Evening Star Newspaper, January 7, 1932, Page 14

CA—14 wxx FI NANCIAL. THE EVENING STAR, WASHINGTON, D. . ¢, THURSDAY, JANUARY 7, 1932 NC IAL. BUILDING PERMITS IN SHARP GAINS Actual Work in Atlanta Still * Lags, Monthly Review States. Epecial Dispatch to The Star ATLANTA, January T7.—Following | seasonal increases in the sixth Federal | district from Midsummer through Oc- tober, the month of November disclosed seasonal declines from October in the volume of trade at both retail and | wholsale, and.in debits to individual accounts at reporting clearing house cities of the sixth district. Department store sales in November averaged 16.7 per cent less than in October, and were also 16.7 per cent smaller than in No vember last year. Wholesale trade de- | clined 11.2 per cent from October and | averaged 19.4 per cent less than in No- vember, 1930, and bank debits decreased 17.8 per cent over the month and were 20.7 per cent less than a year ago. No- vember had 24 business days, as against 27 in October, a difference of about 11 r cent. In these comparisons no al- owance is made for the different num- ber of days, compared with October, or in the different price levels compared wWith a year ago. Federal Reserve Bank credit outstand- ing at the Federal Reserve Bank of At- lanta ceclined somewhat between No- vember 11 and December 9, but c tinued much larger than a year ago Member b credit outsta ockly reporting member banks ween November 11 and Decexber 9 and continued less than a year ago. Beua demand and time deposits de- creased further, and borrowing by these weekly reporting member banks from the Federal Reserve Bank increased &ligth! Building Situation. Building permits issued at 20 report- ing cities increased 595 per cent, but contracts awarded in the district as a whole declined 51 per fent, compared with October, and permits were 51.9 per cent and contracts 63 per cent less than in November, 1930. For the 11 months of 1931 permits have been 35.5 per cent contfacts 25 per cent less than in that part of 1930. Coal production in Alabama and Tennessee and pig iron Pproduction in Alabama declined in No- Vember and continued less than a year ago. Cotton consumption in the United States declined 7.2 per cent and‘in three States of this district 7.5 per cent, but the daily average increased about 2 per cent from October to November, and in the United States was 3.3 per cent, and in these three States 3.7 per cent larger than in November last year. Production of cotton cloth by reporting mills in this district was larger in November than for the same month a year ago for the seventh consecutive month The volume of reserve bank credit putstanding at the Federal Reserve Bank of Atlanta declined from $104,000,000 on November 11 to $96.500,000 on Novem- ber 25, tncreased to approximately $103,- 800,000 a week later and declined to $96,300.000 on December 11. These changes Were due partly to fluctuations in discounts, but principally to the de- cline in holdings of purchased bills. Detailed Bank Report. Holdings of discounted paper in- creased from $50,671,000 on November 11 to $58,098,000 on December 2, but declined to $54,081.000 a week later, a net increase of $3,410,000 in the four- week period from November 11 to De- cember 9. This increase in discounts was more than offset, however, by a decline of $11.044,000 in the bank's holdings of bills bought in the open market. Compared with the corre- sponding report date a vear ago, dis- counts on December 9 this year show an increase of $21,666,000, holdings of pur- chased bills were greater by $9,699,000, and United States securitiss owned by the bank show an increase of $9,485, 000. Other securities were held on De- cember 9 amounting to $600.000 Cash reserves increased between No- vember 11 and December 9 by $6,165, 000, and were then $86,756,000, com pared. with $135293,000 on the same Teport date a year ago. Member bank reserve deposits de- clined slightly between November 11 and December 9, and were $11,517,000 less than a year ago, and total deposits de- clined $1,764.000 between November 11 and Decerber 9, and were $5.198,000 smaller than at the same time last year. Federal reserve notes in actual circu- | lation on December 9 were $234,000 greater than four weeks earlier, but $3,380,000 less than a year ago. Business Notes 217 , 1 93 11 901 57 10714 607 19'2 5 581 12915 1t 17 52 5 2 31 10 05 651 26 0t 79 140 % OlivFarm ° 16 o7 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 13.) Stock and Sales— Dividend Rate Nat Cash Reg (A)... Nat Dary (2.60) at Dist I'rod (2)... m & Stamp. . 4 Natl Lead (3) . at Pwr & Lt (1)... Nat Steel (2) . upply Co. ! irety (2). Nat Tea (1) ¢ Con Cop (40c) ewport Industrier Y Central...... Y Chicags & St L. ¥ Chi & StL pf 74 Y & Harlem (5)... 30 Insestors. . 3 N H & Hartford 108 NH&HDf (.. 10 Ont & Western. . Shipbuilding. . iphldg pf (7). da Mines (2) Norf & Westn (f1 Norf & Westn pf (4) + North Am Aviation. Nor Amer(b10% stk) 4 North Amer pf (3).. North Am Ed pf (6). 1 5 Northern Pacific3).. 145 % Ohio Ofl. . Y ANY Y ¥ ¥ 1208 45 6 10s 10 185 aprof. 1 308 12 60s 15 408 as & Bl (2). 16 hting (3). 4 Pacific Tel&Teleg(T) 20s Pacific T& T pf (6). 308 Packard Motor (40¢) 5 Par-Pub (b10% stk) Parmelee Transport Pathe Exchanze Pathe [ixchange (A) Patino Mines. . Peerless Motor Car Penick & Ford (1) Penney (J C) (2.40). Penn Dixle Cement. . Penn Dixie Cmt pf.. 1 Penna Rallroad (2).. 83 Peoplbs DS pf (6%) 108 Peoples Gas(Chi) (8) Pere Marquette pf. Pet Milk e Petrol Corp of Am. Phelps Dodze Co. Phila&Tteading C & I Phillips-Jones Co Philip Morris&Co Phillips Petroleum. . Pierce Ofl. ... Pierce Ol pf. . « Orpheum Circuit pf. % Otis Elevator (234). Otis Elev pf (6) ¢ Otis Steel. Otis 10s . Pierce Petroleum 631 7L Pillsbury Flour (2). Pitts Coal. . Pitts Coal pf. Pitts Uniteddf (7). Pittsbgh & West Va. Port Ric Am Tob(A) Pratrie Ol & Gas. Prairie Pipe Line. Pressed Steel Car Proct & Gamt /2.40) Pro & Refiners. ..... Public Sve NJ (3 40). Public Sve NJ pf (5) Public Sve NJ pf (6) >ub Sve G&E of (5). Pullman Corp (3)... Punta Alegre Sugar. PureOfl ..... Pure Oil pf (8). Radio Corppf (B) Radio-Keith-O(new) vhestns Man«(1 60) ding Ry Co ( Real Silk Hoslery. Remington-I Rem Rand 1st pf.. 12 Reo Motor Car(40¢). 3 Republic Steel Republic Steel nf. .. Reynolds Met (114). Reynolds Tob A (3). Reynolds Tob B (3). Richfield Of1 Rio Grande Oil. . ter Dent M ssia Insof An yal Dutch of NY Rutland RR pf. 19 608 210s feway Stores (5). 4« Safeway Strs pf (6). Safeway Strs pf (7). St Toseph Lead (60¢) -San Francisco. . StL-San Fran pf(6). Savage Arms. . aboard Air Line. . Seaboard Air Line pf Seaboard Oil........ Sears Roebuck (2% ) Servel Inc Shattuck (F G) (1) Snell Unfon Of1 Shell Union Oil pf. Shubert Theaters Simmons Co....... Simms Petroleum. Sinclair Consol Oi1 Skelly C Add 00 High. Low. Close Chee ) 1% 1 —1m High. 174 b4l Net. 19 [ a0 109% b1% 106 19 52i4 RIS 9% 40 21 bd'y 26 118y 45% 10415 1% 1878 B6% 6'y 1% 9 15% 27 8% 9 68 83 6% 109 80% 30 i 154 14 EEN 10:30 1:30 paymen! XEx-divicend 4% 1n st b Payab) h Plus 2% 3% in “tock — Stock and Low. Dividend Rate 6% South Port Rico Sug 28% Southn Cal E4 (2)... 26'5 Southern Pacific (4) 6% Southern Railway Southern Rallwa Spald(AG)1st pf(7). Sparks-Withington. . and Brands (1.20). Stand Comel Tobacce Stand Gas&El (3%). Stand Gas&El pf (4). Stand Gas&El pf (7) and Oil of Cal(2%) and Oil Exp pf (5). and Oil of Kansas. and Ol NJ (12).. Starrett (LS) (80c) Sterling Secur pf.... Sterling Secur cv pf. Stewart Warner. ... Stone & Webster Sales—" Add 00. High. Low. Close. B ™ 8 31 29 9 15 94 T 13% + 4 5 4 31% 83 301 4 608 113 1 2 29% +1 36ty +11 69 +4 24% + 3 Studebaker Co(1.20) 2004s udebaker pf (7)... an Of1 (1). . . 5 Sun Ofl pf (6). : 1 Superior Ofl. » Superfor Steel. « Texas Corp (2) Tex Gulf Sulphur(3) Tex Pacific Coal&Ofl Tex Pacific Land Tr. Thermold Co..... Chird Avenue. : hird Nat Inv (1.05). Thompson Starrett. ., Tide Water Asso Oil. Tide Water As pf(8) Tide Wat Ofl pf (5).. . Timken-Detroit Axle Timken Roller B(2). Tobacco Products. .. Tobacco Prod A + Tobacco Products c Transamerica Corp. . "ransue & Williams. i-Contl Corp. ..... ontl Corp pf(6) Truax Traer Coal Co Twin City Rap Trasit Ulen & Co. s Underwood-El1-F (3) Union Bag & Paper. . Unlon Carb & (2.60) .. Union Ofl of Cal (2). Union Pacific (10)... Unit Afrcraft....... Unit Afreraft pf (3). Unit Am Bosch Unit Carbon. Unit Cigar Stort Uit COrp (76¢) auens Uait Corp pf (3).. Unit Electric Coal. .. Unit Frult (3). Unit Gas&Im(1.20).. Unit Gas&lm pf(5).. U'S & Forn Secur. U S Gypsum (1.60).. U S Indus Alcohol. .. U'S Leather U'S Leather (A). U S Pipe & Fdry (2). U S Realty & Imp. U S Rubber. U S Rubber 18t pf. .. U S Smtg & Ref (1). U S Steel Corpn (4). U S Steel pf (7)..... 1% United Stores (A)... 157 Univ Leaf Tob (3). . 80'x Univ Leaf Tob pf(8) 24 Univ Pic Ist pf (8) T Util Pwr & Lt A (2 11 Vanadium Corp. 81 Va Elec&Pwr pf ( 20%_Vulcan Detin (4) Wabash R R. Wabash RR (A).... Waldorf Sys (1%) Walworth Co. ... Warn Bros Picturei Warren Bros. . Warren Bros cv pf 3. Wesson O11&Sno(2). West Pa Pwr pf (6). West Pa Pwr pf (7). Western Datry (A).. Western Maryland Western Md 2d pf... Western Pacific. .... Western Pacific pf Western Union (6).. Westinghse A B(2). 2 Westinghouse (2%4). Westvaco Chlor 1.60. Wheeling Steel pf 3) % hite Motors. . White Rock (4) White Sewing Mach. Willys-Overland. ... -Overland pf. n & Co pf. . Woolworth (2.40). Worthington Pump. 46 Wrizley (Wm) (4) B4 Yale & 3 Yellow 6% Zouite Prod Corp (1) RI Peop G L & C..Jan 15 Sales of Stocks on Ne AM.. 300,000 P.M.. 1600,000 yidend rates as given in the sLess than 100 fock 1Blus 9% in stock le on stock e Payabia in cas in’ stock stock. m Pald this D Plus 2%a% in stock 12:00 2:10 P.M. 2 Plus 50c in special preferred stock veAr—no regular rate 3008 1 2108 18 % + HTS—EXPIRE. 8 1w 1 w York Exchange. Noon. 900,000 1,800,000 above table are the annual eash M o+ % bascd on the latest cuarterly or haif-vearly declarations shares tPartly extra 1P| a Paid last year—no reguln h or stock in k Plus nPlus 8% in € Plus 8% NEW YORK, January 7.—Slack de- mand for men’s hats has resulted in the lowest prices in several years. In the cheaper divisions, lined ‘styles can be bought for $13.50 & dozen, with some as low as $12.50. Prices on the important branded lines have also been lowered. Current inactivity and uncertain out- look for export trade has caused a fur- ther curtailment in manufacturers’ ex- port offices here, according to foreign trade executives. It is said that at least a score of manufacturing companies in other cities will suspend their export ac- tivities here this month. Most of them will conduct foreign business direct from their factories. 1 Jobbers in men's wear Tep volume in mail orders for Janu Demand has been coming from prac- ! tically all sections of the country, cov- ering all types of clothing and furnish- ings. Suits and overcoats to sell be- tween $15 and $20 are in especially ac- tive call | a good | Merchandise arrived here in large number ne past week, but | fewer were on hand than in the corre- | £ponding week of last year bu | - | Some “dropped” lines of rugs and car- pets have been released by floor cover- ing mills at discounts averaging 10 to 15 per cent on the former a 20 per cent on the latter. Only limited quan- tities were offered. DISTRIBUTIOI‘\I OF RAIL | BONDS IN U. S. SHOWN By the Associated Press ‘Testimon t the merce_Commission d: than 70 per cent of all and notes are held by ba d other institufions The latest com| ber 31, 1930, showed of $10,703,000,000 outstandi insurance companics 000,000, or 28 per cent, ir which protected 50,000,000 policyhe ers; mutual savings banks held $1,700,- 000,000 for ir 000,000 depositors member banks of the Fedcral Reser System held about $U87.000,000 at end of the third quarter of 1931, while the holdings of non-member institutions is reliably estimated at about $300,- 000,000 In addition o the above, the holdings of banks and trust companies in fidu- clary capacities; as well a8 fire and casualty insurance companies, univer- sities, religious and charitable institu- tions and hospitals, is said to be in excess of $1,500,000,000. nterstate sed ilroad bonds insurance Com- of Decem- of the total g then L% their asse fon hat a Raw Silk Imports. NEW YORK, January 7 () —Decem- ber impérts of raw silk toteled 50,617 bales, compared with 67,999 in Novem- ber and 64,616 in December, 1930. De- liveries to mills_wefe 48432 bales, against 50,645 in November and 55424 in December, 1930. The Silk Associa- tion of American, Inc. Teports an in- crease of 10 per cent in 1931 imports oveffjghose of 1930, A WASHINGTON STOCK EXCHANGE S AND DAY’S SALES VERDICT AWAITED 12— Federal Court to Pass on SALE! ton Gas 6s “A’ pital Traction Co.—1 mngton Gas 65 “A”—$ $1.000 at 100, $1,000 at 1 at Liberty (78) 1 10) 18 1,000 at 100, 00. | Washington ( (14 12) TRUST COMPANY BOND PRICES GAIN IN STEADY MARKET Reports of Favorable Turn| in Reparations Parley Result in Advance. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January T.—Although the bond market today met considerable profit taking from those who had brought around the December lows, it nevertheless continued its advance and attained new highs on the recovery Trading was on & fairly active scale The market opened firm, helped by the improved outlook in the Franco- ! German_situation | Reports from Paris and London that | a Franco-British agreement was near on the matter of German reparations | and private debts were hailed as| favorable omens for financial markets German government bonds swept up to | new highs on the movement, were | pressed down again on heavy profit | taking and then rebounded to fresh | highs on the day. from 2 to 5 points above Wednesday’s closing quotation The buying -of Dawes Plan T7s was especially insistent with bids for blocks of 25 to 100 bonds coming frequently. Young Plan 5'.s were also in brisk demand. German Central Bank bonds advgnced 1 to 2 points. Municipals like* Prussia 6! Frankfort 6.5, Saxon 7s, Bavaria 6!s and Colog 1 6.5 were higher Many German corporations and | municipalities were reported to have se- | cured forcign exchange with which to support their own bonds i As both London and New York re- | rd the German problem as the key- stone of the whole foreign investment market, the improvement spread throughout the foreign list. Belgian 61,5 were 3 points higher. Danish 65 ined a point. British 5':s recovered an opening loss and made a small gain, with sterling quotations measurably higher. Rome 65 and other Italian de- seriptions ran up 1 to 2 points. French bonds were firm Canadian government bonds and cor- porate obligations firmed on the steadi- ness of Montreal funds. Japanese bonds | were steady, though not inclined to fol- low the general improvement. Aus- tralians gained with higher exchange | quotations here and in London. German government bonds were the feature of a generally higher market | at_the opening. Young Plan 5'5s were more than 2 points higher around 37 and were at a new high on the recovery. Dawes Plan 7s were fractionally betier, while Ger- man Bank descriptions, municipals and corporate obligations all had sharp ad- vances. Prussia 6'.s opened 3 points higher. Belgian 6':s gained 2 points. British 5',s were firmer, with the point jump in sterling quotations. Other foreigns followed conservatively. In the domestic list, railroad bonds | were again the best group, with ad- | vances ranging from ', to a point in such issues as Denver & Rio Grande Western 5s, Southern Railway 5s and | Missouri-Pacific general 4s. McKeson & Robbins 5l>s with a fractional gain and American International 5'zs with 1,-point improvement led the indus- trials higher. Utilities were firm. ' United States Government long-term | obligations were narrowly higher. Motor Merger® Rumors. NEW YORK, January 7 (Special).— Rumors of mergers in the automobile industry are being given more attention at present than preliminary reports of | the demand to come from the annual | show opening here Saturday. So far these reports have not been substan- | tiated, but they are in line with con- | solidation tendencies in every branch | of business. The December output of | automobiles is given at 110,000 units, a | gain_of 40,000 over November, with a | possible increase, according to the Iron | Age, to between 125,000 and 150,000 this | month. The first quarter of the yea, however, is expected to show from a 23 | to a 25 per cent decrease from the | same period in 1931. INVESTMENT TRUSTS NEW YORK, January 7 the-counter market: (#).—Over- Bid Asked A B C Tr Shrs D VA ABC TrShrs B Am & Gen Sec A Am & Gen Sec B Am & Gen Sec 33 b Am Br & Con 6. pf e ; Am Comp Tr Shis e ; Am Fdrs 6 pi s | Am Fdrs 7 pf Am Fdrs 1-70th Com ... Fdrs cv pl cifs Fdrs_i-40 com Atl Sec pf Al Sec war All & Pac Ini units Central Nat C A Central Nat Corp B Century Tr Shrs 5 Chain & Gen Equities 3 | Chartered Invest : 1 Chartered Inv pf Chelsea Exch A Chelsea Exch B Cumuletive Tr Sh ON NEW YORK BONDS STOCK EXCHANGE Received by Private Wire Direct to The Star Office Sales. High. Low. 253 22 100% 100 100% UNITED STATES. (Sales are in $1.000.) Sales. High. Low. Lib 314932-47. 152 96 30 9628 L1st41%s32-47 59 997 991 L 4th 4% c33-38556 99 12 994 848 84 856 81 908 8924 90 16 90 16 90 8 8930 9313 936 97 20 9710 1018 101 1014 Sales. High. Low. 2:55 80 201 29% 7% T8 304 32 24 25 18 81 2:55. 96 28 995 | 99 10 843 IS 4%s4T Abitibl P&P 63 °53. Ab & St 5% "43.... Alleghany Cp 68 "44 Allegheny 53°49... Allegheny 53 ‘50 Allis-Chalm 65 '37. Am'F P 552030, 3814 AmIGChb%s'49, 65 Am Intl 6348°49... 69% Am Metal 5%8°34.. 50 Am S&R 1st 58°47. 92 Am Sug Ref 6537, 103 Am TAT cv 4%5'39 103 AmT&T 63 6 9% Am T&T c tr 6s '46. Am T&T 53 s 1 '60.. Am T&T 5%s '43. Am W Wks 58 '34. Am Wat Wks 6s°'75 Am Wr Pap 6s'47.. Aryentine 533 °62. Argentine May '61.. Argentine 63 Ju's9. Argentine 6s Oc'59. Argentine 6s A '57. Argentine 65 B '58. Arm & Co 4%5'39 Arm Del 548 '43. Atchis 45 190; Atchison gn Atchiscv 4% AtICLcl4s'52.. AUCL Ist4s'52,. AU Ref db 5337 Australia 4345 ‘56 Ausiralia 58°55. . Australia 53'67.. Austria 7s'43..... Austria 78 '67 ctfs. B&O 45’43 B&O414s'33.. B&Ocv4%s'60. B&O 15t 5548, B&Orf65°95. B &0 53D 2000.. B&O6s's5....... B&OP&EWYV 4541 Ban & Aroos 4s'51. 3k of Chile 6%s ‘57 Bk Chile §%s '61.. Belzium 6s ‘55 Beiglum 63%s'49.. Belglum 78 ‘65 Belgium 73 '66. .. Bell Tel Pa 53 B '48 Bell Tell Pa 5s C'80 B Ind Loan C 65’46 Berlin Cy El 68 '65. Berlin 6% '50. Beth Stl pm 53 '36. Beth Stirf5%s"42. Bolivia 8 47 Bordeaux 6s'34. . Bost & Me 4% s ‘61, Bos & Me 58 '55. Bos &Me 55 '67. Brazil 64526 Brazil 614827 Brazil 7 Brazil 854 Bremen 7, S Pk Ed gn A 58 '49. Bklyn Elev 6% s Bklyn Man 6s '68. . Riiyn Un 58°45. Budapest s '62. . Buenos A 6s'61 Pv. Buff Gen El 4148'31 BR&Pitt 433 '57. Bush Ter con 53 '§5 Calif Packing 58 '40 Canada 4s '60. “anada 4%s '36. Canada 5s ‘52 Can Nat 4%s 54. Can Nat Ry 43’ Can Nat 4%s ‘67 Can Nat 4%s '68 Can Nat 4%s ‘55 Can Nat 55 Oct '69. Cen Nor 6%s db '48 Can Nor 7s db "40.. Can Pac db 4 Can Facific 4148 '46 Can Pac 435 '60. .. ‘ar Clin & O 65 '52. Cent Pac 4s '49. Cent Pac 5s '60 . Cent 111 G&E 55’51, Ches Corp 53 '47.... C&Ogen 4%s'92. C&O 4%sA'93.. &O43%sB'95. ., CB& Qgen 4s ‘58, CB&Q4%s"1... C B&Q 1st rf 6s'71. CB&Q Il dv 45 '49. Shi & Est [11 58'51. Chi Grt West 4s'59. Chi M & St P 45 '89. Chi M&StP 4% s E. C M StP&P 58 °75. . CM&St Padj 5s.. 9 Chi & NW en 4%s. 9% 318, | Chi Rwys 5s’27... & Chi RI&P gn 45 '88. 1 Chi RI& P rf 48’34 39 Chi RT1& P 4%s '52 Chi Rlcv 4%s'60, C TH&SE fn 55°'60. Chi T H inc 6s'60.. Chi Un Sta 4%s '63. Chi Un Sta 6s B '63. C & W Ind cn 45" Chile 63 ‘R0 Chile 55 '61. Chile 6863 Chile Cop dt Chin GVtRy 58 5. CCC&St L 4% s E'TT Clev Term 4145 '77. Clev Term 58 ‘3. .. lev Term 5%s ‘72, ologne 6%s60. .. Colomb 6s Jan '61.. | with | martial hat more | 100 barrels per | tari t $3.000,- | e | Federal Court inju the | ton. 3 Legality of Curtailment Program. By the Associat DALLAS, Tex the most turbulent of oil development as men in the i the a Houstor question of tial oil field tur ical hich h in the Middle We complications in T¢ t the same time 15 of prepared to defend them: ct Court at st s filed by Attorncy Allred, accusing ti v ion and $17,000,000 1 and po more t Daily Sterli; law Tegu y quota of Ea: Quota Reduced. Gov revision in the to well spite_of this, new drilling caused the field's quota to increase and producers volun- instituted a £ h ay” closing rule which he bring about a reduction from 31 daily n November to ly in December tate pro- duced 804,613 1 in Decem- ber as compa th an average of 844,621 barrels daily in Novembe Oil men watched with intere ction suit at Hoi e Constantin and Wrather, against the Governor and various State officlal: The principal question at stake was the Governor's right to declare martial iaw m the field last August 17, then | permitting wells to reopen only under strict military supervision. The Gov- ernor contended that he acted to pre- serve order in the field, without regard to such economic factors as the in- crease in oil prices which might be expected from production curtalment The Legislature enacted a new con- vation Iaw a. casure year. gly ad Commission aaded powers for enfo proration, but the merit of this meas- ure as a legal bulwark sgainst pro- duction excesses never was tested. In- da the brought by ug junction suits challenging the author- ity of that law were filed but the Governor never relaxed military con- trol of the field, contending even In the present Federal Court suil at Hous- Capital Traction Co.—10 at 18, 1814, 10 at 185, 10 at lg'l.,, 1815 10~ at 18'5 10 at 1815, Lrince/Georges ] 1814, 10 at 1874, 10 at 18'% | Wash. Loan & Tr. (i4) Bid and Asked Prices. i SAVINGS BANK. | Bank of Betnesda (a5) BONDS. | Com & Savings (10) | East Washington (12) PUBLIC UTILITY. & Bid. pre i o v, & Coin: Bk 105 Asced it Street 112) iof Ncehanics. (#9) i 108 FIRE INSURANCE. 8 60 | American (12) : " (10) % | Firemen's (8) National Union (15) TITLE INSURANCE, Columbia_ (6h) Real Estate (6h) | MISCELLANEOUS, 781, | Barber & Ross. Inc.. com Col. Medical Bidg. Corp Sand & Gravel pfd C. Paper Mfe. pfd Dist. Natl. Sec. pfd Emer. Bromo-Selz A" (3}’ I Storage pfd."(8) Co. com. (1201} Co. pfd.” (6) Moriotype (6) & Stge. com. (10) & Stge. pfd. (1) 2 zenthaler Linotype (6): " .. atl. Mtge. & Inv. pfd. (8).. Drug S. pfd. (615 M. & G. pid. (8) Ter. Ref. & Wh. Corp. (3 The Carpel Corp. (2) W. Mech. Mtge. com. (8) Wash, Med. Bldg. Corp. | Wdwd. & Tothrop com. Woodward & Lothrop *Ex dividend bBooks closed 10 at | , 10 at| Natl sav. & Tr, (12}) 10 at | Prince Georges BK. & Tr. er. Sec. & Tr. Co. (15) ) ) atas 39 5 62 I R Guar i01i; MISCELLANEOUS. @ Inc,. 6'us in0is 103 STOCKS. UTILITY iod 90" IONAL BANK. ot A Asked s 250 price | “(stamped) (10 i U. . TREASURY CERTIFICATES. | SWIFT ADDS TWO NE { ¢ 2 DIRECTORS TO BOARD 99 31-32 99 26.32 93 832 993333 99 3332 | Spectal Dispatch to The Star. CHICAGO, January 7.—At the forty- seventh annual meeting of shareholders |of Swift & Co., held in the general of- |fices in the Union Stock Yards this afternoon, all present directors were re- —_— ton that the excessive power was above review by the courts. Price Increase. Whether his action served to merely o V8 : scther his action servel 10 MLl | elected as follows as alleged by the plaintiff oil| L. F. Swift, Lewis L. Clarke, Edward nies in the Houston suit, ofl men F. Swift, M. B. Brainard, L. A. Carton, atched prices jump from the charies H. Swift, G. F. Swift, Harold 10-cent level they had reached last| .o oo "0 T Switt, August back to about 80 cents per bar- rel on East Texas crude. The number of directors was increased Drilling generally in the State has from 9 to 11. William B. Traynor and slowed down and little wildcatting is | John Holmes, now vice presidents of the | being done, the indus{ry evidently company, were elected. Mr. Traynor | awaiting the outcome of efforts to de- and Mr Holmes have been assoclated | termine the status of progduction regu-'with the company for 3¢ and 25 years, | lation. respectively, rporate Trust Corporate Trust A ‘A Corporate Trust Accum Ser Crum & Foster : Crum & Foste: Crum & Fost Crum & Fost 1 Depos Bk Shrs Depos Bk Sh N Y A Depos Ins Shrs A Diversified Tr A Diversified Tr B Diversified Tr C Diversified Tr D Equity Inve Equity In Equity Trust S| Five-Year Fixe Fixed Trust Sh Fixed Trust Sh Fund Tr Shrs Fund Tr Shrs B Granger Gude Winmill T Incorp Investor Incorp Invest Independ Tr Int Sec C Int Sec C int Int Sec Am 6's pf Inv Tr N Y Coil Invest Trustee Sh Leaders of Indust A Leaders of Indust B Leaders of Indust C . Low Priced Shrs Major_Corp Mass Invest Tr Mutual Inv Tr A Mutual Menage .. Nation Wide_Sec Natl Indust_Shrs Natl _Tr shrs N 'Y Bk Tr Shrs Nor Am Tr Shares Nor Am Tr Sh 1955 Nor Am Tr Sh 1056 Northern Sectl Oil Shi I Old Col Inv Tr Old Col Tr Assoc Petrol Trad A Public Serv It Repres Tr Second Int Se Second ‘Int Sec B Sec Int Sec G 1st' pf Secur Corp Gen 16 Pl Selected Am_Sh _ Selected Cumulatiye Shrs Sclected Income Sh Selected Manage Trust Shawmut_Bank Spencer Trask Fund . Stand All Am Tr Stand Am Tr 8 Stand Collat Trus State Invest Super uper Super c Super of Am Tr D Trust Shrs of Am Trustee Stand Inv C Trustes Stand Inv D Trustee St Ol Shrs Trusteed N Y C Bank Trusteed Am Bk Sh Tr Am BK_A 20t Cent Fixed Tt Two Year Trusi Sh ted Fixed Shrs Unit Pers 1-70 Com United Ins 8N United_Bank Ti : US & Brit Int Ltd A US & Brit Int $3 pf US Elec Lt & Pow US Elec Lt & Pow "B Universal Tr Sh o e | Colomb 6s'61 Oct. . Colon Oil 6838, Colo & Sou 4145°35. Colo & Sou 4%s ‘80 Col G&E 53 May'52 Col G&E cou 55 '61. | Com Inves 514349, | Con G NY 43%s51.. Con G N Y 5%s'45. Con Pwr Jap 6%s. . Con Pow Japan 7s. Consum Pow 5s '62 Copenhag 53 '52... Cuba 5%s'45....., Cuba RR 58 '62. ... Cuba Nor 6%s"42. . Del & Hud rf 4s'34. Del Pwr&L 4143 71 Denmark 5% ' Denmark 6s'42. ... D& R Gren 4s'36. D& K Gr414s°36. . D&RG W 5s'55.. DRG& W 5s'T8.. Det E G&R4%5'61. Dodge Br cl 63 40 Duquesne 41,5 '67. Dutch East I 6547, Dutch East I 6s'62. East C Sug 77831 Erie 1st con 48 " Erfe con 45 A '53 Erie conv 4s B.. “ | Erte gen 4s. 5 | Erfe cv bs ‘67 5% | Erla s 75, 92 | Finland 61 "45. 2 | Finland 6%s - | Gelsenk’hen 65'34.. Gen Cable 535 47 Gen Motors 68 '37.. 135°39.. 5148'49. Gen Th Eq 63'40. .. German 5% '65. .. 445 German Bk 63°'38.. &ds Ger Cen Bk 63'60J 14 Ger Cen Bk 6560 0 33 German 7s rep '49. 302 erman Bank 7s ‘60 Ger Gen El 75'45... 2 Goodrich cv 68 '45.. 19 Good 15t 634547, 2 Goodyr Rub 68'57.. 43 GrandTr sf db 6536 Grand Trunk 7s8'40. Grt Nor 445 1T E. Grt Nor 5573 | Grt Nor gn 5%s ‘52 | Grt Nor gn 7s ‘36 | Greek 65 '68 5 Hud & M adj 53’67, Hud & M rf5867.. Humble O11 5837, Hawali's sugar erop for this season ls estimated at nearly 925,000 tons, 42 41% 50% | 42 41 433 5% | 5 112 113 435 36 ) 981y 761 | 111 Bell Tell 5 111 Cent 4% "6 U1Cent 614536 ... 111 CCStL&N 55 A. . Inland St 4345 A'78 Inland St 4348 B'S1 Int Rap Tr 55 ‘86 Int Rap Tr sta '66.. Int Rap Tr 6332 Int Rap Tr 78 32. Int Cement 58 °48. . Int & Gr Nor 55 '56. Int & G N ad 63 '52. Int Hydro El 6544 Int M Co §s ret’ Int Match 5547, Int Pap 53 A *47. Int Pap 65 °56. .. Int Ry CA58'72... IntT&T4%s’'53.. Int T&T cv 4%8'39, IntT&T58'65.... Italy 7s 51, : Kan C FtS&M 4s'36 Kan City Ter 4s'60. Kan G&F 4%s'80.. Karstadt 6s°43. ... Kreug & Toll 58'59. Lac G St L 5s34. .. Laclede 53%s C'53.. Laclede 5%s D '§0. Lake Shore 3%s '37 Lautaro Nit 63 ‘54. Leh V cn 4145 2003, Lig & Myers 53 '51. Loew’s 65 ox w '41. Lorillard 5s ‘51 Lorillard 7s "44 La & Ark 5360 Lou G & El 53 '5! L & N uni 45'40. Lvons 63'34. McKes & R 5% 50 Manh Ry 1st 45'90. Market St 7s'40. Marsellle 63 ‘34 Midvale Stl 55 '36. . an 61452 MilERy & L. Mi) El Ry&Lt 53 *71 M StP&SSM cn 4s. . A M MK&T 4%s" MK & T adj 5s MK&T pr In b: Mo Pac gn 43 76... Mo Pac 58 F ‘17 Mo Pac 53 G '78 Mo Pac 55 H '30 Mo Pacrf 6381, Mont Pow 53 °43..., Montevideo 65 '59. . Mor&Co 1st 4% 5’39 Nassau Elec 45 '51. Nat Datry b%s 4! Nar Steel 53°56..... Netherlands 672, Eng T 1st 58 '52. NOT&Mb%s 54, Nw S Wales 58 '67. Nw S Wales 53 '58. NYCgn3ls 97 N Y Cent db 45°34. N'Y Cent 4338 2013 NYCrf4ls 2013, £ fm 55 2013 N Y Cent db 6s " NYC&StL 4%s ‘8. NYC&StL5%sA'TS. NYC&StL 6s'32 N Y Edisn 63 B'44.. N Y Fd 18t 6%s'41. NY ELH&P 4 '49. NY ELH&P 5148 NY NH&H db 45’57 NY NH&H 4%s 67 NY NH&H clt 65 ‘4¢ NYNH&H cd 6548, NY O&W 1st 45'92. NY O&W gn 45 '55. Y Rys 65 A '65 Y.St Ry 415 '62.. NY Tel 43%s°39.... NY W&B 43846, . Nia Sh Md 5345 '50. Nord 6348 '50. Nor & Wnev NorOT &L 6s 47, Nor Pac 33 2047, cr Pac 48'97. Nor Pacr16s2 . Nor St Pw §s A "41. Nor St Pw 65 B *41. orway 5%s'65. .. orway 6s ‘43 Norway 6344, & Norway 6s'52..... Orfent dev 5% 5'53. Pac G&E 53'42.... Pac T&T 1st 53 '37. Pac T&T rf 5852, Pan Am Pet 63 °40. Paramount 6s ‘47.. Paris-Ly M 65 '53.. Paris-Ly M 78 '58. . Penn 4%sD'81.... Penn ov 4%s60.., Penn gn 4% Penn 4%s Penn 4%s'63. Penn 58 '64. Penn gen 5s ‘68 Penn 645 '36. Penn P&L 4% Pere Mar 4145 '80. Peru 6s'60. ... Peru 65°61. ¥nila Co 53¢ 5 Phila Elec 4s'f1... Phil & Read 65'49. Philllp Pet 5%s ‘79 Pillsb F' M 63 '43... Pirelli 7s'52. .. P CC&StL 53 A '70. PCC&St L 55 B'75. P& W V4348 C60. Poland 75 '47. Poland 8s°'60. Port Gn E1 434 560. Porto Alegre 85'61. Pos Tel & C 55'53 Prussia 6s ' PubSv G 4%48°67,. Pub 8v G 43%s'70 Pure O11 535 °37... Rem Arms 63 A ‘37, Rem R5%s A 47 Rhinelbe 75 "46. Rhine West 63 '53., Rhine West 63 '55. . Rhine West 7s'50. . Riode Jan 8s'46. R Gr Do Sul 6s '68. Rio Gr W 1st 4539 RIAr& L 4'4s’34. Rome 6%4s8'52..... StL IM R&G 48'33. St L&SF 1n 48 A '60 StL&SF 4%s StL&SF p 158 B 60 StS Wends'32.... StLS W lst 4539, StL S W bs'52. StP&KC SL 4348’41 San A& AP 43’43, Sao Pau T840 ret. Sao Paulo 8s'36 Sao Paulo 85 °50. .. Saxon P W 6148’51, Saxon 78'45..... Seab A L 4s s Serbs-Cr-S17s'62.. Serbs-Cr-Sl 8s'62... Shell Un OI1 b8 *47. Shell Un Oll 68 49. Sinclair Ol 6% 8’38 Sinc O 7scv A Sine Cr O 5%s ‘38 Sinc PL 68 '42..... Skelly O1l 5%s "33, Soissons 63 36. ... Solvay Am 63 '42. . Sou Bell T&T 68 ‘41 SW Bell T 53 A '54. Sou Pac col 4549 Sou Pac ref 48 '55 Sou Pac 415 ‘68 Sou P 4%5'69 ww. Sou Pac 4%s ‘81 Sou P&Or 4%s 17, Sou Ry gn 4s '56 Sou Ry 53 '94. Sou Ry 6s°66. .. Sou Ry 6%s ‘56. Sou Ry M&O 4s St Ol N J 58 "4 StOIIN Y 4%s'51 Sweden 5%s 54, Swiss %8 46, Talwan EP 5% 71 Tenn EI P 68 A "47. Ter As St L 4853 Texas Corp 5. o Tex & P5sC'79... Tex & P 5s D '30. .. Third Av rf 45 '60. Third Av 1st 68°37. 44 58 82 29 93 'al Third Av adj 58 '60 Toho EI Pw 6532, Tokio 5%s e Tokio El Lt 63'53. Ulst& Dbsct 28, Un Pac 18t 4847 Un Pac s UnPacrt wool.. 39% 647 50 74 75 47 46 30 62 6315 o] e wan =~ 9 SR aCorunaARNNNg NNBN~ AROONA S SORRRn RS e NEEaMA NG DL T 3 Mo Pac5is A'49..119 38 591y 42 74 75 441y 4315 29 614 6214 35 15 397y 647y 50 74 75 47 46 29 62 6315 361 19% 50 54 501 48 31 43% 45 51y 48 8519 571y 841 8134 251 | 491, 924 72% 71 Tl 11 52 99 79 84 103 40% 2'4 46 9% 99%5 T4 92% 81% 82 8314 861, 39 597 1% 3113 | 29% 9514 3.116 o NRED RRNET a0 WO = o 5 6 18 2 42 6 T Ag——a 15 1 1 71 79% 931g 903 45 991y 82 100 100% 66 T9% 6515 66 2 FlomanraSonnSa—050ama 764 441y 82 51 55 351 100% 897% 8114 1025 57 9514 79 5% 63 6114 45 84 o 66 | STEEL PRODUCTION REVEALS INCREASE Current Schedules of 24 Per Cent of Capacity Re- ported in Trade. By the Associated Press. NEW YORK, January 7.—Steel ingot production_has recovered slightly from the December low point and is currently at 24 per cent, Iron Age said today This compares with a rate of 41 per cent a year ago. The Pittsburgh and | Chicago districts are only at 20 per cent, but Cleveland continues at 32 per cent. | The Wheeling rate has risen sharply to 40 per cent and the Birmingham dis- trict, aided by the resumption of the Ensley rail mill, is at 50 per cent. Backlog Small. p “Year-end orders for January ship- ment were meager,” said the review, “steel companies having accumulated scarcely any backlog. An unsettled price situation coupled with discouraging fundamental conditions, has contributed in no small measure to hesitancy among steel consumers and distributors in plac- ing January replenishment orders “Notwithstanding the slow start of the new year it is expected that steel operations will continue to gain mod- erately during January, with the pos- sibility that February will reflect the usual seasonal rise more than this month. “Automobile and farm machinery manufacturers are increasing their schedules gradually, and men are being called back to railroad shops for repair work, while industry has existed so long on a starvation basis that some buying for stock is held to be a possibility if price declines are checked. “Whether price-strengthening can be brought abcut in advance of a gain in volume of business remains to be seen, but Chicago mills are making 3 move in that direction, having taken a firm stand for $1.70 on plates, shapes and bars, a $2 a ton increase over prices that have recently represented sales in that district. “Meanwhile, further concessions of $2 a ton on automobile body sheets have been made and cold rolled strip steel and fender stock have weakened at Pittsburgh and Cleveland.” Production Figures. Pig iron production figures for De- cember add emphasis to what is already known of the sharp curtailment in ac- tivity last month. The daily average of 31,625 tons and the month’'s total of 980,376 tons make new low records for the past 10 vears. Furnaces in blast on January 1 were 56, a net loss of 11 since the beginning of December. The year-end figure 1s by far the lowest of this century and probably below that of any time since the Summer of 1894. The year's total pig iron production, not including charcoal iron and electric furnace ferroalloy, was 18,175,165 gross tons. Steel ingot production for the year is estimated at 25,000,000 tons. A further increase in output of automo- biles to between 125,000 and 130,900 units is indicated for January, with the first quarter estimated at 500,000 to 550,000 units. Ford is not expected to attain volume production of the new | eight-cylinder model until February.” CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS, NEW YORK, Jinuary 7—The fol- lowing is a summary of important cor= poration news prepared by the Standard Statistics Co.. Inc., New York, for the Associated Press. News Trend. According to the American Iron and Steel Institute, December operations of the steel industry declined to 23.58 per cent of capacity, which compares with 1 30.01 per cent in November, and 38.03 | per cent in December, 1930, Steel in- got production in 1931 amounted to 24,900,195 tons, the smallest total since 1921. | | W The Companies. | Cord Corporation—Affliate, Century | Pacific Air Lines, carried 28,136 pass- | engers in tke period July 3 to Decem- ber 31, 1931. , & Exchange Buffet declared 6'; cents dividend; paid 25 cents October 1. International “Paper & Power—An- nual saving through wage reductions | about $2.000,000. New England public service power sales of properties serving Maine, New Hampshire and Vermont up 21.8 per | cent in first 11 months cf 1931. Vick Financial—To take future divi- dend action semi-annually 2fter Febru- ary 15 payment. Waldorf system—Not _affected by sus- | pension of Gurnett & Co.; earned about 1$2.50 per share in 1931; dollar s:les for | yeer off 2.6 per cent. Cannon Mil Gets $500,000 bjth towel order from F. W. Woolworth Co. Chrysler Corp.—To construct assemi= bling plant in Los Angeles at cost $2,- 000,000 and $3,000,000. Consolidated Mining & Smelting of Canad>—Has reduced lead output by about 15 per cent, and zinc by larger amount; fertilizer business reported good. Firestone Tire & Rubber—California subsidiary to step up daily output from | 6,000 tires to 8500 February 1; 1931 output above 1930. National Cash Register orders ob- itained for over 2.000 machines total- ing several hundred thousands dollars. National Tea—December sales off 12.6 per cent; 12 months off 10 per cent. Page-Hersey Tubes, Ltd. — Current dividend rate fully covered in 1931. Syracuse Lighting files schedule of lower rates for mixed gas; to save con- sumers about $400,000 annually. Walgreen Co.—December sales off 2.5 per cent, 12 months up 4.7 per cent: had 469 stores in operation December 31, 1931, 465 in November and 441 December 31, 1930. American International Corporation offers to exchange one share of new $50 par, 6 per cent preferred stock and two shares common stock for each 21 shares. ! Sales. Hizh. UnPac4%s'$7.... 1 76 | Unit Drg cv 63'63.. 10 904 | Utd King 5%8°37.. 51 92 US Rub lst5s'47. 4 51 UnSt WeksA'4T, 5 Ud St W 6%4sA'51.. Ud St W 514sC'51.. Utah P& L 53 "44.. Util Pw 53 '59 ww, | Util Pow 5343 47.". | vanadium St 5s°41. Vienna 6# 52..... | Va Ry 4%s " . Va Ry & Pw 6834, Wabash 4% Wabash 1st 5 4 Wabash 65 B '76. . Wabash 55 D'30., Wabash 535 7 Walworth 68 A '45. Warn Br Pic 6x39. Warn Quin 65 °39. Warner Sug 7s '41. Warsaw 75 ‘58, West El db 5s 44 West Md 43’52, West Md 5%s'77. . West Pac 5s '46 | West Unifon 58 ‘51, West Unlon 63 ‘80, Wes: Un 6145 °36. . Wil & Co 1st 6341, WinRA 734841 Wis Cent gen 4 Yokohama 6s *61. Ygstn S&T 58 A'TS. 12 Ygstn S&T 53 B'70. 6