Evening Star Newspaper, January 28, 1932, Page 15

FINANCIAL CURB SHARES DROP | IN AGTIVE MARKET Leading Issues Dip Sharply as Volume of Offerings Gains. BY JOHN A. CRONE. @pecial Dispatch to The Star NEW YORK, January 28.—After opening dull and with unimportant price changes, the Curb Exchange to- day quickened its pace at midday and | turned downward Electric Bond & Share for the first time in more than a week got below the 11 level. Citles Service was fractionally lower, along with_Standard Oil of In- diana. American Superpower, American Gas & Electric and American & For- eign Power warrants. Public utilities showed the most pro- nounced downward trend in the fore- noon as a result of the further declines in the weekly electrical output, sug- gestions of new rate reductions and more legislative proposals, These fac- tors were not offset by the offering of a major utility issue today Lehigh Coal & Navigation opened at 10, unchanged, although its common quarterly dividend was reduced from 30 cents to 25 cents, Glen Alden was .n- actwe. Aluminum Co. of America with a range of 2 points was the widest mover in the higher-priced industrials A budget of news from textile centers was without much price influence Pepperell Manufacturing Co. advanced quotations on sheets Interstate Hosiery Mills d a semi-annual dividend of 40 ce first payment since January 1930, when 35 cents was | paid. Snia Viscosa was up a shade,, though ~ Gotham-Knitbac was un- changed Some of the lower-priced American and Canadian copper mines, like United Verde Extension and Hudson Bay Mining, were active during the first hour. Later Newmont Mining opened off almost a point Airplane issues eased in a selling move which got under way during the second hour. Niles Bement Pond was down almost a point and Pan American Airways declined more than a point Dayton Alrplane & Engine showed resistance Associated Gas & Electric $8 certifi- cates advanced as the company an- nounced that jt would call them in for urrender on June 30. They are con- ertible into five shares of class A com- mon of General Gas & Electric and one-half share of $5 preferred and five stock purchase rights of Associated Gas & Electric of $120 principal amount of Associated Gas & Electric 5 per cent debentures Price changes at the opening were unimportant and dealings were at a &low pace. Electric Bond & Share at 111, was| unchanged. Standard Oil of Indiana at 15% was up lg, but Cities Service at 575 was down iy. Cord Corporation at 7 was off slightly. Ford Motor, Ltd., was unchanged at United Verde Extension and Hudson Bay Mining were among the carly gainers i.. the low-priced copper shares, Blaw-Knox, one of the first specialties o appear, opened at 40, unchanged RAILWAY EARNINGS. NEW YORK, January 28 (#).—The first 20 railroads reporting for Decem- ber had aggregate net operating income | of $16,421.000, compared with $19,188,- | 000 in November and $30,426,000 in December, 1930 Their December taied $143.083,000 in November and cember, 1930. R against $184 BONDS. High 55 DOMESTIC ds Low. Noon ola Tal 10 7 30 B 45 3 ¢ I s 6. 3 Appalach Gas 65 '4 1 3 Appalac Gas 65 B ‘4. 8 As30 G&E 4';5 49 C 25 Asso Gas & El 55 68 §As GAE 5'as 38 1n cf SA$50 G & E 5ias 7 2 Associat Rayon' bs 4 As Tel ULl 51,5 ‘44 1Bell Tel Cr~ 85 A 1Bell Tel Can 5 B 2 Bell Tel Can 5s C 10 Birmingm El 4 1Bost & Me 65 m ton Con G 5 P& LSs PS4 F Pw & Li 5s 0 Pub_Ser 51,5 en St Elec 5'is ent St P&L 5 hi Dis_El 4 vice v Pow 5 leve Elec Iilu Tlu 55 A 1 Comwh Edis 4s P y ‘P&L 55 Bal '5i.s E 3 5 en 1 ent 55 50 Pt % 5 3 {3 2 3 8 58 3% 8 1 Cont s 3 Det C Gas 65 A 1Dix GG 6'as A'3T ww 2East Ut Inv 55 A ‘54 8 Edis El Boston 8s '33 2Elec P & L 52 A 2030 5 1 Empire O&R 5izs '42 1Federal Wat 5'3s 4Florida P & L Bs 2 Gatineau Pow s 2 Gatineau Pow 65 3 Gatineau Pw 6s 5Gen Mot Acc 1 G 5G 5G 16 5 H: 4 Jer C P&L 41,5 Kopper G & C 55 Kopper G&C 5 Kresee 53 '45 MeCord Rad Massachu Gas Mass Gas 3tos Memph_P&L 35 32 ov 33 o 34 cv 1 West U % N A e v Miny pow &1 83 A7 Momt T HAP 35 ‘A 31 Netkiectric sisx 18 FoET as A 2026 iavada® Calll vada Call New Bne GAE 55 New Enk GAFE 8 ing Pow 55 New Enx Pw 8513 MUNY P &L 4167 1 No Ohio PAL 8155 4 Nor Btat Pow 515 1Nor 8tat Pw 415 1 Okla_Gas & Fl 53 0Pac G & F dlas F 3Pac G & EL B 6 1Pacific GAE 85 C 3 Pacific Pw & L 55 2Pa Cen PL 3Penn O Ra § 1Penn_O Fd s 1Pur 8 PAL 4las 41 Safe H_Wat 4ios 1Shaw W&P 33 @ 1SE P&L fs A 2025 South_Cajif Ed 55 Sou Oal Gag 4'3s South Cal Gas 5 Stand Tav 815s Standerd PAL 63 18un Qi 3i%s” 38 1Tenn Pub Ser 55 7 Tob P C NJ 6lus 202 1Tri Ul 85 79 cv 3Ulen & Co 6 62 a2 ani; 86! a2l A0y 26 08 109 | sy | a0 " ane a1 | 50 X 50, D 2 80 8o 6l 37 9 57 70 76 2 85! 3 81 51 i 5 ; ? & U P Ser 51 i aldorf Astor s est News Del 8s iscon P&L 38 E | Viscon PAL 55 F FOREIGN BONDS. fte Bank Ts 47 33 Bk Co 6« B 'SI 0 Rk ™ a0 Port 61 < 68 Co 6las eral 6s Hyd El 1s 65 xw 53 xw 52 5014 11 10334 30t ) SRuhr G Co 8'2s A 83 Stinnes Ts ‘38 xw Terni Soc 6'2s A '53 ww_With warrants W Without WArrants. 1037 b New. wi—-When tssued. EVENING STAR, WASHINGTON, NEW YORK CURB EXCHANGE Received by Private Wire Direct Stoeks sold in 100-share lots except those designated by letter “s.” Sales— Add 00. O ~Prey. 1931~ High Low. 103% 7 Stock and Dividend R Ala Power pf . 108 Allled Mills Inc 7 Aluminum Co of Am 6258 51 Aiu Co of Am pf (6). Am Cit Pw & Lt B... Am Com Pow A Am Com Pow B Am Cyanamid B. Am Dept Stores. .. Am Equities. . Am For Pow wa Am Founder: Am Gas & Elec (11). Am Invest Inc (B). Am Invest war. Am Lt & Trac (2%). Am Mfg Co. Am Mfg Co pf (5). Am Buperpower Am Superp pf (6 Am Superp 1st (6).. Am Util & Gn B vtc. Am Yvette Co.. Inc. Appalachian Gas. . Arcturus Arkansas Nat Gas. Ark N G cu pf (60¢). AssOG&EI (A) b5% . As50 G & El ct (8)...8008 Atlas (7ti] Corp. . Atlas Ut pf (3). Auto Vot M Coprpt. 3 Babcock & Wilcox (4 268 Bellanca Alr v.t.c. Blue Ridge Corp. Blue Ridge cv pf(a3) Brazil Trac Lt&P(1) Buckeye PL (4)..... Buft N Df (1.60). Buft N& EP 1st (5). Canadian Marcon1. Cent Pub Svc A b5 %. Central States Elec Chain Store Devel. Charis Corp (13).. “hesehorough (161) 2 “ities Service (g30c) 47T it Sy P & L pf (6)..1008 “laude Neon Lts Inc. 2 “lev £l Lilum (1.60). 2 “olum G&E v pf(5). 108 ‘ol O11& Gas vic. 1 Columbia Pictures. 2 Columbla Pic vt 2 Commwith Bdison (3 10081 Cmwlth & Sou war.. 49 Con Gas Balto (3.60) 12 Consol Copper...... Consol Gas Utility A, Cont Shares cy pf.... Coon (W B) Co. Cord Corp. . Creole Petroleum 13 « « « C « « « Cus! Mex Mining. Darby Petroleum Dayton Air & Eng. Deere & Co De Forest Radlo, Derby Oil Refining. Datroit Aircraft. Duguesne Gas. . Durant Motor: Eagle Picher Lead. . East G & F Assoc East Util Assoc (2). East Uti] Assoc ¢ Elec Bond&Sh (b6 %) Elec B & Sh cu pf b Elec B & Sh pf (§). ec Pow Assoc (1). Elec Pow Assoc A (1) Europ Elec deb rts. . Federated Metals. ... “ord Motor. Can., A. « Ford Motor, Can., B. Ford MLtd(p36 3-ic) + Foremost Fabrics. Gen Empire (1). Gen Pub Sve pf (6).. Gen Theat Eqcv pf. Glen Alden Coal (4). she U'wirs (p 40¢c) Gold Seal Elec new. . Golden Center...... Goldman Sachs. ... Goth Knitback Mch Gulf Oil of Penna Hackmester Lind. .. Hamilton Gas v.t.e. Happiness Candy... Hollinger Gold t70c. Hudson Bay M & S.. Humble Oil (2) Hydro El Securities, 11l Pow & Lt pt (6)... Imp Ofl of Can (50¢) Ind Ter Illu Oil B Insull Inv (b6%) Int Petroleum (1) Intercontinent Pet n. italian Superpow A Kolster-Br (Am Sh). Kruskal & Kruscal. . Lake Shor Mines (2) Lehigh Coal & N (1). Long Island Lt (60c) Long Iald Lt pf (7).. 40 1 Louisiana Lan & Ex. 5 N T " B e 0w wE o YOOI+ 9% 17 90 S SEr operop 90 4 66 ~Prev. High, 120 . 1931~ Low. 60 1% 32% 1% % 43 1% en High Low. Close. 90 90 90 hye A 51% 50% 66 6an 1% 1'a 48 to The Star Office. Btock and Dividend Rate. Ludlow Mfg Co (6).. 208 McCord Radiator B.. Mapes.Cons MIfg(t4) Margay......... Maris Bottling (A).. Mead Johnson (15) Michigan Gas & Oil.. Mid Sta Pet vie B.... Mid West Ut (b8%). Mining Corp of Can.. Mo-Kan Pipe Line. .. Miss Riv Fuel bd rts. Moody's In Sve pt . Nat Fuel Gas (1) Nat Investors....... Nat Sh T Sec A 160c. New Eng Pow pf (6) Newmont Mining. ... N Y Shipbuliding Cp. Y Transit (70c)... Niag-Hud Pow (40c) Niag-Hud Pow B w.. Niag Share (Md) 20e. Niles-Bemt-Pond (1) Nitrate Corp “hile B North European Oil. North Pipe Line (3). Nor St Pow pf (6)... Nor St Pow pf (7).. Novadel Agene (4) Ohto Copper. .. Ofistocks Ltd (A). Outboard Mot A. Pan Am Alrways Pac Western Oil..... Pennroad Corp (40¢) Pilot Rad Tube A. ... Pion G M Ltd (12¢).. Pitney Bowes (b4 %) Producers Royalty. . Prudential Invest. Pub Util Hold xw. R R Shares Corp. Rellance Int A. Rellance Manag. . ... Republic Gas Corp Rich cum pf Rockland L&P (90¢). Bales— 52 3 40 4 ~ 48 1 % 5% 14 1% 5 52 3 42 4 “ 48 1 % 5% 1w s 52 3 40% 4 = Iloosevelt Field Inc. Rossia Intl Corp. . Ryan Consolidated. . St Anthony Gold. . Salt C Schiff Co (2).... . Sec Allied Corp (1).. Segal L & Hdwr... .. Selected Industri Sle Ind al ctfa(5%) .. Hentry Safety Cont. . Seaton Leather. ..., Shattuck Den Min. Sni Viscosa rets. SoCal Ed pf B (1 Sou Cal Ed pf C(1%) Southern Nat Gas. So. Union Gas....... SW Bell Tell pf (7).. SW Dairy Products. Spieg May Stern pf.. Stand Motor Stand Oll of Ind( 1) .. Stand Ofl of Ky 1.60. Stand Oil Ohlo (2%). Starrett Corp. Starrett Corp pf. Stutz Motor Car. Sun Invest. .., Sun Invest pf (3) Swift & Co (2). Swift Internat’l (14) Swiss Am EI pf (6).. Technicolor In¢ Tcbhaceco & All Stks. ‘Tob 'rod of Del wi Trans Lux DL P 8. Tri-Cont Corp war Tri-Utiliti Urion Tobacco. . Unit Car Fi D. C, | Ad4 00. Open High. Low. Close. 52 3 42 nu a di | &t st Unit Foun t (40¢). rs. Unit Gas Corp Unit Lt & Pw A (1) Unit L & Pwr pf(§) U S Elsc Pow ww U S Inter Sec 1st pf.. Unit Sto res v.t. Unit Verde Exten (1) Util Po & Lt (b10%) Ut P&L(B)ets b10% Util & Ind Van Camp Pkg. . Venezuela Petrolm Vick Financial (30e) Waitt & Walker Welch Wenden Wil-low Wiw Com Edi Pub Sve Dividend rates ual payment. Payable in cash or vidend. ock. {Plus 2% in ock. nPlus 8% in hF “Y" Oll & Ga *Ex dividend. £plus 5% in stock s Bond A(2).. H (25¢). rape J (1) Copper... Cafeterias. . WLtd29 25 5 4 1 4 1 9 1 1 s 2 2 4 4 RIGHTS—EXPIRE sonFebl... 41 14 14 1% NIl .Feb 1 6 1% 1% 1% doliars based on last quarterly of a 1Partly extra. IPlus 4% in stoek. bPayable in stock. e Adjustment ¥ Plus 6% in sioek, hPlus 1% In in stoek. stock. tock. Everybody’s Business Weakness in Government Bonds Attributed to Pub- Fear and Delay Balancing Budget. lic n BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, January 28 (N.ANA). —Even borrowing as much as $3,500,- 000,000 to finance the Federal deficit in full and to carry out the administra- tion's relief measures would not actu- ally impair the credit of the Govern- ment, according to Ogden L. Mills, Un- dersecretary of the Treasury Mr. Mills ascribes the large discounts and weakness in United States Go ernment bonds to public fear of huge borrowing and the refusal to balance the budget. Once such fears are elimi- nated, the credit of the Government will be absolutely undoubted, says Mr. Mills. He estimates that about $920, 000,000 in taxes would be needed to balance the budget for the coming fiscal vear and to resume the sinking fund retiring Pederal debt during the follow- ing year. The action by the Steel Corporation in recucing the quarterly common divi- dend from $1 to 50 cents a share is likely to influence other prominent in- dustrial enterprises General Motors and Standard Oil of New - Jersey are scheduled to meet | shortly for dividend action. At prevail- ing prices the latter yields almost 7!; | per cent on the assumption that the | present rate of $2 would be continued, while General Motors yields on the | same basis about 14 per cent. A re- | duction in the current rate would not | come as a_complete surprise, especially after the Steel Corporation’s example. Earnings of General Motors for the last year. aggregating $2.01 a share, show a decline from the 1930 figure of more than 39 per cent. A declaration of $2 a share, or about all that has been ea.ned, will still give a return on the present price of more than 9 per cent while cutting the dividend in half would reduce the yield to about 7 per cent, which would seem more in con- formity with prevailing money rates. Standard Oil is expected to maintain its present rate. Wall street is still awaiting the out- come of the Chicago eonference where the question of wage reduction is being discussed between the railroad presi- dents and representatives of labor. Railroad labor by protracting the ne- gotiations expects to encounter little, if \any, difficulty when the devision reached at the conference to the effect that a 10 por cent cut in wages has been >d upon is finally submitted Tho ngs t) the carriers 2s a result of this -iion are generally placei nt $200,- 000.000. to wrich might be acdxd the revenue derived from the recent freight increase, estimated at $100,000,000. That the status of railway issues, especially senior obligations, will be ‘enhnnced materially ‘goes without say- | ng. It is somewhat unusual at this time |to find corporations which manage not | taken to balance a budget through in- only to maint | to increase them their | Transit belongs in this category. | cember was the third ¢ |in which ga | gross and net income. For the six months 31 -profits, afte ferred dividends | cline of appreciab) as _compared wi period in 1930. all tota I ve ¢ Steel prices more stability at | according to Iron tion. to have actually | resistance. it is g | for the first tin composite price steel, pig iron and no change. rea ify Introduction of a ¢ monetary unit, to be | is being discussed | of the new unit cordance with inter It is expected that and commerce will be settlement of accounts a currency agreed upc involved. n Ev it Europe does not see America, the Washin tion maintains. Econo ures adopted by the Gc constitute inflation, | rope. Prompted by the s the old Continent pref dollar credits into Eur which are still on a which are adequately metallic cover. One might perhaps nations across the At 10WN as gram profits but even Brooklyn Manhattan De- | onsecutive month ended December arges and pre- | led $359, a de- attained & little xisting low levels, Age, trade publica- Although prices cannot be said | red a point of | ing to note that | everal weeks the | erages of finished | scrap have shpwn iew_international mor, | urope. The value | be fixed in ac- ional agreements. | ternational trade | greatly aided if can be made in n by the nations | m to understand | gton administra- | omic relief meas- crnment_do not as is held by Eu- cter of inflation, to convert its | opean currencies | gold basis and | protected by a | point out to the lantic that steps creased taxation and other efforts to arrest deflation are entirely sound finan- cial policies. Incessant increase in pa- per money without at the same time providing for an adequate reserve is were recorded in both | MOt but this is the last thing Washing- ton is seeking. (Copyright. 1932. by the North American Newspaper Alliance. Inc.) . ss than 3 per cent | U. S. TREASURY CERTIFICATES the corresponding | (Reported by Chas. Rate: rity. 2%s June 13, 1932 2 Mar. 18, 1932 1lar Seot. 15, 1932 35 Sewt 15. 1932 3'4s Dec. 18, 1932 D. Barney Bid 99 30-32 99 30-32 98 18-32 99 24-32 992332 99 27-32 SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Bid 85%s 85 1013 90 Co) Offer. Allis-Chalmers Co. 55 1937..... American Chain Co. 6s 1933 . American Tel. & Tel. 5'25 1943 Amer. Wat Wks. & EL 55 1936 Baltimore & Ohio 4.5 1933. . Belding Hemingway Co. 6s 1936 Bethlenem Steel Corp. 55 1936 Canadian Nor. Rwy. 4!as 1935 Chi. Northwestern K. R 55 1933 Chicago Rock Island 4s 1934.. Cleve. Lor. & Wheeling 5s 1933 Colorado & So. Rwy. 4'zs 1935 Commercial Credit Co. 5155 1935 Delaware & Hudson Co. 55 1935 Denver & Rio Grande 4':s 1936 Gen. Mot. Accep. Corp. s 1937 General Petroleum Corp. 5 1930 General Public Service 5'2s 1939 Grand Trunk of Canada 6s 1936 Houston E. & W. Texas 55 1933 Humble Oil 555 1932 .......... Laclede Gas Light Co. 55 1934 Loui: & Nashville 55 1937 New York Cent. & H._4s 1934 New York, Chi. & St. L. 6s 1933 Northwestern Telep. 41;s 1934 Penna. R. R. Co. 6'3s 1936... Portland Gereral_Elec_ 5s 1935 Republic Iren & Steel 5s 1940 Sinclair Crude Oil Co. 5i25 1938 Southern PacMic 5s 1934..... 8t. L. LMS. Ry. R & G. 45 1933 Union Elec. Lt. & Pow. 55 1933 Union Oil Co. qf Calif. 55 1935 Virginia Rwy. & Power 55 1934 wabash Rwy. Co. 55 1939. 8 STOCK AND BOND AVERAGES By the Assoclated Press. Todly....... Previous da Week ago. . Month ago Year ago... Three years ago. Five years ago. High, 1931-33. . Low, 1931- High, 1930.. Low, 1930.. High, 1929 . Low, 1929.. Previous day High, 1931-32. Low, 1931-32. High, 1930. Low, 1930. High, 1929. Low, 1929. From Yesterday’ 's 5:30 Edition. STOCKS. 50 Industrials. . 621 .63.5 . 66.3 L 614 1247 12162 (1048 1402 ..58.0 12034 (1129 .252.8 1413 BONDS. 20 Industrials. «e.. 685 . 687 . 690 . 646 . 902 Utilities. 83.3 83.7 214 | SPe THURSDAY PROSPECT IN COAL TRADE IS BRIGHTER Bituminous Operators Reveal Co-operative Spirit in Meeting Problem. Evidence that the bituminous coal trade may be coming to better times in spite of general business conditions is seen by the Union Trust Co., Cleve- Jand, in a current survey of the indus- try. Hope for improvement is based largely upon the exceptional degree of co-operation with which operators are attempting to meet problems of the in- dustry. 5 Briefly, the problem on which the bituminous industry has embarked has two aims, as outlined by the bank in its magazine, Trade Winds. These are: 1. Consolidation of physical proper- ties in_various producing districts along natural and economic lines. 2. Regional or district sales agencies, to which the coal produced in the various_districts can be more ativan- tageously marketed. “Obviously the first provision is not one which can be put into effect by any national or regional organization,” says the bank. “It can only be stated as & desirable accomplishment, to be worked out as times and circumstances make advisable by corporations or individuals interested in coal properties. “Establishment of regional sales agencies is a matter for concerted action by different associations of operators. ‘While the time which has elapsed since the formal adoption of the plan is still short, it may be definitely stated that much has been done in different dis- tricts in the way of organization of these central sales agencies, and the present vear will probably see a num- ber of them in actual operation. “Coal operators believe that the cen- tral sales agency plan will go far to- ward putting the industry on a sound basis, not only from the selling but from the operating standpoint. The plan con- templates the establishment in each dis- trict of a sales corporation, the stock of which shall be held by the operators in proportion to their production, each operator's quota of stock being based on his four years of best production be- tween 1922 and 1930 “The problem of the bituminous coal industry is largely one of overcapacity, complicated by some factors which are | peculiar to this particular industry. Ex- | cess of potential production capacity is ia more demoralizing factor in bitum- inous coal production than in any other sort of a business. Overcapacity in a | creative industry is of a fairly tem- porary nature, because unusual manu- | facturing plants speedily become obso- ‘LP.\\"Pnl and any protracted period of disuse dictates dismantling, so that the excess capacity disappears “A coal mine seems to always remain as a threat of overproduction except in | the occasional case of actual depletion. One of the chief causes for the excess of potential coal capacity was the war, | resulting in the development of sur- plus properties “Stability of sales policies and opera- | tion is what the bituminous coal indus- | try needs and leaders in the industry | are moving in that direction. The | operators are not exactly optimistic, | but, on the other hand, they are much | less pessimistic than they have been| for some time past.” | ] Baltimore Markets spatch to The Star. BALTNIMORE, Md. January White potatoes, 100 pounds, sweet pogatoes, bushel, 40a80 barrel, 751.25; beans, bushel, 1.00a2.25; beets, per crate, 1.50; Brussels sprouts, per quart, N)a20: cabbage, hamper, 75a 1.40; carrots, per bushel, 100al.15; caulifiower, ¢rate, 1.00a1.25; celery, crate, 1.00a3.00; eggplants, crate, 1.50a kale, bustiel, 25a40; lettuce, crate, 1 4.00; oni~ns, per 100 pounds, 3.00a 4.00; oyster plarits, 100, 4.00a5.00; pep- pers, crate, 1.50a2.75: spinach, bushel, 0; squash, busiel, 1.50a3.50; toma- crate, 1.25a4.00; turnips, hamper, | 10a20; grapefruit, bos, 1.25a2.50; appl bushel, 35a1.50; oranges. box, 2.00a3. strawberries, quart, 25a80. Dal Market. Chickens—Young. 17a18: Leghorns, 14a15; old hens, 123al8; Leghomns, old, 14al5; roosters, 11al2; ducks, 12a20; geese, 13al7; guinea fowls, pair, 25a60; turkeys, 16a30; pigecns, pafr, 20a25 Eggs—Receipts, 838 cases: current rpceipts, 17; nearby firsts, 17%; South- ern firsts, 17 Butter—Good and fancy ceamery 21a2413; ladles, 15a16; process, 20a2i; store packed, 12 Live Stock Market. Cattle—Receipts, 100 head; light sup- ply; market steady. Steers—Choice to prime, none; good to_choice, 6.00 to 6.75; medium to good, 4.75 to 5.75; fair to medium, 4.00 to 4.75; plain to fair, 3.50 to 4.00; com- mon to plain, 3.00 to 3.50 Bulls—Good to prime, none; good to choice, none; medium to good, 4.00 to 4.25; fair to medium, 3.50 to 4.00; plain to fair, 3.25 to 3.50; common to plain, 3.00 to 3.25 Cows—Choice Lo prime, none; good to choice, none; medium to good, 3.75 to 4.00; fair to medium, 3.25 to 3.75; plain to fair, 250 to 3.25; common to plain, 1.50 to 2.50. Heifers—Choice to prime. none; good to choice, 5.00 to 5.50; medium to good, | 450 to 500; fair to medium, 4.00 to | 4.50; plain to fair, 3.00 to 400; com- mon to plain, 2,50 to 3.00 Fresh cows and Springers, 30.00 to 60.00. Sheep and lambs—Recelpts, 400 head; light supply, market, steady; sheep, 1.00 to 3.00; lambs, 4.00 to 7.40. Hogs—Receipts, 1,000 head; light sup- ply, market steady; lights, 4.50 to 4.95; heavies, 4.25 to 4.50; medium, 4.65 to 4.90; roughs, 2.75 to 3.75: light pigs, 4.00 to 4.50; pigs, 4.25 to 4.50. Calves—Receipis, 75 head; light sup- ply; market steady; calves, 4.00 to 9.50. Hay and Grain. Wheat—No. 2 red Winter, garlicky, spot, domestic, 61; January delivery, 611,; February delivery, 6114. Corn—No. 2 yellow, spot, domestic, 43a44; cob corn, new, 2.00a2.10 per barrel. Oats—No. 2, white, domestic, 35a36; No. 3, 34a35. Rye—Nearby, bag lots, 40a45. Hay—Receipts, ‘none. General hay market quiet. Receipts ample of timo- thy, but good, mixed hay scarce and bringing premium. Prices range from $12 to $16.50 per ton, as to grade and kind. Latter figure for choice clover mixed. The poorer grades of timothy are irregular in price. ’ Straw—No. 1 wheat, 8.50a9.00 per ton; No. 1 oats, 9.00a10.00 per ton. FREIGHT LOADINGS SHOW SLIGHT GAIN FOR WEEK By the Associated Press. Revenue freight loadings for the week ending January 16 were announced by the American Railway Association as totaling 573,276 cars. This was an increase of 772 cars above the preceding week, but 118,477 below the corresponding week in 1931. Miscellaneous {reight totaled 188,711 cars, a decrease of 37,563 below the cor= Tesponding week in 1931; merchandise, 186,627 decrease,13,504; grainandgrain products, 31,004; decrease, 9,318: forest oducts, 18,091; decrease, 13,757; ore, .317; decrease, 2,427; coal, 119,121; de- crease, 34,512; coke, 5,962; decrease, 2,416; livestock, 21,443; decrease, 4,980, Forty-two women recently took part in the amateur billiards championship tournament in Londan. JANU EASIER LOAN SITUATION NOTED IN NEW YORK BANKING CIRCLES Granting of $100,000 Lan Week Reflects More Favorable Attitfide Towa BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, January 28— There has been evidence .of late of a slight breaking down of the barriers that have existed for a long time between lend- ers and borrowers. This is reflected in a larger total of new financing, which for January will be nearly double that of December, though still far from the totals of normal times. It is a new phase of the financial situation that deserves some consideration. The incident that has reflected the change and out of which has grown more consideration for borrowers was | the $100,000,000 credit granted to New York City last week. This indicated the abundance of available funds, for the issue was more than twice covered. The determining factor in present and future financing will be the cost of capital rather than capital scarcity. Change in Situation. In other words, if a borrower in good standing is’ willing to pay the price, he should from now on have a | better reception when he visits his banker than he has had for the past | six weeks. While he cannot negotiate | on easy terms, he no longer fac lenders who will not trade on any basis. To thid extent the situation has improved. Corporations that are compelled to | refund maturing obligations just now must do so at a substantial increase in carrying charges over those when | they last entered the market, but it has | been proven by the reception of various | municipal and public utility offerings | lately that the investing public now takes a more kindly attitude toward new issues than for many months. | The amount of financing that is urgent, and which represents the sub- stitution of either a long-term or a short-term issue for a bank loan, runs | into substantial figures. This is exclu- | sive of loans that must be financed by | the Reconstruction Corporation. There | is a gradual getting together between corporations and underwriters of se- | curities, with a test soon to be made | of the absorbing ability of the market through the medium of several high- | grade power and light long-term bonds. | The degree to which these are taken by the public will determjne the sub- sequent amounts of offerings of the same type and will encourage or dis- | courage those who have held up about as iong as they can issues that should be placed in the category of second- grade bonds. With the wage negotiations in Chi- cago completed there are likely to be some new issues by carriers that enjoy the highest credit ratings. These will include loans of a refunding character, as well as those whose purpose it is to transfer borrowings from banks_into the public markets. There is also a certain amount of industrial financing that is waiting on a further clearing up of the financial situation before pre- suming to ask for its share of the un- employed capital controlled by the banks and private investors. | tr of the Government. or Treasury obligations. | By the Associated Press FINANCIAL 000 Credit to City rd Borrowers. the supply of new issues created and in the coupon rates fixed, by the needs of For the first time in many years the returns on Government issues and on those of a semi-Govern- mental character bring them into com- petition, as to yleld, with high-grade corporation loans. This greatly compli- cates the problem of the corporation borrower, even though he may be able | to argue that the securities of his com- | pany have nad a steadier market in the | past six months than Government bonds | The. spread | between the net yield on non-taxable | Government issues and that on taxable | first mortgage or underlying railroad | bonds at present is a substantial one | and limits early improvement in the | prices of the latter. | The part that the general investing | tures of the Reconstruction Pinance | Corporation is also one that has to be | seriously considered before undertaking | banks any large emissions of company bonds, for while the amount of unemployed capital is seeking the safest harbors and will waive the relatively high yields in | favor of issues that bear the Govern- | growing demand for a public offering of the debentures as a means of bring- ing money out of hoarding and of re- leasing bank funds for general business promotion. (Copyright. 1932) Grain Market 28. — Grains CHICAGO, January tended upward early today after hesi- tating at the start. Forecasts of a cold was a falling off in Russian wheat | shipments, with Argentine estimated exports less than expected. | Opening at % decline to % advance, | wheat later showed gains all around. Corn started unchanged to % to % o“l‘ and then made a general upturn. Wheat bulls contended that all the | known and freely exploited bearish | factors had long since lost their force It was pointed out that for nine weeks prices of wheat had backed and filled | over a range of 8 cénts and were now just midway of the range. Absence of | selling _pressure, though, rather than | urgency to purchase, gave the market much of the time a rising trend. | Wheat shipments from Black Sea ports, including Russia, were only 448.- 000 bushels this week, compared with 1,272,000 last week. Argentine wheat exports were estimated at 4,042,000 bushels, an amount somewhat J;rgrr‘ than either last week or a year ago, but below what most traders had l-oked for. As against misgivings about possi- ble crop damage from a cold wave, betrs noted that Nebraska was com- pletely covered by snow and that Kansas was also protected except in a few | ernment FEDERAL RESERVE BANK CREDIT OFF Decline Noted for First Three Weeks in January, Board Reports. BY CHAS. P. SHAEFFER, Associated Press Bupiness Writer, Federal Reserve Bank credit ae- clined in the first three weeks of Jane uary. In a summary of business conditions, the Federal Reserve Board said the new movement followed an increase during the latter part of December, which in turn was preceded by a decline which set in around the middle of October. The growth in the latter part of De- cember was said to reflect a somewhat more than seasonal increase in the de- public may play in absorbing the deben- | mand for currency, partly offset by re- ductions in member bank reserve bal- ances and in deposits of foreign central In January the return flows of currency was considerably smaller than in other recent years, while member b}ilnk reserve balances continued to de< cline. Acceptance holdings of the Reserve iment stamp of protection, there is a|Banks, which had reached a total of $780,000,000 in October, have declined through maturing of bills held almost uninterruptedly since that time, and on January 20 totaled $190,000,000. The banks’ portfolio of United States Gov- securities showed some in- se over the level of the early part December, and discounts for mem- ber banks increased substantially Loans and investments of member banks in leading cities declined further during December and the first two weeks of January, reflecting reductions in loans on securities, as well as in other loans, and in investments In the middle of January buying rates for bankers' acceptances at the Federal Reserve Banks were reduced | wave were a bullish influence and there | and open market rates on 90-day bills declined first from 3 to 27, and later to 23; per cent. Yields of high-grade bonds, after advancing for a period of about four months, declined after the turn of the years, reflecting a rise in bond prices. New York Cotton Special Dispatch to The Star. NEW YORK. January 28.—Opening cotton prices today were unchanged to 2 points lower. Trading was in small volume. Trade buyers were inactive and there was little inquiry from abroad Opening prices were: March, 6.63, unchanged: May, 6.79, off 1; July, 6.96, off 2: October, 7.17, off 2; and Decem- ber, 7.33, off 2 POTATO MARKET. CHICAGO, January 28 () (United States Department of Agriculture). — Potatoes—Receipts, 84 cars: on track, 263 cars; total United States shipments, 655 cars; market dull, trading slow: sacked, per cwt round whites, No. 1, 75a80: mostly 75; unclas- | sified, few sales, 70; Nebraska Triumphs, 1.05a1.10; Idaho Russets, No. 1, 1.40a 1.50; commercials, 1.10. northwestern counties. Corn and oats followed wheat. Provisions were about steady, influ- enced by hog values Government Needs. For a considerable time the invest- ment market will be influenced, both in Eight Decades of Growth 1852-1932 OCIATED SERVICE has just com- pleted 80 years of growth. This service is supplied by 120 companies, whose operations in 3,000 communi- ties make the Associated System one of the eight largest utility groups in the United States. Of the present companies, eight were operating in 1852, the year of organization of the Ithaca Gas Light Company, principal unit of the origi- nal Associated group. The cities these eight companies serve and the years the companies were founded are: First Worcester Gas Light Company plant. RocHEsTER, N. Y. WORCESTER, MAsS: . « . NEw BEDFORD, MAss.. o . EASTON, PENNSYLVANIA 1848 1849 1850 1850 LockporT, N.Y. ITtHACA,N. %Y. : ¢ Eimira,N.Y. . . CAMBRIDGE, Mass: . 1851 1852 1852 1852 . ‘. The System's strong position at the beginning of 1932 is supported by the following factors: OPERATING STRENGTH 1,443,706 Customers—A gain of 21,450 in the 12 months ended November 1931. Gain in Domestic Service— An increase of 9% in average annual residential use of electricity, while gas was practically even, nearly offsetindustrial losses in this period. This gain was accompanied by an aver- age reduction in rates of one-half cent per unit (kw. hr.). The reduction resulted from the success of the System’s inducement type of rate, which makes it possible for customers to use additional electricity and gas at a decreasing cost. FINANCIAL STRENGTH Revenues Increase—During this period gross operating revenues were $105.- 582,794,a gain of about 1 %; net earnings $43,553,880, a decrease of 7%. This decrease was largely accounted for by & 33% increase in provision for retirement of fixed capital. 231,055 Security Holders — Strength of the Associated System attracted 19,485 new investors during this period. Eight decades of growth have rooted the properties of the Associated System deep in the life and business of America: These years included a dozen business depressions, yet each was followed by progress unmatched before. When the savings due to the operating economies effected and the earnings from the new business obtained are realized under more normal conditions, it is believed the results will be gratifying to custom- ers, employees, and stockholders. New Business — $5,807,577 of loa(— building gas and electric appliances were sold in the first 11 months of the year. In the past three years, 420 mills and factories moved to Associated territory; 550 already there expanded their operations requiring additional use of electricity and gas for power and heating purposes. Operating Costs — Operating expenses were cut 2.9% in the 12 months ended November 1931. Several important oper- ating properties were acquired by the Associated System in 1929, but there was not sufficient opportunity to consolidate them entirely in the System before business entered its present period of uncertainty. The character of Associated se’rvice. which is concentrated in the rich indus- trial areas of the East and [the successful record of the operating properties, prom- ise that the System will bave a foll share in the growth of the utility industry: For information about facilities, service, rates, write - Associated Gas & Electric System 61 Broadway New York