 Del & Hudson (6). ... 2015 Del Lack & Westn. .. 67 Detroit Edison (6)... 181 Diamond Match (1).. 2614 Diamond Mach pf 13 12% Dome Mines (11.10). 1013 Doug Afreraft (75¢). 213 Dresser (SR)Mfg(B) 341% Drug Corp (4)...... 36's Dupont de Nem (2).. 103 Dupont deN db pf(6) 100 _Duques Lt 1st pt (5) 54 Eastman Kodak (3). % Eaton Mfg Co. .. ls Elec Auto-L (1.20).. 8614 Elec Auto Lite pf(7). 1% Elec & Musical Instr. 5% Elec Pwr & Lt. . 15 ElecBwr &Lt (2)... 15% Elec Pwr&Lt pf 2.33. 23% Elec Storage Bat (2). 10 Equi Office Bldg 1% 5 _ErieRR. 10% Fairbanks Morse pf. 8 Fidelity-Phoen 1.20.. ].FuxFllm(A)... . 14 Fragklin Smn pf('l). 23 Freeport-Texas (2 4 Fuller Co 2d pf Gamewell Co 16% Gen Am Tank Car(1) 214 Gen Bronze. 14% Gen Electric (40¢) 254 Gen Foods (2) 381 Gen Mills (3) 96% Gen Mills pf (6) 127 Gen Motors (1). 72% Gen Motors pf (5) 2% Gen Public Service.. 13% Gen Ry Signal (1)... 17% Gillette Saf Ras (1). T1% Gllette Saf R pf (5). 5% Glidden Co. . 3% Gobel (Adolf)....... 14% Gold Dust (1.20).... 4% Goodrich (BF). 14 Goodyear Tire&R: 36 Goodyear 1st pf (7).. 12 Gotham Silk Hom.ry 20 x608 43 270s 4 1 1 100 49 P llOn 25 2 4 8 160s 3 26 36 5 IDOx 3'{ 80s 9 120% 120‘1 Eastman Kod pf (6). 10s 6 2 13 408 17 10 10 2 1 1 8 1 s 1 9 3 s 2! 20 9 10s 1% Indian Refining 284, Industrial Rayon (2 25'% Ingersoll-Rand (2) 2% Inspiration Copper. % Insuranshares (Md). Int Agriculture pf. Int Bus Mach (6).... Int Carriers Ltd 20c. Int Combustion. . Int Harvester (1.20). Int Harvester pf (7). Int Nickel of Can Int Paper & Pwr p! Irt Silver. . 6% Int Tele & Teleg. 3 Intertype Corp. 1% Towa Central R R 25 Jewel Tea Co (3) 19% Johns-Manville 13 Kan City Sou pf (2). 3% Kagfmann Dept St. 7 Kayser (1) & Co s Kelsey-Hayes Wheel 4% Kelvinator Corp. 8% Kennecott Copper 83 Kresge (SS) Co (1) 1y Kreuger & Toll...... 161; Krorer Grocery (1). 28% Lam Lee Rubber & T m' Lehigh Valley R R. 41' Lehman Corp (2.40). Libbey Owens G zzett & Myers( £ & Myers B ( ma Locomotive Liquid Carbanic. Loew’s, Inc (3) Toose-Wiles Bis (3). Lorlllard (P) (1.20 Lou Gas&El A (1% Louisville & Nash. 4 Mo N MecCrory Stores pf. . « McIntyre P M(+1%4) McKeesport T P (4). 21 McKesson & Robbins MeLellan Stores. . .. McLellan § « Mack Truck: Manati Su 2 Mandell Brothers. Manhat Elev mod Marine Midid (80c).. Marlin-Rockwell(1). Marshall Ficld & Co. Math on Alk (11 Mathieson Alk pf(T) May Dept Stores (1), Midland $tl 1st pf(8) Mo Kan & Texas. ... Mo Kan & Texas pf Missour{ Pacific. Missourf Pacific pt Mohawk Carpet. . Monsanto Chem 1% . Montgomery Ward. . Motor Meter G & El. 4 Motor Products Motor Wheel. Murray Corp. at Acme Co. % Nat Biscuit (2.80). t Cash Reg (A). at Dairy Prod (2).. N%tl Dist prpf (2%). Nat Lead pf A (7). at Pwr & Lt (1) at Steel (50¢). Nat Tea (30c) Y Central ¥ Chi & StL Y & Harlem (5) ¥ Investors. . Y N H & Hartford. N H & Hart pf... Ont & Western avs pf Y Shipbuilding. Steam pt (6). oranda Min (al.18 orfolk & Southern. North Am Aviation. or Amer (b10% stk) orthern Pacific Norwalk Tire & R 635 Ohio Gl (a50c) 1% Oliver Farm Bquip 10% Otis Elevator (1) 3 Otis Steel.. 3315 Owens 111 Gl 287 Pacific Gas & El (2). Pacific Lichting (3). Pacific Mills. . Pacific Tel&Telez (1) Pacific T & T pf (6).. Packard Motor Car. Paramount Publix... Tark & Tilford. Park Utah. Pathe Exchange. Pathe Exchange (A) . Peerless Motor Car. . Tenick & Ford (1)... Penney (J C) (1.80).. Penny (J C) of (6) Penn Dixie Cmt pf. Penna Rallread.. Peoples Gas Chi (5). 60s 18 1001 13 ash Motors (1).... X 1 149 3 10a 10 15 10 90s 508 ] 19 ® R E - —x Pere Marquette pr pf 150s Petrol Corp of Am... > Phila Co 6% (3). Phila & Read C& 1. Phillips Petroleum Pierce-Arrow of. 2 Pillsbury Flour(60¢) Pittston Co. Proctor & Gam (1) . Proc & Gamb nt (5). Public Sve N J(3.20). Public Sve N 4 Public Sve NJ pf ( Pullman Corp (1\ Pure Oil pf (!) Purity Bakeries (1). Radio Corp. Radio Corp pt B Radic-Kelth-Orph. .. » Raybestos-Man (60c) Readinz Rwy (1) . Real Silk Hosiery Real Silk Hoslery pf. Reminston-Rand.. Republic Steel. Republic Steel nf. 2 Reynolds Tob B (3).. Richfield Qji Rossia Insof Amer 4 Roval Dutch % Safeway Stores (3) 4 St Joseph Lead. St L-San Fran pf. Schulte Retail Stores Scott Paper (1.40).. Seaboard Ofl Del 40e. Sears Roebuck. % Servel Inc. ... ¢ Sharp & Dohme. ... Sharp &Dohme pf(2) % Shattuck(FG) (50c). Shell Unfon Ofl.... Simmons Co 4 Skelly Oil. 4 Snider Packing. . . 4 Socony Vacuum 40c. So Port Ric Sug 1.60. 4 Southern Cal EA(2). Southern Pacific. Southern Railway. Southern Railway pf Sparks-Withington. . %| _15% 14% Standard Brands (1). + %/ 123 121% Stand Brands pf (7). 15% 13% Stand Gas&El (1.20). 20% Stand Gas&El pt (4). 46 Stand Gas&Elpf (7). 23% Stand Oil Calif (2).. 99% Stand Ofl Exp pf (5). % Sterling Secur (A). 1% Sterling Secur pf. 3% Stewart Warner. 7% Stone & Webster. 4 Studebaker Corp. 31 Studebaker pf (7) 36 SunOil (1).... 774 Superheater Co(50c) . a4 it h E Telautograph uu... t RIS WA s SN . 200s I+ HEELE o+ _|GOVERNMENT BOND “|sulting from transfers to this country. HHE b ® o+ T¢I miss market_on beef L FE FEFEE FE T N B EEERES . $ | - # e l held that ma - % ‘ | through subsequent appreciation. 123 25% Un Carbide & C(1.20) e 69% Union Pacific (6).... 25% Unit Afrcraft. 15% Unit Biscuit (2) 12'4 Unit Carbon... % Unit Cigar Stores. .. 8% Unit Corp (40¢)..... 33% Unit Corp pf (3) 23% Unit Fruit (2). 19% Unit Gas&Im (1.2i 987 Unit Gas&Im pt (5). 5 Un't Plece Dye Wks. U S Distributing. . 41 U S & Forn Secur. ¢ 20% US Gypsum (1.60). . 101% U S Gypsum pf (7)., 24%; U S Indus Alcohol 5% U S Leather (A) 8Y% U S Pipe&Fdry (50¢) 3'3 U S Realty & Imp. 5% 4% U S Rubber. 12 8% US Rubber . 16% 13% USSmtg & Ret (1).. 32 26% USSteel........... wumeSnavuea I @ steck. 29% Hh © Payable in scrip. 106% West Pa Pwr pf (7). IWI 10 +1 6% 5 Western Maryland. 6 % 3% 2% Western Pacific pf... 3 31 25% Western Union.. 1 b + % 11% Westing’'se Air B(1). % 27% Westinghouse Elec. . a 3 5 White Sewing Mach. % 1% White Sew Mch pf. 1% Willys-Overland. 2 ¥ 20 Wilson & Co pf. 1 -2 32% Woolworth (2.40) 3 " 36% Wrigley (Wm) (3).. ' % | T Ya'e & Towne (1).... % 33 Yellow Truck. . 9% YoungStown Sh&Tu. Sales of Stocks on New York Exchange. . 170,000 l ll’h * 3 12:00 Noon, 490,000 10 P.M. given in the nbo table half-yearly declarations. (fl‘\ll 8% in toel' . 380,000 560,000 Vohis 3% year—no regular rate, o Plus 5% in IM YIELDS ARE SMALL Recent Heavy Buying Has| Boosted Issues Above Callable Prices. By the Associated Press. NEW YORK, January 20.—Some $10,- 000,000,000 of United States Govern- ment securities have risen to levels at which the yield to investors is little or nothing, if the yield is calculated on the earliest possible redemption of these issues. The flight of timid money into United States Governments has boosted the prices of a number of issues well above | the prices at which the Treasury may redeem them. | Included in the group of Treasury obligations at which the yleld to ma- turity, calculated on current prices, has | fallen to extremely low levels are $2,- | 691,000,000 of Treasury bills and notes maturing up to the end of 1933, which at present prices return investors from about % of 1 per cent to ', of 1 per cent. Also there are $3,192,000,000 of | longer-term bond issues, which, if con- ditions warranted, could conceivably be retired this year at prices considerably below their present market prices. Speculation in Bills. The possibility of tetirement, however, is considered remote. Consequently, in- | CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, January 20.—Following is today’s summary of corporation news prepared by Standard Statistics Co., Inc., New York, for the Associated Press: Advertising, Printing and Publishing. Cuneo Press, Inc., declared a quarterly dividend of 30 cents on common stock; previously paid 621, cents quarterly. Building, Real Estate and Related Lines. Fuller (George A.) Co. 1932 consoli- dated earnings of company and subsid- iaries totaled $169,960, vs. $621,534 for 931 Otis Elevator obtained new Govern- ment contracts totaling $228,000. Food Products. United Biscuit Co. of America de- | clared regular quarterly dividend of 50 cents a share on common stock. Investment Trusts. Sterling Securities Corporation liqui- dating value December 31, was $42.24 a | share of first preferred stock, vs. $42.99 on December 31, 1931. Miscellaneous, Sheaffer (W. A) Pen “Co. declared i four quarterly dividends of $2 each on | preferred stock. OilL. Midcontinent Petroleum Corporation | reduced prices for Mldconnnent crude oil 25 cents a barrel. Skelly Oil Co. reduced crude oil vestors have been ready to buy these bonds at a premium over their callable prices. They are betting that the issues will not be called, but will run to ma- | turity. Included in this group are $1.- | *1392,000,000 first Liberty 3!, per cent| bonds; $532,000,000 Liberty first con- vertible 414 per cents, and $6,268,000,000 | fourth Liberty 4%, per cents. Because of the premiums which short- term certificates and bills attract, there | has been considerable speculation in these prime securities. Some investors have been willing to bid high for Treas- ury bills and certificates, allowing them- selves but a scanty interest return, be- cause of their belief that institutional | demand for such securities would force prices higher and net buyers a profit There has been a moderate setback in | the Treasury issues this week, from their | extremely high levels. This has been| attributed to reports that the Govern-| ment was considering refunding of some | quarterly dividend on $4 preferred | of the short-term issues, to indications | that the Federal Reserve system would‘ let its holdings . of Treasury issues diminish as they mature, and to talk in Washington of currency inflation. | If real inflation were coming, bankers | say, there would presumably be a shift | of funds out of these securities into stocks and commodities. Investors’ Attitude. Scme bankers also point out that the extremely low yield on the United States Governments is deceptive, and does not give & true picture of the money market, for it merely shows that investors have been too uncertain over the outlook to place their funds anywhere else. Gold Transactions. NEW YORK. January 20 () —Yes- terday’s gold transactions up to the close of banking hours included the receipt of $6,527,00) from England and the release of $100,000 from the stock of gold previously held under earmark for foreign account. The New York Federal bank reported a decrease in gold held abroad of $25101,200, re- CHICAGO LIVE STOCK MARKET CHICAGO, January 20 () (United States Department of Agriculture).— Hogs, receipts, 18,000 head, including 8,000 head direct; active, mostly 10a15 higher than yesterday's average; pigs, 15a25 up; packing sows, strong to 5 higher; 140-210 pounds, 3.40a3.50; top, 3.50; 220-290 pounds, 3.10a3.45; pigs, 3.00a3.40; packing sows, 2.45a2.60; light light, good and choice, 140-160 pounds, 3.40a3.50; lightweight, 160-200 pounds, 3.40a3.50; medium weight, 200-250 pounds, 3.25a3.50; heavyweight, 250-350 pounds, 2.80a3.30; packing sows, me- dium and good, 275-550 pounds, 2.30a 2.75; pigs, good and choice, 100-130 pounds, 3.00a3.40. Cattle—Receipts, 1,000 head; calves, 500; very dull market on all killing classes; lower grades predominating; bulk offerings having been held from earlier in week; most steers and yearl- ings, 5.00 downward; best, 6.00; few loads weighty steers, 4.00a4.50; hit and cows and heavy heifers; weighty cattle all killing classes sharply discriminated against; slaugh- ier cattle and vealers, steers, good and choice, 550-590 pounds, 5.25a7.25; 900- 1,100 pounds, 5.25a7.35; 1,100-1,300 ds, 4.25a7.25; 1,300-1,500 pounds, 5 . common and medium, 550- 1,300 pounds, 3.50a4.75; heifers, good and choice, 550-750 pounds, 4.75a6.75; common and medium, 3.25a4.75; cows, 2.50a3.25; common and medium, 240a2.75; low cutter and cutter, 1.90a 2.40; bulls (yearlings excluded), good (beef), 2.85a3.50; cutter, common and cull and common, 3.00a4.00; and feeder cattle, steers, choice, 500-1,050 pounds, common and medium, 3.0%24.25. Sheep, 12,000; few early sales weak to shade lower; bidding mostly 25 lower; heavy lambs getting no action; desir- -ble natives, 5.5026.00 to packers; hold- ing best above 6.25; lambs, 90 pounds, down, good and choice, 5.75a6.: mon and medium, 4.00a5.75; 90-9 pounds, good -and choice, 5.65a6.25; 98- 110 pounds, good and choice, 5.5026.00; ewes, 90-150 pounds, good and choice, 200a3.00; all weights, common and me- | Nor dium, 1.25a2.50. The Court of Sessation in Italy has injurious statements irg the nsti 7 of 2 firm to prevent it from cpiziniag buriness ES eompetilion, | prices 25 cents a barrel in midconti- nent area. Tide Water Oil Co. met 25 cents a barrel reduction in price for Midconti | nent crude oil_initiated by Stanolind Crude Oil Purchasing Co. Railroad and Railroad Equipment. New York, Chicago & St. Louis Rail- | road 1932 preumlmry deficit $4,410,434 vs. deficit $210.412. Pressed Steel Car Co.—Independent Committee, headed by J. S. Johnston, called for deposit of 5 per cent con- | vertible bonds of company: committee | has announced its opposition to re- iunding offers made on behalf of Qom- pany. Retail Trade. Childs Co. stockholders approved re- | duction in capital represented by com- mon stock to $1 a share from $26.54 a share. Wil-Low Cafeterias, Inc., passed stock, last payment on which was $1 a share on November 1, 1932. Utilities. American & Foreign Power Co.—Elec- tric Bond & Share Co. held 47.9 per cent of common stock of company as | | of December 31, 1932, compared with 52.1 per cent a year previous. Buffalo, Niagara & Eastern Power Corporation December _electric sales were off 5.5 per cent; off 21.7 per cent. Cities Service Co. gross earnings of company for 1932 were off 9.1 per cent; net earnings off 8 per cent. Eastern Utilities Associatgs 1932 com- mon share earnings was $2.50 vs. $3.15. Federal Water Service Corporation net income, 12 months ended Novem- ber 30, $978,736 vs. $2,417,883. Tampa Electric Co. 1932 common siare earnings, $2.18 vs. $2.59. Bankers Acceptances. NEW YORK, January 20 (#).—The volume of bankers acceptances out- standing on December 31 was $709,729,- 568, compared with $719,551,303 on November 30 and $974,059,350 on De- ¢ember 31, 1931, the American Accept- ance Council announced. The reduc- tion of $9.800,000 during the month, the council said, was largely due to a general let-down in demand for ac- ceptance credits. Pennsylvania Stockholders. NEW YORK, January 20 (#).—Stock- holders of Pennsylvania Railroad num- bered 250,506 on January 1, compared with 245509 at the beginning of 1932. The peak total, however, was reached last September 1, when 252,142 owners of the shares were on record. FTe PARIS BOURSE PRICES. PARIS, January 20 (#).—Three per cent rentes, 76 francs 80 centimes; 414 per cent rentes, 92.80. Exchange on London, 85.95. The dol- lar was quoted at 25.63%. Cotton Spinning Operations. By the Associated Press. The cotton spinning industry was re- ported by the Census Bureau to have operated during December at 87.2 per cent capacity, on a single shift basis, "m e{i.awfl.h 96. OdD;; ’eent for ‘No- year an it December a year ago. iRt INVESTMENT TRUSTS NEW YORK, January 20 (#).—Over- the-counter market. (Quotations as of 12 o’clock.) 1% | England in RESEIR Spencer Trask mnd Super of Am Tr A 10000 0rs Sbnian Eht B Mise oo m 155! e SRR S Western Audtralia hes tried to out the rabbits by & wirs fence 2, iles long. 12 months were | Baltimore Markets | Special Dispatch to The Star. BALTIMORE, Md, January 20— White potatoes, per 100 pounds, 80a 1.05; barrel, 1.25a1.50; sweet potatoes, | bushel, 25a75; barrel, 50a1.00; beans, bushel, 1.25a1.50; beets, per 100, 1.50a 2.00; Brussels sprouts, quart, 10al5; cabbage, basket, 25a30; carrots, per, 100, 1.50a2.00; caulifiower, crate, 1.50a' 1.75; celery, crate, 1.50a2.25; cucum- bers, hamper. 200a3.50; eggplants, crate, 150a3.50; lettuce, crate, 3.25a 3.50; onions, per 100 pounds, 75a90; peas, bushel, 2.00a2.50; spinach, bushel, 40a1.00; peppers, bushel, 75a1.25; squash, bushel, 1.00a2.00; tomatoes, lug, 1.25a2.75; turnips, hamper, 20a25; apples, bushel, 25a1.75; cranberries, box.l 12.00a2.65; strawberries, pint, 20a25; grapefruit, box, 2.00a3.00; oranges, box, 1%2813.50: tangerines, half box, 1.00a Dairy Market. | Live pdultry—Turkeys, hens, pound, 18; gobblers, 14al5; old hens, 16al7, old toms, 12al3; capons, 14al8; young chickens, 11al5; all kinds, poor and thin, 8a9; old hens, 10a15; Leghorns, 10all; old roosters, 7a9; ducks, 9al3: | geese, 10a15; guinea fowls, each, 15a 30; pigeons, pair, 15a20. Eggs—Receipts, 683 cases; hennery [Whlle dozen, 23a24; nearby firsts, 22; | | Western firsts, 22 Southern firsts, 21; current receipts, 21 ter—Good to fancy creamery. \Dound. 20a221:; ladles, 15al6: store | packed, 12a121:: process butter, 18a1812 1 Live Stock Market. Cattle—Receipts, 100; steady; good |to_choice, 4.75a5.00; medium .0 good. 14502475, fair to medium, 4.0024.50; | plain to fair, 3.50a4.00; common to plain, 3.00a3.50. Bulls, medium to g 2.75a3.00; fair to medium, 2.50a ; plain to fair, 2.25a2.50; commen o plain, 2.00a2.25. Cows, medium to |gaod, 2.7523.00; fair to medium, 2.25a .2 75. piain to fair, 1.7522.00; common to plain, 1.25a1.75. Heifers, good to | choice, 4.5024.75; medium to good, 4.00a 4.50, fair to medium, 3.50a4.00; plain to fair, 3.00a3.50; common to plain, | 2.50a3.00; fresh cows and Springers, 30.00260.00. Sheep and lambs—Receipts, 125; | steady; sheep, 50a2.50; lambs, good to | choice, 6.75a7.40; common to medium, 134 00a6.00. ogs—Receipts, 1,500; higher; light, 1385!4 15; medium, 3.85a4.15; heavies, 1 3.45a3.90; roughs, 2.23a3.00; light pigs. |3.50a3.80; pigs. 3.8024.05; Western hogs, 10a20 higher than quotations. Calves—Receipts, 75; steady; good to | choice, 6.50a7.00; common to medium, 13.50a5.50. Hay and Grain. | _Wheat—No. 2 red Winter, | 58%: January delivery, 58%; ary, 59%:. . Corn—No. 2 yellow, spot, domestic, ‘39140 cob corn (new), 1.75a1.85 per | barrel. | “Oats—No. 2 white, domestic, as to weight, 261:a29l2; No. 3, 25':a26. Rye—Near! bag lots, 40a45. Hay—Receipts, none. General hay | market is quiet, but no surplus of good timothy. Prices range from 11.00a15.00 per ton, as to grade and kind. The | poorer mdu of hay are hard to sell at any price. Market irregular on every- thing below No. 3 timothy. | . Straw—No. 1 wheat, per ton, 9.00a 9.50; No. 1, oat, per ten, $.0029.50. — (INTEREST CUT URGED ON ENGLAND’S DEBT Virginia Banker Suggests Scaling Down of Obligation as Means of Aiding Trade. garlicky, Febru- By the Associated Press. BERRYVILLE, Va. January 20.— Reduction of the interest rate on £ng- land's war debt to the United States to the level of that pald by France, with a retroactive provision, was advo- cated here as a step toward solution of the war debt question by Thomas B. McAdams of Richmond, Va. past pre.slder&t of the American Bankers' ation, Mr. McAdams, executive vice presi- dent of the State Planters’ Bank of Richmond, advanced his suggestion in an address before the annual meeting of group 3, vxmnn Bankers’ Asso- ciation. Great Britain, he uxd in meeting, at great sacrifice, payments on her debt maturing in December, “placed her stamp of approval upon the sanc- tity of international obligations,” while France, “although she had been dealt with on a far more liberal basis when the d::: Wpe&e":xtmdzd Idellbentfly chose the op] method dure and must assume full bility for the criticism her action created in the United Sta “Had England been requifed to pay the same interest rate as France,” he said, “her total payments would have reduced the princi of her indebted- ness by over a billion instead of less thg. ona;:ourth that amount.” 5 . ere suggested adjustment made, Mr. McAdams said, all or at least the major part. of the approximately $800,- 000,000 thus rebated England cowld be setl.lldeulc’redlt'obehn:gdhy purchasing our wheat, corn. , tobacco and other agricultural products. “The advantage thus accru- ing to sgriculture would many times offset such interest loss as would be sustained,” he said. FOREIGN EXCHANGE. {(Quotations furnished by W. B. Hibbs & Co.) llomln-l nld lunuac ehnh 33 35! 13 ur.& 2377 B.12¢ 19.26¢ \ hour, today’s stock market was prima- rily one of advancing prices. = The list was actually strong in the morning, and the late selling did no more than cancel part of the gains. The most encouraging feature was that the bulk of activity was while prices were rising. Stocks were not helped by wheat, which closed fractionally lower. Sterling exchange was strong all day, up a cent in midafternoon. Among the weak spots in the late dealings werc Procter & Gamble and Consolidated Gas. Kroger Grocery & Baking declated the regular dividend on_the common stock. The market opened active and strong, with advances that during the first hour ranged from 1 to 3 points. The leaders were Allied Chemical, J. I. Case and Union Pacific, with American Can, the tobacco stocks, Atchison, Interna- tional Harvester, New York Central, Southern Pacific, United Aireraft, Du- pont and U. S. Steel common following closely along. For stimulus the market had hope of some important progress with regard to war debts to be made at today’s con- ference between President Hoover and President-elect Roosevelt. It was ad- mitted by all that settlement of the war debt questionewould be the most important contribution possible toward world recovery znd every step toward that end would be regarded as bullisn on stocks. The second thing was the prospect that Congress would act fa- vorably at this session on the bill pro- | viding for a specdier reorganization of the railroads. As matters stand that situation, too, is a bar toward business improvement. American Telephone & Telegraph ran up over 2 points despite the doubt about action on the next dividend. Doubtless there was some short cover- ing in the stock. On the other hand, Consolidated Gas was distinctly heavy without any adequate reason assigned. As a rule, speculation for the rise was confined to industrial and railway shares. Among the special features were the strength in the local tractions and the new high for this year and last for Dome Mines. Buying in the trac- ticns was sympathetic with that in the bonds, reviving the report that an in- crease in fare was possible. Dome Mines selling at 13 yields 7.7 per cent If the extra, . is continued, 10 per cent— which is sufficient explanation for the interest in that quarter. NEW YORK BANK STOCKS NEW YORK, Januarv 20 (P).—O ited S ncludes_extra. Producing Cil “:valties Provide Attractiv- M h! Incomes Write for Doscoup Bookiet A-2 Benjamin J. Ml"l Union Trust Bids. ANNUITY PROVIDES NCREASED UPREME NCOME i SECURITY BOOKLET MAILED ON REQUEST LEROY GO 1036 Woodward Bldg. NAt. 0340 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indiana Ave. N.W. LOANS On Improved District of Co- lumbia Real Estate Security 69th Series of Stock Now Open for Subscription James E. Connelly, James F. 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