Evening Star Newspaper, January 2, 1931, Page 14

FINANCIAL - TRADING I STOCKS| ON SHALLERSTALE | Shrinkage Most Noticeable, on New York Exchanges. ~ Chicago Market Active. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, January 2—During }:g“- 1930 the volume of stock trading was considerably less on all the markets than for 1929, Of the three major Stock Exchanges in the United States— the New York Exchange, the New York Curb Exchange and the Chicago EX- change—the Midwestern made the most favorable comparative showing with| that of the preceding year. While tllc: Chicago Exchange was doing 85 per| cent of its 1929 volume, the New York | Exchange did 71 per cent and the New | ‘Yerk Curb 46 per cent. | The Chicago Exchange was the only | one of the three to exceed its 1928 volume in stock trading, with a turn-; over of 70,000,000 shares, as compared With 38,941,000 shares for 1928. Its| record for 1930 was one of expansion. While its total volume of shares of stock traded in was about 15 per cent less than the all-time annual record— I 82,216,000 shares, made during 1929— it ‘made & new record in the total vol- ‘ume of bonds sold. In 1929 but $4,975, 000 bonds were sold, as against $27. 000,000 during 1930. The previous rec- ord in this field was made during 1924, when $22,604,900 par value in bonds| were_traded. 1 Officials of the Chicago Stock EX-} change have announced very frankly; that while the ecchange’s 1930 bond | trading was more than five times as| great as it was in 1929, the next few years will sce an even greater growth in this field, for many of their more experienced members are specializing in this particular field. During 1930 the price range of mem- berships on the Chicago Exchange was $45,000 high, $12,000 low and $15,000 last. Previous to the dividend declara- tion of September, 1929, when 100 per cent membership dividend was given, a seat sold for $110,000. There are NOW 390 members, an increase of 65 during the year. Building and Loan Companies. Just 100 years ago today, the first builiing and loan association in the United States began business. At first the growth of this plan was very slow and uncertain. It was a new thing, and new experiments have a hard time to survive. The building and loan asso- clation was no exception. But ‘it has survived the storms of a century in spite of the ups and downs of business during that time. It sur- vived the panics of 1837, 1873, 1893 and 1907 and the depressions of 1921 and 1930. Today the building and loan asso- clations of the United States have nearly $9,000,000,000 of assets, 13,000 associa- tions scatterea in all sections of the| United States and more than 12,000,000 stockholders. I think it 1s safe to say that in many States these associations are today the| strongest financial force and powcr in | their communities. Even in States that have boen hard hit by bank failures— such as Florida—the building and loan associations have made a remarkably fine record. 0ld-Fashioned Economy, Prof. William B. Bailey, economist of the Travelers' Insurance Co., is one of those old-fashicned, orthodox students who believe that the only way by which Eod times éan be returned is for people first pay off their debts, accumulate a bank balance. and then start buying again. He says this cycle of events is now in progress for bank balances and savings bank deposits are on the in- crease. I asked a Florida friend to comment on this, and learned he had not secn a $20 bill since the boom days in that State. Here s his reply: “I'll bet not one in a hundred people know whether the picture on a $20 bill is Lintoln, Hamilton, Jackson or McKinley. I know I don't. I have a faint recollection that it is Lincoln. Am T right?” When I told him that Lincoln was on the $5 bill he looked surprised and said, “That’s right. I had one of those about six months ago and 1, should have remembered it." Still, savings deposits are going up. 8o somebody must be depositing money ir the banks. On the other hand, ! there are 5000000 unenployea in the ' TUnited States—people who want work, but who cannot find it. Most of these would like Prof. Bailey to show them how to pay their debts and how to | accumulate a bank balance. And these | are the people whose purchases in good times are the backibon: of any | Pprosperity era. Prof. Bailey, however, does bring out the fact tnat unemployment conditions have been aggravated curing the last 10 years by the disorganized farming situation. “During the last 10 years agriculture has released about 400,000 workers an- nually, and there are between 3,000,000 | and 4,000,000 fewer persons living on farms todey than there were 10 years 2go,” says Prof. Bailey. “Industry, trade and transportation have wveen forced to find jobs for all these per- sons, in spite of the alarm raised over technological employment in industry ” And he concludes by saving that if agriculture had been able to take care of the 3,000,000 or 4.000000 persons that have turncd to the cities the un- employment problem “would be much less severe.” And that's just what the farmers have been saying for 10 years, But nobody paid any attention to them. Willingdon's Appointment. The appointment of Viscount Willing- don, retiring Governor General of Can- ada, to succeed Lord Irwin, Viceroy of India, 1n March, while surprising, wasa popular choice in both Great Britain and 'India ‘The viscount is an experienced, tact- ful diplomat, liberal-minded and easy- going. He has a brilliant career and now, at the age of 64, he takes on the most difficult job in British public life. British business interests seem pleased, too, with his selection. In Ottawa he has been a favorite; in fact, he has m=de a host of Canadian friends during his four-vear stay. He has the ability to say the right thing at the right time—tact and patience are his long suit. A plan to have Ramsay MacDonald, rime minister, accept a pecrage and ome the new viceroy of India did not appeal to the British labor leader, and therefore was abandoned. Never were British business interests ‘more anxious to effect a settlement with India than they are ncw. The Indian round-table conference, now in session in London, has become lost in a mass of detail and made much more difficult by the injection of a religious issue. Meanwhile, Ghandi, passive-resistance champion and hero of millions of In- dians, remains In jail. (Copyright, 1931, by North American News- paper Alliance.) a3 A OIL OUTPUT CURTAILED. OKLAHOMA CITY, January 2 (®). The output of oil frcm Oklahoma! wells capable of vast production, was thinner today. New production schedules for the mext three months, ordered the State Corporation Commission, reduced State output to 465,000 barrels daily for January, 469,000 for February and 470,- 000 for March, based on estimates demand. prorated to s NING STAR, WASHINGTO NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 13) ~Prev 1030~ High Low. Stock and Sales— Dividend Rate. 8315 27% Nat Cash Rer A (t4) 62 35 Natl Dairy-(260). 16 341 315 Nat Dept Store. 1 39 184 NatDist Products(2) 7 135 % 30 Nat Pow & Lt (1).. Nat Steel (2). . Nat Supply (5). Nat Surety (5). 41% 13 Natl Tea (1) 32% 9 Nevada Copp 15% 151 Newport Co (2) 58 11% Newton Steel 105 N ¥ Central 24 60 6214 124% 984 35 Norf & West pf (4). North Am Awiation. 4« Nor Am (b10%stk) . 500 + North Am Ea pf (6). « No Ger Lloyd (3.43). Northern Pacific (5). 16 Oh1o 011 Co (2)... 1% Oliver Farm Equip.. 12% Oliv Farm Eq pr pf. . » Oliver Farm Ea cv pt 4 Otis Elevn (2%). 913 Otls Steel. 50 Outlet Co ( 32 Owens Il Gl 6 Pacific Coast 1 40% Pacific Gas & E1 (2). 8 46 DPacific Lighting (3). 4 114% Pacific Tel & Tel (7) 2308 7% Packard Motor (5§c). 22 30 Pan-Am Petrol (B) 1 34% Param nt Publix (4). B2 5 Perk & Tiiford...... 23 Parmelee Transport. 11y, Pathe Exchange 27" Pathe Exchange (A &1y Patino Mines....... 3 Peerless Motor Car.. <« Penick&Ford (11%) < Pennev (J C) (3) 21, Penn Dixle Cemen 16 Penn Dixie Cem pf.. 53 Penna KR (4) . 211i Peop Drug Strs (1).. 1851 People’s Gas Ch (8). 5% Petrol Corp (1%)... 19% Phelps Dodge (2). 50t Phila Co 6% pf (3).. 615 Phila Read C&1.... 113 Phillips Petrol (n2) Tis Plerce Ofl pf........ 1% Plerce Petrolm(10c). 25% Plllsbury Flour (2).. 301 Pirell Italy (a3.14). 19% Pittsburgh Coal 13% Pitts Screw (1.40) 86 Pitts Unit Cp pf(7). 10% Poor & Co (B) (2)... 20 Postal Tel&Cable pf. 11% Prairie Oli & Gas (2) 16% Prairfe Pipe L (15). 3% Pressed Steel Car .. 52% Proct & Gamb (2.40). 1 Prod & Refiner: 11% Prod & Refiners p: 65 PubSv NJ (340), 91% PubSvNJpf (5)... 47 Pullman Corp (4 1% Punta AlegreSuga: 7% PureOll.... 90% Pure Oll pf (8) 36 Purity Bakeries (4). 11% Radio Corp . i 10 Corp (B) (5). 0-K eith-Orph A. RR Sec 1C stk C (4). 16% Raybestos Man 2 60." Reading Rwy (4).... 7% Reo Motor Car (801 10% Republic Steel 28 Republic Steel pf. . 5% Revere Copper & Br. 10 Reynolds Metals (2). 70 Reynolds Tob A (3). Reynolds Tob B (3). 14% Rossia Insur (2.20) 367 Royal Dutch u3.2165. 38% Safeway Stores (5).. 19% St Joseph Lead (13). 39% St L-San Frant8) 624 St L-San Fran pf ( 1735 8t L Southwestern, 12 Savage Arms (2).... 4 Schulte Reiall Strs. . 35 - Schulte Retail pf (8) 1 Seaboard Alr Line, 13 Seab'd Air Line pt 431 Sears Roebuck 12% 35 Second Natl Inv pt.. Seneca Copper 20% Shattuck(FG)(t1%) 5% Shell Unlon Ofl....... 55 Snell Un Ofl pf (5%) 4% Shubert Theater: 11 Stmmons aee 5% Simms Petroleum. .. 9% SinclairCon Ol (1).. 10% Skelly Of1 (2).. 42 Skelly Ofl pf (6) .. 2814 Sloss-Sheffield pf. ... 90% Solvay Am pr ww 5% 10% Sou P Ric Sug (1.40) 1 103 Sou P Ric Sug pf (8) 70s S2 18 30% 122 Add 00. High. Low. Close, Close. 7 304 397 Nat Lead of (A) (7). 10= 136 104 103 ~Prev 1930~ High. Low 72 40k 127 88 136% 374 3014 Prev 30y 897 20% 38% an 19% 136% Sparks 4 Splegel tarret K Sun Ol Sun Oil Timken Timken Transa Tri T'rico P 4 Union C 204 1661 824% 23 8% a1% 3219 14% 34 Union F Un Tan Unit Ai United USF U S Ind u 6w U u Va-Car Va-Car Vulcan Warner Warner Warren Wess O w West B Weston Westva, Willys- Willys- Yellow Youngs 10:30 AM.. vidend rates as sUnit of trading 4% in stock. —no regular rate. 11% | bPlus 2% 1 stock. 108 | 1% dn sock. n Plus 124 s r Plus 14% 1n stock. 12% 104 Stock and Dividend Rate Southern Cal Ed (2). Southern Pacific (6). 4 Southern Rwy (8)... 81 Spang-Chalfant. . Stand Brands(1.20) Stand Comm Tob : Stand G & E pf (4). Stand Invest Corp Stand O11.Cali(h2% Stand Oil of Kan (2). Stand Oll of NJ (12F 53 _Stand Oll N Y (1 60) Steriing Sec (A). Sec pf (1.20). 3 Sterl Sec cv pf (3). 1 Stewart-Warner (2), Stone & Webster (4). Studebaker Corp (3), 5 Submarine Boat. 2 Superheater (13%) % Superfor O1l. .. uperior Steel. Symington (A).... Telautograph (11.40) Tennessee Corp (1) Texas Corp (3). Tex Gulf Sulph Texas P’ C & Oil Texas Pac Land Tr Thatcher pf (3.60). Thermold Co. Third Natl Inv (a2). Thompson Pr (2.40).. Thompson Starrett. . Tide Water As (60c) Tide Water As pf (6) Tide Wat O11 (pf (5) Tobacco Prod A “ont Corp. ... Tri-Cont Corp pf (6). Twin City RT uf (7) d-Eil-Fischer (5). Union Oil. Calif (32). Union Pacific pf (4). Utd Afreraft. .. itedBiscult (2). Utd Cigar Store: Utd Corp (50c). Utd Corp pt (3) Utd Electric Co: Utd Frult (4) Utd Gas & Im (1.20). Utd Piace Dye W (2) Utd Storas (A). U S & For Secur. U S Hoffman. U S Leather. .. U S Leather (A). USPipe&F (2)..., U S Realty&Imp(3).. S Rubber. ... S Rubber 1st pf S Smelt & Ref (1). U S Steel (7). U S Steel pf (7) Univ Leaf Tob (3).. Univ Pipe & Rad UtIP&S (A)etf2. 4 Vadasco Sales Corp. Vanadium Corp (3). Va El & Pow pf (6).. Waldorf Systm (1%) 2 Walworth Co (2)..... 1 Ward Baking (B) West Penn El pf (6). Penn El pf (7). West Penn Pw pf (6) Western Dairy (B).. Western Md. .. Western Unlon (8 Westing E& M (5) Woolworth (2.40) Worthington Pump. Wrigley (Wm) (4) Yale & Towne (2) Zenith Radlo. ... RIGHTS EXPIRE 4 Peop Gas Chi..Jan 15 Sales of Stocks on New York Exchange DI payments based on the latest quarterly or halt §Payable » € Pyable in cash or stock. Sates— Add 00. High. _Low. 16 45% 92% 4% 25 Withing (1) ) -May-Stern 33 2 17 t (LS) (12%). 11 43 (an.. vf (6) Det Ax (80c) Roller (3). merica (1). rod (2%) .. “arbide (2.60) Pacific (10)... k Car ¢1.60) reraft pf (3). Carbon (1). CRTSIES-4 ght. . us Alco (17).. s R B GA Chem....... Chem pf (7). 408 Det (4)..... 6403 Bros Pict Quinlan. Bros (3). 12 &Snpf(4).. 1 40s 40s 10s 103 105 5 13% 1331 9% | & M pt (5). 110% | El Instr (1) co Chior (2) Overland. Over pf (1 Truck. . Spring (3)., % 7 10 9% 237.500 . 968,600 12:00 Noon........ 552/ +ee. 1,154 300 ‘en 1n the above tabie are the arnual cash yearly declarations. s than 100 shares iPartly exira. {Plus in scrip. {Plus 9% in stock a Paid this b Payable 1n stock. "d Payable when earned. 1 Plus 10% in stock _g Plus Plus 8% in tock, k Plus 3% in stock. m Plus % in stock. D Plus $1.00 in preferred stock. Butter — One-pound prints, tubs, 35!2a361%. Eggs—Hennery, ceipts, 28a30. Poultry, alive—Turkeys, young, 25a | 27; old, 23a24; chickens, 17a18; Leg- horns, 16; fowls, heavy, 15a16; small, 14al5; Leghorn fowls, 12; roosters, 13; ducks, 15; keats, large ‘and young, 50 a60; old, 25a30. Dressed — Turkeys, | young, 33a35; old, 31a32; chickens, 20a | 22; Leghorns, 18; fowls, heavy, 17a18; small, 17; capons, large, 37a38; small, 32a35; ducks, 24a25; roosters, 15; keats, young, 70a80; old, 40a45. | Meats—Beef, 18a23; veal, 18a23; lambs, 20a23; pork, loin, 24; fresh hams, 24: fresh shoulders, 20. Smoked —Hams, 25; shoulders, 18; bacon, 27. Game—Rabbits, 20a20. Lard—In bulk, 12!3; in packages, 15. Live stock—Calves, 10; lambs, 8. Fruits—Strawberries, per quart, 70a | 2.50a4.50; Flor- grapefruit, 2.50a3.00; tangerines, 2.00a2.50; kumquats, per quart, 15; grapes, Belgium, hot house, per pound, 85; Emperors, 1.50a1.75; cranberries, 3.75; apples, bushel baskets, 75a2.00, box stock, 3.25a3.75; lemons, 5.50; pears, box stock, 3.00a3.50; pine- apples, 5.00; limes, per 100, 2.00s3.00. | Vegetables—Potatoes, 150-pound sacks, | 3.00a3.50; Florida, new, per bushel, | 3.00; sweet potatoes, per bushel, 1.50a | 2.00; celery, California, large crates, | 5.00a6.00; New York, small crates, 3.00; cabbage. new, per hamper, 2.00; old, 100-pound sacks, 1.50; parsnips, per bushel, 1.25a150; peppers, per crate, 2.50a3.00; broccoli, 3.50a4.00; carrots, per 100 bunches, 6.00a7.00; beets, 100 bunches, 6.00a7.00; peas, Mexico, 45- pound crates, 5.75a6. mushrooms, 65a1.00; mostly 75; caulifiower, 2.00: 2.25; tomatoes, Florida, originals, 6-pan | crates, 5.00; cucumbers, Boston hot house, dozer, 2.50; Frengh endive, 10-| pound box, 2.50: string beans, 4.00a 5.00; kale, 75a1.00; spinach, 1.00a1.25; lima beans, 4.50. 37238; 32a33; current re- NEW CONSTRUCTION. NEW YORK, January 2 (#)—New ! construction in 37 States east of the| Rocky Mounta‘ns during the week ended | December 26 totaled $45,726,200, F. W, Dodge Corporation reports. The figure brought the total for December to De- | ,cember 26 to $206,746,300, a dally rate of $9,397,500, against $11,024,900 a day in November and $12,654,700 in Decem- ber last year. Awards for the year to December 26 totaled $4,482,344.900, m&m $5,750,790,500 for the full year EATING IS IMPORTANT TO ORDINARY ITALIAN Value of “Two Squares a Day” Proved by Treatment of Futurist Group. ROME (Special).—The average Ital- ian thinks far more of “two squares & day” than he does of any number of new political and’ moral theories. This was proved to the satisfaction of ever: body the other evening, when a gentie- man named Marinetti, leader of the Italian futurist group, Tose to the plat- form in Milan and ventured the idea that spaghetti eating was a_rusty old Italian custom which ought to be shelved. “Clit out the pastasciutta,’ sounded the orator. “It makes a person sleepy and give him a big bay-window. The cuisine ot the future will not in- clude spaghetti, ravioll and_their little him out” and raucous guffaws sounded the fate of the speaker, who immediately withdrew his proposal. The Italian be- gins his day with a cup of black coffee, supplemented, in some homes, by & plece of sweet bread. This is just an excuse for lunch and dinner, which in all but the most fatidious hcme include spaghetti of one kind or another in generous quantities, 1f he has enough money Signor Italy is one of the heart- fest eaters on earth and to him jeating” implies spaghetti, PRAGUE HANGMAN GETS VOLUME OF FAN MAIL Women and Girls Get Executioner to Autograph *Cards, Then Sell Them in Cafes. PRAGUE (N.AN.A) .— Here they have a,new kind of fan, human and ;ml. ornamental. It is the hangman an. M. Broumarsky, who is the hangman dated with proposals of marriage. He reckons the total at 6,000 now. And they are coming in by the hundreds aily. The other day Broumarsky had to execut: & murderer in the Moravian town of Znaim, and the next day his little hotel was in a state of siege, ith the women and girls crowded so:t of adoration that is given, for in- for they sold the hundreds of picture post cards Broumarsky signed for them 1o the highest bidders at all the cafes and restaurants of Znaim. ¢ (Copyright, 1931, by North American News- r Allianc st United Alrcraft & Trgnsport Boeing w" subsidiary; 1 plan Ve sisters and_brothers, of which ltalians | | are all too fond.” Loud shouts of “throw here, says that he is positively inun- | | about it. Theirs was not quite the pure | stanc., to Maurice Chevalier, however, | BUSINESS SENTIMENT ' DECLARED STEADIER Trade Activity Index Shows Gain in Last Week of Year. Special Dispatch to The Star. | the death rattle of 1930 is sufficiently | sweet music in everybody's ears, the finale of the rather sour symphony of the past year adds some reassuring notes. The records of the last week was expected, and are, in some respects, |more encouraging than those of 1920, says th: Business Week in its report covering the week ending today. | Business sentiment is steadier and more alert, and the railroad consolida- tion news strikes a constructive note to start the new year. It is still hard to see very far intp 1931, but the atmos- phere is slowly clearing, and we ' can | give 1930 a good swift kick into oblivion | with more confidence that it won't return. X | “The index of trade activity rose again | from 76.9 per cent to 77.8 per cent for the week ending December 27. 1In the | same week a year ago it settled at 91.8 per cent. Building contracts, merchan- dise carloadings, stcel production and check payments have held out surpris- | ingly well against seasonal declines that | might have been much more severe at the end of a bad year. Basic commod- | ity prices s?n to have exhausted the | possibilities Of further decline. ~Though | the tangible effects of lowered Federal Reserve rediscount rates on the bond | imarket are still to be tested, increasing | support may be expected if the usual | contraction ~ of outstanding Reserve | credit is not insisted upon when the | large volume of currency in circulation | returns to the banks in Janucry. FOREIGN EXCHANGE. | (Quotaticns turnished by W. B. Hibbs & Co.) Nominal gold Selling checks value. today. $4.85 21-32 | 392 21-32c | 1397c London, pound Faris, " trane | Brussess.” beiga | Beriin, mark Rome,' firy | Vien: Budapest, pengo. | Prague, crown (nom.) Warsaw. zloty ...... N. Py NEW YORK, January 2.— Though | of the year are much less feeble than |Lin D. C, FRIDAY JANUARY 2, 1931 FINANCIAL BONDS ARE STRONG | ===~ vorx BONDS sroe sxcnnve] INLIGHT TURNOVER Bids for Government Issues Prove Feature of Day’s Dealings. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 2.—The bond market today had a strong tone through- out, though volume was small. An unusual feature of trading was a bid for the entire outrtanding amounts of Liberty first 4s and another bid for first loan second convertible 41;s, The bid was 100 16-32 for $5.495,050 of the first 4s, the price remaining unchanged simce the last sale of November 14 last. In the case of the 4s, the bid was 100 24-32, and the amount bid was $3,492,150." The bids were made by the Government _bond trader, Salomon Brothers & Hutzler. The name of the client was not given, but the bids were generally attributed to the Government. Both ~ issues have been _extremely inactive for & long time and both are callable at par in 1932. It was pointed out, however, that at the bid prices the yleld to the call dates runs between 3.66 and 3.70 per cent on both issues, or a sizeable yield when tompared with outstanding Treasury certificates of comparable term yielding less than 1.5 per cent. The bids proved a bullish influence for other high-grade securities. il erty issues of the more active matu ties advanced in active dealings. Treas- ury 4s gained 8-32 and there were small gaIns in Treasury 3%;s and 4%,s. High- grade rails ,such as Great Northern Ts, Nickel Plate 4!,s, Northern Pacific 4s and New York Central 4s, all had frac- tional gains. So did public utilities like International Telephone 5s and ll?;lellalffiépl:’last(}l;.‘ 55, and_mdustrials N ee] g8 ke Inland Steel 4145 and Youngstown In the second-grade rail list, small gains were the rule, and the unanimity of the upturn was impressive. It in- cluded Chicago & Eastern Illinois 5s, St. Paul adjustments, Erie 5s, Florida East Coast 5s, Missouri Pacific 4% and 5155, 'Frisco 4155, Southern Railway 4s and’ Seaboard Airline 6s. Industrials were quieter, but there were advances in Dodge Bros. 6s, McKesson & Rob- bins 5125, Paramount-Publix 5155, Shell Union 5s of 1947 ang s Robber 5. d United States Convertibles were little changed but showed an advancing tendency. Amer- ; ican Telephone 41.s were 4 points bet- ter and International Telephone 415 gained 2 points, - i The weakess of Bolivian issues. fol- lowing announcement by the Bolivian bankers now in New York that the government of that country had no funds to pay the January interest on the 7s of 1958, caused unsettlement among the South American group. Bolivians dropped over 2 points and | there were declines of a point or more in Lautaro Nitrate 6s, Colombia 6s and in Peruvian bonds. German Govern- ment 51;s were fractionally better and other German bonds remained firm. Other foreign issues were quiet. The appearance of the January re- investment demand was felt to Some extent in the municipal market, where prices were marked up to Vs all around. Chicago offered $7,000.000 of ‘Water Revenue 5 per cont certificates, due serially 1934 to 1948. They were ;l:;:ld at par an dinduced a fair de- Washington Stock Exchange SALE! Washington Gas 6s “A"—$200 Cu‘ggl.;\rmz. $: at 102, ‘ap! action Co.—5 at 41, 10 at 40, Real Estate Mtge. - 300 ot o tge. & Inv. pfd. AFTER CALL. Ea:: ZSWHthmn Savings Bank—20 Capital Traction Co.—2 at 40, 10 af Washington Gas G “A-—€300 at 12 Columbia Country Club 5':s—$1,000 at % e Capital Traction Co.—1 at 41. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4 Amer’ Tel. & Am. Tel” & ‘Tel. ctl Anacostia ‘& Pot Anncostin & Pot Washington Ewy. e, o . Cold Storage 55. Cons. Title 6s. STOCKS. PUBLIC UTILITY. w. M Wash. Amer. Tel c: Wasn. Ry. & El. pfd. (5).0..0 NATIONAL BANK. Capital (14) n (12). Metropolitan " (i4) Riggs (158)...... Second (9e) | Washingtor. (13) TRU! Amer. Security & t Continental Trust (6) 4 National Savings & Trust' (i3})] Prince Georges Bk, & Tr...... Union Trust (8s) Wash. Loan SAVINGS BANK. Bank of Bethesda (65) Commerce & Savings (10) East_Wdshington (12) Seventls Street (12) United States (30) Washington Mechanics' (30} ... FIRE INSURANCE. American (12). Corcoran (10). Firemen's (8). .00 National Union’ (15) TITLE INSURANCE. Columbia (6h) . Real Estate (€D Title & Inv. Co. Md. com......” MISCELLANEOUS. Barber & Ross, Inc.. com... Medical Bldg. Corp. Sand & Gravel pfd Emer. Bromo-Selz. “A’ Fegeral Storage pfd. Eed -Am."Co. com. (1.2 Natl. Mtge. nv. pid.. Peoples Drug Stores pfd Est. M. & G. pfd. (8) Ter. Ref. & Wh. The, Carpel Corp. W. Mech. Mtge. Wash, Med,) oodward & Woodward & Lothrop pfd. *Ex dividend b Books closed. com. (1. Y igi @ 5% ext: Ta. ella% extr c12%% extra. U. S. TREASURY BALANCE. The United States Treasury balance Copenhagen, Oslo. crown Stockholm, crown. . 36, 26.7415¢ 26.78%c Pennsylvania Steel Order. NEW YORK, January 2 (#).—The Pennsylvania Railroad has distributed orders for 46,500 tons of steel and cast- ings for use in bullding gondola cars. announced today as of close of business December 30 was $312,759,386.10. Cus- toms receipts for the month to date were $29,951,534.82. “Sea leopard,” “shark leather,” “Ice- land sole,” “turtle fish” and “set pig" were the muw made of cod and salmon skin recently in Paris. Received by Private Wire Direct to The Star Office UNITED STATES. 1026 10213 106 1 1085 1125 FOREIGN. Argentine 5845 .. Argentine May '61. Argentine 6s Ju '59 Argentine 6s Oc 69 Argentine 63 A '57. Bk of Chile 6%8 ‘57 Bk of Chile 6% s '61 Batav Pet 414342, Belgium 68 '55. ., Belgium 6% '49. Belgium 7s’55. Belgium 78 'G6. Belgium 88 *41. Bolivar 7s '58 Eolivia 7s ctf: Rolivia 8s'45. . Bordeaux 6s ‘34 Brazil 6148 '26.. Brazil 6%s '27, Brazil 7s. Brazil 8s Chile 6 Chile 68 '31. Chin Gve Ry 58 51, Colombla 6 Jan 6 Con Pow Japan 7s. Copenhag §s '62... Cuba 6%s 45, Czecho 85 '61. Dan Mun 83 B *46.. Denmark 4% s ‘62 Denmark 5% s ‘65 Deamark 6s 4 Dutch East I 3 Dutch East I Nov Dutch East 16847 Dutch East 1 6s 62 El Salvador 8548, Fiat 7s war Flat 7s ex war Finland 6s 45 Finlane 7s '50 Fram I'D 7%s 42 Erench 7s"49. French Gvt 73 41 1 6 6 { 2 6 6 13 29 42 7 3 9 2! 23 1 oo - =i EET =W PSPy P 24 @elsenkirchen 6s'34 4 German 5%s '65. German Bank 6 German 6% '50. German 7s rep "4 Greek 6563 Hait! 63 '52. Irish Free St 5560 ttaly 78°51. .. Ttaly Pub Sv 7s 52, Japanese 5%s '65. . Japanese 614 54 Jugos] Bank 7s '57. Karstadt 6s 4 Kreug & Toll 63 69 Lyons 6534, Marseille 6s "34 Mexico 55 A *45 Milan 6% '52.. Netherlands 63 '72. New 80 Wales 65’57 Norway 6s'43 Norway 6s 44 Orfent dev 51%s Orfent dev 65 '63... Peru 7s ‘69 Pirelli 7s. Poland 6s Poland 7s 4 oland 8s ‘5 Prague T%s Queenland 6s ‘47, Queenland 7s'41.. Rhine West 6s "52. Rhine West 63 '53. Rhine West 7s '50. Rio de Jan 635 ‘53 R Gr De Sul 6s°68. R Gr De Sul8s "46 Rome 63 '52 Roy D 4545 W' Sao Pau 78’ 40 rets. Suo Paulo 85 ‘36 Sao Paulo 8s Saxon 7s 45 Selne 78"42. . Serbs-Cr S1 78 '62. . Shinyetsn 6% s '52. Sweden 5%s ‘54... Swiss 5%5 '46 Toklo 5%s3"6: Warsaw 7s Yokohama 65 '61.. 18 106 P w» row NeZuanBrpar BS0eER aBS 0t~ Bdmn e 'Y 2 13 7 1 18 12 3 8 8 Sales, High. 84 103% 74% 7813 9314 10214 107% 1% 107% 107% 25 % 107% 93% 10015 104% 101 101 102% 9% 80 125% 9015 9% 95 MISCELLANEOUS. Abitib1 P & P 5363 14 Ab & St 5348 43 Allegheny 68 '44 Alleghany 6s - Allis-Chalm 5837, Am Ag Ch 74541, Am Chain 6s ‘33... Am Cot O db 5s '31. Am F P 518 2030.. Am1GChb%s'49. Am Int Cor 5%5 '49 Am Metal 6%s '34. Am N Gas 61342 Am S&R 15t 5 40, Am Sug Ref 68°37. Am T&T cv 4348'39 33 Am T&T 6365 Am T&T c tr b Am T&T 555 £ '60. Am T&T 6% s '43. . Am W Wks 5834 AmWat Wks 6s" AmWrit Pap 6 Arm & Co 4138 '29 Arm Del 533 "43. . At Gulf 59 com At Ref deb 63 '37... Bell Tel Pa 58 B 48 Bell Tel Pa 55 C '60 Beth St p m 65 '36.. Beth St rf 53 '42 Bush T Bldg Chile Cop db & Colon O11 65 '38. Col G&E 65 May Com Invest 515 49 Com Invest 6348 ConG N Y 5%s"45. Consum Pow s 52. C Am Sug col 85 '31 De Edison 55 '40. .. Det Ed rf 63 B '40. Decdge Bros cl 6540 Duquesne 418 '67. East C Sug 71%s 37 Gen Cable 6l%s 47, Gen Motors 62 '37. Gen P Sv 538 39.. Gen St Cas 5%5 49 Gen Thea Eq 63 40 @oodrich cv 65 '45. Goodrich 6%s. Goody'r Rub bi Hoe & Co 635 '34. . Hum O&R b%s 62. M BTI1stpfbs A. 111 Steel 4%s "40 tnland Steel 4%s'T8 In: Cement 63 '48. Int Hydro El 63 44 Int Match 68 °47... In M M col tr 6s 41 Int Pap 6s ‘55. IntT&T 4%s 62 Int T&T cv 41458 Int T & T bs '55. Lou G & EI 6s '52. McKes&Ro 5%s'50 McCormack 6s 34. a1l 70 93 70 93 10674 105% Sales. High. Low. Close. . 92 99! 99 % Nor Am Ed 6%s '63 Nor St Pow 58 A "41 Nor St Pow 6s B "41 Pac G & E1 Pac T&T1st Pac T&T Pan-Am Pet Paramount Pure Oll 6%s Richfyd O cal 6: Shell Un Of1 68 Sinel O 6%s B Sincl O Tscv A '37. Sincl Cr O 6%s '38. Sinclair P L 5342, Skelly Ofl §%s 39, Solvay Am 68 '42.. Sou Bell T&T bs *41 StOIINJ6s"46. ... StOfl N Y 435’51, Tenn E1 P 63 A *47. Tex Corp cv b8 "44 Utd Drug cv 63 ‘63, U 8 Rublst 6347, Utah P& L 58 '44.. Util Pwr 58’59 ww. Utll Pow 538 47 Warn Br Ple Warn Quin 6: . Warner Sug 7s '39. West E| deb 58 "44. West Un.Tel 58 '51. 1. Wh Sew Mch 63 *40 Wic Spen S ct 78'35 Wil & Co 15t 2% YouSt&T6s'78.. 19 RAILROAD. Atch'on 48 1905-65. Atcnison ad) 48 °95. Atchison gen 4 35 98% Atch'on cv 4%s°41 31 114 Atch Ariz 4%863., 3 1024 AtCL1st4s'52... 8 97 5 95 Bush Ter con §: Can Nat 4%4s54... 20 99 Can Nat4%s°67... 35 99% N 8 &'56 Can Nat 6s July '69 Can Nat 58 Oct Can Nor 4148 '35 Can Nor 6348 db" Can South 58 '6; Cani Pacific db Can Pac 4%8 4! Cent Pacific 4s'49.. Cent Pacific 6 60. Ch&O4%sB CB&Qgen 45’58, . 7100 6. 63 70% Ch M &St Padj 68 120 29 Ch&NW gn 3348’87 3 77% Ch& NWegn4s'87. 3 86 Chi NW 4%48sC 2037 12 92 Ch & NW con 4%s. 32 8 C& W Indev C& W ind 5%s CCC&St L 4348 (E) CCC&S Lbs D63 CCC&StL6s(C) C U Ter 433 2020.. Clev Term 4%s 17, Clev Term 5%s'72. Colo & Sou 4348 '35 Colo Sou 4%s 80 Cuba R R bs 63, Del & Hud rf D& RGrgn D&RGr4% Den&R G W 68 DRG& W st b E Tenn Va&Ga 6 Erie 1st con 43 Erie con 4s D 53 1 104% 1 85 4 % 22 3% 1 21% GrTrs £db 68 '3 9 105% Gr Trunk s ‘40, 1111 Gr Nor 413876 (D) 15 98 77 (B)152 99 .o 1 103% 52, 19 108% Gr Ner gen 73°36.. 15 109's HavERL&PSGs.. 45% e 10 231 1. 2L Hud & Mrt5s'67.. 8 99% 111 Cent 111 Cent 4% 111 CCSTL&N 65 A. Int RaP Tr 63 '66 Int Rap Tr sta " Int Rap Tr Int & Gr Nor 68 '52. ot & G N ad 6s '52. Int Rys C A bs 72, Iowa Cent rf 48 '51. Kan City Sou 8 85 11 96% 2 99 41 70 . 11 69% 26 100% 5 94 Lake Shore 33 85 Lake Snore 5.100% Leh Val ey Long Ist deb L & N unt 43 "40. L &N 4348 2003, L & N bs B 2003, Market St 78 "4 M1l E Ry & L bi MK & T 1st 48°90, MK&T4sB 6 MK & T #8) 68 67, MK &T prinbs A. Mo Pac gen 45 '75. . Mo Pacific’ss A '65. Mo Pacific b8 ¥ "7, Mo Pacific s G “78. Mo Pacific s H '80 Mo Pac 6%s cv '49. 8 86 1 101 6 98 5 100% 15 104% 19 94 15 101% 90 NYC NYC re im 68 2018 NYC&St L db 48’31 8. Nort South Nor Pacific Nor Pacific Nor Pacr 1 68 2047. Oreg- Wash Pann gen 4% 2 94y . 5 85 86 2 981 7 104% 98% 105% 111 98 97% 103% 1071 109% 45'% 118% R 9 1024 106% 112 101% 103% 105% 103% IDAVIS SEES GAINS IN FOREIGN TRADE Council Secretary Declares Exporters Are Ready for Increased Business. BY CLAUDE A. JAGGER, Associated Press Financial Editor. NEW YORK, January 2.—To econo= mists who feel that the depressed state of foreign trade is one of the most se~ rious obstacles to business recovery, O. K. Davis, secretary of the National 3:::11 Trade Council, has a word of “Our_export trade is like a high- powered automobile that is in perfect condition and is ready to go, but is merely blocked by a traffic jam,” Mr. Davis told the Associated Press. “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 working out of the jam.” 4 Most of the analyses ‘of the present economic situation in this country re- cently issued by a prominent economist have stressed the adverse influences of the slack intercl ge of goods with other countries. Dr. Benjamin M. An- derson, jr., economist of the Chase National Bank, recently stated that the worst of the adverse fundamental con- ditions in business was to be found in our export trade situation. Trade Statistics. Mr. Davis points out that for the first time in seven years our exports have fallen below the $4,000,000,000 mark, while the imports this year will be a little over $3,000,000,000, the low- est since 1922, “That is not the whole story, how- ever,” he adds. “In quantity of goods entering into our foreign trade we have done approximately as much business during the past year as we did in 1926. Our foreign trade has had a real value for this year, 381-3 per cent greater, with adjustments to standard prices than it had in 1913. That still repre: sents a substantial gain over our pre- war position. “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 mar- kets. Whereas, 20 years ago our for- eign trade practice was a joke to the rest of the world, it s now, even in the midst of the present restricted mar- kets, better organized and better con- ducted than that of any other nation. It is, in fact, the standard of excellence in international commerce. " Analyzing Markets. “In looking forward to 1931 Ameri- can foreign traders are analyzing their markets carefully and are preparing for le increased volume of business that 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 manufacturers, on the other, have been develcped to a very high point of | efficiency. “Our services of transportation and: communication are better than ever be- fore. Our export deparuments are bet- ter trained and are more at home in foreign trade. In short, we possess ad- vantages over our position in the cor- responding slump in 1921 that are the result of nine years’ hard work.” By the Associated Press. NEW YORK, January 2.—The 1931 outlook as viewed by wool goods indus- try is that conditions will show grad- ual improvement during the first three months, but that not until later in the year will a marked upturn develop. Spring business in men’s wear is about 40 per cent less than normal, accord- ing to the most recent figures, which did not include billings placed in De cember. While 1930 was a profitiess year for most mills, a few, finished the year with something left for their owners. The Rhode Island Textile Associa- tion has reported that the cotton manu- facturing industry in that State has touched bottom and gradual improve- ment is expected in the future. The report said that “following probably the worst period of depression the industry: has ever seen in the first few months of the year, business started to pick up in spots about the first of September.” SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co Allis-Chalmers Co, 5s 1937. & ‘Tel. 5 Tel. of Cana California Pet. Corp. 5ias n Nor Rwy '4las 1935, Chi. Northwestern R. R. 3s 1 1 Pet. Corp. 5 General Theaters Equip. 8s Goodyear T. & R. 55 7. 1932 H ork, Chi- & St.'L. 6s'193: Phillips Petroleum Co. 3'4s 193 i 1947 Sinclair Crude Oil Co. 5'as Standard Ol N. Jersey 55 1946 104 Stagdard OIl i st Diiioir O United Drug Co. 38 1 U 8. Rubber 55 1947.. Western Electric Co. 55 14 Wheeling Steel Corp. 5las 1048 Wheeling Steel Corp, 4%25 195 e Agricultural societies of the Irish Free State have asked the government to impose a tariff on all foreigh agTime. cultural produce. —————————————— Sales. High. Low. Close, tL 434877, 23 101% 101 101% St L . 15 108% 108% 108% 94 93% 94 102 9934 87% 102 1102 8074 102 Seab A L 4s st '50.. 5. Seab All Fl 65 B'35 Sou Pac col 4s 49.. Sou Pac ref 4s '55. Sou Pac 4343 68 Sou Rwy gen 45'56 % 103 28 Sou Rwy 63 94.... 56 Tex & P 1st 63 2000 Tex & Pac bs B::'l. 0 Third Av adj 6s 80 Un Pac 1st 48 47.. Va Ry 15t 6 Va Ry & Pow 68 '3¢ Wat Sh 1st 1 WilksB & E 1st 68,