Evening Star Newspaper, January 12, 1932, Page 14

FINANCIA NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. HOTEL PHONE CALL CHARGE IS FIXED Limitation of Two Cents on Service Ordered by Wis- consin Commission. 4 BY GEORGE E. DOYING. A limitation of 2 cents as the service charge by hotels to their guests on each outgoing long-distance telephone call has just been ordered by the Wisconsin Public Service Commission, it has been Jearned here, and the action is believed to have established a precedent. The order is applicable to all hotels in cities of the first class which cater to transients, maintaining & telephone switchboard with 24-hour service and a station in the room of each guest The action was taken as a result of an application filed by certain hotels in Milwaukee asking the commission to in- crease the existing lawful rates of the Wisconsin Telephone Co. and to pro- vide & just division of the charges be- tween the hotels and the telephone ecompany. Inquiry Is Held. The hotels and the company reached an agreement that the former might mssess a service charge of 10 cents on toll calls from guest rooms, the charge sor local calls being 5 cents, and the telephone company was to receive 4 ‘cents per call in either case. The pre- ent 5-cent charge is divided equally be- tween the hotels and the company. The commission, however, was not satisfied with this arrangement and instituted an gnvestigation of its own. i “We are definitely committed,” said ithe commission, “to the policy that out- ide telephone service to and from & otel is public utility service, the harges for which must be established, s for any other utility service, with due egard given to the cost of furnishing he service. “We will therefore first establish from he record the reasonable cost to the wotel of furnishing telephone service. is cost must then be allocated on a easonable basis between outgoing and incoming guest calls on the one hand d management calls and calls entire- y within the hotel on the other. It is en reasonable, for the purposes of this case and without prejudicing for the future the possibility of assessing in- roming calls at their source, to demand of the guests that they pay in telephone ‘charges the cost of incoming and out- going guest calls. The other classes of calls are distinctly costs of furnishing general hotel service and must be charged accordingly. Average Cost of Service. “Prom a strictly theoretical stand- fpoint, incoming calls should carry their share of costs and be charged for separately, since otherwise a guest mak- ing a large number of out-calls and yeceiving no in-calls would pay for a service he did not receive. For prac- tical reasons, however, we believe that for the purposes of this case substan- tial justice will be served by charging against outgoing guest calls the cost of both incoming and outgoing guest service.” ‘The commission analyzed the average monthly cost of the hotei telephone service, considering the items of rental for facilities, salaries and wages, em- ployes' meals, stationery, allowances for disputed bills, etc., advertising, rent, Jight and power and interest and de- preciation. An analysis of the number of incoming and outgoing calls also ‘was made as well as of the inside calls. It was found that the cost of in- coming and outgoing guest calls—aside from management and interior-com- unication services, which the com- mission said “are a part of the cost of furnishing general hotel service and icannot be recouped by charges to guests for utility services"—are substantially et by the present local-call charge of 5 cents and that a charge of 2 cents each on outgoing toll calls, in addition to the rezular charge of the telephone company, would be adequate to reimburse the hotels. (Copyright, 1932.) Business Notes NEW YORK, January 12.—Consider- able strength has developed in the print cloths market, particularly in gray goods. Active buying in this division has lifted prices as much as % of a cent above the levels quoted at the end of last week. Substantial orders have been placed in 39-inch 80 squares and in the 39-inch 68-72s, it is reporwg in the trade. A downward readjustment in prices will be shown in the forthcoming Spring hosiery price list of the Berkshire Knit- ting Mills, it was predicted today in hosiery trade circles. It was said that the company would not cut staple goods sharply, but would revise prices on meshes and novelties. It was also re- ported that the list of a large Reading manufacturer shows reductions ranging from 37} cents to $1 a dozen. Barring a decided pick-up in the next few days, local retail merchants will have a decidedly smaller doliar volume of business in the first half of the month than the average of past years, according to gossip in retail quarters. Unseasonable weather and indifferent buyer interest are held responsible for the reduced business. ‘The New York Fur Auction Sales Co.'s offering of 17,500 silver fox skins will continue today and tomorrow. The cloak and suit trade was well repre- sented on the opening day of the sale, and “full silvers” brought a top price ;3! iILGD, or slightly above open market evels, e TAKOMA PARK BANK PLANS NEW BUILDING Bpecial Dispatch to The Star. TAKOMA PARK, Md. January 12— The election of directors and plans to erect a new building to meet the de- mand of the rapid growth of the Citi- zens' Bank of Takoma Park featured the annual meeting of the stockholders last night. Announcement was made by Presi- dent Luther 5. Cannon that deposits had increased $100,000 since the annual ,meeting last year, which was gratifying to the officials and stockholders of the bank. In the event that a new bank building is erected it will be constructed on the present site. President Cannon also announced that the annual stock- holders’ dinner would be held at an early date and that arrangements are now being compleied for the event. Directors of the bank for the ensuing year were re-elected as follows: Dr. Wade H. Atkinson, Henry E. Allanson, Guil Barber, Luther 8. Cannon, J. Mil- ton Derrick, Harry I Houston, Law- rence V. Lampson, Alexander McKenzie, 8. E. McNeil, S. E. Pope, Peter Remsen, E. L. Richmond, Dr. Willlam A. Shan- non, Louis Sherman, Clarence B. Smith, Alexander Sterling and H. H. Votaw New_directors elected included James sP. Fitzgerald, C. C. Pulver, John D. Miller and Thomas Manley. . ‘WHEAT QUOTA PLAN. LONDON, January 12 (®.—The government's wheat quota plan, grant- ing British farmers a guaranteed share 3 (Continued from Page Stock and Bales— Dividend Rate 18 Pan-Am Pet B(1.60).. 5 Par-Pub (b10% stk). 1 Parmelee Transport. % Pathe Exchang: 1% Pathe Exchange (A). 2 Peerless Motor Car.. 22 Penick & Ford (1). 26% Penney (J C) (2.40).. 214 Penn Dixie Cmt pf... 16% Penna Ratlroad (2).. 107 Peoples Gas(Chi)(8) 4 Pere Marquette Ry.. 514 Pere Marquette pf... 813 Pere Marquette pr pf 274 Petrol Corp of Am. 5% Phelps Dodge Co 30 Phila Co 6% pf (3 2% Phila&Reading C& 9% Phillips-Jones Co. 4 Phillips Petroleum % Plerce Oll..... 314 Plerce Ofl of. 14 Plerce Petroleum. ... 19% Pillsbury Flour (2) 2 Port Ric Am Tob(A). 4 Postal Tel&Cable pf. 4% Prairie Ofl & Ga: 5% Prairie Pipe Lin 1% Pressed Steel Car. 5's Pressed Steel Car pf.. 361 Proct & Gamb (2.40) 4914 Public Sve NJ(3.40). 78 Public Sve NJ pf (5) 92 Public Sve NJ pf (6) 87% Pub Sve G&E pf (5).. 15% Pullman Corp (3) 2 1 Punta Alegre Suga 11% 3% Pure Ofl 101% 531 Pure Oil p! 554 10% Purity Balkerl 27% b Hadio Corp. 554 20 RadloCorppfA3%. 60 914 Radio Corppf (B) £ —1931— High Low. 36% 50% 4% % 8% 4% 2 78 1 10 9615 102y 120% 107% 581y Reading Ry Co (2). 17+ Real Silk Hostery... s Reis (Robt) & Co 17 Remington-kand 274 Reo Motor Car(40e). 4 Republic Steel. .. 814 Republic Steel pf. 7 Reynolds Met (1%). 214 Reynolds Spring. 69 Reynolds Tob A (3). 8214 Reynolds Tob B (3) 10 Rhine West E1 P. % Richfield O1l. ... 1% Rio Grande Oil. 3% Rossia Ins of Amer. 13 Royal Dutch of NY 38% Safeway Stores (5) 63% Safeway Strs pf (6). 71 Safeway Strspf (7). 7 St Toseph Lead(60a). San Francisco. San Fran pf. 4% St Louis Southwn 9744 30 1% 19% 10% 26% 54 3 Schulte Retail Stores 30 Schulte Stores pf (8) 361 Scott Paper ($1.40). 14 Seaboard Alr Line. . 14 Seaboard Air Line pf 514 Seaboard Oil..... 80% Sears Roebuck (2%). Second Natl Inv. Seneca Copper. Servel Inc. . Sharp & Dohme Shattuck (F G) (1) Shell Union Ofl.. Shell Union Ofl pf. 67 Stmmons Co 315 Simms Petro 44 Sinclair Consol O 2 Skelly Oil. 10 Skelly Oll pf ww. % Snider Packing. 2 Snider Packing pf 8% Socony-Vacuum (1). 6% South Port Rico Sug 28% Southn Cal E4 (2). .. 26' Southern Pacific (4) 6% Southern Railway. Southern Railway p! So Ry M & O ctfs (4) Spalding (AG) (1).. Spald (AG)1st pf(7). Sparks-Withington. . Stand Brands (1.20). Stand Brands pf (7). 514 Stand Gas&El (3%). 234 Stand Ofl of Cal(2%) 7% Stand Oil of Kansai 26 Stand O1INJ (13)... 14 Sterling Secur (A) 1% Sterling Secur pf. 4% Stewart Warner. 97 Stone & Webster. ... 9 _Studebaker Co(1.20) 1 " 15% 1. 12% 62 e 15% 21 17% b4y 109% 65% 83 & 21% 11% Telautograph (1.40). Add 00. High. Low. Close. Che. 19 11 —1931— High Low. 914 36% B5% 6 17% 23 9 13) St Wet. 19 10% 1% [ 2% 19 1% L) 2% 5% The Fal 1% Thermo! 5's Third A’ 16% Timken 6 18 11% 24 21% 5% 12 26% 205% 87 3874 614 2 Tri-Con! Trus Underwe Un Oil o SFE EEFFIE Smt, Stee! 24 T4 76% 11 100 81 97 26 51 27T% 8% 5714 20% ™ 46% 497 26% 57% 103 112 113% 120 445 12% 19% | 31 150% 69 £ 1% 17% Wabash ‘Wabash Warner Warren Warren Wesson Wesson West Pa West Pa West Pa West Pa Western Western Western Western Westing White M LI+ + 1+ Worthin Wright Aeronautical Wrigley (Wm) (4).. —_ e ey Yellow Truck 5 151 Yellow Truck & C pf % Zenith adfo. ...... 6% Zonite Prod Corp (1) 3 7% Peop G L &C..Jan 15 Dividend Rate. 1% Tobacco Products Tobacco Prod A 195¢ Tobacco Products cte 2 Transamerica Corp.. Union Carh & (2. Unit Cgr Strs pf(6). Unit Corp (76¢).....815! Unit Corp pf (3). Unit Electric Coal. Unit Fruit (3). Unit Gas&Im(1.20) Unit Pice Dye W (1). U S & Forn Secur U S & For Sec pf( U S Freight. Steel Corpm (4). Westvaco Chlor 1.60. White Sewing Wilcox Ofl & Gas. Willys-O Willys-Overla; Wilson & C.. Wilson & Co (A). Wilson & Co pf. Woolworth (2.40) STAR, WASHINGTON, Bales— Not. ock and Add 00. High. Low. Close. Chxe 1 2% 2% 2% —% 17% Tex Pacific Coal&O1l. 4% Tex Pacific Land Tr. 1d Co. venue. 74 Thompson Starrett 24 Tide Water Aszo Ofl. 20% Tide Water As pf(§). Roller B(3). t] Corp. n Steel Ulen & Co. 00d-£l1- ) f Calif (1.40) Union Pacific (10).. Union Pacific pf (4). Unit Afreraft....... Unit Afrcraft pf (3). Unit Biscuit (2). =9 ressrree’ SEEL w3 FHELL LI HEH L+ > % & Ref (1). ] L 1pf (7). . U S Tobacco (4.40) U S Tobacco pf (7). United Stores (A)... United Stores pf (4) Univ Leaf Tob (3).. Univ Pic 1st pf (8). Util Pwr & Lt A (2). Vanadium Corp..... Va Elec&Pwr pf (). 71% 20% Vulcan Detin (4). Vulcan Detin pf ( RR... RR(A). Waldorf Sys (1%).. Ward Baking (B) Ward Baking pt ( Warn Bros Pictur Quinlan. Bros. 5 Broscvpf3. 011&Sno(2) . 0&Sno pf (4) Elpf (6)... Elpf (1) Pwr pf (6). Pwr pt (7). Dairy (A).. Dairy (B).. Western Maryland. . Pacific pf.. Union (6).. Westinghse A B(2). house (2% ). otors erland. d pt. gton Pump. ER IO T Oy Vo) Sra 4 19 2 - aane 14 8 1ia 3 Th RIGHTS—EXPIRE. 43 1% 1% 1% - Sales of Stocks on New York Exchange. . 200,000 +1,000,000 12:00 Noon 2:10 P.M.. 700,000 1,000,000 Dividend rates as given in the above table are the annual cash % xEx-divicend. % | 4% 1n stock '3 | b Payable in stock 7 | hPlus 2% in stock. | 3% in ‘stock. stock. D Plus 3% . 3 i | payments based on the latest cuarterly or half-yearly declarations. sLess than 100 shares. TPlus 9% in stock tPartly extrs tPlus Paid last year—no regular rate Payable in cash or stock. f Plus 3% in stock i Plus 50c in special preferred stock k Plus m Paid this vear—no regular rate nPlus 5% in in stoek. Everybody’s Business | Assumption That Recon- | | struction Corporation Bill Will Be Passed Warrants Optimism on Securities. BY DR. MAX WINKLER. NEW YORK, January 12 (NAN.A). —On the assumption that the recon- | struction finance corporation bill will be duly passed and that the organiza tion will begin functioning by the end of | the month, a certain degree of optimism would appear to be warranted. | The recovery in the general level of security prices is expected to be sus- tained, and pressure whicH has been in evidence in the bond market should disappear entirely or at least diminish considerably with the cessation of liqui- dation to which institutions have been forced to resort, resulting in many in- stances in the establishment of levels | which bore no relation to true values. | Sentiment was indeed much worse ( than facts. An early passage of the bill should change this picture. Wiggin Holds Values Too Low. News from abroad, while disturbing at first glance, does not seem to consti- tute fresh complications. Chancelior Bruening's statement regarding Ger- many's inability to pay bbth commer- | cial and political debts is merely a repe- | committee of experts While the chancellor's remarks may have an adverse effect in France, they are not likely to interfere seriously with the adoption of the Franco-British com- promise for extension of the morato- rium. The level of values and the volume of business are both expressed by fear of the unknown—far below the level justi- fied by the facts—and both are capable of substantial revival with a mere change of emotional attitude, in the opinion of Albert H. Wiggin, chairman of the Governing Board of the Chase National Bank. Predicts Rail Improvement. Regarding short-term credits to Ger- many, Mr. Wiggin calls attention to the fact that since the Fall of 1930 Ger- many has repaid $1,190,000,000, or morz than the present outstanding amount of $1,051,960,000. This would seem to indicate that the credits which Germany received were on the whole wisely used. and that Ger- many has been internally much more liquid than was generally assumed. Decided improvement in the railroad situation is predicted around the middle of the year by J. M. Kurn, president of the St. Louis-San Francisco Railway. He thinks that before the end of 1932 the country will practically be back to normal. Mr. Kurn feels that the increased freight rates and the organization of the corporation in connection with the increase, whereby the money realized from the rate excess is to be used in a pool to assist in financing certain roads, is bound to help. He expects no diffi- of the British wheat market at a fixed price, was approved today at a con- ference between representatives of the rnment, the millers, the merchants | should not be able to take care of | and the farmers. Details will be settled by a joint committee before the project is em- bodied in legislation. This is prelim- 1 to giving Dominion wheat grow- .:r{hm own quOtas. culty in connection with taking care of his company’s obligations up to March 1, and sees no reason why the road everything as of March 1. Motor Car Stock Low. Stocks of Nash cars in the hands of tition of views expressed by the Basle | SALES. Peoples Drug Stores pfd.—5 at 80'2, 5 at 8015 Capital Traction Co.—$500 at 60. Capital Traction Co. 55—10 at 20. Washington Gas 65 “B"—$1,000 at 103%. Washington Gas 55—$2,500 at 10034 Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer._Tel. & Tel. '39 Am. Tel & Tel. 53 Anacostia & . 58 Anacostia & Pot. Guar. 5s.. C. & P. Tel 4ias Bid. Asked. 105 et i otomac Elec. 53 Wash., Alex. & Mt. Vernon ctf. Washington 128, Washington Wash. Gas 65 Wash. Gas 6s, series Wash. Rvy. & Elec. 45 MISCELLANEOUS. Barber & Ross, Inc. 6%z5..... Chevy Chase Club 5ias 3 Columbia Country Club 5125 W. M. Cold Btorage 55 Gee STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel Capital 1 Wash. Gas Lt N. & W. Steamboat (12). Pot. Elcc Power 6% pid. Pot. Elec. Power 513¢ Wash. Rwy. & Elec Wash. Rwy. & EL pfd NATIONAL BANK. Min. price. Asked 175 250 pi om. (7) ) Capital (14) Columbia (13 Commercial (stamped) (10} District (8) . 198 Fed-Amer. Natl. Bk & Tr. () Liberty (16) : 190 WASHINGTON STOCK EXCHA QUOTATIONS AND DAY’S SALES \GE | Lincoln (10)....... Metropolitan (14 Riges (158) Second (9e) ... " Washington (13 TRUST COMPANY. Amer. Sec. & Tr. Co. (15) Natl. 'Sav. & Tr. (12}). . Prince Georges BK. & Tr. (6) Unlon Trust (8s) Wash. Loan & Tr. (i4) SAVINGS BANK. Bank of Bethesda (6§). Com. & Savings (10) | Seventh Street (12) United States (30) Wash. Mechanics (20} | FIRE INSURANCE. | American (12) ¥ Corcoran (10) iremen’s (8)... | National Union '(15). & TITLE INSURANCE. Columbla (6h) 3 ;| Real Estate (6hj.. MISCELLANEOUS. Barber & Ross. Inc., com Col. Medical Bidg. Gorp. (6). | Col. Sand & Gravel pid. (1) Paper Mfg. pl Sec. pfd. (7 Bromo-Selz, ‘A Pederal Storage pfd (8) Fed.-Am. Co. com. (1.20{) Fed-Am. Co. ptd. (6) nston Monotype Mer. Tr. & Stee. com. Mer & 8 ) tke. pfd ¢ - | Mergenthaler Linotyne (61" Nat Mtge & Inv. pfd. (8) Peoples Drus Stores pfd. (61,) lslel‘lk Ef.(l Sl\l( & G. pfd. (8) . Ter. Ret. & Whe Corp. (3 cor V. Mech. Mtge. com. Wash. Med. Bldg. Corp. (1) "' Wdwd. & Lothrop com. (1.20} | Woodward & Lothrop ptd. (1) | *Ex dividend | bBooks closed. | n25c extra, £30c extra. §1% extra el12% extra. extra, hi% extra. 5% extra. Nash, chairman of Nash Motors Co. Commenting upon the decline in carnings for the year ended November 30 to $1.76 & share, as compared Wwith $278 in the previous year, Mr. Nash points out that it was necessary to go into very heavy expenses in preparation |of 'a complete new line of sutomobiles, | and that a large part of this expense | was incurred and absorbed during the year 1931. With cash and Government bonds of more than 636,500,000, the Nash com- pany thould be in a good position to |take advantage of whatever improve- | ment will take place in general business | conditions. dwindled to such an extent that her currency cannot be safeguarded with- out foreign help, says Premier Mouch- | anoff. | Believes League Will Aid Bulgaria. Mr. Mouchanoff is confident that the League of Nations will grant such aid as is necessary to tide Bulgaria over the present difficulties. While it is not stated specifically, it would seem that the premier’s remarks do not apply to bonds held by the public, including the 7s and 7%s, which were sold under aus- | pices of the League, and considerable portions of which are held in the United States. Reports of British concerns should be |read with a certain degree of caution. An increase in profits is not necessarily a gain, due to the depreciation in the value in the pound. ‘The Woolworth Co. of England, con- trolled by the American Woolworth, re- dealers are the lowest at any time in the history of the company, says C. W. ports for 1931 a gain in net of more than 14 per cent. | Bulgaria’s financial resources have | remained at par, the increase woul have been very impressive, but with !hg | pound down about 30 per cent the sit- | uation is entirely different. Greece Suspends Private Debts. 1t should be remembered that profi lon and prices of common shares Lise 1n | Proportion to the depreciation in_ ex- | change. Woolworth, Ltd., sh [no exception. il sreece has joined the ranks of tho {who seek salvation in a moratorium. | Merchants and members of professions |In various provincial towns have pro- 2! & moratoriu - dividuals and bangs. O 4°0te to 10 This will, of course, have no eff | , A ect | upon the external obligations of Greeee. | including the various dollar obligations D. C., TUESDAY BOND PRICES MOVE IN NARROW RANGE Market Leans to Upward Trend, but Trading Vol- ume Is Small. BY F. H. RICHARDSON. Special Dispatch to The Star NEW YORK, January 12.—Bonds to- day were irregular in spots, but the general trend continued to incline to- ward the side of advance. Trading was in fair volume. The opening was hesitant, with price movements uncertain. The Senate’s approval of the Reconstruction Finance Corporation bill was a source of sat- isfaction to the Street, but there was a tendency to expect a technical reac- tion in bonds. It was pointed out that the market has now recovered about half of the ground lost in November and the first half of December. The chief strength has been in the railroad issues, which, of course, have been helped by the prospects of a favorable settlement of the wage dispute. ‘Wall Street has been inclined to view the advance of bonds with misgivings as long as Unjted States Government descriptions coptinued to sag into new low ground. ven though this is based largely on the prospect of sizable Treasury offerings in the near future— a factor which should not hurt corpora- tion issues, especially when they will benefit by the reconstruction corpora- tion, which some of the coming Treasury offerings will be used to finance—Wall Street is not used to see- ing Government bonds unsalable at dis- counts ranging frong 12 to 18 per cent while foreign dollar bonds advance. Government bonds today were a shade better after a lower opening, but each advance found heavy offerings over the market and it was with diffi- culty-that Liberties and Treasuries made recoveries of % to 'z point from their lows. Ralilroad descriptions had gains rang- ing from fractions to over a point. High-grade types like Atchison general 4s, Chicago, Burlington & Quincy gen- eral 4s, Norfolk & Western 4s and Union Pacific first 4s were slightly higher. Speculative bonds, such as Erie 5s, Mis- souri-Pacific 5s, Nickel Plate 4'.s and 6s, Baltimore & Ohio convertible 41:s, Pennsylvania 6 Frisco prior lien A 4s, and Southern Railway 612s, gained a point or more. Chesapeake & Ohio general 4125, however, were a point lower. Industrials and semi-speculative util- ities were irregular, with price changss small. Price utilities were steady for the most part. American Telephone 5s opened’ up fractionally and then re- ceded narrowly. Utah Power & Light 5s were fractionally better. Bonds were irregular at the opening. In many issues there was a tendency to take profits, while the strong opening of stocks encourageg those working for the advance to maRe further commit- ments in speculative issues. In the latter group such bonds as Chicago & Northwestern 43;s, Texas Corporation 5s, Philadelphia Co. 5s, Mc- Kesson & Robbins 5145, and others were higher by 1 to 2 points. At the same time, International Match 5s, Dodge Brothers 6s and Armour of Delaware 51,5 were off fractionally. In the foreign list, German govern- ment issues were narrowly lower. French, Belgian, Swiss and other Eu- Topeans were steady. South Americans were firm and Canadian bonds steady. United States Government issues were off from 3-32 to 4-32 at the start. — o INVESTMENT TRUSTS NEW YORK January 12 (#).—Over- the-counter market: A B C Tr Shrs D B C Tr Shrs C Br & Con 6 Comp Tr Shrs Founders 1 Founders A 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 3 Central Nat Corp B Chain & Gen Equities . Chartered Invest .... Chartered Inv pf | Chelsea Exch A Chelsea Exch B_'. Cumulative Tr Sh . Corporate Trust Corporate Trust A A Corporate Trust Accum Ser Crum & Foster Crum & Poster 8 Grum & Foster Ins Crum & 7 Lumnoomn @b b ot Depos Ins Shrs A Diversified Tr A Diversified Tr B Diversified Tr C Diversified Tr D Equity Invest Eauity Invest pf Equity Trust Shrs Five-Year Fixed Tr D38 Fixed Trust Sh A Fixed Trust S Fund Tr Shrs A . Fund Tr Shrs B ... Granger Trade Gude Winmill Trad Incorp Investors Incorp Invest Equit Independ Tr Shrs | Int Sec Corp Am A Int Sec Corp Am B, Int Se: 67 Invest Trustee 5 Leaders of Indust A Leaders of Indust B Leaders of Jndi Low Priced Snwnwwando wa D SRR, Second nt Sec B Sec Int Sec 67 1st pf Secur Corp Gen 36 pf Selected Am Sh Selected Cumu Shrs Selected Income Sh i Selected Manage Trust Shawmut_Bank Spencer Trask Fi Stand All Am_Tr Stand Am Tr Shrs Stand Collat Trust State Street Invest Super of Am Tr A Super of Am Tr B Super of Am Tr C.. Super of Am Tr D Trust Shrs of Am Trustee Stand Inv C e und Trustee Stand Iny D Trustee St Oil A Trustee 8t Oil Shrs B Trusteed N Y C Bank Trusteed Am Bk United Ins Shrs United Bank Tr | held by American bankers and investors. (Copyright. 1932. by the Nori 4 Newspaper Alliance, anz]Athcln CHICAGO DAIRY MARKET, CHICAGO, January 12 (#).—Butter— Receipts, 12,881 tubs; unsettled; cream- ery specials (93 score), 2315a24; ex- tras (92 score), 23; extra first - score), 22a221,: " firsts (8-36° s(:ooregl‘ 21a21%s; seconds (86-87 score), 20%: |standards (30 score, centralized car |lots), 23. Eggs—Recelpts, 13,393 cases: Anti-Dumping Duties. LONDON, January 12 (#).—Effects of Great Britain's anti-dumping duties for the first four months of operations were shown in figures issued by the Board of Trade today. In December imports totaled £77,027,- 303, a reduction of £6,204,140 from the previous month and £12,630,215 from | unsettled; extra firsts, 18; fresh ;?Su, 17al7%; current necespu!mxd;faj 2. S An American company has proposed to finance a loan for the con?tmttlon of 1,200 miles of automobile roads in If the pound had Cesta Rica. the December, 1930, total. In the same month exports were £32,- 077,425, an increase of £213.976 over November, but a decrease of £6,381,071 from December, 1930 For the fiscal year 1931 imports to- taled £862,174,709, an increase of £181,- 800,552 over 1030. Exports decreased by £181,591,599 to a total of £389,163,817. i, JANUARY FINANCIAL, [ e BONDS o Received by Private Wire Direct to The Star Office UNITED STATES. (Sales ai Sal Lib 3% 32-47. 2 L 1st 43 s 32-47 150 L 4th 43 = 33-38706 US3s1951-5...152 KRS M4 US3%sJ40-3. US3%s43-47, 8 U 8 U 41 e8iRd5N R0 US4%s47-52..301 9924 9 Abitibl P&P 5s'53. Alleghany Cp 58 "44 Allegheny 53'49... Allegheny 5s '50. Am Chain 65’33, Am F P 53 2030.. AmIGChbl%s'49. Am Intl 5849 Am Metal 538 '34.. Am S&R 1st 5847, 3 Am Sug Ref 6s°37, 12 Am T&T cv 4%9'39 15 AmT&T6s'65... 153 Am T&T c tr 6s 46, 72 Am T&T 5s s £'60.. 43 Am T&T 6%s '43... 26 Am W Wks 58'34.. 2 Arrentine 53 s’62. 11 Argentine May '61. & Argentine 6s Ju's9. 2 Argentine 6s Oc’59. 10 Argentine 6s A '57. 4 Argentine 6s B '68. Arm & Co 4%s°39. Arm Del 538 "43. Assoc Ol 63°35. . Atchison gn 4s'95.. Atchiscv 4%8'48 At CL 1st 4552, At Gulf 68’59 Atl Ref db 5837 Australia 435 ‘66 Australia 5856 Australia 53’57 Austria 7s'43. Austria 7s ‘67 ctfs. B&O4s'43. B&O 4%s'13 5 B & O Toledo 45’69 10 BkChile6%s'61.. 2 Batav Pet 44342, 14 Belglum 63 '65 10 B4 1 Bell Tell Pa 63 C'60 15 Berlin Cy El 65 '55. 13 Berlin CE 6%s'50. Beth Stl pm 55 °36. Beth Stlrf 534342, Bolivia 78 '58. Bolivia 75°69. Bolivia 83 47. Bordeaux 6s '34 Bos & Me 5355 Bos &Me 5567, Y G Bklyn Un 1st 58'60 Buff Gen El 4% 8'31 BR& Pitt 4%s'67. 1 Budapest Vs '62.... : Buenos A 6361 Pv. Calif Packing 58 "4¢ Canada 4s "60 Canada 4%s'36 Canada a5 e Can Nat Ry 448’56 10 Can Nat 58°70. ... Can Nor 4135 '35, Can Nor 6%s db ‘4§ Can Nor 75 db "40.. Can Pac db 48 Can Pacific 4% Can Pac 4%s'60. Can Pac 68 ‘54 Car Clin & O 65 '52. Cent 111 G&E 5551 Cent Pac 45 '49. Cent Pac 55 '60. Cen Ry NJ g 5s°87. Ches Corp b3 '47. C&Ogen4%soz. |C&O4%sB"95 Chi& Alt3s. .. CB& Qgen 4s ‘58 CB&Q4%s'T7 C B&Q Ist rf bs CB&Q I1dv 31549 CB&Q Il dv 4s°49. 2 Chi& Est 116551, 5 Chi Grt West 45'69. 29 Chi M&StP4%sC 1 C M StP&P 6s°75.. 13 CM&StPadjbs.. 55 Chi&NW g 314587 9 Chi&NW 4%52037. 3 C&NW 43%s C2037. 20 Chi & NW cn 4%s. 66 Chi&NW rf 552037 2 Chi RI&P gn 4s'88. 2 Chi R1& Prf 4534 30 Chi RT1&P 4%s 62 Chi Rlcv4%s'60. C TH&SE tn 55°60. Chi Un Sta 435’63, Chi Un St 58'44.. .. Chi Un Sta 55 B63. Chi Un Sta 63563 C& W Ind 5%s 62, Chile 63 ‘60 Chile 65 61 Chile 68 '63 Chile Cop db 58 CCC&St L 4%s E'T1 €CC & St L 5s D63 Clev Term 4%s '77. Clev Term 5145 '72. Colomb 6s Jan ‘61 Colomb 68’61 Oct.. . Col G&E 58 May'52 Col G&E cou s '61. 20 Com Inves 5%s'49. 11 CCMd1strf 5850, 1 ConG NY 4%3°61.. 48 ConG N Y 5%s'45. 38 Consum Pow 6s'62 5 Con Pwr Jap 6%s.. Copenhag 6s’62... 5 Cuba 538 '45. 2 g 8 1 e 8 10 2 2 4 | Cuba R R 68 Cxzecho 85 '51... Del & Hud rf 4334, Del & Hud 5%s5 '37. Denmark 4%s '62.. Denmark 5%s 56 Denmark 654 D & R Grcn 45’36 D&RG W 6s'55.. DRG & W 5578 Det E G&R4%8'61. 5 Det Edison rf 55’49 11 Deutsche Bk 67'32. 3 Dodge Brcl 6s°40.. 15 Duquesne 4%s '67. 1 Dutch East 1 62'62. 10 Erle 1st con 4s'96.. Erie con 43 A '53... Erieconv 4sB... Erie gen 5. Erie cv 68 '67. Erte 5875 Finland 6% Finland 7s 50 Fram 1 D 7%s French 75°49. French 7%s ‘¢1. Gelsenk’he is‘: 3 4 18 21 4., 7 Ger Cen Bk 68’60 O German Ts rep ‘49. 1 45.. 2 Goodyr Rub GrandTr st db 65'36 2 Grand Trunk 7s'40. 4 Grt Nor 41576 D. Grt Nor 4%s'17E. Greek 65768 Hoe & Co 6%s'34... Hud & M ad) 53 157 Humble Oil 58 '37 Humble O 5 i Hungary 7%s 111 Bell Tell 58 56, 111 Cent rf 45’55 111 Cent 4% [1Cent 6%s 9 16 4 530 9 a 111 CCStL&N 4% 111 CCStL&N 58 A 111 Steel 4143 "40 Inland St 4% s [nt Rap Tr §s " Int Rap Tr sta '66 Int Rap Tr 6s°32.. Int Rap Tr 7s 32 Int Cement 58 '48. Int & Gr Nor 55 '56. Int & Gr Nor 63°5 Int & G N ad 63’52, Int Hydro El Int M CoBsret'sl. . Int Match 6347 Int Ry C A 58" Int T&T cv 4%5'39. Int T & T 68 '55. ltaly 78 '51. Japanese 5%s Japanese 6%s ‘54 Kan C FtS&M 4s'36 Kaun City Sou 58'56. Kan City Ter 4s'60. Kan G&E 45 '80. . Karstadt 6s '43. Kend 54548 ww Kreug & Toll 55'69. LacG St L 5s’34... Laclede 545 C'53. . Lautaro Nit 63 *54. Lieh Val cv 4s 2003, Leh Vcn 41452003, Leh Valley 5x 2003, Liz & Myers 6s'51. Lig & Myers 7s'44.. Loew's 6s ex w 41, Long Islrf 4s°49.. Lorillard 5s'51.. Lorillard 7s’44. La & Ark 55°60.. Lou G & El 58’52, L & N unf 4 °40 L & N 5s B 2003 Lvons 6334 McKes & R 5% %50, Manh Ry 1st 45'90. Market St 7s '40 Marseille 6s 34.. Milan 648 °52 s Mil E Ry & L 53 '61 Mil E]l Ry&Lt 53 '71 M StP&SSM 5s'38. MSP&SSM 5%s 49 MK & T 1st 4390, MK&T 4s B'62 MK & T adj 53’87 Mo Pac gn 4s'75. Mo Pac 53 A '65. Mo Pac 58 F '17. Mo Pacbs G '78 Mo Pac 53 H '80 Mo Pac rf 58 ‘81 Mo Pac 548 A "49 Mont Pow 5343 Mont P db 53 A ' Mont Tr 1st 5 '41 Montevideo 78 ’52. . Mor&Co 1st 4%4#'39 Nat Dairy 6% s "48. Nat Steel 58 '5: Netherlands 6s '72. N Eng T 1st 58 '52. NOT&MG5%s '54. Nw S Wales 53 '67. Nw S Wales 58 '53. NYCgn3ls 97.. N Y Cent 4598 N Y Cent db 4s°34. N Y Cent 4% NYNH&H cd 65'43. NY O&W 1st 45'92. O&W =n 48'55. Rys inc 65 '65 Y Tel 4%s39. NY W&B 41 Nia Sh Md 5 ord 61 Nor & Wnev 4 No Am Co 55 61 . Nor Am Ed 585 Nor Am Ed 55 C NorOT& I 6 Nor Pac 34 2047 Ner Pac 4s ‘97 Nor Pac r 1 68 2047, Nor St Pw 53 A 41, Nor St Pw 65 B *41. orway 5s 63 Norway 6s ‘52 Orfent dev 5% 5’58, Orient dev 6353 Pac G&E 58 '42. Pac T&T 1st 59°37. Pac T&T rf 53'52.. Pan Am Pet 6s 34, 87 %350, 0 9 47, | Pan Am Pet 63 40. Paramount 6s ‘47 Paris-T.y M 63 58 Paris-Ly M 7s '58 raris-Or 513 '68. Penn 41 s D ‘81 Penncv4%s 60. Penn 4%438°70. . Penn 433 '63.... Penn 58 '64. Penn gen 58 '68. Penn 645 '36. | Penn P&L 4% . Peoples’ Gas 53 "47. Peor & B 1st 4840, Pere Mar 4343 '80.. Pere M 1st 58 '5 Peru 6380 Peru 6s 61 Peru 7s 59 Phila Co 68 . Phila Elec 4s'71. Phil & Read 63 '49. Philllp Pet 51829 Pirelli 75'62. ... PCC&St L 58 B'75. Poland 78 °47.. Poland 88 ‘50 Port Gn El 4%5'60. Por R Am T 68 '42. Pos Tel & C 55'55. Prague 7%s '52. Pressed St C 58'33. Prussia 65 '52 Public Serv 4571 Pub Sv G 4143767, . Pub SV G 4%s70.. Reaa gn 4%s A 97 Reading 4%s B'97. Rem Arms 63 A '37. Rem R5%S A '47.. Rhinelbe 7s "46. .. Rnine West 6s'52 Rhine West 6s'53. Rhine West 63 '55. Rich Ofl Cal 63 '44. Rio de Jan 63%s 53, R Gr Do Sul 6s '68 R Gr Do Sul 8s Rio Gr W 1st 4s Rome 6%s '52. . Roy D 4s 45 ww. ¢ StL IM R&G 45'33. 111% 4 1111 St L&SF in 48 A 60 StL&SF 4%s'T8. StSWends's2.... StL&SF p 1 53 B'80 StP&KC S 4%45'41 StP Un Dep 5872, |San A & A P4s’43. Sao Pau 78’40 ret. Sao Paulo 8s ‘36 Sao Paulo 85 '50. . . Saxon P W 6%8'51 Saxon 7s 45 Seab A L rf 4s Seab A L cv 68 '45. Sea All Fla 63.A'35. Serbs-Cr-S1 7 '62.. Serbs-Cr-S1 83 °62.. Shell Un O11 b8 '47. Shell Un O11 G5 49. Shinyetsu 6%s ‘52 Sinclair Oll 6%48'38 Sinc O 7scv A'Y | Stne Cr 0 5%s '38 Sinc P L 68 42.. Skelly O1l 5%3s '39. Solvay Am 6s'42.. Sou Bell T&T 68 ‘41 SW Bell T 53 A '54. Sou Pac col 48'49.. Sou Pac ref 45’55 Sou Pac 4%s ‘68 Sou P 4%8'69 ww. Sou Pac 4%s'S1... Sou P&Or 4%s 17, Sou Ry &n 43’56 Sou Ry 6s'56 Sou Ry 6%s Sou Ry M&O 4s '38. StOIINJ 58" 3tONN Y 4% Sweden 5%s 54 Swiss5%s ‘46 Tenn Cop 65 °44. ., Tenn EI P 68 A 41, Ter As St L 48 63.. Texas Corp b8 '44.. Tex &P 5sC'79 Third Av rt 48 '60 Third Av adj 6s "6l Toho El Pw Sales. Hieh. Lo 8 46% 4l —r P S~ S T3 RIAr &L 4%s 34, 2 o - = RronvoolBone~EharnSrwrBRe apne mntem—mowwm e e » @ Srhe; w. 2:58 46 % 73 70% 81 48% 60 ° 39% 101 901 81 1024 6 48% MARKET DISCOUNTS CREDIT AID PLANS 'Wall Street Awaiting Result of Congress Vote and Wage Parley. BY CHARLES W. STORM. | The News Service of Wall Street. Special Dispatch to The Star. NEW YORK, January 12—The gen- eral stock market is discounting and will continue to anticipate the creation of the Reconstruction Finance Cor- poration and announcement of an ac- ceptance of a reduction in wages by railroad labor. Since both of these developments would be favorable in- fluences on the prices of railroad se- curities, that group was vesterday most prominent for its strength. the average price of transportation shares closing |a shade better than two points over Saturday’s final Coincident with the pronounced strength in the rails there were reports of aggressive buying of those issues by some of the biggest banking houses. Second-grade and convertible railroad bonds also felt the stimulus of good buying and in some instances showed sharp advances. Steel Dividend Policy. United States _.eel Corporation di- rectors are scheduled to take action on the common dividend January 26, but it is understood that the Finance Com- mittee of the corporation will meet today and decide upon what course to adopt with regard to the next dividend disbursement. The Street will, there- fore, begin watching the market action | of Steel common, strength of which would be accepted as an indication of a favorable announcement and heavi- ness of an unfavorable one. The tone of the steel news has been better. Weekly reviews repocted an in- crease in operations for the last week and some of the steel companies are ] understood to have made up budgets based on an average operation of 40 to 45 per cent of capacity this year. This would seem to indicate expecta- tion of marked improvement in the in- dustry in 1932, Copper Price Advanced. As predicted recently, producers of copper have advanced the price of the red metal to 7', cents. Expectation in the industry is that the price wil gradually work up to 8's cents per pound. Prices of copper were also marked up by wire manufacturers. Copper stocks showed a firm under- tone by reason of the price advances from the betterment in sentiment and increased foreign purchases following the decision of producers all over the world to curtail production. Railrcads Strong. Distinct strength in railroad stocks and bonds featured yesterday's dealings. Beiterment was particularly noticeable in New York, New Haven & Hartford stock, which rose nearly 3 points, and buying was reported for the account of two of the largest banking houses. Railroad executives and represent- attves of railroad labor are scheduled to meet on Thursday and the Street feels confident that the result will be favor- able. The buying of rails was in antici- pation of such a result. Since many of the railroad shares which were formerly regarded as good investment securities are considered to be undervalued at current prices, a Te- duction in wages would probably have a most stimulating effect on those issues. Larger Profits. While it is generally conceded that reports of earnings by industrial cor- porations for the fourth quarter of last year will make a poor showing, opinion is growing that the statements for the first quarter of this year will make more favorable reading because they are ex- pected to reflect the drastic reduction in operating costs by the large indus- trial units. Belief is that even if these corpo- rations do only as much business as they did the last three months’ period 4 | they will be able to make a better show- ing in earnings applicable to dividends on their common shares. (Copyright. 1932, by the North American Newspaper Alliance, Inc.) Washington Produce Butter—One-pound prints, 31; tub, 30. Eggs—Hennery, 21a23; current re- ceipts, 18a20. Poultry, alive—Turkeys, old toms, 20 | a22; young toms and hens, 25a28; chick- ens, 5 pounds and over, 18a21; 2 to 22 pounds, 18a20; broilers, 115 to 2 pounds, 18a20; hens, large, 20a22; small, 15a16; Leghorn hens, 14al5; roosters, 11; keats, young, 40a45; old, 25a35 Poultry, dressed—Turkeys, old toms, 24a26; young toms and hens, 27a30; chickens, 3 pounds and over, 20a22; 2 to 215 pounds, 23a25; broilers, 1% to 2 pounds, 23a25; hens, large, 23a25; small, 17a19; Leghorn hens, 17al18; roosters, 14; keats, young, 60a70; old, 50. Meats—Beef, prime, ; choice, 15; good. 1212a13; cow, 9'5al0; 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, 14al5; fresh hams, 8 to 10 | pounds, 13; 18 to 22 pounds, 19; smoked hams, 16al7; strip bacon, 16al7; lard, 80-pound tins, 8':; package, 9; com- pounds, 7a7% Live stock—Hogs, light and medium, 4.4024.65; heavy, 4.00a4.35; pigs, 4.00a 4.50; roughs, 2.50a3.25; calves, 4.00a 9.00; lambs, 4.00a6.50. Fruits—Strawberries, 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, 3.00a5.50; pine- apples, 3.50; grapes, Emperors, 3.50a 4.00; lemons, 3.50a5.50; tangerines, 1.25a1.75; persimmons, 1.00a2.00; kum- quats, quart, 10al5; bananas, 7522.00; Alligator pears, flats, 2.50a3.00. Vegetables — Potatoes, 100 - pound sacks, 1.25; Idaho bakers, 2.50a2.75; sweets, 25a1.00; tomatoes, repacks, 3- pan containers, 2.00a2.50; peppers. 2.00a 3.00; carrots, bushel baskets, 1.00a1.25; beets, per 100 bunches, 3.25a350: string beans, 2.50; limas, 5.00a5.50; 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, 65a1.00; broccoll, 3.50a4.00; turnips, 50; arti- chokes, 4.00a5.00; celery, 3.50; cucum- bers, Cuba, 5.00; squash, Cuban, 2.00; eggplant, Cuban, 2.50. Sales. High. Tokio Bl Lt 68'53.. 11 Un Pac 1at 48°47.. 48 3 42 2 Unit Dre cv Utd King 53 U S Rub 18t 68 '47. UQ St W 6148A'61.. €0.... Uruguay 6s'64.... Uruguay 85 46. ... Utah P& L 63 '44.. Util Pw 53 '59 ww. Utll Pow 5%8'47.. Vanadium St 541, Vienna 6r 52. Va Ry 1st 58 Wabash 4% s Wabash 1st Wabash 6s D '80... ‘Walworth 6%s’35. Warn Br Pic 65'39. Warner Sug 7s "¢1. Warsaw 7s ‘58 . Wt Sh 1st 48 2341, West Eldb 63 ‘44, Wes: Un 63%s'36.. WEOBY%s'3T ww. ‘Wh Sew Mch 6s'40. Ygotn S&T 55 A"