Evening Star Newspaper, January 21, 1932, Page 15

S FINANCIAL THE EVENING 8 TAR, WASHINGTO D. €., THURSDAY URB PRICES FIRM RS DEMAND GAINS - Greater Activity Puts End to Mixed Trends of Early Hours. BY JOHN A. CRONE. Bpecial Dispatch to The Star. H NEW YORK, January 21-—Opening quietly with mixed price trends, the Curb Exchdinge today developed firm- ness and activity as the session passed the half-way mark Electric Bond & Share was up & trifle while Cities Service eased & small fraction. Standard Ofl of Indiana fre- quently appeared on the tape, but the | yesult was a net change of only an eighth of a point. Humble Oil. how-| ever, opened off 1!, points at 43%. Domestic rather than foreign devel- opments were emphasized by traders, who were gratified with the progress of the reconstruction nce bill. From Paris, London and Amsterdam came | covering and buying orders on a larger scale than has been witnessed at any time previously this year. Formation of Magnesium Develop- ment Co. by I. G. Farbenindustrie of Germany and Aluminum Co. of Amer- iea brought a slight firming tendency into the latter's shares Motor shares attracted attention as| traders came into possession of more facts about business booked and in- quirfes made at the automobile show here last week. Ford Motor of Prance was up & small fraction, as was Ford Motor. Ltd, these issues being strong in Paris and London. H. H. Franklin Manufacturing Co. announced that hereafter it will build its own bodies Cord Corporation bettered, but Siutz Motors softened. Accessary shares lagged Pioneer Gold Mines of British Co- jumbia, ‘one of the lower-priced shares in that division, occupied a considerable portion of the tape in the second hour. without, however. advancing more than & half point. Lake Shore Mines point- ed_higher. The Federal Trade Commission today set January 29 as the date for hearing testimony from National Public Service Co., controlled by National Electric Power, which, in turn, is controlled by Middle West Utilities. The latter stock held firm, though it remained rela- tively dull Automatic Voting Machine responded to the announcement that it had been swarded an order for 800 voting ma- chines by the State of Pennsylvania for use in Philadelphia County Acquisition of control of American Gas & Pewer from receivers of Amer- jcan Commonwealths Power Corpors- tion enables the latter to Jay reorgal fzation plans. The A and B shar turned active, at firm prices Pure Ol preferred vielded two points on its injtial trade, though the trade reported the company may obtain some profits out of the current fiscal year's operations and the street was inclined to the belief that preferred dividends would be maintained Consolidated Gas of Baltimore did not budge following the statement that the company plans to spend $5,000,000 for construption this year, which program includes betterments, extensions and unfinished work from 1931 Kobacher Stores, Inc. opened at 4, or the level it reached just a few min- utes before Wednesday's close, Which represented a loss of & point. Chain Store Stocks, Inc., declined a half point 0 5% BONDS ON THE CURB STIC BONDS. DOMESTIC B b sands % 10 Alabama Pw 4'5s 87 Aluminym © 1As GAE 5'as 3 Associa Rayon 55 poB ot s B enen & Lt Pw B New 11 New Eng E 26 New Eng Pow New Eng Pw 8! NYP& Niag_Falls 1No Con Ut 1 Nor 1n e s an 6 Co 6Yas A'S Chile s Chile s Wk 5s 5 46 xW 4 Terni Sec §ig3 36 Unit Indust ww—With warra xw_Without W ST hen tasued. Rubr G Santiago Sentia rrants.. NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. Stocks sold in 100-sb; Prev 1931.~ gh Low re lots excent those @ d Sales. D 85 Ala Pow cum pf (7). 2 Alexander Indust. .. 14 Aluminum Co of Am 11768 b Am Cit Pw & Lt B. 1 Am Com Pow A 31 Am Com Pow B Am Cyanamid B. Am For Pow war. Am Founders. . Am Gas & Elec (11). Am Invest Inc (B). Am Invest war. . Am Lt & Trac ‘2%). Am Superpower. Am Superp 1st (6).. Am Superp pf (6)... Am Thread pf (25c). Am Utii & Gn B vie, Atlas Util Corp Auto Voting Mach. . Auto Vot M Co pr pt. Blue itidge Corp Blue Ridge cv pf(al) Brazil Trac Lt&Pi1) Buft N&EP pf (1.60), Bwana M Kubw Cable Radio T vte. Carib Syndicate. Celanese pf (7) Celanese Corp 1st pf.600s Cent Pub Svc A b6%. 6 Central States Elec 4 Chain Stores Stock. . Cities Service (g30¢) v pf (8)... eon Lts Inc 3 ev pf(s) Col Oll& Gas vie Commwlth Edison (8 mwith & Sou war. , om Water Service Comstock Tunnel Consol Theaters. ... Copeland Pr Inc (n Copper Range Cord Corp, Corroon & R 3 Corroon&Rey pf(A). Creole Petroieum. ... Cresson Consol Cusi Mex Mining. Dayton Air & Eng Deere & Co. ... De Forest Radio, Detroit Afroraft,.... Dubilier Cond & Rad Duquesne Gas Durant Motor: East Util Assoc ev.. 1 69 1 2 508 i 50811 80 Elec B & Sh pf (6)... Slec Pow Assoc A (1) El Shareholdg(b6%) Empire Pwr pt(2.24) Burep E Ltd A (60c) Europ Elec deb rts. . Federated Capital. .. Ford Motor, Can., A, Ford Mot Frn 37%c. Ford Mot Ltd 36 3-5¢ Fox L'heater (A).... Gen Aviation GELtd rts(pib 3-5¢) Gen G&E ev pf B(6). 50 Gen Theat Eq v pf.. Georgia Pw pf (6)... Glen Alden Coal (4) Golden Center Goldman Sachs. ... # Goth Knitback Mch Gulf Oil of Penna... V. Hudson Bay M & Humble Oil (12). i Imsurance Seeurity Int B 3 In’state Equity cv pf. Interstate Pw p£(7). Insull inv (b6%). .. Insull Utll 2d pf (6). Italian Superpow A Knott Corporation. » Kobacker Stores. Kolster-Br (Am 8| Lackawanna Sec (4) 10 Everyhody’s Business Present Conditions Likened Tale of Ancient Fear on Isle of Samos. BY DR. MAX WINKLER. Special Dispatch to The Stas NEW YORK, January 21 (NANA). —To Lucian, Greek philosopher and author of charming stories about the dead, is attributed the following The Isle of S8amos, in the Aegean, was called upon to pay the extreme penalty for the sins committed by one of its citizens. The crime was so grave that Pluto, monarch over the dead, was authorized by his more powerful brother Jove to destroy three-fourths of the inhabitants. The ruler of the island, greatly per- turbed, took it upon himself to inter- vene in person on behalf of his doomed subjects. After a very effective plea, Pluto compromised. Onlgahnlt would be destroyed. The other half would be spared A date set and the disaster began. Before long well over 50 per cent had succumbed, and it looked as if Pluto had not kept his word Once again, the island’s ruler con- fronted the Deity. “I have ngt broken the word which I have pledged,” said Pluto. “My intentions never were to take more than half. All others died from fright, which I could not prevent.” Conditions today are not much dif- ferent. Losses are suffered not so much because of what is going to happen, but because of fear of what might, but in all likelihood will never, happen. Facts are much more cheerful than senti- ment. Charles G. Dawes; banker, economist and statesman, is & man of few words. His acceptance of the presidency of the recently proposed construction Finance Corporation is viewed with ull.l\lacuon in financial and business circles. What one is to expect of Ambassador Dawes in his new capacity may be judged from the reply he made when asked to comment on his new position. “This is not a talking job,” said Mr Dawes, adding that when one is begin- ning important work it is not the time to talk about it, and, when the job is accomplished, it is not necessary If labor is asked to give up some of its wages the roads should at least use some of the savings to put men to work, in the opinion of D. B. Robertson, chairman of the Labor Committee dis- cussing the wage question with rallway executives. Fixed charges, Mr. Robert- son continues, will not such a large sum as asked to concede. In this connection it may be of in- terest to refer to a statement made by Daniel Willard, head of the Baltimore & Ohio, that the railroads are willing labor has been ployment bureaus proves on condition that the bureaus will call on the chief executives of the various organizations including the | classes of labor required for the neces- sary men. ‘The purpase of the recently formed railroad credit corporation is to prevent default in payment of railroad fixed charges, according to E. G. Buckland, president, Gives “Tobaccy” Credit. WELS! , New_ Brunswick (#)— 'mmm&q 'a“n l{‘"‘ mnn ld:‘lu MoDagald, 101, explalaing his longevity ve ing. bond o M3 Requirements in this eonnectio been taken care of for the time No default will oocur in iDlerest payments in Add 00 Open 3 I 28h 28h require all uof | | ~Prev. 1931, High Low gnated by letter Divi fich. Low Close Lake Sh Lone Star Gas n 88c. Louisiana Lan & Ex. B¥% McCord Mass Ut Mavis B Mead Jo % Mid West Ut (b8%). Mid W Ut cv pf xw 6 Mo-Kan Nat Ameriean Co... Nat Investors war. .. t Pow & Lt pf (6).250; t Pub Sv A (1.60). Nat Service Co...... Nat 8h T Sec A 260c. Nat Sugar N J (2) W AN w Jer, New Pro NY&Hol NYP& N Y 8hipbuilding Cp N Y Tel Niag-Hu Niag-Hud Pow A w., Stock and 2n 2 2 % Leh Co & Na (1.20).. Bales— Add 00. Open 4 24 36 11 1 2 12 RadiatorB.. 1 cv pf (2%).2608 ottling (A). hnson (15).. dend Rate. or Mines (2) 10% 8% Light (80¢). 1015 4 23 1 5 Pipe Line. .. 4 1 1 4 4 1 1 5 1 1 17 . 1 ister (2). sey Zinc (2). scess (25¢). dur Ros(12) Lt pf (7)... 100 21 13 100 24 112% Pt (6%).... ud Pow (40¢) Niag Share(Md) 20e. Noma E lec (40¢) Nordon Corp Ltd Nor Ind PSpf(1)... Nor 8t Pow A (8). Ohlo Brass (B) (2).. Ohio O11 Okla Ga Pac Western Of1 Paramount Cab Mfg. Pennroa Pl Pepperell Mfg (4) Pilot Ra Pion G M Ltd (12c).. Plymou Premier Pub Bve Pure Ol 1l Bk Radio P’ Reliance Int A cu pf (6 s & Elpt ( d Corp (40c) 33 &PWF (A). 1 . 108 3 513 3 14 25% b d Tube A. th Oil (§0c) . Gold (13¢).. N Il n p(8) . Pf(6)...... 85 roducts. 10 10 Republic Gas Corp Reynolds Invest Rooseve! Rubberoid (4), Safety Car Hy 1t Fleld Inc. i 34 344 Sle Ind al ctfs(5%). Gentry Safety Cont. . Shenandoah Corp. .. Shenand Sherwin. Singer M So. Unio Southld oah Corp pf. -Willlams (4) Itz (8)... n G . Royalty 20. Stand Ol of Ind( 1) Starrett Swift & Taggart Texon O ‘Trans Li Tri-Uti] Unit Cor USElec US&In 2k 43% 2% 10 104 51 4% 10 1% 4% 4 281y Utah Ap 2% 104 214 10 51 4 10 1% % ‘ 1w 10 o Walker, 51 4% 10 1% “w ‘ 1% 2815 Com Edi Pub Sve in di Stand Oll of Ky 1.6 Stutz Motor Cat Sun Invest pf (3). Sunray Oil.. Technicolor Ine. Tob Prod of Del wi.. Tob Prod Exp (10c). Tri-Cont Corp war Triplex Safety Gla. Tubize Chatel. B Unit Am Utilities. Unit Car Fast (40c). Unit Founder: Unit Gaa Corp. Unit Gas pf (7). Unit Lt & Pw A (1).. Unit L & Pwr pf(6).. U S Dairy (A) (§) Unit Verde Exten (1) Util Po & Li ) Util Pwr & Lt pf(1). Utility & Ind pf(1%) WiwthFWLtd20'3-5¢ Corp pf. Co(2)ennann Corp. i1&Land utDLPS.., itien. . P wa Pow ww. tl Secur. N8 e N W A I 0 MBI NS A A B 27 58 10 3 8% 508 1 1 1 RIGHTS—EXPIRE sonFebl... 12 1% NII .Feb 1 6 1% 1% 1% aunnr‘lh ed Jast quarterly of semi-an- ividen Artly exira. IPlus 4% in stock. ock. b Payable in stock. e Adjustment . % Plus 6% h Plus 1% In k Plus 107% Plus 3% {n » Paid last yer H (25¢) . 2 84 Buckland concludes, even though he declined to admit that the corporation has arranged to obtain funds at once, | preliminary to receipts which will ac- crue to it as a result of the rate ad- vances authorized recently by the Inter- state Commerce Commission. ‘That the French gold withdrawals are without the slightest significance is obvious. The amounts to be taken out have been included in the Bank of France reports and have never figured in reports published by the Federal Re- serve Bank regarding its holdings of the yellow metal It is, however. possible that these shipments, 1 g some $125,000,000, will be misunderstood and consequently misinterpreted. Moreover, they might lead other depositors to call for their balances, Il though they may be. ncement of activities uction Finance Corpora- tion should, however, tend to more than | offset withdrawals because it will not | only put a stop to hoarding, but will in |all probability bring out much of the | gold that has been hidden away. | France will not permit reparations to be taken away, Picrre Laval, French | premier, told the Chamber of Deputies. | Germany is unable to pay reparations, | Heinrich Bruening, German chancellor, told an audience Frankfort. | Both speak home consumption | The solution will lic scmewhere between | the extreme views which the spokesmen for France and Germany are obliged to hold. Germany will agree to some form of payment, while France will accept some form of Tevision. It is the con- stituents who have 1o be satisfied, and |both Laval and BEr g are doing | their utmost to afford them such satis- | faction. | (Copyrignt. 1932, b Newspaper e North American e, Tnc.) CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. | NEW YORK, Januan lowing is a summary of | poration news prepared b ‘ard Statistics Co., Inc the Associated Press ~The fol- portant cor- the Stand- New York, for | News Trend. | Electric | power productior week ended January 16 totaled 1,602,- 482,000 kilowat hours, decline of 6.7 per’ cent from the corresponding week of 1981, according to the National Electric Light Association. In the previous week output declined 55 per cent, from the like week of last year, in the The Companies, Corn Products Refining mestic sales estimated at per cent below 1930 Hartford Gas—1931 common | earnings $3.87 vs. $4.07 Kayser (Julius) & Co—Plar; = renvi:y ope':ning at 78 per c;nt“‘:)t“g. pacity; voting trust not to be from March 1, 1932 e Owens-Illinois Glass—Reported con sidered making offer for .o B cific Coast Co. T sasEy Texas Corporation—Advances car gasoline price ; cent a “]lo:‘an“: N’e;»/ York and several other Eastern cities. American Water Works & e/ Docemb;rg;leculc output ox"’;fi{:s}';; aries off 9.9 per cent; 12 g months off ngersoll-Rand Co. declared common dividend; formerly 2‘5'"."1' quarterly, Liggett & Myers Tobacco extra dividend of 31 sach o semcn and class B pommon stocks, 1931 about do- 15 share [h-ghs Market Street Railway December net before depreciation, $55,182 vs. $83,461; 12 months, $675,891 vs. $720,237. National Service Cos. (parent com- pany only) 1931 preliminary net income, $348,513 vs. $344,084 New York Central Railroad—I. C. C. authorizes company to proceed with ac- quisition of Ulster & Delaware Railroad for $2,500,000. Public Service Corporation of New Jersey 1931 net income, $30,540,752 vs. $30,163,302. - Sears, Roebuck & Co. cuts salaries and wages ranging from 5 per cent to 10_per cent, eflective January 30, 1932 ‘West Penn Electric December electric output off 10 per cent; 12 months off 9.2 per cent. Automatic Voting Machine gets con- tract for 800 machines for Philadelphia on bid of $1,094 each; injunction action filed to prevent secretary of common- wealth from granting contract, Bohack (H. C.) Co. declared 62'2 cents common dividend; formerly paid $1. International Petroleum Co., Ltd, December daily crude oil production averaged 70,575 barrels vs. dally average of 72,850 barrels in November, . Liggett & Myers Tobacco—1931 com- mon share earnings, $6.87 vs. $7.15. Mclntyre Porcupine Mines, Ltd.—Net income before depreciation, nine months !fist'CPmber 31, $1,676,559 vs. $1,570,- Southern Pacific Co.—California commission approves plans for new Los Angeles Union Passenger Terminal pre- sented by company and Union Pacific Rallroad subsidiary; to cost about $9,- 000,000. Montgomery Ward & Co.—Reduced wages and salaries National Railways of Mexico—October net after charges 894,513 pesos vs. 291,113; four months, 3,400,718 pesos vs. 2,931,670. Naumkeag Steam Cotton—Deficit, year ended November 30, $50,73¢ vs. deficit $835,007. Oilstocks, Ltd.—Liquidating value De- cember 31, 1931, $1.83 r class A or B share vs. $4.98 December 31, 1930. Canada Cement Co., Ltd.—Operations during 1931 averaged about 60 per cent of capacity: total tonnage below 1930. Texas-Louisiana Power—Involuntary bankruptey petition filed against com- pany in Federal Court, Wilmington, Del Canada Cement Co., Ltd.—Common share earnings, year ended November 30, 34 cents vs. 36 cents. ‘Canadian Pacific Railway—Authority given by I C. C. for acquisition of Aroostook Valley Railroad control upon proviso that consideration should not exceed $215 a share. . Cities Service Co. 1931 gross earnings off 39 per cent, net earnings off 40.2 ent. e, otham Silk Hoslery 1931 dollar sales off 20 per cent; all plants, except Phildalelphia unit, operating near capacity. glep\,in? Meter declared four quar- terly dividends of $2 each payable during 1932., FOREIGN EXCHANGE. by W. B. Hibbs (Quotations furnighed %W 3 delline ¢ Vale 1 Co.) ecks . Soviet Russia recently offered to sup- 000 ties for the government rail- S hoslovakis, but was under- 70,401,249 HOMES USING ELECTRICITY Industry in 1931 Had Income of More Than $613,052,- 000, Survey Says. Special Dispateh Po The Star. NEW YORK, January 21.—The elec- trical industry in the United States serves 20,441,249 wired homes and. in 1931 received an income in excess of $613,052,000 from the sale of appliances, according to a market survey just pub- lished by Electrical Merchandizing. Substantial gain was shown last year by electric refrigerators and electric clocks, A preliminary estimate places the sale of refrigerators at 900,000, rep- resenting a retall valuation of $216,- 600,000 In both volume and retail in-} | come the 1931 figures exceed both 1930 and 1929. The American family in 1931 pald $34,332,400 for 686,648 vacuum clean- | | ers and purchased 72,000 electric cook- ers of 600 watts or less for $489,600. Fans of the ceiling, desk and bracket | i and household ventilating types sold to | the number of 707,303 for a total Tetail 70,532 an important sales item in 1931. Five million cases and 110,000,000 battery cells for flashlights! were sold for $3,250,000 and $8,800,000, respectively.” Household floor machines were sold to the number of 30,000, for | which their purchasers paid retail prices aggregating $1,680,000. A totel of 109,080 heaters and radiators were | sold for $46 Inczndescent Lamps Gain. Incandescent lamps showed gains over 1930 volume and income. Resi- dential lamps sold in 1931 to a total of | 000,000 and brought a retail income 27.000,000. Commercial lamps sold | to the number of 163,355,000 for a to- tal retail investment of $59,000,000. A total of 54.540,000 lamps sold to | industry for $20,000,000 and 215,365,000 | miniature lights brought in a retail in- come of 833,001 Electric ranges, sold to the number of 115,000, represented a retail income of $18,975,000. Ranges of the wall out- let type represent expenditures of $360,- 000 for 6,000 ranges. The American household paid $4,- 862,650 in 1931 for 820,950 toasters and expended $3,190,578 for 410,100 waffle irons. An expenditure of $69,020,000 for 812,000 washing machines also is reported, - Flashlights wer | doubtedly was due to the presentation | Electric sewing machines were an ac- tive factor in the electrical appliance market. A total of 215,000 were sold for $19.350,000. Almost 500,000 percola- tors were sold for $3,109,725. Approxi- mately 80,000 electric oil burners were installed in American homes at a total retail cost of $42,000,000. Other Appliances. Other items accounted for in the sur- vey and their sales volumes were: Iron- ing machines, 80,000 for $6,720,000; irons, 1,771,875 for $7,824.600; dish washers, 12,000 for $2.400,000; egg cook= ers, 43,900 for $282,000; heating pads, 346.800 for $2.103,750; hot plates, stoves and grills, 148,863 for $873,345. Accounting for the distribution of household electrical appliances, the sur- vey shows that 96.7 per cent of wired homes use electric irons. Vacuum clean- ers are in use in 45.4 per cent of wired houses, and washing machines are in service in 40.8 per cent of dwellings using electricity. Toasters are in use in 40.3 per cent of wired dwellings. Electric refrigerators have been in- stalled in 17.1 per cent of wired homes and electric clocks in 164 per cent. Percolators are used in 28.8 per cent of the households using electricity, ironers in 35 per. cent, heaters in 16.3 per, cent and sewing machines in 16.4 per cent. Ranges are used in 5.3 per cent of homes. Of the total of 20,441,249 wired homes 1.5 per cent use floor machines, 6.1 per cent use electric cookers, 0.8 per cent use dish- washers and 1.4 per cent have installed egg cookers, Heating pads are used in | 10.9 per cent of the wired homes and hot plates are used in exactly the same number Encouraging 1932 Signs. Review of the year in the electrical appliance industry, according to Elec- trical Merchandising, shows that re- frigeration nearly reached its quota; clock sales increased, washer sales in- creased in number of units and de- creased sharply in dollar return; iron- ing machines showed a slight increase in dollars per unit and a 20 per cent decline in number of units sold and heating appliance sales owed a decline, “The encouraging signs from the viewpoint of 1932 says the survey re- port, “include the launching of a cam- ‘)algn on electric ranges that will give he dealer and distributor an important addition to the major appliance line; new plans for refrigeration promotion that ‘will meet the quota of another | million. A new lighting activity will shortly be under. way.” Grain Market CHICAGO, January 21 (#).—Grain values took an early upward swing today, influenced by sirength of secur! ties and by progress of the recon-| struction finance corporation bill at Washington. Relative weakness of wheat quotations at Liverpool failed to act as an offset. Opening 4 higher, Chicago wheat futures con- tinued to gain. Corn started ' off to 9% up and consequently rose all around. Sentiment more friendly to the buy- ing side of the wheat market accom- panied announcement that Senate and House confreres at Washington had signed the reconstruction finance bill | report, d that funds were expected | to be available from this source within a fortnight. Meanwhile talk was cur- rent that Government aid to credit | would stimulate buying of commodi-| ties. Absence of any important selling pressure in the wheat pit at this stage contributed to the upward trend of prices. Indications of fairly good overnight export business in North American wheat were noted, together with word that two steamers at Galveston were loading dark hard wheat for Greece. Russian wheat shipments this week were greatly curtailed as compared with last week, totaling but 304,000 bushels against 1,456,000. On the oth- er hand, Argentine wheat shipments showed a decided increase and| amounted to 4,043,000 bushels, a total much in excess' either of last week | or last year. Corn and oats averaged higher with wheat. %’rovislons held about steady, paral- leling the action of hog values. GERMAN POSTAL PROFITS' $36,747,000 LAST YEAR By the Associated Press. The Commerce Department reports the profit of the German Post Office Department amounted to $36,747.000 during the fiscal year ended March 31, 1931, as compared with $53,000,000 for the previous year. This department, which includes the government-owned telephone, telegraph, radio and postal bank services, always shows a profit for its operations. Total receipts from all sources for | the year amounted to $525,551,000. Of the total revenue, transportation of mails produced 55.7 per cent, telephone | 32.3 per cent, radio 4.3 per cent, tele- graph 3.7 per cent, tal bank 25 r cent and miscellaneous services .5 per cent. Fishes for Herring, Gets Shark. A boat fishing for herring in the Marth Ses caugbt X sharks, (i REALTOR DEFENDS NUARY | AUTOMOTIVE INDUSTRY REACTS FAVORABLY TO Than at Any T Market Collapse. BY DAVID J. WILKIE, Associated Press Business Writer. DETROIT, January 21.—Arrayed in its finest raiment—new models that in price, quality, appearance and mechan- ical perfection surpass anything hitherto brought out—the automobile industry is preparing to step out. Encouraged by the reception the new models have re- celved at the first group showing in the New York show, the industry's leaders believe & very definite improvement in consumer demand is about to begin. Throughout the two years of re- stricted production and demand that followed the collapse of the automobile market late in 1929 there have been optimistic statements that the bottom was being scraped and the upturn just a short time ahead. At no time during that period, however, has there been as much quiet confidence as that prevail- ing now in the midst of the show sea- son and with the new models attracting greater interest than their makers had expected. T some quarters there is a disposition to believe the one restraining factor in the automotive picture at present is the continued delay in the announcement of the 1932 Ford models. The trade is said in these circles to believe that whatever the Ford plans may be, their eventual disclosure will exert a bene- ficial influence all around by the elimi- nation of uncertainties and the release of new buying power. Halted for Changes. Automotive circles generally appear t6 have accepted as assured,the re- orted plans of the Ford Co. to present th a new four-cylinder model and a V-eight. Production of the new only to be halted for further changes. The four, it is now understood, will not be ready for presentation at the Detroit Automobile 8how, which opens this week end. The eight is expected to make its appearance late next month or early in March. Preliminary sales figures assembled by one leading statistical agency indi- cate the steady decline in new motor car sales, which began in April, 1931, | was halted in December. Some, if| not all. of the rise in December un-| of new models, for a rise in the final | entirely restored. | four is said to have started last week | FINANCIAL i 1 SHOW RESPONSE| ime Since 1929 month of the year is unusual in the automobile industry. Here and there in the industry in- creased manufacturing activity is re- ported, with employment rolls showing a marked upturn as compared with the like period a year ago, or with the| Midsummer months. Parts suppliers| also report orders aggregating consid- erably more than those of a year ago.! Enfi)neerlng departments of the various motor car companies and the tool shops are sald to be working overtime in some instances. Twelve and*13 hour days are re- ported in some of the body plants. Replacement Is Expected, All this increased activity, of course, is due mainly to new car production and no effort is made to regard it as due to increased consumer demand. It is pointed out, however, that the very existence of the motor car industry to a great extent depends upon its ability | to fmduce improved_ models each year and that in the present instance it has| staked a great deal on the appeal of | the new models. “We realize,” sald one authority in the industry, “that a large part of the 1932 market for motors cars will be of the replacement type. We are not at- tempting to misinterpret the ‘signs of the times’ and lead ourselves to believe that millions of people are just waiting for business conditions generally to im- | prove before they start purchasing mo- tor cars. “At the same time we know that, much as the idea has been scoffed at, there is a large and constantly growing | backlog that will supply a large volume | of business once confidence has been Nothing the owner or manufacturer can do can halt obso- lescence in motor cars. In some in- stances it will be mechanical and in others style obsolescence, but it will be obsolescence, none the less that, will mean the replacement of old cars with new.” Based on the value of finished prod- ucts, the automobile industry in 1931 retained its place as the largest manu- facturing industry in the world. The 2,465,000 passenger cars and trucks pro- duced in the United States and Canada with the accessories, service equipment, parts and tires had a wholesale value ! of $2,101,000,000. HOME LOAN BANKS Declares “Little Inflation” Will Bring Country “Out of the Woods.” By the Associated Press. ST. LOUIS, January 21.—A “little bit of inflation to bring the country out of the woods” was advocated here yes- terday by Harry 8. Kissell, Springfield, Qhio, speaking before the National As- soclation of Real Estate Boards, the presidency of which he will relinquish tomorrow. Kissell made his statement in rEFlY to opponents of the establishment of a system of Federal home loan discount banks, who have charged that such a plan is an inflationary measure. Those against the measure, now before Con- gress, have asserted it would foster the construction of 3,000,000 unnecessary homes. Would Release Cash. “The plan would make available §7.- 000,000,000 for the releasing of real es tate securities,” Kissell said. Short- term paper banks are able to discount short-term loans through the Federal Reserve banks, he pointed out, while savings banks and savings and loan in- stitutions dealing in real estate mort- gages have no second line of credit de- fense. - “If such institutions could have taken their prime paper, properly amortized to regional banks for discounting, there would have been no demand by the peo- ple for their funds.” A program of tax revision, including suggested changes in method of con- trolling the expenditure of public funds, their collection and reorganization of the smaller units of Government, was presented to the association by the as- sociation’s tax adviser, Simeon E. Le- land of Chicago. Says Tax Too Heavy. Real estate, he said, bore too heavy a tax burden because communities make little effort to tax the intangibles. Townships, he characterized as relics of the “horse-and-buggy age,” and he advocated their .abolishment, as they have been in all but 17 States. He also advocated the consolidating of many counties in the States. Assessors and their supervisors should be made State officials under civil serv- ice rules, he said, and valuations should be made by improved appraisal meth- ods, assuring uniform standarcs of as- sessment. PLAN CONSTRUCTION. BALTIMORE, January 21 (Special), —Including unfinished work carried over from 1931, the budget of the Con- solidated Gas, Electric Light & Power Co, of Baltimore for the current year provides approximately $5,000,000 ~ for construction purposes. ‘The company has no special large projects planned for the year, but im- rovements and extensions will be made n all departments, Of the above amount allotted for construction about $2,998,000 will be spent in the electric power division, §1,495,000 in the gas division and about $599,000 in the steam-heating division and for miscel- laneous purposes. STOCK AND BOND AVERAGES By the Associated Press. From Yesterday' STOCKS, 50 Tndustrials. vee. 663 Previous day. Week ago. Month ago Year ago.. Three years ago. Five years ago High, 1931-32. Low, 1931-82... High, 1930. Low, 1930... High, 1929. Low, 1929. BONDS, Previous day. Week ago. Month ago.. Year ago.. Two years ago Three years ago High, 1931-32. Low, 1831-32. High, 1980, Low, 1930. High, 1929, Low, 1929. (Qopyrisht, 1932, ACCEPTANCES DROP 10 1308 LOW LEVEL Figures for Decémber $28,- 245,355 Below Previous Month, B the Assoclated Press. NEW YORK, January 21 ~Figures issued yesterday by Robert H. Bean, executive secretary of the American Ac- ceptance Council, disclose that bankers’ acceptances at the end of Decerhber de- clined to the lowest figure since August, 1928. Acceptances are an lmporgtl::nt form of commercial credit, used largely to finance foreign trade. ‘The report of the American Accept- ance Council on its survey of acceptance business as of December 31 shows a re- duction of $28,245,355 from the total re- Pported on November 30,” said Mr, Bean. “This brings the total down to $974,- 059,350, the smallest volume of the year and $581,906,851 less than the volume outstanding on the corresponding date at the end of 1930. “The principal change of the month was in the total of bills created for ex- port purposes which declined $32,482,459 to $221,618,640. “As a partial offset the volume of acceptances drawn to finance the stor- age of resdflg marketable staples in domestic warehouses increased $12,117,- 000. While this type of acceptance business now amounts to $251,346,059, or about 25 per cent of the total, it is nevertheless $20,000,000 less than was reported in December, 1930. “Acceptances in import financing re- main_practically unchanged at $158.- By | had the low 1$28.12, Alabama wit] NEW ENGLAND TOPS NATION IN" SAVINGS Confidence of Manufacturers Stronger Now | Section Averaged $593 Per Capita, Report of Con- troller Shows. By the Assoclated Press. New England's renowned thrift maintained its reputation during the last fiscal year, piling up per capita savings of $593, which was more than three times the average for the whole country Latest statistics of the controller of the currency show total savings de- Dosits of - $20.633.949.000. OF this amount, New England was responsible for $4,884,154,000, population of smallest in any of the regional groups. Eastern States Second. Second in high per capita avera was the total of Eastern States with $402. This average was aided by New | York State, which reported per capita savings of $540 as of June 30. In other main groups, the Pacific States had an average of $238; Middle Western States, $159; Western States, $61: Southern States, $48, and terri- torial and island possessions, $6, the Iatter reduced by the Philippines with £251. Porto Rico had an average of $9. Massachusetts Leads. To Massachusetts goes the distinction of having the highest average of any State. On June 30 last there were in the banks of the State $658.11 for each man, woman or child. This State was followed in order by three others in the same geographical group, Connecticut, with $573.13; Rhode Island with $554.85 and Vermont with $549.75. way of contrast, New Mexico r capita sa of by Arkansas with $31.54 and Okla- homa with $32.32. It will be noted that last year's drought was ioularl: severe in these last mentioned States. The controller’s statistics cover re- turns from national banks, State com- mercial banks, loan and trust com- panies, private banks, stock savings banks and mutual savings banks. Baltimore Markets Special Dispatch to The Star. $21.46, followes White potatoes, i sweet potatoes, , 40a80; yams, barrel, 75a1.25; bears, bushel, 1.2582.25; beets, per crate, 1.50a1.80; Brussel sprouts, per quart, 18a20; cabbage, ham- per, 1.00a1.65; carrots, per el, 908 1.10; caulifiower, crate, 125a1.35; cel- ery, crate, 1.25a2.50; eggplants, crate, 1.50a2.75; kale, bushel, 30a40; onions, per 100 unds, 3.00a4.00; peppers, crate, 1.50a2.75; cucumbers, buahel, 2.75a4.50; spinach, bushel, 25a90; squash, bushel, 1.50a2.50; tomatoes, crate, 1.00a3.25; turnips, hamper, 10a20; fruit, box, 1.25a2.50; apples, bushel, 50; oranges, box, 2.0083.75; straw- berries, quart, 30a32, Dairy Market. Chickens—Young, 18a20; Leghorns, 13a18; old hens, 15a20; Leghorns, 15al1€; roosters, 11al3; ducks, 12a2 geese, 13al7; guinea fowls, pair, 35a80; turkeys, 15a30; pigeons, pair, 20a35. Eggs—Receipts, 894 cases; current ye- ceipts, 17; nearby firsts, 1714 South-, ern firsts, 17. Butter—Good and fancy, creamery, 22a25%; ladles, 17al8; process, 20a2i; store packed, 12a13, Grain Markets. Wheat—No. 2 Red Winter, rruuky. spot, domestic, 6315; January delivery, 6313: February delivery, 64, Corn—No, 2 yellow, spot, domestic, 45a46; cob corn, new, 2.0082.10 per barrel. Oats—No. 2 white, domestic, 35%a 36; No. 3, 43.a45. Rye—Nearby bag lots, 40a45. Hay—Receipts, 32 tons. General hay market quiet. lue:?u ample of timothy, but good, mixed hay scarce and bringing premium. Prices from $12 to $16.50 per ton, as to e and kind. Latter figure for choice clover mixed. The poorer grades of timothy are irregular in :flu traw—No. 1 wheat, $8.502$9.00 per ton; No. 1 oats, 9.00.10.00 per ton. Live Stock Market. Cattle—Receipts, 100 head; light sup- ply, market dull Steers—Choice to prime, none; good 000,000, an increase of only $400,000 over the figures for the previous month, Domestic ahlgmem acceptances de- clined $3,000,000, leaving a total of §1 559,383 or less than half the amount outstanding a year ago.” BANK OF FRANCE. PARIS, January 21 (#).—The weekly statement of the Bank of France shows the following changes in francs: Gold increased 568,000,000 sight balances abroad decreased 726,000,000; bills dis- counted at home decreased 372,000,00 bills bought abroad increased 179,00 000; advances increased 4,000,000; c! culation decreased 913,000,000; current accounts increased 680,000,000. Rate of discount 2% per cent. el STOCKS EX-DIVIDEND. NEW YORK, January 21 (). Rage i, Company. Amer Mach & Fdry.. Archer Daniels ‘Mid] p! Cleve Cinn Chl & St Bt Clueit P.abod f Michigan Cent i New Amsterdam Cas.. Fenmans’ Ltd bt eed (G A) Co Ol Do, i 2 oland Pk Homeld Co imith- Agricul Chem iRk Storkline Furniture pf Walker Mfg Co 33 pf. WibLow O 0000’ D' DOOMODOOOOOOLOWD: erias 54 s 530 Edition, tandard Statistics Co.) to choice, 6.00 to 7.00; medium to good, 5.00 to 6.00; fair to medium, 4.00 to 5.00; plain to fair, 3.00 to 3,50; common to_plain, none. Bulls—Good to prime, none; good to choice, none; medium to good, 4.00 to 6.25; fair to medium, 3.50 to 4.00; plain to fair, 3.25 to 3.50; common to plain, 3.00 to 3.25. Cows—Cholce to prime, none; good to choice, none; medium to good, 3.75 to 4.00; fair to medium, 3.25 to 3.75; plain to fair, 2.50 to 3.25; common to plain, 1.50 to 2.50. Heifers—Choice to prime, none; good to_choice, 5.00a5.50; medium to geed, 4.50a5.00; fair to medium, 4.00a4.50; plain to fair, 3.00a4.00 F‘x(']esh cows and Springers, 30.00a 60.00. Sheep and lambs — Receipts, 300 head; light supply; market lower. 1.00a3.00; lambs, 4.00a7.35; Sheep, Spring lambs, none. Hogs—Receipts, 800 head; light sup- ly; market lower. Lights, 4.50a4.80; eavies, 4.25a4.50; medium, 4.5084.80 roughs, 2.50a3.60; light pigs, 4.00a4.40; pigs, 4:25a4.40; trucked , none. Calves—Receipts, 100 head; light supply; market steady. OCalves, 4.008 9.00; extras, none. New York Cotton NEW YORK, January 21 (P).—Cot- ton opened steady today at an advance of 4 to 5 points on trade buying and covering, promoted by relatively stead- ge; Liverpool cables. March sold at .72, Steadiness of the opening stock mar- ket afforded buyers further encour- agement, but the advance to 6.89 for May and 7.07 for July seemed to en= courage selling which caused slight setbacks, but offerings were absorbed by continued covering or trade buying, and the market was holding steady at the end of the first half hour with ac- tive months showing net advances of 1 to 3 points, Liverpool cables regomd local and Continental buying with trade calling in that market, and said there was a scarcity of contracts. An improving demand for cotton cloths from the British home trade was reported in the Manchester market. While there was only & moderate volume of business, cotton held steady later in the morning. Offerings were light and a fair demand accompanied by reports of a continued firm basis in the South, was sufficient to hold the active months apout 4 to 7 points above yesterday’s closing quota= tions, with March selling around 6.7¢ and July 7.06 at midday. e BANK OF ENGLAND, LONDON, January 21 (#).—The weekly statement of the Bank of England shows the following changes in pounds: reserve increased 6,855,000, circulation decreased 6,865,000, bullion decreased 10,000, other securities increased 2,060, 000, public deposits decreased 1,548,000, deposits increased 9,312,000, notes reserve inoreased 6,866,000, gov- ernment securities decreased 1,130,000. The proportion of the bank