Evening Star Newspaper, February 25, 1932, Page 14

A—14 ¥x% .. POWER R NETINCONE EAIS January Financial Statement Reveals Increase Over 1931 Figures. BY EDWARD C. STONE. According to the Potomac Elec- tric Power Co.’s financial statement for January, filed with the Public Utllities Commis- slon today, total net income amounted to 8502,- 02494 against $422,656.95 in Jan- uary, 1931, an in- crease of $79.- 367.99, the report indicating a much Jarger demand for light and power than a year 8g0. in spite of the ‘warm ther. Operaiing reve- nuespetotnled $1,- 070,641.73, com- pared with $964.- 45053 a year agot. an increase of $106,191.20. Revenue deductions called for $503,187.82 against $495611.76 in the like month in 1931, an increase of $7,576.06, leaving a net operating reve- nue of $567,453.91, compared with $468,838.77, a gain of $98,615.14. Miscellaneous income showed a fall- ing off of more than $12,000, leaving gross corporate income of $579,783.84 in comparison with $439,648.28 in Jan- uary, 1931, or an increase for the month of $86,135.56. Deductions from gross required $77,758.94 against $70,- 991.33 in the first month of 1931, an increase of $6,767.57, and leaving the above mentioned substantial gain in net income of well over $79,000. January Retail Trade Lower. The Federal Reserve Bank of Rich- mond reported today that sales in 34 Richard Whitney. FINANCIAL. Stocks sold in 100-share lots except those designated by letter “S.” 5% i 67 34 15% 59% 16% 3 T% 831 department stores in the fifth distriet in Jariuary made the most unfavorable comparison with sales in the corre- sponding month of the preceding year that has occurred in a number of years. Part of the decline this year is due to lower prices, and part to ex- ceptionally unseasonable weather for inter trade. wStocks on the shelves of the report- ing stores declined an average of 8.7 per cent in January, a seasonal re- duction, and at the end of the month averaged 10.9 per cent less than stocks on hand a year earlier. Probably most of the decline in stocks during the year is accounted for by price reduc- tions. Collections in January averaged 28.5 per cent of receivables outstanding at the beginning of the month, a_ lower percentage than 30 per cent collected in January, 1931, the Richmond bank says. The report stated that retail trade in Washington department stores was off 16.3 per cent, in Baltimore, 19.7 per cent, and in Richmond, 22.1 per.cent, compared with last January. The aver- age for the fifth district as a whole was down 18.9 per cent, while a:-group of cities outside of Washington, Balti- more and Richmond showed a slump of 22.1 per cent. W. R. & E. Earnings Hit Hard. Taxicab competition in January struck a hard blow against the earnings of the Washington Railway & Electric Co. in comparison with net income in Janu- ary, 1931, or before the present low taxi- cab rates went into effect. The monthly report was filed with the Public Utilities Commission today. s January operating revenues amounted to $403,443.60, against $474,570.93 in 1931; while operating expenses taxes called for $355,006.15, compared with $392,130.59, leaving an operating income for the month totaling $48,437,- .45, while the corresponding figure a year ago stood at $82,440.34. Non-operating income was $23,- 761.42, against $22,816.60. Gross in- ‘come, less operating expenses and taxes, amounted to $72,198.87 in comparison with $105,256.94. Deductions from gross totaled, $54,027.16, against $55,- 414.60 in January, 1931. The usual deductions left the Wash- ington Railway & Electric Co. with a total net income for January of $18,- 171.71, compared with $49,842.34 in the like month in last year, a falling off of $31,670.63. - ‘Whitney Visits Washington. As noted in yesterday's Star, Rich- ard Whitney, president of the New York Btock Exchange, testified before a congressional committee in connection with the move to check short selling in the stock market. Mr. Whitney has always taken the position that short selling is a help to the market and, therefore, Congress should not legislate against it. He insisted that short sell- ing has been particularly beneficial dur- ing the present depression, even claim- ing that without it the stock market would have been forced to close. Insurance Manager Honored. Aubrey J. Voorhees, manager of the ‘Washington office of the Aetna and affiliated companies, has just been transferred to the company’s branch at Albany. In appreciation of his splen- did work in the Insurance Club of ‘Washington, of which he was president last year, the members held a special luncheon’ meeting yesterday at the Racquet Club at which he was the guest of honor. The club president, Elmer L. Mantz, presided, and Edward 8. Brashears, the club’s general counsel, was toastmaster. Mr. Voorhees, who has been very active in the insurance business here for 10 years, was paid a glowing tribute by his associates, after which he was pre- sented with the largest dictionary the cu{;& could find, and with several other gifts. His place in the Aetna’s office here is to be taken by J. E. Lewis, who has been superintendent of the bonding de- partment of the Phfladelphia office. Trading on D. C. Exchange. ‘Washington Gas 6s, “series A, figured in two $100 and one $200 sale on the ‘Washington Stock Exchange today at 100. A small transfer in Potomac Elec- tric Power 5!> per cent preferred was - recorded at 103%, ex dividend. Secretary Mills announced that the ‘Treasury will sell on next Monday, $100,000,000 in 91-day Treasury bills, on a discount basis to the highest bidder. They will be dated March 2, and mature on June 1, when they will be paid off at their face value. The money received from the sale of the bills will be used to retire $100,- 000,000 in bills which become due on March 2. Heard in. Financial District. ‘The Hagerstown Chamber of Com- merce has appointed & committee to appear before the Interstate Commerce Commission, February 24, to protest against the allocation of the Western Maryland Railway to the Baltimore & ©Ohio Railroad. Chauncey G. Parker, jr., and Albert G. Redpath, of the investment banking firm of Auchinclaus, Parker & Redpath, have returned from a vacation trip to Bermuda. The second forum meeting of the year of Washington Chapter, American In- stitute of Banking, takes place this eve- ning in the American Security & Trust 281 21% 41y% 96 5% 43y 43 K 15% 891 122 15% 24 % 15% 18% 57 101% 59% 87% 119% 8 1% 31% 2% 14 Building, Norman E. Towson, speaker. The meeting is open to all institute graduates. U. 5. TREASURY BALANCE. By the Associated Press. Theasury receipts for February 23 were $7,360,839.26; expenditures, $48, ,664.64, and balance, $464,240,637.19. dutles for 23 days of February vere $17,806,313.59. Stock and Dividend Rate. Abitibl Pwr & Paper. 1 2% Abitibi Pwr & Pa pf. 1 Adams Express..... 3 Adams Exp pf (5)... Adv Rumley. . - Affiliated prod 1.60. . Alr Reduction(t4%) Alaska Juneau (50c) Alleghany Corp..... Alleg Cp pf $30 ww.. Allled Chemical (6) . Allis-Chalmers(50c) Am Agri Chem(Del). Am Bank Note Am Bank Note pf (3) Am Can Co (15) Am Car & Foundry.. Am Car & Fdy. pt (7) Am Chain pf (7) Am Comcl Aleohol Am & For Power.... Am & For Pwr pf(7). 11% Am & For Pwr 2d of. 4% Am Haw St'ship (1). 417 Am Home Prod 4.20.. 12 AmIce (2).. E 5 Am International. 17% Am Mch & Fdy 1.40.. 29% Am News (3)... . 13 AmPwr&Lt(31)... 48 AmPwr&Ltpf (6). 38% AMP&LtDIA (5).. 6 Am Radiator (40¢).. 1% Am Republics. 7% Am Rolling Mii 21% Am Safey Raz (3). 12% Am Smit & Rfg(50c) 41 AmSm&R 2d pf (6).. 73 AmSm & Rfg pf (7). 1 Am Solv & Chemical. % Am Solv & Chem pf.. 5% Am Steel Foundry... 331% Am Stores (12%). 67% Am Sugar pf (7) 3% Am Sumatra Tob. ... 107% Am Tel & Teleg (9).. 6615 Am Tobacco B (16).. 24% Am Water Wks (3). 3 Am Woolen Co...... 15% Am Woolen Co pf.... 1 Am Writ Paper ctf: 8% Anaconda Copper-. ... 70 Anchor Cap pf (6%). 915 Archer-Daniels (1).. 90 Archer-Dan pf (7)... 1 Armourof Il (A)... % Armour of Il (B)... 1% Arnold Constable. 8 Assoclated Ofl. 71 Atch To & San Fe 761 Atch To&S Fe pf(5). 25% Atl Coast Line (4)... 8% Atlantic Refining (1) Bal Net. Add 00. High. Low. Close. Chge. 2% - E& FF R EFEE EF {6 o T S FEFE IHILILT + FRFEEFEEE §F FEEFE 44 b 5 FEF+T41 A EF FREFEES ¥ F + | - 513%__91% Auburn Auto (f4)... % 2% Aviation Corp (Del). 16% Baldwin Loco pf..... 12% Baltimore & Ohilo.... 27% Balto & Ohio pf (4).. 85 Bamberger pf (6%). 4 Barnsdall Corp...... 3515 Beatrice Cream (4).. 3915 Beech-Nut Pkg (3).. 2% Belding-Hemingway. 60% Belg N R pt pf 14.81. 15 Bendix Aviation (1). 19% Best & Co (2) .x 15% Bethlehem Steel. . 1734 Bohn Alumn (1% 34% Borden Co (3). 7% Briges Mfg (1) 30% Bklyn-Man Tran (4). 68 Bklyn-Man Tr pf (6) 7% BKlyn & Queens. 461 Bklyn&Queens pr(6) 72% Bklyn Union Gas(5). 5% Bucyrus-Erfecv pf.. 1% Budd (EG) Mfg..... 15% Bush Terminal(2%). 50 Bush Termdeb (7).. % Butte & Superior.... 10% Byers (A M).... . 14 California Packing. . 5% Campbell-Wyant F: 10 Canada Dry (1.20)... 10% Canadian Pacific 1% . 26% Case (J 1) Co....... 10% Caterpillar Trac (1). 114 Cavanaugh-Dobbs. .. 9% Cerro de Pasco (1) 21% Ches & Ohlo (2%)... 13 Chesapeake Corp(3). 3 ChiGreat Western 9% Chi Great West pf. 1% Chi Mil StP & Pac... 2% Chi Mil StP & Pac pf. 6 Chi& Northwestern. 3% Chi Pneu Tool.... 815 Chi Rock I & Pacifie. 8 Chickasha Cotton Oil 10% Chrysler Corp (1). .. 25% City Ice&Fuel (3.60). 64 City Ice&Fuel pf6%. 5% City Stores..... 8 Clark Equipment 15% Cluett Peabody ( 97% Coca-Cola (18) 45% Coca-Cola (A) (3)... 26% Colgate-Pal-P (2%). 87 Colg-Palm P pt (6).. 11% Columbia G&E1(b1% 28 Columbia Carbon (3) 814 Comm Credit (1.60). 15% Comel Inv Trust (2). 90 Comcl Inv Tr pf 6% . 58 Comm Invcv pf(e6). 7% Comm Solv (60¢) 31 Comwlith & Sou(3 59 Comwlth&Sou pf (6) 9% Conde Nast Pub..... 7% Congress Cigar (1).. 21 Consol Cigars (5).... 52 Consol Cgr prpf 6 3% Consol Film 8% Consol Film pf (2).. 541 Consol GasN ¥ (4).. 89 Consol Gas NY pf(5) 9 Consol Laundries(1) % Consol Textile. 47 Contl Baking (A). 40 Contl Baking pf (8).. 31% Contl Can (2%). 19 Cont Insur (2.40) 5% Contl O1l (Del) % Contl Share: E 37 Corn Products (3) 10% Crex Carpet. 3 Crosley Radio. 1% Crown Zellerback. . .. 40% Crucible Steel pf (7 1% Cuba Cane Products. 12% Cuba R R pf (6). 30 Cudahy Packing 1% Curtiss Wright. . 1% Curtis Wright (A) 3% Davison CI 10 Deere & Co pf (1.40). 65% Delaware & Hud (9). 107 Detroit Edison (8).. 12% Diamond Match (1) . 21% Diamond Mtch pf 1% 7% Dome Mines (1)..... 13 Dominion Storest1l 7% Douglas Afrcraft (1) 47% Drug Corp (4) 101% Duplan Silk pf (8)... 4614 Dupont de Nem (4).. 681 Eastman Kodak (5) . 116 Eastman Kod pf (6). 4% EatonAxle& Spr 50c. % Eitington-Schild 23% Elec Auto Lite (4 1% Electric Boat 2% Elec&Musical 10% Elec Pwr & Lt (1)... 254 Elec Storage Bat (3) Elk Horn Coal pf.... Endicott-Johnson(3) Eng Pub Sve (1.40).. Eng P S pf ww (534) Eng Pub Sve pf (6).. Erile RR1stpf...... Eureka Vac Cleaner. 14 Evans Auto Prod 5 Fashion Park As pf.: 3% Fed Water Service A 20 Fid PhFire In(2.60). 12 Firestone T&R (1). 50% Firestons T&R pf(6) 4135 First Natl Strs (2}4) % Fisk Rubber........ 15% Fourth Nat Inv 1.10. 2% Fox Film (A). : 15% Freeport-Texa® ( 11 Gamewell Co (1).... 28 Gen Am Tank Car(4) 11 Gen Baking (2)..... 4 GenCable (A). 17% Gen Electric (1.t 10% Gen Elec spec (60c 31% Gen Food Corp (3) 1% Gen G&E A (b6 % stk) 31% Gen Mills (3). 19% Gen Motors (2) . 80% Gen Motors pf (5)... 3% Gen Outdoor Adv... 6 Gen Outdoor Adv (A) 11% Gen Printing Ink(2). Gen Public Service. . 19% Gen Ry Signal (5)... 1 Gen Theater Equip 10% Gillette Stf Raz(1) 50 Gillette Saf R pf ¢ 4% Giidden Co. ... 16 Gold Dust (214) 3% Goodrich (BF)..... 12% Goodyear T & R (1). 43 Goodyear 1st pf (7).. T4 Gotham Silk Hosiery 1 ¥ RERTEER EE =¥ - - P JETTTIS {1V JUTUPSIIVS: JOT0S-FUIOPN: § H1 LI ++++ SR B2 Tk SEERER . RESE - 3 PO A N ™ . Y 5 B RS N » s acad 8 2% 5% 1 23% 254 16% 1% 5 1 o) 14 10 9 1% 71 7314 10 5% 110 214 554 16% 267 i) 3% 915 29% 1% 5% 8% 36 1% 34 234 391 274 3w 219 12w 5 4% 3l 110% 90% 1% % 21 4% 29% 21% 108 11% 241 9% 8514 K 30 44% 214 124 2% 25% 15" T 9% 2% Stock and Dividend Rate. Graham-Pal Gran! G Grand Union pf (3).. Grant (W T) (1).... Great Northern pf(2) Great North Ore(2).. Great Western Sug. . Grigsby Grunow. Hahn Dept Stort Hahn Dpt St pf(6%). Hall(WF)Ptg(a30¢). Harb & Walker (50c) . Hayes Body Corp.... Helme (GW) (17). Hershey Choc (6). Holland Furnace (1) Hollander Sons Homestake M 18.80. . Houdalille Hershey. . Household Fin pf ¢.2( Houston 011 Hudson & Man (3%) Hudson Motor Car... Hupp Motors. . Tllinois Central. . ... Illinois Cent 11 (4) Indian Motor Cycle. . Indust Rayon (4)... Ingersoll Rand (3).. Insur Sh(Md) (28¢). Interboro Rap Trans Interlake Iron. Int Bus Machin; Int Combustion. Int Combustion pf. .. Int Harvester (1.80). Int Harvester pf (7). Int Hydro E1A (e2). % Int Match pf (4) Int Nickel of Can.... Int Nick Can pf (7).. Int Papef & Pwr (C). 1 Int Printg Ink pt (6) 100s Int Shoe (3). 4 Investors Equity. ... gl bkl AL Johns-Manville (1) K'mann Dpt Strs(1). Kayser (J)&Co (1).. Kelly-Spring Tir Kelly-Spr T 8% pf Kelvinator Corp. 33 4 Kennecott Coppe: % 12% 44% 5% % Lehn & Fink (3). . 4 Liggett & Myers(t5) 4 Loew's Inc (14)..... 4 Lorillard (P) pf (1 4 Madison Sq Garden. . Kinney (GR) Co.... Kinney (G R) Co pf. Kresge (S S) (1.80).. Kreuger & Toll 1.61.. Kroger Grocery (1). Lambert Co (8). Leh Port Cement Leh Port Cmt pf Lehigh Valley Coal.. Lehman Corp (2.40). Ligg & Myers B (15) Liquid Carbonic (2). N LoftIne...... 5 Loose-Wiles (13). Lorillard (P) (1.20). PSS O, Louisville & Nash(4) McCall Corp (2%)... McKeesport T P (4). McIntyre Porc M (1) McLellan Stores. Mack Trucks (1).... Macy (RH)& Co(n3). 9 pal—aRa Manhat Elev gtd (7). 1108 Manhat Elev mod gtd 59 Marine Midld(80c). . 3 Marlin-Rockwell (2) 1 Mathteson Alkill (2) 1 Mathieson Alk pf(7) 100s Mid Continent Petm. 2 Midland Steel (3). 3 M StP & SSM Isd (4) 708 4 Mo Kan & Texas pf.. % Nor Amer(b10 % stk) 23% 14% 28 25 6la b 3% 1% 22% 16% 4% 3% 110 104% 37 324 5% 3% 1% 6% 4% 3 % 1 5% 1% L 5% 3% 23% 1T% 861 75 121 94% 6 8% 3 6 3 8% 4 38 20% 3 3% 64 1% 6% 37% 4 Public Sve NJ (3.40) 10% la 7 51% 39 82 72 %4 764 6% 3 % 44 6. T ™ 8% 4 2% 9 6% 37% 5% 11% 4 13% 119% 114% 33 25% 41% 31% 27 224 9l 84y, 30% 25% 1% % 231 20 4% 9% 18% 10% % % T 4% 13% 10 20% 204 Missour Pacific. ... Missour! Pacific pf Mohawk Carpet. Monsanto Chem 1% . Montgomery Ward Mullins Mfg. Munsingwear (1.40 Murray Corp. Nash Motors (2) Nat Bella Hess Nat Biscuit (2.80). Nat Cash Reg (A)... Nat Dairy (2.60) Nat Dept Strs 1st pf. Nat Dist Prod (2)... Natl Dist pr pf 2% Nat Lead pf A (7). Nat Pwr & Lt (1) Natl Surety N Y Central - NYChi&StLpt N Y & Harlem (5). N Y Investors. .. N YNH & Hartford. NY Ont & Western N Y Shipbuilding. N Y Shipbldg pf(7).. N Y Steam 1st pf(7). Noranda Mines (2).. Norf & Westn (112). rth Am Aviation. . 45 Northern Cent (4)...1000s Northern Pacifie (3). 4 Northwest Tele (3).. 10s Ohfo Ofl. . Omnibus Corp. Otis Elevator (2%).. Otis Steel Outlet Co pf (7). Pacific Gas & El (2). Packard Motor Car.. Paramount Publix. . Park & Tilford. . Park Utah. % Pathe Exchange (A) Penney (JC) (2.40). Penn Dixie Cmt pf. Penna Raflroad (2).. Peoples D S pf (6%). Peoples Gas Chi (3). Pere Marquette pf... Pere Marquette pr pt Petrol Corp of Am... Phelps Dodge Co. Phila& Read C&1.. Philip Morris&Co(1) Phillips Petroleum. . Plerce Arrow pf (6).. Pillsbury Flour (2).. Pitts United Corp. Port Ric Am Tob(A). Prairte Pipe Line.... Pressed Steel Car. Pressed Steel Car pf. Proct & Gamb (2.40) Proc & Gamb pf (5). x10s Producers & Refin. .. Public Sve NJ pf (5). PureOfl. .. Purity Bake Radio Corp. . Radio Corp pt A 3%. Radio Corp pf B. Radlo-Keith-Orph. Real Silk Hosfery... Remington-Rand Reo Motor Car. Republic Steel. Reynolds Tob B (3). Richfield Ofl. ... Ritter Dent Mfg. Safeway Stores (5).. Safeway Strs pf (6). Safeway Strs pt (7). St L-San F St L-San Fran pf. St Louts Southwn. Savage Arm..... Schulte Retall Ster: Seaboard Ofl........ Sears Roebuck (2%) Servel Inc. . . Shattuck (F G) (1). Shell Union Ofl. . Shell Union Ofl pf. Simmons Co.. ... Stmms Petroleum. Sinelair Consol Ofl Skelly Ofl Socony-Vacuum (1). Southn Cal Ed (2). Southern Pacific. Southern Railway. Southern Raflway pt Spald(AG)1stpf(7). 80s Splcer Mfg......... 2 Stand Brands (1.20). 196 Stand Brands pf (7). 3 Stand Gas&El (3%). Stand Gas&El pf (4). Stand Ofl Calif (2).. Stand Oil Exp pf (5). Stand O N J (12)... Sterling Secur (A).. Sterling Secur cv pf. Stone & Webster (1). Studebaker Co(1.20). 13 Superior Of1. 2 Superior s(eg Py Texas Co (1).. Tex Gul Sulphur (2). \ 8 PP RE A o T S 3 S o o PR eenan Bt AT TR BN nwannd e 64 13 615 1% 8l 32 27% 20% 12w Net. E 1+ 1 ELFEERETES FEL | FUH 0L+ BERLL LIl eIkl + REEL REFREEFR FEL EF 1+ 141 [ +++ *d 00. High. Low. Close. Chee. | High. T R [ W " & FEOFE 2ses CasF & EFEFFE F P FEESF i ® b | £ | © % +1 EFEEFEF FF o & EE & R ~Prev.1om2 Stock and Sales— Low.” Dividend_Rate. % 41 Tex Pacific Land Tr. 29 26% Thatcher Mfg pf 3.60 8% Third Avenue. . " Thompson Starrett. 2% Tide Water Asso Oil. 20 Tide Water As pf(6). 4 Timken-Detroit Axle 16% Timken Roller B(2). 2% Tobacco Products. ... 2% Tobacco Products ct. 2% Transamerica Corp. . 24 Tri-Contl Corp. ..... 42 Tri-Contl Corp pf(6) 5% Truscon Steel. - 27% Union Carb (2.60)... 10% Un Oil of Calif (1.40) 65 Union Pacific (10) 9% Unit \frcraft... 20% Unit Biscuit (2) 1 Unit Cigar Store: 8 Unit Corp (40c) . 31% Unit Corp pf (3) 3 Unit Electric Coa 20, Unit Fruit (3)...... 17% Unit Gas&Im(1.20).. 8% Unit Pice Dys W(1). 2% U'S & Forn Secur. ... 44 US & For Sec pf(6). 5% US Freight......... 18% U S Gypsum (1.60).. 21% U S Indus Alcohol 4 USLeather (A). 10% U S Pipe & Féry (2). 14% U S Pipe&Fy 1st 1.20 5% US Realty & Imp 314 U S Rubber. ... 14% U S Smtg & Ref (1)... 36% U S Smtg&Ref pf 3% 36% U S Steel (2)... 98% U S Steel pt (7). . 27 United Stores pf (4).x 16 Univ Leaf Tob (3). 37 UnivPic1st pf (8 Net. Add 00. High. Low. Close. Chge. 513 54 26k 12% 1% 2% 21% ~—Prev.1932- High. Low. 10% 26% 12% 20 187% 297 17 Vi 1% 35 Stock and Dividend Rate. 81 Util Pwr& Lt A (2). % % Vadsco SalesCorp... 6 % dsco Sales pf..... 1 11% Vanadium Corp. 19% Vulcan D'tinning (2) 11 Wabash R R (A).... Ward Baking (8). Ward Baking pf (7 FINANCIAL. Net. Close. Chge. — 144 Sales— Add 00. High. Low. 62 8 e 17 | 17 % ~-% Warn Bros Pictures. Warren Bros. ... Warren Bros cv pf 3. Warren Fdy & P 1.20 Wesson Oil&Sn @), Wesson O&Sn pf(4). West Pa El pf (6)... West Pa El pf (7). West Pa Pwr pf (7 Western Dairy (B).. Western Maryland. . Western Pacific pf. - % Western Union (6).. tinghouse (214). Westinghse 1st (3%) White Motor........ Wilcox Oll & Gas. Willys-Overland. ... Woolworth (2.40)... Worthington Pump. Wright Aeronautical 5 31 Yellow Truck 5 12% Ygstwn Sheet&Tube. 1 6% Zonite Prod Corp (1) 6 Sales of Stocks on New York Exchange. W 8% 17% % 41+ 10:30 AM. 1:30 P.M. Dividend ayments *Ex-dividend. . 3 Plus 31 in special preferred stock. m Paid last year—no regular rate. 48% — % ' 2340, in stock. based on the lati s Unit 45 1% 88 -5 %] 70 +2 9% + | 5 | 24 3 434 184 — % T+ 4| 43% 187 G 3% 15 819 42% 1% ki 315 15 81 508 3% 15 —1% 8% + % 200,000 13:00 Noon. 700,000 Z:10 P.M. given in the above est quarterly or h: of trading less than 100 shares. 1 Partly aPaid this year—no regular rates. 1\ Plns 8% in stock. h Plus 3% ia k Plus 3 % in stock. nPlus 5% in stock. B Plus 500,000 800,000 annual cash arly declarations. RATE WAR VERDICT TOSETPRECEDENT Contest Between Utility Firm | and Montana Commission Is Argued. BY GEORGE E. DOYING. The right of a public utility to fix retes as low as it pleases in engaging in a rate war with a competitor is be- ing considered by the Supreme Court of the United States, following the hearing | of arguments yesterday in the famous | Shelby (Mont.) gas controversy. The Montana Public Service Com- mission is appealing to the Supreme Court from a decision of a three-judge Federal court holding that the Great Northern Utilities Co. need not comply witlhs an order issued by the commission requiring the utility to establish rates for natural gas on a level with those charged by the Citizens’ Gas Co., in Shelby. The case has been bitterly contested during the last three years before the Montara commission, in_the State courts and finally in the Federal Dis- trict Court. It began in 1928 vshen some of the residents of Shelby organ- ized the Citizens’ Gas Co. and secured a franchise from the city to construct a natural gas system in competition with the Great Northern, which had been serving the city for about five years prior to that time. The Great Northern was charging 50 cents per thousand cubic feet for gas and the new company, which in Mon- tana was permitted to enter the utility field without securing permission from the State commission, established a rate of 35 cents. The older company thereupon filed a rate of 25 cents and sought the approval of the commission as required by State law. The commission, after an investiga- tion, issued an order rejecting the 25- cent rate, holding that it would not vield encugh revenue to defray normal operating expenses, including an al- lowance for depreciation, and that the low rate would tend to imperil or im- pair the ability of the utility to render dependable adequate service. The com- pany was ordered to make effective | the 35-cent rate charged by the Citi- | zens' company, although it was ad- mitted by the commission that even this rate would not afford a fair re- turn upon the value of the utility's property. Although this question, which gen- erally has come up between private and municipal utilities, has been raised in different sections of the country, it has never before reached the highest court. (Copyright. 1932)) REOPENING OF DANVILLE BANK TO BE DISCUSSED Special Dispatch to The Star. D. LLE, Va., February 25.—De- positors of the Commercial Bank & Trust Co. will hold a meeting here Mon- day when a plan to re-open the institu- tion, which closed some time ago, will be discussed. A tentative plan has already been drawn up by some of the depositors and stockholders. E. Crider, former cashier and receiver, reports that he has paid off all outstanding indebted- ness and that collection of outstanding paper has produced a fund of $40,000, the nucleus from wirich the distribu- tions will be made if the bank is to be liquidated. NEW YORK BANK STOCKS NEW YORK, February 25 .- ' the-counter markets > 2> (1) —OVer Bld, Asked. New_York.._. COLUMBIA BUILDING ASSOCIATION PAYS 5% New Accounts Solicited No Commissions Charged for Loans Open Until 5:30 Government Pay Days 716 11th St. N.W. Under Government Supervision Butter—One-pound prints, 26; 5. Eggs—Hennery, 14; current receipts, 1 3. Poultry, alive—Turkeys, old toms, 15a 18; young toms and hens, 20a22; chick- ens, 3 pounds and over, 16a18; 2 to 212 pounds, 20; broilers, 1!> to 2_pounds, 20a22; hens, large, 15a16; small, 15a 16; Leghorn hens, 13a14; capons, large, fancy, 25a28; medium, 20a23; slips, 18; 10; keats, young, 45a50; old, 25a30. Poultry, dressed—Turkeys, old toms, 18a21; young toms and hens, 23a25; chickens, 3 pounds and over, 19a21; 2 to 2, pounds, 21; broilers, 1}z to 2 pounds, 23a25; hens, large, 19a3l; small, 19a21; Leghorn hens, 17; capons, large and fancy, 28a32; medium, 20a35; slips, 20; roosters, 12; keats, young, 50a 60; old, 50. Meats—Beef, prime, 1 good, 12; lamb, top, 16 good, 15; veal, top, 15; good, 14; pork loins, 11: fresh hams, 13; smoked hams, 16; strip bacon, 16; | lard, package, 7'2; bulk, 7; compound, 6% i.ive stock—Hogs, light and medium, 4.00a4.50; heavy, 3.25a34.00; pigs, 3.25a 4.25; roughs, 2.00a3.00; calves, 4.00a 8.00; lambs, 4.00a6.50. Fruits—Strawberries, pints, 10al5; quarts, 20a30; apples, bushel baskets, 75a1.25; fancy box stock, 1.50a2.50; oranges, 3.00a4.00; lemons, 4.00a4.5 grapefruit, 2.25a2.50; honeydews, Chile, 2.2582.50; pears, 3.5084.50; alligator pears, 3.00; pineapples, 4.00; bananas, 50a2.00; limes, per 100, 2.00; rhubarb, hot house, 1.00; plums, 1.75a2.00; nec- tarines, 2.50; grapes, Almeiras, 3.00. Vegetables—Potatoes, Maine, 100- pound sacks, 1.25; New York, 1.15; Idaho bakers, 2.40; new, bushel, 1.50a .75, sweets, 60a85; string beans, 2.00a 2.50; limas, 3.75a4.50; peas, 7.50; lettuce, Iceberg, 3.00a3.50; peppers, 3.25a3.50; cucumbers, 2-dozen containers, 3.25; celery, 2.50a3.00; tomatoes, re] s 2.2582.50; kale, 40a50; spinach, home- grown, 75a1.00; squash, 1.50; eggplants, 3.0 beets, 2.50a3.00; carrots, 2.50a 4.00; cabbage, crates, 2.00a2.50; broccoli, 3.00a3.25; salsify, dozen, 50a 60; , 1.2581.50; artichokes, 4.50 25.00; watércress, 75; okra, 3.00: rad- ishes, per 100 bunches, 1.75a2.00; as- paragus, dozen, 3.50a4.00; Spring on- ions, 100 bunches, ;, onions, 50- pound sacks, 2.00a2.25; Spanish, 4.00; mushrooms, ' 75a90; turnips, bunches, crates, 2.00. ARy PARIS BOURSE PRICES. PARIS, February 25 (P).—Three per cent rentes, 78 francs 75 centimes; 5 per cent loan, 100 francs 50 centimes. Exchange on London, 88 francs 35 centimes. The dollar was quoted at 25 francs 37% centimes. SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co. Offer Allis-Chalmers Co. 5s 1 8% American Chain Co. Awmerican Tel. & Tel E1 Ohio 4%3s 1933.. Belding Hemingway Co. 6s 1936 Bethlenem Steel Corp. 5s 1936 Canadian Nor. Rwy. Chi. Northwestern R. Colorado & So. Rwy. Comunercial Credit Oo. 5%as 1935 Delaware & Hudson Co. 5s 193 Denver & Rio Grande 4l3s 1936 Gen. Mot. Accep. Corp. &s 1937 General Petroleum Corp. 55 1940 General Public Service 5s 1939 Grand Trunk of Canada 6s 1936 Houston E. & W. Texas 5s 1933 Humble Ofi 51s 1932 . 4 New York, Chi. & St. L. 65 1932 Northwestern Telep, d%as 1934. 81 nna. R. R. Co. 6las 1936.. ... 1 Portland General Elec. 55 i935. Republic Tron & Steel 35 1940 Sinclair Crude Oil Co. 5148 1938 Southern “Pacific 55 1934 St. L. LMS. Ry. R. & G. Virginia Rwy. & P Wabash Rwy. Co. — = Bible publishers estimate that the Good Book will not be printed in all of the 2,500 tongues of the world for 200 years. qwer 58 55 1939, Authorized Service Delco, Remy, Klaxon, Northeast & Sparton ‘Horns MILLER-DUDLEY CO. 1716 14th St. N.W. North 1583-4 Public Service Corporation of New Jersey Dividend No. 99 on Com- mon Stock Dividend No. 53 on 8% Cumulative Preferred Stock Dividend No. 37 on 7% Cumulative Preferred Stock Dividend No. 15 on $5.00 Cumulative Preferred Stock The Board «f Directors of Public Bervice Corporation of New Jersey has declared dividends at the rate of 8% per annum on the 8% Cumulative Pri terred Stock being $2.00 per share; at the rate of 1% per annum on the 7% Cumulative Preferred Stock, being $1.75 per share; at the rate of $5.00 per an- num on the non mr value Cumulative Preferred Stock, being $1.25 per share, and 85 cents per_share on the non pi value Common Stock for the quarter ending March 81, 1932. All dividends are payable March 31, 1932, to stock- holders of record at the close of busi- ness. March 1, 1932, Dividends on 6% Cumulative Pre. ferred Stock are payable on the last day-of each month. *. 'W. Van Middlesworth, Treasurer. Public Service Electric and Gas Company Dividend No. 31 on 7% Cumnulative Preferred Stock Dividend No. 3 on $5.00 Cumulative Preferred Stock The Board of Directors of Public Service Electric and Gas Company has declared the regular quarterly dividend on the 7% and $5.00 Preferred Stock of ha Dividends are payable , 1932, to stockholders of fecord at the cicse of business March W. Van Middlesworth, Treasure: tub, | {32 CHICAGO DAIRY MARKET. CHICAGO, February 25 (#).—Butter, receipts, 8,511 tubs; steady; creamery specials (93 score), 22%a23%; extras (92 score), 22%; extra firsts (90-91 score), 21%%a21d;; firsts (88-89 score), 201;a21; seconds (86-87 score), 19%:a 20; standards (90 score centralized car- lots), 22';. Eggs, 10,566 cases; easy; extra firsts, 14%; fresh graded firsts, 14; current receipts, 1315 POTATO MARKET. CHICAGO, February 25 (#) (United States Department of Agriculture) — Potatoes—Receipts, 73 cars; on track, 216; total United States shipments, 771; dull, trading slow; sacked, per .cwt., Wisconsin round whites, No. 1, 75a80; Nebraska Triumphs, 1.00a1.10; Idaho Russets, No. 1, 1.35a140; few fancy, higher. et SILVER QUOTATIONS. NEW YORK, February 25 (#).—Noon —Silver futures steady; sales, 150,000 ounces. Quotations in cents—March, 31.00 bid; May, 31.55 bid; July, 32.00 bid; September, unquoted; October, “INSURANCE STOCKS NEW YORK, February 25 (#).—Over- the-counter market: Aetna Cas & S. Aetna Fire Agricultural " Aetna Life Am_ Surety Bid. Asked. | 37 42 STOCKS EX-DIVIDEND NEW YORK, February 25 (#).— Company. :merk n_Envelope 7% ssociated Rayon Db Best & Co b Coast Counties G & E 1st pf Columbus & Xenia RR.. jantzen Knitting Mills pf Procter & Gamble 5% pf. Public Investing Co & San Joaquin L & P pf A prier pt Stand Oil of Nebraska ... Sun ofl Co . o Qnlon Savings BK'(petroit). United St NVEST 69, First Mortsase 0 gecuriti Sate. Sound. Convenent Den: tions Real Estate Mortgage and Guaranty Corp. 1610 K St. Nat. 1403 R ot Faasrasese 200POOOODOODOZ T 5c 0c e STOCKS SUPPORTED AFTEREARLYLOS KMarket Starts Slow Recover Despite Initial Setback of Leaders. BY GEORGE T. HUGHES. | Special Dispatch to The Star. NEW YORK, February 25.—Despite another viglent break in Auburn Auto, the stock market today showed good recuperative powers The market opened lower and for an hour or two ranged well under the pre- ceding close. Then it began slowly to recover the lost ground, with various specialties displaying strength. The feature was another wide-open break in Auburn Auto. The stock opened at 100, Whieh was up 11; points from the pre- vious close, and then swept swiftly downward, sometimes points between sales, until at 87 it was off over 11 points on the day, at a new 1932 low ;:1:_ t;r;l.v i’t:tg;m;“ ?bo\'e the low of a 0. s level support a and a mild rally ensued preAT AomvIY There was nothing new at hand about the stock or the company’s affairs. Car registration statistics show sales below thcse of a year ago, but that has been known for some time. It looked as if the trouble was a lack of a short in- terest. This fresh outbreak of weakness in Auburn temporarily unsettled the whole list. Active industrials sold cff 2 to 3 points, with the largest losses in East- man Kodak and Allied Chemical among Industrials and in Atchison and Union Pacific among the rails. There was no increase in volume on the decline and practically all of the losses were made up before midday. Auburn came back 4 or 5 points from its low. Meanwhile, active speculation for the rise went on in the local tractions. Manhattan guaranteed and Manhattan modified both made new highs. So did Interborough and Brooklyn-Manhattan Transit. Then demand came into the alcohol stocks, National Distillers and United States Industrial Alcohol, sumably on new hopes for a me - tion of prohibition. American Woolen preferred, which has been consistently strong ever since the recapitalization plan was announced, went through its old high. This demonstratiop of confidence by the sponsors for these specialties helped to harden the whole market. United States Steel ranged higher on the day. United Aircraft came to the front, per- haps in connection with the war news from the Far East. In any event, the list displayed impressive resiliency. Public utilities were unusually quiet. Public Service of New Jerséy made no response to the good showing in its pamphlet report. Traders are pa: more attention to the possibility of Federal regulation than to earnings, so far as the utilities are concerned. RS Bearish Factors. NEW YORK, February 25 (Special). —One of the bearish factors operating against the stock market in the last few days is said to be the delay in bringin, the new banking bill to an agreement between opposing interests in Congress, which appeared last week to have con- ciliated their ideas concerning the main features of this measure. It is ex- pected that it will be signed befqre the end of this week. The effect of it has already been_discounted by Wall Street. 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