Evening Star Newspaper, November 29, 1931, Page 74

BONDS IRREGULAR IN ACTIVE MARKET V. S. Group in Mixed Trend. Railway Issues Improve Slightly. BY VICTOR EUBANK, Associated Press Financial Writer NEW YORK, November 28.—Bonds today showed some resisting tendencies, with the battered rails improving slightly in active trading. Utilitles and industrials were irregular, while for- eign obligations were generally off or unchanged. United States loans dis- played a mixed trend Although the railway issues at first held to their downward path, in the final hour of the short session they were picked up at somewhat highcr figures. Most of them, however, are still hovering around the bottom quota- tions of the year. Among the carriers that attempted to climb out of the low record slough were Baltimore & Ohio 4':s of 1960, Chi- Milwaukee & St. Paul 5s of 2000. Missouri Pacific 5s, serles F, of 1977 New York. Chicago & St. Louis 4!,s of 1978 and St. Louis & San Pranciszo 4158 of 1978. fiuum Union 5s and collateral trust Bbs remained in the shadows, but touching new lows. At the same time _investment issues of American Tele- f;one were steady to firm with some ns recording fractional gains. In. ternational Telephone & Telegraph n‘so zallied fractionally Among the foreign obligations Brit- 4sh 51,5 were down fractionally and German loans were among the losers. Japanese bonds were given strong sup- port and were comparatively steady, the gg;ernmmt 5128 gaining half a point. e South American group was some- what lower. CORPORATION REPORTS TRENDS AND PROSPECTES OF LEADING ORGANIZATIONS NEW YORK, November 28.—The fol- lowing is today's summary of important corporation news prepared by Standard Statisties Co., Inc, New York, for the Associal Press: News Trend. Brokers' loans declinad further, drop- ping $24,000,000 in the week ended No- vember 25, to a total of $751,000,000, the lowest figures since S:ptember 21, 1921, according to the report of Federal Reserve Bank of New York. Loans for the decount of member banks decreased | $22,000,000, wnile those for out-of-town | banks were $1,000,000 higher and for the account of others rose $7,000,000. The first 47 railroads to report for October showed a 39.9 per cent decline in net operating income from October, 1930. In September these same road: | Teported a deciine of 44.9 per cent from the corresponding week of last year. ‘The Companies, | Buffalo, Rochester Az Pittsburgh Rail- ‘way October net operating income off 23,3[ per cent; 10 months off 26.4 per cent Bunker Hill & Sulllvan Mining & Concentrating October profit before de- preciation and depletion $83,699 vs. :;!1.‘20; 10 months, $1,120,733 vs. $32,- Butterick Co. common share earnings, ls"ln‘ months to September 30, $1.43 1s. Caradian National Railway October met after tax's (including Central Ver- mont Line, but excluding Eastern 1'nes) ggmllfl per cent; 10 months off 77.2 per Central Railroad of New Jersey Octo- net operating income off 52.5 per cent; 10 months off 45.2 per cent. Denver & Rio Grande Western Rail- road deficit, 10 months to October 31, $130,454 vs. net income $1,452,442 equal to $2.11 a_common share. Electric Power & Light common share earnings, 12 months to September 30, ‘2 37 vl',“ ?2 ”Ch 3 attanooga & St. Louis F-lfl'l: October net operating income off 358 per cent; 10 months off 64.1 per cent. Pennsylvania Gas & Electric net in- come before depreciation, depletion, Tedered taxes, etc. 12 months to Sep- tember 30, $725.652. Rutland 4 Railroad October net | oparating income off 36.8 per cent; 10| months off 53.8 per cent. St. Louis Southwestern Railway Oc- be FINAN tober net operating income up 7.6 per cent; 10 months up 2.1 per cent. Ann Arbor Railroad October net op- erating deficit $9.823, against net op- eral income $59.134; 10 months net ‘operaf income $30,158, against net operating income $458,567. ‘Woven Hose & Rubber oper- ating loss forecast for current fiscal quarter. Buffalo & Susquehanna Railroad Octeber net operating income off 15.1 per cent; 10 months off 125 per cent Canada Dry Ginger Ale common- shore earnings, year ended September B0, $3.34, against $6.64. Chicago, Miiwaukee, St. Paul & Pa- cific Railroad October net operating income off 45.6 per cent; 10 months off 48.7 per cent. Chicago, Rock Island & Pacific Rail- way $6 preferred-share earnings, 10 months to October 31, $3.05, against $13.08. Delaware & Hudson Co.—October net operating income of Delaware & Hud- son Railroad Corporation off 16.5 per cent; 10 months off 3.7 per cent. Detroit-Michigan Stove passed quar- terly preferred dividend; paid $1.75 June 10. Ford Motor—Introducing new eylinder Lincoln. Gulf, Mobile & Northern October net cperating income off 39 per cent; 10 months. off 19.6 per cent. Illinols Central R. R. October operating income off 46.6 per cent; menths, off 55.1 per cent. Metropolitan Edison net income, 12 fronths to September 30, $3,001,255 vs. #3.482,673. Mexican Light & Power October gross Up 2.2 per cent, net earnings up 0.9 per eent; 10 months gross, up 3.1 per cent, net off, 8 per cent. Norfolk uthern R. R. October net ‘operating income off 67.7 per cent; 10 fmonths, off 40.7 per cent. Pittsburgh & Lake Erie R. R. October met operating income off 65.2 per cent; 20 _months, off $6.3 per cent. Seaboard Air Line Ry. October net operating deficit $57,600 vs. net operat~ ing income, $531,724; 10 months net operating income, $2411915 vs. net operating income, $5,058,834. Siemens & Halske, A. G. to reduce dividend probably to about 8 per cent ws. 14 per cent formerly; subsidiary. Telefunken, to omit dividend. Southern Pacific Co. October net oper- #ting income of system off 56.9 per cent, 30 months, off 45.1 per cent. United States Smelting, Refining & Mining—with Utah Copper _acquires goint control of Bingham Bemis Mining ¥ Ry. October net operating deficit $310,980, vs. net operating in- ome $856,463; 10 months net operating twome. $704. 97'7 Vs. net operating gome, $6,280,513. Wiillams OL-O-Matic Heating net lm:ome a year ended October 31 $15,651, ual to 4 cenis a common share, vs. t $321,179. d‘Aflnl:lcv’lcln Tritish & Continental 12-| net 10 passed first preferted dividend: paid 75 cents ember 1; depreciation of se- gurities in portfolio nceed- surplus. .Anu::‘;ldl Covper M Mining reduces e T “Florids ‘Bast x:ou'. Ry. October net rating deficit 119, vs. net 9per ‘lfldl ‘H.'l 10 months ting ing ol ng; 76, va. net oper- ~ ' red 50 cents .Emb.a‘ ull $1 September CIAL. THE SUNDAY STAR, WASHINGTON, D. BOND SUMMARY FOR THE WEEK UNITED STATES GOVERNMENT. —1081.—— High. Low. 10223 98 103 16 105 5 103 16 103 18 00 Lib 4th 4148 1933-28. 101 6 US3%s81940-43 (S 3%8 194347, 107 22 US3%81946-66. 109 22 U S 48 1944-5. 114 8 10128 US4%s1947-52 . Stock and dividend Abram & Straus b} s Alleghany Co cv 6844 Am Beet Sugar 6s '36. Am Chain 68 1933. Am I G Chm 5%s 19 Am Internation 5348 "4 Am Natura) G 634842 Am Sm & Kef 15t 63°47. Am Sugar Ref 6s ‘37 4 Am Tel&Tel cv 4%48'39., Am Tel & Tels Argentine 68 Jun Argentine 63 A '57... Armour & Co 4839, Armour of Del 5%s ‘43 Atch T& S Fead) 48 Atch T & S F gen 48'95. Atch To& S Fe 4 %s Atlantic C L 1st 48 '63. Atl Coast Line 4348 '64. Atlantic Ref deb 58 '37 Australia & Austria 7843 B & O gold 4s B&Ocviks Balto & Ohio 68 *48 B & O ref 5895 B & O ref 6 D 2000 Balto & Ohfo 63 'S6. B&OPLEA& W Vads B& OS W Div ks 50 Bangor & Aroos ¢s'61. Bank of Chile 6% 8 '57. Bank of Chile 6% 1961.. Belgium 6s ‘65 . . Bell Tel (Pa) r Beth Steel o m Bolivia 7s ¢t 6 Burdeaux Boston & Matne § Broadwy t 7m Avosus. Brooklyn Manh 1n1 68 A Brooklyn Unlon 53 '60. Canada 5s 52. Canada National 4 48’54, Canadian Nat) 4148 '57 Canadian Natl uu (] Can Nat July Canadian Nat| b ‘5 Canadiar Pacific deb 4a.. Centra: Pacific 45 48 Central Pacific 68 196! Certain-teed 538 1948 Chesapeake Corp b8 '47. Ches & Ob gen 4348°92.. Ches & Ohfo 44593 A Ches & Ohio 4%s B '95 ChiB& Q4% B 7. ChiB&Qref5s'71. Ch & East 1l gen 68°51.. Chi Great West ¢ '69. ChiINMStP&P6s'75... 4 Chi M St P & P adj b Chicago&Nwncv 43549, Chi& N W 6%s'36 Chicago Rys bs '27 ChiR | & P ‘4 Chicago Rock Is] 4%s Chicago R 1 4% 8 A Chi Union Station Chi Union Station 6 Chi & West Ind con ¢ Chi & Weat Ind 6% Chile Republic 6s I 4 Chile Copper 63 '47 CCC.SILY““'I‘YL Cleveland Term bs B ‘73.. Cleveland Terminal 638 Colombia Il 1961 Jan... Colon Oil 6s°38. . 102% 1043 Comm Invest 5% Con Coal (Md) 1 Copenhager, 55 Czechoslovalki: Del & Hudson 6% Denmark bl 1985 Denmark s 42 Dutch East Indles East Cuba Sug 7 Erie 1st con ¢s 9 4« FondaJ & G “Ll 52 French is French 7% - Gelsenkirchen Min 6s '34 General Cabl 51342 Gen Motors 6s 37. Ger Gov 5143 '65 w Germau Bank 63 193! German 78 '49. . Goodrich (B F) 0%!‘11. Goodyear Rub 5s 1957, Grand Trunk s f del Grand Trunk 7 Cireat North ¢%s Great Nor gen 5% Great North gen Greek 68 1968..... Havana Elec Ry 6%8 Hudson & Man adj & Hud & Man ref 5s ‘57 Humble O & R 6%s ‘32 Ilinois Cent ref 4 ‘55 illiriofs Central 4% s Inland Steel 4 18 197 5: Inter Rap'd Tran 6s Inter Rapid Tran ev 7s. Inter Cement Inter Gt Nor Inter Paper 63 A ‘47. High. 0 Low. 99 27 100 18 100 27 9722 9722 99 16 1018 1047 10113 —.19!"; 10414 —12 Net Low. Close. Chg 883 88! Lehigh Market Milan 6 Nassau 82% - 4% 1% —8% =5 Pacifie Paris-1 Poland 2 Readin; Seaboa 1044 41% 9474 - 1% 2N T 80 -4 ~5% Sinclali United Vienna Virging; wa & Midvale Steel 65 '36. MU EIR & L 1st ref Mo Kan & Tex 1st 48 '90 Mo Kan & Tex ad) b ‘67 Mo Kan & Tex pr In 6sA. 4 Mo Pacific gen 48°75. Mo Pacific 55 A 65 Mo Pacific Gs I Mo Pacific 68 G. < Missouri Pacific 5s H '80. Montana Power s 1943. . Nat Dairy Prod 634s'48 Netherlands 6s *72 4 New England New South W N Y Cent deb 45 '34. N Y Cent deb 6: NY Chieago & StL s North Amer Ed North Pacific 38 North Pacific 48 '97. North Pacific 68 D 2047 North Pacific r 1 68 2047 Northern Stat, Norway 5%s 5 Ore Wash 1st ref 4s Orfent Dev 5%s '57. Pacific Gas & E] 68 °42 Paris Ovleans 5% = 1268 Penna cn 438 1960 Penn gen 4% s Penn gen b: Penn 63 " Philadelphia Co bs *67 Phil&Read C&] 6s wi *49. Philips Petrolm 6% 8'39 . Pittsbgh&WVa 4 348C " Sao Paulo State of § Seaboard A L ref 43 Utd Kingdom 6%s "37..., U S Rubber 1st & ref 5s. . Uruguay 6s 1960. Utah Power & Ligh! Utilitles P& L 6%48°47... Va Ry & Power Wabash 4%s 1978 bash 1st 68’39 Wabash 6s B 1976 sh 5s D'80. Kan City South bs Kan City Ter 1st 4 Kan Gas & Elec 438 80 Kendall 618 ‘48 (war). Kreux&Toll 68 ct wi 69 Lackawanna Steel 58 '50.. Laclede5%s D '60. Val cn 48 2003 Liggett & Myers 68 '61. 101% + % 90is 8814 9615 - 2% 6% —21 95 —2% 75 by 40%-12% St Ry 75 A "40 1%8'62. . 4T% —1% 9315 —1% 102 + % 105% + % 4814 —B% 86 -8 74 -11 88 —T% Elec 48 '51 MY —1% 934 ~ 5714 —2%% 78 —44 72 -5 80 —10 9915 —1% 79 -1 75% —1% 0% 3 Pow 0s. . 1081y - a Tel & Tel 5852, Pan-Amerlcan fs 34 Para-Fam-lLasky 8 -6 1004 + % 97 - 3% 94 —1% 8315 3% 67 -8 86% + 4% 90% —1% M —14 102% + % 0% — % 21% — + yons-Med 6s ‘68 8550 » Postal Tel & Ci « Queensland 6 Queensland 3 44897, Reming-Rand 6%, Rhinelbe 7 Rhine Westphalia 68 '62. . Rio de Janeiro 8s ‘4 Rio Grande Do Su) 6 RIArk & L 4%5°'34 Rome 6%s ‘52 —4% 28, —1% -9% —1% 79 -4 38 —4u 21% —6% 374 —6l% 62 +1% A1k —8% 3% 14 72 9 rd A Lad) 5s 49 Seaboard A L con Seine Dept of 7s. Serhs Croats&:Slavis'6?. Serbs Croats Slov r Ofl 78 ‘37 4 Sinclair Crude Of1 South Pacific 4%8'68...,. Southern Pac 4% 5 '69 ww Southn Pac Ore 434877, Southern Ry gen 4 Southern Ry 1st 5. South Ry dev 6148 '56 Stand O1I N J 6s. Stand Ofl N Y 43%8 51 Swiss 5%s "46. . Tenn Copper 6s B '44. Texas Pacific 58 B"77.... Texas Pacific 58 C '79 Third Ave Third Av Toro Klec Pwr 78 '55. 4 Union Pactfic 1st 48 Union Pacific 4s '68. Un Pacific ref 4s 2008 I8t ref 4s ‘60 ad) 68 60, 2% +1% 93 -1y Y% — 8114 941 — 9% —~ 49 -5 35 —4u 92Y% — % 56 + % 5% —T% 100% % % 88 25 85 Drug 68 '53. s 1952 a Ry 1st 63 —7% - 6% -3y —10% 4 —5% Wabash 5%s ‘7§ Walworth 6s *45 Walworth 6%4s '35 Warsaw 7s 1958 . West Shore 1t 4 4% - % 32% 2 T 3 West Maryland Wert Maryland 5 Western Pacific 65 46 Western Unlon Tel 614 101 101% 103'2 Wilson Yokohama 6s '61 5 Youngstown Steel 55 '78.. 48 9% —24% 821 -1% 78Y% —1% % -6 & Co 18t 63 °¢1 CREDIT AGREEMENT ON DRAFTS ASSURED American Bankers Learn Germany ‘Will Carry Out February 29 Arrangement. By the Associated Press. NEW YORK, November 28.—Amer- ican banks participating in German credn& under the standstill agreement ?mng on February 29 have been formed that all disputed points of lhe arrangement had been settled with the receipt of satisfactory assurances from the German government, the Reichsbank and private Banks. The points involved included treat- ment of 90-day drafts and bills drawn after December 1 and maturing subse- quent to February 29. It was under- stood the Banki Committee consid- ering the question had decided Amer- ican bankers were not requirad to ac- | cept drafts maturing after the present agreement expires; also the German authorities had agreed that in case of | a later settlement there would be no discrimination between drafts drawn under the present arrangement, whether they matured before or after Febru- ary 29. It ‘was said repayments by Germany on her present short term credits had been heavy because of unexpectedly large releases of foreign exchange by the Reichsbank. Albert H. Wiggin, American member of the International Committee which is to consider Germany's international commercial credits, sails for Europe to~ night for the conferences 21; 1931 net expected to exceed $3 a share. Lerner Stores passed quarterly com- | ll;on dividend; paia 50 cents September National Steel Car gets award $575, oy mn‘:vx" C].:l';gya(“;' 1 passed ‘anadium-. teel quar- ;vrly dividend; paid 25 cents September Katanga Copper plans to cut eulput o‘f" aner cent 'undu' eurtailms plan, Commodity Price Trends of Week BY H. N. McGILL, Editor McGill Commodity Seivice. AUBURNDALE. Mass, November 28 (/P)—The average level of commodity | prices continues to show a sidewise trend which has been in evidence for | some weeks. All Commodities. An almost negligible decline was re- corded by all commodities, with six in- dividual groups declining, five remain- ing the same and three recording an upturn. Industrial Prices. Industrial prices remained at the level of the previous week with price | declines in hides and leather, non-fer- | rous metals, paint materials and textiles being offset by increases in building materials and vegetable ofls. The mar- kets continue to reflect the exact condi- tion of activity in industry. Although sentiment continues good in regard to the outlook for the coming months, yet actual operations continue to drag along at low levels. The most important events of the week consist of failure of conference between the railroad execu- tives and the labor unions to effect an agreement in regard to a 10 per cent re- duction in wages, and the im| tion of a 50 per cent tariff wall by Great Brit- ain on certain imports. The eampaign for rallroad wage reductions will un- doubtedly Le carried on and there is some hope for an eventual meeting point on this question. In regard to the tariff put into effect by Great Britain, there seems to be no great alarm con- cerning the possible reduction of our trade with that country as only 1.6 per cent of our total exports are affected. Agricultural Prices. Although somewhat lower than the | previous week, agricultural prices are | still well above the low point established around the 1st of March. The out- standing news in the agricultural situa- tion during the past week was the pub- lfiulhn of lht lnnull report of the rm Board. is report discloses the Mmtmloudnwhumhlnd | 1.310,785 bates of cotton and 189,656,187 | bushels of wheat. The fact that the | operations of the board show a paper l1oss of $177,000,000 undoubtedly will be the cause of some lively controversy in | Congress at the coming session. The | probability is that there will be new | agitation for th> debenture plan and the equalization fee principle. Another | | notalle event in the agricultural field | | was found in the agreement by 10 States to reduce next year's cotton crop by 50 per cent. Non-Ferrous Metals. | A drastic decline again was shown | by non-ferrous metals, making another |record new low. Under the leadership of copper, which sold at 6% cents, the lowest price ever recorded, most of the items in this group, with the exception of tin, were lower. | __Most important price changes in the | McGill weekly commodity price indices (1926=100) : Puvw.ul Year ul | PR Nor-terrous “metais Live stoc 31 Eit) 83 53.0 03 8.6 3.7 Shrinkage in Securities Values. | NEW YORK, November 28 (Special). ! —With only one more business day in | November, it is certain that the month is to be included among those this year that will go down in ancial history as producing heavy shrink: in the security holdings of American investors. Present reckonings indicate that the values of listed stocks and bonds will g: off about $5,000,000,000 from Octo- T, Only 4 of the 11 months this year | have ended with prices of stocks show- ing & net advance. Two of these, curi- ously. were June and October, when | the absolute lows for the panic period | were made, though early enough to cor-, ract the condition before the month- enc. In June this came about from the moratorium announcement and in October from the formation of the Ni tional Credit Corporation. Wall Street hopes that December will develop some new constructive policy that will have the same electric effect on securities as dkud those two unexpected announce- ments. 1018% — 15} + | sure_consumption. +lin 1920, * | overnight, however. C., NOVEMBER 9, NEW YORK STOCK EXCHANGE (Continued From Page 2.) 1931—PART SIX. FINANCIAL. BRAZILIAN FUNDING o and Bales— vidend Rate. Btock and w. Dividend Rate. At Union Carb & (3.60). Union Ot of Cal (2). Union Pacific (10). .. Unlon Pacifie pf (4), Un Tank Car (1.60). Unit Afreraft, Unit Am Bosch Unit Biscuit (2) Dait Carbon % Unit Cigar § Unit Corp (76¢c). Unit Corp pf (3) Unit Dyewood pf Unit Electric Coal. Unit Fruft (3)...... 6 % U"nit Gas&Im (1.20). . 95'4 Unit Gas&lm pf(5).. 10% Unit Plece D W (2).. 95 Unit Plece DWpf 6% 674 U S Distributing. ... 1 17 § & Forn Secur... 81, U S Freight. ... 2113 US Gypsum (1.60)., 115 U S Gypsum pf(7). 3'5 U S Hoffman. .. 20% U S Indus Alcohol 2% U S Leather. ... 41s US Leather (A) 65 US Leath orpf (7). 11 US Pipe & Fdry (3). 14 US Pipe&Fy 1st 1.20 U S Realty & Imp. Bales— “nited Stores pf (4) x 50 niv Leaf Tob (3).. Univ Leaf Tob pf(8). Univ Pic 1st pf (8).. Univ Pipe & Rad. Univ Pipe & Rad pf.. Ut) P&L(A) 13.16. 75 Vadasco Sales Corp 13% \anldlum(.orv Va-Caro Chem pt (1) 'a Elec&Pwr pf (6). ulcan Detin (4 2 Wabash R R 27% 17% Waldorf Sys 213 Walworth Co. 6% Ward Baking . High. 35% DETAILS DELAYED ¢% | Plan Will Not Be Operative in :zlzi Time to Care for Coupons on December 1. Add 00. ki 5 496 Net. Clgse. Chee. 3214 —2% Ward Baring (), Ward Baking of 17)- Warn Bros Pictures Warner Quinlan. ‘Warren Bros. . Warren Bros cv pf 3. Warren Fd&Pipe(2) . -1 Webster Eisenlohr. . - % Webster-@isenlhr pf 103 | n O11&Sno(2) . +% Wesson 0Sno pi14) Low. 3234 787 - 6313 Special Dispatch to The Star. NEW YORK, November 28—Dillon, | Read & Co., as fiscal agents for United | States of Brazil, announce that thes 1| have been advised that because of the e, | delay in completing the details with 4 +24 | Tespect to the Brazilian government's plan for temporary funding of the Western Datry () =3t | service of its external debt, this plan Western Md 24 pf. 3| will not be operative in time to take Western Pacific. 11 | care of the coupons maturing Decem- Western Pacific pi ber 1, 1931 attached to the 8 per cent Western Unfon (6) loan of 1921 and the 7 per cent loan Westinghse A B(2) . of 1922. 4 Westinghouse (215). A formal notice will be published at Wsthse EM 1st m37% such time as all arrangements and de- Weston Elec Instru. talls have been perfected, setting forth Westvaco Chlor 1.60. the plan and the method of exchange. WheslngSteshsssee | Holders of coupons maturing December Wheeling Steel pf 3) 1. 1931, attached to the above-men- White Motors | tioned bonds should, therefore, retain White Sewing Mach. | such coupons until further notice. White Sewing Ma pf. Wilcox Oil & Gas % Willys-Overlan Wilson & C... ‘Wilson & Co (. Wilson & Co pf. Woolworth (t4. Worthington Pump.. Wrigley (Wm) (4).. 2% Yale& Towne (2)... 3% Yellow Truck. . 17'5 Yellow Truck & C pf. 13 Young Spr& Wire(2) 19 Yestwn Sheet&Tube. 1 Zenith Radlo........ +2 +1% T P West Pa Pwr pf (7). Western Dafry (A).. 90 100'5 14% 31 The Investors' Verdiet Simple Sound Progres: Common Sense Securities F: Nimro & Co. Eve Sts. N.W. “o755 13% 3 1% 88 8y RIGHTS—EXPIRE. 14 Elec Po&Lt ..Dec 4 468 1 274 PeopGL&C..Jan15 28 34 Dividend rates as given in the above table are the annual eash Dayments based on the latest quarterly or half-yearly declarations. $4,000 to $8,000 xEx-dividend. sLess than 100 shares. {Partly extra. Plus Anslications 4% 1n stock. TPlus 9% in stock. a Paid last year—no reguiar rate. P b Payable in stock. e Payable in cash or stock. f ven Prompt Attention h Plus 2% in stocl 1 Plus 50c in special prefe .k Plus 3% in stock. mPald this year—no regular rate. nPlus 5% in | funds available for Investment in First " Mortgages of from REDUCTION IN HOURS MIGHT AID WORKERS| Steel Company President Suggests Shortening of Schedules in T. 8. Factories. Special Dispatch to The Star. CLEVELAND, Ohio, November 28.— | {A six-hour day and a five-day week | are seen as possibilities of the indus- trial future by E. J. Kulas, president of the Otis Steel Co. and the Midland Steel Products Co. Discussing needed | | readjustments of tne country's mass | production systems in the November is- | sue of Trade Winds, published by the | Union Trust Co. of Cleveland, Mr. Kulas suggests that less hours for the workers may produce all the goods the country will consume. Pointing to the fact that industry now recognizes the importance of wages to sustain the domestic markets, Mr. Kulas says: “This new conception of business of- fers an alluring prospect of industrial | perpetual motion, in which industrial production shall create consumption | and consumption shall make necessary | further production. But we must not | put the cart before the horse. Con- sumption must make production, be- | | cause no amount of production can as- | We found that out | “What industry can do and what it should do as an important step in its | readjustment is to embark on a settled | mlcy of staggering employment to the | it possible degree consistent with ef- ficient operation. Shorter days or weeks and in the case of industries which require cohtinuous operation more shifts would divide the work among more workers. “We may be coming to a time in this country where a six-hour day and a five-day week will produce all the goods which the market will consume. If workers universally could work 30 hours a week or even 25 and get the same wages as they formerly got for 43 |or 50 hours a week, it might be an idzal | condition. “Such a situatin cannot be created | The entire trend | of industry in this country for many *| years has been toward shorter hours and higher pay. A systematic advance- | ment of this tondency, as long as the | balance between costs and selling prices can be maintained, so that capital gets | its just wages as well as labor, is the | obvious duty of industry.” Mr. Kulas lists as the four major re- adjustments necessary in the mass- production systems of the country and gearing of production machinery to ef- ficient and profitable production at less | volume, the staggering of employment. | the use of every new material which | will open new markets and the adoption | of every technological improvement | which does not entail undue obsoles- cence either of capital or man power. Sl BANK CLEARINGS DROP SHARPLY DURING WEEK‘ Special Dispatch to"The Star. NEW YORK, November 28. —Bnnk‘ clearings this week at all leading cities | in the United States, as reported !0‘ Dun’s Review, of $4,306,690, Ml) Were 30.7 per cent below those of last year. | At New York City the amount was $2,- 826,345,000, a reduction of 29.9 per | cent, while the aggregate for cities de of New York of $1,480,345,000 Vi 324 per cent smaller. The re- | ports include only five days this year | and last and naturally show a heavy compared with the preceding week. | There are no indications of improve- ment in this return. Settlements | mrouxh the banks continue very much | less at practically every city reporting. | It is a very long time since the daily bank clearings have run below $1,000,- 000,000 as they have this month. Most southern cities continue to make a rather more favorable return than the cities of the East and the West. Bank clearings this week, as reported | to R. G. Dun & Co., and average dalily bank clearings for the year to date, are printed herewith: Bos Bl tleterpnia Baltimore Bitisburgh Buffalo . Chicago SE troit Cleveland Sincianatt Si. Loul; aha neapolls’ Richmond Ausnia . uisville New Orlean: gnn Pnncls Portiand Total New York Total all vera, er to date.. 9130000 ta 0 5 i I B et ot Pre & g Cudam i oa R8s aual g cand quarter 33. First quarter . 1:404:306.000 CHICAGO DAIRY MARKET. CHICAGO, November 28 (#)—But- !tr—neceipu! 13,023 cases; market un- bl creamery special (93 extras (92 score (90-91 score), 9 score) T score), 24a25; standards 21 nmzl tra firsts fl:lu (a8 seore, centralized, carlots) “_Mlph 3,682 cases; : prices unchgnged. stoek. D Plus 2%% in stock. | Rulur BRDKERS URGING DELAY 924 14th St NW. IN PURCHASES OF STOCK | Special Dispatch to The Star. NEW YORK, November 28.— The confused outlook in the market prompts Stock Exchange houses to advise their clients to postpone commitments on the buying side. They suggest that it will be better to wait until prices ap- pear to have stabilized before buying, even though current levels appear to be attractive for a long term invest- ment. This supplements the natural tendency of the public, whose own in- clination has been to hold off in view of its experience in going into the m!rk"l at other times in the past year |and a half when stocks seemed to be extremely cheap. Nine oyt of 10 professional traders are of the opinion that the industrials and public utilities will follow the rails down through the last low level reached on October 5. By scme measurements industrials at the. opening today were only slightly above this low. Nearly a third of the stocks daily dealt in are now quoted at the lowest prices of the year. | | numbered 16, made up of 1 resume, 1| initial, 12 extra and 2 increased divi- dends. b e ey g Money Available for Mortgage Loans @ LOAN on apartment house, office building, resi- dence or business property are adequate for all requirements. With your application we take care of the inci- dental preliminaries promptiy—and if approved ample funds are available at once. Loans will be made for 3, 5 and 10-, year periods, and at 51/2% RANDALL H. HAGNER & COMPANY mm LoAN CORRESPONDENT 1321 Conmcntut Ave. Decatur 3600 *mmmmnmmum|mmmmmuummmmmumummmmmn$ UR facilities for negotiating a FIRST TRUST £ TR Dividend Changes. * NEW YORK, November 28 (A)..— Both unfavorable and favorable divi- dend changes increased during the past week over the previous week, with | favorable changes the largest in num- ber since the second week of October, a compilation by Standard Statistics Co. shows. Unfavorable changes nurg- bered 32, compared with 24 the week before, mnde up of 8 decreased and 24 |passed dividends. Favorable .changes STAR Es FAI'R ST MOR WHAT IS THE SECURITY? That's an inrportant considera- tion when yqu are making an in- vestment. In the case of our 6% FIRST MORTGAGES the answer is a satisfactory one, for back of them is conser\an\'e]v ap- praised improved Washington real estate. It is this security which makes the liberal interest still more attractive. Money to Loan Seeured by Orat deed of trast on real estate. eommission. Joseph 1. Weller fl'-!. (X LOANS 214 or 318 Tro .'" N.. " n Duer FRI Is Y e _nu; NI R -m, Over a Third | Buery investor should benefit by g/t our timely compilation of 25 stocks lwh:h appear to have un. usual long term profit possibili- ties. These 25 careful s eco sold under $1. Century Without a May be purchased in amounts from $250 up—and upon our con- venient Partial Payment Plan if you desire. B.F. SAULE CD National 2100 925 15¢h " Loss vcmu-u Rules” and an eight weeks . trial subscription—$2 velue for $1. Return this “ad” with your address and $1.00 today. WORLD America s Investment and Business Weekly 53-FM Park Place THERE IS NO National MetropolitanBank OLDEST NATIONAL BANK IN THE DISTRICT OF COLUMBIA Capital, Surplus & Undivided Profits Over $2,300,000.00 15th Street, Opposite U. S. Treasury A Record To Inspire Your Confidence HE Metropolitan invites your patronage not on promises, but on a record of performance. Always standing four- square to financial winds, this veteran bank has afforded the Maximum in Service and Security, for over One Hundred and Seventeen Years. QA good bank to “tie to,” whatever your requirements. Interest Paid on Savings Foreign Drafts for Sending Holi- Jay Ca,h 0”"',24‘ or E’SEW’."'C OPEN UNTIL 5:30 P.M. November 30 and December 1 for Payday Depositors’ Convenience