Evening Star Newspaper, January 25, 1932, Page 14

FINANCIAL. (Coxer cor BONDS soex wenwes | GTEE] DRECTORS MEETING WATCHED UNITED STATES. Sales Rfllth (Sales are in $1.000.) o Sales. High. Low. 94 (¢ 54 Immediate Course of Stock Market to Depend on Dividend Action. WASHINGTON, D. C., MONDAY, IBONDS GO HIGHER IN STEADY MARKET Rail List Resists Selling' Pressure and Scores Some Advances. FINANCIAL, THE EVENING STAR, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Offiee. "A—14 ¥xx | NATIONAL WEALTH | REVEALS INCREASE Total in 1930 Was 329 Bil- lions Seven Hundred Mil- lions, Board Declares. BY J. R. BRACKETT, Associated Press Staft Writer. NEW YORK, January 25.—The total al wealth of the United States in 29,700,000,000, the National Conference Board said yes- Low 2:55 38 4915 531y 49 Int Ry C A 5s'72. 2:55. | IntT&T 438’52 946 | [nt T&T cv 4%s39. 98 | IntT&T 5855, 99 |Italy 7s’51... 842 (Italy PubS7s & 9011 | Japanese 6145 '54.. 4o 1 | TuRos! Bnk Ta'57. 895 | KanC FtS&M 4336 91 20| Kan City Sou 3s'50. 968 | Kan City Sou 5, 1006 | Kan City Ter ¢s'60. Kan G&F 4%s ‘80 Low. 285 | Karstadt 63 '43. 36 36'| Kend 5145 48 ww. 40 40 | Kresgs Found 6536 35 36 | Kreug & Toll 58'59. 27% 29 85 Laclede 5%4s C'53. . Lake Shore 314s 97 Lautaro N1t 6s ‘64. Loew's 63 ex w41, Long Isl db 55 '37. Lerillard 6851, Lorillard 7s '44. La & Ark 53°60. Lou G & E) 58 '52.. L& N unf 4540, L & N 55 B 2003. L&N 1st 5%s 2003. Lvons 63 '34. McKes & R 5% 50, Manh Ry 1st 45'90. Market St 78°40. .. Marsellle 63 ‘34. Mex 4s astd 1910'45 Midvale St 55 '36. . Milan 6%8°62..... MiI E Ry & L 5361 Mi) El Ry&Lt 68 71 MK & T 1st 45790, MK&T43B 6! MK & T adj 53 67.. MK&T pr In 53A’62 Mo Pac gn 4s ‘75 Mo Pac 53 F ‘7. Mo Pac 58 G '78. Mo Pac 55 H '80... Mo Pac rf 65 °81... Mo Pac 5148 A "4 Mobile-Ohio 53 '38. Mont Pow 5343 Mont P db 5s A '62. Montevideo 78 '52. Nat Datry 5148, Nat Steel 58 ‘56 Not. Hieh. Low. Close. Chee 2% 2% 2% 4 4 14% ™ Bales— Add 00. Stock and Dividend Rate. Leather. TS Leather (A).... Pipe & Fary (2). Realty & Imp. . Rubber S mtg & Ref (1) S Smtz&Ref pf 315 steel Corp (4). teel pf (7) ed Stores (A) 21 United Stores pf (4). 24 Univ Pic 1st pf (8) 77 Util Pwr & Lt A (2) % Vadsco Sales Corp Vanadium Corp. % Va-Car Chemical. ... Va-Car Chem pf (7). . 1208 (Continued from Page 13.) Lib3%s3 List4%s3 L 4th 4% < 33-382 S 25 19516 14540 s M4l 98 941 1 4915 Sales— Net. Add 00 High Low Close Chge. 13 30% 30% 57 —1r— Stock and High Low Dividend R 54ls 28% Southn Cal Bd 109's 26's Southern Pacif 65% 6% Southern Railv 83 10 Southern Railway p¢ 20's §10% nd Brands (1.20), BRY and Gas&El (312 B1% tand Ol of Cal(2 Stand Ofl of Kansas, tand Oil N J (12) terling Secur (A).. terl ecur pf.... terling Secur cv pf. Stewart Warner. ... Stone & Webster Studebaker Co(1.2 0il (1) un Oil pf (6). iperior Steel T1» Telautograph (1.40). % Texas Corp (2)...... 915 Tex Gulf Sulphur(3) 4% Tex Pacific Land Tr. 21k Tide Water Asso Oil. 2015 Tide Water As pf(6). 313 Timken-Detroit Axle o SR At n 4+ 35 36 94 1% v 1 1 1 4 s 1 1 1 . 1 15 100 Sales, High Abitibl P&P 58’53, 1 36% Alleghany Cp 58’44 6 40% | Allegheny 58 '49. .. Allegheny 68 ‘50 Am Chain 6s'33. | Am F P 55 2030 |AmIGChbs Am Intl 5184 fizn BY CHARLES W. STORM, Editor. the News ce of Wall Street. Special Dispateh to The Star NEW YORK. January 25.— While |the signing of the Reconstruction Finance Corporation bill by President | Hoover marks the beginning of a com- prehensive effort to revive the general | economic situation, its effect as a con- | structive influence on the general stock { markel has been expended for the time eing. . For this reason the directors' meet- ing of the United States Steel Corpora- tion scheduled for Tuesday is of con- | siderable importance as a stock market factor, since action with regard to the dividend declaration will be used by many speculators and investors as a basis in formulating future plans, BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 25—With the Reconstruction Finance Corporation preparing to begin operations, tod: bond market had a hopeful tone and i prices in the general list moved Narrow- | \m Metal 538 '34. - Iy higher. But owing to the probability | Am S&R 18t 58 ‘47 of heavy Government financing. both in | Am Sug Ref 6s '37. connection with the Reconstruction | Am T&T cv 44539 Corporation and the Treasury's OWn AmT &T s 65... 146 | needs, money rates had a tendency to|Am T&T c tr 65 '46. 91 | tighten and United States Government | Am T&T 5s s £ '60. 130 Bonds were about % point low {Amn T&T 65 43... 99 The market opened little changed|am W wks5s'34.. 4 from Saturday’s closing levels. Railroad | Am Wac Whs 6375 1 bonds resisted bearish interpretations o . Ve the stand of the railway unions at the | Arfeniine ‘;d‘:; e ‘l wage reduction- conference in Chicago. | xy8chi o F8F Bo- 2 Obligations of railroads and related in- | A e dustries_advanced from fractions to 2+ g7ECRO 88 QP 3 points. Chesapeake Corporation 5s were | areciine 85 4 20+ 2 points higher. So were Missouri Pa- | Avrg Co 43839, cific 51s. There were smaller advances | arm Dei 348 43, . . in Chesapeake & Ohio B 412, Rock I5- | Atchis 45 1005-55. . land 415, Ere 5s, Nickel Plate 65, Nor- | Atchison gn 48 ‘95. | thern Pacific 6s, Southern Pacific 4155 | atchis cv 4148 '48. . 308 | and in a number of industrials, includ- | At . 1, 18t 4 3 3% | ing Texas Corporation 5s, United State T , | Rubber 5s, Youngstown Sheet & Tube | W Trick B g 9y | Y ouny SprinEaNY 1 and Dodg> Bros. 65, - The Treasury offered » thetadly ErGTL [ 12 month c ZoniteErod GoppiLL) 33, per cent, respectiv S . n N J E. i { meet $60,000,000 of note maturities and | 10:30 ia:(" o g'f’cl‘::v_l?nfl o York 400,000 | provide §290,000,000 for current Govern- ) i 1:30 P.M. 500000/ 2SN RIS EE s UE N d0giodo ) ment Extietises The aten Were ERpCd) At e - TH61 " oividend rates as siven 1n the above tabie are the annuai esan | 35 eXactly in 1ine with the m i Wit payments based on the latest cusrterly or half-vearly declarations. | 0°CAS! D Dres 3 & lece DIVDE i XEx-divicend. sLess than 100 shares. tPartly extra. $Plus | Government securities, but the e P nies of $125,000,000 in the capital of the | 4% in stock. fPlus 9% in stock 'aid last year—no regular rate. & Forn Sec | bEavablen stock, e Payable in ca tock f Plus 8% in stock. | Federal land banks and the nearness Grpsun. (L6 1) - + of a large issue of bonds by the Recon- 74 | h Plus 2% in stock. i Plus 50 erred stock k Plus Indus Alcohol.. . s ! struction Corporation served to stiffen 3% in ‘stock. ~m Paid this ¥ ate. nPius 8% In stock. D Plui 3'a% in stock. money rates. The Street calculates that SEASBNA!— UU]-PU the Reconstruction Corporation will sell the fact that the State figures FUR U". lS SE t include the value of ships in the - 0D I R DN g 00 I TR e N 11 sl ) 24 7i% 20% Vulcan Detin (4) 97 69 Vulcan Detin pf 26 s Wabash R R 51 1's Wabash R R (A) 277 17% Waldorf Sys (1%).. &% 11 Ward Baking (B). 20% 24 Warn Bros Pictures 32 131 Warren Fdy & P 1.20 55 WestPa EIpf (1) | 931 West Pa Pwr pf (7). obacco Products. .. 3 1% Western Pacific 6 Tobacco Prod A 103¢ x ! | ] TCwa im0 L o 3814 Western Union (6).. Ll 2215 Westinghouse (213). oIl 3 2 9% 60% Westinghse 1st (3 S 1 32 Tl 6 Weston Elec Instr e 20 White Rock (4) i Gy Top T | 1 White Sewing M pf.. ~3) 2% 2.60) % “n Oil of Calif(1.10) 35 “nion Pacific (10) % nion Pacific pf (1). n Tank Car (1.60). . nit Afreraft it Alrerafty tAm F fonal income for the $71.000,000,000. sald, these sums could | § 1 ibuted equa | he Nation, ca a y 961 of capital and Ith—tangible, physical 2,100,000,000, or 8.9 per 1929; while income—repre- m of personal income of the country, plus busi- Tran opped $14,000,000,000, or | Former Rumors Confirmed. | If a lower dividend is declared the market will interpret that announce- ment as unfavorable. If the current rate of $4 a share annually is main- tained its declaration should have a favorable effect on the prices of stocks even in the face of a poor earnings statement for the fourth quarter of the year and for the entire 12 months. The rumors which preceded the iast | dividend declaration when the rate was | reduced were based on fact which was confirmed by the action of the board of directors. There has b2en no “lead” on the action to be taken at Tuesday’s meeting, and this is as good a reason as_any for expecting the regular rate. ! “Declaration at the present rate would be considered constructive in that the boards of many corporations use the Steel Corpozation's actions as a yardstick. Deserting Bull Side. Those big operators who were re- sponsible for most of the improvement 9% 90 | which occurred recently in the stock 013. v m t have become impatient over the failure of the railroad executives and railroad employes to settle the wage dispute. Realizing that the favorable effect of the Reconstruction Finance Corporation has been expended, the | delay on the wage question caused {them to sell many of the stocks ac- | quired in the belief that the wage dis- | pute_ would be settled quickly and fa- ¢ | vorably for the railroads. A sudden settlement of this matter in favor of the common carriers, how- ever, would have a most favorable effect on the stock market. Another reason for the desertion of the bull side of the market by many of the big operators is that the recent | upward movement failed to attract & public following, thus preventing the operators from distributing their stocks and replenishing buying power with which to push the market to higher levels. The public, instead of coming into the market, has fought the rise with persistent _short selling. Brokers now estimate that the short interest among small traders is greater than it has been at any time in several weeks. Necessitous Liquidation. The issuance of another call, the third, for $50,000,000 by the National Credit Corporation indicates that it is steadily extending aid to the banking situation. The good work bemg done in this direction is finding reflection in the absence of any more bank clos- ings. Those institutions which have closed, | however, are again liquidating securi- | ties which compose a substantial part | of ‘their assets. This selling begati to appear toward the close of the veek and contributed to the effect of the offerings made by large operators. Business Improvement. Some slight improvement is reported in business. The steel industry has reported a small expansion in opera- tions due to increased buying by the automobile companies, and_there has been betterment in a number of iso- lated directions. ‘The general securities markets are now waiting on the Steel Corporation meeting for incentive. In the absence of a new stimulus the stock market is epected to exhibit a sagging tend- ency until the Steel Corporation an- nounces its dividend action after the close of the market Tuesday. (Copyright. 1932 by the North American Newspaper Alliance. Inc.) 39 6.4 per cent Per Capita Wealth. stimate of wealth and income i y regular and compre- hen: s research now being estimate of the United | was in 1922, showing 000,000, 930 was | n 1929, | The board I Willys-Overland. ... Woolworth (2.40)... hington Pump. . ht Acronautical ley (Wm) (4). alf 55 '59 ralia Ha 53 '67. Austria 7s '43. . Austria 7s ‘67 cti B&O4S4E. .. Bé&O4%s°33 B&Ocvils B&O 15t 5348 B &0 53 D 2000. B&Orf5s'95. B&O6s'95 B& O Swdv 58’60, D & O Toledo 4859 Bk of Chile 8% 8’67 Bk Chile 6% 8 Belgium 63 '55. Beiglum 6%s ‘49 Belgium 78 ‘55 Belgium 7 a Eell Tel Pa 53 B '48 Bell Tell Pa bs C'60 B Ind Loan C 6546 0,000,000 of | nit Corp Corp ; 35% 361 —1 ni o 3 % was $6,728 in | $1,45. The | exclu for ged in household pay, and children, mploy s income w ni with $5,985 second, with $4,480, and was third, with $4,356. i was last, with $1.110. Similar figures for national income are t available. Distribution by States. The figure for distribution of wealth 700,000,000 in 1930, ith $355,000,000,000 in ifference between the n wealth and for the o of it by States is accounted N Eng T 1st 58 '62. NO T & M55 B '54. NOT&M5%s ‘54, Nw S Wales 55 '58. VY Cgn3ys'oT.. Y Cent db 43°'3¢ NYCrf4t N Y Crf im 5 N Y Cent db 6. . &StL 415578, StL548A" ur 16— 85 95 94% 1001 10013 WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY'S SALES Lincol (10) 5 Metropolitan (i4) Riggs (155) Second (9e) Washington (12) TRUST COMPANY. & Tr. Co. (15) & Tr. (128) Prince Georges Bk. & Tr Union Trust (8s) | Wash. Loan & Trust (14) SAVINGS BANKS. Bank of Bethesda (6%) Com. & Savings (10) East \Washington (12) Potomac (10} Sec. Sav. & Com. Bk. Seventh Street (12) United States (30) Wash. Mechanics (20) | FIRE INSURANCE. American (12) Corcoran (10) Firemen's (8) National Union (15) TITLE INSURANCE, Columbia (6h) Real Estate (6h) | MISCELLANEOUS, Barber & Ross, Inc.. com | Col._ Medical Bidg. Corp. D. C. Paper Mig. pfd.. Dist. Natl. Sec. pfd | Emer. Bromo-Selz, “A” Federal Storage pid. (8) | Fed -Amer. Co. com. (1.20f) Fed -Am. Co. ptd. (6) T | Lanston Monotype (6) ; | Mer. Tr. & Stge. com. (10) r. Tr. & Stge. pfd. (7). Mergenthaler Linotybe (6} Natl. Mtge. & Inv. pfd. (8) | Peoples Drug Stores pfd. (615) Real Est. M. & G._pfd. (8).. Security Storage (5§) Ter. Ref. & Wh.. Corp. The_Carpel Corp. (2) W. Mech. Mtge. com Wash Med. Bldg. Corp | Wdwd. & Lothrop com Wdwd. & Lothrop pfd. (7 *Ex. dividend 2 bBooks closed. n25c extra. {30c extra | 817 extra. ! 1135, extra 'SALES OF PASSENGER NEW YORK, January 25.—A (urth!r‘AUTOS ARE ESTIMATED most brokerage house circles tocay, al- | New Car Purchases for 1931 De- though it was thought the market | would be rather dull clared to Have Exceeded 1,900,000 Units. pressed in recent weeks, and conse- quently are still in line with money | Berlin Cy E16s'65. rates, sold off narrowly. This trend | Bsth Stlpm 5s'36. affected such descriptions as American | Beth Stirf 534842, | Telephone 5, Atchison general 4s, Nor- Bollvia 7858 e | folk & Western first 4s and Consoli- | Bolivia 7a°g dated Gas 4155 [iBeilae 41, Bonds were firm at the opening. In|Bordeaus és'34. some cases there were small advances. ( 208 &Me 55/'67., Trading was in modera me. ISl 694 = 28, The best gains were in railroad de- | Brazl 6%s 27, ! scriptions, in spite of Wall Street's|Brazil7s. bearish construction of the w re- | Brazil 88°41....... Iply to the executives at the Chicago|EKFd&D A Ba4s.. wage conference, Chesapeake & Ohio | BKIYN Man 65 68 | B 4155 rose a point.” Gains occurred in| Buivn Un 574, | Northern Pacific’s 65 and Southern Pa- | Budapest is 62 ... cific 4155, Industrials like United States | Buenos A 6s'61 Pv. Rubber 5s and American I. G. Chemi- | Calit Packing 6540 cal 5158 were firm. United States Gov- | Canada 4s ‘60.. . | ernment issues were narrowly hig Canada 4%s'36. In the foreign department most Ger- [ Canada 5 '52. .. man descriptions had a firm tone. South | Can Nat 4145 54. | American bonds. notably Can Nat Ry 4%5'66 Argentine, were slightly Can Nat 4348 '57. Can Nat 4%s°68. .. Can Nat 5s July'69. Can Nat 63 Oct '69. Sdisn 58 B'44. Y Fd 1st 6841, ELH&P 58 '48. NH&H ab 45’57 NY NH&H 4%3 67 VH&H cd 6548, NY O%W Ist 45'92. Rys 6s A '65 39 NY W&B 4%3 '46. Nia Sh Md 518 '50. Nord 6148 "50 - Norf South 55 '6 Nor & Wn v 4 No Am Co 53 6 Nor Am E 5%s '63. Nor Pac 33 2047, Ner Pac 48°97. Nor Pacr 1682047, SALES. Washington Gas 35—$500 at $1,000 at_1003. i Potomac _Electric Cons. Believes 10035, $1,000 at 10035 Mergenthaler Linotype—10 at 52'4. | ‘ Bid and Asked Prices. | | or b 1007, 55—$1,000 at 350 165 about $500,000,000 of five-year 5 per St Navy, privately-owned -—_— | 1 cent bonds, guaranteed by the Govern- supply systems, and gold and b 5 G California Official ment, within the next 30 days High-grade utility and railroad is- coin a bullion, which cannot ted geographically among the A ¢ Winter Production Plan May Be Adopted. Amer. Sec 299 Natl. Sav i the board said, rcrease of national wealth period of 16 years, 1914 to 1930 in actual or current dollars and in 1913 dollar (The value of the dollar varies with its purchasing power. By g theivalue of it in 1913, a stable figure for comparative purposes is obtained.) “In 1914 the national wealth, dis- tributed by States, in current dollars was $188.600,000,000; in 1930 it was s 00,000,000, an increase of 71 per | cent BONDS. PUBLIC UTILITY Bid sues which have not been unduly de- Asked s Amer. Tel. & Tel. 41as '3 Tel. & Tel. ctl. tr. 5s. cosuia & Pot. R. R. 58 Ana. & Pol. Guar. 5§ C. & P. Tel. of Va. 5s Capital Traction R. R. v & Suburban 5s Georgetown Gas st 58 Potomac Elec C BY CARL G. BENJAMIN. SAN FRANCISCO. January 25.—Will oll production become, like many branches of agriculture, a seasonal in- ansiiye Potomac Elsc. 65 R. D. Bush, California coil and gas n. Alex. & Mt H 4 supervisor, sees the necessity of a trend tan ons 4 “In 1914 the national wealth dis- a6, series A tributed by States, in 1913 dollars, was | in that direction in this State. But &is & Series B $189,100,000.000; in 1930, in 1913 dollars, | the heavy production season. if the RWy. & Elec. 4s 2 it was $261,000,000,000, an increase of { change he foresees as a necessitv comes MISCELLANEOUS. 35 per cent. The latter per centage i not Summer, as | Barber & Ross. Inc. 6'ss therefore represents the actual physical | 2b0ut. Will be Winter, not i + 88| BANS ane Giub Bian. o growth in national assets. The increase | in agriculture. Golumbia Country Club 81z of the national income by percentages| The factors which are combining to for the same 16-year prrlodd ) 114 | pring about seasonal production are the | STOCKS. AT AL 0 BCiUl S UL doligsa California law against unreasonable Increase Noted. | waste of natural gas—which, incident- PUBLIC UTILITY. Amer. Tel. & Tel, (9) T A'."‘i‘i»“tw the same fd"rmr;ah“fillgl\fi‘; | ally, is being enforced—and the heavier e G Pt s to 1930, as compared wi 29 | 3 N. & W. Steamboat (12 is, computing the wealths of | demand for natural gas for heating | p, “piec “Fower 6 pfd::' d 1930 in 1913 dollars—the | Purposes in Winter, plus, of course, tha Poi. Elec. Fower 312 pfd/.- board found the actual physical wealth | necessity of the industry to hold down ) prd. (5) of the United States increased $4,200.- | o1 production to a level with demand. 000,000 in 1930, despite the actual cur- o dollar decline of $32,100,000,000 Wash| Rwy. & El NATIONAL BANK. is a table showing the per | 5. in. 1320 | Min. price. Asked Pt Cas0 Arizona, $3,11s77able waste of natural gas, passed by the California, $2.692: | Legislature two years ago, has been $3.165: Connecticut, $3.389. | tested in both State and Federal courts z A 06: Florida, $1.710 | and been upheld. Oil and gas in Cali- Tdaho. $3.577; Tilinois, | fornia_are produced from the same 6. Jowa, $4.322. | Wells, gas playing an important part in Ll i | forcing the oil to the surface. Gen- D At S2 1 erally speaking, one cannot be produced e s | without the other. Consequently it was 419 Minnesota, $3403. | thought that the gas conservation law T mg-iulaum act to restrict overproduction el 0ot DCIESOUTL SR 1D 41 ariant e H e $3944. | . It has aided the industry in curtail- 90 New Mexica, $2.057. | 08 ofl producticn, but its greater effect S ' has been to almost eliminate natural North S Obiar | gas wastage. In January, 1930, 1,750,- ta, $3.653. Obio. | 009,000 cubic feet of natural gas was §1.683; Oregon, | heing produced daily, of which about $3,068: Rhode | 750,000,000 feet was being blown into ith Carolina, 81423: | the atmosphere as an incidental waste Tennessee. $1.667: | of of] production. Last month gas pro- $3106; Vermont, | quction had been reduced to 952.000,000 $2,081; Washington, | cubjc feet daily, of which 38,000,000 Virginia, $2.775: Wisconsin, | cubjc feet was being wasted Wyoming, $4,480. This was accomplished through im- proved production methods, whereby less gas was produced per each barrel of oil by closing some wells Which w | heavy gas producers and by reducing | oil production from about 700,000 to | about 500,000 barrels daily, the latter tub, | figure being about normal at present | and about the necessary amount to meet normal demand. ~ Thirty-eight | million feet daily is not considered by P .. 8 81 59 i0i o Norway 58 °6: Norway 5148 '6b Norway 63°43.. Norway 65 '44.. Norway 68 '52. Oreg-Wash 4s '61. Pac GERE 53 °'42.... Pac T&T 1st 58 '37. | Pac T&T rf 58 '52.. | | Paramount 6847 ;2 2 | Paris-Ly M 6s '53. Paris-Ly M 7s '53. | Penn 4% s D81, Penncv 4l%s 60 Penn n 43565 | Penn 4%45°70, Penn 4% 5'63. Penn G8 ‘64 Penn 6143 '36 Penn P&L 4%s8'81. Peoples’ Gas 58 '47. i Peor & E 1st 4540, Pere Mar 4%s ‘80 Pere M 1st 58°56. . Peru 65 '60. | Chi IndeL n 5 26 26| pera Ta-8s. S useas. < | Phila Co 68 ‘67 2 s o8 s | Phila Elec 458’11 [CM&StPod)sa. 7 | BRil & Read 6s 6 LS arC | Philippine R 45'37. Wi 2037 i Philllp Pet 5% s 29, Pillsb F M 68 '43 P C C&StL 55 A 10 P& WV 4%sC60. Poland 65 ‘40 | Poland 78*47...... Poland 8550 5 Port Gn E1 4%s'60. Porto Alegre 8s'61. Por RAm T 68 '42. Pos Tel & C 58'53. . Prussia 6s°52. ... Public Serv ¢ 1. | PubSvG 44867, PubSv G 4%s°70.. Queensland 7s*41.. Reaa gn 438 A 97, Rem Arm . Rem R 5%s Rhinelbe 7s 4. . .. Rnine West 65 '52. | Rhine West 6853 Rhine West 63 '55. Rio de Jan 63%s '53. Rio de Jan 88 "4 R Gr Do Sul 65 '68. R Gr Do Sul 85 '46.. ‘\,(emnn ctf. ‘o ioi 85 . Steck Change Explained. NEW YORK, January 25 (@) —In a | Can Nor4%s'35... ctatement issued today the smc:axri&cn Nor 6% s db '4¢ | Consolidated Oil Corporation said tne | Can Nor 7sdb '40.. proposed reduction to $5 a share in | Can Pac db 4s. | signed value of the common stock of | “an Pacific 43%4s the Sinclair-Prairie Consolidated Co. | Can Pac 4%s'60. .. | has no relation to the value of the | Can Pacis 44, skares, but is purely an arbitrary figure, | Can Pac 58 '54. ‘ Under the proposed readjustment rxl“r"“' Pac 48 '49. . | capital account, the book value per |Cert-tddbb5iss 4s. share of the common stock will be many | Ches Corp 53°47.... | times $5, the statement said. It was|C & Ogen 434532, added that no actual or existing value | C& O 4%4s B '95. .. will be lost by reason of the bookkeep- | C B & Q en 43 ‘38, ing adjustment and that no change !CB& Q4%s 77 would be made in the sharehslders’ pro- | C B&Q 1st rf 5571, portionate share of the assets | CR&Q I1dv 31%5'49 CB&Q 111 dv 45 '49. | *hi & Est 111 < { Chl Grt Wes 6 @) @ 6 te Law Upheld. The-8tate law prohibiting unreason- Capital (14) Columbia_(12) Commercial (stamped) '(10) i : it Dividend Meetings. NEW YORK, January 25 (/)—Sev- eral important dividend meetings are | scheduled for this week in additicn to | the United States Steel meeting tomor- {row. There is particular_interest in the board meetings of Pennsylvania Railroad, American Tobacco, American Radiator & Standard Sanitary, Bethle- hem Steel and Studebaker Motors. INVESTMENT TRUSTS Brokers’ Comment Mary- $3.144 N\ 6145 36, &P £n 45 '88. ChiRI&Prf4s'34 ChiR1&P4%s 52 Chi R lcv 43860 Chi Un Sta 4%s'63. COLOMBIA TO PAY INTEREST IN SCRIP President Olaya Herrera Reiterates Stand Against Mora- torium. E. F. Hutton & Co.—We expect the market to give an indecisive exhibition characterized by dullness until the | By the Associated Press. United States Steel dividend meeting is | DETROIT, January 25.—R. L. Polk out of the way. o) & Co., which compiles automobile Paine - Webber & Co.—Having now | Tegistration figures throughout the reacted more than one-half the advance | United States, says today that new cored on last rally, lndus’;(iai‘amsks‘are‘pnssenger car sales in 1931 exceeded in weak position, and a further decline | ! is indicated, thus providing a test of | 900000 units. The caculation is previous bear market lows. Rails will [ based upon complete registration fig- probably stop above old lows, at least | ures for 11 months and reports from while bottom for industrials and utili- | 38 States for December. Sales of new passenger cars for De- ties is being tested - | cember totaled approximately 79,100 units, which would bring the year's total to 1909,000. The figures for De- Chi Un Sta 6%s'63 Chile b8 %0, . Chile s *61 Clev Term 41458 77, | Cley Term 58°73. Colomb 6s Jan 61.. Colomb 63'61 Oct Colo & Sou 414835, Colo & Sou 4%s '80 Col G&E 55 May'52 Col G&E cou 53 '61. Com Inves 5%s "49. CC Md 1st rf 55'50. {Con G NY 4145751, ConG N Y 5%5 '35, Con Pwr Jap 6%s.. Con Pow Japan sum Pow 5s 52 Asked A B C_Tr:Shrs "D 3 A B C Tr Shrs 'E Am & Gen Sec “A |Am & Gen Sec B Am & Gen Sec $3 pf |Am Br & Con 6% pl.. Am Comp Tr Shrs Am Fdrs 6. pf.... Am Fdrs 7% pf Am Fdrs_cv pf Am Ins Stocks Assoc Stand Oil Al Sec pf ... Atl Sec_war 111l Atl & Pac Int \nits Al & Pac com ww 1 Atl & Pac pf war. Bankers Nat Inv Banciciila Corp Basic Industry Eritish Type Inv .10 Central Nat Corp’ A Century Tr Shrs et By the Associated Press. BOGOTA, Colombia, January 26— | President Olaya Herrera announced Sat- urday his government had agreed to One-pound prints, 28 Lamborn-Hutchings & Co.—The most 7, SLORLE important development concerning any current re- Turkeys, old toms, 18a | and her a25; chick- d over, 16a18; 2 to| ). broilers, 1'2 to 2 hens, large, 16al7 hens, 11; roosters, 45a5 5335, d—Turkeys, old_toms, | toms and hens, | unds and over, 19a21; ( 23a25; broilers, 1': to| s, large. hens. 14 60: old 16 young 50. i choice, 9'5a10; lamb, top, 14: medium, | h hams, 8 to 10| noked | lard, | com- 4.00; tan- quart, 10a | Alligator pear. \barb, hot house. honeydews, Chile, 4.00. Potatoes, 100 - pound ldaho bakers, 2.50a2.75 es, Florida, 6-pa repacks broceoli, | 1.00: hom caulifiower Jushroom 2.00a2 Carrot: 4.00; cucumbers, 3.50a4.25. egg- 2.00a2.50 celery 3.00a3.75; 50-pound sacks, 1.90a2.00; Spring per dozen bunches, 24; salsify, hes, 80: artichokes, 4.50a 5.00 parsnips. 1.50 cabbage, new, crates, 3.00; old, sacks, 1.00: 5. AR KANSAS BANK CLOSED. PITTSBURG, Kans,, January 25 (). —The First National Bank of Pittsburg | led to open today and was placed in | charge of & national bank examiner Officials said stcady withdrawals deposits beg-n two weeks 2go as the Tesult of tre circulation of rumors that the bank wezs m bad condition and reached the proportions of a run Satur- day William J. Watson, president of the Kansas Bankers' Association, is presi- 4.2 00a4.00 squa beets, crates onions, dozen | coincided with the opening | tween here and the field he office of the oil and gas supervisor a very unreasonable wastage, consid- ring the size of the State’s oil indus- try, but it happens that much of t amount is blown into the air in a few fields, thus constituting what is consid- ered unreasonable wwaste. So action is under way to reduce that amount Opening of New Field. t happened that the State's deter- mination to stop waste of gas about up of the Kettleman Hills oflfields, one of the biggest storehouses of oil and natural gas in the world. These two factors forced rapid extension of the natural gas industry. Kettleman Hills now sup- plies gas to the entire San Francisco Bay area and to citics and towns be- An expen- sive pipe line even takes natural gas from Kettleman to Southern California which heretofore has had an oversup- ply from its own fields The demand for the new fuel has | grown rapidly, and it is anticipated it will be permanent. But a good part of | tne demand is for gas for heating pur- poses, and this is a Winter demand. Except for last Summer, when, owing to iack of water, there was an abnor- mal demand for gas to generate ele tric power, experience this far indicates the Winter demand for gas will be about double the Summer demand. Since oil can be more easily stored than gas, Mr. Bush sces the necessity coming very soon of the oil industry getting on a seasonal production basis, producing enough oil and gas in Winter to supply the Winter demand for gas and only enough oil and gas in Sum- mer to supply the lessened demand for gas. Excess ofl produced in Winter would be stored to supplement lower Summer oil production Sees Program as Necessity. Mr. Bush admits that this seems to be letting the tail wag the dog, but he sees some such program as a necessity if the State is going to insist that there be 1o unreasonable waste of natural gas, and the oil industry is going to keep its house in order by limiting total annual production of oil to normal de- mand. (Copyright Strange Voyagers Arrive. Strange voyagers in the eyes of the 1932 | people of Pyrmont, Australia, recently arrived on a Dutch steam: Girls of 28 were grandmothers; wives aged 15 had children more than a year old; few dent of the closed bank, which on Pridey night had deposits of $1,373,- 725.44. Its capital was $100,000. Assets were listed as $1,710,653.86 with an un- divided:, profit of $25,000. Loans and L were given as $665,02442. of the children wore clothing, and the entire party slept on the hatches of the ship. They are natives of Java and stopped at Pyrmont on their way hom after three years in the New Caledonia nickel mines, one stock over the very near term prem- ises to hold forth in the Steel Corpora- tion dividend action on Tuesday. It seems probable that whatever action is decided on will be the result of deliber- ate policy on the best course, all mat- ters considered, rather than just a divi- dend to be based solely on the earnings picture. Those who have followed the | action of the Steel directors over a | period of years and whose judgment, | therefore, is usually weighed carefully, are forecasting either a reduction or payment of the regular dividend, elimi- nating quite positively the possibility of a complete omission of payments. Hornblower & Weeks—With the mar- ket having definitely canceled over 50 per cent of the ground gained sinca the recovery movement got under way Jan- uary 5, we doubt that rallying tenden- cies at this time will exceed technical proportions Redmond & Co—We have not changed our view that many issues, par- ticularly in the industrial and public utility groups, are headed for new low | ground. We would therefore be cau- tious about following any sharp mlhes“ from this level. Shields & Co—The market continues a day-to-day trading affair, but rallies | | have lost their attraction. The tech- | | nical position is being strengthened by the character of selling, but this can- not have much influence for a while, so | that it will be dangerous to try for spasmodic recoveries that are to be ex- pected. Jackson Bros., Boesel & Co—We can- not escape the conviction that passage of the bill enabling the Reconstruction Finance Corporation to begin opera- ticns at an early date is an influence which will act as a stabilizing factor on curity and commodity prices and will be accompanied by gradual restoration |of confidence in the ability of the| | country to emerge successfully from | the depression. That this opinion is | shared by leading bankers and business | interests, irrespective of European de- | clopments, is no secret, and we ad- | Lere to the view that while the market will be subjected to intermittent sell- | |gne waves, the logical plan of action for {%oth securities and commodities is to | regard periods of weakness as favorable buying points. | Thomson & McKinnon—The market hac reason to expect fresh incentives for restored confidence and incidentally perhaps a resumption of an upward | trend. Frazier, Jelke & Co.—The best clue to the trend in stocks probably will be continued to be provided by the bond market, cember are described as presenting a “cheerful showing” and marking “the first break in the persistent decline in new car sales which had set in last Spring.” The same authority previously has estimated that sales of new trucks for 1931 would exceed 311,000 units The Polk figures deal only with sales of passengers cars and trucks in the United States. Figures prepared by the National Automobile Chamber of Commerce place production in the United States and Canada during 1931 at 2465000, which, with accessories, service equipment and replacements of parts and tires, had a wholesale value of $2,101,000,000. NEW YORK, January 25.—Dealers in canned foods report that the market is showing the improvement predicted for it at the end of the year. It is said that such items as tomatoes, peas. string beans and fruits can be cleaned up easily before the new packs. Stocks in the hands of canners are moderate and prices are firmer, according to the trade. The kerosene trade hears reports of price shading, and the market appears unsettled. One refiner was said to be marketing at 54 cents a gallon tank cars, refinery, though most of the large | refiners are asking 6 cents a gallon for 41-43 water white. Raisins continue the featured spot in th: dried fruit market, due to their re- cent strength. Other lines are attract- ing relatively little attention and prices are reported easy. | A London authority places the world supply of rubber at the close of 1931 at | the record figure of 625,000 tons, ap- proximately equivalent to a year's supply. Atlantic Refining Company. NEW YORK. January 25 (#).—The prejminary statement of the Atlantic Refining Co. for the year ended Decem- ber 31 shows consolid=ed net profit of $514,000, equivalent to 19 cents a share, compared with $2,742,000, or $1.02 & share. Included in the 1931 profit was $1,- | | 433,000 non-recurring income derived | |from the sale of certain investments outside of the United States. s tol vl vl At present Esperanto is probably the most widely spoken of the universal languages, its speakers being estimated at about 5,000,00Q throughout the Workd. { Sec Int Sec Central Nat Corp B Chain & Gen Equities Chartered Invest Chartered Inv pf Chelsea Exch A Chelsea Exch B Cumulative Tr Sh Corporate Trust Corporate Trust A Corporate_Trust Acc Crum & Foster Crum & Fost 87 Crum & Fost Ins Crum & Fost Ins Depos Bk Shrs N ¥ Depos Bk Sh N Y Depos Ins shrs “A Diversified A Diversified Diversified Tr C Diversified Tr D ty Invest Trust »f Fixed Trust S Fund Tr Shis A Fund Tr Shis B | | | | | Del & Hud rf 4s°34. | Denmark 4%s'62. . | Denmark 53s'55. Denmark 6s°42.... 2 Denver Gas 5s '51.. D& RGren 4s'36. D&RG W bs 55 G&R4%s'61. | Det Edison rf 5549 Dodge Br cl 63 Duauesne 4%s Dutch st 16862, i Dutch East I 6547, Erie gen 4s. ., Eriecv 58 '67. s '75 irie & Jer 65 '55. at1s war > | Finland 78 50 Independ Tr Int Sec Corp A Int Sec Corp Am B Int Sec Am ' pt Sec Am 6'.0; pi Inv Tr N Y Coll “A Invest Trustee Sh Leaders of Ind Leaders of Indu Leaders of Indust C Major Corp Mass Inv Mutual Inv Mutual Mana Nation Wide Natl Indu Natl Tr Sh N'Y BE: Tr Nor Am Tr S Nor Am Tr 8 Nor Am Tr Sh 1956 Northern Secur Oil Shares 0ld Col Inv 1 Old Col Tr Assoc Petrol Trad A Public Serv Tr Repres Trust_Shares Second Int Sec A Second Int Sec B 18t pf. . Secur Corp Gen $6 pf Selected Amer Shares Selected Cumulative Shares Selected Income Shares Selected Manage Trust Shawmut_ Bank - Spencer Trask Fund Standard All Amer Trust Stand Amer Trust Shares Standard Collat Trust.. State Street Invest Super of Amer Trust Super of Amer Trust B Super of Amer Trust Super of Amer Trust Trust Shares of Ame: Trustee Standard In tandard andard Oil tee rd O Trusteed N Y C_Ban Trusteed Amer Bank Trusteed Amer Bank A... 20th Century Fixed Trusi... Two-Year Trust Shares United Fixed Shares ... 5 United Founders 1-70th com. . United 1Ins Shares ks United Bank Trust . @ & Brit Int Ltd A’ 8 & Brit_Int 33 pf 8 Elec Light & Power B Elec Light & Power ' miversal Trust Shares. K Rub 8s 41 Fram 1 D Ti4s French 7s 4 French 7%s '41 Gen Motors §s°37., Gen P S Gen St C Gen Th German 5%s *| German Bk 6338 . | Ger Cen Bk 63 '60 J | Ger Cen Bk 6260 0 | Ge*man 7s rep 49. | German Bank 7s ‘50 | Ger Gen E1 7545 000 15t 614547 Goudyr Rub 6857, . GrandTr sf db 6s'36 | Grand Trunk 7s'40. {Grt Nor 4%s'76 D. 715 | Grt Nor 58 '73. Grt Nor gn 7s ‘36, ] Greek 6568 5 | Hav El Ry 5%s'51, Hud & M adj bs '67. Hud & M rf 68 '57. . Humble Ofl 5537, . Humble O 5%s '32. Hungary Ti4s '44 | 111 Bell Tell 65°56. . 111 Cent 43 '53. .. [11 Cent 4% '66. ., (11 Cent 645 ‘36 [LLNE tL&N 4 %8, , 111 CCSIL&N 53 A .. 111 Steel 4 Pl Inlund St 4148 B'81 Int tap Tr 5s '66. . Int Rap Tr sta 66. Int Rap Tr 6s 32 Int Rap Tr 7s 32 Int Hydro El 63 Int M Co 5s ret’d1.. Int Match 6s "47 Int MM col tr Int Pap 65 A 47.... Int Pap 68 $6eeas 2 RIAr& L 4%s 34, | Rome 6343 62. ... StL IM R&G 45'33. St L&SF in 45 A ‘50 StL&SF 4%s'78. StL&SF p 158 B ‘50 StS Wen 4s'32. StLSWb5s'52... Sao Pau 78'40 ret.. Sao Paulo 85 '50. .. Saxon 7s '45. s Serbs-Cr-S1 78 '62. Serbs-Cr-S 85 '62. Shell Un Ofl 65 '47. Shell Un Ofl 68 49. Shinyetsu 6%s Sinclair Of1 6% SincO 7scv A '37.. Sinc Cr O 5%s '38.. Skelly Ol 5%s '39. Sotssons 63°36. ... Solvay Am 53°42.. Sou Bell T&T 68 ‘41 SW Bell T 55 A '54. Sou Pac 4%868... Sou P 4%5 69 ww. Sou P&Or 4%s 17, Sou Ry gn 45 '56 Sou Ry b8 94 Sou Ry 6’56 Sou Ry 648 '56. StOIINJS StOIIN Y 4% '51. Sweden 5% ‘54. Swiss 58 46, Tatwan E P 54871 Tenn EI P 63 A 47 Texas Corp 53 ‘44. . | Tex&P 1st 65 2000. | Tex & Pac 58 B'71. Third Av rf 45°60.. Third Av adj 5560 Toho El Pw 6832, Toho El Pw 7s '55.. Tokio 58 '52. . Tokio 5%8 "61..... Tokio El Lt 63'53. Un Pac 18t 48°47.. Un Pac rf 43 2003.. Un Pac 4%s 67 Unit Drg cv 68 '58. Utd King 53%8°'37.. U S Rub 1st 6847, UnSt W 6%s A'4T. Ud St W 6%3A'61.. Ud St W 5%sC'51.. Uruguay 6s°60.... Uruguay 6 Uruguay 8s 4 5 Utah P& L 53 '44.. Uti] Pw 55 '59 ww. Util Pow 6%8 '47.. Vanadium St 5541, Vienna 62 52 Wabash 4%8°78. Wabash 1st 5 Wabash § Warsaw 7 Weest Eld| pay in scrip the interest on foreign | debts of various departments and municipalities. ¥ The bonds affected are held princi- pally in the United States. The Presi- dent's statement reiterated his stand against a national moratorium. Payments hitherto were being made only on the national debt, he said. The country owed $3,877,000 annually in in- terest on its consolidated debt, he added, and the Banco de Republica owed $1,600,000 more. Interest on the national debts amounted to only 15 per cent of the 1932 budget, he said, and could easily be met. SAVINGS BANK RECORD SCORED IN NEW YORK Epecial Dispatch to The Star. NEW YORX, January 25.—Another new record in savings history was set by the 146 savings banks of this State in 1931, total deposits in these banks rising $466,319,923, or 9.7 per cent, during the year to a record level of $5,260,068,966, the Savings Banks As- sociation of the State of New York. to which the 146 banks report informally, announced The $466,319,923 gain in 1931 com- pares with a gain of $401,987,290 in 1930. Of the amount gained in 1931 | $266,536,102 represents actual excess {of deposits over withdrawals and $199,783,821 represents the interest | credited to the accounts standing on the books of the banks. LUMBER ORDERS INCREASE. By the Associated Press Another excess of lumber orders over production was indicated in returns of mills to the National Lumber Manufac- turers’ Association covering the week ended January 16. Reports put new business received at 49 per cent above the cut of 95,549,000 feet, while shipments from the mills were 42 per cent in excess of the cut. Sales High. West Md 4s'52.... 3 59 West MA5%5'77.. 2 62% West Pac 53 '46. .. 45 West Union 63 60. 681 0% 92 Wes: Un 6% Wil & Co 1st 9% Wis Cent gen ¢s ‘3§ 35 1 74 Ygstn S&T 7 68% Ygstn S&T 63 B'70. 634