Evening Star Newspaper, January 31, 1933, Page 14

‘A—14 TELEPHONE INCOME | l Rt DECLINES $230624 C. & P. Makes Annual Re- port Showing Decrease in Net Return. BY EDWARD C. STONE. Total net operating revenues of the Chesapeake & Potomac Telephone Co. for 1932 amounted to $2,793,022 against $3,043,646 in the previous year, a drop of $250,624, according to the annual financial statement filed today with the Public Utility Commisison. Balance before dividends for 1932, after de- ducting taxes, uncollectables, interest and rents, amounted to $1,687.546 as compared 'with $1,965,632 in 1931. During the year 1932 telephone operating revenues totaled $9,341,130 in comparison with $9,232,628, while tele- phone operating expenses called for $6.548,108 against $6,179,982, showing that while operating revenues increased during the year, expenses also were enough larger so that the net return was lower. The telephone compeny reported a total operating income of $1,978,502 and a net non-operating income of 848,738, against $2,291,741 and $42,541, respectively, a year ago. Taxes were $9,508 larger than in 1931. Last year 230,803,000 telephone calls were made, against 220,786,000 in the previous year, a gain of 10,017,000 over 1931. At the close of December Wash- ington was served by 179,299 tele- phones, a8 net increase of 241 phones during the year, a better showing than that of most of the other important telephone companies in the United States that are connected with the Bell System. The December report was also filed today. showing net earnings before dividends of $139,171 against $140,233 in December, 1931. Operating revenues were $793,004 against $804,586 in De- cember, 1931. Operating expenses re- quired $551,488 compared with $576,- 218, leaving net operating revenues of $241,616 as compared with $228368, a gain during the month of $13,148. There was also a net gain of 621 in the number of telephones connected, while total phone calls numbered 20,- gg‘}“ooo against 20,524,000 in December, January Bank Clearings Off. Bank clearings for the first month of the present year were reported today by the manager of the Washington Clear- ing House Association, Charles E. Bright, the figures showing a decrease from the corresponding month a year 880 Washington clearings totaled $72,- 567,289 in_comparison with $76,169,- 741,01 in December, 1932, and $92,- 855,736.29 I January, 1932, this last figure being the highest for any month during the year. There was a much larger decrease in clearings between December, 1931, and January, 1932, than between the month now ending and last month. This is considered an encouraging sign. It is believed in financial circles that the January clearings may prove to be tie lowest of the present year. In February of last year local bank clear- ings totaled $80,807,544.54, a figure which it will not be very difficult to rTeach and pass this year. Many local bankers are looking for 4mprovement as Spring approaches. If such expectations are realized, the up- turn will be reflected in bank clearings as one of the first evidences of bet- ter times. The 2-cent tax on checks is still keeping down the number of checks drawn so that business in the Capital is really better than the clear- ings figures might indicate. A year ago the tax on checks was not in force. New Gas Bonds Are Listed. ‘The Board of Governors of the Wash- ington Stock Exchange today listed the new $8,500,000 issue of Washington Gas Light 5s, 1958, for regular trading to- morrow. ‘These new bonds were entered in the unlisted department early this month and were traded in extensively on a ‘when-issued basis. The new bonds have now been issued, temporary certificates already having been distributed, and for that reason were transferred today ! to_the “big board. In the unlisted department, securities wre called off only once a week. Now that they are in the regular list, they | will be called every day. There was e lively demand for the new bonds from the first day they were quoted. Trading on the local exchange opened today with five sales in Wash- ington Gas Light 6s, series “A,”. selling at 100, and in smaller denominations &t 1003 Wsshmgton Gas Light 6s, series “B,” also appeared in today’s trading, $500 moving at 103'2. Potomac Electric Power 6 per cent preferred came out - 112 In the unlisted department there Wwas a $2,000 turnover in Washington Gas 5s, 1958, at 947, unchanged from from last previous sale. Ticker Club Enjoys Dinner. Members of the Washington Ticker Club held their annual dinner last eve- ning at the Chevy Chase Club, the af- fair being thoroughly enjoyed by a large representation of leading local brokers and several special guests. Chester W. Lockwood, president of the elub, was host, and presided at the ban- quent. The guest of honor was William H. Maclay, assistant secretary of the New York Stock Exchange. Brief talks relative to the brokerage business and its many interesting prob- lems were made by President Lockwood, Karl W. Corby and A. Chester Flather. Mr. Corby is vice president of the club and Mr. Flather was president last year, now being on the Board of Gov- ernors, The Ticker Club includes members from the local offices of New York Stock Exchange firms. The annual dinner has come to be a part of the vear's regular program. Heard in Financial District. G. Bowie Chipman, resident partner ©f Harriman & Co. leaves here tomor- yow for a three-week visit at Hot Bprings, Ark. Checks were received here today from Chapin Sacks Co. covering the quarterly dividend of $2 per share on the cor- poration’s preferred stock. General wholesale commodity index of the National Fertilizer Association stood at 56.3 on January 28 compared with 569 the week previous; 58.1 & month ago and 63.9 a year ago. S BALTIMORE TELEPHONE REVENUES IN DECLINE Bpecial Dispatch to The Star. BALTIMORE, January 31.—Net tele- R‘m' revenues of the Chesapeake & mac Telephone Co. of Baltimore last year showed a decrease of usoun from the previous year, ac- cording to the report of anflm Just filed with the Maryland Public Service Commission. Net telephone revenues for the 12 months ending December 31 were $2.836,776 as compared with $3,287,- 265 for 1931. Total telephone revenues in 1932 amounted to $13,359,712. during this period were $10,522,936. Net telephone revenues for the month of December were $219,368 as compared with $259.693 for the same month in 1931, This was a decrease of $40,624. ‘WHEAT SUPPLY DECREASES. NEW YORK, January 31 (#).—The visble supply of American grain shows the following changes in bushels: ‘Wheat decreaced 1751000. corn in- 569,000, oats increased 112,000, Ba-c 18,000 sod bariey tne Tody Sates S0 Chch wiock ~Prev. 1933— High. Low. 5% bk 10% 35% 82% 8% 109% 102% 63% 65% 17 1874 66‘/7 % 6% 15% 11 14 8% ™ 4% 1% 1% 167 334 5% 14% 26% by 54 30% 8 82 3% 2 3% 3% 23'4 18 4 1 3 10% 14% 64 1% 29% 18% 1% 3 8% 2% 31 % 9% Ty 5% T 1T% 12% 118% FINANCIAL. this Stock and Dividend Rate. 4% Adams Bxpress. 50 Adams Exp pf (5). 8 Addressegraph 9% Affiiliated Prod 1. ‘0.. 58% Alr Reduction (3)... 1114 Alaska Juneau(80c). 1 Alleghany Corp..... 214 Alleg Corp pf $30ww 6% Allegheny Steel..... 80% Aliled Chem & D (§). 6% Allis-Chalmers Mfg. 20 Amerada Corp (2)... 10% Am Bank Note. . 10 Am Brake Sh&F(60¢c 64 AmCan (4)..... . 6% Am Car & Foundry 16% Am Car&Foundry pf 86% Am Chicle (13) 21% Am Colortype. 19%; Am Comc'l Alcohol. . 6% Am & Foreign Pwr.. 714 Am&Forgn Pw pf(6) 9% Am & For Pwr pf(7). 6% Am & For Pwr 24 pf. 4% Am Haw Stship (1).. 36% Am Home Prod ¢.20.. 6% Am International.... 5% Am Locomotive. 17% Am Locomotive pf.. 11% Am Mach&Fdy (80c). 3% Am Metal Co T% Am Power & Light. . 16% Am P&Lt LA (234). 19 AmPwr&Ltpf u). 6% Am Radiator. 7% Am Rolling Mills. 20% Am Safety Rasor (]) 12 AmSm&Ref....... 31 Am Sm & Ref 7% pf. 5% Am Steel Foundry... 31% Am Stores (12%). 80 Am Sugar nf (7) 614 Am Sumatra Tob. Am Tel & Tel (9) 53% Am Tobacco (5). 55% Am Tobacco (B) (5) Am Tobacco pf (6) 13 Am Type Fdrs pf 15% Am Water Work 13% Am Wat Wks ctfs(1) Am Woolen. < 7 Anaconda Co. 4% Anaconda Wire&C.. Anchor Cap (80c) . Archer-Danfels (1). Armour of Del pf(7) Armour of 111 (A). Atlantic R.flnhl(l). Atlas Powder. .. Atlas Powder pf (8 45 Auburn Auto (44)... 615 Avation Corp (Del 43 Baldwin Locomo! 11 Baldwin Locomot pf. 8% Baltimore & Ohio. 10% Baltimore & Ohio 72 Bamberger pf (6% 7% Barker Bros pf. 314 Barnsdal! Corp 915 Bendix Aviation. 9% Best & Co... 14 Bethlehem Ste 28 Bethlehem Steel pf. 5 Blaw Knox 12% Bonn Alumn & Brass 19% Borden Co (2). 8% Borg Warner. 3% Briges Mfg Co 25% Bkyn Manhat Tran.. 70 Bklyn Man Tr pf (6). 77% Bklyn Union Gn(s). 2% Bucyrus-Erie. 1% Budd (E G) Mfg. 3 Bullard Co. 2% Bush Terminal 15 Bush Terminal pf(1) 1% Butterick Co. . 464 Byers (A M) Bt (1) 8% ifornia Packing 214 Calumet & Hecla 8% Canada Dry G A(1).. 10% Canadian Pacific. . 6 Capital Admin (A).. Car Clin & O sta (5). 39% Case (J I) Co 50% Case (J I) Co 6% Caterpillar Trac 50 7 Celanese Corp. 59 Century Rib M 5% Cerro de Pasco. 1 Certain-teed Pr 26% Ches & Ohlo (2%). 147 Chesapeake Corp ( 7 Chi & Eastern Ill pf.. 24 Chi Great Western 7 Chi Great Westn pf. 1% Chi Mil StP & Pac. 2% Chi Mil StP & Pac pf. 3% Chi & Northwestern. 8% Chi & Northwest pf.. 5% Chi Pneu Tool pf 3% Chi Rock 1 & Pac 51 Chi R 1 & Pac 6% pf. 13% Chrysler Corp (1). 11 City Ice & Fuel (2) 49 City Ice&Fuel pf 6%. City Stores (A)... Clev & Pitts (334). 73% Coca-Cola Co (T) 11 Colgate-Palm-P (1). 79% Colg-Palm-P pf (6).. 315 Collins & Alkman.... 14 Colo & South 1st pf.. 15% Columbia Gas (b1) 69% Columb Gas pf A (6). 27% Columb Carbon (2) 4% Commercial Credit.. 23% Comcl Credit A (3).. 1814 Comecl Inv Trust (2). Senlinaulantaavanunmasnaroan » S.200% 3 G = 3 4 104 Comel Inv Tr pf 6%. 2701 61% . 20% 1% ™ 18% 9% 11 84 Comcl Invcv pf(ed). 10 Comecl Solv (60c).... 21 Comwlth & Southn. . 40% Comwlth & Sou pf($) 7% Congol-Nairn (§0e). 45 Consol Cgrpr pf 6%. 6 Consol Film pf.. 57% Con=ol Gas N Y (4).. 97% Consol Gas NY pf(§) Consol Laund 50c. ... % Consol Textile. 3% Cont] Baking (. 3 Contl Baking (B) 381 Contl Can (2) 14% Contl Insur ( 2 Cont’l Motors 5% Contl O1l (Del) 62% Corn Products (3)... 136% Corn Prod pf (7) 31 Coty. Inc. 247% Creum of 10 Cuban-Am Sugar p! 2 Curtiss-Wright..... 2% Curtiss-Wright (A). 4% Cutler Hammer, 3% Davega Stores (60c). 45 Delaware & Hudsen., 20 Del Lack & Westn. 67 Detroft Edison (6)... 121 Devoe&Raynolds(A) 18% Diamond Match (1).. 12% Dome Mines (11.30). 10% Doug Afrcraft (75e).. 84% Drug Corp (4). 361 Dupont de Nem 105 102% Dupont deN db pf( 54 Eastman Kodak (3). 18 Elec Auto-L (1.20).. 1% Elec & Musical Instr. 5% Blec Pwr & Lt....... 14 ElecPwr&Lt (3)... 7 Engineers Pub Sve.. 10 Equi Office Bldg 1%.. 5% Erie R R 1st pf. . 4% Erie R R 2d p! 42 Fed Lt & Trac pf (6) % Federal Screw Wks 214 Fed Water Servic 15% Fidelity-Phoen 1.20 12% Firestone T&R (1 61 Firestone T&R pf( §1% First Nat Strs (3% 18% Fourth Nat Inv 1.10.. 1% Fox Film (A)..... 22% Freeport-Texas (3).. 9 _Fuller Coprpf.. 16% Gen Am Tank Car(1) 6% Gen Asphalt... 13 Gen Baking (2) 214 Gen Bronze. . 29 Gen Cigar (4) 14% Gen Electric (4 11% Gen Elec spec (60¢).. 23% Gen Foods (3)....... 1 GenGas& Blec (A).. 13 Gen G&EI pf A (8). 38% Gen Mills (3) 12% Gen Motors ( 72% Gen Motors pf ( 2% Gen Outdoor Adv. .. 2% Gen Public Service. . 13% Gen Ry Signal (1). 4 Gen Refractories. . 17 Gillette Saf Ras (1). 71% Gillette Saf R pf (5). 18 10 8 T - Sas - » - #8uInnane SRanBeon T4 1+++++ FEEF FEFR FEFERLEEREESL I+ ++++ +1 L++++ ++ + +++0 01010 ++ 1+ 1+ ++141 S EFFIIF FEE +H1L++ ] 1+ ++1 £ $8 s + L+++++ ++ FOFEE FEEEFEEE F F FF FESFER I 14410 41+ 1 + B FSNE R ORE R ER FEE ¥ 1+ ++71 $E85%agF gy BRiaucy + +1+ + 4 25 28 s#5les 222 sx¥onsf s5 & =T ® ¥8 ¥y Fessax THLl+ +4+ +1 = o, .f-:nflttnl-dllv-lltllllflfl Net. EFRFEEFEF #F & R OFE ¥ Received by Private Wire Direct to The Star Office. 'TI—M lhlm-llfl-ln-fifl'- in this edition are Btock and . Dividend Rate. 13%4 Goodrich (BF) pf... 14 Goodyear TirekRub, 18 36 Goodyear 1st pf (7).. lnln— 7" Great West Sug..... 1 Grigsby Grunow.... 4 Hall WF) Printing Bl% 45% Hanna pf (7). 93 873% He.:cules Pow p! 57% b62% Hershey Choc (5).... 7 3% Holland Furnace. ... 158 145 Homestake Min (9).. 50 Househd Fin pf 4.20.. 18% Houston Oil. . 2% Houston Oil (new) 14% Hudson & Man (2%4). 35 Hudson Man pf (5).. 2% Hupp Moto 11% Illinols Central. 18 Illinols Central pf... 28% Industrial Rayon (2) 23% Ingersoll-Rand(1%). 2% Inspiration Copper. 334 Insuransh Del(15c; 4% Interboro Rap Tran: 1% Intercontl Rubber. 5 Int Agriculture pt 89 Int Bus Mach (). 2% Int Carriers Ltd 20« 1 Int Combustio: 20% Int Harvester . § Int Hydro-Elec (A). . 7% Int Nickel of Can. 2% Int Paperpf........ 2% Int Paper & Pwr pf.. 4 Int Printing Ink 2% Int Rys Cent Am 24% Int Shoe (2). 6% Int Tele & Teleg 23 Interstate Dept St 23% 19% Johns-Manville..... 50 37 Jones & Laugh pf(1) 10% 7% Kansas City Southn., 15% 13 Kan City Sou pf (2). 8% 7% Kayser (J) & Co.. 5% 4% Kelvinator Corp. 10l 8% Kennecott Copper... 103 8% Kresge (SS) Co (1 100 99 Kresge (SS) pf (7).. 29 27 Kress (S H) (f1). 18% 16's Krozer Grocery (1), 341 28% Lambert Co (4).. 14% 10% Lehigh Valley RR.. 47% 41% Lehman Corp (2.40) 18% 17 Lehn & Fink (2) 6% 6 Libbey Owens G 62 B0 Liggett & Myers. 63% 51% Ligg & Myers B (15)s 129 123% Ligg & Myers pf (7) 147 12% Liquid Carbanic 21% 15% Loew's, Inc (3). 3% 2% LoftInc.... 27 23 Loose-Wiles 134 114 Lorllard (P) (1200 98 9515 Lorillard (P) pf (7). 19% 18 LouGas&ElA (1%). 27% 21% Loulsville & Nash. .. 5% Ludlum Steel....... 1% 16% MLC!”CD!’DH @2)... 3 1 21% 18% MclIntyre P M(f1%) B1% 44'a McKeesport TP (4). 2% McKesson & Robbins 5 McKesson & Robs pf % McLellan Stores. 15% Mack Trucks (1). 281 Maey (RH) & Co (3) Mallison & Co Manati Sugar Manhattan Elev Manhat Elev mod gtd % Manhattan Shirt.... Marine Midld (30c). Marlin-Rockwell(1) 4 Marshall Field & Co. Martin Parry Mathieson A’ Mesta Machine (1).. Mid Continent Petm. Minn Moline Pow... 00 1 1t 00 bt 1 Bl - o0 r0 AN - BrR-2-T% Rrwow-ual Missour{ Pacific..... Missouri Pacifie pf.. % Montgomery Ward. . Mother Lode. Mullins Mfg. Murray Corp. Nash Motors (1) Nash Chat & St L. Nat Biscuit (2.80) Nat Biscuit pf (1)... Nat Dairy Prod (2). 3 H EC TS =T Nat Lead pf B (6) Nat Pwr & Lt (1). Nat Steel (50¢) Nat Surety . Nat Tea (60c 4 Newton Steel. 7% N Y Air Brake 21\1 16% N Y Central 3% 24 N Y Chicag 5 3% N YChi &St Lof. 120 106 N Y & Harlem (5) % N Y Investors. . 13 NY N H & Hartford. 25% N Y N H & Hart pf.. 7% N'Y Ont & Westera. . N Y Shipbldg pt (1). 17% Noranda Min (ai. 124 114 Norfolk & West (8 79% Norf & Westn pf (‘). 53% North Am Aviation.. 27% Nor Amer(b10 %stk) 43% North Amer pf (3)... 68 North Am Ed pf (6). 13 Northern Pacific. ... 7% 6% Ohio Ol (a60c) ’K 1% Omnibus Corp. 5 Oppenheim Coll ll% 10% Otis Elevator (1)... 4% 3 Otis Steel 37 33% Owens I1] Glass ( ). . 31% 28% Pacific Gas & El (2).. 43% 367% Pacific Lighting (3). 81% 177 Pacific Tel&Teleg(T) 110 108 Pacific T & T pf (6).. 2% 2% Packard Motor Car.. 2% % Paramount Publix. 1% % Park Utah.... % % Pathe Exchange. 31% 29 Penick & Ford (1)... 27% 24% Penney (J C) (1.80). 102% 90 Penny (JC) nf (6).. 13% Penna RR (h50c).... 72 Peoples DS Pf (6%). 66% Peoples Gas Chi (5).. 4% Petrol Corp of Am... 4% Phelps Dodg: 4% Phillips Pe! % Plerce Petroleum. - - (=4 17% 8% Plymouth O1l (1) 2% Poore & Co (B). % Presced Steel Car. 28 Proctor & Gam(1%). 82 Public Sve N J(3.20). 84% Public 8ve NJ pf (5). 101% 97% Public Sve NJ pf (6). 108% 102 Pub Svc G&E pf (5).. 23% 18% Pllllmln Corp (3). 3% 3% Pure Of . 10 7__ Purity Bllel'll a.. 4% Radio Corp.. 2 25 Real Silk Hoslery pi 3% Remington-Rand 26% Reynolds Tob B % Richfleld O1l.. 4 Rossia Ins of Amer, . 6 Rutland RRpf... —_— 42% 86% 39% Bafeway Stores (3).. 85 Bafeway Strs pf (6). Safeway Strs pf (). T% 8t Joseph Lead...... 1 StL-San Francisco.. 1% St L-San Fran pf. 2% Savage Arms. 6% Schulte Ret Stor p!. . 3 Seaboard Air Line... 16% Seaboard Ol Del 40s. 15% Se Port Ric Sug 1.6¢ Southern Cal Bd(3 Southern Pacific. Southern Rail SrranunPrnBual ulora SunurorannaSarnaT e Hmo 58aculs rom yesterday’ Add 00. High. 13% 15% 1% ia this editien, y's paper. Ne + +1 Il+l+l: + +i 1+ 3 F Lid Phimbsi 41 4 45185 +itbks R OFEFEE FEPEEFE FE P E FF FEFERE + 11 - +1 ¥ FEPESE | - I+4+++ 110 +4+14++4+ | FREFIEE FEES FEFESIT F F FEFFEEFE I +1+ » §F OFES 14+1+ 414 ¥ OEE - FEEF FEFE sases SEERTRIL ""’"‘.fiu. ~Prev, 1033— Btock and High. Low. Dividend Rate. 89% 5% Southern Railway pf 25 20 Spear&Colstpf..., 3 2% Spiegel-May-Stern. . 16% 14% Standard Brands (1). 123 121% Stand Brands pf (7).. 1% Stand Com Tobacc 12 Stand Gas&El (1. 2.). 20% Stand Gas&El pf (4). 41 Stand Gas&EIl pf (7). % Stand Invest Corp. .. 23% Stand Ol Calif (3)., 99% Stand Ol Exp pf (). 15 Stand Oil Kansas. 29% Stand Ofl N J (12) 314 Stewart Warner. 7% Stone & Webster, 3% Studebaker Corp. 22 Studebaker pf.. 8% Telautograph (1). 12% Texas Corp (1). 22 Tex Guit Sulph (8).. Pacific Land Tr.. 14% Third Nat Inv (90¢).. 3% Tidp Water Asso Ofl. 2% Timken-Detrolt Axle 14% Timken Roller Bg(1) 4% Transamerica Corp.. 3% Tri-Contl Corp. 7 Twin City Rap Tr pf. 50¢) 5% Union Bag & Paper. . Un Carbide & C(1. Un Ofl of Calif (1) Union Pacific (6).... Union Pacific pf (4) 28% 265% Unit Alrcraft. 18 16% Unit Biscuit (: 15 124 Unit Carbon % % Unit Cigar St 10% 8% Unit Corp (40c) 37h 333 1% 1% Unit Gas&Im pf (5).. U S Gypsum (160).. 27% 19% U S Indus Alcohol. .. THE EVENING STAR, WASHINGTON, D. C., TUESDAY, JANUARY 31, 1933. TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE qacaaaanr 2% 51% 38% West Pa 49% West Pa 98 Wi EFE F R EEEEESEF 25% Western F& 36% Wrigley AM.. P.M.. Dividend rates as *Unit of trading | 85, 00 stock. *## FEE F K FEEFFE \19. 1n stoc] e Patd st earmne T LIer rate ‘?l » P-nbl- in serip. Pipe&Fdry (500) Pipe 1st (1.20). 1% Walworth Co. . 1% Warn Bros Pictures. 60 10% 8% WessonOll &8n (1). 4 49 45% Wesson O&Sn pf (4). 2 11% Westing’se Alr B(1 27% Westinghouse Elec. 2% Wilcox Oil & Gas. 1% Willys-Overlan; % Wilson & Co..... 4 Wilson & Co (A). 20 Wilson & Co pf. 31% Woolworth (2. 814 Wright Aeronauti 34 Yellow Truck. . 6% Young Spring&W (1) 2 9% Youngstown Sh&Tu.. 21 4 Zonite Produets..... 1 Sales of Stocks on New York Exchange. | Soer™ 885, .u'.'.‘."un, FINANCIAL. iy g ey Bales— eel. U 8 Bteel pf (1) Elec A (7).. 230s M|l pf (1) 404 Union. . IL++4+ 14411+ (Wm) (3) 1l 1 ¥FEF Resrs eSS 120,000 450,000 12:00 Noon. 2:10 P. siven in the above tabl . 300,000 530,000 innual cash le are Devments based on the latest quutuu oF balf-vearly declarations. 00 shares. tPartly extra. 3Plus e s 'Tote” SPavavie in atock. 5 i 85 M stock " D Pias in I‘D.clll }P‘\ll 3% I CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, January 31.—Pollowing is today's summary of corporation news prepared by Standard Statistics ., New York, for the Associated Building, Real Estate and Related Lines. Devoe & Raynolds Co. first preferred share earnings, year ended November 30, $1.62 vs. $23.48. United States Gypsum Co. operations | in 1932 averaged less than 23 per cent | of capacity; cash and Government se- | curities totaled around $11,800,000 at year end. Chemicals and Fertilisers. Atlas Powder Co. 1932 preferred share earnings, 47 cents vs. $7.57. | Du Pont (E. 1) de Nemours & Co. ;212 common share earnings, $1.81 vs. General Refractories Co. 1932 loss about $2,100,000 vs. profit of $236,820 in 1931; plan been submitted to holders of two-year 5 per cent notes, due March 1, 1933, providing for refunding the issue with $6,000,000 five-year 6 per cent first mortgage cumulative income bonds carrying stock warrants. Hollander (A) & Som, Inc, 1932 deficit was $185,169 vs. net income| $542,611. New Enlfi:nd Equity Corporation 1932 common re earnings, $2.41 vs. $5.01. Railroad and Railroad qulpmcnl. Western roads to sell scrip books viding 2.7 cents per mile fare, a res uc- & FaFEL ¥ tion of 25 per cent compared with standard rate. Canadian Pacific Railway announced | 8 20 per cent reduction in of wages of running trades, effective March 3; new rate is 10 per cent below that which men have received over the past year. Chicago Great Western Railroad 1932 deficit $1,365466 vs. net income of | $901,113. Detroit & Mackinac Railway 1932 deficit $16,191 vs. net income $64,858. Florida East Coast Railway Decem- ber net operating income $91,986 vs. net operating income of $250,601; 12 months’ net operating deficit $281,776 vs. net operating income of $664,636. Tllinois Central Railroad 1932 deficit $3,546,574 vs. deficit $3,582,112. New York, Ontario & Western Rail- w:y‘lbn common share earnings $1.34 | Norfolk & Western Railway 1932 com- mon share earnings $11.30 va. $14.39. Loblaw Groceterias Co., Ltd., sales, four weeks ended January 7, off 5.9 per cent; 33 weeks, sales off 6.8 per cent. Theaters, Etc. Consolidated Film Industries, Inc., to print films for Universal Pictures Cor- poration; it is estimated contract will increase company's business by $1,000,- 000 annually. ‘Paramount-Publix Corporation—New Yfi: s{uprm coun placed 23 le:;\lx:e films of company in temporary receiv- in sult by bondholder; petition charges' that the films, valued at over basic rate | |DECLINE IN CANADIAN $10,000,000, were delivered to a subsid- fary of Paramount in violation of the rights of bondholders. ‘Universal Pictures Co., Inc.—Films of company to be printed by Consolidated Film Industries, Inc.; to clase its studio Iaborstory at Universal City. Tobacce. American Tobacco Co.—Bill of com- plaint was filed against company in New Jersey Chancery Court on behalf of five stockholders, charging conspiracy to gain control of common stock set aside as an offering to employes. Utllities. ted Gas, Electric Light & 12_months. Soumemflewn:[hnd“wphmeoo to spend $3,900,000 on additions in 1933. U. 8. TREASURY BALANCE. g heed u:l'ph for Ji 28 ‘Treasury lor January 28 were $4,643,841.05; ditures, $12,336,- 1767.36; balance, $339,415,081.42. Cus- toms duties for 28 days of JANUATY were | n0m2. 61378, % | ] +#.|.| 1++1+ FEREERF B oee sx —_— DIVIDENDS ANNOUNCED NEW YORK, January 31 (#).— Inereased. IY..ll MHSG'J'“; ©Congol Sand & uunl Mok A eIt Regular. Atlants & Char Air Line .$4.50 8 Mar. 34 S Mar. Hldrs. of Jan. 30 HE 2 58 & greapesecy 8 Py 2 29w 3 8 o & CERMAN MARKETS ARE HOLDING FIRM Hitler Appointment Has Not Resulted in Sacrifice of Securities. Special Dispatch to The Star. NEW YORK, January 31.—Within a | few hours of the first meeting in Berlin of the Wiggin Bankers’ Committee, i scheduled to take up the new terms of a “standstill agreement’ on German ! short-term credits, announcement was made of the appointment of Adolf Hit- ler, leader of the National Soclalist | party, as chancellor of Germany. A year ago this astonishing event in German national politics would have deeply embarrassed these American and European banking representatives, but time and a familiarity with economic and political episodes that once were disquieting now permit them to be viewed calmly. They are not allowed to obstruct operations already going for- ward for the relief of debtors. In September, 1930, on election day, when the first wave of Hitlerism swept over Germany, the bankers were in a panic. German securities, the following week and later, were in a state of col- lapse. Today the banking world looks upon a development that in 1930 would have appeared to be revolutionary as the natural sequence of political trends that have been shaping themselves for ultimate recognition of the German po- litical leader who commands the largest popular vote, and German securities are political (Copyright, 1933.) DOLLAR RATE NOTED Inflation Talk in Dominion Is Fol- lowed by Steady Drop in Currency Value. By the Associated Press. NEW YORK, January 31.—The anomaly of declining Canadian ex- change rates and sagging tendencies of Dominion bonds in the face of im- provement in country’s \‘.rl;dle is ntncun. attention in flmn cixcles. The flies in this particular ointment, in the opinion of some bankers, are the recent insistence of Calgary, Al- berta, on redeeming a debenture issue of $2,135,000 in Canadian funds inswld of American dollars, and renewed tation in Canada for currency deval u- ation in order to bring the exchange’| more in line with sterling. The Canadian dollar, from a high of 89 cents on January 9, is now around 851 cents and, since it's year's top, has been slipping daily.: Canadian gov- ernmun bonds, while displaying more ruhm;ce.mm still lln‘dher their best prices for the past month or so. Observers point out that Canada’ foreign trade balance steadily improved during mx lnd 1932, mainly at the of the United States, and that this factor, mp!ad increased pro- duction and export of gold, the Northern neighbor a reasonable equilibrium in current accounts, with possibly even a slight balance in Can- ada’s favor. ‘Wall Street financial ohevm 1 INCREASE IN RAILROAD INCOME IS REPORTED By the Associated Press. NEW YORK, January 31.—The first 64 railroads to report for December had aggregate net operating income of $28,749,000 compared with $25,264,000 in December, 1931, an increase of 13.7 NEW YORK BANK STOCKS NEW YORK, January 31 (P).—Over- the-counter market: Quotations as of $ o'clock. } ® _ W R Washington Produce 'WHOLESALE PRICES. Butter—One-pound prints (93 score), 23; tub, 22; one-pound prints (92 score), 23; tub, 21; one-pound prints (91 score), 22; tub, 20; one-pound prints (90 score), 20; tub, 19. Eggs—Hennery whites, 14a15; current | receipts, 12a13; Government graded ex- | tras, 21; standards, 18; mediums, 16! Poultry, alive—Turkeys, young hens, | 16a18; young toms, 14a15; old toms, 8al0; young toms, over 20 pounds, 11; | old hens, 10a12; chickens, Plymouth | Rock broilers, 15a17; Plymouth Roclu“ 4 pounds and over, 15a17; under, 12a13; | mixed colored chickens, 13al5; Leg- horns, 10a12; colored hens, 13a15: Leg- horn hens, 8a10; hens, 4 pounds and over, 12al4; capons, large, 17a19; small, 15a16; ku.'.‘s, old, 20a25; young, 25a35; Toosters, 7 Poultry, — Turkeys, young heps, 19a21; young toms, 17a18; old toms, 11a13; old hens, 13a15; chickens, Plymouth Rocks, 4 pounds and over, under, 14al5; Plymouth Rock 18a21; capons, large, 21a23; | a. mixed colored chickens, 14al5; Leghorns, 14; roosters, 10al12; | hens, 4 pounds and over, 15a817; keats. youn¢ 20a30; old, 15a20. ts—Beef, 10; veal, 12; lamb, 14; Dol'k loins, 10; fresh hams, 10; smoked hams, 12; ltrlp bacon, 13; lard, 73; compound, 7. Live n‘ock—nop, light, 3.40a3.65; | medium, 3.40a3.65; heavy, 3.00a3.45; pigs, 2.75a3.45; roughs, 1.50a2.50; calves, 3.00a7.50; lambs, 3.0026.00. Fruits—Nectarines, 3.25; plums, 3.25; apricots, 3.25; apples, fancy box stock, 1.50a2.00; bushel baskets, 1.00a1.25; | pears, 1.50a2.50; pineapples, 2.2523.50: .50; alligator pears, 2.50: ; oranges, 2.50a3.50; lemons, 3.50a | 450; grapefruit, 225a2.75; baskets, 1.10; unxerl.nu. 1.25a2.00; benanas, 125a2.50; rhubarb, 5-pound boxes, 50860; strawberries, crates, 5ooa'6 6.00; Spanish melons, 6.00a7.00; honey- dtwl. 4.00a5.00; .grapes, 2.00a3.00. Maine, 125a ‘bushel | D | STOCKS MARK.TINE INNARROW TRADING |Rail List Firm, Utilities Heavy and Industrials Very Quiet. BY GEORGE T. HUGHSS. Special Dispatch to The Star. NEW YORK, January 31 _Heavi- ness in the public utilities was the onl: nouwonhy incident o( todlu M‘ market, speculation in Was re- strained by uncertainty su nvund.ln( the United States Steel dividend meeting held after the close. Rallroad shares gave the best account of themseles. Only in this group was there any advance. Industrials hardly moved. Pressure against the utilities was kept up to cha end, when it affect- ed American Telephone, which had re- sisted up to the last hour. Grain markets were firm. Wheat closed unchanged to up % cent. Cote ton was reactionary. Silver sold off 10 to 20 points. The heaviness in the utilities—it could hardly be called weakness—was apparent from the start. Consolidated | Gas and Public Service of New Jersey reacted & point or 30 in the first hour and the other leaders in the group lost fractionally. The market seemed con- cerned over the movement toward lower rates. The fact that the Phila- delphia Electric Co., had flled a revised schedule, which is expected to cut revenues heavily in the next 12 months, brought selling into the power stocks. It was reported also that Consolidated Gas was considering a reduction in its charges to wholesale buyers. In normal times rate cutting by the utilities is not necessarily bearish on the stocks. They have usually been able to make up the loss by increased gross, which, of course, is difficult to do now. Nevertheless the probabality is that the market is overuummn! the importance of the present tren toward lower bills to consumers. The railway shares attempted to fol- low through their moderate gains of the day before, but they did not get very far. Delaware & Hudson was the strongest issue, selling at the highest since the dividend was omitted. Other carrier issues receiving good support were New York Central, Louisville & Nashville, Pennsylvania and New York, Ontario & Western. Neither United States Steel common nor steel preferred did much one way |or the other. Traders were reluctant | to take a position until it was known just what the directors would do on the dividend on the senior shares. With action so near at hand, there was no incentive to speculation. y American Telephone held within a narrow range. Earnings of 104 tele- phone companies as reported to the | Interstate Commerce Commission today for the 11 months ended November 30 last showed a drop in operating income from $20.947,369 in 1931 to $17.060.- 673 in 1932. Notwithstanding this de- cline in revenues, which American Tele- phone doubtless shares with other com= panies in the business, the Street is in- clined to anticipate the regular divi- dend at the next meeting. ————— SILVER QUOTATIONS. NEW YORK, January 31 (#).—Bar silver barely steady, % lower at 257;. SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co) Bid. Offer. Allls-Chalmers, o Bs 103 American Chain Co. 65 193: Amer. Tel. & Tel. 51z 14550 108 at, & EL 5s 1934 Baltimore & Ohio 4ias 1033 Belding Hemingway 6s Bethlehem Steel Co. 55 Canadian Nor. Ry. 413s Chi. Northwest Bs Idaho bakers, (N. Y. ; Florida, new, bushel, 2.00a | : turnips, 40850; salsify, per dozen, pinach, 50a75; collards, 30a40; cabbage, new, baskets, .00; old, sacks, 65a75; beans, 1.50a1.75; limas, 4.00; peas, ; lettuce, iceberg, 3.25a3.75; pep- rfl‘ 1.25a1.50; squash, 2.50a3.00; beets, .5082.75; carrots, 2.50a2.75; caulifiower, 1.50a1.90; mushrooms, 65890; broccoll, L | 2.5083.00; eggplant, 2.50a3.00; corn, | 4.00; tomatoes, o ls, 6-pan con- tainers, 2.75; repacks, 2.50; Cuba, 30- pound containers, 2.00a2.50; asparagus, | dozen bunches, Texas, 7.00a10.00; hot house, 2.0082.75. U. B. TREASURY CERTIFICATES ported by Chas. D, Barney & Co) hu—nnumy 3%s Mar. 15,1933, 100 28-32 121881 2 2 | FOREIGN EXCHANGE. (Quotations lIrnllh!d by W. B Hibbs & Co.) Sold Belling checks Colored finger nails for women have Just become vogue in Scotland. PROPERTY Apartment House Gen. Republic Iron & Steel Sinelair cons, Off Co. &G, Southern Pacific 5s idie | Union El 'Lt. & Pow. 5s i | Gnlen Bixo “chit: 8 1 Virginia Ry & Power bs 1 Wabash Rwy. Co. 5s 1039 Swallows fly with mouths open to catch gnats and flies. Producmg Oll Roynltles Operated by the largest oil com- panies provide attractive monthly returns for large or small investors. Write for Descriptive Booklet ANDREW E. FODOR Southern Bldg. Na. 6625 WITH SAFETY IN GUARANTY FIRST MORTGAGES If you have money for investme: choose these safe high-yielding Pirst Mortgage Bonds, secured by direct Pirst M Brodycing properties in the N l/ Denud g REAL zfis{nfi uonal GE'AND 1610 K Street “Nat. 1403 Money on Hand to Loan en First Deed of Trust 6 %o Interest Reasonable Commission and Prompt_Replies to Applications JAMES F. SHEA 643 Indiana Ave. N.W. 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