Evening Star Newspaper, December 29, 1930, Page 14

FINANCIAL. ]SNUWDEN EXPECTS REVIVAL IN TRADE British Chanceilor Says *FINANCIAL. THE EVENING STAR, WASHINGTON D. C, MONDAY, DECEMBER 29, 1930. NEW YORK STOCK EXCHANGE | BIND PRCES NOVE | Lo~ BONDS 7o e ' IN'NARROW RANGE UNITED STATES. i Early Losses in Some Issues TRADE RECESSON DECLIRED GENERAL Quantity and Value of Raw Sale: Mont Pow 5s'43... 5 Mor & Co 15t 43%s.. 21 Nat Dairy 6% cl. 38 A 1 High, 102% 101 9% 9% 9% 981y 98 984 14% 141 14% 107% 107% 107% 114% 114% 114% 106% 106% 106% 102 101% 101% 106% 106% 106 Low. Close. sates— 101 Add 00. High. 34 62% 2% 12% Stock and Dividend Rate, Pressed StCpof (1).. 4 Proct & Gamb (2.40) 950s (Continued From Page 13.) ~Prev 1930~ Stock and Sales— High. Low. Dividend Rate. _Add 00. High. 44% 12% Intl Nick of Can (1). 109258 14% 14% 86 33 Intl Paperpf (7) .. 20s 31 31% 5% Intl Paper & PwrA.. 80 6 22% 3% Intl Pap & Pow (B).. 2 an 18 2 #ntl Pap & Pow (C),. 37 24 (Sales are in $1,000.) Sales. High. Low. Close. 10127 10124 101 27 10229 10225 102 25 10320 103 16 103 19 102 14 10213 102 14 10531 105 31 105 31 108 108 1126 112 Low. Closs. Coee, 38 34 347 60% 61% 61% 2 24 2 1% 121 11% PubSvNJ (3 w) o 70% 684 684 69 Pullman Corp (4)... 51 487 48% 494 Punta AlegreSugar. % Lib 3%s. Lib 18t 4%s. Lib 4th 4% USIK Us3y Prev. Low. Close. Close. 141 14% 31 33 6% 5% 3% 214 o1 12 Material Exports Seriously Affected. BY O. K. DAVIS, Becretary National Foreign Trade Council. Foreign trade dropped off generally throughout the world during the past year both in quantity and in value. The recession affected the countries which export raw products and basic materials much more severely than the countries which deal mainly in manufactured products. The United States has en- tered the latter class of countries since the war, and its sales abroad consist now of about 75 per cent of manufac- tured products. Our position, thereforen! has been in the middle ground. Our exports have not fallen off proportion- ately as much as those of Japan, Latin America, Canada, Australia, South Africa and other countrics h supply the world with raw materials. But we have suffered a substantially greater loss; proportionately, than most of the countries in Europe. For the first time in seven years our | exports have fallen below the $4,000,- 000,000 mark. The figures for the year 1930 were close to that amount. while our imports were a little over $3.000,- 000,000, our lowest total since 1922, Volume Equals 1926 Level. ‘That, is not the whole story, however. In quantity we did approXimately as} much foreign business during the last year as we did in 1926. Our foreign trade had a real value last vear 33 per cent greater, with adjustments 1o standard prices, than it had in 1913.] That still represents a substantial gain over our pre war position The real drop in our exports was about 15 per cent, making allowance for the drop in prices. The correspond- ing decrease in the quentity of foreign trade done by England shows a litile more favorable situation that with us, England's recession being about 10 per cent. Germany shows a still more fa- vorable return on the year with a fall- ing off in the quantity of her exports of% Der cent or less, while France, Rus- sia and several other European coun- tries exported the same quantity of goods as they did in 1929, or a little more. Canada suffered more than we did in the loss of almost 20 per cent in quantity of her export trade, while| Australia, Brazil, Argentina and others | of the Latin American countries drop- ped off by between 20 and 30 per cent. Agricultural Export Prices. The extent to which basic food prod- ucts contributed to the falling off in mumunon-l trade during the year may judgtd by the fact that the unit rices of our wheat and cotton mps tgne bulwarks of our agricultural foreign trade, dropped by 40 per cent last year. Our farmers gre receiving farm prices about equivalent to those they received in 1913 for the general average of our crops, and only tobacco, lard and meat products appear in the Hst of those of the agricultural stavles which were exported last year in larger quantities from the United States. ‘The most constructive factor of the year is, however, that the manufac- turing industry, particularly in Europe and the United States, though reflect- ing the general reductions of prices, did not substantially reduce the volume of jts products enter'hg international trade. The single exception is the au-¢ tomotive industry, whose exports, al- most 90 per cent of which comes from the United States, dropped off during the year almost by half from its 1929 record. The average diminution of other manufactured exports from the Unitea States by onlv 8 per cent, cou- pled with the ability of Europe to maintain her own manufactured ex- ports at practicaily the previous year's volume, shows that the greater part of the year's losses in foreign trade was absorbed by raw materials. This relatively steady market for the prod- ucts of manufacturing removes much of the danger from the present situa- tion and presages an improvement for the near future. Foreign Trade Well Organized. In the last 15 or 20 years American producers and traders have made a very considerable advance in the art and science of merchandising in other markets. Whereas 20 years ago our | foreign trade practice was a joke to| the rest of the world, it is now, even in the midst of present restricted mar- 86 58% 45% 762 119 T 40 6619 1485 12315 118 Bla 5% 134 “ 126 28% 99 12 514 13813 447 9% 108 118% Loos 284 Int] Pap & Ppf (7)., 10% Intl Printing Ink 31 Intl Salt (3). 47T% Int Shoe (3). 39 Intl Silver (4). 18% Intl Tel & Tel (2)... 14% Tnter Dept Strs (2).. 54 Investors Equit 25 Island Cr Coal (4)... 37 Jewel Tea (15).. 48% Johns-Manville (3). Jones&Laugh pf (7).1108 % Jordan Motor Car. 5 KC P&L 1st pf B (6). 40s 35% KansCity Sou (5)... 2 4% Karstadt (R) (1.03). 27 141 Kaufmann DS (1%) 2 1415 Kayser Julius (2%). 6508 1% Kelly-Spring Tire. 21 9 Kelly-Spring 8% pf. !60- 19% Kelsey Hayes (2) 7% Kelvinator Corp 1 20 Kend Co pf (16.37).. 1208 2014 Kennecott Copper(2) 100 51 Kinney (GR) of (8). 108 1 Kolster Radlo. . % Kolster Radio ctf: 26ix iKresza (SS) Co 1.60.. 39 Kress (SH) Co (pl). 20% Kreug & Toll 11.60). 17% Krog Gr & Bak (n1). 70% Lambert Co (8) 314 Lee Rubber & Tir 11 Lehigh Port Cmt (1) 4% Lehigh Valley Coal.. 14% Leh Val Coal pf (3).. 40 Lehigh val (t43)... 5214 fehman Corp (2).... 21 Lehn & Fink (3). 10'% Libbey O Ford Glas: 761 Liggett & Myer (15). 81, Lig & Myers B (16).. 181 Lima Locomotive. . Link Belt (2.40) 39 Liquid Carbonto 41% Loew's, Inc (t4)..... 85% Loew's Inc pf (834). 84 Loew's pf xw (6%) 215 LoftInc........ 3 Long Bell Lumb (A). 40% Loose-Wiles (12.90), -Wiles 18t (7). &% ILorillard (P) Co. 76% Lorillard (P) pf (7). 3% Louisiana Ofl....... 25 LouG&E (A) 1%) 8414 Louls & Nash (T).... 9% Ludlum Stee! 34% Ludlum Steel pf. 37 MecCrory (A) (2). 78 McCrory pf (6). 28 MeGraw-Hill (2 14% Mcintyre Porc M 61 McKeespt Tin P1(16) 10% McKesson & Rob (1) 26% McKes & R pf (3%4). 6 McLellan Stores. 33% Mack Trucks (4). 8215 Macy & Co (nt3). . 4%, Mad Sq Garden(60c 19% Magma Cof per 1% Mallison & Co 24 Man Elev mod g (48) 4 614 Manhat Shirt (1). 1% Maracaibo Ofl Exp. 17% Marine M1d (1.20) % Market St Ry.. N 21% M 413 Marmon Motor Car.. 9 D= P TSN 25% Marshall Fleld (2%) 1675- 3 Martin Parry. 30% Mathieson Alkaif i2) 27% May Dept Strs (n2).. 5 Maytag Company 15 Maytag Co pf (3) 25 Melvilie Shoe (2). 6 Mengel Co (2)....... 9% Mexican Seaboard. 7 Miami Copper. .. 11 Mid-Cont Pet (2).... 1 15% Midland Steel (3) . 74 Midiand Steel pf (8) 4908 37 Min Hon'w Reg (14). 2 3% Minn Moline Pow... 20 14% Mo Kan & Tex (3)... 110 €0 Mo Kan & Tex of (1) 2508 20% Miissouri Pacific 79 Missourt Pac pf Mohawk Carpet . 18% Monsanto Ch (g1%). 15% Montgomery Ward 48% Morrell & Co (4.40) % Mother Lode. 29 13; Motor Meter G & El. 13 25 Motor Products (2). 1 14% Motor Wheel (3).... 15 37 Mullins Mfg pf (7).. 108 9 Murray (B)(2% stk) ¥ 21% Nash Motors (4)... 6 Nat Acme (1%) 2% Nat Belia Hess. .. ... 15' Nat Bella H pf (1)... Nat Biscult (13.30).. 14 28 22 28 NatCash Reg A (14) 12 35 Natl Dairy (2 60) 20 415 Nat Dept Store..... 6208 62 Nat Dept St 15t (7)..100s 1814 NatDist Products(2) 50558 16 27 10 3614 27% 10% 3619 10% | 348 | 40 B0 [ 28 19 69 13% 32 % 341 | 83 A% 21 2% 36% (33 1% | 18% | 1 i 144 23 4% 261 | 614 314 28% 5 151 25 6% | 10% | 5| 13% 19 82 87 5 164 | 66% | 27 | 87 | 100 20 15% 50 | 1% 215 29% | 14% | | 125 1% 70 10815 45% 9% 29% 1% 26% 17 6014 €7h 141 325 36% 48 32 110 267 15' 46% 4 T4 % Stand Comm Tob 3 Stand Ofl of N J (12) % Timken Roller (3)... Punta Alegre S cif: Pure Ol1 Pure Ol pf (8) Purity Bakerfes (4). 13 Radio Corp . 369 Radiopf A (3%).... 2 “adio Corp (B) (5).. 42 Radio-Keith-Orph A. 49 Readine Rwy (4). 4 Real Silk Hoslery 3 Reis (R) & Co 1st pf 780s Rem Rand (160).... 14 Reo Motor Car (80c). Republic Steel Republic Steel pf. Revere Copper & Br. Reynolds Metals (2). Reynolds Spring.... 2 Reynolds Tob A (3). 208 Reynolds Tob B (3). 60 Richfield Of1. . 30 Rio GrandeOfl...... 3 Ritter Dent Mf (13).. & Rossfa Insur (2.20).. 4 Royal Dutch #3.2165. 14 Safeway Stores (5).. 4 St Joseph Lead (13). 23 St L-San Fran (8)...425s St L-San Fran pf (6) 450s St L Southwestern 4 St L Southwesternpf 1. Savage Arms (2).... 5 Schulte Retall Strs 9 Schulte Retall pf (8) 1008 aboard Alr Line... 23 Seab'd Air Linepf... 3 ve (60c)...... 28 ars Roetuck 12%. 6650s cond Natl Inv pf Seneca Copper. Servel Inc. .. arp & Dohme. Sharon Steel Hoop Shatt Shell Trad (a2.423). Shell Union O11 Snell Un O1) pf (5%) 851‘ 4 Shubert Theaters. Simmons Co. Simms Petrol, SinclairCon O11 (1).. Sinclair Ol pf (8).. Skelly O} (2)...000s 17 Skelly Ofl pf (6) ... 1 Solvay Ampr wwb% 1 Sou P Ric Sug (1.40) 5 Sou P Ric Sug pf (8) 20s Southern Cal Ed (2). 22 Southern Pacific (6). 17 Southern Rwy (8)... 55 Southern Rwy pf () 1 Sou Ry M & O ct (4). 1608 Spalding (A G) (2).. 2 Svarks Withing (1). 42 Spencer Kellog (80c) Spicer Mfg Spicer M{= pf (3)... Splegel-May-Stern. . Stand Brands(1.20).. Stand Brands pf (7). Stand G & E (3%)... Stand Invest Corp. Stand O11.Cali (h23%) Stand Oil of Kan (2). 182 Stand Ol N ¥ (1 60) 60508 21% Starrett (L8)(12%) 3 204 Sterling Sec (A). 1 Sterl Sec pf (120)... 4 Sterl Sec cv pf (2)... 2 Stewart-Warner (2), 10 Stone & Webster (4). 35 Studebaker Corp (3). 27 Studebaker Co pf (7) 1008 Submarine Boat. Sun Of) (11) Sun Ol pf (§ Superheater (13%).. Superior Ol Saperior Steel. Symington (A) . Telautograph(11.40) Tennessee Corp (1). Texas Corp (3).. . Tex Gulf Sulph (4).. Texas PC & Oll. Texas Pac Land Tr. . Thatcher Mfg (1.60). Thatcher pf (3.60) The Fair (2.40) The Fair pf (1) Thermold Co. . Third Avenue . Third Natl Inv (a2). Thompson (J R) (3). Thompson Pr (2.40). Thompson Starrett. . Tide Water As (80c) Tide Water As pf (6) Tide Wat Oil (pf (5) Timken Det Ax (80c) S B lelteronlanuuruinmele Tobacco Product. Tobacco Prod A t95¢ Transamerica (1)... Transue &W (1).. Tri-Cont Corp. ... Tri-Cont Corp pf (8). 6 e w 92% Y 8 97 374 11% 49 314 154 17 kil o 4 99 384% 1214 48 344 15% 18% 76 23% 10 154 819 10t 20% 1 1% 1 75 40 Are Regained—Trad- ing Quiet. BY F. H. RICHARDSON. Srecial Dispatch to The Star. NEW YORK, December 20.—After a weak opening, todays bond market re- ceived support before " midday and turned irregular. Many of the early losses were regained. Some were con- verted into net gains. Other issues re- mained at the day's bottom. Trading was dull and it was apparent that buying was highly selective. Vol- ume was of only moderate size. Money rates were unchanged. A cross section of the market re- vealed that of 155 active issues, 41 were lower, 47 higher and 67 unchanged. In the foreign department 23 were higher, 14 lower and 37 unchanged. High-grade domestic bonds stood 7 lower, 6 high and 13 unchanged. In junior securities 11 were lower, 15 higher and 15 unchanged. The feature was the strength of New York City Traction issues. This fol- lowed publication of the Untermyer unification plan, under which senior security holdgrs of Brooklyn-Manhat- tan Transit and the Interborough lines will receive at par New York City corporate stock in exchange for their bonds. Brooklyn-Manhattan Transit 6s advanced 2 points. Inter- borough refunding 5s gained & points. Interborough 6s were 3 points higher. Manhattan Railway 4s gained 3 points. All of these gains were later shaded by profit taking. High-grade bonds were traded in only small quantities, with few price changes. Atchison General 4s, Baltimore & Ohio 4s, Southern Pacific 4':s, Inter- national Telephone 5s, Utah Power & Light 5s, Atlantic Refining 5s and In- land Steel 4155 all had fractional losses. The rest of this group was unchanged or a shade better. United States Gov- ernment obligations were quiet and firm. Convertibles had an irregular trend with stocks. Utilitles Power & Light 5s and Chicago & Northwestern 43,s were off over a point. Commercial Investment Trust 5'2s and Shell Union 5s of 1949 were strong. Responsive to weakness |in Van Sweringen notes on the Curb | Amer | Wash Gas 6s. | Barber & Exchange, other securities of the Van Sweringen system dropped a point or more, but in most cases these losses were pnrmlly retraced. 'Washmgton Stock Exchange SALES. | Capital Traction Co.—200 at 4215, Ans\eflcl\n Security & Trust Co.—10 at 45, Lanston Monotype—5 at 104. AFTER CALL. Washington Gas 6s “B"—$200 at 105. Potomac Electrig 67 pf 1 at 1il'5. Washington Gas 6s “A"—81.000 &% 102, $300 at 102. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4'25 '33 .. Tel' & Telga. 4'25 '39 Am. Tel. & Tel. ctl. tr. 5s.. Anacostia & Pot. R. R 5% Anacostia & Pot. Guar. 5s. C. & P. Tel. of Va. 5s. Capital Traction R 5 | Gity & Suburban 5s Georsetown Gas, 1t 35 Potomac Elec. Cons. 3% Potomac_ Elec. €s 1953 Wash., Alex. & Mt. Vernon cti. Wash.. Balto, & Annap. 55 Washington Gas 4lzs. Washington Gas 5s series A’ Wash. Gas 65 series B Wash. Rwy. & Elec. 45 MISCELLANEOUS. Ross. Inc., 625 Chevy Chase Club 5. Columbia Country Club 5i3s. C Paper Mfz. fis... z Wash. Mkt. Cold Storage 5¢. Wash. Cans. Title 6s.... STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Traction Go. (4} Wash. Gas Light Co. (18 N. & W. Steamboat 4|7n. Eotomac_ Elec. Power 67 g Pot. Elec. Power 527 pfd.. Wash. Rwy. & EL com. (T) Wash. Rwy. & El pfd. (5)..00] NATIONAL BANK. Capital (14), .. Columbia (12} Commercial (siamped)’ (10). District (8) . Fed.-Am. N Liberty (75). Cincoln (12) . etropolitan Riggs (155) S EEEEE Bk, & Tr. Co. 70 ! Rome 6%s'52. Argentine 51%s'62. 3 Argentine May 61. 11 Argentine 6s Ju's9 5 Oc'69 2 AT, 68 B "58. Australia 4%s '56. 58 Australia 5s 5. .. 130 A b Austria 7 Bk of Chile 6 %5 '61 Batav Fet 435 ‘42, Belgium 68 '66. ... Belzgium 6%s "49.. Belgium 78 '55 Belgium 7s '56 Relgium 8s *41 Bolivar 7s '58. Bollvia Ts ctfs'69. . Bolivia 8s "45. | Bordeaux 6s°34. .. | Brazil 6148 '26 Brazil 6182 ! Brazil 7s. Brazil 8s 41, Canada 53 '31 Canada 5s 52, Chile 68 '60 Christiana 6s '54. . Colombia 6s Jan ‘6 Con Pow Japan 7s. Copenhag 41 s '58. Copenhag 5= '52. Cubn 536545 Czecho 85 '51 Dan Mun 8s A *48., Dan Mun s B "46. Denmark 48 6 Denmark f 1% 65 Deamark 6s'42. Flat 7s ex war *46. Finland 5= 58, .. Finlane 7850, Fram I D7 Krench 7s ‘41 French Gvt Ts 41 9 Gelsenkirchen 6s'34 32 German 5%s ‘65 German Bank 6s German 6%s '50 German 7s rep Greek 65 '63" Hait! 63 '52 Hungary 714 ftaly 78 '51 ftaly Pub Sv 75 '52 apanese 4s ‘31 Japanese 5148 . Tapanese 61.s 54 . 32 Jugosl Bank 7s '67. Karstadt 6s*43. ... Kreug & Toll bs 59 Lyons 6s . Marseille 6s Il | Mex 4s asstd 1910, | Mexico 55 A *45. Vilan 614862 ... Montevideo 7s '52. New So Walesfis New So Wales 6s ord 6% s ‘50 orway 53 %63 Norway 6s 52. Orfent dev 5148 '58 Orfent dev 6s '63. .. Paris-Ly M 6s°58.. Paris-Ly M 7s '58. Peru 6s 60, . Peru 656 | Peru 7s 59, Pirelll 7s. Poland 6s Poland 7: Poland 8s '50 Prague 7%s '52. Queenland 6s ‘47.. Queenland 7s '41. Rhine West 63 '52. Rhine West 6s " Rio de Jan 8s 46 R Gr De Sul 63 °68. R Gr De Sulss '46. , o Roy D 4545 ww. .. Sao Pau 78’ 40 rets. Sao Paulo 8s '36. ! Sao Paulo 8s ‘50 | saxon 7s 45. Seine 7s '42 Serbs-Cr 81 7s Serbs-Cr-S] 8s Shinyetsn 6% 52. Sossons 6s '36. ... Sweden 51854 Swiss Confed 8s *40 Toho El Pow 6s '32 Tokio 5%48°61..... Gtd King 5% s *47. Uruguay 6s '60.... Uruguay 8s 46 o BTy PIRPIIG PS> » B FOREIGN. Sales. High. Low. Close. 84 90% 90% 9015 91 9015 61 7% 1% 104 80 92% 101% 107% 10014 104% 7 72 90 100%% 561 84 9014 90% 9015 9014 901 643 70% TN 103% 9% 92% 101% 107 114 1075 1% 85 €0 74151 106% 781 90% 75 102% 104% 105% 9614 /81, 1043 73 994 ( Nor Am Ed 68 '57.. Nor Am Ed 6%4s '63 NorOT& L . Nor St Pow 53 A ‘41 PacG & E168°42. . Pac T&T1st 65 '37.. Pan-Am Pet Pathe Exch 78 37.. Peoples'Gas bs. Phila Co 68 ‘67 Phila & Read hil Pet 6% s Pos Te! & C ba 53 Pressed St C 68 '33, Pub Sv G 4%s 67 Pub Sv G 4%s 70 Pun Aleg Su, Pure Ol 5%8'37..., Rem R'd 6% s A *47 Richfi'd O cal 63 "44 Shell Un Of1 55°47. Sincl O 78 cv A '37 Sincl CrO 6 Stinelair P L 5842, Skelly Ofl 6%s°39.. Solvay Am 55 '42.. Sou Bell T&T 5s ‘41 SW Bell T 63 A '54. StOII N J b8 46 STOINY 4% . Tenn E) P 68 A "47. Tex Corp cv b8 *44 Utd Drug cv 6s 63, U S Rublst 63 47 Utah P& L 6a 44 Utl] Pwr 5859 ww, Ut Pow 6= 47, Vert Sug 1st 7s 42, Walworth 6s A *45. Warn Br Ple 6s 39, Warn Quin 6s ‘39 West E! deb fs ‘44. West Un Tel 58 '51. West Un T 6148 36 W EO5%s 3T ww. \Wh Sew Mch 6s *40 Wie Spen S ct 75'35 Wil & Co 151 68 41, YouSt&T5s'78 RAIL Atch'on 48 1905-55 Atchison ad) 4 Atchison gen Atch'on cv 414= "41 AtCLst P&WYV is 41 R&O Swn dy 58 '50 B & O Toledo 4s '50 Bd & Tth Av 6s *43. Pos & Me 55 1956. , Ros & Me 68 v Bklvn Elev 6 BKlyn Man 6s ‘68 BKlvn Un 1st bs ‘50 BR & Pitt 4%s 57 Bush Ter con 6s ‘55 Can Nat 4% Can Nat 4% “an Nar 4%s " Can Natl 4%s 55 Can Nat 6s July Can Nat 6= Oct " Can Nor 438 '35 ~an Paeific db 4 Can Pac s ctfs ‘44. Can Pacific 5= 54 . Car Clin & O 55 '38. Cent of Ga 58 C '59. Cent Pacific 65 60, Ches Corp 5 Ch & O gn 43 Ch&O4%sA’93., Ch&O4%=R 95 C & O con 5539 Chi & Alt 3s. CB&Qgends CB&Q I1dv 3155'49 Ch & East (1) bs ‘51 Chi Grt West 4s '59 Ch M&StP 4 %S E. . h M St P&P b8 16 Ch M & St Padj 68 Chi NW 4%sC 2037 h & NW con 4%s. Ch Rwys 58 '27 ChRI&Prt ChR1cvalis’so., ChRI&P4KsA.. C TH&SE In 5560, Ch Un Sta 415’63, Ch'Un Sta 5s B '63. Ch Un Sta 65 '63. C& W Ind cv 45’52 C& W Ind 5%s"62 CCC&St L 4%s (B) 1% 11 101 2 103 100% 8 102% 103% 104 101% 92% 5l 105% 98 11 100 101% 100 101% 103 103% 101% 92 51 1054 98 7014 84% 6019 50 - 74 i 10215 1047% 100 94% 0% 9915 66t ROAD. 4 93y 97% 17 111% 20 5 1007% 1 98% 9 98y 12 98y 17 101% 3 104% 22 104% 10 99% 43 88% 48 98y 2 10314 5 102% 11021 20 85% 10 102% 23 95% 159 196 4 26 10215 . B 87 834 bty 78 97 9% 98 79% 96 104 105% 104 8% 10374 99% 91 70% 99 40 75 66 16 105% 101% 1077 101% 24 T 97 102 9344 93 97 1% 88 88 9514 100 9114 105% 101 100% 10615 95 101% 79% 5ix 985 9814 69 9813 101 1037% 101% 10214 1024% 94% 103 99% 99% 103% 67 95% 894 31 62 9114 66 23 9014 85% 64 97 6% 881y 80 101% 104% 114 864 100% 987% 111% 101 101% 100 101% 108 103% 101 924 5lly 1054 9814 71 84w 604 50 74 102% 1021 9 87 834 55 78 97 100 98 % 961% 104 105% 10414 99 1047 105% 102 1077% 101% 24 98 102 9315 9312 970 1% &8 88 96 100 9115 105% 101 100% 10615 95 101% 79% 51k 98% 99 6915 9814 87 831 99 981 987 981, 101 104 101% 1023 85 10214 941 103 99% 99 1035 67% 95% 891 32% 63% 9114 66 23% MY 85% 64 98 86% 881 80 101% 1043 114% 86Y% 100% 99 Plenty of Purchasing Power Still Exists. By the Associated Press LONDON, December 29.—Philip Snow - den, chancellor of the exechequer—the man who controls the pursestrings of the British Empire—is an optimist in a world of eco- nomic depression. With Prime Min- ister Ramsay Mac- Donald, Snowden wields the most in- fluential power in the British gov- ernment and, as 1931 approaches, the chancellor has given the Asso- ciated Press his views on the world situation. “The abnormal volume of unem- loyment which has pm--uedd the 4 ast year is due, as s President Hoover said in a message. to Congress, to world causes over which one country nl(xléle has little or no control,” Snowden said. Sees Trade improvement. Nevertheless. he has a feeling of op- timism_regarding the future of world trade in general and British trade in particular. He is confident the time will come when not only the magnitude of Great Britain’s trade. but of world trade, will be so great that the world of today is unable to conceive it. The chancellor asserted there fs plenty of purchasing power and credit to be’employed when things are favor- able. “Pessimism_has been ovesdone,” said Snowden, who deprecates this spirit which is abroad in Englend Pessimism Won't Help. Snowden, who himself has triumphed over great adversities in his career, said it was not the spirit of pessimism which triumphed in the past in difficulties as great 2s those the country faces today. A hundred years ago things were as bad or worse, but times changed and the next 80 years marked the greatest prosperity 1n ‘the history of Great Brit- ain. And, Snowden said, times will changé again. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., December 29.— Poultry, alive—Turkeys, pound, 33a35 old, 20a28; chickens, Springers, 23a26; Leghorns, 20a27: bareback, 12a13; old hens, 20a24; Leghorns, 14a18; roosters, 12a15; ducks, 14a23; geese, 18a25; Guinea fowl, each, 30a60; pigeons, Pair, 20. Eggs—Receipts. 693 cases: nearby firsts, 32; hennery, white, firsts, 35; Southern firsts. 30; current receipts 30. Butter—Good to fancy creamery, pound, 30a33; ladles, 23a25; rolls, 18a 20; process, 28a29; store packed, 13al15, Vegetable Prices. Potatoes, white, 100 pounds, 1.25a1.75: sweet potatoes, barrel, 2.25a3.75: yams, ba 2.25a2.75; beans, bushel, 4.00a beets, crate, 2.75a3.00; cabbage, bushel, 2.0024.00; carrots, 100, 2.008 4.00; caulifiower, crate, 1.25a2.00; celem, crate, 1.50a2.50; eggplant, crate, 1.50a 2.50; kale, bushel, 75; lettuce, hamper, 1.25a1.75; peppers, crate, 1.50a2.75: parsnips, bushel, 1.20a1.30; spinach, bushel, 75a85; tomatoes, crate, 1.008 3.00; turnips, huahel 40a50; cranber- ries, box, 2.50: grapefruit, box, | 1.50a3.00; oranges, bex, 2.0023.75; tan. gerines, box, 1.00a1.75. Hay and Grain. 77Whe;'t«v§¥u d2 W;ledl Wln(!ul;,:k export, 3 0. 2 Te inter, garlicky, s 7 December, T7%. - R Corn—No. 2 domestic, yellow, 81a82; cob corn, new, 4.35. Rye—Nearby, 55a60. r’onLy—' ‘White, No. 2, new, 43; No. 3, Hay—Receipts, 41 tons. General hay market strengthening. Drought has ceriously curtailed nearby crops, chang- ing the entire situation. Sections her tofore shipping are now asking for offers of hay. Good clover mixed and timothy new hay will bring from 24.00 to 28.00 per ton. Wheat straw, No. 1, per ton, 9.00a old, kets, better organized and better con- ducted than those of any other nation. It is, in fact, the standard of excel- 114 Nat Lead (18) Vienna 6s ‘52 135 Nat Lead pf Warsaw 7s ‘58 .. Yokohama 6s '61. . Second (9e) 838, Washington (13). TRUST COMPANY. C U Ter 4%s 2020.. Clev Term 4%s *77. Clev Term 5s'73... 10214 102% 101% 102 10.00; ,0at straw, No. 1, per ton, 9.00a 10.00. S0, Trico Prod (2%) .. 1 Truscon St] (g1.20).. 1 29% 116 221 lence in international commerce. In looking forward to 1931 American foreign traders are analyzing their mar- keis carefully and are preparing for the increased volume of business tnat is sure to develop. The resources of our credit. as shown in the development, of American foreign banking branches, on the one hand. and of the systems initiated by credit departments of our large manufactturers, on the other, | have been developed to a very better high point of efficiency. Our services of transportation and communications “are better than ever before. Our ex-| ] port departments are better trained | and are more at home in foreign trade. | In short, we possess advantages over| our position in the corresponding stump | in 1921 that are the result of nine/ years' hard work. | Our export trade is like a high-priced | eutomobile that is in perfcct condition | and is ready to go, but is merely block- ed up by a trafic jam. Just as soon| as the road opens we shall be able to take our accustomed position at the head of the procession. and there are already indications that we are work- ing out of the jam. Whether we are at the end of the present depression or no‘, the slogan, “Greater prosperity | through greater foreign trade” is still as valid as ever in impressing us with the fact that a substantial foreign trade | 15 an indispensable part of our national | business policy. COPPER INDUSTRY CURTAILING OUTPUT| | “Producers Expect to Benefit by | Curtailment in Mining Operations. By tre Asscciated Press. 1IZW YOPI December 29.—The fundamental law of supply and de- mand, with the supply far exceeding the demand, gave the copper industry in 1930 one of the worst headaches in its caree | But the arrival of 1931 finds the in- dustry agreed on a program of produ: tion curtailment which is expected to place it on a sounder basis when ac- | cumulated stocks are disposed of. i Lead, zinc and virtually the entire ; non-ferrous metal line likewise suffered declines in the year. The lone exup-i tion was nickel. Silver suffered the greatest collapse | in history, selling close to 32 cents nn‘ | ounce, the lowest ever reached. Copper during the to 912 cents, the lowest in t as Lhe r neared the end the price was sta- ! Lfllad around 11 cents, although sales | were few, due to a supplied market. ' | o NEW P.AILROAD PRESIDEHT NEW YORK, December 29 (P).— Charles T. O'Neal, formerly vice presi- denl of the Buffalb, Rochester & PILU- rgh Railroad, has been elected d-nl of the Chicago & Eastern II \xmlo. Thy C. Povell was advanced to the pos| of chairman. 4 year drop) 4 years, 241, 164 2215 27% 44n 26 15% 60 16% 110 114% Nat Lead pf (B) (6). Nat ow & Lt t1).... 4 Nat Radiator. % Nat Ry Mex 2d pt. Nat Steel (2)... Nat Surety (5)« 14 Nau Tea (1) 22 Neisner Brot 9 Nevada Copper (1) 15t Newport Co (2).. Newport Co (A) (3). 11% Newton Steel....... 22 N Y Alr Brake 80 41 35 105% N ¥ Centrai (3) « NYChi&StL6). 3% N Y Ont & Western. N Y Steam 1st pt \1) 41 Norfolk & Southern. 181%5 Norfolk&West (112) 4% North am Aviation.. 5Tk Nor Am (b10%Stk).. 994, North Am Ea pf (6). 42% Northern Facific (5). 30 NoGer Lloyd (3.43). % Norwalk Tire & Kub. 16 Ohio Ol Co (2) 1% Oliver Farm Equip 16% Oliv Farm Eq pr pf. . 4% Oliver Farm Eqcv pt 2% Omnibus Corp. 48Y% Ous Elevn (2%) Otis Steel. 32's Owens 11l Gly 3).. 40% Pacific Gas & El (2).. 46 Pacific Lighting (3). 15 Pacific Mills Ckard Motor (30¢). ndle P & K.... 34% Param nt Publiz (4). 5 Park & Tilford. s 1 bPark Utah.......... 3 Parmelee Transport. 1% Pathe Exchange. ... 2% Pathe Exchange (A) B Patino Mine: 3 Peerless Motor Car.., 27% Penney (JC) 2) 4 Peun Coal & Coke. 21 1'enn Dixie Cement., 16 Penn Dixie Cem pf Penna h R (4). 21 Peop Drug 8 Pere Marquette 1") 17% Pet Milk (1%).. 6 ~ Petrol Corp «1%). 20 Phelps Dox 6% Phila Read Sl Philip Morris&Co(1) 11% Philiips Petrol (n2). 1y Flerce Ol T4 Pierce Ofl pf . 1% Pierce Petrolm(10c) 26% (lisbury Flour (2). 8L Purelil [taly (a3.14). 20 Pittsburgh Coal..... 66 Pittsburgh Cosl pf. 8415 Pitts Steel pf +7) 214 Pitts Terminal Coal. 23 PlttsTermCopf..... 91 Plttsburgh Unit Cory 48 Pitts& W Vac6). 181 Pittston Co (1%). 10°% Poor & Co tB) (2)... 14% PRAm Tob A (3%). 4 PRAmTob(B).... 20 Postal Tel&Cable pf. 11% Prairie O1l & Gas (2) 16% Prairie Pips L (15).. 3% Pressed SteeiCar, ... P 9 9 1 5 1308 Pacific Tel & Tel (7) 2308 116'; Pac Tel & Tel pf (6). 12 40 1 67 4 17 15118 16% 1% 16 4 By 51ty 10 825 20m 32 | 101 103 30% 139 pUTH Twin City RTr (§4). 3 Und-Kil-Fischer (8). 3 Union Bag & Paper.. 1 Cnion Carbide (2.60) 50 Union Oil. Calif (32) 3 union Pacific (10)...710s Union Pacific pf (4). 1 Un Tank Car (1.60).. 7 1t Alreraft . 115 Unit Air&Tr pf (8).. 8 Ctd Am Bosch. UnitedBiscuft (2).. United Carbon (1) Utd Cigar Store: Utd td Corp pf (3) Utd Electric Coal. Utd Frult (4)... 9% 50% 10 5644 4 Utd Gas & Im (1.20). Utd Gas & Im pf (5). Utd Stores (A)...... Utd Stores pf (2%). U S Distributing U § & For Secur. U S & For Sec pf (6). US Freight. U'S Hoftman. U S Indus Aleo (17 US Leatner, U'S Leather (A). US Leath pr pf ( USPlpe&F (2).. . U S Realty&Lmp(3) . 7508 U S Rubber........ U S Rubber 1st pf... U S Smelt & Ref (1). USSmelt Refpt3% 1 U S Steel (7). .. 193 U S Steel pf ( 5 Univ Leaf Tob (3 Univ Plc 1st pf (8) niv Pipe & Rad HIP &S (A)e Vadasco Sales Corp.. 11 Vanadium Corp (3). 192 Van Raalte......... 3008 Va-Car Chem £ 98 Va-Car Chem 6% pf. 4 Va-Car Chem pf (7). 3 Vulcun Det (4)..... 2508 Wabash.......ce00e 3 Wabash pf (A) (5).. 11 Waldorf Sysun (1%) 3 Walworth Co (2).... 6 Ward Baking (A)... 20s Ward Baking (8) . Ward Baking pf (7). warner Bros Plet. Warner Bros pf 3.85. Warner Quinlan. Warren Bros (3) Webster Eisenlohr, . Wess Oil & Snow (2) 2125s West Penn El pf (6). 20s West Penn £l A (1) 40s West Penn K1 pf (1), 10s Penn P pf (7)., 4 stern Dairy A (4) Western Dairy (B).. Western Md. Western Pacific. Western Pacific pf. Western Union (8).. w 13 ston El Instr (1), stvaco Chlor (2).. Wextark Radio Strs. White Motors (2) ... White SewingMach. White Sew Mach pf.. Wilcox Ol &G Wilcox Rich A (2%). Willys-Overland. ... Wilson & Co (A) (Continued on Page 15.) 20° | Bell Tel Amer. Sec. & Trust Co. (15)... 343 Continental Trust_(f) 1181 National Savings & Triist' (12) 440 Prince Georges B. & TT. 28 Union Trust (8s) . 219 Wash. Loan & Trust (14).".""" 440 SAVINGS BANK. Bank of Bethesda (65) Commerce & Savings (10) East_Washington (12)... Potomac Security 8av. & Com. Bic’ Seventh Street (12).... United States (30) Washington Mechanics' (20} FIRE INSURANCE. American (12). Corcoran (10) Firemen's (8) 3 National Union (15)." TITLE INSURANCE. Columbia (6s). . Real Estate (6s). Title & Inv. Co. Mg MISCELLANEOUS. Barber & Ross. Inc.. com. Col. Medical Bide. Corp. Col. Sand & Gravel pfd. B, G- Paper Mix. ptd Dist. Natl. Sec. Bcr. Broma-dens a3 Federal Storage ptd (8)." Fed.-Am. Co com. (1.201). Am’ Co. pfd.” (6). ton Monotype (8). " Mer. Tr, & Stge. com. (7) Merch. Trf. & Stg. pid. (1) Mergenthaler Linoiype (6). Natl, Mige. & fnv. prd. . o0 fgi8i2 58 *320 25 oie *88 .x'h.-au ... 290 [I530 50 Peopies Druk Stores pid, Real Est. M. & G. BN storage iabr Ter. Ref. & Wh. Corp. (3n) The Carpel Corp. (1.50c) W. Mech. Mtge. com. (6) Wash. Med. Bldg. Corp. (1) Woodward & Lothrop pid. (7} *Ex dividend 527 extra b Books closed. v nasc extra. {30c extra. §1% extra. e112% extra. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate—Maturity Bid Ofter 1348 June 13, 1 100 1-32 52 yel. ganetsse ©12%% extra. Bept. 101 17-32 SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) / Bid, Offer Allis-Chalmers Co. 5s 1937 1 American Tel. & Tel. 5'as i American Thiead 51:s 1938 Baltimore & Ohio 1!:s 1933 Batavian Pet. Corp. ‘4'i5 19, of ‘Canada 55 1957 California Pet. Corp. 5ius 1938 Canadian Nor, Rwy. 4158 1935 Chi. Northwesiern R. R.5s 1933 . Chicasg Rock Isiand 45 1934 Chile, Copper Co. 55 194 Cudahy Packing Co. 5ias 1937 Gen, Mot, Accep. Corp. 6s 1937 General Pet. Corp. 55 1940, General Theaters Goodyear T s 1933, Pl CLEM B ioa: Marland Oil bs 1932 Union. Ol Co. of c-m United Drug U. 8. Rubber Western Electric Wheeling g”.‘ flu most numerous of big their number totaffpe almost 1,000,000 1935 1953. s 1948 100 s 1983 87% MISCELLANEOUS. [ ADIUDI P& P 6563 47 691 6 Ab&St5%s'43... 8914 Adams Exp 4 *48. 831k Allegheny 65 ‘44 3% Alleghany §s "49 Ta Allis-Chalm 65 6 102 AmAgChT%s"41. 4 10% Am Beet Sug 6s'35 1 Am Chain 65°33... 17 AmCotOdbbs'31, 2 Am F P5%s 2030.. 65 Am1GCh5%s'49. 48 Am Int Cor 5%5 49 10 Am Metal 5%s '34. Am N Gas 6368 *42 Am S&R 1st bs 47, Am Sug Ref 6537, 100% T4% 97 875 901y 103% 117% 10414 1041 104% 107 10114 53 86 Am T&T s °65. .. Am T&T c tr 65 '46. Am T&T 538 f '60. Am T&T 51543 .. AmWat Wks 6s°75. AmWrit Pap 6s'47. Arm & Co 434839 Arm Del 55 °43. . AtGulf 5955. ... At Ref deb 63 '37. . Bell Tel Pa Bell Tel Pa bs Beth St p m bs ‘26. Beth St rf 53 "42. .. Bk Ed gn A 5549, Cert-td deb 5% s *48 Chile Cop db 5s Colon Oi16s38. .. . Col G&E §s May ‘63 Com Invest 53849 Com Invest 6s 48 CC Md 1st rf 68 '50 ConG N Y 6% 45 C Am Sug col 85’31 Det Edrf 6s B " - Dcdge Bros cl 6s'40 Donner St 7s “4. . Duquesne 4% s '67. East C Sug 7%s '37 Fisk Rub8s'41.... Gen Cable b%s . Gen Motors 6s '37.. Gen P Sv 5%s 39, Gen St Cas 5%s 49 Gen Thea Eq 6s "40 @oodrich cv 63 '45. . Goodrich 6% Goody'r Rub 6s '57. Hoe & Co 65 34. Humble Oil 68 '37., Hum O&R 6%8'62. & MBTistpf6sA. 34 inland Steel 414578 26 In: Cement 5s°48. 14 Int Hydro E1 65°44 6 int Match 68 *47...110 IntPap6sA’47... 1 Int Pap 6s 55 13 IntT&T 4% .87 Int T&T cv 41839177 IntT&T6s'86.... 21 KanC P&L6s A ‘52 1 Kan Gas&E 4 %3 '8( Kend 5%s 48 ww.. Lac G St L 6s '3 Laclede 6%s C '53. Laclede 51s D '60. Lautaro Nit 6s ‘64, Loew's 6s war "41.. Colo Sou 418 Con Ry 4%s st ‘51, Cuba R R 58 '52... Cuba RR rf 714s'36 Cuba Nor 6%s 42.. Del & Hud rf 4543 Del & Hud cv 5s '35 D& R Gr en 4 Den&R G W 68 '55. Erfe 1st con 4s Erie Gen 4s Erfe cv 63 Wrie 5 1975. Erie Gen R 68 57 Fla B Coast 5374 Fond J&G 4% Gr Trsfdb 6s'36.. Gr Nor 4%s 77 (E) Gr Nor 4%5'76 (D) Gr Nor 5s"73. Gr Nor gn 5148 52, Gr Nor gen 7s '3 Green Bay deb B... Hav El Ry §%s 51, Hock Val434s°99.. Hitd & M ad) 68’57, Hud & M rf 58 '67.. I11Cent 48°63.. .. 111 Cent ref 4s'55 111 Cent 4% 5 °66 11 CCStL&N 63 A. Int Rap Tr b : Int Rap Tr sta "66. Int Rap Tr 6s'32.., Int Rap Tr 7s '32 Int & G N ad 6s IntRysC A 6s3'72. Kan CFtS&M 4536 Kan City Sou 38'50 Kan City Sou 63 50 Kan City Ter 4s'60 Lake Shore 43 “31.. Leh Valcv 45 2003 Leh V cv 4%s 2003, Long Isl db 5s'31 L & N uni 4340, L &N 43%s 2003 L & N 55 B 200! L &N 1strf 5l Manh Ry 1st 4 Man Ry 2d 4s 2013, Murket St.75*40. .. M &SL 1st rf 45 ‘39 Minn & StLcn bs. . Mil E Ry & L 65 '61 MStP&SSM 5% s'78 M StP&SSM 6%s. . MK & T 1st 4390, M K & T ad] 63 '67. ME&TorinbsA. Mo Pac gen 48'75. Mo Pacific Mo Pacific Mo Paclfic Mo Pacific bs H 80’ Mo Pac b%s cv '49 N ¥ Cent 4348 2013 NYCre im 6s 2013. N ¥ Cent db 65 '35. NY CLScl 3%s'93. NY C&StL 4%3s 78, NYC& St NZC&stLés NHEH ¢%s '67 NY NH&H cv ab 6s NY LouG & E1 6s°52.. McKes&Ro 5145’50 Man S 1st 735 43, MeCormack &s Midvale Steel 5 C 1 NY NY Nor rf lou;ah ea . 23 i 2t 98 g 40 22 o4y 5 1011 9 3 83 70 8% 81 781 10 1061 65 20 8 28 4 105% 8 96% 2 97y 1 102% 3 1077% 10 108% 5 2 15 11 70 951% 7% 9814 24 93y 6 100% 7 843, 4 964 7 1005 2 97y% 4 98l 4 103% 1 104% 37 58 1 47 4 90 10 4% 8 15 29 101 3 96 4 99 2 89% 20 89 2 102 49 69% 1 96% 96% 8 95 6 95 2 934 10 99 2 86 2 100% 5 101% 10 106 1 106% 5 81n 6 89 2 101 00% 709 3 118 527 2 37 4 2% 10 B .12 9% 1 36 105 105 91% 931 98 98 54 B4 % T1% 40 40 93% 933 101% 1013 94% 944 2% 173 83 &3 70 70 % TT% 77 77 106% 106% 18 18 4 38 1051 105 96'c 964 97 97% 102% 102% 107% 107% 1094 1091 3819 25 25 99% 99%, 4% 75 s 9T 841 85 88% 88% 95% 95% 97U 9T% 69 69 68 68 56 56 89 89 3T TNy 0 70 95% 95% M 1% 984 98% 9215 92% 100% 100% 8415 843 951 951 1004 100% 9T 9Ty 9815 9815 103 103 104% 104% 561 7% 47 47 90 90 4% an 15 16 100% 100% 95 95 981 9814 89 8ou 881 8815 102 102 6714 68 967 9674 95% 964 95 95 95 95 93 93 28 98 84% 84% 100% 100% 1014 101% 105% 106 106% 106% 814 81% 88 8814 101 101 100 100% 90 90% 1134 113% 264 27 7 37 2 514 9% 854 9 35 RAW SILK FUTURES. NEW YORK, December 29 (Special). —Opening quotations for raw silk futures were 1 to 9 p-ints lower today, but trading was rather quiet. Most of the interest was confined to the May option, which sold at 2.40 down 1 point. Around mid-day. bids and offers were unchanged to_two lower than Satur- day’s finals. Both the Yokohama and Kobe ;nnrke's will be closed until Jan- uary 5. Nor Pacific 3s 2047 Nor Pacific 48°97.. Nor Pac 5s D 2047. Oreg- Wash 4 Penn cv 4355 " Pann gen 4 %48 ‘65.. 10 Penn 4%s '70 Peun 4% s 63 Penna bs ‘64 n gen 68 PaOh&D4%s 7. Peor & E inc 4s'90. Pere M 1st 5s 66.. Philippine RR 4s. . P CC&StL 4%s77.. ' P& W V4isC60. Reading 4%s B Read Jer Cen 4s 51 Rio Gr W 1st 4s'39 RIAr& L 4%s'3} St L Ir M'nt b StL IM R&G StL&SFin4sA. StL&SF 4%4s 78 St L&S Seab A L 4s st '50.. Seab A L adj 6s '49 Seab A L ev Seab All F1 Seab All F1 6s B'35 Sou Pac col 48 '49.. 90! 9414 95% 97 102 98% 86 105% 4 1085 1124 100% 96 9% 97% 92% 94% Sou Pac 4%s "68. Sou P 4156 ww, Sou Facific 55 '34 Sou P&OT 4% s Sou Rwy gen 455/ Sou Rwy Sou Rwy 68 Sou Rwy 6%s ‘56 Tex & Ark 5%s '60. & Pac bs B'17 Tex & Pac bs C 'T' Un Pac 18t 4847 Unton Pac Un Pac rf CUn Pac ¢%s'67.. Va Ry 1st 68 °62 Va Ry & Pow Wabhash 43978 Wabash 24 5s°39.. Wabash 6s B ‘76.. Wabash 6s D '80... Wabash 6% s ‘75 t Ma Ma 943 99% 994 103% 104 101% 101% 82 82 9915 99% 92 92 ¢ 92 92 931 93 T8 8% 9215 Y24y 92 92 40 40 Sl 51w |