Evening Star Newspaper, January 28, 1933, Page 10

FINANCIAL NEW YORK STOCK EXCHANGE Received by Private Wire Direct $o The Star Ofies. " WL MLLERCHOSEN AEAD OF FSHER 0 New President of Local Real Estate Firm Succeeds Late “ E. ). Stellwagen. BY EDWARD C. STONE. ‘The board of directors of Thomas J. Pisher & Co., Inc, prominent real estate concern, has elected William L. :‘n\:ls president of the company to fill vacancy caused by the death of 3 Edward J. Stell- 3 wagen, m a ny months ago. Mr. Miller has been _connected with the FPisher organization for the past 25 years, serving as treas. urer and having charge of the loan and trust depart- ment. During the quarter century he has played a very important role in the firm's success and growth. " Prior !oh affilia- tion wit] this Wiiliam L. Miller. . ncern he was ..connected with the Columbia Title In- surance Co., his knowledge of real es- tate law bringing strength to both organizations. He is a member of the “District of Columbia bar and a gradu- ate of George Washington University Law School. ‘Mr. Miller is a director in the Cor- coran Fire Insurance Co.. the Raleigh Hotel Co., Capital Park Hotel Co., Lib- erty Laundry Co. and the Chevy Chase Land Co. Thomson’s Committee Praised. Eliot H. Thomson of the Washington Yoan & Trust Co., who is chairman of the Advertising Committee of the Dis- trict Bankers' Association, and other members of the committee are re- ceiving hearty ap- preciation from other local bankers on the showing made by the Christ- mas savings clubs in subscriptions and memberships Yor 1933. The new clubs were closed a short time ago and réports secured from “each of the 28 banks in the campaign. As already re- ported to the Dis- fxict Bankers' As- sociation by Chair- man Thomson, the amount subscribed was $7,307,450 by 88,151 members. Other bankers consider this a brilliant showing in thrift, the high mark at- tained being to a great extent due to the members of the Advertising Com- mittec. A great deal of time was put into preparation of the co-operative ad- vertisements which appeared in the local newspapers. The advertising was appealing as well as convincing. No doubt it was the’chief factor in keeping is city ahead of other leading cities in the United States in the number of members enrolled in proportion to pop- ulation and in the amount subscribed per member. The other members of the District Bankers' Association Advertising Com- mittee include B. Agee Bowles, vice president, Potomac Savings Bank; Ber- tram Chesterman, president, Washing- ton Morris Plan Bank; Robert L. Flather, assistant secretary, American Security & Trust Co.; Frank W. Lee, president, Mount Vernon Savings Bank; W. Reginald Lewis, cashier, Northeast Savings Bank, and John Poole, presi- dent, Pederal-American National Bank & Trust Co. Some of the members of the committee have served the associa- tion in the same capacity for several years. Comparisons for Ten Years. ‘The success of the recent drive is -ascribed to the educational factor which is always given special stress. The association has consistently urzed utili- zation of the Christmas Saving Club plan of systematic savings for every purpose, besides the praiseworthy pri- | mary object of providing funds for | Christmas giving. As expected, the total subscriptions fell short of the record mark of 1932. But the aggregate sum of well toward $7,500,000 shows what a vise-grip thrift has secured on Wash- ington. To picture the growth of the Christmas club idea, & glance back over a period of vears is of great interest. Records of the number of members in the local clubs and the amounts sub- since 1924 are recalled: Amount subscribed. $3.000,000 4747741 | 544,976 5994903 7.046,497 7,462,089 7.83; ) 8.484.410 R.(89. Eliot H. Tho! Yedr. 1922, 192: 1926 1927 1928.. 1929 1930 Members. 92,197 98,809 88151 7,307,450 .""Nearby Cities Report on Trade. The Federal Roserve Bank of Rich- mond gave out comparisons today of sales in 34 department stores in this district in December and the entire year 1932, with like periods in the previous year. The comparisons in percentage form show that reiail sales in Wash- ington and Richmond were both 20.5 percent under December, 1931; off 22. per cent in Baltimore, 24 per cent in a group of other cities, and 21.8 per cent ‘In the district as a whole. o Washington mace the best showing of.any city in the fifth district for the full year. Retail sales here were off 16.7 per cent, 19.8 per cent in Rich- mond, 20 per cent in Baltimore, 242 Der cent in other cities grouped together, and 19.1 per cent in the 33 stores as a whle. Fhe report also shows changes in stocks on hand on December 31. In Washington stores stocks were 23 per cent lower than last year, in Richmond 221 per cent, in Baltimore 20 per cent, Ang in the whole fifth district 21 per scent. Washington stores hung up the “best record in stock turnover in De- scember. Liberty National Elects Officers. Directors of the Liberty National nk at their regular January meeting yesterday re-elected all officers, as fol- lows: Rolfe E. Bolling, president; M. :F. Calman, vice president and cashier; B. Skinner, J. H. O'Neale and C. C. _Cranford, assistant cashiers; Thomas -P. Littlepage, general counsel and trust -officer, and W. V. Simmons, assistant rust officer. Commissioner Paul Bestor of" the :Federal Farm Loan Board opposad, be- fore the House Banking and Currency - Committee, enactment of the Steagall bill, which would permit postponement ‘of payments of installments due on .Joans made by Federal land banks. To place discretion with the borrower in- .stead of the bank as to whether loan ~a,ym¢nu should be met, Mr. Bestor -told the committee, would cost approxi- mately $124,000,000 annually on the basis of present loans. An indication of how the Federal land banks are taking care of delin- uent borrowers was made by Mr. Bes- tor, who said only 2.4 per cent of all delinquent loans have been foreclosed. V. §. TREASURY BALANCE. By the Associated Press. Treasury receipts for January 26 were 3,306,114.41; expenditures, $6.871,711.42; +balance, $351,922,540.55; custom duties +for 36 days of January were $15,761,- 191048, ; ' \ ~Prev.1933—~ __ Stock and High. Low. _ Dividend Rate. 5% 4% Adams Express. 8 Addressegraph 9% Affiiliated Prod 1.60., 58% Air Reduction (3)... 11% Alaska Juneau(60c). 1 Alleghany Corp..... 214 Alleg Corp pf $30ww 80% Aliled Chem & D (6). 20 Amerada Corp (2) # Am Bank Note 54 Am Can (4). 123’3 Am Can Co p! - 6% Am Car & Foundry. 19'5 Am Come'l Aleohol 6% Am & Foreign Pwr. .. T4 Am&Forgn Pw pf(6) 9% Am & For Pwr pt(7). 364 Am Home Prod ¢.20.. 6% Am International. 1% Am La Fr & Fom pf. 17% Am Locomotive pf. 1 Am Mach & Metals 1% Am Mach & Metct... T4 Am Power & Light. . 19 AmPwr& Ltpf 3). 6'5 Am Radiator... 7% Am Rolling Mills. 12 Am Sm & Ref... 20's Am Sm & Ref 6% pf.* 3213 Am Snuff (13%).... 313 Am Stores (1234).... 27 21'%a Am Sugar (2). . 8% 63 Am Sumatra Tob... 109% 1027a Am Tel & Tel (9). 68% 53% Am Tobacco (5) 66% 55% Am Tobacco (B) ( 117 118% Am Tobacco pt (6).. 5% 4 Am Woolen. 26% 28'3 Am Woolen p! 8% 7 Anaconds Coppe 10% 9 Anchor Cap (80c)... 49'4 41 Armour of Del pf(7). 46% 39 Atchison....... 23% 17% Atlantic Coast Line. . 17% 15% Atlantic Refinine(1). 56's 45 Auburn Auto (d4)... T% 63 Avation Corp (Del). 64 4'; Baldwin Locomot... 11% 8% Baltimore & Ohlo. 10'3 Baltimore & Ohio pf. 68% Bang & Aroos pf (7). 9% Beatrice Creamery. . 9% Bendix Aviation.. 12% Bohn Alumn & Brass 19% Borden Co (2). - " €10 1 0ot e E300 1 0 I 0 i 1 - S - 35% 5% - PR PRPTPE - JOVEN - FPY PRUR. 0 TP T 7 F YUYV~ TP Y TS Uy » 2 S.n % £ DI T T 77% Bklyn Union Gas(5). 1% Budd (EG) Mfg..... 3% Budd (EG) Mfgpf.. 7% Burroughs AM(40¢c). 2% Bush Terminal...... 7 Bush Term’l deb stk. 15 B ‘Terminal nf(7) 83 California Packing..' 21, Calumet & Hecla. 10% Canaifan Pacific Cannon Mills (1) Case (JT) Co Celanese Corp. Cerro de Pasco. 4 Ches & Ohlo (2%)... % Chesapeake Corp (2) Chi Mil StP & Pac pf Chi & Northwestern. Chi Rock I & Pac.... Chi RT& Pac 7% pf. Chi Yellow Cab (1).. Chrysler Corp (1)... Coca-Cola Co (1) Coca Cola (A) (3). Colo & South 1st pt Columbia Gas (b1) Columb Carbon (2) Commercial Credit Comel Inv Trust (2). Comel Inv Tr pf 614 Comel Inv cv pf(e6 Comel Solv (60c) Comwith & South Comwith & Sou pf(8) Consol Cer pr pf 6%. k Consol Film. Consol Film Consol Gas N Y Consol Laund 50c. .. 51 Cnnsol Ol Corp. .. 36 Contl Baking pf (4).. 3815 Contl Can (2)... 14% Contl Insur (1.20). 2 Cont’l Motors. 51 Contl Ofl (Del).. 521 Corn Products (3)... 315 Coty. Inc.... 247 Cream of Wht(f2%) 1713 Crucible Steel pf. 9% Curtis Publishing. 2 Curtiss-Wright. Curtiss-Wright (A). 31 Davega Stores (60c). 3% Davison Chemical. .. T% Deere & Co pf (40c).. 45 Delaware & Hudson. 203 Del Lack & Westn. 67 Detroit Edison (6 794 Devoe & R 1st pf (7). 181 Diamond Match (1). 1214 Dome Mines (+1.30). 14'¢ Dominion Stores 1.20 10'; Doug Alreraft (75¢). 34': Drug Cerp (4)... 362 Dupont de Nem (2) 102% Dupont deN db pf(6) 54 Eastman Kodak (3 5'4 Eaton Mfg Co. 18 Elec Auto-L (1. 1'% Elec & Musical Ins 5% Elec Pwr & Lt. 23% Elec Storage Bat (2 29 Eng Pub Sve pf (5) 5 ErieRR. 1__Evans Au 42 Fed Lt & Trac pf (6). 74 Federal Screw Wks. 2 Fed Water Service A. Fidelity-Phoen 1.20. - 3 wamETrBananon = S 15% 133, 38y 411y 106 61% 6 0 S 157, 125 S1% 184 1% Fourth Nat Inv 1.10.. Fox Film (A)... 22'; Freeport-Texas (2) 1% Gabriel Co (A) 16% Gen Am Tank C: 29 GenCligar (4). 14% Gen Electric (40e). .. 11% Gen Elec spee (60c).. 23% Gen Foods (2)...... 10% Gen G&EI pf A (g7). 38'; Gen Mills (3).. 127x Gen Motors (1) 7213 Gen Motors pf (5). 13% Gen Ry Stgnal (1). 4 Gen Refractories. 11 Gen Steel Casaing pf. 17 Gillette Saf Raz «1). 71% Gillette Saf R of (5). 4% Goodrich (BF).. 14 Goodyear Tire&Rul 36 Goodyear 1st pf (7).. 1% Graham-Paige. 18% Grant (W T) (1 73 Great Northern pf 6% Great Northern O 7 Great West Sug. 4% 3% Gulf Mobile&Nor p 2% 1'% Hahn Dept Stores. .. 17% 16 Hercules Powder 1% 57% 52 Hershey Choc (5) 4% 313 Holland Furnace 158 145 Homestake Min 7% 5'3 Howe Sound (40¢) 3's 2% Hupp Motors. 14% 33 5% 3% 97y 25% 6% 815 5 41y e 'S S 0Bl o Be B O E N R 0t D o 3 .4 5% NN BN S 11% Illinois Central 281 Industrial Rayon (2) 4% Interboro Rap Tran: 2% Interlake Iron. 89 Int Bus Mach 205 Int Harvester ( 5% In: Hydro-Elec (A) 7% Int Nickel of Can 72 Int Nick Can pf ( 215 Int Paper & Pwr pf 24% vt Snoe (2). 6% Int Tele & Teleg. 1% Iowa Central R R 13 Island Creek Coal e [OTTOP TS TTOr - ~TOr O - & Bales— Add 00. High. 5 & Net. Low. Close. Chge, ~Prev. 1833 High. Low. Dt 10% 56% 51 44% McKo 810 M FOEFFE FE * FREFEEFRESEE Frr 17% 5% 13% 102 10% 42 37 31% 43% 2% FE FEFEE 25 23 55 17 3% 31 15 1% Radie-; 3% 3u, T 19 15 6a 9% 9 9 158, 8 SoRy 26 17% 15 10% 031 5% 57% 51y 1815 18, 6le 2414 31y 5 1 48 1 1 4ty 25 P 170 77, o 673, 59% 15 69%, 124 % U 104, 13 30% 20% 1% 23% 19Y 204 101 19% 5% 8 134 3% U 24 3 3 1% 15 2% 11y 5115 98 5 Dayme: 4% o stock. : stack. © P k. m Paid ayable in serio. N Y Chicago & St L, N Y & Harlem (5) NY Lack & Wn (5) NYNH & Hartford. 25% NYNH & Hart pf.,.. 7% N Y Ont & Western. . 17% Noranda Min (a1.10). 515 North Am Aviation. 27! Nor Amer(b10% stk 13 Northern Pacific.... 3 Orpheum Circuit 10% Otis Elevator (1) 9815 Otis Elev pf (6) 7 Otis Steel prpt.... 39% Outlet Co (4). 3313 Owens 11l Glass (3. 28% Pacific Gas & KI (2).. | 36% Pacific Lighting (3). 4 % 24 Packard Motor Car. . Panhandle Pro&Ref. Paramount Publix. .. Park Utah. . Pathe Exchangi Patino Mines. Penney (J C) (1.80). Penna RR (hboc). Pere Marquette pf. . . Pere Marquette prpf 708 Petrol Corp of Am... Phelps Dodge........ Philip Morris&Co(1) Phillips Petroleum. .. 4% Plerce Ol L. ... % Pierce Petroleum. ... 10% Pilisbury Flour(60c) 5 Postal Tel&Cable pf. % Presced Steel Car... Proctor & Gam (1%). 82 Public Sve N J(3.20) 843 Punlic Sve NJ pf (5). 1813 Pullman Corp (3) 3 PureOfl..... Pure O11 pf (8). 7__Purity Bakeries (1). 43 Radio Corp. Radio Corp pf (A 26% Reading 1st pf (2). 6% Real Silk Hosiery ?'. Remington-Rand. 8!3 Shattuck(FG) (50¢). 3 Skelly Oil. ..... 254 24 Skelly Oil of ww. 2 Snider Packing. 6% Socony Vacuum . 18% 157 Se Port Ric Sug 1.0, | 115'5 112 So Port Ric S pf(3). . Southern Pacific. . Southern Railway. 5%s Southern Railway pf M&Octfs(4). 9 Spencer Kellogg(60c) 14% Standard Brands (1), 16% 12 Stand Gas&El (1.20). 237 Stand Oil Calif (2., Staria Oil Kansas. 31% 295 Stand O1I N J (12) 7!3 Stone & Webster. 3% Studebaker Corp 34's 22 Studebaker pf (7) 127y Texas Corp (1)...... 22 Tex Guit Sulph (2)., 4% Tex Pacific Land Tr. 5'% Third Avenue..... 3% Tidc Water Asso Ofl. 415 Tide Water As pt () 14l Timken Roller Bg(1) 4’» Trausamerica Corp. . 3'3 Tri-Contl Corp. 14 12 Und-Eil-Fisher(50c) 28% 25% Un Carbide & C(1.20) Union Pacific (§). ... Union Pacific pf (4) Unit Afreraft.. . 57'3 Unit Afrcratt Tnit Carbon. it Cigar Store: 8% Unit Corp (40c). 37% 33% Unit Curp pf (3) Unit Dyewood U'S Gypsum (1 60).. U S Gypsum pf (7).. U 8 Indus Alcohol. U S Pipe 1st ( S Rea!ty & Imp... S Rubber.. . 14% 11% Vanadfum Corp. Van Raalte 1st p 50% 40% Va-Car Chem 7% p Va Iron Coal & Coki 20% 17 Vulcan Detinning. % Ward Baking (B), 14 Ward Baking pf (2). 1% Warn Bros Pictures. 1% Warner Quinian. ..., 38% West Pa Elec A (7)., West Pa Pwr pf (6). Western Maryland. . 254 Western Union...... 11% Waesting’se Air B(1). 274 Westinghouse Elec. % Wilson & Co. 4 Wilson & Co « ) 31% Woolworth (2.40). 36! Wriglev (Wm) (3) nts based on t *Unit of trading less tha 3 Jear—no regular rate. Btock and ividend Rate. 27% 25 Jewel Tea Co (3).... 3% 34 Kaufmann Dept 8t.. 10% 8% Kennecott Copper. 8% Kresge (88) Co (1. 18% 16 Krozer Grocery ( 60 60 Laclede Gas St L (6). 34% 28% Lambert C 14% 10% Lehigh Valley RR. 47% 41% Lehman Corp (2.40).. 18% 17% Lehn & Fink (2)..... 50 Liggett & Myers(t5) €3% 51% Llgg & Myers B (15). 9% 8% Link Belt (80c). 213 15% Loew's, Ing (3)...... Loew’s Inc pt (634).. 3% 2% LoftInc....... 2 Long Bell Lumb(A). {108 13% 11% LoriNard (P) (1.30) 27% 21% Louisville & Nash... —_————— 16% McCall Corpn (2).... 18% McIntyre P M(t1%) port T P (4). 5 McKesson & Robs pf. % MeLellan Stores. 17% Mack Trucks (1).... 29's Maey (RH) & Co (3) Copper (50¢) an Elev gtd. Elev mod gtd 106 10 Marine Midid (30c).. 4!5 Marshall Field & Co. 25. Mengel Co pf... 5% Mo Kan & Texas. 11% Mo Kan & Texas pf. 2% Missouri Pacific. 4% Missour! Pacifie pf. 27! Monsanto Chem 1%.. 12% Montgomery Ward. . 3% 2% Murray Cor 4).. 1 208 ¥ sreswrsless ws 2 | llll“l+++lv| FEFLEE ¥ RN pf.. 20s 2 Ul ++ 1 +++ FEFFEFETEEF FEEOFEF th-Orph EEINTORTIPAIOTATS - - PRCTOTONN. J05 - PN —JOIOIOP oS + | & FOETEEEFE TrEw 208 30 4 L 8 » B ® RS-0 I ® S s CII Y=SP =SS ot (3). n.. 1.20).. 71 1 208 508 1 FEEFIFEF I15F 10015 the . tPartly extra. lus 8% h stock. ®bPlos stock. Kk Plus 3% 1n DPlis 6% 10 stosk. GRIST MILLS FORM NEW WHEAT OUTLET Farmers Turn to Neighborhood “Millers in Disposing of Their Grain. By the Associated Press. CHICAGO. January 28.—All at once | a new interest for the gra.n trade has developed—country grist mills. Long looked upon as just so many pic- turesque antiques, neglected survivals of the little red school house era, the grist mills are at present awakening widespread attention as in the sggregate a large-scale outlet for the domestic supply of wheat, and furnish- ing also a big source of flour. Trade reports current here today indicate farmers have gone back wholesale to the ancient custom of taking wheat to countless small rural mills and of bring- ing home instead an output both of to assertions that total suplies of wheat in the United States have been overestimated, or not enough allowance made for unusual domestic disappear- ance, wheat this morning showed 15-1; cent advance compared with a week ago. Simultaneously, corn was Y-33 up, oats, 15-33 off, and provisions unchanged to 15 cents down. In addition to reports about grist mills, advices'from many sections of the country show farm feeding of wheat, especially where that grain is available and other grain scarce, has been made for poultry as well. say these factors wouls to a medtfeethe duction by big 1 shrinkage of flour milling interests the last year or s0. It is added that the United States wheat surplus emphasized by Tuny s b & et ot ess been generally believed. Virginian Railway Earnings. 125 STATES PERMIT BRANCH BANK PLAN {in same or adjoining counties; v ' CURRENCY INFLATION WiLl: IMPROVE CONDITIONS! THERE Wil 8 Toes EVERYSODY ~ FOR BLAK BLAH - I'™M CONG To THE SORE R o DOZEN BGGS AND I HRED HM T CARRY THE Statistics on Legislation in Various Parts of Nation Are Given. BY CHAS. P. SHAEFFER. Branch banking in scme form or an- other is now permitted in 25 States of the Union, prohibited in 18 others. while the remaining 5 States have no legislation regarding the subject. This information was introduced at a recent session of the Senate by Sen- % ator Vandenberg, Republican, Michigan, | as pertinent to the discussion of the Glass banking bill. State-wide brahch banking is per- mitted in nine States, namely, Ari- zona, California, Delaware, Maryland, North Carolina, Rhode Island, South Carolina, Vermont and Virginia. Vermont' there is no provision regard- ing branches. but State-wide establish- ment of “agencies” is permitted. Limited Areas. A total of 16 States permit branch banking within limited areas. These are Georgia, which permits branches in the same city or municipality; Indiana, which permits branches in the same county; Jowa, which permits “offices” to receive deposits and pay checks in | contiguous counties, if no bank is lo- cated in city or town in which such office is proposed to be located; Ken- tucky, in which court decisions permit establishment of additional offices or agencies to receive ‘deposits and pay checks. By force of law, this State has branch banking, although not spe- cifically granted by legislative enact- ment, being, in this respect, like Michi- gan. Louisiana permits branches in the same municipality of parish; Maine, in the same county or adjoin- ing county; Massachusetts. in the same town; Michigan, “industrial banks” may establish branches in city or village of head office, but no provisions covering establishment of branches by other banking institutions; Mississippi, same city; Montana, consolidated bank may operate offices of consolidating bcnk}.ls if ew Jersey, branches are permitted in the same city, town, township, borough or village, and where institutions located in same county have merged, at the lo- cations of the effices of merged insti- tutions in such eounty; New York, city limits; Ohio, same city, or city or vil- 1, | Iage contiguous thereto or county or counties in which municipality con- + | taining main bank is located; Penn- sylvania, corporate limits of same place; Tennessee, county in which principal office is located and principal banking business is carried on, and in Wiscon- sin, in the same city, at location of closed bank, and “stations” with lim- ited functions in places deprived of banking facilities in the same county. Other Statistics, The States in which branch bank- ing is prohibited are Alabama, Arkan- sas, Colorado, Connecticut, Florida, Idaho, Illinois, Kansas, Minnesota, Missour, Nebraska, Nevada, New Mex- ico, Oregon. Texas, Utah, Washington and West Virginia. The five States having no legislation regarding branch banking arg New Hampshire, North Dakota, Oklahoma, | South Dakota and Wyoming. In the District of Columbia “offices” are permitted in the discretion of the controller of the currency. DIVIDENDS ANNOUNCED NEW YORK, Janudry 28 () — Extra. Pe- Pay- Hldrs. of Company. . riod. able. record. gt At & Pic Tea..25 dus & Power ills C;P»ln specialists | Ind & Po NORFOLK, Va, January 28 (P.— | B The Virginian Railway earned. $2,074 398 last year, against $3,256,504 in 1931, it is shown in the December statement issued today at the general offices here. This represented a profit of $1.27 per share of common stock, 312,715 of which are outstanding, after the sum of $1,- 677,300 is credited to the 6.per cent preferred stock. In 1931, the earnings Per abare of common stock were $5.05. . af W Reton Seiated u A |ECONOMIST HAS DEBT AID PLAN WITHOUT RESORT TO INFLATION ‘Dr. Rufus Tucker Suggests Refunding of Mortgages Through R. F. C. in Ex- change for Government Bonds. Specia! Dispatch to The Star. NEW YORK, January 28.—A nm’el‘ plan for combatiing inflation and at !the same time relieving the present embarrassment of debtors has been for- | mulated by Dr. Rufus S. Tucker, dis- tinguished American economist. It has | the support of other members of his profession who have studied it. The | main features of it are herewith pre- | sented. Dr. Tucker's thesis is that inflation ! now would be ruinous and that some | practical plan is necessary for meeting cmiuons which the inflationists em- | ize. Pl E | “If inflation were carried on vigor- ously enough to affect the price level and benefit debtors,” he says, “it would |almost certainly cause the failure of ‘most of our banks, by reducing the | value of their bond holdings and caus- ing_runs by depositors wishing either to hoard their money or to speculate with it. It would still further un- | balance the Government budgets, both | national and local. It would make all | business a mad speculation. leading in some cases 1o excessive paper profits, | but in most cases to bankruptcy.” R. F. C. Co-operation Needed. His plan is to permit every owner of a first mortgage on farm or residential property to sell his mortgage to the | Reconstruction Finance Corporation in exchange for 15-year 2 per cent taxable Government bonds. The principal amount of these bonds is not to be in | excess of the principal amount of the | mortgage. nor over 50 per cent of the fair value of the pledged property in | 1929, after deducting unpaid taxes, nor | more than 80 per cent of the present | fair value of this property. The mortgages transferred to | Government would, under the Tucker plan. continue in force but subject to | certain modifications. There would be | a sliding scale, for instance, in interest rates ranging from 3 per cent the first two years, 4 per cent the next three vears, and 5 per cent for the remain- |Ing 10 years. All payments on mc- count of principal, unless voluntarily made, would be deferred for five years. The unpaid principal would be liqui- | dated in 10 equal annual installments, | beginning in the sixth year, and be | wholly repaid at the end of the fif- | teenth year, when the 2 per cent Gov- | ernment bonds mature. The purpose of the reduction in in- terest and the postponement of pay- ments on principal is to enable debtors to weather the depression and to re- adjust themselves to new conditions. It is accepted that “marginal farmers and | the owners of badly docated or ill- plarned usban real est saved by this plan.” l, | too, that while creditors take a paj loss they gain in security and l.lquljg and their purchasing power would be much stimulated. The plan also helps that may be available for payment of delinquent taxes. Estimate of Mortgages. | Dr. Tucker estimates that the total of rural mortgages is approximately $10,000,000,000, and those on urban | residences about $15,000,000,000. Under | these circumstances it is estimated that $10,000.000,000 of 2 per cent bonds might, be necessary to carry the plan to a successful conclusion. It is pointed out that as these bonds are [Rlen in exchange for mortgages they do not constitute an increase in the outstand- ing Government debt. They represent a genuine, self-lijuidating enterprise and are covered by tangible assets. They do not compete in the market with existing Government bonds, as they are not tax exempt and carry no circulation privilege. It is argued that the financial institutions receiving these 2 per cent bonds in exchange for their mortgages would have strong motives for holding them until their market value approaches par in order to taking an actual loss on the books. The machinery for working out this plan would be under the direction of the Reconstruction Pinance Corpora- tion, with the staffs of the Farm Loan sisting making appraisals. pointed out that it not be neces- sary or desirable for these lending or- ganizations to refund all of their exist- ing loans, a considerable of which uremnluntmgd with el farm m¢ | themselves to nmew transportation oon- ditions. Avoids Government Ownership. There have been a number of sug- | gestions of Government guarantees of | railroad mortgages, but of & permanent |character. These eventually would |lead to Government ownership and | contingency while providing the rail- |road debtor with relief until economic conditions are more to his advantage. (Copyright. 1833.) CONSTRUCTIVE TRADE | FACTORS ARE NOTED | Better Sales Totals and Reopening of Small Plants Cited by Reviews. | BY the Associated Press. | NEW YORK, January 28.—The weekly mercantile reviews said that trade developments of the week, though Jacking in elements for a pronounced stimulation of business sentiment, were nevertheless largely constructive. “While trade movements remain con- | servative,” said Dun's, “encouragement | has been provided by the better sales | totals recorded at some of the chiet centers of distribution and the reopen- | ing in increasing -numbers of small | manufacturing companies in various | of the country, with reports sections the | of recession’in activity becoming fewer each week. “The hesitation caused by the dis- |order in world trade and the disturb- |ance in currency relationships have tended to obscure the more favorable | earnings reports emanating from many yindustflel for the final half of last | year.” dustries. as evidence of growing confi- | dence that 1933 “offers sound oppor- | tunity for business advancement.” | GRADUAL GAIN IN BANK CLEARINGS CONTINUED By the Associated Press. NEW YORK, January 28.—Bank clearing continue to show a gradual im- provement, the decline at this time from the total of a year ago being much smaller than that of any corresponding |period for many months past. The local taxing bodies. as it releases funds. total this week at all leading cities in the United States, as reported to R. G. per cent below that year. At New York City the amount was $2- 747,266,000, 16.3 per cent less, while the aggregate for the cities outside of New York of $1,272,634,000 was 19.3 per cent smaller, The improvement continues quite marked at a number of the outside centers. There was a substantial in- | crease this we:l}‘ h‘t"l P:#;deln?glh.i:d clearings were ly er at Cincin- nati than a year ago. For the fourth week of January the reduction from the preceding week was $443,391,000, whereas, last year there was a decline of $1,015.251,000 for the comparative period. At New York the comparison with a is very much better than it been for a long time, but tinue to show quite heavy losses. Clearings at all leading points show- ing increases and decreases, as com- | pared with same period a year ago, (Tetals in Thousands). ‘.mlhdlbhn d | follow: Bmkmdtheflomamnmn-“. in . $4,019.950 Dec. Average Daily. operation. The Tucker plan avoids thul Bradstreet's cited views of leaders in | banking, railroad. textile and other in- | Dun & Co.. of $4,019,950,000, was 17.3 of last a3 some of the larger central cities con- | ing STOCK PRICES SAG - - INLIGHT TRADING Market Apparently. Not In- fluenced by Selling of Steel Shares. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 28.—The week on the Stock Exchange closed with mea slightly lower, but no ket could not be regarded as other than Teassuring. Publication in the morning news- papers of what was doubtless a semi- official forecast that the dividend on United States Steel preferred would be reduced, if not omitted altogether, naturally brought some selling into that stock. The price reacted cl to $60 & share, which was a new low on this movement, but still almost 10 ints above the bear market low of it Summer. Then there was continued weakness in the tobacco stocks, on selling from the same sources that had depressed those shares in recent sessions. American Tcbacco B dropped under 60 and the other active stocks in that group were correspondingly low. In the first hour the railroad stocks were heavy and American Telephone. Detroit Edison. | together with two cr three other special issues, were reactionary, The significant point, however, was that the selling in these stocks had no ynsettling effect on the list as a whole. The general market ignored this scat- tered weakness, again demonstrating how completely it was hardened to un- favorable news. Before the clase prices had firmed, particularly in the rail- way list, and the averages at the emd showed no important change. Special buying came into Delaware & Hudson, which erossed 50, five points up from the low made the day the dividend was omitted and over a point above yesterday’s close. The weekly car loading statement showed a de- crease of 9,888 cars from the previous | week and 65,667 cars from the same week a year ago. This showing had I no effect on prices. nor was there any attention paid to the Senate proposal to prohibit further loans from the Re- construction Finance Corporation to the railroads without the consent of Con- | gress. Earnings Statements. More impression was made by ad- ditional earning statements which. as | far as net was concerned. made a favcr- able comparison with the previous year. The mo:t striking of these was New York Centra’, which last December earned $2.138497 net against $564.065 in December, 1931. Amorg the stocks to which good sup- port was accorded were General Rail- way Signal, South Puerto Rico Sugar, Air Reduction and United Pruit. These were unable to make progress, but they did not give way The of the General Cigar Co. for 1932 came out. It showed $3.61 for the common ageinst $5.01 in the preceding yesr. S. S. Kresge reported |net equal to $1 a share on the eom- | mon, against $1.69 in 1931. Sterling Exchange opened strong at | $3.39 3-16, up 1 5-16, but lost a part ’ol the advance before the close. Re- ceipt of $2.150,000 gold from Holland and $167,000 from France was an- nounced. Washington Produce | 'WHOLESALE PRICES. Butter—One-pound prints (93 score), 23; tub, 22: one-pound 92 score), 23; tub, 21; (91 score), 22; tub, 20 one-pound prints (90 score), 20; tub, 19 Eggs—Hennery whites, receipts, 12a13; Government graded ex- tras, 21; standards. 19: mediums, 17. Poultry, alive—Turk: young hens, 6al8; 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. | . Poult dressed — Turkeys, young hens, 19a21; young toms, 17a18; old | toms, 16a17: old hens, 13a15: chickens, | Plymouth Rocks. 4 pounds and over, 1 14a15; Plymouth Rock ; capons, large, 2la2: xed colored chickens, . Leghorns, 14; 3 | hens, 4 pounds and over. 15a17; keats. | young, 20a30; old. 15a20. Meats—Beef, 11; lamb. 16: veal, 11; | pork loins, 10: fresh hams. 10: smoked hams, 11: strip bacon, 12; lard, 7%; compound, 7. Fruits — Peaches, | 2.50: mectarines, 3.25; plums, 3.5 apricots, 3.25; ap- ples, fancy box stock, 1.50a2.00; bushel baskets, 1.00a1.25; pears, 1.5022.50; pineapples, .. cranberries, 2.| alligator pears, 2.50a3.00; oranges, 2.50a 3.50: lemons, 3.50a4.50; grapefruit, 2.00a < grapefruit. pink meat, 6.00; tan- gerines, 1.25a2.00; bananas, 1.25a2.50; rhubarb, 5-pound boxes, 50a60; straw- berries, pints, 10a12!.; quarts, 15a20; Spanish melons, 6.00a7.00; honeydews, 4.00a5.00; grapes, 2.00a3.00. Vegetables—Potatoes, Maine, 1.25a 1.35: New York, 1.15; Idaho bakers, 1.752.00: Florida, new. bushel, 2.00: 225; sweets, 50a75; turnips, 40a! parsnips, 1.00; salsify, per dozen, bunches, 60; spinach, 50; collards, 25; kale. 30a40; cabbage, llr"l"s , : a75; , 150, squash. 2.5083.00; beets, PSouz15 25082.75; caulifiower, 1.50a1.90; srooms, SOKTS: broceot, ! ; eggplant, 2.50a3.00; corn, 4.00; tomatoes, ls, 6-pan oon- tainers, 2.75; repacks, 2.50; Cubes, 30- pound containers, 3.00. Receiver Appointed. BALTIMORE, January 28 (#)—Are- ceiver kl')re l:he Central G“-;n&'l.l:alnc Co., & ware corporation, ted by Judge William C. Coleman nited States District Court here to- d‘indell 'W. Iglehart of Baltimore was named receiver for the company, a hold- concern whose assets consist en- tirely of stocks and securities of public utilities in 13 States and 2 Canadian provinces. It is a subsidiary of the Cen- tral Public Service Corporation. Igle- hart recently was appointed receiver for the parent company. NEW YORK BANK STOCKS NEW YORK, January 28 (#).—Over- the-counter market: (Quetations as of 10 o'clock.) BANKS, Aok Bankers' Brookivn Trust %’,‘u‘m"fi»"‘ W OEl