Evening Star Newspaper, June 24, 1933, Page 12

FINANCIAL STRICTER BANKING - GALLED GERTAINTY Virginia Bankers Told of New | Deal in Handling of Pub- lic’s Money. BY EDWARD C. STONE. Sweeping changes in banking prac- ces everywhere were forecast in re- orts presented to the Virginia Bank- L2 ers’ Association, In convention at Hot | Springs, by Thomas W. Ozlin, retiring | ttorney for the association, and by his | uccessor. J. Randolph Tucker. i Mr. Ozlin said a complete revolution | had already taken place, the import of | which cven the bankers have not yet, fully realized. He asserted the major problem of the next few years is the Testoration of confidence of the public | in_banking institutions. “The storm through which we have | passed will no doubt go far to clarify | the atmosphere, and there will be weeded out most of the weaker banks, those which are a constant menace to | the communities in which they exist | and to a large extent to the banking interests of the country as a whole,” | Mr. Ozlin said. | “There also is no doubt that from Tow on a much stricter stewardship is | going to be required of those intrusted with the important duty of keeping and | handling the money of the public” | Tucker Sees Control Increasing. Mr. Tucker, who became the attor- ney of the association only a few weeks ago. said the new legislation would no doubt raise many legal ques- tions. He said no one at present could say what would be the effect of govern- mental stock ownership. or of the vast credits advanced by the Government upon the security of the choice assets of non-liquid banks. If the past be an augury of the future, however, he said an_increasing measure of governmental influence and control might be ex- He said that likewise no one could oretell the results of the policy of in- ation and asked who could foresee whether the process might be perfectly ‘ontrolled. He also asked if the Glass- Steagall bill foreshadowed the destruc- tion of the State banking system and the inauguration of a unified system of national banking, with centralized Federal control of credit as well as currency. | Urges Support for Farmers. | R. S. Cecil of Pulaski, chairman of | the Agricultural Committee, urged full co-operation with the county agents in their efforts to bring back prosperity to the farmers as producers of basic wealth. He added: “Prospects for our farmers at present are much brighter than they have becn for some time and their future success will be greatly helped with the proper co-operation of our bankers.” He said it was gratifying to know that the tentative rating sheet, made | up by the agricultural commission of the American Bankers' Association for | ‘banker-farmer work in Virginia dur- ing 1932, is higher than in any pre- vious year, with a slight increase over 1931 in spite of strenuous times. Appropriations by the association at | its last meeting for prizes to stimulate elimination of scrub cattle, to improve | dairy herds and to encourage farmers | to raise food and feedstuffs was re- viewed and the move pronounced a success by the committee. | Hamilton Bank Support Asked. | Arthur Clarencdon Smith, president of the Central Business Men's Associa- tion, after announcing a subscription | to Hamilton National Bank stock by the association, had this to say: | “As a merchant of Washington we think it is the duty of every merchant | to support the opening of this bank. and the sooner the stock is subscribed | in full the better it will be for the merchants of Washington. “The Federaticn of Business Men‘s‘ Associations has gone on record as| favoring the opening of this bank and Tecommends it to members to subscribe stock in the same. “As president of this federation I am glad to give my unqualified sup- port in recommending to the people | of Washingten in joining in this most | worthy enterprise.” American Cotton Featured. The Cotton Trade Journal, New Or- leans, has just published its 1933 in- ternational edition, Francis Hickman being the president and publisher. The edition is profusely illustrated through- | out its 120 pages. Featuring American cotton, this sev- enth annual review of the cotton activ- ities of the world is the most ccmpre- hensive as well as the most beautiful of all of those which have been issued by the journal. Contributors from all | parts of the world are included among | its writers this year, thereby giving ! an “international outlook” to its calm | analysis of the events in the cotton | markets of all countries during the last 12 months. : Perheps the most important of the many articles in this publication is that | contributed by John T. Egan, senior agricultural econcmist in charge of feld work division of cotton market- ing, Bureau cf Agricultural Economics, | United States Department of Agricul- | ture. Students of cotton will welcome its addition to their libraries. Liberty Bank Votes Dividend. Directors of the Liberty National Bank at their regular meeting yester- day afternoon declared a_dividend «f $1.50 per share, President Rolfe E. B ling announced today. The dividend i payable June 30 to stockholders June 27 The Chevy Chase Building & Loaa Association has declered the usual divi- dend at the rate of 6 per cent per an- num, payable July 1 to stock of record 10. This is the eighth semi. ient since the organizaf d four vears ago. The offi-| cers report steady business growth. | STEADY CLIMB BARED IN RAILROAD EARNINGS | By the Ascociated Press NEW YORK, June 24.—Net operating income cf the first 12 railroads to re- port May earnings was $9.777,000, com- pared with $4.862.000 in May. 1932, an increase of 101 per cent. but a de- ! crease of 17.6 per cent {frim the figures of two years ago Gross earnings these roads did not quite measure up to May, 19 aggregating $85.920,000 against $56,280, 000. a decrease of six-tenths of 1 per cent INVESTMENT TRUSTS NEW YORK. June 24 (& counter market of Over-the- | (Quotations as of 10:30 o'clock.) Corporate Tr e Corp Tr Accum Ser mod. Depos Bk Sh N Y Depos Ins St Dividend _Shrs Fund Tr Shrs A.. Yund Tr Shrs B. . Incorp_Investors Mass Invest Tr Nation Wide Sec vtc N Y Bk Tr Shrs Nor Am Tr Shares Nor Am Tr Sh | Nor Am Tr Sh 1 Spencer Trask_Fund Super of Am Tr A .. Buper of Am Tr AA Super of Am Tr B Super of Am Tr BB Super of ‘Am Tr C.. uper of Am Tr D ust Fund Shis. rusteed N Y Bk Shie Tusteed Am B © 1 Frusteed A Bk B . THE EVENING STAR, WASHINGTON D. C. SATURDAY JUNE 24, 19 FINANCIAL TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE Received by Private Wire Direet to The Star Office. Toduv's 1933 ~ 8tock and Low. Dividend Rate. 3 Adams Expres 8 Adams Millis §14 Addressograph. ... 7% Affiliated Prod (60c 474 Air Reduction (3) 13 Airway Elec Appl... 11'x Alaska Juneau 60c) 7a Alleghany Corp, | 1 Alleg Cppf . 1% Alleg Cp pf $40 ww.. 114 Alleg Cp pf $30 xw. § Allegheny Steel..... 70% Allied Chem & D (6), 6 Allis-Chalmers Mfg. 5% Alpha Port Cement. . % Amal Leather. . 1813 Amerada Corp (2) & Am Bank Note 1 Am Beet Sucrar 28, Am Beet & 9'« Am Brake 493 Am Can (4) 64 Am( 15 Am¢ 1% Am ( 34 Am Chicle (£3)... 13 Am Comc’l Alcohol 37, Am & Forei A% Am & F 4'5 Am Haw Stship (1) 213 Am Hide & Leather. . 13'; Am Iide & Leath pf. Am Home Prod (2) AmlIceCo..... Am Ice Co pf (6 Am International. . Am La France& F 1'« Am La Fr & Fom pf 5% Am Locomotive 7% Am Locomotive pf 8% Am Mach&Fdy (80c) 1 Am Mach & Metals. . 314 Am Metal Co. . 17 Am News (1%). 4 Am Power & .. 9 AmP&LS$Hpf (1%). 97 Am P&L $6 pf (1%). Am Radiator . ing Mills ating % hip & Com. hipbuilding ( 4% Am Steel ¥ 214 Am Sugar 80 Am Sugar pf 6 Am Sumatra Tob 8615 Am Tel & Tel (9). 49 Am Tobacco (5).. 50% Am Tobacco (B) (5). 10% Am Wat Works (1).. 915 Am Wat Wks ctfs(1) 3% Am Woolen. .. 22% Am Woolen pf... 2% Am Zinc & Lead. 5 Anaconda Copper. ... 814 Anchor Cap (60c)... 9%, Archer-Daniels (1).. 41 Armour of Del pf (7) 11 Armour of 111 (A)... % Armour of 111 (B)... 7 Armourof I pf..... 1% Arnold Constable. 2 Artloom Corp. . 315 Art Metal Construct. 313 As=o Dry Goods 34% Atchison. B0 Atchison pf (3)..... 1615 Atlantic Coast Line. . 12% Atlantic Refining (1) 11 Atlas Tack. 81% Auburn Auto . n Nichols Baldwin Locomo Baldwin Locomot pf. Baltimore & Ohio. ... Paltimore & Ohio pf. Barker Bros. ... Barnsdall Corp Bayuk Cigars Beatrice Creamery. . Beech-Nut Pkg (3) 4 Belding-Hemingway Bendix Aviation. . Best & Co. 5 Bethlehem Bethlehem Steel pf. . Borden Co (1.60) Borg Warner 2 % Briggs Mfg Co. : Bklyn Manhat Tran. Bklyn Man Tr pf (6). Bklyn Union Gas (5) Brunswick-Balke. Bruns Term & Rwys. Bucyrus-Erie. . . Bucvrus-Erie cv pf.. Budd (E G) Mfg. Budd (EG) Mfg pf.. Budd Wheel. . Bullard Co. Tiurns Bros pf. Burr Add Mach (40c) Butte Copper & Zinc. Butte & Saperior. ... Butterick Co. Byers (A M). 7%, California Packing. . % Callahan Zinc & Ld.. 2 Calumet & Hecla. ... 714 Canada Dry G A (1). 713 Canadian Pacific 14 Cannon Mills (1) 301 Case (J 1) Co.. 41 Case (J 1) pf (4) 515 Caterpillar Tractor. . 415 Celanese Corp. 13 Celotex Co. 14 Cent Aguirre (1%4).. 5% Cerro de Pasco . 1 Certain-teed Prod. 24% Ches & Ohio (235). .. 1474 Chesapeake Corp (2). 1% Chi Great Western. . 215 Chi Great Westn pf. 1 ChiMil StP & Pac.. 11% Chi Mil StP & Pac pf. 1% Chi & Northwestern. 2 Chi& Northwest pf.. 214 Chi Pneumatic Tool. 513 Chi Preu Tool pf 2 ChiRock1& . 315 Chi R1& Pac 7% pf. 6! Chi Yellow Cab (1).. 2 Childs Compan: 7% Chrysler Corp. . 46 City Tce&Fuel pf 6% % City Stores. % Cit 113 City 5 Clark Equipment 10 Cluett-Peabody (1). Sales Add 00. High. 5 1 33 86 9 9 . 15008 50s ] 39 2 4 33 52 502 1 15 2 57 11 108 2 496 108 19 2 508 203 11 18 8015 5% an 60% 514 915 15 7314 Coca-Cola (6) 4“ (A) (3) 7 Col m-Peet 3 Collins & Aikman 3145 Colo Fuel & Iron 16 Colo Fuel & Iron pf .. 15% Colorado & Southern 9 Columb G&E(h80C) €% Columbia Pict vic. . 231 Columb Carb 4 Commercial Cr 16 Comel Credit (A) 18% Com Credit pf (1%) 18 Comel Inv Trust ( 9 Comel Solv (60c). 1% Comwlth & Southn. . 21 Comwlth & Sou pf(6) 784 Congol-Nairn (60c).. 613 Congress Cigar (1) 1% Consol Film 7 Consol Film pf “onsol Gas NY ( Consol Gas NY pf % Consol Laundrie nsol Ol Corp. ns RI2 of Cuba pf. « Consol Textile 1 Container Corp (A) i Container Corp (B) Contl Baking (A) 167 108 108 69 10) 10%5 Contl Insur (1.20) 47 Contl Oil (Del). 45% Corn Products (3) . 2% Coty Inc.... 23 Cream of Wht 121 21 Crosley Radio 14 Crown Cork & S 241 Crown C&S pf ( 4% Crown Zellerbach ucible Steel 1A Cuban-Am Sugar.... 20% Cudahy Packing 21;. 615 Curtis Publishing. 14 Curtiss-Wright. .. 2 Curtiss-Wright (A). 74 _Cushmans pf (7) 61 Deere & Co pf (20¢) 177 378 Delaware & Hudson 5 T 17% Del Lack & Westn... 68 34% 2 Denver& RGWpf.. 1 11% 80 Detroit Edison (4).. 1 87 175 Diamond Mateh (1).. 1 2834 12 Dome Mines (11.5 255 334 10% Dominion Stores 1 118, 10% Doug Alrcraft (75c). 8 16 Low. Close. Chge 10's 601 60% 10% “ 5% 86 161 76 33% 1% 87 231 a2 1815 15% 14% 84 1% 8 3% 143, 60 611y 12% 3% + 5% 6 16% % 33% 11% 87 23% 32w 184 I xet. | _pres High. 10% 5815 105 4015 4'y 20 51% 21% 43 54% 971y 81 21 30% 9%, 1933~ Low. Stock and dend Rate. ser Mz (B) Drug Inc (3)... % Dunhill Internatl. . 324 Dupont de 29 inecrs Pub Sve Today's Sales Add 00. High. Low. Close. 95, N 53% Net. Chge. 428, 5 itable Of Bld (1), TERB..... ie R It 1st pf Va Cleaner Auto Prod shion 'ark ederal Mot tederal S delity-Phoen 1.20. . T&R(40c) . h Nat Inv ho Fox Film (A). .. 16'% Freeport 1 Gabriel Co (A). 612 Gamewell Co 234 Am Investors. .., 1°%¢ Gen Am Trans (1). 4 Asphalt. . 13 Baking (1)... 99% Gen Baking pf (8). 2is Gen Bronze. . “able. . Ge Ge 1 613 29 100 1075 e spee (60c). 0ds (1.60) . &I 6% evpf A n Italian 14 b2.04. n Mills ( ien Motors (1) Motors pf ( ien Public Service n Ry Signal (1). n Realty & Util. n Realty & Util pt. Gen Refractories Gillette Saf Raz ( lette Saf R pf (5). Gimbel Bros Glidden Co Glidden Co pr pf (7). Gobel (Adolf) 1d Dust (1.20), Goodrich (BF) pf... Goodyear Tire& Rub. Goodyr 1st (2 Gotham Silk Hose. Gral Paige Granby Consol nd Union etfs ant (W T) (1).. t Northern pf. ntanamo Su; Gulf es Steel. Ckensack W (11) Hahn Dept Stor: Hall W F Printing... Hanna pf (7) Harbison & Walker. . Harbison & Walk pf. Hartman Corp (A).. Hartman Corp (B) Hat Corp (A).. Hayes Bod b Hercules Powder 1% Hershey Choce (3). Holland Furnace. Hollander Sons. . . Houdaille-Hersh (B) Houston Ol & Houston Oil (new) Howe Sound (40¢) . Hudson Manha Hudson Man pf : Hudson Motor Car. .. Tilino Indian Motor ¢ g Industrial Ravon (3) Ingersoll-Rand (112) Inland Steel. Inspiration Insuranshr: Interboro Intercontl R Interlake Iron Int Agricuiture Int Bus Mach (§) Int Carriers Ltd 20c Int Cement. Int Harvester (60¢). Int Hydro-Elee (A). Int Merchant ) Int Nickel ofCan. .. Int Paper & Pwr (A) Int Paper & Pwr (C). Int Paper & P Int Salt (1%) Int Shoe Int Tel & 23 Jewel Tea Co 124 Johns-Manville : 42 Johns-Mansville pf.. 35 Jones & Langh pf(1) 613 Jans City Southern. an City § Kaufman De 5 Kayser (J) & Co.. Kelly Spring Ti Kelsey-Hayes ( Kelvinator Corp. Kennecott Copper. Kinney (G 1?) Co s Kre S S). H) (f1) mbert Co (1) ubber & Tire Leh Port ¢ Lehigh V Lehigh V Lehman Corp (2.40 bbey Owens Glas Myers B (i3 Lily Tulip Cup (11:) .ima Locomotive “iquid Carbonic Loew's Inc (1).. Loft Inc . Long Bell Lum (A).. Lorillard (P) (1.20). Louisia Louis G ouisvil MecCrory Stores B MeCrory Stores pf Melntyre PP M (113%) McKesson & obbins McLellan Stores Mack Trucks (1) Macy (RH) & dison Sq G Mazma Copper Mallison & Co. Mallison & Co pf. Manati Sugar pf. Manhat Elev mod Marine Midl'd (40¢). <hall Field & Co. hieson Alk (112). May Dept Stores (1). Menzel Co : Mesta Machine (6 Mid Continent Midland Steel Prod. . Minne-H'well Minn Mol Minne & St Min Mo Kan & Texas pf. . Missouri Pacific Missouri Pacific pf Mohawk Monsanto- Montgome Morrell (J) & Co (2) Mother Lode. . Nat Cash Reg ( Nat Dairy Prod 1 s Nat Dept Stores. Nat Distillers. . 36 1 87 20 R o I “ 1 150s - +4h - EESLESEE B FEES Today's ~Prev. 1933 Sales . . Low. 24 675 Stock and Dividend Rate. Nat Dist pr pf (214). 1 tPwr& Lt (1).. 17 t Steel (1). 24 at Supply pf.. 208 at Surety. 2 at Tea (60c).. Neisner Brothers N Y Air Brake. N Y Central. ¥ Chicago & ¥ Chi & ¥ Dock ¥ Dock pf. . " Investors....... \ H & Hartford. H & Hart pf.. Y Ont & Western. WShipbldg (40c). oranda (hi0c). . orfolk & West (8) orf & West pf (4). orth Am Aviation. 151 North Am (b8 7 stk). 93, Northern Pacif StL tLpt.. 74 4 1t Ohio Oil. Oliver Farm Pacific Lig Pacific I "acific Tel & Tel (8). acific T & T pr (6) "ackard Motor ( *anhandle Pro& Par-Publix cts Park & Tilford Park Utah Parmelee Tran "athe Exchange. he Exchange (/ ino Mines rless Motor ¢ Penick & Ford (1) Penney (1 C) (1.20). Penn Coal & Coke i Disie Cement . wn Dixie Cmt pf. ina Peoples Z Pere Marquette pf. rquette pr pt rol Corp of Am. Thelgs Dodg Phila Co pf (6) n. Phila Rapid Transit. Phila & Read C & 1.. Philip Morris&Co(1) Phillips Petroleum. . Pierce-Arrow Pierce Oil Pierce Oil pf. Pierce Petroleun Pillsbury Flour Pirelli Co A (h Pitts Coal. Pitts Coal pf . Pitts Serew & Bolt. . Plymo Poor & Co (B). : Port Ric Am Tob(B). Postal Cable pf. sed Steel Car Proctor & Gam (11 Producers & Refin Pub Sve N J (2.80).. Pullman Corp (3). Pure Oil P Pure OfI pf. . ....... Purity Bakeries (1). iio Corp dio Corp pf (A) 613 Radio Corp pf (B) Radio-Keith-Orph. RR Sec 11l Cent Stk taybestos-Man (60¢) Real Silk Hosiery. .. Reis (R) & Co 15t pf. 2108 Remington-Rand. . 30 nd1stpf.... 2108 Rem Rand 2d pf. 108 Reo Motor Car 15 Republic Steel 32 Republic Steel pf. 9 Reynolds Metals(1). 20 Reynolds Spring 15 Reynolds Tob (3) . 108 2614 Reynolds Tob B (3). 34 % Richfield Oil 225 6! Ritter Dental. ... 2 Rossia Ins of Ame: al Dutch (807 hulte Retail & huite Ret Stor pf. hoard Air Line board Air Line pf rd Oil Del 60c. Seagrave Corp. Sears Roebuck eneca Copper. . ervel Inc. .. haron Steel Ho: Dohme. hell Union Oil pf mmons Co. . elly Ofl 43, 22 L 6 Socony uum..... 130 58 Solv Ampf ww(5la). 6 4 So Port Ric Sup 1.60. 12 CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. J | NEW YORK, June 24—Following is todey’s summary of corporation news ' prepared by Standard Statistics Co., Inc, New York, for the Associated Pres | Beatrice Creamery Co—Reported breaking even on operations. National Distillers Products Corpora- | tion—Consideration for company's pur- chase of the Overholt Distillery at Broad Ford, Pa, #nd the Large Dis- tillery at Large, Pa, including trade names, etc.. together with 31,000 bar- rels of Overholt rye whisky was 102,000 shares of National Distillers common stock and $600,000 of 4 per cent notes; | company also has acquired controlling interest in Alex D. Shaw & Co., im- porters of wines and ales. Ward Baking Corporation preferred | share earnings 22 weeks ended June | to_June 4, 1932 | Kelvinator Corporation—Shipments | in first 19 days of June totaled 18,176 units_or more than shipments for full month of June, 1932; orders now on | hand indicate that final June ship- | ments should more than double total for | Junc, 1932. Glidden Co.—Received a contract for 517,000 pounds of dry color from Bureau of Engraving, Washington, D. C. | | MONETARY GbLD STOCKS | OF U. S. OFF SLIGHTLY | By the Associated Press. Monetary gold stocks of the United States showed the ncminal decline of $1,000,000 during the week ended June 21"as the change was measured by the Reserve Board. In the table that fol- lows total stocks are given for com- parable weeks, as announced by the board: Week ended June 21, $4,317,000,000 Previous week, 4,318,000,000 3,917,000,000 Same week last year, NEW YORK EGG PRICES. NEW YORK, June 24 (#).—Eggs, 19,260, firm. Mixed colors, special packs or selection from fresh’ receipts, 16'2a19; standards and commercial | standards, 15!,a16; firsts, 14%; medi- ums, 39 pounds, 13a131, ; dirties, No. 1, *42 pounds, 13;' storage packed, frsts, %. Add 00. High. Low. Close. Chge. 841, 54ty | By the Associated Press. Today's Net. 1933~ Sales Low. 171 11 44 5% Stock and Dividend Rate. South Cal Edison(2). uthern ¥ s Southern ¥ Southern R v M& O etfs(4). s-Withington. . 841y 1T% 49 54y 5 5 195 10% 17 B4l +1k 17% — 4% 50t 1% 541 +1% 5 17% 50 Standard Brands (1), Stand Com Tobacco. . Stand Gas & Elec.... Stand Gas & Elec pf. Stand Invest Corp... Stand Oil of Cal(1).. Stand Oil N J (1) Starrett (LS).... Sterling Secur (A) Sterling Secur pf Stewart Warner. . Stone & Webster Studebaker Corp Superior Oil Superior Steel. 0 of Am mington. .. mington (A) 144+ ++ aph (1). nnessee Corp Texas Corp (1). Tex Gulf Sulphur(1) Tex Pacific Coal&Oil. Tex Pacific Land Tr. her Mfx Co. . er Mfg pf 3.60 The Fair. Thermoid o. . s Thompson Products.. Tide W Timken-Detroit Axle Timken Bearing 60c. Transamerica Corp. . Transue & Williams. Tri-Contl Corp Tri-Contl Corp ico Product Truax Traer Coal ruscon Steel Tlen & Co_ . Tnion ¢ 1'n Oil of Calif (1) Union Pacific (6). ... Union Pacific pf (4). Unit Afreraft. ... ... Unit Afreraft pf (3). United Biscuit (1.60) United Carbon (1) Unit Corp (40¢) . Unit Corp pf (3).. ectric Coal. uit (2). s 32300 D R 1S b0 2 Pipe&Fdy (50c). Realty & Imp. 7S Rubber. . 7S Rubber 1st pf Smtg & Ref (1).. Smtg&Ref pf 31 tael ) S Steel pf (2). Tobacco (4.46 4% United Stores (A). .. Univ Leaf Tob pf(8). Tniv Pipe & Rad. . 1% Util Pwr & Lt (A)... % Vadsco Sales Corp. .. 7% Vanadium Corp Van Raalte. . -Car Chemi : Car Chem 6% pf. Vulean Detinning. Wabash R R.. Wabash pf (A) Walworth Co. Ward Baki 4 Ward Baking pf (1). ‘Warn Bros Pictures. Warner Quinlan. Warren Bros Warren Bros cv pf Warren Found & P Webster Eisenlohr Wells Farzo. Wesson O & 3 Wesson O&Sn pf West Pa Elec A (7). West Pa Elec pf (7). West Pa Pwr pf (6). Western Maryland a2 Boum Fead S0 CaanaaR=hal 0 3 B 1208 40s 13 1 1 stern Union...... 38 se Air B(1). 6 Westinghouse Elec.. 60 Wheeling Steel pf. .. White Rock M S (2). White Sewing Mach. Wilcox Oil & Gas. ... Wilson & Co. ... Wilson & Co (A). Woolworth (2.40) . Worthington Pump. . 341 Wrigley (Wm) (3) 7 Yale & Towne (60c). 2% Yellow Truck....... T3 Youngstown 1 Zenith Radio. 3% Zonite Products. Rights. Am Com Al .July § 1 Motor Meter..July 10 | 25% 4 3 3 34 ? 2 5% 10 75 374 11% 8% - 5213 +2 | 2 16% — % | 39 N » 3% + W 13 | 84 28 78 s Unit of tradine les 4% in siock. a Paid la 1, | stock. e Payable in ca 34 4 %|in special preferred steck han 100 ehares tock. ayable in scri ‘ 33% d Plus 8" To Other Channels By New Bank Law NEW YORK, June 24.—That portion of the new banking act which prohib- its payment of interest by banks on demand deposits seems destined to| force idle funds to seek other and more profitable channels of employment. Bpecial Dispa el Lo Fhey Add 00. High. year—no regular rate. 2414 274 22 29% 364 6 5% 9 26 27% 22% 30 Dividend rates as given in the above table are the annual cash payments based cn ihe latest quaTterly or half-vearly declarations. | tPartly extra. “ in_stock. Star. 'Idle Funds Forced B, & 0. IS EXPECTED T0 GET OUT OF ‘RED |June Earnings Indicate All Fixed ' Charges Will Be Amply Covered as Gains Continue. Net. Low. Close. Chge. V444000 $Plus b Payable in | f Plus §1 | hPaid this yea: CIALTY STOCKS . ATTRAT TRADERS 3| Market Beeomes More Active at Close and Regular Leaders Rally. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, June 24.—Specialty stocks, particularly those in the low- priced range, attracted more attention today than the regular market leaders. They represented various industries that | have begun to feel the effects of the business recovery and whose stocks . i\)?ln-ub«mt jomewhat slower to_reflect B is than ose of t. - ‘. bl e major corpora. ‘| Trading became more active as the | market neared its closing, and for the '3 | first time during the day the regular s | leaders occupied chief place in the at- 's| tention of the Street. There were heavy dealings in the motors, with Chrysler at a new high and large blocks of General Motors changing hands at 29, or within a fraction of its best of the year. Du Pont rose 2 points. Bethle- hem common touched a new high just | under 40. American Can and J. I. Case were both up sharply and General Elec- | tric crossed 24 on active dealings. Average Advances. In a week conspicuous f fluctuations, the nvegzge of thoer mslhr;re‘: has advanced between 4 and 5 points ;!\‘:I‘lru!;n;( ?:‘ l:e :'Efck previous, but is ia ler the hi, or the ye e 4 the year reached The early action of the securities that have been playing the most prominent part during the week was rather nega- tlve and again suggested a lull in the operations of both the public and the speculative interests who have been | conspicuous on the bull side cf the ac- count. The volume of transactions was | moderate and at about the same hourly rate as in the last few days. One of the strongest in the specialty group was American Woolen, with the common up over a point and the pre- ferred rising 3 points, both at the high- | est of the year. Another was Kelvina- tor, which was dealt in in large blocks at an advance of over a point and also at the best of the year. Several of the chemical stocks, as well as those of the merchandising ccmpanies, was taken up at different times and sharply ad- vanced. Brunswick - Balke - Collender Tese 2 points to the best of the year, Rest of List Heavy. While stocks of this type were ad- vancing there was a distinctly heavy tone in the more important sections of the market. In only a few instances had there been any positive gains in :the leading industrials and rails. J. I Case early rose 2 points and Bethlehem Steel and United States Steel were 1 _ 1,{t0 1! points higher. Fractional ad- 17| vances occurred in the first hour in %l New York Central, Pennsylvania, South- | ern Pacific and Chesapeake & Ohio. 14 | The motor stocks generally held around Friday's closing level. The same was ‘ true of the oils. In the second hour, % | however, all of these groups lost ground % and in most cases sold under the pre- vious closing. Sterling exchange was + % 4221, it +) 4 % W +h ittt b1+ L+ +++ EEF + | = quoted 2t at the start and later under + %[$422 Its effect on the market wa ‘ small. Car loadings for the week ende-’ | June 17 showed an increase over the — % previous week of 23,385 and of near' +1% {70,000 over the same period last yer + ' In other words the gain in loadin- from the 1932 level was in excess of + % per cent. | (Copyright, 1933.) ** WHOLESALE COMMODITY | PRICES RISE IN WEEK il | By the Associated Press. % Wholesale commodity prices, as ! | measured by the weekly index of the % | Bureau of Labor Statistics, advanced ! from 60.3 per cent of the 1926 aver- * age in the week ending April 15 to %645 per cent in the week ending 1'2| June 17. s| This increase reflected a rapid rise ' | in the prices of commodities traded in jon organized exchanges, including % | wheat, cotton, wool, hides, lard, sugar, % |silk, rubber 2nd non-ferrcus metals, | and also in the prices of flur, textiles .2 and leather. Prices of petroleum were 1% reduced while most other prices showed 1, | relatively little change. N .| NEW YORK BANK STOCKS 3 =l +1% 4+ 04 + 1 ++ ‘ NEW YORK. June 24 (#).—Over-the- counter market: (Quotations as of 10:30 o'clock.) Banks. + % Chase (2) ..... Commercial (%) First National (100} Manhattan (2) ... | National City (1)". | Public (2) Bankers' (1) .. Brookiyn Trust (1 Central Hanover Chemical (1.0 Continental (1.20) Corn Exchange (4) Empire (2) ... Guaranty (30) Trving (1.60) | Manufacturers' 3" N Y Title & Mtge New York Trust (5). ... Title Guar & Trust (4.80 “Includes_extra. At any rate the heavy shrinkage in demand deposits of member banks in this district may be taken as a straw in the wind Demand deposits of those institutions dropped $347,000,000 in the last week, or since the act be- came law. A partial offset was found in the ap- parent transfer of some $65,000,000 net to time deposits. But out-of-town banks, judging by the drop of $196,- 000,000 in the total of “due to banks,” called back at least that amount of their funds which heretofore had been on demand deposit here. And those institutions entered the call money market actively for the first time in many months, their loans to 3. were 29 cents vs. $1.47 in 22 weeks dealers and brokers more than dou- | bling on an increase of $27,000,000. TRACTION REVENUES OFF AT BALTIMOR United Railways & Electric Co. Reports $158,458 Decline in May Business. Special Dispatch to The Star. BALTIMORE, June 24—Revenues of the United Railways & Electric Co. of Baltimore for May totaled $854,- 352.85, a decrease of $158,458.71. After taxes 'and fixed charges there was a deficit of $9,851.30, against a deficit last year of $116,051.88, but no pro- vision was made this year for interest | of $199,702.50 on funded debt due to | the receivership. The deficit, however, | | was the smallest for any month thus | far this year. | For the first five months of the year | the company sustained a net deficit of | $118,166.19, as contrasted with $580,- 465 for the like period a year ago. Passenger revenue in the five months was $4,126,889.58, compared with $5,- 111,032.57, a decrease of $984,152.99. ‘The system hauled 10,245,716 less | Tevenue passengers in the five months than it did a year ago. and in May alone it hauled 1,564,549 less pas- sengers. BALTIMORE. June 24—The Balti- | more & Ohio Railroad expects to be out of the “red” this month, it is re-| ported. The May statement, due in a few days, will show a very small deficit, I officials state, in contrast to the loss of | over $1,000,000 reported for the like | month of 1932. At the present rate of carloadings increase, however, there is | every indication that fixed charges will be amply covered in June. | BY UTILITY COMPANY | By the Associated Press. | "CHICAGO, June 24—Net income of the Standard Gas & Electric Co,. for | the 12 months ended March 31, 1933, amounted to $1,666,831, or 77 cents a share on ccmmon stock, an official statement said yesterday. | Consolidated net income of the same | organization and its subsidiary and af- | | filiated companies for the same period was $2,142,377, or $2.82 a share on 757- | 442 shares of preferred stock. For the 12 months ended December 31, 1932, the same stock earned $5.69 a share. Net income of the Philadelphia Co. and_subsidiaries totaled $7,389,941.63 | for tne vear ended April 30 1933, as compared with $12,030,936.83 the year before. 'FOREIGN TRADE GAINS SHARPLY ON WEST COAST| By the Associated Press. | SAN FRANCISCO, June 24.—?&0“\0“ Ccast foreign trade gained in activity during May compared with the pre- ceding month, Commerce Department | figures showed yesterday. i Total cargo values were $21,718,349, the Bureau of Foreign and Domestic Commerce reported, gaining more than 51,800,000 over April's $19,824,836. Com- merce in May, 1932, was valued at $24,- 299,960. Imports of $8,766.992 at Pacific ports STOCK FOR SALE 15 shares of Capital Stock of Terminal Ice and Fuel Co. at an attractive price. R. S. Miller, former Vice Pres. and Gen. Mgr. of the above company. 805 3rd St. N.E., Nat. 5178 First Mortgages FOR SALE 6% Interest JAMES F. SHEA 643 Indiana Ave. N.W. A First Trust Loan on improved Real Estate INSURANCE of any kind REAL ESTATE you wish to sell or purchase INVESTMENT in 1st Mortgage Notes Rental Dl:mpmy you desire managed Consult Floyd E. Davis Co. 733 12th Street N.W. NATIONAL 0353 exceed both April's $7,190,670 and the May, 1932, valuation of $7,763,962. ESTABLISHED OVER 40 YEARS