Evening Star Newspaper, February 13, 1930, Page 14

A—14 w+s BOND PRICES HINGE ONRESERVE POLICY Lowering of Interest Rates Has Direct Effect on Senior Securities. BY JOHN F. SINCLAIR. Specicl Dispateh to The Star. NEW YORK, February 13.—Does the present low interest rate mean a rising market for bonds during 19302 Most seasoned observers say yes. But Mr. David Friday i= not so sure. “Tell me what the Federal Reserve pol- icy will b2 and I'll answer the question easily,” is a summary of his position. ‘The two-year decline in bond prices that lasted up to October, 1929, was largely the result of the Federal Reserve policy in selling its own Government bonds, which in turn was followed by the liquidation of bonds by the member banks, Mr. Friday believes. From December, 1927, to July, 1929, the Federal Reserve portfolios of Gov- ernment bonds shrank from $606,000,000 1o $136,000,000. To offset the Federal Reserve, member banks were forced to sell ‘their bonds to take care of the tightzning reserve situation. Between June, 1928, :nd October, 1929, the member bank portfolios of bonds shrank $1,010,000,000. So bond prices moved down. How else under such condition could they move? Now, what of the future? “Since November the Federal Reserve banks have added $350,000,000 to their holdings of Government bonds, and bond prices have risen a little over two points from their low,” comments Mr. iriday. “If the Federal Reserve con= tinues to hold the present volume of bonds and maintains its total holdings of open market assets at their present level, we shall develop a real bond market.” £ The Federal Reserve policy exercises a powerful influence over bond prices. Are bonds yet a good buy? It is more than a year ago since Secretary Mel- lon suggested to the investing public to “buy bonds.” Only this last week commercial paper rates dropped a quarter of 1 per cent below high-grade bond returns. That was a signal to many to begin buying ' bonds. ‘When the rate on the firest commer- cial paper goes fia:sme nub:nndhgl;- grade, seasoned bonds many ot ers take that situation as a cue to enter the bond market. After the November break bond prices started up in fine style, then the ad- vance stopped. Why? Banks in the country have not been buying bonds because they have been busy with col- lateral loan problems of their own. But as soon as banks put themselves in bet- ter shape to purchase this class of in- vestment for their portfolios, undoubt- edly they will do so. Then, of course, the attitude of the Federal reserve at present in easing money conditions will be of real aid to @ rising bond price level. When Vice President Frank J. Fahey of the Gillette Safety Razor Co. stopped the manufacturing of all Gillette razors and blades in order to prepare their manufacturing plants throughout the world for a new razor, which will be an- nounced March -6—King C. Gillette, president and founder, was in China— & globe trotter in spite of his 75 years. It was in 1895 that Mr. Gillette, a traveling salesman, living in Brookline, Mass., conceived the idea of a detach< able razor blade cheap enough to be thrown away when dull. Always a big advertiser, not only in the United States, but throughout the ‘world, Mr. Gillette has sold in the 28 years since he began more than 115.- 000,000 razors and over 5,318,000,000 blades. When I asked Mr. Fahey why he made the change at this time, when business was supposed to be slack, he Teplied: “The year 1930 should be our great- est year. Reports are so encouraging that we have not hesitated to bring out our new products and to plan a sub- stantial expenditure for merchandising and advertising to support them. This is our answer to any pessimists who re- gard 1930 with apprehension.” Backing this statement up, the Gil- lette Co. will spend $10,000,000 this in advertising, of which $7,500,000 will{ be spent in newspapers and magazines throughout the United States—an n- crease of $2,500,000 over last year in the same territory. One of the largest buildings in down- town New York is the Equitable. Ris- ing 40 stories at 120 Broadway, it con- tains 1,250,000 net rentable square 1eet, has 64 high-speed elevators to han- | dle 15,000 occupants and was erected between 1912 and 1915, when building costs were much lower than they are today. Besides, the present zoning laws had not gone into effect. For these reasons they were able to make $2.90 a share on their stock outstanding, although the rental is $4.74 per square foot, as compared with $7 for the newer buildings in the financial district. ‘The scope and the importance of the modern building are emphasized when one sees that the profits for the last 12 months of this building have aver- 2ged better than $200,000 a month net. ‘The total for the year 1929 was $2,600,~ 000 net profit. ¢Copyright. 1930. by North American News- paper Alliance.) COMMERCIAL CREDIT CO. HAS PROFITABLE YEAR Special Dispatch to The Star. BALTIMORE, February 13.—Round- ing out the most profitable year in its history, the Commercial Credit Co., of Baltimore, and fts affiliations in 1929 Teport net operating income of $6,254,- 142, after provision for bonuses, Fed- eral taxes and reserves. This is equivalent, after deducting small minority interest and all pre- ferred dividends, to $4.48 a share on 1,003,684 average no par common =hares outstanding during the year, and $4.33 a share on 1,037,052 shares out- standing at the end of the year. The company covered its common dividend requirements nearly two and a quarter tumes. The company reported net operating income in 1928 of $4,132,391, after pro- visions for bonuses, Federal taxes and yeserves. This is equal, after all pre- ferred dividends, to $4.01 a share on 691,407 average no par common shares outstanding during the year and $3.58 share on 774,231 shares outstanding at the end of 1928. . ] 137% Macy (RH) & Co(n2) % 140% 17 FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, « NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued From Page 13.) Sales— 4 00. High. Low. Close. Cipee: Stock and g Dividend Rate. 3% Loft, Ine.... 50% Loose-Wiles (2.60) 16% Lorillara (P) Co.. 8% Loulsiana Ofl...... 38% LouG&EIA (1%) 32% Ludlum Steel (2).... 90 Ludlum St pf (63%). 30 McAndrews&F 12.85. 35 McGraw-Hill (2) 14% MclIntyre Pore M(1). 61 McK'port TP (14%). McKesson & Rob (2) McLellan Stores. Mack Trucks (6). 12 Madison SqG (1%). 8 Mallinson & Co. 5 Manati Sugar 23 Manati Sugar pf... 5% Maracaibo Oil Exp. . 17 Market St Ry pr pf.. 39% Marlin-Rockwl t43 . 20% Marmon Motor (2). 3 Martin-Parry 37% Mathieson Alk: 49 May Dept Strs (n2) 16% Maytag Co (12) 29% Maytag Co pf (3) 26Y% Melville Shoe (2).... 15 Mengel Company (2) 83 Mengel Co pf (7). 16% Mexican Seaboard. 26% Miami Copper (4) 53 Michigan Steel (23). 25 Mid-Coutinent P (2). 46% Mo Kan & Texas. ... 103 Mo Kan & Tex pf(7). 87 Missouri Pacific. 134 Missouri Pac pf 36 Mohawk C Mills (3).. 1 49 Monsanto Ch (81%). 38% Montgomry Wrd (3). 3% Moon Motor: E 12 3 4% 4% 8 62% 61 6 58% 6 106% 10¢ 2 92 9 5 1 1 3 1 3 5814 Morrell & Co (4. 3 81% Morris & Essex (3%) 50. 4% Motor Meter G & k. . s 2 55 Motor Products (2) 3 7 26!% Motor Wheel (3). 12% Mullins Mfg........ 1 57% Mullins Mfg pf (7). . 450; 18 MurrayCor(b2%stk. 1 5 s 7 35% Myer(FE)& Bro (2). 4 51% Nash Motors (6).... 1 2| ! Nat Bis n (p2.80). Nat Cash Reg,A(t4). Natl Lead (5). 138% Natl Lead pt A (7).. 116 Natl Lead pf B (6).. 109% 108% N Y Chi& St L p£(6) 121 % 108% NY NH & Hart (6)... 122 NYNH&HDL (7)., 1% N Y State Rallway: 2% N Y State Rys pf.... 1! 102% 100 N Y Steam pf (6).... 112 111% N Y Steam 1st pf (7) 20% 16% Norfolk Southern. .. 106% . 93% North Am(bl0%stk) 113 54 51 North Am pt (3). 102% 100% North Am £d pf (§)« 5l% 45 Nor Ger Lloyd(3.41). 90% 82% North Pacct (5) 49! 1 11% 89 % 42 Northwestn Tel (3). % Norwalk Tire & Rb. . 9% Ofl Well Supply..... 88 Oil Well Sup pf (7).. 23% 13% Olver Farm kquip. . 42 821 125 86 97 69 31 Olivr Fr k5q ev pt(3). 280 Otis Elevator (6). 118% Otis Elev pf (6). 80% Otis Steel (234). 91 Otis Steel pr pf (7) 50 Outlet Co (4) 60% 52% Owens 111 Gla: . 256% 17% Pacific Coast 1st pt.. 18 15 Pacific Coast 2d pf.. 61% 524 Pacific Gas & IS (2).. 92% T2 30 T | 170 Pacific Lighting (3). Pacific Mills. . Pacific Oil stub: Pacific Tel & T (7) 21 150 135% 116% Pacific T & T pf (6). 17T% 60% 263 160 43 15 240 11 35 1 3 3% 50% 21 ds% 0% 23 62% 60 SILVER QUOTATIONS, NEW YORK, February 13 (#).—Bar silver, 437;. Mexican dollars, 32%. 15% Packard Motor (1).. 50% Pan-Am Pete 8. 4% Panhandle P & R 4¥% Paramount-F-L (4 25 Park & Tilford (33). 2% Park Utan. 17% Parmelee Trans 1% 2% Pathe kixchange 5 Pathe Exchange A. 6% Peerless Motor Car.. 264 Penick & Ford (1)... 63% Penney (JC) (2%).. 6% Penn Dixie Cement. . ania RR(4) 230 People’s Gas Chi (8). 150 Pere Marquette (18). 94% Pere Marg pr pf (5). % 3% Phelps Dudge (3). % 11% Phila& Read Cé& 1. . 221% Phila Company (17). % 8% Pnilip Morris (1).... 31% Phillips Petrm (n2). % 1 PlerceOfl.... 2% Pierce Petrol Pilisbury Flour (2, Pirel Co A (2.88) Prairie Pipe L (15). 7% Pressed Steel Car. 52% Proc & Gamble (2).. 8% Prod & Refiner: 31 81% Public Serv, NJ 3.40. 106% Pub Sve NJ Dt (6).. 143 PubSve NJ pf (8). 107% Pub Sve E&G pf(6).. #82% Puliman Corp (4).... 6 Punta Alegre Sugar 22% Pure Ofl (1%)...... 77 Purity Bakeries (4). 34% Radlo Corp... 53 Radiopf A (3%). 68 Radio pf B (5). 19 Radio-Keith-Orph A. 33 Raybestos Man 2.60. 121 Reading (4)......... Reading 1st pf (2).. 44% Real Silk (5).... Real Silk Hos pf (7). 20, 3% Reis (R) &Co....... 30 Rels (Robt) & Co pf. 25% Rem Rand (50c)..... 100% Remington 1st pt (7) 95 Reming-Rnd 2d (8).. 10% Reo Motor Car (.80). 72% Repub Ir & Steel (4). 107 . Heynolds Spring. 1 1 9 El 4 2 00s 10s 10s 19 1 6 2 10s 4 108 208 63 2 1 26 6! 26% 8% 44% 43% 98 30 37 18% 69% 33 16% 91 374 136% 137% 136% 36 35% 3b6% 36 424 52% 25 14w 13% 24% 8% 43% 42% 98 30 37 18% 69 321 15 13 82 80% 2 160% 160 5 14 13% 8 % 30 14% 32% 36 22% 5% 26% 45% 24% 4 43 56% 18 34 27% 57% 6 1 56% 41% T 18% 13% 57% 106% 13% 07 205% 207 8 260 1 160 10s 96 160 96 57 106 91 57% | 43% % 0% 81% 6% 59% 29% 19% 60 21% 41% 82! 2! 259'% 260 269% 160 167 " 96%, 1 40% 40% 40% 40% 8 16% 164 16% 16 4 2 5 4 Prod & Refiners pf.. 40s 46 Y 663 8 32 85 94k 3 109% 2 108% 3 b6% s 90 2 8 85 319 21 17 B4y 281 425 B b4 24 ~Prev. 1930.—~ l‘a' High. 114% stock and 07% St L-San Fran (8 92 St L-San Fran pf(6). 481 St Joseph Lead (13). 24% Savage Arms (2) 4% Schulte Retail St il 35 Schulte Retall p£(8) 110s 9% Seaboard Air Line... 6 821 Sears Roebuck (32%) 40 9% Second Natl Inv. 3 58% Sec Natl Inv pf (5) 2% Seneca Copper. 86% Shattuck(FG)( 21% Shell Union (1.40)... 103 Shell Un Oil pf (5% 8% Shubert Theatres. 71% Simmons Co (g3) 231 Sinclair Con Oil (2).. 29% Skelly Of1 (2).....e0 35 Sloss Sheffield Steel. 95% Solvay Am Inpf63. 24% So Por Rico Sug (2).. 56% Southern Cal Ed (2). 18% South Dairies, A1%. 3% Southern Dairies B, . 34 8 A 119% Southern Pacifie (6 29% 131 Southern Rwy (8)... 98 Southern Ry pt (5) 19% Spang-Chalfant... 92 Spang-Chalfnt pf(6) 200s 13% Sparks Withngtn(1). 3 71 Spear & Co pf (7).... 708 20% Spencer Kelg (1.60). 3 35% Splegel-May-St (8).. 5 26% Stand Brands (1%).. 118 119% 117% Std Brands pt (7). T% 5 Stand Col 161 64 StandG&EpPL(4).. 5 10 Stand Invest Corp... 59 Stand O of Cal (2%). 98 Stand Oil Exp pf (5). 61% Stand OLLN J (12)... 82 Stand OIIN Y (1.60). 1% Stand Plate Glass... 4 Stand Plate Glass pf. 33 Starratt (L 8) Co(2) 10% Sterling SecA...... 12 Sterling Sec p£(1.20) 36% Sterling Sec v pf(3) 38 Stewart-War (h3%). 77 Stone & Webster 12). 40% Studebaker Co (5)... % Submarine Boat. 56% Sun Oil (11). 815 Sweets of Amer (1)., ¥ Symington (A).. 15% Telauto Cp (11.26) 9% Tex PC&O (b10%). 13% Texas Pac Land Tr, 19 Thatcher Mfg (1.60). 27% The Fair (2.40) 9 Third Avenue, 36% Thompson J R (3.60) 11% Thompson Starrett. . 11% Tide Water Asso 60c. 80 Tide Wat Asso pf (6) 86% Tide Water Oil pf(65) 14% Timken Det Ax 1300 70% Timken Roller (3). 2% Tobacco Products 7% Tobacco Products A. 8% Transcontinental Oil. Sales— Dividend Rate. Add 00. ll;h, Low. Close. Ol 21 Tob (1).. 2 109% Stand Gas & El (3%) 46% 237% 215 16 83% 24% 70 9% 76 42% 36% 34 36 4% 10 98 31% 97 1% 25 % 16% 110% T 184 60 21% 47% 334 52% 166 141 32% 30 2% 31% 4 49% 8% 5% 26% 100% 68 8% 6% 16% 132 46 23% bl 221 50% 9% Transue & W (1) Truscon Stl (g1.2 TwinCity Rp T (4).. 2 Twin City KT pf(7). 10s Und-Ell-Fisher (5).. Union Carbide (2.60) Union O1l of Cal (32) Union Pacific (10). Union Tank Car. 32 2 Utd Biscuit (1.60, Utd Carbon (2)... United Fruit (4). . 3 Utd Gas & Imp(1.20) 261 Utd Gas & Im pf (5).. Utd Paperboard. .. Unit Piece Dye W (2) United Stores A. Udt Stores pt, USind U S Leat U S Pipe & Fdry (2). U S Realty (5).... U 8 Rubl U S Rubber 1t pf. U S Smelt Ret (3% USSmelt Ref pf 3%. U 8 Steel (7)... U 8 Steel pf (7) . Univ Leat Tob (3)... Univ Pict 1st p£(8).. 10s Univ Pipe & Rad. 2 Utll Pwr&Lt A Vadsco Sales Corp... Vanadium (4. . Vick Chemical (2%). Virginia-Car Chem Virginia-Car 6% pf.. Va El & Pwr pt (6) Vulcan Detinning. Vulcan Detin A, 14 Ward Baking pf (7)., 1 Warner Bros Pic (4). 167 War Bros P pf (3.20) 2 Warner-Quinlan (2). 13 Warren Bros (19). 11 Warren Bros 1st (3).100s Warren Fy&Pipe(2). 13 Webster-Eisenlohr.. 2 Wess Oil & Snow (2). 3 Wess O & Sn pt (4) 2 West Penn El pf (6). 20; 1, | slightly higher. 21% 44% 127% 108 10% 1 1% % % 13% 104% West Penn Pw pf(6) 118% West P‘l)l:‘n Pw s 208 Westhse E&M pf (6) 10s Weston El Ins (1)... 29 tvaco Chior (2).. 2 ‘Whi White Sw Mch pt (4) Wilcox Rich (A) 2%. Wilcox Rich, B (2).. Willys-Over (1.20) Willys-Over pf (7). . Wilson&Co A. . Woolworth (2.40). Worthington Pum; Wright Aero (2) Yellow Truck & C. Young Spring (3)... Young Sheet & T (5). 5% Zenith Radlo........ RIGHTS EXPIRE % Am R Mills. .June 15 19 1% Balto & Ohio.Mar 11 111 1% Col Carbon..Mar11 19 % Erfe RR.. Feb28 14 13% Lig & Myers. .Mar 12 52 35% 12% 36% 2 3 29 1% el 13% THURSDAY, FEBRUARY 13, 1930, Received by Private Wire Direct to The Star Office Sales. 1.000.) Mor’s & Co 18t 4%s Low. Close. p 15 993 903 o8 |NntDairy 6y 89 100 29 10027 100 27 29 1014 1013 1014 21 9923 9923 9923 1 9920 9920 9920 15 111 11031 11031 FOREIGN. Sales. High Low. Close. Argentine 6sJu 9. 8 96% 96 96U Argentine May 61.. 1 96% 96% Argentine 6s Oc:’ll g;fl‘z m s62.. Argentine 5 *A = . ceh Pan-Amer P Paramount Pathe Exchange 7s. Phila Co 68 67 3 Phila & Read Phillips Petro 5%s. Plerce Oil deb 8s. .. Pillsbury F M 65’ Por Ric Am Tob 6; Postal Tel & C5%s Pub Serv G 4%s '67 Punta Alegre 7s. .. Pure Oil 5%s'37... Remington Ar 6s 32 Rem Rnd 6% war Richfield Ofl 6s 4 Sinclair O11 6s. Sinclair O1 6% Sinclair Ofl 7s..... Sinclair Crude 5% Sin Pipe Line Skelly O11 53%s. South Bell Tel 6 Southwest Bell Market Turns Dull After Ini- tial Dealings—New is- sues Offered. US4%62..0 BY F. H. RICHARDSON. Special Dispatch to The Star. strong opening under an accumulation Australi: of orders over the holiday, the bond |Austria market turned dull and irregular today. New issues continue to make the mar- ket somewhat sluggish, the addition of another $47,305,000 today to the $100,- 000,000 brought out Monday and Tues- day %nce m&l": oldhetflnl ‘what beneficial effect continued easy money might otherwise have had. T The Western Union offering of $35,- 000,000 of 5 per cents, due in 1960, was another example of bringing out a new ol'!erlngl underdthe m&e at which a companion and outstanding issue is selling on the market. The new bonds | Brazil §%8 1928 are offered at par. The indenture reads | Brash . exactly as that of the outstanding 58 B of 1951b: ;‘Dlreet obligation of the com- pany, but not secured by a mortgage. ‘The ‘indenture provides that, while any | Canada 6s 1952. . of the bonds of this issue are outstand- | Chil 0 ing the company shall not create any |Ch new mo‘rtz{nfi or lclu:lze upon all or g":“ 11:1 any part of real estate or tele OLOST RS pl.ynf-- s Con Pow Japan 7 outstanding issue has been | Cobenhagen s ct.. :e.}nnz {:‘ft::nfl!;':t a lrue‘mlum of about Cuba6%s......... 2 points, after sel as high as, pan H 103% in 1929 and 106‘/4g in 1928 it r;l“’ofinfi:l v.hey‘ sold off While the new issue, admitted to trad- | pem: ing :}n the Curb, went to a Y,-point p.n:,,"::: premium. The balance of new issues was made | Duton mass 1 o0 63, up of municipal offerings. In the near future the market has in prospect | Flat 7s ex war 4 $50,000,000 of Canadian Pacific fi- mlnctngfi ; n the prime group trading was qulet, with' few issues selling at ail, | Erench s Baltimore & Ohio first 4s, Chesapeake | French 7% & Ohio 4%s, Standard of New York | German Bank 6s°3. 4Y%zs, Standard of New Jersey 5s, Phila- | German E1 P 6 delphia Co. 5s, Columbia Gas 5s, and | German T Western Union 58 and 6,s were lower. | Ger Practional gains were made by Atchison | Greek 6s 1 General 4s, Canadian National 5s, New York Central 4s, Union Pacific 4s, Great Northern 7s, Utilities Power & Light 5l2s and General Motors Acceptance Corporation 6s. _ Convertibles were | Italy 7s.. Liberty bonds were | [tallan Pul lower in dull trading. Japanese o — Japanese 6% . 2 Greenville, N. C., Bank Closes, |JusosiaviaBank7s 9§ RICHMOND, . | Karstadt6s1943... 5 e il Kreuger&To'l bs ct 102 Stand OII N Y 4%s. Tenn ElecPow8s 47 Tex Corp cv 63 1944 ‘Transcontl Ol 6%s Utah Pow & Lt 5s. . Utllities Pow 5%s.. Walworth 6s 45 War Quinland Wi r Sug 7s 41.. Westn Union Westn Union 6%s. . White Eagle 0 5%. White Sew Mach Wickw Spen 1st. ¥ | Atlantic CL 4% s Balto&Ohto gold 45, accumulating_over a period of made it inadvisable to. continue bust: | New So Wales 61 " T Ne m!'o%Wfl e published statement of the o o at the close of business Deeernbfll'n;‘lk, Norway 68 a0 0 .90, with loans and discounts of $203,169.42 any Noeway d money borrowed $55,000. Norway 6348 1952, 58, POTATO MARKET. pripeatdac) CHICAGO, February 13 (#) (United | Pari: -Med 6. States Department of Agriculture) — p:n:f;-u.u- Potatoes—Receipts, 84 cars; on track, | Paris Orleans 5%s. 262; total U. S. shipments, 817 cars; | Peru 6: 2! trading slow, market barely steady; Wis- | Peru 6s 1. consin, sacked, round whites, 240 to| Peru7s. 2.55; Minesota, sacked, round whites, 2.35 | pirelli 7s 62 to3.40; sacked, Red lxlt:v;: Ohlu;. 2.55 to | Poland .60; few higher; Idaho, sacked, rus- sets, 3.00 to 3.25. Folere Bklyn Elev. 6% Bklyn Manhat 6s. .. Bklyn Un El 68 sta. Buff R & Pitts 4348, Bush Term con s. . Can Pacific ctfs s, Cent of Ga 68 C 59. Cent Pao 4s. Cent Pac 1st 55 9 Ches & O Corpn 6 Ches & O gen 4% Ch O 4%893 Ch&O4%sB1 Y Ches & O con 5 o o1 96 Chi B&Q gen 4s Washington Stock Exchange | queensiana s CB&Q1stre b CB&Q Il 3% CRi&E I1i gn b8 51. SALES. Rhinelbe Un Chi Gt West 4559.. Potomac Electric 8% pfd—1 at 110%.| Rhive Wat EP ¢s ChiM&StP43%sC89. Potomac Electr % pld- % ine Wes . Soat 0T o e PIA—Sat10ms, | R Wet kP 180 . Chi M&StP 4% E. . Chi MiISP&Pac6sT56 ol Rio de Janeiro 63%s w;’i‘-lmn Rwy. & Electric pfd.—2 at Rio de Jan 85 1948. CMSP&Pac adjss03 Rio Grdo Sul 6s 48, Ya. Pe;ise;fl-Amerlu‘n National Bank—8 at Rio Gr Do Sul 8 Riggs National Bank—3 at 527%. Rome 634s. c.ug]x:/‘x Traction Co.—10 at 87%, 7 at|Sao Paulo8s 19 6. at 10 d el Peoples Drug Stores pfd.—10 at 105. Serbs Cr Slov 7s... & Guar. pfd.—500 | Serbs Crot Slo B Real Estate Mtge. at 7. neyetsu 6358 52, 3 Shi Washington Mech. Mtge. com.—25 at|Sofsson: 9%, 25 at 9%. AFTER CALL. =t Potomac Electric Cons. 55—8$1,000 at 101 3 Toho El Pow 6s 32. Washington Gas 6s B—$500 at 105%. Tokio 5s. Cuba R R b8 National Mtge. & Ins. pfd.—50 at 47 Cuba Nor 5%s ots. . Den & Rio G en 4s. Den&R G W 4%s DRG & Wst 5s 55. DRG & Wst s DesM&Ft D 4s. Des M&F'tD 4s ctfs. Det United 4%s. Erfe 1st cons 4s Tokio 5381961 Potomac Electric 5% % pfd.—15 at|(Utd Kingm 5%s 37. 107%. Unt!scoptl; Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel A ; mer. Tel. > MISCELLANEOUS. m. T . {Abitibi Pa&P 58'53. 2 82% 82% Alleghany Cp 6s 44 97 102% 36 102 . Erie conv £x Erle Genesse Fla East C6s 74. Fonda J&G 4%s 63. Gr Trunk st db 6s. . Gt Nor 4%s 76 D. R. R. & B Tel. of Va5, Capital Traction 860, ceiown ag' 1an b m 1% Potom s Am Chain6s33.... 10 Bot AmChem 5%scv 49 33 Am IntCor 6%s49 61 Am NatGas6%s42 2 i63% | Am Smit & R 1st 68 12 ‘§6i; | Am Sugar Ref 31 Am T&T cv 4349 391151 Am Tel&Teleg 55'6514! Washington Wash. Rwy. & Elec. 4 MISCELLA! Barber & Ross, Inc., 6 Cham.-Vanbit. Hotel Club 5! Gt Nor gen 7s. . Hav El Ry 6%s561.. Hocking Val 4%s. Hud & Man ref . M. Col torage 5 I11 Cent ref 4s. Wash’ Cons. Title 6s. STOCKS. PUBLIC UTILITY. Amer. Tel. & Telga. Capital Traction Washington Gas Light. N. Steamboat. . Int Rapid Trans b Int Rap Tr bs stpd. Atlantic Refin 6s. Int Rapid Trans 6: Bell Tel PasB. .. Bell Tel Pa 58 C. Bethlehm Stl pm ‘Bklyn Edison §s... Certn-Td 5%s rots. Chile Copper . Colon Of1 63 38. Col G&E] 5s May 53 Com Invest 538 49. Com Invest 6. Con Coal Md bs. ConGasNY 5¥%s. . 8 1% 108 (O 14 1 11 10 5 9 IntRysCA Rwy. & Elec. pf Int Rys C A 6%sret Baliv. & Annap. com s Balto. & Annap. pfd. NATIONAL BANK. Lehi Valen 4. LehiVgen 4% 2003. Louts & Nash 5s B.. 5 1 3 20 Cuban Am Sugar 8 12 Den Gas Gs. . 4 Det Edison 58 40 1 Det Edison 6 8 Dodge 6: IE 7 Second .. ¥ o National Bank of Washington. TRUST COMPANY. American Security & Trust Co. nental Trus National Sa: Unlon Trus Washington Duquesne 4145 67. . Bast Cuba Sug 7%e 1’ Fisk Rub 8 5 Gen Cable 5% s 47 9 Gen Mot Ac Cor 18 Gen Pub Serv5%s. 15 Gen Stl Cast 5% s 4¢ Goodrich 8%s. Mont T'rm ref 5s 41 omac . Security Savings & Commercial. Great Northn 1st 68 . 1 30 20 2= S nEE ol ] PTTI=1-1"1- ISP R+ PPN El=Tor 83~ @ e ERne v 2SS0 man 5 1 25 1 22 Lake Shore 4s°31.. 10 21 2 22 Mo Pac 6%s 49 cvt. 50 G - FINANCIAL. [ e e BONDS o s High. Low. Close. 1 csl 98Y% 29 102% 4 113 93 9914 106% 110% 100% 4 100% 100 102 % 101% 3 108 103 101 99% 98k 104% 91% 9414 95% 541 99% 964 97 96 100% 100% 101% 98 5% 921 102 104% 102% 95% | 106% 1015 9% 93% 87% 101 98 864 106% 101% 99% 93% 89 86% 105 102 EASING OF CREDIT 10 BE CONTINUED Reserve Board Expected to Increase Efforts in Aid- ing Industry. BY J. C. ROYLE. The Federal Reserve Board is deter- mined to divert a still greater flow of capital into business, The Reserve bul- letin issued today makes it plain that while there has been recent improve- ment, the drop of late months was se- vere and still greater stimulus would be_welcomed. The board therefore will encourage more as well as easier credit. This may be done by a further reduction in the buying rate of bankers' acceptances or bills in New York, and such action at an early date would not cause surprise The reduction probably would be s of 1 ?:r“cent, objected in some quarters that this might help the stock market. It was stated on responsible authority to- day that the Reserve Board is not con- cerned with helping the stock market, but it is concerned with helping busi- ness, and if the stock market is stimu- lated In the latter process it is a mat- ter of comparative indifference to the board what happens to it. At all events consructive commercial enterprises will be given a good deep breath of the oxygen of easy money. One Government official, who is in close touch with the board, sald that it is fully confident of its ability to pre- vent any resumption of wild stock mar- ket gambling. The board itself and not the Federal Reserve banks is now in the dominant position, It also is felt that if the greater vol- ume of cheap money brings out volume of bond issues at reasonablo prices, this may tend to stabilize stock market conditions. It is not likely that the board will follow the policy of buy- ing Government securities in the open market as part of the money-easing plan. The amount which member banks have in rediscounts with the Federal Reserve banks now is $450,000,000 less than a year ago and there is no imme- 32.'?, need to ald them to reduce their There is evidence to substantiate the | belief that the Reserve Board may bring the open market committee directly un- g::‘, k.:!u control instead of under the (Copyright, 1930.) Baltimore Markets !n;;lAl;‘ Dispatch to The Star. TIMORE, Md., Febru: 5 Potatoes, white, 100-pound l.l::rk’u, 2.258 2.85; sweet potatoes, barrel, 1.75a2.75; yams, barrel, 1.75a2.50; beets, crate, 2.25 82.50; beans, hamper, 2.00a4.00; cab- , hamper, 75a1.00; carrots, 100, 3.00 ; caulifiower, crate, 1.5082.00; crate. 2.00a3.20; lettuce, crate, -7584.00; kale, barrel, 1.00a1.25; onions, 100 pounds, 1.50a1.75; peppers, crate, 3.00a6.00; peas, bushel, 2.00a2.50; pars. nips, basket, 50a60; spinach, bushel, 25 a75; squash, bushel, 3.50a4.00; tomatoes, crate, 2.50a6.50; turnips, hamper, 20a 30; lé)pl!!, bushel, 60a: cranberries, 5.5026.50; grapefruif 2.50a4.50; 100 97% 9 941 103 00% 1% 97% 103% 114% 67% 93% 96 98% 89% 26 25 96% 86 101% 4 110% 57% 30 104% 96 94% 110% 65% 9% 96 91% 104% 102% 89% 99% 8T 98% 104 92 9% 9% 39 995 105% T4% 99% , box, oranges, box, 2.00a4.50; tangerines, 1.25 23.50; strawberries, quart, 85150. Dairy Market. Poultry, alive—Turkeys, ind, 30a36; glfld lu‘:m‘:. 201225‘: 255pfll’¥‘ mckenl. 28a ; Leghorns, 24a25; poor thin, a20; old roosters, 17a18: capons. 3043, old hens, 25a27; ?ndktmn’h”" s h fowls, each 45a70; pigeons, 25 Eggsfinecel ts, 1,015 and fancy cream 34a381%; ladels, c:t’lm: 4 20a21; Tolls, 25a28; process, Live Stock Market. Cattle—Recelpts, 75 d; » plgum%h'fi:‘g" L er oice to prime, none; to choice, oo-u.so';’ medl\u:nfo zoad ;}.z‘zuéoo':.{:irnlgo medium, 10.25a11.25; a) , 9.00210.00; common Pplain, 8.00a9.00. ¥ ¥ l!nlll—cl ‘hoice to d‘mlme. none: good ce, none; medium , 8.! 9.25; fair to medium, GWI'AB)SIO‘TN l?nsli; “lffb 7.50a8.00; common to plain, 7.00 — . Low. Close. 100% 95% 99 Port RL P 68 47. Port RL&P 73%s 46. PCC&SILEsA. PCC&StL6sB Reading gen 4%s A, 78 RIArk& L 4%s 14 RioG Westcl4s..., 1 StL IM&S gn 6s 31 StL IM&S R&G 4 SBAIllFla6s'35 A. 25 SB All Fla 6335 B 122% 122% 100% 100'« 31% 32 Ulster & Del 4s 52 Union Pac 4s 68. . 894 BO 107% 107% 100 100 99 99 . 101% 102 | 100 100 103% 10: Un Pac 1st ref 5s. . VY Ry & P b ‘Whbash 6s 76 B, n 107% 100% 99 102 100 103% ryland 4s. 32 81% WisCentgn4is 49.. 5 82 Money to Loan Seeu: t deed of trust on Frevailiug intsrest an Joseph 1. Weller 2% Wm. Gordor'l Buchanan Councilor & Buchanan Certifiod mer Bufiffemmtents National 611061116213 (Telephone Directory Omission) NOTex&MEsA.. ME%s.... N 0 | 7 4 72% Reynolds Tob A (: 60 49% Reynolds Tob B (3). 22% Richfield O1l (2)... 18% Rio Grande O11 (2). 44% Ritter Dent Mfg (13) 37% Rossla Inc (2.20).... 19 51% Hoyal Dutch (a3.20). 10 122% 111% Safeway Stores(e5). 114 99% 96 Safeway pf (6)..... 1508 99% 981, 105% Safeway Strs pf (7). 40s 109 108 109 NEW SECURITIES. dicate, _incl Bank, Halsey, NEW YORK, February 13 (#).—New - mr':u;l i ) oo securities off today include: ‘osel o] rporation, its | coupon or r red d e o' egrgn G 4| ERSEUCE ot o S GNaD e Gy et T e e 98 e wi arch 1, ; priced 000,000 30-y2ar § per cent gold bonds; | warrants and four shares of common|4.10 per cent; offered bypl‘. K“l’!o"ll:llg due March 1, 1960; priced at 100 and stock (represented by voting trust cer-|& Son, Stone & Webster and Blodgett accrued interest to date of delivery; | tificates); priced at $78 per unit, plus|Inc. and others. . *{accrued dividend on preferred stock;| New Rochelle Water Co., $480,000 7 offerel by Kuhn, Loeb & Co. offered by the Fidelity Trust Co. of | per cent $100 par cumulative preferred State of West Virginia $5,000,000 gold bonds, consisting of $3,950,000 415 per | Detroil Simmonds & Co. of | stock; ed at $99 per share and ac- Buffalo, Pittsburgh and Chi- | crued Mendl: offered by Hnle., w-‘t:r cent bonds; due January 1, 1933 to & Co. 1952, ylelding 4.25 per cent, and cago. .gty of Rochester, 465,000 $1,050,000 4 cent bonds, due Janu- , N. Y., $4, per it or registered gold 43 pe: X ary 1, 1952 to 1955, and priced to yield dated 1930, Silam expects to export 1,750,000 tons 8% Q.NWCGI.IG: offered by a banking syn- to yleld Sales of Stocks on New York Exchange. 10:30 A.M. 508,200 12:00 Noon......1,632,900 1:30 PM.. 1.0 2,481,200 2:10 P.M. 2,848,200 Dividend rates as given in the above tab} Bl b A o et Teathy nnusl cash nit of trading less than 100 shares. fe 10 cash OF mtock .1 Plus 10w 1o aaerl® OB lw;l.‘,‘. h‘:l‘lal % in stock. § Plus 8 llu?k. !l P 5 Stoexhold O e in stock. nPlus 5% the First National 1l-rlllrt & Co. and the Seventh_Stre United Stat Washington 98 -] SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Bid. Offer. Allis-Chalmers Co. 5s 1937. 01" ;5 100V, ‘Aluminum Amer. 5s i952 102 102% 108 g8 n;;, American Co g Qaaal PppP First Mortgage LO ans iremen’ National Union TITLE INSURANCE. EEEEe ] - 9% yily 1% 108 Inter Paper 6s. . Int Tel & Tel 4% Int Tel&Tel 4348 0 3 Intl Tel&Tel ql '66. t Tov. of Md. com MISCELLANEOUS. Ross, Inc., ey gy B2c Faper Mis. pra Dist Es! Title & 4 mi 222727222222 5 zZZ ,mmzi =g 410 per cent; offered by E. H. Rollins Corporation. City of Rochester, N. Y., $4,465,000 g P FESE Applications Invited s E] Paper, =58ss! =% 2 =a ®n BaronaStasnSabanana 32 SSEFESPFEETE 222225 S gt g g8 82 ga g M:l’l -American pfd. Merchants' Tr Mergenth Natl, Mt 53851883835 & S Glover & Flather | 1508 H St. N.W. National 1753 28332 Fer 4 e i The dutpeloorp. . cors Wash: Medita) Blds. Coip wo.od'wlr'fl‘ & Lothryp pfe N 106% 103% 108% 108% 4338 382 March 1, March 1, 1931 ¢ 1960; of rice this season, 09