Evening Star Newspaper, January 29, 1932, Page 15

INANCIAL URB SHARES SINK | INHEAVY MARKET Pivotal Stocks Lose Ground as Offerings Increase in Volume. JOHN A. CRO) 8pecial Di 1 to The Star NEW YORK, January 29.—Stocks on the Curb Exchange opened lower today and continued that trend as offerings around midday increased Electric Bond & Share nearly a half point and foreign operating subsidi & Foreign Power ed” about the same amount as a result of Shanghai cables telling of the bombing of that city, where American & Foreign Power operates the power and light plants. Cities Service was down only a shade. though most of the active oils gave way rather readily on initial offerings. Hum- ble Oil & Refining, which announced another retail gasoline reduction to ap- ply only in Texas territory, pointed the way downward for the Standard Oil group Public ties, pac and foc off its main American utilities, rails, metals, special- ing, electrical manufacturi shares, in order named, fea- tured the forenoon session. Motors, in- vestment trusts, natural gas and miscel- Janeous industrial issues led in point of activity during the early afternoon The weakness of overseas and lack of constructive news the exchange to of er Electric Bond & e at 107, was off i« and a block of 1200 shares of Cities appeared at 5%, off Brazilian Tr at 11 and Ford Mo- tor Ltd. at 5 lost & Standard dropped 35 ' jca at 507> declined man Sachs at 27 ed !,. Great Atlantic & Pacific at 147!; rose Crocker Whecler at 4 was off a rkets caused Co. of Amer- point. Gold- 215 shade. Freight Car Shortages. the Associated Press In recent years freight car shortages have been practically non-existent and no shortages were reported in 1930, An analysis by the Commerce Depart- ment states that formerly it was a frequent practice of shippers to order more cars than were needed during a period of shortages. in the hope of thus getting their minimum requirements Adequacy of the car supply in the last_few vears, in the face of heavy traffic, was laid chiefly to better man- agement, the larger and better cars which have been purchased by the car- riers and the co of the buy- ers of railroad tra tion through the Regional Board INTEREST RATES. ated Press ney average rates eased off week, but call funds re- anged. In the levels that age rates for both classes given for comparable ulated by the Commerce Call 2.50 By By the A Time m slightly last mained unc follow the of money periods as c Department Time. 3.75 . 383 . 2,00 Week ended January Previous week Same week last year BONDS ON THE CURB MARKET. 3 Comwh Ed 4 28 Comwh Edis 1 Com'nity P 16 Con Gas Bal 10Cont G & E 5 2 Crane Co 55 2 Cud, ] Q e oty 0556 0 R34 N RS 1R BRI 3 Nevada 3 New Eng G4 1New Erk G 1 New En 2 New En el | 1 Pac Inves 55 A 48 §Pac_Wes Oil 6 2Pa Cen P&L 4 2Penn O Ed 5725 B 1Repub Gas 65 45 4 Remington 5'.s A 108afe H Wat 438 18t L Gas & C 8s ' 3 Shaw WaP 4’25 B 5 Shaw WAP 4125 D B Shaw W&P 55 C 4 SE P&L 6s A 2025 if Ed 55 it 55 *50 285 n & ion_ G it P&L 58 Lt&Ry 51.5 ed P&L 65 it Ph Ser 6s A s '54 ves Tex UL 5s A '57 6 Wiscon P&L 55 F ‘58 82) FOREIGN BOND! Buen Air Proy s Buen_Air Pr 7las Arg Mtg Bank Ts Arg Mtz Bank 7s '47 A e 1D 1AM RS e r it D e 18 e ES e 001 A S Saxon Pub Wk 55 Ts 46 xW Siinnes 75 46 xw 1Unit El Ser 7s '86 ww—With war B—New wi—When issued. 8613 THE EVENINC il T ST ASHINGTON NEW YORK CURB EXCHANGE Received by Private Wire Direct Stocks sold In 100-ghare lots excenpt ~Prev, 1031.~ 8tock and High. Low Dividend Rate. 10 4% Acetol Prod A 5's Afnsworth Mg, 3% Allied Mills Inc 48 568 123 9n 46 1% . 2% Sales— 1 1 2 AluCoof Ampf (6). 1 Aluminum Co Ltd. Alum Goods ( Am Capital B.. Am Cigar Co. AmCit Pw & Lt Am Com Pow B Am Cyanamid B..... Am Dept Stores. Am Equities. . Am For Pow war. Am Founders. . Am Gas & Elec (11). Am Lt & Trac (2%). Am Mfg Co Am Maracaibo Am St Pub Serv A Am Superpower Am Superp pf ( Am Thread pf ( g Am Util & Gn B vte.. Am Yvette Co., Inc. Anglo Chil Nitrat Appalachian Ga Arkans Nat Gas A. Asso Elec Indus Ltd. ASSOG&EL (A) b5 % . Asso G&Eall ct 1.60. 0G & Elct (8)...100; Secur Corp. Util Corp. Auto Voting Mach. . Auto Vot M Co pr pt. Bellanca Alr v.t.c.. 1 Bell Tel of Can (8).. 258 Blue Ridge Corp. ... 2575 Blue Ridge cv pf(a3) 281s Brazil Trac Lt&P(1) 4 BritATcou B1.133-5 1 Buft N& E P 1st (5). Bunker Hill & Sull. Burco. Inc, conv pf Cable Radio T vtc. Canadian Marconi. Celanese pf (7). 4 Cent Hud G&E (80¢) Cent Pub Sve A b5 % . Cent&Swn Ut (b7%) Central States Elec. . Citjes Service (g30c) Cit SVP &L pf (6).. Clev El Illum (1.60). Colombia Syndicate.. Colum G&E cv pt(5). Col O11& Gas vtc. Columbla Pic vte Commwith Edison Cmwith & Sou war. . Con Gas Balto (3.60) Coon (W B) Cord Corp...... Creole Petroleum Cresson Consol Crocker Wheele; Cus! Mex Mining Darby Petroleum Dayton Air & Eng. Deere & Co De Forest Radlo. Detroit Alreratt. Duguesne Gas Durant Motors. . East G & F Assoc 6's Fast G & F As pf(6). Elec Bond&Sh (b6 %) ec B & Shpf (6)... Elec Pow Assoc A (1) Elec P & Lt op war.. El Shareholds (b6% ) zlec Sharhldg pf(a6) *cu pf( irop El Ltd A (3 rop Elec deb rts Fajardo Sugar. Ford Motor. Ford M Ford MLt Fox Lheater (A). Gen Alloys. % Gen Theat Globe U'wtrs (p 40c) Gold Seal Elec new.. lden Center # Go'dfield Consol. Goldman Sachs. # Goth Knitback Mch. Grt A&P Tean v (6) Gt At&Pac Tea pf(7) Gulf Ofl of Penna Hackmester Lind Hamilton Gas v.te... Hecla Mining (40¢).. Hudson Bay M & S Humble Ol (2 Ind Ter Illu Oil B.... 1mp O1l of Can (50c Insurance Security.. Intercontinent Pet n. Int Holding & In Co. Int Petroleum (1). Int Utilities B. Interstate Equities. In'state Equity cv pf. . 2 hose designated by letter Add 00. Open. 6y % 4 Aluminum Co of Am 11008 50% 6315 17 10% 108 147 to The Star " | ~Prev. | High, | 88 7 31 B Divi Hich. Low. Close Intersta 62 6 64 B% B% 5%| i i 50'4 50t | 6315 6l 174 ) 015 Long Isl; Mass Ut Italian Superpow A. Italian Super deb rts. Lone Star Gas n 88c. Office. tock and dend Rate. te Pw pf(7), 208 4 Sales— Add 00. Open 47% 1% Br (Am Sh). cra (1), 1 5 5 1 s d Lt pf (7).. 10 il Assoc. Mid West Ut (b8%). Nat Amertcan.Co. Xat Fuel Nat Pow 1Gas (1).. 4 & Lt pf (6).350s Nat Sh T Sec A t60c. Nat Unlon Radio. New Bradford 0Oil f\\:ew Eng Pow pf (6). 708 Jer Newmont Mining NY&Hon : N Y Shipbuilding Cp. N Y Steam Cp (2.60). N Y Tel Niag-Hud Pow (40c) Noma E North E North Pf Norther; Ohio Coppe Pac Western Oil. Pandem 10915 Parker I 30 1) 70 234 Pennroa Pilot Ra Niag-Hud Pow A w.. Niag Share(Md) 20e. Pender D Penn Wat & Pow (3) 5 1 3 9 3 768 21 2 10 3 5 50s z 2 1 Of e es 2 tust Pre (3). 508 rA(3%) 50s d Corp (40c) 17 sey Zine (2). ndur Ros ( P (6%4).... ec (40¢). . uropean Ofl. ipe Line (3). n Pipe Line n d Tube Pion G M Ltd (12¢) Pitts & 1 Plymout Pub Sve, Pub Utll Raytheof Reliance Int A. .. Republic Gas Corp. . Reybarn Co. Reynold: Roosevelt Field Inc. 22 St Anthony Gold. 3 St Regis Lake Erie(5) 1008 h Oil (pd0e), 1 N IlLn p(8). 508 Hold xw n Mfg. 22 1 3 1 s Invest. 3 3 Paper. 3 Schiff Co.(2 Sec Allied Corp (1) Secu Corp Gen (40¢). Segul L Selected & Hdwr. Industri Sle Indalctfs(5%).. Shenandoah Corp. .. Sherwin -Willlams (4) Smith (A.0.).. South Penn O (1). So Cal E Sou Cal dpfB (1%). EdptC1%), Sou Pipe Line (2)... So. Unio SWG& n Gas. .. Epf (7). S W Gas Utllities Spanish & Gen rets Stand Oil of Ind(1).. Stand Of Stand O1l Ohlo (2%). Starrett Stetson 1lof Ky1.60. 38 1 Corp pt (JB). 265 Stutz Motor Sun Invest. . Sun Invest pf Swift & Swift In Swiss Al Syracus pa k Technicolor Inc. ... Tech Hughes (60c). . Texon O Tob Pro Trans L lex Tri-Con! Tublze Cha Union T Ga (2= d0 a0 ternat’l (14) 2 m Elpt (6)..100s e W Mach B. lec (2.2¢ il&Land (1). d of Del wi ux DLPS Safety Glas: t Corp wa, B. obacco. Unit Founders. Unit Gas Corp Unit Gas pt (1) Unit Lt &PwA ()., Urit L & Pwr pt(6).. Dai 2lec ry (A) (8)... Pow ww.... Po & Lt (b10%) 10s 116 1 3 Loy 28 13% 3 Vick Fin ; Wa Walker. Wenden West Ma 1% Pub Sve in cash or fplus 5% 1 stock. {Plus 2% stock. 10 10 Everybody’s Business oF R Agreement Helps look for Securities Yeradiby Carriers: Wage Out- Of- Assurance WINKLER. Special Dispatch to NEW YORK, January 20 (NANA) —With the Brotherhood of Railroad Trainmen, which had at first refused to consider a reduction in wages, finally joining the other labor organizations little doubt is now entertained as to an | amicable adjustment of the wage ques- tion A. F. Whitney, president, points out that the brotherhood has passed a reso- lution authorizing its president to nego- tiate a settlement of the wage matter on the basis of a deduction from each pay check of not more than 10 pex cent for one year. It was felt that complications might arise as a result of the insistence by the brotherhood that no wage cuts be effected after the expiration of the year. The wage agreement on the basis which now seems likely would, it is estimated, result in savings to the car- riers, on the basis of last year's figures, of about $200.000.000. which, together with another §100,000,000 resuluing from the recently granted advance in rates, would prove of material aid to the country's transportation systems. The outlook for railway securities, ecially senjor obligations of various categories, may therefore be viewed favorably. After having been identified with the New York Edison Co. and allied enter- prises for about a decade and a hallf, Matthew S. Sloan tendered his resig nation as president of the company and its various electric affiliates. Besides stating that he had plans for the fu- ture which he was not at liberty to disclose, Mr. Sloan gave no other ex- planation, It was rumored that he might possi- bly succeed James A., Farrell as head of the Steel Corporation. Although not impossible, those who are familiar with the situaticn are somewhat skeptical, pointing out that the resignation may have arisen as a result of the changed | status of Mr. Sloan following the death | of Nicholas Brady. a dominant figure | in Consolidated, who is knowh to have | been especially kindly disposed toward | Mr. Sloan. Likelihood that the Glass banking bill in its present form will be subject to considerable delay may be viewed with satisfaction. While possessing many_constructive | features, the bill as & whole is regarded as detrimental to the banking system | of the country. Restriction against 15- day loans by members banks, increase in reserves against depocits. and curb- ing of collateral loans by member banks, which the Glass bill provides, are measures tending further to in- | crease deflation at a time when the | administration and central banking au- thorities are doing their utmost to bring credit contraction to an end. Unless there is a marked Increase in | share as compared with a | great increases’ in volume | operating me, it is c\idnm‘ dividends on Penn- stock cannot con- o an official state- the company's | that payments of sylvania Railroa tinue, according | ment | Net earnings last j | continues, amounted | more than 2 per cent as compared with 6!, paid out. The charged to surplus, This point of stockholders n whether a_corpor not be utilized fo; dividends in lea | out of earnings wh alysis belong to stock r, the statement to only slightly or $1 a share, per cent actually w is well taken, but rhaps inquire surplus should the bursement of vears when_created in the final an- lders. Ample provisic | take care of [; expenditures in o death of William W ing to his son, Phi statement was pron culated rumors to t late Mr. Wrigley's 1 pany’s stock would tance taxes and var thereby tending to in Wrigley shares shpuld put to naugh tunity which specul cline have been look been made to ate and Federal ction with the ley. jr., accord- Wrigley. This by widely cir- cffect that the of the com- sold for inheri- 1s other purposes, the market son’s remarks more oppor- for the de- forward to. Although net pr worth for 1931 estab; record, it must be by figures include profit the sale of securities of the Briti: 1bsid! These amount to about $1.02 a share, and should perhaps be regarded as a non-recurring item. Without allowing for this figure, the company’s showing last year was equivalent to $3.22 a earlier esti- 56 in 1930. s taken into s of F. W. Wool- ed a new high e in mind that mate ot $3.65, and w If the additional incon account, the profits per are last year aggregated $4.24, or approximately one-tenth the prevailing market quota- tions. $! The Sun Oil Co. is one of the very few large industrial entery in the United States which has not reduced wages. This policy, according to J. Howard Pew, president, is justified because have been obtained without increase in the work- | ing force. Mr, Pew also directs attention to the fact that the company's extensive building program has been financed chiefly from the depreciation account, | earnings remaining after payment of dividends and from reduc- tion of accounts receivable, Senator Johnson, from California, is apparently aiming at the very thing which, in his opinion, has been the cause of so much grief. He advocates the creation of a foreign loan board to supervise foreign loan flotations in the United States. The board is to comprise the Secre- tary of State as chairman, the Secre- tary of Commerce and the governor of the Federal Reserve Board. According to the Senafor’s bill, it would base its conclusions on the general financial status of the borrowers, the security for the loan and remedies in case of | default. Senator Jobnson knows full well that many a foreign loan may be sound at | the time of flotation, but approval by a board such as he suggests would, in the event of default, lead holders to lay responsibility at the doors of the State and Commerce Departments and the Federal Reserve Board. The Senator certainly does not desire such a solution. (Copyright, 1932, by the Nortn Newspaper Alliancey AmeTiCaR in stock. nPlus 8% in stock. | $2.58 v | 1 quitles. uity pf(5%). 150; nancial (30c. tt&Bond B(s0c). H (25¢). f. Copper ass Co(2%). HTS—EXPIRE Febil 20 1y 1y based on Iast quarterly of sem: TPartly extra. iPlus 4% bPayable in stock. € Plus 6% in stock. hPlus 1% i Kk Plis 10% in stock. mPlus 3% in D Paid last year—no reguisr rate. 508 NI n- in stock tock. e Adjustment n stock CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, January 29.—The fol- lowing is a summary of important cor- poration news prepared by the Standard Statistics Co., Inc., New York, for the Associated Press News Trend. For the twenty-first consecutive week, brokers' loans decreased, dropping $18.- 000,000 in the week ended January 2 1 a total of $512,000,000, according to the report of the Federal Reserve Bank of New York. This is the lowest figure reported since February 1, 1918. Loans made by member banks for their own account declined $8,000,000, loans for out-of-town banks dropped $12,000,000, while loans for “others” advanced $2,- 000,000. The Companies. Brillo Manufacturing 1931 common share earnings $1.40 vs. 78 cents. Cuba Co.—No action taken on semi- annual dividend on preferred stock; paid $3.50 August 1, 1931. General Baking — Common share .earnings, year ended December 26, 78 in year ended Decem: ber 27, 1930, General Cigar—1931 earnings, $5.01 vs. $6.03. Humble Oil & Refining—Cuts Hous- ton retail gas price 1 cent a gallon and tank wagon price 2 cents a gallon. McCrory Stores—Defers dividends on common and common B stocks; paid cents on each class December 1, common share 1931. Mullins Manufacturing—1931 net in- come $100,094, equal to $3.48 a pre- ferred share, vs. deficit $331,713. Tide Water Oil—Advances tank car price of gasoline ', cent a gallon. United States Steel subsidiary, Fed- eral Shipbuilding—Gets American Dia- mond contract for reconditioning six vessels at cos. of over $1,000,000. Bethlehem Steel — Passed common dividend; last declaration was 50 cents, payable February 15, 1932; 1931 pre- rred share earnings, 12 cents vs. 3.84; orders Decemmer 31, 1931, $41,514.877 vs. $48,262,342 September 30, 1931, and $68,426,595 December 31, 1930; current operations averaging about 21 per cent of capacity. Canadian Dredge & Dock—Passed quarterly common dividend: directors recommend rate to $2 annually from $3. Chicago, Rock Island & Pacific Rail- way 1931 deficit $386,545 vs. net in- come $7,700,229, equal to $5.56 & com- mon share. Gulf, Mobile & Northern Railroad December net operating income up 63 per cent; 12 months, off 73.7 per cent Nashville, Chattanooga & St. Louis Railway December net operating in- come off T4.2 per cent; 12 months, off | 1.1 per cent. Standard Oil of New Jersey reduces | price of kerosene i cent a gallon at seaboard Doints. Du Pont (E. I. de Nemours & Co 1931 common share carnings $4.29 vs. 4.67. 2 Hercules Powder 1931 common share earnings $1.04 vs. $2.61. Cord Corporation common share earnings, year ended November 30, 26 cents vs. 65 cents. Central States Electric Corporation 1931 net income $3,805,570 vs. $2,615,- 132. D. €. FRIDAY IBETHLEHEM STEEL PASSES DIVIDEND Directors Omit Payment on Common Stock After Cut- ting It for 2 Quarters. (From the 5:30 Edition of Yesterday's Star.) By the Assoclated Press. NEW YORK, January 28—Bethle- hem Steel Corporation today omitted the dividend on its common stock. In the two preceding quarters direc- tors had declared payments of 50 cents a share, a reduction from the $1 divi- dend in the first quarter of 1931, Prior to that period the stock had been on & $6 annual basis since July, 1929. No dividends were paid from July, 1924, to the first quarter of 1929, when a $4 basis was established. t Dividend on Preferred. The regular quarterly dividend of $1.75 on the preferred was declared. The company had a deficit of $1,776,- 938 in the last quarter of 1931, after interest charges and depletion and de- preciation allowances, compared with & deficit of §1,502,002 in the third quar- ter and net income of $2,291,000 for the final three months of 1930, The preliminary report for the en- tire year 1931 showed a net income of $115,745. Contrasting with net income of $23,843,406, in 1930 Earnings amounted to 12 cents a preferred share | against $5.26 on the common in the previous year. Total income for the fourth quarter | was $3485,700 compared with $3,954,- 960 in the preceding period and $7,418,- 383 in the corresponding quarter of 1930. Operations Decrease. Operations averaged 30 per cent of capacity against 32 per cent in the third quarter and 42.5 per cent a year ago. Current operations are to @ rate of approximately 21 per cent. Orders on hand December 31 were at $41,514,877, compared with $48,262,342 on September 30. Cash and liquid securities as of De- cember 31 totaled $50,278,721, com- pared with $57,818,962 at the end of 1930. Gross sales and earnings ag- gregated $186.541,195, against $258,- 979,253 -in 1930. The preferred dividend is payable April 1 to stock of record March 4. A statement sald “In view of present conditions it was decided not to declare any dividend on the common stock.” E. C. Grace, president, said “there is no improvement in orders. As a matter of fact they are a little lower | in January than in December.” Baltimore Market Special Dispatch to The Star. BALTIMORE, Md, White potatoes, 100 sweet potatoes, 1, 40a80 barrel, 75a1.25; beans, bushel, 1.( beets, per crate, 1.50; brussels sprou per quart, 10a20; cabbage, hamper, 75a 1.40; carrots, per bushel 100al.15; caulifiower, crate, 1.00al elery, | crate, 1.00a3.00: cgg] 2.75; kale, bushel, 2 1.2584.00; onions 4.00; oyster plants pers, crate, 1.50 3 bushel 1.25a4.00 Jar poun 29— 75a1.15; ams, ) 0 | 4.00a5.00; pep- spinach, bushel 1§ 50: to-| turnips, ham- box. 4 100 bes, crat per, 10a20 apples 2.00a3.75 Leghorns ghorns, old, 12a20; 25260 | 0a25. | current 14; South- ducks, —Receipts s 17; nes il Good ladle | receipts and 15a16 creamery. proc 20a21 Receipts, 600 head; fair sup- | ply; t stead: Steers—Choice to prime, none: good | to choice, 6.00 to 7.00; medium to good. to 5.7 fair to medium, 4.00 to 475; plain to fair, 3.50 to 4.00; com- mon to plain, 3.00 to 3.50. Bulls—Good to prime, none; good to choice, none: medium to good, 4.00 to! 4.25; fair to medium, 3.50 to 4.00; plain to fair, 3.25 to 3.50; common to plain 3.00 to 3.25. Co Choice to prime, none; good to choice, medium to good. 4.00; fair to medium, 3.25 to 3.75; plain to fair, 250 to 3.25; common to plain, 1.50 to 2.50 Heifer to_choice, 5.00 tc Choice to prime, none: good 50; medium to good, 450 to 5.00; fair to medium, 4.00 to air, 3.00 to 4.00; com- | 1. 250 to 3.00 cows and Springers, 30.00 to Sheep and Jambs - Receipts, 500 head | light supply, market steady; sheep, 1.00 | to 3.00; lambs, 4.00 to 7.40 Hogs—Receipts, 1,000 head: light su ply, market steady; lights. 4.50 to 4.9 heavies, 4.25 to 4.50; medium, 4.65 to 4.90; roughs, 2.T5 to 3.75; light pigs, 4.00 to 4.50; pigs. 4.25 to 4.50. Calves—Receipts, 125 head: light s ply; market steady; calves, 4.00 to 9.50. Hay Wheat—No spot, domesti 6 Februa | corn—No. | 43a44; cob barrel. Oats—No. 2 white, domestic, 35a36; No. 3, 34a35 Rye—Nearby, bag lots, 40a45. Hay—Receipts, monc. General hav market quiet. Receipts ample of tim- othy, but good, mixed hay scarce and bringing premium. Prices range from $12 to $16.50 per ton, as to grade and kind. Latter figure for choice clov mixed. The poorer grades of timothy are irregular in price Straw—No. 1 wheat, 8.5029.00 per ton; No. 1 oats, 9.00310.00 per ton. and Grain. 2 red Winter, garlicky, 6115; January delivery, delivery, 6135 vellow. spot, domestic corn, new, 2.00a2.10 per WESTERN MARYLAND RWY. BALTIMORE, January 29 (Special). —The Western Maryland Railway Co. for the year ended December 31, 1931, earned net income of $1,011,012, which is equivalent to $5.70 a share on 177,- 420 shares of 7 per cent first pre- ferred stock, on which no dividends have been paid to date. This compares with $1,960,974, or $11.05 earned on the same number of first preferred shares in 1930 Total operating revenues for the year were $14811.053, as compared with $17,792,694 in 1930. Total opemlinz] expenses were $9,647.901, as compared | vith $11.638,562 in 1930, a saving of | $1,990,661. Net operating income was $4,343,199 for 1931, as compared with $5. 994 for 1930, and gross income $4,472.626. Fixed charges required $3,461,614, against $3,462,020 the year before. Net income for December, 1931, taled $63,288. as against $134,831 December, 1930. to- in Finance Co. of America. BALTIMORE, January 29 (Special) . — Net earnings of the Finance Co.of Amer- ica at Baltimore for the year 1931 to- taled $136,301.43. cquivalent, after divi- dend requirements, to 94 cents a share on the outstanding common shares. ac- cording to report made to stockholders by President Louis A. Eliasberg. | This compares with net income, after charges, of $189,913.28 in 1930, or $1.41 a share on the common. ANUARY | firm _intention | ne said all economic activity |, Total current assets were $3.555- 184561 and total current liabilities, | $1,488,586.62. Capital and common equity totaled $1,685,856.78 at the end of the year and assets, $3,692,069.07. 29, 1932, FINANCIAL. BANK OF FRANCE HAS INCREASED GOLD STOC Additions D KS BY $600.000,000 uring the Last Twelve Months Have Raised Total Holdings to Ap- proximately Three Billion Dollars. BY CHARLES F. SPEARE. Special Dispatch to The Star, NEW YORK, January 29.—The latest statement of the Bank of France shows a large addition to its gold stock dur- ing the week of January 22 and an amount in hand which, with the gold earmarked in New York and now be- ing returned to France, will raise the French holdings to approximately $3,- 000,000,000, This compares with $4,- 450,000,000 held in the United States. In the past 12 months the increase in the Bank of France's gold has amounted to about $600,000,000, or over 20 per cent, at the same time that there has been a reduction in the yellow metal stock of the Bank of Germany of $300,000,000 and of about $100,000,- 000 in that of the Bank of England. Belgium, like its ally France, has also been building up its metal reserves ond has increased them during the year by about $165,000,000. Ratlo Above 63 Per Cent. With its policy of steadily strength- ening its position, the Bank of France today shows a reserve ratio above 63 per cent. This probably will continue to rise. Its sight balances abroad show a sharp decline. Out of the total of about $500,000,000 of short-term bal- ances to the credit of European coun- tries in the United States, the greater portion is held for French account. The Prench balances in this country have given bankers, as well as the ad- ministration, considerable anxiety ever since France started to draw them down rapidly last Autumn and was finally persuaded to abandon this policy after the conference between President Hoover and Premier Laval. Lately it has been apparent that the withdrawing program has been resumed, although there were reports today that France was offsetting the amounts taken out of earmarked gold by purchases of new metal, so that the net effect of the two operations would be to main- tain the balance at about its original figure. In some quarters the feeling obtains that it would be better for France to take home her entire balance and re- lieve this market of the constant threat of withdrawai at nopportune times. There are practical advantages appre- clated by foreign governments and their 1 CONFIDENCE IN GOLD | STANDARD SHOWN Governor of French Bank States Policy of Institution at Annual Meeting. the Associated Press PARIS, January 29.—Complete con- in the gold standard and a to maintain the franc on that basis was expressed by Gov Clement Moret at the annual stock- holders meeting of the Bank of France “We are firmly resolved to guar: free play of the gold standard stated. “We have proclaimed our will to remain faithful to this principle in which the American and French gov- ernments acting in accord, have de- clared their belief He said the Bank of France had tried to sustain the value of foreign moneys, such as the pound sterling and the reichsmark, and indicated the bank’s share in the $100,000,000 credit to Ger- many, due February 4, would be renewed While working in close co-operation with the central banks, he continued, the Bank of France has not always con- sidered easy money a good thing for Paris and therefore has not always followed the Federal Reserve and the Bank of England in lowering discount rates recentl: Presumably referring to reparations, rested on credit and that meant respect for exist- ing contracts. During 1931 the bank's gold holdings increased to 15,000,000,000 francs and the gold coverage from 53 per cent to 60 per cent. 6. B. FURMAN RE-ELECTED BY FIDELITY PLAN FIRM Will Head Cor- poration Again—Board Is Hyattsville Man Augmented. At the annual stockholders’ meeting of Fidelity Plan Corporztion, of which George B. Furman of Hyattsville, Md, is president, held at the office of the corporation, 1409 L street, all officers and directors were re-elected. Pro- vision was made for several additions to the directorate. A very satisfactory progress and profit was shown by a chart indicating the monthly business of the corporation during 1930, The directors are Mr. Furman, Wil- liam P. Magruder. T. F. Shanahan, George N. Bowen. C. E. Frey, Franklin H. Karn, P. R. Rogers, D. Hazen Mc- Leod. William T. Jennings. N. D. Dudrow, H. W. Arbaugh and E. E. Perkins. The officers are Mr. Furman, president; Mr. Arbaugh, vice president and general manager: r. -Rogers, treasurer, and Mr. Frey, secretary. Prominent business men of Prince Georges and Montgomery Counties, Md., are on the directorate. s Y PARIS BOURSE ~RICES. PARIS, January 29 (#).—Three per | cent rentes, 78 francs 90 centimes. Five per cent loan, 102 francs 10 centimes Exchange on London, 87 francs 95 centimes. The dollar was quoted at 25 francs 40 centimes. bankers in having balances abroad which outweigh those of a large stock of gold in their central banks. It is believed that France will be disposed to keep a sizable b?lance here in con- nection with her international credit | operations. As she s gradually paying off the dollar loans issued some years ago and copstantly buying up in the market her government, provincial, municipal and corporation bonds, the amount required to cover the dollar debt service is continually diminishing. It is estimated that less than 50 per cent of the outstanding French dollar loans is now held by American in- vestors. A study of the gold holdings of for- eign countries shows that during 1931 the gold stocks in the banks of Den- mark and Sweden decreased, while |those in Norway slightly increased. |Ttaly also made a moderate gain. In | percentage, the Bank of Switzerland | made the best showing in Europe, as its gold holdings rose over 250 per cent, or from $126,000,000 to $452,000,000 The Bank of Netherlands was next in the ratio of its increase, which amounted to 100 per cent, with gold | reserves up from $175,000,000 to $357,- | 000,c00. Spain, which has a higher | gold stock now than Belgium, Holland |or Germany, experienced a loss during | the year of $32,000,000. Soviet Increases Gold. | Nearly all of the smaller countries, such as Autsria, Hungary and Rumania, lost gold. On the other hand, the Soviet government in Russia increased its gold from $250,000,000 to $328,000,900 Without exception, all of the 10 coun- tries in Latin America suffered a de- | crease in gold holdings last year. The | total reduction was about 30 per cent. | Most of this occurred in Argentina, | whose gold supplies dropped from ap- ‘ proximately $400,000,000 to $265,000,000. | In the Far East Japan, which went off | the gold basis late in 1931, had 35 per | cent less gold at the end of the year than 12 months earlier. Australia saw | her gold reserves decreased by one- | third. However, India has been expos- | ing larger amounts of hoarded gold in recent months, some of which has been | moving to Great Britain, which was | able to increase her gold stock during | 1931 over 25 per cent | (Copyright, 1932.) THREE D. C. MEN PUT ON MILLER BOARD Train Control Corporation Reports Real Progress at Annual Meet- ing at Staunton. Special Dispatch to The Star. STAUNTON, Va., January 29.—The annual stockholders’ meeting of the Miller Train Control Corporation was held at the company’'s home office here and was attended by stockholders from Virginia, District of Columbia, Mary- land and Pennsylvania. 4 Among the directors chosen for the ensuing year are three well known busi- ness men of Washington, D. C.—M. C. Hazen, A. O. Dille and Samuel C. Red- man Vice President and General Manager Miller in his report said: “In spite of the prevailing unfavorable business conditions, real progress has been made during the past year, especially in the sales of trafilators, which shows a big increase over any previous period. At | the present time trafilators are in use in various cities located in 12 States, including such important centers as Washington, Baltimore, Philadelphia, suburban Boston and Chicago. The cities of New York and Los Angeles have purchased equipment and are ing installation at the present time. | “The installation made last Fall by | the " city of Washington at Wisconsin and Massachusetts avenues is an out- | standing accomplishment and is at- tracting widespread attention, not only in the National Capital but in many parts of the country. “It is most interesting to note that vehicle-actuated traffic signal lights are rapidly coming into general use. In- deed. several States and some cities | prohibit the use of arbitrarily timed | signals except under special conditions.” | 'PUBLIC SERVICE CORP. | ADDS VICE PRESIDENT Special Dispatch to The Star. CHICAGO, IIl, January 29.—Central Public Service Corporation today an- nounced that at the next meeting of directors Luke C. Bradley is to be elected a vice president to take effect | February 1. | Mr. Bradley is an outstanding public utility operating executive, with a broad | and varied experience in the industry. | He has been associated with Electric | Bond & Share Co. in the purchase, de- | velopment and operation of properties in South America for the account of | the American & Foreign Power Corpo- ration. Previously he was connected with Stone & Webster for some years in an operating and executive capacity, having at one time been in charge of all rail- way and lighting properties in the Southwest, and later president of the Virginia Electric & Power Co. at Rich- mond, Va. | Insurance Company Investments. NEW YORK, January 29.—The re- port of the New York Life Insurance Co. as of 1931 shows investments in railroad bonds slightly exceeding those of other classifications and more than | double the total of public utility and industrial bonds. The company carried | its bonds not subject to authorization and all of its stocks at the market quo- | tations of December 31. STOCK AND BOND AVERAGES By the Associated Press. From Yesterc v's 5:30 Edition, STOCKS. 50 Industrials. Today . 610 Previous day Week ago. . Month ago. Year ago... Three years ago. Five years ago.- High, 19 Low, 1930.. High, 1929 Low, 1929.. 20 Utilities. 97.%7 98.4 102.7 20 Rails. 20: 92.7 281.3 146.5 353.1 156.3 BONDS. 20 68.2 Previous day.. Week ago. . Month 2go. Year ago Two years ago Three years ago. High, 1931- 1931-32. High, 1930.. Low, 1930.. High, 1929.. Low, 1929.. Industrials. 20 Utilities. 82.6 83.3 84.6 82.0 99.8 97.8 99.3 1015 80.2 1014 96.6 99.8 96.0 (Copyright, 1032, Standard Statistics Co.) #x% A_18° ISTREET SURPRISED WHEN SLOAN QuIT Utilities Executive Has Had Interesting Career in Power Industry. Special Dispatch to The § NEW YORK, January 29.—The un- expected resignation of Matthew S. Sloan from all the local public utilities with which he had been associated for the last decade caused great surp: in Wall street and to his many person; friends here. “I have business plans for the which I am not at liberty now,” was the only Sloan would offer for his resign which produced a group of rur many of them fantast/ Born in Mobile, Ala., in Sloan was _graduated Irom Péiytechnic Institute, at Aul he was a star athlete, as well as a rate student Goes to New York. Down in a little Alabama town Sloan decided to learn the business, 5o he fed the fur gas works, collected bills and did all the odd jobs about the pla h went to the main plant of t Electric Co. at Schenectady, where he added to his knowledge, and it was not long before he was head the New Orleans Railway & Lignt Then only 35 tracted the attention of the late las F. Brady, who in 1919 “Matt” to take charge of B son Co Mr. Sloan, who is known every visitor from the Sc rives here looking for work, is as one of the most expert public v operators and one of the most spoken executives in that indust: hard worker, though seldom seen in the offices of the various local utilities over which he presided, Mr. Sloan be lies his 50 years, for his hair is with- out trace of silver and carriage is that of an athlete Coming just on the day that the New York Edison Co., of which he is trustee and president, was offering a $25,000,- 000 bond issue—the first major utility new financing in months—Mr. Sloan’s sudden resignation was in some q ters attributed to a dispute with b ers over that financing. Clashed With Commission. Rates and submetering have caused Mr. Sloan to have many clashes wit the New York Public Service Commis- sion in the last two years. Recently he s had several fast rounds with labor spokesmen who advocated public owr ership of utilities. Not long ago he dicted that the depression will end ¢ithin the next 18 months At a special meeting of New York Edison trustees early yesterday afternoon Frank M. Smith, vice pre: general manager and a dire f United Light & Power, was elected president to succeed Mr. Sloan (Copyright, 1932.) 1882, Mr. in ooklyn Edi- New York Cotton Special Dispatch to The Star. New York, January cotton prices today were 2 to 1 higher. Trading was in s ume with a fair trade demand in near months, but a lack of bidders contracts. Opening prices werc March, 663, up 1; May, 681. up 1: July, 6.97. un changed;_October. 7.19, unchanged; De- cember, 7.35, unchanged, and January, 7.40, off 2. = Grain Market —Opening By the Associated Press. CHICAGO, January —Influenced by a cold wave threatening crop damage and by uneasiness about war develop- ments, grain values showed an early upward trend today. Advances ever, were checked by stock marset de- clines. Opening at a shade lower gain, wheat afterward held near_the initial limits. Corn started !z off to 15 up and subsequently displayed fir ness. Leading crop experts said tempera- tures colder than 15 above zero east of the Mississippi River would probably do permanent injury to vital processes of the wheat plant and that 10 above or lewer would inflict serious damage. The reason ascribed was the present unusi- ally advanced stage of wheat growth. In the Southwest temperatures of 5 above zerc or lower would be bad, as much of the western third of this terri- tory has only a small seeding just up or coming up. Canadian reports told of one of the worst storms of the Winter whipping southeast from Regina and the ther- mometer 20 below zero. Meanwhile, temperatures of 7 below zero were re: ported at Sioux Falls, S. Dak.,, and 3 above zero at Omaha. Bears, however, expressed belief that snowfalls ahead of the cold wave would largely, if not altogether, nullify threatene crop damage. Corn and oats were chiefly governed by wheat market changes Provisions sympathized with weak ness of hog values. STOCKS EX-DIVIDEND. 29 (). — Pe- fiod to 1a% Rate 50¢ opean Sec bl 150 actors, Ltd c n nvestors, Amer Reinsur Assoc Gas & El $6.50 pf 3 $1620 31,50 $150 Canadian Bank of Com Canad Hydro Elec 1st pf Canadian Oil Co. Ltd Cen Mass Lt & Pow pf Central & Sou 37 pr_lien pf Do. £7 pf . Do. $6 pr lien. .. Chain Belt Co Conn Ry & Lt Do. pt Dow Chemical Co. Do. pf Eastern Thea, Ltd Empire Gas & Elec 6 Do. 7% pf C A Do. 6% pf D European Elec Corp cl A Do. cl B.... 7 Fire Assn of Phila . Foreign Pow Secur, Ltd. pf. Foundation Co of Can Georgia Pow & Lt §6 pf Georgia Sate Sav Assn (Sa- vannah) . 2 Guggenheim' & Co 15t pf Hammermill Pap Co. Hope Webbing S Hormel (Geo A)' ‘& Co Tiluminating & Pow Sec Do padsi. ia 5 Loew's. Inc, i, May Radio & Mickelberry's Food Prod.. Mohawk Mng Co 25 Norfolk & Wesern Ry adj pf North Amer Match 1 Ontario Steel Prod 7' 'pf.$1.75 Oppenheim Colli e Owens Tllinois_Gla: Pacific Gas & Ele Do. 51:% Public_Utilities "Corp Quaker Oats Co pf... .. Rochester Gas & E 1 DI B! Do. Do, 6% D..;.1 Royal Bank of Can... Seaboard Surety Co... ... Southern Calif Gas Corp, ASAImE T s 51 Southern Colo Pow A" South Pac Golden Gate A Do, Bi:oyei Do. 6% pf Stein (A) & Syracuse Ltg 8% Do. 6127 Bf...... Thatching Mfg conv pf U S Steel pf............ Utica. Clinton &' Binh on . s Util & Indust Corp pf.. pr A 34 175 ise EEe =ittt it SO et oM PPOD POOOO DOOCOOLOO0D O O POOOOOOOOD OOO' POOOODOLOOOOOO LOOOOL: POLOEOD 85 NEGDEHEH0RE G Donkey Defeats Bear. A small bear attacked James Kerril's donkey in the mountains near Canon gltihcelo.. and was almost kicked to ea! "