Evening Star Newspaper, November 27, 1931, Page 11

e | FINANCIAL. oy "A_u FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, FRIDAY, NOVEMBER 27, 1931. POWER FIRM NET " INCOME DECLINES;- Pecrease of $56,036 Re- igaeted for, First Ten Months %'"_ of Present Year. T BY EDWARD C. STONE. Total net income. of the Potomac A Electric Powar Co. “for the first 10 {, months of the present year was report- ed today to the Public Utllities Com- mission * as $3,760,580.93, against $3.- £ 756,617.47, a deerease of $56,036.54, but Ha very substantial amount in spite of § lower "business activity, For the 10 months the power com- ¢ pany reported operating Trevenues of $8,887,638.79, against $8,621734.11, an ,sincrease of $265,904.68 over the like ' ¥period last year. Operating Tevenue deductions called for $4,640,219.44, com- pared with $4422683.30 & year ago, 8n_increase in expenses of $217,536.24. These deductions left net operating revenues of $4247419.35, compared with $4,199,050.91 last year, a gain of $48,366.44. The power company’s mis- cellaneous income of $215.497.65 com- pared with $237,354.42 in the same pe- riod & year ago, or a falling off of $21,- 856.77. Gross income, however, more than offset this .decrease, standing at 34,462,917, In comparison with $4,436,- 405.33, an_increase of $26,511.67. De- ductions from gross totaled $762,336.07, Bgainsi $679,787,36 in the like period a | wear ago, a saving of $82,548.21. October Net Also Announced, The Potomac Power monthly report showed operating revenues in October as $916,473.86, against $907,298.12 in Octover, 1930, an_increase of over $9,- 000. Revenue deductions totaled $419,- 379.53, against $467,139.25, an increase #n expenses of $24 240.28. Operating revenues totalled $425,- " 094.33 against $440,158.87 in the like 2 month in 1930, a decrease of $15,064.54. :After all other degductions from the dmanm‘s gross income, the power con- Ycern reported a net income of $358, 4873.11 in comparison with $399,271.18, ! decrease of $40,398.07. Incidentally, ‘the October figures are the chief reason for the falling off in earnings for the 0-month period above noted. W.R. & E. Net Shows Slump. Net earnings of the Washington Rail- way & Electric Co., filed with the Pub- lic_ Utilities Commission today_totalled $36,141.31 in October, against $50,832.25 in the like month a year ago, a decrease of $14,690.94. Keen taxicab competition as-again the chief reason for the lower gyres. Operating revenues in October to- falled $437,877.77 against $496,160.04 in Ottober, 1930. Operating expenses and taxes totalled $373,949.32 compared with $411,655.34, leaving & net operating in- pome of $64,928.45 as against $84,504.70 B year ago. 4 Non-operating income totalled $25, 42882 compared with $22,001.83, mak- the street car company's gross in- e $90,357.27 against $106,506.53 in hie comparable month & year ago. { Ten Months’ Earnings Reported. ‘The Washington Rallway & Electric Co. reported ten months’ operating reve- fues a8 $4,444,049.11, compared with 4,587,576.32 last year, while operating ‘expenses and taxes required $3,746,- 878.18, against $3,908,583.39 at the same time last year. This item left an operat~ fng income of $697,670.93 to be com- pared with $678,992.93. * The street railway company reported #® Jarger non-operating income, $1,410, 1.80, being compared with $1,297, 10.31 a year ago. After the deduction of expenses and taxes, and the usual ductions from gross income, the com- y Beported net profits of $1,562,: 4.68 for the 10. months, against $1, 410,589i84 in the like 1980 period, a #21n so far this year of $151,864.84. ' The figures show that the non-oper- #ting income saved: the day for the compzany by more than making up for the tremendous dent that the low rate taxicabs are putting in street car travel. B. & O. Earnings Also Reported. ' The Baltimore & Ohio Railroad to- day reported a net raflway operating income in October of $3,122,994, against $4,480,707 in October, 1930, a decrease of $1,357,713, Thoe B. & O. also reported a net rail- WAy operating income for the first 10 months of 1931, as $23,339,713, in com- parison with $34,801,539 in the like _ period of last year, a decrease in net earnings of $11,461,826. . So far this year the big railroad has Hauled freight enough to return $114,- 114,842, aganst freight revenues a year ago of $150,023,128, a falling off from source of $35,908,285. ‘Weather Vital Trade Factor. The Federal Reserve Bank of Rich- mond reported today that the warm weather in October was quite unfavor- ; able to retail trade, so much so that department store sales did not increase @as much as in most years. October re- tail trade in Washington was off 5.6 m cent, but trade in the Capital for first nine _months of the year was 403 per cent ahead of last year. ‘Trade for the whole fifth district in the first three quarters of 1931 was off 11,6 per cent, according to the reports from 34 department stores. In October department store sales were off 15 per cent in Richmond, 14 Baltimore and 185 per cent in a group other cities. Koonlz Elected Bank Director. W. L. Koontz, cashier of the Ana- Costia Bank, has been elected to the Board of Directors, succeeding the late James E. Toner. Mr. Koontz went to work for the Anacostia Bank on Decem- ber 5, 1917, starting as a messenger. He was elected to his present position May 14, 1925. The new director is treasurer of the Petroleum Products Corporation, president of the Koontz service station in Anacostia, and a native of that sec- tion of Washington. Traction Sells at New Low. ‘Two 100-share lots of Capital Trac- tion Co. stock sold on the Washington Stock Exchange today at 21, a new Jow for this issue. ‘The market opened after the holi- day with $5000 Washington Gas 5s selling at par. Later 64,000 Washing- ton Gas 6s, series A, came out at 100% while a small turnover in the series B bonds was recorded at 102 The wes a sale of 56 shares of Norfolk & Washington Steamboat Co. stock at 160, Potomac Electric 5'5 per cent preferred moved ex-dividend in small jots at 10653 and 10 shares of Washington Railway & Electric changed hands at 94. BUSINESS IN HAWAII IS REPORTED QUIET ted Press. ‘The Honolulu Chamber of Commerce reports that business in_the Hawaiisn ands continued at a low level dur- ing the last month. Grinding has started on the 1932 sugar crop, which is estimated at 915,- 300 short tons. Weather conditions are especially favorable and the crop fs ‘well advanced for this season. Banking conditions are reported as sound. There has been some increase in frozen credits, but savings deposits are higher than at this time last year. ‘The effect of the release of “Christmas u\ings funds,” amounting to about $1,000,000, has been partly offset by November tax payments. Inter-island freight and passenger traffic is lower than at this time last year. Real estate is reported quiet, With building and construction at a low Tevel. “Retrenchment by pineapple compa- nnes during the month has added to the 1 of unemployed, though the situ: tion with regard to ordinary labor has not become troublesome. Unemploy- ment a::m:; $killed professions, includ- ing " clerks, stenographers, engineers, etc., however, is more acute. 22 157% 102 195 19% 23 281 18% 24 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Bates— Net. Add 00. High. Low. Close. Chge 108 614 Adams Express (1).. 6% 3 3% — % 29 674 70% Adams Exp pf (5)... 0% T0% 10 Addressograph (1)... 2 13 13 13 2 AdvRumley........ 3 3 15% Afliated Prod 1.60. ., 15% 15% B2 Alr Reduction(t43%). ba% b5k 7 Alaska Juneau (40¢): 1;;5 4 Low. Dividend Rate. 2% Abitibi Pwr & Paper, - % Sl —1% - % ing —1% 68 Allied Ch&Dye (n6). 5 —2% 14 Allis-Chalmers (1).. 8 - % 8 Alpha Port Cemt (1) 9 9 9 —n 13 Amerada Corp (2)... 5 5% — % 5% Am Agri Chem(Del e iy 17% Am Bank Note (13) 51 Am Bank Note pf ( 20 Am Brake Shoe(2.40, 80 Am Brake Sh pf (1). 68% Am Can Co (15) . 182% Am Can Copt (7).... 9 Am Car & Fdry (1).. 40 Am Car & Fdy pt (1) 21% Am Chicle (13).. 5 Am Comel Alcohol. ., 9 Am European Secur. 10% Am & For Power.... 40 Am& For Pwrpt(6), 45% Am & For Pwr pf(7). 21% Am & For Pwr 2d pf 4% Am Haw St'ship (1).. 37 Am Home Prod 4.20.. 10% Am Jce (2).... 6 Am International Am Locomotive. . Am Lo'motive ptf (1) Am Meh & Fdy1.40 Ga; 14'4 Am Pwr & Lt (21). 57 Am Pwr & Lt of (6 48 Am P&Ltpf A st(5). 7 Am Radiator (80¢) Am Rolling Mills, Am Safety Razor (5) 19% Am Smitg&Ret (1%) 9814 Am Sm & Ref pf (T)- 7% Am Steel Foundry. 86 Am Stores (12%).... 33% Am Sugar Ref (5)... 90 Am Sugar Ref pt (1), 121% Am Tel & Telex (9) e 71% Am Tobacco (16). . 74% Am Tobacco B (16) 40 Am Type Fdy (8) 28% Am Water Wks (3).. 22 Am Wat Wkscfa(3). 3% Am Woolen Co. - Patcen 2oanBa2 10% Anaconda Wire & 13 Anchor Cap (2.40, 5% Andes Copper 20 Armour of Del pi 1 Armourof Il (A) 3% Armour of 11l (B). 6 Armour of Ill pf 214 Associated Appare! 9% Associated Dry G(1). 90% Atch To&S Fe (10).. 82 Atch To&S Fe pf (5)) 43% Atl Coast Line (4)..y 10% Atl Gulf&West Ind.. 16 AtlGulf&W Ipf (5). 914 Atlantic Refining (1) 5 Atlas Stores (1)..... 841% Auburn Auto (£4). 2145 Aviation Corp (Del). 5% Baldwin Locomotive 20% Baldwin Loco pf (7). 2414 Balto & Oh104).... . 981 Bamberger pf (6%).. 4% Barnsdall Corp'n. . 19% Bayuk Cigar (3). 37 Beatrice Cream (4).. 93% Beatrice Crm pf(7).. 1% Belding-Hemingway. 12% Bendix Aviation (1). 24% Best &Co (2)...v.ze 22% Bethlehom Steel (2). 20 Bigelow-Sanford 20% Bohn Alumn (1%)... 214 Booth Fish 18t pf. .. 37 Borden Co (k3) 9% Borg Warner (1). 8% Briggs Mfg (11%). 31% Bklyn-Man Tran 614 Bkiyn & Queens. 50 Bklyn&Queens p: 80% Bklyn Urgon Gas (5) PRSP CTeTere whewda s Bucyrus-Tirie cv pf 2 Budd (EG) Mfg. 21 Budd (EG) Mfg pf, 4 Budd Wheel (1) 4% Bulova Watch. . 10 Burrough A M(11%) 15% Bush Terminal(2%). 52 Bush Term deb (7) % Butte & Superior. . 12% Byers (A M) Co. 10% California Packing 3% Calumet & Hecla. 714 Camp W&C Fdy ( 14 CanadaDryGA (3)., 11 Canadian Pacific 1% . 5% Capital Admin (A) 835 Case (J 1) Co.... 113 Caterpillar Trac (2). 2% Celotex Co.vevrvsone 16 Cent Agulrre (1%) 21 Century Rib Mill 9% Cerro de Pasco (1).+: 3% Checker Cab Mrfg. 2315 Ches & Ohio (2%)... 14% Chesapeake Corp(2). 314 Chi Great Western 12 ChiGreat Westn pf. 2 Chi Mil StP & Pac. 3% Chi Mil StP & Pac D 6% Chic & Northwstn. 21 Chi& Northwestn p! 814 Chi Pneu Tool. 10 Chi Pneu Tool pi 11 Chicago R 1&Pacific. 16% Chi R 1 & Pac pt (6). 21% Chi R 1& Pac pf (7). 8 Childs Company...«. 11% Chrysler Corp (1 2614 City Ice&Fuel (3.60) 6614 City Ice&Fuel pf 6% 16% Cluett-Peabody (3). 95 Cluett-Peabdy pf (1) 9714 Cocoa-Cola (18)..... 4915 Coca-Cola (A) (3)... 28 Colgate-Pal-P (2%4). % Collins & Alkman, ... 814 Colo Fuel & Iron. 30 Colo Fuel & Ir pf (8) 20 Colo & Sou 2d pt {4). 16% Columb G & E (134 ). Col Gas&El pt A (6). Columb Carbon (4).. Comm Credit (1.60) .. Comecl Cred pf (1%). 15% Comel Inv Trust (2). 99 Comecl Inv Trpf 6%4.. 70 Comm Invcvng‘e). 934 Comel Solvent} (1).. 4% Comwith & Sou(30e) 68 Comwith&Sou pf (6) 6% Congolm-Nairn (1).. 715 Cong:ens Cigar (1).. 3% Consol Film. ....eee 7% Consol Film pf (2) 61 Consol GasN Y (4).. 93 Consol Gas NY pf (5) 9% Consol Laundries(1) % Consol Textile...... % Container Corp (B) .. 5% Contl Baking (A). .. % Coxntl Baking (B).... 40 Contl Baking pf (3 81t Contl Can (2%). 4% Cont Diamond Fibr 19% Con. Insur (2.40) 1% Contl Motors 4% Contl 011 (Del) 864 Corn Products (3). 3% Coty Inc. . 20 Cream of Wheat t2% 22 Crucible Steel...... 456 Crucible Steel pf (7) 14 Cuba Cane Products. 2 Cuban-Am Sugar.... 84 Curtis Publish (4)... 29 Cudahy Packing (4). 1% Curtiss Wright. ... 214 Curtis Wright (A).. 4 Davison Chemical. .. 18% Deere & Co pf (1.40). 834 Del re & Hud (9).x 24% Del Lack & Wn (2).. 112 Detroit Edison (8).. 11 Devoe & Ray A(80¢), 121 Diamond Match (1).. 22% Diamond Mtch pf 1% 6% Dome Mines (1). 11 Domn Stores (1.20 10 Doug Alrcraft(1 21 Dresser MIg A (3%). 42% Drug Corp (4). 10 Duplan 8ilk (1)..... 95 Duplan Silk pt (8).. 53% Dupont de Nem (4).. 104% Du Pont de N pf(6) . 3 Bastern Roll Milis 91% Bastman Kodak (18) % Eaton Axle & Spr(1). 3% Eitington-Schild.... 8514 Eitington-Schild pe.. 20 Elec Auto Lite (4)... 105 98 . Elec Auto-Lita p£(7) 10s 4% Y% 9 5% <B4 - 8215 81% 32 100 . 100 . 100 45% 35% 394, il 8% 174 8215 381 43% 4 Bales— Add 00. ru 20 86 1 Stock and Low. Dividend Rate. 214 Elec&Musical In: 143 Elec Pwr & Lt (1)..0 50% Elec Pwr & Lt pf(8 57 FElec Pwr&Lt pf (7). 29 Flec Storage Bat (4). 30 Endlcott-Johnson(3) 18% Equit Office Bldg 2% 87 ET10 RR.veocsecsane 1314 Erie RR 1st pf (4).03 vans Auto Prod . nge Ruffet (1) 1308 PIEr Iy ks-Mor - ashion Park As pf.. 2514 Fed Lt & Tr ($1%).. t & Trac pf (6). Mine&Smeltg pf. Fed Water Service A, ! 13 Fed Dept Strs (25¢). U 22 Fid Ph Fire In(2.60), 13 FirestoneT&R (1).. 50% Firestone T&R pf(6) 41 First Natl Strs (234) 314 Foundation Co s 18 Fourth Nat Inv m56e 5 FoxFilm (A)... 131 _Freeport-Tex (3). 60 5744 80% 123 45 64 24% 319 2015 Gamewell Co (3) % Gardner Motor...... 38'5 Gen Am Tank Car(4) 9% Gen Asphalt (2) Gen Baking (2). Gen Bron: Gen Cigar (4). . Gen Electric (1.60) .« Gen Elec spec (60c) .. Gen Food Corp (3)..+ Gen Gas&El A (e30c) Gen Mills (3) Gen Mills pf (6 Gen Motors (3). 5 Gen Motors pf (5 4 Gen Prtg Ink (2% 2 410 99 42 88 2 Gen Refractories (1) Gen Theatre Equip.. 9% Glllette Saf Razor... 45% Glllette Saf R pf (5). C e oarmERuanna ceeey 48 Glidden Co prpf (7). [40s 3% Gobel (Adolf). [T T PTS JEPETOL Y 16 Goodyear T&R (3). 3 5714 Goodyear 1st pf (7). 1 Gould Coupler. & 5% Granby Con Min (1) 8114 Grand Union ot 1415 Granite City Steel(2 25% Grant (W T) (1).... 20 Great Northn pf(4).. 12 Great Northn Ore(2) 5% Great Western Sug.. 1% Grigsby Grunow.... 6__Gulf States Steel. ... 24% Hackensack W (1%) 2t @ Hanna pf (7) Harb & Walker Hartman Corp (A).. Hartman Corp (B).. 4 Hawailan Pineapple.1200: Hayes Body Corp. Helme (GW) (17)... Helme (GW) pf (T)., Hercules Powder(3). Hercules Pow pf (7). Hershey Choe (5). Hershey Choe pf (15 13% Holland Furn (12%) 5% Hollander Sons...... 81 Homestake M (7.30). 3 Houdallle Hershey. . 52'% Househld Fin pf 4.20, 19 Houston Oil. 4 Houston Ofl ( 1214 Howe Sound (2) 27 Hudson & Man (3 7% Hudson Motor (1) 3% Hupp Motor: 2% Illinofs Central. 1% Indian Motor Cycl Ind Motor Cycle pt.. Ingersoll Rand (4).. Inspiration Copper.. Insur Sh(Md)(28e).. Interboro Rap Trans Intercontl Rubber Interlake Iron. In. Agricuiture. Int Bus Machin ) Int Carriers,Ltd 60c. Int Cerpent (4)...0ey Int Combustion. Int Combustion pf.. Int Harvester (23%).. Int Harvester pf (7)., Int Hydro E1 A (e2). 19 Int Match pt (4).. 3% (nt Merchant Marine. Int Nickel of Can 20¢ Int Nick Can pf (7).. Int Paper & Pwr (A) Int Paper & PwrC... Int Rys of CenAm pt Int Salt (3) . Int Shoe (3). Int Tel & Tel (1) Int Dept Stores (2 Intertype Corp Investors Equi; 24 Jewel Tea (141). 25'% Johns-Manville (3).. 99 Jones & Laugh pf(7) 81 Kansas City Southn, 24% Kan City Sou pf (4). 814 Kayser (J) & Co (1). % Kelly-Spring Tir 10 Kelly-Spr T 6% pf. 514 Kelly-Spr T 8% pf, 31 Kelsey-Hayes Wheel 6 Kelvinator Corp. 10% Kennecott Copper(1) 23 Kimberly Clark 2%.. 14 Kinney (G R) Co pf.. 19 Kresge (S S) (1.60).. 5% Kreuger & Toll 1.61). 17__Kroger Grocery (1). 40% Lambert Co (8)..... Lane Bryant (1).... Lehizh Valley Coal. . Lehigh Val Coal pf.. 15 Lehigh Valley RR 35 Lehman Corp (3). 1814 Lehn & Fink (3)..... 7 Libbey Owens Glass. Liggett & Myers(15) Ligg & Myers 8 (16) Lima Locomot (m2). Link Belt (1.60). Liquid Carbonic Loew's, Inc (14) - mawaTannn aalan 1% 3 TN T S s R ® 2 [YO%- O OO PR T O a® o 2 3 e s Loose-Wile Lorrillard (P) 4 Lorrillard (P) pf ¢ Lou Gas&El A (1% 4 Louisville & 514 Ludlum Steel. o SecarBuonSannlnvecanlea McCrory McGraw Hill (1) Mcintyre Porc M McKeesport T P (4). % McKesson & Robbins McKes&Rob pf(3%) McLellan Stores MackTrucks (2).. Macy (RH)& Co(n3). 4 Magma Copper (1).. Manati Sugar pt ManhatElev mod gtd Maracaibo Oil Exp. . Marine Midld (1.20). Marlin- Rockwell (2) Marshall Fleld (23) Mathieson Alkill (2) Mathieson Alk pf(7) May Dept Strs (2%). Melville Shoe (2).... Met-Gold Pic pt 1.89 x Miami Copper....... Mid Continent Petm. Midland Steel (3)... Midland Steel pf (8) Minn Moline Pow. ... Mo Kan & Texas.... Mo Kan & Tex pt (7) Missouri Pacific. ... Missour! Pac pt (5) i Mohawk Carpe 5 Monsanto Chem (14 ) Montgomery Ward. . Morrell (J) & Co (3) Motor Meter G & El.. 15 Motor Products (2).. 644 Motor Wheel (50¢).. .. 8% Mullins Mfg. . as e <L I @ S = Fana - =5 Bocomaomm=raasedna » - & CIPT STt Toers (Continued on Page 12.) ] FEL FF 4 f+1 L+t £ i E4 ® FFERER FTSF FFRIEL Lel 1+ © EEERLELEY S | 2 &5 ¥z +b bbbl ol L+ T4+++0 0141 FRESSEFEER FEEeES FESL IINVESTMENT TRUSTS READ]JUST DEGUNE IN smcK ! PORTFOLIOS FOR NEXTJI{;EAR MARKET RESUMES Chief Liquidation Laid to Foreign Account—Leaders Off Sharply. BY GEORGE T. HUGHES. Special Dispatch to The Star. WALL STREET, NEW YORK, No- vember 27.—Stocks were again freely offered on the resumption of trading on the Stock Exchange today and the mar- ket resumed its decline. The principal liquidation during the early hours was said to be for foreign account, chiefly British and French. Houses with international connections sold standard stocks, practically all of the rails, and a good many industrials. This supply was too great to be ab- sorbed without substantial price con- cessions and the railroad averages re- acted into new low ground for the bear market, with the industrials not greatly above their extreme lows. New Lows Recorded. Individual new lows in the raflway group were 50 numerous that they do not need. to be itemized. An active issue holding above its previous mini- mum_price was an_exception. As & ruie, however, losses measured in points were moderate. Union Pacific_ and Atchison were down at one time 5 and 3% points, respectively, but these de- clines were much greater than the |——— average. There was no change in the railway picture. ~ Another batch of ~October earnings statements came to hand and revealed the usual decreases from the same month a year ago. Apparently prices had not fully discounted pros- ected dividend cuts and omissions, for ew York Central, the directors of which are scheduled to meet on December 9, broke to a quotation which in any ordinary market would seem to have allowed for ceas! of the disbursement. Opening Is Lower. Prices opened lower. United States Steel, at 57%, was down %; American Can, at 70%, was! off 1%, and Westinghouse Electrical, at 34%, was off %. All these were at new record low prices, Developments today included an ir- regular lower market in London, where the copper shares, however, as well as copper metal improved on news that Belgilum had accepted the copper cur- tailment proposals. There was an open- ing decline of 6!, cents in pound sterl- ing here. Copper sola at 6l cents a pound, & new historical low, following the withdrawal of Phelps-Dodge from the Copper Exporters, Inc. There was also a budget of unfavorable railroad earnings statements. New_York Central broke rapidly to 33%, Pennsylvania touched 24!, and Southern Pacific 35, which were new minimum _price levels. With the ex- ception of Endicott, which was up % at 12%, coppers paild no attention in initial dealings to London cables. In the specialties, Johns-Manville at 26, off 11, was the first to establish a new low price. American Telephone, at 1271, de- clined 1%. Consolidated Gas lost % at 667. Both Electric Power & Light and International Telephone opened at their previous low levels. North Amer- ican, at 35, dropped 1 point. General Motors was off a fraction at 24%. Du Pont, at 56, lost #%. Goodyear Tire & Rubber broke 1!, to 20!, Standard Oil of New Jersey was off % at 32%, as were Socony-Vacuum and Texas Corporation. CHICAGO LIVE STOCK MARKET CHICAGO, November 27 (#).—(U. 8. Department of _Agriculture.) — Hog: 50,000 head, including 18,000 direct; 5a10 below Wednesday. Packing sows, steady to weak, 170-210 pounds, 4.45a 4.55; top, 4.60; 220-310 pounds, 4.35a 4.45; 140-160 pounds, 4.35a4.50; pij 3.75a4.15; packing sows, 3.90ad.1 light light, good and choice, 140-160 pounds, 4.35a4.5( light weight, 160- 200 pounds, 4.40a4.60; medium weight, 200-250 pounds, 4.40a4.60; heavy weight, 250-350 pounds, 4.30a4.4! packing sows, medium and good, 2T 500 pounds, 3.90a4.20; pigs, good and choice, 100-130 pounds, 3.7524.25. Cattle, 8,000 head; calves, 2,000; all grades fed steers and long yearlings steady; today's crop includes about 100 loads International Show throw-outs; best weighty steers sorted off show herds, 13.00; several lots, 12.00a 12.50; mostly 6.75a10.00 on medium fo Slaughter cattle and vealers: good and choice, 600-900 pounds, 7.75a 11.75; 900a1,100 pounds, 8.00a12.50; 1,100-1,300 pounds; 8.00a13.00; 1,300 1,500 pounds, 8.00a13.00; common and medium, 600-1,300 pounds, 4.00a8.00. Heifers, good choice, 550~ pounds, 6.50a10.00; common and me- dium, 3.00a4.00; low cutter and cutter, 2.25a3.00. . Bulls (yearlings excluded), good and choice (beef), 4.00a4.75; cutter to me- dium, 25024.25; vealers (mDx-fed), good and choice, 5.75a7.75; medium, 4.50a5.75; cull and common, 3.00a4.50: stocker and feeder wcattle, steers good and choice, 500-1,050 pounds, 5.00a7.00; common and medium, 3.75a5.50. Sheep, 28,000; weak to 25 lowew sell- ers resisting decline; gond to cLoice lambs, 5.7586.25 to packers; few 6.50 to city butchers; best held higher; white- faced feaders, 4.75 steady. Lambs, 90 pounds down, good and choleg, 5. 6.75; medium, 5.00a5.75; all weights, common, 4.0085.00; ewes, 80-130 pounds, medium to choice, 1.75a3.25; a’. weights, cull apd gommon, 150a2.25; feeding lamps, 50-.5 pounds, good apd chofce, 4.50a5.00. . 24 PCT. GAIN RESQRTED IN MONTH’S BUSINESS Special Dispatch to The Btar. | NEW YORK, Novgnber 27—Fidelity Tnvestment Association reports volume of business for Oetober of $4,442,000 compared with $3,368,000 in October, 1930, a gain of $874,000 or,24.5 Ler cent and one of the largest nionthly gains reported thus far this year. For the 10 months of 1931 annuity _contracts totaled $46,702,000 against $40,160,000 in the corrésponding 10 months of last year, an increase of $6,542,000 or 16.3 per cent. CLEARING HOUSE FIGURES. Washington Clearing House figures for today: $3,832,168.25. SILVER QUOTATIONS. NEW YORK, November 27 (#)—Bar silver quiet and lac lower at 293c. FOREIGN EXCHANGE. ions furnighed by W. B. Hibbs & C0.) (Qnchen Nominal gold Selling checks v udapest, rague, crown (n W Saloty .. Gopenhagen, ” ciow oslo. crown. . Stocknolm, cro (Reported by J. & W. Scligman te—Maturity. Bid. c. 15, 1031, HEIR 15! b @ 13 1932 99 3043 100 1-32 98 26.32 3 Dec "* Mar. i3 100 Manufactu 99 433 New York Majority of Finance Corporations Are Reported to Have Sold Out Their Rail Stocks Recently. BY CHARLES F. SPEARE, Special Dispatch to The Star. NEW YORK, November 27.—In mar- kets of such small proportions as those currently witnessed, where public in- terest in them is at such low ebb and little attempt is made to support issues, exaggerated importance may given to the size of the decline in in- dividual securities. This also leads fre- quently to rumors of important liquida- tion that, if traced, prove to be without foundation. ‘There have been such reports lately in connection with operations by in- vestment management trusts and by fixed trusts. It has been claimed that such corporations were selling out a great many stocks on which they had losses and replacing them by other issues in which they had a greater degree of confidence. Undoubtedly a certain amount of this has taken place during the year. It is not believed, however, that it has been much of a factor in determining the trend of the market in the past month. Weeding Out Rail Stocks. 1t is still going on in a small way among those trusts that had a rather high proportion of railroad stocks in their portfolios. These have gradually been Weeded out. - When the 1931 lists are published next year, it will be found TURN FOR BETTER 1S SEEN BY BANK Cleveland Trust Co. Expects Gradual Recovery During Next Year. Spectal Dispatch to The Star. CLEVELAND, November 27.—Recent favorable developments in finance and commodities are pointed out by the Union Trust Co., Cleveland, as indi- cating that a turn for the better in general has definitely appeared. The bank, however, expects a gradual im- proving trend in business over the first half of 1932 rather than any immediate rapid recovery. Among_the constructive events which signify that the worst is over in the depression listed by the bank are the return of public confidence in banks, the formation of the National Credit Corporation, the President’s announce- ment of a home loan discount bank plan, improved sentiment in the bond and stock market and increases'in prices of basic commodities. “The President’s recént proposal for the establishment of home loan dis- count banks will prove, in our opinion, | of practical importance in relieving the financial situation and stimulating a revival of business, and, further, pro- vides grounds for the public's return- ing confidence in the Nation’s bank- ing structure,” says the bank in its magazine, Trade Winds. Aid for Banks Seen. “The plan should have a profound effect in the direction of relieving the situation of thousands of banks and building and loan companies through- out the country, especially in the smaller towns and farming commu- nities. A secondary result of the new plan might well be the immediate stimulation of home building, not only because borrowing on mortgage loans would make available more funds for | real estate and building construction loans, but because the increased liquid- | ity of mortgage loans would make them | more desirable investments than they | have been in the past. “The program of home loan discount | banks, together with such further relief | as may be afforded by the National | Credit Corporation, provides a real foundation for the return of general confidence and the revival of general business. “It cannot be expected, however, that a general revival of business will im- It is true that true that many more favorable signs have appeared upon the business ho- rizon during the past few weeks than have been Seen for many months. “But, on the other hand, it must be remembered that as far as actual cur- rent volumes and profits are concerned business is still in the trough of a severe depression of world-wide pro- portions, and a considerable length of time must of necessity elapse before business on the whole can once more attain & satisfactory level of opera- tlons. Foreign Situation, “The foreign situation is full of un- certainties which may have a retard- ing effect upon business recovery in the United States. It is true that since Great Britain went off the gold standard business activity there has defiuitely increased. But in France deflation is corlinuing and unemploy- ment is increasing. Furthermore the Ger.qan situation lends a feeling of uncertainty to the whole European picture, “Until the momentous question of reparations and international debt is somehow adjusted in conformity to the changes which have taken place price level and business volumes the whole situation will of necessity be re- flected in conservatism and hesitation in American business, especially with respect to foreign trad ‘WHOLESALE PRICES. By the Associated Press. Wiolesale selling prices rose a frac- tiona: pofat during the week ended No- vember 21, as their trend was calculated by the Commerce Department. In the figures that follow the level is given for comparable periods, based on repre- senting 1926 averages as 100. In addi- tion the selling price for a ton of com- posite’ steel products is given for like periods: Week ended . November 21 Previous week, Same week 1 U. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of business November 24 was $157,232,299.33. Customs receipts for the month to date were $22,861,128.58. Total otdinary ex- penditures were $7,555,157.17. NEW YORK BANK STOCKS NEW YORK, November 27 (#).—Over- the-counter market: All Commod. Steel 686 $30.63 $30.63 33186 685 808 Bankers . rookiyn ' ent Hanoie em that, except for a limited number of trusts that were set up primarily to deal in railroad stocks, the majority of finance corporations have comparatively few carrier shares. These are limited to the three or four that would be able to pay dividends even with another year of depression, There has also been a tendency to get out of the securities of the newer public utility holding com- panies and into those of the long estab- 1 power and light corporations. One of the factors responsible for the shrinkage in the assets of investment trusts has been the large participation which they made in the common stocks of “public utility holding companies. The value of such stocks has declined steadily until it is only a small per- centage of its original cost. At the same time dividends on the preferred shares of the same concerns have been passed. Since the end of June, there has been another revaluation by the public of the stocks of both management invest- ment trusts and those of fixed trusts. The rally in securities in June gave a better aspect to trust company reports than had been enticipated earlier in the month. However, when the Sep- tember quarter arrived, portfolios had depreciated materially, so that asset values generally on September 30 were the lowest since trust portfolios in this country were established. It will soon be time to again set up balance sheets giving the picture to trust stockholders at the end of 1931. Managers of both classes of trusts are praying for a re- covery in the market during the next month. Market Values. In many cases, market values of in- vestment trust shares have for over a year and a half been at a discount from liquidating values. Just as there was a premium paid in 1929 on trust shares for the factor of man: it, so there has been a discount in the subsequent years when results of management have not been satisfactory to the public that bought this t; of security. It is a question, therefore, how far in any gen- eral recovery in the market trust shares will keep pace with the appreciation in the portfollos which are back of them. Will these shares continue to in market value in spite of an increasing momentum in asset value? Prices for numerous trust common shares have been approaching “irre- ducible minimums.” 'Many of them that were selling for quite a few dollars are now quoted in terms of cents. ‘Where there is no prior liability in the form of a preferred stock or a debenture issue, their position is influenced en- tirely by the value of the diversified list of securities underlying them. The case with companies having senior issues is different. These are dependent on the income from the portfolio for the maintenance of interest payments and disbursements on preferred stock. Quite a few of the companies have been compelled to pass dividends on their senior shares. ‘The only reflection so far of reduced earnings on trust in- vestments has been in the decline in the market price of trust bonds. Trusts Are Stronger. ‘The general impression is that there will have to be a substantial advance in the average prices of stocks before there is an appreciable response to this improvement among the best known of the investment trust and fixed trust common and preferred shares. From the standpoint of management and of balanced investments the trusts are more competent and stronger than they were two years ago. If the public had bought their shares at their liquidating and not their market value, in 1929, there would have been little cause for complaint today, for the element of diversification has proved itself as a factor in limiting losses in a general market decline. 4 —(Copyright, 1931) REAL ESTATE LOANS Made at Low Interest Rates -class Organized 1879 Equitable Co-Operative Bldg. Ass’n WALTER S. PRATT, Jr., Secrefary JOHN JOY EDSON, President Money to Loan first deed of trust on real estate. g Intérest ai missien Joseph 1. 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