Evening Star Newspaper, December 6, 1930, Page 23

FINANCIA SPERRY MEMORIAL EXHIBIT IS OPENED Inventor Responsible for Many Instruments Now Used in Aviation. i BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, December 6.—A me- morial exhibit in honor of the late Elmer A. Sperry, once president of the American Society of Mechanical Engi- neers, is being shown this week in New York. Sperry’s achievements in science are almost unbelievable. This exhibit shows ! the majestic sweep of his many-sided mind. He perfected insiruments utiliz- ing the gyro-scopic principle, which are used today to steer ships and to mini- mize their rolling and pitching in heavy seas. His gyro-horizon and directional- o are indispensable aids to “blind” SVing. By means of these n pllob can fiy safely through fog, darkness or storm without lokoing out of the cock it. P Engineering, mining, the electric Hght, the storage battery, the electro- chemical and many other industries owe Dr. Sperry a debt which can never be repaid. In fact, his inventions are s0 varied that he deserves a place be- side Faraday, Pasteur, Pupin and Edi- son. He perfected the electric-arc lamp, while his name is coupled with Edison’s in_revolutionizing our street lighting systems. The Sperry search- light, five times brighter than any pre- vious light, marks an advance that may be ranked with Sir Humphrey Davy's discovery of the electric arc in 1807. Sperry's Inventions. Through nearly half a century—48 years to be correct—of tedious, pains- taking research, Or. Sperry brought forth invention after invention to im- ve the lot of man. His machines for cutting coal make it possible to mine seams hitherto inaccessible and dangerous to the miner. His experi- ments with power propulsion have made his name famous in hydraulics and in the field of the Diesel engine. His processes for making white lead int, caustic soda and many other low-cost processes now used by large industrial concerns, have enriched the age and made the world an easier place to live in. Dr. Sperry, whose life was a vital of our machine age, was but little own outside the scientific field. But more luster will be added to his name a8 the years roll along. China’s Future. ‘The future of China has been the subject of a recent study, by a sub- committee of the Foreign Relations Committee of the United States Sen- ate. The report of the subcommittee will be issued shortly. China has a population of 400,000,000 ple, and a low standard of living, it is now seething with uickening in- terest in modern business life. War has delayed and at times wrecked her plans. But the modern Chinese believes that China’s vast pro- m of internal expansion is abo . As a matter of fac alre: un. 'X'huely l;’nel'led States Department of Commerce shows that in the last 50 years exports from China have in- creased from $95,000,000 in 1870 to $650,000,000 in 1929, and imports dur- ing the same time have increased from $110,000,000 to $810,000,000. ‘There is no country in the world which offers such a choice field of co- operation to American business men as the Republic of China—rich in natural wealth, an industrious people and a “good will” not granted to the nation any other, nation, for Americans ve dar in China ever since the Boxer rebellion. Investments in Orient. How much money has the United States invested in the Orient? The Department of Commerce figures show that at the end of 1929, American di- rect investments there totaled $543,- 694,000. Based on dollars, this appears to be & substantial amount, but it is really only 7.3 per cent of the total American holdings abroad, which total $7,477,000,000. Dividing the figures, we find that American holdings in the Far East, Australia and New Zealand account for $149,154.000 of the amount, while the Test, $394,540,000, is invested in Asia, where China accounts for nearly one- third. The Department of Commerce says that if we include the $25,000,000 Tepresenting the Chinese trade act companies our direct investments in China are more than twice as large as they are in Japan. This in spite of the fact that Japan's trade to the| United States is. much the more im- portant of the two. ‘The second place in direct American investments in Asia goes to the Philip- Islands, not to China, and third to Netherland East Indies. American interests in the Philippine Islands, especially in the field of rail- roads, public utilities, factories, total now about $65,000,000. But how does the Netherland East happen to have such a large amount of American money? The answer is investments in rubber. Japen, fifth country in point of Amer- ican investments, centers largely in silk and cotton manufacturing. India is next, with total American investments of about $32,676,000, burlap manufac- | ture largely. Investments by Industries. Grouping direct investments by in- dustries, we find that the following is the order: Petroleum teeien.. . $182,857,000 Manufacturing ©7124475.000 Selling and distribution... Rubber Communications and trans- port : 00 Minin sme! Miseeifaneous 91525,000 But it is in China that American financial expansion is expected to be greatest during the next decade. Crechoslovakia Is one of the most progressive nations in Europe. Woodrow Wilson was the godfather of this coun- try in Central Europe, and a statue in his honor has been erected in front ©of the Prague railroad station. The industrial machinery in this state is right up to date, and its schools are | modern. Recently, the ministry of edu- | caticn there installed radios in 13,000 primary schools and carefully planned school programs are being broadcast twice every day as a test to learn whether this form of popular education is advantageous With television just around the cor- ner. the entire school courses in the next few years may be carried on through a radio-television method. (Copsright, 1930. by North American News- paper Alliance.) and ing. neo . AMERICAN WOOLEN CO. REORGANIZATION PLAN Bpecial Dispatch to The Star, . NEW YORK, December 6.—Stock- holders of ‘the Americzn Woolen Co. will read with satisfaction the an- nouncement that new executives have n chosen to direct the company's policy and that & new plan of maru- facture and merchandising of products been adopted. Dividends p:]n the preremh: were passed in April, 1927, Since that year the stock has declined from 884, to 151, with a rally of a few points from the low level. Accumulated uividends amount to around 25 per cent. ‘Throughout this period the company has maintained a strong balance sheet | reparing to pay off an issue of STAR, WASHINGTON NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued from Page Stock and Sal Dividend Rate. Radio pf A (3%).... Radio Corp (B) (5).. Radlo-Kelth-Orph A. Raybestos Man 2 60. Reading Rwy (4).... Real Sflk (5).. . Rem Rand (1.60) Rem-Rand 2d pf (8). Reo Motor Car (80¢). Republic Steel...... Republic Steel pf (6) Reynolds Metals (2). Reynolds Spring.... Reynolds Tob A (3). 4 Reynolds Tob B (3). Rhine W EI P (2.16). Richfield Of1. Rio Grande O! Rossfa Insur (2. Dutch u3.2 y Stores (5). Safeway pf (6)..... St Joseph Lead (3). St L-San Fran (8)... St L-San Fran pf (6) Savage Arms (2).... Schulte Reta!l Strs. . Seaboard Air Line. .. Seab'd Air Line pf... Sears Roebuck $2%.. % Second Natl Inv..... ~Prev.1930~ Hizh. Low. 57 48% 33% 17% 17% 871 30% 4% 95 50 58% 141% 64% 46% 104 14% Shattuck(FG) (t1%) Shell Union Ofl, . Shubert Theate: Simmons Co. . Simms Petroleum. SinelairCon Ol (1).. Skelly O1l (2)....... Sou P Ric Sug (1.40) Southern Cal Ed (2). Sou Dairies (B)..... Southern Pacific (6). Southern Rwy (8)... Southern Rwy pf (5) Sou Ry M & O ct (4) Spalding (A G) (2) Stand Brands(1.20).. Stand Comm Tob. ... Stand G & E (3%). Stand G & E pf (4) Stand O11,Cali(h2%). Stand Ofl of Kan (2) Stand Ofl of N J (12) % Stand Ol N Y (1.60). Starrett (L 8)(12%) Sterling Sec (A).... Stewart-Warner (2). Stone & Webster (4). Studebaker Corp (3). Submarine Boat. Sun O1l (11). Sun O1l pf (6) Superior Oil. Symington. . Telautograph (11.40), Texas Corp (3).. Tex Gulf Sulph (4) Texas PC & Oil. Texas Pac Land Tr. Thatcher pf (3.60) The Fair (2.40) Thermold Co. Third.Avenue Third Natl Inv Thompson Pr (2.40 4 Thompson Starrett. es— Add 00. High. 2 49% 6.) Prev. Low Close. Close 49% 49% 38 38 42 20% 20% 20% 20% 891 Transa Un Tan U S Ind U 8 Sm U S Ste Vadasce Vanady Va-Car We. West P Wester: Wester: West E Whit Whit, Willy: Yale & Yellow Young | __Dividend rates payments sUnit nd Stock and Sal Dividend Rate. Add ‘Thomp-Star pf (3%) ‘Tide Water As pf (6) Tide Water As (80c) 4 Timken Roller (3)... Tobacco Products. ... Tobacco Prod A t95¢. Utd Alrcraft. Utd Corp (50¢). Utd Corp pf (3) Utd Fruit (4). Utd Gas & Im (1.20). Utd Paperboard Utd Stores (A)..... Utd Stores pt (2%) U S Express U S Hoftman...... Westingh'se A B (2). Westing E& M (6).. 144 1es— 00. High, 199 merica (1) Tri-Cont Corp. . 4 Tri-Cont Corp pf (6). Twin City R Tr (§4). Twin City R T f (7) 100 Und-Ell-Fischer (5). Union Carblde (2.60) Union Ol Calif (32). Union Pacific (10)... 4 s 6 73 11 6 k Car (1.60) 9 27 130 6 14 35 us Alco (17) S Leather (A). Plpe & F (2). elt & Ref (1).. U S Steel (7). el pf (7) Univ Leaf Tob (3). .. Univ Pipe & Rad.... Util Pwr&Lt A 12.15. Vadasco Sales Corp.. 0 Sales Cp pf. um Corp (3). Chem pf (7). 144 1 Va Iron Coal & Coke.900s Wabash....... Walworth Co (2). Ward Baking (A) Ward Baking (B) Ward Baking pf (7) Warner Bros Piet Warner Quinlan, Warren Bros (3). War Bros cv pt (3). Oil & Snow (2). enn El pf (6). 90s West Penn EI pt (7). 30s Western Md........ n Md 2d pt i n Unfon (8).. 1 6 & M pt (6).. 50s Weston El Instr (1).. Westvaco Chlor (2) White Motors (2) Wh Rock M S (14 Woolworth (2.40) Worthington Pump, Wnigley (Wm) (4). Towne (2) Truck. . Sh & Tube($) 6 80 s given in the above t; 3 nd rates as able are the arnual cash of trading less than 10 $Payable in scrij i yearly declarations. FPartly extra. Pl % in stock. 4 Pasabl . 1Plus b'Payable in stock LARGER TANK CARS PLANNED BY ROADS Step to Meet Pipe Line Com- petition Seen in Large Equipment Designs. Special Dispatch to The Star. NEW YORK, December 6.—A step by the railroads to meet pipe line competi- tion was seen yesterday when it was learned that the American Car and Foundry Co. and the General American Tank Car Corporation were completing designs for tank cars of capacity su- R:nor to any in use. The cars would ve a capacity of 22,000 gallons, com- pared with 10,000 gallons for cars in general use. There are some cars of 12,500 gallons capacity, but they consti- tute less than 1 per cent of the total. Large Capacity Cars. ‘The new cars would be about 48 feet long, ccmpared with 35 feet for the ordinary type. The designers have found it a task to meet requirements of balance and other problems in their construction, but are said to have de- vised satisfactory plans. These will be subject to the approval of the American Railway Association. in use have a capacity of 10,000 Some roads have built tank cars of more than 12,500 gallens capacity, but, because of clearance requirements, have Testricted their use to their own lines. The Santa Fe built tank cars of 16,000 gallons and the Canadian Pacific cars of 14,500 gallons. The railroads seek legislation to give the Interstate Commerce Commission full regulation of pipe lines and ‘aws to divest pipe lines from oil company control, it was disclosed by Charles C. Paulding, vice president of the New York Central. The use of pipes for transporting gasoline is a new develop- ment with which the roads have to contend. Emnest L. Nye of Freeman & Co. closer regulation of pipe lines and use of the larger tank cars by the railroads would materially help the railroads against pipe-line competition. Pipe-Line Competition. “The gasoline pipe line is a danger- ous competitor.” said Mr. Nye, “but, the danger of this competitién has been considerably overdrawn. What is a po- tentiality has been described as a real- ity. In fact, it is believed that some pipe lines have been projected to force lower railway gasoline rates. The pip- ing of gasoline on an extensive scale in- volves many technical problems, which may be solved in due course, but which will provide the mechanical faults and failings that usually characterize inno- vations. Only actual operation can provide the experience to corrcct these failings.” g e DECEMBER BILLS AID CHRISTMAS BUSINESS Alabania Store Adopts New Meth- od to Boost Holiday Sales. Many stores feel (hat their state- particularly those which are sent out as a matter of form during the middle of the month—should act solely as re- minders of indebtedness, says the cur- rant Retail Trade Bulletin of the Alex- ander Hamilton Institute. But a large store in Alabama finds it most profitable to inclose with these an attractive two- page folder card. The first page of this bears the suggestion: “Save this and use it at Christmas instead of worrying over what to give somebody. Telephone us if you wish additional cards like this.” The second page of the folder may be detached from the first and consis's of a two-color decorative Christmas card, reading: “A Christmas greeting and a Christmas gift fer you. To avold giving something you don't want and want, I have asked (name of store) to honor this order in the amount named below. Please deliver to mer- is .lhfldu‘:'y notes due next year. . Irving, the t Englich actor, Evepiligiicn B g e g Bsodribb, chandise to the amount of § charge to my account.” W out and signed by a charge customer, this card acts as a Gift Certificate, permitting the recipient to make pur- chases to the amount stated. About 40 per cent of the tank cars | gallons, | dealers in equipment trusts, said that | ments sent out early in December—and | insure your getting something you do | Special Dispatch to The Star. NEW YORK, December 6.—Net oper- ating income of 171 class 1 raflroads in October totaled $112,251,002, against $152,987,127 in October, 1929, a decline of 26.7 per cent, according to the Bu- reau of Railway Economics. This com- pared with a decline of 22.5 per cent in net in September from September, 1929, and with a decline of slightly more than 30 per cent in other months this year. October gross declined 20.7 per cent from October, 1929, and expenses de- creased 19.4 per cent. Net operating income of these roads 1in the 10 months was $772,400,000, against $1,116.066,000 in the same period last year, a decrease of 30.7 per cent. Gross decreased 15.3 per cent, expenses 11.6 per cent and taxes 11.5 per cent. October net of the Eastern roads in October totaled $47,972,000, against $70,791,000 in October, 1929, a decrease of 32.2 per cent. Net in the 10 months was $396,024,000, against $571,540,000 in the same period last year. Gross de- and operating expenses decreased 11.7 per _cent to $1,680,856,000. Net of the Western roads in October | totaled $54,111.000, against $69,062,000 in October, 1929, a decreass of 21.6 per cent. Net in the 10 months 894,000, against $430,177,000 in the same cent to $1,744.876,000 and expenses de- creased 154 per cent to $2,274,620,000 | Fop RAILROADS REPORT DECREASE OF 26 PER CENT FOR OCTOBER creased 11.5 per cent to $1,268,773,000. Net, of Southern roads in October was $10,167,000, against $13,348,000 in Oc- tober, 1929, a decrease of 23.8 per cent. Net in the 10 months totaled $73,522,~ 000, against $114,348,000 in the same period last year. Gross decreased 15.9 per cent 10 $546,740,000 and expenses decreased 12 per cent to $429,244,000. Gross and net operating income for |all the roads in October and the 10 | months compare as follows: 530 483.454.731 326.285.795 32,349,586 12251002 October gross ... | Operating expenses g8y ... Net oper."income’ | Operating ratlo. .. 10 months’ gross Operating expenses Taxes | Net oper.” income | Operating ratio Stated return Net operating income by months this | year compares with 1929 and 1928 as follows (yearly totals include certain | corrections not appearing in monthly | figures) : 1630, - 355454416 2.006 61,074,229 621271584 825 68.881.473 82,750,153 95.603.923 was $302,- | 3P period last year. Gross decreased 15 per LEATHER INDUSTRY FACES COMPETITION Smaller Countries Are Increasing Output—Substitutes Are Numerous. | By the Associated Press. | The Department of Commerce says the keenest kind of competition char- | acterizes the world's leather trade to- | day. Not only is production found to be | increasing in the major markets, but | the smaller countries which formerly imported the bulk of their leather re- Quirements are steadily forging ahead in output. In addition to this devel- | opment. tanners now have to meet the | competition of leather substitutes, which are being used to a greater extent than ever before. World consumption, how- ever, has expanded to a marked degree since the war, and it is believed that | the immediate future will show a con- tinuance of this upward trend. It is estimated that the value of leather entering into world trade each { year is in the neighborhood of a half billion dollars. The United States, al- though the greatest producer, foilows Germany as an _exporter of leather, with the United Kingdom and France ranking next in the order named. About one-quarter of United States leather | exports go to the United Kingdom. | This country, in turn, is the chief des- tination for British exports. German tanners depend, to a large degree, on export _markets, and they are making strenuous efforts to increase their busi- ness.in the smaller countries. Last year the estimated value of in- ternational trade in leather was $250,- 000,000, which was 18 per cent of total | production during that period. This figure was considerably below that of | the preceding year, as the existing | world-wide depression resulted in less- ened demand in all importing countries. United States exports of leather in 1929 | were valued at $43,000,000, which was about 8.6 per cent of production in that year. Upper leather accounted for con- siderably more than half the total ship- ments abroad. In recent years, the department says. | tanners have been experimenting. with | various skins formerly not employed |in leathermaking, including frogskins, monkey skins and_ostrich skins, The demand for these leathers, however, is a fluctuating one, and the amount pro- duced does not yet reach substantial | proportions. N | |- NEW YORK, December 6 4#).—The | Canadian National Railway is inquiring for bids on 3,000 steel-frame box cars 500 gondola cars and 500 service cars in addition to material for the con- struction of 500 refrigerator cars. The Canadian Pacific Rallroad is inquiring for 50 passes cars and the St. Louis- Southwestern 40 locomotives. Commodity Price Trends of Week BY H. N. McGILL, Editor McGill Commodity Service. AUBURNDALE, Mass, December 6 (#)—The opening week of the last month of the year brought a new low level for all commodities. The price level is only fractionally short of a 30 per cent decline since 1926. During the month just closed, out of 233 commodi- ties, 38 registered an advance, 42 de- clined and the balance remained stable. This comparison shows that prices are entering o definite period of stabiliza- tion, particularly as a great number of products have successfully turned up- ward from the lows established earlier in the year. Out of 15 individual groups last week, 12 declined, 1 remained un- changed and only 2 advanced. It is important to note, however, that price changes in the majority of cases were limited. Demand Is Slow. ‘The failure of business to register an upturn of importance during the | final quarter of the year has kept the demand for raw materials at low ebb, which in turn has encouraged the policy of price-cutting in the endeavor to in- crease demand anl sales. The tendency to reduce priccs in recent months has not proved successful in encouraging a more aggressive policy on the part of consumers. It appears entirely a ques- tion of more confidence and some sign of actual expansion. The longer the upturn in industrial activity is de- layed, the more pronounced the move- ment will be. It is now generally agreed that a favorable upturn will not ma- terialize before the Spring period. All Commodity Prices. During the week just closed all com- modity prices reached a new low, re- flecting price deciines in industrial products, agricultura' products, live stock, building materials, fuels, hides and leather, non-ferrous metals, paint materials, paper and pulp, textiles fine, and vegetable ofls. Industrial Prices. Now at the lowest since early 1915, industrial prices have declined more than 30 per cent since 1926. As long as industrial activity remains at the pres- ent low level and stocks of raw materials remain large, there is bound to be keen competition and moderate price conces- sions. Ferrous Metals. Ferrous metals represent one of the two groups which advanced. This was largely due to the $1 mark-up by the leading steel interests. This was a very important psychological move, as it is 1ealized that as a lower price level would uot encourage purchasing, a higher price level would automatically create greater interest and a purchasing policy of greater proportions on the part of con- sumers, price advance has taken place although the iron and steel indus- try is operating barely 50 per cent of capacity. | Capital Traction Co. (4}, IN QUIET TRADING Junior Rails Again Drop and Foreign Group Sells Down. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, December 6—Bonds moved lower again today. There was no new factor in the market that could be pointed to as a reason for the sell- ing, but the very moderate amount of trading made it apparent that investors and speculators alike had adopted an indifferent attitude. Sorge of the junior securities of the railrodds, notwithstanding the fact that they had already dropped 15 to 20 points from their highs of the year, declined whole points between sales. High-grade bonds were irregular, without much change in either direction. The foreign list, apart from the German group, was also heavy. Money rates were un- changed. The feature of the junior railroad sec- tion was the drop in Erie 5s of 1975. This bond to the amount of $50,000,000 was put out this year at 9515, but today it sold at over a 24-point discount, at its lowest level of the year and more than 7 points under its price at the start of the week. It dropped 2 points today. This was a typical case of what happened in other railroad issues such as St. Paul Adjustments, Seahoard Air Line 6s_and industrials like Pisk 8s, Dodge Bros. 6s, Armour of Delaware 5125, Goodrich 6s, Phillips Petroleum 5'ss and Paramount Publix 5!;s. That there was some speculative short selling in this section of the market could not be doubted. A partial recovery on profit taking by these traders was unnecessary proof of the fact. In the foreign department the weaker issues were Chile Mortgage Bank 6%s, Cundin'marca 6'is, Peru 6s, Colombia 65, Buenos Aires 6s, Japanese 5!5s, Tokio Electric 6s, Yokohama 6s, Australian 5s, Batavia Petroleum 4155 and Vienna 6s. German bonds, especially the Young plan 51:s. were in demand and ad- vanced fracticnally. That fast-moving industrial, United Steel Works 614s, ran up_3 points. In the high-grade section Atchison General 4s, Baltimore & Ohio 4s, Stand- ard Oil of New York 4'ss and Laclede Gas 525 were strong, but there were many small declines in other compar- able descriptions. Washington Stock Exchange SALES. Capital Traction Co.—90 at 48. Commercial Natioral Bank—10 at 223, Mergenthaler Linotype—10 at 87%. AFTER CALL. Mergenthaler Linotype—15 at 87. Potomac Electric 6% pfd.—10 at 1111, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telgn. 4135 '33 .. Amer. Tel. & Telga 4128 39" Amer. Tel. & Tel. ctl. tr. o Anacostia & Pot. R. R. 5 Ana. & Pot. guar. 5s. C & P. Tei of Va. 5 Shpital Traction X.'R. b5 e Georgetown Gas Ist 55 Potomac Elec. cons. 5% . Potomac Elec. 65 1953 w & Mt Vernon ctf. & Annap. 5s,.... as 5s. D. C, SATURDAY, DECEMBER 'BONDS DEPRESSED | [ox e sonc BONDS stoce excas Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are in $1,000.) Sales. High. Low. Closs. 125 10124 10122 101 22 10 10227 10224 102 24 25 10321 103 18 103 18 1022, 1022 75 1024 6 10617 10617 10617 +ees 802 10817 10812 108 12 FOREIGN. Argentine 63562, ay 1. s Ju '59 s Oc '69 Bk of Chile 6 Batav Pet 5 rom - SrSuun ConmAD ARRONASANNNE DA A BORD AN~ o Brazil 8541 Chile 6560, Ch Colombia 6s Con Pow Japa Copenhag LACLE Copenhag 6s ‘62 Dan Mun 8s B Denmark 4%s°62 Denmark 5%s Deamark 2 Dutch East 1 6s'47. Dutch East 1 6s 62 Finlana 78 *50 Fi H French Gvt 7%s '41 e ep ‘49, Ger Gen EI 78 *46. Greek 65 '63 Halul 65 '52. Hol-Am ss f Hungary 7%s "44 Irish Free St 6360 Italy 78'51...... Italy Pub Sv 7s 5. Japanese 5148 Japanese 6148 ‘54 Jugosl Bank 78 '§ tadt 6s "4 Milan 6%s ‘63 Montevideo 7s ‘52 Norway 6563 Norway § Norway 65 '43 Norway Orient dev 63, Orient dev ... Paris-Ly M 6s°58. . Paris-Ly M 7s 58 Paris-Or-51%s '6! Peru 6s'60 9 SHw aanoR0 NS AR mmnaE SRS DaRe E1orS '63.. Rio de Jan 6%s '63. Rio de Jan 85 '46. . R Gr De Sul 6s°68.. Rome 8348 '52. ., Roy D 4345 ww. serics Elec. 4s MISCELLANEOUS. aBrber & Ross. Inc.. 6!3s. Chevy Chase Club 5i6s. ... ... Columbia Country Club 5i4s. Paper Mfz. 6s....... w Cold Storage $5. Wash.' Cons. Title 6s. .. STOCKS. - PUBLIC UTILITY. Amer. Tel. & Tel, (9)..... Light “ Co. (i8). .. Wash. Ges (i N & W Wash. Ry. i Wash, Rwy. @y NATIONAL BANK. Capital (14)... Columbia (13} Lincoln (12)..::' Metropolitan " (14} Riges (155)...... (9ej " Washington (i3 44 Prince Georges Bank & Trust.. Union Trust (8f) .... * 220 Wash. Loan & Trust (14) SAVINGS BANK. Bank of Bethesda (6%). Commerce & Savings (10). . East Washington (12) Potomac _(10),. v. & Com. Bk. (i Seventh Sirect (12 United States (30 Whashington Mech: FIRE INSURANCE. American (12). 5 Corcoran (10 Firemen's (8. National Union Bromo-Seiz. A" { Federal Storage pfd. (8) Fed.-Am. Co. com. (1.201 Fed.-Am’ Co. pfd (6) Lanston Monotype (4} Merch. Trf. & Ste. com aler Linotype (6) er. Tr. & Stge. ptd. (1) Mergenth: asl. Mige ny. Peoples Drug Stores al E: & s . Dl Security Storage (de Ter. Ref . Corp. The Carpel Corp. (1.50). W. Mech. Mtge com Wash. Med. prd. 1. (6) Bldg. Corp. (7 Woodward & Lothrop pid. *Ex dividend. b Books closed. n2sc extra. £30c extra. §1% extra. el'37; extra. Unlisted Department. BONDS. Army-Navy Club 5s.. Cosmos Club_ 4. Commercial Club 1st 55.... Metropolitan Club_41:s. Mavflower_Hotel 6s.. National Press Bldg. 57as. Wardman R. E. Prop. 1031 67,5, Wardman R. Est. pfd. 1938.... ) 90 ). 108 5% extra. Bid. Askea. 92 : Anacostia Bank..... Dist. Title Fra Wi o Washington Base Bail Club.. Woodridge-Langdon Sav. Bank. GOLD DEPOSITS FOUND SPEZIA, Italy (#).—Rich deposits of minerals have been discovered in the Valley of Vara, where the Vara and Magra Rivers unite. This zone of val- leys and mountains is near Mount Nero, 2,850 feet high, which both Shelley and Byron climbed, impressed by the mag- nificent view. Peter Bertieri, an Italian naval of- ficer, prospected this zone. He had two 22 ears’ experience in the copper mines fil Colorado and in gold mining in the Transvaal. Shafts sunk to a depth of 62 feet tap- pad ore assaying 1.07 gold, 23 copper, 167 silica and 22 sulphur. ‘Traces of silver, of a speclal quality of iron mag- nesium, arsenic and calelum have been found. Other assays have given an analysis of 20 aluminum, 26 iron and 5 copper. Serbs-Cr-S1 Sw 6% Swiss 5%5 '46 . Toho El Pow 63 '32 Toho El Pow 78 '56. Toklo b8 '62. Tokio 6%s ‘61 Utd King 6% 8°37.. 49 Uruguay 6s '60. 3 s Yokohama 6s'61.. 73 1084% 945 100% 105% 102% 102% 9215 100'% 1021 1051 105'% 89% 9614 104% 95'% MISCELLANEOUS. ADbitibl P & P 5863 10 43 1 y Alleghany 5s Allis-Chalm 5s'37. 1 Am Chain 6s '33. 2 2 Am S&R 1st 5347, Am Sug Ref At Ref deb 5s ‘37 Bell Tel Pa 63 B *48 Beth St pm 6s '36. Cert-td deb 5% s *48 Chile Cop db 55 '47. Colon O11 6s'38.... Col G&E bs May '52 Com Invest 534849 L] Det Ed rf 6s B Dodge Bros cl Duquesne 4348 '67.. Fisk Rub 8s'41..., Gen Cable6%s Gen Thea Eq @eodrich cv 6’4 Goodrich 6% Goody'r Rub 63 '57. Hum O&R 5%8'62. MBTIistpfbaA. 111 Steel 4 Lnland St Tn: Cement o CETTPCES P PN 40 5. @ ES S8anaBesntn via 3 o Lautaro Nit 6s 'f4. Lig & Myers 3 Loew’s 63 war "41.. Loew's 6s ex war.. Lorillard 6s ‘51 McKes&Ro 5% s'50 Midvale Steel 65'36 Mont Pow 63 '43... Mont P db 6s A '62. Nat Dalry 6% s'48.. Nat Rad 6%s '47 Y RoanarB ~B8avmssamwmnma Nor St Pow b8 A "41 Pac G & E168'42 foveres FEo-n8T0 w -~ & Read Phil Pet 6% s Pos Te! & C 65 '53.. Pressed St C 5 Pub Sv G 4%s '70 Pun Aleg Sug 7s '37 P ama0B58e Bee~~ala Sincl O 7scv A Sincl Cr O 6% Sinelair P L 5 ‘Trans Ofl 634 Utd Drug cv 6s 53. 20 21 10 95! 9% 10214 107 101% Bales. High. Low. Close. | Atchison gen 48 844 84w 84U 937 1% 108% 108 U 8 Rublst 68 '47. Utah P& L 5844, . Utll Pwr 5859 ww., 70% 104% 109 10 7% 101% 1044 109 10 9™ Wi Wic Spen S ct 75'25. Wil & Co 15t RAILROAD. 5 " 112% 101% 94% 100% 93 1014 104 100% 108 Atch'oncv 4%s Atch Ariz 4%s 62, 896, .000ue P&WYV 4841 B&O Swn dy 5s '50 Bos & Me bs 1955, , BA & Tth Av 53 *43 Bkiyn Elev 6%31. .. BkIyn Man 6 504 [ 48% 691 105% 641 6434 105% 8% 87 1004 103 105% 105% 895 9614 8274 82 9y 68 1024 878% 102% 105% | 100% 95 98 89 7% 100% 63 8% 874 84 105 92% 4 1024 102% 824 101 103% 9914 98% 15 114 101% 1061 111 4 104% % 102% 102% 9% % 99% 99% 1104 1104 95% Can Nat 5s July '69 Can Nat 68 Oct '69 Can Nor 6% s db'46 Can Nor 7s deb 40 Can Pacific db Can Pac 4%s ‘46 Can Pacific 434 7 Ches Corp bs *47. .. Ch&Ogn 4%s'92, Ch&O4%sB 95.. CB&Q4%s"T, Ch & East (1] 68 ‘51 Chi Grt West 4 ChM&StP4s 89, Ch M St P&P 68 75. Ch M & St Padj bs Chi NW 4% sC 2037 Ch & NW con 4%, Ch Rwys 58 ‘21 ChRI&Prf4s'sd ChRI&P4%aA., ChRIcv4%s'60.. Ch Un Sta 4%s '63. C& W Ind 634s 62 CCC&St L 438 (E) C U Ter 4345 2020.. Colo & Sou 4345 * Colo Sou 4%s ‘80 Con Ry 435 5t ‘51, Del & Hud 5%s'37, Erle cv b5 '67 Fr 8 1976. Erle Gen R 65 '57. Erle & Jer 6555 Fla I Coast 5374, GrTrs fdb 6s'36.. Gr Nor 43877 (E) Gr Nor s ‘73 5 Gr Nor gen 75 '36. . Hud & M adj 5s '57. Hud & M rf 58 '57.. I Cent 4% s Int Rap Tr 68 Int Rap Tr 78 '32 Int & Gr Nor 6s ‘62 Int & G N ad 63 '52.17 Int Rys C A 68 '72., Int RysCA 6s'41.. Towa Cent rf 48’51, Kan CFtS&M 4s'36 Kan City Ter 4360 Leh Valcv 45 2003, L&N 4%s2003.., Manh Ry 1st ¢s ‘90, Market St 78 *40.. . M1l E Ry & L 63 '61 M StP&SSM 68 gtd MStP&SSM 5348'78 M StP&SSM 64s. . MK&T4sB62.. MK &T prin6s A. Mo Pac gen 4875, . Mo Pacific 6s A "65. Mo Pacific s ¥ *77, Mo Pacific 55 G 78, Mo Pacific 63 H '80 Mo Pac5%secv 49, Mont Tr 1st 6541, NYCgn3s'or., N Y Cent db 45 '34.. NYC re im 58 2013. NY C& St L 4s'37. NY C&StL 4%s 8. NYC&StL5%sB NTC&StL6s 32, NY NH&H cv db 6. 8 9 1 4 8 2 & 1 1 3 2 = < S anZanea NY St Ry 438" NY W&B 433" Nor & Wn cv Nor Pacific Nor Pacrt Penn gen 4% Penn 4343 *70 PR PoB®a— » B3 omaR Pere Mar 4148 Pere M 1st 58’5 Read gen 433 A'97 Read Jer Cen 48 51 Rio Gr W clt 4549, Rio Gr W 1st 45’39, RIAr&La%s‘s4 StL&SFin 3 StL&SF4%8'18. St L&SF prin 5s B StLS Wecv4s'32., StP&KCSL4Ys. St P Un Dep 53 '72. Seab A Lirf 4s'¢9.. Seab A L adj 5s'49. Seab A L cv 6 . Seab All FI Seab All F1 Sou Pac 4% Sou P&Or 4% Sou Rwy gen Sou Rwy 6 Sou Rwy 6s "5 Sou Rwy 6%s 56 Tex & Pac bs B'77.. Tex & Pac bs C Third Av ref 4s ‘60 Third Av 1st § Un Pac 1st Un Pac rf Un Pac ¢%s°67.. Va Ry 1st 63 '62 Va Ry & Po Wabash 1st 6s 39 Wabash 6s D ‘30 West Md 45’62, West Pac 68 Wst Sh 1st 4s 97% 9374 99% 105% 102 1011 20 7814 89% 91 105% 102y 1011 9015 9% 10 90 6 91 Brokers’ Comment NEW YORK, December 6.—Broker- age house advices to clients today fore- saw little change in the stock market in the immediate future. An irregular movement _is Comments follow : Stein Bres. & Boyce.—Undoubtedly, investment buying continues, but it is apparently of an unhurried sort and at lower levels than those prevailing at last night's close. We adhere to our be- lief that stocks can be bought for the long and short term during weak ses- sions, and we do not feel that the lows of November 10 will be violated. Smith, Graham & Rockwell.—There is little reason to look for much change in the near future. A restricted trading range seems likely, and stocks bought on reactions should be sold when fai sized rallies develop. Emanuel & Ce n our opinion sup- port stock taken by important inter- |5. ests early in November was distributed on recent market strength. We would continue to stand aside. Pask & Walbridge—We believe that the next few weeks are going to be a period of relatively small price changes and, although there may be still further liquidation, it should not produce any pronounced weakness or seriously dis- turb the present policy of stabilization. Business still remains at low levels, but | & the number of lines showing some im- provement are now exceeding those recording further declines. Otis & Co.—! servative ti jeye the more con- g poll 0 assume that the ket generally, al a mod- erate technical rally, may B turn mmlnnfl‘ With very favorabje de- velopme: that time did not prove very impressive, generally ~ anticipated. | g INCREASE IN MEAT PRICES PREDICTED Cattle Advance Is Expected to Continue—Hog Val- ues Rise. BY FRANK I. WELLER, Associated Press Parm Editor. Presuming that the worst is over so far as the depression is concerned, it appears that meat prices are headed for_higher rather than lower levels,' Cattle, following last week's runaway market, have clicked off another lively trading period in the face of 72,000- head heavier receipts. Seemingly past the season's low point, hogs held steady with last week's close in all classes, de- spite an increase of almost 200,000 head on 11 principal markets, d sheep closed 25 cents above last week's values in the face of almost 100,000 more in receipts. Marketing at Peak. This is the time of year when mar- keting of all classes of meat animals is at its peak. It s a time of year when prices, as a rule, are lowest. Yet the decline this year has been less than usual, cespite unfavorable general busi- ness conditions. Statistically, the posie tion of the meat industry is strong, with the outlook, from the standpoint of prospective profits for producers, at least better than the average. Values are below those of a year ago, but still strong considering economic conditions, A" report by Armour's Live Stock Bureau says that each unit of live stock owned at the present time will bring about 20 per cent more in terms of other commodities than the average for the 1921-1924 perind. Unless all signs fail, the bureau says, live stock marketed during coming months will make good money, particu- larly if there is improvement in the general business situation and in em- ployment. It cannot be escaped that meat prices will be determined largely by the ability of the consumer to buy. Changes During Week. Much of the immediate future of cattle will depend on what the dressed trade does next week, when the 124 carloads of beef animals exhibited at the International Live Stock Show get into trade channels. Commercial shippers, knowing the show stock would sold this week in competition with regular receipts, with- held their better animals for next week's market. As a result well finished yearlings dropped only about 25 cents under last week's exceptionally prices. and the general run of it stock dropped but 25 to 40 cents. Me- dium to good light mixed and heifer yearlings fell off 75 cents to $1.50 be- cause of a glutted market, but medium and heavy steers closed steady at last week's ht}h time. The ability of the trade to keep down= turns so relatively small testified to at least temporary strength and activity in the market. It reflected also a better undertone than the sluggish condition of the dressed trade and the week’s lib= eral increase in receipts would suggest. In fact, the attitude of the beef market led to some belief that much of this week's live steer trade was on a more or less false basis, stimulated almost entirely by shipper outlet on the better grades, which carried almost everything else along with them. The condition of the dressed trade is # | against tco much enthustasm, for unless that market broadens there has been comfinntlvely little to substantiate such 8 relatively high trade as has developed during the last two weeks. All of this activity on the best haavy cattle indicated that the old crop of weighty steers evidently is coming to a close; that killers are insisting, now that shortfeds are running rather frecly, that cattle be bought on their ‘beef merits, and that from now on the premium commanded by yearlings may be relatively small. Supplies of hogs early in the week were the largest of the season, and prices dropped 15 to 25 cents before a subsequent broadening of shipper de~ mand and a curtailment of receipts al- lowed prices to regain more than they had lost. The fresh-pork market im- proved some in Eastern points early in the week. Old observers are inclined to believe hof prices will work up from now on, althought they do not expect anything like a runaway marke. While pork loins were $1 to $2 lower .t Chi- cago this week they sold equally that much higher in New York. Lamb Market. Alternate days of activity and de- pression featured the lamb market dur- ing the first four days of the calendar week, the close seeing a 25-cent gain as compared with Friday of last week. Just what part of the Chicago ine crease in receipts could be attributed to the International Live Stock Show and what part to a gesture by the country to unload at last weeks' satis- factory level of prices was difficult to_say. Undoubtedly the show exerted con- siderable influence on all phases of the live and dressed markets, and it will take at least two more weeks to see just where values are on the basis of actual supply and demand. 4 Washington Produce Butter—One-pound prints, tub, 38a39, Eggs—Hennery, ceipts, 38a39. Poultry, live—Turkeys, young, 28a30; small and thin, 16a17; old toms, 25a26; Spring chickens, large, 20a23; medium 20a21; small, 22a23; fowls, Jarge, 20a21 medium, 18a19; Leghorns, fowls, 13al ducks, 15; roosters, 14al5; keats, young and large, 50a60; old, 25a30. Dressed- Turkeys, young, 35; old toms, 30a32; Spring chickens, large, 27a28; medium, 25a26; small, 27a28; fowls, large, 25a26; medium, 23a24; Leghorn fowls, 18a20; ducks, 24a25; keats, young, 70a80; old, 40a45. Meats—Beef, 18a23; veal, 18a2 lamb, 20a23; pork loin, 24; fresh hams, 24; fresh shoulders, 20. Smoked meats— Hams, 25; shoulders, 18; bacon, 27. Game—Rabbits, 25a40; culls, 10a20. Lard, in bulk, 13; in packages, 14%, Live stock—Calves, 5allls; lambs, 7. Fruits—Oranges, Florida, 2.75a4.00; lemons, 4.00a5.00; limes, per 100, 2.00a 2.95; grapefruit, 3.00a3.25; pineapples, tangerines, 1.75a2.00; persimmons, .25, cranberries, 3.75; apples, bushel baskets, 1.00a1.75; box stock, 2.25a3.00; pears, Anjous, 3.00a3.50, Vegetables — Potatoes, 150 - pound sacks, 3.00a3.25; sweet potatoes, per bushel, 1.50; Tdaho bakers, 100-pound sacks, 3.25; cabbage, new, 1.75a2.00; old, 1.25a1.50; ' caulifiower, 1.75a2.25; spin- ach, 100a1.25; kale, 100a1.35! peas, 5.00; carrots, per 100 bunches, 4. 5.00; onions, yellow, 75a1.00; white, 2.00; pumpkins, 'per bushel, 1.25; celery, 2.00a2.50; Hubbard squash, 1.25; to- matoes, 'repacks, 2.00a2.50; broccoli, .00; lettuce, 4.00a4.35; eggplant, 1.508 250; mushrooms, 50a1.00; 1.50; radishes, per crate, 3.50. INVESTMENT TRUSTS NEW YORK, December 6 (#).—Over= the-counter market: 39a40; 35a38; current ree Utd Founders 1- United Oil Trust Share H The earl'est complete clock of which an accurate resord exists wos riade the thirteenth century by a Saracen m: