Evening Star Newspaper, January 18, 1932, Page 15

FINANCIAL THE EVENING CURB STOCKS TURN UP AS SALES GAIN Opening Was Lower and Quiet, but Demand Raises Price. BY JOHN A. CRONE. Special Dispatch to The Star NEW YORK, January 18.— After opening lower and quietly today, stocks on the Curb Exchange showed a dis- position to turn upward and quicken their trading pace. | Electric Bond & Share was off frac- tionally at the opening, but recovered most of its early loss by midday. Cities Service moved within a narrow range, | which also was true of Standard Oil of Indiana, Nisgara Hudson Power and | United Light & Power A i The dullness and erratic tendencies that gripped overseas markets at their | opening were mirrored early here in the décline of Brazillan Traction, Ford Motor, Ltd., and Utilities Power & Light. Later, however, some of the foreign markets, notably the Canadian, firmed. This brought an improved tone here in issues such as Bell Telephone of Canada and Ford Motor of Canada A. Rising grain prices during the fore- noon, which, as Wall Street rumor had | it, may have been due to the opera- tions of a powerful pool of New York and Chicago financiers, benefitted the agricultural implement sha | Deere & Co. at times w a point and was the active leader implement group. Introduction of new model by Cleveland Tractor may account for the firmer bids for that issue. Other machinery shares lagged Celanese Corporation of America pre- ferred, which netted a gain of 14 points Jast week, extended its rise today. Pep- perell Manufacturing, the cnly other | active textile, advanced fractionally Traders professed interest in the ar- gument of Electric Bond & Share against the Federal Trade Commission, which has been set tentatively for Jan- uary 21 in the Southern District Court here. The case grew out of an appli- cation made by the commission for an order requiring certain Electric’' Bond & Share officials and employes to produce records and answer questions claimed by the commission to be pertinent to its investigation Stutz Motor Car, one of the more active motors last week, yielded more than & point (cday despite reports that the company’s sales at the motor show here exceeded $100,00. Later it thowed signs of recovery. Durent Motors con- | tinued to be turned over in volume, without moving appreciably Specialties, a weak spot in the first hour, developed strength in the third hour today. Parker Rust Proof was up about & point. Elgin watch ran up about a point and Mead Johnson steadied. Earlier Singer Manufactur- ing had dropped 5. Aluminum Co. of American was down 2 points. Alum- Inum, Ltd., was off a point and fractional | declines were registered by Todd Ship- ; yards, Hachmeister, Lind & Co. and Tobacco - Allied Stocks, Inc The best gain in the pive lines was recorded by Buckeye Pipe Line. North- ern Pipe Line was also strong. Gains and losses about balanced in the na- | tural gas group. - In the pipe manu- facturing company shares, A. O. Smith | opened off abcut 2 points Imposition of nmew tariffs on Ameri- can radio sets by France produced some _irregularity in the radio_shares De Forrest. Dubilier and Polymet Manufacturing, however, moved nar- | TOWly. BONDS ON THE CURB MAREKET. 22555255 §oEEEs 3 38 1l e 5Gen Bronze 6s 3Gen Mot Acc 5s 1Gen Pb Ut 6las A 12 Georgia Power 85 3Giilette 8 Raz 85 in 100-share lots except the Btock and Dividend Ra Agfa Ansco. . Ainsworth Mfx. Ala Power pf (6) Allied Motor Indus Aluminum Co of Am 2275s Alu Co of Am pf (6) Aluminum Co Ltd. Am Austin Car. Am British & Cont. Am Cit Pw & Lt B. Am Com Pow A Am Com Pow B.. Am Cyanamid B. Am Equitie: Am For Pow war.. Am Founders Am Gas & Elec (11). Am Invest Ine (B) Am Invest war. Am Lt & Trac (2%). Am Superpower Am Superp 15t (6). Am Utll & Gn B vte, Am Yvette Co.. Inc... Appalachian Gas w Arkansas Nat Gas. Arkans Nat Gas A. Ark N G cu nf (60¢). Ass0 Gas&El A(b%) As%0 G & Ef war. Am Gas & E1 pf (8).. Atl Fruit & Sugar. Atlas Utl] Corp Atlas Utilities war Auto Voting Mach. . Auto Vot M Co pr pt. 4 Bell Tel of Can (8) Blue Ridge Corp.... Blue Ridge cv pf(a3) Brazil Trac Lt&P(1) Brill Corp B. .. Buckeye P L (4). Buff N&FP pf (1.60). Butler Bros. . Canadian Marconi... Carnegle Met. Celanese Corp 18t p: Celanese pf (1) Cent Hud G&E (80c) Cent Puh Sve A hi%. Central States Elec. . Chi B&Q R R (10)... Cities Service (30c) Citles Serv of (6)... CitSYP&Lpf (T).. Claude Neon Lts Inc Clev E 1llum (1.60). Cleveland Tractor. .. Columbia Pic vte, Col O11& Gas 5 Commwlth Edison (3 Cmwith & Sou wer. . Com Water Service. . mstock Tunnel. Consol Copper...... Con Gas Balto (3.60) Consol Gas Utllity A Cont Sharescy pf.... Cord Corp. .... Creole Petroleum. .. Crown Cent Petrol. Cusi Mex Mining Dayton Alr & Eng. Deere & Co. De Forest R Detroit Afreraft. Stoeks ~Prev. 1931.~ High Low. o »5 @ 2 e | R O it TS S Durant Motori zastern Sta Pw pf A. Eastern Sta Pw pf B. East Sta Pow (B). East Util Assoc (2) East Utll Assoc cv. Eisler Electric. Elec Bond&Sh (b6 %) Elec B & Sh pf (6). .. Elec Pow Assoc A (1) In Natl Watch... 1D G & F cu pfi8). rop Elec deb rts. . Ford Motor. Can.. A Ford Mot Ltd 36 3-50 Fox I'heater (A).. Gen Aviatlon. ... Gen Theat Eq ev pf Gilbert (A C)pf 3%.. Glen Alden Coal (4). Globe U'wtrs (p 40¢) Goldman Sachs Grand Rapids Vr Gt At&Pac Tea pf(7) Gulf Ofl of Penna Hackmester Lind Hamilton Gas v.te... Hydro El Securities. Hygrade Food Prod. 11l Pow & Lt pf (6).. Imp V1l of Can «bue) Internatl Utility (A) Interstate Pw pf(7). Insurance Security. . Intercontinent Pet n In'state Equity cv pf. Int Petroleum (1). Int Utilities B Insull Inv 5 Lake Shor Mines (2). Leh Co & Na (1.20) .. Lone Star Gas n 83c. Long Island Lt (60c) Mapes Cons Mfg(t4) Mavis Bottling (A). Mead Johnson (15)., Mass Utfl Assoc. . Mes=abl Iron Met Chain Stores Mid West Ut (b8%), Mo-Kan Pipe Line. . 258 258 fgnated by letter 5" | ~Prev. 1931 15 Hish. Low. 204 11 Dtvi Low Close 24 Mon W Stock and Mohawk Mining (1). STAR, WASHINGTON, NEW YORK CURB EXCHANGE Recelved by Private Wire Direct to The Star Office. Bales— Add 00. Open 16% 17% idend Rate. PPSpt1%. Moody's In Sve pt pf. Mounta Nat Aviation. .. Nat Fuel Gas (1). Nat Inv 2% 2% 12% in Prod (80¢) estors. . Nat Sh T Sec A t60¢ Nar Sugar NJ (2) % Nat Unlon Radio w Bri adford Oil. w Eng Pow pf (8) 1708 New Jersey Zinc (2). wmo YP&LLDL(7)... 25 nt Minin; 5 Y Steam Cp (2.60). 2 N Y Tel Niag-H Niag-H Niag-H Niag-H Nipixsing..... North Pipe Line (3) 258 49 1 of (6%).... ud Pow (40¢c) ud Pow A w.. ud Pow Bw.. ud Pow Cw.. Nor St Pow A (8) Nor St Pow pf (6) Nor St Pow pf (7) Ohio Copper. Overseas Sec PacG& E1stpf1%. Pac Wei Paramount Cab Mfg. Parker Pennroad Corp (40c) Pepperell Mfg (4) Philip Morris Inc. Pilot Rad Tube A. Pion G M Ltd (12¢).. 2 Pitts & Plymou Polyme! Premier Gold (12¢). Produci Pub Ut Hola xw.. . ailwa Lieiter-Foster. . blic Gas Corp. . W Re Reybar: Reynolds Invest Roosevelt Field Inc. Russek St Anthony Gold St Regl Sec Allied Corp (1).. Segul L & Hdwr. 1 2 Rust Prf (3).2508 45 . 208 8 21 12 Lake Erie(5) 1008 1th Ofl (50c). 1 Mg stern Ofl. ... A ers Royalty y & Lt Sec(2) 50; - cams N —k TN E e 1 Co. .. 's Fifth Av s Paper Selecred Industries Sentry Safety Cont.. Signature Hosiery Shattuck Den Min Shenandoah Corp. .. Silica Gel etfs. ...... Simmons Board pf. . Singer Mfg (3) Smith ( nith-Corona A.0.). c nider Pack (new).. South Penn Otl (1).. SoCal Ed pf B (1%). u Cal Ex Y S W Ga Starret. FF F> Sun Inv Sunray mpa Todd Sk Tri-Utl Tublze Un Gas Unit Col Unit Lt US&l Stutz Motor Car.. dpf C(1%) So. Union Gas. SWG&EDf (7). s Utllittes. .. Spanish & Gen rct Stand Oll of Ind( 1), Stand P& L (B) (2). Stund P & L pf (7) t Corp pf..... TR Sun Invest pf (3).... oil.. Swift & Co (2) . Swift Internat’l (14) Swiss Am ELpf (8).. Electric (32). xon Oll&Land (1). Tibacco & All Stks. . Tob Prod of Del wi.. hipyard (2).. Irans Lux DLPS.. Tri-Cont Corp war. lities Cha of Canada(1) rp War. Unit Gas Corp. . Unit Gas Corp war. . & Pw A (1) Unit L & Pwr pf(6 ur U S Inter Sec 1st pf. US Pla ying Care Unit Verde Exten (1) Ut Po Uttty Ul Eq Utility Van Ca Venezu & Lt (b10%) 9 aquities. ... 1 uity pf(5% ). 1608 &Indpt(i%) 3 mp Pk ela Petrolm. . yick Financial (300) Walker. H (25¢) Wenden Coppe: Wil-low Cafe . WiwthFWLtd29 3-ic 5'a % 1% Dividend nual payment { plus 8% 1Plus 2% in stock. n Plus 8% in Everybody’s || Business || Early Agreement Between House and Senate Ex- pected on Reconstruction Finance Corporation BY DR. MAX WINKLER. Bpecia! Dispatch to The Ster. | NEW YORK, January 18 (NANA).| Although the reconstruction finance bill was passed by the House, the mea- sure differs {rom that of the Senate | in many important particulars and contains provisions which appear to be | opposed by the White House. It would | “ | the . | Eroposed | therefore seem that several obstacles| will have to be removed before the bill becomes law. ult to understand why an ment should not be reachzd. | ¢ economic and firczl situation in| country remains terious and corporation is_generally ex- pected to assist materfally in bringing about a spredy rehabilitation. Further delay would seem utterly inexcusable. | With today's installment, the recent- Ja3- g aREenLE 28857 0 68'% FOREIGN BONDS 3 Buen Air Pr 47 2 4 Ge: 7 Ge r sfueral 4 Ttal 8¢ |1y formed National Credit Corporation will have $100,000,000 to be used in aiding banks with insuficient liquid resources to meet withdrawals of de- posits. No one questions the sincerity of those charged with running the cor- poration. However, when one reads of continuous bank failures, some doubt is created as to whether the relief is |actually forthcoming which the cor- | poration’s sponsors had promised. 1|7 It s hoped and expected that the | reconstruction finance corporation will provide whatever aii the Naition:l Credit Corperation was unabl: to ren- Short-term _investments would seem optimistic creditors. On more than one occasion it has been found neces- sary to agree to extension and conver- sions. This would seem to apply to the short-term commitments in Germany, of which American institutions are :nld to account for about $600,000,000. Last Fall, due to the precarious finan- cial situation in the Reich, repayment | was extended till Februsry 29. | Now, it is believed, a new agreement has been reach=d in which pos ment is granted for one y creditors havirg the rght to a a conversion of the dcbis due !into obligations running for years. Thus, a short-term eventually be changed into a long- term commitment. ‘The various measures about to be taken to help the railroads of the for several the to exist largely in the imagination of | th'm| United States are being viewed with satisfaction by holders of gll sorts of railway securities, both tions and Com Edison Feb1... Pub Svg NIl .Feb 1 rates in doliars based on last quarterly Ex dividend. » Payable in cash or stock. 26 & 2%, 8% 24 2% 8% 28 8% RIGHTS—EXPIRE 9 4 1% 1% s 1% 1% 2 of semi-an- tPartly exira. iPlus 4% in stock. bPayable in stock e Adjustmsnt in stock. g Plus 6% in stock. hPlus 1% in stock. Kk Plus 10% in stock. m Plus 3% in stock. D Pald lssi year—no reguisr rate. pL 2 individuals. Aside from the proposed 10 per cent cut in wages and various economies to be effected, the help to | be given the carriers is largely in the | form of loans and credits. which will eventually have to be repaid. It may well be asked whether such policies afford a genuine solution. An outstanding authority op yailroad af- fairs rightly remarked that “no strong national transportation system can be reared on the of financial ex- pedients of this 3 Might it not be desirable to give serlous consideration to revisions in the capital structure of some of the sys- tems? ba: kind Operations of Wilson & Co. in 1932 should show profitable results, accord- ing to Thomas . Wilson, president. Mr. Wilson, in describing last year's 1085 of over $2,000000 as compared with & profit of over $2,500,000 1 1930, points gzt ths; inventory declines in 1931 have en the most se in Bouas etators Titay scDeeking Values, Mr. Wil reached a level so hardly poss inventory continues, have low that it seems le that further substantial es could ccour, Japan is one of the many countries zing advantage of { quotation of her bonds in for rkets. Ac- cording to a reliable ate, the coun- try has repurchased holds today almost $400,000,000 pa ¢ of external Japanese bonds or about 35 per cent Of the nation’s total forcign indebtedness of $1,108,500,000. While New York is finding it difficult to locate bankers who will handle a mu- nicipal bond issue, Paris is offering for public subscription, at 92, a $100,000,000 lottery loan bearing interest at the rate of 4 per cent per annum. The issue is divided into 2,500,000 bonds of 1,000 francs par value and v Ea0de nahle within 4814 years by ings on May 25 and November 25. During the first 3) year 122 prizes egregatin one prize of a 1,000,000 000 francs. Beginning ere will be 1,500,000 francs, th the thiri | first year, there will be with each draw- ing one prize of 50,000 francs, six of 10,000 and three of 5,000 francs. Bonds are being issued partly to re- fund the City of Paris 5s orms, which are accepted in payment for new bonds at 105 per cent, with April 1, 1932, coupons attached. ¢ . 1932, FOREIGN EXCHANGE. (Quotations furnished by 7 B Hispe A Nomi PR R debt will | g, 4 ma Madrid, peseta Vienna. schilling. u two of 500,- | Brokers’ Comment By the Associated Press. NEW YORK, January , 18.—Some | market commentators today believed | stocks would take their cue from wheat, which rallied buoyantly last Saturday. | Thomson & McKinnon—The market will likely take its cue from the action of wheat and the railroad news from Chicago. Redmond & Co.—While some further irregularity may be expected, we an- ticipate that another effort will be made to mark up prices this week, unless some unexpectedly bad news should intervene. | Shields & Co—Due to the varied in- fluences of the moment, the stock mar- | ket only can be regarded as a day-to- day trading affair, influenced mainly | by mnews developments. Attractive | trading opportunities will be afforded, |but the utmost caution should be ex- | ercised, so that quick shifts in trend can be taken advantage of. Jackson Bros., Boesel & Co.—We look for immediately higher prices in the commodity markets. Hornblower & Weeks—While nothing has happened to indicate a termina- tion of the main upward direction of the market, we would keep in mind that the advance to date has already accomplished the minimum of a one- third cancellation of the previous de- cline, with stocks appearing in supply | just under recentbhighs. | Prazier & Co.—We anticipate a fur- | ther rise from this level. but believe | the market eoon will enter a critical area, in which some profit-taking should be expected. 1t s our inclina- tion to believe that the recovery will excecd the 50 per cent anticipation, but, if it does, we inink stocks are likely to be cbtainable at or around the current price level at a later date. E. F. Hutton & Co—The trend of leading commodity prices and the re- sults of the railroad conferences and the proposed reconstruction measure will bly constitute the immediate market influences of this week. Volume is likely to remain very low and price movements quite indecisive. Paine, Webber & Co.—Further evi- dence of topheaviness was revealed in | Saturday's transactions. We look for o trading range during the course of vhich Unlted States Steel is likely to | spurt. Our advice is to liquidaic | thading holdings as strength appears in | individual issues. U. S. TREASURY CERTIFICATES (Peported by Chas. D. Blll‘lldli to—Maturity. 5 e Jone 18, 1932 100 £ e B ni 1-33 132 -3 3 t. 18] 3ls Dec. 15, 1 D. C., MONDAY, JA ITWO-YEAR DECLINE HIT ALL OFFERINGS No Class of Securities Has Been Spared During Long Pressure. BY CHARLES F. SPEARE. Special Dispatch to Tue Sar | NEW YORK, January 18—One of| the conspicuous facts of the two-year decline in securities is that it has not spared any class of stocks or bonds.; The strongest have declined with the| weakest. Only in relative degree have the aristocrats of .the investment mar- ket come through in better standing than those issues whose inforior status is reflected in the low ratings attached | to_them. This has left buyers of securities, and | especially Institutional investors, in a| confused state of mind. The issues| on which they have most depended in the crisis depreciated nearly as much| as speculative common stocks. Bonds that were not legal for purchase by savings banks or trustees in many in- stances enjoyed firmer markets than those that had been elevated by law to a preferred rank. Frequently, the pre- ferred stocks of a corporation were found to be steadier in price than the bonds prior to them. This was not al-| together due to the condition of mar-| ket demand or supply. Utility Preferred Stocks. An illustration of this anomaly may be taken {rom the action of the high- |grade - public utility preferred stocks, which went off last year an average of about 20 points in comparison with losses of from 20 to 35 points in legal railroad and public utility bonds. There also are numerous cases of industrial bonds. that have declined less in the past six months than United States Government loans. The much-berated foreign issues have a representative in Prench national and municipal dollar obligations that have had a uniformly steady market during the period of greatest shrinkage in the top grade of American_corporation issues and in contrast with the 10 to 18 per cent discount in Treasury obligations. Out of its experience the public will eventually be compelled to make its choice of investments as between stocks and bonds. From 1924 to 1929 common stocks held the center of the stage. Comparatively few individuals pur- chased bonds or preferred shares. There has latterly been a more friendly attitude on the part of the public to- ward bonds. This is with a view to their speculative prospects after selling on such a depreciated basis rather than with regard to them as a permanent investment. The attitude of the aver- age buyer of securities today is that bonds made a sorry spectacle of them- selves last year and that they have been found to be less vulnerable in a depression than common stocks. There- fore the public is just as likely to con- centrate on common stocks when busi- ness conditions warrant entrance into the market as to go into bonds. Bank Position Puzzling. The position of the banking institu- tions not surrounded by resirictions as | to investment in legal bonds and per- mitted to purchase both common and preferred stocks is also one of bewilder- ment. The Governor of an Eastern State in his annual message to the Legislature a few days ago criticized State banks and trust companies for holding common and preferred stocks, the implication being that if they had limited _their investment portfolios to bonds their financial position would now be superior to that existing. This fact s still to be proved. Any one who has made an analysis of the bond holdings of the average interior bank knows that its greatest losses and those that are less likely to be recovered were in for- elgn bonds and in the refunding, deben- cure or collateral trust issues of the newer public utility holding companies. Few of their common stocks showed as much percentage of depreciation as did the former classes of sccurities. As for their preferred stocks, which were main- ly those of stronger power and light operating or holding corporations, they have established a record for relative stability that should give them a future status alongside many mortgage issues. There are few arbiirary standards in investment practice that can be set up by banking authorities to prevent de- preciation on a substantial scale dur- ing a financial crisis. There are many common stocks intrinsically of greater value than bonds that day after day go | into the security accounts of private | investors and institutions. It is not | possible to buy either common stocks or bonds as a group without discrimi- | nation betwecan indi the group. There should not be as | much stigma on a bank that legally helds & common stock like American Telephone & Telegraph, Atchjson, To- peka & Santa Fe, General Electric, General Motors or United States Steel, | or such senior shares as Consolidated ! Gas, Public Service Electric & Gas or United Gas & Improvement, as for carrying any one of a dozen railroad or public utility bonds that were brought out under good sponsorship two or three years ago and located primarily | in the portfolios of the regular buyers of new issues. The bad mame which | common stocks always develop in times | like the present could be cleared with | a little study of what constitutes the 1eal elements of a sound investment.' (Copyright, 1932.) Grain Market CHICAGO, January 18 (/).—Brisk | new jumps in wheat values here teok place early today despite setbacks in securities and notwithstanding rela- tively unresponsive action of wheat quotations at Liverpool | liveries of wheat to the topmost reached since November 24. Cpen: 13-13% higher, Chicago wheat future continued firm. Corn started at “y de cline to '. advence and subsequently held near the initial ran The main incentive for wheat buy today continued to be rumors that a! pool had been formed to purchase| wheat and other commodities likely to be stimulated by adoption of the finance reconstruction act at Washing- ton. In addition, apprehensive reports about domestic Winter wheat crop prospects were a bullish factor. A leading expert reported that over Northern Illinois the wheat plants, in- stead of being matted to the ground as they should be at this time, were sappy and erect, with growth as much ad-, vanced 25 in Ap-il. | Tears were c: d that a suddan drop in temperatures to around 20 at Chicego would result in demege to wheat and that the further south the cold penetrated the more serious the| damage would be, On the new bulges in price numerous stop-loss orders were executed for previous speculative sellers. Large in- creases of the amount of wheat on ocean passage for importing countries failed to check upturns. .Corn and oats rose with wheat. of hog values and of grain CHECK PAYMENTS DROP. | Checks d counts in 1 | Reserve sy decreace during the v ary 13 as compared with the previous week. A part of the dccline was cherge- able to payment of monthly bills effect- ed the previous week. Total debits for comparable periods, as announced by the board, follow: ‘Week ended January 13, $8,174,466,000, Previous week, $10,549,245,000, Same week last year, $10,572,399,000. vel ban of the thewed a 23 pe ac- dual members of | 4 Unusually ac- | £ {tive buying hoisted most Chicago de- | ] point | G St Provisions responded to strength both | 8! ended Janu- UTARY 18, 1932 [COMMITTEE PLANS CAMPAIGN TO AID LATIN-AMERICAN TRADE! International Business Interests Seek to “Tear Down Existing Artificial Barriers. BY FRANK H. McCONNELL, Assoclated Press Financlal Writer. NEW YORK, January 18.—Leading international business interests have decided on definite action expected to tear down some of the artificial bar- 1iers now obstructing normal flow of commerce between North, South and Central America. Gen. Palmer E. Plerce of the Stand- ard Oil Co. of New Jersey, who is chair- man of the committee on inter-Ameri- can relations, announced today that this group, with the National Foreign Trade: Council, had embarked on an aggressive program to ‘“discover what measures leading to improvement can te undertaken now.” ‘The next major move, he said, will be the calling of a business conference on the exchange situation. The committee will “endeavor to find some means by which the adverse effect of this situa- tion may be relieved.” ‘Would Aid Imports. “In & number of Latin American countries, it is impossible to obtain United States dollar exchange to remit in payment for imports from the United States,” Gen. Plerce asserted. “We are interested not only in a more normal fiow of exports, but also in a recovery . in importation of those Latin American products always consumed here. FINANCI “The power of Latin American coun- ! tries to buy and consume our goods | proceeds from the sales they csn make of their products abroad. This basic: ly affects their ability to settle their foreign obligations.” The Committee on Inter-American | Relations is composed of executives of nearly 30 of America’s largest business | enterprises, engaged in foreign com- merce. Committee Members. Officers are Gen. Pierce, chairman; | James S. Carson of the Electric Bond & Share Co., Robert H. Patchin of W. R. Grace & Co., Eugene P, Thomas of United States Steel Corporation, Gerard Winston of Shearman & Ster- ling and W. T. Moran of the National City Bank, all vice chairmen; O. K. Davis, National Foreign Trade Council, secretary, and C. Martin, Pan- American Information Service, assist- ant to the chairman. “The resources of the Latin Ameri-} can countries, the industry and intel- ligence of their people and the su- periority of present-day communica- tion with all world markets leave no doubt of the importance of the sister, republics in the recovery which we hope will not be long deferred,” said Gen. Pierce. ' | “This committee feels that intensive | study of the various phases of the | problem of recovery is most timely.” ITABLE SHOWS LOSSES | 'IN FOREIGN EXCHANGE Federal Disclose Declines of Last Year. By the Associated Press. An fllustration of the decline that took place in foreign exchange during 1931 is given in the following statistics compiled by Federal Reserve Board records. The table includes the various countries, their monetary units, par value, the average rate per United States dollar during 1930 and the average rate for December, 1931: Ave. rate in dollars. 1930, Dec Country-—Unit Canada, _doliar 50 Pa T be. 1 razil, Chile, Uruguay, Austria, schilling Belgium, g belga Bulgaria, lev . Czechoslovakia, “¢rown Deny krone ..... nl Germany, reichsmark. 2382 Great Britain, pound. 4.8685 Drachma .... .0130 . pengo . Italy, lira Netherlands, ‘florin krone .. Poland.' zloty ... Portugal. escudo Rumania, lev Spain. peset; Sweden. kro; Bwitzeriang Yugoslavia, d 5 Hongkong. ' dollar """ China, shanghal tael China, Mexican dollar China; Yuan dollar India. rupee ...... Japan. yen ... Straits, “dollar na . BALTIMORE TOBACCO. BALTIMQRE, January 18 (Special). | —As the fobacco markeét' was closed during the first three days of January, last week's report is for the period from January to 16. heads; sales, 70 hogsheads, leaving a stock in State tobacco warehouses of 14,715 hogsheads and 326 hogsheads of ground leaves. Quotations today for Maryland leaf tobacco per 100 pounds: Frosted and inferior, 2.0084.50; sound to good com- mon, 5.00a15.00; medium to good, 15.00 235.00; good to fine red, 35.00a54.00; fancy, 54.00a55.00. Seconds, common to medium, 5.00a22.00; good to fine, 23.00a42.00; 1931 crop ground leaves, 4.0]0-20.00‘ Upper county burley, nomi- nal. INVESTMEN?ThRUSTS NEW YORK, January 18 (#).—Over- the-counter-market. A BCTr Shrs A BGCTr Am & G Am & Am Am Am Ins Stocks Assoc Stand Oil . At Sec pf ...... Atl Sec_war ' Atl & Pac In D eBanblows: | w ype Inv Nat Corp A Ir Shrs Cha Cha Ciartered Inv pf [ Chelsea Exch A Chelsea Exch 'B_ . Cumulative Tr Sh orpor; Orpor: Corpor. te Trust wsses G ate Trust A A ale Trust Accum Ser. Foster ‘ g HaB8Eme s ] 3.0 Diversified Tr D.. 5! Equity - 2 Equity Invest pf.. £ Equity Trust Shrs. 2.95 Int Sec Corp Am A Ini 8ec Corp Am B.. Invest Trustee Sh ders of Indust of Indust Li e eaders N Y Bk Tr Am Tr Sha Nor Am Tr Sh Nor Am T Fe-taers 8 il Shates o gl Inv o1 c: el S reran JPublic fers, T epres Tr £1rs Second Int Bec A" Second Int Sec B Sec Int Sec 8% Secur Corp Gen § Tok. 5 1958, 288 s Shawmut, : Spencer Trask Ful tand AN Am Tr.. d ‘Am Tr_8Shrs Collat Trust Street Invest Reserve Boird Records, o0 | terest rates also is Receipts, 300 hogs- | HIGH INTEREST RATES HELD HURTING REICH Carnegie Endowment Declares Cost of New Capital Cause of Plight. | By the Associated Pre | NEW YORK, January 18.—High| rate of interest on new capital is given as the chief reason for Germany's pres- ent financial position, in a report pub- lished today by the Carnegie Endow- ment for International Peace. The report was requested by the endow- ment 'from a distinguished German economist. | " Interest on call money, the report | states, jumped from less than 5 per| cent in 1913 to an average of 7 per cent since 1925. The report points out the indispenca- | bility of new capital, even at prohibi- tive rates, in view of several factors. Chief among these the report lists the outflow _of capital to meet requirements of the Dawes and Young plans. It also of her entire merchant marine, all her cultivation and 11 per cent of her forests. . The fact that Germany has half the | population of the United States and only 14 per cent of the productive land was cited as an illustration of the necessity for intensive cultivation and the capital with which to finance fit. The report stresses the fact that, from the German point of view, repa- rations comprise a political rather than a legal debt, and that, therefore, the chief contributing reason for high in- political, New York Cotton NEW YORK, January 18 (#).—Cot- ton opened steady today at an advance |of 2 to 5 points on trade buying and covering coupled with continued small offerings from the South. March sold at 6.76. The demand seemed to broaden somewhat right after the call, with some commission house and European buying in evidence which sent the price of March contracts up to 6.80 and July to 7.13 or about 6 to 10 points net higher. | There was very little Southern selling and the advance was accompanied by reports of a firmer basis in the South. Liverpool cables reported an inactive market with rncu higher on covering and trade calling, and said there was a better inquiry for cotton cloth from the | continent and South America. There was some comment on the steadiness of the Bremen market which was 5 to 9 points higher at the opening this morn- ing, but the early buying here was at- tributed largely to the continued talk that finance pending in Congress might calls attention to the loss to Germany : colonies, 15 per cent of her land under | AL sxs A15" UTILITY HEARING. 1S SET THURSDAY Status of Holding Companies Expected to Be Fixed by Case This Week. BY CHAS. P. SHAEFFER, Associated Press Business Writer. The long-drawn-out investigation of the Electric Bond & Share Co. has been tentatively set for resumption on Jan- uary 21 On this date argument in the matter of the company against the Federal Trade Cimmission will be presented in the District Court for e southern Jurisdiction of New York. Final dispo- sition of the case is expected to estab- lish a deflnite status for public utility holding companies. ‘The commission’s brief in this case was filed on December 18, Brief for the company was due early this month. The case originated out of an appli- cation made by the commission for an order requiring officers of the Eleciric Bond & Share Co. to produce certain records and to answer certain questions claimed by the commission to be perti- nent to the investigation being con- ducted by it pursuant to a resolution of the Seventieth Congress. The court, in its opinion, stated it as- sumed that the Electric Bond & Share Co. was “in part at least engaged in interstate commerce;” that if the de- fendants wished to contest the pro- priety of that assumption the matter would have to go to a master, or if the Commission wished an adjudication to the effect that the intrastate business of the company was so Intimately associ- ated and connected with interstate commerce that all the company's activi- ties were subject to the jurisdiction of the commission, a reference would be required to establish that fact. Bo*h parties, desiring to take advan- tase of the opportunity thus afforded b7 the court, agreed to the appointment of a master. In the meantime, how- ever, they reached an agreement upon the facts. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, January 18.—The fol- lowing is a summary of importint cor= poratich news prepared by the Standard Statistics Co., Inc., New York, for the Associated Press: Weekly News Review. The stock market continued on the upward trend which was initiated in the middle of the week previous. Prob- ably the most influential factor in furthering this movement was the pa sage of the Reconstruction Finance Cor- poration bill. It is felt that this cor- poration will clear the way toward a | hatural recovery by breaking the vicious circle of credit contraction and instill- ing confidence where it is mest needec. The actual movement of the stock ma: ket as indicated by cur price incex fer 90 stocks showed a gain of 4.1 points, rising from 66.7 on January 9 to 70.8 on January 15. In sympathy with the improved sen- | timent and rising security market the bond market again moved to higher levels. The advance was led by the second-grade rails, which are expected to benefit. y from the Reconstruc- tion Finance Corporation. Relative stability has been shown in commodity prices in recent months in spite of the curtailed buying due to lack of confidence in the business outlook. Last week 11 of 40 major commodities advanced in price over the previous week, while 16 declined and 13 re- mained unchanged. Steel ingot production has not only been able to maintain the gradual ad- vance from the December lows, but also has continued to increase slightly. Ac- cording to the Dow, Jones & Co. esti- mate, ingot production in the week ended January 11 was at slightly under 25 per cent of capacity, which com- pares with 22 per cent in the preceding weel . k. As production is running ahead of consumption, it is rather unfortunate that an increase was reported in crude oil output in the week ended January 9. According to the American Petroleum Institute, daily average crude oil preduc- tion was 2,235,200 barrels, an increase of 25,100 barrels over the previous week. Due to advance shipment of goods to avcid the increased rates ani the subnormal shipments in the previous week caused by holiday influences, rev- result in some inflation of commodity values. Commission houses and brokers with ‘Wall Street connections were among the buyers later. The demand was mostly in small lots, but it seemed to be rather more general, while offerings remained light, and the advance extended to 6.85 for March and 7.18 for July, or about 12 to 15 points above Saturday’s closing quotations. A few stop orders werc un- covered around the 7-cent level for May, end after their execution the demand tapered off somewhat, with prices at midday showing reactions of 5 or 6 points from the best. Baltimore Markets Spectal Dispatch to The Star. BALTIMORE, Md, January 18.— | White potatoes, 100 pounds, 75a1.10; | sweet potatoes, bushel, 40a80; yams, | barrel, 1.00a1.50; beans, bushel, 1.50a 4 |2.00; beets, per crate, 1.50a1.60; Brus- 2ls s}:touts. per quart, 7al4: cabbage, | bushel, 50a80; carrots, per bushel, 90a 11.10; caulifiower, crate, 1.2521.50; cel- . crate, 1.50a2.50: eggplants, crate, 22.50; onions, per 100 pounds, 3.00a P crate, 1.50a2.50; Kkale, , 25230; eucumbers, bushel, 2.75a 25; cpinach, bushel, 25a00; squash, ushel, 1.5022.50; tomato ate, 1.00a .25; turnips, hamper, 15a25; grape- fruit, box, 1.25a2.50; apples, bushel, | 35a1.50; oranges, box, 2.0023.75; straw- | berries, quart, 20230. Dairy Market. Chickens, young, 18 a22; Leghorns, 15a18; old hens, 16a21; Leghorns, old, 16a17; roosters, 11a13; ducks, 12a2l; geese, 14a18; guinea fowls, pair, 25a50; turkeys, 15a30; pigeons, pair, 20a25. Fggs, receipts, 510 cases; current re- ceipts, 1713; nearby firsts, 18%:; south- ern firsts, 1815 Butter, good and fancy creamery, 22a26; ladles, 17al8; process, 20a21; store packed, 13. e SHORT-TERM SECURITIES. (Reported by Ches. D. Barney & Co) Bid. Offer Allis-Chalmers Co. s 1937.. 88 90 American Chain Co."6s 1933 913 American Tel & Tel 3145 10234 Amer. Wat. Wks. & El. 55 9313 Baltimore & Ohio 4 & Wheeling 5s Colorado & So. Rwy. 438 Commercial Credit Go. 518 Delaware & Hudson Co. 55 | Denver & Rio Grande 4'as Gen. Mot, Accep. X General Petroleum Cors. 53 Gereral Public Service 5as 3 | Grand Trunk of Carada 6s Twentieth Cent Two-Year Trust Sh United Pixed Shrs Unit Fdrs 1-70 com United Ins Shrs United Bank Tr US & Brit Int Ltd A US & Brit 33 US Elec Lt w US Elec Lt & Pow Universal Tr Sk ... | Housion E. & W. Teras 83 Hurdle Ol '3ta8 1992, St. L. 65 Nortnwesiern Telep.” 4%as 1934. . Penna Co. 6'2s 1936, ... Portland Generai Elec. 55 1935, ... . Republic Iron & Steel 35 1940, Sinclair Crude Oil Co. 5%as 1933 Southern ‘Pacific 55 1934....... St. L. 8. Ry, R 4G i 'idi A % it 35 Power 5s 1934 55 1939..000 8 8314 100 [ 28% Virgi wy. & Wabash Rwy. Co. % enue freight car loadings in the week ended January 2 increased sharply. Actual loadings, as reported by the American Railway Institute, totaled 503,321 cars, against 441,589 cars in the preceding week. The Companies. Sun Investing liquidating value, De- cember 31, 1931, $47.36 a preferred share, vs. $71.05 December 31, 1930. Todd Shipyards—Court orders sale of three vessels of Hudson River Naviga- tion Corporation to satisfy claims of Tietjen & Lang Dry Dock, a subsidiary cf company. U. 8. & Foreign Securities liquidat- ing value, December 31, 1931, $107.64 a first preferred share, vs. $160.87 ¥e- cember 31, 1930. U, . & International Securities liquidating value, December 31, 1931, $60.41 a first preferred share, vs. $92.03 December 31, 1930. Boston & Maine R. R.—Massachu- setts Public Utilities Commission rules truck operations by company illegal. Eureka Pipe Line—Curtailing Janu- aryt crude purchases by about 10 per cent. Market Street Rallway 1931 gross earnings off 6.7 per cent; net earnings before depreciation off 6.8 per cent. New York, New Haven & Hartford Railroad—Massachusetts Public Utili- tis Commission rules truck opera- tions by company i'legal. South Penn Oil curtails January crude purchases by about 10 per cent. Wilson & Co. deficit year ended Oc- tober 31, $2,017,156 vs. net income $2,- 542,656, equal to $1.52 a class A share. Erie Railroad places order for 31,377 tons of rail with United States Steel subsidiaries and several otie: 3 New York Central Raliroad reported ready to place 125,000-ton rail order: cost, about $7,500,09u. U. S. Steel subsidiaries, Carnegie and Iilinois Steel, get 25,102-ton rail con- tracts from Erie Railroad. National Short-Term Securities takes no action on quarterly common divi- dend; to consider future payments cemi-anually; paid 15 cents November 2, 1931 Reliance International Liquidating value Deceml 31, 1931, $33.38 a com- mon share, vs. $52.02 December 31, 1931. Triplex Safety Glass Co. of North America_stockholders approved sale to Libbey-Owens-Ford Glass Co. of entire flat_and laminated glass business and all land, buildings, machinery, ete. , Unit Paperboard deficit before de- preciation, six months to November 28, $192,969, vs. deficit $92,485. People's Gas, Light & Coke 1931 com- mon share earnings $10.96, vs. $11.51. STOCKS EX-DIVIDEND. NEW YORK, January 18 (#).— Company Amer Thermos Bot Bothlehem Steel Bway Dept Surs ist b e~ Pay- Rate.riad. abie 15¢ eb. 93, BESE e ext Mtz Co . Mutual Telephone' (Hawali) . ort T Westinghouse Flee & estinghouse Elec % Do. pt 1:: @20l 00 00 DIy