Evening Star Newspaper, January 24, 1933, Page 14

MONEY RAVE CUTS INTEREST BANKERS Reduction to 3 Per Cent on Savings May Becanie Gen- eral in New.York. BY EDWARF C. STONE. Local bankers manifested great inter- est today in a. report that a cut in interest to & 3 per cent annual basis is likely to be put into effect by a num- ber of mutuai sav- ings banks in Greater Ngw York beginningz with the firste quarter this year. The reduction ‘would reflect the smaler yield on high-grade invest- ments, and would be in line with a cut of one-half per cent in inter- “ ‘est being paid by New York commer- cial banks to mu- tual savings banks, and the downward revision in rates on mortgages. In the final 1932 quarter, 102 of the 142 savings banks in New Yo'k State ‘were on a 3'; per cent annual basis; 11 were paying at the rate of 4!, per cent and the remainder were on a 4 per cent basis, with exception of four, which were paying 4': per cent on the first $1.000 and 4 per cent on the balance. ‘The average interest paid by mutual savings banks in New York State for the last quarter of 1932 was 3.71 per cent, against an average of 4.05 per cent in the corresponding 1931 period. For all of 1932 the average interest paid was 3.73 per cent, the lowest since 1906, and compared with 4.15 per cent in 1931, 4.41 per cent in 1930 and a maximum of 4.43 per cent in 1929. A reduction of approximately one- half of 1 per cent by all the savings banks in the State, which hold about $5,200,000,000 of deposits, would result in an annual reduction of slightly more than $26.000,000. The Dime Savings Bank of Brooklyn, according to the Wall Street Journal, has reduced the interest rate on all 6 per cent mortgages to 5'2 per cent on so-called “open” or past due mortgages. The Long Island City Savings Bank plans to make the reductions to 5! pe! cent from 6 per cent, effective on and after March 1. Hamburg Savings Bank of Brooklyn is taking action similar to g‘:tk of the Long Island City Savings nk. W. D. Hoover's Twenty-fourth Election. william D. Hoover, president of the National Savings & Trust Co., is 2 g:minent local banker who has just n honored with election for the twenty-fourth time by the beard of di- T¢ rs. It was in January 1909 that he was first made president of the trust company. For seven years prior to that time he had becn connected with the institution as attorney and trust officer. Before entering the banking field, Mr. Hoover was a ‘“real estate title man,” for five years being vice president and director of the Real Estate Title Insur- ance Co. Born and educated in Wash- ington, he took his law degree at Georgetown University. After admission to the District of Columbia Bar, he used his legal knowledge to the advantage of the corporations with which he was connected, instead of entering private practice. Mr. Hoover is a director in the Nor- folk & Washington Steamboat Co. and the Terminal Refrigerating & Ware- housing Corporation. He is a 33d de- gree Mason, member of the University, Metropolitan and Lawyers’ clubs and attends the Episcopal Church. His hobby is golf. his membership being ir the Burning Tree Country Club. Years ago he gained wide fame by making a hole in one stroke, at Hot Springs, Va. Ticker Club to Hold Dinner. Chester W. Lockwood. president of the Washington Ticker Club, will enter- tain the members of the club at a dinner at the Chevy Chase Club next Monday evening, January 30. Mr. Lockwood, is connected with Hemphill, Noyes & Co., and has been active in the club ever since it was founded. He succeeded A. Chester Flather to the presidency, at the last annual election. The Ticker Club is made up of repre- sentatives of nearly all the local offices of New York Stock Exchange houses and was organized for protective pur- poses. It came into being shortly be- fore the late lamented break in Wall Street when speculative trading was daily hanging up new all-time records. ‘The club has prospered throughout the lull which has followed those strenuous times. Bankers Select Hot Springs. ‘The 1933 annual convention of the Investment Bankers' Association of America will be held at The Homestead, Hot Springs, Va., October 28 to-Novem- ber 1. This selection was made at the Midwinter meeting of the board of gov- ernors held last week at Absecon, N. J. Last year's convention was held at ‘White Sulphur Springs, W. Va. It is planned to hold board and committee meetings on October 28 and 29 while the sessions and forums of the conven- tion wil take place on October 30 to November 1. The Federal Reserve Bank of Rich- mond_reports that retail trade in the fifth Federal Reserve district has been in fair volume during the past week. Merchants, however, are anxious for some more cold weather in order to rid their shelves of heavy clothing and other Winter goods. The warm weather has also slowed up the demand for fuel. In the Atlanta district trade is re- ported to have improved slightly in January, exceeding by a small margin the business done in the corresponding period in the previous year. Price trends are steadier. Construction activity around Atlanta is brisk. Rapid Transit Files Report. ‘The Washington Rapid Transit Co. has filed its December statement with the Public Utilities Commission. The statement reveals a deficit of $3,442.27, a better showing by $233.27 than in De- cember, 1931. For the full year 1932 the transit company reported a decrease in ret income of $63,599.95, a met loss of $14511.18 over the previous 12 months. ‘The Potomac Electric Power Co. re- ported to the Public Utilities Commis- sion. & net income for December of $431,637.64, & decrease of $49,972.32. For the 12 months of 1932, net income to- taled $4,479,861.53, a decrease of $103,- 362.77 from the previous year. Frank L. Dame, chairman of the board of the North American Co., states that he will remain as the active executive head of the company. While the Jate lwin Gruhl was president, Chairman’ Dame had also been giving his full ‘thme to big utility concern’s affairs.. The company's offices in New York were closed today during the for- mer ‘president’s funerai. Todays Trading on Exchange. On- the, Washington Stock Exchange today, the new Washington Gas Light M‘g” in three $1,000 sales at 941, Wi Gas 6s, ngwn 3 les B, recorded sale at 103%, while the series A bands moved in two $100 sales at 1003 -In the stock division, Potcmac Electric. Power 5. per cent preferred stock registered 107 and the corpora- tion's 6 per cent preferred witnessed the sdlé of two shares at 110%,. New York City bank stocks held steady during the past week, the de- crease in the aggregate value amount- ing to $10,529,000, or less than 1 per cent. The aggregate value of the six- teen issues amounted at the hich witnn Sotai of 1o Wl eompares a - 803,918,000 rej at the close of the previoud , -ard with a - total' of $929,895,000 reported on May 31, 1932, the low point of the depressign, William D. Hoover. NOTE— Sales of each stock ~Prev. 19 Hi 3 118% Al 101% 61% 6 20% 1% Ta 18% 20'5 251 93 30 613 4% 313 1% 12% 28% 4 Today's individual sales are net siven in this edition. ¥'s in this edition are from Stock and Sal Dividend Rate. Adams Express. Adams Exp pf (5) 8% Addressograph. 9% Affiliated Prod 1.60 58% Air Reduction (3) 11's Alaska Juneau(60c). 1 Alleghany Corp. 214 Alleg Corp pf $3! 6% Allegheny Steel..... 80% Aliled Chem & D (6). Allied Chem pf (7). Allis-Chalmers Mfg. 820s Amerada Corp (2)... AmCan (4).vueenens Am Car&Foundry pf. Am Chicle (13). Am Colortype. Am Comc'l Alce . Am & Foreign Pwr. ., s Am & For Pwr pf(7). Am Hide & Leather AmIceCo.... Am International Am Locomotive Am Locomotive pf.. 3% Am Metal Co. - 4 Am Metalpf........ Am Fower & Light. . Am PELtptA (2%). Am Pwr & Lt pf (3) Am Radiator. Am Sm & Ref. i Am Steel Foundry. % Am Stores (1234).. 6% 20 54 16% 36% 2'3 - <] NNRONND DDA I, Am Tobacco (16). Am Tobacco B (6 Am Water Works(1). Am Wat Wks ctfs(1) Am Woolen......... Anaconda Copper. Anchor Cap (80c) Anchor Cap pf (6%). Armour of Del pf(7). Armour of 111 (A) » Armour of 11l (B) 3 Asso Dry G 2d pf.... Atchison. . . 7% Atchison pf (§). Atlantic Coast Line Atlantic Refining (1 Auburn Auto (d4). 64 Avation Corp (Del) 4% Baldwin Locomot 11 Baldwin Locomot pf. 83 Baltimore & Ohio. 72 Bamberger pf (6%) 31, Barnsdall Cor; 10 Beatrice Crea; E 59 Beatrice Crm pf (7).. 4 Belding-Hemingway. 95 Bendix Aviation. 14 Bethlehem Steel..... 12% Boan Alumn & Brass 2315 Borden Co (2)..... 8% Borg Warner........ 4% Briges Mfg Co. 2515 Bkyn Manhat Tran 70 Bklyn Man Tr pf (6). 40 Bklyn&Queens pf(6). 77% Bklyn Union Gas(5). 3 Bucyrug-Erie cv pf, 1% Burns Bros pt.. 315 Bush Terminal...... Ti4 Bush Term’] deb stk. 1 1, Callahan Zinc & Ld 2% Calumet & H 3 Campbell-Wyant Fy. 1215 Canadian Pacific. 14% Cannon Mills (1). Car Clin & Ohio (4) 39% Case (J I) Co.... 50% Case (J I) Co pt (7) 674 Caterpillar Trac 50c.. 7% Celanese Corp... 14 Cent Aguirre (1%4) 57 Cerro de Pasco. .. 26'% Ches & Ohlo (23). 147s Chesapeake Corp (2). 2% Chi Great Western. .. 7 Chi Great Westn pf.. 3% Chi & Northwestern. 2% Chi Pneumatic Tool.; 3% Chi Rock 1 & Pac. 2 ChiStPaul M&O pf. 64 Chi Yellow Cab (1) 3% Chiids Company. 13% Chrysler Corp (1) 11 City Ice & Fuel (2) 3 49 City Ice&Fuel pf 6%. 110s 44% Coca Cola (A) (3).... 9 11 Colgate-Palm-P (1) 15% Columbia Gas (b1). 915 Columbia Pic ctfs 27% Columb Carbon (2 4% Commercial Credit. 23% Comecl Credit A (3). 1813 Comel Inv Trust (2). 104 Comcl Inv Trpf 6%. 84 Comcl Invcv pf(e6). 10 Comcl Solv (60c).... 2% Comwlth & Southn. . 42 Comwlth & Sou pf(6) 7% Congol-Nairn (60e) 1% Consol Film 6 Consol Film pf. 58% Consol GasN Y (4 97% Consol Gas NY pf(§ 4 Consol Laund 50c. 5'% Connsol Oil Corp. 3% Cont) Baking (A) 14 Contl Baking (B). 36 Contl Baking pf (4) 3813 Contl Can (2).. - 147 Contl Insur (1.20).eu 314 Coty. Inc. 247 Creum of Wht( 165 1714 Crucible Steel pf. 22 €udahy Packing 2%. 42 Curtis Publish p£(7). 2 Curtiss-Wright..... 2% Curtiss-Wright (A). 3% Davega Stores (60c). 7% Deere & Co pf (40c) 20% Del Lack & Westn Detroit Edison (6). 18% Diamond Match (1) 12t% Dome Mines (11.30). 10% Doug Aircraft (75¢. 34% Drug Corp (4)... 36% Dupont de Nem (2 100 Duques Lt 1st pt (5). 54 Eastman Kodak (3).. 5% Eaton Mfg Co..... 18 Elec Auto-L (1.20). 1'4 Elec & Musical Insi 5% Elec Pwr & Lt. . 16 ElecPwr&Lt (2)... 15% Elec Pwr&Lt pf 2.33. 23% Elec Storage Bat (2)., 7 Engigeers- Pub Sve.. 29 Eng Pub Sve pf (5) 5 ErieRR........ 4% Eureka Va Cleaner. Fed Lt & Trac pf (6). 2153 Fed Water Service A. 16% Fidelity-Phoen 1.20.. 12% Firestone T& R (1).. 61 Firestone T&R pf(6) 51% First Nat Strs (2% 18% Fourth Nat Inv 1.10.. 1% Fox Film (A). 14 Franklin Smn pi 23 Freeport-Texas (2) 6% Gen Asphalt. . 13 Gen Baking (2).. Gen Bronze. 3% Gen Cable (A) . 29 GenCigar (4)......0 14% Gen Electric (40¢)... 11% Gen Elec spec (§0¢).. 23% Gen Foods (2)....... 1 GenGas& Nlec (A).. 7% Gen G&E cv pfA g6 381 Gen Mills (3). 12% Gen Motors (1 72% Gen Motors pf (5). 5% Gen Outdoor Adv (A) 27% Gen Public Service. . 13% Gen Ry Signal (1). 17% Glilette Saf Ras (1 T1% Gillette Saf R pf (5). 5% Glidden Co...... 14% Gold Dust (1.20, 1% Graham-Paige. 4% Granby Consol. 19 Grant (WT) (1). 7% Great.Northern pf. « 6% Great Northern Ore. . 1 Grigsby Grunow. 915 Gulf States Steel 261% Hacken Wat pf A 1% 4 Hall WF) Printing,. 8 Harbison & Walker. 1% Hayes Body......... 69% Helme (GW) (17).. 87% Hercules Pow pf (7 53 Hershey Choe (5).... 78 . Hershey Choc pf(15) ¥'s paper. Net. Low. Close. Chge. | High, A% 85% 85'% 121% 121% % 20 % 103% 104% % 633 64y 16'y 13% A% 23% T 10 641y 4613 1'a 1% 1 4 1051 10515 4 8 87% % 20 61% 18% 39% 3 +4+ 6313 65% 16% 13% 8 | ++++ e EEEss R I I I e S o | I+ A FES E AN NE RS 1+ FEELEE TE FIEYELRY B EIRTLLL S ++1 PO L=t E++1 FEEFEFESRE EFEF F I+ & FFOER PR IRIRral B EEES & o 2 / NOTE—Today's individual Sales of each stoc! 13— ~Prev. 1 Low, 157 145 2% 2 Stock and Dividend Rate. Homestake Min (9). Houdailie-Hersh (B) 15% 14 HoustonOil...... 3% 2% % 5% Bl 4% 1% 32% 2815 243 24 3% A% 89 2% 1 2% 20% 80 5% Tih 15% 24% 11% 34 6% 25 19% 45 ™ % 1 3 % 8% 8%, 99 27 16% 28% 36 a1y 6 50 51% 16 51 214 1% 18k 21% 164 1 27 23% 50 8% 83 2 % 18% LY 440 2% 5 2% 18% 293 6 6 5% Houston Oil (new) Howe Sound (40¢) Hudson Motor Car. Ilinots Central. Illinois Cent 11 (4) Industrial Rayon (2) Ingersoll-Rand (2).. Inspiration Copper. . Insuransh Del(15¢) Interboro Rap Tra Int Bus Mach (§).... Int Carriers Ltd 20c. Int Combustion. ... Int Comb pf ctfs. Int Harvester (1.20). Int Harvester pf (7). Int Hydro-Elec (A).. Int Nickel of Can.... Int Salt (1%). Irt Ehoe (2). Irt Silver. .. Int Silver pf (4) Int Tele & Teleg. Jewel Tea Co (3). Johns-Manville. Jones & Laugh p Kansas City Southn Kayser (J) & Co Kelly Spring Tir Kelsey-Hayes Wheel Kelvinator Corp. Kennecott Copper-. ... Kresge Dept Strs pf. Kresge (SS) Co (1), Kresge (SS) pt (7).. Kress (8 H) Co (11). Kreuger & Toll. .. Kro=er Grocery (1).. Lambert Co (4) Leh Port Cmt pf 3% . Lehman Corp (2.40). Libbey Owens Glass., Liggett & Myers(5) Ligg & Myers B (15). Loew’s, Inc (3)... Loew’s Inc pf (6%) . Loft Inc. .. Lorillard ( .20).. Lou Gas&EI A (1%). Louisville & Nash... McCall Corpn (2).. MeCrory Stores. Meclntyre P M(11%) McKeesport T P (4). - McKesson & Robbins McLellan Stores pf.. Mack Trucks (1).... Maey (RH) & Co (3) Magma Copper (50¢) Manhat Elev mod gtd Manhattan Shirt. ... Marine Midld (80c) Market St Ry/2d pf. Marlin-Rockwell(1). Marshall Field & Co. Mathieson Alk (13%4). 4 Mathieson Alk pf(1). % 1% May Dept Stores (1), Mid Continent Petm. Mo Kan & Texas Mo Kan & Texas pf. Missouri Pacific Missour] Pacific pf. Monsanto Chem 1% .. Montgomery Ward. . Mulins Mfz pf. Nash Motors (1) at Biscuit (2.80) at Biscuit pf (7) at Cash Reg (A) at Dairy Prod (2). Nat Dept Strs 1st pf. Nat Distiller Nat Lead (5). Nat Pwr & Lt (1). at Supply Co Nat Tea (60c). Nevada Con Copper.. NY Central... NYNH & Hartford. NYNH& Hart pf. N Y Ont & Wester: N Y Shipbuilding. N Y Steam pf (6). N Y Steam 1st pf(7). Noranda Min (al1.18). Norfolk & West (8).. North Am Aviation. ., Nor Amer(b10%stk). North German Lloyd. Northern Pacific. ..., Th 6% 66 64 134 10% 10014 9815 4% 3 Norwalk Tire & Ohio Gl (a50¢) . Omnibus pf A (8). Otis Elevator (1). Otis Elev pf (6). Otis Steel. .. 11l Gla &El (2 Pacific Lizhting (3). Pacific T & T pf (6).. Packard Motor Car, . Paramount Publix Park Utah. ... Patino Mines. . Peerless Motor Car.. Penick & Ford (1) Penney (J C) (1.80) Penny (J C) pf (6).. Penna Railro: Peoples Gas Chi (5 Pere Manquette. . Pere Marquette pf Pere Marquette pr pf % Petrol Corp of Am 5 Phelps Dodge. ...... Phila& Reat C&1... Phillips Petroleum. . Phoenix Hosiel Pirelli (A) (a2. Plymouth Ofl (1).... Poore & Co (B)...... Postal Tel&Cable pf. % Pressed Steel Car... 52 8415 9T 181 3% 58 7 " 2% 6% 25 3% 1% 5% 11 1% 8 60 26% 39% T4 & 1% 2 1% 18% 1% 8% A% 3815 7 15% 25% 15 4% 5% 8 1% 4% 13% 20% 23% 101 99% 31% 30 1 bl 24T 1% 3% 3w T % 2 13 22 1% 4% 3% 14% 5 3% 7 28% 25% 11% 9% 1% . 68 675%. 124 11% Proctor & Gam(134). Producers & Refin. . . Public Sve N J(3.20). Public Sve NT pf (5). Public Sve NJ pf (6). Pullman Corp (3)... Pure Oil. Pure Ol p} Purity Bakerie: Radto Corp.. ‘Radic-Keith-Orph. Real Sflk Hosiery. Real Silk Hosiery pf. Remington-Rand.... Reo Motor Car. . Republic Steel Republic Steel pf. Revere Copper...... Reynolds Metals(1).. Reynolds Tob A (3).. Reynolds Tob B (3) Safeway Stores (3). St Joseph Lead. ... St L-San Francisco. St L-San Fran pf.... Scott Paper (1.40) Seaboard Ol Del 40¢. Sears Roebuck > Servel Inc. . . Shattuck(FG) (50¢c). Shell Union Ofl. Shell Union Oil pf... Socony Vacuum 40c. So Port Ric Sug 1.60.. Southern Cal Ed(2).. Southern Pacific. . Southern Railway. Southern Railway pf So Ry M & O ctfs(4). Sparks-Withington. . Standard Brands (1), Stand Gas&El (1.20). Stand Gas&El pf (4). Stand Ol Calif (2).. Stand Oil Exp of (5). Stand OfIN J ($2)... Sterling Secur (A).. Sterling Secur pf. Stewart Warner Superheater Co(50e) . Superior Ofl. ‘Tennessee Corp. Texas'Corp (1). Tex Gulf Sulph (2). Tex Pacific Coal&Oil. Tex Pacific Land Tr.. Tido Water Asso Oil. Timken Roller Bg(1) Transamerica Corp.. ‘Tri-Contl Corp. ..... Twin City Rap Tr pf. Un Carbide & C(1.20. Un Oil of Calif (1) 69% Union Pacific (6). Unrrian Pacific pf (#) Un Tank Car (1.40).. 9% — % 28% 25% UnitAlircraft. sales are not given in this edition. in this edition are from yesterday's paper. Bales— Add 00. High. Low. Close. Chse. 12 158 2.3 r w2 Bome 1 « 120 155 2 13% 3 7 4% 12's 3614 29 156 2 Net. -8 +3% = Sales of each stock in thi; —Prev. 1933— Stock and igh, Low. Dividend Rate. 18 16% Unit Biscuit (2)... m are from NOTE_Today's individus) . Bales— | 15 k) % %| 10% %l 3% 28% 20% 100 4% ked " 2%‘4 g 3 2% 4 % Unit Corp pf (3). Unit Fruit (2) Unit Gas&Im (1. . Unit Gas&Im pf (5).. U S & Forn Secur.... U S Gypsum (1.60). U S Hoffman. U 8 Indus Alcohol. U S Leather......... U 8 Pipe&Fdry (50c) U S Pipe 1st (1.20)... U S Realty & Imp.... U S Rubber 1st pf. U 8 Smtg & Ref ( U S Smtg&Ref pt 3 1% 1 102” 101 Univ Leaf Tob pf(8 % % Univ Pipe & Rad. . 14% 11% Vanadium Corp.. ——— D 2 1% WabashR R 3% 1% Wabash pf (A). 2 1 Wabash pt (B). . 2% 1'% Warn Bros Pictures. 4% 3% Warren Bros. sales are not siven in this yesterday's ‘Add 00. High. 2 17 NOTE—Today"s Sales of £ach stock In ~Prey. 1933— edition. ¥'s paper. Net. Y 17% — % West Pa West Pa Western Western Western Wrigley 4% 5% .1 5 10:30 AM 1:30 P.M Dividend rates as 4% 1n stock. a Paid stock. e Payable in c 2% in stock. able in serip. Stock and A ividend Rate. Wesson Ol & Sn (1), 7 1 Wesson O&Sn pf (4), 10 Westinghouse Elec. . Westinghse 1st (3%4) Westvaco Chlorine. . % Wilcox Oil & Gas. Wiilys-Overland.... Villys-Overland pf. Woolworth (2.40)... 1Plus S1 in special pre! m Paid Jast year—no regular FINANCIAL individual sales a: this edition are Bales— Net. Add 00 High. Low. Close. Che. 0 10 10 «T% +2% 98% — % 109 1% 5% b 26% % 29% 2% 8 2% 1% 17% 31% Pwr pf (6). Pwr pf (7). Dairy (B)., Maryland. Union. .. 708 (Wm) (3).. Ya'e & Towne (1).... 3% Yellow Truck....... 5! Young Spring&W (1) 13% 9% Youngstown Sh&Tu. 3 Zenith Radio Zonite Produ Saies of Stocks on New York Exchange. 90,000 12 340,000 00 Noon 2:10 P.M. given in the above table are ti 260,000 400,000 nnual cash = he ayments based on the latest quarterly = Dt of tradig. s thas 100 shavea TEatly’ caocrations. this year—no" reguiar Tate.’ b Pa . Teguiar rate. aah o stock. s 8% pa storeTbe, 8 4 ‘stock. 'K Plis 37 1a in “stosk rred ate. D Plus 6% .|RISE IN BUSINESS «| BAROMETER NOTED a | Reaction in Commodity Prices Is %| Chief Unfavorable Feature of % U. §. Trade. W 27| By the Associated Press. NEW YORK, January 24.—The third ‘week of January registered some further % [rise in the national business barometer, w, | but the edge was somewhat dulled be- cause of a further reaction in commod- ity prices, and the knowledge that in January some seasonal upturn of busi- ness is to be expected. Carloadings for the week ended Jan- + | uary 14 gained 70,670 over the previous 1. | week which, however, contained the New Year holiday. They were 11.5 per cent under the correspcnding week of 1932. Electric power production for the same period stood at 1,485,116,000 kilo- 1y | watt hours against 1,460,639,000 the 14 | previous week and 5.1 per cent under ““|the same 1932 week. For the three + 1 | preceding weeks, covering the holiday periods in both years, power production 1| this year was 4.6 per cent lower. Steel productign increased 1 point further in both the Iron Age and Steei — 1, !indexes, the former standing at 16 per —1% |and —1% | week, but only feeble indication of bet- | ing interest and equipment trust and | pe + [ #1011+ SRR FEERE 1, cent of capacity and the latter at 18 1, | A sagging price tendency was reported. New business consisted mainly of orders from the automotive and tin plate com- panies. Miscellaneous orders also in- « | creased. but orders from the railroad structural industries were still Government contracts helped to stimulate building activity during the W small. ter buying from this industry has yet reached the steel mills. = . ./C0-OPERATION URGED AS AID TO OIL TRADE Closer Relations Between State Of- ficials and Leaders of In- dustry Is Advocated. By the Associated Press. NEW YORK, January 24.—Many of the oil industry’s problems could be % |solved through the co-operation of three or four of the oil-producing States % {and the industry itself, says C. B. Ames, lpresldent of the American Petroleum : Institute. in that organization's quar- terly publication today. He advocated preservation of 350,000 small wells of settled production, dras- tic limitations on new pools with ac: companying discouragement of wild- catting, and limitation of existing flush pools to market requirements. Reviewing the industry’s difficulties for the last few years, Ames said: “During the three years of actual overproduction, 1927-29, the industry earned a fair profit. years of actual underproduction, 1930-32, the industry did not earn a “|fair profit. During the three years of overproduction the price of crude was higher than it was during the three years cof underproduction. In the three years of overproduction the oil produced was marketed at the posted prices, while during the years of underproduction a part of the oil was marketed at less than the posted price.” ‘This anomalous condition, Ames con- tinued, was because in 1927, 1928 and 1929 producers of crude stored excess production, leaving stocks topheavy in the face of the depression. Stocks have now been reduced to the 1927 level and “there is no longer any reasonable doubt about the ability of the principal oil-producing States to control produc- tion pursuant to a sound conservation program.” —_———— 1% R-K-0 Receivership Asked. 1| BALTIMORE. January 24 (#.—Re- % | ceivership proceedings _ against the Radio-Keith-Orpheum Corporation, a large theatrical concern incorporated in Maryland, were filed yesterday in Circuit Court by Joseph G. Basker and Edward Goldman of Bostcn, Mass, stockholders. Judge H. Arthur Stump signed an or- der stating he would appoint a receiver unless cause to the contrary was shown on of before February 7 by the de- fendant company. ‘The plaintiffs, who hold a total of 635 shares of common stock in the theatrical concern, charged the officers of the company have managed its af- fairs primarily for the benefit of the Radio Corporation of America and to the detriment and financial loss of the stockholders. A capital refinancing plan instituted 4| by the defendant organization, involv- ing certain stock transfers with the » | Radio Corperation, was asserted by the plaintiffs to be illegal and to have been adooted unlawfully. Edward J. Hickey, another stock- holder, last week filed suit in Circuit Court No. 2 asking for an injunction to prevent the new financing plan be- ing put in operation. He said the plan was designed to give the Radio Cor- poration control of the defendant com- y in return for the advancement of funds. INVESTMENT TRUSTS FREFFEFEES NEW YORK, January 24 (#).—Over- lthe-mun&er market: & 45 (Quotations as of 12 eo'cloek.) Am Bank Stock. Bulloek Fund Cumulative Tr Corporate Trust During the three | CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, January 24.—Following | is today’s summary of corporation news | prepared by Standard Statistics Co., | |Inc, New York, for the Associated Investment Trusts. Goldman Sachs Trading Corpora- tion—Liquidating value December 31, | $5.85 a share, vs. $7.06 on December 131, 1931 Miscellaneous. Du Pont (E. 1) De Nemours & Co., 1932 preliminary statement shows earn- ings of $1.82 per share of average num- ber of shares outstanding (including General Motors dividends, equal to| $1.15 per share), compared with $4.29 per share in 1931 (including General Motors dividends, equal to $2.72 per | | share). 0Oil. | | Imperial Oil, Ltd., cuts prices of gas- | cline 1% cents a gallon. Railroad and Railroad Equipment. Chicago & Eastern Illinois Railway | sks Interstate Commerce Commission for authority to extend maturity of a | $5,800,000 R. F. C. loan from Septem- | ber 3, 1933 and January 1, 1934, to | January 1, 1936. | " "Chicago & Northwestern Railway | | ¢« fcr authority to borrow | | $11,127,700 from R. F. C. to pay matur- | | debenture maturities; also requested | | permission % pledge $45,186.000 of Chi- | cago, St. Paul, Minneapolis & Omaha | | Railway bonds as security for loans. 1 Chicago, St. Paul, Minneapolis & | Omaha Raiway seeks I. C. C. permis- sion to sell $45,186,000 of its first mort- | | gage_bonds to Chicago & Northwest- | | ern Railway and to issue and sell $450.- | 000 additional first mortgage series “A’ | bonds. | | Seaboard Air Line Railway—Federal | | Government has intervened in com- | | pany’s receivershin to protect its rights | as a large creditor of company. Southern Pacific Co.—December mnet railway operating income was $107.254, vs. $348.123; 12 months’ totals were | $5,606,157, vs. $21,964,455. | Iron and Steel. | Sharon Steel Hoop Co.—Reported | will shortly offer a refunding plan for | |51, per cent first mortgage bonds due | Peoruary 1. 1948, pmnding for pay- | ment of one-third in cash and re- | maincer in three-year notes. | { Theaters, Ete. | | Balazan & Katz Corporation—Di- | rectors postponed action on preferred | | dividend until March meeting; last payment was $1.75 on December 31. |~ Radio-Keith-Orpheum Corporation— Noteholder starts equity receivership action _against company Court, New York City; a stockholder of company has filed suit in Circuit Court, Baltimore, asking #hat refinancing plan | | of company be declared illegal and void and all reclassified stock issued there- ' | under be recalled and cancelled. | ‘Tobacco. | American Tobacco Co. won suit in | United States Supreme Court brought by minority stockholders to invalidate | N | nlan for setting aside 312,968 shares of common “B” stock of company for sale |to employes on an installment basis; | court ordered that suit be remanded | fand an order entered dismissing the | | complaint; it is said company's 1932 | | cigar business resulted in a profit of | | over $2,500.000, compared with a loss | | of over $1,000000 in 1931. | | Axton-Fisher Tobacco Co—Plants of | company are said to be operating at | | capacity; its 10-cent cigarette brand is | available in about 30 States. | NEW YORK, January 24 (#).—Com- | mercial failures during the past week | showed a substantial decline from the | corresponding period. last year, thus | continuing the favorable comparison ‘o( recent weeks, R. G. Dun & Co. re- | ports. There were 691 defaults com- | pared with 725 in the previous week | and 655 a year ago. Interest on Foreign Funds Cut. NEW YORK, January 24 (#).—Fol- lowing the action of New York Clear- ing House members in reducing inter- est rates on deposits, the Informal Committee on Foreign Deposits has voted to lower the interest on foreign demand deposits to Y, of 1 per cent | against 15 of 1 per cent previously, and on time deposits to 12 of 1 per cent. R s Silver Buying Increases. NEW YORK, January 24 (P).—A few days ago it was stated here prominent Shanghai speculators who are usually successful in their operations have been steady buyers of silver metal. It was not surprising, therefore, when the price of silver advanced one-quarter of a| cent per ounce and silver stocks showed | increased activity at higher prices. PARIS BOURSE PRICES. PARIS, January 24 (#).—Three per | cent rentes, 76 francs 40 centimes; 4% per cent rentes, 92.15. Exchange on London, 87.08. dollar was quoted at 25. e DIVIDENDS ANNOUNCED NEW YORK, January 24 (#)— Pe- Hidrs. of Company. Rate. riod. . record. Natl Licorice Co ..§1.. Jan. 31 Jan. 10 Omitted. Bd & Mtge Guar..50c Q Peb. 15 Regular. The | Bank of Toronto Brll_(HM) $2 Cal Wt 8¢ 6% h ] ol 3 o =3 +3 52! A g 7 e e 000D HROPOLOOOPLOOO, q., 55 seEEaRE 25z HEERRRey g b i ara b 133533355 00 n 8 3 NG e Bt e Boglh Washington Produce WHOLESALE PRICES. Butter—One-pound prints (93 score), 23; tub, 22: one-pound prints (92 score), 23; tub, 21; one-pound prints (91 score), 22; tub, 20: one-pound prints (90 score), 20; tub, 19. Eggs—Hennery whites, 15a16; current receipts, 14; Government graded ex- tras, 21; standards, 19; mediums, 18. Poultry, alive—Turkeys, y 16a18; young toms, 14a15; old toms, 13a 14; young toms, over 20 pounds, 11; old hens, 10a12; chickens, Plymouth Rock broilers, 13a14; Plymouth Rocks, 4 pounds and over, 15a16; under, 12a13; mixed colored chickens, 12al4; Leg- horns, 10; colored hens, 13a15; Leghorn hens, 7a8; hens, 4 pounds and over, 12a14; 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, 16a17; old hens, 13a15; chickens, Plymouth Rocks, 4 pounds and over, 17a19; under, 14al15; Plymouth Rock broilers, 16al17; capons, large, 21a23; | small, 17a19; mixed colored chickens, 14al5; Leghorns, 14; roosters, 10al12; nens, 4 pounds and over, 15a17; keats. young, 20a30; old, 15a20. Meats—Eeef, 11; lamb, 16: veal, 11; pork loins, 10: fresh hams, 10; smoked hams, 11" strip bacon, 12; lard, 7': compound, 7. Live stock—Hogs, light, 3.40a3.70; medium. 3.40a3.70; heavy, 3.00a3.40; rigs, 3.00a3.50: roughs, 1.50a2.50; calves, 3.0026.00; lambs, 3.00a6.00. Fruits — Peaches, 250; nectarines, 3.25; plums, 3.25; apricots, 3.25; ples, fancy box stock, 1.75a 1.5082.50: pineapples, 2.25a3.50; cran- rries, 2.50; alligator pears, 2.50a3.00; 2.59a3.50; lemons, 4.00a6.00; grapefruit, 2.00a2.25; grapefruit, pink meat, 6.00; tangerines, 1.25a1.50; ba- nanas, 1.50a2.50; rhubarb, 5-pound boxes, 50a60; strawberries, pints, 15a Zg:oguax:s. 25;40: Spanish melons, 6.00 a7.00; honeydews, 4.00a5.00; a 1.50a2.50. e Vegetables—Potatoes, 1.35; New York, 1.15; 1.75a2.00; sweets, 50a73: turnips, 40a 50; parsnips, 1.00; salsify, per cozen bunches, 60; spinach, 50a1.00; kale, 25 a40; cabbage. new, baskets, 50a1.00; old, sacks, 65a75; string beans, 1.00a2.00; limas, 4.00; peas, 3.0023.50; lettuce, Ice- berg, - 3.40a3.75: peppers, 1.5022.00 oranges, Maine, 1.25a squash, 2.50a3.00; tomatoes, repacks, 3- | pan containers, 1.75a2.5¢ 2.75; carrots, 2.50a2.7: 21.90; mushrooms, beets, 2.50a caulifiower, 1.50 »brccco“. 2.50a NEW YBRK BANK STOCKS NEW YORK. January 24 () —Over- the-counter market: i (Quotations as of 2 o lock.) BANKS. gnnk Manhattan (2) hase National Commer in_ Federal Publi e e TRUST COMPANIES, @ g Trust (10} Hanover (7 Chemical (1.80) . . Gontimental " (1.20)"" ' orn_Exchange (4) Empire (1601 . 0.9 ’ Guaranty (20) < Irving (1.60) . Manufacturers Bankers United ' States (60) ~ “Includes extra. We Serve all Fiduciary Capacities oung hens, | Idaho ' bakers, | STOCKS IRREGULAR INLIGHT TURNOVER %|Selling in Certain Groups Brings Out Liquidation in Other Parts of List. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 24—A dull and heavy stock market, nervous and erratic fluctuations in the foreign ex- changes and moderate strength in com- modities went to make up today’s finan. cial developments. The stock market paid little atten- tion to the importatnt developments relative to war debts, but as an offset it was unaffected by inflation fears, leaving that subject to be reflected the exchanges. The feature of the day in the ex- changes was the strength in sterling, which was well maintained to the end. French exchange moved in favor of the dollar late in the day, as the inflation talk in Waspington was balanced by concern over the French financial po- sition. In commodities cotton was steady, wheat up fractionally and rubber and cocoa strong. The Hudson & Manhattan Railway in its preliminary report for 1932 showed $1.63 a share for the common | stock, against $3.44 in the preceding | year. The outside news to which the great- | est interest was paid, although it is ldnuhlfl!l whether it had the greatest Ieflnct on stock prices, was the position of the dollar relative to European cur- rencies, both those still on the gold standard and sterling. French francs | were down 13 at the opening, but | sterling jumped to $3.40, up 3% cents and the highest of the present move- ment. The Belgian bill, Swiss francs and Dutch guilders were all up 1'; to | 3 points. Berlin reported that dollars }\(;r! frecly '.)fleled_x but that the ex- | change rate was being held stead: | oicial intervention, - ik While the exact situation was obscure, | particularly with regard to the French | attitude, it was plain that European | speculators were again back at their ;old game of selling the dollar, basing ‘lhelr campaign on the flood of infla~ tion talk in Washington. The stock market was inactive and heavy. Here and there there was a definitely weak spot., but in the main the losses were not important. Ofl | stocks were depressed. including the Standard_Oil shares. Jersey and Cali- fornia. Seaboard Oil. one of the most speculative issues in the group, sold off | easily on a single string of transactions. There was nothing new of an unfavor- able nature with regard to the oils and the market seemed to be simply reflect- | ing_rather tardily the recent cuts in | crude and in gasoline. - | National Biscuit, whose directors were | to meet after the close to act on the dividend, was the weak member of the |food list. Loew's was under pressure | again, following the petition ~against | Radio-Keith filed in the courts yester- |day. The Street was sceptical of all amusement shares under the circum- | stances, making little discrimination, Concsolidated Gas continued heavy and | the report was that special liquidation was in progress. U. S. TREASURY BALANCE. By the Associated Press. ‘Treasury receipts for January 21 were | $2.525.023.54 . expenditures, $8.108,745.49; balance, $377.366,613.36; custom duties ‘{% 729! days of January were $13,165,~ Employers and employes’ contribue tions to social insurance services in Ger= many are incre2sing for the first time since the financial crisis of 1931. Producing Oil Royalties Provide Attractive Monthly Incomes Write for Descriptive Booklet A-% | Benjamin J. Mills At {'nion Trust Blde. We Recommend SUPER CORPORATION OF AMERICA TRUST SHARES Ferris, Woodroof & Lewis, Inc. | nvestment Securities Invs Washington Building 6% FIRST MORTGAGES { If you have money for investment. choose these safe high-vielding First Mortgage Bonds. | secured by dir 5925-6 WITH SAFETY IN GUARANTY First Mortgare on income- tgag | producing properties in the Nation's Capital. “ In Denominations as Low as £100 Monthly Payments 1 Desired. REAL ESTATE MORTGAGE AND GUARANTY CORP. 1010 K Street Nat. 1103 You Serve Your Own Interests —first, by BANKING in- stead of hoarding your cash. But such action also does public good — makes money available for general banking needs — helps relieve unem- ployment. ® Whatever the size of your deposits, they’ll be welcome at this strong, old bank. Interest Paid on Checking and Savings Accounts NATIONAL SAVINGS & TRUST COMPANY The Oldest Savings Institution in the District of Col Corner 15th & New York Ave. PROPERTY Apartment House MANAGEMENT MANAGEMENT UR office has become head- quarters for apartment houses—which brings inquiries: from the best class of tenants. In addition, our Property Man- agement Setvice will relieve you of all the details, with its result- ing advantages of minimized expense and increased profit. The fee is small in propor- tion to the service rendered. B. F. SAUL CO. 925 15th St. N.W. MORTGAG NA¢'l 2100 E LOANS