Evening Star Newspaper, January 8, 1932, Page 15

FINANCIAL. THE EVENING STAR, WASHINGTON, D ¢ FRIDAY S TAN UARY 8, 1932. PINANCIAL. “wwx A—IS | CURB ISSUES RALLY | AFTER OPENING DIP - Heavy Offerings Well Ab- sorbed and Market Points Higher. BY JOHN A. CRONE. Bpecial Dispatch to The Btar. NEW YORK, January 8.—Reaction- ary at the opening, the curb exchange session drifted downward until mid- day, when it developed strength and activity. Electric Bond & Share was offered quite freely in the first half hour as & result of a “bearish” analysis made by a brokerage firm, but the statemegt contained few facts not already known to the company's shareholders. Cities Service was virtually unchanged, which also was true of Standard Oil of In- diana. Foreign shares were more active fol- lowing the declaration of a final 6- pence dividend on the ordinary stock of F. W. Woolworth & Co., Ltd. This is the equivalent of an extra dividend of 6 pence. On October 27 the com- pany declared the first dividend since its recapitalization, with a payment of 1 shilling 6 pence. This makes total 1931 dividends of 3 shillings 6 pence on the present shares Montgomery Ward A stock, which finished the 1931 session at 95%, off 33, points for the year, was inactive despite well defined reports that the common stock of that company, over on the big board, is about to enjoy the same market direction that sponsored a former advance. The curb opened dull and irregularly Jower. Electric Bond & Share, at 1135, was unchanged, but Cities Service, at 6, was off 5. United Light & Power A, at 67, was up ’x, while American Gas & Elec- tric, at 3514, was unchanged. Most of the Standard Oils, including International Petroleum, Standard of Indiana and Standard of Kentucky, opened unchanged. Ford Motor, Ltd., at 5%, and Brazlian Traction, at 9%, were & trifie easier on quiet dealings in the London market. Singer Manufacturing, at 130, was up 5. Goldman Sachs, at 2%, and United Founders, at 24, the most active trusts, were fractionally lower. Pennroad Cor- poration, at 2'¢, was unchanged. Near the end of the first 15 minutes some of the leaders, such as Electric Bond & Share, began to appear in blocks at slightly lowered quotations. STANDARDIZéD RULES ~0R AIR TRADE SEEN By the Associated Press. Marked progress in international co- operation in the operation of air ser- vices is indicated by announcement by the Bureau of Standards that 25 com- mercial air transportation companies, representing 15 countries, are now members of the International Air Traffic Association The association was created in Au- gust, 1919. to meet the needs of air traffic companies operating on an in- ternational basis and constituted a free union of companies representing Ger- many, Denmark, Great Britain, Nor- way and Sweden. The object of the association is to bring about standardization in the op- eration of air services in which two or more countries are concerned, and in so doing to conform to the regula- tions of the International Convention for Air Navigation and sgreements be- tween countries as well as national laws and regulations. Close co-operation is maintained with the International Commission for Air Navigation, which treats all ques- | tions relative to public air law, such as certificates of airworthiness, pilots’ licenses, air cartography, wireless, physical requirements of pilots, etc., and with the International Technical Com- mittee of Judicial experts and other kindred organizations. BONDS ON THE CURB MARKET. DOMESTIC BONDS. nds. High Low. Noon. 8l 8 ¢ [ 6% 36 84 1% es ¥ %ouse : 5 Alabams Pw 4145 '87. 3 Am Com Pw Si4s 83, | Omwih Pw E 55 202 3 Amer P & L 65 2016 3 Amer Roll Mill 55 48 & 35 Cent Pow & Lt 55 '56 t Pub Ser 5%s '49 mt Stat Elec 55 ‘48 t Elec 5izs ‘34 Cent Bt P&L §izs '53 4 3 Chi Dis El 4%s 70 A 61 Cities Bervice 55 '50 15 Git Berv Pow blgs 5t 1 Gleve Eiec Tlus 35 139 1 1 . o B e st a0 B e Edis El Boston 4s 2 Edis El Boston 5s '33 10 Empire O&R 5'zs Federal Wat 5! 7 Fiorids P&L 5s 5 Gatineau Pow 63 '4i. 1Gen Bronze 6s '40... 3 Gen Mot Acc 55 '32.. § Gen Mot Acc 55 '33 1Gen Pb Ut 6los A ‘56 10 Guif Ol Pa 55 ‘37 3 Hous L&P 4'2s E ‘8] 1Hudson B M&S 65 '35 60 3 101 PowaLe 65 A i xrha i ; ndnab PAL S8 23 Toaull DUl 66 £8 P Bec 815 '85 C 8Int Pw Sec T3 E 51 § Kentucky Ut $s H i § Koppers G&C 55 47 Gas 5 . 48,0 s 34 oy 8 Wit Ut 85 38 €V Wes Ol 64 ic Ohio P&L 8" les L & P s 43 3 e ol e Fubfic sery' 43 B 61 3 PR NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. Stock and Sales— Dividend Rate Abbott Laborat (214) Acme Steel (1.60)... 758 Agfa Ansco... 8 Air Investorsevpf.. 1 Ala Power pf (6).... 208 Ala Pow cum pt (7). 608 All Am Gen Corp. Allied Mills Inc..... Aluminum Co of Am 10758 Alu Co of Am pf (6). Aluminum Co Ltd. . Alum Goods (1.20).. ‘Am Austin Car Am Capital B. Am Capital pr 5 Am Cit Pow & Lt A.. AmCitPw& LtB... Am Com Pow A. Am Com Pow B. Am Cyanamid B Am Dep Strs 15t pf A Am For Pow war.... Am Founders. ...... Am Gas & Elec (11). Am Invest Inc (B) Am Lt & Trac (2%). Am Lt & Tr pf (1%). Am Mg Co.....%0.0 Am Maracaibo. . Am Superpower. Am Superp 1st () Am Superp pf (6)... i Am Util & Gn B vte. Am Yvette Co., Inc... Anchor Post Fence. . Anglo Chil Nitrate. . Appalachian Gas. ... Appalachian Gas wr. Arkansas Nat Gas. .. Arkans Nat Gas A. Ark P& L pf (7) Armstrong Cork.... 2 Assoc Elec Ind (30c) 1 AssoG&EI (A) b5%. 15 AssoG & Elct (8)... 258 Asso GRE all ct 1.60. At] Fruit & Sugar. .. Atlas Util Corp. Atlas Utilitles war. . Auto Vot M Co pr pt. Bell Tel of Can (8).. Beneficial I L (1%4).. Bickford's (1.20) Blue Ridge Corp Blue Ridge cv pf(a3) Brazil Trac Lt&P (1) BritATcou B 1.13 3-5 Buft N&EP pf (1.60). Burma rets 127 3-5c.. Cable Radio T vte. Canadian Marcon!. Carnation Co (i1%). Carnegie Metals. . Cent Pub Svc A b5%. Central States Elec. . Cheseborough (16%) Citles Service (g30¢) 65 Citles Servpf (6)... 2 Cit Sy P & L pt (6).. 50n Claude Neon Lts Inc. 1 Cleveland Tractor... 1 Col Oil& Gas vtc. ... Columbia Pic vtc. . .. Commwlth Ediso Cmwith & Sou war.. Com Wat Ser g12%¢ Consol Auto Merch. . Consol Copper. ..... Con Gas Balto (3.60) Copper Range. Cord Corp. Corp Sec Ch (b6% Corroon & Reynold: Corroon&Rey pf(A). Cosden O1l. Creole Petrol Crocker Wheeler. Crown Cent Petrol Cus! Mex Mining Darby Petroleum Davenport Hos ( Dayton Alr & Eng. Deere & Co. ... De Forest Radlo. Derby Oil Refining, Detroit Atreraft.... Duke Pow (5). Dugquesne Ga Durant Motor: East G & F Assoc. East Sta Pow (B). East Util Assoc (2).. East Util Assoccv Eisler Electric...... Elec Bond&Sh(b6% ) Elec B& Shcupfb Elec B&Shpf (6)... Elec Pow Assoc (1).. Elec P & Lt op war.. Elgin Natl Watch... Employ Reinsu 11.80 Europ E Ltd A (60c). Federated Cap cu pf. Fire Asso Phila 1.60. Ford Motor, Can., A. Ford Mot Litd 36 Foremost Fabric Fox L'heater (A).... Franklin Mfg. Gen Alloys 4 Gen Aviatio GenE Ltd res % Gen Theat Eqcv pf.. 20% Glen Alden Coal (4). 4% Globe Underwrit 40c. 1% Goldman Sachis. .... 4 Goth Knitback Mch. 180 Grt A&P Teanv (6). 112 Gt At&Pac Tea pf(7) 40s 25% Gulf Oilof Penna... 12 9 Hackmester Lind... 1 % Hamilton Gas v.t.e. 1 1% Hudson Bay M &S.. 44% Humble Oil (12).... 213 Hygrade Food Prod. 7% Imp Ofl of Can (50c) 11% Imp'l T GtB&I(1.12) 20 Indus Finance cv pf. 100; 4% Insull Inv (b6%)... 6 14 Insull Utll 2d pf (6).100s 1% Imsurance Security.. 2 1 ~r ] o 3 Aed SR et el L ca o © o o S R 12 16 5 1 2 3 1 8 535 3 6 9 1 3 s old in 100-sbare lots except those designated by letter Add 00. Open. Hieh. 0 ~Prev. 1931~ High. Low. 16's % 1% 2% 1 % 3 Low. Close. | 30 30 14 U 2 2u N Nipt 29% 10% 1 % & 124 5 4% 5 nusl payment. dividend. _{ plus stock. §Plus 3% stock. % 2 Stock and Dividend Rate. Int Petroleum (1)... Int Utilities B. .. Irving Air Ch (50c) Italian Superpow A. Italian Super deb rts Kleinert Rubber. ... Lackawanna Sec (4) Lefcourt Realty 1.60 Leh Co & Na (1.20)... Leonard Oi1. Lone Star G: - Long Island Lt (60c) Magdalena Synd. Mangel Stores pf Manning Bow (A). Util Assoc. Utovpf (2%). Mavis Bottling (A) Mead Johnson (15) Meniph N Gas (60c).. Michigan Gas & Oll.. Mid West Ut (b8%). Mid W Utevpf xw 6 Mining Corp of Can.. Mo-Kan Pipe Line. .. Mo-Kan Pipe L (B).. Mohawk Mining (1). Mon WP PSpf1%. Mountain Prod (80c) Nat Fuel Gas (1) Nat Investors . Nat Pow & Lt pf (6).11508 Nat PubSv A (1.60). 1 Nat Pub Sv pt (7)...5508 Nat Sh T Sec A $60c. 1 Nat Sugar NJ (2)... 1 New Eng Pow pf (6) 1508 New Jersey Zinc. 6 Newmont Mining N Y Steam Cp (2. N Y Telptf (6% N Y Transit (70c). Niag-Hud Pow (40¢) Niag-Hud Pow A w.. g Share(Md) 20e. Niles-Bemt-Pond (1) $ing. Noma Elec (40¢) . North European Ol Northern Pipe L (4).100s Nor St Pow A (3) 1 Nor St Pow pt (6). Ohto Copper-..... Okla Gas & El pf (1), Pac Western Oil. Pantepec O1l. .. Paramount Cab Mfg. Pennroad Corp (40c) Penn Pw & Lt pt (7) Penn Wat & Pow (3) Peoples L&PWr (A). Pepperell Mfg (4). % Com Edison.... 1% Pub Sve NII .Feb 1 Dividend rates in doll rates o, doliars based on Sales— Add 00. Open 28 9% 1% 4 14 » 4 25 5 11% % 8 » = o 0@ B R R VR OV B S N D e N 0 Pion G M Ltd (12 Pitts & Lake Erie(5 Pittsbgh Plate G (2) Plymouth Oil (50¢).. Premier Gold (12¢) Prudential Invest. .. Pub Utll Hold xw. Reliance Int A, Reliance Manag..... Republic Gas Corp. Reybarn Co. . Reynolds Invest. Rhode Is P S pf (2).. Rich Rad cum pf Roan Antelope Min Rossia Intl Corp. Ryan Consolidated. . 4 St Regis Paper. ... Salt Creek Prod (1).. Segal L & Hdwr..... SleInd alctfs(5%).. Shenandoah Corp Singer Mfg (3). Smith (A. Smith-Corona vtc. South Penn Oil (1 SoCalEApfB (1%). Sou Cal Ed pf C(1%) Southern Nat Gas... Southld Royalty 20¢. Stand Ofl of Imd( 1).. Stand Oil of Ky 1.60. Stand 011 Ohlo (2%4). Stutz Motor Car Sunray Ol Swift & Co (2 Switt Interna Syracuse W Mach B. Technicolor Inec. . Tech Hughes (60c) Texas P & L pt (7). Trans Air Trans. Trans Lux DL P Tri-Cont Corp war. Un Gas of Canada (1) Unit Corp war. . Unit Lt & Pw A (1) Unit L & Pwr pf(6) U 8 Elec Pow w Unit Stores v.t.c..... Unit Verde Exten (1) Utah Apex.......... Util Po & Lt (b10%) Utll Pwr & Lt pf(7). 280, Utllity & Ind p Van Camp PKg...... Venezuela Petrolm. . Vick Financial (30¢) Walgreen Co. Walker, H (25¢) . Wenden Copper ‘Woolwth Ltd 17 4-c RIGHTS—EXPIRE 3 lag quarterly of semi-an- oxfra” nd. iPlus 4% in stock. 1TPartly aPayable in cash or stock. bPayable in stock. e Adjustment 5% in stock. g Pl 3 %, D stock. gPius 6% in stock 2 Plus 8% in stock. P Pald last year—no regulsr rate. hPlus 1% 1n us 10% in stock. m Plus 3% in SURVEY OF LIVING COSTS COMPLETED Labor Department Reports Result of Inquiry Suggested by Ford Company. “The Labor Department said today that the international labor office at| Geneva had completed its m\’esflgnlmni into living costs in cities where Ford motor car plants are located and that| they range from 58 to 104 per cent of | those at Detroit. Making public a study originally started at the request of the Ford Co., which sought data on which it might | ascertain what the company would have | to pay European workers to give them | a wage comparable to that paid in De- troit, the department also compared | wages actually paid in European and | Detroit plants The study is adjusted to August 1 It takes the Detroit wage of $6.88 aver- age per day for eight hours' work as| 100. It was found that the cost of living ‘in various European cities was as follows Stockholm, 99 to 104 per cent of De- troit; Prankfort, Germany, 85 to 95; Cork, Irish Free State, 85, Copenhagen, 83 to 91: Berlin, 83 to 90; Helsinki, Finland, 83; Paris, 80 to 87; Marseilles, | BROKER LOAN TOTAL AT NEW LOW MARK of $23,000,000 During Week Puts Present Figure at $568,000,000. Decrease Sp: Dispatch to The Star. NEW YORK, January 8 —The weekly statement of the Federal Reserve on brokers' loans showed a decrease of $23,000,000 during the week ended Jan- URTY 6 to $568,000,000, & new low record since February 1, 1918, when the figure stood at $510,179,000. This compares With $591,000,000 last week and with $1,879,000,000 on January 7, 1931. Loans for own sccount were $505- 000,000, compared with $544,000,000 a week ago. Loans for out-of-town banks totaled $56,000,000, against $41,000,000, and loans for account of others amoun ed to $7,000,000, contrasted with $6,- 000.000. ' Demand loans constituted $427.000,000 of the total, against $442,- 000,000 a week ago, and time loans were $141,000,000, against $149,000,000. The New York Federal Reserve dis- trict rediscount rate remains unchanged at 3% per cent. CO-OPERATIVE SHIPPING PLANS ARE REPORTED By the Associated Press. Japenese shipping interests are said to be working on plans of & co-opera- tive nature in an effort to meet the 75 to' 81; Manchester, England, 70 to | €XPected competition of an American 74; Rotterdam, 65 to 68; Antwerp, 61 to 65; Warsaw, Poland, 67; Istanbul, Turkey, 65, and Barcelona, Spain, 58. The Bureau of Labor Statistics ob- tained from the Ford Co. the actual wages paid per hour in Europe and re- duced the percentage to dollars and cents. It found the following increases would be necessary: Antwe from $2.08 to $4.16; Bar- celona, $264 to $4; Copenhagen, $5.52 to $5.68 to $6.24; Cork, $3.52 to $5.84; Helsinki, $3 to $5.68; Istanbul, $2.56 to $4.48. Manchester, $4.2¢ to $4.80 to $5.12; Paris, $2.32 to from $5.52 to $6; Rotterdam, §3.28 to from $4.48 to $4.64; Stockholm, $3.44 to from $6.80 to $7.12. No changes were suggested for wages at Cologne, Germany, where unskilled fesued. labor now gets $3.60 daily, or for Genoa, Ttaly, where it { ] sm:g gets $216. For citles shipping concern which has announced it will put eight vessels in the trade with the Far East. It is estimated in a dispatch to the Commerce Department that at the close of 1931 60 per cent of the total Japa- nese tonnage was tied up from lack of business. Losses in October, the last month for which figures are avail- able, amounted to $35,000,000 for both subsidized and unsubsidized lines, trade Teports state. These losses were blamed to the general economic conditions, the Manchurian trouble, the British sus- pension of the gold standard and the | Chinese boycott. The latter is a direct outgrowth of the Manchurian “dificses © but. where no plants are noted, | $6.4 shoul the report said wages in Berlin Marseliise France, 40; Marse! and Warsaw, ::',u_ TARIFF REDUCTIONS ARE URGED BY SLOAN General Motors Executive Believes Prosperity Would Be En- hanced by Change. By the Askociated Press. BOSTON, January 8—Alfred P. Sloan, jr., president of the General Mo- tors Corporation, yesterday said that undoubtedly, in & truly economic sense, the prosperity of all the people of the world would be tremenduously enhanced through a gradual lowering of all tariff walls. Such action, he said in an address to the Boston Chamber of Commerce, would permit those countries best able to most efficiently serve the world on any specific thing to produce that spe- cific thing. But, he added, nations are, and probably must necessarily be, selfish. “Therefore,” Sloan sald, “it seems to me that, irrespective of what might be possible, we may as well am&);the fact that at least until the peoples consti- tuting the various nations, especially those of the United States, radically change their viewpoint, the only thing we can do is to continue to capitalize to the fullest possible extent our home market, the greatest by all odds that exists throughout the world, our over- seas markets becoming incidental rather than of primary concern, and to adjust our economic structure with that plan in view.” . R-K-0 CERTIFICATES. Full-paid and part-paid certificates uprueg:t‘n( subscriptions for Radio- Keith-Orpheum debentures mon_stock are now at the office of Lehman Brothers, 1 William street, New York. Food Prices Lower. NEW YORK, January 8 (Special) — The Bradstreet food index shows a 4 per cent decline this week, when normally there is no seasonal change. This brings 1t 23 per cent lower than a year 8go znd 43 per cent under the a ‘l‘n the % | part of its success depends upon the ' rangements were made coda{' NEW MTT0 DEALER. (EIQARBING SHOWN A5 BEgTSbVER POLICY IN EFFECT [ Manufacturers Aid Retailers in Maintaining Sound and Efficient Offices. By the Associated Press. DETROIT, January 8—One of the lessons the motor car industry seeming- ly has learned from the experiences of the last two years of restricted produc- tion and distributicn is that a major strength of its dealer organizations. All along the line efforts have been made to place dealerships on a sound foundation and to provide from the fac- tory organization help to dealers where needed to enable them to operate on a profitable basis. g Prior to the sudden termination of motor car industry’s boom period in 1929 dealers were left pretty much upon their own responsibility. They were hedged about somewhat, of course, with franchise requirements, but their financial affairs were their own con- cern and if they failed to survive a highly competitive period in merchan- dising their product they merely drop- ped out and were added to what the trade called “‘dealer mortality.” New Policy. During the last two years, however, a new policy concerning the dealer or- ganizations has been evolved, growing out of the conviction of automobile executives that the industry as a whole cannot prosper unless the dealers and distributors proper. New accounting practices, new merchandising, selling and advertising plans are being pro- vided to the dealer by the factory or- ganization. In short, the production division of the industry has begun to take a greater interest in the final link between the manufacturer and the pur- chaser of automobiles. Available information indicates that instead of resenting the interest of the factory organizations in their activities, dealers have welcomed it and have co- operated in bringing about a closer unity between factory and retailer. Aside from other considerations auto- mobile manufacturers have come to realize that only sound dealers are able to obtain banking support from their local financial institutions. Latest official figures on automobile retailers show there are at present ap- proximately 45,000 licensed dealers in the United States. This is something like 10,000 fewer than there were in the Fall of 1929. Replacement Demand. Another changed viewpoint that has taken root in the minds of motor car executives is that in the future the in- dustry must look almost exclusively to replacement demand for its market. ‘The world registration of automobiles at the end of 1930 totaled 35,603,000 vehicles, and of this number 26,523,779 were listed in the United States. While motor car builders disagree thoroughly with any suggestion that the industry has saturated its market, they admit that its future actively rests sole- ly on the replacement of worn-out vehicles. It possibly was with an eye to the advent of this condition that rigidly controlled production became one of the new policies of the industry late in 1929. Sales executives find little cause for discouragement in the realization that replacement demand alone must provide the future market for automobiles. Most of them point out that the arrival of that period has been foreseen for some time and that the industry has been un- ?ergcing basic changes in preparation or it. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, ‘White potatoes, 100 pounds, sweet potatoes, bushel, 40a80; yams, barrel, 1.00a1.50; beans, bushel, 2.00a 2.50; beets, per hundred, 2.50a3.50; brussels sprouts, per quart, 12;a25; cabbage, bushel, 40a50; carrots, hundred, 2.50a3.50; caulifiower, crate, 1.75a2.00; celery, crate, 1.25a2.50; cu- cumbers, hamper, 3.0085.00; lettuce, crate, 4.0085.25; onions, per humdred pounds, 3.00a4.00; peppers, crate, 1.50a 2.75; spinach, bushel, 50a1.10; squash, bushel, 1.50a2.00; tomatoes, crate, 1.25a 3.50; turnips, hamper, 15a25; apples, bushel, 35a1.25; eggplants, crate, 1.508 2.75; grapefruit, box, 1.25a3.00. Dairy Market. Chickens, young, 17a21; Leghorns, 14a17; old hens, 15a21; Leghorns, old, 15a16; roosters, 10al12; ducks, 12a23; geese, 16a22; guinea fowls, pair, 25a40; turkeys, 16a30. Eggs—Receipts, 1,142 cases; current receipts, 15a20; hennery whites, 25; nearby firsts, 21. Butter—Good and fancy creamery, 26a30; ladles, 20a22; process, 24a25; store packed, 14a15, Hay and Grain Prices. Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, garlicky, spot, domestic, 60; January, 60; Feb- ruary, 613. Corn—No. 2 yellow, domestic, spot, 44a45; cob corn, new, 2.00a2.10. Oats—No. 2 white, domestic, spot, 3512a36; No. 3, 3414235, Rye—Nearby, 40a45. Hay—Receipts, 14 tons. New hay is starting to arrive in increasing quan- tities, but so far no official grading has been ‘attempted, selling being strictly on merit. Demand for old hay slow and market 18 dull and quiet, with prices in buyers' favor at a range of 13.00a 16.50 per ton. Straw—No. 1, wheat, 8.5029.00 per ton; No. 1, oat, 9.00a10.00 per ton. Live Stock Market. Cattle—Receipts, 700 head; light sup- ply; market slow. Steers—Choice to prime, none; good to choice, 7.00a7.75; medium to good, 5.50a6.75; fair to medium, 4.25a5.25; plain to fair, 3.50a4.00; common to plain, 3.00a3.50. Bulls—Choice to to choice, none; medi 4.50; fair to medium, 3.50a4.00; plain , 3.2523.50; common to plain, January 8.— 75a90; Cows—Choice to prime, none; good to choice, none; medium to good, 3.75 a4.00; fair to medium, 3.25a3.75; plain to fair, 2.50a3.25; common to plain, 1.50a2.50. Heifers—Choice to prime, none; good choice, 5.00a6.00; medium to good, 4.5085.00; fair to medium, 4.0084.50; plain to fair, 3.00a4.00; common to plain, 2.50a3.00. uul‘:l(')esh cows and Springers, 30.00a Sheep and lambs—Receipts, 300 head; light supply; market steady; sheep, 1.00a3.00; lambs, 4.00a7.35. Hogs—Receipts, 1,000 head; light supply; market lower; lights, 5.05a5.30; heavies, 4.5024.90; medium, 5.05a5.30; roughs, 3.25a4.00; light pigs, 4.50a5.10; pigs, 5.00a5.35. Calves—Receipts, 100 head; light sup- ply; market stead Calves, 3.50a9.50. Freight Rates Reduced. | SINGAPORE, Straits Sememenu.‘ January 8 (4).—A shipping conference here today announced a reduction in freight rates on rubber to New York from $11.50 (gold) per ton to $8.50, the lrn.n“,vment to last for six from January 1. mouthe This action was believed to be the reply of the conference to the action of local rubber dealers in chartering steamers privately to carry rubber to New York at a reduced rate. EXCHANGE SEATS HIGHER. NEW YORK, January 8 (#) —Ar- for the sale of & membership in the New York Stock Exchange at $132,000, an increase of $10,000 over the last previous sale. OF CREDIT BY B Money-hoarders who have concealed | a billion and a half dollars of the Na- | tion's currency will soon bitterly regret their position, Samuel Crowther pre- dicts in the February Ladies’ Home Journal. Depicting to the women of America the grave consequences of withholding money from circulation, Mr. Crowther, writer on. political and economic fub- jects and confidant of Presidents and statesmen, explains how the gold stand- ard and the banking system function, and how they are affected and business is crippled by the withdrawal of cur- rency through hoarding which, he says, ties up credit, stops industry and causes unemployment. Creation of Credit. For -every dollar banked, Mr. Crow- ther's figures show, $10 in credit—our most important medium of exchange— are created through the operation of our banking system. Conversely, every dollar withdrawn from circulation and hoarded curtails the Nation's credit re- sources. Self-interest, as well as considerations of national welfare, suggest that mone should not be hoarded now, Mr. Crow- ther points out. His discussion is in line with the 7-point platform of the American. Economists Committee for ‘Women’s Activities, prompted by a re- cent editorial in the Ladies’ Home Jour- nal, “It's Up to the Women,” urging normal spending and saving on Amer- ica’s homemakers. “The situation of today,” Mr. Crowther writes, “has been the situa- USINESS WRITER tion of other years. There are few new factors. Those who then faced the facts and acted in accord with them came through better off. Those who quaked with fear and hid their money came out losers. “Those who have now exchanged their reason for fear are hoarding about a billion and a half dollars. They are robbing the country of more than 15 billions in credit money—enough to make business good and employment general, Money Defined. “Indirectly they are robbing them- selves, for the welfare of all of us de- pends upon the state of business. Also they are as directly robbing themselves as though they picked out a third of their money and burned it. “To understand why all this is so it is only necessary to know a little about money—what it is, what it does and how it comes into being. “A dollar, to most people, is money. “If that dollar buys more than usual | prices are said to be low; if it buys less than usual prices are said to be high. “When times are hard the advice is always to save. But these are exactly the times when not to save. Mone which is hoarded during hard times, when prices are always low, will dimin- ish in value, for when prices advance it will buy less. Prices are now very low, but undoubtedly will rise; that is to say, money will soon purchase less than it does now. Those who are hoarding money are going to have a great awakening.” Everybody’s Business Wall Street Financier Insists American Bankers Exer- cise Same Care in Mak- ing Foreign Loans as They Do Other Similar Transactions. n BY DR. MAX WINKLER. Special Dispatch to The Btar. | NEW YORK, January 8—R. O. Hay- | ward, partner in Dillon, Read & Co., and in charge of the firm's Latin American deals, insists that, in general, American bankers exercise the same care in for- eign business as at home. Mr. Hayward was commenting on the statement made in Washington by Grosvenor M. Jones, chief of the finance division of the Department of Com- merce, that despite Mr. Jones' warning against Bolivian loans the State Depart- ment had interposed no objection. Mr. Hayward went into details regard- ing the loan specifically referred to by Mr. Jones, the 7 per cent issue of 1928. Three-Year Inquiry. “This loan,” he explained, “was of- fered to the public after a series of studies of the Bolivian situation and negotiations with Bolivian representa- tives, who were sent to New York for the purpose, lasting for three years be- fore the loan was actually issued. “During this time the Bolivian gov- ernment sent three delegates or repre- sentatives to New York to supply all requisite information. The primary pur- pose of the loan was to clean up all outstanding Bolivian government obli- gations which had been contracted in years past in various countries at vari- ous rates of interest and which were cumbersome to the Bolivian treasury, because they had been secured by liens on miscellaneous Bolivian government revenues. “Of the total amount of $23,000,000, approximately $15,000,000 was devoted to paying off outstanding loans and to the funding of the debt of the Bolivian treasury to the principal bank in La Paz, Bolivia, that a new central bank might be created along the lines sug- gested by & commission of American economists who had been in Bolivia for the purpose. “Among these debts was an out- standing obligation to Vickers Ltd, in England, for supplies for the Bolivian army. In consideration of immediate payment of this obligation, rather than its payment over a 10-year period, the English firm reduced the debt almost half, effecting a saving of several mil- lion dollars to the Bolivian Treasury. “Of the remainder, $4,000,000 were applied toward the completion of the Potosi-Sucre Railroad, which was neces- sary that Bolivia might obtain the full benefits of the considerable sums al ready invested in the road. Conse- quently, after deducting the discount | a; covering the cost of the issue, only ap- proximately $2,300,000 remained free for the Bolivian treasury to spend, and in effect the total loan added little, if any, to the net debt of the treasury.” Seek Up-to-Date Data. “Why haven’t the bankers consulted the Commerce Department in regard to the quality of pending loans?” Mr. Hay- ward was asked. “Our views regarcing the merits of issues,” replied Mr. Hayward, “were based exclusively upon the very careful examination and interpretation of what- ever information we were in a position to get. As a rule, this information is obtained at a considerable expenditure and Is, as far as we are ble to judge, absolutely up-to-date. To a certain extent that is not true of the statistical data obtainable at the Commerce De- partment. “Furthermore, we never consulted with the Department of Commerce re- garding the merits of proposed loans, but directed our inquiries to the State Department. In any event, the sensa- tional revelations which some hoped investigation have not been forthcom- ing, because, by a large majority, the same care was exercised by American bankers in connection with foreign deals as they employ with respect to the domestic situation, “It s to a certain extent regrettable that much ado is made out of noth- ing, or, at most, out of very little. It is likely to react unfavorably in Latin America, where some minor officials might be led to believe that, in view of alleged irregularities, they would be justified in adopting an indifferent attitude toward their external debts. had | O%p, & to obtain as a result of the ED“ i “This would be most unfortunate, STOCK not only as regards United States in- vestments in Latin America, but es- pecially in regard to the country's commercial relations with its Southern neighbors. More than one-fifth of the United States’ total commerce is nor- mally done with Latin America and even in 1930—admittedly one of the worst years in the economic history of nations—trade with Latin America ap- proximated $1,500,000,000. With Amer- ican investments in Latin America ag- | | gregating $5,700,000,000, the United States cannot afford to remain indif- ferent.” (Copyright. 1932, by the North Newspaper Alliance, Inc.) FEDERAL RESERVE CREDIT ITEM DROPS Decrease of $86,000,000 Shown for Week Ended January 6. Average $1,933,000,000. American By the Associated Press. The daily average volume of Federal Reserve Bank credits outstanding dur- ing the week ending January 6, as re- ported by the Pederal Reserve banks, was $1,933,000,000. This was a decrease of $86,000,000, compared with the preceding week, and an increase of $578,000,000, compared with the corresponding week in 11;’11. On January 6 total Reserve Bank credit amounted to $1,921,000,000, a decrease of $281,000,000 for the week. This decrease corresponds with d creases of $287,000,000 in member bank reserve balances and $9,000,000 in un- expended capital funds, non-member deposits, etc., and an increase of $14,- 000,000 in Treasury currency, adjusted, offset in part by an increase of $28,000,- 000 in money in circulation. - Holdings of discounted bills in- creased $26,000,000 at the Federal Re- serve Bank of San Frnacisco and $5,000,000 at Kansas City. They de- clined $234,000,000 at New York, $7,000,000 at Chicago, $6,000,000 at Boston and $206,000,000 at all Federal Reserve banks. The system'’s holdings of bills bought in open market declined :\;iggggggg O‘fi 'l:n,]l&ed States bonds, ,000,000, and of Treasus and bills, $23,000,000. Nkt MAYTAG COMPANY. Directors of the Maytag Co., have de- clared the regular quarterly dividend of $1.50 a share on the first preferred stock and the regular quarterly di- vidend of 75 cents a share on the cu- mulative preference stock, both divi- dends payable February 1 to stock- holders of record January 15, DIVIDENDS DECLARED NEW YORK, January,8 () — o Omitted, mpany. Rate. Period. Due. Edison $6.50 pf..§1. : y Pub Bul TP M ] B Fair. 25¢ ) n. Jaj Feb. Jan. riz Gen The .$1.50 Deferred. Champ Bhoe Mach Jr pf. §5 Key Boiler Equip.. Mutual !nvutonp pt. ki Extr; Pe- Pay- Company. Ra Aug & Savan RR. 2255 S’ g North ‘Triist (Phiia). $8 Dec. Jan! Dec. Hldrs. of recor [T s 15" jan.'i4 Chem Research... Lawrence Gas & El.90c Q Regular. Am Mach & Fdry..35 Am Res Ins (NY)...506 Aug & Sav RR. Belding i i 39 Birtmag I Co pf. 13ie B n s Brach (E J) & Sons.d5c Bullocks Inc pf....51.75 Capitol Nail BE & Tr LLEREELEY (Hartford) Grea| W Harriman Sec_Cor.§7.50 Hollinger C_Gold M.5¢ Holyoke Wat Pow. Int Cigar Mach .62sc Leflel (J) & Co pf...32 Loew’s Bost Theat..i5 Nor Trust (Phila Oahu Ry & Land. Plainville Tr Co..."$2.50 Beattle Gas Co pf.31.75 Btand C: Thatcher EXPANSION IN GAS INDUSTRY OCCURS 10,000 Miles of Pipe Lines Were Built During Last Year. BY JUDGE H. O. CASTER. Cities Bervice Co. The year 1931 was one of great ex- pansion in the natural gas industry. Approximately $200,000,000 were spent in expanding the industry. A total of approximately 10,000 miles of main lines and gathering systems were con- structed and it 1s estimated that 1,747,500,000,000 cubic feet of natural gas was consumed, which is equivalent in heating value to 87,375,000 tons of coal. The proven natural gas reserves of the United States at the end of 1931 is estimated to be approximately 30,000,000,000,000 cubic feet. Some of the major projects under construction during the year were as follows: The Natural Gas Pipe Line Co. of America, a 24-inch line extending from the Panhandle of Texas to Chicago, has a daily capacity of 175,000,000 cubic feet. The Cities Service Co, Insull Son & Co. Standard Oil Co. of New Jersey, Southwestern Develop- ment Co., Texas Corporation and Co- lumbian Carbon Co. joined in the con- struction of this line. Texas Line. The Panhandle Eastern Pipe Line Co., controlled by the Columbia Gas & Electric Co. and the Missouri-Kansas Pipe Line Co., constructed a pipe line from the Texas Panhandle gas fleld, a distance of 940 miles to the Indiana State line, It will supply Jefferson City, Mo.; Springfield and Peoria, Iil., and various other cities and to along the route; it has a capacity approximately 125,000,000 cubic feet. The Northern Natural Gas Co., con- trolled by the United Light & Power Co., North American Power & Light Co. and the Lone Star Gas Co., has constructed a pipe line from the Pan- handle of Texas 874 miles to Lincoln, Nebr.; Council Bluffs, Mason City, Sioux City and other points in Iowa. Columbia Gas & Electric Co. con- structed 467 miles of 20-inch line from Kentucky to Eastern Pennsylvania, passing through Virginia and West Virginia and Maryland en route, hav- ing a daily capacity of 100,000,000 cubic feet. Southern Fuel Co. constructed 200 miles of 20-inch line from Kettleman Hills fleld to Los Angeles and Long* Beach, Calif, having a daily capacity of 175,000,000 cubic feet. ‘The Montana Power Co. constructed 199 miles of 20-inch, 16 miles of 16- inch and 8 miles of 12%-inch line from the Cut Bank fleld in Northern Montana to Butte, Helena and Ana- conda. Other Projects. The Western Gas Co. constructed 218 miles of 12%-inch line from =& point just east of El Paso, Tex., which runs across New Mexico and Arizona, where it serves Douglas and Bisbee. There were no new major gas fields opened up during the year, but the limits of a number of major flelds have been extended and their reserves more adequately proven. The outstanding development in the Appalachian district of the Eastern United States has taken place in the Wayne-Tyrene fleld in Central New York and the field in North Central Pennsylvania. This fleld is very large in area, but is spotted. Un- doubtedly great quantities of gas will be produced from it. but there will be a great number of dry holes drilled in proving it up. Great progress has been made during the year in the quality of pipe lines and in the appliances used for the sale of natural gas. Gas is being trans- ?orted longer distances than ever be- ore. The industry looks forward to 1932 with reasonable assurance. The supply of gas behind the principal gas lines is adeql:ate and the demand ggr it is in- creasing, due largely to the adequagy of the supply and the certainty of service. It is not expected that the expansion or the building of long lines in 1932 will equal the construction of 1931, but a steady growth, with reasonable ex- DOREZO0L DPEOOOOO: WOLOO AND BOND AVERAGES By the Associated Press. Prom Yesterda: 's 5:30 Edition, STOCKS. 50 Industrials. 63.3 Previous day.. High, 1930 Low, 1930 High, 1929 Low, 1929 Three High, 1931-32. Low, 1931-32 pansion, is confidently expected. New York Cotton Special Dispatch to The Btar. NEW YORK, January 8.—Opening cotton prices today were 1 to 2 points lower. Trading was in small volume. March opened at 6.36, off 2; May, 6.52, off 1; July, 6.70, off 1; October, 6.93, off 2, and December, 7.08, off 1. Grain Market By the Associated Press. CHICAGO, January 8.—Grain prices underwent an early setback today, affected by stock market downturns and by wheat selling on the part of houses with Eastern connections. Liverpool re- ported free offerings of Argentine wheat and increased Australian shipments to Great Britain. Opening Y;-% off, wheat afterward sagged further. Corn started Y%-% lower and continued to recede. An all-around tumble of a cent a bushel in wheat values took place be- fore the market steadied itself. No rallying power of any conseguence was apparent at this stage. Intimations that North American seaboard hold- ings of wheat were diminishing rapidly and that Antwerp and Holland were showing more interest in United States hard Winter wheat falled to act as a market stimulus. Considerable notice was taken of re- ports that the southern hemisphere has harvested larger wheat crops than was earlier looked for. It was current com- ment that most of the Argentine sur- plus would be readily available to sup- ply European needs. On the other hand, assertions that Australia was no longer the factor in European markets’ that it used to be were more or less offset by word that Australian exports this week to Europe were almost triple last week's total. Corn and oats sym- pathized with wheat weakness. Provisions were easier, despite up- turns in hog values. GENERAL FOODS CORP. ELECTS NEW DIRECTORS Spectal Dispatch to The Star. NEW YORK, January 8—Clarence Francis has been elected a director and Verne Burnett a vice president of Gen- eral Foods Corporation. Robert F. Her- rick resigned as a director of the com- pany. Mr. Francis was recently pro- moted to executive vice president of the company, while Mr. Burnett has been assistant to the executive vice president. declared ‘The directors the regular g‘u:n:.rllgem of 75 cents y:gl its P:: common e ru;ryl% to stockholders of record Jan- POTATO MARKET. CHICAGO, January 8 (#) (United States Department of Agriculture).— Potatoes—Receipts, 79 cars; on track, 150 cars; total United States shipments, 704 cars; steady; trading fair; sacked, per cwt., Wisconsin round whites, No. 1, 8215a90; unclassified, 75a77%2; Michigan ; Idaho Russets, Russet-Rurals, No.1, I