Evening Star Newspaper, November 22, 1932, Page 14

A—14 exx CAPITAL TRAGTION OCTOBER NET OFF ; Company Also Reports De- orease of $266,864 in Prof- Its in Past Ten Months, BY EDWARD C. STONE. ‘Total net operating income of the Capital Traction Co. in October amounted to $3357.31, against $27- 10886 in October, 1931, according to Operating reve- nues totaled $259,- 798.87, compared with $313,524.86 in tre same month a de- erea: $53.- 725.99, while oper- ating expenses re- egainst 2 {n October, 1931, & Kanl W. Corby. ating 002.47. The lower operating incomes brought taxes down 22.13, this item ealling for $18,976 After deduction of operating expenses and taxes, the Traction Co. reported an operating income of $32,593.50, com- ared with $54,494.99 in the correspond- E‘Ag month & year ago. Non-operating income was slightly lower this year while interest on bonded debt and other deductions were $30,886.92 in compari- son with $30,039.08 in October, 1931, an increase of $847.94, leaving the reduc- tion in net income of more than ers during October 03, compared with 3,- 769,175 & ago, a decrease in paid fares of 561.472. Ten Months® Beport. Filed.. . . tal Traction also filed its report e first 10 monghs of 1932 with # g revenues against $3.245- $537,473.42. Oper- for the commission. totalled 52.707.12’1.}.;:. 200.60, & decrease ating ired $2,192,912.60, with u.ws,ts;l.gss, a decrease in expenses of 0212,545.29. Taxes totaled $181,712.85, against $246,064.11, a decrease of 64,351.26. during the 10 months there was a de- orease in non-operating income of over $260,500, leaving & gross income of $348.207.50 in comparison with $611,- 537.93, or a decrease of $263,330.43. Bond interest and other deductions called for $312,482.03, compared Wwith $308,947.56, an increase of $3,534.47. These deductions left a total net income for the 10 months of $35,725.47, against $302,500.37 & year ago, or a decrease 50 far this year of $266,864. Paying passengers totaled 32,679,444 while revenue passengers in the same period & year ago numbered 37,974,124, & decrease tMis year of 5,294,680. Corby New Exchange Secretary. Karl W. Corby, elected secretary of the Washington Stock Exchange, has been a member of the exchange for more than three years and is an active ner in the brokerage fim of W. . Hibbs & Co. Mr. Corby 15 & widely known Wash- ington business man. Originally, he was very active in the management of the Corby Baking Co. but when that concern affiliated with the Con- tinental Baking Co., Mr. Corby decided to enter the brokerage fleld. He is a director in the Lanston Monotype Co. and several other important corpora- tions. The new exchange secretary served the organization last year as a member of the board of governors. Local Broker Office Expands. The firm of Fenner, Beane & Unger- leider not only expects an ovement in business conditions, but is anticipat- it wide ing such improvement wm Jm in many cities. are and women on the firm’s payroll today than at any previous pansion program is not by any means Tne comprehensive enlargement of the Washington facilities has already B P v Y e tinued as raj as con . Z\y added to the local Noyes & Co., & Co.; Henry Shepherd, for- Stein Bros. & Boyce and formerly with Goodbody & Co.; Mrs. Ambler H. Cardwell, .formerly with E. A. Pierce & Co., and Stein Bros. and Boyce; and Bowman.McCalla MacAr- thur. In addition to these stock de- partment additions, an investment de- partment has been installed under the supervision of Clement Gtiscom Ran- Hemphill M personnel, but it also was announced today that the local offices will be moved into larger quarters on the street &‘motmuummnuuamman y8. ‘Today’s Trading on Exchange. On the Washington Stock Exchan bonds drew the most attention today, although there was & good deal of small lot activity in Washington Railway & Electric preferred, which sold at 87 and 87Y%. Electric_ Consolidated 5s moved at 103, while Washington Gas 5s came out at 101%. Washington Gas 6s, series A, sold at 99%. Capital Traction was weak, although only 10 shares changed. But the price was 4. Consolidated income statement of | the North American Co. and subsi companies for the 12 months ended September 3¢, shows $17,172,217 for common stock after all operating ex- penses, interest charges, depreciation and all other reserves and preferred dividends. ‘These earnings for common stock represent a decrease of 26.58 per cent. compared with those for the 12 months ended September 30, 1931, and are equal to $2.42 per share on the average num- ber of shares of North American com- mon stock outstanding during the 12 months ended September 30, 1932, com- pared with $3.64 per share for the cor- responding period ended September 30, 1931. Appropriations for depreciation reserves 12.80 per cent. of gross for the 12 months ended September 30, 1932, compared with 11.32 per cent. of gross earnings for the 1931 corresponding period. Other Financial Notes. Columbia Pictures Corporation has signed a contract with Warner Brothers Pictures, Inc., which provides that the Warner will show all Columbia pic- tures in their 650 theaters from coast to_coast. commodity price in Asso- bank ‘been issued in bound volume form. At the semi-annual meeting -of the * directors and advisory board of Lum- bermen's Mutual Casuslty Co., heid to- day in observance of the twentieth an- * of the founding of the com- 2 “Thorpe, editor of Nation’s was elected to the advisory 2rd of the compeny. 4 ni 's individs in this ~ and Bales— High. 1% Adv Rumley . 4% Amiliated Prod 1.60, 30% Afr Reduction (3)... 7% Alaska Juneau (50c). % Alleghany Corp. % Alleg Corp pf $30ww. 423 Alifed Chem & D (6). 4 Allls-Chalmers Mfg.. 12 Amerada Corp (2)... 6% Am Brake Sh&F(60c) 29% Am Can (4). . 18 Am Chicle (13). 2% Am European Secur. 2 Am & Foreign Pwr. . 3% Am&Forgn Pw pf(6) 2% Am & For Pwr 2d pf. 1 Am Hide & Leather. . 25 Am Home Prod 4.20. 19 Am Locomot pf (7). T% Am Mach&Fdy (80c) 1% Am Metal Co 20 Am Stores (12%)..eu 45 Am Sugar of (7)..ve 70% Am Tel & Tel (9).eve 40% Am Tobacco (16). 44 Am Tobacco B (16 10% Am Type Fdrs pf. 11 Am Water Wks (2).. 11 Am Wat Wks cfs(2). 1% Am Woolen. .. 10 Am Zinc & Lead pf 3 Anaconds Copper. 5% Anchor Cap (1.20) % Armour of 1l (A). % Armour of Il (B). 34 Assuciated Appare’ 3 Assc Dry Good 17% At 4 85 Atchison pf (5). 9% Atlantic Coast Line. . 8% Atlantic Refining(1). T3 Atlas Powder.....w 45% Atlas Powder pf (6)w 28% Auburn Motor (£4) e % Austin Nichols. ... 11% Austin-Nichols A ( 1% Avation Corp (Del).. 3% Baltimore & Ohio.... 6 Baltimore & Ohio pf.. 50 Bang & Aroos pf (7). 3% Barnsdall Corp. 10% Beatrice Creamery. 29% Beech-Nut Pkg (3).. 43 Bendix Aviation 5% Best & Co. T% Bethlehem Steel 16% Bethlehem Steel p! Bonn Alumn & Brass 20 Borden Co (2). . 3% Borg Warner 2% Briges Mfg Co . 11% Bkyn Manhat Tran.. 31% Bklyn Man Tr pf (6). 2% Bklyn & Queens. . 21 Bucyrus-Erle cv pf.. 1% Budd Wheel. 2% Bullard Co 1% Bulova Watch 1 Burns Bros pf. 3% Bush Terminal 1% Butterick Co 7 Byers (A M) 1% Calumet & Hecla 6 Canada Dry (1.20) 7% Canadian Pacific 10% Cannon Mills (1) 16% Case (J 1) Co 4% Caterpillar Trac 50c. 1% Celanese Corp. 315 Cerro de Pasco 9% Ches & Ohio (234)... 4% Chesapeake Corp (2) 23 Chi Great Westn pf.. % Chi Mil StP & Pac... 1% Chi Mil StP & Pac pt. 2 Chi & Northwestern. 5 Chicasha Cotton Oil. 1% Chiids Company.. . 5 Chrysler Corp (1)... 11 City Ice & Fuel (2).. 74% Coca-Cola Co (7).... 11 Colgate-Palm-P (1). 65 Colg-Palm-P pf (6).. 8 .Colo & South 1st pf.. 24 Columbia Gas (b1).. 13% Columb Carbon (2).. 3% Commercial Credit. . 10% Comel Inv Trust (2). 551 Comcl Inv cv pf(e6). 815 Comel Solv (60c).... 1% Comwlth & Southn.. 615 Congol-Nairn (60¢). 17 Consol Cer pr pf 6%. 1608 31% Consol GasNY (4).. 39 43 Conscl Laundries(1). 3 Consol Ol Corp. 23 ._ 8 g PYCTSINIY 1 o3 e NefnBom avwa o Broola 4 AT TR TR JOPON T T 247 Contl Baking p 175 Contl Can (2) T% Crown Cork & Seal 6 Crucible Steel. 47 Curtis Publish pf(7). 7% Curtiss-Wright..... 1% Curtiss-Wright (A) 2% Davega Stores (60c) 6% Deere & Co pf (40¢c). 81 Del Lack & Westn... 54 Detroit Edison (6) 12 Diamond Match (1). 20% Diamond Mach pf 1% 7% Dome Mines (11.30).. 5 Doug Alreraft (75¢) 28 Drug Corp (4) 22 Dupontde Nem . F 87 Dugques Lt 1st pf (5). 18 1 Eastern Roll Mills 385% Eastman Kodak (3) 14 Eitington-Schild. ... 814 Elec Auto-L (1.20).. % Elec & Musical Instr. 2% Elec Pwr& Lt. . 10% Elec Pwr & Lt pf (7). 12% Elec Storage Bat (2). 12 Equi Office Bldg 1% 2% Erie R R 18t pf 10% Fairbanks Morse pf. 1% Fashion Park As pf.. 40s 9% Fed Lt&Trac ($1)... 3 Fed Water Service A. 6% Federal DeptS(60c) 6 Fldelity-Phoen 1.20 35 First Natl Stores 2% % Fisk Rubber. . % Fsk Rubber 15t p: 4% Florsheim Shos 10 Freeport-Te: 7 Gen Am Investo 9% Gen Am Tank Car(1) 10% Gen Baking (2)..... 20 Gen Clgar (4) 81 Gen Electric (40¢) . 10% Gen Elec spec (60¢) 19% Gen Foods (2). % Gen Gas & Elec (A).. 7% Gen Motors (1). 4 Gen Outdoor Adv (A) % Gen Realty & Util... 8 Gen Steel Casaing pf. 120s 10% Gillette Saf Raz (1). 17 45 Gillette Saf Rpf (5). 1 85 Glidden Co prpf (7). 308 2% Gobel (Adolf) sa't B 8% Gold Dust (1.60). 70 Gold Dust pf (6 2% Goodrich (B F) 7 Goodrich (B F) 5% Goudyear Tire&Rub. 19% Goodyear 1st pf (7) 7% Gotham Silk Hosi 1 Graham-Paige. 14% Grant, (W T) (1 5% Great Northern p! 5 Great Northern Ore. . 3% Great West Sug % Grigsby Grunow... 74 Hahn Dept Stores pf. 3% Hall W F) Printing. 1 Hayes Body. 43'% Hershey Choc (6). 57 Hershey Choc pf(15) 6% Holland Furnace.... 110 Homestake Min(t10) 42y Househd Fin pf 4.20. Houston Ofl. Houston Oil (new Hudson Motor Cai 1'2 Hupp Motors. . 24% 4% Dlinois Central. . 45 15% Illinois Cent 11 (4. - . 19 15% 4% THE EVENING STAR, WASHINGTON, D. C, TUESDAY, NOVEMBER. 22, 1932. les in this ition. 2 oy EleaaT v k Dividend Rate, uago High. Low. Close. Chee. M+ % 3 9% ++ - L3 LE% e T EFE FEPEF ¥ - 258 w8 #E2 £ ¥ wres I+++ +1 1 +|l:l|l:|l FFEF FREFEEF PF # ¥ EeRdER REAR 2 RRER * +i++ll +1+0 +1L1+010 G e FEEFRF | £ I+l +4+4+ REF EFFEFLF 1+ FFE OFEEF DEIas $o et 4] 8 Essss & sFassses - 3% 14% — % 35— % NOTE—Today's individual sales are not given in this % 'in this edition Bales of each stocl 12% 86 33% 84 2% 2% 53% 4% 10% 38 19% 18% 56% 814 % 4% 1n 4 9% 22% 9% 44 42% 13% 32% 23% ™% % 1% 3% 18% 40% 9% 59% 99 17% 6% % 4 1 19% 2% 3% E 5% 7 8% 68% 18% 29% 18% 32% 3Th 8 104% 13% 23 T 5% 31% 24% 14% Ingersoll-Rand (2).. 3% Insuranshares (Del). 1 Insuranshares (Md). 2% Interboro Rap Tran 1% Interlake Iron 52% Int Bus Machine (n6) 35 Int Cement. 14 Int Combustion. ... . 10% Int Harvester (1.20). 68% Int Harvester pf (7). 2% Int Hydro-Elec (A) 314 Int Nickel of Can. 50 Int Nick Can pf (7) 2% Int Tele & Teleg. 10 Johns-Manville. 30 Jones & Laugh p! % Kelly Spring Tire % Kelly-Spring ctfs. 16 Kelly-Spr 6% ctfs. % Kelsey-Hayes Wheel 2% Kelvinator Corp 17 Kendall Co pf (6) 4% Kennecott Copper. 10 Kroger Grocery (1) 25 Lambert Co (15). Lehigh Valley Coal 1% Lehigh Val Coal pf. 80% Lehman Corp (2.40). 6 Lehn & Fink (2). 8% Libbey Owens Gla: 3414 Ligg & Myers B (16). 100 Ligg & Myers pf (7). 6% Link Belt (80c) 9 Liquid Carbanic. 13% Loew’s Inc (14) 1% Loft Inc. S5 9 Lorillard (P) (1.20 14 Louisiana Ol 814 Lou Gas&El A (1% 7% Lopisville & Nai 10 McCall Corpn (2) 18 MclIntyr Por M(+1%) 28° McKeesport T P (4). 114 McKesson & Robbins 8% McKesson & Robs pf. % McLellan Stores. 10 Mack Trucks (1).... 17 Macy (RH) &Co (2) 2% Madison Sq Garden.. 14 Mandell Brothers 4 Manhat Elev mod 6% Marine Midld (80c) 3% Marmon Motor Cas 3 Marshall Field & 91 May Dept Stores (1)s 20 Mengel Co pf. 5%, Mesta Machine 8% Mid Continent Petm 2 Midland Steel Prod 1% Mo Kan & Texas. 3% Mo Kan & Texas pf 215 Missour] Pacific pf. 18% Monsanto Chem 1% 3% Montgomery Ward. 7% Motor Products (2) 2 Motor Wheel. - s - Se BB BANN AR S R ARAD AN A © 2 [P o N Sninealn~BowtoNwane rfolk & West (8) North Am Aviation Nor Amer(b10 % stk) North Amer pf (3)... Northern Pacific. Northwest Tele (3) Norwalk Tire & Rub. b5 Ohio Ofl (afi0c). . % Oliver Farm Equip 3 Oppenheim Collin: 9 Otis Elevator (1) 1% Otis Steel 26 Outlet Co 12 Owens I1) Gla: 16% Pacific Gas & El (2). 20% Pacific Lighting (3). 1% Packard Motor Car.. % Panhandle Pro&Ref. 1% Paramount Publix... Parmelee Transport. Penick & Ford (12) Penney (J C) 1.80... Penna Railroad Peoples Gas Chi (5). Pere Manquette. 3 Petrol Corp of Am. 3% Phelps Dodge. ... 2 Phila& Read C&I... 2 Phillips Petroleum. % Plerce Ofl Pierce Ol1 pf. Pilisbury Flot Pitts United Corp Prairie Oil & Gas Presred Steel Car Proctor & Gamble Proc & Gamb pf (5). Public Sve N J(3.20) o 2 10% Pullman Corp (3) 2% Pure Oil... 50 Pure Oil pf (8). 4% Purity Bakeries 215 Radio COrp...... 10 Radio Corp pf (A). 3% Radio Corp pf B. 1% Radio-Keith-Orph. 1 Remington-Rand 5 Rem Rand 2d pf. 1% Reo Motor Car. 1% Republic Steel. 26% Reynolds Tob B (3).. 1% Rossia Ins of Amer 80% Safeway Stores (5) 69 Safeway Strs pf (7 4% St Joseph Lead. . % St L-San Francisco 1 StL-San Fran pf 7% Schulte Retall Stores 5 Schulte Ret Stor pf 3 Seaboard Air Line. 6% Seaboard Oil Del 40¢c. 1 Seagrave Corp. 97% Sears Roebuck. % Seneca Copper. 13 Servel Inc. 1% Sharp & Dohme 214 Shell Union Ofl 18 Shell Union Oil pf. 2% Simmons Co. 6 Sloss-Sheff Steel pf.. 2% Snider Packing . 1 5% Socony Vacuum 40c.. 32608 35 SolvAmpf ww(5%). 1 434 So Porto Ric S(a40c) 450s 15% Southern Cal Ed(2).. 12 6% Southern Pacific..... 44s 214 Southern Railway... 3 Southern Railway pf 1 Sparks-Withington.. 8% Stand Brands (1.20). 7% Stand Gas & Elec (2) S&EL Df (4). 19% Stand Oil N'J (12 1% Stewart Warner 32 Studebaker pf (7 6 Telautograph (1) 9% Texas Corp (1) 2% Tex Pacific Land Tr.. 2 Thatcher Mfg Co.... 2 Tide Water Asso Oll. 20 Tide Water As pf (6) 7% Timken Roller Bg(1) 21 Transamerica Corp.. 1% Tri-Contl Corp . 19% Tr.co Products(23%). 7 Twin City Rap Tr pf. 15% Un Carbide & C(1.20) 23% 69% 27% Union Pacific (6) 6% Unit Aircraft 11 Unt Biscuit (2 34 Unit Clgar Store 314 Unit Corp (40c 20 Unit Corp pf (3): 10% Unit Fruit (2). s 9% Unit Gas&Im (1.20; 1%’ U §'& Forh Seéur.’.. * 26 US & Forn Sec pf. 10% U S Gypsum (1.60) 84% 0 8 Gypsum pf (7) 13Y% U S Indus Alcohol. .. 1% U S Leather. 34 U S Rubber 1st pf. 21% U S Steel. . 51% U S Steel pt.(7). % United Stores (A). 13 Util Pwr & Lt (A). 5% Vanadium Corp. 20 Va-Car Chem 7% pf. oy Ehera e paver, A ¥ EEFEFEFL o LI+ L+ 1 ‘| pathetically ' other positions. 1441 EF F PFEE FF OFEF FEF f;##"‘# FEFEFL T+ +1 +++ %+ * 1+ +1+ +1 4+ 4+ FEE E F B SRR s el #‘SS‘** FEE FE2 F PFRFF EFEFFER L[+ T4+ F FEF +HIVHLL L1+ ++++1+1+11 EFEF FEFFESEEEF ¥ et HH L o » REFEE | FEIFFE EE R} Fd are mot sales lition are from yesterday's paper. Pa Pwr pt (7 12% Western Union. 9% Westing'se Air 15% Westinghouse Elec 215 Weston Elec Instru.. 3 Westvaco Chlorine 2% Wilcox Oil & Gas % Wiilys-Overland 22 Woolworth (2.40). siven in this edition. Divide: " low. 24 5 Worthin, T% 27% 2 % Zenith Ri 9% Dividend rates as *Unit of trading in stock. a Paid FEEFE & ¥ 4% stock. 2% in 8 stoc) 1 Plus & ble in scrip. 1% Yellow Truck . 1 4 Youngstown Sh&Tu. 4% Zonite Products(60¢) payments based on the latest quarterly or hai e Payable in cash or stock. tock. $1 in_special preferred stock. m Paid last year—no regular rate. FINANCIAL. l NOTE—Today's individual sales are mot given in this edition. f each stock in this edition are from yesterday's paper. 932~ Stock and Bal Net. es— Add 00. High. Low. Close. Chge 13 15% 15% 15% + % 3% 3% 3% 2 124 124 124 — % 1 % nd Rate. gton Pump. . adio. ..... 1 % given in the above table are the annual cash yearly declarations. less than 100 shares. tPartly extra. 1Plus this year—no res: rate. {Plus 8% in st nPlus 5% in STOUK PRCESUF N ELOSING OUR Little Significance Seen in Easier Tone Because of Small Volume. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, November 22.—Firm | most of the session, today's stock mar- | ket shaded prices in the last hour lnd‘ closed a'trifie lower. Volume was so small, however, that no significance could be attached to the movement. It was still a case of | walting on Washington. | Sterling exchange sold at a new| year's low at the opening of business on this side, but it recovered the loss and was unchanged in mid-afternoon. ‘Wheat advanced quite sharply at one time and although reacting partially thereafter, it closed higher. Liquida- tion in December sugar carried that future down 7 paints and affected sym- Cotton was virtually unchanged at the end. The market opened with a slight pre- ponderance of declines, but the losses were soon made up; and thereafter -u‘ through the morning cnanges were fractional and the list, as a whole, was never far away from the preceding close. Sterling exchange opened here at $3.26%, a new low for the year and the lowest since last December. Pre- sumably much of the selling was spec- ulative’ commitments for the decline. However that may be, it had no effect on_stocks. Wheat also rallled in Ckicago, the December option being up 1% cents by midday, likewise disregarding weak- ness in the British pound. This was another sustaining influence stock market during the early trading. The conservative element was not in clined to make too much of the re- sistance put- up by prices in view of the small turnover. It was encourag- ing as far as it went, but the move- ment could easily be reversed on un- favorable Washingtan advices. Fluctuations in individual stocks re- vealed few features. McIntyre Porcu- pine Mining reacted fractionally after its sharp advance of the two preceding sessions. The Street heard that there was a possibility of a merger with some other gold producer, but that story lacked confirmation, as did the one that the dividend was to be increased. In general. the metal stocks were heavy. Shorts covered in the more active in- dustrials. Auburn Auto was up over a point and in the railroad list Atchison and Union Pacific rallied slightly. Nor- folk & Western advanced on one or two sales. The best showing today was made by the oil stocks, with Seaboard Oil the leader in new high ground. Do- mestic crude cil output for the week ended November 19 decreased 9,970 barrels in the daily average from the preceding week. The total was 2,117, 133 barrels, which compares with 2,- 442,993 barrels in the corresponding week a year ago. Zonite Products omitted the quarter- ly dividend on the common stock due at this time. The regular rates were declared on Kresge common, Peoples Store common, National Distillers’ Products preferred and United States Leather prior preferred. (Copyright. 1932.) U. 5. TREASURY BALANCE. By the Associated Press. Treasury receipts for November 19 were $4,005417.71; expenditures, $8,- 539,698.76; balance, $633,201,078.65. Cus- toms duties for 19 days of November were $17,186,202.09. U. 8. TREASURY CERTIFICATES (Reported by Chas. D..Barney & Co.) in the| 0ld Gold Shares And Beer Stocks Being Dusted Off Bpecial Dispatch to The Star. NEW YORK, November 22— The present boom in gold mining shares and talk about the pos- sible return of beer are causing a lot of searching among old stock certificates in attics and strong boxes on the chance that grand- father held a few of such shares. One trust officer said today that invariably the dusting off of such antiquated securities brings to light a few that have some worth-while market value. Oc- casionally some gold mining cer- tificates prove to be stocks that grandfather forgot to exchange for those of companies now pro- ducing the yellow metal. ‘There seems to be less chance of digging up remunerative brew- ing shares, for most breweries that were profitable were one- family affairs. (Copyright, 1932.) EFFECT OF REPEAL Slight Benefits Seen for Farmers. BY CHAS. P. SHAEFFER, Associated Press Business Writer. ‘The all-important question of how | many men would be put to work if | liquor is legalized is, and has been, a moot question, with many and varied answers. The average number of em- ployes in breweries and in malt plants in the peak year of 1914 amounted to slightly more than 64,000, with 8,500 more finding employment in spirituous and liquor plants. The Association Against the Prohibition Amendment declares that before prohibition a total of 101,000 persons also were finding employment as bartenders and an addi- tional 68,000 were saloonkeepers. Any increase in employment would necessarily be cut through displacement of workers in non-alconolic trade and in the manufacture of illicit beverages. On the other hand, there would be an increase of workers in auxiliary lines to the liquor trade, such as barrels, bottles, caps, etc. The probable benefits to farmers in| disposition of their crops is placed by some at less 1 per cent. Corn uséd in the manufacture of beer has been estimated at around 12,000,000 bushels, as compared with a production in 1932 of 3,000,000,000 bushels. De- mand for barley under liquor legaliza- tion would consume about 60,000,000 bushels yearly, it has been said, which amount is double present demand. Rye and hops would come in for an in- creased demand, but these, it has been pointed out, are minor crops. Coal Exports Depressed. Increases in Canadian coal tariffs, coupled with the depreciation of Cana- dian and British currencies, have de- pressed bituminous coal exports from the United States to Canada to less than 6,000,000 tons for the first nine months of 1932, J. F. Callbreath, secre- tary of the American Mining Congress, declares. ‘“‘Canada produces less than half of its bit: ous coal requirements, the defi- cit normally being supplied by United States mines,” he said. “In 1929, Can- | ada imported bituminous from the | United States amounting to 14,470,000 tons as compared with 115,000 tons from Great Britain. But in the first > | nine months of 1932 only 5,513,000 tons Aug. Apr. 3%s Sept. DIVIDENDS ANNOUNCED NEW YORK, November 22 (#).—Di- vidends declared: Do Bt Bkiyn & Q Tr p{.31:50 Col Au Parts pf..50c Gen Ry Signal. c 8 Leuier prior U ather pri Adams_Ex pfd..SI Hum Oil & Refg INVESTMENT TRUSTS NEW YORK, November 22 (®.— Over-the-counter market: (Quotations as of 12 o'clock.) Bid, Asked. g9 #o BasHH505855 Am Bank Stock. . Bullock Fund .. Cumulative Tr I rate Trust Corporate Trust A A. Corporate Trust Act Dividend Shares Fund Tr Shrs A. NEW YORK, November 22 (#).— Over-the-counter market: (Quotations as of 11 O'clock.) Ba: ase (2) Commercial (8) . First National (100! Manhattan (2) .. National City (2) . Public (2) Bankers' \3) ... Brooklyn Trust Ce Hanover (*7) (1.80) .. 200,000 net tons from Great Britain. Anthracite coal, however, decreased only about one-third in tonnage. Brit- ish exports are increasing, while United ing.” The duty on bituminous coal from the United States is now 75 cents a BALTIMORE Capital & Surplus $3,500,000.00 Interest Paid on Checking and Savings Accounts. The Oldest Savirs Institution ONU.S. ESTIMATED Many Varied Views Held.| came in from the United States against | Rome. lirs States exports to Canada are decreas- | Wi Oslo, crown WASHINGTON NATIONAL SAVINGS & TRUST (0. ton, while that from Great Britain is 35 cents. United States anthracite is| dutiable at the rate of 50 cents a ton, while the British product comes in free. Experiment in Textiles. An experiment in selective selling is to be undertaken by a group of textile manufacturers and wholesalers. Under the direction of the Wholesale Dry Goods Institute, each manufac- turer will select one wholesaler to han- dle his product in a given district, rather than any number of wholesalers carrying competitive lines. It is claimed that with wholesalers carrying an un- limited number of competing items in the same field, the manufactures’ vari- ous brands do not receive the deserved attention. Preparations are under way | to form a set-up of co-operating com- panies to inaugurate selective distribu- tion in a given laboratory district. ‘The Wholesale Institute contends that the entire industry will suffer until “the producer realizes that what he needs is fewer and better distributors— and those distributors placed upon s definite collaborative relationship with his plant.” The wholesaler, under the plan, will, in turn, surrender his liberty | to an unlimited selection of competing items and confine himself to a definite group of lines, definitely relating his operations to the source of supply of these lines. Coal Output Drops. Production of dropped sharply during the week ended November 12, due to the observance of E]mon and Armistice days during the period. The output, as calculated by the Mines Bureau, amounted to 6,660,000 net tons, a decrease of 640,000 tons, or 8.8 per cent from the week before. Production during the corresponding | week of last year amounted to 7,529,000 In that week there was no general elec- tion, although Armistice day was ob- served in most producing centers. Japan Plans Bond Issue. Japan plans to float a bond issue to balance her budget. A dispatch to the Commerce Depart- ment- said that inasmuch as expendi- | tures are expected to greatly exceed | revenues, the Government expects to| | float an issue of 900,000,000 yen qr | more. The ven is currently quoted at | about 21 cents. | 'NORTH AMERICAN PROFITS REPORTED Earnings of Utility Holding Com- pany and Subsidiaries Equal $2.42 a Share on Common. i By the Associated Press. NEW YORK, November 24—The North American Co. and subsidiaries report for the 12 months ended sep-‘ :fmberm:i? E‘n income after all reduc- ons, including preferred dividends, of $17,172,217, equal to $2.42 a shlse‘!'m the commoen stock. This compares with $23,390,187, or $3.64 a share for the 12 months ended September 30, 1931, Gross earnings totaled $109,416.318, compared with $120,684,597 for the 12 | months ended September 30, 1931. In their letter to the stockholders, P. | L. Dame, chairman of the board, and Edwin Gruhl, president, state¢ that the company’s electric output for the third | quarter was 14% cent below the | third quarter of 1931, but that the im- provement in the latter weeks of Sep- tember had continued, reducing the de- cline in fourth quarter output up to the middle of November to 9 per cent com- pared with the corresponding period of 1931. There was a pr ve increase in volume of electric output of the com- pany’s subsidiaries for each week from Labor day up to election week. The consolidated balance sheet shows | no bank leans on September 30 com- | %;;d with $5,524,258 on' September 30, FOREIGN EXCHANGE. (Quotations furnished oy W. B. Hibbs & Co.) ‘Nominal gold Selling checks Value. ‘today. London, poun ‘franc. Stockholm, crown, Montreal, discount, 1. bituminous coal | direc | 545,832; Auchincloss, Parker & Redpath Members New York Stock Exchange Mempbers Washington Stock Exchange Associate Members New York Curb Exchange 719 Fifteenth Street MEtropolitan 3116 WILKES BARRE ' RADIO SALES HELD AS VITAL AS SUIT Independents Well Satisfied With Ruling, but See Lull in Orders. By the Associated Press. NEW YORK, November 22.—While independent radio manufacturers “lis- tened In” with considerable satisfaction to the announcement that Radio Cor- poration of America will be divorced from General Electric and the West- inghouse Electric & Manufacturing Co., most of them were of the opinion that sales as well as suits are of importance Just now. Effect Is Uncertain. Owing to business conditions, statis- tical observers, estimate that the indus- try’s sales and dollar volumes for 1932 ::11111 be off somewhere around 30 per Whether the settlement of the Gov~ ernment’s suit and a gencral claritica- tion of the radio air will act as a spur to new inventions and modify price structures to the advantage of the in= dustry’ is a matter of conjecture. Various improvements have been made in receiving sets and all manu- facturers are watching television. This latter development, it is said, has not quite reached the commercial stage and, until it does, few startling innova- tions are expected by wireless experts. Look to Forelgn Field. Manufacturers are looki hopeft toward the foreign fleld, xux:g the %e‘:lnl! time, and to a_growing demand in America. The Department of Com- merce last year estimated that the world, outside the United States, had only some 13,500,000 radio sets. There are said to be around 17,000,000 radios operating in America. At the same time, though, the present outlook in this direction is not too bright, owing to gl:;;xercbm m{mlc l;lo‘nndltlml abroad, exc o ges and tariff PO SIS COTTON SPINNING 'OPERATIONS GAIN October Figures at 97 Per Cent Capacity C%mpare With 94.6 for September. By the Associated Press. The cotton-spinning industry was re- ported today by the Census Bureau tc have operated during October at 97 per cent capacily, on a single shift basis, compared with 94.6 per cent for September this year and 85.1 per cent for October last year. Spindles in place October 31 totaled 31489918, of which 24,587,732 were active at some time during the month, with the average, on a single shift basts, being 30,537,208, compared with 31, 23,833,948 and 29,856,205 for September this year and 32,430,50; 25, i;_@&llz and 27,606,305 for October last ear. Active spindle hours for October to- taled 7,045544,610, or an average of 224 hours per spindle in place, come pared with 6,866,031,482 and 218 fof September this year and 6.594,525,143 and 203 for October last year. \INSOLVENCIES CONTINUE DECLINE IN NOVEMBER NEW YORK, November 22 ().—R G. Dunn & Co.’s insolvency index for the fArst half of November is 134.2) against 140.1last year, thus continuing, | the agency points out, to move in the right direction “as it has for the past two months.” The index for this month so far is below that of each preceding month for over a year, with the single exception of last September. Ordinarily at this season the trend of business defaults is in the other direction. Interest on Savings Cut. CHICAGO, November 22 .—The Chicago Clearing House mu@on yes- terday voted to reduce interest pay- ments on bank savings deposits from 3 to 2% per cent. Bankers declared the reduction - was necessary because of constantly increasing deposits, but lack of_outlets for the money. We Recommend | SUPER CORPORATION OF | AMERICA TRUST SHARES & Lewis, Inc. Securities Nat. 5925-6 We Recommend Deposited Insurance Shares Inquiry as to the merit of this in- pestment outriht or on a mont) Saving wian. promotly answered Y Bernard P. Nimro & Co. National 9733 Money on Hand to Loan on First Deed of Trust 6% Interest Mlbkwcmmhh“ and P Rplications JAMES F. SHEA 643 Indiana Ave. N.W. | Every Dollar Invested —in a Savings Account in a strong, old bank like this, will always be worth a full dollar to you. {Depressions and disturbed stock markets do not affect our Savings Accounts. fHave you a “reserve” to fall back on in case of emergency ? Safe-Deposit Boxes at Moderate Rentals 0000000000000 000000000000000000000000 in the District of Columbia 6,‘,’,’,’, Cor. 15th and New York Ave. Producing Oil Royalties provide attractivg in- come for large and small investors—a first share in the profits, with no burden of operating expense. : Thousands of present Royalty owners have had their regalar monthly cash returns for years, without in- terruption. The Itading ofl com- panies of America mail the checks each month . direct te Royalty owners. No Stocks—No Bonds Write for descriptive booklct BENJAMIN J. MILLS 823 Union Trust Building Telephone—NAt. 2303