Evening Star Newspaper, December 10, 1930, Page 14

A—14 ®x= SOURGES OF BOND SELLING OBSCURE Junior Mortgage Loans Are Depressed Considerably in Recent Liquidation. BY CHARLES F. SPEARE. @pecial Dispatch to The Star. NEW YORK, December 10.—There has seldom been a time when it was as difficult to trace the source of the sell- | ing of railroad and other corporation bonds and the reasons for it as at present. There have been few occasions also when a demoralized condition in junior mortgage obligations coincided 80 closely with a liquidating movement in stocks, or when cheap money had so little effect on high-grades long-term ues. Careful investigation of this situation today indicated that an important factor in the offering of bonds was the interior bank, which finds itself in a position where it has to build up its cash resources and where shrinkag:s of a size to bring criticism from banking authorities have occurred. It is kn(w\'n{ that some heavy blocks of bonds have been disposed of in the New York market by banks in this position ana | that they had to be liquidat:d in an extremely thin market. Reducing Commitments. Another influence is believed to be the custom of underwriters and dealcrs in bonds in reducing their commit- ments at the end of the year rather than to carry over large inventories into January. This has affected issues that were brought out when the gen- eral bond market was strong some months ago but which were never well | distributed and have been carried on | “dealers’ shelves” ever sinc>. A third influence is selling to es- tablish losses for income tax purposes. ‘This has been heavier in bonds than for many years. Ordinarily the opera- tion is chiefly confined to stocks. Op- portunity for it has been given this year by the extreme slump in the sec- ond and third grade railroad mortgages, following the decline in earnings of the carriers and the prospect that there will be some issues now legal for sav- ings banks removed from the list this month. ‘The general bond average today was off about 7 points from the high of the year. The greater part of this de- “cline has occurred in bonds of medium rating. While the highest grade issues have recently reacted in sympathy with the others, they still show a small av-| erage change from their high of last | September. On the other hand, Josses | ranging from 20 to 30 points have oc- curred in railroad bonds of the refund- ing or convertible type. Conspicuous Declines. Some of the conspicuous declines from the high of this year are 26 points | in Erle Railroad refunding and im- provement 5s of 1975, about 30 points in Chicago. Milwaukee, St. Paul & Pa- cific gold 5s of 1975; 23 points in St. Louis-San Francisco cgnsolidated mort- gage 4'2s; 11 points in Chicago, Rock Island & Pacific secured 4lps; 15 points in Nickel Plate refunding 4%:: 14 points in Missouri Pacific general 4s and 22 points in Missouri Pacific convertible 51is. ‘The Erie refunding 5s in the amount of $50.000,000 were offered last April at 95'2. It is understood that they ‘were never thoroughly distributed. ' A similar issue was sold in 1927 at 941%. ‘The St. Louis-San Prancisco 4128 were brought out in the big bond market of 1928 and at a price that then was re- garded as out of line with the general market. The decline in the St Paul gold 5s reflects the drop of over 45 points this year in the adjustment 5 cent bonds, on which the interest been reduced and is expected to be still further cut. The Missouri Pacific convertible 5l5s have naturally moved downward in response to the great shrinkage that has occurred in the Mis- souri Pacific common stock, into which they are convertible after next May at $100 a share. This stock is now selling around $27 a share. Domestic List. ‘There is the same lack of support in ! domestic bonds as there was in Ger- man and South American bonds when they were in an unsettled condition in October and November. Underwriters take the position that they cannot “hold the. bag,” but that liquidation must “run its course.” They are will- ing to predict, however, that investors who buy those bonds, whose margin of safety fully guarantees them against de- fault and that show a current depre- ciation of 15 to 30 per cent, will realize & substantial appreciation in them dur- ing the coming year. (Copyright. 1930.) PURCHASES OF COAL SHOW SEASONAL GAIN! Recent Business Has Been Chiefly | in Domestic Sizes for Winter Needs. Special Dispatch to The Star. | NEW YORK, December 10.—Cold weather in the last week of November caused a sharp increase in activity in the bituminous coal markets of the | country, as compared to what was otherwise an uneventful month, Coal Age reports. Demand, however, was | largely confined to domestic sizes, as | the business depression continued to | militate against any real buying for in- dustrial use Slack and screenings continued to be the stumbling block in the market. Former efforts to stabilize the position of these sizes by cutting production were nullified by the increased demand for domestic coals, with the result that they lost ground as the month ad- vanced November production of bituminous coal is estimated at 37,422,000 net tons, a decrease of 6,728,000 tons from Oc- tober’s output and 9,092,000 tons below November, 1929, production. Anthracite | production is placed at 5,207,000 net | tons for last month, which compares | with 7,576,000 tons in the preceding month, and 5,820,000 tons in November ® year ago. The Coal Age index of spot bitumi- | nous prices (preliminary) for Nx)\embflr‘ settled at 14615, comparing with 149% | inOctober. Corrésponding weighted | average prices were $1.76%; last month, as_against $1.81 in October. Mild weather and purchases for stocks \ in October had an adverse effect on the | anthracite markets in November. How- | ever, a cold snap at the end of the| month stimulated retail buying and, to some extent, industrial purchases. Chestnut, stove and egg were the lead- ing domestic sizes. Egg was hard to move. In the steam division buckwheat, as usual, the leader. Rice and bar- ley were weak. STEEL ORDERS GAIN Unfilled Tonnage Shows Increase! of 157,873 in Novémber. NEW YORK, December 10 filled orders of the United States Steel Corporation increased 157,873 tons in November to a total of 3,369,636 tons November 30. In October an increase of 67,425 tons was shown. The backlog as of October 31, was (#).—Un- | FINANCIAL. THE EVENING STAR, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to (Continued From Page 13.) ~Prev.1930~ High. Low. 13 70% 18% 13% 40 5% 56% 21 Stock and Lambert Co (3). Lane Bryant (2).... Lehigh Port Cmt (1) Lehlgh Val (t634). .. Lehigh Valley Coal. . Lehman Corp (3). Lehn & Fink (3) Libbey O Ford Glass Liggett & Myer (15) Lig & Myers B (15). Lima Locomotive Liquid Carbonic Loft Inc Loew's, Inc (t4) Loew's Inc pf (635). Loew's pf xw (6%).. Long Bell Lumb (A) Loose- Wiles (12.90). Lorillard (P) Co.... Louisiana l. .. LouG & E (£) (1%) Louls & Nash (7). Ludlum Steel. .. Mac And & F (12.85). McCall Corp (2%)... McCrory (A) (2) McCrory pf (6). McKeespt Tin P1(16) McKesson & Rob (1) McKes& R pf (33%). McLellan Stores Mack Trucks (4) Macy & Co (nt3) Madison 8q Gar (1) Magma Cogper (3).. Mallison & Co Man Elev mod g (d5) Manhat Elev gtd (7) Manhat Shirt (1) Marine Mid (1.20). Marlin-Rock (t6%). Marmon Motor Car.. Marshall Field (234) Martin Parry Mathieson Alkall (2) May Dept Strs (n2).. Maytag Company Maytaz Co pt (3). Melville Shoe 12) Mengel Co pf (7)., Mexican Seaboard. Miami Copper.... Michigan Stl (h23%). Mid-Cont Pet (2). Midland Steel (3) . Min Hon'w Reg (14).» Minn & St Lout: Mo Kan & Tex (3)... Mo Kan & Tex pf (7) Missour! Pacific..... 4 Missour! Pac pf (5).. Mohawk Carpet. ... Montgomery Ward.. Mother Lode. ....... Motor Meter G & El. Motor Products (2). 4 Motor Wheel (3).... Murray (B)(2% stk) Myer (FE) & Br (2). Nash Motdrs (4 Nat Acme (1%). Nat Bella Hess . Nat Bella H pf (7)... Nat Biscuit (13.30). Nat Biscuit pf (1)... Nat Cash Reg A (14) Natl Dairy (2.60) . Nat Dept Store. Nat Dept St 1st NatDist Products(2) Nat Enam & Stamp. . Nat Lead (18)... Nat Lead of (A) (7). Nat Pow & Lt (1) 4 Nat Ry Mex 2d pt. Nat Steel (2).. Nat Supply pf (7). Nat Surety (6 Natl Tea (1)... H & Hart ( H&Hpf (7). Ont & Western. . N Y'State Rallwa Norfolk & Southern. 1 Norfolk&West (112) 3 Norf & West pf (4)..160s North Am Aviation.. 8 Nor Am (b10%stk).. 62 North Amer pf (3).. North Am Ed pf (6). Northern Pacific (5). Norwalk Tire & Rub. Ohio O11 Co (2). . Oliver Farm Equip. . Oliver Farm Eq cv pt Oliv Farm Eq pr pf.. Omnibus Corp. Omnibus pf (A) (8).. Oppenheim Col (3) Ous Elevn (2%) Otis Steel. . Owens 111 Gla: den Pacific Gas & B (2). Pacifie Lighting (3). Pacific Tel & Tel (7) 1608 Packard Motor (60c) 30 Pan-Am Petrol (B). 2 Panhandle P & R. 2 Param’'nt Publix (1). 23 Park & Tilford 1 Park Utah Pathe Exchange. ..., Pathe Exchange (A) Patino Mines Peerless Motor Car.. Penick&Ford (11%) Penney (J C) (3) 4 Penney (JC) pf A (6) Penn Dixie Cement. . Penna R R (4). Peop Drug Strs (1).. People’'s Gas Ch (8). Pere Marquette (18). Petrol Corp (1%4). Phelps Dodge (2) Phila Co 6% pf (3) Phila Read C& 1. Philip Morris&Co. Phillips-Jones pf (7) 408 5 Phillips Petrol (n2). 6365s Phoenix Hoslery Plerce O1l. Plerce O11 pf. Plerce Petrolm (10¢) Pirelli Italy (a3.14). Pittsburgh Co Pittsburgh Coal pf. Pitts Screw (1.40)... Poor & Co (B) (2)... PR Am Tob (B). Prairie O1] & Gas (2) Prairie Pipe L (16).. Pressed Steel Car. . Proct & Gamb (2.40) Prod & Refiners. .... Prod & Refiners pt Pub Sv N J (3 40) Pub Sv N J pf (5) Pub Sv N J pt (6). Pub SvE& G pf (6). Pullman Corp (4). Pure Oll. Pure Ol1 pt Purity Bakeries (4). Radio Corp ... Radio pf A (3%4).... ‘“tadio Corp (B) (5).. Raddo-Keith-Orph A. Raybestos Man 2 80 Reading Rwy (4) Reading 1st pf (2 Real Silk Hosiery(3) Reis (Robt) & Co. Rem Itand (1.60) Rem-Rand 1st pt (1) eo Motor Car (80¢). Reo Motor ctf (80c). Republic Steel. Republic Steel pf (6) Revere Copper & Br. Revere C&B (A) (4). Reynolds Metals (2). Reynolds Spring.... Reynolds Tob A (3). Reynolds Tob B (3). 2008 mounemaleSaraae a S & 14 Sales— Prov. Dividend Rate. Add 00. High. Low. OClose. Close 2 79 8 " ~Prev.1930~ High. Low. Rutlana safy Sharp & Sharp & Shubert lo: Stand O1 Starrett Sterling ‘Texas P Texas & Tobacco Tobacco 4 Transue Truscon Und-; Una- U us u u U U u uUs dasco v Wabash Waldors Western Western Western Western Western Western Westing Wrigley 10:30 AM. 1:30 P.M. nd r sunit of n_stock. SHho Tegular rate 1% in stock. T Plus 14% 1n stock. Stock and Sales— Dividend Rate. Add - l'll’h- Richfleld Oil. Rio Grande Ofl Ritter Dent Mf Rossia Insur (2.20 Royal Dutch 13.2165. Sharon Steel Hooj Shattuck(FG) (t1%) Shell Union O1l.... Shell Un O1l pt Stmmons Co. U S Freight (3). U S Hoffman. S Indus Alco (17).. Leather. Leath pr pf (1).. Pive & F (2). Realty&Imp(3).. Rubber......,, Rubber 1st pf. Smelt & Ret (1). U S Steel (7). U S Steel pf ( Univ Leaf Tob Univ Pipe & Rad. Utll Pwr&Lt A 12. Vadasco Sales Cp pf. El & Pow pf (6) Vulcan Det (4). . Vulcan Det pt (7). Walworth Co (2).... Ward Baking (B) . Ward Baking pf (7). Warner Bros Pict. Warner Quinlan. Warren Bros (3) Warren Fdy & P (2). Webster Eisenlohr. . Wess Oil & Snow (2) West Penn El pf (§). West Penn El pf (7). Westingh'se A B (2 Divide: [ payments based on the latest qui trading less than 100 sha Spayable in scrip a; ble in cash or stock. B Plds 3% tn stock ") Shis W Plus’ 3% i stonk The Star Office. Prev. mou Close. 6% 13 of. y Sto; 6 Slilwly Strs pf (’l). 10l St Joseph Lead (13). St L-San Fran (8)... St L-San Fran pf (6). St L Southwestern St L Southwesternpt Savage Arms (2).... Schulte Retall Strs. . Seaboard Air Line. .. Seab'd Air Line pf... Sears Roebuck 2% . Second Natl Inv pf Seneca Coppe: Sembmpmoni e Dohme. ... Do pf (3%). N ~Satrarabh~ Theate: 0 Skelly O11 (2)... Skelly O1l pf (6) Sheflield pf 4 Snider Packing. .. Snider Packing pt. Solvay Am pr ww b Southern Dair A 1 Sou Dairies (8). Sou P Ric Sug (1. Sou P Ric Sug pf (8) Southern Cal Ed (2). Southern Pacific (6). Southern Rwy (8)... Southern Rwy pf (5) Sou Ry M&Oct (4). Spalding (A G) (2).. Spalding 1st pf (7).. Sparks Withing (1). Spicer Mfg pf (3). Spiegel-May-Stern Stand Br: Stand Brands pf (7). Stand Comm Tob StandG& E (3%). ands (1.20) .. Stand G & El pt (1)-. Stand Invest Corp. ., Stand O11,Cali(h2%) I Kans....., Stand Ofl of N J (12) Stand O11 N Y (1.60). (LS)(12%) Sec (A). Sterl Sec pt (1.20)... Sterl Sec cv pf (3)... Stewart- Stone & Webs Studebaker Corp (3). Submarine Boat..... Sun Ofl (11)... Sun O1l pf (6) Superheater (13% ). . Superior Oil. Superior Steel. Sweets of Amer (1).. Telautograph (11.40) Tennessee Corp (1).. Texas Corp (3).. Tex Gulf Sulph Warner (2). ). c&on. Pacific ( Texas Pac Land Tr.. Thatcher Mfg (1.60). Thermoid C¢ Third Avenue. Thompson (J R) (l). Thompson Pr (2.40). Thompson Starrett. . Tide Water As (60c) Tide Water As pf (6) Tide Wat O1l (pf (5). Timken Det Ax (80¢) Timken Roller (3)... Products. Prod A 19 Transamerica (1) &W (1). Tri-Cont Corp. Tri-Cont Corp pf (6). Trico Prod (2% ) Stl (g1.20)., Twin City R Tr (§4). Twin City R T pf (7) -Fischer (b). 311- Union Bag & Paper. . Union Carbide (2.60) Union Oil, Calif ($2) Jnion Pacific uo». . Un Tank Car (1. Utd Afrcraft. ... Utd Afrcraft pf (3).. UnitedBiscuit (2). United C: Fisch pt (7) ‘arbon (1). s whS cow s S O R M 0 I e Bales Corp.. .130s 12508 44 108 DL (A) (6).. 2 Systm (1%) e N xR W N 108 108 Dairy A (4) Dairy (B).. Ma... Md 2d p: Pacific p! Union (8, Earcmaon E& M (5).. 201 West E& M pt (5).. 110s Weston El Instr (1), Westvaco Chlor (2).. White Motors (2).... White SewingMach. . White Sew Mach pt. . Willys-Overland. .., Wilson & Co.., Woolworth (2.40). Worthington Pump, 19 (Wm) (4).. Yale & Towne (2). Yellow Truck. Youngs Spring (3) Young Sh & Tube(5) 2% Zenith Radte. Sales of Stocks on New York Exchange 2% 243.600 1 ven in the above table erly ‘or halt Yenrls deciuratl JParty extra (Flus 0% in stock asabie when earne B Plul Jose tn o i B0k, ock. k Plus 3% in stock. m Plus D Plus $1.00 in Dreferréd stock. Plus 6% 1 TARIFF ON FOREIGN OIL IS URGED BY OPERATOR By the Associated Press. OKLAHOMA CITY, Okla,, December 10.—Wirt Pranklin, Oklahoma City and Ardmore oil operator and president of the Independent Petroleum Producers’ Association of America, believes that if imports of crude oil and gasoline con- tinue to increase at their present ratio an oil monopoly will exist in the United 3,481, 763d tons. On Sept tezu:g:rnifl 'Am- led orders aggregated ns. g;‘l August 31 the total unfilled ton- nage was 3,508,204 tons and November 30, 1929, orders amounted 4125345 & States within two years. A tariff on foreign ofl is the only solution, he told the Oklahoma City Job- bers and Manufacturers’ Association last ht. who headed & delegation of ¥ independent oil producers that went to Washington during the last session of Congress in an unsuccessful effort to | obtain an oil tariff, said gasoline is being refined on islands off the coast of Vene- | zuela and landed at ports in America | for less than 3 cents a gallon. REGULAR AND EXTRA. Cream of Wheat Corporation has de- clared a regular quarterly dividend of | 50 cents a share and an extra dividend of 25 cents a share, both payable Janu- sy 3 o abockhomen of record Decem- Klnu‘- Highway having been I hard surface, |DIVIDENDS DECLARED ON EXPIRING POLICIES Special Dispatch to The Star. BOSTON, December 10.—Dividends of 20 per cent were declared on all policies expiring in February by directors of the Liberty Mutual Insurance Co. today. Substantial, increases were reported in premiums written, assets and surplus for the year to December 1 over the same period in 1929, Georgetown County of South Carolina has its first pavement, one mile of the IBOND PRICES SAG | 10 LOWER lEVElS % Selling Lacks Volume of Yes- terday—Index Is at New Low. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, December 10.—Bond price levels declined slightly in trading today, but the heavy liquidation cl Tuesday was not duplicated, except in the case of a few selected issues affected either by stock movements or the ad- justment of inactive bonds to'the gen- eral level of the market. At 95.1, Standard Statistics index of 30 domestic bonds stands at the lowest point since it was first compiled in 1926. Other averages of the invest- ment market also show that one must g0 back to 1925 or before to equal present low quotations. Much of today's selling could be traced to tax selling, to adjustment of bond house inventories and, to a limited extent, to professional short selling. Money rates were unchanged, with 90- day time money at 2 to 214 per cent. Volume was lower than on Tuesday. High-grade issues were firm from the opening. Aachison general 4s, Cana- dian Pacific 4s, Pennsylvania 4% Frisco A 4s, Union Pacific 4s, Chesa- peake Corporation 5s, Inland Steel, 415s, Standard Oil of New Jersey 5s and Laclede Gas 5';s were unchanged to Rmc(lnnn'fly higher. Nickel Plate 4%s, owever, dropped slightly to a new bot- tom for 1930. United States Government obligations were all Jower by 1-32 to 7-32 in a continuation of cashing operations in- cidental to stock market weakness or switching into short term certificates. Most of the prime group of the long- term variety are now from 2 to 4 points below the best prices of the year, but their current levels are comparable with their highs of 1929 and somewhat above the low quotations of 1928. Convertfble issues again declined. American I. G. Chemical 528 were driven down 2 points to a new low. General Theaters Equipment 6s lost & similar amount, also to a new mini- mum. Secondary obligations of the railroads continued to sag heavily. Chi- cago & Eastern Illinois 5s declined 14 points to a new low, 50 points under their 1930 high. St. Paul adjustments were off fractionally. So were Erie 5s of 1975. Missouri-Pacific 4s declined to equal their previous low. Frisco 428 were off fractionally and so were W ern Maryland 4s. Southern Rallway 4s managed to advance a point. As on Tuesday, junior industrials showed a tendency to resist the down- turn. Chile Copper 5s, Anglo-Chilean Nitrate 7s, Goodyear 5s, American Sugar Refining 6s, Phillips Petroleum 5Ys, Brooklyn-Manhattan Transit 6s and Intrborough Refunding 5s were all slightly higher. Small losses occurred elsewhere in the group. Renewed evidence in Berlin advices that Chancellor Bruening has a firm hand on the h:lm of Germany was reflected in strength in German issues. The Young Plan 5';s gained 2 points. German Reparations 7s were slightly higher. South American dollar bonds, with the exception of Bolivians, which were still extremely weak, remained unchanged. New issues today were of negligible | amounts. . FREIGHT LOADINGS. By the Associated Press. Loadings of revenue freight during the week ended November 29 suffered a large slump, accentuated by inclusion in the period of a holiday observed in most shipping centers. In the figures that follow the total loadings for com- parable periods are given, based on re- gom to the American Railway Associa- ion : Week ended November 29.. 702,085 cars Previous week 779,757 cars Same week IM w 836,310 cars Washmgton Stock Exchange SALES. Clpel:.zl Traction Co.—10 at 463, 10 at Wash. Gas 55—$1,000 at 104. Coml. Natl. Bk.—10 at 223. AFTER CALL. ‘Wash. R. & E. 46—$1,000 at 877, $1,000 at 877, $1,000 at 877%, $2,000 at at 877s, $2,000 at 87%. “ll:hn.9 Gas 4128 (gold note).—$5,000 at 99. Wash. Gas Lt.—2 at 119. Wash. Gas 6s A—$1,000 at 102%. Lanston Monotype—1 at 101. Georgetown Gas 55—$500 at 104. Bid and Asked Prices. BONDS. PUBLIC UTILITY. . & Mt Vernon et Wash. Baito, & Annap 58 wnshlnxmn Ga Wash: Cons: Tiie 5. STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel (9).. Capital Traction Co. (d Light (18] Co. s “Steambont (1) ot Elec Fower 6% pfd Pot. Elec. Power St gm B o Wash. Ry. & com. Wash. Gas Lt 3 NATIONAL BANK. ital (14) ... Cofumbia (12 Sommercial uumnem 16y Washington (13)" TRU! Amer. Security & Trust Co. as) Continental Trust i Sherchants: Bank & Brist (8) National Savings & Trust 'm) Prince Georges Bank & Trust. Union Trust_(88) R Washington Loan & Trust (14). SAVINGS BANK. Bank of Bethesda (65) . Commerce & Savings (10} East Washinston (12). Washington Mechanics (20). FIRE INSURANCE. American (12) Corcoran (10 Firemen's (8) National Union {i8) TITLR IN! Columbia (6h) . Real Estate Aam 5 Title & Inv. om. stcuumus Inc. com B el A Bde Cony Gol, Bund & Gr‘lvcl o8, oy © \Paper M pist. Natl sec. prd Gy Emer.” Bromo-Sels. o' Federal stonu prd. d.-Am. Co. o (6 e 'nn Carpel_ Corp. ( Mech. Mtge com. (6) Wash Med: Bide. Gorp. (1) Woadward & Lothrop bfd *Ex dividend. b Books closed. 25¢ ext given a § ol WASHINGTON, D. C., WEDNESDAY, DECEMBER 10, 1930. FINANCIAL. o v sox BONDS srocx mcana] Received Private Wire Direct to The Star Office UNITED STATES. (Sales are in $1.000.) 11217 10317 101 27 10212 1066 1087 1218 FOREIGN. Sales. High. b 7 Argentine 53 °45. .. Argentine 5% Argentine May 12 Argentine 63 Ju's9 5 Argentine 6s Oc '69 2 Argentine 6s A '57. Argentine 6s B Australia 4% Australia 68 65 Australia 6s ‘67 Austria7s 43 Bolivar 7s ‘58 Bolivia 7s ctfs'69 Bolivia 88 '45 Bordeaux Chile 7842 Colombia 6s Jan Con Pow Japan Copenhag ¢%s ‘63, Copenhag b5 62. ... Cuba 634845, Czecho 98 '52. Dan Mun 8s A 46 Dan Mun 8s B * Denmark 4% Deamark 6s ‘42 Dutch East 1 63 Dutch East 1 El Saivador 8 Flat 78 ox war '46. . Finland 5%s ‘68, Finlana 78 50 Fram I D 7%s irench 7s'49. French Gvt %8 '41 German 5% German Bank German fa rep *4 Italy 78°61....... 11 Italy Pub Sv 7a ‘62, Japanese 4s ‘31 6%s Jugosl Bank ’ll '51 10 Karstadt 6343 Kreug & Toll b8 '69 117 Lyons 65 '3 Marseilie Mex ¢s asstd 1910, Milan 6%s '53. Netherlands 6s '72 o n ReeBee N i wrwly 5%s Norway 6s 43 Norway 6s "44 Norway 6s 52 Orlent dev 5348 Orfent dev 6s '53. .. Peru 78 '69. Poland 6s '40 Pojand 7s '47. “oland 8s ‘6 Prague T%s Queenland 7. » BnoSw eNnwhon® ~NakRaRN®E ANROROBAHEN » Rlo de Jan 6% R Gr De Sul 6 . R Gr De Sul8s 46 » » Serbs-Cr-S1 Soissons 6s Sweden 638 °54. . Swiss 5% '46..... 40 (=] ‘Toho El Pow 78 '65. ‘Toklo bs '62 Tokio 63 s ‘61 Utd King 6% Uruguay 6: Uruguay 8s 4 Vienna 6s Warsaw 7 Yokohama h ‘(1. . a8ampa oo - 12 17 6% 105% 88 1024 1084 111l 108% 108 484 46l 63% 105% 64t 644 66% 81% 100% 105 631 62% 66% 80 10014 105 102% 102% 102 80y 1% 904 105 1204 125% % 82 102% 84% 9% 102 9314 83 104% 1071 107 MISCELLANESUS. ADItibI P & P 6853 28 Allegheny b: Alleghany 63 49, Allis-Chalm 68 '37. Am Ag Ch T3%8"4 Am Chain 65 ‘33 Am F P 5348 20: Am 1GCh6%s 4 Am Int Cor & Am Metal 6% Am N Gas l’/a AmWrit Pap 68°47. Arm & Co 4 %8 '39 Arm Del 5%8 '43. . Ass0 O1l 65 ‘35, At Gulf 598 5. At Ref deb 63 '37. Bell Tel Pa 6s B ‘48 Bell Tel Pa 65 C ‘60 Beth St pm 68 '36. Bk Ed gn A 6549 Bush T Bldg b Cert-td deb 6% Chile Cop db b Colon O1l 68 '38. Col G&E bs May 62 Com Invest 5%s 49 Com Invest 6s ‘48 C C Md 1st rf 68 ‘60 ConG N Y 6%s "46. Consum Pow b8 62. 2 C Am Sug col 8531 Denver Ga: | De Edison 65 °40. .. Det Ed rf 65 B '40. Dodge Bros cl 6540 Duquesne 418 '67. East C Sug T%s'37 7 Gen P SY 5%s'39.. Gen St Cas 5%s 49 Gen Thea Eq 6340 | @eodrich cv 6545, Goodrich 6%3 Goody’r Rub 5 Humble O1l b8 ‘37 Hum O&R 6% m Hydro E1 6344 Int Match 68 ‘47 In M M col tr 68 41 Int Pap 6s A "47... Int T & T 433862, Int T&T cv 448 39 Int T & T 6s "5l Lautaro Nit Lig & Myers 7s "44. Loew's 63 war ‘41. Loew's 65 ex war. . wortllard 65 '61. Lou G & Ei bs '62. McCormack 34 McKes&Ro 5% ‘so Midvale St Mont Pow Mont P db 65 A '63. 101 106% 1024 106% 104% 1047% Close. 80 98N 9T 9TH 4% 1d% 1% 107% 107% 104% 104% 114 114% 9Tl 9T 10814 108 101 101 106% 106% 11 1% 104 104 102 102 102 102'% 101% 101% 3% 92 92 57 , 524 B4 1007 99% 99% 8% 70 170 8714 86 864 1044 105 Mor & Co 1st 4% N Y Tel 414839 N ¥ Tel 65 ‘41, N Y Tel 63 °49. NorOT&L és Nor St Pow 58 A Pac G & El 58 '42. . Pathe Exch 78 '37.. Phila Co 68 "67 Pillsb F M 6s ‘43 Por RT am 6s 42, Pos Te; & C 6a '53 PubSvG4%s's Pub Sv G 4% s 'T| Pure Oli %3 37 Rem Arms 63 A Rem R'd 5148 A 47 Richfi'd O cal 65 "44 Shell Un Ol 53°47. & Sincl O 638 B '38., 18 Sincl O Tscv A "37, Sincl Cr 0 6% Sinclatr P L Skelly Ofl 6% Sou Bell T&T b8 "41 StOIIN J b8 46 StONN Y 4% Tenn Copper 65 '41. Tenn k) I 68 A ‘47, Tex Corp cv ba "44 Trans Ol 6%4s '38. . Utd Drug cv 6 U S Rublst b8 '47.. Utah P& L 58 °44. . Utll Pwr 5859 w Utll Pow 538 47, Vert Sug 1st Walworth 63 A Warn Br Pic 6 Warn Quin 6s Warner Sug 7 West EI deb b West Un Tel 68 '51. West UnT 614836 WEOG5%8'37 ww, Wie Spen S ct 75'35. 10% W1l & Co 15t 65 41, 9 TousSt&T6s'78.. 11 101 RAILROAD. Atch'on 48 1905-55. 11 93 93 Atchison gen 48 26 96 95 Atch’on cv 4% 19 111% 110 Atch Ariz 4% 29 100 9914 AtCL1st4 4 92% 921 AtCLcol 25 90% 903 82 1004 994 101% 101% ‘h'llh 1014 101% 101% 95 94 94 96% 96% 90 90 69% 69% % 164 9" o 100 100 100 101 100% 100% 9% 99% 99% 81 81 81 104% 104 104 104 103% 103% 9% 99% 99 95'%. 95 9% 105% 106% 105% 99 96 97 110 94 714 9% 691y 4% 41 74 6614 54 102 104% 101% 101% 1078 107% 102% 102% 99% T4% 41 74 664 54 102 104% 104 102 108% 102 100% 101 107% 107% 20 94% 94 94 1 101% 101% 101% 20 941 94 94 94 T4% 95 81y 98 98% 98% 98% 981y 984 6 104% lom 104% 8 101 100% 100% 5 104% 10415 1043 1.100% 100% 100% 1 117% 117% 117% 16 11H% 1113 111% 1106 106 106 99% 99% 95% 95% 9 4% 95 81% 98 Bklyn Man 6s BR&Pitt 4% Bush Ter con 58 Can Nat 4% 994 Can Nat 4 4 Can Nor 4%8 '35 Can Nor 6%s db'46 Can Nor 7s deb 40. Can South 58 '62. Can Pacific db Can Pac 4348 Can Pacific 4%45'60 Can Fac 58 ctfs ‘4 101% 102 Can Pacific 65 ‘64.. 26 101 101% 101% Cent Pacitic 43°49. 28 927 92% 92% Cent Pacific 65 60. 1 101% 101% 101% t:e; gurn 68°47...106 971 94 94 Cl Bn 4% 1 100 Ch&O4%s B 1 i 100:: 190 107% CB&Q4kn 7T Ch & East 111 68 ‘61 Chi Grt West 4s'59 Ch M&STE 4458 C. Ch M&STE 4%5'89, S 5. Ch M & St P adj 68 135 Ch & NW 4%s5 2037 30 Chi NW 43%sC 2037 49 Ch&NWconda%e. 42 82 814 81% Ch & NW rf5s2037 84 100% 100% 100% Ch&NWe4s 2 107% 107 Ch Rwys b8 '27. 7 85 l 71 114 114 6 85% 86% 85% 4 101% 101% 101% 5100 100 100 L 101 2. CCC&StLab4ks CCC&St L 4348 (K) C U Ter 438 2020.. Clev&Pitts 43%s 17 100 100 Clev Term 4%s‘77. 16 100% 100 100 Colo & Sou 4348 '35 17 100%™100% 100% ColoSoud%s'80.. 8 92 92 g2 Cuba R R bs 10 58 58 58 Cuba RR rf 7%’ 418 9% 78 Cuba Nor6%s 42.. 5 40% 40% 40% Del & Hud 6%s°37. 6 105% 105% 105% D&RGrgnas'3s, 8 951, Den&R G W s '55. It DRG& W st 58 0% ‘Erie con 4s A '53... 6814 Erfe conv 4s (B). 67k Erte cv 65 '67. Tl Erfe 5s 1975. 80 704 Erie Paclt tr4s 51 8 101 25 28 25 28 Fla E Coast 55 2 28 28 28 Fond J&G 4%s GrTrsfdb6s'36.. 2 1064 106% 106% Gr Trunk (s 4 2 1124 1124 112% 10 964 96 96 L 94k 94% 941 0% 691y 67% 67% 681 67l 101 101 Gr Ner gen 78 '36.. Hock Val 4%s'99. Hud & M ad) 68 '57. 9 Hud & M rf 58 '57.. 28 Llitnots Cent 48 '61. 1 11l Cent 4s 6. . 13 11l Cent 4% 8 . b 111 CCStL&N 4%s. 12 111 CCStL&N 6! Int Rap Tr s Int Rap Tr sta *66.. Int Rap Tr 68 '32.. Int Rap Tr7s '32.. 2 Int & Gr Nor 6s°'62. 8 dnt & G N ad 6s'52. 20 Int RysCA 6872, 15 Kan City Sou 3550 20 29 724 9% 13 98 72 99 40 4 Kan City Ter 45'60 Lake Shore 43 °31.. 16 100% 100% 100% Leh Valcv 482008, 14 85 831 Leh Vev4lgs2003. 2 96 96 Long Islrt4s 49.. 8 92 92 L & N uni 4s°40. 4 97 97 L&NIistrfbl%s, 1106 105 Manh Ry 1st 2 51% B1% 51% Market St 78 ‘4! 4 91 91 91 Mich Cent 4%s°75. 5 98% 98 98 MUERy&L6s'61 9 101 100% 101 M&SListrf4s'39 17 6 5 & MStP&SSMconds 8 86 86 86 MStP&SSM 6%8'18 1 94% 94% 94% M StP&SSM 6%s.. 10 1013 100% 100% MK&T 1st 4890, 10 8 MK&T4sB 62 MK&Tprin Bls 93 921 92% Mo Pacific 6s Mo Pacific NEW FIGHT IN OIL PRORATION HINTED Industry Disturbed by Prob- lem of Controlling Ex- cessive Output. BY BENNETT WOLFE, Associated Press Staff Writer. TULSA, Okla, December 10.—Straws bobbing around in this oil capital show how winds of uncertainty are blowing in the petroleum industry. While the big leaders of the industry are confident of its ability to weather whatever squalls may be ahead and emerge in a readjusted and strength- ened position, a general feeling prevails that the immediate future holds any- thing but a fair-weather course. Developments of the next few months are awaited expectantly by all branches of the industry. They have been point- ed out in varfous ways as likelysto have much to do with the industry’s future o New Agreement Rumored. Rumblings of a new and more in- tense fight to destroy proration—the dam that has kept oil-surfeited areas from flooding the market with produc- tion—have been heard for several days. In some quarters, where prora- tion is regarded as vitally necessary for stabilization of the industry, these re- ports are viewed with serious misgiv- ings; in otHers, they appear to have tacit approval, ‘The forces opposing proration ques- tion its benefits. They point out that while the country’s production of crude ofl has been reduced to the lowest level since August, 1926, crude prices have declined more than 50 per cent, despite increased consumption. “To what purpose have we cut pro- duction of crude oil, with consumption gaining, if we al when we started?” argue the opponents of proration. Supporters of proration, on the other hand, declare the industry cannot afford to dispense with it in the present emergency. “The condition of waste and demoral- ization would reach staggering propor- tions should the proration structure be broken.” they hold, rolndn[ out that the Oklahoma City field alone, if opened to its full flow, would luce enough oil to meet the market requirements of the entire country. E. B. Reeser, president of the Ameri- can Petroleum Institute and the Barns- dall Corqmltlon who last week became a new ally of the oil-tariff proponents, declared continuance of r‘)ront essential, tariff or no tariff. Tariff on Imports Suggested. S‘;‘é\ tariff on oil imports will help,” he have to be practiced for a long time afterward. The potential American supply is menacing of itself.” Another question mark of the future, to many small producers in the mid- continent area, is the problem of a market outlet for the crude oil affected by the Prairie Oil & Gas Co.s with- drawal as a general purchaser on Jan- uary 1. More than 35,000 wells in Okla- homa, Kansas and Texas, most of them small producers settled fields, are affected. Solutie of the problem, '.hrough the co-operative help of other purchasing companies, is being attem; ed under the guidance of Rny M. lins, Oklahoma oil ump! However, while lelden of the industry agree the Prairie’s withdrawal is a se- vere blow, they regard it as of minor importance in com) l?‘r igon to the men- ace that would follow a breakdown of pmrltion ebody will be found to take this oil,” said W. G. Skelly, mldmt of the Skelly Oil Co., referring to the oll cut off by the Prairie’s action. “But if the lid is lifted on pipe line runs the avail- 18 110% 110% 110% | i able tankage will be filled within 30 days and then the slwltlnn -o far as buying ofl is concerned, will be worse than now, with the added dludnn'm that the pruent price structure 1+ have been ruine Fears Clun- in Market. “We cannot afford to permit chaos to rule in the oil market,” Reeser added. “If proration loses, every interest in the State will suffer. At present 80 per cent of the land in Oklahoma is under lease for oil and these leases would be {'endered practically valueless if the lid The Tulsa Chamber of Commerce has been enlisted in the cause of proration. The directors have authorized a reso- lution designed to start a State-wide campaign of the Chamber of Commerce in the cause of oll conservation. INVESTMENT TRUSTS NEW YORM, December 10 (P).— Over-me-coqnur ‘market: Amer Brit & cont 6% bt Am Founders 67 pi Amer Found Bricisn Ty Chutued’g rated In Investment Trust Associats Investment Trust of N 3 Investors Trustee Shar Bosa85 SF SWEE S Zoal tec ank_& Trus United Oil Trust Sha: reL U 8 & British Int Co, Ltd 3 pf 43 Sales. High. Oreg-Wash ¢s’61.. 3 91 Penna 4s 48 Sta... Read gen 4% A'07 Reading ¢%s B. 23 Read Jer Cen 4 9 95 9l 91 7 91% 91% 91k *49. 16 91% 89% 89y Mont Tram 58'65.. 2 914 91% 91% Nat Ry M4%s'67. 830 & 5 5 NOT&Mb¥%s'54. 2 98 9% 98 10 83 83 3 9 100% 100 Creim 63 2013. 22 105% 104% 104% '36. 17 106% lggu 106% ZZ7ZZ2Z2Z Mg TC&StL6s's2 81 100% 100 NY NH&H cv b 6s 12 111 NY NH& H elt NY O&W 1st 4892 NY O&W gn 48 '65. NY Rys6s A 65. NY 8t Ry 4%s ‘6! NY W&B 4% Nort South Nor & Wn ev Nor Pacifie Nor Pacific uu Nor Pacri * 100% 110% 110% 1 103% 103% 103% 8 39% 39 39y 7 3 30 30 4 534 B3y saw 7 8214 82 Y 37 37 95 64% 65 91 91 9 2047, 25 110% 110 110% - % 95% 964 102% 102% 96 96 81 81 106% 105% 109 109 Sou Rwy 6%s 112% 118 Term As St L 4 920 90 97 97 95% 95% 45 45 96 96 27% 274 7 N 894 895 99 99 106 105% 102% 102% 101% 101% 9% 105% 103% 101% - 15 UnPistrf5s2008. 38 VaRyist6s'62... & Va Ry & Pow 68 34 2 Wabash 2d 5839 Wabash 63 B ‘7! West Md 4883, West Pac 634 Wt Sh 1st 48 Wis Cen gn és [ ' worse off now than , and one that is of immedate concern ¢ ’ “but domestic curtailment will ¢ ¢