Evening Star Newspaper, January 19, 1932, Page 14

JANUARY 19 | ON NEW YORK BONDS STOCK EXCHANGE ! Reccived by Private Wire Direct te The Star Office UNITED STATES. Sales. High. Low. 3:55 (Sales are in $1.000.) Int M Co 55 ret’41.. 25 Sales. Low. 2555 |Int Match6s'47... 16 Lib 315832-47. 35 9415 9415 Int MM col tr 6341 L 1st 43,832-47 R0 98 982 |IntPapb5sA’4T.... L 4th 4%z 32-38157 9831 99 |Int Pap 6s’56.. S3s1951-5. 8425 P428(IntT&T 4%8'52 IS3148'49. ... 854 854 (Int T&T cv44s’ 3%sM41-3 9010 9010 [ Int T & T 58 '55. HsJ40-3. 9010 90 11| Irish Free St 55 '60 5 8928 8928 | Italy 78’51, 9112 Italy Pub S 7s'62.. D. C, TUESDAY, 1932 IBONDS TURN FIRM AFTER LOW START Trading, Dull at Opening, Increases With Better 96 13 Japanese 54 65. . 2 73 Quotations. 1018 10030 Tapanese 634s ‘54 s Sales. High. Low. 2:58 | Jugosl Bnk 78’57 BY F. H. RICHARDSON. Avint pap 553, 1230504 T 44 can Clty Ter ex'so. Special Dispatch to The Star, A:!am‘: py’:av}g 5 67% 674 | KARG&E %880, holding their annual meetings this NEW YORK, January 19.—Bonds| Alleghany Cp 58 44 S Karstadt 63°43. . 3 | week, among them the National Sav'nzs ; i nds | Alleshany Cp g 44 381 Kreug & Toll 5859, | & Trust Co. the Munsey Trust Co. and firmed up substantially today after | Allecheny g 4o.... DGR the American Security & Trust Co. opening lower. Trading, dull at first, in- | 4]}°Eheny 520 . Laclede 5%s C'53 At the meeting of the stockholdera creased with the improvement in prices. | Am Chain 6s'33.. . . Lautaco Nt 68 Ed . ?,r 1?‘: Hiatiansl Savings §e SIIUE Co) The market accompanicd Stocks in|Am F P 582030, ... Lish Valcy 4x2002. SE (10 ate S yeater iy Rine s Coliqwing dt their lower trend at the opening, some | Am I G Ch 5%s "3, Die & Myarsaibt. Sos | “James J. Becker. Woodbury Bl of the speculative Tails and industrials | Am Intl 5348 49. . L L e O Cleibang L e Balaries Josing 1 to 3 points in the carly pressure | Am Metal 5% ‘34, - o8 Wl . Clephane, H. | G s 4n Lorillard 55'51. jr.; Franklin H. Ellis, H. Prescott Gat- of offerings. But bidders had only tem- | Am N G 6159 43 ST William D. Hoover, Walter B. Howe, | | STAR, WASHINGTON FINANCIAL THE EVENING NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. NORED.C.BAS FLECT OFFERS National Savings & Trust and Munsey Trust Name Boards. CHRISTMAS CLUB RECORD SMASHED Amounts Subscribed and| New Members Make High Mark in Capital. Bales— Net. Add 00 High. Low. Close. Chxe 1314 1344 134 — % ~—1931— Stock and High Low Dividend Rate 26% 11 Un Oil of Calif (1.40) 2 205 70 Union Pacifie (10).. 21 79 76 77% + % s Unit Alrcraft. .. 63 1315 127 Unit Afrcraft pf (3). 2 42 Unit Biscutt (2).... 2415 Ut Cizar Stores. ... Unit Cigar St pf (4). Unit Corp (76¢) ...« Unit Corp pf (3).... Unit Electric Coal.. Unit Frult (3)... (it Gas&Im(1.20) Unit Gas&Im pf (5) 1] § & Forn Secur. T U S Indus Alcohol 4 +%| 15 31, US Leather (A). (9. P U S Pips & Fdry (1). U S Realty & Imp 2 US Rubber. (Continued from Page 13.) Net. Add 00 High. Low. Close Chxe 46% tock and Dividend Rate afeway Stores (5). 447 v Strs pt (6). 208 75 Stra pf (7). 100s 887 ad (60e) 1 ancisco.. 14 San Fran pf. Ite RRetall Stores chulte Stores pf (8) eaboard Afr Line Seaboard Ofl. . Sears Roebuck (2 Servel InC.......c00 Sharon Steel Hoop. . harp & Dohme hattuck (F G Shell Trading & Tran Shell Union Of1. rell Union Oil pt. U S Steel Corpa (4) Simmons Co. ... 2 U S Steel pf (T)..... Simms Petroleum. .. y 9 1% United Stores (A)... Sinclair Consol Ofl.. 30 7 ; 21 United Stores pf (¢) Sinclair Of) pf (83... 24 Univ Pic1stpf (8).. Snider Packing pf. .. 3 Utll Pwr & Lt A (2). cony-Vacuum (1) 3 = N - E Asco Sales Corp. Solv Am pf ww(53%) e g South Port Rico Sug PN bl Southn Cal Ed (2). S o U her R inG (4 201 Vulean Detin (4) Wabash R R. . Southern Railway Southern Raflwa Wabash R R (A) 1 Sa Spald(AG)1Istpf(7). Waldorf Sys (1 adopted the Christmas Savings Club | ald (AG s mran according to the report made by, ;\fl!kw\\flhlnumn.. t:a::::r;:lilli(nur the Advertising Committee of the Dis-| Bilcenmtre. WaireniBron ot of Columbia Bankers' Association | Stand Hrands (1.20). e at the meeting of the association in the Stand Comel Tobacce Warren Brof avped, Willard Hotel last night. In spite of Stand :}’“ffi_‘;:‘:""’- WestPa BIpt (1).ss the much talked-of depression, 102246 Stand Gas&El pf (4) S e S RS Washingtonians have joined the Christ- Biationiroala ) Western Dairy (B).. O e Stand Oil of Kansas. Western Maryland.. crease of 70 £ e R Western Md 2d pf. .. erling Secur (A) Western Unfon (6).. Westinghse A B(2). Tolled for 1931 | The total amount subscribed also e iicdion by Stewart Warner. . Wastinghouse (2%). o Wethse E&M 1st 31§ compares favorably with the previous year and for the first time in local| el history exceeds eight and a half million ARG DL 9 2 eamenen L dollars. the increase being $205.165. '.‘,‘,“S.i‘u'{““' ) 2 3 e S The average subscription per membel SuRDE e W ediyacoCitor Symington (A) White Sewing Ma pf. Wilcox Oil & Gas, s $84.90, which exceeds the country- TEERALAS GOSDIA) s Willys-Overlund . wide erage of $52.60 reported by Christmas Club, Inc. by $32.30. This = : is ascribed to the educ can- 1915 Tex Guif Sulphur (3) o paigns of the local Binkers' Associa- 1y Tex Pacific Coal&O1l 106l 10 Worthing on BT tions. which have consistently urged 41 Tex Pacific Land Tr. [ 5 i b ersivy. Wi (G the utilization of the Christmas Cluk 5!y Third Avenue..... I - — — system of systematic savings for every | 6% Thompson P’ & 5 3 Yellow Truck purpose, besides the praiseworthy pri- “x Thompson e 1th el mary object of providing funds for Tide Water As 6% Zonite 'rod Corp (1) hristmas givin Tide Wat Ofl pf (5).. S : S N ? O irect. profit. from the Christmas Timken Roller B(2). Sales of Stocks on New York Exchange. clubs to the banks operating them is a Tohacco Products. 10:30 AM . 200,000 12:00 Noon. 600,000 debatabe subject, but all are agreed Tohacco Prod A t95¢ 1:30 P.M. 700,000 2:10 P.M 800,000 that the welfare of the community is Tobacco Products cts | fmn-"d;.::”:he iven 1n t‘mu.?’ov:rem" e annual e p v y Prans: payments based on atest cusrter] rly declaration promsied gl ndiiediy Sty i SRR e At Mess than. 100 ahares. Pactly exire P iRz Mg ee Sieat : 4% 1n stock. TPlus 9% in stock s Paid last year—no regular rate. Truscon Stee b able in stock. & Pavable in cash or stock fPlus 8% In stock h Plus in stock. 1 Plus 50c In special preferred stock &k Plus Brilliant Showing in Thrift. | - ¢ - ) § This year's report :;)rou:ed unus::l. Ulen & Co. . 3% ih ok’ YmPaid (bls year—no Tesular rate. b Plus $% 13 " g loc nkers on ac- A et e business situation. It was iy fearod the 1932 clubs might fail to reach the 1931 proportions, much less to enter new ground. But the Christ- i | T DRFCILTES grip on Washington. To picture the -l 3 — 2| 106% 1215 More local banking institutions are All previous records in this city in| connection with Christmas Savings Clubs have again been smashed in spite of the past year’s cconomic disturb- ences. Thirty-two local banks report | en increase in the amounts subscribed to a total of over $8,500.000, a gain in the number of members in the club, and a larger per capita amount being set @side by the members. Eliot H. Thomson, chairman of the | Advertising Committee of the District | Bankers' Association, brought out these facts in his report at the Midwinter | meeting of the association held last| night at the Willard Hotel. Chairman | Thomson’s report follows | Three Vital Records Broken. | “Washington has enthusiastically A f ot | & rarily withdrawn from the market | Am S&R 1st 5s°47. i ; Pod when the Interstate Commerce|Am Sug Ref 637, L i;ifigald;anfiulgzrxgr?; ‘%5‘,?12&“’!{ Commission made its recommendation | Am T&T cv 4155'39 N R Walker, Will Wil . s approving the repeal of the carning rc- | Am T & T &s ‘65 g1 8 98 |L&N 4%s2003 . iuam B, Tadey ¥ capture clauses of the interstate com- | Am T&T e tr 65 '46. rLalli i T merce act, rail bonds reversed thcr|Am T&T 6ssf'60. L e | elected trend and moved upward. General news |Am T&T 5%s'43... I 1932: William D. Hoover, president; was of a neutral nature, With no par- | Am W Wis 58 '34.. McKes & R 5% 550, Wiadbtiey S Blaitit nrsti vics brestisnt] ticular encouragement from the Chi- |Am Wat Wks 6s'76 Man S Ist T15s 42, Frank Stetson, second vice px'%sxdeni cago rail wage conference. Some Acrentine 534s 62: Manh Ry 18t 45'90. and trust officer. Charles C. Lamborn, inclined to press rail bonds for sale just | arzentine May '61. Mazketstasi a0, treasurer: E. Percival Wilson. secretary: now because of the dip they believe Aigen e sauiNeT Mfldm'“' 6s '3 Frank R. mer, assistant treasurer; list will take when final 1931 ca Kigentine 82 0cEY. MidyaleiSu £8i3C Bruce Baird, assistant trust officer; reports are published. Athenting 65 AU6T. LA 82... { David Bornet, assistant trust officer; After- the market had slipped and | Argentine 6s B Ml DRy el John W Calvert, assistant treasurer: recovered, however, such issues as ROCK | Arm & Co 4% s "39. . S C Cab W. Hiles Pardoe. assistant treasurer; A. Island Refunding 4s, Chicago & North- | Arm Del 514 '43. .. MK s ”f,‘ i J. Fant, assistant secretary; John M. western 4%,s, New York Central 3'.5| Assoc O11 63°35. ... b AL Boteler, assistant secretary: Audley A. and 5s, Northern Pacific 65, Southern | Atchison gn 48 it i P. Savage, auditor. Pacific 4',s, Ulster & Delaware 55, | Atchiscy 414848, RN "'l i %.A'si The directors declared the regular Nickel Plate 6s, Missouri-Pacific 55 and | Atch Ariz 4143 '62. -‘M\P“‘g'n "‘.;’75 quarterly dividend of 3 per cent and an Chesapeake Corporation.5s ran up 1 to | AtlC L 1st 4s ‘52 Mo Eacbe A extra dividend of 5 per cent, both pay- 21, points. High-grade rails like Atchi- | Atl Ref db 5s°37 Molbmcsenie able on February 1 to stock of record son General 4s and Norfolk & West- | Australia 44 H ks G s g I% | January al. ern 4s were little changed. ustralia 63’35, HLE f : . American Telephone convertibles | Australia 5357, LUl 855 oo b Mufsey rust Has Flogtion, moved a point either way with their | Austria 7843, . Mo Pac 5145 A '49 613 3 dnefarnustimestingor theMatueks companion, common stock, but the de- | Austria 7s '67 etf Mobile-Ohio 53 ° holders of the Munsey Trust Co. was e R e e R b held this noon, with no changes in the ally. American Telcphotie Gold 4s of | B & O 4165 "33, . Mont Tr 15t 5541, directorate or in the officers for the 1936 were 1!, points high Many [B& O cv 4%s ‘60 Montevideo 65 '59. . s Ahssefdietinh Weron It York Telephone 41,5 and Utal Power [B&0 6s95... ... el Stechon 00 liam T. Dewart, C. T. Dixon, Charles B, & Light 5, also advanced. Industrials, | I & O Toledo 4 ‘63 Nem Hawlcy, J. H. Himes, Gilbert T. Hodges, after swinging aimlessly i the first | 'k Chile 6% s 61 s s e el e LT hour, turned generally higher. There | Patav Pet 43542, Nw S Wales 6857, @ s e . Jahert, nir i gk were’ firm prices for Dodge Bros. 6s, | Felzlum 6s°65.. Niw S Walas 68 ‘58 501 3 DAL I B S Texas Corporation 5s, National Steel!PBeisium 6 NY Cgn3tgs o7 Schneider, jr.: Alfred P. Thom, jr.; R, e ey Bhees & 'Thibe 58, Parax | Belelum 3 ] N¥icEnakal H. Titherington, Fred A. Walker, T. C. mount-Publix 5125, McKesson & Rob- | BelslumTs 86, 41 o7 N Y Cent 4148 2013 Wil Gedie Al W At T S 1,5 a n jonal Ma 5s. Jel ‘el Pa 53 B " 100% 7 ~ 5 , . . e e SO ineh l Bertin cmeaties serve the bank during 1932: William T. £ = s 5 & Beth Stl pm 58 Dewart, president; Wilton J. Lambert, ernment bonds and guaranteed 1SSUes. | foch 5o 705 a4 vice president and general counsel; C. Satanteod uncondiflanally as o, prins | EOlLYIa T8 ... N Y Edien 53 544 R E R LR e cipal and interest by the Canadian ctan T A N Y Fd 1st 6%s'41 " 9 i ¢ ! e Ca Bordeanx 63 '3¢. A0 1aL0 AN 41 sistant treasurer; T. C. Willis, secretary government, were selling 5 t0 6 points | pogt & Mo 4 % NLHSEdaiey and assistant treasurer; P. J. McMahon, above their recent lows. Canadian . NY NH&H 348 B 116 iy ‘¢ istant trea: 2 funds, which recently dipped as low as | meea) sovgrov. " assistant treasurer 7 s NY NH&H 3%s '56 a 20 por cent discount, Were quoted | meemen 7e 35 VY NH&H 48 '55. . today around 13', per cent. Canada | pk Ed gn A 5549, F LA hegoe - had to buy about $30,000,000 in New | Bklyn A o NY NH&H db 45’57 York in January for the purpose of | Ritiyn Un 58 45. ... NY NHEHe meeting maturitics, but this pressure is | Budapest ¢s ‘62 ... fi%‘i@v“ Bl lifted now and exchange has benefited | Buenos A §5'6) Pv. N v L as a result of nereased Canadian ex- | B R& Pite s 57, > it ports. NY Rys 65 A "85 European issues were mostly heavy | Galt »2cking 6840 Y Tl 1m0 because of France'’s open suggestion | anog® 43.80,2- -+ Nia Sh Md 5% that the Lausanne reparations confer- | canada seoe Nord 6%s ‘50 ence be postponed until elections in | can Nat Ry 438 Nor & Wn cv 489, France and the United States are over.| Gan Nat ".,’“-51 This would proldng the uncertainty re- A 55 No Am Co 6s ‘61 s Can N 5'68. Nor Am Ed 55 C 6! garding the German situation, accord- | Gam Nas serrurs6d. e ing to views expressed here and in % Nor Am E 5% '63. . CanNat ROt Nor Pac 4145 2047, London, and might even end in dec- | Gan Nos 19 35 vae. b laration of a general moratorium on 2 Nor Pacri16s2047. Can Pac db ¢s. Nor St Pw 58 A "41. private debls by the Reich. German | can Pacific 4 Norway 58 '63 gm‘;-;::n;gtu.:‘;s and D;\W(;ls x':;parauons Can Pac 4% Norway 6s°43.... Ts out a point an cre were | Can Pac 58 '54. % g e BURG larger _declines in German bank and | Cent 11| G&E 58 L Corcoran (10).. « :.:iv| municipal descriptions. Other Euro- | Cent Pac 4s ‘49 e pean issues were also pressed for sale. | Ches Corp 65 47, Pac G&E §s 42, Goluabiad (56 = British 5!58 cased With sterling QUO- | g o gon 434592 Pac T&T 1st 5 ngton” Gas 4 Real Estate (6h).. 4 ‘a‘,;‘;]"&b d X N 'pto‘wfi"‘,” * g"i"rp"f 68'52.. Washingion Gas 58 o e bond market opened today with anamz et V/ask as 65, series A........ MIS N e E Y 3 ‘, i I state Tav Wash. Gias @5, serles A........ O e JELLANEOUS an irregular trend. Trading was in fair | & © 41855 98- Paris-Ly M 65" m’,’r‘na‘éa Wash. Rwy. & Elec. 4s......... | Sol “Medical Biag Corp."(8) !‘011‘.‘}’1“0 et CB&Qgen4s 58, 5:??2(’?3&’: v 3 s s G 14 0l. Sanc & d. e railroad is S speciall; 51 5 e @ e Public € AISCEFCANECDE, D’ c (5. pfd senceespeclalys thotellic el q Cage pus 34 existing arrangement between the o e Anci of the semi-speculative type, were still |G ygQ st vt 557 Pathe Exch 78 Special Dispatch to The Star Union Pacific, the St. Joseph & Grand Club 528 under pressure. There were losses of | cpgq Ildv 315549 Penncv4%s 60.,. RICHMOND, Va., January 19.—A bill | Island Railroad and the Union Pacific newly elected directors then these officers to serve during WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES SALES. Capital Traction Co.—7 at 20, 5 at 20 Washington Gas 6s “A"—$200 at 100, $300 at 100, $200 at 100, $300 at 100, $500 at 100, $1,000 at 10015 Washington Gas 65 “B"—$300 at 103"z, Potomac Electric Cons. 5s—$1,000 at 1007, Bid and ASked Prices. BONDS. PUBLIC UTILITY. Bid. Asked Amer_ Tel. & Tel ot e e 4 Am. Tei & fei : Anacostia & Pot. R, R. 5 8 Ana. & oL C e 8 | Wash. Mechanics (20).. . & P. Tel. of Va Traction R, S 61 FIRE INSURANCE. situation a quick glance backward is Worth while over a period of years. each | year showing new high marks. Records | of the number of members and the| amounts subscribed since 1924 are re- | called: | Amount K ‘Competing Carriers in Kan- sas File Complaints Against Present Arrangements. BY GEORGE E. DOYING. The efforts of some of the leading railroads to co-ordinate rail and truck lines are being beset with difficulties. As the latest devclopment, the Mas: chusetts Department of Public Utilitigs bieas s has held that the New York, New Haven | hoiomac e 1018 & Hartford and the Boston & Maine M Pacnon che, Railroacs are evading and violating the . Brokers’ Comment | Liberty (78 Lincoln (10) Metropolitan’ (14). Riggs (15)... .. Second (9e) Washington By the Associated Press. NEW YORK, January 19.—Brokers agreed today that the stock market ap- peared to need news of a constructive nature if the rally was to be resumed. Redmond & Co.—The action of the market suggests that some nearby con- structive development is urgently need- ed if recent gains are to be extended. Efforts of pools to attract a following in special issues have met with little headway, presumably because of a gen= cral disinclination to increase long com- mitments until business shows signs of a definite upturn. Jackson Bros., Boesel & Co.—The shift to the commodity markets is gen- crally viewed as a means of keeping speculative interest active. The arti- ficial aspects of this situation are quite freely commented on and it is an open question, of course, whether this pro- cedure will prove effective. Shields & Co.—With the Chicago con- ferences losing their potential bullish influence by reason of the relay, the reconstruction bill and foreign develop ments become the dominant market in- fluences. The recent action of the mar- 12 5 iid TRUST COMPANY. Amer. Sec. & Tr. Co. (15).... Natl ‘Sav. & Tr. (13:) Prince Georges Bk. & Tr. (6) Union Trust (8s) | Wash. Loan & Tr. (i4).0 SAVINGS BANK. Bank of Bethesda (65).... Com. & Savings (10) East’ Washington (12) Potomac (10) Sec. Sav & Com. Bk. (17) Seventh_Street (12) United States (30) Year. 1924 1925 1926... 1927.. 1928.. 1929.. 1830 1931.. 1932 POLLARD PLANS BILL T0 AID BOND FIRMS Proposal top;{;v: 7};3::2 of Up- nelding Credit of Mu- nicipalities. 2. 3 St 8,484,410 8,689,575 | o e RS amnmas=Sene 3 as six important competing ve filed complaints with the vice Commission against an - 5. 5t ; 2o Lahsion Monotspe 3 |4 Gotunb b 538110 i [ from 1 to 2 poinis in such issucs as|c 5 Penn gn 415 °65... o i g Fea Am. . I Frisco_prior lien A 4s, Nickel Plate | Shacko i over: Penn 4)45°70. to protect bonding compenies. the effect | Stages, Inc. The complaining carriers s s'51. of which will also be to uphold the | Erie 55 and Missouri-Pacific Chi Grt West 45'59 Penn 4%s'63. credit of municipalities, is being pre- | Penn 5864 pared by Gov. Pollard as an administr: tion measure The need of such legislation is em- phasized. he said, by a letter just re- ceived by him from a Cincinnati firm in which attention is called to a *four month” default in the accounts of the town of Wise, Va are the Atchison, Topeka & Santa Fe, the Chicago. Rock nd & Pacific, th> Kansas City Southern, the Midland Valley, the Missouri-Kansas-Texas and the St. Louis & San Francisco. They ask the State Com ion to require the three affiliated concerns to appiy n connection with the rail-truck ice which they established last Sum- mer the same rates that are provided STOCKS. PUBLIC UTILITY. & Tl ). R apital Traction Co. i4). Wash. Gas Lt Co. (18) N. & W. Steamboat (12)..00 Pot. Elec Power 6 Pot. Elec. Power 5 Wash, Rwy. & Ele Wash. Rwy. & El Mer. Tr. & Stee. com. Mer. Tr. & Stge. pfd 55 Mergenthaler Linotype (6)....! . oid, (8) Drug Stores pfd. (62}, M. & G. pfd. (8)..... Securily’ Storage (58)..... er. Ref. & Wh. Corp. (3).. The Carpel Corp. (2).. .01 W. Mech. Mtge. com. (8); . Wash, Med. Blde. Corp. (1) .. Wdwd & Lothrop com. (1.20) Woodward & Lothrop ptd. (1) “Ex. dividend. 527, extra Atchison general 4s and other prime carriers were steady. Utilities Steel 5s and Armour 4'ss changed. fractional losses in British 5'.: 7s, Kreuger & Toll 55 and a few of the South American descriptions. States Government were narrowly higher. long-term bonds gener- | ally were firm. Industrials like National were un- In the foreign department there were Tialy United | Chi M & StP 4589, C M&St P 4%s 89 | C M StP&P 53'75.. CM &St Padj5s.. Chi&NW 4%s 2037, Cht NW gn 4s 87 Chi & NW en 4%s. Chi Rwys 55 ‘27 C « “hi R1& P rf “hiR 1 & P 4% | Chi R 1 cv 415 '60. Penn gen 53 Penn 6145 '36...... Penn P&L 4%5'81. Peoples’ Gas bs 47, Peor & E 1st 45 '40. Pere M 1st 4s'56 Pere Mar 41580, . Pere M 1st 55 °56. . Peru 63 '60 Peru 6s '61 - ket reflects the lesser faith therein, so that it will take definite favorable hap- penings to cause resumed rally worthy of being followed. Hornblower & Weeks—Aside from traders selling the past few days, we cee little evidence of important liquida- tion and under the circumstances would expect the market to readily respond to news developments of a constructive nature which still lie ahead of it. ‘Thomson & MgcKinnon—The inabil- | ity of the stock market to respond bet- , | ter to the sharp rise in wheat and the 01, | more encouraging steel news is dicap- | pointing. Obviously, with uncertainty akroad and the railroad wage question | unsettled, the market is having diffi- .| culty to extend its recent gains. local bonds bonds of | Phila Co 68 Phila Biec 48 Phil & Read 6349 Philllp Pet 5% s '29 for all-rail service. Affects Two Motor Lines. The Massachusetts action affects two of the Jargest mq hicle systems in the East, the New England Transporta- |, tion Co., subsidiary of the New Haven Railroad, and the Boston & Maine Transportation Co. bsidiary of Boston & Maine The Defaulted payments of injure the market for the other political subdivisions, the Gov- ernor holds, and are, therefore, not to be considered as merely local matters. | bBooks closed. n2sc extra. 130c extra. | 517 ‘extra 'eliiry extra R RO AE DA BN RNO NN A RS oa R =111 AW =0 NSt Washington Produce tub, E. FP. Hutton—European markets are inclined toward -dullness, with transat- g lantic issues in supply, in this morn- a1 g's early dealings. We think price 851, | 1anges of domestic issues will tend to 95 ' |narrow, as_trading continues at very 942, | low ebb. Broadening of firming ten- | dencies in commodity prices would be 58 |a powerful influence in strengthening 78 | prices for equities, but violent uprushes in a few commodities will result in little confidence in the fundamental justifi- cation of the advance. Paine, Webber & Co.—Prices are now back in a trading zone which was tra- versed for five consecutive days. No definite trend is indicated for the im- mediate future. The probabilities are that stocks will remain in the present trading area for some time, finding support slightly below current levels |and meeting resistance to advance, jawaiting announcement of some im- portant news development. ROLE OF PSYCHOLOGY IN ADVERTISING SHOWN Psychology has an important place in modern advertising methods. An instance has been brought to the attention of the Commerce Department in which a merchandiser conducted a selling campaign on tooth paste. When this product was displayed in windows with a set of the finest silver obtain- able, thus emphasizing the quality of the paste. increased sales amounting to 331-3 per cent above normal were re- corded. 1In (his instance the tooth paste sold at 39 cents. Subsequently a mass display by the seme store of the same product at a price of 29 cents brought no increase in sales above normal, thus convineing the merchant that well planned dis- plays were the means of getting a profit on a larger volume of business. BOURSE STATEMENT, PARIS, Jamuary 19 (#).—Three per cent rentes, 78 francs 95 centims 5 per cent loan, 102 francs 50 centimes, Exchange on London, 87 francs 6214 centimes. The dollar was quoted at 25 francs 41 centimes, Butter—One-pound prints, 29; current re- 9 Century s Central Nat Corp B .. Chain & Gen Eauities. t 5 o chu- A BramneSafioaw Gk BeaRomoe and medium Committee. 4.002 4.00a pints. 121,a15; bushel baskets —r BaS-Cac-RnnnSRoamnn § Shell Un Ol 6s 4 74 3 Shell Jn Oil bs 49. sinclair Ol 6%8'38 Sinc O 7scv A 37, Siie Cr O 5%s 38, Sinc P L 68 42. Sou Bell T&T 53 '41 SW ell T 53 A '54. Sou Pac ref 4, Sou Pac 4% s Sou P 4% ww. Sou Pac 4%s '8 Sou P&Or 4%4s'77. Sou Ry gnds ‘56... Sou Ry 6%43°56.... StOIIN J 534 SLOIN Y 4%8°61. Sweden 534 '54. Swiss5%8'46..... Tenn ElI P 1. Texas Corp 68 '44.. Tex & Pac 53 B '17. Third Av rf 43°60.. Third Av adj 6360, Toho El Pw 6s°'32.. Toho El Pw 75 '55. Tokio 5% s "61 . Toklo El Lt 68 '53. . Ulst & D5sct’28.. Un Pac 18t 4 "47 Un Pac 43 '68 . Un Pac rf 45 2003.. Un Pac 4%s 67, Un P 1strf Unit Drgcv & Utd King 5%8°37.. U'S Rub 18t 58 '47. UnSt W 6%s AT, Ud St W 5%sC'51... Uruguay s 60, Urtguay o anas. Sales. High, Wabash 4%3°78... 3 123 Wabash 1st 53 '39. 79 Wabash 5s D ‘30 1314 Walworth 6 A '45. 26 Warn Br Pic 6s'39. 34 Warn Quin 8s'3%. 32 Warsaw 78 '58..... 5 36% West E1db 53 ‘44 . 97 West Md 43’52, 5814 West M 5%s8'77.. 3 623 West Pac 55 '46. 44 West Union 58 51 69 West Union ’Ilu. Wes: Un 6% 9514 Wil & Co 13t 6: 801 45% | Wis Cent gen 45 '36 31% 46% ! yokohama 6s ‘61 T4 47 ¥astn S&T 68 A'TE. a8 87 . ¥gstn S&T 5s B'T0. 65% o 52 alernantlnmrun-al sranmonan FAaRE0ORE Int Rap Tr ata 66.. 34 49 i Int Rap Trés'32... 1 31 Uruguay §s.4 Int Rap Tr 78 32. 70 Uish P& L.Ea 44-- 9 Int Cement 55 ‘48 69 9 Utll Pw 53’59 ww. Int & Gr Nor 6s°52, 55 5 Util Pow§ 47.. Int&G Nad6s'52. 23% Vienna Int Hydro E1 6844, 4 52 VaRy 1st DEOOO DOWO' @ U S & Brit Int Ltd A" U 8 & Brit Int 33 pf U § Elec Lt & Pow A g, Cuba’s new paved highway, 700 miles |long, extends the length of the island. SRS DS 8§ Chi T H inc 65 '60., Chi Un St 5544 INVESTMENT TRUSTS NEW YORK, January 19 («’).—Over- | Chile s ‘60. Chile 6s'61. P& W V4lsC60. Poland 6s ‘40 EARNS $14.25 A SHARE ‘ [Foiana 734 o S S Con Bac it ol “|Clev Term | Port Gn E1435°60. action in theState eme Court Norfolk & Western Railway earned Comp Tr Shis ] mandamus or injunction, to stop the | | Farsi87eint Cologne 6%5 60. Pos Tel & C 58'53.. i | Edrs oy v | Colemb 6s Jan 61. Prague 7%s '52. . 15al17 Hione and to taet A. C. Needles, president of the road.| 5 ’ , alive—Turkeys, old toms. 20 | qoon o “ronenn with respect to the Bos- | He adds that the N. & W.'s expenses | & i Sy ‘iZIZT’flf’.i’” 4 3 gam f’:tfi’schsgzv Hhst and over, 18a21; 2 to 3 AT e N 2 S s 80 6 p broilers, 115 to 2 poun All of the stock of the New England of a year ago and that the road is in | Statisticians Say Condition |4l & kac com Sor | Pub Sv G 43%s°70. Transportation Co.. amounting to $1.- good physical shape. Bankers 'Nat_Inv : “19° | Col G&E cou 5 784 | Queensiana o847 eghorn hens, 14a15; Toosters, 11; keats, | 3300 18 opned by Lie : 2 Indust young. 40a45: old, 25a35 HiEh S Jee Leoed Un sl | come aoomuted b GILEIETON, o0V d " | Con G NY 43361, i o more than $1,300.000 It is cngaged i | Jent to $21.96 a share on the common | 2 ConG N Y 5%5'45. 104 | teaa gn 43gm A v97. 3 ey, Bl =K et | extensive bus ‘and truck operations, but rent Business Rem Arms 65 A '37. 24a26; young tom i th ; . chickens, 3 pounds and over, the passenger lines are not aflected by 2 A Cuba 5%5 '45 37, o ) gl 5| the “present proceedings per ap- ~ RR5 12| Rnine West 6s'52 to 2', pounds, 23a25; s, to 2| | — Cuba R R 5s 413, 8 . 2 ds ers, ations were made for the opera 0 S S 3 2 . a5 o G o COTTON SHORT SALES o v suericans Rt e roosters, . 5 . 2 5 » | granted, but it appears th neithe S Denmark 434s g 59 | RiodeJan 6%s ‘53 14; 70; old, 50 P Pl . her |iGumulasive Teg i - s o g o 7 S| BAN BILL IS OPPOSED tuse e aimuive iy “wre| SEEE FE o : : . 3 ! Iarnblaton; | Sl e maintaiined in normal proportions ”‘:mum & Fosters : Depmaricon ¢ 55" K‘GYGD"WS‘HEI'O.I- 13" medium, 12; veal, top, 14: medium, | A i NG —_— ok ol 7 e : 19 0 Gr W 1st 45 39 pounds, 12: 18 to 32 pounds, 19; smoked o ; K New York Exchange Member De-|in industry reported yesterday, adding | Depos Bk of Fo : . D&RG W bs 3 Roy D 4845 ww... hams, 16ai7; strip bacon, 16al7; lard, | PiP0¢ HUtles oF e that the condition was a promising fea- | Depos Ins S S 3% | Det E GER48'61, 9115 | SIL IM R&G 4s'33. pounds, 7a7 Tha Arnetiment iheid Fbomerer thiat Diversified Tr C . StL&SF 43%5'78.164 ve s ogs, ligh i ¥ ) owever, that it sified Tr D ...\ : < S q 3 Live stock—Hogs, light could not require the filing of rates opinion, of more than 10,000 industrial | Bauiy ( B::T,:irf.lxi', e F ;;’L‘ e Wenia . 2 450; roughs, 200a3.00; cal N e | firms, and released by the National In-|Equity Trust &r 1 : “|StP Un Dep 537 0: lambs, 4.0026.50 AaHL6 P Ll Five-Year Fixed San A & A P4s'43.. S Different Situation. , : : ; d 1e con 45 A ‘53, 41% | Sao Paulo §5 quar apples, | roposed restrictions on Fund Tr Shrs A 1% | sa s 50a1.00; fa order s “that the obligations im- 5::,}:2'\‘5;‘““; . laid today before the made at the earliest possible hour after | Fund Tr Shrs B Friegends........ 2 (53 xon P\ G posed upon the r d (by State law) | ar e e Y f Ticorp Invesio pineapples, 3 D lishing a subsidiary which it absolute- corp SIuyekt SR | 3| Finland 5%s '68 4.00; 1 s, 3.5005.50; 1 {1y dominates and controls {he cxchange, said, “In our opinion it| Although “business activity o] Finland 7s '50 - fonnd b exlst n the Gperations of the |15 & mistaken idea that short selling is | cember pescled urilier, \conuason | Boston & Maine and its subsidiary. In Jak mec hn eihe Bl Fram [D1%s'42 tendency at any time.” Neoriw ; rench 78 '49 gD Rk e 0N _ - il S el 3 put and the renewed vigor with which ! Lenders of Indust A Soneyews, ik e, 10 [conducted by independent operators.| e was the first witness to disap- | this industry and the railroads are ap- | Leader: of Indit B Vegetables — Potatoes, 100 - pound | who do the actual physical transpor | e ulate short selling on commodities eX- | year. D ot Gen Motors 68 °37. sweets, 6521 tomatc pan car- | portation Co. undertakes to perform. | changes ; > cau. |/ Maior Comp Shes, . G Tiers, repac 2.00a25 s | PSEAtn e Rl constibutes. oparation iof i okts The increase in automobile produc-) Mass Invest Tr 200 O OCOLL 200250 Enlne * Maine Ra . Nation Wide German 5% ‘65 '12:“‘ o0 »n?m).’-‘ s blam Sy ek “\\;‘331’1"1‘.-{"‘;;’ ad Fhich con- | terially Increase the risk and cost of | by production is concentrated at this|Nail Indu German Bk 6338 e " L oy et ol dn doing busine: period of the year instead of being Nor Am Tr a 4.0 the Nor Am Tr Ge-man 7srep '49. mushrooms. 65a1.00: beets, crates, 2.50a [ matter was referred to the attorney | the pending bills b ok | : s tion showed a more than scasonal de- 1 Ban o 30 5 ons, 50-pound sacks, 1.90 | A therefore is not necessary,” he told the | Old Col Tr Assoc i;‘éi&‘;‘?"nil?.év‘ 2200 Spring onions, per doren bunch-| ey a N GRAIN EXPORTS | commitice. | Commodities Decline. Petrol Trad A - parst epresenting the Na - | December declined under the average | Second 1n . Grt Nor 414576 D. bage, new, 1.00; old, 75a1.00 SLUMPED OFF LAST WEEK |ion said that group. the National| for November by 2 per cent, and “in | Becfit i —————— | Secur Cor Ge Grt Nor 68 13 = Ses Fedcration and the Farmers' Educa- | decline that seemed to have been QLN AT CURTAIN ORDERS PLACED. ;. .. accociated press tional and Co-operative Union of Amer- | gtopped in the few previous months.” | Solscieq tnepme & 4 | 5 . « 2 n of s . - = L Shawmut Bank Hud & M adj 6567, ood orders for curtains are said to|States last week amounted to 562,000 | lation of short selling. It has “retard- | front with gains evident only in hides | SbANTI BAR g s R e T aeed for nte February and | Dushels. compared with 949,000 bushels | ed” economic recovery, he said. &iid Inathers, and chemicals: gpencer, ““*E‘”“ Hud & M rf 63’57 . - Stand Am ‘I, 8hrs . s Commerce Department figures today | Stand Collat Trust L;“'"‘“' 015 1’5"! J the opening of Spring lines. It is re- | gave the following comparisons be- 8 o A ungary THs 4. 5 rted that many retailers are featur- NEW YORK, January 19 (4% —Candy | 2 Super of Am T | e Wheat, 495000 bushels, against| manufacturers are reported buying a | TN T ORI ATy 1 W,’,‘._ Pay-| Bines o) Am S 111 Cent 48 3 50 cent ranges, though the majority ap- 880; Oats. 8.000 bushels and 11.000; . T s ot Am 111 Gent 4% 66 16 $1 items - featuring thel a / - | Adams-Millis Corp 50c Q Feb. rustee Stand Inv € pear to belleve that $1 ttems will pro- | eath, 2Q000 et 3 0 ras | e B e o clnting | AdamecMiilis Corp st 5i 3118 @ Fen. 1| Trusiee Blagd jnv D (I CCSIL&N 4%s.. 2 44 months. for rye were avallable for either week market, but it is sald that | General Tire & Rub 1236 Q Feb 1|Trustee St Oil Snrs B { 11l CCStL&EN 58 A.. 47 - 37" Feb. Trusteed N Y C Bank {rom United States ports amounted 10 | elaborate decoration on the boxes Lone Star Gas Co 817 : DRY GOODS MEN TO MEET. |456,000 bushels, against 591,000 bushels | S A - N Y & Honduras Ros Mn 25 R Wil Int Rap T 58 '66. i 8 I Fudd e i National Retail Dry Goods Association My = RUBBER MARKET. T IR Onit Fdre 1-70' com. will hold its annual convention at the | Week were 218000 barrels compar Ullited 1ns Shrs . lvmh 115,000 barrels the week before. | off 3-16c at today's noon®uotation of devol to discussions of the poblems =apironting retailers, C& W Indcn 4557, S " = B Ay . Pillsb F M 68 '43. NORFOLK & WESTERN the-counter market: | 5 P C C&SL 53 A '10. > id. Asked. | Chile 68°63 3 ! 4 5 . .2 1cnile Cop db 5s 47, Poland 7s Department of Pub] Jtil o5 has ! °C St LU&S;‘}'77 rected the attorney genera : i ! : o attorney general to brin BN T8 i | Clay Term 5348 7 Por R Am T 6842, e 7 $14.25 a common share last year, states | Hennery, (178297 New Haven's fre 5 g .| Colomb 6s’61 Oct. Pressed St C 5. 2 toms and hens, 25838; chick- E prope ; 8 L | ton & Maine are currentiy running about 65 per cent | She It (ot 2 L bunsv G s a1, 1820; hens, large, 20a22; mall, 15a16; [ 2 20D & h ) . g 500000, is owned by tfe New Haven. |~ In 1930 Norfolk & Western's net in- Promising Feature in Cur- | Boicis.G > Md 1st rf 55’50, 20 | Queensiand 7u '41 Poultry, dressed—Turkeys, old_toms, | stock | Consum Pow 5s '52 g 99 tem R5%5 A 47.. small, | | : : i 28 2 - lof ‘busses and authority | c : Del & Hud rf 4334, 0 80 | Rhine West 6355 1%7a19; Leg 18 NEW YORK, January 19.—Retall|Gum sh Denmark 5%s'55.. 6 9 g & 153 | on eaitoad o e er ap- nark 5% ) 69 | RGr Do Sul 63 68. good, 121:a13: cow, 9 10 | pli t ) Ot te freight {Crum & er s | December, the conference of statisticians | Srum & Fost & : 13; pork loins fresh hams. 8 t0 10| o0 ™ %0g | S | Crum & Fost Rome 6%3'52..... 80-pound tins, 8'2; package, 9; COM-|aniic just” and compensatory rates fends Practice Before House |y of the current business picture. | Biversified Tr 4 s Dot Edicon rf 5845 2 1001, 997, 1001 | 5" L&SF tn 45 A 50 23 i ‘ The report, summarizing the written 2 Deutsche Bk 67'32. 70 70 24.7 3 S Equity Invest ) 4 5084.70; vy, A.0084.25; - plgs when the vehicles are being operated Equity Invest pf StS W ends 32 * By i St | Dutch East 16847, 841 Vilhe Aol i dustrial Conferenc s & : 2 uits wherries Oppaatlion of’ the New! York | Cottan | SEHAHCOR stence S0asd, b baser UEOR | mired iruat : T Erie tst con 4s 561 Bl e oot BelAYe A ha oAb b statistical compilation for december | e Do E Granger Trade Brie cv 52 '67. 5 the close of the month. BEAnRer s | c s can be avoided by the railroad estab- | House Agricultural Committee ixy 5 e frieon 45% | William 8. Dowell, vice president of Renewed Vigor Promising. e Independ Tr in De-|int Sec cCorp Am AL 125a1.75 1.00a2.00 A slightly different situation was Int sec Corp Am' T} 1210 Kisk Rub 8s 41 nt Sec Am 6 pf £ . Alligator pears, flats, 2.5023.00; the cause of, o aggravates, a declintng | the report said, promising features in- BlainCoasts) barb, hot houce, 5 pous this case the handling of freight is clude the sharp gain in automobile out- | Vet rrustee Sh 7 | French T%s'41. g ending bills to prohibit or reg- | pr Leaders ‘ot Trdust © sack: 5. Idaho 50a2.75; | tion which the Boston & Maine Trans- | Miote ohort se SH: 8- | proaching the opening months of the rou%hceq shrs GenPSv5l Dowell held that restriction or Pro- | tion. however. represented the change | Mutual Inv mr ey 650: string beans, 1.5 motor vehicles, in a legal sense. by the | pibition of short selling “would ma- | i’ policy of the e ctiireis heree | Mutual Mana Gen Th Eq 6 Natl Tr 8! ) 3, B 50260° lettuce, Iceberg, 3.50a4.25; cauli- | New Haven case. was not definitely |~ Russcll Clark, president of the New | goatveroq N Y Bk Tr S| G:::::: ;: ::-:gé flower, 3502425 Squach, 2004 00: | decided by the deparimeni, but the | Orleans Cotton Exchange, also opposed | ““Bifliings and engineering_construc- | Nor Am Tt 3 or ‘Am T 2.0082 | Gen El Ta"45.. 4.002450; ecggplant. 2.00a2.50; celery (Copyright, 1932) is not called for by the trade and | glectiic power production. AT e ubl e, { GrandT John A. Simpson of Oklahoma City, | Bublic Serv T Granaiyss dbexse chokes, 4.505.00; parsnips, 150; cab-| ? 4 Tnt BecoInt See Grt Nor 43817 E. Grange. the American Farm BUreau | o doing,” the report said, “resumed the | Steur Cor elected An * Greek 6568, NEW YORK, January 19 (#)—Some| Grain exports from the United ica, hoped there would be some regu-| Declines were observed over a broad | Selected Munage ' £ A A T B 9 the previous week 4 | Srand A Al Humble Oll &5 '37 991, early March delivery in connection with ! 2 5 - s CANDY AIDS PAPER BOXES. ‘ STOCKS EX-DIVIDEND. State Sireet Tvept ™ tween the periods 11l Bell Tell 53°66.. 5 1001 ing cotton curtains in the 79 and 89 ! guer of Am T5 G good volume of paper containers for | Rate Trhst Shrs of Am corn, 26,000 bushels and 18,000; barley. e of pep ntainers for | compen R od e e 3| Totand 5t % n B ol vide the greatest volume in the next few ¢ This business is stimulating | Ane Ml s | ALgtaa GO A the paper bo: Canadian grain exporied last week | there is emall demand this year for | Housion OI (Texas) pi stecl aniia o " S 5 pf.$163 Trusteed Am Bk Sh SRR e i Do extra... . The | the week before, while exports of North Process Gorp ... Two Year Trusi Sh - NEW YORK, January 19 (F)-—The | erican wheat flour during the pm[ H Tinited Fixed Shrs NEW YORK, January 19 (Special).— | Superior Port Cem A Hotel Pennsylvenia, opening on Febru- | Crude rubber, smoked ribbed sheets was | Universal Leat “Tob ]umten Bank Tr ary 14 This year's session will b largely - . The Young Women’s Christian As- | 4 9-16c. This compares —ith 49-16 & sociation of the United States has & month ago and 8’y a year ago. . Elec Lt & Pow “B". . niversal Tr 8h ..