Evening Star Newspaper, March 12, 1932, Page 13

REACTION N BONDS CARRIED FURTHER High-Grade Issues Record Losses as Selling Continues. BY F. H. RICHARDSON, h to The Star. Bpecial Disps NEW YORK, March 12—The reac- tion after went in bonds, which has developed a month of continuous rally, further today. It included not only the speculative but the high-grade A issues and Government obligations. The volume of transactions was equal to the hourly average of recent full sessions. In view of the heavy trading in them Friday and their sharp declines, there was keen interest in the action of the Missouri Pacifie issues. ‘While they showed more resistance, their tone was heavy. The general 4s sold at a new low price for the movement, wn.h/quue large offerings under 30. The 5'ps, In | which the widest speculative distribu- | tion ocourred, were down a point. Securities associated with them even indirectly were weak, notably Alleghany Corporation s, | &her Jjunior bonds with a heavy tone | were the Nickel Plate 5lus, Chicago & Northwestern 43,5, Baltimore & Ohio convertible 4'as, Southern Pacific 4128, Frisco 4s and Illinois Central 4%s. International Match and affliated Kreuger & Toll bonds were conspicuous- ly soft, the latter declining 2'2 points and registering & net loss of nearly 6 points in the last two sessions. Inter- national Telephone 4'is and 5s firmed up, t Postal Telegraph 5s. on which interest was not earned last year, slumped fractionally. The foreign list was irregular, with early declines in the German govern- ment loans. followed by & later recov- ery. but at the same time heaviness in German industrial dollar loans and in some of the municipals and bank issues, The rapid rise in Argentine government 6s this week developed profit-taking in the first hour, but sub- sequently prices in this group im- roved. 2 One incident of the market was an ce of several points in 8t. Jo- seph & Grand Islands 4s. which have gained nearly 10 points this week and are 23 points up from the low of the T. ye;{elrl_v all government bonds and ‘Treasury certificates were lower. The losses ranged from % to % point. This ‘was not surprising in view of the grn- longed and extensive advance in these obligations. MUNICIPAL FINANCING SHOWS SHARP INCREASE By the Associated Press. NEW YORK, March 12—Municipal financing scheduled for next week th:’t of recent weeks by l.;ide mfi and suggests some re-awi ning - of municipal b Proposed against $10.185.788 in the week just past, eckly average for the year to 6.148,350. City has , and & date of $1 York 000 at Washington Stock Exchange. SALES. ‘Washington Gas 6s “B"—$100 at 100, $100 &t 100%. Potomae Electric Power 6s 1953—$1,000 at 10515, $1,000 at 10514, Capital Traction Co.—10 at 19. BONDS. Bid and Asked Prices. omac Elec. Co Fotomac, lmecgus 1653 ash.. Alex Washibgton Ga, Washington Gas 5s Gas 6. series A Gas 6, series B. " Rwy. & Eiec. 48 | Barber & Ross, lnc., 6%s. Chevy Chase Clup 5as Columbia Country Club 5} W. M. Cold Storage bs STOCKS. PUBLIC_UTILITY. A & Tel (9) Cepital Traction Co. Wash. Gas L N & mer. Tel sh Rwy. & El com. ( Wash. Rwy. & EL ptd. (8) NATIONAL BANK. Capital (14) Columbia (12) . 5 Commercial (siamped) (10) District (8) P e Fed.-Amer. Natl Bk & Tr. (2 Liberty (74)... s e Lincoln (i0) Metropolitan’ ( Riggs (15) Becond (9e) Washington (1 140 Co Sav. & Tr (131) Prince Georges Bk. & Tr. (8) Union Trust (85) Wash. Loan & Trust (14).... SAVINGS BANK. thesda (8)) vings (10) ton (13) Sec. Sav. & Com_ Bk. (1T) Seventh_Street (12) e Inited States (30) | Mechanics (20) 8 | FIRE INSURANCE. erican (12)... coran (10) a5). Bank of Be Com Am | c emen’s (8). . tional Union '(18) TITLE INSURANCE. Fi Xa Columbi 1015 Real Est o . te (8h) 160 Bid. Asked 08 o | 5 i 35 0 31 ) il 02 8 @ A3 S O t com Loturop pfd Unlisted Department. p BONDS. i vmy-?hvr_ Club 55, Bid Asked ower Hotel ropolitan Ciub 4433 ... 55 Bldg. 1st 5'us STOCKS. acostia Bank Sovene istrict Titie Insurance Co. anklin Natl Bank. o Trust ast ng: vings Bank Hotel Co Sevings Bahk . . '8 on Titie Insurance Co. § W [ovs v BONDS wosimmer | I evelved by Private Wire Direct to The Star Office UNITED STATE (Bales are m Lib 3348 32-4 L % L [ u Sales. a“ 5 1 3 2 7 4 7 .12 10 6 Abitib! P&P 58 '53. Adams Exp 48’48, Alleghany 65 '49... Alleghany 58 '60. .. Alll halm 5= '37. m Chain 6s'33. Am F P 552030 AmIGChb% Am Bug Ref 6 Am T&T cv 4 AmT&T bs 86 Am T&Tec tr Am T&T s s . Am T&T s '43 Am Wat Wka 6576 Argentine 5m ‘45 Argentina 534 s Argentine Ma: Ary Ary Arm Del 5% Atchis atchiscy At Gulf bs Bell Tell Pa Berlin Cy K BerlinCE6%s Bk Ed gn A Bklyn Elev at b8 Oct Can Nor 63u d Can Nor Tt db Can Pac 41 Can Pac 4% Cent Pac 45 ' Cert-tddb 5% Ches Corp 58"47 C&Ogen4Y%s’sy C&O0 4348 B '35 CB&Qgn 4s 5! CB&Q4%4s'TT CB&Q Istrf 5 CB&Q1lldv3 Chi & Est I1] 55'51. 6 Chi M & StP 4%sC CM&StP4¥s's),, C M BtP&P 5875 C M & St Padj i C&NW 4%s C 2037, Chi & NW en 4%s. . Chi&NW rf 55 2037 i uaneRal ol enS R e SaSaen C& W Ind on 45’52, C& W Ind 5%58'62 - o PR E BB 1 Colo & Bou 4% n Col G&F. 5s Col G&F cou s Com Inves 5148’4 Con G NY 51845, Cubs 51845, ... Cuba RR 85 ctf'36. Denmark 4% s Denmark Y, Denmark 6s Det Edison rf 55'49 Deutsche Bk 6s'32, Dodee Br 1 6340, Duquesne 414 '67. Dutch East T 6s'47. Finland 5% Finland 6s " Finland 614 Fisk Rub 84 French 1x 49 French Tis"¢ Gen Motors 63 '37 Gen St Ca Gen Th German 5 German Bk 6s Ger Cen Bk 68 GerCen Bk 65’600 9 German 7srep’49. 25 German Bank 78'50 Goodrich ev s '45. Goodyr Rub 5&'57. Grand Trunk 7540, Grt Nor 4= Grt Nor gn 5% s Grt Nor en Greek 6363, Hud & Madi 5 Hud & M rf Humble Of] 58 °a7, Humble O 515s ‘22 Hungary 7%s "¢ 34849 . 63740 | 111 Cent 4552 11] Steel 4%s 0. .. Int Rap Tr 5s'86. . Int Rap Tr Int Rap Tr 6s'3 Int Rap Tr7s'32.. Int Cement 58 Int & Gr Nor Int & Gr Nor Int Hvdro El Int M Co bs ret '41. Int Match bs "47 Tnt MM eol tr Int Pap 6s A " I T&T Y Int T&T ev 4% IntT&T Italy 7 '61. Japan Japans e Jugosl Bnk s Kan City Sou 5850, Kan City Ter KKend 5% ‘48 w Kresgze Found 6x'36¢ Kreug & Toll 68'69. 8; LacGStLgs" ton Base Ball Club.... Wosdridse-Lanedon Sar. Baik. 5 ‘The census of 1810 showed nearly Laclede 5%4a C’ Laclede 5%s D '60. Leh Valcv 45 2003, Lig & Myers 5s°'51, 1 s "6 100 10 1006 100 10 .. 21 1024 9. 1 59 = 3 9827 99 100 16 100 18 907 9018 9210 9215 9520 9620 9528 21 9720 9720 100 17 100 28 10216 1081 High. 41 6TW 834 32 28 28 ROy 82 P 70 mn Low. Close e 41 674 674 83% 32 28 2T 881y 82 4l 70 70% B84 01% 9815 67% 81 R0 5% 84 41% 613 90% 84 R4 881 9% 101% 1 % 98y 6714 81 801 751 84 4% 61% 90 84 8814 9 100 72 85 131 100 72 85 134 13% 59% 36 248 0% 24% T | 8515 | 83 | 92 1043% 104% ARy 397 94 100% 1 66% 84y 954 0% 73% 41% 1% 51 85 5 5815 53Y 247 247 115% 115% | 116% 116% 102 102 59 00% 66% 8415 5% 91ty 73% 414 414 51 55 36% 64 RT3 98%, 004 48 98%, 1005 1 48% 54 THE EV 4 Lyons ¢s'34. . . McKes & R 534850, Manh Ry 1st 45'90. Market St 75 '40. Mexico 58 A "45. ... Midvale Stl 65 '36. . Milan 63%s'5. MIIERy & L 5 Mi1 El Ry&Lt §; M StP&SSM en ¢ M StP&SSM by g MK&TdxB'62 MK & Tadj 5s MK&T prin GsA’ Mo Pac gn 4575 Mo Pac 58 Mor&Co 1st ¢4 s'39 Nat Dalry 54« Nat Steel 55 '56. . ., NOT&MG6sB 54, Nw 8 Wales 55 '57, Nw S Wales bs '58. N Y Centdb 4s'34, N Y Cent 4%s 2013, NYCrf4%s2013, NYCrfimbs2013 N Y Cent @b 6s '35. NYC&StL4s'37.. NYC&StL 43487 NYC&StL5 14 mA" NYC&StL 6s'32. N Y Edison §s N Y Ed 1st 634841, NY EL H&P 454! NY S&W 1st N Y Tel 4%s No Am Co 58 Nor Am Ed bs Ogden&L Ch s 'l:. Pac G&E §s 42 Pac T&T 1st §s Pac T&T rf 5 Paramount 6 Parls-Ly M 6 Paris-Ly M7 Paris-Or §%s Penn 45 '48 sta Penn 4% s D'81 Penn gn 415865, .. Penn 615 '36 5 Penn P&L 4% 81, Peor & B 15t 4540, Pere M 18t bn Peru 68 '61 Phila Co Phila Elec 4s Phila & Read Poland 7s ‘47 Poland 8s ‘50 Port Gn El 4% Porto Alegre Prussia 6s '52 Pub Sv G 4%s Pure Oi1 5% 837 Queensiand 6s°47., Read gn 4% 8 A 97, Rem Arms 65 A "37. Roy D 4s 45 ww. StL IM R&G 45'33. St L&SF In 48 A ‘50 StL&SF 448’73, StLSWends'32,, StP&KC SL 4%s'41 Sao Pau 7840 ret.. Sao Paulo 85 '36. Saxon P W 624851, Saxon 78 '45. Seab A L 48 st '50 Serbs-Cr-81 78 '62. . 8hell Un Of 58°47. Shell Un Of 5849 slair O 6148’38 Sinc O Tscv A'37... Sine PL58‘42..... Skelly O1 54839, Soissons 68 '36. ... | Solvay Am 5u Sou Bell T&T 68 " SW Bell T 58 A '54. Sou Pac col 4% '49 Sou P 4%n'6s ww Sou Pac 4% ‘81 Sou P&Or 41487 Sou Ry gn 4s'66. ., SLOI Swed Swiss Talwan i%eT Tenn Cop 6x 44, ., Tenn Bl P 6« A ‘47, Texas Corp 5 44 Third Avrf 4s 60, . Tokio EI Lt 6, Un Pac 1st 4 ¢ Unit Drg oy is Utd King 5%s U S Rub 1t 5y " UnSt W eise A'47. UAStW 613aA51, s Util Pow 615547, . Vienna 6 52, Walworth 6145 '35 Warn Br Pic 6539, W 5 West Union 5s '51 West Union 5860 West Un 614n 36 Wil-0 15t 6148 33 Wil & Co 1t 6341, Yokohama fs YRSUN S&T G A Ygstn S&T 65 B Busines, NEW YORK. Ma. tant to place orders goods market pendi, demand from retaj 8 A retar influence is the prevailing in ma try. 1% 63% 3T a7 49 51 56 41% 50% 46 8% 43% |ing to the American Glass Review Plate glass manufacturers continue to 85% 60 911 48% " 53 1 10 101 101 l The National \Jh sociation has adde widespread protest regards the position that ufactured or The sudden anticipate increased automobile industry. rable yolum and a fair siged indications that wholesalers ding factor of ru-tn, extremely cold weather ny sections of the coun- against rOPOS manufacturers' sales tay, or b e provisions for imposts on The association takes the rl‘ll looa;.h .mwhecmr man- W, should be from the operation of the prvpoud"mmd Jump in orders for win- Second hands have been offes busing 1 88 10 101% 8 B9% - vanwneh v o-aEelvsmanechan-neSomenanS oSt susen mBRonBaansenatasm e a0 5 | B 3914 | 40 | 625 | s Notes Tch 12 —There are | are reluc- | In the primary dry ng an expansion in | stores for Bprin olesale Grocery As- d its voice to the business from the " e of print 'Qf:f 3 !in better shape | geese ess has been don reports in trade circ! t sales were made on slstant to the president . 3813-inch 64-60s and Waa -inch 80 squares at SHINGTON, NEW UTILITES TAX PLAN IS EXPLAINED [Levy of 2.25 Per Cent on Gas and Electricity Sales Proposed. BY GEORGE E. DOYING., The new tax on electric and gas utilities is to be included in the manu- facturers' sales tax instead of being ap- plied to the bills of domestic consumers, according to the provisions of the bill submitted to Congress by the Hous: Ways and Means Committee. Instead of applying & tax of 5 Rer cent or more to gas and electric bills, together with more or less similar rates to such articles as automobiles, radios, etc., as was proposed by the Treasury Department, the committee ap] tly determined to play no favori and recommended a general sales tax ap- plying to everything other than certain necessities of life. Producer to Pay Tax. The new tax, which will become ef- fective 30 days after the bill is passed, will require the payment of 2.25 per cent on sales of electricity and gases or any other commodity used for pro- ducing power, heat or light, but not in- cluding real property. The tax is to be paid by the manufacturer or pro- cer. d“'r;rn question of whether the tax will apply to the output of municipally owned electric and gas plants is ex- pected to produce at least one of the court cases that probably will arise from the new revenue law. It is likely, however, to be decided in principle In a case now pending before the Supreme Court of the United States. The court heretofore has held that a State cannot tax an activity of the Federal Government, and recently dis- missed for want of jurisdiction an action brought by the State of Alabama to collect a State tax on the electricity produced at Muscle Shoals. The court similarly decided when the State of Oklahoma undertook to assess an in- come tax upon royalties received by Indians from oil produced on lands held by the IP:ld:nl Government in trust for the Indians. Thereafter, however, the Federal Government insisted upon the payment of the Federal income tax by recipients of royalties from State lands, and the State of Oklahoma reasoned that this revenue likewise should be exempted. Other Features of Bill. The case has reacted the Supreme Court in an action by the Commissioner of Internal Revenue against the Coro- nado Oil & Gas Co., which was argued recently before the court and will soon be called for re-argument. That the court is closely divided on the question was indicated by the trend of questions by the justices at the origh hearing. In addition to a tax on gas and elec- tricity, the new revenue bill provides for & tax of 5 cents on each telephone, telegraph, cable or radio message for which a charge of more than 30 cents and less than 50 cents is made, and a tax of 10 cents on each message for which the charge exceeds 50 cents. (Copyright, 1932.) “ILIVE STOCK PRICES IN SUDDEN ADVANCE Chicago Quotations on Fed Steers and Yearlings Rise 50 Cents to New High. BY FRANK I. WELLER, (Associated Press Farm Editor.) While other points around the circuit reacted In a degree to the factors re- sponsible for Chicago’s ‘‘whoopee” live stock market after one of the most dis- mal periods of the season, they were in- clined to go slow pending development of a definite undertone. In a suddenly reversed trend Chicago shot fed steers and yearlings up 50 cents for a new high set of prices on the cur- rent crop. The average cost of steers and yearlings promised to stand around $6.40 or better, the highest since Jan- uary, and the top moved up to $8.90 for a four weeks record. The upper crust of the crop brought $8.25 to $8.75. Around $4.50 was the lowest anything could be bought that would hang up in carcass form Hogs bounced up to the $5 mark for the first time since November 13, sales running 35 to 50 cents higher than a week 8go with pigs uncovering a 75 cents to $1 rise and packing sows fin- ishing 35 to 40 cents higher The $1 to $1.25 jump in fat lamb values was the scnsation of the market Upward of $7.75 was pald for lambs closely comparable with $6.60 offerings at the close of last week. Numerous loads [omg to shippers and city butch- ers at $7.60 to $7.75 stood the highest since last October and were exactly $1.75 above the year's low spot It is a question whether Chicago did not reflect a strictly weather market rather than any basic improvement Country roads froze enough to allow movement fom deeper interior points where stock has been fed longer and is Too, it slowed up shipments of dressed meats when cold weather appetites were ready to take more beef, pork, and mutlon than usual. Apparently the decresse in receipts at Chicago was greater than at most other points and instrumental in an early $1 advance in beef, $4 in pork loins, which sold nearly $8 above the low time less than a month &go, and substantial gains in lamb and mutton, Baltimore Marke Special Dispateh to The Blar BALTIMORE, Md White potatloes, per 150; sweet potatoes yams, barrel, 1.258150; beans, bushel, 2.0083.75, beets, crate, 2.356250; cab- bage, hamper, 1754250, carrots, bushel 15081.75; caulifiower, crate, 1.7523.00; celery, crate, 150a300, kale, bushel, 2535, lettuce, crate, 2.00a3.00; onlons, per 100 pounds, 36044.00; oyster plants, 100, 5.0087.00, eggplants, crate, 1.50a 250, peas, bushel, 225a3.00, peppirs, crete, 1508250, spinech, bushel, 1 15a 1.35, squash, bushel, 125a2.00; to- matoes, crate, 50ad 50, turnips. hamper, 25840, apples. bushel 90al.7: fruit, box, 1008200, oranges 2258425, strawberries, quart, 25a30 Dalry Markets, Chickens—Youug, 2346, 22a24, old hens, 18ad0 12818, roostcis, 1lal3; 11al8, pigeons. guinea fowls 30ab! gs— Recelpts, 1,197 cases ..ul}ph 123, duck ;u’. 16830 Bulter—Good and fancy, creamery, 22025, ladles, 18al6, process, 19830 store packed, 10all CALL HEADS R, F. & P. RIOCHMOND, Va. Muaich 12 (Spe- clal) —Norman Call who was elected president of the Richmond, Fredericks- rg & Folomac Rallroad at a special meeting of the board of directors held in New York yesterday, hus been in the continucus service of the company for more than 30 years. He succeeds Epps Hunton, )i, who died st his home here March b Mr. Call, who was born in Richmond and educated i the public schoals here, s b3 years old and frst entered the employe of the rallroad as secretary to the president 1y 1001 He lator beoame relary of the oompany and then ma- and in 1830 made vice presideni, which office Ume March 22— 100 pounds, 75a bushel, 36a60; 1 Leghorns, Leghorns, old, ducks, 'y palr, 30830; current ATURDAY, MARCH 12, 1932 N. Y. CURB MARKET ||BRITAIN SEEKING : Received by Private Wire Direct to The Star Office. CUR SHARES DL N LGHT TRADIG Market Closes Slightly Low- er—Some Inactive Issues Move Widely. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, March 12.—Except for A brief spell of activity just a few min- utes before the close, the curb ex- change session today was a dull affair. During the first hour trading was exceedingly quiet and few shares fluctu- ated more than fractionally. Later some of the inactive issues moved Widely. Prices at the end were, for the most part, slightly lower. Electric Bond & Share partially re- covered its loss of the preceding session. Middle West Utilities, Cities Service and Standard Oil of Indians were virtually unchanged. Ford Motor, Ltd., a few minutes before the gong, came out at & {ractional gain, New York Transporta- tion in its first appearance this year sold at 2014, up 1% YIELD FROM MOTOR TAX PLACED AT $43,102,575 By the Assoclated Press. ‘The National Automobile Chamber of Commerce has estimated that passenger cars, motor trucks, parts, tires and ac- cessories alone would yleld the Govern- ment $43,102,575 under the 2.25 sales- tax provision in the pending revenue bill. These estimates, made on the as. sumption that production in 1932 would equal the output last year, disclosed that the tax on nger cars would amount to $23,869,689; motor trucks, $4,247,887, and from tires, parts and accessories, $14,985,000. The tax on passenger cars would average $12.94 per unit, the chamber said, based on 1931 production of 1,845 - 000 cars for the domestic market. This output had a wholesale value of $1,060.- 875,000, or an average value per unit of $575. Bales in thousands. 13 Aluminum Co §s '52 § Aluminum Ltd 55 ‘48 1 “mwih Pw 6 '40 DOMESTIC BORER. Low. Ol 4 96 4 5 pe ey apREes. suseene-aas e e ] T 222 T & 2238 N 3 S228852308:! N £ S m Cent Stat Elec § 10 Gent St kecSuas 34 gCent St PAL 5las 53 nsum Pow 4':s '58. nt G & E 55 A ‘58 i3 o SEEEES BEE3E2RBE2052III22RIZILTS: F i 9. s A ‘53 s C '56 Indnap Bs A 57 nsull Utilit !‘3 40 Int Pow Sec 75 D '38. 88 nternatl Salt 85 '3i ntern Sec Am 55 '47 ntersta Power 85 nterst i 3282 EIB-2IR bkt & Stocks sold in Stock and Sale— Dividend Rate. Add. 00. High. Low. Closs Aluminum of Amer 258 48% 4B% 50s 147 147 147 1 % % 4% 4 % N Armstrong Cork. .. Gas & Elec... A0 G&EADI%. Asso Gas & E war Atlas Utllittes. ... Benef Ind Loan 1% Blue Ridge. ....... Blue Ridge pf (a3). Brasil Tr L&P (1). Brit Celanese rcts Canadlan Marenni, Srnrm anman te. . . Comwth Edison (8) Comwith & Sou war Consol 011 Cooper Beas pL A . . Copeland Prod (n). Cord Corp........ Corroon & Rey pf A Ccaden O11. Cosden Oil pt Crown Cork Intl A. Cusi Mexicana Min Darby Petroleum. . Deere & Co.... East Btates Pw B Eisler Elec Cor Elec Bond & Sb6% Elec B&S cm pf(5). Elec B& S pf (6). . Kl Bond & Shn wi. Flec P & L op war. Elec Sharehld pf a§ Emp Pow pt (2.24) Europ Elec deb rts. Falcon Lead. Fanstel Prod. Fischman & Sons A Ford Motor Can A. F'd M Ltd p 36 3-a. Foundation For Sh Fox Theaters A, .. Glen Alden Coal(4) Gold Seal Ele Goldman Sach: GulfOllof Pa..., Hudson Bay Min, Insull Inv BaSawm IO 1 DD b (0 e e 30 00 33 e 0 e et 0 e D03 S 1 S o 2 ! Ins Co N Am (2) Insurance Sec Intercont Pet Int Petrol (1) Int Util war new. Italian Superpw A . Lone Star G n(60c). Magdalena Syn. ... S - & | & Payabl and Sale— Dividend Rate. Add 00. Migh. Mass Util Asso. ... Mavis Bottling A. . Mich Gas&Oll.... Mid West Util b8 % Mo Kans Pipe L., .. Mont Ward A (7). . 20s | Nat E1 Pw A 1.80 Ni Transport (3). gara H Pw(40c) 28 $h Md (20¢).. a Elec (40e). . 8 Nth StaPwempf 8 108 Paramount Motors Pennroad (40¢). 5 Philip Morris. Pubd Utll H!d war. . Radio Prod. .... Reybarn. . Roosevelt Fleld. Rossia Intl. . South Penn Ol (1). Sou Cal Ed pt B 8o West Ga: Stand Motors Stand Of1 Ind (1).. Stand Oil Ky (1.60) Stand Pub Srv A Stuts Motor Cai Sun Investing. Sunray OIl... Swift & Co (2) Switt Intl (14) Tastyeast. .. . Tech Hughe (§0c) Tobacco Prod Del.. 1 | Trans Lux DL P | Tublze Chatel B. Un Amer Utilities. | Utd Chem pt pt (2), United Founders. United Gas United Gas war. .., United L&P A (1).. 1 United L&P pf (6). U 8 Elec Pw ww. .. US&Intlistpf, .. United Verde Ex 1. Util Pwr & Lt. Util & Ind pt 1% Van Camp Pack. Walker (H) 25¢. ... Welch Grape J (1). 25 Wenden Copper. ... West Alr Express. . Wiwrth Ltd 23 3-6e Wright Harg 133c. 2% “Y" Oll & Gas. . * Dividend rates in doliars based on quarterly or semi-annual payment. dividend. tPartly extra. {Plus 4% in stock. in or stock. bPavable in e “PEAPE St [H n stock. us 2% In Plus 10 in stock. I e PP bed . COTTON PRICE VARIES WITH EXCHANGE RATE Fluctuations in Value of Pound Have Affected Market Dur- ing the Week. By the Associated Press. NEW YORK, March 12—Fluctua- tions in the cotton market here during the past week have been attributed « |largely to readjustments of differences between the Liverpool and New York markets due to the rapid cl in sterling excl u:fi These naturally led to both the ing of previous strad. dles and the placing of new ones, but the volume of arbitrage business tapered off toward the end of the week and the market became quiet, with the price vely narrow. In a general way there has been buying on the declines attributed to the trade which has been a little more in evi- dence around the 7-cent level for May contracts, while buyers have shown little disposition to follow up the ad- vances. The latter have met some Southern selling or realizing, and the market at the end of the week was quiet enough to indicate a disposition to await fur- ther developments, including later re- ports as to the effects of this week's cold wave in the South. Temperatures below freezing have been reported over the belt, with the Gulf Coast, and reports reaching here State that much of the early-planted cotton in the Rio Grande Valley will have to be replanted. On the other hand, the opinion has been expressed in some quarters that temperatures have been low enough in many sections of the South to kill off some of the bo!l weevil, and that this may react favor- ably on the coming crop. The figures of the International Cot- ton Federation on world’s consumption for the first half of the season placed 1% | the total of American lint at 5940,000 T . = E288335 328888328 & Proct & Gam 4% B8 No T 2228838 2388L Ml Bouth O g T P& Loy 38 8 ohh 0 Ntelhs 202 lon & Co s ‘44 a2 g ¥R & o lec & & 1. i b ferv b 14 Waldart-Astor 7 '8¢ { W Rews Dot ‘& 44 2 1 oa Tox 5 A BT 6244 éfl \as 137 1014 o Whon' ) IS i FOREION BONDS. s 39! 8 B E) ! 4 ::: 294 ur Bl L% Con 2! & NERRERSaREsL ran! i it r o) 1 tl bales, against 5278,000 for the corre- sponding period last year, a sumption of all kinds at 11,470,000 against 11,164,000 last These figures seemed about in iine with ex- pectations and evidently failed of any material effect on the immediate market. ey Canning Trade Outlook Better. NEW YORK, March 12 (#).—A period of greater stability in the price situa- tion of the canning industry is fore- shadowed by the recent advance of some officials in the industry. The canning business generally has shown in the past few weeks a general better- ment in the price trend, it is asserted. ity CHICAGO STOCK MARKET CHICAGO, March 12 (#).—Following is the complete official list of transac- tions in stocks on the Chicago Stock Exchange today: 150 Assoc Tel UMI. 10 Backstay-welt 180 Bendix Av Binks Mix 00 Borg-Warner ent Til Sec.. nt Pub Ser 400 Cent & 8o W Sery. 1000 Cities 100 t. dis. 4 T & £ Z - o BBl PP L SR, -2 W SuiaS et RUREEREE 2 lo} BB eS G SEE, “ Buloi St ZERERER S ;@e}égfi 2285m0s! <5552 E5aEeds c:fl@ 28, necs 55 pizinotEE cold weather extending down to the (b in case prices of pineapples, in the opinion | 4t | « | and concern. 1| banking standards. STOCK BORROWING Wall Street Bears Are Finding Dif- ficulty in Short-Sale Operations, BY FRANK H. McCONNELL, Associated Press Pinancisl Writer. NEW YORK, March 12—The big Wall Street bear is not so cocksure to- day as he was one month ago. At that time he was inclined to the conclusion that the latest New York Stock Exchange restrictions on short flm. would be lzlie tdymc his paws with ue paper. But developments week have caused him to -huemm’: head in doubt. ‘This doubt is so that serious consideration is being given in some quarters to the advisability of forming @ new corporation to borrow stock against which bears could sell the mar- ket short, The proposal has been placed before some brokerage authorities who are debating whether the public will be willing to loan stock so freely in the future as in the past. To the IB:cuhclve is vitally t. A short-selling bear without borrowed stock which he could use to sell would be as powerless as a foraging mountain gri ‘without le&h power to drive him through a berry The latest stock exchange restriction provides that be; next April 1, no stocks can be loaned by its members to short sellers without the written con- sent of the owners. Form letters asking for such permis- sion have been sent out by brokers in the past week to thousands of cus- ‘bear, the answer varied and urprlnn!. Some Wall Street houses state that the majority of their customers have already sent back their written consent; other report that lat refusals have been returned in many cases, and still others report that their customers in a number of cases are ready to lend their stocks provided they are given a cut on the premium or charges which the brokers levy for this kind of transaction. AUTO INDUSTRY AIDS DEALER ACTIVITIES Producers Are Building ®p Credit Standing of Retail Outlets Throughout U. §. By the Assoclated Press. DETROIT, March 12—It long has been the boast of the motor car in- dustry's engineers that they always have been and always will be able to produce something new with which to attract trade when a lull appears in the market for automobiles. Both in and outside the industry, however, the feeling has grown that the “something new” that will furnish the impetus for the return to normal conditions will come, not from the ef- forts of the engnnen alone, but from the executive ces. It is from the executive offices that orders have gone forth in the industry that distribution is the battleground in the campaign for 1932 business. Prob- ably never before in the history of the * | accrued from golny & | pension last tomers. The answers are described as May STABILIZED POUND |Parity May Be Effected at Some Figure Between $3.50 and $4. s Special Dispatch to The Star. NEW YORK, March 12.—It may be | premature to discuss the date when | Great Britain will stabilize her o= |change and the rate at which stabifi- 7y | 2ation will be officially established. The i\fluu‘.lm. however, has been actively promoted by the sensational rise in sterling this week. 3 It is unlikely that stabilisation will be effected this year. There are advan- tages to Great Britain in continuing her present program, which promotes the economic and trade benefits that Off the gold stand* ard. In effect, sterling had been stabil- ired at slightly under $3.50 for the pound for some time prior to the latest move in it. It was only when the pres- ence of selling for London account was lifted that the market entered its pres~ ent buoyant state. Devaluation of Pound. Few believe that the pound will be Teturned to 1ts old parity, although, fol- 1 the announcement of gold sus~ September, predioti made that this would occur within & reasonable time, It is now recognized that in order to cope with her competi~ tors England must devalue the pound in the same way, though not to the same extent, as did France some yeary 2go in bringing down the franc to less than one-fourth of its original figure, It took a long time for the Prench goys ernment, as well as the authorities in Belgium and in Italy, to arrive at a des cision with respect to the element of value of their national currencies. Aa period of study will probably be given to the subject by the bankers and Olinlm %n h.ng' d_ will lon that the poun be stabilized somewhere between $3.50 to 84. This is & revision of earlier estimates of what it would be necessary for Great Britain to do to correct her financial situation, rgr the earliest judg- $3.24, representing a depreciation from _m&y of approximately one-third. ling did not get quite so low this time as it did in the war crisis, .when it touched $3.18. It has now had a re- covery of 50 cents in the pound. It is generally admitted that the po= sition of the British has im- proved AGENCY DISCUSSED | snouscement . Informal day was to the effect that the portion of the credit will be g:unn it lx‘x. dueim'i‘h‘e. general cated by the year end t position and the steadlly less favorable status of Pren? economy, with the prospect of - drawals of gold from the Bank of France in contrast to the goid accre= tions of the past two years. 3 (Copyright, 1832.) y Special Dispatch to The Star. NEW YORK, March 12.—Unusually small fluctuations c gn n;:t d"l:y Ammb.hcl: in Live ; roug! early sel , bul ering best figures of the seision ,ff;',md.:,’f ings. Bpots were unchanged at 7.05, . Cotton range: High. Low. Close. 6. . [¥ e mber| 18 January 7.60 Eastern Rolling Mills. BALTIMORE, March 12 (Special) — The Eastern Rolling Mills for the year ended December 31, 1931, reports a net loss of $514,888.15, after provision for depreciation, which compares with & net loss the year before of $320,954.90. The company's gross sales amounted to 39,635 tons, or $2,381,047.37, as com- pared with 49.332 tons and $3,741,- 378.31 in 1930. The balance sheet shows total current assets of $1,545,658,45 and total current liabilities of $165,583.05, BB il Construction Contracts. NEW YORK, March 12 (#).—Heavy engineering contracts awarded in the United States in the past week had s valuation of $14,232,000, according to the Engineering News-Record. This compares with $10.702,000 for the pre- vious week and $36,945,000 in the cor- responding week last year. . Refrigeration Sales. NEW YORK, March 12 (#)—Unit sales of leading refrigerator producers during the first two months of 1932 are belleved to have been as much as 15 p;: cent )txoxdhell- than in the corr;‘:e- spondin, per ast year, says t Standard Statissics Co. e BALTIMORE STOCKS. Special tch to The Star. B.IBALINORI, March 12— e 5 23 Black & Decker com 7 Gonsolida 3 Pidelity & Deposit Co. Last snjes. Loss industry—at least since it entered the mass production stage—has the dealer | been the center of so much interest Not only the manufac- turer, but the banker as well, is ex- pressing more concern in the dealer's activities. “Manufacturers,” said one leading banker in the region where most of the world's motor cars are made, * endeavoring to make their local deal- | ers crydit risks on the basis of | Argentine Auto Trade. By the Asgociated Press. Trade reports from mate that about 2,500,000,000 pesos are ttx:flmwd ':l"fm in the ccm.‘:erce m ustry , servicing using utomotive vehi) vehicles. This figure approximates $700,000,000 at the present rate of exchange, and is a gain of 270,000,000 pesos during the last five years, The amount at the close tina esti- 2855 FEE It sull Util 8s 1 103% of 1931 was sald to be equal to more | than 50 per cent of the capital invest- ment in rallways in the Argentine, 35 New terda; Cas Co. 138 U°8 Fidelity & Guaransy: Market Averages By the Assoclated Press. 2y 2 fem et 1] 3 2 o Ramnhmnesasaas 553 S8R AES2e8II82Y = 2a; ot A R Pttt B b Jwo miliion children from 10 to 15 years of & cent he was holding at the k. of age gainfully empioyed. ‘ of Mr Hunton's death, Lori'lard 68 '51.... which was placed at around 4,000, 000 pesas 1n 1621 e il 9 524 $24 924 below the market, Bond seles bodad, wi-When lssued.