Evening Star Newspaper, January 13, 1932, Page 12

FINANCIAL. THE EVENING STAR, WASHINGTON, D. 0., WEDNESDAY, JANUARY 13, 19 FINANCIAL. DRIVE FOR BUDGET REDUCTION PUSHED Chamber of Commerce Con- tinues Effort to Lower Government Costs. BY CHAS. P. SHAEFFER, Associated Press Business Writer The Chamber of Commerce is con- tinuing actively its campaign for lower governmental expenditures. Reports received by it declare public realization that these costs cannot con- tinue to increase while taxpaying re- ‘sources diminish is a controlling factor in recent decisions of many States and cities to reduce operating budgets and tax rates for 1932, Several concrete cases of reductions in various State programs have already come to the attention of the chamber. These include the city of Detroit, which, | facing a large deficit, returned to a cash operating basis. In line with a decision to spend no more money than was actually collected, repeated siashes of appropriations have been made. Business organizations have figured prominently in the recent action of Wis- consin cities and counties to curtail 1932 expenditures, the chamber said. Thirty-seven of the 39 counties report- ing have reduced total levies by ap- proximately $4,000,000 Expenditures for 1932 have been Te- duced in 86 of the 92 countles in In- diana by an aggregate of more than $7.000,000, the chamber also reported ‘Thes: activities have some charac- teristics in common,” the chamber ob- serves. “There appears in many places to be irresistible demand for drastic re- trenchment. This is being effected by more realistic budgeting of resources, with sharpest reduction in less impor- tant activities, and in some cases by elimination of non-essential functions. Despite taxpaying capacity which di- minishes current collections strong re- sistance to the incurrence of deficits is being shown. There also is an encour- aging tendency to maintain unimpaired the appropriations for interest and debt charges. Capital improvements, even in some instances projects already au- thorized, are being more carefully re- viewed,” the chamber said. Baltimore Markets Bpecial Dispatch to The Star. BALTIMORE, Md., January 13.— White potatoes, 100 pounds, 75al.10; sweet potatoes, bushel. 40a60; yams, barrel, 1.00a1.50; beans, bushel, 1.50a 22.00; beets, per 100, 2.80a3.00; brus- sels sprouts, per quart, 10a20; cabbage, bushel, 40a60; carrots, per bushel, 1.00 a1.10; caulifiower, crate, 125al.5f onions, per 100 pounds, 3.00a4 peppers, crate, 1.50a2.50; spinach, bushel, 35a90; squash, bushel, 1.50a 250; kale, bushel, 35a45; tomatoes, crate, 1.00a3.25; eggplants, crate, 1.50a 2.50; turnips, hamper 15a25; celery, crate, 1.50a2.50; cucumbers, bushel, 3.00 a4.50; grape fruit, box, 1.25a2.50; apples, bushel, 35a1.50; oranges, box, 2.25a4.00; strawberries, quart, 20a25. Dairy Market. Chickens, young, 18a22; Leghorns, 15 al18; old hens, 16a22; Leghorns, old, 17 al8; roosters, 14al8; ducks, 12a23; geese, 14a18; guinea fowls, pair, 25a50; turkeys, 16a32; pigeons, pair, 20a25 Eggs—Receipts, 769 cases; current receipts, 18; nearby firsts, 19; southern firsts. 18. Butter—Good and fancy creamery, 22 226; ladles, 17a18; process, 20a21; store packed, 13 Live Stock Market. Cattle—Receipts, 75 head; light sup- ply: market steady. Steers—Choice to prin °, none; good to choice, 7.00a7.75; medium to good, 5.50a6.75; fair to medium, 4.25a5.25; plain to fair, 3.50a4.00; common to plain, 300a3.50. Bulls—Choice to prime, none; good to choice, none; medium to good, 4.00a 4.50; fair to medium, 3.50a4.00; plain to fair, 3.25a3.50; common to plain, 3.00a3.25. Cows—Choice to prime, none; good to choice, none; medium to good, 3.75a 4.00; fair to medium, 3.25a3.75; plain to {air, 2.50a3.25; common to plain, 1.50a 2.50 Heifers—Choice to prime, none; good to choice, 5.00a6.00; medium to good, 4.5025.00; fair to medium, 4.00a4.50; plain to fair, 3.00a4.00; common to plain, 2.50a3.00. (Continued From Page Bales— Add 00. B 21 37 7 1008 15 1 8 Stock and Low. Dividend Rate. 144 Northern Pacific 3).. 54 Ohio Ol 3 24 OlivFarm Eq pr pf. 4% Orpheum Circuit pf. 164 Otis Elevator (23%).. 20 Owens Ill Glass (2). 29% Facific Gas & El (2).. 35 Pacific Lighting (3). 6 93% Pacific Tel&Teleg(7) 308 3% Packard Motor (40¢) 23 18 Pan-Am Pet B(160). 7 5 Panhandle P & Rpf.. 208 514 Par-Pub (b10% stk). 118 Park & Tilford. .. 43 Park Utah Pathe Exc Patino Mine Peerless Moto! Penick & Ford (1)... Penney (J C) (2.40).. Penna Rallroad (1).. Peoples Gas(Chi) (8) Pere Marquette Ry.. Pere Marquette pf... 320s Pere Marquette pr pt 1108 Petrol Corp of Am 8 Phelps Dodge Co. ... Phila&Reading C & I Philip Morris&Co(1) Phillips Petroleum Plerce-Arrow. . Pierce Petroleum Pitts Coal pf........ Pitts United pt (T). .« Port Rip Am Tob(A). Port R Am Tcb (B).. Postal Tel&Cable pf. H 60% 1944 26 15 5815 39% BATA 6915 131% 11% 36 20% 50% 11 2% 8% 1 2 2 3 4 4 1 6 3 10 107 11 3 1 4 5 1 10 4 2 808 20% 2615 T 4TS 1% 16 9615 102's 581y Pressed Steel Car Pressed Steel Car pf. Proct & Gamt 2.40) Prod & Refiners pf.. Public Sve NJ (3 40). Public Sve NJ pf (§) Pullman Corp (3)... Punta Alegre Sugar. Pure Ofl. . Pure Oil pf (8). Purity Bi 5'» Radio Corp. 20 RadioCorp pf A 3%. 915 Radio Corppf (B).... 2%, Radio-Keith-O(new) Raybestos Man(1.60) Reading Ry Co (2)..: Reading 1st pf (2). Real Silk Hoslery * Remington-Rand Republic Stesl. . Republic Steel pf. Reynolds Met (13%). Reynolds Spring. ... Reynolds Tob A (3). Reynolds Tob B (3).. Richfield O1l. . Rio Grande Ofl. 26 3% Rossia Insof Amer.. 42% 13 Royal Dutchof NY.. 6913 38% Safeway Stores (5).. 97% 63% Safeway Strspf (6). 71 Safeway Strspf (7). St Joseph Lead (60e). san Francisco. . san Fran pf.... Schulte Retai) Stores Seaboard Air Line Seaboard Ofl.... Sears Roebuck (23%) Second Natl Inv. Servel Inc. . Sharp & Dohme. .. Shattuck (FG) (1).. 4 Shell Union Ofl. Shell Union Oil pf. Stmmons Co. . Sinclair Consol Sinclair Ol pt (8) Skelly Oil Sloss-Sheff Steel pf. Snider Packing. . Snider Packing pf... 2 Socony-Vacuum (1). 10 South Port Rico Sug 7 Sou P Rico Sug pf(8) 100 Southn Cal EA (2). .. Southern Pucific (4) Southern Railway... Southern Railway pf Spald (AG)1st pf(7). Sparks-Withington. . 3 Splegel-May-Stern.. 10% Stand Brands (1.20). 2514 Stand Gas&El (3%). 297 Stand Gas&El pf (4). % Stand Invest Corp. .. 2314 Stand Ofl of Cal(2%) 8714 Stand Oil Exp pf (5). 7% Stand Oil of Kansas. 26 Stand Ol NJ (t2). 164 Sterling Secur cv pf. 15% % 3% 11% 101% 5 55% 1 274 55 60 808 17 6t 3 10w 1Y : ‘ 1 5 45 508 20s 2 . 5 122% 11.) Bt 4% Stewart 9% Stone & Studebal Sun Of1 Superhe, Net. gh. Low. Close. Chre 21 22 +1 5% +5% 3% 13% 20% 21% 104% 75 40% 11 6 1 9lg 36% B5% 6% 17% 16% 6% 3% 14% 21% 213 3474 404 614 3% 4% 1% 11 5 +2% + % + % 97 Texas Ct 19} Tex Gul 174 Tex Pac 515 Third A 30 16% Timken 1% Tobacco 6 2 2% Transue 2 Tri-Con 3614 Tri-Conf 24 5% Truscon 11} Twin Cf 2 13% Underw 27% 1/nion Ci 11 UnOilo 70% Union Ps 40 83% Unit Dy 3 Unit Ele 413 U S Frel; 14'; U S Gyp: 7% 10% 3Tl 36% 20% 26% 152% 150 52 41% 15% Univ Les 31 7% Util Pw 76% 11 109 81 1 US 10 U S Pipe 515 US Real 313 U S Rub 12% U S Smt 36 U S Stee! 94 21 26 51 27% 2715 8% 574 20% T " Wabash 11 Wabash 6% Warner Warren Warren Wesson Westing Wsthse Wheelin White M White R 1067 27 80% 15% 29 5% u Worthin, Wrigley 3 6 Young S =k + s + % +13 | + Kl + | +1% | -21 Ly 10:30 A.M. 1:30 P.M.. Dividend ri xEx-divicend. 4% in stock. 1Pl b Pavable :n stock. 41 | BPlus 2% In stocl 20% — % | 3% in stock. Dividend Rate. Symington (A) 2 Tennessee Corpm. 4% Tex Pacific Land Tr. 11% Third Nat Inv (1.05) 214 Tide Water Asso Ofl. 201 Tide Water As pf(§). Tide Wat Oil pf (5).. Ulen & Co. 17% Waldorf S: Ward Baking (A). Ward Baking (B). .. Ward Baking pf (7). Warn Bros Picture: West Pa El pf (6). West Pa El pt (7). West Pa Pwr pf (6). West Pa Pwr pf (7). Western Dairy (B).. Western Maryland Western Pacific. Western Union Westinghse A B(2) Yellow Truck % Zenith Radfo......., 6% Zonite Prod Corp (1) % Peop G L &C..Jan 15 Sales of Stocks on New York Exchange. s payments based on the latest cuarterly sless th stock. m Pald this year—no regular D Plu3 2%% in stock. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Bales— Mot Add 00. High. Low. Close. Chre. 2 6% 5% % 4% 11% 14 +2% 12% Tt 73 -2 13 Ay 1% % ock and Warne: Webster Xer Co(1.3 pf (6)... ater Corp (1) % orD (). . 5 “ f Sulphur(3) 1fic Coal&O11 % ) “ 1 venue. .. % Roller B(2).. Product Tobacco Prod A t95¢ Transamerica Corp.. & Williams. tl Corp...... t] Corp pL(6) Trico Products(2%). Steel....... tv R Tr pf(7) 00d-EIL-F (3) arh & (2.60). f Caltf (1.40) acifio (10) 64 Dalt Carbon. 1% Unit Cigar Sto; 20 Unit Cigar St pf (4). 715 Unit Corp (76c). 2614 Unit Corp pf (3). ewood pf (7) ctric Coal. .. 17% Unit Fruit (). . 15% Unit Gas&Im(1.20).. 9% Unit Pice Dye W (1). 174 U S & Forn Secur. ght sum 20% U S Indus Alcohol. & Fdry (). Ity & Imp. ber . % & Ref (1).. 1 Corpm (4).. U 8 Steel pf (7)... Unlted Stores pf (4). af Tob (3) T& LtA (2 Vanadium Corp. .. .. Va Elec&Pwr pf (6). 71% 20% Vulcan Detin (4).... RR.. . RR (A) ys (1%4) Quinlan. Bros. . Bros ¢v p Webster Eisenlohr..26050s 7 508 508 108 208 2 12 2 13 A house (2%). 249 M st 315 1008 O&Sno pf (4) Westvaco Chlor 1.60. g Steel pf3). otors. . ock (4) White Sewing Mach. Wilcox Ol & Gas Willys-Overland Wilson & Co (A) Wilson & Co pf ‘Woolworth (2.4 gton Pump.. Wright Aeronautical (Wm) (4) +1% 45+ % 8% + 4% 1% 8 pring. RIGHTS—EXPIRE. 38 1% % + % . 200,000 +1,400,000 12:00 Noon .. 800,000_ P.M.. +1,500,000 glven in the above table are the annual eash or half-yearly declarations. an 100 sheres. ~1Partly extra _iPlus D 5tock s Paid iast year—no reguiar rate. ayable in cash or stock f Plus 8% in st +Plus 50c in apecial preferred atock. k Plus this Tate. nPlus 6% In Brokers’ Comment NEW YORK, January 13.—Diverse | views of the stock market's probable | trend were expressed in today's broker- age house advices. Some thought & | Fresh cows and springers, 30.008| f;ther reaction was due, although it/ 60.00. Sheep and lambs—Receipts, 300 head: light supply; market steady; sheep, 1.00 23.00; lambs, 4.00a7.35. Hogs—Receipts, 1,000 head; fair sup- ply; market lower; lights, 4.80a5.00; heavies, 4.50a4.85; medium, 4.90a5.15; roughs, 3.2524.00; light pigs, 4.5024.90; pigs, 4.75a5.15. Calves—Receipts, 25 head; light sup- ply; market steady. Calves, 4.0089.50. Hay and Grain Prices. Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, garlicky, spot, domestic, 60; January, 60; Feb- ruary, 61 Corn—No, 2 vellow, domestic, spot, 44a45; cob corn, new, 2.00a2.10 2 white, domestic, 15235, spot, Hay New hay is starting to arrive in increasing quan- tities, but so far no official grading has been attempted, selling being strictly on merit. Demand for old hay slow and market is dull and quiet, with prices in buyers' favor at a range of 13.00a 16.50 per ton. Straw—No. 1 wheat, 8.50a9.00 per ton; No. 1 oat, 9.00a10.00 per ton. Selling Levels. NEW YORK, January 13 (Special). The inability of many of the important industrial and public utility stocks to get above certain levels suggests selling orders against which the stock market has not yet been able to cope. If the stock offered at these levels is finally absorbed there is good prospect of a further substantial rise. If the leaders | do not get out of the present trading area soon, another reaction is prob- able Prices at which offerings appear to increase are around 120 for American Telephone, 43 for U. S. Steel, 72 for Allied Chemical, 64 for Ameriacn Can, 38 for J. 1. Case, 63 for Consolidated Gas, 24 for General Motors, 29 for Standard Ofl of New Jersey, 27 for Westinghouse, 35 for North American, 82 for Eastern Kodak and 25 for Gen- eral Electric. The rail group has not been affected in quite the same way as industrials or public utilities FREIGHT LD}&DINGS GAIN Increase of 61,736 Cars Reported for Week Ended January 2. Revenue freight loadings for the week ended January 2 totaled 503,325 cars, the Americen Railway Association announced today. Despite the New Year holiday, this was an increase of 61,736 cars over the previous week, which took in Christmas loadings. It was, however, 111,535 cars below 1931 and 272,430 under 1930. New Paper Installs Presses. KNOXVILLE, Tenn., January 13 (#) —Presses formerly used by the Greens- boro, N. C., Daily Record. were being installed today by the Tennessee State Press, a corporation, which plans soon 10 begin publication of a morning Re- was pointed out that the appearance of favorable news would doubtless set off | a new rally. | Jackson Bros., Boesel & Co.—In our opinion there lies directly ahead & period in which liquidation will tend to | dry up because sellers anticipate news developments designed to _strengthen public confidence and to invite larger public participation in the security | markets. Subject to only nominal re- | actions, therefore, we look for a grad- | ually rising stock market but would not | be surprised to see railroad stocks take | preference over industrial. Hornblower & Weeks.—Although the tion to resume its advance, we do not | think the moderate setback represented anything more serious than a period of consolidation of the advance to date and should strengthen the technical position of the market and lay a firmer foundation for a resumption of con- structive activities Redmond & C#—A further moderate reaction in prices would not be surpris- | ing, as the market has apparently| reached the stage where it must await | some additional favorable news before being able to attract sufficient outside buying to lift prices to new highs on | the recovery. | Shields & Co.—With news of the mo- ment given a bullish tinge some further rally can be forced. Those most re-| sponsible for strzngth, however, have no faith in the long pull outlook. They will not advertise when getting out. so that while the market offers trading opportunities quick profits should be taken at all times at rapid marking up | of prices. | Thomson & McKinnon.—In our opin- | ion, the market is acting quite normal, reflecting a gradual convalescence of confidence. E. F. Hutton & Co.—The market has been marking time pending the outcome of the railroad meetings and the en- actment of the reconstruction measure. We expect current dullness and irreg- ularity to give way to renewed strength if favorable action is taken. BALLSTON ASSOCIATION ELECTS F. U. SANDERSON By a Staff Correspondent of The Star. BALLSTON, Va., January 13.—Frank U. Sanderson was re-elected president of the Ballston Improvement Associa- tion, Inc., here last night at the annual meeting of that organization. John T. Lyon was elected vice presie dent, Lyman M. Kelley, secretary-treas- urer, E. E. Speer, E. C. Howell, John Hackley and George T. Hunaker direc- tors. POTATO MARKET. CHICAGO, January 13 (® (United States Department of Agriculture) — Potatoes, 67; on track, 175; total United States shipments, 739; trading good, market firm on russets, slow and dull publican newspaper to be known as the | (ot T O TUEEEE SR SO0 e Krioxville Times. weight: Wisconsin round whites, U. 8. No. 1, 80a85; few higher; unclassified, the first six months of 1931 Russia 75877)z; Idaho Russets, mostly 1.55a 378,480 tons of manganese 1.60; few 1.65; Nebraska Triumphs, few sales, 1.10, market yesterday showed little disposi- | WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES SALES. Wash. Gas 6s B—$1,000 %. Pot. Elec. 6s 1953—$1,0 106. Capital Traction Co.—3 at 20, 10 at 20. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer, Tel. & Tel. 43 '30... Am. Tel. & Tel. ctl. tr. 5s e Anacostia & Pot. R. R. 35 Anacostia & Pot; Guar, bs. C. & P. Tel. of Va. 5s... R. 55 at 103 00 at Bid Asked 1052 Z Capital ‘Traction R. City & Suburban 5s Georgetown Gas Ist 55 Potomac Elec. Cons e Potomac Elec. 6s 1953 1 Wash., Alex. & Mt. Vernon ctf. Washineton' Gas 42s.. Washington Gas 5s . Wash. Gas 65, series A vashi. Gas 6s. series B! Wash. Rwy. & Elec. 4s.. MISCELLANEOUS. Barber & Ross. Inc. 68 Chevy Chase Ciub 5iss Columbia Country Club 525 W. M. Cold Storage 5s..... STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Traction Co. (4) W ? . (18) N. & W. Steamboat (12). Pot. Elec. Power 6% pid Pot. Elec. Power 5927 pi Wash. Rwy. & Elec. com. Wash. Rwy. & Elec. pfd. (5 NATIONAL BANK. Min. price. 175 1315 183 186 427 190 Capital (1) Columbia (12 Commercial ( District (8) Fed-Amer. Natl. Bk & Ti Liberty (7§) 5 Lincaln (10) Metropolitan y e stamped) ' (10).. @) S . 400 (14) 275 Riggs Secon Wash Lo d (9e). " ington ' (12 TRUST COMPANY. & Tr. ; | 1a8)-5 L BT Prince Georges Bk. & Tr. (6) | Union” Trust “(8s) . | Wash. Loan & Tr. (i4) SAVINGS BANK. Bank of Bethesda (61).. Com. & Savings (10) | East’ Washington (12) | Botomae (10 ... .. Sec. Sav. & Com, Bk. | Seventh Street (12) | United States (30, Wash. Mechanics (20) FIRE INSURANCE. Firemen's (8)..."."" National Union ' (i5) ", TITLE INSURANCE. Columbia (6h) Real Estate (6h MISOELLANEOUS. Barber & 0gs. Inc,, com. . Col. M(‘fllc& if arp. (6) | €31 Bepd"% Cakelarn: (8 ravel pfd.. (1) D°'cBaper Miv. it fg. pid. Dist. Natl. Sec. pfd Emer. Bromp-Selz. "A Federal Storage pid (8) Fed.-Am. Co. com. (1201)...0. Fed.-Am. Co.” pfd. (6). Lanston Monotype (6) Mer. Tr. & Stge. com Mer. Tr. & Stge. pfd. (1) Mergenthaler Linotypé (6).. Natl. Mtge. & Inv. pfd. (8] Peoples Drug Stores pfd. (6! Real Est. M. & G. pfd. (8 Security "Starage (5%). Ter. Ref. & Wh. Corp. (3} The Carpel Corp (3) W. Mech. Mtg. com (8 Wash. Med. Bidg. Cor Wdwd. & Lathrop com. ( Woodward & Lothrop pfd. *Ex dividend 2% extra bBooks closed. y2750% | n25¢ extra. £ 130 extra. @ extr extra BANK OF ROCKVILLE. ROCKVILLE, Md., January 13 (Spe- cial).—All directors of the Montgomery County National Bank of Rockville were re-elected at the annual meeting of the stockholders here yesterday afternoon. They are Judge Robert B. Peter, George M. Hunter, Dr. Benjamin C. Perry, Dr. J. Thomas Kelley, jr.; Dr. Robert C. Warfield, Dr. Robert W. Vin- son, Frank H. Karn, Lloyd J. Jones, | Charles Lee Watkins, Hattan A. Waters | and George P. Henderson. The directors re-elected these officers | President, George M. Hunter; vice presi- | dent and cashier, George P. Hender- son; assistant cashier, J. Paul Burnett; note clerk; Mrs. Harriet A. Beard; clerks, Reuben Riggs, John E. Willson, Mrs. Lottie Goldsborough, William Wootton and Theodore S. Mason, Jr. The stockholders of the First Na- tional Bank of Gaithersburg held their annual meeting yesterday afternoon and re-elected these directors: 2Zadoc M. Cooke, Herbert L. Diamond, Dr. Bates Etchison, Thomas I Fulks, Joseph C. Higgins, Windsor W. Hodges, Clarence H. Hoskinson, Albert F. Meem, Frank B. Severance and Clyde E. Thomas. All officers were re-elected by the di- rectors. They are: President, Clarence | H. Hoskinson: vice president, Albert F. Meem; cashier, Frank B. Severance | assistant cashier, Herbert L. Diamond | bookkeeper, Miss Leona G. Fulks; as- sistant bookkeeper, Charles T. Hershey. Dr. Barnardo's Homes, a charitable organization operating in Great Britain, is at present feeding, clothing, housing, educating and training more than 8,000 orphans and destitute chudg‘\ aday, | Business Notes NEW YORK, January 13.—Spring lines of outlery opened by manufact- urers carry prices averaging 10 per cent under the Fall levels, it is reported. The lines include carving sets, kitchen knives and stainless steel knife and fork sets. The reductions are said to apply to better, medium and low priced mer- | chandise. On some of the better carv- | ing sets retailing at $10 or more then | reductions run as high as 15 per cent. | The print cloth market continues to feel the effects of active buying in the gray geods division. Prices are holding recent gains, with 38%;-inch 60-48s at 3 cents, and 39-inch 72-76s, 4%ad¥% cents, Department stores are said to be fol- lowing with keen interest the adminis- tration’s plans for the operation of the Reconstruction Finance Corporation. The merchants, it is understood, believe that a moderate degres of price in- | flation will develop when the corpora- | tion begins Ya fwiction, and they are | also represented @s believing that such a course would nu? many stores to | operate at more satisfactory profit mar- | gins. —— In its recent veport the Executive Committee of the Association of British Chambers of Commerce strongly urged 8 trading treaty between Bri Russia, .. . l IBONDS IN ADVANCE in $1.000. High. 96 99 2 99 16 86 14 86 30 90 8 90 10 90 4 92 96 16 101 20 (Sales are Sales. Lib 3148 32-47. 51 L1st41(s32-47 77 L 4th 41, 33-38429 ON HEAVY TRADING Government Issues Feature Rise in Market—Other Securities Strong. US3%sM41-3 U S33%sJ40-3. 221 US3%s43-47. 12 3%s46-56.. 10 IS 45 44-54 52 US4%s47-52., 20 Abitibl P&P 65 °53. Ab&St514 43, ... Alleghany Cp 5844 2 Allegheny 68 '49 Allegheny 65 '50 Allis-Chalm 6s '37. Am Chain 65'33. Am F P 552030 |AmIGChbis 49, Am Intl 5%3°49... Am S&R 18t 5547, Am Sug Ref 6537, Am TET cv 434539 AmT& T 53°65. .. Am T&T c tr 63 '46. Am T&T 58 st '60. Am T&T 55 43. . Am Wat Wks 6575 Argentine May '61. Argentine 65 Ju'59. Argentine 65 Oc'59. Argentine 63 A '57. Argentine 6s B '58. Arm & Co 4%5'39 Arm Del 5%5 '43 Atchison gn 4; Atchiscv 4% AtICLcl 4352 Atl C L 1st 455! At Gulf 55 '59. Atl Ref db 5337 Australia 4145 56 Ausiralia 58 '55. Australia 5357, e '57 ctfs. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 13.—Bonds advanced sharply today in heavy trad- ing. United States Government issues ran up 115 to 3} points above their lows of Tuesday. Domestic railroad, industrial and utility issues scored ad- vances of 4 to 6 points. Foreign dol- lar issues, especially the German group, had similar improvements. The market opened firm. The long expected move of the Federal Reserve Bank in cutting bill-buying rates, in order to force down acceptance rates, was_the big factor behind the strength in high-grade securities, while junior issues, which had been somewhat tem- perate in their recovery because of the recent decline in the Government list, became buoyant. The recovery of the Government list was the most impressive of any single session of the bear market to date. Every long-term issue sold at least 1%, points above its Tuesday close. Treas- ury 3s, most depressed of the listed issues, rebounded over 2 points inside of an hour. Treasury 3'4s had a simi- lar gain. Treasury 3%s. 3%, 4s and 41;s all rose sharply. The Liberties which for years have been noted for their steadiness and minute price varia- tions, gained 1'4 to 1!, poinis. The Federal Reserve move, which was in direct contrast to its action in 1929, | when it tried to check speculation, was interpreted as the start of a plan to put an end to overdeflation of both se- curities and commodities. The forceful cutting of bill rates was construed as merely a prelude to a money rate policy which will eventually mean a reduction of the rediscount rate from 3!2 to 3 or even 21, per cent. Because Government bonds had been under special influences and prime corporation bonds had not, the latter were not so responsive to the general improvement today &s were junior se- curities. Fractional gains occurred in Atchison General 4s, Norfolk & Western 4s, Union Pacific First 4s, American Telephone 5s, Duquesne Light 4!.s, Consolidated Gas 5'»s, General Motors Acceptance 6s, Standard Oil of New Jersey 5s and other in the “cream of the list.” Bonds were generally firm at the opening today ; United States Government issues were unchanged to a shade higher. Lib- erty Fourth 41,s were active and in de- mand just above their Tuesday closing level. ‘German dollar bonds featured the foreign list with small gains, the Dawes Reparation 7s advancing more than a point. Italy 7s, Belgian 65 and other Europeans were firm. South Americans were little changed. Japa- nese issues were slightly lower. In the domestic list, the best buying was in the railroad descriptions, with the emphasis once more laid on con- vertible and semi-speculative issues such as Baltimore & Ohio Convertible 4155, Alleghany Corporation 55 and Erie 5s. Prime utilities were unchanged Industrials were irregular. Houston Oil 5155 continued their heaviness of Tues- day, dropping another 3 points to 60. BANK OF GAITHERSBURG ELECTS YEAR'S OFFICERS Special Dispatch to The St. GAITHERSBURG, Md., January 13. —The following directors were re-elect- ed at the annual meeting of the stock- holders of the First National Bank of Gaithersburg: C. H. Hoskinson, A. F. Meem, J. C. Higgins, Herbert L. Dia- mond, Bates Etchison, W. W. Hodges, Thomas I. Fulks, C. M. Cooke, Clyde E. Thomas and Frank B. Severance. The directors elected the following officers: C. H. Hoskinson, president; A. F. Meems, vice president; Frank B. Sev- erance, cashier; Herbert L. Diamond, assistant cashier; Miss Leona G. Fulks, bookkeeper, and Charles T. Hershey, | assistant bookkeeper. 3 102% 40 107% 39 9T% 77 99% 69 97% 10 103 3 Swdvbs’50. Toledo 45’59 Bk Chile 6% 5 '61. . Batav Pet 4343 '42. Belgium s '85. ..., Beiglum 634549, .. Belgium 7s ‘65 Belgium 75 ‘56 Bell Te! Pa 53 B ‘48 Bell Tell Pa b5 C'60 B Ind Loan C 634§ Berlin Cy EI 68 '55. Berlin CE 6%s '60. 2 Beth Stl pm 5 '36. Bolivia 85 47, Bordeaux 6s'34. Bos & Me 51 '55. Bos &Me 5567, Brazil 6%4s°26. . 7 | Brazil 8s°41. | Bremen 753 |BkEdgn A | Bklyn Man Bkiyn Un 68 Budapest Us '62. Buenos A 65'61 Pv. Bush T Bldg 55'60., 2 87y% 10 10; 24 2 Can Nat4i4s‘68... Can Nat 4%s'55 Can Nat4%s's7... Can Nat 55 July’69. Can Nat 63 Oct '§9. Can Nat 6570 Can Nor 4%s '35 | Can Nor 6348 db '46 Can Nor 7s db *40.. Can Pac db 4x Can Paclfic 4% s 46 Can Pac 4%s 60 Can Pac6s’54..... Cent )1| G&E 58'51. Cent Pac 4549, Cent Pac 58 '60 Cen Ry NJ g 6387, Cert-td db 53 '48. Ches Corp 53 °47. .. C& O gen 414392, C&O4%sB'95... Chi& Alt 3s... C B&Q 1st rf 65 '71. CB&Q Il dv 45 °49. Chi & Est 111 58’51 Chi Grt West 45'69. 3 Chi [nd&Lou 6s'66. Chi M&StP 4345 E. [CM&StP 4%s'89, C M StP&P 65'75..1 C M &St Padjs..149 Chi&NW g 3% 1 Chi&NW 43%s 2037, 13 C&NW 4145 C2037. 41 Chi & NW cn 4%s. . 81 Chi&NW rf 552037 1 Chi& NW 6345°36.. 1 Chi RI& Prf4s'34 58 Chi R1&P 4%s'52 ChiRIcv 4%s60. C& W Ind cn 45’52, FAIRFAX NATIONAL BANK. FAIRFAX, Va, January 13 (Special) —Resources amounting te $777,883.04 were reported yesterday at the annual meeting of the stockholders of the Fairfax National Bank. In spite of the difficulties of the present general finan- cial situation, the local bank was found to be in a very satisfactory condition. A resolution was adopted commending the directors and officers of the bank for the manner in which the business of the year has been handled. The detailed statement prepared by Cashier Edgar Littleton shows loans and discounts amounting to $377,520.72; stocks, bonds and securities worth $220,790.78; banking house, furniture and fixtures, $74,758.20: other real estate owned, $22,795.74; reserve with Federal Reserve Bank, $31,429.5 per cent redemption fund, $2,500, total of $777,883.04. Liabilities include capital stock amounting to $75,000; surplus fund, $63,000; undivided profits, $551.69; Na- tional Bank notes outstanding, $49.- 995.00; due to banks, $12,086.95; in- dividual deposits, $574,057.27; bills pay- able, $3,192.13. The number of directors was reduced from 11 to 10 and the following were elected for 1932: Dr. F. M. Brooks, M. D. Hall, Thomas R. Keith, Wilson M. Farr, Richard R. Farr. F. D. Richard- son, Dr. JF. W. Huddleson, Albert R. Sherwood, John C. Mackall, and Guy N. Church. A resolution of sympathy was ordered sent to Thomas R. Keith, regretting his long illness. A resolution was adopted in appreciation of the services rendered the bank by the late Merton E. Church‘ and sending a message of sympathy to his widow. Chile 63 '61 Chile 65 '63 Chile 7542, . 5 Chile Cop db 63 *47. CCC&St L 4% E'T1 CCC & St L 5s D '63 Clev Term 43%s 77, Clev Term 58 '73. .. Colomb 6s Jan *61. . Colomb 6861 O Colo & Sou 4% 80, Col G&E 55 May’s2. Col G&E cou 63 "61. CC Md 1st rf 52’50, Com Inves 53%s *49. Con G NY 4%5'51 Con G N Y 6%s'45. Consum Pow 55 '62 Con Pwr Jap 6%s. . Con Pow Japan 7s, Copenhag 4%8'53. Cuba 5%8'45...... Cuba Nor 5% °42.. Cxecho 8551 Del & Hud rf ¢8'34. Denmark 4%s’62.. Denmark 5%s '65.. Denmark 6s ‘42 D& RGren 48’36, D& K Gr4%s'36.. D&RG W bs'55.. DRG & W 5s'78.. Det E G&R4%5s'61. SILVER SPRING BANK. SILVER SPRING, Md., January 13 (Special) —One new director was added at the annual meeting of the stockhold- ers of the Silver Spring National Bank, held here yesterday afternoon, and all of the present directors and officers of the bank were re-elected. ‘The new director elected was Julius P. Stadler of North Woodside. The other directors re-elected were: James H. Cissell, president of the bank; How- ard M. Marlow, first vice president; Howard Griffith, second vice president; E. Brooke Lee, third vice president; Ira C. Whitacre, cashier; Morrison Clark, John Dolan, Joseph C. Cissel, Dr. H. H. Hawlett, Mark Stearman, J. Curtis Wal- ker, Lacy Shaw and John H. Hunter. Mr. Whitacre was reappointed cashier and Fred Lutes and Henry McCeney were reappointed assistant cashier George Day was also appointed an as- sistant cashier by the directors. The Discount Committee, consisting of James H. Cissell, Maj. Lee, J. Donald Clagett, Mr. Whitacre and Mr. Shaw, was reap- pointed, as was the Examination Com- mittee, headed by Mr. Shaw. Mr. Day ;vu pro:no::fi to l;e h:sumnt cashier rom note teller an ition taken by Neil Holmead. g Deutsche Bk 61 Dodge Br cl 6340 Duguesne 4% s '67 Dutch East 165°47. @rie 15t con 48 '96.. Erf Wriscvés’¢ Brie 6576, Finland 5%s 5! Finland 7s '50. Fla E Coast b Fram 1D T%s"42.. French 78’49 French T%s '41.... Gelsenk’hen 6834, Gen Motors 6837, German 6%s'65... German Bk 63°38.. 26 Ger Cen Bk 6360 J Ger Cen Bk German Tsrep '49.. Ger Gen E178"45. .- 1 German Bank 7s '50 Goodrich cv 68 °¢6.. Good 15t 6% 4703 Goodyr Rub ll'.i.'!“ i GrandTr sf db Wago Cut Plan Rejected, Grand Trunk 7840, 1 Approximately 90,000 iron and steel [ Grt Nor 4%s 1T B mill employes in Sweden have voted to | Grt Nor 58 '73 reject the proposals offered by a media- | Grt Nor gn & tion commission for wage cuts averag- | Grt Nor gn 73 ‘36 ing 3 per cent, the Commerce Depart- | Greek 6s'68. ment was advised today in a cable from Acting Commercial Attache H. C. Mc- Lean at Stockholm. Employers have announced that a re- duction of about 12 per cent will be made efiective in the iron and steel in- dustry on January 17, McLean said, as well as in the machanical workshops. McLean said that it has been stated Hud & M rf & Humble O1l 53 '37 FHumble O 5% '32. Hungary THs"¢4. . 111 Bell Tell 6 101 Cent rf 48 '65. 111 Cent 4% and in the commercial circles of Stockholm - that partial strikes arg probable, Low. ) 2:55 9516 98 28 94 25 98 10 9916 | 99 30 100 21 Sates, Hish, Low. 2:53 2 Ell 2 10215 10 104'% 10 97 96% 9 102% 1027 B0% 80"y 50 4 100% 101 106% 100 78 215 1 ‘| St L&SF in 48 A *50 111% 111% 12 112% 40 451 5914 841y 991y 100 51 99% 53% 50% 78 100 5l% 9945 I N NEW YORK BONDS STOCK EXCHANGE l‘ Received by Private Wire Direct to The Star Office UNITED STATES. 111 CCStL&N 58 A... 11l Steel 413 Inland St 4% s I[nt Rap Tr 53 66 Int Rap Tr sta '66.. Int Rap Tr 6s'32.. Int Rap Tr7832... 1 Int Cement 55 °48. . Int & Gr Nor 6352, Int & G N ad 6s 52, Int Hydro El 63 44 Int M Co 5sret's1.., Int Match 5847, Int MM col tr 6341 Int Pap 6s '56. ItT&T 4% Int T&T cv 4 %8'39. Int T & T 68'55.... Italy 78 '51. . = Italy Pub S 7s '62.. Japanese 5% s ‘65. . Japanese 6143 'G4., 3 Jugosl Bnk 7s '57.. Kan C FtS&M 4536 Kan City Sou 5850, Kan City Ter 45'60. Kan G&E 414530, ., Kerd 5%s 48 ww.. Rarstadt 63'43. . Kresge Found 6536 Kreug & Toll 55'59. Lac G St L. 5334 Laclede 645 C'53. . Lake Shore 3148 '97 Lautaro Nit 63 '54. Liz & Myers 63 Loew’s 63 ex w "41 Lorillard 53 '51 Lorillard La & Ark 5. Lou G & E1 L & N uni 45 °40. L & N 5s B 2003. Lvons 63 '34.. McKes & R5% %50 Manh Ry 1st 45'90. Market St 7s°40. .. Marseille 63 °34. ... Midvale Stl 53 '36. . Milan 616852, .. .. Mil E Ry & L 53 '61 96% st4 MK&T4sB'S MK & T adj 53¢ Mo Pac gn 4s'T6 Mo Pac 58 A "65. Mo Pac 5s F '77. Mo Pac 58 G 78, Mo Paoc 68 H '30. Mo Pao rf 53 '81. Mo Pac 5% A 4 Moblle-Ohio 5s Mont Pow 68'43... Mor&Co 1st ¢%#'39 Nat Dairy 54548, Nat Steel 58'56.... Netherlands 6572, N Eng T 1st 5852, NOT&M5sB'54. NOT&M5%s"54. Nw S Wales 53 '57. Nw S Wales 58 '58. NYCgn3%s’9T.. NYCentds'ss. ... N Y Cent db 4s'34. N Y Cent 4352013 NYCrfim 552013 N Y Cent db 65’3 NYC&StL4s'37.. [C&StL 4355 78, NYC&StL5%sA'T4. NYC&StL 6s°32. .. N Y Edisn 53 B'44., N Y Fd 1st 6% 541, NY ELH&P 4349, NY O&W 1st 45'92. NY Rysinc 65'65.. NY Tel 4%s ‘39 o Sho naSuSauSannleluwannbaaSoan~ Norf South 5s 61. . Nor & Wn cv 4s'9¢ No Am Co 5s '61. Nor Am Ed 53 '57 Nor Am Ed 5s C * Nor Am E 514863, Nor O T & L 63 "47. Nor Pac 53 D 2047.. Nor Pacr 1682047, Nor St Pw 53 A "41. Nor St Pw 6s B "41. 8 Norway 6s'52. Ore Sh L 53 gtd '46. Orient dev 5%4s'58. Orient dev 63 '53... Pac G&E 5s Pac T&T 1st 5137, Pan Am Pet 6 "40.. Paramount 6s'47. Paris-Ly M 68 '58. . Paris-Ly M 7s '58.. Paris-Or 5%s '¢8. .. Penn 4%s D Penn cv 4%s°60. Penn gn 4%4s'65... Penn 4%s'70 Penn 68 '64. Penn gen 53 Penn 6%s ‘3§ Penn O&D 4%s 17, Penn P&L 4%s ‘81, Peor & E 1st 4 Pere M 15t 4s o0 ahorsagarvanoanSuareRonannSened » Pere M 1st 53 '56 Peru 6s°60.... Phila Co 58 Phila Elec 45T Phil & Read 6 . Phillip Pet 54819, Pirelli 75 '52. Poland 65’40, Poland 78 '47.... Poland 8s'50. » ©S Pos Tel & C 8’53 Prussia 68 '52 Public Serv 4, Pure O11 5%43°37. Queensiana 8s "47 Queensland Ts 41 Rem Arms 6s A '37. Rem R5%s A 47 Rhinelbe 7548, Rhine West 63 '52.. Rhine We 53 Rhine West Rio de Jan 6%s '53.. R Gr Do Sul 6s"68., Rio Gr W 1st 43’39 RIAr&L4%s'34. Rome 6%s'52.. Roy D 4345 ww. StL IM R&G 45'33. S waaaatewem —m ool oo PraasRnwenBRn StL&SF 4%s'78. StL&SF p 153 B'50 StSWen4s'32.... StLS W 6s'52. StP&KC SL 4145’41 Sao Pau 78’40 ret Sao Paulo 8s'36 Sao Paulo 85’60 Saxon P W 6%# Saxon 7s'45 Seab ALrf Seab A Licv 65°45.. Sea All Fla 65.A’35. Serbs-Cr-S17s 63 Serbs-Cr-S1 3s - caonavatNag Shell Un Of1 5549 Sinclair Oll 63%#'38 Sinc O Tscv A '37.. Sinc Cr O 5%s '38.. Solvay Am 5s'42.. Sou Bell T&T bs 41 SW Bell T 68 Sou Pac col 9 Sou Pac 4%s 31 Sou P&Or 4%s17.. Sou Ry $%s 5 StOiINJ StOIINY 4 Sweden 535’54 Swiss 5148 46 Tatwan E P 5471 Tenn EI P 63 A *47. Texas Corp 53 '44. . Tex & Pac 58 B'17. Tex & P6sC'79... Bales. Hich. Low. 2.55 51 497 COTTON DENANDS ABROAD SHOW GAIN Britain and India Are Enter- ing Market for American Product. 51 940 941y T 45 48 315 69 667 57 21% Great Britain and India are now | pressing Japan and China in their de- mand for American raw cotton, the Commerce Department said toda: based on figures received from shi; ments during the last few weeks received at Bremen, Germany. According to the department’s figures, British mills have absorbed 506,000 bales of American cotton in the five months ending in December, and this i Was an increase of 118,000 bales over takings for the same period in 1930. December takings averaged 30,000 bales i\\'eekl_\‘_ which was a maintenance of | the November rate, but was 10,000 bales over that for December, 1930. American raw cotton stock in British ports on January 1, according to the department, amounted to 425,000 bales, an increass of 120,000 bales over the figure for November, but a decrease of 100,000 bales from the stock at the close of 1930. Cotton shipments from the German port to Central and Eastern Europe averaged 40,000 bales weekly during lge last month of 1931, showing an in- crease in takings over November, when the average was 3,000 bales weekly. | Total shipments from August 1 to the jend of December showed a slight de- cline as compared with 1930, the re- cpective totals being 708,000 and 726,000 bales. |, The weekly arrivals at Bremen dur- {ing December averaged 36000 bales & week, compared with 64,000 bales during November and 59,000 bales in December, 1930. Total arrivals from August 1 to De- cember 31 amounted to 717,000 bales showing a decrease of 336,000 bales from the arrivals for the corresponding months of 1930. Stocks of cotton on December 31, at Bremen, amounting to 366.000 bales, disclosed a decrease of 217,000 bales from the total at the end of 1930, but were larger by 711,000 bales than those at the end of November. The visible supply of cotton on December 31 amounted to 467,000 bales, which was slightly larger than on the last day of November, but 208,000 bales below the visible supply on December 31, 1930. Takings of Amerifan cotton from during December showed a slight drop from November and a con- siderable decrease from December, 1930. The November takings averaged 9,000 bales a week. Total takings from Au- gust 1 to December 31, amounting to 211,000 bales, showed a drop of 100,000 bales from takings for the correspond- ing period of 1930. Stocks of Amer- ican cotton at Havre amounted to 181,000 bales and showed a slight gain over those at the end of November. The cotton movement to the Far East has been increasing for several months, according to Commerce Department advices. e e e CHICAGO LIVE STOCK MARKET CHICAGO, January 13 (#) (United States Department of Agriculture) — Hogs—Receipts, 25,000 head, including 3,000 direct; very slow; steady to 10 lower; 170-210 pounds, 4.10a4.25; top, 4:30; 220-300 pounds, 3.90a4.10; 140-16( pounds, 4.00a4.15; pigs, 3.5023.75; pack- Ing sows, 3.30a3.40; smooth sorts to 3.50. Light light, good and choice, 140~ 160 pounds, 4.00a4.20; light weight, 160~ 200 pounds 4.10a,4.30; medium weight, 200-250 pounds, 4.00a4.25; heavy weight 240-350 pounds, 3.80a4.05; packing sows, medium and good, 275-500 pounds, 3.25a3.60; pigs, good and choice, 100-130 pounds, 3.5024.00. Cattle—Receipts, 12,000 head; calves, 2,000 head; strictly good and choice fed steers and yearlings scarce and fully steady; early top, 11.00; medium to grades predominating; slow and generally steady to 25 lower on such kinds; other killing classes unevenly steady to 25 off; very little done. Slaughter cattle snd vealers—Steers, good and choice, 600-900 pounds, 7.00 all.25; 900-1,100 pounds, 7.00a1l.2! 1,100-1,300 pounds, 7.00211.00; 1,300- 1,500 pounds, 7.00a11.00; common and medium, 600-1,300 pounds, 4.00a7.5 Helfers, good and choice, 550-850 pounds, 5.75a7.75; common and medium, 3.50a5.75; cows, good and choice, 3.75a 4.75; common and medium, 3.00a3.75; low cutter and cutter, 1.75a3.00; bulls (yearlings excluded), good and choice beef, 4.0084.50; cutter to medium, 3.00a 4.00; vealers (milk fed), and choice, 6.00a8.00; medium, 5.00a6.00; cull and common, 3.00a5.00. Stocker and feeder cattle—Steers, good and choice, 500-1,050 pounds, 5.00a6.00; common and medium, 3.25a5.00. Sheep—15,000 head; strong to un- evenly higher; better grade lambs, 5.75a 6.25; closely sorted kinds, bid 6.35; asking upward to 6.50 and above; fat ewes, 2.00a3.00; feeding lambs, 4.65. Lambs, 90 pounds down, good and choice, 5.5026.50; medium, 4.25a5.50; all ‘weights, common, 3.50a4.25; ewes, 90- 150 pounds, medium to choice, 1.75a 3.25; all weights, cull and common 1.25a2.25; feeding lambs, 50-75 pounds, good and choice, 4.50a5.00. COLONIAL MdRIGAGE co. ELECTS 1932 OFFICERS By a Staff Correspondent of The Star. ROSSLYN, Va, January 13.—The Colonial Mortgage & Investment Cor- poration elected John E. Fowler presi- dent at its annual meeting held here yesterday afternoon in the Arlington Trust Co. Building. Other officials named were Ashton C. Jones, vice pres- ident; Charles T. Merchant, treasurer, and Alan B. Prosise, secretary. E. Wade Ball, Robert R. Dye, How- ard B. Fields, John E. Fowler, Willlam C. Gloth, Harry K. Green, Ashton C. Jones, Charles T. Merchant, Alan B. Prosise, B. M. Smith, Harry R. Thomas, Arthur E. Wilson, Dr. John C. White- head and Thomas N. De Lashmutt were elected to the Board of Directors. CHICAGO DAIRY MARKET. CHICAGO, January 13 (#).—Butter, 8,044, unsettled, prices unchanged. Eggs, 8,523; unsettled; extra firsts, 17; fresh grsll/ded firsts, 16%; current receipts, 15a 4. Low, 2:55. 91 T4 Sales. Hizh, Un Pao 1st 48 °47. 2 9% Un Pac rt 48 200 Unit Drgev 3 Utd King %8 '37.. 17 US Rub1stss’47.. 5 Un St W 6%s A'4T. Uruguay 6s 64 89 Uruguay 8s 'll' 4 g | Utah P& Liss'dd.. 100 % | Uil Pw 5559 wo. 75 | Uil Pow 6%8'47. 734 | Vienna 6552 1% | Va Ry & £w 71%| Va Ry 18t 65 63oe e 31| Wabash 5 D30, .. 534 | Walworth 63 A '45_ 994 .. West Md 48 '52.... West Md 5%s ‘77, West Pac 5| 102% 60 95 8% . 65 Un 633 °36. . 67 | WEO5%s 37 ww. 86 | Wil-O 1st 8% "33.. 351 | Wil & Co 1st 68 * 951 | Wis Cent gen ¢x'2¢ 40 6 | 857y, 0