Evening star. [volume], January 18, 1932, Page A-15, Image 15

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
: CURB STOCKS TURN
UP AS SALTS CAIN
Opening Was Lower and
Quiet, but Demand
7 I
Raises Price.
BY JOHN A. CRONE.
'/
•pedal Dispatch to The Star.
NEW YORK, January 18—After
opening lower and quietly today, stocks
on the Curb Exchange showed a dis
position to turn upward and quicken
, their trading pace.
Electric Bond & Share was off frac
tionally at the opening, but recovered
most of its early loss by midday. Cities
Service moved within a narrow range,
which also was true of Standard Oil of
Indiana, Niagara Hudson Power and
United Light & Power A.
The dullness and erratic tendencies
that gripped overseas markets at their
opening were mirrored early here in
the decline of Brazilian Traction. Ford
Motor, Ltd., and Utilities Power it
Light. Later, however, some of the
foreign markets, notably the Canadian,
firmed. This brought an improved tone
here in issues such as Bell Telephone
of Canada and Ford Motor of Canada A.
Rising grain prices during the fore
noon, which, as Wall Street rumor had
it. may have been due to the opera
tions of a powerful pool of New York
and Chicago financiers, bencfltted the
agricultural implement shares.
Deere & Co. at times was up almost
a point and was the active leader of the
implement group. Introduction of a
new' model by Cleveland Tractor may
account for the firmer bids for that
Issue. Other machinery shares lagged.
Celanese Corporation of America pre
ferred. which netted a gain of 14 points
last week, extended Its rise today. Pep
perell Manufacturing, the only other
active textile, advanced fractionally.
Traders professed interest m the ar
gument of Electric Bond & Share
against the Federal Trade Commission,
which has been set tentatively for Jan
uary 31 in the Southern District Court
here. The case grew out of an appli
cation made by the commission for an
order requiring certain Electric' Bond &
Share officials and employes to produce
records and arwwer questions claimed by
the commission to be pertinent to its
Investigation.
Stutz Motor Car, one of the more
active motors last week, yielded more
than a point icaay despite reports that
the company's sales at the motor show
here exceeded $100,00. Later It showed
signs of recovery. Durant Motors con
tinued to be turned over In volume,
without moving appreciably.
Specialties, a weak spot In the first
hour, developed strength in the third
hour today. Parker’ Rust Proof was up
about a point. Elgin watch ran up
about a point, and Mead Johnson
steadied. Earlier Singer Manufactur
ing had dropped 5. Aluminum Co. of
American was down 2 points. Alum
inum. Ltd , was off a point and fractional
declines were registered by Todd Ship
yards, Hachmeister, Lind & Co., and
. Tobacco Allied Stocks. Inc.
The best gain in the pine lines was
reoorded bv Buckeye Pipe Line. North
ern Pipe Line was also strong. Gains
and losses about balanced in the na
tural gas group. In the pipe manu
facturing company shares. A O. Smith
opened off abeut 2 point--.
Imposition of new- tariffs on Ameri
can radio sets bv Franoe produced
some irregularity In the radio shares.
De Forrest. Dubiller and Polymet
Manufacturing, however, moved nar
rowly.
BONDS ON THE CL'RB
MARKET.
Bales in DOMESTIC BONDS,
thousands. Hian. Low Noon.
10 Alabama Pw t%s ’67 81 % 81% 81%
1 Aluminum Co 5s ’52 97% 97% 97%
1 Am Cmwlh Pw 6s 40 7V« 7% 7%
1 Am Cmwlh Pw «s 40 7% 7% 7%
3 Amer El Pow 6s A 57 34 33% 33%
2 Amer O & E 5s 2028 85% 85% 85%
3 Amer P A L «s 2018 81% 81% 81%
5 Appalac Uas 6s B 45 9% 9% 9%
8 Appalach Pow 5s '56 91 90% 90%
13 Arkans P A L 5s '56 80% 80% 80%
4 Assoc El Ind 4%s '53 54 53 53
8 Asso G A E 4%s 49 C 38% 38 38%
1 Asso Gas A El 5s '50 43% 43% 43%
2 As GAE 5%S '38 in cf 38% 37% 3B%
7 Auo G A fe 5%s '77 47 45% 45%
10 Associat Rayon 5s 50 39 39 39
1 ASSO T A T 5%s A '55 67% 67% 67%
3 As Tel Util 5%s '44 C 52 52 52
1 Beil Tel Can 5s A '55 88 88 88
1 Bell Tel Can 5s B '57 88% 88% 88%
1 Buff Gen El 5s A '56 100 100 100
5 Can Nat R E 7s E '35 9»% 99% 99".
3 Cent Pow A Lt 5s '56 69 69 89
8 Cent Pub Ser 5%s '49 28% 25% 25%
4 Cent Stat Elec 5s 43 37% 37% 37%
2 Cent St Elec 5' s '54 40 40 40
SCent 8! PAL 5'-s '53 53 52 52
*7 Cities Service 5s SO 51% 51 51%
2 Cit. Serv Gas 5%s '42 55% 55% 55%
8 Cit Serv Pow 5%s '52 57 57 57
7 Cleve Elec Illn 5s 39 100% 100% inn' .
12 Comwh Edls 4s F '81 77% 77% 77%
5 Con Gas Bslto 4s '81 86 86 86
5 Con Gas Bal 6s A '49 29 28 29
icon Gas Ut 6%s A '43 19 19 19
4 Consum Pow 4%s '58 91% #1% 91%
14 Cent G A E 6s A '58 64% 63% 63%
2 Cudahy Pkr 5%s '37 85 84% 84%
5 Det C Gas «a A '47 90' . 90% 90%
JO Elec P A L 5s A 2030 62% 62% 62%
5 Empire OAR 5%s '42 47% 47% 47%
2 Firestone lire 5s '42 75 75 75
4 risk Rub 5%s '31 cod 11 10% 10%
6 Gatineau Pow 5s '56 87% 67% 67%
3 Gatineau Pw 6s B 41 59% 59% 59%
5 Gen Bronze 6s ’40 36 36 36
3 Oen Mot Aec 5s '33 98% 98% 93%
1 Gen Pb Dt 6%s A .63 30% 30% 30%
12 Oeor*la Power 6s '67 88 87% 87%
3 Gillette 8 Raz 5s '40 83 83 83
4 Grand Trunk 6%» '36 94 94 94
jnnulf Oil Pa 5s 37.. 94'. 94 941 a
1 C.Ulf Oil Pa 5s 47 . 93% 93% 93%
1 Hood RubbC 7s 36 43 43 43
n MOU US'" *■ »S Kl Ml', S'", S'l',
1 Hou LAP 4%s D 'IS 87% 82% 87%
2 III Pow A Lt fs A '53 90% 90% 90%
9IH Pow f Lt .% C, '5* 80* i *0% 80*,
3 Illinois P f L Ss '57 66>, 88% f8%
4 Indnap PAL Is A '57 92% 91*, 92%
13 Insull Utlllt 6s B '40 33', 33 33
8 Intern Bee Am 5. ’47 46', 45A', 45%
4 IntereU Powe- 5s '57 63% 63 63%
1 Interst P 8 4',s 5* F 71 71 71
2 Interst a Pow 5s D 73 73 73
1 Inves Co 5s A 47 xw 60 60 60
3 lowa-Neb LAP 5s '57 80 80 80
6 Iowa-Nb LAP 5s B 61 79 78% 78%
1 Jer C PAL 4%s C 61 84 84 84
1 Jer Cen PAL 5s B '47 95% 95% 95%
1 Kansas Pow 5s A '47 89 89 89
10 Kentucky Ut 5s H '61 82 81 82
1 Kopper GAC S',s '50 77*, 77% 77*1
2 Kreser f.s 45 cf dep . 90 90 90
2 Lehigh P S 6s 2026 80*, 80*, 80*1
21* P A L 5s 57. 89*, 39*, 89%
5 Mass Gas 5',s '46. . 96', 96% 96%
4 MemDh PAL 5s A 48 94% 94% 94%
It Mid Weil IT Ss '32 rv 85% 82 82
7 Mid West u 5s -3 cv 84 67% 63%
14 Mid Weal U 5s '34 cv 57*, 55 55
•- 5 Mid West U 5s TS rv 56 56 56
1 Mont L HAP 5s A 51 84*. 84% 84%
2 Narraganrett 6s '57 96 96 96
1 Nat P A L 5s B 2020 69*, 69% 69*.
6 Nat P B 3s '78 41', 41 41
1 Nebrasks Pv 4%s '81 89% 89% 89%
J Nevada Calif 5s '16 76% 76% 70*.
1 New Eng OAE 5s 47 62% 62% 62%
2 New Eng G&F 5, '48 62 62 62
1 New Eng Gw-e: 5s '50 63 63 63
3 New Eng Pw 5%s 54 68% 68*. 68%
7N Y Fo In 5%g '48 A 52 50 52
4 N Y P A L 4%S 67 . 88% 88 88',
1 Nlgg Falls Pow 6s '60 103% 103% 103%
2 Nor Ohio T A L Ss 56 84 84 84
7 Nor Slat Pow 4%s 61 86% 86 86
8 Ohio Edison 5s 60 S3 93 93
1 Ohio Pow 5s B 52 . 93 93 93
7 Pacific GAB 4%* 57 88 87*. 88
4 Pacific CAE Ss C '52 ion 100 inn
1 Pae Inves 5s A '48 xw 57% 5^% 57%
2 Pac Wei Oil 6' •* 43 57*. 57% 57*.
3 Peoples LA P 5s ‘79 6 6 6
^ Phi fa tier 5',s 72 * >22 *
! Polo n«c Ed £s E <6 %', 8;% ,
1 Proci A Or" 4',s 47 97 9i 9*
2 P B No HI 4%a w '81 ft 80*, 8!
1 Repnb Oa* fs '51 A *4 14 14
2 Bt L G»< A C 6s 47 21% ‘>1% 71%
. 1 Schulte RE 6s '3* xw JO 40 JO
1 Shew WAP 4%s A 67 73% 73% 73%
' 8 Bhbw WAP 5* C 70 81 81 81
1 Snider Peck 6s .33 351, 35 . .5 .
1 SE PAL 6s A 2025 xw 81 81 81
1 South Calif Ed 5s '61 98 98 98
2 sou Calif Edls 5s 54 97% 9.*, 9,*,
t Southern 14 O 61 44 30 2 30 30
1 Southw OAE 5a A ‘87 73*, 73», 73%
1 Southw Nat G 6s ’45 21 21 21
IBS'S i‘W-1:! i* S’
laasA.s *
' 1 Texas Oaa Ut 6s '45 17 17 17
5 Texas P A L 8s '56 *8 88 88
2 Thermoid Co 6a '34 40 40 40
8 Tob P C NJ 6%s 2021 79 79 79
1 U 8 Rub 6%» '34. ... M 82 62
4 Va Pub Serv Ss B '50 68 % 87 67
FOREIGN BONDS
3 Buen Air Pr 7%s '47 38% 38 38
26 Are Ml« Be ik 7b '46 26% 25% 25%
1 Cent Bk Co 6( B '51, 35 35 35
1 Com Pr Bk 5%s 37 42 42 42
2 Rurcn MU 7a C '67. 31% 31% 31%
3 Oer Cona Mun 6s 47 76% 26% 26’.
5 Oer Coil Mun 7b '47 30% 30% 36%
7 Oe*(ueral 6s 53 X* 45% 44% 45%
4 It«l Bun Pox 6s A '63 41% 41% 41%
1 Ruhr O Co 6%s A 53 20% 20%. 29%
2 Russian 5%s '21. ,\ l% 1% 1%
10Ru»» «%» Jtf N C 19 % %
7 Term Bor 6%e A 53 55 54% 54%
1 Unit El Be* 7a 66 xw 56 58 58
war—With wti rents
. car—Without werrenU.
r‘r.—Near.
, When laaued.
new yorkTcurb exchange I
Received by Private Wire Direct to The Star Offlce.
■ - ...— -
Stocks sold la 100-thare lots eteeBt those delimited hr letter '•*."
,-Prev. 1M1.-, Stock and Seles—
Hith Low. Dividend Kate. Add 00. Open Hleh. Low Close
194 14 Agfa An.. 2 24 24 ~ *
13 54 Ainsworth Mfg. 1 84 84 8k 6k
103 4 73 Ala Fower pf (6). ... 10* 85 85 »5 85
4% 4 Allied Motor Indus. . 2 4 4 * '
224 48 Aluminum Co of Am 2275s 59 61 88-a 58a
1094 564 Alu Co of Am pf 16). I 644 644 64 « 64 4
102 124 Aluminum Co Ltd... 3 20 20 20 20^
14 4 Am Austin Car. 12 A A *
24 V« Am British * Cont... 2 4 'a » “
10 1V« Am Cit Fw & Lt B... 3 24 24 2 4
17 4 Am Com I'ow A. 11 4 4 » k
294 4 Am Com Pow B. 10 4 4 *
124 24 Am Cyansmld B.... 4 34 34 34 34
74 14 Am Equities. 19 24 24 - * - *
*14 84 Am For Pow war.... 20 44 44 <* ’4
54 4 Am Founders. 5 1 1 1 *
974 32 Am Gas A Elec (tl). 17 384 384 374 3ik
74 14 Am Invest Inc (B).. 5 34 34 34 34
24 V» Am Invest war. 2 4 4 4 4
544 174 Am Lt A Trac <24). 1 22 22 22 22
194 3 Am Superpower. 40 44 44 4 4
99 514 Am Superp 1 at i 6 I... 3 684 684 68 6s
6 4 Am Util A Gn B vtc. 18 4 4 '* '«
6 4 Am Yvette Co.. Inc... 2 7k 4 ’4 *
4 A Appalachian Gas wr. 62 4 4 A A
64 14 Arkansas Nat Gas. ., 1 24 24 24 24
6l« 14 Arkans Nat Gas A ... 5 24 24 24 24
7 34 Ark NO cu nf (60cl. 2 54 54 54 54
SO 8 AssoGas&El ACb%) 6 44 44 44 44
1 4 AssoG&Elwar. 1 A A A A
1114 80 Am Gas&El pf <«).. 1 864 864 864 8C4
4 A Atl Fruit & Sugar... 1 A A A A
84 34 Atlas Util Corp. 39 64 54 54 54
24 14 Atlae Utilities war.. 1 14 14 14 14
84 1 Auto Voting Mach. . 8 4 4 4 4
16 4 Auto Yot M Co pr pt. 7 5Vi 54 5
153 954 Bell Tel of Can tS). . 25* 974 974 974 974
64 1 Blue RldgeCorp- 3 14 14 14 14
884 164 Blue Ridge cv pftaJ > 2 194 194 19 19
284 7 Bratil Trac LtAP(l) 2 104 104 104 104
14 4 Brill Corp B. 2 4 4 4 4
56 30 Buckeye PL (4)- 3 34 35 34 35
274 194 Buff NAEP pf (I SO). 4 22 22 214 214
7 14 Butler Bros. 1 24 24 24 24
4'-% *4 Canadian Marconi.*. f> 1 Ihi » J *
2'a % Carnetrle Metals. ... 4 1% 1% l'« l'A
65 16% Celanese Corp 1st pf. 50s 20 20 20 20
81% 26 Celanese pf < 7 ).175s 42 42 42 42
31 13% Cent Hud G&E (80c) 1 15 15 15 15
19H 1% Cent Pub Src A h6%. 5 2% 2% 2% 2%
12% 1% Central States Elec.. 1' 2% 2% 2% 2%
197 95 Chi B&Q RH (10)... 10s 99 99 99 99
20% 6 Cities Service (rJOc) 87 6% 6% 6% 6%
84% 35% Cities Serv pf <6)... 2 61 Vi 51% 51% 51%
89 63% Clt Sv P& Lpf (7).. 60s 55% 55% 55% 55%
10% % Claude Neon Lts Inc. 5 1% 1% 1% 1%
52% 22% Clev El Ilium (1.60). 4 29 29 28% 29
ION 2% Cleveland Tractor... 1 3 3 3 3
22 2% Columbia Pic vtc.... 6 4% 4% 4 4
7% 1 Col Oil* Gas vtc.'... 1 1% 1% 1% 1%
256% 109 Commwlth Edison (8 60* 117% 118'* 117% 118%
2% % Cmwlth A Sou war. . 6 % % %
12% 1% Com Water Service.. 1 1% 1% 1% 1%
% % Comstock Tunnel... 17 % A % A
3% % Consol Copper. 7 1 1 1
101 67% Con Gas Balto (3 60) 1 64’. 64% 64% 64%
17% 1% Consol Gas Utility A. 1 2% 2% 2% 2%
64% 1% Cont Shares cy pf.... 1 3 3 3 3
15 4% Cord Corp. 20 7% 7% 7% 7%
3% 1% Creole Petroleum.... 2 2 2 1% 1%
% % Crown Cent Petrol.. 1 '4 'a *4 %
1% A Cusi Mex Minins.... 5 A A A A
2% A Dayton Air A En*... 5 A A A A
44% 8% Deere A Co. 62 13% 14% 12% 12%
8% 1 De Forest Radio..... 20 1% 1% 1% 1%
S'* % Detroit Aircraft.... 18 % % A %
6 1% Dubllier Cond & Rad 1 1% 1% 1% 1%
6% % Duquesne Gaa. 14 A % A A
3% % Durant Motors. 40 % % % %
SO 22 Eastern Sta Pw pf A. 25s 17* 17* 17* 17*
22* 22* Eastern Sta Pw pf B. 26* 17* 17* 17* 17*
24 2 East Sta Pow (B>... 2 3 3 3 3
35* 20 East Util Assoc (2).. 3 23* 24 22* 24
8* 3 East Uttl Assoc cv.. 3 4* 4* 4 4
6* 1* Elsler Electric. 1 1% 1* 1* 1*
61 8% Eleo BondAShi b6 %) 418 12* 12% 11* 11%
108* 48 Elec B A Sh pf (6). .. 8 60 60* 59* 69*
22* 5* Eleo Pow Assoc A (11 1 11* 11* 11* 11*
18* 8 Elgin Natl Watch... 1 VI* 11* 11* 11*
89* 45* EmpG & Feu pf(8>. 60s 62 62 62 62
4 * Europ Elec deb rts. . 6 * % * %
29* 8* Ford Motor. Can . A. 3 11* 11* 11* 11*
19* 3* Ford Mot Ltd *« »-6o 14 6% 6* 6* 5*
6* * Fox 1 heater (A).... 4 1 1 1 1
12 2Vi Gen Aviation. 3 3* 3* 3* 3*
*1* * Gen Thcat Eq cv pf.. 10 1* 1* 1* 1*
35 30 Gilbert (A C)pf 3*.. 3 24 24 24 24
60 20* Glen AldenCoaJ (4>. 1 21* 21* 21* 21*
9 4*4 Globe U'wtrs (p 40c) .1 44. 4* 4% 4%
11* 1% Goldman Sachs .... 37 3* 3* 2* 3
5* 3 Grand Rapids Vr 50e 2 6* 6 5* 6
122% 112 Gt At&Pac Tea pf(7) 60s 117 117 117 117
76* 25% Gulf Oil of Penna. .. 4 29 29 29 29
18* 9 Hackmester Lind... 1 12% 12% 12% 12%
6 * Hamilton Gas v t o... 1 * * * V,
80 6V« Hydro El Securities. 4 8* 8* 8 8
6* 2* Hvgrade Food Prod. 2 3% 3* 3* 3%
94Vi 46 III Pow & Lt pf (6).. 25a 67 57 57 57
18* 7* Imp Oil of Can 160c* 2 8% 8% 8% 8%
45 5 Jnternatl Utility (A) 1 6* 6* 6* 6*
88 40 Interstate Pw pf< 7). 20s 62 62% 52 52%
9* 1* Insurance Security. . 4 2* 2* 2* 2*
% * Intercontinent Pet n 2 * * * *
35 9* In state Equity cv pf. 1 10 10 10 10
15* 7* Int Petroleum (1)... 7 9% 9* 9* 9%
10* 1* Int Utilities B. 10 3 3 2* 2*
49* 4* Insull Inv ( bg % )... 2 6 6 5 5
28* 17* Lake Shor Mines (2). 1 24* 24* 24* 24*
27* 9% Lah Co A Na (1.20).. 1 12 12 12 12
25 5* Lone Star Gas n 88c. 10 8% 8% 8*. 8%
36* 17 Long Island Lt (60c) 1 19 19 19 19
41 32* Mapes Cons Mfg( 14) 5 38 40% 38 40%
6* * Mavis Bottling iA).. 8 % % %
113% 43 Mead Johnson (t&).. 6 63* 53* 62* 52*
4Vi 1* Mass Util Assoc.... 9 2’, 2* 2* 2k
1* * Merabi Iron. 1 * * 1, ia
4* * Met Chain Stores. .. 2 ft ft ft ft
25* 4% Mid West Ut <b8%). 18 6* 6* 6* 6*
I 11 % Mo-Kan Pipe Line. . 1 1% 1% 1* ly,
r-Prev. 1831.-, Stock and Sal's—
Hlth. Low. Dividend Rale. Add 00. Open Htkh. Low Close.
20% 11 Mohawk Mining (1). 2 16% 17 16% 17
25% 18 Mon W PPSpflft. 1 17 V* 17% 17% 17%
32 6 Moody's In Sve pt pf. 1 7 7 7 7
5% 2 Mountain Prod <80c). 2 2% 2% 2% 2%
10 2% Nat Aviation. 2 2% 2% 2% 2%
26% 9% Nat Fuel Gas (1).... 1 12% 12% 12% 12%
6% 1% Nat Investors. 3 2% 2% 2% 2%
22 1% Nat Sh T Sec A t60c. 7 2 2 1% 1%
34% 22% Nat Sugar N J (2)... 3 22 22 22 22
5% % Nat Union Radio.... 1 % % % %
1% % New Bradford Oil... 9 % % % %
86 48% New Kng Pow pf (6) 170a 69% 59% 68% 59%
61 20% New Jersey Zinc (2). 1 25% 26% 25% 25%
3 2 New Process Co. 4 3% 4% 3% 4%
68% 9% Newmont Mining.... 3 11% 11% 11% 11%
117% 100 N Y P&Ltpf (7)... 25a 98% 98% 98% 98%
89% 46% N Y Steam Cp <2.60). 2 49% 49% 49% 49%
118% 107% N Y Tel pf (6%)_ 25a 111 111 111 111
15% 5% Nlag-Hud Pow <40c) 49 7 7% 6% 6%
3'% ft Nlag-Hud Pow Aw.. 1 % % % %
8% 2 Nlag-Hud Pow R w.. 2 3% 3% 2% 2%
3% ft Niag-Hud Pow C w. . 1 % % % %
11% 2 Slag ShareiMd) 20e. 20 3% 3% 3 3
1% % N'lptsslng. 2 % % % %
35% 20 North Pipe Line (3). 1 32% 32% 32% 32%
152% 69% Nor St Pow A <S) . .. 1 78 78 78 78
101 85 Nor St Pow pf (6)... 10a 87 87 87 87
109% 88% Nor St Pow pf (7)... 50s 96 96 96 96
% ft Ohio Copper. 6 % ft % ft
6 % Overseas Sec. 1 % % % %
30 23% Pac G & E 1st pf 1%. 1 25% 25% 25% 25%
15 2% Pao Western Oil. ... 1 6 6 6 6
6% 2% Paramount Cab Mfg. 2 3% 3% 3% 3%
109% 34 Parker Rust Prf (3) .250a 41 41 40 40
8% 1% Pennroad Gorp (40c) 45 3% 3% 3 3
79 28 Pcpperell Mfg (4)... 20a 32 32 32 32
3% % Philip Morrta Inc... 8 1% 1% 1% 1%
23V* 2 Pilot Rad Tube A_ 21 3V* 3% 3% 3%
2% 2% Plon G M Ltd (12c).. 12 2% 2% 2% 2%
109 32% Pitts* Lake Erle(5) 100a 44 46 44 45
19 6 Plymouth Oil (50c). 1 7% 7% 7% 7%
6% % Polymet Mfg. 11111
1% % Premier Gold (12c).. 1 Vs % % %
4% % Producers Royalty. . 2 % % % %l
6% % Pub Util Hold tw... 1 % % % %
50 9 Railway & Lt Sec<2) 50a 20 20 20 20
3% V* Keiler-Foster. 2 % % % Vi
13% % Republic Gas Corp.. 46 % % % %
5 % Rev barn Co. 3 % % % %
1% ft Reynolds invest. ... 1 ft ft ft ft
3% % Roosevelt Field Inc. 2 1'* 1% 1% 1%
7 3 Russek's Fifth A\e., 2 3 3 3 3
& * St Anthony Gold.... 3 & * i *
21% 2% St itegls Paper. 6 4% 4% -4% 4%
17 5% Sec Allied Corp (1).. 7 7% 7% 794 794
7% 1% Segal L&Hdwr. 9 1% 1% 19. 194
4% H Selec'ed industries.. 10 1% 1% 1% 1%
3% % Sentry Safety Cont.. 13 % % % v.
1% % Signature Hosiery.. 1 (k tk tk ik
•i 1% Shattuck Den Min... 3 2 2 2 2
8% 1% Shenandoah Corp.... 1 2 2 2 2
12 9» Silica Gel ctfs. 4 1% 1% T% 1%
10 9 Simmons Board pf.., 1 9 9 9 9
343% 114% Singer Mfg (I).10s 129 129 129 129
192 33 Smith < A. O.).120s 64*. 54% 60 53%
18% 3% Smith-Corona vtc... 2 2% 2% 1% 1%
Snider Pack (new).. 1 3% 3% 3% 3%
23% 9% South Penn 011 (1).. 1 11 11 11 11
299. 239. SoCal Ed pf B (1%). 1 24% 24% 24% 24%
27% 20% Sou Cal Ed pf C(14i) 3 21% 22% 21% 22%
4% % South Corp. 15 IV. Hi 1% 1%
9% 6% So. Union Gas. 3 1% 1% 1% 1%
97 65 S WGftEpf (7)_ 10s 70 70 70 70
6% % S W Gas Utilities... 1 94 *4 94 9»
% % Spanish & Gen rets.. 1 % % V> %
88% 13% Stand OH of I«4> 1). 38 169. 16% 16% 16%
23% 12% Stand Oil of Ky 1.60. 7 13% 14 13% 13%
60 18 Stand P&L (B) (2). 2 19 19 19. 19
101 60 Stand P&L pf i7)... 60s 64 64 64 64
25% 1 Starrett Corp pf. 1 2% 2% 2% 2%
28 8% Stutz Motor Car. 4 12% 13% 12% 13%
8 1 Sun Invest. 1 2 2 2 2
409. 2 3 Sun Invest pf 13).... 1 24 24 24 24
6% V. SunrayOil. 6 S, % jk Vi
309. 14% Swift & Co (2). 6 18% 18% 18% 18%
40% 18% Swift Internat'l (t4) 8 22% 22% 22% 22%
95 40 Swiss Am El pf («).. 1 42 42 42 42
61 20V* Tampa Electric 112). 1 289, 28% 28% 28%
15% 1% Technicolor Inc. 1 2% 2% 2% 2%
12% 2% Texon OU& Land (1). 7 6 6% 6 6%
39% 14% Tobacco & All Stks.. 7 21(4 21(4 20% 209.
1 9, TOb Prod of Pel wl.. 6 % % % %
50 159. Todd Shipyard (2).. 1 17% 17% 17% 17%
13V. 19. Prana Lux P L P 8.. 6 2% 2% 2% 2%
6% (4 Trl-Cont Corp war... 2 1111
29!. % Trl-Utilitlea. 6 94 % % %
16 1% Tublze Chatel. B.... 4 2% 2% 2% 29,
17% 3% Un Gas of Canada (1) 2 4 4V, 4 494
15% 29. Unit Corp war. 1 3% 3% 3(4 3%
39» % Unit Pry Pocks. 13 % % % %
10% 19, Unit Founders. 28 2% 2% 2 2%
11% 1% Unit Gaa Corp. 33 2% 2% 29, 2%
4% % Unit Gaa Corp war.. 10 9. 9. % 9.
34% 5% Unit Lt * Pw A (1).. 8 8 8 7% 7V*
104% 85% Unit L & Pwr pf(«).. 4 52 52 51% 51%
3 1 Unit Molasses Ltd... 1 1*4 194 194 19,
894 1 U BE ec Pow ww... 2 1% 1% 1% 1%
39i (4 U S & Int) Secur. 5 % % % %
60 17% U S Inter Sec 1st pf. 1 23% 23% 23% 23%
49 18% U S Playing Card 2 % 500s 229. 229* 21% 21%
13% 8% Unit Verde Exlen 11) 1 3% 3% 3% 3%
14% 1% Util Pe & Lt (bl0% ) 9 2% 3% 2% 3(4
9% 1% Utility Equities. 1 2% 2% 2% 2%
78 38 Util Equity pf(5%). 160a 45 46 45 45
19% 7% Utility & lnd pf(l%) 3 9% 10 994 9%
714 1(4 Van Camp Pkg. 4 l'ft 2 lift 2
17» Vi Venezuela Petrolm.. 6 8* 8* 8* 8*
7 , 35* yick Financial (tOo) 4 4 4 4 4
88* l’ft Walker. H (25c). 29 28* 28* 2V4 2V*
8* ft Wenden Copper. 3 ft ft ft ft
6Vj H* Wll-low Cafeterias.. 1 2»4 2*4 2% 284
12V* 5V* Wl\vthFWLtd29 3-oc 1 88* 88* 88* 88*
RIGHTS—EXPIRE
41* T/4 Com Edison Feb 1... 9 18* 18* lift 18*
5 15* Pub St* Nil .Feb 1 4 l’ft 2 l7* 2
Dividend rates In dollars based on last quarterly ol senai-an
nual payment "Ex dividend. tPartly extra IPlu* 4% in stock,
a Payable in cash or stock. b Payable in stock e Adjustment I
dividend 1 plus 8(4 in stock * Plus t% In stock. h Plus 184 in I
stock. 1 Plus 2(4 In stock, k Plus 10(4 In stock, m Plus i% in
stock n Plus 884 In stock. P Paid last year—no regular rate. i
Everybody’s
Business
Early Agreement Between
House and Senate Ex
pected on Reconstruction
Finance Corporation
BY DR. MAX WINKLER.
Special Dispatch to The Star
NEW YORK, January 18 (N.A.N.A.).
—Although the reconstruction finance
bill was passed by the House, the mea
sure differs from that of the Senate
In many important particulars and
contains provisions which appear to be
opposed by the White House. It would
therefore seem that several obstacles
will have to be removed before the
bill becomes law.
It is difficult to understand why an
early agreement should not bs reachtd.
The economic and fTcal situation in
the country remains serious and the
proposed corporation is generally ex
pected to assist materially in bringing
about a speedy rehabilitation. Further
delay would seem utterly inexcusable.
With today’* installment, the recent
ly formed National Credit Corporation
will have $100,000,000 to be used In
aiding banks with insufficient liquid
resources to meet withdrawals of de
posits. No one questions the sincerity
of those charged with running the cor
poration. However, when one reads of
continuous bank failures, some doubt
is created as to whether the relief is
actually forthcoming w'hich the cor
poration’s sponsors had promised.
It is hoped and expected that the
reconstruction finance corporation will
provide whatever aid th« Nition’l
Credit Corporation was unable to ren
der.
Short-term investments would seem
to exist largely In the Imagination of
optimistic creditors. On more than
one occasion it has been found neces
sary to agree to extension and conver
sions. This would seem to apply to the
short-term commitments in Oermany,
of which American institutions are
said to account for about $600,000,000.
Last Fall, due to the precarious finan
cial situation in the Reich, repayment
was extended till February 29.
Now, it is believed, a new agreement
has been reached in which postpone
ment is granted for one year, with
creditors haurg the r'ght to ask for
a conversion of the debts due Hi m
into obligations running for several
years. Thus, a short-term debt will
eventually be changed into a long
term commitment.
The various measures about to be
taken to help the railroads of the
United States are being viewed with
satisfaction by holders of All sorts of
railway securities, both insertions and
individuals. Aside from the proposed
10 per cent cut in wages and various
economies to be effected, the help to
be given the carriers is largely in the
form of loans and credits which will
eventually have to be repaid.
It may well be asked whether such
policies afford a genuine solution. An
outstanding authority on railroad af
fairs rightly remarked that "no strong
national transportation system can be
reared on the basis of financial ex
pedients of this kind.”
Might it not be desirable to give
serious consideration to revisions in the
capital structure of some of the sys
tems?
Operations of Wilson & Co. in 1932
should show profitable results, accord
ing to Thomas E Wilson, president.
Mr. Wilson, in describing last year's loss
of over $2,000,000 as compared with a
profit of over $2,500,000 in 1930, points
out that inventory declines in 1931 have
been the most severe in the packing
house industry's history.
Values, Mr. Wilson continues, have
reached a level so low that it seems
hardly possible that further substantial
[ inventory losses could occur.
Japan is one of the many countries
i taking advantage of the low quotation
i cf her bonds in foreign markets. Ac
cording to a reliable estimate, the coun
try has repurchased and holds today
almost $400,000,000 par value of external
Japanese bonds or about 35 per cent of
the nation's total foreign indebtedness
of $1,108,500,000.
While New York is finding it difficult
to locate bankers who will handle a mu
nicipal bond issue. Paris is offering for
public subscription, at 98, a $100,000,000
lottery loan bearing interest at the rate
of 4 per cent per annum. The issue is
divided into 2,500,000 bonds of 1,000
francs par value and will be redeemable
within 48’•. years by drawings on May
25 and November 25.
During the first 30 years there will be
122 prizes aggregating 7.500.000 francs,
one prize of a 1,000,000 and two of 500,
000 francs. Beginning with the th.rty
first year, there will be with each draw
ing one prize of 50.000 francs, six of
10,000 and three of 5,000 francs.
Bonds are being issued partly to re
fund the City of Paris 5s or 1919, which
are accepted in payment for new bonds
at 105 per cent, with April l, 1932,
coupons attached.
(Copyright, 1933. by the North American
Newspaper Alliance, Tnc.)
FOREIGN EXCHANGE.
I (Quotations furnished by V; R Hir.bs A- Co l
Nomir»l void Selim- checks
V«l'f ; -ay
London, pound. S4.r,5S5 9747
! Paris, franc . S.ai’sc j’n.s -
! Brussels, bcign.- 13 91c 13 93c
Btrlln. mark.IT ,“2r 2165c
Home lira. 5 3Bc 5 Ofc
Zurich, franc . 19 3c 19 so,
Athens, drachma. 13c
Madrid, peseta.19 3c
Vienna, schilling. 14 07c
Budapest pengo ... 17 40c
Prague, crown (noro.i 2 a«4c 2 9f',e
Warsaw iloty. 1133c 1
Copenhagen, crown.. 26 »c .
Osio, erown . 2fi.8c 1! one
Stockholm, crown.... 24.ee isilsc
I
J ---
Brokers’ Comment
By the A«socl*ted Press,
j NEW YORK, January # 18.—Some
I market commentators today believed
| stocks would take their cue from wheat,
which rallied buoyantly last Saturday.
Thomson ii McKinnon—The market
: will likely take its cue from the action
of wheat and the railroad news from
| Chicago.
Redmond & Co.—While some further
irregularity may be expected, we an
ticipate that another effort will be
made to mark up prices this week,
unless some unexpectedly bad news
should intervene.
Shields & Co.—Due to the varied in
fluences of the moment, the stock mar
ket only can be regarded as a day-to
day trading affair, Influenced mainly
! by news developments. Attractive
I trading opportunities will be afforded,
! but the utmost caution should be ex
ercised, so that quick shifts in trend
I can be taken advantage of.
Jackson Bros., Boesel & Co.—We
look fQr immediately higher prices in
the commodity markets.
Hornblower Ac Weeks—While nothing
has happened to indicate a termina
tion of the main upward direction of
the market, we would keep in mind
that the advance to date has already
accomplished the minimum of a one
third cancellation of the previous de
cline, with stocks appearing in supply
just under recent highs. I
Frazier Ac Co.—Wc anticipate a fur
ther rise from this level, but believe
the market soon will enter a critical
area. In which seme profit-taking
should be expected. It Is our inclina
tion to believe that the recovery will,
exceed the 50 per cent anticipation,
but, if it does, we mink stocks are
likely to be obtainable at or around
the current price level at a later date.
E F Hutton Si Co.—Tire trend of
leading commodity prices and the re
sults of the railroad conferences and
the proposed reconstruction measure
will probably constitute the Immediate
market influences of this week. Volume
Is likely to remain very low and price
movements quite Indecisive.
Paine, Webber <fe Co.—Further evi
dence of topheaviness was revealed in
j Saturday's transactions. We look for
a trading rnnge during the course of
i vhich United States Steel Is likely to
! spurt. Our advice is to liquidate
[ trading holdings as strength appears in
individual issues.
I .-—
U. S. TREASURY CERTIFICATES
r.u*M.ufritV cb“’ "‘SST * o®"
9* .T.iriV IS 1933 100 *-32 10° *‘33
u" Mar! it; «.«-« ‘-33
| jg }-**
J>/«j Dec. IS, 1932. 99 31-32 100 1-32
HIT ALL OFFERINGS
No Class of Securities Has
Been Spared During
Long Pressure.
BY CHARLES F. SrEARE.
Special Dispatch to Tue Siar
NEW YORK, January 18 —One ol
the conspicuous facts of the two-year
decline in securities is that it has not
spared any class of stocks or bonds.
The strongest have declined with the
weakest. Only in relative degree have
the aristocrats of .the investment mar
ket come through it in better standing
than those issues whose inferior status
is reflected in the low ratings attached
to them.
This has left buyers of securities, and
especially institutional investors, in a
confused state of mind. The issues
on which they have most depended in
the crisis depreciated nearly as much
as speculative common stocks. Bonds
that were not legal for purchase by
savings banks or trustees in many in
stances enjoyed firmer markets than
those that had been elevated by law to
a preferred rank. Frequently, the pre
ferred stocks of a corporation were
found to be steadier in price than the
bonds prior to them. This was not al
together due to the condition of mar
ket demand or supply.
Utility Preferred Stocks.
An illustration of this anomaly may
be taken from the action of the high
grade public utility preferred stocks,
which went off last year an average of
about 20 points in comparison with
losses of from 20 to 35 points in legal
railroad and public utility bonds. There
also are numerous cases of industrial
bonds that have declined less in the
past six months than United States
Government loans. The much-berated
foreign issues have a representative in
French national and municipal dollar
obligations that have had a uniformly
steady market during the period of
greatest shrinkage in the top grade
of American corporation issues and in
contrast with the 10 to 18 per cent
discount in Treasury obligations.
Out of its experience the public will
eventually be compelled to make its
choice of investments as between stocks
and bonds. From 1924 to 1929 common
stocks held the center of the stage.
Comparatively few individuals pur
chased bonds or preferred shares.
There has latterly been a more friendly
attitude on the part of the public to
ward bonds. This is with a view to
their speculative prospects after selling
on such a depreciated basis rather than
with regard to them as a permanent
investment. The attitude of the aver
age buyer of securities today is that
bonds made a sorry spectacle of them
selves last year and that they have
been found to be less vulnerable in a
depression than common stocks. There
fore the public is just as likely to con
centrate on common stocks when busi
ness conditions warrant entrance into
the market as to go into bonds.
Bank Position Puzzling.
The position of the banking institu
tions not surrounded by restrictions as
to investment in legal bonds and per
mitted to purchase both common and
preferred stocks is also one of bewilder
ment. The Governor of an Eastern
State in his annual message to the
Legislature a few days ago criticized
State banks and trust companies for
holding common and preferred stocks,
the implication being that if they had
limited their investment portfolios to
bonds their financial position would now
be superior to that existing. This fact
is still to be proved. Any one who has
made an analysis of the bond holdings
of the average interior bank knows that
its greatest losses and those that are
less likely to be recovered were in for
eign bonds and in the refunding, deben
ture or collateral trust issues of the
newer public utility holding companies.
Few of their common stocks showed as
much percentage of depreciation as did
the former classes of securities. As for
their preferred stocks, which were main
ly those of stronger power and light
operating or holding corporations, they
have established a record for relative
stability that should give them a future
status alongside many mortgage issues.
There are few arbitrary standards in
investment practice that can be set up
by banking authorities to prevent de
preciation on a substantial scale dur
ing a financial crisis. There are many
common stocks intrinsically of greater
value than bonds that day after day go
into the security accounts of private
investors and institutions. It is not
possible to buy either common stocks
or bonds as a group without discrimi
nation between individual members of
the group. There should not be as
much stigma on a bank that legally
holds a common stock like American
Telephone & Telegraph, Atclyson, To
peka & Santa Fe, General Electric,
General Motors or United States Steel,
or such senior shares as Consolidated
Gas, Public Service Electric & Gas or
United Gas & Improvement, as for
carrying any one of a dozen railroad or
public utility bonds that were brought
out under good sponsorship two or
three years ago and located primarily
in the portfolios of the regular buyers
of new issues. The bad name which
common stocks always develop in times
like the present could be cleared with
a little study of what constitutes the
lead elements of a sound investment.'
(Copyright. 1932.)
Grain Market
CHICAGO, January 18 (/P).—Brisk
new Jumps in wheat values here took
place early today despite setbacks in
securities and notwithstanding rela
tively unresponsive action of wheat
quotations at Liverpool. Unusually ac
tive buying hoisted most Chicago de
liveries of wheat to the topmost point
reached since November 24. Opening
12-1 :ih higher, Chicago wheat futures
continued firm. Corn started at -'a de
cline to Vs advance and subsequently
held near the initial range.
The main incentive for wheat buyers
today continued to be rumors that a
pool had been formed to purchase
wheat and other commodities likely to
be stimulated by adoption of the
finance reconstruction act at Washing
ton. In addition, apprehensive reports
about domestic Winter wheat crop
prospects were a bullish factor. A
leading expert reported that over
Northern Illinois the wheat plants, in
stead of being matted to the ground as
they should be at this tims, were sappy
and erect, with growth as much ad
vanced as in April.
Fears were expressed that a sudden
drop in temperatures to around 20 at
Chicago would result in damage to
wheat and that the further south the
cold penetrated the more serious the
damage would be.
On the new bulges in price numerous
stop-loss orders were executed for
previous speculative sellers. Large in
creases of the amount of wheat on
ocean passage for importing countries
failed to check upturns. Corn and
oats rose with wheat.
Provisions responded to strength both
of hog values and of grain.
CHECK PAYMENTS DPOP.
Checks drawn on individual bank ac
counts in leading cities cf the Federal
Reserve system : hewed a 23 per cent
decrease during the week ended Janu
ary 13 as compared with the previous
week. A part of the decline was charge
able to payment of monthly bills effect
ed the previous w'eek. Total debits for
comparable periods, as announced by
the board, follow:
Week ended January 13. $8,174,468,000.
Previous week, $10,549,245,000.
Same week last year, $10,572,399,000.
COMMITTEE PLANS CAMPAIGN
TO AID LATIN-AMERICAN TRADE
International Business Interests Seek to
Tear Down Existing Artificial
Barriers.
BY FRANK H. McCONNELL,
Associated Press Financial Writer.
NEW YORK. January 18.—Leading
international business interests have
decided on definite action expected to
tear down some of the artificial bar
riers now obstructing normal flow of
commerce between North, South and
Central America.
Gen. Palmer E. Pierce of the Stand
ard Oil Co. of New Jersey, who is chair
man of the committee on inter-Ameri
can relations, announced today that
this group, with the National Foreign
Trade Council, had embarked on an
aggressive program to “discover what
measures leading to improvement can
be undertaken now.”
The next major move, he said, will be
the calling of a business conference on
the exchange situation. The committee
will “endeavor to find some means by
which the adverse effect of this situa
tion may be relieved.”
Would Ajd Imports.
"In a number of Latin American
countries, it is imjxissible to obtain
United States dollar exchange to remit
in payment for imports from the United
States, ’ Gen. Pierce asserted. "We are
interested not only in a more normal
flow of exports, but also in a recovery
in importation of those Latin American
products always consumed here.
TABLE SHOWS LOSSES
IN FOREIGN EXCHANGE
Federal Reserve Board Records
Disclose Declines of
Last Year.
By the Associated Press.
An illustration of the decline that
took place in foreign exchange during
1931 is given in the following statistics
compiled by Federal Reserve Board
records. The table includes the various
countries, their monetary units, par
value, the average rate per United
States dollar during 1930 and the
average rate for December, 1931:
Ave. rate in dollars.
Country^-Unit. Pa”. 1930. Dec.'3i
Canada, dollar. 1.000 0.9J84 0.82 il
Cuoa. peso . 1.000 ,999a ,999o
Mexico, peso .4985 .4713 .3901
Argentina, peso .9643 .8351 .5852
Brazil, milreis.1196 .10/1 .0620
Chile, peso . 1217 .1208 .1207
Uruguay, peso. 1.0342 .8587 .4455
Austria, schilling .1407 .1409 .1395
Belgium, belga .1390 .1395 .1390
Bulgaria, lev .0072 .0072 .0071
Czechoslovakia, crown .0296 .0296 .0296
Denmark, krone .2680 .2877 .1859
Finland, markka .0252 .0252 .0169
France, franc .0392 .0392 .0392
Germany, reichsmark. .2382 .2385 .2382
Great Britain, pound 4 8685 4.8621 3.3737
Greece, Drachma .0130 .0130 0129
Hungary, pengo .1749 .1749 .1746
Italy, lira .526 .0524 .0511
Netherlands, florin ... .4020 .4023 4023
Norway, krone .2680 .2676 .1848
Poland, zloty .1122 .1121 .1119
Portugal, escudo.0442 .0449 .0323
Rumania, lev .0060 .0060 .0060
Spain, peseta . 1930. .1167 .0840
Sweden, krona .2680 .2685 1871
Switzerland, franc .. .1930 .1938 1948
Yugoslavia, dinar.1776 .0177 0178
Hongkong, dollar .2374 .3385 2487
China, shanghai tael. .3296 .4182 3281
China, Mexican dollar .2391 .3009 .2360
China. Yuan dollar... .2339 2992 2373
India, rupee .3650 .3607 .2538
Japan, yen .4985 .4939 .4346
Straits, dollar .5678 .5596 .3903
BALTIMORE TOBACCO.
BALTIMORE. January 18 (Special).
—As the fobacco market was closed
during the first three days of January,
last week's report is for the period from
January„4 to 16. Receipts, 300 hogs
heads: sales, 70 hogsheads, leaving a
stock in State tobacco warehouses of
14,715 hogsheads and 326 hogsheads of
ground leaves.
Quotations today for Maryland leaf
tobacco per 100 pounds: Frosted and
inferior, 2.00a4.50; sound to good com
mon, 5.00al5.00; medium to good, 15.00
a35.00; good to fine red, 35.00a54.00;
fancy, 54.00a55.00. Seconds, common
to medium, 5.00a22.00; good to fine,
23.00a42.00; 1931 crop ground leaves^
4.00a20.00. Upper county hurley, nomi
nal.
-• --
INVESTMENT TRUSTS
NEW YORK. January 18 (JF).—Over
the-counter-market.
, „ _ _ Bid Asked
A B C Tr Shrs D . 2% 31,
ABC Tr Shrs E . 4% 4%
Am & Gen Sec "A" .. . 4'.
Am a; Gen Sec B . 5c
Am & Gtn Sec J3 pf . 30
Am Br & Con 6V pf . is
Am Comp Tr Shrs . 3% 37.
Am Fdrs 6V pf . 5 9 "
Am Fdrs 7V pf . 6 12
Am Fdrs cv pf ctfs . 10 19
Am Ins Stocks . iy. ji.
Assoc Stand Oil . 31, 4
Atl Sec war .
Atl & Pac Int units . '15*4 .
Atl & Pac com ww. % %
Atl & Pac pf war . 15
Bankers Nat Inv . 15 19
BanslciJla Corp . 4 6
Basic Industry . 2%
British Type Inv . 1% 2%
Central Nat Corp A. 12 15
Century lr Shrs . 18'4 19%
Central Nat Cotp B . 2 5
Chain & Gen Equities . 'a 1%
Chartered Invest . 1*. 3
Cnartered Inv pf . 4j 59
Chelsea Exch A . % 1
Chelsea Exch B . %
Cumulative Tr Sh . 3% 4
Corporate Trust . 3 30
Corporate Trust A A . 2 10 2.35
Corporate Trust Accum Ser. 2 10 2.33
8rum & Foster . 13 16
rum & Foster 8V pf . 78 83
Crum & Fost Ins . 14 18
Crum & Fost Ins 7 pf. 69 7t
Depos Bk Shrs NY . 3% . .
Depos Bk Sh N Y "A" . 2% 2%
Depos Ins Shrs "A" . 3% 3%
Diversified Tr A . 7% _
Diversified Tr B. 6% . .
Diversified Tr C. 2.80 3.10
Diversified Tr D. 4’i 5%
Equity Invest. 30% .
Equity Invest pf. 49* j ..
Equity Trust Shrs. 2.60 2.93
Five-Year Fixed Tr. 3% ....
Fixed Trust Sh A. 7% .
Fixed Tiust Sh B. S»4 .
Fund Tr Shrs A. 2% 4%
Fund Tr Shrs B. 3% 4'*
Granger Trade. 4 .
Crude Winmill Trad. 23 .
L’.corp Investors. IP 18%
Ir.corp Invest Equit. 1% 2%
Independ Tr Shrs. 2 30 2.53
Int Sec Corp Am A. % .. ..
In Sec Corp Am B. 5c .
Int Sec Am 6V pf. 8 13
Int Sec Am G1. V pf. 9 I t
Inv Tr N Y Coll ' A" . 4% 4%
Invest Trustee Sh. 4'4 .
Leaders cf Indnst A. 3%
Leaders of Indust B. 2\ 3%
Leaders of Indust C. 2% 3
Low Priced Shrs. 3% 4
Major Corp Shrs. 2V4 2%
Mass Invest Tr. 16% 18%
Mutual Inv Tr A. 4 5
Mutual Manaee. 2%
Nation Wide Sec. 3% 3%
Natl Indust Shrs. 2 55 ....
Natl Tr Shrs. 5% 6%
N Y Bk Tr Shrs. 3% 4%
N'T Am Tr Shares. 2.50 ....
Nor Am Tr Sh >955 . >.**» 3.50
Ncr Am Tr Sh 1956. T'S 7.50
Fe-t'-er-' Src’i-. 45 fa
Gil F.hnies •.■•’Its. »‘a 9%
G'd col I”V Tr. * 3
GM Col Tr Assoc. 14 11
re'ml Trad A. 4 8
Fuhl'c Per” Tr. “% 4%
Repres Tr Shrs.8.15 8 65
Second Inf. S»c A.. % .
Second Int Sec B... JSS •••■•
Sec Int Sec «c„ 1st Pf. 7 12
Secur Corp Gen $6 pf.■ ■ ■ 85
Selected Am Sh.-■. 2.40 2.30
Selected Cumulative Shrs.. $*« 6%
Selected Income Sh . 3% 3%
Selected Manage Trust . 3% 4
Shawmut Bank . 1 3
Spencer Trask Fund . 13% 13%
Stand All Am Tr.. 4% 4%
Stand Am Tr Shrs. 3T5 3 85
Stand Collat Trust . 4% 5%
State Street Invest . 45 47
Super of Am Tr A .. 3% 3%
Super of Am Tr B. J " 2,4
Super of Am Tr C . 5 g fig
Super nf Am Tr D . ‘
Trust Shrs rf Am .. Jl'
Tn»4i c? Ftaid Inv C. - '
'T*rv«lee S-ard Inv D. 2.10 2 33
Trustee Bfc Oil A... J,’ ••■■■
Trustee 6* O'l flVi B. 3; * J
rrrrit',e4 N Y C Bank. 4*
Trusteed \r\ Bk Sh. 2 8
Twentieth Cent Flscd Tr. 9 2 * 2 a
Two-Year Trust Sh. g.?
United Fixed Shrs. 3*4
Unit Fdrs 1-70 com.°4
United Ins Shrs . J," .
United Bank Tr . 6 • .
US & Brit Int Ltd A. V»
US A Brit InV 13 pf.... 4 »
US Elec Lt A Pow •,A,‘. 18 20
US Elec Lt A Pow B 37« 4U
Universal Tr 3h . 23,4 3V»
‘‘The power of Latin American coun
tries to buy and consume our goods
proceeds from the sales they csn make
of their products abroad. This basical
ly affects their ability to settle their
foreign obligations."
The Committee on Inter-American
Relations is composed of executives of
nearly 30 of America's largest business
enterprises, engaged in foreign com
merce.
Committee Members.
Officers are Gen. Pierce, chairman;
James S. Carson of the Electric Bond
& Share Co.. Robert H. Patchin of
W. R. Grace & Co., Eugene P. Thomas
of United States Steel Corporation,
Gerard Winston of Shearman & Ster
ling and W. T. Moran of the National
City Bank, all vice chairmen; O. K.
Davis, National Foreign Trade Council,
secretary, and C. C. Martin, Pan
American Information Service, assist
ant to the chairman.
‘‘The resources of the Latin Ameri
can countries, the industry and intel
ligence of their people and the su
periority of present-day communica
tion with all world markets leave no
doubt of the importance of the sister
republics in the recovery which we
hope will not be long deferred," said
Gen. Pierce.
"This committee feels that intensive
study of the various phases of the
problem of recovery is most timely."
HIGH INTEREST RATES
HELD HURTING REICH
Carnegie Endowment Declares Cost
of New Capital Cause
of Plight.
By the Associated Press
NEW YORK, January 18.— High
rate of interest on new capital is given
as the chief reason for Germany’s pres
ent financial position, in a report pub
lished today by the Carnegie Endow
ment for International Peace. The
report was requested by the endow
ment from a distinguished German
economist.
Interest on call money, the report
states, jumped from less than 5 per
cent in 1913 to an average of 7 per
cent since 1925.
The report points out the indispema
bility of new capital, even at prohibi
tive rates, in view of several factors.
Chief among these the report lists the
outflow of capital to meet requirements
of the Dawes and Young plans. It also
calls attention to the loss to Germany
of her entire merchant marine, all her
colonies, 15 per cent of her land under
cultivation and 11 per cent of her
forests.
The fact that Germany has half the
population of the United States and
only 14 per cent of the productive land
was cited as an illustration of the
I necessity for intensive cultivation and
! the capital with which to finance it.
The report stresses the fact that,
! from the German point of view, repa
rations comprise a political rather than
j a legal debt, and that, therefore, the
! chief contributing reason for high in
; terest rates also is political.
I—;
New York Cotton
NEW YORK, January 18 UP).—Cot
ton opened steady today at an advance
of 2 to 5 points on trade buying and
covering coupled with continued small
offerings from the South. March sold
at 6.76.
The demand seemed to broaden
somewhat right after the call, with
some commission house and European
buying in evidence which sent the price
of March contracts up to 6.80 and July
to 7.13 or about 6 to 10 points net
higher.
There was very little Southern selling
and the advance was accompanied by
reports of a firmer basis in the South.
Liverpool cables reported an Inactive
market with prices higher on covering
and trade calling, and said there was a
better Inquiry for cotton cloth from the
continent and South America. There
was some comment on the steadiness
of the Bremen market which was 5 to 9
points higher at the opening this morn
ing, but the early buying here was at
tributed laigely to the continued talk
that finance pending in Congress might
result in some inflation of commodity
values.
Commission houses and brokers with
Wall Street connections were among the
buyers later. The demand was mostly
in small lots, but it seemed to be rather
more general, while offerings remained
light, and the advance extended to 6.85
for March and 7.18 for July, or about
12' to 15 points above Saturday's closing
quotations. A few stop orders were un
covered around the 7-cent level for May,
and after their execution the demand
tapered off somewhat, with prices at
midday showing reactions of 5 or 6
points from the best.
Baltimore Markets
Special Dispatch to The Star.
BALTIMORE, Md., January 18.—
White potatoes, 100 pounds, 75al,10;
sweet potatoes, bushel, 40a80; yams,
barrel, 1.00al.50; beans, bushel, 1.50a
2.00; beets, per crate. 1.50al.60; Brus
sels sprouts, per quart, 7al4; cabbage,
bushel, 50a80; carrots, per bushel, 90a
1.10; cauliflower, crate, 1.25al.50; cel
ery. crate, 1.50a2.50: eggplants, crate,
1.50P.2.50: onions, per 100 pounds, 3.00a
4.00; peppers, crate, 1.50a2.50: kale,
bushel, 25a50; cucumbers, bushel, 2.75a
4.25; spinach, bushel, 25a90; squash,
bushel, 1.50a2.50; tomatoes, crate, 1.00a
3.25; turnips, hamper, 15a25; grape
fruit. box, 1.25a2.50; apples, bushel,
35al,50; oranges, box, 2.00a3.75; straw
berries, quart, 20a30.
Dairy Market.
Chickens, young, 18 a22; Leghorns,
15al8; old hens, 16a21: Leghorns, old,
16al7; roosters, llal3; ducks, 12a21;
geese, 14al8; guinea fowls, pair, 25a50;
turkeys, 15a30; pigeons, pair, 20a25.
Eggs, receipts, 510 cases; current re
ceipts, n’/i: nearby firsts, 18Ms: south
ern firsts, 18>/2.
Butter, good and fancy creamery,
22a26; ladles, 17al8; process, 20a21;
store packed, 13.
SHORT-TERM SECURITIES.
(Reported by Chr.s. D. Barney A Co.)
Bid. Offer
Allis-Chalmers Co. Es 1937. 88 90
American Chain Co. 6s 1933 .. 90 91*4
American Tel. As Tel. 5%s 1943 103% 102%
Amer. Wat. Wks. & El. 5s 1934 92*4 93%
Baltimore A Ohio 4%s 1933... 84% 84%
Belding Hemingway Co. 0s 1936 85% 90
Bethlehem Stel Coip. 5s 1936.. 94 95
Canadian Nor. Rwy. 4%s 1935 85 88
Chi. Northwestern R. R. 5s 1933 73 79%
Chicago Rock Island 4s 1934 *.. 85 70
Cleve. Lor. & Wheeling 5s 1933 93 100
Colorado A So. Rwy. 4%s 1935 88% 90
Commercial Credit Co. 5%s 1935 87 89%
Delaware & Hudson Co. 5s 1935 88% 100
Denver k Rio Grande 4%s 1938 70 76
Gen. Mot Accep. Corp. 6s 1937 99% 100
Oeneral Petroleum Corp 5s 1940 99 100
General Public Service 5%s 1939 77% 78
Grand Trunk of Carada 6s 1936 89% 80
Houston E. A W. Te.vas 5s 1933 H3 S3
Humble OH 5%s 1932. 100 100%
Lrc'jede Gas Light Co. 5s 1934. 95% 83
Louisville k Nashville 5s 1937. 90 93
New York Cent. A H. 4s 1031. 88% 90
New York Chi. & St. L. 6s 1932 45% 43%
Northwestern Telep. 4%s 1934. 97%
Penna. R. R. Co. 6%s 1936... . 100% 101%
Portland General Elec. 5s 1935. . 98%
Republic Iron & Steel 5s 1940. 71 % 76
Sinclair Crude Oil Co 5%s 1938 95% 96
Southern Pacific 5s 1934. 94%
St. L. I M S. Ry. R. AG. 4s 1933 82% 83%
Union Elec. Lt. A Pow. is 1933 99% 100
Union Oil Co. of Calif. 5s 1985 82 17
Virginia Rwy. & Power 5a 1934 98 98%
Wabash Rwy. Co. 5s 1939.78%
. \
DM HEARING.
IS SET THURSDAY
Status cf Holding Companies
Expected to Be Fixed by
Case This Week.
BY C’HAS. P. SHAEFFER,
Associated Press Business Writer.
The long-drawn-out investigation of
the Electric Bond & Share Co. has been
tentatively set for resumption on Jan
uary 21.
On this date argument in the matter
of the company against the Federal
Trade Cimmission will be presented in
the District Court for the southern
jurisdiction of New York. Final dispo
sition of the case is expected to estab
lish a definite status for public utility
holding companies.
The commission's brief in this case
was filed on December 18. Brief for the
company was due early this month.
The case originated out of an appli
cation made by the commission for an
order requiring officers of the Electric
Bond & Share Co. to produce certain
records and to answer certain questions
claimed by the commission to be perti
nent to the investigation being con
ducted by it pursuant to a resolution of
the Seventieth Congress.
The court, in its opinion, stated it as
sumed that the Electric Bond & Share
Co. was “in part at least engaged in
interstate commerce;” that if the de
fendants wished to contest the pro
priety of that assumption the matter
would have to go to a master, or if the
Commission wished an adjudication to
the effect that the intrastate business of
the company was so Intimately associ
ated and connected with Interstate
commerce that all the company’s activi
ties were subject to the jurisdiction of
the commission, a reference would be
required to establish that fact.
Bo*h parties, desiring to take advan
tage of the opportunity thus afforded
b;/ the court, agreed to the appointment
of a master. In the meantime, how
ever, they reached an agreement upon
the facts.
CORPORATION
REPORTS
TRENDS AND PROSPECTS OF
LEADING ORGANIZATIONS.
NEW YORK, January 18.—The fol
lowing is a summary of important cor
poration news prepared by the Standard
Statistics Co., Inc., New York, for the
Associated Press:
Weekly News Review.
The stock market continued on the
upward trend which was initiated in
j the middle of the week previous. Prob
: ably the most influential factor in
furthering this movement was the pas
I sage of the Reconstruction Finance Cor
poration bill. It is felt that this cor
poration will clear the way toward a
natural recovery by breaking the vicious
circle of credit contraction and instill
ing confidence where it is most needed.
The actual movement of the stock mar
ket as indicated by cur pries indfex fer
90 stocks showed a gain of 4 1 points,
rising from 66.7 on January 9 to 70.8
on January 15.
In sympathy with the improved sen
timent and rising security market the
bond market again moved to higher
levels. The advance was led by the
second-grade rails, which are expected
to benefit fjgatly from the Reconstruc
tion Finance Corporation.
Relative stability has been shown in
commodity prices in recent months in
spite of the curtailed buying due to lack
of confidence in the business outlook.
Last week II of 40 major commodities
advanced in price over the previous
week, while 16 declined and 13 re
mained unchanged.
Steel ingot production has not only
been able to maintain the gradual ad
vance from the December lows, but also
has continued to increase slightly. Ac
cording to the Dow, Jones & Co. esti
mate, ingot production in the week
ended January 11 was at slightly under
25 per cent of capacity, which com
pares with 22 per cent in the preceding
week.
As production is running ahead of
consumption, it is rather unfortunate
that an increase was reported in crude
oil output in the week ended January 9.
According to the American Petroleum
Institute, daily average crude oil produc
tion was 2,235,200 barrels, an increase
| of 25,100 barrels over the previous
week.
Due to advance shipment of goods
to avcid the increased rates and the
subnormal shipments in the previous
week caused by holiday influences, rev
enue freight car loadings in the week
ended January 2 increased sharply.
Actual loadings, as reported by the
American Railway Institute, totaled
503,321 cars, against 441,589 cars in the
preceding week.
The Companies.
Sun Investing liquidating value, De
cember 31, 1931, $47.36 a preferred
share, vs. $71.05 December 31, 1930.
Todd Shipyards—Court orders sale of
three vessels of Hudson River Naviga
tion Corporation to satisfy claims of
Tietjcn & Lang Dry Dock, a subsidiary
cf company.
U. S. & Foreign Securities liquidat
ing value, December 31, 1931, $107.64
a first preferred share, vs. $160.87 De
cember 31, 1930.
U. S. & International Securities
liquidating value, December 31, 1931,
$60.41 a first preferred share, vs. $92.03
December 31, 1930.
Boston & Maine R. R.—Massachu
setts Public Utilities Commission rules
truck operations by company illegal.
Eureka Pipe Line—Curtailing Janu
ary crude purchases by about 10 per
cent.
Market Street Railway 1931 gross
earnings off 6.7 per cent; net earnings
before depreciation off 6.8 per cent.
New York. New Haven & Hartford
Railroad—Massachusetts Public Utili
ties Commission rules truck opera
tions by company i'legal.
South Penn Oil curtails January
crude purchases by about 10 per cent.
Wilson & Co. deficit year ended Oc
tober 31, $2,017,156 vs. net income $2,
542.656, equal to $1.52 a class A share.
Erie Railroad places order for 31,377
tons of rail with United States Steel
subsidiaries and several other su;IVs
New York Central Railroad reported
ready to place 125,000-ton rad order:
cost, about $7,500,000.
U. S. Steel subsidiaries, Carnegie and
Illinois Steel, get 25,102-ton rail con
tiacts from Erie Railroad.
National Short-Term Securities takes
no action on quarterly common divi
dend; to consider future payments
semi-anually; paid 15 cents November
2, 1031.
Reliance International Liquidating
value December 31. 1931, $33.38 a com
mon share, vs. $52.02 December 31,
1931.
Triplex Safety Glass Co. of North
America stockholders approved sale to
Libbey-Owens-Ford Glass Co. of entire
flat and laminated glass business and
all land, buildings, machinery, etc. ,
United Paperboard deficit before de
preciation, six months to November 28,
$192,969, vs. deficit $92,485.
People’s Gas, Light & Coke 1931 com
mon share earnings $10.96, vs. $11.51.
STOCKS EX-DIVIDEND.
NEW YORK, January 18 (&).—
Pf- Pay
Company Rate.riod. able.
Amer Thermos Bot.15c Q Feb. 1
Bethlehem 8teel .50c .. Feb. 15
B way Dept Sirs 1st pf.*1.75 Q Feb. 1
Camden Fire Ins .35c Q Ftb. 1
First Tr Sr. Dep Co
(Syracuse) .75c <3 Feb. 1
Loose-Wiles Bis .85c <3 Feb. 1
Do. extra . .10c Feb. 1
Modine Mfg Co .25c Q Feb. 1
Mutual Telephone (Hawaii)... 8c M Feb. I
North Amer Lt k Pew.J% Btk Jan. IS
Union Oil of Calif.35c .. jib. 10
Westinehouse Elec & Mfg 62>ac .. J».Y 30
Do. pf .87Vic .. j“n. 30