Evening Star Newspaper, November 29, 1930, Page 12

A—12 * RAILROADS DEMAND| NEW LEGISLATION Carriers Want All Forms of Transportation Under One Control. 5 BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, November 29.—The railroad problem is again with us. The Big Four Railroad Brotherhoods have come out for the 6-hour day and the 5-day week, without any lessen- ing of pay, as means for relleving un- employment. A general conference of all the in- terests affected—railroad presidents, bankers, representatives of the public, and the railroad unions—is.to meet soon to draw up a comprehensive plan of action. Rallroads are the greatest employers of labor in the United States. The class one railroads, in August, 1929, employed 1,759,533 people. A year later, August 1, 1930, they employed 1,514,367 persons. The monthly compensation for em- ployes in August, 1929, was $259,985.- 333. One year later, in August, 1930, it was $215,856,280. Thus in 12 months thefe was a re- duction . of 245,186 persons employed, and $44,229,05¢ in monthly compensa- tion, Earnings Decrease. But railroad net earnings have been decreasing sharply, too. The railroads have their own difficulties to face at this time. Shorten the working day and week, without reducing pay, would of course only add to their troubles. Thomas F. Woodlock, one-time mem- ber of the Interstate Commerce Com- | mission, says that such a plan canj only be carried through “by the rail- roads employing more men. But it is equally manifest that the railroads can- not afford to spend any more money at this time.” It is a huge problem. Railroad credit {tself is involved, for railroad bonds are the foundation of life insurance port- {olios. No, the problem cannot be met by a gesture, It must be studied carefully and decided upon its merits. For a crisis could very easily be precipitated by hasty legislation or by forcing the wage issue. The railroads are facing a serious situation. The managers see business slipping away. So a plan to strengthen their place in the business world has been decided upon. They demand new legislation from Congress putting all forms of trans. portation under the Interstate Com: merce Commission. Their demand in- cludes oil and gasoline pipe lines, motor vehicles, and coastal steamship lines, and a removal of certain restrictions of railroad opersgions, believed to be oner- ous and unfair. Carriers’ Contention. Thus Congress again is to be the storm center. Prof. Ripley in a mag- azine article recently said the railroads must be allowed to consolidate if they are going to survive. So far, little or no consolidation has taken place. But the railroads, according to the association of railroad executives, dt mand that Congress compel the oil in- dustry to divest itself of $400.000.000 {nvestment in oil pipe lines, because millions of barrels of oil are being trans- that way. Here the railroads wve lost out. The railroads also de- mand a chance to opezate steamship lines along the coast and on the Great Lakes (now forbidden by the Panama Canal act), and ask that the Interstate Commerce Commission be authorized to ut passenger and freight motor bus Bnu‘undgr the same regulation as all transportation. The next session of Congress is likely to see another big railroad fight. Reparations Anl Private Debts. . Hans Luther, president of the Reichshank has made it plain that no “German appeal for revision of repara- tions affect the legal status of private debts.” This is an important statement from the head of the German banl stem. "(éemuny will not refuse the prompt payment of any obligations of a pri- vate character or the obligation of in- dividual creditors.” . Luther. “Germany will meetn:mr !p{llv(;w ob- ligations regularly as they fall due.” But on g:matter of reparations, Dr. Luther made it just as plain that pay- ments were conditional on Germany being able “to command sufficlent ex- port market.” He contends that the “Young plan is feasible only if it is sble to command foreign capital at cheap interest rates, while Germany's economic energies can unfold them- selves when the pressure of short-time credits disappears.” Every day brings a moratorium on German reparation payments closer to reality. German Obligations. How much does Germany owe to for- eigners today?. The German Federal Statistical Bureau estimates that at the end of September, Germany owed her foreign creditors on a_ balance of investments at home and abroad about $4,250,000,000. Germany's ability to pay reparations is represented by the amount of the surplus of her exports over her im- orts—in a word, the amount of her gflnign sales less her foreign purchases. That is all she can pay. Of course, she can carry on indefinitely as long 8 she can borrow money outside. But in the long run, this borrowing, 00, comes up as an increased overhead, | because every dollar borrowed means more interest to pay every year. And Germany has plenty to pay already. Rockefeller Statement. John D. Roekefeller, jr., made a re- mark upon his arrival from Europe that is well worth repeating. Asked if he could vision the new war clouds hovering over Europe, he replied: “One hears what one goes to hear Those who go abread looking for war think they see it. Like gossip, it goss into the ears that are ready to hear it Of course, I am not deprecating the fact that there are problems. But I don't think they will lead to war.” An excellent thought for these times! (Copyright, 1930. by North American News- paper Alliance.) BALTIMORE, November 29 (Special). —Net, railway operating income of the Maryland & Pennsylvania Railroad for October totale? $22777.42, a decrease of $2214.79, or 8.7 per cent less than shown for October, 1929. Gross income for the month was $81,- 606.33, a decrease of $3.813.01 from October last year, while operating ex- penses totaled $49,953, a decrease of only $866.66. For the 10 months to October 31 gross revenue 2mounted to $695,469.15, a decrease of $51245.39, while net rail- way operating income totaled $140,542.27, & decrease of $26,784.51. The operating ratio for October stood @t 6121, an increase of 1.72 per cent over October, 1929, while for the 10 FINANCIAL. THE EVENING STAR, WASHINGTON, D..C, SATURDAY, Nt 'EMBER 29, 1930. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued From Page ~Prev.1930- Stoek and Dividend Rate. Spang-Chal pf (6). Sparks Withing (1).. Spencer Kellog(80c). Splegel-May-Stern. . Stand Brands(1.20)., Stand Comm Tob, Stand G & E (3%) Stand G & Epf (4).. Stand Of1.Cali(h2%). Stand O11 Exp pf (5). Stand O11 of Kan (2) Stand Ofl of NJ (12) Stand O11 N Y (1.60). Sterling Sec (A).... Ster] Sec cv pf (3). Stewart-Warner (2). -~ 3= Superior Ol Buaperior Steel Telautograph (11.40) ‘Tennessee Corp (1).. ‘Texas Corp (3).. ... Tex Gulf Sulph (4). Texas Pac Land Tr.. Third Natl Inv (a2). Thompson Pr (2.40). 3 Timken Det Ax (80c) Timken Roller (3) Tobacco Products. . Tobacco Prod A t95¢. Transamerica (1) Transue &W (1) Tri-Cont Corp. . ‘Tri-Cont Corp pf (6). Truscon Stl (g1.20)., Twin City R Tr (§4). Union Carbide (2.60) Unlon Oil. Calif (32) Union Pacific (10)... Un Tank Car (1.60) Utd Afrcraft. . Utd Carbon (2 Utd Cigar Stores. Utd Corp (50¢). Utd Corp pf (3) Utd Electric Coal Utd Frult (4)...... R annierooioes vaa 3 LYoo 89% 20% % 54 254 1734 . =t 24 26 23's 4% 158% 45% 34 64 154 106 € 1) Utd Stos Utd Sto U S Distributing. ... U 8 Distribut pf (7). Ploe & F (2).. .. Realty&Imp(3) b U S Tob: Util Pw Car Warner Warner Warren Youngs Dividend rates as payments based on th sUnit of trading 4% in stock. §Payab year—no regular rate. in atock % ock. n Tla T Plus 14% in stock. Stock and Dividend Rate. Add 00. High. Utd Gas & Im (1.20). T% Utd Piece Dye W (2) Smelt & Ref (1). Steel (7). S Steel pf (7). Univ Leaf Tob (; sco Sales Corp. . dium Corp (3).. Plus 5% Sales— Prev. Close. Close. 21 27% 23% (A).oonns 7 of (2%) P LL T e acco (4) T&Lt A t2. © B 187 Chem 6% pf. v Vulcan Det (4). Wabash... .ee Waldort Systm (13) Walworth Co (2). Bros Pief Quinlan Bros (3). 011 & Snow (2). Willys-Overland. Woolworth (2.40) Worthington Pum Wrigley (Wm) (4).. Yellow Truck. 684 10% Spring (3).. 23% given in the above tabie are the arnual cash e latest quarterly or haif vearly declarations. less than 100 shares. yPartly ex le in scrip. TPlus 9% in stock. a able in stock. d Payabie when 1 Plus 10% in stock. g Plus 6% in stock. k Plus 3% in stock in ‘stock. p Plus $1.00 In Dre Plu; BUSINESS UPSWING NOTED IN REVIEWS Weekly Trade Surveys Point to Seasonal Gains—Re- covery Is Steady. Special Dispatch to The Star. NEW YORK, November 29.—The ad- vent of cold weather and advance pur- chases against the release of Christmas funds next week caused some stimula: tion in retail trade during the past week, according to the business reviews by all mercantile agencies. It is added, how- ever, that general conditions are with- out, ': particulariy indicative develop- men Bradstreet's says, in part: “The outstanding feature of the week from a distributive trade standpoint has been the spreading of cool weather over most of the country, with light to heavy snows or freezing weather, or both, in the Northern tier of States, and heavy snow cover and zero temperatures in Rocky. Mountain and Northwestern areas. This has been a help to sales of many kinds of wearing apparel and also aided early buying for the holidays. Christmas Savings. “In connection with this the releas- ing of savings funds by banks, set for next week, has been a stimulant, with some advance purchasing based on this distribution already done. This has tended to offset in some degree the effects upon retail trade as a whole of the numerous bank suspensions in the Middle South and West, but not suffi- cient to lift Fall buying to a parity with a year ago. Wholesale and job- bing trade has tended to mark time, with only a moderate filling-in demand noted in most centers. “In industry there has been the usual tendency to siow down the pace of gen- eral industry, this aside from what con- structive activities giving work to un- employed labor were possible in the the completion of a great deal of the year's agricultural operations.” Dun’s Review says, in part: “In the absence of new phases of outstanding prominence, the maian in- terest in business circles now centers ‘n the probable developments beyond the short period remaining this year. Variations in the volume of current trade largely reflect seasonal forces and are not of great importance, the really significant movements being those with a fundamental bearing on future trends. The recent moderate gains in some quarters have afforded a mea-ure of encouragement, but an appraisal of general conditions clearly shows that widespread recovery is yet to be achieved. Policy of Caution. “Prequent reiteration of the state- ment that many commitments are be- ing deferred reveals a close adherence to the policy of caution growing cut of far-reaching economic changes, but dis- appointment over results in different lines has arisen partly because of the expectation of more rapid revival than the facts of the situation justified A sharp and sweeping decline in whole- sale quotations naturally has been a disturbing influence everywhere, and the readjustment to an altered basis of ccn- sumption, production and prices could not _quickly be completed. “The transition to a sounder basic status, however, has been proceeding steadily, and the point has been reached where a more confident view of the prospects appears to be war- ranted.” CUT IN ROCKEFELLER OIL HOLDINGS REPORTED By the Associated Press NEW YORK, November 29.—-Th> New York Times says the Rockefeller family has withdrawn from five of the original Standard Oil companies and its atten- tlon is being concentrated cn a few of the old froup, notably the Standard Oil Co. of New Jersey. The firms in which the family has disposed of its interests the Times says, are the Standard Ol Co. of Kentuck: the Standard Oll Co. of Kansas, the At Gas Co. and the Prairie Pipe Line Co. The companies in which the Rocke- terests, in addition to Standard of New Jer: are Standard of New York, of ’Ind a and of California and the Vacuum Oil Co. Thcy retain their in- terests in Standard of Ohlo, the Ohlo Oil Co. and a few smaller companies, the Times says. NEW YORK CENTRAL. months it was 70.41, an' increase of 3.51 per cent. INTEREST RATES. By the Assoclated Press. No change was registered in impor- tant money markets during the week ended November 22, both time and call funds remaining as of the previous week. In the averages that follow the NEW_YORK, Novembper 29 (Spe- clal).—The most commented on inci- dent in the latest break in railroad shares is the decline in New York Cen- tral to a new low for the year. The immediate effect of the. pessimistic j statement of the vice president of this |opmpnny on the railrcad situation was | to cut off another $15,000.000 in market Department of Commerce gives com- parable %:lods: Time—Week ended November 22, 2.75; vious week, 2.75; same week pre’ R e'n% ‘llm-:.bzr ""’i, " > .00; last ing better than 6% per cent, which compares with over 63, per cent on Pennsylvania, about 7 per cent on Lackawanna and slightly under 5%; per cent for Atchison and Union Pacific. New York Central is the railroad stock most favored in the portfolios of the investment trusts. face of the advent of cold weather and | lantic Refining Co, the Prairie Ofl and | fellers have largely centered their in- |50 value from New York Central shares. | At its present level the stock is yield- | STATE CONTROL By the Associated Press. ‘The Federal Power Commission, in its annual reports, states that control over water power developments should be exercised by the States. | Complaints have been made by State authorities that the Government has been inclined to encroach upon the field of State activity, resulting in confusing duplication of authority. The commis- sion holds that the Government has the obligation to safeguard the interests of navigation and the Federal proper- ties affected by water power projects, but in other respects the control of these developments is largely a matter of State interest. “Since this situation involves dual authority,” says the report, “‘there are ‘elemznls of possible conflict and con- ‘lusiun which might seriously impede | desirable developments unless State and ::g‘:rll lgrncie»lflnd !l basis whereby may properly supplement and duplicate the other.” P s The report discloses that but few of OVER WATER POWER DEVELOPMENT URGED the 449 water-power projects licensed by the commission are east of the Mis- sissippi River, being concentrated in the West. California has more than a third of the projects, while the three Pacific Coast States together have half of the total. Less than 10 per cent of the projects are ‘east of the Mhliulrpl‘ The capacity of all licensed plants in service amounts to 2,608.868 horsepower, or 24 per cent of all hydro capacity and less than 6 per cent of the generating capacity in public utility service throughout the country. Eighty per cent of the capacity operating under license by the commission is confined to Alabama, California, Maryland and New York. There are no plants oper- ating under Federal license in 27 States. | “The effect of the Federal water-power | legislation has been of a sectional rather than a broad national significance,” the | commission says. Recent authorizations by the commis- | s:onmwlll rm}:che immediate con- struction of pro; costing more than $70,000,000. Butter—One-pound prints, 3915a4015; tub, 3715238 z.m AT Eggs—Hennery, 42a45; current re- | reipts, 40a42. Poultry, alive—Turkeys, young, 23a25; small and thin, 16al17; old toms, 20; Spring chickens, large, 20a23; medium, 20a21; small, 22a23, fowls, large, 20a21 medium, 18a19; Leghorns, fowls, 13a14. ducks, 15; roosters, 14al15; keats, youn | and large, 50a60; old, 25a30. Dressed— Turkeys, young, 28a30; Spring chickens, a28; medium, 25a26; small, 27 a28; fowls, large, 25a26; medium, 23a 24; Leghorn fowls, 18a20; ducks, 24a25; keats, young, 70880; old, 40a45. Meats—Beef, 18a23; veal, 18a23; lamb, 20a23; pork loins, 24; fresh hams, 24; fresh shoulders, 20. Smoked g;el'.s—flnlu. 25; shoulders, 18; bacon, Lard—In bulk, 13; in packages, 1415. Live stock—Cal' 10; lambs, 6a7. Fruits—Honeydews, 2.50; oranges, California, 8.00a10.0( Florida, 2.50a 3 lemons, ‘DD& pears, box stock, 3.00a4.00; 2.50a3.00; tangerines, 1.50a2.25. Vegetables—Potatoes, 150-pound sacks, | 3.00a3.25; sweet potatoes, per barrel, | 2.5023.00; Idaho bakers, 100-pound sacks, 3.00; string beans, 2.50; broccoli, 5.00; carrots, per 100 bunches, 4.00a 15.00; beets, per 100 bunches, 4.0025.00; | turnips, 75a1.00; peppers, 2.50; parsnips, | 1.50; mushrooms, 1.00a1.25; Kkale, 50a 75; spinach, 1.00; ~ white, 1.50; pumpkins, bushel baskets, 1.25: okra, 24-quart containers, 4.50; 32-quart con- | tainers, fancy, 5.00. WEEKLY BANK CLEARINGS. Bank clearings continue to make an adverse showing. The total this week for leading cities in the United States, as reported to Dun’s Review, of $6,219,952,000 is 39.9 per cent below | last year's. At New York City the $4,033,000,000 is 41.9 per cent under | that of a year ago, while the aggregate | at leading centers outside of New York | of $2,186,852,000 is 33.1 per cent smaller. | The week includes only five business days. Losses remain large at practically | every center, and for the end of the | month aré further reduced by a con- | siderable amount, éompared with earlier | returns. Settlements through the banks | in November, measured by bank cles | ings for that month in the five years | prior to 1929, were 7.6 per cent in excess of those of October and 12.8 per cent higher than for September. For November, this year, there is @ decline of 13.4 per cent from the figures for October, while the amount this month is even below that of September, this year. Bank clearings each month for | 1929, excepting December, were ab- of that year there was a very large {felling off, the outcome of the collapse which occurred at that time. Clearings for the week as reported | to R. G. Dun & Co. and average daily | bank clearings for the last three months | are compared herewith: Five days. Nov. 26, 1930 324 35 | Boston . 000.000 Ph 333333333 88, i Minaeapolis . | Richmond Atlanta Louisville New Orleans. Dallas . gsss2 3! S BRBELENanE5RERE! 19N a3, Seattle Total | Total all. Markets at a Glance NEW YORK, Novembor 29 (P).— Stocks, firm; leading. industrials harden in slu{lgluh trading. Bonds, irregu'ar: rails heavy. Curb, firm; fractional changes prevail. Foreign exchanges, steady; Itallan strong. steady; rallied on cove quiet. Coffee, lower; 1 marke . | normally nigh, but in the final month | Cotton, 3 !lxfil;. M Commodity Price Trends of Week BY H. N. McGILL. Editor McGill Commodity Service. AUBURNDALE, Mass., November 29 () —The final week of November re- corded a reptition of trends which have been in effect for many months, The month of November failed to bring about an increase in production sched- ules for leading industries. Demand re- mained conseravtive and the critical status of unemployment and low pur- chasing power is causing widespread alarm. Surveys recently completed show one outstanding favorable factor, name- ly, that stocks of raw materials are not increasing with the rapidity of a few months ago and equally important stocks in manufacturers’, dealers’ and wholesalers’ hands are sharply under e g ust as the supply and demand ratio dictates the price level of 2 commodity 5o does it also determine the rate of in- dustrial activity. A check-up shows that the majority of basic industries are operating around 50 per cent of ca- pacity, representing a volume under the subnormal current rate of consumption. During the week just closed the aver- age of all commodities was again lower, representing_another new low in the price level. Out of 15 individual groups, 10 declined, 3 advanced and 2 remain unchanged. All Commodity Prices. The decline of all commodity prices | was not due to any one particular group, | but represents a general sagging in many lines, such as the industrial list, building materials, fuels, hides and leather, non-ferrous metals, - ferrous metals and textiles, both fine and coarse. Industrial Prices. |, Minor weakness was shown by indus- | trial prices, yet the trend for the month Lower prices have been caused by lai tion and conservative demand. Non-Ferrous Metals. Declines again were shown by non- ferrous metals as copper reached a new low on the present decline of 101 cents. The other price changes in the non- | ferrous g‘:oup ‘were of minor importance. With the exception of copper, price | stabilization has featured the general | list of other metals for a period of | weeks, Textiles. Reflecting weakness in cotton and a moderate decline in silk, textiles de- clined. | main burdensome, yet the underlyi | trend of consumption which increases | in recent months, has been maintained. | Agricultural Prices. In general agricultural prices were stcady and according to the average of all groups was slightly higher. On several occasions wheat has shown a distinct t>ndency to advance. Economic | bureaus agree generally that the price realignment in agricultural products is practically complete. | 7 In addition to paint materials an slightly higher. | ment periods paint consumption usua) increases. The higher level of vege- table ofls is due largely to the price | rebound in linseed oil. Important Price Changes. This -Previous Pizst o icultural products, vegetable oils were All commoditi Industrial Agricultural Hides and leath Non-feirous met Textiles, fine . Vegetabie olls NEW YORK, November 29 (). — Over-the-counter market: Banks. | America ... | Bank of U8’ unts “eh 2 : Manhattan Co People’s National . Corn Exch: Guaranty Li stocks of raw materials, keen competi- | m, ‘Total stocks of all textiles re- | Ui During the unemploy- | Es FINANCIAL. BONDS IRREGULAR | Crex ~onx BONDS ock rxcnmvc] Received by Private Wire Direct to The Star Office INAGTIVE TRADING Investors Show Disposition to Switch Into Higher Yield Issues. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, November 20.—The bond market had an irregular tone to- day. But its action carried a certain significance in that high-grade railroad bonds were being somewhat heavily sold, while higher yleld issues of the secondary public utility and industrial types and foreign dollar bonds made some progress. ‘With money rates unchanged at their bottom and many bonds selling below levels discounting all features of the current business depression, there was evidence in the market of switching to secure higher returns on capital. Trading, for a Saturday session, was moderately active. Early Changes. Right from the opening there was moderate liquidation in bonds of the savings bank class. Atchison general 4s were off a point on a long string of selling orders. There were dips ranging from the fractions to 2 points in Baltimore & Ohio 4s, Canadian Na- tional 5s, Canadian Pacific 4s, Pennsyl- vania 428, Southern Pacific 414s, Frisco A 4s, Union Pacific 4s, Great Northern 7s, Chesapeake & Ohio 4';s, Chesa- peake Corporation 5s and Nickel Plate 428, The last named were off 2 points, their weakness coinciding with heavi- ness in Van Sweringen 6 per cent notes, Allsghany Corporation 55 and other securities of the Van Sweringen group. Some of the losses were partly retraced in the last hour. Convertible issues had an indeter- minate trend. The feature of this group was a drop of 3% points in Atchison convertible 414s. Warner Bros. Picture 6s_were off 2 points. It was apparent that some of the switching was benefiting high yield and semi-speculative issues. Chicago & Eastern Tllinois 5s, St. Paul adjust- ments, St. Poul 5s, Erie general lien 4s, Florida East Coast 5s, Missouri Pacific 4s, Southern Railway 4s and ! Frisco 4128 were firm in fairly active trading. There were also gains in some industrial issues curtently selling on a high yleld basis. Foreign List. In the forelgn department outstand- ing strength was shown by Peruvian issues on the announcement that the December 1 interest and sinking fund payment on the 6s of 1960 had been made to the New York bankers. Gains were made by bonds at present return- ing yields of 8 to 12 per cent, including Chile 6s, Brazil 613s, Colombia 6s, ‘Tokio Electric 6s, Italy 7s, German 5%;s, German Central Bank 6s, Hungary 7755 and Vienna 6s. Washin_uton Stock E;change SALES. Georgetown Gas 55—$1,000 at 103. Poltg;nn Electric cons. 55—$1,000 at Washington Gas 6s A—8$1,000 at 103. Washington Rwy. & Elec. 45—81,000 at 8715, $500 at 871, Capital Traction Co.—10 at 4914, 10 at 4974, 15 at 49, 10 at 49, Potomac Electric 6% pfd.—5 at 111. Potomac. Electric 512 % pfd.—60 at 107, 10 at 107,10 at 107, 10 at 107, 10 at 107, 10 at 107. Federal-American Co. com.—10 at 29%%. hm;an Monotype—30 at 105, 10 at 105. Peoples Drug Stores pfd.—10 at 99. AFTER CALL. Washington Gas 6 “B"—8$1,000 at 105. Pps'mr'llltn',!lecme 512% pfd.—5 at 107, a 3 Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked. Amer. Tel. & Telgs. 4135 '33. Amer_ Tel & Telga. 4'2s Am. Tel. & Tel. ctl. tr. Anacostia & Pot. R. R. Ana. & Pot. an Georgetown Gas 1st 3 Potomac Elec. cons. Potomac_ Elec. 8¢ 1953 Wash., Alex. & Mt: Vernon etf. Wash. Balto_& Annap. 55 3 Washington Gas 5s Wash.. Gi g Wash. Rwy. & Eiec. 4 MISCELLANEOUS. Barber & Ross, Inc. 8515 Chevy Chase Club 8ias. 00 ub 4144 Wi 100 of November was distinctly downward. | Ped: & Trust (12i) Prince Georges Bank & Trust Union Trust (8%) 5 Wash. Loan & nited slates (30) ‘Washington Mecha American Corcort Pireme: ... National Union (15) TITLE INSURANCE. Columbia (8h).. al Estate (8h). Title & Inv..Co. Md. com. MISCELLANEOUS. Barber & Ross. Inc.. com Chevy Chase . Col. i(! Col. Sand & G it. Natl. imer. Bromo-Se ederal Storage d.-Am. Co. q'oln. ( Mer. Tr. FEH ol 08 213 PR = 3233 us s fusB s Wash " Med.. Bids. Corp. (1) Woodward & Lothrop pfd. *Ex dividend. b Books closed. n2sc extra. Bid. Asked. 92 Commercial Cl: Metropolitan Club 413 ank. = EEueEEs. B2a503Y: UNITED STATES. (Sales are in $1.000.) Sales. High. Low. Closs. 6 101 30 10127 10127 44 1031 10230 10230 13 10324 10323 10324 FOREIGN. Sales. High Low. Close. 84% 84w 844 93% 93% 9414 93% 4% 94 7 71 76 754 104% 8% T 94 101% 107% 111% Lib3%s.... Lib1st4%s. Lib 4th 4%s, Argentine 5%s Argentine May '61 Argentine 65 J Argentine 6s A '57. Australia 48 '56.. Australia 63 ‘55. ... Australia 63 '57... Austria 78'43. Bk of Chile §% Bk o ARROARNE o =% Bolivia 88 '45. Brazil 6%s'26.. Brazil 61¢s 27, Brasil 8s'41.. Canada 5s°31 100% da 58 53, 105% 42 Chin Gve Ry 658 ‘51 Colombia 6€s Jan ° Copenhag 4% '53.. Copenhag 6s '52.... Cuba 6%s"45 108% 94% 100t 105% 102% 81% 87 95 120 125% 125% 893 89% 0% 80 100% 100% 84 Denmark 4% Denmark & Deamark 2 Dutch East I Mar. . Fiat 7s ex war Finland 6s '45. Einlanc 78 '6/ K'rench 7s 49 French Gvt 7 Gelsenkirchen 6s'34 German 6%s'65... 21 German Bank 6s '38 10 German Tsrep 49, 13 Ger Gen E1 75 '45.., & Greek 6363, 95 67 Italy Pub Japanese Japanese 5% Japanese 615 '54. Jugosl Bank 7s '57. Karstadt 6s 43 % 10 . 10 Milan 63,852, New So Wales 655! Norway 68’63, Norway 65’43 Norway 6s ‘44, Norway 6s 52. Orfent dev 6% '58. Orient dev 6s ‘53 Paris-Ly M 6 Paris-Ly M 7 Peru 65’60, Peru 6s°61. Peru 7s°69. . Poland 6s *40 Poland 7s *47 Poland 85°60. .. ... Porto Alegre 85 '61 Rhine West 68 '53. Rhine West 6s '53. Rhine West 7s '50. . 88% e 7844 1074% 80% 90 104% 105 1051 98 941y T9% 89% 105% 100 84% Serbs-Cr S1 78 '63. . Serbs-Cr-S1 8s '62.. Sofssons 6s '36. Sweden 5% s '54. Swiss Confed 8s *40 Toho EI Pow 6s 32 ‘Toho El Pow Toklo bs ‘52 Tokio 5% Gtd King 5% s °3' Uruguay 8s *46. Vienna 6s ‘52 Warsaw 78 '68.... 4 564 56% Yokohama 6s'61.. 6 95% 95% MISCELLANEOUS. AbitibI P& P6s°63 17 173 Allegheny 5s°44... Alleghany 63 '49... Allis-Chalm bs Am F P 5%s 2030. . Am 1GChb%s 49 Am Int Cor 5%s '49 Am Metal 5348 ‘34, Am N Gi » - B RN RO LN 4 84% 43 43 101% 101% 103% 103% 138 137% 105% 104% Am T&T ¢ tr 68 "46. 105% 105% Am T&T 6s s 1 '60. Arm Del 5%s '43. . At Ref deb 63 °37. .. Bell Tel Pa 58 B 48 Beth St p m 6s '36. Bush T Bldg 6s '60. Cert-td deb 5158 43 Chile Cop db 55 *47. Col G&E 58 May ‘62 Com Invest 515849 Com Invest 6s ‘48 CC Md 1st rf 68 ‘50 ConG N ¥ 5%s 45, De Edison 5s°40. .., Det Ed rf 6s B '40.. Dodge Br col ‘40. Duquesne 4% s 67, Fisk Rub 8s '41..., Gen Motors 6s'37., Gen P Sv 63839 Gen St Cas b%s Gen Thea Ea Geodrich cv 6: Goodrich 61s Goody'r Rub Hoe & Co 6% '34.. IMBTIstptssA. 111 Steel 4% '40. In: Cement 53’4 Int Hydro El 63 "44 5 INtT&T 4%s Int TET cv 4 %8 5 106 101% 101% 32 32 8915 89Y 100% 100% 95 95 105% 105% 33 32m 106% 106% 104'5 1041 1074% 107% 87 103 102% 39 39 Swwnrn anSam £ 10214 102 94 94 974 97% 2% 12 68% 68 101% 101% 89 &84 70 70 105 105 101% 101% B mlorom San ot a& o & ¥ 5 57 1047% 104% 107 107 97 964 104% 104% 101% 101% 101 101 82 81 101% 101% 80w 804 99% 984 107% 107% 105% 105% 11314 1131 1067 106% 11 111 101 101 104 104 103 102% 1087% 10: 106 106 96 96 50 50 100% 100 McCormack 6s ‘34. Midvale Steel 55'36 McKes&Ro 5145'50 Mont P db s A '62. Mor & Co 1st 4%s.. Nat Dairy 6% s'48. . N Eng T 1st 6s ‘52, NYEAd6sB'44.... N Y Ed 18t 6348 41 N Y Tel 1 N Y Tel 6849 Nor Am Ed bs ‘57 NorOT& L 6547, PacG & E168°42. . Pac T&T1st 68 '37 Pac T&T ref 68 52, Paramount 6s 47 Pathe Exch 78 ‘37 Phila Co b s Phil Pet 6% Phila & Rea Pillsb F' M 6: e AEAD HONNARRE ARG~ R RO~ oy (-3 8 10 11 AT 2 Richfi'dOcal 6344 2 Shell Un O11 5547, 17 Sincl O 6%s B °38.. 1 Sinc1O7scvA’3T. 4 Sincl Cr O b%s= 38. 12 StOII N J b8 STONNY ¢% Tenn E| P 68 Tex Corp ev b Utd Drug cv 68 '53. U 8 Rublst bs '47.. 2 84 9%, 100% 101% 103% 995, 1056% 100 954 2% 100% 0 100 100t 101% 1015 103% 103% 99 991 105% 105% 100% 99% 95% 954 2% 1% 6.100% 100 683 84% | 5614 3% | W | Low. Close. 65% 65% 54 (33 103% 103% 104% 104% 101% 101% 108% 109 102% 102% 81 381 97 98 101% 101% ' Sales. High. Warn Br Plc 63°39. 10 66% Warn Quin Warner Sug 7s " e Wh Sew Mch Wil & Co 1st 63 '41. YouSt&Tés RAILROAD. Atchison ad) 4s *! 2 91% 90% 90 Atchison gen 9 95% 96 11813 115 1001 100% oY 92 5% 95% 95% 954 100% 100" 91% 92 104% 1047 100% 101 100% 100% 108% 108% Brooklyn Elec Bklyn Elev 6% Bklyn Man 6s ‘68 Bklyn Un E) 58 '50. Bklyn Un 1st 63 '50 4% 977 97 102% 102% 88% Buly n Nat 4158 70, Can Natl 4% 555 atisJuly '69 Can Nat 58 Oct "69.. Can Nor 618 db’46 Can Nor 7s deb "40. Can Pacific db 1 Can Pac 4348 101% 101% 104% 104% 104% 1041 117% 118 4 111% 111% 8814 89 101% 101% 9Ty 9% 10314 1034 94 941 98% 98% 102% 102% 9814 98ly 104% 104% 37 37 674 671 90y 901 2% T24% 32 32% Cent Pacific 4 Ches Corp 68 Ch& O gn 4% Ch&O ks C&Oconbs'3y... Ch & East I11 5s '61 Ch Gr West 48 '59. Ch M&StP4%sE. ., Ch M St P&P 68 76. Ch M & St Padj bs Chi NW 43%sC 2037 Ch & NW con 4%s. Ch & NW rf 68 2037 Ch & NW 6% Ch Rwys bs ‘27 90 90 87% 874 100 102 107% 107% 4 74 929 99 884% 88y % 90% 90% 10815 103% 98 98 104 104 108% 108% 101% 101% CCC&St L 4% (E) CCC&SL5sD'63 Clev Term 5%s ‘72, Colo & Sou 434s '35 Cuba RR rf 734s'36 Cuba Nor 5%s 42.. Del & Hud rf 4s'43 Del & Hud 6% Den&R G W bs Erie 1st con 489 Erie Gen 48 Erie cv 55 '67 Erie 58 1975 Fla E Coast 63 '74. GrTrsfdbés’3 Gr Nor 4%s Gr Nor gen 7836 Hud & M adj 68 '57. Hud & M rf 51 111 Cent ref [l Cent 4% 8 Int Rap Tr b Int Rap Tr sta '8 Int Rap Tr 6s'32.. Int Rap Tr 7s 33.. Int & Gr Nor 2 Int &G N ad Int Rys C A i Iowa Cent rf s '51. Kan City Sou Kan City Ter Lake Shore 40 40 94% 941 105% 105% M 1Y% 84 H4 0% 70% 80% 80w 9% T9% 30 30 106% 106% 96 96 m o 5% 5% 99% 89 94 6814 68 59'% p e SRamHENANsANOS H=D0 o AbEunnabe~ na » 100% 100% 92 ‘02 101 101 99% 99% 544 54w 93% 93% 99 99 101 101% 87U 8T% 92% 92% 98 98 101% 101% 89 | 89 s L&N4%s2003 Manh Ry 1st4s ‘90 Market St 75 '40. Mich Cent 4%s MIERy&L M StP&SSM con 4s M StP&SSM s gtd MStP&SSM 5%5'78 M StP&SSM 6 MK & T 1st 4590, MK&T4sB 3 MK &T adj bs'67. MEK&ToprinbsA. Mo Pac gen 48 '75.. Mo Pacific 6s A '85. Mo Pacific 6s F *77. Mo Pacific 5s H ‘80 Mont Tr Ist bs 41. Mont Tram 5s '55. . NOT&M©b5%s 54, N YCends'ss..... N Y Cent db 45 '34. N ¥ Cent 4%s 2013 NYCreim 65 2013. N Y Cent db 6s°35. NYC&St L db 4831 NY C&StL 434878, NYC&StLb%s A NZC&StLés"32. NYNH& H 4 NY NH&H cv db 6s NY O&W 1st 43 '92 NY O&W gn 48 '55. NY Rys Inc 68 '65. . NY W&B 4148 '46.. Norf South 58 *41.. Nor Pacr16s2047. Penna 4s'48 98 98 Penn gen ¢%s 65.. 100% 100% 0. . 964 97 100% 100% 103 103 109% 109% 104 104% 95 95 108 108 98% 99y 98Y% 99 93% 944 827 831 79 5 100% 100% 101 101 1061 106% 1061 106% 100% 100% 8615 86% 1023 102% 101 101 81% 81% 115% 115% 40 41 31 31 2% 2% 83 83 37% 37T% 11% 111% Pere M 1st 68 '5 P& W V4%sC60. Por R L&P 7%8 46 Read gen %3 A'97 Reading 4%s B. .. Rio Gr W 1st 4s'39 StL&SFin Camoame~ Sou P4%s 69 ww, 0 964 % 1024 102% 98k 99 834 83y 1067% 107 108% 108% 114 114 9Ny 91y 9915 99 a7 9% 90% 9% 105% 105'% 102 102 101% 101% 100 100 9% 91% 80% 8l 90% 91 OB i BN BaNE R0 - 1. Sou Rwy gen 48’56 Sou Rwy b Sou Rwy 6 Sou Rwy 6%8 ‘5 Term As St L 4s ‘53 Tex & Pac bs B ‘17, Tex & Pac 68 C ‘79, Third Av ref 4s'60 Un Pac 15t 48 Union Pac 4s ‘68, Un Pac ¢ %s Va Ry 1st bs ‘62 Va Ry & Pow 5834 Wabash 1st 68 Wabash 24 5s ‘39, Wabash 6s D '80. *B! - o % 11 5 91 {STOCK MARKET IS NEAR NEW TEST OF STRENGTH Special Dispatch to The Star. NEW YORK, November 29.— The stock market is rapidly getting down to a price area where it will be tested U 5. DOLLAR LOANS : RAPIDLY REDUCED Foreign Nations Are Paying. Off Obligations Bearing High Coupons, BY CHARLES F. SPEARE, Special Dispatch to The Star. i NEW YORK, November 20.—The an- * nouncement that the government of Switzerland will pay off on January 1 * next the outstanding $19,000,000 of 8 - per cent bonds issued in this country, 10 years is in line with the action of - many European countries in retiring - their dollar obligations before matur- * ity and as rapidly as possible canceling * iheir debts in the United States. The Swiss 8 per cent bonds were ise sued in 1920 at par and are one of the few remaining high coupon dollar loans. . They are to be redeemed 10 years be- . fore maturity at a premium of 5 per . cent. It is understood that a consider= * able portion of the issue has already . been purchased for Swiss account, so that the payments to the rema‘ning . American holders for these bonds will * be comparatively small. - Danish Loan. A few days ago the fiscal agents for - the Danish consolidated municipal loan, guaranteed by the Kingdom of Den- mark, gave notice to the holders of this & per cent issue, which would normally mature in 1946, that they would antici- - pate payment on February 1, 1931. At ] that time those who bought these bonds - in 1921 at 98 are to receive 1073 for > them. - Not only are dollar loans being taken up at the earliest possible date under the callable provisions, but substantial - sinking funds are operating to reduce the outstanding amounts of these loans . in this country. Last month Germany retired another $4,620,000 block of its 7 per cent issue, known as the Dawes loan, lmng!ni1 the present outstanding amount of this down to about $87.- 000,000 from the original American flotation of $110.000,000. Next Mon- day the French Republic will pay off - $4,000,000 on its 7 per cent loan of 1924, thus reducing the original loan of $100,000,000, placed in 1924 at 94, . to slightly less than $79,000,000. These . bonds are annually redeeme at 105. Ttaly Reducing Commitments. ‘The Kingdom of Italy is likewise cut- ting down its loan through the opera- * tion cf an annual sinking fund of $1,966,200. On Monday it will pay out * this sum to the holders of dollar bonds that have been drawn by lot. In 1925 Italy issued $100,000,000 of 7 per cent bonds at 94}, and has now reduced this to _about $93,000,000. On January _ 1 the Kingdom of Belgium is retiring a block of $1,962,000 of its 6 per cent > bonds issued in January, 1925, in the " amount of $50,000,000, of which around * $41,000,000 will be outstanding after * the first of next year. A smaller sink- ing fund is operating on the Belgian * 7 per cent bonds, with $325,500 to be redeemed next Monday. Other sinking funks which will re- duce foreign dollar loans materially in the next few weeks are those of the Rheinelbe Union, which is paying off $213,000; the Department of Atlo&:. in the Republic of Colombia, and of the Hungarian consolidated munici- pal 72 per cent loan, which are both payable on January 1. New Offerings Few. Inasmuch as practically no new long- term dollar loans are being negotiated and only comparatively small short- term credits are belnf extended by American bankers to foreign borrow- ers, the anticipation of payment of loans ilke those of Switzerland and Denmark -and the exercise of liberal sinking fund payments are cutting down the total amount of foreign loans in the United States more rapidly than at any time in the past 10 years. - dition to the reduction through these | operations, the sum of dollar loans steadily being bought back by the countries or cities of issue is a large one. It has been increasing, since the prices of these loans, especially those of German origin, have given the bo:- rowers such an excellent opportunity to cash them in at anywhere from 10 to 20 points below the prices at which they were sold to the American syn- dicates. (Copyright, 1930.) PARIS BOURSE PRICES. PARIS, November 29 (#).—Prices moved irregularly on the Bourse to- day. Threé per cent rentes, 86 francs 15 centimes; per cent loan, 101 francs; exchange on London, 123 francs 60 centimes= The dollar was quoted at 25 francs 45% centimes. Locomotive Order. NEW YORK, November 29 (#).—The Lima Locomotive Works has received an order far two type 2-10-2 locomotives for: the- Ohicago & Illinois Midland Railroad. The English Car & Manu- facturing Co. has received an order for 45 refrigerator cars from the Stancard Refrigerator Car Co. DIVIDENDS DECLARED NEW YORK, November 29 (#).— Regular. Pe Pay. Holders Rate. riod. able. of record. Shoe, Dec. 15 . 10 . 38 002000 0POD S S 2 e 88 @ > ptiiso P_& L $6 pf.31.50 0 $7 Pf.. $1.75 Emp G & F & .50¢ Do 6'2% pf..541-6c Do 7% pf 581ac Do 8% pf. $1.75 Hudson County Gas.$4 Indianapolis P&LL 8% pf......51.62% Tllinois Pipe Line.34.50 Johansen B Shoe 37izc Katz D $6.50 pf.§1.6215 Kresge (88) Co....40c f et BB 190 1909 09M b b3 0! PRIy Eis 0 0PPOPOD P00 POOREZE000! we LeBlond Sc Little Miami Spl_Gtd Do Orig Gid.!:'§ Montreal City & District _Sav Bk..33 s Cos 55 i 50¢ i.10 orrison Bri % _Pf.. Nat Breweri NY Pw&Lt $6 id D 8% Ohio !SdC“ I’B ot SEEEEREEE G 88 8 B8 LEREE $7.30 318 assaic & “El. 2. $2.50 Page Hersey 2 Do pf..... 75 Penn Tiluminat A.12is¢ Eetroleum Explor...50c Port_Alfred Pul EEER L in respect to its ability to hold above the November 10 averages., More than half of the average recovery between November 10 and November 21 has al- ready been lost. The rail average at the opening today was only a point above that to which it dropped about three weeks ago. * Brokers are again cautioning their customers against buying stocks except on sharp declines, and recommending a general attitude of standing aside until it becomes apparent whether enough WL‘“ power develops to sup- lport the list around-tlie previous bot- tom figures. —— Cuba’ the list of vammd to '.h: with 1,1 s B long 0003000000 0p0OE 0OOOLOOOOOH O & [ f - BESSEEEEE. L0l Std Oil e, (33 Steinb Dr_St pf.87'3¢ Wheeling_ St 1. .52 Do B pf. Extra. Bunker H 8 M JG.25¢ Fuller Brush A....20c i§ FEEERERR Initial Interstate N Gas.25c Incre alifax Pr I (NS). Northiand Grevh L.:006 SA Omitted. Atias Imp Diesel Ens A.300 E Erskine Danforth. $1 3 Harnischfeger Corp. 450 Jan! Canadisn Bak nd Dfe..$1.76 Due Dec. 18"