davidaulloa/AmericanStories huggingface dataset:
Evening star., 1932-02-04
Trade Trends
By the Associated Press

BY the Associated Press.
Automobiles-Pro of Cadillac
and La Sale cars in January totaled
2,l39 units, the largest January OUTPUT
for several years excepting 1929. says
L. P. Fisher, president of the Cadillac
Motor Car Co. This is an increase of
5O2 cars over January, 1881, and GA
above 1890
Machine ols-Manufacturers and
dealers are looking toward Spring with
more optimism. according to the Amer
ican MachiniSt." Sentiment in the
trade has improved during the past
week as result Of automotive inquiries
and orders, largely from the Ford or
ganiZation. February business is eX
pected to show an improvement over
January the review SAYS.
Silk-Rew silk imports in January
totaled 52,238 bales, compared with
50,6l7 in December and 69 1874 in jan
uary 1881. Deliveries to mills were
58,793 bales, contrasted with 48,432 in
the preceding month and $500 in 1881
Stocks at warehouses on January 81
were 62,905 bales, compared with 81 l,6l4
on the same date last year.
Flour-Production for the four weeks
ended January 80 is estimated by Gen.
Mills, Inc, at 5,1l2,308 barrels COM
pared with 5,792 045 barrels in the cor
responding period last year Cumula-
tive production since June 80 is esti-
mated at 43.678,821 barrels, compared
with 48,363,054 barrels for the same
period OF the preceding year.
Evening star., 1932-02-04
Baltimore Markets

Special Dispatch to The Sta.
BALTIMORE, Md, February a
White potatoes, per 100 pounos, la la
i 10. sweet potatoes. bushel, 40a0O;
vans. barrel, 75al25; beans, bushel,
/ SOAP .25, beetS, per crate, l4Oal 81,
brussels sprouts, per quart, lOal5, CAP
bage, hamper, 5Oal.25; caulltioWer'
crate, 1.5Oal.75; onions, per 100 pounds
3.0Oa4O0; peppers, crate, l,5OaZ' 70 ;
spinach, bushel, 25a9O; celery, crate
1.5Oa3.0O; squash, buShel l.5oa2OO, 70
matoes, crate, l.00a35O; eggp!ants'
crate, l.5Oa275 turnips, hamper 3oa9o'
apples, bushel, 35al so, grapefruit, ooH'
I25a2.25; oranges, box, 2.OOa3 70; straw
berries, quart, Is; kale, bushel, 3Oa4o'
Dairy Market.
Chickens-Young, 18a21; Leghornss,
l5al7: old hens, l3al8; LeghornS, olo'
l4al5: roosters. l0al2; ducks, l2a2O;
geese, Halt; guinea fowls, pair, 5Gaoo'
turkeys, l6a32; pigeons, pair, 2Oa2o'
Eggs-Receipts, 1903 cases nearby
firsts, l6; Western f1rSts, 16.
Butter-Good and fancy creamery,
21a24l2; ladies, 15a16; process, 2Oa2li
store packed, 10all.
Live Stock Market.
Receipts, 100 head; light sup
ply: market steady.
Steers-Choice to prime, none, good
to choice, 6.OOa6.75; medium to good,
4 75a575; fair to medium, 4.OOa4,to,
plain to fair, 35Oa400, common to
plain 300a3.5O.
Bulls-Good to prime, none GOOD 10
choice, none; medium to good, 4OOa
.425; fair to medium, 3.5Oa400: plain
to fair, 325a3.50; common to PLAIN
3O0a325
Cows-Choice to prime, none; good to
choice, none; medium to good, 3;13a
400; fair to medium, 3.25a3.75, PLAIN
to fair, 2.5Oa325; common to plain,
150a25O.
Heifers-Choice to prime, none; good
to choice, 500a5 so; medium to good
4 .5Oa5 90, fair to medium, 4OOa4.oO;
plain to fair 3O0a4,0O; common to
plain, 2.5Oa3OO. ~
Fresh cows and springers, 30.Ooa
5000.
Sheep and lambs-Receipts, 200 head; ;
light supply, market steady, Sheep' 1'OU
a3.00, lambs, 4.00a74O.
Hay and Grain.
Wheat-No. 2 red Winter garliCky,
SPOT domestic. 62l2 February dellV-
cry. 62l2; March, "a.
Corn-No 2 yellow, spot, domestic,
43a44; cob corn, new, 2,OOa21O per
barrel.
Oats-No. 2 white, domestic, 35 2a36;
No. 3. 341aa35.
Nearby. bag lots, 4Oa45.
Hay-Receipts, none. General hay
market quiet. Receipts ample of timo-
thv. but good. mixed hay scarce and
bringing premium. Prices range from
$l2 to $3.50 per ton, as to grade and
kind. " Latter figure for choice clover
mixed. The poorer grades Of timothy
are irregular in price.
Straw-No. l wheat. 8:50a9O0 per
ton; No. l oats. 9.O0al00O per ton.
Evening star., 1932-02-04
VALUATION IN RAIL
INQUIRIES TESTED
Decision in Terminal Case Is
Appealed to United States
Supreme Court.
BY GEONGE E. DOYING.

The railroad valuation work of the
Interstate Commerce Commission will
receive a severe setback If the decision
of the Court Of Appeals of the District
Of Columbia in the New Haven man
damus case Is sustained by the Supreme
Court. The lower tribunal held that
the commission was in error in refusing
to include the value of the intangible
right accruing to the railroad by virtue
of its right to use the Grand Central
Terminal in New York and similar
holdings.
In its valuation of the New Haven
System the commission refused to in
clude any allowance for the carriers
right to the use of the Grand Central
Terminal and its approaches in New
York City and in the South Station IN
Boston, but merely made reference TO
the extent and terms of such use.
The Grand Central Terminal was in
cluded in the New York Centrals in
ventory and the South Station in the
Boston Terminal Co.'S inventory. This
has been the commissions uniform
practice, adopted in order TO AVOID
duplication Of values.
To compel an assignment Of value to
its right to the joint use, the New
Haven road petitioned the Supreme
Court of the District of Columbia for a
writ Of mandamus, which was denied,
and an appeal was taken.
The Court of Appeals now has re-
yersed the lower court and held that
the New Havens rights must be valued
and reported. 1t also held that the
value directed to be found is not limited
to a value for the rate-maklng purposes.
Nowhere in the act the court SAID,
"is there anything that either expressly
or bv inference can be distorted into
the limitation of this value for rate
making purposes
The court pointed out that Tate-maK-
ing is only one OF number OF objects
for which the valuations of the commits
sion are made prima facie evidence. In
this connection reference was made to
consultations, recapture Of excess earn.
ings security issues and the division OF
ioint rates. The court held that the
statute requires the commission to
value all property whether physical or
incorporeal." .,or
The question whether, when such
values are once ascertained they are TO
be included in the rate base was not
Dassed upon by the court. inns IS
matter" it said, we are not called upon
to decide" ,,.o
Evening star., 1932-02-04
CHICAGO LIVE STOCK MARKET

CHICAGO, February Up Omitted
States Department Of Agriculture
Hogs, 10000 head including 10000
head direct; active, 1920 higher; 170-
210 pounds, 410a420; top, 4.25; 220-
$50 pounds, 3.85-41O; 260-31O pounds,
3. .70a3 80: 14O-l6O pounds, 3.90a4.15;
pigs, 30Oa350; packing sows, 3.25a34O;
light light good and choice, 140-160
pounds, 3.85a415; light weight 160
200 pounds 4OOa425; medium weight,
2OO-25O pounds, 380a4.25; heavy
weight. 25O-35O pounds, 3.60a3SO;
packing sows, medium and good, 275-
500 pounds, 3.25a3.50; pigs, good and
choice, 100-130 pounds, 3.00a3.75.
Cattle-Receipts 5000 head; calves,
1000 head most killing classes strong
to 25 higher on a market forced higher
by local storm conditions; shipper de-
mand narrow, but better grade steers
showing most advance; most steers, 450
a6.0O; top. 790. Slaughter cattle and
vealers: Steers, good and choice, 600
900 pounds, 675a9.75; COOL, 100
pounds, 675a9.75; 1,100-1 300 pounds,
6.75a975; 1,30O-1 500 pounds, 6.75a
CTS: common and medium, 600-1 300
pounds, 350a6.75; heiferS, good and
choice, 550-950 pounds, 500a6.50: COM
mon and medium, 300a5 90; COWS. good
ana CnO1Ce, 0.UUd4.uU, COIllIllOH ana lHe-
dunn 2.5Oa3 90; lew cutter and cutter,
.5Oa2 so; bulls (yearlings eXcluded)
good and choice (beef), 3OOa40 90; cut
ter to medium, 2.50a365
Vealers (milk fed good and choice,
7.5Oa9 90; medium, 650a75O; Gull and
common 400a650; stocker and feeder
cattle: Steers, good and choice. 500
1850 pounds, 4.25a5.50; common and
medium, 3.25a4 so.
Sheep, $4,000; nothing done; asking
sharply higher and bidding lower than
Yesterdays close; closely sorted kinds
held above 7.25. Lambs, 80 pounds
down, good and choice, 6.25a700;
medium, 5.50a6.25; all weights COM
mon, 450a5.50; ewes, 90-150 pounds,
medium to choice 2.50a4 25; all weights,
Gull and common. 175a3.00; feeding
lambs. 5O-75 pounds, good and choice,
A EnE
Evening star., 1932-02-04
PLAN TO REGULATE
LOANS Is PROPOSED
Restriction of Margin Trading
Urged in Effort to Control
Borrowings.
BY JOHN A. CRONE.

Specia! C.sDatch to The Star.
NEW YORK, February "A pro-
posal scientifically to regulate brokers'
loans was advocated today by Lewis H.
Haney, Lyman S. Logan and Henry S.
Gavens Of the staff of the New York
University Bureau Of Business Re
search.
The proposal which would utilize
direct and indirect methods. comes just
on the eve Of a congressional investi-
CATION into brokers loans and their
effects on stock market activities and
was read with interest in Wall Street
today
The authors of the proposal in urg-
ing that loans be regulated. said that
plentiful supply of brokers' loans
tends to encourage security speculation.
which in turn brings about a rapid
rise in commodities and stocks. This
movement diverts attention from pro-
ductive activities. At such time thanks
to overproduction and overissuance
Of new securities. overCapitaliZation
takes place. In time the markets own
momentum may bring about imitation
When call money tightens private lend
erS withdraw their bank deposits
which reduces the lending power of
banks to commercial enterprises
increase the minimum margins re-
quired by brokers from their customers
or by banks from brokers" the authors
advocate Restrict margin trading to
certain medium-sized transactions de-
signed to reduce the amount of such
trading and limit it to traders of con-
siderable means"
They also urge the adoption of term
settlements, that is the settling Of
transactions once every two weeks. such
as takes place in London, in contrast
to the daily delivery and settlements
in this market
Two direct methods for the control
of brokers' loans are set forth. One
is to set a definite limit. over which
stock brokers who are members of the
leading exchanges may not borrow
The other is to prohibit or restrict
brokers' loans by non-bank lenders.
Copyright, 1922
Evening star., 1932-02-04
CURB ISSUES MOVE
IN NARROW TREND
Market Becomes SteadIer
After Lower Opening.
Leaders Are Firm.
BY JOHN A. CRONE.

Special Dispatch to The Star
NEW YORK, February AFTER
opening lower today, stocks on the Curb
Exchange uuieted down and rejected
merely nominal changes around MID
dav
The market leaders, like Electric
Bond g. Share, Cities Service. Middle
West Utilities. Niagara Hudson Power,
United Founders. and United Light d
Power A we're unchanged during the
forenoon, in which period their fuctua-
lions were minute.
A somewhat soft opening was en-
cOuraged by the dividend revtSlonS and
unfavorable earning reports published
overnight and the dullnesS that gripped
overseas markets On the other hand,
IL was the consensus Of professionals
on the floor today that developments
were shaping up that would influence
the usual SpIing rise.
Four factors. in the opinion OF MOOR
traders, may prove decisive in lnfucnc-
ing the length and breadth OF the
Spring rise They cited. first the ap-
pointment Of Secretary Mellon as Brit
ish Ambassador which they beneVe
virtually assures the successful handllng
Of reparations and interallied debt
nroblems; second the determination OF
stop security liquidation and to free
idle funds which will mean as much, II
not more. than mere Stoppage OF indl-
yidual boarding third. the betterment
il. numerous manufacturing lines auto
mobiles being specifically cited; and,
fourth. the widespread belief that stocks
have been thoroughly Nquldated.
Prospects of some change IN the
cable and wireless preference dividend
caused additional offerings Of the stock
here today Canadian Marconl was
more active than in the last week,
though shares Of radio manufacturing
companies were heavy and dull.
Edison Electric Illuminating Of BOS-
ton opened up more than point.
Commonwealth Edison, however, lost
over a point. Pittsburgh & Lake Erie,
one of the few higher priced rails to
appear on the tape. opened up points,
but additional offerings forced Penn
road Corporation fractionally lower.
Enthusiasm for aviation securities
was chilled somewhat as the public
gave no indication Of desire to follow
professional activity in that group.
Bellanca Aircraft E. w. Bliss, Dayton
Airplane &, Engine, Detroit Aircraft.
Sentry Safety Control and a few others
were recorded on the tape. but their
quotations were little changed
Curb Exchange stocks opened quietly
and easier
Electric Bond & Share. in block Of
900 shares. appeared at lO7>. off j..
Cities Service was of fraction at 534.
Swift Packing was up slightly at 49,
Aluminium Co Of America opened up
i at so. only to quickly lose the gain
Middle West Utilities, at So yielded 80.
Ford Motor of Canada A, Arkansas
Natural Gas A. United Founders and
similar popular issues appeared un-
changed Edison Electric Illuminating
Co. Of Boston opened at 1874.
Evening star., 1932-02-04
PRICES FOR CHINESE
TEAS ARE ADVANCED
Military Operations at Shanghai
Also Cause Sharp Increase
in Other Commodities.

NEW YORK, February 4 Various
Chinese commodities, imported here
, today reflected the military operations
around Shanghai. Green teas ad-
vanCed The tone Of antimony frmed
Some of the essential oils and vege-
table oils, like cassia. anise and china
wood oil, also turned upward, accord
ing to brokers handling such COM
modities.
China green teas, as result of the
situation in Shanghai. which is the
leading green tea market of the world,
were up from l to cents a pound in
the wholesale markets here. Wall Street
houses with direct connections in
Shanghai said that all cables are be-
ing censored, and they had been un-
able to get in touch with their Chinese
representatives.
The tea season, both marketing and
growing, is closed in China now. Only
teas being held for shipment remain
on hand, and the growing season is
not far enough under way to say what
effect the military operations will have
on the 1928 crop Last week local
saying that such tea stocks as remain
there probably would not be shipped
for several weeks.
The green tea season opens up
around mid-June, when shipments
start coming into Shanghai Selling
continues until November. Because of
unfavOrable growing weather the green
tea crop was short in 1881 Exports
from mid-June until the end of Au-
gust. according to the latest official
available statistics, were 9,078 half
chests, 65 pounds each. of country tea;
62.268 half chests Of HOochoW and
63,742 boxes. 40 pounds each, Of Ping
Suey, against 11,175, 1882 and 100,-
O96, respectively, in the same 1880
period.
Most of the China black teas come
from Northern China. the growing and
marketing center being HangkOW The
shipping season starts in May and uSu-
ally lasts until the end of July. The
three main grades traded in here are:
HangkoW. of which 127245 half chests
were SHIPPED here from May until Sep
tember l. 1881. against l20, los in the
same 1880 period; Keemun, 7l,403,
against 1924, and Ming Chow, 13,46l,
against 17,755 in the 1880 period.
Although business in antimony was
not quite as brisk as on Monday, when
sales reached 200 tons the best day in
almost year, prices held their gain
Of a cent a pound and bids flrmed.
China is the chief source Of this metal.
(Copyright 1922
Evening star., 1932-02-04
CORPORATION
REPORTS
TRENDS AND PROSPECTS OF
LEADING ORGANIZATIONS.

NEW YORK. February 4.-The fol-
lowing is summary of important
corporation news prepared by the
Standard Statistics Co., Inc, New York
for the Associated Press.
News Trend.
Electric power production made 6
better comparison with the like week
of last year than has been reported fol
several weeks. According to the
National Electric Light Association
output in the week ended January &c
totaled 1888 967 900 kilowatt hours, 6
decrease Of So per cent from the cor
responding week of 1881. In the pre-
vious week output declined ST. per cent
The Companies.
Continental Baking 1881 class A
share earnings 70 cents. VS.. $703.
Ground Gripper Shoe-ReceiverS ap'
pointed for company by Federal. Court
Scranton, Pa.
Hall wv. F. Printing to acquire as
sets of Canadian Gravure, Ltd.
Pressed steel cars gets order for l0C
underframes for refrigerator cars from
Western Fruit Express Co, subsidiary
of Great Northern Railway.
Standard BrandS-Efective January
l, 1882, cut salaries ranging from II
per cent to 25 per cent.
Aluminium Industries Inc. declared
25 cents quarterly dividend; formerly
paid 37l2 cents.
Crocker- Wheeler Electric Manufac.
h.. Ra,t Nnf in
come s143,973, equal to 49 cents 6
common share.
Delaware. Lackawanna g. Western
Railroad 1891 common share earnings
65 cents, VS.. $3.50.
General Motors so cents quarterly
common dividend; previously paid II
cents.
Munsingwear Inc. offering SIS pei
share to shareholders for company.
stock
Western Electric-Overtures for ac.
QUESTION of Gray Telephone Pay STA
ton Co, unsuccessful.
Atlas Powder declared so cent:
quarterly dividend; formerly paid 81.
Ford Motor obtains order for l3t
Lincoln cars from Amtorg Trading
Corporation.
Packard Motor Car passed dividend
paid 10 cents in each OF three preceding
quarters; has $l3,750,000 cash anc
marketable securities.
Atlas Stores declared Is cents quar-.
terly common dividend; formerly pait
25 cents; has acquired two-thirdS of its
outstanding preferred stock for retire
ment
Canadian Pacific Railway - Trair
employees accept 10 per cent wage cut.
Doehler die-caSting plant operating
at rs per cent of capacity.
El Paso Electric 1881 preferred share
earnings S2859 VS.. $3.50.
Missouri Portland Cement 1891 deficit
$335,353 VS.. net income $1,205 1888
equal to $403 common share.
Trunz Pork Stores common share
earnings. year ended December 26, 81 .8s
VS.. 1925 in year ended December 27
1880.
Kelvinator Corporation January
shipments up % per cent; untitled or.
ders double those of year ago.
Union Oil of California introduces
third-grade gasoline priced at II to Il
cents a gallon in Los Angeles area.
HomeStake Mining declared 81 extra
and IS cents monthly dividends.
Standard Brands, Inc 1881 common
share earnings after foreign exchange
loss 08 VS.. s122.
American Brake Shoe a. Foundry
1881 common share earnings $l.14 VS.
1924
Evening star., 1932-02-04
STEEL PRODUCTION
REVEALS DECLINE
Drop to 28 Per Cent of Ca
paCity Reported for
Last Week.
BY the Associated Press.

BY the Associated Press.
NEW YORK, February 4.-The steel
ingot rate this week for the entire coun-
try has declined to % per cent Of Ca
pacity from 20 per cent last week, the
weekly Iron Age Review said today.
Although steel ingot production Is
believed to have made slight gain In
January over December" the review
stated, spig iron output failed TO in
crease, having in fact decreased 0.8 per
cent, but apparently this loss was caused
by decline in merchant iron which
offset minor improvement in the steel
making grades.
Steel ingots and pig iron do not al
ways move in unison as recently as last
November there having been gain in
steel ingots Of 8 per cent against a ;
per cent reduction in pig iron.
Ingot Output Estimate.
The Iron Age estimate of January
pig iron output is 972,7 gross tons or
1880 tons a day against 980.376 tons
cr 3l,625 tons day in December. On
February l there were 81 furnaces in
blast against Sc on January /.
The pig iron figures and this weeks
reports on steel making operations are
evidence Of the absence Of the usual
seasonal recovery. In January, 1881,
pig iron production gained per cent
with II per cent rise in eteel making
iron and ingot output advance l9 per
cent
AT least three plants in the country
are running at so per cent or higher,
yet there has been a decline in the
Pittsburgh district to % per cent and
the mills in the valleys are also on a
lower basis OF output.
Steel companies with the best Op2r-
ations are benef1ting to a greater extent
than others from automobile business.
Expansion in electric refrigerator manu-
featuring has also aided one or two
sheet mills.
The automobile industry is expected
to produce 175,000 cars in February
against bout 100000 for January. II
the Ford Motor Co. gets into volume
production before the end of this month
the total will be raised Though Ford
has not yet placed large steel orders
some are expected within a few weeks
Steel has been bought for 10000 Chew,
rolet bodies.
The railroad wage adjustment raises
hopes that ther5 will be an increase
IN purchases by the carriers. Some
rails and repair material probably will
be bought, but jor programs are likely,
to be postponed until the last half Of
LQe year.
Pressure on Price
The New York Central, for example.
may buy only $4,000 tons of rails against
about 10000 tons for 1881. The Nickel
Plate has inquired for 1900 tons, a
reduction from last years quota.
Meanwhile renewed pressure has
been brought to bear by some roads on
the rail price, which has remained at
SAB ton since 1922. 1t is said that a
reduction of So a ton is sought.
Further price concessions have
occurred on sheet steel. Automobile
body sheets are off So a ton to 28O
cents pound Pittsburgh. Galvanized
sheets ere being freely sold at 2.75
cents with some mills having quoted
the Pennsylvania Railroad 27o cents.
and light cold-rolled sheets are also 81
a ton lower
Evening star., 1932-02-04
BY CHARLES F. SPEARE.

Special Dispatch to The Star.
NEW YORK, February A. Move
ments in securities and in commodities
have not been exactly parallel during
the two and one-half years since the
abrupt decline in both began. They
have, however been exhibiting trends
that have made both the investor in
stocks and bonds and the buyer of raw
products equally cautious, which eX-
plains the reluctance of the normal
supporters of all markets to enter upon
buying campaign even with prices at
their present low levels.
The investor in securities has had
put before him since October, 1929, on
SIX different occasions, what seemed at
the time to be unusual bargains. The
abrupt break in stocks two years ago
last Autumn tempted many people with
idle funds or with resources easily
available to buy stocks that had eXpe-
rienced tremendous decline, in con-
trast with those with which they re-
Gently had been familiar So they
bought heavily and expected to make
large and immediate profits. This
policy proved to be ill-advlsed and
costly.
Buying Declines Steadily.
Again IN the summer and in the
later months of 1880, with stocks at
new low levels and few dividends then
reduced, the opportunities for long
pull investments" appeared exceptional
to the individual and to institutions as
we'll as to investment trusts So fur
ther accumulation took place This
also resulted in almost immediate pa
per losses. In June, october and De-
cember of last year it looked as though
the market had reached bottom and
that stocks should be bought. After
prices had gone through a good rally
they sank quickly back and finally vio-
lated their previous low range. The
last dip occurred a month ago. 1t is
significant that, when the averages
then broke through those of the previ-
Gus December and October there was
less buying than in any one of the
earlier periods. The investor had final
ly come to the conclusion that stocks
had not made a complete readjuStment
to the new conditions and that perhaps
it would be wiser to hold off until the
evidence Of permanent recovery in
business was given by a higher range
Of securities. This is quite generally
his attitude today
With commodities, the decline from
the high point Of 1929 has been more
gradual than in stocks and less inter-
rupted by periods Of recovery. Accord