Evening Star Newspaper, December 24, 1931, Page 10

A—10 #x¥ PROSPECTS IN OIL TRADE ARE BETTER Various Interests Have Now Put 0. K. on Curtailment Program. BY WILLIAM VOIGT, JR., Associated Press Staff Writer. TULSA, Okla, December 24—The; oil world may have a Santa Claus or | it may be “just papa,” but, regardless| of where credit lies, the industry is facing a much brighter holiday than appeared likely two weeks ago, | With a spurt that would shame a! meteor in reverse, the spirits of the| thousands of persons who are con- | cerned whether crude oil goes up, drops | or stays put, have begun rising again. | Concerted, sane, conservative action, | with competitive forces working side by | side, is pointed to here as the reasor for optimism, | The industry’s Santa Claus in_this | instance appeared in the guise of the directors of the American Petroleum | Institute, that potent chief of all oil | organizations, | Strength of Institute. | The strength of the A. P. I was| shown in the special meeting of the directors in St. Louis last week, when through their deliberations individual members, who head powerful oil com- | anies, decided to do things and in a urry. Haste was counseled, because at the moment heavy production, low con- sumption and increasing storage had made a crude oil price cut imminent, By long-distance telephone and by telegraph the directors got busy. The first’ decision was that they could get | along without working their wells or men on Sundays in Texas. The reac- | tion was favorable and immediate. ! Other companies joined, and now thero | is strong hope in this area that 180 | per cent co-operation of Texas opera- tors will follow at once. If this hap- | pens it will lop off around 950.000 arrels of ofl a week from the output of that prolific State. That means about 140,000 barrels a day and daily average flow from the entire State of approximately 825,000 barrels (allowing for the ever-present daily fluctuation). The pipe line companies were next. They told the Oklahoma Corporation | Commission yesterday they had a de- mand for only 440.885 barrels daily from Oklahoma. They have been tak- ing up to 550,000 barrels, with the al- lowable fixed at 546,000. The commis- sion will decide this weck how much to cut Oklahoma output during the low demand quarter ending March 31. Other Plans. Kansas will hold its production to 100,000 barrels a day —and there are tales floating around this may go down to 75 000. California _ production, now abny‘ 500,000 barrels a day, is expected to cut to about 456,000 barrels. With eastern production at 120.000 barrels. the Rocky Mountain area about 92,000 and the Gulf Coast and Arkansas at 100.000 barrels, total output would be in the neighborhood of 2,135,000 bar- Tels a day. This compares with pro- duction last week of more than 2.4 000 barrels, and an estimated Winter demand of 2,125,000 barrels All of these decreases are not in ef- fect yet, and some may fail, but results already have been achieved in Texas and a substantial reduction is in im- mediate prospect. { The movements have pushed aside | fear of a crude price cut Refiners expect jobbers to take more gasoline shortly. | Storage stocks are not expected to reach a dangerous wolume. Reduced Dividends. NEW YORK, December 24 (Special). | —1In addition to the dividend reductions | @lready made this week on stocks of listed companies there was announced today a decrease by the Briggs Manu- facturing Co. from 37'. cents quarterly to 25 cents, and in St. Joseph Lead from | 25 cents to 15 cents quarterly. The latter company estimates profits this | year at $500.000, against $4,076,000 xn; 1930. DIVIDENDS DECLARED NEW YORK, December 24 (P)— Omitted. Compan Inter Bak $6.50 pt Nat Cash Rex A = Ortario Silk Ltd pr.... Co Guar Mtgs ssed Met of Am Deferred. Period. Due. Q Burco Inc 6% p. Extra. Pe- Rate.riod 50 . Pay- able Jan. 15 Hidrs Company. i funicipal Service Bquibb (E. R.) & Sons, -25¢ York Trist (York, RS “eusallc Tnitial, Pacific Am Fire Ins.40c Reduced. ....26¢ 00 & 150 Q Jan. Jan, Jan. 2 Jan. Brizes_Mfx Dime Sav & Tr (Ft Wayne) Evanston Tr & g X Jan. 2 Jan, Food Machiners Home Title Ins (Brooklyn) United Pow & Li pf (Kan)..... 50c @ Dec 150 @ Jan. Liquidating. Rectifyine...55c Stock. Petrol Dec. Imperial Roy pf. Q Do pf A 30c Q Regular. 15 M Jan. 50 S %5 51 25¢ 50c a fo 6 cc Pow L5150 ©al Cement 7 pfs1.75 ©Gan Indus Ltd pf. 5175 Cent Hud G & Elec Do Witie.o.n Do pf. Cent Repub B & T Company Com Disc (LA) 8 Bl T Do 7% pt:il.0 Con_Car Heat 0 Cons Lithograph' A .50c Crocker First Nat Bank (San Francisco). .57 De Haviland Aircraft Ltd. Am Dep Rec {0 ord Do Ord Reg Diamond N Bk (Piifs) $4 Dominion Tar & Chem 14 S16215 Dunham (JH) & Co $1.50 Do k3150 Do 2nd pf 5125 East Scranton State Bank (Scranton). 50c El Pow & Lt. 25¢ Fidellty U Tr (New- (Jerses, 5 Dec Dec. Am Factors Ltd Ang-Nor 'Hids_pf.. Ariz Pow 87, pi Do 7% DL:c.iv. i Asso G & E 34 pf Beatty Bros Ltd A Bell View Ol Synd Boots Pure Dru (Am_ dep rcts 0:d reg) British Col & Gas Ltd 6 i o Pa able, Q Jan. 10 Q Jan 10 Q Janl13 Q 2 HIdrs. of Tecord. £¥000000, 5 Jan. 1 Jan 1 Dec. 31+ Dec. 23 Dec. 29 Bl Jan! Dec. 24 Dec. 14 Dec. 31 Jan. 6 Dec. 18 Dec. 18 Dec: 18 Drc. 24 Jan. 9 Dec. 24 Dec. 21 Dec. 31 Dec. 21 oK), First Nat Bk ity) Segos Firel Bak (Prnceton. Flatoush Nat Bk 75¢ Hooker Electroc pf.%1.50 nd Nat Bk (Ind) $2.50 L8175 .20c nt Pulp Co 7 Kakaha Sug Co... Kevst Nat Bak (Pitts) 2 Leclede Sieel "1 Lyco'ing Mfg 87 B §2 Lynn Gas & Elec. 3. Magor Car Corp pf §1. Merc Accp of Cal pf.20¢ Do $1.60 pf....... 40 Mohawk Inv [l 50c Mollohan Mfg’ pf.’ 3,50 Moock Elec Co pf. 5175 (NY).60c 38¢ 3175 ..$150 3350 A Morris Flan Muncipal Ser ... N O Pub Ser pf Nytley Mtg & T akland Cot M acific Finance of Cal «Del). Pepperell Mfg Peauot Mills Bequot_Wills Phila Bourse Do pf L S150 oneer Mill Co'Ltd.10c outhland Roy_Co.. 3¢ Southern Cal Edi.. 50c wle Mg ... uckett Tob Lid. i X Y&k T Co (York B : r Dec. 33 | Washington Gas 6s * FINANCIAL. THE EVENING STAR, WASHINGTON, D. C. THURSDAY NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued from Page ——1931— Stock and High. Low. Dividend Ra 36% 16 Nat Dist I'rod ( 182 785 Nat Lead (15%). 143 112 NatLead pf A (7)... 44% 10% Nat Pwr §: Lt (1) 58 1813 Nat Steel §2). 5 Nat Supply Co. 20 Nat Supply pf. 10 Nat Surety (2)..eeee 6% Nat Tea (1).. 4% Nev Con Cop (40c) 1% Newport Industries 21, Newton Steel. . 513 N Y Air Prake... 24% N Y Central......... 2! N Y Chicago & St L.. 5 NYChi&StL pf 101 N Y & Harlem (5). 1% N Y Investors 17 NY, N H & Hartfor: 54 N Y Ont & Western. . 2! N Y Shipbuilding. ... 31 N Y Shipbldg pf(T).. 801y N Y Steam pf (6) 94 Y Steam 1st pf 10 randa Mines (2).. 2% North Am Aviation. 26 Nor Amer(b10%stk) 4 Nor Ger Lloyd m2.66 1415 Northern Pacific 3) 5 Ohlo O11. . 3, Oliver Farm Equip. 314 OlivFarm Eq pr pf 16% Otis Elevator (234).. 334 Otis Steel. 20 Owens 11l 4 10s 1 4 227 121 97y 187 123 72 107% 1913 5% 26 5813 16% 393, (2). % Pacific Gas & Bl (2). Pacific Lighting (3). 4 Pacific Tel&Teleg(7) Packard Motor (40c) Panhandle P & R pt. 4 Par-Pub (b10% atk). Park Utah.......... Parmelee Transport. Pathe Exchange. Patino Mines. .. .. Peerless Motor Car.. Penney (J C) (2.40). Penn Dixie Cement. . Penn Dixie Cmt pf. Penna Rallroad (2).. Pere Marquette Ry Pere Marquette pf. .. Pere Marquette pr pf Tet Corp of A(mb0c) Phelps Dodge Co. . Phila Conew (6).... Phila Co 6% pf (3).. Phila&Reading C & I Phillips-Jones pt (1) Phillips Petroleum. Pierce Oll.... Plerce O1l pf.... Plerce Petroleum Pillsbury Flour (2).. Pirelll (A) (m3.13) Pitts Coal pf........ Pitts Term Coal pt. . Pitts United Corp. .. Pittsbzh & West Va. Port Ric Am Tob(A) Port R Am Tcb (B). Postal Tel&Cable pf. Prairie Ofl & Gas Prairie Pipe Line. ... Pressed Steel Car pf. Proct & Gamt /2.40) Prod & Refiners pf. Public Sve NJ (3 40). Pullman Corp (3)... Punta Alegre Sugar. DUreON L s Pure Oil pf (8)...... Purity Balerles (2) 1017 551 2743 550 60 2415 4 61 2915 5x kadio Corp. Radlo Corp pf A 3%. s Radio Corppf (B) Radio-Kth Orph ¢ Radio-Keith-O(new) IR Sec 1 C stk C(4). Raybestos Man(1.60) Reading Ry 2d pf(2) Reminston-Rand Rem Rand 2d pf. Reo Motor Car(40c). Republic Steel. ... Republic Steel pf. Reynolds Metals. Reynolds Tob B (3).. Richfleld O1l. Rio Grande Ofl. . Ritter Dent Mfg. ... Rossia Insof Amer. . Roval Dutch of NY.. Safeway S ores (5). Safeway Strs pf (7). St Ioseph Lead(6c) an Krancisco San Franpf(6). Savage Arms. . .. Schulte Retail Stores Seaboard Afr Line. Seaboard Ofl........ Sears Roebuck (23%). Second Natl Inv. Servel Inc. ... Sharon Steel Hoop Sharp & Dohme. .... Sharp & Do pf (3%). Shattuck (K@) (+134) Shell rading & Tran Shell"Unton Of) 9 S n x SonseBanit Se® ] O o) PP AP PR R YOO o =g T Sikelly 011 Skelly Oil of ww. ider Packing. ider Packing pf. cony-Vacuum (1). South Port Rico Sug Southn Ca! Ed (2) . .. 2 Southern Pacific (4) uthern Railway. .. uthern Raflway pf Sparks-Withington. . . High. Low. Glose. Chi 1 84% —1331— High. Low. 17% 3315 1T 20% 4 88% 6474 51% 106 19 52% 5% 9% 21% 5% 26 18K 40% 1%, 9) Bt Net. 18+ 84% +1% 113% +1% 18 17% 843 113% 134 13% 10% Stand B: 23'% Stand O 87% Stand Of 7% Stand O! 26 Stand O 75 Studebal % 11% Telauto 2 Tennes 974 Texas C 193 Tex Gul 17 Thermo! 161 Timken 2 2 Tri-Con 13 Twin Cif Dividend Rate, % Spear & Co. 6 Spicer Mfg..... ... 11% Spicer Mfg pf (3). .. 3 Splegel-May-Stern 1% Stand Comel Tobaces 2514 Stand Gas&El (33 29°% Stand Gas&E| pf (1) 1 Sterling Secur (A) 13 Sterling Secur pt. 4% Stuwart Warner., 9% Stons&Webster (m2), 9 Studebaker Co(1.20) 14% Superheater Corp(1) * v Superior Ofl. ., 27 Superior Steel 4% Tex Pacific Land Tr. 37% Thatcher Mfg Co 5% Third Avenue 11% Third Nat Inv (1.05). 6% Thompson Prod 1.20 x s Thompson Starrett 2Y% Tide Water Asso Oil. 20'5 Tide Water As pf(§) 315 Timken-Detroit Axle ock and Net. High. Low. Close. Chge. 1% 1% 1% + % 6 6 6 —Wh 2% 1% 11% -3% 3 3 3 — 12% 124 12% SRR 28% 27% 28 35 3 35 2415 23% 244 874 8T 9% 10 26% 26% L 1 14 5 bW + 10% 10% 111 %515 4% 14% %o % 3 4% 1% 1% 24 2% DT 224 224 4 A 5iE 5 1% 1 T T 124 12% 9 9% 1 1w 2% 2% 24% Bales— Add 00, rands (1.20 11 of Cal(234) 11 Exp pf (5). 11 of Kansa 11NJ (132) ker pf (7)., aph (1.40). Coroa. orp (3). 2 f Sulphur(3) 32255 1d Co Roller B(2). 1% Tobacco Products 6 Tobacco Prod A t95 Transamerica Corp. . tl Corp. 6 Truscon Steel....... 2 Twin City Rap Trasit ty R Tr pf(7) Union Carb & (2.60).. Onion O1l of Cal (2). Union Pacific (10).. Union Pacific pf (4). Un Tank Car (1.60).. % Unit Afreraft....... Unit Alrcraft pf (3). Unit Am Bosch Uait Carbon Unit Cigar Stor Unit Cgi r Stra pf(6).. Unit Corp (75c) Unit Corp pf (3). Unit Dy U+ - =& Unit Gi Unit Ga Unit Pic 1 +1 SES US&F | Exs FEF & R R R U Smtg & Ref (1). ewood. Unit Frult (3). s&1m (1.30). 20508 s&Im pf(5).. ce Dya W (1), U S Distributing. . U S & Forn Secur. r Sec pt( U S Freight.. U S Gypsum (1.60) Cips & Fdry (1). ealty & Imp. 16% U S Steel Corpm (4). 21185s U S Steel pf (7) United Stores (A)... United Stores pf (4) Univ Leaf Tob (3).. Univ Leaf Tob pf(8). s 86 T UtilPw % Vadasco Sales Corp. 14 11 Vadsco 81 Va Elec 20% Vulcan 1ty 1T 2 51 27% 15 853 20% T 46% W, 1% 21 1 3% 13'a S 20 12 494 Warn B Warner Warren Warren Wesson Vanadium Corp..... 2% Va-Car Chem 6% vf. Webster Webster-Eisenlhr pf 1017 17 26% 18 86 8% ‘. 17 12% r& LtA(2) Sales pf. &Pwr pf (6). Detin (4).... Wabash RR (A).... ldorf Sys (113) Walworth Co. . Ward Baking (B). ros Plctures. Quinlan. . Bros..... Fdy & P 1.20 enlohr. . 011&Sno(2). West Pa El pf (6). Western Dairy (B).. Western Maryland. . Western Pacific pt Western Unfon (6).. Westinghse A B(2).. Westinghouse (23). Wsthse Westval White Motors. 5 White Sewing Mach. White Sewing Ma pf. Wilcox Oil & Gas Willys-Overland Wilson &C.... Wilson Wilson & Co pf...... Woolworth (14.40).. Worthington Pump. y (Wm) (4).. Wrigley 81 Yale & Towne (1)... Yellow Truck 6% Young Spring. 3 12 Yestwn Zeuith | 6% Zonite T % 7 Peop G EM 1stm3% co Chlor 1.60. & Co (A) 1 50 9 3% 4 13 % 6a o e P i) Sheet&Tube tadio. . >rod Corp RIGHTS—EXPIRE. L&C.Jan15 10 e mwon 6% 1% 1% 1% Sales of Stocks on New York Exchange. 10:30 A.M 1:30 P.M. Dividend rates a . 200,000 12:00 Noon. 600,000 800,000 2:10 P.M..... 900,000 s given in the above table are the annual cash payments based on the latest cuarterly or half-yearly declarations. xEx-divicend. % in stock. Plus ¥ 15| bPayable m stock & — 3, | hPlus 2% in stock | 3% in ‘stock | Stock. o Pius 2%a% i sLess than 100 _shares. m Paid this year—no Partly extra in stock a Paid last year—n; Pavable in cash or stock f Plus s Plus 50c in special preferred stock gular rate. $Plus to X Plus nPlus 6% in D stock. WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES SALES. —$100 at 100, $100 at 100. Notice—This exchange will be clcsed tomorrow, Christmas day, and Saturday, December 26. Bid and Asked Prices. BONDS. ) UTILITY, PUBLIC UTILITY, price. Ask Tel, & Tel 4':s '39..... 10702 & “Tel. cti. 1. > & Pot. R, R. 55 Amer Am, 4| Wash Potomac Elec Cons. Potomac Elec. €5 195: : w Mt. Vernon' ctf as 4105, as_b series Al series B.. Elec. 45 MISCELLANEOUS. . Inc.. 6' 5 hevy Chase Club 5ias mbia Country Club D. C. Paper Miz. 6s. W M. Cold Storase 55....11.. STOCKS. PUBLIC UTILITY. Amer_ Tl & Tel (@) ... 2118 apital Traction Co. Vot Gs Lt o (18). " N. & W. Steamboat (i2). Fot. Elec’ Power 60 pid. .. t Elec. Power 5727 pid h. Rwy. & EL com. () Wash, R¥y. & EL pld. (5) NATIONAL BANK. Wash, Rwy. Biasi.. . Capital (14) Columbia (13j:.0"] Commercial (stamped) (10) District (8) .. : Fed.-Amer. Nat Liberty (T8)... Lincoln (10).. " Metropolitan’ (14 Riggs (155) Second (9e).. Washington (i TRUST COMPANY. Amer. Sec. & Tr. Co. (15) t. ‘Say. & Tr. (121) Bilee Geotses Bk. & Tr. Union Trust (8s)........: Wash. Loan & Trust (14) SAVINGS BANK. Bank of Bethesda (64). Com. & Savings (10). East Washington (12) Potomac (10).... ... Sec. Sav. & Com. Bk. (i1} Seventh Street (12).". United States (30). Wash. Mechanics (20) FIRE INSURANCE. American (12). . 318 Corcoran (10! Firemen's (8).0 . Natlonal Union (15) - | Peoples D; | ) | | TITLE INSURANCE. Columbisl (GHISEC TFEU ST ey Real Estate (6h) Ut MISCELLANEOUS. Col. Medical Bldg. Corp. (6).... Col: Sand & Gravel pfd. (7). D. C Paper Mig. ptd Natl. Sec. pid Emer. Bromo-Selz, “A"( Federal Storage pid. (8) Fed.-Am. Co. com. (1.20f) Fed.-Am. Co. pfd. (6 | Lanston ‘Moriotype (6) | Mer. Tr. & Stge. com. {6} Tr. & Stge. pfd. (7 Mergenthaler Linotype (6} [ Dath Mige, & Inv. ptd. (8 tores pfd. (61z) Real Est. M. & G. pfd. (8)..... | Security " Storae (de).. Ter. Ref. & Wh. Corp. (3) | The Carpel Corp (2)... W. Mech. Mtze. Com. (8] ‘ash " Med. Bldz. Corp. (1) | Wdwd. & Lothrop com. (1.20}.. 3 | Woodward & Lothrop prd. (7).*107 “Ex-dividend 527 extra. bbooks_closcd. ¥2020, extra. n 25c extra ® 3] ‘extra. £30c extra. h4% extra. §icc extra 3570 extra. e 18,7, extra 10'2 160 Unlisted Department. (These securities not listed under Exchanse ules, ) BONDS. b Ss. reial Club it Masflower Hotel 6s, | Metropolitan Club 41 ‘Nm. Press Bldg. Ist STOCKS. Anacostia Bank........... Chapin Sacks 8% pfd.. Connecticut Pie Co Chr. Heurich Brewery. 5 District Title Insurance Co. Franklin National Munsey Trust Co North Capitol Sav Northeast Savings Park Savings Bank, Raleich Hotel Co. i Washington Savings Bank. Washington Title Insurance GCo. Washington Base Ball Club.. . | Woodridge-Langdon Sav. Bank. 20 Minimum Asked. B Bank of France Statement. PARIS, December 24 (#).—The weekly | statement of the Bank of France shows the following changes in francs: Gold increased 70,000,000; sight balances abroad decreased 443,000,000; bills dis- bills bought abroad increased 206,000, 000; advances decreased 40,000,000; circulation decreased 122,000,000; cur- rent acccunts increased 175,000,000 Rate of discount, 2, per cent. . Of 314.422 aliens arriving in England in the first nine months of 1931, 1,968 were refused pesmission to land. - \ { counted at home increased 194‘000,000" THREATENED BANK RUN IS AVERTED BY MAYOR y the Associated Press. ASBURY PARK, N. J., December 24 ~Mayor Clarence E. F. Hetrick left his bed vesterday for the first time since he became ill six months ago, | dressed and drove to the Asbury Park and Ocean Grove Bank, where he dis- |suaded a crowd of anxious depositors from withdrawing their funds. Warn you you are about to bring the house ‘down on your heads. You arc unwise in acting this way.” it up and soon departed. Three Monmouth County banks were | closed during the day and taken over *|by the banking authoritics, Petition in Bankruptcy. BALTIMORE, December 24 cial) —The Indian Creek Co., Branchville, Prince Georges County, has filed a petition in the United States Dis- triet Court asking to be adjudicated a bankrupt. ~The petitioner is engaged in *the lalll_lndriy bu;:tiness and filed schedules showing $33,418 asscts a $65,619.03 liabilities. & Orders were signed adjudicating it a bankrupt and referring the case to Daniel M. Murray, referee. Judge William 'C. Coleman signed an er:r appointing Charles C. Marbury |And George W. S. Musgrave receivers, under bind of $5,000, to take charge of the assets of the defendant. The order appointing the receiver was signed upon a petition filed by Palm Bros, INSURANCE STOCKS NEW YORK, December 24 Over-the-ccunter market: Aetna Cas & 8. Agricultural Auer_Home. Surety. (Spe- Inc., of (P).— on . City of N Y, Conn_Gen Life. Fid & D Firemen's T Glen Falls... Globe & Rut. Hanover Hartford “Uncle Tom's Cabin” failed alto- gether to find a publisher brave enough to produce it in book form, and was | finally produced serially by an obscure magazine. 3| dressing by * | investors who would ordinari “I have come,” he told them, “to: Somebody cheered. the throng took | IN'SMALL MARKET Pressure on Railroad Issues Continues, but List Holds Fairly Well. BY F. H. RICHARDSON, Special Dispatch to The Star. NEW YORK, December 24.—OWwing to the small volume of trading in ad- vance of the holiday, the bond market today was unable to show a definite trend. The opening was irregularly lower, with some pressure on the railroads. This was a continuation of the liquidat- ing movement of Wednesday and did not go very far. After depressing such descriptions as Chesapeake Corporation 5s, Erie general lien 4s, Missouri-Pacific 55 and New York Central 5s from 1 to 2 points, the selling dried up and small recoveries took place. Similarly, industrials like Texas Cor- poration 5s, Youngstown Sheet & Tube 5s, Dodge Bros. 6s and Standard Oil of New York 4 were offered at small declines in the early trading, but later recovered most of the lost ground. In the high-grade utility and railroad group price fluctuations were small and without significance. Probably the heaviest group were United States Government long term issues. Without exception they dropped to new lows for the bear market, the re- cently issued Treasury 3s getting down close to a 15-point discount. At one time the Treasury 3lss were almost a point lower on the day and also at a new low. Losses were narrower but unanimous in the rest of the liberties and | treasuries. This selling, while theorei- | ically attributable to money markt conditions, represented year-end window institutions desirous of showing substantial cash balances. The foreign list was generally firmer, in spite of the widespraad criticism of the Young plan experts' report. The consensus seemed to be that the experts, while directing future investigations of intergovernmental debts along the right path, had falled sufficiently to prepare the ground. After opening a shade higher, German government 5'5s and Dawes reparations 7s held around their previous closing prices. German mu- nicipal and bank descriptions were steady. British 5'.s advanced narrowly on firmness in sterling quotations. Most | Europeans displayed a firm tone. There were small gains in Austrian 7s, Italy 7s, Greek 6s and the various Scandi- navian obligations. Austrian bonds rose sharply, Queens- land s gaining 4 points. There were similar gains in Australian Federal Government 5s and lesser ones in New South Wales bonds and Australian mn- nicipals. This reflected chiefly an ym- provement in Australian exchange, but for some time there has been a ten- dency to support Australian descrip- tions because of the clearing of the po- litical atmosphere in that country. Jap- i | anese issues were sluggish, the market | awaiting developments in Manchuria The municipal market was stagnant. The very best of city and State issues have now been marked down to prices | that give vields out of all proportion to the intrinsic value of the bonds, and | yet there seems to be no demend from take ad- vantage of the prevailing bargain prices. INVESTMENT TRUSTS NEW YORK, December ! Over-the-c: ABCTrS] A B C Tr S Am & Gen Sec A & Gen_Scc B Gen Sec 33 pf r ) 6% pi 24 (P)— unter market: { Asked D E & Pac com ww | & Pac pf war Nat Inv Chartered T Chelsea Exch A Chelsea Exch B Cumulative Tr Corporate Trust Carporate Trust Corperate Trust & AA Crum & Fost Ins Depos Bk Shrs N Depos Bk Sh N ¥ Depos Ins _Shrs Diversified Tr A Diversified Tr B Diversified Tr C . D Eauity Trust Shrs .. Five Year Fixed Tr Fixed Trust Sh A Fixed Trust Sh B ." Fund Tr Shrs A Fund Ty Shis B . Granger Trade Gude Winmill Trad Incorp Investors Incorp Invest Equit Independ Tr Shrs ... s | Int Sec Corp Am ... | Int Sec Corp Am B'. Int Sec Am 677 DI .. Ini Sec Am 6§ anv Tr N ¥ C Invest Trustee Leaders of In Leaders of Tndu Sun Leaders of Indust C .. Low Priced Shrs ... Major_Corp Shis Mass Invest Tr Mutual Inv Tr A Mutual Manage . . Nation Wide Sec . Natl Indust Shrs i Natl Tr Shrs . . N'Y Bk Tr Shis (1100 Nor Am Tr Shares Nor Am Tr Sh 1955 . | Nor Am Tr Sh 1956 Northern Secur Old Col Inv Tr ...... | Gld Col Tr Assoc’. | Petrol Trad A | Public Serv Tr Repres Trust Share Second Int Sec A Second Int Sec B.. Sec Int See 6% 1st pf . Secur Corp Gen_36 pf. Selected Amer Shares Selected Income Shars Selected 'Manage Trus Shawmut _Bank ... Spencer Trask Fund Standard Al Amer Trust.. Stand Amer Trust Shares.... Standard _Collat Trus State Street Invest Super of Amer Trust Super of Amer Trust Super of Amer Trust Super of Amer Trust Trust Shares of Amer Trustee Standard Inv Trustee Standard Inv D. Trustee Standard Oil Al Trustee Stand Ol Shares B Trusteed N Y C Bank. ... Trusteed Amer Bank Shares Trusteed ‘Amer Bank A... 20th Century Fixed Trust..... Two-Year Trust Shares.. United Fixed Shares...... United Founders 1-70th com.. United Ins Shares.. United Bank Trust. U S & Brit Int Ltd A U S & Brit Int $3 pf 8 Elec Light & Power '’ U 8 Elec Light & Power “B Universal Trust ‘Shares Subscription' Rights Extended. NEW YORK, December 24 (P).— Hiram S. Brown, president of Radio- Keith-Orpheum Corporation, said yes- terday, because a large number of stock- holders had asked for more time to sub- scribe for the new debentures and com- mon stock of Radio-Keith-Orpheum Corporation, Radio Corporation of America, as underwriter had consented to an extension to the close of business on January 9, 1932. ‘8 280 3.80 3 123, 4% 354 5 A B c D [ Lsamtanien ot AP T FESRCSSESES ‘igis 37 34 NuBo ao .. 'PARIS BOURSE PRICES. PARIS, December 24 ().—Three per cent rentes, 78 francs 15 centimes. Five per cent, loan, 100 francs, 5 centimes. Exchange on London, 87 francs 44 centimes. - The dollar was quoted at 25 francs 45% centimes, .| car clin . Cent 11l GRE 55’51, 21 Jent Pac 58 '60 O1l Shares units . i DECEMBER 2 IBONDS IRREGULAR | Cox o o BO! UNITED STATES. (Bales are in $1.000.) Sales. High. Low. Lib 3% 32-47. 109 Llst4%s32-47 65 4th 4% 33-38164 351951-5. 151 . % M 41 %57 40-3. % 46-56. agaggact 8 8 8 s 8 s 8 3 3 3 3 4 4 Abitib] P&P 58’53, Ab & St 53 "43. Alleghany Cp 58 *44 Allegheny 5849, Allegheny 5550 Am Beet Sug 6835 Am F' P 58 2030 AmIGChE Am Intl 6%s Am Metal 5%s'34 Am N Gas 6% Am S&R 1st 58°47. Am Sug R Am T&Tcv 4y AmT & T 58’65 Am T&T c tr 68 '4 Am T&T 6ss1'60, Am T&T 6%s'43. Am Wat Wks Arpentine 5% Ar Argentine 6s Ju's9 Argentine 6s A '57. Argentine 6s B '58. Arm Del 6%n 43, . Assoc Oll 6s '35 Atchison gn ¢s 95, Atchiscv 418’48 Atl Refdb6s'37. Australia 4% s ‘56 Australia 63 °55 Austra] Austria 7843, Austria 78 ‘57 ctfs. B&Od4s'4s B&O4%s 13 B&Ocv4ik%a'eo. B&O 1atbs'43.. B&Orf5s'9s B&O 6s'95. B&OSwavh Bk Chile 6% 8°61. Batav Pet 434843, Belgium s 55 Belgium 63 glum 78 ‘56 Belgium s '56. ... Bell Tel Pa bg B *48 Berlin Cy B ¢ Berlin CR'6% Beth Stl pm Bolivia7s Boltvin 7569, Rolivia 8s°47. . Bos & Me 58 '55 Bon &Me 5567, Brazil 648 '26. Prazi 6%48°27, Brazil7s...... Brazil 8541 Brémen 75 '3| Bk Ed gn A 5843 Eklyn Man 6s ‘63 RKiyn Un 5845 Bklyn Un 1st 58 Budapest ¢s '62 Buenos A 63’61 Pv Nuft Gen El 435w'21 BR& Pitt 434557 Bush T Bldg 55°60. Calif Packing 5 Canada 43°60. . Canada 4% s 3¢ Canada s '52 | Can Nat 4% Can Nat 4148 '6R. Can Nat 4% 855 Can Nat 5s.Tuly'6s Can Nat 58 Oct '69 Ca Can Nor 7= db '40 Can Pac db 4s. | Can Pac 41460, | Can Pac 5s 44, | Can Pac 5854 0 655 Cen Rv NJ g 5x'87 Ches Corp 547 C&Ogen 4y [C&0 415< a0 C&04%sB 95, | Chi & Alt 38 |CB&Qeeny CR&O 11 dv 315849 CB&Q Il dv 4549, !h1 & Est 111557 Chi Grt West 45’59 Chi M & StP41:sC C M StP&P 5375 CM&StPadis Chi & NW gn 45’87 CENW 4%s C 2037 Chi& NWen 4%, “hi & NW 6% =36, Chi Rwys §s 27 Chi RI&P gn 4s 4 8 44-54... 100 %8 47-52..133 Rush Ter con 58 55 Nor &l dh'4¢ | Can Pacific 414+ 46 97 31 99 19 99 22 86 25 88 5 93 30 93 28 96 4 99 11 100 30 Sales. High, 6 28 79 23 14 ‘42, Am Wr Pap 6s°47.. Arm & Co 4%829.. Bk of Chlle 638 67 Bell Tell Pa §s C'60 S OO A T T T E St =gt 2 Bl anmmnS o 5o me— 59 194 7 R CRIRT& Preas'se ChiRT&P4Y ChiRTev4ts's0. Chi Un Sta 43763 Chi Un Sta 53 B 63 C& W Ind cn 4s'52 Chile 65 *6n. Chile &5 '61. Chile s * Christiana 6s'54. . Clev Term 434s *77 Clev Term 5% 72, Colomb g« Jan "61. Colomb &s’61 Oct. Colon Of1 6s '38 Colo & Sou 414 Col GRE 58 May'52 Com Inves 5145 *49 Con G NY 4%s°51. 2 | Col G&E cou 51 '67. Con G NV 5a'45, Con Pwr Jap 614 % Consum Pow s '52 Cuba 51845, ... Cuba R R 58 52 Czecho 8s '51. | Crecho 8s°'52...... Del & Hud rf 4s'34 Del & Hud 6% Rel Pwr&L enmark 43%s'62. . Denmark 5% s '65. . Denmark 6s '42 |D&RG W b8 '55.. DRG & W 5s°T Det E G&R4 14561 Det Edison rf 58'49 | Deutsche Bk 6n'32. ! Dodge Brcl 63'40. . Duquesne 4%s Dutch East T M: Dutch East I 65'47. | Dutch East I 62'52. | Fast C Sug 7% El Salvador 8s48.. Erle 1st con ¢8'96. . | Erie gen Finland 6s "4 Fla E Coast 68'74. D&RGren 4s'36. oy afiea ovaBactiniaBanai, » e B | Fram 1 D 7%s'42.. | French 7s°49. French T%s 41 Jo3 ! Gelsenk’hen 65'34. . | Gen Baking 5%s Gen Motors 6 GenPSvhi Gen Th Eq 6 German 5% German Bk Ger Cen Bk Good 1st 6%5°47.. Goodyr Rub 68'67.. GrandTr sf db 6536 Grand Trunk Grt Nor 4%s'77E. Grt Nor 68'73. .Gl‘tNm‘l‘ni’fi s Grt Nor gn 7 Hoe & Co 6148 '34. . Hud & M adj 58’57 Hud & M rf 6 Humble Of1 Humble O 5% - - eSeSn aRwemomARa~ Hungary 7%s'44.. (7 3214 9727 9914 9912 8616 8716 9324 9328 9 998 2:58. 9729 99 14 9916 86 24 8717 9330 93 28 96 99 10 100 16 100 20 27% 79 3114 22% 13 20 40 58%, 69 49% 4 90 102 10215 9615 9815 96% 102 74 26% 39 46 46 45 46 68 57% 100 84% 92 901 45 51% 51% 8% 26 79 7314 44 89 581y €8 69 11 29% 73 8014 84y a2 91y 10014 . Low. 2:88 27% 9 31% 221 20 40 59 69 50 4 90 102 1024 9674 98% 96% 103 20 53 984 994 34 100 46% FINANCIAL NDS o s Direct to The Star Ofiice Bales. High. Low. 50 42 405 17 32% 32 51 51 35 35 96 42 2:58 40% 32 51 35 96 42 42 32 11l Cent rf 48 '65. 111 Cent 4% " [11Cent 6% 5 '3 111 CCStL&N 4% 111 Steel 4% Int Rap Tr 556l Int Rap Tr sta ' Int Rap Tr 68'32 Int Rap Tr7s3 Int & Gr Nor 68 '56. Int & Gr Nor 6s'52. Int &G N ad 6s 52, Int Hydro El 6544 Int M Co 58 ret’¢1.. Int Match 68 °47. Int Pap b8 A "47 Int Pap 63’6 g IntT&T4%s8’52.. Int T&T cv 4%8'39. Int T&T68'55. ... Irish Free St 58 '60 Italy 78°61........ Italy Pub S 78 '52.. RN et unnannoemmn ooty Kan C FtS&M 45’36 | 3 Kan City Sou 38’50, Kan City Ter 4860, Karstadt 6s'43. ... Kreug & Toll 5569, A RN 1 VR IR SRS T Laclede 5 %s C'53. . Lake Shore 314s'97 Lautaro Nit 6s ‘54. Lig & Myers 58 '51. Lig & Myers Ta'44. 1L.oew’s 63 ex w "41. Long Is1db 58°37.. Lorillard 5%s'37.. Lorillard 7s ‘44 La & Ark 6360 Lou G & El 58 L & N uni ¢s'40 Man S 1st 7% Manh Ry 18t 48'90. Market St 78 '40. Marsellle 65 ‘34 Milan 6%s ‘52 MIERy &L Mi) El Ry&Lt 68 *71 M StP&SSMcn 4s.. MK & T 1st 45°90.. MK&T48B’6 MK&T 4%s MK & T adj 5 Mo Pac gn 4876, Mo Pac s F'77 Mo Pac 58 G '78 Mo Pac 63 H "80. Mo Pacrf6s'sl... Mo Pac5%sA’4.. Mont Pow 63°43... Mor&Co 1st ¢%8'39 Nassau Elec 48 '51. Nat Dairy 5% s 43, Nat Steel 58'56.... Netherlands 6s'72. N Eng T 1st 55 '62. NOT&M5s B’54. @ omadlomarenmemas a0 NOT&MG5% w S Wales 53l w S Wales 55 Y Cen3ts 67 Y Cent 4165 2013. '54. rf im N Y Cent db 65 NYC&StL4s'37.. NYC&StL 4155 YC&StLS 19 8A'T4. YC&StL Gs N Y Edisn 5s . NY ELH&P 4543 H&H 3138 56 NH&H 4556 NH&H 434367 H&H cd 6548, s inc 63 °65. . 14383, o« oy . sphueEran~ak@Srmavatonhe NY NY Tel No Am Co 5a Nor AmE 548 Nor Pac 3% 2047, Ner Pac4s'97..... Nor Pac 4%s 2047, or Pacr 682047, or St Pw &8 A '41. orway 53°63 ¢ Norway 6% s '§! Norway 6843, Norway 68 '44. Norway 6s'52. Ore Sh L 55 gtd *46 Oreg-Wash 43 °61.. Pac G&E5s'42.... Pac T&T 1st 5337, Pac T&T rf 6s'52.. Pan Am Pet 6s Pan Am Pet 63'40. Paramount 6s ‘47.. Paris-Ly M 6s '58. . Paris-Ly M 78 '58.. Paris-Or 513s 68 Penn 4% s D81 Penn gn 4% s '65. Penn 4743°70 Penn 4% s '63 Penn gen 53 68 Penn 6%s '36 c Penn P&L 4158 '81. Peoples’ Gas 58 '47. Pere M 1st 53 '5| Peru 65 '60. Peru 6s'61. Peru 7s'59. Phila Co 53°67. . Phila Eiec 4 Phil & Read 6549 Phillip Pet 5% '39 Pilisb F M 6843 PCC&SIL 4%s'77. PCC&StL5SA" Poland 65 40. Poland 7s '47. Poland 8s '50. 5 Port Gn El 4% 2'60. Porto Alegre 8s'61. Pos Tel & C 55’53 Prussia 6s 52 Public Serv 5 Pub Sv G 414867, Pub Sv G 4%s'70.. Queensiana Queensiand 7 Read gn 4%s A 97, Rem Arms 6s A '37 Rem R5%3 A "47.. Rnine West 6s°'52. Rhine West 65 '55. . Riode Jan 6%4s°53. R Gr Do Sul 6s ‘68 Rio Gr W 1at 45°39 Rome 6%s'52..... St L&SF In 48 A '50 StL&SF4%s'18. StSWends's2.... StP&KC SL 414 8'41 Sao Pau 7840 ret. . Sao Paulo 85'36... Sao Paulo 85 '50. .. Saxon P W 6%8'51. Saxon 78 '45. : Seab A Lrf4s's9.. Seab A L cv 6845, Sea All Fla 63.A'35. Seine 7s *42 Serbs-Cr-S1 75 '62... Serbs-Cr-S1 8s°62.. Shell Un Of1 58 '47. Shell Un Ofl Gs 49. Shinyetsu 6% °52. Sinclair Oll 6% s°38 SincO7scv A" Sinc CrO 5%s'38.. Skelly O] 5% '39. Sofssons 63°36. ... Solvay Am 68 '42. . Sou Bell T&T 68 '41 SW Bell T 58 A '54. Sou Pac ref 48 ‘55.. Sou Pac 4%3°68. .. Sou P 4%8 69 ww. Sou Pac 4%48'81. .. Sou P&Or 43377, Sou Ry &n 4 '56 Sou Ry 6394 Sou Ry 6%s ‘56 StOIINJ58'46. .. StOIIN Y 4%8 51, Sweden 5% '54. Swisss%s Tatwan EP 5% 571 Tenn Cop 68 ‘44 Tenn EI P 65 A Texas Corp 68 44. . Tex & P 55 D ‘80 Third Av rf 48 '60. Third Av adj 68 ‘60 Toho El Pw 6832, Tokio 5% " : Tokio El Lt 65 '53. | Un Pac 1st 4547 + Un Pac ¢ Un Pac 4 %8 '67. Unit Drg cv 68 '63 Utd King 5%s°37. U S Rub 1st 58 "47.. Un St Wels AT, Ud 5t W 6348A'6. 0% 783, 4 100 pxhnntes 25 aeclna 3015 1574 141, rwmanee 61% 6314 62 738 4015 kid 49 o BarBalBooas r %l action on qu INSURANCE FIRNS IN 00D POSITON | None Expected to Call Upon Governmenthgency for Assistance. BY ROLLIN M. CLARK. Although insurance companies are specifically mentioned in the Waicott bill to create the Reconstruction Fi- nance Corporation as one of the group eligible for aid, there is little likeli- hood that they ‘will call upon the cor- poration for assistance. This is particularly true of the life companies, which thus far have met without difficulty all demands of their policyholders for the cash surrender value of their contracts or for policy loans. Pire and casualty companies are not in such a favorable situation as the life insurers, but even this group has no imminent need for aid. Testimony Recalled. These facts were brought out in testimony by Frederick H. Ecker, president of the Metropolitan Life In- surance Co., and Morgan B. Brainard, president of the Aetna Life and affi- liated companies. before the Senate Banking and Currency Committee, which has been conducting hearings on the Reconstruction Finance Corpora= tion proposal Some idea of the strain to which life insufance companies have been sub- Jected may be gained from the state- ment of Mr. Ecker that 32 per cent | of their investments t year have been in the form of policy loans. Out 10f an increase in assets of $1.300,000.- 000 during the year, approximately $400,000,000 was loaned to policyhold- j€rs. Some of this amount will be re- paid, but in many instances the policy holders will ultimately lapse their con- tracts in order to avoid interest charges. Despite the lack of any present need for relief to insurance companies, it considered unlikely that they will be removed from the group of institutions to which aid may be rendered under the terms of the bill. No harm will be done by leaving them in and it might be helpful to have the assist- {ance of the corporation later on if there is a further increased demand for policy loans or surrender values which would otherwise necessitate & | sacrifice of securities. Point of Difference. ‘There was j Mr. Ecker in complete provision st int on which ard were not That was the relating to the granting of loans to railroad companies. Mr. Ecker did not favoe the requirement that such loans must be “adequately secured.” because would be im- possible to furnish sufficient collateral |if the valuation is to be based on market s Althouch assured that the board could exercise discretion in determining the adequacy of the | security, he sald nevertheless he would like to see a definition written into the bill Then he was shown a propdsed amendment which would make loans to railroads available upon recommenda- tion of the Interstate Commerce Com- mission. This. he thought, would take care of the difficulty. Mr. Brainard, on the other hand, said that prompt action was necessary in the present | emergency situation and that it would be too cumbersome to require the ap- |proval of the Interstate Commerce | Commission before loans could be granted to the rail carriers. (Copyright, 1931.) CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. one pol accord NEW YORK. December 24 —The fol- lowing is a summary of important cor- poration news prepared by the Standard Statistics Co., Inc, New York, for the Associated Press News Trend. The first 12 railroads to report earn- ings for November showed a decrease | in net operating income of 30.8 per cent from the like month of last year. In October these same roads reported net operating income of 28.4 per cent under those of October, 1930 | The Companies. Chicago Great Western Railroad— Four per cent preferred share earnings, |11 months to November 30, $1.89 vs. $2.47. Nebel (Oscar) Co.—Deficit, six months to June 30, $126,914 Pressed Metals of America—Takes no rterly common dividend; s October 1 paid 121, cer | Southern California Edison—Gross j revenues, 11 months to November 30, | off 0.8 per cent: net before deprecia- tion off 3.6 per cent Southern Pacific Co—November net operating income, off 70.5 per cent, 11 months. off 46.9 per cent Consumers Power—Net income, 12 months to November 30, $11,198,946 vs. $11.875,365. _ Firestone T. & R. producting 30,000 tires daily. with plants operating four days a week, four 6-hour shifts a day Goodrich (B. F.) Co.—Output, 23.000 units a day, with plants working four aays a week: to increase unit produc- tion January 2 to 25.000 units daily and operation to five days a week; expects 23 per cent reduction in unit tire inventory compared with year pre- vious. Kansas City Power & Light preferred share earnings, 12 months to November 30, $113 vs. $101.49. Nevada-California Electric net come, 12 montk $719,815 vs. $887,852. New York Telephone November gross, as reported to I C. C., off 2.3 per cent, | operating income up 6.6 per cent: | 11 months gross off 1 per cent, operat- ing income up 6.6 per cent. Ohio Edison net income, 12 months to November 30, $6,372,503 vs. $6,754,574. Sterling Motor Truck deficit, year ended October 31, $902,800 vs. deficit $385.500. Wisconsin Central Railway November deficit after charges, $367,739 vs. deficit | $309,747; 11 months deficit, $2,600,340 vs. deficit $1,954,871. Auburn Automobile—Unit sales year | ended November 30, 34.015 vs. 13,628. Cord Corporation—Orders on hand for airplane engines total $673,000 vs. $145,400 a year ago. in- to November 30, Sales. Hizh Low. 2.58 21 244 24% 10 23% 24 36 36 404 4“ 5% 8ia 53 81 Uruguay 6s°60. Uruguay 6s '64. | Uruzuay 8s46. ... Util Pw 53 '59 ww. Util Pow 5%8°47.. Vanadium St 6841, Vert Sug 1st 7s"42. | Vienna 62 52. | Va Ry 1st 5362 Wabash 4%s ‘18 Wabash 2d Wabash 5s B ‘76 Wabash 5s D ‘80 Wabash 514s 75 Warn Br Pic 68'39. Warn Quin 6s'39.. Warsaw 78 '58. . Wst Sh 1st 48 2341. West E1db 63 '44.. West Pac 53 '46. West Union 58 West Unlon b Wes: Un 6% Wh Sew Mch 6: Wick S cv et 78'35. Wi & Co 1t 6841, WinRA T3%s'41.. Yokohama 6s *61. Ygstn S&T 6s A'78. Ygstn S&T 53 B'70. © N moR- naa Bas mowmmanhBeaoaS S