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Evening star. [volume] (Washington, D.C.) 1854-1972, February 07, 1932, Image 61

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Utilities and Specialties Show
Recessions on Small Of
ferings—Oils Dull.
BY JOHN L. COOLEY.
Associated Press Financial Editor.
NEW YORK. February 6.—The Curb
carried its easy tone through the week
end session today. Offerings of utility
stocks and a few specialties reflected
the absence of nearby demand and
gave the market a rather soggy ap
pearance.
Commonwealth Edison, recently heavy,
reacted to a new low on a trickle of
odd lot selling. The stork sold In thv
neighborhood of 106. closing at 107.
off more than 2 points net. Electric
Bond &. Share approximated 10 at the
bottom and finished at 101,). or a shade
lower. Consolidated Gas of Baltimore.
Middle West and American Gas were
moderately heavy utilities.
In the specialties most of the changes
came In higher issues. Singer Manu
facturing dropped 5 points to 115. vir
tually jluplicating its low. Great At
lantic & Pacific and Aluminum of
America lost a point or so. Cord Cor
poration, Deere and a few others eased
slightly. Glen Alden made a new
minimum at 17. off l’i net.
Oils were dull. Standard of Indiana
sold under 15 on a few transactions, but
finished virtually unchanged. Stand
ard of Kentucky had a fractional rally
at the close.
— ■ ■ ■ -•-w
WEAKENING IN TRADE
LEVELS IS REPORTED
Business Men of Nation Are Now
Watching Results of Recon
struction Program.
Special Dispatch to The Star.
NEW YORK. February 6—On bal
ance. the level of business activity
ahows signs of slight weakening as the
second month of the year starts, says
■ the Business Week In only a few
lines—steel, shoes, textiles, automobiles
-—have there been any indications of the
usual Spring stimulus so far, and these
have been mild. Steel production of
late has slackened slightly; carloadlngs
and electric power production still
show no improvement; commodity
price averages have slowly sagged since
the outset of the year. The sharp de
cline in building contracts during
January, particularly in public works
projects, is depressing.
It is difficult to see how drastic re
ductions in purchasing power of con
struction and railroad workers can be
expected to increase activity in these
two basic industries; and the indif
ferent response of securities markets
shows that they also have their doubts
on this score. Although the amicable
outcome of railroad labor negotiations
should supply a more solid basis for
the bond market, the day when wage
cuts were considered a bull point for
stocks has probably passed.
All eyes are now on the Reconstruc
tion Corporation as it commences its
attack on the crucial credit problem,
and as the President appeals to the
country to co-operate in checking de
flation by halting hoarding. The re
tarded rate of bank credit contraction
and bank suspensions in recent weeks
is an encouraging indication of favor
able effect of the administration's ef
forts on confidence. Business revival
and stabilization in security and com
modity markets now depend altogether
upon the success with which this
strategy stems and turns the tide of
credit liquidation.
CORPORATION
REPORTS
TRENDS AND PROSPECTS OF
LEADING ORGANIZATIONS.
______
NEW7 YORK. February 6—The fol
lowing is today's summary of important
corporation news, prepared by Standard
Statistics Co.. Inc., New York, for the
Associated Press:
News Trend.
Although steel ingot production in
creased slightly in January, output was
smaller than any January in more than
15 years. According to the American
Iron and Steel Institute, the operating
rate was at 26.54 per cent of capacity,
which compares with 23.58 per cent in
December and 42.86 per cent in Janu
ary. 1931. Total output was calculated
at 1.461.290 tons, against 1,302.399 in
December and 2,458.689 in January,
1931.
The Industries.
Zinc.—Total slab zinc stocks at end
of January, 129.886 tons, vs. 129.825 in
December and 145,076 in January. 1931.
January production. 22.516 tons, vs.
21.965 in December and 32,522 in Jan
uary, 1931.
The Companies.
Allis-Chalmers Manufacturing 1931
common share earnings 96 cents, vs.
$2.86.
American Snuff Co. 1931 common
share earnings $3.81. vs. $3.76.
Continental Steel 1931 deficit $406,584,
vs deficit $37,908.
National Steel—Current operations at
80 per cent of capacity.
Pacific Telephone & Telegraph 1931
common share earnings $7 69. vs $7.05.
Remington Rand. Inc., deficit, nine
months to December 31, $2,215,942, vs.
net income $1,450,566.
Allis-Chalmers Manufacturing — Un
filled orders December 31. 1931, totaled
$7,889,333, vs. $13,002,923 December 31,
1930
Amalgamated Laundries—Equity re
ceiver appointed for company by Fed
eral Court. New York; company is sol
vent. but lacks liquid funds with which
to carrv on business.
National Bellas Hess January gross
cash receipts off 19.5 per cent.
Newberry iJ. J.i Co. January sales
up 3.9 per cent.
New York. New Haven & Hartford
R R . subsidiary Connecticut Co., cuts
wages 10 per cent.
Phoenix Hosiery passed quarterly
dividends on first and second preferred
stocks; paid $1.75 on each class De
cember 1. 1931.
Van Raalte Co declared $1.75 divi
dend on preferred stock on account of
accumulations.
Western Maryland Ry.—No immedi
ate wage cut planned
Western Massachusetts Co.’s 1931
•ommon share earnings $2.77. vs $2.91.
United Fruit—Colombian banana ex
port tax fixed at 3 cents a bunch.
Walgreen Co. January sales off 5.2
per cent.
Western Auto Supply January sales
off 10.2 per cent.
Maine Central R R.—Passing of
kUvidend on 5 per cent preferred stock
believed probable; 1931 deficit after
charges $63,386; saving from 10 per
vent wage redaction about $670,000.
National Manufacture fc Store deficit
vear ended May 31 $551,461. vs. net in
come $256,942, equal to 80 cents a com
mon share.
Otis Elevator gets contract for 13 cars
for new Supreme Court Building, Wash
ington. D. C.
Merritt-Chapman A Scott Corpo
ration omits preferred dividend; previ
ously paid $1.52 v. quarterly.
Skinner Organ 10 cents common divi
dend; paid 25 cents November 1. 1931.
Brhnrk iH. C.t sales four weeks
prid'd January 30 rl7 5.5 per cent, 12
months up 6.3 per cent.
Street Attempts
To Piek Out War.
Baby Stock List
?.-eci«l Dispatch to The Star.
NEW YORK. February Wall
Street has been doing a considerable
amount of wondering this week—and.
incidentally, not a little actual market
speculation—as to what stocks would
be the "war babies of 1932” If a big
war should result from the fighting In
the Far East.
Judging by the action of the stock
market there are those who favor
United States Steel. Bethlehem 8teel,
Savage Arrrs, United Aircraft, Atlas
Pow'der, du Pont and Colt’s Firearms.
One broker's view was:
"If you remember 1914. then you
know that it took a mighty astute
trader to see in advance what com
panies were going to get in on the
tremendous war preflts. In the end,
of course, virtually all of them did. but
in many cases it was only after re
financing had been accomplished. The
experiences of the Spanlsh-American
and tbe Boer Wars were no guide to
what to c'o in 1914. and it is exceed
ingly unlikely, with the tremendous
changes that have come into effect since
1914. that the Great War will be any
guide to a future war.
"Very probably airplane and air en
gine manufacturers would profit im
measurably more than they ever did
before. The steel concerns would cer
tainly do more business. So would ship
builders. But the one certain bet U
commodities. Where there is war, raw
materials are being used up at three
or four times their normal rate.”
(Copyright. 1932.)
Commodity Price
Trends of Week
BY H. N. McGILL,
McGill Commodity Service. Inc.
AUBURNDALE. Mass., February
For the fourth consecutive week com
modity prices continued their downward
trend. Industrial and live stock prices
were lower, while agricultural prices
showed a slight gain.
All commodities’ index showed a
somewhat greater decline than during
the past three weeks. The number of
groups showing, an . upturn.. although
greater than last week, still remained
low. Out of 14 individual groups 9
declines. 3 wore higher and 2 remained
the same. Prices during the past week
were sensitive to events concerning war
far in the Far East. • In the party-part
of the week some commodities were
noticeably stronger In anticipation of
possible purchases regarded as neces
sary for war needs. The list showing
upturns included wheat, cotton, silver,
tin and a few others, but during the
latter part of the week most of the
gains were lost due to the belief that
a settlement of the trouble between
China and Japan will soon be effected.
In contrast to this upturn in some com
modities. others, such as rubber and
sugar, made new lows.
Industrial Prices.
Industrial prices were again lower,
mainly influenced by hides and leather
and non-ferrous metals. Building ma
terials and coarse textiles were the only
groups under the industrial heading to
show gains. Chemicals and paper re
mained the same, while the remaining
groups were all lower. The hides and
leather group has been affected by the
controversy between packers and tan
ners regarding the extra trimming
charge, resulting in the transaction of
very little business and lower quota
tions.
The decline in the non-ferrous group
was influenced mainly by the return
of copper prices to the low level of
December 4 Although copper pro
ducers are in a better position to effect
a curtailment in production in accord
ance with the agreement of world in
terests. yet the demand factor of this
metal has not shown any improvement.
Even a return to low prices has not
stimulated apy purchasing. Industrial
activity, while improving somewhat
during January, has not equaled the
usual seasonal expansion. The general
trend of commodity prices with few
exceptions has reflected this state of
affairs. While confidence has been
gained by the effort being made to cor
rect fundamental difficulties, yet a
passive policy has been adopted gen
erally awaiting a definite Improvement
in conditions.
Farm Products.
Agricultural prices under the leader
ship of wheat, the price of which im
proved during the past week due some
what to the possibility of war needs,
•showed a slight upturn. Strength in
cotton, which was evident in the early
part of the week, did not hold, due in
considerable measure to the decision of
the Federal District Court that the ac
tion by the Texas Legislature in cur
tailing acreage was unconstitutional.
In spite of this fact, it appears probable
that acreage will be reduced volun
tarily by growers supply on the basis
of the low prices which are are now
receiving.
Most important price changes in the
McGill weekly commodity price indices,
1926—100:
This Previous Year
week. week. ago.
Feb. 5. Jan 29. Feb. 6
,, 1932 1932. 1931.
All commodities. 516 52 0 67 5
Industrial . 56 5 56 9 67 8
Agricultural ... 47,0 46 9 62 5
Hides and leather .60 6 64 1 74 3
Non-ferrous metals.. 47.9 50 2 60 7
Textiles, coarse. 50.5 47 5 56.7
-•
SHORT-TERM SECURITIES.
(Reported by Chts. D. Barney k Co >
.... _ , Bid. Offer.
Allis-Chalmers Co. 5s 1937.. .. 85’* 95
American Chain Co. 6s 1933.. 84>2 9134
Amer can Tel. A Tel. 5’2s 1943 1011* 101 **
Am. Wat. Wks. A Eiec. 5s 1934 863* 89»a
Balto. A- Ohio 4‘2s 1933. 81 \ 82
Belding Hemingway Co. 6s 1935. 88
Bethlehem Steel Corp. 5s 1936 92'* 93
Canadian Nor. Rwy. 4>2s 1935. 87 90
Chi. N W. R. R Co. 5s 1933 . 74 79».2 .
Chicago Rock Island 4s 1934 61 62'2
Cleve Lor. A Wheeling 5s 1933 94 97
Colorado A So. Rwy. 4l2s 1935 90>2 92
Commercial Credit Co. 5'2s 1935 84 91
Delaware A Hudson Co 5s 1935 88 100
Denver A Rio Grande 4'2.s 1936 64'2 66
Gen. Mot. Accep. Corp. 6s 1937 99'4 991 a
Gen. Petroleum Corp. 5s 1940. . 963* 98
Gen Public Service 5'2s 1939 75'4 77,a
Grank Trunk of Canada 6s 1936 91 91!a
Houston E A W. Texas 5s 1933. 98
Humble Oil 5>2s 1932. 100>4 1003*
Laclede Gas Light Co. 5s 1934. 97 97‘4
Louisville A Nashville 5» 1937. 90 9734
N Y. Cent. A H. R. Ft 4s 1934. 86>4 88
N. Y. Chi. A St. L. 6s 1932. . . 5014 51
Northwestern Telep 4’2s 1934. 80 97'k
Penna R R. Co. o'2s 1936 10034 10114
Portland General Elec. 5s 1935 96
Republic Iron A Steel 5s 1940. 76 91
Sinclair Crude Oil 5'2s 1938.. 9434 96
Southern Pacific 5s 1934 . 96 97
S' L IMS. Ry. RAG 4s 1933 79 7934
Union Elec. Lt. A Pwr. 5s 1933 99'* 100
Union Oil Co. of Calif. 5s 1935 . 93 95
Virginia Rwv. A Power. 5s 1934. 92 97
Wabash Rwy. Co. 5s 1939. .. 68 72’2
INSURANCE STOCKS
NEW YORK. February 6 (TP).—Over
the-counter market:
Bid. Asked.
Aetna Cas A: S. 31 35
Aetna Fire . 25 27
Afcricultural . 55 65
Aetna Life . 22*2 24*2
Am Snvety . 16 19
Boston . 287 315
City of N Y. 107 127
Conn Gen Life ... 41 46
Fid A Dep. 67 72
Firemens Ins. 918 113«
Gle i Falls .. 35 37
Globe A Rut. 200 230
Great Amer . 1334 15’^
Hanover . 193a 213g
Hartford Fire . 34 36
Home Ins . 18'« 20*4
Kansas City . 600 700
Ma.ls Bond . 32 40
Natl Fire . 29 31
Phoenix . 39 41
Prov Wash . 25 27
8t Paul Fire . 102 .112
"un Lite . 575 475
Travelers .. ■ 415 485
BALTIMORE STOCKS.
Special Dispatch to The Star.
BALTIMORE, February 6.—
Sales. STOCKS. Last sales.
ino Black A Decker com. ?'«
ICO Consolidated Gas com... k0
31 Consolidated Gas $'■ cum pfd A kk
k Fidelity /t Deposit Co. 71
40 Merchants A- Miners Trans. 21
214 Mt Ver-Woodbury Mills ptd. 20
341 U S Fidelity A: Guaranty. *
BONDS a
>2,000 Silica Gel 4-year t'zsr.l. *8!i
NEW YORK CURB MARKET TRANSACTIONS FOR THE WEEK AND YEAR
I l-l, .. —■ -
FOR WEEK ENDING FEBRUARY *, 1»«. ^
Wrt.'* stock and dividend. DR «**■ CTo“4 Ch**'
11 44 Acetol Prod A... H
14«i 4 Acme Wire vtc. f* ,? I ’
4ti 14 Aero Supply Mfg B).... | - '* .j* *
12 614, Aero Underwriter*. 12v» 12 A 1-4 Vi
194 14 Agfa .. * 1 L
87 51 Agfa Anscp pf. 44^ 44 4 4f£ + £
13 64 Ainsworth MfK. 6 » *,* 4
1% V* Air Inv Inc vte. » „* 1 *
92 264 Ala Gt Southern (4)- 26 « 26Vi -6/,
1087* 73 Ala Power pf IS)- 89.. 19 >* ~ 1
1154 85 Ala Pw cum pf (71. 89"* 8^‘ 89 4 w
fit* 3Vi Allied Mills Inc. 4 4 4 ...
224 48 Aluminum Co of Am.... o2\ 484 Jits'* S'*
109s* 664 Alum CO Am pf <«>. 83 83 *
16V, 9V* Alum G’ds M il.20). WV4 104 10 *
29 7'4 A.n Arch Co (2). 9 9 9 ™
l'i t* Amer Austin Car. , „
2T4 4 Am Brit A Cont. J4 . J4 , ,,
6 H Am Capital (B). * J* + *
100 46 Am Cigar Co. 126 126 126 1
38* 197* Am Pit PA U A (AS).... 28v* 23U 28/, -r 14
10 1>* AmCitPw A I.t B. 2 14‘ ~ J*
17 ’, Am Com Pow A... » * ** *
29o <8. Am Com Pow B. . J* , *» - V*
fit; 4 Am Corp. , ‘ * *
12', 2‘. Am Cyanamid iB). ? ‘ “ 3,1
7’* 14 Am F.QUllles . -* * £
3 Hi 31* Am ForPwr war. 3/* ' *»
S', 4 Am Founders. * * 4
974 32V* Am Gas & Elec ill). 33v* 32,* 32 * — V*
7», 14 Am Investment Inc (B). * 8 3 + *
24 Vi Am Inv Inc, war. 4 • ■* *
45 144 Am Laundry Mach (2).. 15', 15, 13v‘- ‘
54Vi 18'. Am Ut&Trac (2H). 2] » 19 19 ” J*
28 6Vi Am Mfg Co. **» ,1* * > " 3S
60 404 Am Mfg Co pf <5). 43 43 43 -2
14 Vi Am Maracaibo. * * H
51 20 Am Meter (3). 39 30 30
204 3 AmStPubServA. 3 2, .24 — 4
19'* 3 Am Superpower. 3‘* 3 * 34* ~ J4
89 Vi 45 Am Superpo pf iS). 35 . 34 35 - 2
99 614 Am Superpwr 1st pf<6). 59‘, t>9 69 , 1
5 1, Am UtllAGen iF)vte- V. ', 4
h 4 Am Yvette Co.. Inc. ** '»
8s* U Appalathian Gas. * a \
Vm ji Appalachian Gas wr... # warn
6'* I'* Ark Nat On . \ “ *
6*4 IT* Ark Nat Gas A . jy* *
26'* 8'w Armstrong Cork. V/n TU - *4
m 2%i Asso Elec Indus Ltd .... «4 3'/c 3T4
234 3Vi Assoc Gas * El Utd;... • 5 44 6 - 14
30 3 Assoc Gas & E A Ib • "r ). 4Vi 4 4
91*i 38 Asso Gas & Elec ctfsl I). 434 40 40 — 24
1 Vi Assoc G& El war. 4 4 1*
254 114 Asso Tel Util <bS%> .. » * 9 ~ 2
8 1 Atlantic Coast Fisheries 114 14 14 + . 4
134 24 Atlantic Seo Corp. 34 34 *4 -4
84 34 Atlas Utilities Corp- 64 54 54+4
24 14 Atlas Utilities!war).... 14 14 14
Atlas Util pf (3). 344 34 34 +1
84 1 Auto Vot Machine....... 4 .4 4-4
16 4 Auto Vot M cv pr pf. 44 44 44 — 14
5 1 Bellanoa Air v.t.c. 1% 1
19 8% Beneficial 1 L (1%). .... 1°'* 8% 9 +1%
37% 22*1 Bickford In- pf <2% )... 24 28% 24
16% 2 Bliss Co<EW)(b8T.)... 4% 3% 3% — %
6% 1 Blue Kidge Corp. 1% 1% IS — %
38% 16*4 Blue Rldgecvpf ta3)... 19% 19 19%
20% 3 Blumenthal (S). 6% 5% 5% — %
1R 6 Borne-Scrymser Co. R% R% R% -r %
28% 7 Brazilian Trac Lt&Pl 1). 11% 10*4 10*4 — %
16% 6% Brltish-Arri Oil C (80c).. 12*4 12% 12% + 8%
1% *» Brit Cel Ltd rets. 1% 1% 1% — %
105 75 Buff NiagAEP let pf(5). 79 79 79
53 20% Bunker H1U A Sullivan.. 24 24 24 — 1%
6% 1 Buroo, Inc. '*
1 4 Buroo. Inc. war. 4 4 4
2% 1% Burma Corp Ltd, rts(2c) 1% IS IS
7 1% Butler Bros. 2 2 2 — %
1% % Bwana M Kubw Cop.... % % % - %
2% % Cable Iladlo Tub trto.... % .% %
1', % Cabl A W Ltd. A rcta. .. % S % -r %
% % Cabl A W 4td. B reta... S % %
3% 1% CableAWire pf.rcta 19c. 1% 1% 1%
4% % Canadian Alarcnnl. 1 1 1
2% % Carlo Syndicate. % % % -r %
16% 12 CarmanACoA <2). 12 12 12 — %
26 17 Carnation Co (1 %). 17% 17% 17% 34
2% % Carnegie Metals. 1 1 1 +34
108 97 Caro Pw A L pf ill). 80 80 80 —18
65 16% Celanese Corp 1 st pf.... 18 18 18
10 2 Celluloid Corp. 2% _2S 2% + %
104% 76% Cent Pwr A Lt pf (7)... 75 75 75 -r 5
19% 1% Cent Pub Svc( A) <ba% ). 2% 1% 1% — %
12% 1% Central States Electric.. 2 1% 1%
8% 2 Centrifugal Pipe 16oc>. 4% 4% 4% + %
4% % Chain Stor Development % % % - 4
129% 75 Ohesebrough <t6%).... 81 80% 80% + %
108 45 Childs Co pf. 29% 29% 29% — %
20*4 5 Cities Servicei g30c).... 5% 5% 5% — %
84% 35% Cities Service pf 49% 47% 47% — 2%
82 47% Cities Serv P A Lt pf i S) 47% 46 46 — 1%
10*. % Claude Neon Lights.Inc. 1% 1% 1% — %
52% 22% Clev Elec Ilium ll.60).. 27% 27% 27V ~ v*
3% 1 Club Alumn Utensils. .. % % % + %
3% % Colon Oil. - % % V» — %
22 8 Colts Pat Firearms 1 %.. 14% 13% 13% - 4%
7% 1 Columbia Oil A Gas vtc. 1% 1% 1% — %
Oolum GAE cv pf (5). ... 81 79 80
256% 109 Comm with Edison (8 ).. 115% 106% 107% — 5%
2% % Com.wlih A Sop i war».. % % 4
12% 1% Community Water Serv. 1% 1% 1%
% % Comstock Tunnel. % % % — 4
10% 1% Consolidated Aircraft.. 1% 1% 1% - 1
% 4 Consol Auto Mer ctfs... 4 4 4
1% % Consol Auto Mer enm pf % % _%
3% % Consolidated Copper .. 1 % %
101 67% Consol Gas Baltol 3.60).. 61 69 59% -r %
17% 1% Consol Gas Utility A.... 2% 2% 2% + %
4% 1 (.'ohso1 Retail Stores .. 1% 1 1% - %
103% 55 Conti Gas A El pr pf(T). 68 65 65 -5
54%' 1% C'orit Shares conv pf. 2% 2% 2*. + %
51 1% font Shares pf (B). 2% 2% 2% — %
23% 1*« Cooper Bessemer. 8 3 3
15 4% Cord Corp. 7% 5% 5% — 1
22 1% Corp Secur of Chi (b6%) 1% 1% 1% — %
6% 1 Corroon A.Reynolds. ... 1% 1% 1%
3% *, Cosden Oil. ’■* '■*
3% 1% Creole Petroleum. 2% 2% 2% — %
1% % Cresson Consol. % % %
14% 2% Crocker Wheeler. 4 4 4 + %
8% 1 Crown Cork Inti (A).... 1% 1% 1% -t- %
% 4 Curtiss Wright war.... % % % - 4
1% 4 Cusl Mex Mining. 4 4 4—4
5 1% Darby Petroleum. 2% 2 2% + %
2% 4 Dayton Airplane A Eng. % 4 4—4
44% 8% Deere&Co.... 19% 8-a 8% — 1%
8% 1 De Forest Kadlo. 1% % 1
6 1% Derby Oil A Kefln. 2 2 2
3% % Detroit Aircraft Corp... % % % + %
7% 2% Doehler Die Casting.... 3% 3% 3% -t- 1%
46% 30 Draper Corp (4). 29 29 20 —2
6 1% Dubiller C A Radio. 1% 1 1% — %
145 64% Duke Pow 15).......... 70% 67 67 -5
6% % Duquesne Gas Corp. 4 4 4
3% % Durant Motors. % % % + %
7% 4% Eagle-Plotter Dead.-..... 5% 4% 4% F %
27 7 East G A Fuel Asso. 7% 7% 7% -r %
East States Pow B. 2% 2% 2% — %
85% 20 Eastern Util Asso(2)... 21% 21% 21% -r %
8% 3 Eastern Util Asso cr. ... 3% 3% 3% — %
*68% 182 Edison El of Bos(13.60). 186 184 186 - 1
6% 1% Eisler Electric Corp. ... 1% 1% 1% -r %
61 8% Elec Bond A Sh (b6%).. 11% 10% 10% - %
108% 48 El Bond A Sh pf (6)- 58% 55% 58% + 1%
97 38 Elec BondASh cu pf (6) 49 47% 47% — 1%
22% 6 Elec Pow Asso (1).... 7% 7% 7% — %
22% 5% Elec Pow Asso A 111... 8 7% 7% + %
37% 3% El P A L opt war. 5 5 5 + V)
101 45 Elec PAL 2d pf A (7)... 40 40 40 - 3%
88% 36% Elec Shareholdg pfia6). 39% 39 39% + %
33% 31% Emerson B S A (t2%) 30 30 30 — %
79% 39% Empire GasAF cm pf (7) 44 43% 44
7% % Empire Pub Svc (A).... % % %
13 2% Kurop El Ltd A (30c)... 2% 2% 2% — %
4 v* Euro Elec. Ltd deb rta. . % % %
3% % Evans Wall Lead. % Vt % - 4
42 15% Fajardo Sugar. 15% 15% 15% - %
% 4 Falcon Lead. 4 4 4
6% 2 Fedders Mfg Co (A).... 4 3% 4 - %
10% 5% Federated Metals. 8 * + l*
13% 5% Flat rets (pfl4%c). 6’% + *
29% 8% Ford Motor. Can , A. HH 11% 11%
62% 13% Ford Motor. Can . B. 18 17 17+1
19% 3% Ford Mo Ltd (p3S 3-5c). 6*. 5 6% - %
614 % Foremost Fabrics. ..... % 4 %
6% % Fox TheatersClassA- % % **
104 1 Gen Alloys..
12 24 Genera! Aviation. 84 84 34 — 4
114 4 C-El I.td rets (p36 3-5c). 64 64 64
18 114 Gen Empire Corp 111... 12 12 12
78 15 Gen Gas&El cv pf B <«). 18 174 174 - 1%
314 4 Gen Theat Equip cv pf.. 4 % M — A
85 244 Gilbert (A C) pf (3%).. 234 234 234 - %
60 204 Glen Alden Coal (4). 21 17 IT -4
9 4% Globe Un’writers <p40c). 44 44 44
14 4 Gold Sea) Elec new ..... 4 4 4
2 4 Golden Cer.'er.......... 4 A 4+4
114* 1% Goldman Sachs T C. 24 24 24 — 4
234 84 Gorham. Inc. Pf.. 84 84 84
4 A Gotham KnltbacMch... 4 4 4
294 13 Graymur Coip (1)...... 15 15 15 4
160 130. Gt A & P Tea n vf64- 1444 144 144 — 34
12*4 112 Grt A&P Tea pf (7)- 1164 1154 1154 — 4
4 4 Groond Gripper pf. 4 4 -4
754 254 Gulf Oil ol Perina..'. 294 274 274 — %
Gulf States Ut $6 pf (6). 62 62 62 - 3
184 8 Hackmester Lind. 134 134 134
6 4 Hamilton Gas v.t.c. A 4 4 — A
74 4 Hecla Minina <40c). 44 44 44 —4
13 64 Heyden Chem Corp (2).. 7 64 7 + __4
8% 34 HoHinger Gold' (t70e) ... 44 44 44 — "4
434 23 Hot i.&Hardart (1 4 • • • • • 264 264 264 — 14
64 14 Hudson Bay Min **.... 24 2 24 — 4
72 444 Humble Oil (2). 434 424 424 - 4
30 54 Hydro El Securities.. .. 84 8 84 — 4
944 46 111 Pwr & Lt.pf <6). 60 594 594 4
184 74 Imp Oil of Can (50c). ... 84 84 84 — 4
18 74 Imp Oil of Can re* < 50c) 84 84 84 — 4
224 114 Imp TobG B&L (pi. 12). 134 134 134 + 4
214 54 Indiana Pipe Line (1)... 64 64 64 — 4
164 5 Ind Terr lllu Oil (B).... 44 44 44 - 4
57 20 Indus Finance Co pf. ... 194 184 184 + 1
494 44 Insull Inv l b6%). 4 2 24' — 14
85 14 Instill Util 2d pf<6). 8 74 74-14
634 23 Insur Co of Nr Am (2).. 304 294 294 + 4
94 14 Insurance Security. 24 2 24 ♦ %
4 4 intercom Pet*pew....* 4 4 4
,-IMS_, *•*
Hiah. Lew. Stotr and dividend. Hlfh. Low. Cloee. Cha*.
50 25 Int Cigar Mach (2%)... >0 29 80
46 19 Inti Hydro cv pf (3%).. 20% 20% 20%
16% 7% tntl Petroleum il). 9% 9% 9% - %
18% 2% Int Safety Razor (2).... 5% 5 5 %
83% 9 Intern Superpr (1)...... 10% 9 10% -r %
45 5 Intern Tjtil A. 6% 5% fi — %
10% 1% [nternatl ritilltles (B) . 2% 1% 2 + %
6% H InterstateRquhies. % % H + %
30 9% Interstate Kquity cv pf.. 10% 10 10
88 40 Interstate Power pf (7). 45 45 45 — 1
11 2% Irvin* Air Ch (50c). 4% 4 4 + %
2 % Irvin* Air Chut# (war). 4* % % + %
1% % Tron Cap Copper... % % %
1 Italian Supefpowr A.... 1% 1% 1%
8% % Italian Super deb rts.... % % %
1% % Kirby Petroleum. % % % *
14 11 Klein (D"K) Cd (1). 13 18 13-2
2 % Kolster-R'r< Am ehe).... 1% 1% 1%
8% 4% Kruskal & Kruscal. 10 9% 10 + 1%
3 24% Rack Securities (4). 29% 27% 27%
28% 17% Rake Shor Alines (2).... 26 24% 24% - %
12% 8 Refeourt Realty 1*0.... 5% 4H 4% — %
26% 16% Refeourt Rltv nf 11 > .... 17% 17 17% + 1
27% 9% Rehigh Coal & Xv(l).... 10 9% 9% - %
1% % Leonard <»l. . A A
36% 6 I.erner Stores. 7% 7% 7% + 1%
9 9 Lindsay I.iqht iSftc)_ 10% 9 9 - %
25' 6% Rone Star Gas n (*8e)... 8% 8 8 — %
86% 17 Ron* 'Island Rt (60c)... 17% 17% 17% — %
112% 90 Lon* Isl Lt pf <7). 96 96 96 +1
107Vi 83 Ron* Isl cu pf B (6).... 85% 80 80 - 8%
2 % Louisiana Ran A Ex.... % A % + %
S A MtrdalenaSvndleete... S A '» .
19S 3 Manhattan D’born C.... SS SS SS
41 32S MapesConsMfg<t4)_ 40S 40}* 40V, - IS
10 5S Marc Int M(p87.1c). 5 4 5 — S
6 2 Margay.. 6 4 4
4S IS Mas* Util Asso. 2S 2Vi 2K - H
35 17S Mass Util Asso cv pf2S 22S 20 20 -3
RS S Mavis Bottling (A ). % *» a*
50 22 Mayflower Asso (2). 26s, 26S 26* + S
12'« 4'* Memph N G Co (60c)... 5 4’, 4 — S
30 16 Mercantile Storesi 11.... 14 13 13 — 2
80 40 MerChapAS nf A i «'*). 25 25 25 - 11
♦ S S Met Chain Stores . A A A
4S V, Midi St*.Pet vtc. A. IS 1 1'• + V*
IS S Mid Sta Pet v t.e K .... a, '» *» + S
J5S 4S Mid West Util (b8%)... 5*. 4S 4',- IS
101 30S Mid West Ut cv pf(«)... 39S 39S 39S-21S
15V* IS Miller (1) A Sons. 1*. IV* la« - a.
2S 1 Mining Corp of Can.... IS IS IS
91 60 Minne-Honey pf <6).... 66V* 62a* 62a* — IS
11 H Mo-Kan Pipe Lina. IS 1 1
S S Mo-Kan A Pipe Lina (B) S S S
107S 78V* Mob Hud P 1st pf(7)... 90 *9S 90 -5S
20S 11 Mohawk Mining U)_ 17H 16S 17S- S
3 1 Morrison Elec. 2 2 2
5S 2 Mountain Prod (80c).... 2H 2S 2S - S
4 V* 1 NatAmerCo.. IS 1 1
10 2S National A via; Ion. 3‘* 3 3
39S 18S Nat Bd A S Corp (1)_ 20S 20 20
109S 96 Nat Dalrv Prod pf A(7). 98 98 94 IS
36 9S Nat Elec Power A(l.10). 8S 8S 8* - 2
26Vi 9*. Nat fuel Oaatl). 12S 12S 12S - S
6S IS Nat Investors. 2S 2V* 2K — S
S S Nat Investor* war. 1 1 1 — '»
104‘* 59 Natl Pwr A Lt pf (4)... 68>* 66',* 66V,— IS
21S 6S Nat Pub Sere I A) • 140) 7 6*. 6* - 1
87S 49S Nat Pub Sve pf (7). 45 41 41 -4
44 42 Nat PS cv pf ww 5 V* . . . . 14 14 14 -US
SS 2* Nat Rubber Mach. 2S 2K 2S - S
22 IS Nat Sh Term Sec A J60e. IS IS IS
17S 5S Natl Transit (It. 8S 8 8S - 1
5’-* ** Nat Union Radio. IS 1 1 -r S
S» SO Newberry (JJ) Pf <7).. 79*. 79*. 79".- V.
IS * New Bradford Oil. ** *« S
86 48'* New Eng Pow pf 11)... 58S 5R 58S -r S
51 20S New Jersey Zinc (2).... 27 26 24 **
3 »* New Me, A Arlx Land. . *» S S • S
6AS 10* Newmont Mining....... 12*« US US — S
U7S 100 N T Pwr A Lt pf (7)_ 98', 98 98 -2
7% is N Y Shipbldg Corp. SS 2S 2*.
89*. 46S N r steam new (2.80). .. 47*. 47S 47S - 2*
11*S 107S NYTelpfiSS). 113'. 113 US - 2K
15S 6S N’lag.-R. Power (40c) . 6* 6!» 6*, — V*
8'.* A Niag.-H Pwr A war.... (4 1* 14 — A
8S 2 Stag Hud Pwr (Bi war. 2K 2S 2V. — V*
U»* 2 Niag Share! Md) 20c. ... 3 2S 2S
IS *» Nipissing. .. . .. *« *< a* - S
IS A Nitrate Corp Chtla (B).. S V* S
6S 3 Noma Elec Corp (40c).. 3 3 3
40 2*Vi Northam W c, pf ill... 30', 30S 3»'. 4- 2S
North Pipe Line new .... 444
152*. 69'* North Slat Pwr A. 8)... 77 70V* 70S - 6N
101 85 No Sts Pw cv pf (K). 85 84 84
1094* 86*. North S Pow pf (7). 91* 91 91 2
51S 31 Novadei Agene (4). 32’. 32 32 - 3
70 11 Ohio Rrass (B) (2). US US US - S
S A Ohio Copper. S S S
102* 67S OhioOll n (cu)pf («)... 65 65 66 - 4*
111*. 85 Okla Gas A El pf (7)_ 89S 89* 89*
3* ** Outboard Mot B. 4» 4* 'V*
30 28*. Pac G A E 1st pf US).. 26 24*4 2481 - a.
4S 2 Paeif TinCorp(spcl).... 2 2 2 — V*
16 2S i'ac Weatern Oil. S'. 5 6 — S
30S 11 Pan Am Airways. 15V, 14S 'IAS + 2S
6S 2 Paramount Motor. 3*. 3% SS
30** 18S Park# Davis (tl 65) i.... 18*, 18S 18S — S
109* 34 Parker Rust Pi f (3)- 38 34* 34* - 2
8* 1*. Pennroad Coi p < 40c).... 3*. 3 3 , — V*
70S 44S Penn Wat Al’ow (3>.... 51 60 50 — *1
31* 16 Phila Co (new) tl 60_ 14* 13* 1*S - IS
SS * Philip Morris inc. 1*. IS IK — K
2 v* Phoen i, Secur Corp. ", * * - A
23S 2 Pilot Radio Tube (A).. 3* 2S 2a* - K
2* 2S Pioneer,G M Ltd (12c).. 3* 2*» I* S
10 2 Pitney Bowes P (b4 %).. 2K 214 2*
109 32 Pitts A Lake Erie!5)_ 45 43 43
42* 17S Pitts Plate Glass < 1).... 18 17*. 17*. — S
19 6 Plymouth Oil (p50e).... 6*. 6* 6* — K
6* S Polytnet Mfg. K S S — *
IS S Premier Gold (12c). A S A A
5 IS Propper McCallum... .. 1*. IS IS l'«
14 3 Prudential Inv. 4* 4K 4* —
91S 66 Prudence Co pf <7). 61 61 61 — is
130 104!* Pub Sve of Nor 111 pf i «). 104 104 104 t 4S
269'* 144 Pub SvcN 111(8)3100 par 113 113 113
258 116 Pub SvcN IlKSlno par.. 118* 108 108 — 7
IS A Public Util Hold war. .. A A
6S K Pub Util Hold Corp lw .. S S ",
83S 49S PureOllpf(l). 46 45'* 46 3*
7S 1 Pyrene Mfg. 2'* 2* 2*
165 87 Quaker Oats (t7). 78* 78S 78* 8*
6a* 2 Quincy Alining. 2 2 2 K
4** S R R Shares Corp. IS 1*. IS + ’«
60 9 Railway & Lt Sect*).... 17 17 17—2
14* v* Rayethon Mfg. IS 1* 1*
SS V* Reiter-Eoster. S S S
6 S Reliance Inti (A). 1 S S
7S 1 Reliance Management.. IS IS IS
13* S Republic Gas Corp. S S * — S
6 S Reybarn Co. * * S
IS A Reynolds invest. A _A A
73S 29 Richman Bros (3). 28 27* 27S — IS
6 1 Richmond Rad cum pf.. 2 2 2 - 1,
18S 9 Rockland LtAPwrl 90c). 9S 9*. 9S - S
3H S Roosevelt field. Inc- IS IS IS — K
42 SIS Ruberoid Co (4) . *4* 33K 34S
25S 9*« Ryerson (J) (1.20). 9K 9* 9S — S
90% 15% Safety Car Heat X Ltg.. '22 18% 18% — 2%'
44 X St Antony Gold. k % % — X
21% 2% St Reels Paper. 4% 3% 3% + %
7% 2% Salt Creek Prod (1). 3% 3% 3% -r %
17 5% Sec Allied Corp (1). 6% 6% 6% - %
37% 23% Seeman Brothers (3).... 27% 27% 27% — %
7% 1% Segal L &Hdwr.. ... 1% 1% 1% — %
4% % Selected Industries. 1% 1
71 24% Sel Indus allot ctfs (5%) 38 32% 38 + 5%
70 25% Sle Ind prior (5%). 37 33% 37 +2
3% % Sentry Saftey Control.. % % % — %
15 3 Seton Leather. 2 2 2
5 1% Shattuck Den Min. 2 1% ,1% — %
8% 1% Shenandoah Corp. 1% 7% 7%
36 8 Shenandoah Corp pf.... 8% 8% 8.% — %
12 % Silica Gel ct.. 1% 1 1 - %
343% 115 Singer Mfg (8).. 121% 115% 115% — 7%
192 33 Smith (A. O.). 48% 43% 43%
18% 3% Smith-Corona Tptvr vtc. 3 2% 2% + %
■2 1 Snia Viscosa. 1% 1% 1%
31% 26% SoCklEdpf A (1%)- 27% 27 27 - %
29% 23% So Cal Edis pr <Bt (1% ) 23% 23% 23% - %
27% 20% Sou Cal Ed pf C(1 X)- 21% 21% 21% - %
4% % Southern Corp..... 1"« 1*» 1% + %
23% 9% South Penn Oil (1). 10% 9% 95*- %
9% 3% >o. Union Gas. 1% 1% 1% + %
7% 3% Southland Royalty (ZOc) 3% 3% 3%
654 % So West Gas Util. % % %
97., 65 Sou lyn G&E pf (7). 06 66 66 % 2
56 4 Stand Invest cum pf ••• • e% 0% ~ %
l % Stand Moto-s. % % %
38% 13% StandOtlof In4( 1)..... 165a 14% 15’
23% 1254 Stand Oil of Ky (1.60).. 13% 1254 13% -I- %
62% 23 Stand Oil Ohio'2 %'- 24% 24 24 - %
% X Stand Sliver & Lead.... % % %
12% % Starrett Coro-% % % — %
25% 1 Starrett Corp pf.... 2‘* 2% 2% + %
6 k Strauss Roth. % % .% - %
11% 3% Sttoock * Co.3% 3% 3% + %
28 8% Stutz Motor Car........ 12% 121% 12% + %
8 1 Sun investing......... 1% 1% 1%
40% 23 Sun Invest pf (3). 21- 20% 20%
6% % SunrayOil.. % % % + %
80% 14% Swift & Co (2). 185a 18 18% + %i
40% 16% SwiftInternat’l (ti).... 20% 19% 19% — %
95 40 Swiss Arh El pf 06). 43 . 42 43 +1
.54 % Swiss Oil Corp. % % % + %
54 54 Sylv Gold Mine Ltd < 4c). 54 * X
• ) 28% Tampa Elec (2 24).. 28 - 27 27
15% 1% Technicolor Inc-. 2% 1% 1%
9 3% Tech'Huglies (60c). 4 3% 3% - Vi!
7 2 Tennessee Products. 1% 154 1 54 — %
12% 4 Texon Oil X Land (1)... 5% 5% 5% — 54
39% 14% Tobaoco/tAliied Stks... 19% 19% 19% - %
1% % Tob Prod of Del wl. X 3> 94
50 15% \ odd Shpyard (2)...... 17 17 17
8% 1% Trans Air Trans.... 2% 2% 2% — %
13'i 1% Trans Lux DLPS. 1% 1% 1% — %
854 4% Triplex Safety Glass.... 45. 474 454 — %
694 X Tri-contln 1 Corp war... XXX
2974 54 Tl i.Utilities........... % 54 -%
18 1% Tublze Chatel.’ B.. 254 lVa 1% - 1
29% 20 Ungerleider Fin Corp... 20 20 20 — 4 '
17% 3% Un Gas of Canada! 1) .... 3% 3% 3% — Vi
% X UnionTobacco. ■ X X X
15% 2% Unit Corp war.....- 8% 3% 3% - M
12 3% Unit Elec Service....*. 35* 2% 35* _
, INI.—. Net
H.»h. Low. Stock and dividend. Hleh. Low. Cloee. Ohie
10% 1% Unit Founder*.. 1% 1% 1H - %
11% 1% UtdGasCorpn. 2% 2 2
4% % Unit Gaa Coro war. % % %
94 S3 United Ga» pf (7). 45 41 41 -1
34% 5<i. Utd Light & Pwr A(l).. 7% 6% 6% - V.
104% 35% Utd Light & Pwr pf l»). 45% 40 40 - 5%
10 5 Unitd Porto 11 Sup pf ..., 10 10 10
2 Vi United Profit Sharing.. 1% 1% 1%
65% 53 U S Dairy (A) (6)_60 59V. 69%
IS 6 US Dairy B. 6 6 6
8% 1 U S Klee Power ww. 1% 1% 1%
8% 1% US Finishing. 2 2 2 + %
60 17% US inter Sec 1st pf. 21 20% 20% %
6% % U S Line* pf. % % % V*
2% % Unit Stores v.t.c. % % % r %
13% 3% Unit Verde Exten (1)... 3% 3% 3%
14% 1% Utility Pwr*Lt(blO%). 2% 2% 2%
98 38 Utility Pow * Lt pf (7). 58 51% 58
9% 1% Utility dklnd. 2% 2V. 2% — Vi
19% 7% Utility A lnd pf(l% )... 9% 8% 8% - 1
9% 1% Utility Edulties. 1% 1% 1%
78 38 Utility Equity pf (5%).. 48% 47% 48% + 3%
7% 1% Van Camp Pack. 1% % % — %
9 1% Van Camp Packing pf. . 1% 1% 1% — 1%
--lilt.-, Met
Hii;h. low. Stock end dividend. Hl*h. Low. Close. Chie.
7 34» Vick Financial (80c)- 4 ik ’A - ^
S'i’ 2ii WaittABond B(80c)- 2*4 2)4 2k* + 14
29V* 1014 Waicree." Co. 10 10 10 _ H4
10 1 Wa!«di*«h Co war. m lli. H4 -+• T4
8H 114 Walker, H (25c). 214 2V» 2’t - V*
2 V* Walker Mining. ... vt »t a,4 —
2 14 Watson (JW) Co. (4 v«
52Vi 36 Welch Grape Jhiee (1).. 36 36 36 + Vi
*« 4 Wenden Copper. >4 A *
22 4 Western Air Express. .. 5)4 51* 5k — *4
85 25 Western Md pf. 25 25 25 - ’*4
105 90 Western Power pf e7).. 90 90 90
Westvaeo Chlor pf. 50 50 50
6)4 Hi Wll-Low Cafeterias_ 214 2'~. 2V 14
33t» 12)4 Wll-low Cafe pf (4j. 18 Mvt l6'i - !*
221* T Wilson Jones. 8‘4 8 8 —1
1)4 >* Winter (Ben). *■« *« S + 14
1214 5*4 WoolwthFVVLtd 29 8-5c. 8'-i 8U 8»»
10114 85 Youngstn S&T pf (514 ). 47 47 47 -38
Dividend rate* in dollars based on last quarterly ot semi-an
nual payment. *Ex dividend. tPartly extra. iPius 4V in stock,
a Payable in cash or stock. b Payable in stock. e Adjustment
dividend, f Plus 5'- In stock, e Pius in stock, h Plus 1', in
stcc' . i Plus Vr in stock, k Plus 10 - in stock, m Plus 3', in
stock, n Pius D'j in stock, p Paid last year—no reeular rate.
CREDIT ADJUSTMENT FOR WAR
DEBTS URGED IN DETROIT PLAN i
Special Dispatch to The Star.
NEW YORK. February 6.—The eco
nomic crisis has set many minds
athinking Many plans have been ad
vanced to alleviate the present dlffl
cultie*.
The latest, which Is attracting much
attention, is known as the Detroit p’an
Its author is Clarence R. Bitting, head
of the organization bearing his name,
with offices in New York and Detroit.
The plan provides, among other things,
for a permanent credit adjustment of
international war debts through the
development of America's exports to
Germany and the creation by the allies
of special credits in behalf of European
nations, such credits to be applied
toward the liquidation of war debts due
the United States.
Object of Plan.
"The primary object of the plan." It
is slated, "is to liquidate the war debts
owing to the United States by the
allies, for the achievement of which
Germany is assisted in liquidating her
war debts due the allied powers.”
To achieve this result, a special type
of export credit, somewhat In the na
ture of a discount, is suggested. "There
are," It is said. “seteral applications of
this credit, the first and most impor
tant of which is the following:
"For every *7 worth of goods and
merchandise purchased by Germany
from the United States $1 would be ap
plied on the debts now due from the
allies. This credit would in turn be
applied by the allies toward liquidation
of the war debt due those nations from
Germany. An example of this applica
tion would be as follows:
A German buys $10,000 worth ol
goods from a firm in the United States.
A ratio of seven to one established by
the plan is in the nature of am ap
proximate 14 per cent discount—or
$1,400 on a $10,000 transaction This
$1,400 credit goes toward the liquida
tion of the debts of the allies to the
United States. The allies in turn must
credit Germany with $1,400 on her
debts to them. These credits given by
the United States to the allies and by
them to Germany would therefore de
pend upon the annual money value of
America's exports to Germany.
Importer Gets Credit.
"Under this first application of the
seven-to-one credit ratio, the German
importer gets the credit as soon as the
transaction is completed and can use it
as a tax reserve against next year's tax
levy. In case a limitation of this credit
is desired in order to give an added
impetus to America's export business,
the seven-to-one credit ratio starts to |
operate only when the dollar volume of ,
American exports to Germany is in ex- j
cess of the average annual dollar value. j
‘‘Germany would, therefore, have to
work harder and buy more from the
United States than usual in order to
earn her 14 per cent discount. Here
the time element would become a fac
tor, as the seven-to-one credit ratio
would not go into effect until the ex
ports to Germany had equaled the
average annual dollar volume."
It is stated that "this seven-to-one j
credit adjustment does not penalize
American exporters in order to liqui
date debts due the United States from
the allies, nor do American exporters
pay the bill by "cutting the price" be
cause it is not the exporter who al
lows the 14 per cent credit. This
credit is given by the United States
Treasury to the allies and, by them, to
Germany.
"Provision is also made for direct
credits on the war debts of the allies
to the United States Such credits are
to be prorated according to their im
ports from America.
"Nations not involved in war debts
could also be given a similar form of
credit, at a ratio of 20 to 1, instead of
7 to 1. which credit would be assignable
at a quoted value, established in an
open and free market end used in the
purchase of commodities from nations
involved in war debts, which debtor
nations could in turn apply it on debts
due to the United States.
Organization Suggested.
"The machinery for the plan would
be a corporation under a national
charter whose credit memorandum of
purchases under the plan would be the
basis of settlement with the United
States Treasury Department by the va
rious governments involved.
"Upon proper certification of facts to
the Secretary' of the Treasury there
would issue a memorandum of credit
from the Treasury of the United States
to the debtor Involved to the extent of
his prorated credit.
"A duplicate memorandum would be
sent to the government of Germany as
an indication of release to the extent
of the credit. Any exporter would be
entitled to the use of such credit ;
memorandum upon the payment of his
subscription equal to 1 per cent on all
exports. The expense of operation
would be met by such subscriptions.
The balance would be paid into the
Treasury of the United States.”
-Copyright, 1932. by North American News
paper Allance. Inc.-.
Trade Trends
By the Associated Press
Cocoa—Advices to the New York
Cocoa Exchange indicate that most of
the West African crop has been har
vested and as a result shipments have
been increasing. It is said to be the
general opinion in the cocoa trade that
most of the African crop and a good
part of the Brazilian crop have been
hedged on the New York exchange.
Iron Ore.—Shipments at Lake Erie
ports in January totaled 64,323 tons,
compared with 140.824 in January.
1931. For the season to February 1.
11,252.476 tons were shipped, against
23.414.028 in the same period of the
preceding year.
Lumber. — The National Lumber
Manufacturers' Association reports that
orders for the week ended January 30
reached the best relationship to cut in
the recent history of the industry, ex
ceeding it by 66 per cent production of
hard and soft wood mills for the week
was 96.205.000 feet shipments also ex
ceeded production by about 50 per cent.
Meats.—For the first time since the
year end holidays the foreign meat
traae shows some signs of improve
ment in activity. Armour &; Co. say.
Trade continues slow in the domestic
field and collections are only fair, ac
cording to the packing firm.
Zinc.—Total stocks of slab zinc at
the end of January w’ere 129.886 tons,
compared with 129,825 in December
and 145,076 in January, 1931. accord
ing to the American Zinc Institute.
Production in January was 22,516 tons,
against 21.965 in December and 32,522
in January, 1931. Shipments in Janu
ary 22.455 tons, contrasted with 23.005
in December and 31.064 in January.
1931.
_.
FOREIGN EXCHANGE,
(Quotations furnished by W B. Hibbs & Co.)
Nominal gold Selling check*
value. today.
London, pound. $4.8665 $3.45’4
Paris, franc. 3.91a4C 3 93>2c
Brussels, belga. 13.91c » 13.93c
Berlin, mark. 23 82c 23.76c
Rome. lira.... 5.26c 5.23c
Zurich, franc. 19.3c 19 oOc
Athens, drachma. .. 1.3c .
Madrid, peseta.19.3c .
Vienna, schilling.. . 14.07c
Budapest pengo. ... 17.49c • .
Prague, crown (nom.) 2.964c 2 96 2C
Warsaw zloty .. 11.22c . ■•••
Copenhagen, crown.. 26 8c 19.00c
Olo. crown.26.8c !J 3fr
Stockholm, crown.. . 26.8c 19.35c
Canadian exchange. 13'V discount.
U. S. TREASURY CERTIFICATES
(Reported by Ch»s D. Barney & Co_>
Rate—Maturity. „ Bid.
S'i* Aug. Id. 1932. 100 . 100 2-32
2».s.June 15, 1932. 09 31-32 100 1-32
2s Mar 15 1932. 99 30-32 100
l1** Sept 15 1932 . 98 20-32 98 26-32
l Sept. II: ils2 :. . H «-32 M 30-«
&Sit 1111:-:::-l2
Retail Sales’ Gain
Shown by Survey
Of Weekly Trade
By the Associated Press.
NEW YORK, Febmary 6.—There was
a slight improvement in retail sales
during the past week as compared with
the previous week, according to the
weekly survey by the Fairchild Publi
cations. Total sales for February to
date are sharply below February, 1931.
February decline to date is compara
tively less than January decrease under
1931. The decline in January sales was
cne of the greatest in the current de
pression.
The improvement in sales during the
week was lftrge)y due to more season
able weather. Special clearance sales
continue to stimulate volume, although
aggregate total is sharply under a year
ago.,
I Retail prices continue downward.
February prices to date show little halt
In the' downward movement. Some
firmness l»t indicated In cotton wash
goods prices.
WHEAT VALUES GAIN
ON WEATHER REPORT
Forecast of Drop in Temperatures
Resuits in Week-End
Purchasing.
BY JOHN T. BOIGHAN,
Associated Press Market Editor.
CHICAGO. February 6.—Forecasts of
a new cold wave helped to lift wheat
values in the late dealings today.
Week end purchases for traders who
were short of wheat to fill future de
livery contracts was an additional
strengthening factor. Upturns were in
the face of inactivity of North Amer
ican wheat export demand.
Operating as a check on wheat price
downturns and as a stimulus to rallies
was the fact that the Liverpool mar
ket showed more strength than ex
pected. Rallies which followed early ;
declines here were also ascribed to re
placement of holdings by traders who
previously had sold 3 cents higher up
at 61 cents or above for May. On the i
upturns, the market went to well above
yesterday's finish.
Relative firmness of wheat quotations
at Liverpool was attributed to at least i
temporary cessation of cheaper offer
ings from Argentina. There were also
reports that world shipments for the j
wreek would be about as small as a
week ago. when the total decreased
from 19.000,000 bushels to 14.000.000
The peak of the Argentine wheat ex
port movement, it was predicted, would
be reached in a few more weeks, after
which the amount of wheat afloat for
importing countries would be likely to
show curtailment. Corn and oats
swayed with wheat.
Provisions averaged higher, despite
setbacks in hog values.
Wheat closed firm, at the same as
yesterday's finish to 3g higher, com ]4
off to >4 up, oats unchanged and pro
visions varying from 5 cents decline
to a rise of 7 cents.
WHEAT— Hikh. Low. Close.
March .. .55*, .55*, .55'a
Mar . . .58*, ,57*4 .58*,-.58*2
July .59 .58’, .58*4
September .60'i .59*2 .60'a-.CO1*
CORN—
March .36*, 36 .361*
May .39*, 38T« 39‘*-.393,
July .413, 41 Al'a-APs
September .42*, .42 .42'a
OATS—
March .24 2
May .251 * .25 251*
July .24*. .34*, .24',
p Y j;_.
Mav .453* .45 .45'2
July .46*4 .46 .463*
September .4"1,
Rooms famous in Scottish history
were reproduced at a recent exhibition
in Glasgow. Scotland.
Only by Intelligent diversification
can you have safety of income.
--SAFE
Fixed-INVESTMENT-Truit*
Provide Depression-Proof
Income
Bern a re p. Nimro & Co.
Hill Bldg., 17th and Eve Sts. N.W.
National 9733
JOHN IMIRIE
Specializing in Foreign
Patents and Trademarks
Announces the Removal
of His Office to
Munsey Building
COTTON IS STEADY
ON COVERING MOVE
Trade Buying Also Contributes to
Better Tone at Week End
Session.
By the Associated Press
NEW YORK. Fbruary 6.—Cotton
was a little more active today and
showed a generally steady tone with
the market tightening up in the late
trading on continued trade buying and
covering, which found offerings re
latively light.
May advanced to 6 85 and closed at
6.84 with the general market closing
very steady at net advances of 7 to 8
points.
The opening was steady at unchanged
to an advance of 2 points. There was
a little Southern selling and week end
realizing, but this was absorbed by cov
ering and trade buying which appeared
to be coming partly from Liverpool and
the continent and may oossibly have
Included a little buying for Far East
ern accounts.
Last prises were within a point of the
best. Switching from March to later
months was again in evidence, but the
trade buying of near positions was suf
ficient to absorb the offerings and there
was little change in the differences be
tween months.
inf steadiness or tne market was
attributed largely to the continued trade
demand Rnd some covering may have
been promoted by reports that Jananese
interests were moderate buyers in the
Southern spot markets. Brokers, who
sometimes trade for Far Eastern ac
count were reported small buyers here
early, but the source of the business
was not clearly defined and this de
mand was not much in evidence later
in the morning.
Liverpool cables were relatively easy
with private advices reporting liquida
tion. hedging and a poor offtake in that
market. Possibly the labor troubles in
the Burnley district where a strike said
to involve about 10.000 workers began
at noon today, found some reflection in
the Liverpool market, but seemed to
attract very little attention locallv. as
Liverpool was reported a buver here
during the morning. The amount of
cotton on shipboard at U. S. ports
awaiting clearance at the end of the
week was estimated at 215.000 bales
against 71.000 last year. Reports from
Manchester indicated a fair cloth in
quiry from India, but said many offer*
were unworkable.
. High Low Close.
March . 6.66 * 59 6 S5-»«
M»>' . fl.SS 6.77 S 84-85
J.uly. " 00 6 92 6 99-7 00
October . 7.22 7 !5 7 22
December . 7 38 7 31 7 3*
January . 7.45 7 36 7 45
Business Notes
NEW YORK. Februarv 6.—Selling
agents report an increasing demand for
Spring sweaters, particularly in wom
en's lace-trimmed styles in the *195,
to *2.95 retail ranges. Up to now little
attention has been paid to opening Fall
lines and It is expected that these will
not be displayed until some time in
March.
It is reported that cotton goods con
verters have decided to defer the con
sidered advance in percale prices and
the current quotation of 12 cents on 80
squares will stand for the time being.
Decision to postpone any advance was
said to be based on the recession in
print cotton prices during the week.
The American Glass Review says
that safety plate glass is in good de
mand from automobile producers and
is the principal feature of the market
for flat-glass products. Production has
been increased to the capacity limits of
several large manufacturers during
January, it is said. An improved de
mand for mirror gla-ss is looked for in
March.
EARNINGS REPORTED,
NEW YORK. February 6 (IP).—Per
share earnings of corporations reporting
during the past week included:
(Year ended December SI.)
„ 1931. 1930.
Con Gas. Elec Light 4 Power
of Baltimore . $6 21 15 42
Union Bag 4 Paper.. 77 Nil
Chi.. Burlington 4 Outncy RR 7.79 12 37
Montgomery Ward (Class "A ) Nil 2 04
Commercial Solvents.84 1,07
Deere 4 Co. Ipfd.t.26 130
Intern. Safety Razor. 1 95 2 60
Marshall Field 4 Co. Nil 1 82
Consolidated Cigar. 5.04 5 86
McCall Corp. 2.90 3 49
National SteeJ . 2 06 3 91
American Chicle. 4 28 4 43
Budd Wheel. 10 1 37
Caterpillar Trwctor . 72 4 63
S. S. Kresge. . 1.69 1 90
Northern Pacific Ry. 3 59 6 95
Pressed Steel Car. Nil 21
Sou. New England Tel 8 82 8 53
Continental Banking (Class A") .72 7 03
Crocker-Wheeler . Nil 49
Lackawanna Railroad 65 3 60
Munsingwear. Inc. . . . Nil 2 26
Standard Brands. Ins. 1 08 1 22
American Brake Shoe 4 Fdy.. 1 14 3 24
DiesSer Mfg . 2 92 .5 24
Laclede Gas Light . 7 44 8,50
Gen Outdoor Adv class A Nil 1 40
Harblson Walker Reirac. 77 2 52
Oenl. Railway Signal . 3 33 7 07
Bayuk Cigar .01 30
American Steel Foundries... Nil 3 37
Penn-Pixie Cement pfd. Nil 4 32
WESLEY HEIGHTS
Corner Resident e for Sale hy
OWNER
Miller-built 7 rooms < # roomsL
2 baths. ltivatory, mitda
room and Bftth. *as heat, electrle
I refrigeratfori. tfarage.
Call Owner
Cleveland 5420
WANTED
Man of general business
experience capable of
assuming position as
secreter.'y-tre«r*ore- *»f
local cjrpOration with
national distribution of
a proven product. Must
be morally and finan
cially responsible. For
interview write, stating
qualifications and phone
number.
Address Box 192-M,StarOffice

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