Evening Star Newspaper, December 28, 1931, Page 15

FIN CURB SHARES DROP N ACTIVE SELLNG Leaders Show Fractional Declines—New Lows Are Recorded. BY JOHN A. CRONE. YOR! and arb Excha cember 28.—Open- | s ged ket developed v to- g> Ma cn the cdownside as the ses- = 1 Electric Bond & a small fraction | d turnover. Cities Terings et & con- | w its preifous | der, ning of & | bear mar- varying de- place. In ts that have , traders would the present week’s because con- take ket grec view of been not b markets were {rregular siderable tax selling is likely place in the next four days One of the features of trading today wa number cf low-priced stocks ap; cn the top: e of them D has _taken many precede in 1931 to the rails ove: time benef Pittsburgh & Light Se- initial gains of Y4 This move- on & ie and R: to open at point, respectively however, did not spread to rail equipments. Safety Car Heating & Lighting opened off 2 points, cancelling nearly two-thirds of its recovery of the past week The opening of the Curb Exchange was marked by quiet dealings and ir- regular prices. Losses and gains about balanced Electric Bond & Share at 10y was unchanged. Citles Service at 53 was oft s and so w ndard Ol of In- diana at 14’4 1 Antelope at 5% gained ', and Ford Motor, Ltd., rose | % to 4%. A. O, Corporation opened up a point at 42, as United States Foil B appeared off Iy at 2. Middle West Utilities at 5! was off | 1., but Niagara Hudson Power was up 1 at 6 Jnited Light & Power A at 6ly was hanged, as was Gulf Oil} of Pennsylvania at 26'5. American | Super Power at dropped i, but Hydro Electric Sec at 635 Tose 5y Cheesebrough Manufacturing, with an initial rise of 5 points, stocd out in the list of Standard Oil and allied | sharcs. Aside from the very low- pipe lines and natural gas lected of copper shares in London | lope_here, but do- ues ltke Shattuck- ited Verde Extension were aviness. New Jersey Zinc Aluminum Co. of America | 2 po Singer ufac- and A. O. Smith, in the highe industrials, pointed higher. Swift ged a modest recovery, den Coal iced utilities Com- ned down 2 points. ties improved. Most tment trusts lagged, but d their quotations DECLINE IN VOLUME OF IMPORTS IS LESS Total for Nine Months Is 32.6 Per Cent Smaller Than in Same 1830 Period. rd Smith t a » The decline in the volume of Ameri- can imports slackened during the first pine months of 19 as compared with the same perlod last year, although the total value, amounting to $1,618,646,000. was 32.6 per cent smaller than for the corresponding three quarters of 1930, the foreign commerce department of the Chamber of Commerce of the United States reported in a trade survey last nigt The review shows that 25 out of 82 chief imports were brought into the country in larger quantities this year, the increases ranging from 2.3 per cent to 362 per cent, the latter figure cover- ing purchases of sesame seed The items showing increases were largely in the food and clothing groups. BONDS ON THE CURB DOMESTIC BONDS. 53 40 ands 4Am Com Pw 5.8 6 Am Cmwlh Pw 68 Cap Adm 8¢ '3 xw Gent Pow & Lt 55 5 3 Cent Pub Ser 5tgs ' 11 Gent Bt Elec 5128 48 Gities Service 5s 1Git Serv 5 Git Mix Bk El Cp 6125 6s 31 65 xw Cons N 47 on M s 47 3 Co 6'3s A '53 St wi—When iss) v st L Turkey has restricted the importation o radio apparatus, 1% | week call for expenditures of $23,700,- ANCIAL NEW YO THE EVENING STAR WASHINGTON, D. O, MONDAY, DECEMBER 28 1931. RK CURB EXCHANGE Recelved by Private Wire Direct to The Star Office. Stock and Bales— High. Low. Dividend Rate. 39 15 Acme Steel (1.60) 19% 1% Agfs Ansco.. 3 Alr Investors cv pf 76 Ala Great Sou ( 941 Ala Pow cum pf (7 45 56% Alu Coof Am pf (6). 12 Am Arch Co(2). . 1% Am Cit P&L B b10% 1 Am Com P A (b10%) 14 Am Com Pr B(b10%) 10 Am Com Pwr 1st 61; % Am Corpn (f30c). “% Am Cyapamid B, Am Dep Strs st pf A + Am Dept Stores. ... 1% Am Equities. . . 34 Am For Pow war. % Am Founders. .... 321s Am Gas & Eiec (31). 80 Am Gas & El pf (6). 1% Amin t Inc (B).. « Am Invest war.... 19 Am L1 & Trac (3%)., 9% Am Mfz Co Am Maracailo & Am Natural Gas 3 Am Superpower 62 Am Superp Ist 6).. 4 Am Ut & Gn B vic, 15 Am Yvette Co.. Inc... 3 Anglo Chil Nitrate. . 14 Appaiachian Gas. & Appalachian Gas wr. 1% Arcturus Rad Tube. 172 Arkansas Nat Gas 1% Arkans Nat Gas 3% Ark N G cu pf (60c). 9 Armstrong Cork. . 2% Assoc Elec Ind (30c) 3% Asso GRE! A(b2-25) 39 AssoG&Elct(8)... 10 Asso G&Eallct 1.60. AUl Lobos TP a6 Bat 96 Bell Tet ot Can (8) 81, Beneticial | L (114). 2% Bliss Co(EW)(b8%) 5 14 Blue Ridge Corp.... 40 16 Blue Ridge cv pf(a3) 19508 7 Brasil Trac Lt&P(1) " Brill Corp A (34¢) W Briil Corp B... 19% Buft N&EP pf (1.60). 76 Buft N&EP1st (5). 201 Bunker Hill & Sull. . 14 Burma rcts 127 3-bc.. % Canadian Marconi 1 Carib Syndicate. . 314 Carman & Co (B). 1 Carnegle Metals. . 131 Cent Hud G&E (80¢c) 1'; Cent Pub Sve A b5 %. 1% Central States Elec. . Cenirifug Pipe (60c) + Chain Store Devel... % Chain Stores Stock 76 Cheseborough (16%) b Cities Service (g30c) 35% Cities Serv of (6).. 42 CitSvpfBB (6).. » Claude Neon Lts Inc Cleveiand Tractor Colon Oil. Col O11& Gas vic. . Commwlith Edison (§ 258 1y Cmwith & Sou war.. 136 1% Consol Afrcraft..... 1 4 Consol Auto Merch.. 6 ix Consol Auto Mcupf. 1 1 Consol Copper...... 14 57% Con Gas Balto (3.60) 4 9615 Consol G Bpf A (5). 268 1% Consol Gas Utility A~ 4 1w Consol Retail Stores 20 6514 Contl G&E pr pf (7 1A Cont Sharescy pf. 114 Cont Shares pf (B).. 2\ Cooper Bessemer. ¥l Cooper Bess pf (A 2 Covper Range 4% Cord Corp..... 2 Corp Sec Ch (bé T Corroon&l 15 Cosden Oll. 1% Creole Petroleum. 1 Cresson Consol (4c). 2% Crocker Wh . 1y Crown Cent Petrol Crown Cork Intl (A) Cuban Tob vot tr cfs. s Alrports vte. Wright war. # Cusi Mox Mining.... & Dayton Alr & Eng. 815 Deere & Co. Forest Radlo. . 14 Detroit Alrcraft. 24 Doehler Dis Casting. 54 Driver Harris new.. 14 Dubilier Cond & Rad 65 Duke Pow (5). % Duquesne Gas 3 Durant Motor: EastG & F Assoc. East Sta Pow (B)... . Eisler Eleetrie. . ... 3 Elec Bond&Sh(b6%) Elec B & Bhcupfb.. & Elec B & Sh pt (6) 314 Elec P & Ltop war.. 6 Elec Pow Assoo (1). 5's Elec Pow Assoc A (1) 3 31, El Shareholdg(b6%) 3 mp G & F cu p£(7). 508 12 10 2 9 v 1931 1 1 1 1258 108 1 1 31 Sl 971y 1111y T by 28 1% ‘ Corp ies war Wilcox (41005 i i 1 16! 9 2 3 21 1 508 1 33 23 1 109 %), 1 2 1 » - & 810 20 20 2 5 24 Europ E Ltd A (60c) W Europ Elec deb rts. 1% Evans Wallow Lead. 5% Federated Metals. ... 6 Fire Asso Phila 1.60. % Fischman & Sons. » Flintkote Co A 1w Foltis Fischer Corp. 8% Ford Motor, Can., A. ord Motor, Can., B 3% Ford Mot Ltd 36 3-5¢ %« Foremost Dairy pf... 1% Foundation For Shs. % Fox Lheater (A) Franklin Mfg. % Gen Aviation..... Gen G&E cv pt B(8) % Gen Theat Eqev pf.. 211 Glen Alden Coal (4). 4% Globe Underwrit 40c. 14 Gold Seal Elec new.. % Golden Center...... 5% Golden State Co Ltd. 174 Goldman Sachs..... 108 11% Gorham Mf vte (f2). 2 & Goth Knitback Mch. Gt A&P Tea nv(16%)100s Gt At&Pac Tea pf(7)120s 20 2 1 @ 6 4 il a7 18 6 0 O o= S5EmeR mRoe BT oanne 1 I 130 141 12 14 Groc Strs Prod vtc. . t Ground Gripper. . b Guenther Law (1) 25% Gulf Oil of Penna. .. % Happiness Candy. 4 Hecla Minlng (40¢). 37 Hollinger Gold t70c. 2 Hudson Bay M&S.. 45y Humble Ofl (123%).. 54 Hydro El Securities. 24 Huyler Strsof Del.. 8 214 Hygrade Food Prod. 1 46 Ill Pow & Lt pf (6)..1608 T% Imp Oil of Can (50c) 6 5's Indiana Pipe Line(1) 1 4% Indian Ter Illu Oil A 1 6% Ind Ter llu Ol B 1 1 Industrial Finan ctfs525s 4% Insull Inv (b6%) 8 23 InsCoofNo Am 2% 8 1% Insurance Becurity.. 34 1» Intercontinent Petn 10 7% Int Petroleum (1)... 60 9 IntSuperpwr(t1.10). 4 5 Internatl Utility (A) 2 1% Int Utilitiea B .y % Int Utilitles war.... 2 % Interstate Equities.. 1 91, In'state Equity evpf. 3 1 Italian Superpow A. 1 11, Johnson Motor 4 % Kirby Petroleum. 10 1 Kirkland 1 W Kolster-Br (Am 8h), 12 Lefcourt Realty 1.60 . Lefcourt Real pt (3) 4« LeonardOll........ 37 Libby McNell & L 21, Lion Oil & Refining 51 Lone Star Gas n 85c. 83 Long Iscu pf B(6).. 25 1 1 8 e lots excent those desismated by letter “s.” | ~Prev. 1931~ Add 00. Open. High. Low. Close. 4% 2 2% 35 87 Aluminum Co of Am 1350s 52 1% 114 215 26 2 8tock and High. Low. Dividend Rate. (] 4 Louisiana Lan & Ex. 25 & % & MagdalenaSynd..... 23 35 184 Mass Utcv pf (214). B0s 18 5% % Mavis Bottling (A).. 8 % 43'; Mead Johnson (16).. 43 41, Memph N Gas (60c). Merritt Chap & Scott Metal & Mining Inc. Met Chain Stores Mid Sta Pet vtc B Mid West Ut (b3%). 5 Mid W Utll A war. Mid W Utev pf xw 6 « Miller (1) & Sons. .. 19258 Mo-Kan Pipe Line... 7 Mohawk Hud 1st(7). Mohawk Mining (1).3 Mountain Prod (80c) Nat American Co : 4 Nat Aviation........ 2 Nat Bd & S Corp (1).1375s Nat Fuel Gas (1) 3 Nat Investors 9 Nat Leather. ..... 2 Nat Pow & Lt pf (6).2008 Nat Rubber Mach... 1 Nat Secur Invest pf. 508 Sh T Sec A $60c. ugar NJ (2). ransit (1) Mur., JI) 1.1 Fuel new Bales— Add 00, Open. High. 4% 14% 14% 2 2% 2% 4 New Jers Zinc (13).. Newmont Mining. N Y Hamburg. ...... N Y Shipbuilding Cp. N Y Tel pf (63%4)... Niag-Hud Pow (40c) Niag-Hud Pow A w.. Niag-Hud Pow B w Niag-Hud Pow C w Niag Share(Md) 20c. Nipisst 7 . Nitrate Corp “hile B Nowm Elec (40¢) .. Nor St Pow A (8) 2!, Ohio Brass (B) (2) Ohio Copper-. . Ohlo Ofi cu pf (8) Okla Gas & El pt Overseas Sec... Pao Western Oil Pandem Ofl.... Pantepec Oil Paramount Cab Mfg. Pender DGr A (3%). Pennroad Corp (40¢) Penn Wat & Pow (3). Peoples L&PWT (A). Pet Milk pf (7). Petrol Corp war Philip Morris Inc. .. Phoenix Secur Corp. Phoenix § Cor pf (3). Pierce Governor. ... Pion G M Ltd (12¢).. 2 Pitney Bowes (bi%) 15 Pitts & L E (110)... 3008 Pittsbgh Plate G (2) 1 mouth Ol (60c). Powdrell & Alex (2). Premier Gold (12¢) .. Prudential (nvest ve,N 111 n p(8).100s Pub Util Hold xw. 37 Quaker Oats (17)... 20s Radlo Products..... 5 Lway & Lt Sec (13). 508 Rainbow Lum PrA. 5 Raytheon Mfg - 25 Ited Bank . 2508 lieiter-Foster..... Reliance Int A Reliance Manag... Republic Gas Corp. . Reybarn Co. ... Reynolds Invest Rhode Is P 8 pf (2) an Antelope Min Rock Lt & P (90¢)... Roosevelt Field Inc. Rubberoid (4).... Safety Car Heat & L.1258 St Regis Paper.. 87 Salt Creek Consol 3 Salt Creek Prod (1 Sec Allied Corp (1).. Segal L & Hdwr..... elected Industgies. Sle Ind al ctfs(5%).. Sentry Safety Cont. . Shattuck Den Min henandoah Corp. .. henandoah Corp pf. ilica Gel ctfs. . 2 Singer Mfg (8).. 308 Sisto Finance Corp. . 25 Smith (A.O.). . 908 ni Viscos=a rcts 1 So Am Gold & Plat. . South Penn Ol (1) .. SoCalEd ptB (1%). Sou Cal Ed pt C(1%) South Corp Southern Nat Gas Sou Pipe Line (2).. Southld Royalty 20c. W Gas Utilities. Spanish & Gen rcts. . Stand Ofl of Ind(1).. Stand Oil of Ky 1.60. Stand Oil Nebr (2).. Stand Oil Ohlo (2%4). Stand Pwr & Lt (2) tand P & L (B) (2). tand Screw (4) ... Starrett Corp pf. Stein(A)&Co (1.80) Stutz Motor Ca un Invest pt ( Sunray Oil.. Swan Finch Oil. Bwift & Co (2)....00 Swift Internat'l (14) Syracuse W Mach B. s Taggart Corp.... ampa Electric (32) Technicolor Inc. ... Teck HughesGM 165e Tenn E1 P 18t p£(1). . exon Ofl&Land (1). oh Prod of Del wi.. Todd Shipyard (2). Trans Air Trans 'ri-Cont Corp war. ri-Utilities. . nsLux DLPS.. ubize Chatel. B. ung Sol Lamp(1).. Un Gas of Canada (1) Union Oil Assoc (2). Urion Tobacco. Unit Corp war. Unit Dry Docks. . 1 t Elec Servic + Unit Founders Unit Gas Corp. Unit Gas Corp war. . 8 pt (7). Unit Lt & Pw A (1) it L & Pwr pf(6). 81 Milk Prod P'rofit Sharing. Elec Pow ww. S Foil (B) (50¢). J S & Intl Secur..... S Inter Sec 1at pf.. 24 JSPlaying Card 2% 2 Stores v.t.c.....4938 nit Verde Exten (1) 14 Po& Lt (b10%) 12 Pwr & Ltpf(7). 50s y Equitie: 15 Ind .. e 2 tility & Ind pf(1%) % Venezuela Petrolm. . 3% Vick Financial (30¢) 9% Waitt & Bond A(2). 104 Walgreen Co. . 1% Walker, H (256) Y2 Walker Mining. x Watson (J W) Co. ‘s Wayne Py # Wenden C 4 T% Wilson Jones. 5% Woolwth Ltd 17 RIGHTS—EXPIRE Com Edison.,., —— 48 1% 1% 1% PubSve NI .Feb 1 6 2% 2% 2% Dividend rates in dollars based on.last quarterly of semi-an- nual payment. *Ex dividend. —{Bartly extra. IPIus 4% in stock. aPayable in cash or ‘stock. bPayhble in stock. e Adjustment dividend. fPplus 5% in stock. gPlug 6% in stock. hPlus 19, in stock. JPlus 2% in ‘stock, k Plus 10% in stock. Plus 39 in stock. nPlus 8% i slock, p Paid last year—no regular rate. 17 7 N 16% 9 W 24 3 13 9 1 92 1 1 20s 1 18 19 1 " % 234 I 3 1 1 FrE wak = CEFHE S 10 30 8 6 1 16 9 1 a o o > 141 114 uoo1% B O S P11 ] CRUPN UL~ JUPQUPEE PRV e LTI 0 R 2 10 215 7 Tk b 854 Trade Trends By the Assoclated Press, Construction.—Heavy engineering con- struction contracts awarded in the past 000, contrasted with $26,885,000 in the preceding week and $32,763,000 in the | corresponding week of 1930, according to the Engineering News record. Coal—Weather and trade influences were reflected in decreased production of both anthracite and bituminous coals in the week ended December 19. Out-|of the year end. A number of substan- gut of the former is estimated by the | tial commitments are reported in East~ ureau of Mines at 7,050,000 net long ! ern districts, where industrial prospects | tons, against 9,475,000 tons in the like appear brighter than elsewhere. | week of 1930. Pennsylvania anthracite — | production of 908,000 net tons com-| Leather and Shoes.—A moderate re- ! pared with 1,385,000 tons in 1930, | duction in the dwaz 3utpul u(dshoes !fl tentaMvely indicated, according 0 Dairy Products—The Department of g i . Agriculture finds that world prices of | O 2ndard Statistics G dairy products have declined in re- cent months, against the normal sea- | sonal trend. Domestic prices have been affected by the unusually large Fall milk production and its products. Electrical tivity has devel . The world's record for liner tonnage in one port was made recently when the Majestic, Leviathan, Olympic, Homeric, Berengaria and Empress of Britain, with & total mnfi of 201,042, docked at Mmmés land, uipment.—Increased ac- oped with the approach | 1.0023.00; lambs, 3.0087.00. STABLIZED PRCES NDW I PROSPET Strengthening of Financial Structure Is Promising Factor. Special Dispatch to The St NEW YORK, December 28.—Prospect of prompt stabilization and progressive strengthening of the d-mestic financial situation is the most promising spot in the business picture as 1931 passes un= lamented into oblivion, says the Busi- ness Week. Financial difficulties grow- ing out of uncontrolled deflation emerged as the most formidable factor frustrating dcmestic readjustment dur- ing the past year. So far as foreign influences have | played & part in postponing reccvery, | there is little progress to be hoped for, |and probably only further disturbance [to be anticipated from this source. | But_indications of energetic action on | establishment cf the reconstruction corporation after the congressional recess, intelligent private support of the bond market evidently under way in the interval and early relief for rail- roads through rate and wage adjust- ments, justify expectations of improve- ment in the domestic picture early next year. Its extent depends upon how promptly and powerfully pressure is applied to reverse deflation and replace and expand credit in use and how ‘strongly deferred private industrial de- mand will draw it inty employment for replenishment of ccpleted inventories and improvement and extensicn of | facilities. Sources of such dgmand on a | large scale are difficult to see at the moment, but they have always been so at & similar stage of depression and will doubtless appear in due course as confidence is restored by better banking conditions, Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, December 38— White potatoes, 100 pounds, 75a90; sweet potatoes, bushel, 50a80; yams, barrel, 1.25a1.75; beans, bushel, 1.00a 1.50; beets, per 100, 2.00a3.00; Brussels sprouts, per quart, 5a15; Savoy cabbage, bushel, 35a50; carrots, per 100, 3.00a 3.50; celery, crate, 1.75a2.25; cucumbers, hamper, 3.00a4.50; eggplants, crate, 1.50a lettuce, crate, 4.00a5.00; onions, per 100 pounds, 2.80a3.00; peas, crate, 5.50a5.75: peppers, 1.75a2.50; umpkins, per 100, 5.00a10.00; spinach ushel, 60a80; 1, bushel, 1.50a 2.50; tomatoes, boxes, -3.5084.00; turnips, hampe: ; apples, bushel, 50a1.25. Dairy Market. Chickens—Young, 17a21; Leghorns, 15a16; old hens, 17a20; Leghorns, old, 12a16; roosters, 12al4; ducks. 12a20; geese, 16a22; pigeons, peir, 25a50; Guinea fowls, pair, 25a50; turkeys, 22a27. Eggs—Receipts, receipts, 20; small hennery a32; We Butter—Good and fancy creamery, 28 a31; ladles, 20a21; process, 23a24; store packed, 15a16. Live Stock Market. Cattle—Receipts, 600 head: fair sup- ply, market steady. Steers—Choice to prime, none; good to choice, 6.50a7.50; medium to good, 5.50a6.50; fair to medium, 4.00a5.00: plain to fair, 3.50a 4.00; common to plain, 3.00a3.50. Bulls—Choice to prime, none; good to choice, none; 4.25; fair to medium, 3.50a4.00; plain to fair, 3.2583.50; common to plain, 3.00a3.25. Cows—Cholce to prime, none; ood to choice, none; medium to good, 75a4.00; fair to medium, 3.25a3.7 plain to fair, 2.50a3.25; common to plain, 1.50a2.50. Heifers—Choice to prime, none; good to choice, 5.00a6.00; medium to good, 4.5025.00; fair to medium, 4.00a4.50; plain to fair, 3.00a4.00; common to plain, 2.50a3.00 Fresh cows and Springers, 30.00a60.00. Sheep and lambs—Receipts, 800 head; light supply, market higher. Sheep, 1,900 cases; current pullet eggs, 22a25; ; nearby firsts, 30 1.200 head; Lights, Hogs—Receipts supply, market ste 5.50; heavies, 4.90a5.20 550} roughs, 3.50a4.25; light pigs, 4.60a 5.10; pigs, 5.0025.35. ves—Receipts, 125 head; light sup- ply, market higher. Calves, 3.50a8.50. Hay and Grain Prices. Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, garlicky, spot, domestic, 57%; December, 57%4; January, 577 Corn—No. 46a47; cob corn Oats—No. 2, 35a3515; No. 3, 34a34! Rye—Nearby, 40a45. Hay—Receipts, 12 tons. New hay is starting to arrive in increasing quan- tities, but so far no offical grading has been attempted, selling being strictly on merit. Demand for old hay slow and market is dull and quiet, with prices in buyers' favor at a range of 13.00a 1650 per ton. Straw—No. 1 wheat, 8.50a9.00 per ton; No. 1 oats, 9.00a10.00 per ton. Grain Market By the Associated Press CHICAGO, December 28 —Influenced by relative weakness of wheat quota- tions at Liverpool, grain prices here tended downward early today. World shipments of wheat to importing coun- tries were larger both as compared with the week previous and a year ago. Starting at 'va% decline, wheat con- tinued to sag. Corn opened unchanged to %a'i up and subsequently receded. Although displaying little power to rally, wheat showed rather notable steadiness on declines. Among the rea- sons given on the bull side of the mar- ket was notice that Italy had increased to B0 per cent the quota of imported durum wheat that millers would be permitted to use. Another steadying factor was that practically all of the domestic Winter wheat belt had be- come bare of any snow blanket, and that snow reserves in the mountains were almost nil. A leading crop authority pointed out that temperatures had been abnormal- ly high this Winter, so much so that as far north as Wisconsin the willow trees showed sap. Under these circum- stances, he expressed fear concerning possible damage over wide sections of the Winter wheat belt in case of a sudden severe fall in temperatures. Such a happening, he said, would catch the crop in the growing stage and dis- asterous results were likely, similar to thosz in 1928 east of the. Mississippi. Corn and oats took their cue almost entirely from wheat action. Provisions went downward with hog values. 5.25a B 2 yellow, domestic, spot, new, 2.00a2.10. white, domestic, spot, New York Cotton Special Dispatch to The Star. NEW YORK, December 28 —Opening cotton prices today were 1 to 4 points higher in fairly active trading. Trade buyers bid. near months up, while spec- ulative covering offset ~commission house offerings in October and De- cember. Opening prices were: January, 6.2 up 3; March, 6.47, up 3; May, 6.61, up 3; July, 6.84, up 4; October, 7.04, up 1, and December, 7.21, up 2. Bix hundred ninety-nine girls and 22 youths in England and Wales have married within & year at 16, the lowest legal age. medium to good, 4.00a light | medium, 5.25a | i regions to the treaty ports, where it| 'and finance in 1931. FAR EASTERN TRADE DECLINES WERE SHARP DURING PAST YEAR| Reports to Commerce Department Reveal Widespread Depression—Political Changes Were Factors in Business Decrease. The trade of all countries in the Far) Eastern area fell in 1031 to even lower | levels than in the previous year, ac- cording to a survey made by Charles | K. Moser, chief of the Far Eastern scc- | tion of the Commerce Department’s Division of Regional Information, made public today. Added to_the world-wide factors of | depression, Mr. Moser pointed out, were certain unique features in nearly every country of the Far East. In view of the many complications, both political | and economic, centered in this section | of the world, the survey was confined | by Mr. Moser strictly to & summary of | the striking economic features in éach | country, and he made no attempt to in- | dicate trends for 1932. ! Floods that destroyed thousands of | lives and rendered 30.000,000 people homeless ravaged the Yangtze Valley, | the richest region of China, the survey showed. OIvil strife and insecurity of | property in China, Mr. Moser said, | caused a flow of silver from the interior congested and became partiaily respon- sible for the unprecedentedly low value of silver and of a consequently lowered capacity to purchase foreign goods. U. S. Shipments to China. American shipments to China, Mr. Moser sald, were slightly lower than in the preceding {lenr. although the de- cline was less than to any other coun- try. Imports of raw mateiials from the | United States showed a considerable in- | crease, while receipts for American | manufactured goods declined. Increase: the survey showed, raw cotton, wheat, flour, lumber and leaf tobacco, and de- lines were recorded for kerosene, iron and steel products, machinery, electrical equipment, aniline dyes and automo- biles. According to the survey, Shanghai continued to experience greater prosper- ity than any other section of China, although its trade also suffered from the adverse factors which affected China’s general trade. Extensive build- ing operations and expanding indus- trial developments continued to fea- ture the settlement’s progress. As to Manchuria, Mr. Moser said this strife-torn section experienced good crops, but a low demand for its prod- ucts. High tax burden, manditry and deplorable currency conditions, he ex- plained, were additional factors that serfously curtailed both import and ex- port trade. The department official said disturbed financial conditions in Europe, depres- sion in the United States and floods in China, followed in the Fall of the year by the Manchurian trouble with™ its| resultant boycott, and finally the de- | cline in the British pound sterling, all reacted unfavorably on Japan's industry | Political Changes. “Finally, in December,” Mr. Moser | continued, “the government party that had been in power for two and one- half years and which was responsible | for removing the gold embargo in Jan- | uary, 1930, was forced to resign. The | new cabinet immediately suspended the | gold standard again by placing an em- | bargo on gold exports, effective Decem- ber 13, and the yen at once fell to around $0.43. This action created an optimistic feeling in industry, where it was believed that export trade would be stimulated, employment increased and the government liberalized in rendering financial aid to industries. “Commodity prices continued in a downward trend throughout the year and production restrictions were main- tained in all important industries. Prof- its for the first six months were above those of the corresponding period in 1930, but less favorable returns are an= ticipated for the last half of the year. “Low prices caused returns from ex- ports of raw silk to decline, reacting unfavorably on agriculturists, but the volume of exports was considerably ahead of 1930. Silk stocks were heavy owing to inability to dispose of the 109,300 bales held in storage under the compensation law. A number of the smaller filatures were forced to close. Unemployment increased seriously, la- bor disputes were more numerous and | period. EENANCIAL., wages were reduced. The rice crop was smaller than in 1930, but r mained low, although the governme made heavy purchases “Foreign trade for the first 11 months | of the year declined about 20 per cent in value, but the volume was larger than in the corresponding period of 1930. Exports were valued at 1,065,- 000,000 yen, compared with 1,354,000,~ 000 yen for the first 11 months of 1930 Imports totaled 1,124,000,00 yen against 1,447,000,000 yen in 1930. “Import trade in general reflected the business deflation, contracted buying power and the tendency to use home products in preference to imported goods. A larger quantity of raw cotton was purchased, ‘particularly from the United States, but the value was lower than in 1930. Idle shipping approached | 500,000 tons toward the end of the year.” Conditions in the other Far Eastern countries were summarized by Mr. Moser as follows “In India government revenues de- clined despite considerable increases in import duties, while internal disorders, such as strikes, boycotts and hartals— used as the weapons of hostile political factions—depleted domestic business. The textile industry, owing to increased protective tariffs and efforts to induce large consumption of home weaves, was the most prosperous of Indian enter- prises, and the fu ] look of the | cotton textile industry appcars fa favorable. “In the Philippine Islands exports for | the first 10 months went down 21 per cent and imports 23 per cent. Importer and bank credits to dealers were ex- tended only with great caution, and many old accounts elther were liqui- dated or written off, Imports of iron and steel and automotive products de- creased 30 per cent, and cotton plece goods fell off 20 per cent, although Ja- pan considerably improved its position in rayons and other lines at the expense of American textiles. Boycott Attempted. “In the Malaysian territories, includ- ing the Netherland East Indies, except for a short period of renewed activity following the moratorium announcs ments in the United States, busine depression maintained itself throughout the year. An unofficial boycott of Jap- anese goods was attempted by the Chinese merchants, in whose hands is the bulk of commodity distribution in these countries, and trade from all gold- standard countries suffered in compe tlon with the producis of non-gold- standard countries, following the decline in the pound sterling. The Chadbourne plan for international restriction of suger output became effective April 1 thus insuring a graduated res Java's sugar production over a five-year “In British Malaya business activity was only about one-third that which the distributing facilities were organized to handle. Import duties were imposed on a variety of commodities by the Federated Malaya States government, and plans for a Malayan customs union were under consideration at the close of the year. “Australin and New Zealand under- went one of the most serious slumps in their economic history. Extraordinarily high exchange seriously handicapped importers throughout the year, and. im- ports from gold-standard countries were impeded further when Great Britain abandoned the gold standard in Sep- tember. There were some hopeful signs, however, as the year closed. Crop and pastoral conditions were reported | as good from both countries, and sec- ondary industries were increasing in ac- tivity, while exports, stimulated by ex- tremely favorable cxchange, were going forward in increased volume. The out- look for import improvement, however, remained extremely problematical. “In practically all countries of the Far Eastern area, largely agricultural in | their productivity with the exception of | Japan. crop yvields generally were re- ported as unusually good. The lack of prosperity, therefore, was mainly due to internal difficulties in getting products to market and to low world demand.” Everybody’s Business Decline in Volume of World Trade and Fall in Gold | | Prices Held Causes of Young Plan Failure. | BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, December 28.—Confer- | ences are cheaper than wars and visits cost less than invasions. The nations of Europe are doubtless aware of this. Prance is no exception. She recalls her experience in 1923, when she tried to collect reparations. Her triumphant march into the occupation of the Rubr, Germany's most highly industrialized section, wrecked Germany, but pretty nearly wrecked France as well. Mili- tary expeditions arranged for the pur- pose of collecting debts, are as a rule futile. One welcomes, therefore, the news | that the British and the French have agreed to call another conference at The Hague to consider steps to be taken in regard to the Young plan. It will be recalled that the latter came into be- ing less than two years ago as a perma- nent and final settlement of the reparations problem. The reasons for the failure of the plan are relatively simple. It contem- plated a rising series of annuities, based upon & steady expansion in world trade, not merely in volume, but in value, in which German payments would become a factor of diminishing importance. The opposite has been the case. Since the Young plan came into effect, not only has the trade of the world shrunk in volume, but the fall in gold prices has itself added greatly to the real burden, not only of German annuities, but of all payments fixed in gold. The Young Plan Advisory Committee, appointed to study and suggest & so- Jution of the German debt problem, has submitted what may be regarded as a rather sober analysis of the exist- ing complications in the field of inter- national economics and finance. The advice given by the committee should command the respect of economists and statesmen of all nations involved. The Qerman problem, the experts maintain, which is largely responsible for the growing financial paralysis of the world, calls for. concerted action, which the governments alone can take. They add that the adjustment of all intergovernmental debts (reparations and other war debts) to the existing troubled situation of the world—and the adjustment should take place with- out delay if new disasters are to be avoided—is the only lasting step ca- pable of re-establishing confidence, which is the very condition of economic lmumber of European financial institu- or when, Mr, O'Nell does not know. Nor does any one else. Exchange Situation, The effects of restri placed by | a number of countries upon exchange | transactions upon United States com- merce cannot be underestimated It would seem that the situation imight be helped by the creation of a clearing office or similar instrumentality, designed to make available the amounts | due frog American importers to ex-| porters In countries with exchange re-| strictions, for the payment of amounts | due from importers in the respective | countries to United States cxporters. | Deposits Guaranteed. The Lithuanian National Bank, whic is the bank of issue in the republic, h agreed to assume the guarantee for all depesits in the country's private bank- | ing Institutions. For the guarantee, the | bank will receive a commission amount- ing to per cent, payable either by | the depositor or by the private bank upon agreement with the former. As a result of this new ruling, with drawels have not only ceased entirel but redeposits as well as new accounts have continued to show a marked in- crease. Argentina’s Prospects. When the world does come back to normal, Argentina will be one of the first_countries to come back, according to Viscount St. Davids, English banker prominently identified with Argentine | railroads and British investment trusts. This prediction, in the opinion of the | British financier, is substantiated by | the fact that Argentina is a country with a great and industrious popula- tlon, richest of land for hundreds of miles, an excellent climate and great national advantages. Europe Lending Capital. Europe, despite the alleged dearth of funds, continues to send capital abroad, provided she feels that credits granted to foreign borrowers are going to be employed productively The most re- cent example is the participation by a tions in the formation of a Rumanian agricultural credit bank. The share capital, placed at some- what under $1,000,000, is understood to have been furnished by the Credit Foncier and the Banque de Paris et des Pays Bas of France, the Deutsche Bank- Disconto Gesellschaft of Germany; the Schweizerische Kreditanstalt, and the Kreuger and Toll Combine. The latter Is already heavily interested in Ru- manfa, where it has acquired, amon others, the kingdom’s match monop: in consideration for a loan to the Goverfiment. (Copyright, 1931, by North American 2 News- | paper Alliance, Inc.) PARIS BOURSE PRICES PARIS, December 28 (#).—Three per cent rentes, 79 francs 15 centimes; § per cent loan, 100 francs 20 centimes. Exchange on London, 87 francs 6% centimes. The dollar was quoted at 25 francs 50 centimes. FEDERAL RESERVE RATIO. | s1 U S Elec Lt U S Elec Universal Tr sh.. A—18 LIVE STOCK PRICES IN UPWARD TREND Sharp Drop in Receipts De- clared Cause of Rising Values. BY FRANK I. WELL cu ipturn in cattle prices is ed d principally to drastically iled receipts and could melt away in short order if the advance brings in a heavy run k ago there was a glut of steers lings and values sank to the It has been fol est run of offerin Starvati FFF lowed by in recent supplies alw on vanced should be remembered that the > on heavy steers is not very and any liberal response to the upturn will be a further sign for price raiding on the part of Eastern order buyers, who now are taking 75 per cent or more of weighty steers. Weighty Steers Predominate, ghty steers have been predomi- nating the market. Shippers wanted them early, but ignored kinds scaling over 1100 pounds later unless price levels had been sharply reduced. Chi- cago killers were relatively smail buy- ers, which tes to the fact that, 1 » shipper market. Mo t were bought to ers, weighty bullocks is 3 to 310, with an ex- top of $11.75 being paid for y choice 1,248-pound offerings. T as well as cattle not so well fin- ished were specialties, and as the week closed it took a relatively long fed load of weighty bullocks to beat $9.50. The hog supply was somewhat dis- torted this week, due to the week end holiday period, and little significance could be attached to the market trend. Including a spectacular gain of 25 cents or more on Thursday prices were 45 to 60 cents higher than a week ago, or 25 to 35 cents above the close of the week. Prices a week ago, however, were the lowest recorded so far this year. Pack- ing sows failed to meet with favor and current prices are only 10 to 15 cents higher than a week ago. Receipts Off Sharply. Receipts at the 12 principal markets totaled but 363,700 head, as compared with 572,000 a week earlfer, The supply of light hogs at Chicago was relatively smaller than a week ago and with the more aggressive shipping demand such descriptions showed the largest gain. Such a spread is some- what of a seasonal change, but is much smaller than the widened spread a year ago. Except for a few thin under- weights, the general quality of the hog supply has been commendable. The fresh pork trade has shown only a few indications of strength and the demand has been anything but depend- abl Prices of loins are slightly higher than a week ago. Prices of provisions, howev declined somewhat the past few days and lard prices on Thursday were the lowest so far this season. What was heralded as a bad week for lambs proved otherwise, the pre- holiday market literally advancing by leaps and bounds. The anticipated surplus helped to check receipts, as also did the bad price break late last week. The upshot was a 50 cents to $1 higher market, as compared with a week ago, choice lamb reaching the highest point since late November. ' INVESTMENT TRUSTS NEW YORK, December Over-the-counter market: A B G Tr Shrs D. A B C Tr Shrs E xd Am & Gen Sec A. .. Am & Gen Sec B Am & Gen Sec §3 Am Br & Con ¢ Am Comp Tr 8 Am Fdrs 8: 8 (@ Bid. Asked. 2% 3 G Chelsea Ex Cumulative Corporate Corpa D Mass Tnvest Mutual Inv al i Manage 5 Al ‘Am rd Am Collat Street of Ai 25 SwoameteS Sumub 335 s&a Kostanseom s wowe ae i 8 S wuBo oo Lt & Pow * Annual Reports Announced. NEW YORK, December 28 (P).— stability and real peace. Decline in Commodities. Commodities are on an extremely low base, according to W. O. O'Neil, presi- dent of General Tire & Rubber. Buyers, continues Mr. O'Neil, always hesitate on | a declining market, for they are con- stantly looking for something better in the way of price. Speaking of tire prices next year, it is certain that they cannot go lower than they are, Whether they Will rise, A John Morrell & Co., reported today for the ended October 31 net profit of 871,272, equal to $1.70 a share. This ompares with $2,021.889, or $5.15 a hare in the year ended November 1, 1930. Net sales of the American com- panies were $67,980,908, against $88,- 169,488 in the preceding year. Cuban-American Sugar Co., for the year ended September 30, reported & swas 844 percent net loss of $2,765,605, compared with a wo 85.0percent net loss. of $2,064,004 in the preceding v 13.0 per cent Yyear, By the Assoclated Press. The ratio of total reserves to depo: {and Federal Reserve note liabilitics combined, of the 12 central banks re- ceded slightly during the week ended December 23, as compared with the previous week. The ratio for compara- ble periods follow, as calculated by the Reserve Board: Week ended Dec. 23 Previous week ... Same week last year A