Evening Star Newspaper, January 21, 1932, Page 14

A—14 wxx |.C.C.ACTS TOEND SPECIAL ROUTING “Reciprocity” Between Car- riers and Manufacturers Under Fire. BY GEORGE E. DOYING. ‘The practice of “reciprocity” in the| urchasing of supplics by railroads and he routing of shipments by manufac- turers is likely to be abolished as a re- sult of a proposed order submitted to the Interstate Commerce Commission, recommending legislation to deprive shippers of the right to specify the Toutes over which their shipments shall be_transported. The trading of purchases for traffic 1s not new, but it has assumed impor- | tant proportions and is surrounded with a degree of secrecy th: it di cult for the commissio! miner ascertain the facts in inquiry cently closed twithstanding exte; tion of witnesses with ord as a basis,” it is a in the order submitted to the commission for | approval, “little information was elicited other than that contained in the docu- ments. In practically no instance did the carriers’ counsel make any inquiry or assist in any way in developing the Jacts.” | Expense Held Surprising. | reluctance to disclose the facts ttributed by the commission's ex- aminers to fear on the part of railroad | representatives that if they should gi testimony and their competitors should remain silent. the shippers involved | would retaliate by diverting traffic the c whose representatives gave | the testimony | “If the true results of the present practice could be brought to light,” the | proposed order sz we believe the amount of unnecessary expense in- curred thereby would be surprising.” ! TThere is no apparent reason, the order continues, why it is of any great im- portance to shippers, from the stand- point of transportation, that they be able to specify the route which their shipments shall take in reaching their destination. 1 On the other hand.” it is declared, | “this right bestowed by the law is being abused and used as a weapon to force | purchases from the carriers and is being very effectively employed.” Under the Clayton act the carriers under specified ~circumstances must purchase supplies or other articles from the best bidder, to be ascertained on competitive bidding under regulations to be prescried by the commission. This provision, however, applies only to purchases aggregating more than $50,- 000 in one year and when the same person is connected with the railroad and the seller. It is proposed now to provide that all purchases must be mede by competitive bids. Two Proposals Made. ! “Although it is possible,” the order asserts, “it does not appear probable that the carriers can be relied upon to correct the abuses disclosed by this in- vestigation. Some corrective action should, however, be taken to curb a harmful practice which is already jly growing.” mlfltd is fifmm.\-%u. therefore, that the commission recommend to Congress that (1) the provisions of the law un- der which the right is given to shippers to specify the routes over which their shipments be transported be rescinded and (2) that authority be vested in the commission to require by order that purchases of any or all materials, Sup- plies, equipment or other articles shall be.made from the bidder whose bid is the most favorable to the carrier or carrlers, to be ascertained by competi- tive bidding under regulations to be, prescribed by rule or otherwise by the commissfon. re- ded exami 1 Thi | was & (Copyright, 1932.) RAIL PURCHASES DROP. Figures for 1931 07 40 Per Cent From | Previous Year. By the Associated Press. | Railway purchases in 1921 were about | 40 per cent less than during the pre-, \ious year on the basis of a compilation by railway age The market supplied by the carriers for. rail equipment, fuel, materials and supplies amounted to $863,000,000 as compared with $1.446, 000,000 during the previous 12 months. The amount was | only 59 per cent of the total brought | during the banner year 1929 when $1.-| 745,000,000 represented total purchases. Princip: ailway purchases of ma- | terials and supplics used in operation comprised $185,500,000 for bituminous coal, $53,200,000 for Cro ties ?')()- 000,800 for steel rails, $40,500,- 000 for switches, bolts, spikes and simi Jar material; $30,000,000 for structural | steel, fron bridges, bar iron and steel, | and $30,000,000 for fuel oil . The public: on declared that stocks of materials and supplies on hand at the vear's end was the lowest since 1916, presaging a material increase in rail | purchasing when an improvement in the carriers’ financial position occurs. Washington Produce 28 Butter—One-pound prints tub, “'Eggs—Hennery, 16a17; current re- ceipts, 14al6. Poultry, alive- 20 , old toms, 18a {1929 FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, THURSDAY, JANUARY 21, 19 ON NEW YORK BOI\TDS—STOCK EXCHANGE I' NEW YORK STOCK EXCHANGE Received by Private Wire Direct te The Star Office. (Continued from Page 13.) Sales— Add 00. 10 50 2 Stock and Dividend Rate. (2). —1— High _Low. 56" 10% Purity Baker! 274 b6 Radio Corp. 60 915 Radio Corppf (B). 28 Radlo-Keith-O(new) 2 Reading Ry Co (2) 8 Real Silk Hoslery. 1 Remington-Rand Rem Rand 2d pf. Republic Steel. Republic Steel pf. ... Reynolds Met (1%). 3215 Reynolds Tob B (3). % Richfleld Ofl. ..... Royal Dutch of NY Safeway Stores (5) Safeway Strs pf (6). St Toseph Lead (60e) . StL-San Francisco. StI Fran pf. Schulte Stores pf (8) Seaboard Alr Line. Seaboard Ofl zrave Corp. ears Roebuck (2%). ervel Inc : Sharon Steel Hoop. . Shattuck (F G) (1) Shell Union Ol hell Union Oil pf hubert Theaters Simmons Co. Simms Petrole inclair Consol Ofl. inclalr Ol pf (8} 631 11% 1878 291y 10t 9 oo =S b Mooa G o 103 64 0 62 9 P 15% 21 17% b4ty 10915 10 12 kelly O1l of ww. Sloss-Sheff Steel pf Snider Packing. Snider Packing pf, Socony-Vacuum (1) . South Port Rico Sug outhn Cal Ed (2). .. outhern Pac.fic (4) Southern Railway. .. Southern Railway pf Spencer Keliog(80c) tand Brands (1.20). tand Brands pf (7). Stand Comel Tobacce Stand Gas&El (3% ). Stand Gas&El pf (4). Stand Ol of Cal(2%) Stand Ol of Kansas tand Ofl NJ (12) Sterling Secur (A). Sterling Secur pf. erling Secur cv pf. Stewart Warner. tone & Webster. . Studebaker Co(1.20) Sun Oil pf (6). 274 Superior Steel mineton. .. 8t 6t 28% 2613 10 9 101 114% 18 2514 ;590 83 16's 201 124 4 88% 6478 1% 19 97y Texas Corp (2). 1915 Tex Gulf Sulphur(3) 4% Tex Pacific Land Tr. 37 Phatcher Mfg Co.... 245, Thatcher Mfg pf 3.60 5% The Fair. S 87 The Pairpf (..... 514 Third Avenu 5 % Thompson Starrett. . 2x Tide Water Asso Oil. 205 Tide Water As pf(6) 1615 Timken Roller B(2). 1% Tobacco Products 6 Tobaeco Prod A t85c Tobaceo Products cts Transamerica Corp. . 8% 9 68 59 4 14 18 11 3 2 10 High. Low. Close. Ch 14 84 164 ~—1931— High. Low. 1% 2 454 24 24 21% 2 T6% 13% 123% 100 5 27% 11 70% 16 9% 40 18 64 1 Tl 26 % “ 33% 3 Not. 134 13% - % 8 —-% 16 + 4% 5% + % +1% 17% 15% 83 93% 1415 20% 18 34 10 I35 31y 12% 36 94 1% 21 804 24 us U 31 | 6% T1% 11 Wsthse B XEx-divicend 4% in stock b Pavable i stock b Plus 2% In stock 3% in ‘stock. stock. Stock ana Dividend Rate, Tri-Contl COrp. ... Trico Products(2%). 5% Truscon Steel G Ulen & Co. ... 5 Underwood-Ell-F (3) Und Ell-Fish pt(7).. Union Bag & Paper.. Union Carb & (2.60) .. Un Ofl of CRlf(1.40) Union Pacific (10).. Un Tank Car (1.60).. Cnit Afreraft. . Unit Alreraft pf (3). Unit Biscuit (2).... Unit Carbon. . Unit Cigar Story Unit Corp (76¢) Unit Corp pf (3)... Unit Dyewood. Unit Dyewood pf (7) Unit Electric Coal. .. Unit Frult (3) ' Unit Gas&Im(1.20).. Unit Gas&Im of (5). . Unit Plece DWpf 6% U S Gypsum (1.60).. U 8 Indus Alcohol. U S Leather. . U S Leather (A)..... ipe & Fdry (1). Realty & Imp U S Rubber. U S Smtg & U 8 Steel Corpa (4).. U S Steel pf (7)... United Stores (A). United Stores pf (4) Univ Leaf Tob pf(8). Univ Pic 1st pf (8).. 7 Univ Pipe & Rad. ... 7% Ut Pwr & Lt A (2). % Vadasco Sales Corp. Vanadium Corp 20% Vulcan Detin (4) Wabash R R. . Wabash R R (A) . Waldorf Sys (1%). Walworth Co. . Ward Baking (B) Warn Bros Plctur, Warner Quinlan. Warren Bros . Wesson O11&Sno(2) . West Pa ELpf (7)... Western Dairy (A).. Western Maryland Western Md 2d pf. Western Pacific. . Western Pacific pf. 4 Western Unlon (§) Westinghouse (2%). E White Motors White Sewing Mach. Wilcox Ofl & Gas.... Willys-Overland. Woolworth (2.40). Worthington Pump. Wrigley (Wm) (4) Yellow Truck. ... 6% Zouite Prod Corp (1) Sales of Stocks on New York E TPlus 3% in stock # Payable in cash or a m Paid this vear—no resular rate D Plus 2%a% in stock Net. High. Low. Close. Chge. 315 34 3% 28% 28 28% — % 6% 6% 6% + % 2% 2% 2% 20% 19% 19% + % 100 100 9 10% 10% 32% 314 13 12% 82% 80% 178 1% 15% 18% 44 43 2415 24% 10% 10% 1% 1% 10 9% 87% 37w 1 31 4 24% Bales— Add oq] A0 208 1 32 17 1 31 3% 231y 19% 90 9314 22% ef (1). &M 1st 3% 22 541y A% Th xchange. 500,000 1,000,000 54 P % 200,000 800,000 12 Dividend rates as given in the above table are the annua! eash payments based on the Iatest Cuarterly or half-vearly declaratio; sLess than 100 TParthy extra 1P » Paid Plus 50c in special preferred stocl o Plus 8% CHAIN STORES DROP 4 PER GENT GRO $3,220,414,284 Income i, 1931 for 41 Systems | Is Reported. BY CHARLES F. Special Dispatch to The Star. NEW YORK, Januery 21.—According to a special analysis of the business of the chain stores in 1931, published to- day, the gross earnings of 41 reporting systems amounted to $3,220,414,284. is is about equal to the receipts of four of the largest American corpora- tions—namely, American Telephone & | Telegraph, United States Steel, General | Motors and General Electric. The chain store gross revenues last year were 4 per cent less than in 1930 and about 3!, per cent under those of The smallness of the decline is an evidence of the steady growth of these merchandising and distributing agencies at a time when the general volume of business in the country is off m excess of 30 per cent. It must also be taken into consideration that the verage price of merchandise sold by ali of the units in the chain store sys- tem decreased substantially in 1931 and s today much. below the average of 29. SPEARE. 44,000 Individual Stores. Embraced in the 41 chains reporting are nearly 44,000 individual stores. Last car there was a general policy to- ward store consolidation in the inter- ests of greater economy. Ten chains reduced the number of their operating units. The decreases were most numer- ous in the grocery trade. On the other hand, there was an increase number of 5 and 10 cent throughout the country cery chains represent cent of all of the stores systems. Next in number managed by the 5 and 10 cent systems d representing 11 per cent of the total. The third most important nu- merically are the apparel stores, with 5 per cent. A consolidation movement in the last three years has been most | prominent in the grocery chains The about in those , pounds pounds. 11 d: In| 3 po ds. small, roosters, 14 18420 1 kea! re: to! pot und: 23, 16a18 kea ed broil hens, Leghorn ts, Turkeys and and ms nds ts, young, 60a70 50 Mea good 13 13; pork pounds, 12 hams, 1 80-pou g pounds, 7a7: Live stock 4.25a4 50 roughs, lam Pru quarts, 50a1.00 Florida rapef apple: 5 0 1.25a1.75 bananas choice, 15; Beef, al3 ; lamb, top, prime cow, 9% Hogs, light and medium he 400, pigs, 4.00 200a3.00: calves, 4.00a8.00; | 4.0046.50 | Strawbe ints | apple box stock California, a3.25, pears gr Emperors 50; tang quart Alligator b, hot house Chile, 4.00 100 - pound Idaho bakers, 2502 tomatoes, Florida, 6-pan carriers, repacks, 2.00a 6.50; string beans 2.00a4.00; _broccoli xas, 1.00; home 50; kale, 50; watercress, 150; Jettuce, Iceberg, 3.50a4.25; caulifiower, 3 25; squash, 2.00a4.00; mushrooms, 65a1.00; beets, crates, 2.50a2.75; carrots, crates, 4.00; cucumbers, 4.00a4.50; egg- plant, 2.00a2.50; -celery, 3.00a3.75; onions, 50-pound sacks, 1.90a2.00; Spring onions, per dozen bunches, 24; salsify, dozen bunches, 8C; artichokes, 4.50a 5.00; parsnips, 1.50; cabbage, new, 1.00; ©old, 75a1.00. a4.00; 5024.00; ke uit 3.00 Tem kumguats, 1.50a3.00 50a3.00 0; 2.00a250° spinach grown V. 8. TREASURY CERTIFICATES (Beported by Chas. D. Barney & Co) Phfaturity er B Tane 15 oss 100353 Mar 15, 1932, 100 132 Thes. Bent. 15, 1932, 98 30-32 £.°%Sept. 18] 19320 s Dec, 15, 1933 - 18 18, 18 | of 3.4 per with a disposition toward gradual expan: e other two. e total gross e of all of ns those 1ide 4 with gro- ave the larg value v are slightly over 60 per cent of the 1 of $3220414.284 represented by of the systems. In the grocery group, one corporation produces 50 per cent of all revenue in its particular field with earnings in excess of the aggregate re- | ceipts of 11 others reporting. The 5 and 10 cent stores last year produced 23 r cent of the earnings of the entire 41 | while 9 per cent was developed apparel chains the vear, the 5 and 10 cent stores < earnings of less 1 1 per cent, which compared with a loss for the month of December of about per cent. The grocery chains for 12 months showed a reduction of 47 per cent and in December one of 82 per cent. The apparcl stores lost over 8 per cent for the year and 10 per month. The drug chains were only ones to show gains for the year e amounting to 4'. per cent, with a slight decrease in December, while the estaurant chains had an average loss in December of 2.3 per cent against one t for the full year Chains Have Met Conditions. In addition to the chain systems reporting, the analysis gives figures of carnings for the mail order houses. which operate approximately 1,000 stores and have increased their units gradually since 1929, these being 10 per cent larger now than they were | in 1920, These stores have a combined | business of $600,000,000, or about 19 per cent less than that of the com- bined 5 and 10 cent stores reporting Their average decrease for the year| was a little more than 14 per cent, | but in the month of December it amounted to 19 per cent. Taking all| companies, it is found that the year's | decrease in turnover wes 5.8 per cent, | again an excellent showing in contrast with that of general business or spe- | cial major industries, and for the month of December, 9.2 per cent. The growth in the chain store busi- | ness has been oue of the striking de- velopments of the past decade. ~The industry is now going through its first test under depression. From the fig- ures given above it is obvious that it has successfully met the trying condi- tions in which all business has been ] appreciated. SALES. Capital Traction Co.—10 at 181z, 10 at 1835, 10 at 18Y5, 20 at 1815, 3 at 18, 10 at 18, 10 at 18 Mergenthaler Linotype—12 at 51. AFTER CALL. Potomac Electric Cons. 5s—$1,000 at 101. Capital Traction 55—$2,000 at 60}2. Bid and Asked Prices. BONDS. PUBLIC UTILITY. 39, 5s.. 4 ctl. tr R._R. Amer, Tel. & Tel Am. Tel & Tel Andcostia & Pot Ane. & Pot. Guar C.& P. Tel. of Va 5 Capital Traction R R. 55110 City & Suburban 5s...... Georgetown Gas_1st 53 Potomac Elec. Cons, 5% Potomac Elec. 65 1953.. Wash., Alex. & Mt Vernon cti Washington’ Gas 4'2s % Washington Gas 55 e Wash. Gus 6s, series A Wash. Gas 6s. series B Wash, Rwy. & Elec. 4s MISCELLANEOUS. Barber & Ross. Inc. 63s.. Chevy Chase Club 525 Columbia Country Club 5125 W. M. Cold Storage 55 STOCKS. : PUBLIC UTILITY Amer. Tel. & Tel. (9) s Capital Traction_Co. Wash, Gas Lt Co. N. & W. Steamboat (12} Pot. Elec PBower 67 pid Pot. Elec. Power 5/:¢, pid Wash. Rwy. & Elec. com, Wash. Rwy. & El pfd. (3) NATIONAL BANK. Min [k tal (14) mbia (12} mercial (stamped) ¢ o 0y O t (8) . | Fed.-Amer. Natl. Bk. Liberty (78).... Lincoln (10) Metropolitan (14) Riggs (15)... ... Second _(9¢) Washington & Tr. (. {12y TRUST COMPANY. Amer. Seq. & Tr. Co. (15).... Natl ‘8av, & Tr. (13) 5 Prince Georges Bk. & Tr. (6) Union Trust (88).......... Wash. Loan & Tr. (i4) SAVINGS BANK. | Bank of Bethesda (6%). | Com. & Savings (10)...0 East’ Washington (12)... Potomac (10) . Sec. Sav & Com. BK. Seventh_Street (12) United States (30) Wash. Mechanics (20) FIRE INSURANCE. az) ar American Corcoran (10) emen’s (8) i ational Union (15) d TITLE INSURANCE. Columbia (6h) Real Estate (6h) MISCELLANEOUS. Barber & Ross, Inc.. com...... | Real Est | Woodward & Lothrop pfd | bBooks closed. | f30c extra. | 817 Col. Medical Bidg. Corp. (6) .. D. C. Paper Mfg. pfd... .. Dist. Natl. Sec. pfd. (7). Em, amo-Selz. A" (2)..] torage pid. (8) Co. com. (1.20f) Co. pfd. (61 Monotype (6) & Stge. com Stge. ptd er Linotype ) & Inv. pfd Peoples Drug Stores pfd M & G. pfd. (8) Secunity” Storage (5§) Ter. Ref. & Wh. Corp. The Carpel Corp. (2) W. Mech. Mtge. com Wash. Med. Bldg. Corp Wdwd & Lothrop com Fed -Am Li (8) (812) 3. i6):] ), 90 (1201 291 . 101 *Ex. dividend. ¥215% extra. 837 extra h'Z extral 57 extra. n2se extra extra €112 extra. INSfiRANCE CONCERN INSURANCE LEADERS ELECTS OFFICERS REPORT FINE YEARS| Home Plate Glass Company Also D. C. Agents Hol Names Trustees at An- nual Meeting. The annual meeting of the share- holders of the Home Plate Glass In- surance Co. of the City of Washington was held today at the office of the com- pany, 918 F street northwest, and the following trustees elected yron S Adams, Willlam H. Baden, Charles R Brown, George M. Emmerich, Albert J. Gore, Charles E. Hood, Albert W. How- ard and William H. Somervell. The board elected the following offi- d Annual Lunch- eon as Guests of Local Managers. Thirty-six of the leading life insur- ance producers in the District of Co- lumbia for the year 1931 enjoyed ~n interesting luncheon at the Hamilton | Hotel Tuesday. For many years this has been an annual affair under the auspices of the District of Columbia Life Underwriters'’ Association. Each of these men had an outstanding rec- | ord with his respective company and | the luncheon was given in their honor cers: Byron S. Adams, president; George | M. Emmerich, vice president; William H Somervell, secretary-treasurer, and William H. Marbury, assistant secretary- treasurer. The Home Plate Glass Insurance Co. was incorporated under the laws of the trict_of Columbia on February 11, One of the organizers. John B Larner, late president of the Washing- ton Loan & Trust Co.. was its president for many years until his death Novem- ber 9, 1931, The company confines its perations to insuring plate glass within the District of Columbia. BRAZIL TO MEET DEBT. RIO DE JANEIRO, January 21 (@) — The problem of the Brazilian foreign debt, services on which have been sus- pended since September of last year. was settled today with the decision to give North American, British and French creditors 5 per cent bonds cov- ering the amount guaranteed by the government. French creditors will be paid in gold, according to a verdict of the Hague tribunal. RUBBER MARKET. NEW YORK, January 21 (Special).— Crude rubber, smoked ribbed sheets, quotation of 43 cents nominal. compares with 47 a month ago and 8! a year ago. operating in the past two and a half years and, when the small average unit sale of these organizations is considered, the fact of their importance in the eco- nomic life of the country is better (Copyright, 1932.) - | bert | v. Preudberg by the following company managers A. L. Baldwin, Kar! Hoffman, J. L. McElfresh, Earl H. Sapp, Horace Win- ter, H. L. Choate, John F. Cremen, Eugene G. Adams, Paul Sleeper, David S. Bethune, Russell P. Freeman, Her- O. McLean, Thomas P. Morgan, jr.. and Earl D. Krewson The following guests attended luncheon: V. F. Bourne, J. Hicks Baldwin. Roger L. Baldwin. Herbert L. Barlow, Henry V. Bell, R. Cipriano, F. George' Clendaniel, L. C. Crawford, Carl Smith Dow, J. Frank Fooshe, Leo H. Cochran Fisher, M. the | LeRoy Goff, Paul W. Hammick, D. H. | was 3-16 cents lower at today’s Noon | pest graded lines This | quarter-blood fleeces Harrison, Wallace Hatch, Howard J. Jackson, J. P. Lynch, J. A. Maloney, J. A Maphis, Chan C. Mason, Henry Middleton, ' Mark Plavnik, Paul H. Primm, Miss M. B Raymond, J. C.| Rundles, D. Samakow, R. C. Satterfield, S. Simon, C. B. Sinclair. George N Stoddard, Roger Stuart, C. E. Tuchton, M. H Wilner, E. Wolverton and M. I. Walter, BOSTON WOOL MARKET. BOSTON, January 21 (Special).—In- quiries for 'wools are resulting in sales { fairly substantial quantities, particu- larly of territory half bloods, which have strengthened to 56 cents asked on the The movement of is more active & | within the curernt range and scoured three-eighths blood is being taken at the levels quoted Fine territory combing clean was quoted today at 57-58,¢French combing 53-54, half "blood 54-56, three-eighths blood 48-50 and quarter blood 41-43 Fine Ohio fleeces were quoted at 231, 24’; grease basis. half blood and three- ;;nr;;hs blood 23-24 and quarter blood IBONDS OPEN HIGH AND REMAIN FIRM Domestic List Has Some Narrow Gains, but Foreigns Have Weak Spots. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 21.—Bonds were firm today. The domestic list ad- vanced narrowly in many cases, with emphasis again laid on the railroad group. In the foreign department there were a few weak spots, but German government issues, British bonds, South Americans and Japanese descriptions were surprisingly steady considering the pressure on European bonds of the lesser rated group. The market opened higher. the postponement of the ference put an end to hope settlement of the war debts and repara- ‘While agl “standstill” agreement for a year. At the same time the progress made at Washington with the Reconstruction Finance Corporation bill proved a vital force in lifting prices of domestic bonds. Strength was shown by the obliga- tions of railroads that would presum- ably benefit materially from operations of "the finance corporation. Nickel | Plate 6s, due this year, sold nearly 35 points above their bear market low. There were sharp advances in Chi- cago & Northwestern 4%s, St. Paul 5s Missouri-Pacific 5s, Erie General Lien 4s_and Alleghany Corporation 5s. Progress of the railway wage con- ference at Chicago appeared to be sat- isfactory. High-grade railroad bonds were firm. including Atchison General 4s, Norfolk & Western first 4s, Union Pacific first 45, Chicago, Burlington & Quincy General 4s and Great Northern 7s. Prime utility descriptions were also firm, with small gains in American Telephone 5s, Consolidated Gas 5!4s, Philadelphia Co. 55, Duquesne Light 415s and Utah Power & Light 55. The vtflity obligations traded on the curb were uniformly strong. Industrials like United States Rubber 55, Sinclair Oil 7s and McKesson & Robbins 5148 were firm. United States Government long-term issues, with the financing for the re- construction ~ Corporation _impending. were nevertheless 2-32 to 5-32 higher than their closing levels of Wednesday. Canadian exchange was set back about a point to around a 14!. per cent discount. This was ascribed to profit- taking by exchange speculators and had little effect on Canadian bonds, which were firm with the general list. While British 5'is reflected firm sterling quotations and German govern- ments recovered opening losses, other European bonds were sharply lower Belgian descriptions dropped a point or more. Hungary 7!25 Were off more than 2 points, with sharps losses in Swe- den 5l,s, Greek 6s, Austrian 7s and Serbian 7s. In some cases there were subsequent recoveries. Bonds were firm at the opening of the market today. Railroad descriptions, which_ ordi- narily move with stocks, reflected high- er prices in the equity market. Illinois Central 4%s, Nickel Pate s, Missouri- | Kansas. all advanced. Prime carrier obligations and high-grade utility bonds were firm. | United States Government issues were | steady. There were small advances in | Liberty 315s, Treasury 4!3s and Treas- ury 3s. In the foreign departmens, German | government bonds opened lower, owing to the postponement of the Lausanne Conference, but almost immediately re- covered the initial losses tral Bank 7s were off 4 points. British | 5125 and other European descriptions : were firm. Japanese Government 515 |and 6!:s were unchanged. | = | EXPORT TRADE OPTIMISTIC. NEW YORK, January 21 (#)—Elim- - | ination of conditions which are detri- mental to export trade is expected this year by many export executives, ac- | cording to a canvass completed by the American Manufacturers’ EXport Asso- clation. Consensus of these trade in- terests is that such major handicaps as foreign exchange differentials, ex- cessive iariffs and artificial trade re- | strictions will be removed through con- | structive effort at home and abroad. | INVESTMENT TRUSTS NEW YORK, January 21 (4#).—Over- 4 | the-counter market Bid. Asked A B C Tr Shrs D $v A B C ur Snrs E | Am” & Gen A |4 A Al Am Am B & Gen Sec $5 of Br & con 6, pi Comp Tr Shrs Founders &, Am Founders 1", pi Am Founders cv ‘of ciis Am ‘Ins’ Stocks Assoc Stand Oil At Sec bt Al Sec War At & Pac Int units At & Pac com ww AU & Pac pl war Bankers 'Nat Iny Bansicilla Corps Basic Indusiry British Type Tnv Central Nat Corp’ A Century Tr Shrs Central Nav Corp B Chain & G uities Chartered Chartered _Inv bt Chelsea Exch A Ghelsea Exch B Corporate Trust CGorporate Trust A A Corporate Trust Accum Crum & Foster Crum & Foster 8 Crum & Foster Ir Crum & Foster In | Depos Bk Shrs N Y | Depos Bk Sh N Y A Depos Ins Shrs A Diversified Tr A Diversified Trust | Diversified Trust Diversified Trust | Eauity Tnvest Equity Invest pf Equily Trusi Shares Five-Year Fixed Trust | Fixed' Trust Sha Fixed Trust § Fund Trust Shares Fund Trust Shares Granger Trade. Gude Winmill Trad Incorp Investors Incorp Invest Equit Independ Trust Shares Int Sec Corp Amer A Ini Sec Corp Amer B Int Sec Amer 6 pf | It Sec Amer 6. bt Inv Trust N Y Coll “A | Invest Trusiee Shares Leaders of ‘Industry A Leaders of Industry B ders fo Industry C W-Priced Shares Major Corp Shares Mass Invest Trust | Mutual Tnv_ Trust Mutual Manage Nation-Wide Sec National Indust Shares National Trust Shares N Y Bank Trust Shares North Amer Trust Shares North Amer Trust Shares 1 North Amer Trust Shares Northern' Secur il Shares units Old Colony Inv Trist Old Colony Trust Assoc Petrol Trade A Public Service Trust Repres Tr Shrs Secoud Int econd Int Sec ec Tnt Sec 6 Secur Corp Gen Selected Am Sh Selected Cumulative Sh Selected Income Sh Selected Manage Trust Shawmut_Bank o Spencer Trask Fund ... Stand All 'Am T Stand Am Tr_Shrs £tand Collat Trust.. State Street Invest Super of Am Tr A Super of Am Tr B Super of Am Tr C Super of Am Tr D1l Trust Shrs of Am. .. Trustee Stand Inv C..... Trustee Stand Inv D Trustee St Ol A [ Ser of B c D A Trustee 8t Ofl Shrs B Trusteed N Y _C Bank Trusteed Am Bk 8h Tr Am Bk A Twentieth Cent Fixed Tr Two-Year Trust Sh ausanne con- | s of an carly | tions problems, Berlin reported virtual | ‘ment on extension of the German | Texas adjustments and Erie 5| German Cen- | Sales. Lib 3148 32-47. 165 L1st43s32-47 33 L 4th 435 32-38151 US3s1951-5... 9 US33%s'49....103 US3%sM41-3 10 US3%sJ40-3. 42 US3%s43-47. 10 US3%s46-56.. 31 US 45 44-54 21 US4ys 49 High 94 16 98 4 99 2 4 30 85 24 90 24 90 25 89 24 924 i 971 52.. 49 1012 36 6712 41 38% 30'a 86 20% 3 8h% 26 46k 3 674 1 55 6 1024 15 106'2 59 99 1R 100% 99 102% 95 Abitibl P&P 58 '53 ) Adams Exp 43°48. . Alleghany Cp 5s "44 | Allegheny 58°49. Allegheny 58 '50. Allis-Chalm 55 '37. Am Beet Sug 6335 Am Chain 6s'33. ... Am F P 552030.... Am1GChG5s 49, Am Metal G35 '34. . Am Sug Ref 65°37, Am TET cv 44339 AmT & T 53 65 Am T&T c tr 65 '46. Am T&T 638 160, Am T&T 5%s43... Am W Wks 65 '34.. Arrentine 543 6. Argentine May '61. Argentine 63 Ju's9. Argentine 63 Oc’59. Argentine 6s A '57. Argentine 6s B '58. Arm & Co %539, 208 75! Arm Del 5%s°43.. 231 66 Atchison gn 48 '95.. 36 87% Atchiscv s '48.. 2 917 AtICL1st4s'63... 1 79 AtICLcl4s'52 2 61 At Ref db 68°37... Australia 43s '66.. 19 Australia 68 °55.... 19 Australia 53°67... 26 Austria 75 43 28 Austria 7s 57 ctf Bk of Chile ¢ Bk Chile 6% Belgium 63 '65. Beiglum 6%s "4 Belgium 7 '56 Belgium ¢ Bell Tell Pa 55 C'60 B Ind Loan C 65’46 Berlin Cy El 63 '55. Berlin CE 6%s '50. Beth Stl pm 53 '36 Beth St rf 5148 '42. Bolivia 7869, Hollvia 83 4 Bordeaux s '14 Brazil 634826, Brazil 6148 27, Brazil 7s. Brazil 8s "41 Bremen 78 '35 Pk Edzn A 68'49.. Bklyn Elev 6% Bklyn Man 6s '68. Bklyn Un 1st 55'50. Budapest us ‘62 Buenos A 65’61 Pv. Buft Gen El 4%s'31 B R & Pitt 4148 '57. Bush T Bldg 55'60. Calit Packing 5840 Canada 48 "§0 Canada 4%s'26 .20 961 32 96Y 16 1007 701, Can Nat Ry 4% Can Nat 435 '57. Can Nat 4%s '68. Can Nat 4%s 6 Can Nat 5s July’s9. Can Nat 5 Oct '69. Can Nor 4%4s'35. .. Can Nor 6345 db 46 Can Nor 75 db '40 Can Pac db 45 Can Pac 68 '54 | Car Clin & O 65 '52. Cent )11 G&E 5s'51. Cent Pac 4349, Cent Pac 5s'60. . Ches Corp s '47. C&0gen %592, C&O4%sB'95... 14 CE&QIstrf5s'71. 4 CB&Q I1dv 3%549 1 CB&QINdv4s'49. 2 Chi& Est 111 65'51. 8 Chi Grt West 45’59 33 Chi Ind&L gn 55'66 6 Chi M & St P 45'89. 10 Chi M& StP4%sC 4 C M StP&P 63°75.. 167 |CM&StPadjbs.. 8 “hi&NW 41s 2037, 18 C&NW 4%5C2037. 5 Chi& NWen 4%s. 2 Shi & NW 6%s '36. ChiR1& Prf4s'34 81 Chi R1&P 415’52 33 Chi Rlcv4%s’60. 66 C TH&SE 1n 55°60. 10 Chi Un Sta 4%s'63. | Chl Un St 5844 Chi Un Sta 615 63 C& W Ind cn 4s'52. Chile 83 ‘60 1 Chile s "61. I Chile 7s . | Chile Cop 4b 58 47. | Cecgst L 4ts BT Clev Term 58 73... Clev Term 6%s 72, Com Inves 5%s "49 | Cologne 6155 50. .. Colemb 6s Jan '61. | Colomb 6561 Oct 21 43 Col G&E cou 53 61 Cor. G NY 4%s 51 |ConG N Y bl%s 4 29 104% Con PwrJap6i4s.. 1 56 Consum Pow 5552 3 1001 fCuba5%s'46..... Cuba Nor 5% 342, | Czecho 85 '51...... Del & Hud rf 48 °'34. ‘ Denmark 4%s ‘62 | Denmark 514555 ! Denmark 6342 D& RGren 4s'36. D& K Gr4ts’'36 |DERG Won's DRG&W5sT8.. Det E G&R4%5'61 Det Edison rf 55'49 Deutsrhe BK 6732, Donner St 7s 42 Dodge Brcl 6540 Duquesne ¢%s Dutch East I 65'47. Dutch East I 6'52. | El Salvador 8s°48.. Erieconv4sB.... | Erte gen 4s. Erfe cv 68 67 Eria 58'75. | Fiat 7s war.. < Fla E Coast 5874, Fram I D 7%s 42 French 7s ‘43 French T%s Gelsenk’hen 6534 Gen Baking 5%s 40 Gen Cable 6%5 47. Gen Motors 68 '37. Gen P Sv5%s°s Gen St Cas 514549, Gen Th Eq 65 °40. . German 5%s ‘65 German Bk 6s Ger Cen Bk 68 * Ger Cen Bk 62 Ge-man T rep 49. Ger Gen El T8 '45.. Goodrich cv 46, Good 1st 6%3°47. . Goodyr Rub 68’57 GrandTr af db 6s'36 Grand Trunk 7s'40. Grt Nor 43376 D, Grt Nor gn 7 Greek 65°68. Hait! 6s°63........ Hoe & Co %3 '34.. Hud & M adj bs '67. Hud & M rf 58 '57 Humble O11 68 ‘37 Fiumble O 5%s8'32. Hungary T%s '¢4.. 111 Bell Tell 558 111 Cent 43 '52. 11l Cent rf 4855 111 Cent 4% ‘86 o o com 5 DT =P S PREO - JRE S United Fixed Shrs Unit Pdrs 1-10 Com United Ins Shrs United Bank Tr E US & Brit Int Ltd A US & Brit Int $3 pf UR Elec Lt & Pow US Elec Lt & Pow Universal Tr Sh (11 Cent 6%5s '3 (11 CCStL&N 434w, 111 CCStL&N 63 A 111 Steel 4358 °40. Inland St 4348 A'78 il 1 Inland St4%sB'31 1 UNITED STATES. (Sales are in $1.000.) Low. 9412 9 10029 1 Sales, High, Low 255 24 105% 981, 100 514 1007, 682 96% 35% 65 25% 58% 831, 971 0031 Int Rap Tr 58 '66 Int Rap Tr Int Rap Tr TES }Int Rap Tr 78 32... Int & Gr Nor 63 '56. Int & Gr Nor 63'52. Int Cement 5843 . Int Hydro El 6344 Int M Co 5s re Int Match 5847 Int Pap 53 A '47. Int Pap 65 '58 IntT&T4 Int T&T cv 4%5'39. IntT & T 58 '65.... Ttaly 7851 s Italy Pub S 78 '52.. Japanese 635 '54.. Jugosl Bnk 78 '57.. Kan C FtS&M 43’36 Kan City Sou 3350, Kan Clty Sou 68’50, Kan City Ter 4s'60. Karstadt 6s°43.... Kresge Found 6536 Kreug & Toll 68'59. Lac G St .53 "34. .. Laclede 548 C'63.. Lautaro N1t 6s '54. Liz & Myers 53 '51. Loew's 63 ex w41, Lorillard 5851, La & Ark 55 60 Lou G & E1 5 L & N uni 4340, L & N 5s B 2003. Lvons 6s'34. McKes & R 5%4 60 Manh Ry 1st 45’90 Market St 75 °40. .. Marsellle 63 '3 Midvale Stl 63 Milan 6% '52. .. Mil E Ry & L 68’61 Mi) El Ry&Lt 68 *71 M 5338, MSP&SSM 514878, MK&T4sB'62. .. MK & T ad} 53 '67. MK&T prIn 53A'62 Mo Pac gn 43 '75 Mo Pac 53 A '85. Mo Pac 58 F *77 Mo Pac 58 G * Mo Pac 58 H '30. Mo Pacrf6s'81... Mo Pac5%sA'4Y.. Mobile-Ohio 55 '38. Mont Pow 5343 Mont Tr 1st 5341 Montevideo 7s '52. Mor&Co 1st 4%%'39 Nat Dairy 5% s *43. at Rad 64547 at Steel 53 '56.... etherlands 6s'72. Eng T 1st 58 '52 OT&MGE%s’54 S Wales 53 '68. Y Cgn3ls 97.. Y Cent 4s°98. ... N Y Cent db 45 '34. N Y Cent 4345 2013 N Y Crfim 532013 Y Cent db 65 '35. NYC & St L 48'37. C&StL 415 NYC&StLG s, NYC&SL 6s°32. .. N Y Edisn 53 B'44. N NH&H 3% Y NH&H 4%s '61 NH&H cd 65'48. Y O&W 15t 4%'92. Y O&W gn 43 '55. Y Rys Inc 63 '65. . Y Rys6sA’65... Y Tel 43339, Y W&B 4% a Sh Md 5148 ord 614 '50 5 orf South 58 '61.. 0 Am Co 65 61... Nor Am Ed 58'57. . or Am Ed 55 C '69 or Am E 51863, NorOT & L. 65 °47. Nor Pac 33 2047. Ner Pac48'97..... Nor Pac 53 D 2047 . or Pacr16s2047. Nor St Pw 55 A "41. Nor St Pw 63 B 41. Norway 6563 . Norway 6%s Norway 6543, Norway 63’44 Oreg-Wash 4 Pac GEE5s'42.... | Pac T&T 1st 63°37. Paramount 6s ‘47. . Paris-Ly M Paris-Ly M 7 Paris-Or 53568, Pathe Exch 7s ‘37, Penn gn 4%s'65... Penn 474s'70 Penn 4% s '63 | Penn 58 °64. | Penn gen 53 Penn 645 ‘38 Penn P&L 4%3'81. Peoples’ Gas 53 '47. 4 | Peor & E 13t 4340, 10014 373 24 96 80 60 70 761 8319 9714 100'% 100 49 49 100% 100% 62 51 467 £0 47 50 96 | 791 8% 62 51 47% 80 47 50 95 9% 18 Pere Mar 4143 ' Peru 6360 . Peru 6s 61 Phila Co 58 '67. Phila Eiec 48 '11. .. Phil & Rear: 8349 | Phillip Pet 5% s ‘39 | PCCRSIL 53 A 70 P& W V4KsC60. | Poland 6s 40 . Poland 7s 47 Poland 8s ‘50 o Port Gn El 434860, Pos Tel & C 58'53. . | Prussia 6s52. ... { Public Serv 48 71.. PubSv G 4lks87.. Pub Sv G 4%s°70.. Pure O] 5% '37 Queensland 7s “41. Reaa gn 4%s A '97. Rem Arms 63 A '37 | Rem R6%3 A "47.. Rhinelbe 75 '46.... Rnine West 65 '52. Rhine West 65 °53. Rhine West 63 '55. Rhine West 7s 'l Rio de Jan 6145 '53. R Gr Do Sul 6= '68. Rio Gr \V 1st 4s ‘39 1 Rio Gr W clt 43549, Rome 614862, ... Roy D 4845 ww. .. StL IM R&G 48'33. S1 L&SF 1n 43 A '50 StL&SF p16s B 'S0 StS Wen 4s'32. StLS W 5s'52. St P Un Dep 58 '72. San A & A P 4s'43. Sao Pau 7840 ret Sao Paulo 8536, Sao Paulo 8a 50 [Saxon P W 6% Saxon 7s 45 . Sea All Fia §s. Serbs.-Cr-S1 73 '62. Serbs-Cr-Si 85 ‘62, Shell Un Ol 5847, Shell Un Oll bs 49. Shinyetsu 6%s ‘5. nelair O11 6148'38 ncO7scv A 3T, Sinc CrO65%s '38.. Sinc P L 68 42.. Skelly Ofl 5145 '39. Sofssons 6s ‘36, Solvay Am 554 Sou Bell T&T 6s 41 SW Rell T 55 A '54. Sou Pac col#s '49.. Sou Pac ref 4555, . | Sou P 41569 ww. Sou Pac 4143 '81. .. Sou P&OT 4%s 17, u Ry gn 4s '56. Sou Ry 53 '94. Sou Ry 68 '56. Sou Ry 6%s ‘66 StONNJ StOIIN Y 4 Sweden 5% ‘54. Swiss5%48'46..... Tatwan EP 5% %71 Tenn El P 63 A ‘47 Tex & Ark 5%8'50. Texas Corp 53 ‘44. . Tex&P 1st 55 2000. Tex & P63 D'80. .. Third Av rf 43 '60. . Third Av ad) Toho El Pw 33. Toho El Pw 7 '56. Tokio 535 61 Toklo El L Ulst & D 6s ct '28 Un Pac 45 '68. Un Pac 4%s '66. 142 P O O P Y S T - Oy Py S-Sy FINANCIAL, Received by Private Wire Direct te The Star Office Sales. Hich. Low, 2:58 88 501, 501 374 71 47 56 70% 521y 638 69 13 5815 | 46 10 6 47 205 Mont Pdb s A ‘2. | RIAT& L 4%s 34, 3 11 37 StL&SF 4%3°'78.190 7 2416 o oeSannBan— [P ={or e, @ e = o - ISP 0P " o CarCfanwaEae 49, 497 50 364 T0% 47 6715 K w8l 8515 22 90 59 9513 T6% 8374 a1ty 973 83, 72 215 PER GENT NET EARNED BY BANKS Gross Income of National In- stitutions Reached Near 35 Per Cent. BY CHAS. P. SHAEFFER, Assoclated Press Business Writer. Twenty seven and one-half per cent i of gross revenue of national banks con- stituted “net” earnings during the last fiscal year. | Statistics of the office ¢ the con- troller of the currency sho d that gross earnings of the 6805 national banks in existence on June 30, 1931, amounted to $1,308,764,000, which was a return of slightly less than 35 per cent on the capital, surplus and undi- vided profits invested. | The net earnings of the institutions during the fiscal year amountec to $360,740,000, which was at an annual rate of slightly more than 9 per cent. The calculations figured, however, be- fore addition of recoveries on ~harged- oft " assets and before subtraction of losses and depreciation. Losses and depreciation charged off during the year amounted to $343,511,- 000, which was partially offset by recov- erles to the approximate extent of $36,- 00C,000. Losses and depreciation charged off on loans and discounts during the year amounted to $186.864,000, the sta- tistics show, while that on investments in bonds, securities, etc. amounted to $119,294,000. Also, about 318,500,000 was charged during the period on bank- |ing houses, furniture, and fixtures, a like amount on ‘“other losses” and $221,000 to the account of foreign ex- change. Dividends aid during the period were at the ratio of 12.52 per cent of capital as of the end of the fiscal year and 664 per cent of the combined capital znd surplus a.count as ol the same ate. Trade Trends BY the Associated Press. Bituminous Coal.—National Coal As- sociation estimates production in the United States for the week ended Jan- uary 16 at about 7,000,000 net tons. This compares with 6,930,000 tons in the preceding week and 6,050,000 tons in the week ended January 2, as re- 4| ported by the Bureau of Mines. 6915 A% 36% 9744 67 69 59% 76% T4 83 . | Allis-Chalmers Co. 5s 1937 Electric Power.—Consumption in the Atlantic seabcard region continues at a comparatively small rate of decrease | from a year ago. For the week ended January 16 output was off 2.6 per cent as against a decrease of 9.4 per cent for the Central industrial region, a decrease of 6.4 per cent for the Chicago district and 7.4 per cent for the Pacific oast. Farm Equipment.—An increase of 24} ‘per cent in employment and a gain of nearly 28 per cent in pay rolls were reported in Moline, IIl, between November 15 and December 15, accord- ing to the Illinols Department of Labor. Increases in machinery pro- duction in other parts of the State were likewise reported for the period. Machine Tools.—The business out- look has brightened in the New York district by reason of a substantial in- crease in inquiries, the American Machinist reports. There has also been an upturn in sales. Other districts con- tinue dull, although Chicago is ex- periencing increased inquiries and =& good small-tool and part demand. Gasoline.—Sales in the Midwest spot market are reported light in spite of general belief that many jobbers have only small stocks. Prices are showing increasing firmness, however, on the decrease In runs to stills of both crude oil and gasoline last week. United States motor grade material is said to be quoted at 3-3!5 cents a gallon, agai'.x!xst the recent level of 2% to 3% cents. Canned Foods.—Trade interests un- derstand that most items of the 1931 pack show a substantial decrease from the 1930 pack. Corn and pineapples were the principal exceptions. It is believed that the 1932 tin plate require- ments of the two leading can companies will approximate their total for last year, though both are showing an in- clination to withhold specifications pending more definite ideas on the prospective requirements of the packers. Zinc.—Buying continues small with prime Western 3 cents a pound, East St. Louis, for January ande February shipment, a new low, and 3.05 cents for March. CHICAGO PRODUCE MARKET. CHICAGO. January 21 (#).—Poultry, alive. 24 trucks; hens easier, others steady: fowls, 16; roosters, 10: springs 16%; young hen turkeys. 20; young toms, 17; old toms. 15. white ducks, 18a20; colored, 17a19; geese, 13. Butter—7,781 tubs, eas) creamery specials (93 score) 2314a23%; extras (92 score) 22%; extra firsts (90-91 | score) 2214a221,; firsts (88-89 score) 21'2a22; seconds (86-87 score) 20'za 21; standards (90 score centralized car- lots) 22%. Eggs. 4,967 cases: steady: extra firsts, 16!5a16'2; fresh graded firsts, 1512; current receipts, 14al5. SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co) Bid. Offer. 36 81 American Chain Co. 6s 1933, ' 851 91 American Tel. & Tel. Sigs 1943 1023 102% Amer. Wat. Wks. & EI 53 1934 931, 95 Baltimore & Ohio 41.s 1933 . 81': Belding Hemingway Co. 6s 1936 Bethelehem Steel Corp. 5s 1936 Canadian Nor. Rwy. 4i4s 1935 Chi. Northwestern R. R. 5s 1033 Chicago Rock Island 4s 1934 Cleve. Lor. & Wheeling 55 133 Colorado & So. Rwy. 4133 1935 Commercial Credit Co. 5'ss 1935 Delaware & Hudson Co. 55 1335 ver & Rio Grande 4'2s 1938 Gen. Mot Accep. Corp. 6s 1937 General Petroleum Corp. 3s 1940 General Public Service 5t,s 1939 Grand Trunk of Canada s 1936 Houston E. & W. Texas 5s 1923 Humbie Ofl 5125 1932 Lacleds Gas Light Co. 53 193 Louisyille & Nashville 55 1837, New York Gent. & H_4s 1934 New York, Chi. & St. L. 6s 1933 Northwestern Telep. 41s% 1034 Penna: R R Co. 815 136 Portland General Elec. 55 1635 Republic Iron & Steel 55 1040 Sinclair Crude Ofl Co. 5':s.1938 Southern Pacific 5s 1934 St L TMS. Ry R.&G. 451933 Unfon Elec, Lt. & Pow. 5+ 1933 Union Oil Co. of Calif ‘55 1935 Virginia Rwy. & Power 55 1934 Wabash Rwy. Co. 55 1939 —_—_— Low. 8814 93% Sales High. Unit Drgev6s'ss. 5 894 Utd King 63%8°37..101 94% U S Rub 1st 58 '47. 33 591 UnSt Weks AT, 1 281 UdSt W6 '51. 2813 Uruguay €0 29 Uruguay 6s ‘64 2878 Util Pw 53 69 ww. 458 Util Pow 538 '47.. 47 Vanadium St §#41. 531 Vienna ¢ 52 . 54 Va Ry 1st 63 '62... 87 Wabash 5s D '80... 14 Wabash 5348 '75... 15 Warn Br Pic 6s'39. 35 Warn Quin 39.. 32 Warsaw 78 '58..... Wst Sh 1st 4% 2341, o @ we a@ald o Bun ANORaAARBRN R 0 West Union 58 '51. West Union 6s '60. Txatn SAT Ga A'TS. Xgatn S&T 63 B'70,