Evening Star Newspaper, October 22, 1931, Page 14

A—14 ®¥¥ NEW OIL PIPELINE INTERESTS TRADE Leaders of Industry Are Watching Operation of Huge Carrier. BY WILLIAM VOIGT, JR. Associated Press Staft Writer. TULSA, Okla., October 22.—From that most volatile industry—ofl—has come considerable speculation recently on the newest developments in transportation of one of its most volatile products— gasoline. Completion in the last month of the longest gasoline pipeline in the world, a line which gathers gasoline in Okla- home and distributes it at way points through the grain belt, and into Chi- cago, is the feature of the marketing and distributing angle of the industry which causes all the talk. Pipeline Building. Principal interest centers in the question of how soon other companies will follow the lead which has been taken by & group of the larger refiners and distributors of Oklahoma. How long will it be until there is a net- work of gasoline pipelines radiating from refining points all over the country just as complete as the pres- ent network of pipelines carrying crude oil from gathering points to refineries? Opposing views are taken—one by a widely quoted writer for an oil jour- nal, the other by an executive of a company holding an interest in the present gasoline line operating frem Oklahoma to the Great Lakes. Basing his assumption on the theory that other refiners in all parts of the nation must come around to building pipelines to carry their own products if they wish to compete with the pres- ent pipeline operators, the oil jour- nalist has asserted that the very near future will see a renewal of construc- tion. ‘The executive, while not carrying his thought to include the entire country, says he is of the opinion that the mid- continent area, especlally Oklahoma, is well fixed for marketing and dis- tribution for some time to come and there should be no immediate an- nouncements by any companies oper- ating in this area. Virtually all the large refiners of the district are joint owners of the long line. Large producers of the vicinity who are not interested in the line have their own lines for transportation of crude oil to refineries in other parts of the country, near their distribution and marketing centers, the executive says. {)peralion of the long line to Chicago has brought some enlightening facts and figures. Cost of transportation via pipeline has been less than a cent a gallon for gasoline, whereas tank car freight charges are approximately 2.38 cents a gallon. This is pointed out as an extremely wide margin in a com- modity where an eighth of a cent differ- ential in price often means the gain or loss of large orders. Loss En Route Small. Skeptics at the outset of construc- tion of the new line declared it would fail because of construction and main- tenance difficulties and costs, loss of the fluld en route from evaporation and other causes and other obstructions in_the way. Figures now show that loss en route has been less than 1 per cent, from all causes. The line this month is operating virtually at its capacity of about 25,000 barrels a day. The long line was not the first to be placed in operation. There is a line several hundred miles long from the Texas Panhandle to St. Louis. This has been in highly successful opera- tion for some time. There is also a short line in Cali- fornia and one from the Salt Creek Field to Caspr, Wyo.; an old crude oil pipeline has been reversed in the East and, instead of gathering the raw material to transport to a coast re- finery, now is distributing the refined product from the coast inland as far ‘west as Pittsburgh. An Eastern company is planning a line from the vicinity of New York into New England. These, however, are small in com- parison with the present long line from Oklahoma to Chicago. GOVERNMENT CONTROL OF BUSINESS DECRIED By the Associated Press. NEW YORK, October 22.—A report urging “public control of public busi- ness” submitted by a committee named Jast March at the Progressive Confer- ence, was ettacked as Soclalisitic by Milton W. Harrison, president of the Security Owners’ Association, In a statement which said the associ- ation represents $15,000,000,000 of rail- road and public utility investments, Harrison charged that the report is a step toward complete soclalization of American business. “The Socialists, who signed the re- port,” Harrison said, “do not announce their real program. They talk of Gov- ernment competition with business when their real goal is Government de- struction of business.” DIVIDENDS DECLARED NEW YORK, October 22 (#).— Pe- Pay- Hidrs. of Rate. riod. able. record. Extra. iy Nov. 16 Nov. Dec. Company. Amer Stores .....50c Tnereased. Inter Saf Raz B...50c initial. Nat Ind Shrs B....13c 8 Reduced. Atl & West Pt RR. 52 S Lansing _Co L25c Q Luther Mfg 51 Q Omitted. Q Sep. State Guar Corp 7 Q Oct. 15 S Fidelity & Guar Q Nov.15 Regular. e- Pay- Hldrs. of Company. . _able. " recol American s City Water of Chatt % i 1.50 Concord Eiec 70¢ Do pf ........ %150 Concord Gas _pf. 3175 Dominion & Scottish Ltd pf....62%c FIN ~——1981— High. 4% 46% 44% 29 64 250 924 N CLAL NEW (Continued From Page 13.) e Stock and Low. _ Dividend ,Rate. 2 Peerless Motor C: 22 Penick & Ford (1). 281 Penney (J C) (2.40). 6 Penn Dixie Cmtpf... 297 Ponn Rallroad (3)... 129 Peoples Gas(Chi)(8) 20 Pere Marquette pr pf Bal Add 00. High. Low. Close. 2 2% 2% 2% . B THE - EVENIN YORK STOCK EXCHANGE Received by. Private Wire Direct to The Star Office. Stock and Dividend Rate. Low. 15 Texas Corp (2).. 20% Tex Gulf Sulphur (3) 214 Tex Pacific Coal&Oll. 3% Tide Water Asso Ofl. 1074 25% 5615 102% 41 Petm Corp of Am(1) 61s Phelps Dodge Co. 43 PhilaCo 6% pf (3) 78 Phila Conew (6).... 3% Phila&Reading C & I 373 Phillips-Jones pf (7) 4% Phillips Petroleum. . %2 Plerce Oll. . 51 Plerce Oil pf. 7% Plerce Petro . 20% Pllllb\u’y‘l‘lour @ P 7 Pitts Termina 45 Pitts United pf (7).. 2 Port Ric Am Tob(A). 815 Postal Tel&Cable pf. 7% Prairie Pipe Li; 15, Pressed Steel Car. 813 Pressed Steel Car pf. 393 Proct & Gaml “2.40) 517 Public Sve NJ(3.40). 89 Public Sve NJ pf (5) 97 Public Sve NJ pf (6) 13415 Public Sve N J pf(8). 5815 22 Pullman Corp (3). 11% 5 PureOll. 55% 12% Purity Bakeries (2). 2TV 10% Radio COrp.s.....ee 160% 201 Tide Water As pf(6). 35 Tide Wat Oil pf (5) 19% Timken Roller B(2).. 1% Tobacco Products. 7 Tobacco Prod A t95¢. 31 Transamerica Corp.. 3 Tri-Contl Corp...... 24% Trico Products(2%). 62 19 TwinCity R Tr pf(7) 21% 2% Ulen & Co. 57% 24% Under Ell Fisher (4). 123% 318 Und Ell-Fish pf(7).. 172 27% Union Carb & (2.60). 11% Union Ofl of Cal (2). 98% Union Pacific (10)... 70 Unlon Pacific pf (4). 124 Unit Alrcraft.. 24 Unit Biscult (2). 6% Unit Carhon..... 1% Unit Cigar Story 10 Unit Corp (76¢) 35% Unit Corp pf (3). 26% 95'% Unit Gas&Im pf(5) 96 Unit Plece DWpf 63 21% U S Gypsum (1.60).. 20% U 8 Indus Alcohol. 4% U S Leather (A).... STAR, WASHINGTO Net. . High. Low. Close. Chge. 9 19 18% 18% — % Y 2% — 20 e U bs L BONDS IRREGULAR IN QUIET TRADING Foreign Issues Advance, but Domestic List Shows Mixed Trend. BY F. H. RICHARDSON. | Bpecial Dispatch to The Star. NEW YORK, October 22—Bonds had % ::. irregular trend today in quiet 8. The foreign list, a_center of interest % | because of the arrival of Premier Laval 34% — % |in America for a conference with Presi- 105 —13 35% — 15% — 110 — dent Hoover, advanced strongly in every group save the Japanese descrip- tions. Domestic bonds, however, were undecided. Railroad issues were soft in places owing to the uncertainty as to the decision of the carriers on the Interstate Commerce Commission's pro- fim’ for a pool of profits obtained from creased freight rates. Evidence that for the time being the groblblmy of another increase in the ew York Federal Reserve rediscount rate had been discounted was to be found in the firm tone of United States Government long-term issues. Ad- vances here ranged from 3/32 to 8/32. High-grade municipals such as New 1% 4% 55 43% Radio Corp pf A 3%. 60 25% Radio Corp (B) (5).. 2415 6% Radlo-Keith-Orph A 29%a 9': Raybestos Man(1.60) 307 3% Real Silk Hoslery. .. 971; 45 Reading Rwy (4).... 19% 4 Remington-liand.... 10 3 Reo Motor Car(40c). 26% 5% Repubiic Stee! 54 15 Republic Steel pf. 7 Reynolds Metls(1%) 353 Reynolds Tob B (3).. s Richfield Ol. . 214 Rio Grande Ofl. 691a 30% 62% 76 1% 65 51 1% 24 20% 63% 61y 1% 1% 137 5 914 St Joseph Lead (1).. 615 StL-San Francisco T3 StL-San Fran pf(6) . 4 Schulte Retail Stores 40 Schulte Stores pf (8) 381 Scott Paper ($1.40). 3, Seaboard Air Line. . 15 Seaboard Air Line pf 512 Seaboard Oll.... 31 Sears Roebuck (2 1% Second Natl In 1, Seneca Copper. 3% Servel Inc.... 4 Sharon Steel Hoop 315 Sharp & Dohme. .... 11 Shattuck(FG)(11%) 31 Shell Union Ofl...... Shell Union Oil pf... Simmons Co... . Simms Petroleum. 51 Sinclair Consol Ol Skelly Oil Skelly Oil Sloss-Sheft Steel pf. Socony-Vacuum 1.60 Solv Am pf ww(51%) South Port Rico Sug Southn Cal Ed (2)... Southn Pacific (6)... Southern Rwy (m6). Sparks Withing (1). Shicer Mfg..... Spiegel-May-Stern. . Stand Brands (1.20). Stand Comel Tobacce i Stand Gas&El (3%). Stand Gas&El pf (4). Stand Gas&El pf (7). Stand O1l Cal (h23%). Stand Oi1 Exp pt (5). Stand Of1 NJ (12)... Starrett(LS) (12% 1 Sterling Secur (A).. 21 Sterling Sec cv pf(3) 21% 4% Stewart Warner.... 54% 13% Stone&Webster (m2). WEED debaker Co(1.20) 9% % Va-Caro 48 Va-Caro 86 32 82 515 Wabash 24 Wesson Wsthse 1067 80% 304 | 15w —1%| 178 19 wo sl I TR Zu| Ygstwn =N e e T1en | 4% 1o stock. §Pius -1% | § | B Plus 3% 1o stock. Y 3 Mh ek, S Py 3% + % | stock. o Plus 3%% In s Zonite Prod Corp (1) Sales of Stocks on New York Exchange. Dividend rates as g cash payments based on th sless than 100 shates, tock. e Payable in cash or stock. yable in s ayable in ca U S Pipe & Fdry (2). U SPipe&Fy 1st 1.20 U S Realty & Imp U 8 Rubber. U S Smtz & Ref (1), 214 U S Steel Corpn (4). U S Steel pf (7) % United Stores (. 684 —17%% 120% —1% 3 9% Univ Pipe & Rad pf 8 Ut P&L(A) et2.16 3% Vanadium Corp 7 Van Raalte. .. 22 Van Raalte 1st pf Chem... Chem pf (7) Va Elec&Pwr pt (6). Vulcan Detin (4). Vulcan Detin pf ( RR.. . Ward Baking pf (7) 4% Warn Bros Plctur Warren Bros. .. . Oi1&Sno(2). West Pa Elec A (7).. West Pa El pf (7). West Pa Pwr pf (6). West Pa Pwr pf (7). Western Dairy (A).. Western Dairy (B) Western Maryland. 4 Western Union (6) Westingh 4 Westinghouse (2%). AB@).. EM 1st m3% 4 Westvaco Chlor (2). ‘Wheeling Steel pf 3). White Motors. . White Sewing Mach. Wilcox Oit & Gas Wilcox Rich A (2%). Willys-Overland. Wilson & Co... Wilson & Co (A). Wilson & Co pf. Woolworth (14.40) Worthington Pump. Wrigley (Wm) (4).. 12% Yale & Towne (2)... 3% Yellow Truck.. 63% +1% % - % % Sheet&Tube. 2 -5 200,000 1 . 900,000 0 Noon.. 600,000 +1,100,000 bove table are the sani rterly or half-yearly declara- TPart) 3Plu: Pl Takt yearrio Tepuiar rate: 1 Plus 8% in stoek. i sl preferred stock. K Plus This Jear—ne refuld rate. bFiNs 0% i tock. & CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, October 22.—The fol- lowing is a summary of important corporation news prepared by the Standard Statistics Co., Inc., New York, for the Associated Press: The Companies. American Thread Co. cuts salaries 10 per cent. Chicago Railways—Passengers carried by Chicago surface lines in September off 9.6 per cent. Lily Tulip Cup common share earn- ings, 12 months to September 30, $3.16. Siscoe Gold Mines, Ltd—Net income before depreciation and taxes, 9 months to September 30, $300,204. Texas Gulf Sulphur common share earnings, 9 months to September 30, $2.64, vs. $4.25. U. S. Hofiman Machinery—Deficit 9 months to September 30, $234,151, vs. net income $44,495, equal to 20 cents a common share. Wrigley (William), Jr.—Common share earnings, 9 months to September 30, $4.23, based on consolidated income account, vs. $4.53, parent company only. American Water Works & Electric— September _electric output of subsid- jaries off 9.1 per cent; 9 months, off 8.6 per cent. Apex Electrical Manufacturing—All plants operating on full time. Brown Shoe—Reduces salaries 10 per cent, effective November 1; piece workers and small-salaried employes unaffected. Central Railroad of New Jersey—Di- rectors defer action on dividend because of lack of quorum; paid $2 August 15. General Asphalt—Dividend of 50 cents more than covered in third quarter; cash position understood to have been bettered since end 1930. Lambert Co. common share earnings, nine menths to September 30, $7.16 vs. $7.57. Owens-Illinois-Glass earnings report- ed satisfactory; fruit jar sales largest in history. Shubert Theater Corporation deficit, year ended June 30, $1,672,300 vs. defi- 7|ecit_$1,231,108. i United States Steel—Ingot production averages slightly below 31 per cent of capacity vs. about 32 per cent a week ago and a shade better than 32 per cent two weeks ago; in 1930 rate was 58 per cent and in 1929 week 83 per cent. Fyr-Fyter Co. class A share earnings, | nine_months to September 30, 73 cents ssn Hickok OIl Corp A% Pri Hous L&P 7" Do 36 pf f Ra; ©.60c Kokoma Water Wks % D $1.50 Loew's_Ohio e i e 52 May Rad & Teev..35c Monmouth Consel Peninsular_Tel pf.$1.75 Premier Trust vs. $3.95. Glen Alden Coal, subsidiary, Dela- ware, Lackawanna & Western Coal, an- nounced it would absorb any increased freight costs resulting from higher rate on_coal. Holeproof Hosiery—Cuts wholesale prices of several hoslery numbers 25 cents a dozen to allow retailers better mark-up. Hudson Motor Car deficit, nin months, to September 30, $548,144, against net income, $1,313,847, equal to 82 cents a common share. Kresge (S. 8.) Co.—Current year' earnings expected to exceed those of 1930 when company earned $1.90 a common share. National Air Transport common- '3 | share earnings, nine months, to Sep- £tat Guar Sun Rity Tampa_ Elec Mg pf . Underwriter Veeder root y Western Dairy Prod i T ) westneld " Mg s0c y of 34 131,621 Qct. 7 Dct. 26 “Troxel Qct. Oct. 20 Oct. 31 Nov. 1 get: 31 Lvid 39 paid 25 cents September 1. Jan. 20 tember 30, 87 cents against 89 cents. Twin City Rapid- Transit common- share earnings, nine months, to Sep- tember 30, 29 cents against $1.99. ‘Westvaco Chlorine Products common- share earnings, nine months, to Sep- tember 30, $1.39 against $2.05. Commercial Solvents common-share earnings, nine months, to September Qct. 19| 30, 70 cents against 84 cents. Hercules ~ Powder common-share 0! earnings, nine months, to September 30, 81 cents International ainst $2.59. Safety Razor declared B stock: earnings, nine months to September 30, $2.41 against $5.44. Seeman Bros. common share earn- ings, quarter ended September 30, 77 cents against $1.15. Connecticut Electric Service common share earnings based on average num- ber of shares outstanding, 12 months to September 30, $3.74 against $3.61. Commercial Credit common share earnings based on United States and Canada operations, nine months to September 30, $2.05 against $1.46. net sales off 21 per cent; nine months off 19.2 per cent. International Mercantile Marine— Chapman-Dollar-Dawson group to ac- quire half interest in Roosevelt Steam- ship Co.; United States Lines also to be jointly controlled by this group and Roosevelt Steamship Co. interests. New England Power Association in- creases contract power deliveries to Edison Electric Illuminating of Boston by 50 per cent. United-Carr Fastener common share earnings, nine months to September 30, 42 cents against 20 cents. United States Realty & Improve- ment common share earnings, nine months to September 30, 47 cents. FRENCH GOLE) RESERVES TOUCH RECORD FIGURE By the Assoclated Press. Gold Reserves of the Bank of France soared to a new high record of 60,500,- 000,000 francs during the week ended October 9, practically all of which came |from the United States. | _ A cable to the Commerce Department states the gain for the week was 726,- 000,000 francs. It added that a further heavy increase is expected to be shown when the following week's statement is announced. ight deposits abroad increased by 1,898,000,000 francs to 15,727,000,000 francs during the week, while short- term credits abroad rose by 154,000,000 francs to 10,472,000,000 francs. This apparently indicated the temporary earmarking in London of credits so far repaid by Great Britain for the pos- sible defense of sterling exchange. Note circulation showed an increase to the record figure of 81,800,000,000 francs, reflecting principally a heavy increase in the amount of commercial bills discounted. The ratio of gold cover to sight obligations was little changed at 54.79 per cent. EARNINGS REPORTED. solidated domestic operations, includir; the United States and Canada, of Com- mercial Credit Corporation and subsid- laries for the September quarter resul:- ed in net income of $797,486, equal o 77 cents a common share, compared with $571,909, or 55 cents a share, in the like period last year. A. E. Duncan, chairman, said that, including current “operating loss of the foreign subsidiary, but excluding a spesr clal reserve of $1,500,000 set up by the foreign subsidiary in June, 1931, Con- solidated net income for the nine months ended September 30, applicable to dividends on the common stock, was at the annual rate of $2.09 a common Hup botor. Cat. Gorporation Teport. pp Motor Car - ed for the September quarter net loss of $896,184, com with net loss of lusts.au in the September quarter of ast ye Seaman Bros. reported for the quar- ter ended September 30 indicated net profit of $90,409, equal to 77 cents a share, against $143,238, or $114 a share, in the like period last year. TREASURY CERTIFICATES. Co.. Offter. 100 i International Cement common share | ha Fashion Park Associates September | NEW YORK, October 22 (#)—Con- |- {RAILROAD WAGE CUT ?DECLARED NECESSARY | 2 |Investment Expert Believes Appli- ocation for Freight Rate In- crease Was Mistake. | By the Associated Press. NEW YORK, October 22.—D. M. Col- lins of D. M. Collins & Co., & rain in- vestment house, and a Zormer vice president of the Missouri-Kansas-Texas Rallroad, said, in commenting on the Interstate Commerce Commission’s freight-rate decision, that his firm has believed from the first that an increase in freight rates was not the remedy necessary to correct the railroad situa- tion, but that a decrease in wages should be made. Mr. Collins said the denial of the 15 per cent increase asked and the recom- mendations of the Interstate Commerce Commission “appear to us to be a ‘quack’ remedy for a very serious situa- jon.” tion. “The idea of pooling the extra in- come, if any, derived from these in- creases for the benefit of weak lines, is ridiculous,” he said. “We prophecy that the railroads themselves will never agree to using their surplus profit for the benefit of another carrier. It is whether or not it would be legal to use the stockholders’ profit of one railroad to pay the deficit on another. “The recommendation for the proper regulation of busses and waterway traf- fic appears to be the only constructive utterance of the Interstate Commerce Commission. “In short, the I. C. C. has thrown the whole subjeet of the freight-rate increase h.clk into the laps 'e‘f zh:' rail- roads, and it now appears that it was an ?!?wlse move on the part of the rail- roads ever to have brought the sub- ject up. “We have believed from the first that an increase in freight rates was not the remedy necessary to correct the rail- road situation. A decreate n wages should be made, and made quickly if the railroads of this country are to con- tinue .to carry on; and this decrease should be considerably greater than 5 per cent, as has been recommended by several financial writers.” CASH PURCHASES. NEW YORK, October 22 (Special).— The public. is buying for cash many small amounts cf stocks trom banks as well as brokers. A survey of this situa- tion shows that persons who never be- fore have had the thrill of getting a di- vidend check are placing many orders through banks. One institution that rever carries any stocks or bonds for its cwn account said that this newly-in- vestment minded public appears to have some information about the shares they are purchasing. Banks that have been fortunate enough to attract the “little fellow” with his cash for securities are endeavoring to him informed about his investments, for these institutions appreciate any increase in perscnal contacts. POTA™0 MARKET. toes, 162; on track, 321; total United States shipments, 952; dull, trading slow; sacked hundredweight : l;:’sh:\trrn.ll.nfl Round fir\ , 75a80; few 85; Minnesota North Dakota Cobblers, 75a80; few ‘85; Red River Ohios, 80: 90; mostly 80a85; Idaho Russets, No. 1, small to medium, 1.20a1.30; medium to o large, 1.3581.45. The British branch of an American construction concern has been 14 years in a government sanitary con- ltnictlon project in Ecuador. also very doubtful in our minds as to | W! States Department Agriculture).—Pota- gfl York State 4s, which dropped a total of 13 points in the face of a rising money market, were today quoted at ynculw yield substantially less than the 415 per cent figure which obtained earller in the week. High-grade cor- poration bonds such as Atchison gen- eral 4s, American Telephone 5s, Du- quesne Light 4155 and Standard Oil of New Jersey 5s were little changed. ‘The market was fractionally better in most instances at the opening. The foreign group reflected hopes of con- structive results from the Laval-Hoover conferences with gains of 1 to 3 points. Most French issues advanced nar- rowly. In the domestic list, junior railroad bonds were firm, while industrials such as Texas Corporation 5s, International Match 55, Goodrich 6s and American Smelting & Refining 5s were fractional- 1y higher. Prime issues were unchanged. %|COPPER PRODUCERS DISCUSS TRADE ILLS 1| Leaders of World Industry Are Considering Drastic Curtail- ment of Production. By the Associated Press. NEW YORK, October 22.—Ways and means of solving the world’s copper problems are under discussion in New York by international leaders of the industry. It was a matter of group conversa- tions, however, and the date or place of a formal conference have not yet been determined. The only point on which there seems to be a consensus, it was said, is that a further curtailment of copper produc- tion is necessary if the industry is to be rescued from the depression which is now gripping it. While the cutting of production to the bone is recognized as a primary remedy, methods, proportions and other detalls are expected to meet various divergent views. The Europeans have already indicated they are ready to accept a 40 per cent capacity curtail- ment. Some of the largest American producers, who style themselves ‘radi- cals,” believe that at least a 50 per cent cut is necessary. Other United States leaders differ from these senti- ments. Today the Copper Export Associa- tion is giving a luncheon for the for- elgn representatives at the Bankers’ Club, at which there is expected to be much informal discussion of the pres- ent situation. Group conversations, it was said, may continue for some time, and it is hoped that eventually a con- crete plan may be agreed upon which can be placed beforg a formal confer- ence. Washington Stock Exchange SALES. Potomac Electric Cons. 55—$1,000 at ‘Washington Gas 6s “A"—3100 at 100. * Potomac Electric 6% pfd.—5 at 109. - Mergenthaler Linotype—10 at 65, 10 at 65, 10 at 65. AFTER CALL. Potomac Electric 5'2 % pfd.—10 at 106. l‘nswnsMonotype—SS at 75, 10 at 75, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel. 4135 '39 Am. Tel. & Tel. Georgetown Gas_1st 55. <101 : Potomac Elec. Cons, 5%........ 4 Potomac_El 53, 2 107% Wi Gas 4 Washington Gas ash. s, Wash. Gas 6s, we Rwy. Bas & . Inc., 6%2s Chevy Chase Club 5'as.. Columbla Country Club 5’ D. C. Paper Mfg. 8s.. Wash. Mkt. Cold Storage 5s. STOCKS. PUBLIC UTILITY. American Tel. & Tel. (9). Capital Traction Co. (4). Wash. Gas Lt. Co. (18). N. & 'W. Steambost (12). Pot. Elec. Power 67 pfd. Pot. Elec. Power 51,7 b Wash. Rwy. & Elec. com. Wash. Rwy. & EL pfd. (5 NATIONAL BANK. Capital (14). Columbia (12 Commercial (stamped) Distriet (8) ... Fed.-Amer. Natl. Liberty (7d).. Lincoln (10) Metropolitan’ (14) Riggs (159); i ‘Washington (i3 TRUST COMPANY. Amer. Sec. & Tr. Co. (15) 2 Continental Trust ¢ Natl. Sav. & Tr. (121) . Prince Georges Bk. & Tr. (6). Union Trust (8s). Wash. Loan & Tri SAVINGS BANKS. Bank of Bethesda (6f) Com. & Savings (10) East Washington (1 . Sav. & Com. Bk. Seventh Street (12) Unif States (30). . Mechanics ( FIRE INSURANCE. American (12). 21 s, o remen’s _(8) Natlonal 01 TITLE INSURANCE. Columbia (8h).. Real tate (6h) 'MISCELLA] Col. Medical Bidg. Corj Col. Sand & Gravel pid. . - C. Paper Mfg. pfd. NEOUS. ®). Sec. p Bromo-Selz, ‘al Storage pid. ( m. Co. com. (1 Fed-Am. Co. ptd.’ () on ‘Monotype (7) I & o2, soswzaine Peop! Real Hot. M. . pfd. Security ‘Storage (te). Ter. Ref. Corp. ‘The_ Carpel Corp. (2). W, Meen Mege. com. (6 Wash. Med. Bldg. Corp. (7)., Woodward & Lothrop com. (1 Woodward & Lothrop pfd. (7) Bsely denea. - 5.2 UNITED STATES. (Sales are in $1.000.) Sales. High. Low. 32:55. 21 98 16 10020 01 I s 99 98 16 100 20 100 8 3. 101 4 10028 . 8. 91 20 9223 95 95 24 99 6 9830 99 101 18 101 6 10118 103 20 103 8 103 20 Sales. Mich. Low. 2:55 27 37 35 35 e Sa cqaaaaagate nunRnnn Abitibl P&P bs Adams Exp 48 Allegheny 68 '50... Allis-Chalm s '37. AmIGChb5%s 40 Am Metal 6% 8 34.. Am N Gas 6%s "42 Am S&R 1st bs Am T&T c tr bs Am T&T 6ss {60, 3 Argentine 65 B '58 Arm&Co 4% Arm Del 5%35 43 Assoc Ofl 6335, Atchison adj 4s'95. Atchison gn 45 '95. Atchiscv 438 '48. AUCL 1st 4852 Ati Ref db 58°37 Australia 4%s 5 | Australia 58°55. Australia 55°57. Austria '43. . Austria 7867 ctts. B&O4s" B&O4%s'33. B&O1st5 B&OTf58'95 5 Bk of Chile 6%s '67 Belgium 6s Belgium 78 '66.... 179 Belgium 75 °66.....162 Bell Tel Pa5s B'48 9 Bell Tell Pa5sC'60 7 B Ind Loan C 6 1 Berlin Cy El és Beth Stl pm 55 '36. . Beth Stlrf 5%s 42, Bolivia 75 '58. Bolivia Boliviz Bordeaux 6s Bost & Me 4% Bos & Me 5855 Bos &Me 5567 | Brazil 6348 °26. ... Brazil 6148 '27..... Brazil 7s Brazil 85 '41. Bklyn Elev 6 Bklyn Man 6s ‘68. . Bklyn Un 1st 58'50. Buenos A 6s'61 Pv. Budapest 6s '62. Buft Gen El 433831 BR&Pitt 43%48'57. Bush Ter con 58 ‘55 Bueh T Bldg 55'60.. Calif Packing 5340 Canada 4s ‘60 43483 Can Nat 438 '67 Can Nat 4% 855 Can Nat 5s Jul; Can Nat §s Oct "69. Can Nor 4338 °35. .. Can Nor 8335 db *46 Can Nor 7sdb "40... Can Pacdb 4s..... 2 Can Pacific 4% 5 '46 Can Pac 4%s'60... g 58°'87. Ches Corp 5s'47... C&Ogen 4t C&O 4%s C&O4%sB'9 9. Chi & Est I11 58'61.. Chi Grt West 48'69. 25 Chi M & St P C M StP&P 5 C M & St Padj 5s..11 C&NW 4%s C 2037, Chi & NW cn4%s.. 3 hi & NW 6%s°36. Chi Rwys 55°27.... 2 Chi RI&P gn 48 '88. 16 Chi RI&Prfes'34 2 Chi T H inc 6; Chi Un Sta 4 Chi Un St 55 Chi Un Sta 6%s Chile 65 '60 Chifle 6361 Chile 65 '63 s Chile Cop db 58 *47. Christiana 6s ‘54 | Clev Term 435 77, Clev Term 58 73.... Clev Term 53%s 712, Colomb 6s Jan '61.. Colon Oil 6s'38 Colo & Sou 4% Colo & Sou 435 '80 Col G&E 58 May'52. Col G&E cou 63 '61. Com Inves 5%s'49. 14 4 Con G NY 4%s'51. 105 Con G N Y 5%s'45. 53 Con Pwr Jap 6%s.. 11 Con Pow Japan7s. 3 Copenhag 4%s'53. Copenhag 58 '52... Cuba 5%s 45 Cuba R R 5852 Cuba Nor 5%s '42 Csecho 8s '51 Cgecho 8s°52 Del Pwr&L 4%s 71 Del & Hud rf 45 '34. Del & Hud 5%s5'37. Denmark 43%s'62.. Denmark 5%s'55. . Denmark 6s°42. ... D&RG W b8 '55.. Det E G&R4%8'61. Deutsche Bk 6s '32. Dodge Br cl 6s*40. Duquesne 4%s "6’ Dutch East I Mar. Dutch East I 68’62, Erie 1st con 45'96.. Erie gen 4s. . Erfecv 5867 Erle 55'75. Finland 5% Finland 7s "5 A Fram I D 7%s"42.. French 7s°49 . 2 French 7%s '41.... Gelsenk’'hen 65'34.. Gen Cable 5%8'47. Gen Motors 68 '37.. Gen Th Eq 65 '40 i Ger Cen Bk 6 German 7s rep 49.. 56 German Bank 7s 50 lg Good 15t 6% "47.+ Goodyr Rub 68'57.. 20 GrandTr sf db 6536 6 Grand Trunk 7s'40. Grt Nor 4%s Grt Nor gn 6%s" 7536 2 Hock Val 4%s " Hoe & Co 6345 °34. . Hud & M ad) 55 '67. 4 Hud & M rf 5557 Humble Oil 55 "37. Humble O 5% Hungary T%s"44... 1 111 Bell Tell 55 11l Cent rf 48 °55. .. Il Cent 4% ‘66 T CCStL&N 4% I CCStL&N s A. . 111 Steel 4%s Inland St 4%s Int Rap Tr 6532 Int Rap Tr 78 32. Int & G N ad 65 " Int Hydro El B Int M Co 5s ret’41.. Int Match 58°47... 3 Int MM col tr 6s'41 Int Pap 5s A '47, Int Pap 6s55...... Int Ry C A 63847, Int T &Y 4%8°52.. Int T&T cv 4%5'39, Int T & T 5855 Italy 7s'51. Italy Pub § Japanese 645 '54..161 Jugosl Bnk 78 '67.. 11 Kan CFtS&M 4s°36. 2 Kan City Sou 38’50, 1 Kan City Sou Kan City Ter 0. Kan G&E 435 '80.. Karstadt 6s 43 17 Kreug & Toll 5: Lackaw St 58 ‘60... Lac G StL 55 34... Laclede 5%s C'53. . Laclede 5% s D '60.. Lautaro Nit 3 Lig & Myers 5851, 1! Loew's 65 ex w "41., Lou G & El 58'52.... Lorillard 5%s37.. Lorillard 7s *44 Lyons 6s'34. McKes & R5%4 550, Manh Ry 1st 45’90 Market St 7s '40. Marseille 63 34. ... Midvale Stl 55 '36 Milan 6%s8'52. ... Mil E Ry & L b Mil El Ry&Lt & M StP&SSM cn M StP&SSM 58 MK & Tadj 5s MK&T pr In 5SA'62 Mo Pac gn 4s'75... Mo Pac 65 F "17.... Mo Pac 65 G '78.... Mo Pac 53 H '80. Mo Pacrf 6s'81.... Mo Pac5%s A ‘49 Mont Pow 58°43. Montevideo 78 '52. . Mor&Co 1st ¢%#'39 Nassau Elec 45 '51. Nat Dairy 5% s *48. Nat Steel 55 '56 Netherlands 6s'72. N Eng T 1st 58 °62.. NOT&MG5sB'54. NOT&Mb5%s '54. Nw S Wales 58 '5 ’51 P e o NY NH&H 3338 '56 NY NH&H 4% 367 NYNH&H clt 65°40. 9 NY W&B 434346, . Nia Sh Md 6%s'50. e Nor O T & L 65 '47. Nor Pac 3s 2047. Nor Pac 48 '97. Nor Pac 4%s 204 Nor Pacr 1 68 204 Norway 6863 Norway 5343 '65. Norway 6843 Norway Norway 68 '52. Ore Sh L 55 gtd "46 Oreg-Wash 45 '61.. Orfent dev 5%5'58. Orient dev 65 °63... Pac G&E 58 ‘42 Pac T&T 1st 5: Pac T&T rf 5552 Paramount 65 '47 Paris-Ly M Paris-Ly M Paris-Or 53 Penn 4% s D Penn gn 4%s '65. Penn 4%5'70 mank Bare SsancRasnnasereie rSorans mreaRalnalBllacunenalta » Penn 5s'64. Penn gen Penn 64536 Penn P&L 4%s Peoples’ Gas 58 *47. 30 39, Pillsb F M 6543, .. Pirelli 7s '52 PCC&StL 4% P&WYV4%sC60 Poland 6s Poland 75 '47. Poland 8s°50. Porto Alegre 8s'61. Por RAm T 6s'42. Pos Tel & C 58’53 Prussia 6s ‘52 Public Serv 4 ot 70 Pure O11 5%5'37. Queensiana 65 "47 Queensiana 7s41.. Reaa gn 43%8 A '97. Rem Arms 65 A 37, Rem R5%3 A "47 Rhinelbe 7s 46 Rhine West Rhine West Rhine West R Gr Do Sul 6 RIAr&L4%s'34. Rome 633 '52. . Roy D 4s'45 ww... StL IM R&G 4s'33. St L&SF in 43 A 80 StL &SF 43%4s'78. StL&SF p 1 5 B '50 StP&KC SL 418’41 StLS W 1st 45’89, StLSW6s’62..... Sao Pau 78’40 ret.. Sao Paulo 8s'36 Sao Paulo 8s '50. Saxon P W 614861, Saxon 7s *45.. Seab A Lcv 63'45.. Seine 7s'42. RBonSBnvanane e moaalBeweanSweoms o £ D e e Sinclair Oil 6%#s'38 Sinc O 7scv A 37 e ko oomavssehRoatBan erS e nnanZan o 283 Swiss %846 Taiwan E P 6%#'71 Tenn El P 1. Texas Corp ‘Tex & Pac 6s B'77. Tex & P5sC" Third Av rf 4 Third Av adj Toho El Pw u FINANCIAL [oxvaw sonx BONDS ok mecca] (GERMANY'S TRADE | ¢ Received by Private Wire Direct to Y Y BALANCE IMPROVES i Commefce Department Ad- vised of Gain in Exports Over Imports. The Commerce Department today was advised of a favorable trade bal- ance in Germany and a larger import surplus in Great Britain for the month of September. Commercial Attache G. Lawrence Groves, at Berlin, cabled the depart- ment that a further decline in imports and an increase in exports brought Germany a record favorable trade balance. A larger unfavorable trade balance in September than in August was shown in a cabled report to the depart- ment from Commercial Attache Wil- liam Cooper, at London. There were increases, however, in both exports and ports. According to Cooper, the totals rep- resented advances of 4.6 per cent in imports and 2.4 per cent in exports, and a decline of 2.3 per cent in re- exports, as compared with figures for August. Figures Given. ‘The cables to the department gave the following figures for the two months: German imports, September, 448.- 000,000 marks; exports, 835,000,000 marks, including reparation deliveries in kind of 23,000,000 marks; August, 454,000,000, 776,000,000, and 26,000,000 marks, respectively. ‘The gain in exports was based u increases in sales of iron and el products, amounting to 13,000,000 marks, textiles, 11,000,000 marks, and XJ: toys, paper, shoe and leather produc- on United Kingdom imports, Septem- ber, 68,300,000 pounds; exports, 29,- 800,000 pounds, and re-exports at 3,800,000 pounds. Reports continue to mount up at the Commerce Department of business in imported products being materfally affected by the exchange situation. ‘The Department was advised today that the Belgian weaving industry has been affected seriously by the depre- clation of the pound sterling, foreign sales generally being invoiced in ster- ling payable three months from date. Owing to fewer foreign engagements, srlnnmg mills suffered less. Fluctua. tions of raw material prices also have hampered transactions in the cotton industry, according to Commercial At- tache R. C. Miller, at Brussels. Business in the linen industry, ac- cording to Miller, is extremely duil with the situation further aggravated by sterling exchange. Demand from North and South American markets is slight despite manufacturers’ offers at new low prices. The flax market is inactive, as the new crop has not come on the market as yet, Miller said. Meantime, in order to protect Japan's gold reserve and to maintain a sound financial condition, the Yokohama Specie Bank in its forward exchange business is now selling dollars for de- livery only to the end of the present year, according to a cable received by the Department from Assistant Com- ?e;ld.l Attache William Dowd, at ‘oklo. Sales Limited. Dowd added that the bank is limit- ing sales to December 31 trade re- quirements. All the foreign exchange banks are co-operating in this policy, which is intended to curtail the out- ward movement of investment capital, 25 also speculation, and limits exchange operations largely to the financing of trade requirements. The announce- ment been taken as an indication of the Government's determination to maintain the gold standard. Trade Commissioner Julian B. Fos- ter at Wellington also cabled the de- partment today that a customs ruling of the New Zealand Government appli- able to all shipments exported on and after September 20 provides that for all products invoiced in any currency other than British currency the value of such goods in New Zealand for the purpose of assessment of ad valorem import duties will be ascertained ac- cording to the banking rate of exchange in force on the date of exportation of the goods from the country of export. instead of the date of clearance through the New Zealand customs, as heretofore. INCREASED COTTON DEMAND IS URGED Head of Textile Institute Urges Steps to Foster Expan- sion of Trade. By the Associated Press. NEW YORK, October 22.—Vigorous steps to create a greater dumtsg for cotton were urged yesterday by George A. Sloan, president of the Cotton Tex- tile Institute in addressing the insti- tute’s annual meeting. “The circumstances are exceptional- ly in favor for expanding the uses of cotton,” he said. “The great interest in cotton today, so manifest through- out the United States, grows out of the fact that there are more than 12.000,- 000 people in the country whose liveli- hood is dependent on cotton in one form or another.- % “Let’s keep in mind the tremendous * * benefits that will come to all in- dustries if we can succeed in buflding up a greater demand for cotton, which, in turn, will promote the economic welfare of these 12,000,000 people. “Developments during the past year give much encouragement to the belief that the demand for cotton, in both new and established markets, can be greatly increased.” < Sales. High, ‘Toho El Pw 75 '66 T2% Tokio s 'b. 3 Tokio 53%s'61 8 Tokio El Lt 6s'53.. 11 Tol St L&W 4s'50.. 10 17 1 3 451 003 Un Pac 4%8'67.... 10 UnP1strf5s2008. 1 Unit Drgcv 58°53.. 1 Utd King 5%8 '37..359 U S Rub 1st 58 °47 UnSt W 6%8s A'47. Ud St W 6%sA'51.. 1 Ud St W 5%sC'51 Util Pow 5%8°47.. Vanadium St 58'41. Vienna 6# 52 .. VaRy 1st 5362 Wabash 4318 ‘Wabash 53 B ‘76 ‘Wabash ‘Wabash § ‘Walworth 6s A "45. Walworth 6% s '35, Warn Br Pic 6s'39. Warn Quin © @ » 2aBal vuntaBunalas N o West Union 6s '60. Wes: Un 63%s°36. .