Evening Star Newspaper, December 18, 1930, Page 14

cemavsevevELITIRONY A4 wE% . discussion of these matters to enable YOUNG URGES FIGHT ON UNEMPLOYMENT New York Financier Believes Co-operation Will Overcome Economic llis. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, December 18.—Not only did New Yorkers yesterday see a strong upward trend in stock market prices, vXth advances of from 2 to 10 points, but they also witnessed, under the di- rection of Stward Prosser, chairman of the Emergency Unemployment Commit- tee, the raising of an $8,000,000 unem- ployment fund. Indeed, the amount raised may exceed the goal sought. At the final rally—a most enthusi- astic_one participated in by many of New York’s leading business men—Owen D. Young expressed confidence that the “dreaded discase of unemployment with all its social and economic ills” will be conquered in the next few years. “It is like a flood, an earthquake or other physical disaster, impossible yet for us to foresee or prevent,” said Mr. Young, “but with fine co-operative spirit it is possible for us to alleviate its dire- ful results.” While the process of overcoming the unemployment disease—and disease 1§ the word—is slow, it is due largely to no one having the power to meet it, Mr. e thinks. “Yet we want no economic dictator- ship in America,” he adds, “no more than we want a political dictatorship. We want to be free men, functioning on our own responsibility, each a part of a co-ordinated whole, which deter- mines our destinies for better or for worse.” Telephone Policy Changed. Japan has completed a thorough over- ul of her telephone system, and &15‘35 to transfer the control of the system, now in the hands of the gov- ernment, to a private company. ning with 1931, an increase of 50,000 telephone installations a year 1s contemplated. ‘The present charge. of about $500 for each telephone installed is to be discontinued, and all new tele- phones will be installed free. The de- mand on the part of the Japanese for telephones has been insistent, but the big installation charge has prevented their general use. ‘Whether the telegraph service will be transferred to a private company at the same time is problematical, but the gen- eral opinion is that it will be. Steel Operations. ; George M. Verity, prograssive chair- man ;l“ the American Rolling Mill Co., says that the steel industry as a whole “has not operated to exceed 55 per cent during the last six months.” - “Qur manufacturing institutions, which consume the products of the basic industries of the country, such as steel, | copper, paper, etc., are those that can best accelerate a recovery of business,” said Mr. Verity. “But the buying of merchandise and manufactured products on the part of the public must precede greater activity in industry and a return to more normal times.” H Mr. Verity thinks it is not possible to discuss the subject of wages as a whole, as every industry has its own problems. In certain industries, like the building trades, where wages are high, recovery is liable 'to be thus retarded. Wages in | the steel industry, however, are not too high and “there is no desire or inclina- tion to change them.” But to the worker, the problem of em- sloyment is the all-important one. “How can greater stability in this field be attained?” I asked. “To my mind, the only sound and permanent remedy for these extreme periods of unemployment is to find reasonably control replied this Ohio steel . “If that is to be done anti-trust laws must certainly be . It would seem that that be done without in any way un:n& ound and constructive com- o Mr. Verity does not ask for the abo- Htion of trust laws, but for the “modi- fication” of them, so that they will still maintain a sound and healthy compe- tition. Commodity Surpluses. ‘When Lord Irwin, British viceroy of India, told the annual meeting of the Ascociated Chambers of Commerce of India this week that India was “no worse than any other part of the world” and that rubber and sugar were suffering from overproduction, while cotton, wheat and other farm commod- ities were affected by underconsump- tion, he repeated what has been said time and again. ‘The man who raises sugar does not care much whether the economists at- tribute low demoralizing prices to overproduction or underconsumption. ‘What he wants is a sugar price that will give him and his family a decent living, plus enough extra to put in his crop for the next year. That he does not get today. The embarrassed sugar belt farmer does not spend any time on figuring out what economic term should be used to correctly ex- plain his tragic plight. All he kncws is that he is in a way, financially. There does seem to have been enough us to arrive at some conclusion. But we are just about as far away from knowing when business will improve as we were & year ago. Some call the trouble “underconsumption” and some call it “overproduction.” But the aver- age man on the street calls it “rotten.” Paint-Up Campaign. Bogota, Columbia, has started some- thing Faced with a big unem- ploym:n: problem and quiet trade, its city government met and decided that a “paint-up, clean-up program should be started immediately.” And it is not s voluntary one, eitier. For the mayor of Bogota has issued a decree requir- ing and demanding all buildings and homes in the capital city of Colombia to be repainted and cleaned up before the centennial. ‘Thousands of men are thus busily en- gaged at the moment. There are a few stragglers who have not complied, but they will soon get in line, since there is a heavy fine against the owner who has not cleaned up before the begin- ning of the fair, a few months hence. The unemployment problem has been greatly eased, with the city giving the appearance of new life. Many cities in both North and South America might ‘well profit by this example. (Copyright, 1930. by North American News- paper Alliance.) WILLARD READY TEMEET PIPE LINE OFFICIALS By the Assoclated Press. NEW YORK, December 18.—Daniel ‘Willard, president of the Baitimore & Ohlo Railroad, has accepted the invi- tation of H. L. Doherty of the Cities Bervice Corporation for a conference of rail and pipe line executives on subjects of mutual interest. No date for the proposed confernce has been set, but Mr. Willard expressed his willingness to meet with Mr. Do- herty or any others on the subject. It is understood Mr. Doherty's suggestion was the outgrowth of the proposal of the Association of Railway Executives that pipe lines should be subjected to the same restrictions as railroads in transporting commodities in which they are interested. FINANCTAL., THE EVENING STAR, WASHINGTON, D.-C, THURSDAY, DECEMBER 18, 1930. [ e BONDS o ] NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 13.) s o 00 ~Prev 1930~ High. Low. Dividend Rate, 40% 18 Kinney (GR) (1).... 97 52 Kinney (GR) pf (8). 108 8% 1 Kolster Radio....... 5 1% 3 % Kolster Radio ctf; 1 &% 36% 2614 Kresga (SS)C01.60.. 11 26% 115 104% Kresge (SS) pf (7).. 50s 104% 9% 4% Kresge Dept Store: 1 62 87% Kresge Dept St pf 70 39 Kress (SH) Co (p1). 20% Kreug & Toll (1.60).. T8 18 Krog Gr & Bak (n1). 20 30 Kuppenheimer (2).. 20Us 70% Lambert Co (8)...... 21 18 Lane Bryant (2).... 2 314 Lee Rubber & Tire. .. 11 Lehigh Port Cmt (1) 4% Lehigh Valley Coal.. 147 Leh Val Coal pf (3).. Lehigh val (t43%)... zg Stock and 18% 51 108 221 207 30 78% 184 34 5 14 2 76 Ligeett & Myer (t 78% Lig & Myers B (15).. 1814 Lima Locomotive 28% Link Belt (2.60) 39 Liquld Carbonic (4). 41% Loew's, Inc (14)..... 85% Loew’s Inc pf (63). 84 Loew'spfxw (6%). 2% LoftIne....... 3% Long Bell Lumb (A). 40% Loose-Wiles (12.90). 8% Lortllard (P) Co.... 25 LouG & B (A) (1%) 85% Louts & Nash (7). 9% Ludlum St 21 MacAnd & F (t! 40 McCrory (A) (2). 39 McCrory (B) (2). 14% MclIntyre Porc M (1) 61 McKeespt Tin P1(16) 10% McKesson & Rob (1) 26% McKes & R pf (3%). 6 McLellan Stores 33% Mack Trucks (4). 86 Macy & Co (nt3). 5 Madison Sq Gar (1) 19% Magma Corper (3) 1% Mallison & Co. . Manat Sugar.......2208 5% Manati Sugar pf. 408 6% Mandel Brothers. . . 4 Elev mod g (d5) 6% Manhat Shirt (1)... 17% Marine Mid (1.20) 21% Marlin-Rock (15%). 5% Marmon Motor Car. . 26 Marshall Fleld (2%) 30% Mathieson Alkalf (2) 27% May Dept Strs (n2).. 25 Meiville Shoe (2). 6 Mengel Co (2) 91 90 2% 3% 457 214 38 39 18 1% 14% 34% 214 1 5% 6 2. 35% 27w 5% 28% 34% 29% 26% 12 Mid-Cont Pet (2). 15% Midland Steel (3), 3% Minn Moline Pow. 4 Minn & St Louls 60 Mo Kan & Tex pf (7) 20% Missouri Pacific.. 79 Missouri Pac pf (5) 10 Mohawk Carpet. . 18% Monsanto Ch (g1%). 16'% Montgomery Ward.. 1 221 191 50 3% Mother Lode..... 1% Motor Meter G & El. 14% Motor Wheel (3). 37 Mullins Mfg pt (7 25% Munsingwear (t4) 9 Murray (B)(2% stk) 121 34 Myer (FE) & Br (2). 41 21% Nash Motors (4)....8150s 25% 6% 3 8% 144% 5 3% 15% 38 281 68% Nat Biscuit (13.30). 142% Nat Biscuit pf (7)... 28 Nat Cash Reg A (14) 35 Nat] Dairy (2.60). 23% Neisner Bros (1.60) 9 Nevada Copper (1).. 80 Newport Co (A) (3). 11% Newton Steel. ....... 22 N Y Alrbrake (3.60). 22% 106% N ¥ Central (8).. ..80218117% 1 75% 1 82 152% N Y & Harlem (5)... 60s 160 44 1% 5% % 98 N Y Steam pf(6) 98 4% Norfolk & Southern 4% North Am Aviation.. 57% Nor Am (b10%stk).. 42% Northern Pacific (5). 31 - NoGer Lloyd (3.43)., % Norwalk Tire & Rub. 16 Oh1o 011 Co (2)...... 1% Oliver Farm Equip.. 17% Oliv Farm Eq pr pf.. 4% Oliver Farm Eq cv pt 6514 48 304 % 128% 1184 Otis 28% 110 102 Outlet Co pf (7). 60% 82% Owens 11l Glass (3) 19% 7 Pacific Coast 2d pf 74% 40% Pacific Gas & Bl (2). 107% 46 Pacific Lighting (3). 14 15 ific Mills........ 8 114% Pacific Tel & Tel (7) 190s 7% Packard Motor (60c) 88 34% Param'nt Publix (4). 112 5% Perk & Tiiford. 1% Park Utah. 315 Parmeles Tran (60c) 1% Pathe Exchange. .. .: 27 Pathe Exchange (A). &4 Patino Mines % 26% Penick&Ford (11%). 29% Penney (JC) (3) . 93 Penney (JC) pf A (6 4 Penn Coal & Coke. 2% Penn Dixie Cemen 20 Penn Dixte Cem pf.. 53 Penna K R (4) . 3 211 Peop Drug Strs (1)..115s 185% People’s Gas Ch (8). 5 Peoria & Eastern. ... 90 Pere Marq pr pt (5) 6 Petrol Corp (1%) 20 Phelps Dodge (2). 50% Phila Co 6% pf (3).. 6% Phila Read C&1l.... 8% Philip Morris&Co(1) 111 Phillips Petrol (n2). 73 Phoenix Hos pf (1).. 60 - Plerce-Arrow pf (6) 8 Pierce Oll pf. 1% Pierce Petrol 26% Cilisbury Flour (2).. 20% Pittsburgh Coal 14 Pitts Screw (1.40) » 3 Pitts Terminal Coal. 550s 9% Pittsburgh Unit Cory 1% Poor & Co (B) (2)... 14% PR Am Tob A (3%). 4 PRAmTob (B).... 3215 Postal Tel & C pt (1) 11% Pratrie Of) & Gas (2) 16% Prairie Pipe L (16).. 3% Pressed Steel Car 26 Pressed St C pf (1) 52% Proct & Gamb (2.40 1 Prod & Refiners. 11% Prod & Refiner. 65 PubSvNJ(340) 91% Pub Sv N J pt (5) 117 104% Pub8v NJ pf (6) 135% 121 PubSv NJ pf(7). 112 107% PubSvE&G pf (6). 89% 49% Pullman Corp (4) 85 1 Punta AlegreSugar, 27% 7% PureOfl.. 114% 90} Pure Oll pf (8). #8% 36 Purity Bakerles (4) 69% 11% RadioCorp . 57 48% Radio pf A (33%). 85 33% Radio Corp (B) (5) 50 14% Radio-Keith-Orph A. 587% 16% Raybestos Man 2 60. 141% 73 Reading Rwy (4)... 64% 231 Real Silk Hosiery(3) 87 8 Reis (R) & Co 1st pf. 108 46% 14% Rem Rand (+€0).... 103 147% 1836 Rensselaer & Sar (8) 220s 7% Reo Motor Car (80c). 4 11 Republic Steel.. 41 Republic Steel pf (6) 5 3. 30 178 118% 28% 9 37% 128% 1095 53% 9 93% 40 4 e Sales— Add 00, High. Low. Close. clrgeA : 3 181 51 1 5 26% 104% 20% 30 7 18% 34 104 21% 38 884 18 69 13% 32 614 361 93 51 24 1 5% 6 34 615 19% 27 5% 27% 32% 28% 264 6% 18% 50 2% 147 38 281 1% 40 23% 6% 2% T6% 144% 29% 38% 2% 12 5% 82 157% 10% 7 W 98 5% 6314 46% 30% 117% 8% 36% 13 1% 1% 127 108% Prev. 18% 52 28% 9% 17 134 81 13% 34 1:30 P.M. 10:30 AM..ooonns Stock and Dividend Rate, Reynolds Spring.... 4 molds Tob A (3).260s Reynolds Tob B (3).. 58 Richfleld Ofl........ 16 Rio Grande Ofl... 11 Rossia Insur (2.20) 5 Royal Dutch «3.2165. 16 Safeway Stores (5) Safeway pf (6). St Joseph Lead ¢ St L-San Fran (8)... St L-San Fran pf (6). Savage Arms (2). Schulte Retail Str: Schulte Retail pt 75 Seagrave (60c). Sears Roebuck $2% Second Natl Inv.. Second Natl Inv pf.. Seneca Copper Servel Inc. Sharp & Doh: Shell Trad (a2.4 Shell Union O11. Snell Un O11 pf ( Shubert Theater: Stmmons C: Simms Petroleum SinclairCon O1l (1).. Skelly O1l (2).... Skelly O11 pf (6) . Sloss-Sheflield pt.. . Solvay Am pr ww 5% Sou P Ric Sug (1.40) Sou P Ric Sug pt (8) Southern Cal Ed (2). Southern Dair A 13%. Southern Pacific (6) Southern Rwy (8) Sou Ry M & O ct (4).1120s 67%% Spang-Chal pf (6)...120s 9314 Sparks Withing (1) Spear & Co pt (7). Spicer MIg... Spicer Mfg pf (3). Splegel-May-Stern. . Stand Brands(1.20) Stand Comm Tob. 4 ‘Stand G & E (3%) 4 Tobacco Prod A 5. Una-Ell-Fischer (8)., Stand Invest Corp. Stand Of1,Cali(h2%) Stand Oil Exp pf (6). Stand Oil of Kan (2). 17 Stand Oil of N J (12) 17260848% Stand O/l N ¥ (1.60). p5 224 Starrett (L S)(12%4) 22 Sterling Sec (A).... 3% Sterl Sec pf (1.20) Sterl Sec cv pf (3) Stewart-Warner (2). Stone & Webster (4). Studebaker Corp (3). Superior Ofl. . Sun Ol (11). Sun Ofl pf (6). Superheater (13% Saperior Symington Telautograph (11.40) Tennessee Corp (1).. Texas Corp (3). Tex Gulf Sulph (4). Texas & Pacific (5). Texas P C & Oll. Texas Pac Land Tr.. Thatcher Mfg (1.60). The Fair (2.40)... Thermoid Co. ... Third Natl Inv ( Thompson (J R) (3). Thompson Pr (2.40).. Thompson Starrett. . Thomp-Star pt (3% ) Tide Water As (60c) Tide Water As pt (6) Timken Det Ax (80c) Timken Roller (3). .. Tobacco Products. @ ] ] NobnsOreeasrnnRe & Transamerica (1)... Transue &W (1)... Tri-Cont Corp.... Tri-Cont Corp D (§ Trico Prod (2%) Truscon Stl (§1.20 [T 16 Union Bag & Paper. . Union Carbide (2.60) 83 Union O1], Calif (32). 13 union Pacific (10) 6 Union Pacific pf ( 4 Un Tank Car (. Utd Aireraft, , Utd Alrcraft pf (3). UnitedBiscuit (2) United Carbon (1) Utd Cigar Stor Utd Corp (50¢).. Utd Corp pf (3). Utd Dyewood pf (7). 10s Utd Elecuric Coal. ... 1 Utd Fruit (4). “ Utd Gas & Im (1.20).. Utd Gas & Im pf (5). Utd Paperboard U S & For Sec pf (6). U S Freight (3). S Hoffman Leather (A)..... Leath pr pf (7). Ploe & F (2)..., Realty&lmp(3).. Rubber......... Rubber 1st pf. .. Smelt & Ref (1). & Steel (1) .. 383 U S Steel pf (7). 9 U S Tobacco (4) 1 Utd Stores (A). 6 Utd Stores pt (2 6 Univ Leaf T pf (8).. 104 Univ Pic 1st pf (8).. 140s Univ Pipe & Rad.... 5 UtIP &S (A)et2.15. 4 Vadasco Sales Corp.. 5 anadium Corp (3). 607 Va-Car Chem 6% pf. 4 Vulcan Det (4). 8608 Wabash.....eeesees 11 Wabash pf (A) (6).. 3 Waldorf Systm (1%) 4 caqceaaccdea NRRRRERREE % Walworth Co (2).... & 4 Western Pacific pf. 8% Ward Baking (A)... 60s Ward Baking (B)... 4 Warner Bros Plct. .. Warner Bros pf 3.85. Warner Quinlan. Warren Bros (3). War Bros cv pf (3 Warren Fdy & P (2) Wess O & Sn pf (4) West Penn E1 A (7). West Penn El pt (6). West Fenn El pf (7). West Penn Pw pf (6) 1. West Penn P pf (7).. 30s Western Dairy (B).. 10 Western Md.... 20 Western Md 2d pt 8 Western Pacific. 13 2 Western Unton (8).. :X'uungh s6 A B (2). West E& M pt (5).. 2108 Weston El Instr (1). Weston Elec (A) (2). Westvaco Chlor (2) White Sew Mach pf.. Wilcox Oil & Gas. ... Wilcox Rich A (2%). Willys-Overland. .., Willys-Over pt (7), Wilson & Co (A) Wilson & Copt, ... Woolworth (2.40). ... Worthington Pump. , Wrigley (Wm) (4).. Yale & Towne (2)... Yellow Truck. . YellowTruck pt..... Youngs Spring (3).. Zenith Radlo........ RIGHTS EXPIRE Peop Gas Chi.Jan 15 37 Sales of Stocks on New York Exchange tock. . 2.439.700 516.100 2:10 P.M. 12:00 Noon Rad o0, High. Low. _Closs. Glore. At . High. . G 3 1 [ U ey 1 9% 2,784.000 BONDS TURN DULL AFTER EARLY GAIN Market Opens Higher Follow- ing Trend in Stock Trading. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, December 18.—Bond trading turned dull today after an ac- tively higher opening . The market, which on Wednesday showed itself insensitive to stock move< ments to the extent that its recovery lagged over two hours behind that of equities, was much quicker today to follow the big board. Tapering of vol- ume down to small proportions and sagging of prices from their highs of the day coincided on the two marts. Time money rates showed a slight firmness in point of supply, though there Was no quotable change. Volume dur- ing the first hour was equal to that of Wednesday, but subsequently dropped. Before the opening surge upward had run its course there were gains of 1 to 4 points scattered through the list. The wider advances were in secondary do- mestic es and foreign dollar bonds, where buying was based on the theory that sizeable profits would ensue from any general advance, and the smaller advances were in the high-grade do- mestic group that had not declined so drastically during the period of falling prices, During the iregular period that fol- lowed, most of the small gains in the prime favorites were held, while the wide advances in junior securities were generally lost. Atchison General 4s with a gain of 12 point illustrated the trend in the seasoned type of investments. Canadian National 5s, New York Central 4s, Frisco “A” 4s, Northern Pacific 4s, Nickel Plate 4 Chesapeake Corpora- tion 5s, American Telephone 548, Standard Oil of New York 4! Utah Power & Light 5s, Utilities Power & Light 5125, New York Telephone 4l%s, American & Foreign Power 55 and In- ternational Telephone, 415s were all strongly supported. International Hydro-Electric 6s, which on Wednesday recovered a sizeable loss, gained another 2 points. United States Government obligations were unchanged to 4-32 higher. Con- vertibles advanced strongly with stocks and then turned dull ftom the same cause. On the Curb Exchange Canadian gov- ernment 4s of 1960 were about un- changed and were turned over in small quantities against the $3,000,000 deal- ings in them Wednesday. Explaining Wednesday's drop of 5 points in this bond, investment houses pointed out that the maturity yield at 90 is com- parable with the yields of other out- standing Canadian government issues ‘The issuing syndicate put out the bond at 95, at which price their yield was definitely narrower than similarly secured descriptions. Van Sweringen 6s notes, Cities Serv- ice 5s, Associated Gas & Electric 5s, Gilleite Razor 5s and other active curb bonds had early gains, which were later lax}geh‘r rancflled. lunior railroad obligations such as St. Paul adjustments, St. Paul 5s, Den- ver & Rio Grande Western 5s, Erie general lien 4s, Erie 5s, Florida East Coast 5s, Missouri-Pacific 4s and West- ern Maryland 4s made good progress at the start, and in this group most of the advances were held. Industrials such as Goodyear 55, McKesson & Robbins 51s, Sinclair Oil 7s, Hudson Coal 5s and Manhattan Railway 4s lost their initial advances, but showed a tendency lt;;ugmam above Wednesday's closing Washington Stock Exchange SALES. Capital Traction 55—$1,500 at 85, $500 at 85, palvg;x:n'c Electric Cons. 55—$1,000 at Vo Barber & Ross 6155—$2,000 at 84. AFTER CALL, Lanston Monotype—5 at 102, 5 at 103. Potomac Electric 6% pfd—5 at 111, Bid and Asked P; BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. s '33... & Telga. 4125 '39... cons. e Potomac_ Electric 6s 1953 Alex. & Mt. Vernon ctf. ) Balto. & Annap. 5s. .’ Gas W s 85, serie: h. Gas 6s, series B.. . Rwy. & Elec. 4s. MISCELLANEOUS. Barber & Ross, Inc., 6'as D se Club Sizs PUBLIC UTILITY. Amer. Tel. & Tel. (9) . Capital (14) Columbia (12 Commercial (st District (8). ... 2 Fed.-Am. N. Bk. & Tr. Co, (3" Amer. Sec. & Tr. Co. (15) Continental Trust (6)....... 0" 12 National Savings & Trusi (i3f) Prince Georges Bank & Trust! Dpion Trust B9).......looss Wash. Loan & Trust (14)..7 SAVINGS BANK, Bank of Bethesda (6§). Commerce & Savings (i FIRE INSURANCE. American (12) Corcoran (10) Firemen's (8). . National Union' (i 4 TITLE INSURANCE. Columbia (6h). Real Estate (6h) Title & Inv. Co. Md. E MISCELLANEOUS. Barber & Ross. Inc.. com Col.” Medical 'Blds. "Corp. Col._Band & Gravel prd. D. ©. Paper Mfg. pid Dist.’ Natl. Sec. pid Emer. Bromo-Selz Federal Storage pfd Fed.-Am. Co. com, Fed.-Amer. Co. pfd. Lanston Monoiype (8). Mer. Tr. & Stge. com. Mer Te & Sige. pid; Mergenthaler Linotybe Natl. Mige. & Inv. pfd W. Mech. Mtge. com. (6)', Wash Med. Bldg. Corp. (7 Woodward & Lothrop ptd. (7). *Ex dividend. 2% extra. b Books closed. n35c extra. f30c ex 1% ext o137 extra. CHICAGO DAIRY MARKET. CHICAGO, December 18 (#).—Butter 15% extra. Received by Private Wire Direct to The Star O UNITED STATES. (Sales are in $1.000.) Bales. 87 1027 50 10220 2 108 10 111211 Low. Close. 101 27 10129 10226 1028 2 10817 10318 1026 1027 FOREIGN. Sales. HI Austral Austria Bk of Chile %8s ‘61 Batav Pet 418 '42. Bordeaux 6s '34.... Brazil 6% s Brazil 6%8°27. Brazil 8s'41.... Bremen 78 '35. Chin Gvt Ry Christiana 6s '54 Colombia_6s Jan Con Pow Japan 7., Copenhag 43/ 45. k1inlana 78’5 French Gvt 7is ‘41 Gelsenkirchen 6: Japanese 5% Japanese 614 Jugosl Bank Mex 4s asstd 1910. Milan 6%s'52..... Netherlands 6s'72. New So Wales 6s Norway s '6 Norway 6% Norway 6s '43. Norway 68 "44. Norway 6s 52. Orfent dev 5% Orent dev 6s Paris-Ly M 6; Paris-Ly M 7 Poland 6s°40. Poland 78 47 Poland 8s '50 Prague 7% Queeniand Queenland Roy D4s’45 w Sao Paulo Seine 78 *42 Serbs-Cr S1 Serbs-Cr-S1 8 '62. Shinyetsn 63%s '52. Sweden 5348 '54. Swiss 5% Yokohama 6s'61.. Abitibl P & P 68 '63 44, .. Alleghany 6s 4 Allis-Chalm 6837, Am F P 5%82030.. Am1GChb%s Am Int Cor 5% Am Metal 5%8 '34. Am N Gas 6%s 42, Am S&R 18t 63°47. Am Sug Ref 68°37. Am T&T cv 4%8'39 Am T&T 65 '65. Am T&T c tr 58 Am T&T a8t Am T&T 5% 843 Am W Wks 6a°34. . AmWat Wks 675, Arm & Co 434839 Arm Del 6 Ass0 Ol 6: At Ref deb 53 '37 Bell Tel Pa 58 B ‘48 Beth St p m 6: Beth St rf 6542, Bk Ed &n A 58 '49 Cert-td deb 5%s Chile Cop db &s ‘47 Colon Oil 65 '38 CCMaistrf Consum Pow C Am Sug col 8s '31 Denver Gas bs '51.. Gen Motors Gen PSvE%s Gen St Cas 5% Gen Thea Ea @eodrich cv 6s°45. Hum O&R 63%8 '63. MBTistpfbsA. 1] Steel 43840 ERSTE PRSI 8= ant = 11 PO -0 1 19 oy 2Elawm 2 52 6 9% MISCELLANEOUS. 12 12 85 Y T4% 104% 104% ;92 10220 102 20 10810 10810 _ 11211 11211 igh. Low. Close. 82% 82 % 9% 79% 92 924 100% 100% 107% 107% 110 110% 107% 1074% 107% 107% 35 37% 104% 104% 53% 65% 55% 66 56 56 67 67 89 89 100% 100% 104 104% 2% T4% % T4% 88% 89% 23% 23% 100% 100% 55 56 921 92% 98. 98 i1 ki 109% 109% 109% 109% 107% 108 107% 107% 93% 94 101 101 105 105% 1024 102% 102% 102% 102'5 102% 104% 104% 120 120 4 125% 126% 841 84y 69% 70% 78 80 73 18 100% 100% 9% 96 81 82 98 98 101 101 91% 92 9% 9% 914 91% 102 102% 7% 15 611 90% 1043 10475 815 8y 7 8% 105% 105% 61 90% 104'% 104 101% 102 104 104 104% 10414 101% 1014 87 87w 93% 10415 1043 106% 106% 101% 101% 37 38y 35% 36 106% 106% 76 179 90% 90% T4 T4 104 © 10434 105% 105% 105% 105% 92% 987 9 79 By 88y 4 104% 105 70% 831 52 9% 69% 695 89% 89% 82 67 65 80% 641 641 64% 100 100% 6% 77 96l 9Tk 874 87% 90 90 30 31y 101% 101% 103% 108% 1224 122% 103% 1043% 104 104 103 104 107% 107% 101 101% 99% 100 8 86 4% 5% 101% 101% 100% 100% 104% 104% 100% 101 100 100 105% 105% 21 27 88 88 50 50 98% 99 931¢ 931 104% 104% 106 106% 26% 26% 104% 104% 94% 94% 9 99 104 104 106% 106% 79 9 68 68 100% 100% 1024 102% 104% 104% 99 99% 981 931 Lou G & E! " FINANCIAL. Balea High. 2 103 10 CHANGE fice Low. Close. 3 108 5 100% 100% 100% 29 80 7 80 Man S 1st 738 °42.. 2 Midvale Steel 58'36. Mor & Co 1st 4% Nat Dairy 64 s'¢ Rad ¢ 47 8 oe b o ~SRanENE man winssaSaaes BranSEanennl Nor St Pow 55 A ‘41 PacG & El158%43. .. - Plllsb F' M 68°43. .. Por R Tam 6s'42.. Pos Tel & C 53 '63. . Pressed St C 6533, Pure Oll 6%s°37.., Rem Arms 6s A 37, Rem R'd 6%3s RIchfi’d O cal 65 *44 Shell Un O11 68 °47... Sincl O 6%s B Sincl Cr O 6%s Sou Bell T&T bs *41 SW Bell T 63 A “54. StOIIN J 6848 StOI N Y 4%s ‘61 Sug Es Or 78 '42. Tenn E1 P 63 A *47. Tex Corp cv b8 *44 Utd Drug cv 6s '53. U S Rublst 58 °47.. UtahP&L Utll Pwr 58 '59 Utll Pow 53%s '47. . Vert Sug 1st 7s Walworth 6s A *45. Warn Br Ple 6s ‘39, ! warn Quin 6339 Warner Sug 7s "4 West El deb 63 "44. West Un Tel West UnT 6 Wh Sew Mch Wil & Co 18t You St & T 6s 78 - =t 26 100% % 6% 14% 106% 1056 113% 26 100 9% 95% 14% 106% 105 118% 26 100% 9% 96%, 14% 106'% 056 118% 1047 104% 10474 102% 106 102% 102 102% 101% 90 104% 63 100 103% 1047 103% 97% 20 105% 98 104% 101% 1051 27 97 100% RAILROAD. Atchison adj 4 Atchison gen 95, 3 111 102 105% 102 101% 102 101% 89 1041 63 58 76 87 944 84% 52 T4% 917% 100 103% 104% 103 97 20 105% £ 98 104% 101% 105% 27 a7 100% 110 24 95% 94% 71 40 15 .82 Bd & Tth Av 58 "43, Bkiyn Elev 6% Bklyn Man 6s ‘68 BR&PIitt 4%s 67, Can Nat 4148 °54... Can Nat fis Ocr Can Nor 6%s db'46 Can Nor 7s den 40. Can Pacific db 4 Can Pacific 434 5'60 Can Pac 5s ctfs 44, Can Pacific 5s 54 Car Clin & O 68 °5; Cent Pacifie 4549, Cent Pacific 6s 60. C'n Ry NJ gn 58'87 C B&Q st rf 6871 CR&Q I1dv 315849 C B&Q 11l dv 9. Ch & East 111 68 '51 Chi Grt West 4s '59 Ch M &St P4s 29, 23 Ch M&STP4%sC. 3 Ch M St P&P 68 76 101 Ch M & St Padj bs 185 Ch&NW gn3%s'87 3 Ch & NW 41452037 6 Chi NW 43sC 2037 10 h & NW con 4%s. 39 Ch & NW rf 6s 2037 ChRI&P44s Ch Un Sta 4134 Ch Un Sta 63 "44. 3 CCC&St L 4348 (E) CCC&SL5sD C U Ter 4%s 2020.. Clev Term 438 "17 Clev Term 58 '73 ctf '36. Cuba Nor 6%s'42.. Del & Hud rf 4843 Del & Hud 5%s°37. Den&R G W 5s '55. DRG& W st 55’78 Erle 1st con 45 '9§. Erle Gen 4s. . Erle cv 65 '67. Erfe 53 1975 Fla £ Coast 5s *74. Gr Trunk 7s40. ... Gr Nor 418 '76 (D) Gr Nor 43577 (E) Grt Nor 1st bs..... Gr Nor 55 '73. Gr Nor gn 538 ‘52, Gr Nor gen 78 '3 Hav E1 Ry 5%s 51 Hock Val 436s '99 Hud & M adj 6s '57. Hud & M rf 58 '67.. 11 Cent 4s63.. .. 11 CCStL&N 434s.. Int Rap Tr 63 '66. *66. 26 Int & Gr Nor 6s '52. Int &G N ad 6s '53. Int Rys C A 53°72. IntRYCA 6%s°47 Iowa Cen 1st 55 ‘38 Kan CFtS&M 4536 Kan Crty Sou Kan City Ter 45’60 Lake Shore 3%s 97 Lake Shore 43 °31. . Leh V cv 433 2003 Long Isl rf 48 49.. L &N untds'40... L &N 4%82003.., .1 Manh Ry 1st 45 '90 e SOnaEs mm e Mo Pacific bs I ‘77, 0 Pac 618 cv 49, ZZ2RZE K 9914 89% 104% 99% 99 106% 1013 103% 100% 104% 104 107% 107% 1 931 101 110 9914 8814 103% 9% 98 106 101% 951 95% 5 68 96 80 98 97% 974 103% 99%, 103% 93% 100% 109% 941, 99% 97% 8% 85 102'% 106% 111 99% 100% 102% 101% 102% 101% 90 98 85 104% 63 58 76 94y 85 52 105% 98% 94 69 975 62% T4 39 61% 64 49 98 104% 101% 995 07% ¢ 931 101 110 95 100% 99 98, 514 8! 100% 100% 100% 10314 103% 103% 844 841 84y 102% 102% 102% 98% 971y 9834 10214 102% 1023 101 101 1001 100% 101 101 105% 105% 105% 1004 100t 100% 55% 55% 55% 624 624 624 40 9% 105 68y 110 94 97 101 40 93% 105 110 9% 941 941 94 94 94y 101 1045 104 109 109 32 98% 70% 7% 32 691 96 83% 92 67 67 54 88 72 45 0% 78% 12 95 9% a2 Tk 40% 941 105 804 70 76% 75 22 110 97 101 104 109% a2 98y 70 96% 85 45 0% 73% 95 97 92 7% AUTOMOBLE TRADE; T0 PUSH CAMPAIGN Vigorous Sales Drive Expect- ed to Stimulate Replace- ment Demand. BY DAVID J. WILKIE, Associated Press Staft Writer, . DETROIT, December 18.—Seeking substantial foundation for the nhlrnln: prosperity it belleves already in sight, the automobile industry intends that the vigorous sales campaigns soon to be 1 | 10 full swing shall be made on the basis of dollar value. There is to be no ap- peal on the “buy-now-and-] | - ness” basis. et S Leaders of the industry say there is no need for an appeal on the latter basis, the results of which would be only temporary at best. They are vinced—many of them ny—~thlt°?3 three-sided combination of the great- est dollar value the automobile industry ever has offered, a sales drive without parallel in its history and a steadily growing accumulation of delayed re- placement buying which soon must be released, promises a volume of business for 1931 that should compare well with aggregate of 1928. The total production of two years ago was 4,600,000 units, with a wholesale value of $3,162,798,880. Improvements in Cars, All along the line, from the most ex- pensive to the cheapest models of auto- mobiles, mechanical improvements have been made and refinements have been added that normally would call for price increases. In the face of restricted buying power, however, price increases have been taboo. Instead, the industry, has effected manufacturing economies enabling it to improve its product with- out increasing the price to the con- sumer. That the sales campaigns will be the most vigorous the industry ever has seen appears evident from the prelim- inary work of schooling provided the merchandising organizations by the manufacturers. The drive for sales will present something of a contrast to the prosperous period when the would-be buyer was told that he might obtain delivery from three to four months after placing his order. Delivery dur- ing the coming months is more likely matter of a few hours, if not a drive-away proposition. In virtually every statement given out or address made by an automobile executive stress is placed upon the im- portance of the delayed replacement buying, which ultimately must come into the market. Calculations are made {|as to the life of the average car; its ultimate value if kept in operation be- yond a certain period is analyzed, and statistics are assembled in an effort to determine how much longer a motorist without a job makes his car last by not driving it. Always the analyses have the same objective—how' long can the owners of worn-out, or nearly worn-out, cars withhold their orders for replacement? Production Curtailed. It is, after all, the replacement mar- ket that the industry is counting upon for the recovery expected to.come in 1931. It is this replacement, too, that inspires most of the confidence with which the industry looks forward to the coming year. The longer the replace- ment market is closed, automobile lead- ers say, the greater it will be . when it is finally thrown open. Notwithstanding the optimistic state- ments, production is being held in check, and with the exception of thoke companies that have just swung into new model output, a further scaling down has been apparent. This curtail- ment has gone somewhat beyond theg: usual seasonal reduction in keeping with the industry’s determination to enter the new year with only an absc- lutely necessary surplus. In all cases, however, the factories are ready for the production of whatever retail demand dictates. ‘The Ford Motor Co., which has been on a three-days-a-week schedule for the last three months, announced a complete shut-down, effective today, in line with its usual policy of production at this season in order that an inventory may be taken. COMMODITY PRICES. * By the Associated Press. Commodity prices continued _theif' downward trend last week as the change was calculated by the Department of Commerce. In the index that follows the average wholesale selling price given for comparable periods, based representing 1926 prices as 100. In ad- dition, the selling price of a ton of com- posite steel products is given for like periods: All ‘Commodities. Steel. Week ending Dec. 13... 79.8 Previous week. 80.7 Same week last year. 92.6 B. & 0. Veteran Dead. GRAFTON, W. Va., December 18 (Special) —Funeral services were held today for Charles H. Goudy, 89, native of Ellicott City, Md., veteran of the Baltimore & Ohio Railroad service of the Civil War. He started work :he ':(grfg‘lkvy.gg( g\;:x‘d and was also locad ngton, D. C., d the Civil War. Goudy !nmm Baltimore & Ohio service at Mount Clare, Baltimore, where he learned the machinist trade. He was general fore- man here from 1881 until his retirement in 1911 and was in charge of the air equipment when it came into use. Rt Senmies: A scooter devised so that both feet are used in propulsion has been in- vented in Germany. Pere Mar 4% 100%s 100% 1007 Pere M 1st 6s'56. . 96 9114 96 91 96 91 P CC&StL 418177 PCC&StLEsA. 96% 96% 961 | Por R L&P 7%s 46 Y6% 96% 96% | Read gen 4%8 A'9T 94% 52 45 92 98% 106'5 106% 87 100 100 66% 874 83% 99% 99 66% 86 110% 110% 108 37 54 45 92 100 8814 843 86% 99% 7 93% 1045 106% 861 100 100 66% 874 110% 103 Reading 4%s B... RIAr&L 4% 99% 100% | St L& S F in & A StL&SF4% 3 S&L&SF gen 68 31. St L&SF prinss B St P Un Dep 68 '72. SanA & A P 4s'43. Seab A L rf & 6! 3 Sou P&Or 4%s 17 Sou Rwy & Sou Rwy Sou Rwy Sou Rwy 6% Tex & Pac §s B 77, Third Av ref 4s 60 Third Av adi TolStL& W Un Pac 18t 48°47.. Ry 1 Y Va Ry & Pow 6834 101% @7 if 8 12 11% 1% 1% % PP TE 18 stock, operetta, “Mr. Moon and Merry Christ« ml.:‘:;' lomor‘rov{ e;:nhgel! B‘uo'tsleock. e principal characters wi por- trayed &em Gilmore and Pef Seis. The Parent-Teacher Associati of the school will sell refreshments after 34% 11 Reynolds Metals (2). PUPILS IN OPERETTA Special Dispatch to The Star. FORT MYER HEIGHTS, Va, De- W | cember 18—The puplls of the Woodrow Wilson School. under- direction of the Wabash ¢%878... Wabash 18t 68 '39. B 7 wal Wabash §s D 8 West Mq %! 3 Nor Pacific 35 2047 ig P Nor Pag! Nor Pa# 4% s 20 Nor o 5s D 2047. 5 NorPac r 1 6s 2047 100 —Recelipts, 6,761 tubs; easy; creamery extras (92 score), 28'2; standards (90 score car lots), 28; extra first (90-91 score), 27)2a28; firsts (88-89 score) zs:/glfl'l; seconds (86-87 score), 24la! 255, ‘:'K'—Recelpu, 3,565 cases; easy: U. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of business December 16 was $343,623,025.44. Cus- e play. The children were coached |toms receipts for the month to date extra firsts, 26; fresh graded firsts, 2 by Miss Shasta Nelson and Miss Char- | were $17,797,451.12. Total ordinary firsts, 20a22; lotte Hagan, teachers, expendityres, $51,376,241.95, 14%; refrigerator extras, 16, D \ 101 109% 98% 1084 | West Pac 101% 101% 97 97 ™% 9% 85% 85% 102 F 1