Evening Star Newspaper, February 3, 1933, Page 14

A- 11 SISSON TO SPEAK AT TRUST PARLEY Other Financial Leaders on Program for Meeting in New York. BY EDWARD C. STONE. Prancis H. Sisson, president of the American Bankers' Association, will be cne of the leading speakers at the four- teenth annual Midwinter Trust Con- ference, in New York, February 14, 15 and 16. He will speak on “What Trust Service Has to Offer” R. M. Sims, pres- fdent of the trust division of the A. B. A, will preside at the opening and at other sessions. The program in- cludes a long list of trust experts from all over the United States. The conference is & national affair and draws trust men from all ts ©of the country, with an attendance in past years of upward of 1,000. The pro- gram deals with the practical probiems of trust experience and administration, questions of principles and policies, re- lations with customers and conserva- tive investment methods in connection with trust assets. In the past several representatives from the trust depariments of the local | banks have attended these bank meot- | ings. It is too early to say who will attend this ye ons. Bright Holds Unusual Records. Charles E. Bright, who was recently teappointed manager of the Washing- ton Clearing House Association for the coming year, was first assigned to this osition in 1915, which means he has ad charge of the records and kept the operating wheels of the association run- qing along smoothly for 18 vears. That's a long term of service, but he has another record far more unusual Charles E. Bright. He 1s an assistant cashier of the Na-|—— ticnal Metropolitan Bank. with which institution he has bcen connected con- | tinuously for 47 years, or will have been on March 4. On that date in 1886/ he entered the employ of the bank, | starting as mcst everybody did in those days, 5 & messenge The young man soon graduated from fhe ranks of bank messengers and start- ed up the banking ladder. He was given positions of more and more im-| portance, until in 1917 he was elected | an assistant cashier. As the Clearing House Association is located in the Met- TOD! n Bank Building. it is only nat- ural that an official of the Metropolitan Bank chould be the manager. A native of Washington, Mr. Bnght‘ received his education in the public| schools in this city. For many years he was one of the most active members | of Wachington Chapter, American In-, stitute of Banking, serving several| terms as treasurer. | Payne Elected to Dircctorate. \ ‘William N_ Payne. jr.. secretary of the Eastern Building & Loan Associa- tion, has been elected to the board of | directors, succeeding the late William H. Harmer. The other directors and officers were re-clected at yesterday's | annual mecting, as follows: Maurice Otterback, president; Clar- ence P. Donohoe, vice president; Wil- liam N. Payne, jr., secretary; George R. Repetti, treasurer; Walter H. Marlow, | attornev. The directors are Charles A.| Carry, Clarence F. Donohoe, William H. Harrison, James J. Hayes, Walter H. Marlow, Maurice Otterback, George R. Repetti and John M. Riordon. Mr. Otterback was elected to the presidency of the association in 1929, succeeding the late Alexander Mc- Kenzle At that time Mr. Donohoe succeeded Mr. Oiterback as vice presi- dent and John M. Riordon, executive vice president, Bank of Commerce & Savings, who had been an auditor of the association fcr 20 vears, was added to the board, suc@eeding Mr. McKenzie. | Incurance Stocks Improve. | Tnsurance stocks in the New York City market followed the general trend of security prices during January and closed the month at slightly higher Jevels. The Hoit, Rose & Troster weighted average of 20 of the leading stocks appreciated from the month’s low of 2356 on January 3 to the month’s high of 25.88 on January 10. “The average closed January 31 at 24.67 for a net gain on the month of ap- Pproximately 5 per cent. New York City Bank stock prices moved within a narrow range during January, but closed the month at siightly higher levels. The weighted average of 17 of the leading issues cpened January 3 at 5863, which proved io be the low for the month. ‘After reaching the month’s high of 62.19 on January 10, the list fluctuated narrowly, finally closing January 3 at 59.99. Bonds Again Exchange Leaders. One of the largest sales recorded on the Washington Stock Exchange in many sessions took place today when $11,500 new Washington Gas Light 5s, 1958, changed hands at 94!, price un- changed from all other recent trans- actions. Washington Railway & Electric 4s opened with a $1,000 sale at 9135 and closed with znother $1,000 transfer at 91%. The remaining trading was in stocks, the first sale being 50 shares of Capital Traction at 10, followed by a 10-share lot at the same price. Six shares of Potomac Electric Power 5!2 per cent preferred came out at 107% Quotations on stocks and bonds in tbe unlisted department were given their usual Friday attention, no change being made in quotations. Loans to Railroads Reported. According to the monthly report of the Reailroad Credit Corporation, filed today with the Interstate Commerce Commisison, that corporation had at January 31, 1933, either actually made or authorized loans to railroads to meet their fixed interest obligations totaling $53,259.918. Of that amount, $48,163,~ 052 represented loans actually outstand- ing, $1,236,647 had been repaid. leaving @ balance of $3.860,219 to which the corporation is committed. Dividends and Other .Jotes. May Department Stores Co. has de- clared the regular quarterly dividend of 25 cents on the common stock, pay- able March 1 to stock of record Feb- Tuary 15. United Stores Corporation has de- clared the regularly quarterly dividend of 81Y; cents a share on the preferred stock, payable March 15 to stockholders of record February 24. Metro-Goldwyn _Pictures Corporation has declared the regular quarterly divi- dend of 47'; cents a share, payable March 15 to shareholders of record February 24. The New York Stock Exchange mem- bership of George N. Hersey has been transferred to Herbert R. Hastings of Fenner, Beane & Ungerleider, accord- ing to the firm’s Washington office. Steel Mill Resumes Operations. YOUNGSTOWN, Ohio, February 3 (®).—The Republic Steel Corporation has resumed operations at its Bessemer lant. Production is at the highest level since July. Increase in Buyers. NEW YORK, February 3 (Special).— Buyers regutered in the local marki during the past week showed an m-l crease over the preced! week, but below the number in the ding week last year, NOTE_Todar's Sales of 6415 13% 1% 8974 FiNnaNCIAL TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE individual sales % in "this cdition are Sales— Add 00. lll(n Low. Close. Chu 23 4% 4% Addressesraph « Affiliated Prod 1.60.. 56% Air Reduction (3)... 11's Alaska Juneau(60c). 1 Alleghany Corp... 80'; Al l"l"m 11873 Allied Chem pf (7) 6% Allis-Chalmers Mfg.. 20 Amerada Corp (2)... 397 Am Bank Note pt (3) lOO- 10 Am Brake Sh&F(60c, 8 691 Am Brake Sh pf (7). 2508 54 AmCan (4)......... 252 Am Car & Foundry.. Am Comc'l Alcohol Am & Foreign Pwr Am&Forgn Pw pf(8 2m & For Pwr nf(7). Am & For Pwr 24 . Am Home Prod 4.20.. Am Ice Co.. Am Ice pt (6)... Am International. Am Locomotive pf. Am Mach&Fdy (80c). Am Metal Co. Am Mach & M . Am Fower & Light. .. Am P&LtpfA (2%). Am Pwr & Lt pt u). Am Radiator. Am Rolling Mlllq ‘Am Shipbuilding (2)- Am Sm & Ref. Am Sm & Ret 7% pi Am Steel Foundry. ‘Am Steel Fy pf Am Sugar of (7). 4 Am Sumatra Tob Am Tel & Tel (9).... Am Tobacco (5). Am Tobacco (B) (5). Am Tobacco pf (6) . Am Water Works (1) Am Wat Wks ctfs(1) Am Wat W 1st pf(6) Am Writ Paper pf. Anaconda Copper Anchor Cap (80c). Anchor Cap pf (6%). Armour of 111 (A). Armour of Il (B) ... Armour of I11pt. . Assc Dry Good: 39 Atchison.... 597 Atchison pf () 17% Atlantic Coast Lins. . 15% Atlantic Refining(1) 61 Atlas Powder pf (6) 40 Auburn Auto (d4)... 5% Avation Corp (Del). . 415 Baldwin Locomot. . .. Baldwin Locomot pf. Baltimore & Ohlo. ... Baltimore & Ohio pf.. Bamberger pf (61).. Barnsdal! Corp...... Beatrice Crm pf @.. Beech 5 Bethlehem Steel Bethlehem Steel pf. Boan Alumn & Bra: Borden Co (1.60) BorgAVarner Boston & Maine. Briges Mfx Co. Bicyn Manhat Tran. . Bklvn Man Tr pf (6). Bklvn & Queens..... Bklyn Union Gas(5). Brunswick-Balke.... Budd Wheel. Bullard Co. Burroughs AM(40¢). Bush Terminal pf(7) b Eulll! Copper & Zine. (AM California Packing. . Calumet & Hecla. ... Canada Dry G A(1).. Canaiian Pacific. . Capital Admin (A).. Case (JI) Co... Case (J 1) Co pf (7). Caterpillar Trac 50 Celaneso Corp. .. Cent Aguirre (1%).. Century Rib Mills... Cerro de Pasco...... Certain-teed Prod... 4" Ches & Ohlo (234). .. Chesapeake Corp (2) Chi Great Westn pf.. Chi Mil StP & Pac.... Chi Mi1 StP & Pac pf. Chi & Northwestern. Chi Pneumatic Tool Chi Rock 1 & Pac.... Chi R1& Pac 6% pf. Chi Yellow Cab (1).. Chicasha Cotton Oil Chrysler Corp (1)... City Ice&Fuel pf 6%. 4 Coca-Cola Co (7).... Colgate-Palm-P (1).. 4 Colg-Palm-P pf (6). Collins & Aikman. Colonial Beacon Oil. Colo & South 1st pf. . '4 Columbia Gas (b1) Columb Gas pf A ( Columbia Pic ctfs. Columb Carbon (2).. Commercial Credit. . Comel Credit A (3) Comel Cred 1st(6%) Comel Inv Trust ( Comel Inv Tr pf 6% Comcl Inv cv pt(e6). Comel Solv (60¢).... Comwlth & Southn. . Comwlth & Sou pf(6) 4 Congol-Nairn (60e) . Cornsol Cer prpf 6%. Consol Cigars pt(7).. Consol Film pf...... Consol Gas N Y (4).. Consol Gas NY pf(5) Consol Laund 50c. ... Cnnsol Oil Corp. Contl Baking (B). Contl Can (2)... Contl Diamond Fibre Contl Insur (1.20) ... Cont'l Motors. Contl Ofl (Del) 4 Corn Products (3)... Corn Prod pt (7) Cream of Wht(t23% Crown Cork & Seal. Crucible Steel pf. Cuhan-Am Sugar. Curtis Publishing. .. Curtiss-Wright..... Cushmans pf (7) 43 _Cutler Hammer. 314 Davega Stores (60c). 315 Davison Chemical..s 45 Delaware & Hudso! Del Lack & Westn Detroit Edison (6) Dome Mines (+1.30). Dominion Stores 1.20 Doug Aireraft (75e) . Drug, Inc (3)... Dupont de Nem (2 5% Eaton Mfg Co. 17% Elec Auto-L (1. 1% Elec & Musical Instr. §'s Elec Pwr & Lt.. 12% Elec Pwr & Lt (2) 15 Elec Pwr&Lt pf 2.33. 23% Elec Storage Bat (2). 2913 Endicott-Johnson(3) 10 Equi Office Bldg 1‘/. - §_ErieRR....... g 10% Fairbanks Morse nl.‘ 214 Fed Water Service A, 15% Fidelity-Phoen 1.20.. 12 Firestone T&R (1).. 60% Firestone T&R pf(§) B51% First Nat Strs (2%4).. 8 Foster-Wheeler..... 18% Fourth Nat Inv 1. 1% Fox Film (A).....uu 2213 Freeport-Texas (2). 9 Fuller Co pr pf 1% Gabriel Co (A) 3 Gen Am Invest . 16% Gen Am Tank Car(1) 13 Gen Baking (2). 25 Gen Bronze... 13% Gen Electric (40¢) 11% Gen Elec spee (60¢).. 23% Gen Foods (2).. 12% Gen Motors (1). 72% Gen Motors pf (5 5% Gen Outdoor Adv (A) 2% Gen Public Service. . 13% Gen Ry Signal (1) 1% Gen Realty & Util 16% Glllette Saf Ras (1)., T1% Gillette Saf R pf (5). ot Silera 2 38% 10% 65 58% 7 THE EVENING STAR, WASHINGTO edition, o FElH++ 11+ i ||+H++|— EP P FERERE T1++1+ +4+ FRORE X REFEES Ex J% ..m % -lflfi D. C. FRIDAY, FEBRUARY Received by Private Wire Direct to The Star Office. Sates 'of Cach wieek Tnean —Prev. 1933— High. Low. Dividend Rate, 4% 3% Gobel (Adolf) 16% 14 Gold Dust (1.20), 103 100 Gold Dust pf (6). 4% Goodrich (B F) 1312 Goodrich (BF) pf. 13% Goodyear Tire&Rub 32 Goodyear 1st pf (7) 12 Gotham Silk Hoslery. 1% Graham-Paige. 4% Granby Consol. EE- YT P Grand Union pf (3) 17 Grant (WT) (1)... % Great Northern pf. 6 Great Northern Ore. 7 Great West Sug, 72% Great Wn Sug p! 1_ Grigsby Grunow. 17's Hackensack W (1%) 455 Hanna pf (7). 1% Haves Body 69': Helme (GW 5115 Hershey Choc (5 145 Homestake Min (9).. 6 Ioudaille-Hersh(A). 1215 Houston Ofl........s 2% Houston Oil (new). 5% Howe Sound (40¢). 4% Hudson Motor Car. 2% Hupp Notors. ... 11% Illinois Central...... 2815 Industrial Rayon (2) 2314 Ingersoll-Rand(1%). 313 Insuransh Del(15¢).. 13 Insuranshares (Md). 4% Interboro Rap Tran: 5 Int Agriculture pf. 87% Int Bus Mach (6) 13 Int Combustion 20% Int Harvester (1. 4% In: Hydro-Elec (A) . Int Nickel of Can.... Int Paperpf..... Int Paper & Pwr (A). Int Paper & Pwr pf. . Int Printg Ink pf (6) '2 Int Salt (1%) Irt Shoe (2)... Int Silver pf (4). Int Tele & Teleg. 27% 25 Jewel Tea Co (3) 23% 19 Johns-Manville.... 50 35 Jones & Laugh pf(1) 7% Kayser (J) & Co. 11 Kelly Spring Tire. .., 3, Kelsey-Hayes Wheel 4% Kelvinator COrp....s 814 Kennecott Copper. 8% Kresge (SS) Co (1) 18Y% 163 Krozer Grocery (1).. 3415 28 Lambert Co (4)...uun 62 5 Lee Rubber & Tire... 112 1% Lehigh Valley C 147 103 Lehigh Valley R R. 47% 41% Lehman Corp (2.40).. 63% 51% Lisg & Myers B (15). 91 8% Link Belt (80c) 14% 12 Liquid Carbanic. 21'; 15'% Loew’s, Inc (3) 33 2% LoftInc s Long Bell Lumb(A). 1313 114 Lorillard (P) (1.20).. 98 95' Lorillard (P) pf (7). 19% 18 Lou Gas&El A (1%). 294 21% Louisville & Nash. .. 17% 4 McCall Corpn (2) 1 McCrory Stores % MclIntyre P M(11%4) McKeesport T P (4). McKesson & Robs pf. 5% Mack Trucks (1).... 514 Macy (RH) & Co (2) Manhattan Elev gtd. Manhat Elev mod gtd Mannattan Shirt. Marine Midld (80c 4 Market St Ry pr pf Marmon Motor Ca Marshall Field & Co. Mathieson Alk (1%). May Dept Stores (1), Mesta Mackine (1).. Met-Gold Pic pf 1.89. Mid Continent Petm.. Minn Moline Pow. .. 4 MStP &S S MIsd(4) Mo Kan & Texas. .... Mo Kan & Texas p Missouri Pacifie. Missouri Pacific pf. .- Monsanto Chem 1% .. Montgomery Ward. . Motor Products...... Motor Wheel. - Murray Corp. . 13% Nash Motors (1). :hl. Nat Biscuit (2.80). Nat Dairy Prod (z) Nat Distillers. NatPwr &Lt ('l) Nat Steel (50c) Nat Supply pf. Nat Surety. . Nat Tea (60¢) . 2 Neisner Brothe: Nevada Con Coppe N Y Central N Y Chicago & St N Y Chi & St L pf. % N Y Investors. . N Y N H & Hartford.. ‘4 NY N H & Hart pf... N Y Ont & Western.. N Y Shipbldg pf (T).. Y Steam pf (6) 17% Noranda Min (al. 513 North Am Aviatios 24% Nor Amer(b10% 5li) 68 North Am Ed pf (6). 13 Northern Pacific. ..., 1% Norwalk Tire & Rub. 6% Ohio Ol (a50c) 1% Oliver Farm Equip. u 1% Omnibus Corp. . 1% Orpheum Cireuit pf. . 10% Otis Ele 3 Otis Steel 37 331 OwensIli Gla 281, Pacific Gas & El (2).. 43% 36y Pacific Lighting (3). 2% Packard Motor Car. . 12% 12 Pan-Am Pet B (80c).. 2% 7k Paramount/Publix... 1w % Park Utah... % Parhe Exchang 5% Patino Mines 2415 Penney (J C) (130).) 90 Penny (J C) of (6) 13% Penna RR (h50c) 5% Pere Marquette pf. 6 Pere Marquette pr pf 4% Petrol Corp of Am... 415 Phelps Dodge. ... 2915 Phila Co 6% (3). 3 Phila& Read €& I 814 Philip Morris&Co (1) 4% Phillips Petroleum. 14 Plerco Oil cocoes 10% Pilisbury. (60c) M0 PittsF W &CpE (D). 10% Pitts Steel pt % Pittston Co. 8 Plymouth Ofl (1) % Presced Steel Car.... 23 Proctor & Gam(1%). 55% 48% Public Sve N J(3.20). 101% 961 Public Sve NJ pf (6). 325 123% Public Sve NJ pf (8). 23% 181 Pullman Corp (3).... g M - 3 DT T Y 1 2 o oBaanBmoaie Ed Rad10 COrp....... Radio Corp pf (A)... Radio Corp pf B. Radic-Keith-Orph... RR Sec I11 Cent Stk. . 1 Raybestos-Man (60c) Remington-Rand. Rem Rand 1st pf. Rem Rand 2d pf. % Reo Motor Car. Republic Steel. Republic Steel pf.... Reynolds Metals(1).. Reynolds Tob A (3).. Reynolds Tob B (3).. Rossia Ins of Amer.. Royal Dutch. 6 Rutland R R pf . 3914 Safeway Stores (3).. 23 85 Safeway Strspf (6). Slfll T4 St Joseph Lead. . 7% St L-San Francisco. . 1 Schulte Retail Stores 16 Seaboard Ol Del 40¢. 18 Sears Roebuck...... 1% Servel Inc. 8 Shl'!flck(m) (ioc). 4% Shell Union Ofl. . 38 Shell Union Oil pf... 6% SImmons CO..ccvanet 24 Skelly Oil of ww..... 815 Sloss-Sheft Steel pf.. 61 SolvAm pf ww(5%). 18% 15% So Port Ric Sug 1.60.. 8% 112 So Port Ric S pf(8).. %| 28 25 SouthernCalRd(2).. 19’/. 15 Southern Pacific. ... I m 4% Southern Railway... 5% Southern Railway pf. 27 Spalding(AG) 1st pf. 14% Standard Brands SF (RESR 2 e 8‘ l“ Net. Aldlifl‘llll lfl' Olul.m +1 ™ k) ¥% % 5 1+l o+ Ml (IR ++ 0+ 01 +1+ &L Fie FE OFJERE 1+ ++11 » NOTE_Todar's individusl sales are net Sales of each stock in gEper- 1833~ 10% Stand Gas&El (1.20). 12 18% Stand Gas&El pf (4). 10 38% Stand Gas&Elpf (7). 1 231 Stand Oll Calif (3).. 106 99% Stand Ot Exp pf ( 15 Stand Oil Kansas 24% SllndOflNJ(l)-... 331 % Sterling Secur (A).. 15 1% Sterling Secur pf.... 22 Sterling Secur cv pf. 3% Stewart Warner 1% Tennessee Corp. 12% Texas Corp (1). 22 Tex Gult Sulph (2).. ‘1% Tex Pacific Coal&Oil 4% Tex Pacific Land Tr. 5% Thatcher Mfg Co.... 5% Third Avenue. .. 5% Thompson Products. 3, Thompson Starrett. . 3% Tido Water Asso OIl. 2% Timken-Detroit Axle 14% Timken Roller Bg(1) 4% Transamerica Corp. . 31 Tri-Contl Corp 4 Union Bag & Un Carbide & C(1.20) % Union Pacific (6).... Union Pacific pf (4). Unit Aircraft..... Unit Aircraft pf (3). Unit Carbon. Unit Cigar Stores. Unit Corp (40c). Unit Corp pf (3) Unit Dyewood. Unit Fruit (2). Unit Gas&Im (1.20) Unit Gas&Im pf (5).. U'S Gypsum (1 60).. U S Indus Alcohol. .. l S Leather (A)..... 1S Plpe&Fdry (50¢) l, Pipe 1st (1.20). U S Realty & Imp. U S Rubber. U S Rubber 1. Mdu llllxh. Low. Clese. 1 siven In this editien. e. ll -% Lty ++ 24 Van Raa! +1 14 W 6% Warner Webster West Pa West Pa West Pa West Pa Western Western Western Westing White R 11 +++ EFFERE FIIFE 5% Young Si 5 4 Zonite P Sales of St 10:30 AIIL. 1:30 P.M. Dividend rates as 1i+1+1 | [ nit of trading 4% m stock. aFaid Pa B Payable in scrip. ".—'“‘l" individust sales are mot siven in this edition. Block and " Bajes Dividend Rate. 1315 U S Smtg & Ret M.. 6 17'/: 26'% U S Steel. .. 189 B5% U S Steel pf ( nm 59 US Tobacco (4.40).5 1 59% 47% Unit Stores pf (3% ). % Univ Pipe & Rad..... 3 Util Pwr& Lt (A) % Vadsco Sales Corp. .. 40% Va-Car Chem 7% pof. 71 Va Elec&Pw pf (6) 16 Vulcan Detinning 5008 59% Vulcan Detin pf (7).. 20s 1% Warn Bros P . 16 Y 1 1% Warner Quinlan. 313 Warren Bros. 8% Warren Bros cv pf... Wesson Ol & Sn (1), Wesson O&Sn pf (4). 4 Westing’: Wilcox Ofl & Gas.... Wiilys-Overland.... Wilson & Co «A). Woolworth (2.40). 3 Yellow Truck....... 13% 9% Youncstown Sh&Tu.. . 140.000 \plym(":'n( based on the latest quarterly or half-vearly declarations. le,in CAsh of stock. fPius &% in stod stock, i Plus $1 Inspectal preferred uc:kn k Plus I PaldV last yearoone reslbr raie FINANCIAL = rovierday’s paser. Add 00. High. 51% Ite 1st pfy. .. Bros Pic pf.. -1% Eisenlohr. . Elec A (7).. Blpf (7). vr pf (6 Pwr pf (1 Maryland. Pacific. Union . 'se Air B(1). house Elec. . ock M S (2). EFEFE FEL pring&W (1) ®RE rod; tocks on New York Eulnm . 510,000 | 750,000 | given in the above table are the annual cash less than 100 shares. ~tPartly extra. iPlus | this year-no regular rate. b Payable ‘ln nFlis 3% in stock: CUTS IN HARDWARE PRICES ARE GENERAL Wholesalers Report Slight Upturn in Buying by Retailers After Annual Inventories. Special Dispatch to The Star. NEW YORK., Fcbruary 3.—The month just closed proved an interesting one to the hardware trade. Not that| buying or selling greatly increased their | pace, but because new price announce- ments were both frequent and impor- tant, Hardware Age says in its magket summary. Some of the recent adjust- ments affecteti foundation lines of the industry. Of paramount interest among the price changes have been the general reduction on nails and wire products. These are expected to be a material aid in enabling distributors to meet the price compttition engendered by for- eign-made wire products, which has been troublesome for some time. Other downward revisions have lately become effective on sheet steel, certain types of ammunition, electrical appliances, asphalt shingles and roofing, jack screws, plumbing ‘goods, and air rifles In contrast to the trend of most recent revisions, prices on electric wiring de- vices have advanced in an effort to| place quotations on a more profitable basis. Slight price adjustments, without definite effect upon the general market, are common from day to day in dealings between certain _manufacturers and wholesalers, and between some whole- salers and their merchant trade. The tendency is naturally toward liquids tion of values, but there is a fair sprinkling of mark-ups, where preceding concessions had shown operating losses on 1932 statements. Hardware wholesalers have experi- enced the slight upturn of dealer buy ing expected after inventory, but few retailers repoted an active consumer ae- mand during January. Most current | orders, it appears, are being placed to provide an opening back-log of season- | able and staple items for the coming Spring, rather than to fill up any new shortages. —_— LOANS ON SECURITIES SHOW FURTHER DECLINE By the Associated Press. Loans by reporting member banks on securities showed a further shrinkage during the week ended January 25. In the table that follows such loans are given for comparable periods, as an- nounced by the Federal Reserve Board: Week ended January 25, $4,173,000,000; previous week, $4,213,000,000; same week last year, $5,596,000,000. ——— INTEREST RATES. By the Associated Press. Money averages remained unchanged during the week ended January 28 as the trend was calculated by the Com- merce Department. In the table that follows the average rate for both classes of money is given for comparable pe- riods, as announced by the departmen%l Time. Ca Week ended January 2! 8050 $1.00 Previous week 0 100 Same week last’ year last’ yea 5 250 U. 8. TREASUBY BALANCE. By the Associated Press. ‘Treasury receipts for February 1 were $283,541.899.72; expenditures, | $147,520,272.18; balance, $463,604,430.4 Customs duties for February 1 were $406,267.94. e DIVIDENDS ANNOUNCED NEW YORK, February 3 (#).— ‘Hldrs. of d. l-un-‘ llfl! CD L'.d (A DR ‘lfc .. Feb. 8 e Am Elec Sec..... 10c @ Dec. 31 Imnn Stores Corp- 35 - Mar. 1 Omitted. | Cleveland Quarries.10c @ Mar. 1 Okonite Co Bf...$1.75 Q Mar. 1 Deferred. Central Argentine Ry Durnm-nunlex Riz .25¢ Q Mar. Barber (W) &Co o Belaing-Gorticet coPmn ‘Trstée Bhs ..o:n ; 5:§;.‘.,. ! o; 2 AF A s BFGRRN | 1.00a1.25; | a4.50; fair to medium, 3.50a4. plain | | 3.00a5.75. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., February 3.— White potatoes, per ‘100 pounds, Boar 1.00; barrel, 1.25a150; sweet potatoes, bushel, 40a75; barrel. 75a1.50; beans, | bushel, 1.25a1.75; beets, per 100, 1.50a 2.00; Brussell sprouts, quart, 10al5; cabbage. basket, 25a30; carrots, per 100, 1.50a2.0; caulifiower, crate, 1.00a1.50; celery, ‘crate, 1.25a2.75; cucumbers, hamper, 2.00a4.00; eggplants, crate, 1.50 a3.50; lettuce crate, 3.25a3.50; cnions, per 100, 75a90; lima beans, hamper, 2.00 24.00; lima beans, bushel, 40a90; to- matoes lug, 1.2542.00; squash, bushel, | turnips, bushel, 20a25; ap- | ples, bushel, 35a1.5; cranberries, box, 2.00a2.65; strawberries, pint, 7al2; grapefruit, box, 2.00a3.00; oranges, box, §g“25 tangerines, half box, 1.25a | Dairy Markets. | Live poultry—Turkeys, hens, i | | 18; gobblers, old toms, 12; capons, 14al8; young | chickens, 11al5; all kinds, poor and | thin, 8a9; cld hens, 10al4; leghorns\ 10a12; old roosters, 7a9; ducks, 9al2; geese, 10a15; Guinea fowls, each, 15a40; pigeons, pair 15a20. Eggs—Receipts, 1,068 cases; current receipts, 13';al4. Butter—Good to fancy, creamery, | pound. 18a20; ladles, 14al5; store packed, 10; process butter, 17. Live Stock Market. Cattle, receipts, 100; steady; good to choice, 4.75a5.00; medium to good, 4.5024.75; fair to medium, 400!450 plain to fair, 3.5024.00; common to plain, 3.0023.50. Bulls, medium to good, 3.7524.00; fair to medium, 3.50a | 3.75. plain to fir, 2.25a2.50; common | to plain, 2.00a2.25. Cows, medium to | good. 2.75a3.00; fair to medium, 2.25a 2.75; plain to fair, 1.75a2.00; common | to plain, 1.25a1.75. Heifers, good to choice, 4.50a4.75; medium to good, 4.00 pound, 13al4; old hens, 15a16; to fair, 3.00a3.50; common to plain, | 2.50a3.00. Fresh cows and springers, 20.00a60.00. Sheep and lambs, receipts. 400.‘ steady; sheep, 50, 2.50: lambs, good to | choice, 6.2526.85; common to medium, Hogs, receipts, 800; lower; lights, 3.90a4.15; medium, 3.90a4.15; heavies, 3.50a3.95; roughs, 2.25a3.00; light pigs, 3.25a3.65. pigs, 3.65a3.90 ‘Western hogs, 10-20 higher than quotations. Calves, receipts, 50; lower; good to choice, 7.00a7.50; common to medium, 3.5026.00. Hay and Grain, ‘Wheat—No. 2 red Winter, garlicky, 581, February, 582: March, 60. Corn—No. 2 yellow, spot, domestic, 39a40; cob corn (new), 1.7521.90 per barrel. Oats—No. 2 white, domestic, as to weight, 26a29; No. 3, 25'2a26. Rye—Nearby, bag lots, 40a45. Hay—Receipts, none. General hay market is quiet, but no surplus of good timothy. Prices range from 11.00a15.00 per ton, as to grade and kind. The poorer grades of hay are hard to sell at any price. Market irregular on every- thing below No. 3 timothy. Straw—No. 1 wheat, per ton, 9.00a 9.50; No. 1 oats, per ton, 9.0029.50. e Y CHICAGO DAIRY MARKET. CHICAGO, February 3 (#)—Butter, 10,954; easy; creamery specials (93 score), 1713a17%; extras (92), 163;: extra firsts (90-91), 16'4al6lz; firsts (88-89), 153,a16: seconds (86-87), 15a 151%; standards (90 centralized carlots), 163%. Eggs, 9,487; easy: extra firsts, 14 fresh graded firsts, 12; current re: ceipts, 1114, MONEY MARKET. NEW YORK, February 3 (#).—Busi- ness in the money market was in the usual light volume today and rates were unchanged. Call money on the Stock Exchange held at 1 per cent and outside market. Rates on time money and prime commercial paper were also unchanged. Lumber Orders Smdy ‘WASHINGTON, February 3 (#).— Lumber production and orders lor lum- ber received during the week ended January 21 held steady as compared with the previous week, the National | N, Lumber Manufacturers Association re- | Spence: ported, New business in soft wood was 19 per cent above production and 49 per cent above in hard woods, POTATO MARKET. CHICAGO, February 3 (#) (United States Department of Agriculture).— Potatoes—Receipts, 48 cars; on track, 174 cars; tctal United States shipments, 605 cars; dull; demand slow; supplies moderate, including truck receipts; Wis- consin Round Whites mostly 67'2; un- classified, 60a62; Colorado Russets, 1.15a1.20; Idaho Russets, 1.15a1.20; few fine quality higher. FOREIGN EXCHANGE. (Quotations !\Irnllhe( W W. B. Hibbs & Co.) o ‘1 1 gold Selling Ghl'.h fetmarme- f5e, afl” INCREASE IN STEEL OPERATIONS NOTED| Production Has Reached 19 Per Cent of Capacity, According to Trade Journal. their~ position, By the Associated Press. | NEW YORK, February 3.—Despite interruptions in steel mill schedules in | some districts occasioned by the shut- | | down of the plants of the Ford Motor | Co. and suppliers of its automobile | bodies, Iron Age said, steel production | has forged ahead this week to fully 19 per cent of the national capacity, or | meg points above the estimate for last | “This rise has been brought about chiefly by a sharp upturn in the Chi- | cago district, where production is at 18 | per cent, against 14 per cent a week | ago, and a correspondingly good in-\ crease in the valleys, where one plant | has stepped up steel-making to fill a | | rush order for 14,000 tons of line pipe |and another plant, inactive for some time, has resumed. There has also | | been a moderate step-up in the Birm- tnsha.m district, where the Ensley rail mill of the Steel Corporation is en- | gaged on a short run. | “Operations both in steel-making and finishing departments have lost ground | at Cleveland and Detroit and have no more than held their own at Pittsburgh. The Cleveland and Detroit districts are principally affected by the Ford suspen- sion and a falling off in the-volume of | new business from other motor car manufacturers. The Cleveland rate | has dropped from 44 to 38 per cent of \ capacity.” 'AUTOMOTIVE EXPORT BUSINESS INCREASES Commerce Department Reports De-| cember Total Was Larger Than in Any Month Since August. By the Associated Press. , December automotive exports showed o' decided increase in December, with a dollar value of $5,508,108 on the basis of calculations by the Commerce De- partment, as compared with $4.782.409 in November. The month’s total was the highest since August. Shipments of both passenger cars and trucks were noticeably higher in the valuation of each price class and weight group than in November, and the group total of both clasgifications was 33 per cent ullbove the recorded for that month. Australia, Belgium, the Argentine and the Union of South Africa were the l!ldi';lg markets for trucks during the monf U. S. TREASURY CERTIFICATES (Reported by Chas. D. Barney & Co) Rute—Maturity, INVESTMENT TRUSTS By the Associated Press. NEW YORK, February 3—0ver-'-he- counter market. (Quotation as of 12 o'clock.) the one-half of 1 per cent rate was|Am Ba again available to call borrowers in the Gorporate ruis” Aceui rp, Ir, Agcum Ser Mod Trusted Am Bk NEW YORK BANK STOCKS NEW YORK, Rbr\ury 3 (@) —Over- the-counter market. (Quotations as of 10 o'clock.) Bid. ‘a'% Title Guar. & Trust (4.80): *Include: SILVER QUOTATIONS. NEW YORK, February 3 .—Bar silver stestly, unchanged at 35'9‘:. STOCKS GO LOWER INDRAGEY TRADING Rails, Tractions and Gold Mines Prove Strong Spots of Day. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, February 3.—Although there were weak sections in the stock market today and many new low prices for the year, the general list showed more resistance and developed several strong _groups. An early decline in American Tele- phone & Telegraph below par had a de- pressing effect, which was relieved later when this stock moved up about a point. The public utilities, iron and mel oll and motor shares were inclined On the other hand, there was a mild demonstration of strength in the last hour in the rails. The shares of the New York traction companies and those | of_gold mines were strong and active. ‘The volume of trading was smaller than previously this week, which may be evidence of completed liquidation, for in the first three sessions of the month the market has had an average loss that offsets the average gain dur- ing January. The selling today was partly = lative and partly for long account. It obviously reflects the succession of dis- couraging dividend announcements, which have develcped the belief that other important corporations may soon find it neccssary to make a downward revision in their rates. This has given the bear interests their first oppor- tunity since last Autumn to extend which has been con= tracted to a comparatively small figure. There has also been a certain amount of what is known as “selling against the box.” The volume of trading continued about as it has been for several days. The only increase in activity so far this year has been at the expense of values, for when stocks were steady in January the daily turnover dropped to an average of half a million shares a day. From that level it more than doubled, with prices on the downgrade. There were disturbing movements in German dollar bonds and very little improvement in the domestic low grade and medium quality issues, with both the investment and the speculative markets moving in sympathy with each other. Among the weakest stocks in the first two hours, in addition to American Telephone, were Consolidated Gas com- mon, Public Service of New Jersey, Union Pacific, Atchison and General Electric and General Motors, both at | new lows for the year, and the mem- bers of the Standard Oil group, still |affected by the omission of the extra | dividend on Standard of New Jersey. The market rallied slightly around mid-day. when American Telephone advanced to par and other shares im- proved correspondingly. United States Steel common went within the smallest fraction of duplicating its previous low and then slowly headed upward. Sterling exchange was slightly higher. The discount on Montreal funds re- mained around 16 per cent. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, February 3 —Follow= {ing is today's summary of corporation news_prepared by Standard Statistics Co. Inc., New York, for the Associated Tess. Automobile Parts and Tires. Goodyear Tire & Rubber Co. met price reduction initiated by Firestone, which lowered prices of first line tires 10 per cent and second and third line tires 5 per cent. United States Rubber Co. met Fire- stone reduction. Vogt Mfg. Co. 1932 common share earnings 3 cents vs. $1.13. Building, Real Estate and Related Lines. Missouri Portland Cement Co. 1932 deficlt $746,501 vs. deficit $335,353. Investment Trusts. Chain & General Equities, Inc. Hqul- dating value December 31, $5 grefegged share vs. $90.71 on December 1, 1 International Carriers, Ltd., liquidat- ing value December 31, $4.82 per share of capital stock vs. $6.31 on December 31, 1931. Metals (Non-ferrous). Bunker Hill & Sullivan Mining & Concentrating Co. 1932 net earnings before depreciation and depletion $494,~ 366 vs. $1,276,917 in 1931 0il. Standard Oil Co. of Kansas (Del) common share earnings, nine months ended December 31, 20 cents. Paper and Paper Products. Sutherland Paper Co. 1932 deficit $7,949 vs. net income $100,272. Railroad and Railroad Equipment, American Steel Foundries declared a. dividend of 50 cents on preferred stock; formerly paid $1.75 quarterly; :1’322 deficit $1,526,244 vs. deficit $791, Minneapolis, St. Paul & Sault Ste. Marie Ry. 1932 deficit $9,060,880 vs. deficit $6,977,646. Pressed Steel Car Co.—A preferred stockholder filed a receivership action in Federal Court, Pittsburgh, against company; this is second suit filed against company in Pittsburgh court. Retail Trade. Butler Bros.” 1932 deficit, $2,084,628, vs. deficit $2,686.481. May Department Stores Co. declared regular quarterly common dividend of 25 cents. Montgomery Ward & Co. announced maintenance of price differential fol- lowing reduction of list prices ranging from 5 to 10 per cent by Firestone Tire & Rubber Co. Spiegel, May, Stern Co. Inc., 1932 deficit, $318,291, vs. net income, $50,121. Steel and Iron. National Steel Corporation 1932 com= mon share earnings 77 cents, vs. $2.06. Textiles. Associated Apparel Industries deficit year ended November 30, 3827 390, vs. deflclt $803,137. Theaters, Ete. Paramount Publix Corporation—Fed- eral Court issued an order continuing temporary receivers of company with an order to show cause why receiver- ship should not be made permanent. Technicolor, Inc., 1932 deficit, in- cluding non-recurring credits, $235,503, vs. net income $37,986. Utilities. Cleveland Electric Iluminating Co. 1932 common share earnings was $2.04 VS, .51, New England Telephone & Telegra) Co. 1932 common share earnings u.%: vs. $8.76. 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