Evening Star Newspaper, January 9, 1932, Page 15

F CURB SHARES RISE | IN AGTIVE TRADING Motors and Investment Trusts Lead Way as Prices Advance. BY JOHN A. CRONE. Bpecial Disoatch to The Star. NEW YORK, January 9.—The Curb Exchange today *as active and higher but sclective, with most £ the opening gains confined to relatively few issues The market, however, widened as the session progressed n Electric Bond & Share in a block of 2,000 shares opened at 123, off i, but | soon Tegained its initial loss. Citles Service at 6% was off 4. Standard Oil of Indisna at 16'¢ was off 3. Middle West Utilities at 6% was unchanged. Opening of the Automobile Show here today attracted attention to motor and allied chares, with the result that these greups were more active than they have been at any time in months. Ford Motor of Csnada A led the advance, followed by Ford Motor, Ltd.; Cord Cor- poration end Stutz Motors. Durant Motors piled up the largest number of transactions, owing to several sizable blocks in the first few minutes of trad- g Atlas Utilities, which a_little_more than two hours of trading Friday showed & volume of 47,100 shares and net gain of 15, again showed speed to- day. Around 13,000 shares changed hands in the first quarter of an hour alone, excluding the 100-share lot and merely including blocks over 1,000 shares each. Packing shares firmed under the Jeadership of Swift & Co., Swift Inter- wational and Seeman Bros. Pipe lines like Buckeye, Missouri-Kansas, New York Transit and Nosthern Pipe and Southwest Pennsylvania Pipe showed ranging from fractions to more 2%, points. The lower-priced natural shares appeared occasion- ally in blocks, but made little progress. BONDS ON THE CURB DOMESTIC BONDS. High. Low. Close. 9l 80 90 9 98 8 thousands 32 Alabama Pow 35 '68 8 Aluminum Co 5s '52 3 Am Cmwlh Pw 65 '40 Amer ) 85 81 84's 61 47 1 10 88 .D’l‘ 533, 36% 30 39% 47 69 52 86 85% 8519 98% it ) B4l 80'z | n i s 37 i 50 §Chic Ry cod 5s 2027 48 48 § Cig St Real 5125 A '49 36 35 36 100 Cifles Service 55 '50 507 49% 49% 4 Cities Service 5s '66. 467 45% 457 6 Cit Serv Gas 5'zs '42 54'4 54l S54'a 9 Cit Serv Pow 5'3s '52 56 5515 56 7 Cleve Elec Illu 5s '39 102'3 101% 101:1 1 Cleve El Illu 55 A '54 100'z 1002 100%2 § Cleve El Illu 7s B 41101 101 101’ 3 Cleve Ter Bldg 6s '41 38'; 30'% 1‘,1 33 Comwh Edis 4s F '81 82'3 813, 81% 10 Con Gas Balto 4s '81 88 87" “v 1 Oon Gas Ut 6'2s A'43 20'z 20'z 20'2 3 Con Gas Util 6s A '43 31 30's Sl‘ 2 Consum Pow 4'2s '58 92% “2;4 92'% 22Cont G & E 55 A '58 66'z 657 53’ 2 Crane Cok-'l:fi'w. 47 g:‘x fi;u fi"’ Cudahy Pkg 5's " . Y 1B Comn iy sy 8 S 7 East Ut Inv 55 A ' Ve 11 BEdis E| Boston 4s '32 99% 99 9% 42 Edis El Boston 5s '33 100's 100 100:/- 3TElec P & L 55 A 2030 633 61 “a‘ 15 Empire O&R 5'as ' 46'z 46% 46% 6 Federal Wat 5as 3 a 5 Gatineau Pow 55 8 Gatineau Pw 6s B 13 Georgia Power 5s | 11 Gillette 8 Rar 55 1Glidden_Co 5'as 8Grand F & W 5Guif Oil Pa 5s €Gulf Oil Pa 55 '47,:: 95 2 Hous Gulf G 6s A 43 47 48 47 1Hous G G 6%28 43.. 41 41 47 9 Hous L&P 4%s D 76 81 T0% 81 3 Hygrade Pd 6s A '49 481 44 48y 281l Pow & Lt 65 A '53 91% 90 90 8 11l Pow & Lt 55 C '56 80'2 80 80 €Ilin P & L 5%s B '54 85 84 8 2 Indnap P&L 5s A '87 95 95 85 53 Insull Uit 65 B '40 30% 28 28% 1 Intercon Pw cv 6s 48 3 = 3 3 31Inter Pw Sec 7s E '57 T8% 8% 8% IInt Pow Sec 7s F 152 54 54 = 54 §Intern Sec Am 5s '47 43 422 42% 1] Intersta Power 5s '57 64 64 84 § Intersta Power 65 52 2011 30 son 5 Inves Co 5s ww 61'a 6%z 1Inves Go s A 47 xw 62§ 2 eb LAP s 201a-Nb_L&P 65 B 2 Towa_Pub_Serv 5s 7 Jer C P&L 4'3s C | 7 Jer Cen P&L 55 B 12 Koppers G & C 55 47 8 id West U 55 '3¢ 1d West U 55 '35 cv ¢ G & E 4135 '8 &L ss B 9 Nat P B 85 ' 12 Nebraska Pw 4125 31 6 Nevada Calif 55 '56.. 10 New Eng G&E 55 47 9 New Eng G&E 55 '48 8 New Eng G&E 5s '50 € New Eng Pow_ 5s '48 4 New Eng Pw 523 '54 € 24N Y P & L 4'as ‘67 10 Niag_Palls Pow 6s '30 1037 100 = 103!4 30 Nor Ind PS 4135 E '70 81'2 80% 812 2 Nor Stat Pow 5ias '40 85 ° 85 85 11 Nor Stat Pow 41zs 61 853, 85 85 g jedm El 6%u3 ac Ed 5 7 Waldorf-Astor 15 '54 20%a 20 3 Weat Penn 5 2030, 580s ava i 34 Wes Tex Ut 55 A '57 60 © 59 ~ 593: FOREIGN BONDS. THE EVEN NEW YORK CURB EXCHANGE Received by Private Wire Direct o The Star Office. 00-1b: these destgns s | ~Prev. 1831~ Btock and Bales— e o e A i ok by Aokt High. Low. Dividend Rate. Add 00. Open Hish. Low. Close. High. Lo Dividend Rate. Add 00, Open. High Low. Close. | 124 4% Meniph NGas(60c). 1 65 5 5 5 39 14% AcmeSteel (1.60)... B0s 16 16 16 16 4% % Met Chain Stores. 2 g M - G 19% 1% Agfa Ansco.... 4 2% 2% 2% 2% 8% 1% A T e TR S 103% 78 Ala Power pf (§) 20s 80% 80's 80% B80%| 4% 4 MidStaPetvteA22¢ 1 1 1 1 1 115% 86 AlaPowcumpf (7). 20s 91 91 @1 91 254 4% Mid West Ut (b5%). 35 6% 6% 64 6% 11% 8% All Am Gen Corp. . 5.0, o9 e Wt % Mo-KanPipeLine... 4 1% 2 1% 1% 5% 3% Allled MillsIne..... 3 4% 44 41a 4% % 4 Mo-KanPipeL (B).. 17 4 % h W 224 48 Aluminum Coof Am 1160s 66 58 53l (54 5% 2 MountainProd (80c). 1 2% 2% 2% 2% 16% 9% Alum Goods (1.20) 1 10% 10% 10% 104| 104 4% Nachman Spring 17¢sr B B ¥ 2% % Am British & Cont... 1 b b * % | 1 2% 2% 2% 10 1% Am Cit Pw & Lt B. 1 2% 2% M 5 12% 12% 124 17 % Am Com Pow A i VRN 1 2% 2% 2% 29% % Am Com Pow B a8 % % B A 69 €8 684 54 A g g M D 45 45 45 12% 5 34 3w 3w 3% Sh T Sec A 260, ™ 1% 1% T4 T AN A% 1N berry (JJ)1.10.. 2 16% 16% 16% 16% 814 3% Am For Pow war.. B 4% 4% 4w 4w w BradfordOfl... 2 % % % % 5% % Am Founders € 1 % % 1k w Eng Pow pf (6). 30s 53% 55 53% 55 97% 32 AmGas&Elec(11). 35 384 38k 34% 354 w Jersey Zinc.... 2 25 25 284 28% 7% 1% AmInvestInc(B).. 1 3% 3% 3% 34| 3 w Mex&ArLand. 1 % % W B4l 17% AmLt&Trac(2%). 1 21 21% 21% 21%| §8% 914 Newmont Mining. 5 13% 13% 13 13 1% 4 Am Maracatbo. 1 % % % M| 118% 107% N Y Telpf (6%) 50s 110% 110% 110% 110% 19% 44 4% 4m 4 44| 141 B% N Y Transit(70c)... 1 8 8 8. 3 1] 1 b6l B6% B64 B6Y| 15k 5l Niag-Hud Pow (40c) 20 6% 6% 6% 6% 16 2 % % % % 3% & Nag-HudPowAw.. 3 ¥ & #& # 8% 38 & % & % 11% 2 NiagShare(Md)20e. 9, 3 3 2% 3 6% 1's ArkansNatGasA... 1 24 2% 2% 2% 224 64 Niles-Bemt-Pond (1) 1 8% B4 84 84 7 3% ArkNGeupf (80¢). 2 4% 4% 4% 4% 1% & NitrateCorpChileB. 1 % % % % 2615 815 ArmstrongCork.... 80s 8% 84 8% 8% 24 ¥ NorthEuropeanOil. 7 % % % % 234 315 AsSOG&EI (A)b6%. 7 4% 4% 4% 4%| 354 20 NorthernPipelL (4).150s 31 31 81 31 £% 8% AtlasUtliCorp..... T4 6 6% b5% B%| 162% 69 Nor St Pow A (8) 1 1% 1% 1% 1% 2% 1% AtlasUtilitieswar.. 5 1% 1% 1% 1% 101 85 NorStPowpf(6)... 50s 8 85 85 85 85 1 AutoVotingMach... 1 1 1 1 1 | 18% 4 NWEngineers(1).. 1 6% 6% 64 6% 16 4 AutoVotMCoprpt. 7 4% Bw 4 5% 1% % Ohio Copper. S " % " kel 6% 1 BlueRidgeCorp.... 1 1% 1% 1% 1% 2 3 i & et 38% 16% HiseBildreovptan) . 2 as., 19; 19 1wl AR R0 Westenofl . R S e 56 30 Buckeye P L (4) 1 33% 33% 33% 33| Gy 2% Paramount 1 M 3% % . 3% 7 1% Butler Bros.. 2 2% 2% 24 2% 109% 34 ker Rust Prf (3).100s 384 39 384 39 2% 1 % % % %| 84 1% PennroadCorp (40c) 14 2% 2% 2% 2% x 1 % % % %| 3% % PhilipMorrislnc.... 3 1% 2 1% 2 4% % Canadian Marconi. 5 1% 1w 14 14| 28k 2 PllotRadTubeA.... 8 3% 3% 3 3 2% 1 CaribSyndfeate..... 1. % % 14 sl 2% 2% PlonGMLtd(12¢).. 6 3 3 2% 2% 31 13% Cent Hud G&E (80c) 1 15% 15% 16% 15%( 10 2 Pitney Bowes (b4%) 1 2% 2% 2% 2% 19% 114 Cent PubSvc A bS%. 1 1% 1% 1% 1% | 109 32% Pitts & Lake Erie(5)100s 39 39 39 39 125 1% Central StatesElec.. 4 2% 24 2k 24| 42% 17 Plttsbgh PlateG (2) 1 18% 184 18% 184 20% b CitiesService (g30¢) 72 6n 6% 6% 6%| 19 6 PlymouthOil (s0c). 2 7% Tk Tk T4 84% 86% CitlesServnf (§).,. 1 47s 4T 47% 47| 14 % Premier Gold (12¢).. 10 & * * b 7215 4l CitSvpfBB (6).... 208 41 415 41's 411s| 4% % Prod Roalty (b10%). 3 4 5 4 % 10% % Claude Neon Lts 6 1% 1% 1 I%| 14 3 Prudentiallnvest... 1 4% 4% 4% 4% 7% 1 Col Oll& Gas vte. 5 1% 1, 1% 14| 6% % PubUtllHoldzw.... 16 % % % H 22 2% Columbia Pic vte. 2 3% 8% 8% 34| 2% ¥ RadloProducts..... 1 2 2 2 266% 109 Commwits Kdison (83268 120 120% 119 120% | ¢ % Reliance IntA. & ¢ Dk A% 2% 4 Cmwith & Sou war,. 22 % % #| 134 % Republic Gas Corp. e R S 3% % Consol Copper. ST G TR T R ReYBA G0 b AN 16 4% Cord Corp. ~ 9 84 B84 Th TH| 18% 9 Rockiand L&P (30¢). 5 B1% T4 Corroon&Reypf(A). 1 10 10 10 10 | 21 9y ¢ Regis Paper...... 31 e 1 & % % %].°1% 2% SaitCreskProd (1).. 1 3% 1% Creole Petroleum 1 1% 1% 1% 1%’ e 1% & cutiesarinios 1% '3 % '3 11 8% SecAllieacorp (1).. 2 ; 37% 23% Seeman Bros (3) 1 2% & Dayton Alr &Eng... 11 “ & W & 7Th» 14 Segal L& Hdwr. 1 s 7 9% 10 8% 9% | 4% % Selected Industries.. 1 ) 11 1k 14 1% 14| 71 24% SleIndalctfs(5%). 1 % 7 % B & | 70 26% SlctInd prior(6%).. 1 (3] 1 & & & & 8% 1% Shenandoah Corp. 5 3% 67 % % % 4| 113 5 Sisto Finance Corp..250s 24 2 EastSta Pow (B) 1 8 3 3 3 |192 33 Smith(A.0).......1508 6% 1 Eisler Electric... 13 2% 2% 24 24| 27% 20% SouCalEdpfC(1X) 1 61 8% Elec Bond&Sh(b6%) 258 12% 12% 11l 11%| 421 26 SW PennP&L (1)... 97 38 ElecB&Shcupfb.. 1 50 50 50 50 | 38% 13% Stand Oflef Ind(1). 100 108% 48 Elec B & 8h pf (6) 2 60% 604 60 60 | 23% 124 Stand Ollof Ky1.60. 9 134 13% 13% 13% 22% 6 ElecPowAssoc(l).. 1 814 84 8% 8| 50 18 StandP&L(B)(2). 1 19 19 19 19 22% 5% ElecPowAssocA(1) 4 8 8 7% 7% 101 B0 Stand P&Lpf(7)...50s 64 64 64 64 374 3% ElecP&Ltopwar.. & 5% 5% 5% b5y| 28 8% StutzMotorCar..... 4 114 12 11% 12 18 3% ElShareholdg(b6%) 1 4 & 4 4 | 30% 144 Swift&Co(2) . b 184 184 184 18% 25 16 Employ Reinsut1.80 1 17% 17% 17% 17| 40% 18% Swift Interna ) 11 23 24% 28% 24% 4 % Burop Elecdebrts... 1 % ¥ % %| 15% 1% TechnicolorIne..... 5 3 3% 38 3 13 24 EuropELtdA(60c). 1 3 3 3 3 9 31 Tech Hughes (60c).. 1 41 4 4% 4% 3% % EvansWallowLead. 6 & & & | 110% 8 TennEIPlstpf(7)..50s 88 89 88 89 5 % Fairehild Aviation.. 1 1 1 1 1 1 % TobProdofDelwi.. 2 &% % & 5% 29% 8% Ford Motor,Can.,A. 19 10% 10% 10% 10% # % Tonopah Mining 5 % h w % 19% 8% Ford Mot Ltd363-6¢ 8 5% 5% 6% bly 6% # Tri-Cont Corp wa 4 W1 & .1 6% % Fox lheater (A).... 9 % 1 % 14| 12 3% TungSol Lamp(1) FRUETE T Bie 4 S E 10% , 1 Gen Alloys. .. S T 1 1 | 10% 1% Unit Founder: . 42 2 W 2 -2 31% % GenTheatEqevpf.. 7 4§ 1 % w| 1% 1% UnitGas Corp. 6 24 24 24 24 60 20% GlenAldenCoal (4). 6 20 20 20 20 4% 3 Unit Gas Corp war 3 % S, e i 11% 1% Goldman Sach 10 8% 3% 3 8 | 94 35 UnitGaspf(D). 10 49% Blla 49% 49% % 4 Goth Knitback 2 & R & W 3% 5% UnitLt&PwA(l).. 20 T% Th 7 7 T54 SabN RLIIE Ollior Benaait G40 2ok Ha0% 5203 Eaops | HOLESIBNIILILIVVERE SEIS) - HINE AR SR Bds 18% 9 HackmesterLind... b 11% 11% 11k 11 A St LI T 4 Hecla Mining (406).. 2 4% 4% 44 4| 8% 1 UBEiecPow ww. 6 1 1% 1% 1% , 3% % US&Intl Secu 08 K M h R 8% 3% HollingerGold t70c. 1 41 414 41 43 h , 60 17% USInter Sec 1stDf. 750s 245 241 241 2435 6% 1% HudsonBay M&S.. 1 2% 2% 28 24 6 Utah P&Ltpf (1).. 50s 82 64 24 HyeadeFoodProd. 2 3% &% M aw| iy 1y UUlPok Lt(boN) B 2a 7% w o 18% 7% ImpOilofCan (B0c) 4 8% 8% 8% 8K| 9% 1% Util&Ind ......... 1 2% 2% 2% 2% 3;& 1?‘ 1BRir f;fl:fSN 3 a(zl 30 30 30 | 19% T Utility &Indpf(1%) b 8% 9% 8% 9% 4 Imsurance Security. . 4 15% Th Int Petroleum (1)... 13 914 T% 1% VanCampPkg...... 1 2 2 2 2 10% 14 Int Utilities B. 1 1% 1% % Venezusla Petrolm 2500% 0e e e 25 9% In'MateTauity evot 1° 10 7 3% Vick Financial (30e) 3 3% 3% 3u 3% 7 1 Italian Superpow A. 7 1% 22% ‘i ;V}ndon aninnl;r. ? Gh 6!1 Gu Gw <5 estern Air Exp ] w fizlo:‘z.sf;fi:x?”.: . ?‘; 25 11 WesternT&S. 1416 s al 27% 9% Leh Co& Na (120).. 13 124 25 5! LoneStarGasnise. 1 84 f e %1% 1% 1% Dividend rates in dollars based on last quarterly of u% "t ,‘fi:;fi: ‘E::,!{(';:(“; ‘: ,7‘ | nual payment. *Ex dividend. fPartly extra. :Plus 4% in stoc 4% 1% Mass Util Assoc 7 oy ayable in cash 6r stock. bPayable in stock. e Adjustment 5% % Mavis Bottling (A). 1 (4 l:mdi ”t p\u;*ns‘b mt "xo“'k P.l”ulfl';'i:: ock, n:‘hu 1% in . ock. 1§ Plus n stock. us stock. m Plus 3% in B0 22 Mayflower Asso (2).. 1 28 stock. nPlus 8% in stock. D Pald last year—no resular rate.. Everybody’s Business Rise of Securities and Commodities in ~Many Markets to Be Followed by Important Events. BY DR. MAX WINKLER. Bpecial Dispatch to The Star. NEW YORK, January 9.—The stage is being set for important events both in the United States and abroad. The | ments of & constructive character. | The advence is confined not merely dam and Brussels also have been ad- | vancing. An Anglo-French agreement the Franco-German problem. | immediate start of the activities of the Reconstruction Finance Cerpora- tion are being perfected. A large governmental issue probably will be required. Its success is of paramount importance. Hence, the favorable at- mosphere which is being created. Somewhat easier money and accom- | panying improvement in the United | States confidently may be looked for, | since the new loan is not likely to be | sold on a basis very much in excess of 4 per cent. It probably will not | be as much. Rate Continuance Question. Selling to yield well over 12 per cent, | the question arises as to the continu- | ance of the Union Pacific present | dividend rate of $10 a share. Considerable losses have been in-| curred by the road as a result of dras- | tic reductions and omissions of divi- dends by carriers in whose stocks Union Pacific is heavily invested. However, these losses should be more than off- set by the anticipated 10 per cont wage cut and the increase in revenue re- sulting from increase in freight rates approved by the Interstate Commerce Commission. Action for dividends will be taken in Pebruary, and it is not unlikely that the present rate may be main- tained. Earnings for 1831 are expected | to show only slightly less than the full dividend requirements The equities of stockholders justify | the drawing on surplus to maintain | dividends, according to Alfred P.| Sloan, president of the Géneral Motors | Corporation. This is especially true at a time when there are few problems of expansion and where profits are subnormal, Mr. Sloan continues, adding, however, that such action must in no sense impair the capital structure of the business. It may perhaps be assumed that these remarks foreshadow the declaration of the regular dividend at the meeting scheduled to be held early next month. Novel Debt Suggestion. Sir Harry Gloster Armstrong, favor- | ably remembered as former British | consul general in New York, has made | & novel suggestion in regard to Great | Britain’s war debt to the United | States. As these debts were contracted in_the form of war materials and food, and not in currency or bullion, . 8ir 34 3% 38 52 ar- 3 Saar Basin Con 7s '35 18 Baxon Pub Wk 55 €Terni Boc 6'as A '53 3y, 52 8 ww—With warrants. xw—Without Wi . E—New. wi—When lssued. also be made in For the time being, however, no payments of any kind are made. It remains to be seen Britain will take Harry feels that repayment should goods. W of humor. ing the livery chauffeurs of Chicago has just decreed that funeral proces- sions must be 100 per cent union. This the deceased. story in Lucian, relating to an Athe- nian agnostic who instructed his heir to place no obo! under his tongue when dead. When he reached the River Styx, Charon demanded his fare. Rather than return him to the living, Charon ferried him across gratis. | Wil be buried just the same, even if the procession should not be 100 per cent union. |to eause any panic in America, says rise in securities and commodities may | Ivar Kreuger, be assumed to foreshadow develop- |Kreuger & Toll combine. to the New York market. London and |do not regard their problems as serious- Paris, Stockholm and Milan, Amster- \ls.vu:! Americans do in on reparations and war debts augurs | people, who have, after all, had consid- well for a satisfactory adjustment of | erably less experience in world af- In the United States, plans for the |ocean, and who are more easily fright- |BUSINESS INCREASED after June 30, 1932, when the Hoover debt moratorium expires, Union labor is not devoid of a sense ‘The organization compris- ould afford considerable comfort to One is reminded of the charming It would seem that a dead Chicagoan | European problems are not the kind head of the powerful | Serious American View. People in Europe, Mr, Kreuger thinks, the United This, the Swedish industrial- ist might have added, is due to the extraordinary youth of the American fairs rhan their friends across the ened by complex problems than are the older and more hardened . Euro- peans. The agricultural situation in Den- mark is assuming a rather serious as- pect. Farmers throughout the king- dom find it difficult, nay impossible, to cover service charges on their mortgages. To relieve the situation, the government is considering & mora- ;unumfl rather popular remedy these ays It is. however, specifically announced that whatever steps will be taken, only domestic creditors will be affected. One is beginning to wonder whether there are two different standards of honesty. Is the dollar owed to & Dane less sacred than a dollar owed to & Norwegian or Belgian or Swiss? Budgets and actual results are two different things, especially in the case of Latin American countries. Many a nation south of the Rio Grande bud- gets for a surplus, and a large deficit may often result. It is hoped and ex- pected that Colombia will prove an ex- ception. She anticipates a surplus of about $2.000,600 for the current year, | with expenditures estimated at | $36.320,000 (Copyrisht. 1932, by the North Newspaper Alliance. Inc.) American IN LATIN AMERICA International Business Machines Cor- poration materially inereased its Latin American organizations during 1931, and recently opened training schools for employes in Brazil, Argentina, Chile and Cuba preparatory to sending more men into the field during 1932, F. W. Nichol, assistant to the president and foreign manager, reported on returning from a five-month study of eight Latin American countries. Latin America affords vast forel markets for American goods, especially mechanical products and business equip- ment, Mr. Nichol said, and American companies may readily build up native sales organizations that can produce re- sults comparing favorably with those of domestic sales departments, Interna- tional Business Machines Corporation has found a fast-growing market, rep- resenting a complete cross section of Latin American business, for electric tabulating and accounting machines, electric time recorders and time sys- tems, scales of all types and retail store ent, Mr. Nichol said. CHICAGO STOCK MARKET By the Associated Press. CHICAGO, January 9.—Following is the complete official list of transactions in stocks on the Chicago Stock Ex- change today: Sales STOOKS. in hundreds. High. Low. Close. Rdams Mg 115 1% 10 Am Pub Ser pt ET I 300 Appalach Yoy 3100 Bendix A 1w i 1 1600 Bors-war N 350 Bruce (E L TH T 200 Butler Bros % 3 anl| 100 Castle A Hal e 100 Gere Ml%oup” o 6 el 5 i i 3 400 Cent Il Sec 3% 3 50 Cent & 80 W 530 sie 83 100 Cent & 8o W 0 w0 40 100Chi C & © Ry'ctfs i 2 4 2 hic ‘Investors i 1w 1w 1200 Cities Bervice 6in &4 6l 250 Comwith Edis 2015 11913 1197 5100 Comwliih Ed rts 1015 s 330 Cont' Chicaso, da8a 0 100 Gont Chic f 181 187 18 2000 Cord Corp a* g 1 750 Corp Sec . M1 1 300 Corp Sec pi 3 a3 00 Elec Household 1L 8 80 8 % BEl 4 4 4 100 Poote G & Mach..... 1% 1% 1 i 11 129 138 13 i 14 1 % 1% 1 ELR 2 2% 2 o' ok s 8 14 140 0% 403 T T st s 1313 5 5 33 33 8% 8 484 4% 8 @ 50 50 50 Musk Mot Bpec A 9% 9% 100 Nachman Spring (... 5 § 150 Nat Elec Pow A ..... 10% 10% 100 Nat Secur Inv 1% 1Y 50 Nat-Standard . 20% 400 North Am Ca Chier 4800 Peo G Lt & Coke' rix 50 Public Serv n p. 125 800 Pub_Serv rts 200 QRS DeVry 810 Quaker Oats . 30 Quaker Oats pi. 50 Seaboard Util.. 3 Wis B s Ban 550 tnllh.m 1o 1 BSteck sales today—88.000 shares. BONDS. ! Crum & Foster 87 56000 Insull Util 6s 40 30 28 Bond s oy today—$67.000. Profit Taking. NEW YORK, January 9 (Special).— Btocks purchased at the end of the year or in the first two sessions of this week now show enough appreciation to tempt profit-taking by those who bought for short term rather than long term ac- count. After its many experiences with markets that rally and then slip off into new low ground, the buying public is still inclined to move cautiously and to cash in its paper profits as the oppor- tunity to do so is’afforded. Market letters were nearly all of the opinion there might be a “secondary reaction.” The average loss of about 6 points in the general list, witb which business began on Wednesday, has been turned into a small average advance for the month. The improvemen! is yet regarded as to slight to make neces- sary reaction in order to maintain a sound technical market status. As Janu- ary and February in the past two years, were months of rising prices and the market has behind it a year of heavy and almost continuous declines, brok- ers say it is ressonable to expect that this precedent may be followed in 1932 and perhaps continued through most of the first quarter of the year. s - ! Trusteed G STAR, WASHINGTON, D. C., SATURDAY, JANUARY 9 1932 MUNICIPAL BONDS } SHOW 1531 GUTS Voters Cause Marked Drop in New Offerings During Year Just Ended. Special Dispatch to The Star. NEW YORK, January 9.—New State and municipal bond issues approved by the voters during 1931 totaled $474,489,- 522, as compared with $626,059,337 in 1930, $420,095,934 in 1929 and $783,412,- 085 in 1928. Issues approved by the voters of 58 municipalities in 20 States during December totaled $13,470,100, as compared with $10,461,100 in Decem- ber, 1930; $17,002,600 in December, 1929, and $23,244,479 in December, 1928. The largest piece of financing voted last month was $4,000,000 by the City of San Diego, Calif. The taxpayers of Salem, Oreg., authorized $2,500,000 water bonds. All of the remaining items were for amounts of $600,000 or less. During 1931 the taxpayers through- out the country rejected proposals to issue bonds totaling $133,474,369, as compared with $280,093,532 in 1930, $295,386,040 in 1929, and $536.889,610 in 1928. The total of issues defeated last month was $18,850,011, as com- pared with $25855,000 in December, 1930: $15,830,000 in December, 1929, and $11,764,700 in December, 1928, The largest proposal defeated was $12,600,- 000 by the City of Sacramento, Calif. The following table, compiled by the Daily Bond Buyer, presents a compari- son of bonds approved by months for the past three years: 19031 January February March Total ...... L...34T4,480 $626,080 Brokers’ Comment 3 NEW YORK, January 9.—Brokerage house market letters today forsaw no immediate change in the trend of stock unless it was for a technical reaction. Some thought the rally might be pro- gressing too rapidly. Munds & Winslow.—The upturn in prices has been so sharp and support on small setbacks so impressive thi some additional covering may well be forced and outside buying will probably carry prices to somewhat higher levels over the week end. Nevertheless, new highs in isolated issues should not ob- scure the fact that the general market average has nearly returned to the area of indicated heavy offerings, where lig- uidation presumably will be renewed. Hammershlag, Borg & Co.—Strength in the market at this time of year is quite usual and may be justified by various seasonal and other underlying reasons. Furthermore, present stock prices are so low and reflect such & state of public discouragement that very little is required to start a move upward from these levels. On the other hand, it must be realized that a tech- nical rally was due, and with the pres- ent uncertainties we would advise cau- tion, preferring to let the rally prove itself before assuming speculative po- sitions. Jackson Bros., Boesel & Co.—We look for higher prices in both railroad and industrial stocks, but believe that the advance has been somewhat fast and that intermedlate reactions of 1 to 2 points in leading issues are necessary to keep the technical position sound. Shields & Co.—The market's perform- ance thus far on the rally has been sat- isfactory and unless unexpected bad news appears the long side offers less trading attraction for the moment. No definite turn can be expected overnight, however, and there still are numerous problems to be settled and several sources of danger so that extreme cau- tion is necessary. INVESTMENT TRUSTS NEW YORK, January 9 (#).—Over- the-counter market: A BC Trshrs A B C Tr Shrs Am & Gen Sec & Gen Sec “B". .. & Gen Sec 33 pi Br & Con 6% P Comp Tr Skrs. Fdrs pt Fdrs 1% pf..... Fdrs cv pf ctis. Am Ins Stocks Assoc Stand OIL. Bid. Asked 2% 3h o Pac p! war. Bankers Nat Iny Bansicilla Corp. Basic Industry British Type Inv.. [l Central Nat Corp A Central Nat Corp B.. Century Tr Shrs Chain & Gen Equities.. . Chartered Invest........ Chartered Inv pf Chelsea Exch A Chelsea Exch B CGumulative Tr Sh Corporate Trust.. Corporate Trust A A Corporate Trust Accum Ser. Crum & _Foster »f. Crum & Foster Ins Crum & Fost Ins 77 Depos Bk Sh N Y “A' Depos Ins Shrs “A' Diversified Tr A.. Diversified Tr B Diversified Tr C.. Diversified Tr D Eaquity Invest Fund Tr Shrs A Pund Tr Shrs B Granger Trade Gude Winmill Trad . Incorp Investors Incorp Invest Eauit Independ Tr Shrs Int Sec Corp Am_A Int Sec Corp Am B Int Sec Am 6. pf Int Sec Am 61.7 pi Inv Tr N ¥ Coll A.. Invest Trustee Sh Leaders of Indust A Leaders of Indust B. . Leaders of Indust C. Am Tr Sh 1955.. Nor Am Tr Sh 1956 Northern Secur Qld Col Tr Asso Petrol Trad A Public Serv Tr Repres Tr shrs Second Int Scc A Trusitee Stand Inv Trustee Stand Inv Trustee St Oil A Trustee St Ofl Shrs N Y C Trusteed Am Bk Sh Tr Am B A 20th Cent Fixed Tr st Sh shrs ew | Total 3 | Tou | _ New money Public_offérings. Gommon 0| qucing the number of memberships Trade Reports at a Glance. 5 By the Assoclated Press. NEW YORK, January 9.—Tabloid review of wholesale and retail business conditions as reported to Bradstreet's this week from the follow- ing centers, on the basis of l::‘mpu‘hom with conditions in the same areas in the corresponding week year anufacturin IS, Retailtrade. “iNd fAdusT Collections. Fair Fair . Quiet Fair Quiet Quiet Quiet Slow Fair Quiet Slow Fair Quiet Quiet Quiet Slow Quiet Quiet Quiet Slow Fair Pair Fair Slow Quiet Quiet Quiet Slow Fair Fair Quiet Slow Slow Slow Quiet. Slow Quiet Quiet, Quiet. Slow Omaha ... Quiet Quiet. Slow St. Louis . Quiet Quiet. Slow St. Paul Fair Quiet Slow Baltimore Fair Quiet Blow Comment. Pittsburgh—No improvement in glass industry; moderate weather causes slack demand for coal; steel dull. Chicago—Steel industry optimistic; wholesalers receiving satisfactory commitments for Cleve all leading lines of merchandise. holesale trade inactive; department stores running clearance “sales” with unsatisfactory response. Detroit—Auto plants working on new models, with production sched- ules conservative; low retail inventories further depleted by “sales.” Indianapolis—Decline in building affects employment; post-holiday “sales” only stimulus to retail trade. Louisville—Retailers running extensive sales campaign to close out Winter stock; mild weather curtails demand for heavy wearing apparel. Milwaukee—Banks make good financial showing; inventoriss in all lines very low. Des Moines—Unseasonable weather hinders general business; building very slow. Duluth—Sales generally running behind; after-holiday lull prevails. Kansas Cit’Y—Lead sales show increase; prices down; mines closed for holidays; bullding slow. Minneapolis—Staples selling well, but at small margin of profit; g:&;nmznt store business below last year; machinery men moving surplus Omaha—Cold weather and snow helping retail trade; inventories lowest in years; holiday trade behind last year. t. Lot . Louis—Boot and she tda nd shoe Spring S quiet, operations under way; iron and steel volume declining; millinery quiet. St. Paul—Wholesale dry goods, hardware and shoes find volume below 1931, but immediate business and prospects improved. Baltimore—"Sales” BY ROLLIN M. CLARK, Although the special Senate commit- tee which been investigating the subject of unemployment insurance will not submit its report for several weeks, and possibly a month, it was learned definitely that the committee will make at least one and perhaps two recom- mendations looking toward the crea- tion of unemployment reserve funds by industry. On one proposal the three members of the committee are in complete agreement. That is the matter of en- couraging industry to inaugurate un- employment_insurance plans by grant- ing, on Federal income tax returns, a deduction from gross income of funds set aside for such purposes. Under the ‘Treasury's proposed corporate income tax rate of 12% per cent, this means that the Federal Government in effect would be contributing one-eighth of the reserve funds. Such assistance would undoubtedly prove a tremendous incentive to the voluntary establish- ment of unemployment reserve funds. Another plan of granting Federal ald to employers of labor who create such reserve funds has been before the committee. This would involve an actual deduction from the tax pay- able by a corfiormon of a specified percentage of the amount set aside by FINANCIAL. »y A—1S BANKS ADVANCING INTRUST FIELD Controller Pole Reports Rapid Progress in National Sys- tem in Year. Substantial and steady progress marked the activities of national banks throughout, the United States in the administration of trusts in 1931. The statistics for this function compiled as . of June 30, 1931, sald Controller Pole in his annual report to Congress, re- vealed that 2,407 national banks had authority to exercise trust powers, with a combined capital of $1,349,393246 and banking resources of $22.618,549- ° 942, representing 35 per cent of the number, 80 per cent of the capital and 82 per cent of the resources of all banks in the national banking system. Trust departments had been estab- lished by 1,858 of these banks and 102,- 987 trusts were being administered with individual trust assets aggregating $5,- 241,991,392 Seven hundred and eighty- two of these banks were also acting as trustees for bond and note issues ag- gregating $10,719,846,426. The growing popularity with the American public of the corporate fi- duciary in the settlement of estates and the administration of trusts is illus- trated by the fact that compared with June 30, 1930, the survey revealed a net increase of 11,564, or 12.6 per cent more trusts under administration in 1931 than in 1930, while the individual trust assets under administration in- feature retail trade; industry looks up slightly. NDUSTRIAL RESERVE FUNDS FOR UNEMPLOYMENT FAVORE it as unemployment reserves. h if a company puts $1,000,000 into . its reserve fund in a stated year, and the allowable credit is 50 per cent, it could deduct $500,000 from its net income in making its tax return for that year. It is not likely, however, that this more generous plan will be favored unani- mously by the committee. A second feature of the forthcoming report may be a recommendation that the various States enact legislation compelling employers to establish un- employment reserve funds on a lim- ited scale, without any contributions by the States. Senator Wagner of New York, who sponsored the resolution under which the committee has been functioning, is_known to favor this proposal and Senator Glenn of Illi- nois has indicated he would approve such a recommendation. The committee chairman, Senator Hebert of Rhode Island, is inclined to side with his colleagues on this point, although he has not committed him- selt definitely. He looks upon it as a possible compromise between the two extreme viewpoints—those who wish Federal or State unemployment in- surance with contributions from the public treasuries and those who favor no legislation at all, leaving it to in- dustry to solve the problem. (Copyright, 1932.) FINANGING IN 1351 SHOWED BIG DROP Comparisons With Previous Year by Group Reveal In- teresting Contrasts. Stock and bond financing in Decem- ber totaled $75,000,000, according to the Standards Statistics Co. This total is made up of $40,000,000 in stocks and $35,000,0000 in bonds. Financing for the entire year equaled $2,972,700,000, less than half of the $6,547,400,000 of 1930. Comparative figures for 1930, and 1931 are given below: - Bt m e D | Ao G802 ias Total financin Forelen ... Non-productive ... Operating & producin Refinancing ........ 2582EE Zoste boaon reign . Non-product! Operating & Refinancing money preferred Foreign 5 Non-productive Operating & prot Refinancing ew money. 21 bonds el producing. 1. et reign S Non-productive " ating & producing Cgn ES2 33-3%3ksng e Boranmescn Preferred Stock rig] Markets at a Glance NEW YORK, January 9 (). Stocks: Heavy; realizing cancels early rise. Bonds: Firm; United States Gov- ernments steadier. Curb: Heavy; re izing checks rally. Foreign exchanges: Firm; sterling rallied. Cotton: barely steady; trade buying; Wall Street cov- ering. Sugar: Steadier; firmer spot market, Coffee: Quiet; steady Brazl- ian markets. p P Offer to Buy Exchange Seats. BALTIMORE, January 9 (Special). The Baltimore Stock Exchange an- nounces &n offer to buy 10 seats at the price of $600 each. This action, it is understood, is for the purpose of re- Each seat bought will be retired. Sev- eral seats on the local exchange have remained inactive for a number of years. There are about 87 members of the Baltimore Exchange. STOCK A Low, 1929 ND BOND AVERAGES By the Asseciated Press. SATURDAY, JANUARY 9. STOCKS. 50 20 20 90 Industrials. Rails. Utilities. Total. Today. . 64.8 35.3 1013 Previous day 66.2 35.7 103.3 Week ago 60.1 317 95.9 62.1 Month ago 67.8 35.2 107.1 63.7 Year ago. 123.9 100.4 ~ 166.0 127.6 Three years ago. 209.8 . 133.9 1952 1949 Five years ago 107.9 107.8 103.5 1071 High. 1931-32 140.2 106.2 203.9 1443 Low, 1931-32 . 30.3 92.7 60.0 High, 1930. 141.6 2813 205.8 Low, 1930 86.4 146.5 114.7 High, 1929 167.8 353.1 253.5 Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, January 9.— White potatoes, 100 pounds, 75a90; sweet potatoes, bushel, 40a80; yams, barrel, 1.00a1.75; heans, bushel, 1.75a 2.50; beets, per 100, 2.50a3.50; brussels sprouts, per quart, 10a20; cabbage, bushel, 40a50; carrots, per 100, 2.50a 8.50; cauliflower, crate, 1.50a2.25; celery, crate, 1.25a2.7 cucumbers, hamper, 3.00a4.50; lettuce, crate, 4.00a5.25; onions, per 100 pounds, 3.00a4.00; pep- pers, crate, 1.50a2.75; spinach, bushel, 35a1.00; squash, bushel,. 1.50a2.00; matoes, crate, 1.00a3.25; eggplants, crate, 1.50a2.50; turnips, hamper, 15a 25; apples, bushel, 35a1.25; grapefruit, box, 1.35a2.75; oranges. box, 2.25a4.00; g%rn:;bemu, quart, 15a25; kale, bushel, a45. Dairy Market. Chickens, young, 18a20; Leghorns, 15a17; old hens, 15a21; Leghorns, old, 15a16; roosters, 10a12; ducks, 12a3: geese, 15a20; guinea fowls, gk. 25a5/ turkeys, 16a26; pigeons, 20a25. Eggs—Receipts, 1,480 cas receipts, 15a19; hennery, whites, 24a25; nearby firsts, 20. Dutter—Good and fancy creamery, 24a28; ladles, 18a20; process, 22a323; store packed, 14. INDUSTRIES NAMED BASED ON OUTLOOK The industries most favorably sit- uated today are those which invariably cater to the imperative day-to-day needs of individual consumers, says the Standard Statistics Co. in a survey which continues in part: Sales volumes of these industries re- flect the fact that the irreducible min- imum of demand, even in depression, is at a high level. Profits are influ- enced either by relatively fixed sales prices or by marked gains in the effi- ciency of distribution. The divisions of industry thus enjoying comparative stability comprise the following: Chain stores, cigarettes, dairy prod- ucts, electric and gas utilities, package foods, specialty bakeries and telephones. Included in a group, prospects of which are better than average, are in- dustries that likewise supply individual consumer needs, but‘the products of which are less indispensable, selling prices vulnerable to the effects of in- tensive competition, or product sub- ject to heavy seasonal fuctuations. These industries comprise: Automobile parts, passenger automo- biles, beverages, flour and feed, heavy chemicals, medicines and drugs, metal containers, refrigeration, sulphur and welding supplies. A Chinese lacquer cabinet only 42 inches long was sold in London recent- ly for $2,047.50. creased $768,950,466, or 17 per cent over 1930. Growth in Past Five Years. ‘The continued growth of the fidu- ciary activities of the banks in the na- tional banking system and the increas- ing popularity of this important branch of banking service are even more im- pressive when comparisons are made with the activities of national banks in this field just five years ago. In June, 1926, national banks numbering 2,026 had authority to exercise trust powers with 1,104 actively engaged in admin- istering trusts. These banks were then acting in a fiductary eapacity for 26,053 trusts with individual trust assets of $922,328,677, and were acting as trus- tees for bond and note issues of $2,463,- 553,316. The figures compiled as of June 30, 1931, represent for the five- year period, an increase in the number of national banks authorized to admin. ister trusts of 381, or 18.8 per cent; an increase in the number of banks operat- ing trust departments of 752, or 68.1 per cent; an increase in the number of trusts being administered of 76934, or 295.3 per cent; an increase in individ- ual trust assets of $4.319,662,715, er 468.3 per cent; and an increase in the volume of bond and note issues eut- standing for which these banks were acting as trustees of $8,236,110, or 335.1 per cent. Gross Earnings Increase. That the growth in earnings from trust department operations has kept pace with the increased volume of trust assets whieh have been intrusted to the administration of the banks in the na- tional banking system is revealed by the fact that during the fiscal year ended June 30, 1931, gross earnings aggre ing $26,888,000 were reported as it $22,785,000 in 1936, representing s gain of $3,923,000, or 17.3 per cent, aver 1930, and an increase of $18,433,000, or 223.3 per cent, over 1926. The impressive indorsement of the substs institutions, and the volume of insurance trusts created during the past fiscal year, at the end of which 213 natiensl banks were acting as trustees under 554 n;reumnu involving the administration of $21,667,964 in proceeds from insur- ance policles, while 764 national banks had named as trusiees under 17,656 insurance trust agreéments net operative supported by insurance policies with a face value af ting $734,- 830,790. Compared with 1930, these figures represented an increase of 39 per cent in the number of national banks administering insurance trusts; an increase of 39.9 per cent in the number and 60.5 per cent in the vel- ume of insurance trust assets under administration. Huge Sums Involved. The number of natienal banks which had been named trustees under insur- ance trust agreements supported by in- surance policies not yet matured and operative increased during the year 13.3 per cent; the number of insurance trust agreements not operative naming na- tional banks trustees increased 30.3 per cent, while the volume of insurance represented by the face value of the r: icies trusteed under those agreements creased 25.2 per cent over 1930, On June 30, 1931, 262 branches of national banks were actively in the administration of 15,224 trusts, with individual trust assets aggregating $1,015,325,865, and were acting a5 trustées for bond and note issues ol‘ - standing amounting to $492,659,381, Controller Pole concludes. Washington Produce Butter—One-pound prints, 33; tub, 32, Eggs—Hennety, 23425; currént ré- ceipts, 20822, Poultry, alive—Turkeys, old tems, 20 822; young toms and hens, 25a28; ‘hh{i. ens, 3 pounds and over, 13a21; 2 to 2 pounds, 20a21; broilers, 1% to 2 peunds, 21a22; hens, large, 14a16; small, 13al4; Leghorn hens, 13al ; keats, young, 40a45; old, 25a35. Poultry, dressed—Turkeys, old toms, 24a26; young toms and hens, 27a30; chickens, 3 pounds d over, 20a32; 2 to 213 pounds, 22a25; broilers, 11 to 2 pounds, 23a25; hens, large, 17a19; small, 15a17; Leghorn hens, 14al5; roosters, 13; keats, young, 60a70; old, 50. Meats—Beef, prime, 16; choice, 15; good, 1214a13; cow, 9%3a10; lamb, top, 16a17; fair to good, 14al5; common, 11a 12; veal, top, 14; medium, 123a13; pork loins, 8 to 10 pounds, 14a15; 10 to 12 pounds, 14a15; fresh hams, 8 to 10 ds, 13; 18 to 22 pounds, 19; smoked ams, 16al7; strip bacon, 16al7; lard, 80-pound tins, 813; package, 9; com- pounds, TaTi. Pruits—Strawberries, pints, 15al18: quarts, 30a35; apples, bushel baskets, 1.00; fancy box stock, 2.50; Florida, 3.00a3.75; 58 4.00; grapefruit, 2.2523.35; pears, 2.75a 3.25; pineapples, 3.50; grapes, ?- perors, 3.50a4.00; lemons, 3.5085.50; tangerines, 1.25a1.75; persimmons, 1.00a 2.00; kumquats, quart, 10a15; bana ;.ggnz.fio; Alligator pears, flats, 2. Vegetables — Potatoes, 100 - pound sacks, 1.25; Idaho bakers, 2.50a2.75; sweets, 25a1.00; tomatoes, repacks, pan containers, 2.25a3.00; hot house, 8-pound baskets, 2.00; peppers, 2.008 3.00; carrots, bushel baskets, 1.00a1.28 beets, per 100 ches, 3.25a3.80; string beans, 2.50; limas, 5.0085.50; 8.00a8.50; lettuce, Iceberg, 5. .50; cabl , new, 1.75a2.00; old, 75a1.00; lnllm 85a75; cauli~ , 758l , s, fower, = 2.50; 75a1.00; broccoli, 3.7 5a; chokes, 4.0025.00; celery, 3.50; cus o bers, Cuba, 5.00 2.00; Ohio Railroad be permitted to control the Western Maryland Railway if » four-system g.h'n of consolidation be ar- rived at has been indorsed by the of directors of the Bal of Commerce, which the e 4 -