Evening Star Newspaper, December 29, 1931, Page 14

/ D. C., TUESDAY, DECEMBER 29, 1931. BOND PRICES SHOW | (o= = BONDS s BANK CREDT L SEXPECTEDS) ! IRMER IENDENGY th‘I::ED ?T‘A‘TE% Sales. o 3 New Corporation leeN‘ 10: Lib 314s 32-47.. 27 L 1st 4%s32-47 61 Begin Active Work Early. T in January. FINANCIAL. FINANCIAL. THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. A—14 xxx Sales. High. Inland St 4%sA'78 2 73 Inland St 4%s B'81 Int Rap Tr 5s '68 Int Rap Tr ata ‘S| Int Rap Tr Int Cement & Int & Gr Nor —1931— Stock and Bales— High Low. Dividend Rate. Add 00. P Mot | 102 78 PublicSve NI pt (5) 2 EARNINGS OF F00D 2 < Cash Positions and Inventory| 51 1o e . i e ot Al U. S. Long-Term Issues|Us3sussis.. Continue in Downtrend. (Continued From Page 13.) . : 38% T Int Tel & Telog (60c) 133828 B 56% 10% Purity Balerles (2). Reductions Result in 21% & [lat Dept Stores (2) 9% 9 W% — % Bia Kadio Corp. 18% 4% Intertype Corp. Radlo Corppt (B). . - = i 9% 1% Investors Equity 4 2% Radio-Keith-O(new) 3 3 % 5 Good Showings. 31 14% Island Cr'k Coal (3). 2 7 RRSec1CStkC(4). 50s @ 3 Trading Quiet. ; 63, 43 57 24 Jowel Tea (t14%)... 4 gi::f:éol::y'?olll i 80% 15% Johns-Manville (1).. 45 S BY C. M. CHESTER, Jr, 1231 68 Jones & Laugh ,“Z,, 1108 Reading 1st pf (2). President, General Foods COTpOTation. | = e Real Silk Hoslery 45 6% KansasCity Southn. 6 Reis (Robt) & Co The food manufacturing picture for| 64 Kan City Sou pf (4). 1608 Remington-Kand. 1031 is a relatively bright spot on the 1 Karstadt ‘Rudolvh); 3 Rem Rand 1st pf. business landscape. Favorable factors l'(‘_y"r“('_",";“ S 5 izo Motor Car(40¢) . are to be found in strengthened finan- Kelly-Spring Tire Republic Steel of. .., cial positions and in the unprecedented fieiiy»gvrggz D;» Reynolds Met 1%). elly-Spr of.. Reynolds Spring. . peed for replenishing inventories Kelsey-Hayes Wheel B ncids R A recent survey of the comparative Eel¥iasich CorD Yiquid positions of 162 large industrial Kenaall Co bt (8) fi}fi"é‘f.","fi”m companies representing many indus- Kennecott Copper 50¢ Ritter Dent Mfg tries shows that cash and securities Kimberly Clark 2% . held by 13 leading food products com= Kinney (G R) Co panies in that group had increased Kinney (G R) Co b 43.24 per ce: ¢ over 1930 and 58.79 per Kreage Dept Stores. cent over the 1929 figures. The corre- {resge (S S) (1.60). 5 sponding gains for the group of 162 261, Kress (SH) Co (J1). 2 it Int Hydro E1 6 Int M Co 5sret'¢1.. 72 Int Match 55°47... 33 97 26 Int Pap 65 A '47... 20 100 10 1002 1002 |Int Pap 6s°S6...... bitibl PAP 58°53. 42 20 250 e Al 8°53. 42 2515 231 25 Special Dispatch to The Star. Alleghany Cp 68 44 s25 80140 AT o e NEW YORK, Decomber 29—Al-|Allegheny s, R NEW YORK, December 29.—The new though the outstanding development in | s}jis-Chalm 5s '37 81 Italy Pub S 7s '52. epidemic of bank failures this month, the bond market today was the con-|Am Chain 6s'33. O 72 which will make the total or Deceraber tinued slide of United States Govern- |Am F P 552030 suspensions _considerably larger “than| that of November, has led to qus AmIGChb%s ‘9. ment long-terms bonds down to New [ AvIne15is 49 ings regarding the operation and e clency of the National Credit Corpofa- Jows—including a dip by the recently |ym Metal 6%s 34. issued Treasury 3s to a level comparing | Am N Gas 6 %8 '42. tion, which was created three moriths| with the 1920-1921 low of Liberty | am S&R 1st 5847, ago and out of which there developed bonds—the general list of fixed income | Am Sug Ref 63 '37. immediate improvement in natjonal securities had a decidedly better tone.| am T&T cv 4%s'39 sentiment toward the banking situstion. Trading was active at the start, but|Am T &T bs 65 It is understood that there has noy tapered off as prices firmed. Am T&T c tr yet been a call on the part of thegar The opening was irregular. The fact|Am T&T 6ss f 60 poration to the subscribers to it for'any that the Treasury’s offering of $100,- | Ain T&T 5%s 43 part of their pro rata share in,the 000,000 of 91-day bills sold at a bank | Am Wat Wks 6s'75 $500,000,000 fund to be set u; nnd‘fi discount interest rate of 3i; per cent,|Am Wr Pap 65 47.. ministered by 1. Where money' o BY CHARLES F. SPEARE. Special Dispatch to The Star. BY F. H. RICHARDSON. Japanese 5% Japanese 634s '54. Jugosl Bnk 78 '57.. Kan C FtS&M 4s'38 Kan City Sou 38'50. Kan City Sou 58’50, Kan G&E 4148 '80.. " Kend 5%s 48 ww.. Kresge Found 68'36 Kreug & Toll 5859, Lac G St L 5324 Laclede 5%s C'53. . Laclede 5%s D '60. FEFEF FEPFFEEL —te % 63% Safeway Strs pf (6). Safeway Strs pf (7). companies as a whole were 18.64 per cent and 11.99 per cent. 4 Kreuger & Toll 1.61). 1215 Kroger Grocery (1). St Toseph Lead (60c) StL-San Francisco. . StL-San Fran pf(6). ¥ +FF compared with 2.59 per cent on Novem- ber 30 and the record price of 0.49 per Arpentine 6%s'62. Argentine May '61. 9 Lake Shore 3%s'97 Lautaro Nit 63°54. Leh Val cv 48 2008. been needed to assist banks in troubl it has been borrowed from thé in: stitutions in the central Reserve citle: cent earlier in the year, indicated an ; unexpectedly higher money market. | ArConting oa Oube. This factor, combined Wwith the year-|arcentine 6s A /57, end windcw dressing by corporations| argentine 6s B '68. desirous of showing a strong cash Po- | Arm & Co 438 °39.. 27 sition and income tax selling, served | arm Del 6%s 43.. 113 to depress Governments and munici- | Atchison gn 48 ‘95.. 28 877 40% Lambert Co (8).. 18% 5 Leh Port Cement 72 Leh Port Cmt pf (7). 1% Lehigh Valley Coal. Lehigh Val Coal pf.. Lehigh Valley R R. . Inventories Reduced. The survey also showed that inven- tories of these 13 food companies de- clined 26.77 per cent from 1330 and 2958 per cent from the 1929 figures, against declines of 21.68 per cent and ¥ Savage Arms Schulte Retall Stores Schulte Stores pf (8) Seaboard Afr Line. . Seaboard Air Line pf Seahoard Ofl . Leh Valley 582003, Lig & Myers s Lig & Myers Ta'44.. Loew's 63 ex W 41 Long Isl db58'37.. Lorillard 6 on the note of the corporation. g~ probable, however, that the first,cal will be made early in January, but g it will be for a small amount, possitly 5 per cent of the total obligatied. b; 26.65 per cent for the whole group of 162 companies. The unusual depletion of inventories in the food industry is one factor Which promises improvement later on. A recent investigation of the inventory situation by General Foods disclosed that many retailers did not have enough merchandise on hand to put on a special sale. The limited stocks | prohibited a normal volume of busi- ness. This condition, we find, prevails with the jobber and retailer alike, Important improvements have been made in food manufacturers’ inventory control during the last 10 years, dur- ing which the merger movement in this industry got under way. A com- parative summary of the profits of cor- rations in the two depressions, 1920- 1 and 1930-31, according to a recent compilation, indicates that in 1921 net profits of 40 food products manufac- turing companies suffered a decline of nearly 124 per cent, whereas the de- cline for 400 industrialists was 84 per cent. Much of the trouble in 1921 was due to inventory losses, but in 1931, with a number of strongly organized mergers in the field, with better con- trol of all their buying activities, the food business made a comparatively excellent showing. Mergers Started in 1925. In 1925 the food companies began Lehman Corp (2.40). Lehn & Fink (3).... Libbey Owens Glass. Liggett & Myers(t5) Ligg & Myers B (16) Lima Locomot (m2). Link Belt (1.20)..... Liquid Carbonic (2). Loew's. Inc t14). ... Loew's Inc pf (6%) . Long Bell Lumh(A). Loose-Wiles (13). ... Lorillard (P) (1.20) Louisiana Oil. La Oil pf (6%). 7 Lou Gas&El A (1%) . 15'1 Louisville & Nash (4) Ludlum Steel. Ludlum Steel pf McCall Corp (2%) . McCrory Strs A (2).. McCrory Strs pf (6). McGraw Hill Pub. .. McKeesport T P (4). McKesson & Robbins % McKes&Rob pf(3%) 2 McLellan Stores Mack Trucks (1). Macy (RH)& Co(n3). Madison Sq Garden Magma Copper (50¢) . Manatl Sugar. Manati Sugar pf. ManhatElev mod gtd Manhattant Shirt(1) Marine Midld (1.20). 124 4 Seagrave Corp. .. Sears Roebuck (23). Second Nat Inv pf Seneca Copper 5 6 ServelIne ... Sharon Steel Hoop. . =mrpa Dohme. . Sharp & Do pf (3%). Shattuck (FG) (t1%) Shell Unfon Of1. Shell Union Oil p! Shubert Theater: Stmmons Co. . Simms Petroleum Sinclair Consol Ofl. . Sinclair Ol1 pf (8) Skelly Ofl...... Skelly Oil of ww. 4 Sloss-Sheff Steel pf. 9753 Snider Packing pf Socony-Vacuum ( South Port Rico Sug Sou P Rico Sug pf(8) Southn Cal Ed (2). Southern Pucific (4) Southern Railway . Southern Railway pf Spalding (A G) (1).. Sparks-Withington. . Spear & Co pf (7). Spencer Kellog (80c) 3picer Mfg pf (3)... Spiegel-May-Stern. . 10% Stand Brands (1.20). 114% Stand Brands pf (7). 1% Stand Comcl Tobacce pals to new lows for the bear market. Treasury 3!ss sold around a 15':- slumped to a 16!;-point discount. At little better than 83 the 3s compared in price to Liberty Fourth 4%4s in May, 1920, when they sold at 82. It will be recalled that 1920 was a high money period. There is evidence in the present situation to indicate a comparable con- dition soon should rates keep advanc- ing. Liberty Fourth 4!s were off sharply to a new low under 99. Lib- erty First 4'(s, the Treasury 4!4s, 4s, 33%s and 3%s all made new lows. Municipal bonds were also under pressure. While the conservative State issues declined only narrowly—New York State 4s were available at prices to yield a little better than 4 per cent— city and county obligations had sharp losses. These ranged from a point or so in New York City obligations to 3 points in long and short descriptions of Detroit, Philadelphia, San Francisco and other communities. Some of the losses were subsequently retraced. Bonds were without a definite trend at_the opening. It is as true of the Government and municipal markets as it is of the cor- poration list just now that no large blocks of bonds can be disposed of at the market without pressing prices down 2 to 5 points, Dealers report that insurance companies and others with point discount and the Treasury 3s ! Atchiscy 4% 8748, At Gulf 6869 . Atl Ref db 58 '37... Australia 4%4s ‘66 Australia 68 '55. Australia 63 '57. Austria 78 '43..... Austria 78 '57 ctfs. 5. Sw dv 650, B & O Toledo ¢s'59 Bk of Chile 6%8 ‘57 Bk Chile 6% . Belgium 63 Belgium 7s ‘56 Bell Tel Pa 63 B 43 Bell Tell Pa 68 C' B Ind Loan C 6846 Berlin Cy El 63 '65. Berlin CE 6%8'50. Beth Stl pm 63 '36. Bolivia 7 Bolivia 78 ‘69 Bolivia 83 47 Bordeaux 6s Bost & Me 4%s '61. Bos & Me 53 6 Bos &Me b3 '§7 Brazil 6%s ‘26 ANBAR AN DD ANS R W RN ADA R A RSB ANEN Lorillard 7; ¢ La & Ark 58°60. Lou G & El 58 '52,. L & N uni 4340 Lvons 63 '34.. McKes & R 5% 550, Manh Ry 1st 4s'90. Marsellle 65 '34. ... Midvale Stl 63 '36.. Milan 63862, Mil E Ry & L 5361 Mi] El Ry&Lt 6s 71 M StP&SSM en 4s.. MSP&SSM 515849 MK & T 1st 45 '90. MK &T 43 B'62 MK&T pr In 6SA Mo Pac gn 4s 76 Mo Pac 5s A "65. Mo Pac 6s Mo Pac 63 G '78. Mo Pac 53 H '80... Mo Pacrf 6s°81... 116 Mo Pac 533 A'49.. 86 Montevideo 63 '59.. 8 Mor&Co 15t 448’39 5 t Dairy 514548, 11 Nat Ry M 4%s '57. 125 Nat Steel 53 '56.... 16 Netherlands 6s'72. 1 NEngT1st6s’62. 6 NOT&ME5sB'64. NOT&MG5%s '54. Nw S Wales 53 '57. Nw S Wales ts '58. Y Cgn3ls 97.. the subscribing institutions. il Procedure Not Understood. ' Although the National Credit Cerpo. ration and its functions have . .beei widely advertised, there is still comstd-| erable mystery about it and .some| ignorance of its purposes in the intertor| of the country. The other day & re-| quest came to a New York bankifor| assistance to a correspondent in‘Ten-| nessee. The applicant was referred 1o the representative of the National Credit Corporalmn in its district.” *The! reply came back, “What is the Natledal Credit Corporation?” This is an ‘x- treme case, but where emergencysaon- ditions have arisen in parts of the Bist lately it has been evident that these who should have known more in @il about the agency established to ‘#8slst embarrassed banks actually had very little conception of the procedure f#eés- sary to obtain credit asslstnnce Further than this, it has been fo that the functiening of the corpora On has been cumbersome and quite’'show | where an acute crisis compelled k action. Not a few of the applications t{a"fhe National Credit Corporation have béen from banks that expected to be! i‘: vided with additional working cii? 1 cut of the proceeds of the fun whose position did not entitle Yhem to consideration under the pro of the corporation charter. Th T specifically indicated in the sta issued by Chairman Buckner of.. e corporation on October 7, when he said that banks will not have the &rgx}gze of applying for cash where e is no immediate need. On the other where an emergenvy exists acc: dation may be procured upon th of “sound assets” that are not eligible for rediscount at Federal, serve banks. Perhaps one of the sons why the National Credit Col tion does not appear to the uninitis ed to be functioning smoothly and Suc- cessfully is that so many applicatjons for loans are from mstltutlom \that| have a meager amount of * ls- sets” and are allowed to (lfl frequently been found that their ; tion was more or less hopeless; ; at to give them additional funds muld not correct conditions which in: the end would lead to liquidation. Real Estate Loans. s This is where banks are entangfed in real estate loans made at the_ p k of the real estate market, or ha fered a severe depreciation in umn- Nor Am E 5%s '63. ties of an inferior character and of Nor O T & L 65 "47. the type which bank examiners compel Nor Pac 3s2047... 3 them to mark down to the max{mum Ner Pac 45 °97. degree. Careful discrimination has to be made by the Loan Committees in the various districts between ‘assbts that are normally “sound” and #ééts that may remain in a “frozen” &df tion for a considerable period of tite. There is some question whethe}” fhe National Credit Corporation. magy’ be superseded by the Recons! on their merger movement. It was un- doubtedly & partial result of this ac- tivity that leading food products com- panies closed the year 1930 and 1931 With only a comparatively moderate decline in net profits. For the first nine months of 1931 earnings of a group of 16 food companies declined 14 per cent from the corresponding period in 1930, while a larger group of 205 industrials showed a decline of 47 per cent. The food industry did not neglect the important work of research and promotion in 1931. Indeed research is of vital importance in times of busi- ness recession. It may well be that new products and inventions will again help lead us back to prosperity Ten years ago almost overnight there was created the tremendous radio in- dustry, employing tens of thousands of people, requiring millions of dollars’ worth of raw and manufactured ma- terials from other industries. Fifteen years before it was the rapid growth of the automobile industry which helped break the back of de- pression, and before that the bicycle | fad did its share in easing business stagnation. Influence of Innovations. Motor Wheel (50¢) Mullins Mfg ‘Today in the food industry, for ex- Mullins Mfg ample, new products and new ideas are . being brought into the market. No single idea may lead the way to busi- ness recovery, but collectively the in- fluence of several of these innovations should be felt. The development of quick frozen foods, for instance, enjoyed a period N Y Cent 4598 N Y Cent db 4s°34. N Y Cent 4148 2013. NYCrf4%s2013. Y Crf im 552013 Y Cent db 6s'35. NYC&StL 435 ‘18, NYC&SULS5 % 8A'T4. NYC&StL 6832 N Y Edisn 5s B'44. N Y Fd 1st 6%s'41, NY ELH&P 43°49. NY ELH&P 53 "48. NY NH&H 3%s'54. NY NH&H 3% '66 % Market Street Ry. .. 254 Stand Gas&El (3%). Marlin-Rockwell (2) 1 29% Stand Gas&El pf (4) Marmon Motor Car. . A 40 Stand Gas&El pf (6) Marshall Field (2%) 55 Stand Gas&El pf (7) Mathieson Alkill (2) 1 Stand Invest Corp. . 13755 4 May Dept Strs (23%) 23 Stand Ofl of Cal(2%) 46 Moytag Co...euuune 87% Stand Oil Exp pf (5) 2 Maytag Co pf (3)... ‘ 7% Stand Oil of Kansas. 8 4 Melville Shoe (2)... 26 Stand OfINJ (12)... 178 Mengel Co. .. 14 Sterling Secur (A).. 29 Mesta Machine (2) . 1% Sterling Securpf.... 8 Met-Gold Pic pf 1.8, 161 Sterling Secur cv pf. Miami Copp 4% Stewart Warner.... 2 Mid Continent Petm. 97 Stone&Webster(m2). 1 Midland Steel (3) 9 Studebaker Co(1.20) Minneap Foney R(3) 26% Sun Ofl (1). Minn Moline Pow. .. Sun Ofl pf (6). 2 Minne-Moline P pf.. Superheater Corp(l) M StP &S S Marie. 1% % Superior Oil. Minn StP & SSM pf. . 18% 2% Superfor Steel M StP & SSm lsd (4) 61a 1 Symineton (A Mo Kan & Tex: F 4 Mo Kans & Texas pf. Missouri Pacific. Missouri Pacific pf. Mohawk Carp + Montgomery Ward. . Morrell (J) & Co (3) Mother Lode Motor Meter G & EI. Motor Products (2). large cash resources have been able to | Brazil 6348 27 buy such conservative issues as Atchi- | Brazil Ts..... son General 4s, American Telephone 5s, | Brazil 8s "41. New York Telephone 4155, Utah Power | Bremen 7s '3 & Light 5s, Duquesne Light 4',s and | Bk EdgnA 6 Standard Ofl of New Jersey 5s at prices | BKlyn Man 65 '68.. well under quotations on the tape. One | Bkiyn Un 58 45. sale of a block of $150,000 Atchison | Budapestvs'62. ... Generals was reported to have been |Buenos A 6s'61 Pv. glad:ogt 82, or more than 4 points un- | B R & Pitt 434857, er today's market price. 4 Tnited. Btates Government | lastes| carass i or e A A were still under pressure because of . ! new tax selling and market fears of 2 |44+ F4 1+ another large batch of Treasury financing in the near future. The do- ! Can Nat Ry 4%#s'66 mestic list generally had many irreg-|Can Nat 4%s ‘57 ular movements. A fow of the ralls|Can Nat4%4s 68 that had sharp losses on Monday were|Can Nat 4%s ‘66 firmer today, among them Rock Island Nat 5s July’ 4'2s, Missouri-Pacific General 4s, Big Four 4!3s and Baltimore & Ohio 6s.|Can Nat 5s'70 Industrials also were subjected to se-|Can Nor 7sdb'40.. 9% . . 9 lective support. International Cement |Can Pac db ¢s. 19% Tex Gulf Sulphur(3) 5s dropped off 3 points, but issues such ! Can Pacific 4%s 46 1% Tex Pacific Coal&O1l as Brooklyn-Manhattan Transit 6s and|Can Pac %5 60... Tex Pacific Land Tr. United States Rubber 5s were heavy. Can Pac 58 '54. 37 Thatcher Mfg Co.... In the foreign department German,|Car Clin & O 6s '52 % Thatcher Mfg pf 3.60 British and other Europeans were|Cent |1l GRE 68'51. The Fair 1). 2 higher, reflecting intimations from | Cent Pac 45 ‘49 Thermold Co ‘Washington that the President would | Cent Pac 6s ‘60 Third Avenue. not let the adverse attitude of Con-|Cen Ry NJ g5 Third Nat Inv (1. gress prevent American participation in | Cert. Thompson (J R) @’ 10 the approaching debt conference. Jap-|Ches Corp bs '47... Thompson Prod 120. 750s 9 anese issues were off with the yen quo-| ¢ 4 o i Thompson Starrett.. 2 tation. SaLhniNg. Thompson-Staret pf. 3 4 A el O S Tide Water Asso O1l.3440s = g Washmgton Stock Exchange ey Tide Water As pf(6) 240s Tide Wat Ol pf (5). e e SALES. Chi & Est 111 68'61. . Chi Grt West 48’59, s Timken-Detroit Axle L+ 1+ 1 ++ FEFIEF FEFS L B L L= LT N R v P P ) NY Tel 4%s'39. NY W&B 4%s "4 Nia Sh Md 5%s 50 |44+ FEEES Nor Am Ed 65 C ‘63 ¥ 1 R aan or St Pw 58 A "41. Nash Chat & St L or St Pw 63 B '41 Nat Acme Co.... Nat Bella Hess. Nat Bella Hess pf \urway 6844, of great progress in the last 12 months. The Bird's-eye quick freezing process was improved and given greater utility by the invention of mobile apparatus which has already proved its prac- ticability in freezing perishable foods at sources of supply. In addition to development of new or improved products, leading food com- panies during 1931 applied themselves vigorously to improving both distribu- tion and production efficiency. Produc- tion, however, has already been de- veloped to a high plane, and in look- ing forward into 1932, the industry gen- erally seems to recognize that problems pertaining to marketing will be para- | mount issues. 1 Price Trends Studied. Another important factor is the trend of commodity prices. Purchasing agents will try to call the turn on the | Nat Biscuit (2.80). Nat Cash Reg (A). Nat Dairy (2.60). Nat Dept Stores. . Nat Dist Irod (2) Nat Lead (15%). Nat Pwr & Lt (1).. Nat Radiator pf..... Nat Ry Mex 2d pf Nat Steel (2). Nat Supply Co.. Nat Supply pf Nat Surety (2). Nat Tea (1).. Nelsner Brothers. .. Nev Con Cop (40¢).. Newport Industri Newton Steel. \ H & Hartford 177% 62 21% 5% 123% 144 12 26% Timken Roller B(2) ‘Tobacco Products. .. ‘Tobacco Prod A t95¢ Transamerica Corp. . Tri-Contl Corp. 5 Tri-Contl Corp Df(l) Trico Products(2%) Truax Traer Coal Co 613s Truscon Steel. ... 4 2 Twin City Rap Trasti 1 11% Twin City R Tr of (7) 508 Ulen & Co. 2 1 13% Underwood-EII-F (3) 10 U'nd Eil-Fish pf(7).. 10s Union Bag & Paper.. Union Carb & (2.60). Union Ofl of Cal (2). Union Pacific (10).. Unlon Pacific pf (4). Un Tank Car (1. GO).. Cuit Atreraft... Unit Afrcraft pf (3). usm Unit Am Bosch..... Unit Biscult (2).... Washington Gas 6s “A"—$1,000 at 100. Capital Traction Co.—20 at 18!, 30 at 1812, Washington Gas 55—$1,000 at 1004 Potomac Elec. 52 % pfd.—5 at 102%. Federal Storage pfd.—4 at 100, 4 at 100, 2 at 100. AFTER CALL. Washington Gas 55 '60—$1,000 at 100%5. Bid and Asked Prices. BONDS. PUBLIC UTILITY. B Amer Tel. & Tel. 4'is 19 7 Tel. & Tel. ctl. tr. . Anlcuslm ' Bot R R 5% Ana. Asked P. Tel. of V 5 Gapital Traction B R 550 City & Buburba ; Georgetown Gas Potomac Elec. Potomac_Elec. 6s e aea s Mt Veron et Chi M & St P 4589, Chi M&SLP 4%s E. CM&StP 4%s'89.. C M StP&P 58 °75.. CM&StPadjbs.. Chi&NW 4%s 2037, C&NW 415 C 2037, Chi& NW cn 43, | Chi Rwys 6s°2 Chi R1& Prf 4s°34 ChiR1&P 4%s'63 Chi R lcv 4%8'60. C TH&SE tn 58 °60. Cht Un Sta 53 B '63. C& W Ind cn 4s'52. Chile 65 °80. . Chile s '61.. Chile 65 '63 Chile 7342 Chile Cop db bs ‘47. Chin GVtRy 58 '51. CCC&St L 4% E'T712 CCC &St L5sD’'63 Norway 68°52..... Oreg-Wash 4s Orient dev 5 Orient dev Pac T&T rf 58 °'62. Pan Am Pet 63 '34. Paramount 6s'47.. Paris-Ly M 6s '68.. Paris-Ly M 7s " Pathe Exch 73 '37.. Penn 4%sD'81... Penn cv 4 %s 60 Penn gn 4%s '65 Penn 4%s'70 Penn §s 64 Penn 6%s " : Penn P&L 4% 1. ]S Pere M 1st 58'56.. 5 Peru 6s '60 .106 Peru 65 '61 .12 Peru 7s '59 . 8 Finance Corporation, which will the right of way in Congress wH&ff: it reconvenes next month. It is febs by some that the former has been sinfply an emergency or “stop-gap” organiza- tion and that when the newer d larger corporation is brought to a k- ing basis it will have greater scope emd more power in dealing with battking problems. Not only will it come to the rescue of banks that are threatened with suspension, but will give 8id to those that have gone down and release to depositors as soon as posslble the $2,000,000,000 due them (Copyright, 1931.) RAILROAD EARNINGS: NEW YORK, December 29 (#)—The New York Cen'ral Railroad Co. and its leased lines reported November net rail- way operating income of $995,539, a de- price trends and stock up on raw mate- | rials at around bottom levels | The job of making the advertising dollar do more efficient work than ever 15 another high spot for 1932 to analyze. \ And last, and by no means least, the | credit situation will have to be ngen. thorough consideration. In summary, 1931 has been a com- | paratively favorable year for food man- | orth Am Aviation. ufacturers. The new year raises many | Nor Amer(b10%stk) 105 issues in the form of distribution, pro- | North Amer pf (3).. 4 duction, purchasing, advertising and | North Am Ed pf (6). 3 credit. Most of my contacts lndlllCNiP a 14'% Northern Pacific 3).. 65 confidence that conditions will im- Prove in ‘the mot oo distant future, | SiimoIE e There seems to be little time spent on | S e e 5 general iorccasting or “wishing,” but Frp i I S there is a determined eflort to conquer | 53, g% QUSRI O) (o) 3 some of the many problems which, B O s Bixoutt ot 200 face us { 1614 Otis Elevator (2%). 8 = =~ 99%, Otis Elev vf (6) 808 CHICAGO LIVE STOCK MARKET 2‘*1 3‘[“: 2:::}”" . 2005. CHICAGO, December 29 (#) (Uni “"l S5 20 DuaalliGheial. b States Department of Agriculture).— — — Hogs, 37,000 head, including 2,000 di- L Tetotomns B el 108 Tect; unevenly weak to 10 lower; early | s e e top, 4.55; bulk 170-210 pounds, 4.45a “?k oty ng (3). #00; 220-280/ pounda,; ¢ 20840, Fost 9314 Paclfic Tel&Teleg(1) 130 packing sows, 3.50a3.65; strongweignt e MG orid0ey 6 pigs, 4.15a4.30. Light light, good and M i Panhandle P& R pf. 308 choice, 140-160 pounds, 4.25a4.50: Jight D e weight, 160-200 pounds, 4.45a24.55; me- it Park Utah, H dium weight, 200-250 pounds, 4.30a4.50; 1 % Barcoslcorlansport heavy weight, 250-35) pounds, 4.15a | 1 Bathe Kol aoko. 4.40; packing so medium and good, 1% Pathe Exchange (A) 275-500 pounds, 3.45a3.75; pigs, good LB AR crease of $947,104 from the same month of last year. A few of the monthly statements now o appearing show some improvement in e earnings, but for the majority the de- SMnnine RAReT cline continued last month. Delgware Eillsnimiaie ; .« 54, | & Hudson Railroad Corporation’ had November net railway operating igicome Unit Carbon. . Washinaton' Gas 41 s, 38, |Cologne 834850, . vashin s s 9%, 1004 61, Uait Corp (75¢). Wash. Gas 6s, series B... 103%% clopbos Elos Uait Corp pf (3) Wash. Rwy. & Elec. 4s 6 781, | Colo & Sou 4%s 80 Unit Dyewood pf MISCELLANEOUS. ,L‘al G&E bs M:u" 52 Unit Electric Coal Barber & Ross. Inc. 6':s Col G&E cou 68 '61. Unit Fruft (3).. Chevy Chase Club 5745 CC Md 18t rf 5850, CnitGas&Im(1.20).. 61 (R g‘%;‘gg“fhgh 5tas ConG NY 43851 ER AT eatie I 2 ConG N Y 5%s'45. 'y < 3 Uit Dion Dyet (1), STOCKS. Cintcyvaian 7s. BiE WiyiCas Cey. %xfif%??fi:fiwfif%flffi 8 year ago. Vo & Forecpr(sy. FUBLIO I e = 714 Poland Ta 47,1111 28 1931. 1930 DB & or oS Gf'nfiiax'r-'rluf‘ugf‘cég i) Cuba R R 68 . Poland 85 ‘50 $ New York Central $995.530 31942643 ght. s Lt. Co. (1 Caba Nocbiedis. Port Gn El 4% dclaware & Hudson 534447 Pot Crecho 83 '51 Porto Alegre 8s'61. 4o aboatd SAIERTINE R 061 8 Pot. ver - pid Czecho 8s'52 Pos Tel & C 68’53 .. sburgh & Lake Wash. Rwy. & EL com. (1).... 325 £ Pressed St C 68'33 . Eri 8 Leather.. Y g Wash. Rwy. & EL ptd. (5) Prussia 6s ‘52 S Leather (A) 3 s cneee S pipe & Fary (). 10 ; NATIONAL BANK. Public Serv 4s 71 S Realty & Imp. 8 Min PubSv G 4%5'67.. s £ Capital (14) Pub Sv G 4%s°'70.. s s s NH&Hpt(T). Ont & Western.. Phila Co 53 Phila Elec 43 229 Phil & Read 63 '49. orf & Westn (112). rf & Westn pf (4) 255,099 519,077 Bales. High Low 2:58 StOIINY4%s'51. 4 87 87 & Sug Es Or 7s'4 3 3 3 Sweden 5%s '54. 80% B0 80% Swiss5%s 46, ... 102% 102% 102% Taiwan E P 5% 71 5614 Tenn E1 P 6s A '47. Tex & Ark 5%8'50. Texas Corp 68 '44.. Tex&P 1st 53 2000. Tex & Pac 68 B'77. Rubber. ... B 3 3 Columbia (12) Pure Ol 5%5 '37 Queensiana 63 '47.. Queensland T "41.. Reaa gn 4%8 A ‘97, Reading 4%s B'9T. Rem Arms 6s A '37. Rem R5%3 A '47.. Rnine West 6s'52.. Rubber 18t pf. .. Commerclal (stamped) (10) DRG & W 5s"78.. Smtg & Ret (1). s . Bk & Tr. @) Det E G&R4%5'61. ... : 1 Det Edison rf 58'49 Dodge Br cl 640, Duquesne 4348 '67. acaagaeaaaa Smtg&Ref pf 3% U S Steel Corpa (4). 3 | U S Steel pf (T)..... 3 ) United Stores (A) % nd : United Stores pf (4) 6 4 as nn(on 12§) e Univ Leaf Tob (3).. e L ANT East C Sug 7'as Erie 1st con 48 '96. . Unly Leaf Tob pf(8) Amer. Secur. & 209 s Rhine West 65 ‘53 gen 48 ne West 6s . Univ Pic 18t pf (8).. 9 9 Natl Sav. & Tr. (120) . 3B A0 mrleoviss Rhine West 63 '55. . e UnivPlpo& Rad. .. % | union Trust (Bs) i ! Erie 5875, 3 Rhine West 78’50, . % Ut Pwr & LUA (2). Wash. Loan & Trust (14) 400 Rich Ofl Cal 65 '44. % Vadasco Sales Corp. BAVINGS BANK. RiodeJan 6%s '53. 11 Vanadium Corp Bank of Bethesda_ (65) Rio de Jan 8548 Cor 1 Fiat 7s war 3 . 4 % Va-Cora Chem. om. & Savings (10) R Gr Do Sul 63 '68. 4 Finland b % Tokio 5%s '61 Tokio El Lt 6 Ulst & D5sct'28.. Un Pac 15t 48 °47.. Unit Drg cv 68 '53. Utd King 5 %8s '37. U'S Rub 1at 68 47. UnSt W 6l%s A47. Ud St W 6348A'51.. Ud St W 5%sC'51.. Uruguay 6s '8 Uruguay 6s Uruguay 8s Util Pw 53 59 ww. Util Pow 63%8°47.. Vanadium St 55°41. Vienna 6r 52. Va Ry & Pw 68 '34. Finland 68 ‘45 23, Va-Car Chem 6% pf. 3 3 East Washington (12) 33 | winland 6%s Rome 6%35 '62. &nd choice, 100-130 pounds, 3.75a4.30. 2" Peerless Mo 34 Va-Caro Chempf (1) 1 5 B e ik i) e Finland 7s '50. Roy D 48 '45 ww. .. Cattle, 8,000 head; calves, 1500; too 22 Penick & Ford(11% 81 Va Elec&Pwr pf (6). 30s Seventh Street (12) 1280 - StL IM R&G 43'33. many medium grade short fed uteers 26% Penney (J C) (240). 1 10 Va Iron Coal & Coke. 100s Unitad38tatesii(30). St L&SF In 48 A ‘60 StL&SF4%s3'T8. 5 3 2 0 here; bidding 25 or more lower; few 80 Penney(JC)pfA (6) 1 20% Vulcan Detin (4). 508 FIRE INSURANCE. Fram 1D 7% ; StL&SF p | 68 B '50 7 4 French 78°49... French T%s ¢1.... Gen Baking 5%s 40 Gen Cable 5% s '47. Gen Motors 68 '37.. Gen St Cas 5 %849, Gen Th Eq 68 °40. .. e SBaro wmwe loads good )m choice offerings Bbflu; 3 Penn Dixie Cement. . 71 Vulcan Detin pf (7 108 American (12). steady on shipper account; she stock 314 Penn Dixie Cmt pf. . — goreoran ) 1 s weak; bulls and vealers steady; best!| g4 16y Penna Rallroad (2).. 12 % Wabash R R... 2 Firemen's StS Wen4s'32. StLS W bs’52 an A & A P 45’43, Sao Pau 78'40 ret Sao Paulo 8s '50 Saxon P W 6% Saxon 7s "45. Seab A Lrf 4 oo Seab A L cv 68 °45. Sea All Fla 63.A'35. Sea All Fla 6s B '35 Serbs-Cr-S1 7s '62. . Shell Un O11 b3 "47. National Unmn (15) weighty steers, 9.50. Slaughter cattle| 250 107 Peoples Gas(Chi)(8) 4 2 4 2 and vealers, steers. good and choice, 600- | g5 4 Pere Marquette Ry.. 2 . ff'm }::{’dfl;’:‘f‘:&‘f:% TITLE INSURANCE. 900 pounds, 7.0°a11.00: = 900-1100 g0 5y Pere Marquette pf... 160s 1 11 Walworth Co....... 2 gi‘."n“‘fl:‘né“?«m 3 tian) pounds, 7.00a11.25: 1,100-1,300 pounds,' 92 9 Pere Marquetts pr nf 100s S aih paving 7.00a11.25: 1,2300-1500 pounds, 7.008| 1% 2% Pet Corp of A(m50¢) R MISCELLANEOUS. 1125; common and medium, 600-13°0 | 254 5% Phelps Dodge Co. e s o Barber & Ross, Inc, com pounds, 3.75a7.23, I | 56% 30 PhilaCo6% pf (3) 1 Warner Quinlan v Col._Sand & Bc.:?m pie Heifers, good and choice, 550-850 | 2% Phila&Reading C & | e BicEn. : + |2 o Faper it ptd pounds, 5.75a7.15; common and medium, 8ia Philip Morris&Co(1) s iFaa s Dist” Natl- seg oL 3.00a5.15; cows, good and choice, % 4 Phillips Petroleum.. Wesson OLI&SNo(2). Foderal Staraue pid. (8 01! 3502475. common and medium, 39% Pierce-Arrow pf (6). Wesson O&Sno pf(4) 1 Fed-Am (130t 3.00a3.50: low cutter and cutter, 2.00a % Plerce O1l. West Pa El of (8). . 1408 ol A 3.00; bulls (yearlings excluded), good 814 Plerce Ol Df... .+ WastPa i ot 1) and choice (beef), 3.75a4.25; cutter to 43 Plerce Petroleum. .. West Pa Pwr pf (i medium, 2.50a4.00; vealers (milk fed). 19% Pillsbury Flour (3). West Pa Pwr of (13- Mergenthaler " Linoty good and choice, 6.50a8.00; medium, 5.00 263 Pirelll (A) (m3.13) 4 Western Dairy (B).. e R Dm, Bisier %) 26.50; cull and common, 3.50a5.00; 27% Pitts Coal pf. ... Weatern Maryland. . F £ bid. (8) stocker and feeder cattle, steers, good 3 Pittsbgh Screw & Weatezn Pacifa and cholce, 500-1,050 pounds, 4.7585.75; 21% Pitts Steel pf.... Wastern Union (6. common and medium, 3.00a4.75 % Pitts Terminal Coal. Westinghse A B(2) Sheep—Receipts, 15,000 head; few 13 Pitts Term Coal pf Westinghouse (234) 93245 ; fl‘ M ea R de o sales and bids, mostly steady with yes- 1% Pitts United Corp. Wsthse EM 1st m3% 20a Woodwara s Eothirop o1d. & Hait) 63°52. . Sou Pac col 45 '49. . terday’s close; medium to good lambs, 3" Poor&Co (B)...... Wesao Eleclnrs M Hud & M ad) Sou Pac ref 43 '65. . 5.75; best held higher at 650: 2 Port Ric Am Tob(A) 5.00 W hite Motors. . #| b books closed. Hud & M rf b Sou Pac 4%s '68. packers bidding lower. Lambs, 90 pounds % Port R Am Tcb (B). White Rock (1415). ok £ + % p3sc extr giy exte BoabisOll6a‘d 3 614 | Sou P 434869 ww. down, good and choice, 5.25a6.25; me- Postal Tel&Cable pf. White Sewing Mach. §17 ex 5% extra. Humble O 5%8 ‘33, 9914 | Sou Pac 4%s 81, dium, 4.5085.25; all weights, common, | rie Oll & Gas 3.7584.50; ewes, 90-150 pounds, medium Pipe Line Whi 2 Y Y 112% L Sou P&Or 4% '11. o Manvt, St i U 111 Bell Tell 58756, 4¢ 100 !Sou Ry gn to choice, 15082.75; all weights, cull and common, 125a2.00; feeding lambs, 1% Wabash RR (A). N e Ger Cen Bk 63 German 78 rep '49. German Bank 7s ‘50 Ger Gen El 78'45... Goodrich cv 63 '45. Good 15t 63%3 '47 Goodyr Rub 68'61. . GrandTr sf db 6536 Grand Trunk 7s'40. Grt Nor 4%8 77 E Grt Nor gn 5% Grt Nor gn s Greek 65 '63. 9 B e Bomnammrneantnnl S50 N2 loan Sinclair Ol 6148’38 Sinc O 7scv A '37.., Sinc Cr O 5%s '38. Wabash 5%s ‘75. Walworth 6s A *45., Warn Br Pic 6539, W ~ Solvay Am s 42 Sou Bell T&T 6s 41 SW Bell T 55 A '54. +H1 L+ West El db 55 44 West Md 48 '52 West Md 514 West Unlon 58’51, West Union 63 60. Wes: Un 634536, Wh Sew Mch 8s ‘40 Wick S ev et 78'35 ' o FET EFF TFEF EFEEFEFR o Wilcox Ofl & Ga AR Wilks B & Will , . Christ” took Il Cent rf 48°65... 4315 43% Sou Ry 5i E1st§ el Ca gl The “second coming of 111 Cent 4% "66. ... 30% 33 SouR Yokohama 6s €3 . 50-75 pounds, good and choice, 4.50a 361 Proot & Gamb /2401 Sl el United Soclety o ¢ R 490, 49% Public Syc NJ(3.40). (Continued on Page A-15.) Bel::‘:er'f nm:tim!?secalled the Shakers, 94 94 StOUNJ 997% 100 ¥gstn S&T bs B'7 144 Wil 736, according HiTeOvedand'ot lace on February 20, | 11l CCStL&N 4% 35 37 SouRy6Y Txstn S&T Ga AT