Evening star., 1932-11-12
Contrasts in Bankers Conventions.


Three years ago the first signs of
weakness in Wall Street sent members
of the Investment Bankers Association
scurrying home from the convention at
Quebec, says Time. They arrived In
time for the first big stock market
break. the anniversary of which came
last week 16,410,000 shares, ticker two
and one-half hours late, Telephone at
2o4 -28, Allied Chemical at 204 IA.
Leaders Confer, Find Conditions
Sound'). Last week nothing broke up
the convention. They heard Arthur
Atwood Ballantine, Undersecretary OF
the Treasury, make such observations
as: What the position of the Govern
ment will be at the end of the fiscal
wear 1888 depends upon total expendi-
lures and revenues for the full l2-
month period. Financial problems
ahead unquestionably require firm and
intelligent handling" Elected president
for next year was Frank M. Gordon OF
Chicago's First Union Trust g. Savings
Bank.
A. & p. Sales Estimated.
Great Atlantic &, Pacific Tea Co.
estimates sales for four weeks ended
October 29 at S66, 6,530,473, comparing
with S76,508,258 in like period of 1881,
a decrease of Se,977,735, or 13 per
cent.
tonnage sales for the four weeks
period are estimated at 415,659, against
420, 1893 in the 1881 period. decrease
Of 4,739 tons, or IL per cent.
Average weekly sales for the four
weeks period were SIC, ,618, compar-
ing with S19,127,064 in 1881 period, a
tonnage sales were 103915, against
los, 100 in similar period Of previous
year, decrease of 1,185 tons.
Estimated sales for the 35 weeks
ended october 20, 1882, without con-
sideration of change in number of
stores during the year, total S593, ,487,-
569, as compared with S691, ,758, ,343 for
the like period of preceding year. de-
crease of S98 8,270,774, or 14.2 per cent.
Estimated tonnage sales were 3,607, los,
against 3,756,759, decrease of 49, 9,654,
or per cent.
Drug Reports Quarter Earnings.
Net earnings Of Drug, Inc, for the
third quarter of 1882, after all charges
and available for dividends, totaled
$2,846, ,246, equivalent to slightly more
than 81 cents per share en- 3,501, ,499
common shares outstanding. This COM
pares with S4,475, ,394, or $1.2S per share,
for the third quarter of 1881 on the
came NUMBER OF SnareS.
For the first nine months Of 1882 net
earnings totaled 310,526,943. or slightly
over S3 per share, compared with S15,-
127,903, or S4.32 per share for the cor
responding period last year.
National Dairy Votes Dividends.
National Dairy Products Corporation,
which has unit here, has declared
the regula' quarterly dividends of so
cents on ta2 common and Sl.75 each
on Glass A and 3 preferred stocks, all
payable January to stock OF record
December 5. It was stated that in the
future action on both common and
preferred dividends would be taken at
the meeting held in the month i'm
mediately preceding that in which oivi-
dends are payable.
Norfolk & Western probably will cover
the SO in dividends which it has de-
clared en- its stock this year. APP
proXimately $3.50 was earned in the
flrst 10 months of this year. The out
look for the company's traffic is con-
sidered favorable. The late movement
Of coal officially ends on November l9,
but it is expected that the seasonal
decline in Norfolk e. Westerns traffic
this year will be less than in past years.
Joseph Wayne, jr., and Arthur w.
Sewall have been renominated by mem
Der banks to succeed themselves as
directors of the Federal Reserve Bank
Of Philadelphia.
Other Financial Notes.
Virginia Electric & Power Co. has de-
clared the regular quarterly dividend Of
$3.50 en- the Sc preferred stock payable
December 20 to stock OF record Novem-
Der 80.
American Chicle Co. has declared the
usual extra dividend Of Is cents and
the regular quarterly dividend OF SO
cents, both payable January ! to stock
of record December IL.
All questions as to the outlook for
business and securities in general may
be answered in two words, returning
confidence" HornbloWer g. Weeks state
in special study Of the outlook. Con
fidence is the basis whereupon credit is
extended, whether to the Government
or to the individual It is the basis upon
which the backbone OF business rests"