Evening Star Newspaper, February 9, 1932, Page 15

CURB ISSUES MOVE | FINANCIAL., NEW' YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. THE EVENING STAR, WASHIN GTON, ol letter *s.” | —Prev. 19: Stock and Sales— |N NARRUW RANGE e v v oo wh. ‘Low. DividendRate. Add%0.Open. Hish Low. Clox Hith Low. Dividend Rate, Add 00. Open. High. Low. Clot 12% 3 £ Lefcourt fllll Y‘ ;,) 1 174 17 a7 17 " 92 26% AlaGtSouthern (4).100s 2314 23 23%s 23%| 25% 15% Lefcourt Real of Gl Uil R RN 115% 85 AlaPowcumnpf (7). 20s 875 87% 87h 874 ;;w zt {:’:L‘Q-::::I-‘:; s 2 H : f ' AlexanderIndust... 3 W A W& W o Midday Rally Fails to Hold| . i Allasheny GasCorp. 2 1 4 1 4| 107 83 Long lscupfB(6).. 255 80 80 80 5% 3% Allled Millslnc..... 2 3% 34 3% 3% % & Magdalena Synd. 3 I S d D trend Is 224 48 Aluminum Coof Am B525s 46% 46% 45's 45| 10 115 Mass Util 1 2% 2w 2% 2% an own 109% 56% AluCoof Ampf(§). 1 60 60 60 60 5% s MavisBottling (A). 5 M % & 16% 9% Alum Goods (1.20).. 3 104 10% 10% 104/ 30 16 MercantileStrs (1). 7228 10% 10% 10 10 Resumed. 60 2% Alum Ltd B war. . ;v. ;» ;h 4% 2 u-m;lzlch.pgs-;on u‘) zk 2.. z‘ 2 60 3 AlumLtd Cwar 1% % Mesabilron........ 60 3% Alum Ltd D war. . 2% 24 fl: 8% 14 ulrhlcln%ng'(;:l). Joox X & i 10 1% AmCitPW&LtB W% 1% 2B% 4% Mid West Ut ( . 142 3 3% 3w 3% BY JOHN A. CRONE. 1 % Am Com Pow A. % % M| 91 60 Minne-Honeypf (6). 808 62% 621; 62% 621, Special Dispatch to The Star. | 29% % Am Com Pow B. % % % 2% 1 MmingCorpofCan. .2 1 1 1 NEW YORK, February 9.—The Curb| 8% % Am Corp. . W% %11 % Mo-Kan Pipe Line. . ; + Am Cyanamid 3% 3k 34 n Mo-KanPipeL (B).. 5 4 % Exchane opened quietly and lower to- 2 2 2 | 1075 78% Mohawk Hud1st(7). 50s 89 89 89 89 day, but trading picked up in the sec- 3% 3% 3| 21y 11 Mtg Bk.Col Am 8 96 1. 1% 1% 1% 1% ond hour and brought with it a rally 3 % % %l 307 gy NatAviatiom........ & 2% 2% 2% 2% e 6 32 324 32 4 NatBA&SCorp (). 8 20 20 19% 19y, that lasted until midday, when prices | ¥T4. 3% AmGReg e (Bh. 0 BT 87w 87s smy| 394 184 J G R resumed their downward course. 7% 1% AmInvestInc(B).. 1 3 3 3 l“ 12 2 2 2 3 ed to| 2 4 AmInvestwar...... 2 % % % 7 Blectris, Bond idr, Shiase Danee 5% 1T AmItATre GR). 1 100 190 190 19 3 keep around the 10 level most of the | % g0 4oy Mg CopE (B)... 268 48 &3 @ &8 1 time, only a few trades being recorded | 15 y Am Maracaibo. 1 % % W W oggy 5 NatTransit (1).. 1 below that level. Cities Service was| 19% 3 Am Superpower. 35 3% 3 34 34| g¢” g New Eng Pow pf (6) 108 vhich als . 99 51% Am Superp st ( 7 59% 59% b59% B59%| 3. 31, New Haven Clock 1 off a small faction. which also was| 29, &M A Jupers T8¢ 5 35 36 36 34| go 4 Nelnont Mining 13 true of Middle West Utilites and{ g 1 Am Util & Gn B vt g g Al 0 e N'Y Shipbuilding Cp. 2 Standard Oil of Kentucky. 8% : NY ‘ e'l{n.n c_x_»‘qlz\g)n). : Pressure against public utilities, so | :f‘ 3 it e pronounced in Monday’s session, was, 109,; 85 Ark P& L pf (1) Niag-Hud Pow e 24 lightened scmewhat today. There was| ‘ye, Aipw rong Cork . i . i less selling from Chicago and, unlike in | g, R S rets) Mos. 10 recent_sessions, the Insull group was| *7 N HStEordicl) 16 not offered so freely. The latter de-| gju ekl 8l ol velopment resulted from the fact thai| gy ‘Atlas Util Corp. N Duspsan Gl Chicago operators generally came to 2% 1h Atlas Utilitieswar.. 5 1% 1% 1% 159%, 6913 Nor St Pow A (8) Ahe foancluston; Schat:Stwo s investment | IEEE I8 Bellanoa Al .10 1 1 1 |101 8 NoStsPwevpf( trusts associated with the Insull gTOUP | y53 951, Bell Tel of Can (8).. 258 95 95 95 | bl1% 31 Novadel Agene (4). would make public their report next| 153, 98% BenTelofCan (8).. 255 St oo week and that Middle West Utllities| 8% L Blis piaee oVihag) 2 19 184 19 | 1001 g70y Ohfo ON cu pf (6).se would not dispose of some of its eastern 7 Brasil Trao Lt&P(1) 2 10% 100 10| g 1% Outboard MOt A. . ... interests, as repeatedly rumored the Brit Celanese rcts... 20 1% 1% 1% - Bacioia last few days. Buft N&EP pf (1.60). 1 22iiaals oo HA0 RRIIU RO i FRSCE TG, Insull Utility investments was up PutN&ED1st (5). 1 29 a9 s | 18 3 PacifcBabSicrmew slightly in the €rst few hours. The Bulova ov pf (315) 1 100 10% 10| 19% LisE cnewy Insull group was helped also by the an- Bur Cor Ltdrts (2¢). 3 1 1% 1% 2 % bantey ; s 0o nouncement of Ohio Electric Power Co & - 85 1% Pennroad Corp (40c i 4 3 Canadfan Marconl... 40 L T s Thila Co 2 v 4 5 s & 16 Phila Co (new) 11.60 that it would buy 13 companies in ter- | &4 % Canadian Mareotio:- {0 e ] ) ritories adjacent to those now being| 19% 118 CeRU TG SNCA IR T e g% % Ehilip Morris Ing. ... served. The companies to be acquired [ 12 7% Central Suaiss®iee.. 3 EnoentsEecur Corps are Columbus, Delaware & Marion Elec- | §1& 2, CoatriEam Hpe (000 - | DRI © tric. Mount Gilead Water, Light &| .08 ¢ Giiieg Service (g306) 261 I_mjllal“;m“ Al Heat: Morrow Public Service. New| o0 59, Ciev EI lllum (1.60). 2 PlymcuthOIl (s60): 9 London Power. General Utilities. Ohio % & Colsmbia Syndisate. 18 bt i G Northern Public Service, City Water [ gi* ¥ (5,000 1 ab DUl Hogee s 2 Co.. Buckeye Public Service. Asheville| * PR 108 e Light & Power, West Jeflerson Power | ggge, 109 Commuwith Edison (8 1758102 S & Light, Central Utilities Service. Re- 2% 13 Cmwith & Sou war.. 7 Quincy Mining... 1 serve Power & Light and Western Re- | 12.8 1,2 com Water Service.. 2 oducts..... 1 serve Power & Light. % 1a Comstock Tunnel. 1 & Lt Sec(2) 1508 Ohio Electric Power Co. is a subsid- % & Consol Auto Merch.. 1 Raytheon Mfg. 1 fary of National Electric Power Co..| y9)° §7% Con Gas Balto (3.60) 4 Reltance Int A. 13 which is controlled by Middle West| 193, 55 Contl GKE prpf (7). 268 Republic Gas Corp.. 4 Utilities. . 17% 1% Consol Gas Utllity A 4 St Anthony Gold 1 The weakest spot in public utility| gqi 1ia Cont Sh cv pf... 3258 10 preferred stocks, which generally were | 38> 4w Gord Corp S 9 Tnactive. was Puget Sound preferred,| 23 11 Gorp Sec Ch (b6%).» 3 B b e o off_about 10 points. 2 3% 1% Creole Petroleum.... 1 ec Allled Corp (1) 5 Despite recent rcurllqallme:\!, lof oil Pro- | 36s, 14 Cuneo Press (2%)... 1 egal L & HAwr..... 2 duction, some of the petroleum con- & 12 Selby Shoe (1.40) 1 cerns softened. Standard Oil of Ken- | 44% 8% Deered Co ... - ol ol : tucky was conspicuous on the down- b 1's Derby Ol Refintng.. 2 Sle Ind al ctfs(53%) 9 side. Glen Alden Coal With a decline [ S~ 12 Dervy Ol Berun 5 Shenandoah Corp pf. 3 of 2 points was a feature in that group. 4615 34 Draper Corp (4).. 508 2 Sherwin-Williams(4) 25s The Curb Exchange resumed its| 32 3§ Draberiom oo - Singer Mfg (8)... - downward trend at the opening e DahiMaiees o B Smith (A. 0,). . - Although some of the market leaders, s B 5 South Penn Oi1 (1).. 1 such as Electric Bond & Share at 10 .g* o~ El. Buna&smbfl;.) 126 SoCalEdptB (1%). 2 and Niagara Hudson Power at 6!, e mfiansn ot (8) 3 SouCalEdpf C1%) 5 were unchanged, mosi of the active "‘: B Ml Por Aiscel >, 3 So. Union Gas....... 1 stocks showed initial declines. Middle 79% 3913 EmpG A& Fcu pf(7). 1508 S W Gas Utilities... 12 West Utilities, at 3%, was off .| f 32 BEBC o ol B s). 508 Spanish & Genrcts.. 7 Standard Oil of Indiana lost a fraction 52=‘ "7,: Empire Pwr pt(2.24) 3 s_und Ofl ot Ind(1).. 37 at 1474, but Cities Service, at 5%, ad- "" 214 Burop ElLt4A (30¢) 1 ;::‘;gxl} g;g{,:.‘sp; “z: . lightly. ). 2 A trifling loss caused Goldman Sachs | 42 184 Fajardo Sugar......1008 BT astari( 3 to touch a new low of 2'. This was b T un Invest pf (3) 2 y f United Verde Extension,| 29% 8% Ford Motor, Can., A. Sunray Oil. v 8 ::rhabrosa?hcd 31, Ford Motor of | 19% 3% Ford MLtd(p363-5c) 6 Swift & Co (2 . 18 Canada A was off 1p at 1%, but Ford| % % Fox Iheater (A) 7 Swift Internat’ 3 Motor Ltd. was unchanged. Glen Al-| 10% 1 GenAlloys.... 1 | Tastyeast, Inc....... 1 cen Coal cpened off % at 157, & new| 12 24 Gen Aviation....... 7 3 | Tech Hughes (§0¢).. 2 minimum. Standard Oil of Kentucky,| 11% 4 GELtdrts(p363-5¢). | Tennessee Products. 1 at 13'c, was down 5. Cord Corpora-| 31% % Gen TheatEqcvpf.. 11 % A ’ S| Tob Prodof Del wi.. 8§ . 2 b Golden Center. 3ogn n Lk | 187 s TublseChatwlB. 1 11% 1% Goldman Sachs..... ‘28 2 7 " POTATO MARKET. 23% 8 GorhamIncpf.....\250s 8h &, 5 8| jl¢ g onSsofCandact) 4 CHICAGO. February 9 () (United| & _ & GothKnitbackMch. 5 1 1 1 1 | 150 1% UnitFounders. 54 States Department of Agriculture)—| 29's 13 GraymurCorp (1).. 3508 15l 154 154 15% 11% 1% Unit GasCorp...... 14 Potatoes, 64 cars: on track, 235; total| 260 130 GtA&P Teanvi6l 10s 1393 139y 1393, 139% 'gv '} TRt GRsGord. o 2 United States _shipments, 686; dull; [ 122% 112 GtAt&PacTeapf(7) 108 116 116 116 116 | 94" 33" UnitGansthr .. . & trading slow; Wisconsin round whites| 39% 17 GreatNorPaper(3). 5 19 21 19 21 | 345 5% UnitLi&PwA (1) 10 No. 1, mostly 80: few 85: unclassified,| 187 9 HackmesterLind... 3 13 13k 13 134 | 104% 35% Unit L & Pwr pf(§) 3 721.; Idaho Russets No. 1, 135a145;| '7i, 4 Hecla Mining (40c).. 11 4% 4% 41 41| 37 15 Unit Milk Prod nf occasional fancy car, shade higher;| 431 23 Horn& Hard (23).. 1 26% 26% 26% 26% | 65's 58 U S Dairy (A) (6)... 2 commercial, 105a1.10; Nebraska Tri-| ¢s% 1% HudsonBay M &S S e % 1 UBEleomay ... i1 umphs, 1.15a1.20. 72 44% Humble Oil (2) 1 42% 42% 42% 42n| 6% % USLinespt. 3 6% 24 Hyg . 2 34 34 3% 3% 2 % UnitStoresv. 11 18 7% ImpOflofCan (50c) 8 8. 84 8y 8| 13% 3 Unit Verde Exten (1) 6 BONDS ON THE CURB it B Dafieus PipeLine(1) 1 6 63 63 6, 1é% 1% UtilPo&Lt (b10%) 9 MARKLE 49% 4% Insull Inv (b6%).... 28 2 2 2 2 31% [8% UtP&L(B)cfsbl0% 2 63% 23 InsurCoofNA(2).. 5 31% 311 30% 30%| 9% 1l Utllity Equitt 3 94 14 ImsuranceSeeurity.. 2 2 2w 2 2h| 7% 14 VanCampPkg. 1 “ 1a Intercontinent Petn. n n W W 5 4% i InterstateEquities.. 1 % 1, u u| v AW “:;;‘f,‘é-‘,‘(’:;, - . ] 35 9% In'stateBquityevpf. 1 10 10 10 10 | ‘% I wenden Copper 200 % & % 1 Amer El Pow 6s A 57 45 19 IntHydrocvpf3. Sgl 21 21 20% 20%| gy 25 Western Mdpf...... 60s 201 203 20 20 1 Amer Roll Mill 55 :fl: ‘;: i::frll:-lrfil‘:llg.(.l) ' g z:‘: :f- ?: g"w 12% 6% WIWthFWLtd293-5¢ 18 Sl 84 84k 84 Dividend tes in doll bast y -an- T alianupecpaw A8 2R b TS R eyt SEa it e e Seaaveat semlan £ 1% Kerr Laki - % % % % ;‘p‘.dy.b‘xo A,n”fng or !‘(o;:k h;lubée in :n;g; ;s}fl:us}vmem 1% & Kirby Petroleum.... 1 1y 1, 1, 1| dividend {Plus 5% in stock gPlus 6% in stock. us 1% in 3 % Kolster-Br (AmSh). 2 14 I 14 11| Heck: hbiue 8% in stock miaid 1ot y iS00, o mElus 3% in Carolina P. 55 '56 1 ie AL ORPORATION | | 55 st xuans s IMPORTED FUEL OIL :g g:!r]\rz P?x; S&ErL;‘Z: '23 C RP Solvay American Investment—Net T AX PL AN WINS F AVOR 11Cent ¢ Elec bigs 'S4 income, before Federal taxes, quarter REPORTS ended December 31, $330,137 vs. $659, 765 1Cinci Str Ry 6s B — | BY the Associated Press. o e Gy 1 1031 defcle $617138 ve. deBit $181- | A poll of the House Ways and Means Al e TRENDS AND PROSPECTS OF | |44 Committee indicates a majority favors LEADING ORGANIZATIONS. Commonwealth Bdison—1931 common | 3 tax of 2 cents a gallon on imported share earnings, $10.40 vs. m..u.h fu\j’e‘l :tu'u“g;&“: zg:"%omx t{:;ll; Tampa Electric—1931 common share - % NEW YORK, February 9—The fol- enrmngps $2.59 vs, $2.15. prevail against the original plan for a 88% | lowing is & summary of important 0~ | " Western Air Express—Passengers car- | $1 tariff is not yet certain. although 1| B imimtics o ines New ork- for | Hled over Pacific Goast-Rocky Mount | Present indications are it will %53 | the Associated Press, 4 divisions in January totaled 408 vs. 337 e ministration’ has gorie on reco 10045 5 in December and 75 a year previous. ‘“"’1 — favor of i oil 'f‘l"fl- by ided ] News Trend. United States Tubncco——gsgol common “3 WY n”*p‘fgz;‘; protAion ;2“1;;:& share earnings, $6.20 vs. $5.60. o 443 - 1314l ruary 6, tne rise was less than the ecretary of the Interior, nator g usua{ seasonal amount. Actual output, N'NVYEOSR];MFEH:‘ T TEE’;IS Hiram Johnson, Republican, California, 32 * | according to Cram's automotive reports, EW » February § UB).— red | Who had asked for views. The letter 9312 | totaled 30,032 cars and trucks, which PG, %1% | said a tariff on ofl might start a legis- 8437 | compares with 28,950 units in the pre- 3 | lative program to bring order to the 9414 = 33 oil industry. Such a tariff, the letter 941+ | vious week and 50,005 units in the cor 92 ‘| responding week of last year. The in- 29 said, must adequately protect con- v & 3, 3 sumers and American export = and 82% | crease was almost entirely due to i Inanap SeL 5o & 14, | Chrysler which stepped up production il bunker trade and should be paralleled rn 48" = 1ot The Companies. 1% tion. It also said the States should be 1Jer C P&L 4 [+] 3 1Kopper G&C bias '30 7813 731, 1815 i 5 e 18 given permission to effect such co- 1Lehich P S 2 T »| American Bakeries class “A" share o rstate compacts. TEnhand’ 1688 9 30 4 | earnings, year gnded December 26, $2.27 i6ia ordination through inte; pact {3 B Py BelSNR TP - 60 STOCKS SHOW 5Mid Wes Ut 5s 33 ¢v 7714 3 2| American Telephone and Telegraph s BN Wes I 5 44" | reducing -working time "of long Lines kR CHICAGO STOCKS SHO 28 Mid Wes Ut 5¢ 35 cv 3 373, empkloyex to equivalent of five days per 2% DECREASE IN VALUE Minn 145 7615 | week. 12 N ok 4| Canadian Pacific Railway declared | Gentral Nat Gorp B 1 Special Dispatch to The Star 331, | 317 cents common dividend out of sur- | entury Tr Shrs. . 1, 18, | CHICAGO, February 9.—Fifty repre- 73;'7 plus reserve; future declarations to be | Chartercd Invest 1% §'*|sentative stocks listed on the Chicago ?,3,2 made semi-annually. Chartered Inv pf 45, 50 |Stock Exchange at the clo® of business 5913 | Peoples Gas Light & Coke 1931 com- | Sheises Exch 4;. .- .. 1, [for the week ended February 6 had a 80, | mon share earnings $10.96 vs. $11.51.| Cumulative Tr Sh 3 315 | market value of $823,794,669, which §8'*| " Ungerleider Financial _Liquidating | Gorporate Trust 390 .o | compares with $874928,258 ‘at the close 83% | value December 31, 1931, $34.31 a com- | Gorporate Trast Accum 8¢ .. 199 393 Of the preceding welek. ac'_g‘ordinz to a mon share vs. $40.92 December 31, 1930. | Crum & Foster. : 15 1§ | compilavon by Paul H. Davis & Co. 12| American Woolen-Workers in ' three | Srum & Fost 87 8 8¢ |This represents a decrease of $51,133,- 0% gnms take wage cut in lieu of longer .’,,’5, 1% :Bgm gr ‘sna: per. :fig‘;c e 54 lours. - lysis = T2% | General Italian Edison Electric Corp. 3% the close of the corresponding week a %an sd“ :’,g|, —Eight per cent dividend declared for B year ngo thg ::n;&!\;sgtfg‘lsuiga}ic;t 11’::1’- 8 Pa Ohio P&L 5! 913 | 1931 vs. 12 per cent in 1930. ve zs:. ket val uedorl e 0 et 5537. 3} By B B 1 | Sacger Machine. deficit. vear endea | BYERSS I7 1111000 | decrease during the vear of $1458.557.- 1B S Mo 4 i5% | November 30, $9488 vs. et %me | Enuity Tnvest conv stpd .3 o a : 722 [ $257,319 equal to $1.66 a common re, | Equity Trust Shrs . 3 Pus S PAL 4178 b ) Five-Vear Pixed Tr . 3 = 5 FERRC A o O New York, Chicago & St. Louls Rall- | EYe,¥58" Figed It 6% Second Int Sec A . 3Shaw W&P 41.s B '68 74 | way.—Savings from 10 per cent wage | Fixed Trust 5t FEBEL AP 5,8 8234 8217 | reduction about $1,000.000. | Eund Tr Shrs A 31 10 South Calif EQ % 9412 | Otis Steel—Operations around 35 per | Send Tr Shrs B s S 8utherry i 2712 | cent of capacity. Gude Winmill Trad = Selected Cumul S o : i g 21 Skelly Oil—Operating 15 of its 21|10 JoLetFouic 13, Selected Manage Tri 325 36 & 1,, | refineries. " Independ Tr Shrs 2.05 e 1 3 s 13 83'>| “snia Viscosa—Six per cent dividend | Int Sec Corp Am % Riey B 81 | declared for 1931; no disbursement |Int Sec Gorp Am 08 o 2% Consolidal as ew York Sub- |Inv Tr 0] . » | State Street Inves 2 28, | sidiary, Westchester Lighting, to reduce | J1yest Trustee Sh 3 ... | Super of Am Tr A ] 9512 | electric rates in that part of Bronx | Leaders of Indust B . 3, 5 1Utah P & L 4'2s 75 ° | which it serves; will cut revenues by g-_d_;’rrsw% lggust c ;fi ;;: 1Va Public Serv 6s $312 | $175,000 annually. Major Gorp H 1.90 k- #5;| International Railway 1931 preferred 1hve 13 i3 1Wes Tex Ut 55 A s1% Mutual Inv Tr A. s f L] N BONDS. share earnings $2.40 vs. $16.21. S Y 3 FORNION, BOND. . 901, | Paramount-Publix Corporation—Takes | Naiich wide. 3 i 1Baden Con Mn, Ts 81 2012 %012 102 |no action on quarterly common divi- | Natl Indust Shrs . 13 IR 19Europ Mug, e 0 (67 31 {7 305 | dend; pald i per cemt in stock De-| 30 3F B, i B o T ” cem| . - N¢ £ ... = s '52 53 53 53 S HaISun Fow 6 A és 31 37 31 | Penney (J.C.) Co—January sales off | N i i £ 1Rio de Jan 625 '59.. 1412 1412 14% | 4.5 per cen e & GO T T Republic _ Steel—Five sheet mills 812 9% | U 5 6 ) o : 3 1 3°1US & Brit It Ltd A fa B B Tiahe & Fower— 1031 met | 3 1 18| D8 & Bri Toe 35 ol N income, $2,075,082_vs. $3,048,555. 3u 3% | US Elec It & 3% Simmons Co.—Janusry e3l 131 Uni & m 3 D. C, TUESDAY, 5 | Secretary of CHALLENGE ONTAX | METHODS IS GIVEN 94 . . & INew Wisconsin Law May Produce Test of Federal Levies. BY JOHN F. MILLER. For the first time one of the States has definitely challenged the right of the Federal Government to the exclu- sive use of the income surtax. Gov. La Follette has signed the bill under which Wisconsin will impose an emer- 1gency tax with rates ranging from 1 to 7 per cent. Since the regular rate also ranges from 1 to 7 per cent, this means a maximum tax of 14 per cent, which is well within the surtax brackets of the Federal levy. The Federal income tax is really two taxes—a normal tax and a surtax. Of the two, the surtax is by far the most important. In 1930, for example, 210,- 289 persons with net incomes of $15,000 or more paid 97 per cent of the total tax. Of course, a part of these pay- ments are ‘“normal taxes,” but the largest portion consisted of surtaxes. If the proposal now before Congress, to increase the maximum surtax from 20 to 40 per cent, is adopted the surtax will become even more important. Proceeds for Relief. Adding the proposed maximum Fed- eral rate of 46 per cent (6 per cent normal and 40 per cent surtax) to the maximum Wisconsin rate of 14 per cent gives a total of 60 per cent, which will probably be payable by Wisconsin residents who are fortunate enough to be in the upper brackets. The proceeds of the Wisconsin levy are to be used #or unemployment relief. There is a possibility, therefore, that the emergency tax will be eliminated when the need for such relief ceases to exist. It might be pointed out in this connection, however, that none of the 23 States having an income tax have ever reduced the rates. One grgument against the increase was that it would induce wealthy resi- dents of Wisconsin to remove to other States. In opposition to that., it was pointed out that when the Wisconsin income tax was adopted in 1911, it was said that the State would not only lose its wealthy residents, but its cor- poration business as well. the Federal Government adopted similar_levy in 1913, and since then 22 other States have followed Wisccnsin's example In the following 17 States, the in- come tax is imposed upon both indi. viduals and and corporations sas, Georgia, Idaho, Massachusetts, M Carclina, North Dakota, Oklahoma, Oregon, South Carolina, Tennessee, Utah, Vermont, Virginia and Wiscon- sin. * In Montana, the tax is imposed only upon corporations. In Delaware, it is im- posed only upon individuals, and in New Hampshire and Ohio only upon in- | terest and dividends received by indi- viduals. Illinois will be the twenty-fourth in- come tax State if Gov. Emmerson signs the bill which his Legislature has just passed. The Illinois law. like that of Delaware, proposes to tax individuals only. Mills' Suggestion. The_ adoption of the Wisconsin emerg®ncy tax is just another illustra- tion of the need for co-ordination be- tween Federal and State taxing sy | tems, experts declared today. The new { the Treasury, Ogden L. | Mills, has suggested a survey for that purpose, they pointed out. Outside of Wisconsin, the highest rate of any State income tax is 6 per cent, excep® that in Oregon where divi- dends and interest are subject to an 8 per cent levy. Six per cent is the maximum normal tax proposed by the Treasury Department in its recommen- dations to Congress. (Copsright. 1932 New York Cotton Special Dispatch to The Star. Opening cotton prices today were un- changed to 7 points lower. g was fairly active. Trade buyers ab- sorbed offerings in March and May, but liquidation overbalanced a somewhat thin foreign demand in distant months. Opening prices were: March 6.60, unchanged: May 6.79, unchanged; July 6.94, off 2; October 7.15, off 3; Decem- ber 7.29, off 4, and January 7.34, off 7. Grain Market By the Associated Press. CHICAGO, February 9.—New down- turns of grain prices early today ac- companied setbacks in securities. Firm- ness of wheat quotations at Liverpool, attributed to a decrease of British port supplies, was virtually ignored. Opening unchanged to 33 off, wheat afterward declined all around. Corn 14-3 down and subsequently further. o sarih ot buying rather than pres- sure to sell characterized dealings in wheat during much of the day. The market continued to reflect the bearish influence of United States Department of Agriculture figures showing that the four principal export countries held almost a billion bushels available for shipment or for carry-over at the end of the crop year, June 30. In contrast with this total, the world import needs for the period were estimated at 396,- 000,000 to 445,000,000 bushels. Declines in wheat carried the market to well below yesterday's bottom level For the most part, rallies were col fined to small fractions, despite Win- nipeg advices that some export busi- ness overnight had been worked. Ear- lier, Liverpool dispatches said buying in Great Britain was almost entirely confined to Southern Hemisphere wheat. Corn and oats duplicated the action of wheat prices. Provisions went down with hog val- ues, lard establishing a new low price record for the season. STREET CARS LEAD CITY TRANSPORTATION ‘The American Electric Railway As- sociation says that three out of every four riders in city streets use public transportation. Electric rail cars and busses under electric railway management carry 40,- 000000 riders daily, divided—cars, 37,- 500,000, and busses, 2,500,000. Rail cars remain the backbone of transportation in cities above 50,000. Most electric line abandonments have been in small cities and rural sections. Less than one-fifth of the rail line abandoned in the United States since 1915 has been replaced by busses or any other public transportation. Only three cities of more than 50,000 population are served exclusuively by busses. Exclusive bus service has been found satisfactory in various smaller cities. Rail Shipments Urged. NEW YORK, February 9 () .—If the larger shippers and manufacturers of such commodities as automobiles, tires and accessories, soap, food prod- ucts, live stock, buildi materials, iron and steel would ship all their finished products and raw materials by rail for a period of one year, the turn of the business depression and unemployment crisis would not be far distant, Patrick Chicago H. Joyce, president of the Great Western declared in a statement 3 sissippi, Missouri, New York, North | California, Connecticut and | FEBRUARY 9, 1932. FINANCIAL., A—15 PN !p OSITION OF SHORT INTEREST IN STOCK MARKET IS ANALYZED Proportion of Uncovered Contracts Is Greater Than Formerly Since Volume of Trading Has Shown Sharp Reduction. BY CHARLES F. SPEARE." Special Dispatch to The Star. NEW YORK, February 9.—With the stock market diminishing in size until the average daily turnover recenfly has been only about 1,000,000 shares, it lr- ars that the proportions of short sell- g to total trading are increasing. In other words, the professional bear ele- ment, which was quiescent for a time, with some of its members inclined to take the bull side of the market, seems to have been influenced the non- resisting character of stocks and the unfavorable business outlook and is once more working for profits under the restrictive short selling rules of the stock exchange. The latest official figures of the ex- tent of the short interest are those just published as of February 1. These indicate an expansion in the short ac- count during January of 758,000 shares, or 27 per cent. The trend of the short account previously has been as follows: In December it decreased 903,000 shares, or 24 per cent. In November it in- creased 1,069,000 shares, or 39 per cent. October showed a redyction of 360,000 shares, or 12 per cent. Drop in September. In September there was a drop of 1,372,000 shares, or 31 per cent. In August the total was 370,000 shares, or 9 per cent higher than in July, when the change was only a nominal one. In June the decline from May was 1,591,000 shares, or 28 per cent. At the beginning of this month the short interest was the largest since De- cember 11. It is believed that if cur- rent figures of the short account were available they would show a gain over those of a week ago and would com- pare with the figure at the end of No- vember. The high level in the short account last year was reached on May 25 when i the uncovered contracts reported to the New York Stock Exchange amounted to 5589700 shares. As the figures above indicate, there was a sharp re- duction from that time with the total during the Summer nearly 2.000,000 shares less than late in the Spring. When Great Britain went off the gold basis and the stock exchange authori- Everybody’s Business Lively Tariff Debate Antici- pated When New Mem- bers of Board Come up for Senate Confirmation. BY DR. MAX WINKLER. NEW YORK, February 9 (NANA). —When the names of Robert Lincoln O'Brien and Ira M. Ornburn later this week come up in the United States Senate for confirmation as chairman and member of the Tariff Commission, respectively, a lively tariff debate doubtless will ensue. One is likely to hear a good deal about the Democratic amendment to the tariff act of 1930, now on the Senate calendar, calling upon the President to inaugurate in- ternational conferences looking toward reciprocal mutual tariff concessions. Although passage of the amendment by the Senate is reasonably assured, the presidential veto equally may be regarded as a foregone conclusion. In other words, a good deal will be said, but little or nothing will be done about Regardless of one’s personal views on this problem, it is manifest that tariff changes prompted by political consid- erations, but which are not justified from the viewpoint of sound economics, are invariably fraught with danger. It is perhaps worth bearing in mind that while protection employed with mod- eration may prove beneficial, extreme protective measures have rarely, if ever, helped solve grave economic problems. Nor do they appear wholly or largely to have been responsible for the marked industrial expansion of nations. Is it not true that the reduction of duties, effected by Germany in 1892, coincided with the beginning of Germany's in- dustries assuming greater prominence than before, and is it not equally true that France's industrial expansion did not progress in proportion to the pro- tective measures which she had for that very purpose? Is not the United States subject to the same economic laws? America’s position is even more seri- ously aggravated by the fact that she is today the world's most powerful creditor nation, with the rest of the world owing her, as of January 1, 1932, close to $18,000,000.000, exclusive of so- called political obligations of foreign governments held by the United States Treasury. Those among American in- vestors who not merely purchase foreign loans, but go so far as to read loan con- tracts, will find invariably a clause to the effect that principal and interest are payable in United States cold coin of the present weight and fineness. Subsequent to the granting of the loan, the lender manages to secure all, or most of, the gold held by the debtor, but does nothing about changing the provisions of the loan contract. The borrower simply must discharge his ob- ligations through a medium which he does not possess. A Very curious situ- ation indeed. ©One of the most interesting examples is afforded by America’s next-door neighbor. the Republic of Cuba. Her stake exceeds American investments in :l'lley ogn'elr LinzlmArmertcln republic. At nning of the current 3 United States investments in C’l.:brl were estimated at $1,227,615,000, of which over a billion is represented by so-called direct investments—that is, plants and properties in Cuba owned by American interests. The bulk of this amount is invested in sugar, Cuba’s principal product. The Hawley-Smoot tariff bill im- posed a duty on sugar amounting to more than 200 per cent on the present price of the commodity—a rate cult STOCK trade agreements through | AND BOND By the Associated Press. MONDAY, FEBRUARY 8. ties had to seriously consider whether they would suspend trading, the short interest was in the neighborhood of 4,400,000 shares, or about 22 per cent greater than today. Subsequently, it dropped sharply under the new regula- tions limiting short sales. In less than two weeks the total was reduced 1,700,- 000 shares or 37 per cent. When the low prices of stocks were reached about the middle of October, the short inter- est was then less than half the total the time the banking crisis-developed a month previous. Since then, however, with frequently interruptions of mod- erate size, the short interest has shown a disposition to increase. The striking feature now is its expansion during a period of the greatest continued dull- ness that Wall Street has witnessed in years. There have been no changes in the New York Stock Exchange restrictions | on short selling for some weeks. Under | the regulations now in effect it is still | possible to sell stocks short, though the narrowness of the fluctuations and the smallness of the volume make this oper- |ation more difficult than when market conditions are normal in character. It is believed that operations of this type are being limited to a certain few specu- lative stocks which lately have been | conspicuous for the size of their daily decline. Nearly all of the January in- crease in the short interest occurred in the second half of the month, or during | that period when the daily average turnover was the smallest. This is un- | derstood to have been the situation | since the 1st of February. Attitude of Congress. The threatened flood of bills in Con- gress to curb short selling has not put in an appearance. With the exception |of measures introduced in the various | State Legislatures, the subject has had limited attention this Winter from the lawmakers of the country. They have been engaged on more important and more practical matters. Wall Street was quite uneasy over the attitude of Con- gress on short selling three months ago. Lately word has reached the financial district that this phase of stock-market operations will not be exploited during the present session. (Copyright. 1932.) to explain. especially because the | United States does not produce. nor does any one seriously expect that it will ever produce, enough sugar to meet the home demand. Cuba is America's natural source of supply. It is with this in view that American bankers and in- vestors have placed hundreds of mil- lions of dollars in the securities of | Cuba and her industries. Do the framers of the Hawley-Smoot bill realize that the economic straits in which America’s meighbor finds itself today are, to a very large extent, at- tributable to the rather extravagant | duty levied on her principal product, by | the principal consumer thereof? It | may not perhaps be amiss to inquire whether the framers of the tariff bill realize that some of the island’s obliga- tions, held by American investors, are selling today for less than 40 cents on | the dollar, and that a default might entail serious complications to the American Government. Do they appreciate the significance | of "a document known as the Phatt | Amendment, which, by virtue of a | treaty between the United States and | Cuba, has been incorporated by the latter into the constitution? This amendment—adopted, let it be empha- sized, at America’s instance—pledges Cuba “not to assume or contract any public debt, to pay interest upon | which, and to make reasonable sinking | fund provisions for the ultimate dis- | charge of which, the ordinary revenues | of the island, after defraving the cur- rent expenses of the government, shall be inadequate.” According to the amendment. the | government of Cuba further consents | that the United States may exercise the right to intervene for the maintenance | of a government adequate for the pro- | tection of property and for discharging | the obligations with respect to Cuba. | A serious problem may arise in the 1!\'ent that Cuba should default on bonds held by American citizens. These investors may. and in all proba- bility will, point out that they had bought those bonds only and solely because they had relied upon the pro- visions of the Platt Amendment, ac- | cording to which the United States has | a certain moral, if not perhaps legal, responsibility as regards the mainte- nance by Cuba of the services on her contractual obligations. It may per- haps be added that the public, rather than the banking interest, are owners of Cuban obligations. In conclusion it may be of interest to present the interpretation of the Platt Amendment, as furnished by Elihu Root, who points out that: “The intervention envisaged under the Platt Amendment is not synony- mous with intermeddling or interfer- ence with the aflairs of the Cuban Government. but the formal action of the Government of the United States, based upon just and substantiai grounds, for the preservation of Cuban independence and the maintenance of a government adequate for the protection of life, property and _individual liberty, and adequate for discharging the obligations with respect to Cuba imposed by the treaty of Paris on the United States.” (Copyright. 1932, by the North American Newspaper Alliance, Inc.) NORFOLK & WESTERN. PHILADELPHIA. February 9 (#).— ‘The Norfolk & Western Railroad Co. today declared the usual quarterly divi- dend of $2.50 a share on the common stock. It is payable March 19 to stock- holders of record February 29. Visible Grain Supply. NEW YORK, February 9 (#).—The visible supply of American grain shows the following changes in bushels: ‘Wheat decreased 452000, corn in- creased 895,000, oats increased 200,000, rye decreased 3,000, bariey decreased 20,000. AVERAGES 20 90 Utilities. Total. 4.3 60.5 94.3 61.3 59.3 65.3 103.3 68.0 (Copyright, 1932, Standard Statistics Co.) WHEAT PURCHASES ABROAD INCREASE Better Export Demand Im- proves Sentiment in U. S. Market. BY FRANK 1. WELLER, Asioclated Press sarm Rditor. Despite the sagging tendency in wheat prices here, the better export demand for North American grain is having some influence on sentiment. Domestic cash markets fluctuated with futures and closed one-half ecent lower than a week ago, but world wheat markets strengthened slightly, with Germany, France, England, Holland and Belgium buying. There was some ques- tion, however, whether the improved tenor of foreign advices was the fore- runner of long-anticipated heavy tak- ings by imports or just another flash in the pan. Effect on Exports. It was said that strength at Liver- pool ought to help Winnipeg, but domes- tic prices still are too far out of line for important export of wheat. An English trade authority estimates this condifion will cut United States ex- ports” 80,000,000 bushels under his original figure and that the gap will be filk;d by Argentina, Canada and Aus- tralia Argentine shipments for the week were placed at 4,726,000 bushels, com- pared with 3,611,000 for the same period a year ago. Three-fifths of the total world shipments of 9,634,000 bushels was about evenly divided between Ar- gentina and Australa. For the first time in history, Argentina sent a full cargo to Shanghai. Italy, Spain and the Dutch markets took Argentine wheat. while France bought Manitobas. Unifed States wheat relatively is the highest wheat in the world, and there was little inquiry for it except in Bel- glum. No American wheat, except food relief supplies, reached Shanghai, where shipping is disrupted and wharves ecn- gested by warlike conditions. Two car- goes of Australian wheat and one of Canadian arrived there at the last of the month. ‘The trade seemed of the opinion that domestic wheat could get into export channels only on the dips unless war news of a serious character were to materfalize. The market absorbed offerings around 60 cents for May. Traders were very careful on both sides, none wanting to be too positive for the immediate future while so many com- plicating factors influenced the market. Current action in wheat has been disappointing to those who expected the crop scare to bring in sufficient new buying to lift the market out of the rut. There still is some bullish sen- timent, but no headway is being made. A survey of conditions in Kansas Oklahoma and Texas was said to have disclosed very little damage to the new crop. Some are not satisfied with such reports, however, and charge Chi- cago shorts with trying to force a de- cltne in order to “er. Gain in Receipts. An increase of nearly 500 cars in hard Winter receipts at the principal markets led to the belief that more grain soon may come into the mar- ket, particularly if the country finds { millers have heavy stocks on hand and { have not been able to sell their flour. Farmers have been waiting for better prices a long time and it is feared they may let loose if values show further | signs of retreating. | Heavier marketing has been in- fluenced by improved country roads and the approaching increase in freight | rates effective February 20. | County holders of corn are asking | more than the market for their grain, ibut sales are of sufficient size to keep | traders in futures moderately bearish. | The pit is on the selling side, which | helps check any rallying tendency. The market does not appear to be in - tion to absorb larger arrivals which colder weather always promises. At the same time it is possible low tem- peratures may increase feedings demand. |BANK STOCKf YIELD; SHOW LITTLE CHANGE New York City bank stocks hel steady during the past week, as e\:‘- denced by records compiled by Hoit, Rose & Troster. The average yield of the 16 leading stocks as of February 6 was 8.09 per cent, compared with a vield of 8.06 per cent on January 30 and 9.84 recorded on December 17, the highest average yield reported last year. Based upon the February 6 figures, the 16 issues now are selitng at 11.7 times their known current earnings, unchanged for the week, and at 9.3 times known earnings on December 17, the low for 1931. The current market value of th> 16 stocks is 0.90 times known book value, against 0.90 3 .90 on Jan- uary 30 and 0.65 on December 17, 1931, . NEW YORK, Pebruary 9 (). — = Omitted. mpany. Rate. Period. Dy De Mets Ins pf b Ger Credit & Inv st Feb BoCTH 8 3 00 : aee B .. 87'z¢ Higby % Mever-Blanke .- i8¢ "18 Mitchum Tully ‘Partic ‘pf 62" 1 Nat Bk of Far Rockaway $3 ) State Guar Corp pf 15 Sun Investing pf 1 i ldrs. of Managed Tnvest 55 Snia Viscosa . 2 . 35 2 o 8¢ oo 10c Co- ..51.50 Recular. Bkers Nat Inv pf..15c Can Pac RR....*3li,c Can Strch Ltd ‘pr $1.50 Cent Vermont ;ub it Ser By i 1o o T s 416¢c Cit_Serv Pow & Lt 37 ot .. 5813¢ me operative Ltd B 5 G5 o Gl 35 pt i il Gas "Co’ (fad) 8% pf .. Columbia Pict pf. . Cream of Am $3.50 B OUNEE GUSE BssE 58 . S e $1.75 Lake 8up Dis Pow 0 Wocisao . Do. B"‘»'Y{'.' Managed Invest Matson Naviga Sty ".S‘eu- Gum & t Paper ....... Neb Pow ‘1% 'pf. Do. 6 Dle; G'A_B 7% of. Otber Tail Py (Del) Rel re In: imEnnn AR INE MR Em Ry e 5. . 6% Mar. Wesongnoruy Se Mar 1o SHereatier dividends will be decia: annually. 0 REE 00000000 @ pmOO O 0OOOO DOOOD RERKo 0o KEX : p w00 8 555 ~Bl¥EEe 3 H e The Junior Athenaeum, in Piccadilly, and the Beaufort, in Soho Square, two prominent London clubs, have quit because of lack of support,