Evening Star Newspaper, February 1, 1932, Page 14

THE EVENING STAR, WASHINGTON, D. C. MONDAY, FEBRUARY 1, 1932 BONDS RERULAR o= BONDS o e N ACTVE AT UNITED STATES. . High, e muT iy Railway Group Subjected to; Profit Taking After Early Advance. FINANCIAL. i FINANCIAL., NEW YORK STOCK EXCHANGE Received by Private Wire Direct te The Star Of A—14 #¥x» INDUSTRIAL TREND ANALYSIS IS GIVEN Near-Term Prospects in Va- rious Lines Are Stated Low. pre 48% i 70 2:35, 4 49% 365% FL TRADE SEES £ BETTER BUSNES E?v. Sentiment In Industry Is Bet- % | ter FollowIng Recent @aln Int Rap Tr b: Int Rap Tr ata ‘66 Int Rap Tr és'13. Int Cement §s'48 Int & Gr Nor és", Int & G N ad Int Hydro X1 64 Int M Co bs ret’¢1 Int Match 5s'47..., Int Pap 58 A *47 IntT&Td%s Int T&T cv ¢%¥'3! Bales— Mot Add 00. High. Low. Close. Chge 7 3% 3% 8% 84 27 4 2% 4T —1930— Stock and High. Low. Dividend Rate. Tobacco Products et. 14 6 Tobacco Prod A t95¢ Tob Prod A ct 95c.. 18 2 Transamerica Corp 17% 2% Transue & Williams 1% 2 Tri-ContlCorp...... 49% 363 Tri-Contl Corp pf(6) 24 5% Truscon Steel. b 6% 2:55. 949 985 9915 869 8716 9127 91 20 902 928 964 (Continued from Page 13.) Stock and Dividend Rate. Proc & Gamb pf (5). 150s 101 Producers & Refin 1% Prod & Refinerspf... 20s 6 Public Sve NJ (3.40). 18 B34 Public Sve NI pf (5). 1 80% Public Sve NI pf (6) x 1 98% Pullman Corp (3). 22 TAb 3348 32-47.. 11 94 949 Llst4%s32-47 61 9812 984 L 4th 4%533-38101 99 15 9910 US3s1951-6... 7 8612 868 %8°49....118 8716 872 HsM4el-3 9 9128 9124 4%sJ40-3. 16 9120 9120 %543-47. 106 90 24 902 %9 46-56.. 86 5 44-54. 17 Bales— Net. Add 00. High. Low. Close. Chge. 100 101 +8 1% 1% + 6 6 5213 51y 80% BO%W —19851 High. Low. 112% 97 6 1 16 3 9614 494 102} 78 1204 92 58y 15% s s s 4 45 51% 92 8 96 14 s s 922 1-F (3) s 96 "nderwood-k in Survey. Bpecial Dispatch to The Star NEW YORK, February indications of the trend in various divisions of industry and trade are summarized by the Standard Statistics Co. of New York, from its first of February resume of the outlook for im- portant lines, as follows Advertising—Present that aggregate advertising, and, con- sequently, trade earnings. in the cur- rent half vear will fall materially be- low those of the like interval of 1931 The most favorable experience will be record large printe; Agricultural machinery—With both domestic and foreign markets depressed and with no marked demand stimulus in early prospect, the present low earn- ings level of the trade is likely to be prolonged Aircraft—Operations in the manufac- turing division are severely curtailed, while the establishment of a profitable level of operations in the transporta- tion division is not in early prospect. Apparel—Little betterment in sales can be expected until public purchas- ing power can be raised substantially. Automobiles—A further gradual ex- pansion of operations seems probable in uture months, although total production likely will continue under last year's volume for to co! 1.—Current indications are 2e time Automok Profits recovery be unusually ptty, but certain \panies in this group should make better than average show- several months. Automc res—Aggregate produc- tion will probably range under the similar 1931 experience for at least some months. Severe price competition is expected to continue, both as be- tween the manufacturers and the large scale_distributors. Building—A tendency toward bet- terment, especially in the residential branch, may begin to- make itself felt next Summer, but no present evidence 1s found to indicate a rapid recovery of construction activity. Chemicals—Only those producers that have been able to institute im- portant operating economies will, as a consequence, be gble to report profits dur the near term comparable to those realized the similar 1931 period Coal—Operations of anthracite pro- ducers during early future months, at least, will continue at a level well below that of a year earlier. Most producers of bituminous are expected to continue to operate without profit Electrical equipment—No important gains are likely until a very definite and | well sustained improvement in general| bus is well under way. ood products—The producers and distributors of package foods, dairy ! products, flour biscuits are quite favorably situated, but bread bakers and canners of fruits and vegetables | are confronted with such adverse price | conditions and. or, unusually keen ccm- petition, that profit returns in general are inadequate, and the early future! outlook indicates r material better- ment in these depressed lines. Profits for meat packers will continue inad: quate. | Leather—On a strictly comparative basis, the outlook for the shpe trade appears reasonably favorable. Machinery—No significant _expansion in prospect for at leact the first half of the current year. Medicines and drugs—Current quar- ter returns for leading companies will probably decline not more than 10 per cent from the relatively favorable re- sults for the initial three months of 1931 Metal c in s—Profits for leading can manufacturers, at least during the earlier part of 1932, will continue | around the curtailed levels of 1931, al- though material improvement should be registered over the longer term. Metals (non-ferrous)—Slight profits for the lowest cost copper producers could be realized with only moderate | improvement in metal demand. ‘The | near-term outlook for producers of lead and zinc does not indicate satisfactory profits during the present year. Earn- ings gold producers will probably continue an uptrend at the better sit-| uated mines. Office equipment—With the excep- tion of producers distributing largely on a rental basis, most companies doubless will experience extremely un- favorable returns during the medium term future Paper—Overcapacity and keen com- petition in the news print division are likely to strongly resist any firming tendencies in prices. Other divisions | are continuing to experience severely adverse_conditions Petroleum — Profits of even the strongest units will be unsatisfactory during the early months of this fear, and it is unlikely that an adequate level 1 of re will be attained for an ex- | tended period. Radio—A further interval of profit- less operations is in prospect for com panies in this line of business. Rail-oads—A continued low level of freight traffic is in prospect for at least the first half of 1932 Railroad equipme: not favorable for incre: of Iocomotives and frei m t—The outlook is ed purchases 1t car equip- Retai! trad is not believed that aggregate dollar retail sales during early future months will equal the to- tals for the corresponding 1931 periods. Shipping—Both {reight and passenger movements during early future months will probably continue to compare un- favorably with those of a year earlier. Steel—Although the drastic price- cutting witnessed during the latter part of 1931 has been largely terminated, there is little possibility of early recov- ery in steel prices. Sugar—Raw sugar quotations will| probably remain at or near current low levels during early future months. In the refining division competition from beet sugar and imported refined sugars will continue to be an adverse influence Textiles—Consumption of _textiles during the curent quarter is likely to| decline at least 10 per cent as compared | with the similar 1931 months Theaters—The motion picture indus- try has entered new year in a con- siderably healthier internal state than at the beginning of 1931, but a sus- tained profits upswing probably must await & fundamental general business improvement, : Tobacco—The cigarette producers are in strong positions. It is difficult to foresee possibilities of any material re- covery in cigar sales during the current quarter. Utilities—The electric light and power industry continues to record a gradual decline in output and in sales of energy. Curre evidence points to no near- term recovery to the levels of a year earlier, although the average utility company probably will be successful in retaining between 90 per cent and 95 per cent of its gross business volume. Sales of manufactured gas should continue on a virtual parity with 1931. Profits of telephone companies prob- ably will be moderately smaller. It is unlikely that any real improve- ment will be apparent in the position of telegraph and cable companies until there is a substantial quickening of trade activity in many important lines. It Stock Reduction Planned. NEW YORK, February 1 (#).—The New York Stock Exchange has received notice from Cluett, Peabody & Co., Inc., of a proposed reduction in the au- thorized preferred stock to 38,000 shares from 47,000 and a reduction in capital repre-ented by common stocks to $19.45 ¢ from $50. 11 3% bl 10% 274 60 4 2914 9715 807 19% 10% 26% 54 545 10% 42 PureOil...... B Purity Bakeries 1 tadio Cor 915 Radfo CorppfB..... 2% Radio-Keith-O(new) 813 Raybestos Man(1.60) 30 Reading Ry Co (2).. 1% Real Silk Hoslery. .. 17 Remington-Rand. ... 27 Reo Motor Car (40c). 4 Republic Steel...... 84 Republic Steel pf. ... 3215 Reynolds Tob B (3). 1% Rio Grande Oi1. 5 13 Royal Dutch of NY.. tores (5) trs pf (6). d(6oc) . neisco. . 10s 4 35 23 2 13 outhwn. .. vage Arm. 3 Seaboard Afr Line. .. aboard O Roebuck Seneca Copper. Servel Inc. .. o Shattuck (F G) (1).. Shell Unfon Ofl.....: Shell Union Ofl pf... Simmons Co. . . Simms Petroleum nelair Consol O1} Skelly Oil Skelly Ol Snider,Pac Snider P f W king cking pf Socony-Vacuum (1) Southn Cal Ed (2) Southern Pacific (4).161508 Southern Railway 27 Southern Railway pt 9 Sparks-Withington.. 1 K el-May-Stern. . 2 Stand Brands (1.20). 44 9 1 12 47 18 Stand Invest Corp. .. Stand Oil of Cal Stand Oil of Kansas. Stand OII N J (12). Sterling Sterling Secur pf. . Sterling Secur cv pf. Stewart Warner. ..., Stone & Webster (1) Studeba Sun Oil p 274 Superior Steel.... % 101, Sweetsof Amer (1), Taph (1.40). Texas Corp (2)..... Tex Guif Sulphur(3) Tex Pacific Land Tr. Thatcher Mg Co. Third Avenue 5 Thompson Prod 1.20. Tide Water Asso Ofl. Tide Wat Oil pf ( Timk siler B( Tobacco Produc 4 3 2 26% 205 387 7n Oil o Tnit Al Tnit Al nit C: Tnit Col Tnit Col Init Fri Tnit G T Smt Stee S Stee Tob 137 3 Tobi 9% 52 57 Unlv Pi 31 7% Util Pw 2 WV 76% 11 71% 20% Vulcan 26 51 27% 15 20% 401, dsco Wabash Wabash W W W B 11y 17% 1ty 21n 81y 38, 131, 20 12 4915 934 Bl 5 5 alwor arn B Warner Warren Wi Western Western Western Westerr Western Western Westing W Infon Carb (2.60) . f Calif (1.40) Inion Pacific (10). reraft. ... reraft pf (3 rbon. rp (75 rp Dt (3) uit (3)...... s&Tm(1.20).. »sum (1.60) . s Alcohol & & Ref (1) 1 ; el pf () acco (4.40).. acco pt (7). . United Stores (A). United Stores pf (4) . c 1st pf (8).. r&LtA (2). Sales Corp Vanadium Corp. D'tinning R0 RR (A) aldorf Sys (114) th Co ros Pictures Eros Pict pf Iiros West Pa ELpf (6) West Pa P'wr pf 1 Dairy (A). n Dairy (13). n Maryland. . Western Md 2d pf Pacific. . .. n Pacific pf.. 1 Unlon (6) hse A B Wilcox Oil & Gas. . Willys-¢ Woolwo Worthin Wrigley 8% Ya 3 6% Zonite I e & Towne (1) Yellow Truck Jverland. rth (2.40). ngton Pump (Wm) (4) 9y 4 7 91y 2 4 3 T “rod Corp (1) Sales of Stocks on New York Exchange. 10:30 A.M 1:30 P.M. Dividend rates as payments based on the la xEx-divicend 4% in stock. 1Plus | b Payable in stock h Plus 2% in stock | 3% in stock. 1% FVIDENCE OF TURN S DECLARED DN Economy in Public Construc- tion Has Increased Num- | ber of Jobless. Special Dispatch to The fitar. NEW YORK, January 30.—Evidence that December or January may have marked the turning point in the de- pression is uncertain, according to facts reported by the Business Week. | No indications of general increase or decrease in business activity are ap- parent in the week-to-week Tecords since the beginning of the year. Steel production has shown about the usual seasonal rise under stimulus of increas- ing automobile production, but steel demand from other sources continues slack. Carloadings and electric power output have not_improved. Construc- tion is being further curtailed by public economy waves which are increasing unemployment Securities markets are still listless, facing unfavorable earnings reports and lacking evidence of early business im- provement. Commodity prices show no sustained strength. Attention is now centered on credit factors, and business hopes turn on the effective operation of the Reconstruction Corporation. After two years of delay, the folly of deflation is now officially recognized, and efforts to stimulate credit expan- sion are under way. But the problem of inducing expansion through ordinary banking channels has become more complicated and difficult. _ Foreign interference is one obstacle, difficulty in securing _domestic commercial banking co-operation another. It is becoming clearer, in any case, that mere maintenance or mild in- flation of security prices cannot in itself assure increased employment, resumed buying and business recovery. No | inflationary effort can be effective in these respects which does not directly affect commodity prices, particularly | raw materials and farm products. For | this purpose direct currency expansion mn consumption channels appears to an increasing number of people a neces- sary supplement to credit expansion to support security values, and congres- sional discussion is turning in this direction For the week ended January 23, the preliminary reading of the index of the Business Week is set at 63.1, which | compares with 79.4 for the same period in 1931 The revised index reading for the week ended January 16 last is 64.2. Business Notes | | NEW YORK, February 1.—Scheduled February promotional events are said to have brought many buyers here in| the past week who are chiefly in-| terested in men's and boys' clothing. | An_ especially good demand was re- ported for men's tweed suits. An offering of all-silk chiffon full- | fashioned hosiery to a department store | at 50 cents a pair is reported from | Philadelphia. ~This is the low point of the downward movement, so far as de- partment stores are concerned. It is understood that this hosiery was pur- chased by the retailer from a plant that has just been taken over by other interests. The coal trade is reported slightly| more active in consequence of colder | weather, but general conditions show | little change in favor of the market. During the past week spot smokeless coal at Chicago declined to $1.25 for| amine run and $1.50 for lump and egg.| The canned foods market showed little change last week and interest was_centered in the food conventions in Chicago. It is reported in the trade that prices of Maine and fancy corn are slightly firmer. Maryland to- matoes are another firm item. CHICAGO DAIRY MARKET. CHICAGO, February 1 (#) —Butter— 10,783 tubs, steady; creamery, specials (93 score), 22142223 extras (92 score), | 21%; extra firsts (90-91 score), 20%a | 21',; firsts (88-89 score), 20820’ seconds (86-87 score), 19a19l2; stand- ards (90 score centralized csrlots), 21%. Eggs—3,761 crates, firm; extra firsts, m Patd this year—no resular rate %! etock. D Plus 3'a% in stock 00,000 0,000 12:00 Noon 700,000 2:10 P.ML. 1,300,000 n i the above table are the annual eash ST cusrterly or half-yearly declarations than 100 shares tPartly extra tPlus StoCK & Pald last year—no regular rate ble in cash or stock f Plus 8% In stock 50c in special preferred stock k Plus B Plus 8% in n Pay: VBl WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY'S SALES SALES. Capital Traction 55—$500 at 58'p Mergenthaler Linotype—2 at 51’ Potomac Electric 5! - pfd.—5 at 103" 5 at 1034, 5 at 1033 Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid Asked & Pot. Guar C. & P. Tel ot Va Traction R Suburban 5s Georgetown Gas Ist 53 Potomac Elec Cons. 5% ... Potomac Elec 65 195 Wash., Alex. & Mt V Washington Gas 4'as glon Gas 5 Gas, Gas Rwy 1d Storage s STOCKS. PUBLIC UTILITY. & Tel. (9) Capital Traction Co. (2} Wasn. Gas Lt. Co. (18) N. & W. Steamboat (12) Pot. Elec. Power 6. pfd Pot, Elec Power 5'., pid Wash. Rwy. & Elec. com. Wash. Rwy. & EL ptd. (5) NATIONAL BANK Min Amer. Tel (& (stamped) (10) Bk. & Tr. (@) BY INSURANCE MEN Local Office Director and Two As- sociates Paid Tributes at Luncheon Today. Earl D. Krewson, director of the Washington branch of the New York Life Insurance Co, was the guest of honor today at a luncheon tendered him on the thirtieth anniversary of his con- nection with the service of the New York Life Insurance Co. at the Lee House by the members of the agency staff of the local branch. Following the luncheon G. Lea Stab- ler, who presided, Tuchton, who in a few brief remarks presented Mr. Krewson with a gold wrist watch as a token of ~steem in which the members of the agency force hold him. John P. Lynch presented the director with a beautifully engrossed testimonial appropriately framed con- taining the signatures of the entire force and assured him that every mem- | ber of the office of their appreciation ot his unselfishness and earnest en- deavors to help them whenever the occasion presented itself. Mr. Krewson expressed his surprise and gratitude for the way in which the force have honored him and assured them that it is a great pleasure to have had the fortune of being head of this office. ‘The occasion was also one of rejoic- ing for two members of the force who have now become senior Nylics, having served the company for the past 20 years without interruption. They are Z. B. Lloyd and John Grady. On be- half of the agency force John P. Lynch presented Mr. Lloyd with a desk set, while Mrs. Edith C. Salisbury gave him a beautifully engrossed testimonial sim- flar to that given Mr. Krewson, also containing the signatures of the mem- | bers of the force. One of these was given Mr. Grady together with a purse of gold by C. K. Millica on behalf of the force. F. S. Munsell, inspector of agencies in the Atlantic division, came to Wash- ington to join in honoring these three men. Other guests attending the luncheon were Mrs. Earl D. Krewson, Mrs. Z. B. Lloyd, Mrs. John Grady, Mrs. George W Rothdopf and Mr. W. E. Ridgeway, organizer of the Baltimore office. David Samakow headed the Com- mittee on Arrangements of the lunch- | eon which had as its members Miss J. M. Woods, George W. Rothkopf, C. E. Tuchton and F. Turner Munsell. 1615; fresh, graded firsts, 1512; current Teceipts, 14a15. The guests and office force numbered over 70 people. introduced C. E.| MISCELLANEOUS. ch. Mtge. com Med. Bld Wdwd. ‘& Lothrop com Wdwd' & Lothrop pfd *Ex_ dividend bBooks closed n25c extra, £30c extra extra. ket comment today was inconclusive. How much effect the railroad wage cut | would have, except for a possible tech- nical rally, lematical E. F. Hutton & Co.—The dimensions | of the market this week should be larger than in the past weex. It is expected that the senior securities market will show greater support than was in evi- dence in the last week in January, when losses registered by bonds ex- ceeded declines of stock. to the bond market as a guide to the immediate trend of stocks. | Thomson & McKinnon—The market, we believe, has pretty well anticipated unsatisfactory earnings and dividend news. Jackson Bros., Boesel & Co.—We an- ticipate that for the immediate future day-to- movements in the stock market will be covered partly by the ac- tion of commodities, and any firming of wheat and cotton may be Tegarded as | reassuring to those hoping for at least a stabilized market for securities. Redmond & Co—We are still of the opinion that the general trend is down- ward, and that any ratlies at this time are likely to be technical. | Hornblower & Weeks—We do not be- | lieve a too pessimistic attitude toward ‘(he market is warranted at this time, | even though we do not believe that the | time has yet arrived for making com- | mitments on other than a purely trad- ing basis. Shields & Co.-—Eurcpsan mnews is likely to be more of a market factor over the next fortnight. indications are, it will be of unfavorable aspect. At- | tempts to force recoveries dus to tech- nical conditions and momentary | enthusiasm will be dangerous to follow, as only spasmodic interruptions of the down trend are to be expected for the | immediate future. |MUNICIPAL BOND ISSUES © FOR WEEK $12,261,882 By the Associated Press. NEW YORK, February 1.—Municipal financing scheduled for this week by 42 communities aggregates $12,261,882, comparcd with $14,729.916 in the pre- vious week, according to the Daily Bond Buyer. The only two major-sized pieces | of financing booked for the week are 85,500,000 Jersey City, N. J., tax reve- nue notes and $3,000,000 Los Angeles, Caiif., water works bonds. NEW YORK, February 1.—Stock mar- | had been regarded as prob- | We still look | bullish | BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, February 1.—Bonds were irregular today in active trading. The market opened With a strong ! tone. Railroad bonds advanced 3 to 4 points on a heavy accumulation of buy- ing orders based on the raflroad 10 per cent wage cut agreement at Chicago. Later, however, these issues dropped part of the gains as speculators failed to follow up the initial advance. Mean- while, Alleghany Corporation 5s had touched a price’ 4 points above Satur- day’s closing level. Chesapeake Cor- | poration 5s were 3 points higher. Rock | Island 4'.s of 1960 gained 3!, points. Frisco 41, were up 4 points. There were sharp gains in Baltimore & Ohio 4'.5, St. Paul 5s, Chicago & Northwest- ern 4%s, Rock Island Refunding 4s Erle 5s, Illinois Central 4%s, Missouri. Pacific 4s, 5s and 5'2s; Northern Pa- cific 6s, Nickel Plate 41,5 and 6s, Southern Pacific 41,5 and Western Maryland 4s. Industrials were also strong, but were not traded in so heavy volume. Frac- tional advances in Dodge Brothers 6s, Texas Corporation 5s, McKesson & | Robbins 5',5 and American Smelting | g 5s. High-grade utilities | generally firm, including Ameri- Telephone 5s, Consolidated Gas New York Telephone 4':s and Western Union 62 sold off about 2 points. tuation at Shanghai assumed an even more serious aspect, Japanese bonds broke sharply to new low levels for the entire bear market. Japanese government 51s fell 4 points. The 61,5 were off more than 2 points Oriental Development 5155 lost 3!%. Svelectric Power b!,s were about 2 points lower. Taiwan 5,5, recently is- sued at 93'5, sold down 3 points to around 50 cents on the dollar. Yoko- hama 6s dropped 4 points and other nes> municipals were also weak German _government issues were The debt negotiations which have been going on among Prance, Great | Britain and Germany promise some | constructive agreement in the near fu-| ture. Dawes reparations 7s gained a | point. Young plan 5'.s were fraction- ally higher, and German bank and | municipal descriptions were also firm Prussia 65 advanced a point Other Europeans, however, the general nervousness ternational situation. French Govern- ! ment 7'.s lost a point. British 51,s| were lower. Canada 4s and 5s were | both down about a point in spite of | the fact that both sterling and Cana- dian exchange were steady. South American loans were virtually changed. and the Aust unexpectedly firm after | marking down Bond prices were sharply higher in the domestic departm and irregu- | rly lower in the fol cpening. The agreement | rallway wage cut provided ammunition | for advances of 2 to 3 points in almost | | the entire railroad list. Chesapeake | Corporation 5s were 3 points higher. | Gains of 2 points or more occurred in | Baltimore & Ohio 4!,s, St. Paul 5s, | Chicago & Northwestern 43,s, Erie 5§ similar bonds. Industrials were Texas Corporat: 5s gained a High-grade s were un- United States Government tinued their Saturday upturn foreign group, the Sino-Japa- on at Shanghai caused de- 1 to 3 points in Japanese is- | the rest of the list was little reflected | over the in- last point | changed bonds cc In the ! pese situa clines of <ues, but changed POTATO MARKET. CHICAGO, February 1 (#) (United States Department of Agriculture) — Receipts. 65 cars; on track | total United States shipments }Sz(u.’dz\‘. 9 cars: Sunday, 23 cars; steady, trading slow: sacked. per cwt.,| | Wisconsin round whites, mostly 80: ur | classified. 70a721,. Michigan Russet Rurals. best. 90; Nebraska Triumphs, 1.05a1.10; Idaho Russets, No. 1, 1.40a 1.50; No. 2, 1.05 INVESTMENT TRUSTS NEW YORK, February 1 (#)—Over- | the-counter market i 221 ca Asked 3 [ 2| i9 h Type Inv | Central Nat Corp Central Nat A a 4 i B 5 hrs Euities nvest v pf A 1 14 | Chelsea h { ea af tive ‘. Tr Sh Corporate Trust Corporate Trust Corporate_Trust Crum & Foster Crum & Fost 8 rum ‘& Fost Crum 0 1 3 A A Accum’'Ser 883" vt Ins & Fost In Depos Bk oShrs N_Y Depos Bk Sh N v Depos Ins Shrs A Diversified’ Tr' a iversified Tr | Diversifled Tr © | Diversified Tr D | Eauit t Conv Equity Trust Shrs | Five-Year Fixed Tr Fixed Trust Sh A | Fixed Trust sh B Fund Tr Shrs A | Fund Tr shrs B | Granger Trade Gude Winmill Trad | Incorp Investors | Incorp “Tnvest Eaquit idepend Tr Shis t Sec Corp Int Sec Corp A Int Sec Am 6 Int Sec Am 6lus pf |Inv Tr N ¥ Coll | Invest Trustee Sh | Leaders of Indust A | Leaders of Indust B | Leaders of ‘tndust | Low Priced Shrs Major Corp Shrs Mass Tnvest Tr Mutual Inv Tr Mutual Manage Nation Wide Sec Natl Indust Shrs .. Natl Tr Shrs N Y Bk Tr Shrs Nor Am Tr Shares S Nor ‘Am Tr Sh 1955 Nor Am Tr Sh 1936 Northern Secur Oil Shares units Old Col Inv Tr Old Col Tr Assoé Petrol ublic 8 | es 3 stod A ery Tr Int Sec A Int Sec B Sec Int Sec 67 1st pl Secur Corp Gen $8 pf Selected Am Sh : Selected Cumul Sh Selected Income Sh Selected Manage Trust Shawmut_Bank Spencer Trask Fund Stand All Am Tr.... Stand Am Tr_Shrs. Stand Collat Trust State Street Invest Super of Am Tr A Super of Am Tr C.. Super of ‘Am Tr D Trust Shrs of Am % Trustee Stand Inv C.. Trustee Stand Inv D. Trustee St Oil A Trustee St Ol Shrs B Trusteed N Y C Bank Trusteed Am Bk Sh Trusted Am Bk “A % Twentieth Cent Fixed Tr..l!!l] Two-vear Trust Sh.... United Fixed Shrs NS BE R e reo SRESTR, A e wo Shes i un- | Buft Gen El 4% lan group was| g R & Pitt 4% ‘7. Week's| Bush T Bldg 58°60. | Chile . | Chile 6863, s, | Ch Unit Fdrs 1-70 com United Ins Shrs United Bank Tr. . US & Brit Int Ltd Al US & Brit Int $3 of US Elec Lt & Pow * US Elec Lt & Pow Universal Tr Sh. e _an. uUss3 US3 Us3 Uss3 US3 U S 4 Ust S 4%s47-52,,101 Abitibl PEP 6553, Ab& St5% '43. Alleghany Cp b Allegheny 68°49. .. Allegheny 68'50. .. Allis-Chalm 53 '3 Am F P 582030.... AmI1GChé%a'ds. Am Metal 5% 8 34.. Am SER 1st 5847, Am Sug Ref 6337 Am T&T bssf'60. Am T&T 5%s'43. Am W Wks b3 ‘34.. Am Wat Wks 6376 Argentine 53°45. .. Aryentine 53 s 62, Argentin Argentine 63 Ju'sd. Argentine §s Oc'éd. Argentine 63 A 57, Argentine ¢s B 'é. Arm & Co 33.. Arm Del 5%s'43. .. Atchison adj 4895, Atchison gn 48 '96. Atchiscv 4348 43.. AUCL 18t 4362 | At Gulf 5x | Atl Ref db 5s Australia 4%s 56 . Australia 68°56.... Australl; 57 Austria 7s'43 B&OSwdvbss0. Bk Chile 6% s Belgium 6 ' Beigium 634843, . Belgium Ts '65. Belgium 18 58, .... Bell Tel Pa 6u B 43 Bell Tell Pa 55 C'§0 Berlin CE 6%s ' Beth Stl pm & Bolivia 7s '58. Bolivia 7563 Bordeaux 6 ‘34 Bost & Me 4% 5866 Brazil Ts Brazi] £k Ed gn A 5343 Bklyn Klev 6% s Bklyn Man 65 63 Rkiyn Un 5545 | Bklyn Un 1st 68 Budapest §2°63. ... Buenos A 65’61 Pv 31 11 Packing 63 "4¢ rnda 43 60, ign group at the | [anada 4 Canada 38 '§3. | Can Nat Ry ¢34 8'58 b t on the 10 per cent | (10 JA% ¥ Cent Pac 45 '49. Cent Pac 63°60. ... Cen Ry NJ g 6887 Cert-td db 634 Ches Corp §s '47. C&Ogendy C&O 4%sA C&O4%sB'35 CB&Qgends 58, C B&Q st rf 63 '71. CB&Q I11dv 4549, Shi & Est 111 58'51. Ch1 Grt West 45'59 Ch{ Ind&L gn 58 '66 Cht [nd&Lou 6s'66. Chi M & St P 4s'39. C M StP&P 5s'7 CM&StPadis. 1 Chi & NW gn 4s 87 Chi&NW 41452037, C&NW 4345 C 2037, Chi & NW en 4%s Chi Rwys 532 [{Ch1RI&Prt ChiRI1&P4¢ {ChiRlevs | C THES 4% | ChiT Hinc 6s'60.. | Chi Un Sta 4155 63, | Chi Un Sta 5s B '63 | Chi Un Sta 635 63 60. €0 e Cop ah 53 47 CCC&St L4343 | Clev Term 5873 +, | Clay Term 6148 Colon Ofi 63 '38 | Colomb 6s Jan * | Colomb 6x'61 Oc (475 | Colo & Sou 434335 | Colo & Sou 435 ‘30 Col G&E cou 63 '§1. Com Inves 5%s'49. | Con G NY 4%s '51. |ConG N'Y 5%8¢. Con Pwr Jap 6%s. . Con Pow Japan Ts. Consum Pow 63 52 | Copenhag 5s '52 | Cuba 614845 Cuba R R 5a'52 Czecho 83 '51. 174 ; Del & Hud rt Del & Hud 5% Det E G&R4% Det Edison rf b Deutsche Bk 6n'32. Dodge Brcl 68°40. . Duquesne 4% g Dutch East I Mar.. Dutch East I Nov.. | Erfe con 4= A ’83. Erle conv 48 B. Er! Finland § Fisk Rub 88 Fla E Coast 68 'T4. Fram I D 75542 French T84 French T%s'¢1 Gen Baking 5%s 40 Gen Cable 5343 "47. Gen Motors §537.. Gen St Cas5%5'49. Gen Th Eq 63 40. .. German 5343 '65. German Bk 63 '38. . Ger Cen Bk 6360 J Ger Cen Bk 6360 O Ge~man 75 rep 49. Goodrich cv 63 '45. Good 15t %3 "47 Goodyr Rub 68'67.. GrandTr af db ¢3¢ Grand Trunk 7#'40. Grt Nor 434376 D. Grt Nor 4%3'77 Grt Nor 53 '13 Grt NorgnTs Hait! 83°53. : Hav El Ry 5%s'51. Hud & M ad) 68’57 Hud & M r£58'57.. Humble O] 63°37.. Humble O 6% '32. Hungary T%s '¢4.. 111 Bell Tell 53766, . 11 Cent 48 '52..... 111 Cent rf 48 '56... 111 Cent 4% "66 cte S Wil 100 13 36, 8214 40 35 30% 3 81 16 29 A R B e 100 1 89 08 = O 08 h ) e i G0 E VPO P QU 10 86 1 1 10 510 119 0 00 00 N — 19 1 1S N it 01 e 80 e e 3 1S 18 3 e e & =t 1005 1005 Sales. High. Low. 1:55 25 36% 8214 38 34 30 86 391 6815 36 | | 10074 | 9% | 19% | | = 66 9%, G4 60, s 40 9014 8| 96 | | Port 6n E1 415560 | Public Serv 48 '71. «| Reading 4% s B '97. 99 | 107 | 28 i | | | 90'2 aes, 72 811, 945 angl 46 | ne o s 79 | 4 | 88 | 1101 ) 1| 908, | 4an 99| i | Penn P&L 418 81, | Peru 6380 i Phil & Read 63 '4 {Swiss5las 46, Int T & T 6u'55. Italy Ts 61 Italy Pub S 7s'52 Japan; Japan Jugosl Bnk 78 '67.. Kan CFtS&M 4536 3 {an City Ter 45'60. B5 [{arstadt 6343, Kend 5% s '48 ww Kreug & Toll 5a'59. 43 Laclede 5% s C'53 Lautaro Nit 63 ‘54 Liz & Myers 63’51, Lig & Myers 7’44 Loew's 63 ex w '41 La & Ark 53°60. . Lou G & E1 58’52, L & N uni 4340 1. & N 53 B 2003 Lvons 6s 34, McKes & R 6% #'5! Manh Ry 1st ¢5'90 Market St 7s'40. . Marsellle 63°34. . Milan §%4s 62, M StP&SSM cn 4s MEK&T 1st 4590 MEK&T 4%s7 MK & T ad) 5367, MEK&T prln 534’63 Mo Pac gn 4 Mo Pac 53 A '65.. Mo Pac 58 F'17.. Mo Pac 63 G '78.. Mo Pac rf 63’81 Mo Pac 514 A 49, Montevideo 6s '59. . Mor&Co 13t 4% 8’39 Nassan Flec 4551, Nat Dairy 3. Nat Qteel 53 °56. ... Vetherlands 68 '72. N Enz T 1st 53 '52. NOTP&M53B 54, NOT&Mb%s 54, v S Wales 5357, {'Cgn 3158 - ¢ Cent 45 '98 013 Orfim 582013 " Cent db 65 '35. 1&H b 45'57 NY NH&H 4348 '67 NH&H ed 6548, O®W |5t 4v'a2. O&W &n 43 '55. NY Tel 434039, Nord 6%s '50. .. Norf South Nor& Wne No Am Co 5 Nor Am Nor Am Nor Am Ner Pac 4s97. ., Nor Pac ri6s 2047, r St Pw 68 A (1. Norway 58°63. . Norway 5 ‘65 Norway fis 44 Norway 6s°52.. Oreg-Wash 4 Orfent dev 5348’ Orfent dev 63 '53 Pac G&F 53 42. Pac T&T 1st Paramount 6347, . Paris-Ly M 63 53, Paris-Ly M 7s '58. BB0 vad—roa P I P a o= Penn 4’58 Penn 41, nn 5864, ... >enn gen fs ‘68 Penn 6155 '26. . Peoples’ Gas 58 47, Pere M 1st 4s'36.. Peru 7s ‘59 Phfla Co bs 67 Phila Eiec 48 '11 Phillip Pet 5% 529 Poland 6s 40 . Poland 7s *47 Poland 8550, R e e o T L Por RAm T 68 '42. Pos Tel & C 5s'53. . Prussia 63 '62..... v G 419867, . PubSvG 44570, Reaa gn 4145 A ‘97, Rem Arms 6s A ‘37 Rhinelbe 7a 4. ... Rnine West 6552, Rhine West 3’53, Rhine West 63 '55. Riode Jan 6148 '53. R Gr Do Sul 63 '68. Rome 6143 '52. ... Roy D 4s 45 w StL IM R&G 4333 L&SF In 48 A ‘50 StL&SF4%s'T8. StL&SF p 153 B 50 StLS W 1st4s's9. StS W 32.... St P Un Dep 55 '72. Sao Pau 7840 ret. . Saxon P W 6%48'51. Saxon 7a'45....... eab A L. adj 58 '49 Seah A L cv 63 '45. Serbs-Cr-Si 7s "62. Serbs-Cr-Sl 83 '62. Shell Un Ol 53 *47. Shell Un Of1 58 49. Shinyetsu 6148 '52. Sinclair O] 634 s'38 Sinc O 7scv A '37.., Sinc Cr O 5%s 38, Sinc P L 68°42 Oll 5343 ons 63 °36. ... Solvay Am 53'42.. Sou Bell T&T 63 '41 SW Bell T 58 A '54. Sou Pac ref 43 '55. Sou Pac 4%s'63. .. Sou P 4% 69 ww. Sou Pac 4%s°81. .. Sov P&Or 4%s 'T7. Sou Rv &n 45 '56 Sou Rv 63 °56.. Sou Ry 6148 56. StOILN 58 46... Sweden 538 54, .. m e Y ez =88 v nnnanwmeas 102% 56 Tatwan E P 5% 71130 Tenn EI P 68 A 47. ex & Ark 5148'50. Texas Corp 5s Tex & Pac 53 B Third Av rf 43 | Third Av adj 6; Toho El Pw 6332, 134 Toho EI Pw 73 '55. Toklo 5852, ... Tokio 513 | Tokio El Lt 63 Ulst & D $sct'28.. Un Pac 18143 47, Un Pac 4s ‘68 .. Un Pac 41453 ‘67 Unit Dre cv 53 '53. Utd King 5% °37.. U 'S Rub 1st 5347, UdStW 6% Uruguay 6360, Uruguay 6s'84. Uruguay 8348, Utah P& LS Util Pw 68 Util Pow 5% Vert Sug 18t 7s'42. 1 Vienna 6» 52 <12 60 Va Rv& Pwbs'34. 1 97 VaRy1st6s'62... 2 87T% Wabash 414818 3 15 Wabash 1st 58 Wabash 5s B 76 Wabash 53 D ‘30 Wabash 5%s ” Walworth 63 A "45. Warn Br Pic Warsaw 7s 58 ) 49% 88 701 12 16 13 16'3 22% 2% IT% In Orders, By the Assoclated Press. CLEVELAND, February 1.—Sentiment. in the steel industry is the strongest in & year, the magazine Steel says. “Improvement in steel is progressing through slow, tortuous stages,” the magazine states in its weekly review, with the easing of the general business strain and emergency enactments at Washington exerting a favorable influ- ence Better sentiment, the magazine contin- ues, “survives the dreary fourth-quarter financial reports, which present only a summation of what already was known 2nd indicate that the losses do not rep- resent actual operating deficits, but rather charge-offs which are a book- keeping operation “As January ended, steelmaking oper- ations averaged 28'; per cent, a gain of 11, per cent over the previous week, with “indications that the rate would hold this week, an increase at Chicago probably offsetting reductions at Pitts- burgh and Beffalo.” The month's aver- age nroduction was 25!, per cent, & rise of 6!5 points “Markets in the Middle Wes Far West appear to have a st tone than those in the East requirements are in evidence, construction is more active, m nicipalities are purchasing pipe. 2 | Francisco over 38,000 tons of struct | shapes are up for bids; 14,000 tons | required for Federal buildings a | Paul. Minneapolis and St. Louis “An otherwise good automobile situa- tion is clouded by lack of knowledge as tc Ford's plans and appre he will name extremely the revised four-cylinder model “At Chicago and Pittsburgh sheet | bars are down $1. Bolts, nuts and are easier in the East on adjustments a parity with the prices of Belgian steel bars. Competition from fo sources is apparent in other directions. “Due mainly to the reduction in sheet bars, Steel's iron a posite is off 8 cents to $29 Teduction in ga ed steel 47.20 composite remair composite down The steel works' scrap $7.96." - IWashmgton Produce Butter—One-pound prints, 28; tub, | Eges — Hennery, | ceipts, 14a16 | Poultry. alive—Turkeys, old toms, 15 ng toms and hens, 20a2 . 3 pounds and o 16a broilers, 1'; to 2 pounds, 18: hens, large, 16al7; small, 12al4; Leghorn hens, 11; roosters, 10; eats. young, 45a50; old, 25a35. Poultry, dressed—Turkeys, old to! | 18a21; young toms and hens, 23a2 chickens, 3 pounds and over, 19a21; broilers, 11, to hens, large, 20a21; Leghorn_hens, 14 oung, 5560; old. prime, 12; medium medium, X 16al7; current re- 2 eats—Beef. lamb, top 15: medium, hams, 13 strip bacon, tins, 61, 1 smoked 16a17 package. 7: compounds Hogs, light and medium, 3.75a4.00. pigs, 3.7 awberries appl pints, 20a30 bushel ba: fancy qua; 50a1.00 Florida, 350: grapefruit 400; pineapples ors, kegs, 4.50; Almeiras. 400a4.50; tangerines. 1 quats, quart, 10a15; ba alligator pears, flats, 2.50a3.00 use. 5 pounds 3.00; gr: Veeetables — Potatoes, sacks, 1.40 50a1.00. I baker new 1shel, 1.50: h Ts. 4.00; tomat quash. white pep 50 ots, 3.50a4.00 2.00a2.50 2.50a3.00; lettuce, 2.00a2.50; cucum- bers, 4 onions, per dozen bunches, 24; mushrooms. 65a1.00; sal- sify, dozen bunches. 50a60: artichokes, ips. 1.25a1.50; cabi old. sacks, 1.00; s watercress, 1.00al Maine York 2.00a2.3: 6.00a6.50 Tceberg EARNINGS REPORTED. NEW YORK. February 1 (#).—The Consolidated Cigar Co. today r | a 1931 profit of $2.122,000 to $5.04 a share, compared w | 000, or $5.86 a share, in 1930, The Laclede Gas Lig! 1931 net income of $921,558, equivalens to $7.44 a share, compared with 81,034, 586, or $8.50 a share, in 1930. DIVIDENDS DECLARED NEW YORK, February 1 () STOCKS EX-DIVIDEND | NEW YORK, February 1 (P).— 1 Pe- | , Company. Automatic’ Vot Mch Bauman (L) & Co | Blauners ‘Inc Do. 53 o Bour:ois Inc pf Buck' Hills_Falls Chartered Tnv 35 i P&l > | Cities Serv Do 36 pf Kentucky Util Loulsiana O & Louisv Hend & Do. p Mclnityre Porc Mines Monmouth Cons Wat 74 pf.$1.75 Natl Refining Co 215¢ Neptune Meter Co pi Nineteen Hundred Corp A Penn_RR Pub Serv Corp of N 'J 6¢ Ry Eauip & Rty 1st pf [ R6 StL Feb Peb Fen Fon Fen Feh Fen 21" Corp Feb Fir West Va Pulp & Papsi According to an old Roman traveler a blind man was the official guide who conducted merchant trains through the sands and deserts of Arabia. PODDDOLOLOROO00OOVNOLUNONLONOLELZO0000L: Sales. High Low 1:58 697y 697x 69%4 964 Wst Sh 18t 4s 2. West E1db 5s 44 West Md ¢s°52. .. | West Md 5357 West Pac 5x 46 West Union 58 '#1. West Unifon 63 80, Un 6%s 36, WEO5%s 37 ww \Wilks B & E 1st 5s. W1l & Co 1st 63 °¢1. Wis Cent gen ¢s ‘3§ Yokohama $s ‘61... Ygstn S&T s A'T8. Ygsto S&T §s B'T0. 1% 97 6 4 10 5614 61 47 69 £6 92 4