Evening Star Newspaper, February 20, 1932, Page 14

A—14 x=* NORTH AMERICAN'S NET $341 A SHARE Report for 1931 Shows Slump in Earnings—Seaboard Air Line Move Explained. BY EDWARD C. STONE. ‘The preliminary consolidated income statement of the North American Co. and subsidiary companies for the year ended December 31, 1931, shows $22,- 452,916 for common stock after all operating expenses, interest charges, depreciation and all other reserves and preferred dividends. These earnings for common stock represent a decrease of 16.85 per cent compared with those for the year ended December 31, 1930, and are equal to $3.41 per share on the average num- ber of shares of North American com- mon stock outstanding during the year 1931, compared with $4.53 per share for the year 1930 Appropriations for de- preciation reserves equal 11.45 per cent of gross earnings for 193i, compared with 10.67 of gross earnings for 1930. Gross earnings for the year 1931 do not include gross earnings for any part of that period of the former California subsidiaries which were sold on June 12, 1930, to Pacific Gas & Electric Co., while gross earnings for the year 1930 include those of the California subsidi- aries for the 5 months and 12 days to June 12, 1930. North American’s president, Frank L. Dame, in his quarterly letter to stock- holders, comments on_the reduction of rates charged for electricity by the Potomac Electric Power Co. as follows: | “Potomac Electric Power Co. of Washington, D. C., put into effect on February 1 the eighth consecutive an- nual reduction of its electric rates. Savings to customers for this year un- der the new schedules will amount to approximately $860,000. The reduc- tions apply to all classes of service, and in addition to a lower initial rate for all residential customers the promo- tional type of rate provides further re- ductions based on greater use of elec- tricity.” President Dame also calls attention to the declared dividends of 75 cents per share on the preferred stock and 2!2 per cent per share on the common, the latter being paid in script. Details of Seaboard’s Plan. Permission by the court to the Sea- board Air Line Railway Co. to issue $15,000,000 receivers’ certificates to take carc of the road's obligations for the next three years has turned special at- tention to the new plan. It is an- nounced that interest will be paid only on the receivers’ certificates. Holders of $32,000,000 of underlying divisional mortgage bonds, under the plan, are to forego collection of any in- terest on the bonds until February 1, 1935, and also agree not to file fore- closure proceedings except under certain eventualities stipulated in the plan. It is claimed that with the refunding plan taking care of obligations for three years, including those falling due in 1932, and the saving of $2,000,000 to be effected through a 10 per cent wage reduction agreed to by receivers, offi- cers and employes, the road's financial outlook has been improved consider- ably. The $15,000,000 refunding program will retire approximately $4,000,000 of receivers’ certificates due May 1, 1932, and also equipment trust obligations for 1932, 1933 and 1934 amounting to approximately $10,000,000. The order alsn paves the way for the receivers to meet other obligations of the railroad amounting to approximately $1,000,000. Mergenthaler Yields 6 Per Cent. The hundreds of local holders of Mergenthaler Linotype stock were deeply interested in the announcement by the company officials that the quarterly div- idend had been cut from $1.50 to 75 cents pending an expected pick-up in business before very long. The stock is now selling around 50 on the Washing- ton Stock Exchange, so that it still vields 6 per cent a year on the new $3 basis. Next in importance to the dividend ennouncement was the statement that George Hewett Myers of this city and Harry L. Gage of New York had been elected to the directorate. The Wash- ington selection was enthusiastically received by local stockholders, on ac- count of Mr. Myers’ wide business ex- perience and because of his special financial interest in this particular company. Mr. Gage should also prove a marked addition to the board, as he is on expert in the printing fleld and thoroughly familiar with the product which Mergenthaler manufactures. Mergenthaler stock has been one of the most active issues on the Washing- ton Exchange for many years. No doubt it will assume its former status when trading becomes more active. It sold yesterday at 46. Soin Life Reports for 1931. New life insurance totaling $527,000,- 000 was written last year by the Sun Life Assurance Co. of Canada, says its annual report. This indicates, the company asserts, how generally the public turned to life insurance as a sure and tested refuge during a trying period. T. B. Macaulay, president. said at the annual meeting that Sun Life of Canada paid $93,000,000 to policy- holders and beneficiaries last year and that since organization it has paid nearly $600.000,000. Ccmpany assets are $624,000.000 and total insurance in force is more than $3,000,000,000. Substantial Gain Reported. Profits of the G. C. Murphy Co., (operating chain stores) and its real estate subsidiary, the Mack Realty Co., show a substantial gain for 1931 as compared with the previous year. Net vrofit for the year ended December 31, 1931, totaled $865.327, after deprecla- tion, interest and taxes, equal after preferred dividends to $4.17 per share earned on the 149.938 common shares outstanding. The net profit of $860.- 639 reported for 1930 was equal to $2.81 8 share. Total sales for the year 1931 amounted to $19.238.362 against $17,498,023 for the vear 1930, an increase of $1,740.339 or 99 per cent. The company Wwas operating 172 stores at the cloge of 1931, against 166 at the close of '1930. Heard in Financial District. Robert V. Fleming, president of the Riggs National Bank, is passing the week end and Washington's birthday with friends in Florida. Maurice Otterback, president of the Anacostia Bank, is basking in the sea breezes on a short Winter vacation at Miami Beach, Fla. Gerald D. Grosner of Grosner’s, 1325 F street, has been elected vice president of the National Asociation of Retail Clothlers and Furnishers, the first ‘Washington man to be given an office in this organization. vVirginia Carolina Chemical has omitted the prior preferred quarterly dividend of $1.75 due at this time. It had been paid regularly since - tion of present company. Officials state that the 7 per cent prior preferred cumulative quarterly ~dividend was passed because of general conditions and the desire to conserve working cap- ital and provide against operating con- tingencies. The value of building permits in 345 cities was 18.6 per cent less in January than in December, the Department of Labor announced yesterday. The Janu- ary permits in these cities was $50,909,- 71. . F. W. Woolworth Co. has decided to establish a new line of merchandise to be retailed in its present stores at 20 cents instead of confining itself to pres- ent eExm’:s of 5 cents and 10 cents, whith have been established and ad- Gered to for the pasi 50 years, FINANCIAL. Stocks sold in 100-share lots except those designated by letter * —Prev. 1933~ High. 3 M 5% 167 12% 2613 18% ke 391, 137% 80 19 117 13t 16% 1815 61n 43% 15 15 7 3115 20% 15% 3% Stock and Low. Dividend Rate. 2 Abitibi Pwr & Paper. b5 Abitibi Pwr & Pa pf. 8% Adams Expres: . 12% Affiliated prod 1.60. . 46 Air Reduction(t4%) 117% Alaska Juneau (50¢) 1% Alleghany Corp. 2% Alleg Cp pf $30 w 62% Allied Chemical (). 10% Allis-Chalmers(50c) 5% Am Agri Chem(Del). 12% Am Bank Note (2).. 40 Am Bank Note pf (3) 54% Am Can Co (15)..... 6% Am Car & Foundry.. 25 Am Car & Fdy of (7) 29 Am Chicle (13). 613 Am Comcl Alcohol. . 6% Am & For Power.... 11% Am & For Pwr 2d pf. 4174 Am Home Prod 4.20.. 5 Am International 30% Am Locomot pf(7).. 17% Am Mch & Fdy 1.40.. 2 Am Mach & Metals. . 15 Am Metals pf. 29% Am News (3). 13 AmPwr&Lt( 6 Am Radiator (40c).. 7% Am Rolling Milla. ... 21% Am Safety Razor (5) 12% Am Smit & RIg(50c) 13 Am Solv & Chemical. 2114 Am Sugar (4). 107% Am Tel & Teleg (9) 65 Am Tobacco (16). 661 Am Tobacco B (16) 42 Am Type Fy pf (7).. 24% Am Water Wks (3). 3 A2 Woolen Co. 15% Am Woolen Co pf. 2% Am Zinc & Lead Anaconda Copper. Anaconda Wire & C Anchor Cap (2.40)... Armour of Del pf(7). Armour of Il (A)... 4 Armour of 111 (B)... Arnold Constable. Associated Apparel. . Atch To & San Fe(6) Atch To&S Fe pt(5). Atlantic Refining (1) 91'3 Auburn Auto (f4)... 14% Austin Nichols A 1% 2% Aviation Corp (Del). 4% Baldwin Locomotive 12% Baltimore & Ohlo. 16% Baldwin Loco pf. 271 Balto & Ohlo pf (4) 4 Barnsdall Corp.... 351 Beatrice Cream (4).. 2% Belding-Hemingway 15 Bendix Aviation (1). 15% Bethlehem Steel 60 Bethlehem Stl pf 7 Blaw Knox (50¢).... 17% Bohn Alumm (1%).. 343 Borden Co (3).. 9 Borg Warner (1). 7% Briges Mfg (1). 30t Bklyn-Man Tran (4). 713 BKlyn & Queens..... ¥n Unlon Gasi(5). 1% Bruns Term & Rwys. 44 Bucyrus-Erle. aee 3 Bulova Watch 2 9% Burroughs Add(80c) 1 Butte Copper & Zinc. 105 Byers (A M) 81y California Packini 10 Canada Dry (1.20). 10% Canadian Pacific 1% . 17 Cannon Mills (1.60). 4% Capital Admin (A).. 264 Case (J 1) Co : 107 Caterpillar Trac (1). 9% Cerro de Pasco (1).. 4% Checker Cab Mfgr. 211 Ches & Ohlo (2%) 13 Chesapeake Corp(3). 9% Chi Great West pf. 1% Chi M1l StP & Pac 23, Chi Mil StP & Pac pf. 6 Chi& Northwestern. 3% Chi Pneu Tool... 7 Chi Pneu Tool pf. 815 Chi Rock 1 & Pacific. 103 Chrysler Corp (1) 257 City Ice&Fuel (3.60). 5 City Stores. 714 Coca-Cola (18). 45% Coca-Cola (A) (3). 26 Colgate-Pal-P (214). 87 Colg-Palm P pf (6).. 7 Collins & Alkman. .. 117 Columbia G&EI(b1% 64 Col Gas&El pf A (6). 28 Columbia Carbon (3) 56 Comcl Cred 15t(6%). 15t Comcl Inv Trust (2). 90 Comcl Inv Tr pf 6%. 7% Comcl Solvents (1).. 313 Comwlith & Sou(30¢) 59 Comwlth&Sou pf (6) 714 Congress Cigar (1).. 61 Consol Cigars pf (7). 3% Consol Film . 8% Consol Film p? (2).. 541 Consol Gas N Y (4).. 89 Consol Gas NY pf(5) 9 Consol Laundries(1) % Consol Textile. 8 Container Corp 5 Contl Baking (B) 31% Contl Can (23%) 19 Cont Insur (2.40) 1 Contl Motor: 5% Contl Oi1 (Del). % Contl Shares...... 37 Corn Products (3). 5126 Corn Prod pf (T).... 1% 31 4 1% 27% 2% 3% 95 81% 130% 3% 23% 4% 16% . 30% 10% Crex Carpet. . . 12 CrownC'k & S (1.20). 14 Cuba Cane Products. 30 Cudahy Packing (4). 22 Curtis Publishing(2) 75 Curtis Publish pf(7). 1% Curtiss Wright....., 1% Curtis Wright (A).. 3% Davison Chemical 10 Deere & Co pf (1.40). 651 Delaware & Hud (9). 17% Delaware Lack & W.. 12% Diamond Match (1). 7% Douglas Aircraft (1) 47% Drfig Corp (4)...... 461 Dupont de Nem (4).. Jastman Kodak (5).. 4% EatonAxle& Spr50c. 13 Eitington-Schild. ... 23% Elec Auto Lite (4)... 2% Elec&Musical Instru 10% Elec Pwr & Lt (1)... 47 Elec Pwr& Lt pf(7 251 Flec Storage Bat (3). 44% Eng Pub Sve pf (5).. 171 Equit Office Bldg 2% 5% Erfe RR 313 Fed Water Service A 20 Fid Ph Fire In(2.60). 90 Filene's Sons pf 65.. 12 Firestone T&R (1).. 50% Firestone T&R pf(6) 41% First Natl Strs (2%) Fisk Rubber........ % Fisk Rubber 1st pf. % Fisk Rub 1st pfev. 8 Florsheim Shoe (A). 8 Foster-Wheeler 15% Fourth Nat Inv 2% Fox Film (A) 15% Freeport-Texa: 28 Gen Am Tank Car(4) 11 Gen Asphalt (1) 11 Gen Baking (2) 2 Gen Bronze. 4 GenCable (A 28% Gen Cigar (4) 99 Gen Cigar pf (7). 17% Gen Electric (1.60) 10% Gen Elec spec (60c).. 31% Gen Food Corp (3)... 1% Gen G&E A (b6 % stk) 19% Gen Motors (2).. 19% Gen Ry Signal (5). 90 Gen Ry Signal pf % Gen Realty & Util... 15 Gen Theater Equip.. 10% Gillette Stf Raz(1).. 50 Gillette Satf R pf (5). 1% Gimbel Bros 4% Glidden Co. 16 Gold Dust (23). 12 Goodrich (BF) pf. 12% Goodyear T& R (1) 43 Goodyear 1st pf (7).. 7% Gotham Silk Hosiery 2% Graham-Pal; 5% Granby Consol (50c). 1 Grand Silver Stores.. 6% Grand Union........ 25% Grant (WT) (1). 16% Great Northern pf(3) 11% Great North Ore(2). 1 Grigsby Grunow. 26% Hacken Watpf A 1% 1% Hahn Dept Stores 71 Helme (GW) (17). 92 Hercules Pow pf (7 73% Hershey Choc pf 15 110 Homestake M 18.80 21% Houdaille Hershey 16% Houston Ofl. ... 33, Houston Ofl (new) 108 Howe Sound (2). 26% Hudson & Man (3 Bales— Add 00. High. 2% 17 5% — % 108%—10 15 FEFSFEES F P ESFIEF 1ok b e [} Ll ++1 FF RPEFEF £ FFFEFEF (] - + 3 ~Prev. 35 251 84 23% T 9% 234 8 224 14 27 37 41% 102 109 5l —_— ——— 15 81g¢ 5% 10% 101 SBtock and Dividend Rate. % Hudson Motor (1)... Hupp Moto! 1992~ Low. 23% Indust Rayon (4)... 2515 Ingersoll Rand (3).. 20 Inland Steel (1)..... 3 Inspiration Copper. . 414 Ins Shares(Del) 50c. 5% Interboro Rap Trans 90% Int Bus Machine(né) 3% Int Carriers Ltd 60c. % Int Combustion. . 47 Int Combustion pf. 21% Int Harvester (1.80). 9 Int Hydro El A (e2). 15% Int Match pf (4).... Tik Int Nickel of Can. ... 1% Int Paper & Pwr (A) 36! Int Shoe (3) Ti4 Int Tel & Teleg(60c). T4 Int Dept Stores (2).. 30 Jewel Tea (4) 15% Johns-Manville (1).. 78 Jones & Laugh pf(7) 17% Kan City Sou pf (4). 5 K'mann Dpt Strs(1). 7 Kayser (J)&Co (1) 1 Kelly-Spring Tire 6% Kelly-Spr T 8% pt. 7 Kelvinator Corp. 9% Kennecott Copper 16} Kimberly Clark 2% 151 Kresge (S §) (1.60) 4% Kreuger & Toll 1.61 12% Kroger Grocery (1). 44% Lambert Co (8)..... 36 Lehman Corp (2.40). Libbey Owens Glass. Ligg & Myers B (15) Lima Locomotive Loew's Inc (t4)... Loew’s Inc pf (6%).. Loft Ing “es Loose-Wiles (13) Lorillard (P) (1.20). Lou Gas&El A (1%). MclIntyre Forc M (1) McKeesport T P (4). McICesson & Robbins Mack Trucks (1).... Macy (RH)& Co(n3). Magma Copper (50¢) . Manhat Elev gtd (7). Manhat Elev mod gtd Manhat Shirt (60¢). Marine Midld(80c) . . Marlin-Rockwell (2) Mathieson Alkill (2) May Dept Stores 1.80 Mid Continent Petm.. 3 Minne & St Louls Mo Kan & Texas. Missouri Pacific Missour! Pacific pf. Mohawk Carpet Montgomery W Mother Lode at Dafry (2.60). at Dist Prod (2) at Pwr & Lt (1) at Steel (2 Supply ¢ ewport Industries. ewton Steel. Y Central ¥ Chl & St L pf ' & Harlem (5). H & Hartford. Y Steam 1st pf(7). 4 Norf & Westn pf (4). 2% North Am Aviation.. 29 Nor Amer(b10%stk) 145, Northern Pacifie (3) 5% Nor Ger Lloyd m2 5 Ohio Ol 114 Omnibus Corp. 161 Otis Elevator (2%).. 91y Otis Steel pr pf i 20 Owens 111 Glass (2). 321 Pacific Gas & EI (2). 361y Pacific Lighting (3). 921y Pacific Tel&Telez(7) Pacific T & T pf (6).. 315 Packard Motor Car.. 16 Pan-Am Pet B(1.60). 6% Paramonunt Publix... 1 Park Utah...... % Pathe Exchang 13 Pathe Exchange (A). 23, Peerless Motor Car.. 261 Penney (J C) (2.40). 171 Penna Railroad (2).. 94% Peoples Gas Chi (8).. 6 Pere Marquette pf... 815 Pere Marquette pr pf Phelps Dodge Co. Phila Co new (6) Phila & Read C& I.. Prillips Petroleum Pierce Petroleum Pillsbury Flour (2) Pirelli (A) (m3.13) Pitts United pf.. Port Ric Am Tob(A) Pressed Steel Car. .. Proct & Gamb (2 Producers & Refin. 4 Prod & Refiners pf... Public Sve NJ (3.40). Public Sve NJ pf (5). Public Sve NJ pf (6). % Pullman Corp (3). Pure Ofl. .. 10% Purity Baker{ 5% R&dI0 COTP....... s 24 Radio Corp pf A 3%. 9% Radio Corp pf B. . 28 Radio-Kelth-Orph... 21 Real Silk Hoslery. 2 Remington-Rand.... 27 Reo Motor Car (40¢) . 41 Republic Steel. 32% Reynolds Tob B Richfield Oil. .. Rio Grande O1l. Rossia Ins of Amer.. Royal Dutch of NY.. St L-San Francisco. . 41 St L-San Fran pf.. 3 Schulte Retail Stores i Seaboard Alr Line pf Seaboard Oil . Sears Roebuck (2%). Servel Inc..... acon Shattuck (F G) (1).. Shell Union Oil...... Shell Unlon Ol pf. Stmmons Co. .. 4 Simms Petroleum. Sinclair Consol Ofl Skelly Oil pf ww. % Socony-Vacuum (1). Southn Cal Ed (2). Southern Pacific. Southern Rallway. Spald (AG)1st pL(7). Spear & Co 1st pf.... Spencer Kellog (8 Stand Brands (1.20). Stand Gas&E! (3%). Stand Gas&El pf (6). Stand Ofl Calif (2). Stand Oil of Kansa: 4% Stand OIINJ (12)... 1% Sterling Secur pf. ... 91 Stone & Webster (1). 103 Studebaker Co(1.20. 12 Telautograph (1.40 10 TexasCo (1). 20% Tex Gul Sulphur (2). 4% Tex Pacific Land Tr.. 3% Thatcher Mfg Co 8% Third Avenue 7% Thompson Starr . 2% Tide Water Asso Oil. 20 Tide Water As pf(6). 16% Timken Roller B(2). 27 Tobacco Products. 2% Transamerica Corp.. 2% Tri-Contl Corp. . . 26 Trico Products(2%). 13 TwinCity RT pf(7 2 Ulen §CO........... 14% Und-Ell-Fisher (2).. 27% Union Carb (2.60)... 65 Union Pacific (10)... 9% Unit Carbon. 1 Unit Cigar Stor 20 Unit Fruit (3). 17% Unit Gas&Im(1.20).. 18% U S Gypsum (1.60) 21% U S Indus Alcohol. 4 , USLeather (A). 10f U S Pipe & Fdry (2). 5% US Realty & Imp 3% U S Rubber. 7% U S Rubber 1st pf... Bales— Add 00. High. 25 8% » FroarmBe aBrmei 5 e @ £ NE RN E R N - muSemmmmnaBalaa - 2 =3 [ YT - TOIek JOPN - 3 = - AR eo - Nanmarn NSt E Sunan e B e - S o = vornuBnBrroloanB8ann Sne 8 B — % 3% — % H —-% 1% -1 —1% J++] || P Lt 3 | e 5 (11 30 L (TR AL 1032 Low. 14% U S Smtg & Ref (1).. 1 35% U S Steel (2).. 9 98% U S Steel pf (7)..... 2 6 Stock and Sales— Dividend Rate. Add 00. 59 U S Tobacco (4.40). . 44 27 United Storespf (4). 1 50 37 UnivPiclstpt (8).. 208 1 8 Univ Pipe & Rad.... 1 10% 8% Util Pwr&LtA (2).. 15 — e 17% 113% Vanadium Corp. 48 % & Va-Car Chemical. 5 39% 27 Va-Car Chempf..... 29% 19% Vulcan D'tinning (2) 6 114 Wabash RR (A).... 19 11% Waldorf Sys (1%).. 4% 2% Warn Bros Pictures. 7 3% Warren Bros........ 17% 10% Warren Broscv pf3. 14 12% Warren Fdy & P 1.20 74 Webster Eisenlohr.. 1514 128% Wesson O11&Sno(2). 108t 98 West Pa Pwr pf (7). 106% NANC TAL. Stock and Bales— Dividend Rate. Add 00. High. Western Dairy ( 2 3 W 6 4% 15% 33% 12 |+ 1 +19% ) FESE 3% White Sewing Mach. 3% Wilcox Oil & Gas 2% Willys-Overland 18 Wilson & Co pf. 36% Woolworth ( . 15'; Worthington Pum 45% Wrigley (Wm) (4).. 5 3% Yellow Truck... 8% 6% Zonite Prod Corp (1) Dividend rates as glven in the above table are t payments based on the latest quarterly or half-yearly declarations. *Ex-dividend. s Unit of trading less than 100 shares. 1 Partly extrs. $Plis 4% In stock, aPald this year—no reguisr rates. ©Payable in cash of stock. f Plus 8% in stock, b Pios 2 stock. ) Plus 3l in special preferred stock. k Plus 3% in m Paid ‘last year—no regular rate. nPlus 5% in stock. 2%% in stock. FFEEFR 11 +4 1+ —% he annual cash ock. » Plus COMMODITY PRICE DROP NOT SERIOUS Disordered Money Conditions in Rest of World Blamed for Decline. BY CHAS. P. SHAFFER. ‘The decline in wholesale commodity prices is less ominous when all factors | pertinent to the situation are taken ! into consideration. | This decline, which has carried prices to about 5 per cent below the pre- war level and 30 per cent upder the average for the five-year period end- ing with 1931, is chargeable in great measure, in the opinion of Govern- | ment officials, to disordered money | conditions throughout the rest of the| world. | As proof of this argument, attention | has been called to the drastic declines | in certaln commodities, principally copper, rubber, raw sugar, cocoa and | zinc, all of which are selling around | the lowest prices on record. These items are all important factors in our international trade and have formed the spearhead of the decline. Buying power of foreign purchasers A B C Tr Shrs “E' has been materially crippled by de-| preciated currency, while the situation has been altered further by the diffi- culty of foreign bankers to finance world movement of goods. As an ad- ditional obstacle many countries have gone off the gold standard. completely changing the character of existing con- tracts, with the result that interna- tlonal commerce has, in many respects, | o sec pt.. become burdensome. An outstanding unfavorable signifi- | At & cance of this price decline is held to |4i § PA¢ &7 be in the matter of long-term debts. These debts, or at least those con- tracted during the five-year period | ending with 1930, will have to be repaid during a period of lowered prices unless the former price level is restored. Cement Production Drops. Production of Portland cement in January amounted to 4.989.000 bar- rels, a decrease of 24.4 per cent from | Gn the same month of last year. A compilation by the Mines Bureau shows also that shipments from the mills during the month totaled 3,363.- 000 barrels, a decrease of 28.3 per cent, while stocks on hand amounted to 25, | 568,000 barrels. or 7.9 per cent lower | than a year ago. | The statistics were compiled from | B! reports from all manufacturing plants except three, for which estimates have been included in lieu of actual returns. The mills operated during the month at 22 per cent of capacity. as com- pared with 29.5 per cent for the month last year, while production for the 12 months ending with January was at an average production of 45.9 per cent | of capacity. Budget Plan Submitted. A business man’s plan for balancing the Federal budget through curtailment of expenditures and tax increases and borrowings has been submitted by the Chamber of Commerce of the United States to members for referendum vote. | The referendum report of the national chamber comes out first step in a new fiscal program, and expresses the belief that primary emphasis should be placed on reducing governmental expenses rather than in- creased taxes. “While reduction of expenses fis strongly urged by the cdministration and by lelder}‘ in both parties,” the report said, “thiS mav accomplish much or little depending upon how seriously Congress considers the necessity for re- duction. The presentation of a budget for 1933 of $4,000,000,000 is not hopeful. | Furthermore, over and above this budget there are propesals looking toward further expenses of hundreds of millions which have high official or political advocacy. It reems possible to make very substanticl reductions in current expenses if Congress is con- vinced of the necessity and that the country demands an economy program. | If not so convinced, penditures above the figure are to be expected.” substantial ex- PARIS EXCHANGE. PARIS, February 20 (#).—Three per cent rentes, 78 francs 85 centimes. Five per cent loan, centimes. Exchange on London, 87 francs 60 centimes. The dollar was quoted at 25 francs 36, centimes. Scrap Quotations Hold. NEW YORK, Febmary 20 (P — Youngstown reports say that iron and steel scrap quotations are holding un- changed from a week ago, with heavy melting steel at $9.25 to $9.75 a ton. Sentiment is reported better among scrap dealers on signs of business im- % | provement,. Trren L+ sre weefeFr gx oz g2 e THE WOODWARD BUILDING 15th and H Streets N.W. In the selection of your office, an inspec- tion of the Woodward Building, with SECRETARIAL TELEPHONE SERV- and exceptionally high standards, will convince you that this is where you should have your office. ICE An outside single office may be had for $25, or a suite can be arranged to suit your requirements. Rental Office, 510 Woodward Building , NATIONAL 5516 RANDALL H. HAGNER & COMPANY strongly for a| paring of Federal expenditures as the | 100 francs 52 | $4,000,000,000 | = | n] s | Trusteed Amer Bank Shares... AND BOND AVERAGES By the Assoclated Press. INVESTMENT TRUSTS NEW YORK, February 20 (#).—Over- the-counter market: , Bl Askid | Butter—One-pound prints, 26; tub, Am & Gen Sec “A’ . wia | Am & Gen Sec "B | E Hi Ain & Gen B i0nd 5 “3 ‘ggs—Hennery, 14; current receipts, Am Br & Con 6% pf. g 0 | Am Comp Tr Shrs N 37| Poultry, alive—Turkeys, old toms, 15a :m idd“ E’» n; . ::’ | 18; young toms and hens, 20a22; chick- A: m:“s;u,ck: ‘: ens, 3 pounds and over, 16al18; 2 to 212 A Biand Ol 4 | bounds, 20; broilers, 1!, to 2 pounds, . 30 | 20a22; hens, large, 15a16; small, 15a | 16; Leghorn hens, 13al4; capons, large, * fancy, 25228; medium, 20a23; slips, 18; ‘roos!ers, 10; keats, young, 45a50; old, "a | 25230. | . Poultry, dressed—Turkeys, old toms, 18a21; young toms and hens, 23a25: chickens, 3 pounds and over, 19a21; 2 to 2! pounds. 21: broflers, 11, to 2 | pounds, ~ 23a25; hens, large, 19a21; small, 19a21; Leghorn hens, 17; capons, large and fancy, 28a32; medium, 20a25; * | slips, 20; roosters, 12; keats, young, 50a :g 60; old, 50. % Meats—Beef, prime, 13; good, 12: lamb, top, 15; good, 14; veal, top, 15; good, 14; pork loins, 10: fresh hams, 12; smoked hams, 15; strip bacon, 16; X‘grd, package, 7'z; bulk, 7; compound, . Fruits—Strawberries, pints, 10a15; quarts, 20a30; apples., bushel baskets. 1.00a1.25; box stock, 2.00a2.25; 3.00a3.50; grapefruit, .50; lemons, honeydews, 2.50; plums, Chile, 2.00; grapes, 3.00a3.50; kegs, 5.00; Al Sec war & Pac com war Bancamerica-Blair Bankers Nat Inv.. Bansicilla Corp Basic_Industry h - Type Inv. entral Nat Corp “'A Central Nat Corp "B Century Tr Shrs 5 Chain & Gen Eauities Inve: o, e BB f G st ol o SanButin sl 0 520! Depos Bk 8hrs N Y Depos Bk 8h N Y. Depos Ins Shrs * Diversified Tr A Tr d Tr C.. Mo e Yo & Tr D s Equity Invest Conv Stpd Equity Trust Shrs Five-Year Fixed Fixed Trust Sh A Fixed Trust Sh B Fund Tr Shrs A Fund Tr Shrs B.. Granger Trade, Gude Winmill Trad. Huson Holding Corp| Incorp Investors Incorp Invest Eaquit Independ Tr Shrs. Int Sec Corp Am A’ Int Sec Am 6% Pf Int Sec Am 6z pf 3.00; rhubarb, hot house, 5 pounds, 50a 65; pineapples, 4.00a4.56; lim 100, 2.00; plums, 1.75a2.00; ines, 2.50. Vegetables—Potatoes, Maine, 100- pound sacks, 1.25; New York, 1.15; fi:hu bn;;z 22530. sfit’eet.s. 60a85; string 1 ns, 2.00a250; limas, 4.50; pe Inv Tr N ¥ Coll “A 7.50; lettuce, Iceberg, 3.00a3.50; - Invest Trustee Bb. : pers, 325350 cucumbers, = 450 g 3 5.00; celery, 2.50a3.00; tomatoes, 1 packs, 2.25a2.50; kale, 50; homegrown, 50a75; Texas, 1.50; eggplants, 3.00; bee! carrots, 2.50a4.00; ca 2.00a2.50: broccoli, 1.25a1.50; artichokes, bunches, 1.75a2.00; Northern Secur Oil Shares units old Col Inv Tr. _— U. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of business February 18 was $508,935,187.08. Cus- toms receipts for the month to date | were $14,438,776.39. Total ordinary ex- penditures were $18,076,787.58. the-counter market. Trusteed N Y C Trusteed Amer Bank “A Bankers .. 3 | Brooklyn Z Cent Hanover U. S. TREASURY CERTIFICATES SAFE FIRST (Reported by Chas. D, Barney & Co) Rate—Maturity Bid. Offer. 3lps Aug. 15. 1932 23,5 June 15 25 Mar 1 That is Over @ Third of a Century Without a Loss —paying National 2100 THERE oranges, | bananas, 1.50a2.00; alligator pears, 2.50a 4.50a | Te- spinach, 85a90; 250 , dozen, 50a60; parsnips, 4.50a5.00; water- | cress, 75; okra, 3.00; radishes, per 100 asparagus, dozen, gggal.flfl; Spring onions, 100 bunches, NEW YORK BANK STOCKS | NEW YORK, February 20 (#).—Over- [ Bid. A . o A IS NO SUBSTITUTE FOR STOCKS INACTIVE; PRICES DECLINE Dull Market Attributed to Week End Holiday—Trend Still Strong. Speclal Dispatch to The Star. NEW YORK, February 20.—An event- ful week in the stock market closed with a session of dull trading and sagging prices. The inactivity was explainable partly, at least, by the approaching 8 | holiday, and the lower range of prices by the disinclination of those favorably disposed toward the market to make additional commitments until there has been a further clarification of technical conditions. The market was never weak. There were no important losses. Auburn Auto had the largest decline, but that stock is notorious for its rapid move- ments. The rest of the market grad- ually sold off more for lack of buying interest than because of any pressure, United States Steel ruled under $50 a share, or about 2': points down from Friday’s high. Amecrican Telephone & Telegraph was off 5 or 6 points from Friday's top. but only a point or two under the close. General Motors Offered. General Motors was in supply most of the session and so was General Electric. In the railroad list New York Central and Pennsylvania weakened, while Chesapeake & Ohio, Missouri Pacific preferred and Union Pacific were down more or less. Among the few relatively firm spots were Gillette, on which dividends have just been resumed. and Corn Products ‘Reflnmg. Drug, Inc., was well sup- | ported, " reflect:ng the good earnings statement. General Foods made a good showing. but there was no real life to | the trading in any of these stocks. Shorts Abandon Covering. Revelation that the additional re- strictions on short selling were inspired from Washington did not lead to any covering today as had the original an- nouncement Friday. If there was any effect it was to deter new buying from| the traders who account for the bulk]| of the activity in these times. That| element seemed to feel that there was a, hazard in speculating for the rise in a market in which operations for the de- cline were hampered. No definite con- clusion can be reached. however, on the basis of such dull trading as in today's short session. Constructive develop- | ments in the outside news might change| the whole aspect of the matter. The low prices were made in the | last half hour and Auburn extended its | lows to around nine points. It has| been common gossip in the Street that) the high price of Auburn was largely due to an overextended shcrt interest| in a stock with a small floating supply. (Copyright, 1932.) | Markets at a Glance By the Associated Press. | NEW YORK, February 20 (#)—Stocks| heavy; leaders yield moderately in dull | trading. Bonds irregular: United States| Government ease. Curb heavy; utilitic: | lead decline. Foreign exchanges steady;| yen rallies. Cotton steady; pre-holida; liquidation, increased hedge selling, Sugar steady; week end covering, trade buying. Coffee quiet; Brazilian support. | FOREIGN EXCHANGE. (Quotations turnished by W. B. Hibbs & Co ) | Nominal gold Selling cnec ue London, pound Paris, franc.... 1s. bciga. mark lira “rai Atnens. drachma Madrid, peseta.. schilling. . | Warsaw, zloty es, per | Copenhagen, nectar- Stockholm, ‘crown.... 26.8c 19.28¢ 1 18.74c First Mortgage Loans Lowest Rates of Interest and Commisston | Thomas J. Fisher & Company. | | NVEST —your savings in 6% First Morteage 0 gecurities * Safe. Sound. Convenient Denominations Real Estate Mortgage and | Guaranty Corp. [J 1610 K st. Nat. 1403 | The COMMERCIAL | NATIONAL BANK ‘ 14th and G Streets | | Banking in All of Its Phases | | Money on Hand to Loan on |} First Deed of Trust 67 Interest Reasonable Commission and Prompt Replies to Applicztions JAMES F. SHEA 643 Indiana Ave. N.W. MORTGAGES YOU DON'T HAVE TO ! WONDER ABOUT THE RETURN . one advantageous feature of investment in our 6,9, FIRST MORTGAGES - There is no variation of the in- terest throughout the term of the mortgage. And another thing. You can add to your holdings from time to time out of income—and with interest beginning immediately. May be purchased in amounts from $250 up. B. F. SAUL CO. 925 15th St. N.W. SAFETY = —