Chicago Tribune from Chicago, Illinois • 23

Co 1131 I merce I ribenixt I Fin anvil Ofcrag9' oto MAU tal AIM; I' XWS PAPIL La4 Ite IMP'S ItelL1191 23 SATURDAY. JANUARY 23. 1937. Many Plants Employ More Than in 1929 Treasury Post Goes to Son of New Deal Foe Annual Production of Passenger Cars and Trucks in the United States and Canada ELEVATED LINES FILE PETITION TO REORGANIZE STOCKHOLDERS VOTE ON EDISON MERGER TODAY 1ARMOUR PAYS 15 CENTS, FIRST IN ELEVEN YEARS 111 I MI ImmilMmmmoni New York, Jan. among factories reporting to the National 77 As- sociation of Man- ufacture rs at i the end of 1936 stood at 106.1 per cent of 1929 1 1 IgtzfehAJI levels, William B.

Warner, presi- dent, told pilksZilni.5-,: ''r new board of the facture rs at he end of 1936 too at 106.1 er cent of 1929 aNdiig1 Will iam 14,11414. Igt)4141 I. Warner, presi- ni.f-,....0.,i.i0., ent, told 1 Lew board of the 1 THOUSAND 6CARS 000 1900 1901 5000 1903 1904 1905 4000 1906 1907 1908 1909 3' 1910 1900 1901 M2 1903 1904 1905 1906 1907 1908 1909 1910 Iff Report Liabilities of 100 Millions. OPRI Minority Objectors Lose Legal Fight. Improved Business Is Reported.

ri rn P-1 4,192 918 1,170,686 7,000 919 1,933,595 9,000 920 2,227,349 11,235 921 1.682,365 22,830 922 25,000 923 34,000 924 3.737,786 44,000 925 65,000 926 130.986 927 3,580,380 187,000 928 19 r.r111n 11 929 1912 378,000 930 3,510,178 1913 485,000 931 2.472,359 1914 569,054 932 1,431,467 1915 969,930 933 1,986,208 1916 934 2,885,003 1917 1,873,949 936 1900 '02 '04 '06 '08 '10 '12 INNIMINIMERVERegintell pirie Inmemomanionstent p.k.::z.k8.:.::;:l. V.1-',.-...-:;:.-',1;:::44'::, Stfittir 410V.4. 1 11.111,H, ktA'''' i': 40.4141''' IC 4:: 1 5 i Yi, 2000 ro I 000 0 ri 2 134 '36' BY THOMAS FURLONG. Stockholders of the Commonwealth Edison company will meet at 11 o'clock this morning to vote on the proposed acquisitiOn by the company of three affiliated Utility companies operating in the Chicago metropolitan area. If the necessary steps are authorized the way will be cleared for the Edison company to carry out its plan to buy out minority security holders of the Public Service Company of Northern Illinois, the Western United Gas and Electric company, and the Illinois Northern Utilities company.

The deal is one of the largest financial undertakings in the utility field since 1929. The aggregate resources of the four companies involved are approximately 746 million dollars. 4 '26 '28 130 114 '16 118 120 '22 1 The Chicago Rapid Transit company elevated lines yesterday filed a voluntary petition in federal court asking reorganization under section 77B of the federal bankruptcy laws. An. nouncement was made Thursday of the company's intention to proceed with the step as a means of lifting the receivership under which the lines have operated since 1932.

The petition was filed by the law firm of Gardner, Foote, Morrow Merrick. It was signed by Bernard a. Fallon, president. Liabilities 100 Millions. The petition listed liabilities of $99,788,704, exclusive of accrued interest on its obligations and claims for damages for personal injury.

stated that although the company is unable to meet its obligations, its assets are worth in excess of 100 mil W. B. WARNER. association today. Warner pointed out, however, the figure did necessarily apply to all industry, inasmuch as the su ey made by the association did not W.

B. WARNER. association today. Warner ed out, however, the figure did necessarily apply to all in- dustry, inasmuch tCettrriett, in3.7 101two Ctia. Tritome.1 111.111111111.11011116 PIINNISXIIIMSEUIRSIga THOMAS E.

WILSON. WOMEN'S WEAR LEADS WHOLESALE SPRING BE FAR AWAY? DRAKE HOTEL LEASED BY KIRKEBY; REPORTED RENT $280,000 YEARLY House Radical Group Forms 'Power Bloc' take into consideration businesses forced out during the depression and which had not been reestablished. Warner, who is president of the McCall company and chairman of the executive committee of the American Woolen company, was elected president by the new board today to succeed Colby M. Chester, chairman of the General Foods corporation, who was named chairman. lion dollars.

The following liabilities and equities were listed: Bonds outstanding Debentures outstanding Notes payable Accounts payable Accrued taxes Preferred stock par. Common stock 146,429,400 18,561,800 1,472,803 4,165,905 2,800,000 6,495,800 19,862,900 Minority Group Loses Fight. Legal efforts of minority stockholders to halt today's meeting on the ground that the deal is unfair to Edison stockholders have proved unsuccessful. Judge Grover C. Niemeyer of the Superior court on Thursday refused the request of a stockholders' group to enjoin the meeting.

Another obstacle to program was removed late yesterday when Federal Judge James H. Wilkerson overruled objections of a creditor of Insull Utility Investments, to voting the 179,000 shares owned by the concern in support of plan. Although the bankrupt investment trust is the nominal owner of the stock, it is actually in possession of New York ad Chicago banks as collateral for loans. The legal ownership of the stock is a matter of controversy. After eleven years of waiting, the common stock holders of Armour Co.

yesterday were voted a div- stramosorirtt idend of 15 cents. :V.7.:,VI The disbursement was designated as a quart er ly dividend. Payment will be made on March is 15 to stock of record Feb. 25, and amounts to $609,835 for about 40,000 stockhold- ers. More than four million t4 shares are out- standing.

osuosomminallaill11 The preceding dividend was $1, R. H. CABELL. in 1926, and was paid on the old class A common, which was exchanged for new common in 1934. Directors at their reorganization meeting yesterday afternoon also declared the regular quarterly dividends of $1.50 and $1.75, respectively, on the $6 prior preferred and 7 per cent preferred stocks, both payable April 1 to stock of record March 10.

All officers were reelected. Statement of Cabell. It. H. Cabal, president, said after he meeting: This declaration of a dividend on the common was waranted in the 'pinion of the board by our results I or the last two years and thus far in the current year, and by the nancial condition of the company.

"Needless to say, today's action by he board Is an achievement toward hich the management and the board sf directors have been working diliently. We have had the support and operation of a great majority of he stockholders who two years ago a plan for reorganization of he company's financial structure and his reorganization was largely re.ponsible for the favorable action the toard was able to take today." Dividend Action Promised. This report on the dividend action ill not be news to the stockholders ho attended the annual meeting at he company's offices in the morning. that time Frederick H. Prince, hairman of the board, and Cabell irtually promised such action.

The stockholders' meeting ran moothly with the exception of an nterruption by the representative of small group of preferred stock holdrs who did not join in the enthulasm of common share holders. This interruption came when Atorney Paul W. Pretzel, who said he epresented the same group of 7 per ent preferred stock holdEzs who sued or back dividends on the stock last ovember, questioned the company's efunding operations. The back divdends of $31.50 a share were paid on an. 15.

Saves Interest Charges. co WI Co Id Ti Pi rn 15 re al SE 4C ex si st in cl xr cl do CE A A ir i 1 sl 1 I 1 fl ent or ov efu der an. Plan Recovery Program. Today's first session of the new board was devoted to formulation of plans for working out the declaration of principles adopted last December. These stressed the necessity for reducing industrial unemployment, curbing depression effects, creating economic security for the individual, and eliminating child labor and sweat shops.

Returns from plants employing 2,689,000 persons, approximately a third of those within the manufacturing industry," Warner said after the session, showed unemployment was 106.1 per cent of 1929 levels. The3e figures include the entire automobile industry, which reported employment as 16 per cent above 1929, and the steel industry, where employment was up 1.4 per cent. Steel Industry Encouraging. New York, Jan. Numerous trade shows and additional spring merchandise exhibits sent wholesale trade this week up 20 to 35 per cent above the corresponding 1936 week, according to Dun and Bradstreet's weekly review, issued today.

Retail trade, which last week seemed to lag, made some recovery and ranged 10 to 18 per cent above the 1936 week. Wholesale trade was again dominated by the demand for women's wear and dress accessories, retailers being eager to cover needs fully because of possible delivery difficulties and additional price markups before the spring season reaches its peak. Interest was declared also to be strong in men's clothing, infants' wear, furniture and cotton goods. Commitments for summer merchandise also were reported to have reached substantial proportions. Current shortages of underwear, blankets and winter staples spurred retailers to cover their requirements for next season four months earlier than usual.

Floods, rains, snow and blizzards proved a stimulant to retail distribution, most key cities reporting increases of 2 to 5 per cent. Labor disturbances in some cities were held partly responsible for the smaller gain reported in industrial areas. Hearing Next Monday. The petition was immediately assigned to Judge James H. Wilkerson, who has been exercising Jurisdiction over the receivership.

Following a brief discussion of the petition, Judge Wilkerson continued the hearing until Monday morning. Another petition for reorganization of the lines under 77B has been pending before the court for two years. It was filed by Attorney Lewis F. Jacobson in behalf of a group of creditors. Jacobson told Judge Wilkerson yesterday that he is willing to cooperate with the company either through consolidation of both petitions or in any other manner.

There are two petitions now before the court," Judge Wilkerson said. The question to be decided is whether these petitions have been filed in good faith. Good faith is not mere honesty. It also means whether there was reasonable ground for believing that reorganization could be I effected at the time the petition was filed." Chicago Tribune Press Service. Washington, D.

Jan. 22.House radicals, led by Representative John Rankin today or- rttillgUatalir.7.717 ganized a pub- lie power bloc" and adopted a it. resolution urging ,...4: the building of 1 governme ....9,.. transmission and distribution sys- 1 terns regardless 414.7.11 of duplication or ,14. 1, destruction private enter- prise.

4. This is the 5.4t,i; icy advocated by a David E. Lilien itattaVOMIIIMMIlibilbe thal, managing director of the REP. JOHN RANKIN. Tennessee Valley authority, in his current dispute with Dr.

Arthur E. Morgan, chairman of the TVA, who urges cooperation with the private utilties through the pooling of public and private electric power. Secretary of the Interior Harold L. Ickes has been named chairman of a committee appointed by President Roosevelt to make recommendations which would settle this dispute and become the national policy with respect to the distribution of power from the government's hydro-electric projects. The Drake hotel yesterday was leased by the newly formed Kirkeby Hotel company for ten years at a reported rent of $280,000 annually.

The Kirkeby company also obtained an option to buy the hotel property at any time during the life of the lease for $5,000,000, and assumption of a $4,000,000 mortgage indebtedness to the Metropolitan Life Insurance company. The lease was made by the Drake Management company, which is owned by the National Realty and Investment company. Edwin L. Bra-shears is president of both companies. A.

S. Kirkeby, president and managing director of the Kirkeby Hotel company, announced no changes would be made in the Drake's stat. Other officers of the Kirkeby company are Harry S. O'Neal, vice president, and Paul Ludmann, secretary and treasurer. O'Neal has been connected with hotel operation in Chicago for twenty years.

Ludmann has been president of the White Paving company for fourteen years. He is severing his connection with the paying company and associated interests to take up his hotel duties. The board of directors of the new hotel company includes the officers and Marius Kirkeby and Jule A. Peterson. The Drake was built by Tracy C.

and John B. Drake and was opened in 1920. The Drakes lost control of the hotel in 1933. Brashears will continue to operate the Blackstone hotel which also was at one time owned and operated by the Drakes. Chicago Tribune Press Service.

Washington, D. Jan. Magill, Columbia university professor of of Dr. Hugh S. Magill of .,0 Chicago, bitter critic '1 s''XI.

of the New or Deal, today was chosen by Presi- I dent Roose- 1 velt for the post of un- der sec re i ,:,,7,:.,, 1:...,,, s'L tary of the 4 treasury. ,4,4.: Mr. Roose- 'AN'' velt sent to the senate the nomina- ROSWRI-x, mAGILL. tion of Magill as successor to Thomas Jefferson Coolidge, who resigned several months ago in protest against New Deal fiscal policies. Magill will be in charge of all internal revenue matters for the treasury.

Almost at the same time that the President was nominating the younger Magill for the high treasury post the elder Magill, as president of the American Federation of Investors, was issuing a statement demanding that the interests of investors be protected against the government subsidized competition of the Tennessee Valley Authority and similar enterprises. Will Direct Tax Gathering. As boss of the revenue division, Roswell Magill will direct the levying and gathering of the federal taxes which his father has repeatedly attacked as extortionate, ill conceived and poorly planned. Young Magill, prior to his joining the faculty at Columbia eight years ago, was an instructor at the University of Chicago, from whose law school he won his L. L.

B. degree in 1920, four years after his graduation from Dartmouth college. He is 41 years old. married, and the father of two children. During the war he enlisted and rose to be a captain in charge of student army camps in the south Atlantic states.

His wife, the former Katherine Biggins, also is a lawyer, having been admitted to the Illinois bar after graduation from the University of Chicago law school. Served as Tax Adviser. As undersecretary Magill will carry on an association with the treasury which he temporarily ended in November, 1934, after serving for one year as special adviser to Secretary Henry A. Morgenthau on tax matters. He is credited with having devised the revenue act of 1934, after spending several months in England studying the high income tax rates of that country.

The elder Magill's statement today, although mentioning no names, was aimed at David E. Lilienthal, managing director of the Tennessee Valley Authority, whose recent remarks have disclosed his attempts to persuade President Itoosevelt that government subsidized power plants should be permitted to squeeze privately owned electric utility companies into complete submission by ruthless competition. Position Set Forth. "Investors feel," said Dr. Magill, that their interests as well as the interests of the public would be best conserved by such an equitable adjustment of policy as would terminate the struggle that has gone on for several years between the government and the operators of these private utilities.

"President Roosevelt declared in his address at the opening of congress that his administration had sought to protect the interests of investors." Dr. Magill's latest statement was more moderate in tone than some of his earlier remarks, especially those made shortly after the Chicago headquarters of the American Federation of Investors had been subjected to examination by snoopers from Sen. ator Black's lobby investigating corn, mittee in the fall of 1935. Rising taxes have been a favorite subject for his condemnation. "It has become common knowledge that industry under political manage; ment means waste and extravagance, which result in higher costs to the consumer," he said last March.

"But politicians cover up these losses and pass them on to the taxpayers. In the end the consumer loses, and those who toil and save must pay the bills. "No thoughtful person ever doubts ed that the frightful cost of this orgy of spending would have to be met by this and succeeding generations." STILL FIGHTING, MAGILL SAYS. Upholds Order to Vote Stock. The objections were made by At.

torneys Samuel A. Ettelson and Irwin Treusch, representing the Advance corporation, which owns 000 of debentures of Insull utility, After Referee in Bankrupt 2y Wallace Streeter early yesterd I had instructed Trustee Harry A. Bigelow to vote the Insull shares in favor of the program the attorneys took the matter before Judge Wilkerson, who upheld the referee's ruling. The Advance company's attorneys explained that they were not opposed to the proposals to be voted upon, but believed that the stock should not be voted while its ownership was a matter of dispute. They asserted that the stock was being voted in accordance with the wishes of the bank creditors and such action might jeopardize the legal claims of the trust to the collateral.

Before the order Judge Wilkerson permitted Attorney Ettelson to insert a provision that it would not prejudice the existing controversy. Edison Program Outlined. The program to be voted on by stockholders today consists of four steps, summarized as follows: I. The carrying out of a recapitalization plan for the acquisition by Edison of complete ownership of the stocks of the Public Service Company of Northern Illinois. 2.

Retirement of the outstanding debentures of the Commonwealth. Subsidiary corporation, and all mortgage debt and preferred stock of Western United Gas and Electric cornpany and the Illinois Northern Utilities company. 3. Retirement of a substantial amount of the senior securities of the Public Service company. The steps proposed will not result in a complete consolidation of the four companies.

Each will retain its present physical and operating Bondholders Agree. Attorney C. M. Doty, counsel for the bondholders' committee headed by D. F.

Kelly, which represents 24 million dollars of outstanding bonds, said the committee was favorable to the approval of the company's petition, although it may oppose similar approval for the Jacobson petition. The company's petition said the lines are in need of relief under section 77B and that the value of the properties can be preserved only by the maintenance and operation as a single transportation system. Various parts of the system are subject to separate liens now being foreclosed In the receivership. Believed Best Step. It asserted that a reorganization was desirable and would be to the best interests of creditors, stockholders, and the public.

It asked the court to appoint trustees to operate the properties pending reorganization. The lines were placed in receivership in 1932 following a default on bonded indebtedness. Britton I. Budd and A. A.

Sprague have acted as receivers. If the plea for reorganization is approved the receivership will be terminated. It was believed likely that the co-receivers would be named trustees under the reorganization. The figure of the steel industry was particularly encouraging because of its dependency upon activity within the durable goods industries, the latter having been the most prostrate during the depression." Having determined where employment has increased, Warner said, the next step was to find out where unemployment still exists so that the entire country can concentrate its efforts in that direction." To obtain this information, he asserted, a federal census of the unemployed is absolutely essential." Warner said that unemployment existed in the heavy industries and construction, which had not caught up with the recovery upswing. On the other hand, there was a definite shortage of skilled labor in many lines, because apprentices were not generally trained during the depression, he said.

Consider Shorter Week. Demands of labor for a shorter work week have received careful attention, Warner asserted. The whole course of industry has been toward shorter hours," he said. The only danger is in forcing it. If hours are decreased to the point where prices must necessarily be raised, purchasing power is decreased and labor is as bad off as before.

The whole purpose of industry must be toward increasing purchasing power." Thomas E. Wilson, chairman of Wilson Chicago packers, was elected first vice president; S. Clay Williams, former NRA administrator and chairman of R. J. Reynolds Tobacco company, second vice president; and former Gov.

Walter J. Kohler of Wisconsin, president of Kohler company, third vice president. C. S. Davis, president Borg-Warner corporation, was named a regional vice president.

FIND FHA MAKES SMALL PART OF LOANS ON HOMES Federal Housing administration loans are only slightly more than 4 per cent of the more than half a billion dollars of residential first mortgage loans now on the books of 222 mortgage lending and investing institutions in 39 states and the District of Columbia. This statement was made yesterday by the Mortgage Bankers' Association of America in a survey just completed. The total amount of residential first mortgage loans on the books of the private lending agencies was $546,997,000, of which $22,030,000 represented FHA financing by 71 of these institutions. The institutions were queried as to whether they considered the FHA policy of making 80 per cent loans on sound appraisals in conformity with good lending practice. The vote was: 171 no and 42 yes.

As to whether the FHA is retarding the business of private mortgage lending in the territory served by the Institutions, 130 said that it is; 82 voted no. Rankin Is Chairman. The house power bloc elected Rankin chairman and Representative Knute Hill secretary. We already have a large number among our membership and we expect to have a majority of the house within the next few days," Rankin said. The bloc adopted a resolution saying in part: We believe the government should hold in perpetuity the dams it now owns or has under construction, or in contemplation, and should build and own the transmission lines to convey the electric energy generated at these dams throughout the distribution radius of each one, and sell it wholesale to cities, towns, cooperative associations, and other public agencies.

We believe in encouraging and assisting, through governmental aid, the counties, cities, towns, cooperative associations, or other public units in owning and operating their electric distribution systems. Opposed to Fooling. We are unalterably opposed to pooling the public power. by the TVA on the Tennessee river, or at Boulder dam on the Colorado river, Booneville or Grand Coulee on the Columbia river, or by any other governmental project or agency with that of any private power company, or private distribution agency. In order to avoid duplication, we favor the government's purchasing the transmission lines where they would parallel the public lines nece3- sary to carry public power to its destination, provided these lines can be purchased at their actual values.

If not, then, we favor the government's building its own transmissioh lines, regardless of duplication." BRITISH LEADER AT CAPITAL TO SEE ROOSEVELT Chicago Tribune Press Service. Washington, D. Jan. 22.Walter Runciman, president of the British Board of Trade a government agency responsible for matters relating to trade and industry, arrived in Washington today for a week-end visit with his old friend," President Roosevelt, which is expected to probe the possibilities of an Anglo-American trade pact and war debt payment. On his arrival in this country, Runciman characterized his visit as purely social." At about the same time President Roosevelt reiterated his statement of a week ago that the British trade leader was coming here on a holiday and as a personal friend.

To emphasize the unofficial nature of the visit, desired by host and guest, the state department arranged no official reception for Runciman. As he is not expected at the White House until tomorrow he drove directly to the British embassy with Mrs. Runciman. Belief that the chats will embrace the war debt problem was strengthened by the arrival of Sir Otto Niemeyer, a director of the Bank of England, in New York. It is believed he will call at the White House.

The belief was also strengthened by the fact that France is sending as its new ambassador in February, Georges Bonnet, financial expert and former finance minister. 25 CENTS EXTRA VOTED BY GREAT LAKES DREDGE CO. Company officials pointed out that his was the opportune time to en-Age in refunding and that it would ave the company $157,000 annually interest charges. Pretzers cornnents were directed particularly at he redemption of $7,263,000 of Moris Co. 41 per cent bonds, due a 1939, from part of the proceeds of 20 million dollar issue of 4 per ent bonds of Armour Co.

of Delaare. Fifteen of the eighteen previous diectors were reelected. Philip D. Arour and Lester Armour, Chicago, nd Allan R. Walsh, Trenton, N.

ad resigned recently and did not ffer themselves as candidates for rePection. Reports New Expansion. Supplementing the company's anual report, issued recently, which howed sales of $748,935,218 in the ear ended Oct. 31, 1936, best since 930, and earnings of $10,184,492, bell said: "We are extending our facilities or doing business in every section here raw materials are available nd where there is a local demand it' the kind of product we sell. 1mrovements in distributing facilities ave proceeded right along with imrovements in plant facilities.

Fur. her folding in of subsidiaries is ontemplated and in fact is already nder way. Armour Co. common stock led ading on the Chicago Stock exange yesterday, although on a de, ining market as profits were taken anticipation of the dividend action flounced after the market closed. he issue closed at 912, off point at the low mark for the day.

ales in the issue amounted to 11,500 loxes. I i his ag avf er he is 2 en ec' nd ad fte e( hc ea 93 1 ol or Ii zit rc or ht a 1 a Will Become Edison Units. Public Service, Western United, and Illinois Northern will function as wholly owned subsidiaries of Edison. The Edison company now holds a substantial interest in all of the companies and the latest move will result in a closer operating and financial union. After the completion of steps outlined the Edison company plans a comprehensive refunding of the bonds of all the companies for the purpose of effecting a reduction in present interest charges.

To carry out the complete acquisi. tion of the other companies the Edison company will offer its own shares in exchange to other stockholders. AUTO PLANTS' STRIKES REDUCE WEEK'S OUTPUT Effects of the General Motors strike were reflected in automobile production figures for this week, issued yesterday by two leading statistical agencies. Declines were reported for each of the three major producers, Ford and Chrysler recording small losses and General Motors a big downturn. Ward's Automotive Reports, estimated assemblies at 73,509 cars and trucks, compared with 85,703 in the preceding week and 92,689 a year ago.

Cram's Reports, placed output at 81,395 assemblies, against 280 a week earlier, and 102,415 in the 1936 period. said General Motors output 7,450 cars, against 15,300 last Chrysler 22,400, compared with and Ford 27,165, against 27,280. Rock Island and Seaboard to Sell Equipment Issues Washington, D. Jan. The interstate commerce commission today authorized the Chicago Rock Island Pacific railway to issue 000 of equipment trust certificates and the Seaboard Airline railroad to issue $2,500,000 of 33i per cent similar certificates.

The Rock Island issue will be sold to a syndicate head by Lehman brothers for 100.539 and the Seaboard issue will be sold to the Prudential Insurance company at 97.72. Directors of the Great Lakes Dredge and Dock company, Chicago, yesterday announced the declaration of an extra dividend of 25 cents on the common stock in addition to the regular quarterly payment of 25 cents, both payable Feb. 15 to stock of record Feb. 3. Youngstown Steel Door company ordered a dividend of 50 cents on the common stock, payable March 15 to stock of record March 1.

The company paid 25 cents a share on Dec. 15, 1936. The New Jersey Insurance company declared a special dividend of 50 cents and a dividend of $1, payable Feb. 20 to stock of record Feb. 2.

The preceding payment, made six months ago, was $1 a share. An extra of 35 cents and a regular semi-annual dividend of 50 cents were voted by the New Brunswick Fire Insurance company, payable Feb. 1 to stock of record Jan. 22. FREIGHT CAR LOADINGS SHOW GAIN IN WEEK; 24.4 PCT.

OVER 1935 Continued on page 25, column 6. IMO 0011600041 OOOOOO OOOOOOO I CHICAGO CURB CUTS DEFICIT TO $6,239 FOR YEAR The Chicago Curb exchange yesterday reported a deficit of $6,239 for the year ended Dec. 31, 1936. This compared with deficits of $17,271 in 1935 and $17,931 in 1934. Total income for the year was $23,358 and expenses, including depreciation, $29,597.

Net assets on Dec. 31 were $74,652, of which $69,572 was in cash and government bonds, giving a book value of $910.39 for each of the 82 memberships. During the year the board of governors approved 14 new listings and four additional listings, Two memberships were transferred In 1936, one at $1,000 and the last at $1,250. The exchange was granted exemption during 1936 in four additional states, Kansas, Kentucky, Oklahoma, and Texas. Dr.

Hugh S. Magill, interviewed at the headquarters of the American Federation of Investors here yesterday, said that he received word of President Roosevelt's nomination of his son as undersecretary of the treasury. He said he saw no connection between his own activities and his son's nomination, pointing out that the latter had been friendly with Secretary of the Treasury Morgenthau for several years. The federation, Dr. Magill said, is continuing the fight to protect the interests of investors against federal encroachment.

ONTINENTAL a da a a daaa a a 0, I Freight car loadings on the nation's War 1 railroads last week totaled 700,238 totaled cars, an increase of 1,709 cars over week; the preceding week, 88,891 over the 26,850, corresponding week a year ago, and 137,412 cars over the like 1935 week, Can( the Association of American Railroads reported yesterday. to The rise in trafic was slightly less MO1 than seasonal. The gain of the latest cial.l week over the preceding week was United only two-tenths of one per cent, but an Inc: was an increase of 14 per cent over kilowa 1936 and 24.4 per cent over 1935. the pi Less than earl merchandise annou showed the largest increase. was 1, Loadings of the various classifica- pared tions for last week, and comparisons ada's with the preceding week, and the all tin corresponding week a year ago, I hours.

follow: 1 114, Ward's totaled week; 26,850, to U. United an kilowatt the announced was all time a a Canadian Power Exports S. Show Large Gain MONTREAL, Jan. of electricity to the States from Canada showed increase of nearly a quarter billion hours in 1936, compared with previous year, it was officially today. Last year's export 1,578,107,000 kilowatt hours, compared with 1,364,587,000 in 1935.

Canada's total output in 1936 reached an high of 25,493,474,000 kilowatt New Life Insurance Sales 1.3 Per Cent Lower in 1936 New York, Jan. life insurance sales in 1936 was 1.3 per cent less than in 193.i, according to a report made to the department of commerce today by the Association of Life Insurance Presidents. For December, however, the volume was 2.9 per cent higher than a year ago. Total new life insurance for 1936 was $8.051,636,000, compared with $8,767,836,000 for 1935. Youthful clothes are gracefully informal 1 Vie sad Sat $145 OtIter, FIRST NATIONAL SHARES CLIMB Sharp gains and heavy trading in Dmmon stocks of the Continental Llinols National Bank and Trust corn-any and the First National Bank of 'hicago yesterday featured trading in le local bank stock market, both eaching new peaks for recent years.

Illinois Jumped $10.50 to lose at $206 bid, $208 asked, a new igh since issuance of the new stock 1. 1932. First National soared $16 to 319 bid, $323 asked, a new peak ince 1931. Other bank stocks held comparatvely steady. Dealers reported nothlg special in the news to account for he sharp gains.

4) 11 a 3 tx I MS. I Change from Last wk. Year ago. 102 45,142 Senate Gets Bill to Modify Surplus Profits Tax Law Washington, D. Jan.

Senator King Utah, introduced a bill today to modify the undistributed corporate tax law so as to exempt from the levy debt payments and expenditures for improvements to plants. The debt exemption would apply only to obligations incurred prior to April 30, 1936. Both exemptions, under the King proposal, would apply retroactively to last year's corporate income. 1 1 HENRY HEPPNER Co. Tailors 3 10 S.

Michigan Avenue. Chicago 3.724 12,263 8,358 Forest Park Trust Repays 5 Per Cent to Depositors Checks totaling $64,416 were mailed yesterday to depositors of the Forest Park Trust and Savings bank. The payment represents a distribution of 5 per cent of total deposit claims and brings the total paid so far to 25 pox omit Record Mail Cargo Carried by NewYork-ChicagoPlane What was asserted to be the largest shipment of mall carried on one airplane arrived in Chicago yesterday when an American Airlines flagship, flying non-stop from New York to Chicago, brought 2771 pounds of mail. UNITED STATES PIPE AND FOUNDRY COMPANY New York. January 21.

1937. The Board of Directors this day declared four dividends of seventy-five cents (75o) each on the outstanding Common Stock of the corporation. payable as follows: Payable To Holders of Record March 20. 1937 February 27. 1937 June 19.

1937 May 31. 1937 September 20. 1937 August 31. 1937 December 20. 1937 November 30.

1937 The transfer books will remain open. CHAS. R. RAUTH. Secretary.

This wk. Miscel freight 275,045 Less than carlot merchandise 161,279 Coal 161,049 Grain and grain products 32,135 Live stock 15,833 Forest products 31,920 Ora 11.097 debre 11.81-9 ducts 32,135 stock 15,833 st products 31,920 11.097 11.879 a 2,248 2,534 692 1,900 2,011 3,543 1.379 11.061 111 4 3,215 sadleneenall 06000011110110041110 OOOOOOOO 00000 I.