Evening Star Newspaper, January 11, 1932, Page 14

—14 wxx INCREASED BUYING OF 5. GOODS SEEN Commerce Department Re- ports Present Foreign Col- fections Less Favorable. The general foreign collection situa- tion was reported by the Commcrce Department yesterday as being less fa- vorable rox than it was at the end of 1930, “but the exhaustion of stock and inventory portends a near future of small but constant buying from this country.” According to the department's views, there will be a continued business from the old establishcd houses, and the; matter of :hecking credits will be some- what easier if due care is given to the analysis of each transacticn and record- ing all exchang> reports from trade and banking sources. From cablegrams and radio messages from all sections of the world the de- partment’s comimercial intelligence di- Vision has made a orief resume of conditions in each country. Exchange continues to be the tarding influence in the collection situation Belgium —During the week ending Decem- ber 11, 1931, 29 commercial failures were Jegistered, s against 8 for the corresponding eriod in 1930. From January 1 to December 11, 793 commercial failures were registerec, a5 against §55 during the same period of 18 s have been able mporter; gat Decem- ns up_until n anticipating to fluctu; of ¢ who already knows that are having trouble in Danish t credit man merchants obligations | (Continued from Page Sales— Add 00. 108 108 15 4 90 — Stock and High Dividend Ra 107% 80% N Y Steam pf (6 118 94 N Y Steam 1stpf(7). 29% 10 Noranda Mines (2).. 217 105% Norf & Westn (112). 11 2% North Am Aviation. 90% 26 Nor Amer(b10%stk) 60% 14's Northern Pacific3).. 18 8 Norwalk Tire & R pf 1915 54 OhloOfl......... 5% % Oliver Farm Equip. 75 4% Orpheum Circuit pf. B85 164 Otis Elevator (2%) 16% 315 Otis Steel. ... 6915 8 OtisSteel prp: 89% 20 Owens Il Glass (2). B4% 29% Pacific Gas & El (2). 69'5 35 Pacific Lighting (3). 26% 7% Pacific Milis 131% 93% Pacific Tel&T 11% 3% Packard Motor (40c) 50% - 54 Par-Pub (b10% stk). Park Utah 1 Parmelee Transport. % Pathe Exchange. .. 1'4 Pathe Exchange (A 4% Patino Mines. Peerless Motor Car.. Penney (J C) (2.40). Penna Rallroad (1).. Peoples Gas(Chi) (8) Pere Marquette Ry. Pere Marquette pf... Pere Marquette pr pf Petrol Corp of Am. .. Phelps Dodge Co. Phila&Reading C & I Phillips Petroleum. . Phoenix Hos pf (7).. Plerce Petroleum Pittsbgh & West V Port R Am Tcb (B).. Pratrie Oil & Gas.. Prairie Pipe Lin Pressed Steel Car... Proct & Gaml “2.40) Prod & Refiners pf.. Public Sve NJ(3.40). Public Sve NJ pf (5) 4 5k 1% 36% 3 9 49 10215 78 foreign _aceounts difculties Finland Little improvement is apparent n Finland with respect to meeting debts to n sellers. although the collection sit- not very difficult Greece.—Importers are hesitant about plac- ng hew orders on Account of the uncer- ainty of obtaining permission to purchase he reauired exchange. On the other hand, merican. exporters are reluctant to accept rders unless payment is arranged for against documents at American port. which is not dcasible under existing condiions. y.—A considerable further increase Ivencies during November has been ational Credit Protective Astociation The amount of liabilities in- volved shows a particularly sharp jump. being more than the double of the already very unfavorable October figure. Two out- standing insolvencies account in part for this extraordinary increase in liability fig- Insoivences in November. 1931: Octo- 1931, and November. 1930, numbered and 181, respectively Netherlands.—Curtailment of imports pres- ages some increased difficulty in effecting payment on existing business No_reports have been received showing the collection uation to_be acute. Norway —The exchange situation has not become dificult for Norwegian importers and no trouble is reported in getting pay- ments for goods egported from the United Btates Portugal.—The mercantile credit outlook is poor Commercial houses are finding it diffi- cult to get help from banks and merchants are having much trouble in meeting obliga- tions Switzerland.—Oollections are not difficult and there are no indications that merchants Will not be able to care for undertakings. Brazil —No important fallures were re- corded during the past quarter and from the Bahia district no report of a failure Was received on any firm covered by a World Trade Directory report. Most fail- ures are bona fide. as_the law is mot tao favorable to debtors. Bankruptcy proceed- ings are said to be so expensive that neither febtors nor creditors receive much. Liquida- tioos under the moratorium are reported to be_progressing satisfactorily ‘Difficuities with regard to collec- d_liguidations continue to be re- Chi tions an; The condition of the merchandising Jatter's credit ‘position. Merchants are at- femating to reduce overhead to a minimum, Jorcing collections and selling for cash only ‘Peru —Collections are reporied as only fair, both with respect to imports and lo- cal transactions. Merchants locally are very cautious in permitting creditors to under- take new obligations Uruguay.—A _bill passed extendin throughout 1932 payment o debts instead of the first five months as Sreviously provided. Final action With re- ipect to this measure has not yet been taken. Merchants report extreme difficulty in tak- ing care of foreign obligations. Venezuela —Collections are reported to be extremely slow, and there is no indication of an early improvement. The unfavorable exchange situation dominates local business to Venezuela must fake this factor into consideration in addi- tlon to the credit standing of their cus- tomers. Panam: the liqui was A slight increase is reported in lons of some of the smaller concerns, and_collections appear to have be- come more difficult. Caution is recommended in_checking all credits Clba— The Cuban merchant is adoptint policy of auick sales for cash and Profits. Old-established firms are meeting The obligations which they assume. and {rese do not appear to be the result of large or important transactions Philippine_Islands —Collections in _Cebu are extremely diffcult, and the merchandise furnover is very slow. In general. the whole situation regarding credits and collections is ‘more encouraging than it has heen dur- ing previous weeks Borto Rico—There has been no improve- the collection situation, not_as r the season. Col- reported to have ment in much as was expected fo) Jections in the South sre slowed down perceptibly. China —Merchants throughout China car yied low stocks during the DAst yei d are continuing the policy of hand-to-mouth buying. The exchange situation dominates the outlook with respect to credits and col- ons, New Zealand —Additional increases in ex- change afiect New Zealand imports {from the Tnited States as a result of the change-over of England from the gold "standard present, there is considerable optimism with Tespect to future business. nd East Indies—Inventories are in many instances too low even for present market requirements. as a result of activity on the part of importers to reduce Their obligations to exporters and to restrict credits locally. Importers generally refuse 10 allow local retailers to buy large stocks. ‘Siam.—It is reported that most of the business in the up-country is now being done on & cash basis. Washington Produce Butter—One-pound prints, 33; tub, 32. Eggs—Hennery, 23a25; current re- ceipts, 20a22, Poultry, alive—Turkeys, old toms, 20 822; young toms and hens, 25a28; chick- ens, 3 pounds and over, 18a21; 2 to 21 pounds, 20a21; broilers, 1% to 2 pounds, 18a20; hens, large, 14a16: small, 12al4; Leghorn hens, 13a14; roosters, 10; keats, young, 40a45; old, 25a35. Poultry, dressed—Turkeys, old toms, 24a26; young toms and hens, 27a30; chickens, 3 pounds and over, 20a22; 2 to 214 pounds, 22a25; broilers, 113 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, 12';a13; cow, 915al0; lamb, top, 16a17; fair to good, 14al5; common, 11a 12; veal, top, 16; medium, 14; 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, 16a17; strip bacon, 16al7; lard, 80-pound tins, 8'z; package, §; com- pounds, 7a7%z. Fruits—sStrawberries, quarts. 25a30; apples, bushel baskets, 50a1.00; fancy box stock. 2.50; oranges, Florida, 3.00a3.75; California, 3.75a4.00; grape- fruit, 2.25a3.25; pears, 2.75a3.25; pincapples, 3.50; grapes, Emperors, 3.£0a4.00; lemons, 3.50a5.50; tangerines, 1.25a1.75; persimmons, 1.00a2.00, kum- quats, quart, 10al5; bananas, 1.00a2.50; Alligator pears, flats, 2.50a3.00 Vegetables — Potatoes, 100 - pound sacks, 125; Idaho bakers, 2.50a2.75; sweets, 25a1.00; tomatoes, repacks, 3- pan containers, 2.25a3.00; hot house, 8-pound baskets, 2.00; peppers, 2.00 3.00; carrots, bushel baskets, 1.00a1.2: beets, per 100 bunches, 3.25a3.50; string beans, 2.5¢; limas, 5.0085.50; peas, 8.00a8.50; lettuce, Iceberg, 5.00a5.50; cabbage, new, 1.75a2.00; old, 75a1.00; spinach, 75a1.00; kale, 65a75; cauli- flower, 2.50; mushrooms. 6521.00; broccoli, 3.75a4.00; turnips. 50; arti- chokes, 4.00a5.00; ceiery, 3.50; cucum- bers, Cuba, 5.00; squash, Cuban, 2.00; Public Sve N J pf(7) Pub Sve G&E pf (5) 581 15% Pullman Corp (3) 11% 3% Pure Oil. 0 53% Pure Oil pf (8 554 _10% Purity B: 271 bl Radio Corp. 654 20 Radio Corp p: 60 914 Radio Corppf (B) 4 23, Radio-Keith-O(new) 97% 80 Reading Ry Co (2).. 46 28 Reading 1stpf (2). 80% 1% Real Silk Hoslery 19% 1% Remington-Rand.... 1014 2% Reo Motor Car(40¢c). 25% 4 Republic Steel 814 Republic Ste 69 Reynolds Tob A ( 54’3 32% Reynolds Tob B (3). 6% % Richfield Ofl. .. 104 1% Rio Grande Ofl. 26 3% Rossia Insof Amer 42% 13 Royal Dutchof NY.. 6915 385 safeway Stores (5). 97% 634 Safeway Strspf (6). 10815 71 Safeway Strspf (7). 7 St Joseph Lead(60e) 3 StL-San Francisco. . 4% StL-San Fran pf. 4% St Louis Southwn 3% Savage Arms. 30 Schulte Stores pi 4 Seaboard Afr Line. . 1s Seaboard Air Line pf 20% bl Seaboard Oil.. 634 80l Sears Roebuck (234). 613 % Second Natl Inv 1 Seneca Copper 11% 8% Servel Inc.. 2915 8% Shattuck (FG) (1).. 10% 215 Shell Union Ofl. 78 15 Shell Union Ol p ‘9% ' Shubert Theaters 23% 6% Simmons Co..... 15% 4% Sinclair Consol Oil. 12% 2 Skelly Oil.. Ly % Snider Packing. % 2 Snider Packing pf 21 8% Socony-Vacuum (1). 1714 6% South Port Rico Sug B4ls 28% Southn Cal Ed (2). .. 109'5 26% Southern Pac.fic (4) 6% Southern Railway... 10 Southern Rallway pt 13% 2 Sparks-Withington.. 20% 105 Stand Brands (1.20). £8% 25 Stand Gas&El (3% ). 647 297 Stand Gas&EMpf (4). 101 40 Stand Gas&El pf (§). 109% 55 Stand Gas&Elpf (7) 51% 234 Stand Oilof Cal(2%) 7% Stand Oil of Kansas §2% 26 Stand OfINJ (13) 6 Starrett (LS) (80c). 139% 11215 107% 87% 54 5% High. Low. Close. 9; 3 W THE EVENING NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. ~—1931— High. Low. 5% 217% B4y 13.) Divid Net. Chee. +3 +2 + % +4 iy — % Stewart Stone & Studeba 4% 9% 9 11 % % 1114 Telauto 97% Texas C 195 Tex Gul 17% Tex Pac 104 13% 125 4 33% 211 161 64 1 124 22 3% 7 Thompse 16% Timken 6 2 % 2 49% 364 45% 24 62 111 Th% Union Bi Tn Oil o Union P Union P: U S Gyp U 8 Indu U S Real U S Rub U S Rub U S Smt U 8 Steel U 8 Stee! 2 T6% 1% 11 34 Va-Caro Wabash Wabash Warner Warner Warren Warren Wesson Wesson 15 35 1067 83% 23 80% 46 30 154 Wrigley 3 14 % Peop G Sales of Stocks on New York Exchange. Dividend rates as given in the above table are the annusi cash payments based on the latest cusrterly or half-vearly decl sLess than 100 i | xEx-divicend. 4% i stock b Payable in stock. ¢ 3% in s stock Stock and 14 Sterling Secur (A).. Superheater Corp(1) Superior Oil. Symine ton 4% Tex Pacific Land Tr. 5% The Fair..... 514 Third Avenu 214 Tide Water Asso Ofl. Tobacco Prod A t95¢ .Tob Prod A ctfs t95¢c Transamerica Corp. Tri-Contl Corp. Tri-Contl Corp pf(§) Trico Products(2%). Twin City Underwood-Ell-F (3) Unfon Carh & (2.60). Cuft Afrcraft. Dait Carbon Unit Cigar Stores. .. Unit Cgr Strs pf(6) Unit Corp (75¢) Unit Corp pf (3).... Unit Dyewood pf (7) Unit Electric Coal Unit Fruit (3) Unit Gas&Im(1.20 Unit Pice Dye W (1). U S & Forn Secur. .. U S Freight.... US Leather. . U S Pipe & Fdry U S Pipe&Fy 15t 1.20 U'S Smtg & Ref (1) U S Tobacco (4.4 United Stores (A)... United Stores pf (4). Unliv Leaf Tob pf(8). Univ Pic 1st pf (8).. 1% Univ Pipe & Rad. 7% Util Pwr & Lt A (2). % Vadasco Sales Corp.. Vanadium Corp. . 71% _20% Vulcan Detin (4).... 1dorf Sys (1%).. Ward Baking (B) Warn Bros Pictur| Webster Eisenlohr. Vest Pa E1 pf (T)... West Pa Pwr pf (6). West Pa Pwr pf (7). Western Dairy (B).. Western Maryland. Western Pacific pf.. Western Union (6). Westinghse A B(2). Westinghouse (2%). White Motors. . Wilcox Ofl & Gas. Willys-Overland. % Wilson &C... Wilson & Co pf. Woolworth (2.40) 15% Worthington Pump. Worth Pump B (6). 8% Yale & Towne (1). Yellow Truck. . 76 15' Yellow Truck & C pf 6% Zonite Prod Corp (1) TPlus 9% in stock a © Plus 2%% in stocl STAR, WASHINGTON, Bales— Net. Add 00. High. Low. Close. Chse. | e % end Rate. Warner Webster. ... 6 ker Co(1.20) 100 1 1 craph (1.40). 0rD (2)..... f Sulphur(3) ific Coal&O1l on Starrett. . Roller B(2). Trpf(7) ag & Paper. . £ Caltf (1.40) acific (10).. acific pf (4). sum (1.60). 18 Alcohol ity & Imp,.. ber. ... ber 18t Df g&Ref pf 3% 1 Corpm (4).. 1pf (7). Chem pf (T) RE: - RR (A). Bros pf 3.1 Quinlan. ... Bros. . Bros cv pf 3. O11&Sno(2). 0&Sno nf (4) 24 1 21y 41ty 20% 30t 531 915 A% 20% 8% 30t 5315 9% 3% 204 T (Wm) (4). 1508 1 1508 40 RIGHTS—EXPIRE. L&C..Jan15 291 1% 1% 1% 800,000 1,500,000 - 300,000 #12:00 Noon .1,100,000 2:10 P.M.. ations. tPartly extra. tPlus s Paid last year—no resular rate. or stock. {Plus 8% in stock ] preferred stock. K Plus ular rate. nPlus §% 1o Payable in cas| 0c in_spec! eAT—nO Te SALES, ‘Washington Gas 6s “A’ —$1,000 at 100, $1,000 at 100. \ Washington Gas 6s “B"—$100 at 10074, $100 at 100%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. & l'l‘!l L“fl 5’39 wes Am. Tel. & Tel. ctl. tr. 38 . Anacostia & Pot. R. R, 58 Anacostia & Pot. Guar. & P. Tel. of Va. 58 Capital Traction R. R City & Buburban Ss. Georgetown Gas 1st 95 Potomac Elec. Cons. 5 . . Poto Electric 65 1953 . Wash.. Alex. & Mt Vernon ctf. Washington Gas 4'2s.. peen hington Gas 55 . . 100 Wash. Gas gs. series A Wash. Gas 6s. series B Wash. Rwy. & Elec. 4s. MISCELLANEOUS. & Ross, Inc. 6'25 Chevy Chase Club 5128 Columbis Country Club 5 W. M. Cold Storage 5s.... STOCKS. PUBLIC UTILITY. Amer. TQ_rl & Tel. c'ofll a1 Traction Whhgas Le Co (1 Bid. Asked 10t Amer. Tel i Barber s Ry & Elec o (i sh. Rwy. & ), Wash, Rwy. & Elec. pfd. (5) NATIONAL BANK. Min. D{_‘;!. A;‘é‘;d Capital (14) . . 7 5 Gobumbia (13) ; o prid Cnmmzr:ual (stamped) (10) Biatrict (&) P:‘fl-’km!f Natl. Bk & Tr. (2).. Liberty (78) . | Real Estate « WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES | Lincoln (10).. | Metropolitan Riggs (15)... | Second (9e) ‘ Washington [SUIN (i3) TRUST COMPANY. Amer. Sec. & Tr. Co. (15) Natl. ‘Sav. & Tr. (12}) 2 Prince Georges Bk. & Tr. (6) Union Trust (8s) Wash. Loan & Tr. (14)...... SAVINGS BANK. Bank of Bethesda (6§) Com. & Bavings (10) ... East Washington (12).. Potomac (10) Sec. Sav. & Com. Bk. (T Seventn Street (12) United States (30) o Wash. Mechanics (20) FIRE INSURANCE. American (12)........... Corcoran (10) Biremen’s (8. National Union (15) : | TITLE INSURANCE. Columbis (Bh). ....oiomnrerereen h) 14 MISCELLANEOUS. | Barber & Ross. Inc., com Col. Medical Bidg. Corp. D’ C. Paper Mg pfd... Dist Sec. pfd 7 500 630 60 ) | Natr. Peoples Drug | Real Est. M. & G. | Security "Storage (58) = | Ter. Ref. & Wh. Corp. (3).. | The Carpel Corp.” (2) W. Mech. Mtee. com. (8) Wash. Med. Bldg. Corp. Wdwd. & Lothrop com Woodward & Lothrop pfd | *Ex dividend. | bBooks closed. nasc extra. {30c_extra. $17 extra e112% extra Promote Hab Bpecial Dispatch to The Star. CHICAGO, 1ll, January min Franklin's birthday anniversary, January 17, will launch an effort by thousands of individuals to aid busi- ness recovery by an 1831 method of honoring the patriot and thrift advo- cate. The United States Building and Loan League points out that 101 years ago on that date the first money saved in a building and loan association, $110, was entered in the treasurer’s books of the first association—the most signifi- eggplant, Cuban, 2.50. J. C. Penney Sales. NEW YORK, January 11 (#).—De- cember gross sales of the J. C. Penney Co. were $21,269,414, off 10 per cent 595.4, show & similar percentage de- from 1930. Sales for the year of $173,- sary in business history. Building and loan associations in 4000 cities and towns next week will | The funds collected will be invested in | Saturday, push new savings shares to get more money for modern! and refinancing homes as their part National Thrift week, which is an annual observance, beginning on Franklin's birthday. A minimum of $5,000,000 will FRANKLIN BIRTHDAY IS FIXED AS START OF NEW THRIFT DRIVE United States Building and Loan League Sponsors Nation-Wide Effort to its of Saving. pulled out of hoarding and invested in 11.—Benja- | installment shares, full-paid shares and | | prepaid shares of the associations. it is predicted, on basis of last year's Thrift week activities and the general trend to abandon hoarding noticed of late. This unified work of the home financing in- stitutions is designed to create & new attitude about spending and saving at the beginning of the year to speed up | business activity. | Belief that recovery will coms when every individual has a back-log of saved | money invested safelv and profitably and large enough to meet future emer- | gancies prompts stress on enrolling new cant observance of Franklin's anniver- savers at this time, explains John Eden Farwell, Geneva, N. Y., chairman of the | league’s Committee on Thrift Week. owner-occupled homes on which the mortgages are repaid on the amortiza- tion plan. The building and loan associations will redouble their activities on Priday, Januery 22, which is natl del nated as “Own Your Own Home Da Savings shares looking toward home | ownership will be the special offering of the associations on that date, and investment of their savings in a home will be urged upon those who have already learned thrift well enough to have saved for a down payment. Bar- gain prices in homes at the present are expected to give this day a record for decisions to buy homes. Definite plans for teaching school children how to budget for wise spend- ing and wise saving are being shaped by the associations. Special events, in- | cluding banquets and community group | meetings, are planned to focus atten- | tion on the major problem of the indi- vidual's responsibility for recovery. The community campaigns include sched- ules for addresses to be given by build- ing and loan leaders, citing the prime factor necessary for recovery as de- clared by economists of the league. | That normal buying is warranted only | when the family has a savings reserve | to fall back upon will be the backbone of the argument from coast to coast. The associations enter the Thrift | week campaign with a record for unin- | terrupted dividend payments over 100 ‘{falrgoa?d fx'rimdmum possible losses of & of 1 per cent during the fir half of 1931. Jenlan “While all types of shares are avail- able in most associations every day in the year, building and loan leaders recognize in the present first month of a new year an opportunity to bring by concentrated effort a new psychology into investment,” says Mr. Farwell. “Every one agrees that the psychology of the public has a direct influence upon recovery. We should realize that the normal situation which everybody talks about getting back to is with us when the average family has a good sized reserve and a home. “Benjamin Franklin's birthday an- niversary marks the beginning of invest- ment in building and loan shares which has grown from the original $110 saved 101 years ago by 19 persons to some $9,000,000,000 saved by more than 12,- 000,000 people today. In 1831 that day made history. We expect our efforts next week to make more history by bringing good times nearer.” Members of the United States League Committee on Thrift Week, besides the chairman, Mr. Farwell, are R. Frank Pittsburgh, Pa.; P.C. Bulen, Great Falls, Mont.; C. E. Conger, Muncie, Ind.;: W. J. Boeckel, Baltimore, Md.; Arthur Bachrach, Newark, N. J.; Warner M. Allen, Boston, Mass.; Gustave Flexner, Louisville, Ky.; Floyd Lowe, San Fran- cisco, Calif., and George L. Bliss, New York City, vice chairman of the Na- tional Thrift Committee. EARNINGS REPORTED. NEW YORK, January 11 (#)—Per share earnings of corporations report- ing last week, with comparisons for a year ago, included: Twelve months ended November 30— Tampa Iy 125 Electric B Co 8ix ‘months ended Duplan silic 05 £ ear ended Geiober 31— Gl_}d“d:)!\\eco enor prei 3 4 250 velve weeks ended even months ended Endicott-Johnson “Gorp. o e 888 Year ended December 31 POTATO MARKET. CHICAGO, January 11 (#) (United States Department of Agriculture).— !;;);nwes—Re:eipLs, 132 cars; on track, *0.14 977; Sunday, 26; | steady; trading rather slow; sacked, per hundredweight, Wisconsin round whites, 80a90; unclassified, 75a77%; Idaho Russets, 1.50a1.60; few, 1.65; Ne- braska Triumphs, 1.10a1.30; Mic] Russet rurals, few sales, 90, about | the resumption of reparations payments total United States shipments I D. €, MONDAY ADVANCE INBOND | MARKET RESUMES Prices Turn Upward in Fairly Active Trading—U. S. Issues Quiet. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 11.—After starting actively lower. the bond mar- ket today turned around, and, with the exception of United States Treasury | bonds, advanced vigorously. Trading was fairly active. The opening was lower. Chancellor Bruening's statement that Germany stand at Lausanne would be against was bearishly construed as likely to bring about an impasse at the confer- ence, although Wall Street has long | been of the opinion that further col- lection of reparations is impracticable. However, the strength shown by stocks served to offset this as an influence on sentiment, and after the first hour bonds were generally stronger. A number of statements coming out at the opening of the motor show in- dicated that the manufacturers are con- fidently expecting a much better year in 1932. Analyses of the position of the railroads, with wage cuts and some | higher freight rates in effect, revealed | that with the same gross revenues as | in 1931, virtually all of the major car-! riers will be able to cover fixed charges | with a comfortable margin. Chesapeake Corporation announced that bank loans had been reduced by over $2,000,000. Chesapeake Corpora- tion 5s ran up sharply, and there were advances of 1 to 2 points, which repre- sented recoveries of 2 to 4 points from the day's low prices, in a long list of second and third grade carrier descrip- tions. Among them were Baltimore & Ohio 4'3s, St. Paul 5s, Chicago & North- western 43s, Erie 5s, Missouri-Pacific 518, Frisco prior lien A 4s and Western Maryland 4s. High-grade rail issues, together with the prime utilities and industrials, were barely steady. American Telephone 5s retraced most of a fractional opening decline. Atchison General 4s were about unchanged. Standard Oil of New Jersey 5s were firm. German dollar issues broke zbout a point at the opening, reflecting Ger- many's week end declaration that she would be unable to pay any further reparations. The Young Plan 5!3s sold around 34 and the Dawes Reparations 7s at 60';. Japanese issues, however, were up a point and British 5!3s, in spite of a 3- point break in stegling, were fractionally better. ; In the domestic list there was a tendency to take profits in speculative railroad and industrials bonds, some of | which have had as much as a 20-point advance from the December lows. As a result there were narrowly lower quotations for Erie 5s, Missouri-Pacific 5s, Texas Corporation 5s and other such descriptions. Prime utilities were steady and United States Government bonds slightly higher, SOVIET OIL PRODUCTION IS SHORT OF PROGRAM By the Associated Press. MOSCOW, U. S. S. R, January 11.— Production of oil in the Soviet Republic in 1931 amounted to 22,300,000 tons, 16 per cent short of the program for the year, but almost 4,000,000 tons in excess of the 1930 figures. Calling attention to the fact that production in other countries has dropped considerably, an announce- ment said Soviet Russia has now as- sumed second place to the United States in oil production and the devel- opment of new technical methods “vir- tually guarantees fulfillment of the aim to surpass the most advanced cap- italist countries” in the near future. It was recalled the five-year plan for output of oil was achieved early in 1931 The export figures were not given but it was said the figures prcved Russia is able to compete in foreign markets :um the best products of other coun- ries. INVESTMENT TleSTS NEW YORK, January 11 (#).—Over- the-counter market: o A B C Tr Shrs D, B iaated s Am Ins Sto Assoc Stand Of Atl Sec pf. .. Atl Sec_war Atl & Pac Int units Atl & Pac com ww Atl & Pac pf war Bankers Nat Inv Bansicilla Corp ...\ Basic Industry British Type Inv Central Nat Corp A Century Tr Shrs Central Nat Corp B. Chain Gen Equities Chartered Invest .. Cumulative Tr Sh Corporate Trust Corporate Trust A A Corporate Trust Accum Ser Crum & Foster COION. st < @Bl Depos Bk Shrs N ¥....... Depos Bk Sh N Y A Depos Ins Shrs A Diversified Tr A..... Diversified Tr B. ... Diversified Tr C Diversified Tr D. Equity Invest Eauity Invest pf.:l. Equity Trust Shrs... Five-year Fixed Tr.! Fixed Trust Sh A.. Fixed Trust Sh B Independ Tr Shr Int Sec Corp Am A Int Sec Corp Am B Low-priced Shrs Major Corp Shrs Mass Invest Tr .. Mutual Inv Tr A Mutual Manage Nation-wide Sec ' Natl Indust Shrs National Tr_Shrs N Y Bk r Shrs Nor Am Tr Shares Nor Am Tr 8h '53.. Nor Am Tr Sh '56 Old Col I Old Col Tr Sec B 67 st pf Gen 36 pf lected Am 8 Eh Stlected Simalative Shrs Selected Income Sh Sec Int Sec Secur Corp Trust Shrs of ‘Am Trustee Stand Inv C. Trustee Stand Inv D U8 e Universal Tc | Denmark 4%s 62 | El Salvador 8s'48.. Erie 1st con 48°96. . Fiat 7s war. German §%s ‘65 German Bk 68 Ger Cen Bk Ger Cen Bk 63’60 O German Tsrep ‘49. German Bank 78 ‘50 Ger Gen El 78°46. .5 Goodrich cv 68 °45.. Good 15t 6%8"47... Goodyr Rub 68’57 GrandTr sf db 6536 Grand Trunk 7s'40 Grt Nor 41%45s'76 D. Grt Nor 4%s 77 E. Grt Nor 5873 Grt Nor | Hait1 6s°52.. 1 Hungary 7%s 111 Bell Tell 63 °56.. Ill Cent rf 4 FINANCIAL. | NEW YORK BON STOCK EXCHANGE Received by Private Wire Direct to The Star Office UNITED STATES. Sales. High. Low. 258 (Sales are In $1.000.) 38 45 43w 45 High. Low. 961 9521 98 31 9820 98 31 9825 8316 8214 R4 16 83 88 8 88 24 889 918 91 94 94 9922 9928 Low. 2:88 31 314 1 Cent 4% '66 (11 Cent 6345 111 CCStL&N ¢ . 111 CCStL&N B3 A.. 111 Steel 4% 8 °40. .. Inland St 4% s B'S1 Int Rap Tr 55 '68. . Int Rap Tr sta '68. Int Rap Tr Int Rap Tr 78 Int Cement 68 '48. . Int & Gr Nor 55 '56. Int & Gr Nor 6352 Int &G N ad Int Hydro El 6 Int M Co 5s ret'é1.. Int Match 68 '47... Int Pap 58 A "47... Int Pap 6s°56. Int Ry C A 58°72 Int T&T4%s'63.. Int T&T cv 4%¥'39. Int T&T68'55.... Ttaly 7s ‘51 Italy PubS 7s Japanese 5% s 65.. Japanese 6145 '54. . Kan City Sou 3850, Kan City Sou 58’50, Kan City Ter 48'60. Kan G&E 4%s'80.. Karstadt 6543, Kreug & Toll 58'59. Lac G St L §: . Laclede 5%s C'53.. Laclede 5%s D '60. Lake Shore 3%s '97 Lautaro Nit 6s '54. Leh Ven 41452003, Lig & Myers 68 '51. Loew's 6s ex w "¢1.. Lorillard 6% ‘51. La & Ark 5560 Lou G & El 58 °'62. L & N uni 43 '40. L &N 41452003, 501« 50% | L & N 5s B 2003. 501 50% | L&N 1st 5%s 2003, 88 89 |Lvons6s'34 4% 42 | yieRes & R 5% 860, 8114 &1% | Manh Ry 1st 45'90. 79 82 | Market St 7540 511 b5 | Marsellls 65 '34. 90 90'% | Midvale Stl 5336 65 65 | Milan 6%8'53. 67% 67| Mil ERy & L 75 76 |Mi) El Ry&Lt 1 75 M StP&SSM 6s gtd. % 75 49 72880 841 84% 89% 89% 95% 95% 95% 95% 100% 100% 101 2:55 9521 98 20 98 25 82 20 83 888 88 24 88 10 100 4 Sales, Hizh. 6 32 38 Abitibi P&P 65°53. Alleghany Cp 5344 Allegheny 58'49. .. Allegheny 6550, .. Am F P 552030.... AmIGCh5%s 49, Am Intl 6%s 49... Am Metal 538 34.. Am S&R 1st 58 °47. Am Sug Ref 6537, Am T&T cv 4%5'39 AmT&T 68 65. .. Am T&T c tr 53 '46. Am T&T 538160, Am T&T 6%5°43. .. Am W Wks 58 '34. . Am Wat Wks 65 '76 Arpentine 53362, Argentine May "61. Argentine 6s Ju's9. Argentine 6s Oc'59. Argentine 6s A "57. Argentine 6s B '68. Arm & Co 4%s'39.. 2 1024 102% 104 105 9 97 9T 102% 102% 89 89 80% 80% 43% 45 483 50% 49 49% s ;50 1147 724 - (= Ve Atchison gn Atchiscy 4% s 48. Atch Ariz 4%5'62 AtICLcl4s’s AU CL1st4s'52. AtGulf 65°69..... Australia 4345 ‘56 Ausiralia 5 [T N PER ~UIUPRPN ol PRV S TP Y 8% 79% 41w 4l 451 457 Austria T Austria 7 B B B B B B Swav 5 B&OP&WYV 4541 Batay Pot 43343 » weBanbw MK & Tad) Mo Pac gn 48’76 Belgium 73 '56.... 133 Bell Tel Pa 53 B'43 20 Bell Tell Pa 63 C'60 13 BInd Loan C 63’48 5 Berlin Cy El 68 '55. Bolivia 78 '69. Bolivia 83 47. Beth Stl pm Bordeaux 6s ‘34 Bost & Me 4%s"61. Bos & Me 58 '55. Bos &Me 53 't Brazil 614526 Brazil 6% Brazil 7s Brazil 83 '41 Bremen 78 '35 Bk Ed gn A 5849 Bklyn Elev 648 Bklyn Man 6s ‘68.. Rkiyn Un 58°45.... Bklyn Un 1st 58'50. 10074 101% Mo Pac 5s G 7 Mo Pac 55 H '8 Mo Pac rf 68 ‘81 Mo Pac 5%s8 A ‘4 Mobile-Ohio 55 '38. Mont Pow b Mont Pdb5s A 'l Montevideo 6s '59. . Montevideo 78 °52. . Mor&Co 18t 4% %'39 Nat Dairy 634848, Nat Rad 64847, Nat Steel 58 '56. Netherlands 68 '72. N Eng T 1st 63 '62. NOT&M 58 B '54. a N Y Cgn3ls 97, Y Cent 4542 ¥ Cent db 4s'34. N Y Cent 4%4s 2013 NYCrf4%s2013, N Y Crf m 52013 Y Cent db 65 '35. YC LS cl 315s'98 YC&S!L 4157 NYC&StLL5348A" NYC&StL 6532 N 'Y Edisn 65 B'44.. N Y Ed 18t 6%5'41, NY ELH&P 45°49. NY NH&H 4b 4557 NY NH&H 434867 NYNH&H cd 6543, NY O&W 1st 4592, Y O&W gn 43°55. Y Rys Inc 6s°85.. NY St Ry 4%s'62. NY Tel 4%539.... Nia Sh Md 6% '50. Nord 6% °50. ..... Nor & Wn v 4896, No Am Co s '61 Nor Am Ed b8 '57. . Nor Am Ed 55 C 69 NorO T & L 68 '47. 0 5 Buff Gen El 4%8'31 BR& Pitt 4%4s '67. Callf Packing b, Canada 43 '60. Canada 4%3s'3 5219 71 T4 L 1 4% Can Nat 445 '68. Can Nat 53 Oct '69. Can Nat 5370 Can Nor 6%s db Can Nor 7s db '40. Can Pac db 43 Can Pac 4%s'6 Can Pac 53 ‘54 Cent |11 G&E 58'51. Cen Ry NJ g 68 Cent Pac 45 49. Cert-td db 5 %5 '48. Ches Corp 55 '47 C&O gen 4148°92. C&O 4%sA'93. C&O 4%s B'95 Chi & Alt 3s CB&Qgen C B&Q 1st rf 68’71, Chi & Est [116s'51. 14 Chi Grt West 48'59. 27 Chl M&StP 4%sE. 2 CM&StP4%s’89. 14 C M StP&P 6s°'75..157 C M &St Pad)bs..253 Thi&NW 4%52037. 5 C&NW 4%sC2037. 5 Chi & NW cn 4%s. Chi RI&P gn 4s '88. Chi RI& P rf 4s'34 ChiRI&P 4% ChiRlIcv4k% B Chi T H Inc 63 60. . Chi Un Sta 53 B '63. C& W Ind cn 4s'5 C& W Ind 5%s"62. Chile 6560 Chile 65 '61. Chile 63 '63. - Chile Cop db 58 47 CCC&St L 4%sET? CCC & StL5sD'63 Clev Term 4%s'77. Clev Term 5%s'72. Cologne 658 '50. Colomb 6s Jan ‘61 Colomb 6s'61 Oct. Colon O11 65 '38. Colo & Sou 4% '80 Col G&E 58 May'52 Col G&E cou 58 '61. Com Inves 5%s '49. CC Md 1st rf 58'50. Con G NY 4%s'61.. ConG N Y 5%8'45 Con Pwr Jap 6%8. . Consum Pow 55 52 Con Fow Japan 73 Cuba 5%s ‘45 Cuba R R 68 Cuba RR 6s ctf '36. Cuba Nor 5%8'42.. Crecho 83,52 Del & Hud rf 48°'34. Del & Hud cv 55 '35 | Norway 58 Norway 538 Norway 63’4 Norway Norway Orient dev 5%s'58. Orient dev 65 '53... Pac G&E 58 '42.... Pac T&T 1st 58 '37. Pac T&T rf 58’52 Pan-Am Pet 6s'34. Paramount 1 Paris-Ly M 6s '58.. Paris-Ly M 7s'58.. Paris-Or 5348 Penn 4%s D Penncv 4%s 60. Penn gn 4%s "65. Penn 4%8'70. Penn 4% '63. Penn (s '64. Penn gen 5s 68 Penn 6%%s '36. Penn O&D 4%8'77. Penn P&L 4% '81. Peoples’ Gas Pere Mar 4% Pere M 1st 58 I ==t N T w o - PR NO RSN DR o 0T e @ o N [ T S R TC L TS TOTCIE 3 SRRy~ PR PSP Y oY ot -y ) 72% 76 13 128 134 5214 73% 7 13 13 134% 5214 6915 12 824 -~ o Phila Elec 48’711, Phil & Read 63°49.. Philllp Pet 5% 519, Philippine R 4s'37. Pillsb F' M 6s'43. Pirelli 7s '52. P C C&StL 55 A'T0 PCC&St L 5s B'75. Poland 7s '47. Poland 8s'50. Port Gn El 4%48'60. Por RAm T 6s'42. Pos Tel & C 5953, Prague 7%s '52 Pressed St C 58'33 Prussia 6s°52 Public Serv 4 ' 931y 1084 4914 991, =~ Denmark 5%8 ‘55 Denmark 63 D& R Grcn 4s'36. D&RG W 68 '65. DRG & W bs T Det E G&R4%5'61. Det Edison rf 55'49 Deutsche Bk 613 Pu G 4%38°'70 Pure O1l 5%5 37 Read Jer Cn 48°51.. Reaa En 4% 8 A " Reading 4%s B '97. Rem Arms 65 A '37. Rem R5%S A 47 Rnine West Rhine West Rhine West 6s 'S5 Rich Ofl Cal 65 *44. Riode Jan 6%s'53. Rio de Jan 8 R Gr Do Sul 8846 Donner St 7s Duquesne 4% Dutch East I 65'47. Dutch East 1 65’52, Erie gen 4s. Brie cv 5s '87. Erie 58'75.. 1D 00010 1 1 00 O =1 0019 GO LD 1 0 1 1 G 1 StL IM R&G 45'33. St L&SF in 48 A '50 StL&SF 4%s'T8. StL&SF p 1 58 B 50 Finland 5%s '68. Finland 6%s '56 Finland 7s 50 French T%s Gelsenk’'hen 65'34 Gen Cable 5%5 47, Gen Motors 6s'37 Gen Th Eq 6840, 41 40 997 5 Sao Pau 7840 ref Saxon P W 6%8'51. Saxon 78 '45. . Seab A Lirf 4s'59.. Seab A Licv 6845 Sea All Fla 65.A'35. Serbs-Cr-S1 Shell Un Oi1 Shell Un Of1 Shinyetsu 6 %s '62. Sinc O 7acv A ' Sinc Cr O 5%s'18 Sinc P L 5a'42 Skeliy Ofl 5341 ‘39 Sojssons 65°36. ... Solvay Am 58'42.. Sou Bell T&T SW Bell T 58 % 0 Greek 6s 68 Sou Pac 4%8'81. .. Sou P&Or 4 Sou Ry gn 4 Sou Ry §s 51 Bou Ry 6% s "5 Sou Ry M&O 4s'38. 20 100% 9975 J799% StOIINJ6s'46.... 1 b2p 52 &2k SLOUN Y é3%a'ble 994 1 100% 2 2 99% 1 Bave SECURITY MARKETS ON BETTER BASIS !Constructive Factors Exert Strengthening Influence on Stocks and Bonds. BY CHARLES W. STORM, Editor the News Service of Wall Str Special Dispatch to The Star. NEW YORK, January 11.—Shaping of constructive factors conducive to & more stabilized market for securities was apparent the last week. Action of the prices of stocks and bonds in advancing skarply would seem to indicate that iquidation has been completed and that there has been a reversal of opinion re- garding the outlook for securities. Because of the shortness of Saturday’s session, little discussion was heard rela- tive to the important statement made by George L. Harrison, governor of the New York Federal Reserve Bank, before the convention of the New York State Bankers' Association, in which he said that the Reserve banks are fortified with sufficient gold at present to expand Federal Reserve credit by some $3,500,- 000,000. This, the speaker estimated, could mathematically form the base for a stupendous increase—as much as $35,- 000,000,000—in bank credit. Mr. Harrison, who was talking pub- licly for the first time since he became governor of the bank, stated that the machinery to stop deflation and gradu- ally build up a structure of sound val- ues and sound business is available. It has been assumed right along that a certain amount of inflation would be necessary to arrest the deflation which has been going on and start a recov- ery. While inflation is considered dan- gerous, this danger, under existing con- | ditions, would be minimized if properly regulated, as it is expected to be. Cancellation of Reparations. Another important development con- sidered favorable to the security mar- kets is the intimation from abroad that Germany at the forthcoming conference of European representatives will insist upon cancellation of reparations pay- ments for all time. While it is not ex- pected that the Germans will succeed in bringing about complete cancellation, even a substantial reduction of the pay- ments would be construed as bullish on the stock market, as it would insure payment of the private credits which are considered the backbone of inter- national trade. Railroad News Expected. Important and favorable develop- ments are expected to take shape this week owing to the fact that the rail- road executives and railroad employes will confer regarding the question of wages. The fact that some branches of railroad labor have recently con- sented to a reduction of 10 per cent in v.ages leads to the expectation that this week's gathering will result in some- thing definite. The reasons for the recent improved demand for railroad securitics is per- haps summed up best by E. J. Barry, member of F. B. Keech & Co., con- sidered an expert on railroad securities, who says: “I believe that the railroad situation will show a material improvement this year for the following reasons: “(1) The 5 per cent rate increase already granted should add at least $100,000,000 to their earnings over 1931. “(2) The decision handed down by the Supreme Court on grain rates, which was favorable to the railroads, will add $20,000,009 more to their earn- ings for 1932 nver 1931. “(3) The 10 per cent wage reduc- tion, which we believe will be effected, vill ‘add $250,000,000 to the revenu= of the railroads for 1932 as against 1931. These three iiems iean wicteased rev- enues of $270,000,000. “Tn ddition, T *hiak the possibilities of mergers or consolidations are re-. gard>d in a more favorable light today than in the speculative period of 1929. I also believe that remedial legisiation will be enacted regulating truck and bus competition. The passage of. the bill creating a reconstruction finance cor- poration will also be favorable for the railroads’ capltal iunds.” Banking Situation Helped. Another important constructive de- velopment is that important banking interests are ext:nding substantial financial assistance to a number of banking institutions whose apprehensive liquidation was having a depressing influence on the sccurities markets. The general stock market had a sharp advance the last week and the com- prehensiveness of *hi: r'se induced some profit-taking on Saturday, but worst is believed to have been wit- nessed. Stocks and bonds are now ex- pected to go forward on the road of reconstruction. (Copyright, 1932, by the North American Newspaper Alliance, Inc.) Copper Outlook Improves. NEW YORK, January 11 (#).—Many in the copper trade are discussing the likelihood of an early advance in the price. More active buying for foreign account followed reports of a prospec- tive agreement on reparations. This caused most custom sellers to discon- tinue selling tonnages at 7l cents. Saturday's buying for foreign account was estimated at 4,000,000 pounds. Do- mestic buying lags, but consumers are said to be showing more interest. Wage Reductions Accepted. NEW YORK. January 11 (#).—Wage reductions of 10 per cent have been taken by more than 25,000 organized employes of eight railroads. Railroad managements say that the men have expressed a general willingness to co= cperate with efforts of the roads to emerge from their difficulties. Sales. High. Low. 2:35. 1 8 80 Sweden 535 '54... Swiss5%s Taiwan EP 53«71 Tenn Cop 65 “44... Tenn El P 63 A *43. Ter As St L 4s°53.. Tex & Ark 5%5'50. Texas Corp b8 Tex & P 55 C'79 Tex & P 55 D '80. Third Av adj 5s "6 8 102% 5 57w 1 51 Tokio 5%s 61 Toklio El Lt Un Pac 18t 4347, Un Pac 45’68 Un Pac rf 4s 2003 Un Pac 4%s o Unit Drg cv 58 '68. Utd King 5%8'37..1. U S Rub 1st 58 '47. Un St W 6% s A'4T. UASt W 6% sA'51.. Ud St W 534sC'51 Uruguay 6s°60. Uruguay 8s ‘46 Utah P & L 55 "44. Util Pw 5359 ww. Utll Pow %8 °47.. Vanadium St 6841, Vienna 6 ‘52 Va Ry 1st 5362 Wabash 4%s ‘18 West E1db 6s '44. . West Pac 58 '4 West Union 6s