Evening Star Newspaper, January 25, 1932, Page 15

FINA CURB ISSUES MOVE IN NARROW RANGE Pivotal Shares Show Little Change—Trading Volume Is Small. BY JOHN A. CRONE. @pecial Dispateh 10 The S NEW YORK, January 25.—Opening with minute price changes, the Curb Exchange session dragged along today 85 quotations stiffened Some of the market leaders were vir- tually unchanged around midday from Saturday's closing levels. This group snclyded Electric ond & Share, Cities Bervice, Standard Oil of Kentucky, Ford | Moter, Ltd.. Niagara Hudson Power and United Light & Power A The proposal to tax consu of power met with little enthusiasm eithar from traders, investors or utility oper- ators, though marketwise it was not felt a5 much as the cigarette tax plan, as this, many feel, has a chance for passage. Foreign markets had little ef- fect on local security dealings, which for the most part responded to cor- porate developments. Halving of the quarterly Class A pay- ment of European Electric Corporation, although long expected, brought out of- ferings in the early afternoon Lehigh Coal & Navigation attained a pew minimum. This move followed th omission of the $1.50 cumulative pre- ferred dividend of the New River Co. New York Steam Co. lost a point on a small turnover | The automobile trade appeared to e more_interested than stock traders ir the Detroit shipment to England of 1 motor cars of 4 cyclinders, with mators 11 inches long. Ford Motor, Ltd., was dull. Ford Motor of Canada A Was up fractionaily. Nor did H. H. Franklin Manufacturing Co. respond to its an- nouncement that its bank loans showed a reduction of more than $1.500,000 during 1931, its overhead was down 50 per cent and its inventory consisted of only 16 cars The opening of the Curb was irregu- larly lower Electric Bond & Share in a block of 1,100 shares opened at 11li, off % Cities Service, at 5%, lost ’x. American Superpower in # lot of 1500 shares at 315, Central States Electric in a 1200- share deal at 2 and Commonwealth & Southern warrants in 1,300 shares at 9-16 were all unchanged. Cord Corporation, at 7', declined % Goldman-Sachs, 8t 2%, dropped & shade; but Insull Utility Investment. Inc., at 37, rose slightly. Lehigh Coal & Navigation, at 10'x, opened down 3% and was at & new minimum level. Belgian Linen Makers Hit. Linen manufacturers in Belgium are | rueful over the turn of the tide against them as a result of the fall in sterling. They have been getting practically no contracts where they come into compe- tition with Belfast linen makers. The English tariff also is having an adverse effect, making it difficult for the Bel- gians to retain any of the business they formerly enjoyed in the United Kingdom. Belglan flax growers are not involved, inasmuch as they can sell their flax to supply the increased de- mand of Belfast mills. BONDS ON THE CURB MARKET. DS. DOMESTIC BQNDS. o 158 67 7 428 51 o1 Sales in thoussnds 1Alabama Pw 9 Aluminum Co 3 Amer P&L 6 Roll M 4lps 33 h_Gas 6s 45 1 NCIAL. THE EVENING STAR, WASHINGTON, D. C., ~ NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. Stocks sold in 100-share lots except those designated by letter ~Prev. 1931~ Sales— Add 00. © 1 Btock and Dividend Rate. 1 Alexander Indust 3% Allied Mills Inc. . 48 Aluminum Co of Am Alum Goods (1.20).. AmCitP&LA (a3). Am Cit Pw & Lt B, Am Com Pow A. .. Am Com Pow B Am Corp Am Cyan: Am Founders. . Am Gas & Eleo (31).514; Am Invest war. . Am Superpower. Am Superp 1st (6)., Am Transformer. . Am Ut & Gn B vie. Anchor Post Fence Appalachian Gas. . Arkans Nat Gas A. Ark N G ov pf (60c). ArkP&Lnt (). AssoG&E] (A) b5%. A850 G & Blct ($).. Asso Laundries v Atlas Plywood. Atlas Uti) Corp Atlas Utilitles war Atlas Util pf (3).. Auto Voting Mach... Blue Ridge cv pf(al) Brazil Trac Lt&P(1) Buckeye PL (4)..... Bulova cv pf (3% Bur Cor Ltd rts (2¢). Butler Bros. ... Cable Radlo T vtc. Cable & Wire B rcts. 5 n Marcont. 2 1 1 1 i 12308 10 2 s 2 negle Metals. se pf (7) ities Service (R30¢) “olum G&E cv pf(5) . "ol Oil& Gas vic. .. . Commwith Edison (8 Cmwlth & Sou war, , 1 Comstock Tunnel Consol Auto Merch.. Consol Copper. Con Gas Balto (3. Contl G&E pr pf (1).100s Coat Sha Cord Corp 708 1 758 11 218 1 1 1 1 Creole Petroleum Crocker Wheeler Cusi Mex Mining Deere & Co. .. De Forest Radio. Detroit Afreraft. Draper Corp (4)v... Duquesne Gas Durant Motors. . Duval Tex Sul wi Fast Sta Pow (B) Educational Pic p r Electric. . Bond&Sh (b6% ) Elec B& Shpf (6)... Elec B& Shoupts.. Elec P & Lt op war. . Empire Pwr pt(2.24) Europ E Ltd A (60c) Falcon Lead. .. Fiatrets (94%c) Florida P & L pf (7). 25 Ford Motor, Can., A. Ford Mot Lid 36 3-§¢ Fox Lheater (A).. Gen Capital Corp Gen Theat £q cv Gold Seal Elec new... Globe U'wtrs (p 40¢) Goldman Sachs. ... Gray Tel Pay Sta t Grt A&P Tean v (8). Gulf Oil of Penna Hackmester Lind Hamiiton G Hollinger Gold Hudson Bay M & § Humble Oil (12). Hydro El Securities. Imp Ol of Can (50¢) insull Inv (b6%)... 3 Insull Util 2d pf (6). 50; Int Utilities war. Imsurance Securit 7508 53% 104y e ~Prev. 1931.— igh. Low. ™ 1% 2% 3 Div pen. Hich %W Int Ut 4 Kleiner! 2314 1 w " % M Leh Co Loufsta * Magdal Mardbn! Irving Afr Ch (5 Btock and idend Rate. Int Petroleum ¢1). ities B. t Rubber. ... Lake Shot Mines (2). & Na (1.20).. Lone Star Gas n 33 Long Isld Lt pf (1) na Lan & Ex, ena Synd. ... 1 1M 871-100 Mavis Bottling (A).. Midl Sts Pet vie. A.. M1d Wast Ut (b3% Mo- Miss R o Pipe Lint ver pr pf (6). Nat Aviation. . Nat N New Mex & Ar Land. Newmo N Y Shi Niag-H Niag-H Niag Shi Nipisst, Noma Elec Nor & S¢ North European Oil. Nor St Pow pf (6). Obio Copper. .. Pac Western Oil. Pandem Oil.. Parke Davis (1 Penn Salt (3)... Pennroad Corp (400) Phila Co (new) 1.60 Phoenix Secur Corp. Pilot Rad Tube A. ... Pion G M Ltd (12¢).. Pitney Bowes (bi%) Pittsbg Plymou Producers Royalty Pub Uti Pub Ut Radio P e Rellancy Reliance Manag. .... Republic Gas Corp. .: Reybarn Co. . Reynolds Inv St Anth Segal L Sle Ind Stlica G South Pe Sou Cal Stand P Sun Inv Swift & Unit For Unit G Unit Lt Unit Pr U S Dali Unit Ve Utll Po Fuel Gas (1) St Regis Paper. Seaboard Util (23¢. Gentry Safety Cont. Shenandoah Corp SeCalEdptB (1%). So. Union Gas SWG&E (1).... Spanish & Gen rets. . Stand Ofl of Ind( 1).. Stand Ofl of Ky 1.60. Starrett Corp. . Stutz Metor Car. Syracuse W Mach B. Tech Hughes (60c).. ‘Tob Prod of Del wi Tonopah Minin Tri-Utilitie Tubize Chatel. B. . Unit Gas Corp Unit L & Pwrpf(6).. Utah Aps I3001 nt Mining. . .. pbulilding Cp. ud Pow (40¢c) ud Pow A w.. are(Md) 20e. ng 0 ~110 1 1 e e T 1 1D D0 R S8 1S 0 G0 e B b 1O O B R R e (S e e o Am Corp h Plate G th 011 (¢ | Hold war. | Hold xw. roducts o INt A. ® ony Gold..... & Hdw 3] alctfs(5%) . ol ctfs...... n Ofl (1).. Bd pf C(1%) ) & Lot (7) [T est. . Co (2). Y ST cleyy under: a Corp. e &PwA().. ofit Sharing. . ry (A) () US Elec Pow ww... rde Exten (1) ex & Lt (b10%) Van Camp Pkg. . Venezuela Petrolm Walker, Watson Wright 4 Com Ed 5 1% Pub Sve | Dividend rates in ;‘- nual payment. W | dividend, 2u | stock. iPlus 2% in 24 stock. p Plus 8% in *Ex dividend. a Payable in cash or steck. £plus 5% in stock. H (25e)..... (J W) Co... Harg (12%¢) RIGHTS—EXPIRE jsonFeb1l... 41 WM 14 NIl .Feb 1 17 1% 1% 1% dollars based on Iast quarterly of semi-aa- tPartly extra. 1Plus 4% in steck. aysble in stock. e Adjuatmani g Pius 6% in slosk. hPlus 1% in stock. Kk Plus 10% in stoek. mPlua 3% in stock. D Paid st year—ao regular “ 2% 2 1 3 O 1 2% 2% rpiliar Tr 83 '35 8 Cent Il P8 55 G, 68 2 39, 10012 54 10074 81 76 84 591 96 3 lev Elec leve El 11} Gomwh Edis 45 F on Gas Balt 4s ‘81, ont G&E 5 A '8, E E| Boston 5 '33 9975 P&L, 55 A 2030 Vendg 6s '37 Wat_Wk 65 B 2 s 5 I % 8 m | AN R 1 | 34 cv 50 28 '18. 42 A 2026 81% s B 2030 66! A3 ORI 0 RS 1t 4 O o @ A A b MO 8 o | reported oS5 nrco Hyd El [Py A Pr Tiss ethld Kgm €5 ippon El PZZRECS Bra o de_Jan 62 ‘erni Soc 815¢ A nit Indust 6108 —With warranis Withoul Varrants Ne FE b e B A LA andm en issued, e In clvilian aircraft the rat!z of pilots CORPORATION REPORTS TRENDS AN.D PROSPECTS OF LEADING OEGANIZATIONS. NEW YORK, January 25.—The fol- lowing is & summary of important cor- poration news prepared by the Stand- ard Statistics Co., Inc., New York, for the Assoclated Press. News Trend. After showing a considerable amount of stability in the early part of the week, the stock market turned down- ward on Friday. This reaction was led by the rails, whose weakness was at- tributed to the disappointing results, to date, of the Chicago Wage Conference. The action of the stock market as in- dicated by our price index for 90 stocks showed & decline of 4.1 points dropping from 69.3 on January 15 to 652 on January 22 Steel operations continued their gradual upward trend, mostly due: to increased specifications from the auto- mobile industry. According to the Dow, Jones & Co. estimate, ingot production in the week ended January 18, rose to 26 per cent of capacity from 25 per cent, reported for the previous week and 22 per cent two weeks ago. Automobile production increased slightly during the week ended Jan- uary 16, and although the rise was less than the seasonal amount, it was ac- complished without the aid of Ford, which would indicate that the mainder of the industry was operating at_higher levels Electric_output_registered a sizeable drop, declinging 6.7 per cent from the corresponding week of last year. This is the second largest decline since the beginning of the current depression, the other occurring in January, 1931. A further decline in industrial con- sumption was the principal cause with eonormal weather a contributing factor A decline of 40,750 barrels in the | daily average crude oil production was reported for the week ended January 16. Output is now running about 80,- 000 barrels in excess of the daily rate recommended for January by the American Petroleum Institute. Interest in the oll industry is centered in East Texas, where a sult to declare illegal restriction of that district’s output by martial law is pending. Should the case be decided adversely, output would | Drobably by increased, although the or producers, realizing the danger of such action, will probably exert every t to maintain rigid curtailment. The Companies. Amoskeag Manufacturing reported to make additional wage cut. ciric Storage Battery—No change ted in $1 quarterly dividend rate; tax refunds this ly total $2,400,000 York, Chicago & St. Louis Rail- 931 deficit, $210,412, vs. net in- expec N road 1 come, $4,396,743, equal to $6.63 & com- | mon share. re- | year will 25 cents quarterly common dividend but deferred action on annual common dividend. Mayflower _ Associates liquidating value, December 31, 1931, $37.94 a common_share, against $54.93 Decem- ber 31, 1930 Pere Marquette Railway 1931 deficit, $1,863,081, against net income, $2,015,- 016, equal to $1.85 a common share. United States Rubber—Paying pre- | ferred dividend of Samson Corporation | under guaranty. | - Adams Express Co. liguidating value, | Januaty 15, 1932, $318 & common | share, against $1.32 December 31, 1931, and $16.40 December 31, 1930. Atlantic Refining 1931 common share | earnings, includi; non-recurring in- come, vs. 1.02 Ground Gripper Shoe—Creditors in- stitute receivership proceedings against company in Federal court, Scranton, | Pa. | ended Nove ovember 28, $2,994,580, vs, net income $504,142, equal to $3.36 & com- mon share | Hawallan Pineapple Co., Ltd.—Suf- | fered loss from 1931 operations; surplus | position main 1ed cx,:kcydp;ou%ur- & Machine deficit, year ended October 31, $50,494, Vs deficit $122,453 $0.59% Sears, Roebuck & Co.—Annual sav- ings from pay cuts estimated over $2,200,000. (Kansas) 1931 | Standard Oil deficit, $618,616 et income $380,- common share. 148, equal to $1 Wabash Railway—Federal Court au- seck $18,500,000 thorizes receivers to ruction Pinance Cor- Co. loan from Recon. | c© tor 1931 inces above 1930, | e 1 cents dividend | L d “B” shares; pre- viously paid 15 c e e P terly on each Lane Bryant share earnings, 30, 7 cents vs General Re action; paid 25 cc | 75 cents quarterly Incorporated, common 15 to November defers dividend mber 25 and thereto. CANNED FOOD PRICES DECLARED “RUINOUS” —_— | By the Associated Pres CHICAGO, January of most canned foods | Prancis A. Harding of w | president of the Natic sociation, told th Convention. He meant ruin for the if it were not all 12 months He said curtailing of prody He of product 1932 “would be unsound.’ sis sor A0 mended a service informing members at least once a month of tr average retail prices of staple canned foods s compared with retail | sponding grades and q same raw foods. The prices are runious tertown, Mass., 1 Canners' As- National Canners id the situation 1€ canning industry vizted during the next antities of the Pennsylvania Stockholders, Pittsburgh Terminal Coal cuts wages | By the Associated Press. 10 per cent. Superheater Co. 1931 common share earnings, 44 cents, vs. $3.19. Maytag Co—Newton plant operating | at 75 per cent of capacity Midland United Co.—C-urt asked to set aside sale of Indianapolis & North- western Traction Co. to t. sale price termed inadequ Now York, Ontario & V De net op: 378, ngainst $16,580 69,353, against $883,267 is company; e ing 12 m income, s months, $11.7 Public Service of Indiana—FPates or- dered reduced; estimated will cut reve- nues about $427,765 annually Wisconsin Central Railway December over airplanes is on the increase. The unemployment situation is sending more recrunts into the aviation fields, until now the United States has three pilots to every plane. deficit after charges, $362,630, against deficit, $332,498; 12 months’ deficit, $2,052,071, against deficit, $2,287,369. | stockholders of the Penns Railroad numbered 245509 on Jamanes 1, a new high record for the 85 years of the company’s history. Reflecting the increasing distribution of the stock, the average number of shares held by each holder fell to §3.61 The number of women holders totaled 106,314, constituting 43 per cent of the total and held almost one-third ofethe . stock Their average holdings were 41 . | shares. PARIS BOURSE PRICES. PARIS, January 25 (P)—Thr | cent renies, 19 francs 30 centimes. 5 per cent loan, 101 francs 95 centimes. Exchange on London, 87 francs 42! centimes. “The dollar was quoted at 25 Great Lakes Dredge & Dock declared | francs 41, centimes. » | Hart Schafiner & Marx deficit, year | sales in 33| ices of corre- | | STEEL PRIGE DROP - PARALLEL IS SEEN Service Recalls |Economic ‘ Conditions in 1873 in Com- menting on Depression. Special Dispatch to The Star. NEW YORK, January 25.—Steel | prices going down, and tnevitably going further down, suggest to the Alexander Hamilton Institute s situation un- | paralleled since 1873, according to the | current Weekly which says: | “It is probable that the depression of 1873 provides the closest analogy to the current weekly which says: | 1873, like the present one, was the sec- | ond ‘major slump after a war and it | came early in a long period of falling | prices, & period which is apparently | now being repeated. If this proves to | be the case, the pre-depression record high will not be exceeded in the first | year of recovery as after the depression of 1884 and 1893. A new high record should be made in 1935, however, if production follows the same trend as after the 1873 depression. “The worst previous depression in the | past 65 years thus indicates ~that the contraction in steel output will not extend beyond 1932. It is quite | probable that steel output during the | last half of this year will be greater | than during the last half of last year. | 1t is even possible that expansion during | the last half will be more than suffi- | clent to offset contraction during the | first half. However, if there is any in- crease in output this year over 1931 the prospect is that it will be rela- tively small and that the attainment of & new record high will be a gradual process. It promises to be a slow re- covery like that which followed the de- pression of 1873 rather than a sudden Come-back as in 1886 and in 1895. “An analysis of the steel situation from the standpoint of the prospective demand in 1932 leads to a conclusion similar to that arrived at by the fore- going historical study. Most consumers of steel have not yet completed the re- | adjustment necessary to a full revival |of activity in the immediate future. The fact, however, that part of these readjustments have already been made, and that the trend is definitely con- tinuing in that direction promises that the end of contraction in steel output will be reached this year.” During this process, says the insti- tute, steel prices must continue to fall. “The automobile industry must make further price Teductions.” When the railroads have succeeded in reducing wages, they must follow it up by low- ering freight rates. The bulldin* in- ustry must adjust costs to a lower Jevel, especially labor costs. Other con- sumers of steel such as machinery man- ufacturers and the agricultural im- plement industry must cut prices. The steel industry must assist their cus- tomers in making these adjustments by lowering further the prices of steel. Despite the downward price trend, steel | 1s still to expensive as a comparison of steel prices with the general commod- fty price level shows. It is probablv that a further reduction in steel prices cannot be profitably made without another wage cut. .n'?';}h(‘ prospect is, therefore, that the year 1932 will be characterized by a further lowering of steel prices, pos- sibly by another wage cut in the steel mills, the end of contraction in steel output and probably by a definite up- turn in ivity during the latter part . Curtailment k[djd well to turn up $4.75 to $7, and ' | holidays especially during the last half of 1931, ! MONDAY, LIVE STOCK PRICES | REGISTER DECLINE in Supply of] Steers Does Not Check Recent Downturn. BY FRANK I WELLER, Associated Press Farm Editor. Sharp supply abridgment failed %o halt the downturn in live stock prices during the last week, and values in all | categories fell back to almost all-season | lows. Not since mid-December have cattle sold so low at Chicago. In a dragey. uneven and generally upsatisfactory market, killing classes sank 50 to 75| cents under a week ago. Local and| shipper demand was spotty and nar- row with the result that the top was forced down to $10.75 on yearlings and $10.50 on the best heavies, while com- parable kinds went at $10. ~Shortfeds i common grades commanded no more than $3.25 to $4.50. Better-Grade Steers Lower. The feature of the market was that the price of better-grade steers broke more than the price of lower grades. Explanation is that it was partly sea- sonal and partly because of slowér de- mand. The quotations on better kinds of cattle annually start down at this time of year. Some observers would not be surprised if values in this brac- ket sank $1.50 to $3 by April. They| recall that last year the average co of choice steers in Janua was $13.50, while 80 days later it was $10.19. Supplies of choice steers invariably inerease after the first of the year as Witnessed by the fact that in 1931 there were 130 head unloaded at Chicago on January 1, and 602 head on March 21 The average quality of all cattle im- proves at this time of the year, with the result that there is a larger supply of the better grades of steers just be- fore the Lenten season when religious curtail consumer demand. Cattle were under severe pressure at Kansas iCty, where a dull, draggy trade cut prices 50 to 75 cents and in some instances $1 on shortfeds. No choice kinds were offered. There was a bur- densome supply of shortfeds at Omaha and prices slid off 50 to 75 cents com- pared with a week ago. Unlike Chi- cago, longfeds lost the least—25 to 50 cents. For the first time in months the top on yearlings equaled that at Chicago—$10.75. East St. Louis was 50 to 75 cents lower with the lower grades showing. the least decline. Although hog receipts were almost 150,000 head lighter around the circuit for the week, prices averaged 10 cents Jower at Chicago. Pigs and light lights were 10 to 25 cents lower, excessive runs at midweek being a bearish in- fluence. The week's top on hogs was $4.35, but at one time it was down to $4.10, the lowest point since 1899. Re- oeipts were liberal at Omaha, but values were little changed from a week ago. Prices dropped 5 cents at East St. Louis, where pigs declined 25 cents and sows advanced 10 to 15 cents. A late top of | $4.25 was paid on the best offerings Kansas City prices were 10 cents lower than last week. Lamb Prices. PFat lambs were steady to 50 cents lower at Chicago, the better grades showing the most decline. Under a narrow shipper demand which depressed late prices the bulk sold at $5.50 to $5.85, while a few went at $6, chiefly because the top was $6.85. Fat ewes sold for $2 to $3.50. At Kansas City, fat lambs weakened materially, closing prices being 35 to 30 cents below & week ago. Shippers paid up to $6.15 for the best kinds, but at the close similar offerings went at $5.75. Wholesale prices of beef and pork worked downward at Chicago. The general demand was below normal Steer meat dropped 50 cents to $1 and lJamb and pork 50 cents. Supplies were liberal at New York, but demand was unusually slow, and while pork and : good beef held about steady, the prices of all other classes worked downward. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., January 25.— White potatoes, 100 pounds, 75al.15; sweet potatoes, bushel, 40a80; yams, barrel, 75a1.00; beans, bushel, 1.25a 2.25; beets, per crate, 1.50; brussels sprouts, per quart, 8alj; cabbage, hamper, 1.00a1.50; carrots, per bushel, 1.00a1.15; caulifiower, crate, 1.00al1.25; celery, crate, 1.25a2.50; eggplants, crate, 1.50a2.75; kale, bushel, 25a40; onions, per 100 poun 3.00a4.00; peppers, crate, 1.50a2.75; spinach, bushel, 25a 90; squash, bushel, 1.50a2.50; tomatoes, crate, 1.25a4.00; turnips, hamper, 10a20; grapefruit, box, 1.25a2.50; apples, bushel, 35a1.50; oranges, box, 2.00a3.75; strawberries, quart, 20a25. Dairy Market. Chickens, young, 18a20; Leghorns, 14a17; old hens, 14a19: Leghorns, old, 14a15; roosters, 11a12; ducks, 12a20; geese, 13al7; guinea fowls, pair, 25a60; turkeys, 15a30; pigeons, pair, 20a25. Eggs—Receipts, 819 cases; current receipts, 17al7%2; nearby firsts, 18a 19%5; southern firsts, 17al74% Butter, good and fancy creamery, 228 251;; ladles, 17a18; process, 20a2l; store packed, 12a121;. Live Stock Market. Cattle—Receipts, 350 head; supply; market dull, steady. 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 4.75; plain to fair, 3.50 to 4.00; com- mon to plain, 2.00 to 3.50 Bulls—Good to prime, none; good to choice, none; medium to good, 4.00 to 4.25; fair to medium, 3.50 to 4.00; plain 5 to 3.50;, common to plain, light 3.00 to 3.25. Cows—Choice to prime, none; good to choice, none; medium to good, 8.75 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 u;l plain, 2.50 to 3.00. Fresh cows and Springers, 30.00 o pringers, 30.00 to Sheep and lambs—Receipts, 1,000 head; light supply, market higher; sheep, 1.00 to 3.00; lambs, 4.00 to 7.40. Receipts, * 3,500 head; light y, market higher: lights, 4.50 to ; 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 4.60; trucked hogs, none. Cattle—Receipts, 300 head; light sup- ply; market higher; calves, 4.00 to 9.50 Hay and Grain, Wheat—No. 2 red Winter, garlicky, spot, domestic, 3a; January i 6155; February delivery, 62. 7 gy Corn—No. 2 yellow, spot, domestic, 44a45; cob corn, new 200a2.10 per berrel. Oats—No. 2 white, domestic, 35a36; No. 3, 34a35. Rye—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 irregular in price. g Straw—No. 1 wheat. 8.5(20.00 per ton; No. 1 oats, 9.00a10.00 per ton. P Liverpoal’s Catholic Cathedral, de- signed by Sir Giles Scott, R. A. will { be the third largest in the world when ! finished, surpassed only by St. Peter’s, gp‘mkmne, and the cathedral at Seville, JANUARY 25 Everybody’s Business Reconstruction Finance Cor- Seration Sos o Meat De- mands of Natron's Credit Structure. BY DR. MAX WIWKLER. $pecial Dispateh to The Star NEW YORK, January 2 (N.ANA) —The signing of the Raconstruction Finanoce Corporation act briigs into be- ing a powerful organization with ade- quate resources to strengthen weak- nesses which may develcp ¥ the Na- tion's credit, banking and raidvay struc- ture. ‘The administration confidently hopes that the expected successful functioning of the corporation will per- mit business and industry to ¢arry on normal activities free from the fear of unexpected shocks and retarding influ- ences. Germany has been granted a breath- ing spell for one more vear. Short- term credits aggregating about $1,500,- 000,000, of which about $600,000,000 are held in the United States. are 1o be extended to February 28, 1933 This postponement should affect fa- vorably German obligations held by’ the investing public. It should also kelp sentiment considerably, especially siice the agreement may safely be interpreded as a sincere desire on the part of Gar- many’s creditors to continue uninter ruptedly international trade and credit t | relations. One of the interesting features of the banking bill proposed by Senator Carter Glass is the formation of a liquidation corporation, designed to set up ma- chinery to make speedy payment to depositors of closed banks. In this respect the enterprise sponsored by the Senator from Virginia is similar in purpose to the organization provided in the administration’s insolvent bank bill. It would seem that too many reme- dies are being tried on the patient. Unfortunately, none has as yet beem applied with any appreciable success. Heavy oversubscription of the $100,- 000,000 issue offered on behalf of the City of New York is viewed with satis- faction. It indicates that funds will always be found to take up a funda- mentally sound investment at what is regarded as a bargain price. Although it is understood that there had been no profit in the underwriting, it is not unreasonable to assume that the establishment of a premium of 1 per cent over the issue price will en- able the bankers to make something on bonds which they may have retained. Furthermore, proceeds from the sale of bonds are to be held on deposit with the commercial banks which partici- pated in the syndicate and which are legal depositories for New York City funds. Disorders in the Central American Repubiic of Salvador are of a more serfous nature than those depicted by O. Henry in his amusing story, “The Fourth of July in Salvador.” To what extent foreign investments will be af- fected it is difficult to state. It would seem, however, that, regardless of the | nature of the disturbances, American life and property will not be jeopard- ized At the beginning of the current year American investments in Salvador were estimated at $42,346,300, of which $12,- 880,300 represented tlolio invest- ments, consisting mainly of government bonds. The remainder, amounting to $29,466,000, represented so-called direct investments—that is, plants and prop- FINANCIAL. erty in Salvador owned by American interests. With about 24,000 banks, of which 5,000 are national banks and the rest operated under different subdivisions of the laws of the 48 States, the bank- ing system of the United States is the | most backward in the world, according | to Willis H. Booth, vice president ofsthe Guaranty Trust Co. As former president of the Interna- tional Chamber of Commerce and as an_authority on banking, natiopal as well as international, Mr, Booth's re- marks are significant. As a solution he advocates a system which is unified in control. Mr. Booth believes that this will ultimately be achieved. Commenting on 1931 earnings of the Freeport Texas Co., amounting to $3.26 a share, against $4.28 in 1930, Eugene L. Norton, president, states that these earnings give basis for confidence in the strength and earning power of the company, even during years of general business depression The reduction of the dividend from | $3 to a $2 annual basis, Mr. Norton points out, is the soundest policy for | the company to follow, adding that es- tablishment of a dividend basis which could be maintained. even though gen eral business conditions should no show an improvement, insures for th company a position of unquestioned strength. | Publication by the French Ministry | of Commerce of quotas for American | meat importations into France need not be viewed with apprehension by the | American meat industry. Imports into | France of meat from all foreign eoun- tries aggregate less than $10,000,000 a year, with purchases in the United States relatively unimportant. | . Even complete cessation of sales of American meat to Prance is not likel# to impair very seriously the status of the American industry. | _Reports circulating recently to the effect that wholesale European defaults | should be locked for need not be taken It appears that the author of reports confuses reparations and political debts in general with such obligations as are held by the investing public. [ nently mentioned, it is of interest to |point out that conditions in that coun- Ty are more satisfactory than many believe. For the month of November th kingdom reported a favorable ba]snc: of trade of close to $3,000,000, while the excess of exports over imparts for the first 11 months of 1931 amounted to almost $10,000,000, as compared with slightly less than $11,000,000 in the same period in the previous year, It should, however, be pointed out ithm, the country’s favorable balance is not wholly with nations that permit the | free movement of gold. Hence the | concern. ;Acnmnsh‘:’ 1932. by the North ewanaber Alliance, Tne.) " eTIcHn New York Cotton | Special Dispatch to The Star. cotton prices today were unchanged to 2 points higher. Trading was tight un- der a small foreign demand and little interest on the part of the trade. Opening prices were: March 6.65, up 2; May 6.79, up 1; July 6.97, up 2; Octaber 7.19, unchanged, and Becember 7.36, unchanged. CHECK TOTAL GAINS. | By the Associated Press. Ohecks cashed on individual bank ac- counts in leading cities of the Federal Reserve system showed a slight gain during the week ended January 20. In the table that follows the total debits for comparable weeks are given, as an- nounced by the Federal Reserve Board: Week ended Jan. 20 Previous week . Same week last y 8,166,903,000 10,292,573,000 Although Bulgaria was promi- | | NEW YORK, January 25.—Opening | $8,244,885,000 | *¥3 A-—15 PRODUCTS OFFAR HEADPRCE LUVP Wholesale Values Dropped 16 Per Cent During 1931, Report Shows. BY CHAS. P. SHAEFFER, (Associated Press Business Writer) Whojesale commodity prices decreased 16 per cent during 1931. Statistics of the Department of Labor, | which embrace 784 individual com- | modities, weighted accoyding to the im- | portance of each article, shaws an index | number of all commodities in Decem- ber, 1931, of 68.6, based on representing 926 prices as 100. The index number | in December of the previous year was 78.6, a drop of 11 index points during | the year, or 16 per cent Wholesale farm products led all com- modity declines during the year with 195 index numbers, or 35 per cent. Metals and metal products showed the | least change, dropping 5.7 index num- bers, or 6 per cent. The index numbers of the principal | commodity groups for comparable | menths follow: | Farm Faods products | Hides and “ieather products extile products & | products s and druss shing 00ds neovs 8 | downward movement of these prices was at a much slower rate during the last half of the year than in the first half. Grain Market By the Associated Prei CHICAGO, January 25.— Ofain prices averaged lower early today, en- largement of world shipments of wheat, together with absence of aggressive buying rather than any unusual pres- sure to sell formed the chief bearish influence. Opening unchanged to % down, wheat afterward ged all around. Corn started unchanged to ! higher and subsequently reacted. A striking increase of world ship- ments of wheat to 19,101,000 bushels this week was in contrast with 16,646,- 000 last week and 13,316,000 a year ago. The amount of wheat on ocean | passage was 46,840,000 bushels, com- pared with 40,056,000 last week and 30,832,000 at this time last year. Aug- mented exports from Argentina and Australia were especially conspicuous. Advices persisted that Argentine wheat was offered freely abroad, that Australia was a willing seller and that United States wheat, dear in compari-, son, was neglected. It was also asserted that European countries were holding off as long as possible from purchasing and would not ease import restrictions until compelled by necessity. Inters national financial difficulties were ljk | wise construed as bearish. Favorable | weather for corn movement tended te | ease corn and oats. Provisions were neglected. ‘The Class I railroads of this country spend approximately $300,000 a year for safety improvements for protectiom to both passengers and employes. 72nd ANNUAL STATEMENT Home Life Insurance Company ETHELBERT IDE LOW New York Chairman of the Board DIRECTORS FRANCIS D. BARTOW J. P. Morgan & Co., New York E. Ls GRAND BEERS w York JONATHAN BULKLEY CLINTON D. BURDICK Brooklyn WILLIAM J. CAMERON Vice President and Actuary NRY J. COCHRAN Vice Chairman of the Board, Trust Co., New York E. HAYWARD FERRY Trust Co., New York WALTER E. FREW Bank Trust Co., New York JAMES A. FULTON President, Title Guarantee & Trust Co., ‘Trustee, Central Hanover Bank & Chairman of Board, Corn Exchange JAMES A. FULTON President FINANCIAL STATEMENT as of December 31, 1931 ASSETS Mortgage Loa Bonds = Bulkley, Dunten & Co., New York Loans on Policies . Real Estate: Home Office B Acquired under Foreclosure. Cash Premiums in course of collection Bank a0k | Interest Accrued Policy Dividends held on Deposit ns on Real Estate. $30,455,330.00 20,848,736.00 2,668,984,00 18,000.00 20,016,379.59 1,500,000.00 17,741.50 992,268.89 2,087,555.88 544,255.93 $79,149,251.79 uilding LIABILITIES Policy Reserves and Funds.__ and Interest thereon $70,296,541.97 1,717,275.00 President WILLIAM S. GAYLORD Vice President and Secretary ELLIS W. GLADWIN Vice Prendent EUSTIS L. HOPKINS Bliss, Fabyan & Ca., New York ETHELBERT IDE LOW Chairman of the Board WILLIAM G. LOW, JR. Banker, New York ROBERT L. PIERREPONT New York SAMUEL W. REYBURN President, Associated Dry Goods Corp., New York C.0. M. SPRA Wood, Low & C WILLIAM VaxSICKLE Detroit HOWARD VAXSINDEREN Associate Counsel E WILLIAM H. WHEELOCK President, Brown, Wheelock, Harris & Co., Inc., New York EVERY LLFE this or other INSURANCE P Miscellaneous Liabilities 499,066.40 Reserve held for Federal and State Taxes payable in 1932 Dividends due Policyholders in reduction of Premiums... e Funds set aside from 1931 earnings to pay Policy Dividends in 1932 *Seturity Fluctuation Reserve. Unassigned Surplus. 270,000.00 141,794.17 2,460,000.00 600,000.00 3,164,574.25 $79,149,251.79 “TEN YEARS OF PROGRESS 1921 1931 $223,116,887 $404,490,591 ,990,490 11,962,498 729,027 2,381,522 43,222,328 79,149,252 980,991 3,164,574 Insurance in force. Premium Income Dividends Paid Policyholders Assets Unassigned Surplus * Values specified by the National Convention of Insurance Commissioners. Security fuctuation reserve, sct forth above, covers the difference between this valuation and actual mar- ket values on December 31st, 1931. LICYHOLDER This interesting booklet tells the story of a valuable service to which you are entitled without additional cost under your present life insurance policies, with companies. Mail the coupon and a copy will be seant you without cost or obligation. «SHOULD KNOW OF THIS FREE POLICY SERVICE Mr. James A. Fulton, President Home Life Insurance Company, 256 Broadway, New York, N. Y. Kindly send me, without cost or obli- ation, a_copy of your hooklet, “Some hings Your Policy Entitles You To.” iy Akl H. R. Bryarly & Bro., General Agents 1001 - 15th St., N.W. Washington, D. C.