Evening Star Newspaper, January 20, 1932, Page 15

FINANCIAL CURBOPENSLONE BT TURKS STEADY Price Changes in Main Are a Trifle Higher After First Declines. BY JOHN A CRO Bpecial Dispatch to The Btar. NEW YORK, January 20.—After opening irregularly lower, the Curb Ex- change today developed steadiness around midday. Price changes, though unimportant, were in the main a trifie higher. Atlas Utilities displaced Electric Bond & Share in point of volume in the forenoon and rose more then a half point. The latter was virtually un- changed. Cities Service absorbed some sizable offerings, vielding only a small fraction. Standard Oil of Indiana | moved within a range of a quarter oint Public Utilities wavered at times dur- ing early dealings, but they were not heavy despite the proposed extensive congressional investigation into all American utilities, railroads excepted. ‘The power and light division comprises more than one-sixth of total curb secur- ties, many of the larger holding, in- vestment and management companies being listed on this exchange Electricity output for last week show- ed a reduction of 6.7 per cent against A drop of 5.50 per cent in the preceding week. Tampa Gas & Electric had pre- viously discounted the dividend an- nouncement of & quarterly payment of 56 cents instead of 50 cents quarterly in cash and 2 per cent semi-annually n stock. A receivership petition filed in Wil- mington today against the Hamilton Gas Co., caused by the lack of $300,000 cash to meet maturing obligations, had | been expected and was fully discounted marketwise several sessions ago ‘The proposed investigation by Con- gress into all public utilities, excepting railroads, had little immediate market effect at today's opening of the curb | exchange, where most of the larger holding company securities are traded in. Electric Bond & Share in & block of 1,800 shares opened at 113, unchanged, and then rose fractionally. Cities Service in & lot of 2,000 shares opened ot 6 off J3. United Light & Power shares, especially the A stock, was a shade higher following news of the acquisition of a sizeable block of the B voting shares by an investment trust. Atlas Utilities opened on a block of 5,200 shares at 5%, up !, and then extended its initial advance. The easiness that marked London trading failed to prevent a small gain in Ford | Motor Ltd. Standard Oil of Indiana gained as Standard Ofl of Kentucky declined. Aluminum Co. of America was up about a point. Pittsburgh & Lake Erie, respending to the exparsion in steel | ingot output, was bid up 2 points. Deere & Co. recovered part of Tuesday's loss. SOVIET BUYING GERMAN CATTLE FOR BREEDING By the Associated Pri A report to the Commerce Depart- ment says Soviet Russia has been pro- (‘llg’i[ fine breeding ocattle from Ger- oy since collective farming in Rus- sin gop upder wayT _ .. . . In 1928, ‘the 86¥1ét imported 98 head of breeding sheep for wool producers, swith the Free State of Saxony, and the provinces of, Sax: And Hanover be- ing the largest suppliers. In the same year, 4,000 breeding Holstein' bulls were shipped from the southern provinces of | Germany. In tbe two years following, | about 60,000 hogs were impcrted in Russia, all for breeding purposes. Bales in DOMESTIC BONDS. thousands. High. w. Noon. 1, W, bgi-. W 222 3 21 DI Pow & Lt 55 C ' 8 Tllinols P & L 5':8 Insull Utilit 6s Intern Sec Am 338 aeuancs IRABaN =RoSaRISE2 n 1 Mass Gas 5128 "4 § i wast 0'5e 33'cy Mid West Ut 55 '34 cv § Mid West Ut 58 '35 Miss Pow & Lt S5 ' s Nat Blectric 813 National Food s 5s B 2030 4128 8L an 40 a8 v b 27 108% 36 8534 T il i * an LR L FOREIGN BONDS 3 Borot M Bk s Ri Mty Bart: 72 47 | sent. NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. Stoeks sold In 100-share lof ~Prev. 1931.~ Stock and High Low. Dividend Rate. 1915 14 Agfa Ansco. 5% 3% Allfed Mills Inc..... 224 48 Aluminum Coof Am 109% 56% Alu Co of Am pf (6). 2% « Am British & Cont. 100 46 Am Cigar Co. .. 2% Am Cvanamid B 1% AmCit Pw & Lt B. % Am Com Pow A % Am Com Pow B 114 Am Equitie 34 Am For Pow war. % Am Founders. . 32 AmGas& Elec (11). 1% Am Invest Inc (B) 3 Am Superpower..... 514 Am Superp Int (6 1 Anchor Post Fence i Anglo Chil Nitrate. . Appalachian Gas wr. Arcturus Rad Tube. Arkans Nat Gas A Armstrong Cork Asgo Elec Indus Ltd AsROG&EL (A) Atl Fruit & Sugar. Atlas Ut]) Corp Atias Utilities war Auto Voting Mach. Auto Vot M Co pr pt. Bell Tel of Can (8).. Benefictal I L (1%).. Blue Ridge Corp. ... Blue Ridge cv pf(a2) Rrazil Trac Lt&P(1) Brit Am Oi1 C (80c).. Butler Bros . Cable Radio T vte. Canadian Mareont. Carih Svndicate Cent Puh Sve A h Central States Elec. . Citles Service (£30¢) Claude Neon LtsIne. 3 1 v El lllum (160). 1 29 El Illum pf (6). land Tractor. Colum G&E cv pf(5) 8008 58 2 66 Commwlth Edison (8 150s119% Cmwith & Sou war.. Comstock Tunnel Consol Auto Merch Consol Copper...... Con Gas Balto (3.60 Cresson Consol Cusi Mex Mining. Deere & Co. ... De Forest Radio. Detroit Afrcraft. Duquesne Gas. .. Dubl}ier Cond & Durant Motors. Duval Tex Sul wi Elec Bond&Sh(b6%) 18 Einc B&Shcupfb., Elec B & Sh pf (6)... Elec Pow Axsoc A (1) Europ E Ltd A (60c) Europ Elec deb rts. . ¢ Foltis Fischer Corp. Ford Motor. Can.. A. Ford Mot Ltd 16 3-6o Foremost Fabric Fox L'heater (A) Garlock Pkg (1.20). Gen Aviatiol Gen Empire (1). Gen Fireproof (1)... Gen Theat Eq cv pf. Globe U'wtrs (p 40c) Goldman Sachs Gorham Inc pf..... Goth Knitback Mch. Grief & Brother .. Grief & Br pf x (7) Gulf Oll of Penna. Hackmester Lind Hall Lamp (30c) Hamilton Gas v.t Horn (A C) Co. Hudeon Bav M Hydro Bl 5 Hygrade Food Prod. 111 Pow & Lt pt (6). 1mp O1l of Can (50c) Ind Ter Illu Of1 B. .. Insull Inv (h6%). .. InsurCoof NA (2. Int Hydrocvpf3%.. Int Petroleum (1) Internatl Int Utilitles B In'state Equity cv pt. Italian Superpow A. Kobacker Btores. .. Lake 8hor Mines (2) Leh Co & Na (1.20) Letcourt Realty 1.60 Lindsay Light (80c). Lone Star Gas n 88¢. Long Isld Lt pf (7).. 20 Loulsiana Lan & Ex. 66 Ma Mav 1 1 Uty pf (2%). 758 s Bottling (A). 2 108 101% | ~Prev. 1831.~ | High. Low. 113% 43 12 Div High. Low 2% 2% 4 581y €6 B 128 3 2 i 25% Close 2% 5 Meniph 4% My, 571 65's * Miss Ri 125 3% NatAm % Yy | Nat Inv Stock and Mead Johnson (15) .. West Ut (b8% ). Mid W Ut cv pf xw 6 Mo-Kan Pipe Line. . Mohawk Mining (1). Sales— Add 00. Oven 8 52% Ble 6 Low Close 52% b4 Bl 6 445 11 idend Rate N Gas (80c 448 1% 5 1% v Fuel bd rts erican Co. Nat Aviation. . T estors war " Nat Pow & Lt pf (6).250 Nehi Corp. w Eng Pow of (6) 170 w Haven Clock. . . w Je; wmo! ew Pro Y Tel rsey Zine (2). nt Mining. ocess Co. pf (6%).. Y Transit (70c) Niag-H Niag-H 5-H Niag Share(Md) 20e. Niles-B « Nitrate ud Pow 40, P. ud Pow A w.. ud Pow B w.. 1 émt-Pond (1) Corp Chile B 2 ‘ Nor St Pow A (8). Nor St Pow pf (6) Ohlo Brass (B)'(2).. ©Ohio OI. 408 258 lcupf(6)... 1 PacG&E1stpf1%. Pac Western Oil. . Pan Am Afrways. kel 8ly 26% & Pandem Oil. S Pennroad Corp (40¢) 1 Peoples L&PWr (A). Philip Morris Inc. Phoenix Secur Corp. Pilot Rad Tube A. Pion G Pltney Pitts & Plymou Polyme 5 Pub Util Hold war Pub Util Hold xw. R R Shares Corp Relfance Int A Reliance Manag..... Republic Gas Corp. . Reynolds Invest. . M Ltd (12¢).. Bowes (b4%) 14 Lake Erie(5) 1008 uth Oll (50c). 3 t MIg. .. Y *r7 "5 e Rockland L&P (90c). tossia Intl Corp.... Safety Car Heat & L. St Reg| Sec Al Segul L s Paper . ed Corp (1).. & Hdwr. Selected Industries. . Sentry Safety Cont.. Shattuck Den Min. .. Sheafre: r(WA)P(13). % Silica Gel ctfs. . Singer A Mfg (3) Smith-Corona vtc. Sou Pipe Line (2)... 4 So. Union Gas....... Southld Royalty 20¢. SW Bel 1 Tell pf (7).. 50 85 Stand Ofl of Ind( 1). Stand Oil of Ky 1.60. Stand Oil Nebr (2).. Stand Ofl of O pf (5). 20 St Sun Inv Sunray ‘Tublze Unit Lt U s B Unit St Util Po Utility Walgre Walker, “¥" o1l W 1% Dividend rates in Dual payment. A Payable in cash o 5 stock. stock. 1Plus 2% in nPlus 8% in Swift & Co (2) Swift Internat’l Swiss Am El pt Tob Prod of Del wi.. Trans Air Trans Union Oil Asso(1.36) Unit Corp wa Unit Founders. ... Unit Gas Corp...... Unit Gas Corp war.. Unit Gas pf (7)..... Unit L & Pwr pf(§ U 8 Inter Sec 1st pf.. Unit Verde Ex! Utah Apex. .. Utt! Pwr & Lt pf(7). 100: Van Camp Pkg...... Watgon (J W) Co... Weleh Grape J (1).. Wenden Copper. ... . WiwthFWLtd29 3-3¢ Com Edison Feb1... Pub Sve N II .Feb 1 Bx dividend. dividend. _fplus 8% in stock. 4 . rauss Roth Stutz Motor Ca vest. . 0il (14) (6)..100; 1 2 Chatel. B 4 6 & PwA(1)., c Pow ww... ores v. ten (1) & Lt (b10%) & Indpf(1%) en Co. . . H (25¢) 75 1 1 2 3 8 1] 1 5 6 2 2 4 2 1 1 2 5 2 1 1 3 1 . 3 1 & Gy 1 RIGHTS—EXPIRE 24 1K 1% 1 1% 25 1% 1% 1% 1% dollars based on last quarterly of semi-an- 1Partly extrs. 1Plus 4% In stock. bPaysble in stock. e Adjustment € Plus 6% in stock. hPlus 1% In k Plus 10% In stock. mPlus 3% in D Paid Isst year—no regular rate. r stock. stock. stock. GUIDE FOR BANK DIRECTORS ISSUED THROUGH ASSOCIATION Statement of Iowa State Superintendent Declares There Should Be Close Co-operation With Officers. Special Dispatch to The Star. . NEW YORK, January 20.—Declaring | that “bank directors should direct” and that they hold positions of “great re- sponsibility to depositors to do their best to keep the bank safe,” L. A. Andrew, Iowa State bank superin- tendent, outlines in a statement issued here today by the American Bankers' Association the concrete ways in which they should go about the discharge of | their functions. The statement is embodied in a| Eflmph]et prepared by the association’s ank Management Commission, en- titled “Bank Directors—Their Legal | and Moral Responsibilities,” containing also articles on “Duties of a Bank Director,” by F. G. Awalt, deputy | controller of the currency, and “A Director's 'R«Plponllbmtg in Bank Ad- ministration,” by Lee Trimble, vice | president Georgla Rallroad Bank & Trust Co. Augusta, Ga. Obligated to Depositors. | “Persons selected as directors repre- not only the interests of the stockholders, but also have an obliga- tion to the depositors to do their best |to keep the bank safe for the money @313 | which may be intrusted to its care” o Mr. Andrew says. close co-operation between rector and the bank officer. While the directors must leave the practical op- eration of the bank in the hands of the officers, they should determine the general policy and have full and com- plete knowledge of all of the important | points in the con@uct of the bank's af- fairs. The bank officer who is intel- ligent and efficient is anxious to have the closest co-operation with the di- rectors, because, first, the investment' “There should be| the di- of the bank's funds is their main re- sponsibility, and, second, he should value their advice and help and in- sist on a division of the responsibility in this principal work of the bank.” The work the director personally performs may vary in the differont banks, Mr. Andrew says, but he i§ “entitled to and should receive full in- formation in regard to the condition of the bank he i supposed to direct” and this can only be done when proper statements and reports are furnished him at regular periods. : Reports Must Be Concise. “These reports must be concise and comparative in nature, so that he may see the progress and determine the bank's condition,” the statement adds. “The American Bankers' Assoclation has prepared an _approved such report, which is now being used by thousands of banks. When this re- port form is consistently used it gives the director a report which he can understand and, when referred to from Ln;‘nmh l()}mm"n ws him better an anything e progr tank is making D Mr. Andrew adds that “the bank director's name is used and advertised to the g)ubhc as one of the main rea- sons why customers should do ;AL];: v."r;e bax;k', if t{“ doesn't d‘l’x}l:c’{uh': ai perform his first 2 snyglx_xg 131 conclusion obestion: “The director should remember good management, which inspires :g:f fidence in his bank, is all there is to good banking. He should be a part of that good management and insist, in season and out of season, that his han’l';be' nhgood. safe 1bank for the de- posits of his community, whet| gl y. whether large ise HAGERSTOWN BANK REOPENING PLANNED Tentative Proposal to Be Given First National Trustees Following Meeting. Special Dispatch to The Star. | HAGERSTOWN, Md., January 20.— | Plans for reopening of the First National Bank, which closed here several months | 280, Where made at a metting held last night at the Court House, which was attenced by nundreds of stockholdert end depositore, The tentative plan will be submitted to the receiver, C'aude Gilbert, a repre- sentative of the controller of the cur- | rency, who is now in personal charge an’ 75 47 5w ity Fras 78 42 W e A uhr G Co 8148 A " With warrants ithout warrants. P—New. Wi—Waen lsrued, of wmnk. Alvl.rlufu t:‘ mbllcv.hm approval of the controller. 'bl':l;;e are about 5,000 depositors of the Committees of citizens, mugmenting the 1 group soliciting for | | new stock for the reopcning of the Me-‘: chanies Loon & Savings Bink, the second banking institution which s closed here, are nearing the goal et under the plans approved by the State banking commissioner for reopening the bank. Already 90 per cent of the deposif have signed the sgreement required e the reopening plan and two-thirds of the $150,000 additional stock has been sut_:‘:s;ribf\ed to already. ¢ five organizations helpin, . the Stock are the Chember o '80',5.‘. merce, Credit Burezu, Boosters' Club, Urme, Clud end Izeak Walton League. a'l of which n°m-d roliclting teams to aceist the regulsr teams named by the bank. Iowa Banks Close, IOWA CITY, Towa, January 20 () — The First National Bank and the Iowa City Savings Bank closed their doors here today. Their closing leaves this city, site of the University of Iowa, without & bank. % form for | FRANCE TO WITHDRAW ITS EARMARKED GOLD $125,000,000 Held by Federal Re- serve of New York to Be Repatriated. By the Assoclated Press. NEW YORK, January 20.—The Bank of France is understood to have ar- ranged to repatriate $125,000,000 of gold which it holds under earmark in the vaults of the Federal Reserve Bank of New York, the transfer to be made in 10 shipments of about $12,500,000 | each. | The transaction would not involve | any increase in the gold holdings of | the French Central Bank or any de- | crease in the monetary gold stocks of | this country, which amounted on last | Wednesday to $4 457,000,000. Bankers explained France had con- veyed its intention of taking home its store of earmarked gold last October, when two representatives of the Frerch bank were in this country. Since no loss of gold to this country is involved, bankers said the action will be without effect upon the money market. About $400,000,000 gold s set aside in the vaults of the Federal Reserve Bank under earmark for foreign ac- count of which the Bank of France owns $125,000,000, the National Bank of Belgium is estimated to hold nearly as much and the rest is owned by other | central banks None of this gold is included In the | monetary gold stocks of the United | States, the foreign central banks for whose account it has been set aside refilrdm' the metal as though it werc lodged in their own vaults and includ- ing it in their statements of gold reserve. made last Friday, the second will go | forward todsy and the third on Priday. |AWALT EXPLAINS DUTIES | OF 175,000 DIRECTORS The number of bank directors in the United States is approximately 175,000. If every one of tham might read a copy of the A. A. Bank Management Commission’s new booklet on the legal and moral responsibilities of directors the banking structure of the country would be measurably strengthened. This booklet contains what can be called a guide or catechism for bank directors, by L. A. Andrews, bank com- missioner of Iowa; also an analysis of a director's duties by F. G. Awalt, dep- uty controller of the currency, and a discussion of directors’ responsibilities by Lee 8. Trimble, vice president, | Georgla Rallroad Bank & Trust Co., Augusta, Ga. The central thought and | purpose of the booklet-—expressed in a oreword—!s that, in the interest of | good banking, “figurehead directors | must go.” RUBBER MARKET. . NEW YORK, Jan 20 (Special). —Crude rubber, smoked ribbed sheets, was unchal at_today's noon quo- tation of 4 9-16c. This compares with 4% & month ago and 8% & year ago, | The declines were | By the Associated Press. | Hormel (G A) | A Int Deot ‘The first of the 10 shipments was M WHOLESALE PRICE DECLINE IS SHOWN Index Drops to New Low of 63.9, With 100 as 1926- 1928 Average. By the Associated Press The wholesale price index of the Na- | tional Fertilizer Association showed a decline of nine fractional points last| week which is the largest drop recorded | in several periods. It now stands at| €3.9, a new low point. The average for 1926-28 is represented as 100 in| the index. | Ten of the 14 groups included ‘in| the index declined, 3 advanced and| the remaining 1 showed no change in fats and oils, foods, grains, feeds and live stock, fer- tilizer materials, mixed fertilizer, build- ing materials, chemicals and drugs, house furnishings and miscellaneous commodities. Those which advanced, were textiles, metals and fuel. The largest declines were shown in the groups of fats and oils, foods, house furnishings and miscellaneous com- modities. Prices for 36 commodities fell off during the week, while 22 commodities showed gains. Among the declines were burlap, butter, cottonseed ofl, oleo oil, corn oil, tallow, cheese, milk, sugar, flour, potatoes. apples, raisins, peanuts, corn, wheat, rice, cattle, hogs, resin, | castor oil, paper, tires, hides and calf skins. | Those advancing included cottcnseed | meal, cotton, silk, lard, pork, bran, middlings, lambs, sheep. ' steel, ‘copper, | silver, kerosene, house furnishings and | rubber. ECUADOR RAIL BONDS REPORTED DEFAULTED NEW YORK, January 20.—It was un- derstood in Wall Street today that the $10,000,000 issue of 5 per cent bonds of the Guayaqul & Quito Rallw | Ecuador, which matured January had been defaulted as to the maturity. Bankers said this was not surprising in view of the fact interest on the bonds had been in default for several years. The last coupon to be paid was that of January 2, 1914, which was paid in 1929. It was explained that virtually all of the bonds are now held in England, where the interest is payable, The bonds were issued in 1899, and have been guaranteed both as to principal and interest by the government of Ecuador, which controls the railway. STOCKS EX-DIVIDEND. NEW YORK, January 20 (@) Company Rate. Tiod Atlas Powder Co pt jl80 Feb Berland Shoe trs Inc pf $1.78 Broomingdale Bro Inc pf. 3178 Brown Shoe Co p! 1.75 Canadian Bronze Co Ltd..31Vsc Dayton Power & Light Dennison Mfg Vo deb stk Eastern Util Inv part pf. Fair _(the) (Chie) pf....... Fed Elec Co Inc 37 pl. Do TR Goldsmith (P) Sons.." Grand Rapids Varn 0% Hib Spen & Bartlet & Co..lsc Homestake Mining Co.. .. 85c Kan Cy 8t L &Chi RR pf.§1.50 Klein (D Emil) Co 1% pf. 3175 8 H) Co. ..350 Bt : i8¢ & Bak 4nd pr.51.75 D0000DZ000DOON3 T 2 = Store: .81 Foy S oF (1077 Nash Motor Car....... . National Carbob ' To ' pf." New Jersey Zinc Co N ¥ “Merchandise . » Cutlet “Co DODOOOD: POOWOODOOORE {4 5 Pacific Li bt anse ;:i‘hnlv.,lllch é:l pt.... g hillips-Jones Corp. p 178 Public Utilities Corp. Raymond Conc Pi St Lawrence Fir Seaboard Nat Becurities Corp O Do $7 pf Do 6 pf Selby Shoe Co Do pf PECS Servel Inc 7 Southern Cal Tung 8ol 0. Pl St Utica Gas & Eiec 18 ! West Penn Elec 7% Do 6% pt .. B Weston (Geo) Ltd pf Wilcox Rich C B Williams (R ©) & Co Wrigley (Wm) Jr (Del) DIVIDENDS DECLARED NEW YORK. January 20 (#).— Extra. | Pe- Pay- Hldrs. of | Rate. e riod able. “record. | ord L3 S Reduced. Imp Tob of Gt Brit nd Ire Ltd Ord T SR e O POOOOOOOLOPOOODOEDODD, 7 ae 25¢ Company Tiap To? of Gt hd Tre Lid Pl’ll’\'lTn!! )%dlch . 5 Jar Jan. 18 Jan.'j4 | Doibt 2ot an B ot Omitted. Company Am Commonwealth A L8078 Regular, o Company. Rate. 3 Acme Parmers Dalry ped a pf 50 Alamo Ir Wks pt.. 3350 Amer Inv Tac €3 B(.7%¢ Q real” 33 @ 5 Bank of Mont Beacon Mfg C Do D! Eo s Blauners ‘Tn¢ ‘pf. Buck Hills Falls Cal Wa S Pay- Hld PAL: rs. of Tecord. e Jan. 30 N S s b, R Mar. B §g Jan Jan: 30 | Feb. "1 H W Chent .p Fiacity Poil T Co i Hammermill Pape n Hanna (Ma) Co pf £1.75 a Feb. 1| Jan. 28| Dec. Dec. 13 Dec. 15 Jan. 30 Feb. 15 Jan. 31 0 b, 4 9 T Jan. * Jan. Jan. 1. Jan. 18 Jan; 16| Dec. 21 un. 30 n. 26 Jan. 26 | Feb. 151 Jan. 14 Iowa R& pf B »t C e ans0 Loews Inc 'pf..’ 316202 Lord & Taylor” it Ken Sirs ptl 131 L Cpf ASL i c. Hi 250 & o 8% New Brunswick ‘Lt P o D Riv RY 6 pf.. 3 00 ¥ 7 PO DOODOOOOD DOOOOO HODDIOOIOOOOD! o <. n Co Repres Tr S coul Res Inv_Corp p Roland Pk H pf f il st an. 25 o 0 D! stand Corp Tng.... Siptt Briguet, $2 pf:§ ydderw Fi 1% pf.51, U 8 Bnkg Corp..... Yo By Co b $1.80 Wis ELP 612 b 316214 6% pt....... 318 wis Tel' Co pi.!!1$175 LLLELLLLLLLERETS 55 o FO]{EIG;I EXCHANGE. {ons furnighed by W. B. Hibbs & Co.) (Quosatong Nominal gold Selling checks Vi T Yt 2yt London, pound . Paris. franc ..... 13.01e 23.82¢ st pengo. crown (nom.) ok, isorse | of the company, ma | President E. L. Cord states that not | may ibly be regarded as fore- xhndo\m a satisfactory adjustment of | fidently expected to improve over the | better world underianding of . versely the welfare of thousands of em- STOCK AND BOND AVERAGES By the Associated Press. Prom Yesterday' STOCKS. 50 Industrials. . 65.3 Three years ag Five years ago. High, 1931-32 Low, 1931-32 High, 1930. Low, 1930. High, 1929. Low, 1929. 29 Industrials. ... 688 L. 689 Week 2go. . 68.0 Month ago Year ago. Two years ago Three years ago High, 1931-32. Low, 1931-32 High, 1930. Low, 1930. High, 1929. Low, 1929. Everybody’s Business Germany's Fiscal Situation Gets no Better as Pros- pects Indicate Postpone- ment of Reparations Ses- sion. BY DR. MAX WINKLER. Special Dispatch to The Btar. NEW YORK, January 20 (N.AN.A). __The Lausanne Conference, scheduled | to be held Monday, is likely to be post- poned. It was originally called for Jan- | 18. The various problems per- taining to interallied debts and repara- | tions which were to be taken up at the conference will have to wait. In the meantime the German fiscal situation is not getting better. Short- term credits have already been adjusted, it is authoritatively reported. That is to say, the Reich's creditors have been obliged to agree to an extension. Reparations payments are also likel; to be postponed, thereby putting of once more the final solution of a prob- lem which for nearly a decade and a half has been impeding genuine prog- ress and a complete rehabilitation of the world. The last year has not been one of | uniform shrinkage in profits for Amer- fcan corporations. Two enterprises stand out rather prominently in that they are able to report the best years in their histories. One of these rare concerns is the International Business Machines Corpo- ration, which, according to Themas J. Watson, president, will report 1931 earnings as the largest in the history intaining a 10-year in in profits. record of unbroken the other. Auburn _Automobile is cnly was 1031 the best year in the company’s history, both in number of cars sold and profits, but that 1932 should be even better. This forecast is based on the fact that retail sales at three automobile shows held so far this month have been about 25 per cent greater than in the corresponding period last year. Employes of the Lackawanna Rail- road should be treated on the same basis as workers on other lines, ac- cording to J. M. Davis, president of the carrier, in rejecting a voluntary offer to accept a 10 per cent wage cut on the part of more than 25,000 work- ers. Mr. Davis deems it advisable to await the result of the Chicago,meeting. | The offer by the Lackawanna force the wage question. A somewhat better feeling seems to prevail in the steel trade. Prices of many products have shown a firmer tendency, while orders from the auto- mobile and railroad industries are con- next few months. | Due to the financial plight in which the carriers find themse.ves, buying has been greafly reduced. Any improve- | ment in the status of ‘the roads; should, therefore, result in a considera- | ble volume of business to take care O(i repair and replacement needs of the | varjous transportation systems. | It is not unlikely that the relatively | firm action of United States Steel in| fixing a premium on.common share borrowing is in anticipaton of this and is not entirely the result, as many seem to believe, of a large short po- sition which has been permitted to be built up. Competent observers maintain that in the early part of the first quarter of the current year operations of General Motors will be on a favorable basis, in comparison with last year, when total | sales in the first three months aggre-| gated 304,000 cars and trucks, with net profits totaling 61 cents & share. | At any rate, the company’s position | is such that.any improvement 4n sales in comparison with 1931 should bring | a still sharper gain in profits, due to| the larger spread of fixed expenses on increasing volume. A | For the same reason, even if the volume of last year should be main- tained, larger earnings may confidently be looked for, assuming, of course, the absence of some untoward happenings beyond the corporation’s control. The United States is rapidly ap-| 1| proaching, if it has not already ap-|tank-wagon and service station gaso- proached, the danger line of financial | stability because of the continued delirl- cus extravagance of Federal, State and municipal spending, in the opinion of E. C. Grace, president of the Bethlehem Steel Corpcration. Mr. Grace believe: that salvation resides in reduction of taxes. Reduce the tax bill, he says, both of the individual d of business, and & long step will have been taken toward restoring confidence. He concludes his observations by polnting out that pros- perity will return only when purchas- m{epower will once more become avail~ able and generally used. The causes of the depression are now 1ifting, according to Sir Hugo Cunliffe Owen, chairman of the Britlsh Ameri~ can Tobacco Co., basing this opinion upon the fact that there seems to be & them. As to his own company, Bir Hugo does not wish to indulge in prophesies. He does, however, state that the prospects of British American - Tobacco for the current year may be regarded with a degree of cheerfulness lacking last year. < ) h American —e FUTURES BILL OPPOSED BY GRAIN EXCHANGE NEW YORK, January 20 (#)—The New York Produce Exchange an- nounced yesterday the appointment of e committee to canvass the member- ship with the View of oppssing the movement to draft legislaticn at Wash< inglon affecting the grain futures market. It was pointed out by members of | the exchange that any contemplated restrictive measures inevitably “will work hardship on an organization oc- cupying an imj it tion in the economic structure of the country and unfavorable legislation will affect ad- ployes dependent oy the exchange for their nvemmod." | Associated Press: | | milled during 1931 a FINANCIAL. :30 Edition, CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, January 20.—The fol- lowing is a summary of important cor- poration news prepared by the Standard | Statistics Co., Inc, New York, by the| News Trend. Continuing the gradual improvement for the December low, steel ingot pro- duction in the week ended January 18 rose more than 1 per cent to 26 per cent of capacity, according to Dow, Jones & Co. This compares with 25 per cent in the previous week, 22 per cent two weeks ago, and 44!, per cent in the corresponding week of last year. Due to a 40,100-barrel decrease in the daily output in Oklahoma, the daily average crude ofl production in the United States during the week ended January 15 declined 40,750 barrels. Ac- cording to weekly report of the American Petroleum. Institute, the ave- rage daily output was 2,193,450 barrels against 2,234,200 barvels in the preced- ing week Gasoline stocks at refineries increased 747,000 barrels to 39,853,000 barrels. Revenue freight car loadings for the week ended January 9 totaled 572,501 cars, which compares with 503,335 cars in the previous wesk and 713,128 cars in the like 1930 week according to the American Railway Association. In- arnaes were reported in all commodi- es. The Companies. h?rwuyn{mnwtun Trbl;nslt common share earnings, months to Decem- ber 31, $3.59 vs. $3.70. = Brooklyn & Queens Transit common share earnings, six months to December 31, 60 cents—same amount earned year ago. s Consolidated Oil Corporation to pa: bankers $700,000 for services in cgn{ nection with merging of Sinclair Con- solidated Ofl, Prairie Pipe ‘Line and Prairie Oll & Gas. Glidden Co. unit sales in first two fiscal months above year previous. Libbey-Owens-Ford Glass stepping up plate and safety glass production; Ross- ford operations to be increased to 50 per cent of capadity. aska Juneau Gold Mining—Ore roximated 4,162,- 350 tons vs. 3,924,460 836,440 in 1929. ) Collins & Aikman, Inc.—Dollar sales | volume off moderately and yardage sales slightly lower in ourrent fiscal year; doilar sales of- carpet,division up over 50 per cent. Eastman Kodak Co, producing cellu- lose acetate wrapping material. Ford Motor new cars expectéd to be ready about March 1. Inland Steel plants opérating near 24 per cent of capacity. Lehigh Valley Rallroad shopmen, maintenance employes and clerks will- ing to take 10 per cent wage cut; man- agement not to put through cut until completion of Chicago negotiations. Revege Copper & Brass omiis pre- ferred dividend; paid $1.75 November 1. Scott Papér 1931 net sales up 3.9 per cent; tonnage up 13 per cent. U. S Steel plants operating at 26 per cent of capacity during week ended January 18, vs 24 per cent in preceding week, 22 per cent two Weeks ago, 48 per cent in liks week of 1931 and 72 per cent in 1930 period. ‘Warner Bros. Pictures—Operations of Brunswick Radio at Muskegen sus- pended for indefinite period. Poole l.‘ngmeerlns & Machine—Two recelvers appointed for company in bankruptey action. U. 8. & International Securities ac- quires 110,000 United Light & Power Class B shares, representing a voting interest of about 10.3 per cent, from American Commonwealth’s Power un- der contract made in connection with 2 $3,000,000 loan to latter. Virginia Iron, Coal & Coke 1931 net income $110,354, equal to 10 cents a common share, vs. deficii $36,530. Acme Steel 1931 common share earn- ings, $1.08, vs. $2.74. Cayvanagh-Dobbs Inc., deficit, year ended October 31, $980,645, vs. deficit $592,672. National Biscult 1831 common share earnings $2.86, vs. $3.41. Philadelphia Rapid Transit—To make further cut of 13 per cent in salaries of $3,000 per annum and up; saving to company about $50,000 annually; addi- tional savings of $247,000 effected through consolidation of departments. Standard Oil of New York increases line prices 12 cent a gallon. Sun Oil increases tank-wagon and service station gasoline prices 1 cent a gallon in New England States Tempa Electric declered 56 cents quarterly cash common dividend; has bean payiny 50 cents quarterly in cash and 2 per cent semi-annually in stock. Marine Midland Corporation 1931 common share earnings $1.42, vs. $1.51. Mississip) River Power preferred share earnings, 12 months to November 30, $18.94, vs. $21.93. Union Electric Light & Power of Illinois preferred share earnings, 12 nonths to November 30, $24.30. Union Electric Light & Power (Missouri) combined preferred share earnings, 12 months to November 30, $74.14, vs. $74.67. Associated Gas & Klectric, subsidi- ary Elsctric & Gas Utilities, acquires Scicto Valley Railway & Power through exchange of securities. Prudential Investors net asset value December 31, 1931, $5.19 & common share, against $13.46 December 31, 1930. Sterling Securitiés’ 1931 net income, excluding loss on sale of securities, $872,006, against net income, includ- rofit on sale of securities, mlbgfl. ‘Wamer Bros. Pi took no ac- tion on préeferred d; paid 96%4 cents December 1. Hamilton Gas—Two receivers ap- pointed by District Court, Wilmington. CHICAGO POTATO MARKET. CHICAGO, January 20 (#).—Potatoes, recelpts, 76 cars; on track, 230 cars; to- t2] United States shipments, 692 cars; slightly weaker, trading only fair; sacked per hundredweight; Wisconsin in 1930 and 3,-9 | ment, Mr. Owens record in 1931 of any VIRGINIA BANKERS FIGHT CHECK TAX® Group 3 at Leeshurg Session Notifies Congress—Bandit = Reward Raised. > Special Di LEESBUR( 3, of the Virginia Bank in session here yesterday, record as opposed to & provision in.the pending revenue bill in Congress im-,. posing a tax on checks. Letters were authorized to be written to members of,x lCongrem notifying them of this rexo- 4 ution. e The group approved the increase of the, amount. of reward offered by the Virginia Bankers' Association for tha.. capture of a bank bandit dead or live, . The meeting favored a charge of 50, cents per month on accounts with an, - average balance of less than $50. A~ charge on checks returned on account,, of insufficient funds, and charges on notes past due. P ‘The principal speaker in was Duncan Clark Hyde, associate pro- fessor of economics, University of Vir-,, ginia, who spoke on the balance wheel of depression. He stressed the fact that some system should be worked out by which the laboring man can take care of himself during depression. An el normal depression of this kind enables us to find the weak spot in economic.g the morning - ‘condmons the speaker said. x 200 In Attendance. i More than 200 bankers from group 3, ~ which comprizes the counties of Loudoun, " Fairfax, _Prince William, Fauquier, Clarke, Frederick, Shenandoah, Page, Rappahannock, Culpeper, Rockingham,’ Augusta and Arlington, were present. * Henry P. Davis, Past Chairman of group 3, and cashier of the National'™ Bank of Manassas, presided at the busi- -~ ness session. Rev. G. Priton Craighill'” rector of St. James' Episcopal Church, pronounced the invocation, and Mayor’* Charles F. Harrison welcomed the guests. Reports of committees were hear and these showed that much thought’ had been given to groblem.s of interest i to the bankers and the general lic, such as service charges, analysis and costs, methods, and rates djd- county organization. Officers Elected. The following officers were elected- for the coming yeer: R. G. Marsteller, } cashier. Fauquier National Bank, War-: renton, chairman; W. H. Byrd, cash-! ier, First National Bank, Harrisonburg,’ Va., vice chairman, and P, W. Ander-* son, cashier, Marshall National Bank _ & Trust Co., Marshall, Va., re-elected™ secretary-treasurer. e The Advisory Committee appointed consists of L. H. Dudley, vice president, Alexandria National Bank, Alexandri: Va.; C C. Louderback, cashier, Farme.. ers and Merchants’ National Bank,'® Stanley, Va ; Wyatt Timberlake, cagh~= fer Augusta National Bank, Staunton; ' W. E. er, cashier, National Bank ot:q ‘Woodstock. ™ L. W. H. Patten, president, Farmers's and Merchants' National Bank ofid Staunton, was appointed to represent.® group 3 as a member of the Executivesd Committee of the Virginia Bankers' As+c | sociation. i The meeting was followed by & ban~ quet, at which time Dan S. Hollenga,s member of the Chamber of Commerce,:a Alexandria, Va, was the principal speaker Edwin E. Garrett, presidentss of the Loudoun National Bank, was: toastmaster. Vocal were given by Mrs Arthur Jenkins &nd Mrs. W. 8. Francis The next annual meeting will be held at Berryville, Va. NEW YORK, Janhuary 20 (#)—Cot+.i: ton opened barely steady today at & decline of 9 to 10 points on Southern.. selling, promoted hz relatively easier =2 Id/serpoo cables. eased off to 5 ve According to private advices from g Liverpool, the market there was in- fluenced by hedgin; local and continental liquidation on a less favorable view of the international’& situation. The initial offerings were absorbed 3 by trade buying and covering, but de<' & mand Was not aggressive and was sups’ plied on rallies of 2 or 3 points. A continuance of good weathér in the South may have eéncouraged some sells.s ing, but Southérn offérings were light'» and trldlnz was comparatively quiet » during the first half hour. [ Grain Market - CHICAGO, January 20 (P).—Whea, scored early advances today after wavering start. Upturns in securities * were a stimulus to wheat buyers, and ' was announced that, commencing Feb: ruary 1, Italy would increase her wheat'® import guota 25 to 30 . ing 3% lower to 1 higher wheat afters ward rosé all around. o Corn started a-3 off and later kept'™ near -the initial range. Setbacks in wheat values followed ' early advances, and were simuitaneous & with the report that Argentins offerings # were cheaper. There weré also rumors & of active chartering of vessels by Argen=sl tine and Russian shippers. Another bearish influence was an official sum-'T mary that general crop conditions’ for S domestic Winter wheat remained good to excellent in nearly all par's of the main farodu:lng sections. In later trading, wheat values hover- ed around yesterday's closing figures. London advices indicating probable postponement of the Lausanne Repara-"* tions Conference were regarded as béar- © ish, although grain traders apparently had not bece pinning any high hopes on the meeting. The volume of grain trade today continued to be consider ably less than during récent advanoes. Corn and oats declined owing ta per= ¢ sistent mild temperaturee. Provisions were neglected. ) BUSINESS MACHINES CORP. REPORTS GAIN IN 1931 _ Less than one-fifth- of the business'? done by International Business Ma~ chines Corporation in 1931 came from .. foreign countries. The company’s 1931, earnings were the largest in its history, .. maintaining a 10-year record of un-,, broken increase, Thomas J. Watson, resident, said at the annual conyen- - tion of the company's One Hundred ; Per Cent Club &t the Hotel New | Yorker, iy In installing M. D. Owens of Lincoln, Nebr., a member of the scale division,’” as president of the One Hundred % Cent Club for 1932, Mr. Watson ref i to the importance of the ¢om- pany’s in commercial and jn- "% dustrial scales and retail store - had the best of the salesmen in the United States. p—— it SHEET MARKET GOOD. NEW YORK, January 20 (#)—Ah, improved demand for sheeting 'is re<“ ported in the gray goods market. Pricés ° continue firm with activity centered on > 3815-inch 60-48 printeloths at 3% cerits. )’ Sales of 38ly-inch 64-6080 were re- ported mads recently at 3% cents for) spots and 33; cents for later delivery! * " round whites, No. 1, 75a80; few slightly hiihcr; unclassified, 70a72 Nebraska Triumphs, 1.05a1.10, faw fancy higher; Idaho russets, No. 1, 1.50a1.60. —_— Advices from San Prancisco state that Caterpillar Traction Co. is fl.fimm to have earned $1 s share in 1931 on sales . BOURSE STATEMENT.: PARIS, January 20 (#)—Three - ocent rentes, 79 francs 15 centimes. Five per cent loan, 102 francs 30 centimes. Exchange on London, 88 francs 12 francs 42% s 2 The dollar was quoted at centimes, #