Evening Star Newspaper, January 8, 1933, Page 52

2 FINANCIAL. SHORT-TERM BILLS OF U.S. CRITICIZED Chicago Banks Oppose Pres- ent Method of Financing by Treasury. Bpecial Dispatch to The St CHICAGO, January 7.—Big Chflellb Danks, which revolted against Federal | Reserve dictation of cheap money sollcles prior to the stock market in-| iation of 1928 and 1929, now are up in arms against another Reserve that of short-term Government policy- financ g by huge bill issues. To : J ow their attitude, the large local instit 4.0ons are cutting sharpiy their subsciiptions to short-term Government paper. bidding for no more than their | actual wants. One bank has stopped its purchases altogether. Bankers here feel that the Federal Reserve practice of buying up huge cuantities of Gov-y ernment paper, and the Treasury prac- tice of financing its deficit by issuing great quantities of short-term notes, create an artificial and dangerous situation. Want Debts Funded. ‘They want a start made at funding the floating Federal debt on a sound basis, with the Government getting its money in free competition with oiher borrowers. The present practice likened by local bankers to the Farm Board attempt to stabilize wheat prices, although this time the Federal Reserve is pictured as trying to maintain arti- ficially cheap money prices. The last time Chicago banks bucked the Federal authorities they won out. | ‘Then the Chicago Reserve Bank, at the | instance of the local bankers, protested | agamst the attempt of the Federal authorities to force a regional unit of the system to cut its rediscount rate As a result of consideration of the issue the Reserve Board upheld the Chicago insistence upon continuance of th- rq-loml nature of the banking Thu time the cutcome is uncertain, | although it is pointed out that the banks all over the country now are | loaded up with Treasury notes and | Government bonds, with the saturation nt in sight. Rates of interest on short-term issues are so low that banks contend the clerical work in- volved in handling them costs more than the return from interest Besides the criticism of short-term financing, the bankers are opposed to the Federal Reserve accummulation of hu e quantities of Government bonds ck Federal Reserve notes. as they l.l'! empowered to do under the provi- | sions of the Glass-Steagall act, put on | the statute books last February. Bank Executive's View. “The present situation is ridiculous,” eommented one bank executive. “Poli- | here toward the end of the week, pos- ticians assail the banks for not lending | sibly on the inflation theory. more money to deserving loan seekers, own money and invest it in Govern- ,,,,m ,hm.um paper through the | Manchester, with private advices claim- ing that the Lancashire spinning in- “'rhey ‘e got the cart before the horse | dustry is now running at from 75 to 80 again. When they should be holding | Per cent of capacity. The demand from Government bonds they don't have any. | Now when they should be getting in a | Posed to have been largely on the differ- tion ences, and cable advices received in the trade here from Liverpool at the | | end of the week said bullish inflationary sentiment In that market was tempered by doubts of important developments | at the present session of Congress and | as to the practicability of any acreage | reduction plan in time for the next crop. % 1 Reserve. to extend credit to business by | curtailing their purchases of Govern- | ment bonds they keep loading up with | There is an expectation among some bankers here that the change in ad- ministration of the ment mext March will result in an altered Treasury policy. Whether it ‘would conform to the ideas of the Chi- cago financiers is uncertain, but the; have not been backward in letting their | views be known. (Copyright, 1933.) Firm Plans Expansion. NORTH CHICAGO, Ill, January T w—AM Laboratories have deter- mined upon a three-year plan of ex- | pansion calling for immediate enlarge- | ment of sales force and an intensive | and continuous advertising campa! ign. James F. Stiles, treasurer, said that December, 1932, was the best December | in five years from the standpoint of e and profits. GOLD STOCK GAIN. was a shipment of $20,000 to !wumA land, evidently representing a specia and private transaction. BILVEL QUOTATIDNS sllver steady, Unchanged at 25 Wednesday, the officers and facuity COTTON PRICES HOLD STEADY DURING WEEK Domestic and Foreign Trade Buy- ing promoted particular, the English market, however, January 4. RO] Ty foday Tedueed NEW YORK, January 7 (#).—Bar| from 5 per cent to 4 per cent, efec- tive January 9. Visits Bankers STONIER TO ADDRESS INSTITUTE. DR. HAROLD STONIER, National educational director of the| American Institute of Banking, who will | address Washingion Chapter next at the midyear meeting of ing and Covering Operations Sustain the Market. ! By the Associated Press. NEW YORK, January 7—The cotton market has held generally steady to firm during the past week on foreign | and domestic trade buying and cover- | by the steadiness of the | wheat and stock markets and the con- | tinued absence of selling pressure in any appreciable volume from the South. The advance during the middle of the week appeared to bring out a little more spot cotton in the South. which was reflected by slightly increased hedging | here, but the comparatively small offer- ings were readily absorbed, with prices reaching the best levels of the week and movement during today's trading. ‘The buying movement has been ac- companied by renewed talk of possible inflationary measures or of legislation having a tendency to react favorably on commodity values in Washingtn. In addition to covering it has included both | domestic and foreign trade buying, and | houses with Continental connections, in were said to be good buyers FEDERAL RESERVE RATIO, | By the Associated Press The ratlo of total reserves of the 12 central banks to deposit and Federal Reserve note llabilities combined con- tinued to rise during the week ended In the table that follows the ratio is given for comparable| periods, as announced by the Federal Reserve Board: Week ended January 4 63.0 per cent Previous week..... 62.7 per cent Same week last year 65.5 per cent TU. 8. Cotton Exports. NEW ORLEANS, January 7 (#).— Secretary Hester of the New Orleans | Stock Exchange said that United States ! | exports to foreign countries, exclusive of NEW YORK, January 7 (#).—The Canada, totaled 1,034,096 bales during | eountry’s gold stocks had a net gain | December, d $3,352,300, according to the New | December, 1931. ‘York hdenl Reserve Bank’s compila- | 190,702 against 174,760 last year; tion. The report included receipt of | 103,849 against 57,109; Germany, 167,521 $1,602300 from Holland. Foreign ear- | against 190.989, and the rest of Europe, dropped $1,770,000. There | 211,699 against 215,065: the Orient and | Mexico, 360,325 against 522 630. Discount Ra'te Reduced. January 7 (#).—The Benk of | its discount rate WEEKLY FINANCIAL HIGH LIGHTS By the Associated Press. Brokers' loans .. Federal Reserve ratio Bank clearings .. Electric output (Kw. h.) week ending December 31 (Final three ciphers omitted Car loadings, week ending Dec 31 Crude ofl production (barrels). .. Stock sales (N. Y. Stock Exchange) .. Bond sales (N. Y. Stock Exchange) New financing ... Call money rate. Time money rate.. Commercial paper HOW IS BUSINESS? Showing Current Business Activity Compared With Same Week a Year Ago. This week. Last week. Year Ago. $394,000 $394.000 $568,000 | 63% 62.7% 65.5% 1.850.910 1.850.737 165,945 3,173,366 3,148,531 3,159,187 | 251,102 267,382 817,966 | 5,035,423 3,622,031 6,495,345 | 1,414,710 1,554,473 @ 1523662 bove.) i 494,580 441,580 | 1,698,150 0 2,209,100 | 3.864.113 5.561.565 10,099,614 | $46,386,000 $58,062,000 $73.600,000 18,950,000 2,915,000 2,422,000 | 1, 17, 21} paue | %-1% 14 % [ ToanTres [van Tavn [wiav[Jowe Dony] Ave. errloce] wov Toec GENERAL the previous year. Black are: Check Tr. USINESS ACTIVITY for the country indicated by Bank Debits out York City. Shaded areas show weeks of activity al indicate declines from same weeks 12 m ACTIVITY BY FEDERAL RESERVE DISTRICTS, ctions compared with the © the correspondi e week a year age. THE SUNDAY STAR, WASHINGTON, WEEKLY SUMMARY OF THE NEW YORK STOCK EXCHANGE , FOR WEEK ENDING JANUARY Ly . Low. Close. Chee 1% Adams Express Adams Millis (2). Ammn:d Prodi s, Alr Reduction (3) Airway Elec Appl Alaska Juneau(60c). Alhrny Wrap Paper. Alleghany Corp Alleg Co pt $10 xw. . Aliled Chem & D ( 2 Allied Chem pf (1) .. A!IIs-(‘]u\mhrlM’l 5 Am Ag Chem (Del) . Am Bank Note 4 Am Beet Suear, n Beet Sugar pf Am Can Copf (T Am Car & Foundry. . Ani Car&Foundry pf. Afn Chicle ($3). Am Come’l Alcohol. Am Encaustic Tiling Am Furopean Secur Am & Foreign Pwr.. Am&Forgn Pw pf(8) Am & For Pwr nf (7). Am & For Pwr 24 nf. Am Haw St«hip (1).. Am Hide & Leather Am Hide & Leath nt. Am nonu Prod 4.20. Ao atecationsl Am La France&Fom. Am La Fr & Fom pf. Am Locomotive. ... Am Locomotive nf. . Am Mach&Favirne), Am Mach & Metals. Am Metal Co 104% Eastman Kod pf (¢ 3 Am News (1%), Am Fower & Light., Am P&Lt pf A (24). < Am Pwr & Lt pf (3). Am Radiator. .. Am Rolling Mills. Am Ship & Com. Am Shipbnilding (2) Am Sm & Ret Am Sm & Ref fi' I"f. Am Sm & Ref 79, pf. Am Steel Fonndry Am Stores (4#234)... Am Sugar (2). Am Tel & Tel (9). Am Tobacco (46). Am Tohaceo B (48 i« Am Tobacco pf (6).. Am Type Founder: 5 Am Tvpe Frs nt Am Water Works(1) Am Wat Wksetfs(1) x 19 AI’H“A!\V“(UHG! X Am Wonlen nf. : Am Writ Paper ctfs. Am Zine & Lead Anaconda Conper Anaconda Wire & 4 Anchor Cap (80c) Liver- pool has also been a buyer here at and at the same time they take our times during the week and favorable trade accounts have been received from Armour of Del pf (7). Armour of 111 (A). Armourof T (R)... Armonr of Tl nf Assc Dry Goods. . Asso Dryv G 1stpf... Atehison of (5). Atlantic Coast Line Atlantic Refining (1) Atlas Powder. " 5 Atlar Powder b Auburn Anto (44)... 5 Awation Corn (Del) ., is sup- Raldwin Locomot. Raldwin Locomot pf. % Baltimora & Ohlo. . . Raltimore & Ohio nf. 3 Bangor & Arostk(2), Bane & Aroos pf (1), Rarker Bros pf. Rarasdall €orp. Ravuk Cigars % ik Cir 15t pf (7). Reatrice Creamery. . Raatrice Crm pf (7). Beech-Nut Pk (3). Reldine-Hemingway Belg N Ry pt nf 4.09. Rendix Aviation. Bethlehem Steel f. . Rloomingdale Bro: Ronn Alnmn & Brass Borden Co (2) %, Rorg Warner Roston & Main, Briges Mfe Co. Riiges & Strat (1) ®kvn Manhat Tran. . 4 BKIvn Man Tr of (8), BkIvn&Queens nf(#) Rklyn U'njon Gas(5). Brown Shoe (3) Rrown Shoe pf ( § Brons Term & R against 1,160,553 bales in | Great Britain received | France, revrus-Rrieevnf., Bucyrns Frie pf (4). s Buaa (R Q) Mfs. Rurns Bros of . Burronghs AM(40¢). Bush Terminal. Rush Term'] deb atk Rush Terminal nf(7) Butte Conner & Zine. Brers (A M) . F ¥ P 3 # 44 Calitornia Packing. . Calumet & Hecla. ... Canada Dry G A(1). % Canatian Pacific. ... % Cannon Mills (1). ... Capital Admin (A).. Case (1T) Co Case (11) Copf (7). Caterpiliar Trae 50¢. Celanese Corp. . 110 Homestake Min ( EEgEL Cent Aeuirre (1%).. Century Rib M pf(7) Cerro de Pasco...... Certain-teed Prod s Checker Cab Mfg. ... Ches & Ohlo (234). . Chi Great Western. . hi Great Westn pf. Chi M1] StP & Pac... Chi M11 StP & Pac ot Chil & Northwestern. Chi & Northwest pf. . Chi Pneumatic Tool. Chi Pneu Tool pt Chi Rock 1 & Pa . ChiR | & Pac 6% pf. ChiRT&PacT% of. Chi Yellow Cab (1).. Chiids Company . . Chrysler Corp (1)... City Iee & Tuel (2). . City Tee&Fuel pf 6% Cluett Peabody pt (T Coea-Cola Co (T). Coca Cola (A) (3)... Colgate-Palm-P (1), Colg-Palm-P pf (6 Collins & Alkman Colonlal Beacon O11. Colo Fuel & Iron. Colo & South 18t pf. . Columbia Gas (b1 Coluinb Gas pf A (§) Columbia Pic ctfi Columb Carbon (2).. Commercial Credit. . Comel Credit A (3).. Comel Cred 18t (6% ) Comel Inv Trusi Philadeiohia Cl |_—3van D. C., JANUARY 8 Stock & Net .y Low. Dividend 247 Contl Baking pf (4).. 10 384 36 381 +1u| 2015 17% Contl Can (2)... 268 41N 381 408 +lh1"5 3 Contl Diamond Fibre 6 413 4% 415 + 6% Contl Insur (1.20)... 27 1| % Cont Motors........ 12 +a] N 3% Contl Ol (Del). .. + 24% Corn Products (3) T 991, Corn Prod pf (1) +3% 15% Coty. Ine. . | 251 3 Crewm of Wht(12%) 14 9 Croxley Radio. 2t 45| 1m Crown Cork & S 12 rul 2% Crown C&S pt (2. 17 2% Crown Zel.erbach. .. 2 Crucible Steel, Crucible Steel pt. $ Cuba Co Cuba RR pf . 108 Cdahy Pack (214)..x 3 Curtis Publishing... 6 378 Curtis Publish p(1) 6 s Curtiss-Wright..... 405 1'3 Curtiss-Wright (A). 60 60" Cushmans pf (7).... 108 315 Cutler Hammer. 1 1 Davison Chemica 15 616 Deere & Co pf (40c).. 7T Del & Hudson (6). 9 Del Lack & Westn. 401 Detroit Edison (6) 13 Devoe& Raynolds (4 3 Devoe & IR 1stpf (7). 108 Diamond Mateh (1). 18 Diamond Mach pf1% 7 Dome Mines (11.10) 32 Dominion Stores 1.20 10 Doug Aireraft (75¢). 67 Dresser Mfg (A).... 2 Dresser (SR 2 Drug . 118 Dupla 10 Dupon 488 Dunont de 9 Dugues Lt ist pf (5). 1008 35 Eastman Kodak (3). 74 Eaton Mfg Co. 5 Elec Auto-L (120) Eiec Auto Lite pf(7 Electric Boat 2 Elec & Musical Instr 25 ElecPwr& Lt...... 122 Elec Pwr& Lt (2)... 6 . Elec Pwr&Ltpf2.33. 13 « Elec Storaze Bat (2) 7 Elk Horn Coal. .. 1002 4 Engineers Pub Sv. 3 16 Eng Pub Sve pf (5).. 2 18 EngPSpfww(5%4). § 1015 Equi Office Bldg 1% . i3 2 Erle RR. » 2% Erfe R R 1st ! . 18 s Evans Auto Prod.... 3 9% Exchan, 708 8% Fed Lt&Trac (31)... [} 15 Fed Mines&Sm pf. .. 1 « Fed Water Service A 7 Federal DeptS(60c). 1 Fidelity-Phoen 1.20. 24 FirestoneT& R (1). x 3 Firestone T&R pf($) 8 28 10 Foundation Co. 3 Fourth NatInv1.10. 38 Fox Film (A).. Franklin 8mn pf(7). 208 Freeport-Texas (2).. 65 4 p Gen Am Investor; Gen Am Tank Car(1) 182 Gen Asphalt. 3 Gen Baking (2) 29 Gen Bakl:g pf (8)... 208 + Gen Bronze. sy K +8%) 11 Gen Cable (A). . 1 + % 16 Gen Cable pf. . 40n +1 14 Gen Cigar (4) D Y% sou 2 QK + | 308 Gen Electric ( L. 454508 16% 4% 16 -« % | 161 Gen Elec spee (60¢). 40 11% 115 11% + % | 35% 227 27% 2% 27 41| % Gen Gas & Blec (A 4 1% 1K 1K - W 1% GenG&McvDIA(PS) 2 T Ty Ty + 1| 29% jen GEElpf A (g7). 808 11 10% 11 | 6% GenG&EIpf A (g8). 50s 18 13 13 13% Gen Mills (3).. 27 39% 384 39u — % | 274 Gen Mills pf (6).. TN WM §1 % Gen Motors (1) % 129 13% + % g Gen Motors pf T T2 TSW a4 | gons Gen Outdoor Adv 3 3 3 + %] 5% Gen Printing Ink 3 3K 3% + | 46 0 40 4 | 1424 3% 2% 3y + v.) 18% 4 Gen Rwy Stenal (1), 16% 13% 15% +2% | 31 Gen Realty & Utl. WEay e | 2% Gen Realty & Utilpf. 14 6% 6% 6% + % | 10 Gen Re{rmon 2 5 5 B +%i 2t W Gillette 184 19% 17% 19 +1 | 3215 Glllette 8 va(s) x 4 2% TI% 26 +1% | 125 Gimbel Broj ol 3T 1% 1% 1% - W/ 108 Gimbel Bros pf. c 1 9% 9% 91 41w 204 3% Glidden Co. .. .6 Bu BK Bl + | g 35 GllddenCoprpf (7). 208 56 56 56 -1 | sy 2% Gobel (Adolf). .. R |. 13 8% Gold Dust (1.20) 84 16% 15 18% +1% | 70 Gold Dust pf (8 2108 102 108 +1%| 2% Goodrich (B F) 60 B 4 B% + | 7 Goodrich (B F) p 16 16 15 423 51 Goodyear TireARub, 142208 16% 14 16 +1u] 19% Goodvear 18t pf (7). 4208 41 36 40% +5% | T4 Gotham Silk Hosiery 6 13% 1214 124 — 34| 1 Graha 87 24 1M 2% + 4| 5 bW 4m B% + Bl o 5 64 5. 6 + %| 127y Grand Unfonpf (3).. 6 831, 31 33y +8 1 3% 141 Grant (W T) (1) 23 21 20 203 +1% | 318 514 Great Northern p 139 9% Tm 9w +1%| 78 5 Great Northern O 5 7 oM T | 18% i, A | “ow 508 T2 724 124 + W[ ean FU 1% + % | 100 2 Guif Mol <1 32 3 2 — w0 214 Gulf Mobile&Nor pf. b 4% 3% 4% H'«" 21% 15 Hackensack W (115) 19y » 3% 19 Hacken Wat pf A 1% 1508 28° i w 1‘:1‘ 136 8% Hahn DeptStores... 4 1% 11, 1% + %| 31% 33 Hannapf(7).. 908 48 45y 4T 41 | % % Hartman Corp (A) 1 % % %+ ou 44 % Hartman Corp (B) 2 M % % 48 3 Hat Corp (A).. 4 1 1+ 88 1 Hayes Body. . i 1% 14 1% 4 | 2% 187 Hereules Powder 1% % 17116 17 % 2 70% He-cules Pow pf (7). 10s 87% 87% 87% +5% 11 4815 Hershey Choc (5)... 4 BT 87 57 867 Hershey Choc pf(15) 3% Holland Furnace - E) - E - 2 i ¢ 10% 4 4% T 2214 1 106 : 80 50 50 -—1u| gy 9 4 & 3 & Nae & S 4444+ o & E ¥ 18% 15 15% 421 | 208 2. m 8 x| uy 42% 3% 27 47 139 13% 11k 1% 41| 14 208 3215 321 3234 +1% | 104% % Ind.an Motor Cycle. . 1 L k) % + %) 100 1 (ndian Refining 3 2 1% 1% ~- % Bl T'4 Industrial Rayon (1) 37 30% 20 201 1 10| 141 14% Ingersoll-Rand (2).. 81 201y 278 29% 428 10 Inland Steel..... 8 1% Houston OH (new) 4% Howe Sound (40e)... o Hudson & Man (2%4). 6 15 1% 15 2% Hudson MotorCar... 24 BW 4% BY + % 113 Hupp Motor. Inspiration Copper 9 M o2+ 4| Insuransh Del(15c). 6 4 3% 4 4 4| Insuranshares (Md). 6858 1% 1% 1y 1 3| Interboro Rap Trans 6 4% 415 44 + 8 | Intercontl Rubber. 2 1% 1K 1% — K| Interiake Irom. 6 3 2% 3 4 3 Int Agriculture 4 1% 1K 1%+ u| Int Agriculture pf... , P | 5 b+ % Int Bus Mach (§) . B2 95% 89 95 44w IntCarriersLtd20c. 5 3w 3 3y 121 Int Cement. . 12 8% 8 %+ | 18 Int Combustio; 100 W lag e | 2 Int Comb pf ctf 1 2% 2% 2% 1% 26 Int Harvester pf (7). 4 801 B30 80 - | 114 Int Hydro-Elec (A). 14 §% By by | a Int Merchant Marine 4 1M 1K 1% - % Ty Int Nickel of 132 8% 8 8w + 3| 84 Int Paper pf. 508 2% 2y 2 e IncPaper& Pwr(A). 1 1 1 1% 43| 9 Int Paper & Pwr (C) . e | s Int Paper & Pwr pf 18 1% % ek 4+ | 22 IntPrinting Ink..... 1 &% 14 4w +1%| 24% IntPrintg Ink pf (8) 1008 42 42 42 ) | 44 Int RysCent Ampf.. 208 7 7 Zwl 1% IntSalt (1%)..... 22 18% 16 1814 43y 6% irt 8hoe (2). It Silver. . . 2% Int Silver pf (4). L1708 354 3¢ 3B 41 1% i Int Tele & Tolex.... 268608 T4 6% 76 4+ % 4 InterstateDeptSt... 2 214 2y 24 17 IntstDpStpfxw(T) 808 21 20 31 4+ | 425 Jowa Central RR.... 308 1% 1% 1y 4+ 3| 1034 Comel Inv Trof 81 . Comel Inv Trpf (7). 5 Comel Inv cv pf(e6). LEADING BAROMETERS, Showing Tre Business In dollars (checks cashed) Employment (Department .:t' Labor rtment of Lal Wages ( of I Building contracts ( of important faet o' (Federal Reserve Boasd) W. Dodge P Comel Solv (80c). 1% Comwith & Southn 27% Comwith & Sou pf(§ 6' Congol-Nairn (§0e). Congress Cigar (1).., Consol Cgr pr pf 614, 16 Con Cgr prof xwély, 19 Consol Cigars pf(7). Consol Film. 24 Consol Film pf..... 2114 Consol Gas N Y (4).. 7213 Consol Gas NY pf(5) 4 Consol Laund 50¢ 4 Consol O] Corp 79 Comsol 04l pf ( % Consol Text!l % Container Corp 2% Cont) Baking (A % Contl Baking (B, appear in 22 important lines of business. W for the near te; ‘They are apparel, automobile parts, coverings, furniture, chemicals, cigarettes, cigars, copper, | mohbiles and tires. Production and sales 41,973 tons, te. nano Hioh. Low. Close. Chee. | High. TLow. 104 T 15% Jewel Tea Co (3) Johns-Manville 45 Johns-Manv pf 30 Jones & Laugh pf(3 901 K C P&Lt 1st pf B(6) 2&. Kansas Clty Southn. Kan Ci Kaufmann Dept St. . & Kayser (J) &Co..... Y2 Kelly Spring Tire Kelly-Sp Tire (new). Kelly-Sp T 6% ptn.. i Kelsey-Hayes Wheel Kelvinator Corp..... Kennecott Copper Kimberly-Clark. Kinney (G R) Co pt. Kresge (SS) Co (1) K Kroger Grocery (1) 3% 10 9%, Lee Rubber & Tire. Leh Port Cement. Lehigh Valley R R. Lehman Corp (2.40). Lehn & Fink (2). Lihbey Owens Glass. Liggett & Myers(15) Ligg & Myers B (15). Link Belt (80c) Liguid Carbanle..... i Loew's, Ine (3). Loose-W . Lorillard (P) (1. 10). 4 Louisiana Ofl. Louisville & Ni Mandell Brothers Manhat Elev mod gtd ¢ Mo Kan & Texas. zv. Murray Corp. % Nat Dairy Prod (2) 14 Otis Steel. ... . 3% Otis Steel pr pf. 12 Owens 11 Gl 1933—PART RIX. Stock and Sares— Dividend Rate. Add 0. d Creek Coal(2) 3 ou pt (2). SS) pf (7 Lambert Co (4).. Ligg & Myers pt (7). Lily Tulip Cup (1%) Lima Locomotive Loft Inc Lou Gas&El A McCrory Strs pf (6). McIntyre Pore M(1). McKeesport T P (4). McKesson & Robbins McKesson & Robs pf McLellan Stor: McLellan Stores pf Mack Trucks (1).... Maey (RH) & Co (2) 4 Magma Copper (60¢) Mailison & Co Manati Sugar. . Mannattan Shirt. Marine M1d1d (80c) Market St Ry pr pf. . Marlin-Rockwell(1), Marmon Motor Car. . Marshall Field & Co. Mathieson Alk (1%). May Dept Stores (1), Maytag Co. Maytag pf ww Mengel Co Mengel Co pf.. Mes‘a Machine (1). Met-Gold Pic pf 1.89. Miami Copper. . Mid Continent Petm. Midland Steel Prod. . Min-II'well Reg (1). Minn Moline Pow Minn Moline P pf. MStP&S S Marle. MStP&SS M pf. MStP&S S M isd(4) Ma Kan & Tex sour! Paci M ourf Pacifie pf Mohawk Carpet. .... Monsanto Chem 1% . Montgomery Ward. . Morrell (J) & Co (2). Mother Lode. ... Motor Meter G & El... Motor Prod (a2).... Motor Whee Mullins Mfg. Mu'lins Mfg ash Motors (1). 204 Nat Biscuit (2.80), Nat Biscuit pf (1). Nat Cash Reg (A). Nat Dept Stores Nat Dept Strs 1st pf. Nat Distillers Nat Distillers pf (13) Nat Lead pf A (7). Nat Lead pf B (8) Nat Pwr & Lt (1) Nat Ry Mex 2d pf.. Nat Tea (60c) Newport Industries. . & Harlem (5) Investors. . N H & Hartford. N H & Hart pf. . Ont & Western Shipbuilding. . z222222 o N Y Steam 1st pf('”. Noranda Min (a1.10) 4« Norfolk & Southern Norfolk & W- Nor Amer(b10 % stk) North Amer pt (3).. North Am Ed pf (§). Northern Pacifle. ... % Norwalk Tire & Rub. Ohio O11 (ab0c. 1% Oliver Farm Bquip. 2% Oliver F Eq prpf A 1% Omnibus Corp. . Otis Elevator (1) Otis Elev pf (§) Outlet Co (4) Pacific Coast, Pacific Gas & I (3). % Pacific Lizhting (3). Pacific Mills Pacific Tel&Teleg (1) Pacific T & T pf (6).. Packard Motor Car. . Pan-Am Pet B (80c). Paramount Publix. .. Park Utah....... Parmelee Transport. Pathe Exchange . Pathe Exchange (A) Patino Mines. Peerless Motor Car. . Penick & Ford (1) Penney (J C) (1. Penny (J C) pf (6).. Penna Raliroad...., Peoples Gas Chi (5). Pere Manquette. . Pere Marquette pf. . Pere Marquette pr pf Pet Milk....... Petrol Corp of Am Phelps Dodge. Phila Co 6% (3 Phila & Read C & Phillips Petroleum. . Plerec Ofl. ..... Pierce Of1 pf Pierce Petroleum. ... Pilisbury Flour(80c) Pitts Steel pf. Pitts United pf. Plymouth Ol (1) Poore & Co (B). Port Ric Am Tob(A). Port Ric Am Tob(B). Postal Tel&Cable pf. Pressed Steel C: Pr Steel Car pf. Proctor & Gamble(2) Proc & Gamb pt (5). 22 INDUSTRIES EXPECTED lunmm the upturns tn thess tndus- | TO INCREASE OUTPUT |serw 1 Dispatehto The Star. BOSTON, January 7.—During Janu- ary, states the United Business Service of Boston, mumumnwmnmb-brylm are mamed by the United fertilizers, . floor cov furniture, | in each of these classifications are closer | pry motion pictures, cffice eq: &D:m to & year ago than the average of all enger cars, printing, shoes, may not be spectacular, they vuu serve to reduce the already low level | of raw materials held by manufacturers. Larger purchasing for Spring require- ments will therefore be necessary. Of the 22 activities listed the follow- above the ‘volumes over | which marked M‘ ey FINANCIAE Xer | o2 - Low. Close. Onee. Dividend Rate Produnu&kefln Prod & Refiners pt Public Sve N J(3.20) Punlic Sve NJ pf (5) 3 PublicSve NJpf(6).x 8 Publte 8ve NJ pf (1). Public Sve NJ pf (8). 4+ Pullman Corp (3). & & Radlo- Kelth-Orp Reading Rwy (1) Reading 18t pf (2) Reading Ry 2d pf(2). Real Silk Hoslery. ... Real Silk Hoslery pf. 4 Reis (Robert) & Co. . Rels (R) & Co 15t pf. Reminzton-Rand. Reo Motor Car Republic Steel Republic Steel pf. Revere Cop & Br pf. Reynolds Tob A (3). Reynolds Tob B (3). LR FORREFIE 4 Rossia Ins of Ame: li‘h Roval Dutch. 3 Rutland RRpf..... . —CUSMARRDE. ... 30% Safeway Stores (3).. 4% St Joseph Lead. an Francisco. 8t L-San Fran pf. 1% Savage Arms. 14 Schulte Retail Stores Schulte Ret Stor »f. . 18 Scott Paper (1.40). b+ FEEE F OFEF 1 Seaboard Air Line pf 6% Seaboard Oil Del 40 Seagrave Corp 44 % Seneca Coppgr 115 Sharon Steel Hoop. 1% Sharp & Dohme. » FRTPPEERIT PPEFTFRERGFESSTE S IiERE 11% Sharp &Dohme pf (1) Shattuck(FG) (50e). 2" Shell Union Oil. Shell Union Oil pf. J\ Simmons Co. .. 5% Socony Vacuum 40c. 85 SolvAmpf ww(5%). 4% Se Port Ric Bug 1.60. 86% So Port Ric S pf(8) 15% Southern Cal Bd(2) 6% Southern Pacific. D! So Ry M & O etfs(4). Spalding (AG).. Sparks-Withington Spear & Co 1st pf. FEE A E R A E IR LA T a4 1 Standard Brands ll). Stand Brands pf (7). Stand Com Tobacco. . Stand Gas&El (1.20) . % Stand Gas&El pf (4). Stand Gas&El pf (6). Stand Invest Corp. Stand Ol Calif (2 Stand Oil Exp pf (§ Stand Oil Kansas Stand Ol N J (¥2). Sterling Secur (A). Sterling Secur cv p! Stewart Warner. - ssFaiFersis 30 Studebaker pf (1) 24% Bun Ofl (k1). . 7 Superheater Co( 1 Superior Ofl 2% Superior Steel % Bymington (A P R T T 9% Texas Corp (1). 12 Tex Gult Sulph (3) 1! Tex Pacific Coal&Oil. 2)s Tex Pacific Land Tr. % Thermoid Co. 3% Third Avenus 10 Third Nat Inv 2% Thompson Products, % Thompson Starrett. 2 Tide Water Asso Ofl. 20 Tide Water As pf (§) 2 Timken-Detrolt Axle 7% Timken Roller Bg(1) 2% Transamerica Corp. . 2% Transue & Willlams. 1% Tri-Contl Corp... 42 Tri-Contl Corp Dfl‘) 19% Trico Pnduet-(l ). 5 sxse5s 22 ...:..S:...u........h::... s + I+ & Co. T% Und-Ell-Fi 15% Un Carbide & C(1.20) 8 Un Ofl of Calif (1). 27% Union Pacific (8). Union Pacific pf (4). 11% Un Tank Car ( 6% Unit Afreraft. 30% Unit Alreraft 6% Unit Carbon. % Unit Cigar Store 314 Unit Corp (40¢). T 10% Unit Fruit (2).. 9% Unit Gas&Im (1.20), 70 ' Unit Gas&Im pt (5). 3% Un't Piece Dye Wks. 1% U S & Forn Secur. 26 UB8&Forn Secpf 3% U S Freight. 104 U 8 Gypsum 84% U 8 Gypsum pt (7). . % US Hoffman. . 184 U 8 Indus Aleohol. . 1% U S Leather. . 34 178 Leather (A) T4 U S Pipe & Fdry (2). 111 U 8 Pipe 1st (1.20).. 34 U S Rubber 1st pf... 10 U!Bm!x&}hf!l). 8 USs Tohleco 4. 10). . % United Stores (A). Unit Stores pf (3%). 12 Univ Leaf Tob (2) 4 Univ Pipe & Rad Univ Pipe & Rad 1% Util Pwr & Lt (A) % Vadsco Sales Corp... 5% Vanadium Corp. 2 Van Raalte.. 4 Va-Car Chemical. va-Car Chem 6% pf. 69% 20 Va-Car Chem 7% pf. 90 60 VaElec&Pw pf (6).. 7% Vulean Detinning. .. % Wabash R R. Wabash pf (A), % Wabash pt (B). % Ward Baking (B). % Warn Bros Pictures. 4 Warner Bros Pic pf. 1% Warren Bros % Webster Eisenlohr. . 8% Wesson Oll & Sn (1). ‘Zh ‘Weason O&Sn pf (U PaElec A (7). Pa Pwr pf (7). 34 Western Dairy pf A. Western Dairy pf B. tern Maryland 2 Western Md 2d pf. % Western Pacific. tern Pacific pf tern Union. . ting’se Alr B(1). 15% Westinghouse Elec. . 521 Westingh, 3 Westvaco Chlori: 5 Wheeling Steel Wheeling Steel pf. .. £ s "ws2sdFe srrersz 1st (3%4) 908 Be £ % White Sewing Mach. !\ Wileox Of] & Gas. % Wiilys-Overland Willys-Overland pf. . % Wilson & Co.... 1% Wilson & Co (A) Wilson & Co pt. . 45% 22 Woolworth (2.40). ., § Worthington Punp. . 264 Wrizley (Wm 1% Yellow Truck. , 4 Youngstown Sh&T: % Zenith Radio. 4 Zonite Prodwets. Dividend rates as evious year. Decembe tion fel to 844,618 tons from 1303911 ons b ""‘ - business. Each is now entering a EM in Dumm llll lan wu m influences vor- Steel Ingot Production. NEW YORK, January 7 (#)—Last year's steel ingot production was the lowest since 1900, measured by the fig- ures of the American Iron & Steel In- stitute in comparison with Iron Age data covering the earlier period. The 13, Oll:'lfl tons, c:emyur;“:npm s rm: Apparel, | 715 in 1931, Average daily output for l”: WaS against 81,006 wnl the placed % 34 52% B4y 84 998 105% 105% 123% 123% 18% 21 E) 9% 5% . £ 4+ - = & 45 1% 23835880 0~ 5z o35~ 2a%y Bale: Mll‘ lllL Low. Close. Ohge. =% »1'6 -2 +3% -5 +44 a2y rre2ie s sRsEFFssEEw - R S LR +4 4 Frr ¥ + - 44 EEFEY +2% ++ ¥ + ¥k & F + P4 EFsETEREiF e »e"pe rers 2l " T+114 ++1+ +14 +44E RE Fry - 4915 BT% +15% 100 106% 109 4 4 +1% 5% + W +1% +2% + % +3% 424 +8%