Evening Star Newspaper, January 26, 1932, Page 14

MARKET INWHEAT | LACKS LEADERSHIP Government Aid to Credit| May Result in Advance of Prices. BY FANK I. WELLER, Associated Press Farm Editor. The reaction in wheat is naturally following the rapid advance of the last few days, and there is indications that | stocks may be acquired again on any further decline, Some are not convinced that concen- | trated buying has ended for the time | being, because operators such as drove | prices up past 60 cents in the futures market do not suddenly cease to buy. On the other hand, the fundamental conditions at home and abroad con- tinue rather discouraging. There is an absence of leadership in the domestic market, the sentiment in wheat appar- ently having undergone & change as a Tesult of the sizable accumulations during periods of weakness Failure of the Reconstruction Finance Corporation measure in Congress to boost values immediately was & blow to the trade, but there still is said to be & \ance that Government aid to credit stimulate buying of commodities cak spots. The ease with which rallied in late sessions suggests moderate buying power may v to bring about further | Crop Situation. not believe anything very 15 can happen to prices at around vent levels, now that the crops in the Southern hemisphere are made and their influence largely discounted and since it will be a couple of months be- fore much will be known about the domestie Winter wheat crop. Yet from an actual standpoint there does not seem to be much to Warrant purchases, due to United States prices being so far out of line for export. Even Winnipeg has been affected by the lack of aggressive foreign buying, Furopean demand continuing disap- pointing and with only & small outlet for Manitobas 1 Liverpool reports cheaper offerings of Argentine c. i. f., while there were ru- s of active chartering by Argentine and Russian shippers. The latter are for January and February clearance, and while it is problematical what com- modity will be loaded in these vessels, there is a fear that much of it may be wheat. With Argentina and Australia constantly free sellers, it is' believed it will require steady support from the foreign markets to sustain the current world price The Italian announcement that the forcign milling quota would b> raised materially on February 1 has been of gome influence in checking the domestic down turn, as well as the 20 per cent increase over last week in the takings by American flour mills. On the dips commission houses which were aggres- sive buyers a few days ago seem to have buying orders again. Nevertheless, it seems that the Euro- pean situation overshadows everything else so long as this country has so much wheat for export. It is said to be the opinion in England that world values of wheat are not likely to improve until a sustained demand develops in Central European countries and tariff barriers are lowered. So long as Euro- pean markets continue to feel the pres- sure of Argentine and Australian wheat they cannot be expected to become ac- tive buyers. Foreign Markets. ‘There is some consolation in reports that domestic markets in France and Ttaly already are firmer, with indica- tions that millers are becoming inter- ested in wheat for forward delivery. While the European crop last year was 4.4 per cent larger than a year ago, the total world production to date is esti- | mated at only 97.5 per cent of last year's. Tre corn market continues to disap- point its friends, as all bulges run into selling of futures by speculators as well as cash corn by country holders. At the same time cash houses report an indifference on the part of Eastern con- sumers to anticipate their requirexents. Some in the trade do not believe the market is in position to withstand a larger country movement without a cor- responding increase in the demand. DIVIDENDS DECLARED NEW YORK, Jnnusr;‘Zfi »— Rate. riod. Sh B.25c Q ot (x) Reduced. s0c Omitted. Bd & Bamson Cp 6" U 8 Fire Ins Feb. 1 Jan. 21 Period. Due. $7 A Jan. 20, 3% Stk Mar. .25c 8 Feb. Stk Feb, 3130 Acc Peb. $2°Q Jan, Cum Lt pf & 1 1 1 2 Pow Regular. record Feb. 15 Mar. 5 Mar. 15 Peb, 1 Feb. 10 Feb. 10 Jan. 20 Coast Brews L Columbus Dental Jan. 25 Jan. 25 s Ry PAL 1 Jan. 15 Peb. 5 Jan. 26 Jan. 25 2 chald ey Erie & K F Br Jan Jar Jan. 20 0 00 0 D D OO POO m O O OO Jan. 21 Jan: 29 $6.60 ot 00>0. 00 00! Mar.19 Jan. 25 Rubber Y. this issue, at the rate of 57 m the date of ssue 1o De- Co cember 31. 1931 1 Payabie in cash or stock. STOCKS EX-DIVIDEND NEW YORK, January 26 (#).— Company den Bk (St L) Diamond Ice & Coal bf First Nat B & T (Br'seport) Lincoln Printing Co o. 17 Dl New Process Co Do. pf COAL PRODUCTION. By the Associated Press Production of soft coal showed & slight decrease during the week ended 8 50c #ig0 28c si.4 0000000 mi 1543 1B ANCI 2 NEW YORK STOCK EXCHANGE Bales— Add 00 4 15 6 —193— Stock and High. Low. Dividend Rate. 9% 1% Sterling Secur pf.. 40 164 Sterling Secur cv pf. 21% 4% Stewart Warner 26 9 Studebaker Co(1.20). 104% 75 Sun Oil pf (6) uperior Ol weets of Amer (1).. Symington. . Hi 1 Telautograph (1.40)., Tennessee Corp Texas Corp (2). Tex Gulf Sulphur(3) Tex Pacific Land Tr. Thompson Starrett. . Tide Water Asso Oil. Tide Water As pf(6). Timken Roller B(2). Tohacco Products. Tob Prod T Tobacco Products ct. Transamerica Corp. . j-Contl Ce derwood-Ill- fon Bag & Paper. . Union Carb (2.60). Union Pacific (10). Unit Afrcraft. Unit Carbon Unit Cigar Stores. . Unit Corp (T5¢) Unit Corp pf (3) Unit Fruit (3). Unit Gas&lIm(1.20) Unit Gas&lm pf(5) S & Forn Secur. . S Rubber 1st S Smtg & Ref (1 eel Corp (4) ) ESTIMATE IS MADE Federal, State and Local| Obligations Now Total $33,000,000,000. BY CHAS. P.+SHAEFFLR, Associated Press Business Writer. A total indebtedness by Federal, State and local governments of about thirty- three billion dollars is indicated for this country by a compilation of best statistics obtainable on the subject. Ot this amount slightly more than half is owed by the United States Gov- ernment, local bonded indebtedness amounts to at least $12,500,000,000, while State debts make up the balance. | The official statement of the United States Treasury shows a gross Federal indebtedness, as of December 31, of $17,825,449,000. This account has in- creased approximately $14,000,000 since that time. = Statistics available to the National Industrial Conference Board, covering the fiscal year 1929, indicated a total ments of $13,500,000,000. The Chamber of Commerce of the United States has estimated that this debt increased previous 12 months which would indi- cate a present total of around $15,000,- 000,000 for both classes of indebtedness provided the rate of increase had been there seems no doubt due to an acceler- ated building program in the interests of unemployment during the last two years. amounted to about $2,240,000,000. This sible for only about 10 per cent of the increase shown in debts other than Federal, the chamber says, with local indebtedness accounting for about 88 per cent of the combined State and local total debt. While the Federa! Government has been reducing its dcbt to the approxi- mate extent of $10,000,000,000 from the peak in 1919, States and municipalities have been increasing theirs. The in- crease in the latter has been on a scale large enough to offset whatever reduc- tions have been effected in the obliga- tions of the United States. The sum total of all classes of gov- ernmental indebtedness is now as large as when the war debt was at its peak. The structure of the obligations alone differs Trade Trends By the Associated Press. Copper.—Sclling agents are looking to the motor industry as a possible source of improvement in demand. Do- mestic fabricators are said to have large commitments in the metal, sug- gesting only hand-to-mouth buyinz pending a better demand from ultimate consumers. There are reports in the trade that some second-hand copper is available at concessions below the 7'4a 715-cent level quoted during the past month. Petroleum —Hearings of the Okla- homa Corporation Commission on a proposed revision of output allowables in the Oklahoma City field, opening to- morrow, will be followed closely by the industry in view of the increasing amount in storage in the Oklahoma City ficld. This has continued in spitc of the fact that daily production is running more than 20000 barrels below the daily allowable of 120,000 barrels Opinion in the oil trade is that an- other substantial reduction will be ordered Zinc—Sales of Tri-State concen- trates last week totaled 3,540 tons, with the price $16 to $17 a ton, a new low and comparing with $17 in the preced- ing week. Production for the week was 3,250 tons, with shipments of 1,950 tons, making stocks of sold and unsold zinc concentrates in the Tri-State field 89,600 tons. DESIGNERS OF ENGINES AIDED BY U. S. BUREAU By the Associated Press The Bureau of Standards is render- ing unique assistance to aircraft engine designers in two important directions. Each new type of commercial engine must pass a 50-hour endurance test at the bureau's plant, and meet certain other requirements in order to be ap- proved by the Commerce Department for use in licensed aircraft. Fifty fail- ures were reported from the first 100 type tests, with 13 occurring within the first five hours of the endurance test, proving, the bureau says, that manufac- turers had done inadequate development work before submitting engines for tests. The reliability of the approved engines |is shown in the department's acgident statistics for the three years ending June 30, last, which show less than three reported aczidents per million miles of civic fiying altributed to fail- ure of the power plant or its accesories In the altitude laboratory at the bureau, aircraft engines are mounted for test’in a concrete chamber where January 16 as compared with the pre- Vious period. Total production for jcomparable weeks follows, as reported by the Mines Bureau: ‘Week ended January 16, 6,887,000 tons Previous week .. car £2me ypek last yesT..., 9,195,000 tons they can be subjected to the very same conditions of temperature, pressure and humidity that the engine would en- counter in flight at any desireu altitude up to 30,000 feet. This laboratory, first continuous operation for 14 years, (Continued from Page 13.) | Amer, A bonded debt of State and local govern- | $800,000,000 during the year over the| maintained during the interim. Of this | State floating and fixed debts in 1930 | form of indebtedness has been respon- | Low 94 U S Stee gh Low. Close Chze 2% 2 2 % 1% 21% 21% 5% B 114 75 5 10% 1 13 2% 11% 22% 5 1 2% 241y 19 3 ™ 57% 24 Univ Pic 31 60 6% 109 Ti% 26 51 27% 88 20% 401 | 46% 112 120 127 19% 20 31% 1508 3618 107% 26% 9% 8 561 728 1067 27 80% 30 15% 2 '3 22 11 81 Wabash Wabash n 1% 1% 1% 24 815 3% 55 934 2 T4+ + FREFE Warner Warren 3 P s Westing Westi White ) Wilcox € Willys-C ‘Woolwo 15% T4 46 Wright Wrigley stock and Dividend Rate. 1% United Stores (A). .. United Stores pf (4). 7% Util Pwr & Lt A ( % Vadsco Sales Corp. .. Van Raalte 1st pf. . Vanadium Corp. « . Va Elec&Pw pf (6) 20% Vulean Detin (4)- Waldorf Sys (1%). ‘Ward Baking (B) Warn Bros Pictury Willys-Overland pf.. Worthington Pump. . 8% Yale & Towne (1). 3 Yellow Truck.. Recelved by Private Wire Direct to The Star Office. Bales— Wt Add 00. High. Low. Close. Che 2 104'; 104% 104's + % 1 24 24 24— % 11 39 39 2% 208 47 47 41 9 9% 9ty 1% 1% % 3 34 -1 14w U 881 8815 25% 25% 34 34 5 5 16 2% 1pf (7) > 15t pf (8) RIRAe. RR (A).. Bros Pict pf. Bros. West Pa El pf ( : West Pa Pwr pf (7). Western Dairy (B) Western Maryland Western Md 2d pf Western Pacific pf. Western Union () hse A B(2 ouse (213). 10 56 Totor B White Sewing Mach. )il & Gas Overland. . 2% 25 437 21% 7 51 104 % rth (2.40). 3 208 31 § 2 Aeronautical (Wm) (4).. P Sales of Stocks on New York Exchange. . 100,000 500,000 12:00 Noon. 0 P.M.. a3 given in the above table are the annual eash payments based on the latest cuarterly or half-vearl: xEx-divicend 4% 1n stock b Payable in stock h Plus 2% in stock 3% in ‘stock stock sLess than 100 TFlus 9% in stock mPaid this vear—no r © Pluz 2%a% in stoek Py aid (aat vear—no re ayable in cash or stock f Plus 8% In stock 1 Plus 50c In special preferred stock k Plus ! ©Plus 8% in SALES. Capital Traction Co.—10 at 18%. AFTER CALL. Capital Traction Co.—10 at 184, Capital Traction 5s—$1,000 at 58, $1,000 $1,000 at 584, Bid and Asked Prices. BONDS. j ITY. PUBLIC UTILITY. 0,0y 4128 '39 el tr. 880 R. R. 8s. & Tel & Tel Pot. Guer, C. & P. Tel. of Va Capital Traction R City & Suburban 5s Georgeiown Gas Isi Cons s 1953 & Mt. Vernon eii. ngton Gas 4'25.. Washington 5 Wash. Gas 6s, series A.. h. Gas 6s. series B.. Wash. Rwy. & Elec. 4s.. MISCELLANEOUS. 625 Tel Tel. Anacostia & PoL Barber & Ross. Inc. | Chevy Chase Club 5ias Columbia Country Club 5ias W. M. Cold Storage 5s....... STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Traction Co. (2) Wash. Gas Lt. Co. (18) N. & W. Steamboat (12). Pot. Elec Power 6 pfd Pou. Elec. Power 5% vfd Wash. Rwy. ec. com, Wash Rwy. & El. pfd. (5) NATIONAL BANK. Min [k Asked 250 425 220 price Capital (14) 175 Columbia (12)°"" 313 Commercial (stamped) (i0) District (8) 3 Fed.-Amer. Natl BK. & Tr. Liberty (T8) .veeeeeisces @ Lincoln (10).,. Metropolitan’ (i4 Riggs _(15).. Second (9e) . Washington (2} TRUST COMPANY. Amer. & Tr. Co. (15).. Natl. ‘Sav. & Tr. (12{) Prince Georges Bk. & Tr. Union Trust (8s) gt Wash. Loan & Trust (i4) SAVINGS BANKS. Bank of Bethesda (6).. Com. & Savings (10) East’ Washington (12} | Botomac (10) Ak | Sec. Sav. & Com. Bk. (if), Seventh Street (12). i United States (30) Wash. Mechanics (20). FIRE INSURANCE. American (12) Corcoran (10) men's (8) National Union (15) TITLE INSURANCE. Columbia (6h) Real Estate (6h) MISCELLANEOUS. | Barber & Ross. Inc.. com | Col._Medical Blds. Corp. D. C Paner Mfs. pfd Dist. Natl. Sec. pfd.. | Emer. Bromo-8elz "“A' Federal Storage pfd. (8)..° . Fed.-Amer. Co. com. (1.20f) Fed-Am. Co. ptd. (6) Lanston Monotype (6] Sec. (6. 275 150 20 1412 145 LI 2 Mer. Tr. & Stge. com. Mer. Tr. & Stge. pfd. (1) Mergenthaler Linotype (6) ... Natl Mtge. & Inv pfd. (8) Peoples Drus Stores pfd. (61). Real Est. M. & G. pfd. (8) Security Storage (5§) Ter. Ref & Wh. COrp. | The Carpel Corp. (2) e W. Mech. Mtge. com. (6} 1] | Wash. Med. Bldg. Corp. (7} Wdwd. & Lothrop com. (1.20) | Wdwd. & Lothrop pfd. (7i *Ex. dividend. 52 extra bBooks closed. 12% extra, | n25c extra. 3% extra. 130c extra. hd<, extra. | 817 ‘extra 8% extra. | e1t50 extra 3 CORPORATION REPORTS TRENDS AND PROSPECTS OF _LEADING ORGANIZATIONS. NEW YORK, January 26—The fol- lowing is a summary of important cor- poration news prepared by the Stand- ard Statistics Co., Inc, New York, for the Associated Press. News Trend. Largely due to curtailment in the low-priced field, automobile production showed a decrease last week. Accord- ing to Cram’s Automotive Reports, out- | put totaled 20,833 cars and trucks, | which compares with 32,402 units in the previous week and 45,843 units in the corresponding week of last year. The Companies. Chrysler Corporation—De Soto pro- duction schedules stepped up more than 20 per cent over preliminary estimate; cuts Dodge Bros. truck chassis prices | about $75. Erie Railroad December net oper- ating income off 45.1 per cent; 12 months off 31.2 per cent. Federal Knitting Mills 1931 common- share earnings $4.08, vs. $4.53. General Refractories 1931 common- share earnings, 83 cents, vs. $7.12. Hercules Motors—Operation averag- |ing between 40 and 50 per cent of capacity. Kansas City Power & Light 1931 first preferred share earnings, $112.92 vs. $100.76. Maine Central Railroad 1931 deficit, £63,386 vs. net income, $1,112,099, equal to $8.01 a common share. Reading Co. December net operating income off 3.8 per cent, 12 months off 29 per cent Southern Pacific Co. December net operating income off 85 per eent. 12 months off 489 per cent: Interstate Commerce Commission conditionally | approves ~sguisition of stock control of Cotton_Belt: also authorized to issue $6,626,800 common stock to be used for exchange for shares St. Louis South- western Sterling Motor Truck deficit, year | ended October 31, $902,819 vs. deficit, $385,580. Texas & Pacific Railway 1931 com- mon share earnings, $2.21 vs. $6.37. Adams-Millis Corporation 1931 dol- lar vo'ume below previous year; ship- ments up. A | " Electric Shareholders’ Corporation ! passed semi-annual common stock div- idend; paid 3 per cent September 1, 1931: declared quarterly dividend of 44-100th share of common or $1.50 in cash on preferred stock. Hart Schaffner & Marx took no action on quarterly dividend; paid $1 November 30, 1931. Republic Steel operations increased to 35 per cent of capacity vs. 32 per cent last week: ingot output up sharply. United States Steel would be chief beneficiary under any refund of recap- tured railroad earnings, three sub- sidiaries having paid $6,305,683. Wayne Pump 1931 net sales off 32.8 per cent. Carolina Power & Light cuts wages | 15 per cent, effective February 1, 1932. Crosley Radio net income, 9 months to December 31, $21,166, equal to 4 | cents a common share, vs. deficit | 5445958 Durant Motors, Inc.—Equity receiver appointed for company by Federal Court, Detroit, Mich. Minneapolis & St. Louis Railroad— | Dacember net onerating deficit, $11,827, deficit, $36.744: 12 months, net op- income, $111,706 vs, income erating | $546,695. New England Public Service Decem- ber electric output, including new com- panies, up 2.04 per cent, 12 months up 19.9 per cent. New York Telephone December gross off 0.9 per cent, operating income up 18 £,930,000 tons of its kind in the world, has been in|per cent; 12 months gross off 0.9 per cent, operating income up 74 per cent. Public Utilities Securities defers ac- tion on quarterly dividend on cumula- tive preferrd stock; last payment made November 2, 16s1, at rate of $1.75 a share in cash or one-twentieth share common stock of Utilities Power & Light Corporation. Purity Bakeries common share earn- ings, year ended January 2, $2.14 vs. | $5.13 in year ended December 27, 1930 St. Louis-San Francisco Railway— About 3.500 employes accept 10 per cent wage cut for period of one year. Sisto Financial Corporaion net asset value December 31, 1931, $14.63 a com- mon share vs. $19.87 December 31, 1930. Stewart-Warner Corporation 193 | deficit $1,830,171, vs. net income $1,8| | 262,279, equal to 98 cents a common share. Straus (S. W.) Investing 1931 net in- | come $125,862. vs. $1,120,518. Atlas Powder 1931 common share earnings 59 cents, vs. $2.67. Great Northern Railway December net operating income $896,822, vs. $346,- |273; 12 months, $12,669,420, vs. $21,- | 912,508 | New York, New Haven & Hartford 11931 common share earnings $3.05, vs. | $7.33. | 'st. Louis-San Francisco Railway 1931 deflict $3,255,762, vs. net income $5- 621,536, cqual to $4.07 A common share. Standard Investment Liquidating value December 31, 1931, $5.72 a pre- ferred share, vs. $108.88 December 31, 1930. \TOTAL PAY ROLLS SHOW [MORE STABLE CONDITIONS | i | The most important change that has | taken place in the average consumer’s | financial situation since November is a | halt in the declining trend of pay roll totals, which had been falling con- | tinuously throughout the depression, | according to the last consumer study by Investors' Syndicate. This, coming at the same time as a renewal of the | decline in the cost of living, indicates some improvement in the employed | worker’s financial status. An 83 per cent jump in number of | automobiles sold in December over No- vember, together with a slight upturn in the ‘amount of security investments, suggests some change for the better, although the total volume in both cases is far below last year's total. Life in- surance sales register a sharp gain, while savings continue their almost unbroken climb, suggesting more and | more that the debts from the boom | have been paid and that thrift has | become a predominating habit. | it a |PRICE OF BANK STOCKS SHOWS LITTLE CHANGE | | | Bpecial Dispatch to The Star. NEW YORK, January 26.—New York | City benk stocks showed little change during this past week as evidenced by records compiled by Hoit, Rose & Troster. The average yield of the 16 leading stocks as of January 23 was 17.86 per cent, compared with a yield of 7.58 per cent on January 16 and 9.84 recorded on December 17, the highest average yield reported last year. Based upon the January 23 figures the 16 issues now are selling at 12.0 times their known current earnings, against 12.6 times on January 16 and 9.2 times known earnings on December 117, the low for 1931. The current mar- ket value of the 16 stocks is 0.92 times known book value, against 0.96 on Janu- | ary 16 "and 0.65 on December 17, 1931. BONDS ARE CALLED. NEW YORK, January 26 (#).—Fiscal agents for the 6 per cent external sink- ing fund gold bonds of the Province of Buenos Aires announce that $257,000 principal amount has been called for redemption by lot on March 1. Bombay, India, has had a number of textile strikes recently. IBONDS ARE STRONG IN SMALL MARKET Reports of Impending Rail Wage Agreement Tend to Aid Prices. BY F. H. RICHARDSON. Specfal Dispatch to The Star. NEW YORK, January 26.—Bonds were strong today on a small volume of trading. The investment market opened with an optimistic tone. Reports from Chi- cago that an agrcement on a 10 per cent wage reduction would surely be reached before night by the rail em- ployes and executives buoyed up rail- road bonds. The renewal of negolia tions on German reparations by the British and French injected strength into foreign .dollar bonds. Expccta tions as to the dividend decision of the directors of United States Steel were sufficiently optimistic to lend steadiness to both the stock and bond markets. Much attention was directed to the bonds of the St. Louis-Southwestern by the provisional approval made by the Interstate Commerce Commission for the purchase of the road by the South- ern Pacific. St. Louis-Southwestern consolidated 4s, due this year, advanced 14 points at one time. This Tepresents a rise of 53 points from the low price reached in December and with one ex ception was the biggest percentage ad- vance in any tond on the current re- covery. The expection is found in Nickel Plate 6s. which today sold around 55, or more than 40 points above their December low. Other rail bonds showing strength to- day included Erie 5s, Alleghany portion 5s, Missouri-Pacific s, North- ern Pacific 6s, Western Maryland 4s and many others of comparable quality. Industrials advanced with the rails though there were fewer transactions in them. United States Rubber 5s were a point higher. McKesson & Rob- bins 5!5s, National Dairy Products 514s and Armour of Delaware 5'25 were firm. Western Union 5s, International Telephone 5s, American Power 5s and others of the semi-spy ulative utility group were fractionally better. High-grade obligations of rail- roads and utilities were unchanged United States Government long-term issues were slightly higher. With most Liberties and Treasuries selling around a 4.50 per cent yield basis, the market was still inclined to favor a_5 per cent rate for the bonds of the new Recon- truction Finance Corporation. Mu- | niclpals werc a little heavier today be- cause of the recent firming of money rates. New York City 6s, which went to a point premium on the day of of- fering, were quoted today at par In the foreign list the most active Issues_were German government 5155 and Dawes reparations 7s, both of which had substantial gains. German Central Bank issues, German munici- pals and corporation obligations fol- lowed along. Bonds were firm at the opening. Wall Street was hopeful that some- thing constructive the new Franco-British negotiations in regard to reparations, and foreign bonds were marked up fractionally. German government 51,5, Dawes Reparations 7s and German bank issues all were higher. | British 5155, Canaca 45 and Australia s were firmer with sterling. = French, vgrlman andsother European bonds were rm. In the domestic list railroad descrip- | tions such as Erie 5s and Missouri-Pa- cific 5s were slightly higher. Prime bonds. like Atchison generl 4s and ?}:‘ner!c:n Jelcphon" 5s, _were un- ange nited States Govs A ere e Governments -— Decline in Chicago Stocks. CHICAGO, IIL, January 26— sepresentative stocks listed on_the Crs. cago Stock Exchange at the close of business for the week ended January 25 had & market value of $844.517,045 which compares with $950,207.077 af cording to a com Davis & Co, of $105,780,03 pllation by Paul H This represents a decrease 2, or 11.13 per cent, | shows further that at the close of the corresponding week a year ago the same J\"’,SIAOCISS had a market value of $2,- 162,976,556, indicating a_decrease dur- ing the year of $1,348,459,511, or 64.43 per cent. » e NEW YORK, January 26 (#)— A B C Tr8us D Bl Asked A B G Tr Shrs ‘b e & Gen Sec K o & Gen sec B & ‘Gen Sec i3 pi. Br & on'gr oo mp Ar 8 Fdrs 6 pf . Fdrs 17, pf Fdrs cv'pf ctf s<oc Stand Oil..] AN%Sec 1. O £Fac I ac Ini i At & Pac com W AU & Pac o war. Bankers "Rt 107 Bansicilla Corp. . Basic: Industry British Type Iny " Central Nat Gorn Central Nat Corp ‘B Gentury “Trust Shars: Chain & Gen Eauitiss Chartered Tnvest - Chartered Inv b Chelsea” Exch & Chelsea Exch B CGumulative Tr Sh: Corporate Trust Corporat Trust AA Corporate Trust Accum Ser.. . Crum & Foster, © oo : Grum & Fost ¢ bt Grum & Fost f 10 rum & Fost Ins 7 Bepas BN 01 Depos Bk Sh N Y A" Depos Tns Shrs A Diversifled Tt A Diversified Tr B, Diversified Tr ¢ Diversified 11 1) Equity Invest Bipi Equit’ Trist Shra Five Year Fixed Tr Pixed Trust Sh Fixed Trust Sh Fund Tr Shcs A Fund Tr Shrs B Granger Trade Gude: Winmill Trad Incorp ' Investors Incorp Invest Equi Independ Tr Shrs. Int Sec Corp Am A Int Sec Corp Am B Int Sec Am 6 bl Int Sec Am 6. pf Inv Tr N'Y Coll A Invest” Trustee Sh Leaders of ‘Tndust A Lenders of Indust B Leaders of Indust ¢ Low Priced Shrs Maior Corp Shrs Mass' Tnvest Tr Mutual Thv Tr Mutual Mana | A B A N Y Bk Tr Shrs Nor Am Tr Shrs Nor Am Tr Sh 19 Nor Am Tr_Sh 1956, Northern ~ Secur. Oil “Shares units 0l Col Inv Tr old Ty - Assoc. Pcirol Trad A... Public Seiv Tr Repres Tr Shrs.. .. Secord Int Sec A Second Int Sec B o Sec Int Sec 67 1si pf. Secur Corp Gen $6 pf Selected Am Sh Selected Cumulative Selected Income Sh Selected Manage Trust Shawmut _Bank Spencer Trask Fund Stand All Am Tr Stand Am Tr Shrs {Stand Collat Trust State Street Invest Super of Am Tr A Super of Am Tr B Super of Am Tr C.... Super of Am Tr D Trust Shrs of Am Trustce Stand Inv C Trustee Sta~d Iny D Trusiee St Ol A Trustee St Ofl £ Trustieted N Y Trusteed Am Bk Sh Tr Am Bk A . Twentieth Cent Fixed Tr Two-Year Trust Sh United Fixed Shrs Unit Fdrs 1-70 Col United Ins Shrs United Bank Tr US & Brit Int Lid A. US & Brit.Int 33 pi UB Elec Lt & Pow - US Elec Lt & Pow "B’ Universal Tr Sh .. Shrs . Cor- | might result from | the close of the preceding week, ac- | The analysis by Paul H. Davis & Co, | i | Erle1stcon 45°96.. | Erle ;| Grt Nor 4%s 17 E. PIGES ADVANCED UNITED STA1;°E°!). (Baleg e High. Low. Economist Suggests Manu- facturers Be Given Power to Check Rate Cutting. Int Pap 58 A *47 Nt T&T 4% Int T&T cv 4% 8’39, 14 Int T & T 68 '66. 13 Italy 7s ‘61 Italy PubS 7 Japanese 5348 '65.. Japanese 6%s '54. Jugosl Bnk 78 '57.. Kan City Sou 35’50, Kan City Sou 58'50. Kan City Ter 48’60, Kan G&E 434830, Karstadt 63°43.... 2 Kreug & Toll 5859, 22 Laclede 5%sC'53.. 2 Laclede 5%s D'60., 5 Lig & Myers 6s'51. 5 Loew’'s 6s ex w'd4l.. 9 Lorillard 58'51.... 6 Lorillard 7s '44 1 La & Ark 55°60. 4 Lou G & El 53 " 22 L& Nuni4s'40.... 19 L &N 5sB2003.... 15 Lvons 63 '34.. 10 McKes & R5%¥50. 6 Manh Ry 1st 48'90. 10 Marsellle 63 '34. Midvale Stl 53 '36. 2:58. 949 98 1 993 8414 8512 90 25 90 23 89 10 Lib314532-47. 125 949 942 List4%s32-47 39 982 981 L 4th43(c33-38496 993 99 US3s1951-6.. 20 84 :gg 3145°49.... 52 85 59 3%sM41-3 57 9025 9017 3%sJ40-3. 51 90 90 22 US3%s43-47. 362 89 89 2 US3%s46-56.. 58 92 9124 9124 US4s44-54... 116 96 968 9611 | US 4%s47-52..264 100 14 1009 1009 ! Sales, Hizh. Low. 2:83 6 36l 364 36N 8215 821 404 36 30 854 431, 67% 69 3 938 102% 9 n 6 1 5 2 3 2 U BY BRADLEY W. TRENT. Special Dispatch to The Star. NEW YORK, January 26—Legisla- tion giving the manufacturer the right to refuse to sell to any dealer or dis- tributor for any reason whatsoever is recommended in a survey on price cut- | ting just completed by Prof. Edwin R. A. Seligman, economist, of Columbia University. ‘The survey was begun about a year ago, and embraces about 20 industries. The work was sponsored by Edward Plaut, chajrman of the New York Board of Trade committee appointed to make a special study of the problem. The full report on the survey will be pub- lished in February. Some of the salient points made in the report, however, were made public yesterday by Mr. Plaut. Abitib] PEP 55’53, Ab & St5% '43.. Alleghany Cp 5844 Allegheny 55 °49. Allegheny b8 '50. Allis-Chalm 5s Am F P 552030.... Am G Ch5l%s'49. |Am Int1 53849, |Am N Gas 61s'42. | Am S&R 1st 53°47. 17 | Am Sug Ref 6s°37. 5 |Am TaTev4ys's 21 |AmT&T5s65... 69 Am T&T c tr 6346, 29 lAm T&T 558160, |Am T&T 5%s°43... Am W Wks 53 '34.. Am Wr Pap 6s'47.." Argentine 55 '45 | Arrentine 53%s Argentine 63 Ju’59. Argentine 63 A '57. Argentine 6s B '58. Arm & Co 4%8°39.. Arm Del 5%s '43. Assoc Ofl 63°35. ... | Atchison gn 48 '95. Atchiscv 438 '48.. Al C L 1st 45 '52 AtICLcl 4552 At Gulf 58 '59 Australia 4% Australia § Australia §3°'67. Austria 78 ‘67 ctfs, |B&O 4543, 117 4 20 T 11 1 Mi) E1 Ry&Lt 55 °71 M StP&SSM en 4s.. M StP&SSM 6s gtd. MK & T 1st 45°90 MK&T4sB'62 MK & T adj 556 Mo Pac gn 4s°75 Mo Pac 58 F "17. Mo Pac5s G '78.... Mo Pac 55 H '80... Mo Pac rf 588 Mo Pac5%s A Mobile-Ohio Mont Pow 58°43... Mont P db 6s A '62. Montevideo s '59 Montevideo 7= 52, Mont Tr 1st 5541, Mor&Co 1st %45'39 Nat Datrv 5% x 48, 151 Nat Rad 614547, 2 Nat Steel 5 36 Condemns Price Cutting. Prof. Seligman concludes that preda- tory price cutting constitutes a real menace to the welfare of retail” trade. He strongly advocates legislation where- | by prices may be maintained. | "Prof. Seligman’s report is regarded as a bulwark for the Capper-Kelly bill | Which seeks to legalize the making of contracts to maintain retail prices. The bill now before Congress presents the most clear-cut method of restoring the right of maintaining prices, says the re- | port. adding: “Our investigation has uncovered no fundamental economic basis for opposition to this form of price maintenance. The Capper-Kelly bill, in our estimation, would mark a distinct step forward, despite some of the criticism which may be legitimately preferred against it.” Should the Capper-Kelly bill fail to pass Congress, however, Prof. Seligman believes more conservative measures for resale price maintenance may meet with success. For such a contingency he revives faith in the refusal-to-seil method of price maintenance, and rec- ommends the elimination of all possible legal barriers which today keep this from being effective. The report embraces five main points. It recommends legislation making it legal in every respect for a manufac- turer to refuse to sell any dealer or distributor for any reason whatsoever. It suggests a revision of the law to . | make legal the interchange of informa- | tion in the trades about price cutters. It proposes special machinery similar to the Federal Trade Commission trade practice conferences, but confer- ences democratically run by business men To strengthen the refusal-to-sell plan it suggests a law to permit making con- tracts whereby manufacturers could oblige whalesalers and jobbers to re- fuse to sell to those retailers to whom the manufacturer does not want to sell for any reason. In connection with these contracts it favors legal action by manufacturers against violators of these distribution-controlled contracts on the ground of violation of a property right. Business Rivalry. “Practices which were more or less bearable during the period of prosper- ity.” the report reads, ‘“were felt as unbearable during hard times, especially in view of the fact that business rivalry has come more and more to assume the character of cut-throat competition. Some of the price cutters themselves have become doubtful as to the wisdom of their policies, and the controversy as to the distinction between fair and unfair competition has flared up anew:” Prof. Seligman has an international reputation as an economist. He is at present economic adviser to the Cuban government. (Copyright, 1932.) Washington Produce Butter—One-pound prints, 28; |B&O4Ks "33 B&O cv4%8'60. B&O 15t 55'48.. B&Orf5s'95. B & 0 53 D 2000 B&063'95.. B&O Swdv5s'50. B.& O Toledo 43’59 Ban & Aroos 4s'51. Bk of Chile 633 57 Belgium 6 ' 3 Beigium 6%s 49, Belgium 78 '55. Belgium 7 °66..... Bell Tel Pa 53 B'48 92 Bell Tell Pa 65 C'60 25 BInd Loan C6s'46 1 Berlin Cy E168'55. 2 Berlin CE 6%8'50. 34 Bollvia 7s 'A 2 Bolivia 85 47. Bordeaux §s '34. Bos & Me 58 ‘55 Bos &Me 63 '67.. Brazil 64526, Brazil 6%s'27..... Brazil 7s Brazil 8s 41 Bremen 7s Bk Edgn A 58°49. . Bklyn Elev 6% Bklyn Man 6s ‘68 Rkiyn Un 68 °45. ... Bklyn Un 1st 55'60. Budapest 62.... Buenos A 6561 Pv. Buff Gen El 4%#'31 | Canada 4s 12 5% 11 N Eng T 1t 6852, NOT&M5s B'54. NOT&Mb%s '54. w S Wales 55757, Nw S Wales 53 '58. 9TS% 10 16 N Y Cent 4=°98.... N Y Cent db 4s'34. N Y Cent 4145 2013 VY Crf 41552013, YCrtim5s2013 2 Y Centdb6s'35. 4 NYC&StL 4%s'78, 25 YO&StL5%A'TE. 26 NYC&StL 6s'32...115 N Y Fdisn 53 B'44. 27 N Y Fd1st6%s41. 14 Y ELH&P 48’42, 5 NY NH&H db 48’57 R NY NH&H 4342767 1 NY NH&H clt 6s°4¢ 2 NYNHAH cd fa4f. 2 NY O& W en 4s°55. 10 NY Tel 4%=°39.... 30 Nord 61« 50 15 Norf South 58 18 No Am Co 5 '61... 3 Nor Am Ed s C %3 Nor AmE 5%35'63. Ner Pac 48°97 .. Nor Pac 58 D 2047 . Nor Pac r | 682047, Nor St Pw Fs A "41. Nor St Pw 6s B '41. Norway £s '44. Norway 6s '52. Orfent dev 5%x'58. Orfent dev 65 '53. .. Pac G&E 5s'42.... Pac T’:T 1st 5837, Pac T&T rf 58 '52.. Pan Am Pet 6s’34. Paris-T.y M 6 Paris-Ly M 78 5, Paris-Or 54568, . Penn 4% s D'81. Penncv 4%s 60... Penn n 4%s ‘65 Penn 4%8°'70. .. Penn 4% '63. Penn gen Penn 6%s Penn P&L 438 '81. Peoples’ Gas 58 "47. Peor & E 1st 4s'40. Pere M 1st 4s '56. Pere Mar 414580, Pere M 1st 58 '58.. Peru 6s '80 Phila Co 58 Phila Elec 4811 Philippine R 48'37 Philllp Pet 5% s ‘19 Pillsb F M 63 '43 P& W V4%sC60. Poland 7s "47 Poland 8s ‘50 Port Gn El 434 8'60 Pos Tel & C58'53. . Prague 7%s '52.. Prussia 6352 Public Serv 4 PubSvG 4% Pure O1l 5% °37. Read gn 4%s A 97, Rem Arms 6s A "37. Rem R 6%s 7. Rhinelbe 78 '46 Rnine West 63’52, Rhine West 6853 Rhine West 68 '55.. Riode Jan 634s '53. R Gr Do Sul 65 '68. R Gr Do Sul 85 *46. Rio Gr W 1st 45 '39 RIAr&L4%s 34. Rome 6343 '52. . Roy D 4s 45 ww StL IM R&G 48'33. S1 L&SF in 48 A 50 33 StL&SF4%s'78. 46 StL&SF p16sB'50 5 StLS W 1st 4s'89. 29 StS Wen4s'32....124 StLS Wbs's2..... 13 StP&KC SL 4%s'41 4 StP Un Dep 68°72.. 1 Sao Pau 7s'40 ret.. 3 Saxon 78 "45. 2 Sea All Fla 65.A'35. 2 Serbs-Cr-S1 78 '62.. 32 Serbs-Cr-S1 8s'62.. 14 Shell Un Ol 53 '47. 8 Shell Un O11 63 °49. Shinyetsu 6%s '52. Sinc O 7Tscv A '37.. Sinc Cr O 5%s '3 Soissons és ‘36 Sou Bell T&T 5. SW Bell T 53 A '54. Sou Pac col 4849, . Sou Pac ref 4 '55. . Sou Pac 4%s 68 Sou Pac 4%s ‘81 Sou P&OT 4%s 17 Sou Ry #n 45’5 Sou Ry 6%s St Ol N J 5. StOIIN Y ¢%8'61.. Sweden 5%s '54. Swiss 5% 46 Tatwan E P 5% 71 Tenn EI P 63 A '47. Texas Corp 58 '44. . Tex&P 1st 65 2000, Tex & Pac 58 B '77. Tex & P5sC'79... Tex & P 53 D ‘30 Third Av adj 5 ‘60 | Toho El Pw & Tokio 58 '52. 16 10 Zeait il 97u 9815 | 17 8415 82 90 7814 | 74 7% 951 102 3% 78 6614 T 98 102 a9 101% 944 100w 8914 L 9015 831 0% 79 9% 100 824 1 | Canada 4%s'26. Canada s '62 Can Nat 43%s 54. | Can Nat Ry 4%s'56 Can Nat 43%8'67. .. n Nat 4%s '68. Can Nat 4%3'55... Can Nat 5s July’s9. Can Nat 5s Oct '69. Can Nat 55 '70. Can Nor 63%s db Can Nor 7s db '40. . Can Pac db 4s. . Can Pacific 433 '46 Can Pac 4%s '60. .. Can Pac 58 '54..... Cent |1l G&E 58'51. Cent Pac 43 '49. Cent Pac 53 '60 Cen Ry NJ g 58'87. Cert-td db 5%s "48. Ches Corp 65°47... 35 C&Ogen4%s'sz. 5 C&O04%sB"95. 31 CB&Qgen4s's8. 10 CB&Q4%s'17 4 |C B&Q 1strf 6s°71. 18 | CB&Q I1dv 314849 3 | CB&Q N1 dv 4549, Chi & Est 111 5 Chl Grt West Chi Ind&L gn 58 '66 Chi [nd&Lou 6s'66. ChiM & P4s'89. Chi M P4lsC CM&StP 4%s'89, C M StP&P b8 '75.. CM&St Padjbs.. C&NW 4%s C2037. Chi & NWen 4%s. 116 Chi&NW rf 552037 9 Chi R1&Prf4s’'34 65 ChiR1& P 4%s’52 34 ChiRlcv4ls’60. 13 C TH&SE 1n 55°60. 3 | Chi Un Sta 635 '63 | C& W Ind en ¢s'52. | Chile 68 °€0. . Chiless'61.. Chile 7: Chile C 5 | | | 13 o o 088 enBa iR naaT tub, Eggs—Hennery, 16al7; current re- celpts, 14al6. Poultry, alive—Turkeys, old toms, 188 20; young toms and hens, 22a25; chick- ens, 3 pounds and over, 16al8; 2 to pounds, 18a20; - broilers, 1'2 to 2 pounds, 18a20; hens, large, 16al7; small, 12a14; Leghorn hens, 11; roosters, | 10; keats, young, 45a50; old, 25a35. Poultry, dressed—Turkeys, old toms, 23a25;, young toms ‘and hens, 25a28; chickens, 3 pounds and over, 19a21; 2 to 2!2 pounds, 23a25; broilers, 1!, to |2 pounds, 23a25; hens, large, 20a2l; | small, 15a17; Leghorn hens, 14; roosters, | 13; keats, young, 55a60; old, 50. Meats—Beef, prime, 16; choice, 1 good, 121:a13; cow, 9'%al10; lamb, top, 14; medium, 12; veal, top, 14; medium, 13; pork loins, 12; fresh hams, 8 to 10 pounds, 12; 18 to 22 pounds, 1 moked hams, 16al7; strip bacon, 16al7; lard, 80-pound tins, 6'2; package, com- pounds, 6% Live stock—Hogs, light and medium, 4.00a4.50; Heavy, 3.75a4.00; pigs, 3.75a 4.00; roughs, 2.00a3.00; calves, 4.00a9.0( lambs, 4.00a5.50. Fruits—Strawberries, pints, 121:a15; quarts, 25a30; apples, bushel baskets, 50a1.00; 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, Empeross, kegs, 4.50; Almeiras, 5.00; lemons, 4.00a4.50; tangerines, 1.25a1.75; kumquats, quart, 10al5; bananas, 1.50a3.00; alligator pears, flats, 2.50a3.00; rhubarb, hot house, 5 pounds, 1.25: honeydews, Chile, 4.00; plums_ Chile, 2.00a2.50. Vegetables — Potatoes, sacks, 1.25; Idaho bakers, 2.50a2.75; sweets, 65a1.25; tomatces, 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; lettuce, Iceberg, 2.25a2.50; caulifiower, 3.50a4.25; squash, 2.00a4.00; mushrooms, ! 65a1.00; beets, crates, 2.00a2.35; carrots, | crates, 4.00; cucumbers, 3.50a4.25; egg- 661 Dplant, 3.50; celery, 3.00a3.75; onions, 100% | 50-pound sacks, 1.90a2.0f Spring 90 |onions, per dozen bunches, 24; salsify, 84% dozen bunches, 80; artichokes, 4.50a 102 | 5.00; parsnips. 150; cabbage, new, 6% crates, 3.00; old, sacks, 1.00a1.25. 97 Re 88% 70 g | 8 3674 984 43% 6T% 5% 6% 21. 7 10 33 54 4 7815 8214 43% 35 398 39% 38 12 9 17% 1 68 681 2% 80% ' 3114 24 38% 69 82 &l 58 97 59% 298 315 33% 40 704 70% 54% B4 954 9814 Clev Term 4% 3 Colemb 65 Jan ‘61, Calomb 65'61 Oct Col GEE 53 May'52 Col G&E cou 5361, Con G NY 4%3°'61. ¢ ConG N ¥ 53845, 3 Con Pwr Jap 6%s.. Con Pow Japan 7s. Consum Pow 6s 52 Copenhag 43%s'53. |Cuba 548 46. .. .. Cuba Nor 5% Czecho 8s | Denmark 43%s '632.. Denmark 68°42. ... | D& R Gren4s'36. D&RG W 58’55 DRG& W 6s'78 Det E G&R4%5'61. Det Edison rf 58'49 Dodge Br cl 6540 Duauesne 4% Dutch East I Nov. . Dutch East 1 68'47. o 100 - pound | Erte gen 4. Erie cv 68 '67.. *76... Finland 63 '45. ., Finland 78 ‘50 Fisk Rub 884 Fram 1 D7%8 42 French 78 '49. .. | French 738 41 "Gels—nk'nr:n 8534, | Gen Motors 6s37. Gen Th Eq 65 '40. . erman 5 %38 ‘65. . German Bk 6s'38. . Ger Cen Bk 68 '60 J | Ger Cen Bk 62 '60 O | Ge*man 7s rep 49 German Bank 7s Goodrich cv 68 "45. | Good 15t 6345 '47 Goodyr Rub 68'57. . GrandTr sf db 65'36 Grand Trunk 7s'40. Grt Nor 4%45°76 D.. B RO DN DB N A DURING YEAR OF 1930 By the Associated Press. Deliveries of gas oil and fuel oil dur- ing 1930 by oil refining and marketing companies totaled 385.080,162 barrels, including exports, compared with 411,- g1, 149,930 barrels the year before. 74 ' _ These figures, just announced by the 81y, | Mines Bureau, show a decrease of 6.28 8814 Per cent for deliveries within the 94v, | United States, while shipments to for- 57% | €ign countries decreased 6.90 per cent. 281 | The combined 1930 demand for com- 27 | mercial and domestic heating was equal 32 |approximately to two-thirds of the 31 |quantity burned as fuel in general 47 |manufacturing. Reduced demand for 44 |oll fuel in 1930, due largely to the in- dustrial depression, was evident in all | the marketing areas of the country ex- cept in the South Atlantic States, the report said. ] Ao abim— Ulst& D5 Un Pac 1 Un Pac 43 6! Un Pac 4%s 7. Unit Drg cv 58 '53. Utd King 5%s°'37.. U S Rub 18t § UnSt W 6%s A'47. Ud St W 6%3A51.. Uruguay 6s'60 Uruguay 6s '64 Uruguay 8s 46... Util Pw 53’59 ww. Util Pow 5%8°47.. Vienna 6r 52 . Va Ry & Pw 58 '34. Va Ry 1st 63 '62... Wabhash 4%s 78, .. Wabash 1st bs '39. Wabash 2d 55 °39. . Wabash 58 B '76. Wabash 6s D '80... Wabash 56%s '76. Warsaw 7s ‘58 W El4db 6 West Md 43 ‘52.... West Md 5% 8 ‘77, . West Pac 68 '46. West Union 58 51.. Grt Nor 5873 Grt Norgn 7s Greek 6568 | Hait! 6352, | Hock Val 414599 | Hud & M ad) 63 '57. Hud & M rf 55 '57.. Humble Ol 65 '37.. Humble O 5%s '32. Hungary 7%s '44.. 100% 2 a1 99% 111 Bell Tell 53 °56. . 111 Cent 43 '53 111 Cent 4% * 111 CCStL&N 6 11 Steel 415840 Inland St 4155 A'78 Int Rap Tr 58 '66. . Int Rap Tr sta '66.. Int Rap Tr 6s°32.. Int Rap Tr 78 32 Int & Gr Nor 65 '52. A.. Sales. High. Union 58 ‘60 Un 6%8°36. WEOB5%s'37 ww Wi1-O 15t 6%s "33, Wil & Co 18t 6841, Wis Cent gen ¢s '36 Yokohama 68 ‘61 Ygstn S&T 58 A'T8. 49 ¥gstn S&T 65 B'70. 8 w3BrCoaticg wrEvrDN~ vonaR t Int Hydro El 65 44 Int M Co 5srot’él.. Int Match 58 °47.