Evening Star Newspaper, December 31, 1931, Page 11

G STAR, WASHINGTON, D. C., THURSDAY, DECEMBER 31 1934, FINANCIAL FINANCIAL THE EVENING CURB SHARES RISE | NEW YORK CURB EXCHANGE | [BANK STOCKS SHOW| [ Everybody's | PLANS TO FINANCE |FARM SENTIMENT Low. Dividend Rate. Add 00. Open. High. Low. Close. Magdalena Synd. 31 & " 4% Acetol Prod A. 7 64 6% Mapes Cons Mfg(t4) 2 364 Bureau as Aids to High- That Wheat Gain Ended way Building. 1896 Slump. Many * Business Leaders Believe That 1932 Wil Be ¢ Year of Recovery But Few Will Make Any Public Statement, Agfa Ansco E 3 Mass Ut ev pf (2%). 18 Gain on % Afr Investors vtc. % Mavis Bottling (A).. L P9 i vestors cv pf.. 3 274 Met Chain Stores & Ala Great Sou pf(17) 10s 35 Mid Sta Pet vtc A 22¢ 1 Ala Pow pf (6)...... 408 73 3 S Midland Unit (b6%) . 5 All Am Gen Corp.... 7 81 Mid West Ut (b8%). 36 5% Allled Mills Inc..... 3 4 Mid W Ut ov pt xw 35 i ni Aluminum Co of Am 900s in Earnings. Prospect of Higher Money Rates Indicates Gain Pivotal Stocks Brisk Bidding—Advance Is General. 26 e BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, December 31.—Strong from the opening gong, the curb ex-| change session made an impressive demonstration today on increasing vol- ume. Electric Bond & Share was up frac- tonally on regular sales, but cash trades were completed at a gain of a point. Cities Service likewise firmed, as did Standard Oil of Indiana and Guif Oil of Pennsylvania New products were announced by some corporations and _their stocks benefitted accordingly. This was true of Afga Ansco, which has perfected a new film requiring no filters and mak- ing photography of natural colors pos- sible. Although Ford made no an- nouncement the automobile trade learned that the company is develop- ing a small, light car designed especial- ly for export markets G. F. Swift, president of Swift & Co. cted that prices of meats, which ve bee@ steadily declining since 1929, have practically reached bottom and he expects 1932 will be a good 3 packing industry. Swift & were active though unchanged With tax-selling pressure lightened | and a series of favorable predictions for | the new year greeting the opening gong, ' stocks opened 1er Electric Bc & Share in a block of 2,000 shares appeared at 11 un- | changed. St Oil of Indiana at| 147 was up a while Cities Serv- | ice at 512 was off '.. The first cash | sale was that of Union American In- vestment, which at 8 was unchanged. These cash sales reflect a last-minute effort to establish tax losses United Light & Power A at 63, As- sociated Gas & Electric A at 3%, Amer- ican Gas & Electric 383, Central Public Service A at 13; and Niagara Hudson shares at 2'. were a few of she utilities that started at fractionally higher quotations General Aviation, Lone Star Gas United G ational Investors and Pennroad Corporation were among_the | miscellaneous shares to show slight | gains on their first trades. MACHINE TOOL TRADE EXPECTING GOOD YEAR NEW YORK, December 31.—The ma- chinery and machine tool industry reaches the end of the year with the feeling that early 1932 will see the be- ginning of an accentuated Spring up- turn, American Machinist reports. Tne feeling is general in the industry that the expected betterment will extend through the coming twelvemonth. Meanwhile, the report states, most districts of the country have been grip- ped by a somnolence characteristic of the year's ending, so far as machinery and machine tools are concerned. Tool builders find themseclves stocked wi finished units and note production cos increasing with single-unit manufacture. Continuance of the November upturn is reported in Milwaukee, with sales orders coming from automobile, tractor, farm implement, electrical and Govern- ment sources. Detroit holds about even with bettered motor car manufacture showing no effect on tool buying as yet. New York reports no tool sales worth mentioning and Chicago notes a similar condition. New England reports improvement very much like that noted in Milwau- kee. Philadelphia feels optimistic about the new year. Buffalo looks forward to the first of the year, expecting an end to hand-to-mouth buying. Cleveland is looking for an upturn. Cincinnati feels the same way, but neither district re- ports any betterment in sales so far The South reports conditions slow. SELYAES € S TR SUNie S Rt BONDS ON THE CURB MARKET. Bales in DOMESTIC BONDS. thousands High. Low Noon 2 Aluminum Co 55 '82 967 96% 4Am Cmwih Pw 6s '40 1732 11 17 1Amer GAE 55 2028.. 8 12 Amer P&L 65 2016... T8% T8 & Amer Roll Mill 55 '48 6 Appalac Gas 65 B '45 9 Appalach_Pow 58 13 Asso El Ind 4% 3 Asso GAE 1] Asso Gas& 3 Asso_Gask 1As Tel 2 5 Bell Tel Can Bell Tel Ca ¥ Am Beverage Am Capital A Am Capital B . Am City P&L (A) a3 Am Cit PAL Bb10% Am Com P A (b10%) Am Com Pr B(b10%) Am Corpn (f30¢).... Am Cyanamid B. Am Equitles. .. o Am For Pow war.... Am Founders. ...... Am Gas & Elec (11). Am Invest Inc (B).. Am Invest war...... Am Lt & Trac (2%). ize Prod (2).. Am Natural Gas Am Superpower. 4 Am Superp 1st (6) il & Gn B vte.. Anchor Post Fence. . Appalachian Gas Ass0G&EL (A) b5 7 i&E all et 1.60. AssoG & Elct (8)... ss0 G & El A dbrts. Arcturus Rad Tube.. Arkans Nat Gas A. Atl Frult & Sugar. Aths Util Corp Auto Voting Mach Auto V Ma cv pr pt 2 Babcock & Wilcox (4100; Bellanca Alr v.t.c.. 4 Bell Tel of Can (8) Bell Tel Pa pf (61%). Beneficial | L (1%). Blue Ridge Corp. ... Blue Ridge cv pf(a3) Brazil Trac Lt&P(1) Brit Am Oil C (80c).. Buckeye P L (4).... Buft N&EP pf (1.60). Buff N& E P 1st (5). Bunker Hill & Sull Burco, Inc. ... . Canadjan Marconi. .. rnegie Metals. anese Corp 18t pt.300 1, Cent Pub Svc A b5%. Central States Elec. . Cent West PS Aal% Cenirifug Pipe (60¢) Cities Service (g30e) Clev E Illum (1.60). Cleveland T: Col 0il& Gi Commwlth Edison (8 255 Cmwith & Sou war. . Consol Auto M cu pf. Consol Copper..... Cont Shares pf (B) Cooper Bessemer Cooper Bess pf (A Cord Cor: Corp Sec Ch (b6%). . Corroon & Reynolds. Cosden Oil. ..... Creole Petroleum. Curtiss Afrports vtc. Darby Petroleum Dayton Air & Eng. Decca Record. .. Deere & Co. ..... Forest Radio. Detroit Afrcraft. Dubilier Cond & Rad Durant Motors. Duval Tex Sul wi st Sta Pow (B). st Utll Inv A.. Elec Bond&Sn (b6 %) Elec B & Sh pf (6)... Elec P & Lt op war Elec Pow Assoc (1). El Shareholdg (b6 %) Emp G & F cu pf(8). Empire Pwr pt(2.24) Europ Elec deb rts Europ E Ltd A (60¢) Fansteel Product Federated Capital. .. Federated Cap cupf. Flintkote Co A Ford Motor. Can., A. Ford Motor, Can., B. Ford Mot Ltd 36 3-50 Foremost Dairy Pr.. Fox L'heater (A) Franklin Mfg Gen Aviation. . Gen Empire (1) . Gen G&E cv pt B(8). Gen Theat Eq cv pf.. Golden Center. ... Goldman Sachs. .. Goth Knitback Mch. Graymur Corp (1).. o [T 1 o oa e e S a8 ® orZlo Banvodonine @ =E 4 Gt At&Pac Tea pf(7)1008 Gulf Oll of Penna. » Hamilton Gas v.t.c. Hecla Mining (40c). Hudson Bay M & S. Humble Oil (12%) Hygrade Food Prod. 111 Pow & Lt pf (6)... Imp Ol of Can (50c) Indiana Pipe Line(1) Indian Ter Illu Ofl A Insull Inv (b6%). .. Ins Co ofNo Am 2% Insurance Security. . Intercontinent Petn, 10 1 6 3 1 3 258 B 1 1 3 3 4 = FEEFERS Mohawk Hud 15t(1). 23s Mountain Prod (80c). 4 2% Nat AmericanCo.... 7 1 Nat Aviation. . 5 NatBd&SCorp (1). 2 20 Nat Investors. .. 364 Nat Pow & Lt pf (6).300s Nat Rubber Mach. Nat Service Co...... at Sh T Sec A 160c. at Sugar NJ (2). Vat Transit (1). at Union Radlo New Eng Pow pf (6) 130s Niag-Hud Pow (40c) 62 ag-Hud Pow A w.. iag-Hud Pow Bw.. Niag-Hud Pow C w.. Niag Share(Md) 20c. 2 Niles-Bemt-Pond (1) NipISSIng........ Noma Elec (40¢). . Nor Pipe Line (14) Nor St Pow A (8) Novadel Agene (4) Ohto Copper-. . Outboard Mot A. ... PacG& E1stpf 1%. Pac Western Oil. . Pan Am Afrway Pandem Oil. . Paramount Cab Mfg. Parke Davis (11.65). Parker Rust P(13%4) 508 Pennroad Corp (40c) 19 Penn Wat & Pow (3). 1 Peoples L&Pwr (A). Pilot Rad Tube A 5 Pion G M Ltd (12¢).. 10 Pitney Bowes (bi%) 5 Plymouth Oil (50¢). 8 Pratt & Lambert (3) 1 Premfer Gold (12c).. 3 Prod Roalty (b10%). 5 Prudential Invest... 64 Pub Util Hold xw. 7 RR & Util Inv A, Reiter-Foster. .. Reliable Stores. Reliance Int A. Republic Gas Corp Reybarn Co. Reynolds Invest Rockland L&P (90¢). Rossia Intl (10¢). ... Ryan Consolidated St Regis Paper...... Salt Creek Prod (1).. ec Allied Corp (1).. Secu Corp Gen (40¢). Segal L & Hdwr... Selecied Industries.. Sle Ind al ctfs(5%). Sentry Safety Cont Shattuck Den Min. Shenandoah Corp Shenandoah Corp pf. Sherwin-Wililams(4) 258 Signature Hosiery Silica Gel ctfs Singer Mfg (8). Smith (A. 0.). So Am Gold & Plat South Penn Oil (1) SoCalEdpf A (1% SoCalEdpf B (1%). Sou Cal Ed pf C(1%) South Corp. s Southern Nat Gas. Spanish & Gen rets. . Stand Ofl of Ind( 1).. Stand Oil of Ky 1.60. Stand Oil Ohio (2%) 150 Stand Pwr & Lt (2).. Stand P& L (B) (2). Stand P & L pf (7).. 1501 Stutz Motor Car. Sunray Oll. Swift & Co (2 Swift Internat’l (14) Taggart Corp r o o e wrnwesRad manmBoman S 4« Tampa Electric (32). Tastyeast Inc (8). Technicolor Inc..... Teck HughesGM t65¢ Tenn EL P 1st p£(7). 95, Tcbacco & All Stks. . Trans Lux DLPS Tri-Cont Corp war Triplex Safety Glass Tri-Utilities........ Un Gas of Canada(1) Unit Corp war.... Unit Founders. 6 Unit Gas Corp. ... I UnitLt & Pw A (1).. 2 Unit L & Pwr pf(6). U 8 Dairy (A) (6). U S Dairy (B). U S Elec Pow ww U § Finishing....... U 8 Inter Sec 1st pf. Unit Verde Exten (1) Util Po & Lt (b10%) Ut P&L(B)cfs b10% Utll Pwr & Lt pf(7). Utility Equities. ... Ul Equity pf(5%). Util & Ind Utllity & Ind pf(1%) Van Camp Pkg...... an Camp Pkg pf. Venezuela Petrolm. . Vick Financial (30¢) Walgreen Co. . Special Dispatch to The Star. NEW YORK, December 31.—Banks and trust companies, taken as & group, enter the year 1932 with a more favor- able outlook than existed at the begin- ning of 1931, in the opinion of Howard 8. Hoit of Hoit, Rose & Troster, spe- cialists in bank and insurance company securities. This opinion is based upon two important factors relating to New York City bank and Trust Company shares, the action of which may be taken as an index for bank stocks In general. The factors are (1) Prospects for higher money rates during the year 1932, which will tend to increase bank profits. (2) The open market value of bank stocks generally is substantially below the known book value as of September 30, 1931, indicating that year end write-offs and adjustments appear to have been fully discounted. Interest Rates. Regarding money rates, quotations now prevailing are higher than at the close of 1930, and with prospects of in creased Government financing and re- newed demand for funds from indus- try when the business curve turns up- ward, it is reasonable to expect that loanable funds will command even a higher return in the future. Higher rates naturally will result in higher bank earnings, which should be re- flected in the bank stock market. Open market quotations indicate that bank stocks are more thoroughly liqui- dated than ever before, as prices are now relatively lower than 1920 levels, when 16 leading New York City issues showed an average yleld of 5.26 per cent. At the present time the average vield is approximately 9.08 per cent, Upon a dollar basis, the open mar- ket value of the outstanding capital shares of the 16 leading New York City issues aggregated $1,434,378,000 as of December 24, which total is approx-y imately $344,000,000 less than the known book value of the same shares, exclusive of security company book values, based upon their official state- ments issued_as of the close of last September. This enormous difference between current market value and latest known book value may- be ac- cepted as fully discounting year end write-offs and readjustments. Further evidence of the thoroughly liquidated condition of New York City bank stocks is furnished in a compari- son of the current market value with that of the high point established in 1929. Present open market value of the 16 issues totaling $1434,378,000 com- pares with $10,011.820,000 for the 1929 high, making the current valuation only 14 per cent of the 1929 figure. May Give Signal of Recovery. The action of the bank stock mar- ket during 1931 on many occasions forecast the action of the securities markets in general. With bank stocks as thoroughly liquidated as at present, it is not unreasonable to expect that these shares may giv may give the first evidence | Gea] will depend upon the outcome of the international disarmament confer- | ence scheduled to convene in two| of a reversal of the downward trend which has been so persistent during the past two years. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md. December 31— White potatoes, 100 pounds, 95a1.00; sweet potatoes, bushel, 50a65; yams, barrel, 90a1.00; beans, bushel, 1.75a2.25: beets, per 100, 2.00a3.00; Brussels sprouts, per quart, 10a15; Savoy cab- bage, buskel, 40a50; carrots, per 100, 3.00a4.25: celery, crate, 1,7585.50; egg- plants, crate, 1.25a2.50; lettuce, crate, 350a5.00; cucumbers, bushel, 6.0086.25: onions. per 100 pounds, 1.35a2.75; peas bushel '4.50a5.00; peppers. 1.50a5.00° g:’:‘.l‘a(‘g.flob\;‘s&fl. 1.00al1.15; tomatoes, 3 a turnips, hamper, 25 apples, bushel, 40a1d0, T 20F Dairy Market. Chickens—Young, 18a22; Leghorns 14a16; old hens, 14a15; Leghorns, old. 14a16; roosters, 10a12] ducks, 12a23. geese, 16a18; guinea fowls, pair. 50a 1.00; turkeys, 20a30; pigeons, 20825, Eggs—Recelpts, 983 cases; current re- ceipts, 26a27; hennery whites, 27a32; nearby firsts, 26a27; Western firsts 26227 J Butter—Good and fancy creamery, 28a32; ladles, 15a21; process, 23a24. store packed, 15a16. Live Stock Market. Cattle—Receipts, 50 head: light sup- ply, market steady. Steers—Choice to prime, none; good to choice, 6.50a7.50; medium to good, 5.5026.50; fair to medium, 4.00a5.00. plain to fair, 3.50a 0 1u A BY DR. MAX WINKLER. Bpecial Dispatch to The Star. NEW YORK, December 31.—Fewer prophecies are ventured at the thresh- old of the New Year than on any previous occasion. The problems await- ing solution are so many and varied that predictions today are too hazard- ous. Furthermore, events move with such rapidity that an opinion expressed at one time may, regardless of its soundness, prove of little or no value at a later date, It is for this reason that even those who are stomed to make forecasts when the New Year commences, do not wish their names associated with the prophecy which they give out. One of the Nation's foremost financiers is “‘very definitely of the opinion that by the end of 1932 the United States will be well back to the level of business activ- ity which preceded the crash.” Rockefeller’s Opinion. A prominent statesman thinks that “the American people are becoming more and more conscious of the effort President Hoover has made to lead the country out of the business depres- sion.” “We have reached the peak of the depression,” John D. Rockefeller, 93- year-old oil millionaire, says. “Things,” he continues, “will now get better. Everything possible is being done to promote prosperity, and I think it is about to arrive.” 2 W. O. O'Nell, president of the Gen- eral Tire and Rubber Co., predicts that “business in 1932 will show a de- cided improvement as compared with 1931.” Mr. O'Neil bases this forecast on the accumulating unsatisfied needs | of persons, on improvements in many | types of goods, and on the deflated commodity prices. He concludes his observations by stating that “the com- ing into the market of people who actually need merchandise because of price, style or necessity, increases the earning power of those persons who are unemployed today,” and “that earning power helps to stabilize credit | situations.” “History has shown” says W. H.| Minor, head of the Canadian Manu- facturers’ Association, “that after a| three-year period of hard times, things get better. It may be that we are just at the end of that cycle. Perhaps we have even started to climb. But busi- ness will start to improve again.” Norman_ Dawes, president of the Montreal Board of Trade, while finding it difficult to forecast the future, states that “experience has always shown that the world comes through every depres- sion, and we sincerely hope we have | seen the worst of this.” Mr. Dawes' illustrious fellow countryman, Charles Duquette, head of the Montreal Cham- | ber of Commerce, looks for better times | in 1932, “with the aid of Divine Provi- dence.” Disarmament Conference. Viscount Cecil, British statesman and | one of the founders of the League of Nations, is of the opinion that a great months. “If it succeeds,” says Viscount Cecil, “it will mean that we have definitely turned our backs on war, and we shall have given positive evidence of our de- termination to make the Kellogg pact a reality, and we shall have bequeathed | to our successors the greatest gift that man can make.” Another Britisher, Sir George Paish, who has been identified with all sorts of dire prophecies for many years, has adopted a radically different view from that he has held for some:time. Sir George has no doubt that “we are going into the greatest period of prosperity the world has ever seen—if the neces- sary measures are taken.” Among the measure to be taken Sir George lists those which will cause trade to move freely, basic products to recover and | generally to increase the world’s buying and selling power, thus enabling all na- tions and all peoples to meet their obligations. . One of America’s leading diplomats and authors is of the opinion that “the United States cannot expect to prosper i the rest of the world is depressed. Although a protectionist, I have little sympathy for the high tariff duties im- | posed by the recent tariff act, which came at a time when we needed foreign | markets and foreign goods more than at almost any other time in our his- tory. Faith and good will are as essential to prosperity as good bank- ing and industrial leadership.” ‘War Debts Factor. “The problem which confronts us | today,” says a leading American states- man and former Undersecretary of BY CHAS. P. SHAEFFER, Associated Press Business Writer. The Bureau of Public Roads believes two separate and distinct methods should be employed in the financing of roads. This is desirable, the bureau said, to meet the exactions of the two great classifications of roads, local and State. As an illustration, it was held reason- able and proper to tax the land where local roads are concerned, as these thoroughfares are purely land servers. contributing to the value of adjacent soil as access to the land is improved. State Roads. On the other hand, State roads were said to have no such close relationship to the rural land through which they pass. Moreover. they require a high type of improvement which is neces- sitated by the needs of traffic originat- ing upon the adjoining land, but by the accumulation of traffic brought to them by many feeders and by the large intercity movement. Support of these roads by vehicular taxes is held as en- tirely reasonable by the bureau. Present methods of finance, gener- ally, were said to approximate such a division of the burden upon land and motor vehicle, but no consistency of purpose or principle is seen. On the other hand, it seems to the bureau there is a great deal of useless inter- change of funds between State and county agencies which tends to obscure the purposes for which money is col- lected and used. By employing & dual method the bu- reau says that much misrepresentation of the purpose of highway expenditures and the incidence of taxation, now practiced, would be impossible, and taxpayers, whether owners of land or motor vehicles, would have greater as- surance that the taxes they pay would be used for a purpose that would bring them a direct return. General Interest Routes. Application of the same principle the bureau believes, would bring a so- lution of the problem of the right of the cities to a portion of the motor vehicle and gasoline taxes. When ii is recognized that there are routes of general interest and local routes, the sections of the through routes which lie in the cities should have the same recognition and treatment as those which lie outside of city limits, the bu- reau feels, and local streets in cities would zlso be recognized, as clearly as Jocal roads, as a proper burden to be borne by real proper SECURITY EXCHANGES " TO BE OPEN SATURDAY By the Associated Press. NEW YORK, December 31—The New York Stock Exchange and other security exchanges will be open as usual on Saturday. At their regular meeting yesterday the governors of the Stock Exchange did not consider making the day an extra | holiday, as no petition for closing was presented by the members All the leading commodity exchanges will be closed, thus extending the New York holiday from the conclusion of business today to Monday morn- ing. SEEKS BOND ISSUE. The Philadelphia, Baltimore & Wash- ington Railroad has asked Interstate Commerce Commission authority to issue and deliver to the Pennsylvania Raflroad, which leases its line, $5,- 800,000 of 5 per cent general mor gage series D bonds in lieu of a like amount of 4! per cent bonds. The Pennsylvania will guarantee the bonds. DIVIDENDS DECLARED NEW YORK, December 31 (#).— Extra. Pe- Pay- HIdrs. of Company Rate. riod able. record Nortnampton N B (Northampton) ...31 .. Dec. 31 Second N Bk (Wash D C) ...5150 Q Jan. 1 Increased. Norwood Gas . $2 .. Dec. 31 Reduced. Am Steam Pump...25c Q Dec. 31 Jamison Coal & C.50c Q Dec. 30 West Jer Tr (Cam) .25¢ Jan. 2 Omitted BY HORACE BOWKER, President the American Agricultural Chemical Company The closing week of 1931 were marked- by a slight improvement in farm senti- ment. This was due primarily to im- provement in the wheat markets, for, although this crop accounts for a rela= tively small part of the total farm in- come, wheat prices are a barometer of the state of mind of agriculture and to some extent of the financial com- munity as well. A similar upward movement in wheat prices in 1896 marked the beginning of the end of the depression of 1892-95. Then, as now, subnormal crops abroad were a factor in the improvement of prices, As a matter of fact, close study of the agriculture situation yields a certain amount of encouragement. It will be recalled that 1930, with its disastrous drought, saw crop prices decline to pre- war levels. Many thought the bottom had been reached. But 1931 brought further steady price declines, until, in the second half of the year, wheat, corn, cotton and potatoes were return- ing to the farmer just about half of 1930 prices, some crops touching the lowest levels in history. Buying Power Small. This was an experience to test the fiber of America's largest industry. Such a situation was bound to take its toll. That the results have not been more disastrous to the fabric of industry and finance warrants an increased measure of confidence in the fundamental sta- bility of agriculture and in the finan- cial and industrial activities with which it is interrelated. The purchasing power of the farmer is at a low ebb. This is shown by the fact that while the wholesale price in- dex for all commodities is at approxi- mately pre-war levels, or 100, the prices received by the farmer for his crops average about 70. Farm taxes, on the other hand, are at present over 250 on the pre-war scale, while the products purchased by the farmer average 125. The pressing situation reflected by these figures accounts for the powerful | demand for farm “relief” measures, & demand which in all probability will reach a crescendo in the present ses- | sion of Congress. Yet, informed sentiment among farm- ers as well as among the genernf public is beginning to realize that measures designed to raise prices artificially are fraught with grave danger. Such meas- ures, by holding up or increasing prices artifficially, tend to encourage an equal- ly artificial increase in supply, and this in turn can only mean relatively lower price levels. Artificial Aid Temporary. As a matter of fact, no price sta- bilization measure, whether it be char- acterized as a debenture plan, an equalization fee or by any other term, can produce permanently constructive results unless it is accompanied by & practical plan for controlling crop out- put. And this is extremely difficult in an industry comprised of some 6,000,000 separate units. The output of other industries is much more responsive to price declines. But farming is different; there is always a to hope for the best and keep on planting. That is why it takes at least two years of depressed prices to effect any appreciable decrease in acre- age. On the basis of the last two years’ prices, however, it is reasonable to ex- pect that 1932 planting of the principal money crops will show a definite acre- age reduction. Any renewal of a program of artificial price maintenance would to a certain extent offset this expected development. The plan for withholding a substantial baleage of cotton from the market un- til July also would tend normally to have the same effect, but sentiment throughout the Cotton States is so strongly in favor of acreage reduction that a definite decrease in cotton plant- ing next season is to be expected. A free market will do more to bring about a healthier price tone than any other single factor. The derangement of the price structure as the result of attempts to manipulate prices artificial- ly has an unstabilizing effect upon the buyer and tends to postpone the in- evitable readjustment of supply and de- mand. Gains Must Be Natural. Public opinion in this country is be- ginning to realize that the farm prob- lem can no more be solved by Govern- ment fiat than it can by the well wishes of a people who sincerely deplore the | plight of the farmer. The situation is a great deal more basic. As a matter of fact, for the better part of a generation agriculture has been talking about a hoped-for parity with industry in so far as purchasing power is concerned, 8% 1% Walker, H (25¢). 521 Welch Gr Juice (12). Wenden Copper. .. 22 Western Alr Exp Interstate Equities.. 5 613 Wil-low Cafeterias.. In'state Equity cv pt. 14 Winter (Benj)...... 8 Pub Ser 2015 20 Int Petroleum (1). 7 & 2 5 2 Interstate Pw pt(7). 108 2 3 Woodley Petroleum. 1% 1 2 2 1 3 1 i 8% PAT 3128 103 12 Int Superpwr(11.10). 4 % atl Utilit, Int Utilities B...... 2! ¥ TUURMRIIL . . S P Certain constructive steps have been taken and some progress is being made; to _medium, 3.5024.00; plain to fair, | TeCOgnize this fact and adopt political Pe. Pay- Hldrs. of ,‘)fir?c"érii?‘éo?‘e?ffifiifi o Ractil st 3.2523.50; common to plain, 3.00a3 25, | Policies which accommodate themselves Hale/siod abls. ~recars | BOKOG By CIOVRIEMSEL SRERCE : ate them Adams (J D) Mfs..30¢ @ Jecort | ance are making steady if at times slow Cows—Chpice to prime, none; good to | t0 economic laws and necessities American_Can 15 Feb 2| headway. Improvement in marketing choice, none; medium to good, 3.7>a| A Pprominent American industrialist Bandini Petroleum .5¢ M Jan. 20 Dec. 31| mpthods will substantially aid the 4.00; fair to medium, 3.25a3.75; plain to | &nd financier has this to say: “There is | Barrvinr Glp 57 ot 13 » } Dev 31 | farmer to obtain a larger share of the fair, 2.5023.25; common to plain, 150 | N0 doubt that the huge debts created by | &5t i &' nt. 5150 Bec: 13| consumer's dollar. Likewise, Federal practically every civilized country in the fes 'Lid. 25 Tkl 18| S0 Rt Gogernmenits | have: werked Dee. 31| With reasonably satisfactory results in Dec. 3| diseminating information designed to increase the level of farming efficiency. 4.00; common to plain. 3.0003.50. Bulls | State, “ls a_world problem and not a ~choice to prime, nore: good to choice, | Ptional problem, and I cannot see any none: medium to good, 40084.25; fair | Constructive recovery until the nations Regular. Terre Haute Trust 0000 ineau Pow Railway Wages, New York Cotton Z0wnuwd © w OOOOLOOOW 00 0 O w0d 0O By the Associated Press. CHICAGO, December 31 —Grains went upward early today, helped by firmness of Liverpool wheat quotations and of Wall Street securities. Rumors of a revolt in Russia were current and were construed as bullish. 8634 | operations, according to the Continental | Britisn Type ir 9134 | Insurance Co Cential Nau © J6is 864 881e| “For example” the company says, 013 1013 303% | “the Holland Tunnels_a which Department of Agriculture) —Potatoes— | market is dull and quiet, with prices 34" 54" |bonds were issued by the Port of New Chartered : 1 Receipts, 35 cars; on track, 115; total in buyers' favor at a range of 13.00a oy | York suthority. have been insured | Sharicred Inv | 5 U. S. shipments, 566; market steady, | 16.50 per ton [ 9" | against damage by flood, wind- . trading rather slow. Backed per hu Straw—No. 1 wheat, 8.50a9.00 per STOCKS. storm, passing ships and other dangers dwelght—Wisconsin round whites ton; No. 1 oats, 9.00a10.00 per ton. 50 Opening unchanged to 3 higher, to the e { $30.000,000. In add S. No. 1, 80a90; unclassified, 7577!3; LR Industrials. o e o i e e the income ¢ Icaho Russets, No. 1, 1.45al.55: few VIRGINIAN'S EARNINGS Today. ... 62.5 started at 'x-12 advance and continued The Virginian Railway Co. reports for of bond interest r has 160; Commercials, 9521.05; few higher Previous da 61 97, 5 e 905 O < . y. i, 615 3 97. to climb. 7.000.- Colorado McClures, 1.40a1.50. || week a : se1y 3 9 5 Supplementing the bullish effect of the 11 months ended November 30, 1931,| | Month . . 138 i revolt_rumors from Russia was word net income of $2,988,358 after taxes and Year ago e .116.9 that Russian shipments of wheat this charges, equivalent after dividend re- Three years ago. v...205.0 9 week had fallen off sharply, amounting quirements on 8 per cent preferred stock Five years ago. L1078 to only 272,000 bushels against 1,256,- to $4.64 a share on 312,715 shares of | High, 1931. v 140.2 i 000 last week. Russian rye shipments common stock. This compares with | Low, 1931.. +ves260i0 were cut in half. A London newspaper $3,968,541, or 87.77 a common share, in High, 1930. was quoted as declaring the Russian quity fovest ot b the same period of 1930, Low, 1930. . uprising a serious one, directed by Leon s A can Nhiaad Vs ? T r Shrs. November net income was $146,798 High, 1929 Trotsky in Turkey. Trust .2? 4 Second Tnp Bocrd <criiaicine - | after taxes and charges, agianst $326,-| | Low, 19 Upswings in wheat prices here soon P | Ao iEARAR . casetitidingy S b e 1st i 895 in November last year. added about 1'; cents a bushel to val- J“nm“ dhatens 1( e é‘«»“o t?‘eofl the S AL ¢ 5 Statement for November and 11 ues. Meanwhile, overseas reported feaniee partially dem y | Qrepee Trade § fome a0 ollow e b no'_fi% Increased demand for Canadian O Washington Bridge over | {255 Javisios ; €d Manas a Y and United States wheat available to be o DA Een SRR Toren | i Sethel Rau s 4 H L Bank e November gross.. $1,101,820 $1,340,196| | Today. 3 .2 E . I shipped without delay. Australian and insured against physical o omilacly | 1nt°Bie corn “Am 4.7 nd All Am Tr BNAL (0B, San0, 5 s 430,10 894,199 X <oy 7 g ; [IEantivg & Alipmante s Mz TeNCIg ‘ BureA agalnsy Py ; flgs e in Sec 9 ¥ nd ‘Am T,Tgn&, Burp. after chgs. 148,798 326,895 . 649 ¥ X much curtailed, as well as Russian. Nu- policy ng ue of §25,000,- it SecAm €7 bt and Collat Trust 11 months’ gross 14,164,050 16,018,848 SRR merous stop loss buying orders on Chi- 0o e 3P &of P i of Am Tr A Net op. inc...... 5,795,300 o . 85.1 cago future delivery contracts were — . — 1;:!1.!'(HT‘1’{| cnefl ,?,‘" A upe: n} Am {r Cs Burp. after chgs. 2,088,358 e 92.0 9.4 9 forced into execution as a result of the CHICAGO DAIRY MARKET. ors 8 udust 4 . Super of Am 1 O pEEd Three years ago. . 946 99, 99 sudden jump in prices. Corn and oats R e e o tndici’ ¢ High, 1931. 90.4 i : mounted with wheat, owing to unfavor- Ler—Receipts, 5,862 tubs; market about | Meio" (COIB, s €x aiv Low, 1931, . 623 ; X able weather. er—Receipt 2 tubs; ma t | Mans Invest 1o High, 1930. . . 949 Provisions responded to advances steady; pric changed. Eggs- ol oy T A Low, 1930. 833 97.3 96. q both in hog values and in grains. With warrants |.r§z';;:\ 3,314 case: - Nation Wide Bec | gm;)a;;omee c;k with resourc;s né $5,- !l::lh,llgzfl; - 953 g =0 S o ot watants: g g e b Aty [ Nl cndee was taken over yesterday by the W, . Fishermen off East Anglian ports © gerator State Department of Banking and In- England caught 65,401.00‘0 hersu g Irving Air Ch (50¢).., 124 Woolwth Ltd 17 4-5¢. 8% lf‘llln Superpow A. RIGHTS—EXPIRE Kolster-Br (Am 8h). ‘; TP Com Edison. gl 6 11y 1's 2.50. Leh Co & Na (1.20).. vidend rates in doliars based on last quarterly of s 5—4 world as a result of the World War MEISENAGERK & DAl Col e (20 11w nusl pament, - S alladnd. “TERrdy otfrat RN 08 Mol L Choec o P oy g,":dd have crippled the purchasing power of | It (Boverstown) Long Island Lt (60c) 1935 dividend, f'plus 5% °in ‘stock.. g Plus 6% in stock. fifflu’-"‘fg."?fi 45005.00; fair to medium, 400a4.50; (&1l peoples. Until that purchasing | Hartiord (Conn) Louisiana Lan & Ex. 12 & 'ggg:» x’:;’fif. 2.‘; in stock. kPlus 10% in stoek. m Pius 3% in|plain to fair, 3.00a4.00; common to |POWer is improved and restored to nor- i Lane Bry 7% bf s b A £ . In stock. pPald last year—no reguiar ral plain, 2.50a3.00 mn{: there will be in some countries = Fresh cows and springers, 30.0060.00, | Underconsumption and in cthers over- &E Sheep and lambs—Recelpts, 100 head; Production. If means could be found | Moioney Fite, A - ; 3 |TUNNEL IS INSURED | INVESTMENT TRUSTS | bt pply. market sidady. Sheep, |fo bringabout an ' equiliorium ~ be- | NATRY (0 ) 31 FOR 30 00 ‘ Sl | NEW YORK, December 31 (Special). |1.0083.00; lambs, 3.00a7.00. tween ”‘??? !“g tactors it “mflddm\”l eNew Brit Conn)..$5 —_The date set for the conference be-| Hogs—Receipts, 1,000 head; light sup- | in normal and prosperous conditions Nerthampton N, $ 10 yOOO oNEW YORK, December 31 (). | tween Railroad Brotherhood representa- |ply. market higher Lights, 5.255.50; | throughout the world. Norwasd GRs_ G0 Special Disnaleh to The Stax EN A | he-counter market: tives and railroad executives is beyond | heavies, 4.50a5.00: medum, 5.25a5.50; | What 1932 has in store for the world | gld Col L & P bf.31 NEW YORK. December 31.—Opening g ; s e Bl Atksd | e time when It was expected that the | roughs. 3.5024.25; light pigs, 4.85a5.10; is In the lap of the gods. The problems | Pararon Tiad pi A cotton nrices today were 1 to 3 points Washington Bridge Also Has $25,. A B C Tr 8his £ entire question would have been settled. | pigs, 5.10a5.35 confronting the various countries are| po Pi ¢ highet under a steady demand from Rl 3 A’ Gin 8t & e e ha shough 1t would be at | = Calves——Recelpts, 50 head; light sup- | Not insolvable. It is hoped and ex- | penmans Lid of shorts, trade buyers and houses with | rotection Against Am & Cun b 15t least February 1 before such change as | ply, market steady. Calves, 3.50a8.50. |Pected that the nations will approach | Planters, oty Bio : foreign connections. Offerings were Damage Am Br & Con g bt may be agreed upon will go into effect. Hay and Grain Prices. i e R RO | BN B Schodts s ; in Comp Tr Shrs.. s 8 : - ed for a revival of business and a | Sontheasiern Iny ces were: I i A EEPGR o B e e b o Wik be s | o Wheat—No. 2 red Winter, export, 10 | return to' prosperity. i::‘n:;;:’ GRS Bee. 24| up B Masch. 651, up.2: May. 8.8, up PR A Pars 12700 com ceded by the railway employes. This|Quotations; No. 2 red Winter, garlicky, | (copyrignt, 1931, by the North American | 30" New Eng ‘el H Dec 3; July, 6.85, up 1; October, 7.08, up 2, Gl DI 0.0 Am Fdrs cv pf ctfs is accentuated by the announcement |SPot. domestic, 59%; December, 59%; Newspaper Alliance. Inc.) Spefield § Dep & T3 Dec. 29 | and December, 7.25, up 2 . NEW \g{m(\1 December 31.—In order | Am Fdrs T40th com e the Southern Pacific shop- | J2nusIy, 60 —_— | Sup b of Am & e 3 to make bonds lssued against certain | ARoI"3 210K, - e at ccepted & 10 per cent lower | ,,COrN—No. 2 yellow, domestic, spot. | January 24 marks the 100th anniver- | eliride pw G of 5 Dec, '3 f property safer and therefore T b D N echive January 1. They were | 43846: cob corn, new, 2.00a2.10 sary of the birth of Joseph H. Choate, | Union Teleph pf 4 Dec. 31 more attractive to investors, bankers Sec_war " peLefecuive JAINY L bz Oats—No. 2, white, d b e Feddlftny Rl i Ateliiot Ghlt) takning ThenATISAE AR & lekut ficie . )t involved, however, in the pending | . OIS—NC. 2, WiLe, domestic, 5Pot, | America’s great lawyer and diplomat. | Ufj Fi & Rity _— rain arket B8y S DAL S 1 & Pac 3 r egotiations, W flect engineers, B 2 vermont Ltg pf. 315 ec. §5' |assels against phsical hazards but are | &1 & Ta¢ ST e sty Rye=Neatby /40NAD The Bug River. in Poland, is about | YSrmopt Lig pf s150 = il s i | n y— s e. New hay is : orcester Sub Elec.§ ec ec o5 Asic z tities, but so far no official grading has = POTATO MARKET. |beer atiemited, elling being circty on STOCK AND BOND AVERAGES CHICAGO, December (@) (U. 8.|merit. Demand for old hay slow and By the Associated Press. From Yesterday's 5:30 Edition. nte) alone Sty torm protection was in- B the tub. because some of its auxillary in 9 | cluding venti'ating p- b1, | ment, and other siructures are above 5} groun Then, too e is the pos- 601, | siblity of damage in buildings ad- 1 "Col Inv Tr | Tr Assoc e Quity Invest ‘v.‘ gy months compares as follow Ger Con M Gestueral 8s rs of Am and Inv € ze Stand Inv D stee St OIl A stee St Ol Shrs B eed N Y C Bank eed Am Bk Sh.. Guarantee Company Suspends. ASBURY PARK, N. J. December 31 (#).—The Monmouth Title & Mortgage Two Year Trust B New N'Y Bk T United Fixed 8h SRSnOe; a recelit week. BoNew. et firsts, 19; reirigerator extfe, 20. Nor Am T/ Shutes .