Evening Star Newspaper, January 26, 1933, Page 14

'A—14 exx FINANCIAE, THE EVENING STAR, WASHINGTON, D. C., THURSDA_Y,,' JANUARY 26, 1933 INSURANCE PARLEY LARGELY ATTENDED . Lynch Presides at the Fif- t: teenth Annual Sales fr Congress Here. s BY EDWARD C. STONE. John P. Lynch, president of the Dis- trict of Columbia Life Underwriters’ Association, called the fifteenth annual sales congress of the Washington and Maryland associations to order at 10 o'clock this forenoon at the Shoreham Hotel. The attendance was well over 500, Baltimore sending the biggest out of town representation. Leading insurance men from other parts of Maryland, as well as from Richmond and other cities in Virginia, swelled the | numbers at the most important life| insurance event of the year in this Jocality. e s “The Life Underwriter of 1932-1933 was the general topic of the congress. The program included addresses by Griffin M. Lovelace, vice president of the New York Life Insurance Cx Robert B. Ccolidge, Aetna Life, Cleve- land; M. J. Donnelly, Equitable Assur- ance Society, New Castle, Pa.; H. J. Johnson, Penn Mutual, Pittsbyrgh, and Louis C. Roth, Buflalo. Five-minute talks by agents in this territory were also on the program— three from Baltimore, Thomas W. Har- riscn, jr., Carl E. Hecht and Abram M. Seligman, end two Washingtonians, John B. Cleland. jr., and Paul H. Primm. ‘Thomas P. Morgan, jr., was chairman of the Arrangements Committee. The conference will be concluded late this afternoon. Graymur Corporation to Dissolve. A financial news dispatch from ‘Wilmington, Del., states that stock- holders of the Graymur Corporation have voted to dissolve the corporation, in accordance with the plan previously approved, under which the assets of the Graymur concern will be sold to the Tri-Continental Corporation. The stock and debentures of the Tri- Continental Corporation, the dispatch states, to be received shortly by the Graymur Corporation, will be ready for distribution to the Graymur stockhold- | ers soon and will be distributed by the depositories, G. M.-P. Murphy & Co. and J. & W. Seligman & Co. with ‘whom the Graymur shareholders should deposit their stock. At the time this stock was put out it was widely distributed among Wash- ington people. Pierce Acquires Brokegage Firm. E. A Pierce & Co., New York Ex- change house, which has a Washington office under the management of Thomas W. Brahany, has acquired the business of another brcker firm, as shown by the following announcement, made in New York by D. M. Collins & Co.: “Having decided to discontinue the commisison business we have arranged | with E. A. Pierce & Co. to transfer to | that firm such of its customers’ ac- counts as are satisfactory to E. A. Pierce & Co. provided t the customer ap- proves such transfer. Pierce & Co. has likewise arranged to ta over certain | of our personnel with a view to enab- ling former customers to maintain un- | interrupted contact with the personnel with whom they have hitherto dealt. .1t is also planned that D. M. Collins | will maintain a close association with | Pierce & Co. and retain his membership on the New York Stock Exchange.” | Pennsy Stockholders Surprised. | Hundreds of Washington stockhold- ers in the Pennsylvania Railroad were | surprised ¢nd of course delighted with | the declaration of a dividend of 50 cents per share announced yesterday. This stock has been widely held in the Cap- ital for many years. It is true here, as | elsewhere, that a high percentage of it is held by women. The divicend is payable on March 15 to stock of record February 15. Thre last previous dividend was a 50-cent quarterly disbursement made on Feb- Tuary 29. 1932. That payment was in- cluded in dividend appropriations for 1931, which were charged to profit and loss Last April when the May divi- dend was due, the company stated that 1t had decided to defer consideration at that time. Declaration of the current dividend yesterday, continues unbroken the rec- ord of the Pennsylvania Railroad of a cash payment in every year. The direc- tors state that further payments this year cannot be made unless there is| marked improvement in business. Today's Trading on Exchange. Trading on the Washington Stock Ex- change today opened with Washington Gas Light 6s, series A, selling in small | denominations at 100%;. Later larger denominations moved at 100!, closing with a small sale at 1003,. In the unlisted department more of the new issue of Washington Gas Light 5s, 1958, appeared on the board, at 8415, completed the day's busi- mess with the exception of a small sale in Potomac Electric Power 515 per cent preferred stock, at 107, same as yester- day’s sales. Today was the date for the delivery of the new Washington gas bonds. ‘They have met with an unusually cor- dial reception since they were offered & short time ago. Trusts Buying Common Stocks. One of the most striking developments Tevealed by the 1932 year end state- ments of leading general management investment trusts was the concerted movement toward increased invest- ments, says the Standard Statistics Co. in a current analysis, which continues in part: “In _practically every instance the large holdings of cash, call loans and United States Government bonds shown in the portfolios of investment trusts at the beginning of the year were sub- stantially depleted during 1932. The major portion of these funds was lodged in common stocks, although bonds and preferred shares also were well repre- sented among new purchases. At the close of the year the companies still had important liquid reserves, but their investment position was materially higher. Thus the concerns are now so situated as to derive substantial benefit from any sustained improvement in se- curity markets. “Analysis of the relationship between the net asset values and prices of in- vestment trust preferred and common stocks discloses that the senior shares and the junior equities without “lever- age” are selling at approximately the same average discount as was the case & year earlier, with a tendency toward a narrowing of this gap on the part of certain of the common shares.” PROVIDE FOR BIG BRIDGE SACRAMENTO, Calif, January 26 (P)—The State Legislature yesterday completed measures clearing the way for a $62,000,000 loan from the Recon- struction Fimance Corporation for build- ing of the San Francisco-Oakland Bridge. All that remains now is for Gov. Rolph to affix his signature to the bills. NEW YORK EGG PRICES. NEW YORK, January 26 (#)—Eggs —Receipts, 27,774 cases; firm; mixed colors, rehandled receipts, 15'2al6; me- diums, 39 pounds, 15a15%; dirties, No. 1, 42 pounds, 15a15%; average checks, 13a14. Commercial Failures Fewer. CHICAGO, January 26 (P—R. G. Dun & Co. reported a substantial de- cline in commercial failures during the past week, as compared with the cor- Mutual Benefit Life, | Tesponding period last year. There were 691 Its, mg-red wit in the pre week and 855 a y 0, FINANCIAL TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE TE—Today's indivi NP Taeh viotk —~ Stock and Low. el 4% 12%% 9% 58% 1% 1 2% 80% 6% 20 10% 10 6915 54 a3 1234 26% 9% 5 301 3 814 3% 9l 2313 15 10% 3 10% 14% 50 60 9% 9 85 1% 28% 6l 164 36% 1913 64 93y yidend Rate, Adams Express. Adams Millis (2). Afiliated Prod 1.6 AIr Reduction (3)... ‘Alaska Juneau(60c). Alleghany Corp. ..... Alleg Corp pf $30ww. Allled Chem & D (6). Allis-Chalmers Mfg.. Amerada Corp (2) Am Bank Note. Am Brake Sh&F (60c; ‘Am Brake Sh pf (7). AmCan ()..eviuene Am Can Co pf (7). Am Car & Foundry. . Am Car&Foundry pf. Am Chicle (13)... Am Comc'l Alcohol. .. Am & Foreign Pwr. ., Am & For Pwr pf(1 Am Home Prod 4.20 Am International..., Am Mach&Fdy (30c). Am Power & Light. .. AmP&LtptA (214). Am Pwr & Lt pt (3) Am Radiator. ... Am Rolling Mills. Am Safety Razor (3). Am Sm & Ref. Am Sm & Ref 4 Am Snuff (13%) Am Stores (1233). Am Sugar (2)....... 4 Am Sumatra Tob. Am Tel & Tel (9).... Am Tobacco (5)..... Am Tobaceo (B) (5). Am Tobacco pf (6).. Am Type Fdrs pf. Am Water Works( 4+ Am Wat Wksctfs(1) Am Wat W 1st pf(6). Am Woolen........a Am Woolen pf. Am Zinc & Lead Anaconda Copper. . Anchor Cap ($0c) Armour of Del pf(7). Armour of 11i (A) Armour of 11l (B) Armour of 111 pf. Arnold Constabl Asso Dry Goods. 4 Asso Dry G 1st pf Asso Dry G 2d pf. 4 Atlantic Coast Line., % Atlantic Refining(1). 613 43 11 8% 10'3 Atlas Powder pf (6). Auburn Auto (d4). Avation Corp (Del) Baldwin Locomot. .. Baldwin Locomot pf. Baltimore & Ohlo. ... Baltimore & Ohlo pf. Bangor & Arostk(2). Bang & Aroos pf (7). Barnsdall Corp. Bavuk Cigars. . Beatrice Creamery. . Belding-Hemingway. Belg N Ry pt pf 4.09.. Bendix Aviation. . Best & Co.... Bethlehem Steel Bethlehem Stes Rigelow-Sanford Boan Alnmn & Brass Borden € (2) Borg Warner. Briges Mfg Co..... 2 Ekyn Manhat Tran.. 3% Ty 20 128 8% 2% 8% 12w 39% 50% 67 ™ 5% 1 26Y% 147 1% 2l 38 Burns Bros pf....... Burroughs AM(40¢). Bush Terminal. .. Bush Term’l deb stk. Bush Terminal pf(7) Bvers (A M) ‘alifornla Packing. Calumet & Hecla. Canada Dry G A(1) Canaiian Pacific.... Case (J D) Co....... Case (J 1) Copf (7). Caterpillar Trac 50c. Celanese Corp. Cerro de Pasco. Certain-teed Pro Ches & Ohio (2%) Chesapeake Corp (2) Chi Great Westn pf. . Chi Mil StP & Pac.... Chi Mil StP & Pac pf. Chi & Northwestern. Chi & Northwest pf.. Chi Pneumatic Tool Chi Pneu Tool pf. % Chi Rock 1 & Pac. Chicasha Cotton O Chrysler Corp (1) City Ice & Fuel (2).. Cluett Peabody pf (7) Coca-Cola Co (7).... Coca Cola (A) (3).... Colgate-Palm-P (1).. Culg-Palm-P pf (6) Collins & Aikman Columbia Gas (b1). 2 Columbia Plc ctfs. % Congol-: 36 381 14% 2 5% 52% 315 247 16% 1t 9% 2 2% 4% Columb Carbon (2).. Commercial Credit. . Comecl Credit A (3).. Comcl Inv Trust (2). Comel Inv Tr pf 63 . Comel Iny Tr pf (7). Comcl Solv (60¢). Comwlth & Southn. Comwlth & Sou pf(6) irn (60e). Consol Cigars pf(7). Consol Film.... Consol Film pt. Consol Gas N Y (4). Consol Laund 50c. ... Contl Baking pf (4 Contl Can (2).... Contl Insur (1.20) Cont Motors. Cont] Oil (Del)... Corn Products (3). Coty. INC......oures Creum of Wht(12%). Crown Cork & Seal. . Cuban-Am Sugar. Curtis Publishing Curtiss-Wright Curtiss-Wright ( Cutler Hamme! Davison Chemics 2 Delaware & Hudson. Del Lack & Westn Detroit Edison (6). Devoe & R 1st pf (7). i Diamond Match (1).. 4 Diamond Mach pf 1% 4 Dome Mines (11.30). % Dominion Stores 1.20 5% 18 1% 5% 15% 5% 10% 42 2% T 16% 12% 1% 3% 8 18% 12 23 9 4 6% Doug Aircraft (75¢). Drug Corp (4) . Dupont de Nem Dupont deN db pf(6 Duques Lt 1st pf (5). Eastman Kodak (3). Eaton Mfg Co.o Elec Auto-L (1.20). Elec & Musical Instr. Elec Pwr & Lt. Elec Pwr&Lt p! ErieRR Fairbanks-Mo: Fairbanks Morse pt Fed Lt & Trac pf (6). Fed Water Service A. Federal DeptS(60c) Fidelity-Phoen 1.20.. Firestone T& R (1).. First Nat Strs (2%).. Follansbee Bros. Foster-Wheeler. Fourth Nat Inv 1. Franklin Smn pf£(7) Freeport-Texas (2).. Fauller Co pr pf. Fuller Co 2d pf Gamewell Co. 19% 16% Gen Am Tank 14% 3% 1% ] 20% 5 1% 105 2% 14% 11% 23% 1 10% 38% 12% 2% 2% 5% 2% 13% 15 1 1% 1% ~16%_14 Gen Baking pf (8). Gen Bronze. . Gen Electric (40¢)... Gen Elec spec (60c).. Gen Foods (2)....... Gen Gas & Blec (A). Gen G&EI pf A (87). Gen Mills (3). Gen Motors (1). Gen Motors pf (i Gen Outdoor Adv.... Gen Outdoor Adv (A) Gen Public Service. . Gen Ry Signal (1). Gen Realty & Util Gillette Saf R pf (5 Gimbe Lo Bales— Add 2“ High, Low. ot given in this edition. yesterday's paper. Net. Chge. | High. 6% 18% 45 4% AN A% 13% +l++4+ FESFRF FEESF 213 34y 21% 1% 7 % 1% 12% 3 1 5% ++4++11 ransnBrolosabinnabeann 91 11 100 23% 50 P 1 VIl 4+ 1444444 (RN (R RI 1 1 o @ N veaRaSavenarnBeramnBanen |+ N EFIET t+++ +1 11 124 8315 Tk 31%s 46 17% T 2% NOTE—T Sales of each ~Prev. 1933~ Low. 49 14 36 12 1% 19 5% 6% 72 1 9% 3 691 5l 16 874 Y% 2% 143 i 2% 1% 20 1% 2813 235 1% 89 27 8 s individ k in this Stock and Dividend Rate. Goodrich (BF) Goodyear Tire&! B Goodyear 1st pt (7)., Gotham Silk Hosiery, Graham-Paige. .. Grand Union pt (3).« Grant (WT) (1)..... Great Northern pf. ., Great Northern Ore. . Great Wn Sug pf (7). Grigsby Grunow. ... Gulf States Steel Hamilton Watch. Helme (GW) (17). Hercules Moter. .... Hercules Powder 1% Hecules Pow pf (7). Hershey Choc (5). Hollander Sons. ...., Hudson & Man (2%). Hudson Motor Car. .. Hupp Motors. Illinois Central Illinois Central pf. Indian Refining Industrial Rayon ( Ingersoll-Rand(1%). Received by Private Wire ition are Sale: Add 1 1 2 s 2 5 2 1 1 3 1 3 4 25 in 1 gales ave met, civen in, this o 00. High. 5% 16% 43 12% 1% 324 19% 2 Insuranshares (Md). 11358 Interboro Rap Trans. Int Bus Mach (6).... Int Carriers Ltd 20c. Int Cement. . 4 Int Combustion 1% 6% 214 20 13 19% 41 13 314 Int Combustion pf Int Harvester (1.2 Int Nickel of Can Int Paper pf... s Cent Am pf.., oe (2) Int Silver. . Int Tele & Teleg. Interstate Dept St. .. Intst Dp St pf xw (7). Island Creek Coal(2) Johns-Manville Jones & Laugh pf(1). Kan City Sou pf (2). Kaufmann Dept St.. ith-Albee-Orph pf Kelsey-Hayes Wheel Kelvinator Corp. Kendall Co pf (6) Kennecott Copper. .. Kresge Dept Stores. . Kresge (SS) Co (1) Kress (S Kreuger & Toll 2 Kroger Grocery Laclede Gas St L (6). Lambert Co (4). Lee Rubber & Tire Leh Port Cement Leh Port Cmet pf 3 Lehizgh Valley RR.. Lehman Corp Lehn & Fink ( Libbey Owens G Liggett & Myers( Ligg & Myers B (15). Link Belt (80¢).. Liquid Carbanic. .... Loew’s, In¢ (3)...... LoftInc......o0ceee Loose-Wiles Bis (2). Lorillard (P) (1.20). Louisvilie & Nash... Ludlum Steel. .. 4 McCall Corpn (2). .. 134 13 MclIntyre P M(t1%) McKeesport T P (4). McLellan Stores.. ... Maey (RH) & Co (2) Madison Sq Garden. . Magma Copper (5 Mallison & Co. Manati Sugar pf..... Manhat Elev mod gtd Manhattan Shirt. ... ine Midld (80c).. Mathieson Alk pf(1). May Dept Stores (1). Mid Continent Petm. Mo Kan & Texas Mo Kan & Texas pf.. Missourl Pacifig. Missour] Pacifie p Mohawk Carpet. Monsanto Chem 1% . Montgomery Ward Motor Products Motor Whe Munsinzwe: Nash Motors (1) Nash Chat & St L Nat Cash Rez (A)... Nat Dairy Prod (2).. Nat Distillers. ... Nat Lead pf A (7). Nat Pwr & Lt (1). Nat Steel (50c) Nat Supply pf. Nat Tea (60c). ', Neisner Brothers. Nevada Con Copper. Newton Steel. . N Y Air Brake. N Y Central. . E N Y Chicago & St L., NYChi&StLof.... NY & Harlem (5). N Y N H & Hartfor NYNH& Hartpf... N Y Ont & Western. . N Y Shipbuilding Noranda Min (a Norfolk & West (8).. 3 Norf & Westn pt (4). 4 North Am Aviation. . 6% 1% Nor Amer(b10%stk) North Amer pf (3).. Northern Pacific. . . ©Ohio Ol (a50¢). . Oliver Farm Equip 134 10% Otis Elevator (1) 107 114414+ +11 PR FEEREFR 101% 60% 19 . +1 *E SEESIE ES S S TR e Pr"wwrss e - £ I+ ++ ® OFEIE sREs"ES B2 8¥ o +H+ L] -% BowSumm oo~ Je 1% 1% - d 28% 38k 2% 6la 1% % 8 % 5% 29 24% 13% 4% 4% 3% 4% 8% 1% 24% 6% Y% 3% 10 5% 11 Otis Steel prof. . Pacific Gas & El (2).. Pacific Lighting (3). Packard Motor Car. . Panhandle P & R pf.. Paramount Publix. .. ParkUtah:5.s oases Parmelee Transport. Pathe Exchange. .... Patino Mines. . - Penick & Ford (1)... Penney (J C) (1.80). Penna Railroad (50c) Petrol Corp of Am... Phelps Dodzge. ... Phila & Read C & Phillips Petroleum Pierc: Oil Pierce Petroleum Poore & Co (B)...... Port Ric Am Tob(B). Postal Tel&Cable pf. Prairie Pipe Line.... Pressed Steel Car pf. Proctor & Gam(1%). Public Sve N J(3.20). Public Sve NJ pf (5). Public Sve NJ pt (T). Pub Sve GRE pt (5).. Pullman Corp (3). PureOil.....covvnee Pure Ol pf (8) . Radio Corp. Radio Corp Radie-Keith-Orph... Reading Rwy (1).... Real Silk Hosiery... Reis (Robert) & Co. . Remington-Rand Rem Rand 1st pf.. Republic Steel. Republic Steel 19 2808 2108 ] e MRARRADA BRSRNTRARARL AL 100! 2 1 3 10 Revere Cop & Br pf.. 22 8 26 391 85 18% 34 1% 4% 6% 3% 6% 15% 25% 15 4% 5% 14% 121% 12% 20% % 5% Reynolds Metals(1). Revnolds Tob B (3 Safeway Stores (3).. Safeway Strs pf (6). Sears Roebuck. . Second Nat Inv pf. .. Servel Inc. .. Shell Unfon Ol Simmons Co. Skelly Oil.. Socony Vacuum 40c.. So Port Ric Sug 1.60. Southern Cal Ed(2).. Southern Dairies A Southern Pacific. Southern Rallway... Southern Railway pf Standard Brands (1). Stand Brands pf (7). Stand @as&El (1.20). Stand Gas&El pf (4). Stand Invest Corp. .. Sterling Secur (A) =% . 3% 34 Stewart Waraer. [T this edition. T4+ 14441+ Li+d 140111 AERs 11 44410 \ serpaeesed ¥y ¢ oes AL I Direct to The Star Office. sales are not siven in this tion are from ~Prev. 1933— nd Low. Dividend Rate. Tis Stone & Webster, 4 Studebaker Corp 347 26 Studebaker pf (7)... 140s 14% 12% Texas Corp (1). 25 22 Tex Gulf Sulph (2). 1% 1% Tex Pacific Coal&Oil, 5% 4% Tex Pacific Land Tr.. 6% 5% Third Avenue....... 5% Thompson Products. 3% Tide Water Asso Ofl. 2% Timken-Detroit Axle 14% Timken Roller Bg(1) 5 Transamerica Corp.. 4% 3% Tri-Contl Corp. . 59 55 Tri-Contl Corp pf(6). 7 5% Union Bag & Paper. . 28% 25% Un Carbide & C(1.20) 11% 9% Un Oll of Calif (1) 77% 69% Union Pacific (6).... 67% 63 Union Pacific pf (4). Unit Afrcraft. 15'5 Unit Biscuit (2) 12% Unit Carbon 4 Unit Cigar § 874 Unit Corp (40c). 33% Unit Corp pf (3) 3% Unit Electric Coal... Unit Fruit (2)....... Unit Gas&Im (1.20).. U S Distributing pf. . 4 US & Forn Secur. U S Gypsum (1 60).. 2 U S Indus Alcohol. .. U S Plpe&Fdry (50c) Fipe 1st (1.20) Realty & Imp. 16% 6 25% Rubber 1st p Smtg & Ref (1).. UBSGe....c...... 156 Bales— Add ?{0. Hig] 29% editic per. Net. Low. Close. Chge. 9% 9% — 1 3% — % 20 -2 13% . 204 — % | 2% 1% - % 1 5 145 85% 77 % 1% 45% 38% 39 9% 5 25% 1% 2% [ 1w 2% 1% yesierday's 12 Univ Ple 3% Util Pwr Warn Br West Pa West Pa West Pa Western Western 36's Wrizley Sales of Dividend rate o nit of trading . 4% in sigck. 100 stock. 173 2% o stock 2 | sk, m as 2814 o Pavable in serio. a Paid 284 3 Yellow Truck. ... 9% Youngstown Sh&Tu. 4 Zonite Prod = Stocks on New . 150.000 s a3 ¢ payments baged on the e Payable in cash or stock. t given in this edition. N les are are from yesterday's paver. Bales—- Add 00, High. 4 4% United Stores (A). 1 Univ Leat Tob (2). 3 tures 1st pf. 1208 &Lt(A)... 2 % Vadsco Sales Corp. 3 11% Vanadium Corp. 6 Va Elec&Pw pf (6) o8 Plctures. Warner Quinlan Wesson O&Sn p Elec A (T).. Elec pf (6). Bipt(T)... Maryland... Union. . Westing’se Air B(1). Westinghoyse Elec. . Westvaco Chloring. . White Sew Mch pf. Wileox Ofl & Gas. Wiilys-Overland. 7 Wilson & Co. Woolworth (2. Worthington Pump. . Worth Pump (B) 38% 3% 107 L3N (Wm) (3) . 460,000 680,000 annu if-yearly decla: *Partly extry T b P this o fegular TFlus 8% 1n stoc K. 1Plus $1 in special preferred stock. k Plus Jast year—no regular rate. nPlus 5% in CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, January 26.—The fol- lowing is today's summary of corpora- tion news prepared by Standard Sta- tistics Co., Inc., New York, for the As- sociated Press: Automobiles and Trucks. Peerless Motor Car Corporation—Re- ceivership proceedings against company in Common Pleas Court, Cleveland, quashed; court upheld contention of company that it being a Virginia cor- poration Common Pleas Court had no Jurisdiction. Building, Real Estate and Related Lines. American Radiator & Standard Sani- tary Corporation, subsidiary American Blower Corporation, received orders for air conditioning _equipment forFirst | National Bank Building and British Empire Building in New York City. Sherwin-Willams Co. declared quar- terly dividend of 25 cents on common stock; on November 15, 1932, a quarter- | ly of 37'2 cents was paid. Railroads. Pennsylvania R. B. declared a divi- dend of 50 cents; last previous disburse- ment was 50 cents a share, made Febru- ary 29, 1932; campany earned $1 per share in 1932; directors stated that fur- | ther disbursements this year are con- | tingent on material increase in income. Reading Co. December net operating income was off 19 per cent. while for 12 months of 1932 net operating income was up 23.2 per cent. ‘Wabash Ry. December net operating | income was $344,604. vs. net operating deficit of $235.003; 12 months’ net oper- ating income was $524.669, vs. net oper- ating deficit of $366,995. Shipping and Shipbuilding. Atlantic, Gulf & West Indies Steam- ship Line’s deficit 11 months ended No- vembér 30 $1,533,128, vs. net income $101,952. Textiles. Federal Knitting Mills Co. 1932 com- mon share earnings $6.44, vs. $4.08. Interstate Hosiery Mills, Inc., declared a dividend of 40 cents; on Augyst 15 a distribution of 25 cents a share was made. Tobacco. American Tobacco Co. declared reg- ular dividends of $1.25 each on common and common “B" stocks; in March, 1932, and March, 1931, an extra divi- dend of $1 was paid on each class in addition to regular disburcements. Scotten-Dillon Co. declared a divi- dend of 60 cents; formerly paid 30 cents quarterly; on February 15, 1932, an extra dividend of 20 cents a share was paid in addition to regularly quar- terly dividend. Utilities. Middle West Utilities Co.—Receiver's preliminary report shows gross operat- ing revenues of company for 11 months ended November 30, 1932, declined 10 per cent from 1931 period; believed by receivers that no important financial readjustment of company can be un- dertaken at this time because of its un- | stable earnings. Pacific Lighting Corporation common share earnings after special reserves for rate litigation was $3.03 vs. $3.57. Chemicals and Fertilizers. Freeport-Texas Co. reported bankers will offer in near future 25,000 shares of new 6 per cent convertible preferred stock of company at $100 a share; new stock will be convertible into common for five years at 30 and for succeeding five years at 50: proceeds of financing will be used for development of new sulphur property in Louisiana. Coal and Coke. Lehigh Coal & Navigation Co. de- clared a quarterly dividend of 10 cents; in each of preceding two quarters divi- dends of 20 cents each were declared. Investment Trusts. American Investors, Inc., liquidating value, December 31, was $2.91 a com- mon share vs. $3.35 on December 31, 1931. Graymur Corporation—Stockholders approved dissolution of company under plan whereby assets would be sold to Tri-continental Corporation and latter’s debentures and stock would be dis- tributed among Graymur stockholders in ratio of $20 of Tri-continental de- bentures and one share of Tri-contl- nental common swk(;: for each share of ‘Graymur Corporation. Ix;’;l:‘ll Ull;lplty Investments, Inc.— Debenture bondholders have filed a damage suit in Federal Court, Chicago, inst Samuel Insull and the entire board of directors of this company: |g complaint alleges directors authorized pnylfxem. of stock dividends although company had no surplus. U. S. TREASURY BALANCE. By the Assoclated Press. ‘Treasury receipts for January 24 were $3.279,349.53; expenditures, ~ $4,787,- 146.34; balance, $359,178,360.74. Cus- toms duties for 24 days of January were $14,451,225.30. - NEW YORK BANK STOCKS, NEW YORK, January 26 (#).—Over- the-counter market: (Quotations as of 10 o’clock.) Chase (2) .... Commercial’ (8} First National (1 Manhattan (2) National City (%) Public (2) & Bankers' (3) ‘Brookl. Empi! Guari Irving (1.60) Manufacturers'” (2) "] New York Trust (5) Title Guaranty & Trus *Includes extra. 310 sy ey SO et e] TR &3 Bombay has just 'sdopted & scale of 8% 8% 84 — % standard weights and measures, 1932 | CHICAGO AREA GAINS IN STEEL OUTPUT | Production Rate Has Risen From ! 9 to 14 Per Cent of Capacity, Says Trade Journal. By the Associated Press. NEW YORK, January 26—Iron Age reports slow expansion in steel making, estimating current operations at 17 per cent of capacity, against 16 per cent last week. The production rate in the Chicago | | district has risen sharply from about |9 per cent, where it had remained since | before Christmas, to 14 per cent, “be- cause of a more diversified demand, as | well as considerable support from the automobile industry.” Output at Cleve- |land has increased from 41 to 44 per |cent of capacity on further orders of automotive materials. There also has | been improvement at Pittsburgh. Although the motor car industry is still the mainstay of steel mill sched- ules, steel companies, the review said. “are deriving a modicum of encourage- ment from evidences of more liberal or- ders, mainly in small lots, from other sources.” There is, however, “consid- erable disappointment that sources of steel buying that ordinarily would be active at this season are almost dor- | mant.” Railroads, in particular, are giving few signs that they will be in the market for their usual Spring re- quirements. Price weakness was mentioned by the review as still a depressing factor, “al- though efforts are being made to bring | |about stabilization at the lower levels | | that have been reached in the past two | weeks.” | CHICAGO LIVE STOCK MARKET | . CHICAGO, January 26 (#) (United ' States Department of Agriculture).— Hogs, 22.000 head, including 7.000 di- rect; active, fully 10 higher than yes- terday’s average on all classes; 170-210 pounds, 3.35a3.45; top, 3.50; 220-290 pounds, 3.10a3.40; 140-160 pounds, 3.25 23.45: pigs. 3.00a3.35; packing sows, 2.60a2.70; light light, good and choice, 140-160 pounds, 3.25a3.45; light weight, ‘160-.’!00 pounds, 3.3523.50; medium Wweight, 200-250 pounds, 3.25a3.4: heavy weight, 250-350 pounds, 2.90a3.3 packing sows, medium and good, 275 1500 pounds, 2.40a2.80; pigs, good and | | choice. 100-130 pounds, 3.00a3.35. | Cattle—Receipts, 5,000 head; calves. 1.500 head; better grade light steers and yearlings, strong: instances, 10-15 higher: general market more active; | smaller supply medium weight and [‘weighty steers a_strengthening factor; | weighty steers fully steady, with week's 25 downturn; other killing classes most- |1y steady, but uneven; all buyers dis- | eriminating against weight in all| | classes; best yearlings, 6.85; slaughter | cattle and vealers, steers. good and choice, 550-900 pounds, 5.25a7.25; 900- | 1,100 pounds, 5.25a7.25: 1,100-1,300 pounds, 4.25a7.00; 1.300-1,500 pounds, 3.50a6.00: common and medium, 550- 1,300 pounds, 3.50a4.75; heifers, choice, 550-750 pounds. 4.75a6. mon and medium. 3.25a4.75; cow, 2.75; low cutter and cutter, 1.75a2.35; | bulls (yearlings excluded), good (beef), | 2.75a3. utter, common and medium, | 2.25a2. vealers, good and choice, | 5.50a7.00; medium, 4.50a5.50; cull and | common, 3.00a4.50; stocker and feeder cattle, steers, good and choice, 500-| 1,050 pounds, 4.25a5.50; common and medium, 3.00a4.25. Sheep—Receints. 15,000 head: few sales around 25 lower; shipping de- mand narrow; desirable native lambs scaling under 90 pounds, 5.50 to pack- ers; closely sorted kinds bid '5.75 by city butchers: lambs, 90 pounds down, good and choice, 5.5026.00; and medium, 4.00a5.50; 90 pounds. good and choice, 5.3525.85; 98 to 110 pounds, good and choice, 5.00a 5.40: ewes, 90 to 150 pounds, good l.nd‘ choice, 2.00a3.00; all weights, common | and medium, 1.25a2.50. e INVESTMENT TRUSTS NEW YORK, January 26 (#)—Over- | the-counter market: (Quotations as of 12 o'clock i Am Bank Stock . Bullock Pund Cumulative Tr Sh Corporate Trust .. Corporate Trust A Al 3 Corp Tr AA Mod. . E Corporate Trust Accum Ser. . Dividend Shrs . . nrs Mass Invest Tr .. Nation Wide Sec N Y Bk Tr Fus Trusteed Am Bk THE OLDEST NATIONAL BANK in the District of Columbia National etropolitan BANK 1814 1933 | old hens, | Rock broilers, 13a14; Plymouth Rocks, 4 | hens, | berg, 6% 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; prints (90 score), 2 b, 1 Eggs—Hennery whites, 14al15; current receipts, 13a14; Government graded ex- tras, 21; standards, 19; mediums, 18. Poultry, alive—Turkeys, young hens, 16a18; young toms, 14a15; old toms, 13a 14; young toms, over 20 pounds, 11; 10a12; chickens, Plymouth one-pound 9. pounds and over, 15a16; under, 12a13; mixed colored chickens, 12al4; Leg- horns, 10: cclored hens, 13a15; Leghorn 7a8; hens, 4 pounds and over, 12a14; capons, large, 17a19; small, 15a 16; roasting chickens. 15al16; keats, old, 20a25; young, 25a35: roosters, 7a8. Poultry, dressed — Turkeys, young hepns, 19a21; young toms, 17a18; old toms, 16al7: old hens, 13al5; chickens, Plymouth Rocks, 4 pounds and over, 17a19; under, 14al5; Plymouth Rock broilers, 16al7; capons, large, 21a23; smell, 17a19; mixed colered chickens, 14al5; Leghorns, 14; roosters, 10al2; hens, 4 pounds and over, 15al17; keats. young, 20230; old. 15a20. Meats—Eeef, 11; lamb. 16; veal, 11; pork loins, 10: fresh hams, 10; smoked hams, 11; strip bacon, 12; lard, 7'.; light, 3.40a3.60: heavy, 3.00a3.40; | compound. 7. Live stock—Hogs, medium, 3.40a3.60; ples. 3.00a3.50: roughs, 1.50a2.50; calves, | 3.0026.00; lambs, 3.00a6.00. Fruits — Peaches, 2.50. nectarines, 3.25; plums, 3.25; apricots, 3.25; ap- ples, fancy box stock, 1.50a2.00; bushel baskets, 1.00a1.25; pears, 150a2.50; pineapples, 2.23a3.50; cranberries, 2.50; alligator pears, 2.50a3.00; oranges, 2.50a 3.50: lemons, 3.5024.50; grapefruit, 2.00a 2.25; grapefruit, pink meat, 6.00; tan- gerines, 1.2522.00; bananas, 1.25a2.50: rhubarb, 5-pound boxes, 50a60; straw- berries, pints, 10a1215: quarts, 20a25; Spanish ‘melons, 6.00a7.00;: honeydews, 4.00a5.00; grapes. 2.00a3.00. Vegetables—Potatoes, Maine, 1.25a 1.35; New York, 115; Idaho bakers, 1.75a2.00; sweets. 50a75: turnips, 40a 50; parsnips, 1.00; salsify, per dozen 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- 3.40a3.75; peppers, 150a2.00; squash, 2.50a3.00; beets, 2.50a2.75; car- Tots, 2.50a2.75: caulifiower, 1.50a1.90; mushrooms, 50a75; broccoli, 250a3.00: eggplant, 2.50a3.00; corn, 4.00: toes, originals, 6-pan containers, 2.7 repacks. 2.50; Cuba, 30-pound contain- ers, 3.00. CHICAGO DAIRY MARKET. CHICAGO, January 26 (#).—Butter— Receipts, 6.301 tubs; easy: creamer; specials (93 score). 17';a17%: extra (92), 16%; extra firsts (90-91), 16' firsts (88-89), 16216, ; seconds (86-87), 15';; standards (90, centralized car- lots), 17. Eggs—Receipts, 8,826 cases: steady: extra firsts. 14; fresh graded firsts, 131.. good, {2.50a3.25; common and medium, 2.35a | current receipts, 12!. . — = WITH SAFETY IN GUARANTY FIRST MORTGAGES It you have money for investment. choccc | these safe high-yielding First Mortgage Bond secured by direct First Mortgage on inco: producing properties in the Nation's Capital In Denominations as Low as $1 | Auchincloss,Parker and Redpath MEMBERS: New York and Washington Stock Exchanges ASSOCIATE MEMBERS: | New York Curb Ezchange | i i PORTFOLIO || ANALYSIS || 719 Fifteenth Street MEtrepolitan 3116 WASHINGTON | f | BALTIMORE WILKES BARRE ‘l INTEREST PAID ON SAVINGS ACCOUNTS It Has Been This Bank's Privilege —to serve generation after gen- eration of the city’s upbuilders * * * their faith and ours, con- tributing not a little to the de- vellopmmt of the National Capi- tal. © Whatever the extent or char- acter of YOUR banking require- ments, youll find them n:yly provided for by the complete fa- cilities of The Metropolitan’s various departments. Fifteenth St., Opposite U.'S, Treasury Capital, Surplus and Undivided Profits, &ver $2,300,000.00 STOCKS IRREGULAR INFINAL DEALINGS Rally in Afternoon Brings Qut Selling, but Volume Is Small. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 26.—Stocks were strong in the first half of today's session, but prices were shaded in the late afternoon and the close was at irregular net changes. It may have been that the publicity given t6 the loans made by the Recon- struction Finance Corporation had a depressing effect on the movement, but however that may be, the only activity was when prices were advancing. Vol- ume fell off sharply on the afternoon | reaction. The one weak spot all day was the tobaccos. The best show ing was made by the rails. The filing of an involuntary petition in bankruptcy in the Federal Court against Paramount-Publix Corporation was announced just before the close, Whatever may have oeen the eftect on the outside world of ye: erday’s de- velopments in the railroad field, they created optimism in trading circles. Profit taking was in evidence in Penn- |eylvania, as was natural after the pre- dictions of dividend action had been verified, but other railway stocks were firm to strong. New York Central ad- vanced on the entrance iLto the com- Fany of the Loree interes:s, the argu- ment being that the Delaware & Hud- son would not have acquired that large block of stock without assuring them- selves that the situation vas sound. Moderate advances were recorded by | Union Pacific, Atchison, Chesapeake & Ohio and Lackawanna. Seem; the | buyers were rot intercsted in present |carnings or traffic. Thgy contented themselves with the demonstrated fact | that stocks were not coming in for sale and, that being the case, there was |only one way for the market to move, [1f it moved ‘at all. and that was up- ward. Such a position is liable to sud- den reversal if and when circumstances I‘diclabe. but no one was worrying about that today. Among the specialties South Puerto Rico Sugar distinguished itself by set- Ung a new high. It was said that there was a good prospect of increasing the present dividend. if not immediately, then before the end of the year. Indus- |trial Rayon made a2 new high on a small turnover. General Railway Sig- nal, among the equipments, and Corn Products, in the food were in quiet | demand The only place where | heaviness was in the tobacco list. Here | scme disappointment was expressed be- cause American Tobacco did not de- | clare the extra dividend which it has | paid at this time in other years. How- ‘ever, the selling was not pressed and the losses were inconsiderable. Specu- lation for the rise kept up in the local tractions, still in the expectation of suce cessful unification. Brook Manhat- tan Transit was the leader. here was any | PARIS BOURSE PRICES. PARIS, January 26 (#)—Three per | cent rentes. 76 francs 90 centimes; 4% per cent rentes 9215 |, Exchange on London. 87.04. The dol- lar was quoted at 25.62'. —_— WE OFFER * New York Evening Journal 614% Bonds Guaranteed by ~William Ran Hearst to yield about 8} || Ferris, Woodroof &Lewis, Inc. | Investment Securities {| Washinston Building Al [ANNUITIES ! Profitable—Safe | All Forms—All Ages WYNDHAM R. WILLS Years' Experience in Insurance and Annuity Business 954 Washington Bldg. NA. 9430 Property Against Windstorm Winds of high velocity that have no relation to tornadoes and cyclones are responsible for tre. mendous property loss every year. And Washington wind str unexpectedly and with, warning—there is no means of knowing when or where it will striké, Windstorm insurance will reimburse you in the event vyour property is damaged. This protection costs so little that no property owner needs to assume so great a risk of loss. . INSURANCE DEPARTMENT H. L. Rust Company 1001 Fifteenth Street TO EMPLOYERS OF FEMALE LABOR Eight-Hour Law Time Record Pad The law requires that a record be kept. of hours of employment for each female employee. This pad is designed espe- weeks’ time. 65¢c Per Pad rigidly enforced. STOCKE FiSNE SO T - WY ASHINOTON'U -G