Evening Star Newspaper, December 15, 1930, Page 14

£ A—14 ®x2 FINANCIAL, NING STAR, WASHINGTON, D. C., MONDAY, DECEMBER 15, 1930. FINANCIAL. DECLINE 1N 20NDS | NEW YORK STOCK EXCHANGE | [BOND PRICES GAIN | =~ o BONDSmoerssemns] (GRADUAL PECOVERY. ¢ AROUSES ANYICTY = M e IN BETTER MARKET e et | I TRADE 1S SCEN UNITED STATES. (Sales are In $1.000.) lnl;x High. Low. Close. ~Market Has Failed to Ad- List Improves Following Col. Ayres Believes Return of § vance Despite Prevalence Early Dip in Sympathy Prosperity Will Start in l of Cheap Money. With Stocks. Minor Improvemeniss— Sales. High. Low. Close. Mont Pow 68'43... 5 102% 102% 102% Mor&Colst4l%s.. 6 80 80 80 Nat Datry 6% s 48.. 66 95% 94% 054 NEng T 1st6s'62.. 9 107% 107 107% N Y Ed5sB 44 105% 105% 1054 N Y Ed 1a* 6% 114 113 974 968 1044 104% 101% 101% 1061y 106 i 111% 1001 99% 103 103 101% 1014 106 106 102% 101% 1018 101% 1011 89y —Prev. 1030.~ @ish. Low. 50% 110 22% 24% 109% 22% 345 30% 27% Stock and Sales— Dividend Rate. Add 00. High. 34% Pirelli Italy (a3.14). 3 36% 67 Pittsburgh Coal pf... 1 68 14 Pitts Screw (1.40). T 14% 9% Pittsburgh Unit Cory 6 12% 86 Pitts Unit Cp pf(7).. 208 93 19 PittstonCo (1%).... 1 19 11% Poor &Co (B) (2).... 10 11% 15% PRAm Tob A (3%). 4 16% PR Am Tob (B)... 5 4% Postal Tel &Cpf (7). 1 37 Prairie Ol & Gas (2) 144 Prairie Pipe L (15) 194 (Continued From Page 13.) Stock and Dividend Rate. ~Prev.1930~ High Low 146% 137% 54 2214 92 58 83 15 4% 15% 86 87 314 18 86 58% 3215 45% 62 7 40 8214 80 32 29 6614 148% 123% 12314 Bales— Prev. Add 00. High. Low. Olose. Close Int Harvester pf (7). 3 137% 137'% 137 187% Intl Hydro E1 A (e2) 19 23 224 22% 22% Intl Mateh pf (4).... 7 b7% B5% 57 59 Intl Mer Marine (2).. 15 16 15% 16 15% Int] Nick of Can (1). 400 15% 14% 14% 144 Intl Paperpf (7)....100s 89 39 39 40 Intl Paper & Pw 3 64 5% 6% 6 IntlPap&Pow (C).. 22 2% 2 2 2 Intl Pap & P of (7) 2 37 86% 36% 37 Intl Printg Ink (2%) 7 17 15 15 17 Intl Rys Cent Amer. 1000s 14% 14% 14% 12 Intl Salt (3). . 5 364 35% 35% 36M IntShoe (3)........ 6 504 50 50 50% Int] Tel & Tel (2)... 129498 23% 22 20% 22 Inter Dept Strs (2).. 3 17 16% 16% 17% Inter Dept Stpf (7).. 208 60 59 59 61 Int Dpt St pf xw (7). 40s 60's 60% 60% 61 IntertypeCorp (2)... 4 13% 13% 131 Investors Equity (2) 6 6% 6% 6% Jewel Tea (15).. 7 40 40 Johns-Manville (3).. 23 50% 52% Johns-Manv pf (7).. 10s 117% 117% Jones&Laugh of (7). 108 120 120 Jordan Motor Car... 1 I KC P&L 1st pf B (6). 108 15 115 Kaufmann DS (1%) 1 16 16 Kayser Julius (23%). 1 15 15 Kelly-Spring Tire..: 10 114 Kelly-Spring 6% pf. 180s 29 Kelly-Spring 8% vf. 1208 121 Kelsey Hayes (2)... 10 2014 Kelvinator Corp 38 84 Kend Co pf (16.37).. 10s 31 Kennecott Copper(2) 157 2214 Kimberly-Clark (t3) 5 4244 Kinney (GR) pf (8). 1605 58 Kolster Radlo....... 15 1 Kresge (SS) Co 1.60. 25 26 26% Kresge (SS) pf (7).. 108 104% Kresge Dept Stores.. 9 Kress (SH) Co (p1). 2 Kreug & Toll (1.60). 183 Krog Gr & Bak (n1). 38 Lambert Co (8) 15 Lee Rubber & Tire Lehigh Port Cmt (1) Lehigh Valley Coal. . Lehigh val (t43) Lehman Corp (2). Lehn & Libbey O Ford Glass Liggett & Myer (15). LI & Myers B (15).. Ligg & Myers pf (7). Lima Locomotiv Link Belt (2.60). Liquld Carbonia Loew's, Inc (14). Loew's Inc pf (6%). Loew's pf xw (6%).. Lot INn0.c.covononss Long Bell Lumb (A). Loose-Wiles (12.90). Lortllard (P) Ci Lorillard (P) pf Loutsiana Ofl....... LouG & E (A) (1%) Louts & Nash (1).... Ludlum Steel....... Mac And & F (12.85) MacA & Forb pf (6). McCall Corp (2% ) MeCrory (A) (2) McGraw-Hill (2).... McKeespt Tin P1(16) McKesson & Rob (1) McKes & R pf (3%). McLellan Stores. Mack Trucks (4).... Macy & Co (nt3).... 24 Madison Sq Gar (1) 23 5 102 10126 102 103 10227 103 16321 10318 103 21 1026 102 1026 10223 10221 10223 106 16 106 10 106 16 108 16 108 144108 16 11218 1128 11218 FOREIGN. Salex High. Argentine 5s°45... 10 83 Argentine 5148 ‘62, 2 854 M 25 92 Nor Am Ed 5% NorOT& L 6847, Nor St Pow 68 A 41 Nor St Pow 6s B *41 Pac G & El 6s 4 Pac T&T1st 65'37.. P4 Pac T&T ref 6352, 1 Pan-Am Pet 6s'34. 12 Paramount 6s "47 Pathe Exch 7837, Peoples'Gas bs. . Phila Co 68 ¢’ Phila & Read Phil Pet 5y s ve Pillsb F M 6s 43.., Por R Tam 6s 43.. Pos Te' & C bs '53. . Pressed St C 5s 33, Pub Sv G 4%s '67,. Pub Sv G 41870, Pure Ol %8 '37.., Rem Arma/6s A 37, Rem Rd5%s A *47 Richf'd O cal 6s "44 Shell Un O11 55°47. Low. Close 834 E3% 851 £hly 92 904 0% 90! 901 69 73% BY JOHN F. SINCLAIR. Special Dispatch to The Star. ~ NEW YORK, December 15.—Stock rices have kept up remarkably well the - dast few days, considering the unfavor- ble New York situation, resulting from a large bank failure.” While many issues made new lows for the year and soft spots showed up under the strain of tired support, it is the bond, not the stock, market that is the real cause of fety. Rt of picking up and going ahead as most people expected the bond market would, under a long spell of ‘cheap money, just the reverse has hap- nened. Prices are now at the lowest vel of the year. lslop!e bug' stocks either for invest- ment or speculation, but investment trusts, estates and banks turn to bonds. ‘A price drop in bonds is much more significant than a decline in stocks. "The undigested condition of the bond market today is very evident. Many bonds were floated in 1928-29 and even during the first half of this year. New issues placed on the market this year ‘up to July 1 totaled $4,600,000,000— much “in excess of the net savings of the community for the same period,” as one banker-economist points out. Willis' Opinion. ! M. Parker Willis, New York financial editor, makes this pertinent statement ~-about’the bond market: “Of the vast issues placed upon the -'stock market since 1927 probably only a relatively small part has found a per- manent home and the others have been left floating about to take care of them- selves as circumstances dictate Responsible bankers should discourage the issuance of any further securities until the present ones are absorbed, and both the Federal Reserve and com- mercial bankers might do a lot more to reassure their banking correspondents that dumping bonds at bargain prices in order to increase cash accounts is foolish and short-sighted. .. It comes down to a question of banking leadership. And there is no .oversupply of that precious commodity in the present depression. Former Depression. B. F. Affleck, president of the Uni- versal Atlas Portiand Cement Co., has been turning back the pages of history in an endeavor to find the whys and herefores of the present depression. He has found in his researches that Thomas Baffington Macaulay, writing " during the “bad” times of 1830, said: “A single breaker may recede, but the tide is coming in. . . . On what prin- Cciple is it that when we see nothing but improvement behind us we are to “expect nothing but deterioration be- fore us?” BY F. H. RICHARDSON. Special Dispatch to The Star. 22 91 NEW YORK, December 15.—The 6 90% bond market today stood firm against Arwentin 23_ g‘l‘j: an early volume of liquidation, precip- | 4TESn1ine 88 B 68- 5 80 itated by the weak opening of stacks, | Australia 6s 65... 10 73% and then moved up fractionally. Australia 8s 57... 5‘; lg’}:’t Junior cbligstions of the rairoads, | AUSITIETE A .- 23 it however, all touched new low levels be- | Bala¥ Fe o 10e fore the recovery. This group was espe- Belglum 6% 63 107% cially soft at the opening, when there Belgium 78 '55. 40 110% were no bids for such issues for 20 | pejgium 7s 56 19 1084 minutes. Belgium 9 108 The upturn in subsequent trading was Bolivar 7 49 42 led by United States Government issues, 44 39% by prime raiiroad, public wtility and in- 57 50 dustrial descriptions. and by the higher 1 104% type of foreign dollar issues. Money 11 584 rates were unchanged. Volume was 581 heavy during the first hour, but later 5 dropped to ordinary proportions. 90 Among junior railroad securities St. 100% Paul adjustments, St. Paul s, Erle 1051 general lien 4s, Missouri Pacific 4s, 75 Frisco 41;s and Seaboard Airline 6s 75 opened fractionally to 1'; points lower 9% and at new low levels for the year. In 6314 later dealings support appeared, pre- 9614 sumably from the bankers’ pool sald to 9314 be operating in second-grade rail bonds, 98 and there were recoveries from the 781 lows in Chicago & Eastern Illinois 5s. 1097 Denver & Rio Grande Western 5s, Erle 110 5s, Prisco 4135 and many others. i The feature next in importance was 1073 the activity in foreign bonds. This 94% section displayed steadiness in the face 100 of the selling. German issues, for in- 105 stance, held either unchanged or gained 102% slightly, as in the case of Young Plan 1028 515, United Steel Works 6l5s and Karstadt 6s. French, Belgian and North European bonds were _steady. Ttalians recovered 1 to 2 points from their low levels of last week. Japanese issues were mostly unchanged. though Tokio Electric 6s lost & shade to & new 1930 bottom. South Americans were irregular, with Bolivians fluctuating close to their lows, small gains in Argentine issues, Brazil- fans and Rio de Janeiro credits and small declines in Chile 6s, Sao Paulo 6s, Peru 6s and Buenos Aires Province 6s. Cordoba City 7s, an inactive issue, ad- justed itself to recent market develop- ments with a 4-point decline to a new low. United States Government bonds were more actively traded than in many weeks. Gains of 3-32 to 14-32 were shown at one time, though later offer- ings shaded off the improvement. By the Assoclated Press. CLEVELAND, Ohlo, December 1. Col. Leonard P. Ayres, vice president of the Cleveland Trust Co., in an analysis of 1931 business profects, expresses the bellef that next year will be a period of-slow business recove It now seems likely business recover: Pub Sv N J (3.40) Pub Sv N J pt (5) Pub Sv N Jpf (6) Pub Sv N JIpf(7). Pub Sv N J pt (8) Pub SVE & G pf (6).. Pullman Corp (4) Pure Ofl. Pure Ofl p Purity Baker! Radio Corp . Radio pf A (3%). Radio Corp (B) (5) Radio-Ke{th-Orph A. Raybestos Man 2 60 Reading Rwy (4). Reading 1st pf (2). Real Silk Hosidry (3) Rels (Robt) & Co. Reis (R) & Co 1st pf. Rem Rand (1.60). Rem-Rand 1st pf (7). Reo Motor ctf (80c). Republic Steel. ..... Republic Steel pf (6) Revere C & B pf (7). Reynolds Metals (2). Reynolds Tob A (3). Reynolds Tob B (3). Rhine W EL P (2.14). Richfleld Of1. Rio Grande Ofl. Ritter Dent Mf (13) Rossia Insur (2.20) Royal Dutch u3.2165., Safeway Stores (5) Safeway pf (6)..... Safeway Strs pf (7). St Joseph Lead (13). St L-San Fran (8)... £t L-San Fran pf (6) St L Southwesternpt Savage Arms (2). Schulte Retall Str: Schulte Retall pt (8) Segrave (1.20).. 6% 1047 105 9 93 101% 101% 107% 107% 110 110 107% 107% 107% 107% 401 42 a7 38 461 47 1047 1047 58 58w 577% 73 90 90 100% 100t 105% 10! e -1 TN 92 62 ' he said, “that will begin as a com- bination of many minor improvements, and that it will be accompanied by th developments that normally occur - = such a period. These should include rising trends for short-term interest rats, bond issues and stock prices, and * advances before the end of the year in wholezale prices and industrial employ- ment. “Some increases probable in by 12 20 over 1930 geeny 8% ding construction, iron " ,, | and steel output and the production of Pttt automobiles. ~The average levels for BiNc) O T8 0v & 87 industrial wages. the cost of living and Sincl Cr O s % s 38" . 9ov, | the cost of building will probably be Sinclair P L 58 ¢ 100% 9974 10014 | JoWer for 1931 than for 1930, Skelly Ol 55835, 0% g0% | _“Increass are probable in our export Solvay Am bs 14 o7 and import trade, the net profits of rail- Sou Bell T&T b8 41 5 104% roads and utiiities and, unfortunately, SW Bell T &8 A 64 108 In the total number of insolvencies.” StOI N Jes"48... 15 103 The history of business cycles for a StONN Y 4%s 51, 9714 many yea );r sald. has been ;‘n . 2 irrégular ~ progrossion through the Pl R T phases of prosperity, decline, depression, Ty Covp oy bates” i recovery and back to prosperity Traneon Sus o The ‘country at present, he said, is U0 Drig ey ey st well along in depression and he ex- OB RubIe S prissed the opinion that evidences of Utah P& L 68 44 | the beginning of recovery will be ap- OHY P ba Bt parent in the Spring Uth Pow 6%s 47, . He listed three reasons that have been Vert Sug 1st 1s "42 advanced as causes of the international® b ¥ depression and declared any one of the Warn Br Ple 6339, 65 three would have been sufficient to . Warn Quin 6333 bring the period of prosperity to an end. Mt TS “One,” he said, “was the international \Vest Un Tel 6a 51 race to increase production and capture Wao s ke markets. The second was the breaking Wi o et w3 down of price control schemes, which Wick Spen 18t 1535 3 8§ seriously contributed to the collapse of Wic Spen Sct 7835, 2 commodity values. The third was the Wil &Colst 6841, § period of active credit stringency. YouSt& T bs'7 Al three of them were Interrelated and each one of them had effects of RAILROAD. varying importance in different coun- Atchison ad) 4s'95. 13 90 tries. Industry and agriculture depend Atchison gen 4895 13 96% upon trade and the multiple currents of Atch’oncv 458 41 61 1108 trade are interrelated and mutually de- AtC L 1st 45’52, 6 9314 pendent. They obey no central direct- AtCLecol4s'52... 1 88 ing force, except the blind law of price, 1504 and this year the old relationships be- 3 e tween the prices of raw materials, and o o finished products, and services, and i thod 10e credit have been seriously disrupted and of 6395, oo. 24 now new relationships are being slowly ! , 58 D 2000 B&O Swn dy bs Brazil 8s ‘41 Bremen 7s Canada 5s '62. Chile 65 ‘80 Chile s '§1 Chile 78 *42 Colombla_6; Con Pow Japan 7s, Copenhag 4% 8 '53. Copenhag §s '52. ... Cuba 63545, 109% 109% 100% 109% 107% 107% 107% 10° 93% 93y 100% 100% 105 105 102% 102% 102% 102% 102 102 me % % 95 95 104% 104% 12014 1204 125% 125% 87 87 0% 70% 80 80 101'4 101% 97 97 821 824 94 94 99% 994 Irish Free St 63 ‘60 102, 102 Italy 7851 3 91 9214 Italy Pub Sv 7, 9 80% Japanes 9T% 9T% Japanese 5148 9 9244 Japanese 614s 1027 103 Jugosl Bank 7 96 % Karstadt 6s '43, 60 60 Kreug & Toll bs 90% 90! Mex 43 asstd 1910, 9%, 9y, Milan 6%s '62. 00 Netherlands 65 *72. 105% 105% Denmark 43862 Denmark 6%s ‘55 Deamark 6s 42, Dutch East 1 6 Dutch East 1 6 El Salvador 85 48 Flat 7s ex war Finland 6%s Finlane 78°50...., Fram I D 7%s"42 French 78°49...... French Gvt Ti%s 41 @elsenkirchen 6534 2 German 638 '65...164 German Bank '3y 2 German Ts rep ‘49, 29 Ger Gen E17s'45.. 3 Greek 65 '63. Haitl 6s 52 102 107 Sears Roebuck $2%.. Second Natl Inv 4 Servel Ine. Sharon Steel Sharp & Dohme. ..... Shattuck(FG)(+13%4) Shell Transp (a2.43) 880s Shell Union OMl..... 30 Shell Un Ofl pf (5%) 11 Shubert Theater: 6 Stmmons Co. 48 Simms Petroleum... 17 SinelairCon Oil (1).. 187 Stinciair Ofl pf (8)... 5 Skelly O11 (2)... 54 Skelly Ofl pf (6) ... 10 Sloss Sheffield Steel.. 2 worked out. It is already clear we are not war- ranted in expecting a rapid recovery from this depression. During the clos- Washington Stock Exchange SALES. Washington Gas 6s “A"—$200 at 10274, ‘Gloomy business leaders of today may profit by reading these words of the great English historian: “We prophesy nothing. But this we say, if any person had told the Parlia- ‘ment which met in perplexity and ter- _ ror after the crash of 1720 that in 1830 “ the wealth of England would surpass all their wildest dreams; that the annual Magma Copper (3).. 7 4 Manati Sugar . 40s Manati Sugar pf. 40s Mandel Brothers... . 1 Man Elev mod g (d5) 93 Manhat Elev gtd (7) 280s Manhat Shirt (1).... 2 Maracaibo Ofl Exp, 1 Marine M1d (1.20)... 34 Marlin-Rock (t5%). 3 4 Sloss-Sheffield pf. 708 Snider Packing. 2 Sou P Ric Sug (1.40) 41 Southern Cal Ed (2). Sou Dairles (B). Southern Pacific (6). Southern Rwy (8) Southern Rwy pf ( Spang-Chalfant, Sparks Withing (1) $200 at 10214, $1,000 at 102, Washington Rwy. & Electric 45—$1,000 at 877.. Capital Traction Co.—10 at 44. Seventh Street Savings Bank—10 at 305. Mergenthaler Linotype—-10 at 87, 10 at 87. Peoples Drug Stores pfd.—10 at 98, 10 NewSo Wales6s'57 671% 67% New So Wales 6s'58 67% 67% Nord 6%3 50. 106% 106% Norway 68 6: 995 9914 2 101% 1018 3. 104% 1045 .. 105 105 Norway 6s 52 101% 101% Orfent dev § 85% 854, Brooklyn Un 58 "45. Bklyn Un 1st 68 '60 BR& Fitt4%s'57, 8 months of this one we went through s » most of the phases of a normal minor reaction, even including the early symp- toms of recovery. Beginning with iast Summer we have been experiencing a major depression and business has not yet developed trustworthy evidences of improvement. It scems probable that the duration of the depression will be extended to include what might be 6 4 ; : ing months of last year and the early H 5 4 at 98'4, 3 at 99. AFTER CALL. Potomac Electric 5 pfd—5 at 107'%. Washington Rwy. & Elec. pfd.—10 at 9715, 10 at 97}, 10 at 9713, 10 at 97%, 10 at 971, UNLISTED DEPT. National Press Club 5':5—8$5,000 at 58. Bid and Asked Prices. BONDS. PUBLIC UTILITY. 931 9314 104% 104% 1067 1067 102% 102% 40 40 40 61 60 69 80 7% TIYN 104'% 1041 8l 81y 92 92 182 82 79 79 76 76 920 90 51 53 70 70 40 41 B0% 80w 0% 71y 87l 873 88 881 % 12 “revenue would equal the principal of that debt which they considered an in- tolerable burden; that for the one man of £10,000 then living there would be five men of £50,000; that London would be twice as large and twice as popu- -lous and that, nevertheless, ihe rate of mortality would have diminished to one-half of what it was then; that the post office would bring more into the exchequer than the excise and customs +'brought in together under Charles II; that stage coaches would run from Lon- -don to York in 24 hours; that men “would sall without wind and would be “beginning to ride without horses, our 'ancestors would have given as much credit to their predictions as they gave to_‘Gulliver’s Travels.' " Yet Macaulay's statement was 100 per cent true, and Mr. Affleck points out that Macaulay saw but dimly the prog- ress that was'to be. . Smith’s Career. If George Otis Smith is confirmed by the United States Senate as chair- man of the reorganized Federal Power ! Commission, he will occupy one of the { most strategic positions in the Federal service, fcr the gnal disposition of 3 Muscle Shoals will largely rest with Mr. ! Smith and his fellow members of the * commission. ! Mr. Smith was born In Maine, and | after graduating from Colby College, $ with Phi Beta Kappa honors, he en- + gaged in geological work for four years in Michigan, Utah and Washington. For 10 years after 1896, he became associated “with the geological division “of the Department of the Interior. In 1909, he was appointed director of the - United States Geological Survey, which ; , Position he has filled since then. £ At the present time ne is a trustee #of Colby C:llege and the University of & Chicago and a member of a number of scientific societies. He is the author 2 of many works on geology and is well * known in all parts of the United States % for his addresses on the economics of £ minerals and power resources. % Mr. Smith has received honorary de- # grees from Colby, Johns Hopkins and ¥ the Case School of Applied Science. ¥ In recent yesrs he has been very ac- % tive in connection with ofl production §and the proration developments in the & various States Copper Situation. % Every American interested in copper might well profit by reading an article, “The Dilemma of Copper.” in the cur- Tent issue of the Magazine of Wall Street. It presents the case up to date, ‘ and is in line with the facts which| 32 114 N have been given in this column during t :‘, N Marmon Motor Car. . Marshall Field (234) Martin Parry....... Mathieson Alkall (2) Mathieson pf (7).... May Dept Strs (n2).. Maytag Company. .. Maytag Co pf (3).... Maytag Co 1st pf (6) Melville Shoe (2) Mengel Co (2). Mexican Seaboard... Miami Copper...... Mid-Cont Pet (2).... Midland Steel (2) . Min Hon'w Reg (14). Minn Moline Pow. Mo Kan & Tex (3)... Mo Kan & Tex of (7). Missour! Pacific..... Missour! Pac pf (5).. Mohawk Carpet . ... Monsanto Ch (g1%). Montgomery Ward.. Morreli & Co (4.40).. Mother Lode. ‘e Motor MetersG & El. Motor Products (2). Motor Wheel (3). Mullins Mfg. Mullins Mfg Munsingwear (14 Murray (B)(2% stk) Myer (FE) & Br (2). Nash Motors (¢).. Nash Chat & St L (5) Nat Acme (115). t Bella Hess. ..... t Bella H pf (7)... uit (13.30)., t Cash Reg A (14) Natl Dairy (2.60) Nat Dept Store. i Nat Dept St 1st (7). .200s termed the normal span of a minor de- pression plus the normal span of a major one. FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value, a: London, pound. Paris, 'franc Brussels, _bel Berlin, “mark. Rome." lira Zurich, * franc. Athens. drachm Madrid, peseta... Vienna. schilling. Budarest, pengo. .. . Prague. crown (nom.) Warsaw, zloty... Copenhagen. Oslo. crown......... Stockholm, crown' STOCK YIELDS ADVANCE TO VERY HIGH RATIOS 19 v Special Dispatch to The Star. p NEW YORK, December 15.—Yields on stocks with a recognized stable dividend position are becoming fantastically high. The most extreme cases are to be found in the rails, coppers and motors, | although there are scattered instances | where the returns on other groups are even h'gher than on these three. Over 20 listed shares show ylelds between 20 per celilt tfilll'u.'l 35 p;r‘cenn There are scores in the area between 10 15258 and 20 per cent. Bk . The decline in strong preferred stocks has also brought this group into the most attractive yield area that it has shown in many years. Spear & Co pf (7). Spicer Mfg. Splegel-May-Stern. . Stand Brands(1.20) . Stand Brands pf (7). Stand Comm Tob_ .. Stand O1l Exp f (5). Stand G & E (3%) Stand G& Epf (4).. Stand G & El pf (6). Stand Invest Corp. . Stand Oi1.Call(h2%). Stand Oil of Kan (2). Stand Ofl of N J (12) Stand OIl N Y (1.60). Starrett (L 8)(12%) Can ‘69, Can Nor 4148 35. ., Can Nor 7s den 40, Can Pacific ab 4 Can Pac 4%s 46 9 ' Can Pacific 415 Can Pacific 5s Car Clin & O 5 Car Clin & O 6. Cent of Ga 58 C 59, Cent Pacific 4s ‘49, Cent Pacific s 60, Ches Corp 6s '47 Ch&Ogn 43592, Ch& 04155493, C& Ocon 5s'39 Ch & Alt33%s 50, , CB&Qgen s 58, C B&Q 1st rf bs ‘71 Ch & East 11} 5s ‘61 Chi Grt West 45 '59 CaM&sStPas 8y, Ch M&StP 448 E., 6 Ch M St P&P 58 75. 39 Ch M & St P adj 68 238 Chi NW 43;sC 2037 78 713 [Ch&Nw :‘o 85 98 107% 1074 27 : 7% 18 i 91% 92 0. ‘ | 78 78 ChRI&P4lks A 104 104 | CTHSSE in ve 00, 104'% 104'% | Chi T H inc 6s 60, , 105 105% | Ch Un Sta 4155 ‘63, 105% 105'% [ Ch Un Sta 6iss 63, 95% 95% | C& W Ind 6514862 93 93 | CCCRSt L 4igs () 79 79 CCC&S L 5s D63 88 8814 | C U Ter ¢4 %s 2020., 104% 1047% | Clev Term ¢ 75 75 Clev Term 58 12}"! 101% | Clev Term 5 Warsaw 7s 50% 8o ooy |SonEy sy, int . 50% [ Con Ry 4 ¢ Yokohama 6s '61. . 95% 94% y 4138 st ‘51 94% | Cuba R R 85 'b2. . MISCELLANEOUS, e R AbIDIP& P58 '63 32 70 70 Cube Nt S s Ab&St5%s'43... 3 93 o3 @ Allegheny 6s + 85 69% 68 68 [Del& Hudrf4s'43 Alleghany 6s°49... 8 69 69 69 Del & Hud 5% Allis-Chalm 68°37. 3 100% 100% 100% | D& R Gr &n AmABCh73%s'41. 6 108 10215 10214 | Den&R G W . 25 Am Chain 6: uio 2 99% 991 994 |DRG& Wstbs'78 2 Am FP5%82030.. 24 76% 75% 76%| Erie 1st con Am1GChb%s 49 96k 98" 98 | muiecontai war o AmIntCor5%s™9 23 88% 88 88%| krie Gen ge 17 Am Metal 638 ‘34. 91 91 91 |Eriecybser 36 Am N Gas 61642, 34% 34% 3414 | Erie 5a 1975, 181 Am S&R lat 847, 20 102" 101% 102 | Erie Pa ot trds 61 ) Am Sug Ref 6337, 11 104 103% 1024 | o , Am T&T cv 4 117% 116% 116% | 718 B Coast 674, Am T&T 68 65 103% 1024 102% | Gr Tr s £ db 6s "36., AmT&Tctr 105% 104% 105% | Gr Trunk 1s ‘40. Am T&T 6n s 103% 102% 1034 | Gr Nor 435 76 (D; Am T&T 6%s ‘43 107% 106% 107 | Gr Nor 4148 77 (E) Am W Wkabs'3¢.. 6 10114 101% 1013% | Gre Nor 18t G AmWat Wks 6s°75. 4 101 100 100 |Gr Norgn 538 '53. Arm& Co 4% 564 854 86w | Gr Ner gen Ta 36 Arm Del 5% n % 76 : AtGulf 5956 62% 621 62| AV ':‘;,I:{“:‘Ps:“ At Ref deb bs ‘37 160100 fogiaf AT 2 Mo a1 Beth Stpm 6 10 102 101% 102 | Hud & M a 2 BethStrfa'42... 1102 101% 102 | Hug & m eesose’ 42 Bk Ed &n A 12 105% 106 105% | |\ 2 g Bush T Bldg 6102 102 192 |HiCentdnsss.. . Cert-td deb & 12 31% 30 "go |[llCentrer s ss.. Chile Copdb6s'47. 12 881 88 sgy [ [ Cent 4% s 66... Colon O1168°38.... 81 50% 501 50iy | 111 CCSIL&EN 4345, Col GRE bs May ‘62124 99% 991 99y, | 1!l CCSIL&N 65 A. Com Invest 63849 25 94% 94 g4y | INt Rap Tr 6 ‘66 Com Invest 6 10 105 104% 105 | It Rap Tr sta '6 CCMd1strfbs'60 4 28 28 og |IntRapTrés'3z ConG N Y 6%s45. 36 106% 1054 106 | Int Rap Tr7s 32 Consum Pow 58 62. 2 104% 104% 104y | [Nt & Gr Nor 6s 63, C Am Sug col 10 96 94, 9414 | Int RysC A 5372, Det Ed rf 65 B '40. 106% 106 106y | Int Rys C A 65°41.. Dodge Bros ot6s'40 8L 81 | Kan City Sou 3s'50 Duquesne 438 '67. 101 102 | Kan City Sou 68 ‘60 Fisk Rub 8s 41 30% 31 | Lake Shore s 7 Gen Motors 1024 102 1024 | Luke Snore 48 31 Gen P Sv b3, 24 93% 94| Cen Valcv 4s 2003, Gen Thea Eq 6; 61 59 60 |fehvVev4 35 2008 Geodrich cv §T% 66% 66%| Long Isi rr 4s 49.. iy ez 1L 100% 101 | C&R ani 4a- 0. SHORT-TERM SECURITIES. 00 100w | L& N 44 z00s: ] L &N 1strf 5. 100% 100% 100% (Reported by J. & W. Seligman & Co.) Manh Ry 1 ‘90 & Con 1023 10215 1024 Aliis-Chalmers Co. 5s 1937...... 100 = 1003, 104% 104% 104% American Tei & Tel. ‘Sis " idid 99% 991, 99y | Market St is American Thread 51s5 1938 ... 931 93 93 | Ml ERy& L 6s’61 Baltimore & Ohio 4125 1933 9% 95 M &SL 18t rf 45 '39 Batavian Pet. Corp. 4',s 1942 - 91y M StP&SSM eon Bell Tel. of Canada 5s 1957 .. 85 84 84 = , Eanadar dor: T, 123 1938 S5 56 - v | REAERERIE VK0 a : Nor. Rwy, 4123 1935 5 Chi.. Northwestern R.R.5s 1933 981 " amy | sea] L SIEREEN S Ghicago Rock. Isiand 45 1034.. KER E T T Chile Copper Co 55 1947....... 63 62 63 |MK&T4sB 62.. Cudahy Packing Co, 5'2s 1937 70 68 70 [MK&ToprinésA, Gen. Mot. Accep. Corp. 6s 1937 834 801 80% Mo Pac gen 15 76 75 15 | Mo Pacific 6s k17, Mo Pacific 5s G Mo Pacific s H ‘80 General Pet. Corp. 5s 1940..... General Theaters Equip, 651840 101% 100% 101% 105 105 105 | Mg pac bigm cv NChastL Goodyear T. & R. 5 S Grand Trunk of Canada 65’103 1 L e 102% 1024 102% Nassau Elec 4: Nat Ry M 438 '67. Gulf Oil of Pa. 55 193 Humble Ol 5lis 1932 102 102 102 45 40 40 ALY % N O s A '35 NLT.IS-‘ 39% Peru 78 '59. Poland 6s '40. Poland 7s '47 “oland Forto Alegre Prague 738 ‘52 Queenland 6s *47.. Queenland 7s *¢1.. Rhinelbe 78 '46 ww & Telga. 4'2s '33. ” Amer_ Tel. & Telga. 4135 '39 3 Rhine West 65 ‘53. Sterling See (A).... Am. Tel. Tel. ctl. tr. Bs. sk [ Ster! Sec pf (1.20) e T, , Sterl Sec cv pf (3) E € &'P, Tei of Va. 55 S i Stewart-Warner ( CGapltal Traciion R, R. 5 Rio de Jan 85 City & Suburban 5s. Georgeiown Gas. 1st 5 Potomac Elec. cons. 5% . Potomac Elec. 6s 1953. . Wash., Alex. & Mt. Vernon ctf. Wash.. Balto. & Annap. 5s.. Washington Gas 4'ss. Wash. Gas 6s, series A. Wash. Gas 6s. series B Wash. Rwy. & Elec. 4s “eee MISCELLANEOUS. Barber & Ross, Inc.. 6%s. ... Chevy Chase Club 5'5s. . % Columbia Country Club 5izs D) C. Paper Mix. 65 W. M. Cold Storage 5s.. Wash. Cons. Title 6s. .. STOCKS. PUBLIC UTILITY. N Bid. Asked Amer. Tel. RS crown. ! 413 81 72 88y 88% 12% 76 78 107% 80 92 78 104 105 1051 105% 964 93 9% 8814 105 75 101% 84 R Gr De Suls: Rome 81 Roy D 4845 ww Sao Paulo 8s '36. .. Sao Pau 7s' 40 rets. Sao Paulo 8s '50... Saxon 7s ‘45. Seine 78 *42 Serbs-Cr S1 Serbs-Cr-S] 8; Berntmana NaonS 0wl 3 wen Sun O11 (11).... Superheater (13%).. Superior O11. Saperior Sted omeR Symington (A)...... Telautograph (11.40) Tennessee Corp (1).. Texas Corp (3).. . Tex Guif Sulph (4).. Texas PC&Ofl..... 24 Texas Pac Land Tr.. 64 Thatcher Mg (1.60), 1 o Sraniion o Thatcher pf (3.60) 3 i | Wash: Gas Lt. Co The Fair (2.40) e 106% Pot. Elec 4% Wash. Ry. & EI com. : i Third Avenue 7 Wash. Ry. & El pfd. (5). Third Natl Inv (a2). 17 TRCLINAL DA 3 as, . NatDist Products(2) 7 S il a0 e Eafumbia"tls 4 (o Sommeesumy.. | 1 204 0 Thompson Starrett. . 314 Siamies ), Jramped) (10) ‘at Lead 113) ... 6 Thomp-Star pt (3% ) 265 Fed.-Am. N. Bk.'& Tr. Co. Nat Lead of (AN (7). 808 Tide Water As (0c) 613 Hlais ) Nat Lead of (B) (6). 1308 Tide Water As pf (6) 63 e apolitan Nat Pow & Lt (1) 96 Tide Wat Ofl (pf (5) 6 Riggs (15s) Nat Radfator..... Timken Det Ax (80¢) 914 esR eias s Nat Radiator pf. Timken Roller (3) 4D “HIREION. TRUST COMPANY. oo g Tobaceo Products. ., 2% Amer. Security & Trust Co. (15) Nat Supply (5)... ... T‘:fi::;',’,,‘,:’;‘,‘“'f" = Sotional Bavines & Prusi " (i3t Nat Supply pf (7). Transue &W (1).... T Prince Georges Bank & Trust.. Nat Surety (5)....." Tri-Cont Corp........ 59 60 Worn, Toak e i Natl Tea (1).... Tri-Cont Corp of (§). 81 927, SAVINGS BANK. Nevada Copper (1) Trico Prod (21%) 3 Bank of Bethesda (65) Newport Co (A) (3). Truax Traer (1.60).. 3 | Commerce & Savings (16 Newton Steel. Twin City RTr (80}, & | East ‘Washineton (12) N 'Y Afrbrake (3. 4 TwinCity R T pf (1) 408 Booumts o1k Ga N Y Central (8).. ey Sevenh Sireet 87 .\\' 1{ Chi l\(& srx L (8). Und. fxllFA:'é:.;r‘(.;). log: N Y De D . oo NS e e Union Bag & Paper.. 1 b nigedhe i Union Carblde (2.60) 210 Y N B & Hirt (8. Unlon OiL. Calif (32). 53 YHERR it fjaton Pasige 1oy, 1 Y 9 S @ & Iy 4 119 123 Swiss 516846, ..., Swiss Confed 85 *40 Toho EI Pow 63 '32 Toho El Pow 78 '65. Tokio bs 62 Tokio 6356 Utd King 6 Uruguay 6s Uruguay 8546 Vienna 6s 52 o muaFtalvenantanScnana (N 88 22 71 5 Sales. High. Low Close NY C&StL 434378 129 823 80t 82% NYC&StLE%AA 3100 100 -100 N7C&StL6s'32 14 100% 100 100 NYNH& H48'66. 1 Td14 7414 T4% NY NH&H 43867 26 86 86 86 NY NH&H cv db 63 26 110% 1104 110% NY NH& Helt6s. 10 10215 102 10215 NY O&W 1st 4 37 a7 NY Rysinc 65 '65 Ok NY St Ry 4%8°62 T Ty NY S&W 1st 68 ‘37, 70 70 NY W&B 4%s 80 80 Nort South bs 4 344 34u Nor & Wn cv 4 96 96 Nor Pacific 33 661 654 Nor Pacific 48°97.. 2L 901 898 901, Nor Pacr1682047. 49 110% 109 110% Ore Short L 5sgtd. 3 104% 104 104 Oreg-Wash 4s'61.. 1 90% 90% 905 Penna 4s'48 Sta... 1 98% 988 984 Penn cv 438 60 6 102% 102% 102% Penn gen 4 %8s "6 62 99% 99y 994 Penn 4348 '70. 86 931 921, “93 Penn 4%s 63, 23 9% 9TU 9T% Penna 6s '64 18 101 100% 101% 31 Penn gen & 3 106% 106 106 97 .. 20 1075% 107% 107% 1% 7. 1 96% 961 9614 97 6. 2 91y 91% 91y 841 Pere Mar 43%s%80.. 5 96 95 96 854 PCC&StLb6sB.. 2106 106 106 P& W V4lsC'60. 21 934 924 03y Port Ry 6s'42..... 8 105 105 105 « Por RL&PT%s'46 5 108 107% 107% Read gen 4%8 A'97 12 97% 96% 96% Reading 4 %s .. 5 97w 9T 97w RioGr W 1st 4s'30 3 924, 92% 920, RIAr& L4%s’'3s 4 99% 99% 2991 St L Ir M'nt 6 3 100% 100% 100% StL IM R&G 48°338 30 95% 95% 95% StL&SFInds 34 8% T8 78 SIL&SF4%s'78. 53 712 4 71 Ti% StL&SFprinsB 14 95% 94 95 StL&SFgn6s'3l. 2 101% 101% 101% StLSWev4s'32. 2 994 994 99% StLSW56s'62.... 2 83k 831 83 5 105% 105% 105% - 5 184 18 18 87 16 15W 15% 8 8 8 924 92U 92w 93% 934 93 (10) e 70 a 93 681 T0% 70 954 63 25% 1 105 6 110 1 947 2 93% 20 95 11 104 36 110 57 Bk (17 | American Corcoran (10) Firemen's (8) | National ‘Union"{i8):.07 TITLE INSURANCE. Columbia_(6h) g | Real Estate (6h)" 0% Title & Inv. Co. Md. co MISCELLANEOUS. Barber & Ross. Inc.. com Col. Medical Bldg. Corp. Col. Sand & Grave! pfd. D. C. Paper Mfg. rm . | Dist.” Natl. Sec. ‘pfd. (1) | Emer. Bromo-Selz. (2) Federal Storage b (8) .. Fed.-Am. Co. com. (1.20f) Fed.-Am. Co. pfd. (6).... Lanston Monotype (8) Mer. Tr. & Stge. com. (10} Mer, Tr, & Stge. pfd. (7) Margenthaler Linotype (6) Natl. Mtge. & Inv. pfd Peoples lsrlll Stores pfd. (6'2) Real Est. M. & G. pfd. (8).... Security Storage (de). . . Ter. Ref. & Wh. Cnrg (3). The Carpel Corp. (150) .. W. Mech. Mtge. com. (6} Wash. Med. Bldg. Corp. (7) Woodward & Lothrop pfd. *Ex dividend. 827 extra. b Books closed. ¥213% extra, n35c extr 3% extra. £30¢ extr, hal extra. §1% extrs 15% extra. e1l2% extra. the last eight or nine months dealing with that subject. But there ne or two points which United States (30) o Washington Mechanics’ (20).... FIRE INSURANCE. (12 o ok o Union Pacific pf (4. N Y Steam pf6). :‘;?f:,"k Cnr: €1.60).. yiiter Fren fails Norfolk & Southern. sl 3 > 1o mention. | The. woridy et con | 28 Norfolk&West (t12) GnitedBisoE 3y sumption for 1930 will not exceed 3.000,- 3 Norf & West pf (4).. United Carbon (1). ., 000,000 pounds. At that figure, which | Sorth Am Avtation.. Utd Cigar Stor is generous, and with the developed NerAn (bliNatc). . Ut Corp (60) s v annual capaclies of the world's copper poTis ense e (8) . . Utd Corp pf (3). mines taken into consideration, and North Am Ea pt (6). Utd Electric Coal with more than 1.200,000,000 pounds of | R et e Utd Fruit (4)...., copper stocks on hand, it will take 12 Northwest Tel (3). Utd Gas & Im (1.20). years before consumption—figuring an- Norwalk Tire & Rub. Utd Gas & Im pf (5). nual consumption increasing at the ©Ohio Ol Co (2) Utd Stores (A). ..., rate of 6 per cent (also a generous Oliver Farm Equip Utd Stores pf (2% estimate)—can possibly overtake the Oliv Farm Eq pr pf.. U S Distributing. ... present definitely known supply of Oliver Farm Eq cv pt U 8 & For Secur i copper. = Omnibus Corp. ... U'S & For Sec f (6). These figures do not take account of Oppenheim Col (3) U S Freight (3) : the great quantities of cheap copper, U'S Hoftman. which the new low cost mines cf North- S Indus Alco (t ern Rhodesia expect to bring on the 8 Leather. .. market. Every foreign producer of S Leather (A). cheap copper is looking toward the cop- SPle&F (2).... per market within the United States. S Realty&Imp(3) . Let that market be rescrved for S Rubber. American mines, and the copper situa- s s s s 24 179 & 15 Otis Elev pt (6) Otis Steel. Owens 111 Gla Pacific Coast 2d pf. .. Pacific Gas & Bl (2), 24 Pacific Lighting (3). 15 Pacific Milis........1108 Pacific Tel & Tel (7). 60s Packard Motor (60c) 25 Pan-Am Petrol (B). 1 Panhandle P&R.... 4 Param'nt Publix (4). 165 Park & Tilford...... 2 Park Utah. .. . Parmelee Tran (60c) the Exchange. .. . Exchange (A) Patino Mine : Peerless Motor Car., enick&Ford (113) Penney (J C) (3) .. Penn Dixie Cement.. Penn Dixte Cem pf Penna K R (4) Peop Drug Stri People’s Gas Ch ( Pere Marquette (18) Petrol Corp (1%)... Phelps Dodge (2)... Phila Read C& 1. Philip Morris&Co(1) Phillips-Jones Corp. Phillips-Jones pf (7) Rubber 1st pf. | tion within the United States will clear Smelt & Ref (1), ! up rapidly. Smelt Ref pf 3% % (Copyright, 1930. by N¢ Steel (7 U § Steel of (7) U S Tobacco (4) Univ Pic 18t pf (8) Univ Pipe & Rad. Util Pwr&Lt A 12.15. Vadasco Sales Corp. . Vadasco Sales Cp pf. Vanadium Corp (3). Va-Car Chem. ... Va-Car Chem 6% pf. Va-Car Chem pf (7). Va El & Pow pt (6)..170; Vulcan Det (4)..... 4808 Wabash pf (A) (5).. 4 Waldorf Systm (1%) 8 Walworth Co (2) 8 Ward Baking (A). 008 Ward Baking (B) . 5 Ward Baking pf (7). 1 Warner Bros Plct. 227 Warner Quinlan. 19 Warren Bros (3)..., 14 Philiips Petrol (n2). War Bros cv pf (3).. 20s Phoenix Hosiery. Warren Fdy & P (2). 4 Plerce-Arrow A (2). 4 Prerce Fevuim(39c) 2 Pilisbury Flour (2).. Seab A L cv 68 Seab All FI 65 A'35 Sou Pac ref 43 '55. . Sou Pac 4% '68... SouP4ls 69 ww. 6 94k 935 9diy Sou Facific 53 '34.. 5 102% 102% 10214 Sou P&Or 4%s'17. 16 95 941, 95 Sou Rwy gen 4868 7 82 Rily 81% Sou Rwy bs 9: 8105 106 105 Sou Rwy 683 '6 8 1084 1084 108% Sou Rwy 6%s 56.. 2 11315 113% 113% Term As StL5s'44 8 108% 103% 103% Tex & Fac 5a C L 95 95 95 Third Av ref 4s 8 44% 43 43 Third Avad) 68°60. 19 26% 26 26 Ulster & Del 4s'52. 1 40 40 40 Un Pae | T.. 9 9T Y6% 96% Union Pac « 81 884 878 87T% Un Pacrf4s2008.. 24 91% 90% 90% CnPac4%s'67.... 1 98 98 98 6 98u 94 981 5 101% 101% 1013 344 1013 101% 101% 6 102% 101% 1019 1 8 86 86 12 87% 85 87T 1 T4 4% T4 West Pac 68°46.... 1 86% 86 86% WstSh1st4s2361 17 89 87% 881 “ U U U u u u U u u u Humble O11 68 '37. . Hum O&R 6%3 '62. MBTIistpfbsA. 111 Steel 4348 "40. Inland Steel 4% In: Cement 68 Int Hydro El 6344 Int Match bs 47 47 In M Mcol tr 6s 41 2 Int Pap 63 A o B Int Pap 6s ‘55 5 IntT&T 4% 102 Int T&T cv 43839 33 Int T&T6s'66.... 35 12 11 12 EARNINGS REPORTED. NEW YORK, December 15 (#).—Per s share earnings of corporations report- 24 . ing this week, With comparisons with 4% !last year included % 9 ! “Three months. Sept. 30— 1930 1929. 3 | Lebigh Valley R.E. ....31054 3209 26% { ““Ten months. Oct. 1 Southern Railway Co........... 3.75 1046 | 30 1 Chic.. Burlicston & Quinéy RIR. 1107 14.66 | 2% i Twelve months, Sept 30— 201 { Utilities Power & Light 1.08 0 { _ Eleven months, No Bl ! Finance Co. of America 145 24 Twelve montbs, Oct. 31— 193 merican Water Works & Elec. o1 tterson-Sargent Co..... ¥ Western Tablet & Stationery 874 20% 8% 8% Merchants & Miners Co. BALTIMORE, December 15 (Spe- 14% £6 4T 2% 12 70 70 104!":. 104% 38 41 23% 31— 11% 70 104% 39% 41 284 124 14% 4% 49y 5% 28% 42 28 2% (Continued on Page 15.) Lautare Nit Lig & Myers 68 '51. Lig & Myers 7s '44. Loew's 63 wa: Internat. Match Co: Marland Oil 55 1932 105% 105% 1051 12115 120% 120% 12% x aisd lew York, Chi. & St. L. ; 932 Phillips Pet. Co. 5%4s 1939..... Pure Oil Corp. 5'ss 1937. va Ry & Pow 100 101 101 o 28 i Ir. Mt & So. Ry. 3s 1931 615 961 9614 % hwestern Ry. 4s 1932 & 2 Shuon Ol Corcor Caily 51" 1958 05 TEN S T0% 1314 4 . 1 Co. 55 1947 i Siiclal Cie 01 cor 5128 igds N 102% 102% 102% Co. S 1083....... 93 94 2% TP Rnbe: Fo 13 . 9% 78% 79 13 R R AR —Directors of the Merchants & & ' _Transportation Co. declared * the regular qmmnl;ley ‘”‘iflf".‘% ag: 6212 its & share on pav- :fi. December 3:6 u“?mckholam ot vgg-« 1:zu. 13:% Wheelins Stee] Corp. 3141 1348 eeling Steel Corp. 31z 3 Wheeling Steel Corp, 4125 1953, '#bi4 J