Evening Star Newspaper, February 5, 1931, Page 14

FiNANCIAL, STRONGER FEDERAL RESERVE 1S URGED Owen D. Young Believes Sys- tem Should Include All Banks in U. S. BY JOHN F. SINCLAIR, Epecial Dispatch to The Star. NEW YORK, Pebruary 5—Owen D. Young, member of the board of di- rectors of the Federal Reserve Bank of New York, told the Glass committee of the United States Senate yesterday that a sound banking system through- out the United States is not possible until all State and National banks are members of the Federal Reserve sys- tem. Mr. Young thinks, this condition is first in importance ‘and believes ‘t shculd be brought about even if the Constitution of the Upited States has to be amended to dvercome the ob- ections. ; Mr. Young no doubt had in mind the fact that of the 24,000 banks left in the United States, less’ than 40 per cent are members of the Federal Reserve system. The others are outside the fold. ‘These outside banks can get no help from the Federal Reserve, and yet of Lhe ;IODO glnkz thl:‘ hlvetfl;led dr‘;mslx the last 10 years, “five out of eves have been State banks—not members of the system,” according to Mr. Young. Unquestionably Mr. Young has hit upon a weak spot in the American banking system and something must be done to more effectively unify and strengthen the position of the State bank now outside of the Federal Re- serve system. But how to do it is the problem. “Panic of Plenty.” William J. Graham, president of the American Management Association and vice president of the Equitable Life As- surance Society, thinks t.he present business condition is a “panic of enty.” N"W’{xen life insurance was being as- safled, it found mlm or no pubhc lu);- t from the real owners =) rplg:!—the policy holders, nm Mr. Graham. “Why? Simply because the policy holders had not been taught to recognize themselves as owners of the business, with power to turn out un- worthy individuals in its management.” True enough! But many corpora tions today have 100,000, 200,000, even 500,000 stockholders. What. stockholder is strong enough to make a campaign to oust the management. under such conditions? It would take plenty of time and a fortune to do it, unless the manzgement showed up scandalously inefficient or corrupt. Mr. Graham believes that every large business today should express its public relations obligations to an exacting public “by supplying the public with services and good articles, honestly pro- duced, properly advertised, and made known to be as right as right can be; and while doing this to attempt ac- tually to perform this task—the elim- ination of business distress such as is now evident in economic maladjust- ments that must be charged to man- agement, when a ‘panic of plenty’ can exist.” Sees Signs of Saving. Darwin P. Kingsley, president of the New York Life Insurance Company, be- lieves that the United States is saving and investing its surplus funds, and bases his belief on the fact that his company's new paid-up business for 1930 amounted to $900,000.000—all 'i"c‘rdlnlry" insurance—on 323,745 pol- es. Since the New York Life was organ- ized in 1845 it has paid out a total of over. $3,000,000,000, more than two- thirds of in the nature of dividends; ‘values, matured endowments, etc. ‘The company invested $189,000,000 in American business during the year, an average of $630,000 for every business day. In its assets, on January 1, the company had mortgage loans of $578,- 000,000; and in bonds and preferred stock another $783,000,000. ‘The company's total insurance in force is now almost $7,750,000,000. Ex- President Coolidge is a member of its board of directors. Pratt’s Career. Herbert L. Pratt, chairman of the board of the Standard Oil Co. of New York, who has just announced an in- dustrial insurance and pension plan for the 45,000 employes of his company —the most far-reaching that has yet been worked out in American business— is of the second generation of the fa- mous oil family. His father was a partner of Juhn D. Rockefeller, sr. Brooklyn has been the home of the Pratt family for many years. ‘There H. L. Pratt was born 59 years 8go. After graduating from Ambhers: College. he entered the oil business with his father and has been in it all his business life. In addition, he is a director of the nkers'’ Trust Co., the American Can Co., Stone & Webster and trustee of the Pratt Institute of Brooklyn. The Pratt fortune is one of the largest in America—not less than $500,000,000. In his will, the elder Pratt provided against distributi the estate up to the third generation. So the assets have been piling up—higher and higher. (Copyrisht, 1831, by. North American News- REDUCTION IN COTTON ACREAGE IS ' PROMISED By the Associated Press. Farm Board officlals said banks and merchants in several States were co- operating in the campaign for reduced cotton acreage. The co-operation was said by Chair- man Legge and Vice ,Chairman Stone to be taking the form of making loans to cotton fermers only upon condition that acreage be curtailed. Stone said “a general tightening up” on credit had been put into effect within the past few months. “As an example of what this means,” he added, “I was advised in one North Carolina county that had all of the loans that had been sought on cotton been granted the banks and merchants Jould nave owned 90 per cent of the RICHFIELD PROTECTIVE COMMITTEE DISSOLVES By the Associated Press. LOS ANGELES, February 5—The committee organized here with Fred W. Flint, j chairman_to protect the interests of holders of Richfield Oil Co. of California common stock has been dissolved. The action was taken yesterday, Flint said, “in view of the public announce- ment by fiscal agents of the Richfield Ofl Co. advising common stockholders | dustrial - aleotol to accept the offer by Cities Service Co.” The dissolution was not intended, he said, “as an ap- gwu or di provll of the offer of Pennsylvania Water & Power. ,TIMORE, February 4 (Special). nual report of the Pennsylvania & Power Co., made public yes- y_shows most satisfactory results for IOM despite the unusual drought which existed during the year and the business depression. Gross income from all sources of $4,835.557.52 is shown and net revenue, after ex) taxes, maintenance :.l\fl’ —Prev. 1931 8tock and High, ‘Low. Dividend Rate. 46 48 Northwest Tel (3)... 15% Ohio O11Co (2)...... 3% Oliver Farm q new, 3% Omnibus Corp 22 Oppenheim Col (3).. 54 Otis ;-,uv.mu"‘/.) 10 Otis Steel. b 454 Pacific Gas & Ei (2).. 504 Pacific Lighting (3). 1% 16%. Pacific Milis. 116% Pacific Tel & Tel (7). 8% Pack Mot Car (60¢c).. 24 Panhandle P & R. 86% Paramount Pub (4) 5% Park & Tilford. 1% Park Utah.. 3 Parmelee Transport. 1% Pathe Excharge. Pathe Exchange A. Patino Mines. .. Penney (J C) (3). Penney (JC) pf A (6) 4 Penn Dixie Cement. . Penn Dixie Cmt pf. Penn RR (4) Peop Gas Ch Pere Marq pr pf Fetrolm Cp of Am(1) Phelps Dodge (2)... Phil Read C&I..... Philip Mor & Co (1).. Phillips-Jones Corp.. Philips Pet (2)...., Pierce-Arrow A (2) .. Pierce-Arrow pf (6) . Plerce Ol pf..... o Pillsbury Flour (2). Pitts Coal Pitts United Corp. .. PRAmTobA (3%). PR Am Tob B rostal T & C pt (1).. Prairie Oil & Gas (2) Prairie Pipe L (15).. P'resseéd Steel Car. .. SadrmmnmnBonm s » B D 0 O 0 1 80 0 160 00 108% 49% 8% L 12 34% 15% Pullman(.orn“). . Pure O3l Pure Oil pf (8) Radlo Corp. Radio Corp B (5). Radio-Keith-Orph A. Raybestos Man 2.60.. Real Silk Hos (3)... Rem Rand (1.60). % Reo Motor Car (80c). Republic Steel Republic Steel Revere Copper & B Revere C&B A (4).. Reynolds Metals (2). 4 Reynolds Spring. ... Reynolds Tob A (3). Reynolds Tob B (3). Richfield Ol s Rio Grande Ofl. Rossia Insur (2 20) . Royal Dutch m1.3404 Safeway Stores (5).. St Joseph Ld (2).... St L-San Fran (8)... St L-San Fran pf (6) St L Southwestern. . Savage Arms (2).... Schulte Retail Stri Schulte Retail pf (8) 1008 Seaboard Alr Line. .. Seab Afr Line pf. . Sears Roebuck 123 . Second Nat Inv. Second Nat Inv pf. Seneca Covper Servel inc. . Sharon St Shattuck Shel] Union Oil Shell Un Oil pf (5%) Shubert Theaters. .. Simmons Co. s Sinclair Con Of (1) Skelly OAl. Skelly Ol pf ()..... Solv Am pr ww 5% .. Sou P Ric Sug (1.40) South Cal Ed (2).... South Pacific (6). South Ry (8). South Ry p€.(5) Spang-Chal pf (6) Sparks Withing (1). Spencer Kellog (80c) Splegel-May-Stern.. ° Stand Brands (1.20) Stand G& E (33%) Stand G & E pf (4 Stand G & E1pf (7 Stand Invest Corp Stand Oil Cal (h23%). Stand Oil EXI‘ ot (5). » NOANREN AR INARN NS N~ E NS o S - T T LT - o Stand Il N ¥ (1,60} Starrett (LS) (12%) Sterling SecA...... Sterl Sec pf (1.20)... S Stewart Symingt Tobacco Tobacco Truscon it K Init nit nit U S Leat U uUs u u v, Wabash Wabash Waldorf West Pa West Pa West Pa Western Western Western Western Western Westing Westing Westing Wrigley vidend rates as Dlymfl':’ll based stock. Tennessee Corp (1., Texas Corp (3) . Tex Gulf Sulph (4). Texas Pac Land Tr The Fair (2.40) Thermoid Co. Third Nat Invest Thompson Pr (2.40) Thompson Starrett. . Tide Water As (60c) . Timken Det Ax (80c) Timken Roller (3)... Transamerica (1). Tri-Cont Corp. Tri-Cont Corp pf (6). Trico Prod (2%) s Truax Traer (1.60) Twin City R Tr (§4). Twin City R T pf (7) Ulen & Co (1.60).... Und-Elliot-Fish (5). Un Carbide (2.60). Un Oil of Cal (2). Un Pacific (10) Un Pacific pf (4). Un TankCar (1.60). . Unit Aircraft. . Unit Biscuit (2)..... Unit Carbon (1)... Unit Cigar Stores United Corporation. Init Corp pt (3). ctric Coal. Init Fruit 4). e Im ( & Im pf (5 ce D W (2 ]S & For Secur. S Freight. . U S Gypsum (1.60) U S Indus Alco (6) S Steel (7).. U S Steel pf (7)... Unit Stores A.. Univ Pic 1st pf (8) Univ Pipe & Rad. Util P&L A (et2. Pac Gas & El. Mar 11 Sales of Stocks on New York Exchange. on the latest ai It of trading les 19 s Pt s yur—no regular rate. TAR, WASHINGTON Stock and Dividend Rate. Sterl Sec cv pf (3)... a4 g6 r:ma. Warner..... Stone & Webster (4). Studebaker (1.20). Sun O] (T1)...... Sun Ofl pt (6) . perheater (234). .. Superior Ofl. Superior Steel. 1 40% .. 308 1041 21 39 1% 84 b% 8% 321 49% 13% 21% 6% on A . » Products. Prod A t95c. o Stl (g1.20).. @ S EDE T R AP PP IY NSTRE IO ® h pr pf (7) USPlpe&F (2)... 4 US P &F 1st (1.20). U S Realty & Im ( Rubber 1st pf. JSSm& Ref pf3lk. % . 897 140'% 137% 4 145% 145% 3 5% 32 3 25% 1% Vanadium Corp (3).. Va Car CI Vulcan Det (4) ‘hem pf (7). RR RR S: Walworth Ward Baking A Ward Baking B Ward Baking pf (7) | 540n 237 10 7 2 5% 187 17% Warner Quinlan. 3 Warren Bros (3) War Bros cv pf (3) Warren Fdy & P (2). 1 Wess Oil & Snow (2) 3 10 37% 40s 45 25% 21% 208 961 908 10615 208 115% EI pf (6). ELpt (7). Pow pf (7). Dairy A (4) Dairy B Mad. Ma v Union (8) AB(2). E&M (5) E&M pf (5) 108 109% Westvaco Chlor (2). Wextark Radio Strs., White Motors (2)... White Rock MS 1414 . White Sewing Mach. Willys-Overland Wilson & Co. .. Wilson & Co A. Woolworth (2.40). Worthington Pump. . 16 (Wm) «4) Yale & Towne (2). Yellow Truck. . Youngs Spring (3).. 10 2% 300.000 12:00 Noon 1.100,000 2:10 P.M given in the above tal . 700 000 1 200.000 le are the anni auarterly or halt-yearly JPartly extra a ock” 4 Pavadie " wh us 8% in stock. g Pl { Pl K Blus 3% i coe: BUSINESS 0UTLOOK IN VARIOUS LINES Indications in Different Indus- tries Summed Up in February Resume. Current indications of the trend in various divisions of industry and trade are summarized by the Standard Sta- tistics Co. from its 1st of February resume of the outlook for important lines, as follows: Agricultural machinery—A moderate near term seasonal machinery demand is expected. Manufacturers’ inventory position is relatively good. Aircraft—Production schedules will, of necessity, continue restricted during the major part of 1931, Apparel—Profit margins of manufac- turers remain narrow and earnings will undoubtedly ‘continue at a low level. Some expansion in hoslery sales is in- dicated as the year progresses, Automobiles—Continued gradual ex- pansion of activity is expected over the next few months, although only & slow improvement in retail auto sales is likely. Automobilé parts—Additional gradual expansion of activities is probable over the next few months, but no early at- tainment of levels comparable to those m"&% the first months of 1930 is ex- pected. Automobile tires—Little is promised in the way of fundamental earnings im- provement, at least during the near term futur Buflding—Residential building now gives indication of approaching a level where stabilization may be effected. Several especially favored branches of the commercial and industrial build- ing divisions may -equal the peak level of last Spring. Chemicals—Earnings in the welding supply and sulphur trades should con- tinue to compare quite favorably with egate corporate profits. The in- industry should re- exchange made|port somewhat improved operating re- sults during the near future. There is little evidence to suggest that opera. tions in the severely depressed divisions wlll undergo early improvement. rther operating losses will pmubly be witnessed in the bituminous trade during the least. No substantial recovery in t{h{ulu.demlnd s likely over the near uture. Copper—No sharp and sustained im- provement in either foreign or domestic demand is expected in the near term. Cotton—Earnings of cotton goods companies for their curfent fiscal riods will, on the whole, be less satis- tory than for many year: Electrical equipment—Operations for the entire first quarter will probably reveal a slight aggregate improvement, in com with the 1930 Y P than technical ral- | may part of 1931 at| yea: final | actually available. lies in domestic wheat prices during the early future. Indications that the corn market is tending to divorce itself from | the wheat situation, suggest that corn | prices should trend moderately higher during the early future. Fertilizers—Current fiscal year's in- come of even the most favorably sit- uated concerns, will be at least mod- erately smaller than .in 1929-1930. Food products (other than meat)— The food manufacturing companies en- ter 1931 with the outlook that the cur- rent 12 months will be propitious. There is no present reason to fear that the lead! dairy organizations will not fare as well as in 1930. Bread bakers will probably improve upon the poor show- ings of 1930. Household products—For the group as a whole the outlook continues any- thing but promising, with only a few producers_registering profits expansion. Lead—Earnings of both lead and zinc companies for the first half of 1931 will very likely be considerably below those of the corresponding period of 1930. Leather—Inventories of shoe manu- facturers have been reduced and cash positions strengthened, leaving com- panies well situated to take advantage of any improvement. Machinery—Although further —sea- sonal betterment is likely in months di- rectly ahead, aggregate trade income for the first half of 1931, is expected to gn;? somewhat below the June, 1930, alf. Meat packing—Taken as a whole, prices of llve stock and produce should now begin to show greater stability, with a fair possibility of higher aver- age levels over the near term. Office equipment—With substantial improvement in business conditions un- likely during the near term. at least. manufacturers’ <arnings will probably be rather disappointing during the next few months. Paper—A further drop in the earnings of most concerns will probably be regis- tered in the early months of the current year. Petroleum-Profits will undoubtedly continue at current minimum levels during the early months of 1931. Radio—In general, set manufacturers are in a sounder position than at any previous time in the past two years. Railroads—Monthly comparisons of 1931 net operating income with a vear earlier should show the best results for many months. Rallroad equipment—Owing to great- ly reduced backlogs of unfilled orders, | but slight improvement in earnings is likely during the early part of 1931. Rayon—Earnings in the first quarter of 1931 will probably show a compara- tive decline fully as large as that regis- tered in the full 12 months of 1930. Retail trade—Profits for the initial quarter of 1931, in nearly all cases, will be Jower than a year ago, but: increas- ingly favorable sales comparisons with a year earller may be expected as the I progresses. Rubber—Sustained price appreciation in the near term is an unlikely develop- ment. Shipping—Both nger and freight receipts will show only moderate expan- sion during the early future. Favorably situat d Atlantic seaboard yards will undoubtedly b~ able to_maintain profits | at_the saticfactory levels of 1930. Si'’k—It is probable that some earn- | ings will be reported in the current | .fimr, though they will be strictly | ited by the small volume of business Steel—For the first quarter a level of income but moderately above that of miq:w&hly three months S8 _wa—mafi“:-—;w Sugar—No more than a gradual and moderate increase in the price of raw sugar is expected at best. Theaters—Recent trend of box office receipts has been toward higher levels than those of late 1930 and several ele- ments of improvement in the situation are evident, Tobacco—There seems no reason for any sharp decline in cigarette pro- ducers’ profits during the current half of 1931. Cigar industry profit will prob- ably fall somewhat below ‘those of the June, 1930, half. Utlllue&—!fi!nlnn of electric com- panies will show no marked con!nu in either direction as compared w; turns for the first and second qulmu of 1930. Sales and earnings of manu- factured gas companies are not expect- ed to reveal normal. Expansion in telephone reve- y marked deviation from | Commer D. C RECOVERY IN BOND MARKET RESUMES U. S. Group Registers Ad- vance as Unfavorable Reports Subside. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, February 5.—Bonds continued their recovery today in mod- erate trading. So far as United States Government long term issues were con- cerned, the market was so confident of the shelving of any large bond flota- tion scheme for cashing soldiers’ bonus certificates that most of the active bonds of this group recovered to within fractions of their best levels of the year. ‘Time money made no adjustment to the recent weakness in bankers' accept- ances and 90-day loans were still quoted &t 115 to 1% per cent, though the mar- ket is again flooded with funds and a lower rate could be made effective. 1 | This fact is, however, that demand for bonds at any price has been so slow that the money market is indifferent to the investment market's small needs. Volume was under that of Wednesday, The widest gains in Governments were in Treasury 4'(s, 3%s and 3%s, all of which improved % to % eof a point. Liberty issues gained about 1 point. High-grade corporation bonds that improved fractionally were: Amer- [fcan Telephone 5s, Atchison General 4s Brooklyn-Manhattan Transit 6s, Ca nadlan Pacific 4s, Humble Oil 5'¢s, Na. tional Dairy 5';s, Nickel Plate 41.s, Philadelphia Co. 5s, St. Joseph Rail- way, Light, Heat & Power 5s, Southern Pacific 4'¢s, Standard Oil of New Jer- sey 5s, Union Pacific 4%%s and Youngs- town Sheet & Tube 5s. Second and third grade issues were also strong, with a few exceptions. Those that improved included Alle- ghany Corporation 5s, American Inter- national 5%¢s, American & Foreign Power 5s, Armour of Delaware 51lgs, Chile Copper 5s, Colon Oil 6s, Erie 5s, International Cement 5s, International Hydro-Electric 6s, Inter: 6s, International Paper ‘Telephone 5s, National Radiator 6158 and Shell Union Ofl 5s. On the other hand, the buying of Hudson Coal 5s, which had been a fea- ture for a few sessions, dried up. and the price dropped 2 points. McKesson & Robbins 5155 were off a point, losing all of Wednesday's advance. Warner Brothers Pictures 6s, under pressure with the stock, lost !, point. Mobile & Ohio 5s continued their de- cline to a level nearly 19 points under their offering price of a few wesks ago. Missouri-Pacific 5s of various series, were fractionzlly firmer following the ordering of a special clearance in ‘the new issue of 5s recently listed. Florida East Coast 5s advanced to' a price 2 points above their recent low. Washington Stock Exchange SALES. W:shlngwn Rwy. & Elec. 45—$1,000 at Cl‘pltll Traction €o.—10 at 40, 3 at Wlshmflon Rwy. & Electric pfd.—10 at 9815, 10 at 981, Columbia Sand & Grlvel pfd—6 at 86. Merchants' Transfer & Storage com.-— 10 at 100, 10 at 100, 10 at 100, 10 at 100. Mergenthaler Linotype—10 at 89. National Mtge. & Inv. pfd.—40 at 5. AFTER CALL. Barber & Ross com.—25 at 1114, Capital Traction Co.—10 at 40, 10 at 40. Anacostia & Potomac R. R. 58 Guar.— $1,000 at 95. Bid and Asked Prices. BONDS. PUBLIC UTILITY, Amer. Tel. & Telga. 41a 33 Amer. Tel G Was. Ry “Bee, msclu.nnlou& Barber & Ross, Inc. Chevy Chase Clul ountry cma Sias. 3 Wask. E0s. STOCKS. PUBLIC UTILITY. ®) & &' W Benmbont (112).. . Elec. Power 8% pid, Fiec Power 87% b Waih. Rwy. & Elec. Wash: Rwy. & I prd. (5" NATIONAL BANK. Capital (14).. Columbia (13} (stamped) (10 nues will probably be extremely small | F5&A™ during the six months of the current half year. It is unlikely that improve- ment in telegraph and cable profits will | g be_witnessed during the near future. ‘Wool—Cloth sales will doubtless con- :lnut relatively slow during the early uture. HUGE PENSION PLAN PRAISED IN STREET gz Standard 0il of New York May Be Pioneer in New Retire- ment Scheme. Special Dispatch to The Star. NEW YORK, February 5.—Wall Street observers who day by day feel the pulse of the financial district and the indus- trial arteries stemming from it, ex- a (98 Washington (i3} TRUST COMPANY. & Trust Co. (15). Union Trust (8s Wash: Loan & Trust (14). SAVINGS BANK. Bank of Bethesda (6%) . Gommerce & Saving: Security Seventh Blr-el o1 United 8 Saihineion Mocn FIRE INSURANCE. American (12) Corcoran (101 Firemen's (8) National Union’ {i| TITLE INSURANCE. Columbia (6h). Real Estate (6h) Title & Inv. Co. MISCELLANEOUS. Barber & Ross, Inc, com, Oor nda 00 0 pressed the conviction today that a|D: milestone in American industrial or- ganization has been marked by Standard | Pe Oll of New York’s announcement of its new pension plan. Before 1931 is ended, it is predicted, some of the biggest corporations in the country will greatly revise their pension plans, making the retirement age earlier and other provisions more liberal. All this is in line with the mechanization | of industry. Standard Oil of New York’s plan will provide pensions for 45,000 employes at a cost of several million dollars annual- ly. It is the largest pension plan ever undertaken by an individual industrial organization. The retirement age for men is set at 65 and for women at 55. ‘The pension ap, imates 2 per cent of an employe's total pay .after joining the plan and present employes will be given an additional annuity, at no cost to them, equal to 2 per cent of their 1930 pay for each year or prior service. Thus an employe in service 35 years would get up to 70 per cent of his pay on retirement. BALTIMORE PORT ARRIVALS. BALTIMORE, February 5 (Spe- cial).—The maritime exchange reports 234 arrivals _ during_ January, increase of 13 over December. ing the month there were 172 arrivals under the American flag, tnelum two schooners and three steamers be Arrivals in nnulrv 1“0- 266, or 32 more than last month. Lanston Moriotype ( Mer. Tr. Real orage (de). Becurlu 8t - 15 ] (1:50¢ 5 K 07" i3’ W. Mec] Wlflg “Pddk Woodward & Lothrop pia. 1} {Ex dividend. et NEW YORK BANK STOCKS NEW YORK, February 5 (#).—Over- the-counter market: Bid, . Asked. America . og 6 Bkof US Chase Chat o] ] Fifih Ave. First Natl N Man Peoples Natl. Bankers Washington Loan & Trust Co.—2 at 440. | THURSDAY, FEBRUARY 5. 1931 [ BO Received by Private Wire UNITED STATES. (Sales are in $1.000.) ul-. High Low. 10120 10112 102 26 10216 03 21 103 13 0220 102 13 1033 10212 10524 105 14 107 24 107 20 112 11116 FOREIGN. Sales. High. Low. Ciose. 26 7 86 84 105 20 107 24 111256 Argentine May "61. %3 Argenti Argentine 65 B '58.. Australia 4 '56. Australia Australia 5s Austria 78 '43. Bk of Chila 63857 Bk of Chile 6%8 61 Batav Pet 4158 42, Belgium 6% '55. ... Belgium 6158 49 Belgium 78 '35 Belgfum 78 *5 Bolivar 7s '58. Bolivia 7s ctfs Bolivia 8545 Bordeaux v Brazil 6148 °26. Brazil 618 °27. . Brazil 7 Bremen 75 '35. . Canada 5s 31 “olomb 6s Jan Con Pow Japan 7 Copenhag 41 Copenhag 5% Czecho 8s°51. . Denmark 4145 '62. . Denmark 534 *65. . Denmark 65 '42. ... Dutch East I Mar. . Dutch Fast I 68’47, Dutch East I Finland 6s *45. Finland 7s 50, Fram I D 7% French 7s 49 French Gvt 734841 b4 Gelsenk'chen 6534 17 5 Hungary 7%s"44. .. Irish Free St 55'60. 6 Ttaly 7s '51. Italy Pub Sv 78 52, Japanese sng 65. Japan £ Jugosl Bmk 7857, Karstadt 6543 Kreug & Toll 58 ‘59 Lyons 6s'34.. . Marseille 6s34. ... Mex 4s asstd 1904. . Mex 4s asstd 1910. . Milan 6%8°52..... Netherlands 6s°72. 5 103% 98 1Y% 931 10414 9 TWay 58 '63. rway 548 '65. \nrwly 6s* Norway 6844, Norway 6s°'52. Orfent dev 5145 '58. Orient dev 63 53 Paris-Ly M 6s 58 Paris-Ly M 7s'58. . Paris-Oi Peru 65 '60. Peru 6s '61. Porto Alegre 85761, Prague 7%s '52. 1 anlund 78°41 | Rhinelbe is ‘46 :Rhine West 6 ‘40 rets. Sao Paulo 85 '50. Serbs-Cr-818 Solssons 6s Sweden 5% s '54 Swiss5%s'46. Tokio 5%s 61. Utd King Uruguay Urugua; Vienna 6s % 101% 101% 100% 100 100% 100% 83% 83 99% 991 91 9014 35 32 10214 102% 104 104 127% 126% Allis-Chalm §s Am Chain 6s '33. Am Cot O db &s 'Il Am Sug Ref 6s'37. . Am T&T cv 438 '39 Am T&T 68 65, Am T&T c tr 58 '46. Am T&T 555 £'60.. Am T&T 5343 43 AmWat Wk 6s°75. . Am Wr Pap 6s'47., Arm & Co4%s'39. . Arm Del 5155 '43 At Gulf 5559 At Ref deb 5s Bell Tel Pa &5 B "48 Bell Tel ’a 53 C '60. Beth Steel pm 55'36 Beth St rf 5s " Bk Ed gn A 6 Cert-td deb 5% Chile Cop ab 5: Colon Oil 68’38 Col G&E G Ma. “om Inves 53 Com Inves 65 4 C C Md 18t rf 55 '50. Con G N Y 61545 lonsum Pow 52. C Am Sug col 8s 31 Denver Gas 58 '51. . Det Ed G&R4 %861 Det Edison 55 °40 106% 106% 109 108% 104% 104% 68 68 90% 89% 107% *107% 12, 112 102% 102% 1031 108 105%. 105% 35% 35% 95 94 62% 6214 984 9Tha 95 95 1045 104% 274 S 104% 98% 98% 101% 101% 101 100% 105% 1054 105% 105% 8 89 1034 102% 30 30 81% 81 103% 102% 94 941 71 0% 68% 68 99% 99% 88% 8% 57% 57 101% 101% 102% 102% 105% 105 96 96 96% 96% 90% 90% 9% 90% 95 9 78 6% Dodge Br cl 6s " Duquesne 4%s Kast C Sug 7148 37 Gen Cable 518 "47. Gen Motors 6s'37.. Gen P Sv 5%s5 ‘39 Gen Th Eq 65°40. .. Goodrich cv 65 °45. - 2 EalCean advanlo nrarmuwbobe ~omoa - ©_© Goody'r Rub 58 57, Hoe & Co 6%438'34.. Hum O&R 5343 '63. NIBTIistpt5sA.. Inland St 4%s 78 Int Cement ™ mJacmn Bne Int Pap 55 A *47 Int T&T ov 4348 '39 IntT & T 58'55... KCP&L4%s'57.. KanG & E 4%s '80. 101% 101% 11 94w 94% 12 103% 103% 2 103% 108% 102% 102% 1201 120% 105 105 99% 99% 93% 934 93 2 107% 107% 107% 13 103% 103% 103% 26 80% 80 1 10 Loew's 6s ex war Lor'llard 5%« '37 Lorillavd 7s '44. Lou G & El 58 '52.. McKes & R 58 '50 Mont P db 5s A 100 100 100° Mont Pow 58 "4 104% 103% 103% Nat Dairy 5% 09 1 100% 100% 164 15% FINANCIAL. Direct to The Star Office Nor Am Ed 55 '63 NorO T & L 65 '47.. Nor St Pw 5s A '41 Nor St Pw 6s B '41. PacG & El 5s'42... Pac T&T ref 58 ‘52, % | Pan-Am Pet 63 '34. Paramount 6s '47.. PubSv G U/n‘C'l ‘ Pub Sv G 418°70.. Pure O11 5%5 '37... Rem Arms 6s A '37. Rem R5%s8 A '47.. Kich Ofl cal €5 "44.. Shell Un Ol 58 °47. nelair Oil 618'38 Sme O 7scv A’ Sinc Cr O 5% Sinc P L 58 Skelly Oi1 5% Solvay Am 58 ‘42 Sou Bel T&T 58 "41. SW Bell T 55 A "54. StOIINJI68'46.... 1 StOINY 4%s 51, Tenn E1 P 65 A *47. Tex Corp cv b8 "44.. Unit Drug ev. U S Rub 1at 6547, Utah P & L 65 "44. . Utll Pow 5859 ww. Utll Pow 5%s'47... Warn Br Pic 6539, Warn Quin 6s°39 Warner Sug 7= '41. West Eldeb 5s 44 West Unlon 58 West Un T 6345 '36. Wil & Co 1at 6541, WInRA T%s'41.., YRStn Sh&T 5s'78. 17 RAILROAD. Ann Arbor 455 3 80 Atchison gen Atchisev 4%s n.. B&O4s'48... Blocvav.s'u 4% 5 99 3 1184 Bos & Me 58 '55 Bos & Me 55 '67 Bklyn Elev 6 Bkiyn Man 63 '68. . Bklyn Un 1st 58°50. Can Nat 414854, .. Can Nat 438 '57... Can Nat 435 '68... Can Nat 4% s '55. .. Can Nat 58 July '69. Can Nat 58 Oct '69. Can Nor 6%5 db 46 Can South 58 Car Clin & O 55 *38. Cent of Ga 5% 3°59. "htu Corp 58 '47.. Chi & O gn 4 %892, Chi& O 4158 A°93. Chi&O4%sB'95.. CB&Qegends’s8.. C B&Q 1strf 5871, CB&Q I1dv 315849 Chi & Eas 111 58 '51. Chi Grt West 45 '59 Chi In&L gn 3s Chi M StDEP 3815 By Chi M & St P adj 5s. 49 Chi & NW gn4s'87. 3. Ch&Nwn 41492037, ChiN Wat4%¢’37 - 8 Chi& NW eon 4%s. 17 Chi & NW 63483 Chi Rwy. I 34 104 ChiR1cv4l%s°60. 40 Chi RI&P44sA. Chi Un St 58 °44., .. C& W Ind 5%s '62. 1 12 CCCAStL4%s E.. 4 35, Colo & Sou 43 '80. 12 Con Ry 433 st '51.. 10 Cuba R R§8'52....° 6 Cuba RRrf7%s°'3¢ 5 Cuba Nor5%s'42.. 7 Del & Hud rf Erie con 4s A '53.. Erie Gen 4s Erie cv 58 '67 Erie 58'75 Erie & Jer Fla E Coast 5s 'T4 Fond J&G 4%s'52.. Grt Trsfdb6s'36, Grt Trunk 7 Grt Nor 4348 Grt Nor gn 5% s 5! Grt Nor gen 75°36.. 15 Hud & Mrf5s 111 Cent 4%, 5 "66. ... 111 Cent 6155 '36 111 CCStL&N 4%s.. Int Rap Tr s Int lm & G N ad s. lowa Cen lat 55738, Kan CFtS&M 45’36 Kan City Sou 35 '50 Kan City Sou 53 50 TLake Shore 45 '31 Leh Val 53 2000 Long Isi rf 454! ng Isl db 5s " & N uni 4s'4 L & N 5s B 2003 Manh Ry 1st 4s '90 Man Ry 2d 4s 2013, Mich Cen 4% s Mil E Ry & L 58 61. M StP&SSM con 4s. M StP&SSM 6%s. MK & T 18t 45 ‘90 Rooes naSonan —aaxd Mo Pac gen 4s 75 Mo Pac 53 A '65 Mo Pac 58 F *77. Mo Pac 58 G 78 Mo Pac ref 5s'81... Mo Pac 5%scv 49, Nassau Elec 45 '51. at Ry M 4348 '57 N&T&M5s B 54. NYCgn3is’97. N Y Cent ab 4534 N Y Cen4s'98... N Y Cent 4%s 2013, NYCreim bs 2013, NY Cent db 6435 NY CLS ¢l 3%;: NY CASHL, 473878 NYC&StLG%sA NYC&StL6s 32, NY NH&H 45 '55. .., NY NHEH 45 5 Mrmuiruh'u. NY NH&H cv db és. NY O&W 1at 4592, NY Rys6sA (7T Nor? South 58 ‘4 Nor & Wn ev Nor Pac 48 ‘97 Nor Pacri 6 Oreg-Wash.4s, IOIB(\ 114% 102% 106% 111% 102% 106% 103% 106 103% 107% 9% 107 9814 e 70% 101% 2% 8% 69 68 1n7m% 874% 100% 98% 104% 101 i 101% 9714 904 41 67% 104'6 104% 100% 104 103 4 106% 108% 101% 94 101% Y 104% 57 47% 102t 100% 561 T4 4“ 9 974 98% 8% 76 5% 80% 807 109% 28 27 106% 110% 97% 109 110% 99% 874 S’I% 108 w54 0 69% 20% 70 15 97% 79 100 100% 104% 9274 101 98% 104% 57 47% 103 1009. 88% 99% 1+ ) 1924 1 95 94% 943 943 95 984 52% o3 93% 86 100% ‘96% 103 101% 851 93% 115% 43 50 2% 97% 4% 9874 102% 98W 105% ‘110 0F STOEKS SHALL Popular Shares Are Beino Steadily-Accumulated by Fixed Trust Interests. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, February 5.—That the floating supply of a dozen to 20 promi- nent industrial, public utility and rail- road stocks is being steadily reduced through purchases by fixed trusts is bes coming daily apparent. Something of the same situation de« veloped in 1929, when the management trusts and the trading corporations concentrated their buying power on the “blue chip” issues and bid against each other for them, with the result that they sold at greatly exaggerated prices. Holdings Are Large. The portfolios of the 100 or more fixed trusts that are now in operation, of which probably a score represent the major part of the $400,000,000 to $500,~ 000,000 publicly invested in them, look much alike. They include the most representativé members of the three major groups of stocks and together are regarded as the most satisfactory cross section of the general market list. They " | have been selected on their record for earnings and dividends and for the pos- sibilities that each individual issue holds ou_ln.fnr" Iuture‘nppreclntlnn e trusts of the fixed type are bel organized datly. Several mave ea‘:g into notice recently that are sponsored by prominent New York Stock Ex- change houses and by investment firms, They have been set up in to & public’ demand for an investment st & comparatively low unit prlc: which has a diversified character an mgued to represent the best Judlmtm the directors. with respect to stability price. and continuance of dividends. The feeling is that the fixed trusts will be popular so long as markets are in their present unsettled state. With & return to something like normal condi- tions, the public may be e: to make its own selection of ividual stocks and try to get the most of them rather than restrict its investment to 4 | popular shares. a composite list. Character of Holdings. Recently a compilation has been made a Stock Exchange house of the holdings of & group of 30 general man- agement and fixed trusts. This shows the degrees to which yurchuu have been concentrated in a select list of It also indicates how much ter umounu have been placed in meelne issues by fixed trusts and by those of the management t!‘:' For maunce fixed trusts 70,000 shares of Atchison v\llen’x:nhholnmme‘dh'um !1“;2 none in the management trusts. holdings of New York Central by the fixed trusts are more than double those in the management trusts. The same i§ true of -Pennsylvania shares, which amount to 86,000 in one case and 490, m in the other. Mfl:{ - the management trusts. They hold over 105,000 nhnu of Gen= eral Electric against 92,000 shares management trusts, and nufl'y 113,¢ shares of North American Co. stock, or nearly 10 times as much as that by the older companies. United Gas Improve- ment s;oc;ul_ln”u;ze;u:: over 74,000 shares by ently none shown in the porflow ent trusts nl.nt industrials like Steel nom.mun are four times larger in fixed trusts than in the management trusts. In West- inghouse Electric, the figures are 65,168 shares for the fixed trusts and 19,300 for the management trusts and in Wool- worth 64,403 shares against 31,000. Common Stocks Popular. ‘The portfolios of the fixed trusts are nearly all composed of common stocks. Investments in preferred stocks and in bonds are insignificant and rare. The effort of the managements of the newer trusts has been in two first to take advantage of the low prices of stocks and either the portfolio to shares of low to pmvlde for nquldat.lvn of trust within a few. years, an d, to re- duce the so-called “lolfl" vlhlel the mhmmmltmumtom and which in n mdwbenvnxnomgereem amhu been ‘higher. (Copyright. 1931.) known to be mucl POTATO MARKET. CHICAGO, February 5 (#) (United States Department of Agriculture).— Potatoes—Receipts, 103 cars; on track, 255 cars; total U. S. shipments, 711 cars; about steady; trading slow; sacked per cwt., Wisconsin 145; few, 1.50a1.55; xa;ho russets, No, 1, 1.7081.75; 1.80a1.85; No. 2, 130a1.35; Co McClures, 1.7581.90. Penn 6% & Penn O&D 4% s Pere M 1st 45 '56 Pere Mar 4%s Pere M 1st 53 ‘56 Philippine H P CC&StL Por R L&P 6 Read gn 4% 8A997 . Read Jer Cen 45 ‘51 Rio Gr W clt 48 49, RIAr&L4%s'34. StL&SF gen 5s'31 StL IM R&G 48'33. StL&SFin4sA StL&STF 4%8 78, St L&SF pr in§s B. St Li Ir M'nt 6831 StLS Wev 45’32 StP&KCSL4 §tP Un Dep 5872 Seab A L 45 st '50. Seab A L cv 2245 Sou Ry Sou Ry Sou Ry fl&l 5 Sou Ry M&O 4s°38. Ter As St L 45°53. Tex & P 1st 53 2000. Tex & Pac 58 B'77. Tex & Pac 5s C'79 e © o 2 ooRARtanlnaalenBBen ruen aBunlan o e w0 = oe ird Av rhlrdAvuus- 0. Un Pac rf 4 Un Pac 4% Va Ry Ist bs Va Ry & Por Wabash 6s D ‘80 Wabash § West M haLEe s anans v Baa 5- »