Evening Star Newspaper, November 26, 1931, Page 15

G STAR, WASHINGTON, D. (., THURSDAY. OVEMBER 26, 1931 FINANCIAL AMERICAN BANKING | [——so= rorxs mowr xnow wi o ne manvsru SYSTEM ANALYZED Béitish Financiers Find No iCause for Alarm in U. S. : Situation. BY CYRIL B. UPHAM. official and banking circles much paflsfaction is expressed concerning published results of an inquiry made inp the banking position of the United States by the Midland Bank, Limited, one of London’s “big five” financial in- stifutions. It is regarded as reassuring that British bankers have an intelligent appreciation of the fundamental strength as well as of the mechanical detail of the banking structure here. ‘The current monthly review of the Loadon bank, in an analysis of the sit- uation in this cetntry, under the title “Recent Developments and Current Anxieties,” assures Europeans who have inclined to fear a breakdown in United States that anxieties as to the stability of American banking in- stifutions are groundless. Neither the immediate nor the final outcome need cayse disquiet, is the conclusion. Strength of System. e summary of the situation, after ing to any suggestion of a general down as ridiculous, goes on to : “There is no ibility of a hope- less melee of insolvency and unorgan- moraf . The strength of the American banking system is, at bottom, the strength of America; its resources, its solid assets, are beyond question; the available supplies of cash are sufficient to meet all eventualities that have any immediate claim to serious considera- Ugp. True the system has defects, ‘which the trials of recent years have regdered more and more obvious to all eygs. But they are not such as to en- damger the stability of the structure as & Whole, nor of those parts of it which oceupy leading positions. “Thy be many fore failures foundations of the ?sm. Which are essentially solid and well After reviewing the record of bank fallures in this country, the Midland Bank tells its English readers that the number of failures in the United States in:itself becomes unimportant when it is Temembered that the Americans work on the “unit” system comprising “tens ofg thousands of separate, or at least nominally separate, banks.” The re- viéw expresses amazement at the small & of many of these banks. “The average deposits involved were well be- loW $1,000,000 per failure,” it says, “an almost incredibly small sum for an in- stffution designated as a bank. Fail- ures in such a system can be and are upon, very largely, as constitut- a natural process of selection méfll:’cd by a system still lacking in n. 3 National Credit Corporation. The National Credit Corporation is speken of as & “further reassuring de- velopment,” which should “restore the lighidity of many banks bordering on insolvency.” Testimony of this character from sueh a source is expected to go far to stfengthen the confidence of those Americans who have been inclined to the present situation with pes- s r?ue from so conservative :} 80 _influential an institufion is re- ded here as “praise from Sir Hubert,” ard is valued accordingly. : (Copyrizht, 1931 KIPLING COMPLAINS: OF TAX ASSESSMENT Declares Levy on House Is Too - High, but Committee Refuses Reduction. HASTINGS, England (#).—Rudyard Kipling has complained es s tog high, p] that his taxes In a protest to the Assessment Com- miltee here the noted author declared the committee would be lucky tg get $2000 now for & $4,000 house bifft in Furthermore, the river near his home at Burwash, his secretary said, swamped & tennis court and forced him to use planks to leave or enter the house. er houses in the district are rated at’a lower figure, he said. committee decided not to make any reductions, however. VIENNA BRIDGE PARTIES - THREATENED WITH TAX Municipal Levy May React to End * Popular Game of Last Eight Years. VIENNA (N. A. N. A) —Vienna’s little oafe bridge parties are threatened with extinction. Tts eight years and more since the eity took rather passionately to bridge. Then came the financial collapse and social life at home was transferred to the cafes. This gave some clever Viennese women an idea. They ‘e poor and in some cases their hus- ds were out of work. They began tostake special rooms at the cafes and to” organize little bridge parties, later on getting up circles for rummy and other card games. ‘There are now about 100 of these bridge rooms M the cafes of the city. Already their “ es” have to divide " their incomes with the cafe owners and now officialdom has stepped in and the municipality wants a share, too. If the matter becomes an official one it is thought that the little bridge parties will come to an end. {he Morth American HONORED BY HEIDELBERG Picturesque University Town Re- named Part of City for For- : mer U. 8. Diplomat. By the Associated Press EIDELBERG, Germany—The city fafhers of this picturesque university town have renamed part of Lower karstrasse after Jacob Gould Schur- n, former American Ambassador to Geé&rmany. Mr. Schurman, who once studied at Heldelberg, never forgot his alma mater and was instrumental in securing funds from wealthy Americans for the erection of a new university bullding dedicated Iast Winter, contributing a considerable s@n himself. —_— PRISON TEAM AGAIN STIRS High School to Meet Sing Sing, F Defeated by Police. “NEW YORK (N.AN.A.)—Sing Sing n’s foot ball team, which Warden the famous Coach ‘Roper Princeton, always called “lousy” to pep it up, is getting milk with its ed wheat. LThe Port Jervis police force, which d@d a noble jcb within the Sing Sing jnfines & week ago, took only $75 of e $1.300 received at the gate. Now a‘crack high school team will take on the Ossining eleven, which is in strict »&It has been suggested that a stadium set up. WHAT’S HE GOT TO GROUCH OHR HENRY ! S2 -ruucsalvéuc- DINNER [} WEATHER HINDERS CANADIAN TRADE Building, Farming and Navi- gation Profit by Extra Warm Fall. Special Dispatch to The Star. MONTREAL, November 26—Cana- dian wholesale and retail business dur- ing the past month presentsd no new features, says the Bank of Montreal in its current review. The mild weather of the month has been of advantage to bullding undertakings, to navigation and to farmers, permitting the latter to complete Fall plowing and keep their nerds in pasture. On the other hand, Pi‘uyler:lg of Winter goods has been de- erred. The opening of the Canadian Pacific Railway shops affords employment to some thousands of people who had been out of work for several weeks and will help retail trade in the cities in which these shops are situated. The latest estimate of the field crops of Canada places this year's yield of wheat at 288,000,000 bushels, an in- crease of 26,600,000 bushels over the Sep! r estimate, but 100,000,000 bushels less than the crop of 1930. All this wheat was produced in the three prairie provinces, with the exception of éo,?oo,ooa bushels grown mainlv in On- ario. ‘While transportation companies have been hit this year by reduced com- modity movement on land and water, grain shipments from the port of Mont- real have been about 10,000,000 bushels in excess of those of lasf tramp steamers having trade. Ocean freight rates are relatively low and with scant inward cargoes bus- iness has not been satisfactory. Car loadings have improved during recent weeks. During the four weeks ending November 7 there was an in- crease of 3,013 cars as compared with the preceding four weeks, the total being 61,171 cars, The improvement, however, was largely confined to wheat, & brisker movement of which was caused by rising prices and increased demand. FRENCH LAWYERS WORK ROADS TO EVADE TAXES Members of Bar Association Use | Method to Protest Against Increasing Levies. MONTPELLIER (N.AN.A). — The Montpellier bar have been staging a novel protest inst the ever-increas- ing taxation. The local rates became altogether too much to be borne, 50 the association of young lawyers addressed a letter to its members telling them that they were expected to co-operate in exercising the ancient right of every French citizen, inherited times, of paying levies in kind. They were to present themselves with spades, pickaxes and hammers, clad in stout boots and leather gaiters—protec- tive glasses for flint breakers being pro- vided. And forth they went as road menders upon the highways! More- over, they consumed their midday sand- wiches on the scene of operations, like thoroughgoing workmen. Now they ,awailt the results of their demonstration against the “perpetual augmentation of various imposts.” Not every navvy would put it that way! t. 1951 the North American ance, Inc.) Newspaper A MUNICH DRINKS MILK City Losing Claim to Fame as Con- sumer of Beer. MUNICH (N.AN.A.).—Munich ap- pears to be losing one of its major claims to fame. The city is taking to milk! The home of Germany's most famous beer and of the world's greatest beer drinkers simply will not believe it, but the official statistics clearly show that Munich people are drinking more milk per head than the inhabitants of any other city. Waggish visitors want to lknow whether the citizens are going to eat brntnd milk instead of sausages and schnitzel. Replies are either contempt- uous or hi h? explosive. (Copyrisht, 1ssi. by the jth | American lewspaper Alliance, Inc.) Eight Tons of Clippings. ASBURY PARK, N. J. (£).—All that was printed about the human, non- military side of the World War—at least all that Dr. Joseph Broadman could collect—makes about 150,000 newspaper clippings and more than 8,000 letters from readers to news- papers. The business weighs eight tons, . rom feudal | PLATINUM IS SUGGESTED AS BASE FOR CURRENCY Special Dispatch to The Star. NEW YORK, November 26.—One of the current suggestions for curing the alleged faults of the gold standard for currency, declares the New York Trust Co.. is that platinum be used to supple- ment gold as a currency base. Inquiries among some local authori- ties on the subject, however, revealed the fact that the world’s supply of platinum is small and the yearly pro- duction is falling off rapidly because of the exhaustion of the mines in the Ural Mountains. Little more than 5,000,000 ounces of the metal has been produced since its discovery in 1736. At $100 an ounce this would be worth only $500,- 000,000, or less than 5 per cent of the total gold reserves of 36 countries. “Platinum,” said one gold base devo- ould admittedly be placed in alloy with some other metal so as to render it available for coinage, but if it were adopted as a currency base, it would not likely be used in that form at all.” KENYA COLONY HIT BY LOCUST PLAGUE $5,000 Reward Offered for Means to Destroy Pests in Africa. By the Associated Press. NAIROBI, Kenya, East Africa— Kenya Colony is again suffering from a severe plague of locusts and as yet no satisfactory remedy has been found. ‘The last invasion of Kenya began in May, 1928, and did not cease till March, | {5 the 1930. The insect was then the variety known as the desert locust and came from the Sudan and Abyssinia. Breed- ing unds are believed also to exist in the French Sahara, and a confer- ence was dpened in Rome this Sep- tember to discuss ways and means of International co-operation to combat the pest. ‘This year, however, the species is the migratory locust. It is even more destructive than the desert locust and harder to deal with. Its breeding grounds in Central Africa are as yet unknown. The government is using various measures of defense and a re- ward of $5,000 has been offered for an effectual method of destroying the second generation as it emerges from the eggs. RIVIERA HOTEL MEN MAKE OVERTURES FOR PATRONS One Goes So Far as to Ask Guests to Set Own Prices for Bervice. MONTE CARLO (N.AN.A.).—Hotel proprietors and managers on the Cote d’Azur _seated, presumably, in their most private offices, with damp think- ing caps pulled well down on their | troubled brows, are thinking overtime. They simply must get the visitors back in spite of economic depressions, ster- ling difficulties and the like. Alfred Sheck, manager of the Me- tropole at Monte Carlo, has sent out a circular letter to his English patrons that he is having large consignments of non-perishable foodstuffs sent from England. One well known hotelier has promised to invest his profits in English securities, keep his money in English banks and lend pocket-money in cur- rency to all comers. But the limit has been reached by the manager of a Nice hotel who sends forth this S O S: “Please let me know just what you would like to pay; I assure you that we shall meet your requirements.” (Copyright. 1931, by ‘the North American Newspaper Alliance, Inc.) VALUED LETTERS FOUND Liszt and Beethoven Notes Uncov- ered Near Budapest. BUDAPEST (N A.N.A.) —Publicity seems ever to have been a great neces sity to the artist. Among some hithers to unknown letters from Beethoven and Liszt that have been found by a mer- chant of Dombovar is one ad ¥y to Mrs. Pleysel, s Viennese pianist, asking her to play his newest composition as often as possible at her concerts. Unfortunately the letter is not_dated 0 one cannot tell to which of his works it refers, Another letter, from Beethoven, is dated 1819 and thanks Degen, as presi- dent of the Philharmonic Society, for electing him as a member. Jacob Deg- en, & Viennese merchant, was the great-grandfather of the Dombovar merchant’s wife, and the valuable col- lection of letters has been found among his correspondence. (Copyright. 1931 by the North Amerioan Newspapas Alilance, Inc.) PIPE LINE CONTROL LEGISLATION SEEN Attempt to Pass Regulatory k- Laws at Next Congress Is Expected. BY CHAS. P. SHAEFFER, Assoclated Press Business Writer. Legislation designed to regulate pipe- line transportation concerns is expected to come up at the forthcoming session of Congress. Profits realized by these companies during 1930, as disclosed in their an- nual reports to the Interstate Commerce Commission, are expected to be the basis of arguments to point out the necessity for such regulation. A suggested remedy and partial regu- lation of oil pipe-line companies contained in a bill introduced during the last Congress by Representative Hoch of Kansas, the effect of which ;vn to prevent oill-pn‘;du?mng compa':\lles rom engaging in pipe-line operation. ‘This is not unlike &e action taken by Congress some years ago when, by op- eration of law, the large railroad com- panies were compelled to divest them- selves of large holdings in the great coal flelds of West Virginia®and Pennsyl- vania, At the present time the Interstate Commerce Commission exercises very little jurisdiction over pipe-line trans- portation companies, They are com- pelled only to make an annual report commission, outlfing revenues and e es. On the other hand the steam car- riers must not only make an annual report showing revenues and expenses, but must also make application for a certificate of convenience and necessity before any new track can be constructed or any old one abandoned In addition, they cannot issue any securities without the approval of the commission, and they have been valued and are permitted to make a fair return only upon that valuation, excess profits being recapturable. The railroads, or at least a majority of them, insist that regulation of pipe lines should be placed on a parity with the regulation of steam carriers. OUTPUT OF ELECTRICITY SHOWS GAIN FOR WEEK By the Assoclated Press. NEW. YORK, November 26.—Produc- tion of electricity in the United States last week showed a gain of about 32,- 000,000 hours over the previous week. The decline from the corresponding pe- riod a year ago was 3.9 per cent, the smallest recession since early in Octo- ber. Output on the Atlantic Seaboard was off six-tenths of 1 per cent from 1930, although for New England, taken alone, there was a gain of 1.5 per cent. The Central industrial region showed a drop of 6.4 per cent, compared with last year, and the Pacific Coast a de- cline of 3.4 per cent. . STOCK DIVIDEND VOTED BY BUSINESS MACHINES Direéctors of International Business Machines Corporation, which has a plant in Washington, have declared the regular quarterly dividend of $1.50 a share on the capital stock and, in ad- dition, a 5 per cent stock dividend, Thomas J. Watson, president, an- nounces. This is the fourth consecu- tive annual stock dividend of this amount declared by the company. Both the stock and cash dividends are payable January 11 to stock of rec- ord December 21. The stock payment will add 33,493 shares to the company's outstanding capital stock, increasing the total number of shares to 703,344, Por the past 10 years the corpora- tion has shown continuously increasing earnings and has added more than $18,000,000 to surplus. CAN COMPANY EXPANDS NEW YORK, November 26 (#)— Continental Can Co. hes acquired the assets and can manufacturing business of the Gordon Can Co. of Omaha, Nebr. The }zapsny acquired includes 8 modern four-story concrete plant with good side-track facilities, although 90 per cent of the present business is within trucking area of Omaha. PARIS BOURSE PRICES, PARIS, November 26 (#).—Three per cent rentes, 83 francs 80 centimes; 5 per cent loan, 101 francs. Exchange on London, 92 francs, 25 centimes. The dollar was quoted at 25 francs 56% centimes. OIL TRADE WARNED OF EXCESS STOCKS Association Head Urges an Immediate Program for Curtailment. BY WILLIAM VOIGT, JR., Associated Press Staft Writer. TULSA, Okla., November 26.—A warn- Ing to the oil industry that it must take adequate measures at once to keep production in line with demand or see its past efforts fail has been issued by William N. Davis, president of the Mid- continent Oil and Gas Assoclation. ‘Texas is singled out as the offender by Mr. Davis in a prepared statement in which he points out that State is the only one which has ted in increas- face of trouble- ing oil output in some overproduction. “The ofl industry should take warn- ing that it is overproducing both crude and refined production,” the statement sald. Cites Recent Keports. “Operations continued at the present rate will dangerously increase existing excessive stocks of both crude and gaso- line and prevent the realization of benefits which would otherwise accrue from the constructive efforts and sacri- fices that have been made.” Mr. Davis cited the recent reports of the economics committees of both the Federal Oll Conservation Board and the American Petroleum Institute and de- clares that “previous forecasts of these committees have so ctosely approxi- mated subsequent events that they should now be universally accepted as the guide to the industry’s activities.” Averaging the figures of the two re- ports for the nine-month period end- ing June 30, 1932, Mr. Davis declared “We find that the United States. crude production should be 2,340,000 barrels daily and runs of crude to stills 2,293,- 000 barrels. For the period of low con- sumption ending March 31, 1932, crude production should be 2,196,000 barrels daily p:-ln‘lg run? antflmfifl,fl:‘flmm‘hué Comparison of these es of current operations shows clearly that the industry, is headed for renewed and increased troubles.” ‘The Ofl and GasJournal’s table of pro- duction for the week just ended showed a total crude production of 2,442,993 barrels daily, a variation downward of only about 19,000 barrels from the pre- ceding week. The American Petroleum Institute reported daily average produc- tion for the past week was 2,453000. Each figure is far above the quoted needs of the industry. Refinery operations for the past week, reported by the A. P. I. showed that plants handling 95.2 per cent of the Nation's capacity announced daily average crude runs of 2,261,000 barrels, again far above listed requirements. Peak in 1929. Continuing, Mr. Davis noted that “while a measure of proration had been in effect in central pools in Oklahoma, Texas and California prior to August, 1929, it was not until then, when United States production reached its peak, that serious and far-reaching efforts to cor- rect the situation were inaugurated. “During the above period, notwith- standing discovery of Kettleman-Hills and other lesser but important pools, California reduced its production 365- 374 barrels per day. Oklahoma, with the added burden of the Oklahoma City pool and others, cut its daily produc- tion by 184,335 barrels. Other produc- ing States effected an aggregate reduc- tion of 54,000 barrels daily, and during the saine period Texas increased its pro- duction 107,000 barrels per day.” ST. PETER'S REPAIRS ADVANCING NICELY Replacing of Cracked Stones to Take Many Years, but Prog- ress It Noted. ROME (N.AN.A)—Work on the dome of St. Peter's is going along famously and the strengthening of the shafts in the bell tower has been com- pleted. The tarmabour on which the great cupola was to rest was not finished when Michelangelo died and the archi- tects who followed him departed from his plan by failing to bind the tambour with the 16 buttresses which were to relieve it of part of the weight of the cupola. Time and some minor earth- quake shocks brought about cracks and an effort was made in the eighteenth century to improve and protect the building by supporting the cupola with heavy iron bands. The cracks grew deeper, however, and Senator Beltrami, chairman of the Building Committee, three years ago decided to replace the cracked lime- stone blocks by new ones. In those three years half of the buttresses have been replaced and the completion of the stupendous task is now assured, though it will take more years and mqre money. Until recently the clapper of the big bell continued to be moved by hand, although the three smaller bells were rung by electric power. The electric motor for the principal bell, weighing 10 tons, has at last been installed and consecrated. The bell tower had first to be tested for its supporting power and the shafts strengthened, t the rich, full tone now obtained from the gr}enalt bell has made it very much worth- while. ht, 1931, by the North American (Copy e paper “Alliance, ‘Inc.) fi——— AVERY IS NEW CHAIRMAN OF MAIL ORDER BOARD By the Assoclated Press. CHICAGO, November 26.— Sewell Avery, head of the United States am; sum Co., was elected chairman of board of directors of Mon! ‘Ward & Co. yesterday, suce H. Strawn, who becomes chairman of the Executive Committee. George B. Everitt retains his post as president in the realignment of officials of the big mail order and retail chain house. 7The board of directors, still in ses- sion at the noon hour, issued the follow- ing statement: “The company is in excellent finan- cial condition with a credit ratio of 15 to 1. Class A dividends of $1.75 a share, payable January 1, 1932, to stock- holders of record December 20, 1931, were declared.” — Preferred Stocks. NEW YORK, November 26 (Spe- clal) —Liquidation has again broken out in some of the public utility shares of companies under the influence of oor earnings and dividend changes gath in junior and senior issues. A new low record has been established in American Power & Light 5 per cent preferred. American Power & Light is in the section of the country which States. Baldwin Locomotive preferred has re- duced the price of this stock to the lowest since it was issued. Rock Island 6 per cent preferred has dropped to a 28 per cent income basis. Engineers Public Service 6 per cent preferred, Kansas City Southern 4 per cent preferred, Atchl 5 per cent preferred and Virginia Chemical 7 per cent preferred are other dividend pay- ing senfor stocks that have made new low prices. Everybody’s Business Railroad Executives Believe @ Reduction of 10 Per Cent in Wages Is Nec- essary, Says D. & H. Official. BY DR. MAX WINKLER. 8pecial Dispateh to The Btar. NEW YORK, November 26.—The opinion 1s general among raflroad ex- ecutives that & reduction of 10 per cent should be made in wages, according to F. W. Leamy, vice president of the Del- aware & Hudson and secretary of the Eastern railroad presidents’ conference. ‘The railroads, says Mr. Leamy, would naturally prefer to have reductions made through voluntary action by labor and there would be some advantage to labor in such a procedure. If, on the other hand, the attitude of labor toward a voluntary reduction is negative, the presidents will be obliged to undertake a reduction in wages under the pro- cedure provided by the labor provisions of the transportation act. Seeks to Maintain Wages. ‘The Standard Ofl Co. of Indiana wants, if possible, to weather the storm and be able to say that it was among the corporations that did not cut the wage scale, according to Edward G. Seubert, president. . Seubert adds, however, that no sane management can go through times like these, when low prices have se- riously reduced incomes, without con- sidering reduction of wages as one pos- sible means to effect necessary reduc- tion in cost of operations. The situa- tion, he continues, may force the com- pany eventually to resort to that ex- treme measure. Decries Public Ownership. A warning against the heavy hand of government in affairs of the power in- dustry is jssued by J. S. Tritle, vice president and general manager of the Westinghouse Electric & Manufactur- ing Co. Except for equitable supervisory pow- ers, continues Mr. Tritle, the Govern- ment must be kept out of the affairs of the country’s great utilities through the creation by the latter of rubllc sentiment that will make itself felt at the very seat of the Government so forcibly that vote-seeking politicians will not dare to usurp the right of the utilities to life, healthy growth and prosperity guaranteed every one under the Constitution. Scaling Down Share Value. The proposed change in the capital structure of the Gillette Safety Razor Co. should remove an important obsta- cle in the way cf resumption of.divi- dends on the common stock, says Gerard B. Lambert, grulden!. The plan contemplates scaling down the value of the shares from $15.86 to $7.50 and transferring the difference to capital surplus. In this way, Mr. Lam- bert points out, the company will be able to make necessary charges in con- nection with the various contingency reserves and do away with the policy adopted in April of this year to charge $600,000 for ordinary obsolescence, which, if continued, would render it difficult for shareholders to get a true perspective of the company's earnings and might preclude the payment of common dividends for some time to come, Outlook for Sugar. A somewhat more optimistic view may be taken in regard to sugar, which has been declining steadily in the face of appreciable gains registered by most leading commodities. The world beet sugar crop for 19311932 is placed at 16 per cent below the previous year's fig- ure, while raw sugar production is esti- mated at 3 per cent below the 1930- 1931 output. . Competent obsefvers maintain that there is no reason for apprehension over increased production in Russia, because the Soviet government is understood 0 be short of beet seeds. The current crop of the latter is regarded as a fail- ure and it is doubtful whether Russia will be in a position to import seeds in sufficient quantities to enable her to play a very important factor in the sugar market during the coming season. Tobacco Shares. Liquidation which has been in evi- dence recently in tobacco shares is doubtless due, in part at least, to the decline in cigarette production for Oc- tober, amounting to more than 18 per cent, as compared with the same month last year. The shrinkage may be as- sumed to be the direct result of an in- crease in the price of cigarettes effected about four months ago, which was fol- lowed by the levying of additional taxes on cigarettes by a number of States. It may be of interest to point out that the company which introduced a new cigarette at a price below that of other manufacturers is continuing to regtster very marked monthly gains in sales. Blames War for Slump. The crises of important industrial na- tions is not the result of normal in- dustrialization of backward countries, but is due chiefly to the sudden im- poverishment caused by the war, ac- to M. Manoilescu, minister of industry and trade of Rumania, If the eastern countries of Europe, continues M. Manotlescu, had progressed normally in a period of uninterrupted peace, they would have been able to create industries for themselves, thereby increasing their purchasing power and becoming important consumers of the industrial products of the great powers. In this way the economic equilibrium would not have been upset and_the great industrial nations would have avoided the crises in the grip of which they find themselves today. Short-Term Loans. of the desires of lenders, short-term debts are very often con- verted into long-term obligations. The Argentine of Santa Fe is the latest example. 'In February of this year a 90-day credit of $5000,000 was ar- ranged with & New York bank. In May it was renewed for another 90 days at $9.65, the credit bearing interest at 6 per cent per annum. At the end of August the issue was renewed for a second period of 90 days at 99.55, the province availing itself of the option contained in the contract. In addition to the above credit, which has not been placed with private in- vestors, Santa Fe has outstanding a long-term dollar debt, which is traded in on the New York Stock Exchange, on which the service has so far been met promptly. (Copyright, 1931, by the North American Newspaper Alliance, Inc.) Dividend Decisions. NEW YORK, November 26 (Special). —There are a number of important de- cisions to be made on December 9, which the market is which it may discount in advance. that day are dividend meetings of directors of the New York Central and Northern Pacific. Then also will come the reply of the railroad brotherhoods to the application of the carriers in connemm'}_h with W;mt :l“: in wages. 3 ew Haven dividend weeting is also scheduled for about that date. RATLROAD EARNINGS. NEW YORK, November 26 (F).— Ralilroads reporting net operating in- come for October, with comparisons with last year, include: 1931 1930. Reading ....... $1,856,673 $1,539,641 New York, New Haven and Hartford ..... 1,776,432 Boston & Meine 827,093 The intimate association of frogs and toads with ter earned for mm a reputation custodians of 2,590,543 1,345,077 primitive peoples as AUTO STEEL ORDER IS EXPECTED SOON Ford Company May Lead Way in Making 100,000- Ton Purchase. By the Associated Press. NEW YORK, November 26.—The Ford Motor Co. is expected to place substantial steel orders this week for December rolling, and in addition will contract with the steel mills for its first quarter requirements, calling for a minimum of 100,000 tons, Iron Age says in its weekly review of the iron and steel industry. “Ford’s needs may amount to as much as 300,000 tons of steel,” the Review says, “although this will depend on retail sales of motor cars. “Release of this business, which —ill be accompanied by similar blanket or- ders for other materials used in auto- 4 ufi mmfimu 'm?‘i’n“xfi e owar agging pur- chases of other automobile manufac- turers, since delays in Ford’s production of new models have held back final plans of some other companies. As- sembly of new Ford cars will, it is said, be begun about December 15. “December output of automobiles, ac- cording to estimates gathered by the Iron Age, will be between 125,000 and 150,000 units, compared with 86,000 in October and a slightly smaller number this month. The steel that will be needed next month for automobile manufaeture may tend to offset the usual year-end decline in miscellaneous consumption, prompted by inventory retrenshment. “Aside from the automobile com- panies industrial activity, as reflected in steel orders, is still marked by ex- treme irregularity, gains in some di- recticns being nullified by losses else- where. The net result, partly influ- enced by the holiday, is a decline in steel ingot production this week to 29 per cent of the country's capacity, compared wn&‘ 31 per cent in the two we kIt e Bl v outpuf LT stown, Cleveland Eastern Pennsyl- vania , with the Chicago area remaining at its last week’s low point of 22 per cent. Products of the steel mills are %ariously affected, the slight increase in orders for sheets, strip steel and bars, mainly from the automobile industry, being insufficient to overcome the light buying of structural steel, plates and pipe for building construc- tion and the general postponement of railroad orders, which may be still further protracted because of the fail- ure of the raflroad unioons and the carriers_to agree on wage reductions.” ‘The Iron Age composite prices are unchanged—finished steel at 2.116 cents s pound, pig iron at $14.96 a ton and steel scrap at $8.75 a ton. ‘Wall Street Bonuses. NEW YORK, November 26 (Special). —The long-maintained custom of stock exchange houses of giving their employes a Christmas bonus was quite generally abandoned last year and will be completely so this year. Some firms that operate on a profit-sharing basis were able to pay their employes a small dividend in October, when the average daily turnover was above that of pre- vious months. It is estimated that there are from 30 to 35 per cent fewer on the Wall Street pay roll today than at this time in 1929. e e ‘The Irish National Teachers’ Organi- zation, of the Irish Free State will de- mand full political rights for teachers. Joseph 1. Weller &4 Authorized Service Carter Carburetors—s . e eed Brakes MILLER-DUDLEY CO. Money on Hand to Loan on First Deed of Trust 6% Interest u—;-":_o' ‘m‘. and JAMES F. SHEA 643 Indiana Ave. N.W. LOANS Is Your 1st, 2nd or 8rd Trust Due? MR. FRIEDMAN Sth_St. N.W.. Reom 707. NAT. 4518 First Mortgage Loan Applications Invited at 5% Glover & Flather 1508 H St. N.W. National 1753 Money to Loan by first deod commission. FIRST MORTGAGE Investment 6% Secured on residential property in District of Columbia and nearby Montgomery Co., Md. >* IN DENOMINATIONS OF $250 and upwards BOSS & PHELPS Realtors 1417 K 8t. NAtional 9300 b L T T R Money Available for Mortgage Loans IVE us your application for a FIRST TRUST @ LOAN on apartment house, office building, resi- dential or business property—we will go through with all the essential preliminaries without unneces- sary delay—and have a report for you promptly. If approved, the loan will be made at once—for 3, 5 or 10 years as you wish, and at 5%2% RANDALL H. HAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT 1321 Connecticut Ave. Decatur 3600 * lfllllHmflllluflllmllllllllllllllmlllllImlllllllllllllIIIIIIIIIIIIIIIIIlIIIIllIIImIIIIIIIlIIllIIIIIlIIflIIMII* OLDEST NATIONAL BANK in the District of Columbia National etropolitan BANK TRUIST: « DER: It Has Been This Bank’s Privilege on real estate. aserrsle sprmes L. & Trust A FNW. e PROPERTY MANAGEMENT Apartment House MANAGEMENT —to serve generation after gen- eration of the city's up-builders * * * their faith and ours, con- tributing not a little to the de- velopment of the National Capi- tal. fWe're thankful for our Cus- tomers’ loyalty and the growth which it has fostered * * * as- suring in the future, service al ways in keeping with “Metro- politan” traditions. Fifteenth St., Opposite U. S. Treasury THERE is a pronounced de- mand to rent homes of modern type. If you have such a home and wish to rent it, we shall be glad to list it—and submit it to the many applications we are hav- ing from responsible parties. B. F. SAUL CO. 925 15th St. N.W. Nat’l 2100