Evening Star Newspaper, December 2, 1930, Page 14

FINANCIAL. FINANCIAL. IHUGE DROP SHOWN IN COMMON STOCK Extent of Decline Since Peak D (CEMBER 2, 1930. IBOND PRICES GAIN | Coxe o BONDS roce ] ATES. ".'.'.'.1‘.?. :Tn.un Nor Am EA §%3°63 13 Sales. High. Low. Cless. |NorOT& L6s'47. 2 Lib 3% Nor St Pow s A ‘41 7 Lib 1st 4% 13 103 Lib 4th 4 4s, Market Shows Increased Vol- us:% ’;j4 e SEES .S, LEADING IN TRADE REVIVAL THE EVENING STAR. W'\SHIWGTON NEW YORK STOCK EXCHANGE Receiveé by Private Wire Direct to The Star Office. High. Low. Cloge. 108% 108 103w 104% 104% 103 103% 105% 105% 102% 103 106 106 Stock and Sales— Dividend Rate. = Add 00. High. Southern Cal Ed (2). 14 48% Sou Dairles (B).. 2 Southern Pacific Southern Rwy (8) (Continued From Page 13.) Stock and Dividend Rate. At Monsanto Ch (g1%). ~Prev.1030~ (Sigh Low 63 49% 16'4. 106% 103% General Motors President Believes Fight on Depres- sion Will Bear Results. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, December, 2.—Alfred | Sloan, jr, president of the General Mo~ trs Corporation, does not believe there is any one plan business can adopt to restore prosperity, and he insists the problem is too sweeping and far-reach- ing for any one industry to do more than contribute its bit to the solution. “Economic readjustments which are taking place are so fundamental that no one industry is in a position, where its action or policies alone will turn the tide,” said Mr. Sloan. “The efforts which all ex:cutives are making to maintain employment and to adjust their production schedules to the needs of the immediate future will in the ag- gregate, bring about an mprovement. Each executive is naturanily working in a different way because of the variation in the methods which are suitable o dlflerem lines of business. do not believe, however,” Mr. Sloan added. “That 1t is possible at this time for any one plan to be adopted by business in general. The important point is that every executive realizes his responsibilities and is enceavoring to control the situation under his jurisdic- tion. In the end this intense applica- tion to the immediate problems will clarify the existing uncertainty and a 72 2 11% 20% 6474 26% 132 48% (A 1% 614 Morreli & Co (4.40) Mother Lode (20c) . Murray (B) (2% si Nash Chat & St L (5) 50- Nat Dept Stores (1) Nat Dept St 1st (1) Nat Lead (18) N Y & Harlem (5) 4 N Y Invest (1.20). N Y NH& Hart (6) NYNH&Hpf (1) ¢ North Am Aviation. Nor Am (b10%stk) North Am Ea pf 6).. Northern Pacific (5). Ohfo O11 CO (2)...... Oliver Farm Equip.. Ollv F Eqpf A (6)... Oliver Farm Eq cv p: Omnibus Corp. . Otis Elev n (2'/.). . Otis Steel. oo Pacific Gas & B (2). ific Lighting (3). Pacific Tel & Tel (7). Packard Motor (60c) Sparks Withing (1 ra Stand Brands pf (1) Stand Comm Tob, S8tand G & E (3%)... Stand Ol1,Cali(h2%). Stand Oil Bxp pf (5). Stand Oil of Kan (2), Stand Oil of N J (12). Stand O1l N ¥ (1.60). Sterling See (A) % Stewart-Warner (2). Stone & Webster (4). Studebaker Corp (3). Symington (A). Tennessee Corp (1). Texas Corp (3).. Tex Gulf Sulph (4).. Texas & Pacific (5). Texas Pac Land Tr. Thermold Co..... ‘Thompson (J R) (3). The Fair (2.40). Third Natl Inv ( Thompson Starrett. . Tide Water As (60c) Tide Wat Ofl (pf (5). Timken Det Ax (80c) ‘Timken Roller (3)... ‘Tobacco Prod A t95¢. Transamerica (1)... Transue &W (1) Tri-Cont Corp. Tri-Cont Corp pf (6). Trico Prod (2%) .. Truscon Stl (g1.20).., Twin City RTr (§4). Twin City R T pf (1) 9 - - P Y R SIST RIS LIS SERE - P CTRP ISP, | 1 I ey » S ume as Houses Add to Commitments. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, December 2 —Bonds improved all around today in a volume of trading somewhat heavier than in recent sessions. There was no change in the basic factors surrounding the market. Time money was still quoted at 2 to 2!, per cent for the 90-day term. New issues were at a minimum and while a large volume of new financing remains in prospect, dealers have shown little in- clination to push fresh offerings. But with a firm tone to stocks and bond prices at levels calculated to have dis- counted the worst of the present situa- tion, some houses were buying in ad- vance of the reinvestment demand which will come with the turn of the year. At current leveis the industrial group of bonds is lower than since 1925, on the average; the rallroads are as low as they were a year ago and public utilities have dropped the gains ot the past five months. Figures showing that member banks of the Federal Reserve system have in- creased their holdings of bonds by about $250,000,000 in the past few weeks are misleading when considered purely as a bond market factor. This increase consists largely of short term notes and of Government bonds and during the past two days the market UIGKI 2. Argentine Argentine Argentine Argentine Argentine Australia 43 Australia bs ‘5§ Australia 63 '57.. Austria 78 '43 Bk of Chile 6 Bk of Chile é: Batav Pet 4 Belgium 6 Belgium 618 ‘¢ Belgium s '55. Belgium s Belgium 8x *41. Bolivar 7s ‘58 Bolivia 7s ctt Bollvia 82 45 Bordeaux Brazi] 63 Brasil 6% P PR S = PR P 1% 1115 1084 1081 108% 1081 52% BlN 71 105 .ms 66 65 6515 6716 5414 52t 71 105 665% 66 67% 82 93 1005 100% 106'4 106% 80 81 66 Uy Chin Gve Ry 68 Colombia 6s Jan Con Pow Japan 7 Copenhag 5 ‘62 Dan Mun 108 108! Dan Mun 8s B 108% 108 9% 941 Phila Co §s Phil Petbys %e Phila & Read 65 49 Por RTam 6s°42.. Pos Te! & C 58 5. Pressed St C 5333, Pub Sv G 4%s 67.. Pub Sv G 4%s70.. Pure Ol 6%s 37 P L LT = TSP Shell Un Oll s '47. Sinci U 6ipm B8 3. SinclO7scv A l‘l. Sine! o afielavox~ata Trans Ol 6448 '38., Utd Drug cv 6s '63. U S Rublst 63°47.. 19 Utah P & L 6s"44.. 20 Utll Pwr 58 '59 ww. 22 Util Pow 6%s 47.. 8 Walworth Warn Br Ple West Un T 618 u 3 WEOb%S'ST ww.” 1 Wh Sew Mch 6540 1 YouSt&Téts RAILROAD. Atchison gen 4395 81 96% 102 95% 504 104% 100% 102 5% 501 104% 100% 9% 81k 7u al 101% 4 1014 96‘- 92 84 991 101 100% 80 98 105% 103% 99% 106 99% A 110% 6714 103% 104% 10114 i 108% 102% 30 £ 101% 96% 96% TI% 100% 70 9% 77 72 103% 104% 102 108% 102% 30 98 101% 96% of Bull Market Is Estimated. Special Dispatch to The Star. NEW YORK, December 2.—Market % |value of 100 representative common 4 ' Stocks decreased $405,615,000, or 1.7 per cent, in November, according to Frazier Jelke & Co. The 100 issues at the end of the month were appraised at 1$23,020,042,000, compared with $23,- 425,657,000 on October 31. This com- pares with $34,857,697,000 at the end of March, $24,274,384,000 on November 13, 1929, and $43,447,945,000 on August 30, 1929, peak of the bull market. As compared with the 1930 peak the up has declined $11,837,655,000. It is selling for $1,254,342,000 less than at the extreme low of November, 1929, and for $20,427,912,000 less than at the 1929 high. In November, 7 of the 13 groups con= stituting the Jelke index of market val- | ues advanced, while 6 groups declined. ‘The largest change was in 10 utility stocks, which dropped 3291.720.000. or 82 per cent; another large loss was & depreciation of $226,308,000, or 5.2 per cent, in the market -pprnull of 15 rails. The steels declined 0.6 per cent, the electricals 2.3 per cent and the amuse- ments 6.9 per cent ($39,630,000). The largest advance was $72,878,000, or 3.9 per cent, in the motors. The mines advanced 5.7 per cent ($54,609,~ 000), the equipments 6.9 per cent, t-h chemicals 4.4 per cent, LE: foods, Pan-Am Petrol (B), Panhandle P & R. Param'nt Publix (4). has seen a considerable volume of United States Government long term issues sold. The prices of these dropped general forward movement in activity ‘will be noted.” “What nation, in your opinion, will 116 95% 504 116% 95% 50 per cent and the merchandising mup 35 per cent. Fourteen miscellaneous industrials gained 1.7 per cent. 100% 100% 105% 106% 102% 102% Atch’oncv 4%s’4l 12 AtC L Ist 48 '52 3 At & Danv 4s 48 116% Und-Ell-Fischer 95% 2 Union Carbide (2. Dutch East I Nov. . lead the world out of its present de- pression?” I asked him. “I believe the United States will lead ‘in the world’s business recovery, pri- marily because of our standard of liv- ing. We still have in this country a greater margin between the cost of ne- cessities and the real wage. This mar- gin, in my opinion, will not be perma- nently diminished by the prevailing state of business. Over 'a period of time the margin will become a reservoir of ing power, sufficient to inau- gurate a business recovery.” Urges “Prosperity” Loan. “Let Congress pass a billion dollar| “prosperity’ loan and use fhe proceeds| to stimulate business and dustry through a gigantic public works pro- Il'lm and thus provide additional work hundreds of usands now idle.” is is the suggestion of the Emer- (7! Committee for Federal Public 'orks, consisting of many well known business men, including Frank C. Mun- son, John E. Ruston, Amos Pinchot, Paul U. Kellogg, Richard S. Childs, m:nry 8. Bu}urhelm -’nd others. - aggressive campaign to popularize this idea is taking form Yopln New York City. contends: ““The loss tq business men, Investors and ‘wage earners, by reason of the existing ess depression, is mnot less than %flmmooo a month—or $12,000,000,- a year.” But “would such a move increase :Axea? Yes,befiess‘éhe 3;000 ?00000 year now paid on the principal of the national debt ls suapendcd dur- ing the emergency pe “If the City of New York commencing January 1 naxt were to launch a five- to house decently a mil- blhm.s of our slums,” says Paul Blanchard, executive director of the Emergency Committee, “we estimate that 30,000 now unemployed building tfldu workers would be sure of regu- epployment throughout each year N i llnenplcyment Inexcusable. ent is lnexcuslble. ‘The has had 10 years of record prosperit ‘Therefore the wealth of the Vg;ueyd B'Atel is approaching $400,000,000,000. business leadership of the enunu'y does not unite and work out a sensible, sane, constructive program, which will alleviate extreme unemploy- ment, then other groups must take up the work and see it through. ‘There is some and excuse why unzmpwyment e in Europe, but there reason “basically why it should !xln in fabulousl, rich America. Park & Tiiford. Park U Parmel Pathe £xchange. ... Pathe Exchange (A). Patino Mines. .. Peerless Motor Car. Penick&Ford (11%). Penney (J C) (3) .. Penn Dixfe Cem pf.. Penna R R (4) . People's Gas C| Petrol Corp (1% Phelps Dodge (3). Phila Co 6% pf (3).. Phila Read C&1.... Phillips-Jones pf (1) Philiips Petrol (n2).. I'ierce Ofl. Pierce O11 pf. Pierce Petrolm (10¢) Cilisbury Flour (2). Pitts Ft W& C (7)... 20 Pittsburgh Unit Cory 1 Pitts Unit Cp pf(7). 80s Pittston Co (75¢).... Poor & Co (B) (2) PR Am Tob A (3 P R Am Tob (B) Postal Tel & C Prairie Oll & Gas (z) Prairie Pipe L (15).. Pressed Steel Car. .. Proct & Gamb (2.40). PubSvNJ (340). .. PubSv N Jpf (5 Pullman Corp (4)... Q » o o e e T T L L * \ AR O A T 9] S & Pure Ofl pf (8) Purity Bakerles (4). Radio Corp . Radio pf A (3%). adio Corp (B) (5). 4 Radio-Keith-Orph A. Raybestos Man 2 60 Reading Rwy (4). Real Silk45).. Rem Rand (1.60 Reo Motor Car (80c). Republic Ste Republic Steel pf (6) Revere Copper & Br. Reynolds Metals (2). Reynolds Spring. ... Reynolds Tob B (3) Richfield Ofl.... Rio Grande Oil. Ritter Dent Mf ( Rossfa Insur (2.20) Royal Dutch #3.21 Safeway Stores (5) Safeway pf (6). St Joseph Lead (13). St L-San Fran (8)... St L-San Fran pf (6). .8t L Southwestern St L Southw Un Tank Utd Alre: Utd Alre: Utd Elec Utd Gas Utd Piec U 8 Indu: Util Pwr Vadasco Webster wu oil estern ting Worth P Wrigley 0) Union Oil, Calif (32). union Pacific (10)... UnitedBiscuit (2). Utd Carbon (2)... Utd Cigar Stor - Utd Cigar Stores pf.. Utd Corp (50¢) Utd Corp pf (3 Utd Fruit (4). Utd Paperboard. .... U 8 Distribut pt (7)., U S & For Sec pf (6). Univ Leaf Tob (3 Univ Leaf T pf (8). . nadium Corp (3). Va-Car Chem....... \-EIQPowvf(C)..lD Va Iron Coal & Coke. 770; Wabash...... . Wabash pf (A) (6).. Walworth Co (2). Ward Baking (A)... 120 Ward Baking (B). .. Warner Bros Pict.... 101 Warner Quinlan. Warren Bros (3) Warren Fdy & P ( wZa Car (1.60).. raft. . raft pf (3).. ) tric Cot & Im (1. » Dye W IZ) . s Alco ( P o & P DT IO Y IS SR UPFIST RN TSR fOT ST CIOTSS- 4 - - s &L A 1215, Sales Corp. pfxrm Saa®a 7 1 Eisenlohr.. 1 & Snow (2), 3 4 O&Snpf (4).. Penn E1 A (1), 450 Penn El pt (§). t Penn £1 pf (7). Penn Pw pt (§) 5208 Dairy (B).. Ma.... 1 Union (8).. 1 tingh'se AB (2). 6 E&M(5).. 193 w..uu M pt (5) Weston El Instr (1 Worthington Pump. ump(B) (6). (Wm) ()., today from 3-32 to 5-32 below Mon- day's closing levels. In the high grade group Atchison General 4s, Baltimore & Ohio 4s, Ca- nadi#h National 5s, Canadian Pacific 4s, Southern /Pacific 415s, Frisco A 4s, Nickel Plate 415, Chesapeake & Ohio 4125, Inland Steel 425, Standard Oil of New York 4!.s, Standard Oil of New Jcm'y 5s, Duquesne Light 4125, Colum- bla Gas 5s, Utah Power & Light 5s, American & Foreign Power 5s and Youngstown Sheet & Tube 5s all illus- trated the strong tone of the market. Despite the bearish sentiment gen- erated by the omission of the iffterest payment on Consolidated Textile 8 per cent of 1941, secondary and semi- meculative industrial and raflroad js- /ues also improved. 1In some cases, ¢where previous liquidation driven issues out of line, the gains were wide. Erie general lien 4s gained over a point, Erie 55 1 point, Frisco 4158 1 point, Pisk 8s over a point, Hudson Coal 55 1, point and Warner Bros. 6s 1 wlcwint. Convertibles were firm with s German government 52s showed out- standing strength in the foreign de- partment, but other German loans were disappointing in their reflection of this movement. German Central Bank 6s of both the 1938 and the 1960 maturi- ties were off 15> point or more. Berlin 6158, Cologne 6125 and a few other German municipals had fractional declines. United Steel Works 6'%s, however, gained over 3 points. French, Belgian, Italian and Japanese bonds were unchanged. South Americans improved slightly. Washington Stock Exchange SALES. ‘Washington Gas 6s “A"—$700 at 102, $300 at 102. Washington Gas 6s “B"—$100 at 104. Capital Traction Co.—10 at 485, 10 at 48':, 10 at 483, 10 at 48, 10 at 48, 9 at 48. Potomac Electric 51,% pfd.—1 at 106%, 5 at 107. Washington Rwy. & Elec. pfd.—10 at 947, 10 at 947, 5 at 947, 10 IC 94%,. Mergenthaler Linotype—10 at 897 at 897, 5 at 897, 5 at 89’ Peoples Drug Stores pfd.—1 at 98. Woodward & Lothrop pfd.—6 at 106. AFTER CALL. Capital Traction 55—$500 at 85%. id and Asked Prices. BONDS. PUBLIC UTILITY. B Bid. Asked, Dutch Fast 1 6847 Dutch East I 6s ‘62 Gelsenkirchen 6; German 538 *65. German Bank 8s 'll 42 St Italy 78 '51. Italy Pub Sv 1- 2. 12 Japanese 4n Tapanese 8348 45, . 20 Japanese §%4x '54.. 15 Jugos! Bank 7s ‘57, Milan 6348 °63... New SoWala New So Wales Norway s 63 CanodnamRiean NRxBarAL BN Paris-Ly M 65 '88., Paris-Ly M 7u '58.. Parls-Or-5%s Peru 6: — an T Queenland 7s *41. Rhine West 63 ‘53. Rhine West 6s °5: Rio de Jan & H Rio de ot Yokohama 6s "61. . 10: 1027 8114 948 104 120 125% 90 7% 80 % 101 B4k 95% 102% 9%, 85 97%, 9274 103% 9% 63% 93%, 105 105 80 70 69% 100% 1025 104% 103 8915 9 105 106% 106% 98 102% 102% 81Y% 4y 104 120 125% 920 72 R2 7% 102 8414 95% 102% | < 9y 85 97% 9274 10315 80 64 9414 105 105 80% 70 69% 100% 103 104% 103% 891 97% 105 106% 102 48% 48Y% 69 99y, 101 28 10131 10231 103 Nor St Pow 6s B '41 58 10323 10320 10321 ; 101 106 26 106 23 106 26 - 51 10826 10823 10826 | py, 51183 113 113 Pathe Exch 73 * l'l. FORIIGN. s PesplesiOa 105% 9 i3 89% 89% B&O4s'48 Sxaasann » Me Bkiyn Elev 6% Bklyn Man 6: Bkiyn Un 1st bs ‘60 =8 —:Qe Can Natl 4%s 'S Can Nat 6s July Can Nat 6s Oct 105 89 Can Pactflc 4%8'60 Can Pac bs ctf: Can Pacific s ‘64 Cent of Ga 6% s NW gn 4s '87. Ch & NW 43%s 2037 Chi NW 43%sC 2037 con 4%s. rt 58 2037 %836 C& W Ind 5% 63 CCC&St L 4 %8 (E) Clev Term 438 * Colo & Sou 435 '35 Cuba RR rf 73s'36 Cuba Nor 6%s 43.. 18 Del & Hud cv §s '35 Den&R G W bs '56. E Tenn Va&Ga bs. Erie 1st con Erfe con 4s A Erie Gen 95% 86% 99% 994 104% 104% 101% 101% 104% 104% 9874 mm 104% 106% Yo “ 102 94% 37% 67% 90% 98 72'6 Sflt l 'l‘/- 107% 99% 87% 9015 73 101% 114% 101% % 98% | the ‘The following table shows the extent of price changes by groups during the month of November: rails 1 10 utilities 1 Is 5 0 19 1 7 5 H H H 7 s 5 amusem’ts Totals . *Revised. 523,425,657 tIncrease. BREAK IN BUSINESS CLOUDS IS OBSERVED Moody Believes Market Has Dis- counted All Unfavorable Trade Factors. Special Dispatch to The Star. MILWA 2— UKEE, Wis, December Security markets have bru-ay dis- counted not only poor business results of 1930, but similar pros for a substantial ‘Iandl 3 in opinion of John Moody, presi- dent of uoodyl Investors Service, who spoke Bopd Men’s Club last nlx The nsn:g'::br:u which be- T were by Mr. Moody as due largely to dis- tress in lquidation of speculative holdings, entered into after the Fall u;gf. :.l‘““l:: had failed to materialize. (4 leaning-up process should have taken place months earlier,” de-‘!‘t“dmxld be. wise to “It W unt imply '{le:?wzmufnuh" as yet been plef disturbing e general Bosorermma ‘Unemployment is a social blight, and and can be done away with. Figures.on Commodities. ‘The following figures t21l the story of business as it is. Study them carefully, and this question will immediately sug- gest itself: Can commodity prices go down any further? 22 96 @ Sears Roebuck 12% Second Natl Inv. Seneca Copper. Servel Inc. . Shltluck(m)("%) Shell Union Ofl...... Shell Un O] p? (5%). Shubert Theaters Stmmons Co..... Simms Petroleum SinclairCon Oil (1).. Skelly O11 (2).. Sloss-Sheff pt (7) Solvay Am pr ww Sou P Ric Sug (1.40) CORPORATION REPORTS ‘h{norg'z‘:‘ao;fil’x‘zhgnph & Telephone o 25" . Corporation new Manila radio stations elion : opened. Many leading business men believe TRENDS AND PROSPECTS OF Oliver United Filters cuts class B ® & P. of MISCELLANEOUS. Eaplial Traction n R, Gity & Suburban 8i Abitib! P & P 68 ‘53 Georsetown Gas 1 Potomac Elec. Potomas, Elec. 65 1053, & Mt Vérnon ctf. Young Sh & Tllbflb) 2% Zenith Radio, ....... Sales of Stocks on New York Exchange 10: IO AM, 204.900 12:00 Noon. wluch benn during ‘32“ 1929 will 927 | e ceprestion'run probanly more than 96 e depression run 108% | half its course, but—if it could be di- 111% | vided into four periods, !“‘ tions reports are mvldad—t.hm( seems justified that we may be rapidly 75,“ approaching the final quarter.” oA e e, NEW YORK BANK STOCKS NEW YORK, December 2 (#)— an 100% 100% 103% 103% 100% 100% 101 101 81% 81% 98 Gr Nor gn 5%s ‘52 Gr Ner gen 78 '3 Hav El Ry 6%s 51, Hock Val 4%s 99 Hud & M aq) 6 Hud & M rf 58 '57. 111 Cent 48’52, 111 Cent ref 4s '65. 11l Cent 4% s 1li Cent 6348 ‘36 111 CCStL&N 43, Int Rap Tr bs Int Rap Tr sta Int Rap Tr 78 32. Int & Gr Nor 63 52. [nt&G Nad6s 2. Int RysC A Dividend rates as given in the sbove table payments based on the latest quarts £ Seatls deciuratiann sUDit of trading less :n-n 100 3 x. 'fPayable. in scrl Paya ) 8 : Ruy. & Elec. 45 MISCELLANEOUS. 98 Barber & Ross Inc. 6%as 5% 93 93 Chevy Chase Club 58 42 44 Columbia Country Club 101% 101% D¢, Faper Mg 10314 1034 M. Cold Storage 5 Washe Cons. Title 68 137% 137% 105% 105% STOCKS. 105% 105% PUBLIC UTILITY. 105% 105% Tel. & Tel. (9) 4 Gl et on 1, 102 02 e W teambont (12) 101 101 Pot. Elec. Power 6 90 Pot. Elec.. Power 5‘1'« pld 81 674 © Pyable in ek, 1052 stock. & Pl £ Fae 50" wtock. ) i stock. K Fius 3% in stock TE I8 Hock: “wPlus 5% in stock: 5 Plus $1.00 ia pumna otk T Ping 14% 1n stock. 9 2 eFefeBowiB3an » 16% 99% 8815 95% 108% 921 68 7 l S8 ™ Clev Term ihl"l. 5 6T electric output, 10 months to October 31, up 10 per cent. International Paper & Power news- print prices to remain unchanged Bid. ed. ashington Produce Butter—One-pound prints, tub, 37a38. Eggs—Hennery, 4 Amer! Bk 3 101% x Y ) 2473 281 AmWat Wks 6s°'75. Arm & Co 4 %48 "39 Arm Del 53%48°43. . At Gulf 698 °5 39a40: RY. & Bl com. (D Waih R & B SA @) 40a42; current re- that the United States is now witness- ing the lowest commodity prices Ameri- cans are likely to see. However, there are others who think the price decline in certain articles may continue for an- other few months. Forecasts. George E. Roberts, vice president of the National City Bank of New York, belieVes that a turn in business always comes “at a time when to most_people everything looks the blackest. Just as the basis of every depression is laid in the preceding period of prosperity, so the basis of every prosperity is laid in the preceding period of depression. It is at such times that we correct the| tained despite a gain in California | mistakes and remedy the abuses of in- flation.” The Brookmire Economic Service holds the same opinion, for in its lat- est “analyst” it says that, while some further recession from the November level is expected, “business will reach its extreme bottom around the end of the year. We shall start the new year| decrease as gasoline stocks increased with’ the knowledge that improvement|by 3,568,000 barrels from a year ago. Mes_right ahead.” | This statement is made in spite: of | the fact that Brookmire’s business in- dex dropped a further 2 points in No- vember, reaching around 77 per cent of normal, a fraction of a point below the extreme bottom of the 1920 and 1921 depression. But when will the extreme bottom be reached? PBrookmire answers this question in this way: “When manufacturing oper- lflaflll are m‘:&d’ Iol;ml.h! L‘n‘;gm of supplying or imme con- sumption, the botmm of the depression will have been passed. (Copyright, 1930, by Nerth American News- paper /mmm NEW CONSTRUCTION. NEW YORK, December 2 (#).—Con- struction contracts of all types award- ed d November in the metropoli- tan aref of New York totaled $56,- 702,200, F. W. rpwo‘?hfion ra; ports. res compare aware wo&fl%uln October and $150,- m November . The total was_$876,401,400, compared wil mmm in the corresponding Unmm balance Wwvuo!che business 29 was $83,787,585.54. Cus- ‘ l the month to date ‘were $36,365,242.56. Total ‘expenditures, $11,417,899.66. LEADING ORGANIZATIONS NEW YORK, December 2.—The fol- lowing is a summary of important cor- poration news prepared by the Stand- ard Statistics Co., Inc., New York for | the Associated Press. News Trend. Crude Oil production in the United States was reduced further last week to the lowest levels in several years, | according to early estimates. Decllne“ in daily average output for the week is placed at 2,725 barrels and was at- production of 5100 barrels daily. Fig- ures for the month of October show | crude and refined stocks were re- duced by 3,678,000 barrels to total 674,294,000 barrcls as of October 31. This total is 14,456,000 barrels less | than a year ago. Decline in crude stocks more than accounted for the Upfavorable dividend actions during the past day include omission of stock dividend by Clorox Chemical and re- duction of quarterly dividend by Oliver United Filters, Earnings reports reveal- ing hlfhrr share returns than year ago were issued by Great Western Power and United Light & Power. Bigelow- Sanford Carpet Spring catalogue shows price reductions ranging from 10 to 30 per cent. The Companies. Abitibi Power & Paper early merger vmh ::dmm Power & Paper reported plann Baldwin Locomotive received $1,000,- 000 order from Reading Co. Brown Shoe share earnings year ended October 31, $4.22, against $5.78. Clorox Chemical declares 50c cash dividends on A and B stocks; stock dis- mwuon omitted. Consolidated Gas of New York, New | York City, to tax gas refrigerators on water used. Curtis Lightning net, first 10 months, $181,780. | De Beers Consolidated Mines esti- mated balance avallable for deferred dividends, year ended June 30, $1,024,- 317, Inlnl& $1,070,278. Detroit Aircraft plans production of 60 military and transport planes in next six months. General Motors November Chevrolet output exceeded 60,000 units. reat Western Power Co. of Cali- ln.lm"l zmnwm-m Bemmbel 30, l::r;!l. against §] quarterly dividend to 37%3 cents; for- merly paid 50 cents. Radio-Keith-Orpheum Affiliate, Radio Pictures, plans 34 features for 1931, Solvay American Investment net, in- cluding profit or loss on sale of securi- ties, but before taxes, six months, to Sept®mber 30, $1,803,462, against $2, 169,150 Transamerican Corporation only reg- ular dividend to be paid in January. Union Pacific Railroad—United States Supreme Court to pass on validity of California commission order directing joint_construction of Los Angeles sta- tion by this company, Southern Pacific and Atchison, Topeka & Santa Fe. United Light & Power earned $2.27 on average number common shares out- standing, 12 months, to October 31, against $1.95 previous year, ———— STOCK SELLING DRIVES HAVE LOST INTENSITY Special Dispatch to The Star. NEW YORK, December 2.—For sev- eral days there has been no sign of renewed liquidation in the stock mar- ket. Selling pressure is absent, with sales drying up. This has resulted in a dull market, which s discouraging the brokers from the standpoint of com- missions and to their office forces, whlch are again worrying about their poa fons, t gives, however, a of con- nd:nct that offsets tg: er unfavor- able effects of it. ll turbed the short interest. This is still confident that it can cover to better advantage either during this month or in the early part|’ of 1931. The size of the short interest staggers the imagination when it is described by the bulls, but for one of such reputed mefllcnl it is less in evidence at present when it has been much smaller. 'hx selling has not been conspicuous for several weeks. —e MACHINERY SALES GAIN. NEW YORK, December 2 (#)—Two rent trading chinery and machine tool mas American Machinist Tnternational Hydro Electric System ! large ’nua. ceipts, 36. Poultry, luve—'.ll\xrkayl, young, 28a30; small and thin, large, '20a23; medium, fowls, large, 20a21; ; Leghorns, fowls, 13a14: ducks, 15; roosters, 1415 k”'l. ynung and lll'le. 50a60; old, 25a30. ‘Turkeys, young, 34a35; old toms, 2.!30 Spring chickens, large, 27a28; medium, 25a26; small, 27a28; fowls, large, 25a26; medium, 23a24; fowis, 18a20; 2‘l7lck8 24a25; mu, young, 70a80: old, a45. Meats—Beef, 18a23; vul 18a23; lamb, 20a2: 'k fresh shoulders, Hams, 25; lhoulderx 18; bacon, 27. Olme—-Rlbhltl 2! M\e ltock—cdve;, '&—Oll Hofld Mfllfl- lMIS 125, Dlx‘lw ) eapples, ?oo ungerl.nu. 1.75a2. pleuln?n%gul ; cranberries, apples, bushel bflkfls 1.00a1.75; box stock, 2.25a3.00; Dell‘l, m}wl 3.00a3.50. Veget sacks, 3.00a3.25; bushel, 1.50; Idal caumlonr. . 1.00a1.25; kale, 1.00a1.25; carrots, per 100 bunches, 4. onions, yellow, 75a1.00; white,, gumpklm Hpegubduml. }’:5 ;. Hubbary uas] matoes, 1.50a2.00; bmeeol'q i, tuce, 4.00a4.25; emllnt, 508250, 91 BOND ISSUES ARE CALLED DURING MONTH Special Dispatch to The Star. NEW YORK, called in November totaled 91 issues to a total value of $119, 126,498, than double the value ; of the st in October, which was $51,419,682, ac- cording to the Standard Statistics Co. The total for the first 11 months, $585,- 243,929, continues the downward trend shown in earlier months and is only 60 per cent of the similar figures for the 1929, period. Detailed figures follow: Ronds Called 11 Months hN.v_I'l‘ 30. 1929, lhdnl@flfl . m’l 148, 710 cnuu 788 53,604, 9,879, Publla m.lmy. . 153,911, 100 177,910,778 Railroad 13; 36 II,WI.'IOO 121,401,911 lflJ“.“'l 970,802,901 $585,243,929 150-pound 2.00; old, " | Potomac potatoes, ho bakers, wo-pouna - December 2.—Bonds | s NATIONAL BANK. apital (14 3 TRUST COMPANY. Amer. Security & Trust Co. (15) Continental Trust (6) Srrenants Batk & Trust 8):. 1 National Savines & Trust rxm Prince Georges Bank & 4 Union Trust (8g). Washington Loan & Trust (14). SAVINGS BANK. Bank of Bethesda (65) Commeroe & Savings (i0) East Washingion (12). ) sav. hcnm Bk (7). Wathington Washington Mechanics FIRE INSURANCE. {7 g Union (15} FIRE INSURANCE. Columbia_(6h) . MISCELLANEOUS, Rosg, Inc., com. Bldg. Cor 5.00; let- | Fed er. Tr. & Stge pfd. (7). rgenthaler Linotype, (6) tl, Mtge. & Inv. pfd es Drue Stores prd, Est. M. & G. D! g Kli:h Mt ewcnm ®) Wll-h Med. Bldg. Corp. ‘Woodward & !alh!fln nf 3 *Ex dividend. ks closed. y212% e 37 extr: 4% ex 15% extra. CHICAGO DAIRY MARKET. CHICAGO, December 2 (#).—Butter— Recelpts, 8,228 tubs; firm; creamery extras, 33; standards, 31%; extra firsts, 31a32; firsts, 28!;a30; seconds, 26a27. !ul—meelw, 3,272 cases; "easier: extra firsts, 39; fresh 35; fresh current ipts, 30a32; nary current receipts, 23a27; nmun— tor firsts, 20%4; refrigerator extras, 22, mm“ At Ref deb b3 Bell Tel Pa 68 B ‘48 Bell Tel Pa 55 C '40 Beth St p m 68 '36. Bk Ed &n A 55 Bush T Bldg 6s 8 Cert-td deb 6%s 48 Col G&E b5 May '52 Com Invest 549 Com Invest 6s *48 C C Ma 18t rf B8 50 ConG N Y 6348 "4 Consum Pow b8 52. Denver Gas 58 ‘51 Dodge Br col Duguesne 41 3 East C Sux 7%s '37 Fisk Rub 8s'¢1.. Gen Cable Hfil l'l. Gen Motors 1 Gen PSvb%s Goody'r Rub 68 '67. Hoe & Co 6% Humble O1] Hum O&R 6% MBTIistpfbsA In: Cement 5 Int Hydro EI Int Match 6 In M M col t A Kan Gas&B 4% Lac G St L 63 °34. Laclede 53 s C '63. Laclede 518 D " 101% 106 110 102% 105% 101% 3114 10094 105!4- 324 1064y 105 9914 104% 944 102% 102% 94 94 102% 102% 105 101 94% 8 891 105 101 4% 98 ¥9% 106 106 113% 113% 97 97 107% 107 101% 101% 106% 106% 101% ’ 106 110 102% 105% | Kan w1% (2L o7 105% 324 106% 105 | & 99% 104% 40 9% CA6s lowa Cen 1st 58 'll Kan CFtS&M 48’36 Kan City Sou 3s'50 City Ter 45'60 T Ard FRos OxOSmoabntEo~ oEn~ Beuanab Mo Pac gen ¢8°'75. . Mo Pacific 65 A "65. Mo Pacific 68 F "1 Mo Pacific 55 G "78 Mo Pac 5% Mont Tr 1st 58 NZC&stLés33. NY NH& H 485/ NY NH&H 4% NY NH&H ov db 68 16 7 1 Nor Pacri l"fl 16 Oreg-Wash ¢s’61.. 2 1%0% P-onanbu"fl. Pere M 1st Philippine RR PCC&StL6sB.. 10 PAWRV 4%8C"60,/ 4 10‘% 101 105% 111% 92 98] 97 101% 100% 1075 103% ' 1094 99% 104% 23 101 105K tes Westchester Tutte & T . BANK CLEARTE®S. NEW YORK, December 2 (Bp.d-ll) — a year ago, York hln.k ces today, "$198, 000 I)W 0% | a year ago, nnmooo New Federal Reserve cred! t balances Msy. $168,000,000; & year l o. $184,000,000. FindsA. 33 F4%s 'll 110 3 Salea. StL ‘.ll R&G 48'33 20 Tex & Ark 5%s '50. Tex & Pac bs B "I Tex & Pac Third Av Third Av adi Third Av1st Ulst & De 5s el! ‘28 Un Pag 18t ¢8 Union Pac ¢s l. Un Pac rf 4s 2008.. Un Pac 4%s'67 Ry 1st . Va Ry & Pow b8 34 Wabash u 839, bash ‘16