Evening Star Newspaper, February 6, 1932, Page 13

FEBRUARY 6, 1932. FINANCIAL. %% A—I3 TRADERS IN GRAIN WATCH WAR NEWS WASHINGTON, D. ¢, SATURDAY, SELLING OF RAILS UNSETTLES STOCKS STAR, FINANCIAL THE EVENING ~ INKHEADSEES | NEW YORK STOCK EXCHANGE BAN ON HOARDING = Trade Reports at a Glance. By the Assoclated Press. NEW VORK, February 5.—Tabloid review of wholesale and retail business L‘ondzuom as reported to Bradstreet's this week from the follow- ing centers, o the basis of comparisons with conditions in the same areas in the corresponding week last year: Bales— Net. Add 00. High. Low. Close. Chge. 174 —1931— Stock and Bigh. Low. Dividend Rate. 6815 1% Houston Oil exeent those desigmated by letter “s.” Bales— Xe: Add 00. High. Low. Close Chxe Stocks sold In 100-shar ~—1931—— Btock and High Low Divigend Rate. Mitchell Believes Finance Corporation Will Also Start Credit Flow. BY EDWARD C. STONE. With the Reconstruction Finance Corporation just getting under way and spectal efforts being made to check hoarding, some of the statements in the National City Bank’s recent an- nual review are rticularly timely. he chief problem now, President Charles E. Mitchell says, 15 t0_elimin- ate uncertainty and fear as influencing factors and 50 bring about a ck to deflation and a bisis for a flow of Reserve Bank credit that give to the banker a greater ability to lend, re- awaken in business en a desire to proceed with their plans involving the use of credit and encourage the investor to re-enter the security markets. The proposed Reconstruction Finance Corporation affords the most promising channel through which the needed | credit T flow. Under plan will be brought di to the it of need. By saving emergency \ations and preventing unnecessary eakdow Mr. Mitch: radual elimination of exag reviy r, whic Frank J. Hogan. uld reflect itself. among her ways, in a cessation of hcarding | nd return of currency to the banks | throughout the country, thus enabling | «the latter to perform once more their | ! functions in assisting and encouraging | industrial revival The recovery of American prosperity will be materially hastened by holding to0 & constructive program. There can be no doubt but that the unsatisfied wants of the people will provide the basis for such recovery as soon as the elimination of fear and progress of Te- it the flow of sat- isfactions from one person to another 1 equitable basis of excha ed be attac ded so often of lat reached the neeforward ment_ of limited ine is a ment of | n, and is regu- v succeeding Te hange be more oved in eve til human v 'York banker concludes. Hogan to Address Institute. Plens for nnual banquet of y ton Chapter, American Insti- king, to be held at the urday, February 13, are is now ex- a delight v agre to speak at is counsel for the ers’ Association and much he success of all insti- n licity and | consisting of Robert H. Lacey n, Columbia jonal Ban , E. Towson, Wask Co.. A. W. Sherman, Ameri- Security & Trust Co.; Robert G. First National Bank a, Va. and S. Winifred Burv ional Metropolitan Bank, is work- with Walton Sanderson, Federal- nerican National Bank & Trust Co., has charge of the decor: a view to working out a ger £t. Valentine effect for the banque The table decorations, stage setting, ¢programs, place cards, etc., will all bear Zout this idea, and it is expected that t will be effective and particular] ropriate, as the following day ‘Valentine day. ] damiiaD 40 B Paying Unearned Dividends. s widely agreed that corporations have built up fat surp times, and W retain this ancial gain in liquid form, are fol- Aowing a justified and helpful course continuing to pay out reasonable fciividends, although not currently earned. iSuch distributions to stockholders, says ffthe Magazine of Wall Street. have played an important part in maintain- g our general purchasing power. At present, however, it gopear that the widespread ins ubon dividend maintenance is reach- Bng an unsound, even dangerous, point 21d that more and more corporations ¢xill be forced to a more frank and ‘prompt_recognition of the inevitability of dividend revisions or omissions, the smajority of which changes are already Sorcast, if not discounted. by low stock ‘grices and abnormally high yield. Only a relatively few companies have the liquid resources to pay unearned {dividends without incurring grave risk cases where virtually the entire pay- ¢ come out of surplus. There r too many such instances, the magazine asserts Bankers Offer Essay Subjects. Several most intere f Chapter, American In- = ing, were presented at 1he meeti he District Bankers’ £Association Council of A nistration i yesterday's meeting. These subjects Bwill be submitted to the institute cers for the expression of pref #The final decision will be mi gouncil at an early date The c named by President C. H. Pope to e subjects con- Kists of Harry G. Meem, president Wash- ington Loan & Trust Co.. Howar , vice president American Se- & Trust Co. and orge E ident Union Trust Co. r the subject has been selected dent Pope will appoint the judge e the winners, the three leade given to the June conven- the District Bankers' Associa- Maryland Banks Are Reopened. y dent State Bank of Pres- nty, Md., which ha d October 8, 1931, has pened to resume business under a cpositors' limited withdrawal plan © Queenstown Bank of Maryland, in Queen Anne's County also reopened Sidney P. Prince of Washington was [ ized by the Interstate Commerce Cemmission yesterday to hold the posi- tion of general counsel of the South- e Railway and_its subsidiary roads. Jie will succeed the late L. E. Jeffries. Construction of engineering work in- | %olving more than $55,000,000 is re- ported by the Manufacturers' Record &5 awarded and proposed in the South ®nd Southwest during January. Oil re- ¥ining plants were leading in present #nd contemplated industrial construc- tion, it-was said. Notes in Financial District. Bank clearings in Washington this Meck totaled $19,547.000 against $19,- 353000 in the previous weck, but a case of 20 per cent compared with t same week a year ago. Bradstreet's xeport that every city in the United States shoved a decrease. Mabel V. Royce. Rose L. Royce, T inton Leith, I J. Roberts, Frank M erley, Auorey O. Dooley and S. Wini- red Burwell will attend the annual nquet tonight of Baltimore Chapter, JIostitute af 22 187% 6% 30'% 9% 63 136 37 1825 [} 314 Adams Express. .. 2 Adv Rumley 1214 Affiliated prod 1.60. 47% Alr Reduction(t4% ‘Alaska Juneau (50c)’ 1% Alleghany Corp. .. $ Am Hide & Leath pf. 9% 9% 26 St Bdly 16 14 25 13% 64 1% 1104 Bly Alleg Cp pf $30 ww Alleg Cp pf $30 xw Allled Chemical (6). Allis-Chalmers(50¢) Amerada Corp (2). Am Bank Note (2).. Am Br Shoe (1.60)... Am Can Co (15)..... 114 Am Car & Foundry Am Car & Fdy pf Am Chi Am Comel Alcohol. Am European Secur. Am& Am & For Pwr pf(7) Am International. . Am Mch & Fdy 1.40. Am Metal Co. 5 Am Metals pf. Am Pwr & Lt (31). Am Pwr & Lt pf (6). AmP&LtptA (5). Am Rad Am Rolling Mills. Am Safety Am Smit & Rfg(50c) Am Am Solv & Chemical Am Steel Foundry Am Steel Fdry pf Am Stores (1214) Am Sugar pf (7). Am Tel & Teleg (9). Am Tobacco (16) Am Tobacco B (16) Am Tobacco pf (6) Am Woolen Co pf. .. Am Zinc & Lead pf. Anaconda Copper. .. Armour of 111 (A). Armour of 111 pf Associated Apparel. Atch To & San Fe(6) Atl Coast Line (4).. Atlantic Refining (1) 7 Auburn Auto (£4) Aviation O Baldwin Loco pf. Baltimore & Ohfo. .., Balto & Ohlo pf (4) Bang & Aroos (3%). Barnsdall Corp. . Beatrice Cream (4) Belding-Hemingway Bendix Aviation (1). Best & Co (2).. Bethlehem Steel. Bethlehem Stl pt Bon Ami (A) ( Borden o (3). Borg Warner (1).. Briggg Mfg (1) . Bklyn-Man Tran (4) Term ‘ase (J 1) Co 5 ‘aterpillar Trac (1). sco (1).. *hi Great West pt. tP & Pac tP & Pac pt Northwestern. *hi Pneu Tool. ... .. *hi Rock I & Pacific. *hi R1& Pac 6% pf. hi Yellow Cab (2). “hrysler Corp (1) ity Stores “oca-Cola (18).... “olgate-Pal-P (21;). “olz-Palm P pf (6). . *0lo Fuel & Iron pf.. imbia 1(b11g “olumbia Carbon (3) omm Credit (1.60 omel Cred pf B ( “omel Cred 18t(615). “omel Inv Trust (2). Jomel Inv Tr pf 635 . “omm Inv ev pries). Comcl Solvents (1 Comwlth & Sou(30c) Comwlth&Sou pf (6) Congolm Nairn (1).. Congol Crr pr pf 6%. Con%ol Film 5 Consol Fi B Consol Gas “4).. Consol G pr(5) onsol Laundries(1) “onsol Rwys pf (6).. « Container Corp (A). Container Corp (B) Contl Baking (B). Contl Can (212) 4 Cont Insur (2.40).. Contl Motors Contl Oil (Del). Contl Shares. . Corn Products (3) Coty Inc « ( « « rucible Steel. “udahy Pack “urtis Publish “urtiss Wright Dicere & Co pf (1.40). Delaware & Hud (%), Delaware Lack & W, Detroit Edison (8) Devoe & Ray A(60c). Diamond Match (1). Dome Mines (1) Douglas Aireraft (1) Drug Corp (4) Dupont de Nem (4).. Dupont de N pt (6).. astman Kodak (18) itington-Schild. . lec Auto Lite (4) usical Instru 2 wr& Lt (1). .. llec Pwr & Lt pf(7). Elec Storaze Bat (1) Endicott-Johnson(3) ndicott-John pf (7) ng P'S pf ww (5%) ns Auto Prod thanks Co nf. . Fairbanks-Morse Fed Mot Truck(20c). Fed Water Service A Fid Ph Fire In(2.60). Firestone T & R (1). Firestone T&R pf(6) rst Natl Strs (2%) k Rubber........ Fisk Rubber 1st pf. . Foster-Wheeler..... Fox Film (A).. : Fourth Nat Inv 1.10. 4 Freeport-Texas (2). 45 934 91y 12 2'y 24'9 15% T4 1 22 1w 14 128% 10% 81 % ler Co 7d pf () en Am Investors Gen Am Inv pt (6) en Asphalt (2). en Baking (2). Gen Bronze. . Gen Cable (A) .. en Electric (1.60).. n Elec spec (60c). Gen Food Corp (39, . ien G&E A (b6 % stk) 1 Motors (2) ... 1 Motors pf (5)... en Public Service. . en Ry Signal (5)... Gen Realty & Util pf. Gen Theater Equip. . Gillette Saf Razor. .. Gillette Saf R pf (5). imbel Bros. ....... imbel Bros pf (7). Glidden Co. . Gold Dust (213). Gold Dust pf (6) Goodrich (BF)..... ocodyear T & R (1). oodyear 18t pf (7). Gotham Silk Hosiery Graham-Paige. ..... Granby Consol c). Grand Silver Stores. Grand Unfon.......} Grand Union pf (3).. Grant (W T) (1).... Great Northern pf(2) Great Wn Sug pf(7). rigshy Grunow. ... Hackensack W (1%) Hahn Dept Stores. .. Hahn Dpt St pf(6%) Hartman Corp (B) Helme (GW) p{(7).. Holland Furnace (1) Homestake M 18.80., Houdaille Hersheyws - or Power. ... Razor (5) Sm&R 2d nf (6). 50 5 p (Del). 14 3 Houston Oil (new). 34 3 % 26 7% Hudson Motor (1) 3% 13% 134 13% 3% Hupp Motors. ... T 41 e 35 9 Iilinols Central. .. ... A o e 182 25% Ingersoll Rand (3). TE N 3¢ 4% Interboro lap Trans " . 5 4% 14 Intercontl Rubber. ., e e 15 2% Interlake Iron. : A e Bl% 4% Int Agriculture pf... oW 179% 92 int Bus Machine(n§ T e g 6218 16 IntCement (3). : el 14 Int Combustion.. Ak ezl 22% Int Harvester (23%). Vi L L 784 11 Int Match pf (4).... A 204 7 Int Nickel of Can 20 gk R2an IR 481 64 Int Paper & Pwr pf th 80w 50 Int Silver pf (7) o2 38% 7' Int Tel & Teleg (60c). Aot A 9% 1% Investors Equity.. 5 st 2 57 24 Jewel Tea (4).... ... ' 9y g 80% 15% Johns-Manville (1) 1281 68 Jones& Laugh pf(7) A% 4% 4% S 8 ¥E EFEFE +1 4 60% L+ P TELSESE (RN £EF bla bl 19% 204 B 5 64 15 Kan City Sou pf (4). 164 16 18 5% K'mann Dpt Strs(1), 18% 134 24% Kayser (J)&Co (1) : 5060 pring Tire. . s 38% 381 prT 8% pf... 610 3 Kelsey-Haves Wheel B 8% 94 KKennecott Copper 50c¢ 284 23% 187 Kimberly Clark 2%.. 13% 1% Kinney (G R) Co. Kinney (G R) Co pf. 3 15 Kresge (SS) (1.60).. * 44 Kreuge: 6% 70 35 70 . 1114 110% T4 T4 76 Ths 109 109 21 204 228 94 T+ L Port Cmt pf (7). lley Coal. . ‘alley R R.. Lehigh \ ibbey Owens ¢ 1t & Myers(ts Jigg & Myers B (15) Jima Locomotive., oew's Tuc (14)..... ard (P) (1.20). 2 1 le & Nash(4) 23 2 McKesson & | 5 < Trucks (1). i Macy (RH)& Co(n3). Madisol Mazma Coppe uisy 317 108 24 204 — 1% 42 16 16 — % 31 -1 20 !;:: Marshall Field & Co. May Dept Stores 1.80 Maytag Co..... Melville Shoe (2) Mid Cont Mtdland Steel Minn Moline Pow. . M StP & SSM 1sd (4) Mo Kan & Texas Mo Kan & Texas pf.. Missour Pac Missouri Pacific | Mohawk Carpet Montgomery Ward Morrell (1) &« Murray Corp Nash M Nat Bella He Nat Biscuit teel (2) 2 ipply ¢ 3 i 3 7 Nat Surety ( 1 Cop (4 H & Hartford. & Western N Y Shipbuilding. .. North Am Aviation Nor Amer(b107% stk) Norf & Westn (112 Northern Pacific (3). Northwest Tele B4 Ohio O ... 1% Omnibus C 1614 Otis E'evat 315 Otis Steel % Pacific Gas & EI (2 Pacific Lt A3). Packard Motor Car. . Pan-Am Pet B(1.60). Par-Pub (b10% stk) . Pathe Exchange (A) Penney 10). Penn DI ement Penna F Peopl Pere Petrol Co Phelps Dodge Co Phila Co 6% pf (3). 34 Phila & Read C & 1., 20 19 ’ Phillips Petroleum 1% o Port I n Toh(A) B % Prairie 01l & Gas. . Moo 5 Prairte Pipe Line. 40% 7 Pressed Steel Car 31 3 1 Proct & Gamb (2.40) 3 3 3 b Public Sve NJ (3.40) 16 Public Sve NJ pf (5) 32 3 Pub 3 79 g Pullman Corp (3) 2 3 g Pure Oil . 2% 4 i Pure 01l pf (8) 11% 72 18% 110 i % Tienl 81k Hoslers 81 A 3 Rels () & Co 15t pf. 10% Remington-Rand. . 507y Republic 490 Republic 2915 Reynolds Tob A (3). 7, Reynolds Tob B (3). 78 Richfield Oil S x Royal Dutch of NY 1% St Joseph Leac 55 30% 2974 103% 50 14 Seahoard Air Line. Seaboard Oil Sears Roebuck ( Second Natl Inv Servel Inc...... 2% 315 Sharp & Dohme a 5 Sharp S Shell Trading & T hell Union Oil. . . hell Union Ol pf {mmons Co. .... Simms Petroleum Sinclair Consol Oil. . inclair Oil pf (8) Skelly Oil Socony-Vacuum (1) Solv Am pf ww(51%) South Port Rico & Southn Cal Ed (2). Southern Pacific (4). Southern Raflwa. Spald(AG)1st pf( parks-\Withington. . nd Brands (1.20). 3L3%). tand Gas& pf(2). tand G pf( and Invest Corp. tand Ofl Calif (2). tand Ofl of Kansas. tand OII N J (12). terling cur cv pf. Stewart Warner..... 97 Stone & Webster (1). 9 Studebaker Co(1.20). 11 Telautograph (1.40) 97 Texas Corp (2). 191 Tex Gulf Sulphur(3) 44 Tex Pacific Land Tr. 214 Tide Water Asso Oil. 20% Tide Water As pf(6). 161 Timken Roller B(2). 1% Tobacco Products 2 Transamerica Corp 2 Tri-Contl Corp...... 36% Tri-Contl Corp pf(6) con Stee. 13% Underwood [5 5 Union Bag & Paper. 27% Union Carb (2.60) 11 Un Oil of Calif (1.40) 70% Unlon Pacific (10) 97 Unit Aircraft, 40 Unit Aircraft p 18 Unit Biscuit (2) 1% Unit Cigar 20 Unit Cigar 714 Unit Corp (75¢) . 26!4 Unit Corp pf (3) 1744 Unit Fruit (3)... 15% Unit Gas&Im(1.20) 83 Unit Gas&Im pf(5) E 3 oW = » » R oo 8 » o g L O L L Ior Lt=P G PRSP - 127% 127% 10% 10 120% 120% 2% 2% s s 75 6% Kansas City Southn. 314 8% 4 13 % an 5 96 2 28 7 26 Pacifi Fele=(7) 4408 37 3 27 11 1 {Continued on Page - v - '1| Western in 2\, | states Steel Specialties Are Also Under Pressure, but Losses Are * Small. BY GEORGE T. HUGHES. | Bpecial Dispatch to The Star. | NEW YORK, February 6 (#).—Sharp declines in various specialties and pres- sure on the rails generally gave today's stock market an extremely weak ap- | pearance. There was, however, sup- | | port for leading industrials, many of which were practically unchanged. %! The market opened lower and sold | | off rapidly during the first hour, but | | steadied in the second half of the ses- 1, | sion. It was the indications of having | 4 | initiated a fresh decline on Friday that 14 | brought offerings into_the list today. { Bids were scarce and for some of the s, | more speculative industrials the losses were large. Auburn Auto, which had broken more | than 8 points Priday, had added about | as much more to the decline by the | middle of the second hour. No support lof consequence appeared until it had | gone through the 110 mark, which con- trasts with a high of over 123 on Friday. | New Lows Recorded. Another weak but generally more in- lactive issue was People's Gas of Chi- cago. The stock made & new low un- der par, temporarily relinquishing | membership 1n the “Century Club,” | leaving only Auburn, Detroit Edison, ® | Homestake Mining and Norfolk &; that once glorious com lows for the bear market | by General Electric, Hud- son Motors and Crucible Steel, but ese losses were only fractional, and neral Electric rallied. The rails were weak almost without | Missouri Pacific preferred, | lpany. New % | were made + % |in which it has been reported a group ' | had taken 3 long position, dropped some 2 points, no inconsiderable loss | for & stock selling in its price class.| Chesapeake & Ohio made & new low. | Norfolk & Western, Union Pacific and Atchison sold off.” Further estimates of the savings to accrue to individual 4 | roads from the wage reduction were of 14 [ no help to the market, which continued | 1 to concentrate on the traffic and earn- | % | ing returns. | | Near January Lows. ‘i The steadiness exhibited by United General Motors, Du Pont | and American Can was conspicucus be- cause of the lack of support elsewhere | It ‘probably prevented & more serious + | break in the general list. but whether }nm support was organized or spon- 1, | taneous was hard to say. Some of the ing locked like distress liquidation | and some of it like operations for the | decline. The only thing sure was that market as a whole was brought nearer to the January lows and it look- cd as if a test of those lows could not much longer be delayed NEW YORK BANK STOCKS | NEW YORK, February 8 (& .—Over- Trust Companies. DIVIDENDS.DECLARED NEW YORK, February 6 (#).— Accumulated. | Pe. Pay- Hldrs of Rate riod. able. record $1.75 Mar. 1 Feb. 19 Reduced Brown F & W A..30c Q Feb 29 Crown Cork & Seal 30c Q Mar. 18 Ont Eq Life & Ac 1 20c B Feb. 10 Feb. 2 Scule Milis of N Bed §1 Q Feb 15 Feb. & Omitted Rate Period Due. | Company Van Raalte pf Feb. 15 Feb. 29 | Ford Mo of Bel Kobacker St 7 % ot Regular. Pe- Pay- Rate. riod. able. Q Peb. 15 Ry Df..ioos: 0. $150Q° Mar. 1 Comb Tr §h'(Sta Oll Grp) coup.20.452c Feb L] ork & S pf.87c Mar - pf80c Peb ] Ap Feb. £0p0OZO Southwest RR. s Food §! ted 'm pf jtica G & El pL.§ DODPODOL: WO DOZOD DOOOOO! | Worcester SILVER QUOTATIONS, NEW YORK, February 6 (#).—Bar | silver steady and !z cent lower at 29% | cents. | PARIS BOURSE PRICES. | PARIS, February 6 (#).—Three per cent rentes, 79 francs 22 centimes. Five per cent loan., 101 francs 30 centimes. Exchange on London, 87 francs 73 cen- | times. The dollar was quoted at 25 francs 40 centimes. STOCK 50 Industrials. . 59.2 . 59.6 . 60.2 62.1 Previous day Week ag0.. : Month ago. M Year ago. .. fEliaed Three years ago. soi215s Five years ago .108.6 High, 1932.. . 6838 Low, 1932.. 80 High, 1931.. (140 Low, 1931.. . 60.0 High, 1930. . 12024 Low, 1930.. 1129 20 Industrials. 67.5 67.6 61.7 . 653 89.4 93.0 94.8 69.7 . 648 90.4 . 623 . 949 83.3 Previous Week ago. Month ago Year ago.. Two years ago. .. Three years ago. High, 1932. Low, 1932. High, 1931. Low, 1931. High, 1930. Low, 1930. | ago a New York Stock Exchange house 'MONEY SPECULATORS sion of gold shipments and because of tried to sell Japanese bonds short, but AND BOND AVERAGE By the Associated Press. TURDAY, FEBRUARY 6. STOCKS. BONDS. (Copyright. 1832 Standard Statistics Co:) Wholesale and job trade, Quiet Fair Quiet Fair Quiet Quiet Fair Fair Quiet Quiet Quiet Quiet Quiet Quiet Quiet Manutacturing and industry. Quiet Quiet Quiet Blow Fair Quiet Fair Quiet, Quiet Quiet Quiet Quiet Quiet Quiet Quiet Retail trade. Quiet, Fair Quiet Quiet Quiet Quirt Fair Fair Fair Quiet Quiet, Quiet Quiet Quiet. Quiet Comment. NEW YORK, February 6—Tablold review of wholesale and retail colder weather helps coal; retall “sales” satisfactory; wholesalers com- plain of small volume Chicago—Attendance of 5.000 to 6,000 buyers at Spring mart gives falr orders: auto makers enthusiastic: steel buying still light Cleveland—Auto parts manufacturing below 1931, but orders increas- ing; retail clothing slow; restaurant business below a vear ago. Detroft—Production of new models somewhat stimulates automobile industry, but schedules continue conservative; response to clearance sales small. Indianapolis—Retall trade below 1931; prospects for wholesale hardware improving; plumbing and heating supplies in better demand Loujsville—Hardware sales fair; suits and cloaks slow; tobacco man- ufacturers on good schedules, Milwaukee—Wholesalers orders of fill-in nature; industry operating on reduced schedules; attractive prices stimulate sales of ladies' apparel and shoes. Des Moines—Retail stocks low; coal sales holding well; butlding abott 40 per cent below 1931; autos and accessories quiet. Duluth—Ore mining quiet; lumber and logging at practical standstill. Kansas City—Merchants buying carefully; flour output continues reduced; lumber industry at standstill Minneapolis—Heavy snow stimulates rubber goods sales; better; commodity prices extremely low Omaha—Live stock dying on account of feed shortage; curtailed ing schedules hurt public purchasing power. St. Paul—Furs and millinery equal to a year ago in sales recelve fair patronage; groceries and confectionery in fair demand St. Louis—Drugs and chemicals fair, with sales volume almost equal to 1931; auto distri! iting results of automobile show. Baltimore—Wholesale re-orders few: no general business improve- ment yet noticeable; iron and steel moving slowly; machine tools and sup- plies in fair demand. Collections. Slow Fair Slow Fair Slow Slow Slow low Slow Slow Slow Slow Slow Slow Slow Pittsburgh Chicago . Cleveland . Detroit .. Indianapolis Louisville . Milwaukee Des Moines . Duluth ... Kansas City .. Minneapolis Omaha ... 8t. Louis . St. Paul .... Baltimore coal sales work- Ssaleat SHAREHOLDERS ARE INCREASED BY CHARLES F. SPEARE. Special Dispatch to The Sta) NEW YORK, Februi gomery Ward 6.—Some days others, as did Nash Motcrs There were similar re par values of public utility this phase of financing published a list of low-priced shares and indicated at th 45 per cent of all of the iss on the board were selling from $10 a share down to fractions of a dollar Comparison was made between current quotations and the high prices of the previous two years To the investor price contrasts are n jority of cases excellent earnings are being shown on the members of the low-priced group. Quite a high per- centage of them are paying dividends Not a few are e ues of some of the most prominent of American cor- porations. The greater part of the are from the industrial group. This a fact that enters ious consid- eration of what now app: to be an anomalous price condition 1t will be remembered trat one phase ulative period prior to and 929 was the recapital stocks of stocks. With the railroads it was rath tional and limited to two carriers, namely, Chesapeake and Canad . bot recuced their sh to $25 a share. ) derablye headw nks all ov the c years held to a unif and which had paign to to $25 or t> $2 s now some 2ag low-priced including of commo! 1 only to the chan max the g of t 4 b Split-Up Recalled. Prom par value of $100 a share they e split up on the basis of four for for cne. and even ten for one, s0 that their present par is $25 & share $20 a share or no pa Consequently, the existing low 193 prices ect a change in capital policy that has a tendency to make certain stocks appear unduly deflatec. Conspicuous among the companies that changed treir capi- tal_basis_were of depreciation m quotations of beiweer 1929 and adjustm om an oy portion of extreme to the total listed is not altoge to deflation, but to the recapit: policy prececent to the beginn the decline. Increase in Shareholders. There ! t that and substantial and 1931 has been brought about the ability of the small investor to y chase five or ten shares of a compa for the same am that one or two shares w had the old par value tained. A case in point is Genera: tric, which in May, 1926, offered s| holders an exchange o tock for eac OUTWITTED BY BANK Japanese Controller Makes Profit of $1,000.000 From Short Sellers of Yen. By the A NEW YORK, February 6-—Specula- tors tn foreign exchange who sold the Japanese ven short on Japan's suspen- | (A€'S, WOWd have been were it make the current quotation share. her difficulties in China were severely squeezed” by the Yokohama Specie Bank, it became known today. How the bank, the actual controller | of Japan's currency, fooled the specu- lators throughout the worid and made a profit estimated at nearly $1,000,000 besides, was related by S. Sonoda, agent | pyuy of the bank “In the few weeks preceding Japan's prohibition of gold shipmen sands of persons thought the was headed for war,” he said (Copyright, 1832.) Freight Movement Steady. ¥ iated Press A dispatch from Trade Comr Hester at Manila said the movement e Assol “not brisk. The annual carnival opened on January Baguio was inaugurated. found that the government Wwas sup- porting the market. “Then they turned to the Japanese yen, in which the Yokohama Specie Bank is practically the o lators sold into a bag s before Japan dropped gold shipments the bank called all contracts and forced the short sellers to deliver yen at the standard price of 49.50 to 49.80 cents. Many of the sellers in their | short operations had contracted to de- liver yen at prices far below the stan- dard price “The yen is now selling at about 35 Corner Residence for Sale by 2 ‘baths room | Sanitary, General Electric, Anaconda | | Copper,” Kennecott Copper and Mont- General Motors made its change somewhat earlier than the uctions in the but ot 50 active with them as in tke industria T excep- ixportant & OFb par value of $100 a share. In the can ke a wider distribution o nership they reduced their a share mong al capi- stocks, re old par given not prior to >sent minimum levels as a basis of crease in the number of corporation shareholdors during 1930 are- four shares of lue than there would have been were it selling would $160 a loner merchandise to the provinces is steady good attendance and on January 25 the first airmail service between Manila and WESLEY HEIGHTS Market Has Not Yet Been Affected by Hostilities in East. | | | i BY JQIN P. ROUGEAN, Assoclated Press Market Pattor. | . CHICAGO, February 6. —Eager watch- | ing of war news has put grain traders’ | nerves on edge here to a degree seldom | equaled. Powder sparks, however, which would { zet the wheat market on fire, it was | generally conceded today, depend now on whether countries otner than China and Japan become directly involved | Hostilities, no matter how grave, that | affect only the two Oriental nations themselves have ceased 10 excite prices | though every line of war dispatches canned with strained attention. In the face of an unusually complex outlook aside from war developmen:s | Wheat values this morning comparct | with a weex ago were 1%a2 cent | lower, corn 17a2% down, oats lal'f { off, and provisions 5 to €0 cents down. ' | Leaving out possibility of other cousm- | tries being drawn into the war, so ‘ trade authorities profess belief that & conflict may prove more bearish t bullish. China has millions of bus! of wheat bought, largely from Austra! 1and takes considerable more of ti§ foodstuff than Japan. o \ Insurance rates on ocean shipmefits to China, however, have advanced rapry |idly and additional ob [to war may soon be encounter shipments from Australia States or any exporting cot the other hand, a questi whether interruption of trade between China proper and Mancht make necessary increased China to replace supplies obtained from Manchuria. A further element in war conditionss is_that Japan's rice crop is reported | 3.500.000,000 pounds short of last year - and that imports of about 1.000,000,000 pounds of rice will apparently be Tén quired, or an equivalent of wheat or | some substitute. Unless otier nations. than China and Japan become en~ tangled, however, the resultant food needs are not comparable to those of. an armed struggle in Europe, where heavy use of wheat 1s general. Mean-, while, friends of higher prices contend bearish conditions have been pretyy { well discounted the world over and that when this country’s Spring crg re really arrives the force of Argen tine selling will have been spent Corn and oats traders are up against the fact that record low prices for hogs make a bearish comparison with corn- values. Larger accumulation of stocks of lard and meats than expected is operat as a weight on the provision ma heretofore Unemployment Increases. PARIS, February 6 (4).—Unempl in Franc2 for the week en 'hg‘ January 30 showed an increase of 15,- 633, it was announced today. The total receiving government aid at th time reached 241487. The total rece g 2id January 30, 1931, was ol 536. NVEST —your savings in 69 First Mortsage 70 Securities Safe. Sound. Contvenient Denominations Real Estate Mortgage and Guaranty Corp. 1610 K St. Nat. 1403 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company. Iric. Money on Hand to Loan on First Deed of Trust 67 Interest Reasonable Commission and Prempt Replies to Applicctions JAMES F. SHEA 643 Indiana Ave. N.W. | The COMMERCIAL | | NATIONAL BANK 14th and G Streets Banking in All of Its Phases | PATENT ATTORNEYS | A few individual offices are available in the MILLS BUILDING lated c Pa. Ave, 8 Sts hin 5 M the new rce Bu; the be White H ARTHUR CARR 206 Mills Bidg. Na. 2865 cents, but short sellers are afraid, and they have good reasons to be.” U. S. TREASURY BALANCE. The United States Treasury balance announced today &s of close of business February 4 was $629.363.002.17 Cus toms receipts for the moath to date were $3,641,648.60. Total ordinary ex- penditures were $9,552,308.92. rer @ Third of a 20 20 + y Rails. Utilities. Cen ury 32.4 94.3 33.0 95.2 35.4 32.9 101.9 138.0 108.4 : 39.8 ! P 30.3 106.2 30.8 1416 Without a Loss Utilities. 82.1 82.4 82.0 82.6 99.5 98.1 99.1 84.8 81.7 L5 80.2 1014 96.6 National 2100 9.3 THERESIS NG PROFITABLE INVESTMENT When you invest money in our FIRST MORTGAGES —you have the assurance that your principal is protected by improved Washington real estate, of the value of which we have made careful ap- aisement—and the stipulated inter- est is continueus throughout the life of the mortgage. May be purchased in amounts from $250 up. . F, SAUL. C SUBSTITUTE MORTGA O. N.W. SAFETY 925 15th St. FOR