Evening Star Newspaper, December 31, 1930, Page 9

USAGE IS DEBATED WASHINGTON. D. ~ 3 a Bales— Prev. o i i =g B Tn Low " Dividend "Rate. _ Add 00. Migh. Low. Close. Clote. IN UPWARD TREN excepti designated by the letter & (80n) (2605) | i SO, o PISeRS SO ¢ 000 ToMN 104% 10234 i Shoms thoss Siacks (5 be a0Id in ‘odd 1ota only. g T R ool THE EVENING STAR, NEW YORK STOCK EXCHANGE Direct to The Star Office, *WALSON PREDICTS + - NEW YORK, December 31—Holders of United States Steel Corporation com- on stock increased 6,403 in the De- cember quarter to 141,907 on the date of closing the books for the December dividend. ) \ 0. C. TRADE GAINS Washington Exchange Head Sees Substantial Improve- ) ment During 1931. \ \ hd ' \; 1 ? ¢ 12 months an today. 4 , T\basing their fore- 2 ts on hopes, he £ . ks, some Of George O. Walson. BY EDWARD C. STONE. George O. Walson, president of the ‘ashington Stock Exchange and of the ibérty National Bank, in a pertinent forecast made today regarding the out- look for Washing- . n in 1931, pre- ,dicted _substantial y improvement in conditions during the coming year. Mr. Walson is rather brief in ‘what he has to say, as he believes that all predictions should be based on_ sound business judgment rather than on hopes. Right now too ., many people are ch are not suf- The head of the “Nobody know: n in business and banking circles in ashington during 1931, but the re- . mction has gone 50 far that an upswing almost inevitable. 'Most every mr in Washington feels that there 1 be a slow, steady, but cautious ad- ce, The banks are sound and in o ition to help business, and business turn is ready to advance with a in consumer demand. This is ind to come as time goes on—in fact, already satisfactory in the lines more erally known as necessities. “Local secutities worked lower during year, but suffered no such setbacks were notable among securities on y other exchanges. On the Wash- Exchange prices held up well sidering that such serious liquida- ‘was being recorded elsewhere. The gth displayed during the past year to the opinion that next year will the majority of local securities on better basis. «“Reduction of the rediscount rate by New York Federal Reserve Bank a lew days ago is sure to prove helpful. fact, it has already had a favorable tect. The rate seems likely to be re- ced by several other Federal Reserve With the resultant advantages r districts. 'gl"l‘h\:redlila evidence that investment ving has been going on quietly in Ef city for some time. The payment interest and dividends at the end of year always supplies large sums for ‘investment. The _expected demand llc.enlly. and nationally, will have a tend- ency to strengthen the investment structure, both in stocks and bonds. The yields on many sound stocks, as well as the returns on high-grade bonds, re drawing more and more investment B othing is more absurd than to call #he depression of 1930 psychological. It been anything but that. I believe, owever, that there will be a much better mental attitude toward the eco- nomic situation in 1931. Comparisons in earnings will not be with an ab- normal year such as 1929 and will not resent ~ such unfavorable contrasts. en the fourth quarter reports are out of the way, things are sure to look brighter, As the expected remver‘y galns momentum, earnings reports will become more and more cheerful—a fact whiech will have great bearing on sen- iment. " “For the first 11_months of 1930 the ) Federal Reserve Board reports that trade in Washington has been only 2 per cent behind last year. It ought not to be difficult to wipe out that slump in 1931. Active building is also assured for the Capital during the next 12 months, due partly to the Government's construction program. “‘Such menvls Col. Leonard P. Ayres, George E. Roberts, John Moody, Ben- jamin Anderson and Charles M. Schwab See & new era of prosperity ahead. Other financlers predict substantial im- rovement this year. It can't be that y are all mistaken.” Bank Clearings Show Gain. Bank clearings in the National Capi- tal for the month of December totaled $117,573,071.06, in comparison with $116,074,630.10 in December, 1929, ac- cording to n by the as] on learing % A’-oeimmx, Charles E. Bright nager. m’n:fu the first month in 1930 in which bank clearings in this city have shown an improvement over_the cor- respon period in 1920. It will be held highly significant by bankers, as it may indicate a change in the trend in clearings and be the beginning of a long upswing in this most important business index. 1t is the first opportunity to com- pare & month's clearings this year with the elearings of a corresponding month 1ast_year, both months being after the stock market break. The full force of the break was not felt until December of last year and, therefore, not reflected in the clearings until that time. Total clearings for 1930 in Washing- ton reached the sum of $1,317,607,594.67 by the addition of today's December figures, compared with $1,481,390,728.84 ‘in 1929, “The following compilation shows local clearings month by month compared with the corresponding months in 1929: Month. 1929 January $129.438,201 109,649,040 131,765.928 126,300,060 6,630,189 8.3 Sovember ; 120261737 December 2 116.074,630 Totals ....... $1,317.607.504 11,481,390, Bank Begins 122d Year. ‘The board of directors of the National Bank of Washington today declared the | usual semi-annual dividend of 6 per cent and an extra of 1 per cent payable January 2. ‘The employes were grant-d additional com) tion as an expression of ap- reciation for the service rendered Phroughout the year. ‘This bank r?om» & Very prosperous begins its 122d year Financial District Notes. At & meeting of the board of directors of the Federal Security & Mortgage Co., held yesterday, the regular quarterly | dividend of 2 per cent on the prefetred | stock of the company was declared pa: ab'e on January 1 1. A. Fleming, vetran financial writer and editor, leaves here for Florida to- morrow afternoon for several weeks wvmn In the South. He will be located at the Indialantic Hotel, Mrlbourne, where he has stayed many seasons. John M. Riordon, vice president of the Bank of Commerce & Savings, is entertaining his brother, Raymond, who 4s headmaster of a private school which he owns. Another brother is Allan dan, manager of the Norfolk & ‘ashington Steamboat Co. ' CHICAGO DATRY MARKET. CHICAGO, December 31 (#).—But- Rer, 5,850 tubs; easy: creamery extras ), 27%; standards (80 score xtra first (90-9' score), b sbue V. 5, TREASURY BALANCE. The United States Treasury balance, oms the ‘month to date ,Total ordipary ex- $,203,4 t is going to hap- | 14% 80% 21 24 87w 6% 1% 4% 6 5% 1071 364 99y 3714 343 170% 63 814 1% 16' 1 1w 17% 451 30 64 1561 104% 24w 70 15% 26 73 514 4614 24% 16 1 184 €8% 2 141 80 20 36 15 28 52% 5 35 3714 9614 36% 2814 110 55% 3614 697 39% 110 95 264 5 2714 15 274% 170% 127 98y 130% 99% 114% 103% 1 47% 514 18% 10% 3% 26% 25 19 24 10% 18% 60 2% 1% 25% 3% A% 20 50% 19 2421 168 108% 100 175% 984 51% 16% 97 % 60% "% 204 19% 84 55% 5% 62 2% 4T% 23 15% 604 15 44 b 12u 1% 55% 113% 30% 10 8 114 21 3 18% 21% 10 33% 41% (3 28% ™ 10 3014 364 164 8% 92 3 3 2% 51 21 2 14% 828 324 5 % an 12 % ™ 281 7% 224 i3 2015 " 140 33 79 2% 15% 21 191% 1334 b2% 48% 12 18% 16% 301 20% 6% T 20% 21 2% 14 7% 864 64 18% 24% 656 63 % 12% 8% 994 30 % 5% 2 43% 9% 3% 2% 1% 151% 140 8 7% st o B0k Adams Exp (1.60). .. Adams Exp pt (5) Adams Millis (2).... Advance Rumley. ... Alr Reduction (t4%) Alrway El Ap (60¢). Alag Rubber......., Alaska Juneau(40c). Albany Wrap Paper. Allegheny Corp. ... Alleg Cp $30 ww 53 . Alleg Cp $40 ww 51 . Allied Ch & Dye(n6). Allls Chalmers (3)., Alpha Port Cmt (2).. Amerada Corp (2)... Am Agricnl Chem. ., Am Agri Chem ctfs.. Am Agricul Ch of .., Am Bank Note (+3).. Am Br Shoe (2.40).. Am Browr Bov Elec Am Can (16).. Am Car & Fdy (8)... Am Car & Fdy of (7). - - [P PRI F - TP P T I0) OV e ey Am Colortype (2.40) Am Com Aleobol. ... Am European Secur. Am & For Power. Am & For Pw of (i Am & For Pw pf (7 Am Hawallan (a10 Am Home Pr (4.30. Am Ice (14) Am Interna Am La Fr & Foa Am Locomotive (2 Am Locomot pf (7 AmMach & Metals Am Metals&Min ( Am Metal pt (6) Am Nat Gas pf (1) Am Power & Lt (r1). Am Rad&Std San(1) Am Roll Mill (n2)... Am Safety Razor () Am Seating....e.o.. 1 Am Shipbullding (5) 6208 Am Sm & Ref (4).... 24 Am Sm&R 24 pf (6). 1 Am Snuff (+3%) 2 Am Solv & Chem, ... 1 Am Steel Fdy (3).... 8 Am Steel Fdy pf (7). 108 Am Stores (12%)... 2508 Am Sugar Ref (5)... Am Sugar Ref pf(T). Am Sumatra Tob @ Am Tel & Tel (9) Am Tobacco (5). . 8 Am Tobacco B ()., 22 Am Type Fdy pf (7). 108 Am Water Wks (3).. 19 Am Woolen.... ... 2 Am Woolen pf. Am Writg Paper pf.. Am Zine Lead & Sm, Am Zinc & Lead pf. . Anaconda Cop (2%). Anaconda W & C (1) Anchor Cap (2.40)... Andes Copper (1)... Archer-Dan-M (2)... Armour of Del pf (7) Armout of Ill (A)... Armourof 11l (B).., Armour of Ill ot (7), Arnold Constable. .. Artloom Corporation Ass0 App! Ind (4).., Asso Dry G (2%). Atch To & S Fe (10 Ateh To & S F pf (5). Atl Coast Line (110) At Refining (12). Atlas Powder pf ( Atlas Stores (n1 Auburn Auto (34 Autosales pf . Aviation Cor Baldwin Loco (1% ). Baldwin Loco pf (7). Balto & Ohlo (7).... Barnsdall A (2)..... Beatrice Cream (4).. Belding-Hemingway Bethlehem Steel Blaw-Knox (1% Bohn Alum&Br( Borden Co (k3). Borg, Warner (1 Boston & Maine Botany Con M Briggs Mfg(11.62% Brockway Mot Trk. Bklyn-Man Tr (¢) Brown Shoe pf (7) Bruns-Balk-Col Bueyrus (1).. Bucyrus cv pf Burns Bros (B). Burr Add Mach ( Bush Terminal (2%) Butterick Co Byt (A M) Calif Packing (4). Callal Calu Calumet & Hecla.... Campbell Wyant (2) Canada Dry G A (3) Can Pac new (2% ) Cannon Mills (160 Car Clin & Ohio (4 Car Clin & O sta (5. se Cot Celotex Co. . Celotex voting etfs. . Century Rib Mills. .. Cent Rib Mills pt (T) 408 Cerro de Pasco (4)..2650s Certain-teed Prod... 5 Checker Cab (1.80).. Ches & Ohio (234)... Chesapeake Corp (3) Chio & Alton ....as Chic & Alton pf..... Chic Great Western. Chicago Great Wn pf Chic Mil St P & Pac. Chic M1I St P& P of. Chi & Northwn (4). . Chic Pneu Tool. .. .. Chi Pneu T pt (3%). Chic R I & Pac (1),. Chi YellowCab (3). . Chickasha Cotton Ofl Childs Co (2.40).. Chrysler Corp (1). .. City Ice & F (k3.60). City Te Fopf6%) 10s City Stores (50c)... 2 Clark Equipment (2) 1 Cluett Peabody (3).. 1 Coca-Cola (8) L Coca-Cola A (3) Collins & Alkma: Col Fuel & Iron Comm Credit (3). Comm Credit A (3 9 Comm Credit pt B(2) 10s Comm Cred 18t (6%) 108 Comm C 15t xw (6% ) 10s Comm Cred pf (1%).2608 Com In Tr (21 60) 7 Com Inv Tr war sta. 3 Comm Solvents (11) 36 Comwlith & 8o (60c). 72 Comwith & Sopf «6) 1 Congoleum-Nairn 6 Congress Clgars (4). 1 Consol Cigars (6) .. 1 Consol Cig pr pf 6% . 30s Consol Cigar pf (7).. 10s Consol Film (2).. 1 Consol Film f (2).. Consol GasN Y (4).. Cons Gas N Y of (). Cons RR Cub pf () Consol Textile. Contatner A (1.20). Container B . Cont] Can (2%). . Contl Dia Fibre (1 Contl Insur (3 40) Contl Motors. Corn Prod pf Coty Ine. 20, was $317,370,186.80. Cus-| 35% 25% Creamof Crosley Radio. Crowa Cork Curtf %« Curtiss Wright 4 Loew's. Ine (14).... 4 Louis & Nash (7). Cuban Dom Sugar. . 8 Cudahy Packing (4), 1 Curtls Publish (17).. Publish pf (7) Corp. Curtiss Wr Corp A. Cutler-Ham (3%) Cushman's pf (7). foision Deere & Co pf (1.40 Delaware & Hud (9)s Del Lack & Wn (7). Denver & RG W of.. Detroft Edison (8). Dome Mines (1) Dom Stores (21.. Drue Corporat ( Dunhill Interna Du Pont de N (14.70) Duques Lt 1st pf (5). Durham Hosiery pf.. 508 Bastman Kodak (18) 16 Eastman Kod pf (6).100s Eaton Axle (1.80).... 3 Elec Auto Lite (§).. T T - s 0 10 Endicott-John (5). Eng Pub Serv (2.40. Exchange Buf (1% Fairbnks Morse Fash.on Park Asi 3 Fed Lt & Trao pf (§) 108 Fed Motor Tr (80c).. 1 Fed Wat Svc A 2.40. Freeport Tex (15) Gamewell Co (5). Gen Electrie Gen Elec speo Gen Food Corp (3). .« Gen Gas&El A(e30c) Gen G & El ev of (8), % Gen Ital Bd (a2.62).. Gen Mills (3). Gen Mills pf (8) Gen Motors (+3.30). Gen Motors pf (6)... Gen Out Adv (A) (4) Gen Pub Sve b % stk. Gen Ry Signal (5)... nonaBeapanBace Gen Refract (14%) Gen Theatre Bquip. . Gillette Saf Ras (4). Gillette Saf R pt (5). Gimbel Bros.. ... Gimbel Bros pf (7)., Glidden Company Glidden pr pf (7). Gobel (Adolf).. s Jorer- S585F Goodyear Tire (5)... Gotham Silk Hoslery Gould Coupler. - Graham-Paige. v Granby Consol (2).. 38 Grand 8ilv Strs(h1). 12 Grand Union. 5 Grand Union of (3),.110s Granite City St (3).. 2 Grant (W T) (1), 3 Gr North of (5) Great Nor Ore(12%). 10 Great Western Sugar 10 Gr West Sug of (7).. Grigsby Grunow.... Guantanamo Sugar.. Guif Moblle & North. Haht Dept Stores. .. Hall (WF) Pr Co (2). Hartman Corp (B).. Har Wk Ref (123).. o Houston Ofl (b10%). Houston Ofl (new).. Howe Sound (14%). 7% Hud&Man Ry (3.50). Hudson Motors (3).. Hupp Motors......u Ilinots Central (1).. Indian Motor Cyel: Indian Refining. . Indian Refining rets Indus Rayon (4).... Ingersoll Rand (16). Ins ctfs (Md) (60c).. Interboro Rap Tran. Intercont Rubber. Int Agricultural.... Mach (n8), riers (50¢).. Intl Cement (4) B R T T Banm Intl Hydro El A (e2) Intl Mateh pf (4).... Intl Mer Marine (2). Intl Nick of Can (1). 61128 15% Intl Paper pf (7) .. 108 264 Int] Paper& PwrA.. 1 Intl Pap & Pow (B).. 2 Intl Pap & Pow (C) Int] Pap & P of (7) Int] Printing Ink nt Print Ink of Int Rys Cen A pf Int] Salt (3). Intl Silver (4) Intl Silver pf Intl Tel & Tel (2) Inter Dept Strs (2 Int Dpt St of xw (7 Investors Equity. Island Cr Coal (4). Jewel Tea (15). Johns-Manville Jordan Motor Car. Kans City Sou (6)... dt (R) (1.03). Julius (2%). 2. Kimberly-Clark (13) Kolster Radio Kolster Radio Kresga (5S) Co 1. @ Dept St pf. .. Kress (SH) Co (p1). Kreug & Toll (1.60).. Krog Gr & Bak (nl). Libbey O Ford Glass Liz & Mvers B (16). Link Belt (2.40)..... Liquid Carbonio (4). » LoftIne....... Long Bell Lumb (A). Loose-Wiles (12.90). Lortllara (P) Co. Loutsiana Ofl. . LouG & B (A) (1%) Ludlum Steel. . Mac And & ¥ (t McCrory (A) (2). Melntyre Pore M (1) McKeespt Tin P1(16) MaKesson & Rob (1), McKes & R pf (3%). McLellan 8 Mack Trucks (4).... Macy & Co (nt3) ... Mad'8q Garden(sto). - - omorafuBuunoonatananhnmone e a2 Brothe! % Elev gtd (7) 40 2 % Manh; . Marine Mid (1.20)... 28 ) 0% 87 1144 24 T3 37 97 124 Early Advances Are Well Maintained as Year-End Session Progresses. BY GEORGE T. HUGHES, Special Dispatch to The Btar. NEW YORK, December 31.—Relieved of the burden of tax selling, because transactions made today in the regular way go Into the 1831 account, prices on the stock exchange registered moderate but falrly uniform improvement. As is customary at the opening of & new year's business, sentiment in the Wall Street district was more optimistic and this feeling was reflectéd in the market. Initial transattions were at advances of a point or so over, Tuesday’s he gains were for the most part held. Railroad stocks were still helped by the agreement between the executives on the major terms of the proposed consolidation, but otherwise there was little in the news to affect quotations, although the commodity markets were a little firmer. Steel Is Leader. The industrial leader was United States Steel, above 140, and up over 2 points durin the morning ing. The large increase in the number of shareholders in steel attracted atten- tion. American Can, which nowadays divides honors with steel, was also prominent on the buying side. The making of an earning record as good as that of 1929 is no mean achievement for any industrial in these times, and accounts for the favor with which American Can is regarded in speculative circles, As for the several groups, the motors were in good demand. General Motors made a new high on this recovery and Nash ran up over 2 points. The street heard that the Nash dividend, which is now $4 a share annually, was safe— a proposition traders have been slow to accept, as the return of around 14 per cent testifies. Automobile stocks also generally have a demonstration at the approach of the annual show. Short Covering. Short covering was stimulated by the general strength in the list. 1t ran the volatile Auburn up 7 points and it helped Vanadium and stocks of that grade. General American Tank was bid up sharply and speculators for the decline in Coca Cola took in their commitments. Corn products responded to the lifting of the restrictions on the use of corn sugar. In the railroad list the gains of Tues- day were extended, especially in New York Central, in Missouri Pacific pre- ferred, in Atlantic Coast Line and in the stocks of the roads serving the Northwest. There was a disposition, however, on the part of investors to await tangible evidence of the benefits of consolidation in the form of in- creased earnings before making any substantial purchases, and the rise in the rails was held back by this feeling. ‘Throughout the session there were numerous sales for cash representing belated tax selling. These were made at concessions from the price for delivery on Friday next. As a matter of fact, the professional traders, who were the prin- cipal buyers of these stocks sold for cash, will probably reoffer them in the near future, if they did not do so today, and to this extent tax selling was still & factor. Call money renewed at 3% per cent and was in good supply, the rate falling to 3 per cent at midday. Early Market Higher, Despite a large volume of cash sales in low-priced issues, the early market today ranged fractionally higher. How- ever, in the railroad group advances of from 1 to 5 points were the rule. It was noteworthy that there were few cash sales in the carrier shares, in- dicating that tax liquidation in this department had been concluded and the market was ready to discount the bullish interpretation of the agreement on a four-party consolidation plan in the East. Money renewed unchanged at 31 per cent. During the first half hour shares traded totaled 324,900, against 407,700 on Tuesda; Atlantic Coast Line was the feature of the rail list, with a five-point gain. Union Pacific ran up over 4 points, and there were other substantial gains in Alleghany, Atchison, Chesapeake Cors tion, Chesapeake & Ohio, Canadian ific, Illinois Central, New York Cen- tral and Pennsylvania. Active indus- trials like Alr luction, American Can, Case Threshing, General Electric and Radlo were unchanged to a shade better. General Motors was firm, but other motors were little changed. In the utilities, American & Foreign Power and Electric Power & Light were better. Oil shares were fractionally higher. United States Steel was a point better. In the mine group, Anaconda was a shade better. LOANS TO FARMERS PLANNED IN CANADA Private Corporation Will Use $5,000,000 as Revolving Fund, Premier States. By the Associated Press. REGINA, Saskatchewan, = December 31.—Creation of a private corporation that will use its capital of $5,000,000 as a revolving fund to make loans to armers has been announced by Premier 15% | R, D. Bennett. 10 21% 8% 201 22% 40% ‘The shareholders will be banks, trans- mrm!lun companles, industrial firms, surance organizations and mortgage companies. It was not in the public interest, Ben- id, to discuss details of the ett, sal plan, adding that the important thing |5€! was to effect its immediate application to tide Canadian farmers over pres- ent emergency. He said the inion government would make no effort to fix wl prices, as that was within the jurisdic- tion of the provinces. A price fixed in excess of the world wheat by domestic consumption. Word has been received, he added, that France would guarantee to buy between 7,000,000 and 9,500,000 bushels of the 1930 Canadian wheat crop. H. H. Maller, Canadian Minister to Japan, now is on his way to China to negotiate for the purchase of millions of bushels of Canadian wheat by the Chinese government, Mr. Bennett said, adding that the Canadian government is prepared to provide credit facllities to China to obtain the market, . RAW SILK FUTURES. NEW YORK, December 31 (Special). % | —Raw silk futures today opened 1 to 3 lower for all months except January, which was 12 points off. There was very little feature to the trading, as it was a typical pre-holiday market. The Japanese outside markets were quiet and steady. Around midday prices were un- changed to 1 lower with the January option off 3 points. LEAD OUTPUT DECLINES. NEW YORK, December 31.—World production of lead in November de. creased to 145,107 short tons from 616 in October, At the end of June the common stock- holders numbered 120,626. In Marc! there were 124,060 and in December last year the total was 117,956, ‘The November preferred dividend went to 59,171 stockholders, against 59,- 949 in August and 62,328 in November last year. TRADING IS ACTIVE ON LOCAL EXCHANGE Capital Traction Again Sells Lower—Bonds in Better Demand. The Washington Stock Exchange wound up 1930 with unusually heavy trading today. Capital Traction, selling ex-dividend, established a new low, 20 shares going at 407, and 100 more at 40. Mergenthaler Linotype moved at 85% on a 45-share turnover, Security Storage Co. opened at 108 and closed at 104, 28 shares changing hands, and 10 shares of Merchants’ Transfer & Storage com- mon sold at 103. In the bank division Union Trust Co. stock moved at 218 and Washington Loan & Trust sold at 440. Railway & Electri¢ preferred changed hands at 98 and many other issues recorded sales during the session. Bonds were more active than they have been in several weeks, Washing- ton Gas issues, Railway & Electric 4s and Capital Traction 5s taking the lead in_the day’s sales: The exchange will be closed tomorrow. PROSPECTS IN STEEL TRADE HELD BRIGHT Weekly Reviews Point to Business Indicated During Month of January. Speclal Dispatch to The Star. NEW YORK, December 31.—Con~ fidence in a steady improvement in sentiment and in actual volume of business is expressed in the iron and steel trade and is given voice in this week's trade reviews. The Iron Age says that “Steel business now definitely in sight points to an average ingot output of 50 per cent before the end of January,” and this publication be- lieves that an improvement in opera- tions will continue well into the second quarter of the year. At present the production is about 30 per cent. It is understood that the earnings iof the United States Steel Corporation for the December quarter will be com- paratively small. As the company already has earned a good margin over its 7 per cent dividend for 1930, this rate is likely to stand for an indefinite lod. There is some fear, however, that the 6 per cent dividend on Beth- lehem Steel common may be shaded. This possibility is being discor the current weakness of the stock, which is now on better than a 12 per cent income basis. Brokers’ Comment NEW YORK, December 31.—Com- ment on stock market prospects in rage house letters is mixed today, although an extension of the rally w anticipated. Opinions include: Frazier Jelke & Co—We are begin- ning to think that there is more than an even chance that the old lows will not be violated at this time; there is a large potential reinvestment demand nd listed stocks and bonds are en- c(yul’l(ini little competition from new issues. 1l that is needed to create something in the nature of a buying wave is a few days of rising prices to instill confidence. Redmond & Co.—We still believe the market must be treated as a day- to-day affair, as there is still no as- surance that all of the necessitous liquidation has been completed. While there is as yet no tangible evidence of any definite improvement in funda- mental conditions, business sentiment is somewhat more cheerful. There are at least 15 months of depression behind us, and this exceeds the average life of ordinary bear markets. Otis & Co.—We believe that there will be some further extension of the present rally, possibly following early irregularif ty. Jackson Bros., Boesel & Co.—We see no pect of a sustained advance, lie: that the run of news in the form of commercial failures and an- nual reports will prevent any runaway market. The time is opportune, it seems to us, for making scale order purchases of highest grade common stocks. A definite turn for the better in the speculative markets, we believe, awaits the completion of year-end ad- Jjustments in business. This implies ad- ditional scattered liquidation during the month of January. Hornblower & Weeks—1930 has ad- mittedly been a year of economic dis- appointment, but it should be realized that the deflation of common stocks listed on the two New York exchanges alone has amounted to over twice the! total of all Liberty loans subscribed in the World War, representing a major portion of our costs in that catastro- phe. The deflation appears at this time to not only have eliminated the ele- ments of speculation, but to have abundantly overdiscounted any justifi- able pessimism generated by poor busi- ness conditions. Smith, Graham & Rockwell—After some further rally, consideration will once more be given to the generally poor earnings of corporations, when lling will be in order again. [, EXPANDING BUSINESS IS INDICATED FOR 1931 By the Associated Press. NEW YORK, December 31.—A grad- ually expanding volume of business can be anticipated during the early months of 1931, in contrast with the last quar- ter of 1930, Standard Statistics 3 says in a survey of sales and credit prospects. “However,” the survey says, “strenu- ous efforts will be required to overcome continued strong consumer resistance and price will be the paramount factor in most transactions, compared wi the opening months of 1930, business volume in of 1931 probably will experience a de- cline of at least 5 per cent.” SILVER QUOTATIONS, NEW _YORK, December 31 (#).—Bar siiver, 81%. First Mortgage Loans Lowest Rates of anterest and Commission J_Fisher & Gompany. toc Just Think of It— ‘The Star delivered to Canners’ Association Com- ments on Recent Decision by Secretary Hyde. ‘We have an opening in an old established invest. ment house for an experi- eaced stock and bond salesman. Apply, giving past experience. Address Box 149.H, 'Star Office. By the Associated Press. The belief that the Department of Agriculture's recent ruling permitting the use of pure, refined corn sugar in canning without so indicating on the label would not benefit the canners, but would lower the quality of the pack, was expressed today by the National Can- ners’ Association. Secretary Hyde, in lifting the 23- year-old ban, said it “removes a dis- crimination against the use of corn sugar which has too long been permit- ted.” Corn sugar, he said, is now per cent sweet, whereas when the food and drug act was passed it was “a mud- dy, b‘rown product less than 50 per cent sweet, Frank E. Gorrell, secretary of the as- sociation, sald today that had corn sugar possessed the meritorious properties claimed for it, it could have n_used in canned foods and its presence shown on labels in accordance with former regulations. “By actual experiment in our research laboratories, corn sugar has been found to cause shrinkage and to| detract from the appearance of canned peaches, and to impart an unpleasant flavor,” Mr. Garrell said. “It has a similar, but greater, effect on strawberries. It darkens the color of | peas and liquor surrounding them and | makes the peas tougher. It makes corn | dark and objectionable in appearance. It has been found by an expert in the Department of Agriculture to lack value as a sweetening agent in freezing fruits. To sum it all up, the demand for let- ting down the bars on corn sugar has not come from the industries that might be expected to use the product, but from the industry that makes sugar.” ‘The opposition of canners, through the national association, to letting down the bar on corn sugar is based on the position that the industry has main- P tained since enactment of the food and On improved real estats drug act in 1906. They have real- situated i firmed their opposition to any legisla- ton nd its tion that would weaken the act or make wg have first m m Money on Hand to Loas en First Deed of Trust 6% Interest and THE . COMMERCIAL NATIONAL BANK Let us serve you in all banking and fiduclary matters. Interest paid on savings accounts from day of deposit to day ef withdrawal. Resources over $19,000,000 WADE H. COOPER, President 14th and G Streets SEE_US ABOUT LOANS its protection to the consumer less ‘money to loan for re effective. The association has been advised that financing or construction the California Y:m“ propose imme- purposes. You'll find us diately to have introduced in the State ready to give immediate Legislature a bill that would require the assistance. presence of corn sugar in prepared We purchase 2nd trust foods to be declared on the label. It notes secured by improved 18 felt this will be the forerunmer Lo real estate. ;‘:“fl,‘l{, sgxb:n& in other important mmm ORTGAGE & GUARANTY CoRPORATION T Mot France was Haitl's best customer for coffee in 1930, with Italy next and the Capital Resources, $3,800,000 NEW Secuged by it t teast on reat estate, aobness 1610 K ST. N.W. United States third. Joseph 1. Weller ‘Brvat s & | Gl (e o ) Joseph 1. Weller 5 uii 5 7 o' | QIS 0= Want to get in touch with three capable salesmen of good char. acter, backed by good production records, who might consider change to new selling field of su- perior stability. Good income. Ri.ding on crest of wave even in this present depression. Should appeal particularly to bond and securllz’ salesmen. This Company has had a business career of eighty- eight years and paid out over Six Hundred Ninety-Eight Millions of Dollars in dividends. Address BOX 424—E, Star Office. Equitable Co-Operative Bldg. Ass'n nized 1879 51st YEAR COMPLE' JOBN SO EDSON, Presttent . WALYER & SRATE e T etary Assets 901,12248 Surplus & Profits..........$1,818,655.92 Subscription for the 100th Issue of Stock Being Received SYSTEMATIC SAVING That is the sure way to get ahead financially and the way to prepare for any emergency. We will gladly explain our sys- tematic saving plan. 915 F St. NW. FIRST MORTGAGES A GOOD RESOLUTION FOR 1931 To inyest your surplus funds in our 6% FIRST MORTGAGES where you have the security for principal of conservatively ap- praised real estate—and the cer- tainty of this fixed, liberal in- terest throughout the entire term that the mortgage runs. Ouwer a Third of a Century Without o A safe, and profitable invest- ment, May be purchased in amounts from $250 up. .. SAUL CO, 925 15th St. N.W.