Evening Star Newspaper, February 8, 1932, Page 14

LIVE STOGKPRCES N SHARP DECLIE Falling Off in Consumer De- mand Results in Drop of Values. BY FRANK L WELLER, Associated Press Farm Editor. The dreariest trade in recent history has thrown -all killing classes of cattle for a general 50-cent loss at Chicago compared with a week ago, The downturn was much more, if} measured from the high time last Wed- nesday. Killers complained of almost ruinous price margins, buyers received | orders each day to get live cattle at Jower prices and beef men were still confronted by a very indifferent con- suming public. Advance Quickly Subsides. Last week's fat stcer advance sub- sided as quici it started and de- clines assumed he: > importance in the trade. St choice | steers me under the tically he week of the $10.25 | $850. Cattle | < ago Wed- been d a on od steers, slid off 50 cents for low level of the century—con- g the quality and condition. It takes a strict nty of weight to b rpehdicular cut have cattle $3.50. sold down to 1 beef ice of answer to this} al cattle | as unwar- conditions within and with- e industry. Basic conditions evi- ve to improve before a permanent advance can be maintained Top many qualitied half-fat steers are ip. the consensus of cpinion such cattle could be held to their absence | b during by NING NEW YORK STOCK EXCHANGE “ Received by Private Wire Direct to The Star Office. (Continued From Page 13) Stock and Dividend Rate. Pitts,Terminal Coal. Port Ric Am Tob(A). Prairie Oil & Gas Prairie Pipe Line. .., Proct & Gamb (2.40). Prod & Refiners pf. . Public Sve NJ (3.40). Pullman Corp (3). Punta Alegre Sugar. Pure Oil. . Purity Bakeries ( ngton-Rand Rem Rand 1 Ree Moto! Republic Steel ynolds Sprin Reynolds Tob A (3). Reynolds Tob B (3). 1% Rio Grande Oil. 214 Rossia Ins of Am 13 Dutch of Safeway Strs pf (7). seph Lead (60¢) . n Francisco. . St L-San Fran pf Schulte Retail Stores schulte Stores pf (8) Air Line. .. rd Oil. 5 s ve Corp. Sears Roebuck el Inc. Stewart Warner. ... Stone & Webster (1). Studebaker Co(1.20). Sun Oil pf (6) et is merely | —5; to a sem: " the big fac-| Although | nulated some- | what when fresh loin: $1 higher than a week ago, the very for hozs reflects pocs market. | Price Changes Increase. | ce fluctuation entered the this week than for some ns and mal- suuply | fay allowed prices the top there reach- in two weeks. But | and /prices | upplies until hog time verage cost set | the top > Coal&Oil. c Land Tr. 5% The Fair. ... 87 The Fair pf (7) 513 Third Avenue : 27 11 Third Nat Inv (1.05) AARNDERE RS kNG 100s 70 10 1 4 2 10s 1 4 11 2 20s High. Low 12 59 4% 14 18 11% 49% 314 Timken 16% Timken 3614 Tri-Con W U S USlL Suck and Dividend Rate. 9 2 Tide Water Asso Ofl. -Detroit Axle Unlon Bag & Union Carb (2.60) Un Oil of Calif(1.40) Union Pacific (10) Unit Afreraft. ... Tnit Biscuit (2 Unit Cigar Stores. 4 Unit Corp (75¢). Unit Corp pf (3)... Unit Electric Coal. Bales— Add og Roller B(2). 1% Tobacco Products. .. 6 Tobacco Prod A t95¢ 2 Transamerica Corp. 2 Tri-Contl Corp. . t1 Corp pL(6) Paper. Indus Alcohol ther (A) U S Pipe & Fdry (2). J S Realty & Imp. S Rubber 3 Rubber 1 Smtg & Ref pf S Steel (2) S Steel pf (7). 3 United Stores (A) 15 Uni U T6% 3l 1% | 109 T1% 204 Vul nited Stores pf (4). Pipe & Rad. ... 1 Pwr & Lt A Vanadium Corp. r Chemical. ar Chem pf ( >w pf (6) n D'tinning ( + Wanash R R. . Walwor th'Co. . Warn Bros Pictures. Western Mar Western | Western 1 cific. . cpf.. Western Union (6).. Westinghse A B chouse (21 Slec Instru Motor. . Rock (4) White $ ewing M; Wilcox Oil & G Willy yverland. Wilson & Co (A) . Weolworth 10) Worthington Pump.. W Young Sprinz& Sales of Stocks on New York 10:30 A.M...... 1:30 P.M... (Wm) (4) Exchange. 500,000 900,000 . 100,000 1 Noon. ...... 500,000 Dividend rates as given in the above table are the annual cash payments based on the latest quarterly or hal *Ex-dividend s t Plus 4% able_in cash or stock. ) Plns §1 in m Paid last 2127 in stock. extra in stock. vear—nc regular rate. rly declarations. Unit of trading less than 100 shares. 1 Partly aPaid this year—no regular rates! tock. { Plns 8, in stock. hPlus 27 in special preferred stock. k Plus 3%, in stock. n Plus in stock. p Plus AUTO “PAINT 108" NEA PERFECT ous low. a4 a mowstarm | Cllage Scientists Have Only to Eliminate Chalking by 20 cent advance on 1 teady to - with | igs and t 1 i higher and packi: clow the previous | harp price gains at | onsiderable | Dwind- ¢ he principal stir Ultra-Violet Light. BY HOWARD W Associated Press BLAKESLEE, Science Editor. STATE COLLEGE, Penna., February - | 8.—Search for the perfect “paint job"” ater source Liter- | on the automobile is nearing comple- shers west of the | Onily one factor remains to pe ‘ Chairman BANK CONCLAVE COMMITTEE ARPOINTED. /INCREASE IN TRADE VOLUME IS PREDICTED Business statistics reveal a protracted bottom of the depression from Novem- ber through January. states the United Business Service of Boston. No im- pressive upturns have taken place, nor | are these probable. A gradual increase, however, in the volume of trade of the United States now seems likely. aided | considerably by the Federal expansion of credit be moderately upward during the com- ing months. CONFLICTING FACTORS | The current outlogk for STAR, WASHINGTON, D. C, The business trend should | IN CURRENT OUTLOOK | tirm securities | MONDAY IBONDS IRREGULAR IN SMALL TRADING Japanese Issues Give Evi- dence of Organized Buy- ing Movement. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, February 8.—Today's bond market had an irregular price trend and trading was the slowest of +|any session this year. At the opening, prices were little changed either way. It was apparent that neither side was willing to enter the market pending developments at home or abroad. Continued fighting at Shanghai, with Wall Street skep- | powers’ latest representations to Toklo, prevented any recovery in foreign bonds, although there was evidence of organized support for Japanese issues. The possibility that Japan mignt seek further credits here has been frecly talked of and the fact that the Yokohama Specie Bank had been put- ting up additional collateral here lent color to it. But tke credits so estab- lished are undoubtedly part of the pay- ments for Japan's heavy purchases of commodities and have nothing to do with new loans. Japanese government 5':s and 6'%s, Tokio 5s, Taiwan 5':s and Yokohama 65 were a'l narrowly higher at one time, but later eased. In the Eurcpean list, German government issues were off fractionally. There were fractional de- clines in Italy 7s, Sweden 5'.s, Belgian 7s and_in the Prench descriptions. British 51,5 were firm and so were ster- ling quotations Austraiian obligations continued to improve. Queensland 7s advanced a point and were about 7 points above their 1932 low. New South Wales 5 Australian government 5s and Aus- tralian municipals also were better. South American bonds were firmer. Brazil 8s gained a point, reflecting a better tone in the coffee market fol- lowing the surplus coffee stocks and an increase in_the coffee export tax Publication of a list of railroad ma- turities this year, which will likely have to be handled through the Reconstruc- tion Pinance Corporation, was not cal- culated to help the market. The ma- turities aggregate only $150,000,000. in- cluding some equipment trugh obiiga- tions that may possibly be taken care of out of corporate cash reserves. sylvania 4'.s dropped a point. So did Baltimore & Ohio 4.5, Missouri-K: - Texas adjustments, Southern Pacific ds, Delaware & Hudson 5':s and other | rails. There were small advances, how- rier bonds such as Nickel Plate 6s—one of the 1932 maturities—Missouri-Pacific 555 and Frisco 4'.s. Industrials moved erratically. Brothers 6s, McKesson & Robbins 5s and Remington Rand 5'.s were heavy. while there were small gains in Stand- ard Oil of New Jersey s, Texas Ci poration 5s and Loew's 6s. _ Utilities |such as Western Union 5s, Duquesne i Light 4'.s and Hudson & Manhatta) income 3s were firm. United States Government bonds were off slightly. The Treasury an- nounced another $75.000.000 of month bills to be dated Fcbruary Federal intermediate credit banks of- | fered 15,000,000 of 5 per cent de- bentures, duf in 4 months, at par. Bond prices fluctuated irregularly at the opening. Trading was in small volume. The Shanghai situation continued to cause anxiety and niést foreign dollar bonds were under pressure. Japanese governments had fracticnal losses. The Eurcpean list was mostly unchanged, though declines ruled where changes cccurred. British 5':s, however, were In the domestic department railroad ! bands were heavy. Losses of a point or more occurred in Delavare & Hud- tical of any beneficial result from tre! ntinued destruction of | Penn- | ever, in a few of the speculative car-| FEBRUARY 8, 13t [z BONDS = Received by Private Wire Direct te The Star Office Seles. High. Low. UNITED STATES. (s-les.l-r- n $1.000.) High. Low. Lib 3%s 32-47.. 32 949 List4 32-47 32 L 4th4%c 33-38424 U S 38195 US3%s'49.... 8 US3%sM41-3 88 US3%sJ40-3.139 uss3 uss3 US4 2 5 US4 100 10 1003 1009 Sales. High. 2:58 Abitibl P&P 6s°’63. 15 39% 3 Alleghany Cp 5844 I %s47-52,, 91 Low. 9% Allegheny 68 Allis-Chalm 53 '8 Am F P 582030.... AmIGChb6%s"49. Am S&R 1st 58 '47. Am T&Tcv 4148’39 Am T & T 6865, Am T&T o tr 6s 46, Am T&T 6ssf°60. Am T&T 6%s 43... Am W Wks 63 '34., Am Wr Pap 6s'47.. Argentine 5s°45. .. Arpentine 5%s 62, Argentine s Ju'ss. Argentine §3 A '57. Argentine §s B '58. Arm Del 575 43 { Atchis 43 1905-55... Atchison gn 4 Atchiscy 4% 48 Atch Ariz 4%8'62. AUCL1st4s’s2 At Gulf 53 '59 Australia 4% Australia 68 '35 Australia 6367 Austria 78’43 Austri 57 B&O4s"4 B&O4%s°33 B& B& B& P& B v 5 P& O Toledo 48 '§9 Ban & Aroos 4s'51. Bk of Chile §%s ‘67 Bk Chile 6%s 61 Belgium 6s '55. . Beiglum 6%s '49 Belgium 78 ‘65 Belgium Bell Tel Pass B Bell Tell Pa b3 C'60 Berlin Cy El 63°55. Berlin C E 68 '50. Beth Stl pm 63°%%. Rolivia 78 'A% RBollvia 78 '63 Rolivia 83 47.. Bordeaux 63 '34. Bos & Me 58 55 Srazil €% Prazil 6%8°27. Brazil s Brazil 8341, ... BA & 7tn Av 5543, Bk Eden A 58'49.. Bklyn Man 61 ‘68 Dodge | 2 fiuff Gen El 4%s'31 B R & Pitt 4148 57, Bush T Bldg 55°60. Calif Packing 58 "4¢ | Canada 4s '60.. Canada 4%8'36 Canada 58’52, Can Nat Ry 415556 Can Nat 4348 °57... Can Nat 4%s 6%, .. Can Nat 4%98°55... Can Nat 58 July'69. Can Nat 5= Oct 69, Can Nor 4% '35. Nor 7x ab "40 Can Pac 55 '44. Car Clin & O 6s '52. Cent Pac 4549, “ent Pac 5a°60. Con Ry NJ & 53787 Cert-td db 518 "48. Ches Corp s '47 C&0 4usA"l C&O4%sSB'95. .. CB&Q I dv 45749, “hi & Est [1]1 55'51 | Int Cement & Int & Gr Wor 58 '56. Int & Gr Nor Int&G Nad Int Hydro Kl 6 Int M Co 5s ret’a1 Int Matck 6847 "5 IntT& T 4%s 5! Int T&T cv ¢ %#'3! IntT& T Italy 78°61...... Italy Pub S 7862 Japanese 6%4s ‘54 Jugosl Bnk 78 '57 Kan C F1S&M 45 '36 Kan City Sou 52’50, Kan City Ter 4580, Karstadt 6s°43. Kreug & Toll 68" Lac G St L.53°34... Laclede 5%s C'53. . Lake Shore 3%s 97 Lautaro Nit 6s 64.. Leh Val cv 48 2003, Liz & Myers 53 '51. Loew’s 63 ex w "¢1.. Lorillard 58 '51, La & Ark 63 °60. Lou G & El 5 L & N uni 43 Lvons 63 3¢ McKes & R5% 50, Manh Ry 1st 45'90. Man S 1st T15s 42, Market St 7s '40 Marseille 6s "34. Mex 4s astd 1910 Midvale Stl 53 '36 Milan 6%s '52. Mil E Ry & L 5361 M StP&SSM en 4s MK & T adj 536 Mo Pac gn 4s°75. Mo Pac 58 A 65, Mo Pac 58 F ‘77, Mo Pac 53 G '78. Mo Pac 55 H '80 Mo Pac rf 53 °81 Mo Pac 5% A 4! Mobile-Ohio 58 '38. Mont Pow 5s°43 Mont P db 53 A Mor&Co 15t 4% Nat Datry 5% Nat Steel Netherlar N Eng T 1st 58 '52, Wales 55 78, NYCgn3is 97, N Y Cent 4s N Y Cent 4598 disn 53 B'44. N Y Fd 1st 6%s'41. NY ELH&P 45 '49 NYNH&H cd 634 NY O&W 1st 45'92. NY O&W gn E Nor O T & L. 6= "47. | Nor Pac 342047, { Nor Pac 4%s 2047. Nor Pacr16 Pan Am Pet | Paramount 6 | Paris-Ly M Paris-Ly M ErummSocme—a Srurn 0 @ o o B ruveoBatlalounansin~ai (e NS 10 i BILL TO BE FOUGHT . National Association Prepares to Oppose Measure in New York Legislature. Special Dispatch to The Star. NEW YORK, February 8—The bif} introduced in the State Legislature gnmn‘ for taxation of all chain storeg will be opposed by the National Chain Store Association, just as it has op= | posed passage of similar bills in other States, it was announced today. The association is composed of virtually all " of the big chain store organizations in | the country. While reluctant to comment directl; on the bill, officials of the assocxauoz said they would oppose the measure, ::S hl.h:;a pl’nrt\fl for so doing were in o! e association’s ! de~ Da'[r'thment. on’s legal de: e bill, introduced by Assemblyman Edward S. Moran, Brooklyn, Democrat, is modeled after the Indiana law. It x;{g:’eldes l:}l; a $1,000 a year tax on each in the ownershij flv; . rship of more than | Similar measures have been enacte 5| in a number of other States, nl(houg in most cases the tax is not set as high :.‘!uthrl:lgrxopt:sed levy. Under the Moran ¢ il stores up to five woul taxed $50 each. 5 b (Copyright, 1932.) CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK. February 8—The fol- lowing summary of important corpora- tion news prepared by the Standard Statistics Co., Inc., New York, for the Associated Press: Weckly News Review. With light trading in evidence, the stock market showed little change tk first four days of last weex. On Fr day, it declined rather sharply. evi dently Gue to the increase of $42,000,- 000 in money in circulation at a time when an official drive against hoarding 6715 |is being launched. For the entire week 721, | the market actually declined very lit- 6 | tle. our price index for 90 stocks drop- 311, | ping from 62.6 on January 30 to 618 35 | on Pebruary 3, a decrease of 0.8 point. 45 Although prices were quite stable, 661 the bond market lacked a definite 97%, [trend. Attention centered arougd the < | lower grade rails in view of the rail- £8% |Toad union's acceptance of the 10 per 8813 | cent wage cut. Industrials were fea- 48 | tureless, while in the foreign group the 42% | Australian and Japanese obligations 97 | fluctuated widely 56 | Revenue freight car loadings for the 66% | week ended January 23 totaled 562,938 98'4 | cars, a decline of 1.8 per cent from the 844 | previous week, and 21.3 per cent below 81 |the corresponding week of last year. 781: | The largest decreases were reported in 88 | coal and miscellaneous freight, while 94': | coke and live stock loadings declined 58% Hin a lesser degree 67':| With the purchasing instigated by 86% | the intreduction of new models waning and Spring buying not yet evidenced, : | the motor industry is passing through 4'21 3 period of quietude. Actual production lin the week ended January 30, acccrd- ' | ing to Cram's Automostive Reports, .de- clined slightly, dropping to 28,930 cars and trucks from 29,833 units in the 5515 | previous week. 5911 Steel operations failed to continue the gradual improvement which has been in progress since the low levels of De- | cember. In the week end=d February 1 ingot produciion was at slightly below 1261, per cent of capacity. which com- peres with a fraction over 28 per cent of capaciiy in the previous week. This setback is generally believed to be cnly temporary and a cont nuation of the | gradual upswing is lcoked for. Although eleciric out for the w2ek faildd to supply the | tion. d fed lambs from | climinated, say Pennsylvania State Col- 1 Towa and to a 1esser | jege scientists, to produce an automo- ited. rrent | bile lacquer as durable as the car itself. d. fat lambs | The lurking place of that last wearable s since | factor, that which results in “chalk- | ing.” has been hunted down in labora- CHICAGO LiVE .STOCK fdA'RKET ! tories here. Chalking is the process by son 515 and Missouri-Kansas-Texas adjustments. American & Foreign Power 5s were a point lower. Western | Unicn 5s and a few in the industrial list were narrowly high\g. h1 Grt West 4839, Chi (A& Lou £s'66. Chi M & St P 45 '83 C M StP&P 58°'75. . CM& St Padi5s e Thi&NW 4148 2037, Chi& NWen 4% IFACTS AND SENTIMENT [cnis 3 Chi RI&P gn | Chi R1& Prf4s 34 5 i | Peru6s 6o secms to be clouded by a number of | conflicting factors. On the adverse side, | says the Guaranty Trust Co. are the | uncertainties over congressional legis- lation; the prospect of higher national taxes, and of either substantially in- creased local taxes or drastic cuts in public improvements; an absense of any tangible signs as yet of an extra- seasonal pick-up in industrial activit P! ended January 30 was ccnsiderzbly be- low the like week of last year, the com- parison was better than has been wit- nessed in some time. Accordirg to the National Electric Light Association, electric power production was 5.8 per cent below the corresponding week of 1931, while the decline in the previous week was 6.7 per cent ) rise is_justi best Chicago pr | CHICAGO, Febru () (United | States Department ure) — including | which the lacquer wears away one layer of molecules at a time. Search has now shown that chalking is caused by ultra-viclet light. The researches were conducted jointly by Wheeler P. Davey, Ph.D., professor of physics at the Pennsylvania State Col- and D. K. Wiggam, ctor of the experiment | the Hercules Powder Company. lower clese 1 and medium, G Heifers, 600-1.300 - 02 good a mon and m and cutter, exc! 3.75 diu 3 e d and choice, 7.00; cuil feeder choice. 500~ commen and v 7.0028.5 comme cattle and considered: g 6.50: closels 7.00 pounds 7.00: medi commor nmon, 1.50a2.7; lambs, 50-75 pounds. good a 5.0025.50. GENERAL MOTORS SALES. NEW YORK, Febr 8 (A.—Total Janu; General Motors Cor- s were 74.710 cars and trucks, compared with 79,529 in De- cember and 83.34) for January, 1931 Sales to American consumerstotaled 47,942 units, compared with 53,588 in December and a year ago. Sales to Ameri ere 65.382_ca against 68. nber and 76,681 in Janua CHECK TOTAL GAINS. By the Associ. Checks on individual bank accounts in leading cities of the Fed- eral Reserve System increased 19 pe: cent during the week ended 3 as compared with the pr Total debits for comparable periods fol- iow. as reported by the Federal Reserve Board: ‘Week ended February 3. $8.385,727.000 Frevious we 7,032,550,000 Same week 11,058,876,000 New Standard Brands Official. NEW YORK, February 8 (#).—Traver Smith has been elected a vice president of Standard Brands, Inc. He is 34 years old and learned the fundamentals of the food business in his father'’s grocery store on Long Island. He Joined the Fleischmann Co., a Standard Prands subsidiary, 13 years ago, and Tecently has been in charge of the tea ~nd coffec products of Chase & SaRc Lorn, another subsidiary. Cause of Chalking. Ultra-violet-ray light m or all of the constituents assistant station of y affect any . of automo- and | bile Jacquer, but the chalking seems to | be caused by its action on the plasti- cizer and ester gum | The plasticizer introduces sufficient elasticity into the lacquer to prevent | cracking. Fhe estey gum increases the adhesion of the lacquer to the metal and overcomes scaling, and the action | | of the two together eliminate pitting. In the action which causes chalking, the gums and plasticizers act as light transformers, the process which physi- cists term florescence. The short wave | length light, the ultra-violet rays, is transformed into longer wave length light, but, as in the electrical trans- former, only part of the energy re- | ceived is given out in the changed form. The electrical transformer dissipates the remaining energy as heat, but the light transformer concentrates it as a | powerful bundle of energy. Disrl:%(flh;.’ of Energy. | This concchtrated pellet of energy | discharges outward in any direction, | some striking the nearest molecule of | Jacquer. These molecules are dis- | integrated; they got into the path of | a force too great for them to assimilate. Bit by bit the surface molecules of the | lacquer are burst and dislodged until, | like a stone from which all the mortar | has been chipped, a tiny flake of pig- ment is left on the surface with no sup- porting element, and dusts off. | With the discovery that chalking can .ibe caused by the florescence of the plasticizer and the ester gum, the search for the perfect automobile lac- | | quer narrows down to an examination of the hundreds of possible plasticizers ,and gums for these which have neg- | lible florescent properties. | | GIANNINI 1S CLAIMING PROXY FIGHT VICTORY | By the Associated Press. SAN FRANCISCO, February 8.—Re- iterating that he holds proxies repre- | senting a_“decisive majority” of the | { chares of Transamegjca Cerporation, A.‘ P. Giannini announced yvesterday he| would leave Tuesday night for Wil-| mington, Del., to_contest the manage- | ment of Elisha Walker, present head of the corporation. | The annual meeting of stockholders | is to be held at Wilmington February | 15. Giannini, der of the corpora- | tion, has stated tat he plans to wrest | control from Welker at this meeting. Interests connected with the Trans- america mancgement have challenged the assertion that the Giannini group had obtained proxies for a majority of | shares. | Giannini said the associated Trans- | america stockholders, his faction, would | be represented at the Wilmington meet- ing by United States Senator Hiram | W. Johnson of San Francisco and Hugh Morris of Wilmington. Hopes in Denmark that the aban-| donment of the gold standard would | b#lp Danish agriculture are reported to| have been blasted. | J FREDERICK H. COX, Who has been appointed chairman of the Transportation Committee in con- nection with the next convention of the District Bankers' Association. He served in the same capacity last year. Mr. Cox is cashier of the Commercial Na- tional Bank. EXTENSION OF BOND INTEREST IS EXPLAINED Special Dispatch to The Star. BALTIMORE, Fcbruary 8.—Lucius S. Storrs, president of the United Raii ways & Elcctric Co., today sent holders | idated first mortgage bonds | of the cons of the Centrzl Railwey Co.. dus May 1 next, and holders of the extension and improvement 5 per cent bonds of the company, due March 1, a letter giving details of the plan to extend the bonds focr two years at 6 per cent interest in September. issues are both divisional bonds f the Tnited Raiiways. In S>ptember the company formulated a policy which | provided for the extension of such of its underlying bonds as would mature during the existing economic situation, | and, pursuant to this policy, it recentl completed a plan to extend for two years the first mortgage 55 of the Mary- land Electric Railways Co. !the difficulties of the railroads: the possibility of further liquidation of un- sound loans and investments, and the Pprecarious European financial situation and generally unpromising foreign trade outlook. However, among the favorable factors are the indications that many raw ma- terials may be at points of resistance to further price declines; the possi- bility of at least a temporary improve- ment in many lines of production be- cause of generally low inventories; the possibility of favorable results from various proposed Government palliatives, | such as the Reconstruction Finance Cor- poration and loans to railroads; the fact that money rates are still relatively low, and, finally, the indication that the current low prices of securities may be attracting some buying on the part of long-term investors. sagle Bridge Contracts Let. LURAY. Va. February 8 (Special).— N. H. Clark of Luray, has just been awarded contracts for three oridges in West Virginia, two for steel bridges ard one for concrete. He will begin work at once on a steel bridge over a river near Lewisburg. Mr. Clark will en- deavor to use only West Virginia labor, having had this request made by the West Virginia Highway Commission. Formerly he has used a number of Page County men. Arbroath, Scotland, will raze 353 workers’ houses to make room for new ones. WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S-SALES SALES. Washington Gas 6s “B"—$500 at 102 AFTER CALL. Washington Rwy. & Electric pfd.—10 at 9115, 7 at 911z, 18 at 9135, Fotomac Electric 5!2% pfd.—5at 103%. Mergenthaler Linotype—2 at 53. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid Asked Amer. Tel. & Tel. 4%s '39..... 101% Am. Tel 55.. . A Ana. C.'& P. Tel. of Va. 5s..0 Capitsl Traction R. R. 55 City & Sub: 0 Georretown Gas Ist 55. Potomac Elec. Cons. 5%. . Potomac Elec. 65 1953.......... Wash., Alex & Mt. Vernon ctf. Washington Gas 4%s... Washington Gas Wash. Gas €s. series A. Wash. Gas 6s, series B W Rwy. & Elec. 4s... MISCELLANEOUS. Barker & Ross. Inc., 6135 Chedy Chase Club 5tas..; Columbia Country Club’ 5i% W. M. Cold Stcrage 5s. - STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital_Traction Co. Wash. Gas Lt. Co. ( N. & W. Pot. Elec. Power 6% pfd.. Pot. Elec. Power 5'2% pfd Wash Rwy. & EL com. (7 Wash. Rwy. & El pfd. (5) NATIONAL BANK. Min. 85 140 110% 103% 300 91 Dr%;m A;;:Ed. Capital (14),. 1 Columbia (12} 35 42 Commercial (stamped) (10)1.0 1 200 District (8) & 210 Fed -Amer. Natl. [&] LiDerty (78).... | Lincoln_(10). etropolitan’ Riggs (15) Second (9¢). . Washington (i2). TRUST COMPANY. . & Tr. Co. (15 & Tr. (123).... orges Bk. & Tr. an..nk SAVINGS BANKS. | Bank of Bethesda (6%). . m. & Savings (10) f?u:, Savings Bank (10 Sec. Sav. & Com. BK. Scventh Street (12). | United_ States (30); Wash. Mechanics (20) . . FIRE INSURANCE. American (12) Corcoran (10 Firemen's (8) (LN | Natlonal Union {13 TITLE INSURANCE. Columbia (6h) .. | Real Estate (6h)". . MISCELLANEOUS. om: " Bide. Corp. (137111 Wawd. & Lotnron com. (1.20). Wdwd. & Lothrop CFDI? ‘.”"-‘('.l) g | *Ex dividend. 2% extra. bBooks closed. e e §17 extra. el12% extra. To Lucian, Greek philosopher and author of charming stories about the cead, is attributed the following The Isle of Samos in the Aegean was called upon to pay the extreme penalty for the sins committed by one of her citizens. The crime was so 2rave that Pluto, mcnarch over the dead, was authorized by his more powerfeil brother Jove to destroy three-quarters of the Samoars. The ruler of the island, greatly per- in person on behalf of his doomed sub- jects. Upon a very efi~ctive plea. Pluto compromised. stroyed. The other half would be spared. A date was set for the com- mencement of the disaster. Before I .ng. well over 50 per cent had succumbed and it locked as if Pluto had not kept his word. Once again, th> island’s ruler confronted the deity. “I have rot broken the word which I have pledged.” said Pluto. “My intentions never were to take more than half. All others died from fright, which I could not preven ent, says the Wall Street Journal. Losses are suffered not so much because of what 1s going to happen, out because of fear of what might, but in all likeli- hood will never, happen. Facts are much more cheerful than sentiment, the Journal adds. New Government Agency to Offer Reconstruction Finance Corporation Debentures Are Ready for Issue. BY FRANK H. McCONNELL, Asscciated Press Financial Writer. NEW YORK, February 8—For the first time since its formal organization a fortnight ago the new $2,000,000,000 Reconstruction Finance Corporation ap- pears today in the background of new Wall Street financing. Charles R. Dunn, fiscal agent for the nounced that a public offering of $15,- 000,000 of this institution’s 5 per cent collateral trust debentures would be made. They will be dated February 15 and will mature in four months. “The Reconstruction Finance Corpo- ration will take all or any portion of these debentures remaining unsold on February 15, 1932, it was announced. The Federal intermediate credit banks were created under an act of Congress to provide credits for agriculture. The four-month debentures which comprise the present offering will be ed by loans and discounts representing ad- vances by the banks for production and marketing of crops and live stock. Today's financing will be the first on the public market in more than a week. For the third week since last Autumn the new offerings during the week just ended was a complete blank. There ‘were no offerings of any kind. This week States and municipalities will ask for bids on an aggregate of $11,379,944 of new issues, principal among these being $4,790,000 sought by the City of Buffalo, N. Y.; $2,122,000 by Maryland and $1,000,000 by Dela- IN FINANCIAL CIRCLES turbed, took it upon him to intervene | Only half would be de-| Conditions today are not mucn differ- | $15,000,000 Bonds! Federal intermediate credit banks, an-| | | Chile & | Del & Hud rf 48 "34. ChiRT&P4ls s ChiRTev 4l Chi Chi Un Sta 5s B '63 C& W Inden 4s'S Chile 6s ‘FO ., 61... Chile fs Chile Con COCKSt LA%s E ~CC&StL5sD’'63 Clev Term 4 . Clev Term 5%s ‘72, Colemb 6= Jan "61.. Colomh 6361 Dct Colon Oil 6s '38 Colo & Sou 4%s Colo & Sou 4%s ‘80 ol G&E 5s May Col G&E cou 6s'61. Com Inves 51,49 Con G NY 4%s°51. ConG N Y 514845, Con Pwr Jap 6%s.. Con Pow Japan Consum Pow Copenhag 4% Copenhag 58 '52. Cuba 5%s 45, Cuba Nor 5%s'42 Tzecho &8s '51. Crecho 8s '52. : Q08 9075 817 Del & Hud 5%s '37. | Denmark 4%s°62.. mark 5 '55.. 2! Denmark 6s . D& R Gren 48 '36. DRG& W58 Det E G&R4% 5'61. Det Edison rf 5549 Deutsche Bk 6132, Dodge Brcl 63°40. Duqanesne 4% = 67, Dutch East I Nov.. Dutch East I 68'62. Erie gen ¢s.. Erie cv 53 '67 Erie 58’76 Finland 6%s ' Finland 7s '50. Fisk Rub 8s 41 Fram I D7%s French 78 4! French 7%s 41 Gelsenk’hen 65 Gep Baking 5 Gen Cable %3 '47. Gen Motors 68'37.. T Gen PSv5%s°39.. Gen St Cas 554849, Gen Th Eaq 6540 11219 113 37 931¢ German Bk Ger Cen Bk 63 Ger Cen Bk 61 '60 O Ge*man 7s rep ‘49 German Bank 7s '§0 Ger Gen El | Goodrich cv Goodyr Rub 68'67.. OrandTr sf db 6536 Grand Trunk 78'40. 1 Grt Nor 4143 '76 D. Grt Nor 4%s 77 E. Grt Nor 6813 Grt Nor gn 78 ‘36... Greek 63°63. Hoe & Co 6% Hud & M adj 68 '57. Hud & M6 Humble O11 1) Cent 43 '53. 111 Cent 4% 'S¢ o Inland St 4%s A'T8 Int Rap Tr 58 '¢6. . Int Rap Tr ata '66. Pern 6861 .. Phila Co 58 Poland 73 ° % Poland 83°50 .. Port Gn El 4% <60, Pos Tel & C 5853 . Pressed St C 55'33. Prussia 6852 Public Serv Pub Sv G 4%s 70 Queensland 7s "41 Reaa gn 4168 A 97, Rem Arms 6s A "37 Rem R5%s A 47 Rhinelbe s Rrine West Rhine West = Rhine West 63 '55. Rich Ofl Cal 6s "44. R Gr Do Sul fs '68 R G Do Sul 8s *46. Rio Gr W clt 4s " RIAT& L 4143734, Rome 648 '52 1 L&SF In 42 A ‘60 StL&SF4%sT8 S'L&SF 1 53 B 50 StS Wendas'32. ... St P TIn Den 53 °72. San A & AP 43’43, 40 rot. . Sao Paulo 83'36 .. Saxon P W 6148'51. Saxon 7 '45..... Seab A L rf 48’50 Seah A Lev s '45. Serb=-Cr-S1 78 '62.. | Shell I'n O 53 *47. Shell Un Oil Gs 49. Shinyetsu 6%s '52. Sinclair Of1 6% 8'3| Sinc O 7scv A '37 Sine Cr 0 5%s 38 Sinc PLG58'42.... Skelly Ofl 5%s 39, Soissons 6s '16 Solvay Am §s Son Bell T&T 68 41 SW i2ell T 53 A ‘54. Sou Pac col 4s 49 Sou Pac ref 4355 Sou P 4% %69 ww. Sou Pac 4%s'81 Sou Ry 6%s '56. StOIl N J 5846 Sweden 5348 ‘54 Swiss5%s 46 Taiwan E P 5% 871 Tenn E! P 6s A 47 Texas Corp-5s"44. . Third Av adi 58 '60 Third Av rf 4s 60 Toho El Pw 63°32. 18 Toho El Pw 7866, ‘Tokio 58 '5: Tokio 5%s "61 Tokio El Lt 68 '53.. Un Pac 4s Un Pac rf 4s 2003 Un Pac 4%s *67 Unit Dre cv 68 '53.. Utd King 5%8 37, US Rub 18t 58°47.. Ud St W 51sC'51.. Un St W 6158 A'47. Unit SS Cop 6s '3 Uruguay 6360 Uruguay 8s Utah P& L 6s "4, Util Pw 6s 59 ww. | Utll Pow 5%8 47 Vanadium St 58°41. Vienna 6 52. . Va Ry & Pw §8'34. Wabash 4%s°78... Wabash 1st 63°39.. Wabash 58 D 30, P e L L L e Pl B RN E WD = BB i D ) P=PR PR © aoelnare—an 8anaZanioD annte~n - e - - e Gim B Buan e 28% | Warn Br Plc 6539 6 The Coempanies. Connecticut Power 1931 common ! share earnings. §283. vs. $2.84: Cream S8 | of Wheat Corporation 1931 common 4g|:\share earnings. $2 vs. $3.11; Hart- 1. | ford Electric Light 1631 common share 5e | earnings. $3.12. vs. $3.18 26| American Express Co. 1931 common 30us | share earnings. $6.12. vs $7.21. Buffalo | & Susquehanna Railroad December net operating deficit, $2.620. vs net operat- 841; [ ing income. $5 763: 12 months' net ol1, | operating income, $323.892, vs. net * | operating income, $473.084 6512 | " Chesapeake & Ohio Railway. 10 per cent wage cut saving estimated at around $4.000.000 for vear General Gas & Electric takes nj action on quarterly class “B" dividend, declared usual stock dividend on class “A" stock. Kress, a1 L. & Co., January sales off 2.9 per ceht. Kroger Grocery & Baking cales, 4 weeks enced January 30. off 131 per cent: average number stores in operation off 5.1 per cent. Pere Marquette Railway savings from 10 per cent wage cut estimated at $1,500,000 for year. » Union Pacific Railroad—Clerical, shop and maintenance workers accept 10 per cent wage cut ‘Waldorf System January sals off 5.4 r cent. Irving Air Chute 1931 common share earnings, 87 cents, against $1.15. Norfolk & Western Railway—Pay of officers and employes, cut 10 per cent. Borg-Warner Corporation—January shipments of Norge Corporation, 100 per cent above January, 1931. Kaybee Stores January sales off 15.5 per cent. Lima Locomotive Works—Unfilled or- ders, January 1, 1932, were $1.215425, against $1.046,886 January 1, 1931. McKee (Arthur G.) & Co.—Gets $1.- | 000,000 contract with Distillazione Ital- jana Conbustibili, S. A. Sioux City Gas & Electric 1931 net income before depreciation, $1.238,090, against $1,213,355. Bethlehem Steel-subsidiary gets order for 30 multiple-unit cars from Read- ing Co. Jewel Tea common share earnings, year ended January 2. 1932, $487, against $6.09 in year ended December 27, 1930. tandard Oil (Nebraska) 1931 com- moh share earnings $1.30, against $3.21. American, British & Continental Corporation net_asset value, December 31, 1931, $19.70 a preferred share, against-681.69 December 31, 1930. Bendix aviation has acquired inter- est in Peerless Motor Car Corporation. | Goodyear T. & R. 1931 net income $5,454, 046, against $9,912,233. Lima Locomotive works 1931 deficit $1,414,128, against net income $1,382,- 318, equal to $7.18 a common share. Rector Dies. PHILADELPHIA, February 8 (#).— Rev. S. Lord Gilberson, 77, rector emeritus of the historic St. James’ Protestant Episcopal*Church in South- west Philadelphia, died last night. Sales Hieh Low 3:55 0% 30 3 Wst Sh 1st 48 2341. 8 West E1dbbs 44.. 1 5! . Wis Cent gen ¢s'36 Yokohama €s “$1 Ygstn S&T 63 B'70 7 5 2 1 3 2 4 1 1 4 1