Indianapolis Times, Volume 46, Number 133, Indianapolis, Marion County, 13 October 1934 — Page 12

Developments in Trade and Industry

PAGE 12

SEE EUROPE IN NO DANGER OF BUSINESS CRISIS Magazine Believes Killing of King Will Have No Prompt Effect. By Times Special NEW YORK. Oct. 13 —Repercussions In Europe from the Marseille assassinations this week may be felt for a Ions? time, but they are not likely to brins? any immediate economic crisis, either in France or in the Balkans, Business Week stated today. / A sprinklins? of nw money is beginnintr to appear ajnong the flood of capital issues in London, according to the weekly. “Until now. mow. capital issues have been either for refinancing at lower interest rates, for the financing of subsidiaries or for the transfer of control from one set of hands to another,” Business W'eek declared. “One of the offerings was for a new rubber producing company—the first since 1929 This is the direct outcome of the rubber restricts nscheme which is working better than th** pessimists expected. Industrials and gold mines are also attracting new capital. Ford Shares Rise “The rise in Ford shares on the London market continues to be a feature. It is beginning to be realized that quite apart from the success of the new cars there is at Dagenham, Eng., a powerful earn-ing-power asset is the blast furnace which will shortly have Ford’s rivals among British manufacturers as its customers. It is said in market circles that Henry Ford is himself responsible for some strong buying of the company’s shares, but whether as a market move or because prospects are bright enough to warrant the holdings is not known “English investors are taking a new interest in Radio Corp.. chiefly on television homes. The view taken in London by the majority of observers and experts is that good American equities are worth | buving as the market is likely to j rise before Roosevelt indulges in j further devaluation. There is also, quiet Enlgish buying of American j railroads in the expectation of j benefit from the reorganizations.” France Unsettled The situation in FYance by no! means is settled, the publication intimates. “All business in France! reacted to the shock of the assassi-! nations at Marseille, but coming as j they did at the end of the day, j there was time for first fears of in- j trrnational complications to coolj and for official support to be brought to the market. “It was the fear of mast knowing Frenchmen that the incident, coming as it did in the midst of a tense and not very happy domestic situation. might precipitate an economic crisis at home rather than start a political crisis abroad. It will be a week before any sound appraisal of the situation can be taken. Textile Industry Is F.xeeption “Except in the textile industry, which is showing marked improvement from the recent tremendous slump, business is not improving. Department store sales are off badly, with one of the mast important Paris concerns forced to ask for a two-month extension on bills payable. The motor show, while attracting large crowds, reports fewer sales. The Bourse is inactive. with the price trend persistently downward. “Indicating the trend of business activity, the finance committee of the chamber of deputies has announced that factory activity at the end of August compared with the same time a year ago was down 15 per cent, carloadings were off 10 per cent, unemployment had increased 50 per cent, bankrupcies receiverships were up 40 per cent, j imports had declined 30 per cent,! exports 12 per cent.” PRODUCE SHIPMENTS INCREASE IN OCTOBER Advance of 3,00(1 Carloads Daily Reported in Two Weeks. B'/ Tim< * Special WASHINGTON. Oct. 13—An increase of more than 3.000 carloads daily in produce shipments during the first two weeks of October was reported today by the United States department of agriculture The majority of the recent gains were noted mostly in potatoes and apples, where activity us nearing its peak. Lettuce movements, mostly from western sections, are about 150 cars daily. Most price changes so far this month for potatoes, onions, celery and cabbage have been into lower territory. Tomatoes and cucumbers have advanced sharply for good stock and receipts of these vegetables from the south are beginning to arrive. $2,542,462 IN SILVER IMPORTED INTO U. S. United Kingdom and China Supply Majority of Metal. By Unitt and Pres* WASHINGTON. Oct. 13.-Silver valued at $2,542,462 was imported into the United States in the week ending Oct. 5. compared with exports of only $63,646. the department of commerce reported today. Most of the imported metal came from the United Kingdom and China, and presumably found its way into the United States treasuryunder the government’s ambitious world silver purchase program. Included in the imports was silver from the United Kingdom valued at $1,545,591 and silver from China valued at $1,120,829. HUGE ORDER RECEIVED By J imm Special DETROIT, Oct, 13.—An order for taxicab motors, amounting to $93.750, for delivery between Oct. 1 and Dec. 15. has been received by the Continental Motors Corporation.

Gleaning the News

Sears Volume Up Sears. Roebuck announces an increase of $4.889 478. or 18.6 per cent, in business for the ninth period. Sept 11 to Oct. 8. over a similar period last year. Business for the ninth period this year totaled $31,201.216, compared to $26 311,738 for (the same interval in 1933. Closed Bank to Pay Off Depositors of the F’armers and Traders Bank, Porterfield, Wis., Thursday by the state banking department, will be paid in full starting next week. In the first pay-off ! in Wisconsin under the govemI merits bank guarantee plan, the Federal Depasit Corporation will dispense at the bank windows a total of $32,000 to more than 250 depositors. Air Conditioning Output Up Production figures of Aplex divij sion of Chrysler Motors Corporation i for the first nine months of this [year show an increase of approximately 40 per cent, compared with a year ago. Officials announce that production plans for anew line of air conditioners have necessitated transfer of factory headquarters to an eight-story building in Detroit. Firm Votes Shares A dividend of 22 1 . cents a share has been declared on the class A 1 stock of the Riverside Cement Company of San Francisco. Western Union Income Drops The Western Union Telegraph j Company reports a net income of ; $1,575,926 for the eight months endled Aug. 31. This compares with '53,841,421 in the corresponding period last year. Net income for August was $260,418. against $485,232 in August, 1933. Cost of Living Increases The cast of living from August to September showed an increase of 18 per cent, the sharpest increase since August, 1933, according to the National Industrial Conference Board. Living costs in September were 4 per cent higher than in the same month of 1933. Freight Traffic Drops Railroad freight traffic during the week ended Oct. 6 decreased slightly as compared with the preceding week. Car movements on fifteen roads reported were 1.6 per cent under the total for the previous week.

FARMERS APPLY FOR 53_LOAN$ Indiana Applications Total $899,000 Since Early Last Spring. H’t Time # Special LAFAYETTE, Oct. 13. —Indiana farmers’ co-operative marketing and purchasing organizations have applied to the Louisville <Ky. Bank for Co-operatives for fifty-three loans totaling $899,000 since that institution opened for business early last spring, L. G. Foster, secretary, in addressing the Indiana extension workers conference here yesterday. “In all. ninety applications, totaling $1,723,000, have been received, he stated. Loan requests from combined grain and farm supply cooperatives head the list with thirtyeight applications for $600,000. Twenty-four farm supply organizations requested loans aggregating $223,000, and fifteen dairy marketing associations have applied for $255,000. Organizations dealing in livestock, seeds, flour and other commodities account for the remainder. No loan has been granted for a duration exceeding ten years, according to Mr. Foster. The cost of securing loans from the Louisville Bank of Co-operatives is one-half of 1 per cent of the amount borrowed plus the cost of examining or completing abstract of title to property offered as collateral. Each borrowing co-operative organization becomes a stockholder in the bank to the amount of SIOO for each $2,000 or fraction thereof borrowed.” The Louisville Bank for Co-opera-tives is a unit of the Farm Credit Administration of Louisville, the function of which is to furnish types of credit particularly designed to meet the needs of farmers’ marketing organizations. Mr. Foster explained. Loans for building, acquiring or extending the physical facilities of an organization, such as buildings and equipments are termed physical facility loans and at present bear 4 ’2 per cent interest. Effective merchandising loans are made for purposts of supplying working capital in day to day business, for consolidating debts that have been so incurred and for other operating use. These loans bear 3 per cent interest at this time. Cooperatives eligible to borrow are those organized under state and federal laws defining co-operatives. WOOL BIDS RECEIVED Few Sales Are Made on Shorter and Finer Quality. B<l I'nitrd Press BOSTON. Oct. 13.—The shorter combing finer quality territory wools are receiving numerous bids, and some sales are being closed, according to a report of the United States agriculture department. Graded French combing 64s and finer territory wools in original bags, are selling at around 70 cents, scoured basis, while clothing and short French combing wools bring 65-67 cents. Graded French combing 58 s, 60s. one-half blood, territory wools are bringing 68-70 cents, scoured basis. SPECIAL AGENT NAMED Thomas H. Escott to Join Ohio State Life Staff. Appointment of Thomas H. Escott of Indianapolis as a special representative of the Ohio State Life Insurance Company of Columbus, 0., was announced here today. Mr. Escott will be attached to the local office, of which L. S. Shefer is general agent. Mr. Escott formerly was secretary of the Building Owners and Managers Association.

Abreast of The Times on Finance

Flour Mills Report Profit Ogilvie Flour Mills, Ltd . had a profit of $736,749. less depreciation, for the fiscal year ended Aug. 31. compared with a profit of $747,771 in 1933. Air Traffic Increases Aviation corporations in the United States during August carried i a total of 54,835 passengers on domestic lines, against 48.172 carried on the same routes in July, an increase of 6,663 passengers. This was a decrease of 10.346 as compared with August, 1933, when the total was 65.181. New Financing Schedule New state and city financing in New York scheduled for the coming week amounts to only $7,159,000, against $14,092,000 in the current w-eek. The weekly average for the current year to date totals $18,524,000. RFC Loan Request Cut The Chicago & Northwestern railroad has reduced its loan request from the Reconstruction Finance Corporation to $5,277,000 from $7,415,000. rullman, Inc., Reports Gain Operations of the Pullman, Incorporated, during the third quarter were reported the best for any comparable period since 1931. Present indications are that earnings may exceed the $1,790,068 figure reported in September quarter three years ago. Net income in the first half of 1934 totaled $324,114. Utility Financing Planned Financing plans of the Northern States Pow'er Company are expected to be speeded up by the maturity of the $6,400,000 Minneapolis General Electric first mortgage 5 per cent bonds on Dec. 1. Sales Increase Shown Sales of American Stores Company during the first four weeks ended Sept. 29 amounted to $8,354,964, as compared w'ith $8,299,376 in the same period of 1933, an increase of 0.6 per cent. For nine months ended Sept. 29 sales totaled $84,907.317.

Stock Studies

REMINGTON RAND % COMMON STOCK REP f" -1 " 1 " I-- - R*|££ SHARE EARNINGS PRICE RANGE SCALE J . ___ YSAH SSIHDan. - I . MARCH 31 -Sr: 1 i! _ ■tt*” 0 • —L.-I mUrr . ... > 0 130 31 32 33 34130 31 32 33 34< WINCHESTER INSTITUTE OF FINANCE

Several companies supplying office appliances and equipment joined in the formation of Remington Rand Incorporated. These companies were the Remington Typewriter Company, the Dalton Adding Machine Company and the Rand Kardex Bureau. Since the original organization other smaller concerns have been added so that Remington Rand now is one of the foremost concerns in the world supplying a wide range of machines and office appliances. Foreign sales supply approximately one-third of the company's income. Twenty-one plants are owned in all: fourteen in the United States and seven in leading foreign countires. FINANCIAL DATA As of June 30. 1031 Common stock isl par), shares 1.290.987 Preferred stock $17,550,400 Funded debt 17.503.000 Surpluses 6,043.451 Cash and securities 5,573.485 Inventories 10,009,965 Total current assets 23.473,173 Current liabilities 2,045,986 During the twelve months period ended June 30, the funded debt was reduced by more than $300,000. Cash and securities w r ere about $400,000 less, but inventories increased more than $1,900,000. and the net working capital also gained $1,900,000. While the total surplus account now stands $1,400,000 larger than at the beginning of the period, it was because the profit and loss deficit was decreased from $2,583,000 on June 30. 1933. to only $988,000 June 30. 1934. The current ratio on June 30 last was ll 1 .- to 1. The firm is in good financial condition. The company earnings have suffered seriously for the fiscal years ended March 1932 and 1933. For the 1934 fiscal year 1 cent was earned. The company now has the largest backlog of unfilled orders since the depression began. Such a condition indicates more satisfactory profits. No dividends on the common stock have been paid since 1931. Dividends on both the first and second preferred stock have been in arrears since Oct. 1, 1931. These dividends total $3,741,000. Remington Rand was organized in 1927 under the laws of Delaware. Both classes of stock are listed on the New York Stock Exchange. The common is currently selling at around 8. 1 All richt reserved Winchester Institute of Finance. Winchester. Mass ) U. S.. CANADIAN WHEAT EXPORTS SHOW GAIN Shipments During Week Amount to 4,265.574 Bushels. Bit Times Special NEW YORK. Oct. 13.—Exports of wheat, including flour as wheat, from United States and Canadian ports for the week ended Oct. 6, totaled 4.265.574 bushels, as compared with 3.563.843 bushels in the previous week, and 5.094.680 bushels in the corresponding week of last year, according to Dun & Bradstreet. For the season, July 1 to date, wheat exports aggregated 50.141.407 bushels, as against 51.885,401 bushels for the same period a year ago. Corn exports for this week were insignificant compared with nothing in the preceding week and 1,000 bushels last year. For the season, com exports totalled 2.000 bushels, against 23.000 fUshels for the like period in the previous year.

INDIANAPOLIS, SATURDAY, OCTOBER 13, 1934

STEADY UPTURN IN FODD PRICE INDEX CHECKED Present Figures Placed at 116.4 Per Cent of 1913 Average. By Timm Special WASHINGTON, Oct. 13.—The gradual and steady advance in the retail food price index which started in April was somewhat checked during the last two weeks, according to a report today by the United States department of labor. Following the recent decline the index was placed at 116.4 per cent of the 1913 average, comparing with figures of 116.8 per cent two weeks ago, and 107.4 per cent for the corresponding month of 1933. The present level of retail food prices is 27 >2 per cent below the average of Sept. 15, 1929, the highest reached during the last five years, when the index stood at 160.8. The current figures are nearly 29 pier cent higher than the post-war low point of 90.4, reached on April 15, 1933. Nineteen Items Rise Os the forty-two articles of food included in the index, ten showed weakening prices, thirteen remained at the previous level, and nineteen registered advances, the report shows. Largest decline in any article w'as noted in pork chops, where a 12 per cent drop was registered. The current index for the meat group stands at 131.7, an increase of 22.1 per cent above Sept. 26, 1933, and 10.4 per cent higher than the same month of 1932. The current prices of meats are 23.1 per cent below their average in 1926, and 32.2 per cent below the figures in September, 1929. In the cereal group of foods an increase of one-tenth of 1 per cent was displayed. The current index for this group, 151.7, shows an increase of 6.3 per cent over the average on Sept. 26, 1933. Os the fifty-one cities covered by the report, nineteen showed advancing prices, twenty-nine registered declines and three showed no change from the preceding period. The largest increase was 1.9 per cent shown in Portland, Ore. Local Prices Climb Rises in retail food prices in Indianapolis amounted to 6.9 per cent, as compared with Sept. 26 of last year. Los Angeles reported the smallest increase—l. 9 per cent, while Houston displayed the largest advance of 15.1 per cent. In comparing the present prices with those of Sept. 15, 1932, each city covered by the report showed higher prices, ranging from 8.3 per cent in Chicago to 25.5 per cent in Detroit. An increase of 15.8 per cent was shown in Washington, D. C. Prices used in constructing the weighted index numbers of the labor department are based upon reports from all types of retail food dealers in fifty-one cities and cover quotations on forty-two important items. The index is based on average prices of 1913 as 100. WHOLESALE PRICES FOR FOODS DECLINE Dun & Bradstreet Index Moves Down 2 Cents in Week. By Timm Special NEW YORK. Oct. 13.—The continued weakness in wholesale prices for foodstuffs is reflected in a further decline of 2 cents in the weekly food index, compiled by Dun & Bradstreet, Inc., bringing the index for Oct. 9 to $2.39 from $2.41 the week before and the year’s high of $2.43 registered Sept. 25. The latest figure was the lowest since Sept. 11, but shows a rise of 24.5 per cent over the corresponding week of last year, when the index stood at $1.92. Declines again predominated, the list including flour, wheat corn, barley, mess pork, hams, bellies, peanuts, potatoes, rajsins, steers, and lambs. The items showing advances were rye, butter, sugar, coffee, cottonseed oil, eggs, and hogs. CORN GRIND DROPS By Times Special NEW YORK. Oct. 13.—A domestic grind of 4,830,714 bushels of corn in September is reported through the Corn Industries Research Foundation by refiners of starches, dextrines, syrups, sugars and other corn derivatives.

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| Wall Street | BY RALPH HENDERSHOT rimr Soeciai Writer NEW YORY, Oct. 13—Donald Richbergs speech before the Rotary Club in Chicago this week was one of the most reassuring summaries of the New Deal policies that have been made thus far by an administration spokesman. It also was one of the frankest. The head of the national emergency council cleared up several

of the points over which business people have been concerned of late, and he put in their places some of those who have been attempting to throw a monkey wrench into the wheels of recovery in order to embarrass the administration. He said that a balanced budget

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Hendershot

was desirable and necessary, but pointed out the rather obvious fact that it Vould be impossible to bring national expenditures within income at this time due to the extraordinary spending which is necessary for relief purposes. He admitted also that some unwise and uneconomical expenditures had been made, explaining the rather obvious fact that these could not be avoided in view of the size of the undertaking and the speed with which it was attacked. Mr. Richberg admitted freely the need for sound currency, but insisted that the currency is unusually sound at the present time. He said the demand for sound money was like the demand for sound economics, large groups of people disagreeing most violently over how to get it. a tt tt ANOTHER point he made which deserves attention was that the shortening of hours and raising of wages may be acomplished too rapidly, causing purchasing power and production to suffer. This is something over which many business people have been concerned, and the recognition of the danger by one of the President's chief advisers should prove reassuring. But he let it be known that the administration still feels that the way out of the depression is through a steady increase in employment. But while big business will approve what seemed to be a more liberal attitude toward its problem, some of the leaders are likely to feel that Mr. Richberg was unwarranted in his statement that “the chief disturbers of confidence” in the United States are those who “continually raise false issues and spread foolish fears.” And they may be justified in their criticism, for the President himself admits to certain “experiments” in the New Deal, and no one can be certain how an experiment is going to work out. Fears, under the circumstances, can hardly be labeled as foolish. a tt a FOR quite some time the New York Stock Exchange has been trying unsuccessfully to get the Standard Oil Company of New Jersey to submit to an independent audit of its books. But what the exchange has been unable to do the government has accomplished. It is learned on excellent authority that the big oil company finally has secured the services of outside auditors and is now ready to play the game acording to the new rules. ENGINEERING AWARDS DECREASE SHARPLY Federal Contracts Show Drop of 93 Per Cent in Week. By Times Special NEW YORK, Oct. 13.—Engineering awards last week totaled $17,333,000 according to the Engineering News-Record. Os this total, $14,648,000 represents state and municipal, $1,568,000 federal, $16,216,000 total public and $1,117,000 private awards. These figures represent a fourday week instead of the usual fiveday week. Both federal and private awards are lower than the previous four weeks’ average, federal awards being 80 per cent, and private awards 77 per cent below. Federal awards for the short week are off 93 per cert from last year's October average. Highway awards for the fourdays total $5,649,000; public buildings, $3,546,000; bridges, $2,824,000. sewerage, $1,031,000; waterworks, $720,000; earthwork, irrigation, drainage and waterways, $981,000; commercial buildings. $455,000; and industrial buildings, $644,000.

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REICH IMPORTS OF U. S. COTTON CONTINUE LOW Trade Opinion Sees Small Chance of Boosting Deliveries. By Times Special NEW YORK. Oct. 13—Germany’s imports of American cotton continue to run low this season and trade opinion holds there is small chance of boosting them. Cotton is flowing into the German textile mills from Brazil, Persia and various other producer nations which, ordinarily, are not in the export business. To buy 1,250.000 bales of American cotton this season—which would be the average of purchases over the last five years—Germany would have to provide about SBO,000,000. Such an amount of dollar exchange would cost 200,000.000 reichmarks at current open market exchanges rates. Negligible gold reserves and a growing surplus of imports make such a financial move next to impossible. The Persion and Brazilian imports were arranged on commercial trades. In this situation the new artificial fibers recently invented in Germany are being given a lot of attention. Wheat Supply Declines The visible wheat supply in the United States stands now at 110,000.000 bushels, a decline 6f 1,705.000 bushels from last week. The visible is 36,000.000 bushels under the 1933 figure for the corresponding date. Primary receipts, which means receipts at country markets, are running small and all indications point to a virtual scarcity of the fine grain before the winter is over. Cash premiums continue on all good grades and milers are heavy spot purchasers as flour is moving briskly. Sugar traders today were commenting on a clause in sugar trade regulations that, seemingly, permits American refiners to withdraw excess quota sugar from warehouses for as much as thirty days. This clause, it is argued, may permit refiners to get through the remainder of this year without further purchase of Cuban raws. Excess Quota on Hand New York warehouses hold some Puerto Rico excess quota sugar and about 40,000 tons that came from the Philippines. The new sugar year starts Jan. 1 and, except for this clause, excess quota sugar would be inaccessible until then. Under the clause refiners may use such sugar through December. The recent purchase of 145,000 tons from Cuba may last until December. Os all the grains, oats appear in the strongest position, pricewise, according to most opinions of grain experts. The visible supply of this feed grain stands at 22,000,000 buspels, against 48,000,000 bushels on the corresponding date last year. Ordinarily, the oats visible supply decreases each week from the middle of October. That oats will be difficult to obtain next spring seems well established. SEPTEMBER BUILDING CONSTRUCTIONS DIP Decrease of 23 Per Cent Shown in Month. By Times Special NEW YORK, Oct. 13.—Building permits awarded during September showed a decrease of 23 per cent from the preceding month, bringing the total for last month to the lowest since last March, Dunn & Bradstreet reports. The normal seasonal change from August to September is usually a decrease of about 10 per cent. This is the smallest September total on record. The estimated cost of construction in September amounted to $26,520,686, as compared with $34,452,738 in August, and $32,243,704 in September, 1933. The decrease from last year was 17.7 per cent. The drop in building operations was particularly marked fri New York, which furnished a total of only $5,809,457, the smallest since last June.

HEADS MORTGAGE MEN

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Owen >L Murphy Recently elected president of the Mortgage Bankers Association of America, Owen M. Murphy, Dallas, Tex., assumed office this week.

RAIL LOADINGS DROPSHARPLY Freight Traffic Decreases 13.329 Cars in Week Ended Oct. 6. By United Press WASHINGTON. Oct. 13.—Carloadings of revenue freight totaled 631.318 cars for the week ended Oct. 6, a decrease of 13,329 below the preceding week and 31,055 below the corresponding week in 1933, according to the American Railway Association. Miscellaneous freight loadings for the week totaled 239,926 cars, a decrease of 4,248 below the preceding week and 10,072 below the same week in 1933. Loading of merchandise less than carload lot freight was 164.990 cars, an increase of 426 cars above the preceding week, but a drop of 9.730 below the corresponding week last year. Grain and grain products totaled 31,734 cars. 867 cars below the preceding week,, and 180 below the corresponding week in 1933. Grain and grain products decreased 754 cars below the same week in 1933 in western districts alone. Forest products loadings totaled 22,336 cars, a decrease of 626 below the past week and 3,067 below the same week in, 1933. Ore loadings amounted to 19.266 cars, decreased 2,602 cars below the preceding week and 16,747 below the corresponding week last year. Coal loadings amounted to 117,457 cars, 5,324 below the preceding week, but 3,882 above the same week in 1933. Livestock loadings amounted to 29,735 cars, a decrease of 753 below the past week, but increased 7,269 above the same week in 1933.

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News and Views in the Business World

LEGISLATION TO AID MERCHANT FLEET IS URGED Secretary Roper Advocates ‘Business-Like Basis’ for Shipping. By United Press BALTIMORE. Oct. 13.—Advocating a merchant marine “second to none." Secretary of Commerce Daniel C Roper declared yesterday that the next congress should enact comprehensive legislation that would place the merchant marine "on a business-like basis.” Speaking before the Baltimore Commerce Association on transportation under the New Deal. Secretary Roper said that the futw> stability of the nation depends upon “an adequate, effective and properly co-ordinated transportation system that will safeguard present investments. make future investments more secure and provide a program of the most efficient distribution facilities passible.” Must Guard Investments “Furthermore,” he said, “construction of a shipping policy that will b fair, above board and with no hidden diplimacy, will place our international trading on a constructive basis and will help rather than hinder international understanding and promote peace and harmony among nations.” Mr. Roper pointed out that the aviation industry was in the same stage of development as the railroads were several decades ago and thus should be able to profit by mistakes made in land and sea transportation development. "I feel that its unfortunate that! we must have subsidies, but our economic program during the pastj 100 years has recognized in one way or another, the essential features of subsidies,” the secretary asserted. "In fostering a merchant marina and development of air facilities the problem is before us. What we need is an intelligent co-operative plan for trunk lines and feeder lines in a great system of transportation aimed at one definite end; namely, more satisfactory distribution. Would Reduce Subsidies “To this end we are studying ways and means of reducing subsidies to the limit and avoiding secret, diplomacy in relation thereto.” Such co-ordination, Mr. Roper said, could not be achieved until taxation, regulation, services and competitive rights are equalized for all phases of transportation. “The success of recent reciprocal trade agreements depends largely upon the effectiveness of the United * States merchant marine.” he stated. “To illustrate this,” he said, “we shall endeavor to assist in getting* American ships to call at all LatinAmerican ports opened up by w reciprocal trade agreements. One treaty already has been completed with Cuba and negotiations now are* under way with a dozen other nations.” ►