Evening star. [volume] (Washington, D.C.) 1854-1972, January 19, 1932, Image 15

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Evening star. [volume], January 19, 1932, Page A-15, Image 15
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Evening star. [volume] (Washington, D.C.), 19 Jan. 1932. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045462/1932-01-19/ed-1/seq-15/>

Newspaper Page Text

, I
I
Trend Shows Firmness N?ar
Midday After Quiet and
Low Opening.
BY JOHN A. CRONE.
Special Dispatch to The Star
NEW YORK, January 19.—After
opening quietly and lower, storks on
the Curb Exchange showed signs of1
activity and firmness around nii'i-dav |
today. Electric Bond & Share iiuctu- !
ated within a quarter point range and
the movements of Ci'ics Service were
even narrower. Standard Oil of Ohio .
opened up 4 points.
Aside irom the irregular tone of the \
overseas markets, overnight market d -
velopmcnts were unimportant. As the
session progressed, however, numerous
corporate developments were an
nounced and some of them influenced
stock movements.
Middle West Utilities and its sub
sidiaries will report a net lor 1931 of at
least 90 cents a share, according to j
Chairman Samuel Insull. jr This con
trasts with $l.f>9 a share on a smaller i
amount of stock outstanding m 1930. |
Aluminum Ltd’s, subsidiary. Duke- i
Price Power Co.. Ltd . which has b en |
figuring in the Mellon testimony in j
Washington, reported a net operating,
income for 1931 of $3,045,000. against I
$3,635,407 in 1930
Associated Gas & Electric was a trifle
more active than usual as it announced
success of a customer campaign in the
sale of appliances. A subsidiary, Gas
Utilities, Inc., which operates in Terre
Haute. Ind.: Bloomington. 111. and
elsewhere, is changing its name to
Electric & Gas Utilities Co.
A 41 ..-point gain in Massachus tts
Utility convertible preferred and a k- i
)joint rise in Utah Power &: Light pre- 1
ferred were exceptions to the general
trend of this group in the forenoon.
Natural gas shares were active, though
slightly lower, following the announce
ment that November revenues of man
ufactured and natural gas utilities ag
gregated $52,909,372, a decrease of 8 4
per cent from the same 1930 month.
Pipe lines, after spurting in the final
hour Monday, rested in the first sev
eral hours today. Eureka Pipe an
nounced that it was curtailing its Jan
uary purchases^ by 10 per cent and
South Penn Oil later announced the
same reduction in takings.
Numerous dividend announcements
were not immediately mirrored in the
movements of shares. Imperial Tobac
co of Great Britain & Ireland declared
a final dividend of 9 per cent and an
extra of 1 shilling six pence against
9 per cent and te same extra a year
ago. George A. Hormcl & Co., packers,
halved the common quarterly dividend
with the declaration of 25 cents a
share. New Process Corporation de
clared a quarterly of 25 cents against
a special dividend of 50 crtits on De
cember 30 last. The regular quarter
ly common payment on Noma Electric
lilted the stock fractionally.
Propcsal to change the stated share
value of Blue Ridge Corporation prefer
red brought about a fractional rise in
that issue. Insull utility investments
touched a new minimum for the bear
market. Th’ report'd passing of con
trol of American. British & Continental
Corporation to a group identified with
Ccnticntal Securities Corporation was
without much influence on either stock
Allied International Investing preferred (
was down 2 points.
The remarks of President E L. Cord j
in conect'on with the annual report for
a time stimulated buying in Cord stock, j
Fcrd shares were dull and traders ex
pressed surprise at the announcement
that the new Ford models would not be
exhibited at the Detroit Automobile
Show openng next Saturday.
DRY GOODS MARKETS.
NEW YORK. January 19 (Special).—
Cotton goods markets were quiet today.
Print cloth quotations were unchanged
at 3''x for 64:<60s and were marked up
>«c at 41 a for 68x72s. Raw silks were
quiet and unchanged.
BONDS ON THE CURB
MARKET.
Pairs In DOMESTIC BONDS,
thou'and*. , -High.
3 Aluminum Ltd 5s 48 ,0 ,n ,0
4 Amer El Pow 6s A 5, a4 33', 33 <
2 Amcr OAF 5s 2028 85 8a 85
6 Amcr G A Pow 6s 39 44 40 « 44
4 Amcr P A L 6s 2016 80 80 80
1 Amcr Rad 41 ys 4. 84 84 84
4 Amcr Seatin'; 6s 36 3, 3. 3,
1 Asso Eire Ind 4 > s 53 53 53 53
3 Asso GAS 41.s '49 C 3Py 3, 3,
3 Asso Gas A El 5s oO 42 42 42
1 Asso Gas A El 5s 68 4? „ 42'. 49'.,
8 Asso G A F. 5' '77 4a’. 45 45
1 Bril Tel Can 5 A '55 89;, M . 89
5 Bost A Mr 6s m 33 90'y 9fPy 90'
3 Can Nat Rv 4 ’ '56 75*4 <5 , ■' ••
2 Cap Adm 5s A 53 v.’w 74 .4 ,4
4 Cent Amz LAP 5s 60 89 89 89^
4 Crn 111 P S 4' s P 6, 73 72*4 i -.
2 Cent Paw A LI 5s aG G8 63 68
13 Cent Pub Srr 5’ s '49 25 2«-a ~4'a
3 Cent Fiat Elec os 48 31 3, 37
7 Cent St Elec 5'>s ,54 40 39*, 40
3 Cent St PAL 5'.s'.>3 51 51; 5
J Ch!eDRv*’rod''f-> '2V* il & ■ &
89 Cities Service s 0 49'. 4-', 49'.
2 Clt Scrv Od.. o' s '43 5, y So;
u pit Sptv Pow 5‘-s ^2 f>S .>"»'«
f> ClfVf Flee Illu 5s ’39 100*4 fM-U 100J;
1 Cle' » El Illu 7 - '41 B 190'. loo', lav
32 Comwh E<1" 4S F ,81 . • . t '
ICon Gas Ut 6f A 43 29*, 29*. .9 ,
1 pronp Co 5 s 4U . , Rfi Bfc 8^
1 Det C Gas 6s A 37 90*. 90*. 90,'
2 Dix C.G 6' sA 37 W’V g.’a 6. .. 6
4 East Ut Inv 5s A ,o4 .6 2a 2G
1 Edis El Best on 4: .’■! 99'« 99. 9>
4 Eire P A I. 5s A 2030 fn’* sc , ,
1 Federal Wat 5'yS 54 3a 3a a,
1 Firestone C M 5s 48 69*4 68 . 5® ,
5 Florida P A I. 5s 54. 71'y ,1 a Z
1 Gatineau Pow 5s 56. 69 69 Lo
1 Gatineau Pow 6s 41. 58 58 58
1 Gatineau Pw 6s B 41 57 57 .
1 Gen Moi Acc 5s 35 9a 35 95
2 Oeornia Power 5s «7 86 8b
1 Glidden Co 5' ■« 35. <4 ■
5 Hood Rubber Is 36 4o . 4, , 4_ a
IHous LAP 4 ‘ yS E 81 80 30 80
,1II!,‘,nPOp A L 5'. '57 ?J 68 8
12 Tns.ll! Utilit 6s B '40 32 , 3 P , 31 i
5 Intercon Pw cv 6s 48 4 J *
7 Intel Pw Sec 7s E 86 j>®, **
3 Inter.ta Power 5s 5, 63 6 , 6- a
5 Interest PS 4',. 58 8 ;2
5 Iowa-Ncb LAP 5s 57 .9 TO .3
1 ict r PAL 41 S ( 61 64 R4 p*
1 Kfntucky Ut '>• H 61 79*» £ '
2 McCord Rad 6* 43 2,. -e -3
1 Mauaehu Gas V *5 8b 86 86
3&0«s4^7*: ’ 2 ‘ 3
’jsassss 8 ■■ "
:4« s, fc g & *;
> ; «4;. «<;*
ImPA l'Ss'b 20-.0 68 68 «»,.
6 New Ena Pow 5s .43 1.8 , * , <
2 New Ena Pw 5,-s .*♦ 02,* 86,* M: .
2 Nor Sta! Pow 4 61 86 8,>, a
! Oluo Edison 5 u0 3 , - 8H
8 Pacific GAE 4'ys . 7 83 «» V,
> E»f « * f t 'v c '52 99* 99*: 99-2
' s 43 56*. 56 56
I Pei " O Ed 6s *50 8W 83;. *3,. ** "
Wn^/^'®^* V; 21,
2Ksrp*r.?,?2.?-« t- sr
JPr SPAT. 4'yS '.-0,n 69 «2
1 Safe H Wai 41 .• s ,;9 92 4 9. . - >
10 Shaw WAP 4' S n .0 .3's 71 , ,
3 SE PA I. 6v A 209a : w 80 ®C, ®2,
2 Soil'll Calif Ed 5s 51 97 a 97 » «7 «
1 Southern N o 6’ 4' 30. 30 3ii
II S' and C.AE cv 6s '15 76 j _■ i •
1 stand firs A F 6s 51 71 ;> ■’
1 Stand G" A ft 6 «6 -n, <« i®
- .nano d P A L f ' '57 6(. <6 6fi
3 Sou o i 5’ • 39 98 88 J9
2 Toh P C N .1 61 > 205" 70 7*
1 Urn I ’ A Rv s> « =2 6.V, 6;', 6- ,
1 tit'll Pull Re. 6' A 42 ws , -5
4 11 F I! h s *32 . 9b’4 99' j 99
4 IT R Poo G' s '94 ■ 62 62 67
1 Valvolmr Oil 7s 37 74 'J 74
1 Va Pub St- 5s P. 60 68' • «« - 68
6 Wnldorf-Ar'or 7: 5. 19*, 19 1 1
2 West Tex Ut 5s A '57 61'a 6Pa 61'.
FOREIGN BONDS.
1 Baden Con lln 7s ,1 26 96 96
1 Buen Air Pr 7• « <7 35 35 3a
3 Cent Bk Co 6s P. 51 34 31 34
1 Chile Mtr. Bk 6s '3! . 14*. 14*» 14 a
2 Con Pr Bk 5' s 37 41 41 41
2 Ercole Mare 6'ys '53 47 46 46
8 Europ Mte 7s C 67 31'y tl'i 31'2
5 Oer Cons Mun 6s 17 26 2* 24
3 Oer Con Mun 7s '47 . 25', 25', 2V,
2 Geslueral 6, 53 i;w 43'2 43' A .Vy
3 Hambura Elec 7s 35 41 41 41
6 Jsraco Hyd El 7s 52 59*, 59'2 59 ,
3 Isotta Fra. 7 42 ww 40 40 J9
1 Menrir/a Pr 7'iJ !l, 30 30 30
2 Ruhr G Co 6 *s A a3 -10 30 30
1 Ruhr Hons 6 a 02 :-G 20 20
1 Saxon Pub W . 5s 32 3.1 31 31
1 Stinnes 7 '40 i.v . . •.] |] si
3 Tern I 60c 6* - A aJ a4 j4 54
it_ w>*. w an . 1 u
Xw -Without warrants.
14 New
vt—When issued.
NEW YORK CURB EXCHANGE
Received by Private Wire Direct to The Star Office.
I
Stock* *o!d In 100-thsre lot* except tho*e dc*ltn»tcd br lettor «.
,-Prev 1931.—. Stock end Rales—
Hltth Low Dividend Rate. Add 00 Open Hlsh. Lo» cl0*e |
39 114 Acme Steel (1.60)... 25s 16 16 1® 1 !
194 14 Ag f» Ansoo. 1 24 24 2H
1154 85 Ala Pow cum pf (7). 10s 92 9. •»- •
1034 73 Ala Power pf (6)- 10s 834 834 8" **2 4
23 9 Allied Int Inv cv pf 1 7 ■ r‘
224 48 Aluminum Co of Am 675s 57 58 I
1094 564 Alu Co of Am pf (6). 1 674 674 6' * 14
60 34 Alum Ltd D war- 1 10 10 1° 1
14 4 Am Austin Car. 1 ft ft 1,1 „ "
100 46 Am Cl at Co . 50* 129 130 129 130
10 14 Am Cit Pw SlitB... 3 24 24 - • *■*'
17 4 Arn Com Pow A. 2 4 4 J
294 4 Am Com Pow B. 1 ’» ’» 1‘ ,J
64 4 Am Corp. 1_ 4 4 4 4
124 24 Am Cyanamid B. ... i 34 •' « '
314 34 Atn For Pow war- 3 44 44 44 4*
54 \ Atn Founders. 17 1 14 1 *
974 32 Am Gas* Klee (11). 8 364 374 ••',4 3<
1114 80 Am Gas & El pf 16). 1 804 804 80'* 8 k
28 64 Am Mfg Co. 25s 64 64 o •
1*, 'i Ant Matacalho. 1 4 4
194 3 Am Superpower. 49 4 44 4 4
99 514 Am Superp 1st (6).. 3 584 584 -
894 45 Am Superp pf i6>... 1 404 404 4" i 4 .■
5 4 Am CGI & Gn B vtc. 1 4 4 ‘ .*
6 4 Am Yvette Co.. Inc... 2 i* 4 I
4 ft Appalachian Gas wr. 13 ft :l« ft o''
6», C. Arkans Nat Gas A . . . 15 24 24 24 24
204 84 Armstrong Cork.... 1 84 84 8 . 84
54 24 Assn Klee Indus Ltd. 2 34 3 4 34 •; 4
91** 38 As.«oG& Elct (8l... 25s 45 45 45 4->
234 3 4 AssoG&El (A) bSTi. 8 44 44 44
8*» 34 Atlas Gtil Corp. 20 64 54 5
16 4 Atito Vot M Co pr pt. 5 5 5 5
19 84 Beneficial 1 U (14).. 2 104 10 1"4 10
64 1 Blue Ridge Corp- 6 14 14 1 - 1 -
38T» 154 Blue ltldge cv pf(a3) 3 194 194 134 l-4.'
104 3 Bourjois Inc. 1 4'* 44 44 1 •
284 7 Brazil Trac Dt&P< 1) 4 104 10k 1" > 1U‘k
274 194 Buff N&EP pf (1.60). I 22 22 22 22
24 4 Cable Radio T vtc... 1 4 4 - r K
814 26 Ctlaneso pf (7). 25s 42 42 42 42
44 ** Canadian Marconi. ..4 1 1 I ‘
19 « 14 Cent Pub Svc A h5%. 3 24 24 2 k 24
124 14 Central States Elec.. 6 24 24 2 « 2k
4», 4 Chain Store Devel... I ft ft ft ft
H7, 5x4 Chain Stores Stock.. 3 64 64 64 04
197 95 Chi B&QRR (10)... 20s 964 96'.. 964 964 !
20»» 5 Cities Serv ice (g30c) 84 64 64 6
844 354 Cities Serv pf (6)... 60s 50 50 5u '0
KP, 4 Claude Neon Lta Inc. 2 14 14 4 Ik
10'. 24 Cleveland Tractor... 1 34 34- :;i 34
524 224' ('lev El Ilium (I CO). 1 29 29 29 '■>
Golum GiM-E cv pf (5). 30s 804 82 804 814 i
71, 1 Col OilA- Gas vtc. ... 3 14 14 14 1W
256*. 109 Commwlth Edison (8 150*118 118 11. 1C 1
2*« 4 Cm with A Sou war.. 25 11 fi
”* Comstock Tunnel... 3 ft 4 ik
124 14 Com Water Service.. 1 14 14 14 1'k
101 574 Con Gas Balto (3.60) 5 624 624 62 k 624
54** 14 Cont Shares cv pf... 325s 3 3 24 24
51 14 Cont Shares pf (B).. 50s 24 24 24 24
4 ft Consol Auto Merch.. 10 ft ft ft ft
15 10 Coon tW It) Co. 1 5 5 •">
36*» 84 Qooper Bess pf (A).. 4 84 84 S
15 4** Cord Corp. 16 7** 74 74 . 4
164 1 Corroon & Reynolds. 1 2 2 2 2
614 74 Corroon&Rey pf (A). 10 104 104 1"4 104
34 14 Creole Petroleum.... 23 14 2 14 2
14 4 Cresson Consol. 4 4 4 4 4
144 24 Crpcker Wheeler__ 1 44 44 44 44
5 ft Curtiss Wrgt Export 1 4 4 4 4
24 ft Day ton Air & Eng... 4 ft ft ft ft
444 84 Deere & Co. 19 124 13 11 11
84 1 De Forest Radio. 5 14 14 14 14
37, t* Detroit Aircraft'.... 3 4 4 4 4
6 14 Dubilier Cond & Rad 1 14 14 14 14
64 V* DuquesneGas. 4 4 4 ft ft
34 4 Durant Motors. 20 4 4 4 4
24 2 East Sta Pow (B)... 2 24 24 24 24
354 20 East Util Assoc (2). 2 224 22k 224 224
61 84 Elec Bond&Sh t b6 %) 313 114 114 114 114
97 38 Elec B & Sh cu pf 5.. 2’ 504 50'» 504 504
1084 48 Elec B & Sh pf (6)... 4 594 60 69 59
224 54 Elec Pow Assoc A (1) 5 74 8 74 8
884 25V* Elec Sharhldg pf (a6) 1 404 40 a 404 404
794 394 Emp G & F CU pf(7). 50s 46 46 46 46
4 V* Europ Elec deb rts.. 1 4 4 4 4
1'., 1* Fageol Motor. 1 4 4 4 4
10 4 57, Federated Metals. ... 1 6 6 6 6
3 4 Foltis Fischer Corp. 1 14 14 14 14
294 84 Ford Motor. Can , A. 2 114 114 114 114
62** 13 * Ford Motor. Can , B. 100s 174 174 174 174
194 34 Ford Mot Btd 36 l-bo 3 54 54 54 54
64 4 Fox 1 heater (A).... 21111
12 24 Gen Aviation. 1 3*, 34 34 34
314 • 4 Gen Theat Eq cv pf.. 7 IV* 14 14 14
60 204 Glen A den Coal <41. 2 22 224 22 22'..
9 44 Globe U'wtrs (p 40c) 8 44 44 44 44
114 14 Goldman Sachs. 24 2 4 2 4 2 4 24 I
234 8 4 Gorham Inc pf. 50s 9 9 9 9
260 130 Grt A&P Tea n v 16) . 10s 146 146 146 146
754 254 Gulf Oil of Penna... 4 29 294 29 294.
187* 9 llackmester Kind... 3 13 134 13 134
8 . 24 Hall Lamp (38c).... 3 34 34 34 34
6 4 Hamilton Gas v.t.e... 5 4 4 4 4
64 14 Hudson Bay M & S.. 1 24 24 24 24
184 74 Imp Oil of Can (50c) 5 8** 8** 84 8**
494 44 Insull lnv 1 P6% 1... 3 44 5 4T» 5
634 23 Insur Co of X A (2).. 1 30** 304 30‘* 304
94 14 Insurance Security.. 3 24 24 24 24
4 4 Intercontinent Pet n 2 4 4 4 4
i 45 19 Hit Hydro cv pf 3 %. 100s 204 204 204 204
154 74 Int Petroleum (1)... 7 94 94 94 94
104 14 Int Utilities B. 13 24 24 24 24
44 4 Int Utilities war. ... 2 , ft ft 4 4
j 88 40 Interstate Pw pf (7). 50s 51 51 51 51
Everybody’s
Business
Talk of Inflation Seen ax
Reaction to Further Gold
Withdrawals for Account
of France.
BY I)K. MAX WINKLER.
Special Dispatch to The Star.
NEW YORK. January 19 iN.A.N.A.).— '
The inflation bugaboo is being revived.
A shipment of gold abroad, amounting
to several million dollars, is responsi
ble. Further withdrawals of gold are
believed to be pending, largely for the
account of the French, who see in the
Reconstruction Finance Corporation a
step toward inflation—that is, a move
bound to result in a decline in the
value of the dollar.
It would seem hardly necessary to
point out once more that, 'even if
French withdrawals reach the propor
tions of October, the position of the
dollar would not be weakened appre
ciably. French balances, though fan
ny d. are not sufficient to endanger in
anv way the status of America s cur
rency. Gold held by the Federal Re
serve banks still considerably exceeds
the collateral required for Federal Re
serve notes.
Favorable action on the Reconstruc
tion Finance Corporation bill, together
with a certain degree of strength in
major securities and commodities mar
kets. should stimulate public con
fidence. The principal thing to avoid
now is fresh news of a disturbing char
acter. either abroad or at home.
The Immediate future of the securi
ties market will depend, therefore, to a
considerable extent upon prevailing
money conditions. The outlook ap
pears promising. Indications point to
a reduction b'Torc long of the redis
count rate bv the Federal Reserve
banks, with New York leading the
procession.
A number of smaller financial insti
tutions appear to oppose the final en
1 MCtment oi the Reconstruction Finance
I Corporation legislation. First, they be
; Ueve ttfe iiuge bond issue the new
1 enterprise will float probably will affect
! existing Government Issues adversely. I
! Second, they fear large withdrawals
j ul deposits may result from a desire
by depositors to invest in the new
ixsuc. which many maintain is likely
to be sold on a more attractive basis
than existing issues.
While these arguments are to some
1 extent plausible, the benefits of the
! new enterprise, if it is properly run.
; I'hculd more than offset any adverse
I criticism. Fuither, the new loan will
I in all probability be so set up as not to
compete with United States Govern
in nt bonds already outstanding.
The rails responded rather feebly to
b-licf in an early settlement of the
i wage dispute. Improvement in rail
shares the last fcv. sessions may be
assumed already to have discounted the
proposed wage reduction.
It is gratifying, however, to observe
the friendly feeling of the discussions
b .w.en the nil executives and labor.
A good deal of this is doubtlpss attribut
able to Daniel Willard, head of the Bal
timore ii Ohio and dea|j| of railway
presidents. Few men heading national •
transportation systems know labor bet
ter than "Uncle Joe."
One is therefore little surprised to
hear Chairman Robinson, spokesman
tor labor, remark that the railroads are
trying to do their best in a practicl
way to meet labor on the problems of
unemployment aud stabilization of em
ployment.
Alfred P. Sloan, jr„ head of General
Motors, submits a simple formula to
revive business—let those who can. buy.
Buying, he points out. accelerates pro
duction, production reduces unemploy
ment, and reduction in unemployment
increases purchasing power.
There is nothing in the depression
which weakens Sir Herbert Holt’s faith
in the future of Canada. Sir Herbert,
president of the Royal Bank of Canada,
has seen many depressions in the last
50 years, and should know whereof he ,
speaks.
As to the United States, he points out
that with quoted ’.a lues‘of most securi
ties well und r intrinsic worth, im
provement could be expected as and
when measures are taken which will
result in a real return of confidence. It
would seem that leaders in politics and j
finance are now doing their utmost to j
hasten business ree ivery.
The National Sugar Refining Co. is
carrying very satisfactory cash balances
and is in a strong capital position, ac
cording to James if Post, president.
Commenting on the showing last year,
which resulted in a surplus between'
$800,000 and $900,000 after the $2 divi- I
dend. Mr. Post calls attention to the
marked increase in thi efficiency of the
company’s plants and to plans for fur
ther improvements and economies
Men and worn* n whose savings are
in real est.ite bonds cannot effectually
be united for their protection except
through a central committee, according
i t(’ George E. Roosevelt, head of the
newly organized (treater N-w York
Real Estate Bondholders' Committee.
The committee will aim (huffy at pro
tecting the interests of holders of bonds
secured by mortgages . n real estate in
Greater Row \oik and at lettering real
; estate and building conditions.
Mr. Roosevelt point: out that more
, than 5800,000,000 worth oi such bonds'
are held throughout the United State's!
'and that $100,000,000 of these are in
default. With foreign bonds held by
American investors aggregating several
times that and with hundreds of mil-'
, lions in default and many mor(? about
j to default, the formation of a central
committee under prepe r sponsorship, to
protect foreign investments, also would
•‘■eem highly desirable,
(Copyright. 1932. by the North American
Newspaper Alliance, Inc i
CULPEPER BANK ELECTS
Special Dispatch to The Star,
CULPEPER, Va.. January lg—xhe
following Board of Directors was unan- i
imously re-elected at the rr.e-ting of
.the stockholders of the Culpeper Na
; lional Bank. John S Covington James
H Fletcher. John W Yowdl Turner
Ratrie. Travers D Bickers, Otis R
; Thornhill, Dr. Granville Eastham C T
Guinn, William G. Wood. R g Qain- :
tancc and L. R. Hudson. Following the ;
j session of the stockholders the direc- 1
j tors met and elected the officers who 1
ere: President, John S. Covington' vice
i president, James H Fletcher vice pres
I ident, John W. Yowdl; ca hier Giles
H. Miller, Jr.; assistant cashier Wli
] ham D. Cannon, and assistant cashier
R. A. Forbes.
CORPORATION
REPORTS
TRENDS AND PROSPECTS OF
LEADING ORGANIZATIONS.
NEW YORK. January 19—The fol
lowing is a summary of important cor
poration news prepared by the Standard
Statistics Co., Inc., New York, for the
Associated Press:
News Trend.
Although automobile production in
creased slightly in the week ended
January 16, the rise was less than the
usual seasonal increase. Actual output,
according to Cram's Automotive Reports,
totaled 31,887 units, which compares
v/ith 30.775 units in the previous week
and 44,715 in the corresponding week
of last year.
The Companies.
Erie Railroad 1931 deficit estimated
at over $1,000,000; in 1930 net income
was $4,171,147.
Humble Oil & Refining—Attachment
served in Texas ouster suit; calls on
company to present 40.860 shares of
stock and all other interests in com
pany owned by Standard Oil of N. J.
Minneapolis-Honeywell Regulator de
clared two quarterly common dividends
of 75 cents each; formerly paid $1.50.
New York, New Haven & Hartford
r. R, 1931 earnings reported slightly
over $3 per common share.
Radio Corporation of America subsid
iary. Radiomarine Corporation, gets or
der to equip eight new ships with radio
telegraph and direction finder appa
ratus. , , ,
Spreckles Sugar—Receivers appointed
for company in Delaware Chancery
Court; receivership suit, begun in Fed
eral Court. , . „
Texas Corporation reduces bulk gaso
line price one-half cent a gallon.
Consolidated Copper Mines to cut
output to 10 per cent of normal.
General Electric orders received 3
months to December 31. 1931, $49,321,
480 vs. $74,168,480! 12 months, $252,
021496. vs. $341,820,312.
Household Finance 1931 common
share earnings $4 99, vs. 5.75.
Nevada Consolidated Copper cuts pro
duction to 25 per cent of normal to
work only 15 days a month
selected Industries liquidating value
recember 31. 1931. $74.67 a share of
prior stock, vs. $114.11 December 31,
1930
' American Commonwealths Power
Federal receivers named for company
and American Community Power, a
subsidiary, by Federal Court. New York
California Packmg marks up prices of
three principal grades of pineapple 10
cents a dozen cans, effective to March
1 1939 *
’ Hawaiian Pineapple marks up prices
of Uiree principal grades of plnapple 10
! cents a dozen cans, effective March 1,
i ^international Business Machines 1931
■ earnings largest in history; 80 per cent
of business domestic. .
Virginian Railway declared $1.50
quarterly preferred dividend. payments
on preferred shares were made on semi
aTnalr,canSHide & Leather deflcit, 24
1 weeks to December 12. $99,443, vs.
C!tAubufn2A4uto common share earnings.
: year ended November 30, $17.64, vs.
$5.43. )
^-Prev 1931.-, Stock and Sales—
Hikh. Low. Dividend Rate. Add 00 Open Hleh. Low. Close.
7 1 Italian Superpow A. 5 1% 1% 1% 1**
1% Vi Kirbv Petroleum.... 2 ' a % % 'i
10% 10 Kress SH sp pf 60c.. 1 10 10 10 10
28% 17% Lake Shor Mines <21 4 24% 24% 24% 24*,
12% 3 L«fcourt Realty 1.60 3 4H 4% 4% 4%
112% 90 Long Isld Lt pf (71. . 50s 95 95 94% 94%
110 101 Los AngG&Epf (6). 60s. 100 100 100 100
2 Vi Louisiana Lan & Ex. 1 % % % '»
41 32% Mapes Cons Mfg(t4) 1 40 40 40 40
4% lVi Mass Util Assoc_ 8 2% 2% 2% 2%
35 17% Mass Utcv pf (2%). 25* 23 23 23 23
9 3 Massey Harris. 1 3% 3% 3% 3 ,|
5Vi Vi Mavis Bottling (A). 3 % % % ** i
113*, 43 Mead Johnson (45).. 11 51% 52% 51% 52%
12% 4% Mer.iph N Gas (60c). 1 6 5 5 5
25% 4*, Mid West Ut (h*% ). 30 0 6% 6 6%
25% 18 Mon VV PPS pf 1%. 2 18 18 18 18
5V* 2 Mountain Prod (80c). 1 2% 2% 2% 2-H
4*4 1 Nat American Co.... 2 1 11 1
26% 9*4 Nat Fuel Gas (1)_ 2 12% 12% 12% 12%
6% 1% Nat Investors. 4 2% 2% 2% 2%
104*. 58 Nat Pow & Lt pf (6). 2 71 71 71 71
21% 6% Nat Pub Sv A (1.60). 4 8% 8% 8% 8%
3% 1 Nat Service Co. 7 % *i %
22 Hi Nat Sh T Sec A t60e. 29 2 2% 1*. 2%
34V, 22% Nat Sugar NJ (2)... 4 22 22 20 20
5% 4% Nat Tile. 1 2% 2*. 2% 2%
5% ", Nat Union Radio. ... 1 % % % Vi
86 48Va New Eng Pow pf (6) 10s 59 59 59 59
51 20% New .1 ersev Zinc (2). 4 26 26 26 26
3 2 New Process Co. 3 4% 4% 4% 4*.
4% lVi New York Auction. . 1 2% 2% 2% 2%
117% 100 NVP&Lt pf(71... 25s 98% 98% 98% 98%
14% 5% N Y Transit (70c). .. 3 9% 9% 9% 9%
15% 5% N'lag-Hud Pow i40c) 12 6% 7 6', 6%
3% ft Ntag-Hud Pow Aw.. 12 % *4 % %
11*. 2 S’iag Share) Md) 20c. lt 3 3% 3 3%
6% 3 Noma Elec (400. .. 2 3% 3% 3% 3%
2% % North European Oil. 4 % % % %
113 89 Nor Ind P S pf (7)... 25s 80% 80% 80% 80%
101 85 Nor St Pow pf (6)... 30» 88 88 88 88 |
30 23% Pac G & E 1st pf 1%. 6 25% 25% 25% 25% j
19% 10 Pac P S new pf (1.30) 1 11 Vi 11% 11% 11%
15 2% Pac Western Oil. ... 3 6 6 6 6
% ft PandemOil. 1 % % % %
8% 1% Pennroad Corp (40c) 29 3 3% 3 3%
26% % Peoples L&Pwr (A). I % % % %
3% % Philip Morris Inc. .. 10 1% 1% 1% 1%
23% 2 Pilot Rad Tube A_ 16 3% 3% 3% 3%
2% 2% Pion G M Ltd (12c).. 48 3 3% 3 3%
10 2 Pitney Bowes <b4%) 45 2% 2% 2*. 2%
109 32% Pitts & Lake KHe(5) 50s 45% 45% 45% 45%
42% 17 Plttsbgh Plate O (2) 3 18% 18% 18 18
19 6 Plymouth Oil (50c). 2 7% 7% 7% 7%'
258 116 Pub Svc.N 111 n p(8) .100s 118 118 118 118
6% % Pub Util Hold xw... 8 % % *4 %
2% *. Radio Products. 2 1% 1% 1% 1%
50 9 Railway & Lt Seed) 25s 20 20 20 20
6 % Reliance Int A. 1 1% 1% 1% 1%
13% % Republic Gas Corp.. 2 % % % %
21% 2% St Regis I’aper. 9 4 4 4 4
17 5% Sec Allied Corp (1).. 11 7% 7% 6% 6%
4% % Selected Industries.. 6 1% 1% l'i IV*
71 24% Sle Ind al ctfs(5%).. 2 32% 32% 32% 32%
3Vi % Sentry Safety Cont.. 6 % % % *s
108 102% Sherwin Wil pf (6). .150s 99% 100 99% 100
12 % Silica Gel ctfs. 6 1% 1% 1 1
343% 114% Singer Mfe (*)__ 40s 128 128 128 128
I*. 1 Sni Yiscosu rets. 1 1% 1'. IV. l'i
Snider Pack (new).. 1 2% 2*. 2*. 2%
31% 26% So Cal Ed pf A 11 Vi ). 1 27% 27% 27% 27%
29*, 23% So Cal Ed pf B (1V*). 6 24% 24% 24% 24%
4% *, South Corp. 1 1% 1% 1% Hi
9% 6% So. Union Gas. 2 1% 1% 1% 1%
6% % S W Gas Utilities. .. 3 % % % %
38% 13% Stand Oil of Xadi 1).. 26 16% 16% 16% 16%
62% 23 Stand Oil Ohio (2%). 50a 28 28 28 28
101 50 Stand P & L pf (7). .. 50s 65 65 65 65
28 8% Stutz Motor Car. 2 13% 13% 13V4 13%
8 1 Sun Invest. 3 2% 2% 2 2
30% 14% Swift & Co (2). 7 18% 18*. 18% 18%
95 40 Swiss Am El pf (6).. 1 41% 41% 41% 41%
61 20% Tampa Electric C2). 3 30 32 30 32
1 ■% Tob Prod of Del wl.. 8 % % % %
29% % Trl-Utilities. 2 ft ft ft ft
16 1% Tubize Chatel. B.... 1 2% 2% 2*, 2%
12 3% Tung Sol Larapi 1)... 2 5% 5% 5% 5%
24% 9% Union Oil Asso(l.36). 1 11% 11% llVs 11%
7 3 Unit Car Fast (40c). 2 3Vi 3% 3% 3%
15% 2% Unit Corp war. 4 3% 3% 3% 3%
l6% 1% Unit Founders. 31 2% 2% 2 2%
lH* 1% Unit Ga* Corp. 34 2% 2% 2% 2%
4% % Unit Gas Corp war.. 3 % % % %
94 33 Unit Gas pf (7). 3 50 50 48 48
34% 6% Unit Lt & Pw A (1).. 14 7% 7% 7% 7%
104% 35% Unit L & Pwr pf (6).. 2 49 49 48 48
8% 1 U S Elec Pow ww.... 7 1% 1% lVi Hi
3% % U 8 4 lntl Secur. 2 % % % %
49 18% U S Playing Card 2% 175s 21 22% 21 22V*
13% 3% Unit Verde Exten (1) 1 3% 3Vi 3% 3Vi
108 76 Utan P&Ltpf (7).. 100s 84% 84% 84 84
14% 1% Util Po & Lt (blO%) 4 3 3 2% 2%
9% 1% Utility Equities. 1 2% 2% 2% 2%
9% 1% Util* Ind . 3 2% 2% 2% 2%
19% 7% Utility & Ind pf(l Vi) 16 10 11 10 10%
8% IV* Walker. H (25c). 6 2% 2% 2% 2%
% ft Wenden Copper. 1 ft ft ft ft
6% 1% Wil-low Cafeterias.. 1 2% 2% 2% 2%
3% 1% Woodley Petroleum. 2 2 2 2 2
RIGHTS—EXPIRE
4% % Com Edison Feb 1... 58 1% 1% 1% 1%
5 I*, l’ub Svc N 11 .Feb 1 5 1% 1% 1% 1%
Dividend rates In dollars based on last quarterly of semi-an
nual payment. *Ex dividend. tPartly extra. JPlus 47, in stock,
a Payable in cash or stock, b Payable In stock, e Adluatnient
dividend, f plus 5% in stock, e Plus 8% In stock, h Plus 1% in
stock. 1 Plus 27« In stock, k Plus 107, In stock, m Plus J7« In
stock, n Plus 8% In stock, p Paid last year—no resulir rate.
SOUTH REPORTING i
BETTER BUSINESS
Seasonal Drop in Sales and
Collections Found in Other
Localities.
That the expected post-holiday drop
in wholesale collrctions and sales
throughout the country materialized to
some degree is evidenced in the Janu
ary survey of conditions in 103 of the
Nation's leading trad? centers, con
ducted by Credit and Financial Man
agement, official publication of the Na
tional Association of Credit Men.
In contrast to the previous month’s
survey, which found a rising trend, the
present reports reveal that 58 per cent
instead of 64 per cent of the corre
spondents find collections to be fair {
and 59 per cent instead of 69 per cent
not? the same condition appertaining
to sales.
Although fair conditions in sales and
I collections were less noticeable than in
the December survey, the present re
! port reveals that Jamestown, N. Y., in
collections, and Springfield, Mass., in
j sales, rate classifications of “good.”
None of the reporting cities in the pre
vious survey found “good” sales or
collections.
Conditions in South.
New- England, as has been true for
several months, comes through with a
I general report more favorably opti
mistic than other sections of the country,
but. from the South, North Carolina and
Florida reveal that bettering business
conditions are not exclusively present
in the Northeastern section of the
country. Florida reports that the un
seasonably warm and dry Summer
weather is causing a bright outlook for
the vegetable crop in the Everglades
portion, which “lias brought fancy
prices, and, owing to the fact that the
sugar mills will begin grinding within
a few' weeks, this has brought a hous
ing shortage and a prosperity that looks
like boom times compared with other
parts of the State. Prices on citrus
fruits, however, have been extremely
low .”
The Middle West's keynote is sounded
by the report from Minnesota, which
states that, “aside from the season holi
day business, there does not appear to
be any evidence of improvement in
either sales or collections. St. Paul
states that more and more the principle
of a debt moratorium is being followed
as a policy of helpfulness to worth
while commercial enterprises in need of
help. Liquidation of embarrassed es
tates is normal, and manufacturers note
an increase in number and amount of
inquiries and are looking forward to
increased bookings.”
NEW YORK BANKS
GAIN IN LIQUIDITY
Institutions Finish Year Much
More Creditably Than Had
Been Expected.
Special Dispatch to The Star.
NEW YORK, January 19.—Con
sidered as a group, the New York City
banks have acquitted themselves much
more creditably than had been popu
lar belief, says the Standard Statistics
Co. of New York, in a current survey,
which continues, in part:
"Year-end statements of the leading
New York City banks and trust com
panies were considerably more favor
able than generally had been expected.
"These statements revealed that the
institutions in aggregate, entered 1932
in even more liquid condition than was
the case a year ago. On December 31,
1930, the average liquidity of 19 metro
politan institutions, as compared with
deposits, was no less than 58.6 per cent.
At the 1931 year-end. liquidity, on the
same basis, averaged 62.3 per cent.
Moreover, if quick assets are ix eluded in
the compilation, the recent ratio was
77.8 per cent, as compared with 72.7
per cent at the close of 1930. In short,
the important banks and trust com
panies of New York City have sacri
ficed a substantial amount of possible
earning power to place themselves in
impregnable positions.
"Meanwhile, the average decline in
book values of the institutions amounted
to only around 13 per cent last year,
an exceptionally favorable showing,
considering the action of the bond mar
ket, the contraction of credits and other
retrenchments.”
New York Cotton
NEW YORK, January 19 «P).—Cot
ton opened steady today, 2 points up to
3 points off, with near months relatively
steady on trade buying and some South
ern selling on the later deliveries. March
sold at 6.80 on the call.
Otherwise orders appeared to be
fairly well divided, but after selling at
6.80 on the call March reacted to 6.73,
and the market showed rather an easier
tone at the end of the first half hour.
The weather in the South was con
sidered more favorable for the move
ment of cotton and there may have
been some selling in anticipation of in
creased spot offerings, but there was
not much selling by the South at the
start.
Liverpool cables said that Bombay
liquidation in that market had been
absorbed by Continental buying and
trade calling, and reported steady buy
ing of cotton cloths for the British
home trade.
The market sagged off to 6.71 for i
March and 7.02 for July later in the
morning, making net losses of about 7
to 10 points under continued scattering
liquidation. Rallies from early decline
in the stock market seemed to bring
in a little buying later, however, and
the market at midday was quiet and
steady, at rallies of 2 or 3 points from 1
the lowest.
Grain Market
CHICAGO, January 19 i^P).—Respon
sive to increased selling pressure and tc
stock market setbacks, grain values
underwent early downturns today.
Liverpool reported insufficient demand
to sustain wheat price advances. Open
ing >s-7s lower, wheat afterward sag
ged further. Corn started Vi-S8 off
and later held near the initial range
Tending to add force to bearish
sentiment relative to wheat were re
ports that the Southern Hemisphere
was now shipping wheat out as fast
as possibe and was likely to continue
doing so for weeks yet. It was also
asserted that premiums of nearly 4
cents a bushel in Chicago quotations,
as compared with Liverpool, precluded
the United States from any material
export business. Estimates ’too. were
current that, aside Irom Farm Board
holdings, the United States at present
had 112.000,000 bushels for six months'
exports and carryover.
Notable dwindling of the aggressive
speculative demand, recently so ap
apparent in the wheat trade, was a
feature today. Houses that were con
spicuous purchasers during advances
appeared to have switched to the sell
[ ing side of the market. There also
I was considerable execution of stop-loss
orders to sell on the part of so-called
eleventh-hour buyers. Corn and oats
gave way with wheat.
Provisions reflected downturns in
grains.
• •—•
E, A. Nichols has been elected vice
president in charge of sales of the R.
C. A.-Victor Co.
FARM PRODUCE PRICE CHANGES
NUMEROUS, BUT NOT SEVERE
Eggs and Butter Decline, but Most Other;
Products SH ow Improvement in
Winter Markets.
Changes in prices of leading farm ;
products around the middle of January
were quite numerous, but generally not j
severe—a typical Winter market, ac- j
cording to the United States Bureau of j
Agricultural Economics. Eggs and but
ter were the main exceptions, declining ]
under receipts liberal for the time of
year. Poultry sold a little better. Prices
of lambs and veal calves advanced, but
other livestock showed little net change.
Cotton markets were rather firm and
wool trade showed more activity. Grains
and feeds were irregular and unsettled.
Potatoes hold fairly well; onions show
some further gains. Cabbage has de
[ dined and apple markets stay about
(he same. Sweet potatoes have shown
I a downward trend this month.
Some Vegetables Lower.
Except in Northern Maine, where 53
cents per 100 pounds was being paid for
sacked Green Mountains on an f.ob.
basis, most shipping sections for pota
toes reported a decline in prices in mid
January. The Western New York mar
ket on round whites was weaker at
70 to 72 cents, with quotations in the
North Central States at 5712 to 6212
cents. Sweet potatoes showed no real
strength. A steady market prevailed
for arrivals from Virginia, Maryland
and Delaware, but a weaker tone was
reported for New Jersey stock.
Western New York yellow onions de
clined on an f.o.b. basis to $2.20 per
50-pound sack, but Michigan onions
were higher. The shipping season for
Western New York celery is about done.
Lettuce is selling considerably lower.
Bulk Danish-type cabbage declined in
Western New York to $10-Sl3 per ton.
Carrots advanced somewhat in Western
New York and Southern California, but
were a little lower in Southern Texas.
Apples in cold storage on January 1
were equivalent to 10,007,000 barrels,
or 5 per cent more than last year and
17 per cent above the five-year average.
Butter Markets lTnsettIcd.
The butter markets continued weak
and unsettled in mid-January. De
clines were followed by slight advances
later and then by renewed declines.
Markets were sensitive and prices
fluctuated with variations in sentiment
and the least change in supply and
demand. Arrivals of butter at lead
ing markets were considerably heavier
than those of a year ago, but were
lighter than those of early January.
Wholesale milk markets tended to gen
erally lower price levels in January.
Average decline was about 4 cents per
100 pounds. Many receivers reported
an increase in the size of lots from
their regular butter shippers especially
from those factories in the South and
Southwest.
Cheese prices in city markets were
from 1 to 112 cents lower near the
middle of the month, in line with lower
country costs. At the lower level the
market proved about steady on both
fresh and cured cheese. Foreign cheese
markets were fractionally higher.
Lower Egg Prices.
Eggs have been declining fast in the
wholesale market. Retail prices are
being lowered gradually, but consump
tion is not expanding rapidly enough
to absorb the increased supplies. The
relatively mild, open weather experi
enced in the East so far this Winter
has developed a heavy Eastern produc
tion. Supplies of both Middle Western
mixed colors and Pacific Coast whites
were likewise plentiful and some tend
ency for accumulation was in evidence.
In contrast with the egg markets,
the poultry markets show-ed some im
provement. Receipts of dressed poultry
at the principal markets during the
first half of January were considerably
less than the corresponding receipts of
a year earlier.
Live Stock Supply Moderate.
Following lower live stock prices
earlier in the month shippers cut
down supplies sharply. Receipts at 12
large centers showed decreases of about
30.500 cattle, 28.000 hogs and 29,000
sheep. Midmonth calf receipts in
creased slightly.
With demand for practically all
classes and grades of dressed meats
slow and diminishing, the trade in live
stock was, for the most part, a drab
affair, and excepting for sheep, lambs
and veal calves, the price levels showed
a declining tendency. Hogs sold Janu
ary 14 at Chicago at the lowest aver
age prices recorded since at 1899, the
average cost of packer and shipper
droves dropping to $3.90 as compared
with $3.98 the 1931 low spot, touched
around mid-December. The cattle mar
ket showed sharp price declines around
the middle of January. Intermediate and
lower grades sold as low or lower than
at any time in recent years. The fat
lamb trade fluctuated sharply, declining,
then making good recovery.
A substantial volume of business was
transacted on the Boston wool market
near the middle of January. Interest
broadened to include some lines that
had been neglected. Prices were mostly
steady, with a firming tendency on
grades given the most attention in re
cent weeks.
Millfeeds Fairly Steady.
Prices of bran and middlings ad
vanced near the middle of the month,
but the heavy feeds were irregular,
averaging about unchanged. Production
at the principal milling centers in
creased but remained considerably un
der that of a year ago. There was
practically no change in prices of lin
seed meal and cottonseed meal at im
portant producing centers, and price
changes elsewhere were of an irregular
nature, with declines about offsetting
advances. Linseed meal prices at
Minneapolis and Buffalo have averaged
about unchanged since early in Novem
ber. while cottonseed meal, gluten feed
and meal and soy bean meal have tend
ed downward toward the lows reached
early in October.
Timothy hay markets were very quiet,
with light offerings mostly in slow de
mand at steady to slightly lower prices.
Somewhat heavier offerings met a fairly
ready demand at Boston at steady
prices. Supplies in hay sheds were well
disposed of. Supplies at New York were
mostly of the medium and lower mixed
STOCK ANI) BOND AVERAGES
By the Associated Press.
From Yesterday's 5:30 Edition.
STOCKS.
50 20 20 90
Industrials. Rails. Utilities. Total.
Todav.65.6 36.6 102.0 67.9
Previous day. 67.1 38.9 103.9 69.3
Meek ago. 65.3 37.4 101.2 67.3
Month ago. 64.5 34.8 100.8 66.4
Year ago.119.6 98.1 161.1 123.6
Three years ago.210.4 135.4 202.3 196.7
Five years ago.106.8 108.3 103.6 106.6
High, 1931-32.140.2 106,2 203.9 144.3
Low. 1931-32. 58.0 30.3 92.7 66.0
High. 1930.202.4 * 141.6 281.3 205.8
Low 1930.112.9 8G.4 146.5 114.7
High 1929.252.8 167.8 353.1 253.5
Low 1929.141.3 117.7 156.3 140.2
BONDS.
20 20 20 60
Industrials. Rails. Utilities. Total.
Today. 68.') 75.4 84.6 76.3
Previous day.69.2 76.5 81.8 76.8
Week ago. 67.!) 73.6 83.7 75.1
Month ago. 64.0 65.9 81.7 70.5
Year ago. 89.5 104.0 99.6 97.7
Two years ago. 92.7 105.2 98.4 98.7
Three years ago. 94.7 104.9 99.5 99.7
High. 1931-32. 90.4 105.7 101.5 98.7
Low, 1931-32. 62.3 62.3 80.2 68.5
High 1930. 94.9 109.3 101.4 101.9
Low. 1930. 83.3 97.3 96.6 92.6
High, 1929. 95.3 106.0 * 99.8 99.9
Low, 1929. 90.4 100.8 96.0 96.3
(Copyright. 1932, Standard Statistics Co.)
grades, but the demand held up fairly
well.
Grain Markets Pull.
In the absence of an active demand,
domestic grain markets were dull in
mid-January. Cash wheat markets ;
wer somewhat irregular. High protein
wheat was in active demand. Corn
markets were mostly weak and lower. :
although light receipts at Kansas City
advanced prices around 2 cents a bushel
at that market. Eastern demand was
restricted bv lower priced offerings from
Ohio and Indiana. Oats were weaker
with corn, but barley markets held
: about unchanged under a fairly active
inquiry for both feeding and malting
i types.
Reconstruction Finance Cor
poration Is Big Gun in
Present Campaign.
BY JOHN' L. COOLEY,
Associated Press Financial Writer.
NEW YORK. January 19.—War .
against deflation has been declared
i along a wide front and behind the
scenes in banking and business circles
groups of men are working quietly and
intently to direct the campaign which
thev hope will defeat the common
enemy of Main Street and Wall Street.
The big gun in the drive is, of course,
the Reconstruction Finance Corpora
tion. Authorized to make loans to
banking institutions, insurance compa*
nies, agricultural and live stock credit
organizations and to railroads (on
recommendation of the Interstate Com
merce Commission), this $2,000,000,000
piece of machinery will direct its fire
against frozen credit, aiming to demol
ish the barriers that have imprisoned
purchasing power.
Operation Facilitated.
Although the measure to accomplish
' this important objective has not yet be
1 come law, steps have already been taken
j to facilitate its operation. The Federal
| Reserve System, through its most pow
i erful unit, the New York Bank, has in
; creased the price it pays for bankers’
acceptances, thus tempting owners of
j such paper to dispose of them to the
i central bank. Inasmuch as banks are
! the chief holders of acceptances, it is
I now possible for them to sell at a profit
| acceptances bought before the price
l rise. Funds so obtained would in theory
j at least, be partially invested in Gov
ernment obligations, thus contributing
to a more attractive market for such of
Uncle Sam's securities as may be issued
to launch the Reconstruction Corpora
tion.
The next step in the easier money
program, it is expected, will be a low
ering of the New York bank’s redis
count rate from the 3' - per cent estab
lished during the "gold run’’ pf last
Autumn. There is a widespread belief
in Wall Street that the reduction will
be made soon, perhaps on Thursday of
this week.
Meanwhile, active support is accruing
to the rehabilitation plan made public
last week, after long study, by a group
of prominent economists, headed by Dr.
Warren M. Persons.
Program Indorsed.
Aleardy sorre twoscore economic au
thorities'in and out of Academic circles
have indorsed this program which fa
vors the Reconstruction Corporation,
economy in all governmental budgets, a
j liberal reserve credit policy and a com
j mercial banking program which will
permit co-operation of the large banks
j with the Federal in checking credit de
flation. Steps are being taken toward
! the enlistment of leaders 'in many lines
1 of endeavor, including industry, for
active participation in this drive toward
business revival, restoration of values,
employment increase and the strength
| ening of banks.
It has been apparent in the last week
| that sections of European opinion have
1 regarded this new American drive as an
, inflationary move. Proponents of the
) plan believe, however, that there is a
difference between "anti-deflation'’ and
active inflation, pointing out that the
shrinkage in values, particularly those
of securities, had exceeded justifiable
limits, that fear had gone beyond rea
son, and that much good should be ac
complished by. at least taking in the
slack.
«
CHICAGO PRODUCE MARKET.
CHICAGO. January 19 OP).—Poultry,
alive—Receipts, 37 trucks; market
steady; fowls, 17; Springs, 16 U;
roosters. 10; young hen turkeys, 20;
young toms, 17; old toms, 15; heavy
white ducks. 21, small. 19; heavy col
ored ducks. 20; small. 18; geese, 13.
Butter—Receipts. 15.092 tubs; mar-1
ket steady; creamery, specials <93
score), 23'2a24; extras <92 score), 23;
extra firsts (90-91 score). 22I,a22,2;
firsts <88-89 score), 21'2a22; seconds
<86-87 score), 20*2a21; standards (90
score, centralized carlots), 23.
Eggs—Receipts. 7.359 cases; market
steady; extra firsts, 16al6!2t fresh
graded firsts, 1512; current receipts,
14al5.
■--—«
CHICAGO POTATO MARKET.
CHICAGO. January 19 CP).—Po
tatoes—Receipts, 111 cars; on track,!
261; total United States shipments,
684; weak on Northern, steady on
Western stock; trading rather slow;
sacked, per hundredweight. Wisconsin
round whites. No. 1, mostly 80; Mich
igan Russet-Rurals, few sales. 80;
Idaho Russets. No. 1, 1.55al.65; No. 2,
1.05a 1.10; Nebraska Triumphs, few
sales, 1.10a!.15; fine quality, 1.20.
Big Firms Meet Lower Prices
by New Sales Efforts
and Economies.
One of the mast encouraging features
of the disordered and perplexing busi
ness situation is the record that has
been made by retail trade in the past
year. Although handicapped, says the
American Bankers’ Journal, by a con
tinually diminishing purchasing power
on the part of the public, practically
every important merchandising com
pany has rapidly passed on the lower
ing level of prices to consumers, and
by means of intensive and exceptional
sales effort has succeeded in moving a
physical quantity of goods only moder
ately below that of one or two years
previous. Of course this is an aid to
all business, in that a person whose in
come has been cut is able to purchase
approximately the same amount of mer
chandise as before, which means sus
tained employment to the workers in
all of the supply industries.
According to reports submitted to
tne Federal Reserve Bank of New York
by a large number of de.partment stores
in the second district, their dollar sales
in 1931 were approximately 8 per cent
below that of 1930, but the physical
volume of goods was practically the
same. It may be that the department
store group is not entirely typical of re
tail trade in general, in that the large
stores have been able to buy and sell
to better advantage than the small in
dependent retailer, although there is no
proof that this has been the case. ^Dur
ing a period of rapidly changing condi
tions, the moderate sized concern has
a definite advantage over the large cor
poration in that its methods are more
flexible.
New ideas, economies, wage adjust
ments, etc., can be adopted, the Journal
adds, without cutting “red tape’ and
the head of the concern is closer to the
workers and the customers than in the
(use ot the corporations capitalized at
a million dollars and upward. The
small organization is free from the fixed
overhead expense of the Nation-wide
distributors, and was not asked to join
in the campaign of the big. business ex
ecutives in keeping up pay rolls and
other expenditures in the futile attempt
to thereby bring back prosperity.
Value of merchandise stocks held by
the stores reporting to the New York
j Federal Reserve Bank were substantial
ly below those at the corresponding
period of a year ago, except in the case
of drugs. Ratio of collections to ac
counts receivable outstanding, however,
was slightly higher than a year ago, the
Journal concludes.
Baltimore Markets
Special Dispatch to The Star.
BALTIMORE, Md., January 19.—■
White potatoes, 100 pounds, 75al.l0;
sweet potatoes, bushel, 40a80: yams,
barrel. l.OOal-,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,
1.50a2.50; 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, 35a
1.50; oranges, box, 2.00a3.75; straw
berries, quart, 20a30.
Dairy Markets.
Chickens, young. 18a22; 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, 1,070 cases: current
receipts, 171-2.' nearby firsts, 181 a;
southern firsts, 181 a.
Butter, good and fancy creamery. 22a
26; ladles, 17al8; process, 20a21; store
packed, 13.
LIVE STOCK MARKET.
Cattle—Receipts, 50 head; light sup
ply; market dull.
Steers—Choice to prime, none; good
to choice, 6.00a7.00; medium to good,
5.00a6.00; fair to medium, 4.00a5.00;
plain to fair, 3.50a4.00; common to
plain. 3.00a3.50.
Bulls—Good to prime, none; good to
choice, none; medium to good, 4.00a
4.25; fair to medium, 3.50a4.00; plain to
fair. 3.25a3.50; common to plain, 3.00a
3.25.
Cows—Choice to prime, none: good to
choice, none; medium to good. 3.75a
4.00; fair to medium. 3.25a3.75: plain to
fair, 2.50a3.25; common to plain, 1.50a
2.50.
Heifers—Choice to prime, none; good
to choice, 5 00a5.50; medium to good,
4.50a5.00; fair to medium. 4.00a4.50;
pain to fair. 3.00a4.00; common to
plain, 2.50a3.00.
Fresh cows and springers, 30.00a
60.00.
Sheep and lambs—Receipts, 150
head; light supply; market steady-;
sheep, 1.00a3.00; lambs, 4.00a7.50;
Spring lambs, none.
Hogs—Receipts, 700 head; light sup
ply; market lower: lights, 4.85a5.10;
heavies, 4.45a4.70: medium, 4.85a5.10;
roughs, 2.75a3.80; light pigs, 4.35a4.60;
pigs, 4.50a4.85; trucked hogs, none;
lower than quotations.
Calves—Receipts. 25 head; light sup
ply; market steady; calves, 4.00a9.00;
extras, none.
Wheat—No. 2 Red Winter, garlicky,
spot, domestic. 63Vi; January delivery,
63' -.
February delivery. 641 g.
Corn—No. 2 yellow, spot, domestic,
45a46: cob corn, new, 2.00a2.10 per
barrel.
Oats—No. 2 white, domestic, 35a
35'j; No 3, 34a34>2.
Rye—Nearby, bag lots, 40a45.
Hay—Receipts, none. Market un
changed.
MISSOURI BANK TO PAY
ITS DEPOSITORS IN FULfc
By the Associated Press.
KENNETT. Mo.. January 19—The
Bank of Hornersville, at Hornersville,
will pay its depositors in full and close
its business January 23, officers of the
bank announced yesterday.
On January 23 all deposits will be
transferred to the Bank of Kennett,
oldest bank in Dunklin County.
The Hornersville Bank started in
1900 as a private bank. It was cap
italized at $15,000, with nearly $10,000
in surplus and profits. Deposits are
more than $90,000.
-» ... .
SHORT-TERM SECURITIES.
(Reported by Chas. D. Barney & Co.)
Bid. Offex
Allis-Chalmers Co. 5s 1937. 83 90
American Chain Co. 6s 1933 . 85% 91*%
American Tel. & Tel. 5%s 1943 102'-. 102%
Amer. Wat. Wks. A El. 5s 1934 93', 95
Baltimore A Ohio 4%s 1933. 53 54%
Belding Hemingway Co 6s 1936 85% 90
Bethlehem Stel Coip. 3s 1936.. 94 95
Canadian Nor. Rwy. 4%s 1935. 85% 88
Chi. Northwestern R. R. 5s 1933 79% 93%
Chicago Rock Island 4s 1934 66% 68%
Cleve. Lor. & Wheeling 5s 1933 93 99
Colorado & So. Rwy. 4'is 1935. 90 92
Commercial Credit Co. 5%s 1935 87 89%
Delaware & Hudson Co. 5s 1935 90 100
Denver A Rio Grande 4%s 1936 62% 73
Gen. Mot. Accep. Corp. 6s 1937 99% 100
General Petroleum Corp. 5s 1940 99 100
General Public Service 5%s 1939 77% SO
Grand Trunk of Canada 6s 1936 89% 91
Houston E & W. Texas 5s 1933 91 98
Humble Oil 5%s 1932. 100% 100%
Laclede Oas Light Co. 5s 1934. 91% 98
Xouisvllle & Nashville 5s 1937. 90 98
New York Cent, k H. 4s 1934. 88% 90
New York Chi. A St. L. 8s 1932 45% 48%
Northwestern Telep. 4%s 1934. 97%
Penna. R. R. Co. 6%s 1936. . 100% 101%
Portland General Eiee. 5s 1935 . 98*,
Republic Iron A- Steel 5,s 1940. 73*, 76
Sinclair Crude Oil Co. 5'is 1936 94% 95%
Southern Pacific 5s 19 1. 94*,
St. L. I M S. Ry. P. s 1933 82% 8J%
Union Elec. Lt. & Pa,'. .,s 1933 99*, 100
Union Oil Co ot Calif. 5s 1935 92 33
Virginia Rwy. A Power 5s 1934 98 38%
Wabash Rwy. Co. 5s 1939. 78 71%
// -r

Evening star. [volume], January 19, 1932, Page A-15, Image 15
About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume], January 19, 1932, Page A-15, Image 15
About Evening star. [volume] (Washington, D.C.) 1854-1972