Evening Star Newspaper, December 12, 1931, Page 15

FINA o e NCIALS THE EVENING STAR. WASHINGTON, URBISSUES DROP INACTIVE SELLING Markets Weak as Utilities! and Oils Sink to New BY JOHN A. CRONE. Bpecial Dispatch to The Star NEW YORK, December 12.—Weak | from the start, with pressure directed especially against the public utilities and oils, today's curb exchange ses- sion was more active than usual for| & Saturday i Electri> Bond & Share, Middle West | Utilities, Electric Power & Light, Niag- | ara Hudson Power and other power and light leaders dipped to new minimum | marks for the year. Cities Service was down only fractionally Gulf Oil touched 32, as against :t ing price Priday of 37}, and a I 755, earlier in the vear The market was unsettled at the start | by the omise on of the regular common | quartorly dividend of 37'; cents on Gulf ot ch is one of the two larg- | est oil companies in America outside of | the Standard Oil group. It ranks as| the third largest crude oil producer in the world, being exceeded cnly by Royal | Dutch and Standard Ofl of New Jersey In explaining their action, which came as a complete surprise to stock- holders, Gulf Oil directors said the omission was deemed prudent in view of “existing business conditions Always regarded as “over-conserva- | tive” in dividend matters, Gulf Oil has | led the miscellaneous ofl stocks because of its earning power. Lest year, & poor period for the oil industry, Gulf Oil Teported net of $2.35 a common share, after making inventory adjustments amounting to $2.75 a share. In 1929 it earned $9.83 a share. Despite years of large profits, the company never paid more than $1.50 dividends, reinvesting the profits in properties. In June, 1930, the company brought out $60,000,000 of Union Gulf Corpo- ration collateral trust 5 per cent bonds o construct a pipe line from the mid- continent to refineries at Toledo, Cin- cinnati and Pittsburgh. The indenture provides that collateral of these bonds must at all times have a market value of at least 130 per cent of the prin- cipal. Collateral behind the bond in- cluded 60,000 shares of Pittsburgh Plate Glass, 140,000 shares of Alumi- num Co. of America, 60,000 shares of Pittsburgh Coal preferred, 30,000 shares of United States Steel common and 200,000 shares of Pullman, Inc. On the curb market Aluminum Co. of America this year has had a range from 224 to 5515, Aluminum Co., how- ever, has a rather limited floating sup- ply, as most of the stock is controlled by the Mellon family. The stock es- tablished a new low today. | Pittsburg Plate Glass stock has weak- | ened recently after moving down slowly from a high of 427 to & low around 18 Pittsburgh Coal, like other stocks in | that industry, has suffered from the de- pression. The oils weakened, not only because of the dividend action by Guif Oil, but also on the growing belief that drastic curtailment must be made immediately in oil refinery operations, which are above those of & year ago. Hurble Oil eased to a new low for the year. Stand- ard Oil of Kentucky was off less than some others, because its territory in- cludes a large portion of the South, where seasonal influsnces do not retard motor touring at this season. Imperial Ofl, Creole Petroleum and International Petroleum were dull, but inclined to heaviness Glen Alden Coal and Lehigh Coal & Navigation were both fractionally lower Among the specialties A. O. Smith Cor- poration, Safety Car Heating & Light- ing and Singer Manufacturing reached new minimum price Jevels, as did Ford Motor of Prance, Ford Motor, Ltd; Hiram Walker and Prudential Investors CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. gh of NEW YORK, December 12—The fol- Jowing is a summary of important cor- poration news prepared by the Stand- ard Statistics Co. Inc., New York, for, the Associated Press News Trend. Brokers' loans declined for the four- teenth consecutive week, reducing the total to the lowest figure since Sep- tember 7, 1921. According to the re- port of the Pederal Reserve Bank of New York, loans decreased $30,000.000 in the week ended August 9, to $690,- 000,000. Loans by member banks for their own account declined $15. ')nfl.(lflv'l‘ and for the account of out-of-town banks were $15000,000 lower, whilz there was no change in loans for the | account of others The Companies. Chicago Flexible Shaft net for 1931 expected to exceed 98 cents a share earned in 1930; seles higher Consolidated Mining & Smelting of Canada. Ltd, deciared extra dividend | of 5 per cent in stock and $1.25 semi- annual cash dividend Gray Telephone Pay Station of Hart- ford November sales 16 per cent above | 1930 month; has over $525,000 cash on d ernational Printing Ink 1931 sales | expected to approximate $12,000,000 International Telephone & Telegraph declared 15 cents dividend; paid 25 cents October 15 and 50 cents quarterly | piior thereto | National Cash Register had $32.130 | net in October and small loss from No- vember operations. National Sugar Refining cuts refined sugar price 20 points to 4.20 cents a | pound Parke, Davis & Co. declared exira and 25 cents quarterly dividends; paid 10 cents extra September 30 | Singer Manufacturing Co. declared | 82 dividend: on September 30 paid $2.50 | quarterly and $1 extra dividends, | -Continental Corporation — Com- in answer to shareholders' suit | king to restrain carrying of | ges adopted by stockhold- | stated that all facts in connection 1 vote on questions were legal: also generally denied all all mated that 1931 net 3 ceed preferred dividend requiremen £145,000 20 cents end unity Water Service $7 pre- ngs, 12 months to | June 30, $15.21 | First National Stcres' sales four | weeks ended November 21 off 1.6 per cent: 34 weeks, off 1.6 per cent Jones & Laughlin steel plants op- erating at 27 per cent Montgomery Ward & Co. cuts truck | tire prices 10 to 15 per cent | National Steel — Plants operating sround 40 per cent <f capacity; No- vember operations averaged 42 per cent of capacity Parmelee Transportation deficit nine months to September 30, $524,303 vs net income before extraordinary losses charged to surplus, $70,564 Sears, Reebuck & Co. cuts truck tire prices 10 to 15 per cent Southern Railway passed preferred and common dividends; paid $1.25 on preferred shares October 15 and $2 on common shares August 15 Western Maryland Raflway 1931 gross income expected to exceed fixed charges by about $900,000. Buyers representing a number of the larger stores throughout the country are expected to be in the New York market next week covering coat needs for| January sales. The volume of such business placed by buyers this month was said to, be below that of the same Sme last yéar. NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. Stocks sold In 100-share lots excent those desirmated by letter “s." re Sales— High. Low. ividend Rate. 95 5% Adalis Mill 1st pf(7) 258 19% 14 Agfr Ansco 7 1 % Alr Investors vte 10 % Allegheny Gas Corn. 2 10 Allied Int Invevpf 2 68 AluCoof Ampf (6). 214 Alum Ltd B war.. 10 Alum Goods (1.20). . % Am Rritish & Cont.. 75 Am Cigar Co pf 19% Am City PAL (A) a3 2 AmCit P&LBbH10% 1% Am Com P A (b10%) % Am Corpn (f30c).... X4 Am Cvanamid B, % Am Dept S‘pres. . B4 Am Den Stfs 15t 87% AmDT N/ cvof 2% Am For Paw war 1 Am Founders . 324 Am Gas & Flec (t1). 21 Am Invest Inc (B) » Am Invest war..... 20% Am Lt & Trae 12%) 40% Am Mfz Co pf (5) % Am Maracaiho. . » Am Natural Ga: . 2 Am St PuSv (al1.60). A% Am Superpower BR Am Ruperp 1=t (8),, 50 Am Superp pf (8) Am Uti & Gn B vie. 1% Anchor Post Fence. . % Anglo Chil Nitrat s Apnalachian Gas 21 Arkansas Nat Gas, 2 Arkans Nat Gas A 8% Ark N G cu pf (80c) 5 Asso G&E A(b2-25) Yy Asso G & F pur rts 16 Asso Tel Tt (b8%) 2 A1l Coast Fish 3 Attas Plywood ki Atlas [7t1) Corp 1% Atlas T7tilities war Auto V Ma ev rrpt 2 2 Aviat 8cc of N F 834'% Axton =h To A 1'% Blne Ridze Corp 2 Rlue Ridgs cv nfia3) Rrazil Trac Lt&P(1) Brit Celanese rets. .. 1 Buff N&EP pf (1.60) 3 % Bunker Hill & Sull.. 200s 24 Butler Bros..... 2 14 Bwana M Kubwa 10 % Cable Radlo T vic... 15 1 Canadian Mareoni 30 19 Celanese Corp 1st pf, 50n 1% Cent Puh Sve A hi%. 11 1% Central States Elec.. 10 7 Cent&Swn Ut (b7%) 2 Cenirifug Pipe (60e) 3 Cheseborough (1615) 2 Cities Service (g30c) 123 Cities Serv of (8) 4 CitSvypf BB (6).... 108 Cit SV P& L pf (7)..2008 Clev Ei lllum (1.60). 5 Col O11& Gas vte . 1 Colum Ple v te t75e. 1 Commwith Edison (8 25s Cmwith & Sou war.. 41 Consol Auto Merch.. 1 Con Gas Balto (3.60) 13 Consol G Bpf A (5). B0s Consol Royal (20¢).. 5 Cont Shares cv pf... 1258 Cont Shares pf (B).. 25a Cooper Bess pt (A).. 11 Cord Corp. Corp Sec Ch (b6%). . Corroon & Reynolds. Corroon&Rey pf(A). Creole Petroleum Cresson Consol (4¢). Crown Cent Petrol. . Cuban Cane pr opt w, Curtiss Mfg Co (A).. Curtiss Wright war. Cusi Mex Mining.... Dayton Air & Eng Deere & Co De Forest Radio. Derby Oil Refining. Duquesne Gas. ..... Durant Motors. ... Eagle Picher Lead. . Bast G & ¥ Assoc st Utll Inv A, Eisler Electric. ..... Elec Bond&Sh (b6 % ) Elec B & Sh cu pf b.. Elec B & Sh pf (6)... * Elec Pow Assoe (1). Elec Pow Assoc A (1) Elec P & Lt op war.. Shareholdg (b6% ) Elec Sharhldg pf (a6) Empire Pwr pt(2.24) Europ E Ltd A (60c) ns Wallow Lead. Ex-cello Air & Tool Fairehild Aviation. Fajardo Sugar. Fedders Mfg Co A. Flintkote Co A. ... Foltis Fischer Corp. Ford Motor, Can., A. Ford Motor, Can., B. Ford Mot Frn 37 %c. Ford Mot Lid 36 3-5¢ Foremost Dairy pt Foremost Fabrics. Fox Lheater (A). Gen Aviation. . GenE Ltd res 36 3-6c. Smpire (1).. Gen Theat Eq cv pf Glen Alden Coal (4). Globe Underwr (15¢) Gold Seal E Goldman § Goth Kni 1 ) 2 2 23 1 2 2 o moaasanie =200 wers 2 0 3 (Y01 JUPPOR -{IPUaroTg; -1t Jovepursy ol 2, ack Mch. Corp (1).. Cea nv (1614) GUAt&Pac Tea pf(7) Gulf Oll of Pa (1%). Happiness Candy. ., Hazeltine Corp (1), , Hecla Mining (40c). Helena Rubenstein, Hudson Bay M & 8., Humble O1l (1213, Huyler Strs of De| HydroEiec Sec(1.20) Hygrade Food Prod. Imp Otl of Can (50¢) Insull Inv (b6%). .. Ins Co ofNo Am 12% Insurance Security., Intercontinent et n Intercont Power (A) Int retroleum (1) Int Products. . ... 9% Int Superpwr(11.10). 10% Int Utilities(A)(315) 2 IntUulites s, ... .. % Interstate Equities 10 In'state Equity cv pt, 4'5 Interstate Hosiery. . 4% Irving Air Chute 50¢ % Irving A Chute war Isotta Fraschini 1.08 1 ltalian Superpow A 6 Kobacker Stores « Kolster-Br (Am Sh). 17% Lake Shore M (12.80) 3 Lefcourt Realty 1.60 15% Lefcourt 108 Leh Co o - 253 EL Add 00. Open. High. 84 1% 9 554 Aluminum Coof Am 875s 52 6 3% 10 1004 22% 2 ~Prev. 1931~ High. Kow. 25 T 107% 364 2 o 5% 50 1% an Py 114 25% 101 18 15% 91 11 5% 4 "~ 10 29y 26 6% 21% 24 22 341y 17% 84 1% W “ k] 25 4% 2 am L Dividend nual paymen| & Payable in dividend | stock, | stoek 1% | 21% 4 17 1 1 Plus Washington Produce Butter—One-pound prints, 36; tub, 35. Eggs—Hennery, 30a33; current re- ceipts, 24a27 Poultry, alive—Turkeys, young toms and hens, 20a25; old toms, 18a20; old hens, 19a22; chickens, 3 pounds and over, 18a20; 2 to 2!, pounds, 20822; Spring broilers, 23; hens, large, 18a20; small, 15817; Leghorn hens, 13al. roosters, 10a12; keats, young, 40a45; old, 25835. Poultry, dressed—Turkeys, young hens and toms, 23a28; old toms, 24a26; old hens, 30a32; chickens, 3 pounds and over, 22a24: 2 to 2, pounds, 23a35; Spring broilers, 30; hers, large, 31a33; small, 18a20; Leghomn hens, 16a18: roosters, 13a15; Long Island ducks, 19a20. Meats—Beef, prime, 16; choice, 15; 800d, 1232a13; cow, 91:al0; lamb, top, 15; fair to good, 13al4; common, 108 11; veal, top, 14; medium, 121,a13; pork loins, 8 to 10 pounds, 11all 10 to 12 pounds, 10; fresh hams, 8 to 10 pounds, 13: 18 to 22 pounds, 10; smoked hams, 19a20; strip bacon. 19a20; lard, 80-pound tins, §; package, 10; com- pox\finda, 7:'L'u ‘e stock—Hogs, light and medium, '4.4084.70; heavy, 4.0024.40; pigs, 4.908 450, roughs, 2.50a3.50; calves, 3.50a 8.50; lambs, 3.5086.50. Fruits—Apples, fancy ‘u stock, 1.2 fornia, 4.25a5.00; | 1.7522.00; pears, 3.00a3.50; |2.7583.00; grapes, Emperors, | Tokays, '1.25a2.00; quarts, 8al0; 2.25; strawberries, per quart, 7! pound sacks, 1.25; New Y | sacks, 175, Idaho bakers, i sacks, 2.25; sweets, Eastern 4.50; Florida, 2.00; broccoli cauliflower, 1.75a2.00; carrots, crates, 4.00; string beans, limas, 4.00; peas, 7.00a7.50: 100 bunches, 3.0024.00; carrots, bunches, 6.00a7.00; salsify, pel bunches, 1.00a1.20; 3.50; kale, 50; spinach, 15290; rooms, 75a90; turnips, 50a60’ chokes, 4.00a5.00; squash, 350 Cuba, per pan, 90al.0( 3.25a3.50 Cal Peppers, Florida, fa California, 30-pound lugs, 6.50 o Hornblower & liquidation now coming into ket will have subsided before ing week is out and allow the to establish a base from which stantial rally should develop, tplus 5% n Plus 8% | Vegetables — Potatoes, Maine, ork, 150-pound 100-pound Shore, 50 75; red, 75a90; lettuce, Iceberg, 3.’7.’): . 2.00a2.25; 1.5023.00; T dozen Florida, sacks, 125; celery, 3.0003.25; tomato 7, 6-pan containers, 1007 Weeks—we - clined to feel that the charn‘c’t:r h::( the mar- the com- Stock and Dividend Rate. Lone Star Gas n 88c. Long Iscu pf B(6).. Long Island Lt (§0c) Louisiana Lan & Ex. Mapes Cons Mfg(t4) Mavis Bottling (A).. Mayflower Asso (2)., Mesabi Iron ... Mexico Ohie Oil..... Mid Sta Pel . tc A 22¢ Mid Sta Pet vte B.... Mid West Ut (b8%). Mid W Ut cv pf xw 6 Mid'ld Steel Prod(2) Miller (1) & Sons. ... Minne-Honey pf (6). Mo-Kan Pipe Line. .. Mountain Prod (80c). Murphy Co (1.60). .. Nat American Co. Nat Aviation. Nat B4 & S Corp (1). Nat Fuel Gas (1). at Investors Nat Pub Sv A (160). Nat Screen Sv (2)... Nat Sh T Sec A t60e. Nat Sngar NJ (2) Nat Transit (1)... ehi Corp...... Nelson (Herman)... New Eng Pow pt (6) New Mex & Ar Land. Newmont Mining. ew Process Co. . Y Hamburg. Y Steam Cp ( N Y Telpt (6%) N Y Transit (t1) . Niag-Hud Pow (40¢) Niag-Hud Pow A w.. Niag-Hud Pow B w.. Niag Share(Md) 20c. Niles-Bemt-Pond (1) Niplasing........ Nor St Pow A (8). W Engineers (1).. Novadel Agene (4).. Ohto Copper. ... Ohio Ofl cu pf (6). Outboard Mot A... PacG&EIstpf1%. Pac Western O11. Pan Am Alrways Pandem Ofl ar Parker Rust P(t314) 1008 Pennroad Corp (40c) 26 Penna Gas& Elec A. 1 Penn Mex Fuel t1%. 1 Penn Wat & Pwr (3). Pepperell Mg (4). Philip Morris Inc. Phoenix S C pf (3) Pltney Bowes (b4 %) TRhs Pittsburgh&LE(110)250s Pittsbgh Plate G (2) 1 Prudential Invest,.. 1 Pub SN 111(8)§100par 508 11 Hold war 12 Pub Util Hold xw. 2 Reliable Stores Reliance Int A, Reliance Manag. Republic Gas Corp Reybarn Co..... Reynolds Invest. . Rich Rad cum pf Rike Kumbler (2.20) 5 Rock Lt & P (90c). .. 11 Ryerson (J T) (1.20) 1 Safety Car Heat & L.100s St Regis Paper. ..... Salt Creek Consol. Salt Creek Prod (1).. Seaboard Util (28c) .. Seeman Bros (3) Secur Util (28¢). Sexal L & H ( Selected Indu: Sle Ind al ctfs )es Slet Ind prior(5%).. Sentry Safety Cont. . Sheafter(WA)P (13). Skenandoah Corp Shenandoah Corp pf. Silica Gel ctfs. . Singer Mfg (8).. Smith (A. 0.). South Penn Oil (1) South Corp. ; Sou Pipe Line (2). Southld Royalty 20c. § W Gas Utilities Spanish & Gen rets Spieg May Stern pf.. Stahl & Meyer, Inc. . Stand Holding Corp Stand Invest em pf Stand Ofl of Ind( 1).. Stand Ofl of Ky 1.60. 14 Stand Oil Nebr (2).. 1 Stand Of1 Ohio (2%) 1508 Stand Oil of O pf (5). 40 Stand P & L pf (7)... 508 Starrett Corp. . 2 Starrett Corp p! 3 Stutz Motor Car. Sun Invest Sun Invest p Sunray Oil... Swift & Co (2).... Swift Internat’l (14) Swiss-Am El pf (). Syracuse W Mach B. ‘Tampa Electric ($2). Technicolor Ine Teck HughesGM 165¢ Texon Oil&Land (1). Trans Air Trans Trans Lux DL P 8. Triplex Safety Glass Tri-Cont Corp war, Tri-Utilities. . Tubize Chatel. B. Union Oil Assoc (2). Unfon Tobacco. Unit Corp war. Unit Founders Unit Gas Corp Unit Gas Corp war. Unit Gas pf (7).. Unit Lt & Pw A (1) Unit L & Pwr pf(6). U S Dairy (A) (6). US E'ec Pow ww... U S Inter Sec 1st pf. Unit Verde Exten (1) Util Po & Lt (b10%) Ut P&L(B)cfs b10% Utiliry Equit Util Equity pf(5%). 250; Util & Ind ' Utility & Ind pf(1%) Van Camp Pkg pf... Venezuela Petrolm. . Vick Financial (30¢) Waitt & Bond A(2) Walgreen Co war Walker. H (25¢). West Pwr pf (7). Wilson Jones. Woolwth Ltd 17 4 YOl & Gas. Youkon Gold Add 00, 11 258 1 3 1 3 1 4 5 5 2 10 1 2 1 B0s 2 72 18 10 RIGHTS—EXPIRE Com Edison.... P eNIIl .Feb 1 8 Rad-K-Orph..Dec 21 91 rates in dollars based on I *Ex dividend. 1Partly e; cash or stock. b Payable in stock. gPlus 6% in stock. k Plus 10% 1 stock. p Paid Jast 11 t. 2% Sales— . Open High. 8 88 204 LY 35% 1 30 * 24 1 e % 487 T 2 61 1% 3 20 1% 2% 21% 128 214 11% 16 1% 25% T4 1% 5% 52 % 1% Low. Cl ™ % 88 % 10% 3w 521% 3 135 10% 1% 2U 90 8 ™ L3 ’». 2% 2% 3% 3% 3n % * n nuarterly of semi-an- xtra. iPlus 4% in stock. in stock. e Adjustment in stock, hPlus 1% in in stocs. mPlus 3% in year—no regular rate. | 1.7582.50; nearby, bushel baskets, 35a | oranges, Florida, 3.00a3.50; Cali. | grapefruit, 2254275 honeydews, 2.50a3.00, limes, per 100, pineapples, | 2.00a2.25,; Concords, 65. ba- 00a2.00; tangerines, 2.00a2.25, crnnbernes, Speclal Dispatch to | BALTIMORE, | White potatoes, sweet potatoes, barrel, | 1.75; beets, -per 5. 100- | bushel, 40a50; | ery, crate, 1.50a: | per, 3.0084.50; ifornia, | 3,0 | 2.50a4.00; nions, per 100 | plants, per 100, | 7.00a7.50; pumpkins, per 1 | bushel, 40a65; s | tomatoes, crate, per, 15a25; grapefruit, box, beets, per 100 3.008 mush- arti- ; okra, 15a18; old hens, 12a16; roosters, geese, 15a20; guinea fowls, 20830; Western Butter, 28a33; ladles, market & sub- 1.00a1.35; peppers, App] Rll—Reeelpx:t:.‘ 646 cases; current re- ceipts, 27a28; smali pullet eggs, 20a25; hennery whites, 34a35; nearby firsts, Baltimore Markets The Star. Md, December 12.— 100 pounds, 75a1.05; bushel, 35a50; yams, beans, bushel, 1.25a 100, 2.00a3.00; brussels | sprouts, per quart, 5al5; savoy cabbage, P £0u50 carrots, per 100, 2.00a 3.00; caulifiower, crate, 1.75a2.15; cel- cucumbers, ham- 1.508 2.50 eggplants, crate, 0; kale, bushel, 35a60; lettuce, crate, okra, bushel, 1.502.50; pounds, 80a2.50; oyster 4.0084.50; peas, crate, e, 1.7583.50; 00, 5.00a10.00; spinach, uash, bushel, 2.0022.50; 5016.00; turnips, ham= les, bushel, 35a1.50; 1.5(a2.75. Dairy Market. Chickens, young, 18a20; Leghorns, , 16a21; Leghorns, old, ns, pair, 20a25; 250; turkeys, 18a28. firsts, 28a29. fancy 20 ) process, creamery, 24a25; store packed, 15a16; D.- G | yet made its appearance. | firm: steadier spot market. SECURIES SLUMP | ~.. TONEW LOW MARK Storm of Selling During Week Drives Stocks and Bonds Down Sharply. BY JOHN L. COOLEY, Associated Press Financial Writer NEW YORK, December 12.—Stocks and bonds this week waded through a | stream of selling that shrank prices to new lows for the bear cycle or longer. Adverse action on a dozen reilroad dividends, evidence of year end con- traction in businesses which already were not on & paying basis, end a larger volume of tax liquidation bore down on security quotations. Wall Street also assumed that the prospect of higher income and excise levies had helped influence the trend Serious Problems Exist. Some brokerage houses pointed out that It might be unwise to put too much importance on December fluctu- attons of the stock market, inasmuch as special considerations, such as tax selling and other financial resdadjust- ments, usually have a bearing on prices in the year's last month. Uncertain- ties at home and aboard, however, are affecting sentiment at this time and in- vestment buying in sufficient volume to take up the slack of offerings has not President Hoover's message to Con- gress, his special message on foreign affairs, the budget report, Secretary Mellon’s tax recommendations, the In- terstate Commerce Commission’s action on the railroad freight rate case, the railway wage conference and the meet- ings in Basel and Berlin on German debts made the week one of the most eventful in some time. Serious prob- lems confronting the world were thus pushed to the front: the fact that efforts were being made to solve them was apparently subordinated to their existence. Wall Street believed the need for the strenuous measures proposed as a means of helping put our national finances in better order had brought selling from abroad. There was evidence of this in the strength of foreign exchanges. Europe's chief concern just now appears to be the prospects of a settlement on the German situation, although there is obviously great interest in what atti- tude this country will take toward in- ternational debt revisions or a further moratorium, especially in view of Presi- dent Hoover's recommendation that the V;'nr(lid War Debt Commission be re- vived. Steel Conditions. The pick-up which steel producers had hoped would come in December fails to appear and operations this week were reduced to the lowest level of the depression, but the manufacturers are represented as believing there will be an improvement early in the new year. Automobile makers are proceeding cau- tiously with their production schedules, which has, of course, held back the steel business. Purthermore, railroad require- ments are at a minimum, possibly pend-~ ing a decision on the wage-cut issue. With the bond market in its present state of helplessness, brokers profess little surprise at the continued weak- ness of stocks and many are advising their clients to watch for stability in senicr securities, which, according to the old theory, should be among the first signals that liquidation was ending. Markets at a Glance NEW YORK, December 12 () — Stocks irregular; steel issues in new low ground. Bonds weak; Japanese issues heavy. Curb heavy: many new lows. Foreign exchanges irregular Japunese yen breaks. Cotton easy lower stock market: liquidation. Sugar | Coffee low- er; trade selling. i gt CHICAGO STOCK MARKET CHICAGO, December 12 (#).—Fol- lowing is the complete official list of transactions in stocks on the Chicago Stock Exchange today: Sales STOCKS. £2Allled Mot Ind 20 Am Pub Ber pi 50 Assoc T & T A 1103 Assoc Tel Util 1810 Bandix Aviation 2400 Borg-Warner 50 Brach & Sons 50 Bruce (E. L. 400 Butler Bros 300 Castle A M . 200 Geco Mfg . ol 70 Cent Tl Pub Ser pf 20 Cent Ind Pwr pf 200 Cent Pub Serv A Hish. Low. Close 52 & 5 & So West & 80 West pf 5 &8 W pl pf 100 Ch C & Con Ry cfs pt 100 Chi Tity & C Ry pf. 250 Chic Invest pf 2600 Cities Service 800 Com'with Edis 700 Consumers 120 Consumers 6% bt 3100 Cont Chicago 1100 Cont. Chic pf | 2900 Cord Corp . 500 Corp Sec 250 Crane Co 20 Crane pf 20 Dexter Co e Elec Household 100 Fitz 8immons & Con Goldblatt 3 550 Gt Lakes Aircraft 800 Gi Lakes Dredge ... 00 Grigsby-Grunow . 50 Hart-Carter pf . 100 Houdgille-Her A", 550 Houdaille-Her B 9800 Insull Util 8 430 Insull U pf nd ‘Ser 100 Invest Co of Am.. 100 Kat: e 100 Kell 50 Lincoln Print 130 Lincoln Pte pf 100 Lindsay Nunn pt. 700 Manhat Dearborn 100 Marshall Field . 11000 Maytag Co pf ... 100 McGraw Electric 180 McQuay Norris . 100 Merch & Mfrs A 100 Mid West Tel 27400 Mid West Util . 100 Mid W Ut 67 bl A 500 Mid W Ut “A" war. . 200 Midiand United 20 Mid Ut 67 A pf 30 Mid Ut 67 pl.... 40 Mid Ut 77 pl 150 Miller & Hart ‘pf 20 Miss_Val Util pf 100 Mo-Kans Pipe ... 200 Monroe Chem bf. 200 Musk Moi Spec A. 10 Nat Battery .... 800 Nat Elec Pow A. 50 Nat Rep Iny 150 Nat Becvr Inv 500 Nat-Standard 200 Noblitt-Soark: 100 North A Car 100 Nor Am G & EI... 50 Nor Am L & Fow 500 Nor'west Eng_........ 20 No West Ut 77 'pi. 1300 Peop G Lt. & Coks ris 500 Poor & Co'B.. .. 150 Public Sery n 30 Pub Serv 7% pf 150 QRS De vry 160 Quaker Oats 100 Quaker Oats pf.. 50 Railroac Sh - 200 Rath Pack i 880 Ryerson & Son 110 Seab Py Ser $3.25 800 Seaboars ULl ... 30 80 Union Gas 10 8o Wesk G & E pf 6900 Bwift & Co. . 2300 Swift Iatl i 10 Tel Bond & Sh 13t pt 98 100 Transformer of ‘Am.. 50 Twelfth St St A.. 100 Unit Am Uil ... 50 Un Am Util A 150 United Gas 850 U 5 Gvpsum..@. . 1400 U § Radio & Tel 100 Uil Pow & L A 50 Utii & Ind .. 300 Util & Ind pi 130 Walgreen Co . 130 Wieboldt St..". 50 Zenith Radio PR P e P ' 5 Bo8-Zadsls SakaSonbunitewbulauto ot SATURDAY, DECEMBER 12 Stock sales, 130,000 s 'BONDS. 36000 Insull Ul 85 1940, . 3814 18000 Chi Cit Ry ctfs 55 '27 49%2 Bond sales, $53,000. BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, December 12.— Sales. Last sales. 301 Arundel Corporation ... 300 Baltimore Tube com 79 Consolidated Gas com.. 140 Consolidated Gas 50 Eastern Rolling Mills com.. 75 New Amsterdam Cas Co... 1931. Brokers’ Comment NEW YORK, December 12.—Broker- age house market comment today men- tioned the possibility of a sharp tech- nical rally, recalling the advance of early last year. i Redmond & Co—We have changed our opinion that the absolute lows of the bear market have not yet been established, although we nize that the technical condition of the market may be such that a sharp rally could develop if the market was favored with a piece of real constructive news However, we see nothing in the situa- tion to warrant anything but temporary rallies at this time. It is apparent that considerable necessitous or nervous liquidation is taking place, with still no indication that it has been com- pleted, Jackson Brothers, Boesel & Co.—We deem it altogether likely that the most important selling now under way is coming from banks and investment trusts. It seems to us that the same kind of buying which picked up stocks last December when necessitous liqui- dation was under way is appearing right now to take advantage of forced selling. This kind of buying does not stop declines suddenly but has a power- ful effect in stimulating a rally when the forced selling is completed. This same kind of selling fooled many bear operators last December and resulted in heavy losses when the major rally developed in January. BONDS ON THE CURB MARKET. Salesin DOMESTIC BONDS. thousands. High. Low. Close 3 Alabama Pw 4las '67. 0% | 63 Aluminum_Co_5s '52 97 2Am Com Pw 5'gs ‘33 18 3Am Cmwin Pw 85 '40 19 | 4Amer El Pow 65 A '57 a2 8Amer G & E 53 2028 43 Amer P & L 6s 2016. 30 Amer Red 4las 47... 4 Appalac Gas 8s B '45 3 Appalach Pow 5s '56. 7Arkans P & L 55 '56 7Ass0 Elec Ind 41as '53 2 Ass0 G & 76 Asso 29 Asso 47 Asso 2 As G&E 5.5 '38 in cf 9 Asso T & T 5125 A '55 22 As Tel Util 5125 '44 C 5 5 Beacon Oil 65 '36.. 27 Bell Tel Can 55 A 55 51 Bell Tel Can 35 B '57 3 Bell Tel Can 55 C '60. 40 Uan Nat Ry 4725 '56 an Nat R E 75 E '35 15 Cap Adm 55 '83 xw. 30 Cent "Ariz L&P 55 '60 12Cent 1l P 8 55 G 68 2 Cent Pow & Lt 55 56. 7 Cent Pub Ser 5'ys 49 11 Cent Stat Elec 55 '48 13 Cent Bt Elec 5las '54 1Cent St P&L 513s '53 15 Chi Dis Fl 41.s 70 A 5 Chic Ry cod ‘55 2027 5 305 Cities Service 55 '50. 10 Git Serv Gas $las 2Cit Ser Gas P 6s ' 14 Cit Serv Pow 5ias 4 Cleve Elec Illu 55 ' 2 Cleve Ter Bldg 6s ' 2 Comwh Ed 4125 C 't 8 Comwih Ed 4125 E ' 1 Comwh Ed 4!35 D 31 Comwh Edis s F 1Con Gas Balto 4s ' 1Con Gas Ut Blas A 4Con Gas Ut 65 A 12 Consum Pow 4'as ' 58 Cont G & E 55 A ' 1 Continen_Ofl 5'4s 10 Cudahy Pkg 5las '37 3Det C Gas 55 B '50 2Det Int Brdg 6'ss 1Det Inter Brdg 7 10 East Ut Inv bs A ‘54 38 Edis El Boston 55 '33 79 Elec P & L 55 A 2030 5 3El Paso N G 6as ‘38 2ElL Paso N G 6las '43 2 Empire Dist El 55 '52 5 Empire O&R 5las '42 14 Federal Wat 5'as '54 2 Pisk Rub 5125 '31 cod 13 Florida P & L 55 '54 18 Gatineau Pow 55 '56.. 10 Gen Mot Acc 8s '32 1Gen Mot ‘Acc 5s "33 8 Gen Ray 65 A 48 xw 13 Georgia Power 55 ‘67 23 Gillette S Raz 55 '40 21 Grand Trunk 6'as ‘36 1 Guardian Inv 55 '43.. 18 Gulf Oil Pa 5s '37.. 47 Gulf Oll Pa 55 '47 1 Gull St Util 5 A 9 Hood Rubber 7s '36 2 Houst Gulf G 6s A 10 Hous L&P 4135 1Hygrade Fd s 1 Hygrade Fd 6s 1l Pow & Lt 65 nsull Utilit 65 B nt Pw Sec 8'25 54 B 21Int Pw Sec 635 '35 C 5 Inter Pw Sec 7s E '57 8 Int Pow Sec 7s P '32 26 Intersta Power 3s '37 3 Intersta Power 6s '32 Inves Co 55 A '47 xw 1 560, 58 187 &L 4155 C 61 13 Jer Cen P&L 35 B '47 12 Koppers G & C 85 '47 T 13 Lenigh P 8 65 2026 1Libby McN & L 55 '43 2 Long Tsiand Lt 63 45 10La P & L 55 '57.... 1 McCord Radwés '43 11 Massachu Gas 55 '35 11 Mass Gas 5125 '46 29 Metro Edison_4s_'7i 9 Mid West Ut 55 '32 cv 2 Mid West Ut 55 '33 cv 18 Mid West Dt 85 '34 cv 3 8 Mid West Ut 8s '35 cv IMilw G & E 4l5s '87 SMinn P & 1 4135 '18 2 Miss Pow & L 55 '$7 89 25 Mont L H&P 55 A '51 2 Narragansett 55 '57. TNat P & L 65 A 2026 15 Nat P & I 5 6Nat P 'S 35 7l 4Neb Pow 6 A 19 Nevada Calif 6 2New Eng GAE 55 '47 3 New Ent GAE 55 '43 12 New Eng G&E 5s '50 3New Eng Pow 35 5New Ene Pw 5158 L 2032 54 2 New Orleans 4135 '35 N Y P &L 4las 67 7 Niax Falis Pow’ s '50 2 No Ohio P&L 5125 '51 8 Nor Sta* Pw 5128 40 85 6Ohio Edison Ss '60. 20hio Pow 55 B 'S2 8 Okla Gas & El 55 '50 4 Pacific’ GEE 4las 57 4Pac G & EI B Be 1Pac Tnves 55 A '48 1Pacific Pw & L 55 " 2§ Pac_Wes Ol 655 2Penn O E4 65_'50 5Pa Ohin P&T, 5i5s 'S 1Penn WAP 445 B 1Peop G L & C 45 ! 4 Peavles L & P 55 6 Phila_Elec 515 12 8 Phil Sub GAE 4125’87 2P 8 No Tl 4135 F 5Pb S N Il 4135 E '80 3 Pug S P&L 4l2s '50 D 25 Rel Manage 55 A '54 8 Repub_Gas 65 '45 A. 2 Roch Cni Pw 55 A '83 4Safe H Wat 4'as 79 38t L Gas & C 65 47 18chulie RE 65 '35 xw 3Shaw W&P 4its A 67 B 68 D, '10 P 55 C 10 =PI, fs A 2025 xw 3 South Calif Ed 85 '51 § 4 South_ Calif Ed 55 '52 18ou Callf Edis 55 |54 2 Sou Calif Gras 4125 '61 8 Southern N G 65 44 2 Southw G&E 55 A '57 2 Southw _Nat G s '45 2 Bothw P&L 6 A 2022 23 Stand Gas & E 6s '35 10 Stand G&E cv 65 2 Stand Gas & E 65 '51 15 Stand Gas & E 65 '66 2Stand Inv 5s ‘37 xw 5 Stand Inv_5lis '39.. 24 Standard P&L 65 57 10 Buper of Tilin 4125 '68 1 Super of Tllin 413s '70 21 Swift Co 55 '40 wi.. 5 8wift Co 5s '44... § Tenn Elec Pow 55 ' §$Tex City Gas 5s " 3 Texas 60 W, 20Uni Am Iny 1Unit P & L Stas 11 Uni Lt & Ry 8'3s 6Uni Lt & Rv 65 A ' & L 6las 40, Rubber 65 '33 b Ser 5las A 46 Idar{-Astor’ 7s '54 es Tex Ut 35 A FOREIGN BONDS. 1Baden Con Mn 7s 51 1 Bogota Mtg BK 75 '47 8Buen Air Proy 7s 52 $Buen Air Pr 7is icnile Mig Bk ds 1Com Pr Bk 3'as 137. 1Danish Con 533 '35 15 Eur El Op 613 "85 xw 1 Europ Mtg 7s C '67.. 7PFinld Ind Bk 75 '44 1 Pirst Bo GI Wk 7s /37 1Ger Cons Mun 6s ‘47 1Ger Con Mun 75 '47 3 Gestueral 6s ° wse dellin ol 75 '31,.. NS e b Gras 53 Co 55 A 23 Russian 5'zs 21 | A S a 5 Chite 7s 40 BIa! Santi: FIN DECREASE IN BANK CLEARINGS CONTINUED By the Associated Press. NEW YORK, December 12.—The de- cline in bank clearings continues quite marked. The total this week for all leading cities in the United States, as reported to Dun's Review, of $5090,- 306,000 was 33.6 per cent under the amount of a year ago. At New York City clearings were $3,365,852,000, a reduction of 34.8 per cent, while the aggregate for cities outside of New York of $1,724,454,000 was 30.7 per cent smaller. ~There are no indications of improvement nor does the latest report give any evidence of a larger volume of bank settlements than is usually hown in the closing month of the ar, On the other hand, clearings this month are not only much lower than in any preceding month this year, but are considerably below the amount reported for many years past. Furthermore, the total this week is $1,237,371,000 less than thae amount shown for the first week of December, Practically every city contrisutes quite largely to the total loss, Bank clearings this week, &s reported to R. G. Dun & Co., showing decreases, compared with the same period & year ago, follow: (Totals in thousands.) Week Dec. 10, 1931 366000 285.000 66.640 91.391 20002 251518 79687 80,953 45.887 70,700 70.800 Boston ... Philadeiphia Cleveland Cincinnati St. Louis ... Kansas City Omaha Minneanlis Richmond Atlanta Loulsvill New Orleans Dallss S San Prancisco .. Portlard Seattle Total New York ST 261 15,000,306 . 33 Average Daily. December to date.... $973.231 November 943602 October 1.160.414 Third auarter 1.144.738 Second aquarter I 11433.200 First quarter 1404500 Total Cocoa apparently is superseding beer as the national beverage of Germany, statisticians having found that con- sumption of beer has decreased 38 per cent and cocoa drinking has increased 70 per cent in the last 15 years. NCIAL. *»x A—I5 TRUCKING OF FRUIT T0 MARKET GAING 15 Per Cent of Total Ship- ments in Short-Haul Areas Made in Automobiles. BY CHAS. P. SHAEFFER, Associated Press Business Writer. Motor trucks are gaining rapidly as a medium in marketing fruits and veg- etables A survey recently completed by the Department of Agriculture reveals that this moe of transportation is respon- | sible for approximately 15 per cent of | total shipments which are hauled 20 | miles or more to market. | Such shipments in 1929 are estimated | by the department at between 150,000 to 200,000 cars, compared with 1,068,745 | cars transported by rail and boat lines. These figures represent a lar, per- centage increase in motor truck hauls in recent years, but it is also pointed |out that rail and boat shipments have practically doubled in the last 10 years. On a total mileage basis the per- | centage of motor truck to total ship- ments is much less than 15 per cent of | the longer average haul by carriers, | the department says. The survey revealed that motor truck hauls ranged from 2 to 92 per cent of 11 surveyed, 303 | sey, 67 per cent: Delaware, 41 per cent: ;| Southern Indiana, 37 per cent: South: all shipments 20 miles or more in areas the high figure being for Connecticnt. In Southwestern Michigan, 73 per | cent of shipments 20 miles or more | were by truck; on Long Island, 68 per | cent; in the Hudson Valley, 67 per | cent; Central and Southern New Jer- ern Illinois, 21 per cent; Western New | York, 19 per cent; Southern Central 314 Pennsvivania, 18 per cent, and West- 35 28.5 . 311 220 | mote ern Massachusetts, 7 per cent. The department’ comments, however, | that in important producing areas re- from larger markets—Florida, | Southern Texas, California, the North- | western States and Southern Maine— | the percentage of shipments hauled by truck is smaller. South Africa has an active revival of small-house construction. ADVERTISENENTS Rikcy off| are charged. 11th and Park rd.—Arm- strong’s Pharmacy. 14th and P sts.—Day’s Pharmacy. 1135 14th st. — Marty’s Cigar & Magazine Store, 7th and Que sts. — Ken- ner’s Pharmacy. 15th and U sts—G. O. Brock. 2912 14th st.—Colliflower Art & Gift Co. 3401 14th st.— Bronaugh’s Pharmacy. 14th and Buchanan sts.— Hohberger’s Pharmacy. 14th st. and Colorado ave, —O’Donnell’s Pharmacy. 3209 Mount Pleasant st.— Mount Pleasant Cigar and News Shop. 1823 Columbia rd. — The Billy Shop. 2162 California st. — Co- lodny Brothers. Wardman Park Pharmacy. 215 N. Y. ave. — Sanitary Pharmacy. 1st and K sts.— Duncan’s Pharmacy. 7th and K sts.—Golden- berg’s (time clerk’s desk). 7th and O sts. — Lincoln Drug Store. 7th st. and R. L ave—J. French Simpson. 11th and M sts.—L. H. Forster’s Pharmacy. In the Southwest 10th st. and Va. ave. — Herbert’s Pharmacy. 316 414 st. — Harris’ Drug Store. 4% and L sts.—Columbia Pharmacy. In the Northeast 208 Mass. ave. — Capitol Towers Pharmacy. 4th and H sts. — Home Drug Store. 4th and E. Cap. St.—Paul's Drug Store. 907 H st—Garren’s Musie Store. \ 12th and Md. ave.—Luck- ett’s Pharmacy. 7th and Md. ave.—Louis F. Bradley. North Capitol and Eye—Ken- ealy’s Phar- Pharmacey, Woodridge. 3500 12th st. — Brookland Pharmacy, Brookland. 4th and R. L ave. — John G. gezoy e Biggs’ Phar- macy. Chesapeake Junction — Dr. L. Wight, jr. There’s O: E RECEIVED HERE Don’t keep on wanting something which can be readily supplied through a Star Classified Adv., F you will state what you want clearly, and in detail, properly classifying it, The Star will take your message to practicall Washington and nearby suburbs, y everybody in ’ Copy for The Star Classified Section may be left at any of these authorized Branch Offices. Their service is rendered without fee; only regular rates In the Northwest 9th and U sts—M. H. Hunton’s Pharmacy. Ga. ave. and Upshur st— Petworth Pharmacy. 221 Upshur st. — Monck’s Pharmacy. 5916 Ga. ave.—Brightwood Pharmacy. Ga. ave. and Kennedy st. —Lampkin’s Pharmacy. 2901 Sherman ave.—Sher- man Ave. Pharmacy. 6224 3rd st. — Stewart's Pharmacy. 1905 Mass. ave. — Dupont Pharmacy. 18th and Fla. ave.—Bern- stein’s Drug Store. Fla. ave. and 1st st.—N. Reiskin. North Capitol st, and R. 1. ave. — Parker’s Phar- macy. 1742 Pa. ave. — J. Louis Krick. 21st and G sts.—Quigley’s Pharmacy. 25th st. and Pa. ave. — Columbia Drug Store. 3315 Conn. ave. — Joll's Newsstand. 5017 Conn. ave.—Higgins' Community Drug Store. Wisconsin ave. and Macomb st.—Harry C. Taft. 4231 Wisconsin ave.—Mor- gan Bros.’ Pharmacy. Takoma Park, 359 Cedar st. —Mattingly Bros.’ Phar- macy. In Georgetown 30th \and P sts.—Morgan Bros.’ Pharmacy. 0th and M sts.—Brace’s Pharmacy. 3411 M st.—Moskey’s Phar- macy. 7834 Wisconsin ave.— Haney’s. Wisconsin ave. and O st.— Donahue’s Pharmacy. 35th and O sts.— Sugar’s Drug Store. 5104 Conduit rd. — Modern Drug Store. In the Southeast 3rd and Pa. ave.~0'Don- nell's Drug Store. 8th and Eye sts, —F. P. Weller's Pharmacy. 11th and Pa, ave. — Fealy’s Pharmacy. 1907 Nichois ave., Anacostia —Healy’s Drug Store. 13th and East Capitol sts. — Lincoln Park Pharmacy. 2204 Minnesota ave. — Sloan’s Drug Stor F. S. Boisfeuil- Near Yox let, prop.