Evening Star Newspaper, January 18, 1932, Page 14

FURTHER FIRMNESS SEEN FOR MARKETS . Some Inflation Expected to Follow Reconstruction Corporation. BY CHARLES W STORM, or the New Service of Wall Street. Special Dispatch to The Star. NEW YORK, January 18 (NAN.A). —Progress toward stabilization in the banking and credit situations is ex- i pected to continue this week to be the motivating influence for continued firmness in the securities markets. The general stock market has al- | i.yeady discountea much of the good expected to accrue from the construc- tive developments at Washingtor, but the actual creation of the Reconstruc- -(tion Finance Corporation will probably | "cause further stimulation of prices Private opinion in the financial dis- trict is that the formation of the $2.- '000,000,000 Reconstruction Finance Corporation will mark the inception of a period of inflation. Publicly, bank- " ers declare that the issuance of securi- | ties by the new finance corporation will | merely result in the transfer of “frozen NGTO NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Net. High. Low. Close. Chge. % ™M T™w 3w 3% 3w —1931— Stock and Sales— High. Low. Dividend Rate. Add 00. Wet. | 14 6 Tobacco Prod A t95¢ Close Chge. | 18 2 Transamerica Corp.. (Continued from Page 13.) —1931— Stock and sales— High. Low. Dividend Rate. 2 1 Punta Alegre Sugar. 1% 101% 5% 27l 5314 Pure Ofl pf (8)...... 108 10% Purity Balerles (2). 14 B's Radio CoOrp. .. .. 915 Radio Corppf (B)... 2%, Radio-Keith-O(new) 7 RRSeclllC(3%).. 815 Raybestos Man(1 60) 30 Reading Ry Co (2).. B3 17 Real Silk Hostery 2 17 Remington-Kand. 27 Reo Motor Car(40¢c). 4 Republic Steel. . 814 Republic Steel pf. 3215 Reynolds Tob B (3) 1% Rio Grande O, .. 3% Rossia Ins of Amer. 13 Royal Dutch of NY.. 3% Safeway Stores (5).. 14 71 Safeway Strapf (7). 60s 7 St .Toseph Lead(60c) 2 3 StL-San Francisco. . 5 4y StL-San Franpf.... 2 30 Schulte Stores pf (8) 108 % Seaboard Afr Line.. 10 ix Seaboard Air Line pf 5ty Seaboard Of 30% Sears Roebuck (23). % Second Natl Inv..... 1, Seneca Copper . 314 Servel Inc. .. . 31y Sharp & Dohme..... 28 Sharp & Do pf (3%). 8% Shattuck (F G) (1).. 215 Shell Unton Ofl. e nEse w ssets.” ! - % The stock market, however, has been | advancing largely on the theory that | there will be inflation, which fllways,‘ means higher prices for stocks | Advancing prices for commodities ~qusually accompany inflation so that the | sharp advance in the price of wheat on Saturday was in line with the general | T expectation of future expansion in | % creait. Saturday was the first time that | ~‘wheat has shown an advancing ten- | dency since the stock market started its | rally from the low level reached on | January 4, last The failure of wheat to advance while the stock market was going for-, ward cast some doubt on the inflation theory, but this doubt is now being dis- sipated by the appearance of strength in the price of that commodity. A con- tinuation of the improvement in wheat - ‘quotations should furnish an additional influence for higher security prices. While the actual beginning of nego- tiations between railroad executives ‘and railway labor representatives for a Ireduction in wages took longer than expected, the fact that (his_dtscusmn \has actually started is considered en- {couraging. While there is yet no in- dication that the employes Will accept 'a lower wage, the belief continues that ithe results of the conference will be {favorable from the viewpoint of the common Ccarriers. The fact that some important people - have appeared as buyers of reilroad se- “-curities the last week would seem to .lend color to this belief.. Railroad se- | curities have had an appreciable up- turn the last fortnight by way of dis- counting settlement of the wage dis- cussion. Growing optimism with regard to the future of the securities markets, how- ever, promises to be somewhat tem- pered by the resumption of another ex- port movement of gold from the United States. The announcement late last week that $16,000,000 of additional gold ‘had been earmarked for shipment to France and Belgium is eccepted as the beginming of this outward movement of - the precious metal. The most recent - substantial export movement of gold « occurred last Fall, when the aggregate amount of the metal shipped abroad was_approximately $700,000,000. The prospect of favorable develop- ments in the economic situation seems to outweigh the possibilities of un- favorable news, and for that reason | the outlook for the stock market con- tinues to be Tegarded in a favorable light. (Copyright, 1932, by the North American b: Newspaper Alliance. Inc.) - {Washington Produce Butter—One-pound prints, 29; tub,, 28 17a19; - current Tre- Eggs—Hennery, ceipts, 15a17 Poultry, alive—Turkeys, old toms, 20 * 22; young toms and hens, 25a28; chick- ens, $ pounds and over, 18a21; 2 to 2}3 *pounds, 18a20; brotlers, 112 to 2 pounds, 18a20; hens, large, 20a22; cmall, 15a16; Leghorn hens, 14a15; roosters, 11; keats, * young, 40a45; old, 25a35 Pouitry, dressed—Turkeys, old_toms, 24a26; young toms and hens, 27a30; chickens, 3 pounds and over, 20a22; 2 to 215 pounds, 23a25; broilers, 11; to 2 " pounds, 2325 hens, large, 23225; small, 1 Y roosters, young, 60a70; old, 50 Meats—Beef, prime, 16; choice, 15; good. 127:a13: cow, 92al0; lamb, top, “13° medium, 12; veal, top, 14; medium, | % "8 13" 13; pork loins, 12; fresh hams, 8 to 10 pounds, 12; 18 to 22 pounds, 19; smoked hams, 16al7; strip bacon, 16al7; lard, 80-pound tins, 8'z; package, 9; com- pounds, 7a7%. Fruits — Strawberries, _pints, 25; quarts, 50; apples, bushel baskets, 50a1.00; fancy box stock, 2.50; oranges, Florida, 3.00a3.75; California, 3.75a4.00; grapefruit, 2.25a3.25; pears, 3.00a3.50; pineapples, 3.00; grapes, Emperors, 3.50a 400, lemons, 3.5085.50; tangerines, 1.25a1.75; persimmons, 1.00a2.00; kum- 15 Shell Union Oil pf. 67 Simmons Co. .. 313 Simms Petroleum. .. 414 Sinclair Consol Ofl.. 64 Sinclair Ofl pf (8)... 2 Skelly Oil 10 Skelly Of] Df WW.... % Snider Packing. 2 Snider Packing pf... 8% Socony-Vacuum (1). 45 Solv Am pf ww(5%) 6% South Port Rico Sug 87 Sou P Rico Sug pf(8) 28% Southn Cal Ed (2)... 26 Southern Pacific (4) 6% Southern Railway... 10 Southern Railway pf 2 Sparks-Withington. . 3 Spiegel-May-Stern.. 10% Stand Brands (1.20). 2514 Stand Gas&El (3%). 2974 Stand Gas&E! pf (4). 231 Stand Ofl of Cal(2%) 8714 Stand O1l Exp pf (5). - Add 00. High. Low. 1A' e 31 Pure Of1 v, Ay ub B9% 4% 8% 16% 15 64 11% 111y Mo+ 11 5;:—% 49% | 361 Tri - U T%h - % | 5 —1% | i ] + % -1 5% 11% 104 384 3 2 Tri-Contl COrp...... ‘ont] Corp pf( Ulen & Co. 13% Underwood-E11-F (3) Union Bag & Paper.. 27% [Infon Carh & (2 60). Un Ol of Calf(1.40) & Unlon Pacific (10).. Unlon Pacific pf (4). Un Tank Car (1 97% Unit Alreraft 3w 3% — 52 52 -2% 2% 2% — % 0).. Unit Am Bosch Unit Biscult (2). Uait Carbon. Dt Cigar Stores. Unit Cigar St pf (4) . Unit Corp (76¢)..... Unit Corp f (3). Unit Electric Coal Unit Fruit (3).. "'nit Gas&Im(1.20).. Unit Gas&Im pf(5).. Unit Plece DWpf 6% U S Gypsum (1 60) U S Indus Aleohol. U S Leather (A). U ath or pf (7). us DA & Fdry (2). U S Pipe&Fy 1st 1.20 U S Realty & Imp.... U S Rubber. . U S Rubber 1st pf. U S Smtg & Ref (1). U S Smtg&Ref pf 3% U S Steel Corpn (4).. U S Steel pf (7). United Stores (A)... United Stores pf (4) Univ Leaf Tob pf(8) Univ Pic 1st pf (8).. 7% Utll Pwr & LtA (2). Va asco Sales Corp. Vanadium Corp. 71% 204 Vuican Detin (4) Wabash Wabash 1dorf RYRL RR (A) Sys (1%) v ward Baking (B). Warn Bros Picture Warner Quinlan, West Pa West Pa Western Western Warren Bros. . Webster Eisenlohr Wesson O11&Sno(2). El pf (6). Elpt (7). Western Maryland Pacific pt. .. Unlon (6).. 7% Stand Ofl of Kansas. 26 Stand Ol NJ (12). 1 Sterling Secur (A).. 1% Ster)ing Secur pf.... 16% Sterling Secur cv pf. 4% Stewart Warner. .. 9% Stone & Webster 9 Studebaker Co(1.20) 75 Studebaker pf (T)... 26% Sun Of1 (1) . 40% 11 Superheater Corp(1) 1% % Superfor OIl. 18% 2% Superjor Steel 21% 36% b6% 64 Westinghse A B(2).. Westinghouse (21) . Wsthse E&M 1st 314 Westvaco Chlor 1.60. White Motors. White Rock (4) White Sewing M Wilcox Oil & Gas a o 3 PR e NN, AR ARG RN e B~ NN AN AN D ® St +3% - = -14 =8 EEEE EEPE +EETEEEED £ =3 (33 o 8 56% 2% 1067 — % +1t% -1 -1% - % +1 3 3 P 45% Worthington Pump. 504 Wrigley (Wm) (4).. 11% Telautograph (1.40). 30 8% Yale & Towne (1). 97 Texas Corp (2).... .. 34 156% 3 Yellow Truck... 4 A 506 S Bae Beluh weis) »TI& 6% Zoulte ProaCorp () 2 ™ T 1% Tex Pacific Coal&Oil ) i T:x Pacific Land Tr. Sales of Stocks on New York Exchange. 200,000 12:00 Nuon. . 500,000 37 Thatcher Mfg Co.... ¥ 4 E M. 800,000 +1,000,000 24% Thatcher Mfg pf 3.60 ? 5 4n the above table are the annuai eash 5% Third Avenue....... en 4n the above table are the anua e 3 st cuarterly or half-yearly declarations 11% Third Nat Iov (108). n 100 shares 'Partly extra 7, Thompson Starrett.. 2\ Tide ter Asso Ofl. B stocl Plus 8% in 1 Plus 50c In special eferred stock 10 Thskan Bolias Bi8). 3% in P Batd this Sear—no TeRuldr rate D Pius 1% Tobacco Products. .. s ¥ STANDARD OIL WAR — FOR PROVIES OPENS Committee Acts to Get Con- trol of Kansas Corpora- tion in March. to 5% WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES SALES. E ) | ;B .. | Metropolitan’ (14 | Washington Gas 6s “B"—$500 at 103%. | Riges (15) | | Secona (9e) AFTER CALL. i\\'amm«mn Washington Gas 6s “A"—$1,000 at 100%;, $1,000 at 10014, Chevy Chase Club 5'25—$1,000 at 10015, . Bid and Asked Prices. BONDS. pusLic vTILITY. | By the Associated Press. | bl i NEW YORK, January 18.—Another|Amer Tel, & Tel g2 '38..... 405, .- Standard Oil proxy war loomed today. | Anacostia & Pot. R, R 5 A stockholders' committee, composed | C. & P. Tel. of Va 53. 5 of Lionel T. Barneson, Cyrus Bell and | &15"% Eidiiiti “55:‘ 2 C. B. Wrightsman, has written & """"l;‘g’é%’-‘?'%a?"go'?x;“%u to share owners of the Standard Oil | Fetomac Elec, g8 186300 c0o: Co. of Kansas soliciting proxies for| hington Gas 472s. . the annual meeting which takes place | the second Wednesday in March. ; Little Progress Made. | MISOELEANEOUS. “Since the withdrawal of the Rocke- | Barber & Ross, Inc, 6%s feller interests many yeass ago,” the|CHER? Chess LD Biad-1iic letter said, “the management o(f the | W. M. Cold Storage 5s....... . company has been handed down from year to year to a group holding a rela- STOCKS. tively negligible amount of the com- PUBLIC UTILITY. pany's stock, | Amer. Tel. & Tel. (). .. “Under this management, in spite of | Caplial Fraction Co i) obvious advantages enjoyed by reason | Wash. Gas o, : of its name and the former position in | N, & W. Steamboat (1)- livtle or no progress has been | pou Eiec. Power 31i¢ pid made by the company as compared with | Wash. Rwy. & Elec. com, other Standard Oil companies or even | Wash. Rwy. & El. pfd. () as compared with newcomers in the NATIONAL BANK. field which have enjoyed efficient and | Min aggressive management. 5 R Stewart Was Defeated. Commercial (stamped) (10} District (8) 3 BK. & Tr. @ “The management has been content| Fed.-Amer. to let matters drift and is not taking |Liberty (78 (12) TRUST COMPANY. Amer. Bec. & Tr. Co. (15).... Natl ‘Sav. & ai)... 7 Prince Georges Bk. & Tr. (6)... Union Trust (85) el Wash. Loan & Tr. (14} SAVINGS BANK. Bank of Bethesda (6§)... Com. & Savings (10). East Washington (12) Potomac (10) 5 Sec. 8av & Com. Bk. (17) Seventh Street (12).. United States (30) R Wash. Mechanics (20).. | FIRE INSURANCE. | American (12).............. | Corcoran (10)..51101000 Firemen's (8) " National Union (15} TITLE INSURANCE. Columbia (6h) Real Estate (6h) MISCELLANEOUS. Barber & Ross, Inc., com %0 Col. Medical Bidg. Corp. (6).".) '90 Col. Sand & Gravel pfd. (7). .. D5 Paper Mg pd...... h. Rwy. & Elec. 4s.. Dist. Natl. Sec: 5 Emer. Bromo-Selz. “A" (3} Federal Storage pfd. (8)... Fed.-Am. Cq (1.201) ] X 0. pfd. (6).... Lanston Monotype (6) Mer. Tr. & Stge. com. Mer. Tr. & Stge. pfd. (1) | Mergenthaler Linotype (6) Natl. Mige. & Inv. pfd. (8) | Peoples Drug Store pfd. (613).. Real Est. M. & G. pfd. (8) e (5%) Wh. Corp.'i3). @ 3 ) 90 v (1.20). 9% Woodward & Lothrop bfd. (7). 107 - *Ex. dividend. bBooks closed. n2se extra 130c extra: §1% extra eliac; extra. price. Asked. 175 250 Capital (14)...... L a0 183 Columbta (1: the steps necessary to maintain the| relative position of the company in the | face of everincreasing competition or | to develop the great possibilities of its | quats, quart, 10a15; bananas, 75a2.00; Alligator pears, flats, 250a3.00; rhu- barb, hot house, 5 pounds, 1.25, Honeydews, Chile, $4.00. Vegetables — Botatoes, Idaho bakers, 2.50a2.7 s, 65al.25; tomatoes, 3-pan cal . ‘repacks, 2.00a2.50; peas, 6.25a string beans, 1.50a2.50; limas, broccoli, 2.00a2.50; spinach, 100; home' grown, 50a75; kale, 50a60; lettuce, Iceberg, 3. ; cauli- flower, 3.50a4.25: squash, 2.00a4.00; mushrooms, 50a75; beets, crates, 2.50a 275, carrots, crates, 4.00; cucumbers, 4.00a4.50; eggplant, 2.00a2.50; celery, 3.00a onions, 50-pound sacks, 190 a2.00; Spring onions, per dozen bunch- es, 24; salsify, dozen bunches, 80; arti- chokes, 4.50a5.00; parsnips, 1.50; cab- bage, new, 1.00; old, 75a1.00. 100 - pound DURHAN, N. C., BANK CLOSES VOLUNTARILY DURHAM, N. C, January 18 (P)— Officials of the First National Bank of Durham announced early today that the institution would not open its doors for business today. “On account of increasingly heavy withdrawals of funds and the loss of confidence,” a statement said, “the di- rectors of this bank have voluntarily decided to close the bank in order to fully protect and safeguard the rights and interests of creditors and depos- itors." he bank had a capital and surplus of $1,000,000. The officers said that at the close of business Saturday the total deposits were approximately $3.500,000 W. J. Holloway is president of the bank. PETROLEUM GAS SALES INCREASED DURING 1931 By the Assoclated Press. The Bureau of Mines reports an in- crease of 46 per cent in the marketed production of liquified petroleum gases during 1931 as compared with the pre- vious year. The calculation was made on the basis of returns received from the principal marketing companies. Total sales approximated 26,300,000 galions, it was stated, an increase of about 8,000,000 gallons. This increase equals that recorded for 1930 when £ales were 8,087,000 gallons more than in 1929, exceptionally advantageous geographi- | | cal situation.” | | The last big proxy battle was waged | in Standard Ol of Indiana in 1929 be- {tween John D. Rockefeller, jr., and | Robert W. Stewart, chairman of the board. ~ The Rockefeller interests 41 CHAIN STORE SALES DECREASE 5.7 PER CENT Special Dispatch to The Star. NEW YORK, January 18.—According GENERAL TIRE COMPANY | ENDS YEAR WITH PROFIT | | Special Dispatch to The Star. AKRON, Ohio, January 18.—Sales | to a compilation by Merrill, Lynch & | of the General' Tire & Rubber Co. dur- emerged victorious and Stewart quit as| Co., 41 chain store companies, including | Ing the fiscal year which closed No- | chairman and director. { | | CHICAGO PRODUCE MARKET. | CHICAGO, January 18 (#).—Poultry alive, seven trucks, firm; fowls, 17; springs, 16; roosters, 10; turkeys, 20; young toms, 17; old_toms, heavy colored ducks, 20; small, 18} | geese, 13, | Buiter, 7954; steady; creamer = cials (93 score), 24a24;; extri 2 score), 23'5; extra firsts (90-91 sct . 2214 - firsts (88-89 score), 2114-22; | seconds (86-87 score), dards (90 score centraliz Eggs, 7.984 cases; steady; extra firsts, 16-16;; fresh graded firsts, 15-15%; current ‘recelpts, 14-141; FURNITURE SHOW OPENS. HIGH POINT, N. C, January 18 (#). —The Eleventh Semi-Annual Southern Furniture Market opened a two weeks' show here today. Exhibits for the Spring retail trade are displayed. Lines of nearly 150 manufacturers are stocked for inspec- tion Rugs are being shown also, and this | display is said to be the largest ever as- sembled in the South. Furniture dis- | | Plays, of course, are the features of | the market NEW B. & 0. OFFICIAL. The Interstate Commerce Commis- sion has authorized Willlam T. Noonan of Rochester, N. Y., to act as a vice president of the Baltimore & Ohio Ratlroad. Mr. Noonan is now presi- dent and director of the Buffalo, Roch- ester & Pittsburgh Rallway, which the | B. & O. controls. POWER BECEIVEBSW fiAKED. NEW YORK, January 18 (#)—Fed- eral Judge Francis G. Caffey today appointed ancillary receivers in equity for the American Commonwealths Power Corporation, with assets exceed- ing $100,000,000 in value, and for the American Community Power Corpora- tion of Grand Rapids, Mich., with as- séts exceeding $69,000,000 in value, . b 3 mall order concerns, show total sales for the 12 months of 1931 of $3,643- 963,329, against sales of $3,864,474,367, in the corresponding period of 1930, a decrease of 5.70 per cent. Three mail order companies alone show sales for Excluding the mail order concerns, 38 companies show sales for 12 months of 1931 of $3,044,745142, against sales | of $3,165,521,987 in the same period of 1930, a decrease of 3.81 per cent. Results for December, 1931, as re- ported by 41 chain store companies, in- cluding three mail order concerns, show total sales of $375,407,604, against $413,068,469 in December, 1930, a de- crease of 9.31 per cent. The three mail order concerns alone show sales for December of $57,711,857, against $71,- 272,220 in December, 1930, a decrease of 19.02 per cent. Excluding the mail order toncerns, 38 chain store com- panies show sales for December, 1931, of $317,695,747, against $342,696,249 in December, 1930, a decrease of 7.29 per cent. BOSTON WOOL MARKET. BOSTON, January 18 (Special).— There has been a decided increase in wool buying in the past week, and while sampling has been an important factor, interest has broadened to in- clude some lines recently neglected Sentiment has been helped by the open- ing of the London auction serles, where prices were higher than anticipated. Prices here have remained steady to firm. Deliveries of tops have contin- ued to increase, particularly on lots of short dry combed 64s just purchased. Fine Territory combing, clean, was quoted at 57a58; French combing, 53a 54; half blood, 54a55; three-eighthc blood, 48850, and quarter blood, 41a43. Fine Ohio fleeces were quoted at 23 241; grease basis, half blood and three- | elghths blood, 23a24, and quarter blood, Shantung, Huna and Hopel Provinces of China report that their present pea- nut crop is 10 per cent greater than in any previous season, | vember 30 amounted to $20,822,000, and, during the year the company produced and sold more tire units than during any previous year in its history, Wil- | tam O'Neil, president, reported to com- voung hen | gy s of 1931 of $599.218,187, | Pany stockholders at'the annual meet- | 1 the | Ing of the company, held at the general President O'Neil informed the stock- | holders that, because of the fact that Price, Waterhouse & Co. had not yet completed their annual audit of the company’s books, it would be impossi- ble to make public earnings figures at this time, but that they would be avail- | able in a few weeks. “We have finished the year with a profit, although we cannot yet tell just how much,” President O'Neil said “During the year we reduced our bank indebtedness to one- half of what it was. We also subscribed to the Akron Credit Corporation to protect banks, or we would have reduced our bank in- ge(l;ll(‘dness considerably more than we id.” REICHSBANK STATEMENT. BERLIN, January 18 ().—The Reichs- bank statement as of January 156 shows | the following changes in reichsmarks: Gold and bullion decreased 19,802,000, reserve in foreign currencies decreased 7,409,000, bills of exchange and cheques decreased 260,143,000, silver and other coins increased 37,476,000, notes on other banks Increased 2,612,000, ad- decreased 1,000, other assets increased 7,933,000, notes in circulation decreased | decreased 32,896,000, other liabilities in- creased 4,029,000, Total gold holdings, 966,241,000. Note coverage, 25.6 per cent, Rate of discount, 7 per cent. N. & W. EXPENSES ‘CUT4 CHICAGO, January 18 (#).—A. C. Needles, president of the Norfolk & Western Railway, was quoted here to- day to the effect that the road's ex- penses are currently, running at 65 | per cent of levels a year ago. He places Norfolk's 1931 net income at $14.25 & share, against $21.96 in 1930, vances increased 9,470,000, investments 193,997,000, other maturing obligations D. C, MONDAY BONDS RREGULAR AS TRADING DROPS General Situation Remains Unchanged Since End of Last Week. BY F. H. RICHARDSON, Special Dispatch to The Star. NEW YORK, January 18—Today's bond market was an irregular affair. Trading was not in large volume. The market opened with an uncertain tone. There were no new developments of importance abroad, pending the Lau- sanne reparations conference. The rail- wage conference at Chicago reported no progress, and the general situation was unchanged from last week, Wwith .no serve intends to follow up its moderate- ly inflationary policy. The fact that the dollar had reached the gold point in terms of francs was not regarded as an unsettling influence. It has been pointed out that while France has undoubtedly taken advan- tage of recent strength in foreign ex- changes to cut down her balances in New York and London, French investors are still heavy buyers in this market, and their remittances will serve to check any considerable flight from the doljar. There was good institutional buying of United States Government bonds. This resulted in advances ranging from about !; point in Treasury 3s to 3.32 in the more conservative Liberty fourth 4'4s. Reports that New York City had met the demands of her bankers and would this week be advanced $32,500,000 to meet short term maturities ciused a firmer tone in New York City bonds and proved a mild stimulus to the municipal market as a whole, although banks were still unwilling to consider anything in the way of new municipal financing. Domestic corporation bonds moved erratically. There was a fair sprinkling of gains ranging from Y3 to over a point, with a number of declines of about the same size. The recessions were largely in issues that have recently had substantial advances and were ob- viously due to profit taking. . Some of the buying came into rail- road bonds, as farm implement and carrier securities benefited by the sharp gains in wheat prices. Baltimore & Ohio refunding 6s gained a point. Erie general lien 4s were also a point higher. Sharp advances occurred in Illinois Central 4%, Missouri Pacific 55, New York Central 6s and Western Mary- land 5',s. On the other band, heavi- ness ruled in Rock Island 4':s, Nickel Plate 6s and St. Louis-Southwestern first 4s. Industrials generally were unchanged or narrowly lower. New York City traction securities were most active in the junior utility group. Interborough refundings 5s, Brooklyn-Manhattan Transit 6s and Manhattan Railway 4s were all better. Talk was heard that one of the points of agreement between New York City and its bankers was the rapid transit fares would be raised as soon as politi- cally practical. Foreign dollar issues were heavy, especially the Germans. Young plan 5128 and Dawes reparations were about 1 point lower. German Central Bank issues lost as much as 3 points. Bonds of Greece, Rumania, Italy and Austria dipped. Cable advices stressed the probability that “standstill” agreements on short-term credit maturities would have to be extended to several Euro- pean governments. South Americans were inactive. Japanese dollar bonds were about a point lower. Australians were steady, with the rise in sterling aiding Australian funds to maintain their balance against the dollar. BIGGER BRAZIL BUSINESS Special Dispatch to The Star. BALTIMORE, January 18.—Improve- ment in business between Brazil and the port of Baltimore is foreseen by Joao C. Muniz, consul for Brazil, as a result of the recent creation of a department of industry and commerce in the federal government at Rio de Janeiro. This department, Mr. will study all of the branches of Brazil's foreign trade and will en- deavor to simplify commercial dealings between that country and others. Aid in many other ways will be provided, he declared, adding: “The creation of this new depart- ment of government is but one of the many reforms adopted by the govern- ment which came into power a little more than a year ago as the result of a successful revolution.” Muniz said, NEW YORK BANK STOCKS CONTINUE THEIR RALLY Special Dispatch to The Star NEW YORK, January 18.—N:w York City bank stocks extonded their rally this past week as evid:nce by records compiled by Holt, Rose & Troster. ‘The average yield of the 16 leading stocks as of January 16 dropped to 7.58 per cent, compared with a yield of 7.68 per cent on January 9. and 9.84 re- corded on December 17, the highest average yleld reported 1:st year. Based upon the January 16 figures, the 16. issues now are selling at 12.6 times their known current earnings, against 11.8 times on January 9, and 9.2 times known earnings on December 17, the low for 1931. The current lmsrket value of the 16 stocks is 0.96 | times known book value, against 0.84 on January 9 and 0.65 on December 17, 1931, CHAMPAIGN, ILL., BANK CLOSED BY DIRECTORS By the Assoclated Press. CHAMPAIGN, 111, January 18.—The First National Bank of Champaign, which listed deposits in the recent bank call at $5,116,951, was voluntarily closed today by its directors. A smaller State bank, the Commercial, took similar ac- tion. Officers of the First National Bank said they hoped to effect a reorganiza- tion soon. N. M. Harris is president, and H. S. Capron, treasurer of the Uni- versity of Illinois, is one of the vice presidents. One Casualty Daily in Berlin. BERLIN, Germany. — Traffic accl: dents in Berlin during 1931 caused more than one death a day. There were 367 deaths from autemobile acci- dents recorded last year and injuries to 10,248 persons. This casualty toll is smaller than the one of 1930, when 466 persons were killed and 11,213 in- jured. Passenger cars were involved in one-quarter of the accidents. Salt Herring Business Hit. VANCOUVER, British Columbia (/). —The Sino-Jap affair has the salt he ring shippers worried. Because the in- dustry is largely controlled by natural- ized or Canadian born Japanese, 28,- 000 cases of herring, 400 pounds to the box, are piled on Shanghai docks. boycotted by the Chinese. Trade unions began to appear &8s early as 1829 in England. i JANUARY FINANCIAL [ vox BONDS wosroner | Received by Private Wire Direct te The Star Office UNITED STATES. Bales. High. Low. 2:55 (Sales are in $1.000.) 5 621 50 50 Sales. High. Low. Lib314832-47.. 18 95 ~ 9424 Llst4%s32-47 18 98 10 L'#th 4% £ 33-381708 99 I11 Cent rf 48 ’S5. 111 Cent 4% '66..... 44 44 (11 Cent 6348 '36.... 1Y% 81% 111 CCStL&N 68 A.. 50% 51 111 Steel 4% 95 95 2:55. 9425 9812 993 further indications that the Federal Re- | ABItibl P&P 55’53, Ab& St 5% "43. Alleghany Cp Allegheny 6549, Allegheny §s ‘50 Allis-Chalm &s Am Intl 5% 849, Am Metal 5%48°34.. Am N Gas 61543, Am S&R 18t 5847, Am Sug Ref 6537, Am T&T cv 4% 8’39 Am T &T 6565 Am T&T c tr s Am T&T 53 s '60. Am T&T 63%8°43. .. Am Wr Pap 65 '47.. Arrentine 614862, Argentine May '61. Argentine 63 Ju's9. Argentine 6s Oc'59. Argentine 63 A '57. Argentine 6s B '58. Arm & Co 4%5'39.. Arm Del 5%3"43. . Atchison gn 4, Atchiscv 43848, Atch Ariz 414562 AU CL 18t 4852, . At Gulf 5859 Australia 5s ‘56 Australia 65 ‘57 Austria 7s'43. . Austria 7s ‘57 ctf: B & O Toledo 48 59 Ban & Aroos 4s°51. Bk Chile 6%5'61. High, 35 3. R4 28 85 10 90 16 9011 89 30 90 30 97 414 85 8516 90 24 90 11 90 918 974 6 101 28 1018 1018 Low. 3:58 341 83% Int Rap Tr 65" Int Rap Tr 78 32. Int Cement 58148 Int & Gr Nor 6s'52. Int & G N ad 6362, Int Hydro El 68 + Int M Co 6s rct'¢41..176 Int Match 6847, Int Pap bs Int Pap 6: IntT&T 4%s Int T&T cv ¢%8'39. Int T & T 5855 Italy 78 '51. .. Italy PubS 7s Japanese 5% Japanese 6% Jugosl Bnk s Kan City Sou 5860, Kan City Ter Kan G&E ¢ %8s Kresge Found 6 6 Kreug & Toll 58'59. Lac G St L. 55 °34. Laclede 5%4s C'63 Lake Shore 3%s 97 Lautaro Nit 68 ‘54 Leh Val cv 4s 2003, Lig & Myers 53 '51. Loew's 63 ex w "41.. Lorillard 58 '51 Lorillard 7s *44. La & Ark 5360 Lou G & El 58 '52 L & N uni 4s'40 L& N 43452003 Lvons 63 34..... McKes & R6%%50. 5 Manh Ry 1st 45'90. 123 Midvale Stl 63 ‘36 Milan 6%s '52. . Mil E Ry & L 53 '61 Mil E] Ry&Lt 68 °71 M StP&SSM 5s gtd. MK&TIst4 MK&T4sB MK & T adj 58 '67. MK&T pr In 5sA’62 Mo Pac gn 4s'75. Mo Pac 55 A '65 Mo Pac 68 F '77 Mo Pac 58 G '78 Mo Pac 5s H '80 Mo Pacrf 65’81 Mo Pac6%s A Mobile-Ohio 55 '38. Mont Pow 58°'43. 90. 8% 8% 481 48% EXPECTED AT BALTIMORE | Montevideo 6s 59 Nassau Elec 4 '51 Nat Datry bY%s Nat Steel 53 '56.... Netherlands 6372 N Eng T 18t 63 '52. NOT&M5%s ‘54, Nw S Wales 6s '67. W S Wales 58 '58. Y C gn 348 97.. Y Cent 4145 2013 N Y Cref 4352013, Y Crf im 63 2013 Y Cent db 6s '35, YC&StL 4%s '78. NYC&StL548A"T4. NYC&StL 6s " N Y Edisn 63 B'¢4.. N Y Fd 1st 6%5'41. Batav Pet 4% Belgium 6s '65..... Belglum 614s 49, Belgium 78 ‘55 Belgium 7s '56. Bell Tel Pa 53 B Bell Tell Pa bs B Ind Loan C Berlin Cy El 68 '65. Eerlin CE 6%s '50. Beth Stl pm 5 Beth Stlrf 548 42, Bolivia 786! Bolivia 85 47. Bordeanx 63 Bost & Me 4% s o e s aeaRn8laaSaE8cnwn o » e @ N D AR NN RN e AR NRONRN U AR NSNS~ B In0w-eH o oo~ 100% 109 91 5 102% 534 73 Brazil 8s 41 Bremen 7s ‘35 Bk Ed £n A 6849 Bklyn Elev 6% Bklyn Man REiyn Un 5845 Budapest ¢8'62. ... Buenos A 6561 Pv. Buff Gen El 4548’31 B R & Pitt 4%3 '57. Canada 45 ‘60 Canada 4% 36 Canada &5 ‘52 Can Nat 4%s 54 Can Nat 4%s'57. Can Nat 4%s '6 Can Nat 4% '56. Can Nat 58 '70 Can Nat 58 July's: Can Nat 58 Oct '69. Can Nor 44535, .. Can Nor 635 db *46 Can Nor 7s db *40... Can Pac db 4 Can Pac 4356 Cent 'l G&E 6551, Cent Pac 4349, Cent Pac 68 '60. Ches Corp 5s'47. C&O gen 4%s's2. C&O 4%sA'93.. C&O4%sB'95... C B&Q 1st rf 63 '71. Chi & Est [11 6s'61. Chi Grt West 48’69 ChiM&StP4¢ . Chi M&StP 4%s E. C M StP&P b8 '75.. CM&StPad)bs.. C&NW 4345 C 2037, Chi & NWen 4Xs. hi & NW 6%s'36.. Chi RI&P gn 45 '88. Chi RI& Prf ¢s'34 NY NH&H db 48’57 NY NH&H 4%3 67 Y NH&H clt 65 '4¢ NH&H cd 6548, Y O&W 1st 45'92. NY O&W gn 45 '55. NY Tel 4%s 39 Y W&B 4%5'46 Sh Md 6%s '50. ord 63%s°60...... or & Wncv 4896, 0 Am Co 58 '61... Nor Am Ed 5s C 69 Nor Am E 5%s5 '63. Nor Pac 33 2047 Ner Pac 48°97... Nor Pac r 168 2047. Nor St Pw 63 A "41. Nor St Pw 6s B '41. Norway 6s 63 Norway 5%s "5 Norway 6543 Norway 6s '44 Norway 68 '52. Orient dev 83 '53. Pac G&E 5842 Pac T&T 1st 5837, Pac T&T rf 63 '62.. Paramount 6s '47 Paris-Ly M 6s ‘68 Paris-Ly M 7s '58 Paris-Or 514s '68. Penn 4%s D ‘81 Penn gn 4%s '65. Penn 4748°70. . Penn 4%s '63. . Penn gen 5s ‘68 Penn 6%s '35, Penn P&L 418 '81. Peoples’ Gas 5s "47. Pere M 1st 58 '56. Peru 63 '60. Peru 7s '69. Phila Co 53 67 Phila Eiec 4 Gaes Phil & Reas 63 °49.. Philllp Pet 5% s '29. Philippite R 4s'37. Pillsb F M 63 '43... PCC&St L 58 B '75. P& WV 43%sC60. Poland 7s°47. Poland 8s°50. Porto Alegre 8s'61. Port Gn El 4%s'60. Por R Am T 68 '42. Pos Tel & C 58'53. . Pressed St C 68'33. Prussia 6s ‘52 Public Serv 48'71.. Pub Sv G 413s°67.. Pub Sv G 43%s570.. Pure Ofl 543 °37... L R AR S w00 S RN A RN AN ARNR AR NARNOE NN R A RS ORI OCRDNA I AN D AR R RNOABISSERAEAT H BRRS 0 ChiR]Jcv4é% Chi T H Inc 65 '60 Chi Un Sta 4%s '63. Chi Un St 5s8'44.... Chi Un Sta 6%s 63 C& W Ind cn 4s'l C& W Ind 5%s '62. Chile 63 60, Chile 65 "61. Chile 6363, o CCC&St L 4%s E'T7 £CC & St L 65 D '63 Clev Term 6%s '72. Cologne 6348 '50. Colomb 6s Jan ‘61 Colomb 6861 Oct. Colon Of1 63 '38.. Re~5 e .| per cont series. Colo & Sou 4%s '35, Colo & Sou 4345 '80 Col G&E 68 May'52 Col G&E cou 6861, Com Inves 5%s '49. Con G NY ¢%s'61.. ConG N Y b%s 5. | Consum Pow 6s '52 Copenhag 58 ‘52 Cuba 5%s 45, Cuba R R 68 '52 Cuba RRrf 7% Czecho 85 '61. Del & Hud rf 48°34. Denmark 4%s ‘62 Denmark 63 '42. D&RG W b8 °65. DRG& W63 Det E GER4 %561, Det Edison rf 58’43 Deutsche Bk 6532, Dodge Br cl 6840 Donner St 7s '42 Duquesne 4%s ‘67 . Dutch East I 6847, Dutch East I 6s'52. Erie 1st con Erie con 48 A '53, Erle conv 4s B Brie 3'76 Finland 6%s 58 Finland 6845 Finland 6%5 ‘66 Finland 7s ‘50 Fia E Coast 5874 Fram I D T3s 42 French 7s 4; French T#s Gelsenk’hen 6; Gen Cable 5 Gen Motors Ger Cen Bk 63 ‘60 O Ge*man 7s rep '49. German Bank 7s ‘50 Ger Gen El 7s '45. Goodrich cv 63 *45 Good 13t 6345 *47. Goodyr Rub 6’51, GrandTr sf db 65’36 Grand Trunk 7s'40. Grt Nor4%s'17E. GrtNor6s'13..... Grt Nor gn 6%s ‘52 Grt Norgn 7s Greek 636 Hud & M adj § Hud & M rf 6s Humble O1l 68 '37. Humble O 5 %4832, Hungary 7s '44.. 111 Bell Tell 6558, , Il Cont 48’53 100v ey Queenslana 7s "41.. Reading 4%s B'97. Rem Arms 6s A '37. Rem R5%3 A "47. Rhinelbe 7s '46 Rnine West 6s '52. Rhine West 68 '53.. Rhine West 63 '55. . Rhine West 7s 50.. Rio de Jan 6345 '53. R Gr Do Sul 63 '68. R Gr Do Sul §s "46. Rome 6%s '62..... StL IM R&G 4s'33. St L&SF 1n 48 A 50 StL&SF 4%8'78. StL&SF p 1 68 B 50 StLS W 1st 4589, StS Wen 4s ‘32, StLSW6s'52.... StP&KC SL 43541 St P Un Dep 53 '72. Sao Pau 78’40 ret.. Sao Paulo §s '50 Saxon P W 6148'51. 3 2 Seab A L cv 63 '45. Sea All Fla 63.A'35. Serbs-Cr-S17s '62. Serbs-Cr-S1 83 '62. . Shell Un Oll b8 ‘47. Shell Un O11 63 °49. Sinclair Ol 6%s'38 Sinc O 7scv A '37.. Sinc Cr O 5%s ‘38. Soissons 6s'36. ... Sou Bell T&T 63 "41 SW Bell T 68 A "54. Sou Pac col 48 '49 Sou Pac ref 43 ‘65 Sou Pac 4%s ‘68 Sou P 4%3°69 ww. Sou Pac 4%s'81. .. | Sou P&OT 44517, Sou Ry &n 45 '56 Sou Ry 65 '5 StOIIN Y 4%s'51. Sweden 535 '54. Swiss5%s'4 Tatwan E P 6% 71 Tenn El P 63 A 47 Tex & Ark 5%s'50. Texas Corp 68 '44.. Tex&P 1st bs 2000. Tex & Pac 53 B '77. Tex & P 6s D ‘80 Third Av rf 4s'6 Toklo 58 '52. : Tokio El Lt 63 '53. Ulst & D5sct'28.. Un Pac 15t 4847, Un Pac 45 '62. .. Un Pacrf 422003, L) BB b e aR S B sw o =i Brvamba @ g FOREIGN MARKETS OFFSET GRAIN GAIN Change for Better in Export Situation Seen as Necessity. BY FRANK I. WELLER, Assoclated Press Parm Editor. Unless there is some change for the better in the export situation opinion will continue to differ on the merits of the 3-cent jump that sent May wheat to within a fraction of 60 cents a bushel. The late Saturday upturn seems largely due to short covering in the wake of further rallies in stocks and the operation of prefessional sspecula- tors, who look for large houses to get under all low-priced commodities if se- curities continue up. The world level of competitive grain ranges from 52 to 58 cents. Higher Prices Necessary. It will require much higher prices abroad before United States wheat can be brought in line with the export trade. All normal trade with Europe is effectually blocked now, with Chi- cago selling over Liverpool, and any further advance in domestic prices would only widen the disparity of vitally necessary foreign outlet. The potential demand for wheat in Europe is thought to be substantial, but financial stringency precludes pres- ent heavy purchases, and the chief governments are maintaining import restrictions. To further complicate an advance in the domestic market the period when maximum pressure of new Southern Hemisphere grain will be felt on the world market now is at hand. It is generally expected that large cheap of- fers will .become available very soon. Argentine exports last week were 1,000, 000 bushels heavier than the week be- fore, London quoting Rosa Fe 64-pound wheat for April and May shipment at 52 cents. United States Wheat Cut Out. Argentine wheat is freely offered for prompt shipment and the Liverpool in- terest in, it, dimmed only by larger Black Sea exports, is said to have taken United Sfates wheat almost entirely out of competition. Liverpool wheat fu- tures are fluctuating principally with the movement in the exchange which, at $1.50 below normal, acts naturally | against gold standard American grain. Another blow has been the decision by British millers, heretofore reluctant on the point, thatgthe proposed em- | pire preference scheme which would allot Gome 55 per cent of English wheat requirements to Canada and Australia was workable. World wheat and flour exports showeq a moderate increase last week and floating stocks consequently in- creased for the first time since early October. These exports are keeping up with those of a year ago but are far behind the large amounts handled in 1928. Australian shipments, earlier than usual this year, already are 2,- 420,000 bushels ahead of a year ago. Small price fluctuations in corn are indicated until some new incentive is provided. The movement of cash corn continues light, but offerings from the | country have increased considerably. Wall Street Briefs By the Assoclated Press. NEW YORK, January 18~Though no date has been. announced for the National Biscuit' ‘Co. dividend meeting, Wall Street expects action to be taken this week. The current rate is $2.80 annually, which has been paid since gggosmck was split 21; for one early in Wall Street hears that Southern in- | vestors have been buying R. J. Rey~ nolds Tobacco. The demand is said to ’hBVe been inspired by the good show= .lmg of the company’s 1931 statement. New State and municipal financing scheduled for this week by 33 States and municipalities totals $6,743,777, ac- cording to the Bond Buyer. This is the smallest weekly total recorded in recent years, and almost one-half is accounted for by California’s offering of veteran's welfare bonds, The General Public Service Co. an- 4| nounces an offer to purchase $200,000 of its own debentures at 67 for the 5 per cent series and at 75 for the 52 The offer expires Janu- ary 22. The committee formed for the re- organization of the Antilla Sugar Co. announced today that substantially all of the property has been acquired by Antilla Sugar Estates, the new com- &any formed under the reorganization an. Fashion Park Associates, Inc., re- ports 1931 net sales of $21,118,859, com- pared with $25826,884 in 1930. ‘The Detroit Edison Co. reports for 1931 net income of $11,652,915, against $11,486,817 in 1930. Gross earnings were $49,232,501, against $53,706,926 the year before, most of this decline re- sulting from drop in business of its electricity divisions. The company's surplus at the end of the year stood at $19,607,555. American Stores Co. December sales totaled $12,059,081, a decrease of 9.2 per cent from 1930. Sales for the year were $135,226,406, a decrease of 5.2 per cent from 1930. Stockholders of the Triplex Safety Glass Co. today approved the sale to the Libby-Owens-Ford Glass Co. of the formers entire flat glass and lami- nated glass business. The sale includes good will and all land, buildings, ma- chinery and patents and a substantial part of the inventory. The Continental Banking Corpora- tion will show a 1931 balance of 70 cents a share on the class “A” stock, according to current forecasts. In 1930 the company reported a balance of $7 a share on the “A” stock Sales. High. Low. 82 82 89 58 Un Pac 4 %3 '67 Unit Drg cv 68 '53 Utd King 5%s '37.. U'S Rub 1st 58 ‘47, Un St W 6348 A'4T. Ud St W 6148A'51. Ud St W 5%sC'51... Uruguay 65°60.... Uruguay 8s 46.... Utah P& L 58" Util Pw 53’59 ww., Utll Pow 5%8'47... Vanadium St 5s'41. Vienna 6 52 . 20 Va Ry & Pw 58 '34. Wabash 414818, .., Wabash 2d 5s°39. . Wabash 58 B'76... Wabash 6s D '80... Walworth 63 A "45. Warn Br Pic 9. Warn Quin €s'39. . Warner Sug 7s "41. Warsaw 78 ‘58, .. .. Wst Sh 15t 45 2841, West El db 5s "¢4 West Md 4s ‘52 West Md 53 " West Pac 53 West Unlon bs West Union 5. Wes: Un 6% 5 WEOG%s'37 ww. W1l & Co st 6341, Yokohama 63 Ygstn S&T bs