Evening Star Newspaper, February 28, 1932, Page 62

FINANCIAL. e~ THE SUNDAY STAR WASHINGTO. . €5 BONDS ARE STEADY INQUIET MARKET ¥. S. and Railroad Issues in Demand Despite Profit Taking. BY VICTOR EUBANK, Associated Press Financial Writer, NEW YORK, February 27.—A firm undertone characterized today's brief session of the bond market, with United States Government issues continuing to add moderately to their recent gains. ‘There was some week end profit-tak- ing in the Liberty loans, which have registered striking advances during the past week, but this was readily absorbed in most cases. Reported buying by banks accentuated the activity in the Federal list. Railroad mortgages were in fair de- mand, although their price changes fol- Jowed a narrow range. A report that a $2,000,000 pool had been formed to sup- port the second-grade carrier liens did not seem to arouse any great enthusiasm for these bonds. Quiet strength was displayed by Atehi- son 4s, Illinois Central 434s, Nickel Plate 4138, Frisco 4!2s and Union Pa- cific 4s. Slight declines were recorded by Canadian Pacific debenture 4s, Chi- cago & Northwestern 435 Misscurl Pacific 55 and Pennsylvania 4'as. Most of the utility and industrial Joans were steady, with gains about bal- ancing losses. American Telephone 5s, Cincinnati Gas & Electric 4s of 1968 and Consolidated Gas 5l2s marked up their prices mildly. Utility Power & Light debenture 513s were under some pressure. Chile Copper 5s advanced, but United States Rubber 5s had a sink- ing spell. Most of the foreign obligations were higher. Among the gainers were Bel- gian 7s, Chile 6s of 1960, French 7s and Tl,s, German Government 7s and 5%4s, Italian 7s and Uruguay 6s. British :’]&s and Japanese 6'zs eased fraction- y. CORPORATION REPORTS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, February 27.—The fol- lowing is today’s summary of important corporation news prepared by Stand- ard Statistics Co., Inc., New York, for the Associated Press. News Trend. Motor vehicle output in the United States in January failed to show the expected increase. According to the figures released by the Department of Commerce, total production amounted to 119,344 units, which compares with 121,541 units in December and 171,848 flxzntg the effect of which will not be felt until February. market 64 cents, c. i. {. European base ports. The Companies. Miller. Vacuum Cleaner obtained profit of $19,200 in January; first Pprofit in 21 months. International Cement 1931 common share earnings, $2.25 vs. $7.14. Kansas City Power & Light gross fevenues, 12 months to January 31, 1932, off 0.8 per cent; net income up 9.6 per cent. Loose-Wiles Biscuit 1931 months to November 30, $1,788,224 vs. deficit $1,937,508. . National Leather deficit, year ended January 1, 1932, $1,419,868; deficit year ended December 26, 1930, $2,708,997. Selby Shoe has received orders for 150,000 pairs of shoes in past three ‘weeks. Ann Arbor Railroad January net op- ferating deficit $19.226 vs. deficit $8,470. Central Railroad of New Jersey Janu- ary net operating income, $216,679 vs. $438,066. , Milwaukee, St. Paul & Pa- cific Railway January net operating deficit, $209,329, against net operating income, $572,344. Chicago, Rock Island & Pacific Rail- ‘way January deficit after charges, $1,230,526, against surplus after charges, $2,259. Delaware & Hudson Co. January net operating deficit of Delaware & Hud- son Railway Corporation, $129,662, against net operating income, $172,301. ‘Missouri-Kansas-Texas Railway Jan- uary deficit after charges, $187869, against surplus after charges, $5,647. Pressed Steel Car gets order for 100 hopper cars from Belt Railway of Chi- cago. Seaboard Airline Railway January et operating income, $12,415, against $239,101. Wabash Railway January net oper- ating deficit, $367,212, against net oper- ating income. $259,393. FEBRUARY 28, BOND SUMMARY FOR THE WEEK ||PRICES FOR STEEL UNITED STATES GOVERNMENT. —1881— High. High. Low. 9811 942 Lib33%s1932-47..... 9811 1005 9722 Lib 1st 45 1932-47..1005 100 15 9538 94 30 97 8 100 18 108 16 —1931— High. Low. 84 75% Abram & Straus 54s 41% 28 Alleghany Cocv 90 84% Am Chain 6s°33. 70 59 AmIGChem5l3s’49. T2% 6T% Am Internation 5%s'49.. 4 s Am Natural G 645 "42. 96 105 8724 US3%s1940-43. 8720 US 3%s 1943-47. 8916 U S 3% s 1946-56 94 U S4s1944-54. 89 Am Sm & Ref 18t 55 '47 98 Am Sugar Ref 6s"37 1004 Am Tel&Tel cv 412839 951 Am Tel & Tels 5 46 Argentine 5s Jm 44'3 Argentine 6s A 687 Armour & Co 4%3s'39 60 Armour of Del 51454 T5 Atch T & SFead]4s” 8414 Atch T & S F gen s 90 Atch T & S Fe 414848, 76 Atlaatic CL 1st 48 4615 Aus ralia 831 Ausiria 78’43 77 B &O gold 4s'48. 71 B&Ocv4les'33. 88 59 59 65 69 70 12% Bank of Chile 61 25 Bank of Chile 6 80 Beigium 6: 98% Bell Tel (Pa) ref 924 Beth Steel p m 5: 513 Bolivia s ct’ 98% Bordeaux 8s '34 b 6712 Boston & Maine 58" 16 Brazil 6148 19: 18 Brazil 8s'41... . 80 Brooklyn Manh lst 6sA.. 92 Brooklyn Union 58'50.... 87 731 Canada ) 72% Canad; 80 Canada Natl 5s July '§9 80% Canada Natl 58 Oct '69... 57% Canadfan Pacific deb 4s 76 Central Pacific 45°49. 66 Central Pacific 5s '60. Certain-teed 5348 "4 Chesapeake Corp 58 "47 Ches & Ohio gn 4145 '92 Ches & Ohio 4% s B '95. ChiB&Q4%s BT Chi B & Qref bs 71 Chi Great West 4s '59. ChiMBRP &PEs'T Chi MBI P & P adj 5. Chi R1& Pac €hi Rock Isl 4% Chi Rock Isl 4128 A Chi Unfon Station Chi Union Station Chi & West Ind con 4s Chi & West Ind 5% '62 Chile Republic 6s '60. Chile Copper 58 "47. CCC&StLrf4%sE Cleveland Terminal 5 % Colombta 6s Jan "61.. % Colon Ofl 6538 Colo & Sou ref 4 Columb G & E deb 5s°52.. 79 Comm Invest 5158’43 19 Con Coal (Md) 1stref 5s.. 55% Copenhagen 5s'52 30% Cuba R R 5s°52. 18 ‘Cuba North 5%s 89 Crechosiovakia 89 62 70% Denmark 6s"42. Den & Rio Grande cn 4s. Den & R G West 5 . Den & R G West 58 Dodge 6s°40. . Duquesne 43%s 67 4 Dutch East Indies 6 v Dutch East Indies 6s'62. . East Cuba Sug 7%s37... Erie 1st con 4896 Erie gen len 45'96. Er.e ref 55 '$7 Erie 58°75.. Finland 7s '50 Flor East Coast & French 7s’49. French 7%s 41, Gelsenkirchen Min 6s '34. General Cable 5 %8 '47 Gen Motors 6s'37 German Intl 5125 '65. 4 German Bank 6s'38 German 7s°49. . Goodrich (B F) Goodyear Rubber 55 '57... 8714 Grand Trunk s f deb 6s... 923% Grand Trunk 7s'40. . Great North 4%8 7 Great Nor gen 53 1 Great Nor gen 7s 36 Greek 6568.... Havana Elec Ry 5% Hudson & Man ad, Hudson & Man rf 4 Humble O & R 5%5 '3 Tilinois Cent rf 45’5 Iilinoi: 94% 109 76 8% 14% 57 T1% 103% 0 37 93 8215 85% 65 45 30 100 95 7% 80% 6 38 106 1% 115% 109 116% 110% 434 33 56 35% 102 39% 4213 65L 4% 6% 96 98% 3% 85 98% 48 8 84% 100% 49% 41% 8% Inter Rapid Tran 5 52% Inter Rap Tr 55 '66 sta. Inter Rapid Tran 6532 Inter Rapid Tran cv 7 Inter Cement 55 '48 Inter Mateh 5s '47 Inter Mer Marine 6s '41 Inter Paper bs A '47 Int Tel&Tel cv 4%s°39, Irish Free State 55 '60. Ttaly 7s°51.... Japanese 68’5 Net Low. Close. Chye 97 986 +.30 996 9926 +.18 9924 1005 +.10 9830 9426 +.28 9312 948 +. 96 974 +.24 9912 9931 +.15 025 10231 +.29 Net Chge. —1% —31at 89% 100 104% Low. Btock and dividend. 56% Kan City South 3s '50. 6214 Kan City South 58 80% Kan City Ter 1st T4} Kan Gas & Elec 44580 Kendall 51,548 (war) Kreug & Toll 55’59, Lackawanna Steel 58 "50. Laclede 53%s D '60 . Lehigh Val cn 4s 2 Liggett & Myers 58’5 Loew's Inc 6541 ex w. Louis & Nash uni 4s 49, Market St Ry Midvale Steel Milan 625’5 . 7% Mil EI R & L 1st ref 5s. Mo Kan & Tex 1st 45’90 Mo Kan & Tex adj 5567 Mo Kan & Tex pr In Mo Pacific gen 4875 Mo Pacific Mo Pacific Mo Pacific 58 G Mo Pacific 5s H Montana Power 5s 43 Nat Dairy Prod 532s'48 Nat Radiator 6%s 1947. Netherlands 6s * New England Te New South Wales '57. NY Cent deb 45 '34. N Y Centrf imp 6s 201 N Y Cent deb 6s N Y Chi & St L 414878, 4 NY Chi &StL rf 534S A. NYChi& St L6s'32. N Y Edison 1st 618 '41. Y X x x N NY ¢ 5s D 2 North Pacific r i 6320 Northern States Pow s Norway 51es....%.. Ore Wash 1st ref 4s'61. Orient Dev 5148 '3 Pacific Gas & El 5s 42 Pacific Tel & Tel 5552 Pan-American 6s '34 Penna R R 4138'70 Penna 4% '63. Penna gen Penna 6l28 Peru 6s 60 Philadelphia Phil & Read C & 1 6s'4 Philips Petrolm 5% Pirelli Co of Italy 2. . Pittsbgh, Va4%s C'60. Poland 8s Postal Tel & Cab 5s°33 Queensland 6s 4 Queensland 7s’41. Reading 4%s'97 o Reming-Rand 5%s"47.. 4 Rhinelbe Ts Rhine Westphalia 6s '53 Rio de Janeiro 8s'46. . Rio Grande Do Sul 65 '68 Rio Grand West col 4s... RIArk&L s Rome 6%s SLIM&SR&G 4s'33. StL&SF prin 4sA’50. StL&SF 41%s'78 StL&SF5sB St Louis S W con 4s'32. StPKCSLine4%s's SaoPaulo State of 8s 3| % Seaboard A L con 6s Serbs Croats Slov Serbs Croats Slov 836 % Sinelair Oil 7s'37. Sinclair Crude Oil Sinelair Pipe Line 2.. Southwes Bell Tel 58 '54.. South Pacific col 4549 South Pacific ref 4s '5 4 South Pacific 4% coos South Pacif 415 '89 ww South Pac Ore 4148 Southern Ry gen 4s Stand OiIl N Y 4128 Sugar Est Oriente bs Swiss 5148 '46.... Tenn Copper 65 B 44 4 Texas Pacific 58 B’77 Texas Pacific 55 ( Third Ave Ist ref 4s'60. Third Aveadj 5s'60.... Toho Elec Pwr 7s " Unlon Pacific 1st 4 Union Pacific 45 '68. Tnion Pac rf 4x 2008 4 United Drug 58'83....... Utd Kingdom 515 '37. 33% 47 6% Vienna 6s'52. .. Va Ry & Power 5534, Virginia Ry 1st 55 6. Walworth . 4 Walworth 6’ '35 Warsaw 7s '58. stern Pacific 58 '46. stern Union Tel 6% ilson & Co 1st 65°41, Yokohama 6s '61 Youngstown Steel W W W Wi + % —3% -4% - —1% % +1% Producers Are Trying to Sta- bilize Quotations for the Second Quarter. By the Associated Press. NEW YORK, February 27 —Although demand for steel tapered off somewhat turther during the past week, the price situation was steadier owing to efforts of producers to stabilize levels for the second quarter at slight advances. Buying from the automobile industry has been further restricted, reflecting reduced car production and a disposi- tion to await full production and show- ing of models by & large manufacturer. No tmprovement for structural steel has developed and, while some buying of rails is reported, this demand is still restricted. Ingot production is estimated at 26 per cent of capacity. A slightly better demand for pig iron is reported at ® ' steady prices. Copper weakened under pressure from smelters and outside offerings ard buy- ing continued restricted owing to un- certainty over the success of producers in obtaining an agreement with Belgian Congo interests to curtall production 1 | further. With current temporary agree- Du Pont (E. 1) de Nemours & Co. Bix-hour day abandoned by subsidiaries at Ampthill rayon and cellophane plant because of amount of work on hand. Universal Pictures net income, year ended October 31, $615786, against deficit, $2.047.821, Wilcox-Rich Corporation 1931 class A share earnings, $7.92, against $12.58. New York Central Railroad January met operating income off 35.4 per cent. New York Telephone January gross off 4.9 per cent, net earnings off 3 per cent. Pennsylvania Railroad January net operating income off 21.2 per cent. Bangor & Aroostook Railroad Jan- wary surplus after charges, $176,515, against $162,398. General Electric (Germany) deficit year ended September 30, $4,727,785, against net income ed at par of exchange. Atchison, Topeka & Santa Pe Rail- | way January net operating deficit $125.901, against net operating income, 81,482,530 Baltimore & Ohio Railroad January met operating income up 2 per cent. Wheeling & Lake Erie Railway Jan- uary net operating income off 86.6 per eent. Standard Oil Dividers. NEW YORK, February 27 (#).—Cash dividend payments by the companies of the Atandard Oil group in the first arter of 1932 are estimated at $46,- 17,361, compared with $48,530,230 in the fourth quarter of 1931, and $63,- ’Amas’s’!g in the first quarter of 1931, ac- cording to records compiled by Carl H. Pforzheimer & Co. INSURANCE STOCKS NEW YORK, February 27 (#).—Over- the-counter market: id. Aetna Cas & 8., BJ(d Asqu'd' $3,233,577 convert- | Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., February 27.—The | rel for the former and 1.25 to 1.50 for | | show no change at 75 to 90 per 100 pounds for well graded No. 1 stock and | 'All ungraded, as well as No. 2 stock, not wanted at any prices. Sweet po- tatoes and yams also holding steady and unchanged at 1.00 to 125 a bar- general live poultry market has taken | the latter, but ungraded, mixed stock on a firmer tone and practically all lines | is hard to move out at 50 to 75. show an increase of a cent or 2 & Native and nearby garden truck in pound, but demand is centered mostly | light receipt, but ample for the de- on choice, fat stock. Turkeys continue | mand and little change in values at in light receipt, but ample for the de- | the following quotations: mand, which is easily satisfied at 30 Kale, 30 to 35 bushel; onions, 3.00 to 32 cents a pound for young hens, 8 and 4.00 per 100 pounds; oyster plants, pounds and over, and 23a24 for gob- blers, 12 to 15 pounds, but old hens and old toms, as well as crooked breasts, are slow sale at 20 for the former and 15 and 16 for the latter. mand prevails for young chickens at 22 and 23 for medium to large smooth stock, with Leghorns selling 18 to 20, but all poor, thin stock, as well as bare backs, move slow at 12 and 13. An improved demand is noted for medium to old hens, 4 pounds and over, at 17 to 19, but smaller, as well as Leg- horns, will not bring over 15 and 16, with all poor, thin fowl, as well as old roosters, slow sale at 11 and 12. Market for ducks and geese holding steady at 18 to 22 for the former and 14 to 18 for theJatter, but poor, thin stock 1s neglected at 11 to 13. Guinea fowl and pigeons also steady and un- changed at 30 to 65 each for the for- mer and 20 to 25 & pair for the latter. | Spring lambs, Capons continue in light receipt with demand limited at 24 to 27 cents a pound for medium to large birds, 6 pounds and over, but smaller, as well as slips, not so desirable at 22 and 23. Egg Prices. ‘The egg market continues to show & decline in values, but some little change for the better has been noted the past few days. While receipts are only fair they are ample for the demand. For the first time in several weeks sales «fon the exchange were made the past week and all destrable stock finds ready buyers, but offerings of doubtful qual- ity are confined to street sales. market closed todsy at 14% cents a dozen for nearby firsts, but current re- ceipts have to be sold strictly on merit at irregular prices. Duck eggs made their first -:&pm-me on the market this week met with ready sale at 22 cents a dozen for large, clean stock, but small or dirty egss over 18. Potato market holds about steady under fatrly A better de- | | | | will not bring | Warsaw. Iiberal receipts and prices Montreal 11%% 4.00 and 5.00 per 100; spinach, 75 to 90 bushel, and washed turnips, 25 to 50 hamper. Due to the Lenten season the live cattle market continues easy under a light demand and centered almost entirely on first quality stock, while general receipts on the wharves are fair, only few choice, fat cattle coming in, most of the arrivals being of com- mon, rough stock, which is slow sale at inside prices. Live Stock Market. Quotations today at Light Street Wharf : Cattle—Beef cattle, first quality, per pound, 6 and 7; common to medium, 3a5; bulls, as to quality, 2!:a4; cows, choice to fancy, 4a5; common to 2a3; oxen, as to quality, 3}2ad; calves, veal, choice, 8; large, fat, 7'2a8; large, rough, 6a7; common, thin, 4a5. Sheep and lambs—Sheep, 112 to 3; choice, 6a7; fair to good, 3a5. Hogs—Straight, 4a4'i: sows, 3a3l3; stags, 2a3; live pigs, 8a10; shoats, 6a8. Closing ~ grain quotations — Wheat, No. 2, red Winter, garlicky, spot, do- mestic, 61, Feb 'y delivery, 61; March' delivery, 61%; corn, No. 2 yel- low, spot, domestic, 42a43; cob corm, 2.00a2.10 per barrel; oats, No. 2 white, domestic, as to weight, 34a35; No. 3, 33a34; rye, nearby bag lots, 45a50. FOREIGN EXCHANGE. tations furnished by W. B. Hibbs & Co.) - Fominal & ke in‘:'g.. & BE W Rome, lirs. Zurich, fri s e gt e Prague. crown ( zloty finn‘lm. fl:g;‘fi‘rflx;; BR%. | air, | HEADS VIRGINIA PHONE COMPANY | Wilsca Re-elected at C. & P. An- nual Meeting Held Recently in Richmond. Lloyd B. Wilson was re-elected presi- dent and Charles H. Weber general manager of the Chesapeake & Polo- mac Telephone Co. of Virginia by the board of directors at its regular monthly meeting held in Richmond recently. Other officers elected were Marshal D. Sedam, Philip O. Coffin and John C. Koons, vice presidents; Walter B. Clarkson, vice president and secretary; Thomas B. Clarkson, treasurer; Harry C. Gretz, general auditor, and Ralph A Van Orsdel, general counsel. Administrative officers are E. R. Koo~ gle, auditor; Lloyd M. Griffin, general commercial manager; J. T. Grafl, chief engineer; S. P. Merriam, general traf- fic manager, and V. B. Fitzpatrick, gen- eral plant manager, Richmond. Capital expenditures for new plant and equipment, which will provide ad- ditional facilities for telephone growth throughout Virginia, were authorized by the board. This brings the total ap- propriation for similar work through- out the State this year to $1,198,934, Mr. Weber states. -— CHICAGO DAIRY MARKET. CHICAGO, February 27 (#).—Butten, (92 score), score), 2074221 21%; extra first 21%a21%; sy ; _seconds firsts (88-89 score), 2% oo (86-87 score), 19%a Iots), 21%. Eggs, Teceipts, 19,911 cases, weak; extra firsts, 12%; fresh firsts, 12%;; current receipts, 11%. Plant to Resume Operations. NEW YORK, February 27 Yo vices receipts, 10,453 tubs, weak; creamery o special (93 score), 2214822 ; extras | Octove ments controlling export sales expiring March 1, the possibility of a free export market, for the time being, created further uncertainty. Smelters offered electrolytic at 6 cents but further ean- cessions were reported from resale sources. Tin eased moderately in sympathy with copper and declines in London, but moderate consumer buying devel- oped and the undertone was about steady at the decline. Offerings are restricted. Lead prices were reduced by Eastern smelting interests to meet Western price-cutting. Consumers remained cau- tious, as_they lacked confidence in values. With consumption restricted, supplies are sald to be increasing. Commodity Price Trends of Week BY H. N. McGILL, Editor, McGill Commodity Service, Inc. AUBURNDALE, Mass., February 27 (#)—The general level of commodity prices during the past week was slightly lower. The stability noted in prices following the introduction of the Glass- Steagall bill has not been maintained. All commodities index again re- sumed the slowly receding trend which has been the rule in recent weeks. The number of individual groups showing lower index figures continues large. Out of 14 groups, 8 declined, 4 ad- vanced and 2 remained the same. Industrial prices recorded a negligible decline. Building materials, fuels, non- ferrous metals and textiles were lower, while hides and leather, paint materials and vegetable oils were higher. Chemi- cals and paper and pulp remained the same as in the previous week. Industrial activity in this country de- clined to & new low point in January and no noticeable improvement has been evident during the present month. Unfavorable financial conditions have been a great obstacle to an improve- ment in confidence. Much has already been accomplished in carrying out President Hoover’s policy of reconstruc- tion, and the passage of the Glass- Steagall bill has been looked forward to. ‘There have been fewer bank failures of late and less hoarding and progress is being made in the program of credit expansion. The Federal Reserve Bank of New York rediscount rate has been reduced and open market purchases of Government bonds are anticipated upon the passage of the Glass-Steagall bill. With foreign withdrawal of gold no longer the cause of apprehension, the administration’s program of expansion can be actively carried on. The con- templated program may in itself elevate commodity prices, but the elimination of major sources of financial trouble is working toward a return of confidence and increased prices as a direct result of greater business volume. Agricultural prices were slightly lower pending developments on the contemplated expansion program of the administration. Any favorable develop- ments will be quickly transmitted to this group. Most important price changes in the McGill weekly commodity price indices 1926—100. This wk. Prev. wk. All_commoditi Industrial . Agriculturai " Vegetable Ofls.. COTTON VALUES GAIN ON TRADE PURCHASES Late Covering Movement Also Tends to Lift Market at Week End. By the Associated Press. NEW YORK, February 27.—After sagging in the early trading today cotton rallied on continued trade buy- ing and covering or rebuying by some of the early sellers, with May contracts selling up from 6.9 to 7.07 in the late tmdm{ and closing at that figure. The general market closed very steady net 2 points higher to 1 point lower. The opening was steady at net un- c Prices to a decline of 2 points under Southern selling ard week end ey . Rclatively steady Liverpool cables fallci to find any reflection of importance in the local trading and while offerings were comparatively light, prices sagged gradually during the earlier trading. After the earlier offerings had been absorbed, the market stiffened up on a continuance of a moderate demand from the trade and covering. Marca ad- vanced from 6.99 to 7.07 and October from 17.37 to 7.44 and closing quotations were within a t of ihe best. ‘The early decline was attributed part- ly to an easier technical position follow- ing recent advances and the -ossibility of some falling off in the spot demand after the filling of February commit- ments. weather in the South was considered more favorable for the movement of cotton as well as for pre- liminary crop preparations where soil conditions permitted, and such consid- erations may have increased the disposi- tion to uxlc p;,mu over the week end. Lt cables reported hedging and liquidation absorbed by trade calling and covering in that market and said ued demand for cot- ton cloths from India. The amount of cotton on shipboard awaiting clearance at the end of the wesk was estimated at 216,000 bales, against 132,000 last Low. 3 6 £ 44 00 6T T BUSINESS IMPROVES IN NORTH CAROLINA|: business and banking situatis h Carolina is more .\tfl“ an ths, accord: . | Hides, Hoss, 1932—PART . SIX. FINANC CHANGES IN CAPITAL STATUS ORDERED BY 36 CORPORATIONS Chief Reason Given of Profit and Loss Deficit Is for Making Altera- tions—Share Values Enhanced. BY BRADLEY W. TRENT. Special Dispatch to The Star. NEW YORK, February 27.—Thirty- six corporations of all descriptions so far this year have approved changes in | capital structure designed through re- | duction in par value of shares or de- | crease in outstanding stocks to write off losses sustained in recent operations. | In addition to the companies approving such steps there are pending 20 similar | cases in which plans have been an- nounced subject to approval of stock- holders. ‘These changes are a continuation of a trend strongly manifest in 1931, when & total of 176 companies accomplished capital reductions in this manner. Of the 36 changes already approved | this year, two were companies with their | shares listed on the New York Stock | { Exchange, 11 on the New York Curb | Exchange and 23 miscellaneous. Of the changes proposed, 6 were in Stock | Exchange companies and 9 in Curb shares, with 5 miscellaneous. Alterations Approved. New York Stock Exchange companies which have approved alterations in par value, stated value or number of shares, sre G. R. Kinney and United Cigar Stores. Changes have been gropoled for American Woolen, Cluett Peabody, Commercial Credit, New York Alr Brake, North American Aviation and | Radio-Keith Orpheum. { Subjecting the 1932 list to further analysis, it is seen that 18 are industrial companies, 12 investment companies, 3 banks and 3 insurance companies. Curb Exchange stocks, in which the capital structure has been altered this year include Automatic Voting Ma- WAGE SCALE PROBED AT LANGLEY FIELD Charges Made That Some Contrac- tors on Army Building Are Vio- lating Labor Law. Charges that some contractors en- gaged in building quarters for commis- | sioned and non-commissioned officers at Langley Field, Va., are violating the law “by failure to pay the prevailing wage,” are being investigated by the office of quartermaster general, War i Department. Attorneys for laborers at the fleld laid before the department yesterday what they termed “conclusive evidence that the wage scale fixed by the Labor Department is not being observed.” The attorneys, Capt. C. C. Berkeley, candidate for Lieutenant Governor of Virginia_fn 1929, and W. L. Carleton, both of Newport News, appeared before Assistant Secretary Payne, asking back pay for carpenters and hbricklayers, whose wages they said were below the legal scale. They also asked assurance the proper wage be paid during the re- mainder of the work. The scale fixed by Secretary Doak last July, the attorneys pointed out, was 80 cents an hour for carpenters and $150 for bricklayers. In some cases, they said, the carpenters were paid from 40 to 65 cents an hour and the bricklayers from 50 cents to $1. NEW YORK BANK STOCKS NEW YORK, February 27 (Special). —Bank and trust shares were quiet to- day and finished irregularly. Chase National at 381, off 5, 1g; National City, 52 pire, 25%, up !;; First National, 1660, up 10; Guaranty Guaranty, 300, off 4; Manhattan, 374, up Y2: turers’ Trust, new, 32, off % Trust, 89, up 2; Public, 27, up B Title Guarantee & Trust, 59, off ! The following were unchanged: Brook. lyn Trust, 235; Central Hanover, 139; Commercial, 157; Continental, 1633, and Irving, 197s. e Railroad Deficits. NEW YORK, February 27 (Special). —Additional railroads reporting deficits for January were the St. Paul, Rock Island, Delaware & Hudson, Great Northern, Northern Pacific, Missouri- Kansas-Texas and Wabash. The state- ments of the New York Central and of the Penrsylvania for the month were relatively Vetter than they have been recently. ‘The Baltimore & Ohio showed a slight increase in operating income. Its loss in operating revenues of nearly $4,000000 during the month was offset by a reduction in operating expenses of $3,823,264, of which about 55 per cent was in maintenance charges and 40 per cent in transportation costs. NEW YORK, February 27.—According to current reports in the shoe trade, the past week’s business in Spring styles in the volume division showed a slight gain, with more requests coming in from the Eastern section of the country. The trend to lower-priced styles continues to gain headway, it is said. The effect on the window glass price structure of the 10 per cent advance | just announced by a leading manufac- turer cannot be gauged at this time, the American Glass Review says in its current issue. It will take a few weeks for the situation to clear, this authority holds, inasmuch as both production and sales are at a low point, with consumer demand showing liitle indication of bet- terment. The wholesale lamp market this week was featured b{n; small gain in orders for regular Spring merchandise, dealers report. ‘They also Teport an active call for specially priced sales merchandise. What Things Cost (Standard Statistics Co.) NEW YORK, February 27 (#.—Of the 26 important commodities in the following table, 4 are higher in price than last week, 11 are lower and 11 re- main unchanged. Nine of the 26 are at their low for 1931-32. Butter, creamery, extrs Cheese, flats, fancy Coffee. Rio No. 7. Gopper. elec. Coni. otton. miduplan Cottonseed oll, bleachable.Lb. Corn, No. 2 yellow. Ju. Eges, standards . Flours, Spring pa native stee: 140 pounds . s £l Lead, of 4 Petroleum, Okla., 32 Ergigsinaguag e tine, Wheat: Hard wintar, K. ‘Wool, terr. fine, Boston...Lb. U. S. TREASURY CERTIFICATES Co. chine, Blue Ridge, Continental Chicago, Federated Metals, General Capital, Hydro-Electric Securities, New York ‘Transit, Northern Pipe Line, Paramount Motors, Utility & Industrial and United Chemicals. Changes are pending in Burco, American Thermos, Electrx Bond & Share, Johnson Motor, Rich- mond Radiator, Sun Investing, Phoenix Securities, United Founders and Niagara Hudson, For the full year 1931 the 176 changes included 46 stock exchange companies and 41 on the curb list, with 89 miscel- laneous. Of these, 86 were industrial companies, 59 investment companies, 21 _insurance companies and 10 banks. Various reasons are assigned for mak- ing the changes in capital. The prin- cipal one is the existence of a profit and loss deficit, which can be eliminated by the transfer to profit and loss sur- plus of the amount taken from capital. Elimination of the profit and loss deficit in many instances allows the payment of dividends on stocks, which would be barred from distribution as long as the company showed a deficit. Increases Market Price. ‘The substitution of one new share for two or more old shares also has the effect of enhancing the market price of the shares, improving their standing in the market and aiding the credit position of the company when new financial arrangements are neces- sary. In a few instances large blocks of authorized shares held in the treas- IAL. SHPS OF WORLD INNERGERTREND U. S. Participates in Move to Reach Profit Basis or Curtail Losses. Important ship lines, in an effc:t to make a profit or at least reduce osses, are reported in a world-wide move- ment toward mergers, it is'reported at the Commerce Depaztment. ‘The fusion of several Italian Ines has been the most spectacular, and the United States has pasticipated in the movement in the combination of the Dawson, Dollar, Roosevelt and Internme tional Mercantile Marine inserests. Important consolidations have taken place in Prance also, while in Japan there have been affiliations rather than mergers. The movement is sald to have originated in the merger nearly a year ago of the German Hamburg- American and Lloyd groups. Results Still Undecided. Department officials say the move- ment has not_been under way long enough for definite results to become apparent, and they are unable to de- termine whether the desired economies have been realized and have brought improvement in the position of the merging lines. Monopolistic control of trade channels has not developed, it is said, as the mergers have been along national lines, with international competition still in effect. It is explained that monopoly, moreover, would not mean necessarily that a ship line could maintain rela- tively high rates, for these almost in- variably must change with revisions in uries of the companies have been wiped off in order to avoid the payment of taxes on these shares. (Copyrixht. 1932.) BUSINESS STIRRED BY BRITISH TARIFF Duties, Including Freight and In- surance, to Place European Ports at Advantage Over U. S. By Cable to The Star. LONDON, England, February 27— Disturbing information for the world’s | exporters is the announcement that the British 10 per cent general tariff will be charged not only on the wholesale price in the leading market in the country of origin, such as American duties, but will be charged as well on transportation and insurance; in other words, ¢ i f (cost, insurance and freight) British port. On some articles this raises the real duties to 15 and 20 per cent or more. It also favors nearer ports. For ex- ample, American softwood timber from the West Coast reaches London at $50 ¢ 1 f per standard, of which freight makes up some $21. The same stand- ard can be shipped to London from Nomfi.m European ports for about $8 British customs officials are given the widest powers to investigate costs and are able to demand all documents re- lating to shipment under the penalty of a £50 ($174) fine. Values shown on invoices in foreign currencies will be convertible into sterling at the rate of exchange prevailing on the date im- gglr"un( ships are reported as reaching | _ The zero tariff hour is Tuesday, with | many ships on the high seas racing to reach British ports. Several of these are having a battle with ice in the Baltic. The S. S. President Harding for the first time is putting into the port of London today to deliver a cargo of 3,300 tons. Fog and heavy seas are up ships and may involve the loss of thousands of dollars to foreign manufacturers. (Copyright, 1932.) BANK CLEARINGS DROP FURTHER DURING WEEK Bank clearings are again far below those of last year. The total last week at all leading cities in the United States, as reported to Dun's Review, of $4,015,018,000 shows a decline of 4f per cent. At New York City the clear- ings were $2,614,059,000, & reduction of 43.5 per cent from the total of a year ago, while the amount reported for the cities outside of New York at $1,400,- 959,000 was 32.4 per cent lower. Only five business days are included in the return for last week and last year. Clearings last week are further re- duced from those of the preceding week. At some of the Southern cen- ters the decline from last year was again somewhat smaller than at most of the other cities, but losses con- %nu: quite heavy in the East and the esf Clearings for last week, as reported to R. G. Dun & Co., with the percent- ages of change and the average daily | figures covering the past three months, are printed herewith: Boston ... Philadelphia Baltimore . Pittsburgh . Chicago Detroit Cleveland Cincinnati St.Louis. Kansas Gt 48.041.000 70,230,000 PEa 3 PSRRI e =t 0 Omaha - Minneapoli Richmond Atlanta Louisville 1,725,000 23.200.000 17,659,000 EEaGEeER 15,683.000 19,103,000 31.400,95¢ Seattle 8 Total . 000 New York .000 Total all... Average dail February to date.. January December November 28y 8|8 el Co) Offer. ba 8612 103% 90 83 Allis-Chalmers Co. 5s 1937..... American [’:I‘nl.lr{&‘:%glhm‘gsnmlj Amsren e T 0 10 1 Belaing Hemineway Co. 0s 1936 88 Bethlehem Steel Corp. 5s 1936. Canadian Nor. Rwy. 4'as 1935, Chi. Northwestern f' 1933 Chicago 934. .. g, as 1935 Commerctal Credit Co. 5'zs 1935 Delaware & Hudson Co. 3s 1935 1936 . 8s 1937 e n 58 1940 [ Petroleum Corp. 58 1940 1936 95 9534 | GOLD TRANSACTIONS. NEW YORK, February 27 () —Im- $983,100 from Canada and ex- $600,000 to Holland and $57.- Peru ld commodity prices. According to department records, the most important Italian navigation com- panies are involved in the merger in that country. The merger two groups, the first including Lloyd Sabau- do, Navigazione e Ii and the Cosulich Lines. The second group is comprised of the Sitmar, Lloyd Tri- estino and Maritima Italiana. Under the co-ordination scheme the first will be called “Italia,” the second “Lloyd ‘Triestino.” Operates 37 Vessels. Italia involves a capital of nearly $40,000,000 and will operate 37 vessels, including the Conte Biancamano, Conte Grande, Auj , Roma, Saturnia, and Vulcania, all of which have been oper- ating in the transatlantic service. Lloyd Triestino, which already holds all the shares of the Maritima, accord- ing to the dej nt, will o) as- sume its operations, and the Sitmar will completely disappear. It is pointed out that the im of the lines in the merger is the fact that the two groups between them, have 58 per cent of the capital invested in shipping in Italy, 53 cent of the Italian Mercantile by value, are responsible for 71 per cent of the profits made, and own practieally all the large Italian steamships now in service. All the companies concerned were more or less controlled by the Banca Commerciale Italiana, and had a largely interlocking set of directors. 50-Year Agreement Ended. Available records show the German action which marked the advent of the merger movement was the conclusion of a 50-year agreement between the Hamburg-American and North German Lioyd Lines. Under its terms the lines were to apply their entire economic ac- tivities, without consideration of prece- dence, to mutual help and support from a common point of view and in com- plete co-operation. ‘The*companies were to remain inde- pendent, with seats in Hamburg and c v separate jority of the members of which were to be domiciled in the two cities. A com- plete union of interests took place in the directorates, the division of total revenue, and operation of vessels. ‘The French agreement involved the Chargeurs Reunis of the Fabre group to share certain expenses and services for the common good. ‘The Fabre group, now the most powerful in FPrance, started in the tion a number of companies. Little by lttle it extended its operation to the Atlantic and the English Channel. Several years it annexed the Compagnie des Chargeurs Reunis. Super Ile de France. The Compagnie Generale Transat- | lantique is better known to Americans as the French Line, operating the Ile de France, Paris and France on the New York-Havre route. To these the Super Ile de France will be added, and it is now being built. That the entente is of moment to | Prench shipping is shown by the fact that the companies involved control 40 per cent of the total shipping tonnage under French registry. An alliance was formed in Japan by the two foremost steamship lines, Osake Shosen Kaisha and Nippon Ysen Kaisha, each of which has well estab- lished segvices to all of the world. Elimin: of duplication of services on various routes was reported as one purpose. After agreement was reached by the two large companies co-operation be- came prevalent in Japanese shipping and five of the largest companies in Japan, Kokisal, Kawasaki, Yamashil Diado and the shipping department {the Mitsui Bussan Kaisha, formed s co-operative society. The organization wa created with a view to eliminating destructive competition. (Copyright. 1932. by the North American Newspaper Alliance, Inc.) Trade Trends By the Associated Press. Coffee. — Increasing demand from roasters and chain stores is said by trade interests to be responsible for the coffee futures during the past week. Cocoa.—Net gains of 11 to 13 points in the prices of cocoa futures last week followed substantial buying by manu- facturers in this country, the weekly re- view of the New York Cocoa Exchange reports. European houses were also ac- tive on the buying side, according to the exchange. Furniture—Orders received by the furniture industry in January were ap- proximately 70 per cent greater than the December orders, a bulletin issued by Seidmsn & Seidman, accountants, states. The increase is attributed to special markets held in a number of furniture centers. Unfilled orders at the end of January showed an increase of 62 per cent over December, it is es- | moderate betterment in the price of | | timated. Lumber.—The process of reducing surplus stocks of lumber continued during the week ended February 20, says the current bulletin of the Na- | tional Lumber Manufacturers' Associa- Production for the week ,000 feet, approximating the pre- established low levels. Orders exceeded the production by 36 per cemt and shipments by 40 per cent. A week earlier shipments ran 30 per cent and orders 34 per cent above the production of 103,403,000 feet. Receives Interest Money. NEW YORK, February 27 (#).—The St. Louis-San Francisco Rallway today received $2,805,000 to meet interest pay- ments due March 1. The funds wers advanced by the Reconstruction Pi- nance Corporation on approval of the Railroad Credit Corporation.