Evening Star Newspaper, January 5, 1932, Page 15

FINANCIAL. THE EVENING S TAR, WASHINGTON, D. TUESDAY, JAN UARY 2, CURB SHARES DROP | INHEAVY TRADING Market Moves Lower, With Leading Issues Slipping Fractionally. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, January 5.—Unsettled by the suspension of Gurnett & Co., a | New England brokerage house with liabilities approximating only $2,000.- 000, stocks on the Curb Exchange turned active and moved lower at an accelerated rate after a quiet and irreg- ular opening today Electric Bond & Share, appearing frequently in blocks during the noon hour, only 'y at that time Cities Service, | though not quite so active as Bond & | Share, yielded the same amount. | Standard Oil Indiana was down about 1, Slight which was | 1,000-share | was Off | of llies in the motors, Is and a few specialties provided the only con- trasts to the general downward during the forenoon. Just previous to the annual automobile show here the motor stocks traditionally are give vigorous whirl, but the clouded o for the industry this year has c the usual ardor of traders for motors at _this time. { Pennroad Corporation was one of the steady spots in the rail list. Rai Light and Securities, an investment trust whose portfolio consists largely of rails and public utilities, rose 2 points on as many sales The Curb Exchange active at the opening A block of 1,900 shares of Electric Bond & Share came out at 97, un- changed, and on subsequent trades rose fractionally. Cities Service, at 5%, was | off i, but quickly made up this loss on the next trade and then pointed higher Humble Oil, at 44, lost 3. South Penn Oil, at 9%, was ofl Standard Oil of Indiana declined to 14 and Gulf Oil was down the same amount at 26. Pennroad Corporation gained a {raction at 21, as did Cord Corporat Aluminum Co. of America, at was up 1%. Vick cial C tion, at 3%, hit a new low level for the year. Swift & Co. was down '. at 177 E. W. Bliss at 3%, was one of the first air issues to appear on the upside of the market SILVER PRODUCTION DROPS TO 1893 LEVEL | was irregularly 491, a- v the Assoclated Press Production of lver during 1931 i said by reliable estimates to have bren down to a point appr mating the 1893 level of production. The year's output | is expected to be at least 25 per ce less than in 1930. Average cost of duction during the year was estim i to be about 40 cents an ounce, or 2u0 ‘ 8 cents more than the curr nt world price level. | As silver is largely a by-product of | copper mining, it has been precicted | that production on the Ame"ican con- | tinent in 1932 will be smaller than last | year, due to an agrecmcnt to ur ul‘ copper production. African coppz- 1ires | are expected to increase their output | during the nt r. but very silver is_mined as a by-prod Africa. INVESTMENT TRUSTS ANNOUNCE STATEMENTS | By the Associated Press. | NEW YORK, January 5.—Several of | fnvestment trusts have announced their | 1931 statements. | The National Investors' Corporation | reported a net loss of $9,973, after e: penses, loss on sale of securities, taxcs and other charges, compared with a net profit of $73,731 in 1930. | Second National Investors'® Corpora- | tion reported net income of $241,093 exclusive of a $252,907 net loss realized | on sale of securities, compared with a 1930 net loss of $3(3,472 Third National Investors' Corporation | showed a net profit of $241,746, exclu- | sive of a net realized security sales loss | of $312,207. In 1930 the company re- | ported a net loss of $93.212. Fourth National Investors' Corpora- tion reported net income of $580.971, ex- clusive of a realized loss on sale of sc- curities of $600,033, compared With & | 1930 net loss of $1,025,195. Earns $75 a Share. NEW YORK, January 5 (#).—The First National Bar its annual state- ment, reported earnings of $7,597,910, equivalent to $75.97 a share. This was before setting aside & Te- serve of $2,070.191. In 930 the benk 649,773, or $126 a share. BONDS ON THE CURB 24 | % | | isfactory | corpora 4 197 | 2Ger Cons_Mun 6; 11tal Sup Pow 65 A 2 Mendoza Pr 51 6 Sauda P L A 55 ww—With war xw—_Without wa D New. wi—When issued Ttaly's rayon production for the first nine hs of 1931 was 13 per cent greater than that of the corresponding period of the previous year. NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. ~Prev. 1031 Hig 6 Stocks sold in 100-share lots except those designated by letter “s.” st Prev. 1031.~ Stock and Sales— High. Low. Dividend Ratg. ~ Add 00. Open. High. Low. Close. Abbott Laborat (214 ) 29 South pf(4).. 40s 30 Aluminum Co of Am 20258 49's Alum Goods (1.20).. 1 Am City P&L (A)a3 4 Am Cit Pw & Lt B. 3 Am Com Pow A Am Corp war. Am Cyanamid B..... Am Equitles. . Am For Pow war. Am Founders. . Am Gas & Am Gas & E! Am Invest Inc (B). Am Invest war. AmLt & Am Lt & Tr p Am Mfz Co aracaibo Am Superpower.. .. Superp 18t (6). . ¥ 30 50 Mo-Kan Nat Inve: Nat Pow Am Util & Gn B vtc. Am Yvette C Anglo Chil N Ap. Arcturus R: Niag-Hu Niag N Nipissin Noma Arkansas Nat G Ark N G cu pf (60c). Assoc Elec Ind ( AssOG&EL (A) b%. Asso Tel Ut (b8 %). Atl t & Sugar Atlas Util Corp. ... Auto V Macv prpt2 Bell Tel of Can (8) F W) (b8%) Blue Ridge Corp. ... Brazil Trac Lt&P(1) 1lo Mfg (60c).... ffN&E P st (5). tuft N&EP pf (1.60). rma rets t27 3-5c. Cable & Wire B rets. anadian Marconi Carnegle Metals it Pub $ Nor Am SeFl PacG & 39 14 Parker Phila Co Philip M; 1 1 1 L 3 33 10 108 3 508 10y 1% 991y 441, 46% 1 25 Premier s Serv f (6)... vP&LDL (6).. Claude Neon Lts Inc. 3 Clav El 1llum (1.60). ¢ Com Wat Ser g12%c Col OIl& Gas vt L Pie vie th Edison ( Sou war.. to Merch. . 0 (3.60) m (k2%). Pub Util Railway 1% 1 3 Commw 1 ol A | Gas | Mins Cord Cory 55 Corroon& ey pf(A). Creole Petroleum. ol (4¢). Crocker Wheeler Darby Petroleum. Dayton Air & Deere & Co De Forest Radlo. Detroit Afreraft. Dow Chemical (2).. Duke Pow (5). Durant Motors. 5 tG & F As pf(6).125 t Util Assocev.. lec Bond&Sh(b6%) 33 lec B & Sh cu pf 5.. Slec B & Sh pf (6). Elec Pow Assoc A (1) El Shareholdg (b6 %) Emp G & F cu p£(8). mpire Pwr pt(2.24) mpire Pub Sve (A). urop E Ltd A (60c) tubbero St Ant St Regis ecu Cor Selected Slet Ind entry S Shenand; Shen SWG& Stand In 1087 221 18 8914 nd Of 13 Dividend Rate. Marion Steam Mass Util Assoc. Mavis Bottling (A) Mead Johnson (15).. Merritt Chap & Scott Michigan Gas & Oil. Mid West Ut (b8%) Mid W U lec (400). . Nor & So Am Corp A. Nor St P Ohio Copper. Overseas nd Pwr & Lt (2). roock & Co. tutz Motor Car. ock and Sal Add 00. Open. hov. 2 % 5o 1 2 tev pf xw 6 Pipe Line. .. Nat Aviation. .. Nat Fuel Gas (1). Nat Investors stors war | & Lt pf (6). Nat Rubber Mach Kat Service Co. Nat Sh T Sec A t60c. Nat Sugar N J (2). Nat Transit (1)... Nat Union Radio. New Bradford Oil New Eng Pow pf (6) New Jers Zinc (13) Newmont Mining. N Y Shipbuilding Cp. N 'Y Steam Cp (2.60). N Y Telpf (6%). N Y Transit (t1).. d Pow (40¢) Niag-Hud Pow A w.. Share (Md) 20c. s-Bemt-Pond (1) . Util Sec. 1 4 1 1 ow pf (7). . 2008 2005 Sec. s Pac G & E pf 1 Pandem OIl. tust F Pennroad Corp (40c) Penn Wat & Pow (3) (new) orris Inc. Pilot Rad Tube A. .. Plon G M Ltd (12¢).. Pltney Bowes (b4 %) Pittsbeh Plate G (2) Pratt & Lambert (3) Gold (12¢) Prudential Invest... 2 Prudential Inv pf(6) 1008 Hold xw. & Lt Sec(2) Reliance Int A. . Republic Gas Corp. . ode Is I* an Antelope Min.. . Rockland L& (90¢) 2 Roosevelt Field Ine. pL(2).. id (4).... ety Car Heat & L. ony G 5 iold. I alt Creek Prod (1). eaboard Util (28¢). p Gen (40¢c). industries. . Sle Ind al ctfs( prior(5%).. afety Cont.. oah Corp. .. ndoah Corp pf. Silica Gel ctfs. . Smith (A. 0.). 2 ou Cal Ed pf C(1%) outh Penn Oil (1).. Southld Royalty 20c. Epf ( 5 vest cm pf. . Stand Ofl of Ind( 1). Stand Oil of Ky 1.60. tand O1l Ohio (2%). 9 10f O pf (5). 258 1 2458 Swift & Co (2) 42 29% ajardo Sugar. .... Ford Motor. Can.. A. Ford Mot Ltd 36 3-5¢ Fox Lheater (A) Gen Alloys. Gen Aviation. Gen Theat Eqcv pf.. Glen Alden Coal (4). Tech Hu oy Ti Tri-Utili Tubize Cl > Un Gas of Canada (1) Tampa Electric (32) ghes (60¢). . ns Lux DL P ties. . hatel. B nit Corp war 1% %, h Knitt 18 LA&D Gt At&Pac Tea pf(7) Gulf Oil of Penna kmester Lind. nilton Gas v.te... Mining (40c). Hollinger Gold t70c. Humble Ol (12).... Hydro El Securities. 11l Pow & Lt pf (6). Imp Ol of Can (50c) Indiana Pipe Line(1) 1 Insull Inv (b6%)... 4 Insurance Security.. 2 Int Hydro ev pf 3%. 508 Int Petroleum (1) 11 In'state Equity cv pf. 1 s Interstate Hosiery. . Jonas & Naum cm pf Lake Shore M (12.50) Lefcourt Realty 1.60 n Oil & Refining. . Lone Star Gas n 8c. Long Island Lt (60c) Long Is cu pt B(6)..1258 Magdalena Synd 1 260 122% 6% 18% 6 10s 11 17 26 Unit L & USE U S Foil 1508 4 Welch G Wil-low 2 1 1 1 Pub Sva 1 Dividend 1ial payment. able in cash end 1 “Ex di or in s than its just share of taxes, and that! it already contributes about one-eighth of the Federal revenue. Factors Concerning Dividends. Everybody’s nit Dry Wenden Copper 5% in Docks ¢ Service. Unit Founders. Unit Gas Corp. .. Unit Gas pf (7). Unit Lt & Pw A (1 Pwr pt(6).. Pow ww. (B) (50¢c) U'S Inter Sec 1st pf.. Util Po & Lt (b10%) Util Equity pf(3% ). Venezuela Petrolm. . Vick Financial (30¢) Walgreen Co . Walker. H (25c).. 1 rpe Juce(1). 508 Cafeterias. . Woolwth Ltd 17 4-5¢ “Y" Oil & Gas. 5 RIGHTS—EXP! Com Edison.. .. N1 2 rates in dollars based on last quarterl IRE 13 1 1% Feb 21, o8 of semi-an- s 4% in stock. e Adjustment vidend. stock stock. k. fPartly extra. iP bPayable in stock g Plus 6% in stock. hPlus 1% in k Plus 10% {n stock. m Plus 39 in p Paid iast year—no regular rate, and interest a 7 per cent $25000,000 vestment returned plus a premium of $47.50 per bond. It should also be of interest to call » | Substantial tariff as a_relief measure | | ply: WILBUR QUESTIONED ON OIL TARIFF STAND Direct Answer in “Simple Kansas Language” Asked by State Official. By the Associated Press. TOPEKA, January 5.—A request for a direct answer “in simple Kansasj language” as to whether the adminis- tration favors a tariff on oil was asked of Secretary of the Interior Wilbur yesterday by Thurman Hill. member |of the Kansas Public Service Com- | mission. Declaring the oil industry would |await the answer with interest, Hill in a telegram to Wilbur asked: “Do ou and the administration favor a for 22,000,000 people directly affected in nine oil producing States? “This can be answered in simple Kansas language, yes or no.” Wilbur previously has informed Hill, by quotations from his annual report, that he favors a permanent working arrangement for the oil industry to in- |clude an adequate conservation agency in each State, uniform conservation laws and an interstate advisory board to fix periodic quotas for production by | the various States. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., January 5.—White potatoes, 100 pounds, 85a90; sweet po- tatoes, bushel, 50a90; yams, barre! 1.00a1 beans, bushel, 2.50a2.75 beets, per 100, 2.00a3.00; Brussels | sprouts, per quart, 10a cabbage, bushel, 7581.00; Tots, crate, 3.00a 4.25; caulifiower, crate, 2.10a2.25; cel- crate, 1.50a3.00; cucumbers, per, 5.00; lettuce, cre onfons, per 100 pounds pep- pers, crate, 1.50a3.00; spinach, bushel, 50a65a squash, bushel, 1.25a2.50; to- | matoes, 50; turnips, ham- per, 20a35; ap) bushel, 50a1.00; grapefruit, box, 1.50a2.75. Dairy Market. Young, 18a22; Leghorns, 21a22; Leghorns, 10a12; ducks, 12a23; a fowls, pair, 25a50; Chickens- 14a16; old hens, 15a18; rooste s, 161 Guir turkeys, 20a30 Eggs—Receipts, 3 receipts, 26a27; hennery Butter—Good and fancy creamery, 28 a32; ladles, 20a21; process, 23a24; store packed, 15a16. Hay and Grain Prices. at—No. 2 red Winter, export, no No. 2 red Winter, garlicky, 573;; January 57%; current Wh quotations yellow, domestic, spot, new, 2.00a2.10 white, domestic, 34a34'.. 40a45 none. New hay is g to arrive in increasing quan- but so far no official grading has | attempted. selling being strictly on merit. Demand for old hay slow and market is dull and quiet, with prices in buyers' favor at a range of 13.00a 1650 per ton Straw—No. 1 wheat, 8.5029.00 per ton; No. 1 oat, 9.00a10.00 per ton. Live Stock Market. Cattle—Receipts, 50 head market steady. hoice to prime, none; good 7.00a8.00; medium to good, fair to medium, 4.25a5.25; plain to fair, 3.50a4.00; common to | plain, 3.00a3.50. Bulls—Choice to prime, none; good | choice, none; medium to good, 400ui fair to medium, 3.50a4.00; plain‘ 3.25a3.50; common to plain, | 44a45; cob corn, spot, | rby, light sup- to, 4.50; to fair, |3.00a3.2 Cows—Choice to prime, none; good | to choice, none; medium to good, 3.75a 400; fair to medium, 3.25a3.75; plain to fair, 250a3.25; common to plain, 1.5082.50. Heifers—Choice to prime, none; good to_choice, 5.00a6.00; medium to good, | 450a5.00; fair to medium, 4.00a4.50; plain to fair, 3.00a4.00; common to plain, 2.50a3.00. Fresh cows and Springers, 30.00260.00. | Sheep and lambs—Receipts, 50 head; | ht supply; market steady; sheep, 1.00a3.00; lambs, 4.00a7.50 Hogs—Receipts, 600 head; fair sup- ply: market lower; lights, 5.00a5.30; heavies, 4.50a4.90; medium, 5.00a5.30; roughs, 3.40a4.15; light pigs, 4.7585.00; pigs, 5.2085 40 Calves—Recelpts, 50 head; light sup- market steady. Calves, 3.5029.50. CHAIN STORE HEADS HOPEFUL OF RECOVERY DURING NEW YEAR Rebuilding of Business Structure on Sound Lines and Closer A&justment of Prices to Costs Necded. They Say. Special Dispatch to The Star. NEW YORK, January 5.—Business is now down to brass tacks, and although deflation has not been completed, the outlook for 1932 is good for those who accept things as they are and build, not on a foundation of high hopes, but on basic facts as they exist. This is the viewpoint of leading chain store executives, expressed in a sym- posium prepared by the National Chain Store Association. sald: Albert H. Morrill, president of the National Chain _Store Association “Forecasting is a hazardous enterprise. General business forecasting is as haz- ardous s any. There are no facts, visible today, upon which to base a statement _that business is recovering “There is some evidence that in some lines business is not growing worse. De- flation has not been completed. It is possible that business will stage a par- tal recovery without complete deflation Confidence in some lines is returning or at least lack of confidence is de- creasing. This is notably so in the Middle West in financial matters. See Return of Prosperity. “There is not the slightest doubt but that ultimately the country will recover, with or without recovery in the rest of the world. The United States is rich in materfal resources. in the intelli- gence of its people, in business inge- nuity and in basic courage. It will readjust itself to changed conditions, however, disagreeable or even painful such a readjustment process may be. The readjustment will take more than a few months, but while it is taking place, methods are being improved. habits of hard work are being acquired, and means are being develoved which will make possible the greatest era of prosperity and development the coun- try has ever known, once the readjust- ment is_completed. Earl C. Sams, president of the J. C Penney Co.: “Certainly we must find in the new year certain definite im- provements., “We have gone through two years of depressed business. Out of this experience has come the realiza- tion that we must accept things as they are and build, not on a foundation of high hopes, but on basic facts, as they exist at present “We have been absorbing losses. The most unfortunate man or business at the present time is that one which has tried to balance between hopes for profits that might have been and fear of total loss of what remains. “The most happily positioned is that one which has accepted the inevitable losses, but has consolidated what good has remained out of the experience. Such a one can face the future with the assurance that there are no accu- mulated losses out of the past to threaten future operations. “Business has, in general, retreated to its secondary lines of defense and has dug in. This is always a strong posi- tion, because in it business forces are consolidated. Units are under better control and better able to withstand shock. Thinking Forward. “Those of us who will start to ‘think | forward’ and not ‘backward’ will profit out of this change in attitude. We are out of the old positions. That is cer- tain, The thing to do is to make the best of the new “Price will be the strongest material | factor in keeping business going during 193: cept ‘our own position will be the psy- chological highlights. “The extent to which the retail mer- chant can expect business to come in over his counters will depend entirely upon the extent to which he is willing to go in keeping prices down to the absolute minimum. “This has already been demonstrated in a forcible manner in varying lines of merchandise, ranging from food to luxuries. ‘In the conduct of retail selling it means _that merchants upon lower prices stimulating more rapid turnover. They must look to small profits on a few turns. Such merchants as have realized this truth about the present buying_ attitude on the part of the general public are seeing their efforts produce results. “There must be a closer margin be- tween the price the retailer pays to the These executives | ; courage and the willingness to ac- | must depend | FINAN SLEATL. *¥x A—15 goods at the lowest posstble profitable price. They must shrink still further, n many instances, the gap between the manufacturer’s price and the price at, which they offer merchandise to their customers, for only thus may em- ployment gains be recorded and broader purchasing fields assured. “The last remaining obstacle to the setting up. and stabilizing, of new price levels, the real estate situation, is. now by way of being removed. “Leases are being taken at rentals which reflect the fall in commodity prices and the new level at which merchandise is to sell. And more and more landlords in whose vaults are lon; term leases at inflated figures, are vo! untarily lowering their rentals in order to protect long term profits, as well as to secure the benefits of deflated prop- erty assessments New York Cotton Special Dispatch to The Star. prices on the Cotton Exchange today | | were 1 point lower to 2 points higher. | Trading was fairly active, with a bet- |ter foreign demand and trade buying | | offsetting a fair volume of commission | house and Southern offerings. | January opened at 6.12, unchanged; March, 6.22, unchanged; May, 6.40, ug 2: July, 6.57, unchanged; October, 681, | | off 1, and December, 6.97, up 1. 'l Grain Market By the Assoclated Press | CHICAGO, January 5—Grain prices averaged higher early today, influenced | by Liverpool reports of better inquiry for wheat and by firmness of Argentine offerings. Cable advices said European wheat supplies were disapeparing and | | that severe Wintry weather was en- larging consumption | " Opening at % off to % up wheat | afterward sagged a little and then | scored gains. ' Corn started unchanged to 's-% higher and subsequently held near the initial limits. Upturns in wheat values were al by advices from railroad sources ind | cating a Kansas wheat crop of only 130,000,000 to 140,000,000 bushels this year, against 240,000,000 in 1931. There | was no material selling pressure on the market at this stage, and prices soon | | advanced about a cent from the early | | low point. Signs pointed to a mod- I'erate export business in North Ameri- | can wheat overnight. | European continental port stocks of wheat were asserted to be smaller than a year ago. There were also advices that various _transatlantic countries could not continue to withhold from | the market unless Argentina shipped large quantities abroad unsold, an jn- likely event at the present level of prices. 8,000 RAILWAY WORKERS ACCEPT LOWER WAGES By the Associated Press. NEW YORK, January 5.—The South- |ern Pacific Co. announced yesterday that approximately 8,000 employes, or | about one-half of the personnel f| | Southern Pacific lines in Texas aad | | Louisiana, have accepted an uncondi- | tional 10 per cent reduction in wages, effective January 1. This is in addition ‘0 about 13,000 Southern Pacific shop workers who, it was announced last week, had accopted 10 per cent reduction, also ef-ective Ja1- uary 1. POTATO MARKET. CHICAGO, January 5 (#)—United States Department of Agriculture.— | Potatoes—Receipts, 58 cars: on tra 165; total United States shipments, 465 steady, !rfldmf only fair; sacked, per cwt., Wisconsin round whites, 80-85; few fancy, 90; Idaho Russets, No. 1, NEW YORK, January 5—Opening |Ilo Sm——— CONSTRUCTION GAIN THIS YEAR FORECAST Increase of 17.5 Per Cent in Build- ing Predicted by Copper Research Bureau. By the Assoclated Press An increase of 175 per cent in building construction is expected by the Copper and Brass Research Poundation for 1932, This estimate, reduced to dollars, will represent a gain of more than $500,- 000,000, bringing the total for the year to about $3.420,000,000. The greatest gain is expected in the Central and Middle Western States. Construction in this area was well under the average during the last year. A shortage of houses in suburban sec- tions of cities and in many small towns is expected to swell the total in that territory by $200,000,000 on the foundation’s estimates. An increaesd volume is also looked for in New England, the Midatlantic and Southern States and on the Pacific Coast. In the New York area a drop is expected in commercial and indus- trial building, but this should be par- tially offset by residential construction, the estimate said. The foundation's tabulated estimate construction expenditures for the year follows cial $393.000.000 1 225.000.000 305.000.000 167000000 287,000,000 82.000.000 121000000 55.000.000 1.780.000.000 .$3.420,000,000 cational tals, elc buildings | Washington Produce 34; tub, 33. current re- Butter—One-pound pr Eggs—Hennery, 28a30; ceipts. Poultry, alive—Turkeys, old toms, 20 a22; young toms and hens, 25a28; chick- ens. 3 pounds and over, 18a21; 2 to 2!% broilers, 114 to 2 pounds, large, 14al16; small, 12a14; Leg] 13al4; roosters, 10; keats, young, 40a45; old, 25a35. dressed—Turkeys, old toms, young toms and hens, 27a30; chickens, 3 pounds and over, 20a22; 2 4 pounds, 22a25; broilers, 11 23a25; hens, large, 17a19; small, Leghorn hens, 14a15; roosters, keats, young, 60a70; old, 50. Meats—Beef, prime, 16; choice, 15; good, 12':a13; cow, 9'5al0; lamb, top, 15; fair to good, 14a15; common, 11a12; veal. top, '4; medium, 12'2a13; pork loins, 8 to 10 pounds, 14al5; 10 to | 12 pounds, 14a15; fresh hams, 8 to 10 pounds, 13; 18 to 22 pounds, 19; smoked hams, 16al17; strip bacon, 16al7; lard, 80-pound tins, 81z; package, 9; com- pounds, 7a7! Live stock—Hogs, light and medium, 4.75a4.90: heavy, 4.00a4.50; roughs, 2.50 23.50; calves, 5.009.00; lambs, 5.00a7.00. Fruits—Strawberries, pints, 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, Almeiras, 2.00a2.50; Emperors, 2.00a2.50; lemons, 3.50a5.50; tangerines, 1.25a1.75; per- simmons, 1.00a2.00; kumquats, quart, 10a15; bananas, 1.00a2.50. Vegetables — Potatoes, 100 - pound sacks, 1.25; Idaho bakers, 2.50a3.75; 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, 5.0085.50; peas, 9.00; lettuce, Iceberg, 5.00a5.50; cabbage, new, 1.75a2.00; old, 75a1.00 spinach, 75a1.00; kale, 65a75; caul flower, 250; mushrooms, 75a1.00; broccoli, 3.7524.00; turnips, 50; arti- chokes, 4.0025.00; yellow squash, 3.50; celery, 3.50; cucumbers, Cuba, 5.00; eggplant, crates, 3.50. COAL i’;ODUCTION. By the Associated Press. Production of bituminous coal showed a sharp curtailment during the week ended December 26, partly as a result of the Christmas holidays. The out- put for comparable periods, as meas- ured by the Mines Bureau, follows: Week ended December 26 5,400,000 tons Previous week 7,056,000 tons Same week last year. 6,980,000 tons INVESTMENT TRUSTS | attention to the fact that during 1914 | manufacturer and the price he charges to the consumer. The public is insist- ing on this. And the public is showing that it will increase its volume of pur- | chases in direct proportion to increases offered n values. “In many of our lines we are show- ing large increases in unit sales over | last year, where we have offered equiv- alent products at considerably lower prices. Stimulation of volume pur- | chases will reduce current stocks and provide an increasing flow of new Business Notes NEW YORK, January 5.—A slightly firmer tone prevails in the market for print cloths and a fair volume of busi- | ness has been put through since the g of the year, most of it in 39- 80 squares which sold for late juary and February delivery at 5 cents, and for spots at 5'x cents. Busi- NEW YORK, January 5 (#).—Over- the-counter market: G Tr Shrs D C Tr Shrs & Gen Sec A & Gen Sec B Gen_Sec § 150-1.60; No. 2. 100-1.05; Colorado | McClures, 1.40-1.45; Michigan Russet- | Rurals, 85-90. By Aaia \ 2% % A B AB Am | FOREIGN EXCHANGE. (Quotations furnished by W. N London. pound Baris, e els, beiga . mark. . Rome, lira Brus B Business Dividend action on Atchison, Topeka | & Santa Fe, scheduled to be taken to- day. will depend largely upon the cash | position of the road and other pertinent factors, including the budget, according to W. B. Storey, president. At the be- ginning of last year the company held Government securities and cash_aggre- | gating close to $53,000,000. Beyond | stating that the present cash position | is lower than a year ago, Mr. Storey | declined to give any indication as to | exact amount. As to earnings for c past year, estimates of about $7 a | share would appear conservative. Main- | tenance of the present $10 rate is very doubtful. A reduction to $7, or even lower, is generally looked for. There are as yet no indications of any marked stability for 1932 in the oan sold in this market on behalf of | the Department of the Seine 10 years ago at 901, | original Naso g decions n1S conr ea T ditates Inads inny of Private Initiative. Federal Task Seen. BY DR. MAX WINKLER. Special t NEW YORK, January 5.—Liquidati which developed anew in the secur market must be attributed to the fa of a number of important financial stitutions, announced at the begin: of the new year. It is becoming creasingly evident that private 1 tive is not sufficient to cope with U existing banking problem. The National Credit Corporat bears ample testimony to the cc ess of thigview. It appears that Government will be obliged to take t. situation in hand if it is in earnest about safeguarding the interests of millions of depositors. While many may frown upon Gover ment guarantees of deposits, the sug- gestion is herewith advanced that th Government at once should declare publicly that it will be prepared to aid financial institutions which may become embarrassed through extension of loa on the granting of credits, pending adjustment of the affairs of the banks in question. e The proposed reconstruction n is expec to accompli Unfortunately precarious condit t ossibly wait much longer Reflection of Dividends. markets in probability reflect w action might be taken b of corporations scheduleq month oads which are to meet in uture include, besides Atch & Santa Fe, the Delaware Pennsylvania and Norfolk 28 cost of the issue was | 625,000, or $905 per $1,000 bond. | se_who have retained the bonds ce flotation have received for each bond of $1,000 denomination $700 by | way of interest and $1,050 representing | capital, or a total of $1,750 on an in- | estment of $905. | In other words, the investor got his money back, had a liberal income for years, and made a net profit per bond of $145 On March 1 the kingdom of the Netherlands will call for payment at a 6 per cent 1 of 150,000,000 iilders, of which the major portion as sold in the United States about and a half years ago at 96. The of the bonds, on the basis of the { issue, was $57,600.000. Interest i o date approximated $33 0.000, while the sum repaid amounts 60,456,000, or a total of more than 0,007 on an investment of $57- 1000, In this case the original in- idustry, says C. H. Carlisle, p >’ Goodyear Tire & F W this not p in a dend ber to nt is made on the common stock arlisle added, in spite of the fact after regular dividends an appre- amount has been added to sur- id full consideration given to erves for depreciation, inven- ints receivabl and depre- stment in Canadian gov- ace Tobacco and o will | An extra he forx al surpris 1 store divis at ut $5 a share and show- rnings hpplicable to the stock of . p for the 12 months ended S D A on the Wool- 0, 1931, Utilities Power & Lig i mecting ‘JI attract some atten- A shares constitute somewhat of | i There is, of course, no doubt as tery. It is unusual for utility to the continuance of the regular rate. | companies comprising important oper- On the basis of earnings, an additional | ating units to be quoted in the market payment would not be unwarranted el Operations of American Tobacco have been extremely a 'y for the year 1931, according to George W. Hill, pres- ident Because tobacco largely by the there is a gr further ta rth mes actual profits. There is no rea- | to doybt that the latter differ in | way from those which are being | s0 an Tepor products are used t mass of people, public opposition to Foreign Investment Profits. It might be helpful if some one were Federal or State, Mr. | 10 call attention to the profits occasion- | 5 He further points out made by investors in foreign securi- | the fact is being fu'ly recogaizzd Qn January 1 there was paid off that tobacco is already paying more !0 the Americam investing public at 105 | * | not that of a majority of stoc | timony on a move to strike out the de- Drices equivalent to less than three | gha" aetantion | were quoted at 25 and 30 cents, retail. 31 foreign bonds refunded to Ameri investors aggregated well over $2 000,000, There is a time for rending asunder and a time for putting together, the author of “Ecclesiastes” reminds us. | Not so very long ago it was fashion- | able to expand in every direction Where a company had a million shares, five times that number was created Such action on the part of enterprises | was regarded as constructive, @nd the response marketwise was encouraging With the age of reason gradually r turning, the re-establishment of the o order is universally resorted to. It believed that many corporations which have millions upen millions of shares outstanding will reclassify their c mon stock capi umor has at General Motors may be among the first to do it. A one-for-three basis is inti- mated (Copyright. 1932, by the Newspaper Alliance. R-K-0 OFFICIAL FILES } DEMURRER TO PETITION ! &= Special Dispatch to T BALTIMORE, January 5.—A demurrer to & petition by J. Cookman Boyd, a. ing that a recapitalization move b; Radio-Keith-Orpheum Corporation declared void because of misrepresent tion of stockholders by proxies, was filed today in Circuit Court by B. B. Kahane, | vice president of the corporation. | i murrer contradicts the whole | which was filed by Boyd after | recapitaliza was offered in defense of the local attorney’s earlier | move to have receivers named for the | motion picture concern After the recapitalization meeting Boyd charged the vote to reorganize was holders r tes- m- North Inc.) Americ the be | and asked the Circuit Court to he cision to recapitalize This charge was denied in Kahane's h pointed out a careful on the proxies that ap- ockholders’ session. FIRST SHAD .SHIPMENT ARRIVES FROM FLORIDA peared at the Local fish dealers yesterday received the first shipment of shad of the sea- son. The shipments came from Jack- nville, Fla., and vicinity and claimed of retailers and con- sumers. Dealers said the fish were of excep- tionally good quality. Roe shad were offered at 40 cents, while the bucks | that most of the stores will hold buyers | lines, | through on 39-inch 72-76s was done at 44 Cluett, Peabody & Co. announce that prices on the Spring lines of Arrow shirts will remain unchanged. Featured retail ranges will continue at $1.95, $250 and $3.50. The new lines will be sent out this week The annual Spring opening of do- mestic chinaware lines in Pittsburgh next week will be featured by cream, canary yellow and ivory shades, which will be offered principally in 53-sets and quare shapes to retail from $8.95 up. ted in Ic iture trade the attendance of Eastern 5 at the Spring furniture markst ricago will be the smallest in years 1t is said pred in The show opens in two weeks. at home to direct Midwinter sales cam- paigns this month, BALTIMORE'S. SHIPPING POSITION IS IMPROVED Special Dispatch to The Star. BALTIMORE, January 5—In spite of a decline in actual shipping volume, Baltimore's position as a shipping port for domestic and foreign commerce was bettered during 1931, according to the annual report of the Export and Im- port Bureau of the Baltimore Associ- tion of Commerce. Among the fagtors outlined by G. H. Pouder, director of the bureau, as in- strumental in strengthening Baltimore's position as a port were new or expanded shipping services of eight steamship expenditures of approximately $4,000,000 by governmental or private interests in harbor-dredging _improve- ments and approximately $1,500.000 in new foreign business by Baltimore manufacturers and merchants. Re-establishment of Baltimore as a port for overseas passenger traffic the establishment of direct passenger and mail service be- altimore and Europe by the Mail Steamship Co. and fa- il-rate adjustments were other ed by Mr. Prouder. ght steamship lines, 29 oper- ating overseas service, 8 engaged in the intercoastal trade and 11 operating in thec oastal trade, serve the port of Bal- timore, it was shown. Britons Buy Meat Cheaper. Meat prices have fallen to such an extent in recent months throughout Great Britain that they are now prac- tically down to the pre-war level—ex- cept for certain choice cuts. This sea- son prices have been greatly affected by large importations of frozen meats, Wholesale prices were slightly lower. Making of matches is growing rapidly in North China in spite of the lack of manufacturing machinery. #* especially from Australia and New Zealand, as well as by the increased supply of home-fed stock. For a pe- rlod of 10 months imports of mutton and lamb increased 320,000 tons. \ ville Shoe Corporation years have tested brutally | and of the resourcefulne busin sion unparal count! ness de there is such a word as optimism. There are business men right positive that regardless of what else the the contra: witness very definite business based upon our experience of the past two years: based, that is, upon | hard fact: have long since rid themselves of super- | fluous, expensive functions, and figura- | tively tightened their belts hard-to-get business. will win patron- age in 1932 in direct ratio to the sin- cerity and effort they expend in selling | STOCK AND BOND AVERAGES By the Associated Press. merchandise. “The result will bf increased em- | ployment and the stabilization of retail | prices on a new basis. ident of the Mel- “The last two very girder the country's business have caiied forth all of management; shown the folly of fancy theories and beliefs with which we tinseled the | fundamentals during the easy inflation times. Now, looking ahead into 1932, s is down Lo brass tacks “There has been a business depres- eled in the history of our and whenever there is a_busi- ession people are apt to forget | Ward Melville, pres span structure in They now who are New Year will bring, it will not bring an improvement in retail business. Removal of Obstacles. “With these T cannot quite agree. On | v, T expect the new year to improvements in | not hopes. Concerns which | for leaner, | From Yesterday STOCKS. 50 Industrials. 58.3% 60.1 Today Previous day. Week ago. Month ago Year ago...... Three years ago.. Five years ago.. High. 1931- Low, 1931-32. High, 1930. . Low, 19 High, 19 Low, 1929 * New low. BON. 20 Inductrials. 64.8 65.8 Today Previous Week ago. Month ago Year ago. . Two years ago.. Three years ago Low, 1930. High, 1929. Low, 1929. Zarich, frarc Athens, drachma Madrid. peseta Vienna. schilling Budapest. pengo Prague. crown (nom.) Warsaw. zloty. Copenhagen. ~crown Oslo. crown Stockholm, SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co.) Allis-Chalmers 5s 1937 American Chain 6s 1933 an Tel & Tel 5'is 1943 Wat. Wks. & El 8s 1034 timore & ding He 18:30c crown 19 05c Americ Ohto 4725 1933 ingway Co. fs 1936 teel Corp. 65 1938 4155 1935 s 1933 sland 45 1934 & Wheeling 55 Colorado & Southern 415 Commercial Credit C: Delaware & Hu Denver & Rio Grande 4'zs Mot. Accep. Corp. 6s 01D, 55 2aaSeat Gen Gener Gener Grand Trunk of Houston E. & W Humble Oil 3'zs 1 Laclede Gas Light Co. 55 1934 le & Nashyille 55 1937 ork Cent. & H. 45 1334 Northwestern Telep. 4'ss 1934 Penna. R. R. 61;5 1936 Portland General Elec. 55 1935 Republic Iron & Steel 5s 1940 Sinclair Crude Oil 5i3s 1938 Southern Pacific 55 1934 St L LM S R &G. 45 1933 Union Elec. Li. & Pow Union Oil Co' of Calif Virginia Rwy. & Power Wabash Rwy. 5s 1939, s 5:50 Edition. 20 Rails. 20 Utilities. 92.7% DS. US Elec Universal Tr sh