Evening Star Newspaper, January 16, 1932, Page 14

THE EVENING STAR, WASHINGTON, D. C. SATURDAY. JANUARY 16, 1932 FINANCIAL IFRACTIONAL DROPS | Cexex ome BONDS swooncrca ] ARKETS REFLECT ARK BOND SALES Reccived by Private Wire Dirzct to The Star Cfiice Market Reacts Downward UNITED STATES. Sales. High !Bank Credit Expansion Pro- Slightly in Moderately FINANCIAL NEW YORK STOCK EXCHANGE Recelved by‘ Private Wire Direct to The Star Office. "A—14 ¥x BRITISH COURAGE | - REVIVED FOR 1332 Nation Passes Through Storm of Economic Strife Low. Close. (Sales are In $1.000.) Laclede5%sD'$0. 3 Sales. Hign. LOW. Lake Shore 3145 97 Lib314532-47..1563 954 9424 Lautaro Nit 8 '54.. L1st4%s32-47 63 98 12 Leh Valcv 45 2003, L 4th 4% 2$3-33372 98 30 Lig & Myers 51 '51. US3s1951-5... 87 8418 Lorillard 53 ‘51 US3Ks'49.... 13 8510 Lorillard 7s "44 3RIM41-3 23 90 16 La & Ark 5360 %57 40-3.115 9012 9013 | Lou G & El 58 '53... #343-47.. 17 8917 8917|L & N5sB2003..., 917 |L&N 1st5%s 2003, 97 [Lvonsés'34....... Close. 9424 98 20 99 1 8428 8516 90 17 Stock and Bales— Dividend Rate. ~Add e 1 108 —I01— Huh. Low. 9% 1% United Stores (A). 52 21 United Stores pf (4). 57% 24 UnivPiclstptf (8).. 31 7% Ut Pwr&LtA (3).. 19 76% 11 Vanadium Corp..... 23 109 81 Va Elec&Pwrpf (6). 108 26 % Wabash RR... 14 Wabash R R (A) {Continued from Page 1 Bales— Net. 'Add 00. High. Low. Close. Chge. 2% 2% — W 1 19 Stock and 3 Dividend Rate, 124% 19'% Tex Gulf Sulphur(3) 4% Tex Pacific Land Tr. 3% Thatcher Mfg Co.... 6's Third Avenue. . gram Seen as Drive to 90 24 Arrest Deflation. 96 20 8 8 s s s s 55 S4s44-5 97 8 Into More Quiet Waters. BY FRANK HAVILAND KING. By the Associated Press LONDON, December 23—The 'year 932 will-write significant new chapters E;:m centuries-old story of the British ple. Through & storm of economic and political difficulties, the nation has emerged upon quieter waters, and as ‘the year ends can rest and breathe more easily for awhile, gathering strength to renew the attack upon its problems. The crisis has not passed. The politi- cal .aspects of the situation have been solved. But the roots of Great Britain's economic. and industrial difficulties lie deep in the history of the times. Find- ing their beginnings in the World War and its aftermath, they cannot be cured Quickly. Recovery has been slow, but even op- ponents of the national government admit conditions might have grown gnuch worse. There has been no panic, icomparatively few disturbances and no 'material destructive effect upon the wocial life of the nation. Nation Remains Calm. Through dramatic political changes and basic alterations in its financial and economic life, Great Britain has remained steady and calm. John Citizen has tightened his belt, grimly submitting to heavier taxation and re- duced wages. Rich and poor have been called upon to make sacrifices. The immediate reward has been ape from a financial crash and cur- ency inflation which at one time dur- ng the crisis seemed imminent. The pound sterling, which fell 20 per cent in its dollar value when its gold an- chorage was abandoned, has escaped the headlong depreciation which after the World War befell both German and ch’ currency. British exports have increased, due to' the position of the pound, and the Islight industrial revival has given new courage to,the nation. Above all, un- employment is at last on the decline. In July 2,714,000 were out of work and the figure seemed headed for the 3,000,000 mark before the year end. In- stead unemployment reports show a steady decline of & few thousand each w . Budget Is Balanced. ‘The British bndget Has been balanced. Unsound unerhployment finance has been corrected, without sacrificing the unemployment scheme itself. Govern- mental extravagances of every kind have been curtailed, with cuts in pay for everybody, from the prime minister himself to the blue-coated policemen who direct London traffic. . Economy measures have been insti- tuted in the fighting services, despite unrest in the fleet, which, by tact and ~cageful handling, was kept from spread- In the short session of Parliament fust ended the MacDonald administra- tion began to attack its next great problem—that of correcting Britain's serfous adverse balance of trade, amounting to £3060,600,000. Sails New Seas. Abandoning its traditional free trade policy as it forsook the gold standard, Great Britain is sailing new and unex- plared seas, feeling its way along un- charted economic routes. ‘The shaking the Empire received last Summer and Fall may result in its awakening, for Britain's present objec- tive is the welding of dominions and < es into economic unity with .the ‘mother country. India remains Brit- ains paramount political problem, test- ing statesmanship to its supreme limits. international fields the National government depends upon concerted ac- tion by all countries concerned for so- Jution of the problems of World War «debts. This. problem will be Prime Min- ister MacDonald’s immediate concern ‘when he returns to Downing Street from his much-needed Winter holidays. Washington Produce "mtwr<one-pound prints, 29; tub, Eggs—Hennery, 17al9; current re- ceipts, 15a17 Poultry, alive—Turkeys, old toms, 20 822; young toms and hens, 25a28; chick- ens, 3 pounds and over, 18a21; 2 to 212 pounds, 18a20; broilers, 1} to 2 pounds, 18a20; hens, large, 20a22; small, 15a16; Leghorn hens, 14a15; roosters, 11; keats, young, 40a45; old, 25a35. Poultry, dressed—Turkeys, old toms, 24a26; young toms and hens, 27a30; chickens, 3 pounds and over, 20a22; 2 to 215 pounds, 23a25; broilers, 1% to 2 pounds, 23a25; hens, large, 23a25; small, 17819; Leghorn hens, 17al18; roosters, 14:,keats, young, 60a70; old, 50. Meats—Beef, prime, 16; choice, 15; good. 121;a13; cow, 9%5al0; lamb, top, 13; medium, 12: veal, top, 15; medium, 14; pork loins, 11; fresh hams, 8 to 10 pounds, 12; 18 to 22 pounds, 19; smoked hams, 16a17; strip bacon, 16al7; lard, 80-pound tins, 8%%; package, 9; com- pounds, 7a7%3. Live stock—Hogs, light and medium, 4.00a4.50; heavy, 4.00a4.25; pigs, 4.00a 4.50: roughs, 2.00a3.00; calves, 4.00a8.00; Jambs, 4.00a6.00. —Strawberries, pints, 121a15; 25a35; apples, bushel baskets ; fancy box stock, 2.50; oranges, Florida, 3.00a3.75; California, 3.7524.00; grapefruit, 2.25a3.25; pears, 3.00a3.50; pineapples, 3.00; grapes, Emperors, 3.50a 400; lemons, 3.50a5.50; tangerines, 1.25a1.75; persimmons, 1.00a2.00; kum- quats, quart, 10al5; bananas, 75a2.00; Alligator pears, flats, 2.50a3.00; Bermuda, 2.00; Honeydews, Chile, 4.00. Vegetables — Potatoes, 100 - pound sacks, 125; Idaho bakers, 2.50a2.75; sweets, 65a1.25; tomatoes, 30-ppund baskets, 4.00; peppers, 2.00a3.00 r- rots, bushel baskets, 1.00a1.25; ts, per 100 bunches, 3.25a3.50; string beans, 2.00a2.50; limas, 4.00; peas, 6.00a7.00; lettuce, Iceberg, 4.00a5.50; cabbage, new, 1.00; old, 75a1.00; spin- ach, 75a1.00; kale, 65a75; 1.50; mushrooms, 50a75; broccoli, 2.50; turnips, 50; artichokes, 4.00a5.00; celery, 3.50; eggplant, Cuban, 2.50; squash, white, Florida, 4.00; 1.50; cucumbers, box, 4.50. CANADA'S GOLD RESERVE .| clerks and shopmen. rhu- barb, hot house. 5 pounds, 1.25; new, cauliflower, parsnips, 6% Thompson Prod 1.20 214 Tide Water Auso Ofl. 20% Tide Water As pf(6) 314 Timken-Detroit Axle 16% Timken Roller B(2). 1% Tobacco Products. .. 2 Transamerica Corp. 2 Tri-Contl Corp. % Truscon Stee Ulen & Co. Underwood-Ell-] Union Carb & (3. TUn Ofl of Calff (1.40) Union Pacific (19)... Union Pacific pf (4). Unit Afreraft....... Unit Adreraft pf (3). Unit Cigar Stare: Unit Corp (76¢)uaens Unit Corp pf (3) Unit Electric Coa Unit Fruit (3) 'nit Gas&Im(1.20).. Unit Pice Dys W (1). U S & Forn Secur. U S Indus Alcohol US Leather........ U 8 Pipe & Fdry (3). U S Realty & Imp.. .. U S Rubber. . U 8 Steel Corpa (§).. 36 94 U S Steel pf (7). - 6 110% 1% Walwor! 12% Warren 12 Weasson 444 Wesson 3 38% A 22% 6 Weston ™ 75 White S 2% 1% 85 Woolwol T Wright 80% 46 15w 3 4 xEx-divicend. 4% in stock. TPlus b Payable in stock. bPlus 2% in stock. 3% in m Pai stock. 43% 109 44% 14 tock. 109 -2 Ly 15% Worthington Pump. Wrigley (Wm) (4).. Yellow Truck...... 6% Zonite Prod Corp (1 Dividend rates as payments based on the % in stoc] d this year—no regular rate. » 2% in stoek. 17% Waldorf Sys (1%) th Co..... 214 Warn Bros Plctures Broscy pf3. % Webster Eisenlohr.. O11&Sno(2) . 0&Sno pf (4) 4915 West Pa E1 pf (6). 931 West Pa Pwr f (T).. 5' Western Maryland Western Pacific p! Western Union (6) Westinghse A B(2)... Westinghouse (2%). Elec Instru.. White Motors. ... ewing Mach. Wilcox Ofl & Gas. ... Willys-Overland rth (2.40) . 4n 22 Aeronautical 8 56% 3 4 4% 4G - % Y2 4 TR TR TH - % 1lv¢n in the above table are the annual eash atest quarte or half-yearly declarationa. iLess than 100 13 t) 'k & Pald r Payable in cash or stock. f Plus in st 1 Plus 50c in spesial preferred ltfik us 8% in ros. et Everybody’s Business U. S. Program to Aid Banks Is Felt, According to Latest Report of Federal Reserve Banks. BY DR. MAX WINKLER. NEW YORK, January 16 (NANA). —The Government's program to aid banks and other financial institutions throughout the country is beginning to be felt. ‘'According to the latest re- port of the Federal Reserve Banks, money in circulation has registered & decline of $42,000,000, which would seem to indicate currency gradually is| returning to the banks. It is also encouraging to observe | that despite a net loss in gold of $10,-| 513,000 during the past weck through | exports and additional ear-marking by foreign - banks, and-in spite of lower | imports, the gold reserve of the Fed-| eral Reserve banks showed a gain Of“ well over $16,000,000. | Reference was made here recently to | the possibility of bringing into being .one; more fiscal institution to help solve the many complex economic problems with which the .United States is ccn- fronted. It appears that the supposi- tion has proved correct. A depositor's relief corporation is to be set up if the Beedy-Thomas bill is adopted. The capitalization of $150,- 000,000 will be subscribed by the Gov-| ernment and the Pederal Rescrve sys-| tem. The corporation will issue its own securitiés up to $600,000,000, for| the purpose of anticipating liquidation | of free assets of closed banks to the ex- tent of half of the contemplated return. U. S. People Would Pay. In other words, depositors would re- ceive immedtately about 30 per cent of their funds. It is, of course, worth remembering that all the hundreds of millions that are proposed in the final analysis will come out of the pockefs of the American people. No difficulties are anticipated at the conference between the railway ex- ecutives and the brotherhoods convened at Chicago to decide on a wage reduc- | tion, A number of companies have al- ready succeeded in making private ar- rangements with their employes. | The latest move in this direction is that made by the Bangor & Aroostook | Raliroad, which is not represented in the wage controversy by the commit- tee of railroad presidents. A 10 per cent reduction for one year has just been arranged with all its officials, Atterbury Hopes for Wage Cut. Gen. W. W. Atterbury, head of the | Pennsylvania Railroad, is hopeful thfltl organized railroad labor, as their con- | tribution in helping the country recover from the depression, will voluntarily of- | fer to accept the proposed wage reduc- tion of 10 per cent The saving, Mr. Atterbury estimates, would amount to from $200.000,000 to $225,000,000 & year. He adds that if these hopes are disappointed, the rail- roads will be compelled to proceed for- mally under the terms of the transpor- tation act, which will involve regret- able and harmful delay. It has been estimated that the 10 per cent reduction in the wages of the organized -employes of the Great North- | ern Railway Co. should result in a sav- | ing of about $3,600,000. This is equivalent to about $1.44 on the pre- | ferred stock of the system (there be- | ing no common), and compares with | aboug $1.50 expected to be reported for | | | the past year on the road's junior se- curity. If one adds the benefits to be de- rived from the recently granted freight increase, ancther $1,500,000 will be available for the carrier, or a total of well over $2 a share, exclusive of the road’s own operating income. The outlook for the Great Northern and its various securities therefore may be viewed with a considerable degree of optimism. One hears very little about the Pull- | man Co. these days. A conservative investment once, the shares have re- ceded rather sharply in price, due to reduction and fear of entire omission of dividends. The stgtus of the com- pany may be assumed to be distinctly on the mend. After the 10 per cent be released by the carriers. Pullman should obtain & considerable portion in the distribution of whatever orders are placed for new equipment. Auto Maker Expects U. S. to Buy. The last year provided an acid test for the management of financial insti- tutions as well as business in general, according to John Ballantyne, president of the Detroit Bankers’ Co. He also points out that those who have made the ad- justments necessary to meet changed good deal of confidence. Mr. Ballan- tyne refers to his own company as hav- ing_made such adjustments. The public is expected to respond to the big values that now are being | head heavier than a week ago. wage cut, some orders are expected to | conditions can face the future with a | VALUED AT $66,900,148 Bythe Associated Press. OTTAWA, Ontario, January 16— Canada closed the calendar year with gold to the value of $66.900,148 held by the minister of finance, the department reported today. This was $2,740,209 in exgess of statutory requirements to pro- tect the Dominion note circulation and government savings bank deposits. A falling off was noted in the volume of Dominion notes in circulation as compared with the end of November. Total at end of December was $174;- 390,411 and at the end of November $197,262,085. ‘Total amount of gold held fell off correspondingly from $%1,- 051,033 &t the end of February to $66,900,148. e g Plan Lamp Trade Show. NEW YORK, January 16 (P).—A Fall lamp trade show will be held Au- gust 290 to Septerber 2, it was an- nounced at the conclusion of the Spring exhibition at the Hotel New offered, in the opinion of L. A. Miller, president of the Willys-Overland C Mr. Miller adds that since the auts mobile industry is such a big economic factor, it may result in that buying ac- tivity which will start general busi- ness on its way to normal. As a result of the disorganization on the foreign exchange markets, the diffi- culties in carrying on trade and com- merce are increasing. Nations faced with “ currency problems are therefore resorting to the primitive method of barter. Rur?uy is at present negotiating with Austria, Poland and Rumania to purchhse her salt consignments in these countries. In return, Hungary agrees to ship Austria agricultural products, agricultural _machinery to Rumania and wine to Poland. (Gbpyright. 1932. by the North American a Newspaper .Alliance. Inc.) Americans Need 2 Acres Each. A little m\ore than two acres of land is required \to produce food for the average American, according to esti- HOT WEATHER HITS LVE STOCK PRICES All Categories Suffered Dras- tic Declines in Unseason- able Heat. BY FRANK 1. WELLER, Assoclatd Press Farm Editor. Unseasonably warm weather cut a wide swath in the live stock markets during the last week and prices in all categories suffered rather drastic de- clines. It has been the recent experience that when temperatures rise and the consuming public decides to lower its cost of living, meat is the first item of the diet to be affected. Almost without exception, wholesale values of dressed meats have been in a slump for the last seven days. Although cattle receipts at the 12 principal markets were scarcely more than 2,000 head in excess of a week ago, medium and good steers and long | yearlings lost 50 to 75 cents at Chi- cago. Common kinds were 25 to 50 cents lower. The light supply of choice steers was steady. Shortfeds comprised the big end of the run and the bulk turned at $5.25 to $75.50. 50 Cents Below Top. The extreme top .of $11 on long vearlings was almost 50 cents below the top of a week ago. Best heavies scored $10.65. Medium-grade steers made up 55 per cent or more of the run and the dressed meat market on these kinds was very bad. At Kansas City the demand for strictly good steers was fairly broad and lightweights were about steady. Other weights and grades were mostly 35 cents to 75 cents lower than a Week 8go. Medium and good grades were 25 to 50 cents lower at Omaha, where strictly good and choice steers were fully steady with prices of a week ago. East St. Louis was 50 cents lower on slaughter Steers and 50 cents to $1 lower on mixed yearling steers and heifers. Already in the doldrums, hogs took another licking during the week all around the board. Although they came back 10 to 25 cents at Chicago as the week closed prices generally were 25 to 40 cents lower than on Thursday of last week. ‘The average price paid there on that date was $3.90 per 100 pounds, the lowest since December 17, 1931, when the average was $3.98. 'The current Chicago top is only $4.35, or a little more than 4 cents a_pound for the | finest hogs the corn belt can offer. Decline Justified. With shipping_orders curtailed ma- terially and local packers in a bearish mood. hog prices declined 30 to 40 cents at Kansas City. They were 25 to 40 cents lower at Omaha and 35 to 50 cents lower at East St. Louis. The decline in hog values had some justification in the fact that receipts for the week were more than 200,000 To a degree the same was true of sheep, which numbered approximately 20,000 head more than last week’s pun. As a rule the Chicago lamb market was 10 to 15 cents lower on important sales, Fed lambs were unchanged and sheep strong to 25 cents higher, but the bulk of sales averaged $6 to $6.40. There was a fairly broad demand for sheep at Kansas City late in the week, and prices declined only 10 to 15 cents. Choice fed Westerns sold for $5.75 to $6 and the top was $6.10. There was a healthy undertone to the were steady to 25 cents higher. Sheep were steady to 25 cents lower at East St. Louis and lambs steady. PROFITS OF DRUG TRADE DROP ONLY 10 PER CEN | Special Dispatch to The Star. NEW YORK, January 16—Because of the necessitous character of drugs and medicines, consumption of these products has been relatively well main- of New York in a current survey, add- ing “For the full year, 1931, we estimate that sales of proprietary remedies re- ceded not more than 15 per cent from those of the preceding year. Through numerous economy measures and lower raw material costs, moreover, it is probable that earnings for the trade as a whole experienced a decline of less than 10 per cent from the satisfactory 1930 showing. For the early part of 1932, also, indications point to a well maintained level of income. “Several legislative measures have been formulated which, if enacted, might have a slightly adverse influence on the trade. These include a resale price code, Federal advertising control and amendments to the food and drug act. But most important are the pro- posed luxury taxes on cosmetics, per- fumes and certain proprietaries. Should such a tax become law, it is probable that manufacturers would absorb at least part of the impost, to the moder- ate detriment of profit margins.” SEAT PLEASANT BANK HAS ANNUAL ELECTION Officers elected at a meeting of the stockholders of the Southern Maryland Trust Co., Seat Pleasant, Md., yester- day are: A. O. Dille, president; W. S. Collins and Willlam G. Brooke, vice presidents; Allen McCullen, vice presi- dent and secretary; Mrs. Mary E. Myers, treasurer; Leo J. Naughton and William H. Brooke, assistant treas- urers. The following directors were elected at a meeting January 11: B. E. Beh- rend, Mendel Behrend, J. E. Binger, Wwilllam G. Brooke, William H. Bronke.; Mrs. Mary M. Carmody, W. S. Collins, | A. O. Dille, W. Clinton Brown, W. J.| Hayward, Charles D. Heffner, Charles | L. Higges, D. G. Joseph, William H. Lacy, Allen MacCullen, Reginald L. Yorker. More than 800 buyers attend- ed the, ing event, according to mates of Massachusetts State Colicge ‘authorities. Nalley, F. L. Watkins, George N. Wells market at Omaha, where lamb prices | |Unexpected Gains | Shown in Business In First Full Week Review, However, Indi- cates Activity Below Open- ing of Past Years. Special Dispateh to The Star. NEW YORK, January 16—The year has started with considerably more snap than was expected, though less than in '30 and '31, says the Business Week. The first full week’s records do not in- dicate any definite turn in industrial | and business activity, but they show some response to seasonal stimulus in steel and the cotton trade and at least | Tesistance to further recession in almost | all lines. | Commodity prices continue encou- ragingly steady. Active interest in the auto show has aroused” more optimistic | estimates of Spring output. Power pro- | duction, carloadings, construction proj- | ects are still slack. The first half of January has been distinguished chiefly by pronounced im- | provement in securities markets, prin- | cipally in rails and especially in bond | prices. Some of this is usual at the season, but most of it is undoubtedly | due to improvement in railroad pros- pects, high hopes of early relief from banking strain through the Reconstruc- tion Finance Corporation and recent expectations of rigorous reversal of pas- | sive Federal Reserve policy in face of | destructive deflation. | _Moves toward easier money rates in {the New York. market have stimulated speculation on the possibility that the | reserve banks wil lembark on aggressive | open-market operations to force member | banks credit expansion and facilitate | Federal financing. This is important if true, but it is too early to tell whether |1t is, and whether it will be eflective. Political and popular pressure toward expansion is powerful and may prove | irresistible; but the response of banking | authorities to the inevitable has been |so belated and the credit mechanism so crippled by lack of confidence that some form of more direct inflation may | be forced upon us if the commercial banks cannot or do not co-operate in | carrying out reserve policy. The preliminary index noted by the business week for the seven-day period | ending January 9, reads at 63.5. The | revised reading for the week ending | January 2, is 62.5. For the week closing | January 10, 1931, the index stood at 81.4. New York Cotton NEW YORK, January 16 (#).—Cot- ton opened steady today, 3 points up to 1 point off with trade buying in the | near “months. There was scattering week-end liquidation. March sold et 6.72. Selling increased slightly after the call, owing to the lower opening of the | stock market, with March selling off to | 6.67 and July to 7.00 or about 1 to 4 | points net lower on the active positions. | Trade buying was again in evidence in | considerable volume, apparently, around | the 7-cent level for July, checking the | decline and giving the market a fairly | steady undertone, with prices showing | rallies of a point or two from the lowest | around 10:30 o'clock. Liverpool cables reported trade call- | ing supplied by hedging and liquida- | tion in that market, but said there were | improved cloth and yarn sales for the British home trade.” The amount of | cotton on shipboard awaiting clearance | at the end of the week was estimated | at 216,000 bales against 108,000 last | vear. | anuary | March | May | July October December Grain Market tained, says the Standard Statistics Co. | CHICAGO, January 16 (#).—Set- backs in grain values early today ac- companied downturns of New York securities and wheat at Liverpool. ‘Weakness of the Liverpool market was ascribed to hedging pressure from Aus- tralia. Opening unchanged to !, cent lower, Chicago wheat futures afterward cagged all around. Corn started un- rhdanged to % off and continued to re- cede. Later, a sharp rally in wheat resulted from scarcity of offerings. Bears had asserted the outstanding obstacle to | price recovery was persistent meager- ness of export demand for wheat from North America. It was added that this condition seemed likely to continue ow- ing to cheaper prices from competitors, especially Argentina and Australia. An acknowledged offset, however, was that should an unfavorable crop outlook de- velop, it would quickly alter sentiment the world over. Reports that a half-inch of ice had formed on the ground in parts of Kan- sas attracted notice as an adverse fac- tor and caused better buying. There were also advices that in many parts of Russia an ice crust had formed and was causing anxiety about Winter crops. One of the largest brokerage houses here stated that January tem- perature, the highest ever known, had left domestic wheat susceptible to dam- age if temperatures dropped to low levels, and caught plants without ade- quate snow protection. Corn and oats rallied with wheat despite cheaper prgres 11.nmcmcngo. ovisions responded to a ‘ea stocks in lard h‘:gc, decacoi Silk Hose Reduced. NEW YORK, January 16 (#)—The Gotham 'Silk Hoslery Co. has announced reductions of from 25 to 50 cents, & dozen on Gotham gold stripe stockings. ‘The revision will permit dealers an ad- ditional mark-up as no change in the and Fred L. Wight, jr. retall ranges will be made. Heavy Trading. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 16.—Bonds re- acted narrowly today in moderately heavy trading. Losses ranged from 1 1o 115 points in the major body of domestic securities, with fractional dips in United States Government issues. Foreign dollar bonds were irregular, Little beyond technical factors can affect the domestic bond market until the railroad conference at Chicago pro- duces some definite result and the un- certainty regarding the German situ- ation is cleared up. United States Government bonds dropped % to ' point on a fairly large volume of selling. Some of this was undoubtedly profit-taking by those who bought in at the lows, but wore of the pressure was attributable to the still heavy movement of bonds from sus- pended banks and other institutions ‘needing cash. Treasury 4, were most active and sold down nearly l; point at one time. In the last hour many of the Government descriptions made par- tial recoveries. Profit-taking pressed railroad bonds down 1 to 1!, points, with the move- ment centering mainly in speculative issues. Higher grade rail bonds were steady, and so were prime utilities, such as American Telephone 5s and Con- solidated Gas 5'2s. Junior utilities and industrials were more irregular. Texas Corporation 5s and Inland Steel 4l.s were both higher. International Tele- phone 5s, Western Union 5s and Inter- national Match 5s were lower. German bonds were firm. Young plan 5'2s and Dawes reparations 7s both retained part of their opening ad- vances. Prussia 6s, Berlin 6s, Frank- fort 6%s and other German municipals also improved. British 515s firmed with the steady tone in sterling. A few South American descriptions which have recently had good advances sold off under realizing. Japanese and Australian issues were little changed. The municipal bond market had a better tonc than it has had in some days. New York City's quick action in inaugurating an economy plan seemed to be satisfactory to those who a week ago were pressing down prices for New York City bomds. There were reports that New York State would shortly offer a block of bonds. The State’s obligations are currently selling around a 3.90 to 4 per cent yield basis, against yield bases around 53 to 6 per cent for the obligations of other States and cities. Washir{gton' Stock E;change SALES. Washington Gas 6s “A”—$100 at 100%5, $800 at 100%5, $1,700 at 100. Washington Gas 6s “B"—$100 at 10073, $300 at 103%. Capital Traction 55—$1,000 at 60. $1,000 at 60, $3,000 at 60, $1,000 at 60. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked 080 En c. Capital Traction City & Suburban 5s Georgetown Gas Ist 55 Potomac Elec. Cons. 5%. Potomac Elec. 8s 1953 Sibi ol Wash., Alex. & Mt. Vernon ¢tf. 2 Waskington' Gas 4%2s ko Washington Gas 5s Wasn. Gas 6s. Wi ries Wash, Rwy. & Elec. 4s.....0.. MISCELLANEOUS. Barber & Ross. Inc. 6is | Chevy Chase Club 5is.. Columbia Country Club'3i35. 1] W. M. Cold Storage 55 X STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Traction_Co. Wash. Gas Lt Co. (18) N. & W. Steamboat (12} Pot. Elec Power 6/ pid. . Pot. Elec. Power 5130 pid Wash. Rwy. & Elec. com, Wash. Rwy. & EL pfd. (5) NATIONAL BANK. Min. p [N Capital (14),......... Columbia (12 : Commercial (stamped) (i0) District (8) Fed.-Amer. Liberty (78 Lincoln (10) Metropolitan (14 Riggs (15)... Second _(9e) Washington Natl. Bk. & Tr. (2) i2)] . TRUST COMPANY. Amer. Sec. & Natl_ Sav. & Tr ) Prince Georges Bk. & Tr. (6) Union Trust-(8s) Wash. Loan & Tr. (i4) SAVINGS BANK. Bank of Bethesda (6%) an:: 3 281 e: Wash. Mechanics (20)... FIRE INSURANCE. American (12) Corcoran (10).. Firemen's (8).. National Union {15 TITLE INSURANCE. Columbia (6h). ... Real Estate (6h) MISCELLANEOUS. Barber & Ross, Inc., com.... Col. Medical Bidg. Corp. (6) Sand & Gravel prd. (7). b Fed.-Am. Co. pid, i Lanston Mognotype (6) Mer. Tr. & Stge. com. (10} Mer. Tr. & Stge. pfd. (7) Mergenthaler Linotype (6) .. Natl. Mtge. & Inv. pfd. (8) Peoples Drug Store pfd Real Est. M. & G. pfd. (8 ] @ hrop com. (1 Woodward & Lothrop pfd. *Ex. dividend bBooks closed. nase extra 130c extra. 817 extra. ell2% extra 7 extra. Unlisted Department. BONDS. Army-Navy Club 5s. Cosmos Club_ 4155 Commercial_Club Mayflower Hotel 6s Metropolitan ~Club ~474s. Nat. Press Bldg. st 5'as. STOCKS, Anacostia Bank..... Chapin Sacks 8% Dl Connecticut _Pie °Co. # Chr. Heurich Brewery.... ' . District Title Insurance Co . Franklin_National Bank...... Munsey Trust Co............ National Capital Insurance Ct Northeast Savings Bai 5 Park Savings Bank.. Raleigh Hotel Co... Washington Savings Bank. Washington Title Insurance Co. ‘Washington Base Ball Club . Wocdridge-Langdon Sav. Bank CHICAGO POTATO MARKET. CHICAGO, January 16 (P).—Potatoes —Recelpts, 66 cars; on track, 175 cars; total United States shipments, 606 cars; dull; trading rather slow: sacked per cwt., Wisconsin round whites, No. 1, 80a85; unclassified, 75a77%2; Mich- igan Russet Rurals, few sales, 85; Idaho Russets, No. 1, 1.50a1.60; Ne- braska Triumphs, 1.05a1.15. Minimum T st Earns 7‘10 Per Share. NEW YORK, January 16 (®)—Cur- rent estimates place the 1931 profits of Peoples Gas U[Bt & Coke Co. at slight- 1y more than $10 a share. The company earned $11.50 & share in; 1930 u U U U U u 3 3 335 46-56., 4 S4 Abitibl P&P 65 °53. Alleghany Cp 58 '44 Allegheny 5849. .. Allegheny 53’50 Am Chain 68'33.... AmF P5s2030.... AmIGChb%s 49, Am Intl 6% 49 Am Metal G%s .o Am Sug Ref 63°37.. Am T&T cv 4% w39 AmT&T 6865, ... Am T&T c trbs 46, Am T&T 6s s 1’60, Am T&T 63843 Am W Wks 5334, . Am Wat Wks 63 '75 Arrentine 535’62, Argentine 63 Oc's9. Argentine 6s A '57. Arm Del 5%s *43 Atchison adj 4s'95. Atchison gn 48 '95.. Atchiscv 434848, AtICL cl4s'52. Australia 4%s 43 .. Austria 78’57 ctfs. 0. Bk of Chile 6348 ‘67 Belgium 63 ‘55 Beiglum 638 ‘49 Belgium 7855 Belgium 7a 5| Bell Tel Pa § Tell Pa b B Ind Loan C erlin Cy EI oth Stl pm 6 '3 Bolivia 7 3 Bost & Me 45 '$1. Bos & Me 58 °55.... Bos &Me 58 '87.... Brazil 6% '26 Brazil 63483 Brazil 7s Brasil $s"41....... Bremen 7x35. Bd & Tth AV Bklyn Man 6s '68. . Budapest vs '62. Buenos A 6561 Pv. Buff Gen El 4%8'31 BR&Pitt ¢%s '57. Calif Packing 5840 Canada ¢ Canada 4% Canada 38’62 Can Nat Ry 434856 Can Nat 4%8'57. .. Can Nat 53 July’69. Can Nat 55 Oct '69. Can Nat 68'70. ... Can Nor 7s db Can Pac db 4 Can Pacific 4% s Can Pac 4%s'60 Can Pac5s'54..... Cent 11l G&E 5551, Cent Pac 45°49.... Cent Pac 55°60. ... Cen Ry NJ g 58 '87 Ches Corp 65 '47... C&OQgen4%s’92. C&O 43%sA'93.. C&O4%sB95... Chi & Alt 3s. : C B&Q 1st rf 5 CB&Q I11dv 4s°49. “hi & Est [11 58'51. Chi Grt West 4559 Chi M & St P 4s'89. Chi M&StP 4% S E. C M&St P 4%5'89. C M StP&P 63°'75. C M &St Pad)bs. Chi&NW 4145 2037, C&NW 4%s C 2037, Chi & NW en 4%s. hi & NW 6%s°36. Chi Rwys 5s ‘27 Chi RI&P gn 43 '88. Chi R1 & Prf 43°34 ChiR1&P 434852 ChiR Tcv4%s’60 Chi Un St 58 '44. ... C& W Ind 5%s '62. Chile Chile Chile 63 '63 Chile Cop db 58 '47. £CC & St L5s D63 Cologne 63 '50. .. Colon O1168°38. ... Colomb 6s Jan '61. Colomb 6s'61 Oct - Colo & Sou 4%s'35. Col G&F b8 Ma. i3l %847-52..121 101 6 6 20 23 29 2 27 10 1 3 41 38% 29 90 4674 67 1L 3415 100 21 100 26 Sales. High. Low. Close. 341y 2 102% 102% 102% 4 20 29 25 22 9 16 2 9 2 1 14 27 16 32 27 3 34 10 21 1 e oeRean Broho~nacaananBes 9 —te aanxNmn GRerabhEE o Syl Con Pwr Jap 6% Cuba 5%s 45 Cuba R R 5852, Crecho 88 52 Del & Hud rf 48 '34. Denmark 6% '65.. Denmark 63’42 Denver Gas 58 'fl.. D&RG W 68'55.. DRG&W5s"T8.. Det E G&R4%561. Det Edison rf 65’49 Donner St 75'42. Duquesne 4¢%s '67. Dutch East I 65’62, El Salvador 8s'48.. Erie 15t con 489 Erie gen 43 Brie cvbs Erle 5375, . Finland 5%s '58... Finland 6%s '66. .. Fla E Coast 58'T4. Fond J&G 4%s '52. Fram I D 7T%s’42.. French 738 41 Gelsenk'hen §s'34.. Gen Motors 68 '37. 0 G Ger Cen Bk Ger Cen Bk §: Ge*man Ts rep‘49. German Bank 78 ‘50 Goodrich cv 68 *45. Goodyr Ryb 68'67. . GrandTr sf db 65°36 10 2 .14 1 " o RSB0~ waw-ateRnene = 28 Grand Trunk 7a'40. 1 Grt Nor 4%s 17 E. Grt Nor 68’73 : Grt Nor gn 7s Greek 63°68....... Hud & M adj 58 '67. Hud & M rf 5867, Humble Oil 55 '3 Humble O 5% s '32. 111 Bell Tell 5 111 Cent 4% "66 11 Cent 6458 °36. ... 111 CCStL&N 53 A... 111 Steel 438 '40. .. Inland St 4%s Int Rap Tr 63 '68 Int R 16 6 3 Tr ata '66. . Int Rap Tr7833... 1 Int & Gr Nor 53 '56. Int & Gr Nor 61°52. Int & G Nad Int Cement 58 '48. . Int Hydro El 6344 6 11 Int M Co 5s ret’41..160 Int Match 65 °47. Int MM col tr 6341 Int Pap 63 A *4 IntT&T4% 0 Int T&T v ¢%458'39. Int T & T 68'55 19 Ttaly 75 '51. a1 Italy Pub S 7s°52.. Japanese 538 65, Japanese 6145 54 . Kan C FtS&M 48 '36 Kan City Sou 68'66. Kan G&E 4% Karstadt 6s'43 Kresge Found Kreug & Toll 5a'69. LacG St L 6s'34... Laclede 6% C83.. 106% 98% 100 9814 102% 9214 841y 504 5414 55t 641 75 874 921 61% 5l 5% 0 100% 100% 104% 56 39 41% 11y 1134 854 991 1001% 100% 464 98 9974 98 9 100%5 100% | NY NH&H 4%s '§T 100% 73 110% 113 37 100 1004 4515 9515 6 8954 9674 96% 100% 73 26% 94 12 9114 111% 113% 37 997 T4 991 100 1001 46 . We: McKes & R 5% %50, Man S 1st 7145 '42.. Manh Ry 18t 4590, Market St 7s '40. Marseille 63 ‘34 Midvale Stl 63 '3 Milan 64352 Mil E Ry & L 5361, Mi) El Ry&Lt bs *71 M StP&SSM 58 gtd. MSP& 534878, MK & T 1st 4390, MK&T4sB'62... MK&T4%s"T MK & T adj 55 MK&T prin 5sA’ Mo Pac gn 4s'76... Mo Pac 58 F '77.... Mo Pac 53 H '30. Mo Pac rf 63 '81. Mo Pac 548 A '49., Mobile-Ohio 58 '38. Mont Pow 53'43... Montevideo 6s '59. . Nassau Elec 4 Nat Dairy 5% Nat Steel 53’66 Netherlands 63 '72.. N Eng T 1st 63 '53.. NOT&MG5s B'54. Nw S Wales 65 '57.. Nw S Wales 58 '58. NYCgndl N Y Cent db 43 °34. N Y Cent 41452013 NYCrfim5s2013 N Y Cent db 6s '3 N Y Edisn 53 B'44.. (N Y Fd 1st 64541, NY ELH&P 4s'49.. NY NH&H db 45’57 100% 109 91 54 3 89%4 9114 50 40 98% 61 66% 16 884 35 NY NH&H clt 65 '40 NYNH&H cd NY O&W 1st 48’92 NY O&W xn 48’55 NY Tel 4%5°39 NY W&B 4% Nia Sh Md 5%s'60. Norf South 55 '61. . Ner Pac 48'97. Nor Pac 55 D 2047 Nor Pacr16s 2047, Nor St Pw 6s A "41. Norway 6363 . Norway 6%s a Norway 6s'43. Ore Sh L 55 gtd '46 Pac GRE 58 '42.... Pac T&T 1st 53'37. Pan Am Pet 63 '40 Paramount s '47.. Paris-Ly M 63 '58.. Paris-Ly M 78 '58.. Paris-Or 515s "68.. Penn4%sD31.... Penn gn 4%s'65... Penn 4%4s°'70 Penn 4% s "63. . Penn gen 53 ‘63 Penn 65 ‘36 S Penn P&L 4%8 ‘81, Peoples’ Gas 58 '47 Pere Mar 4%s '30.. Pere M st 53 56 Peru 63 '60. Peru 6s ‘61 Peru 7s '59. Phila Co 63 '67. . Phila Eiec 4s°11... Phil & Reac 63 '49. Phillip Pet 5%s ' P C C&StL 55 A 'T0 Poland 78 '47. Poland 85 '50. Port Gn E1 414860 Pos Tel & C 5853 Prague 7343 '52 Prussia 65 ‘52 Public Serv 4 Pub Sv G 4 Queensianad 68 °47.. Reaa gn 4%8s A ‘97, Rem R 6%s A "47 Rhinelbe ] Rhine West 63 '53.. Rhine West 63 '55. | Ric de Jan 6%s '53. R Gr Do Sul 656 Rio Gr W 1st 4539 RIAr &L 4%s 34, Rome 6% 52..... 11 StL IM R&G 45'33 ST L&SF In 48 A StL&SF 4%s'T8. StL&SF p 1 63 B 50 StLS W 1st 4589, StS Wen4s'32.... 2 Sao Pau 78'40 ret Sao Paulo 8s '50. Saxon P W 6%8'51. Saxon 7s '45 Serbs-Cr-Sl .. Shell Un O11 b8 "47. Shell Un Ofl 68 49. Sinclair O11 6%8'38 Sinc O Tscv A'37.. Sine Cr O 5% °'38.. Sinc P L bu 42, 100% 101% 9 Sou Bell T&T 68 41 SW ell T 55 A '54. Sou Pac col 4 Sou Pac ref Sou Pac 4% Sou P 4%8'69 ww. Sou Pac 4%5'3 Sou Ry gn 43 "5 Sou Ry 53'94. Sou Ry 6%43 ‘68 StOII'N J 6848 SLOIIN ¥ 43%8 51, Sweden 5%5 '54. .. Swiss 514846 Tenn E1 P 6s A '47. Tex & Ark 5%48'50. Texas Corp 58 ‘44.. Tex & P 58 D '30. Third Av rf 48 '60. . Third Av adj 58 Toho El Pw 68 '3; Tokio El Lt Un Pac 13t 43°47. Un Pac 48 '63. Un Pac rf 4s 2003 Unit Drg cv 63 '55. Utd King 6% '37 U'S Rub 15t 53°47. Un St W 6148 A'4T. Ud St W 64 8A'51.. Uruguay 6: . Uruguay 8s 6! Utah P& L 53 44.. Util Pw 53 '59 ww. Util Pow 5%8°47.. Vienna 62 52...... Va Ry & Pw 58 '34. Wabash 4% | wavash 1st Wabash 2d 5 Walworth 65 A '45. Warner Sug 7s '41. Warsaw 78 58. ... Wst Sh 13t 48 5 West 1 db 58 44. West Md 435 | West Md 5%s 17 | West Pac 53 46. .. West Union 63 '51. Union 53 60. Un6i4es 36.. -0 Ist 6%s 33, | w 15| W1l & Co 18t 6541, 567 50 54 4TH 57 96 6% 324 72 69 69 Wis Cent gen 45 ‘36 Tokohama 6s ‘61... VRStn S&T 63 A'T8. Pgstn S&T 58 B'70. Insurance Officers Elected. FAIRFAX, Va., January 16 (Special). —J. Norman Gibbs of Mount Vernon | was re-elected president of the Fairfax Mutual Insurance Co. at its annual meeting. M. D. Hall of Burke was elected vice president, Samuel W. Lindsay of Alexandria, secretary. Directors elected include J. N. Gibbs, M. D. Hall, R. R. Gillingham, F. H. Wilkinson, J. P. BY JOHN L. COOLEY, Associated Press Pinancial Writer, NEW YORK, January 16.—The sensi- tive balance that governs the trend of security prices shifted emphatically to the side of confidence this week. Stocks and bonds turned strong, bas- ing their assurance on unmistakable intimations that the central banking system was preparing a credit expan- sion program designed to arrest de- | flation. Commodities acquired some assurance also and Wall Street's spirits perked up in direct ratio to the rise in prices. Many bankers pointed out that the new policy attributed to the Federal Reserve System could best be described as an anti-deflation move rather than as a step toward active inflation. It has long been felt in important quar- ters that the depreciation in securities was severely overdone during the al- most unprecedented Autumn decline ?lmldt that the time had come to call & alt. Easy Money Drive Failed. It was quickly recalled that the easy money drive of the Federal Reserve during 1930 and 1931 had failed to ac- complish the desired results—princi- pally, aid for the bond market and stimulation of commercial borrowing. There were, however, several powerful factors that defeated this plan, among them the situation of banks and in- vestors and the general period of emergency in whick. the country found itself. Instead of buying bonds, banks sold them either because of necessity or because of the universal desire for Hquidity. Since there could be little business revival without new financing and since corporations were quite unable to raise money under recent market con- ditions, banking authorities, it was sald, felt stronger measures should be adopted. It was believed that steps already taken, including the establish- ment of the National Credit Corpora- tion, the reconstruction corporation plan and the aid given to railroads, had restored confidence to a point that would warrant a drive against the pro- cesses of deflation. The first move was a reduction in the New York Reserve Bank’s bill-buy- ing rate, designed to attract a flow to the bank's portfolio of commercial paper eligible as circulation reserves. Another step, it was believed, would logically be the lowering of the redis- count rate, to be followed, perhaps, by iarge purchases of Government securi- ties. On the basis of thelr present gold holdings the central banks are in a theoretical position to expand credit by 35 billions, assuming that $1 in gold can support $10 in credit. However, 80 large an increase, bankers are guick to state, is obviously not to be expécted. Other Favorable Factors. Security markets were much more interested in the possibilities of credit expansion than in the trade statistics which so far have failed to indicate business recovery. Stocks rallied con- sistently, with due allowance for real- izing, while the advance in United States Covernment bonds was regarded as sensational. Also, a better feeling also developed toward municipal bonds, a trend which received favorable com- ment in view of the financial problems faced by many cities. At Washington Congress pushed the reconstruction legislation. ~ Secretary Mellon, in submitting his case for higher taxes, stressed the need for a balanced budget and the undesirability of further borrowing to help meet the deficit. At Chicago railroad executives and labor leaders met for their wage and employment discussions. Many brokerage houses attributed the stock market’s recovery chiefly to short covering. It was reported that several important professionals had switched to the long side, and other bullish rumors went the rounds of cus- tomers' rooms. Some houses said there had been better investment buy- ing. Brokers’ loans were still down, although the decline wes the smallest in some time; however, it was assmued margin trading had not been stimu- lated greatly by the rise In prices. Markets at a Glance NEW YORK, January 16 (#)—Stocks heavy; rails lead decline. Bonds easy: United States Government lower. Curb steady; changes narrow. Foreign ex- changes firm; sterling higher. Cotton steady; southern selling. Sugar_ quiet; trade covering. Coffee steady; Brazil- ian buying. CONTRACTOR; TO STUDY STEPS FOR PROSPERITY By the Associated Press. A. P. Greensfelder, president of the Associated General Contractors of America, declares the time has come i when all organized business must an- alyze itself, correct revealed evils and pull together for a restoration of pros- perity on a sound basis. S Speaking for his own industry, he sald organized contractors are concen- trating on action for unemployment re- lief, business stabilization, waste elimj- nation and further elevation of the standards of construction. ‘The association will hold its annual convention in Milwaukee next week. There Greensfelder says impetus is to be given to the development of sound censtruction in the present market; to movements for sound construction ap- praisals, financing and credit; the pre- qualification of bidders on public con- structions; industrial safety, and other construction movements whose benefits are passed on the public in the form of higher quality and more economical construction. BANK RESERVE GAIN. ‘The ratio of total reserves of the 12 central banks to deposits and Pederal Reserve note liabilities combined show- ed an increase during the week ended January 13. The ratio for comparable weeks follows, as reported by the Re- serve Board: Week ended January 13. Previous week Same week last y 66.9 per cent 65.5 per cent 79.3 per cent BOURSE S_TATEMEN . PARIS, January 16 (#).—Thrq cenf*rentes, 78 francs ssfllntMe:e!qu; per cent loan, 102 francs 47 centimes. Exchange on London, 83 francs 69 centimes. The dollar was quoted at 25 francs 41%; centimes. Carolina Bank Reopens. MOUNT OLIVE, N. C. January 16 (#).—The First National Bank of l\?(’lunt Olive reopened for business yesterday after being closed since December 28. Under an agreement depositors could withdraw only 25 per cent of their mn% ltmm:‘dlhtely. T R n, president, said new deposits B ceeded withdrawals. Do s Place Alumnium Order. NEW YORK, January 16 (#).—It is reported that the Alumlnun‘lfl Co. of America has obtained a contract for supplying the aluminum which will go Hatcher, J. P. H. Mason, C. H. Powell, A. R. Harrison and E. C. Gibbs of Fair- fax County: D. W. Lupton of Win- thester,BG.rRhl:;:filiE':f Manassas, W. . Curtls of cksburg, and W. Thompson of ' Woodbridge. Agpart into the construction of Radio City, the art and musical center sponsored by John D. Rockefeller, jr. The order calls :gr i!,Wfl.l:DD Dounl‘dcs and is said to be e largest ever ed £ tectural aluminum. » o SEbite !