Oakland Tribune from Oakland, California on January 7, 1934 · Page 25
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Oakland Tribune from Oakland, California · Page 25

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Sunday, January 7, 1934
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Wall Street FINANCIAL SECTION BUSINESS NEWS mm AND ITS ACTIVITIES -BY QEOGE ' I 'HE ONL inference to he drawn from thr. action of the mar- 1 ket after over-night weighing of the President' budget pro-po-n!s was tli at the speculative element wan completely bewilrl-derrfl. It i? an ohl paying in VTall Street that the stock market discounts everything it can foresee and. if that he so, the conclusion is that in this cac it can foresee nothing. Kxcept in one place there was. no real response to the announcement that the government must borrow ten billion dollars in six months, the largest peace-time financing in history. 0i Government bonds reacted, but f stocks stood still, commodities were stationary for the most part, the dollar hardened but not enough to carry much significance, and bonds other than governments acted like stocks. THE DECLINE IN governments was not emphatic nor was the volume as large as it had been in the preceding session. It could not even be said that the market was weak. Dealers reported support, presumably from official sources, but it was not called upon 1o absorb any great amount of selling. When one remembers what the government bond market will be railed upon to fare between now and July 1, the surprising thing is that it was not heavier than it was. It. goes without saying that the cost to the Treasury of these enormous borrowings must be higher. How much higher no one can now predict. That alone would make for a reactionary market for oat-stanriing issues. The real question, however, is: who will buy the new offerings? The only answer now in sight is that the banks will have to take them. ONE WOULD HAVE In go back j long time before finding any comparable situation to that, now 1 presented by the stock market. A j history-making piece of news' brought neither buying nor selling worth speaking of. Volume was not much over a million shares and the price swing as narrow and indecisive as if nothing had happened. Various explanations were offered, none of them entirely satisfactory. Probably the best one was that no one eared to make a commitment on cilher side without knowing what was to come next and the President having given one such shock, it was possible he might have another in store. a This condition cannot Inst, indefinitely. Perhaps business will have to show the "way, hut. for the present the stock market has abdicated, its traditional function of anticipating the future. THE STRENGTH IN the dollar was a little more illuminating. The foreign exchange market seemed to say that the danger of currency inflation had been averted. In this quarter if anything was registered ft was confidence, but that may have been due to the covering in of commitments for the decline abroad. London cables reported speculators in the exchanges as un-willing to carry risks as traders on " this side were to carry storks. IN COMMODITIES THE withdrawal of speculators for the rise in silver was the feature, as far as " there was any. These, too. were Inclined to close accounts and take a position on the sidelines. TURNING FltOM THE markets to banking opinion, it can be said that no one doubts that the government can borrow the funds necessary. And if it becomes reasonably apparent that the budget can be balanced In the fiscal year beginning July 1, 193!), the task, while difficult, can be accomplished. If. also, there is to be no new radical departure in the way of money ma.riipulat.ion and if stabilization in fact if not In law ran be achieved, the outlook is better, not worse. It seems improbable that expenditures on the srale set, forth by the President ran actually be made within the time limit he gave and It is the feeling that he deliberately painted the picture as.-darlk as possible. That being the case, there is a restrained optimism in banking circles. It is - not pronounced enough to show in the markets, however. AS FOR BUSINESS, the one sure thing is that government spending as planned must be stimulating. It may not be permanent but there can be no doubt of the immediate effect. Experience with the effect of the Civil Works Administration is enough to prove that. The money put in circulation by that organization found its way into retail trade with an effect anyone ran see who consults the sales figures of the - large merchandising distributors currently appearing. That operation is to be continued for a year at least Summing it all up. there is more reason for confidence than for doubt, Son Succeeds Father As Cons. Steel H ead LOS ANGELES, Jan. 6. Election of Reese H. Taylor as president, was voted by the board of directors of the Consolidated Steel Corporation, it was announced, filling the vacancy caused last November by the death of his father, Walter Taylor. The new president is 33 years old. So. Calif. Edison Declares Quarterly LOS ANGELES, Jan. 6. The reg ular quarterly dividend of 50 cents on the common stock, payable February 15 to stockholders of record January 20, was declared by directors of the Southern California Edison Company, Ltd. Morrell & Co. Earns $3.60 Share for Year CHICAGO, Jan. 6. John Morrell & Co.. meat packers, reported a net profit of $1,409,095 for the year ended October 28. This is equal to $3.60 a share, against $1.08 in the preceding fiscal year. ' . T. HUGHES- BEHIND THE FINANCIAL SCENE 1 James McMullin NKW YORK Mayor LaGuardia's new broom will sweep out plenty of dirt in the next couple of months. The show will be entertaining if not edifying. Insiders understand that Commissioner of Accounts Paul Blanchard and his counsel, Irving Ben Cooper, will be encouraged to make all the headline news they can. The police department" under General O'Ryan will also command continuous pub-licattention. The house-cleaning in these departments HaJI be sincere, but ita most useful purpose is apart from its obvious intent LaGuardia's transit policy Is bound to stir up heated resentment from those who advocate the 5-cent fare including the sardines who do the riding.' It Is hoped that energetic attention to campaign pledges In other directions will tone down the deafening raspberry that would otherwise greet a higher fare. Tammany will be hampered in its efforts to build up political capital by aggressive counterattacks. GRAND JURIES The grand juries will have a lively time of it. The Grand Jurors' Association is preparing for a tooth-comb investigation of city accounts, and incoming officials have prom- ; ised warm cooperation. Nobody is i going to raise any question this time j about the limitation of grand jury I functions. I , HOSPITALS Mayor LaGuardia's appointment ! of Dr. S. S. Goldwalor as commis-! sioner of hospitals threw a number ! of staff members of some of the j bottrr-kiinttm New York hospitals j into a wild panic. Dr. Golrlwater I is a stern disciplinarian, and in re-! cent, years has voiced sharp criti cism of hospital conditions. lie was especially displeased with the way things were being run in the two institutions with which he was formerly connected, Bellevue and Mount Sinaiy Nobody paid any attention to the old-timer- -but now he is going to clean house. CHARTER The outlook for city charter revision by Fusion prescription is nil. Tammany representatives in the State Legislature are set to .swing a hefty ax on any such proposal that shows up SLIMS It's O. K. with Tammany if Ten ement House Commissioner Lang-don Post shoots the works on his sweeping plans for slum clearance. Quite a few of the boys saw the storm coming a year or two ago and bought up the land which will have to be condemned by the city. That, way the opposition will help them feather their nests. COITER New Yorkers hear that a copper rode will be imposed on the industry by the government unless it can agree with itself within two weeks. Most copper men, brlieve a code would help them oirf-of their troubles, but not on the terms for which Anaconda has held out. The industry is much more hopeful than it has been in some time. The only serious bug in its butter is the possibility of fresh overproduction induced by the government's silver-buying program. The boys aren't quite sure whether they can resist temptation. - ENCOURAGEMENT New York learns that Germany is building a network of new roads and eliminating all automobile taxes for one year in order to stirri-ulate the motor, Industry. American manufacturers think it's a bully idea, atid faintly hope that it proves contagious. II. S. BONO LIST NEW YORK, Jan. B.-fU.R) -Further pressure on United Stales Government issues induced by budget uncertainties featured trading on the bond market in the brief weekend session today. In heavy turnover, the Liberty bonds and Treasury certificates dropped fractions ranging to ft a point. Domestic corporation bonds moved in a narrow range, but were steady to firm. Improvement was manifest in the public utility division, where American & Foreign Power 5s, PoSfal Telegraph 5s, Utilities Power 5s and International Ttele-phone convertible 4 Vis held fractional gains. Industrials bonds wee steady. National Steel 5s and Wheeling Steel 4fts rose ft each to 94 and 72 ft, respectively. Rails were irregular, but there were several strong spots, including Southern 5s, which rose a point to 87. - Hardly any change occurred in a dull foreign list. German 5fts held around the previous closing level of 58. while the 7s old at 80, off ft. French 7a dipped to 1M. -, RECESSION VOL. CXX CHANGES IN SHARE LIST IRREGULAR Fluctuations Narrow in Day's Trading. Motor Storks Soft as Some Show Gafns Bv ELMER C. WALZER NEW YORK, Jan. 6. fU.R)-Prices were irregular in a dull ses sion on the Stock Exchange today, while fluctuations narrowed in United States Government issues and commodities were firmer. Chrysler was the oustanding feature in activity. It came out In long strings at, declining prices and touched 53 i, off l'j points, before encountering moderate support. Other automobile issues also met the usual profit-taking thnt comes when the automobile show opens. The issues had been bid up in a demonstration preceding the show. Aside from the motors there were few soft spots. Chemicals met a little selling, but failed to lose much ground. Oils fluctuated irregularly, as did farm equipments and mercantile issues. The latter had good news in their favor in the form of sharp gains in sales reports. STEEL SHARES Demand increased for Transamer-ica and it rated among the most active stocks on the board. Buying was stimulated by resumption of dividends on the issue. Steel shares held small gains, despite news from Youngstown that operations in'that- district for the coming week would be down fi points at 26 per cent of capacity. The lull is expected only to be temporary with a pickup due soon as automobile plants swing into heavy operations of new models. U. S. Steel moved over a point area through the short session. Manhattan Elevated 7 per cent guaranteed slock soared 7 points to 27 and other tractions moved up smaller amounts. This rise was set off by progress being made in transit unification here. It was predicted today that, transit unification would, probably be consummated by April 1. UTILITIES FIRM Utilities generally presented a firm tone in dull turnover. Railroad issues were up small amounts on better than seasonal showing in car loadings. Communications ruh; steady around the previous close Wet stocks were up slightly, as were gold issues. Stock sales today totaled approximately -lliO.OOO shares, as against 751,613 shares last oa'urday. Curb sales totaled 89,000 shares, as ag.iins', 202,000 shares last Saturday. French Bankers Seek Mexico Oil Rights MEXICO CITY, Jan. 6. nJ.R French bankers are trying to obtain 'a huge oil concession in Mexico un-4 der the new government laws, in competition with the gigantic Dutch Shell Company, it was learned today. A French legation spokesman ad mitted that a proposal fur a French concession had been discussed, lie refused to say what progress had been made. Primo Villa Michel, secretary of commerce, was out of town and subordinates refused to I discuss the proposals until his return. It was renorted in reliable nuai- tfrs that the bankers, through a representative negotiating here for two months, would offer financial concessions in return for oil rights. Average Market Value of Stocks Up NEW YORK, Jan. 6. -The average market value of all shares listed on the New York Stock Exchange was $25.59 as on January 6, compared with $25.13 December 1. January 1 there were 1200 stock issues listed, aggregating 1,2!)3,2!)0,- !)31 shares, with a total market value of $:i3,094,751,244, compared wiUi 1211 issues aggregating 1.295.027,015 hares, with a value of $.'i2,542,45fi,- 452, December 1. Total borrowing by members of the Exchange against collateral January 1 were 2.55 per cent of the market value of all shares listed, compared with 2.43 per cent De cember 1. Short Interest in Stocks at Low Point NEW YORK. Jan. 6. The short interest in storks on the .New York Stock Exchange at the opening of business December 30 was 71 2.R63 shares, a decrease of (10.520 shares from November ,29, the Exchange announced today. The total at the year end repre sents a new low since the Exchange began to make public monthly statistics on the figures. Morris Plan Reports Peak Volume in '33 The Morris Plan Co. of Oakland, following the best year in its his tory in 1933, says in an announcement that 1934 is expected to pro duce a 25 per cent gain over the year just closed. Collections are reported satisfactory and thrift accounts are growing steadily. . Average Value of Canadian Wheat Up OTTAWA. Jan. 6. The Dominion Bureau of Statistics reported that Canada exported 191,968,861 bushels of wheat during the calendar year, 1933. which had a value of $122.-412.686, or an average export price of 63.8 cents a bushel. In 1932 the export volume was 228.219,755 bushels, valued at $128.-385,733, or 56.3 centi bushel. - OAKLAND, CALIFORNIA, SUNDAY, JANUARY 7, 1934 SO YEARS Julino Zentner, who cele- I 1 1 r- r i Prated ins tittirth year in produce commission trade, evening at a banquet. thr last Anniversary Is Celebrated Julius Zeptner, head of thewhple-.ie fruit and produce house of Levy & Zentner, was host to 300 guests at a banquet in the GoT Room of the Palace Hotel in San Francisco last night to celebrate the fiftieth anniversary of his advent into business. There were congratulatory addresses and telegrams from representatives of many interests of the state and coast. Paul Mcyerhoff, vice-president, and Sidney Levy, secretary of the Levy & Zentner organization, told some of the details of 1 he success of the business career of the host. TT was on June fi. 1BR4. that Zentner. a young man without other capital than youth and a capacity for work, launched himself into the commission end of (he fruit and produce trade. Ho joined forces! with Adolph Levy after the San Francisco - earthquake under the firm name of A. Levy and J. Zentner and found himself In a campaign of active expansion. The first year of the career of Levy and Zentner saw a gross business or $144,000. Sales the past, year exceeded $12,000,000. From a small factor hi the fruit, and produce trade the house lias grown to the largest, west of Chicago and the fourth largest in Win country. Last year it. handled over 10,00(1 carloads of perishable products. If has branches in Oakland, Monterey, Sacramento, Eureka, Stockton, .Santa Rosa, Fresno, Chiro, in California aiid in L'lko and ltcno in Ne- vaua. ranting nouses are loe.ueii in all Hie largo fruit growing sec lions of (he slate. Manager George W. Fountain anil 35 employees of the Oakland branch house were among (lie guest ;. Among the speakers were Mayor Angclo Rossi, William F. Monisli, president of I lie Hank of America, and Vice Presidents Mario Giininini and Al (Jock, W. (Jailtier, president of the Pacific National Hank. William Sherman, president of the Merchants Ice Company and Superior Court Judge George Sleiger. NEW YORK, Jan. fi. 0J.P) Curb! market traders found little incentive to place new commitments today, but, selling orders remained light and prices recorded little trend in cither direction. Activity was confined to a few leaders in each department, and sales ftir the two-hour period fell off to 89,000 shares, compared with 202.000 shares a week ago. American Gas & Electric fell Vz to Ifl'i, but other utilities held steady near the previous closing levels. Fractional setbacks occurred in Gulf of Pennsylvania, International Petroleum and Standard Oil of Indiana, but other petroleum leaders closed higher. Mining shares receded fractions to a point and an easier tone was evident in packing stocks. New Jersey Zinc met strong support, and rose 2 points to 63 Vj. Motors showed steadiness -in duH tending. Ickes Assures Protection i lmmm immiiiii mOTmm-- pi nn mnvn Minn wmnru DULL LISTLESS! WASHINGTON, Jan. 6.- (IJ.R) OiUdustry has been received. Subse- Administrator Irkes today assured Senator Borah (Rep., Idahol that he was giving every consideration to protection of consumers and independents in the petroleum in dustry. Borah recently complained to Ickes regarding certain features of proposed marketing agreements for the industry. Ickes, replying to the Senator, said these same objections had been raised previously by the oil administrative board and were being studied carefully. . Ickes said that he was in entire sympathy with the Senator's statement to the petroleum board that "you desire primarily to protect the interests of the consumer and the independents in the industry." Ickes' 'letter continued: . "Your letter of. December 28, 1933, raising some specific objections to the proposed pool and marketing agreement tor the petroleum in - ' ' ' HOME BONDS SEEN National Dcht Liability to Be Sent Higher bv Action v. s. Approval Is Foreseen By LYI.E C. WILSON WASHINGTON. Jan. 6. (U.Rl-A $4,000,000,000 increase in the national, debt liability is contemplated by the administration today to bolster the mortgage re-financing programs of the Home Owners' Loan Corporation and the Farm Credit Administration. ine immer is in tamer serious , difficulties. Its bonds have sagged. I A Federal guarantee is expected to be proposed for the Farm Credit Administration and perhaps for both next. week. High rotuicils of the administration are convinced a guarantee would lift the bonds from the 80s to par or near it. Each of these credit organizations has a potential $2,000,000,000 bond issuing authority. The overall estimate of a $4,000,000,000 increase in the national debt liability may be out of line a matter of $100,000,000 or so. Rut it is substantially correct. DERT INCREASE The increase in the debt liability of the nation is potential rather than absolute owing to the fart that it must be assumed that the refinanced mortgages ultimately will be discharged and the bonds thereby retired without a call on the Treasury. But if any deficiency existed, it is the judgment of the administration that the Government would have a moral obligation to make good even if a legal guarantee were not provided. In creating the two organizations. Congress pledged the Government to guarantee the interest but not the principal of these bonds. The bonds were to be given to note holders in an effort to lighten the mortgage load on farm and home properly owners. That Congress will be asked to guarantee the principal of Farm Credit. Administration bonds is practically certain. On the highest authority it may be said that a guarantee of Home Owners' Loan Corporation bonds is likely. NET INCREASE' A Federal guarantee at this session of Congress would increase from $7,309,0(18,211 to $11,309.0(18.211 the net increase in the public debt liability at; the end of this fiscal year. Instead of a net public debt liability of $3 1. 83 1,000.000 on June 30, 1935, when Roosevelt expects the-country to begin paying its own way, the debt burden actually would be $;j.r)'J3l .000,000 if all the bonds were issued. Thfil. unprecedented " figure is $!),237,298,352 greater than the peak load of war time indebtedness which was reached in August, 1919. The favorable rcaclion of money markets to Roosevelt's deficit message this week is believed to have encouraged the administration to move Inward a further extension of public liability. HONDS SLUMP Many mortgage and no'e holders are refusing to accept the home loan bonds. That attitude has been particularly marked in the vicinity of Hie capital despite Ine use in some instances of personal letters from Roosevelt. Hacked as they are only by a guarantee as to interest, the bonds have slumped well below par. There is nn formal trading in them. The Government is reported, in fart, to have rather discouraged the provision of a regular market. But Home Owners' Loan bonds were quoted yesterday at. 8(ili. -- ,-- - N. W. Mogge Joins J. W. Thompson Co. Norton "W. Mogge, who recently joined tile San Francisco staff of tin' J. Walter Thompson Company, has been placed in charge of the Los Angeles office (if the advertising agency, according to an announcement' by Lynn Baker, the company's Pacific Coast manager. Mogge started pioneering dealer service work with the California Fruit Growers' Exchange in 1914 PAC. BANK SHARES, LTD. Pacific liankshares, Ltd., paid stockholders 2 rents n share- at the rate of fi per cent, on the current market value of the stock. Solon of Due for Oil Users quent to the receipt of your letter you conferred with members of the petroleum administrative board of the Department of Interior concerning these agreements. "The board has advised me that you expressed, your sincere appreciation of trie cffortjrlof the oil administration to safeguard the consumer against any unwarranted increasejn prices. I appreciate your expression of confidence. "As you were informed during your conference with the board, the meritorious points presented in your letter to me were raised by the board within few days after the submission of the agreements and prior to receipt of your letter. Under my directions, the board at that time began to gather accurate statis tical data bearing on these points, and to hold informal hearings and conferences with groups in the industry in order to obtain the necessary facts to guide me In arriv- ing at a decision." Transamerica Dividend Seen As Favorable Market Factor Reports of Steadily Presages Higher -Bv II. S. Testern security and commodity markets are getting away for the New Year with an encouraging start. There is undoubtedly a more optimistic feeling for the outlook of business. Prices of leading California and coast crops generally are firm and show tendencies towards higher levels. The Transnmrrira dividend of 12y2 rents a share is heralded as concrete evidence of the turn for the better. It will scatter $2,0,240 among over 7:.000 stockholders and coming as it does in the procession of other New Year dividends it strengthens the forecasts of bankers and business men of a prosperous spring and summer. It is indication that there has been a change for the bottrr in in(ustry ns, j addition to ui, tij;; -r,.B,.l u a large and widely diversified in- vestment in many of the leading coast, industrial enterprises, Resumption of dividends on the common shares of I. Magnin h, Co. is accompanied by the statement from the officials of the company that sales last year wera ahead of the $(1,706,000 reported for 1932. Increased dividends by many of the Hawaiian sugar companies is testimony that this industry is getting into a prosperous stride. Reporfs" ef the banks for the year end all show increased deposits and satisfactory gain in resources. According to official state reports there has been a gain of close to 30 per cent in the return to growers of the principal crops of the state over 1932. Real estate dealers say there is marked increase in inquiry for property throughout the entire Bay region and leasing activities are more marked than at any time in four years. N Building permits for the city are beginning to show higher totals. Factory payrolls without, exception are constantly growing. Retail trade outlook is encouraging. The little unsteadiness shown by slocks and bonds the past few days may be attributed in large part to the deficit in government revenues indicated in the new Roosevelt bud-gel. This is- expected to pass as the public weighs more carefully the meaning of the figures. The President, has set a definite time limit to the unbalanced budget and there will probably after all be little difficulty in the government, borrowing all the money it needs. The psychology of the public is that recovery is on its way and it will .take something more serious than a huge increase in the national debt, to change it although it is admitted that, this increase has injected some uncertainty into the general business situation. President Roosevelt, however, expresses confidence that the country can support a national 'debt of $32,000,000,-000 which he expects will be gradually reduced beginning a year and a half hence by revenues growing out of expanding business. And so the forecast is for better prices for Western securities, both stocks and bonds. Old Spcrry Flour Co. To Be Dissolved Stockholders of the old Sperry Flour Company of California, properties of which were sold in 1929 to General Mills, Inc., are to receive a liquidating dividend of $190 a Share, due to the company having just, been awarded a tax settlement refund of about $100,000. Because of tax litigation at the time of the merger the old Sperry Flour Company was not dissolved. Holders of the 54,000 shares of Sperry received 27,000 shares of General Mills, Inc., in the trade, but they were not .required to turn in their common shares in the old company. When the pending liquidating dividend !s paid the way will be clear to wind up the affairs of the old company and it will go out of business. II, is believed that there were several thousand shareholders on the company's' books at the time the deal with General Mills was completed that will benefit by this distribution. Majority of these reside in California, Washington and Oregon. Liquidation of Sperry Flour of California in no way affects Sperry Flour Company, a Delaware corporation, which was organized by General Mills as a subsidiary to continue the manufacturing and distributing business of the old company. Golden State Milk Sales Volume Growing Shares of Golden Slate Milk have been displaying some strength the last, few days following reports of improving sales volume since the early fall. Increasing payrolls generally among the California industries and reorganization of the company's sales organization has enabled the company to show considerable increase in turnover. During the first eight months of the year considerable reduction in operating outlay was effected but with the coming of the NRA labor and other costs were increased by approximately $40,000 a month and this is expected to offset previous economies. As a result operating results for the year are not likely to show much improvement over last year when a net profit of only $37,-803, the equivalent of 8 cents a share on the 480,719 shares of stock outstanding, was reported. A statistical service, which has just made report on the company's progress and outlook says: "Year-end adjustments as yet undeterminable, however, may result in higher earnings for 1933 than are currently anticipated, the review points out. "Among such adjustments will be a considerable lowering of depreciation charges as a result of writedown of buildings and equipment, amounting to f 2,180,068." ' T.7 Improving Business Security Prices SCOTT - KLX Broadcasts Market Reports T"LX, the broadrastinf. ttalion of The Tribune, provide Icnrri with utork quotation! and Mimmarira three timM dally. The hour and information available are n follnwn: 9:20 A. M. (dally), noon prirei of the New York Eichanne. (Ex-eepting Tncudaj and Friday, at :05 A. M.) 10:15 (daily), prices of 'San Fran-ciaco Exchange of 10 A. M. 1:40 P. M. (daily, except Saturday, rloaing pricea San Fran-riaro Exchange. 12:00 Noon (Saturday), rloaing pricea San Franciieo Exchange. COAST STICKS SLIGHTLY U On a turnover of 7400 shares In the short trading session yesterday Transamerica held at 7 until the close when a hundred share lot crossed the tape at 6. It closed Friday at The market was dull but firm on the other issues traded In on the San Francisco Stock Exchange. Southern Pacific was a fraction to the good at 10 and Pacific , Telephone gained l's at 72 Los Anceles Gas preferred Rained Vfe al 80 as did Pacific Lighting preferred at 72V4. Pacific Gas common held at 157i. Crown Zellerbach common held at 4 ',4. The preferred A at 35 and the B at. 35 had small gains. Hawaiian Commercial was up Vt at 454. El Dorado Oil held at 20. Food Machinery was slightly weak at lO'i. California Packing was unchanged at 19. The only oil to show was North America, off ' at 7. Fireman's Fund held at 48. Bank of California gained 2 at 123 and Wells Fargo Bank held at 185. California Western States Life Insurance was down Vi at 15', 4. North American Investment 6s sold at 17 for no change. On the Curb Exchange Telephone sold unchanged at 1 0!) ',4 . Southern Edison at 16 'A and the preferred 6s at lft'.'s were gainers. Claude Neon of Delaware sold at BV for Vi gain. Onomea Sugar at 30 and Schumacher Wall Board preferred at 314 were steady; Chollar showed up on the Mining Exchange at $2.15 for a loss of 10 cents and the rights at 16 cents for a loss of 6 cents. Yuba at 48, West at 24, Divide at 11 cenls and Shamrock at $1.47 ',4 were unchanged. MARKETS AT A GLANCE NEW YORK, Jan. 6 Stocks steady; leaders move narrowly. Bonds steady; U. S. Governments ease. Curb irregular; trading dull. Foreign exchanges steady; fluctuations narrow. Cotton steady; trade and commission house buying. Sugar steady; trade buying. Coffee quiet; steady Brazilian markets. CHICAGO: Wheat higher; dust storms southwest. Corn firm; scantiness of receipts. Cattle nominally steady. Hogs steady, top $3.75, SAN FRANCISCO: Stocks dull WHAT THE, January 6 Total sales . . . Pervious day Week ago Year ago Shares .... 461,920 .... 1,075,610 .... 751,613 ., . . Holiday STOCK AND BOND AVERAGES DOW JONES AVERAGES. JANUARY 6 30 Industrials High 97.58 Low 96.52 Last 96.94 20 Railroads High 40.09 Low 39.70 Last 30.97 20 Utilities High 22.60 Low 22.35 Last 22.45 40 Bonds 84.73, unchanged. STANDARD STATISTICS CO. AVERAGES Storks . Bonds .Wind 20 Rr 20Ut'90Ttl. ...IAN. 20Ind!0Rr 20 Ut 60TU. 80 3 42.0 64.3 77.6 .... Today .... 73.0 74,3 77.2 77.8 89.7 41.8 64.5 77.9 ..Previous day.. 72.9 74.6 77,2 74.9 92 3 42.4 67.2 80.2 ...Week ago... 72.3 75.3 77.0 74.9 93.1 42.3 66.0 80.4 .. .Month ago. . . 71.4 71.3 77.1 73.2 54.3 28.8 94.6 57.4 ....Year ago.... 64.0 61.8 83.7 72.0 ..2 years ago.. 65.3 68.1 82.6 72.0 125.1 98.2 166.1 128.1 ..3 years ago.. 88.0 104.8 99.2 87.3 147.7 122.3 127.7 140.2 ..6 years ago.. 102.1 58.0 113.7 96.9 ..High, 1933-34.. 77.1 84.9 88.5 83.5 42.3 23.5 61.1 43.9 . .Low, 1933-34. . 58.3 57.0 74.1 63.6 72.3 39.8 111.0 73.9 ...High, 1932... 71.3 78.0 88.2 78.1 35.1 13.2 51.8 35.0 ...Low, 1932... 53.2 47.4 70.9 57.5' 140.2 108.2 203.9 144.3 ...High, 1931... 90.4 105.7 101.5 . 98.7 60.0 30.8 92,8 61.3 ...Low, 1931... 62.3 613 80.2 68.5' (Copyright, 1934, Standard Statistic Co.) . . COMMODITY AVERAGES NEW YORK, Jan. 6. Index of 15 staple commodity pricea (December. 31, 1931, equals 100; 1926 average equals 230.5): Today 128.0, previous day 127.5; week ago 125.0. month ago 124.5; 1933-4 high WS.Sf, 1933-4 lo ; 78.7; 1932 high 103.9, 1932 low 79.3. COMPONENT PRICES Staple Yr. ago Today Silk (lb.) $1.53 1.445 Cocoa (lb.) M .0475 Hides (lb.) 05 .1025 Rubber (lb.) 032 .0888 Wheat (bu.) 4912 .8437 Corn (bu.) .2412 ,49 Hogs (cwt.) 3.30 3,73 Silver (oz.) ....... M .44 (Cowrtaht NO. 7 JOBBERS' OF FRUIT WILL TALK CODE Easlbay Produce Men Called To Meeting to Discuss New AAA Rules for Business Representatives, of the Eastbay wholesale dealers in fruit and produce willattend a meeting in San ' Francisco tomorrow at room 310, 510 Battery Street, on the proposed code of fair competition,, proposed by Secretary of Agriculture Wallace. The rode is proposed by the Na tional Fresh. Fruit and Vegetable Council, representing the American Fruit, and Vegetable Shippers Association, the Western Fruit Jobbers Association of America, the Inter national Apple Association and the-" National League of Commission Merchants of the United States. Among those who would be affected by the code are approximately 15,000 wholesale dealers in fruits and vegetables who are licensed under the Perishable Agricultural Commodities Act. It is also claimed that approximately 5000 additional firms are engaged in this business without license and would be affected by the code. TRUCK PEDDLERS CONCERNED The unlicensed operators arc principally those engaged in distributing fruits and vegetables by motor truck without fixed place of business. During the last 10 years, carload shipments of fresh fruits and vegetables have averaged approximately 1.000,000 cars a year, though in 1932 the amount fell to only 842,000 cars. The decrease was attributed to the increased movement of these commodities by motor truck and to falling demand due to lessened purchasing power of the public. Besides prohibiting "destructive . price cutting," the code prescribe a number of rules of fair competition intended to eliminate undesirable practices. One of these provisions declares that "no person shall accept compensation from both buyer and seller, nor represent buyer and seller in the sam; transaction without the knowledge and consent of both buyer and seller." FOR SHIPPER Another provision in the code is intended to assist shippers who have experienced difficulty in obtaining acceptance of cars of fruit and vegetables upon arrival at destination when sale was made verbally or without a signed confirmation. The code provides that all sales by agents be confirmed in writing and makes it an unfair trade practice for any such agency to submit an order which the buyer refuses to sign without disclosing to the principal that he has no written confirmaton but only a verbal understanding. r Growers of certified seed potatoes would be protected by a provision in the code which makes it an unfair practice to use the term "cer tified" in connection with the sale or offering for sale of any fresh fruit or vegetables except those la- . bclcd "certified" by an officially approved State or Federal agency. Failure of any person to obtain a license under the Fcrishable Agricultural Commodities Act is also declared an unfair trade practice. and irregular. MARKET DID . January 6 Advances . . , Declines Unchanged Total issues Sat. 160 178 140 478 Frl. 180 312 127 619 Off 0.29 Up 0.12 Off 0.03 Staple Yr. ago Today Steel Scrap (ton).. $6,875 $11.25 Copper (lb.) 05 .0825 Lead (lb.) .0287 .039 Cotton (lb.) ...... .0625 ', .1075 Wool (lb.) ........ .58 1.115 Coffee (lb.) .....i. .0887 .0925 Sugar (lb.) ....... .028 .032 tar Moody's.)

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