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LIVE STOCK PRICES IN SHARP DECLINE Falling Off in Consumer De mand Results in Drop of Values. BY FRANK I. WELLER, Associated Press Farm Editor. The dreariest trade in recent history has thrown all killing classes of cattle for a general 50-cent loss at Chicago compared with a week ago. The downturn was much more, if measured from the high time last Wed nesday. Killers complained of almost ruinous price margins, buyers received orders each day to get live cattle at lower prices and beef men were still confronted by a very indifferent con suming public. Advance Quickly Subsides. Last week's fat steer advance sub sided as quickly as it started and de clines assumed headline importance in the trade. Strictly good and choice steers came under the hammer as cm Dhaticaily as they advanced a week earlier. Feed-lot mates of the $10.2d steers last week sold at $8 50. cattle which sold at S8aS9 a week ago Wed nesday humbly took $Va$8. Fat cows, which steadily have been depressed by a declining market ou low-priced steers, slid olf 50 cents for a new low level of the century—con sidering the qualitv and condition. It now takes a strictly choice grain-fed cow with plenty of weight to bring S4. The perpendicular cut naturally in cluded light heifers and mixed vearlings, turning this class into a very sluegish stream of little cattle. Com mon killers sold down to S3.50. In ag, the average price of beef animals premises to stand at around $6.25 pet 100 pounds. Apparently the only answer to this week's about lace in the general cattle trade is that the advance was unwar ranted by conditions within and with out the industry. Basic conditions evi dently will have to improve before a permanent advance can be maintained. Too ntanv qualitied half-fat steers are showing up. the consensus of opinion being that such cattle could be held to advantage. At least, their absence would tend to abridge numbers during a period when the live market is merely marking time in response to a setnt demoralizrd dressed trade. Low-priced pork is still the btg fac tor militating against beef. Although the dressed trade was stimulated some what when fresh loins sold 50 cents to SI higher than a week ago. the very disappointing demand for hogs reflects a weaker trend in the fresh market. Price t flanges increase. More price fluctuation entered the hog market this week than for some time, due to storm conditions and mal adjustment of supplies. A -hort supply at Chicago on Monday allowed pi ices to advance sharply, the top there reach ing the highest point in two wceks>. But demand lacked urgency and ' prices dropped on moderate supplies until Wednesday, when the average cost set a new low for the season and the top was equal to the previous low. Colder weather and a snowstorm prompted a 10 to 20 cent advance on Thursdays which left pricer, steady to 10 cents' higher than a week ago. with piss and light lights 15 to 25 cents higher and packing sows steady to 10 cents lower. On Wednesday the aver age cost had dropped to S3.75 per 100 pounds, or 5 cents below the previous low of the season. Fat lambs scored sharp price gains at Chicago in the face of considerab.e buving opposition this wfek. Dwind ling receipts was the principal stim ulant. The Midmintcr source liter ally dried up. Finishers west of the Missouri River failed to supply the market promptly and fed lambs from Nebraska. Western Iowa and to a lesser extent Colorado, predominated. Regardless of whether the current swift price rise is justified, fat lambs made the best Chicago prices since mid-October. -•-■—— CHICAGO LIVE STOCK MARKET CHICAGO. February 8 UP) (United States Department of Agriculture).— H'gs—Receipts, 67.000 head, including 30.000 head direct; slow. 10a20 below Friday: 170-210 pounds. 3.95a4.05; top, 4.10: 220-250 pounds, 3 70a3.90; 260 3CC pounds, 3 55a3.70: 140-160 pounds, 36503.91: nigs. 2.85a3.25: packing sows. 3 I5a3 23. Light light, good and choice. 149-160 pound'. 3.65a3.90: light weight. 160-200 pounds. 3.75a4.10; medium weight. 200-250 pounds. 3.65a 4.10: heavyweight. 250-359 pounds. 3.45 a3.75: packing sows, medium end grod. 275-500 pounds. 3.15a3.35: pigs, good and choice. 1 CO-130 pounds. 3.00a3.50. Cottle—Receipts, 15.000 head; calves. 2.000 head. Very slow; few fed steers and yearlings sold to shippers about steady: better erade yearling heifers steady: cows dull: bull strong: vealers opened 25 to 50 lower, prospects still lower close; early top fed steers. 7.75. Slaughter cattle and vealers: Steers, good and choice. C00-990 pounds, 6.75a 9.75; 900-1.100 pounds. 6.75a9 75: 1 100 1.300 pounds, G.75a9.75; 1.300-1.500 pounds. 6.75a9.75; common and medium, 600-1.300 pounds. 3.503 6.75. Heifers, good and cbr ice. 550-850 p unds. 5.00a 6.50: common and medium. 3 C0a5 00. Cows, good and choice, 3.00a4 00; com mon and medium. 2.50a3.00: low cutter and cutter, 1.50a2.50. Bulls (yearlings excluded). go.d and choice (beef). 3.00a 3.75: cutter to medium, 2.25a3.35. Vealers (milk fedt, goed and choice, 7.00a8.50: medium. 6.00a7.00; cull and common. 3.50a6.00. Stocker and feeder cattle: Steers, good and choice. 500 1.050 pounds. 4 25a5.50; common and medium. 3.25a4.50. Sheen—Receipts, 25.000 head; few sales. 25a50 lower than Friday; quality considered: good to choice lambs. 6.25a 6.50: closely sorted kinds held at 6.75a 7.00; quality rather plain. Lambs. 90 pounds down, good and choice, 6.258 7.00: medium. 5.25a6.25; all weights, common. 4.50a5.25: ewes. 90-150 pounds, medium to choice. 2.25a4 00: all weights, cull and common. 1.5Ua2.75; feeding lambs. 50-75 pounds, good and choice, 5.00a5.50. GENERAL MOTORS SALES. NEW YORK. February 8 i/F.—Total January sales by General Motors Cor poration to dealers were 74.710 cars and trucks, compared with 79.529 in De cember and 83.343 for January. 1931. Sales to American consumers totaled 47,942 units, compart’d with 53.588 in December and 61.566 a year ago. Sales to American dealers were 65.382 cars, against 68.650 in December and 76.681 In January. 1931. CHECK TOTAL GAINS. By the Associated Press. Checks cashed on individual bank accounts in leading cities of the Fed eral Reserve System increased 19 per cent during the week ended February 3 as compared with the previous week. Total debits for comparable periods fol low. as reported by the Federal Reserve Board: Week ended February 3. S8.385.727.000 Frevious week . 7,032,550,000 Same week last year.. 11.058,876,000 New Standard Brands Official. NEW YORK, February 8 1/F.—Traver Smith has been elected a vice president of Standard Brands. Inc. He is 34 years old and learned the fundamentals of the food business in his father’s grocery store on Long Lsland. He joined the Fleischmann Co., a Standard Brands subsidiary, 13 years ago. and recently has been in charge of the tea end coffee products of Chase & SaRr torn, another subsidiary. I NEW YORK STOCK EXCHANGE ' Received by Private Wire Direct to The Star Office. (Continued From Page 13) ,-1931-. Stock and Sales— Net. Hlah. Low Dividend Rate Add 00. Hlah. Low. Cloae Chat. 5 Vi Pitts,Terminal Coal.. 3 *i % A* 27 2 Port Ric Ain Tob(A). 4 4% 4% 4% 20n« 4'* Prairie Oil* Gas.... 2 4% 4si 4»* 2614 5% Prairie Pipe Line. ... 7 7V4 6% sfi'i — Vi 71Vi 3614 Proct & Gamb (2.40). 4 38' j 38H 3814 — Vi 16 3 Prod & Refiners pf. .! 10a 6 6 6 — V4 9614 49'i Public SvcNJ (3.40). 20 52 5014 50% — S, 5814 15V« Pullman Corp (3)... 5 19 1814 18V4 — V» 2 Vi Punta Alegre Sugar. 2 Vi Vi Vi 11% 3'i Pure Oil. 3 4% 4% 4% - % 5514 10*» Purity Bakeries (2). 4 12Vi 12V4 12V4 — V* 27(a 54 Radio Corp. 80 7% 7 774 I 60 94 Radio Corp pf R. 6 14- 134 14 + 74 4 2% Radio-Keith-Orph... 2 54 54 54 — 4 61 7 R R Sec 111 C (3 . 10a 9 9 9 304 174 Real Sijk Hosiery... 1 3% 3*4 34 — 4 194 14 Remington-Rand.... 8 24 24 24 88 64 Rem Rand 1st pf.... 3 1074 1074 1074 —1 104 27, Reo Motor Car (40c). 2 3 2 4 274 25*. 4 Republic Steel. 6 5 44 44 1874 24 Reynolds Spring. ... 4 474 474 474 + 74 754 69 Reynolds Tob A (3). 100s 66 66 66 54 4 324 Reynolds Tob U (3). 70 354 334 344 —1*4 107* 174 Rio Grande Oil. 10 2 2 2 — 74 26 374 Rossia Ins of Anter.. 1 4 4 4 + 7* 42*4 13 Royal Dutch of NY.. 4 1 754 1 7 1 7 —4 694 38*4 Safeway Stores (5).. 2 45 44 444 — 74 1084 71 Safeway Strs pf (7). 10s 87*4 87*4 87% + % 30% 7 St Joseph Lead (60c). 1 84 8*4 8*4 62** 3 St L-San Francisco.. 4 44 4 4—54 76 47* St L-San Fran pf. ... 11 6 574 6 lit; 3 Schulte Retail Stores 13 3 3 65 30 Schulte Stores pf (8) 20s 25 25 25 +4 1*4 4 Seaboard Air Line. .. 5 *4 ■% *4 20** 574 Seaboard Oil. 5 64 64 64 — 4 11 274 SeagraveCorp. 1 2% 2*4 2*4 635* 30'* Seats Roebuck <2H). 125 30% 287, 294 — *, 11% 37* Servel Inc. 6 4% 4% 44 — 5, 78 15 Shell Union Oil pf... 2 22% 22% 22% +174 23** 64 Simmons Co. 2 74 7% 74 -r 74 11 374 Simms Petroleum... 9 44 44 44 154 44 Sinclair Consol Oil.. 21 5V* 5 5—4 124 2 Skelly Oil. 3 2% 24 2'4 — 74 4% *» Snider Packing. 2 % % % 15% 2 Snider Packing pf. .. 1 2 2 2 — 4 21 8% Socony-Vacuum (1). 47 95* 84 9 + 7* 95 45 Solv Am pf ww(5 Vi) 1 49 49 49 -2 545, 28*4 Southn Cal Ed (2). .. 13 30 2974 30 1094 264 Southern Pacific < 4). 54 29% 284 28% — *, 654 6*4 Southern Railway... 7 94 85* 874 — •% 83 10 Southern Railway pt 5 14% 13% 12% —34 1154 94 Spa Id (AG list pf (7). 10s 88 88 88 17** fi Spicer 5Ifg. 3 6 6 6 174 3 Spiegel-May-Stern.. 1 2** 2% 2% + 4 204 104 Stand Brands (1.20). 33 12% 12 12 88% 254 Stand Gas&Kl (374). 8 27% 26% 26% + 4 644 294 Stand Gas&Kl pf (4). 4 33% 32 32 -2% 51% 2374 Stand Oil Calif (2).. 15 235* 22% 235* + 5, 19 74* Stand Oil of Kansas. 2 12 10 10 524 26 Stand Oil N J (t2)... 60 264 26% 26% + V* 40 1654 Sterling Secur cv pf. 5 21'* 21 21 214 4% Stewart Warner. 15 5 6 5 64 4 97* Stone & Webster (1). 2 10*i 104 107* - V* 26 9 Stndebaker Cot 1.20). 4 114 11 11 104', 75 Sun Oil pf (6). 10s 75 75 75 +1 1*. V* Superior Oil. 1 7* 4 4 — 5, 184 27, Superior Steel. 6 64 6 64 + % I 21’n 11'*. Telautograph < 1.40). 1 12*« 12\ 12*« I 9'j 2 Tennessee Corp. 5 2'» 2L 214 ■+• U 3C'» 9;« Texas Corn 12). 54 11 10S 10:» — ’» ' 55*« 19'a Tex Gulf Sulphur(3) 15 22Ti 221a 22'« — Vi i 6S 1T« Tex Pacific Coal&Oil. 12 2 2 i 17S 414 Tex Pacific Land Tr. 2 4*4 4S 4** | 23 5H The Fair. 1 6 6 6 + 'a 106Ja 87 The Fair pf (7). 20s 85 85 85 1514 5’a Third Avenue. 8 12S 10S 12V* + *» 27 ll'» Third Nat Inv (1.05). 1 13 13 13 -1 „ 1931-, Stack and Bales— Net. Hl«h. Low Dividend Rate. Add 00. Hi«h. Low. Cloee Chte. 9 2*4 Tide Water Asso Oil. 7 2% 2% 2*4 12 3*4 Tlmken-Detroit Axle 14 4 4 69 1CV4 Timken Roller B(2). 3 18% 1814 18L + *4 414 1*4 Tobacco Products. .. 6 4 314 4 — 14 14 6 Tobacco Prod A t9Sc 10 814 8% 8% 18 2 Transamerica Corp.. 62 3 214 3 + 14 11*4 2 Tri-Conti Corp. 10 214 2*4 2*4 — 14 4914 36% Tri-Conti Corp pf (6 > 1 48'/* 4814 4814 — 14 14V* 5 Union Bait & Paper.. 3 9 8 8 72 2714 Union Garb (2.60)... 56 2814 271* 27*4 — 14 26*4 11 Un Oil of Calif! 1.40) 1 11*4 11% 11% 20514 70*4 Union Pacific (10)... 46 69% 65*4 67 —114 387* 914 Unit Aircraft. 95 14'* 13% 13*4 41% 18 Unit Biscuit (2). 2 20% 20% 20% 714 114 Unit Clear Stores. ... 5 114 1 114 3114 714 Unit Corp (75c). 40 8*4 814 8% 5214 26'* Unit Corp pf (3). 4 34% 34% 34% — 1* 12 3 Unit Electric Coal... 2 314 3*4 3*4 — la 67% 17*4 Unit Fruit (3). 15 20% 20 20 — V* 3714 15% Unit Gas&InK 1.20).. 11 1814 1814 18% + V4 121* 1% U S & Forn Secur. ... 2 27* 2*4 2% 90 40 U S & For Sec pf(6). 1 4514 45*4 45'/* —414 77% 29% IT S Indus Alcohol... 23 23% 21% 22% + 14 1514 314 U S Leather (A).... 1 4% 41a 4% — 14 37% 10 U S Pipe* Fdry (2). 5 137* 13% 13% + % 36% 514 U S Realty & Imp- 3 7'* 7% 71a 20% 3% US Rubber. 2 314 3% 3'4 — % 3614 6'4 U S Rubber 1st pf. .. 3 814 8 8(4 + V4 26% 12% U S Smte & Ref (1).. 5 16% 15V* 1514-1% 152% 36 US Steel (2). 357 39% 38% 39% + % 150 94 U S Steel pf (7). 4 101 10014 101^ + 14 9% 1*4 United Stores (A)... 4 2'4 2% 2% 52 21 United Stores pf (4). 3 43% 42'4 421a — 14 4 14 Unlv l’ipc & Rad.... 1 % *4 % 31 7% Ut.l Fwr & Lt A (2). 18 8% 8% 8% — *4 76% 11 Vanadium Corp. 7 1314 12% 12'4 — % 3% 14 Va-Car Chemical.... 2 % % % 71% 34 Va-Car Ghent pf (7). 37 37 37 —2 109 81 VaElec&Pw pf (6).. 20s 88 88 88 f|l 71% 20% Vulcan D’tinnlne (2) 240s 21 20% 20% — >4 26 % Wanash It it. * •» « ■-> -r ■-* 27% 17% Waldorf Sys (1%).. 2 15% 15% 15% 15 Hi Walworth Co. 1 2% 2% 2% 20% 2% Warn Bros Pictures. 12 3 2% 3 7% In Warner Quinlan. 2 1% 1% 1% 26% 12 Wesson Oil&Sno(2). 3 13% 13% 13% — % 103 4911 West l’a K1 pf (6). .. 10s 67 67 67 43 113% 88 West Pa Pwr pf <6). 50s 91 91 91 12% 2% Western Dairy (B).. 13 3 3 19% 5% Western Maryland.. 1 5% •>% 5% - % 14% 1% Western Pacific. 1 2% 2% 2% — 1% 31% 3 Western Pacific pf... 1 4% 4% 4% 150% 38% Western Union (6).. 9 30 35% 36 4- % 36% ll Westinghse A B(2).. 2 14% 14% 14% + % 107% 22% Westing-house (2%). 141 24% 23% 23% 28 6 Weston Klee Instru.. 3 6% 6% 6% — % 26% 7% White Motor. 1 8% 8% 47% 20 Whiteltock (4). 1 23% 23% 23% -1% 5 % White Sewing Mach. 1 % % '* 9% 2% Wilcox Oil & Gas.... 1 3% 3% 3% — % 8 1% Willys-Overland. ... 2 2% 2% 2% 10% 1 % Wilson & Co (A)- 5 2% 2% 2% — % 72% 35 Woolworth (2.40)... 301 39% 37% 38% — % 106% 15% Worthington Pump.. 12 18 17% 17% - % 80% 46 Wrigley «Wm) (4), . 2 48 47% 47% —1% 30 8% Yale & Towno (1) — 19 9 9 15% 3 Yellow Truck. 5 3% 3% 3% 29 6 Young Spring&W(l) 1 7% 7% 7% Sale* of Stock* on New York Exchange. 10:30 A M. 100.000 12:00 Noon. 500.006 1:30 P.M. 800.000 2:10 P.M. 900,000 Dividend rates as given in the above table are the annual cash payments based on the latest quarterly or half-yearly declarations. •Ex-dividend s Unit of trading less than 100 shares, t Partly extra t Plus 4', in stork, a Paid this year-no regular rate*, e Payable in cash or stoek. f Pl’’s 8rr in stock h Plus 2'r in stock j Plus SI in special preferred stock, k Plus 3v m ttoc.c m Paid last year—no regular rate, n Plus 5'« in stock, p Plus 2*-'c in stock. ____ AUTO PM JOB” College Scientists Have Only to Eliminate Chalking by Ultra-Violet Light. BY HOWARD W. BLAKESLEE, Associated Press Science Editor. STATE COLLEGE. Penna., February 8 —Search for the perfect ' paint job" on the automobile is nearing comple tion. Only one factor remains to oe eliminated, say Pennsylvania State Col i lege scientists, to produce an automo ■ bile lacquer as durable as the car itself. ! The lurking place of that last wearable | factor, that which results in "chalk - I ing.” has been hunted down in labora J tories here. Chalking is the process by | which the lacquer wears away one j layer of molecules at a time, i Search has now shown that chalking j is caused by ultra-violet light. The I researches were conducted jointly by Wheeler P. Davey, Ph D., professor of ■ physics at the Pennsylvania State Col j lege, and D. It. Wiggam, assistant j director of the experiment station of | the Hercules Powder Company. Cause of Chalking. Ultra-violet-ray light may affect any or all of the constituents of automo bile lacquer, but the chalking seems to be caused by its action on the plasti i cizer and ester gum. The plasticizer introduces sufficient elasticity into the lacquer to prevent i cracking. The estej; gum increases the ' adhesion of the lacquer to the metal i and overcomes scaling, and the action j of the two together eliminate pitting. In the action which causes chalking. ! the gums and plasticizers act as light I transformers, the process which physi cists term florescence. The short wave length light, the ultra-violet rays, is transformed into longer wave length light, but. as in the electrical trans former. only part of the energy re ceived is given out in the changed form. The electrical transformer dissipates the remaining energy as heat, but the light transformer concentrates it as a powerful bundle of energy. Dischaygihg of Energy. This concentrated pellet of energy discharges outward in any direction, some striking the nearest molecule of lacquer. These molecules are dis ! integrated; they got into the path of | a force too great for them to assimilate. 1 Bit by bit the surface molecules of the | lacquer are burst and dislodged until, j like a stone from which all the mortar has been chipped, a tiny flake of pig ! ment is left on the surface with no sup I porting element, and dusts off. With the discovery that chalking can ! be caused by the florescence of the plasticizer and the ester gum, the search for the perfect automobile lac quer narrows down to an examination of the hundreds of possible plasticizers . and gums for those which have neg lible florescent properties. GIANNINI IS CLAIMING PROXY FIGHT VICTORY 1 By the Associated Press. SAN FRANCISCO. February 8.—Re iterating that he holds proxies repre senting a ''decisive majority” of the shares of Transameiyca Corporation, A. P. Giannini announced yesterday he would leave Tuesday night for Wil mington. Del., to contest the manage ment of Elisha Walker, present head of the corporation. The annual meeting of stockholders is to be held at Wilmington February 15. Giannini. founder of the corpora tion, has stated that he plans to wrest I control from Welker at this meeting. Interests connected with the Trans america management have challenged the assertion that the Giannini group had obtained proxies for a majority of shares. Giannini said the associated Trans america stockholders, his faction, would be represented at the Wilmington meet ing by United States Senator Hiram W. Johnson of San Francisco and Hugh Morris of Wilmington. -1-— Hopes in Denmark that the aban donment of the gold standard would ftflp Danish agriculture are reported to have been blasted. Chairman BANK CONCLAVE COMMITTEE ANOINTED. FREDERICK H. COX, Who has been appointed chairman of the Transportation Committee in con nection with the next convention of the District Bankers’ Association. He served in the same capacity last year. Mr. Cox is cashier of the Commercial Na tional Bank. .-• EXTENSION OF BOND INTEREST IS EXPLAINED Special Dispatch to The Star. BALTIMORE. February 8.—Lucius S. S'orrs. president of the United Rail ways & Electric Co., today sent holders of the consolidated first mortgage bonds of the Central Railway Co., due May 1 next, and holders of the extension and improvement 5 per cent bonds of the company, due March 1, a letter giving details of the plan to extend the bonds for two years at 6 per cent interest in September. The issues are both divisional bonds of the United Railways. In September the company formulated a policy which provided for the extension of such of its underlying bonds as would mature during the existing economic situation, and, pursuant to this policy, it recently completed a plan to extend for two years the first mortgage 5s of the Mary land Electric Railways Co. INCREASE IN TRADE VOLUME IS PREDICTED Business statistics reveal a protracted bottom of the depression from Novem ber through January, states the United Business Service of Boston. No im pressive upturns have taken place, nor are these probable. A gradual increase, however, in the volume of trade of the United States now seems likely, aided considerably by the Federal expansion of credit. The business trend should be moderately upward during the com ing months. -•-■—— CONFLICTING FACTORS IN CURRENT OUTLOOK The current outlook for securities seems to be clouded by a number of conflicting factors. On the adverse side, says the Guaranty Trust Co., are the uncertainties over congressional legis lation; the prospect of higher national taxes, and of either substantially in creased local taxes or drastic cuts in public improvements', an absense of any tangible signs as yet of an extra seasonal pick-up in industrial activity; the difficulties of the railroads; the possibility of further liquidation of un sound loans and investments, and the precarious European financial situation and generally unpromising foreign trade outlook. However, among the favorable factors are the indications that many raw ma terials may be at points of resistance to further price declines; the possi bility of at least a temporary improve ment in many lines of production be cause of generally low inventories; the possibility of favorable results from various proposed Government palliatives, such as the Reconstruction Finance Cor poration and loans to railroads; the fact that money rates are still relatively low. and. finally, the indication that the current low prices of securities may be attracting some buying on the part of long-term investors. Bridge Contracts Let. LURAY. Va.. February 8 (Special).— N, H Clark of Luray. has just been awarded contracts for three oridges in West Virginia, two for steel bridges and one for concrete. He will begin work at once on a steel bridge over a river near Lewisburg. Mr. Clark will en deavor to use only West Virginia labor, having had this request made by the West Virginia Highway Commission. Formerly he has used a number of Page : County men. Arbroath. Scotland, will raze 353 workers' houses to make room for new ones. I WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES SALES. Washington Gas 6s "B"—$500 at 10234. AFTER CALL. Washington Rwv. & Electric pfd.—10 at 9112. 7 at 91*2. 18 at 91't. FotomacEiectric 012'r pfd.—5 at 103 "4. Mergenthaier Linotype—2 at 53. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid Asked Amer. Tel. & Tel. 4%s ’39. 101 Vi . Am. Tel. & Tel. ctl. tr. 5s. 99‘-a ..... Anacostia Pot. R. R. 5s. 52 08 Ana. & Pot. Guar. 5s. 85 . C. & P. Tel. of Va 5s. 100 100*2 Capital Traction R. R. 5s. 58*2 61 City & Suburban 5s. 50 56 Georgetown Gas 1st 5s. 100 ... . Potomac Elec. Cons, b'e. 100 101 Potomac Elec. 6s 1953. 104 - Wash.. Alex & Mt. Vernon ctf. 2 .... Washington Gas 4’,2S. 96'i Washington Gas 5s. lOOt. 101 Wash. Gas 6s. series A. 100 101 I Wash. Gas 6s. series B. 103 104 i Wash. Rwy. & Elec. 4s. 81 82'2 MISCELLANEOUS. Barber & Ross. Inc.. 6’2S. 50 ..... 1 Chev^y Chase Club 512S. 99 102 , Columbia Country Club S'^s.... 100 103 I W M. Cold Storage 5s. 94 .| STOCKS. PUBLIC UTILITY. Ampr. Tel. & Tel. (9). 111V. ..... Capital Traction Co. 14). 18‘a 29 Wash. Gas Lt. Co. (18). 85 94 N. Si W. Steamboat (12). 140 210 Pot. Elec. Power 6'/» Pld. 110 4 . Pot. Elec. Power 5Wo pfd..... 103V* . Wash Rwy. & El. com. (7)- 300 ..... Wash. Rwy. & El. pld. (5). 91 94 | NATIONAL BANK. Min. price. Asked Capital (14). 1 Columbia (12). 37o 425 Commercial (stamped) (10).... 183 200 District (8).19* 310 I Fed.-Amer Natl. Bk. & Tr. (2) . 42% 45 1 Liberty (71). 1»0 210 4 Lincoln (10). 400 440 Metropolitan (14). 275 310 Riggs (15). 350 360 Second <9e). 165 t 195 Washington (12). 180 220 TRUST COMPANY. Amcr. Sec. & Tr. Co. (15). 299 315 Natl. Sav. & Tr. (12{>. 375 400 Prince Georges Bk. & Tr. (6»... 28 40 Union Trust <8s>. 191 220 Wash. Loan &. Trust (14). 400 440 SAVINGS BANKS. Bank of Bethesda (6$). 53 60 Com. & Savings (10*. 325 . East Washington 112 >. 20 35 Pot. Savings Bank (10). 55 75 Sec. Sav. & Com. Bk. (17)..... 435 500 Seventh Street (12). 280 . United States (30). 530 630 Wash. Mechanics (20). 50 60 FIRE INSURANCE. American (121. 275 . Corcoran (lot. 150 . Firemen's (8 >....:. 30 40 National Union (15). 14Va 15 TITLE INSURXNCE. Columbia (6h> . 7 10Mi Real Estate (6h).145 160 - MISCELLANEOUS. Bid. Asked. Barber A Ross. Inc., com. 8 Col. Medical Bldg. Corn. (6)... 90 105 D C. Paper MIg. ptd. 5 Dist Nat. Sec. pfd <71. 60 75 Emer. Bromo-Selz. A (2). 28 35 Federal Storage pfd. (8>. 100 110 Fed.-Am. Co. com. (1.201 >. 16,;4 22 Fed.-Am Co. pfd. (6). 89 93 Lanston Monotype (6). 64 65 Mer. Tr. A Stge. com. <10>. 95 102 Mcr. Tr. & Stge. pfd. < 7>. 843,« 88 Mcrgenthaler Linotype (6). 51 54 Natl. Mtge. A Inv pfd. (8>. 3('4 33i Peoples Drug Stores pfd (6‘i).. 85 . Real Est. M. A G. rfd. (8). 4 5 Security Storage (51). 99 105',i Ter. Ref. A Wh. Corp. (3). 42 50 The Carpel Corp. (2). 10 13 W Mech Mtge. com. (8». 8'4 . Wash. Med. Bldg. Corp. (7>_ #0 105 Wdwd. A Lothroo com. (1.20).. 29*4 31 Wdwd. A Lothrop pfd. (7). 107 109 •Ex dividend. s2^ extra. bBooks closed. yiVt% extra. n25c extra. extra. I30c extra. h4et. extra. II'"- extra. tin extra. el‘/a% extra. BONDS IRREGULAR IN SMALL TRADING — Japanese' Issues Give Evi dence of Organized Buy ing Movement. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, February 8—Today’s bond market had an irregular price trend and trading was the slowest of any session this year. At the opening, prices were little changed either way. It was apparent that neither side was willing to enter the market pending developments at home or abroad. Continued fighting at Shanghai, with Wall Street skep tical of any beneficial result from ti" e powers' latest representations to Tokio, i prevented any recovery in foreign! bonds, although there was evidence of organized support for Japanese issues. The possibility that Japan might seek further credits here has been freely talked of and the fact that the Yokohama Specie Bank had been put ting up additional collateral here lent color to it. But the credits so estab lished are undoubtedly part of the pay ments for Japan's heavy purchases of commodities and have nothing to' do with new loans. Japanese government 5'zs and 6'zs, Tokio 5s. Taiwan 5>zs and Yokohama 6s were ail narrowly higher at one time, but later eased. In the European list, German government issues were off fractionally. There were fractional de clines in Italy 7s, Sweden 5'zs, Belgian 7s and in the French descriptions. British 5'zs were firm and so were ster ling quotations. Australian obligations continued to improve. .Queensland 7s advanced a point and were about 7 points above their 1932 low. New South Wales 5s, Australian government 5s and Aus tralian municipals also were better. South American bonds were firmer. Brazil 8s gained a point, reflecting a better tone in the coffee market fol lowing the continued destruction of surplus coffee stocks and an increase | in the coffee export tax Publication of a list of railroad ma turities this year, which will likely have to be handled through the Reconstruc tion Finance Corporation, was not cal culated to help the market. The ma turities aggregate only $150,000,000. in cluding some equipment trufk obliga tions that may possibly be taken care of out of corporate cash reserves. Penn sylvania 4'_.s dropped a point. So did Baltimore & Ohio 4'-s. Missouri-Kansas Texas adjustments. Southern Pacific 4s. Delaware & Hudson 512s and other rails. There were small advances, how ever. in a few’ of the speculative car rier bonds such as Nickel Plate 6s—one of the 1932 maturities—Missouri-Pacific 5'2s and Frisco 4'_-s. Industrials moved erratically. Dodge Brothers 6s. McKesson & Robbins 5s and Remington Rand 5!..s were heavy,) while there were small gains m Stand- ■ ard Oil of New Jersey 5s. Texas Cor- ! poration 5s and Loew's 6s. Utilities such as Western Union 5s. Duquesne Light 4’2s and Hudson & Manhattan; income 5s were firm. United States Government bonds were off slightly. The Treasury an nounced another $75,000,000 of 3 month bills to be dated February 15. Federal intermediate credit tanks of fered SI5,000,000 of 5 per cent de bentures. due in 4 months, at par. Bond prices fluctuated irregularly at the opening. Trading was in small volume. The Shanghai situation continued to cause anxiety and mdst foreign dollar bonds were under pressure. Japanese governments had fractional losses. The European list was mostly unchanged, though declines ruled where changes occurred. British 5'2s, however, were firm. In the domestic department railroad bonds were heavy. Losses of a point or more occurred in Delaware & Hud son 5*2s and Missouri-Kansas-Texas adjustments. American & Foreign Power 5s were a point lower. Western Unicn 5s and a few in the industrial list were narrowly highy. FACTS AND SENTIMENT IN FINANCIAL CIRCLES To Lucian, Greek philosopher and author of charming stories about the dead, is attributed the following: The Isle of Samos in the Aegean was called upon to pay the extreme penalty for the sins committed by one of her citizens. The crime was so grave that Pluto, monarch over the dead, was authorized by his more powerfeil brother Jove to destroy three-quarters of the Samoars. The ruler of the island, greatly per turbed. took it upon him to intervene in person on behalf of his doomed sub jects. Upon a very effective plea. Pluto compromised. Only half would be de stroyed. The other half would be spared. A date was set for the com mencement of the disaster Before 1 .ng. well over 50 per rent had succumbed and it looked as if Pluto had not kept his word. Once again. th=> island's ruler confronted the deity. “I have not broken the word which 1 have pledged,” said Pluto. “My intentions never were to take more than half. All others died from fright, which I could not prevent.” Conditions today are not muen differ ent. says the Wall Street Journal. Losses are suffered not so much because of what is going to happen, out because of fear of what might, but in all likeli hood will never, happen. Facts are much more cheerful than sentiment, the Journal adds. • -• New Government Agency to Offer $15,009,000 Bonds Reconstruction Finance Corporation Debentures Are Ready for Issue. BY FRANK H. McCONNELL. Associated Press Financial Writer. NEW YORK, February 8 —For the first time since its formal organization a fortnight ago the new $2,000,000,000 Reconstruction Finance Corporation ap pears today in the background of new Wall Street financing. Charles R. Dunn, fiscal agent for the Federal intermediate credit banks, an nounced that a public offering of $15, 000,000 of this institution’s 5 per cent collateral trust debentures would be made. They will be dated February 15 and will mature In four months. "The Reconstruction Finance Corpo ration will take all or any portion of these debentures remaining unsold on February 15, 1932,” it was announced. The Federal intermediate credit banks were created under an act of Congress to provide credits for agriculture. The four-month debentures which comprise the present offering will be secured by loans and discounts representing ad vances by the banks for production and marketing of crops and live stock. Today’s financing will be the first on the public market in more than a week. For the third week since last Autumn the new offerings during the week just ended was a complete blank. There were no offerings of any kind. This week States and municipalities will ask for bids on an aggregate of $11,379,944 of new issues, principal among these being $4,790,000 sought by the City of Buffalo, N. Y.; $2,122,000 by Maryland and $1,000,000 by Dela ware . ON NEW YORK BONDS STOCK EXCHANGE j ] Received by Private Wire Direct te Tbe Star OtBce UNITED STATES. (Sale* arc In Sl.OOO.) Sale. High. Low. 2 55. Lib S*4s 32-47. 32 94 12 94 9 94 11 L 1st 4*4s 32-47 32 98 9 98 4 98 9 L 4th-4T4c 33-33 424 99 7 99 2 99 7 US 3s 1951-8.. 177 85 28 85 16 85 28 U S 3>A» 49.... 8 86 29 86 20 86 29 U S 3 *4 s .\1 41 - 3 88 92 4 91 27 92 4 US3*ksJ 40-3.139 92 4 91 27 92 4 US 3*68 43-47. 63 90 30 90 12 90 30 U S 3*4s 46-56.. 26 92 10 92 6 92 8 US 4S 44-54 _ 86 96 16 96 12 96 15 U S 4'As 47-52.. 91 100 10 100 3 100 9 Bales High. Low. 2.55 Abttlbl PAP 5a '53. 15 39% 39% 39', Alleghany Cp 5« ’44 6 34'4 34 34 Allegheny 6s'49... 7 31% 31 31 Allegheny 58-50... 21 28% 27% 27% Allis-Chalm 5s’37. 2 86% 86% 86% Am FP 5s 2030- 8 38% 38% 38% Am I O Ch 6V4s’49. 5 68 67% 6k Am Inti 6*4s’49... 1 68 68 68 Am Me tel 5%s '3 4.. 2 £6 £6 56 Am N Ges 6 %s ’42. 4 3% 3 3 Am SAR 1st 6s '47. 10 93% 93 93 AmTiTct 4Hs’39 18 101% 101 101 Am T A T 6s ‘65... 43 96 95% 95% Am TAT e tr 6s’4*. 23 99 98% 99 Am TAT 5s sf’GO. 32 95% 95% 95% Am TAT 6 % s ’ 4 3... 21 101% 101% 101% Am W YVks Ss T4.. 6 87 86% 86% AraWrPap ts’47.. 2 75 75 75 Argentine 5s’45... 1 60% 60% 60% Argentine 5 % s '(2. 9 48% 47% 48% Argentine Ss Ju’69. 5 51% 51% 51% Argentina Ss A'57. 1 51% £1% 51% Argentine Is B *58. ^ 61% 50% 51% Arm Del 6%s’43... 22 62 61 61 Atchls 4s 1903-55.. 2 79% 79% 79% Atch'son gn 4s '95. 12 84% 84% 84% Alchlscv 4%s'4».. 2 92% 92 92% Atch Ari* 4 '62. 24 87 86', 86% All CL 1st 4s‘62.. 1 76% 76% 76% At Gulf 5s'39. 15 40% 40% 40% Australia 4 % a'6e.. 17 47'. 47 47% Australia 6s '55... 31 53% 52% 52% Australia 6s '67..- 17 53'., 52% 52% Austria 7a '41. 5 90% 90% 90% Austria 7e'67 ctfa. 5 45% 44% 45% BA04s’4S. 24 81% 81 81 B A O 4 *4 s ‘33. 9 80 79% 79%, B A Ocv 4 Us *0.. 40 50 49 49 II A O 1st 5a '41.... 3 91 91 91 BAOrfSs'93. 8 62 60% 60% B A O 5s D 2000. .. 9 62 60 60 BftOSwdv Bs 'SO. 1! 7f» 75** 76 B A O Tole<lo 4a '69 5 54% 52 52 Ban A Aroos *s'al. 7 65 65 65 Bk of Chile SVfcs '67 2 15 15 15 Bk Chile (*4 s ‘II.. 2 26% 26% Belgium 6s'55.19 81% 83% 83% Belgium 6*4s '49.. 44 87% 87 87% Belgium 7s KR- 42 94% 91% 94% Belgium 7s '61.... 13 95% 95 95', Bell Tel Pa 5s B'4S 5 100% 109 100 Bell Tell Ps 5s C’iO 10 100% lul 100 Berlin Cy El 6a'65. 11 '.6% :5 25% Berlin C E S!4s '50. 1 28% 28% 28*. Beth Stl pm 5s'!«. 3 9:1% 93 93% Boll via 7a '5*.. . • . 1 7 Bolivia 7a •«». 2 6% 6% 6% Bolivia 8s 47. 3 8 7% 7% Bordeaux *s'34... 10 100% 100% 100% Bos A Me 5s'5a.... 15 73 73 73 Brazil 6 Vis'28. f. 19 19 19 Brazil SVis'27.11 19 18'. 18% Brazil 7s. ....•■••. 1 16* 16% 16% Brazil 8s'41. 9 22 21 21 Bd A 7th Av 5s 'fl. 5 3 3 3 Ek Ed en A 5a '4S.. 2 98 97% 97% Bklvn Kiev SVis... 10 34% 34 34 Bklyn Man 8s'€8.. 21 66 64 % 66 Rklvn Un Ss 4S. .. . '! 100% 100% 100% Budapest <’s '82_ 5 21 20% 20% Buenos A Ss'61 Pv. 5 33% 33% 31% Buff Gen El 4 Vis'Jl 4 91% 91% 91% BRA Pitt 4 Vi s '£7. 5 56 51 51 Bush T Bldg 5s'S0. 1 82 82 82 Calif Parking 5a-4C 5 65% 65 65 Canada 4i'80 .... 16 72% 71% 71% Canada 4 Vi* '26... 6 91 91 91 Canada 5s'52. 32 89% 88 88 Can Nat lit 4%s,5« 3 76% 76 * 76% Can Nat 4 Vis'57 . .. 1 76 76 76 Can Nat 4%s’6*... 7 74*, 74% 74% '"an Nat 4% s'55... 4 7f% 78 79% Can Nat 5sJuly'«9. 4 82 81% 81% Can Nat 5s Oct 89. 13 81% 81 81 Can Nor 4%s *35. .. 10 87 86% 86% Can Nor 7* db -40. . 26 97. 9t% 94' Can Pac db 4 s. 13 5aH 57% 58% Can Pac 5s'44_ 2 82% 82% 82% Par Clin A 0 6s '52. 2 88 85 85 Cent Pac 4s '49_ 14 77 76% 77 c«nt Pac 5s '60 . 1 F6 66 66 Cen Rv NJ e 5s’87. 1 91% 91% 91% Cert-td db 5 Vi*'48. 4 41 40% <0% Ches Corp 5s '47... 8 69% 69% 69% OAO «%*A‘9S.. 8 81 80% 80% C A O 4Us B '95. .. 15 82 SI', 81% j CB&Q 111 dv 4s'49. 2 87 87 87 7h1 A Est 111 5s’51. IS 14 13% 14 Chl Grt West 4s'59. 23 50% 50 50 Chi IndAI.ou Ss'66. 1 31 31 31 Chl M & St P 4s '89. 8 59 58% 58% C M StPAP 5s '75. . 42 35*. 34% 35% C M A St P adi 5a. . 35 9% 9% 9% ChlANW 4 Vis 2037. 8 39% 39% 39% chi A NW cn 4«i* 32 27% 26% 27 Chl&NW rf 5s 2037 2 49% 48 48 Phi lil&P cn 4s'8*. 1 69 69 69 Chl El A P rf 4s '34 50 57 54% 55% Chi R 1 A P 4V4*'52 5 51 50% 51 Chi R 1 cv 4Hs'SO 30 36*. 35% 36,% Chl Un Stn 4%s'63 . 5 86% 86% 86.% Chl Un Sta 5s B '63 5 99 99 99 CAW Ind cn 4s'52. 1 63." 63% 63'. Chile 6s'60. 30 11% 11% 11% Chile 6s'61. 12 81% 10% 10% Chile 6*'63. ? 11% 11% !!** Chile Con db 5s 47. 2 51 50% F0% CCC&St I, 4 %s E'77 1 65 65 65 CCC A St L 5s D '63 8 74% 74% 74% Clev Term 4Vis’77. 1 81% 81', 81% Clev Term 5Vis'72. 6 94 93% 94 Colcmb 6s Jan *81.. 2 23 23 23 Colomh «s'61 Oct. . 5 24 23 23 Colon Oil 6s'38_ 3 34 34 34 Colo A Sou 4 Vis'35 2 91 91 91 Colo A Sou 4 %s'80 24 65% 65 65 Col GAE 5s May’52 10 77%' 77 77 Col GAE cou 6s '81. 4 76 75 75 Com Inves 5%s *49 . 6 SO 80 80 Con G NY 4 Vis '81 . 7 89% 89% 89% Con G N T 5Vis'45. 18 101% 101% 101', Con Pur Jap 6%s.. 7 51 51 51 Con Pow Japan 7s. 11 57% 57 57 Consum Pow 5s ’52 1 98 98 98 Copenhac 4 % s'53. 9 52 50 52 Copenhac 5s'52... 9 60 60 60 Cuba 6Vis '45. 13 35% 35 35 Cuba Nor 5% s'42. 1 1SH 18% 18% Csecho 8s *51. 2 90% 90% 90% Ccecho 8s'52. 18 91 90v* 9U'it ! Del ft Hud rf '14. 6 S1T* S1T» R1T%.! Del ft Hud 5^3'37. 3 89 89 89 Denmark 4 %s'62.. 14 59 58 68 Denmark 5 %s'55.. 20 68% 68% 6S% Denmark 6a’42.... 16 74'. 74% 74% D ft R Or cn 4s’36. 1 62%i 62% 62% D R O A W 5s 71.. 1 60% 40% 40% Det EOAR4H*’61. 36 90% 90 90 Det Edison rf 5s’4S 9 96% 96 96 Deutsche Bk 6n ‘22. 3 72% 72% 72% Dodce Br cl 6s '40. 14 81% 81 81 Duqnesne 4%s'67. 28 94% 94% 94% Dutch East I Not. . 1 75 75 75 Dutch East I 6a'S2. 6 81 81 81 Erie eer. 4s. 3 57 56% 57 Erie ct is'67. 14 40% 38% 38% Erie is'75. 18 40% 39 39 Finland 6%s'56... 4 46 4G 4G Finland 7s'50. 4 52% 52% 52% Fisk Rub 8s '41.... 17 26% 24% 26 Fram I D 7%s '42.. 29 85% 85% 85% French 7s 4*. 2 112', 111% 112% French 7%s'41.... 24 113% 112% 113V* Gelsenk'hen 6s'34 . . 18 37 36 36% Gep Bakin* 6%s «C 15 93% 93", 93", Gen Cable 5%a'47. 6 45% 45 45 Gen Motors 6s'27.. 75 99% 99% 99'* Gen P St 5%s. 1 76 76 76 Oen St Cas 5%s'4». 28 61 60% 61 Gen Tb Ea 6s '40... 2 4% 4 4 German 5%s'66... 1 36% 36% 36% German Bk 6a'I*.. 6 39 38% 38', Ger Cen Bk Ca '60 J 9 36% 35% 35% Ger Cen Bk 6a'60 O 11 37 36 86 Ge*man 7s rep '49 62 61% 60% 61*. German Bank 7s'50 6 41'. 41% 41% Ger Gen El 7a'45.. 1 50% 50% 50v» Goodrich ct 6s '4S. 7 39 39 39 OoodTr Rub 5a’S7.. 10 73% 72 72 OrandTr sf db *8*36 3 91 91 91 Grand Trunk 7«'40. 19 9u 94H 94'* art Nor 4%s '76 D. 2 65% 65v« 65% Grt Nor «%a'77 E. 2 66% 66H 66% Grt Nor 6s'71. 6 73 73 73 Grt Nor rn 7t'll. • 12 92% 91 91 Gresk fs'll..**•• • 5 35", 35% 35% Hoe ft Co 6 %s '14. . 2 25% 25 25 Hud ft M adl is ’67. 11 5<% 57 57 Hud ft M rf la’17.. 5 81% 80% 80% Humble Oil la'17.. 1 95 95 95 Humble 0 5%s'22. 10 100% 100% 100% Hunirary 7tta'44.. 15 48 47% 47% til Bell Tell ia'64.. 28 98 97% 97% 111 Cent 48 '12. 2 49 49 49 111 Cent 4a'll. 3 39 39 39 111 Cent 4*'««- 13 37 36% 36% III CCStLftN 4%e.. 1 36% 36% 36% 111 CCStLftN 6a A.. 1 45 45 45 111 Steel 4 %s '40... 1 95% 95% 95% Inland St 4%a A’7I 1 79% 79% 79% Int Rap Tr 5a'll.. 9 50 48% 50 Int Rap Tr ata'61.. 61 60% 49 60% Int Rap Tr la *2... 2 36% 36 36V, lat Rap Tr 7a*2... 6 71 70% 70% / Sales. Hiah. Low. 2 55. Int Cement £■’41.. 7 644 63 63 Int ft Or Wor 5s’54. 3 414 414 414 Int ft Gr Nor 6a'61. 1 454 474 474 Int&GNadfa'Sl. 7 174 17 174 lit Hydro El 4s ’44. 5 494 47 474 Int M Co 5s rct’41.. 9 60 594 594 Int Match 6a'47... 10 56 4 64 £6 Int Pap «s'SI. 11 294 29 29 Int Ry C A 5a '72... 7 41 40 41 Int T ft T 4 4a'S2.. 13 434 43 43 Int T*T cv 44i'3*. 2 48 474 48 Int T & T 5a '65.... 18 45% 44 44 Italy 7a'61. 14 88 874 87% Italy PubS 7s’£2.. 6 70 684 684 Japanese £4s'61.. 10 65 644 65 Japanese 44s'£4.. 43 754 754 764 Jusrosl Bnk 7s '57.. 1 38% 38% 38% Kas C FtSftM 4a '16 2 62 61% 62 Kan City Sou 5a'50. 1 65 65 66 Kan City Ter 4s 40. S 83 80% 80% Karstadl 8s '43.... 1 224 224 224 Kreue ft Toll 6a’6». 62 56 554 554 1 Lac O St X. 6s’14... 4 96 96 96 Laclede 54s C*63.. 1 70 70 70 Lake Shore 3 4s'97 2 724 7 2 72 Lmutaro Nit 4s '64.. 1 124 124 124 Leh Val ct 4s 2001. 9 59 59 59 ! Lie ft Myers 6s'61. 6 984 984 984 Loew’s 6s ex w '41.. 10 834 834 834 Lorlllard 5s 51.... 11 85 85 85 La ft Ark 5s’£0. ... 1 424 424 424 Lou O ft El 6s'52... 3 924 924 924 L * N uni 4s '40.... 1 80% 804 80% Lvoni Cs '34. US 1004 100 1004 McKes ft R 5H*’6*. 24 55% 544 544 Manh Ry 1st 4s’90. 4 344 344 344 Man S 1st 74s'42.. I 4% 4% 4% Market St 7s-40. .. 2 844 84 844 Marseille Gs 24_ 11 1004 100 1004 Mex 4s astd 1D10'46 10 4 4 4 Midvale Stl 6s '36.. 2 934 93 93 Milan 64s'52. 6 654 65 65 Mil E Ry & L 5s '61 2 894 89 894 M StPftSSM cn 4s.. 1 404 404 404 M K ft T adj 5s 67. 2 534 53 53 Mo Pac cn 4s'75... 31 34 33 33 Mo Pac 5s A ’65.... 4 564 54 54 Mo Pac 5s F'77.... 51 53 51 52 Mo Pac 5s G'71.... 11 54 514 514 Mo Pac 5s H-*0... 7 53 52% 52% Mo Pac rf 5s'11... 33 534 51 514 Mo Pac 54s A'49. . 49 374 354 354 Moblle-Ohio 5s 'll. 9 21 21 21 Mont Pow 5s '43... 2 90 89% 89% Mont P db 5s A ’42. 3 82 82 82 MorftCo 1st 44s’19 1 79 79 79 Nat Dairy 54*'41. 18 89 884 884 I Nat Steel 5s'56_ 12 74 734 734! Netherlands Cs'72. 14 103% 103'. 103', N Enc T 1st 5s'52. 4 99% 984 98V» Nw S Wales 5a '57. 40 44V« 44 44 Nw S Wales Ea'51. 21 44 434 434 NYC trn 3 4s 97.. 4 72V* 72 72V* N Y Cent 4s '42. ... 4 82 82 82 N Y Cent 4s '93_ 1 714 714 714 N Y Cent db 4s '34. 10 854 85 85 N Y Cent 44s 2011. 8 664 66 66 N YCrf 4 4s 2013. 2 674 674 674 N Y C rf 1m 5s 2013 7 734 724 724 N Y Cent db 6s '35. 14 864 85% 86 NYC&StL 44s '78. 64 • 324 314 314 NYC&st 1,54sA'74. 29 37 344 35 NYC&StL Cs 22. .. 28 474 45 4.5 NYC LS el 34s'S*. 2 674 674 664 N Y Edlsn5sB'44. 19 97% 97% 97% N Y Fd 1st 64»'41. 1 107% 107% 107% NY EI.H&P 4S'49. 8 88% 874 88% NY.NH&-H cd 6s'4l. 8 884 884 884 NY O&W 1st 4s'92. 1 48% 48 48 NY O&W cn 4s '55. 9 44 42% 42% NY Te| 4 4S '39_11 97V* 97 97 NY W&B *Hs '««. . 5 56 56 56 Nta Sh Md 5 4a'50. 2 66% 65% 66% Nord 64s '50. 50 98% 97% 984 ! Nor & Wn pv 4s'96 4 84% 844 844 1 No Am Co 5s 61... t 81 81 81 ; Nor Am Ed 5s C *69 5 784 784 784 ' Nor Am E 5 4s'«». 26 88% 88 88 i Nor n T A X. 6s'47. 2 94 4 944 944 i Nor Pap 3« 1047... 5 58% 584 58% | Nor Pac 4 4s 2047. 3 674 674 67% * Nor Pac r 1 6s 2047. 3 864 864 864 I Nor St Pw 6s A -41. 10 95% 954 954 j Norway 5s 63. It 704 704 704; Norway 6s 41. 15 75 74 4 744! Norway 69 '44. 13 774 764 77 i Norway 6a'52. 5 744 744 744 j Ore Sh I. 5s etd '46 5 95 95 95 I ^rep- Wash "fil 2.1 72,a 72 71!-%. i Orient dev F. Hn’SS. 23 56 55 55*, j Orient dev 6s'S3 .. 32 60 594 594' PacnX-FEa 42.... 14 06% 96 96 I Pac TAT !st 5s'37. 1 100 100 ino Pac TAT rf 5s *52. . 2 97% 97 97% ! Pun Am ret 6s’34. 1 101% 101'. 101%: Pan Am Pet 6s'40. 3 13% 134 134 Paramount Ss'47.. 2 50 50 50 | Paris-I.v M 6s '58.. 10 954 954 95% Paris-I.y M 7s '53. . 17 102 1014 1014 Penn 44s D 81_ 1 71% 71% 71% Penn cv 4 4s 60... 2 914 914 914 Penn tm 4 4s'65... 4 79% 784 784 Penn 44s'70. 37 684 68 68 Penn 5s'64. 1 79 79 79 Penn cen 5s '63_ 6 87 86 86 PennS4s'3S. 8 100 99% 100 Penn PAL 44s'81. 16 83 82% 83 Peoples'Oas 5s’47. 2 924 914 914 PeorA E 1st 4s '40. 3 474 474 474 PcreMar4%s'l9.. 7 48 46 46 Peru 6s'60. 6 6% 6 6 Pern 6b'61 . 1 6 6 6 Phlla Co 5s'67_ 6 84% 844 844 Phil A P.ead 6s'49. 9 464 45% 46 Phillip Pet 5 % s '39 10 504 50 50 PCC&St L 5s R '75. 2 88% 884 884 P&-W V 44sC'60. 4 494 494 494 Poland 7s'47. 28 534 524 524 Poland 8s '50. 14 55 54 54 Port On El 44s'60. 19 564 554 564 Pos Tel A r 5s'5.*t . 9 304 30 304 Pressed St C 5a’33. 1 56 56 56 Prussia 6s'52. 9 314 30 31 Public Serv 4s '71.. 2 844 844 844 Pub Sv G 44s '70.. 2 914 914 914 tjueensland 7s *41.. 4 66% 654 654 Bean rn 4%s A'97. 1 72 72 72 Rem Arms 6s A ’*7 8 85% 85% 85% Rem R 5Us A '47.. 3 40 40 40 P.hinelhe 7s'46_ 17 36 34% 34% Rhine West 6s ’52. 5 37% 37 37% Rhine West (s '63. 7 36 36 36 Rhine West 6s'55. 11 36% 36 "6 Rich Oil Cal 6s ’44. 5 12% 12% 12% U Or Do Sul 6s'6*. 4 9% 9 * 9% R Gr Do Sul 8s '46. 2 15 15 15 Rio Gr W clt 4s'49. 2 50% 50% 50% R I Ar * I, 4%S '*4. 3 67 C6 67 Rome 6%s '52. 16 68 68 68 st T,*SF in 4s A ’50 13 30% 29% 29% St L * S F 4 %s '7*. 63 21% 20% 21 5IM-SF r> i 5s B '50 5 35% 35% 35% St SWcn4s'l!. ... 5 73% 73 73% St P Tin Pen 5s '72. 1 92 92 92 San A * A P 4s '43. 1 74% 74% 74% Sto Pan 7s'40 ret.. 18 61% 59% 59% Sao Paulo 8s '36 .. 2 48% 48% 48% ■Saxon P W 6%s’51. 18 30% 30 30% Saxon 7s '45. 2 32% 32% 32% Senh A T, rf 4s '59.. 14 4 4 Seah A Lev 6s'45. 9 5 4% 4% Serbs-Cr-Sl 7s'62.. 2 35% 35% 35% Shell tin Oil 5s '47. 3 70% 70% 70% Shell Un Oil 5s 49. 18 70% 70% 70% Shlnyetsu 6%s'52. 5 46% 45% 46% Sinclair Oil 6%s'3l 8 81% 81 81% Sine O 7s rv A '*T.. 11 85% 83% 83% Slr.c Cr O 5%s '3*.. 2 94% 94% 94% SlnePL5«'42- t 93 93 93 Shelly Oil 5%s'39. 8 46% 46% 46% Soissons 6s'36.... 4 100 100 100 Sol va v Am 5s'42.. 3 85 85 85 Soil Bell TA-T 5s '41 3 99 99 99 SW Bell T 5a A '64. 23 97% 97% 97% Sou Par col 4s '49.. 3 67% 67 67 Sou Pan ref 4s'55. . 4 78 76% 76% Sou P 4%s '69 ww. 11 66 65% 65% Sou Pac 4 %s *81... 9 64 63% 63% Sou Rv en 4s'56... 5 48 48 48 Sou Rv 6s '56. 1 58% 58% 58% Sou Rv 6%a '56_ 4 62% 60% 60% St Oil N J 5s 46. .. 27 100% 100% 100% St Oil N Y 4%s'61. 5 88 88 88 Sweden 6%s '54... 8 83% 83 83 Swiss 6%s'««. 4 102% 102% 102% Taiwan E P64S-71 17 56% 564 564 Tenn El P 6s A'47. 8 98 96% 98 Texas Cort>-6s'44 . . 17 76 75% 75% Third Av ad! 5s '60 2 35'i 35 354 Third Av rf 4s'60. 4 46% 464 464 Toho El Pw 6s'*2. 181 984 984 984 Tohn El Pw 7*’65. 7 584 56% 66?* Toklo 5s'52. 2 40 384 384 Toklo 54s'61. 16 58% 58 684 Toklo El Lt 6s 'SI.. 79 514 49% 514 I Ulst A D6»ct’2«.. 2 77 77 77 : Un Pac 1st 4s'47.. 7 874 874 87% Un Pac 4s '6*. 1 724 724 724 Un Pac rf 4s 2001.. 2 78 78 78 Un Pac 44s '67 ... 7 79 79 79 Unit Drg cv 5s’51.. 2 85 4 85 4 854 Utd King 5 4*'*7.. 17 94 93% 934 U S Rub 1st 5s'47.. 2 48% 48 48% Ud St W 5 4sC'51.. 5 274 274 274 Un St W 6 4* A'47. 6 284 28% 28% Unit SS Cop 6s '37. 2 80 80 80 Uruguay 6s 60_ 6 32 32 32 Urusjuay 8s 46.... 3 40 40 40 Utah PAL 5s 44.. 23 794 764 764 Util Pw 6s '59 **. 32 414 40 40 Util Pow 64s 47.. 3 45% 44 444 | Vanadium St 5s’41. 1 63 63 63 Vienna 6s 62. 15 564 55 55 Va RyA Pw 6s'14. 3 97% 974 97% Wabash 44s*71... I 114 114 114 Wabasb 1st 6a'SS.. 4 69 69 69 Wabash 5s D-SO... 5 114 114 114 CHAIN.STORE TAX . BILL TO BE FOUGHT National Association Prepares to Oppose Measure in New York legislature. Special Dispatch to The Star. NEW YORK, February 8.—The biS introduced in the State Legislature galling for taxation of all chain stores will be opposed by the National Chain Store Association, just as it has op posed passage of similar bills in other States, it was announced today. The association is composed of virtually all of the big chain store organizations in the country. While reluctant to comment directly on the bill, officials of the association said they would oppose the measure, and that plans for so doing were in the hands of the association’s legal de partment. The bill, introduced by Assemblyman Edward S. Moran, Brooklyn, Democrat, is modeled after the Indiana law. It provides for a $1,000 a year tax on each store in the ownership of more than five stores. Similar measures have been enacted in a number of other States, although in most cases the tax is not set as high as this proposed levy. Under the Moran bill retail stores up to five would be taxed $50 each. •Copyright, 1932.) CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK. February 8—The fol lowing summary of important corpora tion news prepared by the Standard Statistics Co.. Inc.. New York, for the Associated Press: Weekly News Review. With light trading in evidence, the stock market showed little change the first four days of last week. On Fri day, it declined rather sharply, evi dently due to the increase of S42.000 - 000 in money in circulation at a time when an official drive against hoarding is being launched. For the entire week the market actually declined very lit tle. our price index for 90 stocks drop ping from 62.6 on January 30 to 618 on February a, a decrease of 0 8 point. Although prices were quite stable, the bond market lacked a definite trend. Attention centered arougd the lower grade rails in view of the rail road union's acceptance of the 10 per cent wage cut. Industrials were fea tureless. while in the foreign group the Australian and Japanese obligations fluctuated widely. Revenue freight car loadings for the week ended January 23 totaled 562,938 cars, a decline of 18 per cent from the previous week, and 21.3 per cent below the corresponding week of last year. The largest decreases were reported in coal and miscellaneous freight, while coke and live stock loadings declined in a lesser degree. With the purchasing instigated by the introduction of new models waning and Spring buying not yet evidenced, the motor industry is passing through a period of quietude. Actual production in the week ended January 30, accord ing to Cram's Automovtive Reports., de clined slightly, dropping to 28.950 cars and trucks from 29.833 units in the previous week. Steel operations failed to continue the gradual improvement which has been in progress since the low levels o' De cember. In the week ended February 1 ingot production was at slightly below 26’ • per cent of capacity, which com pp res with a fraction over 28 per cent •of capacity in th- previous week. This setback is generally believed to be cnly temporary and a continuation of the gradual upswing is looked for. Although electric output for the w?ek ended January 30 was considerably be low the like week of last year, the com parison was better than has been wit nessed in some time. According to ‘he National Electric Light Association, electric power production was d.8 per cent below the corresponding week or 1931. while the decline in the previous week was 6.7 per cent. The Companies. Connecticut Power 1931 „. share earnings. $2 83. vs. $2.84 Cream of Wheat Corporat'on 1931 common share earnings. $2.72. vs. $3.11; Hart ford Electric Light 1531 common share earnings. $3.12. vs. $3 18 American Express Co. 1931 common share earnings. $6.12. vs S7.-1. Buffalo & Susquehanna Railroad December net operating deficit. $2,620. vs net operat ing income. $57,763; 12 months net operating income. S_323.892, vs. net operating income. S473.084. Chesapeake & Ohio Railway. 10 p^. cent wage cut saving estimated at around $*.000,000 for year. General Gas & Electric taxes no action on quarterly class "B ' dividend, declared usual stock dividend on class "A" stock. , _ Kress S L. & Co.. January sales off 2.9 per ceht. Kroger Grocery & Baking sales. 4 weeks ended January 30. off 13 1 per cent; average number stores in operation of! 5.1 per cent. Pere Marquette Railway sayings from 10 per cent wage cut estimated at $1,500,000 for year. Union Pacific Railroad—Clerical, shop and maintenance workers accept 10 per cent wage cut. Waldorf System January sales off 5 4 pier cent. Irving Air Chute 1931 common share earnings, 87 cents, against $1.15. Norfolk & Western Railway—Pay of officers and employes, cut 10 per cent. Borg-Warner Corporation—January shipments of Norge Corporation, 100 per cent above January, 1931. Kaybee Stores January sales off 15.5 per cent. Lima Locomotive Works—Unfilled or ders, January 1. 1932. were $1,215,425, against $1,046,886 January 1. 1931. McKee (Arthur G ) & Co.—Gets $1, 000.000 contract with Distillazione Ital iana Conbustibili, S. A. Sioux City Gas & Electric 1931 net income before depreciation. $1,238,090, against $1,213,355. Bethlehem Steel-subsidiary gets order for 30 multiple-unit cars from Read ing Co. Jewel Tea common share earnings, year ended January 2. 1932. $4 87, against $6.09 in year ended December 27 1930. * Standard Oil (Nebraska) 1931 com mon share earnings $1.30, against $3.21. American. British & Continental Corporation net asset value, December 31, 1931,, $19.70 a preferred share, against 481.69 December 31, 1930. Bcndix aviation has acquired inter est in Peerless Motor Car Corporation. Goodyear T. & R. 1931 net income $5,454. 046, against $9,912,233. Lima Locomotive works 1931 deficit $1,414,128, against net income $1,382, 318, equal to $7.18 a common share. --• Philadelphia Rector Dies. PHILADELPHIA, February 8 Rev. S. Lord Gilberson. 77, rector emeritus ot the historic St. James’ Protestant Episcopal'Church in South west Philadelphia, died last night. 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