Evening Star Newspaper, January 30, 1932, Page 14

A—l4 ¥* RIENANCEAL. > N, S TAR, WASHINGTON, D. €. BATURDAY, JANUARY 30, 1932. INSURANCE PLAN HELD UNWORKABLE Unemployme Risks Too Great, Expert Tells East- ern Bankers. y 30.—Unem whole does not fulfill ¢ al Tequireme in_the opinio James D. Craig, Insurance | al Savings the Hotel es of the American Bankers' | on the ject: | urance Feas It Be Made Basis Under While indi- YORK such as nger creates a the active entire hort period 1 ted upon of be A arance well a ly de- commensurate cach industry e considered to the whole tion must be competent wed to be- and cannot g be- | for which employment \ provided for unde de with in other insurance rccom lar 1ed. purpo: be igh Sees Many Difliculties. d today about unem- e for the workers of to be a popular > ardent pro- din’s lamp nt insurance s h the some A ploym n arial and political fund of great made to spring up, 000,000 unem- 3 ly and | ithin a few n to see the 1 effects of the more un- among by to func by act reserve uld be were conc k ch a | we would ) would make 1 obt ves al factory unity. Only ng in- are we plan the Nation as a | jine economic and | unem- on a| Some Vital Questions. be m political press ther such reserve | could be countries with a government have to resist the benefits under xperience abroad T cot ience have out of =3 ight, | V¢ | th th | current year. | reflecting the 5 Manufacturers Special Dispatch to The Star. NEW YORK, January 30.—Probably the greatest array of unfavorable de- | velopments ever recorded in the history | of the agricultural implement trade was ssembled during 1931, says a survey the industry prepared by the re- | search department of R. G. Dun & Co. Droughts, grasshoppers, overproduction surplus carry-over, interferences with | the economic laws of supply and de- mand, reduced farm buying power, for- eign complications, retaliatory tariffs, | badly balanced dealer inventories, low dealer morale, greatly increased out- standings and many other conditions combined to make it a year to be ended without regret, In consequence of the restricted de- mand, many plants practically were shut down during the latter half of | 1931, with production, as a whole, trail- ing the 1930 record by about 20 per | cent. Taking a 10-year average, it has been estimated that it requires a daily expenditure of $1.000,000 for equipment | to the farms in the United This is less than 5 per cent of farmer’s dollar and is considered to be the lowest cost which any indus- try pays for its production equipment. Carry-Over Stocks Heavy. | The daily average output of all agri- | cultural implements in 1930 was valued | at approximately $1.610,000: in 1931 it declined to $1,290,000. After deducting 21.3 per cent of the 1930 value and 17.5 per cent of that of 1931 for the require- ments of export trade, it will be seen that jobbers are overstocked, because of the heavy carry-over, and that fa tories are burdened with cxcess me: chandise. Most manufacturers are run- ning on short time so as to establish an equilibrium between supply and de- mand, but dealers continue to purchase | cautiously, as they report no difficulty | in securing prompt shipments. The 1932 contracts have not been made as yet chiefly because the trade was not solicited so assiduously in the | 1 of 1931 as in previous years. Under prevailing conditions it was considered | better to await the opening of the new | r to enable dealers to get their con- nections made a little closer to Spring demand. Some deliveries now are being made on contract orders, In 1928, the stocks of three of the leading farm equipment manufacturers d a composite earning per share of 26. In 1929, these same stocks arned $13.56 per share, but by the end of 1930 the figure had dropped to $7.19. After the first quarter of 1931, one of these companies omitted its regular dividend, while the second company followed the same action at_the close of the third quarter. The third com- pany cut its dividend in half at the end of the second quarter. Other firms not marmfacturers of farm machinery exclusively, but with more than half of their output com- posed of such products. passed many | of their difficulties along to their stock- holders, reporting that the decreased were due not only to the of demand in the United but to the dwindling export caused by depreciated currencies and tariff complications. Export trade helped to maintain earnings in 1930, as agricultural implements to the value of $41.000,000 were shipped to Russia alone during that year. In the first half of 1931, Russia’s buying was almost as heavy as during the comparative six months of the year preceding, but de- clined abruptly during the last half of year Sales Recession Wide. Prices of farm commodities hit a rade steady decline to new lows during 1931, craped the all-time bottom for months, ntually to rise slightly, fluctuate un- v, and finally to show increased strength during the early weeks of the As a result, farmers were unable to make anything like normal | replacements of their wornout equip- ment, and sales in 1931 declined on an average of 20 to 30 per cent from the total set down for the year preceding. | The standard run of machinery and | implements met with a demand about on a level with the movement existing during 1931. The shrinkage in volume was mainly in the small tool lines, ious financial situa~ of the tenant farmer and small agriculturist. Tractor sales were affected 10 a lesser degree, as trade in this de- rtment comes principally from the arger operators. In potato machinery, sales in 1931 practically were on a par with those of 1930, although it required considerable effort to maintain the ions in some parts of the South ed a distinct turning of in- drawn equipment. This to the fact that there is ndance of grain and feed- | tuffs cn hand, and because the low price of cotton has made financial con- ions such that little buying of power uipment could be done, even if de- have been olved? income is to be taker t has expired? ministration? nd who will pay science subject to inciples and as wod of pre- of these pr sirable the pur be. a BANK CLEARINGS DROP FURTHER DURING WEEK ated Pre YORK the Bank | little January week st and the los: vear s in the Unite s Review, of cent under York City 000, a reduc- ent, while the aggre- ide of New York of shows a decline of 335 e decline this week from ceding week ver much it was for the closing week vear. Losses con- at most of the East- centers, but again are some Southern points.”| s this week as reported & Co., showing decreases with same period a year $4.684.7 w per cent not so heavy Bank clearir to R. G. D as compare 1c 7| ing the last two years. 31,5381 34,684,750 Average Daily . $905,003 71,030,163 . 1160414 Totel all.... duced the colors of the aurora mers in Tl'r" during the past w months, because of the inability to keep up payments. Current Demand Fair. Most of the dealers in the South are ocked, in anticipation of a fair- active demand, but flood conditions in the Mississippi area, which thus far have affected nearly half a million | acres, with fear of other sections be- | ing inundated, are causing a postpone- ment of orders. The prospects are that crops this year will be made with less cash than in a long time, which will an restricted buying of equipment, although plans include more feed and food crops than usual | It must not be overlooked that, un- | like in former years, a large portion of the $7.000.000.000 in new wealth pro duced from the soil by American fa 1931 still is in the farmer: ands, and that they will benefit by | the price increases now in progress. Of the 13,000 farm implement dealers in the United States, 65 per cent sell tractors and other power-farming equip- ment. About 90 per cent sell gasoline cines, of which there are more than £.000.000 in use on farms. The selling | of accessories required for power ma- rery likewise is handled through the quipment merchant. whose stock now includes such items as spark plugs, fan belts, gasoline, lubricating oils, pi ton rings, radiator hose, tires, belting, radiators and other automotive ac- cessories and part Many farm implement dealers are | capitalizing the electrification of the | farm by merchandising _electrically- | operated equipment for the household as well as for the farm proper. There are about 140,000 threshing outfits in the United States, which represent an | investment of $490,000,000, with an an | nual repair bill of $14.000,000, exclusive | of the $9.000,000 spent every year for miscellaneous supplies. | Price Reductions Medoerate. Most manufacturers have reduced | 1abor costs and overhead expenses dur- ‘While quota- | tions on metals are substantially lower | than they were a year ago, prices of | agricultural implements ~ have not | dropped appreciably. The manufac- turing branch of the industry is con- | trolled by a few large concerns, and in | some quarters it is believed that pres- | ent quotations are being maintained | artificially, particularly on standard items. Price schedules for 1932 show that| | tractors are down between $40 and $200, with corresponding reductions apparent in plows, harrows, cultivators, presses and binders, with the general average 5 to 15 per cent under the 1931 quotations. On the whole, reductions are comparative with those made by RCSEI‘VCS Stocks Are at High Levels, With Potential Demand Weak. | Potomac Elec FARM IMPLEMENT TRADE FACES HANDICAPS IN NEAR FUTURE and Dealers‘ able. During the past two years farm- ers have fallen into arrears, and it has been difficult for them to make even reasonable payrents on thelr accounts. It is unlikely that there will be any appreciable improvement in this situ- ation during the first half of the en- suing year. Crop Costs Reduced. With the present lower selling prices for farm commodities, the farmer more than ever is dependent on the efficiency of machinery to reduce production costs. This will be a year when every motion " will count and when every acre must yield the full quota of its harvest ; ' The experiences of the past few years have proved that machinery offers the most dependable way to keep produc- tion costs to the minimum. For with modern equipment, one man can_handle 150 or more acres of corn, against an average of about 80 acres a few ycars | ago. The combine can harvest and thresh 35 to 40 acres of wheat in a single day, with one machine handling as much as 500 acres in 15 days. Com- bines now are used in every State in which small grains are of any impor- tance. With modern power machinery only 30 to 35 hours of man labor are required to grow an acre of cotton, ready to pick, as compared with 80 hours under the old one and two mule system When it comes to making hay, one man with a tractor-drawn mower and side delivery rake can cover 25 acres a day, which is about 50 times the area, one man could. cut and rake a century ago. The combine method of harvest- ing rice has reduced costs from 50 cents to 75 cents on each barrel. In addi- tion, there is a considerable increase in the amount of grain harvested per acre, as compared to the former method. Many Improved Machines. While machine farming is a century old, the centennial of the grain reaper having been celebrated in 1931, power farming, in the inclusive sense of the word, has been brought to its perfec- tion 'in the past decade. The high point of its development was maiked by the introduction of a general pur- pose tractor that could cultivate corn and cotton. Prior to that time, it was necessary to use horses to till the row crops, which constitute about cne-third of the entire acreage. The perfection of maciinery for the use of the corn grower has done more than almost any other implement to reduce the cost of production on the farm. In 1929, there were 98,000,000 acres cultivated in corn, whereas the wheat acreage was but 51,000,000 Wheat once planted requires little at- tention until harvested, whereas corn, the acreage of which is far less mect nized than is the wheat acreage, must be cultivated a number of times during the growing season. Fair Expansion Lxpected. Taken as a whole, farm imple- ment industry is in good piaycical con- dition. Heavy expenditures have ber made for modern machine equipment in most factories and line production has been established where jt aas been practicable. Quality workmanship is on a high plane, and the selection of materials used for manufacturing pur- poses is extremely ciorough. The agricultural implemens industry naturally is dependent npon the farm- mg.rla.fls. and its recovery 1s resting upoh the betterment of crop prices and a general improvement among the agricultural classes. A favorable fea- ture from a selling standpoint, is the fact that replacements are inevitable, due to the lack of purchases by farmers during 1930 and 1931 As viewed from most angles, the farm implement industry .ppears to Lave placed itself in a stratezic position wherein it awaits on better general domestic and foreign trade conditions for full assertion of its place in the busi- ness world. Althouzh the value of farm lands and buildings shrank from $66,000,000,000 in 1920 to $47,000.000.- 000 in' 1930, there still are 6.500.0 farmers who will be back in their fields with renewed hope and courage on the first warm day of Spring. Markets at a Glance NEW Stos YORK, January 30 easy: leaders move narrow! irregular; U. S. Governmer Curb easy; downward drift con- tinues. Foreign exchanges irregular; yen firm. Cotton barely steady: steady cables; spot houses and Far East buy- ing, Sugar steady; trade support. Cof- fee'quict; European selling. FEDERAL RESERVE RATIO. By the Assox d Press. ‘The ratio of total reserves of the 12 central banks to deposit and Federal reserve note liabilities combined con- tinued to show an advancing tendency during the week ended January 27. In the percentages that follow the ratio is given for comparable weeks, as reported by the Federal Reserve Board Week ended January 27....67.4 per cent Previous week . 67.3 per cent Same wek last y 82.7 per cent WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES SALES. Mergenthaler Linotype—4 at 53, 4 at 53. AFTER CALL. Washington Gas 6s “A"—$500 at 100, $1,000 at 106. Capital Traction Co.—50 at 18, 5 at 18’5, 5 at 1815, Potomac Electric 515% pfd.—1 at 104, 5 at 104, 4 at LSM 3 at 104, 2 at 104, Washington Gas $100 at 99%;. Bid and Asked Prices. BONDS. i PUBLIC UTILITY. Amer. Tel. & Tel Am. Tei. & Tel. ctl Anacostia & Pot. K. Ana. & Pot. Guar | C.'& P. Tel ot Va. 55’ Capital 1raction R_R. 55. City & Suburban 5s.. Georgetown Gas_ 1st 5. Fotomac Elec Cons, 5¢ 6s 1953.. .. Wash., Alex. & Mt, Verrion ¢ Washington' Gas 412s.. Washington Gas 5s.. Wash. Gas 6s, series A Wash, Gas 6s. series B. Wash, Rwy. & Elec. 4s 55 MISCELLANEOUS. Barber & Ross , 81s.. Chevy Chase B1as Columbia Countr b 515 W. M. Cold Storaze 5s. STOCKS. PUBLIC UTILITY. Tel. & Tel. (9) Capital _Traction { Wash. G N. & W. Steambo; Pot. Elec. Power & Pot. Elec, Power 5.7 t 102" 103 Amer. wash. Rwy. & Elec. com, (7). o | Wash. Rwy. & EL pfd. (5).. 44 NATIONAL BANK. Min. price. Capital (14).. Columbia (12) Commercial (stal District (8) .. : Fed.-Amer. Natl Bk. & Tr. (2). Liberty (78)......... 2 Lincoln (100" Metropolitan’ (14) Riggs (15).. Second (e, Washington '(i2) TRUST COMPANY. Amer. Sec. & Tr. Co. (15). producers of automobiles and other manufacturers using large quantities of steel. The collection situation is unfavor- Natl. Sav. & Tr. (12) i Prince Georges Bk & Tr. (6) ynion Trust (85) Wash. Loan & Trust (14) . | Mergenthaler_ Linotype *| Ter. Ref & Wh . | Metropolitan Club 4} TREASURY FAVORS - GOLD MONEY BASE Officials Declare U. S. Is Not Likely to Abandon Pres- ent Standard. BY CHAS. P. SHAEFFER, Associated Press Business Writer. | Treasury officials declare emphati- cally the domestic business situation is | not likely to reach a point where | abandonment of the gold standard in | this country would be either necessary or justifiable. The information recurring rumors from abroad, and wholesale suspensions Hemisphere which be England took the step last Fall. Added stimulus has been given the rumors by constant withdrawals of gold from this country by foreign bankers, particulatly | | in_October and November. Such an event is held to be not justifiable on the grounds that the United € S the enormous supply of almost one half of the gold stoc of the world, and has been able to ful- fill_all demands from foreign banks | with ease. Should all balances in this market be withdrawn simu 1eously, the demand, they soy, could be mgt without reducing our supply to a dan- gerous level. | Voluntary suspension of the stand- |ard is even less probable, it was said. Such a policy would reduce the value | of the huge stock of gold in this coun- try, would complicate obligations al- ady entered into between debtors and ditors, and would shatter the con- | fidence built up during the last 321 years during which this' country h: been on a standard of gold with highly beneficial results The only advantage attending a sus- pension of the gold standard, in the vision of these officials, would be to decrease the public indebtedness—but even this would be accomplished at the expense of the public which had put its funds at the disposal of Federal and State Governments. ENCOURAGING SIGNS SEEN BY REVIEWERS Domestic Trade Conditions Remain Quiet During the Past | Week, However. was advanced to emanating manly suggested by the i the Eastern an actively when | By the Associated Press NEW YORK, January 30—No de-| cided improvement in trade manifested itsel the eck, but as a result of a instances of increased activi the period was not entirely without en- | couraging developments, the Dun and Bradstreet Weekly Mercantile Reviews | said today. Dun'’s said the employment situa- | tion was showing improvement and that a readjustment of wage scales in nu- | merous industries is being effected. “Over-production is much less men acing than it was in 1921," said th review, “and manufacturers are allow- ing incoming orders to regulate sched- ules “While mod: still restrictin seasonal mercha thus far as been construction activiti Bradstreet said: “Reports leading cities reveal only amount of seasonal activi wholesaiing and manufacturing _lines The slightly greater optimism mentioned | last week is still apparent in some of the reports, but on the whole busir is not showing any signs of an upturn The results the Reconstruction | Finance Corporation are being awaited with interest 1 “The heavy industries are not ex-| panding with any pronounced rapidity, but there is some advance noticeable, one reason being the belated production of the new model automobiles.” SEARS, ROEB.UCK NET $2.50 A SHARE FOR YEAR Associated Press. CHICAGO, January 30.—Sears, Roe- buck & Co., largest mail order and chain store organi in the world, earned net income of $12.169.672 in 1931, as compared with $14,308.897 in 1930, President R. E. Wood announced y terday. The earnings rate temperatures are | the free movement of | dise, the open winter vorable for outdoor from a limited in certein vere equal to $2.50 a share on the e number of shares outstanding du the year as com- | pared with $3.01 in 1930 and $6.36 in 1929 Dollar sales declined only 11 per cent from 1930, although prices were reduced 15 per ce Gross sales declined $43,- 000,000 from 1930 and $96,100,000 from 1929. Gross sales for 1931, representing mail order and retail sales combined, WS.HI 209,053; net sales, $316,- | Sales in retail stores passed mail order sales for the first time in the com- pany’s history. SAVINGS BANKS. nk of Bethesda (65) Com. & Savings (10) 5 hington (13} Qo). ... Sav. & Com. Bk enth Street (12) United States (30) Wash. Mechanics (30} | FIRE INSURANCE. American (12) Corcoran (10) | TITLE I3 | Columbia (6h) | Real Estate’ (61 MISCELLANEOUS. 1015 | 160 Barber & Ross, Inc., Sk Col. Medical Bldz. Corp. D. C Paper Mfg. pid.... Dist. Natl. Sec. pfd. 5 Emer. Bromo-Selz, “A" (2) Federal Storage pfd. (8)... | Fed.-Am.” Co. com. (1.201) " | Fed_-Am. Co. pfd. (6).. Lanston ‘Monotype (6)....."" Mer. Tr. & Stee. com. (i0). Mer. Tr. & Stge. pfd. (1) com...... 6) ®) (8) RUIAN Natl. Mtge. & Inv pfd | Peoples Drug Stores pfd. | Real Est. M. {d. (6 | Security” Storage (58).. Corp. (3. The_ Carvel. Corp. (31 | W. Mech. Mtge. com. (6) Wash. Med. Bldg. Corp (7 Wdwd. & Lothron com | Wdwd' & Lothrop pfd. ( | *Ex. dividend. bBooks closed. nase extra. £30c extra §1'c extra. el'ic, extra. Unlisted 7bé;:arlment. BONDS. Miniraum price Asked. el 3 | Army-Navy Club 5: Cosmos Club 4. Commercial Club 1st’5s, | Mayflower Hotel 65 Nat. Press Bldg 1st 525.. STOCKS. Anacostia Bank......... Chapin Sacks 87, pfd... | Gonnecticut Pie Co. | Chr.” Heurich Brewery.. ict Title Insurance Co klin_National Bank... Munsey Trust Co... : National Capital Insurance Co [market lows. | the fore: | lambs, | amount of capital available for securi- | ties when prices are considered ‘right. i Exchange today: BONDS ARE LOWER INLIGHT TRADING Japanese Government Issues Hit New Lows for Bear Market. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 30.—Bond | prices, both foreign and domestic, | moved substantially lower in light trad- ing today. The market opened with a nervous tone. News dispatches indicated that China was on the point of declaring war on Japan, and there was much liquidation of securities on these re- ports. Japanese government issu dropped 1!, to 2 points to new bear Tokio Electric 6s were off 2 points and there were sharp droys in Toho Electric Power 6s and 7s, Yokohama 6s, Taiwan 5'.s and Orien- tal Development 515s and 6s. The selling spread to European and South American descriptions, with the most active losses in German govern- ment 5!.s, German Ceniral Bank 6s, Rome 6.5, Sao Paulo coffee loan Ts, Argentine 6s and Brazil 6},s. Austra- lian government bonds were sharply lower and New South Wales 55 were off to a new low cn the move. ‘This last was in reflection of the announce- ment by Premier Lang of New South Wales that the state would default on its February 1 foreign loan interest un- less the federal government furnished $2,000,000 to help meet the payments Figures published this week showed that New South Wales, Queensland, Western Australia and Tasmania would all have unexpectedly large deficits Domestic bonds, while affected by situation, were more direct- | ly under pressure because of the con- tinued adjournments of the Chicago Rail Wage Conference. Railroad issues dropped ': to 1 point between s Nickel Plate 65 declined nearly 4 points Losses of a point or more were the rule in Erie 5s, St. Paul 5s, Alleghany Cor- poration 5s. Rock Island 4!.s, Boston & Maine 5s, Missouri-Pacific’ 55 and New York Central 6s. Chesapeake Corporation 5s were off 3 points to a fresh low, but most of the high grade or investment type railroad | bonds were steady. Prime. utilities such as American Telephone 5s and Philadelphia Co. 5s were unchanged to | a shade better. United States Govern- ment long-term issues were narrowly | higher so far as the Liberties were con- | cerned, with Treasuries as much as| 16-32 above Friday's closing leveis . IWashmgton Produce tub, | | re- | Butter—One-pound prints, 28; Eggs — Hennery, 16al7; current alive—Turkeys, old toms, 15a | toms and hens, 20a22: | ns, 3 pounds and over, 16al8 » pounds. 18a20: broilers, 1! pounds, 18; hens, large 14; Leghorn he: eats, youn 5 Poultry, old_toms. young toms and hens, 3 pounds and over, broilers, 3 hens, large, Leghorn_hens, 14: roost young, 55a60; old. 50 ts—Beef, prime, 12; medium, 11; { lamb, top, 15; medium. 13al4: ve 14: medium, 13; pork loins. 13al4; . 8 to 10 pounds, 12; 18 to 19; smoked hams, '16al7; n, 16al7: lard, 80-pound | package, 7: contpounds, 6 stock—Hogs. light and_medium, heavy, 3.75a4.00; pigs, 3.75a4.00; 200a300; calves, 4.00a9.00; | 4.00a6 50 ts—Strawberries, 20a30; apple: ; fancy box stock. Florida, 2.7533.50; California, 3.50; grapefruit. 2.00a2.50; pears. 350a £00: pineapples, 3.00: grapes, Emper- ors, 450; Almeiras. 5.00: lemons 4.00a4.50; tangerines, 125a1.75: kum- quats, quart, 10a15; bananas, 1.50a3.0 alligator pears, flats, 2.50a3.00; rh ot house, 5 pounds, 1.25; honey- Chile, 2.50a3.00; plums, Chile 50. Vegetables — Potatoes, Maine, 100- | pound sacks, 140: New York, 1. sweets, 50a1.00; Idaho bakers, 2.40; t matoes, repacks, 250a3.00: squash, , 3.50: peppers, | 75a1.00; car- beets cauli- 0; peas, 6.00a6.50; broc- 2.5023.00: lettuce, Iceberg, 2.50; | ¥, 2.00a2.50; cucumbers, 4.50a5.00; | Spring onions, per dozen bunches, 24: mushrooms, 65a1.00; ~salsify, _dozen bunches, 50a60: artichokes, 4.50a5.00: parsnips, 1.25a150; cabbage, new, 2.25 a250; old, sacks, 1.00; string beans, 1.50a2.25; watercress, 1.00a1.25; egg- | plant, 3.50 114 20a21 440 roughs, pints, 10a15; ! bushel baskets, | 2.50; oranges. 3.5024.00; . 2.00a2.5 .0DD LOT BUYING. NEW YORK, January 30 (Special).— Investment buying in odd lots con- tinues in a steady stream and has taken a_considerable volume of securities out of the market. Brokers say it consti- tutes an important absorbing element against small liquidating sales by insti- tutions and investors. During 1931 one of the preminent odd lot houses sold to the public on balance 14,000,000 shares. As much more was probably done by other houses which make a specialty of odd lots. This does not come up to the record of the period between Octo- | berM929, and March, 1930. but, in view | of the alieged poverty of the investor, it is taken "to indicate a substantial CHICAGO STOCK MARKET CHICAGO, January 30 ().—Follow- ing is the complete official list of trans- | fons in stocks on the Chicago Stock | STOCKS. s High 100 Adams R liied Mot Ind 00 Am_ Radio . 50 Art Metal 80 Assoc T & T “A". 300 Assoc Tel Util 700 Bendix_Aviation 150 Binks Mfg ...... 500 Borg-Warner ....1110 150 Bruce (E L).... 100 Ceco Mg 4 50 Cent Il Pub Ser pf 200 Cent 1ll Sec Cv pf. 100 Cent Pub Serv A 600 Cities Service . 150 Com'with Edis 4900 Comwlth Ed_rts.." 100 Consumers 67 pf.. .. 50 Cont Chicago . 400 Cont Chic pf 1700 Cord Corp 100 Corp Sec 200 Corp Sec pi 20 Crane Co 10 Crane pf ..., t Lakes Aircrafi | . es Dredge y-Grunow . 100 Il Brick ....... 2000 Insull Util " 50 Insull U pf 50 Ma 600 MzWilliams 150 Mickelberry’s 2400 Mid West Util..... .. 25 Mid W Ut 67, pf Al 10 Miss Val UGl pf, ... 20 Monroe Chem pf. 100 Nat Secur Inv pi 50 Nat-Standard 100 Norwest Bancor| 100 Ontario "Mfg.. 100 Pines Winter 50 Process Cory 80 Pub Serv 6% pi. 20 Pub Serv 7% pf. 4300 Pub Ser rts... 4800 QRS Devry.. . 10 Quaker Oats pf. 100 Swift & Co. 100 Swift Intl 100 Util & Ind of. 100 Van ‘Sicklen A 100 Walgreen Co. valty . w558 3003" il ON NEW YORK BONDS STOCK EXCHANGE Received by Private Wire Direct te The Star Office UNITED (Sales are Bales. Lib 3153247, 522 47 18 38386 56 65 . 165 155 US4%s47-52..101 Sales. Abitibl P&P bs | Alleghany Cp | Allegheny 5 Allegheny b: Am F P 552030 Am 1GChbls Am S&R 1st 58 Am Sug Ref 6337, Am T&T cv 43539 Am T & T bs €5, Am T&T c tr bs Am T&T 638 f'60. Am T&T hl4s 43... Am W Wks 65 ‘34. . Am Wat Wks 6575 Arpentine 5% s '62. Argentine May '61. Argentine 63 Ju's9. Argentine 63 Oc's9. Argentine 63 A '57. Argentine 63 B '§3. Arm Del 5%s8'43. .. Atchis 43 1905-55. ., Atchison gn 43 '95. Atchlscv 415848, . AtGulf 5859, ..., Australia 434s '56. . Australia 5556 Australia 6367 Austria 7542 Austria 78 ‘67 B&O 43’43, O4%s°33 Bk Chile 6% 5 Belgium 63 ‘55 Beiglum 6348 "¢ Belgium 75 '55. Belgium 7866, ..., Bell Tel Pa 63 B43 Bell Tell Pa 53 C'60 Berlin Cy El 6x '65. Bolivia 76 Bordeaux 63 ‘3¢ Bost & Me 4% s Hos & Me 58 55 Bos &Me § Brazil 634 Brazil 8s°41. .. Eklyn Man 63 6 Budapest §5°62. . Buenos A 6361 P Calif Packing 5 nada 45 60. . Canada s ‘62 3 Vat Ry 414556 t43%m 57, ., t4ls 68 ‘at 53 July’s9. at 63 Oct '63. or 648 db 46 Nor 7s db 40 n Pacific 4% s 46 Can Pac 4%s'60. .. Car Clin & O 6s 52, Cent 'll GAE 68’51, C&O 4%sA'93.. C&O4%3B 95. .. C B&Q 18t rf 5371 CB&Q 111 dv 43 '49 | Chi Grt West 4559 Chi Ind&L gn 55 '66 Chi (nd&Lou 6s'66. C M StP&P 53°75. . > M & St Padjbs. . P1&NW 4165 203 Chi& NW cn 4%s. “hi R Icv 414860, C TH&SE fn 55°60. Chi'T H inc 6s '60. . Chi Un Sta 6343 '63 C& W In cn 452 Chile 85 61 Chile 6 '63 b Chile Cop dh 58 47. C&St L 4%s F'77 CCC&StL5s D63 ‘lev Term 68713 Colemb 63 Jan ‘61 Colomb 6861 Oct. . Colo & Sou 4%5°35 Colo & Sou 4343 '80 Col G&E 53 May's2 Col G&E cou §a '61. Con G NY 4348 Con G N Y 5%s '45. Con Pwr Jap 6%4s.. Con Pow Japan 7s. Cuba 5348 45 Czecho 88 '51 s Del & Hud rf 48 '34. Denmark 4%s '63. . Denmark 538 '55. . Denmark 63 '42. ... D& R Gren 4s'36. D&RG W b8 '55.. Det E G&R4% '61. Det Edison rf 58’43 Deutsche Bk 6 Dodge Br cl 63 °40.. Duquesne 4% 67 Dutch East I 6847, Dutch East 1 62’62, El Salvador 8548 Erie 15t con 48 9| Erfe con 45 A '53 Frie conv 48 B Erie gen Brie Erie 5875, Fiat 7s war. Finland 6385 Finland 7s '50. Fisk Rub 82 '41, French 7s 49 French T%s Gelsenk’hen §3'34. Gen Baking 5% s 40 Gen Motors 63 Gen Th Eq German 5l4s German Bk 6338 . Ger Cen Bk 6560 J Ger Cen Bk 6260 O Ge*man 7srep 49. German Bank 7s ‘50 Ger Gen El T '45. . Goodyr Rub 5a's7.. | GrandTr st ab 6216 Grand Trunk 7s'40 GrtNor 443" B Grt Nor gn 78 '36. . Hud & M rf 58 '57. . Humble O 5% s 332, Hungary T%s '¢4. . 111 Bell Tell 68" 111 Cent 4x '53. 111 Cent 4% 66 1 Cent 6%s 11l Steel 433840 111 CCStL&N 68 A. . Inland St 434 s B'81 Int Rap Tr 55 66. . Int Rap Tr sta '6§ Int Cement 63 '4 Int Hydro Kl 6344 Int & Gr Nor 65 '66. Int &G N ad 63’52, Int M Co b5 ret’s1.. Int Match 68 *47 Int Pap 65 A “¢' It T & T 4%8’62 Int T&T oy 4%3'39. IntT&T 68’65, Italy 7861 - Japanese 5143 65, . Japanese 6%s '54..150 Jugosl Bnk 73 '57., Kan C FtS&M 45’36 Kan City Ter 43'60. Karstadt 63 '43 Kreug & Toll 58'59. Laclede 6345 C'53. Laclede 533 D '§0. Lautaro Nit 6s '54. Leh Valcv 4s 2003, Lig & Myers 53 Lig & Myers 7. Long Isl db 5537 760 Wayne Pump pf... Northeast _Savings Bank. Park Savings Banl Raleigh Hotel Co....". .. ngton Savings Bank.. neton Title Insurance Co. hington Base Ball Club. 62 | Wocdridge-Langdon Sav. Bank, 20 100 Wayne Pump . 50 Western Cont Util 50 Wis Bankshrs L3y Stock sales today. 36.000 shares. BONDS. Com Gl 0 5'us Bond sales l.D(lfl!hJ $55.000. 5 5 3% Lorillard 5s '51. L& Nuni 4340, L&N4%52003 L &,N 53 B 2003. . Lvons 6s'34. STATES. in $1.000.) Sales Manh Ry 1st 45'90. 13 Hign. Low. Close. |Marseille 65 °34.... 10 9418 9415 9416, Midvale Stl 6s°36.. 1 98 16 9731 986 | Milan 6%s '52. 6 9916 997 9911|Mil ERy & L Gs 2 868 8515 862 | Ml I Ry&Lt 6871 A7 8613° 873 | MSP&SSM bles 78 91 916 9124 MK&T4sB62... 91 916 9120 |MK & Tadj 5867, 901 934 90 10| MK&T prin 5sA’62 92 9128 922 | Mo Pac gn 4s°'76 9614 969 969 |Mo Pac5sF 77, 100 14 1009 1009 |Mo Pac 58 G '78.. Mo Pac 55 H '80. .. S Low Mo Pac rf 58 '81... AL Mo Pac 5%s A 49 Mont Pow 5343 Mont Pdb 5 Y Mont Tr 1st s '41. Mor&Co 1st 4% 8’39 Low. 34 99y Aigh 34 9915 931e 6614 89 85 55 20 4 6 7 19 12 93 8 102 3 102 29 95 7 98% 40 96 17 10114 59 48 53 73 10314 98% 40 Netherlands 6s 72, N Eng T 1st 53 '62. NYC&SUL 6532, \ Y Edisn 6s B'44. NY NH&H db 4557 NY NH&H 4358 67 HEH cd 6348, VY O&W 1st 4’92, XY Tel4%s 39 3 Nta Sh Md 5% 50, ord §las 50 0 Am Co b3 “61. .. Nor Am 55 C'89 or Am E 538 '63. Nor Pac 3 2047. .. Ncr Pac 4s°97... .. Nor St Pw s A "41. Nor Pacr16s2047. Norway 5363, Norway 643, Norway s '44. Norway 63 '52. Oreg-Wash 4s° Orient dev 5% Orfent dev 63 '53 Pac G&E 53 ‘42 Pac T&T 1st : Paramount 6s'47. . Paris-Ly M 63 58. . Paris-Ly M 7s '53.. Paris-Or 5143 68 Penn gn 413 Penn 414870, Pern 43563, Penn 664 ... Penn 6136, ... Penn P&L 4158 81, Peoples’ Gas 58 '47. Peor & E 1st 4540, | Pere Mar 414530, Peru 63 °60. . | Peru 6561 | vnila co 5867 | Phila Eiec 4511 | Phil & Read 6349, | Phillip Pet 51829 P C C&StL 53 A '70 Poland 78 ‘47 Poland 83°50. .. ... Port Gn E1 4%5°60. Por R Am Prussia 6s | Public Serv 4s"T1.. | Pub Sv G 4%s°70.. |Pure Ol 5353 | Queensiana 63 '47, Queenslana Ta 41.. leaa gn 4% A '97. Rem Arms 63 A ‘37 Rem R5143 A 47.. Rhinelbe 7s ‘48 Rhine West 6s Ric de Jan 6%s ‘53, R Gr Do Sul 63 68 Rio Gr W 1st 43 39 | Rome 6348 ‘52 StL IM R&G 45°33. |51 L&SF in 43 A 50 SIStL&ESF41 StS Wends 32, | Sa0 Pau 78740 ret s e e R EXS==rs SowvnwuraSe~heZeB8I3 95% 101% 898, 8214 665 82 9914 ESEN 94 50 o= 6% 61 83 38, 48 MR AR AR RAR L~ - 90 5315 30 £3 6915 5513 85 37 3474 1% 9 70 e oo GuaS Seab A L rf 45’59, ah A Lev 6s’ Serbs-Cr-S17s'62.. 1 Shell Un Ofl 58 '47. | Shell Un 011 6 |SincO7scv A3t | Sinccrosns-as.. nc PL6s 42, <elly Oll 538 Shinyetsu 648 0D 63 ° Solvay A: Sou Bell T&T 58 '41 | Sou Pac col 4s'49.. Sou Pacref 4555, . u Pac 4345 '68. Sou P 413369 ww. Sou Pac 433" Sou Ry &n 4s '56. Sou Ry 65'56. . | StOIINJ 58 46 |stonNY e | Sweden 5% Swiss5%s 46 Tatwan EP 5% 71 24 |TennEIPGsA47. 9 Tex & Pac it Tex& P5sD'80... 1 Toho E| Pw 63 " 55 | Toho EJ Pw 7s '55. 4 Tokio 5%s '61 Tokio EI Lt 63 ‘63 Un Pac 1st 4547, | Un Pac 4s ‘63 . Un Pacrf 452003.. 9 Un Pac ¢%s ‘67 A Utd King 538 °37.. 21 “|US Rub 1st 58°47. 10 UnStW64sA4T. 5 Ud St W 6% 8A'51.. Uruguay 6s 60 ! Uruzuay 8s 4 | Utah P & L 5344 508 | Util Pw 6559 ww. Util Pow 5% 8 47 Vanadium St 55’41, Vienna 6= . Va Ry & Pw 58 '34. Va Ry 1st 5362, | Wabash 4%s°18. .. | Wabash 1st 5339, 914 64 64 493 60 997 89 85 NS G IS o 197150 m e o b ..209 1 1 oo o o 2N auS~Seaannang o 89 11015 9 1113 1% 37y 3 371y 907 99 31, Walworth 63 A '45. warn Er Pic 639, Warsaw 7s '58. Weat E1db 5344, West Md 4s '52. . West Md 5% 77 West Pac 534 West Unfon 5351, 9% | West Unlon 58 0. 66t | Wes: Un6i4n 36 g | Wis Cent gen 4336 i | Yokohama 63 61, i | Yastn S&T 58 A'TE. 5815 3 87, 6 100% 51 97% 905 Epecial Dispatch to The Star. | NEW YORK, January 30.—Stimulated | by news from the Far East, cotton prices today moved up under increased | activity and closed with a net gain of 14 to 7 points. Week end covering and ! steady buying for trade account abso: bed contracts and the market closed with July at 7.05. around the top. Spots | were advanced 5 points to 6.80. | Cotton range: | Cotton range Open. 6.70 688 7.04 26 High 6.73 691 06 28 March ... Getober December January . RAILWAY EARNINGS. NEW YORK, January 30 (#)—The first 55 railroads to report for December had tptal net operating income of $21,- 123,000, cmopared with $40,231,000 in December, 1930, and $23,600,000 in No- vember, 1931. Gress revenues of these carriers in De- cember aggregated $197,792,000, against $257,325,000 in December, 1930, and $208,097,000 in November, 1931. T2 et 991y Miss V. Mullen, Sweden's skating champion, is featuring a minuet on the 6% ice in her exjibitions. 12 1 1 25 1 7 2 13 13 65% FLASS BANK BILL " DELAYED FURTHER Measure Designed to Bo!ster Federal Reserve System to Be Rewritten. BY C. B. UPHAM. The progress of the Glass bill | Tevision of the Federal Reserve act a national bank act, which at first peared to some Washington obser likely to be swift and smooth, has been interrupted by difficulties and dela: | It has been announced 1l be rewTitten by the subcom Senate Banking and C tee, which originall I “The bill probabl the Treasury D on the eflects of the varic us provi: 3! It is known that the office of Loe controlier of the currency takes the sition that sections of the m which a the national ban | require “careful study and of the effects upon & ! vised by that office the Federal Reserye I position with respec | relating to the Feder referred to a report nd Proposals Are Studied. bill is not one | readily comprehended by !ing. Indeed, agencie ing digests o its benefit of puzzling fc the proposals The conce Board is re from. the possibility 1 in the system would be | some of the the bill. Morcoy | thorough consideratior ness of all proposed ¢ ilar fashion, the | cernad over 'repo | national bank | plating taking out S Glass bill becomes A common_criticism of | that it does little, if an | lieve the present difficu | banks, but is devoted largels up restrictions and regulations ¢ | future conduct regarded as undul the standpol supervision, difficult of enforcement Those _interested argue that their strengthened the their Titories that this is hard them for having tak have. Moreover, t absence of any restric ation of personal point out the ince harshly with the str tiple banking, wk neglecting altoget | ous type. | In connection wi each Pederal Reserve | scribe annually to the | Closed Bank Liquidating Cc an amount equal to on nnual increase of ijts been pointed out that for t | the banks of the of surplus something o and that banks which ha ported 1931 earnings shg cded from rather than additions to accounts. The a ha some of 1 Reserve contr if organ: ba 5 2 s Concern Over Bill. American firms ngaged trade. which frequently to maintain bank accounts in ountries, Canada, and elsewhore expressed some concern ove tion of the bill which p: porations_engaged ng funds king associations incor the laws of the U some one of the St thereof.” While probat ,t0prohibit foreign | counsel who have cor tion are of the opinion thrt effectively do so. They point o over, that the bill makes it o on_corporations counts, for it reads that , which 'shall to depo: | banking associations ince the United States or of x States or Terri gage in such Shib idered | Virginia Electric & Power. RICHMOND. Va., Jant 30 The board of directors of the \ Electric & Power Co. yest thorized new amounting to $1 Payment of the quar 1'> per cont on the com ferred stock, was aul DIVIDENDS DECLARED NEW YORK, January 30 (#).— Extra Par- able Hidr: pany recor ners” Bk of t te of Del at A & P Tea Feb Special. N Y Bk Trust 1c Feb. 15 Increased. Rose 5 10 & 25c St.50c A Reduced. Diversified Inv Tr (Akren) T Feb Q Feb Omitted 1 Canadian Dredge & Bk Cuba Co pf Mickelberry's Pood Pr.2 Pairpoint Corp pf Deferred Eisemann Magneto pf Florsheim Shoe Do. B Danls & Fisl Early & Danie Del. Franklin Mutual Fd Fried & Reineman Pack pf Do. pf B Glens Falls Hersh ticlopha Do. pf Horn & “Hardart of NV pt Int Safety Razor A Do B Leh Pw Sec 6 pi 1 Lobl Groceterias A2 Do. B Louis G & Ei' A & E§6 1. £1.50 b s kg Co pf. 3175 N Y Bk Tr Shrs. 134 North Ins (§25).... .52 Peninsular Tel pf 517 Peop Nat Fire Ins.20: Reading Co 1st pf .50c Rose 5 10 & 25¢ Strs U8 DLS ot on S STD Segamore ‘Miz ... 81 Southern Pipe Line:30c Stuyvesant Insur.37'ac Toledo Ed 77 Pf.38}:¢ Do. 6 . ......50 Do. 5, pf lze Trustee Stand invest BHES D't cves do 52490 Wagner Elec i2izc Warn Br Pic pf.*96%c Werthan Bag Corp, e e T Do. &7 pr pi. . $1.75 Westvaco Chlor Prd 40 Mar *Previously reported incgrrectly as been omitied. 15 Y RZZ0O0O £ pu i0 . 14 2 Jan. 35 Peb. 15 naving 000 0O