Evening Star Newspaper, January 21, 1933, Page 12

FINANCIAL. FINANCIAL. NEW MEETING DATE D. C, SATURDAY, JAN RY 21, 1933. NEW YORK STOCK EXCHANGE IST[]BK LIST HOLDS /N reaters 5o oaepesasann COMMODITY PRICES Received by Private Wire Direct to The Star Ofice. f A E ~Prev. 1033— Stock and Bales— Net. | ~Prev, 1033 Stock and High. Low. Dividend Rate. Low. Close, Chee. | High. Low. Dividend Rate. . 5% 4% Adams Express. » % % Kelsey-Hayes Wheel 64% 58% Air Reduction (3 10% 8% Kennecott Copper. % 3% Kreuger & Toll. .. 18% 16% Krower Grocery (1) 1 2% % 80% Allied Chem& D (§). 67 e T 6% Allls-Chalmers Mfg. 2208 8 8 A0 B ey B R 5% Alpha Port Cement. . . 1 o L 20 . Amerada Corp (2).. . 10 * Am Brake ShaF(60c" 54 AmCan (4)......... 7 'Am Car & Foundry.. 16% Am Car&Foundry pf. 364 Am Chicle (13)...... 6% Am & Forelgn Pwr.. 9% Am & For Pwr pf(7). 9 Am&Forgn Pw pt(6) 87% Am Home Prod 4.20.. 6% Am International.... 17% Am Locomotive pf. . 11% Am Mach&Fdy (80c). x 17 AmNews (1%).... 7% Am Power & Light. 18 AmP&LtptA (3%). 18 AmPwr&Ltpf (3). 6% Am Radiator. .. 7% Am Rolling Mill WO RANE .t i i e ABVERECENTLON Have Been Proposed by New York - . Stock Exchange. . . Annual Business Session in | January Will Simplify In- [ eome Tax Records. Mark;ts Continue to Display Uncertain Trend During Special Dispateh to The Bter. ; Toads Teport thelr ftems of current us- Week, However. NEW YORK, January 21.—A Wall and current labilities monthly. This is extremely importan Street, banker remarked the other day | wiien ‘theis. crodly ccnitions n’"fr.:'}.'g Spectal Dispatch to The Star. refused to - :n‘h-ly analyzed by their security hold- CHICAGO, January 21.—That much T comgan (Copyriht, 1938.) desired and frequently heralded general FURNITURE TRADE ‘S5 Market Displays Strong Un- dertone, With Rail Shares 50 Liggelt & Myers(15). i i 51% Ligg & Myers B (15). Showmq Gain. 16 Loew's, Inc (3). - 2% Loft Inc...... 27 23 Loose-Wiles B! 120 115 Loose-Wiles 1st (7) : 13% 11% Lorillard (P) (1.20) Scial Diatts fo Xhe fer %% ToulHana O % % NEW YORK, January 21.—The week Lovisiana Oil Ref pt. ‘ on the Stock Exchange 19% 18% Lou Gas&EIA (1%). 21% _21% Loulsville & Nash 3 1 McCrory Stores. ... 6 1% McCrory Stores B. .. 21 5% McCrory Stores pf. . 18% McIntyre P M(11%) 44% McKeesport T P (4). % McLellan Stores. 2% McLellan Stores 18% Mack Trucks (1). 29% Macy (RH) & Co (. 6 Manhat Elev mod gtd 5% Manhattan Shirt. ... 10 Marine MidJd (80c). . 15 M on Alk (1%). 1% Dept Stores (1). 174 Met-Gold Plc pf 1.89. 4% Mid Continent Petm. 5% Mo Kan & Te: 4 11% Mo Kan & Texas pf. 2% Missouri Pacific. ... 4% Missour] Pacific pf.. 15% 13% sh Motors (1). F BY EDWARD C. STONE. Members of the Washington Stock Exchange recently changed the by- laws relative to the date of holding the annual meeting. In the past the an- nual meeting has taken place on the third Wednesday in November and of- ficers elected for the coming year. Such wae the case last year when.C. H. Gockeler was made president. The date has now been changed from November to the third Wednes- day in J‘““””x“’“"‘m‘f“x‘é‘:‘“fimfi: f yearly reco ?:;‘%xux;%n:es.y Thi members expressed lz' AmSm&Ref....... the opinion that it would be much 20% Am Sm & Ref 6% pf. better to hold the meeting shortly 31 AmSm&Ref7% pf. after January 1 than back in Novem- ag'fl Am Steel Foundry. ber, so that records can be easily as- SO S ntees . sembled for the full calendar year, 1% Am Sugar @).. Article 3 of the constitution has 209% 108 Am Sumatra Tob. been amended to read: “Section 1. % 1 % Am Tel & Tel (9). The annual meeting of the members| 64% 55 Am Tobacco B (46, of “the Washington Stock Exchange | 19%°15% Am Water Works(1). for the transaction of general and| 16% 14 Am Wat Wksetfs(1) special business shall be held at the| 5% 4 Am Woolen...... Tooms of the Exchange, on the third 7 Anaconds Copper. BY GEORGE T. HUGHES. - continues to fall of fulfillment, as major markets first run up one side mmmdmmmndeotm Py curve. However, the result is a fair degree of stabllity at a level somewhat above the recent lows. This underlying steadi- ness, with the price trend apparently upward if anything, is drawing increas- Signs of Improvement Are| i, coment, from market anaiyste them. Pennsylvania was turned over 2 to the fact that the side of declin large volume today at a fractional ad- street Seen by Leaders in offers few opportunities for s mm', vance. Bl Industry. Soruarmnonnnlaa 3 + i SHeo trafic in effect a year ago. +++++ B ool - while above the o<y e present market the sky e Grain Price Losses. By the Assoclated Press. doing the gains of the week before. There were seven consecuti CHICAGO, January 31.—Leaders in | of declining values, unmmt's];:g'gm - - - Wednesday of January of each year, 11% Archer-Daniels (1). at 12 oclock, at which time and place there shall be elected separately And by ballot a president, a vice presi~ dent, a secretary and a treasurer, tfi serve for the ensuing year or unt their successors shall have been e change means that the present officers will serve several weeks longer than one full year. Conditions Worse 120 Years Ag;. 5 While addressing Washington Chap- ter, American Institute of Banking, re- cently, Harold Stnn‘igr, national edu- ional director, said: m“'msmricul experiences, While inter- esting, never exactly parallel each other: However, there is a great deal U ullsh interesting in the story of an Engl o5 panic 120 years ago. ‘We are Iptm Eympathize = with ourselves _on e ground that our Federal debt burden is greater than that ‘which any other na- tion has ever been called upon to bem;i But a perusal of England’s history 12d years ago revedls the fact that she ha a debt of 34.0003)000031(;)0 and a popula- tion of only 19,000,000, “We have a debt of nearly $20,000,- 000,000, according to the 1932 report of the Secretary of the Treasury. Eng- land, 120 years ago, was therefore 20 per cent more in debt per capita than We are at the present time. She had an unemployment situation far more difficult than the present one, either in England or in this country. There were hunger riots, massacres, and widespread dissatisfaction. England lost 40 per cent of her foreign trade. In order to save money she reduced her armed forces by over 50 per cent.” Number of Big Banks Decline. fThe 42 banks of the country which yeported deposits of more than $100,- 000,000 as of December 31 hold 32 per| cent of the tofal deposists in all the commercial banks in the country while | 195 banks having deposits of more than $20,000,000 each hold 47 per cent | e bank deposits of the country, :fcc::']ding to thg annual tabulation of the larger banks of the country pre- pared by the Finance Age. = Because of consolidations and fal ures, the number of large banks is con- stantly decreasing, although not in the same ratio as the smaller banks, the Financial Age comments. Five years ago there were 283 banks, each with deposits of $20,000,000 or more. In 1931 the list contained the names of 210 banks. In 1932 there was a further re- duction of 15, bringing the total down to 195. The aggregate deposits of the 195 banks Wlflixl"!ghad deposists of $20,000,- 000 or more at the end of last year were $21,109,342,000. These banks had de- posits of $17,777,738,000 at the end of 1927, showing a gain of $3,331,604,000 in the last five years. Postal Savings Hang Up Record. Postal savings deposits at the close of 1932 reached a total of $900,238,726, another record, according to the Post Office Department. This total compares with $605,594,020 a year earlier, or & gain of $294,644,706 for the year. In the middle of the year these deposits amounted to $784,820,623. 5% 17% 6% 56% U1 4% +562% Corn Products (3) 136% Corn Prod pf (7) 41 Armour of Del pf(7). 1% Armour of Il (A)... % Armour of I11 (B) 1% Arnold Constable. - S 59% Atehison of (). . 17% Atlantic Coast Line. . 15% Atlantic Refinine(1). 45 Auburn Auto (d4)... 615 Avation Corp (Del) 1dwin Locomot 1timore & Ohlo. 31 Barnsdall Corp. 10%% Beatrice Creamery.. 45 Beech-Nut Pkg (3).. 9% Bendix Aviation. 91 Best & Co. . 14 Bethlehem Steel 28 Bethlehem Steel pf. . T% Bigelow-Sanford.... 2315 Borden Co (2) 8% Borg Warner. 25% Bkyn Manhat Tran.. 1% Budd (E G) Mfg... 1% Burns Bros pf. Bush Terminal. + Bush Term'] deb stk Bush Terminal pf(7) Bvers (A M). Byers (A M) of (7 % California Packing. . Calumet & Hecla.... 12% Canadian Pacifle.... 14% Cannon Mills (1).... 39% Case (J 1) Co....... 50% Case (J 1) Co pf (7). 6% Caterpillar Trac 50c. T% Celanese Corp....... Cent Azuirre (1%).. Century Rib Mills. .. % Cerro de Pasco...... Certain-teed Prod Ches & Ohlo (2%)... 14% Chesaneake Corp (2) % Chi & Eastern Tl pf. 1% Chi M1l StP & Pac... 214 Chi Mil StP & Pac pt. 3% Chi & Northwestern. 5% Chi & Northwest pf. 57 Chi Pneu Tool pf. 2% Ch! Rock I & Pac. 13% Chrysler Corp (1) 11 City Ice & Fuel (2). 7314 Coca-Cola Co (7). 11 Colgate-Palm-P ( 80 Colg-Palm-P pf (6) 15% Columbia Gas (b1 914 Columbia Plc ctfs 27% Columb Carbon (2). 23% Comcl Credit A (3).. 10 Comel Solv (60c). ... 2% Comwlth & Southn. . 42 Comwlth & Sou nf(6) 7% Congol-Nairn (§ 415 Consol Cigar. 46 Consol Cer pr pf 1% Consol Film. . 6 Consol Film pf 58% Consol GasN Y 97% Consol Gas NY pf(! 4 Consol Laund 50c 5% Connsol O] Corp. 14 Consol Textile. . % Container Corp (B). 35 Contl Baking (A). 3814 Contl Can (2)....... 4% Contl Diamond Fibre 14% Contl Insur (1.20)... 515 Contl OiI (Del). P rnalfo~oSunanuns -1 Y S 8 e w FrEmSeBunomanm . -~ HolurarnBoonScmroRwnommm B 1 ~3n " S 31 Coty. Inc...... B OFRERERE PERFF * P R R e 3 3 ® + #+11+1 S T T T S P ERRS ZEes FoFEE SEe 1031 102 + + 1 1+ - £+ + 2 & ++ 4+ ++ FEFEES 2 e - 37% Nat Biscuit (2.80) 138% 136% Nat Biscuit pf (1) T Nat Cash Reg (A) Nat Dalry Prod (2).. % Nat Dept Strs 1st pf. Nat Distillers. . Nat Tea (60c) N Y Central. ...... N Y Chi & St N ¥ Investors N Y NH & Hartford. NYNH&Hartpf.. % N Y Ont & Wester! N Y Shipbuilding, 97 N Y Steam pf (6 17% Noranda Min (a: % Norfolk & Southern 124 114 Norfolk & West (8) 5% North Am Aviation. 81% 28% Nor Amer(b10%stk). i3 Northern Pacific. ... T% 6% Ohio Gil (a50c). 1% Oliver Farm Mquip. .. 18% 10% Otis Elevator (1).. 100% 9815 Otis Elev pf (6) 1 Otis Steel pr pf. Ow 11 Glass (2) Pacific Gas & Kl (2).. 387% Pacific Lighting (3). 7% Pacific Mills. ....... 7 Pacific Tel&Teleg(1) % Packard Motor Cai Paramount Publix Park Utah. . = Patino Mines. .. Peerless Motor Car. Penick & Ford (1) 4 Penney (J C) (1.80). Penna Railroad..... Pere Marquette pf... Pere Marquette pr pf Petrol Corp of Am... 4 Phelps Dodge. . Phillips Petroleum. .. Pilisbury Flour(60c) Pitts Screw & Bolt. .. Plymouth Ol (1). Port Ric Am Tob(B). Postal Tel&Cable pf. Pressed Steel Car.. . 291 23 Proctor & Gam(1%). 104% 101 Proc & Gamb pf (5). 52 Public Sve N J(3.20). Pub Sve G&E pf (5).. 23% 18 Pullman Corp (3) 60 Pure Oil pf (8 5 Radio Corp. 8% Radfd Corp p! 2% Radic-Keith-Orph, 24% Reading Rwy (1) 25 Reading Ry 2d pf(2). 6% Real Silk Hosiery. .. 25 Real Silk Hoslery pf. 314 Remington-Rand.... 5% Republic Steel. 11 Republic Steel pf. 5 Reynolds Spring. 60 Reynolds Tob A (3).. 26'% Reynolds Tob B (3).. 17% Rhin W E1 P (a1.06). % Richfield Oil........ 4 R ns of Ame: 1% St L-San Fran pf. 1 Schulte Retail Sto 17% Seaboard O1l Del 40 18% Sears Roebuck. % Seneca Copper. 1% Servel Inc....... 8% Shattuck(FG) (50¢). 4% Shell Union Ofl. - S » 1 e Bun T aBone Teran Saman o mNem00~ Pt 44441411041 ++ +44+ + bt +1 1i++4 - £ 14+ | +++ 11+ tor shares was evident in the buying of General Motors. All the tobacco stocks gave a good account of themselves, with the greatest interest today in Reynolds. There was a better market for the sugar shares, especially American Sugar Refining. Of the pivotal industrials, so-called, the strongest were Air Reduction, J. I. Case, Columbian Carbon and Corn Products. ‘The Public Utilities were relatively in- 14| active. American Telephone, higher in | the first hour, was not much changed at the end. Consolidated Gas, the sell- ¥1ing of which was a feature yesterday, ! met support around the preceding close. EPFEFPEEEFE FE 2% | Public Service of New Jersey was in % | fair demand at intervals. In the gold mining group Dome Mines duplicated 4%/ its previous high, and Homestake cross- ed 150 %| “An unofficial estimate that net earn- % | ings of United Biscuit will be somewhat % | under the dividend requirements was interpreted favorably. For the nine months ended September 30 the com- % | pany reported income available for the 14 | common equivalent to $1.27 a share, % | whereas the annual dividend at present 1, |18 $2 & share. The stock, however, has a ; discounted all the decrease. Fluctuations in commodities were un- ¥ important. Sterling exchange was slightly higher. Baltimore Markets I Special Dispatch to The Star. BALTIMORE, Md., January 21— White potatoes, per 100 pounds, 80a 1.05; barrel, 1.25a1.50; sweet potatoes, bushel, 25a70; barrel, 50a1.00; beans, bushel, 1.00a2.00; beets, per 100, 1.50a 2.00; brussel sprouts, quart, 10a15; cab- bage, basket, 25a30; carrots, per 100, 1.50a2.00; caulifiower, crate, 1.50a1.75; Peierer, %00a4.00 lants, _crate, Lso-p!e.go; lettuce, crate, 3.75; onions, per 100 pounds, 75a90; peas, bushel, 2.00a2.75; spinach, bushel, 40al1.00; peppers, bushel, 75a1.25; squash, bushel, 1.00a2.75; tomatoes, lug, 75a2.75; tur- nips, hamper, 20a25; apples, bushel, 25a 1.60; cranberries, box, 2.00a2.65; straw- berries, pint, 12al4; grapefruit, box, 2.00a3.00; oranges, box 2.00a3.50; tan- gerines, half box, 1.00a1.25. Dairy Markets. Live ltry—Turkeys, hens, pound, 18; ‘ob‘!:?u!n. 14a15; old hens, 16al7; old toms, 12a13; capons, 14al8; young chickens, 11a15; all kinds, poor and thin, 8a9; old hens, 10al4; leghorrs, 10a11; old roosters, 7a9; ducks, 9al3; geese, 10a15; guinea fowls, each, 15a40; pigeons, pair, 15a20. Eggs—Receipts, 762 cases; hennery whites, dozen, 21a2113; nearby firsts, 20a20%;; Western firsts, 20a20%4; Southern firsts, 20; current receipts, 20. Butter—Good to fancy, crveamery, pound, 19a22; ladles, 15a16; store pack- ed, 12a12%; process butter, 18a18%;. FEE FE PP & e F Markets at a Glance e pressure lers, but mainly because of the flagrant manipu- m.umy of accounts that was disclosed into receivership the past year, in- volving losses to investors of hundreds of millions of dollars. ‘There is one feature of these reports to which more attention should be given and which corporations, whose Securities are listed on the Stock Ex- cmn{: should clarify at frequent in- tervals during the year rather annually. This has to do with the items reflecting their liquid position. They include cash on hand, such as time deposits, call loans or short-time loans and readily marketable securities. The latter usually embrace United States Liberty bonds and Treasury notes of short maturities, municipal notes off in less than a year, m%pment trust cenmmu railroad and called bonds of domestic corpora- | dustry. tions; and also, in the past, the obli- gations of strong credit countries abroad, Where dividend payments are involved, it is important for stock- holders to know just how much of a re- serve of this sort is available for a con- tinuation of dividesd payments if cur- rent earnings are nbt sufficient to cover the regular dividend disbursements. Some of the companies whose stocks are listed indicate their cash and short- term investment position every three months; usually when they make their dividend announcements. Of these the General Motors Corporation is a con- spicuous example. The stockholder of this concern is informed quarterly just how much cash and marketable securi- tles are in the treasury, and the rela- tion of this to current Mabilities. It has been a great satisfaction to holders of General Motors securities to know during the past year that, although earnings have been poor, their com- pany remains in a remarkably liquid position and can pay dividends indefl- nitely if that seems to be a wise pol- icy for the management to pursue. The Nash Motors Co. also makes a feature of exhibiting its current cash position every three months. The latest, pub- lla:ed a {mh?." l‘o,uindlclted clshm and marl e securities aggrega about $11.50 a share, with the stock selling around $13.56 & share. Other Statements. On the other hand, some big com- panies, such as the American Telephone & Telegraph Co., while publishing elaborate annual reports, do not dis- close during the year as much infor- mation concerning their current posi- tion as shareholders would like to see. At the end of 1931 the balance sheet of the telephone company showed cash and temporary investments, available for conversion into cash, of about $290,000,000. This compared with ap- Pproximately $419,000,000 at the close of 1930. Just what the amount was on December 31, 1932, will not be known publicly until the report of the com- pany if issued in March. Shareholders feel that it would be to their interest to know, at least semi-annually, how this and other comparies stand with respect to their current position: On September 3, 1932, the United States the furniture industry, from manufac- turer to retailer, profess to see mildly encouraging signs on their business ‘horizon. ‘They cite an attendance of 3,550 buyers from 43 States at their Janu- ary market in the American Purniture Mart here—more than attended last July’s market—as one hope, -especially in the face of a small- er number of buyers per store. A conviction that furniture prices “undoubtedly will move upward” dur- ing the next six months was expressed uch ‘Wheat 1 o 1 spent the present week un- | H some improvement in the furniture in- “The reason prices have not fallen further is primarily because they al- ready are below costs, and unless they improve several hundred manufacturers will face disaster during the next three months.” Roscoe R. Rau, managing director of the National Retail Furniture Asso- ciation, also declared the industry’s prices have stabilized. “The most encouraging sign of the month,” he said, “is the fact that fac- tory prices have shown definite signs | bu of stiffening, and in most lines it is safe to say they have been stabilized— at lease for the present. “Retail merchants no longer are so interested as they were in bargains, so-called. They now reflect the con- stantly increasing consumer insistence on quality.” Sees Turn for Better. From V. L. Alward, president of the American Furniture Mart, came this comment: ' “There is no ‘boom’ in the furniture business, nor anything even faintly re- sembling one, but if attendance and in- terest at our January market are any indication, it does appear now that we are on the upgrade. “Improvement thus far has been slight, and further progress doubtless will be slcw, but the downward trend of the past three years has been checked.” Protective Committee Formed. NEW YORK, January 21 (P.—A protective committee was formed for Lolders of McCrory Stores Corporation common and class “B” common stocks, of which 457,605 shares are outstanding. Charles E. Merrill of Merrill, Lynch & Co. is chairman of the committee, which also includes Charles F. Adams, treasurer of First National Stores, Inc., P &Gy Perey M. Chandier of & Co, 3 T Chlndlzr& Co., lndifléioefl H. Gordon of Kidder, Peabody 3 Stockholders will be asked to deposit the Bank of New U. S. TREASURY BALANCE. major sign of | jar day with an upturn. The price losses, resulting from the wnkene% technical S:mon that followed the upturn, ounted to more than 60 per cent of the recent 8%-cent . cats Tollowed wheat; S o and Hogs bobbed up to a market to around $3.40, the highest since hl‘t’ November, with the market uncertain around that level. Cattle were irregu- 85 were sheep. Markets for dressed :;t,.::::pt pm'::a l}nvc l!:een better of ecoun or the firmy 1n live stock prices. sl lers in all markets are dee) - terested in the proposed domestic. ?u‘ox:- - | ment plan of farm relief. The - packing Industry is genuinely fearful of the ef- fect that application of a processing tax would have on the hog market. It was relieved during the week to hear that President-elect Roosevelt favored limitation of the plan to cotton and wheat during the period of experiment. As a matter of fact, the proponents of the scheme do not favor its applica- tion to hogs except under strict limita- tons on marketing and production. They geln;g:ll:g Wgflse"!‘he inclusion of under M‘he,l’_-lh'- e provisions of “The whole case for the allotment plan rests upon failure of the tariff to confer the usual benefits upon farm products of which there is an export- :Fl: h:“:p]u"ugd W. R. Ronald, one ol omm! sponsoring the plan. ‘Without that basis upon wmcg to ld, I do not see how the processor could protect himself on the payment of the tax without deducting it from the amount paid the producer. Sees Tax as Bearish, “The proponents of this measure have emphnlulfi? opposed the application of the plan to dairy products because 1t is wholly illogical and, so far as we can discover, practically impossible.” ! With regard to application of a pro- cessing tax to wheat, a step that looms in view of the President-elect’s interest, one of the most astute of private grain zm:ket experts has the following to y: “Should any legislation of this kind be enacted, the first consequence would { probably be a bearish futures market, since farmers with the increased price would rush wheat to market. The sec- ondary effect would probably be some- what bullish if acreages were actually reduced. We feel, however, that if the incentive is great enough, even on & smaller area planted, through intensive cultivation and use of fertilizer, pro- duflt‘mt‘ l.‘:oulfl be increased.” moment grain markets under the influence of excessive m.;-. plies. While there is the prospect of poor crops in the Southwest this Sum- mer and influences are adverse in the Northwest due to dry weather, traders covsider it still early to base a bull market on crop prospects. The - tine is getting into more intense com- petition with Canada for European mar- kets and the United States continues to find itself out in the cold, with its prices more than 7 cents a bushel over q! )y Russia for Canadian wheat to be used for seed purposes has had & bullish influence, and talk of inflation also has stirred traders somewhat, 4 Shell Union o1 (Copyright. 1933.) 2% Snider Packing. T4 Socony Vacuum 40c. 15% So Port Ric Sug 1.60. 25% Southern Cal Ed(2).. 15 Southern Pacific..... 47 Southern Railway... 57% Southern Railway pf 14% Standard Brands (1). 13%.Stand Gas&El (1.20). 20% Stand Gas&El pf (4). 46 Stand Gas&El pf (7). 23% Stand Oil Calif (2).. 99% Stand Oil Exp pf (5). 15 Stand Oil Kansas. 30 Stand Ol NJ (t2) 3% Stewart Warner. T4% Stone & Webster. 4 Studebaker Corp.... 30% Studebaker pf (7)... 7% Superheater Co(50e) . 13 Texas Corp (1)...... 22 Tex Gult Sulph (2).. 1% Tex Pacific Coal&Ofl. 4% Tex Pacific Land Tr.. 1% Thermoid Co..... 3% Tido Water Asso Ofl. 2% Timken-Detroit Axle 14% Timken Roller Bg(1) 5 Transamerica Corp.. 3% Tri-Contl Corp. e 25% Un Carbide & C( 69% Union Pacific (6 25% Unit Aireraft. 15% Unit Biscuit (2) 12% Unit Carbon. . 8% Unit Corp (40c) 383% Unit Corp pf (3)... 28% 23% Unit Fruit (2)...... The rate of increase in deposits & ST slowed down considerably during the f;‘fi f:,f gre-r: oclwts'-l]&) latter half of 1932. The average 28315 2214 (‘:lodwh ;"‘; et &12*. monthly gain for the year as a whole | 334 224 Cudahy Patking 2. was §24553,725. For the first six| 43t 42 Curis Prolish p months the average monthly gain was !72 - C:’.:u:::w:“‘h:- $20,871,100, while for the last six|S 2% Curtlss Wright (A). months it was $19,236,350. 315 3% Davega Stores (60c). Declaring that “no time in many 4% 3% Davison Chemical... years has called for more careful plan- [ 27% 20% Del Lack & Westn... ning in the use of personal income,” 711 67 Detroit Edison (6)... Adoiph Lewisohn, New York banker,| 19% 18% Diamond Match (1).. opened National Thrift week over the | 13% 12% Dome Mines (11.30). network of the National Broadcasting| 38% 34% Drug Corp (4)...... Co. More than 40 national organiza-| 41% 36% Dupontde Nem (2).. tions which are concerned with busi-| 106 103 Dupont deN db pf(6) ness, civic, educational and social life| 101% 100 Dugques Lt 1st pf (5) are co-operating in observance of Thrift | ~g1s" 54 Eastman Kodak (3). week, he said. 20% 18 Elec Auto-L (1.20).. 88 1 86% Elec Auto Lite pf(7). Heard in ";l‘""';:: Db‘:"'“‘l teq| 1% 1 ElectricBoat....... James F. Behan e 1% 1% Elec & Musical Instr. treasurer of American Telephone & 7 lec Pwr & Lt. . Telegraph Co. to succeed Hugh Blair- lg,z lg% g,:fi P:,z{“, (2) Smith, deceased. Mr. Behan has been | ———————————"0u—" associated with the Bell System for 1 7% Federal Screw Wks. practically 30 years. He was made as-| 3% 2% Fed Water Service A. sistant controller in 1920, from which| 18% 15% Fidelity-Phoen 1.20.. position he goes to his new office of | 56 Bl% First Nat Strs (2%). i 21, 1% Fox Film (A)....... Eugene Meyer, governor of the Fed-| _26% 23 Freeport-Texas(2).. eral Reserve Board, appeared before | 9% 16% Gen Am Tank Car(1) Scnate Banking and Currency Subcom- 7% Gen Asphalt mittee and in a brief statement opposed 13 Gen Baking (2). the Sheppard bills to make eligible for 29 Gen Cigar (4)...... Federal Reserve discount paper of fi- 14% Gen Electric (40c).. nance companies. The governor filed 11% Gen Elec spec (60c) with the committee a report from the 245% Gen F00ds (2)....... Federal Reserve Board bearing out his 1 GenGas&RBlec (A).. opposition to the measure. 3815 Gen Mills (3). 5 Newspapers all over the country are 12% Gen Motors (1). commenting on the fact that the 7214 Gen Motors pf (5) Chesapeake & Ohio showed an increase 171 Gfillette Saf Ras (1). in gross revenues in December over the 718 Gillette Saf R pf (5). some month of the previous year, the 114 Gimbel Bros. st such increase to be shown since 5% Glidden Co. nuary, 1930. The increase was largely 14% Gold Dust (1.20). due to a pick-up in the coal business. 4% Goodrich (BF). In the full year of 1932 the' railroad 15 Goodrich (BF) pf. earned $3.05 per share on common 14 Goodyear Tire&Rub stock against $3.47 in 1931 36 Goodyear 1st pf (7).. .- 12 Gotham Silk Hoslery 1% Graham-Paige.....q % Great Northern pf. NEW YORK, January 21 (#).— wx Corporation reported cash and | By the Associated Press. s i . vernment _securities of $130,000,000 | Treasury receipts for January = teady: Jeaders | against about $157,000,000 at the end | were $3,858,451.65; expenditures, $9.-| DIVIDENDS ANNOUNCED NEW YORK, January 21 (#).— I 4 F OEFF FEE FFERFIEF FEFEE + dull. Foreign exchanges ;. European | of 1931. 261,419.90; balance, sm.m.m‘x's, currencies higher. Cotton quiet; local| Under a new ruling by the Inter- [ Customs duties for 19 days of January and Southern selling. Sugar steady; |state Commerce Commission, the rail-' were $11,716,454.24. g:yi‘;‘ buying. Coffee higher; European : Pe- Pay- Hldrs.of Company. riod. able. " record. Yool Price Tndex Drope. .Trade Reports at a Glance. Prigiing, Mach 0o 8l qim dg gl NEW YORK, January 21 (#).—The e lesals By the Associated Press. Nairn (M I) & Green- e Cre Vo T NEW YORK, January 21.—Tabloid review of wholesale and retail wieh Lid A dr ding January ‘break- business conditions as reported to Bradgtreet's this week from the fol- %; ‘:hc?mle(% ',he:‘r'e‘vlmu lg;'ép?::mn Jow lowing centers, on the basis of comparisons with conditions in the same S it "3'.“' of $1.61 reached last Summer. Sharp| | areas in the corresponding week last year: e o - Dec near! ction, Tevie ot M fact: Collec- . ;lor es. li’p.llrlut:;: :;d s et m'i mg{-fi-fl Retanl l;:m“‘;l,n( Hud © N Bk _(J sald. O BupuneEBuanSusenma R FEFESE PETITE -1V EEE e = ® P OEER - s L - 2 wHONE R &~ B (Ba] Morris Plan B_(Cl Q Feb. Plaze P B&L (Bal).$3.25 8 Dec. T gLyl e 8 R EARNINGS REPORTED. NEW YORK, January 21 (#)—The FRE F FFERF Winsted Hos'ry Go. 8130 @ Peb: o Resumed. tles P & L B. .. Feb. . 2 e B G of. 1 s1'80 6 Mar '] FeB. % & trust, reports 31, 1932, at $28,350,901, including com- mon stock of its subsidiary Blue Ridge Taking Blue Ridge stock Honolulu Gas Co...20% .. Omitted. FAELAEED A L+ I FORR FEEIISERR RR O FE ¥ OEER R EREFEF REF EEP Chase (A W) Electric Ferries Inc. Pirst ln‘lk (New o | to $53.81 a the company’s preference stock and on the second basis of $17.69 a preference As of December 31, 1931, M +11 PITTSBURGH.—Wholesale coal for industnal use less active, but better demand for egg and lump sizes; comparatively few orders piaced at She o umu::.lnzile:s us(l)ww: Warm wea Mer h!ndn;nufl n‘:;u Pmm‘l:lfi?mn o doah reported a liquidating value of -TR"‘“ sales necessity lines , Wil-Low Cafeter $4 pi Sl “dollar sale’ ves exceptiol successful; w $25.12 a share for its preference stock. first sale” pro . mc‘-’k. = R record. company had net cash income in prices Pe- of $266,778, exclusive of any of moderat Company. . Rate. riod. ‘sbie. buted income of Blue v - ANERS O WIN t1u09 Mo, - & ol aBw~ro.Sunwe aovaan - E A N ] ++ 4t P FERREFIEFEEEEE ¥F Feb. 20 1 2 Beacon Mg Co pi $1.50 Q Feb. Blue Ridge Cp pf 8% U S Pipe&Fdry (50¢) 8% U S Realty & Imp. £ & Go SEESGMe TEEETIE il ses BBEAE FEFEEF Bor wlaint o EEEYE 12 Univ Pictures 1st pf. 4% 3% Util PwrsLt (A)... 14% 11% Vanadium Corp.... 85 77 Va Elec&Pw pf (6).. 2 1% WalworthCo....... 2% 1% Warn Bros Pictures. 6% 6% Warner Bros Pic pf. 1% 1% Warner Quinlan..... 51% 384 West Pa Elec A (7) 54 39 West Pa Elecpt (6). cents a share the common as of 63 49% West Pa Bl pf (7)... 60 December 381, 1931, although i is 101 98 West Pa Pwr pf (6). that 112,290 preference 110 106% Wenst Pa Pwr pf (7). A shares were purchased and retired last 3% 2% Western Pacific pf... 2% year. Net cash income for the year amounted to $2,525,851. NEW YORK BANK STOCKS 4 Wilson & Co (A). 20 Wilson & Co pf. NEW YORK, mm 21 (P).—Over- 824 Woolworth (2.40) g 36% Wrt, 8% 3 £ H {4 3 & +A+t 13 A e rotsio Annual Elections Held. Stockholders of the Maryland Home 7 Great West Sug. . Title Insurance Co. held their annual 72% Great Wn Sug pf (7). meeting this week. t'me regular divi- 1_Grigsby Grunow.... dend of 6 per cent per annum was declared and the following officers and | o, Bemilton Wiateh. - directors elected for the coming year:| g1y, g7 He:cules Pow pf (7). T. Van Clagett, president; Frank M.| gy g5 Hershey Choc (5). .. Blephen, vice president, S. Marvin| yo7™ 145 Homestake Min (9).. Peach, secretary; George W. Waters, jr., 2% 2 Houdaille-Hersh (B) “Richard T. Zantzinger, J. Enos Ray| ;5 14% Hudson & Man (2%). B Y ol e 5% 4% Hudson Motor Car, These officers and directors were| g, 23 Hupp Motor: 15 2% elected at the annual meeting of the | ee————————————— Upper Marlboro Real Estate Co.: 11% Illinois Central 13% Samuel Wyvill, president; T. Van 28% Industrial Rayon (2) 30 Clagett, treasurer; S. Marvin Peach, 25 Ingersoll-Rand (2).. 24% secretary; Willlam S. Hill, Lansdale G. 89 Int Bus Mach (6).... 923 Basscer, Henry M. Morris and Guy M. 2% Int Carriers Ltd 20c. 3% Coale, directors. The directors have 3% Int Combustion..... 2 3% declared the regular dividend of 6 per 20% Int Harvester (1.20). 21% cent peF year. 80 Int Harvesterpf (7). 1 824 5% Int Hydro-Elec (A).. % 7% Int Nickel of Can. ... 8 72 Int Nick Can pf (7) % 2% Int Paper & Pwr pf.. % % Int Paper & Pwr (C). o ™ W WS e e I+ +1+10+11 - S s |+ sk SEa SRR z FaE e 3 L4 > H 538 S GERGTaRE~ e ’flmle uvzmm‘: debts; some manufacturers operating on skeleton forces, others compl closed; “sales” the feature of retail trade. MILWAUKEE.—Automobile show attracting traffic, but actual sales mild weather retards retail sales, but favors outdoor work; .. §. ! £ s iF aftel ting preference stock and 27 cents a share on the common stock. This compares with $57.85 for the preference and 28 lor 8 s | - 444 @ 1 DPOOOOOOOO OO OWPL: OO FeEy ¥ + Eq > e ++1 53 5 5 Fe b S s 2 PEERTIRERRE BEE Soisraiore EEERRRIESER FEeE P 81 25% Western Union...... 14% 11% Westing’se Air B(1). 27% Westinghouse Elec. . 6% Westvaco Chlorin 1% Wiilys-Overland. 1+ FEREFEFL B FEF s ) H o g oretara Dg! 3 L4 B % E =8 k1 LTy 18% 9% Youngstown Sh&Tu. 1 Dividend rates as given above table are the cash smenia, baged on the.IAert GUASLENg Of DAL FeaLls detiave tional *Unit of less than m}i..u tPartly % - Rl O g e % in stock. 1 Plus $1 in 1 preferred 3 ) steck | mPdid last year—ro tegular rate. B % ' bhosk: of: Employes Recalled to Work. - i S P (Spectal) —Approximately 100 employes| 45" 42" Int Printg Ink of (6) ax to work Monday when the local estab- | _23% 19% Johns-Manville. 20% 20% lishment resumes operations after a| ——— = shutdown of several weeks. An in- creased demand for products of the o ts I3 = Wl l+E ]+ FREF 0 3 on general . ; - ST. PAUL.—Wholesale and 'nhn ‘volume M'NJ‘:; - = Bank of Harpers Ferry. Donald, président of Storer College| Walsh, I. T. McDonald, Mr, Besste L. a5y e B shortly; demand for groceries and canfectionery fair; harness, leather and jocal concern made it necessary to con- o . 2 ‘automobile accessories 2/ imm an additional building to house| HARPERS FERRY, W. Va., Jan “"f"v was named vz president; W. A. | Rau, BALTIMORE.—General buying featured by extreme caution; country W ipment. The former force of | 31 (Special).—J. J. Porter was ‘alsh, cashier. . Porter succeeds ‘merchants due to financial condition of thie farmers; tely 50 operators will be in- grmmcotmgmnkoll-hrpmhm the late T. J. Burl Directors mmnhmwlymbledmdse“:“rtkw;hnm( “retail volume w'-wimhlwmd.w. T by 40, putting upward of 100 | herc by the board of directors at the | clected included J. J. , R. R. Mc- | since the war, and nov includes a large 777, %° - ment acute. w2, . oh:the pay roll. annual meeting this week. H. T.-Mc~'Mahon, Dr. Walter K. Dittmyer, W. A.'part of former Austriz-Hungary. *Includes “extra. - - 283 RRREEEREE BN EEW EEE e8] o o . I ROPOD EOODO® POW O O LOOLOOOOD. B SRR TR T 1 B 0%p00: B S P i