Evening Star Newspaper, January 5, 1931, Page 14

| XTE ea . 5% N 1931 ANALYZED Outlook in Impartant Lines Is Given in Survey by Economic Experts. Special Dispatch to The Star. NEW YORK, January 5.—Current indications of the trend in various divisions of industry and trade are summarized by the Standard Statistics Co, of New York from its first of the ar resume of the outlook for impor- int lines, as follflu:“. i s Agricultural Machinery.—] during the coming six months will be moderately unfavorable in comparison with the relatively profitable period witnessed in the first half of 1930. Aircraft.—Only the comparatively few producers having a backlog of military and airmail business will be able to cover operating expenses over the next few months. Apparel.—A substantial volume of re- placement orders will probably be re- celved by manufacturers during the early rionths of the year. Automobiles.—Prcduction of cars and trucks in the first quarter of the year will probably fall materially below the total of the like 1930 period. Second- quarter comparison, however, should be relatively more favorable. .Automobile Parts.—Outlook for equip- ment operations during early future months is for a relatively sizable up- turn. Automobile Tires—A gradually ex- panding volume of tire production will probably be witnessed in the early mcnths of 1931. Building.—It is probable that total building construction in the first half of 1931 will fall substantially below that of the corresponding 1930 period. Chemicals.—Aggregate profits in the chemical industry, taken as a whole, during the first six months of the year, will - probably fall moderately under those of the first six menths of 1930. Coal.—Substantial recovery in sales of bituminous will doubtless be post- poned until late in the year, while earn- ings of producers and distributors of anthracite are likely to continue at a subnorma] rate during the first half of 1 U%Epur.—nammgs will be mederately below 1930 for the industry as a whole. Buying of the metal should be limited to strictly current needs. Cotton.—Both domestic and foreign consumption of cotton in the first half of 1931 will continue well under that of the corresponding period of the year Just closed. Electrical Equipment.—Upturn in gen- eral business would be immediately re- flected in activity of individual electrical equipment comranies, and long-term outlook remains favorable. Farm Products.—Stabilization oper- aticns may cause values of the early deliveries of wheat to hold within a narrow range during the next few montbs. A sharp and sustained ad- vance in the price of corn is unlikely as long as the wheat market remains so thi; 5 s - R this time for expecting anything but a marked contraction in fertilizer sales during the all-important Spring selling season. Food Products (other than melfllm The outlook for dairying concerns for manufacturers of leading package foods is favorable for continuation of relative '”"""f.;{q“,‘."’ the effects of the deprt by %p Produetl——Lditfle, rovement in sales an é‘:&cm during the early months of 1931, for the group as a whole. Lead —With-the prospect of burden- some supplies continuing through the first half of 1931, at least, there seems little ground for expecting improvement if any, is Leather.—Earnings of shoe manufac- turers for the first half of 1931 are un- likely to equal the relatively satisfactory results registered in the first half of 1930, although only a moderate decline Siachimery 1t reasonable to —1It seems expect at least seasonal gains in activity during the next few months. Office Equipment.—Only those pro- @ucers _distributing equipment on a rental basis, will report favorable profits the near term. du;’l“:er.—l'he industry, over the first half of 1931, may show a gradual im- ement for the dol‘nlnl];u producers the respective lines. mml::m.—?orptefie full six months ending June 30, next. aggregate profits will probably fall below the levels of the first half of either 1929 or 1230. Radio.—There is little present basis | for expecting profitable results for the majority of set producers in the first | the year. m!l‘llf;ll'mdllA gradual upturn in rev- enue from freight car loadings is indi- cated for the first half of 1931. Equipment.—Aside from the signal equipment and car-leasing divi- sions, the balance of the industry faces the prospect of a comparatively small volume of new orders. Rayon.—Evidence is lacking that operating results will undergo any sub- stantial improvement in the next six months, though sales should register gom= recovery this Spring. Retail Trade.—It is improbable that first-quarter profits of most retailers will make a favorable comparison with those for the similar 1930 period. Greater gains in sales volume are in- dicated during the second quarter of the year. Rubber.—There seems no basis for a, sharp and sustained price advance dur- ing the near term. Shippinfi.—More favorably situated yards will continue to benefit from pres- ent program of Federal aid, and income during 1931 should ]b', maintained at a latively high level "suk C-ynod:g.flFir}t half of 1931 offers | the prospect of gradual increase in con- sumption of finished goods. Steel—Demand for early 1931 re- quirements, already appearing, augurs well for an early start toward seasonal expansion. A xgugar.f—lmkinx forward over the next six month, the outlook for sugar prices continues highly uncertain Theaters.—Total trade earnings for | the first half of 1931, at least, will rca2bly be somewhat below those of a Bkt“ period in 1930, Tobacco.—June, 1931, half aggregate cigarette earnings may decline slightly from those of the first half of 1930, although comparison should be rela- tively favorable. It is not likely, though, that cigar industry earnings will fully | equal those of the Juns, 1930, half. Utilities.—Concerning ‘the outlook for electrical companies for the initial half “ of 1931, there is at this time little rea- son for expecting that any distinct im- provement is in prospect, at least for the first three months. For the longer it would seem that utilization of eleftrical energy has not yet and will not for several years, at least, attain its fullest extent. During the next three months business curtailment will doubtless continue to restrict growth of telephone earnings; any improvement in fundamental business conditions accru- ing over the Spring months, however, FINANCIAL NEW YORK STOCK EXCHANGE Regeived by Private Wire Direct'te The Star Office. (Continued From Page 13.) Stock and Dividend Rate. Mo Kan & Tex (3)... Mo Kan & Tex pf (7). Missouri Pacific. . Missouri Pac pf (5) Mohawk Carpet . Monsanto Ch (g1%) Motor Wheel (3). Mullins Mfg. Murray (B)( Nash Motors (4) [SEPTOTTCPRTS A N Nat Biscuit (13.30).. Nat Cash Reg A (14) Natl Dairy (2 60). Dept Store. Dist Products(2) at Lead (18)...... at Lead of (A) (7). Nat Pow & Lt (1).... 4 Nat Ry Mex 2d pf. Nat Steel (2).. 00 mmt o wuosamnuincemealinantilvna 03 =5 Nat Surety (5)...... Neisner Bros (1.60). Nevada Copper (1).. Newport Co (2). Newton Steel. N Y Alr Brake( N ¥ Central (8). & Harlem (5 H&HDpf (D.. . nt & Western. . Steam pf(6).... % N Y Steam 1st pf (7) Norfolk & Southern. North Am Aviation. . N N O X X Y : 4 Y 12 132% 7 North Amer pf (3).. 7 No Ger Lloyd (3.43). Northern Pacific (5), 18 Northwest Tel (3)... 50s Ohio O11 Co 2) Oliver Farm Eq Oliv Farm Eq pr pf. Oliver Farm Eq ev pt Oppenheim Col (3) Otis Elev n (2%) 3 46 Owens 111 Glass (3).. Pacific Coast 1st pf.. 10s Pacifio Gas& El (2). 3 Pacifie Lighting (3). 9 5 Pacific Tel & Tel (7) 100s Packard Motor (50¢c). 36 Pan-Am Petrol (B). 1 Panhandle P&R.... 1 Param’nt Publix (4). 111 Perk & Tilford Park Utah. Parme] T Pathe Exchang: Pathe Exchange Patino Mines. ...... Peerless Motor Car. . Penick&Ford (11%) Penney (J C) (3) Penna R R (4). Peop Drug Strs (1).. People's Gas Ch (8). Petrol Corp (13%4)... Phila Co 6% of (3) Phila Co pf new(6).. Phila Read C & 1. Phillips-Jones Corp. Phillips Petrol (n3). Plerce Ofl. . Pierce Oil pf. Pierce Petrol Pilisbury Flour (2) Pittsburgh Coal. Pitts Serew (1.40)... Pitts Steel pf (1) Pitts Terminal Coal. Pitts Term C pf Pitts & W Va(6). Pittston Co (1%) Poor & Co (B) (2). PRAmTob A (3%). PR Am Tob (B). Postal Tel&Cable pf- Prairie Ofl & Gas (2) Prairie Pipe L (15).. Pressed Steel Car .. Proct & Gamb (2.40). PubSvYNJ (340). .. Pub8v N J pf (5)... PubSvE& G pf (6). Pullman Corp i4)... Punta Alegre S cifs. Fo conenafalnnRorSBaannnmae 52 T 37% 78% 22% 103 15% 45 121% 22% 34% 30% N 8.3 e 9% 1% 27 114% B88% 69% 85 Radio Corp (B) (5).. Radio-Keith-Orph A. Raybestos Man 2 60. Reading Rwy (4).... Reading 1st pf (2)... Reading 24 pf (2).... Real Silk Hosfery (3) Reis (Robt) & Co. ... Rem Rand ¢1.60) T% Reo Motor Car (80c). 50 B58% 141% 50% 57 647% 5% 46' 14% 9% 95% 34% 80 8% 28% 25% 48% 5644 122% 109% 574 118% 101 T6% pf.... Reynolds Metals (2). Reynolds Tob'A (3). Reynolds Tob B (3). Richfleld O1l, 5 Rio Grande Ofl. i Rossia Insur (2.20).. Royal Dutch a3.2185. Safeway Stores (5. Safeway Strs pf (7). St Joseph Lead (2) St L-San ¥ran (8)... St L-San Fran pf () 8t L Southwestern Savage Arms (2) Schulte Retall St Schulte Retail pf Seaboard Air Line. .. Seab'd Air Line of... Sears Roebuck $2%.. Second Nat) Inv. Second Natl Inv pf Seneca Copper . Servel Ine........ Sharp & Do pf (3% Shattuck(FG)(t1%; Shell Union O1l. .... Snell Un Ol nf (5%) 133 63% 52 26% 106% 3 Sales— Add 00. High. 21% 6 Nor Am (b10%stk). 6813s 67 54 1 20% 54M 5 34% Prev.| 35 Low. Close. Close. | 94% 20% n 5% Simms 10% Skelly Of1 (2).. 42 “Skelly Oil pf (6). % Snider Packing. Sou P Rie Sug Southern Cal Sou Dairies (B) Southern Pacific 1 10 Sparks Stone & Sun Of1 Syming Third A ‘Thom Timken Timken ‘Tri-Con ‘Tri-Con US&F: U SInd Warren “Warren Willys- Wiison Wilson Wilson Yellow 19 Youngs 10:30 A.M cash payments based rations. year—no regular rate. ble in cash or h Plus 2% in m Plus 1% e stock. ~Prev.1930~ . _ Stock and High. Low. _ Dividend Rate, Ad 4% Shubert Theaters.... Simmons Co. .. Spalding (AG) (2).. StandG& E (3%)... Stand G & i pf (4).. Stand G & El pf (6) Stand Invest Corp. Stand Of1,Cali(h2% ). Stand Oil of Kan (2). Stand Ofl of N J (13 Stand O/l N Y (1.60). Sterling Sec (A).... Sterl Sec cv pf (3)... Stewart-Warner (2). Studebaker Corp (3 Submarine Boat, Superheater ( Superior Steel ‘Tennessee Corp (1) Texas Corp (3).. Tex Guif Sulph.(4).. Texas PC&OIl,..... Texas Pac Land Tr.. Thatcher Mfg (1.60). Thatcher pf (3.60). Thermold Co. .. Third Nat In Thompson (J R) ( 4 Thompson Starrett. . Tide Water A Tide Water As pf (6) Tobacco Prod A t95¢. Transamerica (1) ‘Transue &W (1) Truscon Stl (1.20).. Und-Eil-Fischer (). Union Carbide (; Union O, Calif ) UnitedBiscuit (2).. United Carbon (1) Utd Cigar Stores. ... Unit Corporation. Utd Corp pt (3). Utd Electric Coal. Ute Fruit (4). Utd Gas & Im (1.20). Utd Gas & Im pf (5). Utd Piece Dye W (2) Utd Piece D pf (6%).100s Utd Stores of (2%).. U 8 Distributing ) el Wabash . . Waldorf Systm (1%) Walworth Co (3).... Ward Baking (B) Ward Baking pf (7). Wess Oil & Snow (2) West Fenn El pf (7). 20s West Penn Pw pf (§) 508 West Penn P pf (7).. 1 Western Dairy ¢(B).. Western Md. Wi w Wheeling & L E pt White SewingMach. . White Sew Mach pf.. Woolworth 12.: Worthington Pum Wrigley (Wm) (4) lowTruck p! 2 Zenith Radle, .. . RIGHTS EXPIRE 8% Peop GasChi..Jan 16 51 Sales of Stocks on New York Exchange Dividend rates as given in the above ti a les $Payable in scrip. stock. in stock. preferred stock. r Plus 147 in st 5% 16 % 1% S11% Petroleum. Withing (1).. - S PYTS-1 [TV TH =IO O O o) Webster (4). an (33 of (8). s H Superior O1l ton (A). . o RolZe neon venu n Pr (2.40). ST T T 80c) Det Ax (30¢) Roller (3)... Y- 19T t Corp. . 't Corp pf (8). SomesSn® s o » wEanduboe - s H 2 2 ‘or Secur. us Alco ( it & Ref (1). It Ref pf 3% a Bros (3)...., Fay& P (2). 1 13 27 . 1008 12 1 Overland.... 40 & Co.. & Co (A) & Co pt. Truck. Spring (3).. 11 10% 10% . 943,100 1.606 500 able are the annual on the latest quarterly or haif yearly decla- 100 shares. tPartly extra. tPlus Plus 9% in stock. & Paid b Payeble in stock. siock. 1 Pl stock. « 314.400 - 1.442,300 121 2:10 P.M. sthan us 10% in stock. JPlus 8% in stocl Plus 3% in nPlus 8% in stock. pPlus 31 in ock. FARMERS ARE URGED TO CHECK ON COSTS Bookkeeping System Is Advised by North Carolina State College Economist. By'the Associated Press. RALEIGH, January 5-—Farmers of North Carolina must go in for book- keeping in a serious way if they are to prevent heavy losses in their 1931 farm business. This, in substance, is the advice B!i Dr. G. W. Forster, head of the de- | partment of agricultural economics at | North Carolina State College, who says that “with the outlook for most farm products discouraging and every farmer conscious of the fact that 1931 is going to a hard year, particular atten- tion must be paid to planning the 1931 farm busmness and keeping a record of its ups and downs.” The starting point for any individual is to know his present condition, Dr. Forster said. “The farmer who is interested in mak- ing the most out of his resources in| 1931 should take immediately an mven- tory of his resources,” the doctor said. | | “An inventory consists of all the assets, such as land, buildings, 1 chinery ana equipment, plies on hand, or any other thing used ‘would immediately be reflected in higher telephone revenues. Results obtained by telegraph and cable companies will depend entirely on the course taken by business and commercial activity. Lit- tle promise of betterment appears in 1931 for traction com 3 ‘Wool.—Despite the improved inven- fory situation, operat results of most manufacturers are ly to any improvement during the first half of 1931. Meat Packing.—Hog prices have been to the lowest levels since 1924, indications that recovery will be slow throughout the Winter months. Cattle and lambs have also remained weak. Seasonal betterment in the price Girst of the year, e e i in the farm business.” POT. CHICAGO, Janury 5 () (U. 8. De- ent of Agriculture).—Potatoes— ipts, 140 cars; on track, 253 cars; total U. 8. shipments Saturday, 864 cars; Sunday, 39 cars; market dull, trading rather slow. Sacked, per ho) dredweight: Wisconsin round whites, 1.40a1.60; Idaho Russets, No. 1, 1.70a 1.80; No. 2. 1.25al40; occasional car higher; Color.do McClures, branded, 1.75a1.90; ‘unbranded, 1.65a1.75. g | says. “I:d"e"” for the corresj Washington Prodnge Butter—One-pound prints, 35a36; tub, 33%,a34. Eggs—Hennery, 33; current receipts, 28a30. Poultry, alive—Turkeys, young, 25a27; old, 23a24; chickens, i7ai8; Leghorns, 16; fowls, heavy, 15a16; small, 14a15; Leghorn fowls, 12; roosters, 13; ducks, 15, keats, large and young, 50a60; old, 25a30. Dressed—Turkeys, young, 33a35; old, 31a32; chickens, 20a22; 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; rk, loin, 24; fresh hams, 24; tresh shoulders, 20. Smoked— Hams, 25; shoulders, 18; bacon, 27. Gnme—Rlbkiiku,lznlao. in packages, 15. Live stock—Calves, 11; 1 Fruits—Strawberries, 65a75. California, 3.50a5.50; Florida, 2.50a3.50; grapefruit, 2.50a3. tangerines, 2.00a 3,2 } pineapples, 4.00-5.02; pears, box, oranges, 1.00a2.00; box, 3 Vegetables—Potatoes, 150-pound sacks, 3.25; sweets, per bushel} 1.50a2.00; cau- liflower, 2. string beans, 6.5028.00; eggplant, 2.5023.00; parsnips, 1.25a1.50: beets, per 100 bunches, 5.00a6.00; car- rots, per 100 bunches, 5.00a6.00; toma- toes, 4.00a5.00; peas, 8.00; squash, Hub- bard, 3.50a4.00; Marrow, 4.00; cucum- bel hothouse, per dozen, 2.50; ; kale, 75a1.00; mushrooms, T PETROLEUM PRICES. NEW YORK, January 5 (#).—The average price of crude petroleum in 10 producing fields was uncl last week from the previous week at $1.245 a barrel, Oil, Paint and Dru mr ing ] last year was $1.612 a . Gasoline was advanced Coast refineries, but Midcontinent, and the New telephone exchanges are bei \n many of the Marge cities of 4 i A OIL COMPANIES TURN TO ECONOMY PLANS Firms Will Be Reduced in Near Future. Special Dispatch to The Star, TULSA, Okla., January 5.—Curtail- [, ment efforts of oil men, which for many | months have been turned to the phys- ical operations of properties, are with the new year turning to the reduction of financial operations. Having witnessed the most severe of the establishment of a balanced condition in the supply and demand of oli, which has been attained only after several months of severe proration of oil runs at the month of the wells, it dinarily ofl men would accept the pres- ent contraction as a temporary one, but with the opening of the hew year they mlner:ce, Whether it proves to be or_not. . Not only have oil men become rec- onciled to the smaller margin of profit 'to be obtained from the lower level of prices now prevailing, but a new consideration must be given by those companies whose inventories, remaining high, represent the accumulation of a part of the earnings reported for the past several years. Several of the oil.com, operat- ing in the mid-continent field are mere- ly applying more severely the reduction in o) costs which they inaug- urated several years ago, when it be- came apparent that the period of large production would be of long duration. (Copyright, 1931.) . London streets are now named and 2y d Payable ‘when earned. | Col Plus 8% in |Operating Expenses of Leading| ™" PRICES CONTINUES Market Moves Steadily Up- ward, but Trading Volume Is Light. BY F. H. RICHARDSON. % | Special Dispateh to The sta: NEW YORK, January 5.—Bonds con- tinued their recovery today in a marked fashion in all parts of the list, but volume continued light. The failure of trading to increase as the list moves upward hag caused con- siderable speculation in the street. The explanation, however, came with the publication of the statements of the banks at the year end. Virtually all these institutions reported huge hold- ings of United States Government bonds, notes and certificates, and con- siderably reduced corporate security holdings. This was the result of the rush to achieve liquidity in December and, according to a number of spokes- men for the banks, will continue to be the general policy for some time to come. Despite the small amount of bank purchasing, however, the market con- tinued buoyant. High-grade securities held unchanged or made fractional #lm. This part of the market is low about 4 to 7 points above its low of 1930 and not far below its 1930 high. Gains today were made by Can- adian Pacific 4s, Northern Pacific 4s, American Telephone 5s, Consolidated Gas 5s, Philadelphia Company's 5s, In- land Steel 4155, Pan-American Petroleum 6s and Youngstown Sheet and Tube 5s. Nickel Plate 4125 were firm at a level 12 points above their low of only last month. There was every ‘evidence of specula- tive interest in junior issues, especially those of the Seaboard Airline, around which considerable calculation is re- velving -as to how much the senior se- curity holders will get in the reorgani- zation. The 6s were unchanged, but heavily traded today, while the refund ing 4s jumed 8 points. Substantial im- provement featured the rest of the sec- ond grade rail list. Jumps of a point or more were made by Chicago & Eastern Ilinols 5s, St. Paul 5s, Erie General Lien 4s, Erie 5s, Florida East Coast 5s, International Great Northern Adjust- ments, Missouri-Pacific 4s, Missouri~ Pacific 5!2s and other similar types. ogsduslfldsm. md:;flhfllbout as well, with gal le Copper 5s, e Bros. &, Hudson Coal sffiumm%%x Hydro-electric 6s, Pathe 7s and Shell Union Ol 5s. Postal Telegraph 5s re- covered another 3 points and stand now 13 points above their recent minimum. Convertible issues fluctuated with The active feature was a gain of over 3 points in Philadelphia & | Reading Coal & Iron 6s, which at 80 were 12 points above their low. On the Curb Associated Gas & Electric 5s were off a point, Cities Service 5s dropped fractionally and Gillette Razor 5s gained slightly. Van Sweringen 6 per cent notes were unchanged. With the exception of Chilean and Peruvian issues in the South American fmup and Serbian 7s in the European ist, foreign dollar bonds were strong. In United Steel Works “A” 6158 of 1951 and Berlin 6s the gains ran over 2 points. Bolivian bonds reflected with small advances thz very positive state- ment by the Bolivian government that it would support tin prices and that negotiations had started with signatory governments to the international agree- ment to fix tin export quotas, Washington Stock- Exchange SALES. Anllo:u‘ & Potomac R. R. 55—$1,000 at 81. ‘Washington Gas 6s '—$1,000 at 108. Capital Traction Co.—10 at 407, Lanston Monotype—5 at 10: Mergenthaler Linotype—2 at 87. Capital Traction Co.—16 at 40. Potomac Electric 6s 1953—$1,000 at 1083%;. Bid and Asked Prices. BONDS. PUBLIC UTILITY. + Alex. h. Baito, 53. g & Mt Vernon etf shington o & Annap. gn'd gton Gas e 10; Gas 6 series B... wy. & Elec. 45....... MISCELLANEQUS. Barber & Ross. In Chevy Chase Club $%as. Columbia Country Club 533 D. C. Paper Mfe. 6s W. M. Cold Storage Wash. Cons. Title 6s STOCKS. PUBLIC UTILITY. American Tel. & Tel. Capital Traction Co. Wash. Gas Light Co. N. & W. Steamboat (12) Pot. Elec. Power 6% pid Pot. Elec. Power 515% Wash. Rwy. & El. com, Wash. Ry. & El pfd. (5) TRUST COMPANY. Amer. Security & Trust Co. (15)*335 Continental Trust (6)...... 118 National Bavings & Trust (i3i) Bank & Trust SAVING BANK. Bank of Bethesda (65) Commerce & Savings (1 East hington (12) Potom: : Security Sav. & G Beventh Street (13). United States (30). Washington Mechanics' FIRE INSURANCE. ‘American (12) Corcoran (10) Firemen's ( National Union’ (15) TITLE INSURANCE. Columbia (6h).. Real Estate (6h) g Title & Inv. Co. Md. com. MISCELLANEOUS. " contraction in earnings as the result | GO, g per Mfg. ptd. Dist. Natl. sec, pid. ¢ er. Bromo-Selz. al Storage is now a question of reducing operat- | Mer. Tr. & ing expenses to the new condition. Or- M recognize in the soundness of the pres- | T, ent situation ample reason for its per- ;n 50 . Bldg. Co ward & Lothrop com. Woodward & Lothrop pfd. RECOVERY INBOND | [ B Wire UNITED ‘STATES. (Sales are in $1.000.) Lib3%s..... Lib1st 4%s. Lib éth 44s, 55 103 Low. 10 10130 10127 10228 158 10324 10322 2 10211 10211 2 10225 10224 2 10814 108 10 511218 11218 FOREIGN. Sales: High. Argentine 6sJu’s® 7 A tine 6s Oc * 7 o Australia bs 57 Austria Te"43..... Brazil 6%4s ‘27, ® '61. Chin Gvt Ry 635 Colombia 6s Jan "6 Copenhag 53 52, 1. Czecho 98 '62. Denmark 414862 Denmark & Dy Dutch East 16s ‘6 El Salvador 85’48 Flat 7s ex war *46. Finiand 6%s 58 Finlane 7s 50 Fram 1D 7%s Krench 7549, French Gvt T3 @l German5%s German Bank German 7s rep 54.. 26 Karstadt 6s'43. 8 Kreug & Toll b8 59 20 Lyons 6s°34 Marseille 63 34. ... Mex 4s asstd 1910 Milan 6% s '63 Montevideo 7s 52 New So Wales6s'57 N 565'58 L Orient dev 5 Orient dev o e Mgt <o wBRondlnnn sunnwaBERE ndvan %s Queenland 7s '41.. Rhine Wegt 63 '52. Rhi; 3. - 10 10 18 4 28 *Ex dividend. b ks ¢ s i % exti BALTIMORE PORT ARRIVALS. ,TIMORE, January 5 (Special).— e reports ber. During the month 158 arrivals, including 1 schooner, were under the American flag. Great Britain led the 2 fie exchange reports arrivals for 1930 e excl re) as 3,080, Ommwed with 3,063 during 1920. 30 5 Sao Paulo 8s '50. T Saxon 78 “46.... 4 32 8 3 Serbs-Cr 81 7s Serbs-Cr-§] 8s Shinyetsu 6%s ‘52 Soissons 6s '36 Sweden 5348 5. Swisss%s Toho El Pow 6: Toho El Pow 7 Tokio 6%s61..... Ctd King 6% 847, Uruguay 6s '60 1 27 1 Warsaw 7s'58.. .., Yokohama 65 '61.. 1 ADbitibl P & P 6563 12 Ab& St65%s'43... Allegheny 58 ‘44 Alleghany bs Am Ag Ch 7% Am1GChbi Arm Del 6%3 43 Bell Tel Pa 6a B 48 Beth St p m 63 '3 Beth St rf 5s ‘42 Bk Ed gn A 5 Cert-td deb 6% Chile Cop db 6s Colon Ol 6s '38 ConG N ¥ 5%8*45. C Am Sug col 85’31 Denver Gas 5s'51.. De Edison 58 °40. .. Det Ed rf6s B " Dcdge Bros cl 65'40 Donner St 7s "42. Duquesne 4148 East CSug 7 ‘isk Rub Gen Moto; Gen StCas 6% Gen Thea Eq 6340 @eodrich cv 65 "45. . Goodrich 63s. Goody'r Rub 68 '57. Humble O11 58 '37.., MBTI1stpfbsA Steel 4 % In: Ceme: Int Hydro EI Int Match 68 °47. [nt Pap 6s 56 IntT&T 4% Int T&T ¢ Int T&T6s'66.... KCP&L4%s'57. Kan Gas& K ¢ Kend 538 '48 ww. Lackaw St 68 °50... LacG St L 6s '34.. Laclede 538 C Laclede 5%s D '60. Lautaro Nit e anSsabannam » 2 Lorillard Lorillard 7 LouG & Ei 58 McCormack 6s '3 Midvale Steel l:‘ll 43. 91 % 91% 9014 6914 76 75 105 103% 108 111 108 107% 40% 104 59% 59 5214 73 90% 100% 104% 75 75 28 59 98% 110 110 941 1007 105% 100% 10115 01 82% 8% 94 105 120% 125% o1 1% 817 102 91 8a% 4% 9914 102% 94% B0% 9214 103% 6914 6814 106 101% 102% 05% 05% 102% 88% 95% 104% 107 102% 1% 6% 4% 663, 4l 8llg 89 920 0% 8% 107 8% 901, 7% 1034 105% 106% 967 9lie 891y 1054 T5'% 98 5 58% 58 8 95% 95 MISCELLANEOUS. 4 102% 102% % 104% 104% 4 108% 109% % 108 1043 106% -R LAT Low. Close. 91 9 0% 9% 90% 901 68 4% 74 15 104% 105 we 78 78 102% 103 107 107% 110% 111 107% 108 107% 107% 28 28 28 28 39% 40 104 59 57 57 58% 51 52 72 2% 904 90% 100% 100% 104% 10415 2% 75 74 75 27% 27% 58 59 9814 98% 109% 110 109% 109% 94 94% 100% 100 104% 104% 100% 1007% 101% 10114 101% 101% 82% 82 % 98 93% 931 10415 105 120 120 125% 125% 9% 90% 75 " g 80 81% 101 101 91 91 83% 84% 9% 94% 991 991 10214 102% 93% 9% 9% 80% 92 92 102% 103 624 62% 684 69 68 68 105% 1054 100% 100% 1025 1023 105 105% 105% 105% 101% 102% 8844 884 95 95 104% 104% 106% 107 102% 102% 34 75% 764 40% 5?‘3 41% * 80 88 8614 20, 98 " T8 106% 106% %4 T 90% " 9015 % 1% 103% 103% 106% 105% 1065 106% 96% 96% o1k 91 89 89 105% 105% % T5% 98 98 58% 95% % 97 82 82 99% 100% 9le 92 91N 92y 36% 36% 102% 102% 104% 104% 124 125% 105% 106% 105% 106 105% 106 108 108% 101% 101% 9 60 90 79 107% 107% 1013 101% 104% 105 100% 1003 94 94 104% 104% 25 25 107 107 92 92 100 * 100 104% 104% 107% 107% 86 &7 90 90 104% 104% 30 30, 3016 30% 925 9235 10215 102% 9 90 57 57 70 T1% 100 100% 87% 884 101% 101% 105% 105% 954 96 9% 91% 98y 62 T4u 874 844, 1021 1023 941 941y 45 45 101% 101% 102 102% 101% 102 45 48 121 121 104% 105% 101 101 101% 101% 104% 104% 80 80 99% 991 105% 105% 108 108 102% 103 106% 107 12 1124 10214 102% % | Can Natl 4% s 56 FINANCIX ONDS o wewa] Direct to The Star Office STATE INSURANCE NOVEMENT GROWS ] . 1 |Private Firms Concerned % Pub Sv G 4387 Pure Oll 5%s 37 Rem R'd 6% 1 Richf'd O cal 68 ¢4 Shell Un Of1 53 °47. Sinel O 6%s B ‘38.. Sincl O 7s cv A 37, 1 SW Bell T 65 A ‘54. St Ol N J b Tenn Coppei Tenn K1 Pés A 101% 101 98% 97% 2% TI% 8% T8% 79 8% 70 69% 52 106% 105 104 108 108% 108 1021 102% Wil & Co 1st 6341, 11 100 - 99% WinRA T3%s'41., 82% 82% YouSt&T56s'78.. 29 105 102% RAILROAD. Atchison gen 4 Atch’oncv 4%s 4 AtC L 1st 4s 52, 10 89% 89% 4 97 96% 20 100% 100% 4 96 951 3 107 106% 19 103 102% 11021 102% . 19 108% 108 60 2 104 103% & O Toledo 4s'50 7 84% 84 B&OP&WYV 45°41 97 Bos & Me b5 1965. . 99% Bos & Me b 99% 71 wpPREETE » o w 4 5 o < o Bklyn Man 6s Brooklyn Un 58 °45. Bklyn [In 1st BR & Pitt 4% Can Nat 4%s 5 Can Nat4%s “an Nat4%4s Can Nat 4%s 3 98% 1 107% 107% 12 86 86% 1 86% 86% 5 99% 99% 2 101% 101% 27 105 104% 6 105% 104% 2 115% 116% 20 111 110% 6 88% 88% 2 100 99% 23 99% 99% 3 102% 102% 4 103% 103% 1.9 90 1 96% 96% 7 104% 104% 39 98 9% 9 101% 101% 18 101% 101% 48 106 104% 69% Can Nat bs July 'l Can Nat 58 Oct '¢9. Can Nor 6% s db'4¢ Can Nor 7s deb Can Pacific db Can Pac 4%s ‘4 Can Pacific 4% Can Pac 6s ctfs Can Pacific 6 Cent of Ga Cent Pacifie Cent Pacific 5 Ches Corp b3 Ch&O4%s Ch&O4%sB Ch&Ogni%s Chi & Alt 3s. C B&Q 111 dv 48749, CB&Q gen 4858, CR&Q I1dv 33849 CB&Q %871, Ch & East 11 6a ‘61 Chi Grt West 45’69 Ch M &St P s 8 8 91 91 15 103% 103 33 4 42% 65% 84 9 93% 72 30% 86% 9% 934 90% 90 1 108% 103% 7 64 63% 12 98% 98w 1 921 921y 2 103% 103% 3 104 104 1 105% 106% 9 87% 87% E) 26 101 100% 18 103% 103% Clev&Pitts 434817 5 103% 103y Clev Term bs *7. lgg 1 ‘36 15 100% 100% 0.. 18 96% 964 8s..... 11 B7 Cuba RRrf7%s'36 2 70 Del & Hud rf ChM&StPadj Ch & NW gn 4s'87. Ch & NW 43%s 2037 D&RGr4y% Den&R G W b Erfe Gen 86 82% 8! 2 4 106'% 106% T 25% 24% Krie 68 1975... Erfe Gen R 6557 Fla E Coast 68°74.. GrTrsfdb6és’36.. 7 105% 105% Gr Trunk 78°40.... 1 110% 1103 Gr Nor4%s'17 (E) 35 994 98% GrNorgnb%s-53. 2 111 109 Gr Nergen 78°36.. 2 109% 109% Hock Val 4%s 2102 102 Hud& Madj6s'67. 13 77 176 Hud& Mrtbs 4 100% 111 Cent 4s'52. . 90% L1 Cent 43 ‘53 111 Cent 4% 8 111 CCSIL&N ! 111 CCSIL&N 68 A. Int Rap Tr 63 ‘66 Int Rap Tr s Int RysC A Int & Gr Nor int & Gr Nor Int& G Nads CICTTCA - PN V-0 6 Kan City Ter 4s'60 Lake Shore ¢3 L &N 1strt 5% Manh Ry 1st 4 Market St 78 "40, MIIE Ry & L bs M StP&SSM 5s M StP&SSM con 1 104% 104% 104% 3 57 . 9 3 981 984 98 34 90% 90 101% 101% W 88% 88K 1 2% 97% 97% 98 99 984 98y 9T 9Tie 2 9614 98 H 6 Mo Pac5%scv 49, 31 NOT&Mb6%s'S¢, 4 98 98 4. 17 100% 100% 100% N ¥ Cent 43482013 5 1024 10215 102% NYCreimbs2013. 11 107% 107 107% 961y . 29 Nor Pac 4%82047. 11 98% 988 Nor Pac 58 D 2047,. 3 103% 103% 103% Nor Pacri6s2047. 9 112% 112 112 Oreg-Wash ¢s'61.. 12 95% 93 954 9% 98% 97 11 101% 1014 101 21 105 104% 106 9 109% 109 109% 1 101% 101% 101% 1105 105 1056 % Penn 4% ‘63 " Penna Penn 6%a ‘3¢ Pere Mar 4148 "30. . M 18 103 103 104 104 105% 105% b 103% § 102% 102% 102% 5 o 28 23 oL 101 So% | turnish it at cost. Over New Proposals to Be ~ Made in Legislatures. BY ROLLIN M. CLARK. Insurance interests, which for 20 years have been involved in constant warfare with the proponents of States managed insurance schemes, are facing. another major battle now on the eve.. of the convening of 42 State Legisla--; tures, Ajthough it is not generally known,~ government in business has gained its greatest toe-hold to date in the field - of insurance. Forty States are engaged in one or more forms of the insurance business through so-called “State ine e e o 'fl.a In two branches of the business the State funds write about one-sixth of the total annual premiums. New Proposals. : ‘What is worrying insurance men now, . « | Particularly in the casuglty field, which includes workmen’s compensation and automobile liability insurance, is the fact ' that scores of new proposals to . put the States into these branches of the business will be urged upon the 1931 Legislatures. '3 Some of these measures will endeavor- - to establish. additional monopolistic State workmen's compensation funds. There are seven States that now have.: such funds, barring private companies,. from writing this class of business. . Ten other States have competitive workmen's compensation funds—that s, they permit private companies to en- gage in the business in competition with themselves, writing at lower pre- mium rates, Insurance men contend that in these competitive States, despite a rate dif- ferential in favor.of the State, the private companies obtain about 85 per cent of the avallable business. This is say, to the service and effi-. clency of private business as contrasted with the red tape and political aspects business. . of the State in On the other of State insurance pol cost of workmen's com ance and argue that is of primary consideration. When the State requires employers of labor to carry insurance, they claim it should yponents tion insur- the "t "the Tising - cost_element Demand for Protection. faf ‘The growing demand for some meas- ure of protection for the victims of 9% | irresponsible automobile operators will undoubtedly lead to the introduction of & number of bills in Legislaty measures be bills for the * creation of State funds to provide the required insurance. (Copyright, 1931.) DIVIDENDS DECLARED NEW YORK, January 5 (#).— Regular. Pe- Pay- 5 Rate. tiod. avie. rscors -50¢ Q 'Peb. TROT TR e X <! a W, Maryiand Dairy pr BI..50 3-10¢ Extra. - ..80¢ Ex Jan. te conv pf ... 0. . 3 Newk T Co” (W, Vei $1 Ex Dev. 3 Alliance Inv_Cor. Guard Inv 37 pf Do f. Do 33 pf Lamson & Session: Manning. Maxwell 00; Nat Erie Co Ol A Wilcox Rich B SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Allis-Chalmers Co. 55 1t 180%, 000 DOOOD ore & Onio 4 n Pet Cfl? of Cana Galifornis. pet.Gor nadian Nor. Rwy. Chi. #orlhwuum A Chicago Rock Island 4 Chile Coy Cudshy Gen. Mo Geni ip. 55 R S g T & R 8 Grand Truii " L. Ir L 8 /% | Unlon’ Oil Co. of 29 102% 1013 1023 | United Drug co. rug U. S. Rubber 55 194 Western Electric C Wheeling Steel Corp. Wheeling Steel Corp, i oy 4135 1953, Sales. High. Low. Close. St L Ir M'nt 68 °31. 15 1003 100% 100% 3 21 98% 98% 98% 88 88 83 83 101% 101% 100% 100% 2 100% 100% 100% 3 8515 854 8514 1 99% 99% 99% 3 93 4% St L&SP pr In B&L&SF gen 68 31. 1 9 93 7 96 96 1 109% 109% 109% 23 20 18% 20 42 19 8% 9% Sou P 4%35 69 ww. Sou P&Or 44817, Sou Ry M&O 4s ‘31 2 10315 108% 1033 1110 110 9 99% 9815 Tex & Pac Tex & Pac 63 C 19. ‘Third Av 1st 58 '37. & Del 4 Ulst & De 68 ctt Un Pag 1st 4 :“'L. 100% 101 101 101 107 107 1 101% 101% 101% 10 874 87 8T% 5 1025% 102% 102% 8 101% 101% 101% 6 95 95 95 Wabash 4%8°78. ., Wabash 1st 63 ‘39,