Evening Star Newspaper, December 31, 1931, Page 10

A—10 *x# FIN ANCIAL. THE EVENING S TAR, WASHINGTON, D. O, THURSDAY. DI JCEMBER 3 15 1931 FINANCIAL. OIL TRADE LOOKS FOR BETTER TIMES Mid-Continent Producers Are Hopeful That Curtailment Will Aid Industry. BY WILLIAM VOIGT, Jr., Associated Press Stafl Writer TULSA, Okla, December 31.—After one of the most turbulent years in its history, the Midcontinent ofl industry is ready to step into 1932 confident that better times are ahead. Full of negative superlatives, 1931 saw bne sensational event after another crowded into its 365 days. Here are ex- amples Biggest—The East Texas which reached its maximum flow during the Summer. Lowest—Prices, which went to all-time depths, reaching a 10 to 22 cent range | in Oklahoma and Kansas, and actually dropping to 5 cents a barrel for a time in East Texas Most drastic—The martial-law action | taken by Govs, W. H. Murray of Okla- homa and Ross Sterling of Texas to try to stabilize production First time in history of the industry that major operators were brought to a common_ viewpoint on proration, the Jegal curtailment of flow to match de- mand, Woven into the pattern were extremes | of pessimism and optimism oil field, natural Climax In Summer, “ With. the industry already on the| downward economic path, the year now | passing saw the oil business slide ever | deeper into turmoil. A climax was reached in Midsummer, but the Fall| saw improvement, both in_stabilization of production and in prices. Winter brought fear of more trouble, due to decrease in demand for petroleum prod- ucts, but_observers say the swift action of the oil leaders, who in December for the first time “got together” on a cur- tailment program, wound up the year | in fine shape. The troubles piled up early in 1931 Storage was great and well after well blew in down in East Texas. March 4 the price was depressed from $1.07 top per barrel to 67 cents Attorney General Mitchell announced April 15 that oil States advisory groups and State regulatory bodies might limit production without violation of the anti-trust laws. Under this ruling representatives of | six States met in September at Okla- homa City, fixing the maximum pro- duction that could be taken from the ground without danger to the industry Daily Flow Increased. Much happened petween those dates though. More wells in East Texas in- creased the daily flow, and on May 26 East_Texas crude prices dropped from the 67-cent top to a 37-cent top, which was the lowest posted price since Au- gust 23, 1906, when 27 cents was paid | Tor crude of 30-degree gravit Producers in Oklahoma City went on | & strike July 9, when prices dropped to their all-time low level of 10 to 22 cents a barrel for the Midcontinent area, and Kansas producers met in Wichita and agreed to strike, too. East Texas pro- duction at this time was about 350,000 barrels & day. Prices steadied a few days later and | went up to a_38-cent average for all areas except East Texas, where con- tracts were reported for as low as 12 cents a barrel Tuesday, July 28, Gov. Murray issued tis $1-by-Saturday-or-martial-law edict. The increase did not come, and a week later Gov. Murray actually did send his State troops into all flush fields. East Texas went wild, with Oklahoma #wells shut, and production had climbed ' nearly to the million-barrel mark by August 17, when Gov. Sterling sent| troops to enforce his newly signed Texas conservation law Prices went up—from 5 to 25 cents ® barrel in East Texas and to 70 cents elsewhere in the area. Eighteen hun-| dred East Texas wells were opened Sep- tember 5 and permitted to produce up to 225 barrels each. The price went up #gain, to a 68-cent top, for East Texas. 85-Cent Top Established. November 2 was a red-letter day for Tulsa, when the price was increased 15 cents to an 85-cent top, where it now yests. H The maximum allowable of 2,381,000 barrels fixed at the September con- ference in Oklahoma City was seen as too great, with Winter at hand, and,| with fear of a cut in crude prices pres- | ent, President A. L. Beaty of the Amer- fcan Petrolewyn Institute called an emergency méeting of his directors in t. Louis December 17. | This resulted in a voluntary Sunday | shutdown of most Texas and some Oklahoma and Kansas wells, with the | result that the last weekly report of the A. P. I showed a total of 137,400 barrels decrease in the daily average production. With total production from the Na- tion now at around 2,290,000 barrels a day and further reduction in output likely, most operators declare the in- dustry should go through the rest of the Winter in excellent condition. NEW YORK STOCK EXCHANGE Stock and High. Low. Dividend Rate. 9 5 NYChi&StLpf.... 1 124 1% N Y Inyestor: S 94% 17 NY.NHG& Hartford 15 119% 52 NYNH&HDI (. 3 13% 5% NYOnt & Western.. 5 2/ PLNY Raliwavapt. 5 12% 2 N Y Shipbuilding. 4 2915 10 Noranda Mines (2).. 10 1 217 105% Norf & Westn (t12). 1 11 11 2% North Am Aviation. 901 26 Nor Amer(b10%stk) 607 14'5 Northern Pacific 3) 1915 Bia Ohlo O11 e 5% % Oliver Farm Equip. . 1 26 24 OlivFarm Eq pr pf.. 3 5815 16 Otis Elevator (2%). x 1 69's 8 OtisSteelprpf..... 608 39% 20 Owens 11l Glass (2). 3 295 Cacific Gas & Bl (2). x 29 Pacific Lizhting (3). 2 Pacific Mills 108 Pacific Tel&Teleg(7) 308 Packard Motor (40¢) 41 Par-Pub (b10% stk) 59 Park & Thlford S Park Utah : Parmelee Transport. Pathe Exchange. ... Pathe Exchanze (A) Peerless Motor Car. Penick & Ford(t1%) Penney (J C) (2.40). Penn Dixle Cement. Penn Dixie Cmt pf.. Penna Rallroad (2).. Peoples Gas(Chi)(8) 2 Pere Marquette pf... 40s Pere Marquette pr pf 1008 Pet Milk (m1). 4 Pet Corp of A(mj Phelps Dodze Co. ... Phila&Readinz C & I Philip Morris&Co(1) x PLillips Petroleum Plerce-Arrow pf (6). Plerés Ol . 2.0 Pilisbury Flour (2). Pitts Coal pf..... .. Pitts FL W & C pf(7) Pitts United Corp. . . Postal Tel&Cable pf. Prairie Ol & Gas. Prairie Pipe Lin Pressed Steel Car. .. Pressed Steel Car pf. Proct & Gamb (2.40) Pro & Refiner: 3 Public Sve NJ (3.40). Public Sve NJ pf (5) Public Sve NJ pf (6) Public Sve N J pf(8) Pullman Corp (3)... Pure Ofl . .. Pure Oil pf Purity Baler Bix Kadio Corp. . Radio Corppf (B).. . Radio-Keith-O(new) Raybestos Man(1.60) Real Silk Hostery. .. Reis (Robt) & Co. .. Remington-land. Rem Rand 1st pf Rem Rand 2d pf.. Reo Motor Car(40¢) . Republic Steel. . Republic Steel pf. Reynolds Met (1%). Reynolds Tob B (3). Richfield Ofl . Rio Grande Ofl. .. 31 Nossia Insof Amer.. 13 Royal Dutch of NY.. 385 Safeway Stores (5). 71 Safeway Strs pf (7). 3 t Joseph Lead (60¢) 3 StL-San Francisco.. 4% StL-San Fran pf(8). 3% Savage Arms Schulte Retail Stores Schulte Stores pf (8) Scott Paper (11.40). Seaboard Alr Li Seaboard Ofl. .. Sears Roebuck (234) Second Natl Inv. ... Second Nat Inv pt 4 Servel Inc . Sharp & Dohm 5 Shattuck (FG)t1%) Shell Trading & Tran 6 hell Union Of1 Shell Union Oil pf. Simmons Co. .. Simms Petroleum Sinclair Consol Ofl.. Skelly Oil e Socony-Vacuum (1). South Port Rico Sug Sou P Rico Sug pf(8) Southn Ca! E4 (2). . Southern Pucific (4) 52508 Southern Railway... 3 Southern Rallwawnpf So Ry M & O ctfs (4) Spald (AG)1st pf(7). Spencer Kellog (80c) Spicer MIE....0v0ue Stand Brands (1.30). Stand Gas&El (3%). Stand Gas&El pt (4) Stand Gas&El pf (6) % Stand Invest Corp. .. 2314 Stand Ofl of Cal(2%) 26 Stand OfINJ (12). .. 6 Starrett (LS) (80c). ——I931— Sares— 2 150 3 x0T 25 1% 208 208 115% 1613 17% 20% B8% 647 101 44 Bl% 52's 344 29 127 2! (Continued from Page 9.) Add 00. High. 60 65 314 24 5% 13 Sterling 1% Sterling 1614 Sterling 6 4% Stewart 1% 1% 1% 9 75 Studeba % 4 A 127% 118 3% 3314 157 125 118 3u 316 157 5% 22 Texas& 1 4% Tex Pac 34 1t Tex Pac 19% 24% Thatche 9% 5% 20% 11 Thermol Tenness Stock and Dividend Rate Received by Private Wire Direct to The Star Office. Sales— Net. Add 00 High Low. Close Chre Secur (A). N %+ W Secur pf. . Secur v pf. Warner. . 25 9% Stone&Webster (m1). ker Co(1.20) Studebaker pf (1) ! 5% 26% Sun Ol (1).. Supertor Oil. . uperior Steel E 1015 Sweets of Amer (1). e Coron. . « Texas Corpo (2)..... 1915 Tex Gulf Sulnhur(3) Pacific. ... ific Land Tr. ific Coal&O11 r Mfg pf 3.60 he Fair 1) diGo7s o, 11% Third Nat Iny (1.05). 34 39% 10% 991y 4 64 3 12% Thomps: 6 & Tide Wa 2015 Tide W 30 Tide W 315 Timken- 1615 Timken 1% Tobacco 6 Tob: on (J R) (1) Thompson Prod 120. ter Asso Ofl. ter As pf(8) t Otl pf (5). Detroit Axle Roller B(2). Products. 2 Transamerica Corp..1704s Tri-Cont] Corp. 13 3613 Tri-Contl Corp pf(6) 1 24 5% Truscon 6% 2 Union O Union Pacific (10).. Trico Products(2%) 3 Stesliivicio 1 13% Underwood-Ell-F (3) 3 2714 Union Carb & (2.60). 38 il of Cal (2). 2 18 Union Pacific pf (4). 1 Un Tank Car (1.60).. Uit Alr it Alr it Biscuit (2) Unit Business Pub. . 3 oraft. .. .. .s craft pf (3). 3 30s UaftCarbon. ....... 1 0t Cig Uit Corp (76¢). Uait Corp pf (3) Unit Eleq Unit Fru "nit Gas&Im(1.20) Unit Pic U S & Forn Secur. U S Frel U8 Gyp U 8 Indus Alcohol U S Leather. . U S Leather (A).... U S Pipe & Fdry (1). x U S Pipe&Fy 15t 1.20 x U S Real U S Rubl U S Rub U S Smt, U S Smt. U S St U S Stee 36 94 587 1% 157 24 s T Univ Pip U S Tobacco (4.40). United Stores (A). Univ Leaf Tob (3).. Univ Pic 1st pf (8).. ar Stores. .. 1 130658 ctric Coa it (3). . e Dye W (1). ght. sum By Ity & Imp ber ber 13t pf... £ & Ref (1). x g&Ref pf 3% x 1 Corpa (4). 1pf (7). s Shrmadmoo cwsa 8% 16% 374 40% 105'% B97x 10 18 a8 920 = £ pe & Rad. Utll Pwr & Lt A (2). % Vadasco Sales Corp. 11 22 v % Va. 8l Va 69 Wabash Vulcan Detin pf (7). Vanadium Corp. n Raalte 1st pt “ora Chem. . c&Pwr pf (6). 2408 108 9 108 B R..es Waldorf Sys (1%).. Walwor thCo...s Ward Baking (A) Ward Baking (B) Warn Bros Pictur Warner Wesson Quinlan.... 0il&Sno(2). West Pa Elec A (1) West Pa El pf (6) West Pa E1pf (T).,. West Pa Pwr pf (7). Western Dairy (A) Western Dairy (B). Western Maryland. . Western Union (6). . Westinghse A B(2). Westinghouse (2%). Wsthse Weston Westvaco Chlor 1.60. White Motors. . White R White S 49 EM 1stm3% 10s Elec Instru. 7 2 32 ock (1412).. 7 ewing Mach. 2 Willys-Overland. Wilson & Co (A). Wilson & Co pf. 35 Woolwo! 15% 46 3 6 12 Wrigley Young Si Ygstwn Zenith ltadio 8 6% Zonite Prod Corp (1) % Peop G L &C..Jan 15 Yellow Truck. rth (14.40).. Worthington Pump. (Wm) (4).. au % 12% » 67 pringé W Sheet&Tube RIGHTS—EXPIRE. 11 1% 1K Sales of Stocks on New York Exchange. Tl asomaal il 2y | Dividend rates a +4 xEx-divicend. % 4% 1 stock % | b'Payable m stock - » | hPlus 2% in stock 3% in ‘stock — % |stock. ©Plus 2%% i e TPlus 9% 1in stock m Pald this year—no T 200,000 1 700,000 1,000,000 2 1,100,000 s given in the above table are the annuai eash % | payments based on the latest cuarterly or half-vearly declarations, Less than 100 shares. tPartly extra tPlus » Paid last year—no regular rate Payable in cash or stock f Plus 8% in stock i Plus 80c in special preferred stock K Plus ular rate. nPlus 6% in n stock. AMEIfiGAN ICE CO. | NET INCREASING Warm Weather Likely to Boost Earnings to $3.50 a Share ‘ on the Common. | CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, December 31.—The 'PARADOX IN DECLINE " OF BONDS IS NOTED Behavior of Market in Recent Ses- | sions of Exchange Held Con- trary to Precedent. BONDS IN ADVANCE | | | Am | Anacostia & Pot | Potom | Pot ON'LIVELY TRADING Market Moves Upward After Strong Opening—Foreign Issues Gain. BY F. H. RICHARDSON. Srecial Dispatch to The Star. NEW YORK, December 31.— The bond market was buoyant today, with prices of both domestic and foreign issues advancing rapidly under the stimulus of a number of factors. Trad- ing was heavy. The opening was strong. The an- nouncement by the controller of cur- rency that national banks would not have to write down the values of their bonds to market quotations, except where there has been an actual de- fault, caused an abrupt check to the flow of liquidation from that source, and speculators bought heavily of de- preciated issues on the certainty of a higher market The bond pool, which was reported organized by banking houses some days ago, but which had not started to func- tion immediately, was in the market today, according to a persistent Wall Street report. These two developments, together with the cessation of income tax selling and year end window dressing, resulted in a reversal of sentiment that was evidenced by advances of 1 to 4 points throughout_the list. Foreign bonds gained with the rest, the better tone in all security markets helping them as well as the definite calling of the Lausanne reparaticns conference for the third week in Janu- ary. German government 5';s ran up 3 points on purchases of & handful of bonds. Reparations 7s, German Cen- tral Bank bonds, municipals such as Berlin 6s. Frankfort 61.s and Cologne 6'5s, industrials such as German Gen- eral Electric 6s and United Steel Works 6'3s and utilities like Rhineland West- phalia_Electric 6':s were all 2 to 4 points higher. . Bonds were steady at the opening. There were many cash transactions owing to selling for income tax pur- poses. Domestic railroad issues such as Atchison general 4s, Chicago Great Western 4s and Erie 5s improved frac- tionally. Industrials like Dodge Brothers 6s and Texas Corporation 5s were also firm. High-grade utilitie notably American Telephone 5s and Consolidated Gas 41zs, rose by frac- tions. In the foreign list German govern- ment bonds improved a point in reflec- tion of the calling of the reparations conference in January. Other foreign issues were little changed. Washington Stock Exchange! SALES. Capital Traction Co.—20 at 18, 20 at 18. Potomac Electric 5! pfd.—5 at 102%. Mergenthaler Linotype—50 at 55, 50 at 55. AFTER CALL. Washington Rwy. & Electric pfd.—1 at 87. This exchange will be closed tomor- row, New Year day. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked. 415 139 105 ctl. tr. 5s...11 100 R. R. 55 58 88 100 60 .58 . 100 ‘Cons. 5 100 65 1953 104 & Mt Vernon ctf. 2 s 4148....¢ 91 s 99, Tel, & Tel Tel & Tel Anacostia & Pot Amer 62 90 105 85 62 | C. & P. Tel Capital Trac! City & Suburb Georgetown Ga c Elec ¢ Elec i Alex. Washington shington of Va. 5s i6iis 5 100 | 10075 | Potoma 2 65, Wash. 65, series B Wash Gas 65, e Rwy. & Elec. 4s.. .. MISCELLANEOUS. Barber & Ross. Inc., 6. Chevy Chase Club 5izs 9 Columbia_Country Club 525 { W. M. Cold Storage 55........ STOCKS. PUBLIC UTQITY Amer. Tel. & Tel. (9). .. Capital Traction Co. (4) Wash. Gas Lt. Co. (18 N. & W. Steamboat (12) Elec. Power pid Pot. Elec. Power 5'sc PId Wash. Rwy. & EL com. (1) Wash. Rwy. & El pfd. (5) NATIONAL BANK. | Min | Capital (14) Columbia (12} Commercial (stamped) (101 District (8) Fed -Amer. Nat. Bk. & Tr. (2) Liberty (75).. Aot Lincoln (107 Metropolitan Riggs (135) 5 | Second (9¢) o 5 | Washington ' (12) TRUST COMPANY. Amer. Secur. & 15) Natl. Say. & Ir A Prince Georges BK. Union Trust (8s) Wash. Loan & Trust (14) SAVINGS BANK. Bank of Bethesda (6%) Com. & Savinzs (10) East Washington (12) Potomac (10).. Sec. Sav. & Com i) .. %53 [lieas Sl .20 o35 435 [on v vouc. BONIDS srocx sxcmava] | = Received by Private Wire Dirsct to The Star Ofice UNITED STATES. (Sales are in $1.000.) High. Low. Sales. Lib 343 32-47.. 78 L lst 4148 32-47 45 L 4th 4% 33-381436 US351951-6... 47 US3%s'4d.. 5 US3%sM41-3 32 US3%sJ40-3. 2 US3%s43-47. 10 US3%s46-56. 17 U S 4s 44-54... 887 U S4%s47-62. 343 Abitibi P&P bs'53. Allegheny 55 '49. Allegheny 65 '50. Allis-Chalm 55 '37. Am Beet Sug 6335 Am Chain 65'33.... Am F P 552030 AmIGChb% Am Metal 5% s Am S&R 1st 58 '47. Am Sug Ref 6337, Am TET cv 4% 8’39 AmT&T6s Am T&T o tr 634 Am T&T 53860, Am T&T 5%s 43, Am W Wks 5534 Am Wat Wks 6s'Th Am Wr Pap 63 '47.. Arrentine 53 Argentine May '61. Argentine 63 Ju's9. Argentine 65 Oc's9. Argentine 65 A '57. Argentine 6s B '53. Arm & Co 4%3'39. Arm Del 5% Atchison gn ¢ Atchiscv 4% AtICL 1st 4s'52. At Gulf 55°59. Atl Ref db 58 37. Australia 4% s'66. . Australia 5s 55 Australia 5357 Austria 7543, Austria 78 ‘67 ctt. B & O P&WYV 48’41 Bk of Chile 6%s 57 Bk Chile 6% s ‘1. Batay Pet 414342, Belgium 63 '55. ... Beiglum 634849, . Belgium 7s '55. Belglum 78 %8. ... Bell Tel Pa b3 B 43 Bell Tell Pa b3 C' B Ind Loan C 65 "4, Berlin Cy El 68 '55. Berlin CE 6%8'50. Beth Stl pm 58 '36 Beth Stlrf 514543, Bollvia 7a'68..... Bolivia 78°69...... Bolivia 83 47 Bordeanx §s ‘34... Bost & Me 4% "61. Bos & Me 58 '55.... Bos &Me b, Brazil 6% Brazil 63427, Brazil 7s... Brazil 8s°41... Bremen 7s ‘35 Pk Ed gn A 68 Bklyn Elev 6% Bklyn Man 63’6 Rkiyn Un 5845 Bklyn Un 1st 63 Budapest ¢s 62 Buenos A 6361 Pv. Buff Gen El 414831 Bush T Bldg 55'60. Canada 4s §0 Canada 43 Canada 35 '32. . Can Nat ¢%s 54 Can Nat Ry 4% Can Nat 4%s '67. Can Nat 4% s '63 Can Nat 53 July’69. Can Nat 55 '70. Can Nor 615 db 46 Can Nor 7s ab "40 Can Pac db 4s. Can Pac 5844 Can Pac 65 54 Cort-td db 5% 48, Ches Corp s '47... C&Ogen4%s’sz, C&O4%s B 95... Chi & Alt 3, CB&Q4%s'11 CB&Q I1dv 334549 Chi & Est 111 55'61. Chi Grt West 48'69. Chi M & StP 4%sC C M StP&P b3 '75.. CM&StPad)ss I&NW 43452037, &NW 415 C 2037, hi& NW cn 4%s. hi Rwys 58 '27 hi R1& Prt 4 IRI&P4%s Chi R1cv 438 '60. Chi Un Sta 4145 '63. Chi Un St 58 '44... Chi Un Sta 614 '63 C& W Ind cn 4s'52. Chile 65 ‘R0, Chile 65 '61. Chile Cop db 53 '47. CCC&St L 4% s E'T7 Cologne 6343 ‘50 Colomb 6s Jan ‘6 Colomb 68'61 Oct. . Colon O11 63 '38. Colo & Sou 448°35. Colo & Sou 4% s '80 Col G&E 58 May'52 (& (&] (c) . () ‘34 « 98 99 99 85 87 92 91 92 96 99 40 1 72 Col G&E cou 55 '61. 3 Com Inves 5%s '49 C C Md 1st rf 58'50. Con G NY 4%s'51.. 97 25 996 99 4 84 20 24 20 22 16 30 16 26 12 9 18 9816 24 10116 High, 9 00 9818 2:58. 98 99 24 | 99 16 85 22 8716 9230 9116 92 26 96 12 99 8 101 30 Low. 2:58 28% 22 18% 79 20 87% 4l 64 50 90 104% IntT&T 4% . Int T&T cv 4%8'39. Int T&T 58’55 Ttaly 78 '51. Italy Pub S 78 '52.. Japane: Japane; Kan City Sou 58’50, Kan City Ter 45°60. an C FtS&M 4536 stadt 6s'43. ... Kreug & Toll 6859, Lac G St L 5s'34... Laclede 648 C'63. . Laclede 5%s D '60. Lautaro Nit 6s 54 Leh V cn 41452003, Leh Valley 552003, Lig & Myers 58 '51. Loew's 65 ex w '41. Long Islrf 4s°49.. Lorillard 63 '51. ... Lorillard 5%s'37.. La & Ark 5560 L& N uni 4s'40. L&N5sB2003.... L&N 1st 51452003, 13 .44 20 5 5 10 16 1 1 1 1 6 T 1 1 3 9 b 4 4 ] 3 McKes & R5% 50, 1 Manh Ry 1st 48'90. Market St Marsellle & Midvale Stl 53 '36.. Milan 64862, .. .. Ml El Ry&Lt bi MSP&SSM 5 MK&T4sB MK&T4%s'78, Mo Pac gn 4s'76... Mo Pac 53 A ‘85 Mo 68 F 77 Mo Pac 53 H ‘30, Mo Pac rf 6s'81. Mo Pac 538 A '49., Mobile-Ohio 58 ‘38, Mont Pow 5s'43 Mont P db 5s A "62. Mont Tr 1st 5s'41. Mor&Co 1st ¢ 4439 Nat Dairy 5% s 43, Nat Steel 53 '56. ... Netherlands 65 '72. N Eng T 1st 5352, OT&MG5sB'54. OT&MG%s 54, w S Wales 6s '57. w S Wales 53 '58. Y Cgn3lgs'9t.. Y Cent 4s°98. ... N Y Cent db 43 '34. Y Cent 41452013 Y Crfim 552013 Y Cent db 6s YC&StL4s'37.. NYC&StL 4%s 18 1 17 . 17 63 5 1 13 11 23 11 6 11 4 6 13 NYC&RStLEY%SA'T4. 6 YC&StL 63 N Y Edisn 53 N Y Fd st 6% 541, NY ELH&P 43°49. NY NH&H 4% 567 NYNH&H cd 6543, NY O&W 1st 4n'92. NY O&W gn 4s'55. NY Tel 4%5°39. .., NY W&B 4145 '46. . Nia Sh Md 534850, Nord 6% '50 Nor & Wn cv No Am Co 53 °61... Nor Am Ed 55 C '69 Nor Am E5%s'63. Nor O T &L 63°47. Ner Pac 4897 Nor Pacr{ £ Nor St Pw 58 A "41. Norway 5s°'63. Norway 5%s'65. orway 63 '43. orway 68'44... Norway 6s'52. Orfent dev 5% x'58. Orient dev 68 '53. .. Pac GEE 5842, ... Pac T&T 1st 5137, Pac T&T rf 55 '52.. Paramount 6s'47. . Paris-Ly M 6s'68.. Paris-Ly M 7s'58.. Paris-Or 5148 '63. . Penn4isD'81.... Penncv4ls 60. Penn n 4% 65 Penn 474570 Penn 435’63 Penn gen 5363 Penn 63453 '36 Penn P&T 414881, Peoples’ Gas 53 '41. Peor & E 1st 4 Pere M 1st 4s Pere Mar 434 Pere M 1st 5556 Peru 65 °60. Peru 6561, Phila Co 55 ¢’ Phila Elec 45'T1.... Phil & Read 65 '43. Phillip Pet 5% ‘29 Pillsb F M 68°43... P& W V44sC60. Poland 6s°40...... Poland 7s '47. Poland 8s'50. Port Gn El 4 & Porto Alegre $s'61. Pos Tel & C 68'53... Prussia 6s°52..... Public Serv 45°71.., Pub Sv G 4%8'67.. PubSv G 4%s'70., Pure Ol 5%48°37... Rem Arms 6s A '37 Rem R5%s A "47.. Rhinelbe 75 *48. . . Rhine West s '53. Rhine West 68 '55.. Rhine West 78 '50.. Rich Ofl Cal 85 "44. Rio de Jan 85 °46. .. R Gr Do Sul 65 '63. R Gr Do Sul 85 "46. Rio Gr W 1st 4s°39 Rio Gr W clt 4549, 2 15 12 1 5 17 6 1 .18 15 8 4 14 11 5 N LR PICPR-EICE Y =3 1 1 1 NN W R B RE DI 0W DB 2 1 High 30 44 Low 30 43 481 4315 255 30 SOME FIRMS PAID EXTRAS THIS YEAR Many Others Maintained Div- idends, Despite Decline in Business. BY BRADLEY W. TRENT. Special Dispatch to The Btar. NEW YORK, December 31.—Some industries have been able to thrive dur- ing the depression of 1931, while others have been compelled to record losses. Although the same thing may not be said of the Stock Exchange, it is a noteworthy fact that there are more dividend-paying stocks listed on the Curb Exchange today than there were a year ago. An analysis of the dividend payers, made today, discloses what branches of industry have been in some degree ‘“depression-proof” during the past year. Some Paid Extras. The actual number of dividend pay ers listed on the curb today is 1,505, compared with 1465 on December 30, 1930. This increase was made despite the numerous dividend omissions during 1931—far more stocks omitted pay- ments this year than last year—and is die to the fact that new listings in 1931 were largely of “paying” shares. In addition, about 80 corporations whose shares are dealt in on the curb announced extra dividends. Some industrials reaped additional profits largely because of forces loosed by the depression. Among the corporations in this classification were: Hazel-Atlas Glass Corporation, which declared four extras as the demand from home can- ners sent the glass jar output rocket- ing; Emerson’s Bromo Seltzer, makers of headache cures, who were able to pay several extras, and manufacturers of paint, such as Sherwin - Williams and Parker Rustproof. The gold mines also were prominent in the group of depression beneficiaries, Teck Hughes, Lake Shore Mines and Wright-Hargreaves paying extras. These shares were in marked contrast to cop- per lead, zinc and silver shares, though Bunker Hill-Sullivan paid an extra that was ordered distributed late in 1930. Automotive accessory companies were fairly liberal firms. Hygrade Sylvania, General Tire & Rubber, which did a sizable replacement business, and Per- fect Circle Co. declared extras | Numerous electrical companies and { utility concerns, or investment trusts whose portfolios consisted largely of power and light securities, paid_extras. This group includes Hartford Electric Light, National Public Service, Holyoke Water Power, Railway & Light Securi- ties, Associated Telephone & Telegraph, American_Electric Securities, Packard Electric, Stromberg-Carlson Telephone, Philadelphia Co., Telephone Bond and Share and Gray Telephone Pay Station. Food Group. Food distributors and manufacturers are prominent in the list of extra divi- dend payers. Among them are Mead, Johnson & Co., makers of infant foods; Quaker Oats, Swift International, Welch Grape Juice and Great Atlantic & Pa- cific Tea. Chemical companies, partly becauge of | new products, also tried to fill ‘xelr shareholders’ purses. This division in- cludes Parke, Davis & Co., Norwich Pharmacal Co. and Chesebrough Man- ufacturing, which also is classified as : | belonging to the petroleum industry as most of its products have a petroieum base. In the miscellaneous list are such companies as Pittsburgh Foundry, Mapes Consolidated, makers of packing cases, especially for eggs; Great Lakes | Dredge & Dock. International Safety r, Employers' Reinsurance Co., on Monotype Machine, Union Metal Manufacturing Co. and W. A. Sheaffer Pen Co. Stockyards Shares also came in for some extra_distributions, notably Cin- cinnati Union Stockyards and General Stockyards. A few textile concerns, like Federal Knitting Mills, paid extras. (Copyright, 1931.) . PROGRESS IN GERMAN LOAN PARLEY SEEN to Maintain Strict Secrecy on Negotiations . Bankers Continue in Berlin, However. Special Cable to The Star. BERLIN, December 31.—The com- mittee of bankers who loaned German institutions funds only to find them frozen as a result of the general de- pression is making slow progress in outlining tke modalitis of prolonging these credits. Its conferences with the German debtors have ,been renewed in the hope of reaching an agreement before the governmental reparations conference is convened in January or before Ger- many declares a general moratorium. The negotiations are being conducted ‘Iollowlng is a summary of important corporation news prepared by the| gpecial pispateh to The Star. Standard Statistics Co., Inc.,, New York,| NEW YORK, December 31.—Although Bk (i1 Seventh Street (12).. P United States (30) Wash. Mechanics (20} in the Reichsbank under an opaque blanket secrecy which does not augur for success. ConG N Y 5%s"45. 39 1031 Consum Pow 6s ‘62 Rome $%s '52. 10 veather in the final three | oine ot St L&SF in 48 A’50 34 What Things Cost (Standard Statistics Co., New York.) NEW YORK, December 31 (#)—Of the 26 important commodities in the following table, three are higher in price than last week, 10 are lower and 13 remain unchanged. Six of the 26 ftems are at their lows for 1931, This Week. 3 Last Unit Butter. creamery. extra Cheese, flats fancy Coffee. Rio No. Copper, elec. cor Cotton, mid. upls . 2, yellow fresh, firs Spr ides, n Hogs. BANKS REPORT RETURN OF CHRISTMAS MONEY By the Associated Press. NEW YORK, December 31—Reports received by New York banks yesterday, based on the first full day of bank! operation since the Christmas holiday, i at the flow of Christmas| back to the banks was procee ing at normal rate after its temporary withdrawal About $300,000.000, it was estimated, was withdrawn from the banks of the country for use as cash gifts. Nor- mally, two to three weeks elapse before this money agamn finds its way back to_banks. This item usually causes some tight- ening of money rates early in the Christmas season, but, with the passing of Christmas, its return flow tends toward cheaper money rates. No changes were reported in the rates for mportant classes of money today, but several days more are expected to pass before the full effect of the return flow will be felt Approximately $995,000,000. it was will be paid in in- terest and dividends months of the current year has re-| stricted sales of fuel by American Ice Co., but has stimulated the sale of ice | considerably above its normal volume Consequently sales in October and November ran welk ahead of last year, | and profits were greater than in the same two months of 1930 by nearly $100,000. The same sales trend, says the Wall Street Journal, has continued in December, and profits for the month wiil probably also show a good in- crease ; | For the full year American Ice Co. | should show earnings of about $3.50 | a share on the 566,800 common shares outstanding. This would compare with | §3.93 a share on the 600,000 common | shares outstanding at the end of 1930. | With the common stock now on & | $2 annual dividend basis, this ample coverage of dividends has permitted the reduction of debts, which were sub- stantial -at the close of 1939, until at | the end of September the company | wes in a strong position from the standpoint of net current assets. Cash‘ at that time was more than double the amount held at the end of 1930, and receivables increased nearly $600,- 000, while notes payable were cut more further blocks of its common and pre- ferred stocks and reduced bond indebt- edne: by more than $200.000. A.s of September 30, 1931, Ice held, 33,200 shares of its common stock and 8,947 shares of preferred stock. Construction work on the laundry plant of a subsidiary of American Ice Co. is continuing and should be com- pleted by next Spring, when it should be possible to estimate the success of Ice's venture into this field. American Ice Co., after the first of the year, plans to begin the sale of ice boxes. Heretofore the company has made no efforts in the line of continu- ing the consumption of ice other than advertising, but will go into the busi- ness with the idea of at least holding on to the ice business which it now has. While the current year for American Ice Co. was marked by a heavier ice tonnage being sold than in 1930, as a result of the unusually high tempera- ture which prevailed during the Sum- mer months, the old bogie of price weakness enered the picture and pre- vented the company from obtaining the full advantage of the warm estimated today, during January. A large proportion of this total is ex- pected, to be reinvested. A substantial art, it was predicted, will find its way nto' Government securities, as the Govergment still has considerable to do. [} weather. This is reflected in the earn- ings for the first nine months of the year, which amounted to $3.37 & share on 566,800 common shares, against $384 & share on 600,000 common shares in the first nine months of 1930. than $700,000. | During 1931 American Ice purrhased‘ for the Associated Press: News Trend. Electric power production in the week ended December 26 made a more favor- able comparison with the like 1930 week than has been reported for some time. According to the National Electric Light Association, output totaled 1,564,652,000 kilowatt hours, which is 3.3 per cent below the corresponding week of last year, while the decline in the previous week was 5.3 per cent. lllinois Power & Light preferred share earnings, 12 months to November 30, $12.13, against $14.32. Long Island Railroad November net operating income off 443 per cent, 11 months off 7.9 per cent. Naumkeag Steam Cotton—Employes vote not to accept proposed 10 per cent | wage cut. Pacific Telephone & Telegraph, 1931 per common share; in 1930 earned $8.06 per share. Western Pacific Railroad Corpora- tion—November net operating income of | Western Pacific Railroad Co. off 83 per | cent: 11 months off 85.6 per cent. Anaconda Copper Mining—Tramway Mine, at Butte, temporarily shut down; remaining operating mines on part time. | Consolidated Gas, Electric Light & Power of Baltimore—Common _share | earnings based on average number of | shares outstanding, 11 months to No- vember 30, $4.67 vs. $4.86. | "Mesta Machine—Devidend needs ex- | pected to be earned by good margin |in_1931 | Republic Gas Corporation—Net in- | net estimated at $7.75 come before depreciation, depletion and | | Federal taxes, 12 months to November | 30, $1,433,373. Atlantic, Gulf & West Indies S. S. Lines—$5 preferred share earnings, 10 months to October 31, $1.65 vs. $7.49. Barcelona Traction, Light & Power— November net earnings up 0.8 per cent; 11 _months, off 0.2 per cent. Reo Motor Car—Truck sales up 27.5 per cent in past six months. Siemens & Halske A. G.—Contracts |to install automatic telephone system | |in Holland. | Denver & Rio Grande Western Rail- | road—Shop men accept 10 per cent cut |in_wages. | New York. New Haven & Hartiord | Railroad—Curtailing passenger -train | service throughout system; expected to |save $100,000 annually. | Childs Co.—Cuts wages and salaries, Iig:? 25 per cent, eflecuveia.nulry 1, the stage has long been set for a rise |in the price of bonds, even high-grade bonds of remote maturity, covered three |and four times over by earnings, are | still offered at low prices and high | yield, according to the Alexander Ham- | i1ton Institute’s current investment bul- | letin, which tenders the following ex- | planation “The behavior of the bond market in the current depression has been highly | unusual. The forces which are ordi- [ narily operative to raise prices have | been present, but they have been over- balanced by a series of influences work- ing in the opposite direction. Com- | modity prices have been in an almost continuous decline since 1929; interest |rates worked steadily downward for nearly two years. Both of these move- ments normally strengthen bonds. The | purchasing power of the dollar is in- creasing, hence securities which give & fixed income in dollars are favored by |investors. Declining interest rates mean | that when dollar income is capitalized at the prevailing rate capital values of securities are higher. The funda- mentals making for high bond prices are and have been present, yet bond prices have undergone a succession of declines. “There has been a mortality among foreign bonds. Defaults have occurred in some cases. Uncertainties have raised the fear of default in other cases. As a consequence, the foreign section as & whole has been in cisre- pute. The devastating inroads made upon railroad earnings by the decline in traffic has placed all securities of some roads and junior securities of other roads in the class of investment cutcasts. These reasons are sufficient | to account for a selective decline in the bonds affected, but they fall short of explaining the extreme weakness of bonds of the highest grade, where there is hardly a remote question regarding regularity of income or safety of prin- cipal. High-grade bonds have suffered because the exigencies of the financial situation have made it necessary for many investors to exchange securities for cash regardless of the course they would prefer to follow. Among these influences we have the continued pres- sure exerted by bank policy in keeping highly liquid. There is probably a fair volume of selling incident to the con- version of assets of closed institutions into cash. And with institutional pres- | cure concentrated on the selling side, a | fair market for securities appears at a time almost to have vanished.” | et | Magistrates of London are asking an | inquiry into the large number of prison- }ers who are on the dole, { | | Mer. Tr i Real Est. M. & G. pfd. FIRE INSURANCE. American (12) e ! Corcoran (10) Firemen's (8) National Union TITLE INSURANCE. Columbia (6h) Real Estate (6h) MISCELLANEOUS. Col. Medical Bldg. Corp. (6) Col. Sand & Gravel pfd. (1) D C. Paper Mig. ptd Dist. Natl. Sec, ptd, (7 Emer. Bromo-Selz. A" Federal Storuge pfd. (8) Fed.-Am. Co. com ~(1.20f) Fed.-Am. Co. pfd. (6).. Lanston ' Monotype (6) Mer. Tr. & Stge com. (10} & Stge. pfd. (7) Mergenthaler Linotype (6) Natl. Mtge. & Inv. ptd Peoples Drug, Stores pld. ) ii8) 145 +90 *90 ol @, (8) (613) Security ‘Storage (5§) i Ter. Ref. & Wh. Corp. (3).." The_Carpel Coip._(2) W. Mech. Mtge. Com.” (8) Wash. Med. Bldg. Corp (1) Wdwd. & Lothrop. com. (1.20).° *29'2 Woodward & Lothrop pfd. (7)..*107 *Ex-dividend. s2% extra b books_closed. 0o extra n 25c extra , exira. | 130 extra. % extra. | §17, extra o extra. ' el'2% extra SYSTEM ANNOUNCES CHANGE OF NAME Special Dispatch to The Star. NEW YORK, December 31.—The business monthly System, founded 30| years ago, and devoted to the “second in command” in business, will be pub-,| lished under a new name starting with its January issue. The new title will be Management Methods, it has just been announced here by the McGraw- Hill Publishing Co. Arthur H. Little continues as editor and Irving Fellner as publishing director. AUTOMOBILE SALES. DETROIT, December 31 () —Figures compiled by R. L. Polk & Co. of De- troit show that sales of new passenger automobiles in the United States for the 11 months ending November 30 totaled 1,830,5Y7. During the same period a year ago new car registra- tions numbered 2,529,925. Sales of new trucks for_the first 11 months of the year were 300.707. For the same period last year they num- bered 392,034, New car sales for November were 75,829. The five-year average for No- vember is 156,841 MR The people of Abyssinla were Chris- tians centuries before ghe Buropeans. Cuba R R 68 '52. Cuba Nor 5% '42 | Czecho 8s '51 Czecho 83" | Del & Hua rf 4534, Denmark 4% '62 D&RG W 6s'55.. Det E G&R4% 561, Det Edison rf 5849 Deutsche Bk 67 '32. Dodge Br cl 68 Duquesne 438 " Dutch East 1 65'47. Dutch East I 68'52. Erie 1st con 48 '96. . Erle gen ¢s Brio cv 63’67 Erle 65'75. Finland 5%s ‘53 4| Finland 6%s ‘66 Finland 7s '50 Fla E Coast 58'74. Fram 1D 7%s"42 French 7s'49. French 748 '¢1. Gen Motors 63'37.. Gen Th Eq 63°40. . German 6%s 65 German Bk 6538 Ger Cen Bk 6860 Ger Cen Bk 6360 O German 7s rep ‘49, Ger Gen E1 78 '45.. Goodrich cv 68 °45. Good 15t 633 '47. . Goodyr Rub 68'57.. GrandTr sf db 6536 Grand Trunk 7s'40. Grt Nor 4%5'76 D. Grt Nor 4138 ‘17 E. Grt Nor 58°73..... Grt Nor gn 548’62 Grt Nor gn 7s '36. . Greek 6568 Hoe & Co 6345 "34. . Hud & M ad) 53’57, @ » Bo malalannwe ~nenn —Emte & Humble O1l 63 '37.. 3 Humble O 5%s '32. Hungary T%s '44.. 111 Bell Tell 55 °56. 52 B 11 Cent 43 °53. ... 111 Cent rf 48 '66 111 Cent 4% '66 [l Cent6%s '36. 111 CCStL&N 68 A Inland St 4%3 A'78 Inlund St 4%s B'81 Int Rap Tr 68 '66. . Int Rap Tr sta 6. Int Rap Tr s 32.. Int Rap Tr 78 32... Int Cement 58 '48. . Int & Gr Nor . Int& G Nad Int Hydro E1 Int M Co 5s ¢ Int Match 53’47, Int Pap 58 A '47. 19 1 5 00% 55 454 4414 35 60 StL&SF 414578, StL&SF p15s B ‘50 StSWends'32..., Sao Pau 7s'40 ret. . Sao Paulo 8536, Sao Paulo 83 '50. Saxon P W 6%s'51. Seab A Ly Selne 7s ‘42....... Serbs-Cr-S17s°62. . Serbs-Cr-S1 85 '62.. Shell Un Ofl b8 "47. Shell Un Of1 s 49. Shinyetsu 6%s'52. Sinclair Ol1 6% 38 Sine O Tscv A'37.. Sinc CrO6%s'38.. Sinc P L 6842, Soissons 63°'36. . Sou Bell T&T SW Bell T 55 A '54. Sou Pac col 4349, Sou Pac ref 4s'65.. Sou Pac 4%s '68. SouP 4% 69 ww. Sou Pac 4%s'81. Sou P&Or 4%s 17, Sou Ry gn 45 '56. Sou Ry 6%s 6 StOII'N J 5846 StONINY 4%s’51. Sug Es Or Ts'42... Sweden 6% s '54 Taiwan E P 5% ¥'71 Tenn Cop 65 *44. .. Tenn EI P 63 A "47. Texas Corp bs '44. . Tex&P 1st bs 2000. Tex & P 63 D '30. Third Av rf ¢s 60 Third Av adj 68 "6/ Toho El Pw 832, Toklo El Lt 6s°53. . Un Pac 18t 48°47.. Un Pac 4363 Un Pac rf 4s 2003 Un Pac 4%38'67. Unit Drg cv 68’58 Utd King 5 %8s '37.. U'S Rub 1st 5847, UnSt WK AT, Ud St W 634sA'51.. Ud St W 634sC’51 Uruguay 6s°60. Util Pw 63 '59 ww. Util Pow 5%8°47. .. Vanadium St 5#'41. Vert Sug 18t 78’42, Vienna 62 52. Va Ry & Pw Va Ry 1st 58 Wabash 2d 5s°39.. Wabash bs B ‘76 Wabash 63 D ‘30 Wabash 5% ‘76 Warn Br Pic Warn Quin Warner s‘lu: ifl Warsaw 78 ‘5l 20 7 B 1 46 1 10 1 6 10 2¢ 60 66 17 31 12 20 i 10 4 6 13 3 Despite this secrecy, which is lead- ing to all sorts of conjectures, it can be said accurately that progress is be- ing made and that the main differences are due to various forms of banking procedure prevailing in the countries concerned. None of the creditors has the slight. est hope of realizing within a visible time on the funds intrusted to the Ger- man institutions. German figures and statistics are also accepted at face value when detailed, and hence the committee has plenty of data. The total estimate of short-term credits is also considered worth keep- ing a secret, but it is estimated at around $1,500,000,000 or pertaps a little less. The problem of the committee is to reach an arrangement on categories, security, interest rates, priority and other conditions. One of the stumbling- blocks is interest rates, for the pros- ent leaders of the Reichsbank are prac- ticing a low-interest policy despite the money stringency and the severe crisis. The German government now ‘s at- tempting to run nearly all the banks of the country and to govern economic laws by dictation. It is thought that the banks will stortly reduce their in- terest rates for deposits in commercia. banks and savings banks, and a decres to this effect is expected any dar. It is thought that high interest rat would not attract outside money any- way and that industry would profit by lower rates for capital still in Ger- many. (Copyright, 1931.) Bank of France Statement. PARIS, December 31 (#).—The week- ly statement of the Bank of France shows the following changes in franc: Gold increased 418,000,000, sight bal- ances abroad decreased 2,295,000,000, bills discounted at home increased 683, 000,000, bills bought abroad decreased 729,000,000, advances. decreased 78,000,- 000, circulation increased 1,020,000,000, s\sfimnt accounts decreased 1,020,000, Rate of discount, 2% per cent. Sales. High. Low West E14db 5544 97is 96% West Md 43 °5: West Md 5%s ‘77 West Pac 55°46. ... West Unfon 6s '51. . West Union 6 60, Wick S cv ct 78'35 Wiks B& E1 Wis Cent gen 4536 Yokohama 63 '§1. .. Ygatn S&T 5s B'70.