Evening Star Newspaper, January 3, 1932, Page 27

FI CURB SHARES SAG IN'LIGHT TURNOVER Moderate Offerings Result in Losses, but Changes Are Small. BY JOHN L. COOLEY, Associated Press Financial Writer. NEW YORK, January 2—Holiday spirits had worn off in the curb market today and with many traders out of town on an extended week end prices turned easy in quiet trading. The market opened steady, but soon began to react under pressure of mod- erats offerings. The receivership for American Commonwealth’s Power Cor- poration brought moderate selling in the "“A"” shares, which sagged to a nominal quotation. There was some heaviness to other utilities, but Electric | Bond & Share held above 10, closing at 103, off %. Associated Gas “A,” which | had been marked up sharply in Thurs- | day's late trading, surrendered part of | that gain. Oil shares were generally steady, ap- parently on the basis of more favorable | reports concerning price prospects. | Specialties and industrials were dull. ANCIA Plan to Electrify Pennsylvania Line Showing Progress Gap Between Manhattan and TrentonWill Soon Be Closed. Steady progress in electrification of the Pennsylvania Railroad’s trunk line from New York to Washington is re- ported by W. D. Bearce of the trans- portation engineering department of the General Electric Co., in his review of transportation electrification prog- ress during 1031. Early in 1932, Mr. Bearce states, the gap between Man- hattan Transfer and Trenton will be closed, permitting initial electric service between New York and Philadelphia. Completion of this project will even- tually result in passengers traveling on electric trains from New Haven, Conn., to Washington, without change. Such a possibility 1 come to pass, Mr. Bearce remarks, “some time in the future,” efter the Pennsylvania termi- nal in Manhattan has been re-equipped. New Haven is at present the eastern terminus of the New Haven's electrical route. In New York City, Mr, Bearce states, the largest installation of the new mercury arc rectifier unit to be found in the country and probably in the world, is to go into the underground electric substations which will be part of the new Manhattan subway system. juminum of America's 4-point decline ‘Was an exception. | In the investment trusts, Goldman- | Bachs Trading Corporation eased half s nt on profit-taking. The stock had rellied briskly in the last session | colneident with reports, later confirmed, that Atlas Utilities had acquired a sub- stantial interest in it | MANY FACTORS POINT | TO BETTER TIMES| Both Commodity and Financial Situations Are Declared Ready t0 Improve. Special Dispateh to The Star NEW YORK, January 2—The Henry Clews & Co. review says: “Closing the difficult year of 1831 with a strong feeling of relief, the financial community ds itself look- Ing forward with better spirit t6 pros- pects of business and market improve- ment for the next 12 months. There are maty grounds for encouragement Among them is the fact that, as agreed by most authorities, both commodity and security prices must be regarded as being at bottom, so that changes will | almost necessarily be for‘the better. The Federal Government is plainly dis- posed to exert itself to the utmost for the improvement of general conditions through the extension of its credit sup- “Actunl measures to make this sup- port effective may now be expected shortly after the opening of January. Better economic prospects are fore- shadowed by experts in steel and other basic industries and the railway out~ Jook is unquestionably improved by the new rates which are about to take ef- fect. Other possibilities in connection ‘with transportation are afforded by the readjustment of wages now in prospect and the strong, probability of Govern- ment financial aid. With all this in the offing, there is a better tone and & disposition to begin actual accommod tion to new conditions throughout the business world. “The cloSing week of any year, with tax-sell; and the comparative inac- tivity of the holidays, is usually a period ©f unsatisfactory market conditions; and this is particularly so this year when the disposition to exaggerate the fitua- tlon in most directions is so prevalent. The result is that final prices of the wn are not far from the low level. ‘hatever may be thought of present | market values, it would seem that al- most any news of a favorable character with regard to business or finance should strengthen them materially,” NICKEL USES GROW Btanley Sees From Diversification. | Although the nickel industry has ghared with industry the world over disappointments caused by the delay in business recovery, a greater diversity of | uses has bBeen found for the metal | in the last year, indicating a record de- | mand when normal conditions return. | sccording to Robert C. Stanley, presi- | d;nt International Nickel Co. of Can- ada. | r. Stanley points out that despite | adverse conditions International has‘ been able to show earnings on fits | eommon stock and has completed its | extensive modernization program. Non- Gain for Industry There will be 50 of these substations, | with an aggregate of 51 rectifier units, representing 153,000 kilowatts. The mercury are rectifier is General Elec- tric’'s method of solving electric cur- rent conversion economically, these units supplanting rotating machines which require much greater space. Mr. Bearce mentions electric railroad projects either completed or advanced during 1931 by Reading, New York Cen- tral. New York, New Haven & Hart- ford, as well as Pennsylvania, and also A project for the Soviet government in Russia which involves 39 miles of main line track on the Transcaucasian Rail- road and includes considerable grades and two and one-half miles of tunnel. VALUATIONS COMPKRED ON BUILDING PERMITS ‘The Federal Reserve Bank of Rich- mond makes the following comparisons between the valuation of building per- mits issued ir November, 10831, and 1930: ~Total valuation.— Cities 1931 itimore, Md.... umberiand, Md. Frederick, Md. | Hagerstown, Md.. Salisbury, 'Md. Danville,” VA, Lynchburg, Norfolk, V Petersburg. Portsmouth, Richmond, Roanoke, ' Vi Blueneld, W, Charleston, Clarksburg, W, Huntington, W, sheville, N. C. natlotte, N. C Balisbury. N. C.. Wilmington. N, ; Winston-Saiem, N.'C. arleston, Golumbia, '8, < reenyille, 8. C.. Rock Hill. 8 C.00°0 Bpartanburg. 8. C WASHINGTON, D. C. Totals 5.435 + 1,197,510 .34,122.776 SHORT-TERM SECURITIES. by Ohes. D. Barney & Oo.) (Reported by A T Allis-Chalmers Co. 88 1937..... 81 American Chain Co. 6g 1933, American Tel. & Tel. 5%as 1943 Amer. Wat. Wks. & EL 55 1034 ore & Ohio 4'2s 1933, . Hemingway Co. 66 1 1 Obl. Northwesiern R. R. bs 19! h Rock Isiand 4s 1934 .. Wh 19 Delaware & H enver & Rio de 41ps 1 en. Mot. Accep. Corp. s i enera] Betroleum Corp, S 1040 jeneral Public Service §%as }is' 3 udson Grai Grand Trunk of Cal Houston E. & W. umble Ofl 8%es 1932.......... sclede Gas Light Go. B8 'i834. Loulsyille & Nashvilie 5s 1037. New York Cent Northwestern Telep. Penna. . R. Co. 6'as Portland General Elec. 5s 1935 Republic Iron & Steel 55 1940 Binclair Ctude Oil Co. 5'us 1938 Southern Pacific bs 1934 Bl L. IMS Ry R &G. 45 1933 Union Elec Lt. & Pow. 5 B Union Oil Co of Calif Virginia Rwy. & Power 5s 1934 ‘Wabash Rwy. Co. 8s 1839..... s 1 INSURANCE STOCKS NEW YORK, January 2 the-counter market: () —Over- Aetna Cas & B.. Agricultural .. Amer_ Heme FOR WEEK ENDING JANUARY 32, 1932, Low. Closs. Chee. —1931— "'iow. Stock and dividena. 82 Abbott Laborat(2%). 4% Acetol Prod A. 14% Acrae Steel (1.60). 4 Acme Wire.. 11 Adams((J D) Mfg (1.20) 1% Aero Supply Mg B) 1% Agfa Ansco. . Ainsworth Mfg Alr Inv Ine. vie. Alr Inv conv pf, .. Afr Investors war. ‘Ala Gt Southern (4).. Ala Great Southn (17) Alabama Power pf /§).. Ala Pwrcum pf (T)eseen Alexander Indust. All Amer Gen Corp Allegheny Gas Corp. Alles & Fisher (1).. Allfed Mills Inc. Aluminum Co of Alum Co Am pf (6). Alum G'ds M (1.20). Am Arch Co (2)... Amer Austin Car... Am Beverage Corp Am Brit & Cont....e0 Am Capital (A)... Am Capital (B). Am Cigar Co. Am City P&L 2 Am Cit Po&Lt B(b10%). Am Cmwith PA(D10%), Am Com PrB (b10%)... Am Com Pr 1st pt (63%4). Am Corpn (£300)... Am Corp warrants Am Cyanamid (B) Am Dept Store: Am Dept Stores Am Equities Am ForPwr war. Am Founders. . Am Gas & Elec (11). Am Gas& Elof (6)...., Am Investment Inc (B). Am Inv_ Inc, war. ... Am Launary Mach (2) Am Lt & Trac (2%) Am Mfg Co Am Moracal Am Natural G Am Salamandra Cory Am Stat Pub Sve(a Am Superpower. ... Am Superpwr 18t pf(8). Am Utll&Gen (B)vte Am Yvette Co., 1 Anchor Post Fence Anglo-Chilean Nit Apex Elec Mf; Appalachlan Appalachian Gas w Arcturus Radio Tub Ark Nat Ga: Ark Nat Gas A. Ark N G em of (80¢) Armstrong Cork. . Assoc Elec Ind (30c). Asso Gas&El (A)(b5%). Asso Gas & Eles etfs(8) Ass0 Gas&El all ct 1.60. Asso Tel Utll (b8%) .. Atlantic Coast Fisherfes Atlantic Fruit & Sug.... atlantic Lobos. ... Atlas Plywood. . Atlas Utilities Corp. Atlas Utilitles(war).... Aviation Securities Babcock & Wileox (4). Bellanca Alr v.t.c.. Bell Tel of Can (8) Bell T. of Pa. pf.(6%). Beneficial I L (134). Benson & Hedges Bickford's, Inc (1.20). Blies Co(EW) (b8%) . Blue Ridge Corp. Blue Ridge ev pf (a3). Blumenthal (8). Borne-Scrymser Co. Bourjeis, Inc (50c). .. Brazilian Trae Lt&P(1). 4 Brill Corp A (34¢). Brill Corp B ot British-Am @il C (80¢).. Brit AT cou B (1.13 36e). Brit Cel Ltdrets....... Brown F&W cv pfA 2.40. Buckeye Pipe Line (4).. Buffalo, N&EP pf(1.80) Buff Niag&EP 1st pt(5). Bulova W ev of (334) Bunker Hill & Sulllvan.. Burco, Inc Buroo, Ino, war... 4 Burco, Inc, conv pf Butler Bros. ... Bwana M Kubw Cep. . Cable Radio Tub vte. ... Cabi & W Ltd. A rets. Cabi & W Ltd. Brets... Cable&Wire pf rets 190, Canadlan Mareoni. Carib Syndicat Curman & Co A (2) Carman & Co (B). Carnation Co (§1%). % Carnegle Metals. . Carrier Corpofation. . Celanese Corp pf (7) Celanese Corp 1st pf Cellulotd COrp. . .o.. .. Cent Hud Gas&El (80¢). Cent Pub Svc(A) (b3%). Central States Electric. . Centrifugal Pipe (80¢). Chain Stor Development Chain Stores Stock. .. “haris Corp (13)... heseborough (161%). Chi BRQRR (10), Chlef Congol Mining Cities Service(g30c) Citles Service of (§ Citdes nt B (.40). Cities Serv. B B.pt(6). ferrous metal industries in general, h added, have “put their houses in orde! and are better equipped physically and financially to carry on business in the future. “The industrial world has finally learned during 1931 that prosperity cannot be conjured back by pronounce- ments,” he asserted. “We have been taught that salvation lies in increased ant efficlency, in greater marketing abllity and in a better understanding | that certain situations transcend the eapacity of single companies and be- | come problems with which industry as & whole must cope. The further lesson has been given us that the maintenance of prosperity depends on self-discipline n good times.” HOW IS BUSINESS Showing Current Business Activity Compared With Same Week a Year Ago. D. Barney & Co) Bid 99 29-32 99 27-32 5, 1932...... 99 14-32 o 1 99 1432 15, 1932 untry Indicated by Bank Debits outside New tivity above the corresponding weeks of the eclines from same weeks 12 months earller. ACTIVITY BY FEDERAL RESERVE DISTRICTS. Check Transactions compared with t e week a yesr aro. = T Richmond o Tork | PRuadelphia [ Cleyelay e | Dallas [ Kanega €t | Shhen Tand ! i | —4% LEADING BAROMETERS. Showing Trend of important facters. Present trend Upward Downward Downward SteaGy Steady Downward Downward Upward Downward Downward Upward Business in dollars (checks cashed). Employment (Department of Labor) Wages (Department of Labor) ... 5 Cost of living (Industrial Conference Board) . Wholesale prices (Fisher's Index)............... Agricultural prices (Department of Agriculture) .. Movement of goods (car J0AAINES) .. ............. Retall trade (Federal Reserve Board) Building contracts (F. W. Dodge) . Failures (Dun's) ....... . Bond prices (Annalist) Stock prices (Annalist) " . Downward Btock market volume (shares traded) Downward (Al rights reserved, Camibridge Associates, Boston.) Cities Serv P & Lt pf(6 Cities 8 Pr & Lt pf (7). Claude Neon Lights.Ine. Clev Eler 11lum (1.60) Cleveland Tractor. . Cohn& Rosenberger] n Colombia Syndicat; Colon Oil. Columbia O1l & Gas vto. Columbia Plctures s Columbia Pictures vte. . Col Auto Parts cv pf (2). Commwlth Edisor (8).. 14 Comwlth & Svu (war).. 14 Comstock Tunnel 1% Consolidated Afrcraft & Coneol Auto Mer ctfa... i Consol Auto Mer cum of Conwolidated Copper Consol Gas Balto(3.60 Con (as Balto pf A (5). Consol Gas Utllity A.... “onkol Hetafl Stores. ... Consol Royal (20¢)..v.e Contl Chicago COrp. ... Contl Chi Cpev pf (3)... Cont] Gas & El pr pf(7). Cont Shares conv pf..... nt Shares pf (B) oper Bessemer Cooper Bessemer pi Copper Range. Cord Corp...... Corp Secur of Chi (b6%) Corroon & Rey pf (A)... CosdenOfl ... . Courtaulds Ltd (13 3-5¢) Creole Petrolenm. . Cressen Consol (4¢) Crocker Wheeler Crown Cent Petm Crown Cork Intl (A). Cuban Tob vot tr cfs Cuneo Press (2% Cuneo Press pf (6%) ... CurtissAlrpris v1e. Curtiss Wright war Cust Mex Mining. .. Darby Petroleum 0 Dayton Alrplane & Eng. Deere & I De Forest Radio Derby Ofl & Refin. Detroit Alreraft Corp. Dictaphone Corp( 2) Doehler Die Casting Dow Chemieal (2) Driver Harris (new). Dubtlier C & Radio. Duke Pow (5)... Duquesns Gae Corp. Dur Du Raz pr pt (2 Durant Motors. . Duval Tex Sul w.i. East G & Fuel Asso. stern Util Inv (A). sler Electric Corp. ... Elec Bond & Sh (b6%). . Elee Bond&8h cu pf (§) El Bond & Sh of (6)us.s Kiec Pow A#so (1) 4 Elec Pow Asso A (1). VUl P& L opt war. Elec P&L %d pf A . Eleo Shareholdg (b8%). High 32 32 L3 14% 82 oM — % 14% . 11 1% 3% = A N - % - % 167 - % [NER R Vo4 (R = 2RER PEFZR £ wrprswisy # © TF E s IR E 2NN £5 TSl b T [ E | VL ti +l+ o+ | ++ | " S S ERPESEE SEF PL++++10 ' | B 5 o [ s TR +h1 1 B ++4+1+ 1+ Low. ELT & 894 45% 17% 16 2% % " —1081.— High. Stock and dividend. Flec Shareholdg pf(a8). Empire Corporation Empire Gas&F ¢m pf Empire Gas&F om nf(8) Empire Power pt (2.24) Empire Pub Sve (A) . Employ Reinsur (11.80). Europe Elec, Litd A(60¢) Euro Elec, Ltd deb rts. Evans Wall Lead. .. Fairchild Aviation Fajardo Sugar. Fansteel Prod. Federal Baking Shop: Federated Capital. .. Federated Cap cum pf Federated Metals. .. Film Inspect Mach Fire Assn Phila (1. # Fischman & Bons A. “lintkote Co (A).. Foltis-Fischer Corp. Ford Motor, Can., A. Ford Motor, Can, B.. % Ford Mot Ltd (36 3-5¢).. Foremost DairyProd Foremokt Dalry pf. Foundation For Sh Fox TheatersCl Franklin Mfg Co. . . Garlock Packing (1.20).. Gen Alloys..... General Aviation General Cable wa Gen El Ltd rets 36 3 4 Gen Empire Corp (1) Gen Fireproof (1). Gen Gas&El evpf B (8 Gen Theat Equip ev pf. Glen Alden Coal (4). Globe Underwrit (40¢) Gold Seal Elec new. . Golden Cener..... Golden State Co Ltd. Goldfield Censolidat. Cioldman Sach« T C. Gorham, Ine. Pf........ Gorham Mfg v.t.c. (£2).. Gotham KnitbacMch. .. Graymur Corp (1)... High. 35% W 3% o Gt A&P Tea non vot 61% 142 Grt A&P Tea pf (... Great Nor Paper (3) iroc Stra Prod v.t. Ground Gripper. Guenther Law (1), Gulf Oil of Penna. Mall Lamp (30¢). Happiness Candy Hartman Tobaec Hazeltine Corp (1 Hecla Mining (40¢)...s Helena Rubinstein...... Heyden Chem Corp (2) Holllnger Gold (+70¢)... Horn (A C) 1st pt. Horn&Hardart(2%) Hludson Bay Min & 8 Humble Oll (12%). Huyler Stores of D A Huyler St, Del cu pf (7). Hydro Elec Secur(1.20). Hyarada Food Prod .. Hygrade Sylvania (13).. 111 Pwr & Lt pf (8) Imp Chem Ind (pd0c) Imy Ol of Can (50¢) Indlana Pips Line (1). Indian Ter Ilu Ofl A Ind Terr Ilu O1) (B).. Industrial Finance ctfs. Insull Inv (b6%). . Insull Utll 2d pf(6) Ins Co of No Am (12%). Insurance Security Intercont Pete new Int Cigar Mach (2% Intl Hydro ¢v pf (3% Intl Petroleum (1). Int Superp (t1.10) . Int Utilities A (3%4). Internatl Utilities (B) . Internatl Utilitles(war) InterstateFquities. Interstate Interstate Hos Interstate Power pf (7). Irving Air Ch (30c). Itallan Rupernowr A Italian Super deb rts Johnson Motor Co. . Jonas & N cum pf. .. .. Ken Radlo Tube & Lamp Kerr Lake........ Kirbv Petroleum Kirkland......... Kletnert (I B) Rubber... Knott Corporation...... Kolster-Br(Am sha} Lack R R of N J.(4). Lackawanna yee (4) Lake Shore M (+2.80). Lakey Fdry & Mach. .. Land Co of Florida. .. Lefcourt Realty 1.60.... LefcourtRIty of(3). .. Lehizh Coal&Nav(1.20). Teonard O] Lerner Stors: Lihty MeNefl! : Liberty Baking Corp Lion Oil & Refining. . Lone Star Gas n (88¢)... Long Island Lt (60c) Long Is) Lt pf (7). Long Isl cu of B (6). Lovnisiana Lan & Bx. McGraw Elec Co (1). MaedalenaSyndieate. Mangel Stores. Marigel Stores pt Manhattan D'horn C. . Mapes Cons Mfg(+4).... Marconi T M (87 1-10¢) .. Mar W J bearer sh(26c). Marion Stm Shovel. ... Mass Pwr&Lt pt wat. ... Mass Utl] ASSO......... Mass Utll Asso ov pt 3% Mavis Bottling (A) Mayfiower Asso (2) Mead Johnson (16) Memph N G Co (80¢) Merritt Chap & Scott.... Mesabi [ron .. Metal & Mining, T Met Chain Stores Mich Gas & Ofl Corp. Middle Sts Pet vtc A 22¢ Mid Sta Pet v.t.e. B..... Mid W Mid W Midland United (b6%).. Miller (1) & Sons Minne-Honey pf ( 4 Mo-Kan Pipe Lin Mo-Kan & Pipe Line (B) Mock Judson Voehr. Moh Hud P 1¢t pt(1) Mohawk Mining (1). Moody’s Inv §ve pt pf. .. Mountain Prod (80¢).... Murphy Co (1.60). Nachman Spring. Nat Amer Co. . Nat Bancservice. 814 Nat Bd&S Corp (1), Nat Container pf (2).... Nat Dairy Prod pf A(7). 4 Nat Elec Power A (1.80). Natl Food Products (A) Nat Food Prod (B) Nat Fuel Gas (1).. . Nat Investor: . 4 Nat Leather, Natl Pwr & Lt pf (6). .. % Nat Pub Serv (A) +160) L) k3 3 * 4 Nat Pub Sv B(12.20) Nat Rubher Mach. Nat 8ee Inv Co. ., . .. Nat Secur Inveat pf. Nat Bervice Co. . Nat Sh Term Sec Nat Sugar N J 1) Natl Transit (1), Nat Union Radlo. .. Nauheim Pharm pt, Nebel (Oscar). Nehi Corp.. . Newberry (JJ) (1.10)... New Bradford Ofl. New Eng Fuel ne: New Eng Pow pf (8) New England T & T ( New Jersey Zinc(t3). New Mex & Ariz Lana Newmont Mining. New Process (50¢c) NY&Hondur Ros(12). N Y Hambureg. ... N Y Merchanadiss (1), N Y Shipbldg Corp. . N Y Steam new ( Niag 8hare(Md) 20c Niles-Bement-.Pond (1) Nipissing....., Nitrate Corp Chile (B).. Noma BElec Corp (40c) Nordon Corp Ltd. .. North Am Cement. 40 6% 4 23% 4 185 10% L 2 18 L3 28 434 5 2% 1 1% 1 w 9 oR 10' 1% “ 12% 5 W 65% 7 85 N O O B I B R I = FE Frry W FF SEF®rEF ¥ ¥ 2 VE+EE LI+ + 0 1+ (R 2R R i+ L4411 ISEREE S & &1 | + 1 FI1 4% L1 AL+ 4t ++ 1+ FUHELL A I ++++++ o EEELER Plel++0 041 4 ES Btock and dividend. North Am Util Sec. Nor Central Texas...... North & Sou AmCor p A. Nor European O1l Corp. . Nor Pipe L North Stat Pwr A(8 Nor States Pwr pf (8. North S Pow pf (1) N W Engineers (1) Novadel Agene (4). Ohlo Brass (B) (2) Ohto Copper..... Ohio Ofl'n (cu)pf (8) Ollstocks Ltd (A). Oflstocks Ltd (B). Okla Gas & E1 pf (7).. Outboard Mot (A). Outboard Mot B. Overseas Sec. Pac G & E 18t pf (1%).. Pac Western Ofl. Pan Am Alr Pandem OI1. ., Pantepec Oll. ... .. Paramount Cab Mfg. 4 Parke Davis (11.63). Parker Rust P(1314) Pender (D) Gr A, (3% Pennroad Corp (40¢). ... Penna Gas & Elec A+ Penna Pwr & Lt pf(1). Penn Wat & Pow (3) Peoples Lt & Pwr (A). Pepperell Mfg (4). Pet Milk pt (7). # Petrol Corp war Phila Co new (1. % Philip Morris Ine Phoenix Secur Corp Phoenix Sec Corp pt (3). Plerce Governor. .. Pilot Radio Tube(A) Ploneer G M Ltd (12¢).., Pitney Bowes P (b4%).. Pitts & L F (+10) Plttsbgh Plate Glas Plymouth Oil (50¢). Polymet Mfg. ... Powdrell & Alex (2). Pratt & Lambert (3).. Premier Gold (12¢) Press Metals of Am. . Prod Roalty (b10%).... Propper McCallum Prudential Inv, Prudential Tnv pi 5 Pub Sve N 111(8)no par. . 12 Pub Util Hold Corp xw Quaker Onts (17)... Quincy Mintng. ... Radio Products. . R'way & Lt Sec (13). Rallway & Utll Inv (A).. Rainbow Lum ProdA... Rayethon Mfg. .. Reeves (D) (1% Reiter-Foster Reliable S Reliance Management Republic Gas Corp Reybarn Co..... + Reynolds Invest. c Rhode Isl Pub Sve pf(2) 1 Richfleld Oil of Cal pf. Richman Bros (3). Rike Kumler (113).. Roan Antelope M s Rockland Lt&Pwr(90¢) . Roosevelt Fleld Inc .. Root Refining cv pr pt Rossla Int Corp (10¢)... Ruberoid Co (4). ... Russek's Fifth Ave i Ryan Consolidated Safety Car Heat & Ltg + St Antonv Gula St Regls Paper. . alt Creek Consol Salt Creek Prod (1) Schulte Real Estat Scovill Mfg (2) Seaboard Util (2 Allied Corp (1). . ecur Corn Gen(40c). Segal L & Hdwr.. Seiberling Rubber. ... Selected Industries. Sel Indus allot ctfs (5%) 3 Sle Ind prior (5%). . 3 32 Sentry Faftey Control. Seton Leather (1). Shattuck Den Min. Shenandoah Corp Shenandoah Corp pf. . Sherwin-Williams (4). % Stlica Gelet. ..., 115 Singer Mfg (8). Sista Fin Corp. 33 Smith (A. 0.) 108% Smith (A O) p 1 Sni Viscosa rets. 1% 94 South Penn Ofl (1) 26% SoCal BAptf A (1%). 23% 8o Cal Edis pr (B) (1%) 20's Sou Cal Ed pf C(1%) . % Southern Corp % SouthernNat Gas 7 Sou Pipe Line (2) 81 Scuthland Royalty( w. Btock and dividend. Southw Dairy Prod. 8o West Gas Util..... Spanish & Gen rets Spanish & Gen (B) Spieg May Stern pt Stand Cap&Seal (2). Stand Invest cum pf. & Stand NMotors. ... Stand Ofl of Ind(1)..... Stand Oil of Ky (1.60)... Stand Oil Nebr (2) Stand Oil Ohlo(2%). Stand Pwr & Lt (2) Stand Pwr & Lt (B) (2). Stan Pow & Lt f(7).... Stand Screw (4). 5 Starrett Corp Starrett Corp pf...... tein(A) & Co (1.60).. Strauss Roth. Stroock & C tz Motor C: un I'nvesting. un Invest pf (3) v Oll... wan Finch Ol wift & Conew (2).. wift Internat’l (t4) wiss Amer El pf(6) acuse Wash Mch (B). Taggart Corporation. .., Tampa Electric (32). astyeast Inc (8¢). echnicolor Inc. Teck Hughes G M(165¢c). Tenn El Pw 1st pf(7). Tennessee Products. Texon Oil & Land (1). Tobacco&Allied Stks Tob Prod of Del wi.. 1odd Shpyard (2). Trans Air Tran: Trans Lux D L. Triplex Safety Glass Tri-contin’l Corp war. Tri-Utilities. ... B A o FUUN b A PR ] I+ ++ - [ 2 ) = » & SEREEFE Fiiw PH+1 44040 | L+ 41 0+++1 0+ " Ll l4++++1 11+ I+ +1 el B.. : Tung Sol Lamp (1).. Union Am Invest U'n Gas of Canada(1), “nion Oil Assoc (2). fonTobaceo. ... ¥ FF FF 1% i 5 3 Unit Dry Dock. - b Unit Elec Service. et Unit Founders i+ Utd Gas Corprl. Unit Gas Corp wa United Gas pt (1)....0) 4 Utd Light & Pwr A(1) % Utd L & Pwr (B) (1).... titd Lizht & Pwr pf (6). Unit Milk Prod Unitd Porto R Sug pf. United Profit Sharing. 1S Dairy (A) (6).... U S Dairy B... U S Elec Power Elec Pwr (war). Finishing Foil Co B (50¢). & Internt] Sec. Inter Sec 1st pf. ++ | 13 8y % o t t o Unite Wall Paper. Universal Pictures Utah Apex...... Util ity Pwr&Lt(b10%). Util P&L(B) cfs(b10%) Utility Pow & Lt pf (7).. Utility & Ina <ees Utility & Ind pf(11). Utility Equities..... Utility Equity pf (54).. Van Camp Pack. Van Camp Packing pf. Veneguela Petroleum. Vick Financial (30¢) Voght Mfg Co (60¢). Waltt & B. A (2). Walgreen Co.. . Valker, H (23c). Iker Mining FEE iR FEEET Wayne Pump. . Welch Grape Juice (12). Wenden Copper. W Va Coal & Coke. Western Air Exp Western Md pf...... 4 Willlams R C (T0c). Wil-Low Cafeterfas. Wilson Jones. . Winnipeg Electric. . Winter (Ben).. Woodley Petrol . Woolworth Ltd (17 4-5¢), “Y” Oll & Gas Yukon Gold Co. F++ ++1 4+ ++ + +F 1L+ I+ +++10 1 1 1% 0l 1 |+ 3 3 1% 2 8% - 30 R R 0 I+ * 1 Comwlth Ed......Dec 15 1% PubBveN1ll .. .Feb 1 2% X?l:ldend {r“"}_‘":‘l dollars bflxsed on last ayment. “Ex-dividend, TParcly extra. 5 4 | & Payable in cash or stock Pgyable l¥| smgll ’.P.i‘f:}unm:g"‘qfit 7y 1 |dend. fPlus 5% in stock. gPlus 6% in stock. h Bh an v y. | stock. J Plus 2 n stock. k Plus .0% In stock. mPl‘!‘J‘s &z l: . “lstoek nPlus 8% in stock’ b Paid last year—no regular rate. + W Mo~ U quarterly or 2% ECONOMIC UNREST TRACED TO LOSSES FROM WORLD WAR (Continued From Fifth Page) stantially more than half. If we add the gold holdings of Great Britain, the balance at the disposal of the rest of the world is close to $4,000,000,000. It has been maintained that $1 of gold may reasonably serve as a basis for credit amounting to $13. Consequently, the present gold hold- ings of the world should be able to support & turn-over of about $139,000,- 000,000, or more than twice the total maximum trade of the world reported thu: far. In other words, very mate- rial expansion in commerce and indus~ trv is entirely possible on the basis of the existing supply of the yellow metal. The fears that chaos might, or s even bound to, ensue because of the impend- ing gold shortage are, in the writer's opinion, groundless. Benator Key Pittman of Nevada has sounded a note of alarm. He has dis- covered that, as a result of the decline | in the price of silver, “panic exists among more than half of the people of the world whose buying power is meas- ured solely in silver” He has also found that “it has cut in_two the pur- chasing power of China, Mexico, South | America (sic), Asia and several Euro- | ean countrie: i Careful analysis will disclose that, in most cases, the present depression is| not due to the silver situation. It is certainly not true in so far as South America is concerned, because not one of the 10 South American republics is on a silver basis. Cessation of Foreign Loans. This is probably one of the most im- portant causes of the prevailing eco- nomic difficulties. For.a decade and & half the United States succeeded in dis- posing of her surplus products abroad by loans and investments, which sup- plied America's customers with the means to pay for such exports. One of the niost amazing coincidences is the fact that American investments abroad, both political and commercial, during the period 1914-1929 is almost exactly equivalent to the aggregate ex- cess of our exports over imports. At the height of the speculative pe- rlod, however, the American people lost | their appetite for fixed income-bearing securities in general, and foreign issues in particular, with the result that for- elgn customers were unable to take America’s surpluses, which have been piling up, thus increasing the scope and momentum of the economic depression. Economic Depression. Nations should appreeiate that they could not go on forever on the theory that they could play some trick on their neighbors which would enable them to sell to others their surplus products and, at the same time, exclude from their markets the surplus goods of the others American bankers should endeavor *o educate the investing public that a dol- lar lent abroad for productive purposes 1s not a dollar lost to the United States. At the same time, some one ought to endeavor to educate America's invest- ment bankers that a dollar lent abroad for non-productive purposes is not only » dollar lost to the United States but that it also entalls the loss of prestige and confidence 50 essential to the over half of the world's total supply of put to use, constitutes a distinct eco- Stepped Up Sharply During maintenance of sound business rcln-‘ fions with America's neighbors |GOLD IS BRIGHT SPOT the yellow metal. They are, moreover, scheduled to receive more each year| ‘?}?quuw‘t:e' Céms‘equv:ntly, as long as | s situation obtains, a genuine busi- | [t Year Just Closed. Overproduction. | T The coffers of the United States and | IN CANADIAN MINING from nations which can ill afford to| ness revival may not be looked for. How many absurdities have been r BY CHARLES LYNCH. To begin with, overproduction is the re- sult and not the cause of economic dis- turbances. There is an ample supply of wheat, for instance, and yet one reads of hungry and starving citizens all over | the United States. There is an ample supply of cotton in the United States, | and yet the Polish textile industry is | Tuined because of its inability to secure cotton. | There are vacancies in buildings and | tenements, and yet there are many | without shelter. ‘What the world suf. | fers from principally in underconsump- | | tion and maldistribution, ailments which | | cn'xlm‘ re:gily t!:,e cured. 0 the above world problems may | be added several of a p\r:x'ely dnmcsn’r nature, which careful examination will prove to be vitally affected by what is going on abroad. Among them, bud- getary difficulties, banking troubles and the railroad situation rank foremost. Measures have been proposed and are about to be put into effect which are confidently expected to dispose of the problems the United States face at home. A solution will depend, how- ever, t0 a very large extent, upon what | progress is registered abroad and upon what those who are charged with guiding the economic and political | ?filflmefst?f naglbusm ]wlll do to remove e existing tacles to a s reh-,blmatlu%. i | In the foregoing an attempt has been | made to dirgnose the prevailing crisis. The remedies are known, and no time should be lost in applying them. It is futile to wait for miracles to happen. They rarely do. Nor must one be de- celved by the conclusions arrived at by a number of learned economists and professional forecasters, that depres- sions do not last more than a certain length of time and that, in conse- quence, the era of prosperity is around the corner because the stipulated time has expired. ‘The world realizes today, more than ever before, that existing difficulties were precipitated by that fatal shot fired in the Summer of 1914 in the | streets of Sarajevo by an {rresponsible | Serblan youth, which killed the heir to | | the Hapsburg throne. | Economic problems are not problems in mathematics, a field in which the | human relations element Is relatively unimportant. One thing, however, | seems certain: The period of depres- sion, because of the marked recuper- ative powers of modern nations, is | much shorter today than it was 200, or 100, or even 40 years ago, and the | period of prosperity which inevitably follows a depression is of much longer | duration than the preceding era of | hardship. (Copyright, 1932.) | i e ST |, To_celebrate the first anniversary of the Brazilian revolution, a commercial exnibition was held in Pernambuco, Brazil, in December. those of France are filled with well reduce their own supply. Gold, unIess‘Pmd“cnon of Precious Metal corded in the name of overproduction! | cecial bispateh to The Star OTTAWA, Ontarlo, January 2.—Gold, which Canada is producing in ever in- creasing quantities, is the bright spot in the 1931 mining picture. Second in the world in 1930 with an output of 2,102,068 ' fine ounces, Canada's pro- duction in 1931 totaled 2,679,728 fine ounces, valued at $55394,892 at the standard rate of $20.67 a fine ounce. Gold is now Canada’s most valuable mineral product, even surpassing coal, which held the premier position for many years. The total value of Canada’s mineral preduction last year amounted to $237,- 760,000, against $279.873,578 in 1930, according to a report just issued by the D(‘@:x;:t}m Bureau of Statistics. Metals as a group were valued a $116,431,000, Agamstp $142,743,764 h’: 1930. Fuels, consisting of coal, nat- ural gas and crude petroleum, totaled | $55.531,000, a decline of 18 per cent. Other non-metallics, ircluding asbestgs, ypsum, salt, feldspar, magnesite, sodium sulphate and many minor minerals, were valued at $10,958,000, compared with $15,217,864 in 1930. Structural materials, such as cement, lime, stone, sand, gravel and the vari- ous clay products, totaled $44,849,000, a decrease of 16.5 per cent. Stlver prices in 1931 were the lowest ever recorded. The average for Febru- ary was 26.773 cents per fine ounce and the price fluctuated between 27 and 29.5 cents until November, the averags for that month being 32223 cents. These low prices had their ef- fect and the production at 20,403,771 fine ounces was 23 per cent lower than in the previous vear. The total value fell from $10,089,376 in 1930 to $5,984,~ 109 for last year. Copper production totaled 290,581,122 pounds, a decrease of 4 per cent, but owing to the lower prices the total value of the output was less by 37 per cent. (Copyright, 1032.) >y YEAR-END TRADE LULL FOLLOWS HOLIDAY GAIN By the Assoclated Press. NEW YORK, January 2.—With the holiday business at an end, retail trade has become almost as dull as other lines, Bradstreet’s says today in ja weekly review. “Reports from 55 leading centers,” the review said, “show that the expected year-end lull in trade is universaly prevalent throughout the country. Af present retailers, wholesalers and man- ufacturers are using their time in mak- ing inventories and putting in 3 “It 15 needless to point out that the heavy Industries are uc“fil:fl! awalting what the new year