Evening Star Newspaper, December 19, 1930, Page 15

FINANCIAL. PRICES ARE DD IN CURB DEALICS, Hi Market Moves Uncertainly After Irregular Opening. Utilities Featured. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, December 19.—Hesitant Bt the opening, th- curb market today developed selectivity and irregularity as the session progressed. Petroleum shares, the active and weak _®Toup during the first hour, quieted down shortly thereafter as public utili- ties came in for greater attention. Cities Bervice, after opening on a block of 4,100 shares at 15%, off 15 swung and forth between that level and its previous closing price. Electric *Bond and Share opened at 41%, off 3, but ran up to 43 by midday. Traders estimate that Electric Bond & S8hare will earn $2.50 & share on its common this year. They look for no change in the dividend rate. Present activity of the stock, however, reflects @& market situation in which the public has turned buyer. Central States Electric thrilled tape eaders for a brief period in the fore- noon when it ran up from 10 to 11%;. In sharp contrast with this movement was the 10-point decline in Aluminum Ltd., in the higher-priced :ndustrials, National Aviation was a trifle lower, even after one of its subsidiaries, East- ern Air Transport, announced a Flor- ida extension. Insurance stocks, especially shares of fire companies, encountered firmer bids on & small volume of transactions. It ‘Tequired only a few sales of Insurance Company of North America to put it up more than a point. On the other hand, some of the finance companies and bank holding concerns moved lower. The Curb admitted to trading today when-issued shares of Qliver Farm uipment Co. new common stock. e 2 CHICAGO LIVE STOCK MARKET CHICAGO, December 19 (#) (United States Department of _Agriculture) — H Receipts, 23,000 head, including 9, direct; fairly active; strong to her; top, 8.15; bulk, 130- , 7.90a8.10; 220-300 pounds, i pigs, 7.75a8.10; packing sows, 6,75a7.25; light light, good and , 140-160 pounds, 8.00a8.15; light weight, 160-200 pounds, 7.90a8.15; medi- um- weight, 200-250 pounds, 7.7588.05; .hazvy weight, 250-350 pounds, 7.55a 7.85; packing sows, medium and good, 275. ur:ids‘hoa 65a7.25; _slaughter . and choice, 100-130 pounds, A.5028.10. ittle—Receipts, 2700 head: ealves, 1, head; fed steers and yearlings slow; about steady; butcher stock weak Rotrs! quaity pite. - SLES St q n, T cat- tle and vealers—Stee: T 600-900 pounds, pounds, 10.25a14.25; 1,100-1,300 pounds, 10.00a14.00; 1,300-1,500 poynds, 9.25a 13.50; common and medium, 600-1,300 pounds, 6.50a10.25. Heifers, good and - choice, 550+850 rouudx. 8.50a12.75; commen to medium, .0088.50; cows, good and choice, 5.258 7.50; common and medium, 4.00a5.25: low -cutter and cutter, 3.00a4.00; bulls (yearlings excluded), good and cheice (beef) 5.00a6.35; cutter to medium, 4.00a5. vealers (milk fed), good and choige, - 7.50a10.00: 6. medium, 6.5087,50; cull and commen, 5.00: feeder cattle, steers, 500-1,050 pounds, and medium, 5.5087.00. Receipts, 11,000 head: mostly steady: good to chojce fat lambs, 7.75a 8.00 to packers; choice kinds bid 3 fat mative ewes, 3.0083.50; pounds down, geod and cheice, 8.50; medium, 5; all Ip':lulhti , 1.00a2.50; feedi) hm“h 580-15 pounds, good and choice, nds. High. Alabama Pow se 56 %nsh fr? 338 Pa 55 00d_Rubber 5! Iiin P & L 51:s 83333%20E: o5 13 £ s pe3e3EennnsSeenssesSage zsS2soeeesSegssn asead 0 &7 383 g2aiess _E 33! s33eznenEn: 323, 238323 oona: 2858 I 85 °50. " 1f Lt & Ry 8iax 83 mited Lt & Rwy 55 Lt & Ry Y a2 18228 2= 2gS223ex: & 2e8e223s & ST i Vi When tswued in shipments on the Great Lakes . Ly during 1930 lyth and Superior du far below the 100,000,000 decrease from past seasons. NEW YORK CURB MARKET Note—All stocks dre sold in one hun excepting those designated by the which shows those stocks to be sol ~Prev. 1930.~ Stock and Dividend Rate 3% Aero Supply (B). 23% 5 Aero Underwriters.. 6 64 115'% 111 Ala Pwr cum pf (1).. 508 114% 23% 104 All AmGen Co . 2 154 9% 1% Allegheny Ga: 4 2% 14 Allied Aviation,.... 6 4% Allled Milis (600)... 1 4% 150 Aluminum Co of Am 276s 150% 60 AlumipumCelLtd... 1 @& 24% 13 Alum Goods (1.20).. 14 48% 26 Am Arch Co (3) 25 134 5 Am Capital (B) 5 90% 60 Am Cigar Co. .8 654 49 27 AmCP&L (A) (a3). LY 6 11% ™% Sales— Add l: Olzl 3 18'% 356 232 28% 4% AmCP&LB (10%). 10 AmCom P A (b10%) 37 6% Am Cyanamid (B).. 44 Am Equities. .. 114 Am For Pow (war).. 314 Am Founders(bi%), El (31).,. B).. 1% Am Invest (war),... L] 15% 8% 81% Am Superpowr (40c) 84 Am Superp pf (6)... 314 Am Ut&G (B) (35¢c). 1 Am Yvette new wi.. 7i4 Anglo Chil Niu 5% Appalachian G a 1 6% ArkP&Lpf (1), 308 102% Armstrong Cork ¢ 1 23 As5s0 G & E pt 14 Asso G&El purr 1% Asso G&E (A) db 32 Asso Rayon pf (6) 18% Asso Tel Util (b8% Y Atlas Plywood (2) 54 Auto Vot M ov pt 19% Aviation Cor of A: Th Aviation Securities. . 70 Baumann (L) pf (7). 3 Blue Ridge Cp(pale) 30 Blue Ridge cvpf(as) 10% Blumenthal (8 1949 Brazil Tr&Lt( 23% Brit Am Te 1.17 244 Buff N&EP pf (1.60), 1% Bwana M Kubwa, .., 3 Cable Radlo T vte... s Cable & Wir: 2 Canada Marce 22% Carnation Co (j1%) 4 Carnegie Metals. .., 48 Celanct1stpf (17%) 9 Celluloid Corp. % Cent Atlantic Sta 1133 Cent Pub Sve A aL.78 - PNEBBE O -RON CNNANE RS CREENNA— e 13% Chat Ph Aln,v, (1), 4 Ch Nipple Mfg (A).. =8 SrsnasmnasSiocanus T% Com Wat 8v (b8%), Consol Autp Merch., 2 Consol Copper. . 8 10 Consol Layndries(1) 3% Consol Retail Storeg 2% Cons Royal Oil (50¢) 49 Contl Share cv pf (6) 40 Cont Shares pf B (6). 3% Cord Cor 5 14} Cor) 1% Co. 6 Crocker Wheeler. 6% Cr Cork Int A (1), & Cuban Cane propt w, 1 Curtiss Airports vte. % Curtss Wright war. 4% Darby Petroim n (1) 1% Dayiun Air & Eng. .. 29% Deere & Co (£1.20) 3 De Forest Radio emS o au-Se~ v-w 11% Diamond Match 271 23% Dia Match cu pf (n. 112 130 Dixon (J) Cruc (8). 23% 11% Douglas Aireraft (1) 56% 281y DressS R (A) (3%). Duke Power (jt5) t St Po 17 13 Util Asso cv. 3 e 28 3% r Kleetric Corp. 2 4 117% 87 Elec Bond & Sh (b6). 621 41% 109% 100% £l Bond & Sh pt (6). 88 £1Bond& Shcupfs 11 Elec Pow Asso (1).. 10 Elec Pow Asso A (1) 163 El Pow & Lt op war. #% Elee Shareholdg (1). % Empire Corporation. 88 Emp G&F cu pf ( 5 Emp PSerA (a 204 Employ Reins (1%). 4 Engineers Gold..... % Evans Wallow Lead. % Fabrics Finishing Fajardo Sug: % Fandango 2 Federated Cap; 8 Federat Met (113 104 ¥iatreis (1.26). it Stock deb rt Flintkote Co (A) ® - 3 NoonamTn moNamBme 32 2 100 10 214 35 134 % Foremost Dairy 20128 % 2} Fox Theater C) (A), 10 4% 19 French Line B160% §0s 64 Gen Alloys (30¢).... 4% General Aviation... 27 n 1% Gen 25 Gen Capital 9% Gen K Ltd 14% Gen EmpireCor(i). 7 1 37 Gen G&E cv pt B () 11508 % Gen Laundry Mach., 2 25% Gen Thev pf w.L(3). 141 Gen W W&E A (3).. 94% Gel [3 . 30 Gilbert (AC)PL(3%) Gleaner C Harv Glen Alden Coa) Goldman Sach TG .. 116% GrA & P T ot (1 185 Grt At&! nv 18.25, 116% 167 ® Al 58'% GuifOllof Fa (1%). 15 Happiness Candy... 13% Hazeltine Corp (2).. 1% Helena Rubenstein. . 24% Hires (CE) (A) (2).. 5 Holllnger Gold t65c. 30% Horr & Hard (23%).. 3% Hudson Bay M&S.. Humble Oil (12%).. 16 Lmp O1l of Can (60¢c) 21% Imp Tob Gt Brit t8%¢ 15 Ind Pipe L new(13).. 5 Ind Fin ctfs (b10%). 29% Insull Ut(tb10% %). 45% nsCoNAm (13). .. 6% Insurance Sec (7T0e). 6 (ntercoast Trade (1) % Intercontinent Petp 11% tnt Petroleum (1),,. 2% Internat Products, ., 20 Int Superpwr (£1.10) 30 Int Uulities A 4% [nternat Ul 29 Interstate Ecn pf(3) 6% Irving Alr Chute (1) 2% [talian Superp (A)., 1 Italian Superp war. 100% Jer Cen P&L pf (1) W Jonas & Naumburg. 5% Jonas & N cum pf... dred-share letter s (80s) (2508) Id in odd lots enly. 3102 103 9 88 * 90 lota Closs. 4 7 6% T 114% 114% 114% 154 15% 16% 2% 2% 2% Y W % 4% A% A% 160 185% 180 [ 80 60 4 14 14 25 25 2: 5 5 6bla 65 6Bu 2% 24 6 % 1% o's ®ish, Low. 4 4 L] 17 4 821 5% B% B4 % 6% 6% 6% 1021 1021 102% 23 a3 23 “w 13% % 4 43% 124 13% M 6% 4 44 41% 421 102 108 88 90 12% 184 11k 124 19 19% 9% 104 1% 1% 87 L 5 5 21 13% 1214 104 10% & a 7 100 100 100 21% 21 21 13% 18% 13% 1 N 1 4 4% 4% 1 19 19 5% 6 5 63 Bly 5% 116% 116% 1167 167 164 164 4 16% 16% 2% 22% 16 16 mFrev, 1930.= ieh. 64 T 214 » 294 19% 48% 8 3415 560 259 33 40 1081 122 37% 487% 22% 18% 10 34y 38% 10 29% 98 86% % 19% 10% 13% 26 22% 28% 364 2" G STAR, WASHINGTON, D. C, FRIDAY, DECEMBER 19, 1930. Stock and 5 Dividend Rate. 21% Leh C& N n (1.40) 15 LeonardOll. . G 16% Lily Tulip Cup (1%) 6 Lion Oil & Refining.. 1% Loew’s Inc war).... 19% Lone Star Gasn (1), 30 Long Isld Lt (55c) % Louisiana Lan & Bx. 8% MacMarr Stores (1), 2% Marin- “eam Shov., 4% Mas % Ma 35 May. 4 McCory ...i&Mfg B. 18 McWil Dredge (1132). 554 Mead Johnson(f4%). 141 MerCh &S (1.60).... MerCh& SpfA6%. 1% Mexico Ohlo Oil, 2% Mid St Pet vtc A % Mid St Pet vic B..., 14% Mid West Ut (b8%). 1 Mid West Ut A war., 16% Midland Utd (b8%). 5 MoKanPL (b10%). % Mo Xan P L vte, ... © 5 Miss Riv Fuel bd rts. 26 Moody’'s 18 pt pf (3) 4% Mount Pred (1.60)... 3% Nat American Co. 31 Nat Aviation..... 27% Nat Bond & Sh(76c) . 20% Nat Fuel Gas (1) 3% Nat Inve 8% Niag-Hud Pow 1% Niag-Hud Pow A 2 Nlag-Hud Pow Cw 5% Niaj 11% Nori 14 Nordon Corp T Outboard Mot (B)... 25% Pae GAE 18t of (1%) 644 Pac Wastern Oil inroad Cp (20¢) n Wat & Pow (2 16 pL&P Aa2.40 31 Pilot Rad Tube (A).. 5% Pitney B P n (20c) 9815 Pitts & L E (110) 16 Plymouth Ol (2),, 1% Polymet Mfg (bé % Powdrill&Al (4% Power Corp, Can (2). Pratt & Lamb (15) % Prince & Whit (26¢; 53 % Public Util Hold 4 Pub Ut Hold xw 5 2 Radio Products (2).. 3% R R 8h Corp (25¢).. 3 RR&LLS (15) 2 Rainbow Lum PrA. 1% Rainbow Lum Pr B, . 1% Reiter-Foster, .. 1% Reliance Int (A) % Reliance Int Cor (B) 3% Reliance Manag..... pf.. % Richmond Radiator. 1% Roosevelt Field Inc. 2% Rossia Int Corp..... 2 runBeen Tt aunnans ~ ‘) o SewBan~ B T T e L R L L) TomRewD e~ ww PISTIIST PN - 1% Safeway S w(24)(C)140s 1 & St Anthony Gol 10% St Regts Paper (1) 5% Salt Creek Pred (1), 6 BaxetCo.....,ice00: 15 Schiff (The) Co (2)., 6 S®chl& Zanpf (3%).. 8% Schulte Real Estate. 1 Schulte Un 5c-$1 St.. 3% Seaboard Utll (50¢). 4 Seg Lock & H (50¢). 2 Selected Industries. 45 SelecIndallcfs 4%.. 1% Selfridge Store(27c) % Sentry Safety Cont.. 7 Seton Leather (1), 2% Shattuck Den Min, 3% Shenandoah Corp. 30 Shenan Corp pf (a3). 1% Shreveport EI D. 3% Silica Gel ctfs. 840 Singer Mfg (422) 120% Smith (A O) (D). 8% Solar Refining. .. ... 18 Sou Penn Oll (12). 281 SoCal EApf A (1%) 24% SoCal EApf B (1%) 22% SoCal Ed pfC (1%). 2 Seuthern Corp. 6 SouthldRoyalty(60g) 3% 8 W Gas Utllities. % Spanish & Gen rets. ., 17% Spleg M St pf (6%). % Standard Motors. ... 30 Stand Of] Ind (2%). 18% Stand Oil of KY (12) 43% Stand 01} Ohlo (8% ) 115% Stand O Ohlo pf (7)., 7 Stai t COrp..... o 17% Starre tggrppt @). 16% Stutz Motor Carn,,, 2 Sunray Ol (b5%). 27 Swift & Co new (2) 30 Swift Intl (13%) 16 3% Syracuse W Mch(B).338s 10 Taggart Corp (1).... 42% Tampa Electric (32). 6% Technicolor Inc... 4% Teck Hughes (60c). . 8 Texon Oil&Land(15) 3% Tran Con Alr Tran.. 4% Trans Lux DLFS.. 12% Trunz Pork 8 (1.60). 3 Tubize Chatel (B)... 6 Tung Sol Lamp (1).. 13 Ungerlelder ¥ Corp.. 14% Union Am invest.... 18% Un N G of Can 11.60. % Unien Tobaceo. . 19% Utd Lt & Pow A (1). 56 Utd Lt&PwrB (1). 87 Utd Lt & Pow ot (6). 45 Utd Molasses, Ltd. .. 3% US Elec Pow ww. 6% U 8 Finishing....... 3 U SFoil CoB (50¢c).. 1 US{& IntSecur..... 30 USé& intSec1st (5) 5 Utility & Ind. . 13% Ut & Ind pt (1%) 3% Utility Equities..... 45% Vacuum (14%). 1 Van Camp Packing. . % Venesuela Petrel. 12%5 Waitt & Bond A 3) 14 Co Sates— Add 00 Hieh. Low. 2.30. Close. 25% 24 Received by Private Wire Direct to The Star Office 24 25% PRODUCE MARKET IN NARROW RANGE Seasonal Dullness Prevails in Shipments—Weather Is Sales Factor. Produce markets have been rather quiet since the middle of December, says the United States Department of Agriculture, Bureau of _Agricultural Economics, Market News Service. Dull trade in the wholesale markets is not unusual at this time of year, since the retail dealers have already been sup- plied and the activity shifts from wholesale to retail buying. Weather, t0o, was a little milder than is desirable for the trade in food products. The fienenl result appeared in the form of ight car lot shipments of most fresh produce, with no pronounced price tendency at shipping points or in the representative consuming markets. Eastern potato markets have made a better showing than those of the Mid- dle West and have held, in a general way, the price advances made early in December. The revised crop report re- cently issued was not unfavorable to the market. It is shown that the pro- duction 15 about the same .as that of last season. Prices have been lower by about one-third, ~which apparently leaves some room for further advances if market_ conditions become more fa- vorable. The North Atlantic States had & fairly good potato erop and show an increase of 2.6 per cent over the 1920 season. The Far Western States had a very good crop. The shortage was in the North Central region, with a de- crease of about 12 per cent, compared with last season. Maine, the principal Eastern potato State, had 10 per cent fewer potatoes and the price is so low that the crop is valued at only about half that of last season. Shipments of potatoes have been de- % | creasing since the middle of the month, owing to weather conditions and light demand at shipping points. Prices have advanced 5 cents in some produe- ing sections and various city markets report 5 cent to 15 cent higher prices, but the general level has not changed w greatly. Maine Green Mountains were selling the third week in December at $1.75 to $2.06 per 100 pounds in East- ern cities. Lol Island potatoes, as usual, sell a little higher than Maine stock and brought as high as $2.50 in Washington. Pennsylvania and New York stock sells at $1.65 to $1.75 in 2% | large Eastern markets. Desirable lots from Western New York brought as high as $2 to $2.35 in Washington and Atlanta. Growets in Eastern qudm sections have been showing little inter- est in letting their potatoes fi) at pre- vailing prices. In Western New York they are receiving at present 65 cents to 70 cents, occasionally 75 cents a bushel. Low temperatures at times have prevented hauling because of the Tisk of freezing. Most sections in New York, Long Island being an exception, have ship) much more lightly this season. tern markets have been supplied heavily from Maine and Idaho. Cabbage and Onions Steady. Shipments of cabbage from all sources have usually exceeded 100 cars daily so far this month. Most of the re- ceipts_in Eastern markets are from New York State, but supplies are in- creasing from Texas, South Carolina and Florida, sometimes amounting to about one-third of the daily output. Prices of old eabbage have held fairly well the gains in price reached earl in the month. The long-keeping ‘Danish type sells at $20 to $23 per ton bulk in most Eastern cities, but went as low as $16 in Pittsburgh. Pennsyl vania cabbage brings $1.15 to $1.25 per hundred unds sacked. Occasional sales of late cabbage are reported around $50 per ton. New cabbage from South Carolina declined rather sharply in New York and Boston, with sa mostly $1.25 to $1.75 per 1l5-bushel hamper. Nearly all of the large East- ern markets report supplies moderate and demand slow. Dull markets pre- vailed in Eastern shipping sections and loaded cars were accumulated on the tracks in Western New York. Onion shipments have been heavy, at the rate of 50 to 75 cars dally, since the middle of December. Most of the 2% | receipts are from New York and Mid- dle Western sources. The large mar- kets are moderately supplied, but de- mand is slow to very slow and prices no more than hold their own. New York yellow stock has been selling at 81 to $1.25 per 100 pounds in Eastern citles the thigd week of December. Some of the more desirable lots brought as high as $1.50 in New York. Prices are unchanged at Eastern and Mid- western country shipping points, with scarcely enough business transacted to warrant quotations. The No. 1 grade has been holding at around $1 per 100-pound bag, and smaller sizes at 90 cents at lhlrpmg points. The out- put of onions from New York produc- ing sections has been heavier than in any recent year at a corresponding date. Celery Trade Dull. The anticipated active holiday de- mand for celery does not seem to have appeared, either in producing sections or in the large markets. The demand has continued rather slow, without any upward tendency in price. Car lot sales of two-thirds ‘crl;e! of sizes l’l::; from four to six dozen were m: :I:.‘ll.'lS and $1.85 in mid-December. A few crates of only fair condition sold at $1.55. It is belleved that most of the celery remaining in storage is now in buyers' hands. The latest cold storage report shows that there were 213,106 crates of celery on hand in Western New York on December 12. This is a reduction of about 45,000 from the week before, but is 80,000 crates ahead of the holdings the same time last season. There are some re- of the stock showing deterioration storage and present indications point toward the cleaning up of these hold- ings as far as possible by the first of the year. California has been shipping more cars than New York, sometimes 90 to 150 a day, and these compete strongly with Westerrr New York stock. Prices of New York celery range $1.75 to $2.25 per crate in Eastern markets. Few sales of carrots have been made in Western New York producing sec- tions this season, but large quantities are reported in storage. The majority of cars that have moved were billed to soup factorfes and canning plants. Sacked carrots in car lots are bringing 55 to 60 cents per 100-pound sack. Washed carrots in bushel baskets are realizing about the same price as the rough carrots in sacks. Despite the increased demand for some kinds of B;?l!& caused by the selling activities the unemployed in Jarge citles during the past month, trading has been light in producing sec- tions, owing to the falling off in the export demand. Sales for estic con- sumption have consisted largely of fruit in bushel packs. Baldwins from cold storage sold at $1.50 for No. 1 stock at Western New York shipping points, Greenings are in better supply than Baldwins in Eastern t)z’wdm: sections and sell about 15 cents lower than that let variety. Ben Davis in barrels ral from $4.50 to $4.75 in producing sections. Shipments are decreasing steadily, with recent average only about 300 cars daily. Greenings and some other varieties have been selling a little % higher in New York, but general jobbing 20 8% 8% 1% 11% 11% 15% 16% 15% iy or semi-annual n siock. :‘ng in Eastern and Middle Western ts is still $1.25 to $1.50 per bushel. Staymens sell at $1.50 to $2 in Phila- delphia, Baltimore and Washington. Eastern Jonathans ranged $1.25 to $1.50. The commercial apple crop, according to the December estimate, is about 4 ger cent above the five-year average, ut owing to the lower level of prices the estimated value is less than last year by fully one-fifth. Production in New York is estimated at 5,375,000 bar- rels of market apples, compared with 3,404,000 last season. New Jersey has 40,000 barrels, compared with 430,000, and Pennsylvania 1,150,000, with 800,000 barrels for the 1929 season. INCREASES IN U. FINANCIAL. S. RESERVE BANK CREDIT HELD TRADE AID Recent Gain in Holdings of Acceptances and Government S ecurities Declared Factor in Encouraging Business. Special Dispatch to The Star. NEW YORK, December 19.—The in- crease of more than $125,000,000 in credit extended by the Federal Reserve Banks in the past three weeks indicates a possible change in policy which, if | eqge continued, cannot fail to improve busi- ness generally through stabilizing the general price level of both securities and commodities, according to E. G. Diefen- bach, president, G. E. Barrett & Co. Up the latter part of November, Mr. Diefenbach states, total credit ex- tended by the Federal Reserve Banks had remained at approximately $1,000,- 000,000 since last March, having de- clined from about $1,500,000,000 in No- vember, 1929. If the Federal Reserve Banks continue to ease credit conditions through the further increase of their holdings of acceptances and Govern- ment securities, and if member banks throughout the country adopt a policy for eum& credit locally and increasing money circylation, business will adually find use for the increasing 'unds available. This should create a renewed demand and result in firmer prices for securities and commodities. Fear of Hoarding. “Whatever may be the explanation offered as to the causes of the present crippling of world industry and trade,” Mr. Diefenbach 'ves, “one funda- mental reason for continued delay in recovery is the fear of a shortage and | consequent hoarding of gold by certain | nations, with resulting impairment of | credit. “This idea has been expounded inde- pendently by & number of the world's leading economists, notably Gustav Cas- sel, Bir Josiah Stamp, T. E. Gregory and Irving Pisher. These authorities have realized that the world's industrial and financial nfllgtha’nuul\ h‘t‘ fu;x;:ug:ing rly, due partly to a lack of lubrica- m in international credit facilities. “The Federal Reserve Bank is in itlon to do more toward alleviating he present crisis than any other na- tion’s central banking organization. While some easing of credit normally occurs at this season of the year, it is believed that the present trend has been prompted by world-wide insistence that the Federal Reserve Bank exercise the finaneial responsibility which world conditions have imposed. This can be done by the Federal Reserve loaning funds to member banks or by > ing additional aceeptances and Govern- ment securities. ““The quickest and most effective of these methods appears to be h the purchase of Government securities by the Federal Reserve. If this were undertaken, several times the amount of any such purchases would be im- mediately put in circulation, thus stim- ulating the market for leading groups of bonds and liberating large accumula- tions of capital for constructve business purposes. Moreover, this assumption of finaneial leadership by the Federal Re- serve System would, infuse confidence in the member banks throughout the country that for more than a year have been awaiting signs of constructive guidance toward business recovery. “Many investors throughout the coun- try have in recent months adcpted a “wait and see” policy in the invest- ment of new . The result of this policy has been to force United States Government securities and other giit- bonds to unusually high price levels, while a great body of lesser known, but sound bonds have been de- clining ate: . An easing of credit through the cl of additional amounts of United States Govcrnment bonds and acceptances by the Federal Reserve Banks would greatly stimulate :he market for these lesser known bends, and would thus enable many smaller, but sound, companies to finance their op- erations on a permanent and satisfac- United Btates is regarded as‘the financial leader that can point the wi to world economic recovery. Its pre: ent gold reserves of approximately $4,- 000,000,000 are twice as large as those of France, the country with the next largest reserves. Our gold supply more« over, is almost as large as the amount of our eurrency in circulation and hence can support the world's largest credit structure. In addition, we con« trol greater world markets and financial operations, and have surpluses of most commodities available for domestic an foreign distribution on the recurrence of normal purchasing power, “The Federal Reserve System has relied chiefly on the lowering of the rediscornt rate to grodeslv imnrove the nation’s business. As this has made avaliave id.g. i .0AN industry, some bencfit has resulted, but not to the extent that had been ex- ted. Member banks have been loath present their loans for rediscount, and as s result total rediscounts of member banks with the Fedcral Reserve System have declined from $768,922,000 on December 11, 1929, when the cur- rent depression had set in, to $257,097,~ 000 & year later. Increase in Holdings. “This drastic decline in the use of such eredit facilities was partly off-set by an increase of more than $225,000,000 in holdings of U. 8. Government securities by the Federal Reserve Sys- tem. Between December 11, 1920, and the same date this year, the volume of credit extended by Federal Reserve banks dropped from approximnately $1,500,000,000 to about $1,100,000,000. The cireulation of Federal notes declined from $1,918,31400 to $1,475,745,000 in this perfod, a con- traction of nearly 25 7er cent. “It is eontended that if the Federal Reserve ditional g8 of Government bong sizeable gold movements to other countries, especially France, would fol- low. This is not ‘Those couns the prosen ier money tries during year have maintain an policy our own. They would probably be prompted to take some similar action for ralieving credit. depression is world -wide, it is probable that any action undertaken to bring about a business upturn in our own country would tend to accelerate similar movement in all other countries.’ STABILITY IN BOND PRICES IS FORECAST Economist Wright Declares Present Market Level Opportune for Investors. Special Dispatch to The Star. NEW YORK, December 19.—The re- cent drastic decline in bond prices was caused largely by temporary conditions, and substantial strength may now be expected, according to u.l' New York business and investment counselor, who concludes in the current issue of the Bukiness Economic that the present level of bond now offers an unusual opportunity for investors to acquire sound obligations at bargain levels. Mr. Wright says in part: “We have made a very careful survey of the various authoritative reports in this connection, and we find general agreement to the effect that the weak- ness in bond prices represents for the most part a temporary situation brought about primarily by these factors: “1. The strenuous efforts on the part of many banks to get themselves in a more liquid position in anticipation of unexpected emergencies. “2.” Some liquidation by banks and insurance institutions of legal issues in the fear that a decline in the earning power of many corporations might cause so-called ‘legals’ to lose their standing. “3. Earlier this year investment houses had hoped for a good bond market and had floated more issues than the mar- ket could assimilate. Thus, temporarily, these houses are not in a tion to supf)ort their offerings marketwise as well as in the past. “We hold the rage E}":'e.fm of stability may be expect- ex] ed to -{m soon. Meanwhile, an op- portunity s afforded for bond investors acquire sound obligations at bar- gain levels and to switcl stronger issues.” PUR— NEW YORK COTTON NEW YORK, December 19 (Special). —Cotton :rk:es pursued their down- ward trend at the opening today, with initial losses of 9 to 20 points. The fea- ture of trading was a large volume of selling_orders from New Orleans and other Southern ‘?olnu. Ring sentiment was predominently bearish again. Trade buyers supported near months with scale-down purchases. Opmlnf prices were December, new, 9.49, off 16; January, old, 9.52, off 12; January, new, 9.50, off 20; March, 9.85, off 14; May, 10.14, off 10; July, 10.36, off 10, and October, 10.56, off 9. From January to November, California dairymen produced 225,000,000 pounds of milk for condensation or reduction as commercial by-products. P. Wright, | ber OB} old, 81; new, 81%5; July, 87%5a6 the first half - hour h from weak to | 2 BROKER LOAN TOTAL DROPS $91,000,000 Started Is Reported by Federal Reserve. Special Dispatch to The Star. YORK, December 19.—The weekly statement of the Federal Reserve on brokers’ loans showed a decrease of 891,000,000 for the week ended Decem- 17, taking the total down to $2,008,000,000, the lowest since publi- cation of loans began in 1926. This compares $2,099,000,000 a week ago and $3,386,000,000 a year ago. Loans for own account were $1,184,000,000, compared with $1,269,000,000 last week, loans for out-of-town banks were $305,000,000 against $400,000,000 a week 2go and loans for others were $430,000,~ 000, or unchanged from the $430,000.- 000 in the week ended December 10. Of the total demand loans made up, $1,- 475,000,000 compared with $1,551,000,000 in the preceding week and time loans were $534,000,000 against $547,000,000. The New York Federal Reserve Dis- trict rediscount rate, which is 2% per cent, remains unchanged. . GRAIN MARKET CHICAGO, December 19 (Special).— The wheat market was irregular today. Old crop months were steady because of Farm support, but July showed much weakness, reflecting the slump tn Liverpool, Buenos Aires and Winnipeg, December, old, opened 767 old, 79%a79%; new, 793 3 er 7167 ; March, old, 79 . 19%; May, nl%.ll, new, 811 3 .de"l'i/&. Sl orn Was we under liquidation caused by the clump in whug and in foreign markets as well. December, old, and new opened 66%: March, old, 70% 703 new, 70%a70%; May, old, 72148 720 new, 13WaT2%. After the first h;y mhb'?fimm""”' .7‘(;4.: ne %} , old, 103s; new, 70% May, ol 2% “new. 2% e ere easier. March, old, 32% 32%; new, 33%: May, old, 3815309 new, 33'/1/3. After the first half hour h, ow d,fizz& “ ,x;gw. 32%; May, old, ew, . Provisions were hl’gher, - - CHICAGO DAIRY MARKET. CHICAGQ), December 19 (). 6,570 ocases, firmer; creamery (92 score), 30; standards (90 score car ::c.; d:ll'(l:; a’;"'”) score), ;a2 on -87 score), 2412a25%. Eggs, 4,119 cases; steady; prices unc mi‘& Chinese lan; e, 40,000 chnra‘;uf:‘l:s. 1000 B. C. containing about and dated about ————————————————————————————————————————— STOCK AND BOND AVERAGES By the As: Prom Yesterday ‘Two years ago. ‘Three years ago, weekly aver. High, 1929...... Low, 1929. Press. ‘s 5:30 Edition. lm;‘ lll‘: ‘Standard Statistics Co.) 1or | Reserva | di m should purchase ad- |R: hm‘ L , |can Gas Assoc! Since the present |1 Lowest Figure Since Records Were :g,,"* lots), 29; extra firsts (90-91 score), 28 |O! The first dictionary was one of the | Ehi L Ll A-15 TURKEY RECEIPTS DECLARED NORMAL Heavy Shipments of -Birds Are Expected Here Over Week End. ‘Turkeys, both from nearby and dis- tant points, are being received in quantities as large as local dealers ex- pect 80 early in the season. It Is expected that heavy shipments will begin to reach here tomorrow and con- tinue until practically the close of the Christmas market. Practically all the supplies from the Southwest, intended for the local mar- ket are believed to be on the way here and will arrive early the week. 1t is estimated that 15 carloads of such turkeys will be offered to local con- (i ve turkeys received here soon find their way to local dressing plants, such plants being in om-uan. and the operations at the plants probably will be in full swing by tomorrow afternoon *"There il be plenty turkeys for e - body, according to statements of dm- this morning. but they were unable to tell just what prices will prevall. It Wwas suggested by some of the dealers that prices would be about the same “It is barely possible that the may be a little higher than at Tm‘bflflf glving,” suggested a dealer. “The top i ;g::dpnce probably will be 45 cents a Announcement of definite prices prob- ably will not i Baday be made until after GAS SALES IMPROVE IN 10-MONTH PERIOD —_— Manufaotured Product Makes Slight Advance—Other Com- perisons Made. Bpecial Dispateh to The 8¢ NEW YORK, . ber 10.—Reve- nues of utilit: o) itility concerns engay ged in the of manufactured - presenting neu.l';‘l:‘ = $510,- the indust: 691,351 dfiring therynr.-{qoon::anu of 1930, it was announced today by Paul van, chief lhhudgchn of n{. im:r‘l‘- The manufactured gas com) - ported revenues of $314,548, 7&“}{:: Ee 10-month period, representing a slight gain over the $313416,157 reported by pel $205, ";G;a' drop of 1.5 cent from the sam : {nterval of 1030; ¢ ¥ For the of the mAMFRO It e ey 30, sales gregated 2’.358,']5,0” For e 0 e om0 monf tober, however, ules.n i 036,000 cubic feet, ‘nmsue. c;vertlln. of natural tober totaled 37,3 1929 natural sales 001,877,000 cuble feet, againgt 078,401,000 euble. foet . :g,?onm of 1929, a loss ———— U. 8. TREASURY BALANCE. The United States Treas balance announced today as of w“g December 17, was $381,372,832.61. were $18, 92’1“975“1’4 n”:bhl ofudllnw oy pendifures, $23,667845.12. o DIVIDENDS DECLARED NEW YORK, December 19 (#)— Hidrs. of Co Ny e De. pf. Am Pol‘l Des. Am sni Tou. Do sh Db Assoc imenth 18} & G Brklyn Mtge Guar ., & Title $1. can 1 Do. BurnS e SRS Frank Eropert Fulton Trust. Ellirie § w38 b Gray & Dudiey Rl pay W §oc R S i S E L 3 ers Trust Eineoin ol Hee [k [0 JEOT0 1 L IR 43%4c & T (Han) 41 Bk polis) .3 Do. 6% DI o 3% B Okls Nat Ga is Elevator . joum iry Pr Reliance (Chi) Rooseveli Seagrave Corp, Sheaffer ¢Wa) Shaler Beete ) Stand Gas Lt (N'¥). 42 Do. 6% pf.. 3 Stedman Rub 1 Temple Bar Bide 150 e Brbn weSeenniE . o Lid 1% sl Mtge . t Reliable Stores...1%% Q Jan. Omitted.