Evening Star Newspaper, December 5, 1930, Page 14

G WAGELEVELS WIN INDORSEMENT, Head of Cluett-Peabody Co. Believes Present Standards Should Be Maintained. BY JOHN F. SINCLAIR. ‘Special Dispatch to The Star. NEW_YORK, December 5.—When I asked C. R. Palmer, president of the Cluett-] Co., whether he thought | it advisable to maintain high wages in the face of declining prices, this youth- ful big business leader "R"!d: “I' do not see just how lowering ‘wages would help the situation at al. It might make it a little easier to a larger profit, but if high wages could be maintained, just think of all the additional spending power, and that is what makes for good times. “I realize that in r:he p:&t"' ’;:dl.xgg& ; “wages always have been :d\'\m ‘commodity prices declined. I do not know who is qualified to make eco- nomic rules for it, but I happen to be one who believes that high wagcs are good for the country and that they can be maintained.” In answer to the question whether a permanent recovery can take place while prices continue to drop, Mr. Palmey sald: Mental Unrest. *Is riot the correction of this situa- tion in itself the basis of recovery? “The whole thing, in my opinion, is simply one of fear and mental unrest. ‘There is' just all kinds of money avail- able. There is no serious overproduc- tion' in most commodities. All that needs to be corrected is the thinking. If the people would go right on buy- ing what they need we would not have to worry about depression or unem- ployment. A little increased spending on the part of every individual that has the money would provide enough additional business to make necessary the employment of those who are out ) of jobs today. The danger is, while most people agree with this, they want to let the other fellow do it."” “Then how about the five-day week— would that help wlmliedme unem- ent problem?” I asked. ";mbellev: the nw-flslykweek L:‘ s’:“"“g theory,” was the quick response. '."r'm just as much would be pmducsfl in 5 days as is now produced in 52 days. Every one would be happier be- cause the great majority of people ‘would uce the extra time to advantage. Of course, I do not know cf any means of relieving unem- distress. Work is the only thing will relieve it, and, as I sald ‘before, if people would just buy what they need there would not be unem- ployment very long.": . German Unemployment. memployment in Germeny is not hgflltdpin the same way as it is in Great Britain. Germany had long ex- Elcmz with unemployment incurance fore war, much more experience any other nation. now the German national dole is the unemployed only for a 18 months, not indefinitely, Great Britain. After that the t must get what help he can the local government or fall back ivate charity. August, 1953. there were 82,993 or.15 per cent of the entire tion of 540,000 of Frankfort, on rolls. These were per- eligible to the national dole. r of 1929-30 this city on | In m’cfi of 170,000,000 marks. Oswald G. Villard, editor of the Na- tion, sald recently that Frankfort ex- fiscal year Ifinlfl’.flSé when a writer refers to the 4,000,- 000 unemployed in Germany, that is part of the problem. For German too, have their unemployment res, to be comprehensive, must include not only the nationally ved, but the locally unemployed as well. And this is rarely done. Yesterday the German Reichstag met, Chancellor Bruening will submit his financial plans to their national and await the results. “It ought not to take many months more for the so-called statesmen to that nl.ge‘Gemnn crisis lfle:'u everybody _a hat as one country as Germany is doing, the lower %r standards of living gradually affect the welfare of every other coun- try,” writes Mr. Villard from Germany. there are some who feel that the ‘business of making Europe prosperous or poor is of no concern to America, Utilities Earnings. How much money is a public utility company entitled to earn? In the re- cent Chicago Telephone Co. case Chief Justice H case since States Supreme Court, speaking for the | court, answered the question by saying: “A public utility is entitled’ to such rates as will permit it to earn a return the value of the property which it ploys for the convenience of the pub- equal to that generally being made at the same time and in the same gen- eral part of the country on investments in other business undertakings which are attended by corresponding risks and uncertainties, but it has no constitu- tional right to profits such as are real- ized or anticipated in highly profitable enterprises or speculative ventures.” And then this further statement: “The return should be reasonably suf- ficient to assure confidence in the finan- cial soundness of the utility and should be adequate under sufficient and eco- nomical management to maintain and support its credit and enable it to raise the money necessary for the proper discharge of its public duties.” While that statement is rather gen- eral in its application, it does not change the position which the Supreme Court has maintained in recent years dealing with the income of public util- ity econcerns. (Copyright, 1930. by North Amorican News- paper Alliance. NEW STEAMSHIP SERVICE WILL BE STARTED SOON Special Dispatch. to The ‘Star. BALTIMORE, December 5.—A new steamship operation between Baltimore and New York, to be known as the Baltimore and New York Steamship Line and to run via the Chesapeake and Delaware Canal, will be inaugurated about the middie of the month. It will be operated by the Weiss Motor Lines, vhl‘:g-hu headquarters in this city. The new effort will be conducted in conjunction with the motor truck serv- ices of the Weiss Co. and offers pick-up and store-door deliveries for (freight. ‘There will be two satlings weekly from Baltimore and New York and vessel running time is estimated at 24 hours. Prederick Welss is idont - of the company and Carey ‘;,n‘,'l“m" is in represent addi- tional usage for the Chesapcake and Delaware Canal, which now is a sea- level waterway of 12 feet depth and 90 feet bottom width. Several of Balti- DAIRY CORPORATION . TO REDEEM STOCK nd 'n-wmmry: ~Prev.1930~ Hizh Low. 59% 41 28% 5% Minn Moline Pow. .. 92% MinnMoline pf (6%). 2 Mo Kan & Tex (3)... 7 Mo Kan & Tex pf (7) 750s Missour! Pacifle. .... Monsante Ch (g1%). Montgomery Ward Morrell & Co ¢ Stock and Dividend Rate M StP & SSM 1sd (4). ‘0: Mullins Mfg. Munsingwea! Murray (B)(2% Nash Chat & St L (§) Nasn Motors (4). Nat Acme (1%) Nat Bella Hes: . Nat Biscuit (+3.30).. at Cash Rex A (14) atl Dairy (2.60). Nat Dept St st (7).. NatDist Produets(32) ewport Co (A) (3). Newton Steel. N ¥ Central (8)... NYChi&StL(6). 2 N Y Invest (1.20 N Y NH& Hart (6) NYNH&Hof (). N Y Steam pf(6).... Norfolk & Southern North Am Aviation. . Nor Am (b10%stk).. North Amer of (3)... 4 North Am Ea pf (6). Northern Pacific (5). Oh10 011 Co (2)...... Oliver Farm Equip.. 4 Oliv Farm ¥q pr pf. . Oliver Farm Eq cv pt Omnibus Corp. . Otis Elev n (2%). Otis Steel...... Owens 111 Glass ¢3).. Pacific Gas & Bl (2).. Pacific Lighting (3). Pacific Tel & Tel (7). Pac Tel & Tel pf (6). Packard Motor (60c) Pan-Am Petroleum. . Panhandle P& R.... Param'nt Publix (4). Parmelee Tran (60¢) Pathe Exchangs. .. .. Pathe Exchange (A) Penney (J C) (3) 4 Penney (JC) pf A - Somlamonmeneio~ People’s Gas Ch (8). Petrol Corp (1% )... Phelps Dodge (2). Phila Read C& 1.... Philip Morris&Co(1) Phillips Petrol (n2). I'lerce OIl...... Pierce Oil pf . Plerce Petrolm(10c). Plllsbury Flour (2). Pirelll [taly (a3.14 o anZan » N onnennacnnamand PR AmTobA (3%), PRAm Tob (B).... Postal Tel & C pf (7) Prairie Oll & Gas (2) Prairie Pipe L (15).. Pressed Steel Car Proet & Gamb (2.40). Prod & Refiner: Prod & Refiners pf Pub Sv N J 13 40) Pub Sv N J pf (5). NS oA =3 Purity Bakeries Radio Corp .. Radio pf A (3%) “adio Corp (B) (5).. Radio-Keith-Orpb A. Raybestos Man 2 60. Reading Rwy (4).... Real Silk (5) Rem Rand (1.60). Rem-Rand 1st pf (7) Reo Motor Car (80¢). Republic Steel . Republic Steel pf (6) Revere Copper & Br. Reynolds Metals (2). Reynolds Spring.... 4 Reynolds Tob B (3).. Rhine W EI P (2.16) . Richfleld Ofl. . . Rio Grande Ofl. .. Ritter Dent Mf (13).. Rossia [nsur (2.20).. Royal Dutch a3.2165. Rutland pt s y Stores (8).. Safeway Strs pf (7). St Joseph Lead (t3). St L-San Kran (8)... St L-San Fran of (§) St L Southwestern St L Southwesternpt Savage Arms (2). Schulte Retall Str Seaboard Alr Line. Seab'd Air Line pf... Segrave (1.20). . . Bears Roebuck $2%. Sec Nat Inv pf (5) Sen Copper Servel (ne. ... Sharp & Do pf 4 Shattuck(FG)(t1%) @ - O ST e B L IR, 'NEW YORK STOCK (Continued From h‘ 13.) lon— Prev. 4dd 00 Hich. Low. Close. Close 45% 4l 5 5% 53% 21 72% 274 by Private Wire Direct 1o} s 65% 11 7 Sterling 113% 4 103 6 Texas & Tobacco 125% Tobacco e 42% 2 64 25 22 Va W Wrigley 8% lend rate: ased o Stewart- Stone & Webster (4). Studebaker Corp (3). Submarine Boa: Sun Of1 (11). Sun Oil pf (6. Superheater (13%).. Superior O11. Saperior Steel. 5 Sweets of Amer (1). Symington..... Texas Corp (3).. Gulf Sulph (4)., 5 Transamerica (1)... Tri-Cont Corp. ...... Tri-Cont Corp pf (6). Twin City RT pf (T) Union Carbide (2.60) Union Ofl, Calif (32) Union Pacific (10)... Union Pacific pf (4). Un Tank Car (1.60).. Utd Afrcraft. . ULd Afreraft pf (3).. UnitedBiscuit (2)... Utd Cigar Stores pf. 1 16%Utd Corp (50¢). 45% Utd Corp pf (3). Utd Fruit (4).. Utd Gas & Im (1.20) Utd Piece Dye W (2) Utd Stores (A) U S & For Secur. U S & For Sec nf U 8 Freight (3) U S Hoffman. . . U 8 Indus Aleo (17). West Penn E1A (1), West Penn EI f (7). 30s West Penn Pw pt (§) 20s Western Dairy A (4). Western Md. Yellow Truck.. Youngs Spring (3) 215 Zenith Radlo. n ing less than 100 EXCHANGE | Stock-and 5 Dividend Rate. 7% Shell Union Oil...... Snell Un O1l pf (5%). 4% Shubert Theater: Simmons Co. . Simms Petroleu: SinclairCon Ofl (1 Sinclair Ol pf (8) Skelly Of1 (2) Skelly Ol of Add 00, High. Low. Close. Close 16 8% 8% 8% 8% T8% 5% 17 S 12% 99 4 60 Sou P Ric Sug (1.40) Southern Cal Ed (2). Sou Dairles (B)..... Southern Pacifie (6). Southern Rwy (8)... Spang-Chal pf (6) Sparks Withing (1). Spear & Co. . Stand Brands( Stand Comm Tob Stand G & E (3%)... Stand Invest Corp. . Stand O11.Cali(h2%). Stand Ol Exp pf (5). Stand Ofl of Kan (2) Stand Oll of N J (12) Stand Ofl N Y (1.60). Sec (A).... Sterl Sec pf (120). ., 1 See cv pf (3) Warner (2). Pacific (5).. 4 Texas PC&O1l. ‘Texas Pac Land . ‘Thatcher Mfg (1.60). Thatcher pf (3.60) 4 Thermotd Co Third Avenu, - Third Natl Inv (a2). ‘Thompson (J R) (3). Thompson Pr (2.40). i Tide Water As (60c) Tide Water As pt (6) Tide Wat Ofl (pf (5). Timken Det Ax (80c) ‘Timken Roller (3) Product: Prod A 195¢ 272608 PR | . 9 65% . 30, 27 24 58% 18% 8 S Realty&Imp(3). Rubbe Rubber 1st pf. .. S Smelt & Ref (1). Unlv Leaf Tob (3)... Univ Pipe & Rad Util Pwr&Lt A 12.15. co Sales Cp pf. Vanadium Corp (3). Va-Car Chem. .. . Va-Car Chem 6% pf. Va-Car Chem pf (7). 7 Vulean Det (4) 14 Walworth Co (2) Ward Baking (A). Warren Bros (3) 20s 102 IRAIL BOND LIST UNDER PRESSURE {Junior Group Bears Brunt of Selling—Convertible Issues Sag Further. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, December 5.—The fea- ture of today's bond trading was the extreme weakness cf railroad issues, particularly those of the secondary grade. It was significant that the better carrier bonds, even those whose legality as investments for savings banks and trust funds in New York is in question, continued to hold their levels fairly well. ‘With one or two exceptions the high- grade group stood firm or advanced. But the havoc among the junior rail- road securities was widespread. Convértible issues declined with stocks. | changed. Foreign dollar bonds, under | the impétus of an upturn in Germans. zhld a much better tone though French .| issues were effected to a slight degree | by the political situation. Money rates !were unchanged. Trading was farrly active. At the opening fluctuations were nar- row and it was hard to discern any definite trend in the market. But later considerable quantities, Erie 55 were down nearly 3 points. Frisco 4'¢s de- clined 15 points. ere were smaller losses in 8t. Paul adjustments, St. Pau! 5s. Erie General Lien 4s, Missouri Pa- cific 5155 and Western Maryland 4s. The Teverberations of this throwing overboard of rallroad descriptions were felt to some extent among investment issues. Nickel Plate 4!s, after opening a point down, were actively depressed t> a new low and there were smaller losses in Northern Pacific 4s and Pitts- burgh, Cincinnati, Chicago & St. Louis 4128. The last is a bond rarely traded because of its strong investment posi- tion. The bonds of the road, which is under a 999-year lease by the Penn- sylvania Railroad, are guaranteed both as to principal and interest by the latter company. The lease provides that the Pennsy pay fixed charges plus 5 per cent on the common stock of the Pittsburgh, Cincinnati, Chicago & St. Louis, of which it owns. Last year the total sales of all of the outstanding bonds of the Pittsburgh, Cincinnati, Chicago & St. Louis Rail- road amounted to $335,000, so that it may well occasion some surprise that such a bond should be actively sold and forced. down nearly a point to a level where it yields over 415 per cent. High-grade bonds that resisted the selling included Atchison general 4s, Pacific 4s, Great Northern 7s, Chicago and Burlington & Quincy 4s. Industrials did not move so widely as the comparable class of railroad bonds. American Natural Gas 6.5 were off a p;fln!, but the losses were only fraction- al i Copper 5s, Hudson Ccal 5s, National Dairy Products 5'4s, United States Rubber 5s, Goodrich 6s, Sinclair 7s, Phillips Petroleum 5'4s, Pan American Petroleum 6s, Brooklyn hattan | Transit 6s, Hudson & Manhattan in- come 5s and Third Avenue 4s, and there were fairly substantial gains in Pathe 7s, Dodge Bros. 6s, Armour of Dela- ware 5125, American Sugar Refining 6s cnd Interborough refunding 5s. Stock Exchange SALES. Capital Traction 55—8$1,000 at 85, $5,000 at 8514, $1,000 at ‘Washington Gas 6s “A”"—$100 at 102, Capital Traction Co.—10 at 48, 5 at 481, 5 at 4515, Potomac Electric 6% pfd—5 at 111, 5 at 111, 10 at 11174, 2 at 111, - Potomac Electric 512 % pfd.—5 at 107'5, 6 at 107%. | Washington Rwy. & Elec. pfd.—10 at 987, 15 at 981/, Lincoln National Bank—10 at 410. wmounan Loan & Trust Co.—10 at 451 Lanston Monotype—10 at 104. - National Mtge. & Investment. pfd.—153 at 5. Peoples Drug Stores pfd.—10 at 99%. The Carpel Corp.—50 at 26. AFTER CALL. National Mtge. & Inv. pfd—100 at 5. { Washington 7 | Potomac Electric 5 ton El Instr (1).. Westvaco Chlor (2).. White Motors (2).... Wh Rock M 8 (1434). White SewingMach. . White Sew Mach pf.. Willys-Overland Wilson & Co (A) Wilson & Co pf. Woolworth 12.40)., Worthington Pump. 60% 8 68 10% 24 223 6 3 . 2y York Exchange 00 Noon 10 P.M ven in the above tabie i ratio; fPartly extra. s (Wm) (4).. 10% LUMBER INDUSTRY ONBEITER FOOTING Production Has Been Scaled Down in Accordance . With Demand. By the Assoclated Press. The Jumber industry of the country is looking to the future with more confidence than has been expressed for many years. Probably the most harassed of in- dustries with the exception of coal, it has been faced simultaneously with vast overproduction, inadequate reforesta- tion and a diminished use of Jumber as a bullding material. Leaders of the industry have reached agreement in the matter of overpro- duction, and weekly reports filed with the National Lumber Manufacturers’ Association would indicate the output is barely sufficient to meet demands. Perhaps the largest single factor re- sponsible for the confidence shown is a national timber conservation board, designed to ccmbat the ilis of the in- dustry Selection of the group has al- ready been made by President Hoover, it is sald, who received a forestry dele- gation some months agoe which advo- cated the board as a remedial measure greatly needed. ‘The board comprises 13 members, and is said ‘\: include ;Itu-ee cabinet memb:rs —the Secretaries of Commerce, Agricul- ture and the Interior. In addition, the st will In:l;xde John W. also it muent of Charles Lathrop Pack, ¥ D Dresudent of the ‘Tree Pratt of New York, erican Forestry, Am¢ n £ John C. Moarriim, president of siation: Institute; L. J. Taber of Columbus, master of the National Grange; Carl Raymond Gray of Omaha, of the Pacific Railway Co. C. Ever- est of Rothschild, Wis., president of the American Paper and Pulp Assocta- tion, and W. M. Ritter, lumberman of Columbus, Ohio. The board as presently constituted will be solely fact-finding in character, and will, attempt to frame no broad national policy. Public Utilities BY GEORGE T. HUGHES. American Telephone & Telegraph. (This is the ffth article of a serles On the sublect of Bublig ujilities. cover- ing the principal operating and holding companies, wfvi h operations and ing an tal structure. recom- mend purchase or sale of specific securi- In the bull market of 1929 the stock of the American Telephone & Telegraph sold above $310 a share, and in the bear market of 1930 it has sold under $180 & share, a difference of more than 130 points. Needless to say, this swing in market price bore no relation to any |4 change in the value of the investment. into account. But shareholders do mnot have to content themselves with cash dividends alone. Periodically they re- ceive rights to furnish new capital, generally by subscribing to stock, but occasionally to bonds. If these rights are sold in the open market and the proceeds added to the dividend, the re- turn will be found to be highly attrac- tive over a period of years. In the last 30 years there have been 12 new offerings of stock to sharehold- ers. During that time the market value of these rights has varied from 12%; cents a share up to $22 a share. This is the record which explains the con- sistently high price of the stock in com- parison with other investment stocks. TREASURY CERTIFICATES, (Reported by J. & W. Seligman & Co.) Rate—Msturity 278 June 18, 1 5, 1 INVESTMENT TRUSTS NEW YORK, December 5 (#).—Over- th2-counter market: Am & Cont Corp. Amer Brit & Cont Amer Composif Probably Telephone was too high at Shain the maximum in 1929, an the minimum in 1930 it but that is a problem which can never be_exactly solved. I shall not attempt to fix any prices perhaps at Dei too low, | PeP on this premier investment stock which | Fi: ratio o al the Carnegiei only ent orst of N ¥ nt_Trust of i Curtln Tavest Assoc ! nvest Offer_ | Wi 10023-32 4 at 107. Washington R. & E. 45—$10,000 at 87. Lineoln National Bank—3 at 425. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga 4135 '33.. Amer. Tel. & Telga. 425 39 Am: Tel. & Tel. ol ir. bs..- Anacostia & Pe R. R. 5 Ana. & Pot Bid. Asked 101 3 1C &°P. Tei ot Vi 2 Capital TractiogR. R. DaSs . st 83. .. Potomac Elec. cons. 57 Potomac Elec. 65 1953. .. ... Alex. & Mt. Vernon PUBLIC UTILITY. Tel. & Tel. (9) 1 Traction Co. Gas_Light ~Co. (i N. & W Steamboat (1 Pot. Elec. Power 67 pil Pot. Elec. Power 512% pid Wash. Ry. & El com. Wash, Rwy. & Elec. pfd. (3) . NATIONAL BANK. Distfict (8) ..... Federal-American (10 Liberty (15).. Lincoln (12). Metropolitan ' (14) Rigks (155) Second (9e). Washington (i3) TRUST COMPANY. Amer. Security & Trust Co. (15) 3 Continental Trust (8).... 126 Merchants’ Bank & Trust National Savings & Trust « 4 Prince Georges Benk & Trust.. Union Trust (8§) Aot ash. Loan & Trust (14)...00 SAVINGS BANK. Bank of Bethesda (65)..... Comme:rce & Savings (10).. East Washington (12).... Potomac _(10).. . FIRE INSURANCE. American (12). e Corcoran (10) Firemen's (8) . National Union TITLE INSURANCE. Columbia (8h).. Real Botate (61 Title & Inv. Co. Md. com . MISCELLANEOUS. Barber & Ross. Inc., com. Col. Medical Bl Col. Sand & Gr: D. Paper M Dist. Nati, Sec, Ptorase pra, m e brd. Am."Co." Com. (1.300) 85285880 55 ype Ste. com. . ptd. (7). Mergenthaler Linotype (6). Natl, Muge. & dnv. ofd .. les Drug Stores pfd. (6. Real Est M. & Q. pfd. () Lans| Merch. Trf. Mer. Tr. - 83528302218, 225.3 TR, 2l na5c extra. 130c extra. 17 e Industrials_were quiet and not much | second-grade rail issues were cffered in ! Canadian Pacific 4s, Frisco A 4s, Union 1 Paramount Publix 5l5s, Chile | 'ON NEW YORK BONDS STOCK nxgmmcnl (Sales are in $1.000.) Sales. Lib8%s..... 12 Lib1st 4%s. 24 Lib 4th 4%s, 127 US3Ks'43., 18 USS%s'T.. 12 US4%s’52.. 18 1138 113 FOREIGN. Sales. High. Argentine May '61. 5 94 Argentine 6s Ju 69 4 Oe 59 108 Australia ¢ Australia b Australia | Austria 7843 | Bk of Chile 6%s '57 B of Chile 6% Batav Pet 43542, Belgium 63 '65. 3 Belgium 6% 8 '49. Belgium 78 '65.... Belgium 7a* . Belgium 83°41.... Bolivar 7s 58 IBoH\ | Boliv | Canada 6s°31 Canada §s '52. Chile 65 '60. {Chites a1.... Chile Te*a2.%..... Colombia 6s Jan '6 Con Pow Japan 7s, Copenhag 438’53, Copenhag 5s ‘62 Cuba 6%s 45 Czecho 83 '5. 100% 106% Dutch East | 7 Dutch East 163 '62 Finland 514s ‘58 Finland 5 Einlane 16 I'rench 7s 49, 2 French Gvt Ti4s 41 28 Gelsenkirchen 6 German 535 '65. German Bank German 7s rep Greek 6363 Haltl 65’52, Irish Fi ltaly 78°61....... 12! Italy Pub Sv 7a 62, Japanese 433 12015 1254 ‘s '54.. 37 Jugosl Bank 7s '57. 10 Karstadt 6s°43.... & Kreug & Toll 55 ‘69 173 ‘34 5%8 58 Orlent dev 6s '63. .., Paris-Ly M Paris-Ly M 7s ‘58, Paris-Or-5%s '68 60, 41, ~oland 8s 50 Porto Alegre 85 '61 Prague 7%s'52.... Rhinelbe 7s *46 ww | Rhine West 6; Rhine West 19 Rio de Jan 63, R Gr De Sul 63 68. R Gr De Sulss "46 Rome ¢ IS 2SenTnBau a=xBos Suo Paulo Sao Paule Saxon 7845 Seine 7842, Serbs-Cr 81 Serbs-Cr-S1 ¢ Shinyetsu 6148 '52. S P 32 Toho E)}Pow 78 '55 Tekio fs Tokio 5% s 61 Utd King 6% 847, Uruguay 6: Abitib P& P 63 '53 10 Ab& St5%s*43... 10 Allegheny 85 Alleghany b: 5 9% Allis-Chalm 68 '37. 2 100% Am AgCh 7%s"41. 2 104 Am F P58 2030.. 16 Am IGCh5%s"49. 16 Am IntCor5%s ‘49 2 Am N Gas 6%s ‘42, Am S&R 18t 5847, Am Sug Ref 37. 6 104 Am T&T cv 4348'39 52 Am T&T 65 °65 3% 97 8015 Am T&T 6ss 160, Arm Del 614843, . At Gulf § At Ref deb 53 37, Beth St p m 55 '36. . Bush T Bldg 6s '60. Cert-1d deb 5145 "48 Chile Cop db 6s *47, Colon O] 6s '38, Col G&E 6s May '52 Com Inve: 67% 101% 102 102% 311n 91k 49 100% rf 5 ConGNY5% Denver Gas §: 1’e Bdison 5s, . Dodge Bros cl 65'40 Donner St 7s ‘42 Duquesne 4348 '67. Gen Motors 6s '37.. Gen St Cas 5135 "49 Gen Thea Ea @eodrich cv 65 '45 Goodrich 6%s Goody'r Rub bs 57 Humble O1l 58 '37 | Hum O& R 63 nland Steel 4 %5'73 In: Cement §s 48. Iat Hydro E1 65 ‘44 Int Match bs ‘47... In M Mcol tr 63 ¢1 Int Pap 58 A'47... Int Pap 6s 55. . 1 Int T&T 433862, Int T&T cv 4145 39 Int T & T 6855, ... Kan C P&L bs A ‘52 Kan Gas&E 41 '8¢ Kend 5%5 '48 ww.. a Lorillard 78 "44.... McCormack 6s '34. McKes&Ro 6% Midvale Steel 6 . Close. 10130 10127 10127 10225 10228 10321 10319 10321 10210 1026 1029 10223 10222 Low. 938, 98%¢ 106 109% MUY, 101 1023, 102% 89y 102 22 13 Close. 108% 50 50 645 | 66 82 9814 1005 8014 801, Received by Private Wire Direct to The Star Office UNITED STATES. L Por R Tam 6s°42.. 3 765 101% 101% 95% 95% MN% Rem Arms 63 A 31 Rem RA6%s A 47 Richfi'd O eal 63 '44 Shell Un Of1 ks "47. Sinel O 649 B '3 Sinel O Ts cv A '37. Sincl Cr O 6% Sinclair P L s Skelly Ol 5% s Sou BelLT&T StOIINJbs . ST Ol N Y 4%="51. Sug K8 Or 78 ‘42 Tenn Copper 6s '41. ‘Tenn 15 P 68 A 47, Tex Corp ev bs 44 1 Trans Ofl 6%s '38, Utd Drug cv 68 '53. 10 U S Rublst 63°47.. 26 Utah P& L 5s Utll Pwr 53 '59 w' | Uth Pow 6= 47 ert Sug 18¢ 7 Warn Br Ple 6339, 16 Warn Quin 6s°39.. 3 West El deb 63 '44. 10 104% West Un Tel 53°51. 5 101% West Un T 6%38°36 5 1087 Wh Sew Mch 6340 3 30 WH&Colsi6a'4l. 3 98 YouSt&T5s'78.. 23 101% RAILROAD. Atchison adj ¢s'95. 2 3 Atchison gen 4895 45 Atch'on cv 4358 "41 AtCLIst4s'52... B&O Swn dy 53 '50 Bos & Me 53 1955. . 7 ol Bkiyn Man 6s 8. . Bklvn Un 1st bs ‘50 Bush Ter con 51 '55 Can Nor 6158 db’46 n Nor-7s deb '40. 1045 T8% 70 69% 100% % 102% % 104 105% 105% 89% 97 104% 67 6% 83 % 104% 2 105% 105% 82 84t 56% 95% MISCELLANEOUS. 3 97 764 764 100% 103% 105% 98 938 9% 89% 105% 821 84 58 95% 73 7 7614 6% 100% | 104 80% 98 .90 43 101% 104 1 105% 106 108% 102 102 102% 31 90% 49 105% 31 8614 102 i 102% 107 101% s 101% 104% 103 106% 102% 103% 06% . 4 C&Oconbs’3s.... CB& Qgen 8. 13 CB&Q I11dv 45°49. 14 Ch & East 111 68'51 10 Chi Grt West 48’59 25 ChM&StP4s 89. 4 Ch M&STP 4%sC. 1 Ch M St P&P 68 76. 58 Ch M & St P adj b8 107 Ch & NW 4%s2037 1 Chi NW 4% sC 2037 66 Ch& NW 6348 "3 Ch Rwys 6! CCCa&sSLbssD'es C U Ter 438 2020.. Clev Term 4%="77. Clev Term 68 °73... Colo & Sou 4% '35 Cuba R R 68763, DRG& W st 58'78 Det Utd 4148 '32. .. DuSSh& At 5s'37 Gr Trunk 18°40. ... Gr Nor 4%s '76 (D) Gr Nor 4%s ‘77 (E) Grt Nor 18t 5 . Gr Nor gn 5%s "52. Gr Ner gen Hav El Ry § Hud & M ad) Hud & M rf 58'57.. Tllinois Cent 4s *51. 111 Cent 4552, 111 Cent 48 ‘53 111 CCStL&N S5 A. Int Rap Tr 6 Int Rap Tr Int Rap Tr Int Rap Tr 7s 32.. Int & Gr Nor 6s 52 Int&G Naad Int RysC A 5s ‘12, Int Rys C A 68 "41. Int RyC A 6%s"47 Lake Shore 313 '97 Lake Shore ¢ Leh Valev s ., o LRSS Smomrnman Biveane Sue onolneeBSunBan ket St 7 M1] E Ry & L b Minn &'StLen s. . M StP&SSM bs gtd Mo Pac gen 4 5. Mo Pacific 63 I *17. Mo Pacific bs G 178, Mo Pacific 6s H ‘30 Mo Pac 5%scv 49, Mont Tr st 5s 41, orit g ruxmmBacen ~RERS 0. NYCreim 55 2013. NY CLS cl 3%s'93. ‘37, NY WaE 4148 "4 Nort South Nor Pacific PCCAStILEsA Read gen 4148 A"9T Reading 4 % RIAr& L 4% 34 St L Ir M'at 6831, StL IM R&G StL&S len High. 5 66 Low. Close. 66 66 6% 65 101% 101% 101% 95% 96% 90% 73 1% 9 2 964 STABLIZED W PRIGESARESEEN Agencies Believes Decline ‘Has Been Arrested. + BY WALTER BROWN. Written for the Associated Press. CHICAGO, December 5.—Ceorge S. ! Milnor, general manager of the Grain Stabiljzation Corporation, said he be- % | lieved the market activity of the Gov- *| being made by the corporation ernment-sponsored agency has perma- nently arrested the downward trend of wheat prices for this season. Preliminary reports of a surve nv'" i he sald, that the consumption of whea Goed 300,000,000 Buahels and may sesch ,000,¢ els and may 200,000,000. If that is true, he elaborated, the burdensome surplus wheat production will be removed and the United States | will be on a doniestic basis, consuming what it produces. Mr. Milnor credited the tion’s wheat buying of last month, when it was reported it acquired 10,000,000 bush- €ls of December delivery with averting & general panic in grain circles. He de- clared wheat selling below 73 cents a bushel represented a production loss to farmers, When it became apparent that foreign influence would depress the price below that figure, the corporation si into the market and offered to take all wheat at 73 cents, despite the fact that Win- nipeg wheat was selling for 58 cents, The _stabilization ay the ich gency and Grain Marketing ration, hi Milnor’ alro- 15 “chiet are not by market to make money, he added. It the price moves upward, he indicated. . the two organizations would liquidate their contracts and withdraw from the e woula’ ek d e not say, during one of the few interviews he hlln;mlm. 5 glln the corporation had bought. - It oosenerllly believed to be m;een 75,000,000 and 100,000,000 el to_ affect world be t- the farmer world mfluemem:nntd out. T AT TAX SELLING DECLARED . ON INCREASE IN STREET Special Dispatch to The Star. ‘ NEW YORK, December 5—Since President Hoover advocated in his nual message to Col a change in ;\eupn-lmh'mhuiunn in ‘theie 3901 ‘setieduion, o] 3 increases the goearish feeling. ‘While it has not yet been proved that there is any substantial addition to floating supplies from “such selling, brokers have had additional inquiries regarding sales and exchanges since the ) message was presented. LR BUSINESS GAIN SEEN BY INSURANCE HEAD Signs of & ditsinctly fmproved ‘busi- ness trend are found by William Mont- gomery, president of the Acacia Mutual Life Association, in the lat:st figures covering the organizzlion’s Nation-wide network of branches. Further, during November, a net gain of approximately $1,100,000 was record- ed, bringing the total insurance in force / at this time to approximately $357.000,- the greatest in the history of th- company. POTATO MARKET. ’ CHICAGO, December 5 (#) (United tes Department of Agriculture) — Potatoes, 500 cars; on track, 240 cars; g roun faney, 1.55a1.60. - nesota round whites, 1.25a1.45; Idaho russets No. 1, 1.70a1.85; fancy sha higher; No. 2 best mostly 1.30; ordinary, 1.10a1.20; Colorado McClures, wide range in quality, 1.35a1.80; most un- branded, 1.50a1.65; brand 1.70a1.80. CHICAGO DAIRY MARKET. CHICAGO, December 5 (#).—Butter, 5,597 tubs, steady: prices unchanged. Eggs, 4,332 cases, unsettled; extras, firsis, 27; fresh-graded firsts, 25; fresh current receipts, 23a24: ordinary cur- rent receipts, 20a22; refrigerators, firsts, 19%; refrigerator extras, 20a. BAE A e NEW MAGAZINE PLANNED, The Investment Bankers' Association of America will publish the first issue of a new mont zine, to !‘n n 8 John P. Mullen, for five assistant. muaumn-l director of whites, 1.40a1.50; R A COVERS UTILITY LAWS, A concise analysiz of the cipal State ission in every State in the Union has been iblished by Bonbright & Co. ) S ST e MELVILLE SR0E CORP. NEW YORK, December 5 (#).—Mel- ville Shoe Oa?orluon November sales - totaled $2,507,537, compared with ) 204,666 in the like month last year. Sales for the first 11 months this year totaled $25,835,687, against $23,090,435 in the corresponding period of 1929. b Sou P&Or 4%8 "17. Sou Rwy gen 48’56 u Rwy Sou Rwy 638 "5l Tex & Pac 6sC Third Av ref 4s°'60 Third Av ad) 6a '60. Un Pac 18t 4 Union Pac n Pac 4% Un P 1st rf 58 2 Va RR 4%w°62.