Evening Star Newspaper, January 19, 1932, Page 15

FINA NCIAL: NIN( THE EV ST > % AT 1032 ENGAUNC A B *¥% A—15 CUR STOCKS GAN AS SALES PICK 1P Trend Shows Firmness N':ar3 Midday After Quiet and Low Opening. BY JOHN A. CRONE Snecial Dis to The Star NEW YORK, Jar opening quietly the Curb Excha activity and firmn today. Electric B; ated within a quar the movements of even narrower. opened up 4 poir irregi overn unimp: overscas velopments were scssion progres: er orate developments were nounced and some of them infl stock movemen Middle Wes sidiaries will report a net 90 conts a airm muel Insull trasts with $1.59 a sh amount of stock outstan Aluminum Lt sub Price Power C figuring in the Washington income 1 $3.635.4 tenced more active t success of a Utilities 3 Haute, Ind. elsewhere, is Electric A 4',-point Utility_convertibl point rise in Ut ferrcd were e trend of this g Natural gas slightly lower, following ment that November reven ufactured and natural gas u gregated §5 per cent from the s Pipe lines, after spurt hour Mor rested_in eral hours today. E nounced that it was uary purchases, by South Pe ncements | were not d in the | movements of sha ial Tobac- | co of Great Britain & Ireland declared a final dividend of 9 per cent and an | extra of 1 ng six pence against | 9 per cent and te same exira a year ago. George A. Hormel & Co., packer halved the comn uarte with the decla share. New Co clared a quarterly of 25 ¢ gainst a special dividend of 50 cehts on De- cember 30 last. The regu rter- ly common payment on lifted the stock fract Proposal to f B ated share | poration prefer- | -actional rise in | estment the be a Insull minil issue touched a new market. The re trol of American Corporation to a group ide Cont. Securities Coryg without much influence on Allied Int wve was_down 2 British & Contine fied Wi Ford shares were dull and traders e pressed prise at the an ement that the new Ford models would not be exhibited at the De Automobile Ehow ope ex day \ | | DRY GOODS MARKETS NEW YORK. J on goods cloth at 3% for 64x60s lcc at 4’ for 68; quiet and unchanged 5 BONDS ON THE CURB MARKET. sn Pr T GCob hr NEW YORK CURB EXCHANGE Recelved by Private Wire Direct to The Star Office. Stocks sold in 100-share lof Prev. 1931~ Stock and High Low Dividend Rate. 39 14% ne Steel (1.60). 19 Azft g 115 Ala Pow cum pf (7). 1037 Ala Power pf (6), Allied Int Inv cv pf Aluminum Co of Am Alu Co of Am pf (6). Alum Ltd D war Am Austin Car Am Cizar Co Am Cit Pw & Lt B. Am Com 1 A Am ¢ Pow B Am Cory B Am Cyanamid B Am For Pow war. *» Awn Founders. - Am Gas & Elec (31). Am Gas & El pf (6). 16 Superpower. . erp 1st (6).. iperp pf (6) ... & Gn B vie, Am Yvette Co.. Inc... Appalachian Gas wr. \ Arkans Nat Gas A Armstrong Cork. ... \sxo Elee Indus Ltd Asso G & Elct (8). s ASSOG&EL (A) b Atlas Unl Corp Auto Vot M Co pr pt. Beneficial 1 L (13). Blue ftidge Corp. . .. Blue Ridge cv azil Trac LI&P(1) Buff N&EP pf (1.60). Cable Radio T vte “elanese pf (7). Canadian Marcont 3 Cent Pub Sve A b5%. Central States Elec. ain Store Devel Chain Stores Stock. Chi B&Q R R (10) Cities Service (g30¢) Cities Serv pf (6) ... Claude Neon Lts Inc. Cleveland Tracto % Clev EI Hlum (1.60). e GEI ev pe(3). Col OIl& Gas vic. ... Commwlth Edison (8 . Cmwlith & Sou war.. Tuy 108 3 150811 2 Com Water Service. . » Con Gas Balto (3.60) “ont Shares cv pf. Cont Shares pf (B). & Consol Auto Merch. Coon (W B) Co..... ooper Bess pf (A) Cord Corp. s Corroon & Reynolds Corroon&Rey pf(A). Creole Petroleum. .. Cresson Consol. . Crocker Whecler. Curtiss Wrgt Iixport # Dayton Air & Eng Deere & Co. .. De Forest Radlo. Detroit Atreraft Dubilier Cond & Rad Duquesne Gas % Durant Motors. Sta Pow (B) Elec B & Sh pf (6) c Pow Assoc A (1) c Sharhldg pf(a6) » Emp G & F cu pf(7). 508 urop Elec deb rt. Fageol Motor. ederated Metals oluis Fischer Corp. ord Motor. Can., A. ord Motor, Can., B. 100, ord Mot Ltd 36 3-50 Fox Lheater (A).... Gen Aviation, .. . Gen Theat Eq cv pf. len Alden Coal (4). obe Ulwirs (p 40c) Soldman S Gorham Inc pf Grt A&P Tean v (6). Gulf Oil of Penn Hackmester Lind. Hall Lamp (30¢). » Hamilton Gas v.t. Hudson Bay M & Imp Ol of Can (50¢) Insull Inv (b6%) Insur Co of N A (2 Insurance Security Intercontinent Pet n Int Hydro cv pf Int Petroleum (1). Int Utilities B... Int Utilities war. Interstate Pw pf( 260 18 6% 49 63 9 45 15 Evcryl)ody’s k Business Talk of Inflation Seen as Reaction to Further Gold Withdrawals for Account of France. BY DR. MAX WINKLER. Dispatch to The Star YORK, January 19 (NAN.A) — on bugaboo is being revived L of gold abroad, amounting million doliars, is responsi- ier withdrawals of gold are to be pending, largely for the t of the French, who sce in the t Finance Corporation a lation—that 1S, a move in a decline in the hardly necessary to e more that, ‘even if wals reach the propor- ober, the position of not be weakened appre , though fair- o endanger in of America’s cur- held by the Federal Re s still considerably excceds eral required for Federal Re- t onc “Gold degree of strength in s and commodities mar- e public con- thing to avoid A disturbing char- er abroad or at home. te future of the securi- will depend, therefore, to & tent upon prevailing The outlook ap- Indications point to long of the re Federal Re leading major | Tve the York ber of smaller financial insti- to oppose final en- First, they be- issue the new bably will affect sues advi withd from a E in the new in is likely ult invest maint these arguments are to some the the benefits of it is proverly run offset any ther, the new % enterp ud mor et g loan will bility be so set up s not to com,| h United States Govern- ! ment bonds already outstanding. The 1z belief in an carly settlement 2ge dispute Improvement in rail ares the last fow sessions may be <umed already to have discounted the roposed wage reduction. t ifying, however, to obser 1 of the discussions rail executives good deal of this is doub! s attribut- > to Daniel Willard, head of the Bal- & Ohio and de: except those designated by letter Add 00. Open. High Low. Close. | 801y 1 adverse responded rather feebly to of the rd Jabor. ) of railway | ~Prev. 1931~ High. Low. 7 1 1% 3 10% 10 1% 2 g 18 16 16 ‘ ]9_7 3 287 x 90 101 32 Los Loutst: Stock and Dividend Rate. Itallan Superpow A. Kirby Petroleum. 2 v Kress SH sp pf 60 Lake Shor Mines ( Lafcourt Realty 1.60 Long Isld Lt pf (T).. ana Lan & Ex. Mapes Cons Mfg (14) Sales— Add 00. Open High. Low. Close. 1% 10 24% 4% 95 100 3pe (6). 50s 1 Mass Util Assoc Mass Ut ev pf (2 Masse Harris. : Mavis Bottling (A). Mead Johnson (15).. Meriph N Gas (60c). Mid West Ut (b8% ). Mon W PPSpf1%. Mountain Prod (80c) Nat American Co. Nat Fuel Gas (1). Nat Inv estor: Nat Pow & Lt p. . Nat Pub Sv A (1.60). Nat Ser 5 Nat Sh T Sec A t60c. vice Co. .. Nat Sugar NJ ( Nat Tile New Jersey 7 New Process jon Radio. . & Pow pf (6) ne (2) Co. 10: New York Auction. . N Y P &Ltpf (7). W N Y ansit (70¢). Niag-Hud Pow (40c) Niag-Hud Pow A w.. N Noma E North E are(Md) 20c. ec (40¢). ropean Oil. Nor Ind P S pf (7).. Nor St Pow pf (6).. PacG & B 1stpf1%. I'ac I' S new pf(1.30) Pac Western Oll. Pandem Oil. Pennroad Corp (40¢c) Peoples L&PWT (A). Philip Morris Inc Pilot Rad Tube A Pion G M Ltd (12¢).. I'itney Bowes (b4%) 1 I Plyr 8 sbih Plate G ¢ outh Oil Pub Sve,N Pub Util Hold xw 29 1 10 16 48 15 Lake lirie(5) 50s ) 50¢) . n p(8).100s Radio Products Railway & Lt Relt nce Int A Republic Gas Corp. t Regis ec Allied aper. rp (1) Selected Ind sentry Safety Cont silica Gel ctfs. Singer Mfg (8).. Sni Viscosa rets. Sn 30 ¢ r Pack (new) 1Edpf A %), Cal Edpf B (1%). south Corp. So. Union ( 5 W Gas Utilities Stand O1l of Ind{ tand Oil Ohio (234). Stand P Stutz Motor n Iny ift & Co ). & Lpt (7). ar. est Swiss Am ELpf (6).. Tampa Tob I Tr lectric (12). »d of Del wi Utilities Tubize Chatel B.. Tung Sol Lamp(1) il Asso(1.36) Unit Car Fast (40¢). Unit Corp war. . Unit Founders. .. Unit Gas Corp. Unit Gas Corp war Unit Gas pf (7) it Lt & Pw A L & Pwr pe(s) .. Jlec Pow ww & Intl U S Playin Card 2% 175, Unit Verde Exten (1) Utan P & Lt pf (7). Util Po & Lt (b10%) Utility Equit] Utl&Ind ....... Utility & Ind pf(1%) Walker. . H (25¢) . Wenden Copper Wil-low Cafeterias. . Wood Com Edison Feb 1 P'ub Sve N 11 tes in dollars based on last quarterly of semi-an- *Ex dividend, or in stock. Dividend nual payment, a Payable in cash dividend. fplus 5 stock. Plus in stock. n Plus 8% in y Petroleum. RIGHTS—EXPIRE 58 11 Feb 1 1w 1 1Partly extra. IPlus 4% in b Payable in stock. £ Plus 6% in stock. hPlus 1% in k Plus 10% in stock. m Plus 3% in D Fald Iast year—no regular rate. stock stock. stock. | presidents transpoy ter than ion systems know labor bet- Uncle Joe.” One is refore little surprised to hear Chai 1 Robinson, spokesman for labor, remark that the railroads are trying to do their best in a_ practicl | way to meet labor on the problems of unemployx aud stabilization of em- ployment Alfred P Motors, revive business Buying. he duction, pro ment, and | increases p | There is nothing | which weakens Sir Herber in the future of Canada president of the Ro has seen n 50 years, and speaks. As to the U that with quote tes well und provement cc when measures 1, jr.. head of General its a simple formula to let those who can, buy. out, accelerates pro iction reduces unemploy- 1 in unemployment power. Holt's faith Sir “Herbert, al Bank of Canada ions in the last now whereof he cs. he points out 5 0f most seeuri- ic worth, im- expected as and <en which will sult in a real return of confidence. It vould seem tha in politics and finance ¢ their utmost to hasten business 1 ery The Nationa carrying very sat. and is in a stror cording to Ja Commenting on 1 which resulted $800.000 and $900.000 dend, Mr. Post c: marked increase in company’s plants u: ther improvements ring Co. is sition, ac- presiden! wwing last yea plus - between the $2 divi- ion to the ency of the s for fur- omies p Men and won: in real estite bond united for thei pugh a central ¢ Geor E. Roc newly or ized G Real Estate Bondh The committee will ; cting the intere cured by m Greater New Y estate and building Mr. Roosevelt n $800,000,000 ) held throughout id that $100,000,000 default. With' forc American investors times thit and w lions in default and ma to default, the format committee und protect foreign cem hij (Cpyright New avings are efle ally ction except cording of the w York Committee. icfly at pro- rs of bonds 1 estate in ering real c t that more ich bonds United States of these are in uds held by ting several of mil- rd about a central orship, also woul spa CULPEPER BANK ELECTS Spec 1 Dispateh to The § JLPEPER, Va fellowing Board of D imously re-clected the stockholders of the Culpepe tional Bank: John S. Covington H Fletcher, John W. Yowel] Ratrie, Travers D. Bic Thornhill, Dr. Granville Ea. wmfiu:: ?' Guinn, William G. Wood, R. G. Qain- ance and L. R. Hudson Following the | sesston of the stockholders, the direc- |tors met and elected the offcers, who ere: President, John ¢ on: president, James H. Fletcher; vice pre ident, John W. Y 1; cachier, Gil H. Miller, jr.; assistant cashier, Wi liam D. Cannon, and assistant, cashier, R. A. Forbes. 4 Jam > | in the depression | sh balances | Turner | vice | Few men heading national CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, January 19.—The fol- lowing is a summary of important cor- n news prepared by the Standard Statistics Co., Inc., New York, for the Associated Press: News Trend. Although automobile production in- ased slightly in the week ended ary 16, the rise was less than the usual scasonal increase. Actual output, ording to Cram’s Automotive Reports, totaled 31,887 units, which compares units in the previous week and 44715 in the corresponding week of last year The Companies. e Railroad 1931 deficit estimated 145 Uil & Refining—Attachment served in Texas ouster suit; calls on company to present 40,860 shares of stock and all other interests in com- pany owned by Standard Oil of N. J Minneapolis-Honeywell Regulator de- red two qu (u]rd onts cach: formerly paid $1.50. New York, New Haven & Hartford R. R. 1931 carnings reported slightly over $3 per common share Radio Corporation of America subsid- jary, Radiomarine Corporation, gets or- der to equip eight new ships with radio telegraph and direction finder appa- T eckles Sugar—Receivers appointed for company in Delaware Chancery Court: receivership suit begun in Fed- al Court ”'Irlc?;:\ Corporation reduces bulk gaso- line price one-half cent a gallon. J Consolidated Copper Mines to cut Jutput to 10 per cent of norma oulPu ta1 Ejectric orders received 3 months to December 31, 1931, $49.32 480, vs. $74,168,480! 12 months, $2 021.496. 341,820,312, Household Finance 1931 share earnings $4.99, vs. 5.7 ‘Nevada Consolidated Copper cuts pro- duction to per cent ;"3( normal to < only 15 days a mont msrf{\lr(:(rd Industries_liquidating value December 31, 1931, $74.67 a share of prior stock, vs. $114.11 December 31, 1930 5 g ‘American Commonwealths Power— Pederal receivers named for compa and American Community Power, a ubsidiary, by Federal Court, New York California Packing marks up prices of {hree principal grades of pineapple 10 dozen cans, effective to March common 1932 § ' Hawaiian Pineapple marks up prices L ENeRPE tdes of pinapple 10 hree principal grades of pinappl ?l‘*n‘L\ « Bozen cans, eflective March 1, o tional Business Machines 1931 ternal (‘all'glngs Jargest in history; 80 per cent c. $1.50 business domestic. OiVX::\;lman Railway _declared feryed dividend; payments | | quarterly pre! | gn prcle);";ed shares were made on semi- | annual basis. American_Hide | weeks to December ficit $32,457. ‘}\lf\‘.&'\.n ‘Auto common share earnings, vear ended November 30, $17.64, vs. | $5.43. ) & Leather deficit, 24 12, $99,443, vs. e Adjustment | rterly common dividends | SOUTH REPORTING BETTER BUSNESS Seasonal Drop in Sales and Collections Found in Other Localities. That the expected post-holiday drop in wholesale coll:ctions and ~ sales throughout the country materialized to some degree is evidenced in the Janu- ary survey of conditions in-103 of the Nation's leading trade centers, con- | ducted by Credit and Financial Man- 2gement, official publication of the Na- tional Association of Credit Men In contrast to the previous month's survey, which found a rising trend, the t reports reveal that 58 per cent d of 64 per cent of the corre- spondents find collections to be fair | and 59 per cent instead of 69 per cent not> the same condition appertaining to sales. Although fair conditions in sales and collections were less noticeable than in the December survey, the present re- collections, and Springficld, Mass., in sales, rate classifications of ‘“good.” None of the reporting cities in the pre- vious survey found “good” sales or | collections. Conditions in South. New England, as been true for | several months, comes through with a | general report’ more favorably opti- mistic than other sections of the country, but. from the South, North Carolina and Florida reveal that bettering business conditions are not exclusively present in the Northeastern section of the country Flor! reports that the un- onably warm and dry Summer her is causing a bright outlook for vegetable crop in the Everglade tior which “has ~brought fanc and, owing to the fact that the mills will begin grin g within , this has brought a_hous- | ing shortage and a prosperity that looks like boom times compared with other parts of the tate. Prices on fruits, however, have been extremely low." The Middle West's keynote is sounded iby the report from Minnesota, which states that, “aside from the season holi- day business, there does not appear to be any evidence of improvement in either sales or collections. St. Paul states that more and more the principle of a debt moratorium is being followed as a policy of helpfulness to worth- while commercial enterprises in need of help. Liquidation of embarrassed es- tates is normal, and manufacturers note an increase in number and amount of inquiries and_are increased booking: NEW YORK BANKS GAIN IN LIQUIDITY (Institutions Finish Year More Creditably Than Had Been Expected. Special Dispatch to The Star. NEW YORK, January 19.—Con- sidered as a group, the New York City more creditably than had been popu- lar belief, says the Standard Statistics which continues, in part “Year-end statements of the leading New York City banks and trust com- panies were considerably more favor- able than generally had been expected. “These statements revealed that the institutions. in aggregate, entered 1932 in even more liquid condition than was the case a year ago. On December 31, 1930, the average liquidity of 19 metro- politan institutions, as compared with deposits, was no less than 58.6 per cent At the 193 nd, liquidity, on the same basis, ged 62.3 per cent. ave the compilation, the recent ratio was 778 per cent, as compared with 72.7 per cent at the close of 1930. In short, the important banks and trust com panics of New York City have sacri ficed a substantial amount of possible earning power to place themselves in impregnable positions. “Meanwhile. the average decline in book values of the institutions amounted to only around 13 per cent last year, an exceptionally favorable showing, considering the action of the bond mar- ket, the contraction of credits and other retrenchments.” New York Cotton NEW YORK, January 19 (#).—Cot- ton opened steady today, 2 points up to 3 points off, with near months relatively steady on trade buying and some South- ern selling on the later deliveries. March sold at 6.80 on the call Otherwise orders appeared to be fairly well divided, but after selling at 6.80 on the call March reacted to 6.73, and the market showed rather an easier tone at the end of the first half hour. The weather in the South was con- sidered more favorable for the move- ment of cotten and there may have been some selling in anticipation of in- creased spot offerings, but there was not much selling by the South at the start. Liverpool cables said liquidation in that ma had been absorbed by Continental buying and trade calling, and reported steady buy- ing of cotton cloths for the British home trade. The market sagged off to 6.71 for March and 7.02 for July later in the morning, making net losses of about 7 to 10 points under continued scattering liquidetion. Rallics from early decline in the stock market scemed to bring {in a little buying later, however, and the market at midday was quiet and steady. at rallies of 2 or 3 points from the lowest. l Grain Market CHICAGO, January 19 ().—Respon- sive to increased selling pressure and tc stock market setbac! grain valucs underwent ca ownturns today. Liverpool reported insufficient demand to sustain wheat price advances. Oper ing “s lower, wheat afterward sag- ged further. Corn started !4-53 off and later held near the initial range Tending to add force to bearisl sentiment relative to wheat were ports that the Southern Hemisphere was now shipping wheat out as fast as possibe and was lixely to continue doing so for wecks vet. It was also asserted that premiums of nearly 4 cents a bushel in Chicago quotations, as compared with Liverpool, precluded the United States from any material export busine: Estimates.” too, were current that, aside from Farm Board holdings, the United States at present had 112,000,000 bushels for six months’ exports and carryover. Notable dwindling of the agg speculative demand, recently so ap- apperent in the wheat trade, was a feature today. Houses that were con- spicuous pupchasers during advances appeared to have switched to the sell- ing side of the market. There also was considerable execution of stop-loss orders to sell on the part of so-called cleventh-hour buyers, Corn and oats gave way with wheat. Provisions reflected downturns grains. that Bombay i in E. A. Nichols has been elected vice president in charge of sales of the R. C. A-Victor Co. | port reveals that Jamestown, N. Y., in| citrus | ooking forward to | Much | banks have acquitted themselves much | Moreover, if quick assets are ixcluded in | | | 1 | [FARM PRODUCE PRICE CHANGES NUMEROUS. BUT NOT SEVERE Eggs and Butter Decline, but Most Other| Products Show Improvement in Winter Markets. Changes in prices of leading farm products around the middle of January were quite numerous. but generally not stvere—a typical Winter market, ac- | cording to the United States Bureau of | Agricultural Economics. Eggs and but- ter were the main exceptions, declining under receipts liberal for the time of year. Poultry sold a little better. Prices of lambs and veal calves advanced, but other livestock showed little net change. Cotton markets were rather firm and wool trade showed more activity. Grains and feeds were irregular and unsettied. Potatoes hold fairly well: onions shos some further gains. Cabbage has de- | clined and apple markets stay about the same. Sweet potatoes have shown a downward trend this month. Some Vegetables Lower. Except in Northern Maine, where 53 cents per 100 pounds was being paid for sacked Green Mountains on an fob. basis, most shipping sections for pota toes reported a_decline in prices in mid- January. The Western New York mar- | ket on round whifes was weaker at 70 to 72 cents, With quotations in the North Central States at 57!, to 62! cents. Sweet potatoes showed no real | strength. A steady market prevailed for arrivals from Virginia, Maryland and Delaware, but a weaker tone was | reported for New Jersey stock Western New York yellow onions de- clined on an fob. basis to $2.20 per | 50-pound sack, but Michigan onicns were higher. The shipping season for Western New York celery is about donc. Lettuce is selling conslderably lower. Bulk Danish-type cabbage declined in Western New York to $10-$13 per ton ) s advanced somewhat in We New York and Southe were a little lower in Southern Texas. Apples in cold storage on Januar: were equivalent to 10,007,000 barre or 5 per cent more than last year and | 17 per cent above the five-year average. | Butter Markets Unsettled. The butter markets continued weak and unsettled in mid-January. De- clines were followed by slight advances | later and then by rencwed decli Markets were sensitive and prices fluctuated with variations in sentiment and the least change in supply and demand, Arrivals of butter at lead- ing markets were considerably heavier than those of a year ago, but were | lighter than those of early January. | Wholesale milk markets tended to ges erally lower price levels in January Average decline was about 4 cents per | 100 pounds, Many receivers reported | an increase in the size of lots from | their regular butter shippers cspecially from those factorles in the South and Southwest. | Cheese prices in city markets were from 1 to 11, cents lower near the middle of the month, in line with lower country costs. At the lower level the | market proved about steady on both fresh and cured cheese, Foreign cheese markets were fractionally higher. Lower Egg Prices. Eggs have been declining fast in the wholesale market. Retail prices are being lowered gradually, but consump- tion is not expanding rapidly enough to absorb the increased supplies. The relatively mild, open weather experi- enced in the East so far this Winter has developed a heavy Eastern produc- tion. Supplies of both Middle Western Co. of New York, in a current survey, | mixed colors and Pacific Coast whites | Autumn. were likewise plentiful and some tend- ency for accumulation was in evidence. In contrast with the egg markets, the poultry markets showed some im- provement. Receipts of dressed poultry at the principal markets during the first half of January were considerably less than the corresponding receipts of a year earlier. Live Stock Supply Moderate. Following lower live carlier in_the month shippers cut down supplies sharply. Receipts at 12 large centers showed decreases of about 30,500 cattle, 28,000 hogs and 29,000 sheep. ~Midmonth calf receipts in- creased slightly. With demand for practically all classes and grades of dressed meats slow and diminishing, the trade in live stock was, for the most part, a drab affair, and excepting for sheep, lambs and veal calves, the price levels showed a declining tendency. Hogs sold Janu- ary 14 at Chicago at the lowest aver- | age prices recorded since at 1899, the | average cost of packer and shipper | droves dropping to $3.90 as compared | with $3.98 the 1931 low spot, touched | around mid-December. The cattle mar- | ket showed sharp price declines around the middle of January. Intermediate and lower grades sold as low or lower than | at any time in recent years. The fat | lamb trade fluctuated sharply, declining, | then making good recovery. A substantial volume of business was transacted on the Boston wool market near the middle of January. Interest broadened to include some lines that had been neglected. Prices were mostly | steady, with a firming tendency on | grades given the most attention in r cent weceks, Millfeeds Fairly Steady. Prices of bran and middlings ad- | vanced near the middle of the month, but the heavy feeds were irregular, averaging about unchanged. Production at the principal milling centers in- creased but remained considerably un- der that of a year ago. There Wwas practicaily no change in prices of lin- seed meal and cottonseed meal at im- portant producing centers, and price changes elsewhere were of an irregular nature, with declines about offsetting advances. Linseed meal prices at Minneapolis and Buffalo have averaged about unchanged since early in Novem- ber, while cottonseed meal, gluten feed and meal and soy bean meal have tend- | ed downward toward the lows reached early in October. Timothy hay markets were very quiet, with light offerings mostly in siow de- mand at steady to slightly lower prices. | Somewhat heavier offerings met a fairly ready demand at Boston at steady | prices. Supplies in hay sheds were well | disposed of. - Supplies at New York were | | | stock prices | mostly of the medium and lower mixed | along | enemy of Main Street a | erful unit, the New York Bank, has in- | score), 23',a24; | grades, but the demand held up fairly well. Grain Markets Dull. In the absence of an active demand, domestic grain markets were dull in mid-January. Cash wheat markets wer somewhat irregular. High protein wheat was in active demand. Corn markets were mostly weak and lower, although light receipts at Kansas City advanced prices around 2 cents a bushel at that market. Eastern demand was restricted by lower priced offerings from Ohio and Indiana. Oats were weaker with corn, but barley markets held about unchanged under a fairly active inquiry for both feeding and malting types. BUSINESS LEADERS | AR ON DEFLATION Reconstruction Finance Cor- poration Is Big Gun in Present Campaign. JOHN L. COOLEY, Fin al W January deflation has been a wide front and behi scenes in banking and business circles groups of men are working quietly and intently to direct the campaign which | they hope will defeat the common d Wall Street. | e big gun in the drive is, of course, the Reconstruction Finance Corpora- tion. Authorized to make loans to banking institutions, insurance compas nies, agricultural and live stock credit organizations and to railroads (on 1ecommendation of the Interstate Com- merce Commission), this $2,000,000,000 picce of machinery will direct its fire against frozen credit, aiming to demol- | ish the barriers that have imprisoned purchasing power. Operation Facilitated. Although the measure to accomplish this important objective has not yet be- come law, steps have alreaday been taken to facilitate its operation. The Federal | Reserve System, through its most pow- | BY ssociated Press YORK, A NEW against Thi creased the price it pays for bankers' acceptances, thus tempting owners of such paper to dispose of them to the central bank. Inasmuch as banks are the chief holders of acceptances, it is now possible for them to sell at a'profit | acceptances bought berore the price | rise. Funds so obtained would in theory |at ieast, be partially invested in Gov- | ernment cbligations, thus contributing to a more attractive market for such of Uncle Sam’s securities as may be issued to launch the Reconstruction Corpora- tion. The next step in the easler money program, it is expectzd. will be a low- | ering of the New York bank’s redis- count rate from the 31. per cent estab- | lished during the “gold run” of last There is a widespread belief in Wall Street that the reduction will be made soon, perhaps on Thursday of this week. 4 Meanwhile, active support is accruing to the rehabilitation plan made public last week, after long study, by a group of prominent economists, headed by Dr. Warren M. Persons. Program Indorsed. y some twoscore economic au- in and out of Academic circles have indorsed this program which fa- vors the Reconstruction Corporation, economy in all governmental budgets, & liberal reserve credit policy and a com- mercial banking program which will permit co-operation of the large banks with the Federal in checking credit de- flation. Steps are being taken toward the cnlistment of leaders ‘in many lines | of endeavor, including industry, for active participation in this drive toward business revival, restoration of values, employment increase and the strength- ening of banks. It has been apparent in the last week that sections of European opinion have regarded this new American drive as an inflationary move. Proponents of the plan_ believe, however, that there is a difference between “anti-deflation” and active inflation, pointing out that the shrinkage in values, particularly those of securitics, had exceeded justifiable limits, that fear had gone beyond rea- son, and that. much good should be ac- complished by at least taking in the slack. CHICAGO PRODUCE MARKET. CHICAGO, January 19 (#).—Poultry, live—Receipts, 37 trucks; market dy; fowls, 17; Springs, 16%5; roosters, 10; voung hen turkeys, 20 young toms, 1 old toms, 15; heavy white ducks, 21, small, 19; heavy col- ored ducks, 20; small, 18: geese, 13 Butter—Receipts. 15,092 tubs: mar-| ket stead: creamery, spec 931 extras (92 score), 23; extra fir: (90-91 2 firsts (88-89 score), (86-87 score), 20',a21: standards (90 score, centralized carlots), 23. Eggs—Receipts. 7.359 cases: market steady: extra s, 16al6l: fresh graded firsts, 2; current receipts, 14al5. CHICAGO POTATO MARKET. CHICAGO, January 19 (#).—Po- tatoes—Receipts, 111 cal on track 261; total United States shipments 684; weak on Northern, steady Westeyn stock; trading ther slow sacked, per hundredweight, Wisconsin round whites, No. 1, mostly 80: Mich- igan Russet-Rurals, few sal 80; Idaho Russets, No. 1, 1.55a1.65 1.05a1.10; Nebraska Trit sales, 1.10al.1 seconds STOCK By the From Yesterday’ STOC Today........ Previous day Week ago. Month ago Year ago. . ; Three years ago. Five years ago High, Low, 18 High, 19 Previous day Week ago Month ago. Year ago.. Two years ago. Three years ago High, 1931-32... Low, 1931-32... High, 1930 High, 1020, Low, 1929. AND BOND AVERAGE Associated Press. s 5:30 Edition, KS. 20 Utilities. 102.0 103.9 101.2 100.8 Utilities. 84.6 81.8 83.7 817 99.6 98.4 99.5 1015 80.2 1014 96.6 99.8 | ments, Belding Hemingway Co. 6s 1936 ¢l . Cleve. Lor. & Wheeling 5s 1933 Colorado & So. Rwy. 4'45 1935. Commercial Credit Co. 513s 1935 Delaware & RETAILERS MAKING BRILLIANT RECORD Big Firms Meet LoWer Prices by New Sales Efferts and Economies. One of the most encouraging features of the disordered and perplexing busi- ness situation is the record that has been made by retail trade in the past vear. Although handicapped, says the American Bankers' Journal, by a con- tinually diminishing purchasing power on the part of the public, practically every important merchandising com- pany has rapidly passed on the lower- | ing level of prices to consumers, and by means of intensive and exceptional sales effort has succeeded in moving & physical quantity of goods only moder- ately below that of one or two years previous. Of course this is an aid to all business, in that a person whose in- come has been cut is able to purchase approximately the same amount of mer- chandise as before, which means sus- tained employment to the workers in all of the supply industries. According to reports submitted to the Federal Reserve Bank of New York by a large number of department stores in the second district, their dollar sales in 1931 were approximately 8 per cent below that of 1930, but the physical volume of goods was practically the same. It may be that the department store group is not entirely typical of re- tail trade in general, in that the large stores have been able to buy and sell to better advantage than the small in= dependent retailer, although there is no proof that this has been the case. Dur- ing a period of rapidly changing condi- tions, the moderate sized concern has a definite advantage over the large cor- poration in that its inethods are more flexible, New ideas, economies, wage adjust- etc., can be adopted, the Journal adds, without cutting “red tape” and the head of the concern is closer to the workers and the customers than in the case ot the corporations capitalized at a million dollars and upward. The all organization is free from the fixed overhead expense of the Nation-wide distributors, and was not asked to join in the campaign of the big business ex- ecutives in keeping up pay rolls and other expenditures in the futile attempt to thereby bring back prosperity. Value of merchandise stocks heid by the stores reporting to the New York Federal Reserve Bank were substantial- ly below those at the corresponding period of a year ago, except in the case of drugs. Ratio of collections to ac- counts receivable outstanding, howcver, was slightly higher than a year ago, the Journal concludes. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., January 19.— White potatoes, 100 pounds, 75al.10; sweet potatoes, bushel, 40a80: yams, barrel, 1.00a1.50; beans, bushel, 1.50a 2.00; beets, per crate, 1.50a1.60; brus= sels sprouts, per quart, 7al4; cabbage, bushel, 50a80; carrots, per bushel, 90a 1.10; caulifiower, crate, 1.25a1.50; cel- ery, crate, 1.50a2.50; eggplants, crate, 1.5022.50; onions, per 100 pounds, 3.00a 4.00; peppers, crate, 1.50a2.50; kale, bushel, 25250; cucumbers, bushel, 2.758 4.25; spinach, bushel, 25a90; squash, bushel, 1.50a2.50; tomatoes, crate, 1.00a 3.25; Turnips, hamper, 15825; grape- {ruit, box, 1.25a2.50; apples, bushel, 35a 1.50; oranges, box, 2.00a3.75; straw- | berries, quart, 20a30. Dairy Markets. Chickens, young, 18a22; Leghorns, 15a18; old hens, 16a21; Leghorns, old, 16al roosters, 11al3; ducks, 12a21; geese, 14a18; guinea fowls, pair, 25a50; turkeys, 15a30; pigeons, pair, 20a25. Eggs, receipts, 1,070 cases; current receipts, 17!2; nearby firsts, 182, southern firsts, 18%;. Butter, good and fancy creamery, 22a 26; ladles, 17a18; process, 20a21; store packed, 13. LIVE STOCK MARKET. Cattle—Receipts, 50 head; light sup- ply; market dull. _ Steers—Choice to prime, none; good to choice, 6.00a7.00: medium to good, 5.0026.00; fair to medium, 4.00a5.00; plain to fair, 3.50a4.00; common to plain, 3.00a3.50. Bulls—Good to prime, none; good to choice, none; medium to good, 4.00a 4.25; fair to medium, 3.50a4.00; plain to fair, 3.25a3.50; common to plain, 3.00a 3.25. Cows—Choice to prime, none; good to choice, none; medium to good, 3.75a 4.00; fair to medium, 3.25a3.75; plain o fair, 2.50a3.25; common to plain, 1.50a 2.50. Heifers—Choice to prime, none; good to choice, 5.00a5.50; medium to good, 4.50a5.00; fair to medium, 4.00a4.50; pain to_ fair, 3.00a4.00; common to plain, 2.50a3.00. Fresh cows and 60.00. Sheep and lambs—Receipts, head; light supply; market sheep, 1.00a3.00; lambs, Spring lambs, none. Hogs—Receipts, 700 head; light sup piy; market lower; lights, 4.85a5.10: heavies, 4.45a4.70; medium, 4.85a5.10; roughs, 2.75a3.80; light pigs, 4.35a4.60 pigs, 4.50a4.85; trucked hogs, none; iower than quotations. Calves—Receipts, 25 head; light sup= piy; market steady; calves, 4.00a9.00; extras, none. ‘Wheat—No. 2 Red Winter, garlicky, ok, domestic, 63%; January delivery, 631 Fcbruary delivery, 64'a. Corn—No. 2 yellow, spot. domestic, 45a46; cob corn, new, 2.00a2.10 per Dbarrel. Oats—No. 2. white, domestic, 35a 353:; No. 3, 34a34!), Rye—Nearby, bag lots, 40a45. Hay—Receipts, none. Market un= 30.00a 150 steady; 4.00a7.50; springers, | changed. MISSOURI BANK TO PAY ITS DEPOSITORS IN FULE By the Associated Press. KENNETT, Mo., January 19.—The Bank of Horneisville, at Hornersville, will pay its depositors in full and close its business January 23, officers of the bank announced yesterday. On January 23 all deposits will be transferred to the Bank of Kennett, oldest bank in Dunklin County. The Hornersville Bank started in 1900 as a private bank. It was cap- italized at $15,000, with nearly $10,000 in surplus and profits. Deposits are more than $90,000. SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co.) Bid. Allis-Chalmers Co. 5s 1937 e O™ American Chain Co. 6s 1933 . 85% American Tel. & Tel. 513s 1943 102'2 Amer. Wat. Wks. & El. 5s 1934 Baltimore & Ohio 4155 1033. . 53" Bethlehem Stel Coip. 3s 1936.. Canadian Nor. Rwy. 412s 1935 gni. Northwesiern R. R3s 1833 20 Rock Island 45 1934 Hudson Co. 35 1935 Denver & Rio Grande 4'as 1938 en. General Petroleum Corp. 5s 1940 General Public Service 5'zs 1039 Grand Trunk of Cana Houston E. & W. Tex Humble Oil $'as 1932 Laclede Gas Light Co. “Touisyille & Nashville 3s 1 New York Cent. & H. New York Chi. & St. Northwestern Tele, Penna. R. ¥ Portland General Elec. 85 1935 . Republic Tron & Steel 55 1940 Sinclair Crude Oil Co. §'35 1 Southern Pacific 85" 1971 St. Mot. Accep. Corp. 6s 1937 238885508 S 1 45 193 8 1932 1934, . R Oo.Bras 1536: L. LMS. Ry, R & 's 1933 ° 96.0 e Union Elec. Lt. & Union Oil Co' of Calif. is 1935 Virginia Rvy. & s 1933 Power 53 1934 Wabash Rwy. Co. 83