Evening Star Newspaper, February 13, 1932, Page 14

FINANCIAL. FARM LOAN GROUPS THE EVENING STAR, WASHINGTON, D. C, SATURDAY, FEBRUARY 13.- 1932 NEW YORK STOCK EXCHANGE | [BOND PRICES GAIN |(oc=r o BONDS mo wonme lw&m'fi“h"hlfifl- Recelved by Private Wire Direct to The Star Office. uu”gp ITATE.. MARKETS BUOYED ~Prev.1933~ Stock and BY CREDIT AID PLAN Anti-Deflation Move of Gov- ernment Proves Tonic to Drooping Securities. BY JOHN L. COOLEY, Associated Press Financial Writer. NEW YORK, February 13.—Financial markets were braced this week by a powerful dose of anti-deflation medi- cine. The tonic was administered at a most opportane time, for stocks, bonds and numerous commodities had dribbled toward or through the previous lows of the bear cycle. News that the administration and Congress were uniting in a non-par- tisan effort to push legislation to liber- alize the rediscount privileges of the central banking system, thus loosening the bonds that hold vast stores of credit, took Wall Street by surprise. The im- mediate effect was a most energetic re- treat by a Stock Exchange short inter- est which had expanded slowly during the last decline, but of infinitely more importance was the hope that a source of real confidence and reconstruction was about to be tapped. hological Influences. ssions, bankers point out, even- reach a stage where psychological influences assume a dictatorship over economic laws, and if fears of serious monetary disturbances can be dispelled by the new plan to make more gold available for currency and credit uses it is felt that a victory of major im- portance will have been achieved. Bankers were quick to comment on the timeliness of the move, which so closely dovetails with the drive against hoarding and the functioning of the Reconstruction Finance Corporation. Although in some quarters the question of inflation was raised. the bulk of Wall Street opinion appeared to ap- prove of the measure. Other news of the week, although overshadowed by Washington develop- erved mostly to emphasize the able position of industry and ce of expected seasonal gains. Statistics on _steel production, move- ment of goods. electric power output and several commodity situations all looked bearish to the stock market, which expressed its sentiments in a de- cline that continued through Wednes- day, edging the Standard Statistics- Associated Press composite to new lows. Thursday's rally, however, retraced most of the ground lost this month. Railroad earning statements for Jan- uary, it is generally admitted, are bound to be disappointing and fears have been expressed lest the roads, through a further reduction in traffic, lose the benefits of the wage reduction and the higher freight rates. Some carriers have already applied for assistance from the Federal credit agencies and others doubtless will do so, but it is unpleas- ant to know that such aid is necessary and to reaiize that improvement in car- rier earnings normally trails business recovery. Roads have pared their oper- ating expenses to the bone and there is little to be done now but wait. New Ford Model. Announcement of the Ford new model program is expected to bring some stimulation to automobile activity and therefore to the steel industry, the latter being dependent on the former for a large tonnage. Expectations of & better demand for steel materials were more freely expressed toward the end of the week than at its beginning. EVERYMAN’S \VESTMENTS BY GEORGE T. HUGHES. Falling commodity prices work toward increasing the value of negotiable evi- dences of debt, such bonds and notes, the rise in value being proportionate to the extent of the commodity price de- cline. Such increase in value other things being equal, is reflected in the market price of the negotiable evi- dence of the debt in proportion to the length of time the debt has to run to maturity. An understanding of these two princ- iples is an essential preliminary to dis- cussion of what happened to the bond market of the past year. when. despite constantly declining prices for com- modities, bonds suffered the most pre- cipitous break in the history of the market. In other words. as far as commodities were concerned. bonds moved in exactly the opposition direc- tion to which theory declares they should have moved. The inquiry is important, not simply to justify the theory or to discredit it. but for the making of an intelligent forecast as to what may be expected in the future. First, then, let us see just what the relation is between commodity prices and bond values. The coupon rate on a bond remains the same. from issu- ance to maturity. A 5 per cent bond pays the holder 5 per cent annually without change up to the time the principal becomes due. If you own a $1.000 5 per cent bond, you are entitled to receive $25 interest semi-annually, $50 a year. But this year $50 will buy more goods than it would last year, 50 that the value of your investment is enhanced to that extent and. inasmuch as the terms of the loan are fixed. the only way in which that enhancement can be reflected is in the market price. If. for example. the bond sold at 90 a year ago. it ought to sell above 90 now by as much as the increase in the pur- chasing power of the semi-annual $25 coupon warrants. There seems to be no flaw in that reasoning and yet the record of all 1931 points to a fallacy somewhere. What is the explanation? The flaw lies in overlooking two assumptions in the theory, one that the bondholder is as a matter of fact certain to receive his $25 interest regularly twice a year and that he is convinced of that cer- tainty, and the other, that there is always some one equally convinced. ready and willing to take over his in- vestment when for any reason he de- sires to relinquish it. Neither of these assumptions held during 1931, as will be more detailedly discussed in our next article. (Copyright, 1 UTILITIES IMPROVEMENT BILL NEAR $500,000,000 By the Associated Press. CHICAGO, February 13—V. D. Simons, Inc., industrial engineers, esti- mated that financing for new utility construction in 1932 will aggregate mearly haif a billion dollars. From present indications, the state- ment says. utility financing for new construction and maintenance this year will total approximately $450,000,000, as against almost $633.000,000 in 1931 and more than $960.000.000 in 1930. It is added that companies entering the market for new funds or refunding op- erzuons during the latter part of the year will face a far more optimistic picture and that the recently proposed “joint power plan” for industry and utilities will have a special appeal at this time. FEDERAL RESERVE RATIO. By the Associated Press. The ratio of total reserves of the 12 central banks to deposit and Federal Reserve note liabilities combined, rose half a point during the week ended February 10. The ratio for comparable ::eks follow, as anounced by the ard Week ended February 10, 67.6 per cent; previous week, 67.1 per eenl. same Week last year, 83.0 per cent. ) 2.) (Continued from Page 13.) ~Prev. 1082 Stock and High. Low. 36 32 40% 361y 102 93w 31, 8% 1 CE 41 8 6 5% 11 1% Park Utah. Pathe Exchang: Patino Mines. . 4 287y 297 5% 23% 121 19 Penn Dixie Cmt pf 47 8ty 41y 9 Phelps Dodge Co. . 515 6 4 Pierce Oil pf. 1ty Pierce Petroleum. 221y Pillsbury Flour (2 % Pitts Terminal Coa 40 Pitts United pt Poor &«Co (B) . Sales— Packard Motor Car, . Paramount Publlx. . Rathe Exchange (A). Peerless Motor Car... Penick & Ford (1)... Penney (J C) (2.40).. Penna Railroad (2).. Peoples Gas Chi (8). Pere Marquette pr pf Petrol Corp of Am... Phila& Read C&1.. Philip Morris&Co(1) Phillips Petroleum. . Port Ric Am Tob(B) s Postal Tel&Cable pf. 2 Prairie Oil & Gas Prairie Pipe Line. Pressed Steel Car. Pressed Steel Car pf. Proct & Gamb (2.40) Proc & Gamb pf (5). Public Sve NJ (3.40) < NJ pt (5). l-'"- Pullman Corp (3). Radio Corp Radlo Corp pf B. Real Silk Hosiery pf. emington-Rand. ... Reo Motor Car (40¢) . Republic Steel. Republic Steel pf. Revnolds Met (173).. Reynolds Tob B (3). chfield Oil. Rio Grande Oil Rossia Ins of A Royal Dutch of NY. Safeway Stores (5).. 72 Safeway Strs pf (6).. St Joseph Lead (60c). St L St L-San Fran pf. St Louis Southw san Francisco.. Sr‘hul(a Retail Stores Scott Paper ($1.40).. aboard Air Lin eaboard Oil. Sears Roebuck (2 h) Second Natl In Seneca Copper sharon Sharp & Dohme. Shattuck (F G) (1).. Shell Union Oil. Shell Union Oil pf. Shubert Theaters Stmmons Co. . . Simms Petroleum. Sinclair Consol Oil Skelly Oil. Skelly Oil p Socony-Vacuum South Port Rico Sug. Southn Cal Ed (2) Southern Pacific (4). : Southern Railway... Southern Railwa Spald(AG)1st pf(7 33 Sparks-Withington. . %pvm't-r Kellog (80¢). Spiegel-May-Stern. . Stand Brands (1.20). * Stand Com Tobacco.. Stand Gas&’ = Stand Oil Calit (2) Stand Oil of Kansas. Stand OIIN J (12)... Sterling Secur cv pf. . Stewart Warner. 147 131 30 13 Superheater High. Low. Net. b . Low. Close. Chse. 7 34%. 37 2% e 1% Ten: 13 42 14 27% 108, 65 15 93, 20% 3% 3 20 17% 364 24 44 Y Unit U 148 b1y 27 & U % Vads W 21 18 36% 151 454 5 8% 300 + | 12 +1 215 in stocl Dividend Rate. % -Superior Oil . 4% Supericr Steel 2 12 Telautograph (1.40) see Corp. . 10 TexasCorp (2)..... 20% Tex Gulf Sulphur(3) 413 Tex Pacific Land Tr.. 75 The Fair pf (7). 2 Thermoid Co. 8% Third Avenue. Third Nat Inv (1.05). 7 Thompson Prod 2% Tide Water Asso Oil. 20 Tide Water As pf(6). 4 Timken- 16% Timken Roller B(2). 2% Tobacco Products. .. 2% Tobacco Products et. 6% Tobacco Prod A t95¢ 21 Transamerica Corp. . 24 Tri-Contl Corp. Tri-Contl Corp p! 26 Trico Products(2%). 1% Truax Traer Coal 5% Truscon Steel ' Twin City RapTran Tnderwood-EII-F (3) Union Carb (2.60) Un Ofl of Calif (1.4 Union Pacific (10)... Un Tank Car (1.60) Unit Afreraft. Unit Biscuit (2). 1 Unit Cigar Stores. 8 Unit Corp (5¢) Unit Corp pf (3). Unit Electric Coal. Unit Fruit (3)...... Unit Gas&Im(1.20) s&1m pf(5) U S & Forn Secur U S & For Sec pf(6). U S Freight U S Gypsum (1.60). U S Indus Alcohol. 'S Leather. Leather (A) Pipe & Fary (2). 2 US Pipe&Fy 15t 1.20 U S Realty & Imp 17 S Rubber. 4 US Rubber S Smtg & Ref ( U S Steel (2)... T8% U S Steel pf (7) 59 1S Tobacco (4.40). 113 United Stores (A)... nited Stores pf (4). 1v Pipe & Rad.... 814 Util Pwr & Lt A (2). Young Spring&W (1) 6% Zonite Prod Corp (1) 6 Dividend rates as given in the above table are the annual cash e: ons. Add 00. High. Low. Close. Chge. 1 + % + % + % +1% + & o + % =% +1 .50, +2 & +1% + & Detroit Axle PR sl PERLFR ERLE 490 1128 61% 28, 455 co Sales Corp. fum Corp. . Chem pf (7). 831, Va Elec&Pw pf (6).. 19% Vulcan D'tinning (2) Wabash R R. Wabash R R (A Waldorf Sys (133). Ward Baking (A) Ward Baking (B) Warn Bros Pictures. Warren Bros. ....... Warren Fav & P 1.20 Wesson Oil&Sno(2). Wesson O&Sn pf(4). Western Maryland. Western Pacific pf. Western Union (6) inghse A B(2).. Westinghouse (2%). Westinghse 1st (313) : Weston Elec Instru. West Vaco Chlor 1.6( 2 White Motor. ... White Rock (4) White Sewing Mach., 4« Wilcox Oil & Ga Wilcox Rich A (2 A Willys-Overland. ‘Wilson & Co. . .. Wilson & Co (A). Wilson & Co pf. Woolworth (2.40) Worthington Pump. Wrigley (Wm) (4).. Wright Aeronautical Ble Yale & Towne (1)... 3ix Yellow Truck. . T3 Y2 g8 +u y or haif-yearly declar ne Jess than 100 s pecil’ preterrea lus | m Paid ‘last kyn oo Tesuiar Tate, CHICAGO STOCK MARKET CHICAGO, February 13 (#.—Follow- ing is the complete official list of trans- actions in stocks on the Chicago Stock Exchange today STOCKS. High. Low. Close. .. 303 28" 7305 ks _MIfr. 1500 Berg-Warner . 600 Bruice (E L) . 100 Butler Bro: : 40 Cent Tl Pub Ser pi 650 Cent Il Sec i 50 Cent Il Sec ¢V pi... 100 Cent Pub Serv A ... 5300 Cord 1050 Corp : aft 800 Gt Lakes Dredge - 1200 Grigsby-Grunow . 300 Hall Print S 500 Houdaille-Her = A 400 Houdallle-Her B 150 1il_Bri B 5900 Insull Util 600 Insull U pf 2nd Ser.. 100 Iron Fireman ....... 100 Kalamazoo Stove 200 Katz Drug ... 50 Keliogg Switch tJr cum pf 00 Mid W Ut 67 bl A 500 Midland Unite 50 Midland Utah pf. 10 Miss Val Util pf 500 Mo-Kans _Pipe. Chem 50 Muncie Gear A Elec Pow A 300 Norwest 10 Peabody Coal 100 Perfect_Circle 50 Bines _Winter S Bub Serv (3100 86 i 130 86 Union Gas 1080 West G & E pf. 10 Storkline Furn . 150 Swift & Co 600 Swift Intl 50 Thompson (7 R} sum 8 Riaio k “Tel.. 500 Wis Bankshrs . BONDS. til 6s 1940. 28 vc {5 55 1927 47% 498,000 Insu "Ry Cis s §:000 &ni 24 47 les today. 81.000 shares. Stock saes 000, Bond. sales today. $10¢ . BALTIMORE STOCKS. BALTIMORE, Pcbru-ry 13— Last sales. P hdy £ Semoiit t $8 Manufacturers Fin. Cn bid: ater- delity & 5 wuamg Maryiand Dairs pid: 27 42'2 42% PR T Beo. New Curb Exchange Head. NEW YORK. president of the change, February 13 Howard C. Syku has Deen el New York Curb Ex- ‘William (P).— lected Muller. e | Detroit Five years ago. High, 1932. Low, 1932, High, 1931. Low, 1931. High, 1930. w, 1930. * New 1932 high. Previous day. Week ago. Month ago Year ago. Two years ago High, 1932. Low, 1932. High, 1931. Low, 1931. High, 1930. Low, 1930. * EXTENSION OF LOAN TO CITY REPORTED Officials Accommodated, Says Newspaper, When Budget Deficit Is Averted. By the Associated Press. NEW YORK, February 13.—The New York Times says city officials of Detroit have arranged with a local banking group for extension to June 1 of a $7,- 500,000 loan coming due next Tuesday and for an additional credit of $5,900,- 000 to enable the city to meet current expenses. The arrangemsent followed upon as- surances by the t.h-mt "QM’ oflchl:h th: newspaper says, ve pul their flnancial house in order averted a threatened $6,000,000 deficit in_the city budget. ‘The king group is headed by the Bankers' Trust Co., the National City Bank, the Chase National Bank and the Guaranty Trust Co. nnd the Conti- nental nunnu Bank & Trust Co. ‘The new credit wlll be extended also to June 1. The describes the entire transaction as m'lctly 8 banking arrangement, not involving the public sale of securities. Both the new credit and the renewal were arranged at the annual rate of 6 per cent, the maximum permitted by law and the rate now usual for most com- munities borrowing in New York on short-term obligations. The agreement, the newspaper l?a it to 83 pursuan an arrangement Aumm whereby s total of $20,000,000 3| was to be extended to the city. The new credit of $5,900,000 leaves a final balance of $2,700,000 to be extended next month, under the terms of the August agreement. Homes of policemen in Huntingdon- shire, England, are to hl't telephone extensions to bedsides, and the allow- ance of $5 a year paid to poucmznl wives for answering the phone in the absence of their husbands is to be|had discontinued. STOCK AND BOND AVERAGES By the Associated Press. CANAL TOLL RATES TO BE STABILIZED Intercoastal Steamship Operators Agree on New Schedules Effective March 1. By the Associated Press.. NEW YORK, February 13.—Inter- coastal steamship operators have agreed after months of controversy to stabilise | Ter. I INAGTIVE MARKET Advance in Stocks Results in Increased Buying of Debentures. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, February 13.—The bond market was buoyant today, with prices rising an average of 2 to 5 points in the speculative groups and fractionally in United States Government and other high-grade securities. It was one of the most active sessions in many weeks. The investment market took its cue {from the advancing stock market. The stimulus for the buying was the new credit bill announced at Washington Thursday. In addition there was the % |fact that Henry Ford had announced his new models and called 30,000 em- ployes back to work. Wall Street is fond of recalling that in the 1920-1921 depression it was Ford who picked the turn in the market and capitalized heavily on the recovery. Again in 1924- 1925 it was the introduction of his new model A that heralded the beginning of a boom. Many bonds made sharp gains. In- terborough 7s ran up 5 points to a new top on the recovery. Gains of 1 to 3 points or more were common, notably in International Paper 5s, Texas Cor- poration 5s, Vanadium 5s, National Steel 5s. Goodrich 6s. Dodge Brothers 6. Lorillard 5s and many others. Rallroad bonds were by far the most active group and had the most uniform advance, gains ranging from 3 to 4 points in virtually all descriptions. Nickel Plate 6s were up about 4 points, Rock Island refunding 4s improved nearly as much. Erie refunding 5s ran up above their former high of the year. | Similar upturns occurred in Alleghes n)’ Corporation 5s. Baltimore & Ohio 4. Chicago & Northwestern 4%s, GrPal Northern 7s, Missouri-Pacific 5s and 512s, Frisco 4':5 and Western Mary- land 4s. Substantial gains were recorded by seasoned carrier bonds, such as Atchi- son general 4s, Norfolk & Western 4s, Union Pacific first 4s and Canadian National Railways obligations, guaran- teed by the Canadian government, giving lndlcanom of buying power as irresistible as was the liquidation of last December. Fractional advances appeared in American Telephone 5s, Consolidated Gas 5'>s and other prime utilities. United States Government long term issues gained about half a point. ‘The recovery extended to the foreign list, although this was without doubt purely a sympathetic movement. Ger- man Government 5!,s and Dawes Reparations 7s were both more than 2 points higher. German Central Bank obligations, municipals and corporate descriptions ran up too. Similar rises marked the balance of the European list. Japanese issues improved frac- tionally. South Americans were firm. Washington Stock Exchange SALES. ‘Washington Gas 6s “A"—$100 at 100. Capital Traction Co.—16 at 185 AFTER CALL. ‘Washington Gas 6s “A"—$1,000 at 100. Mergenthaler Linotype—2 at 53. Bid and Asked Prices. BONDS. PUBLIC UTILITY. & Tel 4tz & Tel ctl. tr. Anscostia & Pot. R_ R Ans. & P Bid. Asked Amer, Tel, 102 S Am. Tel. & Capital Traction ity & Suburban S5 ol El Eotomac Eiec 6 1083 < Wash, Alex & Mt Vernon . Ga G Wash. Rwy. & Elec. 4s.. MISCELLANEOUS. Barber & Ross. Inc Chevy Chase Club §'a Golumbia Country &idh sl M. Cold Btorage 55 STOCKS. PUBLIC UTILITY. 1 & Tel (9) Elec. Power 5, Wash. Rwy. & El. com. Wk Rey. & B ot ) NATIONAL BANK. Min. price. Asked. Capital (1) ......... 1 250 Columbia (12)" Commercial istamped) " (10)." Metropolitan Riges (15) Second (9e) Washington TRUST COMPANY. Amer Sec. & Tr. Co (15). Natl. Sav. & Tr. (121) Prince Georges Bk & Tr (6) Union Trust (8s) 5 Wash. Loan & Tr. i14) SAVINGS BANK. Bank of Bethesda (6%) Com. & Savins (10)... East Washington (12) Wash. Mechanics (20, FIRE INSURANCE. American (12) Corcoran (10) Firemen's (8).. . National Unio TITLE INSURANCE Columbia (6h) Real Estate (6hi. Mls"zum‘!ous Barber & Ross. Inc.. com - Col._Medical Bidg. Corp. (6).. . D. C. Paper Mfg. pfd Dist. Nat Sec. pid. Fedéral Storage i, Fed.-Am. Co Bid. Asked. i | 8 e - Peoples Drug Stores pid. (613) Eeal Est. M. & G. pfd. (8)..... Beumty !tauu :sn r. Ref. & Wh. Corp. freight rates and restore order in the |1 Panama Canal trade. A new scale of freight rates, effective March 1, was approved here yesterday and will be sent to the United States Shipping Board’s Hureau of Regulation. If approved there the into effect. of the sgreement were not Details and | announced, but it is understood s rate differential based on speed and fre- quency of service hetween New York and California points. will be estab- lished. In normal times the intercoastal Wdwd. & Lothror Wawd. & Lothrop oid. *Ex dividend, bBooks closed. 25¢ ki (1.20) [kl 827 extra. ¥2'2% extra. #3, ex ahdc 5 157 extra. Unlisted Fq:nrtment. BONDS. Minimum price Asked. iavy Club 5s. B Club 402 Army-] Cosmos trade supports about 150 passenger and | M: mfl e Announcing _the Nichol, president Steamshi) Special ml? been trying to iron out difficuities, “The intercoastal lines have reached an _agreement ich, at the earliest moment, will forwarded to the United States Bhlppin. Board's Bureau of Regulation for approval, and when approved it will be effective. In the meantime it can be said that the agree- ment contemplates new rates both east- bound and westbound, being effective March 1. “These new rates will be announced as speedily as possible. It, however, can be said that generally they will be as near w): to those that were in effect. to February 1, 1931.” —_— ‘When nearly $50 wn found on Wil- liam Lynes, arrested at Southam; of Dawnick t. R. A|N Co. and chairman of a|A ttee of Operators who | Shap! apin Sacks 87 p! Connecticut Pie Co.. Chr. Heurich Brewer: District Title Insurance Co. Frankiin_National Bank. Munsey Trust Co. ust National Capital Nort ark Savis Falcien' Hotel G5 Washington Saviny Washing Title Washington Base ‘Wocdridge-Langdon Sav. B: NEW YORK, February 13 (P).— Stocks buoyant; bears turn panicky. ln:hnd for begging, h!.'dihlm strong been received of his Sale Lib 3% 32-47. List4%s32-47 87 Allegheny bi Allis-Chalm 5537, Am T&T cv 4%8'39 AmT&T 68’66 Am W Wks 68 '34.. Am Wat Wks 63’76 Argentine May Argentine §s Ju’ Argentine §s Oc’l “. Argentine 63 A '57. Argentine 6s B ‘68 Arm & Co 4% Arm Del %343, Atchis 45 1905-55 Atcbison gn ¢s '3 Atchis cv AUCL At Gulf 63’59 Australia 4%s Australia 68 5| Australia 5s ‘67 Austria 78 '43 Austria 78 ‘67 ctfi B&O4s'43 B&O4%s'33. B&Ocvi%s 4 B&OSwav Bk Chile 6% 5 B: 1] Belgium 78 '86.. Belgium 7s 5 Bell Tel Pa s B " Bell Tell Pa 65 C'60 Berlin Cy El 68 '55. Berlin CE 6%s'50. Bk Ed £n A 68 Bklyn Elev Bklyn Man 65 Bklyn Un 1st 68'50 Budapest §s ‘62 Buenos A 6s'61 Pv Buff Gen El 434231 Calif Packing 68 °4¢ Canada ¢s Canada 4% Canada 38 ‘52 Can Nat Ry 4% #56 Can Nat 438 '57. Can Nat 4%s’68. Cent 11l G&E 55'61. Cent Pac 4349 Cen Ry NJ g 6887, Cert-td db 5% 3 Ch C&Ogen ¢%s'92. CB&Qgen 4s ‘58 CB&Q 11dv 313849 CB&Q Illdv 4s'49. Chi & Est 111 55'51. Chi Grt West 4s'69. CM&St P 43389 C M StP&P 58°'75. CM&StPedjis Thi&NW 4348 2037, C&NW 435 C 2037 C TH&SE in 5 60 Chi T H fnc 6s '60. Chi Un Sta 68 B '63 ChIIe 6863 e Cop db 55 47 StL4%sE'T7 L‘lu Term 5%s ‘72 Colomb és Jan '61. Colomb 6s'61 Oct. Colon Oi1 63°38. ... Colo & Sou 4% '80 Col G&E 58 May'52 Col G&E cou 6s '$1 Com Inves 514s "49 Con G NY 4%s" ConG N Y 515845 Con Pow Japan Ts Consum Pow 5s '52 Copenhag 4%s'53. Cuba 5%s 45 Czecho 8s 52 Del & Hud rf ¢s ‘34. Denmark 4%s '62. . Denmark 6s " 01 DRG & W 3578 Det E G&R4 %4561 Det Edison rf 5549 Deutsche Bk 67'32. Dodse bt cl 65 40. Donner St 7s '4! Duquesne 438 ‘67 Dutch East I 6847, Fisk Rub 88 "41. Fla E Coast 58°T4. Fond J&G 4%s'52. Fram | D'l'/.l'fl. Gelsenk’hen 65'34. . Gen Cable b%8 Gen Motors 6337 Gen St Cas 5% w43 German Bank 7s 50 Ger Gen Kl 7u'46. . Ge*man Tsrep ‘4 Goodrich cv 68 °46. Grand Trunk 78'40. Grt Nor %4876 D. Grt Nor 4%s 17 E. Grt Nor gn l% 36% 2 584 1000 50 100% Hud & M ad) b Humble O 6% Hungary 1% .. 111 Bell Tell b8 111 Cent 4s °6: 111 Cent rf & 111 Cent 4% ‘66 111 CCRtL&N 4% 111 CCStL&N bs A. 111 Bteel 438 "40 Japanese 538 " Japanese ¢ % Jugosl Bnk 75 '51.. %848 ww. Kreug & ‘!'oll . » Laclede 633 D 60, Lategnorsinn 'fi Lautaro Nit Leh Valley 6 L& Myors b0 b1 &Myors T8'éé.. 3 Bamn et~ Sonwn Mo Pacbs A Mo Pac ks I '7' Mo PacbsG” Mo Pac b3 H '30. Mo Pacrf6s'sl... Mo Pac6i%s A4S Mobile-Ohio bs '38. Mont P db 5s A '63. Montevideo 7a '62. Mor&Co 18t 4% #33 Nat Dairy % 8°48. Nat Rad 8%as47. Eng T 1st 53 '52. NOT&M5sB 54 Y Cgnits 97.. ¥ Cent db ¢s '34. YCrf4%s2013. 961y 1000 100% eoaky o e nnamoRa=0wD ane BonnseRoenammne Do mnas Orient dev 5% Orfent dev Pac GAE §s 4 Pac T&T 1st 58 '31. Pac T&T rf 63 ‘63 Pan Am Pet §: Paramount 6s '47.. Paris-Ly M s Paris-Ly M Pathe Exch Penn cv 4%, Penn 4% 7l Penn 4% D Penn gn 4 %866, Penn 68 '64. Penn gen bs Penn 6343 Penn P&L 4%s '81. Pere Mar 4143 ‘80 Pere M 1st 4s Pere M 1st 58 5l 4 Philippire R 48'37. Pirelli 7s '52. P CC&StL 53 & 10 Poland 63 40. Poland 78 '47. Poland 8= '50. PortGn El ¢ Pos Tel & C 53’53 Pressed St C 5833 Prussia 6s§2 . Public Serv 48 ‘71. Pub Sv G ¢%s'70. Queensiand Ts *41. Reaagn 4% A '97. Rem Arms 6s A '37 Rem R6%s A '41 Rhinelbe Rnine W . Rhine W - Rhine West 6. Rinde Jan 6%s '53. Rio de Jan 8s'48. .. R Gr Do Sul 6s R Gr Do Sul 8; RIAT&L 4%s°3¢. Roy D 4345 ww StL IM R&G 48’3 St L&SF In 48 A 50 2 StL&SFe%s'T SIL&SFp15s B StSWen4s'33.... StP Un Dep 58 '13. SanA&APds'a. Sao Pau 78°40 rot Sao Paulo 88 ‘50 Saxon P W 6%a'51. Saxon 7s ‘46 . Serbs-Cr-S1 Serbs-Cr-S1 8361, Shell Un O11 bs "47. Shell Un Ofl 63 49. Shinyetsu 6%s '52. Sinclair Ol $3%#'38 Sinc O Tscv A 3T Sine Cr O 6% Sinc P L 68’43, % 19tsa s oo SRR AR e R —rowre ‘Third Av adj bs Third Av rf & Toho Bl Pw ol Po' %s d'l. . Vanadium St 6541, s Walworth 63 A Warn Br Plc § Warn Quin ¢ %) SHOW ASSET LOSS Three Agencies of Bureaw Report Drop of $31,528,- 000 in Resources. BY CHAS. P. SHAEFFER, Associated Press Business Writer, A decrease of sbout $31,528,000 total assets of the three groups of in-- stitutions under the management of the Federal Farm Loan Bureau during 1931 was shown in its just issued annual re- port. These institutions are the 12 Federal. land banks, whose total assets dropped from $1,298.348.548 on December 31,- 1930, to $1,282.880,449 at the end of last year; 49 joint stock land bank assets dropped from $611,559,812 to $606,192,- - 067, and the 12 Pederal intermediate credit institutions, whose assets from $168,553,138 to $157,860,819. Increase in Credit Item. An increase of 11 per cent in the credit extended by the joint institutions is shown in the report, all loans amounting to $307.423,092 during the year, an increase of $35,241,801. Unsecured delinquent installments due the Federal land banks amounted to $8,016,348 at the end of the year. De- linquencies actually totaled $18,580,753, but against this amount were partial- ‘| payments of $1,726,130 and a reserve of $8,838.275. Unsecured delinquent payments of the joint stock land banks amounted to $3,624.906 after deducting partial pay- ments of $846.776 and a reserve of $3.855.697. Real estate owned by the Federal land banks at the end of the year amounted to $24,347.681, an in- crease of about $12,000,000 during the 12 months, while joint stock land banks" holdings of real estate gained about $9.000.000 to a total of $25.832.515 The combined capital stock of all Federal land banks at the close of the” year was $65.676,131. On the same date the banks had special reserves against real estate, delinquent installments, etq,, aggregating $19.538.496. legal and otlger reserves of $13.240,808 and undivided profits of $2,627.944. The total amount of bonds outstanding was $1.170.838.580, including $962.000 held by the issuing banks, but not including any bonds ma- tured or called. Bonds Outstanding. | The total amount of joint stock land bank bonds outstanding on December 31 was $542,983.340. including $3.004,- 540 held by the issuing banks. These . figures do not include any bonds ma- tured or called. nor the bonds issued . or assumed by the three joint stock land banks in receivership. Capital stock of these institutions amounted to $43,503.- 060, with surplus of about $6.000.000 +and reserves of approximately the same. . The authorized capital of each Fed- eral intermediate credit bank is $5.000.- 000. all of which is subscribed by the . United States. Of the subscribed cap- ital, $30.000,000 has been paid in. On . December 31 the earned surplus and reserves for contingencies of these banks aggregated $3.946,936 net. Washington Produce| - 26; tub, current re- Butter—One-pound prints, 25. Eggs—Hennery, ceipts, 13al4. Poultry, alive—Turkeys, old toms, 153 18; voung toms and hens, 20a22: thckms 3 pounds and over, 16a18; 2 broilers, 1!. to hens. large. 17a18; Leghorn hens, 14; roost- young. 45a50, old, 25a35. dressed—Turkeys, old toms, young toms and hens, 23a25; 3 pounds and over, 19a2l; pounds. 21: broilers, 11. to 23a25; hens. large. 22a23; 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. 16. medium, 15. pork loins, 11; fresh jhams, 13; smoked hams, 16al7; strip bacon, 16al7; lard, 50-pound tins, : package, 7: compounds, 6!3. Live stock—Hogs. light. 4.15; me- dium, 4.30: heayy. 35023.90: pigs, 3.50a 380: roughs. 2.00a3.00: calves, 4.00a 9.00: lambs. 4.00a7.00 Pruits—Strawberries, pints, 10a15; quarts, 15a30; apples. bushel baskets, 1.00a1.25; box stock, 2.00a2.25: oranges, 3.00a3.50: grapefruit, 1.75a2.50: lemons, 4.00a4.5C: honeydews, 2.00a2.50; plums, Chile, 2.00: grapes, 3.00a350; kegs, 5.00. bananas. 1.50a2.00: alligator pears, 250a3.00; rhubarb, hothouse, 5 pounds, 50a65: pineapples. 4.00a4.50. Vegetables—Potatoes, Maine, 100~ pound sacks, 125; New York, 1.15; Idahn pakers, 2.40. sweets, 60a85; string beans, 1.75a2.00; limas, 6.00; peas, 7.25a8 8.00: lettuce. Iceberg. 3.00a3.50: peppers, 3.25a3.50: cucumbers, 4.5025.00: celery, 2.5023.00; tomatoes, repacks, 2.25a2.50; kale. 50; spinach, homegrown, 50a75; hothouse. 1.00; Texas. 85a90; squash, 150 eggplant. 3.00; beets, 2.50a3.00; carrots. 3.5024.00; cabbage, crates. 2.00 a2.50: broccoli. 2.50a3.00. salsify. dozen, 50a60:. parsnips, 1.25a1.50; artichokes, 4.50a5.00; watercress, 75 okra, 3.00; as- paragus, soulh Carolina, bunches, 50, RIVER CHANGE FOUGHT 14al5; small._15a17; ers, 10; keats Poultry. 18a21 | Nebraska Irrigators Would Prevent Diversion by Colorado. SCOTTS BLUFFS, Nebr, February 13 () —Plans to resist Colorado’s re- ported attempt to divert waters of the North Platte River through tunnels un- der the Medicine Bow Range and into the Poudre River Valley were made here yesterday at a meeting of 200 Ne- braska irrigators. Attorney General C. A. Sorensen pledged help in protecting Nebraska reclamation _projects. The question of water rights of Nebraska, Colorado and Wyoming ir- rigators may be carried into the United Statef Supreme Court. The Nebraskans conte-d the Colorado tunnels would drain off much of the subsurface Te- turn flow now watering Nebraska acreage. )Il!mmm l’noel Upheld. MONTHIZAL. Quebec, February 13 () —By secret ballot a general meeting of members of the Montreal Stock Ex- change yesterday upheld the Governing Committee in maintaining “pegged” or minimum_prices below which certain stocks may not be sold. ‘The exchange imposed minimum prices up a large number of stocks on the weeE end of September 21 when Great Britain departed from the gold standard. With certam _exceptions these prices have remained in effect although some have been reduced. Exchange Seat Price Dropl. NEW YORK, February 13 (#)—Ar- rangements were made for the sale of & New York Stock Exchange membership at $134,000. a decrease of $1,000 from the previous sale. Low. Close, 988, Tgstn S&T bs B'Y!