Evening Star Newspaper, February 4, 1932, Page 14

FIN ANCTAL. THE EVENING S TAR, WASHINGTON, D. ¢, THURSDAY, FEBRUARY 4; 1932. FINANCIAL. A—14 ¥ TRADE SHOWS GAIN [N ST LOUIS AREA Boots, Choes, Hardware, Drugs and Other Lines Are in Better Demand. Bpecial Dispatceh to The Star. T. LOUIS, February eral Reserve Bank of St. Louls reports that since January 1 noticeable im- provement has taken place in several of the most important manufacturing and wholesaling lines, among them boots and shoes, dry goods, hard- ware, drugs and chemicals and groc- erics. While ordering is almost ex- clusively confined to goods for im- mediate or reasonably prompt delivery, the character of the buying indicates actual needs for merchandise. Manu- facturers of iron and steel and other commox of the heavier and more E increased vol- and specifications on goods previously acquired are being re- leased more freely than in December. Re from the retail trade relative f special conducted ays reflect rather spotted Failure to achieve greater many such sales was due the incomplete assortments \arrow variety of goods ex- he inventorying period de- nall stocks in 1 and wholesale in- manufacturers n the | there has been more 1 to replenish noted in & 4 —The Fed- sales conditions. success in yeloped hands ¢ ger b nd past of a_disposi replace stocks than ber of months and nu 1930. v a further Comparisons With December was marked recession in the general level of trade P pdustry in the eighth district, the closing wee h witness- ing the low reached in the Vith the e stores and anches of the retail di: ted by the Christmas 1 1i industry and | ted by this| November | nd universally there | were decreases as contrasted with the same period in 1930 and the average during the past several vears. Simi- larly the record for 1931 discloses”a fubstantial contraction in the volume of business as compared with the pre- ceding 12 months. and the average during the past de The m volume of ber to Dece er than the poor showing than to an extraordinary merchandise. As has been throughout the present ume of dis fon of a broad varicty of goods down by the unsea- eratures specialized br usua demand f; the case the v Manufacturing Output. of manufacturers showed | re than usual seas. 1 contrac: ticularly so in case cf iron and | the entire category Distribution of | sharply in De- h Nov ber, onsecutive month | ng the corre- ear earlier. ‘There in productic of jead and zinc and other mi jucts Following the advance > of grain and other | farm prod mid-October, a T action dow »k place in Novem and extended thro December, ng a derable part of the wtage g The price pig eclined $1 per ton, iro and ap, from $1 to $3 per t and were downward revisions greater or lesser degree in & other important raw, and T Is nerease in unemployment greater than the usual oportions took place in De- In all sections of the district i { farm labor is larger nilar period in recent be Bt sim Store Sales for Year. | As reflected in sales of department | stores in the leading cities of the dis- trict, the volume of retail trade in De- cember was 48.3 per cent greater than | November, but 12.6 per cent less n in December, 1930. For the year | stores showed a decrease 7 per cent under the 1930 total incd sales of wholesaling and job- porting to this bank were lier in December than | 19 per cent less than | December, 1930 &gregate s of these firms fell 16 per cent be- 1 for the preceding 12| REDUCTIONS IN BANK CLEARINGS CONTINUE By the A NEW YORK ings col total th February 4.—Bank le very much reduced. week at all leading cities as _reported to| Dun's Rev 22,763,000 was 33 | per cent lower than in the same week of last year. At New York City the ount was $3.858.465.000, a decline of per cent ile the aggregate for outside of New York of $1.66 8,000 was 349 per cent lower. Hea losses appear at almost every leading mpared with last week, bank are now larger by $838.013, e clearings this week include bank ements falling due on the first of the month, when an increase in the amount is always shown. The reduc- in bank clearings so far this year, indicated by the daily average fi ures for both January and February, 10ws little improvement Clearings for this week as reported to R. G. Dun & Co., showing decreases | compared with the same period a year | follow cl The in the Per Cont Dec. 38 Dec. 36 Dre. 20 Dec. 31 Dec. 14 Dec. 46 Dec. 45 Dec. 34 Drc. 2 Dec Dec Dec Dec D Dec De Dec Dec Dec Drc Der Der Dec Dec Average Daily to date 920 936,005 1.020.163 1.160.41¢ NEW FILM EXECUTIVES. EW YORK, February 4 (£ —Two voung men, cach 36 years old. took over the executive reins of Columbia Pictures Corporation, the largest inde- pendent film company. vesterday Harry Cohn was elected president and Walter Wanger was named vice president. They said the firm was in- augurating a definite_policy of intro- ducing new talent, both avtors and writers, into their pictures. “We will pay actors and writers what they are worth—simply that,” said Cohn. Wanger recently resigned from Para- mount Pictures after being general manager of productions for that com- pany for six years. He began his theatrical career with the Granville Barker Co. in 1914 In addition to his film activities ‘Wanger is also interested as a manager 461 Dec Dec Drc Dec ber ber | Acquisition | cation ! (Continued from Page 13 —1031— Sales— High Low 657 115's 20% 124 BBY 109% Bl% 195 Stock and Dividend Rate Southern Rallway Spald(AG) 18t pf(7). Stand Brands (1.20). and Brands pf (7). and Gas&El (3%) and Gas&El pf (7 tand Of1 Calif (2). and Ofl of Kansas and O N J (12) Stewart Warner tone & Webster (1) tudebaker Co(1.20). 1% Superior O11 10s 52 1 S lautograph (1.40). Texas Corp (2). Tex Gulf Sulphur(3) Tex Pacific Coal&Oil. Third Avenue 2 Tide Water Asso Oil. Tide Water As pf(6) Timken-Detroit Axle Timken Roller B(2). Tobacco Products Tobacco Products ct. Transamerica Corp. . ri-Contl Corp 2 Ulen & Co 13% 1Underwood 27w Unlon Carb 11 UnOilof Calif(1.40) 70% Union Pacific (10) 16 Un Tank Car (1.60). 97a Unit Afrcraft 11x Unit Cigar Stores 715 Untt Corp (T5c) 26'n Corp pf (). Unit Electric Coal 1nit Fruit (3) o5 Unit Gas&Im(1.20).. Unit Gas&Im pf(5). U S & Forn Secur. .. 7S Gypsum (1.60).. S Leather S Pipe & F tealty & tubber tubber 18t pf. . mtg & Ref (1) np LINES IS EFFECTED Largest Concerns Operating in Virginia Are Merged With Permission of Court. WINCHESTER, Va., February by Old Dominion Stages of the motor bus lines of the Eastern Public Service Corporation and its three subsidiary organizitions, op- erating in the District of Columbia Tennessee and Virginia, effected by Roanoke this week, means consolidation of the largest con- cerns of the kind operating in the State and places pearly all the bus lines of consequence under control of the Greyhound Lines, Inc. it was stated here today. Winchester is one of the most important terminal and junction points of motor bus companies n the State, with six main north-south and east-west highways, and for sev- eral years approximately 75 motor coaches have been operating in and out of this city on daily schedules 1t was learned that 1t is the intention of the new owners of the Eastern lines o effect 33 schedule changes as rapidly as possible in order to eliminate dupli- of service between Washington and the Shenandoah Valley and points south. In fact, it was said, traffic managers of Old Dominion Stages, Inc, with headquarters in Charleston. W. Va. already are at work on new schedules, and that either Greyhound or Old Dominion coaches will supplant Eastern_equipment on all routes be- tween Washington and the different sections of Virginia in which the Old Dominion or Eastern, or both, have op- erating franchises The Eastern terminal here, as well as terminals of that system in other cities and tovns where competitive sta- tions have been maintained, wiil be closed, drivers and other emploves will as a result be laid off where their services are no longer required and many other economies practiced, it was indicated. Representatives of the Old Dominion concern here recently from Charleston said negotiations then were in progress. It was said the Penns vania Railroad is extensively interested in,the various Greyhound lines. The Eatern and its three subsidiaries, the Townes Bus Line, Inc.: Virginia Motor Lines, Inc. and Shenandoah Valley Motor Lines, Inc.. have been in re- ceivership for some months and the Inc., ree in | Roanoke decree is the rlimax of lengthy and negotiations in the courts 000, complicated of which $25000 was cash. DECREASE IN CHEMICAL SALES IS REPORTED By the Assoclated Press A report by the Commerce Depart- ment shows slackened trade in a num- ber of important chemicals and allied products. Imports of caustic potash into the United States averaged slightly more than 4.000 short fons during the first 11 months of 19% and 1931, a con- siderable decline from 1929, when im- ports amounted to 7,821 short tons Average incoming shipments in the period 1910-14 was 4260 short tons Thirty-six per cent less of soaps, perfume materials, perfumes, bath salts and cosmetics were brought in the country in 1931 than in 1930. Castile and toilet soaps dropped al- most a third to $630,808; dutiable perfume material imports shrank close to one-half to $701,801. Manufactured perfumes, bay rum and toflet waters worth $681.471 were imported, 24 per cent less than in 1930. Cosmetics, powders and creams were off 25 per cent to $423.234. The only item to in- crease in volume, duty-free perfume materials such 'as floral essence, dropped over half in value to $399.238 Total 1931 imports reached $3,027,694, against $4,719.396 in 1930. Gold Stock Decreases. NEW YORK, February 4 (P).—A de- crease of $13203,300 in the Nation's monctary gold stock was indicated in yesterday's transactions as reported by the New York Federal Reserve Bank. Exports totaled $13,050,200, of which $12.563,700 was for France, $300,000 for Holland, $100,000 for Switzerland and $86,500 for Belgium. In addition, there was an increase in gold earmarked for foreign account of $687,100. The only import was $534,000, frem India Broker Loans in January. NEW YORK, February 4 (P).—The New York Stock Exchange reported that total borrowings of members against security collateral at the close of busi- ness Januaryv 30 amounted to $512,017,- 942, a decrease of $75,141,871 from a month previously, and & new low record for this tabulation. At the end of Jan- uary last year the total was $1,720,345,- 318 and the high record was established at the end of September, 1929, at $8,- 549,383,979, Packard Dividend Omitted. DETROIT, February 4 (#)—The Board of Directors of the Packard Motor Car Co. has decided to omit the dividend for the first quarter of 1932. =g Extra Dividend Declared. NEW YORK, February 4 (#—Di- in the legitimate theater. In associa- tion with Peggy Fears Blumenthal, former “Follies® beauty, he is pro- ducing a new play by Preston Sturges called #Child of Manhattan." rectors of Homestake Mining Co. today declared an extra dividend of $1, pay- able, with the regular 65-cent monthly disbursement, /February 25 to stock of record February 20, Add 00. H The purchase price was $250,- | NEW YORK STOCK EXCHANGE Received by Private Wire Direct te The Star Office. ) —1931— st High. Low. 47 162% Net. U S Smt, Low. Close Chas 10% 10% 89 12% 116 28 65% 23% 10 LY 11 1% s 13 11% 23 1eh 10% 89 13 1615 28 658 23% 11 277 5% 11 1% [ 13 12 2315 2 Uniy Le: 7% Util Pw ah Coj -C: Wabash Wabash 26 51 27% 15 20% 401, 46% 497 26% BT 112 11315 120 12 1508 3608 1074 40 264 an 8 72% 1067 80% 15'n 78 n Walwor! Warn B! Warner Warren Warren Wesson Wesson 111 3 208, W W Western Westing West V'a Wilcox € Willys-C Woolwol Worthin Wrigley Yellow 12 Yestwn 6 S Zenith T 6% Zonite ¥ Sales of Stocks on New York Exchange. 10:30 AM... payments based on the latest quarte *Ex-dividend. Plus_4 n cash Plus $1 last year Stock Dividend Rate. U S Steel (2)..... eel pf (7). nited Stores (A). .. United Stores pf (4). Univ Pipe & Rad. Vanadium Corp r Chem 69 71% 20% Vulcan D'tinning (2) Waldorf § West Pa est Pa Pwr pf (8). West Pa Pwr pf (7). stern D Westinghouse ( White Mot 5 9 Young Spring&W (1) special no Sales- Net. Add 00. High. Low. Close. Chs 38 38 38 + 407 39% 40% 102 101% 101% 2% 2% 2% 4315 434 43% 174 174 17% % % % 9 85 B% 59 59 B9 1% 13% 13% A% 3% 3% 22% 21 22% 3% 3% 4h 4% 16% 15% 2% 2l a 3 17! 184 4 4n 12 124 13% 13% 4By 481y 1508 7 ld 70 508 863 90 208 1063 106 A 1 Bix 10 3612 364 14% 1 14% 64 25'% 250 11 11 ock and g&Ref pf3Y at Tob (3) r&LtA (2). pper o h{.. 40, RR... RR (A) a%) th Co S ros Pictures Bros pf 3.8 Bros Broscy pf 3 Ol1&Sno(2) O&Sn pf(4). 1t (7) WO 20 e ry (B) y Union (6) hse A B(2) aco Chlor 1.6( a1 21 42 19 49% XY )il & Gas. ... yverland. ... rth (2.40) rzton Pump.. (Wm) (4) Truck Sheet&Tuhe 14 i T8 1 1 Tadio e g *rod Corp (1) 1 100,000 00 Noon....... 300,000 500,000 10 P.AL 600,000 given In the ahove table are the annual cash y or half-yearly declarations ading less than 100 shares f Partly APald this vear—no reguiar rates £ Plus 8% in stock. hPlus 20 in preferred stock. k Plus 37 in stock © rate. nPlus 5% in stock. p Plus 1 Unit of stock stank Tegul Brokers’ Comment _] 1 Business Not NEW YORK, February 4.—Most brokerage house comment continues in- decisive. Some observers today thought the current dullness might be forecast- ing a rally; others looked for lower prices. Jackson Bros., Boesel & Co.—We see no evidence of pressing liquidation and lean to the view that a moderate up- turn is a probability for the near fu- ture. It will take considerable back- ing and filling. however, before a broad advance can materialize. It seems log- ical to assume that a broad advance will be delayed until all of the annual reports of the major industrial com- panies have been published. Shields & Co.—The best to be Foped for now is that the market will coii- tinue its slide to a level where real long-) | investment accumulation will result in gradual stabilization. Each false interruption of the downward trend results in worse psychology than before and, while presenting trading opportunities, usually are too danger- ous to be followed Redmond & Co.—We still see noth- ing in the picture to alter our opinion that the main trend of prices is down- ward and would continue to avold all rallies based on hopes of any substan- tial improvement in Spring business E. F. Hutton & Co.—The stock mar- ket is at a very critical juncture at the moment. as it hovers not far above its January 5 lows. Admittedly, cur- rent business reports are unfavorable and the immediate outlook for an ex- | pansion in trade and industry is not promising. However, the stock mar- ket is so thoroughly liquidated, and pessimism is so universal that a sharp technical rally is very likely. Paine, Webber & Co—Firming up yesterday was not in the nature of a rally, and definite indications of a rally are still lacking. Such a movement could gain but little headway with- out the rails, and the latter are likely to encounter considerable difficulty & penetrating the overhanging congested trading area formed during the past three weeks, Baar, Cohen & Co.—From a technical standpoint, we believe the market is | jockeying itself into a position where going through the best prices of earlier this week would signal a more sub- stantial upswing lasting probably 10 days or two weeks before running into any sizable setback. Thomson & McKinnon—Now that | the Reconstruction Finance Corpora- tion is set up and funds available, there should be no fear of any sound bank | closing. 1f confidence can be restored, there need benoruns on banks and de- posits will be returned. This is a vital factor in any credit expansion program. We can ali help in that respect. EA]iNINGS REPORTED. NEW YORK, February 4 (/) —Bayuk Cigars, Inc., reports a profit for 1931 of $255,751 after depreciation and in- terest. but before reserves of $1,107.012 for adjustment of inventories, charged against surplus account. This compares with net income of $580,581, or $3.04 a share in 1930. Thatcher Manufacturing Co. reports 1931 net profits of $616.808, compared with net profits of $737.610 in 1930. The statement of Canada Dry Ginger Ale, Inc., for the quarter ended Decem- ber 31 shows a net loss of $23.560, com- pared with a net profit of $203,276, or 39 cents a share in the 1930 quarter Net profits of $2.147,690 for 1931 were reported today by the George W. Helme Co., compared with $2,331,501 in 1930 Approximately 1,000,000 marriages are performed annually in the United States. | WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES SALES. Washington Gas 6s “B"—$1,000 at 103 AFTER CALL. Washington Gas 55—$1,000 at 100%:, $1,000 at 100!:, $1,000 at 100';, $1,000 at 100z, $1,000 at 100'2, $1,500 at 10034 Washington Gas 6s “A"—$500 at 100%, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel. 4%as ‘39 Am. Tel & Tel ctl. tr. &s | Anacostia & Pot. R. R. 55 Ana. & Pot. Guar. 58 C. & P. Tel of Va. 58 Capital Traction R. R | City_& Suburban 5s Georgetown Gas_1st 53 Potomac Elec. Cons. '5'r Potomac Elec. 65 1953 Wash., Alex & Mt. Vernon ctf- Washington Gas 4'as 55 Barber & Chevy Chas Columbia Country s W. M. Cold Sterage 55 Samen STOCKS. PUBLIC UTILITY. | Amer. Tel. & Tel. (9. Capital Traction Co. (2 Wash. Gas Lt. Co. (18) N & W. Steamboat (12). Pot. Elec. Power 6% pfd. Pot, Elec' Power 5/2% pfd Wash. Rwy. & Elec. com. (1) Wash. Rwy. & EL pfd. (5).... NATIONAL BANK. Min. price. A 10334 i sked. 250 425 200 210 45 210 Capital (14).........oon Columbia (12} SR Commercial ‘(stamped) " (10).... 183 District (8) SR, £ Fed -Amer. Natl. Bk. & Tr. ()] 42% Liberty (78). S T NEW YORK, February 4 —Rug and carpet divi of the floor coverings industry are said to be showing greater activity as a result of restored confi- dence in prices. Buyers, according to trade reports, are inclined to accept the stability of prices as an established fact and are, therefore, purchasing on liberal sca sions a more mode advance followed speculative cutta, tasad on the reported in trade however, has on the spot market very quiet in burlap prices purchases in Eastern con- circles. This been without which | turers report an increase in | : buying in the wholesale | here as a natural development cction with the increased buver arrivals over the past week. While the ment in activity is considerable, the volume of buying does not compare favorably with that of last vear. it is said. From the standpoint of units as well as dollar volume orders for Spring apparel are tending to run about tw weeks behind the corresponding period a year ago, it is claimed CREDIT EXPANSION. TORONTO, Ontario, February 4 (.| T Royal Bank of Canada in its| monthly news letter said today ‘hat credit expansion and improved price levels are bound to follow such a re- tum of confidence as will restore to activity money now hoarded in the United States. The bank sald reconstruction nr'm-‘ ties now under way in the United | States marked the beginning of credit expansion, which must of necessity produce an improvement in prices and ! renewal of commercial activity CHICAGO DAIRY’ MARKET. | Finance BONDS IRREGULAR IN-QUIET MARKET Pressure on Japanese Issues Lightens—Domestic List Changes Narrow. BY F. H. RICHARDSO! Speclal Dispatch to The Star. NEW YORK, February 4—Bonds were irregular today in quiet trading. The market opened with a steady tone, The situation at Shanghal was still viewed with concern, but the sell- ing of Japanese bonds slackened. Jap- anese government 5!55 and 6lys were both narrowly lower. Toho Electric Power 65 were off fractionally. Yoko- hama 6s and Tokio 5'z5, however, were firm German government issues moved higher, chiefly because of the manner in_which Great Britain's advocacy of reparations cancellation was received on the Continent It is now thought the June conference on repara- tlons and war debts will have a good chance of arriving at a constructive agreement. German Government rose fractionally, while Dawes Repara- tlons 7s were turned over in good vol- ume at about a point gain. Prussian 6s were firm. German bank descrip- tions were off narrowly, Most other Europeans were unchanged New South Wales 5s continued their advance. Local representatives of the Australian government reiterated the recent official assurance of the Au tralian prime minister that the Feb- ruary 1 interest on New South Wales 55 will “positively be paid” within a few days. Australia 55 Sydney 5ss and Queensland 6s and 7s were also higher United States Government term descriptions were again heavy, though the decl erally held under ’, poi In the domestic list the | group were the New Y¢ tions, such rough 1 55, Interborough Manhat Railway 4s higher following reports that plar being formulated to go ahead with the Tr: sit Commission’s unification would involve adoption of a higher The railroad list moved errati A few bonds, which considering trinsic worth are good vestment Northern Pacific 6s 6 New Atchison 41 played in other which had small were also uneven and the prime held steady developments Japanese issues were 51,5 were firm. Most a rhade higher. The reflected the general stead: In the dome: List price changed Pacific 4'ss, and Western t's indisposition to move tion pending de Gy wi 1 lonj smewhit les were gen- most active City trac- refunding Brooklyn- hattan mn- So! Central Y carri decl was bonds. many of 1 de uf hesitantly 1 the face of Far Eastern again in treasuries. some of the Business Outlook. NEW YORK, February 4 (Spec 'he small_hopes held out for impr in the business situation next six months counteracts stock market standpoint, the of such agencies as t Corporation improvement in credit industrial development. through a de- flation in wages. January witnessed a new low level in with less than seaso of the major ind The statemer from al recovery in m ties 50, February 4 (). —Butter, firm; creamery specials | 21',a22; extra (92 score) X firsts (90-91 score) 201 207, . firsis (88-89 score) 191.a20; | seconds (86-87 score) 18':al9; stand- | ards 190 score) centralized carlots. | 211, Eggs, 3927 crates; firm; extra| firs 17a17%y; fresh grade firsts, | 1672, current receipts, 15a16 Dentist Cancels “Trade” Offer. Dr. S. T. Jonas of Chicago has with- dravn his offer to pull teeth or cure toothaches in exchange for a pound of coffee, a second-hand radio or what | have you The end of all bartering came when a patient presented an old-fashioned, high-wheel bicycle filling. score) 2 POTATO MARIEE’I;, CHICAGO, Frbruary 4 (# (U partment Agriculture) —Potatoes carloads: on track, 198. total United ! States shipments, 521: practically no | trading account of weather; market | nominally unchanged. s PARIS BOURSE PRiCES. PARIS, February 4 (@ cent rentes, 79 francs 45 per cent loan, 101 francs Exchange on Londecn centimes. The dollar w francs 39!, centimes. U. S. TREASURY CERTIFICATES (Reported by Chas. D. Barney & Coy | Rate—Maturity Bid. Ofter 3ips Amg. 15. 1932.. 100 2 23(s June 15, 193210 100 25 Mar. 15, 1933 15. 19320 15 5 15, centimes; 5 87 francs 1 s quoted at 25 31-32 30-32 20-32 28-32 9 2832 1-32 1ias Sept 35 Sept 1932 3145 Dec. 1332 334 Feb 1933 | Lincaln (10) | Metropolitan” (14) Riggs (13) Second (9e) Washington " (12) TRUST COMPANY. Amer. & Tr. Co. (15) Natl. & Tr. (12) Prince Gorges Bk. & Union Trust (8 5 Wash. Loan & Tr. (14110 SAVINGS BANKS. Bank of Bethesda (6%) Com. & Savings (10)... East’ Washington (12} Pot. Savings Bank (10) Sec. Sav. & Com. Bk th Street (12) d States (30) Mechanics (20) FIRE INSURANCE. American (12) Corcoran (10) Firemen's (8) National Union (15} TITLE INSURANCE. Columbia (6h) . Real Estate (6h) MISCELLANEOUS. Barber & Ross. Inc.. com Col_Medical Bidg. Corp. >. Paper_Mfg. pid Natl. Sec. ptd s Bromo-Selz. “A" (2)..... 1 Storage prd. (8)... m, Co. com. (1.20f) Fed.-Am. Co. pfd. (6)... Lanston Morotype (6) Mer. Tr. & Stge. com. (10} . Tr. & Stge. pid. (7) Mergenthaler Linotype (6) Natl. Mtge. & Inv. pfd, (8) Peoples Drug Stores pfd. (6'2). Real Est. M. & G. pfd. (8).... | Security Storage (55101 | Ter. Ref. & Wh. Corp. (3) | The Carpel Corp. (2) 4 |'W." Mech. Mtze. com. {8i.... . Wash. Med. Bldg. Corp. ll'l%n . Soc Sav. “n 6) | vet indicated in Three per | % of President Sloan of r rporation. that mprovement mic trend ing in line been of United eel when the General M there is ng d is viewed by Wall Sf with what had phasized by States Steel and Be they changed their common stoc Street feels that mense roved loosen up 1n the T tions and the situation of the munici- palities could be bettered INVESTMENT TRUSTS NEW YORK. February 4 (4 —Over- the-counter marki agements Stock Standard 1 Bec pf Al Sec war Atl & Pac Ir & Pac ¢ Nat Nat Corp Corp n & Gen Fg hartered Inves “hartered Invest sea Exchange ) & Foster n & Foster § n ‘& Foster 1 n & Fos.er Depos Bank §! Depos Bank_Shrs Depes Ins Diversified Diversified an Gude Winmil Incorp Investors Incorp Inyest_Eaiit Independ Tr Shrs Int Sec Corp Am A Int Sec Corp Am B Int Sec Am 6 pf Int Sec Am 6.7 bl Inv Tr N Y Coll A Invest Try 5 eaders of Indust G Low Priced Shrs Malor Corp Shi Mass Invest Tr Mutual Inv Tr A Mutual Manage Nation Wide Sec Nafl Indust Shrs Netl Tr Shrs N Y Bk Tr 8hrs Nor Am Tr Shares Nor Am Tr Sh 1955 Nor Am Tr Sh 1956 Northern Secur Q11 Shares units Old Col Inv Tr Old Col Tr Assoc Petral Trod A Public Serv Tr Repres Tr Shrs Second Int Sec A Second Int See B Sec Int Sec 67 1si Secur Corp Gen $6 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 B Super of Am Tr C Super of Am Tr D Trust Sbrs of Am Trustes Stand Inv C Trustee Stand Iny D Trustee St Ofl A... Trustee St Qil Shrs B Trusteed N Y C Bank Trusteed Am BE Sh Trusted Am Bk A" 20th Cent Fixed Tr Two Year Trust Sh United Pixed Shrs Unit_Fdrs 1-70° Com o EEEEERRee et | Wdwd. '& Lothrop com. Wadwd. & Lothrop pfd. (7) | sEx aividena 527 extra bBooks closed. 2127, extra. nase extra. 37 extra 130 extra 4% extra. §1% extra 5% extra. | e1t2% extra. Tnited Ins Shrs , United Bank Tr : U S & Brit Int Lid Al U 8 & Brit Int 33 bt Elsc Lt & Pop A Eler Lt & Foy “E" rsal Tr Sh as | em- | Sales. Lib 3%832-47.. 56 L1st4%s32-47 256 L 4th 4% 5 33-38635 U S3s1951-6... 76 US3%s'49....101 US3I%sM41-3 60 US3%sJ40-3. 69 US3%s43-47.. 21 US3%s46-56., U S 43 44-54. US4%sd7-82. Abitibl P&P 5563, Alleghany Cp 58 ‘44 Allegheny 68 °49.. Allegheny 58 '50 Allis-Chalm 68 '37. | Am Beet Sug 63°35 Am Chaia 6333, Am F P 582030 |Am 1G Ch 6% 849, | Am Int1 5% 849, | Am Metal Gt8'34.. | Am S&R 185847, Am Sug Ref 6337, Am TET ey 4%u'33 Am T & T 6565, Am T&T o tr 5848, | Am T&T 635 £'60. |Am T&T 5% 43... | Am W Wks b8 '34.. | Argentine 53 45. .. | Arrentine 5i4s 62, | Argentine May '§1. | Argentine 65 Ju's9. Argentine 65 Oc's9. Argentine 63 A '67. | Argentine 65 B ‘3. | Arm & Co 43%s739.. | Arm Del 538 43 Atchis 48 1905-556.. Atchison gn 4s ‘96 AUCL 1st48'52.. | Atl C L cl 48°62 AtCL4%s'64.... At Ret db 63 37 Australia 4353 ‘686, | Australia 6’55, Australia 87... Austria7s'43..... | Austria 7857 ctts. B&O4s'4s B&O 4% ... B&Ocvalan'60.. |B&Orfea'ss.. (B&O 695 |B&OP&EWV 4 1 B&OSwdyhs’'s0. | Bk of Chile 6348 67 Bk Chile 6% s '61. | Belgium €8 '56. | Belglum %4849 Belgium 78 '§5.. | Belglum 78 '68. Jell Tel Pa b B '48 Bell Tell Pa 63 C'80 Berlin Cy El 6865 Berlin CE 648 '60. Beth Sti pm 683 th Stirf 53442, 7888, .. a8s 4 .. | Bordeanx 6s '34. | Brazii 61426, Brazil 6348 °27.. Brazil 7s.. Pk Edgn A . Bklyn Elev 6%s. .. Bklyn Man 6568 fkiyn Un 58 45, Budapest us '62 Buenos A 6361 Pv. Bush T Bldg 65'60. Callf Packing bs Canada 43 60 Canada 4% 36, 882, .. Ry 474556 43857, .. 435368 58 July'69. 55 Oct 69, !Can Nor4%s’3 . Cen Nor 6348 db ‘46 Can Nor 7Tadb '40.. n Pac db 4s Can Pacific 4145 '46 nPac4%s'60. .. n Pac bs ‘54. Cent ' G&E 58'51. Cent Pac 4s ‘49 Tent Pac 58'60. . . Cen Ry NJ g 5887, Ches Corp 65 47 C&O 4%sA'S3 C B&Q 1strf 68’7 | Sht & Est 111 5551 Chi Grt West 45'69 Ch) Ind&L gn 5866 *hi Ind& Lou 65'66. 4 StI'&P 58°75 St P adi W gn 4s 'S8T | Thi&NW 41352037 CENW 4143 C 2037, | Chl & NW en 4% s. Chi Rwys §s Chi RI&P gn 4s '88. ChiR1 & Prfas’3s ChiR1&P4%s 52 ChIRlev4gs's Chi i'n Sta 4148 ‘63, *hi Un Sta 615 '63 C & W Ind en 4s' C& W Ind5%s’s hile 83 ‘R0 . ¢ Colomb fis Jan '61.. Colomh 65'61 Oct Colo & Sou 4%s'35 U 4tas 80 Tis May's2 cou 6861, Corn G NY 4%3'51.. Con G N Y 5%3'45. Con Pwr Jap 6% Con Pow Japan Ts. Consum Pow 5362 Cuba R R 5852.. “uba 5 %s 45 or 5148 '42 Crecho 83 ‘52 Del & Hud rf ¢ Denmark 4586 Denmark 63°42 Denver Gas 53 D&RG W b8 '55.. Det E G&R4 1% '61. Det Edison rf 5543 Dodge Brcl 68 40 Dunuesne 414 = 67, Dutch East I Nov Dutch East 1 65'47. E! Salvador 8s'43.. Erie gen 4 | Briecvbs'67.... Eris 58'76. FlatTs war...... Finland 5%s ‘58 Finland 7s '60. . Fisk Rub 8341 Fram | D78 42 French 78°49...... French 7%8 '41.. Gelsenk’hen 63'34.. | Gen Paking 5% s 40 Gen Motors 68°37... Gen St Can 5%8'49. Gen Th Eq 68 °40... German 6% ‘65 German Bk 63’38, Ger Cen Bk 6860 J Ger Cen Bk 6360 O Gevman Tsrep ‘49. German Bank 7s ‘50 Goodrich cv 68 45, Goodyr Rub 58'67. . Grand Trunk 7840, Grt Nor 4%3'76 D. Grt Nor gn 783 Greek 6368, Hud & M ad) b '67. Hud & M rf 68’57 Humble O1l b8 '37.. Humble O 5% s '32. Hungary 1% 111 Bell Tell 6356 111 Cent 48 '52. 111 Cont 4% 3 111 CCStL&N 111 Steel 473340 Inland St 4 %s B'S1 Int Rap Tr 6a'66.. Int Rap Tr sta ‘§6.. Int Rap Tr 65 32.. Int Rap Tr 78 32. Int Cement 53 '4% Int & Gr Nor 68 ‘8. Int & Gr Nor 6352, Int M Co bsret'¢l.. Int Match 6847 Int Pap 63 '65. INtT&T4%8'52.. Int T&T cv 4% 539, Int T &T 68 '56 Italy 7s 51.. High. Low. 9413 97 29 99 2 29 7 18 168 2 1 1 20 19 2 3 16 6 4 47 95 127 31 1 1 3 2! g 1 o 1 69 10 36 1 24 9 St el »Eie e Erie 1stcon 43°96.. 3 - Bl B Rane—— o 16 15 16 12 7 39 384 32 288, 854 21 Ee 40% 948 97 22 98 30 855 86 10 9120 9120 9010 92 969 Low, 38 (37 3s 278 85% 21 B4y 40 6715 69 57 91%4 102 102 958 9874 958 10114 864 594 48% 52 52 52 a4ty 100 100% AT 978 511y 3915 46 95 9% 491y 497 3 71 69% 43 50 161 [ 38 60ta { 5] 47% .| ON NEW YORK BONDS STOCK EXCHA Received by Private Wire Direct to The Star Office UNITED STATES. (Bales are in 31,000.) 2:58. 949 97 26 30 98 85 86 91 91 90 92 96 v 1004 100 High. i 2185; a8y, a7 31 26% 851 By 40 69 57 9114 102 102 96 99 96 101% 86 5914 49 [ 5215 % ENY NH 9415 941y 100 I 93 15 51 25 a7 108 65 100% 474 973, 5l 391, 4 95 9% 50% 504 35% 699 4315 50 17 51% 6013 56 474 480 31 451 51 481y 87y .| Paris-} GE Bales. Hizh. Low 2:83 4 708 70 70 65 64 6% 76 62 67 84 55% 8813 584 97% 74 71 12% 58 987 116 8 R4 43 92 8114 100 Italy Pub S 78 '52.. Japanese 5% s ‘65. Japanese 6% s ‘b4 Kan C FtS&M 4536 | Kan City Sou 52’56, an City Ter 4550. Kend 535848 ww. . Kresge Found 6536 Kreug & Toll 63'59. Lac G Bt L 53 '34. Laclede 5% s C'53 Lacleds 5% s D ‘60. Lautaro Nit 63 ‘54. Leh Val cv 4s 2003, Lig & Myers 63 ‘61. Lig & Myers 78'44. Long Isidb 58'37.. Lorillard 68 '51. . La & Ark 6860 Lou G & El L & N un! ¢ Lvons 68 '34....... McKes & R5% 6 Manh Ry 1st 4850, Marsellle 653 Midvale Stl 61 ‘36 Milan 6348 °62..... MII E Ry & L 58 '61 Mil El Ry&Lt 68 *71 MK&T4sB'62. MK & Tadj5 . MK&T prln 55A'62 Mo Pac gn 4s ‘75, Mo Pac 58 F"17.... Mo Pac6sG'78.. Mo Pacrf5s’sl... Mo Pac 548 A ‘49 Mant Pow 68 '43. Montevideo 78 '52.. Mor&Co 1st 4% w39 Nassau Elec 43 '51. Nat Datry s %s Nat Steel 53 '56... . Netherlands 6s ‘72, N Eng T 1st &8 '62. NOT&M5sB'54. NOT&MG5%s 54, Nw S Wales 68 '67. Nw S Wales 53 '58. NYCgn3s 97 N Y Cent 4s s NY Cent 43%4s Y Crfags N Y Crfim5s2012 NY NH&H clt 63 4¢ N Y Cent db 6515 NYC&SIL 4155 NYC&SIL 63°32 NY Edfsn 53 B'4d. N Y Fa st 63541, NY ELIEP 4549, H 4806 NY NH&H db 45'57 NY NH&H 435867 NYNH&EH cd 6343, NY OLW 1st 4n'92. NY Tel 434839 Nia Sh Md 5% '50. Nord 614550, .. Norf South 5s 61 Nor& Wnevds | No Am Co s ‘61 | Nor Am E 5%a 6 Nor Pic 34304 Ner Pac 48 '97 Nor Pac fis D 2047 | Nor Pac r16s2047, | Nor St Pw 5 A 41, | Nor St Pw 6 B 41 Norway 6a 62 Norway 6348 ‘65 Norway 63 '43.. [ Norway 6344, | Norway 68 52.. | Ore sh L 5s gt 46 Oreg-Wash 45 61 Orfent dev filps Orfent dev 65 '53 Pac G&F 5342, 3 013 Pet 6534, v M 63 '58. | Pan An ! Paris-1 Pathe Exch 7 Penn 45 48 sta Penncv 4s ... Penn en 4155 °65... Penn 474870 Penn 5s'64..... Penn cen fs ‘68, . Penn 645 '36 Penn P&AL 41581, Peor & E 1st 4340, Pere M 1st 58 ‘06 | Pern 6560 | Perii €a 61 | Pitla Co 5567 | Phila Elec 4a°11 | Phil & Rear 8548 | Phillip Pet 5%s ‘19 Philipnire R 4537 Poland 75 47... oland 8550 i | Port Gn E14165'60. Portn Alegre 8561, Pos Tel & C 55'53 Pub Sv G 4158 °6 VG 4% 70, Queensians 8847, Queensland 7s 41 Peaa En %8 A 9T, Nem Arms 63 A ‘37 Rem RE%S A 47.. Rhinelha 7a 4. . .. Rhine Weat 6863, Rhine West 68 '55. R Gr Do Sul 6268, Nin Gr W elt 4549, | RTAT& L 4%s 34, | Rome 6% . StL IM R&G 4833 S1 LESF in4s A RO SIL&SF4%s'78 S11LAESF DRI Woen 4812, SIPRKC ST 414841 StP Un Den § Sa0 Pan T840 re Savon P W 6% xor Seah A Loev s '45. Serbs.Cr-S17s 62 8362 Shell T'n O 5 47, Shell Tin Of1 fs 42 Shinvetsu 6los” Sinclair Ol 6% 8’38 Sine O Tsev A 3 Sinc PL.Ga'42 Skelly Of] 5% '3 | Sotssons 6336 Son Rell T&T ‘41 SW Rell T Fa A 'S4, Son Pac ref 48’55 Sou Pac 414a 68 SouP 4%s'6% ww Sou Pac 414« 81, | sou v 65 Sou Ry 6%+ 68 StOIINT5s'46. .. 1SLONN ¥ 4% 51 Sweden G s ‘54 Swiss 5% s 46 Tatwan B P5%«71 Tenn F1 P 68 A 47, Texas Corn fis 44 Tex&P 1st fis 2000, Third Av adi 58 'R0 Toho EI Pw 6832, Tokio 5%s"61. .. Tokio EI Lt 68 53.. ! Ulst & D5 Un Pac 18t ; Un Pac rf 48 2 Un Pac 4%s "67 Utd King 5%8'37.. Urnguay 6s°80.... Urugnay 63 ‘64 U S Rub 18t 5847, | Un St W 6148 A4, UA St W 6%sA'51.. Urah P& L6344 Ut Pw 55 '59 ww. Util Pow 5% '47.. Vaunadium St 58'41. Vienna 67 52 VaRy 1at53'62... Wabash 1st 53°39.. Wabash 2d 5 '39 Wabash 53 B '76 Wabash 5148 '75. | Warn Br Plc 6339, Warner Sug 78 '41. Warsaw 78 ‘58 West El db 63 '44. West Md 45 '52. West MA 5%8°'77.. Wst Sh 1st 43 2341, West Unlon 58 '51.. Wast Union 63 '60. Wes: Un 6%a '3 Wil & Co 1st 6841, Yokohama 6381, .. Ystn S&T bs A'T Ygstn S&T 6s B'70. 54 13% 1314 | 311 | 98 | 62 | 73% | 67 | 65% 86 79 61t 69 68 65 Kresge Sales. NEW YORK, February 4 (#) —Sales of the S. S. Kresge Co. for January totaled $8845.394, compared with $9.284,000 in 1931, a decrease of 9.9 per cent. At the,gnd of January the com- pany had 713,stores. ILLINOIS INCOME TAX FIGHT 1§ SEEN Opposition to Law Expressed Prior to Signature of Governor. BY OWEN L. SCOTT. Srecial Dispatch to The Star. CHICAGO. February 4—With execu- tive approval almost assured, Dlinois today stood as the eighteenth State to adopt an income tax in an effort to lighten partially the load on real estate. Under terms of the prospective new law, the State would raise from $30.- 000,000 to $50.000,000 through rates ranging from 1 to 6 per cent on in- comes above $1.000 for single indi- viduals and $2,500 for married persons. In opposing the tax, the solid Chicago delegation claimed that five-sixths of the revenue raised by it would come | from Cook County. Fight on Law Planned. A bitter court fight against the law s expected as soon as it gets on the “tatute books. Legal lights are about evenly divided on the constitutionality of a tax on income in Ilinois. The effect of the long battle waged to place a levy against earnings in this ate has been to make more bitter antagonism between Chicago and down-State. Taxpayers here cry against hat they call the continued eflort to k them for the benefit of the rural districts. Their anger has been heigk ed by the fact that no reapportic ment of legislative strength has been effected since 1900, although in the meantime the population center has been shifted completely. Chicago now ed to more than half of the districts, but actually now has to content herself with about 40 ental conflict over con- the big city and the re- llinois looms as one of the issues of State elections betwee inder of date for the governorship back the experience of \ which drafted a con- United States and pro- s lesson to Illinois. He trol of one House of the e small districts, T g down-State, and control of the House to Cook County. In that there would not be a complete of from rural to urban hands [ ture to t control Antagonism Grows. moment antagonism to- city of the State is being The Legislature, called d special session to' provide unemployment relief in C voluntary subscriptions ed, is balking at any credit to help the cits the same time assert that te backing can bonds be now needed pre’2ae money estitute n-State districts have the upper hand d their successful effort 1 income tax on the statute complicates Chicago's legis- blem. to feed the S0 1 do books or lative pr CHINESE GOVERNMENT OBLIGATIONS INCREASE default tr interest incipal of its domestic loan issues, the end ot 1931 found outstanding do- mestic lcans aggregating $300,000.000 Chinese currenc: This cam to the Commerce m its attache in Shang| formed the depariment a d eral hundred millions of dollars is fac= ing the Chinese government Prospec of fi g new sources of id to be doubtful, and no have been made for e heavy military expen arious financiil situation artment who ir it of sev on dowestic ob- e minister of finance such intentions. Liquidation in Utilities. NEW YORK. February 4 (.—Bro- kers s re has been some vestmer, tion in public DI\’IDENDS' DECLARED 4 (P — Pay- Hldre of able. = record NEW YORK, February Rate riod Reduced c Q Compa Feb Feb. Feb Fe Q Q Omitted 62'ic Q Deferred R For 00000 00w © Co Ltd ‘A Reg o 000D DwOO LoD Woolwort”. (F W) Cn Ltd _am Dep Rec for_Ord Reg.....5\5¢ Am Steel Pnas pf.$115 City Jce & Fue %0 Homesake Mining 200! Feb. MANY AUTOS SCRAfPED. By the Associated Press. The Department of Commerce ha estimated that an average of 2,639,653 motor vehicles were scrapped annual during the period from 1928 to the er of 1830. In general, the department said scrappage runs at about the rate of production seven or eight years prior to the year of calculation. ~ Scrappage for 1928, 1929 and 1930 amounted to 7,918,973 units against available new d | cars for the vear 1921 to 1923, num- bering 17,754.055. It was also said that we are now in a period where annual scrappage might average as high as 3,500,000 units, p:o- vided the average life of cars does not lengthen. On the other hand, if cars are now being maintained in use for a longer period, which is held possible, .!s —apl;;afi\- Ta{hnogghn\-e continued dur- ng at the 1930 rate, wl vas £906918 unis, b The department noted that the num- ber of scranoed vehicles once declinel in two successive years, 1920 ond 1921 during a preceding period of serions business depression, which resultsd in increasing the average life per motor vehicle from 5.65 at the end of 1919 to 6.63 at the end of 1921,