Evening Star Newspaper, December 23, 1930, Page 14

FINANCIAL [ v BONDS ] [STABLIY OF GO STANDARD SHONN UNITED STATES. (Sales are in $1.000.) Exchanges Have Moved in Narrow Range FINANCIAL KLEIN-SEES TRADF [[ < NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. o » / IN Sl.uw R[BUVERY ! ks e iow | Dividoos "Bate. Add 00 High ~Prev.1030~ _ Stockana Sates. prev.| 5614 374 Royal Dutcha3.2185. 16 T T R Low. Dividend Sales— Add 00. High. Low. Close.Close. | 1223 42 Safeway Stores (5: 28 28 28 28 | joow Liquld Carbonie a%| 57 95% 41% Loew’s, Inc (t4) 4% | 118% 6% 2 LoftInc...... 2% 15% 34 Long Beil Lumb (A). % 8 [BONDS ARE LOWER INQUIET TRADING "|Market Affected by Contin- ued Weakness in Sales High. Low, Close. Nor St Pow IIA "l 5 102% 102% lflm 2 106 105 3 102% 102% 10! 7 108% 103% 2 105 105 1 101% 101% 10128 10135 103 20 108 16 s j 101% Foreign 50 Ga Pac T&T1st 68 '37.. Pan-Am Pet 63 '34. Paramount 6s *47.. Pathe Exch 7537, World Surplus of Goods Is 10616 1063 62% St L-San Fran pf 1088 1082 Basis of Business Trouble, He Believes. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, December 23.—Julius H. Klein'’s three months’ trip to Europe and the Near East has not made him | very enthusiastic regarding immediate business recovery. Upon his return yes- terday, the Assistant Secretary of Com- merce said: “A world surplus of goods is the basis of all our trouble. We are beginning to gatch up: but it is going to be a long, hard p Dr. Klein also said that he believed commodity prices in the United States have reached at last their lowest levels; but the outlook in Europe is not so ggd and will be worse before it As “France,” he continued, “is beginning to feel the bite of the whole situation now. Every nation must feel it now- adays because they are all interlocked economically. France has been in bet- ter condition so far because she has had 80 _much gold.” Dr. Klein thinks that one of the mank things keeping Europe from going ahead is f States is the best customer in the world. Strawn’s View. Silas H. Strawn, Chicago business man, lawyer and banker, vice president of the International Chamber of Com- merce, also returned from Europe yes- terday, and made a few interesting re- marks regarding conditions as he saw | 150 79 them. “The present economic situation dif- fers from all others,” Mr. Strawn said. “Because it Isbeworld wimfl nl‘y e'lu recovery can be accomp! onl the eo-o tion of bhe citizens of all it is & condition calling for the leadership of business men and finan- cial men.” Upon the subject of Russian goods lumped on the world markets, mwn said: ‘The Russians are forcing upon the world large quantities of grain, raw materials and finished products at ces which, in many instances, are low the normal costs of production. n does not seem practicable to stop this practice by collective action.” Mr. Strawn inferred that the in- ereasing unemployment in each Euro- pean country is the power which is now forcing European manufacturers to not only trade Feith Russia, but o extend credit to her, often on more fa- vorable terms than they give to their own fellow countrymen, for by this method it enables the various countries to_keep up their own production. mains not only the biggest Europe, but in the 'Oflbdé W] ‘The United States Government is th nder in the world, ‘The amounts are fantastic. The Gov- ernment used to spend hundreds of mil- lions and think it too much. Now the totals are in billions—around $4,000,- ooo—.m very little is said about it. B!l'el the allocation of the Federal , as_actually distributed for m yur 1929-30, together with the es- timate for 1931-32: 1929-30 1931-32. Actual Estimat (Cents). (Cents). Public debt (war cost). 30.7 26.1 o PasRwhe o 5. 8. 8. 6. 3. 2! 2. 2. 2. 0. 0. 2 8. $1.00 Add the first five items in the first eolumn and we find 66.8 cents out of dollar the Federal Governmen: looks as if it never will be. Florida Indebtedness. Chief Justice Glenn B. Terrell of the Florida Supreme Court made some frank statements in a recent decision dealing with Florida’s bonded indebt- edness and the plea that she was “too r to pay.” m px:un( a peremptory writ of mnndmul requiring the city of San- ford to levy taxes in order to cover yment of cumnt interest on bonds, mued by it, he &fld with reference to “It was & ume when the municipal- ity and citizens alike were actuat by reckless extravagance that spread |lke a virus throughout, every classsof the social order. * * So completely did the mania for gathering where we had not sowed and spending the increment cvzmomeu‘ us that our rvel'y e'::ldpléct“lm- pressed the stigma of con the om-um:dvmu': of thrift, integrity, and moderation.” w;lofim is learning, as other States have learned in the past, that her pub- lic credit is & most delicate and sensi- tive instrument, and must be safe- guarded ev: day in every way to keep i rmm m:;{nl (Copyright. 1930. by North American News- | Bpblos.c -~ MAIL ORDER PRICES STIMULATE SALES| 0% 28% 12 20 51% 138% 4% 39% 50 97 19% 8915 37% 49% 52% 13 15 42% 24% 10% 324 25% 3 30% 484 51% 61% 28 6% 28% 59% 66% 108% 9815 39% 189% 58% 3! 265 15% 132% 105% 56% b 0% 32 90% 46% 8% 80% T4% 107% 67% 12% 100 17 112 89% 8% 1% 40% Loose-Wiles (12.90). 8% Lorillard (P) Co. 3% Louisiana Ofl... 60 Louls Oll pf (6%)... 25 LouG&RB(A) 1%) 85% Louls & Nash (T).... 9% Ludlum Steel. 21 MacAnd & F (1285 33 McCall Corp (2%) 78 MecCrory pf (6)... 14% Mclntyre Pore M (1, 61 McKeespt Tin P1(16 10% McKesson & Rob (1) 26% McKes& R pf (3%). 19% Magma Corper (3).. 1% Malllson & CO....... 1 Manati Sugar. 5% Manat! Sugar pf. 6 Mandel Brothers. 5 6 24 Man Blevmod g (45) 15 33% 6% Manhat Shirt (1)... 3 1% Maracaibo Ofl Exp.. 1 2 17% Marine M1d (1.20). 13 Market St Ry pr pf. . 2535. uw 21% Marlin-Rock (16%). 2 24 5% Marmon Motor Car. . 26 Marshall Field (2%) 13 30% Mathieson Alkall (2) 27% May Dept Strs (n2).. 14 5 Maytag Company.... 13 25 Melville Shoe (3) 6 Mengel Co 12). 15% Midland Steel (3) 38 Min Hon'w Reg (t4). 3% Minn Moline Pow. 41 M StP & SSMlsd (4 14% Mo Kan & Tex (3). 60 Mo Kan & Tex pf ( 20% Missouri Pacific. Missouri Pac pf ( 9% Mohawk Carpet, 6 Nat Dept Store. . 63 Nat Dept St 1st ( 18% NatDist Products(: 114 NatLead (18). 30 Nat Pow & Lt ( 4% Nat Radiator.. State R.lllwlyl Y State Rys pf....100s 181% Norfolk&West (112) 1 4% North Am Aviation.. 2 574 Nor Am (b10%stk).. 152 99% North AmEapf(6). 1 30% No Ger Lloyd (3.43). 1 42% Northern Pacifie (5). 10 41% Northwest Tel (3)...14 17% Oliv Farm Eq pr pf.. 4% Oliver Farm Eq ev pt 2% Omnibus Corp. .. 48% 'Otis Elev n (234) 3214 Owens I1l Glass (3) 3% Pacific Coast. ... Pacific Coast 1st pf Pacific Coast 24 pf. .. 40% Pacific Gas& Bl (2). 46 . Pacific Lighting (3). 27 114% Pacifio Tel & Tel (7). 50s T4 Packard Motor (60c) 95 33 Pan-Am Petrol (B). 1 44% 43% 50% 47% 14 Park Utab.. 3% Parmelee Transport. 1% Pathe Exchang: 2% Pathe Exchange (A) 8% Patino Mines....... 3 Peerless Motor Car, 264 Penick&Ford (11%4) 275 Penney (J C) (3) 2% Penn Dixie Cement, 18 Penn Dixie Cem pf. 53 Penna RR (4). ) 50% Phila g 6% pf (3) 6% Phila Read C&1L.... 8% Philip Morris&Co(1) 11% Enillive Bateal éu1) - 4850s 7 Phoenix Hosfery.... 70 Phoents Honpe1).. 108 1% Plerce Of1 1 1% Plerce Petrelm(10c). 26% Pillsbury Flour (2).. 34w Pirelli Italy (a3.14). 20% Pittsburgh Coal..... 13% Pitts Screw (1.40)... 11% Poor & Co (B) (3). 4 PRAmTob (B).... 20 Postal Tel & C pf (1) 11% Prairie Ol & Gas (3) 16% Prairie Pipe L (15).. 3% Pressed Steel Car. . 604 2% 11% 63% 94% 1095 100" 107% PubSvE&G pf (8). 107% 1075% 49% Pullman Corp (4)... 10 524 49% 1 Punta AlegreSugar. 67 1 1 % Punta Alegre Scifs. 11838 % % 7% Pure Ofl. & ok su 90% Pure Ofl pt (8) 97 36 Purity Bakeries (4). 5808 11% RadloCorp ....... 78 47 RadioptA (3%).... 1 33% Radio Corp (B) (5).. 21 14% Radio-Keith-Orph A. 92 58 RRSeeICstkC (4). 16% Raybestos Man2.60. 3 2814 Real Silk Hoslery(3) 2 1 Reis (Robt) &Co.... 2 8 Rels (R) & Co 1st pf 1008 14% Rem Rand (1.60).... 14 38% 20s 445 48% Il”fi 119% 119% 8t 109 107% 51% 1 % 9% 95% 38% 12% % 36 15% 60 18% 26% 1 10% 16 18 St L Southwestern. 12 Savage Arms (2). 4 Schulte Retall Str: 35 Schult 11 pf (8) % Seaboard Air Line 1 Seab'd Air Line pf. 45 Sears Roebuck $2%. 6453 214 Second Natl Inv..... 35 Second Natl Inv pf.. 1 Seneca Copper. . 3% Servel Inc.. 9" Sharon Steel Hoop. . 20% Shattuck(FG)(t1%) 6% Shell Union Ofl..... 63% Shell Un Ofl pf (5%) 4% Shubert Theaters. .. 11 Stmmons Co 5% Simms Petroleum. .. 9% SinclairCon Ofl (1).. 10% Skelly O1l (2).. 29% Sloss-ShefTield pf... . 10% Sou P Ric Sug (1.40) 171 40% SouthernCalEd (32). & 88 Southern Pacific (6). 24 47% Sout! Rwy (8) 1 80 . Southern Rwy pf (5) _ 1 92 Spang-Chal pt (6)... 508 8 Sparks Withing (1). 4 66% Spear & Co pf (7)... 1008 9% Spencer Kellog(80c) 3 75 Spicer Mfg. 2 434 Splegel-May-Stern.. +3 14% Stand Brands(1.20).. 49 114 Stand Brandspf (7). 38 53% StandG& E (3%)... 11 55 Stand G& Epf (4).. 1% Stand Invest Corp. T 42 Stand Ofl,Cali(h2%). 12 14% Stand Ofl'of Kan (2). 6 431% Stand Ofl of NJ (12) 187 19% Stand OIIN Y (1.60). 49 2% Sterling Sec (A) 5 Sterl Sec pf (1.2 30% Sterl Sec cv pf (3) 14% Stewart-Warner (. 371 Stone & Webster (4) 3 10- 6 Suaperior Steel 4 Symington (A). 15% Telautograph(1.40). 7% Tennessee Corp (1).. 28% Texas Corp (3). 40% Tex @ulf Sulph (4).. 44 Texas PC&Oil..... 10 Texas Pac Land Tr.. 12% Thatcher Mfg (1.60). 36 Thatcher pf (3.60) 21% The Fair (2.40). 6 Third Avenue. 16% Third Natl Inv 23% Thompson (J R) (3). 10 Thompson Pr (2.40). 3% Thompson Starrett. . 23% Thomp-Star pf (3%) 6 Tide Water As (80c) 55 Tide Water As pf (6) 73% Tide Wat Ofl (pf (5) 8 Timken Det Ax (80c) 4014 Timken Roller (3)... 2 Tobacco Products % Tobacco Prod A 10% Transamerica (1) 6% Transue &W (1) 5% Tri-Cont Corp. 89% Tri-Cont Corp 26% Trico Prod (23) ~ .. T4 Twin City R Tr (§4). 14% Ulen & Co (1.60) 49 Una-Ell-Fischer (3).807s 52% Union Carbide (2.60) 6 8 20% Union Ofl, Calif (32) 19 166% Union Pacific (10)... 4 82% Union Pacificpf (4). 1 23 UnTank Car (1.60).. 3 18% Utd Afreraft... . 148 41% Utd Afreraftpf (3).. 4 15% Utd Am Bosch. . 1 33% UnitedBiscuit (2) 1 14% United Carbon (1) 16 3% Utd Cigar Store 9 26 Utd Cgr Store p 13% Utd Corp (50¢c) 43% Utd Corp pf (3). 38 UtdDyewood pf 2% Utd Electric Coal 46% Utd Fruit (4). 24% Utd Gas & Im (1. 20% Utd Plece Dye W (2) 97 Utd Pi Dopf (6%). 50s 7 U S Distributing T% U S & For Secur 73 US& For Sec pf 62 2 33 21 17% U S Smelt & Ref (1) 42 USSmelt Ref pt3% 134% U 8 Steel (7) U 8 Steel pt 59% U S Tobaceo (4), 2 19% Ut P& S (A)et2.15. 12 Y% Vadasco Sales Corp. 68% Va-Car Chem pt (7) 36% Vulcan Det (4)... 21% Waldorf Systm (1%) 1 10% Walworth Co (3).... & 13 Ward Baking (A)... 3% Ward Baking (B), .. 9% Warner Bros Pict... 238 5 Warner Quinlan, 2 26% Warren Bros (3).. [3 22% Warren FAy& P (2). 2 2 Wells Fargo. . 1 s’m wnt Penn E1'A'(1). 90s Penn El pf (7).110s Penn Pw pf (§) 10s Penn P pf (1) 230' Western White Motors (2). 2% White SewingMac) 4 White Sew Mach 26% Yale & Towne (2)...760s 8% Yellow Truck....... 20 19 Youngs Spring (3).. 4 2% Zenith Radlo........ 4 RIGHTS 8% Peop Gas Chi.Jam 15 e ] Stock Prices. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, December 23.—Bond prices worked lower today under the influerice of continued weakness in stocks. However, the dips, except in a few cases, were not wide and it could be said that the market held well. ldlnz was in only moderate vol- There was no evidence of or- fln!zed support such as might result rom the operation of a bankers’ pool, as was reported last week. Money rates were unchanged. The feature dunnz the first hour was a sharp break of 5% points in Mobile & Ohio secured 5 per gent notes, due | Boll 1938. In the first two hours nearly $500,000 of these notes were thrown on the market, following the removal of the syndicate’s firm bid at the offering price of 981,, The price was driven down below a 9-point discount. notes, offered September 1 by a syndi- The | Canad: 1128 1126 Australia 5s 5’ 72% 13 Austria 78 "43. 103% 103% T 1% 92% 92% 107 107% 101% 102% 111% 111% 107 107% 107% 107% 40% 39% 45 56% 56% 55% 3 100% 100% 103% 103% % 1 cate headed by J. P. Morgan & Co., are | Chil secured by the dlpoclt of $6,000,000 of Mobile & Ohio re! ment mortgage 5s of 1977. ‘The only other movements downward of any width in the investment section of the market were in Chesapeake & Ohio General 4%s, off 73, and American Te]ephone 5145, off & point. Small de- clines were shown by United States Government long-term bonds, Atchison General 4s, Southern Pacific 4ls. Northern Pacific 4s, Nickel Plate 4}5s, Chicago, Burlington & Quincy 4igs, Chesapeake Corporation 5s, Philadel- phia Co. 55, and Youngstown Sheet & Tube, 5s. Against this tendency there were advances in Baltimore & Ohio 4s, New ank Central 4s,” Union Pacific 48, Oil of New Jersey 5s and Wmm Union 5s, Convertibles were weak, reflecting de- clines in their companion ‘stoc! Inter- national Telephone 4%s were off over & point lnd Amerlun ‘Telephone 4158 dropped 2 points. Secondary rails were mixed. Chicago funding and improve- [ Ch: 109% 109% 107% 107% 107% 107% 93% 93% 100 100% 104% 105% 102 102 Crecho o8 82 Dan Mun 8s A Denmark 5% Denmark 6s '42. Dutch East I 63" 125% 125% @elsenkirchen 90 90 German 5%s 0% T0% Great Western 4s, St Baul Adjustments, | G Denver & Rio Grande Western Florida East Coast 5s, Mis!ourl-?lcmc 4s and Prisco 4%;s droj fractionally, but there were gains Erle_General Lien 4s, International Great Northern Adjustments, Seaboard Airline 6s and ton & Maine 5s. The only wide de- cline in this section was in St. Paul off over 2 points. Industrials were quiet, with many small fluctuations, most of them downward. Foreign bonds were mostly unchanged. German issues lost fractionally, and so did South Americans, but other changes were hardly quotable. Out of 214 active issues in the entire bond list 72 were lower, 31 were higher and 111 were unchanged. New issues today amounted to $5,000,- 000, all municipals. ts of other new financing have receded further and er as the revival of the market for bonds is postponed. —_— Washington Stock Exchange Capital 'l‘ru:uan 5;—;500 at 84%, Washington Gas 6s “B"—$1,000 at 106. Potomac Electric 6% pfd—1 at 1103, 5 at 11015, Potomac llectfll: 5‘%% pfd—25 at }g;flz. 5 at 107%, 5 at 107%, 5 at Real Estate Mtge. & Guar. pfd.—100 at 6%%. AFTER CALL. Washington Rwy. & Elec. pfd—i0 at 97 Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4%s '33... Amer. Tel. & Telga. 4%as '39... I Am. Tel. & Tel. ctl. tr. 5s. er. Pot. Elec. Power 5% Wash. Rwy. & El. Wash. Rwy. & Bl KA'nomm BANK. Commer District ( Fed.-Am. N. Liberty (7§} Lincoln (12) ond _(9e) Washineion (id) TRUST COMPANY. Amer. Security & Trust Co. (18) Continental # w-ucn.l Bavines & 14 3 nce Georges Bank & Trust.. Unlun Trust (8! - Wash. Loan & Trust (ié).:.110 SAVINGS BANK. Bank of Bethesda 0)., Seventh Bireet (13 United States (30). Washington Mechanics' ' (30) ! FIRE INSURANCE. American (1) Qolumbla (6e) 1 Estate (6s) Hie F shs 83 " | cntte Cop ab 68 °47. Milan 6%s '5: Montevideo 7s '52. New 8o Wales6s'57 NewSo Wales6s'58 65 65 105 105 100 100 101% 101% 105 105 104% 105 101% 101% 874 8TH 94 4% 104% 1043% % 106% 106% lOl‘ 101% 6T 0000 Queenland 6s°47.. Queenland 7s *41.. Rhine West 6s "53. Rhine West 3 Rio de Jan R Gr Do Sul oa-68. Rome 6348 Roy D 4845 ww. 8a0 Pau 78’ 40 rets. L] P NG BRONMN MaNI0 oy L=t @ LTS MISCELLANEOUS. AbItibi P & P 5563 16 Ab & St 5384 2 Allegheny 52 994 971% 98% 90% 90 90 6 35 34 34 22 102% 102 102% 7 103% 103% 103% 20 122% 121 121% 168 104% 103% 103% 15 105 104% 104% 105 104% 104% 107% 107 107% 101% 101 - 101% AmWat Wks 65'75. 27 101% 100 101% AmWrit Pap 68’47. 1 52k B2% 52% Arm&Co4%s'39 21 86% 86% 86% Arm Del 5% 26 75 73 178 Asso O1] 6s°35. 14 101% 101% 101% At Ref deb s '37 2 102% 102 102 BellTel PaSsB*48 8 107 106% 107 Bell Tel Pa 58 C ‘60 108% 108% 108% 101% 101% 101% Beth St rf 5s "42 103% 103% 103% Bk Ed gn A 68 105% .105% 105% Cert-td deb 6% s 2 27 27 21 88 87% 8T% loov- 100 100 92% 9215 lod% mm. 104% Col G&E 68 May '62 12 Com Invest S%I“QD 93% 93% 99% Z99% 99% 108% 103% 103% 87% 37%. 37% 104% 104% 62 62 56 54% 101% 101% Pure Ol 6%s'37... 90 90 Rem R'd 6% A '47 841 RIchi’d O cal 63 *44 51 Shell Un Of1 6547 9% Sinel O 6%s B '38. Sincl O Tscv A '37 Sincl Cr O 6%s '38. Sinelair P L. 104% 104% SugEsOr7s l!... 16“ ‘Tenn Copper 6 '1). 0% 90% 100% 99 109% 1097% 951 94% 695 6914 99% 984 67 65 6% 5% 404 40 68% 67% 106% 105 102% 102 108% 108 101% 101% 9 9 % % Utll Pow 6348 '47. Vert Sug 1st 7 \;h:s;»ensu 11&Co 15t 63°41. 16 99% 98 YouSt& T5s'78.. 56 102% 101 RAILROAD. {Atchisonadj4s'95. 4 93 92% Atchison gen 5 26 97% 96% Atch’oncv 4348°41 55 1121 111% Atch Ariz 4% 9101 101 AtC Lcol 45°52 3 87w 8% 17 95% 95 25 100 29 23 93 924 39 101% 101% 19 105% 105% 18 101 100% 11 107% 106% 7 101% 101 1 106% 1064 2 8% 8% 1 9% 9% 1 101% 101% 11 94% 94% . 23 96% 95% 2. 21 103% 103 3.. 7 99% 981 . 67 98% 98Y 1 66 66 7 95% 95% 1 10 107% 107% 10 31% 31% 2] HEE 2 29999222 %E!!::o . &'stPad)te 188 7% En3%s's1 3 T4 4%8C2031 5 90 Woonaxs 72 874 1552037 1 1024 1024 2 1064 1064 13 93% 93 38 9% 97w .16 86% 8 89y 5 102 1 85y 999999998 EEER i 851 QaQ (1] 29 2 109% 100 5 101% 101% 11 105% 105% 11 100% 1004 Cuba RR rf 73%s'36 Cuba Nor 6%s 42.. Del & Hudrf 4s'43 28 95% 15 NK 6 73K 14 170 82 Fla E Coast 53 '74. GrTrstdb Gr Trunk 7s *40. Gr Nor 4% 71 4“4 22y 12 964 964 14 103% 103 4 97% 97% 974 |the Gr Ner nn 7 - 25 109% 109% Hav EI Ry 5%: 71 Hock Val 4%s . 1 gB% Hud & M adj 6s '57. 73 IlCent4s'53.. . 83 111 Cent ref 4s '55. . 89 INCent 4%s°66. .. }“ gem 5855, ent 6145 36 3 107% 107! 111 CCStL&N 65 A 14 97% 97& Int Rap Tr 6s '66.. 32 Int Rap Tr sta 66.. 44 Int Rap Tr 7s 33.. 55 Int & Gr Nor 6s°5212 Int &G N ad 6s ‘52 0 IntRysCAbs"12. 13 lowa Centrf 4s'61. 5 Kan CFtS&M u'l: 103% 9 55% 101% 90 84y 54 80% 93% 100% 994 78 96% 104 104% 103% 98 16 109% 95% 69% 99% 65 5% 40% 67% 105 102% 108% 101% "'m Vc 99% 102% 93 97 111% 8% 98% 9% 9% 101 104 104 109% 102% 106% 23 97% 85% 53 192 1024 102 e Mottt ot 102% 101% 105% 100% 93 60 70 40% N\‘ N 3% 70 82 1% 70 ket 70 7 kid 21 9 104% 1041% 1041 mm exchanges 3 110% 110% 110% | considerably durlnc mzmr 963 103 109% 73 83 89 96 107% 97% 67 67% 86 9% 95 53 46!/! During 1930. BY W. H. SCHUBART, Vice President. International t lce lent "I:ka. i Acceptance NEW YORK, December 23 (P).—With very few exceptions, foreign exchanges have moved within a comparatively nar- row range during 1930. This is espe- clally noteworthy in view of recent po- litical unrest and unsettled conditions of international trade, caused by fall- " ing commodity prices and erection of trade barriers in many countries. Notwithstanding the severe trials of an epoch almost unprecedented for the expected erable movement 1d bullion between v!rlmn international centers. operations of the pank for inter- mt.wml settlements in transferring its balances from one central bank to an- other, are gradually gaining in im- portance in stabilizing the principal exchanges, and this influence will no doubt have an important bearing on future exl:ku:nl‘: ma rkml and should mini ternational shipping of gold bullion. Gold Movements. It is interesting to examine the fol- lowfi table of gold movements esti- to and from the United States from January 1 to November 30, 1929 (000,000 omitted) : 3 1 1 $361.2 $118 France, in addition to being the source of heaviest demand upon the United States for gold, also drew con- siderably from England, Germany and ., Holland, and it is estimated that the gold mmnp or nu Banque de France increased fi 633,000,000 on Janu- ary 1, 10!0 w l!N'I 100,000 on No- vember 30, 1930. Since this latter date there are almost daily reports of further large shipments from London to Paris, ¢ and it is anticipated that this move- ment will continue into the new year. part of the year the has been very firm, fluctuating change lies repal of Prench funds, which, on account of the severe in Inwrect rates throughout the world, were not yleld- ing the meturns which they had previ- ously enjoyed. Decline in Sterling. England.—Sterling, which year at $4.87%, dropped , with few reversals of trend, to a low of $4.8515-32 on November 28. Low inter- est rates and the constant flow of h(- L nmu'lflnl u-mnumn per. ml"fid little ngth in the ch-nn S any .- —'rfu Reichsmark num-ua the i Germal between 2391 cents and 23.77 cem.s Durl.n: the first few months of the the exchange was quite firm, -nd gom was imported from London and Paris. Weakness set in after the Ger- eral elections, due to political nfidence was 8000 restored, an external loan was arranged and funds again began to flow to uu- mlny in increased volume to benefit y the higher interest rates Splin —Political uncertaint; nomic unrest caused violenl in the value of the peseta. From of 15.17 cenn in the early it de lmizmlo'o( 4 3’5‘:’«. &’mher 15, e to skillful handli by the Bank chln[‘ene:fnu. ‘which was newly mlt!d in September, and renewed confidence, because of '.hn.l‘r fnes to lhlg lg:g Seaclly o nd reached’11.60 on Since then rumors of steadily recovered and have caused renewed ucw-finu November 14. civil commotion depreciation. Effect of Silver Decline. M. — Almost all the have m!:: a silver curnnma Dea soverely on coount Rave sufl zvdm,wmnnvnue unprecedent this pan returned to the of metal. Jaj el its embargo on t of on January 11 lnd sent to the United States over 40 per cent of our entire gold shipments for the a result the yen has been ite firm, frmnlowotueenhm.!mwy 6% 95 % 2 1004 100% 100% hu risen to 49.80 in October. FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & Co.) mlnu lflld Selling. uh—ll, i Prague, Warsaw, 0ty... . Copenhagen, CToWA. Sioknoim, . —————— Tornadoes seldom occur outside the 10 4 xom 1om xow. United States, and chiefly l M 84 2 92 92 10 100% 100% 1 101% 101% 92 100% mm sissippi Valley. Sales. High. Low. Close. 99% 99 Reading unl.u Sales of Stocks me s g c oo : on New York 10:30 AM.. 427.300 12: ovmoo:. 1:30 PM. - 1723,000 2: - 2,001'900 Dividend rates # given in the above table cash payments based on the latest QUATteriy or Ball seacly desi i f i alf yearly declarations. Seariin Tesuiar fa r rate. 2BYable tn cash of B Plus 2% 1n stock. J P lus 5% 981 93% 98% 1024 102 102 4 93% 55 67% mm 101 100% 100% 102 102 102 104% 104% 104% 100% 100% 100% 31 0% 69 65. 14 94 93y .32 95 94 T o o8 6 94 94 20 92% 924% 8 994 99 7 100% 100 Further Reductions Are Noted in ¥ New Catalogues of Two Companies. 7% Reo Motor Car (80c). 1 Republic Steel. . 21 Republic Steel pf. 8% 11% 30% 'I 100% logu 100% 3 98 '! 7% 6% 1’1 2 100% 100% 100% 2EERuE 8 11% T4% 40% 30% Mo Pac5%scv 49, 'NEW YORK, December 23—Further | :§: grhffz‘f‘:g}? ?z‘l.:; % N Con ab o mfilm cgrn‘:: zhlel:::uw:'lym::d‘ 12% fi,‘,“..‘i.",',‘.‘.:,?’.‘,',, ). . lél% % Pius S0% 15 siook. it & tacaper auoiiions e s | RAILROAD CONFERENCE | SHORT-TERM SECURITIES. ° lating business. (Reported by J. & W. Seligman & Co.) *Ex dividend. Montgomery Ward & Co., mail-order ON MERGER RUMORED Blo. ofir. | NEW YORK, December 23 (P).—|BEESH"" has cut prices PRIy el Allis-Chaimers Co. be 1997 Over-the-counter market: fsoc hout 10 o 25 per ceht from those of American Tel: 109 10 13 o “ NEW YORK, December 23.—Execu- | American Thread B e it i'ei’;‘u 8 year ago and says the fact that “we | "ot the four big Eastern Trunk | Baitmore i B Lines—New York Central, Pennsyl- are again extending the privilege of i Bell Tel. et P ien. " subctantis) proof of | VAnia, Baltimore & ‘Ohloind Ghesa- | Gt COAL PRODUCTION. ith in the future and in the al | peake & Ohio—were understood to be By the Associated Press. Rolding another conference here today | G2t Production of bituminous coal de- for further discussion of consolidation clined 8.6 per cent during the wcek Vo, G ended December 13, as compared with Although Wall Street has heard tt.hn General the prevmus week. The output, ,g: on | Gen. b riods, el Funi "\‘fim TStates Bureau of Mines, (olW't ‘Week ended December 13, 8,780,000 tons; previous week, 9,607,000 tons; same woek last year, 11,805,000 tons. By the Associated Press. n N Y Cent Ih-loll NYCreim bs 2013 NYC&StL4s"37. NYC&St L db 48’31 NYC&StL5KsA 8 100 NTC&StL6s'32 25 99% 991 99y |Sead L3 & ERNEE.LS, NEW YORK BANK STOCKS 621 6244 624 69% 68 €8 gfi% 8% 79 o L 16 114% 114 93% 93 93 100% 100% 100% e 2 69 69 b 79% T79% 79% 2 67 66% 67 19 93 92% 92 4 97 97 9 110 109% 110 IntT&Tbs’66 America Bank & Kan Gas&E 4%s '8 1 6114 114 114 59 105% 105% 106% 4 Ad% A A% First Nation, v | Harriman Mannattan 60 8 86 8 Third Av ad) §s'60. Nor Paoc 4%8 2047., 104 1024 1024 | Nor Pac 1 68 3047, Un Pao 1st é8 747 100% 100% 100% h‘ 'I. 9% 78% 179 Bepees e s e B tnnSTnn: Man 8 18t 7%8 ‘43, 27% 2T% 2734 Midvale Steel 55'36 lm loov. 100% Mont P db 6s A ‘62. §5 97% Mont Pow 6 3 lozac mzm 102% Mor & Co 18t 4% 94 9% T9% Nat Datry 5% 984 9T% 984 96% 96 96 -101% 1013 10134 wuoNNROoe 963 | On Pao 58 98 UnP llt l‘fll IOO'. Penna. 03 101 108 | Ve RR 34062 Puml .-ngm nf, 107% 1 107% | wabash 1st 63 39 3 W 108% 108% | wapash 2d 68 Pm 4%8'80.. 10 9 98 98 | wapash 63 B 96 Pere M 1st s '58. . 4 1 101 w-b..h 58 D P CC&StL 4%s77. 9 P& WV4eysC Port Ry 68°43. Por RL&P 7% 1 107% 107 Readgen qRe A9t M 99 98% Hteruas. Maten 03 947, rnat. Match Cor) E New York, Chl. & 8 Pt 5% 105 & serles of consultations. VIRGINIA BANK SUSPENDS. RICHMOND, Va., December 23 (#). —The State division of insurance and h-nklng wdly announced that the Bln.k m. Va., hld llll- M 000 hldd Bol mfl:fi‘&% lnd -wfi 2 101% 101% 101% Sinclair Crude Oll Co. 81zs 199 99 99 Blan a'fl&n’c‘\‘"kv 1951 sk glim are ork 4448 lll! a1 45 s 931 8t L. Bounl'uurn 1932 Uaton Oil Co. of C Umied U. S. TREASURY BALANCE. ‘The United States Treasury balance, announced today as of close of business December 20, was $332,097,592.09. Cus- for the month to date|U. N Y Tel4ts SILVER QUOTATIONS. NTTo o vonx. December 33 (#).—Bar EEFEE 108 % suver, 31 & ~