Evening Star Newspaper, February 2, 1933, Page 14

A—14 w»x» FINANCIAL. SLAUGHTER NANIED FINANCIAL. DECLINE ON STOCK MARKET RESUMES NOTE—Today’ Sales of each stock in thi —Prev, 19 Stock and Low. Dividend Rate. 4% Adams Bxpre 8 Addressegraph NOTE—Todsy's Sales of each stock in are from yesterday's paper. ~Prev. 1033— Stockand Bales— Net. High. Low. Dividend Rate. Add 00. High. Low. Close. ¥ % 5% Erle RR1stpf...... 6% 6% — % 5% 4% Erle RR 2d pf.. 4% — % sales “l:“‘:l.:kl are not given in this %M"! "fl"‘fl fl-:: are not given in this edition. N?"I—T’ll"l individual sales are not given in this edition. n h' thi are from yesterday's paper. Sales of each steck in this edition from yesterday’s paper. ~Prev,1933— - Btock and les— Net. | ~Prev. 1933~ Stock and Bales— Net. High. Low. Dividend Rate. ~ Add 00. High. Low. Close. Chee. | High. Low. Dividend Rate. Add 00. High. Low. Close. Chge. 5 4% Penn Dixie Cmt pf... 3 5 5% B% 6! 5% Third Avenue....... = 3 6 5% 6 13% Penna RR (R50c) . 174 Thompson (J R) (1). B 8% + W R LN i:o?flro"er Appoints D. C. Man 2t to Post in Atlantic 52 City. BY EDWARD C. STONE. Laurence A. Slaughter, for the past .10 years one of the vice presidents of _the Commercial National ‘Bank, has Tesigned and ac- cepted appoint- ment from the office of the con- troller of the cur- fency as receiver for: the National Bartk of Atlantie City which closed a few days ago. Mr. Slaughter has already gone 10 the New Jersey resost and assumed his. new duties. His appointment came thc day after the Atlantic City kank had been closed by the “Treasury Depart- ment.. Mr. Slaughter has been one of the most active of the younger bankers in the city for years. He has been chair- man of the Transportation Committee and other important committees in con- mnection with the annual conventions of the District Bankers' Association, and is. a_member and former treasurer of the Washington Stock Exchange. He will be greatly missed by Presi- dent. Wade H. Cooper and his aseociates at. the Commercial National and by his many friends in the financial dis- trict. The liquidation of a closed bank usually requires about two years. It will probably take that length of time to close up the affairs of the Atlantic City institution. Dame North American President. Directors of the North American Co. have elected Frank L. Dame president to fill the vacancy caused by the.death on January 22 of Edwin Gruhl Mr. Dame also remains chairman. of the board. which office he assumed April 25, 1932, when Mr. Gruhl became president. As chairman of the board Mr. Dame had not curtailed his acsive service. He had been president of the compary from 1921 until nine months ago when he became chairman of the | board in order that Mr. Gruhl might | receive the title of the position which in practical service, as vice president and general manager, he had shared with Mr. Dame as joint executive head ©f_the company for 11 years. Harrison Williams was elected a di- | rector and member of the Executive Committee to succ®ed Mr. Gruhl. Mr. Williams and the group of investment companies in which he is interested represent the largest holdings in the Nortb American Co. | | @zvsers Praise C. & P. Statement. Ahe December and annual reports of the Chesapeake & Potomac Tele- phonte Co. contained a good many opti- mistic figures. Total telephone eperat- ing. Tevenues amounted to $9.341,130 during the 12 months, a very substan- tial figure and well above the sum in the previous year. Net operating rev- | enues for December, after deduction of | all .operating expenses, were $241,516. After all cther deductions, gross inccme | reached the sum of $171,022, compared With $161.792 in December, 1931 Total plant in service at the end of December, 1932, was valued at $33.- 758,651, against $31,345.490 at the end ©f.1931. The gain of 621 in telephones installed in December, while not up to the previous December, was still large enough to be the envy of tele- phone companies in many other cities he~size of Washington. Furthermore, the_ increase of more than 10,000,000 < during the year: should not be oweklooked, total conversations number- i 7¥7230.803,000. n comment Laurence A Slaughter = on the financial state- Juent local b: *s consider that the trlephone officials combatted business conditions very successfully. Jones Elected New Director. Election of R. L. Houston Jones, Ta- koma Park, Md., as a_director of the Nagrghwestern Savings & Loan Associa- 4 succeeding the late L B. Burdetr, ¥ &nnounced following the annual Jpeeying of stockholders. All other of- S and directors were re-elected as —fallows: E. V. Crittenden, president: W. —S—Dewhirst. first vice president: How- 82d-S. Gott, secretary-treasurer, and “Alfred B. Baker. attorney. : Directors are: E. V. Crittenden, W. S. Dewhirst, Dr. J. W. Chappell, Dr. G. F. Coulon, 'Alfred B. Baker, Frederick Lewton, W. R. Tuckerman, Dr. W. W s Stockberger, Jesse H. Powell, Howard S. Goti. A, C. Keefer and Mr. Jones. Mr. ones is engaged in the real estate busifiess. Association officers report a gain of $15,000 in net assets during the year. :The usual dividends were paid and a . substantial amount added to the surplus, they: said. Today's Trading on Exchange. ‘The first transaction on the Wash- ington Stick Exchange was a $9,000 sale in the new Washington Gas os, 1958, at 94';, the same quotation which has prevailed in all recent transfers. ‘The bonds closed with 94 bid and 9414 asked. The only other transaction of the day's session was $1,000 sale in Po- tomac Electric Power 6s at the high figure of 108%. This was an advancc of !, point since the last previous sale. ‘The advance in bond prices that be- gan in the final week of December con- . tinued through approximately the first Shalf of January, carrying the general 4level to the highest point reached in recent months, says the Guaranty ‘Trust Co.’s January review. This was “: followed by an irregular reaction and ~“fhen a renewed advance that raised the averages to a level not far below the midmonth peak. The advance is gen- eraliy attributed to an improvement in business sentiment. As for the ensu- ing_decline, it is believed to have been ¢ least partly due to the natural reac- ‘tion that usually follows an exception- ally swift advance, though a contribut- ing factor may have been the sale of Government, securities by the Federal + Reserve banks after five months of ab- ‘sence from the market. The month’s trend as a whole is conspicuously fa- »vorable and is considered an encourag- 1ing factor, not only in the bond mar- iket, but in the general business out- look as well. P Heard in Financial District. ! _The forty-fourth annual statement of ‘the Eastern Building & Loan -Associa- ition was issued today, showing assets ‘on January 31, 1933, of $1,498,503, a ain of $27,176 during the last year. | Mdurice Otterback, president of the . Anacostia Bank, is president of the s association. < Drug Inc, which owns the Liggett " stores, has declared a quarterly dividend of 75 cents a share, payable March 1 1to stock of record February 14. This ‘places the stock on a $3 basis against "1 84 previously. % The David Pender Grocery Co. has s declared the regular quarterly dividend i of 85> cents on the class A convertible % stock, payable March 1 to stock of wxecord February 20. i Jewel Tea Co. Inc., has declared the ‘! regular quarterly dividend of 75 cents on the common stock, payable April 15 to _stock of record March 13. Regular quarterly meeting of directors “wof General Motors Corporation will be » held on the first Monday of February, ! May, August and November instead of the first Wednesday of these months as previously. W SILVER QUOTATIONS. |--NEW YORK, February 2 (#).—Bar iellver easier, % lower at 25%. 9% Afiliated Prod 64'% 58 Alr Reduction (3) 13% 11% Alaska Juneau(60c). 1% 1 Alleghany Corp..... 31 214 Alleg Corp pf $30w: 89% 801% Aliled Chem & D ( 121% 118% Allied Chem pf (1). 9 6% Allis-Chalmers Mfg. Amal Leather pf. 20 Amerada Corp (2) 8% Am Ag Chem (Del). 10% Am Bank Note. . 10 Am Brake Sh&F(60¢c. 54 Am Can (4). 2315 Am Can Co p - 6% Am Car & Foundry. Am Chainpf.. Am Chicle (13). Am Colortype..... Am Comc'l Alcohol., Am & Forelgn Pwr. ., Am & For Pwr pf(7). Am & For Pwr 2d pf.. Am Haw Stship (1).. Am Hide & Leather. , Am Home Prod 4.20 AmIceCo..... Am International Am Locomotive. . Am Locomotive of. . Am Mach&Fdy (80c). Am News (1%). Am Power & Light. Am P&LtDf A (23). Am Pwr & Lt pf (3). Am Radiator. ....... Am Radiator pf (7) Am Rolling Mills. Am Seating. Am Sm & Ref. Am Snuft (13%) % Am Stee] Foundry . Am Steel Fdry pf(7 Am Stores (12%). Am Sugar (2).. Am Sugar nf (7) 4 Am Sumatra Tob. Am Tel & Tel (9). Am Tobacco (5) Am Tobacco (B) (5). Am Tobacco pf (6).. Am Type Fdrs pf. Am Water Works(1). Am Wat Wks ctfs(1 Am Woolen......... 2 Am Woolen pf Am Zinc & Lead Anaconda Copper. Anaconda Wire & C Anchor Cap (80c).. . Armour of Del pf(7). Armour of I11 (A) " Armour of Il (B) Armour of Il pf. 215 19'3 9% 6 635, 65% 17 113% 1 13 158 Atlantic Refining(1). Atlas Powder. Atlas Powder pf (6). Auburn Auto (d4). Austin Nichols. .. ichols A (1) Avation Corp (Del). . 413 Baldwin Locomot. .. Baldwin Locomot pf. Baltimore & Ohio. 2 Baltimore & Ohlo Bamberger pf (61). Bangor & Arostk(2). 2 Barnsdal! Corp...... Beatrice Creamery. . Beatrice Crm pf (7). Beldinz-Hemingway. Belg N Ry pt pf 4.09. Bendix Aviation Best & Co. Bethlehem S Bethlehem Steel Bigelow-Sanford Bonn Alumn & Brass Bon Amfa (A) (15).. Borden Co (1.60).... Borg Warner. . Boston & Maine. . Briges Mfz Co...... Bkyn Manhat Tran. . Bklvn Man Tr pf (6). Bklvn & Queens. ..., BKlyn Union Gas(5). Bucyrus-Eriecv pf.. Budd Wheel. Bulova Watch s Burroughs AM(40¢). Bush Terminal. .. Bush Term’l deb stk Bush Terminal pf(7) Butte Copper & Zinc. Butte & Superfor. ... Bvers (A M) fornia Facking.. Calumet & Hecla. Canada Dry G A(1). Canaiian Pacific.... Cannon Mills (1). Case (J 1) Co... Case (J1) Copf (7).. Caterpillar Trac 50c. Celanese Corp. ...... Cent Aguirre (1%).. 4 Century Rib Mills. .. Cerro de Pasco. . Certain-teed Prod Certain-teed pf... Checker Cab Mfg. Ches & Ohlo (2%) Chesapeake Corp (2) Chi Great Western. . Chi Great Westn pf.. Chi M1l StP & Pac.... Chi Mil StP & Pac pf. Chi & Northwestern. Chi Pneumatic Tool., Chi Rock 1& Pac.... Chi R I & Pac 6% pf. 4 Chi RT& Pac 7% Df.. Chicasha Cotton Oil.. Chiids Company..... 12% Chrysler Corp (1)... % City Stores. .. 114 City Stores (A). Cluett-Peabody, Colo & South 1st pf.. Columbla Gas (b1).. Colunb Gas pf A (8). Columbia Plc ctfs Columb Carbon (2). Commercial Credit. . Comel Cred pf (1%).. Comel Cred 1st(63). “omel Inv Trust (2). Comel Inv Tr pf 6% . Comecl Inv cv pf(e6). Comecl Solv (60c).... Comwlth & Southn. . Comwlth & Sou pf(6) Congol-Nairn (80e). Corisol Cer pr pf 6%. Consol Film. . Consol Film pf. Consol GasN Y (4). Consol Gas NY pf (5 Consol Laund 50c. .. Consol Oil Corp. . Contl Baking pf (4).. 5 Contl Can (2)......e Contl Insur (1.20).. Cont’l Motors. Contl Ol (Del). 4 Corn Products ( 4 Corn Prod pf (7) Coty. Inc..... Creum of Wht(12%). Crown Cork & Seal. . Crown C&S pf (2.10). Crucible Steel pf.... Cuba Co.. Cuhan-Am Sugar. Cuban-Am Sugar pf. Curtis Publish pf(7). Curtiss-Wright. 274 Curtiss-Wright 4% Cutler Hammer. 314 Davega Stores (60c). 3% Davison Chemical... 45 Delaware & Hudse! 201 Del Lack & Westn. . 67 Detroit Edison (6)... 18% Diamond Match (1). 2615 Diamond Mach pf 1% 124 Dome Mines (11.30). 14% Dominion Stores 1.20 103 Doug Aircraft (75e). T4 Dresser Mfg (A). 214 Dresser(SR)Mfg(B) 34% Drug, Inc (3).... 14% Duplan Silk (1) . . 41% 361 Dupont de Nem (2).. 106 102% Dupont deN db pf(6) 102100 Duques Lt 1st pf (5). ©1% 54 Eastman Kodak (3) 6 5% Eaton Mfg Co. 2 17% Elec Auto-L (1. . 10 86% Elec Auto Lite pf(7). 10s 1% Elec & Musical Instr. 3 49 (ST IS LRI B oo 53 BFLT-8 40s 15% Elec Pwr&Lt pf 3.33. 5 23% Elec Storage Bat (2). 1 29% Endicott-Johnson(3) 4 7 Engineers PubSve.. 1 5 ErieRR.. 5 103% 102 2318s 57 5% MRS 5 1 (R i & EFEFT o FAE R ~1% -5 +% —-2% l i 1% [ 1219 235 50 10 Rig 2 5% 101y 8 10% 18% 341, 11y 147 478 1874 6% 62 63% 101, 9% 147% 211 56t 31 1 27 1313 19%, 20y 6Ly 4% Eureka Va Cleaner. . 1% Federal Mot Truck. . 16% Fidelity-Phoen 1.20 12% Firestone T& R (1).. 61 Firestone T&R pf(§) 61% First Nat Strs (2%).. 18% Fourth Nat Inv 1.10.. 8 Foster-Wheele: 221 Freeport-Texas (2). 9 Fuller Co pr pf. 3 Gen Am Investors... 1) 6% Gen Asphalt. 13 Gen Baking (2). 2% Gen Bronze 14% Gen Electric (40e) 11% Gen Elec spec (60c) 23% Gen Foods (2).. PN e 1 GenGas& Blec(A).. 715 Gen G&E cv DfA g 10% Gen G&EI pf A (7). 13 Gen G&EIlpf A (g8). 3815 Gen Mills (3). 127% Gen Motors (1) . 72'2 Gen Motors pf (5)... 5'% Gen Outdoor Adv (A) 274 Gen Public Service. . 13% Gen Ry Signal (1) 1% Gen Realty & Utll 4 Gen Refractorl 167 Glllette Saf Ras . 55 Glidden Co pr pt (7). 3% Gobel (Adolf). . 14 Gold Dust (1.20). 4% Goodrich (BF)..... 13% Goodyear Tire&Rub. 35 Goodyear 1st pf (7).. 12 Gotham Silk Hoslery 1% Graham-Paige. . 5 Grand Unlon.. 18 Grant (WT) (1).... 73 Great Northern pf.. 6 Great Northern Ore. 7 Great WestSug..... 7213 Great Wn Sug pf (7). 1 Grigsby Grunow.... % Guantanamo Sugar. 9 _Gulf States Steel..... 26! Hacken Wat pf A 1% 115 Hahn Dept Stores. .. 12 Hahn Dept Stores pf. 4 Hall WF) Printing.. 45 Hanna pf (1) 1t Hayes Body.... 6915 Helme (GW) (17)... Hercules Powder 1% 4 He:cules Pow pf (). Hershey Choc (5)... Hershey Choc pf(15) Holland Furnace. ... Homestake Min (9).. Houston OIl. ... Houston Oil (new). Howe Sound (40¢) Hudson & Man (234) . Hudson Motor Car. Hupp Motors 11% Illinois Central. . ... 3214 Tllinofs Cent 11 (4).. 281, Industrial Rayon (2) Ingersoll-Rand (1%) Inspiration Copper. . Insuransh Del(15c). Insuranshares (M Interboro Rap Trans Inter¢ont] Rubber Int Agriculture. Int Bus Mach (§). Int Carriers Ltd 20¢ Int Cement Int Combus! Int Harvester (1.20). Int Harvester pf (7). In: Hydro-Elec (A). Int Nickel of Can. Int Paper pf. Int Salt (1%). Int Silver pf (4) Int Tele & Teleg. ... 4 Interstate Dept St... Island Creek Coal(2) 25 Jewel TeaCo (3).... 19% Johns-Manville. . 35 Jones & Laugh pf(1) 7% Kansas City Southn. T Kayser (J) &Co..... 1's Kelly Spring Tire. . 4%, Kelvinator Corp 8% Kennecott Coppe: 7 Kinney (G R) Co pi 834 K 16': K 28% Lambert Co (4). 1% Lehigh Valley Coal.. 10's Lehigh 41% Lehman Corp (2.40). 17'3 Lehn & Fink (2) .. 6 Libbey Owens Glass. Liggett & Myers(t5) Lizg & Myers B (15). Lima Locomotive. .. Link Belt (80c). Liquid Carbanic 50 511 10 83 12t Long Bell Lumb(A). 23 Loose-Wiles Bis (2] Lorillard (P) (1.20). Lou Gas&El A (1%). Louisville & Nash. .. 5% Ludlum Steel. : 16% MecCall Corpn (2)... 5% McCrory Stores pf.. 3% McGraw Hill Pub. ... 18% MclIntyre P M(t1%) 4414 McKeesport T P (4). 3, McLellan Stores. ... 21 McLellan Stores pf.. 16% Mack Trucks (1).... 26 Macy (RH) & Co (2) 1 Manati Sugar....... 15% Manhattan Elev gtd. 6 Manhat Elev mod gtd 10 Marine Midld (80c).. 7 Marlin-Rockwell(1). 1 Marmon Motor Car.. 4% Marshall Field & Co. 15 Mathieson Alk (1%). 11% May Dept Stores (1). 4% Maytag pf ww 17'» Met-Gold Pic p 2% Miami Copper. . 4% Mid Continent Petm. 1 Minn Moline Pow... 5% Mo Kan & Texas 11% Mo Kan & Texas pf.. 2% Missouri Pacific 4% Missouri Pacific pf. 27% Monsanto Chem 1%.. 12% Montgomery Ward.. % Motor Meter G & El., 3 Motor Whe 5 Mullins Mfg. 12 Mu:lins Mfg pf. 3% 2% Myrray Corp.. 15% 2% 1% 41 8% 18% 3 5% 13% Nash Motors (1) 1% Nat Acme Co.. 1% Na. Bella Hess pf... 37 Nat Biscuit (2.80) 7 Nat Cash Reg (A)... 14% Nat Dairy Prod (2).. 1% Nat Dept:Strs 1st pf. 5% Nat Enam & Stamp. . 567 Nat Lead (5) 109 105% Nat Lead pf A 1 17% 30% 1% 2% 36% 19% 78% Nat Lead pf B (6)... 12% Nat Pwr & Lt (1). 19 Nat Steel (50c) 61 Nat Surety. . 614 Nat Tea (60c). 4% Nevada Con Copper.. New Orleans Tx&Mx 16% N Y Central. 3% N YChi &St . 106 N Y & Harlem (5)... % N Y Investol . 13 NYNH& tford. 25% N YNH & Hart pf.. T% N Y Ont & Western. . 1% N Y Shipbuilding. ... 31 N Y Shipbldg pf (7). 17% Noranda Min (al.10). 124'%3 114 Norfolk & West (8) T 31% 46 1% 2% 2% 13% 4% 37 31% 43% 2% 2% 1% % 31% 27% 102% | ¢ 5% North Am Aviation. . 25% Nor Amer(b10%stk) 43% North Amer pf (3) 13 Northern Pacific. ... Northwest Tele (3). 1% Norwalk Tire & Rub. 1% Oliver Farm Bquip. 10% Otis Elevator (1). orpf. 38% Owens Il Glass (2). Pacific Coast 2d pf 28% Pacific Gas & El (2. 36% Pacific Lighting (3)., 2% Packard Motor Car.. 24% Penney (J C) (1.80)., 90 Penny (J C) of (8) % Peun Dizie Cemen 110s 9 18115819% 2 4 10s 111% 4 % B 1 {0 B sepRe RE S SREES [ | -2 - % - % — = =% = . -5 L+ FEFE % =% - % ) & % % Rt ) EFF % +1% -2 - - % -% + Y% +3% + % -% - % -% —2% e | -1 60 Peoples GasChi (5).. 17 6 Pere Marquette prpf 30s s Dodge 3K Phila & Read » 8% Philip Morris&Co(1) 4% Phillips Petroleum. .- 214 Phoenix Hoslery % Plerco OMl........ 8 Plymouth Ofl (1). 2% Poore & Co (B). 2% Pom Ric Am Tob(A). 5 Postal Tel&Cable pf. 7% Prairie Pipe Line. % Presced Steel Car. 23 Proctor & Gam(1%). % Producers & Refin. .. 31 Prod & Refiners pf. .. 49% Public Sve N J(3.20). 8434 Public Sve NJ pf (5). 974 Public Sve NJ pf (8). 181 Pullman Corp (3 3% PureOfl... 55 Pure Ofl pf 7__Purity Baker! 4% Rad1o COrp, ...... 14% Radio Corp pf (A)... 8% Radio Corppf B..... 1% Radic-Keith-Orph... 6% Raybestos-Man (60c) 6% Real Silk Hoslery. .. 1% Reis (R) & Co 1st pf. 3% Remington-Rand.... 1% Reo Motor Ca . 5% Republic Steel. . 11 Republic Steel pf.... 1% Revere Copper. . . 60 Reynolds Tob A (3). 26'4 Reynolds Tob B (3). % Richfield Ofl. 314 Rossia Ins of 19% Roval Dutch. 3914 Safeway Stores (3).. 85 Safeway Strspf (6). 95% Safeway Strs pf (1) . St Joseph Lead St L-San Franci . St L-San Franpf.... Scott Paper (1.40)... Seaboard Oil Del 40e. Seagrave Corp. ... Sharp & Dohme..... Sharp &Dohme pf(2) Shattuck(FG) (50¢) Shell Union O11 Simmons Co Simms Petrelm (25¢) Socony Vacuum 40 Seo Port Ric Sug 1. Southern Cal Bd(2).. Southern Pacific. Southern Railway... Southern Railway pf Sparks-Withington. . Spencer Kellogg (60c) 14% Standard Brands (1). 121 10% 2015 23% 99%, 5% 157 5% 1 9 Stand Gas&El (1.20). Stand Gas&El pf (4). Stand Oil Calif (29 Stand Oil Exp of (5). Stand O1l Kansas. Stand O N J (1).... qerling Secur (A) terling Secur pf. Stewart Warner. . Stone & Webster. % Superior Ofl. 4 Superior Steel. 8% Telautograph (1).... 1% Tennessee Corp. ... 12% Texas Corp (1) £ 22 Tex Gulf Sulph (2).. 1% Tex Pacific Coal&Oil 4% Tex Pacific Land Tr. 5% Thatcher Mfg Co 313 The Falr. 11x Thermoid Co. 5% Thompson Products. 3% Tido Water Asso Oll, 6% 3% 6% — 'y F2 & wE¥ #8858 8E % Vadsco 24 77 15% Vulcan 1% 1% 14 (CRORUN ) We R 3% Transue & Willlam: 3% Tri-Contl Corp. . 203% Tr.co Products(24). A Und-Ell-Fis Unlon Bag & Paper. . Un Carbide & C(1.20) Union Pacific (6). ... Union Pacific pf (4). | % Un Tank Car (140).. 4 Unit Afreraft....... Unit Aireraft of (3). Unit Biscuit (2). 1Init Carbon. . . Unit Clgar Store Un:t Ciga: Store p! Unit Corp (40c). Unit Corp pf (3). 4 Unit Electric Coal. Unit Fruit (2)....... Unit Gas&Im (1.20).. g % Unit Gas&Im pf (5).. ' US & Forn Secur. ... 2 N U 8 Gypsum (1.60) 2 s 4 % U 'S Gypsum pf (7) 0 k U 8 Indus Alcohol. .. U S Leahter pr pf(7) U S Pipe&Fdry (50c) U S Pipe 1st (1.20)... U S Realty & Imp U S Rubber. ... % U S Rubber 1st pf. ) U S Smtg & Ref (1).. US Smtg&Ref pf 3% United Stores Univ Leaf Tob (2)... ‘niv Pictures 1st pf. 1 Pwi 11% Vanadjum Corp. . Walwortn Co Warn Bros Pictures. Warner Quinlan. Warren Found & P Wells Fargo. ... Wesson Ol1 & Sn (1). 1 West Pa Elec A (T).. West Pa Bl pf (7). West Pa West Pa Pwr pf (7). Western Dairy (A).. 2 33 + Western Dairy (B).. Western Maryland. . Western Union...... Westing'se Air B(1). Westinghouse Elec. . W Wheeling Steel h 3l 45 15% 4% 3 3% 21 34 K 1% 813 45 15% 4% 3 3% 21 31 1% 81y 25'% 4 66% 11y o — % -2% K % (A)... r&Lt(A)... Sales Corp. .. Va Elec&Pw pf (6) 7! - 3 Detinning. ; 5 - P I K 4 308 708 P40 ++0 T ot (6). 981, 9 1 —1% i -1 White Rock M S (2 - W Wilcox Ofl & Gas Wiilys-Overland. Wiison & Co. Wilson & Co (A). Wilson & Co pf. 3 2 1 Woolworth (2.40) 3 3 32 13 Worthington Pump. 2 2! N 314 9 813 39 36 % 3 Wright wr Aeronautieal lev (Wm) (3) .. Yellow Truck 1 % Zenith Radio. .. Saies of Stocks on New 10:30 A M. 1:30 P.M. Dividerd r: 1% 1213 227 11 4 5% 3 “Unit of tradirg | 4% m stock. 2% in stock Stoek m Paid o Payable in scrio 1 Plus 3 13 1w - n s g payments based on the I a Faid this year—no regular rate e Payable in cash or stock t Jast year—no regular rate. 200,000 ” 770,000 590,000 s 990,000 n in the above table are the annual cash t qusrterly or half-yearly declas +tPartly ext Plus b Pavable in {Plus 8¢ in stock. h Plus S$1 in special preferred stock , k Plus 3% in D Plus 5% in stosk. less than 100 share: CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK. February 2—Following is today’s summary of corporation news prepared by Standard Statistics Co.,| Inc., for the Associated Press: Building, Real Estate and Related Lines. American Seating Co. 1932 deficit $499,519 vs. deficit $706,589. Fuller (George A.) Co. 1932 prior pre- ferred share earnings $3.66. Electrical Equipment and Radio. New York, Electric Storage Battery Co.—Federa}; Appeals Court decided that the storags batteries manufactured by company prior to 1928 are not subject to the 5| per cent tax on automobile accessories; company to recover $1,416,566,- includ- ing interest. Siemens & Halske. A. G.. net profit of company for 1932, 6,970,000 marks vs. 11,070,000 marke in 1931. Food Products. Mayer (Oscar) & Co., Inc., common | share earnings, 51 weeks ended Novem- ber 12, 64 cents vs. $2.07 in 51 weeks to November 21, 1931. . Household Products. Storkline Furniture Corporation-1932 deficit $45,117 vs. net income $26,866. Investment Trusts. New York & Foreign Investing Cor- 31 $7.52 a_common share vs. $4.31 on December 31, 1931. Miscellaneous, Denver Union Stockyard Co. 1932 ccmmon share earnings $3.25 vs. $3.51. Durham-Duplex Razor Co. took no action on quarterly dividend on prior preference stock ordinarily payable March 1, last payment 25 cents a share, December 1, 1932. = Manufacturers’ Finance Co. 1932 common share earnings $1.27, vs. 84 cents. 0il. New York Transit Co. 1932 common share earnings 50 cents, vs. 76 cents. Superior Oil Co. of California de- clared a dividend on preferred stock equal to 2 per cent of accumulatiéns to December 31, 1930. On January 29, 1933, a similar dividend was paid on preferred stock. Railroad and Railroad Equipment. Chicago Great Western Raliroad au- thorized by Interstate Commerce Com- mission to issue $2,100,000 first mort- gage 4 per cent 50-year bonds, which will be pledged with Railroad Credit Corporat as collateral for loan of $710,880 to meet March 1 interest on frst mortgage bonds. Minneapolis. St. Pll:,le & Sault Ste. 725, vs. net railway operating deficit of $148,516; 12 months’ net 'way oper- ating deficit was $1,547,931, vs. net rail- ‘way operating income of $280,984. NEW YORK BANK STOCKS NEW YORK, February 2 (#).—Over- the-counter market: Quotations as of 2 o'clock. BANK! Bid. Asked. Bk Manhattan (2) Y 1% Chase Natl (2) a5 Commereial (8) Fifth Ave (*44) Pirst Natl 4,],00‘ Natl City (2 Public (2) . CUTS ININVENTORY - [Weigon e HAVE BEEN LARGE National City Bank Calls At- tention to Reduced Stocks of Merchandise. | Special Dispatch to The Star. NEW YORK, February 2--Mention has been made of the improved position of many American corporations by rea- son of a reduction in their inventories f commodities or of merchandise. Em- | phasis is placed on this point today in the February letter of the National Cit; Bank of New York in dealing with the reports of industrial companies in 1932. It is shown that a group of 80 im- portant industrial corporations, with a net worth of $5,000,000,000, were carry- ing igventories at the end of 1929 of $900,000,000. The contraction in 1930 is not given. Presumably it was not important, for the liquidation or defla- tion did not gain its momentum until 1931. In that year inventories were down to $639,000,000. The reducting process continued into 1932, when the | value of merchandise held was only $523,000,000, representing a reduction of 42 per cent from the 1929 level. A certain percentage of this shrinkage | was due, of course, to the fall in prices, poration liquidating value on December | which automatically gave a lower value to stocks being carried. On the other hand, no small part of it was the re- sult of the working off of merchandise at figures at which buyers were willing to respond. There was a third factor in the smaller need for inventories of goods in view of the general trade de- pression. The strong position in which many corporations find themselves today results from the exchange of their stocks of merchandise for cash. This is particularly true in the automobile in- | dustry, where liquid assets have re- mained relatively near their totals of a year ago in spite of the heavy decline in gross receipts. As a corollary of reduced inventories is the cutting down by corporations of their bonded debt. In numerous cases the latter has been effected out of the proceeds of liquidated stocks of mer- chandise. The National City Bank cir- cular shows that out of the 80 industrial corporations there were 37 whose funded | debts at the end of 1929 gated $454,000,000, and at the end of last year were $364,000,000, or a paring down of 20 per cent in three years. (Copyright. 1933 _—_— Exports of oranges from Haifa, Pal- estine, have doubled in the last two years. WHOLESALE PRICES. Butter—One-pound prints (93 score) 22; tub, 21; one-pound prints (92 score), 22, tub, 20; one-ptund prints (91 score), 21; tub, i9; one-pound prints (90 score), 19; tub, 18. | " Eggs—Hennery' whites. 13: current receipts, 12; Government graded ex- | tras, 18; standards, 16; mediums, 13! Poultry, alive—Turkeys, young hens, | 16218; young toms, 14ai5; old toms, 8al0; young tcms, over 20 pounds, 11: old hens, 10a12; chickens, Plymouth | Rock broilers, 15a17; Plymouth Rocks, 4 pounds and over, 15a17; under, 12a13; mixed colored chickens, i3al5: Leg- horns, 10212; colored hens, 13al5: Leg- {horn hens, 8a10: hens, 4 pounds and | over, 12al4; capcns, large, 17a19; small, | 15a16: keats, old, 20a25; young, 25a35; | roosters, 7a8. | _ Poultry, dressed — Turkeys, young Y| hens, 19a21; young toms, 17a13; old | | toms, 11a13; old hens, 13a15; chickens, | Plymouth Rocks, 4 pounds and over, 18a21; under, 14al5; Plymouth Rock | broilers, 18a21; capons. large, 21123; small, 17a19; mixed colered chickens, | 14a15; Leghorns, 14; roosters, i0al2; | hens, 4 pounds and over, 15al7; keats. | young, 20a30; old, 15a20. Meats—Beef, 10: veal, 12; lamb. 14: pork loins, 10; fresh hams, 10; smoked ha; 12; strip bacon, 13; lard, Tla; ms, | ccmpound, 7. light, 3.40a3.65; Live stock—Hogs, | medium, 3.4033.65; heavy, 3.00a345; | pigs, 2.75a3.45; roughs, 1.50a2.50; calves, | 3.00a7.50; lambs, 3.00a6.00. Fruits—Nectarines, 3.25; plums, 3.25; watermelons, 1.25a2.50, ecpricots, 3.2 apples, fancy box stock, 1.50a2.00: bushel backets, 1.00a1.25; pears, 1.50a 2.50; pineapples, 2.25a3.50; cranber- ries, 2.50; alligator pears, 2.50a3.01 oranges, 2.75a4.25; lemcns, 3.5024.50; grapefruit, 2.50a3.00; bushel baskets, tangerines, 125a2.00; bananas, 1.50a 2.50; rhubarb, 5-pound boxes, 50a60: strawberries, crates, 5.00a6.00; Spanish melons, 6.0027.00; honeydews, 3.0024.00; grapes, 2.00a3.00. Vegetables—Potatoes, Maine, 1.25a 135; New York, 1.15; Idaho bakers, 1.75a2.00;" Florida, new, bushel, 2.00a 2.25; sweets, 50a75; turnips, 40a50; Barsnipa, 1.00; salsify, per dozen, unches, 60; spinach, 50a75; collards, 25; kale, 30a40; cabbage, new, baskets, 5081.00; old, sacks, 65a75; string beans, 1.50a1.75; limas, 4.00; peas, 3.00 a3.50; lettuce, iceberg, 3.25a3.75; pep- pers, 1.25a1.50; squash, 2.50a3.00; beets, 2.50a2.75; carrots, 2.50a2.75; caulifiower, 1.502].90; mushrooms, 65a90; broccoli, 2.00a2.50; eggplant, 2.50a3.00; tomatoes, originals, 6-pan containers, 2.75; re- | packs. 2.50; Cuba, 30-pound containers, 2.00a2.50; asparagus, dozen bunches, $9,000,000. Auchincloss,Parker & Redpath 719 Fifteenth Street MEtropolitan 3116 r BALTIMORE WASHINGTON WILKES BARRE % Traders Dispose of Holdings on Rezent Unfavorable Dividend News. BY GEORGE T. HUGHES. Special Dispatch to The Star, NEW YORK, February 2.—Under successive waves of selling, stocks con- tinued their reaction today. New lows on the movement were reached in all groups. although there | were few losses of any size. The only exception to the trend was the gold mining group, which was active and strong. The turnover was about the same as on the preceding day, but at in- tervals the tape fell behind business jon the floor. A partial rally in the | early afternoon did not hold and the | close was not much above the low of the day. Volume was largest when | prices were reacting. . . Both sterling exchange and French | francs advanced, the {ormer up 13-16 |and the latter 3-16. Montreal funds | were steady, in contrast with their vio- lent fluctuations of yesterday. | Wheat left off up 'y to off 1. Cot- | ton did litlle one way or the other, Cocoa was clightly higher. Zinc ce- clined. 2 ‘ The selling which unsettled the mar- | ket yestefday carried over to the open- ing today. Tt was the result of dis- \ couragement over the cutting and pass- |ing of dividends, together with, in the g — 13| case of the public utilitics, belief that a Van Raalte 1st pf 5 S general movement toward lower ratcs was inevitable. Then the farm mort- 13| gage moratoriums, actual and p; tive, and the uncertainty about the |German situation had their effect of sentiment Railroad shares were under pressure today, unlike in recent sessions. In fact, during the first hour their losses on a percentage basis were larger than those « | of either the industrials or the utilities. 1| While the street 1, | @bout the longer prospects of the car- remains optimistic riers, the traffic reports are unfavorable, | The first 12 roads to report loadings for the week ended January 28 showed a decrease from the same week a ycar ago of 17.3 per cent, whereas in the preced- week the corrcsponding drop had n only 13.1 per cent. Moreover the Interstate Commerce Commission reported that 165 roads had a net loss in the 11 months ended November 30 last of $156.188.907, azainst a net income of $104.915409 in the first 11 months of 1931, these figures being after taxes and charges in both periods. Of course that com- i pilation related to the past, but its publication today emphasized the long road the carriers have to traverse be- fore they can operate at a profit As far as dividends are concerned, attention was directed to the General Motors and American Telephone meet- ngs. Stocks of both these ccmpanies ere freely offered, with Telephone elling down to par for the first time this month. almost 10 points under its | best Jonuary price. Consolidated Gas | went into new low ground on the re- action and there was more or less weakness in all the leaders, including | Allied Chemical, Eastman Kodak, J. I. | C:2se and United Aircraft. Of the rails, | Delaware & Hurson continued to be | best supported, elthough it was down |on the day. 'BEER HEADS BALTIMORE CHAMBER OF COMMERCE Special Dispatch to The Star. BALTIMORE, February 2.—Eugene H. Beer, president of the grain broker- age firm of E. H. Beer & Co., Inc., elected president cf the chamb: | commerce at the seventy-eighth an- | nual meeting yesterday. J. Mur#ock Dennis was elected vice president; J=ines | B. Hessong was re-elected secretary- | treasurer and Edward Bittrick, re-elect- ed assistant secretary. The Ex:ccutive Committee consists of Edward Netre, chairman; Oscar M. Gibson, vice chair- {man, and J. Wilscn Johnston, Phillip C McIntyre and C. Wilmer Watkins. Five members were elected directors iof the chamber, which was formerly known as the Baltimore Grain Ex- | chunge: Blanchard Randall. jr.; Wil- liam T. Shackelford, Edward Netre, i‘hlllp C. McIntyre and C. Wilmer Wat- | kins. U. S. TREASURY BALANCE. By the Associated Press, | Treasury receipts for January 31 | were $3950.566.55: _expenditures, $5.- 187,220.87: balance, $327.482.802.87. Cus- | toms_duties for January were $18.- 351,585.24. NEW YORK EGG PRICES. | NEW YORK. February 2 (9).—Eggs, | receipis, 22,204 cases: firmer. Mixed | colors, rehandled receipts, 13al13l;; mediums, 39 pounds, 12!;; dirties, No. 1, 42 pounds, 12%;; average checks, 11. 'ANNUITIES Profitable—Safe All Forms—All Ages WYNDHAM R. WILLS Years' Experience in Insurance and Annuity Business 954 Washington Bldg. NA. 9430 | “WE OFFER ||| New York Evening Journal | 614% Bonds Guaranteed ' by _ Willi: Rand Hearst to yield about Bis% | Ferris, Woodroof & Lewis, Inc. - Investment Securities \ | Washington Building __NAt. 5925-6 Texas, 7.00a10.00; hot house, 2.0022.75. Australia’s income from automotive | and gasoline taxes last year was nearly | of Valuable Jewelry Do you place your jew- elry in a safe-deposit vault for fear it may be lost or stolen? . . . Little pleasure can be derived from the ownership of lovely jewel- ry unless you can enjoy it without fear of loss. It can be worn in complete safety when insured by icy, covering at all 1t places. This protection costs only a small frac- tion of the value insured. INSURANCE DEPARTMENT H. L. Rust Company 1001 Fifteenth Street,