Evening Star Newspaper, January 22, 1932, Page 15

THE EVENING CURB SHARES HOLD IN STEADY TREND Leaders Show Firm Ten- dency After Slight Changes at Opening. BY JOHN A. CRONE. Bpecial Dispateh to The Star. NEW YORK, January 22—A slight firming tendency appeared on the curb exchange at midday today following a quiet and virtually unchanged opening Electric Bond & Share was up slightly, while Cities Service was un- changed. Deere & Cc. firmed and £o did American Superpower. Standard Oll of Indiana and International Pe- troleum were unchanged, but Ford Motor of Canada A and Stutz Motors were fractionally higher. The cautious attitude in at the opening was due to the, fact waiting for some word the railwvay wage meeting and grain markets in Chicago and from Washington on the finance bill's progress, Traders were inclined to sgnore the foreign situatiol Public utilities, estment trusts textiles, coppers and motors moved more or less in response to corporate rather than market developments Utility Equities Corporation turned ac- tive as it reported the liquidating value of priority shares was 83 at year end and $84.10 a share s Jansar: 15, 19 American Founders, which showed as- set value of $1.04 a share on November 30 last, against $5.55 on November 30, 1930, was up a shade, but United Founders ecased after it reported asset value of $2.24 a share on November 30. contrasted with $5.80 a share on May 31, (931, Lack of dividend action on the common of American Electrical Secur- itigs had no immediate market effect Copeland Products’ decline of more than a point late Thursday hardly mir- rored the announcement today that 1931 fiscal net was $6.04 a common share, agsinst $2.05 a share in the 1930 period, and that November and December sales were 40 per cent ahead of the same months in 1930 Northern Pipe Line rose 112 points on the news that directors, following shareholders’ approval of a reduction of par value, had authorized payment of $20 a share from capital reduction ac- count and the issuance of three new shares for one of the present $50 par shares New York Transit previously had dis- counted the calling of a special share- holders’ meeting January 26 for the re- duction of capital from $1,000,000 to $500,000, or from $10 par to $5 par, and payment of $5 a share in cash Other pipe lines lagged. but A. O, Smith Corporation, manufacturers of pipe, slid from 53% to 44 on a string of offerings during the second hour. Grains about balanced losses in initial dealings on the curb. Electric Bond & Share in a lot of 1,500 shares opened at 121, up ’x Cities Service in a deal of 2,000 shares opened et 615, unchanged, as did Amer- ican Supcrpower at 37% on & share deal American _Commonwealths Power B in'a 1.100-share trade opened up frac- tiona'ly. Pennrcad Corporation, at 37, lost .a shade. Brazilian Traction, at 107., was unchanged, but Ford Motor Ltd., at 5%, was off 'x. Deere & Co., at 115, yieided Huds ing, at 21, gained slightl Co. and United St with warrants, both f monwealth Edison, at point evidence that $ a of med, but Com- declined a BONDS ON THE CURB MARKET. 3 DOMESTIC BONDS. a High. Low 99 93l 33t Noor 9944 93'a 1Asso El Ir 1Asso G 3As0 G & E 42 §Asso Gas & El 58 1Asso Gas & El 5s 2As GAE 5’28 § Associat Rayo: 4 As Tel Ul 5° ell Tel C: » Adm 5s A ‘53 W ling P & L 55 56 200000000000000000k acific GAE 55 C T A 48 A 2025 x ¥ SR nDane vestvac Chl § FOREIGN BO 2 Baden Con Mr 1 Bogota Mig Bk 1 Buen A & Buen_Air Pr 9 Are Mg Bink 9 Ar. Mte Bank 1Com Pr Bk 1 Finld_Ind Bk 4 Ger Con Mun 8. 34 47 38 63 Pr 7hes 51 C Can 4155 59 B G Co 65 A '53 3 s 75 46 xw 1 Boc 8155 A Indust ' ith warr T 50 28 54 i 3 rants. the | 1,500- | s Electric Power, | “ | brokers’ loans declined. o' | York and N Stocks sold 1o 100-share lots excent those de: ~Prev. 1931.~ Stock and Bales— High Low. Dividend Rate. Add 14% 4 Acme Wire.. 3 54 3% Allfed Mills Inc... 4 23 9 Allled Int Invev pf 1 224 48 Aluminum Coof Am 900s 5 109% 56% Alu Co of Am pf (6). 16% 9% Alum Goods (1.20).. 7 2 Am Beverage . 6 % Am Capital B. 1387 19 Am Cit P&L A (a3) 10 1% AmCitPw&LtB 17 % Am Com Pow A. 29% % Am Com Pow B. 12% 2% Am Cyanamid B.. 31% 34 Am For Pow war. % Am Founders 32 AmGas & Elec (11). 1% Am Invest Inc (B).. 6% Am Mfg Co 3 Am Superpo Am Superp Am Superp pf (6)... Am Util & Gn B vte. Appalachian Gas. ... atGasA... G cu pf (60c). ¢ Indus Ltd AsSOG&EL (A) b5 % . Atlas U111 Corp Atlas Util pf (3). ... Auto Voting Mach. . |5 Rellanca Alr v.t.c. | Blue Ridge Corp | 38 Blue Ridge cv uf(ad) Blumenthal (S)..... | Brazil Trac Lt&P(1) | Brit Am O11 C (80c) . Bur Cor Ltd rts (2¢). Canadian Marconi | 2 Carnegle Metals. ... Cent Pub Svc A h5%. Central States Elec. . Cities Service (g30¢) 121 Cities Serv pf (6). 2 Sit Sv P & L pt (6)..2008 “it Sv P& L pf (7)..1008 Jlev B 1lum (1.60). 2 “leveland Tractor 5! “olum G&E cv pf(5) 1408 "ol O11& Gas vte “olumbia Pic vtc. .. ‘ommwlith Edison ¢ mwith & Sou war. . i “om Water Service. | Comstock Tunnel. .. | Consol Auto Merch.. | Coatl Chi Cp cv pf 3. Cont Sharescy pf... Cont Shares pt (B).. Cord Corp. ... Corp Sec Ch (b6%). Creole Petroleum. Cresson Consol. Cus! Mex Mining. Deere & Co. De Forest Radlo. ... Derby Oil Refining. . Detroft Afrcraft Durant Motors Eisler Electric Elec Bond&Sh(b6%) 243 ElecB&Shcupf5.. 6 Elec B&Shpf (6)... 5 Elec Pow Assoc A (1) 3 Emp'yers Rein(1.60) 1 Eureka Pipe L (4).. 1008 Florida P & L pf (7). 258 Ford Motor. Can.. A. 11 Ford Mot Ltd 36 3-b¢ 3 Gen Aviation....... 1 Gen G&E cv pf B(6). 50s Gen Theat Eqev pf. 10 Glen Alden Coal (4). 375s '» Golden Center. . 2 s Go'dfield Consol 7 Goldman Sachs 13 Graymur Corp (1).. 1 Gt At&Pac Tea pf(7) 308 Gulf Of of Penna... 10 Hackmester Lind. .. Hamilton Gas vit.e Hudson Bay M & 8. Humble Ol (2).... Hydro El Securities. 11l Pow & Lt pf (6).. tmp O1l of Can (50¢c) Insull Inv (h§%) Insur Coof N A (2). Insurance Security.. Intercontinent Pet n Int Cigar Mach (2%) int Petroleum (1) Internatl Utllity (A) Int Utilities B. ... Interstate Pw pf(7). 50 italian Superpow A. Kolster-Br (Am 8h). Lackawanna Sec (4) Lefcourt Real pf (3) Leh Co & Na (1.20).. Lindsay Light (80c). Lone Star Ga#n 85c. Lonx Island Lt (60c) Long Is cu pf B(6).. Louisiana Lan & Ex. Magdalena Synd Margay Muss Utl] Assoc. ... Mass Ut cv pf (23%). Mavis Bottling (A). Mead Johnson (15).. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. 1 3 2! 1 1 1 6 2 2 2 3 4 « ¢ C « « « « ¢ « 1 « 3 255 10 10 2 1 508 4 NEW YORK, January 22.—The fol- lowing is a summary of important cor- poration news prepared by the Stand- ard Statistics Co., Inc. New York, for the Associated P 1321 News Trend. For twentieth time in succession According to | the report of the Federal Reserve Bank | of New Y loans decreased $32.000,- 000 in the week ended January 20 to a 1 of $531,000,000, the lowest figures since F 1, 1918. Loans made by member banks for their own account declined $35.000,000, loans for “others” re $1,000.000 lower, while loans for the account of out-of-town banks rose | $4.000,000 rk The Companies. 4 Voting Machine declared 250 back dividend on prior. preferred ock payable $1 in cesh and $1.50 in Chesapeakc & Ohio Railway 1931 mmon share earnings after sinking 47, vs. $4.44 yon Stecl & Coal.—Four fur- its to resume January 25, 1032 <resge (8. S.) Co—Common dividend not yet discussed by directors; to take action in February onal Lead Co. buys controlling in Virginia Smelting Co.; to latter's plant, which has 0,000 tons annually. Corporation of America.— resolution seeks | concerning _patent suit involving this company, General Electric, American Telephone elegraph and Westing- use Electric & Manufactur.ng; direc orney General not to enter into any tilement Inc.. $6 preferred share nded December 26, $5.10 year ended December Radio te 30 in rd Oil kcrosene price station Sterling Securities | December 31, 1931 yivlf’nrd share vs, of 115 Ohio cents marks 0p a gallon at liquidating value $42.99 a first $72.67 December rland Paper, 1931 e earnings 33 cents vs common 80 cents. { clared four quarterly common dividends of 50 cents each covering year 1932; ilfl'il common share earnings 49 cents vs $3.42. { Wheeling Steel Corporation advances , I melting rate at Steubenville above 50 per cent of capacity Associates Investment 1931 net over 5 * | $900,000; cash exceeds $2,500,000. “ Colonial eacon Ofl advances New prices 1> cent a gallon. l ber sales off 7.4 per cent; 12 months off 12 per cent Franklin (H. H.) Manufacturing to make its own car bodies. Freeport Texzas Co. declared 50-cent quarterly dividend; formerly paid 75 00. Open. Hirh. information | United States Pipe & Foundry de- | w England bulk gasoline | F & W. Grand-Silver Stores Decem- | t letter “s." | ~Prev. slgnated by e 3 4 3 e N Btock and Dividend Rate. Mid West Ut (b3%). Mo-Kan Pips Line. .. chman Spring. . t Bd & 8 Corp (1). tDPrpfA (7). t Fuel Gas (1) Nat Investor: . Nat Pow & Lt pf (6).160s at Pub Sv A (1.60). at Pub Sv pt (7). Nat Sh T Sec A 160¢c. Nat St Corp war..... Nat Sugat NJ (2). Nauhelm Phar. New Amster Cas (2) w Haven Clock. .. New Mex & Ar Land. TAR, WASHINGTON NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. Bales— Add 00. Open 35 b% 6 1% 20 ose. [ 1% [ 21 9615 12% 21 70 ™ 50 2% 1% 21'a % 19'% Low. Cl 51 1% 5la 200 96'a 12% 2% 70 ke 50 2% It 1 4 258 9 2 1 258 16 2 50x New Process (2ic). . ¥ Shipbullding Cp. Y Transit (70c) . Niag-Hud Pow (40c, Niag-Hud Pow A w.. Niag-Hud Pow B w.. g-Hud Pow Cw.. ag Share(Md) 20e. Nitrate Corp Chile B Nor Ind PSpf (7). North Pipe Iine (3). or St Pow pf (6).. Nor St Pow pf (7)... Oflstocks Ltd (A). PacG & E 18t pf 1%. Pac Western Oll.. Pandem Ofl. Pender DGr B..... Paramount Cab Mfg. Pennroad Corp (40¢) Penn Wat & Pow (3) Peoples L&PWr (A). Philip Morris Inc Phoenix Secur C Pilot Rad Tube A Pion G M Ltd (12c Prudential Inv pf(6) Pub Sve,N1linp(8). 76 Pub Util Hold war Pub Utl] Hold xw. Radlo Products Rellance Int A. Reliance Manag. Republic Gas Corp Reynolds Invest. . Anthony Gold St Regis Paper. . Salt Creek Prod (1).. c Allied Corp (1).. Selected Indu: T Sle Ind alctfs(5%).. Slct Ind prior(5%).. fentry Safety Cont.. Shattuck Den Min... Shenandoah Corp pf. 4 Sherwin Wil pf (6).. Smith (A.0.)... Sni Viscosa rets South Penn 011 (1) SoCal Edpf B (1%). u Cal Ed pf C(1%) So. Union Gas Southld Royalty 20c. SW Bell Tell pf (7).. 50 Stand Motors. . Stand Ofl of Ind( 1). Stutz Motor Car..... Sunray Oll. Swift & Co (2)...... Swift Internat’l (t4) Swiss Am ampa I SLpf (6) . .150: ec (2%). .. ob Prod of Del wi. . Todd Shipyard (2) Trans Lux DLPS.. Iriplex Safety Glass Tri-Cont Corp war Tri-Utilit] : Tubize Cha Unit Corp war. Unit Founde Unit Gas Corp. Unit Gas pf (T)... Unit Lt & Pw A (1).. Unit L & Pwr p£(6). Unit Profit Sharing. . U S Elec Pow ww. U S & Intl Secur..... U S Inter Sec 1st pf.. Unit Stores v.t.c. Unit Verde Exten (1) Utah P & Lt pt (7). Util Po & Lt (b10%) Ut P&L(B)ofs b10% Utility Equities. ..., Util Equity pf( Util & Ind Utllity & Ind pf (1% Venezuela Petrdim. . Waitt & Bond A(2).. Walker. H (25€)..... Welch rape J (1) Wenden Copper. Western Alr Exp WiwthFWLtd29 4 5 1% Dividend nual payment a Payable dividend. _{ plu stock. i Plus stock. n Pl Com Edison Feb 1. Pub Sve N 11 rates in dollars based 3 in, dollars on last quarterly of semi in cash or stock. cents; 1931 preliminary common Ahflrel earnings $3.26, vs. $4.28. | »Gul( Oil subsidiary advances New | York and New England bulk gasoline prices 1 cent a gallon. Gulf States Steel 1931 deficit $976,~ | 228, vs. deficit $8,115,334. |~ Hobart Manufacturing declared 50- | cent quarterly dividend; formerly paid | 621, cents Hudson Bay Mining & Smelting Co., Zinc and copper output near ca- averaging about 1,500 tons of each metal a month, International Railways of Central America December gross income off 30.4 per cent; 12 months off 33.5 per cent Montreal Light, Heat & Power Con- solidated 1931 common share earings $2.17, vs. $2.19 Ward Baking class A share earnings, year ended December 26, 66 cents, vs. 26 cents in year ended December 2T 1930 South Penn Oil subsidiary, Pennzol, reduces price of motor oil 5 cents to 30 cents a quart, applying to all East- ern sections. Business Notes NEW YORK, January 22 | solute. | into play. | pay 4 EIGHTS—EXPIRE a1 22 84 B4 15 1% 14 1% . 1% .Feb 1 14 Partly extra. IPlus 4% In stoek. b Pay in atock. e Adjustmani € Plus 6% in stock. hPlus 1% in Kk Plus 10% in siock. m Plus 3% in Paid Isst year—no regular rate, Foreign Bonds’ BY GEORGE T. HUGH Foreign bonds in default are not all of the same standing. Sometimes the default is due to the impossibility of obtaining the necessary dollar ex- change. Sometimes the default is ab- In the former case an amount equivalent to the service on the bonds is deposited in a bank in the debtor country to be held for the benefit of the owners of the bond. The reason for the scarcity of exchange lies in the trade position of the country con- cerned In the last analysis international debts are liquidated by the exchange of goods or services either directly or indirectly, directly if the transaction is between the two countries involved and indirectly if a third country comes If it is impossible for one country to export sufficient goods to for its imports, plus the service on its bonds, and if gold is not avail- | able in sufficient quantity the defaut | is forced. ~Figures | issued by the Tubize Chatillon Corpor- | ation show that both production and consumpticn of rayon in the United States in 1931 broke all previous rec- ords. Output based on figures cover- ing 96 per cent of capacity totaled 143,900,000 pounds, an_increase of 31 per cent over 1930. Consumption to- The troubles in South America at the present time are due in lgrge measure to the collapse in the price of the commodities which those countries export. Until this is remedied the ott- | look for the bondholders is unfaverable. | much worse. taled 150,100,000 pounds, a gain of 43 | per cent Prcducers of durene and mercerized yarn, representing more than 90 per cent of the trade, have adopted a stand- ard form of contract covering pur- chases. The action was taken, it was explained, in an effort to check un- | ethical practices practiced by | buyers in the past. Trade interests ex- pressed the belief that the enforce- ment of the new contract form will help stabilize the hosiery and plece goods trade. Dealers report a good demand for table lamps in the wholesale market, mainly in low and medium priced lines. It is said that retailers sample orders at recent | are requesting larger shipments. An active demand for parchment shades for February and March delivery is sald to have developed in the lact few days. A larger volume of buying is reported in the primary dry goods market here coincident with a marked increase in the number of jobbers arriving. Finance Committee Formed. NEW YORK, January 22 (#) —It was reported from Chicago that the Inter- national Harvester Co. has formed a Finance Committee to supercede the Executive Committee. It will be com- posed of Harold F. McCormick, chair- man; Alexander Legge, Cyrus H, Mc- Cormick, George A. Ranney, A. E. Mc- Is(lm!lr)" John P. Wilson and Judson F. one. China has just legally established an eight-hour day in many factories. some | who placed | trade ‘shows | | | When a country’s finances are 0 dis- ordered that even payments in.its own currency cannot be made for account of foreign bondholders the case is that In any event, however, there is always & chance fhat some compromise will be reached, if not now, in_the future Therefore even defaulted bonds have a market value. This valpe varies first with the general foreign bond market. When there is active liquidation in all bonds, because institutional or indi- vidual holders must have ready funds, these defaulted obligations decline sym pathetically. Similarly, when we have un active and strong bond market they advance on speculative buying. As far as regards their own outlook, the price moves with the progress or lack of it in restoring financial stability and that in turn with the South American issues depends on the recovery of commodity prices. POTATOi MARKET. CHICAGO. January 22 (&) (United States Department of Agriculture) — Potatoes, 96 carloads: on track, 239 carloads; total United States ship- ments, 781 carloads: dull; trading rather -slow; sacked per cwt., Wis- consin round whites, 75a80; few, 82} §5; unclassified, 70a73';; Nebraska Triumphs, 1.0581.10; Colorado Mc- Clures, 1.35a1.45; Idaho Russets, No. 1, 1.501.60; few fancy higher; No. 2, 1.05a1.10. PARIS, January 22 (#).—Three per cent rentes, 79 francs 65 centimes. Five per cent loan, 102 francs. Exchange on London, 87 francs 60 centimes. The dollar was quoted at 25 francs 39'2 centimes. When $1,000,000 in Christmas funds was released in Hawaii, the savers used most of it to pey taxes. 5 D. C, FRIDAY, IRECORD INSURANGE| TOTAL 15 SCORED December Figures Show New Life Policies Were Largest in 18 Months. By the Associated Press. NEW YORK, January 22—The largest amount of new life insurance written in the past 18 months was credited to December in a report ye: terday by the Association of Life In- surance Presidents. The report said December also was the first month since June, 1930, to show a percentage increase over the corresponding month of the preceding year. The increase was one-half of one per cent over December, 1930. The statement, which showed the new paid-for business of 44 member com- panies having 82 per cent of the total volume of life insurance outstanding in all legal reserve comparies, disclosed the new business of the companies dur- 1A% December, 1931, was $1,117,187.000 compared with $1,112,173,000 in Decem- ber of 1930. The totak new business of the com- panies for 1931 was $11,085003,000 against $12,460,977.000 in 1930, a de- crease of 11 per cent total of all life insurance carried by them to be $89.833,462,000 on December 31, 1931, a net increase of insurance in’ force for the year of $1,059,335,000 or 1.2 per cent. Grain Market By the Associated Press. CHICAGO, January 22—BIg export shipments of wheat from Southern | Hemisphere sources led to early lower prices today for grains. An easier tonc in sccurities was also a bearish factor. Opening unchanged to ‘i lower, wheat afterward sagged all around Corn started unchanged to s off and subsequently showed a general setback With Buenos Aires wheat quotations at & new low record for the season and 4 to 5 cents a bushel under the level at this time Jast year, bears gave special emphasis to word that Argentine and Australian combined exports of wheat this week totaled 11,521,000 bushels This aggregate compared with 6,100.- 000 a year ago. Little attention was | given to the fact that Australian wheat ports were largely to the Orient. Tending to act at times, however, as a curb on downturns in wheat values was absence of any urgent selling pres- sure in future delivery dealings. In this connection, it was pointed out that domestic receipts of Wheat were un- usually light, indicating producer dis- satisfaction with prices. Traders were also uneasy as to crop effects of ab- normal weather conditions, and reported picking of flowers in January, when temperatures should normally ~register around zero. Corn 2nd oats prices todk their cue from wheat Provisions were to up- turns in hog values. responsive New York Cotton Special Dispatch to The Star. NEW YORK, January 22.—Opening cotton prices todsy were unchanged to 3 points lower. Trading was in small volume. Foreign demand was small. Offerings from commission houses were not_heavy. Opening prices were: January, 6.59. off 3; March, 6.70, unchanged; May, 6.85, unchanged; July, 7.02, off 1 October, 17.25, off 1, 741, off 1. ROBERT N. HARPER HEADS VIRGINIA ROAD COMPANY Falls and | Washington, Great Dranesville Highway Orgaxiza- tion Holds Annual Election. Special Dispatch to The Star. MCLEAN, Va. January 22.—Robert N. Harper of Washingtor and Lee burg was re-elected presdent of the Washington, Great Falls & Danesville Highway Co. at the smnual meeting here. | Herman E. Gasch ¢ Washington and | Prospect Hill was dected vic> presi- | dent; Douglas S. Mackall of Washing- ton and Langley, teesurer, and Ralph | Powell of Langley secretary. In addition to the officers, the new board of directo's includes E. T. Simp- son of Washington, Mark Turner and A. C. Speight of Forestville, Albert Schmidtz of Great Falls, G. Wallace Carper of Spring Hill, John W. Preston of McLean, John C. Mackall of Langley and Oscar T. Wright of Washington. The treasurer’s report showed $13- 146.35 taken in during the year at the toll gate, all save the $1,000 balance now in the treasury having been spent in impfoving the road from Langley to Elkins and Great Falls. All debts are paid to date. The road has been widened in three places during the year and resurfaced for the first two miles. The directors were authorized to sur- ve7 the road and definitely locate the right of way by permanent markers. PLANS TO REORGANIZE COMPANY ARE PUSHED | By the Associated Press. 1 NEW YORK. January 22 —Success- ful efforts of American Commonwealths Power Corporation receivers to enlist co-operation of creditors gave added hope today that final reorganization might be effected without loss to the company of its important operating sub- sidiaries. Chase National Bank has agreed to | carry a secured note of the American | Community Power Co., a subsidiary, in | order to give the receivers more time to | perfect their reorganization. The United States & Foreign Securi- | ties Corporation has retained an inter- est in the reorganization by purchasing a $1,707,000 debenture issue of another subsidiary—the American Gas & Power Co.—from A. E. Fitkin, who on Wednes- day bought a controlling interest in that company. | 1 I CHICAGO LIVE STOCK MARKET CHICAGO, January 22 () (United States Department of Agriculture) — Hogs, 27,000, including 8,000 direct; ac tive, 10 higher; 170-210" pounds, 4.05a 4.15; top, 4.20; 220-250 pounds, 3.85a 4.05; 260-300 pounds, 3.75a3.85; 140-160 pounds, 3.7524.00; pigs, 3.0023.50; pack- ing sows, 3.30a340; light light, gooa and choice, 140-160 pounds, 3.75a4.10: | lightweight, 160-200 pounds, 3.95a4.20: medium-weight, 200-250 pounds, 3.85a 4.20; heavyweight, 250-350 pounds, 3.65a 390 packing sows, medium and good. 275-500 pounds, 3.25a3.50; pigs, good and choice, 100-130 pounds, 3.00a3.60. Cattle, 1,000; calves, 500; clean-u trade at about steady prices on all classes; most short-fed steers and year- lings 4.2526.50; no good or choice grades offered. Slaughter cattle and vealers: Steers, good and choice, 600-900 pounds, 6.50a10.50; 900-1,100 pounds, 6.50810.50; 1,100-1,300 pounds, 6.50a10.25; 1,300- 1,500 pounds, 6.50a10.25; common’ and medium, 600-1,000 pounds, 3.25a6.50. Heifers, good and choice, 550-850 pounds, 5.00a7.00; common and medium, 3.00a | 5.00. Cows. good and cholce, 350a4.15; common and medium, 2.753.50; low cutter and cutter, 175a2.75. Bulls (yearlings _excluded), good and choice (beef), 3.50a4.25; cutter to medium, 2.50a3.85. Vealers (milk fed), good and choice, 7.0088.50; medium, 6.00a7.00. | JANU The reporting companies showed the [ and December, | ARY 22, 1932 Everybody’s Business Constructive Move Is Seen In Agreement on Recon- struction Finance Cor- poration. BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, January 22.— Agree- ment on the reconstruction finance corporation bill by both houses in re- garded as constructive. Although the bonds which the enter- rediscount by the corporation, Treasury will be authorized to buy them, Funds are expected to be de- rived from the sale of Liberty bonds. Of the first offering, s much as $200,- 000,000 will be available for aid to closed banking institutions and $250,- 000,000 for agriculture. Provision is also made for temporar: railroads and aid for carriers in re- ceivership, as well as for assistance to foreign commerce. In short, the new enterprise will be authorized to help any bank, saving bank, trust company, mortgage loan company, credit union, Federal land bank, joint land bank and the Federal Intermediate Credit Corporation. The original wording to the effect that the corporation will be authorized to aid any bona fide financial institution in the United States was deleted. Life Insurance Day. Among the various day: observed for one thing or another Life Insurance day occupies a prominent place. It was observed yesterday throughout the Nation as part of Na- tional Thrift week Its sponsors availed themselyes of the opportunity to bring home io the pubiic that, as an incentive to fhrift or as an investment, life insurance has no superior. 1t is an ideal method of creating an immediate estate ewabling the beneficiaries thereof to discharge the financial as well as social obliga- tions of the insured That the advantages of life insur. ance are fully appreciated may be evi- denced from the marked increase in the amount of life insuranc in force which, at the beginning of fhe current year, stood at close to $109/000.000.000, equivalent to about $875 for each man, woman and child living iz the United States. Debtor Nations’ Difficulties. Difficulties encounterrd by debtor nations in meeting their obligations are attributed to the maldistribution or uneven division of gold, according to Canadian Railways. Sir Henry calls attention to the fact that the ‘United States, the largest creditor nation, is protected by a high tariff which pre- vents the paymenf of obligations of other countries in goods, and compels their repayment in gold, of which there simply 15 not enough in the world. stimated at $150,060,000,000, or almost 15 times the available supply of the yel metal. Perhaps Abbe Terray, one time French finance min- ister, was rght when he suggested that nations should default at least once every hundred years. Sirawn's Prediction. | With th coming of Spring, the sun will begin again to shine. somewhat ¢imly at first, but with increasing vigor, through the overhanging gloomy clouds, according to Silas Strawn, head of the United Althcugh he admits the impossibility of predicting accurately when the acute ecoromic troubles will be over, he be- lieves that the American Nation is now stan¢ing firmly on the ground and is thnking about governmental and per- sonal affairs more intensively and con- | tructively. Reparations Problem. News from abroad is more complex than alarming. ; The Lausanne Conference, scheduled for January 25, will not be held. Hope is entertained in certain quarters that a satisfactory agreement may be reach- ed regarding the procedure to be adopt- vativel |ed in the course of a few days. | intimation that further Germany'’s extension of payments or new mora- toria will not be acceptable and that & complete settlement of the reparations 1 need not necessarily cause appre- hension. has been dragging on for nearly a dec- ade and a half and one of the most constructive steps will have been taken if a permanent solution is found. This Hhould take place within the nert few months. Although the extent of German com- mitments on the part of the Irving Trust Co. is somewhat in excess cf what was generally believed, the amount is | insignificant when compared with the | total resources of the institution. The Jatter's short-term credits in Germany aggregated at the beginning of the year $29,000,000, equivalent to about 4.6 per cent of all resources as of Decem- ber 31, 1931, American Capital Needed. Latin American countries nced Amer ican capital as much as American in dustries need Latin America's raw ma- terials and special agricultura’ prod- ucts, according to Dr. Jose Manuel Puig Casauranc, Mexican Ambassador to the United States. Dr. Puig feels that once relations of the two Americas are built upon the foundations of sin- cere reciprocity, the greainess of the hemisphere will have been achieved. (Copyright. 1932, by the North American Newspaper Alliance. Inc ) HERNDON BANK ELECTS Ernest L. Robey Is President—Other Officers. Special Dispatch to The Star HERNDON, Va., January 22—At a mecting of the directors of the National Bank of Herndon the following officers were elected: Ernest L. Robey. pre: dent; John F. Ryan, vice president: A E. Bradshaw, cashier; assistant _cashler. The officers reported that 1931 had en a favorable year for the bank The bank has recently declared and paid its semi-annual 6 per cent divi- dend. Selected as be: From Yesterday’ 50 Industrial Previous day Week ago. Month ago Year ago Three years ago. Five years ago High, 1931-3! Low, 1931-32.. High, 1930 Low, 1930. High, 1929 Low, 1929. Today. .. Previous d: Week ago. Month ago Year ago.. Two years ago Three years ago. High, 1931-32. Low, 1931-32. High, 1930. Low, 1930. High, 1929 Low, 1929. ay. prise will float will not be subject to| the | financing for | in the year | Sir Henry Thornton, president of the | The total debt of nations is conser-| tates Chamber of Commerce. | problem should be effegted beiore July | The entire war debt question | James Myres, | |CENTRALIZED CIGAR INDUSTRY IS NOTED Trend Shows Bulk of Production Centers ir Few of Larger Plants. Special Dispatck, to The Star. NEW YORK, January 22—The trend toward concentration of the country’s cigar preduciion in the hands of larger producers, which has been in evidence |for a decade or more, continued in 11930, according to figures recently made available. Since conditions in 1931 woud further this trend, it is probable that when figures for the past year ars available, a -further sharo contraction will be reported in the number of factories operated. During 1930 there was a small de- cline in the two groups of largest cigar factorles, but in both instances these groups produced a larger part of the total cigar output than in previous | years. At the same time there was a | sharp contraction in the number of factories with the smallest output, the | rate of disappearance being faster than | in the preceding years, and the group’s | sharc of total output' fell to 522 per | cent from 553 per cent a year earlier and 13.7 per cent 10 years before. Since 1921 this trend toward con- centration has reduced the number of factories operated by nearly 50 per cent. This is best shown by tje fact that in 1930 there were 35 factories operating which produced over 40,000,- 000 cigars during the year. These factories produced 49.8 per cent of the | total cigar production in that year. In 1921 there were only 11 factories of this | size operated, and they produced only 157 per cent of the total cigar production. In 1930 only 6976 factories which | had production under 500,000 cigars | annually were operated, and they | produced 5.22 per cent of the total cigar production, compared with 13,149 factories of this size in 1921. when they produced 13.7 per cent of the total cigar output. 'l Brokers’ Comment | NEW YORK, January 22.—Little | change in market trends was looked for | at this time in brokerage house circles |today. A further rally was viewed as among the possibilities, but, on the other hand, it was thought by some that the reconstruction fnance bill and the exp-cted railroad wage cut might have lost welght as favorable market influences. Jackson Bros., Boesel & Co.—We would not be surprised to see a med- rate reaction, but would utilize weak | spots to to long commitments, par- | ticularly in the rail group. A slight | yetracement would not change the view that the main trend remains upward and that higher prices will be secn be- fore the month runs out. Hornblower & Weeks—We think the technical pesition of the market has been strengthened rather than weak- ened during the past week in that a | market of the type we have been wit- | nessing usually encourages renewed | selling_ for the decline, and if, as we | expect, news developments immediately | ahead bring about_another sharp re- | covery movement, then the size of the |short interest should prove an im- portant factor in determiring the extent and duration of the advance once it gets under way. Shields & Co—When the reccnstruc- tion and railroad wage fade out as topics of interest the European develop- ments are likely to constitute a more powerful market influence. Redmond & Co—We would not be | surprised to see another effcrt made to rally the market, using the passage | of the Hoover reconstruction bill or the acceptance of a railway wage cut as| an excuse for the resumption of bullish activity, but we are still of the opinion ‘that no sustained major upturn is likely until business begins to show signs of real improvement and that many individual issues have not yet seen their low prices. E. F. Hutton & Co—We think the | carrier stocks will continue to lead the moderate advance in expectation of | early reduction in railroad weges. John Muir & Co. moment is living cn hope. So many de- lays have occurred in the passage of the reconstruction bill and so much is expected of it that the actual results of its operations may prove a dis- appointment and may be found to have been discounted in so far as immediate market effect is concerned. U. S. IN THIRD PLACE AMONG GOLD PRODUCERS Special Dispatch to The Star. OTTAWA, Canada, January 22.—The United States has been pushed defi- | nitely into third place among the | world’s gold producers as a result of | Canada's spectacular spurt in this in- dustry during 1931, according to a bulletin just made public by the de- partment of immigration and coloniza- tion of the Canadian Pacific Railway. “The official preliminary estimate of Canada's gold preduction for the com- vlete year 1931 has been set at 2,679,728 fine cunces, a gain of more than 27 per cent over 1930, when the production totaled 2,102,068 ounces,” the bulletin stated. ““Complete returns on gold produc- ‘Llon mn the United States during 1981 | are not yet available, but a comparison | of figures fcr the first 10 months clearly indlcates Canada's leadership. The out- put of Continental United States during the first 10 months of 1931 was 1,056,822 ounces, as compared with 984,986 ounces during the corresponding months of 1930. Canada’s owput during the first 10 months of 1931 was 2,201,286 ounces, as compared with 1,684,601 cunces dur- ing the same period of 1930. “Hence it will be seen that Canada's production in the first 10 months of 1931 was greater than for the entire year 1930 and her rate of increase ma- terially higher than that of the United States. The Dominion thus tightens her grip on second place among the nations of the world, a distinction first | won in 1930.” AND BOND AVERAGES the Associated Press. 's 5:30 Edition STOCKS. 20 Utilities. 84.6 84.4 84.5 83.0 99.6 98.4 99.3 1015 80.2 101.4 96.6 99.8 96.0 ‘The market at the | POULTRY INDUSTRY SEEKS EXPANSION 'Dairymen Are Also Planning Intensive Efforts to Increase Sales. BY F. A. RESCH. Written for the Associated Press CHICAGO, January 22.—After a year of heavy losses, the dairy and poultry industries are outlining new campaigns to reduce output and in- crease consumption of butter and eggs. In efforts to put both industries on a firmer economic footing, as well as to shake futures trading out of the doldrums, organized dealers plan steps to bring prices out of a Winter slump caused. not only by unseasonably heavy production, but by reduced consump- tion Indications of Decrease. Already there are indications that egg production may drop sharply in 1932. Several large orders for baby chicks from hatcheries have beeu can- celed. Producers have become con- vinced it would be unprofitable to maintain their output, much less in- crease it. In recent weeks butter consumption has fallen off, despite the lowest whole- sale prices in 20 years. Production, on the other hand, has been kept at an abnormally high level due to mild weather. January delivery of storage standard butter yesterday touched the lowest price which any storage butter delivery ever has hit on the Chicago Mercantile Exchange in futures trading. Butter production recently has been running about 16 per cent greater than at this time last year. while outward movements from storage have been de- cidedly lower From November 1 to January 1 29,600,000 pounds of butter moved out of storage. For the same period last year the figure was 46,200,000 pounds. Had normal consumption continued through November and De- cember, traders believe, there would have been less than 10,000,000 pounds in storage now. But, with consumption off, storage holdings totaled 26,000,000 pounds January 1. The drop in use af butter has been sharper than the detline in egg con- sumption, but the increase in egg production has been more marked than in the case of butter, although the output of eggs now is below last year's volume. About 8,000,000 cases of eggs moved out of storage from August 1 to Janu- ary 1, in contrast to the same period of 1930, when storage holdings dropped by 9,000,000 cases. Lower Prices Expected. Two days ago in the Nation's four principal egg markets—Chicago, New York, Philadelphia and Boston—10,000 cases moved out of storage. On the same day last year demand was suf- ficient to bring 20,500 cases from storage. On January 21 this year, in the same four markets, movement of butter into storage totaled 41,000 pounds. On the same day last year there was an outward movement of 273,000 pounds. Traders on the Chicago Mercantile Exchange are virtually unanimous in the opinion that both butter and eais will go into storage this year at cidedly lower prices than in 1931 Baltimore Markets I Special Dispatch to The Sta: BALTIMORE, Md. January 22— | White potatoes, 100 pounds, 75al.15; | sweet potatoes, bushel, 40a80; yams, | barrel, 75a1.25; beans, bushel, 1.25a2.25; | beets, per crate, 1.50a160; Bruseel® sprouts, per quart, 18a20; cabbage, | hamper, 1.00a1.65; carrots, per bushel, 90a1.10; cauliffower, crate, 125a1.35; celery, crate, 1.25a2.50; eggplants, crate, 1.50a2.75; kale, bushel, 30a40; onicns, | per 100 pounds, 3.00a4.00: peppers, | crate, 1.50a2.75; spinach, bushel, 25a90; | squash, bushel, 1.50a2.50; tomatoes, crate, 1.00a325; turnips, hamper, 10a 20; grapefruit, box, 1.25a2.50: ap] les, bushel, 35a1.50; oranges, box, 2.0023.75; strawberries, quart, 30a32. Dairy Market. Chickens—Young, 18a20; Leghorns, 15a18; old hens, 15a20; Leghorns, old, 15a16° roosters, 1ial3; ducks, 12a20; geese, 13a17; guinea fowls, pair. 25a50; turkeys, 15a30; pigeons, pair, 20a25. Eggs—Receipts, 733 cases; current receipts, 17; nearby firsts, 17'2a18; Southern firsts, 17. Butter—Gocd and fancy creamery, 22a25 ladles, 17a18; process, 20a21; store packed, 12a13. Live Stock Market. Cattle—Receipts, 700 head; fair sup- ply; market dull, lower. ‘Steers—Choice to prime, none; good to choice, 6.00 to 6.75; medium to good, 475 to 5.75; fair to medium, 4.00 to 475; plain to fair, 3.50 to 4.00; com- mon to plain, 3.00 to 3.50. 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—Choice 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, 5.00 to 5.50: medium to good, 4.50 to 5.00; fair to medium, 4.00 to 4.50; plain to fair, 3.00 to 4.00; com- mon to plain, none. Fresh cows and Springers, 30.00 to 60.00. Sheep and lambs—Receipts, 200 head; light supply: market steady; sheep, 1.00 to 3.00; lambs, 4.00 to 7 Spring lambs, none. Hogs—Receipts. 1,000 head; light supply; market higher; lights, 450 to 4.85; heavies, 4.25 to 4.50; medium, 4.65 to 4.90; roughs, 2.75 to 3.75; light pigs, 4.00 to 4.50; pigs, 4.25 to 4.50; trucked hogs, none. Cattle—Receipts, 200 head; light sup- ply; market steady; calves, 4.00 to 9.00. Hay and Grain. Wheat—No. 2 red Winter, garlicky, spot, domestic, 63; January delivery, 63; February delivery, 6315, Corn—No. 2 yellow, spot, domestic, 45a46; cob corn, new, 2.00a2.10 per barrel. Oats—No. 2 white, domestic, 35a36; No. 3, 34a35. Ryé—Nearby, bag lots, 40ad5. Hay—Receipts, none. General hay market quiet. Receipts ample of timo- thy, but good, mixed hay scarce and bringing premium. Prices range from $12 to $16.50 per ton, as to grade and kind. Later figure for choice clover mixed. The poorer grades of timothy are irreqular in price, Straw—No. 1 wheat, 8.50a9.00 per ton; No. 1 oats, 9.00a10.00 per ton. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks valug 34.8685 391%¢ 1391c 2382¢ 5.26¢ | London, pound. Paris, franc £33 Madrid, peseta.... Vienna. schilling. . Budapest pengo. . Prague, crown (nom.) Warsaw. zloty Copenhagen, crown Oslo. cro e Stockholm, erown. .. gEse Semisacs Capital Stock Reduced. NEW YORK, January 22 (#).—North- ern Pipe Line Co. is reducing its capital stock to $1,200,000 from $2,000,000 mr v:gg‘l is being changed to $10