Evening Star Newspaper, January 27, 1932, Page 14

; A—14 wx% RN A NCIATLS THE EVENING STAR, WASHINGTON, " D. ¢, WEDNI A, FINANCIAL = DURANT WILL ACT N RECEVERSHP Motor Magnate Devoting Energies o Aid of Sub- sidiary Company. N YORK a fc orpor anuary —William | der of the General whose control Morgan-du Pont in- ic of 1920, has served and his new Durant e still in the ring. 70 years have repeat- as a_storm center in all ary to the the p at ater lost terests i notice t Motc Durant und him W 5 beg tement appointed Mict of Mich- Durant oC. subsidiaries Motors, Inc with the con- (Continued from Page 13.) Stock and Sales— High. Low. Dividend Rate Add 00. 3213 10 Rhin W EI P (a1.06). 6% % Richfield Oil 10% 1% Rio Grande Oil.. 26 3% Rossia Insof Amer 42% 13 Royal Dutch of ~—1031—— tores (5).. safeway Strs pf (7). St Joseph Lead (60¢). St L-San Francisco. . St L-San Fran pf. . St Louis Southwn. St Louis Southwn pf. Schulte Retail Stores Schulte § s pf (8) Seaboard Air Line Seaboard Afr Line pf Seaboard Oil........ Sears Roebuck (2 Seneca Copper . Servel Inc. Shattuck ( Shell Union Oil. Shell Union Oil pf. Simmons Co Simms Petroleum Sinclair Consol O1l. Ol s Socony-Vacuum (1) South Port I Southn Cal Ed (2).. 1 Southern Pacific (4) . 4289s Southern Rajlway ald (AG)1st pf(7 Sparks-Withington. . Spiegel-May-Stern. . $tand Brands (1.20). and Com Tobacco.. 6915 10815 304 Stand Invest Corp is entire time x On January 10, d from the active man- Motors, I to er ventures so that with interest eve: invested in Durant ry ofher organ- cted with my name. parly part of 1929, in he rolled up profits But in the Spring of | Board its pol ans, was | y. He ip in the| iced his stock mar- as low a January 2 75a1.15; 40a80; yams, bushel, 1.00a 1.50; brussels a20; cabbage per bushel. 1.00a1.25 ants, crate, lettuce, 100, 4.005.00; spinach, squash, bushel, 1.50a crate, 1 tur- rapefruit, box, bushel, 35a1.50 Dairy Market. ung, 17al8; 13a18; Leghorns, old, 11a12; ducks, inea fowls, pair, pigeons, pair, 20a cases; current firsts, 171, south- Leghorns, | fancy creamer Live Stock Market. -Re 50 head ice to prime, none; good to 6.75; medium to good, medium, 4.00 .to 50 to 4.00; coi- . 3.00 to 3.50. 4 to prime, none; good to medium to good, 4.00 to medium, 3.50 to 4.00; plain 5 to 3.50;, common to plain, Goo o on ice to prime, n medium to good, 3.5 to medium, 3.25 to 3.75; plain 10 3.25; common to plain, ne: good to ice to prime. none; good 50; medium to good, ) medium, 4.00 to 3.00 to 4.00; com- 50 to 3.00. and Springers, 30.00 to Receipts. 50 head: steady; sheep, 1.00 4.00 to 7.40. s. 600 head lights, 4.50 to 4.95: dium, 4.65 to 75 to 3.75; light pigs, 4.25 to 4.50. ceipts, 50 head arket steady; calves, Hay and G light sup- 4.00 to 9.50. n. Win garlic January delivery, [ spot, domestic, 2.00a2.10 per red 601 deli yellow new, 2, white estic, 35a36; 34a35. Rye—Nearby Hay—Receir ma don lots, 40a45 none. General hay Receipts ample of tim mixed hay scarce and m. Prices range from 6.50 per ton, as to grade and gure for choice clover grades of timothy 1 85029.00 per 9.00210.00 per ton. Leather Goods Exports. ) rce Depa United es dul 1931 exported leather manufac- ods valued at $7,011.602 and tlar commodities valued at the A [e ment reports g the calendar : ather footwear exports contributed $4.351,826, or 62.1 per cent total export valuation; leather 1.8 per cent; harness and sad- 0.9 per cent; t t: pocketbooks and r cent; leather belt- 1d other manufac- cent ited 42.1 per otwear exports to for- ign countries, with Canada, Jamaica and the United Kingdom quantity mar- shoes for men and boys, 245 per ont, of which quantity 81,904 pairs were exported to Panama and 80,834 pairs to Jamaica; children’s shoes, slip- pers and miscellaneous footwear, san- dals, leggins, etc., represented 10.1, 21.6 and 1.7 per cent, respectively. Baltimore Grain Exports. BALTIMORE, January 27 (Special). —Exports of all grain {from Baltimore Jast year totaled 9,864,326 bushels, an increass of 2.760.094 over 1930. An yese figurss, however, is not accoding to Eugenc d, president of the Baitimore Exchange. Of the total exports he explained 4,861,054 bushels repre- sented hard Winter wheat grown in the United States. This was shipped here the Grain Stabilization Corporation and sold far under the Chicago basis. All of the remainder came from Canada. ‘ ' Grain i light sup- eling bags and | and Oil of Cal(2 1d Oil Exp p Stand Oil of K tand Oil N J ( Super Superior Ol ton ton (A). 5 e “orp (2). ulphur(3) Coal&Oil, 1pson Starrett Water Asso Oil, er As pf(6). Wat Oil pf (3 Timken Roller B( Tobacco Products Tobacco Prod A Tobacco Pro Transamerica Corp. . Tri-Contl Corp...... orp pf (6) 1% 49% 3613 Tri-Contl High. 13 24 —1r3— High. Low. 24 6% 14% 12 26% 205 2614 3874 418, % 314 524 Net. Low. Close. Chre. 13 13 - % % % - 2% 2% v 4w 15% 15% 45% 5% 88 88 9 9 5% 6 % 8% 10% 3 19% 174 3 3 16% 83 9% 938 4 1% 18% 3 27% 11 <1044 16 9% 18 1% ki 26'% [ : i 21 % n 7 325 3 4% 9% 3% 23 8 4 ble Dist Rub Ste United United Univ T6% 1% 11 2% Va-C: 26 51 20% 46% 32 26% 57 112 55 11313 88 19% 5 1503, 3813 11 22'3 6010 T % 14 244 3% 1314 12 44% W W We West Westing Westing White » White & 1% Stock and Dividend Rate. 5% Truscon Steel. Underwood-ElI-F (3) Union Bag & Paper. . Union Carb (2.60). .. Un Oil of Calif(1.40). Union Pacific (10).., Un Tank Car (1.60).. Unit Aircraft. .. Unit Biscuit (3)..... Unit Cigar S Unit Corp (75c) . Unit Corp pf (3). Unit Electric Coal Unit Fruit (3). Unit Gas&Im (1.2 Unit Gas&Im pf(5).. nit Pice Dy Unit Piece DWpf c Forn § . psum (1.60). . Indus Alcoha U S Pipe & Fdry U S Realty & Imp. 7S Rubber. n Ma Westinghse tores pf (1). c 15t pf (8) Util Pwr &1 NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Not. High. Low. Close Oh 6% 6% 6 16 9% 30% 1235 8% 15 144 24 Sales— Add 00. 5 1 16 3 102 5 21 2 224 2 [ [E A e W(1). buting ur., Smitg & Ret (1) mz&Ref pf 31 12 16 708 A (2 Vanadium Corp. . Chem 6% vf. T1% 20% Vulean Deti Wabash R F bash RR'(A).... ‘Warn Bros Pictures. Warren Bros. . Warren Fd Wesson Oil§ Wesson O (1) P1.20 0(2). Snpf(4). SLpf (7) Pwrpf (6) and Union (6) Al ouse (2 Willys-Over Willys-Overland pf.. Wilson & Co Wilson & Co (A) Woolworth (2.40) Worthington Pump. . Wright Aeronautical Wrigley (Wm) (4).. Yellow Tru 12 % Zonite I'rod Corp (1) Ygstwn § pect&Tube 12 JO Sales of Stocks on New York Exchange. . 200,000 payments based on the iatest cuarterly or half- xEx-divicend TPlus » 2. in ‘stock | stock. INDIA IS DECLARE SHIPPER OF GOLD Movement of Yellow Metal From Orient. | BY JOHN L. COOLEY, Associates “ress Financiai Writer. NEW YORK, January 27.—Out of | the land of Kim and Gandhi comes a story that is worth the telling not only for its own importance at this particular moment in world monetary affairs,-but also for its historic background. i India is shipping gold. During count- |less decades other nations have been dumping treasure into her spacious lap; now the flow has been reversed, with | what ultimate results no one can ven- | ture to predict. | Results of Movement. So far, there have been some very practical results. India is not only able | to meet her maturities at London and to accumulate the basis for new credits, but she is contributing to England’s | gold market at a time when England is | glad indeed to get assistance. The pound sterling’s relative stability in re- cent weeks is believed due in no small | measure to the gold increment from John Bull's politically troublesome pos- session. Furthermore, India is making |a pretty profit out of the transactions. The amount of gold held by India defies computation. Century after cen- tury precious metal has been moving into that vast land, there to be swal- lowed up and lost to all useful purpos Indian natives are notorious hoarders: | what small amounts of tangible wealth | they can accumulate go into that very | reliable but non-interest paying de- pesitory, mother earth. Economists call | such practice sterilization For years India imported silver in compensation for her favorable trade balances abroad. Her people demanded cold hard cash rather than imports, and thus a steady stream of metal dis- appeared into her homely coffer. Later, she began to take yellow metal in pref- | erence to white, and throughout this century gold has had the call, having been particularly in demand since the | war. For the few years prior to the | currency reforms of 1926 India’s takings amounted to approximately $150,000,000 annually; even as late as two years ago |she was getting about a third of the world’s annual output. The gold thus absorbed vanished completely. Hidden Wealth. However, since last Autumn it has been leaking out. Exports in that in- terval approached $200,000,000 in all— | a very considerable total, especially at a time when other nations were de- veloping a severe case of gold con- sciousness. What is most encouraging to economists and international bankers is the fact that these shipments have obviously been pulled out of India's enormous hidden wealth rather than from the government’s reserves. The total of the latter has actually risen. It is not difficult to trace the causes. Since Britain abandoned the gold stand- ard the rupee has declined in value by about two-thirds, which means an in- crease of 6623 per cent in the worth of the bullion, coin and decorative trinkets which constitute the bulk of the hoard- ed metal. Also, India’s forelgn trade balance turned against her almost simultaneously, and she was thus com- pelled to export gold or to borrow abroad. [ Thus it has come about that the In- dian who bought gold at the old par ratio ¢an now sell with a very comfort- abl> margin in his favor; and at the | same time he is adding to the supply of | metal available for monetary purposes, doing a good turn to the world in general. Steel Official Named. NEW YORK, January 27 (#).—The appointment of William J. Filbert as vice chairman of the Finance Com- mittee of United States Steel Corpo- ration marks another promotion for a protege of the late Judge Elbert H. Gary Associates of the former steel master said today that Judge Gary had an un- {usually high regard for Filbert, who is |a lightning calculator of figures and is said to be better posted than any other man on Steel Corporation sta- tistics. exports have declined In Japan’s lines in the last four practically al months, i Plus 50c in special preferred stock m Paid this Year—no resular rate. D Plu3 2'a% in stoek 900,000 2:10 P.M......... given in the above table are the annuai eash arly s 100 stock a Paid last able in cash or stock X X Plus in nPlus 8% WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES SALES. Mergenthaler Linotype—10 at 51%. AFTER CALL. Wash. R. & E. pfd.—10 at 92 Wash. Gas 6s B—$100 at 100z, at 100 Bid and Asked Prices. BONDS. PUBLIC UTILITY. 4135 '39 $100 Amer. Tel. & Tel Am. Tel. & Tel ctl. tr. 5s Anacosua & Pot. R. R.'5s Ana. & Pot. Guar. 55 C. & P. Tel. of Va 5s Capital Traction R, R.'5s City & Suburban 5s Georgetown Gas_ Ist 53 Potomac Elec Cons. 5 Potomac Elec. 6 vash., Alex Washington Gi Washington Gas 5s Wash. Gas 65, Wash. Gas 6s. Wash. Rwy. & Elec MISCELLANEOUS. Barber & Ross, Inc.. 625 Chevy se Club 5lus Columbia Country Club 5125 W. M. Cold Storage 55 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9)..... Capital Traction Co. (2} Wash. Gas Light Co. (18). N. & W. Steamboat (12)...%. Pot. Elec Power 6o pfd .. Pot. Elec, Power 512% pfd. ... Wash. Rwy. & Elec. com, (7) Wash. Rwy. & EL pfd. (5)...00 NATIONAL BANK. Min. price. Asked. Capital (14).......... 5 mbia_ (12) e Commercial (stamped) (10} District (8) Fed.-Amer. Natl Bk. & Tr. (2) Liberty (78) SSeh Lincoin (10) w. | wash Wdwd. & Lothro com TRUST & Tr & Tr COMPANY. Sec Sav Amer Natl P n & Tru sA T Loa Seventh Stre United Sta nics FIRE (12) (10) & TITLE INSURANCE. (20 SURANCE ican coran Firemen National U Am I (1s) Col Real mbia (6] Estate B Col er & Ross, Inc., com M Bldg._ Corp. P: ¢. bl 30 110 22 83 65 102 89 r. Tr & Stge. com Mer. Tr. & Stgi ( Mergenthal otype Natl. Mtge. & Inv pfd Peoples Drus St 3 Real Est. ) Security ‘Storage (5% Ter. Ref. & Wh. Corp. The_ Carpel Cord. (2). ... Mech. Mtge. com. (6) Med. Bide. Corp 1001 50 13 Wdwd. & Lothrop pfd 107 *Ex. dividend extra. - extr el extra U. S. STEEL DIVIDE&D 'LOAN ASSOCIATION IS NOW ON $2 BASISI HAS ASSETS GAIN Payment Marks Second Re- duction in Six Months. By the Associated Press. }Declarntivn of 50-Cent Quarterly Takoma Park Organization Re- elects Officials and Increases Surplus. The Northwestern Savings & Loan NEW YORK, January 27.—The Unit- | Association of Takoma Park, Md. re- $2 annual dividend basis today for the | first time since pre-war days. ‘The action of the Board of Directors in declaring a dividend of 50 cents a | share on the common stock yesterday | broke a tension, which has existed for two days in Wall Street where steel is popularly regarded as the barometer of the market. This is the first time since 1914, that steel common has paid as low as 50 cents a share. In 1915, no dividend was paid on the common stock. The 50 cent rate is the second reduction in dividends within six months. In July the rate was cut from $1.75 to $1. The board made no announcement concerning a successor to James A. Farrell, who retires as president on April 18. Myron C. Taylor, chairman of the Finance Committee, made plain in & statement that future dividends depend upon the volume of business and earn- ings of the company. He said: “During the year 1931, as the pub- lished figures show, nothing was earned on the common shares, the total dis- tribution in 1931 (approximately $43,- 500,000) of dividends upon such shares having been taken from surplus. It is manifest that continuance of dividends | upon its common stock must depend |upon an improvement in the corpora- tion’s volume of business and earnings Figures compiled from the four quar- terly statements for 1931, the last of which was made public with the divi- dend announcement, show a deficit for the year of $49,286,882. After dividend payments in 1930, there was a surplus of $18,836,097. At the end of 1930, the corporation cash surplus or equivalent was $197,- 000,000. It was from this fund that the' $43,500,000 dividend distribution of 1931 was made. DIVIDEND AND BONTUS. The Charlottesville Woolen Mills of | Charl:ttesville, Va., declared a regular cemi-annual dividend of 12 per cent ($6) on the $50 par stock. The usual | bonus of 5 per cent of a year's wages to all employes other than the president also was declared. For the first time in the industry’s history British iron and steel imports exceed exports. Q < |ed States Steel Corporation was on a | ports a prosperous 1931 At the annual meeting held last night at the com- peny’s offices in Takoma Park, all the officers and directors were re-electec as follows: Officers—E. V. Crittenden, president; W. S. Dewhirst, first vic president; Hepward S. Gott, secretary- treasurer, and Alfred B. Baker, attor- ney. Directors—E. V. Crittenden, W. S. Dewhirst, Dr. J. W. Chappell, Dr. G. F. Coulon, Alfred B. Baker, Frederick Lewton, L. B. Burdett, W. R. Tucker- man, Dr. W. W. Stockberger, Jesse H. Powell, Howard S. Gott and A. C. Keefer. The financial report showed a gain |in total assets during the year from 1$1,709,139 for 1930, to $1.841,521, and a gain in surplus and undivided profits from $102,351 to $113,467. This asso- ciation has shown a steady annual growth throughout its history and has paid 7 per cent dividends annually to its stockholders for 24 years. At the end of the last six months of 1931 the sum of $5,160 was added to the surplus after payment of all divi- dends at 7 per cent and expenses, RAILROAD STOCK GAINS ON 1. C. C. ACTION REPORT By the Assoclated Press. NEW YORK, January 27.—Securities of the St. Louis Scuthwestern Railroad leaped forward in the New York Stock Exchange yesterday on the news that the Interstate Commerce Commission had granted Southern Pacific permis- sion to acquire the road. ‘The common stock advanced to above $11 a share, having closed previously at $9.25. The preferred stock appeared for the first time since December 18, moving up about $20, from a price of $7.50, or nearly tripling its market value. The bonds rose sharply, some making advances of about $100 to $140 per bond of $1,000 par value. At the offices of the Southern Pacific it was said that officials are studying the I. C. C. approval, which imposes several conditions, and that an an- rouncement might be forthcoming within a few days as to whether the I C. C. ruling was acceptable. The securities market’s reaction in- dicated little doubt but that the acqui- sition would be accomplished, which would permit the Southern Pacific to aid the St. Louis Southwestern in mak- ing provision for its large floating debt and in refunding about $21,000,000 in bonds which fall due June 1 next, y | by Steadier Trend—Losses INACTIVE TRADING| Lower Opening Is Followed Are Small. ! = BY F. H. RICHARDSON. | NEW YORK, January 27.—Bond prices were steady today in moderately active trading. The market was irregularly lower at the opening, reflecting depressed stock prices as a result of the cut in United States Steel’s dividend. Later, how- ever, a firmer tone developed and of- ferings were absorbed without undue recessions anywhere in the list. The continued uncertainty over the Chicago Rail Wage Conference served | to keep rail bonds from continuing | | their recovery. Some of the specula- tive descriptions, such as Nickel Plate estern. Termi- | nal 5s, we ¢ higher at one time { but “later sold off. Rock Island re- | funding 4s yiclded a point but the |of the same road were fractionally | higher. Illinois Central 4%s dropped a point. There were small advances in Allegheny Corporation 5s, Erie Consoli- dated 4s, Perc Marquette 4':s and 5s and Missouri-Pacific 5.5 Money rates were firmer, with 90- day time loans quoted around 2% to 4 per cent. This was mirrored in frac- | tional declines in high-grade corpora- | tion descriptions such as Ame Telephone 55, Consolidated Gas | Atchison General 4s and G | Motors Acceptance 6s United S | Gevernment I bonds were | slightly higher at start_but later lost most of the Industrials | were little change Considering reports for December ing out today in numbers, indicated | some unexpectedly large decreases in carnings, the bond market gave a very good account of its The recent activity in the new capital market was a sure indication of returning con- fidence in senior securities, and even those who bought junior rail dustrial bonds at the Decembe: now show much reluctance to profits, with prospects of a broud a vance in the near future The foreign list was w man government issues oressure, an echo here 1 continental markets. | and Dawes reparations 7s, wh nad substantial advances Tuesa m the gains. railroad earnings which were com- re still under of_liquid: Young | BOND PRICES FIRM dropped fractionally German Central Bank issues were mnarrowly lo British 5'.5 were slightly Prench fssues were firm. South icans were generally lower, though not importantly so. Australians continued to gain. The Japanese group advanced | slightly. Bonds were slightly lower opening Trading was not jn volume and offerings were fairly wel absorbed at concessions of i to point under Tuesday's closing levels. The selling a reflection of & low opening of stocks, came in the specu | lative rails and industrials, affecting such issues as Alleghany Corporation 5s. St. Paul 5s, Goodrich 6s and Postal | Telegraph United States Gove ment bonds also were narrow'v lower and prime corporation 1issues were barely_ stead In the foreign department German government issues and French and| Belgian issues were unchanged. South Americans were inclined to sag. Jap- anese obligations were firm BANK 'OFFICERS NAMED Md., annual higher. Amer- the heavy at January | meeting | of the Eastern| Co., Upper Marlboro | terday. reports showed | business held up in_highly | actory manner during 1931, de spite the unfavorable conditions. Th bank paid-a 10 per cent dividend for | the year, against the former rate of 12 All officers and directors were re- elected as follows Directors, Samuel E. Brown, W. Beall Bowie, Joseph| | Chaney, Samuel G. Townshend. John H. Traband, Dr. William H. Gibbons, State Senator Lansdale G. Sasscer and Samuel A. Wyvill Officers, Senator Sasscer, president; | Mr., Traband, vice president; William E. Seipp, cashier; John R. Garner. as- sistant cashier, and Joseph E. Flynn, bookkeeper. DIVIDENDS DECLARED V.o UPPER MARLBORO. ). —At the ust held ¥ nat G. Coale, Robert NEW YORK, January Reduced. Rate record. Pay- Hldrs. of Mar. 1 Feb. 15 Mar. 30 Feb. 29 Jan. 30 Jar. riod. able Company. Peo Inland_Steel U S Steel Weymouth L & P 25¢ 50c €3c Resumed. 25¢ Omitted r 13.c of ‘Com 21 Merchants Fi As Feb. 1 Jar Due Jar Feb Due Mar Due Feb. Mexican Util pf.. 1.7 Due Jan! Regular. Rate. riod $3.50 record Hldrs, Dec. 3 Company. 2 Alamo Ir Wks_pf s Anchor Post Fer 8% pf Do f Asgoc Gas & El 50 bt Jan Jan Jan. Jan! Feo Fen Feb Feb. Feb Mar. Feb Jan Feb. & Mtg Guar Bklyn Edison ... . Can Wire & Cab A Can Cr & 20000000 ©O Derby Gas & El N a Do $6.50 pi. . $i.62! Empire Gas & Elec 6% pt A.... Jan Jan. Jan Jan Jan Jan Feb Jan. 2! Feb. Feb. 15 Feb. | & Connell edge & D K...50c Ga PW&L $6 pf. 3150 Grand Union pf...75¢ Hancock Oil Co of Calif (Del) Cl B... Do Cl A 2 Jones & Laugh Steel pf Mer Fire As pf Monroe Chm pf Mont Pw Co pf Panick & Ford.... Petaluma & Santa Rosa RR ... Roch Gas & Ele 9% pt B.. pf D. Cp pi. Sthest Mass P&] Stamford Wat Co Syracuse Ltz 8% Do 620 pl Do_6'; pf Ten E P 7.2 i pf Do 71 Do 6 Do 5% pf Unit Eng & Fdy Do pt i | u S Steel b 11151 inchendon E L&P Mar. 11 Jan Mar Jan Feb Jan. © 0OPOO DO PO POOD OO OO Jan Jan. pi.$2 $1.621 £1.50 $1.80 175 $1.50 125 L i £0000LDLHL0LO000D FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & C0.) Nominal gold Selling checks value. today. 34.8665 §3.46%8 3913,c 393%c 1391c’ 1395¢ 23.82¢ 5.26c 193¢ 13c 193¢ 14.07c 17.49¢ 2.964c 11.22¢ London, pound...... Paris, franc Brussels, beiga. Berlin, mark. Rome." liry Zurich, franc. Budapest _pengo. Prague, crown (nom.) Warsaw. zloty Copenhagen, crown.. Oslo. crown........ Stockholm, crown.... (Reported by Chas. D. Barhey Rate—Maturity. Bid 23,5 June 15, 99 30-32 99 20-32 25’ Mar 15 1'hs Sept. 98 35 Sept. 99 25-32 90 24-32 G al 3%s Dec. 15, 1932, |Del& Hua re4s 34, 6 l ON NEW YORK BONDS STOCK EXCHANGE Received by Private Wire Direct to The Star Office UNITED STATE (Sales are in $1.000. Sales. Hizh. Lib3%4532-47. 24 949 L1st4%s32-47110 982 L4th4%=32-38138 99 3 U S3s195 56 84 18 US34s49. 2 85 18 US3%sM41-3 90 24 US3%sJ40-3. 90 USZ¥%s43-47. 89 US3%s46-56. 91 US4s44-54... 96 100 28 15 13 1 361 40% 36 30% 43 6813 314 Abitibl P&P Alleghany Cp 58 '44 Allegheny & Allegheny s Am F P 532030, Am1GChb%s'49, Am N Gas 614342, Am S&R 18t 58 Am Sug Ref 63'37. Am T&T cv 4% 839 AmT&T6s'65. .. Am T&T c tr 65 '46. Am T&T 6s 8 160 Am T&T 6% 343 A Wat Wks 6576 Am Wr Pap 6s47.. Arrentine 514862, Argentine May ‘61. Argentine 6s Ju'59. Argentine 63 A '57. Arm & Co 4%s'39. Arm Del 5345 '43 Atchison gn 43’95, Atchiscv 4%s '48. Atch Ariz 44862, AUCLIst4s’52.. AtGulf 58°59..... Atl Ref db 58°37 Australia 44s '§6. Australia 5s’55... Australia 5367, ... Austria 7s'43..... B&O 4543 B&O4%s'3 B&Ocv4k%s'60.. 113 B&Orf 58’9 B&O 18t 5348, E&Obs D2000. B&O 6395, . B&OSwav6s's0. Chile 63,5 °61. . Datav Pet 4%43 42, Belgium 63 '35 Beiglum 6%s Belgium 7s ‘55 Belgium 756 Bell Tel Pa 53 B ‘43 Bell Tell Pa 53 C'60 36 Berlin Cy El 68'55. 3 Eerlin CE 6348 '50. Beth Stl pm b8 '3 Rolivia 83 47.., Bordeaux 6s '34. Bos & Me 53 '65. Brazil 6% s Brazil 6345 | Brazil 7, Bremen 7 | Bklyn Elev 6343, Bklyn Man 6s ‘68. . Hkiyn Un § Budapest “an Pac 41%45°60. .. Car Clin & O 6s '62. Cent Pac 43 49, Cent Pac §s ‘60 | Ches Corp 53 °47... C&O0 4%sA'93.. 10 CB&Qgents Cht fnd&Lov CM&SLP 4% C M StP&P &8 M&StP hi&NW 4%5 2037, 18 Chi& NWend&m 64 Chi& NW 6145 '36.. = Chi RI& Prf 4s'34 47 ChiR Icv 41860, ChiRI&P 415352 11 Ch! Un Sta 58 B'63. 12 Chi Un Sta 6135 '63 Chile 0. . ¢ Chile Cop db bs 47. Chin GVtRy 58 '51. Colomb 63 Jan '61.. 61 | Colomb 6s'61 Oct. . Col G&E cou 63 '¢1. Colon Ofl G ‘38 Col G Con G M ConG N Y 5%43'45. 3 Con Pwr Jap 6%s. . Cuba Nor 5345 '42.. Crecho 835 Denmark 4%8'63.. Denmark 5138 '65.. Denmark 63 '42 Denver Gas §s Deutsche Bk 6732, Duquesne 413 '67. Dutch East 165747, Erie 15t con ¢s°'96.. Erie 3'76. Finland 5%s '68... Finland 78 French 7s '49 Fronch T%s '¢1 Gen Cable 538" Gen Motors 68 '37.. Gen Th Eq 6s°40... German 5% .- | German Bk Ger Cen Bk Ger Cen Bk 6860 O Ge*man 7srep‘49. 1 German Bank 7s ‘50 Ger Gen El 72 '45.. Goodrich cv 63 '45. Goodyr Rub 6#'57.. & GrandTr sf db 65'36 2 Grand Trunk 7s'40, Grt Nor 4%4s°76 D. Grt Nor 5873 Grt Nor gn 7s Greek 6368 Hait 63°52. . Hud & M ad) Hud & M rf 68'57.., Humble Ofl 68 °37. . Humble O 5%s 32, Hungary 7%s '44.. 111 Bell Tell 55 '56.; 87 111 Cent rf 48 '55. 111 Cent 4% "66.... 111 Steel 4% 5 Inland St 43%8 A'78 Int Rap Tr sta '66. Int Rap Tr 6s32.. Int & Gr Nor 6s 52, Int & G N ad 6s '52. [nt Hydro El 63 44 Int M Co 5sret'dl.. Int Match 58°47. .. Int Pap 63 A "47. Int Pap 6s '5i i IntT& T 4%8’52.., Int T&T cv 44 5'39, Int T & T 58°65.... Irish Free St 55 '60. Italy 78 '61. Italy Pub S 78 '52.. Japanese 5%s ‘65, Japanese 634s '54. . Jugosl Bnk 7s '57.. Kan C FtS&M 4s 36 Kan City Sou 68'56. Kan G&E 4%5°80.. KCP&L4%s'57. Karstadt 6s43. ... Kresge Found 636 Kreug & Toll 58'69. Lautaro Nit 63 '54. Leh Valcv ¢s 2003, Lig & Myers 63 '51. Loew’s 6s ex w *41.. La & Ark 53°60.... LouG &E158'52. ., L & N uni 4840, Lvons 6s'34.... McKes & R 5% 550, Manh Ry 1st 45'90.. Market St 7s'40... Marseille 65 '34. ... Mex 4s astd 1910°46 Midvale St 63 '36.. Milan 6%s 52, . MIl E Ry & L 58 '61 Mi) El Ry&Lt 53 *71 M StP&SSM cn 4 MK&T 1st 439 MEK&T4%s'78 MK & Tadj 55’67 Mo Pac gn 4s°76... Mo Pac 58 F'17, 100% 45 987 b1 g 97% 8% 500 ES S a oG marprara b one Low. 944 9730 99 1 8410 85 14 9017 9017 894 9119 967 007 Sales. High. Low. 2:55 Mo Pac 58 G ‘78 Mo Pac 55 H '30 Mo Pac rf 5381 Mo Pac5%s A'49.. Mobile-Ohio 53 '38.. Mont Pow b Mont P db Mor&Co 1st Nassau Elec 45 '51. Nat Dairy 5% 8°48.. Nat Rad 6%4S47. ... Netherlands 65 '72. N 53.. NOT&M6s B '54. NOT&Mb5%s"54. Nw S Wales 58 '57.. 53. NYCgn3%s'97 Y 2:55, 949 9730 993 8412 8516 90 20 90 20 898 91 20 96 10 1007 VY Cent 4135 2013, XY Cre4%s2013. N Y Crfim 5s 2013 N Y Cent db 6s'35. NYC&StL 4%5'78 NY ELH&P Gs'48.. N Y Fd 1st 6%49'41, NY ELHS NY NH&H 4855 NY NH&H db 4 NY NH&H 43 67 NY NH&H clt 63 '4¢ N 1&11 cd 65°48. NY O&W 1st 4w'92. NY Tel 434539, .., Nta Sh Md 5% '50. Nord 6%350...... Norf South 58’61 No Am Co 63 ‘61 Nor Am E 5% " Nor Pac 38 2047 Ner Pac 4397 \Nor Pac 53 D 2047 11682047, Nor St Pw 63 A "41. Ner St Pw 6s B 41, Norway 53 63... Notway 63’44 { Norway 6s'52 Ore Sh L 5s gtd '46 Orfent dev 613 8" Orfent dev 63 '63. Pac G&E 58 '42 S| Pac T&T 1sts 56 94 94 951 s 24 3415 943, 9 £145 Pan-Am Pet 63 '34.. Paramount 6s'47. M 6358 v M 7858 Penn 4% s D '81. Penncv4lss | Penn gn 4148 65, Penn 44s°70. Penn Gs ‘64 Penn gen 5s'68. . Penn 645 '36. .o Penn P&L 4145 81, Pere Mar 4%3'30., Pere M 1st §s " Peru 65 '60 Peru 65’61 i’ntla Co &3 '67. Phila Eiec 48 °T1.... Phil & Reac 63'49 Philippire R 48'37. Philllp Pet 5% s '39 PCC&StL 4%4s " B P CC&StL 53 A 10 PCC&St L 58 B"15. P& WV4ksB E nd €s 40, Poland 7s'47. Poland 85 '50. Port Gn E1 434560, vor RAm T 6s'42., | Pos Tel & C 5553, | Prussia 6s'52 Serv 48°'71 VG 4348’67 v G 4%s 70 Pure Ol 5% 37 TV Queensiana 6s ‘47 41, | Queenslana 7s 41 Read gn 4%s A 97, Rem Arms 6s A " Rem R5%3 A 4 Rhinelbs 78 45 | Knine West 6553, | Rhine West 6a'61 Rhine West 635 Rfo de Jan 633 53, R Gr Do Sul 6s '68. Do Sul 8s°46. r W 1st 4s'39 AT&L4%s 3. lome 6348 '52 Roy D 4345 ww a0 Panlo 88 '50 axon 78 45. ... Seab A L cv 6345 erbs-Cr- ‘62 T-S1 8362 hell Un Oil 6347, Shell Un O1l 53°49. Shinyetsu 634352, Sinclair Ofl 6% 8'38 O7scvA'3l.. cCro5%s'38 nc P L 6 kelly Oll 5%s 29, olssons 6s°36. ... ou Bell T&T 65 '41 SW Bell T 55 A ‘4. | Sou Pac ref 4s'55.. Sou P 4%3'69 ww. ou Pac 4348 '81. .. ou P&Or 4% 77, Sou Ry gn 43 ‘56 ou Ry 65 °94. ou Ry 85 '56. . ou Ry 6148 '56. . StOIINJ58°46... StONIN Y 4%s'51. Sweden 5% s '54.... Swiss 3% s '46. Tatwan E P 5%s7 Tenn BI P 63 A 4. Ter As Texas Corp b3 '44. Tex & Ark 5348'50. Tex & Pac 53 B’ Tex & P 55 D80 Third Av ad} 5. Toho El Pw Toho Ei Pw Tokio 5348 '61. Toklo El Lt 63 '53 Ulst & D 5sct '28. Un Pac 15t 48 47.. Un Pac ¢35 6 Unit Drg cv bs . Utd King 54837, UnSt W 638 AT, Ud St W 61384'51.., Ud St W 51 sC'51 Uruguay 6s'60. Uruguay 6s "64. Uruguay 8s 46 Utah P & L 53 '44. Util Pw 55 °59 ww. Util Pow 6%8'47... Vienna 6¢ 52. Wabash 414878 Wabash 18t 53 ‘39 Wabash 58 B ‘76 Wabash 5s D '80 Wabash 5%s '75. Warn Br Pic 6839, Warn Quin 6s '39. Warsaw 7s '58. .. Wst Sh 1st 48 2341, West E14b 53 '44.. West Md 48 '52.... West Md 5%s'77. West Pac 53 '46. .. West Unlon 58 '51. West Unfon 53 60. Wes® Un 648 '36. . WEOGB§%s 37T ww. Wilks B & E 15t 5s. Wil & Co 1st 65 '41. Wis Cent gen 4s ‘36 Yokohama 6s *61 Ygstn S&T b Ygstn S&T bs B'70. 901x 9074 s 67 60 Bules. High. Low. 6 57 7 12 . 62 5674 56% 44 25% 2 % Td% 46% 38% 11 4 103 10714 8815 63 5614 6 B87a 50 PN BSmmrez 13 68 U 'S Rub 13t 5547, 146 Y 9 Wi oe ke aR oo ene n St — o 45 70 68 93 97 29 9 35 72 68% 6574 Gold Stock Gains. NEW YORK, January 27 (#).—The | BY the Associated Press. country's monetary gold stock gained & §400,000 yesterday as a result of a de- | Co. of Montreal did nearly three times crease of that amount in gold under |as much business in the United States earmark for foreign account. There were no imports or exports, &c- of new policies in 1931, of which about cording to the New York Federal Re- |serve Bank statement. 15 T4 16 15 18 32 81 36 70 97 59 62 45 691% 68 93 97 29 79 35 7% 6814 68 Prisoners held for trial at Brixton 401; Prison, England, are not allowed to 57 smoke, ANTITRUST LAW FIGHT 1S STARTED Senate Bills Would Liberalizev Provisions of Existing Legislation. BY DEAN DINWOODY. The first steps have been taki Congress to liberalize the Federal a trust laws, the rigorous provisions which are claimed in many quarters impede, particularly at this time, ural business development and the sta ilization of industry. ‘Two long-agitated proposals for sub- stantial revision of the anti-trust laws have just been placed before the Sen- ate. In one it is proposed that “cut- throat” competition be displaced b co-operation beiween members of an in | dustry. In the other it is contemplatrc that the so-called natural resource industries be r:lieved from the burden imposed by the anti-trust laws, Walsh Bill. The plan to eliminate “cut-throa competition, which often results overproduction, with its attendant evil. has been formulated by Senator Wals] Democrat, of Massachusetts. His bill proposes that the Federal Government give its advance approval to contracts for the curtailment of production and for other acts to avoid ruinous com- petition. Such contracts would then be exempt from the operation of the anti- trust laws. Partial suspension of the monopoly laws pending a congre: Pl to the ne posed in a resol I | ator Steiwer, Republican, of Oregon This suspension would be applicable to agreements between competitors in the natural resource industries for the pur- pose of regulating production ing natural resources and maintaining continuity and stability of employment within such _industries, unless such agreements are contrary to the publ interest.” Natural resource industries are defined to include the production of minerals, forest products and agr cultural products The investigation into of amending the anti-trust laws to con form with present-day methods of c ducting business would be undertak: under the Steiwer resolution, by congressional committee composed five Senators and five Representative This proposal accords with the recom mendation of President Hoover, reiter- ated in his first message to the present Congress, as to “the necessity of con- gressional inquiry into the economic action of the anti-trust laws.” Referred to Committee. Both measures have been referr the Senate Committee on Jumzxdayt\?. Action on them is expected following disposal of the pending emergency legis- lation and appropriations bills. The sponsors of the proposals anticipate strong support for them from members of both parties. It is considered most probable, however, that the proposed investigation will be completed before any substantial change is made in the statutes. Neither measure would leave the latch down to throw wide the door to price-fixing and monopoly. In both it is contemplated that supervision by the Federal Trade Commission would be substituted for the anti-trust laws. The Walsh bill proposes that the trade prac- tice conferences of the commission, long conducted without specific au- thorization, be expressly legalized and that the commission's membership be increased from five to nine members to handle its proposed enlarged functions. The principal portions of the Walsh measure have been recommended by numerous commercial organizations, as well as by the American Bar Associa- tion. Leaders in the lumber, oil, cop- per and coal industries have advocated the enactment into permanent law of provisions similar to those of the Stei- Wer measure. (Copyright, 1932) TIDEWATER LINES' DIRECTORS CHOSEN Stockholders’ Annual Meeting at Accokeek, Md., Is Largely Attended Special Dispatch to The Si ACCOKEEK, Md. January 27 ‘]:'.Igcl'.' attended meeting of the stoc] holders of the Tidewater Lines, Inc., {| was held in the town hall in Waldorf sterday. Tobacco Inspector F. Brooke Matthews was chosen chairman and Ray Semmes of Washington secretary. Maurice Otterback read the report of President E. D. Hathaway, who was ab- sent because of illness. The financial I report was read by Ray Semmes, gen- | eral manager, who also read the report of the treasurer, J. P. Ryon. After a lengthy discussion of the reports, 10 persons were nominated for director: The following were _elected dge Mitchell Diggs, James P. Ryon, Maurice Otterback, president of the Anacostia Bank; Joseph Mattingly, Ray Semmes, G. W. Wiggington and E. D. Hathaway Officers for the ensuing year will be selected at the next meeting of the | directors. BALTIMORE RAILWAYS COMPANY HAS DEFICIT Special Dispatch to The Star BALTIMORE, January | United Railways and Electric which controls the trolley systems of | Baltimore, had a net deficit of $506.- —The %, 354.59, in 1931, as compared with net income of $400,673.99 for 1930, a spread of $907,028.58, according to a tement just issued by the company. Total revenue of the United for last year amounted to $14,007.840.09, a de- crease of $2,152,673.02 frem 1930 Revenue passengers carried Dy company during 1931 totaled 145,106.- 739, a decrease of 25.480.666 from the number carried during 1930. The com- pany operated, however, 1541,141,907 “seat miles” last r, which was an in- crease of 10,377.648 over the total of “seat miles” from 1930. Car miles for 1931—31.695,879 —showed a decrease of 443,643 from the total for the preceding year The. month-by-1 the - company for 1 wowed that it had net deficits for se*en months out of the 12, these months being February, July, August, September, October, No- | vember and December. The peak deficit amounting to $134,296,57, was in Au- gust. SUN LIFE ASSURANCE INCREASES U. S. BUSINESS nth statement of NEW YORK, January 27.—Dow, Jones Co. reports that Sun Life Assurance last year as it did in Canada The company wrote over $500,000,000 15291,000,000 were in the United States, over $100,000,000 in Canada, $50,000,000 in Great Britain and about $85,000,000 from the rest of the world. The company's annual report. which is scheduled for next month, will show more than $3,000,000,000 of assurances in force,