Evening Star Newspaper, January 28, 1932, Page 14

A—14 OIL TRADE REVIEW | NOTES PRICE []RUP' Industry Retained 97.5 Per Cent of Its Business in 1931, However. L BY WILLIAM VOIGT, Jr., Associated Press Staft Writer. TULSA, Okla, January 28.—Amaz- ing features of the oil industry through the year Just ended are pointed out in the forthcoming issue of the Oil and Gas_Journal After a statistical review that covers virtually all angles of the industry. the periodical concludes that if any return of normal business conditions is gen- erally experienced in 1932, the oil in- dustry must, because of its peculiar post reach a peak heretofore never approached Even with the contraction of business in all ot lines there was an expan- sion in the use of motor fuels and the (oil industry through 1931 retained 97.5 per cent of its total export and domes- tic gasoline market Refiners’ Return. The Journal notes, however, that the received an overall return per ¢ less than $1.10—the lowest vears and from 25 to 40 per lower than in 1930—and indicates e principal reason for the turmoil vy as because of the terrific “overhanging potential” ction > of this overhanging | er wells were drilled 1931 than in any feverish drilling cam- Texas, which was the had more completions in only 12,245 wells were ed States last year. were oil wells, 1,982 and 3.560 were dry holes in 1930 totaled 21.240, of 11,640 were oil wells, 2,866 gas dry holes. The 2 more than of the letions opened there already duction of oil, and med like an approaching he horizon. _Curtailment ader discussion _ in State, fear of East at of starvation | exploratory and de- | “must” wells Active Wells Decrease. er of active wells decreased in 1930 to 299,104 in 1931 this was due to voluntary ccause of low prices. Many ng spits were found in e Gulf Coast and but were not developed production from the United 845.803.000 barrels, was the but the average flow ay was 7.75 barrels, as 7.60 barrels in 1930 production has been esti- 5.000,000 barrels a day. In one day last August East Texas alone produced more than 1.000,000 barrels, but this was while Oklahoma wells were shut al law and just before Gov. Ross Sterling clamped the martial lid on East Texas The result of the overproduction was felt in every division of the industry Average open market quotations on the principal refinery products were the lowest vea period since became one of the I wn produc for m > Oklahoma refin- skimming and | operations, the Journal shows 31 revenue from a barrel of rude oil of 36 degrees' gravity aver- ges $1.984, while the expense was In 1928, with the pipe line and costs the same. but the price well instead of .63, n was $2.468 Retail bala a $1.19. operatir of crude the ov Prices. scattered cities averaged 12.9 cents The 1456 average of & year fously was an abnormal low. The ar-end prices for 1029 and 1928 were 18.32, respectively, ee States, Texas, New Mex- Michigan, showed an_increase output of crude, and the Texas sion was due entirely to East and East Central Texas. All d other Texas pools showed ye Texas the my decreases AMERICAN CANNED FOOD BILL IS $750,000,000 CHICAGO, January 28—Americans £750,000,000 worth of canned foods the National Canners' Asso- | 1 ention was told, and the 1b deserves a lot of credit es are too busy with bridge ide activities to do ex- convention speakers | B ate Delegates were informed that can- ning companies now turn out 62 Kinds of canned vegetables, 44 fruits, 37 sea foods, 28 meats, 30 soups and 12 entrees. INDUSTRIES CLASSIFIED IN BUSINESS FORECAST 1 Dispatch to The Star NEW YORK, January 28.—The fol- g industries, because of their ex- performance to date in resist- effects of the depression, and utlook for continued stabi rofits during the ear] listed by the Standard Sta- of New York as “Most Promising wain stores, cigarettes, dairy prod- clectric and gas_utilities, pack- age foods, specialty bakeries and tele- hones Y Sther lines which are currently feel- ing the full effects of the depression and afford little promise of immediate Smprovement, are put in the “Good” classification strictly on the basis that they unquestionably will be among the leaders during the early stagés of the next upswing in general business. These include automobile parts, passenger au- tomobiles, beverages, flour and feed, medicines and drugs, metal containers &nd refrigeration WEST VIRGINIA PULP CO. NETS $908.363 IN YEAR| the in a current | Report West Virginia Pulp & Paper Co, and subsidiaries for year «ended October 31, 1931, shows net profit ©f $908,363 after interest, adjustment of inventories, depreciation, depletion, write-down of marketable securities, Doss on investments sold, Federal taxes, 'etc., equivalent to $5.66 a share (par §100) on 160,326 shares of 6 per cemt preferred stock. This compares with net profit in preceding year of $3.350,- 240, equal after 6 per cent preferred | dividends, to $2.51 a share on 946,014 no-par shares of common stock. of Missouri Pacific Income. ST. LOUIS, January 28 (#).—Net railway operaling income of the Mis- souri Pacific lines during 1931 totaled $16,809,457.97 as compared with $20,- 790,035 in 1930, President L. W. Bald- win announced here yesterday. This Wwas a decrease of $3,980,578. Total operating revenues were $95.- 260,192 in 1931, as compared with $120, 187,689 last year, a decrease of $24,- 919,496, 2 ’ FINANCIAL, THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Offiee. (Continued from Page 13. Stock and Dividend Rate. Radlo-Keith-O (new) RRSec111C (31:). Reading Ry Co (2). Real Silk Hosiery Remington-Rand. Reo Motor Car (40¢). Republic Steel Republic Steel pf. Revere C & B cum pf, 20s Reynolds Met (113). 1 Reynolds Tob B (3).: 32 Richfield Oil 5 1 Rio Grande Oil 10 Royal Dutch of NY 25 2 ores (5) Strspf (7). 208 San Francisco 4 19 14 sales— Add 00. 4 310s Hi an Fran pf. ... Schulte Retail Stores Seaboard Afr Line. .. eahoard Afr Line pf Seaboard Oil Sears Roebuck (2%) Seneca Copper vel Inc. . Shattuck (F G) (1) Shell Union Oil hubert Theaters immons Co. ... inclair Consol Ol . inclair Oil pt (8) kelly Oil......% nider Packing. ocony-Vacuum (1). outhn Cal Ed (2)... outhern Pacific (4). outhern Railway.. . outhern Railway pf arks-Withington. . picer Mfs i tand Brands (1.20). tand Brands pf (7). and Gas&El (31%). nd pf (1), e (). Stand Oil of Cal(21 tand Oil tand Oi1 N J « terling Secur ev pf. tewart Warner..... tone & Webster (1), tudebaker Co(1.20). tudebaker pf (7) Sun Ol (1) un Oil pf (6). uperior Oil Texas Corp (2 Tex Gulf Sulphur(3) ex Pacific Coal&Oil, acific Land Tr. Water Asso Oil. Timken Pobacco Produ “ontl Corp n City F 361 38% ) Wt igh. Low. Close. Chge. 5% bW 5% — L 1415 11% 14% +24 361 361 +1% 3 3%+ M 2% M+ U e 4 1% 15 Bl 38 % 24 16 454 88 5% Union T 3% 2% 3 5 11% 15 8iy 5 1% 15 81y 384 Indu s s s s S Pipe s s U o U R AU U U o © 1 i Univ Pic 7% Util Pw 14 1 34 28 T6% 3% T1% 30 3414 1% 26 51 27% 2715 8% 20% n 1l 1% 6% 11 Waldorf Stock and Dividend Union Bag & Paper. . Union Carb (2.60). .. Un Oil of Calif(1.40) Union Pacific (10)... Unlt Aircraft......., Unit Aircraft pt (3). Unit Carbon 2 Unit Cigar Stores. Unit Corp (T5¢) Unit Corp pt (3). Unit Fruit (3).... Unit Gas&Im(1.20).. Unit Gas&Im pf(5).. Unit Pice Dye W(1). & Forn Secur.... S Freight....... Gypsum (1.60) Leath pr pf (7).. Realty & Irip Rubber. ... S Smtg & Ref (1) mtg&Ref pf 3% Steel (2)....... U S Steel pf (7). United Stores (A). United Stores pf (4). Vadsco Sales pf. Vanadium Corp 14 Va-Car C| Va-Car C 71% 20% Vulcan Detin (4) Wabash R R. . Wabash R R (A). Bales— Add 00. 1 89 8 33 1 95 2 1 14 89 8 1 19 Rate. cific pf (4). #FET 64 21 24% B5% 13% T4 4 15% 378" 37 3T% 3T 100 100% 2% 2% 41% 49 9% 28 55% 13% ™ 4 15% s Alcohol. .., & Fdr: (2). LA+ THEEEESERES 4 5 10 + 1st pf (8) &LtA( 50 w £ hemical. hem pf (7). 2 . 2608 17 Sys (1 Ward Baking (A). Ward Baki Warn Bros Pictures. (B). rner Quinlan Warre War West I West West We Western Western Western Western W 3818 11 2215 1% 15 35 15% 46 Wrigley 8% Yale & T 3 6 Yellow 6% Zonite Prod Corp (1) Sales of Stocks on New York 10:30 A.M 1:30 P.M. Dividend rates as glven in the above tabl payments based on the latest cusrterly or sLes: fPlus 9% in stock e Payable in cash or stock 1 Plu xEx-divicend 4% 1n stock b Pavable in stock h Plus 3% in stock 3% in stock. m Paid stock. Westinghouse ( Willys-Overland. . Wilson & ¢ Woolworth (2.40). Worthington Pump.. Young Spring& TNy © Plus 2%a% in stock Bros i nFdy & P 1.2 1pf (6). 1pf (T) wr pf (6) wr pt (7). Dairy (B) Maryland cific. nion (6) 23 tinghse A B(2).. 1 81 2 nt AN 236 14 (Wm) (4) 2 owne (1). 9ty 3% pid ™ change. 500,000 121,000,000 ‘e the annual eash 1y decl: than 100 shares. tPartly ext & Pald last year—no r 91y 3 T 2 100,000 800,000 12:00 Noon.. 0 P.M. 50c in speclal preferred this year—no 1 CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, January 28—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. Net operating revenues of the first 30 railroads to report for December, 1931, amounted to $16421,000, repre- senting a drop of 40 per cent from $30.- 426,000 reported in the similar month of 1930, and was 56.9 per cent below that of December, 1929. Gross income of the same roads for December fell |only 22.5 per cent below levels of the previous year and 381 under the cor- responding period two years ago. Out- standing among the individual roads to report was Baltimore & Ohio, which held its declines weld within the fore- going limits. Electric_output for the week ended January 23 compared with a year ago Wwas off 6.7 per cent to 1,598,201.000 kilo- watt hours and I ents the same percentage drop reported for the pre- vious seven-day period. The Chicago district registered a greater decrease in the week ended January 25. when the total was 102,464,000 kilowatt hours, or 8l, per cent below a year ago, con- trasted with a decline of 6.4 per cent in the preceding week The Companies, American Woolen 1931 sales below 1930; plants operating at 50 per cent of capacity. Artloom Corporation declared $1 divi- dend on preferred stock, remaining cents deferred; formerly paid S$1.75 quarterly. Atlantic, Gulf & West Indies S. S $5 preferred share earnings, 11 months to November 30, 94 cents, vs. $6.50. Central Railroad of New Jersey De- cember net operating income up 49 per cent, 12 months off 41 per cent. Childs Co. passed quarterly dividend on preferred stock: paid $1.75 Decem- ber 10, 1931. Interstate Hosiery Mills declared 40- cent semi-annual dividend: paid 35 cents January 2. 1930; has canceled 11.281 shares of stock Landis Machine 1931 common share earnings $1 vs. $3.74 Pittsburgh & Lake Erie Railroad December net operating income off 46 per cent, 12 months off 55.4 per cent. Seaboard Air Line Railway Decem- ber net operating income off 80.2 per cent, 12 months off 55.8 per cent Atlantic Refining disposes of interest in Iraq Oil to other members of Ameri- can group represented in Near East Development Corporation. Chicago Great Westerr Railroad 1931 preferred share earnings $1.95 vs. 2.84. $ Chicago & Northwestern Railway December net operating income off 81.7 per ceny, 12 months off 64.1 per cent Connecticut Power 1931 net income before depreciation, interest, etc, $2,- 257,000 vs. $2,213,000. Fairbanks, Morse & Co. passed quar- terly dividendeon preferred stock; paid $1.75 December 1, 1931 Hudson & Manhattan Railroad 1931 common share earnings $3.44, vs. $4.69. International Great Northern Rail- road December net operating deficit $25.720, vs. deficit $78,619: 12-month net operating income $2.408,114, vs. net operating income $727,783 Lehigh Coal & Navigation 25 cents quarterly dividend; previously paid 30 cents. . Missouri Pacific Railroad December net operating income off 59.6 per cent; 12 months off 19 per cent. New Orleans, Texas & Mexico De- cember net operating income off 7L.6 per cent; 12 months off 50.1 per cent. Northern Pacific Railway December net operating income up 9 per cent; 12 months off 52.4 per cent; earned about $3.60 per share in 1931, including $5,000,000 special dividend of Northwest Improvement Co.; excluding latter earned $1.57 a share. Stone & Webster Inc. declared 25 cents quarterly dividend; paid 50 cents October 15 1931. American Ice Co. declared three quarterly dividends of $1.50 each on preferred shares; declared $1 extra and $1.50 quarterly dividends on common and common B stocks Chicago & Eastern Illinois Ry. De- cember net operating deficit, $157,864 vs. deficit, $4,815441, after $4,700,000 for equipment retirement; 12 months net operating deficit $1,700,501 vs. oper- ating deficit, $5,505,969. Rutland R. R., December net oper- ating deficit, $5,547 vs. net operating income, $30.399; ating income, $254,242 ating income $606,140. ; Savage Arms—Defers quarterly divi- dend on second preferred stock; paid $1.50 November 1§, 1931, vs. net oper- 12 months net oper- | WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES SALES. | Washington Ges 6s “B"—$1,000 at 1031 . Lanston Monotype—5 at 64, 3 at 64, 2 at 64 Capital Traction Co—5 at 18. Bid and Asked Prices. BONDS. | PUBLIC UTILITY. Bid. Asked Barber Chevy Col & Ross bia Country Clu 1d Storage 55 STOCKS. PUBLIC UTILITY. Tel. & Tel. (9) Capital Traction Co. Wash. Gas Lizht Co N. & W. Steamboal ( Pot. Elec Power 6 Pot. Elec. Power 5! Wash. Rwy. & Elec Wash. Rwy. & EL pfd NATIONAL BANK. Min Amer 5) (14) a (12) . jal (stamped) (10 1 ) Natl BK. & Tr. (2). Liberty (18) e Lincoln (10 | Emer. | Mer. Tr | wash 215 350 165 180 Metropolitan (14) Kiggs (1 Second (9e) Washington (12) G TRUST COMPANY & Tr. Co. (15 299 *375 s aan 191 400 Sec Bank of Bethesda (68) Com. & Savings (10) East’ Washi, Potomac Sec. Sav Seventh Street (12) United States (30) vash. Mechanics (20) FIRE INSURANCE, American (12) . 275 Corcoran (10).. : Siies5 Firemen's (8) National Unton (15) TITLE INSURANCE. Columbia (6h) Real Estate (6h) MISCELLANBOUS. Barber & Ross, Inc.. com... Col._Medical Bldg. Corp. D. C Paner Mfs. pfd Dist. Natl Sec. pfd. Bromo-Selz Federal Storage pfd. (8) Fed.-Am. Co. com. (1.20f) Fed.-Am. Co. pfd. (6) .... Lanston Monotype (6) & Stge. com. er. Tr. & Stge. pfd Mergenthaler. Linotype Xatl Mige. & Inv pfd Peoples Drug Stores pfd. Real Est. M. & G. pfd Security Storage (58) Ter. Ref & Wh. Corp. The_ Carpel Corp. (2) W. Mech. Mtge. com. (6) Med. Bldg. Corp (7) dwd. & Lothrop com. (1.20) Wdwd & Lothrop pfd A (2) (10" ®) (8 6 @ @ | *Ex. dividend bBooks closed. n2sc extra. £30c extra 117 extra el extra MACHINE TOOL DEMAND | SHOWING IMPROVEMENT | ——— | Special Dispatch to The Star. | NEW YORK. January 28.— Spotty | improvement characterizes the January | machine too market, according to Amer- | ican Machinist. Such upturn as has been noted is not pronounced and gives ' no indication of lasting. Machine tool | dealers and manufacturers has been cheered by developments and expect | | the year to better steadily, though slowly, with the normal minor fluctua- | tions in demand. In some districts, | | the noted up-turn appears only as bet- | terment in general business, but is | taken as an indication of tool buying | | in the near future. Used tools go slowly | and cheaply, many of them for tide- | | overs. | New York dealers report that in- | | quiries are continuing to be brisk. An | occasional order coming unannounced | and unaccompanied is reported. Phila- | | delphia has had a slowing of inquiries, | though general business, led by textiles, | | is better. Orders there were single and | | for replacement. Buffalo has a simi- lar_condition New England’s present demand is | due largely to three automotive com- | panies, last week’s straggling purchases | coming from that source. New in- | quiry is lacking, though the Govern- | ment is asking bids on a drop-forging | | hammer. Milwaukee’s general situation | is fairly satisfactory, though January | did not show the expected betterment. | | Electrical manufacturers have placed a | | few small orders: other sources seem | | to be marking time | " Cincinnati inquiries show _better tone, though sales have shown no ma- | 'terial increase. Chicago sees nothing | new, but iooks hopefully toward the | railroads. Detroit is having a January below December, prospective automo- tive buyers seemingly awaiting a more definite indication of demand for_their | products before they retool. Better Ford production may aid indirectly. | San Francisco has much small-quan- | tity buying. . 0il Production. ‘ HOUSTON, Tex., January 28 (A).— | The Oil Weekly says the United States | produced 62.1 per cent of the world | total of crude oil during 1931 to main- | tain leadership in this field. | The totals as given in the annual statistical number of the Oil WeeKly | show the world output was 1,374,251,-| 000 barrels of crude, of which 850,101,- 000 barrels were produced in the United | States. The total for the United States | was about 48,000,000 barrels less than | in 1930, while the world total was 44,- | 500,000 barrels less. Russia was the second largest pro- ducing country. . Manchuria’s population has increased from 2,000,000 to 27,000,000 in 30 years. PROVIDENT MUTUAL LIFE SHOWS ASSETS GAINS Special Dispatch to The Star. PHILADELPHIA, January 28.— In- creases in assets and surplus were the highlights of the annual report of President M. A. Linton to the policy- holders of the Provident Mutual Life Insurance Co. today. Assets increased to $256408.000, a gain of $10,800,000. Contingency reserves, or surplus, in- creased from $18,351,000 to $18.709,000, despite the present difficult business situation. Premiums and interest receipts also showed an_increase of '$2,000,000 over the 1930 figures Insurance in _force increased to $1,029.800,000. Payments to policy- holders totaled $30,800,000, a gain of three miilion over the preceding year's figures. ATLANTIC COAST LINE. WILMINGTON, N. C. January 28 (#).—The Atlantic Coast Line Railroad today reported its railway operating revenue during 1931 was $54,088,055, as compared with $63,019,957 for 1930 and $72,371,894 for 1929 Net railway operating income in 1931 was given as $4.748,109, a decrease of $2,493,195, in comparison with 1930. | Net railway operating income for 1929 was $12,874,207. Railway operating revenues for the month of December were reported as $4,050,101, against $5,402,472 for De- cember, 1930, and $5810,843 for 1929. Net operating income for December | was $521,746 and for December, 1930, it was $686,527. EMPLOYMENT PICKS UP IN ATLANTA AREA Special Dispatch to The Star. ATLANTA, January 28.—Retail trade in the Atlanta Federal Reserve district is moderate. Several large department stores report satisfactory sales, but the volume in the area is below that of a year ago. Construction permits showed a slight increase and real estate transactions involving nearly $500,000 were recorded in Atlanta last week. Automobile sales continued far be- low those for the same period in 1930, but dealers expect improvement within the next month. A number of small industrial plants, which have been closed for several months reopened, providing employ- ment for several thousand workers. The unemployment situation has im- proved greatly. Textile mills are operating on about a 75 per cent basis. France produces 86 per cent of the dyes used within her borders. | like $.C, THURSDAY, J 1932. 'BONDS DEPRESSED AS OFFERINGS GAIN Shanghai Situation Results | in Heavy Selling of Japa- nese Issues. BY F. H. RICHARDSON. Special Dispatch to The St NEW YORK, January 28—After opening steady on a low volume of trad- ing, today's bond market ran into heavy offerings and prices were forced down 1 to 2 points in nearly all groups. Trad- ing increased on the downturn. The serious situation at Shanghai had an unsettling effect on the market before noon. Nervous bondholders weve quick to offer their bonds at the mar- ket and bidders withdrew. Japanese 5's and 6'ss broke to levels close to their former bear market lows. Tokio Electric 6s were off 3 points, and there were sharp losses in Tapwan 5l5s, Toho Electric Power 6s and 7s and Yokohama 6s. The yen dip- ped steeply in terms of the dollar. The situation at Shanghai was also reflected in other parts of the foreign list. ~Australia descriptions, dropped a point or more. European obligations were heavy in the face of the general nervousness. German Government 5'5s and 7s were 1!, to 2 points lower. Belgian 65 were a point lower. Smaller losses occurred in French and Scandi- navian bonds. South Americans were lower, especially the Argentine group, which slipped more than a point. United States Government bonds were fairly firm and in Treasury 3s there was an advance of about a half | point at one time. The Treasury an- | nounced that subscription books on the combined offering of $350,000.000 of Treasury certificates bearing 3'. and 334 per cent coupons had been closed A sizeable oversubscription was ex- pected to be reported. Domestic bonds were generally lower. Quite heavy offerings of bonds of American Telephone & Telegraph companies were in the market, and losses ranged from fractions in Ameri- can Telephone 5s and 5'2 to more than a point in New York Telephone 4: Other utilities, like Consolidated C 555 and Duquesne Light 4'us, we down narrowly Railroad bonds, of both high grade and speculative quality, declined Losses of 3 to 4 points occurred in various Nickel Plate obligations after the 6s had reached a new high for the | recovery in early trading. St. Lou San Prancisco B 55 were off 2 poir So were Missouri-Pacific 5s. Dx of a point or more were common in such bonds as Northern Pacific 4s,| Southern Railway 6s, Rock Island re- | funding 4s and Chesapeake Co | tion 5s. Among industrial, Star Oil of New Jersey 5s, United St Rubber 5s, Chile Copper 5s and Dodge Bros. 6s had fractional losses Bonds were steady at the of There was firmness in spe carriers’ issues, such as Erie 5s, 4155, Missouri-Pacific 55 and Pere Mar- quette 5s. Canadian railroad issues. most of which are guaranteed by the Canadian government, were higher. In- dustrials were steady In the foreign department attention was focused on the Shanghai situation, where Japan was reported as prepar- ing to occupy the native city. Japanese government issues were heavy and were Tokio 5'2s and Yokohama 6s Europeans were generally unchanged German. government issues were off a small amount. British 5':s were firm with sterling. lines | s0 Bank of England Statement. LONDON. January 28 (#)—The weekly statement of the Bank of Eng- land shows the following changes in pounds: Total reserve increased 2 039.000, circulation decreased 2.010.000, | bullion increased 29.000. other securities | decreased 3,809,000, public depos | | creased 5,492.000, other deposits creased 3.414.000, notes reserve creased 2,011,000. government securities | decreased 7,120,000 i The proportion of the bank's reserve to liability is 39.48 per cent, comparec with 3542 last week Rate of discount, 6 per cent. POWER OUTPUT DECLINES. NEW YORK, January 28 (#).—Elec- tric power output for the week ended | January 23 was 1,598.201,000 kilowatt hours, a decrease of 6.7 per cent from the corresponding week last year. A decrease from last year was re- ported for the week ended January 16 INVESTMENT TRUSTS NEW YORK. January 28 () —Over- the-counter market. AB D A B G Tr 8Shrs “E Am & Gen Sec “A" Am & Gen Sec B Am & Gen Sec £3'p Br & Con 6% pt Comp Tr Shrs .. Fdrs 6% pf Fdrs 7% pf >l n Pdrs cv pf ctfs Ins Stocks Assoc_Stand Oil A1l Sec pf .. : Atl Sec war”:" ; | Atl & Pac Int units 2230000000 T Atl & Pac com ww Atl & Pac pf war Bankers Nat Inv Bansicilla Corp 2 Chain & Gen Eaquities ', Chartered Invest : Chartered Inv pf . Chelsea Exch A . Chelsea Exch B . Cumulative Tr Sh Corporate Trust | Corporate Trust A A g Corporate Trust Accum’ Ser Crum & Foster 8 { um & Fost 8 B0 8 | st Ins 5 Depos Bl Shrs N Y 011000 | Depos Bk S8h N Y A"l | Depos Ins Shrs “A" ..00111110 3 Diversified Tr A Diversified Tr B B 61y Diversified Tr C G 2 | Diversified Tr D... T | Equity Invest stpd 5 | Equity Trust Shrs NS | Five-Year Fixed Tr Fixed Trust Sh A Fixed Trust Sh B Fund Tr Shrs A Fund Tr Shrs B Granger Trade Bid. A 3 32 5c Tr Shrs bt G Cram Gude' Winmill Trad Incorp Investors Incorp Invest Eauit Independ_Tr Shrs Int Sec Corp Am A Int Sec Corp Am B Int Sec Am 6o Df Int Sec Am 6120, i Inv Tr N Y Coll A - Invest Trustee Sh Leaders of Indust A Leaders of Indust B.. Leaders of Indust C. Low-Priced Shrs. .. Major Corp Shrs Mass Invest Tr Mutual Inv Tr A Mutual Manage . Nation-Wide Sec Natl Indust. Shrs Natl Tr Shre N'Y Bk Tr Shrs ! Nor Am Tr Shis Nor Am Tr Sh 155.. Nor Am Tr Sh 1956 g o 5 Northern Secur . Sk 5 il Shares units A Old Col Inv Tr Old_Col Tr. Assoe Petrol Trad A.... Public Serv Tr Repres Tr ‘Shrs Second Int Sec A Second Int sec B Sec Int Sec 67, 15t pf.. Secur Corp 36 Selected Am Sh .. Selected Cumulative Selected Income Sh . Selected Manage Trust Shawmut_Bank ... Spencer Trask Fund Stand All Am Tr... Stand Am ‘Tr_snrs Stand Collat Trust State Street Invest Super of Am Tr A... Super of im Tr B Super of Am Tr C. Super of ‘Am Tr D Trust Shri of Am.... Trustee Stand Inv G Trusee Stand Inv D Trustee St Oil A. Trustee St Ol Shis B Trusteed N ¥ C Bak Trusteed_Am B Sh Tr Am Bk A A Twentieth Cent’ Fixed Tr Two-Yeer Trust Sh.. United_ Fixed Shrs Unit_ Fdrs 1-70 com United Ins Shrs United Bank Tr. US & Brit Int US & Brit Int 53 pf US Elec Lt & Pow US Flec Lt & Pow Universal Tr $h ... | Argentine 65 Ju's9. | Bost & Me 4% 361, | Bos &Me 53 '67 | Brazil 63482 | Ches Corp 6s°47... | Colon O11 6538 | Colo & Sou 4148 '80 | Consum Pow 5s '52 ID&RG W bs | Gen P Sv5%8°39 Received by Private Wire UNITED STATES. (Sales are in $1.000.) Sales. High. Low. Lib314832-47.. 35 949 945 L1st4%s32-47 56 99 31 98 4% 233-38183 995 992 59 8512 8417 8610 8517 90 28 90 20 90 28 9022 896 896 9131 9117 9614 9611 100 12 100 8 Sales, High. Lo 14 364 36k 3 82% 4 39% 7 36 23 31 3 86% . 65 41% 10 56 15 69 4 68% 2:55. 949 98 99 4 8512 86 10 90 28 90 28 896 91 26 9611 1009 2:58 363 8215 39 35 30% 85% 3915 56 69 6815 94 102 102 961 981, 9614 100% 8974 4815 Abitib] P&P 5863, Ab & St 5% '43 Alleghany Cp 5844 Allegheny 58 '49. Allegheny 58 ‘60 Allis-Chalm 6s Am F P 55 2030. Am Metal 6%s'34.. Am Intl6%s'49. .. Am1GChbis 49, Am S&R 1st 68’47, 7 94 Am Sug Ref 63°37. 5 102 Am T&T v 4%s'39 25 1027% Am T & T bs 65...125 96% Am T&T c tr 63 '46. 58 99 Am T&T 638 '60.. 79 96% Am T&T 5%s'43... 63 101% Am W Wks5s'34.. 5 90% 5 Arrentine 514862, 3 49% Argentine May '61. 10 52% 13 54 534 5415 5313 6% 654 86 Argentine 6s Oc'59. Argentine 63 A '57. Argentine 63 B '68. Arm & Co 4%3°39. Arm Del 5%s"43... Atchison gn 43 '95. Atchiscv 4% AUCL st 4 Atl Ref db 58°3 Australia 4%s " Australia 68 '55. Australia s '57.. Austria 7s '43. Ausiria 78 '57 ctfs. B&O 4543 B&O4%s B&Ocvaly B&Orfbs’s5. E & O 53 D 2000. B&O6s'95....... B&OSwdv6s°s0. I & O Toledo Bk of Chile 6 Bk Chile 6% 8 Belgium 68 '55. . Beigium 6% "4y Belgium 7s ‘5. . Belgium 7s ' Bell Tel Pa b3 B'48 Bell Tell Pa 53 C'60 Berlin Cy El 68 '55. Berlin CE 6%s3 ‘50, Beth St pm Beth Stlr Solivia Ts ‘38 Bolivia 8s ¢ Bordeaux §s ‘34. Brazil 634827, Brazil 7s..... Bremen 7a ‘35 Bd & Tin Av 55 43, Ek Ed gn A 68°49. . Bklyn Elev 6348 Bklyn Man 65 ‘68 Bliyn Un 63 46 3klyn Un Ist Budapest is '62..., Buenos A 6361 Pv. Calif Packing bs "4¢ Canada 4s §0 Canada 4%3'36 Canada s 52 Can Nat 4%s 65... Can Nat 55 Oct '69. Can Nat 55 '70. Can Nor 4343 '3 Can Nor 6% sdb '46 Can Nor 78.db '40.. Can Pac db 4s Can Pac 4%4s'60. ., Cent |1l G&E 55'51. Cent Pac 4s 49.. Cent Pac 5 '60. 1ddb5%s 43, C&Ogen 4% CB&Qgen CB&Q4%s” C B&Q 1st rf bs . CB&Q 114v 334549 CB&Q 111 dv 4549, Shi & Est 111 55'51. Chi Grt West 45’69 Chi Ind& L gn 58 '66 Chi Ind&Lou 6566 Chi M & St P 4589, Chi M & StP 4%sC CM&StP 4%s 89, C M StP&P 53°75 CM&StPadjs W 4352037, C&NW 435 C 2037, 3 Chi & NW cn 4%s. ki 513 | Chi Rwys §s ChiR1&P 414852 | Chi Rlcv4lgs’60. C TH&SE 1n 5560, Chi T H inc 6s'60. . 3 | Chi Un Sta 4%4s'63. 2 92 24 | Chi Un Sta 6%s '63 106 | C& W Ind cn 4s . 66% | C& W Ind 5%s'62. = Chile 68 60, hile 61. Chile Cop dD bs '47. CCC&St L 4%s E'T1 Clev Term 58 °73... Clev Term 5%s ‘72, 6sJan ‘61.. nb 63’61 Oct Colo & Sou 4% 5. Col G&E 58 May'52 Col G&E cou 68 '§1. Com Inves 53%s'49. CC Md 1st rf 58'50. Con G NY 43%8°51.. ConG N ¥ 65%8'45. Con Pwr Jap 6%s.. Con Pow Japan 7s. 80 19 891y 10119 Copenhag 4145 °53. Cuba 54345 Cuba R R 58 '52 Czecho 8s '51. Crecho 85 '52.. Del & Hud rf 4s°34. Denmark 4%s ‘62 Denmark 5%s ‘55 Denmark 6s 42 Denver Gas §s D& RGren4 D& K Gra%s DRG & W bs78. Det E G&R4%s'61. Det Edison rf 65’49 Deutsche Bk 6532, Dodge Brcl 6s°40. Duquesne 43%4s Dutch East 1 6552, Erie 1st con 48 '96. . Erie con 4s A '53, Erie gen s 5614 45 45 T9% pree 50 | 8713 110% 111 45 Eris 63'76 Tiat 7s war. Finland 68 45 Finland 78 '50. .. Fram 1 D 7%s 42.. French 78 49.. French T%s 41 Gen Cable 5%8"47. Gen Motors 6s°37.. Gen Th Eq 6 36 391 37n | 37T% 604 394 70 4% 90% 95 69 7% % 65 60 Ger Cen B 6! Ger Cen Bk & Gevman s rep '49.. Goodrich cv 68 '45.. Good 1st €%s Goodyr Rub 58'57 GrandTr sf db 65'36 Grand Trunk 78'40. Grt Nor 4%s'76 D. Grt Nor 43577 E.. Grt Nor gn 7s 3¢ Hait! 6352, .. Hud & M adj 6 Hud & Mrf 6 Humble Ofl 58 ‘37 Humble O 53 Hungary 7%s wamao Seemen EFNANCIAL: Direct te The Star Office Sales. High, Inland St ¢34 s B'S1 Int Rap Tr 68 Int Rap Tr sta Int Rap Tr 6s°32. Int Rap Tr 78 33 Int Hydro El 6844 Int & Gr Nor 65 '56. Int M Co b3 ret'¢1 Int Match &8 47 Int Pap 58 A "47 Int Pap 6s'56. Int Ry C A 6%48'47. INtT&T ¢%n'52 Int T&T cv 4%8'39, IntT & T 68 '55. Irish Free St 58 '60. Italy 78°61...... Italy Pub S 78 ‘62 Japanese 5%3 65 Japanese 6% s ‘54 Jugos] Bnk 78 ‘57 Kan C FtS&M 48°35 Kan City Sou 38’50, Kan City Sou 5850, Kan City Ter 45'60. Karstadt 63°43.... Kresge Found 6536 Kreug & Toll 58'59. Lackaw St 55 50. Lac G St L. 55 ‘34 Laclede 5%s D '60. Lautaro Nit 68 '54. Lig & Myers 6’51, Lerillard 5351, . Lorillard s '44. La & Ark 53°60. . Lou G & E153°52.. L & N uni 43 '40 Lvons 63°34. McKes & R 5% x50, Manh Ry 18t 4890, Market St 75 °40 Marseille 63 '34. . Mex 45 asstd 1904. . Midvale Stl 63 °36.. Milan 6%s '62. Mil E Ry & L 5361 Mi) El Ry&Lt 5371 M StP&SSM cn 4s. MK&T4s B'62. MK&T4%s MK & Tad) 5867, Mo Pac gn 43 '75. . Mo Pac b8 F ‘7. Mo Pac 53 G Mo Pac rf 6331, Mo Pac 5i4m A" Mobile-Ohio 58 ‘33 Mont Pow bs'43. Mont P db 55 A '62 Montevideo 7s ‘52 Mor&Co 18t 4% Nat Datry 5% s '43. Nat Steel 55 '56. .. Netherlands 6s '72. N Eng T 1st 5352, 1 80 491 50% 36 70 52 46 61 5814 50 P e 9 NN LR AR R AR SRR AN R AANDNOA NS RN NN B e~ Cent 41452013 Crf4%s2013. ¥ Crfim 582013 Cent db 6s CH&P 5s 48, NH&H 4s'56. . H&H cd 6543 NY O&W 1st 48'92. NY Tel 433°39.... Nia Sh Md 5% '50. Nord 614 '50. Norf South 58 Nor & Wn ev No Am Co 58 °61... Nor Am Ed 5857, . Yor Am Ed 55 C '69 Nor Am F 5% '63. Yor Pac 34 2047. Ner Pac 48 97. Yor Pac 4%5s 2047 or Pac 55 D 2047. Nor Pacr 168 2047. Nor St Pw 58 A 41, Norway s °; Norway 53%s ‘65 Norway 6s°43.. Norway 6s52.. Oreg-Wash 4s"61.. Orient dev 5 : Orfent dev 63 '53... Pac G&F 58 °42. ' { Pac T&T 1st 5837, | Pac T&T rf 55 '52.. Pan Am Pet§s ‘34. Paramount 6s°47.. Paris-Ly M 635 Paris-Ly M 7s 5. Paris-Or 5148 '68.. Penn 4s'43 sta.... Penn 4%s D '81. | Penncvatss 60 Penn gn 4%s ‘65 Penn 474s°70... Penn 4%s '63 Penn gen 5s '68. Chi R1& P rf 4534 81 | Penn 634536 Penn P&L 4% Pere Mar 4% Peru 65°80.. Peru 63°61. hila Co 53 '€ Phila Eiec 4811 | Phil & Reac 63°49.. Philippine R 4537, Philllp Pet 5% s '19. Pirelli 1s ‘52 g P& WV 4l4sC60. Poland 7s°47...... Poland 85°50...... Port Gn El 4145'60. Por RAm T 63 '42. Pos Tel & C 53'63. . Prussia 6s'52..... Public Serv 48 '71. PubSv G 4148'67.. Pub Sv G 4%s'70.. Pure Of1 5%x'37 Queensiana ss "47. Queensiand Tu 41, Reaa gn 4348 A '97. Rem Arms 63 A '37 Rem R5%s A "47.. Rhinelbe . Rnine We: Rhine West 63 Rhine West 63 '55. Rich O1l Cal 65 '44. Riode Jan 6%s 53, R Gr Do Sul 6 R Gr Do Sul 83 °46. Rio Gr W clt 43749, RIAr&L 4%s'34. Rome 6343 '52. . Roy D 4845 ww St L&SF In 45 A ‘50 StL&SF4%s'T8. StL&SF p 153 B '50 StLS W 18t 4589, StS W en 4832, StLSW5s'52.... StP&KC SL 4% 541 StP Un Dep 58 ‘12, Sao Pau 78’40 ret.. Paulo 83 '50. .. axon P W 6%8'51, Seab A Lcv 6545, Serbs-Cr-S17s'62.. Serbs-Cr-Sl 8562, Shell Un Of1 68 *47. Shell Un Of1 6349 Sinclair Ofl 6%8'38 Sinc O 78 cv A '37.. Sinc Cr O 5%s 38, Sinc P L 58 42 Skelly Ofl 538 '39. Solssons 63 °36. ... Solvay Am 68'42. . Sou Bell T&T 68 41 SW Bell T 53 A '54. Sou Pac col 4549, Sou Pac ref 48 '55. Sou Pac 4% ‘63 Sou P 4%3°69 ww. Sou Pac 43%881... Sou P&OT 4% 17, Sou Ry gn 4s '8 Sou Ry 589 Sou Ry 62 '5 Sou Ry 6% '5¢ StOIINJ 5 StOfIN Y 434851 Sweden 5% ‘54. Swiss5%s Taiwan E P 5% 71 Tehn EI P 63 A "47. Texas Corp 53 '44.. Tex & Pac 58 B 77, Tex& P5sC'79... Tex & P 6s D '80 S am reaamd @ 555~ 111 Bell Tell 58°56. . 11l Cent 43 '53. 111 Cent rf 45 '55. 111 Cent 4% ' (1Cent 615 111 CCStL&N 4348, 111 CCStL&N b8 A 111 Steel 4358 °40.. ... Inland St 4% s A'T8 46 457 501 9614 9% S Baan Third Av rf 4 '60. . Third Av adj 5 ‘60 Toho El Pw 63°32, ‘Toho El Pw 78 '56. Tokio 5%s '61. . Toklio El Lit 63'53.. Ulst& D bmct 28, Un Pac-1st 48 '47,,, l| ON NEW YORK BOR.DS STOCK EXCHANGE Low. 80 49 49% 16 51% 2:55. 80 49 49 36 69 511y 46 60Yy 58Yy 501 30 26 48 5315 48 T1% 891y 6815 69% 311y 38 6813 81 50 54% 957 60 20 5 3414 40 704 704 79 | the important consum [ Gorpe | shipme: | for the light flat INCREASE IN STEEL OPERATIONS NOTED {Number and Tonnage of Or- ders Show Gain During Last Week. By the Assoclated Press NEW YORK, January 28.—The steel industry has recorded another slight gain in operations, and the number and aggregate tonnage of orders are ghow- ing improvement, though not of sea- sonal proportions, said Iron Age in its weekly review Current operations show an advance to 29 per cent of ingot capacity, com- i pared with 28 per cent last week. | “Operations are generally best,” faid the review. “in districts where capacity rolled steels predomi- | hates. The Wheeling district rate has been stepped up to 50 per cent, Cleve- land 1s at 38 per cent and Valley Mills continue at an average of 35 per cent, but there has been virtually no change | at Pittsburgh, Chicago and in East- ern Per nia. where heavy products such as rails, plates and structural | shapes form a large proportion of fin- ishing facilities “The dullness of these heavy prod- ucts fully reflects the subnormal volume tof buying for construction of railroad work. In some areas the demand for sheets, strip steel and bars, largely from the automobile industry, is the main support | “Though much of th i steel production has resulted from the slowly ex g activities of 1tomobile moderate ration r 1 the cal om other met ndustries | ven the ve future for steel business is obscure. however, because of the lack of definite prospects in any of ch 1 ectors of the United States Steel ation in reducing the quarterly dividend on the common stock from $1 to 50° cents manifestly did not h: sanguine pectations for the nearby period and frank t continu- ance of dividends pend upen business de: “The infl tion Fin upon busi: spots in_the ture will closer intere January gain “Di at the Reconstruce oration may exers moving Lhe weak credit and banking struc- T be watched with an in the metal-work- ing industries hich depend to such a t upon construction and ailroad activities and agriculture It move to stop deflationary function as expected an be a check in the Agricu in 1931 r of 1920, ref ents—Production per cent below that erally adverse con- cultural industry, in a special sur- ers are reported i effort to nd. This year's f tricted buying, but implement manufacturers should benefit with any advance in farm product prices, the survey said outlook is Industry — New - model e Graham Paige Motors date are 58 per cent year ago. according to huary, 1931, production s 2.113 units. The com- ed its schedule for Feb- sed advance orders for Automobile of Corporation higher th officials. In Jz of all models w pany has adva ruary and ir { materials to be used in February and { parison_with 5,7 | tion m | capacity | sa j this date the au | Hogs, | slow March production, officials report. York Cotton Ex- e says that reliable trade s now estimate the Indian crop 200,000 to 4.300.000 bales in com- 00 last season and 6.222,000 two seasons ago. In the face of decreasing estimates, consumption of cotton in In has shown an upward trend in recent months and is now run- ning at practically a record high rate according to the service. This week's steel ingot produc- be forecast at 27 per cent of enting 2 points rise over last week. the American Metal Market Orders are still confined to small for prompt shipment. and even at bile industry is not the review adds. Steel expanding as expected, CHICAGO LIVE STOCK MARKET CHICAGO, January 28 (P (United States Department of Agriculture) — 00, including 13.000 direct; slow, steady to 5 lower: 170-210 pounds, 4002410 top. 4.15: pounds, 3.85a4.00: 260-310 2.7583.85; 140-160 pounds pigs. 3.00a 3 packing 'so 3.30a3.50; light light. good and choice, 140-160 pounds, 3.6524.00; light weight. 160-200 pound 385a4.15. medium weight. 200-250 pounds, 3.80a4.15: heavy weight, 230~ 350 pounds. 3.6523.90: packing sow: medium and good 00 pound: 3.3023.55 good and choice, 100~ 130 pounds. 3.00a3.65 Cattle—Receipts. 6,000 head: Calves, receipts. 2.000 head: general market steady: better grade steers and pig: | yearlings wanted on shipper account | PARIS. January at 8.00 upward: early top being 9.30; killing quality plainer: most fat steer: 5.5028.00. Slaughter cattle and vealers: Steers good and choice 600-900 pounds, 7.00a10.50: 900-1,100 pounds 10.50; 1.J00-1.300" pounds. 7.00a10.50; 1,300-1,500 pounds, 7.00a10.50; common and medium, 600-1.300 pounds, 3.50a 7.00; heifers good and choice, 550-850 pounds, 550a7.50; common and med- ium,3.25a5.50; cows good and choice, 3.50a4.75; comman and medium. 13.50; low cutter and_ cutter, | bulls (yearlings excluded), good and choice (beef) a4.00; cutter to me- dium, 2.50a3.75; vealers (milk fed) good and choice, 8.00a9.50; medium, 7.00a 8.00: cull and commgn, 4.00a7.00. PARIS BOURSE PRICES. 28 (#).—Three per cent rentes, 78 francs 85 centimes. Five per cent loan, 101 francs 45 centimes Exchange on London, 88 francs 20 centimes. The dollar was quoted at 25 francs 42 centimes. Sales. High_Low 2.58 15 74% Tdls T4 174 77 82 88 95'5 5615 Un Pac 4s'68. .. Un Pac rf 45 2003 Un Pac 4%s 67 Unit Dre cv 5853, Utd King 5% 37.. U S Rub 1st 58 '47. Ud St W 6%8A'51. Uruguay 63 '60. Uruguay 65 '64. Uruguay 3s 46. Utl] Pw 53 50 ww. Util Pow 6%8 '47.. vanadium St 58'41. Vert Sug 1st 7842, Vienna 6# 52 . Va Ry 1st 53 '62 ‘Wabash 4%s 18... Wabash 1st 68 '39.. Wabash 2d 5539, Wabash 58 B ‘T6. Wabash 55 D '30. Wabash 5%s ‘75 Walworth 65 A '45. Wwarn Br Plc 6829 Warn Quin 6s'39.. Warsaw 78 ‘58 West El db bs West Md 48’52 West Md 534577 West Pac 53 48 West Unfon 68 '51. West Unlon 53 '§0. W EOGb%5'37 ww. W1l & Co 1st 65741, Wis Cent gen 433§ Yokohama 6s '61... Ygstn S&T 53 A'78. Ygstn S&T 58 B'T0, 4