Evening Star Newspaper, January 8, 1932, Page 14

SAVINGS ACCOUNT PROTECTION URGED Changes in Laws May Be Made by Various State Legislatures. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, January 8.—The rec- ommendations periodically made by State superintendents of banks that “thrift accounts” be segregated from the general group of commercial de- posits have gained force and momen- tum in the past year from the unfor- tunate experiences of depositors in insolvent institutions. It is not un- likely that more vigorous measures may be taken by State Legislatures this Winter in an effort to create a preferred status for bank deposits that are primarily of a savings character. As a general rule, the increase in ! the deposits of & majority of the in- terior or so-called “country banks” in the past 20 years, and especially in the last decade, has occurred in those representing the savings of bank clients and made to insure the safety of thelr principal, and gain at the same time the benefit of a moderate re- turn in interest. Savings 60 per Cent. Savings deposits probably average 60 per cent, and commercial deposits 40 per cent of the total. Frequently, banks show in their statements time deposits as high as two-thirds of the total of all deposits. There has been 8 gradual widening of the margin be- tween the two as the influence of the city benk has spread into the inte- rior, and local corporations and chain stores have deposited funds in met- ropolitan centers that formerly were Jbanked in the home institution. Mutual savings banks are compelled to invest the deposits of their clients in certain restricted types of securities, such as real estate, first mortgages of a prime character, Government and mu- nicipal bonds and the mortgage obliga- tions of raflroads and public utilities that pass the specific requirements of the State in which the savings bank is located. Commercial banks, on the other hand, may place the funds of their depositors, including those moneys realized from “thrift accounts,” in such investments as their boards of directors considered safe. It becomes, therefore, a matter of judgment as to the type of securities in which a commercial bank invests. Unfortunately thrift funds have in too many instances in recent years been employed to purchase domestic and foreign bonds on which there has been a heavy depreciation in market value and some defautls in interest payments. It is obvious that the entire policy of commercial banks toward their invest- ments could not be immediately recast. The recommendation just made by Supt. Broderick in New York State is that a period of five years be allowed the commercial banks to make changes that would place a higher type of in- vestment behind savings accounts, and in the end build up a portfolio approxi- mating in character that of the mutual savings institutions. Fundamental Change. One of the fundamental changes compelled by the proposed new order of things would be a reduction in the rate of interest on savings accounts in com- mercial banks. The competition be- tween these banks for new business has developed policies of high interest rates. To support these it has been necessary to invest in securities that, in turn, pro- duced an average ranging from 4 per cent to 4!2 per cent to the depositor and at the same time giving a margin of profit applicable to the stock of the institution. High interest rates on com- mercial bank deposits and purchases of securities of inferior ratings have gone hand in hand all over the country. ‘There are bankers who believe that a thrift account in a commercial bank should not receive as & maximum over 21 per cent interest, and that, on this basis, the bank could afford to invest and hold against such deposits the highest types of corporation securities and a much larger percentage of Gov- ernment ohligations and short-term notes than is now to be found in even the best portfolios. This would also permit them to compete with the mu- tual savings banks in the large centers, as the average depositor prefers to have his money in his home bank rather than | out of town, even though it may earn somewhat more in the latter location. There has also been some suggestion of a guarantee of bank deposits. This was tried out in & number cf the West- ern and Northwestern States a few years ago and did not prove satistac- tory or prevent depositors in institu- tions that were fundamentally weak from losing a portion of their funds. (Copyright, 1932.) Washington Produce Butter—One-pound prints, 33; tub, 32. Eggs—Hennery, 23a25; current re- ceipts, 20a22 Poultry, alive—Turkeys, old toms, 20 #22; young toms and hens, 25a28; chick- ens, 3 pounds and over, 18a21; 2 to 2% pounds, 20a21; broilers, 1% to 2 pounds, 21a22; hens, large, 14a16; small, 12al14; Leghorn hens, 13a14; roosters, 10; keats, young, 40a45; o]d, 25a35. Poultry, dressed—Turkeys, old toms, 24a26;._young toms and hens, 27a30; chickens, 3 pounds and over, 20a22; 2 to 214 pounds, 22a25; broilers, 133 to 2 pounds, 23825; hens, large, 17a19; small, 15a17; Leghorn hens, 14al5; roosters, 13; keats, young, 60a70; old, 50. Meats—Beef, prime, 18; choice, 15; d, 1212a13; cow, 915a10; lamb, top, 16a17; fair to good, 14al5; common, 11a 12; veal, top, 14; medium, 1212a13; 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, 16ai7; strip bacon, 16al7; lard, 80-pound tins, 8%; package, 9; com- pounds, 7a7} Live stock—Hogs, light and medium, 4.7524.90; heavy, 4.00a4.50; roughs, 2.50 $3.50; calves, 5.0029.00; lambs, 5.00a7.00. Pruits—Strawberries, pints, 15a18; quarts, 30a35; apples, bushel b 1.00; fancy box stock, 2.50; Florida, 3.00a3.75; 4.00; grapefruit, 2.25a3.25; pears, 2 3.25. pineapples, 3.50; grapes, Em- perors, 3.50a4.00; lemons, 3.5085.50; tangerines, 1.25a1.75; persimmons, 1.00a 2.00; kumquats, quart, 10al5; bananas, 1.00a2.50; Alligator pears, flats, 2.50a 3.00. Vegetables — Potatoes, 100 - pound sacks, 1.25; Idaho bakers, 2.50a2.75; sweets, 25a1.00; tomatoes, repacks, 3- pan containers, 2.25a3.00; hot house, 8-pound baskets, 2.00; peppers, 2.00a 3.00; carrots, bushel baskets, 1.00a1.25; beets, per 100 bunches, 3.25a3.50; string_beans, 250; limas, 5.00a5.50; peas, 9.00; lettuce, Iceberg, 5.00a5.50; cabbage, new, 1.75a2.00; old, 75a1.00; spinach, 75a1.00; kale, 65a75; cauli- flower, ' 2.50; - mushrooms, _7521.00; broccoll, 3.75a4.00; turnips, 50; arti- THE EVENING STAR NEW YORK STOCK EXCHANGE Received by Private Wire Direct te The Star Office. (Continued From Page 13.) Stock and Sales— Dividend Rate. 24 Newton Steel 3 24% N Y Central..... 31 24 N Y Chicago & 8t L. [ 5 NYChi&StLpf.... 101 N Y & Harlem (5)... 17 NY.N H & Hartford 52 NYNH&HDf (T).. 5% N Y Ont & Western.. 94 N Y Steam 1st pf(7): 10 Noranda Mines (2).. %, Narfolk & Southern. 105% Norf & Westn (112 2% North Am Aviation.. 26 Nor Amer(b10%stk) 79 North Am Ed pf (6). 1414 Northern Pacific3).. 21 Northwest Tele (3).. 19% 5% Ohio Ofl, . 614 1% Omnibus Cor] 58% 16% Otis Elevato 16% 31 Otis Steel 547 29% Pacific Gas & El (3).. 6915 35 Pacific Lighting (3). 11% 3% Packard Motor (40¢c) 361 18 Pan-Am Pet B(1.60). 51 Par-Pub (b10% stk). 1 Parmelee Transport. 1 Pathe Exchange. ... 14 Pathe Exchange (A) Patino Mines. . Peerless Motor Car.. Penick & Ford (1). Penney (J C) (2.40).. Penn Dixie Cement. . Penn Dixie Cmt pf... Penna Rallroad (2).. Peoples Gas(Chi) (8) Pere Marquette pf... Pet Milk . Petrol Corp of Am. Phelps Dodge Co Phila Co 6% pf (3) Phila&Reading C & I Phillips Petroleum Plerce Ofl..... Pierce Ol of. Plerce Petroleum Pillshury Flour (2) Pirelll (A) (m3.13).. Pittsbgh Serew & B.. Pitts United pf (1) Pittsbgh & West Poor & Co (B) . Port Ric Am Tob(A). % Port R Am Teb (B).. T 4 Postal Tel&Cable pf. 414 Pratrie Oll & Gas.... 2615 5% Prairie Pipe Line.... 47% 5% Pressed Steel Car pf.. 71% 86% Proct & Gamb (2.40). 6. 1 Pro& Refiners. 16 3 Prod & Refiners pf. 9615 49% Public Svo NJ(3.40). 10213 78 Public Svo NJ pf (5) 120% 92 Public Sve NJ pt (6) 107% 87% Pub Sve G&E of (5). 581 15% Pullman Corp (3)... 2 3% Punta Alegre Sugar. 11% 3% PureOfl..... 55% 10% Purity Baker 27% 5 Radio Corp.. 551 20 RadioCorppfA3%. 60 915 Radio Corppf (B)... 2% Radio-Keith-O(new) 17 Real Silk Hosfery. .. 17 Remington-Rand. .. 104 2% Reo Motor Car(40c). 25% 4 Republic Steal. 54 8% Republic Steel pf 22% 7 Reynolds Met (1% 7515 69 Reynolds Tob A (3 5415 8215 Reynolds Tob B (3 6% % Richfield Oll. 10% 1% Rio Grande Oll. 26 3% Rossia Ins of Amer 42% 13 Royal Dutch of NY 691, 88% Safeway Stores (5). 7 St Toseph Lead(60c) 3 StL-San Francisco. . 4% StL-San Fran pf(6).. 3% Savage Arms.... 3 Schulte Retail Stor 14 Seaboard Alr Lin % Seaboard Air Line pf 5% 3eaboard Ofl........ 30% Sears Roebuck (2%). 314 Servel Inc... 3%, Sharp & Dohme. 81 Shattuck (FG) (1).. 21 Shell Union O1l 5 1 Shubert Theaters 67 Simmons Co. 315 Simms Petroleum. 4% Sinclair Consol Ofl... 2 Skelly Oll.... 10 Skelly Ofl pf ww. % Snider Packing 2 Snider Packing pf. 8% Socony-Vacuum (1). 6% South Port Rico Sug 87 Sou P Rico Sug pf(8) 28% ‘Southn Cal E4 (2). 26'% Southern Pacific (4 6% Southern Raflway... 10 Southern Railway pf 94 Spald(AG)1stpf(7). 2 Sparks-Withington. . 9 Spencer Kellog(30c) 10% Stand Brands (1.20). 11 5 108 51 90% 107 60% 4715 » 0 e S Y > Y YOI SUTRY SIS SOOI CRSOL s TV~ IS ~TORR IRy ppwpey 80% 19% 112% 541 109% 65% 83 115% 13% 16 20% 'Add 00. High. Low. Close. Chre. 28 5% Bk Net. 5% + W 3% + U +1% + % —B% & +1% +1 I —11 s 3% % 29 % 6% 4 5% 12 265 206% 387% 611 28% 7% 1% 12 | 31 28 26 51 27% 15 8% 20% 3% in stock. Low. 25% Stand Gas&El (3%). % Stand Gas&El pf (4). 5 23% Stand Oll of Cal(2%) 87% Stand Ofl Exp pf (5). 26 Stand OI1 NJ (13). 1614 Sterling Secur cv pf. 5 26% Sun Ol (1) 11 Superheater 1114 Telautograph (1.40). 24 7% Utll Pwr & Lt A (2). 8 14 6% 11 71% 384 Va-Caro Chem pf (7) 71% 20% Vulcan Detin (4).... 17% D Plus 3%% in Stock and Bates— Dividend Rate. Md% 10 Stand Gas&El pf (7). 2 b1 2 7% Stand Ofl of Kansas., 2 43 5 1 3 4% Stewart Warner..... 11 974 Stone & Webster 9 Studebaker Co(1.20). Studebaker pf (7). 2 Tennessee Corpm.... 974 Texas Corp (2)...... 19'% Tex Gulf SBulphur(3), 4% Tex Pacific Land Tr. 37 Thatcher Mfg Co 8% The Fair 114 Thermoid 515 Third A 11% Third Nat Inv (1.05) 6% Thompson Prod 1.20, 7« Thompson Starrett. . 214 Tide Water Asso Ofl. 2014 Tide Water As pf(6). 30 1615 Timken Roller B(2). Tide Wat Oll pf (5).. 1% Tobacco Products 6 Tobacco Prod A t Tob Prod A ctfs f95¢ 2 Transamerica Corp.. 274 Transue & Willlams. 2 Tri-Contl Corp. . 361 Tri-Contl Corp pf(§) 24 Trico Products(2%). 1 Truax Traer Coal Co 62111 Twin City R Tr pf(7) 13% 274 Underwood-Ell-F (3) Union Carh & (3.60) Union Ofl of Cal (2). Union Pacific (10). Unit Afrcraft Unit Afrcraft pi Unit Carhon. Unit Cigar Stor 4 Unit Corp (76c) Unit Corp pt (3). Unit Electric Coal. Unit Fruit (3). Unit Gas&Im (1.20) .. Unit Gas&Im pf(6).. 1/ S & Forn Secur. 3 U S Gypsum (1.60 » = Rubber 1st of. 8 Smtg & Ref (1) U 8 Steel Corpe (4).. U 8 Steel pf (7).. 4 United Stores (A). United Stores pf (4) Univ Leaf Tob pf(8). Univ Pic 1st pf (8).. @ & BRAT AL A AR NB AR R R RN o 3 & 108 Vadsco Sales pf Vanadium Corp 7 Wabash R R. .. 1% Wabash R R (A) Waldort Sys (1%). Walworth Co. ... Ward Baking (B)... Warn Bros Plctur Warren Bros. ...... Warren Broscv pf3. Warren Fdy & P 1.20 Wesson Oil&Sno(2). 4 Wesson O&Sno pf (4) West Pa El pf (6)... West Pa E1 pf (T)... West Pa Pwr pf (6). West Pa Pwr pf (7). Western Dairy (B).. Western Maryland Western Md 2d pf Western Union (§ Westinghse A B(2). Westinghouse (2%). White Motors. White Sewing Mach. White Sewing Ma pf. Willys-Overland. Wilson & Co pf. Woolworth (2.40) Worthington Pump, Wrigley (Wm) (4). Yellow Truck. . % Zenith Radfo....... 6% Zonite Prod Corp (1) RIGHTS—EXPIRE. 7% PeopGL&C..Jan15 84 11 1% 208 10s 1% 1% . Close. WASHINGTON Wt . Chre. 30% + % 36% 70 +1 26% +1% +3 +1 +1% + % e bttt P OFER FIFES 14+ 4441 + 44 ¥ OFIESEEE 1 <13 -4 - % +2 +1% +2% +1 W+ % 1 +% ™ — % - W Sales of Stocks on New York Exchange. . 200,000 12:00 Noon 900,000 10 PN iven in the above tabl e latest cuarterly or sLess than 100 \r—no © Payable in ca: tock. 1 Plus 50c in_spect m Paid this year—no ri stock rly decl TPartly extra 3 Plus 8% 600,000 ++1,100,000 lons 1Plus ular rate in st LIGHT AND POWER UNITS ARE STRONG Association Head Says In- dustry Has Met Depression Successfully. “No other great industry exhibits a like resistance to the general economi infiuence of this period,” was the pro- nouncement of the Federal Power Com- mission in its latest report on the electric light and power industry, it is of the National Electric Light Asso ciation. from consumers for service, and record for the year 1931 I might also add, in so far as net income available consumers for the year will show a| the total of the previous year end, and even allowing for further increases in the burden of taxation, net income will probably show a satisfactory figure compared with the record figure of 1930 for the industry as a whole. In- asmuch as millions of consumers are | fluence is doubly important. “The determination the manufacturers and the dealers to repeat next year the splendid per- formance of the 1931 electric refrigera- tor campaign and the institution of | domestic appliances, promises well for the continuation of the growth of domestic electric service throughout 1932,” Mr, Owens continued. ‘“Sucl growth which increases the use of elec- tricity has been and will continue to be the principal factor in reducing the cost of service to the consumer. The adaptation of electricity to the various uses on the farm is steadily progressing and it is of much hopefui significance | for the future of the electric light and | power industry—as well as agriculture | —that the use of electric current per | farm is already considerably in excess | of urban domestic requirements. Prop- chakes, 4.00a5.00; celery, 3.50; cucum- bers, Cuba, 5.00; squash, Cuban, 2.00; eggplant, Cuban, 2.50. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value. today. Zurich Atheps, drach: drid, gel - | States has erties are in excellent physical condi- tion, and the resumption of industrial activity will find an immediate reflec- tion in the output and revenues of the utility enterprises. “Long range projects were carried on largely as planned throughout the greater part of 1931. Approximately 2,000,000 horsepower of additional gen- erating equipment went into operation during the year, bringing the total | capacity of ail public utility enterprises of the country (including traction sys- | tems) to practically 50,000,000 horse- | power. In only eight years the electric | nerating capacity of the United doubled.” —_— Nearly 40 cities in the world now ‘have a population of over 1,000,000, . . Amer. Tel. & Tel also investors, the industry’s capacity | Capital Traction Co for resistance to general economic in- | Wash. G T;. l& w ot. of the utilities, | Pot Wash. Rwy. & Elec. com | Wasn! Rwy. & |c ), further campaigns for ranges and other | apital, () - - il Commercial (stamped) (10).... WASHINGTON STOCK EXCHANGE SALES. Washington Gas 6s “A”—$1,000 at 100. Capital Traction Co.—10 at 181z, 10 at 2, 10 at 18%z, 10 at 18%2, 1812, Washington Rwy. & Elec. pfd—10 at 86, 10 at 86, 10 at 86, 10 at 86, 10 at 86, 10 at 86, 10 at 86, 10 at 86, 10 | & 3 2 Prince Georges Bk. & Tr. (6) ". 2 at 86. Lanston Monotype—10 at 65, 5 at 65. Woodward & Lothrop pfd.—10 at 107, 10 at 107. Bid and Asked Prices. BONDS. PUBLIC UTILITY. :mt!r'{'el&%ge]. 1“/ s gg Pointed out by J. F. Owens, president | Ahacostia & Poi. ¥ Jl 55 Anacostia & Pot. Gui & P. Tel of Va. 55 The statement of the com-| & i < tal Traction R. R. 5s mission applied particularly to revenues | ity & Suburban 55 Mr. | Georgeionn Gag 15t 5 ; “ | Potomac Elec. Cons. 5° Owens stated that “looking over Lhc‘aummm Elec. Cons, & vash.. | Washington' Gas 41as.. for investors is concerned.” | Washingion Gas 53 Reviewing activities of the year, Mr.| wast. Gas 8s. series B Owens stated that “gross revenues from | Wash. Rwy. & Elec. 4s e ‘Alex. & Mt Vernon ctf! Gas os. series A MISCELLANEOUS. decrease of less than 1 per cent from |Barber & Ross Inc. 6iis Chevy Chase Club 5' Columbia Country W. M. 25 Club 528 Cold Storage 5s..... STOCKS. PUBLIC UTILITY. (@), ) Gas Lt. Co. (18) Steamboat (12) Power 67, pid.. Power 5120, pfd.. { & El pfd. (5)..... Elec Elec NATIONAL BANK. Min. (10) Metropolitan 10 a8t | Riges (15)... (9¢) Washington (12) TRUST COMPANY. Sec. & Tr. Co. (15). atl. Sav. & Tr. (121), [SUIN Union Trust (BS)........ Wash. Loan & Tr. (14). SAVINGS BANK. Bank of Bethesda (6§) Com. & Savings (10) . East’ Washington (12) Potomac (10) ; Sec. Sav. & Com. Bk. (I7) Beventh Street (13).. United States (30) Wash. Mechanics (20) FIRE INSURANCE, American (12).... Corcoran (10) Firemen's (8. National Union (13) TITLE INSURANCE. | Columbia_(6h) Real Estate (6h) MISCELLANEOUS. Barber & Ross. Inc. com = o Col. Medical Bidg. Corp. Col’ Sand & Gravel pfd. D Mfe. ptd Paper Mfg. Dist sec. pld Fed -Am. Co. Lanston ‘Moriotype (6) Mer, Mergenthaler Linotype Netl. Mtge. & Inv. pfd Peoples Drug 8. pf . s Real Est. M. & G. pfd. Security ‘Storage (5%) W | (@) Wash. Med. Bldg. Corp. Wdwd. & Lothron com Woodward & Lothrop ptd *Ex dividend bBooks closed. n25¢ extra. 130 extra. 8§17 _extri el12% extra. price. Asked. 175 250 n4% extra 5% extra. u MACHINE TOOL TRADE WATCHES MOTOR SHOW Bpecial Dispatch to The Star. NEW YORK, January 8. of the machinery and machine tool industry in all districts is New York as the week gets says American Machinist, the automobile show. The tertained that it may give some indi- cation of what 1932 machinery machine tool sales will be. Over the holidays small sional inquiries and one or two lists gave tool builders and de thing to think about. New ers were cheered by G. changed. —Attention centered on under way, because of hope is en- By the Associated Press and | tne Commerce Department. sales, occa- alers some- York deal- E’s inquiry parable periods: Week ended January 2 isolated single items thus far. Chicago, with many inquiries on file, predicts an upturn early this year. Los Angeles has hope, but sales still drag. Indianapolis feels better and has better inquiries. The Southern district is un- The average money rates strength- ened during the week ended January 2 as their course was measured by In the tables that follow the average level for both classes of funds is given for com- BOND LT GAMS AFTR ARLY OGS Steps Taken to Relieve Mar- ket of Pressing Liguidation Aid Prices. BY F. H. RICHARDSON. Special Dispatch to The Sta NEW YORK, January 8.—After dip- ping under a heavy volume of profit taking and in reflection of the Federal Reserve's reported increase of $28,000,- 000 in circulation, bonds Trecovered sharply today and by noon had resumed their upturn in a broad manner. The market opened lower. The in- crease of $28,000,000 in circulation as reported by the Federal Reserve, against a decrease of over $100,000,000 in the same week of 1930, emphasized the - technical reaction that might be expected after two days of booming adyances. However, steps taken in ‘Washington to relieve the market of the pressure of offerings from closed banks, the resistance shown by stocks and a better tone in foreign markets served to swing the market up again. This upturn was not shared in by United States Government issues or by municipal descriptions, however. The fajlure of Treasuries and Liberties to follow the general advance has been the most discouraging phase of the cur- rent movement. Today Treasury 3s, 31ps and 3%s were all lower. Liberty fourth 4'4s moved down around 99 again. In the municipal market quo- tations for New York City obligations were depressed by reports that the city administration has been warned by bankers that it must sharply curtail expenditures in order to obtain credit for the $55,000,000 which the city must have this month. This influenced other municipal bonds as well. In the corporation list, many specula- tive railroad descriptions, such as Erie 5s, Missouri-Pacific 5s, Frisco 45s, St. Paul 55, Rock Island Refunding 4s, Chicago & Northwestern 4%s and Alleghany Corporation 5s dropped 1 to 2 points in the first two hours, but made good recoveries by midday. High- grade rails followed a like course, but in & more conservative manner. Similarly, American Telephone 5s, Consolidated Gas 515, New York Telephone 4%;s and other prime utility obligations firmed after a lower start. Bonds were narrowly lower at the openifg. Awaiting definite word from the Franco-British negotiations on repara- tions, holders of foreign issues were in- clined to take profits. This resulted in fractional losses in German government 5128, British 5125 and various other Eu- ropean government and corperate obli- gations. 5 In the domestic list rail issues, such as Erie 5s and Missouri-Pacific 5s, were slightly lower. Utilities and United States Government issues were firm, INVESTMENT TRUSTS RIDAY, JANUARY 8 EINANCIAL. I ON NEW YORK BONDS STOCK EXCHANGE l Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are in $1.000.) Sales. Lib3%s32-47.. 85 LIst4%s32-47 104 L4th 4%c33-38279 US3s1961-6... 77 %s°49.... 20 S M41-3 147 83 S3 83 s3 83 84 S4 %847-52..226 Abitibl P&P 5s'53. Allegheny 53 '49. Allegheny b3 '50. Allis-Chalm 5s '37. Am Beet Sug 6s '35 Am F P 582030, . AmIGChbls"49. t Am T&T 535" Am Wat Wks Arpentine 514s '62. Argentine 65 Ju's9. Argentine 6s Oc’§9. Argentine 6s A * Argentine 6s Arm & Co 4% . Arm Del 5%4s°43... Atchis 48 1905-55 Atchison adj 4595, Atchison gn 48 '9, Atchiscv 4% 848 AtICL 1st 48 '52. :ultrllll 4%s5'58 Sw v 5850, OP&EWYV 48’41 B & O Toledo 45 '59 Bk of Chile 6% 57 Bk Chile 6% '61,. Batav Bell Tel Pa 61 B 43 Bell Tell Pa 55 C'60 B Ind Loan C 6546 Berlin Cy El ¢s '55 Beth Stl pm ba 36 Bolivia 78 ‘69 Bordex % oSt & M 4%s'61. Bos &Me 63 67, Brazil 6148 26 Brazil 634827 Buenos A §s'61 Pv. Buff Gen El 434031 BR&Pitt 414857, Bush Ter con ba ‘55 Calif Packing 5 Canada 43 6 NEW YORK, January 8 (#).—Over- the-counter market, B C Tr Shrs "D Tr Shrs “] % Bid, Asked ABC 5 e A 37 Am Comp Tr Shrs Am Pdrs 6% pf.... Am Fdrs 70 ‘pi Am Fdrs cv pf ctis 3 com Atl & Pac pf war t Inv y Inv Central Nat Corp A Century Tr Shrs Central Nat Corp B Chain & Gen Equit] Chartered Invest Chartered Inv pt Chelsea Exch A Chelsea Exch B ... Cumulative Tr 8h Corporate Trust % Corporate Trust A A g Corporate Trust Accum Ser Crum & Foster 5 Crum & Fost 87, pf G Crum Depos Depos ) epos Ins Shrs Diversified Tr Diversified Tr Diversified Tr Diversified Tr Eauity Invest Eaquity Invest pi Equity Trust Snrs... Five-Year Fixed Tr Fixed Trust Sh A Fixed Trust Sh B Fund Tr Shrs A E2araanned i SE! A Bie o, D for Springfield repair shop, though the tools will be sold through Schenectady. Detroit expects Ford's eight-cylinder job to be in production before the middle of the month, with peak pro- duction by February 15. Cincinnati, selling an occasional spe- cial tool to automotive sources, has as principal buyers general machinists and miscellaneous users taking single re- placement lines. New England’s pros- pect list is bigger, though sales are Previous week Same week last year. PARIS BOURSE PRICES. PARIS, January 8 (#).—Three per cent rentes, 78 francs 75 centimes; 5 per cent loan, 101 francs 40 centimes. Exchange on London, 87 francs 19 centimes. The dollar was quoted at 25 francs 51% centimes, Fund Tr Shrs B Granger Trade Gude Winmill Trad Incorp Investors Incorp Invest Equit Independ Tr Shrs. .. Int Int ScapAm 6'c DI Int Sec Am 6'ur. I Iny Tr N Y Coll A Invest Trustee Sh.. ... Leaders of Indust Al.. Leaders of Indust B 3 Leaders of Indust C....... Low-Priced Shrs..... Major_Corp Shrs Mass Invest Tr.... Mutual Inv Tr A Mutual Manage Nation-Wide Sec Natl Indust Shrs Natl Tr NY Bk Nor Am Nor Am 1 Repres Tr Shrs......... Second Int Sec Al S 85 1 Selected Am_ Sh Selected Cumulative Shis Selected Income Sh Selected Manage Trust .. Shawmut_Bank Spencer Trask Stand All Am Stand Am Tr_Shrs Stand Collat Trust e Fund Tr T - W L SN AT 2 Trusteed N Y Trugteed Am B T Am Twentieth Cent Fixed Tr Two-year Trust Sh United Pixed Shrs SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co) Ofter. Allis Chalmers 58 1937......... 11 81 American ‘Chain ‘6c 1933, 8 Wt Sk & EL 85 1934 Ol 35 1933. ... Belding Temingway Co. 68 1938 Bethlehem Steel Corp. 85 1936 Canadian Nor. Rwy. 4las 1935. Chicago Northwestern 5s 1933.. Chicago Rock Island 4s 1934 Cleve. Lor. & Wheeling 5s 1933 Colorado & Southern 4'.s 1933 Commercial Credit Co. 5735 1935 Belaware & Hudson Co. 85 1935 Denver & Rio Grande 4':s 1836 Gen. Mot. Accep. Corp. 8s 1937 General Petroleum Corp. 5s 1940 gmerIITPuh)l‘lc ’%r\'lca‘b‘i; 13;: n of Cana s ‘W. Texas 5s 1933 1932, Light Co. 58 1934 New York Cent. Northwestern Telep. 4 a. R. R. 6las 1936, d General El las Solithern Pacic 8s 1834 SULL M'S R &G Union Elec. Lt. & P £ Union Ofl Co of Calif. 5s 1938 Virginia Rwy & Power 55 1034 isio3d Canada 4%s 36 Canada 35 ’52. Can Nat 4% s 54 Can Nat Ry 43,258 57 Can Nat 58 ‘70 Can Nor 4%4s '35, Can Nor 63s db ‘4§ Can Nor 7 db 40. . Can Pac db 4s Can Pacific 4% s Can Pac 43%s '60. Can Pac 58 ‘54 CarClin& 0 6 Cent 11l GRE 5 Cent Pac 4549, Cent Pac 58 '60. Cert-td db 6% "43. Ches Corp s '47.. C&Ogen4ys’9z, |C&04%sB 95 | C B&Q 1st rf 6s'71. | *hi & Est 111 6561, Chi Grt West 45'59. Chi M & St P 45 '89. Chi M & StP 4145 C Chi M&SP 4135 E. CM&StP 4%s 89, C M StP&P 65 '75.. CM &St Pad) 5s. Chi&NW 435 2037, C&NW 4345 C 2037, Chi& NW cn 4% s Chi&NW rf 5s 2037 Chi & NW 6%s ‘36. Chi RI&P gn 4s'88. Chi R1& P rf 4s'34 ChiR1&P 4%s 52 Chi R Icv4%s '60. C TH&SE 1n 5560, Chi Un St 5s'44.... Chi Un Sta 58 B '63 C& W Ind cn 45’52, C& W Ind 5%s 62, Chile 63 %0 Chile 8s'61... .. Chile 68'63. .. Chile 75 '42. Chile Cop db bs '47. CCC&St L 4%s E'77 Clev Term 4%s '77. “lev Term 58 ‘73 Clev Term 5%s Cologne 6% s 50 Colomb 6s Jan '61 Colomb 68’61 Oct. . Colo & Sou 4%35°'35. Colo & Sou 4%s'80 Col G&E 58 May'52 Col G&E cou 63 '61. Com Inves 5%8'49. CC Md 1st rf 52’60, Con G NY 4%s°51 ConG N Y5%s 45, Consum Pow 58 '62 Cuba 6%s'45 Cuba R R 5852, Csecho 8s '51 Ceecho 83 '62. Del & Hud rf & Denmark 4%s'62.. Denmark 5% '55. Denmark 63 ‘¢ D& R Gren 4s36. D& KGr4%s'36.. D&RG W ba'65.. DRG & W 5s8"78.. Det E G&R4%5'61. Edison rf 55’49 33 Dutch East 1 65’47, Dutch East I 6#'62. Erfe con 4% A '53... Eris conv 43 B Erie gon 43 Erie cv bs 6 Erle 5875, Finland 5%s ‘68 Finland 68 '45 Finland 6%s Fis E Coast b8 % French T%Hs '¢1. Gen Ba.klnl‘l‘lu“ Gen Motor! T.. GenP Sv5%s'39.. Gen St Cas 5% 8'49. Gen Th Eq 6840 Ger Cen Bk Ger Cen Bk 63’60 0 rman 7s rep ‘49.. Good 1st 6% 8 '47 Goodyr Rub 5#'67.. GrandTr sf db 65'36 Grand Trunk 7840, Grt Nor 4% 77 B.. Grt Nor 55 '73. Grt Nor gn 5% 53 Grt Nor n.’l "36.. 34 Greek 6 Hud & M ad) Wabash Rwy. 5s 1939 QUARTERLY DIVIDEND. Directors of the American Machine & Foundry Co. have declared the regu- lar quarterly dividend of 35 cents & share, payable February 1 to stock- holders of record January 21, [ Humble Of] 58 '37... Humble O 6% '32. Hungary 7% 111 Cent rf 111 Cent 4% UiCent 6% o oo Ereda BoenaromonhanBRaanaand 7. 20 Hud & M rf 68 '67.. 17 32 High. 101 15 1007 1008 Sales, Hizh. Low. 20 30's 30 s " 9 @ Ea 2—-—335-5% o = O e L L L L L LR T -y 6 48 b8 8315 9915 3 100 2 43% Low. 96 6 98 30 994 8317 84 16 89 14 89 16 89 92 28 96 16 81 33 25 999, 43% 13 100% 1004 5 4T 8 43y 2 68 71 (8% 64 Bales 11 CCStL&N Ss A.. 5 111 Steel 4348 °40. . Inland St 4% A'T Inland St 434 Int Rap Tr 55 '66. . Int Rap Tr sta '66.. Int Rap Tr 6s'32... Int Rap Tr7s32... Int Cement 58 '48 Int & Gr Nor 55 '56. Int & Gr Nor 6352, Int Hydro EI 6844 Int M Co 5 ret'al.. Int Match 6a 47 Int MM col tr 6s 41 Int Pap 68 A 47 Int Pap 6s°55. . Int Ry C A 5s'72.. IntT&T 415852 Int T&T cv 4%48'39. IntT & T 68 '55 Italy 78 '51. Italy PubS 7s Japanese 51%s 65 Japanese 614s ‘G4. . Jugosl Bnk 7s '57.. Kan City Sou 58’50, Kan City Ter 4s'60. Kan G&E 4%s ‘80 Karstadt 6s ‘43, Kend 5%s 48 ww Kresge Found 65'36 Kreug & Toll 58'59. Lackaw St 53 '60. .. Lac G St 1. 68 34... Lautaro Nit 63 '54. Leh Val cv 4s 2003, Liz & Myers 58 '51. 7 La & Ark 5360 Lou G & E1 58 ’53... L & N uni 43°40 Lvons 6s'34.. McKes & R 5% 50, Manh Ry 1st 45'90. Market St 7s "40 Marsellle 6s '3 Midvale Stl 53 '36 Milan 68 '52 Mil E Ry & L 58 '61 Mil E1 Ry&Lt 5871 M StP&SSM §s gtd. MK&T4sB'62 MK & T adj bs MK&T prln 5sA’62 Mo Pac gn 4s '76. Mo Pac5s A Mo Pac 6s F '77.. Mo Pac 53 G '73. .. Mo Pac 55 H '80. ... Mo Pacrr5s’s1. .. Mo Pac5%s A ' Mont Pow bs'43 Mont Pdb Gs A '62., Montevideo 6s 59 Nat Dairy 6% Nat Steel 535 Netberlands 6s ‘72, N Eng T 1st 58 '52. NOT& M58 B 'b4. Nw S Wales 53 '57. Nw S Wales 68 '58. © N Y Centdbds'34. 5 NYCgnals 97.. N Y Cent 4145 2013 NYCrf4%s2013. N YCrfim 552013 Y Cent db 65 '35. YC LS cl3%5'98. NYC&StL 4%s'78. NYC&StL5148A'74. NYC&StL 68°32. .. N Y Edisn 68 B'44. N Y Fd 1at 6% 541, NY NY NH&H 41%5 ‘67 NYNH&H cd f3'48. NY O&W 1st 4292, 10 NY Rys inc 6s '65. 533 NY Rys6sA'65 .. 2 NY St Ry 4%s'62. 1 NY Tel 4%s 39, 16 Nord 6%s'50. Nor & Wn cv 4596 No Am Co 53 '61 Nor Am Ed 55 C '69 Nor O T & L, 65 '47. Nor Pac 3u 2047 Ner Pac 4897 . Nor Pac 58 D 2047 Nor Pacr i 68 2047, Nor St Pw 58 A "41. Norway 5%s ‘65 B [ Oreg-Wash 43 61. Orient dev 534 a'58. Ortent dev 63 '53. .. Pac G&F 5s ‘42 Pac T&T st 58 '37. Pac T&T rf 53 °62.. Paramount 6s '47. . Paris-Ly M 6s ‘5! Paris-Ly M 75 '58 Paris-Or 548 '68. . Pathe Exch 78 37 Penn cv 4%s 60 Penn &n 43 '65 Penn 474570, Penn 4% s'63. | Penn Gs "64. i Pern gen 6s '68. Penn 6%s "3 Penn P&L 4%s ‘31, Peoples’ Gas 58 '4T. Pere Mar 4145 Peru 6 '60 Peru 6561 Phila Co bs ‘6’ % | Phila Eiec 4811 Phil & Read 6549, Phillppine R 45'37. Philllp Pet 518 '29. PCC&StL 4%s'77. P C C&StL 55 A '70 P& WV 434sC60. Poland 7s'47. Poland 8s'50. Port Gn El 4%5'60. Pos Tel & C 58'53.. Prussia 6s'52..... Public Serv 48 '71.. PubSv G 4%a'67.. Pub Sv G 4%s'70. Queenmana s "47 Queensiand Ts "41.. Read Jer Cn 48 '51. Rem Arms 8s A '37. Rem R5%5 A "47.. Rhinelbe 78 '4§. ... Rnine West 6s '52. Rhine West 6s '63. Rhine West 63 '55. Rhine West 78 '50.. Rich Of] Cal 65 '44. Rio de Jan 6%s '53. R Gr Do Sul 6s "63. RIAr& L 4%s'34. Rome 6%s'52. StL IM R&G 4833, St L&SF tn 43 A 80 StL&SF4 - StL&SF pl StS W en 4s'32. StLS W bs'52 SanA & AP 48’43 Sao Pau 78'40 ret.. Sao Paulo 88 '50. .. Saxon P W 6%8'51. Saxon 78 '45. \, {Seab A Lrf 4 Serbs-Cr-SI 85 '62.. Shell Un Ol bs '47. Shell Un Oil 9. Shinyetsu § 2 Sinclair Ol 6%#'3 8inc O Tscv A’ Sine Cr O 5% Sinc P L 6842, Soisson ‘38 Sou Bell T&T SW Bell T 58 A '54. Sou Pac col 45°49. Sou Pac ref 4 Sou P&OT 4 %8 TT. Sou Ry gn 48 '56... Sweden %5 Talwan EP 6% 71 Tenn Cop 68°44.... Tenn EI P 63 A 47, Tex & Ark 5% a'50. 1001 Un Paoc 18t & 4774 Un Pacrf 4 Texas Corp b 44 Third Av rf 0. '} Toho EI Pw . Toklo K1 Lt 6a'83.. 4T, Unit Drg ov Utd King 6% 5 HI 1.5, LOSES GROUND IN FOREIGN TRADE [Favorable Balance Was Re- duced to 57 Per Cent Dur- ing Year of 1931. BY CHAS. P. SHAEFFER, (Associated Press Business Writer.) ‘The United States lost considerable ground in its status as a world com- mercial power during 1931. Statistics just compiled by the De- partment of Commerce reveal that not only did foreign trade of this country decline 35 per cent during the first 11 months of the year, as compared with 1930, but of greater portent the favorable trade balance accruing to this country during the respective pe- riods was reduced 57 per cent. Total trade during 1931 up to the end of November amounted to $4.177,: 277,180, embracing $2,240,177,359 in exports and $1,937.099,821 in imports, leaving a favorable balance of $302,- 077,538. Aggregate commerce for the corresponding period of 1930 amounted to $6,420,598,033, consisting of $3.568,~ 325,557 in exports and $2,852272476 in imports, or a favorable balance of $716,053,081. China Improves Status. China, of all the principal countries with which the United States has trade relations, improved her status as a cus- tomer during the year. She, in the first 11 months, made purchases with an aggregate value of $84,175,185, as compared with $82,361,706 for the cor- responding months of 1930. This gain has been primarily in three commodity groups, the department said, namely, raw cotton, wheat and gas and fuel oil. That Chinese import trade, generally, has not suffered more severely from the effects of depressed silver is said to be because these three groups in which most of the gain has occurred have suffered price recessions to a greater extent than silver. For instance, the drop in silver has aggregated about 48 per cent since early in 1929 During the same time cotton has dropped 70 per cent, wheat 60 per cent and kerosene about 40 per cent. All these commodities bulk large in Chinese imports. On the basis of the record for 11 months, the United Kingdom will easily gain the distinction of being this coun- try’s best customer during 1931. Up to the end of November she had purchased goods with a total value of $418,861,033 as compared with $375,877,788 for Can= ada, which is runner-up in this respect. The previous year these two countries were running neck and neck with Great Britain enjoying the small dfference be- tween $624,234,254 and $623,016,401. Canada’s Position. Canada, however, will retain by a considerable margin its leadership as the principal source of supply for this country, as the first 11 months has re- sulted in purchases from her of $246,- 310,940. Japan will wind up in second place as a supplier on the basis of sales to us of $186,596,740. England occupies third place with sales of $126,215,419, CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, January 8—The fol- lowing is a summary of important corporation news prepared by the Standard Statistics Co., Inc., New York, for the Associated Press. News Trend. For the eighteenth consecutive time, brokers’ loans showed a decrease. Ac= cording to the weekly report of the Federal Reserve Bank, loans decreased $23,000,000 during the week ended January 6 to a total of $568,000,000, the lowest figure since February 1, 1918. | Loans made by member banks for their own account declined $39,000,000. Loans for the account of out-of-town banks increased $15,000,000, while those for “others” were up $1,000,000. The Companfes. American Smelting & Refining.—EI Paso refining production to be cut 50 per cent. g British Columbia Power gross revenues, five months to November 30, off 6.6 per cent, net earnings off 13.1 per cent. Dominion Steel & Coal. Corporation, Ltd.—1931 coal operations showed loss of $1,800,000. General American Investors liquidat- ing value December 31, 1931, $1.27 a *| common share vs. $5.53 December 31, 28% 20% 334 43 3t 7 32 45 8l 603 8 1004 63 9% 68 6 683, 1930; bought in $300,000 face value of 5 per cent debentures and $600,000 par value of g:eferr:d stock during 1931 at prices substantially below par or face value. Lane Bryant, Inc., December sales off 19.5 per cent, 12 months off 11.1 per cent. Marconi's Wireless Telegraph Co., Ltd., declared 7 per cent dividend on 7 per cent participating preference stock. Melville Shoe December sales off 9.7 per cent, 12 months off 8.2 per cent. Newberry (J. J.) Co. December sales off 3.1 per cent; 12 months up 3.2 per cent. Phelps-Dodge Corporation—El Paso plant of Nichols copper, subsidiary, cur- tailing output from 8,000 tons of refined wire bars ultimately to 3,000 tons. Union Pacific Railroad—Thought | likely company will consider revision of $10 common dividend rate at February meeting. Fair (The) passed quarterly common dividend; paid 25 cents November 2. Manhattan Shirt net income, year , ended November 30, $102,312 equal to 36 cents a common share vs. deficit $296.826. Western Union Telegraph to make | further reduction in pay; five-day week | reported planned. | Colgate-Palmolive-Peet — $2.50 com- mon dividend reported earned by good margin in 1931, Operating expenses cut about $1.000.000 last year. Endicott Johnson Corp 1931 unit sales reported up more than 18 per cent, dol- lar volume off. Pirst National Stores sales flve weeks to December 26 off 1.5 per cent. Advance-Rumely Corp. — Preferred stockholder sues to nullify merger of company with Allis-Chalmers Manufac- turing Co. ' Sales. High. |US RublstBs'4T. 14 50 Un St W 6348 A'4T. 20 Ud St W §%48A'51. . | Ud St W 534sC's1 | Uruguay 6s 60. |Uah P& L5s 44 1 Utl] Pw 53 59 ww Util Pow %8 4T | vanadium St 5’41, | Vienna ¢+ 52 | Va Ry 4%4s'62. Va RY 1at 63 '62 West El1db 5s ¢4, West Md 43 52, West Md 5%s 77, West Pac 55 '48. .. West Union Weat Union 2 Wes: Un 634536 Wh Sew Mch 6s ‘40 Wilks B & E 15t 53 Wis Cent gen 43 ‘36 92 Ygstn S&T §s B'T: