Evening Star Newspaper, February 9, 1932, Page 14

CA—14 wxx FI NANCIAL. CHURCHILL URGES REVALUATION PLAN Former British Chancellor Proposes Anglo-American Effort to Aid Trade. Bpecial Dispatch to The Star. NEW YORK, February 9.—Joint ac- tion by the United States and Great Britain to overcome the international economic depression was urged last night by Winston Churchill, former British chancellor of the exchequer, in an address before the Economic Club at the Hotel Astor, when Mr. Ch_urcmll outlined a program of economic and financial co-operation between the two hations as an essential step toward world rehabilitation Eekyy. Revaluation of commodity prices and services upon the 1927 or 1928 level, while making available sufficient cur- / to maintain price stability was d by Mr. Churchill as the basis of his_program. He was confident this cculd be carried cut successfully by the Federal Reserve Bank and the Bank of England, acting in harmony under the approval of their respective gov- ernmen Speaki ce of 1500 representatives of the siness and “professional world, including many aders of Am adustry and finance, he ple Anglo-Arerican economy co-operatio 'Ssary not only to the interests of the two coun- tries but to the preservation of the ex- isting social and economic order against the perils of Communism. Praises Aid in Europe. The former chencellor made his pro- 1 after a_ lengt ysis_of _the world economic_situation, in which he _attributed the international depression 110 reparations and war debts as the Yoot cause of the dislocatiom in the | cistribution of the world’s gold and {consequent _deflation, with all its at- tendznt_evils r. Chur States again *blood-su ng before an aud 1 defended the United the European cha: pointing out that from extracting from Europe any great |smounts in payments, this country v had poured billions of dollars pean countries since the W ch the financial stri ) of ir ional debts on of the normal p: se time rejected the idea idiztion of debis by European ain and the United States creditor na Mr “We connot afford to giation, still 1 n_in which es. frozen assets may values recreated. o accept the idea never pay anything I am sure she ca ! nd I do not sec moment we zre called upor rer than that.” is no room either for false 1 ageinst the United States. for Germa: eat Br are ihe greatest 2nd patience manjy be thawed and man: I am not ared economic and financis! . sible for the world crisis. The crisis, he asserted, was due to the play of im- personal economic forces generated by | the attempts to co war debts and reparations in the face of artificially created trade barrier: Mr. Churchill warned that the pro- cess of deflation, if permitted to con- tinue long enough, “and not so very long at that.” would isolate the nations one_ from the other, “as they were in medieval times,” would destroy inter- national trade, lead to a general re- pudiation of debts through obvious in- ability of debtors and by debtor coun- tries to pay, and Teduce “this fair modern world with all its knowledsge and science and measureless possibilities o the barbarism and barter of the Dark Ages.” Confident of Plan. “Happily, the remedy is in our hands,” he continued. “There is still time to arrest and reverse this hateful process, to restore a fair standard of values throughout the world and to bring back again the sunshine which has been darkened by clouds of human fclly. “In m at this principa ¢ opinion, it would be sufficient age if two or three governments of the world were to proclaim their intention of re- valuating commodities and services upon, let us say, the 1927 or 1928 level; and then if sufficient financial experts were selected and told to devise steps by which this should be done and the form of international currency that would be required to keep a stable standard of value thereafter, I do not think you would be setting them an impossible task. I expect they would find that there were several ways of accomplishing this purpose cnce it was clearly defined and authoritatively set | forth! “Neither do I think there would be great difficult; ment of a suff nations to a workable plan. “I expect that if once the Engli speaking peoples made up their min and were agreed between themselves upon a practical plan there wculd not be very great difficulty in getting one | .cor two of the others to come in, too. In fact, it seems to me there would be a rush to join the board. At any rate, there is where I would begin. “I would like to see the governments of the United States and Great Britain, through their agents, the Federal Re- serve and the Bank of England, come to the definite conclusion that com- modities must be revaluated up to the 1927 or 1928 level and that thereafter sufficient currency must be available to provide a stable measure for prices. “You ¢ t waste time going aroand to persuade everybody. 1f these two were agre fore the o be inc 3ut, anyhow Ba of France would wish uded in their consortium. our two nations in accord ite powerful enough to re- ety the enormous benefits of which it is now deprived. Plea for Co-operation. are surely speakifg “These peoples should y together. On the whole, they mean the same thing. Why, ~then, do we act together more, make more plans in common? Why do we stand gaping at one another? If the world is to escape its miseries -there must be some strong central nucleus of agreed and recognized au- tharity at the Council Beard of Nations “to which, while it acts unselfishly, due cdeference is shown. ‘“There is, remember, another world force, international Communism, cen- tered, the armed and arming strength sof Russia. Is it not the duty, y, Ythe appointed task, of the En speaking peoples to stand beiween " Europe and Asia and the new tyranny? To raise again the standards of per- +*sonal liberty, of enlightened liberalism, of family home, faith in God upon which the_glory of mankind has been erected? If so, the task is surely not beyond our united strength. “Above all, let us have good courage. .Do not add to monetary deflation the A further hideous deflation of panic and despair. “My confidence in the British Em- pire is only equaled by my confidence in the United States. All the world Jooks to the English-speaking peoples for examples, guidance, valued leader- ship. They must not look in vain. Let us be unconquerable. Remember “the earth is a gcod mother.”” The Isle of Wight and England are %o be connected by a new ferry service. of the| in procuring the agree- | nt number of powerful it would not be long be- | the times when | THE EVENING STAR, WASHINGTON, D. C, NEW YORK STOCK EXCHANGE —1931— Stock ana Bales— High Low Dividend Rate. 101% 53% Pure Oil pf (8) 56% 10% Purity Bakeries (2). 271 5 Radio Corp 60 91 Radio Corp pf B. 4 2% Radio-Keith-Orph... 2915 83 Raybestos Man(1.60) 46 28 Reading 1stpf (2) 30% 1% Real Silk Hosiery 19% 17 Remington-Rand. 88 Rem Rand 1st pf 25% Republic Steel. . 54 Republic Steel pf. 18% Reynolds Spring. ... Revnolds Tob A (3). Reynolds Tob B (3). Richfield Oil. - 4 Rossia Ins of A 108 11 55 T 0 o) Stores (5).. Strs pf (7). e 2 e =L O T R T e I L T T an Fran pf.... Southwn pf. chulte Retail Stores aboard Oil. Sears Roebuc 1 Seneca Copper. rvel Inc. . . ttuck (F G) (1).. Shell Union Oil. .. Shell Union Oil pt. mms Petroleum. mons Co. r Consol Oil Oil pf ww - - I outhn Cal Ed (2)... outhern Pacific (4). | b 2 rks-Withington. . and Brands ( and Brands pf and Cc ecur (A) & Secur cv pf. t Warner Stone & Webster (1) udebaker Co(1.20). 1perior Oil. : weets of Amer (1).. Telautozraph (1.40). Tennessee Corp. .. Texas Corp (2) ex Gulf Sulph: < Pacific C Tide Water Asso Oil. Tide Water As pf(6). Tide Wat Oil pf (5).. (Continued From Page 13.) Add 00. High. Low. 55 12% T% 13% 5 10% 31 3% 2% 10 4% 11% 3t ~—1031— High. Low. 18 11% 49% 2 Tri-Con 3614 Tri-Con = 5% 14% 72 26% 205% 87 26'% 38% 61% 41% 28% T4 3% 524 12 6% 374 50 1% 374 20% 36% 20% 364 253 162% 11 70% Union P 51 16 9% 40 18 © & FEEE FIEF Tig 26% 3 = 174 15% 141 20% 10 13% 5l 3 6'a 12% US 36 U 9 Unit G U S Real Smt, 21 15% Univ Le: 24 4l 57 4 31 28 6% % Vad Vadsco Vanadiu 14 11 34 81 7% Wabash Ward B: Warn B Warner Warren Western Wes White M White Stock and Dividend Rate. 2 Transamerica Corp.. 45% 24 Trico Products(2%). 18% Underwood-EIll-F (3) 5 Union Bag & Paper.. 27% Union Carb (2.60). Un Oil of Calif (1. Union Pacific pf (4). Un Tank Car (1.60). . Unit Afrcraft.. Unit Aircraft pt (3). Unit Biscuit (2).. 6% Unit Carbon. 1% Unit Cigar Stores. Unit Corp (75¢) . Unit Corp pf (3).. Unit Electric Coal. Unit Fruit (3). U S Gypsum (1.60).. U S Indus Alcohol. .. U S Pipe & Fdry U S Pipe&. U S Rub U S Rubber 1sf Univ Pic 1st pf (8).. 1% Univ Pipe & Rad. 7% Util Pwr & Lt A (2). West Pa Pwr pf (6). West Pa Pwr pf Received by Private Wire Direct to The Star Office. Bales— Add 00. 80 13 3 1 41 3 38 5 40 1 5 138 6 tl Corp...... tl Corp pf(6) acific (10) . 27 15 35 11 s&Im(1.20).. 1st1 Ity & Imp. ber. Do & & Ref (1).. teel (2).. U S Steel pf (7)..... 1% United Stores (A)... United Stores pf (4). af Tob (3) 108 13 Sales Corp Sales pf. am Corp. Va-Car Chem pf (7). Va Elec&Pw pf (6).. 20% Vulcan D'tinning (2) 408 20s RR... bash R R (A) 1dorf Ward Baki ys (1% ng (B). aking pf (7). ros Pictures. Qui Bros 1108 ). 108 N Dairy (A).. » Western Dairy (B).. tern M Western Union (6) Westinghouse (213). Weston Elec Instru. vland.. fotor. . ewing A White Sewing Wile: Willy Oil & -Ovel Woolworth (2.40) ... Worthin Wrizle ngton Pum! (Wm) (4).. Yellow Truck.... 6% Zonite I Sales of S 10:30 A.M.. 1:30 PM.. *rod Corp (1) ™ ™ tocks on New York Exchange. . 200,000 12:00 Nuon 400,000 . 800,000 2:10 P.M. -+ 900,000 dend rates as given in the above table are the annual cash payments based on th *Ex-dividend. s 3 Plus e Payable_in c: stock. ) Plus $ m Paid last | 2127 in stock. 18 37 38, 813 extra h or in stock. in_special preferred stock. vear—no regular rate. he latest quarterly or half-yearly declarations. Unit of trading less than 100 shares. t Partly aPaid this year—no regular rates. £ Plus 8% in stock. h Plus 20 in k Plus 3% in stock. nPlus 5% in stock. P Plus stork RATE I PROPOSED {Use of Debentures for Re- serve Bank Collateral Is Advocated. ‘ 9.—Plans for | making the debenture 1s of the Federal Intermediate Credit Banks Sys- tem eligible collateral for 15-day loans by the Federal Reserve Banks to mem- ber banks, and for authorizing the former system to accept notes, drafts and bills of exchange drawn by farm- | ers’ Co-operative marketing associations, were announced yesterday by Charles R. Dunn, fiscal agent for the system. The project is befcre the Senate Banking | and Currency Committee. According to Mr. Dunn they have the approval of Secretary Mellon and of the Federal Farm Loan Board. Mr. Dunn said the American Farm | Bureau Federation, the National Grange, {live stock loan and marketing associa- | tions and farmers’ co-operative market- | ing associations, as well as agricultural credit corporations. had lined up bebind the plans and would urge Congress to enact the necessary legislation. The im- | mediate cause for this action is ghe re- | cent gradual rise in loan and discount | rates of the Federal Intermediate Credit | Banks and the consequent increase in | rates charged by local Iending institu- | | tons discounting farmers’ notes with | | them. | “The issue of $15,000.000 debentures | of the Federal Intermediate Credit | Banks, due on June 15, 19 which | were offered yesterday at par, carried a |5 per cent coupon.’ said Mr. Dunn.| “Loan and discount rates of the issuing banks may be 1 per cent higher than = make the money cost local lending in- stitutions 6 per cent. stitutions, in turn, may add up to 3 per | cent to that rate in making its rate o the borrower. High Rates Charged. “Thus, under prevailing conditions, if the banks and discounting institu- | tions charge the maximum spread the credit costs the borrowing farmers and live stock producers as much as 9 per cent where the State laws permit such a high rate. This situation is particu- larly interesting to th> live stock farm- | ers and ranchers, as they are the largest | | borrowers through live stock loan com- panies and agricultural credit corpora- | tions.” ! Debentures of the Federal Interme- | diate Credit Banks are now eligile for purchase only by the Federal Reserve Banks, and then omly if they do not| carry maturities of longer than six months. Mr. Dunn estimated that the | | present market rate of 5 per cent on | the debentures could be cut to 3 to 315 per cent if their marketability were in- creased by them being made eligible for | collateral for 15-day loans with the Federal Reserve. The plans to increase the market- | | ability of the system's debentures are | | sponsored by Senator Norbeck of South | Dakota. Plans Indorsed by Mellon. Secretary Mellon’s views on the plan | to Senator Norbeck are quoted as fol- lows: It seems desirable to permit de- bentures and other obligations of the’ Federal Intermediate Credit Banks,| | when complying with the requirements for purchase by the Federal Reserve Banks, to be used as security for ad- vaaces by Fdderal Reserve Banks to| member banks on their promissory notes for periods not exceeding 15 days. Such an amendment would be of great | benefit _to the Federal Intermediate | Credit Banks because its immediate ef- fect would be to broaden the market for the collateral trust debentures issued | by _these banks. | “These are high-grade investments | and member banks would purchase them in greater volume if they could | be used as a basis for temporary credit with the Federal Reser-e Banks in the event of some emergency or need for funds. It is believed they would not be used in this manner to any great ex- tent, but the fact that they could be would be very valuable in the sale of | debentures and would greatly (Milillte. the operations of the Federal Inter- mediate Credit Banks in extending| credit to agriculture.” The attention of the financial com- munity to the growing need for in- creased marketability of obligations of - CUTINFARMLOAN FRE EXPORTS O BY LOUIS E. VAN NORMAN. 1 Th contract just made y a French group, in which the government is in- terested,- with an American chemical group for the importation of 25,000 tons of tic nitrates from the United State this country has now become an ex- porter of this essential fertilizer. This achievement of the American nitrate industry is particularly signifi- cant as a victory over the Chilean in- terests, which produce practically all the world natural sodium nitrate. Pre- viously an even larger order was placed with the German industry. The Ameri- can producers are particularly gratified at this development of breaking into the French market just now. They have been operating at some 35 per cent of capacity for the past year, largely due to the decreise in the de- mand for domestic fertilizer. Large User of Nitrates. France is a large user of nitrates for commercial fertilizer, and its military necessities are even more insistent French stocks have been low for a long time, Government statistics show. Chilean, German, Norwegian and American interests have been trying to enter the French market for some time, but feared to lose their chance, because of a proposed large assessment on im- ported nitrates, which the French gov- ernment aimed to use as a subsidy to its own industry. This idea of an as- sessment, on imported nitrates has now been abandoned. Chile produces some 98 per cent of the natural nitrates of the world. The directs attention to the fact that | NCH CONTRACT INCREASES F U. S. NITRATES rest is literally taken from the air. In | this method of production—that of | “fixed nitrogen”—Europe, particularly Germany, deminates the situation. For many years America imported nitrogen, largely from Chile. Just after the war the Government established in Washington, in the Bureau of Chem- istry and Soils, as an adjunct to the Department of Agriculture, a “Fixed Nitrogen Laboratory.” This institution trained experts, which have since gone out into the commercial world and made possible the establishment of a dozen others under private auspices. Today the United States is not only| self-sufficient in the production of nitrogen. but also in phosphates and potentially in potash. the other two cle- ments in commercial fertilizer. Nitro- gen for high explosives also is a factor in munition making. Cartel Dissolved. There was a nitrogen cartel in Europe | which dissolved last July. This was dominated very largely by British and | German interests, which control a big share of the world’s output of fixed nitrogen. There also is in Chile an association, in which the government has a 50 per cent interest, known as “Cosach,” ‘which produces practically{ all of the world supply of natural nitrogen. Last year an attempt was made, unsuccessfully. to bring about an understanding between these two | groups. In “Cosach” are inclu 1 the Guggenheim interests of the United States, which control a process which | is now the basis of the Chilean nitrate | industry. (Copyright. 1932.) WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES saces. the debenture rate, which would now Washington Gas 6s “A"—$100 at 100'}. | Metropolitan Washington Gas 6s “A"—$500 at 1001g. 10 at €3, 10 at 62, 10 at 61, 10 at J3. AFTER CALL. Mergenthaler Linctype—10 at 521;. Capital Traction Co.—5 at 20. Mergenthaler Linotype—6 at 53. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel. 4125 '39 Am. Tel. & Tel. cil. tr. 58 Augcostia & Pot. R, R. 55 Ana. & Pot. Guar. 5s. ... CUE P. Tel. of Va. 55...0 Capital Traction R; R.'3s City & Suburkan 5s... Georgetown Gas 1st 55 Potomac Elec. Cons. 5%. Potomac Elec. 65 1953. Wash.. Alex & Mt Verion Washington Gas 43s... Washington Gas_5s Wash. Gas 6s. series A Wash. Gas 6s. ceries B Wash, Rwy. & Elec. 4s MISCELLANEOUS. Barber & Ross. Inc., 645 Chevy Chase Club 5%at Columbia Country Clu W. M. Cold Stcrage 5. STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Traction Co. Wash. Gas Lt. Co. (18) N. & W. Steamboat (13).1. .0 Potomac Elec. Power 67 pfd.. Pot. Elec. P 5'2% Pd. . Wash Rwy. & EL com. (T).... Wash. Rwy. & EL pfd. (5).. NATIONAL BANK. Min. price. Asked. sevs 115 5250 315 425 Bid Asked. 101 99'2 52 101 e 10412 et 3 99 101 101 104 8212 Capital (14). Columbia, (1 Commercial (stamped) (10)... 183 200 District (8) ... e 196 210 Fed.-Amer. Natl. BK. & Tr. (). 2% 45 | Liberty (5)....... Lineoin (10).."" a9 | Riges (15) Second (9¢) The lending in- | Lanston Monotype—10 at 64, 10 at 64, washington (i2). 0 | TRUST COMPANY. Amer. Sec. & Tr. Co. (15) | Natl. 'Sav. & Tr. (I g | Prince Georges Bk. & Tr. (6) Union Trust (8s)....... ... Wash. Loan & Trust (14) SAVINGS BANKS. | Bank of Bethesda (6%) Com. & Savings (10) .. East’ Washington (12 Pot. Savings Bank (10) | Sec. Sav. & Com. Bk. (i Seventh Street (12).... United States (30)...."" "/ Wash. Mechanics (20)....0.0 ‘ FIRE INSURANCE. American (12) s | Corcoran (18) | Firemen's (8) National Union (15} TITLE INSURANCE. Columbia (6h) | Real Estate (6h). " | MISCELLANEOUS. Barber & Ross. Inc., com. Col. Medical Bidg Corp. (6) D C. Paper Mfg. pfd. Dist. Nat. Sec. pfd. (7 2 Emer. Bromo-Seiz. “A” (2) Federal Storage pfd. (8) Fed.-Am. Co. com. (120£). Fed.-Am Co. pfd. (6). Lanston Motiotype (6.0 Mer. Tr. & Stge. com. (10) Mer. Tr. & Stge. pfd. (7) Mergenthaler Linotype (6) Natl. Mtge. & Inv. pfd. (8) Peoples Drug Stores pfd (6'2). Real Est. M. & G. pfd. (8) Security Storage (5%).. Ter. Ref. & Wh. Corp. (3).. ‘The Carpel Corp. (2) W. Mech. Mtge. com. 3 Wash."Med. Bidg. Corp. (1 wdwd. & Lothrop com. (1.2 Wdwd. & Lothrop pfd. (7). *Ex dividend 527 extra. bBooks closed. ¥2120, extra. n2sc extra. 130c extra. §17, extra. el2% extra. COAL PRODUCTION. By the Associated Press. Production of bituminous coal dur- ing the week ended January 30 showed a slight decrease from the previous week. The total output for comparable weeks, as reported by the Mines Bureau, follows: Week ended January 30. 6,379,000 tons Previous week. ... . 6,383,000 tons Same week last year.... 8,037,000 tons DIVIDEND INDEX DROPS. NEW YORK, February 9 ®.— Moody’s Investors’ Service weighted dividend index for 600 stocks dropped | from $1.96 on January 1 to $1.89 on | February 1. The latter figure com- pares with the peak of $3.05 set in March, 1930. The analysis says a fur- ther substantial decline in the index is already indicated for February, due to dividend changes announced in the first few days of the month. the Federal Intermediate Credit Banks was focused yesterday by publication of a statement by Mr. Dunn that the Re- construction Finance Corporation had agreed to take all or any portion of the latest offering of debentures that re- mained unsold on February 15. Mr, Dunn said the amount of the issue tof be taken by the corporation might be announced on Thursday. PARIS BOURSE PRICES. PARIS, February 9 (#).—Three per cent rentes, 79 francs 10 centimes; per cent loan, 101 francs 65 centimes. | Exchange on London, 87 francs 68 centimes. The dollar was quoted at 25 francs 40 centimes. SR T et Hi-jacking is appearing in England. TUESDAY, FE BREUARY 9, 1932 FINANCIAL. IBONDS ARE STEADY IN'LIGHT DEALINGS Feature of Market Is Recov- ery in Issues of Railway Companies. BY F. H. RICHARDSON. Special Dispatch to ‘whe Star. NEW YORK, February 9.—Bonds had a steady tone today in dull trading. The market opened narrowly higher, but trading was in small volume. There was a tendency to ignore the Shanghal situation as a market factor and to look hopefully toward Geneva, where the American disarmament proposals have been presented. At home the fact that the Reconstruction finance Cor- poration was getting down to the actual business of making loans was a factor on the constructive side. Most of the railroad bonds recovered from '; to 1'2 points. This was at- tributable largely to a technical re- covery, following the declines of 2 to 4 points that have accurred in the past three inactive sessions of the market. Alleghany Corpiyation 5s were Y3 to 1 point higher. was reported that! even in the event of a dividend cut by Chesapeake & Ohio and Chesapeake Corporation, the collateral backing Al- legheny Corporation bonds would yield sufficient income to pay interest charges. Chesapeake Corporation 5s dropped a point. Chesapeake & Ohio 4';s were fractionally lower. Gains of a point or more occurred in Chicago & Northwestern 43,s, Rock Island refunding 4s, Missouri-Pacific 51.8, New York Central 4'ss, Nickel Plate 6s, Southern Pacific refunding 4s and Western Maryland 4s. United States Government issues weye about '; point higher. The re- sults of President Hoover's campaign against hoarding have been felt to some extent in the demand for long-term Treasurics and Liberties, which today were all selling around a 420 to 4.25 per cent yield basis. For the same reason there was & better tone in municipals of the best grade. and high-grade corporation is- sues like Americap Telephone 5s, Con- solidated Gas 5'28, Duquesne Light 41.s, Utah Power & Light 55 and New York Telephone 41z sold at firm prices. How- ever, there was no general upturn in lower grade utilities. The Insull group of Utility Bonds, most of which are traded on the Curb Exchange, were under pressure. There was heaviness in New York City Traction and in international utility issues puch as In- ternaticnal Telephone 4',s, American & Foreign Power 5s and International Hydro-Electric 6s. Industrials were in- active. In the foreign list trading was even quieter. Ujigawa Electric Power 6s, a | Japanese dollar bond, ran up nearly 5 points to 70 and then slumped abruptly to Monday's closing level. Japanese government issues were unchanged. Firmness characterized British 5':s, French Ts and the rest of the European list. Scuth Americans were firm, espe- | clally Colombian issues. which reflected | the government's decision to pay in- terest in script until such time as eco- | nomic conditions rendered the pur-| chase of foreign exchange practicable. Australian obligations were steady Bonds were firm at the opening. Trading was active. Developments at Geneva gave a firmer tone to foreign securities in Spite of the Shanghai situation. Germ:n government 7s were off fractionally. but there were advances in Great Britain 51,5, French 7s. Belgian 6s, Austrian | 7s, Italy 7s, Poland 7s and other Eu-| ropean bonds. South Americans also were slightly higher. Colombia 65 were a point higher, following the decision | of the government there to pay inter- | est obligations in script. Japanese | issues were unchanged. In the domestic list gains of a point | or more occurred in Baltimore & Ohio 4155, Erie 5s, Southern Pacific refus ing 4s and Chicago & Northwestern 43;s. Industrials were firm. INLAND WATERWAYS REPORTS GOOD YEAR. | Federal Barge Service Has Net Profits of $250,000 for 1931, Statement Shows. Special Dispatch to The Star. NEW YORK, "February 9.—While transportation agencies were complain- ing of hard times in 1931, th> Inland Waterways Corporation, operating Fed- | eral barge service on the inland rivers of America, earned profits in excess of $250,000, according to an interview by Maj. Gen. T. Q. Ashburn, chairman of the board of the corporation, with the | St. Louis News Service. Not only was a profit earned but the revenue per ton mile from barge opera- tion in 1931 was about two-tenths mill higher than in 1930, the reverss of the| experience of other forms of transpor- | tation, revenues of which slumped sharply, said Gen. Ashburn, while in St. Louis recently. “The only reason to account for the| showing,” he said, “is that in 1931 we moved a greater quantity of merchan- dise which, under normal circumstances we would not have moved. Our freight volume was about the same as in 1930. But in 1931 we moved a great deal of less-than-carload lot freight, which we do not ordinarily move, but which came | to us because shippers were more in- terested in the economy of our service than in speed “This freight takes a higher rate than the bulky freight which ordinarily makes up our principal tonnage. Ship- ping of wheat, cotton and other bulky freight fell off as compared with 1930, due to the low prices in staple farm crops, which caused them to be held off the market. “A heavy percentage of these crops still remains on the farms, the ware- houses and elevators, and we will un- doubtedly share in moving them during the current year. “I think the movement has already started and is reflected in our January tonnage. This is one of the factors which make the outlook bright for the barge line this year. We started off with a bang this month and look for an exceptionally good year. We anticipate ter showing this year on the upper river.’ Gen. Ashburn will make a trial trip with towboat and barges up the new 6-foot channel of the Missouri River between St. Louis and Kansas City next Summer to determine if it is navigable at all points during low water stage. Operation of this stretch now awaits scouring of the channel by high water stages and this Spring and the coming Fall and Winter. Rail Fee Demanded. JEFFERSON CITY, Mo. February 9 (#)—The attorney general's office yesterday advised Fenton T. Stockard, securities commissioner in the office of Secretary of State Becker, not to grant the Missouri & North Arkansas Rail- road Co. the right to do business in this State until it had paid organiza- tion fees “demanded by statute of any other foreign corporation.” The railroad was sold under deeds of trust several years ago, and a new corporation was formed in 1931 under the laws of Arkansas to take over its holdings, including trackage in Missouri. The railroad claimed it was exempt from paying organization fees for re- 5| newing its charter. Abandons Gold Standard. GUAYAQUIL, Ecuador, February 9 UP)—Ecuador abandoned the gold standard today. | Can Nat Ry 434w'56 | Can Nor 7sdb "40.. [ovrms o BONDS o Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are in $1.000.) . Bales. High. Low. Lib3%s32-47.. 49 94 14 949 L1st4%s32-47 1360 98 13 98 L4th4%c33-38441 998 994 UB3s1951-6.. 127 863 8525 US3%s 49 872 8629 3%s M4 928 92 926 922 90 30 9028 9223 9210 9211 96 17 9613 9613 100 10 1006 1006 Bales. High, Low. 2:55. 13 38% 38 381 5 824 82% 82% 12 35 34 347% 16 31% 31% 31% 12 281 2715 281 26 39% 38 39 2 67% 672 67% 35 68% 68 68 93 93 93 101% 101% 101% 101% 101 101% 96 95% 96 99 9 99 96 9514 95% 101% 101% 101% 8313 €31 83 2 gp a3 60% €0% 60% b1 bl'a Bl'a 51% 514 Bl% 51 5l 5ly 52 51% 52 52 51% 514 2% 2% 2% 61, 60 61 8t & 81 7615 6% 76 85 BAM BdY 91 913 6 0. 47 53% 5314 91 44 OIL OUTPUT DROPS DURIG LAST WEEK Decreases in Pruduction of Some Sections Overcome Gain in Texas. Int Pap 6s '56. IntT&T4%s Int T&T cv 4 %83 Int T & T 68'86. Italy 78 °51. 2:58. 94 10 989 996 8529 86 30 92 922 90 28 Mo Japanese 5% Japanese 6% Kan City Sou 5250, Kan City Ter 4550, Kan G&E 4%s'80., Karstadt 6s°43.... Kresge Found 6x'3¢ Kreug & Toll 68°59. Lake Shore 3%s'97 Lautaro Nit ‘.. Leh Valcv 4s 2003, Liz & Myer: 1. Lig & Myers 78’44, Loew’ x w4l Lorillard 68 51, Lorillard 7s "44. .. La & Ark 53 °60. Lou G & Bl 55" L & N uni 43°40. L&N 15t 5%3 2008, Lvons 63 '34.. o e - Bromfog 3k aS3acas El s s s s s u U u u u u Abitibl P&P s '53. » By the Associated Press. TULSA, Okla, February 9.—De- creases in Oklahoma, California, Kan- sas and Eastern pools more than over- came a slight gain in East Texas last week and total oil production of the United States dropped 20,690 barrels in the daily average to a total of 2,148, 245 barrels daily, the Oil & Gas Journal estimates. Okianoma productfon was 395,610 barrels daily, as compared with a pre- vious daily total of 412,335 barrels. California wells flowed only 499,000 barrels, while the previous week their output averaged 503,500 barrels daily. Kansas production was 97,815 barrels daily, a drop from 98,145 barrels, ni“éifi‘ wel}l‘.?] produced 118,000 bar- y, while the preced v they gowed‘;m,uoo P e _In Texas the increase.was frof - 572 barrels to 865,119 barrels daily. ‘vhe East Texas flelds produced 349,080 bar- rels in comparison with a previous flow of 345,350 barrels. Most of this increase was due to new completions soé!t)lcsky Mountain production was 80.- 1 compared with a previous aver- age of 19,696 barrels daily, - 0 Allegheny bs 50, Am F P 582030.... AmIGChi%s 9. Am Intl 6%s8'49... Am S&R 1st 6847, 10T e Nl 0 G 1 S 32 0 00 0 TN AmT&T6s 66 Am T&T c tr 6s '46. Am T&T 688 1'60.. Am T&T 6%s°43. .. Am W Wks 53 '34.. Argentine 53 *45... Argentine May ‘61. Argentine 6s Ju'ss. Argentine 65 Oc's9. Argentine Ca A '67. Argentine §s B '8, Arm & Co 4% Arm Del 6% Atchis 45 191 Atchison adj rsellle 6 Mex 45 asstd 1904 Midvale Stl 53 '3/ Milan 633 '52. MII E Ry & L 6361 M StP&SSM cn 4s M StP&SSM 58 gtd. MSP&SSM 514378, MK&T ist 43°90 MK&T4sB'62 MK & Tadj 58 MK&T prin Mo Pac gn 43’76 Mo Pac 55 A '5. Mo Pac 68 F ‘77, Mo Pac 53 G ‘78, Mo Pac &s H '80. Mo Pacrf 63°81. .. Mo Pac 5343 A "43. Mobfle-Ohio 58 '38. Mont Pow 6343 Mont P db 5s A '62. Mont Tr 1st 5s41.. Monteyideo 78 ‘52.. ssau Elec 45 °51. AUCL 1st4s Australis 4% Austra Austria 7843, . Austria 7867 ctf, B&Oés'4s B&O4%s8'33 B&Ocviekhs B&O 1st6s’4s.... B&OTf 58’95, B &0 53 D20 B&O 63’35 B&OP&AWV B&OSwdvEs’s B & O Toledo 43’53 Bk Chile 6% s ‘61 Belgium #s ‘55 glum €%s Belgium - Belgium 7. : Bell Tel Paén B 48 Bell Tell Pa 65 C'60 B Ind Loan C 6346 Berlin Cy EI 6 Berlin CE 6% Beth Stl pm s '3 Bolivia 78’58 Bolivia 78 '6! Polivia 8 5214 90% s 81 Special Dispatch to The Star. BALTIMORE, Md.. February White potitoes, per 100 pounds. L10; sweet potatoes yams. barrel, ; : 1.50a2.25; beets, 1.50a1 60; Brussels sprouts, per quart, 10al5; cab~ bage, hamper. 50a1.25; carrots, bushel 1.00a1.25; caulifiower, crate, 150a175° eggplants, crate, 1.50a2.75; kale, bu 30a50: onions, per 100 pounds. 3 4.00; peppers. crate, 1.50a2.75; spinach bushel, 50a83; celery. crate, 150a325; squash, bushel, 10021.75; tomatc crate, 1.00a3.00: turnips, hampe 35; apples, bushel, 40al.75: grapefr | box, 125a2.75; oranges, box, 2.00a4.00 strawberries, quart, 25a30 Dairy Markets. Chickens—Young, 19a21; {17a18; old hens, 14:19 roost, 11a13 gcese, 11al7; guinea fo turkeys, 16a30: pigeons, pair, 20725 Eggs—Receipts. 746 cases; ne:rby | firsts, 1512; Western firsts &a.0(, Butter—Good and fanc 8542182415 ladles. 15a16; pr 45, | store packed, 10a11 | Hay and Grain. | Wheat—No. 2 red Winter. garl ! spot. domestic, 601.: February del ery. 6015; March, 613 | Corn—No. 2 jellow. spot. domestic, | 43a44; cob corn, new 200a210 per | barrel. 88 | “Oats—No. 2 78': | No. 3, 34234’ 9% Rye—Nearby. bag lots, 40245, 59 Hay—Receipts. none General hay 76% | market quiet. Reccipts ample of timo- 74's| thy but good, mixed hay scarce and #6 | pringing premium. Prices range from $12 to $16.50 per ton, as to grade and 02 |kind. ' Latter figure for choice ¢ I0% | mixed. The poorer grades of timothy 487, 903, 60 60 0% 41 25% 84 87 9414 947 100% 100 1 100 99% 100 - | N Y Cent 4t Y Crf4s2013, X Y Crtim 582013 ¥ Y Cent db 6535, Leghor: Leghorns, old, i ducks, 1222 1?!; L 100, s, pair, 30a65; T0% 18% Bos & Me Bos &Me 5. Brazil 6%, Brazil 6%s 27, Braxil 8841 Bk Ed en A Bklyn Man Budapest ¢s'63. ... Buenos A 6361 Pv. Buff Gen El 4%#'31 Bush Ter con 53 "5 Calif Packing 68 "4¢ Canada ¢s ‘60 Canada 4%s'36 Canada 38 °62. . NH&H 45756, . NH&H db 45’57 NH&H 4128 " H&H cd 6548 O%W Ist 49'92. W 1st 55°37. NY Tel 43839, ., NY W&E 412846, Nia Sh Md 533 '50. Nord §1%s°50. . Nor & Wn ey 4 No Am Co 55 61 Nor Am Nor Ar 5 Nor O T & I. 65 "47. Nor Pac 34 2047... Ner Pac 4897 . { Nor Pac 53 D 2047, \or Pac ri 632047, 27 Xor StPw Es A 41, for St Pw 62 B '41. | Norway 5s 63 5 ay 53865 4 creamer. 20:21; rEruRaanwmimnea— 9615 | 56 67 981y 84 80 kv, Zeaariiesh o white domestic, 35a35'3; Can Nat 5s July'69. Can Nat 58 Oct ‘69 Can Nor 6% s db '46 Can Pacdb 4s. . Can Pacific 4% s '46 Can Pac 4%s '60. Can Pac 58 ‘54 S Cent ') G&E 58'51. Cent Pac 43 '49. Cent Pac 55 '60 Cen Ry NJ g 55 '87. Ches Corp 65 °'47. C&Ogendlis’sz. C&O 4%sA'93.. C&O4%sB 5. . CB&Qgen4s 58 C B&Q istrf 5571, “hi & Est [11 561 Cht Grt West 4869 Ch1 Ind&L gn 58 '66 Chi (n4&Lou 6s'66. Chi M&SIP 4% s E. C MESt P 43%s 89, C M StP&P 5375 CM& St Padj5s Thi&NW 4148 2037. C&NW 435 C 2037. Chi& NWen 4¥s. 13 Chi Rwys 5s ‘27 2 Chi RI&P gn 45 CPIRI&Prf ChiR1&P4 ChiR Tev 4%s 60 €11 Un Sta 5s B 62 Chi Un Sta 6 Chile 6360, Chile 8s61. .. Chile 65 '63. % Chile Cop dh 5= "47. fCC&StL5sD'63 Clev Term 438 '77. (lev Term 58 '73. Clev Term 51 Cologne 6138°60. Colomb és ‘61.. Colomb 6861 Oct Colon Of1 63 '38 Colo & Sou 4%s '35 Colo & Sou 4% 5 ‘80 Col G&E 58 May'52 Col G&E cou 53 °§1. Com Inves 5% CCMd1strf ConG NY 4%s'51. ConG N Y 5%s'45. 3 Con Pwr Jap 6%s. . Con Pow Japan 7s. Consum Pow 6s '52 Copenhag 4%s'53. Cuba 5%s'45. . - Cuba Nor 5%48°42.. Ceecho 85 '52.. Del & Hud rf 43 °34. Del Pwr&L 4%3 71 Denmark 4%s '63.. Denmark 5%s'55.. D&RG W bs's5 DRG&W5s'T Det E G&R4 45’61, Det Edison rf 58'49 Dodge Brcl 63°40.. Duquesne 4%s '¢7. Erie 1at con ¢5°96.. Erie gen Wriecv bs'¢7. Erie 53°76 Fiat 7s war. Finland 6% Finland 6s "4 Finland 6%s '66. Finland 78 '§0 Fisk Rub 8s’4 1 wheat, 85029.00 per ton; No. 1 oats, 9.00a10.00 per ton. Live Stock Market. o4y, | _ Cattle—Receipts, 150 head; 9. | supply; market dull. *| " Steers—Choice to prime. none; good | to_choice, 6.60a7.00; medium to good, ; fair to medium. 4.00a4.75; plain to fair, 3.50a4.00; common to plain, 3.00a3.50. 1011 | Bulls—Good to prime, none: good to 904, | choice, none; medium to good, 4.00a 70% | 4.25; fair to medium. 3.50a4.00: plain 9" | to fair, 3.25a3.50; common to plain, + | 3.00a3.25. | ¥ Cows—Choice to prime. none: good to s | choice, none; meditm to good, 3.754 | 4.00; fair to medium, 3.25a3.75. plain i 250a3.25; common to plain, | 1.50a2.50. Heifers—Choice to pr'me, none: good to choice, 5.00a5.50; medium to good, 4| 4.50a5.00; fair to medium, 4.00a4.50: | plain to’ fair. 3.00a4.00; common to plain, 2.50a3.00. 2 Fresh cows | 60.00. | Sheep and lambs—Receipts head; light supply, market sheep, 1.00a3.50; lambs, 4.00a7.40. Hogs—Receipts, 2,000 head; light sup Iy, market steady; lights, 4.35a4.65; avies, 4.10a4 medium, a4.80; roughs, 2.75a3.75: light pigs, 4.00a4.50; pigs, 4.00a4.35; trucked hoi Cattle—Receipts, 100 heas sup= ply, market lower; calves, 4.00a9.50. light Pac T&T Pac T&T rf g Pan Am Pet 65 ‘34, Pan Am Pet 63°40. Paramount s 47.. aris-Ly M 6s e YT JOTPPRPS- P e - 13 | 494 | s | = nes Penn G864 Pern gen Penn 6lps 26 Penn P&L 41 Peop! 2 Pere M 1st 58 '56. . | Peru 6s°60. Peru 6s 61 Peru 7s 53 Phila Co 58 Phila Elec 48’11 Phil & ReaZ 6349 Philippice R 4537, | Philllp Pet 53529 | Pillsb F M 6543 PCC&StL5sA'T0 Poland 7s '47 . Poland 83°50. ..... Port Gn El 4% 560, Pos Tel & C 55'53.. Prague 7%s '52 Pub Sv G 4%s Prussia 6s'52. Pure Ol 53458 Queensland Ts*41.. Reaa gn 4348 A '97. Rem Arms 6s A '37 D T R e e L E AL A Py Sean 26 99 99 99 107% 106% 107 12 n 12 12 1 50 T4 &0 90 o4, 29 and Springers, 30.00a . 100 312 lower; 191y 4 51 80 96 | 90 93 R0 20 94 p: s 24 34 90 6514 764 T 801y 19% 194 90 sgx, 101 101% 51 50 57 57 98 978, 504 504 35% 34y 18% 18y 90 90 817 88 57% 69 28 381 901 By Washington Produce Butter—One-pound prints, 26; tub, 25, Eges—Hennery, ceipts, 14al5. Poultry, alive—Turkeys, old toms, 153 18; young toms and hens, 20a22: chickens, 3 pounds to pounds. 20; . 11 to 2 pounds, 18a20; hens, large. 16al7; small_ 15a17; Leghorn hens, 14; rcoste ers, 10; keats, young, 45a50; old. 25a35. Poultry, dressed—Turkeys. old_toms, 18221; young toms and hens, | chickens, 3 pounds and over, 2 to 2!, pounds. 21: broilers, 2 pounds, 25a27: hens, large : small, 15a17; Leghorn hens, 17; roost- ers, 13; keats, young, 55a60; old, 50 Meats—Beef, prime, 12; medium, 11; lamb, top, 14; medium, 13; veal, top. 218, 16; medium, 15: pork loins, 11 fresh 30% [hams, 13: smoked hams, 16alT: 4% | strip bacon, 16al7; lard, 50-pound 36% | tins, 6'.; package, 7: compounds, 6 41 | Fruits—Strawberries, pints, 8al2! 69 | quarts, 20230; apples, bushel baskets, 69 [1.00a1.25; box stock, 2.00a2.25: oranges 45% | 3:00a3.50; grapefruit, 1.7522.50: lemons, 80% | 400a4.50; honeydews, 250 plums Chile, 2.00; grapes. 300a3.5; kegs 5.00; bananas, 1.50a2.50; all 2:50a3.00; rhubarb, hothou 50a65; pineapples Vegetables—Potatoes, Ma pound sacks, 1.25; New York. 1.15; Idaho pakers, 2.40: sweets, 60a85: siring beans, 2.00a2.50;_limas, 6.00: peas. 6.00 a6.50; lettuce, Iceberg. 3.50: pepp: 3.25a3.50: cucumbers, 4.5085.00; celer: 2:50a3.00; tomatoes, repacks, 2.23 kale. 50: spinach, homegrown. 50a75; Texas. 85a90; squash, 1.50; eggplan 3.00: beets, 2.50a3.00; carrots, 3.50a4 0! cabbage, crates, 2.00a2.50; brozco! a3.00; salsify, dozen, 50a60: parsnips, 1.25a1.50;. artichokes, 4.50a5.00. More than 27,000 people were report- ed “missing” in Paris in the last year. —_— Sales High Low 2:58 .21 56 554 56 87 86 87 96% 96% 96% 1315 4% 13% 234 23% 23% 21 29 230 98y 30 29 988, 98% 3814 92% 381 38% 558 Rhinelbe E Rhine West 63 ‘53 Rhine West fs '55. Rhine West 78 '50.. Rich Of] Cal 65 "44. Rio Gr W 1st 4s ‘39 Rio Gr W clt 4349, RIAr& L 4%s 34, Rome 634s'52.. StL IM-R&G 45°33. St L&SF in 48 A ‘50 StL&SF 4%s'78. StL&SF v 158 B '50 StP Un Dep 58 '72. StLS W st 4589, San A& A P4s'43. Sao Pau 7840 ret.. Sao Paulo 85 '36 Sao Paulo 8350 .. Saxon P W 6%8'51. Seah A Lev 6s'45. Serbs.Cr-S17s°62.. Serbs-Cr-S18s62. . Shell Un Ofl 58 °47. hell Un Of1 53 49. Shinyetsu 6%s ‘52 Sinclair O11 6%#'38 SincO 7scv A '37. Sinc Cr O 5%s 38 Sinc P L 5s42.... Skelly Of] 5%s'39. Son Bell T&T 6s '41 SW iell T 53 A '54. Sou Pac col 45'49.. Sou Pac ref 4; Sou Pac 41 Sou P 4%5°69 ww. Sou Pac 4148 °81... Sov P&OT 4% 17, Sou Ry £n 4s 56 16a17; current re- U = A e e - et N PR aSRaa N g i -~ w ooy smpnRera PulvasrnRaranlvavcwnnEsSwnBonenmradan " o N :::::fll’ 5')‘1%’- 43, 5 pounds, French T%s 41 12 111% 1 118% 112% 113% A% % 44y 991 99 99 7% 76 16 4 4 36% 39 35% 365 61% 500 391 3% 9% 94y 9% 36 4 35% 3814 3544 36 601 50 39 73 91 94 91 355 57 67 67 81 80% 80% 100% 100 1001 48% 46'3 46% 98 9% 9Th 46% 45 45 38 6% 36% 35% 35 35 95% 8 49% 484 35% 0% 63 41 48% 17 4“4 59% 55% 48 96 70 70% 47 » 514 3684 604 50 39 1319 91% 94 91 2514 Ger Cen Bk Ge man 7srep 49, Ger Gen El 7845 Goodrich cv 68 '45. Goodyr Rub b#'S7.. QrandTr sf &b 6¥'36 Grand Trunk 78°40. Grt Nor gn 7s'36. Greek 6368 Hud & M adJ Hud & M rf68'67.. Humble O 5348 '33. Hungary 1% 11 Bell Tell StOil N J 58 °46. StOIIN ¥ 4%s 61, Swiss5%s Tatwan E P 5% 71 Tenn EI P 6s A "47. Tex & Ark 5%s'50. Texas Corp 5s ‘44 . Tex&P 1st 55 2000, Tex & Pac 53 B '17. Tex & P 5sC'79 Third Av rf 45 '60. . Third Av adj 5s 60 Toho Ei Pw 6s'32. Toho El Pw 75 '55. Tokio 5% 6 “ Tokio El Lt 63'53. . Un Pac 18t 48 '47., Un Pac rf 45 2003. Un Pac 43 °68. Un Pac 4348 '67. Unit Dre cv 6s '53. Utd King 5%s '37. U S Rub 1st 5847, Un St W 6348 A'47, Ud St W 6%sA'61.. Ud St W 5%sC'51.. Uruguay 0. Uruguay 6s '64 Utah P& L 5. . Util Pw 68 '69 ww, Utll Pow 5%s "47.., S Vienna g 52 va Rv 18t 53 Va Ry & Pw 58 '34. Wabash 5%s '75. Walworth 6s A '45. Walworth 6%s "35. Warn Br Plc 6539, Warner Sug 7s'41. Warsaw 78 '58. . West El db 5s West Md 43 '52. . West Md 5%s 77 West Pac 53 ¢ West Union 58 '51. West Union 6s ‘60. 111 Cent 4% *36. 111 CCStL&N 4% 111 Steel 4%8 *40 Inland St ¢ Int Rap Tr 68 "6 Int Rap Tr ata ‘! Int Rap Tr 68'32 Inf Rap Tr 7833... Inf Cement 6848 . Int & Gr Wor s '56. Int & Gr Nor Int&GNadé int Hydro K1 Int M Co Ssret'el.. Int Matek 58°47... Int MM col tr 6 LacG St L b3 34 Laclede 5%s C't Laclede 6%8 D IntPap ss A 92% 92% 5514 56% 39 654 62 86 97% 25% T84 32% 62 68% 7% €3 41% T41% 48% 48% 17 17 4T 44 60 59% 554 48 96 70 T0% 47 * ruNACCRC RN O A —S N8 29 - 281 | Wilks B & E 1st 5s. 313 | Wil & Co 1at 63 305, | Wis Cent gen 43°36 44% Yygstn SB&T 63 B'70.