Evening Star Newspaper, February 4, 1932, Page 15

FINANCIAL. CURB ISSUES MOVE IN NARROW TREND Market Becomes Steadier After Lower Opening. Leaders Are Firm. BY J(lll\ A. CRONE. The Star Feb) W YORK opening lower today, stocks on t Exchange quicted down merely nominal changes dav The jary Elec Midd! Power. market leaders Bond & Share, Cities West Utilities, Nia United Founders. an Power A were unchar forenoor tions were A somewh couraged by unfavorable overnight and th overseas markets published ipped was the the fioor were | the Fe Ambassador similar changed s Co. of Boston ope Bales in thousands 2 Alaba H DOM a Pw 4 abams Pow n Lt Pw 6s Nevada Cg New Eng Btock and Sales— Dividend Rate. Aluminum Co of Am 3258 50! Am Cit Pw & Lt B. 3 Am Com Pow A. Am Com Pow B Am Corp. Am Am For Pow war Am Founders AmGas & E Am Invest Inc (B) Am Invest wa Am Lt & Trac (2%). Am Maracalbo. . Am Superpower. Am Superp pf (6). .. Am Ut & Gn B vte.. Appalachian Gas. ... Arkans NatGasA... A830G&E] (A) b5 % Atlas Utll Corp Atlas Utilities w Bellanca Alr v.t.e Beneficial J L (13).. Bickfords pf (21) Eliss Co(EW) (b3%) Brazil Trac Lt&P (1) Brit Celanese rcts. .. Bunker Hill & Sull.. Cable & Wire A rets. Cab & W pf rets 19¢. Canadian Marcon Carnation o (1%) Cellulotd Corp « « « ~Prey. 1931.~ High. Low. 224 48 10 1% 17 % 2% & [ 1 2m 3y 3w Bla % 97 32 1% Sent Pub Sve A hi%. ‘entral States Klec. . “laude Neon Lts Inc. Clev Bl 1llum (1.60) . Citles Service (g30c) HESYP&ELPL(6).. olum G&E cv pf(5) mmwlth Edison (3 mwith & Sou war.. 34 Water Service., 1 on Gas Balto (3.60) 1 sol Gas Utllity A 4 ontl GRE pr pf (7). 1508 ord Corp. ..... [ “orp Sec Ch (b6%). “orroon & Reynolds. ‘osden Ofl. ... ‘resson Consol. ‘rocker Wheeler Dayton Alr & Eng. Deers & Co. .. De Forest Radlo. Detrolt Alreraft. Dubilier Cond & Rad Duguesne G Durant Motor: ast G & F Assoc ast Sta Pow (B)... tison Il Bos 13.60. 40s 184 ec Hond&Sh (b6%) 5 Elec P&L 2d pt A T, . bl Emer Bro 2 Europ £l Ltd A ( Falcon Lead rd MLt 3 Ford Motor, Can.. A. Foremost Fabrics. .. Gen G&E cv pf B(6). b0x Gen Theat Eqevpf.. 1 a sea s n Alden Coal (4 Gorham Ine pf 38 5O0s 46 208 80 BOs 114 1 6 « « « G « 68 « ! « « « « « Hackmest. Hamiiton Hudson Bay Humble O Insull Inv ¢ Int Petrol Int Utilities B. Internatl Utllity (A) Interstate Equ Irvin alian Iiruska perpow A. & Krusca Lefcourt Ieal pf ( Long Island Lt (6 Long Isld Lt pf (7). 3 6 4 3 1 ‘4 Everybody Business Far East Troubles Have Had Little Effect on Value of Long-Defaulted Chi- nese Bonds Held in U. S. BY DR. MAX WINKLER. NEW YORK, February 4 (NANA). —Disturbances in the Far East have | had no appreciable effect upon Ameri- | can so-called portfolio investments in that is, on Chinese bonds and laneous securities sold to and ted States iInterests. With but few exceptions, Chinese loans traded | in on the American markets have been d for years, and while the pres- t ilties do not tend to improve matters, bonds have reachel levels where even the worst seems to have been dis- counted |~ More than a generation ago—in June, 1911—an American banking syndicate, | comprising J. P. Morgan & Co.. Huhn. |1oeb & Co. and two New York banks. First National and the National introduced to the American in- ing public the first Chinese loan was considered a privilege to invest China, and the American investors who sought this privilege took up about $7.500,000 par value of Chinese Imperial Railway 5 per cent bonds, known as the Hukuang lean, at 100 Payments since the World War have been’ very irregular, and for years the Issie has been in complete default, selling at about 10 cents on the dollar. | The bonds no longer respond to news from the Far East In addition to the above loan, of which about $6.500,000 remains out- nding. American holdings of Chinese rities comprise the Chinese 6 per | cent loan of 1916, which became due | {for payment in 1919, outstanding at | $5.500.000, and another 6 per cent issue lof the same amount sold in 1919 and | due for payment two years later. Need- | less to point out that neither issue was | paid at maturity. 1t is somewhat strange to find Ameri- can bankers willing to underwrite and i .| American investors willing to buy new : | Perhaps the ans | bonds “while payment is’ withheld in | respect of loans already outstanding. wer lies in America’s | desire to become a creditor nation nay, the world’s greatest creditor na- [ tion—regardless of cost. She has chieved her ambition, but has paid her dea Otrer Chinese issues include the 5s 1896, of which $1.500,000 are un- derstood to be held in the United States; $1,000.000 of the 5 per cent loan known | as the French issue; $2.000.000 of 5s of 25, and $3,000,000 par value of mis- 25 | cellaneous loans. There also are out- ;| standing and held by American inter- ;| $200,000,000. With w XW_Without warrants n—New wi—When issued Petition for Holiday. NEW YORK, February 4 () —A pe. tition to declare Saturday. February 13, 8 holiday is being circulated on the floor of the Stock Exchange. ests $1,150,000 of the Chuchow-Chin- chow 7 per cent railway loan. $8.808,750 of the Federal Wireless 8s of 1921, | $1.,000,000 of the Chinese National Avia® | tion 6s of 1928, $5.000,000 of the Shang- | hai Mutual Telephone Co. bonds, $57.- 1350.000 of obligations of the Shanghai Power Co. and $7,500,000 of miscella- neous loans to American firms The total of loans of the above cate- | | gory aggregates $85.858,750, to which | must be added direct investments total- ing $114.112.000. The latter sum in- cludes investments of American capital in petroleum undertakings to the amount of $42,850,000, $10,221,000 in manufacturing establishments, $6,975.- | 000 in merchandising organizations and $54,066.000 in m:iscellaneous enterprises, bringing the total up to approximately If account is taken of investments in missionary, | and philanthropic estab- | estimated at $75,000,000, | | America’s total stake in China amounts to $274,970,750. In the course of the past vear Clarke H. Clark-Hawkami, fellow at the Geneva Institute for Higher Studies, made a survey of foreign firms operating in China. According to his reports, in 1931 there were 551 Amercan firms, employing, directly or indirectlv, 6.970 persons. This compares with 617 Brit- | ish firms, with 11,714 employes. and | 4,848 Japanese firms, employing 201,721 American | educational | lishments. Stocks sold in 100-share lots except those designated by letier Add 00. Open. THE EVENING ~Prev, 1031.~ High. Low. 107's 83 w 5 1" ba s 12 4's 26% A 11 201 4 Long Magda High. Low. Close. 49 | 1% o “ m| W | o 3% Y Meuph Mo- Mohaw Nat AV at Investors. Nat Pu! New M Newmont Mining., NYP&LUDPSL (7). N Y Sh Niag-Hud Pow (40c) Niag-Hud Pow A w., Hud Pow Bw.. Share(Md) 20e. Niaj Nia No Sts Ohto Copper. PacG&E Pacif Tin Corp(spel) Pan Am Alrways. ... Pennro; 2 Tenn W Philip A Phoent Pilot R Pion G 2 Ditts & Pub Sy Pub Ut Republ evharn Co tyerso afety '3 Dividend Rate Margay. . Mavis Bottling ( Mid West Ut (b3%). Nat American Co STAR. WASHINGTON, D. (., THURSDAY, FE 3RUARY 4, 1932 NEW YORK CURB EXCHANGE Recelved by Private Wire Direct to The Star Office. Sales— Add 00. Open._Hish, Low Clne B0s 85 sh'_ Stock and s cu pf B(6) lena Synd. 1 9 A).s N Gas (60¢) .. 2 n Pipe Line k Mining (1) jation. . bSvA (160), Sec A 180c. v Zine (2). ex & Ar Land. 3 9 1 25 ipbuilding Cp. 2 Pr: 1 Pw cv pf (6). 20 1 stpfi%. ad Corp (40c) at& Pow (3) Morris Inc. .. x Secur Corp. ad Tube A. M Ltd (12¢). Luke Erie(5) 100 c.NIlln p(8). 25 il Hold war i Gas Corp 1 1 1 1 1 1 1 9 5 2 0 1 1 s 1 2 1 9 5 R 4 2 2 1 i n& s 5 Car Heat & L. Anthony Gold L B s alt Cr lecre Regls Paper eek Prod (1). d Industries Slet Ind prior(5%).. isentry " hattu st So Cal So Uni Southld henandoah Corp... Safety Cont.. ck Den Min . 1% MlE (8).. ... 120 Edpf A (1%). on G ! Ltoyalty and Motors and Ofl of Ind (1) Stand ( Sand Sty Starret et Swittl Tampa ech H Tob Pr Tubize Jlof Ky 1.60. & Lead. tCorp. . 3 t Corp pf. itz Motor Car.. & Ca(2) roat’l (14) Elec (2 24) s 160 Produc od of Del wi. . Chatel, B.... n Init Corp war nit Foun, 2 nit Gas Corp. Init Lt & Pw A (1), Init L nit P'r Da t Uni 1 Uil £q Van Ca Vick F) & Pwrpfi6). ofit Sharing. . Y (A) (6)... c P 3 er Sec 18t pf. res v.te. 1l Po & Lt (b10%) Uity pfish). mp Pkg ‘inancial (30¢) Walker. H (25¢) . Watson (J W) Co. Wendel Wil-low Cafe pf (4). Wilson Wiwth rates in dollar persons. While no one wishe mize the importance of Japan's ments in China, it is nevertheless sub- ject to doubt whether the method adopted by Japan will afford greater protection to r interests. Furtner- more, can she with impunity ignore the rights and privileges of oth interests, even though are not quite 5o large as those of Jap: Can Japan with impunity d the rights of the United & under normal circumstan: annual business with China amounti to well over $200,000,000 (last vear it amounted to about $155.000.000), or those of other nations which sell to and buy from China and which have placed large sums in Chinese obligations and miscellaneous properties? If Japan is after the rich iron ore mines in the Yangtze Valley, why does she resort to subterfuge Tre world would be greatly relic it Japan stated her aims openl frankly. Or does the Empire Rising Sun prefer to have som continue to charge her with duplicity? In the meantime, however. dapan contributing materfally to the exist unsettlement, impeding efforts t part of the leading powers to about a speedy rehabilitation of a wor which is still pay for the World War shi 1932 by the North American Newspaper Alliance. Inc.) INVESTMENTS Orien BY GEORGE T. HUGHE There are some things that we a1l can do to protect the equity in our invest ment accounts. The reason this equity has melted away in such alarmir fashion does not relate to anything in the specific securities which go to make up our holdings. It is general condi- tions, simost without exception, that have made the January inventories look so discouraging. It is, therefore, toward improvement in general conditions that we must loo for help. One thing we can do is to impress upon our representatives in Congress and in State Legislatures the fact that we are not interested in find- ing & scapegoat for our present plight. but only in reaching a remedy. It will be time enough to arrest the incendiary | after the fire is put out. -Another thing we can insist upon is that whenever it shall appear that co-operation with other countries i an essential to o own financial rehabilitation. such co- operation shall be forthcoming. We can take a more active interest in our own local political affairs. I do not I do mean that it is the duty of every citizen in this crisis to use his influence for economy in public expenditure One cause of the depression has been and is_extravagance of municipalities and other political subdivisions. Most of us have been remiss in this Tespect for a long while. Doubtless taxes will have to be increased in many localities, but that is no excuse for public officials not spending the proceeds to the best | advantage of the taxpayer. Finally we can preach and practice confidence in our own financial insti- tutions. We can ostracize the rumor monger. I do not mean that we shall adopt a Pollyana attitude. There ought to be the facts, no matter how disagreeabie. But we can faith in ultimate recovery. For markets are made by fears and hopes and a good deal of our mental distress has been due to the story the market quo- tations told. (Copyrignt, - . e . FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co. Nominal gold Selling checks value 34,8665 39134 1932) today. $3.43% 393ic 13 94c 2371c 515¢ 19.51¢ London, pound. Paris._franc Brussels, belga Berlin, mark Rome ' lira. Zurich, * {ranc. Athens, drachm Madrid, peseta Vienna' schilling i Budapest _pengo. g Prague. crown (nom.j 2961 Warsaw. zloty : Copenhagen. crown 19 00c Oslo, crown..... 18 80 Stockholm, crow: 5.7 10358 Canadian ‘exchange, 12%’. discount. ) mean In the selection of officials. | no besitation about facing | and we must maintain | 18 100 n Copper. ‘ Jones. FWLtd29 3-3c based on b Payable ¢ Plus 6 CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, February 4.—The fol- lowing is & summary of important corporation news prepared by the Standard Statistics Co., Inc, New York for the Associated Press. News Trend. Electric power production made a comparison with the like week year than has been reported for several weeks. According to the tional Electric Light Association output in the week ended January 30 totaled 1,588.967,000 kilowatt hours, a decrease of 58 per cent from the cor- responding week of 1931. In the pre- vious week output declined 6.7 per cent The Companies. Continental Baking 1931 class share earnings 72 cents, s. $7.03 Ground Gripper Shoe—Receivers ap- ed for company by Federal, Court, Scranton. Pa Hall (W. F) Printing to acquire as- sels of Canadian Gravure, Ltd Pressed steel cars gets order for 100 inde Western Frult Express Co., subsidiary of Great Northern Rallway Standard Brands—Effective January 1932, cut salarles ranging from 10 to 25 per cent. num Industries Inc cents quarterly dividend; paid 377 cents. Crocker-Wheeler Electric Manufac- turing 1931 deficit $228,346, vs. net in- come $143973, equal to 49 cents a common share. Delaware. Lackawanna bette of A po declared formerly 25 & Western Railroad 1931 common share earnings, | 65 cents, vs. $3.60. General Motors 50 cents quarterly common dividend: previously paid 175 cents Munsingwear Inc. offering $15 per share to shareholders for company's stock Western Electric—Overtures for ac- quisition of Gray Telephone Pay Sta- tion Co., unsuccessful. Atlas Powder declared 50 cents quarterly dividend: formerly paid $1. Ford Motor obtains order for 130 Lincoln cars from Amtorg Trading Corporation. Packard Motor Car pased dividend; paid 10 cents in each of three preceding quarters; has $13,750,000 cash and | marketable securities Atlas Stores declared 15 cents quar- terly common dividend: formerly paid 25 cents; has acquired two-thirds of its outstanding preferred stock for retire- ment Canadian Pacific Railway — Train employes accept 10 per cent wage cut. Dochler dle-casting plant operating at 75 per cent of capacity. El Paso Electric 1931 preferred share earnings $28.59 vs, 533.59. Missouri Portland Cement 1931 deficit $335,353 vs. net income $1,205,833, | equal to $4.03 a common share, ‘ Trunz Pork Stores common share earnings, year ended December 26, $1.85 | vs. $2.25 in year ended December 27, 1930. Kelvinator _ Corporation January shipments up 23 per cent; unfilled or- | ders double those of year ago. Union Ofl of California introduces | third-grade gasoline priced at 11 to 12 cents a gallon in Los Angeles area, | Homestake Mining declared $1 extra and 65 cents monthly dividends. Standard Brands, Inc., 1931 common share earnings after foreign exchange | Toss $1.08 vs, $1.22. American Brake Shoe & Foundry 1931 common share earnings $1.14 vs, $3.24. v STOCKS EX-DIVIDEND | | | NEW YORK, February 4 (#).— Pe- r. . Tt | Rew..78¢ Pay- Company. bl Hercules Powder Co. Peb Minneapolls Honeywell Q Segtten Dillon Co s - ‘The Panama hat is rarely manufac- tured in Panama. but rather in Ecuador, Colombia and Venezuela. rames for refrigerator cars from | VALUATON I AL NS TESTED Decision in Terminal Case Is Appealed to United States Supreme Court. BY GEORGE E. DOYING. The rallroad valuation work of the + Interstate Commerce Commission will receive & severe setback if the decision of the Court of Appeals of the District of Columbia in the New Haven man- damus case is sustained by the Supreme Court. The lower tribunal held that the commission was in error in refusing to include the value of the intangible right accruing to the railroad by virtue of its right to use the Grand Central Terminal in New York and similar holdings. In its valuation of the New Haven System the commission refused to in- clude any allowance for the carrier's right to the use of the Grand Central Terminal and its approaches in New York City and in the South Station in | Boston, but merely made reference to { the extent and terms of such use. | 'The Grand Central Terminal was in- |cluded in the + | ventory and the South ¢ | Boston Terminal Co.’s inventory has been the commisslon’s uni practice, adopted in order to duplication of values. |" To compel an assignment of value to |its right to the joint use, the New Haven road petitioned the Supreme Court of the District of Columbia for a | writ of mandamus, which was denied, | and an appeal was taken | The Court of Appeals now has re- I versed the lower court and held that the New Haven's rights must be val and reported. It also value directed to be fo to a value for the rate- “Nowhere in the act ¢ is there anything that either expr or by inference can be distorted ir the limitation of this value for rate- making purposes.” The court pointed out th ing s only one of a numb for which the valuations of 1 sion are made prima facte evi this connection reference was mad consolidations, recapture of excess ings. security issues and the d joint rates. The court held statute requires the commis value all property “whether pr incorporeal.” The question wheth values are once ascertained be included in the rate base | passed upon by the t matter.” it said, *we ar to decide.” whe o (Copy Baltimore Markets Special Dispateh to The Sta BALTIMORE, Md | White potatoes. pr 110, sweet pot Fe | ber | brussels sprouts, h pe 3.00a4 00 | spinach. ~bus |1550a3.00; squash | matoes, crate. oranges, box, 2 ! berries, quart, 25; kale, bushel Dairy Market. Chickens—Young, 18a21 15a17; old hens, 13a18; Leg l4al5; roosters. 10a12. duc geese, 11a17; guinea { turkeys, 16a32; pigec Eggs—Recelpts, 1,608 firsts, 16; Western firsts Butter—Good ar 21a242; ladles, 15 store-packed, 10all Live Stock Market. Cattle—Recelpts. 100 head ply; market, steady Steers—Choice to pri to_choice, 6.00a6.75 fair to_medi plain to fair, 350a4.00, plain 3.00a3.50 Bulls—Good to prime. choice, none; medium to good 425; fair to medium, 3.50a4.00. pla fair, 3.25a3.50; common to P 3.003.25 Cows—Choice to prime. choice, none; medium 4.00; fair_to medium to fair, 2.50a3.25; common 1.50a2.50 Heife to choice, 4.5085.00; plain to plain Fresh 60.00. Sheep and lambs—Receipts. 200 head light supply, market steady p. 1.00 43.00; lambs, 4.00a7.40 Hay and Grain, No. 2 red Winter 621,; Febru h, 64 vellow corn, new, 3040 le common good 4.00a4.50 common to Choice to prim 5.0085.50; med fair to medi fair. 3.00a4.00; 0a3.00 cows, 30.00a and Springers Wheat spot, ery, 621: Corn— 43a44; cob barrel . Oats—No. 2 white, domestic, 33'. No. 3, 34'.a35, earby. Receipts, arket quiet, Receipts ample of t thy, but good, mixed hay scarce and bringing premium. Prices range from $12 to $16.50 per ton, as to grade and kind. Latter figure for choice clover mixed., The poorer grades of timothy are irregular in price. Straw—No, 1 wheat, 8:50a9.00 per ton; No. 1 oais, 9.00a10.00 per ton. spot. domestic 2008210 p bag lots, 40245 none, Genera CHICAGO LIVE STOCK MARKET CHICAGO, February 4 (# (United States Department of Agriculture) — Hogs, 30,000 head, including 3,000 head direct; active, 10-20 higher: 170- 210 pounds, 4.10a420: top, 4.25: 220- 250 pounds, 3.85-4.10; 260-310 pounds, 3.70a3.80; 140-160 pounds 5 pigs, 3.0083.50: packing sows, light light, good and choice. 140-160 pounds, 3.85a4.15: light weight, 160- 200 pounds, 4.00a4.25; medium weiz 200-250 pounds, 3.80a4.25: weight, 250-350 pound packing sows, medium and good, 500 pounds, 3.2523.50; pigs. good and choice, 100-130 pounds, 3.00; Cattle—Receipts, 3.000 head; calves. 2,000 head: most killing classes to 25 higher on a market forced hi by local storm conditions; shipper de- mand narrow, but better grade steers showing most advance: most steers, 4.50 26.00; top. 7.90. Slaughter cattle and vealers: Steers, good and choice, 600- 900 pounds. 6.7589.75; 900-1.100 pounds, 6.7589.75; 1,100-1.300 pounds, 6.7529.75; 1.300-1.500 pounds. 6.75a 9.75; common and medium, 600-1.200 pounds, 3.50a6.75; helfers. good and choice, 550-850 pounds, 5.00a6.50: com- mon and medium, 3.00a5.00; cows, good and choice, 3.0024.00; common and me- dium, 2.50a3.00; lcw cutter and cutter 1.50a2.50; bulls (yearlings excluded) good and choice (beef). 3.00a4.00; cut- ter to medium, 2.50a3 6: Vealers (milk fed) good and choice, 7.50a9.00; medium, 6.50a7.50: cull an: common, 4.00a6.50; stocker and feecer cattle: Steers, good and choice, 1,050 pounds, 4.25a5.50; common and medium, 3.2524.50. Sheep, 14,000; nothing done: asking sharply higher and bidding lower than yesterday's close; closely sorted kinds held above 7.25. Lambs, 90 pounds down, gooc and choice, 6.25a7.00; medium, 5.50a6.25; all weights com- mon, 4.50a5.50; ewes, 90-150 pounds, medium to choice, 2.50a4.25; all weights. cull and common, 1.75a3.00; feeding lambs. 50-75 pounds, good and choice, 4.7525.25, 40 ntral's in- | 500- | Commodity Markets BY CHARLES Special Dispatch to T t NEW YORK, February 4.— Move- | ments n securities and in commodities have not been exactly parallel during |the two and onc-half years since the | abrupt_decline in both bej have, however, been that have made both the stocks and bonds and the b products_equally cautious, plains the reluctance of the norm; supporters of all markets to enter upon a buying campalgn even with prices at their present low le ‘The investor in securitics put before him since October six different occasions, what seemed At e time to be unusual bargains. The ot break in stocks two years ago Autumn tempted many people with idle funds or with resources easily available to buy stock had expe- rienced a tremendous dec con- trast with those with whi v re- cently had been f; they bought heavil to make nd Th proved and F. SPEARE. estor in | r of raw | which ex- | has had 1929, on d hediat to be policy ed Buying Declines Steadily, 930, wi levels and few di cd, the opportunities 11l investments” appeared except at 1 as to iny accumu! » resulted ated their p ast dip occu: ed a mc when periods ly come to t had not m to the new c \PRICES FOR CHINESE TEAS ARE ADVANCED Military Operations at Shanghai Also Cause Sharp Increase in Other Commodities. NEW YORK, February 4 to brokers handling a season, both m ing. is closed Exports of Au- officiel 78 half v tea 100.- 1930 e grow Hangkow in here are 45 half chest shiped here 1. 1931 930 294, a 17755 in ugh busines quite as brisk sales reached 200 Electric Power Production. NEW YORK. February 4 (#.—Elec- ion in the week ended showed a loss of nearly 10.- | att hours over the preced- The decrease from a year ago was 58 per cent, the smallest recession since the week ending, January 9. Out- | put in the central industrial region wa (Off 8.7 per cent from 1931, the Pacific | Coast was down 6.5 per cent and the | Atlantic Seaboard 1.9 per cent. | 000.000" kil ing week Week ended Januar FINANCI AL. s S T FREQUENT DECLINES IN STOCKS HAVE MADE BUYERS CAUTIOUS Are Also A{fecte& by Uncertain Price Movements During the Last Few Years. ing to the index of the Bureau of La- bor Statistics, the average of all com- modities declined 10 points from 1929 to the end of 1930, with the sharpest reaction in the last quarter of that year, drop of 10 points, each month showing a slight recession with the exception of August, when there was a nominal ad- vance. ' The speculation in grain in October, with which cotton to some ex- tent sympathized, temporarily advanced the commodity list. It did not hold and was offset by declines in other products, During January some slight improve ment was indicated in certain lists of commodities, but there were losses in others, so that on the average the en- tire list stands now at approximately the low level of the depression and somewhere between the averages of the 1913-1916 period This situation has reduced the buy of commodities to immediate needs purchaser of raw materials is just as confused over the outlook as the poten- tial investor in securities. He is not ire whether the thing he needs to de- ve or may go lower, Only this week there have been new low prices for all time in copper metal, zinc and sugar. of the farm products are not so cheap as in October, but are much lower tha 6 or 12 months ago. Heavy “Write-offs.” difficulty facing them as buyers of raw materials, for frequently in recent hs they have seen goods, bought apparently were rock-bottom offered 10 per cent or more | before their consignmer: factories “write-offs" inventorles at the end of 1930, it was necessary for business corporations further charges to deprecfation in commodities and in man goods on December 31 last. The been doing the same thing as the ir vestor did, especially the instjtutional and finance company investor, with his | ities at the end of 193], What r profits there were from operations from income in that year were oves balanced by shrinkages in inventories vestme To this fact is due the unwillingness of the rs of both markets to go ahcad 1ake commitments, even ough have complete confider t se- s or commodities purchased at ent level will show a substantial tion within the next 12 mo Copsright. 1932 PLAN TO REGULATE ts had LOANS IS PROPOSED : Restriction of Margin Trading Urged in Effort to Control Borrowings. During 1931 there was a further | lop business is at or near the bottom | Some | | iower to | —k STEEL PRODUCTION REVEALS DECLIN Drop to 28 Per Cent of Ca- pacity Reported for Last Week. By the Associated Press NEW YORK. February 4 —The steel ingot rate this week for the entire coun- try has declined to 28 per cent of ca- pacity from 29 per cent last week, the weekly Iron Age Review said today “Although steel ingot production is believed to have made a slight gain in January over December,” the review stated, ¥'pig iron output failed to in- creas:, having in fact decreased 0.8 per cent, but apparently this loss was caused by a decline in merchant iron which offset a minor improvement in the steei- making grades. “Steel ingots and pig iron do not al- ways move in unison, as recently as last November there having been a gain in steel ingots of 8 per cent against a 3 | per cent reduction in pig fron. Ingot Output Estimate. “The Iron Age estimate of January pig iron output is 972,784 gross tons ot 31,380 tons a day against 980.376 tons 31.625 tons a day in December. On uary 1 there were 61 furnaces in against 56 on January 1 e pig iron figures and this week's reports on steel making operations ar: evidence of the absence of the ususl seasonal recovery. In January, 1931 pig_iron production gained 3 per cent with a 12 per cent rise in *teel making iron and ingot output advance 19 per cent. “At least three plants in the countr, are running at 50 per cent or high there has been a_ decline in the eh district to 22 per cent and the mill valleys are also on a basis of output. 1 companies with the best opor= ations are benefiting to a greater extent others from automobile business. nsion in electric refrigerator mani- g has also eided onme or twg utomobile industry is expected to produce 175000 cars in February against .bout 140,000 for January. It he Ford Motor Co. gets into volume production befors the end of this month the total will be raised. Though Ford has not yet placed large steel orders some are expected within a few weeks. el has been bought for 40,000 Ch olet bodies. 4 “Tl lroad wage adjustment raises t will be an increase the carriers, Some material probably will major programs are likelw ied until the last half of be bought be postpo! he year. Pressure on Price. “The New York Central. for example, nay buy only 46,000 tons of rails against v 000 tons for 1931. The Nickel has inquired for 17.000 tons, & reduction from last year's quota. Meanwhile renewed pressure has brought to bear by some roads on ail price, which has remained at a ton since 1922. It is said that a ion of $3 a ton is sought gt price concessions have sheet steel. Automobile are off $2 a ton to 2.80 nd Pittsburgh. Galvanized BY JOHN A. CRO YORK fentifically was advocated t Spec NEW posal s The proposal ct and indirect m attenti ive activities. At such overproduction and of new uritie: r takes place. In n’ may n call money tighter withdraw their reduces lending p to commercial enterprises rease the quired by brc or by banks from brok advocate. “Restrict mar certain medium-sized d to reduce the amount trading and limit it to traders of cor siderable means.” They also se in trading to | transactions de- | h| of s the adoption of term settlements 15 the settli fransactions once every two wee as takes place in London to the daily delivery and in_this market Two_direct methods for the of brokers' loans are set forth. One| is to set a definite limit, over which | stock brokers who are members of the | leading exchanges mayv not borrow, | The other is to prohibit or restrict rokers' loans by non-bank lend (Copyright. 1932 COMMODITY PRICES. Whole: commodity prices tinued their decline last week. trend was measured by the Comme Department. In the figures that follow the index is given for comparable | periods, based on representing 1 average levels as 100. In addi selling price of a ton of composite steel products is given for like periods: All Com. Steel 30. 645 $29. 30.20 | 31 o such | itra ements | control | Previous week ....... Same week last year. . Saving of $17,500,000. NEW YORK, February 4 (#.—Th ew York Central Railroad manag: ient estimates that the saving in wages through the railway pay reduc- tion agreement will amount to $17,500,- 000 annually, By From Yesterday' 50 Industrials, . 61 61.6 62.1. 60.1 124.1 216. 110. 68 Today Previous day Week ago Month ago. Year ago....... Three years ago Five years ago.. High, 193 140, 60.0 202.4 1129 High, 1930.. Low, 1930 BON 20 Industrials. Today 67 Previous day Week ago.. Month ago. Year ago. Two years ago. . Three years ago High, 1932 Low, 1932 High, 1931 Low, 1951 High, 1930 Low, 1930 STOCK AND BOND AVERAGES the Assoclated Press. s 5:30 Edition. STOCKS. 20 20 Utilities. DS. ia ton of | ere being freely sold at 2.75 having quoted ) Railroad 2.70 cents, cold-rolled sheets are also $2 lower and li New York Cotton pecial Dispatch to The Star. NEW YORK. February 4 —Open- g cotton prices today were un- nged to 3 points higher. Trading was active. Foreign demand was somewhat better, but most offerings ere absorbed by covering. March opened &t 655 unchanged, May 673 unchanged, July 689 u ged. October 7.10 up 3, December 725 unchanged, and January 7.32 up 1. e s Grain Market By the Associated Press CHICAGO, February 4 —Influenced by unexpected upturns in Liverpool whe totations, grain prices here higher early today. Pros- better export demand for North American wheat counted also as h factor. together with likeli- | nood that unprotected domestic Winter wheat had suffered_damage by cold. Opening at a3y advance, wheat afterward reacted somewhat Corm nged to s up and subse- the initial limit: Wheat price setbacks that followed v upturns were ascribed to selling on Teports that Japanese forces hadh evacuated places adjacent to American and British positions at Shanghai, and to a noticeable degree had thereby relieved tension. Easiness of the New' York Stock Market at this stage tended” likewise to act as a weight on wheat values. There were reports, too, indicat- ing that Ohio and Kentucky wheat' fields had virtually escaped injury by low temperatures. W A leading crop expert telegraphing from Louisville said that between Springfield, Ohio, and Cincinnati he’ saw two fields in which the wheat plants had jointed. These fields were in high places and showed but little frost damage. From Cincinnati to Louisvilie, there was no apparent damage. Sioux Falls, S. Dak., reported | 2n official temperature today of 8 below zero. wheat. Provisions were firmer, responsive to hog market upturns. Corn and oats swayed with Trade Trends By the Associated Press. Automobiles—Production of Cadillac and La Salle cars in January totaled 2139 units, the largest January output for several years excepting 1929, savs L. P. Fisher, president of the Cadillac Motor Car Co. This is an increase of 502 cars over January, 1931, and 614 above 1930. Machine tools—Manufacturers and dealers are looking toward Spring with more optimism. according to the “Amer- ican Machinist.” Sentiment in the trade has improved during the past week as a result of automotive inquiries and orders, largely from the Ford or- ganization. February business is ex- pected to show an improvement over January, the review savs. St Raw silk imports in January totaled 52,238 bales_ compared with 50,617 in Decemter and 49,194 in Jan- ua 1931. Deliveries to mills were 58.793 bales, contrasted with 48432 in the preceding month and 55,910 in 1931 Stocks at warehouses on January 31 were 62,905 bales, compared with 51,814 on the same date last year. Flour—Production for the four weaks ended January 30 is estimated by Gen. Mills, Inc, at 5112308 barrels com- pared with 5,702,045 barrels in the cor- responding period last year. Cumula- tive production since June 30 is esti- mated at 43,678,821 barrels, compared with 48,363,054 barrels for the same period of the preceding year. Montgomery Ward Sales. CHICAGO, February 4 (#).—Mont- gomery Ward & Co. announced its sales for January. 1932, were $£18.028,054, compared with $16,620,238 for/January, 1931, a decrease of $4,502,184, or 37.83 per cent.