Evening Star Newspaper, October 15, 1931, Page 14

A—14 wxx FINANCIAL. POLE RULING AIDS BANK CREDIT PLAN Speedy Start of Operations ' Expected After Meeting of Corporation Board. BY C. B. UPHAM. Announcement by John W. Pole, controller of the currency, that na- tional banks lawfully invest in the obligations of the National Credit Cor- poration is considered here as a vital element in the success of the plan for mobilizing_the banking assets of the country. Numerous inquiries of a technical nature have been received y his office from national banks and from Clearing House Committees rela- tive to participation in the activities of the corporation, some national banks apparently not understanding the man- aer or extent of permissible co-opera- on, Situation Cleared. By his indorsement of the proposal and his direct statement that the plan is meritorious and should receive the support of all national banks, the con- troller has cleared the situation, and it is now thought that the first meet- ing of the directorate of the corpora- tion in New Yorw this week will re- sult in the speedy initiation of actual operations, consisting, of the issuance of debentures to subscribing banks and advances of cash to those offering pa- per for rediscount. At the same time, the announcement made by Mr. Pole limits, to some ex- tent, the potential magnitude of the plan as originally devised. The ex- pectation has been that banks would subscribe to the fund being collected by the National Credit Corporation 2| per cent of their time and demand de- posits. The $150,000,000 pledged by the clearing house banks of New York City was calculated on that basis. The con- troller's ruling, however, is that na- tional banks may invest in the deben: tures of the corporation to that ex- tent only if it does not exceed 10 per cent! of their unimpaired capital and surplus. vo per cent of the deposits of all benks in the United States is approx- imately $1,200,000,000 and on that basis the fund subscribed might conceivably reach that total. However, 10 per cent of the capital and surplus of all banks is only approximately $850,000,000. This, of course, leaves an ample mar- gin over and above the $500,000,000 fund contemplated. All ks may be considered alike in this connection, since most States have laws and regu- lations similar to those applicable to national banks, limiting to 10 per cent of capital and surplus the amount which may be extended to any one borrower. Clearing House Pledge. It has been noted here with con- siderable _satisfaction, also, that the $150,000,000 pledge of the clearing house banks of New York, representing 2 per cent of their combined deposits, is within the fixed limit of 10 per cen of their capital and surplus. The com- bined capital and surplus of the 24 members of the New York Clearing House is in excess of $1,500,000,000. There is precedent for permitting national banks to subscribe to deben- tures of this character. In a statement issued in 1627 by the Flood Credits Corporation, of which Mortimer N. Buckner was president, and in the creation of which Herbert Hoover, as Secretary of Commerce, was active, the following paragraph appears: “In reply to inquiries the controller of the currency has advised there is no objection to the purchase by nation- al banks of the bonds to be issued as contemplated by Flood Credits Cor- poration.” The way seems now clear for com- plete co-operation by the banks and effective action by the National Credit Corporation. (Copyright, 1931.) EXPORTS OF HIDES SHOW BIG INCREASE Skin Sales Abroad Also Sharply Higher, Says Commerce De- partment Report. During the first half of 1931 exports of ‘hides and skins from the United States totaled 22,994,148 pounds as com- pared with 17479219 pounds in the 1930 period. Because of lower world prices the value was smaller, amounting to $2,031,482 in comparison with $2,- 766,581 in the first half of 1930. In announcing this marked increase in the volume of American hide and skin exports, the Commerce Department said that more leather is manufactured in the United States than in any other country, and “our tanners are generally credited with producing at least 30 per cent of the total world’s output.” Commenting on this industry, the de- partment said further: “With this large production, the raw hide and skin requirements of the United States are naturally larger than those of any other country. It is for this reason that the exports of these raw materials from this country in the past have been rather small, but owing to existing conditions a marked in- crease is noted in such foreign sales during the first six months of the pres- ent year. The larger part of the hide and skin exports are of the ‘country’ type, and nearly all of the packer hides and skins are used locally. The aver- age value of the raw hides and skins sold abroad during the first half of 1930 amounted to more than 15 cents a pound, while for the present year value was less than 9 cents the pouhd. Canada is the largest purchaser of the cattle hides exported from this country, with important quantities also going to Japan and European countries. Statistics show that the average value of the cattle hides exported from this country during the first half of last vear was slightly more than 13 cents a pound, as compared with less than 8 cents a pound in the similar period of the present year. “This country generally depends on foreign sources for about 30 per cent of the calf and kip skins tanned, but in the present year there has been a noticeable decline in the imports, as well as the exports. is an indica- tion that there has been a larger con- sumption of the domestic calf and kip skins by local tanners during the pres- ent year. Exports of calf and kip skins from this country in the first half of the present year amounted to but 2,- 655,455 pounds, as compared With 4,- 277,414 pounds shipped in the similar period of the previous year.” IMPORT DUTY ON WHEAT IS PROPOSED IN FRANCE By the Associated Press. French producers are urging the tablishment of import licenses for the importation of wheat into France. A dispatch to the Commerce De- partment says the producers are seek- ing the adoption of this measure to control rigidly the present maximum proportion of 10 per cent of imported wheat permitted in the milling of flour Jor consumption. They would also pre- went the illegal use of foreign wheat imported under the temporary admis- sion regime for milling in France and subsequent exportation of a correspond- ing quantity of flour. Musical notation is international, al- Oriental me«c:tmm::M ) {E _EVENING 1% ASHINGTON D. C., THURSDAY, (€ NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to'The Star Office. (Continued From Page 13.) — Stoek and Low. Dividend Rate. 20% Pillsbury Flour 6 Pitts Coal. ~—1031 High. ¥ T1% 89% Proct & Gamb €2.40), 112% 107 Proc &Gamb pf (5).. 96% 51% Public Bve NJ(3.40). 102% 90 Public Sve NJ pf (5) 120% 97 Public 8vo NJ pf (6) 139% 112% Public Sve N J pf(7) 58% 22 Pullman Corp (4)... 11% 65 PureOll... . 101% 641 Pure Oll pf (8)...... 10s 55% 1234 Purity Bakeries (3). 1 10% Radio Corp...-..... 43% Radio Corp pf A 3%. 25% Radio Corp (B) (6).. 6% Radlo-Keith-Orph A. 9% Raybestos Man (1.60) 45 Reading Rwy (4)...x 16 Real Silk Hoslery pf. 4 Remington-Rand.... 3 Reo Motor Car(40c). 5% Republic Steel . 15 Republic Steel pf.... 6 7 Reynolds Metls(1%) 4 21 Reynolds 8pring.... 2 69 Reynolds Tob A (3). )2; 4 274 93 55% 60 24% 9% 35% Reynolds Tob B (3).. 38% Safeway Stores (5).. 89% Safeway Btra pf (7). 9% St Joseph Lead (1).. 6% StL-San Francisco.. 13 714 StL-San Fran pf(6).. 9 7 StLoufsSouthwn... 1 4 Schulte Retail Stores 1 40 Schuite Stores pf (8) 108 % Seaboard Afr Line 4 515 Seaboard Oil 19 31 _ Sears Roebuck (2%). i 81 33~ Second NatlInvpf.. 1 3% Servel Inc. 314 Sharp & Do 11 Shattuck(FG) 3% Shell Union Of1 1% Shubert Theater: 8% Simmons Co. ... 4% Simms Petroleum.... 10 Skelly Ollpfww...., 1 5% Sinclair Consol Ofi.. 21 12 Sloss-Sheft Steel pf.. 1208 2 Snider Packing pf. .. 2 12% Socony-Vacuum,1.60 88 7 South Port RicoSug. 8 28% Southn Cal EA @)... 926s 45 Southn Pacific (6) 10 14% Southern Rwy ¢mé). 16 18 Spalding (AG) €1).. 9 Spencer Kellog(80c). 6 Spicer Mfg 4 314 Spiegel-Ma: i 123 Stand Brands (1.20). 291 Stand Gas&El (33 ). 4215 Stand Gas&El pf (4). 2814 Stand Ofl Cal (h2%). 881 Stand Ofl Exp pt (5). 281 Stand Ol NJ (12) 1 Sterling Secur (A).. 21 Sterling Sec cv pf(3) 4% Stewart Warner... . 13% Stone&Webster (m2). 9 Studebaker Co(1.20). 19 Superheater (2%4)... 2% Tenne: Corp! 15 Texas Corp (2). 20% Tex Gulf Sulphur(3) 4% Tex Pacific Land Tr. 81 The Fair 1). 5% Third Avenu wee 13 Third Nat Inv(m56c) 31 Tide Water Asso Oil. 19% Timken Roller B(2). 1% Tobacco Products... 3% Transamerica Corp. . 17 50s Net. . Bigh, Low. Close. Chge. 22 22 + + L+ 4+ FEFEES F W % 5 i 3 + oAl 4+ f & FEEF 45% 11% 4% 2 571 . 31 114 133 24K Trico Products(2%4). 8 Tri-Contl Corp...... 51 Tri-Contl Corp pf(6). 7% Truscon Steel (60c).. 3% Twin City Rap Tra: 2% Ulen & Co. 24% Under Ell Fis| « 6% Union Bag & Paper. 27% Union Carb & (2.60. 11% Union Ol of Cal (2). 98% Unlon Pacific (10)... 70 Union Pacific pf (4).. 18% Un Tank Car (1.60).. 121 Unit Afreraft, 40 Unit Afrcraft pt (; 24 Unit Biscuit (2). 6% Unit Carbon. 1% Unit Cigar Stor 10% Unit Corp (75¢). 35% Unit Corp pf (3). 3 Unit Electric Coal. .. PN TOIO - TPV oY popsyores = N 8 @ 95% Unit Gas&Im pf(5).. 10% Unit Pleco D W (2). x 96 Unit Plece DWpf 63 6% U S Distributing. 52 U S &For Sec pt( 21% U 8 Gypsum (1. 4% U S Hoffman. U U U 35 USSmtg&Refpf3 621 U 8 Steel Corpn (4).. U 8 Steel pf (7).. 16% Univ Leaf Tob (3 24 Univ Pic 1st pf (8) % Univ Pipe & Rad. 9% Univ Pipe & Rad pf., 8 Util PEL(A) et2.16. 8 Va-Car Chem 6% pf. Va-Caro Chem pf (7) Va Elec&Pwr pt (6). sh R| 17% Waldorf Sys (1% 2% Walworth Co 2 Ward Baking . 4% Warn Bros Picture 5 Warren Bros. ... 13% Warren Fd&Pipe(2). 12% Wesson Ol1&Sno(2). 14% Western Dairy (A).. 4 Western Dairy (B).. 5% Western Maryland 3% Western Pacific. 614 Western Pacific pf. 831 Western Union (6) 16 Westinghse A B(2).. 391 Westinghouse (2%). 6% Weston Elec Instru 8% Westvaco Chlor (2 12% Wheeling Steel 7% White Motors. .... 22% White Rock (143) 1% Willys-Overland . High. Low. Close. b el 25% 25 4 4 & F FF FEIS FE SR 14 | public 20 Worthin 50% Wrigley 7 Zonite P T10:30 A.M. 1§ 1:30 PM Dividend rates in s stock. m stock. © Plus 2%5% Sales of Stocks on t gash payments based on the latest Tarteny ot XEx-divig SLess than 100 4% in stock. g TSNS 2 e 10, 1% Wilson & Co (A). 15 Wilson & Co pf. 424 Woolworth (14.40) gton Pump. (Wm) (4).. 3% Yellow Truck. 173 Yellow Truck & . 19 Ygstwn Sheet&Tube. €0s rodCorp (1) 13 Ty 714 New York Exchange. . 200,000 12:00 Noon 700,000 . 900,000 0 P.M. +1,000,000 siven 1n the ann arly” deciara: shares. ftPartl aid 188t vear—no Tegaiar Fers Plus 8% in Payable Ih cash or stock. fock, J Elis 800 1o ‘sbecial wunnm“‘;lfik. B id this Gular rate. nPius 6% in NEW NATURAL BAS RECORD 1 SCORED High Production Mark Is Re- corded During Year of 1930. Although the natural gas industry in 1930 fell far short of repeating the ex- pansion of 1929, it established a new high production record of 1,943,421,000,- 000 cubic feet, according to a report made G. R. Hopkins, economist analyst of the Commerce Department’s Bureau of Mines. ‘This represents an increase over the previous year of 1.3 per cent, which, though considerably below the average | annual increase for the past decade, represents, Hopkins pointed out, a cre itable showing in view of the curtail- ment in the production of crude ofl. Natural Gas Exports. Hopkins said exports of natural gas to Canada and Mexico in 1930 amount- ed to 1,798,000,000 cubic feet, a ma- terial increase over the previous year. He sald this resulted chiefly from in- creased deliveries to Mexico following the completion of the pipe line from Jennings Field in Texas to Monterrey. During the year 21,000,000 cubic feet of natural gas were piped into Montana from Canada. Commenting further, Hopkins said: “Adding the imports and deducting the exports gives 1,941,644,000,000 cubic feet as the total consumption within the United States in 1930. The num- ber of domestic (including commercial) users of natural gas continued to in- crease and amounted to 5,448,000, a gain over the previous year of 7 per cent. This increase reflects the com pletion of the major part of the sys- tem from the Monroe-Richland fleld to Atlanta and the addition of numerous branch lines to existing systems. “Although the average consumption per domestic user was less than in 1929, the proportion of the total con- sumption utilized for domestic purposes rose from 19 to 20 per cent and the percentage used for industrial purposes accordingly fell from 81 to 80 per cent, the same as in 1927 and 1928. The quantity of gas treated for the recovery of natural gasoline in 1930 amounted to 2,088,788,000,000 cubic feet, or 107 per cent of the quantity produced and de- livered to consumers. “The excess treated represents largely gas produced from ofl wells which are 80 located as regards the fuel markets that the residue gas is valueless and is ‘wasted. average prices of natural gas at the wells continued to decline and in 1930 amounted to 7.6 cents per thousand cubic feet as compared with an average of 8.2 cents in 1929. This decline in natural gas prices at the ‘wells was reflected in the prices paid by the largest users, the industrial con- sumers, who paid an average of 11.3 cents in 1930 as compared with 122 cents in 1929. “The total production of natural gas in the United States during 1930 amounted to 1,043,421,000,000 cubic feet, an increase over 1929 of 25,728,000,000 cubic feet, or 1.3 per cent. This total does mot include the quantity of gas blown into the air in flush oil flelds. Texas in Lead. “Texas, the leading natural gas pro- ducing State in 1920, strengthened its hold on first place in 1930 when its out- put was 517,880,000,000 cubic feet, an increase over the previous year of 11 per cent. This gain was due princi- pally to increased output from the Pan- handle, the starting point for the ma- jority of the large pipe-line systems which originate in the State. Produc- tion in Oklahoms, the second-ranking State, showed a small decrease in 1930 as the decline in output of the Seminole district exceeded the gain in the Okla- homs ::my fleld. California also [y in 1 decline in natural luction NEW YORK, October 15.—Bmk‘ market commentators today pointed out | that prices had lost about 50 per cent | of their gain from October 5 levels, which constitutes a technicgl reaction. | Although much of the outside news, | especially from abroad, is unfavorable, | many chose to think the market would | \meet support. 5 E. F. Hutton & Co.—With every news | development and statistical sign unen- couraging, the burden of proof that sentiment has been changed sufficiently to hold the market above the October 5 low rests upon the constructivists. We have an idea that this proof will be forthcoming. Paine, Webber & Co.—Whether or not current level marks the end of a normal secondary reaction is the im- portant question now from a trading standpoint. If it does, believe ample evidence will appear in market itself, | in way of dullness and narrow oscilla- | :ikms in pivotal stocks for one to three ays. Jackson Bros., Boesel & Co.—Unless support appears in the bond market in | the very near future, a drifting to lower levels in the stock market looms as a logical expectation. Organized support for the bond market, on the other hand, would find & logical counterpart in a rallying stock market. Hornblower & Weeks—We feel at this level the market has consolidated its recent advance and expressed its nervousness over foreign developments. Unless the Bruening government is turned out by the German Parliament and an actual political crisis brought into being, we feel that the market is probably in a position to rally from these levels. Redmond & Co.—There is reason to hope that when the new Natfonal Credit Corporation starts to function much of the pressure of recent liquidation will be relieved. However, we continue to recommend an extremely cautious trading and investment policy for the next week, at least, protecting long commitments with stops around the re- cent record lows. We feel, however, that if the current week’s news is favor- able and the Hoover-Laval conference later in the month turns out satisfac- torily, the groundwork may be laid for a general recovery in prices later in the year. OIL CONTRACT CLOSED. LOS ANGELES, October 15 (#).—The Unijon Oil Co. of California announced it has closed with the Nicaragua gov- ernment a five-year contract to supply the republic’s entire requirements of refined and lubricating ofls. Storage facilities are being con- structed at Corinto, a harbor on the west coast of the Central American republic. Pirst delivery will be made about the first of the year. The com- pany estimated the supply at 3,000,000 gallons. R Plant on 5-Day Week. NEW YORK, October 15 (#).—All departments of the Southern California Eeekn ‘l::h' Lfid.,&nmmon a flve;dly we wi COTT pay adjust- ments John B, Miller, chairman of the board announced in letter sent to holders of preferred stock of the company. Frank Armstrong has been elected a director of the American Ship Buil Co,, to succeed Elton Hoyt, 2 natural decline of the oil fields and the small number of new discoveries. Pro- duction in Louisiana increased in 1930 as an aftermath to the expansion of pipeline systems originating in the Monroe and Richland flelds, Some of the States reported material declines in output of natural gas in 1930; the most notable were West ia and Penn- sylvania, which rank fifth and sixth, NEW LIFE INSURANCE PRODUCTION DECLINES By the Associated Press. NEW YORK, October 15.—New I insurance production last month wlég 195 per cent less than the like month of 1930, while the cumulative total for the first nine months this year showed a decline of 133eper cent below the like period last year. Total new business of all classes writ- |ten by 44 member companies of thi | Association of Life Inxflrnnce Presfle dents last month was $720,218,000, com- pared with $894,396,000 for September last year. New ordinary insurance 481,000; industrial insurance, $199,218 000, against $210.425,000, and sroup 1o surance, $37,300,000, against $138,492,000. For the first nine months total new business of these companies was $8 303,342,000, compared with $9,572,89 000Tast year. \ st I PRODUCTION OF CEMENT DECREASES 25 PER CENT By the Associated Press. The mines bureau reports that pro- duction of Portland cement in Septem- ber amounted to 12,092,000 barrels, a the corresponding month of last year. Shipments during the month amounted to 13,671,000 barrels, which was a de- crease of 24.4 per cent from September of last year. Stocks on hand amounted to 22,734,000 barrels, a gain of 3.9 per cent in the 12 months. Total production for the first nine months of the year amounted to 99,- 673,000 barrels, the bureau said, com- amounted to $483,700,000, against $545,- | D. decrease of 25 per cent compared with | SPECULATIVE BOND . 1SSUES ARE HIGHER *|Industrials and Junior Public i Utilities Send Market Up- ward—Rails Gain. BY F. H. RICHARDSON. Bpecial Dispatch to The Star. high-grade domestic issues were still heavy, owing to the prospect of & higher rediscount rate and tighter money market quotations, today's bond market was chiefly notable for a strong upswing in speculative issues. { In so far as industrial and junior utilities were concerned, the im- gmvemzm was directly traceable to a igher range of stock prices, but rail- road descriptions reflected reports from Washington that an announcement of & constructive nature, having to do with railroad bonds, was imminent. Opening declines in second and third NEW YORK, October 15—Though | Al ) [ skR- 15, 'l 0!_! NEW YORK “Received by 193 BONDS =) ARRSON FAVORS Private UNITED STATES, (Sales are in $1.000.) Sales. 32-47. 832-47 48 100 12 533-38485 100 24 351-68 666 95 13 High. e ) 28 S WPFPFRED B s » R F1- 8 43-47.. 8 46-56. 8 44-54. ., US4%s47-52. coacagare 3 3 3 3 4 101 24 104 Abitibl P&P bs 22 Alleg c 1 Alleghen; Am S&R 1st 58°47. Am Sug Ref Am T&Tcv4% AmT&T bs Am T&T c tr b grade rail bonds were quickly turned | Ar; into net gains_of 2 to 4 points. The market was heavy at the start because of tighter time money condi- tions and for a time speculative issues declined in the face of a strong stock market. Then a report came from Wnal:l'lngton that “administration offi- clals” had indicated that the White House would soon make an announce- ment regarding its study of rail bonds. Wall Street took it that something spe- cific along the line of the $500,000,000 revolving fund for bank credits would be_suggested. Southern Raflway 64s, off 2 points in early trading, recoverpd the loss and vanced to a net gain of about 2 points. Missouri-Pacific 5s performed in a similar manner. Missouri-Pacific general 4s rose more than 3 points and the 5155 gained about 7 points. Sharp gains occurred in Alleghany 5s, Atchison convertible 41,5, St. Paul 5s, Erie 5s, Tllinois Central 4%s, Prisco prior lien A 4s, Frisco 4135 and virtually all bonds ofTflhl: le: classification. market was heavy at the ning. Forelgn issues were. unchanged o fractionally lower, with no very wide losses anywhere. The market was in- clined to take an optimistic view of the sltuation and looked for some construc- tive announcement from Premier Laval of France when he speaks over the radio today, although generally it was felt % |that Laval would be as restricted in his statement on the international situation s would President Hoover pending their conversations later in the month. Young plan 5iis, French 7s, British 5155 and Belgian 6s were unchanged. In’the domestic list the rails were stili under pressure. Erle 5s, Missouri- Pacific 55 and New York, Westchester & Boston first 415s had initial losses. Prime bonds were inactive. Washington Stock Exchange SALES. Capital Traction Co.—1 at 25. Potomac Electric 5'; % pfd.—5 at 1071} Mergenthaler Linotype—10 at 64, 10 64, 24 at 64, 4 at G4, 10 at 64, 10 at 65, 10 at 65, 10 at 647, 10 at 65, AFTER CALL. Capital Traction Co.—10 at 2474. Woodward & Lothrop Com.—25 at 30, 25 at 30. Washington Rwy. 4r.—$500 & Inv. pfd.--100 at 4, at 85. National Mtge 100 at 4, 100 at 4, 100 at 4. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel. 4izs '39.... Amer Tel. & Tel. ctl tr. S8 R. R 58 & Elec. C. & P. Tel. of Va. 5s... Capital Traction R. R. 5. Alex. & Mt, Pt Wash. Gas 6s, Gas 6s, series Wash, Rwy. & Elec. 4s..11ll MISCELLANEOUS. Barber & Ross. Inc.. . Chevy Chase Club as : Columbia Country Club C. Paper Mfg. 6s M. Cold Storage b: STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel (9)...... Capital Traction Co. (4) jash. Gas Lt. Co.’ (18) N. & W. Steamboet (12) r 67 pld W. Rwy. & El com Wash. Rwy. & Elec. pfd. (3) NATIONAL BANK. Capital (14) CGolumbia (12 Commercial (stamped) (10) 58353 e 158). . 3253 (9ei Washington ~{13)...] TRUST COMPANY. Amer. Sec. & Tr. Co. (18)...... Continental Trust (6)... Natl. Say. & Tr. (121) Prince Georges Bk & Tr (6! Union Trust (8s)..... .. = Wash. Loan & Trust (14)."." SAVINGS BANK. Bank of Bethesda (6§).. Com. & Savings (10) .. East Washington (12). pared with 126,917,000 barrels in the same perlod last year, while total ship- as compared with 128,673,000 barrels last year. Portland Cement plants have operated at 50.2 per cent of capacity for the year to date, as compared with 65.2 per cent of capacity last year. ALLOCATION bF COAL SHIPMENTS ANALYZED By the Associated Press. A study by the National Coal Asso- ciation of the proj 1 of the Eastern railroads to consolidate into four sys- tems indicates that approximately two- thirds of the coal shipped via rail would be handled from mines located of these s 3 Using 1929 bituminous coal ship- ments for the purpose of determining the quantity shipped by carrier on each system, it was found the four would haul approximately 308,577,000 tons an- nually. The Pennsylvania, under the alloca- tion, would have a quota of 120,847,000 tons, with the C. & O.-Nickel Plate System hauling 97,792,000 tons. The Baltimore & Ohio would get 60,107,000 tons and the New York Central the re- maining 29,831,000 tons. ‘There are a few small lines not allo- cated in the above comparison, but the tonnage is not substantial, the associa- tion says. In some instances there are lines that are assigned to more than one system in the consolidation. cases the tonnage produced on those systems to which the lines are ed. $10,531,500 Contract Let. tion has awarded a contract, ing $10,531,- 500, to the American Car & Foundry Co., for 500 new steel cars. General Electric Co., obtained contract for $2,392,500 for motors, and Westing- was awarded a $1,300,000 contract for control equipment. PACKARD DIVIDEND. vely. Production in Michigan in 1930 was less than half the 1929 total, evidence of the decline of drilling to wncover supply.” DETROIT, October 15 (#).—Direc- tors of the Packard Motor Car Co. yesterday declared a regular quarterly dividend of 10 cents per share on out- standing common no-par value stock, o Dng:\ber 12 to holders of rec- ments amounted to 102,807,000 barrels, 37 In such | Beid! has been divided equally among the | Ch! October 15 (#).—The | Gt of Tral house Electric & Manufacturing Co., | p, Potomac (10) c. Bav. & Col ), sh. Mechanics (20) FIRE INSURANCE. (12) s a0y ‘ i remen’s (8)... " Nattonal Union (15)."" 5 TITLE INSURANCE. Columbia (6h)_. Real Estate (6h) ‘ 5 MISCELLANEOUS. Col. Medical Bldg. Corp. (6). Col. Sand & Gravel pfd. (1) D. 'C. Paper Mig. pfd Natl. Sec. pfd. (7 Emer. Bromo-Selz, « Federal Storage pid. (8). .. Fed.-Am. Co. com. (1201} Fed.-Am. Co pid. (61 Lanston Monotype (7). Mer. Tr. Mer. Tr. & Stge. pld. 3 Mergenthaler Linotrpe, (6) Natl. Mtge. & Inv. pfd. (8} Peoples Drug Stores pfd M. & G. ptd. (8) American Corcora; Wash. M . Corp. (1100 Woodiward & Lothrop com. (1.30) 25 Woodward & Lothrop ptd. (7).. 107 4% 35% extra. Elns SHORT-TERM SECURITIES. & (Reported by J. & W. “".m.n%fi.c‘é;lfh Allis-Ch: Co. 5s_103° “ Ve American Chamn Co. 58 1033 943 American Tel. & Tel, 3lgs 1943 10814 “Wat, Wi 1 35 193¢ 96is 3 941 Argentine 6s A *67. Arm & Co 4%s°39. Arm Del 5% 543 Atchison gn 4s * Atchiscv 4% AtICL 1st AtICLel 4 Australia 58 °57. Austria 78 '43. 72 69% 72 13 100% 100%s 1005 1 804 79 Bell Tel Pa 53 B ‘48 Bell Tell Pa b3 C'60 36 Low. 99 20 100 2 100 6 101 7 103 44% 3819 7 9214 811y 23 308, 2 36 Bk Ed gn A 68°49.. 22 106% 105 Bklyn Elev 64s. .. Bklyn Man 6s'68..137 91 Bklyn Un 1st 58°50. 26 100 Rkiyn Un bi Budapest 63 '62 Bush T Bldg 65°60.. Calif Packing 68 ‘40 [TR 297, 20 Canada 53 ‘62 Can Nat 4%s b Can Nat Ry 4%#'66 Can Nat 4%8'57... Can Nat 43568, Can Nat ¢%8°65... Can Nat 58 July'69. Can Nat 58 Oct Can Nat 5s'70. Can Nor 78 db '40.. 31 Can Pac db 48 Can Pacific 434 4 Cent 111 G&E 68'51. Cent Pac 4 Cent Pac 58 Ches Corp 554 C&Ogen44s'92. C&O4%8B %... 4 CB&Q1strf6s'7l, Chi & Est 111 55'51. . Chi Grt West 48'59. Chi M&StP4s C M StP&P 68'75..100 CM&StPad)bs.. 56 C&NW 4%s C 2037, Chi& NW cn 4%s.. b Shi & NW 63%s°36. Chi RI& P rf 4834 Chile Cop db 5s '47. 2 Chin GVtRy 58 4 CCC&St L 4%s CCC & St L 58 Clev Term 4%s'17. 63 Clev Term 5%s8°'72. 1 Colomb 6s Jan '61.. Colomb 6861 Oct. . Colon Oil 6s ‘38 Colo & Sou 4%8 '80. 52 Col G&E bs May's2. 17 Col G&E cou 6s°'61. 18 T ConG N Y 53845, 19 Con Pwr Jap 6%8.. 12 Con Pow Japan 7s. Po 52, Cuba RR 65 ctf'36. 1 Del Pwr&L 4%8 71 13 Del & Hud rf 4s'34. 13 Del & Hud 5%s'37. 2 Denmark 4%s'62.. 12 Denmark 5%8'55.. 75 Det Unit 4%s '32... Deutsche Bk 6s'32. Duquesne 4%s Dutch East I Mar. Dutch East I Nov.. Dutch East 1 65'62, Erle 1st con 48’9 Erie con 43 A '53 Erie gen Erfecv 5867, Erle 5875 Fiat 7s war 15 43 Gen Bakin| Gen Cahl.l%l’l"l- o German Bk Ger Cen Bk Ger Cen Bk German 7s rep " German Bank Goodrich cv 68 '45. 5t Laclede Gas Light Co. s i34 New York Gent” & 1 as" 1034 a. R R _Co. 648 1936 Portland General Elec, 55 1935. Republic Tron & Steel'5s 1940. . Sinclair Crude OIl Co. 5ias 1938 Southern_ Pacific 5s 1934, 8t. L LMS. Ry. R. & G. Unfon Elec. Lt. & Pow. 5s Union Oil Co. of Calif: Virginia Ruy. & Po Wabash Rwy. Co. 2883832323288238! 87 101 8Ys 100 % about 4 per cen! cent consists of barren deserts, [} Good 18t 6%5'47.. Goodyr Rub 6s'57.. 14 GrandTr sf db 65’36 13 Grand Trunk 7s'40. 3 Grt Nor 43s'76 D. 19 GrtNor4%s'17E. 7 Grt Norgnb%s's2 3 Grt Norgn7s'36.. 3 Gréek 6s°68. .. 1 Hock Val 4%s 2 Hud & M adj 55 '67. 46 Hud & M rf 68 '57.. 21 Humble Oil bs 37 Humble O 5% '3 Hungary 7%s 44 111 Bell Tell 5 11l Cent 43 ‘53 111 Cent 4% '66. 111 CCStL&N 4 4. 111 Steel 434840, .. 20 1 ‘Inland St4%s A8 7 Inland B'S1 34% 33, 9014 51 2% 51 1 +o 11 110% 109% 17 111% 110 42 4 %s'40 1 93w 93% 93% 7 54w 53 3 100% 100% 100% 67 15 124 103% 54 49% 00 100 88% 88 6 88% 88 28 53% Bl% 63% Wire 25 9 30 100 12 100 10 9415 95 1 98 98 20 98 28 99 28 101 14 103 Bales, High. Low. 2:55 38 37 72 21 2 5 105% 1054 105% 1 106 1064 9 84 10614 1 106% 106% 106% 20 20% 20 20 29 90 110% 111% 43 53 123 33 364 4% 35y Direct to The Star Int Rap Tr sta '66. . Int Rap Tr 6s°32. Int Rap Tr 78 32, tInt Cement 58 "3 | Int & Gr Nor 6552, Int Hydro El 65 44 Int M Co Ssrer'dl. Int Match 6s°47. Int MM col tr 6s'41 Int Pap 68 A 47 Int Pap 6555 Int T&T v 4 Int T & T 55 '55 Japanese 6145 '54. 73! Jugosl Bnk 7s'57.. Kan CFtS&M 4s'36. Kan City Sou 3s'50, Kan City Sou 58'50. Kan City Ter 4s'60. Kan G&E 4%s '80.. Karstadt 6s '43 Kresge Found 65°36 Kreug & Toll 55'59. Lackaw St 58 '59. LacG StL5s'34... Laclede 515 C'53 Lake Shore 3348 '97 Lautaro Nit 6s* Leh Val cv 4s 2003. Lig & Myers 58 '51. Lig & Myers 7s'44. Loew's 6s ex w "41. Leorillard 55 51. ... Lorillard 5%s '37 La & Ark 58°6 Lou G & El 58 '52 L & N uni 45 '40 L&N 1st 5%s 2003, Lyvons 6s°'34... McKes & R 5% 850 Manh Ry 1st 45’90 Man Ry 2d 45 201, Market St 7s *40 Marseille 65 ‘34 Mex 45 asstd 1904. . Mex 45 astd 1910°45 Mexico 58 A *45. ... Midvale Stl 55 '36 Milan 638 '52. . MilE Ry & L 58’61 Mi) El Ry&Lt 6571 11 M StP&SSMcn4s.. 1 MK & T 15t 4s " MK&T prin Mo Pac gn 4 Mo Pac 58 A '6: Mo Pac 5s F Mo Pac 53 G Mo Pac 5s H '80 Mo Pac rf bs ‘81 Mo Pac 5148 A *49 Mont Pow 68 '43. Montevideo 7s ‘52 Mor&Co 1st 4% o, - » 32 B Cgn3y%s'e7.. Centdb 4s°34. Cent 4148 2013. 10 NYCnrf4%s2013. 74 NY NY N Y LScl3ls & StL4s"; NY ELH&P 58 48.. NH&H 434867 H&H cd 68° NY O&W 18t 48'92. Y Rys inc 6s'65 N1a Sh Md 6% '50. rd 6348 °50. or & Wn cv 48 9 No Am Co 58 ‘61 Nor Am Ed 68'57.. 6 Nor Am EA6sC’69 11 Nor Am E 5%s'63. NorOT &L 6s'47. Nor Pac 48 '97 Nor Pacriés Norway 6s ‘52 Ore Sh L 55 gtd 46 10 Oreg-Wash 4s°61.. 18 Orient dev 5%s'58. 16 Orient dev 65 '53... 36 Pac G&E 58 '4; Pac T&T 1st 5 Pac T&T rf 53'52. Pan Am Pet 65°40. Paramount 6s 47 Paris-Ly M 6s Paris-Ly M 7s Paris-Or 5158 68 Pathe Exch 7s ‘37 Penn 4% s D 81 Penncv 4%s'60. Penn gn 4355 '65. Penn 474s°70. Penn 4% s '63. Penn 65 '64. ... Penn gen 55 '68 Penn 6% ‘36. Penn P&L 4% Pere M 1st 45 '56. .. Peru 6s '60. Peru 65°61. Phila Co 55 °67... Phila Elec 4s'71. Phil & Read 6s'49. Philllp Pet 5%s'39. 1 Philippine R 4s'37. Pillsb F M 63°43... Pirelli 7s P CC&StL § PCC&St L 5s B P& W V4%sC60. Poland 65 "40. Poland 7s '47. Poland 8s°50. 9 Port Gn El 4%s'60. 15 Porto Alegre 8s'61. 5 Por RAmT6s'42. 1 Pos Tel & C 5s'53.. 13 5: Prussia 6s'52 Public Serv Pub Sv G 415 " Pure O115%5'37... Queensiana 6s *47.. Queensiand 7s"41.. Rem Arms Rem R5% Rhinelbe Rnine We Rhine West 65 '53.. 14 Rhine West 63'55.. 5 Rich Oil Cal 6s"44. 5 Rio d. Rio #Jan 85°46. .. R Gr Do Sul 6s '68. Rome 6% 2 Roy D 4s"45 ww... StL IM R&G 485'33. St L&SF in 4s A '50 StL&SF 4%s"78. StL&SF p 158 B '50 StL S W 1st4s'89, SanA & AP 4s'43. Sao Pau 78’40 rct.. Sao Paulo 8s 50 Saxon P W 6%48'51. Saxon 7s "45. Seine 78 °42 Serbs-Cr-S17s"62. -Cr-S1 88 '62. Shell Un O11 7 Shell Un Oi1 Shinyetsu 648 '52. 12 SincCrO 6% Sinc PL o8’ Soissons 6s ‘36 Sou Pac 4%s'81... & Sou P&OT 4%s ‘17, Sou Ry &n 45 '56 Sou Ry 55'94. Sou Ry 6s'56. Sou Ry 6%s ‘6 StOII'N J 534 StOIINY Sweden 5% Swissi%s 41 FINANCIAL, Bales. Hich. 8 53w 0415 103% 1033 90% 90N, 90% 991% 99 51% 7 101% 101% 101% 7 120 120 120 99Y% 9t 9815 9! 10. 10515 42 40% 100% 8219 9374 i 101% . 6 35% 35 «o 98 104% 104% 1 Talwan EP5%s71 10 70 Tenn EI P 63 A *47. 2 108% Texas Corp s '4d.. ¢ 84 W 314 9115 9. 99% 9 101 10 76 T 411 4 46 46% 63 . Low. 2:55 3% 0474 | Urusuay 8s 46. 46% | 46% 634 6514 57% 5% 81 97 95% 9T% 101 RAIL WAGE CUTS Head of Southern Adds That Action Cannot Be Taken Due to Contracts. The time has come when railroad ‘wages must be reduced, Fairfax Harrie son, president of the Southern Railway Co., declared in the most outspoken statement on the subject yet made by any leading ‘raile road executive. In fairness to the public and stockholders, rail- rozd labor should make the same contribution as have the officers of the Southern Rafl- way, Mr. Harrison asserted to stock- holders at their annual meeting in 4 Richmond. If or- 5 . ganized labor ! ! would accept a re- duction in wages equivalent to that taken by the 5 officers, the road « | Would still be in an uncomfortable posi- 914 | tion but very much better off than it is 914 | today, e said. Asked by a stockholder if the question was taken up collectively by all raflroads if something might not be done, Mr. | n said “perhaps that is being | Fairfax Harrison Due to existing contracts, he said, the road could nct reduce wiges and no modification of these contracts could be made by an individual railroad. He explained that he had seen several depressions, but expenses were in no case cut zs extensively as at present. He further pointed out that the road had not allowed its tracks or roadbed to | 8o to pieces and that this was in good condition. However, some rclling stock which had been laid aside has dete- riorated. The road is maintaining its share of through traffic; there is a falling off in local tarffic, he said. In regard to trucks and busses Mr. Harrison explained that the principal loss to the road was due to privately owned automobiles and not to the bus. He declared, however, that the trucks offer serious menace to railroads. If trucks were regulated by Congress they { would tzke a porticn of the road's busi- ness, but not as much as at present. The Southern had made a study of five or six large bus lines and found none of them making money, Mr. Har- rison stated. Retiring directors were re-elected. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. 1% NEW YORK, October 15—The fole lowing is a summary of important cor- poration news prepared by the Stand- ard_ Statistics Co. Incorporated, New | York, for the Associated Press. News Trend. Stocks of gasoline held by refineries declined 115000 barrels during the week ended October 10 to 30,253,000 barrels, according to the American Petroleum Institute. Refineries oper- ated at 65.5 per cent of capacity during the week, running to stills 2.400,000 barrels of crude oil daily, which com- pares with 62.7 per cent in the previous week, with runs to stills averaging 2,- 290,900 barrels daily. The Companies. American Chicle common share earn- ings. nine months to September 30, $3.28 against $3.46. Associated Gas & Electric September electric output of system up 6.7 per cent, nine months up 5.7 per cent; September_gas _output off 5.9 per cent, nine months off 0.5 per cent. Benson & Hedges passed quarterly preferred dividend: paid 50 cents Au- gust 1 Helme (George W.) Co.—Sales con= tinue close to 1930 levels: year’s earn- ings may approximate showing of pree vious 12 months. when $8.5¢ a com- mon share was earned. National Steel—To furnish all steel requirements of Murray Corporation’s mill Prudential Investors net asset value, September 30. 1931, $6.75 a common share. Purity Bakeries—Reduction in $3 an- nual dividend looked for. Western Union Telegraph common= share earnings, 9 months to September 30, $5.49, against $6.72. ‘White Motor—Has received orders for 396 cars since July 1; orders for 161 were received in first 10 days of Oc= tober. Cudahy Packing—Reduces wages 10 per cent at five plants; salaried em- ployees received 10 per cent cut July 13. Du Pont (E. 1) de Nemours & Co.— Establishes six-hour day at number of plarts. New England Telephone & Telegraph August gross off 0.3 per cent; net after taxes off 3.5 per cent; 8 months gross up 0.4 per cent; net up 5.5 per cent. Pullman, 1Inc.— Declared /5 cents quarterly dividend, paid $1 formerly: cuts salaries of employés Tecelving over $1,800 annually by 10 to 15 per cent, eflective November 1. Railroad Sharss net income, months, to June 30, $145,838. Raflway & Light Securities ware), total net incoms first months, $379.203 vs. $977.564. Southern California Edison estab= | lishes five-day week in all departments six (Dela~- nine 1% 9%, 1 6 | with corresponding pay adjustments. Johns-Manville Corporation common share earnings, nine months, to Sep= tember 30, $1.08 vs. $3.40. 3% Sales. High. Low. 2:58, | Tex & Pac 5 5 7L R Tex & P5sC Tex & P 55 D '80. Third Av rf 45 ‘60 Third Av adj 55 '60. Toklo El Lt 68 '53.. Pac 154547, Unit Drg ev 6 Utd King 5%8'37.. US Rub1st a3 Un St W 6%s A7, Ud St W 6% sA'51.. Uruguay €5 °60. Utah P& L 5544 Util Pw 58 '59 ww. Util Pow 538 °47.. Vanadium St 5541, 25% aRErnwas Va Ry & Pw bs'34. Va Ry 1st 55 '62. Wabash 414578 Wabash 1st §s°39.. Wabash 5s B'76... Wabash §s D80 Walworth 6s A Warn Br Pic Warsaw 7s 5 West E1 db 55 °44.. West Md 4s West Md b%s " West Union 53 West Union 5s'60. Wes: Un 6%s '36. . Wh Sew Mch 6s "40 Wil-O 18t 615 '33.. on 2! 9215 | Wil & Co 1st 6s°41. 101% 69 102% Ygstn S&T 6 02 834 ‘Wis Cent gen 45’36 Yokohama 83% Ygstn S&T 5s B'70.