Evening Star Newspaper, February 5, 1932, Page 14

TA—14 wax FINANCIAL. THE EVENING STAR, WASHI} NGTON, , D. C, FRIDAY, FEBRUARY 2, 1932. FINANCIAL. NEW CONSTRUCTION| ANNED IN' SOUTH Manufacturers’ Record Re- ports Progress in Build- ing of Plants. the Associated Press BALTIMORE, Md., February 5—The acturers’ Record, in its current is- Teports more than $55,000,000 in engineering, construction and ing work awarded and proposed the first month of 1932 in the and Southwest e publicat s the figure indi- cc 18" number of new tablished and old ones ex 1though total is below corresponding months in previ- s The covers 16 States rom Maryland to Texas S Progress Predicted. From the activities reported. the pub- \ draws the conciusion that. “ex- the serious business situation ew plants would have 1 previous records in * ¢+ We look ) grow and multiply of business becoming | doubtedly the list of | industrial survey | ad plated s The Houston being Petroleun at rerfcan United States Oil New Orleans now v crude proposed Refining Cc y on the Neches Tex.. said to be Hartman interests 30.000 gallons construction the Arkan- der aper and textile cgory. outstand- Dow C at Wilmington Alk at_ Corpus naty work began | | Picher Mining & Smelting 3 building an ore capacity at Anniston. a third it of mill. | e expenditure of $2,000.000 Texas Potash Corpo- on v begin work Odes: Tex n awarded for a third ia justrial Corpo- pa Fred- 5 daily . Ir | nt paper mill at expansion program is be- | the Champion Fiber | C | the Piedmont Wood | ling new creosot- Plants Planned. Can Co.. preparing A $400.000 plant at orted to have ac- | project at w are | re | note- expected | ) Tennessee, | Missour1 | nstruction other ides $1.530.000 for a a. Ga.: $500.000 for ashville, Tenn.: 55 d by one concern | 494.000 for a post office | artment | ndation lding in c Archives Bul FOREIGN GOLD FLOW | STOPS AT NEW YORK Lull Noted in Exports of Yellow | Metal—France Leads in Purchases. 5—A 1 0ld movement, which tive recently, was the Federal Reserve | ol and_imports small sum of a shipment increase of the account of gn account s compiled by the bank howed the dommant role that w 18 playing In the gold mar- exports for the week 3, amounting to $47- 020.000. The partly_off- 1ports totaling $4.265,000 case of $21.063,000 in the | earmarked for foreign ac- xports atively ba ers agaln reported | ¢ to France consisted | France reserves, | d been held in this »n, shipment of about | coin to Europe. was York Clearing House | curb export | N add 0,000 in g a b on of | and double eagles for purposes succeeding shipment. it balance of foreign teken flight to this | lly being restored to s said they believed the present movement IL is better, they ex- ness on our own gold he surplus gold hand which in facilitate inflation not vet ended, 11 has a part of 125,000,000 gold, | Y ed to return » A Ated Press All general business in Shanghai, with e exception of shipping. was reported ralized in a cable to the Commerce partment Passenger vessels were said to be nanghai packed to more than Chinese refugees by the tens are moving in all direc- as said, while Chinese shops which closed last Friday for 1hree days in protest of Japanese troops eperating through a portion of the In- ‘rmational Settlement have ccntinued tly closed since that time. “The usual New Year settlements have advanced from February 6 to the end of this month. Silver dollar rates in taels and United States gold continue to advance in harmony with ordinary demands. % dr D apacity PARIS BOURSE PRICES. PARIS, February 5 (#).~Three per cent rentes, 79 francs 55 centimes. [Five per cent loan, 101 francs 50 centimes. Exchange on London, 87 francs 84 centimes. The dollar was quoted at o5 fracs 393, centimes. | brought | thought NEW YORK STOCK EXCHANGE Received by Private Wire Direct te The Star Office. (Continued from Page 13. Stock and Sales— Dividend Rate Reading Ry Co (2).. Real Silk Hoslery . Reis (R) & Co 15t pf. Remington-Rand. ... Rem Rand 1st pf Reo Motor Car (40¢). Republic Steel Reynolds Met (134).. Reynolds Tob B (3) .\ Rio Grande Oil. .. Rossia Ins of Amer.. Royal Duteh of NY 10 AT 10 “ 4 Safeway Stores (). Safeway Strs pf (7) St Joseph Lead(60c). St L-San Francisco. . St L-San Fran pf.. St Louts Southwn. . Schulte Retall Stores Seaboard Air Line. .. Seaboard Oil Sears Roebuck (213) Second Natl Inv Servel Inc Sharp & Dohme. ... Sharp & Do pf (3%). Shell Union Oil Shell Union Oil pf... Snubert Theaters. .. Simmons Co Stmms Petroleum Sinclair Consol Of1. Skelly Oil pf ww Socony-Vacuum (1). Solv Am pf ww (i3 '2) Southern Pacific (4 Southern Railway So Ry M & O ctfs (4) Sparks-Withington Stand Erands (1.20) Stand Com Tobacco Stand Gas&El (3% 2815 Stand il Calif . Stand OILN J (1 3 Sterling Secur ev pf St Webster (1) x Studenaker Co(1.20). Sun Oil pf (6) Superior Stee Telautozraph (140). Texas Corp (2) Tex If Sulphur(3) Tex Pac Coal&Oil Tex Pacific Land Tr. Thermoid Co - Thempson ( R) (1), Tide Water Asso Oil. Tide Water As pf(6). Timken-Detroit Axle T .mken Roller B(2) Tobacco I'roducts, .. T'obac Prod A t95¢ “‘ransamerica Corp 2 Tri-Contl Corp H 1115 Twin City RT pf(7) 13% Underwood 11% 62 TSN GOLD OUTPUT SOARS PRESENT BOND PRICES OFFER IN CANADIAN MINES ATTRACTIVE YIELD TO INVESTOR Banker Reviews Growth of Indus- try—Country May Lead Recovery Special Dispatch to The Star TORONTO. February mining is a conspicuously prosperous industry in Canada. the total outpat from the es in 1931 being $55,000.- 000, or an increase of 25 per cent over “Gold continued future growth.” stated A, W Austin, president of the Dominion Bank. Referring to the various aspects of present-day conditions. Mr. Austin sta ed he found little change from a year ago. but expressed the opinion that the main difficulties confronting the world are now sharply outlined and at last home to the individual. He it reasonable to expect greater progress in their solution during 1932 After analyzing the bank's statement briefly, Mr. C. A. Bogert, vice president and general manager. reviewed the events of the past financial vear and expressed the opinion that Canada will be one of the first countries to experi- ence better times. Brokers® Comment NEW YORK, February 5.—Stock market comment was indefinite in brokerage house advices to clients to- day. Several referred to President Hoover's drive against hoarding. Jackson® Bros., Boesel & Co.—There is now under way under administration guidance in Washington a_ Nation-wide campaign to utilize the leading civic ganizations of the country to restore public confidence. At no time since the stock market first started to crash, in 1929, has a campaign of this kind been attempted on so gigantic a scale The immediate objective, of course, is to stop the hoarding of currency and gold and to divert hidden funds into normal business channels. It seems to us that the stock market cannot con- tinue to ignore this development in- definitely, and it is also logical to as- sume that the powers behind this move- ment will see the wisdom of utilizing rising prices in the security markets as a part of their well designed plan of getting business out of a rut. Redmond & Co.—President Hoover's appeal for people to put hoarded money to work “either by conservative invest- ment or by deposit in sound institu- tions” in order that it may return to the channels of economic life, appar- ently was without market influence. No intelligent person will dispute the President’s conclusions regarding the aetrimental effects of currency hoard- ing, but many doubt that much good will be accomplished by his plea until bank failures cease and the confidence of frightened depositors, who have withdrawn their funds, is restored. This is one of the main tasks of the Recon- struction Finance Corporation, and the high caliber of its personnel holds out considerable promise of its ultimate success. Thomson & McKinnon—The co- operation and public support which President Hoover is being accorded on his drive against hoarding should contribute to an_early reversal in the flow of money. It is rather difficult to come to a satisfactory conclusion as to the meaning of the market's virtual halt. In our opinion. it will become responsive as results of the Reconstruc- tion Finance Corporation become more visible. Shields & Co.—While the trend to lower wages and less employment con- tinues there can be little concrete effect from vetbal effort to restore confidence. Without a powerful new stimulant it will be difficult to change the market from the difficult, narrow trading affair it has been for the last few sessions. E. F. Hutton & Co.—We would not gel too bearish, for pessimism is too widespread to be indiscriminately fol- lowed. Baar, Cohen & Co.—The principal thing to remember is that the only worth-while selling at this time is that of disgusted holders, who believe they can sell stocks here and buy them back cheaper. It is usually out of such a situation that an upswing develops, and chances now are more favorable for an up rather than a downswing. Paine, Webber & Co—From a strict technical standpoint, industrials could remain in present narrow trading area a few days longer before giving posi- tive evidence as to which _direction they will follow when they break out of the so-called “coil” formation into which they have been working since establishment of lows on January 5. There is other evidence pointing to a good possibility that old support levels Cap: will soon give way ‘to a renewal of & downtrend. Add 00 Hizh. Low. Close Chge ) 931 s High. Low. Divi 12 27% Unlon C 26% 11 4| 2064 T0W | 38n 9 _dl% 284 T 314 52 12 674 8375 — % 108% 107 1215 50 1% 370 364 20% 36 264 Net 30 3™ 3% 2% 114 2% 304 3% 3% “ 2% k) 114 A 2% | Unit Ai Unit Bf Unit Ca Unit Ci Unit Co Unit El —1% Unit G Unit Pi U S Gyy Ind Pip Rut Rub m sm Ste s 1% United 21 United 1857 7 Util Pw 1 Vanadi 204 Vulcan B Un 01l of Calif (1.40) Union Pacific (10)... Unit Corp (75¢) Unit Fruit (3)... Unit Gas&Im pf(5). U S & Forn Secur Realty & Imp. Bales. Net. Add 00. High. Low. Close. Oh 55 2974 28'a 28% —1l4 2 11 11% b4 3% T0% 188 14 13% 5 224 214 rbon...... 1 9 gar Stores.... b 1 .. 262 !:’«. npipLi(a)e.c.0 2 ectric Coal. .. 3% 20% tock and dend Rate. “arb (2.60). .. reraft. . scuit (2). il 13 32 1 308 S&Im(1.20).. ece DWpI 6% psum (1.60) us Alcohol. .. e & Fdry (2). sber . iber 1st pf g & Ref (1).. k& Ref pf 3% el (2) eel pf (T) Stores (A). .. Stores pf (4). Univ Leaf Tob (3) r&LtA(2). um Corp. .. .. D'tinning (2) Wabash R R. Wahash R R (A) Waldor Warn B Warren Webste W W w W w W W 1% 2t 88 est Pa 8l 5in 3 ester ester ester 11 £ Sys ( ros Pictures. Bros cv pf r Bisenlohr. . est Pa Bl pf (7) est Pa Pwr pt (6). 1008 A Pwr pf (7). 108 n Dadry (A) n Maryland. . n Pacific pf n Union (6) Westinghse A B ( Westinghouse ( ) W W W Wil W W Wilson W o Worthi Wrigley T T >rod Corp (1) estin, ke hite 1 I 18 Willys- 1% 15 35 18% 46 3 vello 6% Zonite I Sales of Si 10:30 AM.. 1:30 P.M.. Dividend rates a 728, 1067 R0t 15 14 payments based on the latest qua vidend 4 e Pavable in cash or 3 Plus 31 in st vear ook stock m Paid hite M in no xhse 1st (312) tock (1) & Mach. Oil & Gas Overland & Co (A) & Copf Jrth (2.40) ngton Pump.. (Wm) (4). 2% 20 40 184 LLE 3o 7% 24 20 40 18t 49 3% ™ tocks on New York Exchange. 200,000 12:00 Noon. 600,088 . 700,000 2:10 P.M.... 900,000 s given in the above table are the annual cash ey or hal{-vearly declarations Unit of trading less than 100 shares. t Partly stock, & Paid this vea resular rates stork { Plus 87 in stock b Plus 2% in spécial preferred stock k Plus 3% in stock regular rate. nPlus 5% In &tock. b Plus Campaign of Re-Education Suggested as Follow-Up on Recent Appeal of President Hoover. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK. February 5—In Presi- the previous year with every prospect of | dent Hoover's statement recommending A Nation-wide campaign against the hoarding of money, the paragraph that | before the sixty-first annual meeting of attracted most attention in the finan- cial district here was the following 1 urge all those persons (hoarding of money) to put their dollars to work. cither by conservative investments by deposit in sound institutions in order that it may thus return into the channels of economic life.” The suggestion that money drawn from banks and locked up safe deposit vaults or hidden in various insecure places should flow back into the investment market opens up a field of inquiry into the extent to which the one-talent man.” so to speak, will be willing at this time to exchange his idle dollars for corporation securities 1t also gives basis for a renewal of the agitation for arousing this same indi- vidual to an appreciation of the present ntegrity of all United States Govern- ment fssues and those that may be offered in order to promote the Recon- struction Finance Corporation. as well as the excellent return now available on such investments or those presented in the future. Re-: It has been felt for some weeks that the American public should begin to be re-educated along the lines of invest- ment in Government securities. The present seems to be an opportune time. It will be necessary to issue large amounts of Reconstruction Corporation debentures if the requirements of busi- ness and of banking are to be met by this governmental agency. For years. nearly all of the subscriptions to new Treasury obligations have been made in behalf of the banks or by wealthy cor- porations or individuals desirous of keeping a large portion of their funds in short-term securities or in those pos- sessing the highest of all credit ratings The public has kept away from these issues primarily because prior to 1930 it was absorbed in stocks and later be- cause of the comparatively small income return which “Governments” produced More recently, however, this same public has shown a revival of interest in Government securities: This has come about as much from the attrac- tiveness of the yields on United States bonds and notes as from a desire to make investments in issues having the best standing of any throughout the world. When Treasury notes last month or with- in ucation in Investment. sold to vield from 415 per cent to nearly 4%, per cent, dealers in them did their largest small investor business in years. Now that prices are better and vields lower, the demand is again negligible While it lasted it gave a clear indica- tion that the public, at a certain yield level, was willing to buy Government securities A recent body of wealthy capitalists indicated that men of this tvpe were not greatly interested in any proposed offering of Reconstruction Corporation debentures Their objections appear to be based on the technical features of the proposed issue, which, while unconditionally guar- anteed by the Government as to in- terest and principal, are not on a parity with Liberty bonds or Treasury notes This same point, it is believed, would not be raised by the average investor who realizes the United States credit is back of them and that if the coupon rate were between 4° they would be preferable to any invest- ment. tax exempt or taxable, that would be available to him. For this reason there is strong argument for the same sort of publicity campaign or propa- ganda to interest the people, who now have $1.300.000.000 tucked away re- turning nothing, as there was when the Liberty loans were floated during and after the war. Would Relieve Banks. Another benefit from obtaining a broad subscription by the public in the proposed Reconstruction Corporation debentures is that it would relieve the banks from putting just so much more of their resoruces into securities, and by that amount, limit their accommoda- | tions to the business world. One of the urgent requirements as a prerequisite of industrial recovery is a loosening up of bank credit both to the world of com- merce and to municipalitics. This would be in part accomplished through the transfer of hoarded money into the channel of Government obligations. It is true that should the rate on the Reconstruction Corporation debentures exceed the present return on outstand- ing Government issues, the latter might to some extent be affected However, it has to be recognized that in any major credit operation in these times the greatest good to the greatest number has to be considered. The urgency just now is to release dormant funds and through their employment greatly widen the credit area. (Copyright, 1932.) canvass of a considerable | and 5 per cent | in price. | IBONDS ARE LOWER IN ACTIVE MARKET |List Slips Off After Firm Opening—Rail Issues Featured. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK. February 5.—Bonds moved generally lower today in moder- ately active trading. The opening was firm but extremely dull. The application by the Pennsyl- vania Railroad for a loan from thc Reconstruction Finance Corp. was a surprise to Wall Street, where it wa* supposed that the stronger roads would leave the corporation’s funds available to the roads urgently needing aid. This started some selling of railroad bonds. and losses of 1 to 2 points occurred in a long list, including Chesapeake Corporation 5's, St. Paul Rock ‘Islxnd refunding s, Denver & Rid Ifiranr‘]» Western 5's, Erie 5's, Missouri { Pacific 5's, Nickel Plate 6's, South | Pacific s, Frisco prior lien A 4's and Southern Railway 4's Allegheny Corporation >h;_=\rp|3' higher, especially 1950, which were 3 points one time. trols Chesapeake peake & Ohio, other railroads, announced today various non-income paying deposited behind the 5s had be drawn and replaced with Shares, Inc. notes, which are paying interest ‘The revenue from the osited collat. L is thus sufficient 4y interest on the bonds secured ,l;n’»llll\ was done, collateral behind the 55 of 1956 had not been suffici to meet interest pavments. although the 55 of 1944 and 5s of 1949 were so se- cured Apart Aactivity 55 opened the 5s of higher at Corporation Missouri-Pacific and that with- from the rails there was little i in the domestic list trials were generally dull. Utilities |a seasoned nvestment de. such a: | American Telephone 5s, New York Tel- ephone 4'.s. Consolidated Gas 5'.s Duquesne Light 4.5, were firm, T States Government bonds ere rowly lower, with out a great activity in them In$ the foreign department, the Far Eastern situation was appraised as being more serious than ever, and Japanese government bonds were forced fdown a point or more. The 6'.s and 5'as were most active, but there w similar dips in Toho Electric 6s and s, Tokio 55 and 5 Taiwan 5 Shinyetsu 6155, Yokohama 6s Ujigawa Electric 7s. Great Consoli Electric Power of Japan 6'.s were also heavy Australian bonds continue | firm tone. Australia 5s of 1955 and both were up a point more South Wales 5s. Queensland 7s 5'2s and other Australian were all higher German government bonds fractionally and other Europe also inclined to sag. but there a very small volume of trading in them British 5'2s reflected the firm tone of sterling and other foreign exchanges The municipal market was active and fairly firm. The announcem first payment would shortly on the defaulted issues o Buncombe County, N. C with some surprise. as rec nk fai ures in that region had tied up some $8.000.000 of public funds Domestic bonds were firm opening, while the foreign heavy Alieghany Corporations 5s the substitution of income-paying lateral behind the bonds, advanced sharply. The 1950 maturity gained more than 2 points and the 1944 and 1949 maturities rose fractionall The activity: in New York tractio { securities continued, with fractional ad- | vences in Interborough refunding |and Manhattan Railway 4s. The a {tention of the city inquiry has been turned toward reports that the new c {subway will not be ready for operatior |in_Apr The small in | Pacific ickel Plate 6 | trials were unchanged. Unit Governments opened a shade {In the foreign department {government bonds were lower. nar or N Sydr municipals dropped was 5 the wa at list reflect g col- was ic firm, wit s, Missouri Indus- States highe; Japanes | . : | INVESTMENT TRUSTS | ~NEW YORK. Fcbruary 5 P).—Over- the-counter market A | A B C Tr shrs |ABCT 1Am & G |am & I 8. oo Am | Am |An | An Am | Assoc Al Sec pf Sec wa 1 & Pac In Comp T Fars 6§ Fdr [} Fers v pf cifs Ins Stocks ol ot Stand hain & Gen d Inv Evch Ex r Chaite | Chelsea | Crelsea Cumuizt | Corporate | Gorporate Trus | Carporate Trus | GRI : At famous Old Bailey, London, a blind | | juror was excused from service, the judge ruling that documents in the case had to be seen WASHH\GTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES [ | SALES. Washington Rwy. & Electric 45—$1,000 | at 82 Capital Traction Co.—10 at 19 Mergenthaler Linotype—10 at 52, AFTER CALL. Washington Rwy. & Electric 4s—81,000 at 8214, $1.000 at 82!y Potomac Electric 6% pid.—5 at 111, 5 at 111 Bid and Asked Prices. | BONDS. | PUBLIC UTILITY. Amer. Tel. & Tel. 4'3 Tel. & Tel. ctl Anacostia & Pot Ana. & Pot. Guar. 5s | €& P. el of Va. bei.lllll Capital Traction R. R.'5s City & Suburban 5s | Georsgtown Gas 1st 55000010 Potomac Elec. Cons. 57 .01l | Potomac Elec. 65 1953 Wash.. Alex. & Mt. Vernon ctt Washington Gas 425 Washingon Gas ash. Gas 65, series A Wash. Gas 6s. reries B Wash. Rwy. & Elec. 4s MISCELLANEOUS. Barber & Ross. Inc.. 6':s Chevy Chase Club 3las Columbia Country Club 5izs | WM. Cold Stcrage 5s | STOCKS. | PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Traction Co. (3} Wash. Gas Lt. Co. (i8) ...\ 8 N & W Steamboat (13) 117111 140 Pot. Elec. Power 6% pfd ..".l 110', Pot. Elec. Power §'ac. pfd ... 1034 | Wash Rw. & EI com.”(1)... 300 | wash. Rwy. & Ei. pfa. (5).... 90 | NATIONAL BANK | Min. price (14) o T ColumWia (12) 375 ommercial ( 183 District (8). 196 30 1117 18'2 94 210 9% Asked. 250 425 200 amped) 210 10}, | Fed -Amer Liberty (78) Lincoln (10) | Metropolitan’ (14). Riggs (15) Second (9e) Washington Natl. Bk. & Tr. (2). 2) 5 TRUST COMPANY. Amer. Sec. & Tr. Co. (15) Natl. 'Sav. & Tr. (12:) Prince Georges Bk. & Tr. Union Trust (8s) Wash. Loan & Tr. (14) . SAVINGS BANKS. k of Bethesda (65) | Com. & Savings t10) | East’ Washington (121 Pot. Savings Bank (10) Sec. Sav. & Com. BX. Seventh Street. (12) United States (30) Wash. Mechanics (20) FIRE INSURANCE. American (12) - i Corcoran (10) Firemen's (8). 6 amn | National Union (i5).! TITLE INSURANCE, Columbia (6h) ... Real Estate (6h) MISCELLANEOUS. Barber & Ross. Inc., com Col._Medical Bidg. Corp. D. C. Paper Mfg. pfd.... | Dist.” Natl. sec. ptd..; 5 Emer. Bromo-Selz, “'A" (2) Federal Storage pfd. (B)... Fed.-Am. Co. com. (120f) Fed Co. pfd." (6) Lanston Monotype (6) Mer. Tr. & Stge. com Mor. Tr. ‘& Stge. pfd | Mergenthaler Linotype Natl Mtge. & Inv. pid Real Ect. M. & G. pfd | Real Est. M. & G. pfd. Security Storage (55). | Ter. Ref. & Wh. Corp. | The Carpel Corp. (21! W. Mech. Mige. com Wash. Med. Blde. Corp. Wdwd. & Lothrop com. Wdwd. & Lothrop pfd *Ex dividend bBooks closed. n25c extra. 130c extra £17 extra. €eli2% extrs. 7 145 1015 160 Bid. Asked a0 A =05 ] 5 60 28135 (10 N 6).. (8)78 8)i: @l @) () @i (1.20) Il 537 extra ¥21,7 extra 37 ext 47 ext 5% extra Depos Bl Depos In Diversified Tr | Diversified Tr B | Diversined Tr ¢ sified Tr D v Invest C v Trust Shrs Year Fixed Tr Fixed Trust Sh A Fixed Trus! Sh B | Fund Shrs A | Fund Tr shrs B | Granger Trade | Gude” Winmill Trad Incorp Investors Incorp Invest Equit Independ Tr Shrs {Int Sec Corp Am A {Int Sec Corp Am B Int Sec Am 6 pf Int Sec Am 6'; pf Inv Tr N Y Coll "A Invest Trustee Sh Leaders of Indust A Leaders of Indust B Leaders of Ir c Low Priced § Major Mass Mutual Mutual Ma Nation Wide Natl Indus 1 Tr Sh N Y Bk T Am Tr Am Tr sh 1955 Am Tr Sh 1956 Northern Secur Ol Shares units Old Col Inv Tr. ...l Old Col Tr Assoc Petrol Trad A .... Public Serv Tr Repres Tr Shrs Second Int Sec A Second Int Sec B Sec Int Sec 6 Secur Corp G Selected Am Sh Selected Income Sh Selected Cumul Sh Selected Manage Trust . Shawmut Bank Seencer, Trask Fund |Stand Al 'Am T |Stand Am “Tr_ Shrs Stand Collat Trust State Strect Invest Super of Am Tr A Super of Am Tr E Super of ‘Am Tr C Super of Am Tr D Trust Shrs of Am Trustee Stand 'Inv Trustee Stand Inv Trustee St Oil A Trustee St Qil Shis Trusteed N Y C Bank Trusteed Am Bk Sh Trusteed Am Bk A 20th Cent Fixed Tr Two Year Trust Sh United_Fixed Shrs .. Unit Pdrs 1.70 Com . United Ins Shrs United Bank_ Tr U8 & Brit Int Ltd A U § & Brit Int 53 pf U 8 Elec Lt & Pow ' U 8 Elec Lt & Pov "B Universal Tr Sh Inves! In age Sec Shrs shr Shares, ist pf $6 pf (o1 D B The corporation, which con- | Chesa- | collateral | ‘Terminal | | Sales. Lib31%832-47. 32 L1st 4%s32-47 118 L 4th 4%c 33-38582 |US3s1951-6.. 64 1US3%E49. .. 4581 US3%sM41-3 39 US3%sJ40-3. 64 US3%s43-47. 40 U S3%s 46-56. 250 US 48 44-54. .. 235 US4%s47-52. 208 Abitibl P&P 58 °63. Alleghany Cp 6844 | Allegheny 68°49. .. Allegheny 58 ‘50 Am Beet Sug 6s '35 Am F P 552030.... Am 1 G Ch6%s'49. 15%834.. 56342, Am S&R 1816847, Am T&Tcy 4%a'3) Am T &T b8 65. .. Am T&T ctr 6546, Am T&T 68860, Am T&T 6%8 43. .. Am W Wks 68°34.. Am Wat Wks 6376 Arpentine 534862, Argentine May ‘61. Argentine 65 Ju's9. Argentine 63 Oc'89. Argentine 63 B 68, | Arm & Co 4348°33.. Arm Del 6% 43... Assoc O] 63°25. Atchiscy 4% s 48.. Atchison gn 48 '95. teh Ariz 423862, AUCL Ist 4852 ALGulf 58 Atl Ref db 63 '37. Ausiralia 4%s '66.. Australia 6856, Australia 53'57... | Austria 72743 de- | to| Indus- | g & 0 Sw dv of| Ban & Aroos 435 Austria 7867 ctfs. B&O 43’43 & O4%s 33 B&OCY 4% 60 B&O st 5848, B&Orfsa'ss. & 058D 2000... B&O 63’y & O P&WV 4541 850, | Bk of Chile 6% L "”"l | Polgt M| Beigium 634343 | Brazil 6%4s Bk Chile 6% s 1 um 68 '86. . Belgium 7s 66.. Belglum 7866, ... Bell Tel Pa 6u B 43 Bell Tell Pa is C'60 B Ind Loan C 6846 Berlin Cy El 68 . Berlin C E 6%8 50, Beth Stl pm 63 '36. Beth Stirf 554843, via 7868, .. Bolivia 78 '69... Bolivia 88 47 Bordeaux 634, Brazil 614837, Brazil 7a... Brazil 8s°41.. EkEdgn A& Bklyn Elev 6% Bklyn Man 6s 63 Bkiyn Un 58 45. Bklyn Un 1st 58'5 Budapest vs '62. Buenos A 65°61 Pv. BR&Pitt 433867, Bush Ter con 5855 Calif Packing b "4t Can: Canada 4348 Canada 38 '52. .. Can Nat Ry 4% Can Can Can Can Can Can Pac 4%s'60... {Can Pacss 54..... Car Clin & O 68 '52. Cent Pac 45 '43. “ent Pac 55°60. ... Cen Ry NJ g 5837, Cert-td db 53 s '48. Ches Corp b5 47 | C&Ogen4ns2. C&O 4%4SA" C&O4%sB 35 CB&Q43%s "7, 3&Q 111 dv 454 1 & Est L1585 1Grt West 4559 Chi Ind& L gn 55 '66 Chi M & St P 45’89, C M StP&P 55°75.. 3. |CM&StPadjss fractionally I cnile “hi&NW 4148 20 NW 4135 C 2037, hi& NWendks Chi&NW rf 552037 *hi & NV 6345 '36. Ch! RI&P gn 45 '88. Chi R1& Prf4s'34 Chi R1&P 414852 ChiR Lcy 43560, C& W Indend C& W Ind 514562, 560 hile 656 Chile 636 Chile 75 '42 | Chile Cop anss 47. Clev Term 5873 Clev Te A Cologne 6145 50. . Colomb 6s Jan '61. Colomb 6s'61 Oct Colo & Sou 4143 ‘80 Col G&E 55 May'52 Col G&E cou 53 '61. CC Md 18t rf 55'50. ConG NY 4%s°51. ConG N Y 5%3 45, Con Pwr Jap 6%s.. Con Pow Japan 7s. Consum Pow 5s ‘52 Copenhag 4% '53. | Cuba R R 58 Cuba 5 i Cuba Nor 5148 '42 Cuba RRrf T%s '36 Del & Hud rf 4334, Del & Hud 5%8 Denmark 4343 '63.. Denmark 63 '42. Denver Gas 58 'Al.. D&RG W b8 '55.. DRG& W5s78.. Det E G&R4%3'61. Det Edison rf 58’43 Dodge Br cl 68°40. Duquesne 4%s '§7. Dutch East 16547, Fl Salvador 8s48.. Erie 1st con 43 '36.. Erie gen 4s Briecv5s 67..... Erie 55'76. Flat 7s war.. Finland 68 '45... Finland 7a '60. Fla E Coast 58'T4. Fram [ D 7%s8'42. French 73 43 French 7%s 41. Gen Cable 5%s"47. Gen Motors 63 '37.. Gen Th Eqg 68°40... German 5%s '§5 German Bk Ger Cen Bk Ger Cen Bk 6 Geman 7s rep 49. German Bank 78 ‘60 Ger Gen El 78 '46.. Goodrich cv 6845, Good 1st 6%8'47.. Goodyr Rub 58'57 GrandTr sf db 653 Grand Trunk 7840, Grt Nor 413’76 D. Grt Nor 58 '73. Grt Nor gn 5%8'52 Grt Nor gn 78 '36.. Greek 6568, Halt! 63752 Hud & M adj 5 Hud & M rf6 Humble O1l 58 '37 Humble O 5%8'32. Hungary T%hs '44.. 111 Bell Tell 5858 111 Cent 45’52 111 Cent 4% S6.... {11 Cent 63453 '36. 111 CCStL&N 68 A . 111 Steel 433 3°40. .. Inland St 4% s A'T8 int Rap Tr 55 '66.. Int Rap Tr sta "66.. Int Rap Tr 6s 32.. Int Rap Tr 78 32. Int Cement 53 '48.. Int Hvdro El §3°44 Int & Gr Nor 55 '56, High 94 97 99 85 100 10 30 4 16 16 26 26 16 7 12 6 Low 947 9 866 9122 9120 90 10 9126 967 1003 '| ON NEW YORK BONDS STOCK EXCHAN Received by Private Wire Direct 8o The Star Office UNITED STATES. (Bales are in $1.000) 258 9410 74 991 858 613 9125 4126 9016 921 96 8 1003 Sules. High. Low. .55 33 20 50 241 10 1 10 3 10 14 10 25 58 1B R unlannnonn 2. u 18 33 1 12 4 24 36 311y 20 20 3y 63 57 401, 100% 92 83t ey 6l 41 #61, 465 90'5 “ 1% &1 50 91 63 62 55 &8 15 50 31 90 a4 24% 6615 6% 6y 19% 90 1013 5014 5Tl GE PRICES FOR SILVER IN STEADIER TREND Activities of Speculators and Hoarding Abroad Have Strengthened Market. Sales. & Gr Nor 6s'62. 5 &G Nad¢s'52. Imt M Co ks ret'4l Int Match 68°47. Int Pap 53 A "47.. Int Pap 6s '56. Int Ry C A 55'72. Int T&T4%n'52. Int T&T cv 4 %8'39. 18 IntT&T5n'55.... 14 Irish Free St 55" 2] Italy 78 '51........ 45 Japanese 5%s°65.. 21 Japanese 634 s ‘54..112 Jugosl Bnk 78 °57.. 12 Kan C FtS&M 45'36 8 Kan City Sou 52’50, & Kan City Ter 4550, Kan G&E 4% '80. Karstadt 6s'43.... Kresge Found §x'16 Kreug & Toll 55'59. LacGStLss 3. .. Laclede b%s C'53. . Lautaro Nit 63 '64. Lah Valcv 45 2003, Lig & Myers 58 '51. Lig & Myers 7a'44.. Loew's 63 ex w '41. Lorillard 58 '51. .. Lorillard 7 '44. La & Ark 5560, .. Lou G & F1 5852, L& Nunf4s40... Lvons 6s'34..... McKes & R5% 50, Manh Ry 1st 5'90. Marsellle 65 '34. Midvale St] 55 '36. neks'52..... MiI E Ry & L 55 '61 MK&T 43 B'62 MK & T adj 5567, Mo Pac gn 4576 Mo Pac 53 F '77. Mo PacbsG'78.... Mo Pac Gs H'30... Mo Pacrf6s°81... Mo Pac 6% A '43. Mobile-Ohio 55 ‘38, Mont PdbGs A6 Montevideo 65 '59. Special Dispatch to The Star. NEW YORK, February 5—Firmer quotations in silver futures and spot metal here recently mirrored the activi- ties of local speculators, while the shad- ing of prices in London reflected con- tinued ~offerings there for Chinese account The demand for silver from Europe, the accumulation of stocks, both sycee (uncoined silver) and dollars at Shang- hai and a probable decline in silver output here and in Mexico, along with possibilities that the Indian treasury may stop selling the white metal, were discussed freely by bullion dealers in the financial district todas The world's leading bullion handlers, | Samuel Montagu & Co. cabled from London that silver stocks at Shanghai on January 30 aggregated 55,700,000 ounces in sycee and $169,000.000, These figures have been unchanged for the past four weeks Apparently the Chi- nese are selling stocks held abroad. On January 30. 1931, stocks at Shanghai amounted to 92,000,000 ounces in sycee and $155,000,000 Smuman e oans oBaneSemen e Bombay Exchange Closed. At present two of the important world | silver markets are having comparatively little effect on prices. The Bombay Bullion Exchange has been closed since January 1 because of the political dis- znces of the ) na s, and spec- Shanghai says such meager have come through to the Street in the last week is at low ebb, if The as Nassau Elec 4531, Nau Dairy 5% s 48, Nat Steel 53 ‘56 Netherlands 6872, NEng T 1st58'52. NOT& M58 54, Nw S Wales 58 ‘67, Now S Walas hn 58, NYCgnl%nsl.. N Y Cent4s '8 N Y Centdb s34, N Y Cent 4135 2013 NYCrfatys2013, NYCrfim3s2013 N Y Centdb 63’3 NYC&StL4s'3 NYCRSUL 41457 NYC&StLS1a8A'T4 NYC&SUL 6832 N Y Edisn 58 B'44. N Y Fd 1st 65841, NY ELH&P 55 '43. NY NH&H db 45’57 NY NH&H 4143 67 NY NH&H clt 65 4 NY O&W 1st 4x'92. NY O&W gn 4 '55. NY Rys6s A ‘65... NY Tel4%8'39.... 3 Nia Sh Md 514850, Nord 6%s '50 Norf South 58 '61. . Nor & Wncv 4836 No Am Co 58 61... Nor Am Ed 9 Nor Am E 5 %48 63, NorOT &I, 63'47. Nor Pac 33 2047. Nor Pacri6s2047. Nor St Pw is A 41, Ner St Pw 63 B'41. Norway 514385 Normav fe43.. Norway 6s'44..... Ore Sh L 5sgtd 46 dreg-Wash 43 ‘61 Orient dav 54 n'58. | Ortent dev 6353 | Pac TAT 1st 5837, Pac T&T rf 55°'52.. Pan Am Pet 6334, Paramount 647 Paris-Ly M 6858, inusual feature of the present market Ram Fage { manager of the er department c Hi. Hentz & Co., remarked today. “is irope is its main support. taking not onl put of the mines, but also occasional sales of the Indian gov- European countries are suf- from an i iency of subsid- coinage, because since 1920 they g silver too fast Now to the uncertainties of the political situation, extensive hoard- 2 place in German Poland and other countries reduced output for 19 ufficient for the coinage irope and the regular de- arts—that is, without the normal consuming markets d China present for 1932 be barely nands of mands of the aid of t of India a “Ab t the o 000.000 ounce in 19 Semw he rate of production will be under 160,- against 248.139.133 50.570.029 ounces for 1932 is for of United States rican production, for | there is no sign of improvement in the base metal prices Mexican Output. Mexican production for December and January totaled 8500.000 ounces, or less than 50 per cent of normal. Few com operating now. Mexican 1 Is ore to the smel- the companies are pay rolls, while measure of subsist- high-grade ores are ill make future costs higher than before, Japanese situation has rdutg. Paper money count in Shanghai ports. Much of lver will not return to he civil disobedience move- ment in India has shaken confidence the Indian government's paper cur rency. From now on silver will go out of the very fast. The gov longer be able to sell silver: probably it will have to pur- chase more. It is noteworthy that Siam canceled a shipment of 10.000.000 ounces ich she had arranged to ship to Lon- don in January L A OO~ - S OO ONON relieved of meeting labor gets a meager ence. Hence, only being worked 3 natural is no and Far the hoarded the banks. a heavy d Easter 5 no | Penncv 434s 60 | Penn gn 434565, | Penn 424370, | Penn 43,863, | Penn 64. . | Penn gen § Penn £145 | Penn P&L 434 | Peoples’ Gas 58 '47. Peor & E 15t 4340, Pere Mar 44530 Pere M 15t 58 '56 Peru 6s'60.. Peru 6s'61. Phila 68 °67.... Phila Elec 4s'T1. Phillip Pet 5% s ‘39 Philippine R 4s'37. | PCC&St L 5s B'75. Poland 6s°40. . Poland 7s '47.. Poland 8350 Port Gn El 4%5°60. | Porto Alegre 3s'61. ! Por RAm T 6842, | Pos Tel & C55'53 . | Pressed St C 5833, | Prussia 6s°62. . | Public Serv 4571 | PubSvG 43867 | PubSv G 4%s°70.. | Pure O11 5%8'37... | queensiana sa 41 | Queensiana 78 "41 feaa gn 4% 8 A 37, Rem Arms 63 A 37 Rem R5%s A 47, Rhinelbe 7s ‘48. Rnine West 6552, Rhine Weat 6563 .. Rhine West 6555, R Gr Do Sul 65 '68. R Gr Do Sul 85 48 Rio Gr W clt 45 '49. Rome 633 '62. Roy D 4345 ww StL IM R&G 48'33. ST L&SF In 48 A58 StL&SF p 158 B 'S0 StL&SF4%a'78. StLS W 1st 4s ‘39, StS Wends'az.. San A& AP 48’42, Sao Pau 7840 ret. Sao Paulo 85’38 Saxon P W 634861, Saxon 78 '45. Seab A Licv 6345, Serbs-Cr-Sl 83 °62.. Shell Un Oil 5847, Shell Un Oi1 68 49. Shinyetsu 6%s'52. Sinc Cr O 5%s'38 Sinclair Ol 648’38 Sinc O Tscv A'37 Skelly Ofl 5%s 39, Sofssons 63 °36. Sou Bell T&T 65’41 SW Bell T 65 A '54. Sou Pac col 48’49, Sou Pac ref 43 ‘55 Sou Pac 4%s '63. Sou P 4%s 69 ww. Sou Pac 4%s 31, Sou P&Or 4%s 7T, Sou Ry £n 4s '56. Sou Ry 5894, | Sou Ry €s'56...... Sou Ry 6%s'56.. StOfINJ 58°46... StOIINY ¢%s'51. Sweden 635 '54 Swiss5%s '46... Tatwan E P 6% %71 Tenn Cop 6844 Tenn EI P 65 A 47, Texas Corp bs '¢4. . Tex&P 1st 55 2000, Tex & Pac 53 B'77. Tex & P 5sC'79. Tex & P 55 D ‘30 Third Av adj 58 Toho El Pw 6832, Toho EI Pw 78 '5.. Tokio 58 '52 Tokio 5%3 Tokio EI Lt 53.. Ulst & D 5sct 28 Un Pac 18t 4347 Un Pac 4s’68...... Un Pac rf 45 2003.. Unit Drg cv 63 '53. Utd King 5%w8°37.. US Rub 18t 68 °47. UnSt W 6348 A'4T. Ud St W 634 8A'51.. Ud St W 5%sC51... Uruguay 6s°60.. Uruguay 6s'84. Uruguay 8s46. . Util Pw 5369 ww, DIVIDENDS DECLARED NEW YORK, February 5 (#).— Special & Pas- able Hldrs rec Feb Feb Feb Jan Mar Feh pan Increased of Ca cial By Q Omitted. Mar 5150 1130 Regular, Pe- Pas- BM Fen Q Ap Q Q Q A Q Q Hldrs Mar Ma Feb Ap: Apr. Chain Drug Stores. NEW YORK, February 5 (Special) Declaration of the regular dividend on Drug Incorporated drew the attention of the street to the fact that as a group the chain drug stores made about the best relative showing last vear of any retailing organizations, both in gross sales and in net profits. In the first half of 1931, Drug Inc.. earned over $3 a share on the 3501499 shares out- standing. tire year were slightly over $6 a share and in 1920, $6.35. It is apparent that the company is maintaining its profits close to the level of the peak vear in American business All that we know of ancient Egyp- tian religion is hedged round with magic. Util Pow 5%8'47.. Vanadium St 6841, Vienna 6= 52 . Va Ry 1st 53 '62... Wabash 4%3'18... Wabash 1st 6839, Wabash 2d 55 '39.. Wabash 55 D 30.. Wabash 5%s 75 | Walworth 6s A '45. Warn Br Plc 63'39. Warsaw 75 '58.. West E1db5s 44, West Md 43°52.... West Md 534371, West Pac 55 46 | West Union 53 E T PP S 0N -JUPP P SO~ Sy P <) { Wil & Co 1st Wis Cent gen ¢s ‘3§ Yokohama ¢s "§1. IRstn S&T 53 A'T8. 2! 424 Ygstn S&T 6s B'T! o 2 32