Evening star., 1932-11-04


amount of S108.-
5584O. there is Ii ;, M
balance of Sl29,- <r# 10
371.2l available for Es% IS, #a
the common stock. wx Ss
This is equivalent a$3
to 81 05 per share
on 1922 1877 shares 1op< II HAM.
of common stock
outstanding during the period.
The consolidated balance sheet at
September 80 shows the company to
be in a strong financial position, with
more than S796.000 in cash and current
assets of $342G 1851 Its current
liabilities at this same date were
1882, ,74704. the ratio Of current assets
to currenl liabilities being 3.67 times.
This company does not have any
bank or commercial loans outstanding,
tCday'S statement shows.
Harna d. c. Rehabilitation Chairman.
J. H. Hanna, president Of the Capital
Traction Co, Washington. has been ap-
pointed chairman for the District of
Columbia of the Committee on Indus
trial Rehabilitation in the Fifth Federal
Reserve District, 1t is announced by
William H. Meese, vice president of the
Western Electric Co. at Baltimore and
chairman of the movement in the fifth
district. The national chairman is A. w.
Robertson, chairman of the board of
the Westinghouse Electric & ManufaC-
turing Co.
The Committee on Industrial Re
mobilization was organized III Wash
lngtOn at the recent conference OF
banking and industrial committees of
the II Federal Reserve districts. The
fact was made plain in conference dis
cussiOnS that one solution TO the prob
lens Of employment and business ie-
CCvery lies in the direction Of industrial
mOdernization. Accordingly. this COM
m.ttee was authorized TO devise and
put into action national program to
accelerate replacement Of obsolete ma
Ch!neTy, equipment and plant facilities
throughout industry.
The primary objective Cf the COM
mittee at the present moment is to set
in motion a succession OF orders Tor
improved equipment and machinery.
which shall extend. in their effect on
employment and spending, from the
factory back to the farms. the forests
and the mines.
1t is claimed that every order starts
q wave CT work required in the pro-
GuctiOn. processing. transports ton, in
s,allatiCn and sales of materials and
services that IS felt throughout all
branches of business.
Business Improves in Capital.
Based on the weekly report of bank
clearings. business in Washington has
picked up slightly during the past week.
Bank clearings in this city during the
week ended November amounted to
SIS $4,000. compared with Sl5,316.000
in the week ending october 26, accord
ing to the Washington Clearing House
Accnoiotin,1 GCi1rpc ClNori,1ps
however. 80 per cent below the same
week a year ago
Baltimore revealed substantial gain.
ClearingS for the week ended November
2 being S55, ,125 900, compared with S49-
800 900 in the previous week but 1876
below the corresponding week year
ago Richmond reported Clearings of
G28,644000. compared with the higher
figure in the previous week Of S30209
600, but Cnly II per cent behind the
record of the same week in 1881. Nor
folk showed a slight gain over the
previous week but a heavy drop from
the corresponding week a year ago.
Atlanta made good gain over the
previous week.
Bank clearings at ~ leading cities
OF the United States totaled S4317.-
100000 fer the week ending November
2. Bradstreet'S Weekly reports. de-
crease Of 3.5 per cent from the previous
week and 28.2 per cent from year ago
Virtual stagnation of New York security
markets appears the major cause of
this weeks poor showing. Cities out
side New York City actually advanced,
gaming 2.7 per cent at a time when
past performance has indicated a de-
cline of 06 per cent is normal.
Accordingly. the adjusted index COM
piled by Bradstreet's rose from 41.2 to
426 per cent Of the 1928-30 average
with but one exception. this is the
highest level recorded since July 6. A
year ago, the index stood at 60.4.
Today's Local Exchange Trading.
Washington Gas 6s, series A, led trad
ing on the Washington Stock Exchange
during todayS session. These bonds
sold in S5000 $1,000 and $4,000 blocks
at 90
Washington Railway & Electric As
also figured good sized sales. the bonds
opening with $1,000 and $500, selling
at 3D.. Two $1,000 transfers were
then recorded at 8838.
Small lots Of Capital Traction stock
appeared several times on the board.
The stock opened with five 5-share
sales at 6. Five shares then moved at
s.. after which three l0-share lots
changed hands at 6. The traction
market closed with single share going
at g..
Directors of the Washington Railway
& Electric Co. have declared the regu-
La quarterly dividend of S175 per
share on the common stock. payable
December l to stockholders of record
November 10, and the regular quarterly
payment on the preferred stock of Sl.25
q share. this also payable December l
to shareholders of record November 10.
Local holders Of General Motors
stock consider the fact that the direct
orS made no dividend changes at their
last meeting as significant. If the
board did not believe in a real i'm
provement in business before very long,
it is thought that some change might
have been made in the rate The 25
cent quarterly on common and the
usual quarterly $125 dividend on the
5 per cent preferred stock were voted.
Hibbs Plans Visit to Coast.
w. b Hibbs. founder of the New
York Stock Exchange firm of w. B.
Eibbs & Co, leaves Washington tomor-
row for the Pacific Coast The vet
eran broker plans to spend the Winter
in California.
Manager Ralph NJ. Wolfe of the
Washington Office of Mackubin, Good
rich q Co. announces that the offices
in the Woodward Building will be open
on election night and that returns will
come in on the transluX. Clients and
friends have been invited to visit the
board room and avail themselves of
the service.
The board of consuls and the Mem
bership Committee of Washington Chap
ter. American Institute Of Banking,
will hold a Joint meeting next We'd
nesday evening in the board room of
the American Security e. Trust Co.
Paul j. Seltzer and Robert E. Lee are
respective chairman of these commit
tees.
The Reconstruction Finance Cor
nnratinn has authorized loan of 81