Evening star., 1932-01-30
Everybody's
Business
Deue1obm ents in Far East
Exert Selling Influence
on Stock Market.
BY DIR. MAX WINKLER.

Special Dispatch 10 Inc star.
NEW YORK. January 80 (N.ANA). .
The market seems to have been sub
jected to a certain selling pressure in
the course of yesterdays trading,
largely as a result of developments in
the Far East.
Although the Sino-Japanese situation
is somewhat more serious than many
have been or are even today willing to
admit it is still hoped that conditions
will not be permitted to get beyond
control 1t is rather sadly irOnical to
find so many War-like gestures on the
part of nations at the very time when
the world is beginning to look for SAL
vation and brotherhood Of man as
result of the forthcoming Disarmament
Conference.
A cynic remarked recently that when
nations assemble to discuss diSarma-
ment stocks of munitiOn companies in
Variably score advances. 1t is hoped
more than expected that the present
conference will prove an exception.
Reports to the effect that the Ma
tional Credit Corporation would wind
up its affairs are unWarranted, accord
ing to Mortimer N. Buckner, president.
The corporation is functioning ac
lively, and will continue to do so until
the Reconstruction Finance Corpora
ton is fully organized and operating
throughout the country, Mr.. BuCkner
says.
DepoSitors and stockholders of the
numerous financial institutions which
closed their doors since the creation of
the National Credit Corporation will
be perhaps inclined to question the
presidents remarks concerning the aC-
tive functioning of the enterprise.
The rate of decline, allowing for sea-
SOnal conditions, has recently been
meaSurably checked, and there is in
creasing evidence of approaching sta
biiity, according to Lammot du Pont
president of E. I. du Pont de Nemours
& Co.
AS soon as confidence returns, Mr.
du Pont says, and the time should not
be far away the wheels of industry
and trade will begin TO turn more
rapidly and the stimulus of the coun-
try's wants, combined with the energy
and capacity of the American people
will gradually bring back a sounder
prosperity. based on recognition Of
real values and an abandonment Of un-
sound speculative dreams.
Politicians on both sides Of the Rhine
continue to appeal to their respective
constituents Both seem adamant, or
at least convey that impression.
Nevertheless, things are shaping
themselves properly. and some sort of
FranCO-German rapproachement is not
at all unlikely. Renewal Of the French
portion of the Reichsbanks credit is
regarded with satisfaction, especially in
view of recent threats by French politi-
cans that no postponement would be
granted.
France IS much more realistic than
she is receiving credit for Refusal to
extend the credit would precipitate
new crisis in Germany, which would
prove disastrous not only to Germany
but to the whole of Europe. France
appreciates this and will act accord
ingly.
The oil industry will be placed on the
highway to economic recovery if the
East Texas field can be kept under
proper control during the next 80 days,
according to Amos L. Beatty, president
Of the American Petroleum Institute.
This statement, Mr.. Beatty adds. is
predicated on the ability and willing
ness of crude oil purchasers to absorb
allowable production in East Texas.
A feeling of optimism prevails in the
West as result of the Railway Credit
Corporation, despite the absence Of any
actual business improvement, according
to Charles Donnelly, president Of
Northern Pacific.
Mr.. Donnelly placed the systems
earnings for 1881 at $500 a share, of
which slightly more than 81 share
represents special income from owner
ship Of the Northwest improvement Co.
Without the special dividend, last years
income would cover only slightly more
than one-half the current dividend rate
on the common stock.
No interruption is looked for in the
present 81 rate on Standard Oil of New
Jersey at the meeting scheduled to be
held Monday. OF the total 81 repre-
sents extra disbursements.
1t may be pointed out that even
though the full dividend was not earned
in 1880, the company continued to pay
both the regular and extra. The cor
poration's satisfactory surplus and cash
position would seem to warrant the be-
lief that the dividend policy will, for
the time being at least, remain un-
changed.
Recent activity in Kreuger & Toll
issues Is attributable in large measure
to the acquisition by the company of
an 80 per cent interest in the Boliden
Mining Co., said to be a gold produc-
ing unit which has not been fully rec
ognized until lately.
The company is understood to have
decided advantage over all possible
competitors in the northern part of
Sweden. which Is believed to contain
sufficient gold mines to make Sweden
an important factor in world produc-
ton Of the yellow metal
In any event, the recently aroused
enthusiasm over Kreuger g. Toll should
prove helpful in whatever financing the
company may find necessary to arrange.
Copyright, 1882 by the North American
Newspaper Alliance, Inc).