Evening Star Newspaper, January 23, 1932, Page 14

FINANCIAL. MOTOR BOAT SHOW “OPENS IN GOTHAM New Models Display Many Refinements in Design and Operation. BY FRANK C. TRUE. @pecial Dispatch to The Star. NEW YORK, January 23.—The} twenty-seventh annual National Motor Boat Show opened today at the Grand Central Palace for a week's run. There has been no_economy in the reparation of the show, which em- dies everything in motorized craft up to 60 feet. Neither has there been any curtailing of quality in the construc- tion of the $2,000,000 worth of ex- hibits. Economy applies only to pro- spective boat owners. More than 150 exhibitors from all parts of the United | States, as well as forelgn countries, | occupy space on the four floors. Be- | cause of conditions these builders are | offering the best of values and have | put into their craft developments which ‘ordinarily would have been spread over & period of three years. Naval archi- tects and designers, aided by a decrease | in the cost of production materials, have met the situation admirably. Refinements in Design. | One is impressed by the refinements | in the cruiser of 1932, Structurally and mechanically there are many changes. Hulls are of rakish lines, riding quali- ties have been improved and space aboard has been increased. The first ‘Diesel-powered standard cruiser is making its appearance. Sailboats and | heavy Deisel engines aiso are shown.‘ Runabouts are scaled down to new low ce levels and include such conven-} fe?lces as ice-boxes and lunch hamper | space in open models. There is a maze of accessory exhibits that represents the greatest stride ever taken in this | branch of the industry in one year.| 'Small boats, outboard and other marine | engines, including light Diesels, abound. | Behind this galaxy of exhibits is & convincing confidence in the future of the boating industry. There are no “fearful glances forward. A recent in- *spection of boat E:nu in the Middle West and in New gland and the East by the writer revealed the fact that there are few new boats left over from Jast year. Used boats have almost dis- appeared from the market, Nothing remains to be done but build new boats and sell them—at 1932 prices. At prac- tically all of the plants /isited an op- timistic attitude prevailed. There was no voicing of unwarranted optimism, but the sight of hundreds of men at work, countless lines of boats in proc- ess of construction and actual orders from distributors and dealers could not be denied. Expect Better Business. No unreasonable predictions have been made. To the man, boat and engine builders expect to surpass the business of 1931. For several of them 1931 was a good year. To substantiate this the actual figures for the year were given confidentially in some cases. ‘The so-called depression has done much good in the boat industry. It has cleaned out the used boat market, which was becoming somewhat of a problem. Hundreds of persons, cautious of their expenditures, have purchased used boats instead of new ones. Better materials can be used in boats for less money this year and the market is ex- ~pected to have a wider appeal than ever before. The prices of seaworthy Tunabouts in some instances have de- scended below $700, while the prices of cruisers have been reduced accordingly. To the best of this writer's knowledge cheaper materials have in no instance been substituted in order that prices ml%ht be lowered. = he show will be a gathering place for the Nation’s most widely known! boating authorities all next week. To- day is known as Commuters’ day. Mon- day will be New England day. Six na- tional boating organizations will meet during the week, including the National Association of Engine and Boat Manu- facturers, under whose auspices the show is held. (Copyright, 1932.) Washington Produce ,Bulur—One-polmd prints, 28; tub, T. 16a17; ) Eggs—Hennery, current re- ceipts, 14a16. Poultry, alive—Turkeys, old toms, 188 20; young toms and hens, 22a25; chick- ens, 3 pounds and over, 17al9; 2 to 21, pounds, 18a20; broilers, 1} to 2 18a20; hens, large, 17al9; 13a15; Leghorn hens, 12al4; roosters, 11; keats, young, 40a45; old, 25835, Poultry, dressed—Turkeys, old toms, 23a25; young toms and hens, 25a28; chickens, 3 pounds and over, 20a22; 2 to 2!, pounds, 23a25; broilers, 112 to 2 pounds, 23a25; hens, large, 20a22; small, 16a18; Leghorn hens, 15al7; Toosters, 14; keats, young, 60a70; old, 60, Meats—Beef, prime, 16; choice, 15; Bood, 12%4a13; cow, 912a10; lamb, top, 13: medium, 12; veal, tap, 14; medium, ‘18; pork loins, 12; fresh hams, 8 to 10| pounds, 12; 18 to 22 pounds, 19; smoked hams, 16a17; strip bacon, 16al7; lard, @80-pound tins, 8%; package, 9; com- ‘pounds, 7a1%. Fruits—Strawberries, pints, 12a12;; quarts, 25a30; apples, bushel baskets, | /60a1.00; fancy box stock, 2.50; oranges, ‘Florida, 2.75a3.50; California, 3.00a4.00; ‘grapefruit, 2.25a3.25; pears, 3.50a4.00; pineapples, 3.00; grapes, Emperors, kegs, 450; Almeiras, 5.00; lemons, 4.00; tan- gerines, 1.25a1.75; kumgquats, quart, 10a | 15; bananas, 1.50a3.00; Alligator pears, | flats, 2.5083.00; rhubarb, hot house, 5! Pounds, 125; honeydews, Chile, 4.00. Vegetables — Potatoes, 100 - pound | sacks, 1.25; Idaho bakers, 2.50a2.75; sweets, 65a1.25; tomatoes, Florida, 6-pan, 2.50a3.50; 3-pan carriers, repacks, 2.50a 3.00;, peas, 6.00; string beans, 1.50a2.25; limas, 2.00a4.00; broccoli, 2.00a2.50; spinach, Texas, 1.00; home grown, 50; kale, 50; watercress, 1.00a1.25; Jdettuce, Iceberg, 3.50a4.25; caulifiow 8.50a4.25; squash, 2.00a4.00; mushrooms, 65a1.00; beets, crates, 2.00a2.25; carrots, +crates, 4.00; cucumbers, 3.50a4.25; egg- plant, 2.00a2.50; celery, ~3.00a3.75; onions, 50-pound sacks, 1.90a2.00; Spring onjons, per dozen bunches, 24; salsify, idozen bunches, 80; artichokes, 4.50a {6.00; parsnips, 150; cabbage, new, serates, 3.00; old, sacks, 1.00a1.25, P L S CENSUS OF FARM AUTOS TAKEN BY U. S. BUREAU ABy the Associated Press. Fifty-eight per cent of the farms in the United States have automoblles, and ® considerable number have more than bone, a report by the Census Bureau dis- ‘closes. Nebraska leads in the percentage of farms having automobiles, with fewer than one farm out of every 10 being pwithout a car. On the other hand, Louis- iana is lowest in this respect, with only ne farm in four having a car. The {percentage of farms having motor ‘trucks was 13.4 per cent, slightly less than the ratio for tractors. North Dakota leads in the percent- age of farms having tractors with 48.3 per cent, while Alabama is lowest with only 1.7 per cent. The District of Co- Jumbia has the highest percentage of itrucks with 548 per cent, and - fi:\(yL with only 2.7 per cent, is the es PARIS BCURSE PRICES. PARIS, January 23 (#)—Three per cent rentes, 79 francs 20 centimes. Five per cent loan, 101 francs 90 cen- Exchange o on London. 87 francs. 23 contimes. The r was quoted af &_ centimes, | sell at Jow prices, increasing the com- Absence of Active The second half of January seemed likely to be a Testing spell in the fruit and vegetable markets, says the United States Department of Agriculture Bu- reau of Agricultural Economics Market News Service. Prices of Northern and Western produce as reported to the United States Bureau of Agricultural Economics have been holding fairly well since the middle of the month, although the tone was rather weak and there were more losses than gains in the ab- sence of any active buying for future Tequirements. _ Positions of _potatoes, onions and cabbage were impaired by the increasing receipts held on track in large cities. Market supplies still were reported moderate, but produce ship- ments have shown an increasing ten- dency the past two weeks, gaining about one-third compared with the small car- lot movement early in the month. Prices of potatoes sagged a little in some mar- kets and the trend of cabbage prices | continued slightly downward. Onions | were about the only product showing | generally well maintained values, Warm weather in the South has brought lib- eral early supplies of snap beans, celery, cabbage, greens and strawberries. They petition with Northern stored produce. Onion Prices Hold. Mild, open weather prevailing much of the time this season has been detri- mental to marketing what is left of the onion crop. Demand has been re- duced and quality of storage stock im- p-ired by weather conditions. Many onion holders who had stock of poor keeping quality have been obliged to force it hurriedly on the market, re- sulting in larger holdings on track in the cities, but these emergency ship- ments have tended to decrease since the middle of the month. Prices are hold- ing nearly unchanged. The only weak- ness was at some Midwestern country shipping points, where there Was con- siderable stock of ordinary quality on the market. The general position of onions is supported by knowledge of the limited supply of good stock available in storage. Holdings appear to be about half those of a year ago and one-third less than even the very light quantities available in the short crop season of 1928-29. The total carlot output of late crop cnions is 5,000 cars under that of last | season. The heaviest Eastern holdings are in New York State. Steady to strong conditions have prevailed in the Roch- ester shipping district since the middle of the month. Sales of 50-pound sacks of No. 1 yellow onions of good size reached $2.15 to $2.50, smaller stock selling as low as $2. Sales of 100-pound sacks held between $4 and $4.40, but the lower-prices were for onions only fair in quality. Eastern onions of good keeping quality appeared to be rather closely held. City markets report sup- ply and demand moderate as a rule, al- though New York, Baltimore and Pitts- burgh report light demand and supplies are heavy in Boston. Eastern yellow onions since the middle of the month have been selling at the nearly steady range of $2.15 to $2.25 per 50 pounds in city markets. Potato Market Slow. The weak feature of the potato mar- ket position this year has been the lim- ited demand, as shown by reduced un- loads in some of the large markets and the lighter carlot shipments, despite the | somewhat larger production this sea- | son. Not much buying for future re- | cuirements has taken place and the | market has lacked the stimulation needed to bring a sharp upward price trend. Shippers in some sections show | a tendency to sell freely at eevry slight | advance in the market. Producers in the important shipping section of Northern Maine have been trying to hold the price at a level fixed by the association and the result is a market level better sustained than in some other sections. Shippers are reported co-operating with the growers’ efforts to some extent. Demand is limited at shipping points and growers have been paid 65 to 70 cents per barrel in bulk. In other parts of the potato-producing region prices have not been holding very well since the middle of January, although declines are slight. A range of 53 to 70 cents per-100-pound sack covers most dealers’ sales in producing sections from East to West. Track holdings in the large markets have become rather heavy as compared with early in the month, but most mar- | Kets still report receipts moderate and | demand rather slow. Light holdings are reported at Philadelphia. There is | some Canadian stock offered in Boston at prices a shade below recent level. | Maine Green Mountains are steady at | an Eastern jobbing range of 90 cents to | $1.25 per 100 pounds except Southern | markets, some of which quote as high | as $150. New York round white va- | rieties are fairly prominent in Balti- | more, Pittsburgh, Washington and | Cleveland at $1 to $1.15. Pennsylvania | round white varieties brought 85 to 90 | cents in_Baltimore. Chicago potato market has shown a weaker trend lately, quoting car lots at 75 to 80 cents, compared with 80 to 90 cents earlier in the month. Sales at Chicago for Janu- ary delivery are about steady around $1. Sweet potatoes are generally in mod- | erate supply at the large markets, but | demand continued slow and the price movement unsatisfactory to shippers Price trend has been slowly downward | this month without much change re- | cently. Maryland and Delaware sweets of the Jersey type sell at 35 to 75 cents | per bushel in Eastern markets. North | Carolina Porto Ricans are reported at | 75 to 85 cents in Washington. New Jersey stock brings from 50 cents to as high as $1 for choice stock in Eastern | markets. Virginia white yams sold steady at 35 io 50 cents in Philadel- | a. Apple Trade Quiet. Carlot sales of apples at Eastern ship- ping points are few, although the gen- eral apple shipping movement has been active the past few weeks. More cars of Eastern apples are being sent to Eu- rope, consignment. Demand in British mar- ket showed some improvement near tl.e middle of January and prices of some varleties were higher at London and Liverpool sales. Slightly better values prevailed in the Rochester, N. Y., dis- trict and Baldwins from cold storage bushel. Rhode Island Greenings in car- lot quantities realized $1.10 to $1.25 at country shipping points. Prices were irregular in the city markets without any definite trend except according to varieties. Eastern Staymans sold a lit- tle higher in Boston and Philadelphia at $1 to $1.25 and reached $1.50 in At- lanta. Yorks and Black Twigs also strengthened slightly in a few markets. These Southern varieties comprise & considerable portion of the supply this season. New York Greenings and Bald- wins gained about 10 cents at New York but weakened slightly in Pittsburgh. Barrel stock of various varieties sold in the Eastern markets mostly from $3 to $4. Cabbage Prices Weaken. Increasing supplies of cabbage from the South have dulled the edge of the demand for Northern stock, some of which is of rather ordinary market aun]lty. Prices have tended gradually lownward this month in Eastern city markets and producing sections. Stor- age holdings are a little larger than they were a year ago, but not es- muny heavy. About five-sixths of quantity held is in Western New York. Pennsylvania holds rather less than the usual quantity at this time of year. Nearly half of the country’s remaining cabbege stocks are in the possession of the growers. Shrinkage is reported heavy on account of the mild weather and the poor quality of although most of them are on! sold in a limited way around $1 per | FRUIT AND VEGETABLE PRICES ARE SHOWING BETTER TREND Buying Results in Further Slight Price Recessiqns. However—Shipments Gain. be expected to be lighter than i.nd}- cated by holdings. Wide variation in quality and price is reported at East- ern shipping points. Some was bought from the growers as low as $5 per ton in the Rochester district, but the more desirable stock brought $8 to $10 and dealers sold carlots at $8 to $14 in bulk. City markets reported generally moderate supplies of old and new stock. New York cabbage sells at $11 to $22 per ton in Eastern cities, the Jower prices being for stock of rather poor market quality. Midwestern cab- bage prices are about steady since the declines, which occurred earlier in the month. NEW YORK RESERVE BANK MAKES REPORT Annual Statement Shows Total Earnings of $7,555,213 Dur- ing Year of 1931. NEW YORK, January 23.—The Fed- eral Reserve Bank of New York issued its annual report for 1931, showing total earnings of $7,555213, against £10,393,188 in 1930. After deducting operating costs, de- preciation, insurance, reserves and other charges, net income stood at $1.- 532.080, against $4,588,384 the year be- fore. Dividends paid during the year were $3,891,598, against $4,588,384 the year before. Charges against surplus account to- taled $5,498,265, including the excess of dividends over net income and a de- preciation reserve of $3,138,747 on Tnited States Government securities which shrunk in market value during the year. Total cash reserves of the bank on December 31 stood at $881,476,658, against $1,047,000,620 the year before. Total loans and investments were $637,- 014,546, against $506,352,601. Deposits were $862,068,373, against $1,077,847,131 the year before. Total resources were $1,737,908,587, which compared with $1,790,180,758 at the end of 1930. Capital, which is equal to 3 per cent of the capital and surplus of member banks, was, $61,638,550, against $65,- 577,650 the year before. Surplus, after giving effect to the write-offs for depre- ciation in market value of Government security holdings and for dividend pay- ments, stood at $75,077,154, against $80,575,419 at the end of 1930. BANK CLEARINGS HOLD AT LOW POINT IN WEEK By the Associated Press. NEW YORK, January 23.—Bank clearings this week at a number of cities show a little improvement, but in the aggregate continue considerably be- low those of a year ago. The total for all leading cities in the United States, as reported to Dun's Review of $5- 781,983,000 is 237 per cent under th of last year. At New York City clear- ings were $4,007,99,000, & reduction of 21.6 per cent, while the aggregate for cities owside of New York of $1.773,- 984,000 shows a decline of 27.9 per cent. The reduction for the third week of January from the second week is less than $78,000,000, Whereas a year ago it was in excess of $392,000,000. The decline at many points is getting to be very irregular. It continues quite large in the East and is heavy at most of the Western centers. At several points the loss is very small, especially at Buffalo and Atlanta. Bank clearings this week as reported to R. G. Dun & Co., showing decreases compared with same period a year ago follow: (Totals in thousands.) a y 21, 1932— Pittsburgh uffalo Chicago Detroit Clevelan, Cincinnati uis ... Kansas City Omaha ... Minneapolis Richmond . Atlanta . Loutsyille .. New Orleans Dallas . 8an Francisco Portland Seattle .. Total .... New York Total all 85 Average Daily. to date......51,066,056 s, 1,030,163 60,414 January December November CHESAPEAKE & OHIO RWY. EARNS $3.47 A SHARE Preliminary report of Chesapeake & Ohio Railway Co. for year ended De- ¢ember 31, 1931, shows net income of $26,558,346 after taxes, charges and sinking fund appropriations, equivalent, | after allowing for dividend requirements on 61, per cent preferred stock, to $3.47 a share (par $25) on 17,652,650 shares of common stock. This compares with $33,973532 or $4.44 a common share in 1930, December net income was $839,077 after taxes, charges and sinking fund appropriations, against $2,265892 in December, last year. Statement for December months compares as follows: 1931 $7.587.191 *Surplus_after ch'ges '839.077 12 months’ gross. .....119.582.170 Net operating income 35.320 *Surplus after ch'ges 26.558.346 *After sinking fund appropriations. = iz NOVEL LIFE INSURANCE PLAN TRIED IN BRITAIN By the Associated Press. A novel form of life insurance cover- age is being offered shoppers by several British stores. Information reaching the Commerce Department reports that under a gen- eral insurance policy the customer au- tomatically has his life insured, and in the event of death the heirs of the in- sured receive a sum in direct propor- tion to the amount spent in the store during the previous year. The shop- keeper pays the premium at the rate of about 2 cents for every $5 of customers' purchase. The maximum benefit under the plan is $200. and 12 December gross ..... Net_operating income VOTING MACHINE CLEARS UP BACK DIVIDENDS Directors of Automatic Voting Ma- chine Corporation have declared a divi- dend of $2.50 per share on its outstand- ing prior participating stock, thus clearing up all accumulations on this issue, The dividend is payable Febru- ary 8 to stockholders of record Febru- ary 1. The dividend will be paid as follows: One dollar in cash, 75 cents in scrip maturing December 31, 1932, and 75 cents in scrip maturing Decem- ber 31, 1933, Share certificates representing new one class of stock to be exchanged for existing prior and common stocks will be ready for delivery about March 1. much of cabbage put In storage. For this rmn actual shipments may All retiring directors weresre-elected for the ensuing year. TAR, WASHINGTON Everybody’s Business Rail President Shows Car riers Have Made Com- paratively Small Wage Reductions During De- pression. BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, January 23—The re- duction in the pay roll is relatively the smallest reduction made by the railways during the depression, according to Dan- iel Willard, chairman’ of the President's Committee charged with adjusting rail- way wages. Mr. Willard substantiates his remarks by pointing out that in 1931, as com- | pared with 1929, the reduction in 1t operating income was 58 per cent; the reduction in all purchases 50 per cent, in total earnings 33 per cent, in total operating expenses 28 per cent and in the pay roll 27 per cent. He adds that a reduction in compen- sation of all persons engaged in railway service is an essential step toward en- abling the railways to improve their credit, increase their employment and purchases, and thereby contribute to- ward a general revival of business. Paramount’s Prospects. Competent observers expect better days for Paramount as a result of the reported entrance into the field of the Hertz-Wrigley interests of Chicago. Rumors that Adolph Zukor would re- linquish his present post could not be confirmed, but it was learned he will remain with the new group. The group is understood to contem- plate measures expected to result in substantial savings, even on the basis of last year's volume of business. This, it is believed, may find reflection in the price of Paramount securities. May Vote Extra. In view of expected record earnings of American Tobacco for 1931 it will not be surprising if at the meeting next Wednesday the board votes an extra dividend. = Although shares have ad- vanced appreciably within recent days, the technical position of the stock may easily lead to further improvement. On the theory that reduced cigarette consumption and prospects of increased taxes may exert an unfavorable influ- ence later, considerable short selling is understood to have developed. A very favorable report, together with an extra disbursement, may, therefore, lead to immediate covering and higher quotations. Outlook for Copper. The outlook for copper depends to a large extent upon the situation in Furope, normally a large consumer of the metal. With conditions abroad rather uncertain and with domestic consumers covered on their require- ments for the next few months, no marked changes in price may ked for. loormrope at best will buy hand to mouth and even in the United States orders from consumers are expected to be in small volume. At the same time there seems no pressure to sell, as pro- ducers and customs smelters are not inclined to dispose of their stock in the face of existing small demand. Sugar Industry. The treatment accorded Cuba in at- tempts to stabilize the sugar industry is not especially satisfactory. Although, | according to the various plans to which the island republic adhered, production in 1931 showed a decline of 47 per cent from the preceding year, Cuba will be asked to take another cut, of 800,000 tons, in its present crop. On the other hand, Java, next to Cuba, the chief exporting sugar coun- try, reduced her output last year by only 4.4 per cent and is firm against further restriction. She would, how- ever, consider drastically reducing 1933| production. (Copyright, 1932, by the North American Newspaper Alliance, Inc.) PROGRESS IN RADIO INDUSTRY IS NOTED Commerce Department Reports In- crease of 33 Broadcasting Sta- tions Since Last July. By the Associated Press. The radio industry made rapid prog- ress during the last half of 1931, The Department of Commerce Teports there are now 1,423 radio broadcasting stations In the world, an increase of 33 since July, last year. Of this number, 806 are foreign stations operating in 70 countries, and 617 are in the United States and its_possessions. The study of the foreign markets re- vealed that 29 countries, including the United States, allowed hroadcasting monopolstic concession, and two have combined systems with certain desir- able facilities the subject of a monopoly. Other countries are .not classified as they have but one station each. The countries having the number of stations appear more strongly as competitive nations. These include the United States with its 617 stations, Canada with 85, Cuba with 53, Mexico with 47, Argentina with 38 and France with 31, Russia with 78 stations and Sweden with 33 are the monopoly countries appearing among the first 10 on a nu- merical basis. Australia and New Zea- land, with high power monopoly and low power competitive systems, are also among the first 10. largest DAVIS URGES COAL MARKETING POOLS 2 P : Pennsylvania Senator in Radio Ad-!% dress Calls for Loosening of Anti-Trust Laws, By tm( Associated Press PITTSBURGH, January 23.—A call for a loosening of the anti-trust laws on the coal industry was sounder yesterday by United States Senator James J. Davis in a radio address. He urged support of the bituminous coal stabilization bill recently intro- duced by himself and Representative Clyde Kelley, Republican, of Pennsyl- vania. The bill would permit coal companies to combine into marketing pools and sales agencles, Davis said, with the “public interest the test of co-operation between coal companies.” ‘The laws against monopoly are sound, he said, “but the national welfare de- mands that some of the restrictions on the coal industry be loosed. “We propose that coal companies may unite and agree upon production and price schedules with the approval of a body representing: the Government and public interest. “Proposed prices must provide for adequate wages for miners and a fair return for investors. Such a procedure will not only be of advantage to the coal industry, but to every element in {he community.” Markets at a Glance NEW YORK, January 23 (#)—Stocks heavy; ralls lead down trend. Bonds irregular; rails heavy. Curb easy; oils off. Foreign exchanges easy; sterling ags. Cotton steady; Southern selling, easier stock market. Sugar quiet; awaiting restrictions program. Coffee steady; trade buying. IBOND PRIGES DROP fman government issues were fractional- D. C, SATURDAY INAGTIVE TRADING Railroad List Hardest Hit as Wage Parley Decision Is Delayed. BY F. H. RICHARDSON. Speclal Dispatch to The Star. NEW YORK, January 23.—Bonds worked irregularly lower today in mod- erately active trading. ‘The chief target for the selling was the railroad group. This was a result of further delay in the Chicago wage negotiations and the reluctance of op- erators to remain in the market 0\’!2‘! the week end while facing the prospect of poor railway earnings reports for| December. The first of these, that| of the Nickel Plate, was announced today. While a net loss was expected to be shown in December, the market was hardly prepared for the size of the figure, $106,125, against a net in- come of $716,514 in December, 1930. Nickel Plate bonds, which declined sharply on Friday, were heavy again today. Other rail bonds under pressure werc Illinois Central 43s, Rock Island 4!5s, Southern Railway 6!2s, Missouri-Pa- cific 5s, Great Northern 7s and Alle- ghany Corporation 5s. High-grade rails, such as Atchison General 4s and Nor- folk & Western 4s, were steadier. Prime utility issues were firm and most in- dustrials were little changed. The feature of the day was the municipal market. Many long-term is- sues ot New York City and other high- rated communities, which have recently sold around a 5.50 to 6 per cent yield basis, were marked up to a 5 per cent basis following reports that New York's $100,000,000 loan had been subscribed to the amount of $200,000,000. The New York bonds were today still being eagerly bid for at premiums ranging from 15 point, in the case of the three and four year maturities, to 1 point for the five-year maturities. United States Government issues were narrowly lower, reflecting a slightly JANUARY ” ON NEW YORK BONDS STOCK EXCHANGE | 23 FINANCIAL. Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are in $1.000. ales. Lib3%s xz-¢f. 191 4th 432 33-38418 944 97 28 9829 848 8511 90 16 90 14 89 4 9122 Close. 944 9728 98 30 848 8511 90 17 Low. Close. 99 100 94% 94% 67% 67% 9y Bales. High Marseille . 4100 L 90 14 L(MK&T pr In 63A’62 89 4 9124 96 10 966 1005 100 11 Low Close. Ab& St5% 43 Adams Exp 45'48.. Alleghany Cp 68 44 Allegheny 55 '49 Allegheny 53 '50 Am Intl 63484 Am Metal 634834, Am S&R 1st 5 Am Sug Ref 63 Am TET cv 44’39 Am T & T 5865, Ju'ss. A 57, Argentine 63 B '68. Arm & Co 4%s'39 Arm Del 5%s " Atchison gn 48 Atchiscy 438 '48.. Atch Ariz 4145762, Atl Ref db 58 37... Australia 4% s 6., Australia 68 '55. Australia 5357, Austria 7s'43. B&O 4 B&O4%s33. Bk Chile 6%s '61.. Belgium 63 ‘56 Belgium 78 '68. ... Bell Tel Pa 53 B'43 Bell Tell Pa bs C'60 Berlin Cy El 6565, Berlin CE 6 0. Beth Stl pm Bolivia 78°69..., harder tone in’ time money, unofficial | Bolivia § quotations and tentative discussion of the financing plans of the Reconstruc- tion Finance gorporation. 4 The foreign' list was irregular, Ger- ly lower, and there were small losses in German Central Bank and municipal descriptions. British 5.s were little changed, but Belgian and French gov- ernment issues were lower. Japanese issues were also depressed, as Japan's ultimatum at Shanghai again focused attention on the troubled Far Eastern situation. Business Notes NEW YORK, January 23.—Another market to register a perceptible in- crease in activity in the past week is the wholesale electrical appliance mar- ket, according to trade reports. The volume is said to have shown a steady gain on further buying by jobbing houses for early Spring. Spring buy- ing by retall establishments continued inactive, but there has been a fair amount of reordering on sales items. Prices paid for fox pelts at the Janu- ary auction of Frederick Huth & Co. are said to have averaged 12!z per cent higher than the prices registered in the firm's December auction. It is reported that more than 85 per cent of the pelts offered found buyers. ‘The American Glass Review says that renewed interest in plate glass on the part of automobile manufac- turers was the bright spot of the week in the flat glass industry. Production schedules have been stepped up in re- sponse to the increased demand, it is sald. Demand for window and other types of flat glass shows little or no improvement, the Review said. It is reported in the men's neckwear trade that several of the leading lines for Spring have been opened to the trade with reductions ranging as high as 331-3 per cent below the opening levels of last year. INVESTMENT TRUSTS NEW YORK, January 23 (/) —Over- the-counter market: A B C Tr Shrs D A B C Tr Shrs E Am & Gen Sec A & Gen Sec B Atl & Pac Int units. Atl & Pac com w Al S5 ankers Nat Iny Bansicilla Corp .. Basic Industry . British Type Inv Central Nat Corp Century Tr Shrs. .| entral Nat Corp B. .. Chain & Gen Equities. .. Chartered Invest ..... Chartered Iny pt Chelsea Exch A Chelsea Exchange B! Cumulative Tr Sh... Corporate Trust . Corporate Trust A'A’. orporate Trust Accum Se Crum & Foster. o S Crum & Fost 87, pi.. Crum & Fost Ins.... .. Crum & Fost Ins 77 pi.... Depos Bk Shrs N ¥.......| Depos Bk Sh N Y Depos Ins Shrs A Diversified Tr A... . Diversified Tr B Diversified Tr C. Diversified Tr D.. Ecuity Invest Stp Equity Trust Shrs Five Year Pixed Tr. Fixed Trust Sh A, Fixed Trust Sh B. N ¥ Coll * Invest Trustee Sh. Leaders of Indust A Loaders of Indust B Leaders of Indust C. Low Priced Shrs. Major Corp Shrs Mass Invest Tr. utual Inv Mutual Manag Nor Am Ti Ssk? 11395 Northern ~Secur. 9 m 35 Selected Cumulative & Selected Income 8h.. Selected Manage Trust K Shawmut_Bank ... 5 Spencer Trask Fund Stand All Am Tr Stand Am ‘Tr_Shr Stand Collat Trust Street Invest.. Super of Am Tr A Trustee St OIl A.. Trustee St Oil Shrs.. Trusteed N Y _C Bank Trusteed Am B 8h T Am Twentieth Cen Fixed Two-Year Trust * | Gelsenk’hen 6« 5 | G Ger Bos &Me Brazil 6% Brazil 8s'41 Bordeaux 6s '3¢. Bk Ed gn A 6849, Bklyn Elev 6 %s. .. Bklyn Man 6. . Bkiyn Un 58 45 Bklyn Un 1st 58 Budapest ¢s ‘63, Canada 45 °'60. Canada 4%s 3 ot Can Nor 6%43 db "4¢ Can Nor 7sdb '40. Can Pac 4%5 60 Can Pac 68 ‘54 Cent Pac 45°49. Cen Ry NJ g 5 Cert-td db 6% '43 Ches Corp 58 47... C&Ogen 4%s5'92. C&O 4%sA'93.. C&O4%8B'95... Chi Grt West 45'69. C M StP&P 6a'75.. CM& St Padjbs.. Chi&NW 4348 2037, C&NW 4%s C2037. Chi & NWcnd¥s. . Chi& NW 6%s'36. Chi R1 & P rf 4834 Chi RI&P 4%s'53 ChiRlcv4%s'60. Chi Un Sta 4%s'63. Chi UnSt6s'44.... Chi Un Sta 68 B '63. Chile 85 °61. - Chile Cop db 58 47 Chin GVtRy 58 '51 Colomb 63 Ja Colomb 68’61 Oct.. . Colo & Sou 4%8°35. Colo & Sou 4%s 80 Col G&F: 5 May’52 Col G&E cou s "61. Colon Of1 63 '38. C C Md 1st rf 58'50. ConGNYGb6% Con Pwr Jap 6%s. . Consum Pow s ‘62 Cuba 5%s3 '45. Cuba RR 6s ctf '36. Cuba Nor 5%s'42.. Czecho 8s ‘51 Del & Hud 6% Denmark 4% Denmark 6% Denmark 6s ‘42 D& RGren 2n SRwmp 0o w~SEeRuonSale o anoR iR S BN~ - Det E G&R4%s'61. Det Edison rf 65°49 Deutsche Bk 6n'33. Dodge Brcl 63°40. Duquesne 4% a '67. Dutch East T 62°82. Dutch East 1 6s°47. Erie 15t con 45°96. . Erleconv 48 B Krie gen 45 Erfe cv b E 876, Finland 6s'45. Finland 78 '60..... Fram 1 D 7%s'43.. French 7s'43. French 7348 '41. » Ko se German 5%s'65. .. German Bk 63°38. . Ger Cen Bk 65°60 J Ger Cen Bk 6 Gen EI 78 '45. . Goodrich cv 6s ‘45, Goodyr Rub 58'7. . Grand Trunk 7s'40. Grt Nor 4%3'76 D. Grt Nor 4%s'77E. Grt Nor6s'73..... Grt Nor gn 7 Greek 63 6! 5 Hud & M adj 58 '57. Hud & M rf 68'57. . Humble Oil 65 °37. . Fumble O 5% s '32. Hungary T%s '44.. 111 Bell Tell 555 111 Cent rf 45 G 111 Cent 4% ‘68.... (1 Cent 6%458°36.... 111 CCStL&N 4% 111 CCStL&N b3 A 111 Steel 4348 Int Rap Tr Int Rap Tr Int Rap Tr Int Cement 5 Int & Gr Nor Int M Co 6s rot’¢l. Int Match 68 *47... Int Pap 6s '56. It T&T4%s'52. . Int T&T cv 4 %8'3 Int T & T 68 °65. Ttaly T8 '51. Italy Pub S 7s Japanese 6%s ‘54.. Jugosl Bnk 78 '57.. Kan City Sou 58'50. Kan G&E 4% '80. Kan City Ter 4s'¢0 Kresge Found 68’ Kreug & Toll 53'59 Lac G St L. 5s'34. . Lake Shore 7 Leh Valley 5s 2003. Lig & Myers 68 '51. La & Ark 63760, US & Brit Int Ltd A § & Brit Int i3 pi & Fow : Pow Oniversal Tr 8b.,.. L & N uni 4s°40. Lvons 6334 McKes &R § Mo Pac gn 4s°76... Mo Pac 53 A '65 Mo Pac 58 F "17. Mo Pac 53 G '78. Mo Pac 58 H '30. Mo Pac rf 688 Mo Pac 5% 8 A "45.. Mobile-Ohio 53 ‘38 Mont Pow 68°43... Mont P db 5s A '62. Mont Tr 1st 58 '41. Montevideo 7s * Mor&Co 1st 4% 8’39 Nassau Elec 43 '51. Nat Dairy 6% s "43. Nat Steel 53 ° N Eng T 1st 63 °'52. Netherlands 6s'72. NOT&M5%s 54, Nw S Wales bs '57. NYCgn3ls 97.. NYCentds'ss.... 2 N Y Cent 4152013 N YCrf4%s2013. N YCrfim5s2013 N Y Cent db 65 '35. NYC&St L4s"37., NYC&StL 4%s'78. 4 NYC&SUL5 % 8A'T4. NYC&StL 6s°'32... N Y Edisn 5s B'44.. N Y Fd 1st 6%s'41. NY ELH&P 43 '49. NY ELH&P 58 '48.. NY NH&H 4%s3 ‘67 NY O&W 1st 4n'92. NY O&W gn 43’55, NY Rysinc 6s'85. ., NY Tel 4%s°39..., Nia Sh Md 6%s '50. Nord 6%3'50 . Norf South 55 '61. No Am Co bs 61... Nor Am Ed 55 C 69 Nor Am E5%s 63, Nor O T & L 63 '47. Nor Pac 33 2047. Ner Pac4s'97.... 100% 104% 70 6814 5% 92 9% 334 39 48% 995, 109% 90% Ko o e PITTT = PR SRR - POy Nor St Pw 55 A "41. Nor St Pw 68 B 41, Norway 5s°8 Norway 5%s 6 Norway 6s'52. Oreg-Wash 4s°61.. Orient dev 5% 8's8. Orfent dev 65 '63... Pac G&E 55 '42 Pac T&T 1st 58 Pac T&T rf 55 '53. . Pan-Am Pet 65 ‘34, Paris-Ly M 6 Paris-Ly M 7s '58. ., Paris-Or 615 '68. Penn4lsD81.... Penn gn 433 '65... Penn 4%5'70 Penn 4% 63 Penn s ‘64 Penn 6% ‘36 Penn P&L 414 Peoples’ Gas i Peor & E 1st 43 '40. Peru 6! ! Phila Co b8 Phila Elec 45 ‘11 Phil & Reac 63 '49 Pillsb F M 63 '43. . P& W V4348 C60. Poland 6s 40 Poland 7s '47 Poland 8550 Port Gn El 4% %'60. Porto Alegre 8s'61. Por R Am T 6s '42. Pos Tel & C 58'53.. . Prussia 6s62..... Public Serv 48 *71. PubSv G 4%s'70.. Queensland 7 *41.. Reaa gn 4%s A '97. Sore Rnine West 63 '52. Rhine West 6353 .. Rhine West 61 '55. Rio de Jan 38 R Gr Do Sul §s RIAr&L 4% Rome 6 %3 '52. Roy D 4845 ww !StL 1M R&G 4523, 10 St L&SF in 48 A 50 44 StL&SF 4%3'78.120 StP&KC SL 4%8'41 2 StSWen4s32.... 20 Sao Pau 7840 ret.. 22 Sao Paulo 85 °60. .. Saxon P W 6%#'51. Saxon 78 '45. Seab A Lcv 63 Serbs-Cr-S1 7 Serbs-Cr-Si 8, Shell Un Ofl b8 47, Shell Un Of] 68 49. Sinclair Oll 6%a'33 Sinc O 7s cv A '37.., Sinc Cr O 5%s ‘33, . Sotssons Solvay Am 534 1 T&T bs 41 SW Bell T 65 A '54. o WD E 00D e S 1 1 3 O 01 G T O Sou Pac 4%s'63. .. Sou P 4%3'69 ww, Sou Pac 4%s'81... Sou P&Or 43%s 17, Sou Ry gn 4s 5 Sou Ry 53°94.. Sou Ry 6 StOIINJ 58 48 StOUIN Y 4 Tex & P55 D8 Third Av adj Toho El Pw & Tokio 5% '61 Un Pac 1st 43 Un Pac rf 45 2003.. Unit Drg cv 63 '55.. Utd King 63831, U'S Rub 18t 68 °47.. Un St W 648 A'4T. Ud St W 534sC’51.. Unit SS Cop 63 '37. Uruguay 6s Uruguay 6s Uruguay 8s 46 Utah P& L 63 '44.. Util Pw 53’59 ww. Utll Pow 6%3 '¢7 Vienna 6# 52 Va Ry 1st b Wabash 4%s°78. .. Wabash 1st 53°39.. Wabash 2d 55 '39. . Wabash 6s D '80... Wabash 5%s '75. Warn Br Pic 68 Warsaw 7s ‘58 West El db bs West Md 4s '5. v w a West Unlon 58 '51.. t Unfon 68 '60.. 2 Un6%s'36.. Wil & Co 1st 65 '41. Wis Cent gen 4336 Tgstn S&T s B'70. 32% 68 GIVEN ANO'I:HERTiAVEL Novel Present for Speaker Made From Pyrolin Plastic. Speaker Jack Garner of Texas re- ceived another new gavel yesterday. It was a novel addition to his collection, being made of pyrolin plastic, which is 50 per cent Southern cotton. It was made by hand by Bernard W. Doyle, former mayor of Leominster, Mass. In presenting the gavel, Mr. Doyle was accompanied by Senators David I. Walsh and Marcus A. Coolidge of Massachusetts. The gavel given by Mr. Doyle today is reinforced through the head and handle by steel within the pyrolin plastig covering. BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, Md., January 23.— L Sllas,c & P Teleph t Sale. clephone B 172 Ccnsuhduted‘, Gles C.‘r'fia L2 8 & Power. 450" 8 Paellty & Guar 15 ‘Tuesday. TRADERS AWAITING RAIL WAGE AGTION Wall Street Also Watches Developments in Congress. Week’s Trading Dull. BY JOHN L. COOLEY, Assoclated Press Financial Writer. NEW YORK, January 23.—The stock ! market kept one eye on Washington and the other on Chicago this week. Walting patiently while the recon- struction finance measure received its final touches and while the railroad men exchanged views on wages and employment, Wall Street maintained a rather non-committal attitude toward shares, leaving the market largely to professional traders. News of the week received an inter- national tint from the revision in rep- jarations conference plans and the re- sumption of gold shipments to Europe, but in the main markets here were more interested in events at home. There was some disappointment over the length of the Chicago negotiations, especially on Friday, when it appeared that further delay was inevitable, yet | speculative circles clung to the belief m;a]az a favorable outcome was prob- able. Trading Dull. The stock market was dull, as is usually the case when it is uncertain which way the cat will jump. Rail shares were firm until yesterday's late break and in general the whole list refused to be upset by heavy tendencies in isolated issues, notably General Elec- | tric, prior to Friday's swing downward. Indications that 1931 was a profitabls year for the tobacco companies, suj ported by the Liggett & Myers extra dividends and reports that American Tobacco also would make a special disbursement, gave those shares a mid- week spurt. United States Steel common, loaning at a large premium eaxly in the week, enjoyed a strong technical position and was also aided by the fact that traders were reluctant to sell against the opin- jon held in some quarters that the regular dividend would be voted next The company’s earnings will be announced at the same time. It is taken for granted that operations re- sulted in another deficit for the final three months of 1931. Steel production is moving very slow- ly toward seasonal expansion, for the industry’s leading customers remain in- active. Rallroads have been withhold- ing orders until the wage matter is cleared up, automobile manufacturers are increasing production somewhat, Buc demands for structural steel are ight. Although it is understood the Federal Reserve authorities want to see credit deflation halted, the week’s ures revealed still further contraction. It is assumed, however, that the ex- pansion program will move slowly. There has already been, bankers feel, considerable foreign misinterpretation of the central banks’ aims and the reserve officials, it is pointed out, May :{Lsh to allay fears of American infla- ion. Gold Withdrawals. Bankers are not disposed to link French gold withdrawals with a change in credit policy. France, it is known, was told months ago that she could re- patriate her balances without fear of disturbing money markets here. In fact, some bankers have thought the removal of these funds might prove beneficial. There has been no sugges: tion in Wall Street that the prospec- tive export of $125,000,000 in gold own- ed by France had political significance. New York City's successful of a large note issue created a very favor- able impression. It has frequently hap- pened that such a spectacular of financing, undertaken at a more or less critical time, has stimulated the bond market. U. S. TRADE ASSOCIATION SURVEY IS UNDER WAY By the Assoclated Press. U'x;{xeel g&mbe; of Commerce of the ni as n a survey to determine the place of the trade asso- :thlon in the national business struc- ure. A questionnaire sent to more than 1,000 national and important regional trade associations seeks to dets the scope and purpose of the efforts by organizations of this character in deal- ing with common business problems. It will also seek to determine how ex- tensively these activities are carried on in the different trades, and it is ex- pected that a clear picture of the functions of these associations and their proper place in the economic fabric will be developed. PRICE LEVEL NOW NEAR LEVELS OF RESISTANCE Special Dispatch to The Star. NEW YORK, January 23.—The mar- ket has come to another of those hesi- tating periods when it seems difficult to Ioush stocks through recent high levels. One comment today was that, if the advance is to go further, a number of prominent issues will have to break through certain resistance levels, such as 66 for American Can, 152 for Au- burn, 125 for American Telephone & Telegraph, 40 for Bordens, 431, for Case, 65 for Consolidated Gas, 231, for General Motors, 36 for North American, 29, for Standard of New Jersey, 30 ?;rmw“tm‘hom and 44 for Wool- DIVIDENDS DECLARED NEW YORK, January 23 (#).— Extra. Pay- abe. b. Feb, Company. Ra Ohlc State Life Ins. Merch Refrig ..... Pe- te. riod. Hm"d ¥ (3 1 1 1 Paul & Co B Preeport Texas Guard Realty o Company. Betca Corp pf. Carey Lombard Young Co 6% pf..... 33 Cheney-Bigelow Works pf. Gons Press Lid ‘A uelph Carpet & Worsted Spin Mills ...... Ohio_Valley Bk (P Home Prod... Arrowhead Bridye %' 18t DI..... Do 7% 20d pf. Company, Can Bk of Com....$3 Can Ol Cos ‘Ltd. .35 n L. 1.50 Eppens Bmith & Co.32 Fall RIv_Gas Wis..Tsc High 8§ B (Prov).31.50 Merch Refrig_pf. 3175 Mickelberrys Food Prod N e Muskog ‘Co 6% pf.31. New Eng Wat & Pow_Assoc Df..31.50 Qiilo sta Life 1. 1230 Sterta Pac El bf 31 Southw Life In’ Co.$2 Washington Gas Lt.90c .0 00000 Do DwWOBRO LOOZT