Evening Star Newspaper, February 8, 1932, Page 15

FIN ANCIAL THE EVENING [IRB STOCKS DROP S UTILITIES EASE Weakness Spreads to Gen- eral List When Power Issues Are Sold. BY JOHN A. CRONE. Bpecial Dispatch to The Star EW YORK, February ax public utilities caused stocks on the Curb Exchange to move steadily lower today. Volume, however, was less than in rece! slectric Bond & Share was off frac- 1,000 shares or more appeared on the tape. Cities Service was a shade low- dealings. but later recovered. ard Oil of Indiana was up a small ction around midday. oup of power and light ountered offerings from Chi- today following week end reports at at utility intcrest may be sold to an utility concern. Middle West and Insull utility investments o the first of the Insull group to touch new low ground Power & Light preferred than a point. After this ng in the power and light o issues of neous comy n to ap- more trequently on the tape. This ncluded Swift International, . and A. O. Smith Corpora Tered setbacks ranging ) more than two points. Sireet 1 ard an uncon- shington that the Corporation the reopening of banks in Illinois, ific Van ) Packing. and other food and packing These me t ss of food Tea open Stocks followed th on id came from London. reports of various restaurant were not encouraging. _Bick- sales were down 54 per an 10 per ner Stores offerings of ed. causing the reiapse more than a point islv some of the coppers, like nd Hudson Bay Mining, ¢ loss of $452818 for s ended December 31. by the mark: . theugh th r dividend by ess extended to other sec- f list following thg decline of Commonwealth Edison and the soft- of American Cities Power & Light the general downward move that 1 Associated Telephone Utilities 2 points. Cleveland Electric pre- declined 3 point sed price trend pr weakn valled at the ric Bond & Share on a block os ope t 10 % of 3 changed. but Niagara Hudson Power at S iana was slightly | .. Cities Service at 5% was Hudson Bay Mining, how- i a trifie to as did ited Verde Extension at 37.. United | climbed Al inum Co. 1cld 47, Aside Ridge con- | United Founders | o 1055 prevailed in early {on dealings was reflected here in | d Motor_Co.. Ltd.. | Stutz Motors was Commonwealth Edison points. and Woolw off slight opened down nea. TRUST COMPANY CLOSED. SEDALIA. Mo., February 8 (P.—The a Trust Co. member of the Fed- R System. was closed today | to secretary-treasurer | fatally shot himself > December 31 statement of the K showed total resources of $638,- 63069, demand deposits of $238,749.44 | s of $215840.97. BONDS ON THE CURB MARKET. DI 1per of 42 x City Gas 55 ob B C NJ 6!z 20 “N___,ofi Zzocodng West News Del s | 8 —Pressure some of the Eastern holdings of , | Stocks sold in 100-sh: Prev. 1031.— B Sa. Add tock and Dividend Rate. Agfa Ansgo. . Ainsworth Mfg. Air Investors war. .. Alexander Indust. .. Aluminum Co of Am Alu Co of Am pf (6). Alum Goods (1.20).. Aluminum Co Ltd Am Austin Car. AmCitPw & Lt B Am Com Fow A. 4 Am Com Pow B. Am Corj : Am Cyanamid B Am For Pow war. Am Founders. . Am Gas & Elec (11). Am Invest war... Am Superpower Am Superp 1st (6).. Am Util & Gn B vte. Anglo Chil Nitrate. . Appalachian Gas Arkans Nat Gas A Ark N G cu pt (60¢). Armstrong Corl ASSOG&EL (A) . AsoG & Elct (8)...1 Asso Tel Ut (b§%) .. Atlas Util Corp..... 3 Bellanca Alr v.t.c.... Beneficial I L (1%). Blue Ridge cv pf(a3) Brazil Trac Lt&P(1) Brill Corp A. Canadian Marcont Carib Syndlicate. . Carnation Co (1%).. Zarrier Corp. x Cent Pub Sve A h3%. Central States Elac. Ch'broush Mf (111%) Childs Co pf. s Cities Service (g30¢) Cities Serv pt (8)... Cit Sv P & L pf (6)..1008 Claude Neon Lts Inc. 2 Clev El Ilum pf (6). 20s Coton Ol 20 Col 0N vte. .. Commwlth Edison (8 » CUmwlith & Sou war. . Comstock Tunnel. ol Gas Tt 2) 10 € 1 1 1 = 3 1 5 4 2 1 3 1 1 . 3 16 Cosden Oil. Creole Petroleum. .. Cresson Consol . Cuneo F'ress (2%4).. Cusl Mex Mining. Dayton Alr & Eng. Deere & Co. .... De Forest Radlo, Derby Oil Refining. . Detroit Alreraft. ... Dubilier Cond & Rad Duguesne Gas...... Elec Bond&Sh(b6%) Elec B & Sh pf (§) Elee Pow Assoc (1 Europ El Lt Fajardo Su Flat rets (pid'ee Ford Motor, Can., A. Gen Aviation....... 1 Gen G&E cv pf B(6) 100s Glen Alden Coal (4). 4 Gold Seal Elec new.. Golden Center.. Goldman Sachs. 111 Pow & Lt pf (6).. 1mp Ol of Can (50¢) Ind Ter Ilu Ol B. ... Insull Inv (b6%). Insur Coof N A (2). Insurance Seeurity. . Intercontinent Pet o Int Cigar Mach ( Int Hydro cv pf 3% Int Petroleum (1). ate Pw pf(7). Kirby Petroleum. Lefcourt Real pf (3) T.ehigh Coal & Nv(1) Lerner Stores. Lone Star Gas n 88c. IscupfB(6).. 2 Magdalena Synd. . 101 stemte wE e uhe e s are lots except those desinated by letter jos— | - Prev. 1931~ | fih. Low 41 32m High. Low. Close 2 2 2 1l 2 Ma 5 % Minn NYP& ST Stock and Dividend Rate. Mapes Cons Mfg(14) Uil Assoc. . Mavis Bottling (A).. Mercantile Strs (1) Merritt Chap & Scott Mexico Ohio Ofl.. ... Midl Sts Pet vte Mid West Ut (b8% Honey pf (6). 208 Mo-KKan Pipe Line. . Mohawk Hud 1st(7).150s Mohawk Mining (1). Moody's In Sve pt pf. Cachman Spring AR, WASHINGTON, NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Ofl!c!. Sales— Add 00. Open. High. Low. Close. 1 43 .43 43 43 1°*2% 2% 2k 24 1 % A ). 151 25 10 Nat Investors. K Nat Pow & Lt pf (6) « Nat Screen Sv (2)... Nat Sh T Sec A t60c. St Corp war. . \ehi Corp.. New Bradford Of ew Jersey Zine Newmont Mining. Ltpf (7). ¢ Shipbuilding Cp ansit (T00)... -1Hud Pow (40¢) - 1d Pow A w.. Share(Md) 20c. “Bemt-Pond (1) Nitrate Corp Chile B Nortl m W Co pf(3) Ohto Copper. Ohio Oil cu pf (6)... Pac Western Oil. Pan A Airways Pantepec Oil. . Par Pennrc Penn W Motor. a Corp (40c) at & Pow ( Philip Morris (nc. Pub N 1in p(s) Pub Util Hold xw. Richman Bros (3)... Rockland L&D (90¢) s Anthony Gold St Regis I'a Sclected indust Sentry Safety Cont.. . Shattuck Den Min Shenandoah Corp. zer Mfz (8) mith (A. 0.).. : South Penn Ofl (1).. v So Cal Ex South So. Union tild Spanish Stand M & 1 118 41 STIN 231, 2 1ty 118 d VI B (1%). .r:s. Royalty & Genrcts. . otors . Stand Ol of Ind( 1).. lotor Car. se W Mach B. Tagzgart Corp. ech Huzhes ( Trans L Tri-Util ux DLPS.. itie; Tubize Chatel, Ungerieider Fin Cp.. : Un Gas of Canada(1) Unit Corp war Unit Founder: Unit Gas Corp. Unit Gas Corp war. . Unit Gas pt (7)..... Unit Lt & Pw A (1).. inte S Play Unit Verde Exten (1 r Se i 5 ) Util Po & Lt (b10% ) Utility & Ind pf(1ig) Van Calnp Pkg. . Walker. : Wayne I H (23c). u D. .C,, M(C Y NDAY, FEBRUARY 8, 1932. FINANCIAL. IDETROIT FINANCING |BANKING GROUP'S JUDGMENT | ONBONDS APPARENTLY SOUND a1y 101, | 1.504 * | Brussels sprouts ! - ! s based on dend. tPAr EVERYMAN'S INVESTMENTS BY GEORGE T. HUGHES. The experience of the past two years has revealed the great inherent strength of the mutual savings banks and the essential soundness of the principle on which building and loan associations are operated. Those who entrusted their funds to the mutual savings banks have had no occasion for regret. Not only has the principal remained in- | tact and interest accrued, but the pur- chasing power of each dollar increased. These banks have no stockholders, are not operated for profit and pay no salaries to their trustees. They are mutual institutions owned by the de- positors and carried on in their inter- est exclusively. They have justified their name. It is not possible to generalize so readily about the building and loan as- sociations because the laws of the va- rious States under which they do busi ness differ so widely. There is no way to prevent by law speculation by a d honest official. and yet the record is reassuring port building and loans of the United States had nearly $8.000.000,000 loaned on first mortgage security and had to that extent been of service to the home owners of the country. These two institutions. the mutual savings bank and the building and loan association, have one characteristic in common. They offer no speculative at- traction. They are for the thrifty and not for the get-rich-quick class. It is reasonable to assume that after all that has happened since the collapse of the stock market beginning in the Fall of 1929 savings institutions of this kind will commend themsclves more people. Meanwhile they are deserving of all one and the shareholders of the othe: can give. In each the saver who has invested his funds is also the owner. It is to his own interest to conserve their credit and to advertise their merit. (Copyright, 1932.) NEW PASSENGER CAR By the Associated Press. DETROIT, February 8—Sales of new passenger cars in the United States in 1931 totaled 1,908,141 units, R. L Polk & Co. announced today. The figures are based on registrations in every State. They compare with a total of 2,625,979 passenger cars sold in_1930. The five-year average of annual sales of 3,099,541 units. Sales of commercial cars during 1931 aggregated 313.884 units or 23.57 per cent below the 1930 registration. Analyzing the sales of passenger cars, FOREIGN BO! en_Alr Pr_Ti.s P 5128 Polk & Co. said_that 1408,338 or slightly less than 74 per cent of the total were in the low-price class: 451,824 in the medium-price bracket and 47979 in the high-price group. — Thousands of fishermen on the east coast of Scotland have been idle re- cently because of high seas. At the date of the last re- | and more to the rank and file of the | the support that the depositors of the | SALES DECLINE NOTED | Associated Press. | United States exports of pneumatic tires for motor vehicles tn 1931 dropped off 27 per cent in volume and 33 per | | cent in value, as compared with the previous year. | In reviewing this trade the Commerce Department said a number of factors | apart from general adverse conditions brought about the decrease in exports. | In the first place, it sald, sales of au- itomobuss to persons not previously | owning cars dwindled to insignificant | | proportions in many markets, while re- | newal purchases were delayed as long | as possible. In addition. many car own- | ers whose vehicles are still far from the | scrap heap have been forced to remove | them temporarily from service. | During recent years, too, the better | | manufacturing of tires has resulted in | | their longer life, the department said, | | a condition aided by mproved roads ! throughout the world. Car owners. fur- thermore, were said to have learned the | possibilities of repairs on old casings | and tubes, a development that operated toward decreasing the demand for tires | British India was the leading market | during the year, taking a total of 162,- | 985 casings. This market was said to influenced by the growing favor with | | which American cars are regarded in | that country. and partly tos the rapid srowth of trucking and the development of busses. The extreme climate there and the lack of paved roads was also | an important factor, tending to shorten | tire life. Business Notes NEW YORK, February 8.—All divi- sions of the wool trade were quiet last | week, according to the weekly review of the wool associates by the New York Cotton Exchange, Inc. Top makers have | been getting only a moderate amount of new business and have shown some tendency to make concessions on the | prices they will accept. The woolen and | worsted goods markets also continue slow, but prices are being sustained by the firmness of forelgn wool markets. Cluett, Peabody & Co. announce that during the past vear 12 fabric finishers have been licensed to use the sanforiz- ing pre-shrinking process under patents it controls. At present this treatment | |1s limited largely to linens and cotton | | goods, but experiments on other mate- rails, now under way, are expected to | increase the field for the pre-shrinking process, the firm says. A bulletin of the National Association | of Credit Men reports a further drop in January in the collections and sales of 109 leading trading cities of the coun- | try. This trend is attributed to the uncertainty engendered by political and economic ~ developments during the month. Stock Admitted to Trading. NEW YORK, February 8 (#).—The New York Curb Exchange has admitted to unlisted trading privileges the new common stock of the American Com- I mercial Alcohol Corporation on a | “when-issued” basis. Comment NEW YORK, February 8—Brokers seemed somewhat less bearish in their | stock market comment today. Contin- uation of dull trading was generally locked for. Thomson & McKinnon—While we have some unpleasant earnings and dividend news yet to face. a great deal of that sort of news is behind us. The ma ested in the trend of business. Any visible indication of recovery. we lieve, will find the market in a posi- | tion to respond favorably. Shields & Co.—Few traders of im- psstance show any inclination to par- ticipate in dealings at this time. There little stimulus to buy at present s and not enough activity to give sufficient attraction for trading on the downside. Continuance of this condi- tion will prevent the shocks to senti- ment that result from collapse of false advances. but generates news that maintains a_nervous attitude in busi- ness circles throughout the country. lev Hornblower & Weeks—Until some development of outstanding importance makes its appearance and supplies the | necessary buying incentive for a major turn-about in the market, traders will | have to content themselves with basing their operations on technical conditions within * the market itself rather than outside factors. In this respect an ver-crowded short position combined vith a temporarily oversold market condition, can be expected to bring about trading rallies from time to time lasting from two to three days. Redmond & Co.—Judged solely by the character and trend of Spring busi- ness, there would be little question that a further sharp reaction to new low ground was likely, but there are con- structive influences at work, namely the Reconstruction Finance Corporation and the various other relief agencies| Week, that have been, or are being, st up, the success of which cannot be ap- praised at this early date, so that it is extremely difficult to draw any positive | 81 & conclusions at this time. Many per- sons agree that we are in the last | Saturday’s finis stages of the depression, but there is considerable difference of opinion as to the amount of time required to bring about the remaining adjustments nec- essary before we can start back on the road to recovery. E. F. Hutton & Co.—While the pres- ent dull, drifting market may be typical of the final phase of liquidation and may mark the transition period pre- ceding a reversal in trend, we see little reason for haste in making stock com- mitments at this time. While frequent rallies are to be expected, indications ?re that they will be technical in na- ure. Kroger Grocery & Baking. NEW YORK, February 8 (#).—Cin- | today. et now appears to be more inter- | | 6 PLANS ARE PUSHED Tentative Program for Meeting Bond Requirements Is Reported in Wall Street. By the Associated Press. NEW YORK, February 8.—A tenta- tive program for financing the City of Detroit's near-term requirements was reported in Wall Street today to have been virtually completed. Comment, from Mayor Frank Murphy of Detroit, who has been in New Yorz conferring with bankers, was unavaii- able, however, and no official comment was forthcoming from banking inter- ests with whom he is said to have been in conference. Further discussions were under way today, but it was ex- pected that Murphy would return to Detroit shortly. A spokesman of the banking group said the City of Detroit had presented an impressive record of municipal econ- omy over the last year. It still has some further curtailment of expendi- tures to make before its fiscal budget can be ©ced, he added. The pres- ent financing program depends for its success upon the ability of Detroit to balance its budget, he explained, and the mayor and the city's controller, G. Hall Roosevelt. have presented Sug- gestions toward that end. These recommendations, it was fur- ther explained, will now be presented to the Detroit Municipal Council. TIts de- cision will determine the next imme- dinte steps to be taken. Detroj faced the need for reorgan- izing its city finances somewhat earlier than most other cities, a banking pokesman said. because the automobile industry suffered from the first shock of the current business depression somewhat earlier than most industries. As a 1t. he said, Detroit took early teps to bring its nditures down to inimum_ The cities of New Yo jelphia were cited as nstanc in which subnormel conditions had temporarily sed the city in its financial Special Dispatch (0 The Star. BALTIMORE, Md.. February 8— White potatoes, per 100 pounds, 758 110; sweet potatoes. bushel, 40a80 vams, barrel, 7581.50; beans, 5. beets, per crate, 1 per quart, 10al5; cab- hamper. 50a1.25; carrots, bushel, caulifiower, crate, 1.50a1.75; 1.50a2.75: kale. bushel, ons, per 100 pounds, 3.00a s, crate, 1.50a2.75; spinach, celerv, crate, 1.50a3.25; 1.00a1.75: tomatoes, s hamper, 25a grapefruit, . 2.0024.00; bage. bushel, 1ash, b el 1.00a3 00 t hel, 40a1.75 Chickens—Young. 19a21; Leghorns 14a19; Leghorns. old, 11a13; ducks, 12a20; inca fowls. pair, 30a65; pigeons, pair, 20a25. 827 cases; nearby . Western firsts, 15'2. Good nd fancy creamery, ladles. 15a16; process, 20a21; 10a11 ive Stoc Cattle—Receipt: market dull Steers—Choice to prime. none: good o choice, 6.00a7.00. medium to good, 5. fair to medium. 4.0084.75; 3.504.00; common to 3.0083.50 Good to prime, none: good to n medium to good. 4.00a um, 3.50a4.00; plain common to plain, Market. 700 head; fair sup- choice. 42 to fair 3.00a3.25 Cows—Choice to prime. none; good to choice, none; medium to good, 3.75a 400; fair to medium. 3.25a3.75; plain fair. 2.50a3.25; common to plain, Heifers—Choice to prime. none: good to choice, 500a5.50: medium to good. 4.5025.00; fair to medium. 4.00a4.50; plain to fair. 3.00a4.00, common to plain. 2.50a3.00. Fresh cows and Springers, 60.00. Sheep head: sheep, 30.00a lambs—Receipts. 1.300 supply, market higher; lambs. 4.00a7.75. pts. 4.000 head; light market lower; lights, 4.35a4.65; 4.10a4.40; medium. 450a4.80 roughs. 2.75a3 light pigs. 4.00a4.50 4.0024.35: trucked hogs. none 1ttle—Receipts. 300 head: light sup- , market higher; calves, 4.00a9.75. Hay and Grain. eat—No. red Winter, garlicl pot, domestic, 60'z; February delivery, 0 ch, 617 No. 2 vellow, spot. domestic, cob corn, new, 2.0082.10 per and light 5 >. 2 white, domestic, 35a35':; b bag lots, 40a45. none. General hay Receipts amole of timo- thy, but good. mixed hay scarce and bringing premium. Prices range from $16.50 per ton. as to grade and ki Latter figure for choice clover mixed. The poorer grades of timothy are irregular in price r 1 wheat, 850a9.00 per ton; No. 1 oat, 9.00a10.00 per ton. market quiet Grain Market By the Associated Press. A CHICAGO, February 8.—Grain prices averaged higher early today, helped by upturns in Liverpool wheat quotations and by firmness of Wall Street securi- ties. Liverpool reported better demand for wheat abroad. ; Opening unchanged to 4 higher, Chicago wheat futures afterward held near the initial limits. Corn started g off to 1y up and subsequently kept about steady. Material declines in wheat prices fol- Jowed early upturns. In this connection, bears laid stress on Washington reports showing that the United States had 304,000,000 bushels of wheat available for export, 75,000,000 bushels more than the total a year ago. It was also point- ed out that the amount of wheat on ocean passage to importing countries had increased to 20,120,000 bushels this compared with 18,848.000 last week and 11,472,000 at this time last ear. v For the time being, wheat showed bsence of rallying power, with the t hovering almost a cent under sh. Little heed was given to estimates that the aggregate of wheat available for export and carry- over in the four chief producing coun- tries—Argentina, _ Australia, Canada and the United States—was estimated at but 970,000,000 bushels, against 961,000,000 a year ago. Corn and oats sagged when Wheat turned weak. Provisions receded in line with set- backs of hog values. New York Cotton Special Dispatch to The Star. NEW YORK, lower at the opening of the market ‘Trading was active. Foreign cinnati financial interests forecast earn- | demand was slow and offerings from ings of about $1.40 a share for the|commission houses were numerous, es- Kroger Grocery & Baking Co. for the|pecially in the distant months. year ended January 2. ended January 3, 1931, earned $1.15 a share. In the year Of 15,000 women and girls reported missing” in England last year less than , the company |unchanged; May, 6.81, off 1 . March, 6.65, July 6.98, off_1; October, 7.19, off 3; December, 7.37, off 1. Opening prices were: Most of the serious crimes in Eng- 1,500 remained unfound for more than land are committed by youths between two weeks. tne ages of 17 and 25, February 8.—Cotton |0 prices were unchanged to 3 points| ! Prediction of Last December on Character of Market Has Been Borne Out in Subsequent Trading. BY FRANK H. McCONNELL, Associated Press Financial Writer. NEW YORK, February 8.—Members of the New York banking group who last December hazarded the prediction that it was then “a good time to buy some bonds” were congratulating them- selves today on what, to date least, appears to have been an unusually timely decision Since then bond prices as a whole have moved ahead fairly briskly—al- though, it was pointed out, nothing more than scattered buying was de- veloped on which to base hopes for continued improvement. Distress Selling. ‘The banking group entered the mar- ket when prices were being hammered ceaselessly under distress offerings. Like a boy on the shore of a cold lake, they hesitated to take the plunge, but de- cided after several conferences to do 150 because they agreed that things in general looked brighter. Following are the principal reasons they advanced at that time for reaching their con- clusion: 1. Prospects for an agreement on & rail wage reduction look good. (The agreement has since been signed.) 2. It looks as if the Reconstruction Finance Corporation will be created. (It has been.) Representatives of the group again carefully explained that they had not sought to support the bond market. Their buying. they added, had been based on cold assumption that prices had been driven too low for good bonds, and that sooner or later the process would be checked The group is still in agreement, and constantly communicating with various members. A spokesman said it is not yet ready to forecast a definite turn for the better, but it has at least been en- couraged by recent better performance of the market. “The banking group,” he explained, “was formed to pick up bonds when- ever they were dumped overboard on a declining market. We picked up a comparatively small amount of such , as there has been no substantial ‘distress liquidation’ since the group be- gan operations. “Apparently, the advance in the gen- eral bond market since last December 17 has been due to scattered buying by individual investors and not to our purchases. In fact, we have used only a nominal part of the capital originally set aside for the purpose of buymng bonds and have not changed our origi- nal policy, which was that of standing Ey to pick up bonds in case they were hammered down to abnormally low levels.” More Hopeful Feeling. Since the market turned up. a dis- tinctly more hopeful tone has developed throughout the field of finance. This has not changed in the past week. al- though, during that period, bond prices have not moved further ahead. The | bankers said they were well pleased to |see the market hold its earlier gains, jend would not be disturbed even should it decline moderately. “The important -thing,” one said, “is the evidence that a steady bornd mar- ket furnishes sounder investment senti- (ment. Buylug of bonds has not changed our original policy, which was that of standing by to pick up bonds in case they were hammered | down to abnormally low levels.” ORGANIZED BUSINESS BODIES AID TRADE Chambers of Commerce Through- out Nation Have Aided in Recovery Movement. By the Associated Press. Exigencies of the business situation | during the last two years have given local chambers of commerce some new jobs. Reports reaching the Chamber of that in many instances these bodies have stepped far afield trom their tra- ditional functions. Some found them- selves quite literally in the banking business. They have taken over, re- organized and refinanced closed banks, aided in effecting consolidations among banks that were in danger, acted as currency exchanges when all banks were closed, and taken over the han- were temporarily tied up by closings. They have also set up special tredit clearance machinery for the wholesale accommodation of large groups of cred- litors and debtors. In some instances they have conducted employment serv- ices, aided in devising plans for stag- eering employment, speeding up public work, developing made-work programs, in some cases have participated actively in other types of relief work. The national chamber is urging local affiliates to take critical inventory of their programs, their support and the icharac 'r of leadership they are able to inspire in their several communities on the premise that present economic concitions are issuing a challenge which might determine definitely the future utility and permanence of local chambers. INVESTMEN?RUSTS NEW YORK. February 8 (#).—Over- the-counter market. e 3 13 23 3 2 1 Am Ins Stoc 3 Assoc_Stand Ofl Atl Sec pf ... Sec war : Atl & Pac Int units Atl & Pac com ww Atl & Pac pf war Ba Nat Inv . Bansicilla Corp Basic Industry sh Type Inv 1 N TS ) Chain & Gen Equitie Chartered Invest Chartered Inv pf 50 Chelsea Exch A Chelsea Exch B . o Cumulative Tr Sh 3 Corporate Trust = Corporate Trust A A . Corporate Trust Accum Ser. ' it 1" ‘19 . 5 3 3 o 33 2,08 208 18 84 8 18 k2 Depos Bk Sh N 3is Depos Ins Shrs * 32 Diversified Tr A i Diversified Tr B . Diversified Tr C Diversified Tr D 270 “ nd Tr 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. Teaders of Indust ‘A Leaders of Indust Mul v Mutual Manage Nation-wide Sec ted Cumul S) Selected Income Sh Selected Manace Trus Shawmut_Bank ... Spencer Trask Fund . A All Am Tr s d Collat Trus' e Sireet Invest rof Am T PO T renangca b SRR oW er. 100 2-33 100 1-32 00 A8 Commerce of the United States state! dling of Christmas savings funds that | Everybody’s Business Halt in Downward Trend of Securities Prices Called Necessary to Restore Confdence and End Hoarding. BY DR. MAX WINKLER. NEW YORK, February 8 (NANA.) —It is sincerely hoped that President Hoover's efforts to bring out hoarded | funds will succeed. At any rate, lead- ers of business, industry and civic organizations are pledged to assist the | Nation's Chief Executive in his endeavor to restore hidden wealth to circulation, | by inducing hoarders to invest their accumulations of capital and thereby start anew the wheels of industry and |rev1\>e employment. The persistent downward trend in the price of many fixed income-bear- M‘ ing securities will have to bé arrested before full confidence can be restored. | In this connection, the recently formed | Reconstruction Finance Corporation is expected to be of material assistance. Disturbances abroad continue to gather momentum. The Far Eastern situation is not improving. Disarm- ament talk at Geneva is likely to prove futile, as it has proved on previous oc- casions. A Franco-German rapproche- ment is still far from being realized. The intergovernmental debt problems are not nearer a solution than they have been. Europe’s difficulties in meeting her debts of a purely commercial character | are becoming more marked. Austria is likely to emulate her neighbor and former partner, Hungary, in regard to her obligations ‘abroad. Indications are | that the former dual monarchy or what little has remained of it, may request a moratorjum on the various Austrian government, provincial, municipal and | corporation bonds sold and still abroad. | Uprisings are reported from Latin | America, and the few nations which | have not as yet revolted may do so. The extent of America’s stake abroad makes it necessary to watch | foreign developments very carefully. | Lasting improvement in the United States is to a certain extent contingent | upon what is happening abroad. and | this improvement in turn is dependent upon a’speedy and reasonable adjust- ment of the political debts, including "repnnlionm | Discussing the business outlook in general. Walter P. Chrysler, head of the | automobile company bearing his name, | expresses the opinion that “recupera- | tive and corrective forces are at work | which will soon make it possible for the sun to begin to shine through the | clouds of business uncertainty | Mr. Chrysler estimates 1932 produc- tion of automobiles at 10 per cent above | 1931 figures. It would be of interest to | know the current year's consumption | statistics, which would prove of more | immediate value than figures relative as | to output. The discount of about 14 per cent at | which Canadian dollars are quoted in | New York is affecting seriously Ameri- |can business. Within recent weeks | large consignments of structural steel and iron have been taken into Canada | from Great Britain to supply the de- | mands of Canadian manufacturers who formerly ordered their requirements from the United States. Australia was the first country to be affected by the depression and will be the first out of trouble, according to David M. Dow, official secretary for the commonwealth in the United States. . ‘While there is no doubt that wish is father to the thought, it is worth remembering that Australia actually has succeeded in overcoming a good deal of the difficulties. This is to a certain extent evidenced by the coun- try’s excess of exports over imports, re- sulting from the recently introduced emergency tariff. Unfortunately, the position of some of the constituent states does not ap- pear to have grown better. This is especially true of New South Wales, holders of whose bond are still waiting for the interest due February 1. France's penetration into the coun- tries of her Central and Eastern European allies continues. Due to the close political connection between France and Czechoslovakia, a loan of { for general merchandise is $56.50; about $25,000,000 is expected to be granted the latter, to relieve the coun- try's treasury, which is short of liquid funds owing to the prevailing crisis. The loan, if consummated, is ex- pected to be secured by a lien on the Czechoslovak tobacco monopoly, subject to the outstanding 8 per cent loan held largely by American and British in- vestors. Tyrol, for years known almost solely to tourists and mountain climbers, was introduced to American jnvestors some six years ago. As a result, Tyrol Hydro- electric bonds, guaranteed by the prov- ince and its capital, Innsbruck, are held in the United States and are traded in on the New York Stock Exchange. Holders will be interested to learn that for the first time in many years ‘Tyrol will be able to meet expenditure out of revenue without resorting to bor- ‘The budget for 1932 is con- fidently expected to balance at 22, 100,000 scl equivalent to about $3,150,000. ether funds be transferrable remains to be seen. (Copyright. 1932, by the North American Newspaper Alliance. Inc.) _— Italy will subsidize private railways to the extent of $1,350,000, LIVING STANDARDS INU.S. ARE VARIED American Market Anaiysis Shows Sectional Wage Averages Vary. Special Dispatch to The Star. NEW YORK, February 8.—Per capita expenditures and incomes today tell only part of the story for the manu- facturer selling to the “American mar- ket.” Differences in climate, varying wage levels and living standards are important factors to be considered. As a matter of fact, the one big American market is really nine markets, accord- ing to the Business Week. Citing national per capita buying averages for food, automobiles, general merchandising, wearing apparel and furniture, the publication shows many wide differences between these averages for the Nation as a whole and for the nine marketing regions into which the country may be divided. The problem hinges on what the buyer typical of a region rather than that of the country at large likes to eat and wear and do with his spare time. For the whole United States the average expenditure per person for food is shown to be $92.72 annually. For automobiles, the average United States citizen bugets himself for an annual outlay of $77.75. He spends $58.15 an- nually for general merchandise; $35.14 for wearing apparel, and $18.62 each year for furniture. The section that comes nearest 1o these nationai buying standards is New England Analyzing statistics in the Federal census of distribution, the publication’s study reveals that the typical New Englander earns wages of $1,181 a year, a total 6 per cent under the average annual wage of $1,265. He expends $18.83 each year for furniture, a figure practically identical with the national average, but spends amounts slightly above those figures for automobiles and apparel. His bill for food is twenty per cent higher than the per capita for the country. His outlay for general mer- chandise 13 per cent less. Highest Average Wage. Detailed statistics for the nine marketing regions into which the United States must be apportioned in present day sales planning show that the highest average wage is earned in the West Midcontinent section, which takes in the states of Kansas, Nebraska, Colorado and Wyoming. According to census of distribution analysis. the average wage for this region is $1, per year, a figure $190 above the na- tional average. In these States per capita expenditures include $83.18 for food, $109.35 for automobiles, $56.18 for general merchandise. $24.33 for ap- parel and $16.12 for furniture. The tvpical buyer in the Pacific Southwest which includes New Mexico, Utah, Arizona, Nevada and California, earns an average of $1404 annually, & total $139 larger than the national average wage. He expends $83.57 for food, $106.01 for automobiles, $70.36 for general merchandise, $27.29 for apparel and $18.29 for furniture. The annual average wage in the Pacific northwest, which takes in Oregon, Washington and Idaho, & $1,386. This total is $121 higher than the national average for wages, and the average man who earns this figure in- cludes in his yearly budget $94.39 for food, $102.70 for automobiles, $68.36 for general merchandise, $2537 for ap- parel and $17.74 for furniture. Fourth among the regions of the country in the matter of average wage comes the States of Montana, North Dakota, South Dakota and Minnesota, forming the central northwest region, ts average wage is $1,378 yearly, a toral $113 higher than the national average. Average expenditures in these states include $64.79 for food, $93.52 for auto- mobiles, $4.55 for general merchandise and $11.48 for furniture. The Central Atlantic States—New York, Pennsylvania, New Jersey, land and Delawa: States — Wisconsin. Iowa, Michigan, Ilinois, Indiana, Ohio, West Virginia and Kentucky—each score an average wage earning vearly of $1376. Com- parisons as to average expenditures, however, show variations. According to the census of distribution analysis, the Central Atlantic States expend an average per capita outlay of $118.08 for food, while the idwest average for this same item is $84.55. In the Central Atlantic States, the per capita expen- diture for automobiles each year is $73.52, which compares with $77.81 in the Midwest States. The per capita outlay in the Central Atlantic rexion n the Midwest it is $53.68. The per capita expenditure for apparel in the Central Atlantic region is $42.45. which compares with $31.73 expended in the Midwest region. For furniture. the typical resident of the Central Atlantic States expends $22.65 each year, while in the Middle West area the average resident expends $16.39. The Gulf Southwest States present still another type of market for the manufacturer. In this region. which takes in the States of Texas, Oklahoma, Louisiana, Mississippi. Arkansas and Missouri, the per capita annual wage is $1,024, a figure $241 below the na- tional average. The average purchaser in this region is prepared to spend $52.05 for food. $61.74 for automobiles, $46.92 for general merchandise, $19.50 for apparel and $12.26 for furniture. Lowest Average Wage. ‘The Southeastern area. formed by the States of Virginia, North Carolina, South Carolina, Georgia, Alabama and Florida, is shown to have an average annual wage of $801. the lowest regional average. Analysis of the totals shows "hat this figure is €464 below the national average wage. Average ex- penditures in the Southeastern States include $48.67 for food, $47.52 for auto- mobiles, $38.92 for general merchandise, $14.87 for apparel and $10.27 for furni- ture. According to the market analysis by the Business Week, the national aver- age expenditure for food is exceeded in only the Pacific Northwest, the New England and the Central Atlantic areas. The average for automobiles is ex- ceeded in the Pacific Northwest, Pacific Southwest, Central Northwest, West Midcontinent, Midwest and New Eng- land. The national per capita buying average of $58.15 for general merchan- dise is exceeded only in the Pacific Southwest and the Pacific Northwest areas. In every other area the expen- diture for this item falls below the na- tional average. For apparel. per capita buying averages exceed the national average in only the Central Atlantie and New England States. These twn regions also exceed the national average expenditure for furniture. The highest per capita outlay for food is shown in the census analysis 1o be in the Central Atlantic States. The highest per capita expenditure for automobiles is found to be in the West Midcontinent States, while the highest for general merchandise occurs in the Pacific Southwest. The Central At- lantic region leads in per capita ex- penditure for apparel and also for furniture. “Multiplying the deficiencies from national per capita dollar volume in each region where such deficlencies oc~ cur by the population of the Mflo’i produces a total of $5.364,000,000, which a'\considerable portion is latent purc{umn; power,” says the Business Week. as to the rewards that may follow in possible profits from intensive market- ing adapted to individual regional con- ditions.” P PARIS BOURSE PRICES. PARIS, February 8 (#).—Three per cent rentes, 79 francs 25 centimes. Five per cent loan, 101 francs 60 centimes. Exchange on London, 87 francs 67 cen- times. The dollar was quoted at 28 francs 40 centimes,