Evening Star Newspaper, January 6, 1931, Page 14

FINANCIAL. GIBSON'S ADVANCE INBANKING: RAPID New Head of Manufacturers’ Trust Co. Is Excellent Executive. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, January 6.—Harvey D. Gibson, who resigned yesterday as chairman of the Executive Committee of the New York Trust Co. to be- come president of the Manufacturers’ ‘Trust Co., always has been considered & “Morgan” banker, perhaps largely because he succeeded Thomas Cochran as president of the Liberty National Bank when the latter resigned to enter the firm of J. P. Morgan & Co. When the Liberty National Bank merged with the New York Trust Mr. Gibson became president and then chairman of the Executive Committee. Mr. Gibson, 48, was born at Co way, N. H, and is a graduate of Bow- doin College, Maine. He began his business career as a clerk with the American Express Co. 2t Boston. Later he became assistant manager of the financial department of that company at New York. In 1912 he left an executive position with the Raymond & Whitcomb Co., a travel agency, to become assistant to the president of the Liberty National Bank. From that time on his banking and business career is well known in New York. . _During the war he was a member of the War Council and War Finance Committee and spent the year 1919 in Europe for the American Red Cross. When asked who his associates were to be, Mr. Gibson replied that he did not wish at this time to divulge the names. Probably in the mnext few weeks, or months, they will be an- nounced. . Several of them will become members of the new board of the trust company. Although it is known that the largest :single block of stock outstanding was purchased from the Goldman-Sachs Co. by Mr. Gibson and his friends, Mr. ~Prev.1930~ High. Low. 591: 41 6% 108% 9815 60 20% 79 9% 18% 15% Y 14 25 4% 3515 254 9 34 214 70 5% 24 1315 60 18% 114 135 30 41 60 1061 35 13 9 15% 11% 1051 152 915 675 106 3% 1 % 181 4% 5Th 51 2874 851, 42% 16 1% 125 214 204 22 484% 347% 908 4614 8% 56 80% 14% Mo Kan & Tex (3)... (Continued From Page i!.) Sales— Stock and Dividend Rate. Add 00 M StP & SSM 1sd (4). 20s 10 Mo Kan & Tex pf (7). Missoury Pacific. . Missouri Pac pf (5) Mohawk Carpet. ... Monsanto Ch (g1%). Montgomery Ward. . Mother Lode. . ...... Motor Meter G & El.. Motor Products (2). Motor Wheel (3).... Mullins Mfg pf (7).. Munsingwear (t4) Murray (B) (2% stk) Myer (FE) & Br (2). Nash Motors (4).. . ash Chat & St L (5) Nat Acme (80¢). Nat Bella Hes: Nat Bella H pf (7). uit (13.30).. Cash Reg A (14) Nat Dept St 1st (7).. NatDist Products(2) Nat Lead (18) 4 Nat Lead of (A) (7). Nat Pow & Lt (1) Nat Steel (2). Nat Supply (5). Nat Supply pf ( Nat Surety (5). tl Tea (1) vada Copper (1) Newport Co (2) Newton Steel. . N Y Central (8) N Y & Harlem (5). N Y Invest (1.20) N Y N H& Hart (6).. N Y N B'& Hof () N Y Ont & Western N Y Raflways pf. N Y State Railways. 100s Norfolk&West (112) North Am Aviation Nor Am (b10%stk) North Amerof (3)... 6 No Ger Lloyd (3.43). 2 Northern Central (4) 208 Northern Pacific (5). 5 ©Ohito O11 Co (2). 13 Oliver Farm Equip. Oliv Farm Eq pr pf. . Oliver Farm Eq v pt Omnibus Corp. . Oppenheim Col (3).. Otis Elevn (2%). 8 65 Gibson’s close association for many | 128% 1184 Otis Elev pf (6) ears with the J. P. Morgan partners s many to believe that his finan- ecial backing is not far away from 23 Wall street. Otherwise he would not have left the conservative New York ‘Trust Co. at this particular time. The New York banking situation seems to be clearing up rapidly. Brainard’s Career. Ezra Brainard, jr., the new chairman of the powerful Interstate Commerce Commission, is a Vermont boy who grew up in the East, took a law degree at the University of Michigan and then ‘went to Muskogee, Okla., to carve out a career. In Muskogee he was a ‘member of an important law firm which specialized in business and banking law. He prac- ticed there until he was appointed a member of the Interstate Commerce ‘Commission in 1927 and has been serv- ing continuously on the commission during the last three years. ‘Whether or not the four-system plan for the East spells a fight in Congress against anti-consolidation legislation, it is true that many members of Congress ~are backing the Couzens resolution, ‘which aims to halt "lll‘:gonwlidluons" pending legislation by ngress. ~ 1f the members of the 1. C. C. ap- prove the four-system plan for the East they will have to abandon their own plan for a fifth system, announced a year ago. It also means the commis- sioners will have to modify the antl- trust orders against all the principal roads involved. Will they do it? Ap- tly the administration believes t they will, because during the last three new commissioners—Tate, and Mahaffie—have been appointed. ‘The spotlight will be pretty much on the commission, headed by Mr. Brai- pard, for the next few months. Peak of Unemployment. At what point in a business depres- sion is the peak of unemployment reached—in other words, at what point in the depression does the greatest un- employment occur? I asked Miss Frances Perkins, indus- trial commissioner of New York State, for an answer to this question. She frankly admitted that she knew of no figures available on the subject. “We do not know at the present time, for example, whether the peak of un- employment has been reached or whether it is still before us,” says Miss “Perkins. “Much of the best discussion | of the whole problem is found in the volume by W. C. Mitchell entitled | “Business Cycles.’ In this volume the Tecords of business depression in the United States and in other countries are reviewed. “Such general estimation as the aj thor is willing to make, after examina. tion of these long-time records, ake that the average length of periods of busi- Ziess expansion are 25 months and the average length of periods of business decline is 18 months or somewhat greater. “In other words, the periods of ex- pansion are somewhat longer than the | periods of depression. The depression periods seem, on the whole, to be some- ‘What briefer in length and more violent in character than the periods of ex-| pansion.” “Apparently,” Miss Perkins continued, “ther: is no safeguard which one may use to forecast the length of any spe-~ cific period of expansion or depression. It seems to be true that in the United States the periods of both expansion and depression are somewhat shorter than in other countries. This, in turn, is due to the more rapid economic transitions which this country under- goes than in older countries with more definit:ly settled economic habits.” - The United States Department of Labor, or some economic research bu- reau, might, with profit, undertake such a study to find out. Brazil's Business Problems. Coi. Getulio Vargas, provisional Presi- dent of Brazil, is giving his full time to the tangled business problems con- nected with his government since he took over the reins two months ago. ‘The strained credit situation growing out of the failure of the coffee valori- zation is one; the large and excessive taxes, which have retarded business ex- pansion, is another. Closer co-operation between the fed- | eral government and the various stat: governments is still another, especially &s it affects popular education. An illiterate republic is a weak re- public. The census of 1920 shows that in Brazil 75 per cent of the people were unable to read or write. President Vargas, too, has announced that the hope of the farmer is “in a more diversified crop.” He wants the eat landed estates cut up into smaller arms, attractive for the smail holders. Brazil's finances are not healthy. Bhe has a large foreign debt, and the slump in coffee—her largest export— has raised havoc with her balance of fore! trade. If this trade balance should swing against Brazil—and there are prospects that it may during the next two years—it will cause consider- able embarrassment, so far as her for- eign debts are concerned. ‘That is why the new liberal Vargas government of Brazil is proceeding cau- 38% 9% 4% 50 T4% 40% 10T 46 178 114% 28% T 12% 1% 7% 34% 3B 5 4% 1% 264 2% 9 1% 19% 2% 32% 8 14 3 55% 264 80 279 12 2% 86% 53 60% 21% 325 1854 99 91 5% 19% 504 65 8% 11% 56 % 13, 251 305 19% 8413 20 86 481 18% 10% 14% 20 1% 16% 3% 52% 1 11% 65 91% 117 104% 158 142 89% 47 1% 274 114% B8% 69% 2T% 44% 57% 25% 154 % 90% 36 11% 31% 14% 224 8 14% 95 10% 28 514 34 10 70 40 4% 5 26% 14% 367 38% 19% 39% 621 17% 35 12% 4 e % 434 Otis Steel 3 Outlet Co « 2008 Pacific Gas & El (2).. 3 Pacific Lighting (3). 6 Pacific Tel & Tel (7). Packard Motor (50c). Panhandle P & R. Param’'nt Publix (4). Park & Tilford Park Utah. .. Parmelee Transport. Pathe Exchange..... Pathe Exchange (A) Patino Mines. . Peerless Motor Car. Penick&Ford (11%). Penney (JC) (3) .. Penn Dixie Cement. . Penna K R (4 Peop Drug Strs (1).. People's Gas Ch (8). Pere Marq pf (5) Petrol Corn (1%4). Phelps Dodge (2). PhilaCo 6% of (3).. Phila Read C&I.... Philip Morris&Co(1) Phillips Petrol (n2).. Plerce-Arrow pf (6) . Pierce Ofl. . see Plerce Petrolm(10c). 1 Pilisbury Flour (2 Pirelll Italy (a3.14). Pittsburgh Coal Pitts Steel pf (7). Pitts Term C pf. Pitts Unit Cp pf(7). 100s Pitts & W Va(6).... Pittston Co (1%). Poor & Co (B) (2) P R Am Tob A (3%). Postal Tel&Cable pf. Prairie O1l & Gas (2) Prairie Pipe L (15).. Pressed Steel Car .. Proct & Gamb (2.40). Prod & Refiners. . Prod & Refiners pf PubSv NJ (340), PubSv N J pf (5). Pub8v NJpf (6). Pub Sv N J pf (8). Pullman Corp (4). Punta Alegre S ctf: Pure Of1 Pure Ofl Purity Baker! Radio Corp . Radio Corp (B) (5).. Radlo-Keith-Orph A. Reading Rwy (4)... Real Silk Hoslery(3) Rels (R) & Co 1st pt. 2 Rem Rand (1.60).... Rem-Rand 2d pf (8) . Reo Motor Car (80c). Republic Steel...... Republic Steel pf. Revere Copper & Br. Revere C&B (A) (4). Reynolds Metals (2). Reymolds Tob A (3). 15 Reynolds Tob B (3). Richfield Ofl. . Rio Grande Oil Ritter Dent Mf (13) Roi Royal Dutch u3.21 Safeway Stores St Joseph Lead (2).. St L-San Fran (8) St L-San Fran pf (6) St L Southwestern St L Southwesternpt Savage Arms (2). Schulte Retall Str: Seaboard Air Line Seab'd Air Line pf Sears Roebuck 12%. 40 1 40 e 3308 1 e v 47 4 32 1 208 —o BromonaNwe s NNeN DO 3 203 208 120 THE EVENING STAR, WASHINGTON, D. C, TUESDAY, JANUARY 6. 193V NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. ~Prev.1930~ St Lo Prev. Second High. Low. Close. Close. 43 43 43 43 224 21 224 20% T4 3% T T2 35% 3215 35% 32 901 90 90 90 11 A Qe 221 22 22 22 17% 18 19 5 3 34 3414 15% 381, Servel L Sharon Sou P R! Souther: Spear & Stand Bj Stand G Stand G Stand Of Stand Of Sterl Sey Stewart. » Stone & Studeba! Sun O11 Tex Gul! Texas P Tex: 5% 67 Thomps Timken 19% Timken Tri-Con: Und-Ell- Union Ps Union P: TUn Oil o; 4815 9% 3 425 Utd C; Unit Utd Fru! Utd G Utd Gas US Frei, s s 8 8 u u u u [ u Utd Stos Vadasco Wabash Wabash Walwor 2% 4% | 64% 3% 14 Warner Warner Warren 77 968% . 110 118 52% 5% 11 99% 42% 18% 38 17% 82 25 10% | 0015 Weston White S Wilson Woolwo Wrigley Youngs 10% 10:30 AM.. 1:30 P.M | __ Dividend rates as cash payments based rations. 45 67 31% 50 15 45 % 11 50% 49 14% | 4 in stock. 4% | year—no regular rate % | e Pavable in cash or | stock. h Plus 2% in stock. mPlus 1% in 48% % | preferred stock. Pac Land The Fair (2.40).. Thermold Co. Third Nat Inyest. Thompson Pr (2.40) .. Tide Water As (60c) Tobacco Produets. . .. Tobacco Prod A t95¢. Transamerica (1)... Tri-Cont Corp pf (8). Trico Prod (2%), Transue &W (1) Union Carbide (2.60) Utd Afreraft... Unit Aircraft pf UnitedBiscuit (2) United Carbon (1). Utd Cigar Store Vanadium Corp (3). Vulcan Det (4) Westvaco Chlor (2).. Wextark Radio Strs. White Motors (2). Wilcox Oil & Gas. . Willys-Overland Wilson & Co ( Wilson & Co pt, Worthington Pump. Yale & Towne (2)... Yellow Truck. ... Zenith Rad1o........ RIGHTS EXPIRE 814 Peop Gas Chl..Jan 16 Sales of Stocks on New York Exchange Unit of trading les sthan 100 shares §Payable in scrip. r Pius 14% in stock ock and Sales— Dividend Rate. Add 00. High. Natl Inv...., 3% Second Natl Inv pf.. ne..... 54 Steel Hoop. Shattuck(FG) (t1%5 Shell Union Of1. Shubert Theater: Stmmons Co. . % SinclairCon Ol (1) Skelly O1] (2). . Skelly Ofl pf (6) Sloss-Sheffield pf. Snider Packing. . Southern Cal Ed (2). Sou P Ric Sug (1.40) 25 ic Sug pf (8) 1408 Southern Pacific (6). 3 n Rwy (8)... 18 Spalding (A G) (2) 1 Sparks Withing (1).. 26 Copt (7).... 108 Spicer Mfg pf (3) Splegel-May-Ster: rands(1.20) Stand Comm Tob. &E (3%). & Fipf (4 Stand Invest Corp. Stand O11.Cali(h2%) Stand O11 Exp pf (5). 11 4 flof NJ (12), * 15 1N Y (1.60). Sterling Sec (A). e cv pf (3). -Warner (2). Webster (4). ker Corp (3). Submarine Boat. 11) Superior Of Superior St Symington (A).-.. Tennessee Corp (1) Texas Corp (3).. f Sulph (4). caoi. on Starrett. . Det Ax (80c) Roller (3). t Corp. . -Fischer (! FreollvornaBomanE eroed acific (10). .. 'acific pf (4)., £ Cal ( » B Store pf(6) . orporation. Utd Corp pf (3). Utd Electzic Coal. it (4). & Im (1.20), & Im pf (5). Utd Plece Dye W (2) U S & For Secur. . sht. U S Hoffman . 4 U S Indus Alco (17) S Leather (A) Pipe & F (2)..., Realty&lmp(3) Rubber Rubber 1st pf. S Smelt & Ref (1). U S Steel (7)...., U S Steel pf (7). U S Tobacco (4) Utd Store (A) of (234).. Univ Pipe & Rad.... TUIP &S (A)ef2.15. Bales Corp.. 152 . 2308 13 DL (A) (5).. Waldorf Systm (1%) 'th Co (2).... Ward Baking (A)... Ward Baking (B) Bros Pict. .. Bros pf 3.85. Bros (3). Webster Eisenlohr. . nn El pt (7)., t Penn P pt (7).. Western Dairy (B).. Western Md. .. Western Md 2d pt, Western Pacific. .... Western Union (8).. ingh'se A B (2). Westing E& M (5).. E& Mot (5).. El Instr (1).. ewingMach. & Co. 42 rth (2.40). ... 64 67% 25 10% 23% 3% (Wm) (4).. 67% 25 10% 23% 3% 25 10% 23 8% 26 10% 23w 3% O It TSP YOy PN Spring (3).. 48 10% 10% 10% 10% 176,700 vee. 623,600 1.020,200 1,312 300 given in the above table are the on the latest auarierly or half vearly Gecia: 12:00 Noon. 1Partly extra lus in stock.” a Paid last d Payable when earned. in stock. g Plus 6% in in stock. kPlus 3% in in stock. pPlus §1 in $Plus 9% b Payeble in stock. siock. 1 Plys 10% stock. i Plus 8% stock. ‘n Plus 5% tatoes, 20.00222.00; caulifiower, crate, 2.00; kale, 1.25a1.75; parsnips, bushel, 1.50a3.00: 50a1.00; Baltimore Markets | Special Dispatch to The Star. | BALTIMORE, Md., January 6.—Po- white, sweet potatoes, barrel, 2.00a4.00; yams, e EEht e Doy y4»50,,‘;4.75a5.25. fair to medium, 4.00a4.50; 6.00; beets, 100, 2.75a3.00; cabbage, ton, | 2.00a4.00; | celery, 1.50a 75; lettuce, hamper, 1.50a2.50; | spinach, | 50a | 100 pounds, 1.25a1.7 carrots, crate, 100, 2.00a2.50; eggplant, crate, bushel, peppers, bushel, crate, 1.20a1.30; tomatoes, crate, 2.50; turnips, bushel, 75a1.00; apples, | bushel 50a2.00, per box 1.25a2.35; cran- berries, box, 2.75a4.00; grapefruit, box, 1.50a2.75; oranges, box, 2.00a4.25; ta ines, box, 1.00a2.00. Dairy Market. Poultry, alive—Turkeys, pound, 35a38; old, 30a32; chickens, Springers, 23a26; Leghorns, 18a22; bareback, 14al5; Leg- | horns, 16al17; roosters, 12a15; ducks, | 14a24; geese, 16a22; Guinea fowls, each, 30a. pigeons, pair, 15a20. Eggs—Receipts, 629 cases; nearby | firsts, 32; hennery whites, firsts, 34a35; Southern firsts, 30; current receipts, 30. Butter—Good to fancy creamery, pound, 31a35: ladles, 28a31; rolls, 18a 20; process, 28a29; store packed, 13al4 Hay and Grain. Wheat—No. 2 red Winter, export, 78%; No. 2 red Winter, garlicky, spot, 789 January, 78%; Pebruary, 80%. Corn—No. 2 domestic, _yeliow, 83a84; cob corn, mew, 4.35, Rye—Nearby, 60a65. Oats—White, No. 2, new, 44a45; No. 3, 43a44. tiously before announcing what - the program of the government is to be. (Copyright, 1931. by North American News- paper Alliance.) | NEW EXCHANGE HEAD. CHICAGO, January 6 (#).—James C. uurgy yesterday was elected the fifty- ?fimzrglant of the Chicago Board H: was unopposed, havi been nomed by the nominating clv‘;‘llmlm - §i=o-] C, Harrls, also a committee can- € 7'a. was elected sccond vicg presi- * ¢ -nt, pbaving no opposition. Hay—Receipts, none. General hay market strengthening. Drought has serfously curtailed nearby crops, chang: the entire situation. Sections here- tofore shipping _are now asking for offers of hay. Good clover mixed and timothy new hay will bring from 24.00 to 28.00 per ton: Wheat straw, No. 1, per ton, 9.00a 10.00; oat straw, No. 1, per ton, 9.00a 10.00. Live Stock Market. Cattle—Receipts, 100 head; light sup- . markst steady. Stears—Choice to prime, none; good old, | plain to fair, 6.25a7.25; common to plain, 5.0026.00. Bulls—Choice to prime, none; good to choice, none; medium to good, 5.50a |6.00; fair to medium, 5.00a5.50; plain | 1o fair, 4.50a5.00; common to plain, 4.00 | a4.50. ;| Cows—Choice to prime, none; good | to_choice, 5.5086.00; medium to good, | plain to fair, 3.00a4.00; common to plain, 2.00a3.00. Heifers—Choice to prime, none; good to choice, 8.00a8.50; medium to good, 7.25a7.75; fair to medium, 6.25a7.00; plain to fair, 550a6.00; common to plain, 4.50a5.25. Sheep and lambs—Receipts, 100 head; light supply, market steady. 1.50a4 00; lambs, 4.5089.25. Hogs—Receipts, 500 head; ply, market higher. Lights, 8.85a9.10 heavies, 8.25a8.60; medium, 9.00a9.25 roughs, 6.85a7. light pigs, 8.75a8.85; pigs, 8.85a9.10. Calves—Receipts, 50 head; light sup- ply, market stronger Calves, 5.00a 12.50. Fresh cows and Springers, 40.00a 80.00. ST SEER T STATEMENT ON COINAGE DURING YEAR ISSUED | By the Associated Press. ‘The annual coinage statement of the | director of the mint shows that 268,- | 556,000 domestic pleces were executed | during the year, having a total value of $8,755,510. Minor coins, consisting of nickels and pennies, were responsible for the greatest part of the operations, as 252, 1585000 pleces executed had a total | value of $3,657,210. Silver coinage came next with 15,801,000 pieces with total value of $2,658,300, made up en- | tirely of dimes and quarters. It is | significant that no silver dollars nor half dollars were coined in 1930, The gold coinage consisted of 170,000 les and deuble eagles, with a total vllue of $2,440,000. In addition the various mints exe- cuted 3,300,060 for foreign countries, including 1,200,060 silver pleces for light sup- Shezp, | TIN EXPORT PRODUCTION GAINS FURTHER SUPPORT | Special Dispatch to The Star. NEW YORK, January 6.—Official announcement that the Bolivian gov- ernment would support the interna- tional tin export quota plan recently outlined was made by the Tin Pro- ducers Association in London today. The association said: “We are authorized to contradict categorically misleading _ statements |whlch reflect upon the good faith of Bolivia and to state that the Bolivian government has not only approved the international agreement’ to fix tin ex- port quotas for 1931 and 1932 by official decree, but has already appointed rep- Tesentatives to deal with representatives of other signatory governments in con- nection therewith.” INVESTMENT TRUSTS NEW YORK, January 6 (#).—Over- the-counter market: Bid, Asked. Am & Gen Secur.. ... A A & Gen Secur B Am & Gen Secur 6/, pf.. .. Am Composite Tr Shares.. Am Util & Gen A......... Am Uul ‘& Gen'pt.. Assoc ‘Sean il Shares Chain Store Shareowne: & Foster B... Crum & Foster Ins pf. " Crums & Foster Inc 8 pi. Deposited Bank Share Ser. Fixed Trust Shares B.. Pundamental Tr Shares B. Incorporated Investors Investment Trust Associaie Investors Trustee Shares. Mohawk Invest.... ... N Y Bank & Tr 8h. Sec Int Secur Corp 6 Spencer Trask Fund... Stand Collat Trusteed uper Corp of Am Tr Shares... rusteed Am Bk Sh. ‘wo-year Trust Sh....: th Century Fixed Tr United Ins ‘Trust Sha United N Y Bk & Tr 8i United Oil Trust Shares H. U 8 & British Int Ltd $§3 pf. CHICAGO DAIRY MARKET. Panama. than 00010505 Gakx o shediame 7 5088 50; | bocvieos of-Camads CHICAGO, January 6 (#).—Butter, {12,523 tubs: unsettled, prices unchanged. Toge, 3,801 easy: extra firsts, 26; fresh :.%': firct, 23a24: ordfinry firsts, 18 extras, 17, o g IADVANCE IN BOND | Cxev o BONDSS MARKET CONTINUES Improvement Spreads to Foreign Group Despite Profit Taking Sales. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 6.—Though, there were small recessions here and there where profit-taking made its ap- pearance in wide-moving lissues, the bond market generally continued its advance today. The upturn spread to some semi- speculative foreign issues which have been quoted at extremely low levels and there was a general response of Bra- zilian issues to a report that American bankers were arranging a 7 per cent loan, said to amount to $200.000,000, to the Brazilian government. This last was viewed with skepticism in the street because of the poor showing of recent Brazilian issues in the Fall wave of selling. Municipal Group Strong. One of the features of the day was the strength of municipal issues in the face of a Supreme Court decision hold- ing that profits made on the sale of municipal bonds and other tax-exempt securities could not be deducted from taxable income. This decisicn had been awaited with some uneasiness in the street, owing to the belief that it would cause un- settlement to large holders of such bonds and to underwriting houses carrying large amounts. Since the court decision included the provision that losses on tax-exempt securities might be deducted from taxable income, it was reasonable to suppose that large holders, whose portfolios showed a loss, might sell out, in order to realize their losses. But this did not happen. ‘The market, as a matter of fact, paid more attention to rumors that a long- term Treasury issue might come out on March 15, and that the Province of On- tario will shortly sell $30,000,000 of 4 per_cent serial bonds. The strength of high-grade issues was fllustrated by advances in Baltimore & ©Ohio 4s, Great Northern 7s, Penns vania 415s, Union Pacific 4s, Consol dated Gas 5':s, Philadelphia Co. 5s, National Dairy Products 5%s and Youngstown Sheet & Tube 55. A few of the higher grade rails sold around their 1930 highs. Consolidated Gas was re- ported to be arranging some new financ- g. Junior rails continued to climb. There were gains in Chicago Great Western 4s, Erie 5s, Florida East Coast 55, Mis- souri-Pacific 5135, Frisco 4'zs and Southern Railway 4s. Junior industrials | like Armour of Deleware 5':s, Dodge Bros. 6s, International Hydro-electric and Pathe 7s were also higher. The | agreement of the Pathe Exchange with | Radio-Keith-Orpheum was a bullish argument and the 7s advanced sharply. Convertible Group. Warner Bros. Picture 6s featured the convertible group with a 5-point gain, following publication of the company’s | earnings reports showing a net of $2,- | 000,000 in the quarter ended November | 30, and announcement of plans to re- tire all bank loans by January 31. Cash on hand was given as $5,000,000. | Washington Stock Exchange | SALES. Georgetown Gas 55— $1,000 at 103. Washington Gas 6s “A"—$200 at 102, $100 at 102, $100 at 102. Washington Gas 6s “B"—$1,000 at 10534, Capital Traction Co.—11 at 40'%. Potomac Electric 5!,% pfd.—10 at 108, 10 at 10815, 10 at 108. Barber & Ross com.— Federal-American com.—10 at 271%. Mergenthaler Linotyp: at 86%, 10 at 8633, 5 at 87, 10 at 86%;. Real Estate Mtge. & Guar. pfd.—50 at 612 AFTER CALL. Potomac Electric Cons. 55—$1,000 at Fotoeiac. Blechic: 53 % -l a8 e Ameritin Becurity & Trust Co—10 at c-s;xi':l Traction Co.—100 at 40%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4%:s '33.... Amer. Tel. & Telga. 4125 '39... Am. Tel. & Tel. ctl. tr. s Anacostia & Potcmac R. R. 5s Anacostin_& Pot. guar. 55 c. Tel. of Va. 55 Capital Traction R. R. 5t City & Suburban 5s.... Georgetown Gas 1st 55 Potomac Elec, cons. 5% Potomac_Elec; 6s 1953. Wash, Alex. & Mt. Vernon cii. Wash.. Balto. & Annap. 5s... Washington Gas 4las. 3 Washington Gas 5s...... Washington Gas 6s, series A Washington Gas_6s series B Wash. Rwy. & Elec. 4s. MISCELLANEOUS, Barber & Ross. Inc., 625 Chevy Chase Club $las. .. Columbia Country Club 5} D. C. Paper Mfe. 65 W. M. Cold Storage Was Title STOCKS. PUBLIC UTILITY. American Tel. & Tel. (9).. Capital Traction Co. (4) Wash. Gas Light Co. (18} N. & W. Steamboat (12) Pot. Elec. Power 6% pfd. ... Pot. Elec. Power 5%a%c pid Wash. Rwy. & El com. (7)..] 40 Wash. Ry, & EL pfd. (5) NATIONAL BANK. at 12, ) h. Cons. Capital (14). .. Golumbia (13} s 2 Commercial (stamped) (10) District (8) . 3 Fea.-Am. N. Bank & 'TF.'(2) Liberty (78)... ... Cincoln (12); Metropolitan’ (14} Riges (155) Second (5e). Washington (i3 TRUST COMPANY. Amer. Sec. & Tr. Co. (15). Continenta) Trust (Ge)... National Savings & Trust (121} Prince Georges Bank & Trust Union Trust. (8s) Washington Loan' & Trust (i4). SAVING BANK. Bank of Bethesda (65) ........ Commerce & Savings (10)."" East Washington (12)... Potomac (10)..... : Security S: Gom. Bk (i1 Seventh Street (12)............. United States (30) Washington Mechariics' 20} FIRE INSURANCE. American (12) S Corcoran (10). Firemen's (8" National Union’ (15) ", TITLE INS MISCELLANEOUS. Barber & Ross. Inc., com. | Col. Medical Bldg. Corp. Col_Sand & G \\"?"rld. 6 . D. C. Paper Mfx. Dist. Natl. Sec, pft Emer. Bromo-Selz. Federal Storage pid, e 4 FedzAm: o: pig (612" Lanston Monotype (8).. Mer. Tr. & Stge. com. (10) Mer. Tr. & Stge. pfd. (7) Mergenthaler Linotype (6 Natl. Mtge. & Inv. pfd.......... Peoples Drug Stores pfd. (6ii) Real Est. M. & G. pfd. (8). . Security Storage (de). ‘Ter. Ref. & Wh. Cor ‘The Carpel Corp. WMl e om, (6. Wash. Med. Bldg. Corp. (7s) Wotiatd s atiron, com.* Woodnard & othrop ‘Bia *Ex dividend. b Books closed. i S . §1% extra. 157 extra. ella% extra. cl2'zc extra. Sl U. S. TREASURY BALANCE. The United States Treasury balance announced today 25 of clse of businc January 3, was $202,120,016.36. Cu toms receipts for ghe month to date were $1,798,837.28. 'Total ordinary penditures, $12,642,953.79, L ‘@) 8" ) | Hait! 6352 FINANCIAL Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are in $1.000.) Sales. Hish Low. 31 10129 10128 31 103 10229 85 10325 103 22 25 10213 10213 31 10226 10225 2 10822 10816 111219 11219 FOREIGN. Saies. High. Low. Close. rgentine May '61. 91l 90% 9 r "Ja 85 901 901K 90k Argentine 6s Oc ‘69 90% 90% 901 ‘Argentine 63 A '57. 0% 90% Argentine 6s B '58. 904 90% Australia 4348 '56. 68 68 Australia 5 55, 4% T4 Australia 58 ‘57, AN TA% Austria 78 "43. 105 105% Bk of Chile 6% 61 817 817 Belgium 68 °55. ... 102 102 Belgium 6% 8 '49.. 10T 107% Belgium 7s '55 110% 110% Belgium 7s *56. 108 108% Belgium 8s "41. 1075% Bolivar 78 '58..... 2914 Bolivia 7s ctfs'69. . L1 28 Bolivi a3 Brazil 618 '26. 58 Rrazil 61 °27. Brazil 7s. Rrazil 85 °41. Close. 10129 103 103 25 10213 102 25 108 22 11219 Lib 4th 43 US3%s'4d.. US3%s'47.. US4%s's2 - BANBwm~ BORseEane 4 2 Canada 5s 53 Chile 68 Chile 65 '81 Copenhag 6s ° Czecho 8s 51 Dan Mun 8s A 6. . Dan Mun 8s B *46. , Denmark 4%5°62. . Denmark & Denmark Duteh Ex Dutch East 1 63’62 Fiat 7s ex war Finland 5%s Finlane 7s '50 Fram 1D 7%s5%43.. Krench 7s49... 5 French Gvt Tis '41 33 Gelsenkirchen 6534 4 German §%s 137 German Bank 8 15 German 7s rep 49, 19 Greek 65°63....... 10 - 1 Hungary 7%s'44.. 1 Italy 7861 3 Italy Pub Sv 78’53, 13 Japanese 5% . 41 Japanese 6%s '54..126 Karstadt 6s "43 Kreug & Toll §: Lyons 6s '34. Marseille 65 ‘34. Mex 48 asstd 1904. Milan 6%s 63 Montevideo T Vetherlands 6s New S0 Wales6s ew So Wales 65 Norway 53 '63.. Norway 5%s N 6s°43, 9% 83 76 105% 653 67 101% 102% 105 105 1025 884 95 1043 107 35% » % The 67 100% 102% 104% 105 102 8814 95 104 106% 34 341 55 75 82 59% 84 941 77 ©. . e neoRuadSan a Norway 6s 52. Orient dev 535 '58. Orient dev 65 ‘53 Paris-Ly M 6 Paris- Peru 7s 59. Poland 78 '47 “oland 8s 50 Porto Alegre Queenland Queenland 7s ‘41.. Rhine West 6s°53.. 3 Rio de Jan 634s '53. 28 Rio de Jan 8s°46.. 17 RGr DeSul6s68.. 2 R Gr De Sul8s‘'46.. 1 Rome 638 °62..... 33 Roy D 48 *45 ww. Sao Paulo 8 Sao Paulo 83 45, Seine 7s°42 Serbs-Cr 81 7 Serbs-Cr-S1 8; Shinyetsn 63s '52. Solssons 6s '36.... Sweden 538'54... Swiss 5%s '46 .27 Toho El Pow 65’32 6 Toho El Pow 78 '55. Tokio 6% ‘6 Utd King 5 YN ER - 95 MISCELLANEOUS. AbIUDIP& P58'63 7 Tl T1% Allegheny 68 . 83 8414 82 Alleghany 58 *49. 84 82 Am AgCh 7 104 103% 42 Am Chain 6s '33. 5 98% 984 AmF P5s2030.... 49 82 81 Am1GCh5%s’49. 29 101 100 Am IntCor 6%s'49 5 9115 Am Metal 63%s5'34. 14 9114 AmN Gas6%s'42. 1 37 Am S&R 18t 53’4 102% Am Sug Ref 65'37. 4 104 Am T&T cv 4%58'39 70 124% Am T&T 63 '65 131 105% AmT&Tctrbs 46, 4 105% Am T&T 558’60, 32 106 Am T&T 6%s'43.. 19 108% Am W Wks5s'34.. 6 102 Arm & Co 4%48'39 20 90% Arm Del 6%s'43.. 30 79 At Gulf 598 i 67 At Ref deb 53 '37... 102 4 107% 101 Bell Tel Pa 52 B 48 Beth St p m 68 '36 Bush T Bldg 65 '60. 101 31% 9214 Cert-td deb 5%s 48 Chile Cop db & Col G&E bs M: 100 Com Invest 6 93% Com Invest 6s 104% ConG N Y 5%s 45, 107 Consum Pow 58 52. 104% C Am Sug col 8s'31 89 100 104% Denver Gas 5s'51.. De Edison 65 °40. Det £d rf 6s B '40. 107 Dcdge Bros cl 6s'40 883 103! 30 102% 104% 124% 106% 106 106% 109 102% 91 80% 67 102 1075 102 101 321 924 100 93% 104% Duqu East C Sug 7% Gen Cable 6% Gen Motor; | Gen Thea Eq 63 40 @eodrich cv 65 "45. . Goodrich 6%s. ... Goody’r Rub b Hoe & Co 6345 '34. . Humble O11 6837 Hum O&R 6%s '62. 111 B T 1st pf 68 A, 111 Steel 4348 *40 Inland Steel 4% In: Cement 6: Int Hydro El 63 '44 Int Match 68 °47... In M M col tr 6341 Int T & T 4%s ‘62 Int T&T cv 4%4s Int T & T b3 '65. KCP&L4%s'57.. Kan C P&L b3 A ‘62 Kan Gas&E 4%s '8t Lac G St L 6s'34... Laclede 5%s C '63.. Laclede 6%5 D *60.. Lig & Myers Lig & Myers 7. wuorillard 68’61, Lorillard 7s *44. . Lou G & EI bs 52. McCormack Midvale St Mont Pow bs Mont P db 68 A *62. Mor & Co 18t 4%s.. Nat Datry Nat Rad 6%s '47. N Eng T 1si 52 N Y Ed 1st 6%s 41 10 N Y Tel 43539 1 N Y Tel 6s°41. Y Tel 63°49. Nor Am Fd 51 7 NorOT&L6s'47. 1 Nor St Pow 58 A '41 A6 104 NozStFow s B24d & 206 109'% 114% 101% 107 111 103 103 109% 115 101% 107 111 1001 10: Sales. High. Pac G & E s Pac T&T1st Pac T&T ref &s 52. 34. Paramount 6s ‘47.., Pathe Exch 73 37, Phila Co 58 ‘67 Phil Pet 5% s 30 Pillsb F M 6s 43 Pos Tel & C 53 ‘53, PubSvG % Pub Sv G 4%s'70.. Rem Arms 65 A '37 Rem Rd6%s A 47 Richfi’d O cal 63 44 Shell Un Oll 63 47. Sincl O 6148 B * Sincl O Tscv A Sincl Cr O 5% Solvay Am s Sou Bell T&T bs StOfI N J 68°46. .. StONl N ¥ 4348 '51. Sug EsOr 78 '42... Tenn Copper 65 "41. Tenn k! P 68 A 47, Tex Corp cv bs "44 U S Rublst 6 Utah P & L 5t Utll Pwr 68 Util Pow 6% s '47.. Vert Sug 1st 7s "42. Walworth 63 A *45. Warn Quin 6839, . Warner Sug 7s'41. West E) deb bs '44. West Un Tel 68 ‘51. West Un T 6%3 '36 WEOG%s'3T ww. Wil & Co 15t 6s 41, WInRATls'41.. YouSt&Tbs78.. AtCLcol 48°52... B&O 45’48 B&Ocv4 B&Oref 5 B & O 55 D 2000. . B&O65"95....... B&OP&WYV 4841 B&O Swn dy 68 ‘60 Eos & Me bs 1955. . Bos & Me 63 67 Bkiyn Elev 6% Bklyn Man 63 '68. . BR & Pitt 434857, Can Nat 4348’54 Can Nat 438 '57 “an Nat 4%4s Can Natl 4% s "5l Can Nat 5s July 69 Can Nat 5s Oct *69. Can Nor 4%s'35. Can Nor 7s deb Can Pacific db Can Pac 4%4s Can Pacific 4 Can Pacific 5 - Can Pac 63 ctfs "44. Cent Pacific 4s'49.. Cent Pacific 55 60, Ches Corp b8 *47.... Ch&Ogn 4%s'92, Ch&O4 A'93.. Ch&O4%sB 95.. CB&Qgen 4s'58.. CB&Q4%s1... C B&Q 1st rf 68 °71. CB&Q 11dv 3%5'49 Ch & East 11 68 51 Chi Grt West 4s 59 Ch M &StP4s 89, Ch M&StP 4 Ch M&StP 4%s '89 Ch M & St P adj bs Ch & NW gn 4587, Ch & NW 4%s 2037 Chi NW 434 8C 2037 Ch & NW con 4%s. Ch Rwys 58 ‘27 c Ch Un Sta 4%s "63. C& W Ind cv 4s '52 C U Ter 4%s 2020. Clev Term 5s 73 Clev Term 5%s "72. Colo & Sou 4%s '35 Colo Sou 418 ‘80. . Cuba Nor 5%s°42. Cuba R R 58 '53. Cuba RR rf 7%s'36 Del & Hud rf 43743 D&RGren Den&R G W 58 '55. DRG& W st 5378 Erie Gen 4s Erie con 4s Erie conv 4s (B) Erie cv 53 °67...... Erie 63 1975. Fla E Coast 63 °74. Fond J&G 4%8'52. GrTrstdb & Gr Nor 4%s '76 (D) Gr Nor 4%s°77 (E) Gr Nor gn 5%s '52. Gr Ner gen 78'36.. HavERL & P§s.. Hav £l Ry 5%s '51. Hock Val 4%45°99. . Hud & M adj 63’57, Hud & Mrf 58 '57.. 111 Cent 45’52 111 Cent 45 '53,. 111 Cent ref 4s '55... [11 Cent 4% *6 111 Cent 8% I11 CCStL&N 4%s.. 111 CCSTL&N 6s A. Int Rap Tr 63 '66. . Int Rap Tr s Int Rap Tr sta '6 Int & Gr Nor 65 '52 Iowa Cent rf 4s Kan CFtS&M 4 Kan City Sou 3s'50 Kan City Sou 6s ‘50 Kan City Ter 45’60 Lake Shore 33%s ‘97 Lake Shore 43 ‘31.. Leh Val cv 4s 2008, Long Isl rf 48 ‘49, L & N uni 4540 L &N 432003 Manh Ry 1st 4s°90. Market St 75 '40. M1l E Ry & L 6361 M &SL 1st rf 4839 M StP&SSM s gtd MStP&SSM 5% 5'78 M StP&SSM 6%4s.. MK&T4sB'62... MK & T adj 63 '67. MK&TprinbsA. Mo Pac gen 48 °75.. Mo Pacific 68 A *65. Mo Pacific 68 ¥ *77. Mo Pacific 5s G '78. Mo Pacific 5s H '80 Mo Pac 538 cv *49. Mont Tr 1st 63 '41.. N Ch & St L 4s'78., Nassau Elec 45 '51. NOT&Mb5sA'35. NDT&MBV.I'_,S . Y Y Cent db 45 '34.. YC re im 5s 2013, N ¥ Cent db 6s'35. NY CLS cl 3%s'93, NY C&StL 4%s "18. NYC&StLE%#sA N7C&StL6s's2 NYNH&H db NY NH&H 4%, NY NH&H ev di NYNH&H cl NY O&W 1st & NY St Ry 4%8'62.. NY W&B 4%3'46 Norf South 5s *41 Nor & Wn cv 45°96. Npr Pacific 38 204' r Pacific - Nor Pac 4%s 204’ Nor Pac 68 D 2047.. Nor Pac r 1682047, Penncv i%s Penn gen ¢* Penn 4 3 .“ Penn 1 Phila & Read 63 49 » 0T, Utd Drug cv 58 '63. 3 5 103w 1 104y 1 106% 2 1021 945, 57 100% 80 88 105 65 103 103% Warn Br Pic 6s '39.1: 18 10 14 6 Ch M St P&P b8 76, 11 31 20 =1 14 ol © 1 BRANARAREDNONAIS - DAy 0 [T PO Oreg-Wash 45 '61,, 97 10 o e 0 o SeavacaniBan & o RAILROAD. Atchison gen 4s°95 33 Atch'on cv 4%s°41 23 98% 116 89% 9% 100% 60 9614 8 103 1104 14 109 97 103 1004 100 71 991 875 99% 99% 995 102% 104% 1047 101 111 88% 100% 5 21 2 4 5 10 15 10 6 5 47 7 37 64% 99 90 921 8315 103% 8819 1031 101 103% 32 103% 6 104 105 3 109% 101% 9616 413 5815 70 964 95% £0 82 76 % TTia 8214 82% 264 28% 105% 99 994 110 110% 51 24 10214 7% 100% 9 86% 91 9714 109% 95 100% 6914 914 220wm 03 Boaaw arn =P ErRaSnon~nonn nwno®nn Hana 36 98 69% 97 9914 104 1uz 94% 6 107% STOCK EXCHANGE l Low. Close. 108t 10415 1067 102 9 57 100 8% STh 841 9414 98 72 311 8% 94% 95 8914 64 98% 89% 92 8315 103% 8RYy 103t 101 108% 1035% 103% 103% 109 101 9614 1% 58 7 95% 9544 80 82 74 77 7614 82% 81 26% 26 105% 98% 9814 109% 110 51 2314 102 76 99 91 86% 90% 96% 102% 97 102 104% 109t 103% 104 10674 102 1008 794 OPINION ON RELIEF PROERAHF DIVIDED Some Economists Declare Sufficient Reason Should Exist for Emergency Work. BY J. C. ROYLE. Congress today started considering the necessity for further relief legislation. The extent of unemployment naturally is the big subject under investigation. It 1s safe to say that there is not a mem- ber of Congress who does not wish to see unemployment and distress w'l_g:d out, but there are many who feel it it is neither possible nor advisable to do this by legislation. They point out that the number of anemployed is relatively small when comparec. with the total of those gainfully employed. Cost of Relief. A good many of the economists who have been corsulted on’the situation agree with them. They point out that those employed are entitled to some consiceration. Relief by legisiation un- questionably will cost huge sums, and 1# is those gainfully employed who event- ually will have to pay the bills. This is not to be taken to mean that there is any desire to escape this added burden if the end desired is gained, but there is a_decided difference of opinicn as to whether undue stimulation of even pub- lic works misht not have a disrupting effect on business which would delay re- covery for individual concerns. The economists state that there ought to he a good and sufficient reason and demand for every bit of public work construction undertaken, just as there must be a demand for any commodity produced. They fear legislation, even if it provides temporary relief, will not affect a real cure. On the other side of the picture, the reports today to the Department of Labor show nothing to substantiate op- timistic reports. Employment and pay roll totals still are declining, despite the action of Congress before its re- cess. The employment agencies find it just as hard to get jobs for men as ever. . William Green, president of the American Federation, declared today that labor was faced with increased un- employment and decreased reserves, but 75 3214 884 941 95 90% 64 98% 90 92% 8315 103% 8815 103% 101 103% 103% 104 105 109% 101% 9614 41% 58 70 964 95% 80 82 76 77 TT% 821 82% 26 26 105% 99 99% 109% 110% 51 2314 102% 1% 99% 91 86% 91 9714 109% 95 100% 6915 he finds decided encouragement in the production policies now ruling in some of the important industries. He be- lieves Spring activity will mark the turning of the tide, especially as the de -ease at present is of the usual sea- sonal proportions. He places unem- ployed now at 5,300,000. Decline in Incomes. He states that 50 per cent of union members have had to lower their standard of living and that incomes of workers have declined over $6,000,000 in the last year. He added, however, that there was needless demoralization. “What is needed,” he said, “is a clear judgment and discriminating applica- tion of principles that will stimulate business activity. Attention has neces- sarily been directed to relief first, but permanent help can only come from re- turn to regular, customary employ- menf In connection with the bill for relief, which taxpayers must meet, attention is called to the fact that income tax payments in the last six months fell $78,010,852 under those of the corre- sponding period of last year. INCREASE IN PUBLIC CONSTRUCTION URGED General Contractors Recommend Dlubling of Building Program Over 1930 Figures. By the Associated Press. Belleving that curtailed construction is a major factor of the depression, the Associated General Contractors of Amer- ica is urging that public construction in 1931 be double 1930’s figures. *The 1930 volume of all construction was approximately $1,000,000,000 less than the previous year, though public works construction showed an increase for the same period. As the decline was entirely within the field of private con- struction, where acceleration is difficult in times of de , the association feels that if the construction industry is to share the leadership in business re- covery the volume of construction must be brought up to normal level through the impetus of public works. ‘The plan of the association will be whipped into definite form at its an- nual convention at San Francisco the latter part of this month and will con- sist, according to tentative plans, of a closer co-operation with State and mu- nicipal officials. Kindred efforts in 1930 contributed an increase of approxi- mately 7 per cent in public construc- tion, the association says, and if the present year's volume is to be brought up to the level of a normal year a $2,000,000,000 increase in ‘public works must be brought about, while at the same time private construction must be maintained at least at its 1930 level. Reports from surveys indicate that there is more than $4,500,000,000 worth of major public improvements needed in the United States at present. This total constitutes a potential volume of public works construction more than double its actual volume in 1930, and if the major portion of this ean be brought under contract during the present year the construction industry will be able to lead general business back into a normal year, the association believes. ‘Tobacco users of Britain paid in 1930 aproximaptely $300,000,000 in taxes on their smoking materials. Sales. High. Low. Pere M 1st b5 '56 4 105 105 P CC&StL 4%s77.. 53 101 100 P& W V4%sB'59 94% 944 P& W V4ksCeo. 94 94 Read gen 4%s A"S7T 10214 102% Reading ¢%s B Read Jer Cen 45’51 RIAr&L4%s'3s St L IrM'nt6s'31.. StL IM R&G 3. StL&SFindsA.. StL&SV %88, St L&SF prin5s B S&L&SF gen b StLS W 1st 4 Seab A L 4s st ‘50 Sou Pac col 43 '49. Sou Pac ref 48 55 Sou Pac 4% Sou P 4%s Sou Rwy gen 69 9614 9915 104 111% 94% 107 102% 9% 102 104% 109% 10215 Sou Rwy 68 "9 Sou Rwy 6%8'56. Tex & Ark 5%s '50. 000 Third Av ref 45’60 Third Av 1st 58 Third Avadj b8 Un Pac 1st Union Pac Un Pac rf 45 2008. Un Pac 4%s°'67. Un P 1st rf 53 200! Va RR 4%s'62. Va Ry 1st 68 °62.... Wabash 4%8'78..., Wabash 55 D ‘80 Wabash 533 ‘16 W Ma ¢ West MAb%s West Pac bs 46 Wast Sh 1st 102% 960% 9% 100% 9874 102% 96 99% 100% 98, 88% 82 101 100% 86 109% 94 17% 50 984 96 98 97 100 87% 109% 116 108 110 99% 100 46 944 2 8 93% 97 100% 110% 100% 107 86 94% 100