Evening Star Newspaper, December 14, 1931, Page 15

FINANCIAL. CURB SHARES DROP | WITH UTILITY LIST Selling Spreads to All Groups. 0il Issues Are Freely Offered. BY JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, December 14.—Pressure | on public utilities started the Curb Ex- change on its downward path today. Belling, however, soon spread to all other scctions of the list, causing many stocks, although off only fractionally, to hit the lowest levels of the year. Electric Bond & Share did not es- tablish a new minimum mark until noon, though it had repeatedly threat- ened to break below the low many times earlicr. Cities Service moved within a half-point range. Empire Gas & Fuel $8 cumulative preferred furnished the excitement in preterred public utilities @s it opened at 54y off 23, and on & string of sales sold down to 48'.. Petroleum shares were pressed for sale following the decline of public utilities. In the former group it was the omission of Gulf Oil Corporation common dividend on Saturday that pro vided the impetus for the selling, along with a growing belief that Congress will consider a tariff on oil imports Gulf Oil had no difficulty in shatter- ing its previous low mark, though its decline today wuas smaller than on| Saturday. Humble Oil was off frac- tionally ‘and Standard Oil of Ohio sold down a point, both to new lows, Im- perfal Oil. Ltd. which has repeatedly been accumulated during periods of weakness this year by important oil in- | terests in this country. was somewhat easier as traders suddenly discovered that the dividend is payable in Cana- dian funds. In the higher-priced industrials Singer Manufacturing and A. O. Smith Corporation were down sharply. Alu- fminum Co. of America failed to hold ts early recovery elected Industries, nc.. vielded about 5 points. Many new low levels were reached by tocks at the opening. As on the Stock B xchange, the utilities seemed to be the hief target of the selling. American Cities Power & Light B at 1p4 was at a new low. and so was Amer- i¢an Superpower at 3%,. Electric Bond Share opened on a 5,000-share order al 10°%, off a shade. The oils were fipmer than st of the list. Cities Sfrvice was * *2ed at 5%. Humble Ofl. Standar { Indiana and Stand- atd Oil of K. . uky were steady. In the rails, Pel ad reached a new low at 2!, and so did Singer Manufacturing, which was off 5 points, in the indus- trials. Gas company stocks were actively lcwer, especially Lone Star Gas and Ap- palachian. Radios were unchanged PARIS BOURSE PRICES. | PARIS. December 14 (#).— Three | per cent rentes, 79 francs 70 centimes; 5 per cent loan, 97 francs 90 centimes Exchange on London, 87 francs 75 centimes. The dollar was quoted at 55 francs 48'; centimes, BONDS ON THE MARKET. CURB Low. Noon. 80 80 9610 T row, > ent Pub_ Ser Elec 5 "5 Q! omwh Edis 15 Cont G & E 33 2 Cudahy Pkg 5. 3 East Ut Inv 55 A 10 Edis El Boston 4s 4 Edis El Bosion 53 11 Elec P & L 5% A 1 Empire O&R 51 6 Florida P & L 5 6 Gatineau Pow 5 2 Gen Bronze 6s Motor Acc 503 Lap 4 verade T 65 A 140 T Bow & Lt 65 A 5 o 3. 36 tersta Power o Intersia, Power nves Co 5s owa-Nb L&P 55 B C P&L 41p5 C nsas Pow 33 A Mid West Ut 5 Mid West Ut 15 Mass Pow_& Lt 55 5 Neb Pow_6s 4 Nevada C: 56 2 New Eng GAE o5 '4 3 New 3 3 New 11 New SN Y F BN Y P A 3 Niag Fa 1 No Ohio P&L 5. 2 Nor Stat Pow 415 10hio Pow 4'>s 1 2 Pacific G&E 4128 1Pac G & 2Pac G & 11 Pacific G Pac Intcs 5l haw W&P 41.5°A '67 aw WP 3108 B 6 v WP 4125 D 50 WAP 55 C 7 r Pack Gs "32 2 PAL 65 A 2025 xw ath Calif Ed 53 Gas 43 $Tenn Elec Pow 53 1 Texas Eec 55 60 wi 4Texas P & L 5s 56 1Uni'Lt & Ry 515 1Uni Lt & Ry 65 A 4UMt P& L 3 United P FOREIG 12 Buen Air Prov 4 Cauca Vallev 7s 5 Cent Bk Co 2] Com. Pr_Bi THE EVEN IN G_STAR WASHINGTON NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. Stocks id In 100-share I —~Prev. 1931~ Btock and High. Low. Dividend Ra 100 4% Acetol Prod A. 144 4 Acme Wire... 1213 6lx Aero Underwriters.. 19 14 Agfa Ansco.... 5% Ainsworth Mfg. W Alexander Indust. 83 All Am Gen Corp. 3% Allfed Mills Inc.. 1% Allled Motor Indus. . 55 Aluminum Co of Am 12: 65 AluCoof Am pf (6). 10 Alum Goods'(1.20).. 20 Aluminum Co Ltd. . 215 Alum Ltd B war Am Bakeries A (3).. Am British & Cont.. 2 Am Cigar Co 325¢ Am City P&L (A) a8 12 AmCit PALBb10% 16 Am Com P A (b10%) 13 Am Com PrB(b10%) 12 Am Cogn Pwr 15t 635, 508 Am Corpn (£30¢). 5 Am Cyanamid B.... 56 Am DT NJ v pf(7). 258 » Am Equities..... 2 Am For Pow war.... Am Founders. ... 18 Am Gas & Elec (11). 56 Am Gas & El pf (6).. | Am Invest Inc (B).. 26 Am Invest war. .. 3 Am Lt & Trac (2%). Am Maracaibo Am Meter (3).. Am Phoenix Corp. Am St Pu Sv (al.60). Am Superpower Am Superp 1st (8). Am Superp pt (6) Anchor Post Fence. Chil A achian Gas. ... & Appalachian Gas wr. Arkansas Nat Gas, Sales— 50 Armst Assoe Ass0 ( Ass0 G & Asso ( Asso Ravon. . Asso Tel Ut (b8 Atl Coast Fish Atlas Utii Corp..... Atlas Utilitles war. . AutoV Macvprpt2 Axton Fish To A 3.20 Beneficial I L (1%) Bickford's (1.20).. Blue Ridge Corp. ... Blue Ridge cv pf(a3) 12 Borne-Scrymser. Bourjois, Ine (50¢) . Brazil Trac Lt&P(1) Bridgept Mch (25¢). Brill Corp A (34)... Brit Am Oil r (80¢) Brit Celanese rets. Buff N e (1.60) Bunker Hill & Sull. . 2 “able & Wire A rcts, “able & Wire B rets., “ab & W pf rets 19c. nadian Marconi. rib Syndicate nese Corp 1 ‘ent Pub Sve A bp%. ‘entral States Elec. . tenirifug Pipe (60c) hain Stores Stock. . hatis Corp (13). ... ies Service (£30c) ies Serv pf (6).. (eon Lts Inc. “lev EIl Illum (1.60). “olon Oil. “olombia § "ol OII& G *olum Pic v.t.e. f75¢ ommwlth Edison (8 5 ‘mwlth & Sou war. . “onsol Auto Merch. . ‘onsol Auto M cu pf. ‘onsol Copper. ... *on Gas Balto (3.60 “onsol Ttility A ‘on Min&Sm (k “ontl Chicago Corp. . *ont Shares cv pf “ooper Bessemer “ord Corp. .. g “orp Sec Ch (b6%) “orroon & Reyno!ds ‘reole Petroleum “resson Consol (4c). “rocker Wheeler. ‘rown Cent Petrol. “rown Cork Intl (A) iberiand P L (2).100s ‘uneo Press (214). “urtiss Airports vie. Co (A). ‘urtiss Wright war. Cusi Mex Mining. Darby Petroleum. ... De Forest Radio. Derby Oil Refining Detroit Alrcraft. Driver Liarris ne Dubilier Cond & Rad Duquesne Gas. Durant Motors. Duval Tex Sul wi East G & F Assoc. ote 45 Eisler Electric. . . Elec Bond&Sn (b6 %) 1 Elec B & Shcu pf5.. ec B & Shpt (6)... ce Pow Assoc (1). ec Pow Assoc A (1) ec P& Ltopwar.. ! hareholdz(b6%) 1 ec Sharhldg pf(aé) 3 Seu preT). 2008 I cu pf(8) . 1508 Empire Pwr pt(2.24) 2 Eureka Pipe L (4). 508 nsteel Products. derated Metals Fischman & Son 21, Flintkote Co A. . . + Pord Motor. Can.. A. Ford Mot Ltd 36 3-50 Fox Lheater (A). Gen Alloys. ... 3 Gen Aviation. | 1 Ltd res 36 35 10 v pf B(6) 1008 Sve e (6).. 50s Gen Theat cv pf. 17 Glen Alden Coal (4). 4 Globe Underwr (15c) 3 Godschaux Sugar B. Golden Center Golden State Co Ltd. Goldfield Consol. Goldman Sachs. ... Gorham Inc pf. AP Tea nv (16 12008 GUAI&Pac Tea nf(T) 108 Grief Bros A (1.60). . 1 roc s I'rod vtc. . Gulf Oil of Fa (1%4). Happiness Candy... Hecla Mining (4ve). Helena Rubenstein. . Heyden Chem « Hollinzer Gold t70c. Horn (A C) Co. Horn & Hard (233) Hudson Bay M & S Humble Ofl (£214) Hyiroliie Hyerade Liygrade Syly Tmp O1l of Can (5, Ludian Ter 1o Ofl A Ind Ter 10 O B... Insull inv (h6%) . Insull Utll 2d pf (6). InsCoofNo Am t2% Insurance Security.. Intercontinent Petn Int Petroleum (1) Int Superpwr(t1.10). Int Utilities B. Int Utilities war. In'state Equity cv pf. Irving Air Ch (50c) .. Halian Supernow A. Kleinert Rubber Kolxier-iir (Am Sh). Kruskal & Kruscal. . Lackawanna Sec (4) 1 & o 2 s except those designated by letter * Add 00. Open. High. Low. Close. [] 7 4% 4y 13 13| 112w 1% | 10715 6 2 120 3674 6% 26 6 4% ~Prev. 1931~ High. Low. 7 2% T% 97 83 Stock and Dividend Rate. Terner Stores. .. .. Lion Oil & Refining, 13 Lone Star Gasn 83¢c. 78 Long Isld Lt pf (7).. 708 Long Is cu pf B(6).. 50s Lonisiana Lan& Ex. 1 Ludlow Mfg Co (6) 2 4 Magdalena Synd. Mnss Utll Assoc. Mass Ut ev pf (2%).1508 Mavis Bottling (A).. Mayflower Asso (2).. Mead Johnson (15).. Meniph N Gas (60¢).. Mercantile Strs (1). Minne-Honey pf (6). 30 Merritt Chap & Scott Mesabli Iron. wees Mid Sta Pet vtc A 22¢ Mid Sta Pet vtc B. .. Mid West Ut (b8%). Mid W Utev pf xw 6 Midland Un pf A (a8) Mo-Kan Pipe Line. .. Mo-Kan Pipe L (B).. Mohawk Hud 1st(7). Moody’s In Sve pt pf. Mount 8t T & T (8). Nat Aviation....... Nat Bd & S Corp (1). Nat Contalner pf(2). Nat Fuel Gas (1).. Nat Investors Nat Pub Sv B (t Nat Service Co. Nat Sh T Sec A 160c. Nat Transit (1)... Nehi Corp.. .. Neptune Meter A 6 4« Newberry JJ pf(7) * New Bradford Oil. .. New Eng Pow pf (6) New Haven Clock. .. New Jers Zino (13 New Mex & Ar Land. Newmont Mining... New Process Co. . NY&Hondur Rox(1 N Y Shipbuilding Cp N Y Telpt (6%). Niag-Hud Pow (40c) Niag-Hud Pow A w.. Niag-Hud Pow B w. Niag-Hud Pow Cw.. 1 N Share(Md) 20c. 1 Niles-Bemt-Pond (1) 8 Nipissing. .. s Nitrate Corp Chile B 4 Nor Am Util Sec.... 2 Nor Ind Pub S pt (6) 258 Nor Wevpf(3)..... 4 Nor St Pow A (8) 2 Nor St Pow pf (7). Novadel Agene (4).. Ohio Copper-. .. Ollstocks Ltd (A). Outboard Motor B. PacG&E1stpf1%. 10 Pac Pub Sve pf new. 2 Pan Am Alrways . 6 ndem Oil. ... . 6 Pantepec Ofl........ & Parke Davis (11.05) . 4 Parker Rust P(t313) 100s Perfect Circle(t2ig) 1 Pennroad Corp (40c) 112 Penna Gas & Elec A. Penn Watr & Pw (). Phila Co new(11.40). Philip Morris Inc. .. Phoenix Secur Corp. Phoenix S C pf (3) Pilot Rad Tube A Pioneen Gold M 1.id Pitney Bowes (b4%) 16 Pittsburgh& 110)1508 Plymouth Oil (i0c). a Premier Gold (12c).. 2 Pratt & Lambert (3) 3 Prod Roalty (b10%). 10 Prudential Invest. 11 Pub Util Hold xw... 35 Pyrene Mfg RR&UtilInv A ainbow Lum Pr A, Ravtheon Mfg. Reeves (D) (1'3). Reiter-Foster Reliance Int A Rellance Mai . Republic Gas Corp Revbarn Co. Reynolds Invest. . Rice Stix Dry Goods. 2 Itike Kumbler (2.20) Rock Lt & P (90¢). .. Rossia Intl (10¢) . Rubberoid (4).... Safety Car Heat & L. 25s S nthony Gold. 19 Regis Paver . It Creek Prod (1).. Schulte Real Estate. Secur Util (280) Seeman Bros (3) Sezal L& H ( Selecred Indu Sle Ind alctfs(54). Slet Ind prior Sentry Safety Cont.. Shattuck Den Min. .. Shenandoah Corp. enandoah Corp pf. Silica Gel etfs. ... Simmons Board pf Singer Mfg (8) nith (A. 0.).. Sou Cal Ed pf C(1%) South Penn Oil (1) Sou Pipe Line (2). Southld Rovalty 20c, Spieg May Stern pf.. Stand Invest cm pf.. Stand Ofl of Ind( 1), Stand Ofl of Ky 1.60. Stand O1l Ohio (2%). Stand Pwr & Lt (2).. Stand P& L (B) (2). S'and Silver & Lead. rrett Corp pf.. .. emn(A)&Co (1.60), Stutz Motor (war) Sun Invest, Sunray Oil. Swift& Co (2)..... Swift Internat’l (14) Tampa Electric (32) chnicolor Ine. ck HughesGM 165¢ Texon Oil&Land (1). Trans Air Trans. Trans Lux DL P § K 'ont Corp war tilities. 258 200 24 ibize Chatel. B. . ung Sol Lamp(1) eider Fin Cp.. f Canadacl) tion Tobaceo. . .. .. ‘nit Car Fast (40c) . Init Corp war. ... Init Dry Docks Unit Founders. . Unit Gas Corp. Unit Gas Corp war. Unit Gas pt (7) nitLt& Pw A (1).. Urit L & Pwr pf(6). S Dairy (B).... S ec Pow ww. S & Intl Secur. . Inter Sec 1st pf. Lines pf % Playing Card 2% nit Stores v.te..... Unit Verde Exten (1) Uil 16 & Lt (b10%) Utiliy Banities Util Equity pf (315 U1l & Ina = Utility & Ind pfo1y, Van Camp 'kg mp Ik Venezuel 5 Vick Financial (3ve) Waitt & Bond A(2).. Walgreen Co..... Walzreen Co war. Walker H (Zic).. Watson (1 W) Co. Wenden Copper. West Pwr pf (7).... Woolwth Ltd 17 4-5¢ Wright Har (112%c) U u & U G U ( wt Balea— Add 00. Open. High, 10 2% % 108 112 215 7508 205 2% RIGHTS—EXPIRE Com Edison.... —— 58 Pub Sve NII .Feb 1 17 Rad-K-Orph..Dec 21 124 2% 3n % Low. Olose. 1010 2% 2% 6 98 88 L] 60 & 24 214 1 29 10 2% % 991 88 4% 457 15% 1% % 90 6 12 21 2 o 10 105 11y 2 W ™ 2% 2% 3% 4 Dividend rates in dollars based on last quarterly of seml-an- nual payment ILIVE STOCK PRICES SEEK LOWER LEVEL Hog Quotations at Minimum for 32 Years—Steers Also Drop. BY FRANK I. WELLER. Associated Press Farm Editor. ‘The live stock and meat trade for the last week has been marked by probably the lowest dressed pork prices within the memory of the present generation. ‘The movement of live hogs at the lowest levels in 32 years saw pork loins 50 cents to $1 below already low quo- tations at Chicago. After midweek a market hardly prevailed in any sense of the word. Loins were priced whole- sale at $7 to $9, the latter Heing paid only in isolated instances. Shoulders went at $6, spareribs at $6 and Boston butts at $7 per 100 pounds. At New York pork loins were barely steady to $1 lower. Although hog receipts were only 750,000 head for the 12 principal mar- kets, compared with almost 1,000,000 a week ago, the weather was too warm for the dressed trade and prices slid off 15 to 25 cents at Chicago. Pigs were 25 cents lower and pack- ing sows 10 to 15 cents lower. Ship- per outlet was narrow, although local butchers bought well. Whereas the week's top was $4.45, the closing peak was $4.25, the lowest since 1899, and the bulk went at $4.10 to $4.20 late in the week, while lights averaged as low as $3.75 to $4.15, Analysis of Movement. Hogs declined unevenly 10 to 25 cents at Kansas City, for a top of $4. a new low for the year and the lowest price since November, 1907. Trade was active on the decline. The bulk sold for $3.90 to $4, the narrowest spread in years. The hog price movement was narrow at Omaha, with prices off 10 cents and spots off ‘mostly 15 cents. Thursday topped at $3.920. The bulk of good to choice offerings went at $3.65 to $3.90. Prices were off 10 to 15 cents at East St. Louis. Being farther East and the freight charges consequently higher, East St. Louis paid a top of $4.35 and from $4.20 to $4.25 for the bulk The demand for beef was improved at Chicago, but even with several thou- sand fewer receipts the supply was too heavy and most dressed prices moved 50 cents to $1 lower, choice steers and | yearlings lost 50 cents, medium and | good, 50 to 75 cents and stockers and feeders, 50 cents in a dull market. The 'bulk of offerings was short-| feds. which sold from $8.50 down to| $5.50. The extreme top was $12.25 on | heavies and $12 on yearlings, while common killing steers sold down as low as $350. At Kansas City the de-| mand for medium weights and heavies | was fairly urgent and prices moved up 25 to 50 cents as supplies became lim- | fted Light steers and vearlings were| plentiful, with final prices steady to! weak. The market had no strictly | choice grade and the top stopped at| $10, which theoretically was not the real top of the market. Omaha saw some improvement in | the action on fed steers and yearlings, | but very little price improvement. Fat | steers and yearlings were steady. Long| { yearlings sold up to $11.65 and medium weights to $12. St. Louis Prices ! Steers were steady to 25 cents lower | at East St. Louis. The top on )?Mllngsl was $10.85 and $10 on best heavies. The kinds that bring top prices usually are scarce on this market Dressed lamb and mutton was steady at Chicago and lamb steady to $1} lower at New York. Killing classes of lamb were unevenly steady to 25 cents h:gher at Chicago The bulk of good and choice natives| and fed Westerns sold at $5.50 to 86, with the week’s top at $6.25. There was a fairly broad demand at Kansas City and fat lambs were steady to 10 cents! higher. Fed lambs sold to $5.65 and the bulk for $5.25 to $5.50. Uneven distribution of supplies at Omaha forced a two-way market, with| strength disappearing at the end of the week. Prices were generally steady in all classes. The bulk of lamb made $5.25 to $5.50 and the top was $5.60.( Fat lambs lost their early advance at East St Louis. but were about steady | with a week ago, the bulk at $5.25 to| $5.50 and the top at $6. INVESTMENT TRUSTS NEW YORK, December 14 (#).— Bid Asked A Bio TriBhrs SDIE (0L 3 3 A BJG Tr Bhrs =R U8 4 & Gen Sec A . & Gen Sec B....l1l10 & Gen Sec $3 pf.. Br & Con 6> pf Comp Tr Shr Fdrs 6~ pf Edrs 77; pf Fdrs com Fdrs cv pf ctis Fars _1-40 com Ins Stocks | Assoc Stand Oi At Sec pf E Atl Scc_war s Atl & Pac Int units. ;. Atl & Pac com ww Atl & Pac pf war Bankers Nat Inv Bansicilla Corp Basic Industry British Type Inv y Tr shrs e quities. vest Dt Chelsea Exch A Chelsea Exch B Cumulative_Tr Corporate Trust Corporate T Corporate Ti Crum & Foster » Crum & Fost 87, pf Crum & Fost In: Crum & Fort Ins Depos Bk Shrs Depos Bk Sh N Y Depos 115 Shis Diversified Tr | Diversified Tr Diversified Tr Diversified Tr Eaquity Tnvest ... Eguity Invest »f Equity Trust Shrs Five ‘Year Pixed Tr Fixed Trust Sh A Fixed Trust Sh B Fund Tr Shrs A . Fund Tr Shrs B | Granzer Trade. Gude Winmill Trad Incorp Investors ... Incorp Invest Eanit ' Independ Tr Shrs ! Int Sec Corp Am Int Sec Corp Am Int Scc Am 6 Int Sec Am 6> b Inv Tr N Y Coll Invy Low Priced 8irs | Major Corp Shrs Mass Tnvest Mutual Tnv | Mutual Manage | Nation Wide S | Natl Indust Sirs | Natl 11" Shrs 4 N Y Bk Tr_Shrs Nor Am Tr enares [l Nor Am Tr Sh 1955 ......... Nor Am Tr. Sh 1956 - Northern Secur Oil Sheores units . | Q4 Gl Tnv Tr Qid Col Tr Assoc Betrol Trad ‘A ... | Public Sery Tr . Repres Tr Shrs . Second Ini Sec A'll | Second Int Sec B 2 8ec Int Sec 6. 1st pf. Becur Corp Gen $8 pf | Selected Am Sh .7 Selected Income Sh Selected Manage Trust . Shawmut,_Bank 3 Spencer Trask Fund Stand All Am Tr | ance companies Stand Am Tr Shrs Stand Collat Trust State Street Invest Super of Am Tr A Super of Am Tr B . D. C, MONDAY, DECEMBER 14, 1931 INSURANCE FIRMS REVEALED AS STEADY SECURITY HOLDERS False Rumors in Wall Street Spiked by Report on Investments Given at Con- vention of Company Presidents. BY CHARLES F. SPEARE. Special Dispatch to The Btar. NEW YORK, December 14.—Among the many false. rumors that have been circulated in Wall Street in recent months has been one to the effect that the life insurance companies were sell- ing securities. This has been heard in tonnection with the demoralization in the bond market. The absence of uny Justification for it is apparent in fig- ures of life insurance investments at the present time given in the paper of William A. Law, president of the Penn Mutual Life Insurance Co. of Phila- delphia, at the convention of life insur- ance presidents in New York. At the end of December the total of all bonds and stocks of the life insur- ance companies will be approximately $150,000,000 in excess of their par value on December 31, 1930. It s significant that 1n _only two of the nine clasifica- tions of investments held by the life insurance companies have there been any reductions in the past 12 months. | These were in farm mortgages and in foreign government bonds other than Canadian issues. In both instances the decreases have been slight, of foreign government obligations held by the life insurance companies amounts to but $31,000,000 par value, or two- tenths of 1 per cent of the total assets of the owners, Extent of Investment. The present investment of the life insurance companies in railroad bonds and stocks aggregates a par value of $3.000,000,000. This is 162 per cent of their total assets. Concerning this class of investment, Mr. Law says in his excellent report: “Life insurance companies are not immune from the possibility of some loss in specific cases of railroad invest- ments, but the record of past experience and the extreme care with which such securities have been selectd by life in- surance companies Justify complete con- fidence in the integrity of railroad ob- ligations held by them, and in ultimate payment at maturity regardless of pres- ent market quotations and outlook.” In the past 10 years the ratio of life insurance investments in pulfic utility securities hass steadily increased It is now 10 per cent of assets. It cludes a fair amount of preferred and guaranteed public utility stocks, whicn have been purchased quite freely s 1928 when the Wales act liberalized the New York State laws regarding the investment of life insurance funds in this type of security It is interesting to note that at pres- ent public utility bonds and stocks almost identical in amount with farm mortgages in the portfolios of life in- surance companies. Farm mortgages reached their high point in 1927 whe they were 15 per cent of assets ccm- pared with 10 per cent currently. In this perfod the investments of insur- in mortgages. other than those on farm property, have in- creased in dollar amount over 40 per cent. Investments in Bonds. There has also been a substantial addition in the past five years to life insurance investments in State. county and municipal bonds. This group, in 1927, represented an aggregate amount of $356,390.000 and was then 27 of total assets. It is now $728,000.000, & gain of over 100 per cent, and amounts to 39 of total assets Another phase of life insurance busi- ness that has been gossiped about a great deal in Wall Sireet, and colored 0 fit certain speculative commitments, has been the drain on these companies from their loans to policyholders_this vear. This has run hand in hand with rumors about selling of securities by life insurance companies in order to cover these loans. The actual fig- ures of loans made to policyhoiders are today available. They are large but not appalling in view of the tremen- dous assets of the life insurance com- panies and the fact that. as Mr. Law states, the companies will add this year $1.320,389.000 to their asset “notwithstanding the influences of th current depression.” The increase in policy loans and premium notes in 1931, with the period between Sep- tember 30 and December 31 estimated amounts to $428,000,000. This com- pares with $377,000,000 in 1930. In 1929 the increase was just short of $350.000,000. It is to be remembered, however. that when the panic suddenly {broke over Wall Street in October an November. 1929. many persons negoti- ated loans on their insurance policics not only to protect margin accounts, but to take advantage of what theiy ! thought were remarkable bargains in securities. Their action paralleled that of savings bank depositors who with- drew funds to buy what seemed to bz promising stock and bond investments. Document Constructive. The analysis made by Mr. Law of the investment situation surrounding the life insurance companies is a docu- ment that is entitled to careful sur- vey by any one who may question the position of these companies. As a con- structive presentation of the status of the largest single factor in the invest- ment market. it stands out in its frank- The total ness and in the convincing’ character of its facts as a refreshing contrast to the daily “dope” that runs unchecked | through” the New York financial dis- | trict. i (Copyright. 1931.) | |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, 20a22; | Spring broilers, 23; hens, large, 18a2 small 15a17; Leghorn hens, 13al5: roosters, 10a12; keats, young, 40a45; old, 25a35. Poultry, dressed—Turkeys, | hens and’toms young 28: old toms, 24a26; | old hens, 30a32; chickens, 3 pounds and over, 2 2 to pounds, 23a2: Spring broilers, 80; hens, large, 21a23: small, 18a20; Leghorn hens, 16al8; roosters, 13a15; Long Island ducks, 19a20. Meats—Beef, prime, 16 medium to lamb, top, choice, 12 good, 11a13; cow, 8 13; medium, 11a12 top, 14; medium, 12.; pork lof 10 pounds. 12: 10 to 12 pounds, 10 | fresh hams, 10 to 14 pounds, 12; 18 to | 22 pounds, 10: smo ns, 18a20; strip bacon, 19a20 tins, 9; package, 10; compound. Fruits rawh ies, apples, bushel ba a7l quart, 4042.00 60a 2525.00 mp cranber 10: tan baskets, 2.00. . Vegetables — Potatoes, pound sacks, 1.25: N grapefr 2,00 Maine, 100- w York, 150-pound Tdaho bakers, 100-pound sweets, Eastern Shore. lettuce, Iceb . 2.00; broccoli, 2.00; car nearby, bu 1 1.50a3.00 mas, 3.00a3.50 beets. 100 bunches, 300 100 bunc s, 600a hes, 1.00a 450 cauliflower, EXCHANGE IN TOKIO IS ORDERED CLOSED Other Markets Follow Suit When Stocks Gain on Gold Standard Suspension. stock exchang throughout Japa shares leaped as mu following st ard and by the ne a One of the bargo appeared two speci> shipme: the Urnited States, Yokohama Specie B: The stock remain closed of the week. The tions _estimated CHECK TOTAL DROPS. Check: Federal Resc system showed a cline of 6 per cer g the ended December 9. as compn the pre iod. Total d d Federal Re weelks, follow mber 9. $7.419.188 - 0.000. Sam» 2,511.000. OIL CONTRACT AWARDED. By the ndividual de- week royalty oil from the field. ROYALTIES ON OIL * $460.00 PER DAY Decline in Price and Output Has Reduced Average This Year. Special Dispatch to The Star. NEW YORK, December 14.—Oil pro- ducers have paid to royalty holders in the United States an average of $460,- 000 per day from January 1, 1926, to November 22, 1931, according to T. S. Hose, petroleum engincer, a total of 2.149 days and $988,540,000. This sum was, of course, absorbed by the operat- ing ‘companies “During the period mentioned above,” says Mr. Hose, “the average daily duction in the United States was 2759.166 barrels and the average price of oil was $133'3 per barrel. This year, when the price of ofl reacied a low for all time and is still below the cost of production. and when production has been lower per day th at any time during the nearly X years referred to, the royalty owners received an average of $180,675 per day. “Royalty oil has a tremendous bear- ing on profits or losses of the industry as a whole. For example, we have in storage today approximately 480.000,- 000 barrels of crude oil at an average price of $1.331; per barrel, on which $60.000,000 has been paid out at the time the oil left the ground “A year ago we had in storage roughly. 526,785,000 barrels of crude, or 46,785,000 barrels more than we have today. The royalty oil on this 46 000,- 000-0dd barrels. paid for on the basis of § cost the operators $7.797.000, but when this oil was taken out of storage, on a basis of 60-cent oil, the ors received for the rovalty oil, which they had paid in excess of 000, oni 8.000, or a loss of 000, T . of course, must be paid for stockholders of the companies “It is estimated that be operating companies can mak to build up the deficit the v fered, oil must average double its pr price, which will mean a net crease of in excess of $180.000 per da to the royalty owners throughout the United States. It is no wonder that the oil industry is anxious to reduce s storage. The interest on the money t has been paid for royalties alone stocks now in i $4.800,000 per year, 6 per cent LRk “While stored underground. oi othing as he re a p the on es are .one of the rea- —~Opening ts lower to de interest. but flered by rv. 6.01, 6.36, ¢ ff 4, and October, 6.80, CHICAGO. December 14.—Pronounce n va early scarcity of a wet ed that cents a little more, somewhat Corn s up and sub- of more than 4.000.000 amount of wheat afloat cot €S gave an early ge to bulls, and conditions 1ts of domestic Winter crop ter- Southwest were also a bullish Some tr. gains scored in iotations were also more ulus to wheat price up- king on wheat © to reactions wk below Satu hat securities underwent ins did much to promote at this stage. Wheat 5 y influenced by United States Steel. meanwhile laid stress also on as- scrtion: that the United States was the priced wheat export country In the world. Corn and oats were ma.niy governed by action of wheat Provisions t ownward, s tended dc rd, sympa- thizing with hog values. » of METROPOLITA 7 YEARS OL0 Service in Fullest Measure OTFTIC GEO. W. WHITE, President 0. H. P. JOHNSON, Vice Pres. A. A. HOEHLING, Vice Pres. Trust Officer and Gen. Counsel C. F. JACOB! Cashier R. P. HOLLINGSWORTH, Asst. Trust_Officer S. W. BURWELL, Asst. Trust fficer C.OE. BRIGHT, Asst. Cashier A. H. BEDFORD, Asst. Cashier C. L. ECKLOFF, Asst. Cashier R. E. BRIGGS, Asst. Cashier F. E. HILDEBRAND, Asst. Cashier F. V. N. COOK, Auditor FOR EACH —is a “Metropolitan” and severiteen years. f To those desiring to bestow PRACTICAL CHRISTMAS GIFT, we suggest a Savings Ac- count in this Century-Old Bank. Such a Gift often means much more than the gift itself, to a boy or girl, in the years to come. tradition that has been maintained, with all steadfastness, for over a hundred AND EVERY CUSTOMER DIRECTORS: < D. BLISS A>mzTam a >3 . O BRIEN . OGILBY ILLY. JR. Tz e e 2o gaamzoy e zoRo {| For the convenience of Pay-day Depositors we will be— *Ex dividend. h or stock. 1Plus 4% in stock. stock. e Adjustment stock. h Plus 1% in m Plus 3¢ in Super of Am Tr C . Super of Am Tr D Trust Shrs of Am .. Trustee Stand Inv © Trustee Stand Iny D Trustee St Oil A .. Trustee St Oil Shrs' B . Trusteed N Y C Bank Trusteed Am Bk Sh Tr Am Bk A...... | 20th Century Fixed Tr Two Year Trusi Sh Unlted Fixed Shrs ni ounders 1-70t Unlted Ins Shrs o oM United Bank Tr [ ) US & Brit Int Lid A U8 & Brit Int 13 nf U 8 Elec Lt & Pow A Pow B. Balversal % Partly extra. b Payable in € Plus 6% in Danish 5 Eur El Cp 6} irop Mix_ s Cons Mun 65 W RR 65 1 Ham ES&U 5 2 Hanover City 39 10 Ital Sup Pow 65 A 63 2 Mansfield M&S s ‘41 2 Mendoza Pr 1 §Rig de Jah SRubr G Co 6 1 Saar Basin Con 1 Saarbrueck 7s Stinnes 78 '¢* xw 8 Terni 8oc 6'o5 A '53 ww_With warrants X¥_Without warrants. T Hew SiWhen issued. 41, | a Payable 1 101, | dividend, f plus 57 i K. b | 300k pius 5% g bl siockl nplus 84 in stock. OPEN UNTIL 5:30 PM. TUESDAY, DECEMB. Foreign Drafts and Cable Transfers for sending Christmas Cash overseas. National Metropolitan Bank Capital, Surplus & Undivided Profits Over $2,300,000.00 15th Street, Opposite U. S. Treasury Bl oo oo - 83e" Lk ,“mn‘f“‘ 1:)|l.. - TOBACCO PRICES DROP IN CAROLINA MARKETS| cent of this year's crop had been som“sme'! 35 markets rupo‘:w wlt;let‘i' by December 1, tobacco prices on North | 115,520,271 pounds of tobacco sold creased an average of $5.11 per 100 |sold at an average price of $13.92. pounds, compared to the November, . = 1930 average, the State Department of in London ere Four hundred Russians ellet from | Agricultvre reported. unemployment November's producers’ sales on the Br;?l‘t‘;:? P o\ B ] DA MBS SRS SIS B the Associated Press RALEIGH, N. C., December 14.—With warehouse men estimating that 78 per 5 S5