Evening Star Newspaper, December 23, 1934, Page 57

News of Markets Pages 1 to 4 TWO GROUPS GIVEN PLAGE IN BUILDING AND LOAN LEAGUE Citizens’ Equitable and In- terstate Associations Added to List. ONE ORGANIZED IN 1883, OTHER STARTED IN 1932 Lanston Monotype Most Active Issue in Saturday Trading on ‘Washington Exchange. BY EDWARD C. STONE. Announcement of the admission of two new members, the Citizens’ Equi- table Building Association and the Interstate Building Association, was made at the regular monthly meeting of the District of Columbia Building and Loan League the last week. This makes a total of 19 associa- tions, representing 99 per cent of the building and loan assets in the Dis- trict, which have complied with the membership standards and require- ments of both the District League and the United States Building and Loan League, membership in either the local or national organization being conditioned upor an association’s ac- ceptance by the other. Association 51 Years Old. The Citizens’ Equitable Building Association, located at 1207 Wisconsin avenue, was organized in 1883 by a group of prominent Georgetown busi- ness men, among them being John Leitch, James Goddard and S. Thomas Brown, the latter afterward serving as president of the association for 24 years. The present president, Isaac B. Nordlinger, has been a resident of Georgetown all his life and upon re- tirement recently, after 50 years as a shoe merchant, was given a testimonial dinner by his fellow citizens of Georgetown. In addition to Mr. Brown and Mr. Nordlinger, there have been two other presidents of the association, William Clabaugh and Thomas J. Stanton, the latter serving for 23 years. The pres- ent officers of the association, in ad- dition to Mr. Nordlinger, are: John Hadley Doyie, vice president; H. W. Burnside, Selby, treasurer. Of its directors, Patrick F. Carr has served 40 years in this capacity. The Interstate Building Association, located in the Washington Building, was organized in 1932 by John L. Weaver, well-known Washington real- tor, and a grcup of business associ- ates. It now has more than- 700 members and assets of approximately $275,000. It has recently been ad- mitted to membership in the Federal Home Loan Bank of Winston-Salem. Officers, in addition to Mr. Weaver, who is president, are: Clarence Dodge and Earl M. Mackintosh, vice presidents; Martin R. West, treasurer, and Edward K. Jones, secretary. Officials Address League. Two representatives of the Federal Housing Administration, J. K. Gil- christ, assistant to the director of the field division, and J. E. Woodruff of the field division address the meet- ing of the District League Tuesday on the plans that are being made for a more intensive drive for moderniza- tion and repair loans under title I of the national housing act. They stressed the importance of building and loan associations filing acceptances of insurance contracts with the Federal Housing Administra- tion and, in turn, were assured of the whole-hearted co-operation of the as- sociations of the District. Although under the present regula- tions the typical building and loan mortgage of 8, 10 or 12 years is not eligible for insurance, the building and loan officials are hopeful that the five-year insurance may be made ap- plicable to their loan plan and thus enable them to take on a greater number of insured loans under the Federal Housing Administration. Lanston Stock in Demand. Lanston Monotype stock was in particularly good demand in yester- day’s trading on the Washington Stock Exchange. It recorded a 100-share turnover. ‘Ten shares came out at 48% at the opening. The next sale was 50 shares followed by a 40-share block, both these transfers being made at 48 flat. : Washington Gas Light 5s furnished the only other business of the day, a $1,000 bond changing ownership at 100%. National Union Fire Insur- ance directors have voted the regular dividend. The stock, now selling at a low figure, yields 6.60 per cent. Trading was quite broad on the ex- change during the week, nearly all the leaders appearing on the board. Capital Transit stock was rather quiet after payment of the $1 divi- dend. It wound up the week at 26%;. There was considerable bond trading, investment actively in the senior is- sues have been satisfactory all the month. Financial District Gossip. M. D. Rosenberg, president of the Bank of Commerce & Savings, is #pending a few days at Atlantic City. The Council of Administration of, the District Bankers’ Association will hold the regular December meeting next Friday. The Southern Maryland Trust Co. will pay a 10 per cent dividend to- morrow amounting to about $20,000, the payment to be made at the Seat Pleasant Bank, This brings payments up to 32 per cent, while the date makes it a real Christmas present to former depositors. It is expected that much of this money will be redeposit- ed in the present bank. Best Christmas trade in five years is still the expectation in many sec- tions of the fifth Federal Reserve dis- trict. POWER FIRM EXTENDS TIME FOR CONVERSION By the Associated Press. NEW YORK, December 22.—Public Service Co. of Northern Illinois has extended until December 28 the time within which the ‘1000000 first lien 6% per cent sinking fund bonds,"pre- viously called for redemption on De- secretary, and Harry L.I Wall Street Hails Yuletide Approach With Gala Parties Special Dispatch to The Star. NEW YORK, December 22.— Wall Street started its Christmas celebration today. Long before resounding gongs closed exchange sessions, bag and bundle laden bankers, brokers, lawyers and their clerks, stenographers and secretaries scurried to their va- rious destinations. Clubs and restaurants in the financial district were crowded this afternoon with parties and individual merrymakers. Nu- merous offices gave parties for employes, friends and customers. Although Wall Street, finan- cially, experienced one of the worst years in its history, the poor children who live in -the tenements that fringe the dis- trict were remembered as usuai. While many brokers on the Curb Exchange were “in the red” on the year, that did not keep them from contributing liberally to the Christmas celebration held late Friday. (Copyright. 1934) DIVIDENDS HOLD NEAR HIGH LEVEL GAINED LAST WEEK 66 Favorable Changes Show Little Decrease From Record of 77. By the Associated Press. NEW YORK, December 22.—There were 66 favorable dividend changes this week compared with 75 the week before, according to the Standard Sta- tistics Co. The record for the week | was the best, with the exception of the immediately preceding period, since the start of the depression. De- tails of changes: Favorable. Increased — First National Bank (Atlanta), Title & Mortgage Guar- antee (New Orleans), Inland Invest- ors, Savings Bank & Trust Co. (Rich- mond, Va.), Sloan & Zook Producing. Resumed—J. B. Stetson preferred, Canada Bud Breweries, Detroit Gray Iron Foundry, Lefcourt Realty pre- ferred, Morristown Securities, Philip Carey Manufacturing 6 per cent pre- ferred, Four-Wheel Drive Auto, Gen- eral Fireproofing 7 per cent preferred, Hide & Dauch Paper, Northland Greyhound Lines, Steuffer Corp. com- mon A, Hammermill Paper, New York Fire Insurance, Niagara Wire Weav- ing, Alpha Portland Cement, Ameri- can Fork & Hoe, W. R. Grace & Co, Iowa Southern Utilities 7 per cent preferred, Iowa Southern Utilities 634 per cent preferred, Iowa Southern Utilities 6 per cent preferred, Richard- son Co., Waikuku Sugar. Extra—Bourbon swokyn.rd.l. Idaho- Maryland Consolidated Mines, Ameri- can Credit Indemnity, First National Bank (Baltimore), Hibbard-Spencer- Bartlett & Co., MacAndrews & Forbes, Steel Co. of Canada, Parke-Davis, America_Trust Co. (Charlotte), An- gostura-Wuppermann, _Atlantic _City Fire Insurance, E. J. Brach & Sons, Cincinnati Advertising Products, Citi- zens' Commerciai Trust & Savings Bank (Pasadena), First National Bank (Louisville), Fulton National Bank (Atlanta), Safe Deposit & Trust Co. (Baltimore), Time, West Point Manufacturing, Clorox _ Chemical, Glen Alden Coal, MacBeth Evans Glass, Veeder-Root, American Securi- ties Shares, Denver Union Stock Yards, Industrial Credit of New Eng- land, Minnesota Mining & Manufac- turing, Oil City Trust Co., Seaman Bros., Woodward & Lothrop, William Wrigley, ir. Initial — American Continental, County Bank & Trust Co. (Cam- bridge), Federation B: & Trust Co. (New York), Fidelity Guaranty Fire Corp. (Baltimore), Piggly-Wiggly (Canadian), Sperry Corp., Federal Trust Co. (Newark), Hat Corp. of America 672 per cent preferred. Unfaverable. Reduced — Seaboard Citizens Na- tional Bank (Norfolk), Otter Tail Power (Minnesota) $6 preferred, Otter Tail Power (Minnesota) $5.50 pre- ferred, State Street Trust Co. (Bos- ton). Passed—Apex Electrical Manufac- turing prior preferred. WORK PROGRAMS HELD FAR MORE EXPENSIVE By the Associated Press. NEW YORK, December 22.— The results of a study by the National In- dustrial Conference Board of data published by the Emergency Relief Administration indicates that for the country as a whole unemployment re- lief provided by work programs costs nearly 50 per cent more than direct relief, the board announced today. The cost figures for August $36.56 per work relief case against $24.83 per direct relief case, the board statement said. The conference board is supported by large industrial or- ganizations. were | hig] FINANCIAL AND CLASSIFIED he Swunday Star WASHINGTON, D. C, SUNDAY MORNING, DECEMBER 23, 1934, Classified Ads Pages Sto 8 INDUSTRY SHELVES|BRITAIN LAUNCHED w:l IBUSINESS FORGES CRITICAL VIEW OF RECOVERY DRIVE Reconciliation of Divergent Groups Regarded as National Need. 1936 ELECTION LIKELY TO AFFECT LEGISLATION Necessity of Maintaining Busi- ness Revival Expected to Be Stressed in Coming Session. BY CHARLES F. SPEARE. Speclal Dispatch to The Star. NEW YORK, December 22.—In the preamble to the 11-point plan which the industrial leaders of the Nation adopted at their conference at White Sulphur Springs this week was this striking and significant paragraph: “In making this survey the confer- ence has been actuated solely by the desire to direct attention to the diffi- culties business has encountered in the path of recovery and the conditions of which it necessarily must take cog- nizance. It has done this with the full realization that the task is one which calls for unselfish co-operation of all, and that the Government, in exercising the proper responsibilities of leadership, is entitled to their whole-hearted support. It has, there- fore, approached its task with the con- viction that patience and tolerance are requisite to the reconciliation of divergent views and the concentration of national effort upon the one great purpose—the revival of the normal processes of industry and trade.” A preliminary statement by the chairman of the conference had ex- | pressed the new attitude of industrial- |ista in ‘thess words: “The lack of definite purpose among business men has resulted in a sort of aimless critic- ism of administration policies, which was useless from the start.” It also recognizes the fact that the November election had given to every responsible group in the United States a mandate to co-operate with President Roosevelt for economic recovery. New Viewpoint Stressed. ‘The most important development this week, therefore, is the evidence in many industrial quarters that men who have stood aloof and have been critical of administration policies have begun to realize their self-preservation | depends on the degree to which they align themselves with reasonable ef- forts on the part of Washington to turn the rusting wheels of industry. They admit the need of a new ori- entation on their part concerning present-day conditions, both economic and social. At the same time they do not abandon their battle for sound Government finance, for careful ex- penditures for relief and for the ad- ministration of private business so that employer and employe shall have equal rights in the distribution of profits. Recovery is as important to the administration in maintaining its political prestige as it is to industry. ‘This fact may be expectec to appear in the early debates in the forthcom- ing session of Congress and in the messages which President Roosevelt sends to it next month. The national election of 1936 is likely to fashion the pattern of much of the legislation in the first quarter of the new year. Business Extends Gains. Specifically, the record of busiaess this week shows an extension of the upward trend which began in October, The present level of industrial activ- ity is back to that of July. Iron and steel production is up 2% points, the highest in five months, and electric power output shows an increase of 7% per cent over a year ago. Retail sales indicate the largest Christmas trade since 1929. Gains in representative cities throughout the country, to December 15, were: New York, 11 per cent; Chicago, 17 per cent; Boston, 7 per cent; Philadelphia, 12 per cent; Pittsburgh, 7% per cent; Cincinnati, 19 per cent; Detroit, about 13 per cent; Richmond and ‘Washing- ton, 14 and 14%; per cent, respectively; Dallas, over 20 per cent; Los Angeles, 11 per cent; San Francisco, 16 per cent; Baltlmm. 13 per cent, and Denver, 16 per cent. Some of these percentages have been improved in the last week. (Copyright. 1934, Newioaper SOUTHERN HERN PACIFIC NET GAINS 15.5 PER CENT By the Associated Press. NEW YORK, December 22.— No- vember net operating income of the Southern Pacific Railroad rose 15.5 per cent to $1,638,535, compared with $1,418,298 in the same month last year. For the first 11 months net in- come of $15,305,366 was 91.8 per cent her than in the same in 1933, when it was $7,984,303. Other income of the road in November is estimated at around $1,000,000, which would about cover the 's fixed charges of $2,700,000 monthly. { North jmerican $600,000,000 Waste Is Seen In Obsolete Power Equipment Special Dispatch to The Star. NEW YORK, December 22—“In department—power, muup W. Swain, editor of Power. This figure mcludu the losses under the following Purchased electricity, fuel, openflfln of engines, boilers, compressors, ting lyu- tems, pumps, heating systems, Most of this waste is lmbutlble o the fact that at least 65 per cent of industrial power equipment in use to- day is more than 10 years old, as shown'sby a survey of more than 13,000 equipment items. “According to the 1920 (latest) United States census of manufactur- en. industry spent for fuel and pur- ased electricity in that year $1- au,m,ooo. ‘The total power service at least $600,000,000 through cember 31, may be converted into first | operating lien refunding mortgage 62 per cent $2,500,000,000, counting additional 30-year sinking fund bonds series H. sums spent for the operation and |per ) L) L} 193¢ American industry lost|mate preventable waste in & single | years declares "Hnyeenhoutotndlmdnl- lar is now wasted—$1,000,000,000 yearly. Allowing for fixed charges on modern t,nmuoo- oooooowmbe in 1935 if equipment and opermon continue on the present plane. “There has been some moderniza- tion right through the depression, notably in such plants as Standard yielding ummmuwm cent, sometimes higher.” ON SPENDING RUSH THIS CHRISTMAS Nearly a Thousand Extra Trains Take Shoppers Into London. FLANDIN POLICY SPURS CONFIDENCE IN FRANCE Holiday Trade in Reich Is Best in Several Years Despite Political Tensions. Special Dispatch to The Star. NEW YORK, December 22.—Cables and radio dispatches to Business Week give the following survey of business abroad for the week ending today. LONDON.—“England is on a spend- ing spree this Christmas. Nearly EY thousand extra trains are running the crowds into London and other metro- politan centers to do Christmas shop- ping. Rail passenger traffic is already 50,000 above the figure for last year. Airmail loads have reached record highs, and note circulation is far ahead of last year. Record employ- ment to handle this rush is creating new buying power. “The market for gilt-edged securi- ties showed new strength this week on the latest announcement from the Treagpry that ‘cheap money is a vital part of government policy.” It is now expected in London that there will soon be & new government offering of £200,000,000 to meet maturities next April and the conversion of other out- standing issues to rates in line with the present reduced interest levels. Completion of this financing will prob- ably turn a fresh volume of idle funds toward industrial investment.” France More Confident. PARIS.—“Every one in France, ex- cept possibly the farmers, is looking forward to Christmas witk more con- fidence than at any time in several years. The new premier is turning out to be something of the “strong man” France wants. He has forced through the chamber a bill which frees the government from its expen- sive policy of supporting the price of wheat. Other similar economies are likely soon to reduce the cost of liv- ing. The more hopeful expect it to drop as much as 10 per cent in the next few months. His cabinet's for- eign policy is firm but conciliatory. His thorough knowledge of economics | has won the confidence of executives. “The true budget position is likely to be revealed soon, and may cause some dismay. The Senate committee investigating tax income in recent months. has intimated that they are down more than was publicly admit- ted in the recent budget discussions and that the deficit for 1935 may run as high as 4,000,000,000 francs instead of the half-billion mentioned last month. Treasury borrowing, it is esti- mated, will run as high as 12,000,- 000,000 francs.” Reich Business Soars. BERLIN. — “Religious and political tensions in the news coming out of Germany probably are hiding from the world the fact that Christmas trade this year is brisker than for sev- eral years. The boom is not confined to Berlin. Crowds are thronging to every big shopping center. Money is circulating in vastly increased volume. Only textiles are selling in slightly smaller volume than a few months ago. This is due to the fact that the public is no longer panicky over the prospect of a clothing shortage this Winter. The strict regulation of im- ports has not been lessened, but the public has more confidence now that domestic stocks of raw materials are larger than were at first believed and that imports of such an important item as cotton will be facilitated. “The German lngwel industry, in fact, is prospering, dividends are being resumed by some companies, though on a modest scale because of the Nazi ban on dividends above 6 per cent. “The great Krupp works is booking a number of foreign orders on a bar- ter basis. One of the largest is a $9,000,000 order from Turkey for rail- road materials, steel, machinery and electric equipment, for which payment will be made in Turkish hides, fruits, ores and wool, which will be utilized by the Reich. South American and Far Eastern business has been booked on & similar basis.” AIRPLANE EXPORTS NOW HOLD WORLD’S RECORD Speclal Dispatch to The Star. NEW YORK, December 22.—Along with the automotive exports, the United States this year has staged a strong comeback as a seller of aero- nautical products in the world mar- ket. Exports of airplanes, motors and parts for 1934 are figured at about $13,000,000, an increase of more than 40 per cent over 1933, making the United States the leader in that line of exports. A tragic reminder of the growth in American aviation export trade came in the crash of the Dutch FRIGIDAIRE REPORTS MANY RAIL ORDERS Special Dispatch to The Star. DAYTON, Ohio, December - Rapid strides forward of air-condi- INQUIRIES REPORTED FOR RAIL EQUIPMENT FATE OF RECOVER LEFTTO GONGRESS Credit Men Believe Radical Plans Could Stop Up- turn Quickly. The business outlook is encouraging for the first three months of 1935 be- cause of the current improvement in holiday trade and the consequent re- plenishment of stocks resulting from this increased activity, Henry H. Hei- mann, executive manager of the Na- tional Association of Credit Men, de- clares in his review of business re- ceived by the Washington association yesterday. But it is difficult to ap- praise what may be in store beyond March, Mr. Heimann says, since a great deal depends upon congressional activity. “If Congress has what may be termed a more normal session, it will help to build a firm foundation for further continued recovery. On the other hand, radical and confiscatory legislation or wild spending programs will act as an immediate brake upon recovery. Despite some inevitable form of further inflation I believe these measures will be held to com- promise programs and that Congress will not get out of bounds. “The recent trend of developments in Washington has been reassuring and today there is a feeling among business men that some of the serious troubles that seemed to characterize the situation some six months ago may never really confront us. “This more confident feeling is due more to analytical deductions from certain Washington pronouncements than to any specific, direct action on the part of the administration. The more frequent reference to funda- mental recovery measures gives rise to belief that tested and proven methods will be more fully employed in the future and this, in turn, has caused business buoyancy.” RADIO CORPORATION STOCK SELLS LOWER Halt in Reorganization Plans Is | the Shock to Speculators on New York Exchange. dropped plans for recapitalization to eliminate arrears in dividends on the =4 N ARNUTS, SSRSRANNNY (Copyright, 1934. New York Tribune. Inc.) All U. S. Markets Will Stay Closed On Christmas Day By the Associated Press. NEW YORK, December 22—All domestic financial and commodity | exchanges will be closed Christmas day, and while most of them will be the tobacco and Savannah naval stores markets will celebrate a two- day holiday by closing on December 24. In addition New York cocoa, cottonseed oil and provisions, the Chicago Board of Trade and other Northwestern grain markets will hold half-day sessions on Monday. The Canadian financial exchanges and silver and grain markets also will close at midday next Monday. European exchanges, with the ex- ception of the Paris Bourse and the Liverpool Provision Exchange, will be open as usual the day before Christ- mas. LEAD PRICE RISES $2 A TON IN WEEK Market Turns Dull After About Half of January Require- ments Are Filled. By the Associated Press. NEW YORK, December 22—A $2 per ton advance in lead was registered for the second consecutive week as consumers purchased January re- quirements. After approximately half of their estimated needs for the month had been covered, however, rather quiet conditions overtook the market, but the advances were fully maintained. Zinc also was steadied at the outset, but advances of $1 per ton were par- tially lost as concessions became available. Sales of Blue Eagle copper tapered off to a daily average of less than 500 tons in the last week, but the do- mestic price held unchanged. Book- ings of Blue Eagle for the month thus far are reported at 11,800 tons, or in excess of total November business. Tin ruled about steady with slight daily fluctuations Antimony remained dull and nom- inauy unchanged in sympathy with high Chinese replacement costs. PENNSY NET LOWER. NEW YORK, December 22 ().— Pennsylvania Railroad Co. reports No- vember net operating income of $4,- 414,831 against $5,064,800 for the same month last year. CAUTION GUIDES SILVER PURCHASES Treasury Proceeds Care- fully to Avoid Disturbing World Markets. By the Associated Press. World silver conditions, including complaining China, were said in ad- ministration quarters yesterday to ex- plain the Treasury’s studied applica- tion of the silver purchase law. Officials conceded the Treasury was proceeding carefully and indicated the reason was the necessity of not dis- turbing world markets. But they in- sisted Secretary Morgenthau's pledge th.t the law would be administered “enthusiastically” still held good. Senatorial grumbling over reports that the Government’s authority to buy silver had been delegated to the Federal reserve banks met with flat denials. ‘While the New York Reserve Bank is the Treasury’s fiscal agent, one quarter said that all silver buying “is done on direct and detailed instruc- tions from Washington, delivered by telephone.” The administration attitude was learned after several silver bloc Sena- tors, including Wheeler of Montana, McCarran of Nevada and Thomas of Oklahoma, had complained that Treas- ury buying had slowed up. China’s exact influence in guiding the buying program could not be learned, but the Oriental republic has protested repeatedly that too high a silver price would cause a serious de- flation in China. One official, explaining the reason for caution, said: “The Government cannot drive the price up quickly and then have it col- lapse the next day. Not only would the Treasury lose money, but it would cause serious trouble.” Just how much silver the Treasury now holds was a secret. It was esti- mated unofficially at something over a billion ounces, as compared with 689,- 977,000 ounces held when buying began. To attain the 25-75 ratio with gold directed by law, some 2,100, 000,000 ounces would be needed on the basis of the present gold stock of $8,198,000,000. SPRING SHOES TO BE SHOWN. NEW YORK, December 22 (#).— Spring footwear buying is expected to get under way actively during the week of January 6, when practically every line of importance will be shown here in conjunction with the shoe re- tailers’ annual convention. Holiday Candy Trade Climbs Far Above Last Year’s Mark = BY FRANKLIN MULLIN, (Associated Press Staff Writer.) HICAGO, December 22.—The aoliday trade has been sweet for the candy industry this year. Leading manufacturers to- day reported sales of candy very much. ahead of last year and that indica= ers' said increased 16 per cent in the last 10 months. In October, sales gained 11 per cent as compared with October, STEADILY UPWARD ON BROAD FRONT Clearings, Freight Load- ings, Steel Rate Also Up as Retail Sales Soar. —— HOLIDAY FOOD RUSH HEAVY AND VARIED Wholesale Markets Surprised Florida Cold Spurs Trade in Canned Goods. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, December 22,—The huge volume of Christmas buying, estimated at 20 per cent above that of a year ago for the Nation, could not dim the brightness of other in- dices in the business picture this week. ‘While shoppers kept many stores busy placing last-minute reorders, thereby retarding operations on next season’s merchandise, executives dis- cussed purchases of raw materials or plant modernization for next year Meanwhile, steel operations rose to :he highest level since December, 1930. Electric power output, thanks to in- creased use in industrial s, climbed to the highest levels in four years, Clearings Rise Sharply. Bank clearings, reflecting the quick- ened movement of trade, reached their highest levels for any week in nearly three years. Failures were fewer and there are indications total defaults this year will be the lowest in five years or more. Car loadin: as a result of increases in coal and miscellaneous freight, registered a contraseasonal gain. Reactions to the reports and pro- posals made by the business recover: conference at White Sulphur Spring generally were favorable. Foreign trade circles were pleased to learn that our foreign trade department would be expanded as soon as busi- ness improved, but some commen- tators pointed out that salesmen usually precede a rise in business and order takers merely follow it. In the past consuls have been regarded as ulumen for American goods and services. Volume of toy yeorders received here within the last few days, espe- cially from the Middle West, South and Southwest, was the largest in five years. The holiday notion busi- ness attained the best levels since 1930, with calls for sewing accessories novelty ribbons and handkerchiefs particularly persistent. prised many by its extent and Variets ‘weather sweeping over Flor- ida checked the movement of fruit and vegetables and, for a time at least, strengthened the canned goods market. Canners report chain stores ordering out 1935 contracts next week Customs warehouses here were jammed with a late inflow of goods from abroad. Perfume, jewelry and glove imports were reported at the swiftest rate since 1929. Japanese toys entered in volume. Liquor im- ports were small, as the holiday trade had been anticipated weeks ago. Lo- cally liquor sales have been rather disappointing. Hardware handlers reported an un- seasonal movement of furnace acces- sories, ranges, stoves, heaters and cot- ton gloves. Glass items, such as stemware and tableware, have slack- ened after a brisk buying movement that lasted until the second week of this month. Although there is a siz- able demand for small pieces ¢f furni- ture, chiefly of the occasional type, standard sets are much quieter than a year ago. This season normally i dull for furniture. The unusually large demand fo men’s robes caught the manufacturer here unprepared, with the result tha some stores offered premiums o: highly desirable lines. Generally th better quality of men’s furnishing: felt the influence of seasonal buying Russian Buyers Arrive. ‘Manufacturers who might be ex- | pected to benefit from modernization of domestic plants were not too busy during the week to pay attention to | the visit of a group from Soviet Russia who are here to buy machine tools Orders placed by this group naturally would call for iron, but the foundries are not much interested in this phase of the order, pointing out that prob- ably foreign pig iron would be used in such machines. ‘Wholesalers report that the excel- lent retail business done at this season has had an important infiuence on increasing the purchases of items that do not participate in the holiday trade. Sheets, for example, are being ordered liberally for the usual annual white sales. Many of the Spring bedspread lines are ready. Demand for case goods in the wholesale furniture mar- kets is brisk, much of it being for the usual January promotions. (Copyrisht. 1034) MERGER PLAN FAVORED FOR INVESTMENT TRUSTS By the Associated Press. NEW YORK, December 22.—A re- u'nninflon plan uniting the Nluoml Corp,, and the Thll'd and Fourth National lnvuton Corps. to & single investment trust PROXY CONTEST ENDED. NEW YORK, December 22 (#).— Edward G. Lauder. ' and C. N. Waiton