Evening Star Newspaper, January 13, 1932, Page 13

FINANCIAL. CURB SHARES FIRM INSTEADY MARKET Prospect of Easy Money Rates Proves Help to Securities. BY JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, January 13.—Stocks on the Curb Exchange firmed today with other security markets, following a quiet and virtually unchanged opening. Pros- pects of an early easing of money rates, especially the ew York Federal Re- serve Bank rediscount rate, contributed 0 & resumption of the advance on the Curb, as it did in other m; Electric Bond & Share was up more than a half point at times. Cities Serv- ice rose a small fracti Standard Ofl of Indiana was up slightly, along witn Gulf Oil. American Superpower and Electric Power & Light option warrants also firmed A gain in car loadings above the seasonal trend, a further advance in copper prices, and the huge attendance | reported at the automobile show here | had varying effects on the respective stock classifications. Penroad Corpo- ration was the only active carrier issue. In the coppers Newmont Mining was Jower and so were some of the lower- priced red metal mining companies. Gold shares turned upward on in- creased demand. Aluminum Co. of America ran up about 3 points. Motor stocks lagged during the first two hours, but showed signs of pointing higher as session wore on. Curb exchange stocks were virtually unchanged at the opening, though such price changes as did occur revealed an upward trend Electric Bond & Share at 11% was a small fraction better. American Superpower started unchanged at 4%. Utllities, such as Electric Power & Light. Middle West Utilities and United Light & Power A, were unchanged Cities Service at 6 was ofl fraction- ally, but Gulf Oil of Pennsylvania at 30% and other oil shares were un- changed In the mine group, Newmont lost nearly a point at 13. Motor stocks were jnactive, with Cord a shade lower at 715 and Ford Motor Ltd. a shade lower at 57%. Gas company stocks were un- changed. United Gas was in supply at 21, but held well. Industrials were inactive. PEOPLE’S STATE BANK ELECTS AT CHERRYDALE Samuel F. Cooper Again Made President for Ninth Consecu- tive Term. By a Staff Correspondent of The r CHERRYDALE, Va. January 13.— Bamuel F. Cooper was re-elected presi- dent of the People’s State Bank of Cherrydale for his ninth consecutive term at the annual meeting held in "hei bank building here last night. A. L. Kelley was named first vice president, Glegge Thomas second vice president, A. B. Honts cashier, W. F. Robey assistant cashier and manager of the Ballston branch, J. H. White, jr., assistant cashier and manager of the Arlington branch. Those elected to_the board of direc- tors are Clarence R. Ahalt, Samuel F. r, A. B. Honts, T. H. Jones, A. L v, Fletcher Kemp, J. R. McCor- J. L May. Ruby Lee Minar, E. W, Rauth, Hugh Reid, W. R. Rose, J. L. gmuller, E. M. Shreve, B. A. This- sell, Glegge Thomas and Frank Upman. FREIGHT LOADINGS GAIN. By the Associated Press Loadings of revenue freight rose sharply during the week ended January | 2, despite observance of a holiday dur- | ing the period. Total loadings, for com- pareble weeks, as announced by the American Railway Association, follow: Week ended January 2, 503,325 cars; previous week, 441,589 cars; same week year, 614,860 cars. BONDS ON THE CURB MARKET. DOMESTIC Pw 4135 EONDS. Al Ind 5 Asso GAE 4las 10 Asso Gas&El 55 50 3 Asso Gas&El 5 ' 2A G&E 5 28 53 . THE EVENING STAR, WASHINGTON, NEW YORK CURB EXCHANGE Stock and Sales— Dividend Rate. Agfa Ansco. 3 Ala Gt South pf(4).. 10s Ala Power pf (6).... 208 Allied Mills Inc..... 2 Aluminum Co of Am 14758 Am Arch Co (2). Am Austin Car. AmCitPw & Lt B n Com Pow A. Am Com Pow B. Am Cyanamid B Am For Pow war. Am Founders. ...... Am Gas & Elec (11). Am Gas & E1 pf (6).. Am Invest Inc (B).. Am Lt & Trac (2%) .. Am Lt & Tr pf (1%). Am Superpower. . Am Superp 1st (6) Am Util & Gn B vt Anglo Chil Nitrate Appalachian Gas Arkansas Nat Ga: Arkans Nat GasA. .. Ark N G cu pf (60c). 4 Asso Elec Indus Ltd As50 G & El war 3l Asso 1 (A) b Asso Tel Ut (b8%).. Atl Fruit & Sugar... Atlas Uti} Corp. . Atlas Utilities war Auto Voting Mach. . Beneficial I L (1%4).. Blue Ridge Corp. ... Blue Ridge cv pf(a3) Brazil Trac Lt&P(1) Brill Corp B........ Brit A T reg 1.13 3-5. Buff N&EP pf (1.60). Bunker Hill & Sull Bur Cor Ltd rts (2¢). 100 Cable & Wire A rcts. 4 Canadian Marconi 3 Celluloid Corp 1st pf 1 Cent Pub Sve A b3%. 7T Central States Elec.. 7 Centrifug Plpe (60¢c) 5 Cities Service (g30¢) 6 CitSvP &L pf (6).. Claude Neon Lts Inc. 3 Clev El Illum (1.60). 2 Col O11& Gas vtc.... 6 Commwlth Edison (81508 Cmwith & Sou war Consol Copper. Cont Shares cv pf . Contl G&E pr pf (7). Coon (WB)Co(31.60) Copeland Pr Inc (n) Cord Corp Cosden Oil. . . Creole Petroleum. Curtiss Wright war. Cusi Mex Mining. ... Dayton Air & Eng. Deere & De Forest I Detrcit Atreraft. Duguesne Gas. Durant Motors East G & F Assoc. East Sta Pow (B)... East Util Assoccv.. Elec Bo! Elec B& S| Elec Pow Elec P & Lt op war. . Elec Sharhldg pf(a6) Emp'yers Rein(1.60) Surop k Ltd A «60c) Evans Wallow Lead. Fageol Motor. Fajardo Suga Federated Mei e DR A SO R e R RS a A o o 1 150s 4 8 104 9% 197 Florida P & L pf (7). 50s Ford Motor. Can.. A. 10 Ford Mot Ltd 36 3-5¢ 10 Foundation For Shs. 13 Fox Lheater (A) 2 Gen Aviation. . Gen G&E cv pf Gen Theat Eq cv pf. G (6).1008 15 Glen Alden Coal (4). Globe Underwrit 40c. Golden Center. Goldman Sachs. ® R e e et Horn & Hard Hudson Bay M & S Humble Ofl (12) Imp O1l of Can (50¢) Indiana Pipe Line(1) 11l Pow & Lt pf (6).. Intercontinent Pet n Int Cigar Mach (2%) Int Petroleum (1). Internatl Int Utilits e & e o e e ) Leh Co & Na (1.20).. Leonard Oii. 12 Lion Oil & Refining.. Lone Star Gas n 88c. Long Island Lt (60c) Long Isld Lt pf (1).. Louisiana Lan & Ex. Magdalena Synd. ... Manning Bow (A)... Mass Util Assoc. . Mavis Bottling (A).. Mead Johnson (15).. Met Chain Stores. .. 5 113% 4 Cror O aE K Add 00. Ope; 42 ~Prev. 1931~ High. Low. n High. Low. Close. 8% 1 2 21 2% 35 35 83 aw 58 99 s Stock and Dividend Rate. Michizan Gas & Ofl.. Midl Sts Pet vte. A.. Mid Sta Pet vte B. ... Mid West Ut (b8%). Mid W Utcv pfxw 6 Mo-Kan Pipe Line. .. Mohawk Mining (1). Moore Drop Forg (A) Mountain Prod (80c), Nat Aviation... Nat Fuel Gas (1). Nat Investors. . Nat Pow & Lt pf (6). Nat Pub Sv A (1.60). Nat Pub Sv pt (7)... Nat Sh T Sec A $60c. Nat Sugar NJ (2). Nat Transit (1) Nat Union Radio. Received by Private Wire Direct to The Star Office. Bales— Add 00. Open 4 u 10 1% Nelson (Herman) New Eng Pow pf (6). Jersey Zine (2). Newmont Mining. N Y Transit (70¢c)... Niag-Hud Pow (40¢) Hud Pow A w.. Hud Pow B w.. Niag Share(Md) 20c. Niles-Bemt-Pond (1) Nipissing. .. Nitrate Corp Chile B North European Oil. Nor Ind Pub S pf (6) Nor Ind P S pf (7)... 2 Nor St Pow A (3) Nor St Pow pt (6)... Nor St Pow pf (7). Ohto Copper. . Outboard Mot A Outboard Motor Overseas Sec. Pac Western Oll. ... Pan Am Alrways. . Parke Davis (11.65) . Parker Rust Prf (3). 5 Patterson Sarg (2). Pennroad Corp (40c) Philip Morris (nc. .. Pilot Rad Tube A. .. Pion G M Ltd (12¢).. Pitney Bowes (b4%) Prod Roalty (b10%). Prudential Invest. .. Prudential Inv p£(6) S wEFS FriEie Reliance Int A Republic Gas Reybarn Co. Reynolds Inv. Rockland L&P (9 Ryan Consolidated. . Safety Car Heat & L. St Anthony Guld. St Regis Paper. . Salt Creek Prod (1) Sec Allied Corp (1). Selecied (ndustries. . Sle Ind al ctfs(5%). Sentry Safety Cont.. Shenandoah Corp pf. Sherwin Wil pf (6 ic). Singer Ltd rets (28¢) Singer M1z (8). Smith (A. 0.). South Corp. So Cal Ed pt B Southern Nat Gas Sou Pipe Line (2) So. Union Gas.. . S W Gas Utilities Spleg May Stern pf.. Stand Ofl of Ind( 1). Stand Uil of Ky 1.60. Stand Oil Ohio (2%) 2008 Stand P& L (B) (2). Starrett Corp. . Starrett Corp pf. Stutz Motor Car Switt & Co ( Swift Interna ) Syracuse W Mach B. Technicolor Inc Tech Hughes (60c Tenn 1 P 1st p£(7). Tob Prod of Del w. Trans Lux DL PS.. ont Corp war. . Tri-Utilities » Tung Sol Lamp(1). .. Ungerieider Fin Cp.., Unit Corp war. . Unit Founders. Tri: Unit G Unit Gas Corp Unit Gas pf (7)..... Unit Lt & Pw A (1).. Unit L & PWr pf(6). US Elec Pow ww. J $ Elec PWr war... U S Inter Sec 18t pf.. U S Playing Card 2% Unit Verde Exten (1) Util Po & Lt (b10%) Utility Equities, Util& Ind ... Utllity & Ind p: Van Camp Pkg. .. Venezuela Petrolm, Walgreen Co Waiker. Welch Gr Juice (1 Wenden Copper. ... Wil-low Cafe pf (4). Wol TW Ld( 5 Wright Har (112%c¢) 1 (O IS TR UIIP YO CYDPSY SYOT S O of - P N PPN S TSRO < e 25 o Corp » H (z5¢) “Y" 01l & Gas 4 5 1 | Dividena 2'a | nual payment. 1% dividend. stock. stock. 48 % Com Edison Feb 1. PubSveNII .Feb 1 7 2 rates in dollal “Ex a % | & Payable in cash oOr stock. £plus 5% in stock. 1Plus 2% in stock. nPlus 8% in stock. ivide; KIGHTS—EXPIRE 24 a% 1% 2 st quarterly of ra. IPlus 4% 1% 1% 1% 1% semi-an- in stoc based on [Bartly k. ayable in’ stock. e Adjustment e Plus 6% in stock. Pl 1% it Plus 107 in stock. Plus 3% x in P Paid last year—no regular rate. 19% 363 39 50 b 100 M B it a0 i 9 0 TSR 2 DN 8991180 01190 5 0 B 30 s e 80 omwh Edis 45 F nsum Pow 4las : GAE bs A 78 91 37 410 66 98 9331 3415 8 epub _Gas 68 Py 58 A 153 \ 4las 1T C 65 4T A P ox, e 3 3 Inc S5 48 Calif Ed 8 N G 6 29 4 e, o R AN @@ 2RR0! nnp s b 0 Pr Bk 3Danzig Port 6 2Eur B 35° 53% h e bout' war New When issued. PARK SAVINGS BANK (ELECTS OFFICERS George E. Walker Is Named{ Chairman of Board—Other Directors Are Chosen. __(Continued From Eleventh Page.) | Harry King, | | Harrls, Willlam F. Ham Wilton J. . les B. Lyddane, Al r | John Poole, James Br Tobriner, George E. Wi ‘Waller and L. Perry West. Federal Storage Election. The Federal Storage Co. re-elected | these directors: E. K. Morris, James M. Johnston, Harold N. Marsh, Charles P. Stone, H. Randolph Barbee, D. P, Gail- lard, Henry P. Erwin, Griffith War- field, Daniel L. Borden, Carroll Mor- gan, Hanson E. Ely, jr.; Charles G. Treat, Charles S. Baker and Norman B. Frost The following offi or re-appointed: E. dent; Harold N. M and counsel ‘ s were re-elected <. Morris, pre: v d Adams, Barbee, assistant rian Trumbull, as- Columbia Building Association. Directors of the Columbia Permanent | Building Association of the District of Columbia have been re-elected as fol- lows: Melvin C. Hazen, H. B. Leary, L. Perry West, Floyd E. Davis, Taylor, Alpheus E. Riddle, William P. Richards, Howard R. Norton and Fred A. Smith. | ‘The board has re-elected all of its offi- cers: Melvin C. Hazen, president; Wil- liam P. Richards, vice president; Floyd E. Davis, treasurer; Fred A. Smith, ses retary; C. Clinton James, attorney Committees have been re-elected as fol- lows: Floyd E. Davis and William P Richards, Valuation Committee; Ernest M. Colvin and Walter G. Davis, trus- | tees; Melvin C. Hazen, William P. Rich- ards and Alpheus E. Riddle, Finance Committee. Equitable Life Insurance. All officers and trustees of the Equit- able Life Insurance Co. were re-elected as follows: Henry P. Blair, president; Joseph Sanders, first vies president; Allen C. Clark, secretary; Gilbert A. Clark, actuary, Maurice D. Rosenberg, counsel; Lauriston H. Hannah, assist- ant superintendent of agencies; trustees, James G len C. Clark Gilbert / J. Leo Kolb, William H. Raple m W. Rapley, E. Fran- ¢ls Riggs, Maurice D. Rosenberg, Joseph b?n;d",rdK Luke C. Strider, Henry A. Wil- Mutual Building Association. All officers and directors of the Mu- tual Building Association were re-elect- ed: Thomas P. Brown, president; Joseph F. Marsden, vice president; Thomas E. Petty, secretary; J. Walter Stephenson, treasurer; Joseph Dant, Joseph P. }-iurb(' Joseph T. Fitzgerald, Max Koh- ny Percy C. Brady, directors; Sheehy & Sheehy, attorneys. Prudential Building Association. The Prudential Building Association officers and directors were re-elected and are Luther C. Steward, president; Curtis r, vice president; E. J. Carlson, secretary-treasurer; John B. Colpoys, Hugh Reid, T. Howard Duck- ett, Curtis Walker, Harvey L. Cobb, Thomas E. Hampton, Thomas D. Lewis, directors, Home Bullding Association. At the annual meeting of the Home Building Association yesterday all the following officers and directors were elected Fred L. V ley, C. Edward B James rris William K. Reev mann, assistan Alfred Luth D gt president; R. L. Quig- ecket, vice presidents; Woodward, secretary; treasurer; Otto Her- Directors les G. Flemming, A. Lynn McDowell, e B. Roth, Parker H. Sweet ssociation’ began business in 1884, d. T anuar FOREIGN EXCHANGE. (Quotations furnished by W, B. Hibbs & Co.) Albert H. | & Rome zi 26.8c 19.05¢ U. S. TREASURY CERTIFICATES v Chas, 99 26-32 s Sept. 3%s Dec 99 26-32 Three Iront-wheel-dnve" automoblle models are being made in France. Bennett, Henry P. Blair, Al- | | quotations 3| Wabash Rwy, Co. 55 193 Grain Market By the Assoclated Press. CHICAGO, January 13.—Fresh down- turns of Chicago grain values early to- day followed new setbacks in wheat at Liverpool. Argentine shippers were reported offering wheat urgently in efforts to dispose of as much as possible before British quota plans would be put into effect. Opening Ys-% lower, Chicago wheat futures continued to sag. Corn started 1g-14 down and afterward went lower Wheat market weakness developed in the face of an extensive cold wave Northwest and West, with temperatures in some cases showing a fall of 55 de- grees in 24 hours. Experts said that | unless preceded by snow, the severity of the change would be likely to prove disastrous to the growing wheat of the Ohio Valley in particular. It was added, however, that the snow factor would largely determine market effects. Moderate rallies which took place after early declines in wheat were asso- ciated more or less with reports that France had agreed to buy 30,000,000 bushels of wheat from Canada. These reports, though, were denied by Cana- dian officials. It was asserted in some qugarters from France that wheat im- ports were unlikely to be placed before Spring. Corn and oats were bearishly affected by lack of demand, notwith- standing scantiness of receipts. Comparative strength of hog values | steadied the provision market. SHOIiT-TERM SECURITIES. (Reported by Chas. D. Barney & Co) i Allis-Chalmers Co. 5s 1937 85la American Chain Co. 6s 1933.. 861> American Tel. & Tel. 5lgs 1943 102'4 Amer. Wat. Wks. & EI 5s 1934 Baltimore & Ohio 4'3s 1933 Belding Hemingway Co. 6s 1936 Bethlehem Steel Corp. 5s 1936. . Canadian Nor. Rwy. 4}zs 1935 Chi. Northwestern R. R. 5s 1933 Chicago Rock Islend 4s 1934 .. Cleve. Lor. & Wheeling 55 1933 Colorado & So. Rwy. 413s 193! Commercial Credit Co. 5125 1935 Delaware & Hudson Co. 85 193 Denver & Rio Grande 4'zs 1931 Gen. Mot. Accep. Corp. 65 1937, Petroleum Corp. 55 1940 Service 5125 1939 Texas 5s 1033 93953 08 Co. ‘55 1934 55 1937. 4 Humble Oil 5l Laclede Gas Light Louisyille & Nashville New York Cent & H. 4s 1934 New York, Chi, & St. L. 6s 1932 Northwestern Telep. 4155 1934. Penna. R. R. Co. 6'as 1936 Portlaind General Elec. 5s 1935 Republic Iron & Steel 5s 1040 Sinclair Crude Oil Co. 5126 1938 Southern Pacific 5s 193¢ St. L. LM.8. Ry R &G. 4 Unton Elec. Lt. & Pow. 55 Union Oil Co. of Calif. 55 Virginia Rwy. & Eower 5 Masked bandits arg ralding post offices in the Irish Free State. DEC :.manuiaczurmg groups show increases | |over the corresponding period a year -y | made in several quarters, cheese mar- “ | suppiles. but owing to lower prices in , | producing sections. 'z | grades scaling 1,000 pounds downward. “ |~ Hogs sold slightly lower; Chicago top PRODUCE MARKETS IN STEADY TREND Declines in Dairy Products and Eggs Are Declared Seasonal. Prices of farm products were holding fairly well the first 10 days of January, says the United States Department of Agriculture, Bureau of _Agricultural Economics, Market News Service. De- clines on dairy products and eggs were mainly seasonal. Mild weather has favored liberal production for_the time of year. Grain, cotton and live stock changed but little. Potatoes, onions and apples made some price gains and cabbage declined. Vegetables Advance. Price of sacked Green Mountain po- tatoes advanced in Northern Maine to a range of 48 to 53 cents per 100 pounds, with round whites returning 70 to 75 cents in Western New York. The North Central States reported a range of 60 to 65 cents. Eastern job- bing markets were a little stronger on Maine Green Mountains and —about steady on other receipts. Most lines on the Chicago carlot market advanced slightly. Sweet potatoes declined slight- ly in price, except the light arrivals from the Eastern Shore of Virginia, which held steady. Western New York shippers of yelloy onions reported 50-pound sacks higher at $2.25. City prices of nearly all onions advanced, except for New York yellow varieties, Lettuce quotations were somewhat lower. Though quality is none too good, the fob. market for New York celery was somewhat stronger at $1.50 to $1.75 per two-thirds crate. Cabbage was lower at Western New York loading stations. Best cold-storage Baldwin apples strengthened at Western New York points o $1-81.05 per bushel on an ob. basis, with Rhode Island Green- Butter Markets Weak. ‘The butter markets during the first 10 days of January were still weak and marked with some rather sharp price declines. Even at the lower level of prices, buyers were cautious and trade in general was dull. The present nervous and unsettled condition is at- tributed largely to excessive supply and [to the unsatisfactory business condi- tions. Reports from three large butter | ago. Stocks of butter in storage at the larger markets are considerably less than at that time. Although some price concessions were kets at many distributing points con- tinued about steady the first 10 days of January. In New York, however, fresh styles were easy, not because of liberal Egg Prices Fall. The egg markets in early January de- | veloped the weaknes usual at the time | of year and prices worked lower. West- ern mixed colors declined 4> cents on the lower grades and 7 cents on the top grades. At the same time white eggs from the Pacific Coast declined around 14 cents. The refrigerator egg market, which during the latter part of December had given evidence of in- creased firmness, participated in the early January weakness of the fresh egg markets and prices dropped back to the levels prevailing in mid-December. Some offerings of exceptionally fine chickens brought & substantial premium over the top quotations for their grade, but in the main such sales were rela- tively few and designed primarily for selected trade. Prices show a wide range, but general trend so far this month has continued downward, as dur- ing the month before. Live Stock Irregular. Live stock marketings show increases compared with late 1931. After start- ing the year at a sharp advance, the steer and ye-rlmf trade at Chicago shows demand a little more restricted to good choice offerings and to common kinds. Shippers wanted choice cattle regardléss of weight and because such kinds were very scarce had to substitute to fill Eastern orders. All interests wanted light cattle, and while the mar- ket was best on strictly yearling type of | ferings, the wide demand for yearlings made a reasonably good market on all was $4.35, with bulk of good and choice 140-210 pounds selling from $4.20 to $4.30. The better grade fat lambs were mostly steady in price compared with a week earlier, while the lower grades were steady to unevenly lower. Yearl- ings showed little net change in value. Not many strictly heavy lambs arrived, and the Colorado movement showed little expansion. Inquiries and sample orders are the principal January features of the East- ern wool markets, A moderate busi- ness resulted from a few of the recent inquiries, but in most cases buyers were | simply looking over the market to| locate wools that they may require if| anticipated business on goods ma- terializes. Feed and Hay Markets Quiet. The production of wheat feed re- mains at a low level. Demand also was light and prices show only slight changes. Linseed and cottonseed meal prices average higher, but tankage and soybean meal were lower. Prices of gluten feed and meal and white hom- iny feed were reduced. Timothy hay prices have averaged about steady since the middle of De- cember, with continued light offerings about equal to market needs. Con- tinued light arrivals at New York City were reported sufficient for trade needs. The bulk of the offerings were of the medium and lower grades, but quota- tions on the better quality were not advanced. Trading at Central-Eastern and Southern markets was practically at a standstill Grain Market Steady. Domestic grain markets were gen- erally steady during the first full week of January. Milling quality wheat was readily taken, but feed grains were meeting only fair demand at most markets. The sharp advance in se- curity markets, some improvement in export demand for North American grain, together with relatively light marketings, were strengthening factors in the wheat market. A slow shipping demand continued to limit the inquiry for feed grains, but this condition was largely offset by very small receipts.| Rye was slightly higher, while flax was barely steady, despite the scant offerings. New York Cotton Special Dispatch to The Star. NEW YORK, January 13.—Opening cotton prices today were unchanged to a point higher. Trading was in small volume. Foreign demand was slow, bu]t there was very little cotton for sale. January opened at 6:40, unchanged; March, 650, up 1; May, 6.67, up 1; July, 6.84, up 1; October, 7.06, up 1, and December, 7.19, unchanged. HERNDON BANK ELECTION. Special Dispatch to The Star. HERNDON, Va., January 13.—At a meeting of the stockholders of the Herndon National Bank yesterday the WEDNESDAY, JANUARY | bigher earning power. 13, 1932. FINANCIAL, STOCK AND BOND AVERAGES By the Associated Press. Prom Yesterday's 5.30 Edition. Industrials. 64.6 Week ago. Month ago. Year ago. Three years ago... Five years ago. High, 1931-32, Industrials. . 68.0 67.9 65.0 67.2 89.2 92.5 94.7 90.4 62.3 94.9 83.3 95.3 90.4 Week ago.. Month ago. Year ago. Two years ago. Three years ago. High, 1931-32. Low, 1931-32, Low, 1929 Rails. 36.9 374 20 Utilities. 83.6 83.7 81.7 84.1 1002 98.5 99.6 1015 80.2 1014 96.6 99.8 96.0 (Copyrignt. 1932, Standard Statistics Co.) HEAVY GOVERNMENT FINANCING UNSETTLES SECURITY PRICES Investment Market Disturbed by Large and Frequent Issues of U. S. Bonds. Increase in Money Forecast. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, January 13.—A steady pouring out of Government bonds into the investment market at a time when corgorlflm bonds give the appearance of having reached a point of stabiliza- tion is now the most unsettling feature in the general securities situation. The size of Government issues makes it difficult to support them, even where this is regarded as a practical opera- tion. The extent of the Government deficit and the various proposals to en- large the Government debt by the ad- cition of emergency issues has devel- oped a psychology toward Government loans that is nearly as bearish as that lately applied to the obligations of cor- porations. Institutions that built up large amounts of Government securities in order to strengthen their position and to make a strong showing at the end of the year have withdrawn from the market as buyers. Some of them have been reducing their Government portfolios in favor of assets of a Selling at Discounts. The general effect of all this is that today, for the first time in a decade, all of the Liberty Bonds and Treasury issues are selling at discounts ranging from 1, per cent to 18 per cent and the unusual policy is being adopted by corporations of setting up reserves to cover their depreciation on holding of Government issues. It is also a striking fact that while the obligations of the United States have been in a slump re- cently, those of Great Britain, France, Canada, Holland and the Scandinavian countries have all been advancing. In order to meet the Government re- quirements it will be necessary in the next six months to issue large addi- tional sums of money. The problem of the Treasury Department is in finding buyers for the new bonds or notes. Heretofore, the banks have almost ex- clusively taken its offerings, occasion- | ally under pressure. Some of the very short term issues have been absorbed by corporations whose business require- ments were restricted and who needed an outlet for idle funds. Both banks and corporations are now invested close to their limit in Government securities. During the war and directly after it, the American public purchased many billion dollars worth of Liberty Bonds at par, on which the return ranged from 3!, to 4% per cent. Subsequently they resold most of these bonds in the market or had them paid off. The 3 per cent Liberty loan, issued at 100, 1 now selling at about 95. The fourth 4Y,s, of which over $6,000,000,000 were floated at par, are at 98':. The Treas- ury 4s, which institutions and corpora- tions bought at par in excess of $1,000,- 000,000, are at 94 and the Treasury 33s, amounting to nearly $500,000,000, are at 90%. The return today on the Liberty fourth 4!4s, the Treasury 4s and the Treasury 3%s ranges from 41 per cent to nearly 4.30 per cent regardless of maturity, or a better income than was available to the American public on their war loans. Treasury Problem. ‘The situation facing the Treasury at present is one that compels it to find a new clientele for its issues. There has been no effort made to interest the American investing public in Govern- ment bonds since war days. Naturally investors with a few thousand dollars at their disposal were not attracted by the interest return at which the Gov- ernment loans of the past five or six years have been foated. During that period they were trying to see how much money they could make out of the stock market. Eventually the Government must issue a long-term loan. It cannot go on with its present policy of temporary financing. This means that a loan running from 15 to 25 years would have to be offered at a rate to which the public would respond. There is now taking place a considerable absorption of the outstanding loans by private in- vestors who feel they have a good bar- gain in Government credits that yield them about 4% per cent at a time when interest on commercial bank deposits average less than 2 per cent and, in general, is 3!, per cent in savings banks. Dealers in Government bonds have done more business of this sort in the past week than at any time in the last few years. It is beginning to be felt that a Gov- ernment long-term loan offered between a 4'4 anda 4}, per cent basis must be part of the program of the Treasury this year. There are even some stu- dents of the Government bond market who go so far as to maintain that loans giving & direct yield to the purchaser of | 4%, per cent are not improbable. The point is that future government issues must have a popular appeal and that without the support of the public, which has large sums of money in re- serve for investment, as well as in hid- ing, the Government cannot succesfully meet the numerous demands upon it for dealing with credit and relief situations all over the country. (Copyright, 1932.) CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, January 13.—The fol- lowing is & summary of important cor- poration news, prepared by the Stand- ard Statistics Co., Inc,, New York, for the Associated Press: News Trend. Revenue freight car loadings increased sharply during the week ended Janu- ary 2. The rise was due to the sub- normal shipments in the previous week due to holiday influences, together with | the advance shipment of goods to avoid increased rates. Actual loadings, ac- | cording to the American Railway Asso- ciation, totaled 503,325 cars, ~which compares with 441,589 cars in the pre- vious week and 614,860 cars in the cor- responding week of last year. Ore and merchandise in less than car lots were the only commodities which failed to show an increase. Steel ingot production increased about 3 per cent in the week ended January 11. The compilation by Dow, Jones & Co. places the industry at slightly under 25 per cent of capacity, against a shade below 22 per cent in the previous week and 40 per cent in the like 1930 week. Dally average crude oil production in | the week ended January 9 was 2,234,200 | barrels, an increase of 25,100 barrels over the previous week, according to the American Petroleum Institute. The most. important changes were the 38,- | 600-barrel increase in East Texas out. put and the 11,850-barrel decrease in Oklahoma. Gasoline stocks at refineries totaled 39,106,000 barrels, an increase of 1,117,000 barrels. The Companies. International Shoe—Current output about 135,000 pairs footwear daily; ex- pected to be advanced to around 160,000 by January 31. Kelvinator Corporation — Shipments of Leonard refrigerators, subsidiary, up 24 per cent in first quarter of fiscal ear. Louisville & Nashville Railroad, sub- sidiary Nashville, Chattanooga & St.| Louis Railway, takes no action on $1.50 semi-annua! dividend; company owns | 183,747 shares of its stock. Utah Copper—Current output about 6,000,000 pounds copper monthly vs. 11,900,000 during past year. Alton _Railroad—December prelim- inary deficit after charges, $104,483, vs. deficit $677,538; 12 months’ deficit after charges, $2,600,201, vs. deficit $4,602,204. Community Power & Light net in- come before depreciation, amortization and Federal takes, 12 months to No- vember 30, $1,045,887. Corporation Securities Co. of Chicago passed quarterly common dividend; paid 1% per cent on stock December 21, 1931 Goodyear Tire & Rubber—Overman Oushion Tire Co. wins suit against this | company for patent infringement; mas- ter to determine damages; has asked for $500,000. Prairie Pipe Line December crude oil deliveries up 19.8 per cent; 12 months following directors were re-elected for the ensuing year: W. M. McNair, M. H. Middleton, J. F. Ryan, E. L. Robey, F. W. Huddleson, T. r Reed, Mark ‘Turner and A. E. B W, Steel—Operations of ‘The officers will be appointed at s plants in ended Januasy 11 aver- mz mgwhnd meeting to be held next Wednesday, oft 43 per cent. Unlon Oil - Associates declared 34 cents dividend; formerly paid 50 cents 22 per cent in two preceding weeks, 44 per cent in 1931 period and 67 per cent in 1930 week. Youngstown Sheet & Tube—Tin sheet mills to resume at Campbell plant after several days’ idleness. Aluminum, Ltd.—Negotiations report- ed progressing for sale of $5,000,000 aluminum to_Soviet. Loft, Inc., December sales up 18.5 per cent; 12 months up 49.8 per cent. Atchison, Topeka & Santa Fe Rail- way to oppose proposal of Denver- Pacific Railroad to construct 872-mile line from Denver to Los Angeles. Dominion Bridge, Ltd. declared two quarterly common dividends of 6212 cents each; paid 75 cents in each of two preceding quarters and 90 cents prior thereto; indicated first half earn- ings sufficient to cover dividend require- ments at new rate. Equitable Office Building—Common .;lllasl;]e earnings December 31, $1.64 vs. Royal Typewriter — Discussion of semi-annual common dividend deferred until July; paid $1 July 17, 1931. United Fruit, subsidiary Revere Sugar Refinery, rescinds sugar price advance of 5 points; instead has cut price 5 points to 4.15 cents a pound. American Commonwealths Power— Federal receivership sought for com- pany. Receivers were appointed for company by chancery court December 31, 1931, Electric Auto-Lite—Hammond Clock sues company for alleged patent in- fringement. Reynolds (R. J.) Tobacco 1931 com- mon share earnings, $3.64, against $3.43. Community Power & Light passed dividend on $6 first preferred stock; paid $1.50 a share November 2, 1931. Consolidated Gas, Electric Light & Power of Baltimore—10 per cent in- crease in 1831 domestic consumption more than offset revenue loss from lower industrial power use. Long-Bell Lumber Corporation—Re- ceivership proceeding filed against Long-Bell Lumber Co., subsidiary, by bondholder. National Sugar Refining reduces sugar price 5 points to 4.15 cents & pound. New York & Honduras Rosaric Min- ing—Declared 1212 cents extra and 25 cents quarterly dividend; paid 50 cents extra December 26, 1931. United States Steel—J. A. Farrell to retire from presidency in April; no successor named; will continue on board. BANKS CLOSED, PROVO, Utah, January 13 (#).—The Farmers and Merchants’ Bank of this city did not open its doors today. Re- cent heavy withdrawals were declared to have precipitated the closing, which notice on the doer declared was done “in the interest of depositors.” The last statement, December 31, showed demand deposits of $362,073; time deposits of $354,281, and resources of 985,235. It is capitalized at $100,000. BLACKWELL, Okla., January 13 (). —The Security State Bank, Biackwell's largest financial institution, closed its | doors today. It had capital of $100,000 and deposits of $977,903. it e MERGER PLAN APPROVED. NEW YORK, January 13 (#).-—Direc- tors of the Sinclair Consolidated Oil quarterly. United aged about I3 per cent of capacity, vs. Corporation, Prairie Oil & Gas Co. and irie Line Co. today announced approved & pian for merging the properties. A—13 INFLATION THEORY GAINS ADHERENTS Definitions and Results of Policy Given in Analysis of Movement. F¥B BY CLAUDE A. JAGGER, Associated Press Pinancial Editor. NEW YORK, January 13.—The word on the lip of every other economist or financier who has a formula to find the L“l.ly to prosperity seems to be “infla- on.” The theories vary widely: We should have much inflation, a little inflation, inflation of credit, inflation of currency, inflation on the gold base, or off the gold base, enough inflation to check deflation. Definitions of inflation vary, but mostly carry the central idea of the process of increasing the amount of money available in relation to the amount of goods, which in turn tends to boost prices of goods. The most common inflationary sug- gestions these days are primarily con- cerned with an increase in the amount of available credit. In this connection, some observors have described the pro- posed $2,000,000,000 Reconstruction Finance Corporation as designed to bring a moderate degree of inflation. But it is a moot question as to whether this program really involves inflation. Injecting Excess Credit. If the Reconstruction Finance Corp- oration were to confine itself to the quiet polstering of emexgency financial situations, that in itself would not cause apprecfable inflation. If, however, it should put forth credit’ in such volume as to influence consumers to increase their purchases of goods, or if public knowledge of the mere fact that such an emergency organization were operating should prove sufficiently reassuring to influence bankers gen- erally to increase their loans to business men, and to induce business men to seek loans from their bankers with which to accelerate trade, through ex- tension of consumer credit, an infla- tionary effect would seem highly prob- able. That is, prices would presumably rise, or declining tendencies be checked. _ The process of injecting excess credit into the economic structure in a man- ner to increase prices is complex. The central banking system—the Federal Reserve—may offer credit, but will it be used? The banker will not borrow at the Federal Reserve if, in these days of suspicion, he is afraid it may look bad, reflect upon the strength of his institu- tion,and he will not borrow from the Fed- eral Reserve unless he feels he can safely make loans in turn to his customers. The business man, furthermore, will not come to the bank to borrow unless he has confidence that business conditions favor profitable use of the credit. Mere reduction of interest rates is not enough if the business man is not in- terested in borrowing or if the banker thinks conditions are not favorable to (lending. After the stock market crash of 1929 the New York Federal Reserve Bank committed itself for some time to a policy of cheapening credit. The re- discount rate was lowered from 6 per cent to a minimum of 115, the lowest in the history of any great central bank. No appreciable stimulus to business or trade was felt. With the disturbances incident with the British lapse from the gold standard, the bank put its rate back to 31, per cent, or more nearly toa normal level. Monetary Inflation. The kind of inflation of which bank- ers have horrors is the sort of inflation that prevailed in post-war Germany— that is, severe monetary inflation. Cur- rency inflation is accomplished by de- creasing the value of the currency, most commonly by suspension of gold pay- ments or reducing the gold backing of the currency. In the case of Germany, Paper currency was printed in such vol- ume that it became virtually valueless. Great Britain has suspended gold pay- ments, but has not increased the vol- ume of her currency, or that only little more than a quarter of its former value has been lost. Naturally, a decreased value of the currency in terms of goods brings increased prices of goods in terms of the currency. Petition in Bankruptey. NEW YORK, January 13 (#)—Vol- untary petition in bankruptcy was filed by the Metropolitan Chain Stores, Inc., incorporated in_Virginia; the Metro- politan Chain Stores of Texas, Inc., g&:hs )c/letropotll!m Chain Stores Res e Corporation, in Oklihomn. b The concerns acknowledged liabilities of $2,672,904. Assets are listed as more than $3,000,000, including leaseholds, accounts receivable and merchandise. New Bond Issue. BALTIMORE, January 13 (Special —Phelps, Fenn & Co.Aryue oflmg) new issue of $400,000 City of Cumbe: land, Md., 4!2 per cent bonds, due on April 1, 1971." The offering was priced at 92, to yleld approximately 4.96 per cent. The proceeds of the loan will be used for water system construction. The g:;u;;amet upldior sale some time ago, vas not sol i Sk and was reoffered yes- DIVIDENDS.DECLARED NEW YORK; January 13 (#).— Extra, Comoany. Rate riod. able. revord Baden Bk (St L)..: Db ign e B PRt ok 32" 07 Decly | (Alex., Va) N Y & Hond Dt Min" . Jan. 19 53 Ros s1ave Initial, Jan. 1 Jan. 30 or Amer Tr Shares (1955) ....9c . Do. (1956) 93sc . Reduced. an Fairbank s nks Morse Jan an B ReH : s . Nov. Cen Fifé ns (Balt) ; A i s (Hamilton, 0)...5150 § enton’ United Ciéan . 3 Goldsm'h (P)" Bon Natl Battery o 306 Schnebbe Fire Prot ".3 Union Oil "Assi. Dec. Jan. Jan. Jan. fes Dec. Q 0c e O R Resumed. Penberthy Injector .45 i Signature Hostery " o2t $3.50 pt Jan. 12 Company. Abercrombie & Fitch pf. . qmumonwealin ‘Util el Al 0. c! Com Pw & Lt $6 ist bt Dunlop’s (J) Sons 1st Fyr-Fyter A A 0t Products 'Corp ' pf Schnebbe Fire Prot Eng. Regular, Pe- Rateriod. Due. 1.75 Pay- able, Jan. 1 £ 1 1) Jan. 1 Pe- Hdrs Company. Rate.riod. 3 AmBk Stks Corp..7lsc” Q e m Eur Sec pf..31.30 ! 30 Baden Bk (St L) Bandini_ Petrol Citizens' Nat Bk (Alex., Va ) Consol Chem I cl A Dt pf. Disher Steel pL A ... (Stockt Jefferson pt pf . Mine Hill Hav ER ... Mtge Corp of N8.31.75 Newberry (JJ) pf.$1.75 NY & Hond Ros Min : 28¢ Plymouth 'Rub’ pf.31.75 Pocahontas Puel ..31.80 KDL = Repub Serv ' pf.. 31 St Lawr Flour ‘Mills p: & 2 Schnebbe Fire Prov Eng 33 Simpsons Ltd