Evening Star Newspaper, January 22, 1932, Page 14

RESILATORY LAY NEETS COURTTEST Wisconsin Utilities Will Be Forced to Pay Cost of State Agency. BY GEORGE E. DOYING. For the first time since the advent of the modern Public Service Commission a high court has passed upon the matter of compelling public utilities to pay ihe cost of their own regulation. The Su preme Court of Wiscor Jaw to that effect en year ago by the Leg State. The law was attacked by the Wiscon- gin Telephone Co., to which a bill had been rende » commissic 1 certain exp onnection with State-wide investigation of teleph rates being conducted by the cor sion. In addition to a gencral ch on the part he telephone company to the power of the Legislature to im- pose upon the public ties of the State the cost of their regulation, the| principal contenticn was that the Legis Jature attempted to confer legi power upon the commission when it wa provided that the commission might ex- empt a public ity f the pay- ment such i action should 1 interest of be Exemption Section. Court n ality tig The Supreme tained the cor in charging th the comm t found rocedur2. section framed tive int doubtless prok to express i b that had in mind such invest tions as might b> conducted for the formation of the commis rather | than for the direct regulation of a par- ticular utili 3 It was not the legislative intent.”| gaid the court, “to upon the retl e a- in- confer Public Service Commission the arbitrary power which resides in the Lezislature | jtself to determine what constiiutes public interest. The Legislature pos- gesses arbitrary power in sich matte and may determine that to be in th public interest which the great majo; of the people believe otherwise. W they so determine, there can be appeal “This is not no the kind of power which | the Legisiature committed to the Public Service Commission. While it may be that what constitutes the public interest is at times somewhat intangible in character, yet the Public Service Com- | mission may pass reasonable judgment | upon the facts and circum: es under | consideration and come 0 @ T blc conclusion as to what the public requires under the circums! conclusion is ject validity of Act. On the question of the general valid- ity of the act, the court aid in pa “Tt 1s a well settled principle cost of regulating and supervic tain businesscs may be mpost such businesses so long as the amo imposed does not exceed the reasonav) cost of regulation and so far as the power is not prostituted to the purpose of raising general revenue. This is the theory upon which a license :ce is ex- acted of pawn brokers, peddlers and other businesses requiring police and other governmental supervision. It is the principle upon which insursnce companies are Tequired to pay the of investigation made by tke insurance department, and upon which banks are made to bear at least a portion of the expense_incident to their examination: by the Banking Department.” (Copyright, 1932.) Washington Produce Butter—One-pound prints, 28; tub 27 Eggs ceipts, 14a16 Poultry, alive—Turkeys, young toms and hens 3 pounds and over. » pounds, 18a20; broilers pounds, _18a hens, 1 small, 13al5; Leghorn T s, 11; keats, young 25a35. Poultry, young 16217; Hennery, current re- ; | 20 ens 17a19; 11 arge, hens 40245 dressed—Turkeys, old_toms, toms and hens, 25a28; nds and over, 20 23a25: brotlers, 1 23a25; hens, large, 20a22; Leghorn hens, 15al7; keats, young, 60a70; old prime, 16; choice, 15; cow, 915a10; lamb, top, veal, top, 14; medium, 12; fresh hams, 8 to 10 to 22 pounds, 19 strip bacon, 16al7 package, 9; roosters, 14 50 Meats—Beef, good, 1275213 13 med 13: pork 1 ypounds, 12 hams, 16al 80-pound n, 1 8 IE EVENING STAR, ‘W Stock and Dividend Rate. Park Utah......... Pathe Exchange. Pathe Exchanza (A) Peerless Motur Car. . Penick & Ford (1) Penney (J C) (240). Penn Dixie Cement.. Penna Rallroad (2).. Peoples Gas(Chi) () Pero Marquette Ry Marquette pf... 20s Marquette pr pf 1408 Petrol Corp of Am... Phelps Dodge Co. ... Phila&Readinz C & 1 Philip Morris&Co(1) Phillips Patroleum ¢ Pierce Fetroleum Pillshury Flour (2).. Pirelll (A) (m3.13).. Pitts United Corp. ... Port Ric Am Tob(A) Prafrie Oil & Gas Prairie Pipe Li Pressed Steel Proct & Gaml *2.40) Prod & Refiners pf. . Public Sve NJ(340). Public Sve NJ pf (5) Public NJ pf (6) 4 Pub Sve G&E f (5). 54 Pullman Corp (3) 117 PureOfl....... | 1017 5315 Pure Ol pf (8). 554 10% Purity Bal.erfes (2). 27% 5 RAAIO COTD........0 60 915 Radio Corppf (B)... 4 23 Radio-Keith-O(new) 61 7 RRSeclllC (31) 979 ading Ry Co (2). 307 ai Silk Hostery 19% min=ton-lian 93 Rand 24 pf 10% 2% Reo Motor Car(40c). 25% teel. 54 el nf. .. 223 t(1%). 54 ynolds Tob B (3). 6% hfield O o Granae Ofl. 2oyal Dutch of Sales— Add 00 1 20 1074 1 3 6 1 1 1 1 1 1 1 6 1 . 0 1 1 1 9 2 100 4z 691 10815 300 623 7% 30s s (5). repf (7). s Southwn o Retall Stores hulte Stores pf (8) 45 aboard Alr Line. Seaboard Oil Sears Roebuc! Servel Inc Shattuck (F G) (1) Shell Union Ofl.. .. hell Union Oil pt Shubert Theaters Simmons Co. . imms Petroleum. .. Sinclair Consol Ofl. sinclair O11 pf (8} kelly Ol elly Oll Df ww... snider Packing. . Socony-Vacuum (1). South Port Rico Sug outhn Cal £d (2). .. outhern Pac.fic (4) Southern Railway... Southern Railway pf Mfg : piegel-May-Stern. . tand Brands (1.20). Stand Brands pf (7). tand Gas&El (3% ). Stand Gas&El pf (4) Stand Ofl of Cal(2%) Stand Oil Exp pf (5) nd Ol NJ (12). .. tarrett (LS) (80c). Steriing Secur (A).. Sterling Secur cv pf. tewart Warner tone & Webster. ... udebaker Co(1.20) un Ofl (1)...... Superfor Steel. .. Symington (A). s 45 18% 6'a (Continued from Page 13.) High Low. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Offiee. Net. High. Low. Close. Chie 2% 2% 2% + % 12% 12 12% — % 24% 23% 2 2 5y Sales— Add 00. 2 K17 Stock and Low. Dividena_Rate. 2 Tennessee Corl 974 Texas Corp (2)..... 193 Tex Gulf Sulphur(3) 17 Tex Pacific Coal&Oll 41 Tex Pacific Land Tr. 37 Thatcher Mfg Co. 113 Thermoid Co. 513 Third Avenu: 11% Third Nat Inv (1.05 s Thompson Starrett 21x Tide Water Asso Oil. 2015 Tide Water As pf(8) 161 Timken Roller B(2).. 1% Tobacco Products 6 Tobacco Prod A t25¢ Tobacco Products cts 2 Transamerica Corp.. 274 Transue & Willlams. 2 Tri-Contl Corp. 11'5 Twin City R Tr of (1) 13% Underwood-Ell-F (3) 274 inlon Carb & (2.60). 11 Un Oil of Calf(1.40) 70"y Union Pacific (10).. 51 Unfon Pacific pf (4). Unit Afreraft.... Unit Afreraft pf (3). Unit Am Bosch. . Uait Carbon. Unit Cigar Store! Unit Corp (76c) Unit Corp pt (3) Unit Electric Coa! Unit Fruit (3)... Cnit Gas&Im(1.30).. Unit Gas&Im pf(§) U S & Forn Secur., U S Gypsum (1.60) U S Indus Alcohol U S Pipe & Fdry (1). U S Realty & Imp U'S Rubber.... U S Steel Corpa (4) U S Steel pf (7). United Stores pf (4) Univ Leaf Tob pf(8). Univ Pic 18t pf (8).. 1 Copper Co (4) 1 Pwr& LtA (2). % Vadasco Sales Corp. Vanadium Corp. .. 22 te 1st pf 81 ec& Pwr pf (6). 20' Vulcan Detin (4) .. % Wabash RR..... 11; Wabash R R (A). 17% Waldorf Sys (1%4) .. 11, Walworth Co Ward Baking (A) Ward Baking (B) Ward Baking pf (7). Warn Bros Plctures Warren Bros. .. Wells Fargo Wesson Oil&Sno Wesson O&Sno pf (4) West Pa El pf (§) West Pa El pt (1) West Pa Pwr pf (7). Western Dairy (A).. Western Dairy (B) Western Maryland. Western Md 2d pt Western Pacific. ... Western Pacific pf. Western Union (8) Westinghse A B(2). Westinghouse (2% ). Wsthse E&M 1st 3% Weston Elec Instru. Westvaco Chlor 1.60. White Motors. . Wilcox Ol & Gas. Willys-Overland . Woolworth (2.40) ... Worthington Pump. Wrigley (Wm) (4).. Yellow Truck. . . Zenith ladio . 6% Zonite Prod Corp (1) 1 % ™ % Sales of Stocks on New York Exchange. 10:30 AM.... 100,000 1 N . 500,008 1:30 P.M. 900,000 +1,000,000 Divident [ payments based on the latest cusrterl: xXEx-divicend sLess than 100 shares = 1| 4% in stock. TPlus 8% in stock s 183ty b Pavable in stock e Payable in cash or stock BPlus 2% in stock i Plus 50c in special preferred stock 3% in ‘stock. 'mPald this year—no resular rate. n Plus 5% stock. ©Plui 3% % in stoek Net. Close Chee 14 11 1715 1% 62 6% 12 265, 1| % M p Y + 14 -1 -1 i —1% 3 Bl 14 1 Pius 8% in stock £ P IMPROVEMENT NOTED | IN NEW ENGLAND Boston Bank Comments Upon Bet- terment in Several Lines of Industry. | Special Dispatch to The Star NEW YORK, January 22-—Curtail- ment of preductive activity in New England during November was less than during the previous month, ac- cording to the current issue of New England Business, published by the onal Shawmut Bank of Boston This was the result of improvement in su.h industries as metal, lumber, pa- per and rubber, which partially offset the sharp reductions in the textile, leather and related industries As would be expected in view of pro- ductive activity, employment and av- erage weckly carnings in Massachu- setts manufacturing establishments de- clined less in November than in Oc- tober. Average weekly earnings per employe was about 10 per cent below & year ago, or approximately the same | as the decline in the Massachusetts cost of living index. Althougn the decline of this index has been oniy one-half the decline in wholesale commodity prices, pounds, 7 Live stcs nedium, 4 4.00 4.00a8.00 “Hogs, light and 1450; heavy, 4.00; P by . 200a3.00; calves lambs, 4.00a6.50. Fruits—Strawberries, p! 30: apples, bushel 1 box stoc 2.50 2.75a3.50 ifor fruit, 2.2 5, pe: apples, 3.00: grapes, Emperors 4.50; Almeiras, 5.00; femons, 4.00 gerines, 1.25a1.75; kumquats, qus 15; bananas, 1.50:23.00; Al fla 0a3.00; Thubarb, honeydews, Potatoes Idaho bakers carriers, repack 6.50 stris 2.00a4.00; broceeli Texa 1.00 terc 25; caulifi 1,2.0024.00; m 50a2.75 3.50a4.2 s, 15; quarts 50a1.00 Fl grape- pine- in 3.0024.00 5024 .00 100 - pound 2.5022.75; 65: d pea: swee! 3.0 2.00a beans A 6 b c shr cuc 50 nd sack en_bunche 80; a parsnips. 1 3.00: old, sacks 1m ich 5.00 50; ecabbage crates BROKER FIRMS TO MERGE ALTIMORE. L2 onsolida broke! Cc & e of ¢ houses ir South. ns for the me ht by ials of ld seats n the Baltimore exchanges | be known as Lanahar the P Yast Fach end announced both firms. N STOCKS EX-DIVIDEND. NEW YORK, January 22 (#).— riod L) 20 Gilmore C Halle Bros 6 200D Noma Electric .. Pullman Inc Sutheriand Paper Tampa Electric ... .. T8 & Poreign Sec ‘Ist Wash Lo & Tr (Wash 000000’ 00 D C. ", E) 3 & In comparison with his contempora: §» the United States, the French Pre €-at has little power. ] component parts of the cost of liv index, such as retail fooa and clothing | prices, have declined tnree-quarters as much as wholesale prices. Shelter, fuel d lights and sundries, on the other hand, apparently have retarded the drop in the cost of living That New England business has not shown improvement in rece not surprising in view nomic and political probiems h road, but improvement of his country should be quic ncreased productive in England |ELECTRIC TF}ANSMISSION SYSTEM IS EXTENDED ial Dispatch to The 8 Ja unit Spe BALTIMOR! line A new transmission two units of the National Electric P s been completed. w line, th ap- T forms 2 the Eastern Public Co.. operating the jonal system, and the in ) of the Maryland Light & Pow. cquired by the Eastern Shore | Built | with conspiracy to interfere with a the late Admiral Alfred von Tirpitz g the last year 11,600 volts, the line extends be- een Queen Annes and Queestown in Maryland, Last year E: Maryland Light ticns of the Ea unding out 1e Eastern Shore | com | £ t stern_Shore acquired the & Power Co. and por- Coast Utilities Co. company’s holdings section of Mary- land, Deleware and Virginia. —Since then transmission lines have been steadily extended to unite the new ter- ritory with the main transmission sys- tem of the company, which has a steam ting station ai Vienna, Md MISSION GR.OUP MEETS Dispatch to The Star HERNDON. VA uary Woman's_ Missionary Society of the | Baptist Church met at the home of Mrs. R. A. Lynn. The topic for study “The Church of Tomorrow.” With Mrs. Lynn as leader, the follow ng members took part in the interest- ing program: Mrs. E. M. Armfield, Mrs Edgar Gillette, Mrs. C. N. Florence, Mrs, Lutie Ish and Mrs. A. E. Steele. At the conclusion of the program the following officers of the Ladies' Aid, which has been inactive for some time, were elected: Mrs. A. E. Steele, presi- dent; Mrs, Laura Frame, vice president; Mrs. William Kephart, secretary and treasurer. transportation of poultry, dogs and other live animals by air. 22.—The . terday's transactions in gold resulted Same week last year.. WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES 360 195 220 350 165 180 SALES. Washington Gas 55—$500 at 101. | Mergenthaler Linotype—10 at 513, 10 at 51%, 10 at 51%, 6 at 513, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked 39 105, 85 1000 58 i 36 100 100 | Riggs (155) cond (9e) ‘ashington (12) TRUST COMPANY. Amer. Sec. & Tr. Co. (15)... Natl. 'Sav, & Tr. (12i) | Prince Georges Bk. & Tr | Union Trust (8s) | Wash. Loan & Trust (14). . SAVINGS BANKS. Bank of Bethesda (68) Com. & Savings (10) East Washington (12} Potumac (101 Sec. 8av. & Com. Bk | Seventh Street (12) United States (30) | Wash. Mechanics (30} FIRE INSURANCE American (12) Corcoran (10) Firemen's (8) National Union (18) TITLE INSURANCE. Columbia (6h) Real Estate (6h ! MISCELLANEOUS, Barber & Ross. Inc., com Col, Medical Bids Cots D’ c Paper Mis pia Bist Natl. sec. pld Emer.Bromo. Seir Federal Storage pid Fed -Am " Co' om Fed “Am Co. pla Lanston Monorspe Mer. Tr. & Bige. com. | Mer Tr & Sfe Ba: { Mergenthaler Linotype Nath Mige. & Iy niq Peoples Drug Stores nid Real Est M- & G otd ) Securlty’ Storage. (o) Tor. Ret. & Wi Corp. (3) The Carpel Corp. (4). " W Nfech Mige n.‘Med. Blaz. Corp (1) wd. % Tothrop com” (1301 Woodward & Lothiop fd. (1) “Ex. dividend. 520, extra bBooks closed Ra5c extr e f30c extr xtra §17 i 15y exira & PL[:jT T0 INTERFERE ‘FORMER?IIVILVIT;;Y CHIEF IN FUNERAL CHARGED ~ FOR KAISER DIES AT 78 - Mortiz von Two Union Officials and Four Drivers Are Reported as Named by Chicago Jury. 299 375 28 D191 400 315 400 40 220 pro) ® 53 325 20 55 435 280 530 50 Amer. Tel. & Tel. 4'as Am. Tel. & Tel. ctl. tr Anacostia & Pot. R, R Ana. & pot. Guar. 5s C. & P. Tel of Va. bs Capital Traction R. R.'5s Cily & Suburban bs Georgetown Gas 1st 55 Potomac Elec Cons, §% Potomac Elec 65 1953... Wash., Alex. & Mt Vernon ¢ Washington Gas 41as s n Gas 55 Gas 65, series A Gas 6s. series B Rwy. & Elec. 45 MISCELLANEOUS. Barber & Ross, Inc., 6'as. Chevy Chase Club 5 Columbia Country Cl W. M. Cold Storage 55 STOCKS. PUBLIC UTILITY Amer. Tel. & Tel. (9) Capital Traction Co. (4) Wash. Gas Lt. Co. (18).. N & W Steamboat (12} Pot' Elec Power 6. pfd Pot’ Elec. Power 5'27, pid Wash. Rwy. & Elec. com. Wash Rwy. & El. ptd. (5) NATIONAL BANK Min [ 89 103 61 59 ioi A 275 s 14027 82 Wa 7 145 10014 103 o 5ii8 (i A" (2) ) 11.201) 6) 6) 10 100 210 101 i L 110% WIS i05 6%). L 2 ik &4 10512 50 13 i0s" 31 112 com. (601 12) Commercial (stamped) (10} strict (8) Fed.-Amer Liberty (7 Gen. Who Quarreled Violently With Ad- Lyncker, miral von Tirpitz, Succumbs. By the Associated Press. POTSDAM, Germany, January 22.— Gen. Baron Mortiz von Lyncker, once CHICAGO, January 22 (#).—True |chief of former Kaiser Wilhelm's mili- bills were reported voted yesterday tary cabinet, died yesterday at the age charging two officials and four members |of 78. of the Auto Livery Chauffeurs’ Union| 1In 1927 he quarreled violently with funeral who, in his memoirs, accused Gen. von At the same time, & non-union Lyncker of having influenced the cortege of 60 cars followed to its grave Kaiser banefully during the World War. the body of Shirley Pearlman, 17, high| Gen. von Lyncker was appointed u _ | chief of the imperial German mili chool girl whose death in an automo-| .ahinet in 1908 and occupied that ‘fi:’ bile accident was blamed indirectly by | portant post through the war days until officials upon the union's recent edict July 30, 1918, when he retired because banning privately driven cars from ©f ill health. funeral processions ; . Ed Reilly, president of the union; INTER. william J. Kerrigan, its secretary, and | EST RATES. William Libal, William Foy. Frank Foy | BY the Assoclated Press and Arnold Lauschke, drivers, were the Money averages eased v men reported named in the true bills | o Sy o AEE - ralc‘:’:le‘:s‘bv“‘t’:- Y the They were arrested Monday after the four drivers had refused to drive to a Department of Commerce. In the table cemetery when private cars joined & that follows the average rate is given funeral for comparable weeks at leading money centers > Time. Call. 383 250 400 3.00 250 150 GOLD STOCK INCREASED. | NEW YORK, January 22 (#)—Yes- Week ended Jan. 16 Previous week .... in an increase of $1,169,000 in the | i country's monetary stock, according to | the New York Federal Reserve Bank statement. | " This resulted from imports of $766,- | 600 from India, $103000 from the | Straits Settlements and a decrease of $300,000 in gold under earmark for | foreign account. There were no exports. ‘Wage Reduction Ordered. NEW YORK, January 22 (#).—Th Gulf, Mobile & Northern Railroad has | posted & notice of a 20 per cent reduc- tion in the pay of its organized employes wrnfuvze‘l;c]notllflected by the wage cut o uly, it was rej iroad circles here today. el The July reduction was said to have Russian competition is seriously af- been taken voluntarily by a consider- cting the lumber business in the Mal- | able number of the road's workers in A order to help it meet interest charges. | = | fe me section of Sweden. SHINGTON FRIDAY. JA BOND PRICES GAIN INACTIVE TRADING Market Absorbs Overnight Selling Orders and Rails Lead Advance. BY F. H. RICHARDSON. Special Dispatch to The Btar. NEW YORK, January 22.—Bonds were firm again today, with railroad descriptions_inclined to resume a brisk advance. Trading was fairly active The market opened with a steady tone and readily absorbed an over- night accumulation of _profit-taking sales in the speculative types. The in- stant success of the New York City $100,000,000 6 per cent loan proved & bullish influence in all parts of the investment market. Bonds of the thre and four year maturities were quoted at a slight premium in counter trading, while the five-year bonds, which seemed to be much in favor, were quoted at 10035 to 101 It was an interesting sidelight on the present bond market that New Yorx | Gity bonds, usually the most conserva- i tive of securities, were the medium for | neavy speculative buying. Many | bought tre bonds today on the theory that in a revival of the money market New York's corporate stock might very well advance to a 4 per cent yield basis, which would yield purchasers of the 6's at par a profit of 9 points. The entire municipal list strength- ened. Bonds of other cities, such Philadelphia, Pittsburgh, San Franc and many county issues, which have recently been quoted around a 5.60 to 620 per cent basis, were today in demand around 5.50. The railroad list reflected a strong market for railroad stocks, based on optimistic reports coming_ from_ the Chicago wage conference. Nickel Plate 6's. due this year, were more than 5 points higher at one time and more than 40 points above their December low. Gains of & point or more occurred in Nickel Plate 4l5's, Mobile & Ohio 41,5, Missouri-Pacific’ general 4s and Erie 5's. There were small declines in a few issues that have recemtly had wide gains, such as Allegtany 5's, Southern Pacific 4!2's. Southern Railway 4's and Rock Island 4'2’s, but these were exceptions. Some industrials were fractionally Jower on profit-taking, but most of them were unchanged to a shade higher Dodge Bros. 6s, Goodyear 5s, National Dairy Products 5'4s and many others were firm. i United States Government issues were again heavy. The Treasury 4%, were most active and dropped about one-half point. The Treasury 3s were off nearly a point. Liberties eased. This followed a firmer demand for money, With the time money rates showing a slight ad- | vance over Thursday's levels. There was also some switching from Treas- uries into the New York City loan Foreign bonds were irregular. Ger- man government issues, after opening about 2 points lower, recovered only partially, and_other Germans sagged London and Paris markets were both dull pending definite decision as to whether the Lausanne Conference has been abandoned or only postponed. Bonds were steady at the opening. The prices of most domestic railroad bonds-opened off & shade under a mod- erate volume of overnight selling or- ders, but these declines were quickly made up in early trading and most speculative issues of the type of Erie 55, Missouri-Pacific 5s, Nickel Plate 41,s, Frisco 428 and Chicago & North- western 43s were little changed. In- dustrials were firm. Dodge Brothers 6s gained fractionally. Utilities, like American Telephone 55, Consolidated Gas 51,5 and New York Telephone 4125 { were fractionally better. United States | Government issues were narrowly lower. In the foreign department, German | government issues dropped nearly 2 points and German municipals and bank bonds also went Yower. Canadian government issues were higher with Canadian exchange. British 5'2s were | off a shade. INVESTMENT TRUSTS NEW YORK, January 22 (/).—Over- { the-counter market. | Bid. Asked A B C Tr 8hrs ‘D Aeehe tage ] A B G Tr Shrs "E FEN | Am & Gen Sec 5 Am & Gen Sec B 1.l Am & Gen Sec $3 pf Am Br & Con A pf . Am Comp Tr Shrs Am Fdrs 6/ pf Am Fdrs 77 pf Z Am Fdrs cv pf ctfs . Am Ins Stacks Assoc_Stand Oil Atl Sec Bf ... Atl Sec_war Al & Pac Int units All & Pac com ww Atl & Pac pf war Bankers Nat Inv Bansicilla Corp Basic _Industry British Type Inv Central Nat Corn A Century Tr Shrs Central Nat Corp B Chain & Gen Equities Chartered Invest Ghartered Inv pf Chelsea Exch A Chelsea Exch ‘B Cumulative Tr Sh Corporate Trust Corporate Trust A A Corporate Trust Accum Ser Crum & Foster rum & Fost 8% rum & Fost Ins Crum & Fost Ins 7 pf . | Depos Bk Shrs N v Depos Bk 8h N Y “A Depos Ins Shrs “A Diversified Tr A Diversified Trust 4 L BEIE Diversified Trust Diversified Trust Equity Invest Equity Invest pf . . 1 Eauity Trust Shares Five-Year Fixed Trust Fixed Trust Shares A Fixed Trust Shares Fund Trust Shares Fund Trust Shares Granger Trade Gude Winmill Trad Incorp Investors Iicorp Investors Independ Trust Int Sec Corp Amer A nt Sec Corp Amer B Ini Sec Amer 67 pf Int Sec Amer 637 pf Inv Trust N Y Coll | Invest Trustee Shares | Leaders of Industry A B c D Eauity Shares Leaders of Industry Leaders of Industry C Low-Priced Shares ..... Major Corp Shares Mass Invest Trust Mutual Inv Trust A Mutual Manage Nation-Wide Sec National Indust Shares National Trust Shares N Y Bank Trust Shares North Amer Trust Shares North Amer Trust Shares 1955 North Amer Trust Shares 1956 Northern Secur Oil Shares units Old Colony Inv Trust Qld_Colony Trust Assoc Petroleum Trade A Public Seryice Trust Repres Tr Shrs Second Int Sec A Secord Int Sec B . .llll Sec Int Sec 67 1st pf Secur Corp Gen 36 pf.. Relected Am Sh Selected Cumulative Shrs .. Sejected Income 9 Selected Manage Trust Shawmut_Bank Spencer Trask Pund Stand All Am Tr Stand Am Tr_Shrs Stand Collat Trust . State Street Invest Super of Am Tr A Super of Am Tr B Super of Am Tr C Super of ‘Am Tr D Trust Shrs of Am Trustee Stand Tnv € Trustee Stand Inv D Trustee St Oil A Trustee 8t Ol Shrs Trusteed N Y C Bank Trusteed Am Bk Sh Tr Am Bk A Twentieth Cent Fixed Tr Two-Year Trust Sh United Fixed Shrs Unit Fdrs 1-70 com... United Ins Shrs United Bank Tr US & Brit Int Lid A US & Brit Int $3 pf US Elec Lt & Pow ° US Elec Lt & Pow Universal Tr Sh . = The date of the earliest Paleolithic man cannot be expressed in years, Some authorities represent him as having lived 50,000 years ago, while others estimate the date as a million and per- » haps several million years 880 NUAR ” ON NEW YORK BONDS STOCK EXCHANGE Received by Private Wire Direct te The Star Office UNITED STATES. 1 Sales. Hish (Sales are In $1.000.) 7 70% High, Low 4T 946 55% 9731 70% 9829 52 ’46 62 8510 5714 9012 45 90 16 52% 898 24 92 92 56% 31 9615 9615 5015 31 100 16 100 20 Low. 2:58 6 36 83 Low 253 70 47 Int Rap Tr 78 32. Int & Gr Nor 5s ' Int & Gr Nor 6s°52. Int Cement & Int Hydro El 63 44 Int M Co 58 ret'd1 Int Match 5847 Int MM col tr 6341 Int Pap 58 A "47... Int Pap és '56. . Int T&T cv 4%8'39. Int T &T 5855, Ttaly 75’51 Italy Pub S 78 '52 Japanese 5%s 85, 634554 Jugosl Bnk 7s *57.. Kan C FtS&M 4516 Kan City Sou 3’50, Kan City Ter 43'60. Kan G&E 41580 Karstadt 6543, Kresge Found Kreug & Toll 55'59. Lackaw St 5 ‘50. Laclede 5145 C'53 Lautaro Nit 63 ‘54, Lig & Myers Tu'44. Lorillard 5851, Lorillard 78 '44. . Long Islrf 4s'49. Long Isl db 5537 La & Ark 556 Lou G & El 58 L & N uni 4340 L& N5sB2003.... L&N 15t 5332003, Lvons 65 '34 McKes & R 5%#50, Manh Ry 1st 43'90. Market St 75 '40. Marseille 65 '34 . Midvale Stl 55 '36.. an 6§14 52 Mil ERy & L 58 Mi1 El Ry&Lt 53 71 M StP&SSM 5538, MK & T 18t 45°90.. MK&T 4s B'62. MK & T adj 5. MK&T prIn Mo Pac gn 43 ‘75 Mo Pac 53 A '65 Mo Pac 55 F '77 Mo Pac 53 G ‘78 Mo Pac 55 H '30 Mo Pac rf 5581 Mo Pac5%s A ‘49, Moblle-Ohio 58 ‘33 Mont Pow 58°43... Mont P db 51 A 62, Mont Tr 1st 55 '41. ., Montevideo 359, Montevideo 7a '52. . Mor&CB 1st 4% 2’39 Nat Dairy 5% s 43, Nat Steel 5856 Netherlands 6s'72. N Eng T 1st 65 '53.. NOT&M5%5'54. Nw S Wales 58 '57. 255, 946 9731 98 29 8419 £ 12 9015 90 18 89 898 92 96 100 Bales. Hich 16 36% 3 83 39 Abitib] P&P 5563, Ab & St 514 '43 Alleghany Cp 63 '44 Allegheny 55°49. . Allegheny 58 '50. .. Am F P 552030. ... Am G Ch5ls 49, Am Intl5%8'49. .. Am Metal 53534 Am S&R 1st 5847, Am Sug Ref 63°37. Am TLT cv 44939 Am T & T 55 65... Am T&T c tr 55 '46. yAm T&T 53560, | Am T&T 6% s 43 1AM W Wks 55 '34. Am Wat Wks 65 ‘T6 Am Wr Pap 6547.. Arrentine 534 s 62, Argentine May '61 Argentine fs Ju's9 Argentine §s Oc’59. Argentine 6s B '58. Arm & Co 4%8°39.. Arm Del 5%s"43. . Atchison adj 4s '95. Atchison gn 48 '96. Atchiscy 4348 '48.. Atch Ariz 4343 '62. At C L 1st 4s'52.. AtICLcl 4s°52. Atl Ref db 637 1o R o Scene BBl Rnlano Swdv 6x'50. | B&O Toledo 45’69 Bk of Chile §%s ‘57 Bk Chile 6% '61. Batav Pet 434842, Belglum 63 '55 Belgium 6% Belglum 78 ‘56 Belgium 7s ‘56 Bell Te! P: Bell Tell Pa Berlin Cy El Berlin CE 6% Beth Stl pm 5838 Beth Stirf 5% 843, Bolivia 78 '58, Bolivia 7869, Bollvia 38 47 Bordeaux §s '3 Bos &Mo 5367, Brazil 6%48'26 Brazil 634827, Brazil 85 '41. Bk Ed gn A 5849 Bklyn Man 6s Bkiyn Un 5845 Bklyn Un 1st 68°60. Budapest vs '§2. Buenos A §s5'61 Pv. Buff Gen El 44’31 Y Cgn3tn’9r nt 4s 9 Cent db 45 '34. Cent 41552013 NYCrf4als2013. INYCrfimss 2013 N Y Cent db 6s '35. NYC&StL 4%s 78, NYC&StL5%3A'T4. NYC&StL 6s°32. N Y Edisn 53 B'44. T Fd st 6yl NY NY NY 0% 70 6% 903 334 39 0% 70 6% 33% 39 49 4914 99% 99y 108% 109 63% 6314 54 54 2 89% 50% 46 39 98y 6714 981 16 83 82% NY NH&H 4%s5 67 NYNH&H cd 65'48. NY O&W 1st 4x'93. NY O&W gn 45 '55. NY Rys 65 A '65. NY Tel 434139 Nia Sh Md 5% ‘50, Nord 6345 '50. Norf South 5 61. . No Am Co 65 '61. Nor Am Ed 55 C '§9 Nor Am E 5%a '63. Nor O T & L 68 '47. Nor Pac 3 2047 Ner Pac 4897 Nor Pac 415 2047. Nor Pac 58 D 2047. Nor Pac r 1 68 2047, Nor St Pw b5 A 41, Nor St Pw 63 B '41. Norway 5%s 85, Norway €s'43 Norway 6844 Norway 6s ‘52 Ore Sh L 55 gtd 48 Oreg-Wash 4s 61 Orient dev 534 8'53... Orfent dev 65 '53... Pac GAE 5342 Pac T&T rf 58 Pan-Am Pet 6s ‘34 Paramount §: Paris-Ly M s Paris-Ly M 78 '58.. Paris-Or 5%s. Penn 4%s D Penncv 4%s 60, Penn zn 4%3 '65. Penn 474570, Penn 4% '63. Penn G5 '64. Penn gen 63 Penn 6%s . Penn P&L 4% s Peoples’ Gas 5. Pere Mar 4%5 '30.. Pere M 1st 68 '66. . | Peru 660 ¥hila Co L Phila Elec 4811, Phil & Reac 6849, Philippine R 48’37, Phillip Pet 5%s ‘39 P C C&StL 58 A '70 P& W V4lsC60. Poland 6540, ... Poland 7s"47. Poland 8s '50. Port Gn El 4%5'60. Porto Alegre 8. Por RAm T 6 Pos Tel & C 58'53. . Pressed St C 5833, Prussia 6s°52..... Public Serv 45 '71.. Pure Ol 5%837... Queensland 7s "41.. Read gn 4% s A '97. Rem Arms 63 A ‘37 Rem R5%3 A '47.. Rhinelbe 75 46 Rnine West 63 '52. Rhine West 65 °'63.. Rhine West 63 ‘5. Rio de Jan 6%s '53. R Gr Do Sul 65 '¢3. Rio Gr W 1st 43 '39 RIAT& L 4%s 3¢, Rome §14s '52 Roy D 4s 45 w StL IM R&G 4233, St L&SF In 48 A 60 49 StL&SF 4%s'78.110 SIL&SF p 168 B'60 5 StLS W ist4s'39. StS Wends'32, StLS W 5s's2 Sao Pau 78°40 ret. . Sao Paulo 83 ‘60 Saxon P W 6% Saxon 78'45....... Seah A Licv 63°45. Serbs-Cr-S1 78 '62 Serbs-Cr-8l 33 '62 Shell Un Oil 68 *47. Shell Un Oil 5» 49. Shinyetsu 6% Sinclair O11 834 Sinc O 7scv A '3T. Sine Cr O 5%3 38 | Sinc P L 6 42 Solssons 8336 Solvay Am 63 Sou Bell T&T 6841 SW Bell T 55 A '54. Sou Pac col 4349 Sou Pac ref 48 ‘5 | Sou Pac 434568 Sou P 4%8 63 ww. Sou Pac 4348 Sou P&OT 43 Sou Ry &n 48 '56 Sou Ry 58'94. Sou Ry 6% StOII'N J 584 StOIN Y 4%s 51 Sweden 533 ‘54. Swiss b%a 4 Tatwan E P 6% 871 Tenn EI P63 A 47, Tex & Ark 5%8'50. Texas Corp 58 '44. . Tex & Pac 58 B"77. Tex & P5sC'79... Third Av rf 48 19y, | Third Av 1st s 9815 | Third Av adj 68 ‘60 79 Toho El Pw 632, 7gy, Toklo 58’52, + Tokio5%s '61. 481 5 R, Toklo EI Lt 6a 53 36. - Ulst & D bsct’28. Can Nat 4%s 57, Can Nat 4345 '63. Can Nat 4% s ‘55 Can Nat 63 Oct * Can Nor 6%s db 46 Can Nor 78 db "40. Can Pacdb4s..... Can Pacific 4%s 46 Can Pac 4%5°60. .. Can Pac 58 54.. Cent 111 G&E 58'51. Cent Pac 4349, Cent Pac 55 '60. Cert-td db 5% s '43. Ches Corp 65 '47. .. C&Ogend%a’sz, C&O4%s B9 CB&Qgen4 CB&Q4%s'TT C B&Q 18t rf 6571, CB&Q I11dv 4549, Chi & Est 111 5851 Chi Grt West 45'69 Chi Ind&L gn 58 '66 ChiM & StP 4539, C M StP&P 6875 CM&StPadjs Chi&@NW 43432037, C&NW 434s5C2037. 5 | Chi & NW cn 4%s. 140 Chi & NW 6%4s°36. 3 1 RI& Pl 4834 Chi R1&P 413552 ChiR Icv 4%s 60, Chile 88 '80 Chile 85 ‘61 Chile 784 Chile Cop dh b8 '47. SUL 4%s B'T7 | Cologne 6%s 50 Colomb 65 Jan 61 Colomb 68’61 Oct. . Colon Ol 65 '38. Colo & Sou 438 80 Col G&E 53 May'52 Col G&E cou 5361, Com Inves 5%s 49, CC Md 1st rf 58'50. Con G NY 43%5°51. Con G N ¥ 5845, Con Pwr Jap 6l%s Con Pow Japan 7s, Consum Pow 5s ‘62 Copenhag 58 52 Cuba 5%8 45. Cuba Nor 5% 842 Czecho 85 ‘51 Del & Hud rf ¢ Denmark 4145 Denmark 533 Denmark 63’42 | D& RGren4s'36. D&RG W 5885, . DRG&WbsTs. . | Dot Edison rf 5549 | Deutsche Bk 6532, | Dodge Br cl 6340 Duquesne 4%s ‘67. Dutch East 1 6547, | Dutch East 16552, El Salvador 8s°43.. Brie 1st con 4s ‘96 Erie con 43 A '53... Frieconv 4s B Erie gen s Erie cv bs Erie 5876, Fiat 7s war Finland 6% Finland 68’4 Finland 6%s '56... Fia E Coast 58'74.. Fram 1 D T%s"43. French 7s 43 French T%s Gelsenk’hen 6534 Gen Baking 5%4s 40 & Gen Cable 5%s 47, 9 Gen Motors 6s°37.. 22 Gen Th Eq 61 °40 5 German 5%s 65 German Bk & : Ger Cen Bk 63°60J 3 Ger Cen Bk 63600 11 Ge*man Tsrep 9. 56 German Bank 7s '50 10 Goodrich cv 68 '46. 22 Good 15t 638 '47.. 2 Goodyr Rub 68'57.. 4 GrandTr sf db 65°36 14 Grand Trunk 7a'40. 10 GrtNor4%s'76 D. 1 Grt Nor4%s 77 E. 10 Grt Nor6s'13..... 4 GrtNorgnb5%s’62 | Grt Nor gn 78 '36.. 17 Greek 668, 11 Hait! 6s°63%. . 2 Hud & M adj 58'67. 5 Hud & Mr6s'67.. 7 Humble O1l 58°37.. 19 o oy FaneiBn Sxa et e 1 3 97 Y 89 S8nCusnrnnSRaane o o » BeBnavewfanmoon o EIS=I TR =R PP = P, * ® womoS et @ an®R Eoon 28 23 4 12 70t 69's 81 53 3 8 5 68% 23 1001 2 90% 18 8214 27 102% 841 981y 7213 k) 69% 69 47 89% 36% 97U 4“ 6813 60 7 111 Bell Tell 5, 111 Cent rf 43 '65 111 Cent 4% ‘66 [l CCStL&N ¢% 111 CCStL&N s 11l Steel 4% 40 Inland St é34s A'T8 Inland St 4145 B'81 int Rap Tr 58 °6§. . Int Rap Tr sta '8¢ Int Rap Tr 68 33, , Y 44 BoanIdemannsSan 585 7 0w = L76% 904 | BATILE OF COTTON INTERESTS 15 ON Russian Shipments to Eng. land Prove Menace to U. S. Growers. By the Associated Press MANCHESTER, January 22—A bit- 4 ter battle is being fought out behind the scenes here bstween international | interests connected with the marketing yr.( raw cotton. It is a commercial war in which the moves are hidden, due to the entire lack of official current statistics since last October 3. when the Liverpool Cotton Association ceased publishing its official daily figures concerning cotton import- ed and estimated spot sales by descrip- tion, together with prices paid Within the last few weeks whole ship- loads of Russian cotton, containing ap- proximately 8,500 bales of each ship- ment, have again appeared at Man- chester and Liverpool. Russian Shipments. Before the American slump in 1929 Russian cotton was almost unheard of in England, and what small quantity reached British spinners was locally considered to be of very low quality. | Then, in 1830, came the time for the Russians. under their five-year plan, to start paying their long-dated bills of exchange against machinery and plants purchased three years ago in England. To obtain sterling currency cotton was shipped to England from Russia on consignment and sold for the best price it could realize for cash. ‘The Lancashire Cotton Corporation experimented with the first shipment. It was found that the cotton had been carefully selected in even-running lots of a bright-colored strict-middling grade, and was capable of competing with ‘good-quality American and low- quality Upper Egyptian. After the first few shipments had been disposed of satisfactorily, forward contracts were placed and a considera- ble business negotiated with important British spinners, which increased the im- | ports of Russian cotton into England to approximately 175,000 bales for the year ended July 31, 1931. Well informed quarters of the British cotton industry selieve that Russia will not be able much longer to restrict her own imports of raw cotton as she has done since the economic crisis began in 1929 End to Menace Seen, To enable Russia to export cotton the | cotton-spinning industry inside Russia | has been severely penalized. At present the price asked for Russian cotton is from 55 to 75 points above competitive | American cottons. This latter factor | alone. providing credit facilities to ob- tain American dollars are readily avail- able to the British importer, will see i the end of the Russian cotton menace to American growers. DIVIDENDS DECLARED NEW YORK, January 22 (#).— Hidrs. of record Jan. 23 Pay- able. Company ate. riod i 1 Ri Pefrolite Corp Ltd..25c Initi No River Ins new..25c Q Resumed. Petrolite Corp Ltd...2% Q Reduced. Q Mar.10 Feb. 10 Féb. 1 Jan:a 5 Freeport Texas...... RealBtate Bav & 5 0C (Pitts) 51 Winsted Hosiery' Co..52 Feb. 15 Dec. B Accumulated. Autom Vot M Pr Pt..s1 1 Stock. 125 Feb. Cities Service Gas & Elec Sec b Sediies™ 2% Omitted. | 8% 855 an 1% -G Wicl s 1% pf.81.7% Midland Groc Co. .o 48 Regular. Pe- Company. Rate. riod. Aeolian Co Mo 2d pf_$2 Altorfer Bros $3 pf.75¢ Amer Book Co ....$1.75 Am El Sec pf ......:25 Am_ Stores ; Balt Am Ins (35) Bamb(L)& Co pi.31.5: Bohack (HC) Co | 1st pf Py E3 | Bohack Rity ist 518 Cities Service ... Do pf . Do pf B wenen c Do _pf BB 50c Em Dist Elec 87 pf.50c First-Stamford Natl Bk & Tr_ (Stamford). 22 Gas & Elec Secur , 30c Do pf . 53815 Gas Secur pf 50c Cen Outdr Adv pf.$1.50 Globe-Wernicke alty Co 6- pf ...$1.50 Inter Harvester bf’$175 Johansen Bf Sh pf %175 Kings County Tr...$20 Mercantile Com Bk & Tr (8t Louls). .. .15 Mich Gas & Elec Co 1i ..8L75 Pay- able, Jan Hldrs. of Bt 43 P 58 HBEGE GOSORe NS 8 B 25 255 G5 GHRESS SHGH Railway Equip & Realty Ist pf.. St Louis Car pf St Paul Fire Ins Stand Cap & Sl Co.60c Troxel Mfs 31 3175 Do pf u'S Fine & Fary 15t pf : 1st 'pf 1st pf 1st pf 30 & Ind pi’.3715¢ sted Hosiery Co..{2 £ 30c 30c racaBis o GeRgse 52 175 150 5c c Do Woods Br Do 6 D et wrig (Wm ir)"Co Exchange Seat $150,000. NEW YORK, January 22 (#).—Ar- rangements were made yesterday for the sale of a New York Stock Exchange seat at $150,000, off $2,000 from the last transaction. Sales. High. 90. T4% Low. 2:35. 90 90 4% TAN 9% 79% 82 8814 93% 59 27% 2714 271 80 30% 30% 42 89% 431 46 53% 54 Un Pac 18t 4847, Un Pac ¢s'68. . Un Pac rf 4s 2003 Un Pac 4%s ‘67 Unit Drg cv 53 '53. ww N NN SRR N S RN Oo e Hran wHeNe SRR AR R Un St W 6% UAd St W 6%sA'51.. UA St W 5%sC'51 Unit SS Cop 6s '37. Uruguay § . Uruguay 6s Uruguay 8s ' Utah P& L 58'44.. Util Pw 53’59 ww. Utll Pow 5%8°47.. Vanadium St 58°41. Vienna 62 52 Va Ry 1st6s'62.. Wabash 44878, Wabash 2 Wabash 53 B Wabash 53 D '30. Wabash 5%s ‘75 Warn Br Plc 6839, West Md 4s ‘52 West Md 5%s 77 West Pac 5546 West Union 53 '51.. W Wes: Un 6%3°36. WEOG5%S'3T ww. Wick S cv ct 78'35. Wilks B & E 1st 5s. Wil & Co 1st 63 '41. Wis Cent gen 4336 Yokohama 63 '8 Txstn S&T 58 A" Ygstn S&T 55 B'70, / 4