Evening Star Newspaper, February 20, 1932, Page 15

FIN | DESULTORY SELLING TS BOND TRADIN Market Reacts Stightly, With U. S. Government Issues | Hesitating in Rise. Special Dispatch to The Star. NEW YORK, February 2).—Bond| prices reacted today in desultory trad- ing. The failure to continue the recent advance was obviously the result of cautious lightening of market commit ments in advance of the two-day holi- | L <ay United States Government Bonds, af- ter their steady climb of the past few cays, hesitated at the opening and then ceclined !, to % points on mod-rate offerings. These descriptions were not 50 much affected by the foreign situa- tion as they were by domestic develop- ments, such as the Federal Farm Board's announcement that it intended | to adhere to its plan to sell 5,000,000 bushels of wheat per month and the | fear that the Treasury might announce financing plans over the holiday. The corporation list was lower, but not importantly so. While there was little inclination to push prices of rail- roads and industrial bonds higher, there was an almost entire absence of liquida- | tion. Speculative carrier issues, such as ‘Erie §s, Nickel Plate 6s and Alleghany | 5s, and industrials like McKesson & Robbins 518, Dodge Bros. 6s and Na- tional Steel 5s, worked fractionally Jower. Utilitles of the better grade and prithe rail bonds were steady. closing levels. Fresh weakness in ven | exchange, following the renewal of Sino- | Japanese hostilities at Shanghai, brought about the pressure. (Copyright, 1932.) DIVIDENDS DECLARED ;. NEW YORK. February 20 (#) vidends declared. Extra. e, 55 F'n‘x' o te. riod. able Minaged Jnv Tne -i0e .. Nat Fin of Am pf 15 Initia Nat Pin of Am..15c _Di- Hidre, of record Feb e M Apr. 1 Mar 10 Mar. § Mar. 8 Feb. 18 | Elec Stor Bat Apr. Apr. Mar. Mar. 31 Mar. 31 Omitted. Rate. Period. Due $175 Q Dec. Mar 3| South Am Rys Walthan Waich Do Bt . 44-54. Ksd7-52.. 45 102 Alleghany Cp Allegheny s ARegheny & '50. | Alli-Chaim 6s 87, AmTETcve%esd AmT&T6n 66.. Am T&Tetrbs "C. Am T&T 6ns {60, Am T&T %8 ¢ Am W Wksbs B4 Am Wat Wks 68 ‘76 Am Wr Pap 68 °47.. Arrentine 6% 62, Argentine May §1. Argentine §s Ju'ds. Argentine 63 Oc’69. Argentine 68 A '57. Argentine 6s B 6! Arm & Co ¢ %s Arm Del 5348 43 Atchison gn 48 AtICLclts 3:;:;Ns~:flwmua %5 P o 3 PITDTIOPS: Sy o =3~ {B&OSwavba 5o, | Bk of Chile 6%s '67 Ban & Aroos 4851, Ratav Pet 444 "42. Belgium €3 °56. .... Beiglum 6%s 43 Belgium 78 ‘58 Bell Teil Pa b8 C'60 Berlin Cy E Berlin CE %8 Budapest Buencs A §s'61 Duff Gen El 4 %#'31 Quiit Pa Canada Canada 4% 'l Canada &8 '5: Can Nat Ry 43, Can Nat 4% '57. Can Nat 4348 '8 | Can Nat 65 Oet Can Nor 4 %88 Cent !ll GRE 53’51, #52 Apr. Apr. Apr. eb. H | Mar. 18 i Mar B ‘ v i Managed Invests .. Natl Fin Am pf. New Bedford Cordaxe, 4 Feb. 18| N V k Ovm-ns E'l Omxreh pails 8% st PL ... Pe. Q Q N c M M s Q b4 Q Q 3 Q Q Q Q Q Washington Stock 'E'xrchange 5ALE§ ‘Washington Gas 65 “A"—$1.000 at 100, | 31, ooo"fc 100. $100 at 9934, Mergenthaler Linotype—10 “at 44, 5 at 4. Notice—This exchange will be closed Monday next, Washington's Birthday. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel. Am. Tel & Tel u}{ 45, 5 n} % Clvllll City & Georgetown Gas 1 Potomac Elec. Cons. 57 Potomac !l!( Hs 19 h.. Alex. & Mt “lshinllol\ Gl! L Wl-mnnnn Gas 58 h. Gas 6s. ’ Wash Gas 6. series B . Wash R'\ & Elec. 4 lll!CuLANEOLS Barber & Ross, Inc.. 615 Eoliznia Coun ‘i""’cx 55 bja Countrs Ciu W . Cold Storase 82 STOC KS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) ash. S Wb B ER ST G Cent Pac 45°49.... | Can Pacific ¢ 148 4§ Cert-td db 633 48. | Ches Corp 55°47... |C&Ogenaizarsz. C B&Q 1st rf 5571, Shi & Est 111 5551, Chi Grt West 45'59. Ch! Ind&Lou 63'66. (Chi M & St P as'89. C M&St P 4% s 39, 5 un&:\\v cn 4% CMRI&Prt ChiR1&Pa% ChIRlcval Chi Un Sta 4%s '63. C& W Ind en 45’52, t'iile bs ‘&0 Colomb 68°61 O Col G&E cou bs Com Inves 538 '49. CC Md 18t rf 5860, ConG NY 4%s '51. ConG N Y 5%s'4b Con Pwr Jap 6%s. Con Pow Japan 7: Consum Pow 5s '52 Copenhag 4%s 53. Copenhag 65 '52... Del & Hud rf ¢ Del & Hud § 3 Denmark 4% Denmark 6%s '65. . Denmark 63 42.... D& R Gren 4s°3s. D&RG W 5s'55.. Det Edison rf §s'49 Deutsche Bk 67 '32 Dodge bsr cl 65°40. Duauesne 445 ‘67, Dutch East I Nov.. E! Salvador 854 Erie 13t con 4s 9. rer e m gy Finland 5%!'5 Finland 6%s '56. .. Finland 7s '60. Fisk Rub Sales. High. 39 96 9614 1004 100 THE EVENING SAR. WASHINGTON, SATURDAY, FE BRUARY 20 . Low. Close. Pae 5% Mobile-Ohio 58 Nassau Etec 1851, Nat Dairy 8 % NOT&M6sB OT& Mb5%! Cent 4343 2018 Crfim &n zon Z2LLLLL L 4-4*" C YCI!!LM‘" . NYC&StL 4 %s Norf South t\or. Wnevis A Ner Pac 43 '97. Nor Pac bs D 20. Norway 5s 63 Norway Orfent dev 6s '§3. PacGRE S8 42, .. Pac TAT rf 53 '52 Pan Am Pet 6 Paris-Ly M s Paris-Ly M 78 ‘68 Penn 418 D81 Penn gn 4% '65. Penn 434870, Denn §s Penn $%s Penn P&L 414 P A - PN o P R Phil & Reac §s " Pillsb F M 88 . Poland 63 '40.... Poland 78 '4' Poland 855 Port Gn El 4%'60. Pos Tel & C 53’83 Publie Berv 48 '71.. Pub Sv G 4%48'67 Pub 8v G 4%s'70.. Pure Ol By» Queensiand 1 Rem RE%s A 47 Rhinelbe . Rnine West & Rhine W l Rhine W Rhine West 'l. ln 5 R Gr Do Sul 63 '¢8. RIAr& LA%s 3¢, E3 Fan s 2t LASF In 48 StL&SF4%s . StS Wen4s's2. 5e Sao Paulo 8850 Saxon P W 6%43'5) sn.u Un 011 is 49. Shinyetsu 8148 52, SincO 7scv A Sine Cr O 6% Sinc P L 6x 42. Sou Bell T&T bs 41 SW BRI T 58 A Sou Pac col 4 " 2 CwS e Saameatn SR8 Sou Ry gn s Sou Ry 63’58 2w Ame s pts m B0~ Tcx & Plc 58 B 7'l. Tex& P5sC” . Third Avrf 4 Third Av adj Toho Bl Pw & Toklo 5%s ‘$1. Tekio El Lt §s 5. » Unit Dre cv 68 °5 Utd King 6348 °37.. U S Rub 1st 68 "'I UnSt W » Wretem B MG D Ud 8t W 53%=C'51. . Uruguay 65 '64.... Utah P& LBs 44, Utll Pw 5359 ww. Utll Pow 5% 8 °47.. Vanadium St 5#°41. Vienna 6# 52 Va Ry & Pw Va Ry 1st 53 Wabash 4248 w 57% 72 66 LI 814 363 581y 57! 72! 66 64 5818 364 55 56 42 19! 46! [ v BONDS o weenwa ] SESSION ON CURR Received by Private Wire UNITED STATES. (Sales arp 1n noon) - Low. bed &l 1% DULL AND HEAVY Professionals Are Absent From Trading, Holding Vol- ume to Small Limits, % il Special Dispatch to The Star. NEW YORK, February 20.—The Curb Exchange finished lower today. Heavy from the start, the session exhibited virtually nd rallying power. ‘Transactions _were relatively small when contrasted with recent sessions, owing to the absence of many profes- slonals, who were spending the week end holiday out of town. Invocatioh of the new rule prohibit- ing the lending of stock without the consent of eustomers had little effect on the curb, where the short position always has been small. About the only eventual effect it will have on the curb will be to restriet slightly the activities of professtonals on both sides of the market, since a market without a fair amount of shorts 15 a one-way affair nnd ther!(m technically dangerous to !:ltcmc Bond & !hlr!, old and new stock, eased. Interna Buperpower, Standard Ol of Indllm, Hydro-Elec- tric securities, Cities Bervice, rallway ‘lnfl light securities and other shares yielded fractionally. The new when-issued stock made its initinl tape appearance at 10:45 a.m. at 311, up '4 over the previous trade of the oui- i standing shares. The new stock repre- sents a consolidation of three present shares for one new share, subfect to the official approval of shareholders at their March 22 special meeting. Consolidation of shares for the pur- pose of bringing up their market quo- tation, or for the purpose of reducing par values and thereby maintaining ths continuance of common dividends, is becoming quite popular these days. Hiram Walker-Gcoderham & Worts, Ltd, shareholders are to vote on & recapitalization plan, which provides for the consolidation of three of each four existing common shares into one cumulative preferred share. The fourth common share will remain as at present. (Copyrixht, 1982) BONDS ON THE CURB MARKE :| Sales in in thota i Dour.a-rlc BONDS. High Low. Close 9 19 B 4 Asso Elec Ind 4'.s SAsea snssgmenns By, Bl 40 m Gltles Seryice s 'soA 3 Gitteg Servics % oo TV 151 5 Cit Serv Pn.: B‘:: ;; SE R 9 Comwlh u Bt T CBral ol ast Ut Inv gton Util 8s ‘82 Long Islan t Long Ln.L & 45 s255RREE2IEISRSS 3’.“...-.,... ooy EEHESEE Electric Bond & Bhnel NEW YORK CURB EXCHANGE Rec¢eived by Private Wire Direct to The Star Office. Stocks sold 1h 100-share lots éxcept those designated’dy letter —Prev. 1031.—~ High. Low. 87 Bl % W 48 56% 12% " Sales— Air Investors vie. Aluminum Co of Am. 6508 5 Alu €o of Am pf (6). Aluminum Co Ltd... AmCitPw& LtB... Am Com Alco (new). Am Cyanamid Am Founders. .. Amh Gas & Elec ( Am Invest Inc (B).. Am Lt & Trac (2% . Am Mg Co. .22 Am Mg Co pf (5)... lou Am Maracaibo. . Am Superpower . Am Superp 1st (§) Am Yvette Co.. Inc Appalachian Gas Arkansas Nat Gas, Arkans Nat Gas A Ark P& L pf (7) AsS0G&EI (A) b§% . Ass0G & Eict (8) Al Coast Fish Atlas Plywood Atlas Utl] Corp. Atias Utilities war. . Blue Ridge cv nf(a8) Blumenthal (S). Brastl Trac L&P(1) & Brill Corp A. E Briil Corp B. Buckeys P L (4) Bulova cv pf (318).. Burco, Inc. . Cent Hud G&E (80c) Cent Pub Sv Del. . Cent PubSve A..... Central States Blee. . Cities Service (g30c) 128 Colum G&E cv pf(5) 1008 Cmwith & Bou war.. 16 Consol Gas Uttlity A 1 Gas Balto (360) 2 ntl GRE pr pt (7). 508 Cord Corv. 2 Cosden O11. Creole Petrojeum. Cuneo Iress (21) & Cusi Mex Mining.... De Forest Radio - Dubtlier Cond & Rad Durant Motors. Duquésne Ga: East 8ta Pow (B) East Utl] Assocev.. Edison Bros Store Eisler Electric. Ele¢ Bondl!n(bll) 285 Elec B&Shpf (§)... Elec P & Lt op war. . + Europ El Ltd A (30¢) Fageol Motor. Ford Motor. Can.. A Ford MLtd (136 3-5¢) Fox Lheater (A).... Golaman S Gold Seal Elec new. . GtA&PTeanvisly 508 Gt At&Pac Tea pf(1) 1008 Gulf Ot of Penna. .. Hackmester Lind... Hecla Mining (40c). Horn (A €) Istpf... Hydro El Securitfes. + Hygrade Food Prod. Insull Investment. .. Iwsurance Security. . Intercontinent Pet n Int Petroleum (1)... Intern Supespr (1).. 1% Int Utilities B P ST oS b 2 prma =Sede 10% Add 00. Open. High. Low. Close. Prev. 1931~ High. Low. a » 5 Y # Magd: Marg: M % Mo-Kan Nat Bd Pan Am Pub Util Railway St Regls n Investing pf Swift & Co (2). vift Internat’l (14) Syracuse W Mach B. Technicolor Ine..... 3 Texon Oil&Land (1). Tcbacco Trans Lux DLPS Tri-Cont Corp war Tung Sol Lamp(1) Unit Chem pt pt (2). Unit Gas pf (7). UnitLi& PwA (1), U'S Inter Sec Ist pf.. U S Lines pf. . Util Po & Lt (hlol.) ty Equitfes..... Van Camp Pkg Van Camp Pkg pf. ker. Wenden 12% 53 Wolwth Dividend nual payment a Payatie in avidend stock stock Stock and Dividend Rate. 24% Lack Securities (4).. 1 134 Lake shor Mines (f) Long Iseu pt B(8) Long Is1d Lt pf (1).. 108 ) AR s Bottling (A).. Meniph N Gas (60¢ Mid West Ut (b8%). NAt Aviation. &8C Nat Investor: : t Pow & Lt pf New Jersey Zine (2). N Y Shipbullding Cp. Niag-Hud Pow (40e) Niag-Hud Pow Bw., Niag Share(Md) 20e. Niles-Bemt-Pond (1) Northern Pipe Line n Nor St Pow A (8). Ohlo Copper. ... Outboard Mot A. PacG&E 1stpf1%. Paramount Motor. .. Pennroad Corp (40e) 4 Penn Wat & Pow (3) Philip Morris inc. .. Pion G M Ltd (12¢).. Producérs Royalty. . Pub Utll Hold = % Republic Gas Corp. . Reynolds Invest. .. Roosevelt Fleld inc. Rossia Intl Corp. Sec Allied Corp (1).. Segul L & Hawr.. Sle Indalctfs(5%).. Shattuck Den Min. Skenandoah Corp. Shenandoah Bajes— Add 05, na Synd. . 10 ). Pipe Liae. .. = o Bmmem 3 S B o on i R RIS e 1S R e e RIS D 00D i e e TR i M I NN B0 A Alrways.... - Hold war o S & Lt Sec(2) Paper. . & All Stks.. e 0 (e 2 e H (23¢) Conper. L Everybody’s Business New Shore Selling Curb Effective April 1, Held Doubtful Way to Aid Degpressed Trading. BY DR. MAX WINKLER. NEW YORK, February 20 (N. A.| N. A).—Yielding to the demand made upon it by Congressmen and certain business interests, the New York Stock Exchange will put into effect restric- tions designed to curtail the activities of shorts—that is, of speculators for the decline. Beginning April 1 the exchange will require Ifi!clfic written authorization from brokerage house customers for loans of stocks by customers. Hereto- fore loans of stocks carried in long ac- count were permitted on the same basis as the pledging of customers' stocks at the banks as security for loans. While it is true that the above action by the exchange will oblige shorts to cover their commitments, thereby bring- ing about an advance in the price of shares of corporations affected, the question may well be asked as to what will take piace in the affairs of the company to warrant the maintenance of such price levels. Quotations rise or fall in aecordance with actual de-| velopments of a favorable or adverse nature. Manipulation, of course, plays & very importdnt part, but only tempo- rarily. In the long run fundamentals determine price movements. Speculators Get Blame. has happened before. fited from what has transpired in the past. Once again Hegel is right. We learn from history that we learn noth- ing from history. | Measures to curb short selling were | adopted almost three and & quarter cen- | turies ago. They did not work and had | to be made more rigorous. It is of in- terest to recall that when rulings put into effect by the Amsterdam Bourse at | the instance of legislators, who were \commced that the continued down- | ward trend was the work of a few bear speculators, did not accomplish the | hoped-for results, the government was requested to levy a tax upon short sell- | iny 'Prnmp!rd by the conviction that the existing laws prohibiting short sales could not be enforced. a Dutch jurist. Muys van Holys, recommended the levy- ing of a tax on short sales. In a study written in 1687, wherein he sets forth his reasons for the enactment of such law providing for the imposition of a levy on short sales, Mr. van Holys makes the following remarks: “Speculators for the decline operate with large sums of money and impair rather seriously the credit standing of companies by spreading reports of an unfavorable character. They delve into | | the deepest state and business secrets | nnd do not hesitate to attack even the | government and excite the masses in | order to profit the more * * * widows, orphans and institutions are seriously hurt b;" the speculatcrs & la Baisse ‘What should be done to cure this evil?” ‘The tax referred to above is the remedy which Mr. van Holys suggests. | Accused of Self-Interest. | It is of interest to observe the com- ! ment made by a contemporary of Mr.| van Holys early in 1688, which ran 2s follows: i “If Nicolas Muys van Holys knew as much about commerce, the backbone of the country’s economic and financial structure, and upon which is based the No one has bene- | New York Cotton NEW YORK, Febrvary 20 (Spe- cial) —The cotton market today ad- vanced early on firm Liverpool cables ECONOMY PLANNED BY TRANSAMERICA New President Holds Stock- holders Should Not Be Burdened Now. By the Associated Press. NEW YORK, February 20 —John AL Grant, new president of the Trans- america Corporation, yesterday aid he would advocate salary reductions for officers of that company on ground that “stockholders should not be asked to carry all the burden when times are hard.” Mr. Grant gave his first interview in Wall street. In describing the broad policies of the Transamerica Corpora- tmn under the changed management, he said *any stockholder can ask us any question he wants. Our cards are on the table.” ‘The new company president said he had already cut his own salary 10 per cent. He was originally offered $25,000 a year to assume the presidency This he declined becausz, he said, he thought it was too high under present circum- stances. His salary was then placed at $20,000. In the Wilmington, Del., meet- ing last Monday when control of the corporation was wrested by the Gian- nini interests from Elisha Walker and his associates, Mr. Grant was selected in place of J. A. Bacigalupi, former president, who received $60,000 an- nually. Cut Own Salary. “Today,” he said, “I cut my own pay 10 per cent. I do not believe that officers should expect to receive the same salaries in bad times that they did in good times, especially when the stock is not paying a dividend.” he personally would recommend tha othcr officers accept similar cuts, he explained, this will be determ! ed by Mr. Giannini “Mr. Glannini's polittes Wi be my policies.” Mr. Grant. who went to Transamer- ica Corporation from the former bank of Italy of San Francisco, was moved into the presidency from his post as manager of the London office of the corporation. He paid high tribute to Mr. Glannini. “Already,” he said, “the Pacific Coast is feeling the psychological benefit of Mr. Giannini's action in again taking control of Transamerica Corporation. In giving his entire time and services to the corporation free of charge, he has impressed people with his unselfish- ness and devotion to the company. I don't believe there is another mag- nate of Mr. Giannini's ability and in- Plans No Reprisals. Mr. Grant said there would be no reprisals by the victorious Giannini supporters as a result of the recent | struggle for control of the company. “I am here” he sald, “to clean up some affairs in the New York office of Transamerica Corporation. We are go- ing to move the headquarters office from New York to San Francisco. “Business of the Bancamerica-Blair Corporation will go on as before. There will be no change so far as I know. Nor will there be an Mr. Giannini said after the stockhold- | ers’ meeting that every man is entitled to his epinion. I feel the same way and wish to repeat what Mr. Giannini previously emphasized.” Mr. Grant said that Transamerica Corporation’s bank loans were virtually and further active foreign trade buy-|the same as they were one vear ago ing. but lost most of the gain under March liquidation, Southerm selling and week end liquidation on the weak- ness in the stock and wheat markets. The clore was barely steady at 1 poin higher 1o 5 points lower. Spots were unchanged at 7.05. An opening advance of 3 to 7 points was attributed to a continuation of the foreign buying movement. It car- | ried the price of May contracts back to 718, or 55 points above the low level of February 11, but buyers were supplied by week end realizing or Southern selling, while there may have been some local selling influenced by tte action of the stock market. Prices teased several points after the initial buying had subsided. Liverpool cables were several points better than due on the New York close | of Friday and houses with Liverpool connections were again buvers here during the early trading. The recent relative firmness of the English mar- ket would seem to have been promoted by an improved demand for cotton cloths and cable advices received here today sald that the increase in the buying of cotton cloths by India was maintained. Brokers with Continental and Far Eastern connections were also buyers at the opening. {Copyriht, 1632) CH!CAGO STOCK MARKET CHICAGO, February 20 ().—Follow- ing is the complete official list of trans- | when they stood at $20.000.000. None | of these loans, he said. had been placed ‘,v.Lh banks controlled by the corpora- ion. The corporation’s stock interest in the National City Bank of New York, | received in exchange for the company's interést in the former Bank of America |of New York, would not be disturbed, he sald, so far as he could tell now. He |said the stock interest, which amounts to 9 per cent of all National City Bank stock now outstanding. was not large encugh, in his opinion, to justify any attempt by Transamerica Corporation to ngtuin representation on the bank's rd. In outlining his ideas as to salary reductions for officers. Mr. Grant said that the corporation had already scaled down company salaries to the amount of $400.000 annually. Six or seven vice presidents, he said, have resigned and their places are not being filled. “There will be no dismissals,” he said Throughout his interview, he repeat- edly said that Mr. Giannini was the directing force back of Transamerica and that his own comments were made purely as his own. Baltimore Markets Special Dispatch to The Star BALTIMORE, Md., February 20— White potatoes, per 100 pounds, 752100 sweet potatoes. bushel, 35a80; yam: barrel, 1.25a1.50; bears. bushel, 1 2.50; beets. crate 75a3.00; cabbage, Transamerica’s new president mV' er since the collapse of securities prices in the Fall of 1929 it has been held that the shrinkage in values would | not have been quite so pronounced were | it not for the activities of speculators | actions in stocks on the Chicago Stock | hamper, 1.00al.75; carrots, bushel, 1.00a Exchange today: 1 1.25; cm.hfio\wr c*a!e 1.75a2.00; celery, crate, 1.50a3.75 bushel, " 30a35; 16's | Bruseels sprouts, 10al5: lettuce. crate, € |25023.50; onfons. per 100 pounds. 3.00a AN nation’s prosperity, as he does about e corpus juris he would not have pro- | posed a new tax in addition to the many which are already interfering with the country’s trade and industry 2% 114'% 116 315 541y 222 2 2R AL P 4is 6T Niag Falls Pf‘u 6s 50 132' Gapital (141, Con Ut 51 Columbia 112)’ Gommercial lllkmpem RS 1S 1t 1 2 Tt 15D 29D 6 Gen Baking 5%s 40 Gen Cable b8 '47 Distrigt, (¥ Fed Liberty 47|» Lincaln (1 ; Metropoll un (Hl nd Wasninwton (17) TRUST COMPANY. - & Tr Co. 115).. Bs) . . Wash. Loan & Tr. (14). SAVINGS BANK. hesda (64) Washing! rotomu Qo). Sav. Com. Belenth streer (1) nited states (30, nics (20). PIRE INSURANCE. American (12) Corcoran, (10) REe *uio L INSURANCE. 1a ¢ ) e ok MRTH MISCELLANEOUS. Barber & Ross. Inc, com . Col._Medical Bidg. Corp. D. C. Paper Mg, pid.... Dist. Natl Sec, pfd Emet. Bromo-Selz. @ Federal Storage pid Ay g0 101 olu o eal Bid. Asked. w &y n‘m Corp. (11 "h ’1 Lothrop com. (1 vd\d & Lothrop ofd. (T) - 52% extia. Unluted B:;:-rtmen!. imum BONDS. Mmr.‘nge Jpra nomuA Anacostia Ban] Cbapin llck} A pr annullm; it fct Title Insurance Co.... g‘n‘r{k‘lln Nat lunll Bank...... . rionkl CAD nn !muxl{w! “co. 5 S28LSE! ashington T ashingt Bate Bal Woodridse-Langdon. Bas 820 German 6%s German Bk § Ger ("en Bk & Ger Cen Bk §: Geman Ts rep ‘49. man Bank 78 '£0 15 Ger Gen El 7845 Goodrich ¢ Good 15t 6%s '47 Goodyr Rub b# GrandTr sf db Hait! 6 52.. Hav El Ry 6%s'51. Hud & M ad) bs '67. Humble Oll b8 '37.. Humble O 3% s '33. Hungary 7%s "44.. 111 Bell Tell 68 111 Cent 48 '53 Sent rf 111 CCStL&N 111 Steel 434840 Int Rap Tr 6886, . Int Rap Tr sta '66 Int Match 68’47 Int Pap 53 A *47 Int Pap 6558 Int Ry C A 58°'72. IntT&T4%s’52 Int T&T cv ¢%8'39. Int T& TEr'56.... Irish Free St 58 ‘0 Italy is'51.. Japanese 54 ‘5. Japanese 6%s Kan G&E 4%s'80 Karstadt 6s 48 Kreug & Toll $8'69. Laclede 5%s C'53 . ‘1 Leh Valcv 48 200 Loriliard 5s ‘51. Lorillard 78 La & Ark 58°60. Lrons 6334 Market St 7s Marseille 68 3. Mex 4s asstd 1904 Mid¥ale Stl 5 Milan 6%s ‘52 Mil E Ry & L 6 M StP&SSMcn ¢s.. eDeante =0 enng 3 100 West MAs%a West Union 58 Wick S ev et Wil & Co 18t Wis Cent gen 4338 Yokohama 6s ‘$1 tgstn S&T §s B'70 L TSSO YU SE - 29 Grain Market e 2 3ma Tama 2 r2-0 102010000 210 0900 60 i i 91 b me o0 R S 0222 TUTITIINT T 2238 5 533 NPT CHICAGO, February 20 (Special).— Theé wheat market sold sharply lower at the start today due to week end profit taking sales influenced by the easier Liverpool market. March opened at s.'h. May, to 62%. 61% to 6114 Corn was weaker with wheat. 42%; September, 433;. September, 4335, 3 July, 82% After the flnt half hour March was 57%: May, 61%: July, a:‘\ ay opened at 40!5 to 40; July, 42'¢ to After the first half hour May was 40, July, 421%; q In 5 P & 6s 57 3 Super of i 4t .4 3 Super of flin isam Oats were lower with other grains. Bt O May opened at 253; to 25'4; July, 25% After the first haif hour May to 257. was 25‘& July, 25%. Provisions were without a trade early. SHORT- TEBM SECURITIES. (Reported by Chas. D. Barney & Allis-Chalmers Co. 5 Americsn Chain Co ‘I |iZz meri & Te c‘”h 1935 fi’u. B3 e i A ) §emee’si 3 x ffll Cul L3 i‘ i %3 . Texes 93 " New York. Chi_ Northwestern Tels R. Co. szsmss:g:s:ms:ss’:gg o o e v e n!a‘ 3 Wes Tex Ut s A '51 Hlli Salesin FOREIGN BONDS. thousands. Hich. Low. Close. e A{r vadx 34 :(‘-I it 2 G e ul:uron IR N fl-t 7 e ; '§ IDV‘ s"’n 4 ;i e iR SRR W aemes 2! n—-wuhont Warrants, Whln issued. for the decline and that it was a mere handful of professionals who were con- | spiring from time to time to depress quotations to their own advantage and the detriment of the country at large. In the course of the recent hearin, relative to short selling a former New York benker intimated that the number of such bear operators was 20, without, of course, naming them specifically. It is these mysterious 20 men who regu- Iate the movement of prices. It is they who are in a position to de(x econotnic laws and dévelopments in the fleld of finance and politics, both domestic and foreign. The market responds to their whims and acts in accord with their wishes. The witnéss would have per- formed a real service had he named these 20 men who are possessed of such unusual talént and extrnordlmry skill. However, short sellilng—that is, sell- ing for future delivery—was and is not confined to a relatively small number. It has becdme a new industry in the United States. Short Selling Popular. In days gone by, when the Nation was still young, and little was known of new era doctrines, short selling was indulged in chiefly by a few important stock mar- ket operators. Today even the small fry trlen its hand at it. The odd-lot trader from Maine to California and from the horthernmost part of the United States to the Gulf of Mexico has found it profitable to go short of stocks. He just stlls and covers at lower figures. The why 4nd wherefore Interest him not. The profit alone counts. The way of achiéving it is irrelevant to him. Two and a half years ago he bought and profitéd if he knew enough to realize on his holdings. In nine cases out of ten he did hot, He was caught in the crash of 1929. He now seeks sal- vation by pursuing the diametrically op- polic; will ha iuve Jearned a lesson from me evénts of 19292 Hardly. becrll! u;vul ccumb how as he succum on- satisfaction is afforded him. ne $.90: is éredited with unusual powers, 1e halvely believe hitn capable of m‘e the matket. He is held responsib) for the decline in prices and all the unpleasint consequences which lower quotations entall. He is ted out as a menace to soclety, and those whose holdings decline in price, even if not in value, SHout from the housetops that justive must be meted out to him. The jaw 18 invoked against him. lators are impressed and give serious thought to the énactmeént of bills which will put a stop to the public enemy. nm at the naivete of attacks, is hardly necessary. * * * Tt is reliably reported that Muys van Holys had confided to & well known | broker on the fioor that he had pub- lished his plan concerning the levying of a tax on short sales primarily for the purpose of depressing prices and | renpins profits by the recessio anuary 31, 1689, the law u(mg | short sales was passed. (Copyrisnt, 1832, by the North American | Newspaper Alliance. Inc.) CHICAGO LIVE STOCK MARKET‘ CHICAGO, February 20 M’).—Cflttle. 400 head; compared week ago, all| grades fed steers with weight 25 higher; better grade light steers and | long yearlings steady, but common steers 25-50 higher; this leading to | narrower price range; all fat she stock | 20-50 higher, with butcher heifers and | medium yearlings showing most gain; bulls and vealers about steady, both classes scarce, not many heavy steers in run; choice kinds absent; no strictly choice cattle any weight -in receipts: extreme top long yearlings, 8.75; 1,300- pound bullocks, 8.65; few heavies above 7.50; bulk all fed steers, 5.25-7.25; aver- | age cost around 6.25; stocker and feed- ers worked up with lower grade kill- ers; bulk, 4.00-5.00. Bheep, 5,000 head; today's market nominal; for week ending Friday, 100 doubles from feeding stations, 2.600 direct; killing classes, 25a50 higher; . lambs showihg maximum advance: closing market again turned bullish under active local buying regaining earlier 6.85 top, closing bulks follow: Better grade lambs, 6.2526.60;, fe 6.7586.85; choice, 96-1b. weights. 6.50: medium offerings, including few loads sultnble for feeding purposes, 5.25a llers; throwouts, 4.50a5.00; m ewes, 3.00a3.75; clipped lambs earlier in tweek, .00. Hogs, 11,000 head, lneludlm 9,000 direct; active, lteady 170-210 1bs, 410!‘.!0 top, 4.20; 260-300 lbe., ; few, 140-160 Ibs., 3.8524.00: Digs, 3.0083.25; p-uung 3.3083.5 compared week shippers took XSM)' estimatéd overs, ’000‘ light lights and choice, 140-160 lbs, 3.83a4.15; light weights, 160-200 1bs., 4.0084.20: medium weights, 200-250 lbs., 3.9084.20: h 'tl(hh 250-380 1bs, 3.70a3.95; pack: m .50; G ‘m hol a A and cholce, l?b 1 0&8!75. 30 lbs, 8. Students,of Glasgow, Scotland, raised | | more than $40,000 for charity in one day recently. 00 100 Gt Lakes Aircralt ... 150 Gt Lakes Dredge ?vnfllusull yul 350 Insull U pf Ind 100 Kalamezgo Stove ¢ Switch . Y wnw tand. Urited i 20 Nax Rep inv . mmm Stand. 100 Noblitt-Sparks 2B RendanSanawdioSa adeuas ey =S eSB! til & Ind til & lnd n( kd 8tock sales tod Bond sales tod BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, February 20.— comSTOTKS, Last ?1 Oredit 8'5% pfd s com.. Sales. 0 Merchants % iners’ Trans 0 New Amsterdam Cas Co 15 Pa_Wate! 0 t: o s B S Police Court at Hyattsville. HYATTSVILLE, Md. Februai (Special). —The regular Laurel an attsville sessions of Poilce..cuu wl held Monday, Judge-J, Ghow Bheriff an- nounced today. 20 4.00: peppers, crate, 1.5023.00: spinach, bushel, 60280: squash, buchel, 1.00a1.75; tcmatoes, crate, 1.00a3 hamper. 15a25; apples, bust grapefruit, box, 1.25a 2.00a4.00; strawberri Dairy Markets. Chickens, young. 20a21; 17al8; old kens, 14al8; Leghorne, old, 14al15; roosters, 1lal3; ducks, 12a geese, 11a17; pigeons, pair, 20a25 turkeys, 15a30. Eggs. receipts, 975 cases; firsts, 15; Western firsts, 15 Butter, good and fancy creamery, 21a 24’:; ladles, 15a16; process, 19a20; store packed, 9a10. Live Stock. Cattle—Receipts, 200 head; market steady. Steers—Good to choice. 6.00a 7.00; medium to gocd, 4.75a5.75; fair to medium, 4.0024.75; plain to falr, 3508 4.00: common to plain, 3.0023.50, Bulls—Medium to good, 3 4.00; faie to medium, 350a3.75; plain to fair, 3.2523.50; common to plain, 3.00a3, Cows—Medium to good, 3.5024.00; to medium, 3.25a3.50; plain to fair, 2.5023.25: common to plain, 1.50a2.50, Helfers—Good to choice, 5.0025.50; me= dium to good, 4.5045.00; fair to medium, 4.0024.50; plain to fair, 3.0024.00; c°m- mon to plain, 2.5023.00. Fresh cows and Springers, 30.00a60.00. Sheep and Lambs—Recelpts. 100 head; market steady. Good lambs, 7.60a7.40; sheep, 1.0023.50; lambs, com= Leghorns, nearby i 1mon to medium, 4.0026.50. Hogs—Réceipts, 600 head; market mady Lights, 4.45a4.85; heavies, 4.10a 4.40; medium, 4.7024.90; roughs, 2.75& 3.75; light pigs, 3.7524.10; pigs (00‘ 4.55: Ohio and Western tng® 10 to 20 cents higher than quotstions. l Calves—Receipts, 50 nead; marke§ steady. Calves, 4 0029.00. _————— Gillette Sales Increase. NEW YORK, Rbflllr{ 20 (P —Wall Btreet interests expect the Gillette Safety mzor Co. 1931 statement to show earnings of about $1 a share. In 1930 the company reported earnings of 83 a shares January sales are said to h shown & suhsunual increase, 01d Geman Soldier Dies. Gustay Kottmann, believed to be the oldest German soldier actively engaged in the World War, has died at Weveling- hoven, Germany, aged 89. He fought in un wars of 1065 and 1870, and when ' the World War started, Kot{man volun- teered in spite of his 70 years. spent two years on the Western Froat.