Evening Star Newspaper, February 11, 1932, Page 14

AUTO PARTS SALES EXPETED TO GAIN ndustry Looks for Increase in Shipments to Foreign 1 f | Buyers. i ; BY JESSE 0, IRVIN, American automotive replacement ex- rts are expected to show a material ain during this year because of the re- orted shortage of parts for repairs in &ll sections of the world. The trade expressed this view to the Commerce Department as the Govern- gment, agency was compiling data on the Etal exports of American automotive usiness for 1931, made public today. There has been a decided slack in demand for repair parts during the past two years, together with a slump in the exports of new cars and trucks, and it Avas indicated by the trade that while he foreign buyers may not go in ex- ensively for mew rolling equipment hey would be forced to buy repair parts ecause of necessary overhaulage. Exports $160,000,000. P. R. Mattix of the Commerce De- rtment Automotive Division said that ade exports in 1931 totaled $160,000,- 000, a decline of $137.901,215, or 46 per cent, as compared with $298.652.048 for the previous year. He said the 1931 to- tal was also considerably under the yearly average for the 10-year perlod 1922-1931, which was $3 8 The department official drclml‘d the decline in figures was due to the un- favorable economic conditions through- out the world. In spite of a 29 per cent drop in the output of passenger cars and trucks, Mattix pointed out, the export ratio to production was but 5.4 Pc- cent, against 7.1 and 10.0 per cent, Tespectively, during 1930 and 1929, Compared with this country's ship- ments during 1930, he said export valuation on passenger cars decreased £3 per cent: trucks by 55 per cent, and pirts and accessories by 37 per cent. During 1931 the average unit value for passenger cars and trucks was $611 and $521. as compared with $692 and §660 in the preceding year A better indication of the demand dor the varied classes of automotive Jroducts is obtained by a comparison of the major group eporis to the total of the year. Shipmenis of “parts for adsembly.” according to Mattix's figures, accounted for 24.86 per cenc of the past year's total and only 20.5 per cent in 1930. Unit shipments of passenger cars and trucks to the contrary accounted for 35.5 and 18.7 per cept. respectivel: in 1930, while during the January Docember period just ended the per- centages were 30.5 and 15.5. All of the remaining group totals the excepiions of “automobile 5 i " improved their t . Mattix said The chiel purchaser cf American passenger cars and trucks is Belgium, it was pointed out, although it should be rlr.ln\ understocd that a good share icles destined there are for re- export. The same situation is presented in the case of Denmarx. Unit ship- ments of passenger ca:s to the Union of South Africa and Japan exceeded the figures for 1930, buc the valuation was noticably reduced in the former case and slightly in the Iatter. Shipments Classified. In the truck group Belgium, Ger- many and Japan reccived a greater number of units, but the value was lower, excepting the latter & ANCIAL THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 13.) e e —1981— Stockand . Sales— High. Low. w'vidend Rate 4% 2 Teeriess Motor Car.. 4615 Penick & Ford (1) . J6% Denncy (3 O (240 16% Penna Railroad (2).. 107 Peoples Gas Chi (8).. 2% Petrol Corpof Am... 57 Phelps Dodge Co. ... 28, Phiia & Read C&T 4 Prillips Petroleum.. 7' 12 39% Pierce Arrow pf (6). x 3 814 Plerce Oil pf.. 5 Pillsbury Flnur (2) . 5 Pitts United pf...... 1008 Port Ric Am Tob(A). 1 Postal Tel&Cable pf. 1 Prairie Oil & Gas 1 26' i Prairie I'ipe Line. Proct & Gamb (2 11215 Proc & Gamb pt 6 Producers & Refin. 965 10215 1201 Public Sv. 5815 Pullman Corp (3). 11% 84 Pure Oil 554 108 Purity Bakeries (2). 275 6's Iiadio Corp. 55! 20 Radio Corpp 60 9% Radio Corppf B. 2% Radio- lukh}v(lrph RRSeclllC Reading Ry ol m Real Silk Hosiery Remington-Rand Reo Motor Car (40¢). Republic Steel. Republic § Teynolds Me hulte Itetail Stores hulte Stores pf (8) eahoard Afr Line. d il Sears Roebuc Second Nat Inv pf. .. Seneca Coppers South Port Sou P Rico S uthn Cal E d (2 stand Oil Calif (2) Stand Oil 5 Stand Oil Stand 01l 2 Sterling Securcy pf. Stewart Warner country, | which showed a considerably improved | figure. The following table shows the value and percentage of this country’s over- seas shipmi Guring 1931 of auto- metiv p'ndm‘ls according to major Washmgton Produce Butter—One-pound prints, 26; 16al17; current re- Hennery, 14a15 alive—Turkeys, old toms, 13 18; young toms 2nd hens, 20a2: chickens, 3 pounds and over, 16al8; to 2'. pounds. 20; broilers, 1': hens, large. “young toms and hens, 3 pounds and over, pounds, 21: broilers, 23a25: hens, large. 2 Leghorn_hens, 17; roost- ers, 13; keats, young, 55a60: old, 50. Meats—Beef, prime, 12; medium, 11; Jamb, top, 14; medium, 13: veal, top. 16. medium, 15: pork loins, 11; fresh hams, 13: smoked hams, strip _bacon, 16al7: lard, 50-pound tins, 61 package &; compounds, 6':. Live stock—Hogs. dium, 4.30: heavy, 3.8 roughs, 2.00a3.007 9.00; lambs. 4.00a7.00. Fruits—Strawberries, quarts. 30; apples, 1.00a1.25; box stock, 2.00a2 3.00a3.50; grapefruit, 1.75a2.50; 400a450. honeydews 2.5 Chile, 2.00: grapes, 3.0083.50; 500: bananas, 1.50a2.00: alligator pears. 250a3.00; rhubarb, hothouse, 5 pounds, 50a65: pineapples, 4.0024.50. Vegetables—Potatoes. Maine, 100~ pound sacks, 125. New York, 1.15; Idaho pakers, 2.40; sweets, 60a85; string beans, ' 75a2.00: limas. 6.00; peas, 55fi a7.00; lettuce, Iceberg, 3.50: 3.50; cucumbers. 4.50a5.00: 50a3.00; tomatoes, kale, 50; spinach. homegrown, 50aT. Texas, 85a90: squash, 1.50; eggplant 3.00: beets, 2.50a3.00; carrots, cabbage, crates, 2.00a2.50; broccoli, 2.50 a3.00; salsify. dozen, 50a60. parsnips, 1.25a1.50; artichokes, 4.50a5.00; water- cress. 75. calves, 4.00a pints, 12'.al5; bushel baskets, oranges, lemons, EARNINGS REPORTED NEW YORK, February 11 (A).—The Congoleum-Nairn Co. reported net in- come of $1.030.827 for 1931, equivalent to 90 cents a share. compared with $208.829 in 1930 or eight conts a share. New Jersey Zinc Co. in 1931 earned 1 a share compared with $255 a share in 1930 Mohawk Carpet Mills reports 1931 profit of $310.673 before inventory write offs, compared with a loss of $599,- 979 in 1930. The J. G. Brill Co. 1931 statement shows a net loss of $997,666 compared with a loss of $48,726 in 1930. The Equitable Office Building Co. reports a profit of $1,664,550 for the nine months ended January 31, equiva- Jent to $1.83 a share, compared with 51,811,584 or $202 a share for the corresponding period of the preceding year. Lorillard Profits Grow. NEW YORK, February 11 (P).—An increase during last year of 44 per cent in net profits was announced today by the P. Lorllard Co. Net profits for 1931 applicable to syr- plus were $4.054,841.16. The surplus at the end of the year was $19,585,157.88, compared with a 1930 figure of $16,- 676.072.02. As of January 1, 1932, the company returned its 10-year 5' per cent de- bentures in the amount of $13,758,000, { cutting its funded debt to $15.921,150 {and on December 2, 1931, declared an . ‘initial quarterly dividend of 30 cents E sharz on the no-par common stock. tub, | 16al7: | 3.50a4.00: | Net, AdflW lllh Low. Close. Chge. High la' 36 - B6% 19's Tex Gul 1% Tex Pac 44 Tex Pac! Third A 33 By 25 265 +1% 27 284 + % b's 19 20% +1% +4% 1% Timken 2 Tri-Con! 86% Tri-Con lS’a Underw Union P: Unit Dy Unit Fri Unit Gas U S Lea US Lea tea 167 Univ Le 6% 11 26 Wabash 51 s Wabash 27% 20% Warner Warren Warren Warren Wesson Stock ind et Divigend Rate. Add 00 Hlsn Low, Close. Cnse 9% Texas Corp (2)...... 35 11% S Pipe & Fdry (2) Rubber. 7S Rubber 15 United Stores pf (4). Univ Ple 1st pf (8).. 31 T UUIDPWr & LEA (). Vanadium Corp. . 71% 204 Vulcan D'tinning (2) Waldorf Sys (1%3) ‘Ward Baking pf (7). Warn Bros Pictur; Sales— f Sulphur(3) ific Coal&OIl. ific Land Tr.. venue. 2' Tide Water Afllo Oll. 20% Tide Water As pf(6). 30 Tide Wat Oil pf (5).. Roller B(2) 2 Transamerica Corp.. tl Corp. . t1 Corp pf Truscon Stee By s —— Ten & Co. 00d-Ell-F (3) 27% Union Carb (2.60)... Un Oil of Calit(1.40) acifie (10). .. Unjon Pacific pf (4). Unit Afreraft Unit Afreraft pf (3). Unit Biscuit (2) Un't Carbon. Unit Cigar Storei Unit Corp (75¢) . Unit Corp pf (3) ewood pf (7). Unit Electric Coal uit (3) s&Im(1. Unit Gas&Im pf(5). U S & Forn Secur. 5 U S Freight. .. U S Gypsum (1.60).. U S Indus Alcohol... ther. . ther (A).... Ity & Imp. af Tob (3) RR. . zc000 RR(A). e L AR e & FEEEF FEErES Quinlan Bros. Broscv pf3. Fdy & P1.20 Webster Eisenlohr. . Oi1&Sno(2) Western Maryland. . Western Pacific pf.. Western Union (6).. Westinghse A B(2).. Westinghousa (214). W nchee 1st (313) White Motor. Wilcox ( Willys-C Ol & G Overland. Wilson & Co pf Woolwos rth (2.40) Worthington PumP Wrigley (Wm) (4). Rl Yale & Towne (1)... 8 3 Yellow Truck....... 31 6 Young Spring&W (1) 8 6% Zonite Prod Corp (1) 1 TN T Sales of Stocks on New York Exchange. 10:30 A.M. 1:30 P.M. Dividend rates as payments based on the fatest quarierly or dividend s extra. 3 Plus 47x e Payable in cash or stock m Paid last year—no 212% in stock 3 Plus 81 in special preferred stock. k Plus 3% n 600,000 000 000 12:00 Noen... 2:10 P.M. n the above tabl al : Unit of trading less than 100 shares 1 Partiy Stork. ‘aPaid ‘this year-—no reguiar rates stonk § Plus ‘8% in ‘stock. hPus 25 08 in stock, P Plus regular rate. nPlus 5% 4 GOLD HELD VITAL 10 WORLD'S TRADE Giving Up Standard Would, Cause Starvation, Says | A. B. A. Cfficial. | Special Dispatch to The Star NEW YORK. February 11.—Chaos in | the world for an indefinite period would follow abandonment of the gold stand- | ard, but such action is not conceivable. | either in the Urited States or through- | | out the world, Fred 1. Kent declares in an article in the current American | Bankers' Association Journai M: Kent is chairman of the association’s Commerce and Marine Commission, which conducts its investizitions in internationa! trade and finance. | “It is quite impossible to cair: ternational trade in tais century basis of barter and if there were no common standard in which 4l com- modities could be measured, starv -tion would be rampant in the world," Mr. Kent says. “When Great Br took acticn to preserve the gold in the Bank of England until the cn | passed and as a result dropped and there w: page of international 3 country where prices for export and | import had been figured in pound ster- {ling on a gold basis and this (‘orlm'lrd\ until a new method of arriving at gold | values through the Fronch franc, the American dollar, or otherwise, was founc. “The measure of the gold standard | is required for the protection »f our civilization: and must be continued until something else as effective has nct only been provided but can be put into force | at the same time thit gold might be abandoned as a common mecasure, At present gold is serving its purpose per- fectly as a commodity price meesure for the exchange of geods between na- tions." Mr. Kent, citing talk about the a(‘k‘ of balance in the distribution of t. world's gold supply as being rcspunsxb]e for the difficulty of the depression de- | clares that actually such distribut.on has absolutely nothing to do with the deprassion. “It dces, however, measure what has cecurred in the past that has resulted | in gold seeking its present Testing place,” he says. “One would think from | what we often hear that every country should have such a supply of gold that it could go on importing without ex- porting the equivalent and be able tc| pay balances in gold indefinitely. Sucn | an idea is so absurd when so simply stated that it is hard te conceive of any one believing such a situation as being either pessible or desirable. It goes without saying that no country can borrow and importi in excess of its exports constantly, year in and year out, without reacring the breaking point, and that if it undertakes such an eco- nomic progression in trade, such gold as it has will naturally disappear and | it will ultimately find itself uneble to continue its unbalanced trade.” ‘We must come to the conclusion, Mr. Kent says, that it is the unwise acts of men in governmental extravagence, in excessive taxation, in raising trade embargoes, in overborrowing, and the exercise of bad and unfortunate politics that has caused the great depth and length of the depressiun through which we are passin, “Gold has no pan in it, although it does measure with great vividness the results of the mistakes of mankind," he edds. “If, however, men wish to see chaos in the world for an indefinite pe- riod during which life itself will be a veritable burden. ail they need to do is to abandon the gold standard.” CHICAGO DAIRY MARKET. CHICAGO, February 11 (®.—But- ter—Receipts, 6,925 tubs; steady; prices unchanged. steady: gs—Receipts, 8,124 cases: “E"I‘ firsts, 15%:a15%; fresh graded firsts, 15; current receipts, 1312al4. WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES SALES. Potomac Electric 5:,% pfd.—5 at 102, 5 at 102, 10 at 102, 10 at 192, 10 at 102, 10 at 102, 4 at 102, 1 at 102, 1 at 102 AFTER CALL. Potomac Electric 6 pfd.—2 at 109, 1 at 109 Potomac 10 Washii $1.¢ flOU at 100, $1 [‘00 at 100, $1,000 aL 100 Notice—This exchange will be closed | tomoiTow, Lincoln’s Birthday. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Big Asked Tel. & Tel. 4'as '39.... Tel. & Tel ctl tr. 5s.. R_R. Guar. 5 Wash Alex ‘Mt Vernon et itas Wash, Rwy. MISCELLANEOUS. & Ross. Inc.. 6128 Chase Club 5'as. mbia Country Clib’5 W. M. Cold Stcrage 55 STOCKS PUBLIC UTILITY. 94 210 1 2 108 Wash. Rwy. & El. com Sl Wash, Rwy. & El. pfd. (5)..000 B0 9 NATIONAL BANK. Min. price. Asked. ; L1175 250 | Columbia (12). s Commercial (stamped) (10 Dietrict (8) Fed -Amer. Nlll Liberty (74 Lincoln un, Yerrovolian’ (16) | Riggs (150 Second 9e) Washington (12).. TRUST COMPANY. o s 12: Sl 198 BK. & Ti (@) 190 .14 SAVINGS nk of Bethesda (64) m. & Savings (10) BANK. 2 E>5t Wasnington (12) ... Priomac (10} : £ 2 Sav. & Com. BK. (17) £ az ited States (30) | ¥ ash. Mechanies (20). | FIRE INSURANCE. venth Street - | American (12) | Corcoran (10 g Firemen's (8) i | National Union (15).. { TITLE INSURANCE Columbia (6h) . | Real Estate (6h) MISCELLANEOUS. Bid Asked arber & Ross. Inc.. com cux Medical Bidg. Corp. (6. 103 C. Paper Mfz. ptd | Bist NatP“Bec. Btd 2| Emer. Bromo-Selz, “A" (2)... | Federal Storage pfd. (8) ‘ed.-Am. Fed -Am | Lanston | Mer. Tr. & | Mer. Tr. & Stge. Mergentnater Linotspe [ Natl. Mtge. & Inv. pfd. - Peosles Driis Stores | pm v!’n Real Est. M. & G Security ‘Storage éfi\. i8) d. Blds. Corp. (7} d. & Lothrop com. (1.20) Wawd: & Lotnrop otd (1) *Ex dividend. 82 extra. 72127 extra. 5% extra. 1’2 extra. MACHINE TOOL INDUSTRY IS HOPEFUL OF UPTURN Special Dispatch to The Star. NEW YORK, February 11.—A definite feeling that industry is on the way out of depression prevails among machinery and machine tool men, though no tan- | gible evidence of betterment in their field seems apparent at the moment, American Machinist reports. New York had several encouraging indications last week, including the is- sue of a $30,000 list for a hospital; sale of a number of single tools; some to Cornell Medical Center; some on yeal old inquiries and three tools to a new plant. School lists are in prospect, based on a new no-millwrighting plan. Cleveland is cheered over inquiry in- creases, particularly from automobile and refrigerator manufacturers. Janu- ary sales showed little improvement. One automatic manufacturer there stepped up 25 per cent; one dealer showed more sales, but smaller dollars- and-cents returns. A Milwaukee manu- facturer sold $100,000 worth of milling machines to &n auto builder, plans full production starting February 15, and will offer six new types of machines soon. Other factors there hold about even. Southern district sales are at a minimum, erders being principally for | small tools. Detroit, awaiting some indication of Ford's plans, find other nummohue pro- duction not stepping up as expected; machine tool sales con.seq'uemly lacking. New England has a sprinkling of orders and an occasional list, the latest includ- ing seven tools. _Philadelphia feels low, with inquiries off and sales small. Chi- cago’s January maintained the Decem- ber level. Grinding equipment sales were’ better. Cincinnati sells an occa- sienal tool. e High-voltage switchboard operators in some of the electric power com] plants now wear safety suits of white chrome ‘leather instead of asbestos compounds. Resisting Decline. NEW YORK, February 11 (Special). —The manner in which the stock mar- ket resists the decline and takes long stock without incurring severe reac- tions is evidence tHMat there is a sub- ‘week's reaction is more moderate than those that have preceded it and is of trading. For instance, the present price average is approximately the same 17, and 2 points above the average on January 5. In other words, in about two months, when all of the have been bearish, the market has been able to maintain the level made when banking conditions were at their most acute stage. Again it will be noted that, in the early January decline, about 70 r cent of all the stocks dealt in sold at new low prices for the year, compared with less than cent in that position today. Standard Oil Dividends. NEW YORK. February 11 (®.— ard Oil Co's and ather so-called Standard Oil .units for the first ter this 48,800,000, 23 com with du- ibutions ' in the 1931 quarter 868 101,997. The estimate is based on the assumption that the w ‘com)| wmch }‘ukve‘l’:l yet act 'nds will make the same nts as in the 1931 quarter. p"m England's been placed at 3,500,000, making the country twice as “doggy” as it was 20 years I.o —— Reported by Ch: Bamney & Co. Rere PRty OP r. Aug. 15, ‘ul Mar. l%l m ) 348 Bt | 3%s Feb. 15 stantial type of buying under way. This | f being effected on & minimum amount | fnt as that at the low point on December u" optward conditions | }f: 0 0 per | 5 quar- year are estimated at about |Selected pared nies | 5! canine population has|T D.. €. TH BOND PRICES GAIN IN AGTIVE MARKET Foreign List Remains Irregu- lar, but Domestic Issues Are Strong. l BY F. H. RICHARDSON. | Special Dispatch to The Star. NEW YORK, February 11.—Domestic bonds advanced substantially today in active trading, while the foreign list re- mained irregular on a small turnover. The market opened higher and offer- ings dried up in the face of a heavy accumulation of buying orders based on the new move at Washington to expand the facilities of the Federal Reserve 1932 [oes e BONDS o s Received by Private Wirk Bidoct %o The Star Office Belse. High. Low. 258 UNITED STATES. (Bales eve Bales. le l%- 32-47.. 50 832-47 181 th ujzll nm AmT&T6s € Am T&T e tr bi Am T&T b8 Bank system in_accordance with the | &7 g oot Reconstruction Finance Corporation’s plans to loosen the credit strings. This had a more direct effect in stocks, where gains were large, than on bonds. For one thing, United States Treas- ury issues and the Liberty loans hesi- tated some time before showing any lmprovement nlthcuxh later they gained Ya to % poinf Advances 1n Junlor bonds were con- fined to 1 to 3 points. The chief inter- est was in the railroad group, with rises of about 3 points in Rock Island Refunding 4s, Erie 5s, Missouri-Pacific 5118 and Nickel Plate 6s, and gains of a point or more in Alleghany 5s, Bal- timore & Ohio 4',s, Canadian Pacifi Perpetual 4s, Chicago & Northwestern 4%s, St. Paul 5s, Illinois Central 4%s, Louisiana & Arkansas 5s, Frisco 425 and Southern Pacific 4!.s. Prime investment issues like Ameri- can Telephone 5s, Consoiidated Gas 5!;5, Atchison General 4s, Norfolk & Western 4s, Standard Oil of New Jer- sey 55 and General Motors Acceptance 6s were all firm. Industrials were less actively traded, but many made good gains, Lotably Armour ‘of Delaware : ge Brothers 65 and Youngs- mg%neu&mbe s& 4 Tome nds were strong at the openini today. Trading was fairly “”epe i The upturn paralleled an advance in stocks following announcement from ‘Washington of proposed changes in the Federal Reserve act designed to aid banks and free billions in gold. United States Government issues advanced about % point. High-grade domestic descriptions such as American Telephone 5s, Con- solidated Gas 5',s, Atchison General 4s. Norfolk & Western 4s, Standard Oil of New Jersey 55 and General Motors Acceptance Corporation 6s were all firm. Railroad bonds of a specu- lative character rose fractionally In the foreign list there was less ac- tivity, but prices showed a higher trend Great Britain 51,5 were steady, nese government bonds had fractional gains. HOTEL RENNERT PLACED IN HANDS OF RECEIVERS By the Associated Préss BALTIMORE, February 11.—The company operating the Hotel Rennert. meeting place of political leaders of both the Democratic and Republican parties for nearly half a century, has been placed in receivership and will be dissolved. A meat dealer filed proceedings claim- ing the company owed him $6.199 for provisions. He asked that the roceiver- ship be allowed and the assets of the company be reduced to money and the creditors paid. Edward Davis, president of the com- pany, filed an answer, admitting the charges. His action was in accordance with a resolution adopted at a meeting of the board of directors. Charles P. Coady and Frederick J. Singley, attorneys, and John H. Shaab, the meat dealer, were named receivers. Each poszed bond of slo 000. POTATO HARKET CHICAGO, February 11 (# (United States Department of Agriculture.— Potatoes, 54, on track 160, total United States shipments. aull, trading slow. sacked per hundred weight, Wis- consin rouna whites No. 1, 80a8 mostly 80. unclassified. 70a72';: Min- nesota russets, 85al.03; Red River Ohio’s fancy. 1.15: Idaho russets No. 1, 1.35a1.45; No. 2, 95a1.00. INVESTMENT TRUSTS NEW YORK, February 11 (#). — Over-the-counter market: A B C Trust Shares "E* Se« Bid Asked B s Amer o Srocks Assoc Standard 01l Sec pf Bansicilla _Corp Basic Industry “B Century Trust Shares Chain & Gen Equities Chartered Invest Chartered Invest pi. Chelsea Exchange A Chelsea Exchange B Cumulative_Trust Shares Corporate Trust Corporate Trust AA Corporate Trust Accum Ser m Inc... & Fester s pf Bank Shates N ¥ s Bank Shares N ¥ s Ins Shares “A". .. Drternes Trasi oA . Diversified Trust B ! A GBRS e Mutual 1 Mutlial Mandze 'f Nation Wi 13y, GoS B 2 Total dividend distributions by Stand- | g¢¢ int - secat s 80 ot 00 B e SOEB8s BTG %o cncota U. 5. TREASURY CERTIFICATES | Fon 2 Japanese ¢%. Japa- | 4 Ccln‘soud%l 35. | Copenhag 58 '52 Bankers Nat Iny... SO0 T I Y £ : 41 Ceecho 83 '52. o | French T3%s 41, Arrentine b Argentin Argentine Austrslia 6557 Austria 7843 B & O Toledo 45 ‘69 Ban & Aroos 4s'61. 10 Bell Tell Pa. B Ind Loan C Berlin Cy El 63 'll. Berlin CE$%s Bordeaux Bos &Me b Buff Gen El 4 %4’ 31 Bush T Bldg 55°60. Calif Packing 6 Canada 4s Canada 4%8 Cen Nor 6%s db ‘48 Can Nor 7s db 40.. Can Pac db ¢ Can Pacific 4% | Can Pac4%s 6 | Can Pac 58 ‘44 'an Pac 58 ‘54 ‘ent 'l GRE 5#'51. ent Pac 48 49 Cert-td db 5% Ches Corp bs '47 C&Ogen 4’2, C&O4%s B9 IcBaqiatrtss 1. Thi&NW 41452037, 16 Chi & NW cn 4%s. 219 hi& NW 6%s'36.. 4 Chi RI&P gn 43 1 ChiRI & Prf 4534100 ChiRI1&P 4%s Chi R1cv4%4s €0, Chi T H inc 65 60.. Chi Un Sta 53 B 63 Chi Un Sta 6%s '63 Clev Term 414577, LClav Term 53s 72, an '61. Colomb 6861 ou = Col G&E is May’'s2 Col G&E cou 63 '$1. Com Inves 5148 '49. CC Md 1st rf 53'50. Con G NY 4%s 61 ConGNY5%s Con Pwr Jap 6%s. Con Pow Japan Consum Pow §s Cuba 538 '45. Crecho 8s '51. Swunaemeunnem s Del & Hud rt Denmark 4% » —pRaReSnuan » Erieconv és B. . | Erte gen 4 | mriecv s €7, ... Finland 78 50 | Fla E Coast 58’74 Fram I D7%8'42 French 78°49. 1134 | Gelsenk’hen 6 24 Gen Motors Gen P Sv5%8'S Gen St Cas 534 # Goodyr Rub 6867 OrandTr sf db 65°36 Grand Trunk 78°40. Grt Nor 4%3'76 D. Grt Nor 4% Grt Nor gn 78'36.. Hud & M rf 6857 Humble Ofl 58 °37.. Humble O §%: 111 Bell Tell 58 °56. Tl Cent 48 °62. ... Il Cent rf 48 65... 2 111 CCStL&N 58 A. 111 Steel 4%8 °40. e PYSTO—1 - T OT -SSP ) Int Matck & Int MM col tr 6341 Int Pap 58 A *47 Int Pap 6s ‘6l luh 1861, Japanase 53%s ‘65 ta 1} Jugos! Bnk 78 '57 Kan C FtS&M 48 ‘36 Kan City Sow b#'50., Kreug & Toll 5w’ LacG StL s34 Laclede %8 C83. . Laclede 538 D’60 Lautaro Nit 68 °5. Lig & Myers s "51. 19 5 TN D T IS 000 ik 0O Tt DN 08 O e » ala Mo Pac s A '¢5. Mo Pac 5s F 77, Nww S Wales Es . N Y Cgnits 97.. N Y Cent 4898 N Y Cent b 48 '34. N Y Cent 43482012 NYCrtimts 2013 N Y Cent db 65 25. NYCAS(L 4%s'78. ¢ NYC&StLS N Y Ed 18t 63, NY ELH&P 48 A orAm EdBlC 9 Nor Am E5%s NorOT &L &s Ner Pac 4897, ” IM'I o B5- AR BunenaNaneunea e Pac GAE 5842 Pac T&AT 1t 58 37. Pan Am Pet 63 '40. Paramount 68 47 Parfs-Ly M 6 Paris-Ly M 7, Paris-Or 5%s ‘68 Penncv 4is Penn en 4% a BoBrneea s SO Ph P Pilisi Phillir * P&W V4 Poland és Poland 7s "47 42. Pos Tel & C 58’53 Prussia 5. Public Serv ¢s PubSvG 4% PubSv G 434370, Pure Ol 5%%'37... Queensland Ts"41.. Reaq gn 4% m A '97. Rem Arms 37 Rem R5%s .e Rhinelbe 7Ta"4§. ... Rnine West s '52. Rhine West §3'53. Rhine West 63 '55. Rhine West 7a '50. Rio Gr W 1st 4s°39 RIAr&L u.'u. StL IM R&G 48°33. St L&SF in 48 A “50 StL&SF4%s'T8. IM\ StL&SF p | 6 B'i 13 StP&KC SL 4 StP Un Den bs 1‘1 SanA&ATn'43. Saxon 78 '45. Serbs-Cr-S17s -Cr-S1 88 Shell Un Oil Shell Un Oi1 Shinyetsu 6 Sinclair Ol Sinc O 7scv A Sinc Cr O 5%s Skelly O11 5% '39. Solssons 6s ‘3§ Sou Bell TAT b8 41 SW Bell T 53 A '54. Sou Pac4%s'6s... Sou P ¢%s'6) ww. 1 Sweden b%s 'S SwissE%s'48...... Taiwan E P 6%#°71 Tenn Cop 68 "44... Tenn EI Pés A 47, Tex & Ark 5% Texas Corp b8 '44. . & Pac5sB'77. 'ex & P 68 D Third Avrt ¢ Third Av adj Va Ry & Pwis l‘. Wabash ¢%s ‘Wabash 1st 5a ‘3! Wabash 53 B :" Walworth 6s A "45. Warn Br Pic 68’39, i ANCIAL. lElEl}TRIl}ITY TAX : | LEVY IS PREDICTED ""Federal Impost May Be Or- b n: .dered as New Revenue Producer. BY GEORGE E. DOYING. A Federal tax on electricity is ex- 457 | Pected to emerge from Congress as one 92 |of the items in the new revenue meas- 100 fure now being drafted by the House Committee on Weys and Means to meet the Treasury deficit While the exact form of application of the new tax is not publicly known, it is probable that. in effect at least, it will be in the nature of a gross re- ceipts tax. A levy of 5 per cent on .;r;lc‘;uhr bills has beon suggested and would produce more than $100,- {000.000 a year. : “Such a tax,” says a brief prepared 3713 | 10T the Ways and Means Comnr;m:e by a specialist of the Federal Trade Com- | mission, “would prove an excellent rev- enue producer, as it is being planted in fertile ground, and yet it would not be as harmful or obnoxious as some of the tax impositions suggested by the Treas- ury Department. Tax on Bills Proposed. “There is disclosed that no tax can be imposed on energy consumed based on a money value such as one-fourth of a cent per kilowatt hour: therefore, {it is recommended that a 5 per cent tax on the monthly bill be imposed. A tax of this nature will as nesr as pos- |sible treat all users of the energy on the same basis and take care of the | divergent cost per kilowatt hour to the several classes of users and raise a rev enue of approximately $107.000,000.” Objections have been made to the proposed tax on the ground that it would tend to retard development of the power industry and would diserim- 1y between manufacturing cing their own electric buying it. It is claimed elso that it uld upsel the delicats competitive balance between steam, electric and water power. and would divert much business from the power compinies to priva: installed gt erating plants in manufacturing est: lishments. Such a tax would increase by about 50 per cent the aggregate taxes now being paid by the electric utilities, whose tax bill in 1930 amounted to $203.500.000. equaling 102 cents from each dollar of consumer revenue. probable tax increases are ric utilities as a re- sult of the pioneering of the States of South Carolina and Idaho in enacting last tax of one-half mill on tt-hour of electricity gen- | erated within the State. In both cases Federal district courts have sustained he tax and ths South Carolina law now is pending before the Supreme Court of the United States, while an app=al by the Idaho utilities is antici- pated. concerns pro power and th Increase Proposed. If this tax is sustained by the Su- preme Court, it will almost certainly be adopted by other States. In addi- tion, a proposal already is pending in the South Carolina Legislature to dou- ble the present half mill levy. With practically all of the States seeking new methods of raising revenue and en- deavoring to remove some of the direct taxes upon real estate, the utilities in many instances present themselves as & shining target Of course, it was pointed out today by observers here, a tax on electricity | will indirectly and of necessity be passed along to the consumers. It is | not expected that a Federal tax, even one aggregating more than a hundred millions, will cause any increase in rates but certainly it will retard the downward trend that has been in evi- dence for a long period. (Copyright. 1932.) Business Notes NEW YORK, February 11.—Retail stores are said to be placing good-sized orcers for porch furniture for seasonal requireme: principally in the retail ranges of $50 to $60. A moderate acceleration of activity in retail trade and industrial produc- tion has taken place since the first of the year. according to the “American Bankers' Association Journal.” There is reason for confidence in the fact that | the business world is taking a clearer | and more realistic view of its problems, the journal says. Hat trade interests report an im- proved demand for men's straw hats since the start of the month, with sub- stantial orders placed by retailers for | April 15 delivery An apathetic buying interest in the | local market and increased stocks in Calcutta have caused a somewhat easier | tone in burlap prices. Trading in both the primary and local markets con- tinues at low ebb. 22 DOLLARS IN OLD CAN Silver Trove Found by New York Man Dated 1870. A rusty can containing 22 silver dol- lars, all minted in 1870, was found on the beach at Tottenville, Staten Island, N. Y. by John Massie. The can was corroded, but water- tight. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) ‘lommn] £0id Selling checks London. pound Parls n Brussels Warsaw 3 Copenhagen. Oslo, crown Stockholm. crown Canadian, 137" SHORT-’ TEB}I SECUBITIES (Reported by Chas. D. Barney & Co) i ofter. Allis-Chelmers Co. 55 1031..... 861 2018 American Chain Co. 6s 1933.. ' 84! American Tel & Tel s' 2 i m- i Amer Wat, Wks. & A move & "ORio 4% 1933, . : Belding Hemingway Co. ex 1o3s. 195 3% el Chi. Northwestern R. R. 33 i ! Chicago Rock Island 4s 1934 55’ 77 | Gleve, Lor & Wheeling 55 1033 Colorado & So. Rwy. 4'3s Cummen‘lu Credit Co. 5'1! Wl! 84% | Delaware & Hudson Co. 55 1935 g3 | Denver & Rio Grande 4':s 193 431 | Gen. Mot, Accep. Corp. 65 1937 3| General Petroleum Corp. 5s 1940 28% | General Public Service 5'2s 1939 21 Grand Trunk of Canada 6s 1936 Hounm\ & W T!KI! S8 !933 Humble Oil §'as St Tacleds Gas Light 'Co. 53 1934 81 | Loulsyilie & Nashyile 8 lm New York Cent. & H._4s 193¢ Now Yorr Gma'str b 1o Northwestern Telen “’1‘9;"“ 26 8c dnmunv Italy has only about 200,000 radios 12% | in the whole country because radio 2: sets are licensed at a comparatively :; high fee by the government. 1% 92 Sales. Hish Low. 3:58 . 97% 9Ty 9T % |wEosusat 2% 2% 60% 674 L