Evening Star Newspaper, January 16, 1932, Page 15

FINANCIAL. CURB IRREGULAR IN-SMALL VOLUME Prices Finish Week Lower After Week of Active Trading. B JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, January 16.—After a week of activity and strength, the Curb Exchange session finished {rregularly lower on reduced volume today. The market at times made a feeble display of firmness. Electric Bond & Share and Cities Service both eased while Standard Oil of Indiana was comparatively ‘steady. Penn Road Corporation yielded slight- ly near the end. Mead Johnson was up a point. Deere & Co. near the close regained a part of its earlier decline. The lower opening probably reflected publication of the weekly retail trade reviews, which indicated disappomt- ment over the clearance sales, due doubtless to the unseasonal weather, & further gain in commercial failures and the reactionary tone of the overseas markets, especially London. Seeman Bros., which was ex-dividend today, readily made up the dividend as the quarterly report showed earnings of $1.12 & share against $1.23 in the third quarter of 1930. Other food shares, ex- cept for some little buying in Swift & Co., were dull. BONDS ON THE CURB MARKET. Bales in thousands 1Alsbama Pw 4% 833 3 Aluminum Co_ 65 '52. 1 Aluminum Lid 55 '48 3Am Com Pw 5'as '53 4Am Cmwih Pw 65 '40 1Amer El Pow €5 A 57 G & E 55 2028 G & Pow 65 '39 65 2016. 82 4 DOMESTIC BONDS 7 1185; Lo, Cloe 3Arkans P & L 5s ' 7 Asso Elec Ind 4%as '53 5 9Ass0 G & E 4las 48 Asso G nt Pow & Lt 88 3 Gont bub fer 5138 Gent Stat Elec 913 65 7 8% . 85 7., 90% e a7 Ss7A 3i 21 21 51’ Boston 85, '33 1005 100 100 Fass A2030 63 €23 s an 4% 31° 38 156, ‘ tineau Pow : 6Ga f i 1 Gatineau Pow 6s n Bronze 65 '40... 3 n Motor, Acc, 85, /34 87 s '35, et RS FEEE 2RSSRV INILRTAVBILRLRANE. Narragansett 5s National Food 65 '44. 2° 1Nat P&L 55 B 2030.. 22Nat P 8 55 ‘78 4 1 Nebr 3 Nevada 1 N Ohio Pow 5s B ‘52 Okla Gas & El 55 30 Bonon o oo & B sra b, 3373y LEELACE 3an ??:?39!’!‘!’2’?3 10 Stand Gas & E 65 6 Standard P&L 6s ! : o § Texas Elec 5s_'60 W 3 Texas P & L 55 'S §Tob P O NJlas 2022 80 1Tri Uil 85 ‘79 ev 5 Ulen & Co 65 '44 4 Funlic sery 6 ‘48 Pub Serv 55 B '50 69 ‘es Tex Ut B8 A ‘57 62% FOREIGN BONDS, ] THE EVENING STAR, WASHINGTON, D. €. SATURDAY, JANUARY NEW YORK CURB EXCHANGE Stocks sold In 100-share lots exeept those des ~Prev. 1931.~ Btock and High. Low. Dividend Rate. Acme Steel (1.60)... 258 Adams Mill 1st pf(7) 508 Agfa Ansco. . . Aluminum Co of Am 25508 AluCoof Ampt (6). 3 Am Com Pow A 2 Am Com Pow B Am Cyanamid B..... Am Superpower Am Buperp 18t (6)... Am Thread pf (25¢).. « Am Ut{l & Gn B vte.. Appalachian Gas.... Appalachian Gas wr. Arkans NatGas A... Armstrong Cork. Ass0G&EI (A) b§ Asso G&E all ct 1.6 Atlas Util Corp. . Auto Voting Mach. Auto Vot M Co pr pt. Bickfords pf (234).. Blue Ridge Corp.... Brazil Trac Lt&P(1) Buff N&EP pf (1.60). Cable Radio T vte. Canadian Marcont. Celanese pf (7). Celluloid Corp 1st pf Cent Pub Svc A h5%. Central States Elec. . Cities Service (g30¢) CI Clev El 11 Cleveland Tractor... Col Oil& Gas vte. Commwlith Edison (8 Cmwith & Sou war... Comstock Tunnel. Consol Copper. ... Contl G&E pr pf (7). Con Gas Balto (3.60) Copeland Pr Inc (n). Cord Corp Corroon & Rey! Creole Petroleum. Cresson Consol. . Crown Cent Petrol Dayton Air & Eng... Deere & Co. . De Forest Radio. Detroit Alrcraf! Duval Tex Sul w East Sta Pow (B). East Util Assoc (2).. East Util Assocev.. El El Elec B & Sh pf (6)... Elec Pow Assoc (1). Elec Pow Assoc A (1) Elec P & Lt op war.. Eureka Pipe L (4).. Europ Elec deb rts. . Evans Wallow Lead. Ford Motor, Can., A. Ford Mot Ltd 36 3-6o Fox l'heater (A). Glen Alden Coal (4). Gold Seal Elec new.. Goldman Sachs. . Goth Knitback Meh. . Grand Rapids Vr §0¢ Gulf Oll of Penna Hackmester Lind Hazeltine Corp (1) Hamilton Gas v.t.e... Hecla Mining (40¢).. Hudson Bay M & 8.. Il Pow & Lt pf (6).. Imp Ofl of Can (50¢c) Ind Ter Illu Oil B Insull Inv (b6% ) Iasurance Seeurity Int Petroleum (1). Int Utilities B... Klein (DE) Co (1).. Lackawanna Sec (4) % Leonard Ofl.. . Lone Star Gas n 88¢c.. Long Island Lt (60c) Long Isld Lt pf (7).. o paxle Mavis Bottling (A).. Mayflower Asso (2). o R T N e - S T T nles— Add 00. Open. High. Low. Close. lgnated by letter “s.” | ~Prev. 1931 Btock and Dividend Rate Mead Johnson (16).. Received by Private Wire Direct to The Star Office. Bales— Add 00. Open 16 16 4 Meuiph N Gas (60¢). 80 28 61% Met Edison pf (6)... T Michigan Gas & Ofl. Mid West Ut (b8%). Mo-Kan Pipe Line. .. Mohawk Mining (1). Mountain Prod (80c) Nat American Co.... Nat Fuel Gas (1). Nat Pow & Lt pf (6).100s Nat Sh T Sec A 160c. Nat Sugar NJ (2)... New Bradford Oil... 1 New Eng Pow pf (6) NewEngT&T (8).. New Jersey Zinc (2). ewmont Mining. New Process Co.. ... N Y Steam Cp (2.60). Niag-Hud Pow (40¢c) Niag Share(Md) 20c. Nipissing. North European Oil. Ohio Brass (B) (2).. Pac P Snew pf(1.30) 1 Parker Rust Prf (3). Pennroad Corp (40¢) Philip Morris Inc. Pilot Rad Tube A. Pitts & Lake Erie(5) 1008 Plymouth Oil (50c). Premier Gold (12c).. ,Producers Royalty 4 "Pub Util Hold x Radlo Products. Rellance IntA... Reliance Manag. . Republic Gas Corp.. 1 Russek’s Fifth Ave.. St Regis Paper. Salt Creek Prod (1) Sec Allied Corp (1).. Seeman Bros (3).... Segal L & Hdwr..... Selected Industrie 4 Sle Ind al ctfs(5% Sentry Safety Cont.. Skenandoah Corp... Silica Gel ctfs. Singer Mfg (3).. .. SoCal Ed pf B (1%). Sou Cal Ed pf C(1%) South Corp So. Union Gas. . S W Gas Utilities. .. Spieg May Stern pf.. Stand Ofl of Ind( 1) Stand Ol of Ky Stand Oil Nebr (2).. Stand Oil Ohio (2%). Starrett Corp pf. Stutz Motor Car. Sun Invest. . Swift & Co (2)...... Swift Internat’l (t4) Technicolor Ine..... Texon Oil&Land ( Tob Prod of Del wi.. 1. Trans Lux DLPS.. -Cont Corp war. . Tri-Utilitie Tubize Chatel. B.... Tung Sol Lamp(1)... Un Gas of Canada(1) Unit Corp war. Unit Founders. . Unit Gas Corp . Unit Gas Corp war.. Unit Gas pf (7). . Unit Lt & Pw A (1).. Unit L & Pwr pf(6).. Unit Milk Prod. U S Elec Pow ww.... 4 U S Fin Holding U S Foll (B) (50¢) U S Inter Sec 1st pf. U S Playing Card 2% 50s Unit Stor 4 Unit Verds Exten (1) 1 Utica G & E1 pf(7... Util Po & Lt (b10%) Util Equity pf(5%). Utility & Ind pf(1%) Van Camp Pkg. . Walker, H (25¢) Wenden Copper. Western Md pf. Wil-low Cafeterias. . RIGHTS—EXPIRE Com Edison Feb 1... rates in dollars *Ex dividend. fplus 5% Ul" "g)cckl Pl 6 Dlia 6% In stock. i Plue 3% in ‘stock. kBl 105" ih siae iy 184 1% 21 W 1% # Tri i 11 31 31 2% 1% 1% 1 33 5% 2 nuai payment. Payable in cas] dividend. stock, h tic.t.. 58 1 33 2 5 60s 508 508 12 4 7 s 0 “ 3% 2% 219 % 50 81y 53% 1 1% % 31 24% 23 % 3% 100 3% 443 9% 1% 2% e 900 10 68 1 1 2 1 =2 53 13 60 N0 1 80 1 8 10 50 s 00 ot 0 01 10 1 10 0 i A 1 1O 00 2 G 00 1 00 1 e O i O O 20 10s 7 #* 26% 2% 1 2 2 2 6 108 1 2 1% Partly extra. bPayable in stock. 2 2% & 26% 2% 1% 3 based on last quarterly of semi-sn- 1Plus 2% W 1% “% . & Adjustment h Plus 1% in us 10% in Sock. nPlus 8% in sock. b Pald Inst yearomo repulsr rate U. 5. MAY ASSESS DWN GASOLINE TAX Fight Involving Rights of States as to Proper Levies Appears Imminent. BY JOHN F. MILLER. Bpecial Dispatch to The Btar. NEW YORK, January 16.—For the first time, the Federal Government has issued a sharp warning to the States not to encroach upon certaln sources of revenue, If the States continue to adopt a tobacco tax, the Government may have to retaliate by adopting a gasoline tax, according to a statement by Ogden L. Mills, undersecretary of the Treasury. This is something which tax experts have expected for some time, one of them sald today. The real battle over taxation will be something more than a two-party affair, he said. The Federal Government, the States, the counties and municipalities all require more revenue, and it will be very difficult for them to keep from “stepping on each other's toes” unless some agreement on the subject is reachea. Mr. Mills suggested a general survey and an informal division of the sources which each of the governments may use. A few States, for example, Cali- fornia, Pennsylvania and Virginia, al- ready have a scheme under which the State itself and its various subdivisions are not permitted to impose the same kind of tax. Favors Co-ordination. There is no question that Mr. Mills’ idea will be received with enthusiasm by the principal taxpaying corporations of the country. Millions of dollars could be saved if the taxing activities of the country were properly co-ordi~ | nated, one of them declared today. “We pay taxes to the Federal Gov- ernment, to the States, counties, cities, villages, towns, school districts, light- ing districts, water districts and sewer districts,” he said. “We pay income taxes, property taxes, capital stock taxes and dozens of license and occupation taxes. We make hundreds of reports and pay hundreds of taxes, most of which re- guire careful supervision because of the rastic penalties involved.” Gov. Roosevelt of New York voiced the same thought when he pointed out how difficult it was for taxpayers to keep informed as to how the money which they paid to the various sub-| divisions of the State government was actually spent. | One point which Mr. Mills did not| mention is of peculiar interest. Some | of the States contemplate increases in | their income tax. If the Federal rates also are increased this year it is apt| to result in a real hardship in many cases. That is one reason why some of those who profess to know think there is a g rospect that the in- crease in the leral rates will not be made retroactive. In other words, the tax which must be paid on or before March 15 will be st the present rates. Estate Tax Stands Alone. In only one instance is there any co- ordination of the Federal tax system and the systems of the 48 States. That is in connection with the estate tax. In effect, the Federal Government allows the Btates a rebate of a part of the Federal tax. Under Secretary Mellon's plan, which he has submitted to Con- gress, the States would get no rebate on any increases made in the present ment Solicitor General Thacher and Senator Gore were engaged in an argu- ment in the Supreme Court as to the right of the Federal Government to tax income from the operation of oil leases | granted by the State of Oklahoma. As a matter of fact, practically every other | State tax case argued before the Su-| preme Court this term involves some similar question. Apparently the old question of States’ rights has “bobbed up” again, this time in a new form, but the fundamental difficulty is the same as it was 100 years ago. (Copyright, 1932.) Bond Movements GOVERNMENT OFFERINGS COMPARED. - [0 2y 930 193 ‘The above chart, prepared by Moody’s Investment Service, shows only the bonds over the past four years, as regis- tered by changes in yields. It does not The groups shown, reading from to) to bottom, are, respectively $ o 3 United States Governm -1 nttes ent long-term 30 Aaa domestic corporation bonds. | 30 Aa domestic corporation bonds. 30 A domestic corporation bonds. 30 Baa domestic corporation bonds. 40 foreign dollar bonds of all grades. The chart shows the progressive breakdown of the price structure after the panic of 1929 (almost all bonds and early 1929). After the foreigns, the lower grade domestic issues and thfn u{)w’;l": k)l:flz?er grade issues, but only a Tvals of seve odly et n ral months in Stockholders Increase. NEW YORK, January 16 -] Corporation of Amtric:yhnu:"nhofigeldo estate tax rates. At the time Mr. Mills mede his state- that its stockholders at the end of Decer&‘e?mefl 103401 pares with 74,824 on Jung 30, 1931, major movements of various groups of | S¢ | & 8l attempt to reveal the finer movements. | ! Am Am Am Am Am Am Am Am INVESTMENT TRUSTS NEW YORK, January 16 (#).—Over- the-counter market: A B C Tr Shrs “D" A B C Tr Shrs “E & Gen Sec “A” & Gen Sec B.. & Gen Sec 33 pf Br & Con 6% pf. Comp Tr Shrs. Fdrs 67 pf.. Fdrs 7% pf.... Fdrs cv bf ctfs. Ins Stocks Am Assoc Btand Oil Sec pf n Bansicilla Corp Basic Industry British Type Inv... Central Nat Corp ‘A Century Tr Shrs Central Nat Corp Chain & Gen B Equitles. Chartered Invest Chartered Ch Inv pf Exch A elsea Chelsea Exch B mulative Tr Sh'. Corporate Trust 2 Corporate Trust AK 0 orporate Trust Accum Crum & Foster R Crum & Fost 8¢ 34 Crum & Fost Ins Crum & Fost Ins 7 Depos Bk Shrs N Depos Bk Sh N Y Depos Ins Shrs Bt 4 g Xn Diversified Tr A Diversified Tr B . Diversified Tr C Diversified Tr D Eaquity Invest Equity Invest pf .. Equity Trust Shrg Five Year Fixed Tr Fixed Trust Sh A Fixed Trust Sh B Fund Tr Shrs B Granger Trade Gude Winmill Trad Incorp Investors Incorp Invest Eauit Independ Tr Shrs nt Sec Corp Am A Int Sec Corp Am B Leaders of Indust B Leaders of Indust C Low Priced 8hrs .. Major Corp Shrs . ass Invest Tr ... Mutual Iny Tr A". Mutual Manage Nation Wide Sec . Natl Indust Shrs . Nor Am Tr Shrs Nor Am Tr sh 1955 Nor Am Tr 8h 1956 Northern Secur o1l Sec Secuz Selected Am : lected Cumulative Shrs, Shares units Int Sec 6% 1st pf Corp Gen 6 pf Sh Selected Income Sh Super | Super Super Sup: er elected ‘Manage e Street Invest of Am Tr A of Am Tr B of Am_Tr C of Am Tr D Trust Shrs of Am Trustee Stand Inv (-} Trustee Stand Inv D. Trustee St Oil A Trustee St Oil Shrs B Trusteed Trusteed Am Tr Am Bk o tended to recede uniformly during 1928 | 3. the collapse of prices spread first to|Ua Sarnoff, president ration of America. N ¥ @ Bank ) Bid. Asked. 2% 3% CRRTROR. <t Heads R. C. A. Victor Co. NEW YORK, January 16 (P).—David of the Radio Corpo- announced the e?” - tion of J. R. McDonough as president s This com- |of the R. C. A. Victor Co, to succeed E. reaigned. {16a17; ECONOMIC REFORM SURVEY SAYS CITIES MUST CUT COST OF OPERATING EXPENSES| FINANCIAL. A-15 FARM PURCHASING *¥ PLAN GAINS FORCE .crent ice of Municipat Debes Dectarea PROSPECTS LOWER More Than 30 Leaders In-| dorse Program to Restore Better Times.. BY CLAUDE A. JAGGER, Associated Press Financial Editor. NEW YORK, January 16.—A finan- cial program to restore better times— indorsed by more than 30 leading econ- omists of the country—is rapidly taking root, it was explained in prominent banking quarters yesterday. The program, as announced by War- ren M. Persons, consulting economist to a number of large corporations, is based upon the concluston that recov- ery in the United States need not await solution of Europe’s problems. It urges credit expansion through co-operation of the Federal Reserve and the commercial banks, mainte- nance_ of the gold standard, govern- mental economies and the acceptance of the Reconstruction Finance Cor- poration proposal. Bankers Reassured. Banking leaders who commented on the economists’ program, found it strongly reassuring, in view of the progress already being made toward carrying out the proposals, which the economists believe will inject new life blood into the business structure, tend to restore values, increase employment and strengthen banks. Bankers point- ed particularly to the Federal Reserve System’s recently initiated program of credit expansion, and the progress of the reconstruction finance bill in Con- gress. Dr. Persons, former professor of eco- nomics at Harvard, said the program had been finally agreed upon after two i months of interchange of opinion, that it had the approval of numerous trade associations, farm organizations and prominent individuals. Among the in- dorsing group of economists are such leaders as Dr. Edwin W. Kemmerer of Princeton, monetary consultant to sev- eral governments; Dr. Edwin R. A. Seligman, emeritus professor of political economy, Columbia; William A. Ber- ridge, economist, Metropolitan Life In- surance Co.; Prof. Frank W. Taussig, Harvard; Prof. Irving Pisher, Yale; David Friday, Washington economist, and many others. The economists state that the depres- sion will not cure itself, but requires prompt, intelligent and vigorous action. Economists’ Recommendations. ‘Their recommendations follow: “The enactment of the bill establish- ing the Reconstruction Finance Corpora- tion to deal more effectively with emer- gency situations; proper economy in municipal, State and national budgets and increased taxation; a liberal Fed- eral Reserve policy, designed to check credit contraction and encourage some expansion, and a commercial banking policy co-operating with the reserve banks in checking credit decreases and encouraging increases.” The commercial banking policy, they say, should include “an increase sound investments; co-opfinun in -1;11- ing necessary Treasury financ a boETOwin from the Federal Reserve Banks when necessary to meet these and other sound needs.” It is explained that these recom- mendations represent merely the high- est common factor upon which agree- ment among the economists was found possible, and that matters not touched upon are not omitted because they are considered unimportant. Must Halt Deflation. Regarding the proposed expansion of bankgacredg.. it was recalled in Wall Street that George L. Harrison, gover- nor of the New York Federal Reserve Bank, recently pointed to the $6,500,- 000,000 shrinkage in bank credit in the past two years, and said, “Deflation must stop if we hope to see an early turn in the tide.” He explained that reserve has gold to provide an expansion of Federal reserve credit by $3,500,000,000, which would be used as the base for a stupendous increase in banking credit, theoretically as much as $35,000,000,000. Also, Charles E. Mitchell, in his an- nual report as chairman of the National City Bank, said on Tuesday, “The chief problem is to eliminate uncertainty and fear as influencing factors, and so to bring about a check to deflation and a basis for a flow of reserve bank credit that will give the banker greater abil- ity to lend, reawaken in business men a desire to proceed with their plans in- volving the use of credit, and encourage the investor to re-enter the security markets.” ¢ (Copyright, 1932, by the Associated Press.) RETAIL SALES DROP DURING PAST WEEK Unfavorable Weather Retards De- mand for Heavyweight Merchandise. By the Associated Press. NEW YORK, January 16—Retail sales declined sharply during the past week, according to the weekly survey by the Fairchild Publications. Unfavor- able weather retarded demand for heavy weight merchandise, especially in the Atlantic Coast States and the Middle West. Considering weather conditions, con- sumer responses to January clearance sales has been comparatively favorable, especially the movement in units. To- tal sales in units hardly show a decrease of more than 5 per cent. Final data on retail prices for Decem- ber show one of the sharpest monthly decreases for the current deflation. Re- ports for January to date indicate a continuation of the declining trend in retail prices. Baltimore Markets Special Dispatch to The Star. BALTIMORE, January 16.— White potatoes, 100 pounds, 75a1.10; sweet potatoes, bushel, 40a80; yams, barrel, 1.00a1.50; beans, bushel, 1.50a2.00; beets, per crate, 1.50a1.60; Brussels sprouts, per quart, 7ald; cabbage, bushel, 50a80; carrots, per bushel. 90a 110; caulifiower, crate, 125a150; celery, crate, 150a2.50; eggplants. crate, 1.50a2.50; onions, per 100 pounds, 3.0084.00; peppers, crate, 150a2.50; kale, bushel, 25a50; cu- cumbers, bushel, 2.75a4.25; spinach, bushel, ' 25a90; squash, bushel, 1.50 a250; tomatoes, crate, 1.00a3.25; tur- nips, hamper, 15a25; grapefruit, box 1.25a2.50; apples, bushel, 35a1.50; orangee, box, 2.00a3.75; strawberries, quart, 20a30. Dairy Market. Chickens, young, 18a22; 15a18; old hens, 16a2l; Leghorns, old, roosters, 11al3; ducks, 12a21; geese, 14a18; guinea fowls, pair, 25a50; turkeys, 15a30; pigeons, pair, 20a25. Eggs—Receipts, 656 cases; current re- ceipts, 171 nearby firsts, 181%; South- ern firsts, 18%;. Butter—Good and fancy creamery, 22a26; ladles, 17a18; process, 20a2l; store packed, 13. Leghorns, Metal Seats Higher. NEW YORK, January 16 (#).—Two member seats in the National Metal Ex- change sold today at $800 and $850 The last previous sale was $600. RS Woman Lives on Cow’s Product GALATZ, Rumania () —Maria Za- haria, 110, subsists entirely on the roducts of a lone cow and says she gln’b been ill in & century, Without Preced ment Held Special Dispatch to The Star. NEW YORK, January 16.—The cur- rent size of municipal debts is without precedent, it is asserted in an analysis issued today by Moody's Investors Serv- ice. The survey states that the public debt of the United States since the World War, excluding Federal obliga- tions, has increased from approximately $6,000,000,000 to $17,000,000,000. It cites a ‘“national automobile spree” as one of the causes of this rapid growth. The remed;;, Mood's declares, is the same as that used by corporations, namely, & sharp cut in operating ex- penses and this may involve reduction in wage scales of municipal and State employes. “The current controversy between Mayor Walker and prominent bapkers as to the possibility of a substantial loan for New York City relief lends par- ticular timeliness to the discussion of municipal finances,” the survey con- tinues. “For New York City the indi- cation is that real estate tax collections have held up fairly well, and the city has not previously had as much trouble a5 many others in placing short-term loans, aithough it recently paid 515 per cent. If, for example, the city should release that large portion of the debt issued for transportation purposes from the recourse to the tax Fevy, it might not. nef‘d to reduce other operating ex- Individual Citizen Blamed. Moody's places the responsibility for| “archaic methods, inefficiency and carelessness in the handling of funds” directly upon the individual citizen, who it accuses of little grasp of the prob- lems of public finance. City or county government, according to the analysis, may control the salaries and wages of only a portion of the officials and em- ployes. Reverting to specific instances of lax- ity upon the part of taxpayers, the sur- vey turns’ to an authorization by the State of New Jersey of $100,000,000 in highway bonds, made in 1930. “At the election the vote was light and not all voters acted on the refer- endum,” Moody’s says. “Thus a mere fraction of the population voted a huge debt increase upon the entire State. “Politics, however, should not be al- lowed to escape its full share of the present responsibility. We are witness- ing one of those strange and infrequent periods when a politician’s bed of roses becomes a bed of thorns. The only way, in many cases, in which taxes can con- tinue to be collected and the banks placated is to reduce expenses. With borrowing already hampered by a poor bond market, increased attention will be given pay rolls. “Municipalities and, in many cases, CHICAGO LIVE STOCK MARKET CHICAGO, January 16 (#).—Cattle, 200; compared week ago medium-grade steers predominated and sold off 50 to 75 cents; strictly good and choice offer- ings very scarce, steady to 25 cents lower; common kinds, 25 to 50 cents lower, but much more active than me- dium grades. Light heifers and mixed yearlings, 1.00 to 1.25 lower; butcher heifers and beef cows, 50 off; cutters, 25 lower; bulls 25 to 50 lower and vealers 50 cents higher; top long yearlings, 11.00; best weighty steers, 10.65, very little above 9.00; average cost for slaughter steers approximately 6.50; most light yearling heifers, 5.75 down to 5.00; late top on sausage bulls, 4.00. Selected vealers sold up to 8.50. Sheep—Receipts, 6,000 head; today's market nominal; for week ending Fri- day, 94 doubles from feeding stations; 10,300 direct; 25 to 50 cents higher on all classes; strictly choice native lambs reached 6.85 at close, within 5 cents of recent peak; since Monday 50 cents to 1.00 recovered. Closing bulk of week follows: Better grade fat lambs, 6.00a6.60; around 95 pounds, going at 6.50; heavy lambs np?uencly scarce; medium lambs, 5.25a5.75; throwouts, 4.00a4.75; fed yearl , 4.0085.00; fat ewes, 2.00a3.00; few 3.25 early in the week. Feeding lambs, 4.50a5.00. Hogs—Receipts, 10,000 head, includ- ing 9,000 direct; steady to 10 cents iower; 170-210 pounds, 4.15a4.30; top, 4.35; 220-300 pounds, 4.10; pigs, 3.25a 3.50; packing sows, 3.40a3.50; compared with week ago market steady to 10 cents lower; pigs, 50 to 75 cents off. Shippers took 1,000; holdovers, 2,000. Light light, good and choice, 140-160 pounds, 4.00a4.25; light weight, 160-200 pounds, 4.15a4.35; medium weight, 200- 250; 4.0024.30; avy weight, 250-350 pounds, 3.80a4.10; packing sows, me- dium and good, 275-5C0 pounds, 3.30a 3.65; pigs, good and choice, 100-300 pounds, 3.25a3.75. CHICAGO PRODUCE. CHICAGO, January 16 (#)—Poultry, alive, steady at the decline; fowls, 16; Springs, 15%;; roosters, 10; young hen turkeys, 20; young toms, 17; old toms, 15; heavy white ducks, 21; small, 19; heavy colored ducks, 20; small, 18; geese, 13. Butter—Receipts, 10,802 tubs; unset- tled; creamery specials (93 score), 23148 24; extras (92 score), 23; extra firsts (90-91 score), 22%a22}5; firsts (88-89 score), 211,a22; seconds (86-87 score), 201,a21; standards (90 score, central- ized carlots), 22%. Eggs—Receipts, 6,978 crates; unset- tled; extra firsts, 16a16%%; fresh graded firsts, 15a151,; current receipts, l4a 14%. CHICAGO STOCK MARKET CHICAGO, January 16 ().—Follow- ing is the complete official list of trans- actions in stocks on the Chicago Stock Exchange today: Sales. STOCKS. High. Low. Cose. 100 Allied Mot Ind . Y% Ts s 5 2V 2% “ 100 Metal . 7: 300 Assoc Tel Util . 1350 Bend!xMAv ation 300 Butler Bros 50 Ceco Mfg i 150 Cent Pub Serv A 150 Cent & So West 100 Chi City & C Ri 10 Chic_Towel pf. 750 Cities Service 350 Grigsby-Grunow 300 Hart-Carter pf . 50 Lynch Corp . 100 Marshall Field 2830 Mid, West Uil n: 1 Pipe + 200 Nat, Elec Pow A, n American CAr. & South Amer PR 50 Vortex Gup Wahl . 50 Walgre 100 Wis Bankshrs ...0000 BONDS. ent—Retrench- Neccssary. counties and States were just as ex- travagant as their individual citizens in the period ending in the Fall of 1929. In many instances. highway programs were based on too short a period of building and were inadequately planned, both as to engineering and financing. Those States which have gone at road building slowly or have financed a large part of the cost from current receipts are in better shape financially and now see some of their neighbors with com- plete highway systems already getting out of date. Gas Tax No Panacea. “The gasoline tax has been .hailed as | a solution of this problem. But it is not an entire success, due to inequitable enforcement and injudicious handling. The gasoline tax is not a panacea for State financial ills. In fact, notwith- standing special taxation, the highway burden has already fallen to a large degree upon the real estate tax which, 1!11 many sections, has become exces- sive.” The debt burden per capita in some of the wealthy sections of the country s enormous, Moody's states. “The actual bonded debt per citizen for State, city, county and special purposes in many sections of the country exceeds $500 and approaches $1,000. And these sec- tions are not always boom towns in newly settled areas, but include some of our oldest communities. “Any analysis of the situation must and the agricultural community in many instances have handled their prosperous suburbs.” The remedy, as Moody's sees it, lies either in a reduction of expenses or debt. “In many cases expenses can be cut and stop-gap borrowing curtailed,” the survey asserts. ‘“We think that the large banks will bring sufficient pres- sure to bear upon the leading borrowing citles to trim their expenses, curtail their borrowing and maintain their ce, but that the intervening finances better than the large cities and | December Crop Report Shows Value About Half of Two Years Ago. BY CHAS. P. SHAEFFER, Associated Press Business Writer. Tre American farmer will not be per- mitted to participate in any substantigl measure in afforts to restore presperity through “spending during 1932. 3 This becomes readily apparent from a perusal of the December crop report of the Department of Agriculture, which shows production and farm value for last year. The report indicates a total only ‘slightly in excess of $4,000.000,000 for the year's production, or about one- half the amount realized two years ago. This figure, however, does not include the entire farm income. There are many additional sources of revenue to the farmer, including poultry and live- stock, which yield consideable to those who 'follow agricultural pursuits. In addition, any increase in the December level for crop prices would mean full gains to a large proj ion of farmers who still have their harvest intact. Production of many Crops was on & wider scale during 1931 than for the two years previous. Cotton is estimated to have been produced last year to the extent of 16,000,000 bales, or 3,000,000 more than in 1930 and 2,000,000 more than in 1929. The value, however, on the basis of December prices, amounts to only slightly more than two-thirds inevitably reveal that the small town |of its value two years ago. The same argument also applies to wheat. It is 7~ imated that 70,000,000 additional bushels raised in 1931, as compared with 1929, had a value of only one-half that of the 1929 crop. Leading economists argue that while the ultimate consumer enjoys great benefit from lower 'Eflcu he pays for food and clothing, the saving does not compensate for the purchasing power lost by the farm group. They argue that business recayery is dependent in large measure to-a closing up of the gap between farm prices and the price appear very disturbing.” Riwca orf REC business—a employes. HROUGH the Help Star you will reach a change. charged. 11th and Park rd—Arm- strong’s Pharmacy. 14th and P sts.—Day’s Pharmacy. 1135 14th st.—Marty’s Cigar & Magazine Store. 17th and Que sts.— Ken- ner’s Pharmacy. 15th and U sts.—G. O. Brock. 2912 14th st.—Colliflower Art & Gift Co. 3401 14th st.—Bronaugh’s Pharmacy. 14th and Buchanan sts.— Hohberger’s Pharmacy. 14th st. and Colorado ave. —O’Donnell’'s Pharmacy. 3209 Mount Pleasant st.— Mount Pleasant Cigar and News Shop. 1823 Columbia rd.— The Billy Shop. 2162 California st.— Co- lodny Brothers. Wardman Park Pharmacy. 215 N. Y. ave.—Sanitary Pharmacy. . 1st and K sts—Duncan’s Pharmacy. 7th and K sts.—Golden- (time clerk’s desk). 7th and O sts.— Lincoln Drug Store. 7th st. and R. L ave—J. French Simpson. 11th and M sts.—L. H. Forster's Pharmacy. In the Southwest 10th st. and Va. ave— Herbert’s Pharmacy. 3lg 41, st—Harris Drug tore. 4% and L sts.—Columbia Pharmacy. In the Northeast 208 Mass. ave.— Capitol Towers Pharmacy. 4th and H sts.—Home Drug_Store. 4th and E. Cap. sts.—Paul’'s Drug Store. 907 H st—Garren’s Music Store. 12th and Md. ave—Luck- ett’s Pharmacy. 7th and_ Md. ave.—Louis F. Bradley. North Capitol and Eye—Ken- ealy’s Phar- macy. 20th and R. I ave, — Collins’ Pharmacy, ‘Woodridge. 3500 12th st.— Brookland Pharmacy, Brookland. 4th and R. 1. ave. macy. Chesapeake Junction —Dr. 39000 Insull ULil 6s 1940 ... 35 1000 Chi Ry ctfs 5s 1927 . 4 Stock sales , 31,000 shares. Baad seles fodes, 440,000 v F. L. Wight, jr. There's One Near You of finished goods. ADVERTISENENTS EIVED HERE If you want to fill a place in your Star Classified Adv. —inserted under “Help Wanted” will bring response from the best type of Wanted Columns of The not only those out of em- ployment, but others, who may desire to make Copy for The Star Classified Section may be left at any of these authorized Branch Offices—render- ing their services without fee; only regular rates are In the Northwest 9th and U sts—M. H, Hunton’s Pharmacy. Ga. ave. and Upshur st.— Petworth Pharmacy. 221 Upshur st.— Monck's Pharmacy. 5916 Ga. ave.—Brightwood Pharmacy. Ga. ave. and Kennedy st. —Lampkin’s Pharmacy. 2901 Sherman ave.—Sher- man Ave. Pharmacy. 6224 3rd st.— Stewart’s Pharmacy. 1905 Mass. ave.— Dupont Pharmacy. 18th and Fla. ave—Bern- stein’s Drug Store. Fla. ave. and 1st st—N. Reiskin. North Capitol st. and R. L ave. — Parker’s Phar- macy. 1742 Pa. ave.—1J. Louis Krick. 21st and G sts.—Quigley’s Pharmacy. 25th st. and Pa. ave.— Columbia Drug Store. 3315 Conn. ave.—Joll’s Newsstand. 5017- Conn. ue.-—fllg!n;’ Community Drug Store. Wisconsin ave. and Macomb st—Harry C. Taft. 4231 Wisconsin ave.—Mor- gan Bros’ Pharmacy. Takoma Park, 359 Cedar st. —Mattingly Bros.’ macy. In Georgetown 30th and P sts—Morgan Bros.’ Pharmacy. 3411 M st.—Moskey’s Phar- macy. 1834 Wisconsin ave.— Haney'’s. Wisconsin ave. and O st.— Donahue’s Pharmacy. 35th and O sts.— Sugar’s Drug Store. ’ In the Southeast 3rd and Pa. ave.—ODon- nell’s Drug Store. 8th and Eye sts. —F. P. Weller’s Pharmacy. 11th and Pa. ave. — Fealy’s Pha; v rmacy. 1907 Nicheols ave., Anacostia ~—Healy’s Drug Store. 13th and East Capitol sts. — Lincoln Park ave, — Sloan’s Drug Stor F. S. Boisfeuil- let, prop.