Evening Star Newspaper, January 4, 1932, Page 12

MONDAY, . JANUARY FINANCIAL, CONTINUES LG UNITED STATES. Sales. High. D, €5 BONDS ARE LOWER INLIGHT TURNOVER FINANCIAL. THE EVENING STAR, WASHINGTON, A—12 SINCLAIR-PRAIRIE 'NEW YORK STOCK EXCHANGE MERGER ARRANGED, ——=mmere ™ Stock and Bales— Dividend Rate. Add 00. High. Low. Close. Chee LTy 255 4| 421 | 841 61 69%, | Low 47 4215 8414 60% 69 Int T&T cv 4 INtT&TS | Italy 7851 . | Italy Pub S 7s'52.. Japanese 5%s '65.. (Sales are in $1.000.) 39. 21 4T% Sales. High. Low. . 20 Lib314532-47.. 64 9730 9727 List 43%s32-47 22 99 16 L 4th 4% 33-38 768 Bates— 5 Not. Add 00. High. Low. Close. Chxe. 89 2% 2k 2% 2% 2'% i3l Stock and High Low. Dividend Rate. 18 2 Transamerica Corp.. 11% 2 Tri-Contl COrp...... 2:55 Oil Companies to Complete Transfer of Operations in Three Weeks. By the Associated Press. TULSA, Okla,, January 4 —It was re- ported on high authority here today that the lomg-awaited merger of the Sinclair Consolidated Oil Corporation and the Prairie Ol & Gas Co. and Prairie Pipe Line Co. has been agreed wupon and will be completed within three weeks. The information came from a banker, who will be an executive of the Consolidated Oil Corporation, the new name of the merged firms. The information came on the heels of published _reports of the resignation | of Harry H. Rogers as president of the | Exchange National Bank of Tulsa, one of the t banks west of the Missis- sippi River, to become chairman of the board and be succeeded by Elmore F. Higg wice president of tk of New York Notices Going Out This Week. TUnder the terms of the merger, as finally worked out after months of ne- gotiations, Prairie Oil & Gas and Sin- clair stockholders, it was learned, will receive share for share in the new cor- poration, while P Pipe Line owners will receive 14 sl for 10 Notices to_stockholders will be sent out this week and the actual transfer ations will be completed within for the new company Rogers will divide his time between chairmanship of the board of the bank and the Executive Committee of the! yew firm. Earl Sinclair will be chair- man of the Finance Committee and Harry F. Sinclair, head of the Sinclair Consolidated, will be chairman of the board. Offices Will Be Moved. Various branch_and division offices ved to Tulsa. These include offices in Independence, Kans.; Kansas City and Fort Worth, T H R. Gallagher of San Francisco, now a vice president of the Shell Pe- troleum Corporation, will be president of the consolidated companics. W. S. Fitzpatrick, chairman of the| board of the Prairie Companies, will be chairman of the Executive Committee of the new company, and will move his offices here from Independence. Washington Produce Butter—One-pound prints, 34; tub, 33. Eges—Hennery, 28a30; current re- ceipts, 2325 Poultry, alive—Turke 22; young toms and hel ens. 3 pounds and over, 18a21; 2 to 22 pounds, 21a22; broilers, 15 to 2 pounds, 21a22; hens, large, 14a16; small, 12a14; Leghorn hens, 13a14; roosters, 10; keats, young, 40a45; old, 25a35. Poultry, dressed—Turkeys, old_toms, 24a26; young toms and hens, 27a30;| chickens, 3 pounds and over, 20a22; 2 to 215 pounds, 22a25; broilers, 113 to 2 pounds, 23a25; hens, large, 17a19; small, 15a17; Leghorn hens, 14al5; roosters, ( 13; keats, young, 60a70; old, 50. Meats—Beef, prime, 16; choice, 15; good, 1214a13; cow, 9%,al0; lamb, top, 15; fair to good, 14a15; common. 11a12; veal. top, '4; medium, 122a13; pork Joins, 8 to 10 pounds, 14al5; 10 to 12 pounds, 14a15; fresh hams, 8 to 10 unds, 13; 18 to 22 pounds, 19; smoked ams, 16217; strip bacon, 16al7; lard, 80-pound .tins, 8'2; package, 9; com- unds, 7a7%%. poP‘rmls—SLrawbmrics, pifts, 15a18; quarts, 30; apples, bushel baskets, 50a 1.00; fancy box stock, 2.50; oranges, Florida, 3.00a3.75; California, 3.75a 4.00; grapefruit, 2.50a2.75; pears, 2.75a 3.25° pineapples, 3.50; grapes, Almeira: 2.0082.50; Emperors, 2.00a2.50; lemon: 3.5025.50; tangerines, 1.25a1.75; pe: gimmons, 1.00a2.00; kumquats, quart, 10a15; bananas, 1.00a2.50. Vegetables — Potatoes, 100 - pound gacks, 126; Idaho bakers, 2.50a2.75; sweets, 25a1.00; tomatoes, repacks, 3- pan containers, 3.00; peppers, 2.00a- 3.00; carrots, bushel baskets, 1.00a1.25; beets, per 100 bunches, 3.25a3.50: string beans, 2.50; limas, 5.00a5.50; peas, 9.00; lettuce, Iceberg, 5.00a5.50; cabbage, new, 1.7522.00; old, 75a1.00; spinach, 1.00; kale, 65a75; cauli- flow mushrooms, _75a1.00; broccol! 5a4.00; turnips, 50; arti- chokes, 4.00a5.00; yellow squash, 3.50; celery, 3.50; cucumbers, Cuba, 5.00; eggpiant, crates, 3.50. RECEIVERS TAKE OVER UTILITY HOLDING FIRM , old toms, 20 , 25a28; chick- the Associated Press NEW YORK, January 4—Receivers appointed on December 31 for the| $200,000,000 American Commonwealths | Power Corporation today began their | work of operating the company | While no formal statement was issued | here, it was learned the company's di- | Tectors are working on several plans | which might help to alleviate the pres- ent condition. One is a plan for re- funding $4,000,000 of 6 per cent notes of General Public Utilities Co., con- trolled by American Commonwealths, | on which payment was defaulted last! December 1 Frank T. Hulswit, president of Amer- can Commonwealths, was in confer- | ence here today. Hulswit formerly con- trolled the United Light & Power Co. | American Commontwealths is one of the larger public utility holding com- panies. In 1930 it reported gross in- come of nearly $28,000,000 and net in- come of $4,100,000. Its present i 10 meet several maturities was la defaults on_interest payments by some of its subsidiary companies. In accept- ing receivership relief, an officer of the | company said its directors hope to avoid sacrifice of valuable security as- sets at present market prices which ave shrunk substantially from their one year ago. By ve wvaluatio; PETROLEUM UNITS UP Commerce Department Reports In- crease in Foreign Refineries. number of petroleum countries, accom- improvements in Teported in a Commerce De- partment. This bulletin, which was prepared in the petroleum section of the minerals division, presents brief out- lines of the present status of petroleum g in the 38 foreign countries as ntatives of the de- e and states in increasing d by substa technolog issued by is the re development of the petroleum industry abr F. M. Feiker, director of the Bureau of Foreign and Domestic Commerce, declares in a foreword to the bulletin, is of intimate concern to the American ir stry because of the position of petroleum products in our export trade. In 1930, & period of low petroleum prices, exports from the Dinited States of all classes of petroleum products amounted to $494339.000, of hich refined products alone accounted for $438,195,000. This figure for petro- Jeum exports was exceeded only by that for machinery and raw cotton. Power Line Completed. NEW YORK, January 4 (#)—A new 66,000-volt transmission line linking the new hydroelectric power station of the | Gradually, w. 4 Public Sve NJ(3.40). 67 Public Sve NJ pf (§) 87% Pub Sve G&E pf (5).. 15% Pullman Corp (3). 3% Pure Of1 53% Pure Oil p 10% Purity Ba 5'a Kadio Cor; 20 Radio Corppf A 3%. 915 Radio Corppf (B)... 2% Radio-Kelth-O(new) 30 Reading Ry Co (2).. 27% Readinz Ry 2d pf(2) 174 Real Silk Hoslery... 1 d Republic Steel pf Reynolds Met (1% ) Reynolds Tob A (3) Reynolds Tob B (3) Richfield Of1. Rio Grande O1l. Royal Dutch of Rutland RR pf. . . ateway Stores (5). afeway Stra pf (7). seph Lead (60¢) n Francisco. . StL-San Fran pf(6) .. Seaboard Afr Line Seaboard Air Line p: Seaboard Ofl........ Sears Roebuck (2%). Seneca Cepper. Servel Inc Shattuck (F G) (1) 4 Shell Union O1l. Shell Union Oil pf Shubert Theaters. .. Simmons Co.... Sinclair Consol Ofl. . Skelly Ofl pf ww.... Snider Packing. Snider Packing pf, Socony-Vacuum (1). Solv Am pf ww (5% ) South Port Rico Sug. Southn Cal E4 (2). .. Southern Pacific (4). Southern Railway... Southern Raflway pf So Ry M & O ctfs (4) Spald (AG)1st pf(7). Sparks-Withington. . Spicer Mfg........0 Stand Brands (1.20). Stand Comel Tobacce Stand Gas&El (3%). Stand Gas&E! pf (4). Stand Gas&El pf (7). Stand Invest Corp. .. Stand Ofl of Cal(2%) Stand Ol of Kansas Stand O11 NJ (12) Sterling Secur (A).. Sterling Secur cv pf. Stewart Warner. ... Stone & Webster. Studebaker Co(1.20) Sun Ol (1). Superior Steel of Amer (1 974 Texas Corp (2 1915 Tex Gulf Sulphur(3) 17 Tex Pacific Coal&Oil 4% Tex Pacific Land Tr. 37 Thatcher Mfg Co. ... 24% Thatcher Mfg pf 3.60 7s Thompson Starrett. . 21x Tide Water Asso Ofl. 205 Tide Water As pf(6) 30 Tide Wat Ol nf (6).. 16'5 Timken Roller B(2). 1% Tobacco Prodncts 6 Tobacco Prd A (80c). 52 50's —2 95 + % 4 5% 24 10 1 62 21% 5% 2 26% 205% 264 50t 9513 870 16% 3 55 & Unfon O Un Tank Unit Car! Unit Fru U S & Fo! Leat! Pipe s s S Reals s 8 s % United St United S Univ Ple % Vadasco S8 #E EFssss 11 34 Va-Caro L++4+1 Wabash Wabash Waldorf Walwort! Ward Bal ard Ba Warn Br n 11 17% 1% 61 1ls West Pa Western Western Western Western Western 7% White M 20 5 P 0% 1 8 1% 2% 35 106% 15% 80% 46 16% 3 29 14 Woolwor: Wrigley o Sales of St 0:30 AM,... 1130 Par xEx-divicend. 4% in stock. fPlus b Payable in stock. hPlus 2% in stock. 3% in ‘stock. m Pald stock. Trico Products(2%). Truax Traer Coal Co © Payable in cash or stock. D Plus 3%% In & 6 2 26% 1 1% . 13 11} Twin City R Tr pf(7) Ulen & Co.. . Underwood-BIL-F (3 Union Carb & (2.60).. 1 of Cal (2). Union Pacifio (10)... Car (1. Unit Afrcraft. . Unit Alrcraft pf (3). bon Unit Cigar 8 Unit Corp (T6¢c) Unit Corp pf (3).. Unit Electric Coal, it (3).. Unit Gas&Im(1.20) Unit Gas&Im pf(5).. r Sec pf(6) .. U S Gypsum (1.60).. her & Fdry ty & Imp Rubber. .. S Rubber 18t of... S Smtg&Ref pf 3% U S Steel Corpm (4).. U S Steel pf (7). . tores (A)... tores pf (4). 1stpf (8).. ~ Utah Copper Co (4) Util Pwr & LtA (2). Sales Corp. Vanadium Corp. .. .. Chem pf (7) 20% Vulcan Detin (4). 69 Vulcan Detin pf (7). RR... RR(A). Sys (1%).. h Co. . king ( king (B) o0s Pictur Warner Quinlan ‘Warren Bros. Wesson Of1&Sno(2). Pwrpt (7). Dairy (A).. Dairy (B).. Maryland. . Pacific pf... Union (6 Westinghye A B(2). Westinghouse (23). Wsthse EM 1st m3% otors. . ‘White Rock (4)..... s White Sewing Mach. Whitd Sewing Ma pf. Willys-Overland. ... th (2.40). .. Worthington Pump.. (Wm) (4).. Yellow Truck....... 6 __Young Spring& W(1) 6% Zonite Prod Corp (1) RIGHTS—EXPIRE. % Peop G L&C..Jan 15 26 1w ocks on New York Exchange. 300,000 12:00 Noon. 1,100,000 2:10 P.M. Dividend rates as given in the above tabl h payments based on the latest quarterly or half-vearly declarations. sLess than 100 shares. 1 rtly extra. 1Plus —no regular rate. Plos $% in stock. 5¢ special preferred stock. s f}g‘i‘yfir‘flno" TeRulr Tate. nPlus 8% In in stock. = Paid last ye FEAR HELD CAUSE OF SAGGING PRICES Financial Observer Points to Unfounded Apprehension Ruling Security Markets. Special Dispatch to The Star. NEW YORK, January 4.—Only a few bankers and brokers interrupted their New Year holiday and came down to their offices today. Their tasks for the most part revolved around the clean-up of work left over from 1931, ing to chat 1932 “When some one raises the cry of fire in a crowded theater,” observed Franklin Escher, “there may be no fire, but in the resulting panic a score or more are trampled to death. “Pear, of all the human emotions, is one of the most dangerous, and one of | the most contagious. Some pretty bad things have happened in this country | during the past couple of years. Fears | of worse to come has been the result. | inevitably, the contagion hes spread. The whole country to- day is in the grip of fear. “Pear? Fear of what? Fear, for in- stance, that in spite of the four thou- sand millions of gold in the country we are about to go off the gold basis. Fear that something mysteriously re- | ferred to as_a ‘collapse’ is about to| happen in Europe. - Fear that the banks are going broke. Fear of pretty much everything and anything, in fact, that the human is capable of con- juring up “All of which, and nothing else on earth, is responsible for the prepos- | terously low level of stock and bond | prices prevailing today. Every one| ‘afraid'—and every one wanting to sell. | Every one ‘afraid’ and nobody wanting to buy. “Every one, that is to say, except a comparatively small class of people, | who, if they were in a theater and | somebody yelled ‘Fire, would take a | good look around to see if there really | were any fire before plunging out into | the crowd to get themselves trampled | to_death “To take a good look around in to- day’'s panic would be to see this: “That so much has been accom- | plished in the past couple of years in the way of putting our house in order that there is not today, either in the situation here or in the situation abroad, any single thing of any shape, manner or kind to keep the country | from throwing off its coat, getting back to work and making the same success of its business as it has always made in the past. “Which goes for the ‘foreign situa- | tion’ and the ‘bank situation’.and the ‘railroad situation’ and all the other | real and alleged ‘situations’ with which a frightened investment public has| ghost-danced itself into a state border- ing on national hysteria.” (Copyright, about the prospects for SHORT-TERM SECURITIES. (Reported by Ohss. D. Barney & Co.) i Allis Chalmers 5s 1937 804 merican Chain 6s 1933 87 E 5125 1943777 10214 |4 Vi & El 58 833, 65 1936 65 _1936. Rwy. 4%s 1033.. . Chicugo Northwestern 5s 1933, Chicago Rock Isiand 4s 1934 .. leve. Lor. & Wheeling 5s 1933 . Colorado & Southern 4'zs 1933 Commercial Credit Co. 5ias Delaware & Hudson Co. 5s Denver & Rio Grande ilas Gen. Mot Acce. Corp. s General Petroleum Corp. 55 General_Public Service 5'as Grand Trunk of Canada 8s 1 Houston E. & W. Texas 58 Humble Oil 5%s 1932 5 Laclede Gas Light Co. 55 1934 Louisyille & Neshville 5s 1937 New York Cent. & H. 4s 1934 Northwestern Telep. 4%as 1934. Penna. R R. 6Yas e Portland Gereral Blec. 5s 1935 Republic Iron & Steel 55 1940 Sinclair Crude Oil 5's 1938... Southera Pacific 55 1934.. St.L L M. 8. R. & G. 45 193§ Uniion Elec, Lt & Pow. 5s 1933 Union Oil Co. of Calif. 5s 1935 Virginia Rwy. & Power. 55 1934 70 ngway Ci 85% 1 Corp 94 iy 95% Bafe Harbor Power Corporation on the Susquehanna River with a line now operated by the Pennsylvania Water & Power Co., between Holtwood and Lan e : is now ready lorunflc\& Begun in 1914 and just completed, a new waterworks pumping_station at Dunswell will give Hull, England, an so that some of them were quite will- | & | Statistics Co., Inc., New York, for the | Righer, with special strength in the is- | to 64.5 on December 31. * | tion, WASHINGTON ST OCK EXCHANGE QUOTATIONS AND DAY’S SALES SALES. Potomac Electric 512% pfd.—T at 1021, 1 at 102%. ; Capital Traction 55—$1,000 at 60. Mergenthaler Linotype—1 at 55. AFTER CALL. Washington Gas 6s “A"—$100 at 100, | $100 at 100, $100 at 100, $100 at 100, | $100 at 100, $100 at 100. Bid and Asked Price: |8 BONDS. | PUBLIC UTILITY. Amer. Tel. & Tel. 4125 '39 Am. Tel. & Tel. ctl. tr. 5s Anscostia & Pot. R. R. 55 ‘Anacostia & Pot. Guar. 5 & P. Tel of Va. 55 Potomac Elec. 65 1953 Wash., Alex. & Mt Vernon ctf. Washington Gas 4'as.. i Washington Gas 5 v Gas 6s. series A.. Wash. Gas 6s. series B. Wash. Rwy. & Elec. 4s MISCELLANEOUS. Barber & Ross, Inc. 628 Chevy Chase Club 5izs ... Columbia_Country Ciub 5} W. M. Cold Storage 5s.. STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9)... Capital Traction Co. (2) Wash. Gas Light. Co. (18 N. & W. Steamboat (12) Pot. Elec. Power 6% pfd. .. Pot. Elec. Power 5'2% pfd Wash. Rwy. & EL com. (T). Wash. Rwy. & EL pfd. (5) NATIONAL BANK. | Min. price. Asked. o 115 250 132 a5 | D183 6 1) . 190 Lincoln (10).. Metropolitan Riggs (15)... (14) | Second (9¢) Washington (12) TRUST COMPANY. Amer. Sec. & Tr. Co. (15)... Natl. Sav. & Tr. (121)... . 376 Prince Georges Bk. & Tr. (6) Union Trust (8s).. road L Wash.-Loan & SAVINGS BANK. ank of Bethesda (6§) om. & Savings (10) East Washington (12). Potomac (10) v Sec. Sav. & Com. Bk. (17 Seventh Street (12)...... United States (30) s Wash. Mecharics (20).. FIRE INSURANCE. ! s (8) National Union (18) TITLE INSURANCE. Columbia (6h)......... Real Estate (6h) MISCELLANEOUS. Barber & Ross, Inc. c Federal Storage pfd ‘ Fed.-Am com. (1.201) Fed -Am. Co. pfd. (6).... Lanston ‘Monotype (6. Mer. Tr. ; Mer. Tr. 3 ) Mergenthaler Linotype (6) st. M. & G. pfd. Security " Storage (58). ... Ter. Ref. & Wh. Corp. (3) The Carpel Corp. (2) W. Mech. Mtge. com. (8)."" Wash. Med. Bldg. Corp. (7). .. Wdwd. & Lothrop com. (1.20) Woodward & Lothrop pfd. (1) *Ex dividend 527% extra bBuoks closed. ¥212% extra. nasc extra. §3% extra 130 extra 17 extra ella% extia 291 107 extra. extra) 5% CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, January 4 —The follow- ing is & summary of important corpora- tion news prepared by the Standard Associated Press: Weekly News Review. ith liquidation less in evidence each da‘;’Y the ztock market in the last four sessions of 1931 gave a rather good ac- count of itself. Although there was less “window dressing” than in the final day of last year, most issues were somewhat sues held extensively by investment trusts. The actual movement of the market, as indicated by our price index for 90 stocks, showed an increase of 1.3 points, rising from 63.2 on December 24 In the bond market the general list was fairly strong, while United States Government issues were comparatively weak. The most active and the strong- est group was the railroad, although in- dustrials and utilities participated in the rising market in a lesser degree. Contrary to the normal seasonal increased by about a thousand units, due largely to production of new models. Ford is again the mystery man, and as | yet no official statement has been made regarding the new car. Steel operations in the week ended December 28 were better than most of the predictions. Production was at slightly better than 20 per cent of ca- pacity according to Dow, Jones & Co. This compares with a shade under 24 per cent in the preceding week and 25 per cent two weeks ago. It has been estimated that January ingot produc- tion will average around 27 per cent of capacity against 42.8 per cent in Janu- ary, 1931 TLargely due to the closing down of many wells on Sunday, daily average crude oil production declined 137,400 barrels. It is hoped that this reduc- if it can be maintained, will | ward off a cut in crude oil prices, as production recently has been larger than demand. Electric power production in the week ended December 26 made a8 much more favorable comparison with the additional water supply of 10,000,000 gallons & day, movement, automobile output last week | tional Electric Light Association, out- put was 3.3 per cent below the corre- sponding week of last year, -which compares with a 53 per cent declinc in the previous week. The Companies. Armour & Co. (Illinols).—Volume of sales held to level of previous year; dollar value off $232,000,000; domestic operating costs about 20 per cent lower. Cresson Consolidated Gold Mining & Milling omits quarterly .dividend on capital stock: paid 1 cent October 10. United Light & Power common share earnings, based on average num- ber of shares outstanding, 12 months to November 30, $1.25 vs. $2.19. Dexter Co. omits quarterly dividend; paid 35 cents September 1 Mead Corporation takes no action on common dividend; paid 12'; cents October 15. Pacific Mills — Dover plant on full time; wages and salaries cut 10 per cent. Securities-Allied Corporation net as- set value November 3?? $13.79 a com- mon share. ‘Westinghouse Electric & Manufactur- ing wins patent infringement suit against Wadsworth Manufacturing Co. Edison Bros. Stores passed quarterly common dividend; paid 12}, cents Oc- tober 20. General Foods obtains complete con- trol of Frosted Foods through purchase of 49 per cent interest from Goldman Sachs Trading Corporation, Best Foods, Inc., and Richard Hellmann, Inc., to be combined into new company con. tl{nlled Jjointly with Gold Dust Corpora- | tion. Outlet Co. sales two months ended | December 31, 1931, totaled $1,986,937. St. Louis-San Francisco Railway un- | able to meet taxes of $1,618,000 due January 1, 1932, to three States. Chicago Great Western Rallroad asks permission of Missouri commission to purchase about one-third of outstanding Kansas City Southern stock, now held by Alleghany Corporation. Loose-Wiles Biscuit declared 10 cents extra and 65 cents gfarterly common dividends. Texas-Louisiana Power—Receivers ap- pointed for company and 11 subsidiaries by Federal Court. Endicott Johnson Corporation com- mon share earnings, 11 months to No- vember 28, $4.84; earned 14 cents in year ended December 31, 1930. The National Retail Furniture Asso- ciation will open its annual session to- like 1930 week than has been reported for some time, According g the Na- morrow in Chicago. Several leaders in the industry, will address the meetings. Market Declines Easily After Irregular Opening—Some * Support Appears. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 4—Today's bond market worked lower, depressed by weakness in stocks and by a gen- eral gloomy atmosphere in Wall Street. Trading was not in heavy volume. The opening was irregular. There was pressure from the start on con- vertible bonds that have a direct con- nection with stock prices. And to some extent speculative issues that have in past months acquired the habit of | moving with stocks also went lower. But there were still plenty of signs of good buying in many issues, partic- ularly those of the seasoned variety. The bond market was also affected by the uncertainty that still pervades the foreign situation. The statement of Undersecretary of State Castle that the Hoover administration intends to pro- tect as far as possible loans made in good faith in foreign countries had lit- tle effect. The announcement also con- tained a warning to the public not to expect too much from the Geneva Dis- armament Conference and indicated that the nations attending the Lausanne Debt Conference must take the lead in Europe’s regeneration. Then again, the Sino-Japanese mud- dle in Manchuria combined with the new outbreaks in India to unsettle both commodity and foreign dollar bond prices. British 51,5 dropped more than a point, paralleling a decline in sterling exchange. German government bonds started higher, sagged heavily and then recovered again. Other European de- scriptions reflected the general pessi- mism, Canadian government bonds and issues guaranteed by the Canadian gov- ernment were off fractionally. Japanese issues, while evidently still supported by organized operations, were under pressure. South American issues firmed on the anexpected payment of coupons on a number of issues. Antio- quia paid the interest on all series of her obligations due. This was unex- pected, because of the extreme difficulty of securing foreign exchange with which to make payments. The City of Monte- video and other South American States and municipalities also made payments. In the domestic list the rails again re- ceived the most attention. Baltimore & Ohio 41,5 of 1960, a convertible bond, were down about 4 points at one time, as other obligations of the same road declined. These losses were partly re- traced later. Declines of 2 to 3 points occurred in Erle 5s, Nickel Plate 41:s, Frisco Prior Lien A 4s, Rock Island re- funding 4s, and many other junior rail issues. Prisco issues were under parti- cular pressure because of the road’s omission of tax payments in three States, even though the money so saved was to be applied to bond interest and maturities. Bonds were irregular at the opening. The influence of a lower stock market, undoubtedly had something to do with the selling in spots, but there was every evidence of a good volume of reinvest- ment buying as well. This was espe- cially noticeable in well seasoned de- scriptions such as National Dairy Prod- ucts 5%s, Pennsylvania Consolidated 4'4s and American Telephone 5s. On the other hand, such bonds as South- ern Railway 4s, Utilities Power & Light 5s and Missouri-Pacific 5s, which all have had heavy declines in recent months, were again under pressure. In the foreign list, British 515s re- fleccted a weaker tone in sterling ex- change with a loss of more than a point. Most European bonds were firm to a shade higher. South Americans and Japanese issues were unchanged. TREASURY CERTIFICATES. (Reported by Chas. D. Barney & Co.) Rate—Maturity. Bid Offer. 23,5 June 15, 1932 15, 15, : 98 98 8- 131 99 14-32 99 17-32 99 1432 99 18-32 INVESTMENT TRUSTS NEW YORK, January 4 (#).—Over- the-counter market: A B C Tr Shrs “D" A B C Tr 8ars “E & Cont Corp Am & Gen Sec “A” Am & Gen Sec B Am & Gi Br & Con 6 Bid. Asked. 2 2% EE I ¢ A Am Ins_ Stocks Assoc Stand Ol Atl Bec pf 5 Atl Sec war Atl & Pac Int units & Pac com Ww BuraBEe w5 Central Nat Corp B Chain & Gen Eauities Chartered Invest Chartered Inv pf Chelsea Exch Chelsea Exch B Cumulative Tr Sh Corporate Trust BRAZON o, L S camacai Eaulty Invest uity Inves! 5 Eauity B Fund Tr Shrs B . Granger Trade Gude Winmill Trad Incorp Investors Incorp Invest Eauit . Independ Tr Shrs W T swReewh D, A Inv Tr N Invest Trusteé Sh Leaders of Indust A Leaders of Indust B.. Leaders of Indust C Low Priced Shrs Major Corp Shrs . Mass Invest Tr Mutual Inv Tr A Mutual Manage . Nation Wide Sec Natl Indust Shri e T wats od- Second Int Sec Sec Int Sec 8% 1st PI.. Secur Corp Gen 6 Pf.. Selected Am Sh Selected Income Sh Selected Manage Trus! Stand Am ‘Tr Shr Stand Collat Trus State Street Invest Super of Am Tr A Super of Am Tr B Super of Tr T{ C.. Super of Am Tr D. Trust Shrs of Am Trusgee Stand Inv C Truste Stand Irv D. Trustee St Ol A Trustee St Qil Shrs B Trusteea N Y C Bank Trusteed Am Bk Sh Tr Am Bk A . Twentieth Cent Fixed Tr Two-Year Trust Sh....- United Fixed Shrs it Pdrs 1-70th com United Ins Shrs ...- United Bank Tr... . U 8 & Brit Int Ltd U S & Brit Int 13 p{ U 8§ Elec Lt & Pow A U 8 Elec Lt & Universal Tr . .oerserome US3s1951-5.. 134 US3ks49. US3%sM4l-; 33 40-3. 2 s 43-47. %5 46-56. 44-5 s %s 4T U u U U s s s S S s s 3 3 3 4 Us+4 Abitibl P&P 5553, Ab& St5i 43, ... Alleghany Cp 58 44 Allegheny 55 '49 Allegheny 58 '50. .. Allis-Chalm 5s '37. Am Chain 65°33. Am F P 58 2030 Am1GChb%s Am Intl 6343 49 Am Metal 5%s°3 Am S&R 1st bs Am Sug Ref 63 AmT&Tcy 43%s39 18 AmT&T5s 65... 137 Am T&T c tr 53 ‘46, 27 Am T&T Gs s £°60. 143 Am T&T 6% s 43... 74 Am Wat Wks 6576 5 Arpentine 5%s'62. 7 Argentine 6s Ju'b9. 32 Argentine 6s Oc’59., 11 Argentine 63 A '57. 11 Argentine 6s B'68. b Arm & Co 4%8°39.. 80 Arm Del 53%5°43... 16 Atchis 451905-55.. 11 Atchison gn 4s '95.. 12 Atchiscv 4148 '48.. AtICLcl 4852, Australia 435 '66.. Australia 68 '56... 1 Australia 5 Belgium 75 ‘66, Bell Tel Pa 58 B Bell Tell Pa bs C'60 B Ind Loan C Berlin Cy E 68 '65. Berlin CE 6348’50, Beth Stl pm 58 '36. Beth Sti rf 534 '43. Bolivia 7s 58 5 Bolivi Bolivia 8347 Bordeaux 6s Bost & Me 4%s Bos & Me 58 '55 Bos &M 63’67 Brazil 6%s Brazi] 8s'41. Bremen 7s '35 Bk Ed gn A 5849 Bkiyn Elev 634s. .. Bklyn Un 1st 68'50. Buenos A 65'61 Pv. Buft Gen El 4% #'31 BR&PItt 433’57, Calif Packing 5s 40 Canada 43 °60...... Canada 4%5 36, Canada 55 ‘52 Can Nat é%s Can Nat 4%3 5 Can Nat 58 Oct Can Nor 7s db "40.., Can Pac db 4s Can Pacific 4% 5 " Can Pac 4% 60, Can Pac 68 ‘54 Cent )1l G&E 58’ Cent Pac 4549 Cent Pac 5560 | Cen Ry NJ g 53 '87 Cert-td db 515 48, Ches Corp 58 '47.... C&Ogen4k%s’oz.. C&O 43%5A'93 C&O4%sB"95. Chi & Alt 35 CB&Qgen . CB&Q 11dv 354549 Chi& Est 11 6561, . Chi Grt West 4569, Chi Ind&L gn 5566 Chi M & StP 4%sC. Chi M&StP 4%5 E. C M StP&P 55 '76. . CM&StPadjbs.. 13 C&NW 43%s C 2037. Chi & NW cn 4% ChiRI& Prf 4s ChiR1&P 4%s’'52 ChiR 1cv 4%s'60. Chi Un Sta 58 B '63. Chi Un Sta 6%s5 '63 C& W Ind cn 4s'5%. C& W Ind 5%s 62, Chile 83 60, Chile 85 '61. Chile 68 '63. . Chile Cop db bs “47. Chin GvtRy 58 '51 Clev Term 5% Cologne 6%s ' Colomb 65’61 Oct Colon Of1 63’38 Colo & Sou 4%s°35. Colo & Sou 4 %3 '80 Col G&E 58 May'52 Col G&E cou 68 '61. Com Inves 5%s '49. CC Md 1st rf 58'60. Con G NY 4%8°51.. ConG N Y 5%s"46. Cuba R R Czecho 8s '51. Del & Hud cv 58 '35 Denmark 4%3'63.. Denmark 6348 'G6. . D& R Gr cn 4536, D&RG W b3 '56. DRG& W 68" Det E G&R4%5'61. Det Edison rf 5549 Dodge Br cl 63°40.. Duquesne 4%s '67. Eris 1st con 48’96 1 Flat 7s war Finland 6s Finland 6% s Fla E Co: French 7s French 7%s '41. Gelsenk’hen 65°34.. Gen Baking § 0 111% 33 Ger Cen Bk 63 Ger Cen Bk §: German 7srep 49.. Goodrich cv 6s 45, Good 1st 6% 3 "47. Goodyr Rub b8’67. . Grand Trunk 7s'40. Grt Nor 4%5s'76 D. Grt Nor 43577 E. Grt Nor gn 75 '36.. Hoe & Co 6348 "34. . Hud & M ad) 5867 Hud & M rf 68’67, Humble O1l 65 '37.. Humble O 6%s '32. 4 | Hungary T%Hs "4 111 Bell Tell 55 °56 111 Cent 45 °'53 Il Cent rf 111 Cent 4% [l Cent 6% s Inland St 4%s A’'78 Inland St 4%s B'31 Int Rap Tr 65 '66.. Int Rap Tr sta '66. . Int & Gr Nor 53 '56. Int & Gr Nor 6s'5. Int & G N ad 6s'52. Int Hydro El 6544 Int M Co 5sret'dl.. Int Match 58’47 Int Pap bs A 47 Int Pap 6s’66. ot T X 4360830 Japanese 648 '54.. Kan City Sou 5850, n City Ter 45'60. n G&E 4%s°80.. Kresge Found 65'36 Kreug & Toll 5'59. Lac G St L 58 '34 Leh Val cv 45 2003. Leh V cn 41352003, Leh Valley 532003, Lig & Myers 58 '51. La & Ark 53°60. L & N unt 45 '40. Lvons 6s'34.... McKes & R5% %50, Manh Ry 1st 45'90. Market St 73 °40. .. Marsellle 63 '34. ... Mex 4sastd 191048 Midvale St 6s '36. . Milan 6%8'62..... Mil E Ry & L 5361 Mi) E1 Ry&Lt 53 *T1 M StP&SSM cn 4s.. MK&Td4sB'62... MK&T4%s7 . M K & T adj 58 '67. MK&T prin 55A"62 Mo Pac gn 4s'T6. Mo Pac 5s A "§5. Mo Pac 58 F '17 Mo Pac 53 G '78. Mo Pac 53 H '30. Mo Pacrf 6881, Mo Pac5%s A" Mobile-Ohio 53 '38. Montevideo 78 '52. . Mor&Co 1st 4% #'39 Nat Dairy 5% s 4 Nat Steel 6856 Netherlands 6s '72. N Eng T 1st 68 '52. NOT&MGs B 54, NOT&MG5%s '54. Nw S Wales 53 '57. Nw S Wales 53 '58. NYCgn3ts 97 N Y Cent 45 '98 N Y Cent db ¢s N Y Cent 41452013, NYCrf41%4s2013, NYCrfim5s2013 N Y Cent db 6s'35. NYC&St L 45'37.. NYC&StL 4348’7 NYC&StL5%8A T4, NYC&StL 65" N Y Edisn 63 B'44.., N Y Ed 1st 6% 5'41. NY ELH&P bs '43. NY NH&H db 48’57 NY NH&H 4%3'67 NYNH&H cd 65'48. NY O&W gn 4s'55. NY Tel 4%s°3 NY W&B 4 %8 Nia Sh Md 5% ‘50 Nor & Wnev 496, Nord 6%s'50 No Am Co bs '61. Nor Am Ed 65 C 69 Nor Am E 5%s°63. NorOT&L 6s " Ner Pac 48°97. Nor Pacr16s 2047, Nor St Pw 68 A "41, Nor St Pw 6. ‘41, Norway 5%s '65. Norway 6s°43... Norway 68’44 Norway 52. Oreg-Wash 43°61.. Orfent dev 5% 8'58.. Orient dev 65 °53... Pac G&E 5s'42 Pac T&T 1st 5837, Pac T&T rf 53 °52.. Pan-Am Pet 6s '34.. ;| Paramount 6s*47 Paris-Ly M Paris-Or 5%s '63 Pathe Exch 75 '37 Penn 4% s D31 Penncv 4%s'60... Penn gn 4%s'65 Penn 434870, Penn 4%s'63. Penn Gs ‘64. Penn gen 55 '68. Penn 6%3°36...... Penn P&L 43%5 81, Peoples’ Gas 5341, Pere M 1st 555 Peru Peru Phila Co 53 Phila Elec 4 Phil & Read Philippine R 45'37. Phillip Pet 5% 829, Poland 65 '40. Poland 75 '47.... Poland 8s°50. Port Gn El 4 Por RAm T Pos Tel & C 58'53. Prussia 6552 2 Public Serv 48 ‘71 PubSv G 4%s'67 Pub Sv G 43570 Pure Ol 5%3'37. ., Queensiand 4T.. Queensland 7s "41 Rem Arms 63 A ‘37. Rem R 6% 47 Rhinelbe 7s 46 Rhine Wi Rhine West Rhine West 55.. Riode Jan 6%s '53. R Gr Do Sul 6s " R Gr Do Sul 8: Rio Gr W clt 4549, Rome 6343 '52 StL IM R&G 45'33. St L&SF In 43 A '50 StL&SF ¢%s'78. StL&SF p 1 63-B '50 Sao Pau 7#'40 ret Sao Paulo 50 Saxon P W 638 Saxon 7s'45. Serbs-Cr-S1 Serbs-Cr-S1 Shell Un Ofl 63 °49. Sinclair O1l 6 %s'38 Sinc O Tscv A '37.. SincCr O 5%s'38 Sinc PL 68°42..... Skelly O 5% Solvay Am b Sou Bell T&T SW Bell T 55 % | Sou Pac col 4 Sou Pac ref Sou Pac 4%s '68... SouP 438’69 ww Sou Pac 4%s'81... Sou P&Or 4%8s'17. Sou Ry gn 4s ‘56 StOIIN J68'48.. StOIIN Y 4%s'51. Sweden 5345 '54. Swiss bl4s 4 Tenn El P 68 A "47. Ter As St L 43 Texas Corp 53 '44. . Third Av rf 4s°60. Third Av adj 6360 Toho El Pw s Toklo El Lt 65 '53. Ulst & D bs c Un Pac 18t 48 '47.. UnPac4s'68..... Un Pac rf 45 2003.. Unit Drg cv 63 '63. Utd King 6%s'37.. U S Rub 1st 5847, Un St W 6148 A'47. Uruguay 8s '46.... Utah P& L 53 '44.. Util Pw 55 '59 ww. Utll Pow E%8 '47.. Vanadium St 5841, Vienna 63 ‘52 . Va Ry & Pw 58 '34. Va Ry 1st 55’62, Wabash 4%s ‘T8 Wabash 1st 58 '3 ‘Wabash s B '7¢ Wabash §s D '30 Warner Sug 7s "41 Warsaw 78 ‘58. ... Wst Sh 1st 45 2341, West E14db 55 44.. West M 48 '52.... West MA 5%s'77.. West Pac 55 '46. West Unlon 58 '51. 42 Ygain S&T ",4‘ T8 Karsiadt 6s43.... 2 - » RO man Hw® AN~ R ©D0NER—R® =S ® - or — - = e Em S RONNG NN e BPR NS AN N AN RS RO RS R O A N~ 10 20 10 3 8% 63 8315 80 20 90's 40 100% 108 101% 52 6914 881y 40 96% 52 8% 610 | 9814 40% B0 99y 54's |Vegetable Movement Also Reported Slow—Price Changes Small. Carlot shipments of produce are even |lighter than is usual at this time of year, says the United States Depart- ment of Agriculture Bureau of Agricul- tural Economics Market News Service. For the last week of 1931 only a little more than 8,000 carloads of leading | fruits and vegetables were moved to market—a decrease of about one-sixth compared with a year ago. Supplies on track in the large market cities are by no means heavy. Light to moderate re- ceipts are reported in most cities. Slack- ness in demand so far has prevented any general upward tendency of prices. Advances and declines near the first of the year were about equal in number, but there was a decided tendency to- ward firmness in -market position of leading products. The light remaining holdings of Northern cabbage are be- ginning to take effect on prices, and there were sharp advances in some markets. Potatoes and sweet potatoes showed irregular trend, but there were small gains at many shipping points in producing sections. Onions are still in firm position. Apple markets are irregu- lar, and the gains in some markets on certain varieties are offset by losses elsewhere, Potato Shipments Light. Market supplics of potatoes are far below average requirements and amounted to hardly more than 300 cars daily near the first of the month. Track holdings of 12 markets combined were less than 600 cars. Most cities reported light to moderate supplies and slow de- mand. Prices were holding well, as a rule, but failed to show anw distinct upward trend in consuming centers. Main Green Mountains, the leading eastern line, still sold at a jobbing range of 85c to $1.15 per 100 pounds, although Washington and a few of the Southern markets quoted $1.25 to $1.60. Selected Canadian potatoes advanced to $1.75 per 90 pounds in Boston. Im- ports from Canada have been possible* to a limited extent, despite low prices and the tariff, because of careful grad- ing and packing, but all imports, in- cluding early potatoes from Mexico and Bermuda, amount to only 2 per cent of domestic production. New York Round White varieties were steady at 95¢ to $1 per 100 pounds in Baltimore and Pittsburgh. Pennsylvania and Mary- land stock brought 85c to 90c. Chicago market was steady in general but quot- ed slightly higher on Maine Green Mountains for March delivery. Gains of a few cents per hundred pounds were predicted in several im- portant producing sections around the first of the year. Holdings continued light, but demand was improving and a stronger tone prevailed. Northern Maine quoted 43 to 48 cents per hun- dred pounds; Wisconsin and Michigan, 58 to 65 cents, and Western New York, 65 to 73 cents. The price paid to grow- ers mn Western New York producing sections holds generally at 25 cents per bushel in bulk. Demand showed indi- cations of improvement. Shipments of sweet potatoes are usu- ally less than 100 cars daily from all sources. Activity is chiefly from East- ern sections — New Jersey, Delaware, Maryland, Virginia and Tennessee. Storage stock from Delaware is a prom- inent feature in the receipts. Prices re- main about steady, although an ad- vancing tendency was evident in New York, where Maryland and Delaware sweets of the Jersey type brought 60 to 75 cents per bushel hamper. Boston and Philadelphia markets weakened a little, others were about steady, and general range was about 60 cents to $1. North Carolina Porto Ricans brought $2.50 to $2.75 per barrel in New York. New Jersey supplies sold steady at 60 cents to $1.25 per bushel in Eastern cities. Virginia stock was steady at 90 cents to $1.50 per bushel. Northern Cabbage Higher. Shipments of old cabbage are now mostly from New York. Prices show a slightly upward tendency near the first . |of the year at shipping points, where most sales of bulk stock range at $13 to $15 per ton. A similar gain occurred in Wisconsin shipping districts. Prices were about steady in Southern produc- ing sections. Supplies of old cabbags are moderate in most Eastern markets, and demand is only fair. New cabbage is still a limited supply. New York storage stock sells at $16 to $22 per ton. Prices show a rising tendency in the East and have moved sharply upward in several Midwestern markets. Dis- tribution of Eastern cabbage shipments extends to points in the West as far as Nebraska and Kansas, and considerable quantities have been shipped to the South, as well as to the usual markets In Northeastern seaboard States. Onion Stocks Lighter. Remaining stocks of onions appear to be about half of those & year ago and not much competition from for- elgn sources is to be expected unless prices go still higher. A fairly steady market has prevailed the last month or 50, and the preceding sharp price gains . | have been well sustained. Tendency to hold for higher prices is strongly indi- cated in preduction sections. Ship- ments are light and truck holdings in city markets are very moderate. Firm- ness prevailed toward the first of the year in all producing districts. De- mand was active in Western New York and Michigan at around $1.75 to $2 per 50-pound sack, and slightly higher for choice stock. Prices in the city mar- kets have shown in some cases little difference from the level prevailing at some country shipping points. Gains of about 10 cents per 50-pound sack were recorded on many sales in New York, Boston and Philadelphia, and the gen- eral Eastern range was $1.75 to $2.25 for New York yellow varieties. Massa- chusetts seed-grown stock brought $1.70 in Boston. Prices at Baltimore and Pittsburgh tended upward on best lots of yellow stock. Celery and Carrots. Holdings of celery in cold storage in Western New York near the end of De- cember were locally estimated at about 500 carloads. About three-fourths of them in Wayne County. This quantity is about 50 per cent more than re- mained at the corresponding time a year ago. Many of the shipments are going to market on consignment. Hold- ers are trying to clear out stocks by the middle of January in order to es- cape the increasing competition that will be met by that time from new-crop celery. Shipments from Florida are ex- pected to be unusually active, although crop damage in that section will tend to reduce yields and offset the increased acreage. Prices of golden self-blanch- ing celery in the Rochester district ranged mostly $1.25-$1.65 per two-thirds crate. Demand is slow and market dull. City markets mostly tend lower and prevailing jobbing range, including much stock of only ordinary quality, is $1-$2. Prices on Southern celery are being fairly well maintained in most city markets. Not many sales of carrots are re- ported from Eastern producing sections. A few sales at 90c to 95¢ per 100 pounds occurred in the Rochester district. City markets showed an upward trend, ad- vancing 5c to $1.10 in New York, and to lf(:x}fi 1?4 ‘Wasl n n. lerate supplies and rather slow demand continue the features of the general apple markets. There is no distinct trend in prices. Changes have been along the line of varieties rather | than the general supply. Receipts are moderate and dema slow in nearly all Eastern cities. 3 Since earliest days A’mierlca has been socialiie and o, oL TUmeTous un| mostly of European e Shames The I ‘. day of e year at Lon-