Evening Star Newspaper, January 24, 1930, Page 15

FINANCIAL, » CURB ISSUES RISE. | -~ TOHIGHER LEVEL Market Turns Active on Ad- vance—Utilities and Rails Improve. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, January 24.—Stimu- lated by a series of overnight develop- ments, the curb market was active and %her today. Sales.up to noon were ,600 shares, against 273400 in the same period Thursday, the first day such statistics were reported officially. The decline in brokers' loans, favora- ble earning and trade reports and merger rumors created such enthusiasm that customers’ rooms more occu- pants than in any session thus far this year. Utilities led the upswing,” but rails, industrials, trading corporations and oils shared in the activity. Baltimore & ©Ohio rights, of which more than 35,000 changed hands the first half hour, made their bow today and proved sn early feature. Opening on a block of 1,500 at 115 and later touching 13 before reacting, these rights, which give com- mon and preferred holders the privilege of subscribing to 30-year 4!; per cent convertible bonds, virtually monopolized attention until Fox Theaters “A” came into the limelight by gaining a point. Eisler Electric, responding to initial common quarterly of 3714 cents, moved slightly higher, while De Forest Radio turned active following filing of a patent suit on winding of grid electrodes against Ken Rad Tube & Lamp Co. Dubilier opened up fractionally. Cana- dian Marconi and Cables Wireless were most active in the communications list. Natural gas stocks were a group about which the trading element was almost unanimously bullish. Lone Star Gas was higher, as was United Gas, but the latter met selling. Deere & Co. leaped 45 poinls in the first few minutes of trading, then encountered profit-taking, Cleveland ‘Tractor, mentioned in various merger TUmors, was up more than a point. Celane leader of industrials in early trading, later slowed, while Tubize came into prominence in the up-side. The Gray Telephone Pay Station made its bow on the curb at 90. New- mont mining was up 212 points at times, while Hudson Bay Mining was inclined to softness, one block of 5,000 shares appearing at 1134, Ford was the fea- ture of early motor. trading, running up a half point. PARIS BOURSE PRICES. PARIS, January 24 (#).—Price changes were irregular on the Bourse Three per cent rentes, 89 francs 75 centimes; 5 per cent loan, 105 franes 1R oehangs on ‘Lendon, 113 1 8 on n, rancs centimes. The dollar was quoted at 25 francs 46 centimes. COAL PRODUCTION. NEW YORK, January 24 () —Bi- tuminous coal production in the United States in the week ended January 18 totaled 10,700,000 net tons, a decline of mlhfllt 400,000 tons from the preceding TREASURY CERTIFICATES. FOREIGN EXCHANGE. et et N A a2 value (‘fl: m‘). today. o) ofer. 01 102 el “Tel. tavien Fet. Corp. 4lse 13 BalTel o Canady 8y Tod lifornia Pet. Corp. oy 3825502825238 T SPER S5 & Bales i thouzands. > 2225k 03! *rpag f 90,5 2ntn 22030 ) segenstas N ) 9 5 & 3 tH PR R 2 sss3esnasiness: 333532 g5 TsR = anssnoe! ! 55 FEF T ool > & o35 53 23 o Srragm G 22333uesstasetes: 2223882322822 & 3522 o8 & - 2TI3S823=28 53 :l:mi::’ = 7 & FESEET NEW YORK CURB MARKET ~Prev. 1929, Stock and Hish. Lovw. Dividend Rate. 46% 45 Acme W Co vte (32). 22% - 5% Aero Sup MfgB..... 161 109% Ala Great Sou (17). All Amer Gen Corp.. 4% Allegheny Gas Corp. 35 Allied Int Inv pf (3). 10% 23 Am Arch Co (3) Am Bakeries A Am C P&L B (b10%) Am Cwith P A b10%. Am Cwith P Bb10%. Am Control Oil Fids. Am Cyanam B (1.60) Am Gas & Elec (31). Am Gas&Elec pt (§). Am Investors (war). Am Invest Inc B.... Am Lt & Tract (10). Am Maize (12.80)..., Am Super 1st pf () Am Superpow pf (6) Am Yvette (new) wi. Anchor Post F (2)... Anglo-Am vot (73¢). Anglo-Am n-v (73¢). Ang-A n-v.cod r 73c. Apex Electrical Mfg. Ariz Globe Copper. Arkansa; Atlant Fruit & Sug.. Atlas Strs Corp (1).. Auto Voting Mach. .. Aut VMevprpt(2). Aviation Corp of Am Bancomit new (1.60) Bellanca Airerai Blaw-Knox Co (1) Bliss Co (EW) (1 Blue Ridge Corp. Blue Rdg cv pf ( Brazil Tr & Lt (3) Brill Corp A (1%) Buckeye PL (4).... ‘Bulova ev pf (3%).. 3 CabaWire LtdA rets 1 1 19% Cen States El war. 4'a Centrifug Pipe (60¢) 9 Chain Stores Stock. . 97% Childs 10 Clev Tractor (1.60). % Columbia Syndicate. 12% 1% Comwlith & Sou war. 96% 95% Com'with & 8 pt (6). 449% 2104 Com'wlith Edison (8) 21% 124 Com Wat Ser (b6%) . CAMCoectfs. o 855} Connecticut El Serv. 13K Consolidated Alrcraf 4 Consolidated Copper. 72% Con Dairy Prod (12). 2% Cons Instrument. ., . 10 Cons Laundries..... 30 Cooper Bess pfA(3). 10 Cord Corp...... 1 13 108 238 6 13% 1 8% 8% 8% l‘“); 575 875 560 3 De Forest Radlo.... 5% Detroit Aireraft Cor. 14% Doehler Die Casting. 34 Driver Harris(new). 20 4 Dubilier Cond&Rad 324% 120 Duke Power (35). 20 3% Durant Motors. : % 17 States Po B(1).. 4 2 14 EmpireFirelns..... 25% Empire Pwr Corp(2) 14% Emp Pub Sv A(1.80). 1% Fabrics Finishing. ., 3 Fairchild Aviation 10 Falcon Lead. 29% Federal Sci 16% Fiat Stk 4 itk 20 Fourth Nat Inv. 4% Fox TheatCl A. 4% Galena Signal 8% Galena 8ig n pf cod. 1778 9 184% Garlock Pkg « 2% General Bakin . 45 General Bak pf (6).. % Gen B Bl (A)... 35% Gen El Germ rets. 1 1 Gold Seal El 2% Golden Center, Goldman Sach Graymur Corp Grifith D W) Groc Stors Prod Ground Gripper (1) Ground Grip pt (3). Gulf Ol of Pa (1%) Hambleton Corp efs. %, Happiness Candy. 2 "H'd Page p pf (19¢ 3% Helena Rubenstel 10 Hecla Mining (1), 3% Hollinger Gold (6 39 Horn & Hard (234).. 6 Hudson Bay M & 8. 74% Humble Oii (2), 27 Hydro Elec Serv (1), 10 Hygrade Food Prod. 27 Imp Ofl Can reg(50e) 5_ Indian Terr Illum... % Intercontinent Pet n. Intercoast Trade (1) 15 Intl Petrol, n(6234e) 5 Internat Products 25% Intl Superpow (11 3 Internatl Ut B, 10 Interstate Equities. . 40% Interest Eq cv pf (3) 11% Irving Air Ch (1.50). 8% Isot Fraxchini (1.05), 1% Kirby Petroleum 1 Kolster-Br (Am 80 Lackawanna Sec(4), Laclede Steel (2), .., 9 Lake Superior Corp, 1% Land Co of Florida., . 23 Lefcourt Real pf (3) 90 Leh Coal & Nav (4). 63 n (The) Corp. 1 rd Oll. .. 115 5% % 26% 23% 20 ' 155 28 284 28 .- 04 £10 1758 18! 9 80 3 52 78% 804 T84 10 THE Stock and 3 Dividend Rate. 40 Ley (FT)&Co 3).. Liberty Baking Corp Lone Star, new (30¢) Long Isl Light(80e) . Louisiana Lan & Bx. Mac Marr Stores. ... Mapes Cons Mfg (3). Marine Mid Cp (1.20) Marland of Mexico. . Mavis Bottli; Mayflower Assn Mer Chap & S(1.60). Mesabi iron. . s 36% & 28% 18 8% 714 68% 119% 125 119% 106 106 106 5 5 5 104 10% 10% 250 260 249% M4 u 3¢ 1% 8 6 9 36% 354 354 3 20% 21n 20% 1 254 264 26% 2 6 6 6 1 14 14 1107 107 Pie Bak 14 107 R, S, S S 9 20 28% 20 3 * 0 4 4 3% 5 954 95% 954 238 238 144 13% * % 85% 18 6% 16% 4% 10% . 40 126 13 68 6% 20% 644 1% Rocklai 6% 1 Salt Cr ‘Sehu! Selectes 3% Select 10 5 159% 155 5% bw 6 8 28% 254 23% 2 17% 17T% 17w % 85 84! 6% 118% 1 16% 18% 164 L * 3% 35% 331 1% 13% 24% 27 27 27 136 136 135% B5% 56 51 1% 1% 1% 3% Winter 36 14 2% 32 3 107% 109 364 14 2% 32 107% 1% 1% 14 1 49% 49% 49% eash or stock. N Nat Steel Corp x w. Natl Trade Journal., Nat Transit (1). Neet Inc ev A (1.60 Nehi Corpn (1.30).... Newberry (JJ) (1.10) New Brad Oil (50¢).. New Jer Zincn (14). New Mex & Ariz Ld.. Newmont Min (34).. Newport Co (2)..... N Y Invest (1.20). Niagara Hud P(40¢) Niag Hud Pw A war, Niag Hud Pw B war, Niles Bement Pond. ., Noma El Cor (1.80).. Noranda Mines (3).. Reynolds Met n 2.40. Rice-Stix D G (1%). Richman Bros (3)... Ross Stores, Inc St Regis Paper (1) Sel Ind allot efs 5% .. Sentry Safety Cont. . Sheft'’r Pen (WA) (2) Shenandoah Corp. an Corp pf(ad Sierra Pac Elec (2 Stahl-Myer (1.20).. Stan Gas & El pf (7) Standard Motors. ... Stand Oil Expt pf (5) Stand Ofl, Ind (234). Stand Oil. Kan (2)... Stand Oil, Ky (1.60). Stand Oil, Neb(13%) St Ol of Ohio pf (7). 208 Stand Pwr&Lt(new) Stein Cosmetics Inc.. Stutz Motor Car..... Sunray Ofl (40¢).... Swift & Co new (2).. Ten E1 P 1st pf (7).. 26s Thermoid Co (2) 4 Third Nat Inv (1)... Thomp Prod A 2.40. Tobacco & All Stks. . Transamer (31.60).. Tran Con Air Tran.. Trans Air Trans cfs. Tri-Cont Corp war. . Tri-Continental Cor. Tri-Cont Corp pf(6). Tri-Util Cor (1. Trunz Pork 8 ( . 2 Tub Art 811k B (10).. 50s Union Tobacco.. Ungerleider F Corp. . Utd Carr Fastnr 1. United Ch pt pf (3).. United Corp war.».. United Gas Co...... Unit Lt&Pwr A(60c) Utd Lt & Po pf (6)..- United Public Serv. . U S Lines (50c) U S Rubber Re Universal Plctu Utah Apex (50c) Utah Pwr & Lt p! Utility Pw & Lt(a1). UHIP&L B etfs (a1). Utility &1nd. . . Util & Ind pf (1%).. Utllity Equities. Vacuum Ofl (t4%).. Venezuela Ptm (20 Vick Fin Corp. ... Vogt Mfg Co (2) Walgreen Co. -Air Exp Wil-Low Cafeteri: ‘Wilson Joi @ % Yukon Gold... RIGHTS. Baltimore & Ohio. . Crocker Wheeler 8o. Cal. Edison 18 .07 Trans Corp.. i &“lfll rates in dollars based on Iast auarterly or semi- annu l.fil L 1n stock. & Payable 1o L R, TSR R e Received by Private Wire Direct to The Star Office Close. 41 5% 35% 41 ELY Low. 41 ). Mid W Ut cv pf xwé. Midl Unit (b1% %) .. Miller & Sohs (2) Mo-Kansas Pipe ) »t (7)..100: Montecatini deb rts. Mount Prod (1.60) Murphy Co (1.20). Nat Amer Co (2) Natl Fam Strs ( t Investors (n: NJ(2) BN AN D 126 10 23 2 1 Novadel Agene (2).. Ohio Copper. Ohio Oil (2). Otis Elevator new. .. Outbd Mot A (1.80).. Outboard Motor (B). Pacific Coast Bis. ... Pac Commercial 2.80. Pac G&El 1st pf 1%. Pac Pub Serv (1.30). Param C Mfg (2. Penn Pr & Lt pf (6 Penn Ohio Ed($1%). Penn O Ed pr pf(1).. Penna Wa & Pwr (3) Pennroad Corp. ..... Peo L& P A (a2.40). Perryman Elec Co Petrol Corp (1%). Philip Morris Inc. of Am A(2), Pilot Rad T A (1.20). Pitney B P n (20¢) Plymouth OIl (2). Polymet Mfg ($1) Power Securiti Prince & Whitely. ... Prince&Whitely pf3. Prudence Co pf (7).. Prudential Inv. . Pub Util Hold wi Pug SP&Lt DL (6). Radio Products (2).. RainbowLumProd A RainbowLumProd B Red Warrior. ... @ L onTrarmnnSan 8 Lt&P (92, o k Prod (2).. Un 5c-§1 St. dustries. . d pr (5% ) LIPS -1 1Y aEod ks 08 08 2 21 2 HA 2 1 ). 43 3 43 4 20 55 ” 1 10 1 57 1 M w Blurrmant - S N MEAEN T SR A (Benj) ki Feb.24 9 ..Apr.12 8 Mar. 6 28 Wall Street Briefs mmt store, today declared a quarterly dividend of 50 cents a share on the common stock, $1.20 paid plans to continue the corporation’s pres- ent policy of building and expanding in banking and afliated lines, especially % | volume of apparel passing into By the Associated Pross. The Capital Administration Co., Ltd., an investment trust, which started busi- ness November 2, 1928, reports net assets as of December 31 at $11,509,808, & decrease of 5.01 per cent from the paid-in capital. Assets, of which 25.16 per cent was in cash; call loans and short-term loans, were equal to $2,302 per $1,000 debenturé, and, after de- 33 annual basis, ‘s sguinse §120 e annt previously. H. J. Klinger, Chevrolet Motor Co., says that more cars will be sold this month than in of last year, and that the out- month will exceed the 86,178 Janua: put this cars and trucks Election of Elisha Walker to the man is retiring as president of the vice president of"the o Banca America-Blair Corporation. An increase of between 31, and 4 per cent occurred in steel ingot production last week, it was reported today, with the industry as a whole now operating at more than 69 per cent of rated capac- ity, as contrasted with between 65'; and 66 per cent last week and 59 to 6 r cent two weeks ago. At this time turned out last Janu- the board of Trans- ducting outstanding debentures, to $108.50 per share of preferred and, after stock, debentures mflu 00!’90:!‘“ in place of A. P. lon of g : cuummh who is reuflup!mn that, of- t year the average was around 83'; per wv,. Officials of several steel com- deducting both d e to $23.13 class A an m!und. per Directors of Blauner's, Philadelphia fice the -dollar financial =g S direction of LA W fi:fi quot'a: x. more cheer- el rens s b | EVENING STAR, WASHIEJ’GTON D. C, FRIDAY, JANUARY 24, NATION'S BUSINESS DECLARED SOUND Leaders Report Industry Is Now Facing Period of Progress. BY J. C. ROYLE. Special Correspondent of The Star. NEW YORK, January 24.—Business has burned n%the wires this week with to ti b:c old home town sa 3 many ed up remarked, “Why, we didn’t know you had been away.” Indications are mul- tiplying that the check to business in recent months has been due sentiment and psychology rather than to physical and actual conditions. ‘Today there seems small doubt about the fact that business is on its way back. Employment is speeding up, as is shown by official reports to the De- partment of Labor. The reports to Sec- retary of Commerce Lamont point to a construction yeat involving between $9,000,000,000 and $10,000,000,000. Evidence of Progress. Representatives of & group of 60 trade associations got together in Washington and said, in effect, that one of the best things they could do to help the busi- ness situation was to spend a half a million in advertising to advise country of real conditions. ‘The automobile manufacturers, whom :vefibfld{ ll‘t.d been re&:‘rdlng wggl a eeling of pity, are speeding up produc- tion and frndln customers to take the output prom off thelr hands. Throughout the period when depression was supposed to exist it now is apparent that Detroit, the motor capital, main- tained a decidedly fair volume of em- ployment and activity. The steel mills are steadily bringing their outputs back toward the peaks at- tained in the Fall of 1929. Nltumlf. they stand to benefit to an extraordi- nary extent by reason of the spur to construction. The ofl industry is still under re- straint. There are huge :ugplles in Oklahoma and California which are shut in. But the future of the industry over a long pull is as bright or brighter than ever it was. Power Plants. The power plants of the Nation are turning out more current than at this time last year and undoubtedly estab- lished & new record in 1929 pro- It was surp: % ducing current to the extent of ap- ximately a hundred billion kilowatt urs, as compared with 78,849,579,000 kilowatt hours in 1928, the previous high mark. ‘ar loadings are off slightly as com- pared with 1929, but requirements as outlined by the refionnl shippers advis- ory boards seem likely to bring them back to a high basis within a few weeks. The anthracite industry is more active than it was, but the bituminous coal mln“nu are, many of them, still in diffi- culty. Indications are not lacking that the railroads are preparing for new efforts toward consolidations along the general lines indicated by the Interstate Com- merce Commission. This is shown by the new moves the Baltimore & Ohio, the dissoclating of the Delaware & Hudson from its coal holdings, and the acquisition of a trucking line in New York City by the Van Sweringens, who control the and to whom the Delaware, Lackawanna & Western has been assigned. Retall Sales Good. Machinery manufacturers still are well supplied with unfilled o.ders and the demand is not likely to drop off. The agricultural machinery manufac- turers are recording excellent sales and 80 are the railroad equipment men. It is still far too early to forecast crop conditions. The situation of the cotton wers of the South, however, is far rom satisfactory. Retail sales are maintaining a steady pace, with somewhat remuh'g:e e hands of consumers. The shoe and leather indus! is still uneasy, largely because of tariff uncertainty. NEW YORK COTTON. NEW YORK, January 24 (#).—Cot- ton opened steady today unchanged to an advance of 3 points on trade buying and covering, but offerings increased right after the call and prices worked & point or two below yesterday's closing figures before the end of thé first half hour. A little Southern selling was re- ported, while there was near-month liquidation, which was absorbed by trade interests who bought March against sales of later deliveries, Liverpool made a fairly steady show- ing, but was too early in line with ex- pectations based on the New York close of yesterday to be a factor in the early trading and there seemed to be nothing in the early news to stimulate imme- diate trading interest. March sold up to 17.30 at the start and reacted to 17.26. - Liverpool cables reported hedging and liquidation absorbed by trade calling and said buyers of cotton cloth were cautious with considerable uncertainty felt over Indian import duties. STEEL ORDERS GAIN. NEW YORK, January 24 (#).—Pro- ducers of sheet steel in the Chicago dis- trict report an increase in bookings re- sulting in an advance in operations to about 70 prr cent of rated capacity, compared with 60 per cent last week. NEW YORK BANK STOCKS. NEW YORK, January 24 (Special).— America .. lndunrl:i Inter-Ma Worla “Beech: Yorkvilie ... : Trust Companies. in the security fleld. The new chair- | Slintor B 1930. " PINANCIAL. !KELLOGG PLACES WHEAT BIDS TO SUPPORT GRAIN PRICES National ! C | orporation Manager Is Well Equipped for Position in Federal Or- ganization—Work Shows Results. BY JOHN F. SINCLAIR. Special Dispatch to The Star. "NEW YORK, January 2¢—William | G. Kellogg of Chicago, general manager of the Farmers' National Grain Corpo- ration, has had long experience in the grain business. He was born in Mil- waukee 42 years ago amnd landed his first job as & boy in that city in the old grain firm of Fagg & Taylor. Later, but still in his early twenties, he be- came a partner in the firm of Stacks & Kellogg. Next he l&pun in Minneapolis as the Northwestern manager for the Ar- mour Grain Co. When this company sold its interests to the Archer-Daniels- Midland Co,, one of the large linseed oil crushers in the United States, Mr. Kellogg remained to organize and man- age the terminal elevator grain depart- ment. Already Mr. Kellogg is busy on his new work. He has placed bids for wheat in all the principal terminal markets of the country at the Govern- ment Farm Board figures. Today there are 23 large-scale co-operative organi- the|zations which are either stockholders or tive stockholders in the new in corporation. At least one-fourth of the crop for 1930, estimated at ap- proximately 800,000,000 bushels, as well as considerable corn, is expected to be handled by these organizations. This Western grain operator is tall, heavy set, has thick black hair, is re- served in his manner and wastes neither time nor words in transacting business. He is one of the most" highly paid men in the Government service today. But he will earn every cent he gets, Representative Willlam F. Stevenson of South Carolina wants, after July 1, 1930, all nhtional banks to carry insur- ance for the benefit of their creditors against loss to an amount equal to their capital stock, which shall be in lieu of all stockholders’ double liability. At the present time every stockholder in a national bank is liable for an ad- ditional amount of capital, should the bank fail, to at least the amount of his capital holdings. If a man has 10 shares of stock which cost him $100 & share, or $1,000, he is uired case of a loss to put up another $100 a share to meet the assessment. “But try and get it!” Mr. Stevenson's suggestion is new. It has never been tried out. As a means of insuring the banks against failure and making certain the payment of the double liability assessment to depositors, such a bill, if enacted into a law, would probably bring the desired results. Since 1865 there have been 1,241 na- tional banks the hands of receivers. Already 815 of them have been wound up, with 426 still in the process of liquidation. Of the total of 815 banks that have been liquidated the capital stock amounted to nearly $98,965,920, but the records show that only $44,614,817 ad- ditional was collected from the stock- holders. Under such an arrangement as' Mr. Stevenson su ts, the addi- tional $54,000,000 would have been paid in full to further help the dewrt::rs recover their deposits. Such a plan would revolutionize the double liability feature attached to all bank stocks. It seems strange that while the min- eral resources of the United States con- stitute” 60 -per cent of the Nation's wealth no exchange for the exclusive selling of the security ented by this potential wealth exists in New York, the market of markets. But within the next 30 days a new exchange, to be known as the New York Exchange, is announced by Henry Taig, counsel for a group of brokers to whom the secretary of the State of New York recently ted a charter for the new organization, It is to be formed for the purpose of provid- ing a market for mining and ofl securities. It is expected that establishing such an exchange will bring into the market more than $500,000,000 in securities, Which heretofore have been financed through private channels. Tentative arrangements have already been made for the listing of 150 issues which are being traded in on other exchanges, This new exchange will co- operate fully with existing mining ex- in | business and studying the possibilities changes in other cities in the United States, Canada and Mexico. Membership in the exchange will be limited to 500. The organizers hope to announce the officers and begin work within the next 30 days. Dr. Julius H. Parmelee, director of the Bureau of Railway Economics, speaking of the rallroad situation, says: les, i crease over the corresponding mo ment of 1924,"an increase over 1927, and approximately 1 per cent increase al the previous record year of 1926. Since 1923 railroads have been going ahead on an efficiency pr m that has brought results. ey ve reduced operating expenses, while, at the same time, they ~have increased their net earnings. Efficient transportation and per facilities for communication have al- ways been forerunners of industrial ex- pansion. Man power! This is what many corporations are badly in need of today. Here is the way a well known chain store owner sums it up: “I know at least two very large cor- porations that are moving into retail trade throughout the country on a na- tional scale, to which I would make this suggestion: ‘Buy business colleges in centers where you wish to train titmr future managers. Concentrate on them —make them successful. Then you will begin to develop an efficient and suc- cessful personnel.” “I have many stores. I could have twice as many if I knew where to find the right men. But I'm more concerned about the right managers and their as- sistants than I am about having more stores. My policy has proven ht in the ?u:. I'believe it will continue in the future.” A tip to the wise, (Copyright, 1030, by North American News- paper Alliance.) RETAILERS OF HARDWARE COMPLETE INVENTORIES With inventories completea and sales- men back on their territories, the retail hardware trade is thinking about g for sales in Winter merchandise before the spnn! season opens. Unseasonable weather for the most of Jani has retarded the normal development of :u;mm in Eastern markets, Hardware ge says. Western markets have experienced some real Winter weather and, except where road conditions were bad, sales of cold weather items have been quite satisfact The ted replacement business he completion of inventories has not averaged as satisfactory as had been expected. As retail stocks gener- ally appear to have been rather light when stock was taken, it is generally felt that the wholesale market will soon :1::: the benefits of some replacement e. Collection conditions vary greatly, but there are few indieations of acute zndit situations. There are no major price changes. GRAIN MARKET. CHICAGO, Jan of wheat shipments from Equator, togef with rej of num- erous business failures continental Europe, led to early downturns in wheat values today. Australidn and Argentine wheat shipments this week total 2,061,~ 000 bushels more than last week. Start- ing 3% to ); lower, Chicago wheat afterwards underwent an additional setback. Corn, oats and provisions were luomk.wuhcornnum.nfi%w% :flc.m :nd subsequently continuing to ecede. i Giving emphasis to announcement of 2.0!1.&% Mugzlj e t of South- ern Hemisphere of wheat this week as compared with last week, ad- vices were at hand today that wheat Vvisible supply of Australia is 6,000,000 bushels greater than a week ago. In this connection, it was stated that Gov- ernment elevators in New South Wales mhvfie !mx:mnreeelvm: v;hum Mean- while sca g reports of damage done to domestic Winter wheat h;“ recent severe low temperatures were at hand, but were of little effect as & counterbal- ance, STOCK AND BOND MARKET AVERAGES By the Associated Press. Prom Yesterday's 5:30 Edition, STOCKS. Total sales (par valu SAFE FIRS'T Over a Third of a Century our Without a YOU DON'T HAVE It isn't necessary to take chances or run risks in' choos- ing investment for your surplus funds. There is one type of in- vestment that will meet every requirement of the individual, furnishes security of principal, with definite return and can be bought in wanted amounts— 6%2% FIRST MORTGAGES (Copyright, 1930, Standard Statistics Co.) MOR»TC.;AGES TO GUESS January 24 (F)—fncrease New ¥ e ®an A_I5 PRODUCTION DROPS DURING DECEMBER Reserve Board Report Notes Seasonal Decline in Indus- trial Output. A decline of 6 per cent in production in December was reported by the | Federal Reserve Board in its monthly review of business conditions. Little change was found in commodity prices and conditions in the money market. “Nearly all industries reported larger than seasonal reduction in December, except food industries, which showed little change, and coal, in which output increased,” the summary said. “The 1 Tell declines in December, as in earlier months, were in automobiles and iron and steel. Production in textile, shoe, lumber and the nonferrous metals industries also declined” considerably. Stocks of cotton textiles, copper, zinc and Jumber increased in December.” Steel Plants. The board found in the first three weeks ‘of January steel plants increased their operations, but were less active than a ‘8T -ago, while there were further decreases in the output of copper and lumber, but an increase i crude petroleum. Building contracts, the summary said, declined further in December, with residential contracts continuing in small volume and with large dec*eases in con- tracts for commercial builcings, public works and utilities. ‘Wholcsale prices, it found, fluctuated r.arrowly in December. “Member bank credit increases less than usual over the year-end and in January continued to reflect the liquida- Hon which began early in November," the summary said. “On January 15, total loans and investments of member banks in leading cities were $478,000,000 ‘below the level of December 11, 1929, Loans Increase, . “This decline occurred both at banks in New York City and outside and was in ‘all other loans,’ apparently reflecting a seasonal decrease in interbank loans together with a decreased demand for fnred:: by ;olmmerclnl borrowers. Invest- ents and loans on securities increases e oney Tt in the sh . loney rates e short term l:;lflrh:“"flm!dd wm?whi;t over the J?!':E , eased early January, and throughout the first half of Lherymenlh Temained gener&lly at the lowest levels since the Spring of 1928, it said. TB.EASURY‘ BALANCE. The United States Treasury balance announced today as of close of business January 22 was $102,480,715.11. Cus- AT S atal ey e Tt & .05. Tof di- tures, '4,358.51. ik S F ., DIVIDENDS DECLARED. NEW YORK, January 24 (#).— Hidrs. ot Tecora. Feb. Feb. 20 Pay- aom Rateried. ablt Atl Ast o M Sghiy s Cons Gas Util A.. General Alliance. Ttal Super 30c 1.50 1.75 2.00 85¢ 40c P FEFS! & R 000pDOOPOOHPOODHHOOOOOOOOOOLOOOOOD; P L At Lt SEERRRRRERERET.,, 5. ST 2 S8 00 et e G e Bttt G s Brca & & SEEEEEEEYY 9 2% < o =5 ite (8 8) $E O B B I B SR R B8 - o D82 BN NuegNeeaRerg. oo o nereased. Prefyhecid Ins N X 38c N itted. Nat Grocers. H 2, 10¢ Q Due Feb: 1. event th; t A "ti~gn.ws,",. § dd ‘We Invite Applications for FIRST TRUST LOANS on Improved Property in NEA MONT! RY CO. AND THE DISTRICE OF CoLoNBIA Perlods of 3, 5 or 10 Years POSIZHHELPS n John Han eock Lite nsurance 1417 K 8t =:“‘lllii 9300 of Principal and Income Every guaranty first mort- dige: bt offibiia dable fuce tor of safety. First, it is secured on essen- tial income-producing propers ties in Washington, conserva- tively appraised. Second, our enormous re- sources of over $3,800,000 are Consult us concerning them— may be purchased in.amounts from $250 up. B SAUL CO. National 2100 925 15th St. NN\W. THERE IS NO SUBSTITUTE FOR SAFETY behind your investment. More and more shrewd in- vestors are purchasing these sound securities. There is no fluctuation in value, and they ed to yield 6%4%. tell you more about Guar- ortoage B Ne Buccess Plan: May Be Purchased Monthly Payments Denominations as low as $250. - REALESTATE MORTGAGE & GUARANTY CoRPORATION Capital Resources over $3.800000 '