Evening Star Newspaper, January 14, 1932, Page 15

CURB SHARES AN I ACTHE BODNG Leaders Advance in Firm Market—Volume of Trad- ing Higher. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, January 14—Opening sctively and strong, the Curb Exchange | $oday maintained its firmness and speed as buyers bid up prices vigorously. Electric Bond & Share, which usually sets the pace for the general market, opened in a block of 7,000 shares at 13, up %, and despite persistent offer- | ings held firm around that level. Cities Bervice was inclined to work higher and so was Standard Oil of Indiana The impressive manner in which to- day's session absorbed offerings was the subject of traders’ comment. The way in which groups tended to follow their leade! and then slow down as their marshals behaved similarly, also at- tracted attention Strength in the overseas along with the belief that emergency legislation soon will be ssed and the appearance of some avorable corporate and industrial news, contributed to the early rise and cause trading to gain about 25 per cent over that of the forenoon session Wednes- day. Big blocks of stocks appearing at| gains ranging from fractions to several | points featured the opening of the Curb today Electric Bond & Share in a lot of 7,000 shares opened at 13, up Cities Service in a lot of 2,000 shares opened | at 612, unchanged. Fractional advances were scored by Niagara Hudson Power American_Gas & Electric and United Light & Power A The motors and coppers were strong spots as Newmont Mining, Hudson Bay Mining, Cord Corporation and Ford Motor Ltd. pointed higher. Standard Oll of Indiana at 1634 was unchanged, but soon moved forward. Gulf Oil at 812, gained a fraction. Aluminum Co. of America opened up 1! points at §91,. A. O. Smith Corporation was up 1% at 54% Imperial Oil Ltd., Brazilian Traction and similar foreign shares firmed as a result of the strength that marked the early dealings in overseas markets. Pan American Airways rose Y to 15. FOREIGN EXCHANGE. W. B. Hibbs & Co.) markets, | National | ndon, pound aris, franc russels. belga rlin, mark ome. lira urich, franc thens, drachma adrid. pesetn ienna, schilling dapest. pengo rown (nom. 18:30¢ 19.18¢ SHORT-TERM SECURITIES. (Reported by Chas. D. Bamey & Coo almers 8 88 Chain Co. s Tel & El B s 1633 Allis-Ch: : e 102% 9014 el & t. Wks Bt 78, o G. R . ‘Accep. Corp. 6% 1037 um Corp, 55 1940 blic Service §1as 1939 nd Trunk of Canade 6s 1836 Houston E. & W. Texas 55 1933 umble Oil 5'as 1933 5 ght Co. 88 1934 sshville 85 1937, Penna 3 Portiand General Elec Sinclair Crude Oil Co. 5125 1038 Southern Pacific 55 193 . L. IMS Ry R &G ec Lt & Pow 1 Co. of Calf Rwy. & Power 55 1034 Rwy. Co. 55 193¢ : 451933 BONDS ON THE CURB MARKET. DOMESTIC BONDS. ngh Low. N 913 97% 5 Amer El Pow 6s s s 2 . 820 82 82 B4 84'4 1078 9% 89% 82% 43 36 68 oon. 974 8% 5 Amer Roll 5 Appalach 0000 [ 00000 INMMO00000000! 6 | cial) b 8 88 8 8l el | well NEW YORK CURB EXCHANGE Stocks s old . 1931. Stock and Dividend Rate. Adams Mill 1st p£(7) 258 Agfa Ansco. . Air Investors cv pf Allegheny Gas Corp. in 100-share lots except those designated by letter “s.” os— Add 00. Open. High. Aluminum Co of Am 1975s 59 Alum Ltd cum pf(6). Aluminum Co Ltd Am Austin Car..... Am British & Cont. Am Cit Pow & Lt A Am CitPw & Lt B Am Com Pow Am Com Pow B..... Am Cyanamid B.... Am Dept Stores. Am Equities. . Am For Pow war., Am Founders. . Am Gas & Elec (11). Am Gas & El pf (6) . Am Invest Inc (B).. Am Laundry Mch(2) Am Lt & Trpf (13%). Am Phoenix Corp(1) Am Superpower Anchor Post Fence. . Appalachian Gas. Arkansas Nat Gas Arkans Nat Gas A Ark N G cu pf (60c). Armstrong Cork Ass0G&IL (A) b Atlas Util Corp Auto Voting Mach. . Auto Vot M Co pr pt. Benefieial I L (1%). Bickford's (1.20). Blue Ridge Corp.... Blue Ridge cv pf(a3) Bow Biltmore 1st pf. Brazil Trac Lt&P(1) Brill Corp A (34c)... Buft N&EP pf (1.60). Bufft N&E P 1st (5). Bunker Hill & Sull Bur Cor Ltd rts (2¢). Canadian Marconi. Cent Hud G&E (80¢c) Cent Pub Sve A bi%. 2 Central State { Chain Stores Stuck. . Cities Service (g30¢) 1 Citles Serv pf (6)... Claude Neon Lts Inc. Clev E) Illum (1.60). Clev El Illum pf (6). Cleveland Tractor Columbia Pic vte. Col Ol1& Gas vtc. . Commwlith Edison (8 Cmwlith & Sou war. . Comstock Tunnel. Consol Alreraft..... Consol Copper. ..... Consol Gas Utility A Con Gas Balto (3.60) Zont Sharescv pf... Cont Shares pf (B). Cooper Bess pf (A). Cord Corp . s Corp Sec Ch (b Corroon&Re Cresson Conso Crocker \Wheeler. Crown Cent Petrol Cuneo Press (2%) Dayton Air & Eng Deere & Co. ... De Forest Radio Detroit Aircraft Duke Pow (5). Dugquesne Gas. Durant Motors East Sta Pow (B). East Util Assoc East Util Assoc cv Educational Pic pf.. Eisler Electric S Elec Bond&Sh (b6 %) Elec B & Shcu pf5.. Elec B & Sh pf (6)... Elec Pow Assoc (1) . Elec Pow Assoc A (1) ec P & Lt op war.. Shareholdg (b6 % ) Elec Sharhldg pf(a6) Emp G & F cu pt(7). Empire Pwr pt(2.24) Evans Wallow Lead. Ford Motor, Can., A. Ford Motor, Can., B. Ford Mot Ltd 36 3-60 Foundation For Shs. Fox Lheater (A),... Gen Aviation.,..... Gen G&E ov pf B(6). Gen Theat Eq cv pf. Glen Alden Coal (4). Globe Underwrit 40c. Goldman Sachs. ..... Gorham M vte (£2). Goth Knitback Mch. Grand Rapids Vr 50¢ Grt A&P Tean v (6). Gulf Oil of Penna. .. Hackmester Lind. Hammond Clock (2). Hecla Mining (40c) Horn & Hard (2%).. Hires (CE) A (2)... Hudson Bay M & S.. Humble Oil (12).... Huyler Strs of Del.. Hydro El Securities. Hygrade Food Prod. Imp Ofl of Can (50c) Imp O Canreg (50c). Insull Inv (b8%). .. Insur Co of N A Imsurance Security.. Int Cigar Mach (2%) Int Petroleum (1)... Intern Superpr (1).. Int Utilities B. . 13 Interstate Pw p£(7). 10s Kleinert Rubber.... Kirby Petroleum. Kruskal & Kruscal Lone Star Gas n 83c. Long Island Lt (60c) McGraw Electric. Magdalena Synd Mass Util Assoc.... Mavis Bottling (A). 125 ). 57 00 s O DO =T 00 0% 1 o o 83 1S b O 2} ~Prev, 1931~ H 81 Mead Jo) Received by Private Wire Direct to The Star Office. Btock and Dividend Rate. Mayflower Asso (2). hnson (15).. Meniph N Gas (60¢).. Met Chain Stores. ... Michigan Gas & Ofl.. Mid West Ut (b8%).. Mo-Kan Mohawk Moody’s Pipe Line. .. Mining (1). In Sve pt pf. Mtg Bk.Col Am S 96¢ Mountain Prod (80c). Nat Fuel Gas (1) Nat Pow Nat Pub Nat Pub Nat Rubl & Ltpf (6). Sv A (1.60). Svpf (7). 400; ber Mach. 2 Nat Screen Sv (2). Nat Sh T Sec A t60e. NatSugar NJ (2)... Nat Transit (1). Nelson ( Herman). New Eng Pow pf (6). 4 New Jer: sey Zinc (2). Newmont Mining.... N Y Steam Cp (2.60). Niag-Hud Pow (40c) Niag-Hud Pow B w.. Share(Md) 20e. Niles-Bemt-Pond (1) Nor Am North E Nor St Py Util Sec.s ... uropean Oil. ow A (8) Nor St Pow pt (7)... Ohio Brass (B) (2).. Pac G & PacP S E1stpf 1%. new pf(1.30) Pac Western Oil.... Pan Am Alrways Parker Rust Prf ,Patterson Sarg (2). Pennroa d Corp (40c) Penn Pw & Lt pf (7) 1008 Phila Co (new) 11.60 Philip Morris Inc... Phoenix Pilot Ra Pion G M Ltd (12¢).. 1 Pltney Bowes (b4 %) Plymouth Oil (50c) . Premier Produce Prudent Prudent Pub Util 2 4 1 23 FeSy Secur Corp. d Tube A. .. 1 Gold (12¢).. s Royalty ial Invest. .. ial Inv pf(6) 5O Hold xw... 2 13 1 . 2 FESF Quebec Power (2%). 258 Radlo Products. . R R Sha Reiter-Foster Reliance Int A. Republic Gas Corp. Reybarn Co Reynold Richfield Oil Cal pf.. Roan Antelope Min. . Rossia I is Salt Cr Sec Allied Corp (1) Seeman Segal L & HAWT..... Selected Sle Ind al ctfs(5%). Shattuck Den Min. Shenand Silica Gelctfs. ..... Singer Ltd rets(28¢) Smith (A.0.).... Smith-C; South Penn 01l (1) So Cal So Cal Ex Sou Cal Ed pt C(1%) South Corp. 2 Southern Stand In Stand M; Stand Of! Stand O1 Stand P Starrett Starrett Swift In iss An Taggart Tech Hu Tebacco Unit Cor Unit Dry Docks Unit Founders. Unit Gas Corp...... Unit Gas Corp war Unit Gas pf (7).. it Lt & Pw A (1) Unit Pro! Un Shoe U S Elec S Fin Holding US&lIn U 8 Play! Unit Stoi Util Po & Lt (b10%) Util Pw Utility Bquities. ... Utility & Ind pf(1%) 4 Van Camp Pkg. . Van Camp Pkg pf Vick Financial (3 Walgree Walker, Wenden Wil-low WiwthF 1% 1% LY Com Edi; rates in Kl Dividend nual payment. dividen A | stock. stock. Stutz Motor Car. Sun Invest. Sunray Oil. Swift & Co ( Technicolor Inc Tob Prod of Del wi Todd Shipyard (2). ‘Urans Air Trani Trans Lux DLPS Tri-Utilits Tubize Chatel. B, Unit Chem pt pf (2). “Ex dividend. n'Plus 8% in stock. 2 res Corp. s Invest. ntl Corp. . PADRL. -0 ek Prod (1).. Bros (3) industries.. 3. oah Corp pf. 1504 orona vte. PLA(1%). 6 d pf B (1%). 4 1 2 6 3 4 2 1 2 1 3 6 1 1 5 4 1 2 1 s 2 1 1 1 1 1 1 5 s 3 y 20c. vest cm pf. . 100; otors . 1ot lof Ky 1. & L (B) (2) Corp. . Corp p! ternat ) m ElL pf (6).. Corp. . ® YIS r SRS PR PR T T ghes (60c) & All Stks. p war @0 wromrBeonS3Bo fit Sharing. . Mach(13%). Fow ww tl Secur. ing Card res v.t.C..... 3 38 @ 31 & Ltpf(7). 508 614 10 2l 1% 4 11% 2% n 2% % 2% 94 1% 1% 4 1% 2% ». 2% 8% 4% 114 2% W 2% 8% n Co. . : H (25¢)..... Copper Cafeterias WLtd29 3-5c RIGHTS—EXPIRE sonFebl... 1 1% 1% 1% 1% dollars based on last quarterly of semi-an- TPartly extra, IPlus 4% in stock. k. e Adjustment .. g Plus 6 lus 1% in & Plus 10% in stock. mPlus 3% in p Paid lsst year—no regular rate. 2% b 2% 8% 4 6 2 4 1 9 20 1 MARYLAND, VIRGINIA BANKS NEAR CAPITAL | HOLD ANNUAL MEETINGS _(Continued From Fourteenth Page.) _ betanz, first vice president; Dr. Cald- second vice president; Mr. Stein, vice president; Mr. Bickford, vice president; G. Shearman , ca and J. Burroughs Wa- third fourth J Warrenton Banks. WARRENTON, Va., January 14 (Spe- The annu stockholders’ meet- ing of the People's National Bank, War- 43:4 | renton, was held in the bank, and the | former | without | Bishop, C. H. Bowen, §. | W. Carter, D. Turner Day, B. B. Goch- board of directors re-elected change, E as follows w. C. Brittle, C. 73% | nauer, Edward E. Jenkins, Sterling Lar- 9612 25 7 431 6414 63 6515 A 46 4155 '67 89! Pow 6 Stan Stan 8! 9 83 94% £5 FOREIGN BONDS 2 Danzig_Port 6'; 5 Fain ‘Cons M Gon’ M City 3 on 65 A by 3 # i 35 28lnnes T8 '46 xw.. 35 28 —With_warrants w Without warrants, | at | rabee, R. A. McIntyre, Scott Nesbitt, | E. Marshall Newton, | M. Rowzie and J. J. Silvey. . C. Richards, J. Officers will be elected by the board its first meeting. - Present officers [of the bank are Edward E. Jenkins, S. C. Briitle and E. Mar- vice presidents; D. Tur- Bank held its and ted L. | Donald Richards, J. W. Siaughter, W. | 8. Strother, C. E. Tiffany and Joseph | A" Uliman. sident; P. G. Marsteller, cashie: vice : n, George 8. Cable, jr., W G. Bartenst and A. M. cashiers. | At the annual stockholders’ meeting {of the Marshall National Bank & Trust {Co., 800 of the 1,000 shares of stock | |owned were represcnicd by those pres- ent. . The report of the president, Jol T. Remey, showzd the bank condition 2 The H‘,d\\ 5 e r cted W. Anderson; | y rt C. Fletcher, Harris Field, J. T. Ramey, C. F. Rt E. 8. Renald: G J. | the Marshall | Natior House the directors met and elected the officers of the bank as follows' John T. Ramey, president; Leroy Baxley, vice president; P. W. Anderson, cashier and trust officer, and | R. M. Carter, assistant cashier. Staunton Banks. STAUNTON, Va,, January 14 (Spe- cial).—Stockholders of the Staunton 1 Bank held their annual meet- ing here yesterday, electing the board ! directors and officers for 1932 and | Teceiving reports of the year's business | which were gratifying Members of the new board of direc- tors are: B. E. Vaughn, Col. T. J. Rol- ler, J. H. Bryan, W. B. McFarland, Thomas F. Clemmer, F. W. Bell and Duncan Curry | Officers were named as follows: B. E. Vaughn, president; Col. T. J. Rol- ler, vice president; E. W. Randolph, cashier, and Fred M. Fifer, assistant The newly elected board then met| man, trust offic 8% ;and elected these officers for the year: | Joseph et #9% | C. E. Tiffany, president; E. L. Childs, | Michael Kiviighan Charrington, assistant| witz, 'S, G hn Polic T oty | mey, Thomas M. Russell, G.|the Medical Women’s Federation of Brl- cashier. | | At the annual meeting of the stock- | | holders of the National Valley Bank, | |the following officers were re-elected: | wil president; Gilpin | Willson, sr, vice president; Charles S Hunter, vice president and cashier; W. | B. Miller, assistant cashier, and Flori- | us 8. Croshy, trust ‘fficer. Members ¢ board of dircetors are William H. | erles S. Hunter, sr.; James R. A. Erskine Miller, Moffeit. A. Pratt, 'mas H. Rus- W. Timber- ing L T il jr: W 1 Willson, sr. Officers of the Augusta National ank also were re-clected as follows Michael Ki han, dent; J. L.| Witz, vice president; Wayt B. Timber- | lake, cashier; L. B. Stephenson, as: | ant cashier, and Charles J. Church- Directors named ar char]es Catlett h Stratton, L. G. Strauss, H. McKeldan Smith, W. P. Tams, jr; W. B. Timberlake, J. L. odfrey Henk 3 Gl Y nkel and Charles ‘ P | French Jobless Routed. NANTES, Fro H. B. Spi and Gilpir Barkman, ce uary 14 (/P).— emonstration of un- employed here Tuesday and crics e - as a 11it munist from Paris Rkant o London County Council has advised R. Thompson, Allie Smith and John | tain that the council has found it inad- P, Walker. | visable to withdraw its recent veto After a dinner served by the bank at'against employing married women. CHICAGO LIVE STOCK MARKET CHICAGO, January 14 (#) (United States Department of Agriculture).— Hogs—33,000, including 8,000 direct; market 5'to 10 cents below Wednesday's average; 140-210 pounds, 4.00a4.10; top, 4.10; 220-310 pounds, 3.75a4.00; pigs, 335a3.85; packing sows, 3.2583.40; smooth sorts to 8.50; light light, good and choice, 140-160 pounds, 3.90a4.10; light weight, 160-200 pounds, 4.00a4.1 medium weight, 200-250 pounds, 3.85a 4.10; heavy weight, 250-350 pounds, 3.70 3.95; packing sows, medium and good, 275-500 pounds, 3.2083.50; pigs, good and choice, 100-130 pounds, 3.35a3.85. Cattle—4,500; calves, 2,000; most kill- ing classes steady, but market very un- even: all grades and classes showing | sharp declines for week today; middie | grades, all cla off most; most short fod steers, 5.00a7.00; top, 9.75; light yearling heifers, very draggy, 5.75 down to 5.00: slaughter cattle and vealers; steers, good and choice, 600-900 pounds, 7.00a11.25; 900-1,100 pounds, 7.00a11.25; 1,100-1,300 pounds, 17.00a11.00; 1,300~ 1,500 pounds, 7.00a11.00. and medium, 600-1300 heifers, good and choice, 550-850 pounds, 5.25a7.25; com- mon and medium, 3.50a5.25; cows, good and choice, 3.75a4.75; common and medium, 2.90a3.75; low cutter and cut- ter, 1.7 90; bulls (yearlings ex- good and choice (beef), 4.00a tter to medium, 3.0084.25; veal- ers (milk fed), good and choice, 6.00a 8.00; medium, 5.00a6.00; cull and com- mon, 3.0085.00; stocker and feeder cat- tle, steers, good and choice, 500-1,050 pounds, 4.1585.75; common and me- dium, 3.00a4.75. Sheep, 25000; steady to weak; few good choice lambs, 6.00a6.25 early; most sorted kinds bid 6.35; active up- ward to 650 and above. Lambs, 90 pounds down, good and choice, 5.75a 6.60; medium, 4.50a5.75; all weights, common, 3.5024.50; ewes, 90-150 pounds, | medium to choice, 2.00a3.50; all weights, | cull and common, 1.508250; ft !lambs, 50-75 pounds, good and choice, | 4.5085.00. Sir Sidney Low Dies. LONDON, January 14 (4).—Sir 8id- ney Low, noted historian and expert on | internationa! affairs, died yesterday at the age of T4. With the advent of gripping Winter weather a dispute has been started in Scotland as to whether a loyal Scot must wear the abbreviated kilt the year around. ' eeding | ary comj l Everybody’s Business Stock and Bond Mgrkets' Activity Hints Situation, Both Here and Abroad, Is on Way to Recovery. BY DR. MAX WINKLER. NEW YORK, January 14 (NANA). —The most encouraging signs in the course of stock market trading yester- day were the activity and rising prices in the bond market. United States Government issues participated in the advance and impressive gains were re- corded throughout the list. The action of the foreign bond mar- ket was equally encouraging. This leads to the conclusion that the situation abroad as well as at home is distinctly on the mend. To be sure, there may as yet be few tangible evidences of business improvement. This will doubt- less follow if sufficient improvement takes place in sentiment. The latter is at times more important than facts. It has never appeared to be more so than today. A reduction by the Federal Reserve Bank in New York on its buying rates on bankers' acceptances is regarded as an attempt to stimulate credit expan- sion and turn the trend of commodity and security prices. It also may fore- shadow the purchase on an increas- ingly large scale of both Government securities and acceptances in the open market. Rediscount Rate Cut Expected. In addition it would not be surprising if a reduction in the rediscount rate were put into effect at an early date. Competent observers expect a reduction by the New York bank at the end of this month. If the above suppositions are in ac- cordance with facts, one would be justi- fied in concluding that the outlook for United States Government bonds and other high-grade fixed-income-bearing securities may be viewed optimistically. The proposed reconstruction finance corporation affords the most promising channels through which needed credit may flow, according to Charles E. Mitchell, chairman of the board of the National City Bank. Under this Flnn. Mr. Mitchell continues, credit will be brought directly to the point of need. Rail Parley Watched With Interest. Commenting on the international problems, the head of the City Bank points out that no nation can isolate itself economically in these modern times or prosper in a world of chaos. It would be unjust and unreasonable, he adds, to expect the American people to take upon themselves solely the bur- den of international adjustments, but it may be urged that it is in their interest to come to a consideration of international questions with a willing- ness to share with others in order to speed the revival in which this country as well as the world at large is s0 vitally concerned. The forthcoming conference in Chi- cago between railroad executives and labor leaders is being watched with in- terest. It is believed that a 10 per cenf reduction will be agreed for one year, instead of an indefinite period, as was intimated previously. The proposed reduction is based upon the earnings of the carriers and the cost of living, both of which are down in relation to wages. If labor should agree at the end of the vear to an extension of the cut in the light of existing circumstances, provisions will be made for its continuance. Motor Wheel Plant Steps Up. According to D. L. Porter, treasurer of the Motor Wheel Corporation, the company is now operating on a sched- ule which is 300 per cent more than at any time during the past six months, The increase is due to a substantial improvement in the demand for the various products of Motor Wheel, espe- cially the demountable wood wheel, for which, Mr. Porter states, there are or- ders on nand for approximately 40,000 more than last year at this time. Senator Johnson's investigation of American investments abroad is likely to result in an investigation of the practices and policies of the State De- partment with respect to the tnntlng of loans to foreign governments an foreign institutions by American bank- ers. One might perhaps inquire as to whether American legislators cannot find more constructive occupation, espe- cially at a time when it seems most in need. i While it is true that certain irregu- larities may have occurred in connec- tion with foreign loan flotations, the majority of American underwriting houses have exercised whatever care they could, and if mistakes were made they certainly were not made with a view to misleading the investor. Moreover, such mistakes are not con- fined to foreign bonds. They are per- haps as glaring, if not more so, in the case of many domestic transactions. (Copyright. 1832. by the North American Newspaper Alliance, Inc.) SELECT OFFICERS FOR COMING YEAR _(Continued From Thirteenth Page) the year 1930, and 1930 was the best year wp to that time since the office opened here about seven years ago. Total production figures for the com- pany for the United States and Can- ada for 1931 have not heen announccd but last report indicated production about the same as the year before. The total resources of the company now exceed $46,000,000 and capital, sur- plus and reserve account shows over $6,000,000. November, 1931, was one of the best months, for the total pro- duction for that month in new business amounted to more than $11,000,000. The Washington office is managed by James Milton Sherrill. He has gone to New York to attend a meeting of all managers of the Eastern Division of the United States and Canada. The president, J. R. Ridgway, of Minne- apolis, is expected to attend this meeting. Investment Trust Switches. Hobson & Co., Shoreham Building, report that Incorporated Investors has added a considerable amount of W. T. Grant stock and International Business Machines to their portfolio. Increases have been made in Corn Products, Elec- tric Power & Light, First National Stores, General Motors, Pacific Gas & Electric and Sears, Roebuck. In order to bring about greater diversification the company has sold some of its shares in American Telephone, Du Pont, {-‘l‘rat National Bank and General Elec- ric, Telephone Dividend Earned. Walter S. Gifford, president of the American Telephone & Telegraph Co., has sent the following notice to local shareholders: “While final results of the company for the year 1931 are not yet available, preliminary summaries indicate that the company earned its dividend with 2 small margin without taking into ac- count its proportion of the undistrib- uted earnings of its subsidiary com- panies. The earnings of these subsidi- ?nlel. including the Western Electric Co., Inc., taken as a whole also exceeded their dividend payments. “The annual report of the company is in preparation and will be mailed to stockholders early in March.” Today's Trading on Exchange. Bonds were in good demand on the ‘Washington Stock Exchange today, sev- eral $1,000 sales being recorded in Washington Gas issues, Potomac Elec- tric Power Consolidated 5s and Capital Traction 5s. In the stock division Wuhlni'm Railway & Electrie came out at 9¢ and three 10-share sales in h{efiem.huur Linotype were registered at 51, increase in new business in 1931 over | REPARATIONS PAID ABROAD CHECKED U. 8. Officials Tackle Seem- ingly Impossible Task of Finding Total. Although lacking official figures upon which to base a compilation, Govern- ment officials today set about the ap- parently impossible task of determin- ing just how much reparations Ger- many has paid to the allied nations and the amount each country concerned has received. One set of statistics, compiled from various foreign documents, set forth the total German payments to the allies at $5,106,000,000, and another, presented to Congress last month by Representative Parsons of Illinois, set the total Ger- man payments up to March 31, 1930, at approximately $7,600,000,000. ‘The first compilation, which includes all payments made by Germany in cash and kind, set those before the adoption of the Dawes reparation plan at about $2,418,000,000, the payments under the Dawes and Young plan at $2,288,000,000 and payments on account of the 1924 German loan at $2,688,000,000. Figures Not Complete. There are no records whatever as to the division of the pre-Dawes plan pay- ments, but from the most accurate fig- ures obtainable, the payments made under the Dawes and Young plans, in- cluding those to the United States on account of the Army of Occupation, were: France, $1,204,600,000. Great Britain, $484,500,000. Italy, $185,000,000. Belgium, $165,000,000. Jugo Slavia, $99,400,000. United States, $103,000,000, Rumania, $18,300,000. Japan, $15,800,000 Portugal, $15,200,000, Greece, $6.200,000. Poland, $500,000. Figures compiled from various foreign sources also set the total German pay- ments to France alone since the close of the war at-approximately $5,000,000,- 000, but at the same time these figures are contradicted. Fail to Agree. Dr. Hjalmar Schacht former presi- dent of the Reichsbank, in his book, “The End of Reparations,” set the total German payments to the Allies at $12,- 000,000,000, while George Auld, former accountant general of the Reparations Commission, put the total at $4,500,- 000,000, Representative Parsons held that the value of land ceded by Germany to the allies was $4.300,000,000, payments in 1920 and 1921 amounted to $900,000,000, and payments in 1922 to approximately $350,000,000, while in 1923 and 4924, Parsons said, payments totaled $200,000.000. The first annuity under the Dawes reparation plan was approximately | $250,000,000, the second payment $275,- 000,000, the third payment about $325,- 000,000, the fourth annuity $400,000,000 and the fifth annuity $600,000,000. The allied nations, some of which have taken the position that inter- national debts must be revised to meet present day economic conditions, have in the meantime reduced their total indebtedness of $11,466.028,562 to the United States by $443,310,743, but in the same time paid this country $1,230,926,551 in interest. France owes the United States $3,863,650,000 and has made total pay- ments of $486,075,891, of which $161,- 850,000 was on principal. Great Britain owes the United States $4,398,000,000 and has made total payments of $1,911,798,208, of which $202,000,000 went to reduce the principal. LOFT REPORTS SHARP GAIN IN YEARLY SALES Loft, Incorporated, reports sales for December, 1931, of $1,862,847, an in- crease of $291,749, or 18.5 per cent. Sales for the vear, 1931, totaled $14,318,- 524, an increase of $4,762,422, or 40.8 per cent. The company reported a gain in customers during December of 588,124, or 20.4 per cent, and a gain in cus tomers for 1931 of 6,851,434, or 25.4 per cent. Business Notes NEW YORK, January 14 —The Spring Lamp Trade Show at the Hotel New Yorker is said to be attracting an in- creasing number of buyers. Parchment shades are reported to be in good de- mand for Spring as they were last year, with silk and rayon types attracting less interest. Demand for gray goods has fallen oft somewhat from thc volume of the past week, but prices continue to show a firm tone, according to market observers. A good part of recent buying has cen- tered in 39-inch 80 squares at 5'; cents for spot goods and 51% to 5's cents for contracts. In his annual report Herbert Gut- terson, president of the Institute of Cas pet Manufacturers of America, expresses the opinion that the soft surface floor coverings industry has run the course of defiation. He believes that Spring business will be based upon firmer foun~ dation. Business in sheets and pillowcases has been large enough to tax the capacity of some manufacturers during the past week, it is reported in textile trade efr- cles. Buyers are using these goods for current white sales. Co Ofter 100 4-33 100 98 28.33 100 1-3; 100 2-3f (Reported by Chas. D. B Rate—Maturity. 2%s June 15, . 100 1-32 25" Mar 99 30-32 51 98 20-32 las Sept. 9% 15, 1 99 31-32 arney & Bid i 38 Sept. S B2l 15, 152 France's wheat acreage is larger than & year ago. FINANCIAL. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, January 14—The fol- lowing is & summery of important cor- poration news prepared by the Standard Statistics Co., Inc,, New York, for the Associated Press: News Trend. Electric power production for the week ended January 9 totaled 1.619.- 265,000 kilowatt hours, a decrease of 5.5 per cent from the corresponding week of last year, according to the National Electric Light Association. This decline is greater than was re- ported for the previous week, when out- put was 4.6 per cent below the like week of last year. The Companies. American Superpower—1931 common share earnings, 4 cents vs. 38 cents. Aviation Corporation (Delaware), subsidiary American Airways—Carried 51,647 passengers in 1931 vs. 60,074 in 1930; revenue miles flown in 1930, 7,568,968 vs. 6,766,119; added 1,191 miles of new routes during year. El Paso Electric—Combined preferred share earnings 12 months to November 30, $26.18 vs. $33.65. Grigsby-Grunow Co.—Producing about 1,000 radio sets daily. National Radiator Corporation—Re- ceivers’ report show book value of assets October 8, 1931, of $11,944244; oper- ations in period October 9 to November 30, 1931, resulted in net loss of $14,630. American Sugar Refining—Declared $1 common dividend; formerly paid $1.25 quarterly; 1931 deficit, after charges and dividends, about $1,250,000; adjusting wages and salaries; cuts price refined sugar 5 points to 4.15 cents a pound. Century Ribbon Mills—Plants oper- ating at 55 per cent of capacity; 1931 yardage sales up 10 per cent. Loulsville -Gas & Electric—Gross earnings 12 months to November 30, 1931, up 2.2 per cent; net earnings up 10.2 per cent. Northern States Power—Gross earn- ings 12 months to November 30, 1931, up 2.5 per cent; net earnings up 5.2 per cent. . Oklahoma Gas & Electric—Gross earnings 12 months to November 30, 1931, off 17.4 per cent; net earnings off 18.5 per cent. Philadelphia Co.—Gross earnings 12 months to November 30, 1931, off 8 per cent; net earnings off 5 per cent. Prairie Oll & Gas—Directors sanction plan for merger of company with Sin- clair Consolidated Oil and Prairie Pipe Line; exchange basis share for share with new company. Standard Gas & Electric—Gross earn- ings of subsidiary and affiliated utility companies in 12 months to November 30, off 5 per cent; net earnings off 2.6 per cent. American Telephone & Telegraph— Earned $9 dividend in 1931 with slight margin and without including company's proportion of undistributed earnings of subsidiaries. General Motors—Reported to have placed order for 100,000 tons of pig iron among National Steel, Republic Steel and Interlake Iron. Metropolitan Chain Stores—Receiver appointed for company and two sub- sidiaries by Federal Coyt, New York. Montgomery Ward & Co.—Prices in new Spring and Summer catalogue show reductions ranging from 16 per cent to 66 per cent from year previous. Brokers’ Comment NEW YORK, January 14—Brokerage houses generally felt today that the stock market rise would continue, al- though some pointed out that as yet there had been no change in business fundamentals to warrant too large or rapid an advance. edmond & Co.—While we are of the opinjon that the market has not yet exhausted the possibilities of a further rally, there is a certain artificiality about it, and we believe the need for caution still exists. There undoubtedly has been a marked improvement in sentiment in the last week or 10 days, based on expectations that the various relief measures now under way will re- vive confidence and stimulate a trade revival. Basic fundamentals, however, have not yet changed, and until the improvement in sentlment is trans- lated into better business, a conserva- tive trading and investment policy is desirable. Hornblower & Weeks—The period of hesitation and irregularity the early part of the week undoubtedly has strengthened the technical position of the market considerabiy, in that during this period it probably encouraged re- newed selling for the decline from sources not yet in sympathy with the recovery movement. As a matter of fact, the advance ever since it got under way a week ago has been accomplished in such easy stages as to encourage the maintenance of the amateur short posi- tion which undoubtedly existed at that time, and should prove a factor in any further extension of the recovery move- ment. Jackson Bros., Boesel & Co.—The im- mediate future looks favorable and it stands to reason that money will come out of hiding and will be available for investment in fine equitles as long as the outlook is bright. Thomson & McKinnon—The vitality of the market suggests that higher prices will be seen. Munds & Winslow—Prices of both railroad and industrial issues give technical indication of a further ad- vance even if interrupted by some re- action. . Postal Savings Deposits. BALTIMORE, Md,, January 14 (Spe- cial).—Deposits and depositors in postal savings at Baltimore more than dou- bled in 1931, as against 1930, it was shown in a report just issued by the Baltimore Post Office. The increase in deposits was $990,- 638, and depositors totaled 1,708, com- pared with 764 in 1930. The largest increase for any month was $258,830, in September, and the next largest, $181,184 in October. In November and December there was a decline in comparison with the de- posits of other months in 1931. The figure for November was $58,856, and that for December, $62,935. AND BOND AVERAGES By the Assoclated Press. From Yesterday' STOCKS. 50 5 Tndustrials. Today..... 7 Previous da; Week ago.. Month ago. Year ago. Three years ago. Five years ago High, 1931-32 Low, 1931-32.. High, 1930 2 Low, 1930 High, 1929 Low, 1929 Previous day. Week ago Month ago. Year ago. Two years Three years ago. High, 1931-32 Low, 1931-32.. s 5:30 Edition, 20 20 Utilities. 104.5 100.3 99.0 98.4 162.6 198.3 103.5 2039 92.7 281.3 146.5 353.1 (Copyright. 1982, Standard Btatistics Co.) xxy A—18 GERMANY DEPENDS ON EXPORT TRADE Maintenance of Gold Stand- ard Hinges on Volume of Sales Abroad. ‘The ability of Germany to continue adherence to the gold standard is de- pendent upon the maintenance of the substantial export surplus, estimated at close to $720,000,000 in 1931, the Commerce Department today was ad- vised by Commercial Attache H. Law- rence Groves at Berlin, Mr. Groves pointed out that Ger- many’s exports during the last twe months of the old year showed ten- dencies of declining sharply. He also said that the republic closed 1931 with industrial and trade activity at the lowest level of the year. “The recession during the last three months, however, was greatly dimin- ished following the heavy decline as a result of the financial debacle of last Summer,” Mr. Groves asserted. Industrial Index. He reported the general index of in- dustrial production is now approxi- mately 65, on the basis of 1929 as 100, and various factors seem to indicate the approach to minimum production levels to meet the minimum require- ments of the consumer, notably in iron and steel, machinery, cotton and wool textiles, shoes, paper, foodstuffs, porce= lain, glassware and furniture industries, German _exports for the first 11 months of 1931, according to Mr. Groves, were in value off 20 per cent, and imports 36 per cent as compared with 1930, and 29 per cent and 50 per cent, respectively, as compared with 1929, indicating that the volume of exports was maintained close to the high level of 1929. “This satisfactory result in export trade,” Mr. Groves explained, “was largely attained at the expense of the domestic market where concessions in many lines, despite government inter- vention, have not kept pace with the downward movement in the other countries. “The December emergency decree compelling a country-wide reduction in wages, rents, interest rates, commodity prices and freight rates embodies an aggressive government action to cor- rect this situation and maintain the compegitive position of German prod- Ect; in the domestic and foreign mar- ets. “The country has accepted and is carrying out these drastic measures in what is stated as a commendably will- ing spirit, which inspires confidence in the ability of the German trade and industry to weather the present trou- bles, despite the serious international financial and commercial problems still unsolved.” Less Bankruptcies. Mr. Groves reported both bankrupt- cies and receiverships declined in De- cember as compared with November, ‘The total unemployed at the close of December amounted to 5,668,000, as compared with 5,057,000 for the pre- ceding month. New York Cotton Special Dispatch to The Star. NEW YORK, January 14—Opening cotton prices today were 3 to 6 points higher, with trading quite active in near months. Professional operators were buying contracts offered from commission houses. Opening prices were: January, 6.58, up 4; March, 6.66, up 4; May, 6.86, up 6; July, 7.03, up 6; 1.2 up 3 and December, 7.39, up 5. Grain Market By the Associated Press. CHICAGO, January 14—Influenced by fresh upturns in Wall Street securi- ties, grains scored an early advance to- day. Liverpool reports of large offer- ings of Argentine wheat failed to aet as an offset. Opening 4a% higher, Chicago wheat futures held near the initial limits. Corn started J4a% up and showed little tendency to react. Wheat bulls emphasized assertions of likelihood that the United States may be called upon to supply a larger share of prospective increased export demand for North American wheat. It was urged that for the remainder of this crop season there is 50,000,000 to 65, 000,000 bushels less wheat available for shipment by exporting countries outside of North American than was the case & year ago, and that importers’ takings are likely to increase rather than dimin- ish. The point was also made that dur- ing the second half of last season Gov- ernment support heald United States wheat 15 cents or more above the Liver-~ pool price, whereas Canada remained on a world basis, and that this year Canada has a smaller supply. Enlarged Russian exports of wheat attracted considerable notice, but were without any noticeable influence as a price factor. BANKS IN ARLINGTON COUNTY SHOW STRENGTH Arlington County banks at the close of business on December 31 show total assets of $2,500,000 according to figures compiled by John E. Fowler, president of the Arlington Trust Co. of Rosslyn, Va,, following the year end call issued by the controller of currency. Deposits, as stated on the date of call are a little lower than on Septem- ber 29, 1931, the date of last previous call, because of the payment of the largest Christmas Savings Club Punds on record in any of the local banks, there being an inorease of 20 per cent over the previous year. Individual bank statements to be published in local papers, in response to tre call sent out last Monday, show all local Institutions in a very sound and liquid condition. It is the ieneru opinion that the current year will show a marked improvement over last, due, in part, to the bicentennial celebration as well as to the natural growth of this rapidly developing Virginia suburb of Greater Washington. o ‘WHOLESALE PRICES. By the Associated Press. Wholesale prices, as measured by the Commerce Department, lost a full point curing the week ended January 9. The index maintained by the department follows for comparable weeks, based on representing 1926 averages as 100. In addition, the selling price of a ton of composite steel products is given for like periods. Al commodities. Steel. Week ended January 9 Previous week.... Same week last year NEW MARYLAND ISSUE. BALTIMORE, January 14 (Special) — The State of Maryland will enter the market for funds February 10, when bids will be opened for a new issue of $2,122,000, bonds bearing 4'4 per cent interest. . The proceeds of the securities will be used for various construction purposes. The bonds will be dated Feb- ruary 15, 1932, and will mature Febru- ary 15, 1935 to 1947. They will be ar- 1anged in two series, to be called the General Construction Loan of 1932 and the Ocean City Inlet Loan. Life insurance companies of Czechoe ha -