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FINANCIAL AND MARKET
TREND OF WEEK PART FOUR—FINANCIAL AND CLASSIFIED CLASSIFIED ADVERTISING PAGES THREE TO TWELVE TWELVE PAGES. ■ ■■■ .. » ■ i - WASHINGTON, D. CM JANUARY 30, 1938. ~~ D. t STORE SALES Trade Is Below Like Period Year Ago and Previous Six-Day Average. ADVANCE REPORTED IN BUILDING PERMITS Stock Exchange Trading Scores Monthly Rise—Insurance Firms Note Progress. By EDWARD C. STONE. Coldest weather of the winter ■lowed up sales in Washington de partment stores during the week just ended, resulting in a drop of 8 per cent from the corresponding week a year ago and 18 per cent from the previous week, the Commerce De partment reported yesterday in re viewing business in 36 important cities. Sales for the full month, how ever, are expected to compare favor ably with January, 1937. Building permits in the Capital were substantially ahead of the same period last year, the value of proposed construction being $306,400, compared with only $178,700 a year ago. The slower retail trade caused a slump in bank clearings, the total of $19. 365,664, comparing with $24,745,933 in canceled checks a year ago. Retail trade in other cities in the fifth district also registered declines, except in Charleston, S. C. Balti more, Richmond and Norfolk were among the cities reporting a slower retail trade pace. As Easter will come several weeks later this year than in 1937, forward orders in wholesale lines are reported as being delayed. Retail inventories are being gradually depleted so that some pick-up is anticipated as retail merchants will gradually have to build up their stocks, the review concludes. u. V. Lxrnansr irauing ixisrs. Trading on the Washington Stock Exchange in December was much bet ter than in November, the Securities and Exchange Commission reported yesterday. The dollar value of all sqles on the local exchange amounted to $110,757, against only $71,764 in November. Stock sales totaled $104,629, as com pared with $53,516 in November, and there was a turnover of 1,626 shares In December, against 929 in the pre vious month. The value of bond sales, however, was lower, $6,128 com paring with $18,248. The total" prin cipal amount of bonds sold was $9,000, •gainst $22,000 in the earlier month. While exchange activity in Decem ber was far ahead of November, it was slightly behind December a year ago, when the value of sales of both stocks and bonds reached $123,633. The report for Washington is far better than that for all registered exchanges in December, when a drop of 7 per cent was noted from Novem ber and 48.5 per cent from Decem ber, 1936. On the Washington E:;rhange yes terday 50 shares of Mergenthaler Linotype sold at 23n8, and Riggs Na tional Bank common came out at 290V* on a very small sale. Carpel Corp. appeared on the board for the first time this year, 25 shares moving at 21. Acacia Reports Sharp Gains. President William Montgomery of the Aeacia Life Insurance Co. re ported yesterday that total sales in 1937 amounted to $44,784,000, the net Increase reaching $22,440,000, an im provement of 76 per cent over 1936. Total assets also scored a gain of more than $6,470,000 during the year, Mr. Montgomery added. During 1937 Acacia improved its conservation rate by another 15 per cent, which means the percentages of lapses decreased ‘ by that amount. It is believed by Mr. Montgomery that this conserva tion record is unequaled by any other old-line company. Cremen Agents Win Honors. John P. Cremen, general agent of the Massachusetts Mutual Life Insur ance Co., is among many other Washington insurance men who re port substantial gains during the year 1937. With terminations at the lowest point since 1927, a national 8»in of $36,998,391 of insurance in force was registered, he said. Assets were up $37,000,000. me Washington office wrote $1,500,000 more new insurance than in 1936, he said, the agency now having $31,000,000 insurance in force. Three members of his staff were Among the company’s 100 largest pro ducers during 1937—L. V. Freudberg, D. J. Harrison and R. W. Castle. Capital in Prosperity List. Washington is included in the list of 10 cities in which business im provement has recently been out standing, says Forbes Magazine, Feb ruary 1 issue. The other nine cities are: Dallas, Memphis, Forth Worth, Nashville, Kansas City, Kans.; El Paso, Port land, Me.; Columbia, S. C., and Williamsport, Pa. Specifically, in the cities named, business is said to compare more fav orably with the same time last year than on any previous occasion since November, 1937. The North Carolina Bankers Asso ciation will hold its 1938 convention on the high seas. Sailing from Nor folk on the S. S. Reliance June 19 the North Carolina bankers will visit Nassau and Havana, returning to Norfolk June 26. JANUARY FARM PRICES ' LOWEST SINCE 1934 Pr the Associated Press. The Bureau of Agricultural Eco nomics reported yesterday that the level of farm prices in mid-January was the lowest for the first month of the year since 1934. It said prices had dropped approximately 22 per cent since January, 1937. Prices slightly higher when com pared with December’s were reported for grains and cotton, cottonseed, but all othe major groups declined. \ k Building Industry’s Prospects Declared Good in Some Cities Boston Reports Sharpest Upturn in Per mit Valuation—Washington Among Areas With Decreases. By the Associated Press. CHICAGO, Jan. 29.—Reporting were the best in six years despite a Association of Building Trades Emp prospects were optimistic in some lc Some cities expect • building in 1 than in 1937, Secretary E. M. Craig s Mr. Craig said building authori this spring due to contraction of g< complain of housing shortage, he sa jobless ranks the last few months is in their localities which has lessened demand for housing. The association's semi-annual sur vey of 41 cities by Robert D. Steele showed 1937 construction volume in volved 236,204 permits with a valua of $775,460,237, compared with 222, 689 permits at $554,086,862 in 1936. Construction totals for 44 States ag gregated close to $3,500,000,000, Mr. Steele said, compared with $2,911, 287.000 in 1936 and $1,975,098,235 in 1935. Mr. Steele said that among the cities Boston reported the sharpest upturn in building permit valuation with an increase of 81 per cent. Gains elsewhere included 51 per cent at Chicago, 47 per cent at Philadelphia and 44 per cent at New York. Wash ington, Cincinnati, Milwaukee, Mem I NETS S2,5ffl FOR LAST YEAR Income Equal to $1.28 a Share, Increase Over 1936, Reported. j E> the Associated Press. NEW YORK, Jan. 29.-—The Petro leum Corp. of America, an in vestment unit, reported todav for 1937 net income of $2,538,520, exclusive of ; profit from security transactions, ft ; was'equal to $1.28 a share on the cap | ital stock and compared with profit of $1,810,326, equal to 90 cents a I share, in 1936. Security transactions, it was re ported, resulted in an increase of : $538,671 in profit on realization of in vestments. A reserve of $200,000 w'as set up out of surplus to apply against changes in valuations of security hold ings. Net asset value was given as $14.56 | a share on outstanding stock, com I pared with $23.94 at the end of 1938. ! The company bought 17,900 of its ; shares last year at an average cost ‘ of $10.88 a share. Niagara Share Assets, i The Niagara Share Corp. of Mary j land, an investment company, re | po.ted its net assets at the end of 1937 were equivalent to $11.19 for each share of class B common stock, com pared with $22.59 at the close of 1936. On the class A preferred assets were equal to $647.26 a share, against $1, 209.69 at the end of 1936. $1,803,925 Net Income. Northwest Bancorporation, holding interests in' many banks, trust com panies and other financial institutions in the Northwest, with headquarters in Minneapolis, and its affiliates re ported for 1937 consolidated net in come of $1,803,925, equal to $1.14 a share on the capital stock, compared with $1,708,891, or $1.07 a share, in 1936. New Jersey Zinc Co. Profit. New Jersey Zinc Co. reported today for 1937 net profit of $7,871,914. equal to $4.01 a share on the capital stock. This compared with $5,250,789, or $2.67 a share, in 1936. Rudolph Wurlitier Co. The Rudolph Wurlitzer Co. of Cin cinnati, Ohio, reports net profit after* .reserves for contingencies, normal Federal and State income taxes and nine-month preferred dividends, for the first nine months of its fiscal year (April to December, inclusive) of $1, 551,300.98, equal to $3.91 a share on the 396,623 u shares of common stock outstanding as at December 31, 1937. The increase in common shares out standing from 380,520, as reported at the close of the second quarter, to 396,623resulted from the settlement made with preferred stockholders in November; 1937, of all dividends in arrears on the 7 per cent cumulative preferred stock. NEW YORK STORE SALES ARE WELL ABOVE 1936 Br the Associated Press. ( NEW YORK, Jan. 29 —The Federal Reserve Bank of New York reported yesterday department store sales in the second Federal Reserve district in the first three weeks of January were 0.7 per cent under the compa rable period last year. “After allowance for the usual sea sonal decline,” the report said, “sales appear to have been well maintained between December and January." For the full 1937 year sales in the district were 3.7 per cent above 1936, the bank said. the Nation's 1937 building operations late sharp curtailment, the National loyers said today the Industry's 1938 calities. 938 to be on even larger proportions aid. Others are not as optimistic. :ies do not expect any rental boosts neral business. Although some cities id, the number of workers added to again creating a doubling-up situation r. _________ phis, Dallas, St. Louis, St. Paul, Fort Worth, Louisville, Nashville, Kansas City, Peoria, 111.; Scranton, Pa., and Toledo had decreases in valuation, he said. Mr. Craig said cities with popula tion of 150,000 or less and not adja cent to larger cities anticipate a sub stantial number of new $4,000 ta $6,000 homes this spring because of reasonable building costs. In the 1920-1929 decade, he said, the average annual number of family resi dential units constructed was 677,000. In the seven years, 1930-1936, the av erage annual number dropped to 165, 000. Mr. Craig said that the Nation, to be abreast of the times, should have an annual turnover of 475,000 to 500,000 new homes. RENT MEASES UNLIKELY IN % BANKERS PREDICT Sentiment Some Areas, but Wavers in • Eastern Section. Bs the Associated Press. CHICAGO, Jan. 29.—The Mortgage Bankers' Association of America said today a survey disclosed a majority of the Nation's mortgage bankers be lieve city dwellers will not be bur dened with rent increases this year. The association said it conducted the survey in 68 principal cities. Six ty-five per cent of the bankers polled expect no rent boosts in single fam ily houses in 1938; 64 per cent expect no increases in apartment rentals; 77 per cent anticipate no rise in office space charges. George H. Patterson, association secretary, said predictions against rent increases, were strongest in the far West, Mountain and Southern States. Similar opinion was fairly strong in the Middle West. The consensus among Eastern bankers, however, was not quite so conclusive, he said, indi cating some possibility of higher rents in that area, although more than half of the replies received predicted no gains. “These results are in line with sta tistics from the country's leading fact-finding agencies, which show that the long rent rise may have been halt ed, at least temporarily,” Mr. Patter son said. "Last November the rent index dropped fractionally for the first month since January, 1934. the low point of the depression as far as rents are concerned. Rents, of course, are closely tied in with new building, costs of building and general economic conditions, all of which are reacting unfavorably toward any further in creases. "No further rent increases in many respects means a reduction, because taxes, high labor and repair costs and the price of many building ma terials are still going up. Rents gen erally are only 42 per cent above the depression low. while many costs di rectly affecting them, such as com mon labor, are at all-time highs.” POWER FIRM ALLOWED TO KEEP OPERATING By the Associated Press. WILMINGTON. Del., Jan. 29.—The Mountain States Power Co. of Chicago and Wilmington has been granted permission to continue to operate its business pending action on its petition to reorganize under section 77-B of the National Bankruptcy Act. Judge John P. Nields also made provision for the filing of claims by creditors and stockholders by March 25. 1938. The company operates in Oregon, Idaho, Wyoming, Montana and other Western States. COMMISSIONCHANGES RAILROAD HEARING DATE By the Associated Press. The Interstate Commerce Commis sion has changed from February 21 to February 23 the date for arguments on a proposal to dismember the Min neapolis & St. Louis Railroad Co. The Associated Railways Co., com posed of seven railroads operating out of Chicago, seeks authority to acquire and dismember the M. St St. L. An I. C. C. examiner has recommended against approval of the plan. _I Weekly Financial High Lights Br the Associated Press. This week. Prev. week. Year ago.' Brokers' loans /....- $651,000 $654,000 $1,016,000 Holdings U. 8. Securities_„_ 2,564,015 2,564,015 2,430,227 Gold reserve . 9,117,895 9,118,394 8,849,914 Rediscounts __L_ 11,470 10,790 2,857 Bank clearings. 4,896,893 5,214,937 6,002,580 Electric output (kilowatt hours) week ended Jan. 22. .. 2,108,968 2,115,134 2,256,795 (Final three ciphers omitted in above.) Car loadings, week ended Jan. 22.. 570,333 580,600 665,346 Crude oil products (barrels). 3,506,200 3,476,900 3,205,150 Stock sales, N. Y. Stock Exchange_ 5,520,940 4,726,601 11,820,836 Bond sales, N. Y. stock Exchange... $41,755,475 $42,271,150 $73,317,000 New financing _ 21,160,625' 20,856,054 40,561,100 Federal Reserve ratio_ 80.2% 80.1% 80.3% Steel output rate- 32.7% 29.8% 77.9% Call money rate--- • 1% 1% 1% Time money rata- 114-1%% lVi-lft* 114% Commercial paper-....- 1% 1% %% k a STOCK LIST FAILS TO CHECK DECLINE IN SKORTSESSION Rails and Specialties Up, but Steels Drop Along With Aircrafts. AVERAGE OF 60 ISSUES RECEDES 0.2 OF POINT Carriers’ Rise Seen Reflection of Optimism Expressed by Five Chieftains. WHAT STOCKS DID. S»tur- Pri Adv.nce, _ "A? d,*f7 unchanged fg 5?5 To'al Issues_S22 845 By FREDERICK GARDNER, Associated Press Financial Editor. NEW YORK, Jan. 29—Financial markets hit the toboggan this week and efforts at a rally In today’s brief stock session failed to halt the slide. In the concluding two-hour pro ceedings, rails took a turn for the better, along with an assortment of specialties, but steels and aircrafts skidded Just before the close and wiped out most of the buying courage that manifested itself at the opening. The Associated Press average of 60 stocks for the day was off 0.2 of a point at 42.1, or just 0.4 above the 1937 low. On the week, the composite was down 3.8 points, the most severe break since the latter part of No vember. Transfers amounted to 434. 170 shares, compared with 405,290 last Saturday. Allied Chemical Off. Among the day's principal back sliders was Allied Chemical, off 8>2 points at 154 on four separate trades involving 100 shares each. There were many other "thin” spots. On the losing side for as much as 2 were Union Carbide at 697*, U. S. Steel, 52; Bethlehem, 537*; Chrysler, 517,; Douglas Aircraft, 3734; Boeing, 28 '8: Westinghouse, 91 !i; Oliver Farm. 24'«.. and U. S. Gypsum. 58. Moderately higher at the finish were Santa Fe at 33'-. N. Y. Central, lSV, Southern Railway, 10; Eastman Kodak, 157; Libbey-Owens, 3234i Cerro de Pasco, 38U; International Harvester, 59’*, and Woolworth, 3834. Steels on the final lap seemed a bit depressed J*y action of the U. S. Steel Corp. in inaugurating a cut in "white collar” salaries and hours, thus re viving the "share-the-work” plan in vogue during The worst of the de pression. A slight dip in next week's mill operations was also forecast. Aviations Decline. Aviations tumbled principally on profit realising following the rearma ment message of the President, which, in some quarters, was thought to have recommended a smaller naval in crease than had been expected. It also was remembered the aircrafts had recently been rising against the rest of the market. Better action of carriers was be lieved to have reflected more hopeful sentiment aroused by the opinions of five important railway chieftains that the back of the recession had been broken and improvement would be well under way by spring. During the week, however, the rail average toppled to a new bottom since 1933 as Decem ber revenue statements exemplified the inroads made on income by grow ing operating costs. In addition the latest freight loadings total was down contra-seasonally. Mild inflation talk buoyed gold mines, with Dome and -McIntyre touching new highs in the week. Coppers Resist. Coppers had a setback on Friday when producers and smelters reduced the domestic price of the metal to a uniform rate of 10 cents a pound. They displayed some resistance to day, though, on prospects of expand ing consumption due to the belief the current price will hold. Stocks suffered their worst tumble Wednesday following the President’s remarks at his press conference the day before regarding the necessity of wages being maintained and prices lowered. Helping to unsettle the list at the same time was a flood of divi dend omissions, which served to sub stantially dampen the outlook for shareholders. Bonds slumped during the week, but secondary rails found some support at the last. Commodities slanted downward throughout, and today wheat at Chicago was oil % to l1/* cents a bushel, and corn lost to %. Cotton was unchanged to 15 cents a bale lower. The French franc registered fur ther recovery after a heavy fall earlier in the week. On the day it was up .01 of a cent at 3.27cents. HEAVY ADVERTISING CAMPAIGN ARRANGED Special Dispatch to The Star. CHICAGO, Jan. 29.—Van Camp Sea Food Co., Inc., will spend 80 per cent of its 1938 advertising appropria tion in newspapers in the largest Na tion-wide campaign ever conducted, according to the announcement made by R. P. Harper, vice president and general manager of the firm. "This great concentration of ex penditure,’’ Harper states, “is based upon the results we have secured by majoring continuously in newspaper advertising ever since 1935.” U. S. COPPER EXPORTS INCREASE IN DECEMBER Br the Associated Press. NEW YORK, Jan. 29.—Exports of copper from the United States in De cember amounted to 26,276 standard tons, compared with 25.364 in No vember, the American Bureau of Metal Statistics reported today. Imports in Jhe same month were 18.006 tons, agains) 14,147 in No vember. ’ Lead exports were 3,837 tons, com pared with 1,138 in November. a Dow Jones Stock Averages (Registered United States Patent Office.) ---OCT- -NOV- -DEC- -JAN_ i—?—y y,——u-»-» .«_? » a » H •“hr- - • 1 —-I'm l| |( ,«•»,, | industrials! ‘“j-Itt:-Hit—hj—ihich—»Tl—--no Ity J. .1 f t, K0V " ST""T *Stt. Ml' i M II „£«, rnun, rl ht~TA ,„w/ 1 \ “ ——-Mn1'1 — V1-V Ifl* 11 .64 DEc’a * NOV. 24 -1-[-1-1-J-1-1-1-1-1-1-1--!_I_iL l t , til The high, low and closing averages of 30 industrial stocks as compiled by Dow Jones & Co are shown above. Extending back for four months, the top of each vertical line represents the high while the bottom represents the low point of each day. The small intersecting horizontal line represents the closing average. The high and low averages of each month are given on either side of the average lines. - Industrials nose dived last week, and closed yesterday at the lowest point of the month —n-'-1-'-n—i—i-1—i——r-1-1-1-n-1-1-1-r-r— 40 ^rLt |--1 RAILROADS --40 Kl| 3528 1 Ij. OCT 22 | I 3426 35 V tw' 'i °rh 1 , ^ <-"■> 35 f l|. ^ *W\ rrtt‘'ni “f hv irW*4 l'l”‘ 30 I 24.15 H NOV 24 DEC 28 » _f_I_t_t_!_I_!_! !' I t t t i i . i • i The Dow Jones averages of 20 railroad stocks are compiled above in the same manner. Rails, continuing their decline, reached the lowest point in the four months recorded in the chart. p 1-1-'-n-1-1-1-1—-1-1-1-1-n-1-1-1-j-i | UTILITIES | _ 23.48 *———j——* 25“— NOV. 10-296-25 . »U| NOV. 27 21 86 ~ ^ ...t I OCT.6-19 '!* W • DEC. 2* -1!!IIII III I i i ■ l ! i , . i Averages of 20 utilities are shown in the third section of the Dow Jones compilation. This group also closed at the lowest point in four months, after losing ground steadily during the week. |, | 1 .. | —hi |6 - -- j® 2 ls___ DAILY VOLUMES_CP “ ~1 1—1 ' P ' •SATURDAYS . ~T ' r ' ' ' °4--- ■ ■ • -4% y ^ o ■) -1/3 _3-3 = =? £ ^ 2-j- -2 “ I ,yifflillllwllitllMliiiiniyii.iiiii1liiiiliiliiiiirlliiiTiiiiinilii,r.1. The volume of shares traded on the stock market for the same period is shown above. OUTLOOK IS BRIGHT FOR SHIPBUILDING t Enlarged Naval Program to Give Industry Even Greater Impetus. I Special Dispatch to The Star. NEW YORK, Jan. 29.—Approxi mately 85 per cent of the country's available shipbuilding facilities are now occupied with construction, says the weekly bulletin of the Berens Finan cial News Bureau of New York. The bureau, which points out pertinent sit uations in the economic and political trends, has obtained “significant fig ures from official sources.” "In addition,” continues the bureau, “all 15 building berths in the several navy yards are now occupied or obli gated for naval construction. “Immediately impending business involves 12 steel cargo vessels, bids for which will be opened February 1. This represents the largest individual peacetime order for merchant cargo tonnage ever placed in this country. The bids are being asked by the Mari time Commission. a greatly enlarged naval construc tion program is certain. With the navy yards already occupied, private yards naturally will get a great deal of this new Navy construction. “Private ship operators have given the Maritime Commission written assurances that they are prepared to embark upon a construction program involving replacement of at least 60 vessels within a period of five years (this business, however, is predicated on certain conditions). “Under these circumstances it seems quite likely that the shipbuilding in dustry is assured of virtually capacity operations for some time to come in the near future. "This prospect is further confirmed by the Maritime Commission's own remark: ‘Our study indicates that, so far as available shipbuilding facilities are concerned, it would be extremely unwise for the Government to launch a spectacular shipbuilding program. Instead a small volume of work should be put out at once, and additional con tracts placed in an orderly manner.’ ’’ HIGHER FREIGHT RATES URGED BY WESTERN CITY Br the Associated Press. The Vincennes (Ind.) Chamber of Commerce urged the Interstate Com merce Commission yesterday to ap prove the railroads’ pending applica tion for a general increase of 15 per cent in freight rates and urged that the case be expedited. The chamber's traffic committee recommended the increase be. granted *to the end that the railroads of this Nation be able to operate efficiently, A Trading During the Past Week JAN. 24-29 1938 Three lines in each of the three market divisions show the high, low and closing Dow Jones averages for the past week. ± 4 BUSINESS SLOWER AS STEEL ORDERS LAG DURING WEEK Carloadings, Auto and Elec tric Outputs Show Mod erate Declines. RETAIL TRADE SPOTTY; OTHER BAROMETERS OFF Wall Street Stocks Slump ana Bonds Join in Irregular Selling Movement, By THOMAS E. FLANAGAN, Associated Press Financial Writer. The Nation's business receded last week. Once more the steel industry ac celerated operations, but demand was Alow in most sectors. Moderate losses were posted for electricity output, car loadings and automobile production. "Retail trade, for the most part, slipped back into slower tempo,” the Commerce Department said in Its sur vey of 36 cities. "There was a corresponding easing off in wholesale activities. While bright spots were apparent here and there, the reports in the main pre sented a rather unhappy chronicle of the current business picture, with evidences of growing unemployment being one of the distressing factors." The Associated Press index of in dustrial activity declined to 72.2 from 73.4 the previous week. Steel Operations Hither. The steel industry stepped up opera tions to 32.7 per cent capacity from 29 8 the previous week, the American Iron and Steel Institute estimated. In the corresponding week last year the rate was 77.9 per cent. Except for railroad buying and some building and construction jobs of fair size, current orders are small, Iron Age reported. The motor industry, normally a heavy consumer of steel, has been taking but a fraction of the amount it bought at this time last year. Busi ness expected a week ago from two important makers failed to material ize, steel circles reported. The stock market—traditional bar ometer of the Nation's business hopes and fears—went into a slump. Wall Street analysts said the largest batch of selling orders followed the state ment of President Roosevelt that in dustrial prices should be cut and wages maintained in order to sluice new activity into business channels. Trade Situation Spotty. Bonds were irregularly lower. High priced railroad bonds yielded with liens in the medium and low-price brackets. Most important raw ma terials gave a better account of them selves than securities. Reports to the Commerce Depart ment on business conditions follow: New York department stores had sales a little under a year ago. Boston's retail turnover was about even with a year ago. Philadelphia and Cleveland mad^i brighter showing. Retail losses were noted by Chicago. St. Louis, Kansas City, San Fran cisco, Detroit, Pittsburgh, Milwaukee and Omaha, but trade improvement was reported in Dallas, Seattle, New Orleans and Atlanta. Motor Output Declines. Steel men, attempting to gauge the outlook, found the motor industry provided little cheer. In the week just closed, output dropped to 59,365 units from 65,418 the week before and compared with 76,620 in the like 1937 week, Ward's Automotive Re ports said. The survey added indi cations were the general trend would be somewhat lower for the coming weeks. It estimated February pro duction at about 210.000. This would be a downswing of about 45 per cent from the like month a year ago. In the week ended January 22 freight carloadings totaled 570,333 cars, a decline of 1.8 per cent from the previous week, the Association of American Railroads reported. This was 14.3 per cent under the corre sponding period last year. Lower ship ments of coal and miscellaneous freight helped pull the total down. Dividends Cut or Passed. Production of electricity totaled 2,108,968,000 kilowatt hours in the week ended January 22, the Edison Electric Institute reported. This was 0.3 of 1 per cent under the previous week, a decline which experts termed less than usual at this season. Out put was 6.6 per cent off from the cor responding week of 1937. Observers scanning the national business scene found most indicators tilted lower. For the eleventh con secutive week bank clearings dipped in leading cities. Dun & Bradstreet said. Cash money in circulation, a measure of the pulse of trade, was down. Several industrial companies either cut or omitted dividends. Salary for Head Of Chicago Mart Arouses Protest By the Associated Press. CHICAGO, Jan. 28—The Chicago Stock Exchange management, which recently announced a sweeping reor ganization proposal. Including instal lation of a paid president, wa^; re ported in the financial district tpday to have met with some oppoij^op among members. The Chicago American said a group of members, mainly floor traders, called a meeting to consider fqrrqal protest of the suggested reorganise! tion and dismissal of 14 employ^, The reorganization plan, which must be approved by the membership, wptyidu place responsibility for adminisu*«>, tion of the exchange in the hands, - of a salaried personnel and provide for enlistment of outsiders to serve on a new advisory committee. Officials said cost of operating the market would be reduced $50,000 to $60,000 a year, although this saving might be pared by the salary to be paid the president.