Evening Star Newspaper, January 10, 1931, Page 12

YISE REGULATON 0 CREDT URGED Warburg Details Lessons to Be Learned From Busi- ness Depression. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, January 10.—Paul M. ‘Warburg, chairman of the Bank of Manhattan Trust Co:, believes that the United States should learn five lessons from the present depression; 1. The Federal Reserve policy should be more unified and dynamic. 2. Central banks should work more closely together, not only for the effect which discount’ rates have in regulat- ing prices, but hecause of the psycho- logical effect which .they may exert from time to time in the proper direc- tion on excessive aptimism and de- pressing pessimism when those forces threaten the world’s econamic stability. | 3. Industries should build up on the | lowest leve® of prices on which they | can prosper, rather than upon high| prices which may be exacted from the | public. Stabilizing production and co sumption in an industry is of no avail| except on a moderate price level. 4. In a business way, the world is in- terdependent, and business co-operation is necessary if the world is to “over- come the dead point in the state of stagnation from which it struggles to 5. Bankers and financial leaders have not only a sacred trusteeship; toward the investors and depositors, but also in seeing that, primarily, bank} credit is used to finance productive processes of industry and commerce and not to finance the issue or sale of securities. | Pixed assets and working capital should come out of savings, not out of bank credit, says this New York banker, and the fact that too much of it came out of bank credit in the last five years | has been one of the major reasons fol'i the delay in business recovery. Mr. Warburg is the real head of the Bank of Manhattan Trust Co. and in addition is a power in the International Acceptance Bank, Inc.; the International Manhattan Co.. Inc., and the New York Title & Mortgage Co. He was active in the formation of the Federal Reserve system and helped formulate its early licies. mfle said many other things in his nual address—among them that the a tempt to maintain high prices through high tariffs and other artificial means was largely responsible for the depres- | sion. [} Purchasing Power. C. E. Neill, general manager of the | Royal Bank of Canada, says the reason for world-wide decline in commodity prices has been very much misunder- stood. The general belief that it was due to overproduction, he says, is wrong. “The fact is overlooked that the total power of the world is gov- total volume of production valued at current prices, and purchas- ing power can be increased only by in- creased production,” says Mr. Neill. “Commodities pay for commodities. Money is only a medium of exchange, and all exchange is ultimately barter. Demand and supply are therefore re- clprocal.” So it follows !hllt thwld-wlde drops in money value o are monetary problem and could be pre- vented.” This is a most important statement, if true. mBut let this Canadian banker con- ue: “Over-production of agricultural prod- ucts in relation to manufactured a: ticles would justify a decline™in the price of farm products as compared with the products of industry, but when the average of all prices declines, this can only be explained by an under- of that in which prices are ex- 1. e., money; and it would seem t it the effective supply of money kept in the right relation to produc- of its commodities, the phenomena a declining average price level will Mr. Neill’s interesting suggestion is “that a syndicate of British financial interests might create an organization with substantial capital, which would have the complete confidence of the money markets in New York and Paris, and through such an organization, bor- row at reasonable rates, for the pur- pose of re-lending to other markets at rates commensurate wtih the great risk involved.” ‘To those students who say that the FPederal system exercises no dominant influence in the price field, General Manager Neill replies that such opin- dons indicate a belief that the stability | of the world’s medium of exchange is practically at the mercy of all the ele- ments and that man is incapable of handling the instruments of his own devising. “1 cannot subscribe to such views. The situation can be remedied. It must be remedied,” he said. Here we have two statemengis—one from Paul Warburg, able New York banker, and the other from C. E. Neill, general manager of the Royal Bank, Canada’s largest, giving two differept points of view. Which is right? McFadden Protest. About the time Mr. Warburg was dis- cussing banking and credit conditions with his directors, Representative Mc- Fadden, chairman of the Banking and Organizing Committee of the House of Representatives, was paying his respects in nc uncertain terms “to the per- niclous influence of international finan- cial interests on the policies of the Fed- eral Reserve system.” “Coolidge and Andrew Mellon were two of the world's greatest optimists,” | said Mr. McFadden, “and their leade: ship deferred the Federal Reserve Board from putting on the brakes.” Mr. McFadden maintained that the | orgy of speculation as well as the “mad rush to complete consolidations of in- dustrial and banking organizations in 1927 and 1928 was due to the Federal Reserve Board's policy in reducing the redisfount rate to 3!, per cent. “Efperts, economists and other theorists have too large influence in the executive departments of the Gov- ernment,” continued Mr. McFadden. “Let us rely on the common sense of the elected representatives of the people rather than on economists with far- sighted plans which lead us into diffi- culties instead of leading us out. “The average man on the street, as he reads the various comments from banking and business leaders, who en- tertain such diametrically opposed ideas and draw such different conclusions as to methods of procedure, must himself feel discouraged and confused. For primarily Mr. Average Man is not inter- ested in theories. What he wants is something to eat!” (Copyright, 1931. by North American News- paver Alliance.) NEW YORK BANK STOCKS NEW YORK, January 10 (#).—Over- the-counter market: America ... Bx of U & Uiiits Cha bzt Chat Phenix City b Fifth Ave First Natl N Harriman_ . Manhat Peopies Nau: FINANCIAL. NEW YORK STOCK EXCHANGE THE EVENING STAR, WASHINGTON, D. C., SATURDAY, JANUARY 10, 1931. [onsew o BONDS oo aunca] || VE STOCK PRICES Received by Private Wire Direct to The Star Received by Private Wln Direct to The Star Office. (Continued From Page ~Prev.1930— Stock ana Sales— High. Low. 30% 14% 108 20 54 1% 60 16% 16% 34 8% 52% 1% 1 128% 65 117 104% 112 107% 89% 47 815 274 114% 88% 69% 85 50 587 141% 57 14% PRAm Tob A (3%). 1 Postal T & C pf (7).. Prairie Ol & Gas (3) Prairfe Pipe L (16).. Pressed Steel Car Proct & Gamb ( Prod & Refiners PubSv NJ (3.40), Pub Sv N J pf (6) Pub SvE &G pf (6).. Pullman Corp (4)..w Punta AlegreSugar.. Pure Ofl Pure O11 Purity Bakerles Radto Corp. Radio Corp (B) (5).. Radio-Keith-Orph A. Raybestos Man 2.60.. Reading Rwy (4) Reading 2d pf (2). Reo Motor Car (80c). Republic Ste Republic Steel pf. Reynolds Metals (2) Reynolds Spring. . Reynolds Tob B (3).. Richfiela O11 1 2 64 7 11 5 T 90% 36 11% 314 14% Frorand o P wao eee RN Royal Dutch #3.2165, Safeway Stores (5).. St Joseph Lead (2) St L-San 'ran (8). Seaboard Afr Line. .. Seab'd Air Line pf... Sears Roebuck $2%.. Second Natl Inv. Second Natl Inv pf. Seneca Copper. Servel Inc. . Shattuck(FG) (1%} Shell Trad (a2.423)..150s Shell Union O1l. 34 Shubert Theaters Stmmons Co SinclairCon 011 (1) Sinclair O1l pf (8). Skelly Oil Skelly Ol pt 4 Solvay Am pr ww 5% Sou P Ric Sug (1.40) Southern Cal Ed (2). Southern Pacific (§). Southern Rwy (8)... Southern Rwy pf () Spalding (A G) (2).. Sparks Withing (1).. Spear & Co. Spicer Mfg. Splcer Mfg pf (3) Stand Brands(1.20).. Stand Brands pf (1).. Stand G&E (3%)... Stand G & El pf (7).. Stand O11.Cali(h2%). Stand Oil of Kan (2). Stand Oil of NJ (12) Stand O N ¥ (1.60). % Sterling Sec (A). Stewart-Warner (2). Stone & Webster (4). Studebaker Corp (3), Submarine Boat. Sun O11 (11)... Superheater (2% Superior O1l... Texas Corp (3)...... Tex Gulf Sulph (4).. Texas P C & Oil. Texas Pac Land Tr Thatcher Mfg (1.60). Third Nat Invest. ... 13 26 rE - ® 2 P O T Mo M m a " SepnoNens o SIS 4=1 40% 4 4 10 12% 15% 1 1 2 Dividend Rate. Add 00. High. Low. 39 112 3 11.) ~Prev.1930—~ High. Low. 471 28 39% 10 1% 5% 89% 53 94% 68 214 8 89% 404 25% 10% 28% 61 204 5% 106% 521 242% 166% 88% 824 3815 99 58% 84 8% 52 5314 105 49% 327 Thomps 8 18 384 17 21% 5% 64 316 T » 7 1% 5% 41 3t 874 Timken Timken Tri-Con! Union Ci 0 Union P Utd Cor Utd Fruf Utd Gas U S Exp! Ind s SP& Real U S Steel Univ Piy Uil P & Wabash Wabash Walwor! Warner Warner Warren Wess O1 West Fe West Pe 28% 184 119 119 63 64 101% 104% 487 49 184 18% 504 24% 4% 18% 5% 23% % 4219 35 1% 35% 481 5% 13% 14% 231a West E 47 65 8% 2 32% 16% 10% 8% Peop Ga: 574 Dividend rates as gi Bix 53 4% i 314 s Unit of 4 in stock. § Payable in —no regular rate. b e Payable in cash or stock. h Plus 2% in 3% in stock. m Plus 133 4% 234 Stock and Dividend Rate. Thompson (J R) (3). Tide Water As (80¢c) * 42 Wa Tide Wat Ol (pf (5). Transamerica (1)... Transue &W (1). Un Tank Car (1.60).. Utd Alreraft. UnitedBiscult (2). United Carbon (1)... Utd Cigar Store: Unit Corporation Utd Plece Dye W (2) S & Kor Secur. S Leather (A). S Leather, . Vadasco Vanadium Corp (3). Vulcan Det (4). Waldorf Systm (1%) Ward Baking (B). War Bros cv pf (3) West Penn I pf (6). West Penn Pw pf (6) 1208 Western Dairy A (4). 14 Western Dairy (B).. Western Md. Western Md 2d Western Unlon ( Westingh Westing E& M (5).. 213 Westvaco Chlor (2). Wextark Radio Strs. White Motors (2). White SewingMacl Willys-Overland, Wilson & Co. .. Wilson & Co (A).... Wilson & Co pf Woolworth (2.40). Worthington Pump. . Wrigley (Wm) (4).. Yellow Truck. Zenith Rad1o........ RIGHTS—EXPIRE. payments based on the la ing less t Sales— Add 00. High. 1 26% 2 13% 81y Prev. Low. Close. Close. 26 261 274 134 18w 134 B4 8y 68 T5% 100 an 138 % 8 58% 187 86l 24% 26 37 24% 4% 18% 478 59 29% 257 1% 8y on Pr (2.40) .. As pf (6) Det Ax (30¢) Roller (3) PSP 1t COrPuseanse arbide (2.60) acific (10 Union Pacific pf (4 e LIS PS: =19 5 P D Pt (3) 1t (4)... & Im (1.2 ress Alcohol (6).. F1st (1.20 Ity&Imp(3).. 1 pf (1) pe & Rad. S (A)e Corp.. Bf (A) (5).. th Co (2)...0 Bros Plct. Quinlan. Eros (3) 1 & Snow nn El pf (7). 1068 107 115 261 nn P of (7). 708 3 & M pt (5).. 1808 3% 51 5816 681 687 10% 3% HaSubawrar o - 3-'Y sChi..Jan1s 15 12 1% ven in the above table are the annual cash t quarterly or half yearly declarations. | n 100 shares. t Partly extra. $ Plus 49 | 1 Plus 9% k. in stock st £ Plus 8% 3 stock.” J Plus $1 'in preferred 1% in stock. n Plus 5% in stock scrip. Payable NEW INDUSTRIAL METHODS SOUGHT Millions Spent in Development of Lower Manufactur- ing Costs. BY J. C. ROYLE. Equipment manufacturers are con- fronting what is likely to be the most prosperous years in their history. There likely to be re-equipped from top to bottom, according to Commerce Depart- ment authorities. The game of “byprod- ucts,” the most popular business amuse- ment of the present day, is bringing this about. In the development of by prod- ucts new methods and new machinery have been evolved and made necessary. So fast are changes coming that the term obsolescence as applied to equip- ment, itself is obsolete. Industrial moves are taking place to such an extent that they have become revolutionary. Plants are becoming out of date and useless be- fore they have been put into commis- sion. Government authorities say there are 100 synthetic nitrogen plants in the world all of which were onsolete before they were completed. Mining Industry. The mining industry is rapidly be- ingre-equipped. Coal is being cut, loaded and hauled by new macninery which has eliminated considerable man power. profitable and caused a surplus of la- bor in the industry, but the trend seems bound to continue. The same tendency toward new methods is noticezable in the non-ferrous metal mines and accounts to some extent for the excess production of copper, lead, silver and zinc over consumptive requirements. The changes in the electrical field now are such that engineers estimate that it only takes 4 to o years for the most modern central station to become out of date. Chemists are responsible for many of the methods which have become necessary through discovery and de- velopment of by products. The placing of synthetic products on the market has furnished strong com- many lines. In some cases well organ- ized businesses have been almost dis- rupted. Most of the synthetics are pro- duced from by-products. For example, one large oil and chemical concern, in making an anti-freeze mixture for radi- ators from natural gas, was able to das velop ethyl alcohol and could probably turn out 10,000,000 gallons annually. bout 93,000,000 gallons are now pro- duced here from molasses. ‘The dyes now used are most of them of synthetic origin. Indigo, once the great staple of the dye vats, now has passed almost out of use, and many medicines once taken from natural B?Iurces now are produced synthetic- ally. Sea Water Product. Bromine, widely employed in pho- tography, medicine, motor fuel and in gas bombs for use in war or riots, now can be produced from sea water. The du Pont Co. and the Ethyl Gasoline Corporation bought a steamer which was equipped as a chemical laboratory and which cruised for months in the Atlantic. It has just now become known |and the consumption of bromine in | motor fuel is increasing rapidly. The steamer was equipped to handle 7.000 gallons of water, containing four to five Ppounds of bromine, a minute. There are now 1,500 companies spend- ing $200,000,000 & year on industrial research in this country. This work is undertaken not so much to discover new | substances as to permit commodities now known to be produced more cheaply. TWO DIVIDEIi’é. 12 st Directors of F. & W. Grand 5-10-25 Cent Stores, Inc., declared the lar quarterly dividends of 25 cents a share on the common stock and $1.62', on the preferred. The common dividend is payable January 15 to stock of rec- ord January 10, while the preferred dividend * {5 pavable February 2 to stock of record January 19, is scarcely a business today which is not | This has made the older mines un- | petition for the natural commodities in | that the extraction of bromine from | sea water was the object of the cruise, | culture Has Apparen ships Suffered by R BY OWEN L. SCOTT. Special Dispatch to The Star. PINE BLUFF, Ark. January 10— With widespread evidence of hardship caused by the unprecedented drought | of last Summer and by the calamitous | slump in the price of cotton since then, | still there is little vocal indication in | Arkansas that any but politicians are | clamoring for Federal furids with which | to buy food for the affected population. Some complaint is heard of the | meagerness of Red Cross credits, but | | no claim is made that any are going| hungry who make known their wants | and are found upon investigation—made | under the direction of 18 Red Cross taff workers in the State—to be en- itled to help. This relief agency says | that it can continue to provide food until May. Before that time road building and other sources of employ- | ment will be opened and, by April, early food crops can be providing sub- | sistence. | Temporary Breakdown Indicated. | What appears to have occurred in | this plantation country is a temporary breakdown in a system of agriculture— somewhat feudal in its form, and, except in labor principle, little changed from | pre-Civil War days. Out of it may come a small agricultural revolution, which would end the possibility of an- other food famine in a land of almost unlimited fertility and mild_ climate. The State is divided in half roughly | by the Missouri Pacific Railroad. East of the line is the plantation country— | the Black Belt—where cotton is the one | and only crop of importance and where the land owners farm for money. West ! | of the railroad is the hill country. | There the land owners, principally small | farmers, farm for a living. They raise garden stuff, keep a few chickens, a | hog or two and maybe a cow. When the | drouth struck them it ruined their crops, but they had reserves to fall back upon. Their situation was summed up by County Judge R. L. Berry of Marion County—and in Arkansas hill country | the county judge is czar—who reported conditions in his area as follo “Well, we've got a little corn. There Is some sorghum and we have a few po- tatoes. And while the squirrel crop is a bit short this vear, a few hogs are running wild in the woods and if you folks will give us ammunition, we'll | make out.” | 'While the judge did not mention it. | this section also prides itself on the | quality of its squirrel liquor, which still | commands a market. ‘Things are different in the plantation | section. There they have only cotton, |and people can't eat cotton. Normally very little food is raised, much to the amazement of any one acquainted with farming in other sections. Instead it is | bought at the store—on credit. In the Fall, when the cotton is sold, the bills are paid. | | Credit Difficulties. Except for the big land owners, the | population is made up in large measure | of poor white “croppers,”. who farm on | shares, and Negro tenants. Negroes on | the plantations normaly live a life of | bare subsistence. | shanty homes—often without windows | —strike a Northerner as grotesque. The | planter frequently has large numbers of Colored families on his place, who de- Vote themselves solely to the cotton | crop. It is an exception to sec a garden spot or a chicken coop or a shed for | ivestock. Plantation owners consider it their first obligation to feed their | | Negro families—who very often are in | debt to them—on store food, and this year credit difficultics have provided a hitch, | "The “croppers” or “share croppers” as they are called, farm on credit usually supplied by the land owner. The land owner in turn gets his credit from the bank. In th: past, when he would bor- row, the banker would demand to know | how many acres of cotton he intended to plant. Cotton was considered a sure profit crop, and banks would insist often on what amounted to a one-crop program. The land owner in turn would insist similarly on a cotlon program for his tenant. Diversification was dis- couraged. Now 2 club i provid d to change that. County agents estimate that over 114,- DROUGHT AND COTTON SLUMP CAUSE POVERTY IN ARKANSAS Temporary Breakdown in System of Agri- | Government, Their dry goods box | tly Followed Hard- ural Communities. 000 farm families are going to require | financing for this next year's crop | through outside funds. The Federal in the drouth relisf bill now before Congress, provides money to be loaned for this purpose. The loans will be secured by a lien on this year's crop, taking pr:cedence over other obli- gations. Under the plan worked out for dis- tributfon of this money in Arkansas, Tennessee, Mississippi and Alabama, borrowing farmers can be forced to di- ) versify. The farmer seeking a ioan will have to go to his county agricultural agent for an application blank. On this he will be required to state ¥hat he proposes to plant, how much of each crop and the estimated cost. A town- ship committee then will pass on the | application. After that it will go to & county committee for approval, made | up of one farmer, one banker and one | | merchant. ~ Frog this committee it will £0 to the field office at Memphis, whic has final authority based on a final in. vestigation by a district field agent. By using this club, agricultural au- | thorities expect to be able to force cot- ton belt farmers at least to grow some | food crops. Besides, plantation owners, | finding their Negro families faced with | hunger, have vowed hereafter to pro- | | duce food on their places. They assert a determination not to be caught again in a situation where they cannot pro- vide food. In the meantime, developments are | occurring whcih - shortly will mitigate | | the suffering in this area. On Jan- | uary 21, bids for several millions of dollars worth of highway construction will be let. Local labor is to be favored. In addition, railroads, although sup- iplied for 1931 with ail required cross ties, still are buying and in this way pro- | viding some work. Early in March the farmers can plant some fast-growing | food crops and before many months | the troubles of a farming section with- out food can be lightened. \INCREASE IN BUYERS ' ' REPORTED IN GOTHAM Indications Are That Present In- | flux Will Exceed That of Last Year, | Bpecial Dispatch to The Star. NEW YORK, January 10.—Along with the news that sick pay rolls through- | out the country are beginning to sit up |and take notice, the cheerful tidings reached Wall Street today that that alert harbinger of Spring. the out-of- | town buyer, is flocking to New York in larger numbers than at any time dur- ing the last three years. At the Thirteenth street headquar- ters for the registration of buyers the roll is already longer than usual, and it | is indicated that the final list will top | considerably last year's total of 34.000. In addition to buyers registered there the hotels also check an unusually large number, particularly from the West Coast. ! Buying is heavier than last year and wholesale houses are receiving a much heavier volume of mail, with propor- tionately larger total orders. Through- | out the trade it was agreed today that | New Year inventories must have shown | extreme depletion of stocks in all line as buying is diversified and indicates, |on the whole, general restocking in most lines. | (Copyright, 1931.) . = | BALTIMORE STOCKS. | Special Dispatch to The Star. | BALTIMORE, January 10.— | Sates. STOCKS. 70 Arundel Corporation 100 Baltimore Trust Co.. Black IBONDS IRREGULAR IN QUIET MARKET Profit-Taking Appears in Second Grade Issues. Prime List Firm. BY F. H. RICHARDSON. . Special Dispatch to The Star, NEW YORK, January 10.—Trading portions today, with prices fluctuating irr:gularly. There was a certain amount of profit taking by speculators in sec- ond-grade issues, but this was just about offset by buying in both prime and junior types. New issues, though there were less than $50,000.000 put out during the week, nevertheless offered some compe- tition to listed bonds, and the appear- ance of a new offering today—an un- usual event on a Saturday—was inter- preted as an.attempt to steal the mar- ket from larg: utility issues pending for the start of next week. Traders inferred that next week’s new financing might reach large proportions. The new issue was a Milwaukee Electric Railway & Light Co. 5 per cent bond, due 1971, | Priced at par.” It was reported as going well. ¥ Generally speaking, trading was dull, but there were a few active spots in the forign list. German government 518, which are said to be supported by a pool, were shaken down 2 points at one time. Later they retraced part of the lost ground. Other Germans were un- chang:d or a shade better. Warsaw 7s started off lower and then went to a point gain. South Americans were mostly improved, especially Brazil 8s, up 2. French, Italian, Belgian, Jap- anese and Australian fssues were st-ady. In the high-grade domestic list, Canadian National 4!is, Canadian Pa- cific 45, New York Central 4s, Nickel Plate 41.s, American Telephone 5.5, Utah Power & Light 5s, National Dairy Products 5145 and Standard Ol of New Jersey 5s were strong. Junior ralls were dull. " Chicago & Eastern Illinois 55 dropped nearly 4 points. There were smaller losses, some of them canceled later in St. Paul adjustments, Erie general lien 4s, Florida East Coast 5s, Missouri-Pacific 4s, Prisco 4145, South- |ern Railway 4s and Seaboard Airline 6s. St. Paul 5s, International Great North- ern first 6s and Western Maryland 4s were fractionally higher. Industrials were quiet and moved in much the same undecided manner. Convertibles were also dull. Utilities Power & Light 5s lost a point while American Natural Gas 6':s gained a like amount. Washinadn Siock Eichange SALES. Capital Traction 55—$1,000 at 87. Washington Gas 6s 1021,. Georgelown Gas 55—$1,000 at 103. Capital Traction Co.—10 at 4114, 10 at at 423, 10 at 42 4215, Continental Trust Co.—15 at 118. Union Trust Co.—3 at 224. Riggs National Bank—1 at 450, 1 at 450. AFTER CALL. Lanston Monotype—10 at 102. Capital Traction 55—$1,000 at 87., Mergenthaler Linotype—5 at 88. Bid and Asked Prices. BONDS. PUBLIC UTILITY. & Telga. 4135 '33... Amer. Tel, i Telga. 4135 '39. . 130 Ain. Tel. & Tel. ctl. tr. 5s..... 106 Andcostia & Poicmac R. R. 5s.. 81 Anaccstin_& Pot. guar. bs.... 95 C. & P. Tel. of Va 102 Cepital Traction R 81 City & Suburban 55 Do Georgetown Gas 1st 1102 Potomac Elec. g Potomac Elec. 65 1955 108 Wash., Alex. & Mt& Vernon ctf. 2 .. Bulto. & Annap. bs. 20 Vashington Gas 41.s 987, v Ht Washington Gas 6: 102 Wasn."Gax' 6s, series 106 Wasn. Rwy. % Eiee: s 26 MISCELLANEOUS. Barber & Ross. Inc., 6'2s.. Chevy Chase Columbie_Country D, C. Paper Mfg. 6 W._ M. Cold Storai Wash. Tit STOCKS. PUBLIC UTILITY 1 at 4212, 10 at Bid. Asked. IO+ gavat Amer. Tel et 98 ‘#1is 82 103 09" 55 R. s e 5125 . 100 Club '$ias. . 100 e 45 Cons. Amer. T Capital Traction Co. Wash. Gas Light Co. N. & W. Steamboai (12 Pot. Elec. Power 6% pid Pot. Elec. Power 5'2% pf Wash Rwy. & EL com. (7).... Wash. Rwy. & El pfd. (). NATIONAL BANK. Capital (14)....... e Columbia (12} : Commercial (stamped) District (8) . ; &TEQ) 186 (o) Fed.-Am. N. Bl Libeity (75). Cincoln (12) Washington ' (i3) L TRUST COMPANY. Amer. Sec. & Trust Co. (15).. Continental ‘frust (6). ... National Savings & Trust (125) Prince Georges Bank & Trust Union Trust (8s). .. { Washington Loan & Trist (i4) SAVING BANK. Bank of Bethesda (65) Comunerce & Savings (10). East_Washington (12)... Potcmac (10). Security Sav. & Seventh Strect (1 United States (301 73 Washington Mechanics' (20} FIRE INSURANCE. American (12 Corcoran ( Firemen's ( National Union (15). TITLE INSURANCE. Columbia (6h). ... : Real Estate (6. : Title & Inv. Co. Md. com MISCELLANEOUS. Barber & Ross, Inc., com Col. Meaical Bidg Corp. Col, Band & Gravel pfd. D. C. Paper Mfs. pfd Dist. Natl. Sec. pfd. ( Bromo-Selz. - Fed -Am. Co. pfd Lanston Morotype (8)0: "] Mer. Tr. & Stge. com. (10 Mer. Tr. & Stge. ptd. (1) Mergenthaler Linotype (6 d ’ Peoples Drug Stores pid. '(67a). Real Est. M. & G. pfd. (8)..... Security 'Storage (de)....,.. .. Ter. Ref. & Wh. Corp. (3)... The Carpel Corp. (1.50) W. Mech. Mtge. com. (6 Wash. Med. Bldg. Corp. Woodward & Lothrop com... .. Woodward & Lothrop pfd. (1) *Ex dividend 52% extra b Books closed. ¥22%0 extra, nasc extra. 37 extra 130c extra. hi; §1% extra 15 elia% extia. Unlisted be'l‘ur!menl. (These securities not listed under exchange rules.) | BONDS. | Asked, Army-Navy Club 5s. Cosmos Club 4'as Commercial Club ist 5s.. Metropolitan Club 412». National Press Bldg. 15t 57as... STOCKS, Anacostia Bank.. apin Sacks 8 pfd. Connecticut_Pie Co. Chr. Heurich Brewery.. District Title Insurance Co. Franklin_National Bank Munsey_Trust Co. North Capitol S Northeast Savings Park Savings Bank. Raleigh Hotel Co......" Washington i 5 Bapk Washington Title Ins. Washington Base Ball Club " Woodridse-Langdon Sav. Bank.. NEW BUILDING. NEW YORK, January 10 (#)—New building and engineering contracts Natl. Mtge. & IRv. pi Ihgs Bank.. ! Bank.. 90 Emerson Bromo-Selizer A 'com.. 20 Fidelity & Guar Pire Corp...... 80 Pidelity & Deposit Co..... 300 Finance Co of America. 131 Maryland Casuaity Co 60 Mtg Bond & Titie Co; 24 New Amsterdam Cas Co. 50 Pa_Water & Power 5 183U 8 Fidelity & Guaraniy Lo i . 30% awarded in the 37 States east of the Rocky Muuniains last year totaled $4,- 523,614,000, compared with $5,750,079,- 500 for the year 1929. Awards in that territory in December totaled $249.935,- | 500, con par'd with $253.573,700 in No- veraber and $316,368,100 in December of the previous ygar, in bonds tapered down to moderate pro- | “A"—$2,000 at | 4135, 10 at 4115, 10 at 4155, 10 at 42, | 10 at 424, 10 at 421;, 10 at 42%, 10 | | Col G&E 63 May '62 | Com inve | Duquesne 418 '67. | Liclede 6 %8 D ‘60, | Lautaro Nit 63 ‘64. | Man S 1st 7%s 42. | Mont P db bs A '62. UNITED STATES. (Sales are In $1.000.) Sall Lib3%s. Lib1st4ys. Lib éth 4%n, US3%s'4T, USds's4 USé%s 30 103 11 13 Argentine 638 '62. Argentine May Australia Australia Austria 7843 ; 6%s 5T | Belgium Belgium 6%8 49, Belgium 78'65.... Belgium T } Belgium Brazil 6%s'27. ... Brazil 7s Brazil 8s | Copenhag 41 Cuba 5%8"45. Czecho 8s 61, Dan Mun 8s A *46. . Denmark 43%s'62. . Denmark 6% '65 Deamark 6 Dutch Ea Dutch East I 6347, Dutch East 1 6s ‘62 Finland 638 ‘68, Finlane 7s ‘60 Fram [ D 7%s Krench 7s°49. . French Gvt 7368 *41 @elsenkirchen 65'34 17 German 5%s '65. German Bank 6 68, Italy 78'51.... Italy Pub Jap: % Jugosl Bank 7s '57. Karstadt 6s 43, KKreug & Toll bs Marseill ‘34 . Mex 4s asstd 1910, Milan 6% 8’53 Montevideo 7s '52.. therlands 6s*72. 5 wSo Wales6s'57 16 wSo Wales6s’58 5 orway 6s 1 | Norway 5%s "65. 18 | Norway 68 '44 | Norway 6s 62 3 Orlent dev 5%s ‘68 23 Orlent dev 65 '63... . 4 Paris-Ly M . Paris-Ly M 7s '58 Parls -5%8'68 | Peru 6560, .. | Peru 6s'61 Peru 7s ‘69 Pirelll 7s. Poland 6: Poland 7s’47. “oland 50 Forto Alegre 8s'61 Prague 7%s '52. Queenland 7s ‘41.. Rhinelbe 7846 ww 12 Rhine West 63 '52. 5 Rhine West 6553 4 Rlo de Jan 63458 '63. 17 R Gr De Sul 63°68. 7 R Gr De Sul§s "4 2 Rome 6148 '52. 20 Roy D ¢s'45 w 128 Sao Pau 7s’ 40 rets. 2 axon 7s ‘45. . eine 78 '42. Serbs-Cr S 78 Serbs-Cr-S] 83 '62. Shinyetsu 6%s '52. Sweden 53 '54. Swiss 5%s '46. Toho El Pow 6s 32 Toho El Pow 78 '55. Tokio 5148 Gtd King 5% 8 °47. Utd SS Copen 63 ‘37 Uruguay 6s'60. Uruguay 8s 46 Vienna 65 Warsaw 7 Yokohama 68 '61.. 1 5 1 4 7 1 11 12 AbItIbI P & P bs 53 Adams Exp 48 "48. Allegheny 68 ‘44 Alleghany 63 ‘49 Allis-Chalm 68 '37. Am Ag Ch 7%s"41. Am Beet Sug 65 '35 Am Chain 6s ‘33, AmF P 5s 2030 . Am 1 GCh5%s'49, Am Metal 5%s "34. | Am N Gas 63543, | Am S&R 18t 6347, Am Sug Ref 63°37. Am T&T cv 4148'39 Am T&T 5 ‘65 26 Am T&T 685160, Am T&T 53%s 43 Are W Wks 5. & AmWat Wks 6s°75. AmWrit Pap 6s°47. Arm Del 5458 '43. . Beth St p m 65 ‘3 Beth St rf 55 '42. Bk Ed gn A 58°49., Bush T Bldg 68 '60. Cert-td deb 518 " Chile Cop db 5s " Colon O1l 63 '38 ~ amBiNe memas e 548 49 Com Invest 6 6% CCMdistrf C Am Sug col 85 '31 Det Ed rf 65 B "40.. = East C Sug %3 '37 Gen Motors 62 '37. Gen Thea Eq @oodrich cv 63 '45. Goodrich 6% Goody’r Rub Humble O11 58 ‘37, mBT1 Soao e Ey In: Cement Int Hydro E1 Int Match s '47. Int Pap 6s A "47. Int Pap 6s ‘55... IntT&T 4% Int T&T cv 4 o comDan merSS e Kan Gas&E 4 % Kend 518 48 ww.. Lac G St L 6s 34 ‘51, war "41.. ex war.. worillard 68 '51.... Lorillard 538 '37.. Lorillard 7s ‘44 Lou G & Ei 55 62 McKes&Ro 5345’50 BTy Midvale Steel 6536 Mont Pow b3 '43. .. ER- LT at Dairy 6% s'48. . Rad 6%s 47, Y Ed b8 B ‘44 » T T Pac G & E1 6 Paramount Pathe Exch 78 '37.. Phila Co fin "67. Phila & Read 63 High 52 10128 10127 41 10326 103 25 36 10227 10227 9 108 28 108 24 FOREIGI sa. Low. Close. 101 28 103 103 25 102 27 108 24 13 108 12 N. High. Bl 9 Low. Close. 8514 9% 3, 90% 80 80 107 7814 918 83 1054% 106 9814 9315 90% 105% 101% 81% 98% 83% 63 96% 96 MISCELLANEOUS. 8% 86 84% 171% 86 837% 82% 2% 102% 102 104 104 7 AT 9% 82 100% 93 45% 102% 104 129% 106 106 106 9314 46% 103 104% 130%, 106% 106% 106% 109 1081 102 101% 10314 103% 635 63% T8 T8 102% 102 108% 108% 103 103 104 104 106% 106% 102 102 35% 35 94% 94 59 58 100% 100 94% 94% 104% 104% 105% 105% 267 %8 95% 95% 105% 104% 1057 28 95% 106% 104 40 8414 3974 102% 104% 100% 10015 14% 105% 115 102% 1067 111k 1031 104 104 106 104% 100'% 100% 14 105% 114% 102% 106% 1113 103% 104 104 106 FINANCIAL. Sales. fitgh. Phil Pet 6% <24 92% Pillsb F M 6s'43... 1 106 Por RTam 6s 42.. 1 64% Pos Te! & C 68 °53,. 15 68% Pub Sv G ¢%s'70.., 102% Rem R'd 635 A 47 91 Richfi'd O cal 4“ 584 Shell Un Ofl 65 47, /7% Sincl O s cv A "37. 100 Sincl Cr O 6%s 38, 1017 Sinclair P L 6842, 100% Skelly Ol 6%s 3 2 84 Sou Bell T&T 5541 1 105 SW Bell T bs A "54. 106% St Ol N J bs 46 . 105% STOIl N Y 4%s 51, Tenn Copper 6s 417 Tex Corpev bs "44 Utd Drug cv 6s 53, U S Rubist 53 Utab P& L 58 . Utfl Pwr 58 °50 ww . Util Pow 6%8 '47.. Warn Br Pic 6s 39, West Ei deb b3 "44. W EOGB%Ss 3T ww. Wick Spen 1st 75'35 Wil-Ov 18t 6145 33 Wil&Colst6s'4l. 7 99% You St&T5s'78.. 12 103k RAILROAD. Atchlson gen 4s ‘95 9814 Atch’on cv 4348 41 118 AtCLcol 48°62... 91 B&O 4348 97 B&Ocv4al 1007 B&O4%3°60. 961 B&O 18t 5348, ... 1063 B&Oref5s'95.... 82 103 B& 058D 2000, 103% B&O&8s'95. . B & O Toledo 4 Bos & Me bs 1955. . Bos & M 67 Bklyn Elev 613 Bklyn Man Brooklyn U Bklyn Un BR & Pitt 4%s ‘57, Can Nat 4145 '54. .. Can Nat 4% °67... 5 1027 110 3 96 ‘an Nat 63 July '69 Can Nat 58 Oct '69. Can Nor 6% s db'46 Can Nor 7s deb '40.. Can Pactfic db ¢s. Can Pacific 4% Can Pacific § Cent of Ga 58 Cent Pacifio 4: Chi & Alt CEB&Q4%s'T CB & Qgen 43 '58.. €h & East 11 5851 Chi Grt West 43 '59 Ch M St P&P 68 75. Ch M & St P adj 68 Ch&NW gn 3 7 Ch & NW 4%8 2037 Chi NW 434sC 2037 Ch & NW con 4%s. Ch & NW 6%s ‘36.. Ch Rwys b8 ‘27 ChR1&Prf s34 Ch R 1cv4%s60.. C TH&SE In 55 '60. Ch Un Sta 4% C& W Indev C& Windbs% . CCC&St L 4%s (E) C U Ter 4%s 2020.. Clev Term 4%5 ‘17, Clev Term 68 ‘12. .. Colo & Sou 4% 35 Cuba RR 68°62.... Cuba Nor 5%s 42.. Del & Hud rf 4343 D & R Gr &n 4: D& RGr4%s'36 Den&R G W 68 '55. Erie Gen 4 Erle cv 53 '67. Krle 58 1975 Fla £ Coast 65 74. Fond J&G 4%s Gr Trunk 78 '40.... Gr Nor 4%3'76 (D) Gr Nor 43877 (E) Grt Nor 18t bs, Gr Nor 5573 Gr Norgn § Gr Ner gen 78 '3 Hav El Ry 6%s 51, Hud & M ad) 68’57, Hud & M,rf 58 '57.. [11 Cent ref 4 '55.. 111 Cent 4% s '66 111 CCSIL&N 43s.. 111 CCSTL&N 63 A. Int Rap Tr 5s 6! Int Rap Tr sta '66. Int Rap Tr 68 '32. Int Rap Tr7s 32. Int & Gr Nor 6s & Int & G N ad 63 '52. Int Rys C A 6s *41 lowa Cent rf 45 '51. Kan City Sou 58 ‘50 Kan City Ter 45’60 Lake Shore 3%3 97 Len Valev wathB®o~ o o Greasan~frmtrnah elicen 8 Long Isl L & N unt & Manh Ry 1st 43 ‘90, Market St 78 °40... M1l E Ry & L 68 °61 M &SL 1st rf 4539 M StP&SSM con 4s. MStP&SSM 518 MK & T ad)j Mo Pac gen 43 Mo Pacitic 68 ¥ 77, Mo Pacific 53 H ‘80 Mo Pac 5%scv '49. Nassau Eles N&T& M 53 e L T e L 4 28 12 N ¥ Cent 41482013 24 NYC re im b3 2013.gl1 NY CLScl33%s'93." 1 NYC&St L db 4 NYC&StL NY C&StL 4% NYC&StLb NTC&StL& N ¥ Cent db 4 NY NH&H 4%8°67 46 NY NH&Hcvdbés 1 NY O&W 1st4s'92 5 NY Rys inc 63 '65.. 40 NY Rys6sA 65... 1 NY S&W 1st55'37. 3 Nor Pacific 38 2047 Nor Pac r 1 68 20 Nor & Wn cv & Penn gen ¢34 a6l Penn 434570, Penn 4% s 63, Ppenna bi Penn gen bs '68. Penn 6%s ‘36 Pere Mar 4% PCC&StL 4%s77 P& W V4eksC Read gen 438 A"97 4 Reading 43%s B... 105 Read Jer Cen 48 '51 11 Rio Gr W clt 4849, St L ir M0t 68 ‘31.. StL&SFIn4sA. StL&SF 4% St L&SF pr In StLS W bs'52 StP&KCSL St P Un Dep 6 Seab A L rf 4 Seab A L 4s st 50.. Seab A L cv 63 '45.. Seab All Fl 63 A'36 Sou Pag ref Sou Sou P&O: Sou Rwy Sou Rwy Sou Rwy 65 ‘66 Tex & Ark 6% '50. Tex & I’ 15t 58 2000 Tex & Pac 53 B "17. Third Av ref 43 °60 0. 10 Third Av ad) bs Ulst & De bs ctf '28 Un Pac 18t 48 47 Union Pac 4s '68. Un Pac rf 45 2001 103% 96 56% 1011 824 10814 96 55 101% 82% West M 43°52. ... West Ma 5%s 7. Vest Pag fs 46 . Low. Close. 9t 105 6414 681s 102% 91 58% 87 100 101% 1004 84 105 106% 104% 100 95 1174 91 97 100% 914 105 641 68% 102% ol 584 8% 100 101% 1004 84 106 106% 105 100% 95 102 1007 9614 106% 102% W3 | trade, whic] GAIN DURING WEEK Cattle © Market Advance} Sharply as Better De- : mand Is Noted. - , BY FRANK I. WELLER, Associated Press Farm Editor. ‘The market looks good for cattle, due to the improvement in the promises to continue f¢ a week or so, and an strong undertone seems to support hog and lamb market. t cattle is giving & much better count of itself and prices have advan all along the line. Naturally, most the upturn has developed on the kind of steers and yearlings which were scarcest—the strictly good and choice offerings which everyl wanted. Such kinds have advanced fully 50 cents angd in instances as much as 75 cents or more. All steers and yearlings eligible to $10 and better last week are at lehlist 50 cents more per hundred- weight. is upturn developed in the face of more cattle than arrived a week earlier, the only logical explanation of the up= turn being that the dressed market res flects a much stronger undertone, Killers at Chicago and shippers come peted more freely this week. Demand for Yearlings. A All interests seem to want yearlings, and the better they are the better the; 21l Since there ‘have been very fe highly finished light cattle on the ma kets, particularly at Chicago, the trade has had to wade into a rather generous run of mixed steers and yearling heifers similar to the kinds that have beery dragging along for several weeks. In_ addition to the improvement in the dressed trade there was the stimu- Iating influence of & 10 per cent dey crease in numbers this week compars with a year ago. This suggests that f cattle are loaded conservatively few steers are going into killer channels :MARYLAND under $8. Buyers become discriminating when asked prices around $9 to $9.50 and particularly cautious at steers held at $10.50 and better. Thus, the trade s fairly well stabilized on a beef merit bosis, although the relative scarcity of finished offerings naturally has the ef- fect of pulling medium weight and weighty bullocks that are well condi- tioned but not choice out of line when shipping orders exceed the available supply of toppy cattle. Heavies Scarce. Heavies are scarce and while a tem- porary glut wculd depress prices, the shipper market appears broad enough to absorb the crop if it is spread over s sufficiently long period. Not only the flesh conditions, but the quality of the weighty steers is an important price- making factor. Price fluctuations in the hog market have been narrow and values are only slightly lower than a week ago. Light- 'e“h? finished this week around 10 cents Jower than in the previous week, 'lwhue weights_above 210 pounds were about steady. Packing sows are in fairly broad demand, but price changes are negligible. Shippers have supported the market day after day, taking the largest four- total of the season this week. Mon- Amost equaled tne Frgest singie. dage almost equal rgest 's shipper purchase of 1930. o _ From the standpoint of ve stability, this week's fat lamb trade progressed too fast. It was only nat- ural that advances measuring upward to 81 in instances for a seven-day pe- riod during the slightly midweek ses- nc‘m':hauld be followed by expanded re- ceipts. . Many Grades Higher. ‘The market has been satisfactory to rroducers. excepting that by way of fol- lowing precedent the decline, after a rise to or near the $9 mark, is al started. Practically all grades of lamb finished 50 cents higher this week, yearlings gaining a similar amount, with slaughter ewes at 25 cents. ‘The country is showing more inter- jest for the replacement cattle. Open- ings are scarcer, with killers compet- ing for everything carrying flesh. Stocker and feeder prices have worked 25 cents higher. ‘The supply of thin range lamb suite able for country outlet is sho some extension, but killer competition has cut in on the trade and left quotations largely on a nominal basis. DROUGHT LOSS $40,000,000 Dr. Symons Advocates Five-Year Plan for Relief of Farmers. Special Dispatch to The Star. BALTIMORE, January 10.—A loss of $40,000,000, attributable to the drought, was caused in Maryland during the past year, it was sald, at the final session of the Maryland Agricultural Society-Farm Bureau Federation Con- vention here yesterday. The speaker was Dr. Thomas B. Symons, director of the University of Maryland's Extension Service and sec- retary of the State Drought Relief Committee. To recover from the loss in the quickest possible way and also to insure an even production of agricultural com- modities in the State, Dr. Symons, ad- mma the adoption of a five-year n. The plan, as suggested by the sec- retary of the Drought Relief Com- mittee, would involve a great reduction in the acreage now employed in the cultivation of wheat, a product which the Maryland farmer cannot hope to grow in successful competition with the Middle West and Russia. “Since the war,” he said, “there has been a reduction of 200,000 acres of Maryland wheat. Within the next five years there should be a further reduc- tion of 150,000 acres, which area might be profitabiy cultivated with barley, oats, pastures and such legumes as alfalfa, clover and soybeans.” “The need of more pasture lands is obvious,” he added, “when it is con- sidered that Maryland dairymen now spend more than $7.000,000 outside of the State for the purchase of con- centrates.” STREET HAD DISCOUNTED FAILURE OF RAIL MERGER Special Dispatch to The Star. NEW YORK, January 10.—The an- nouncement that the long pending mer- ger of the Great Northern and the Northern Pacific Railroad systems had been abandoned, was no surprise to ‘Wall Strect today. It had been realized for some time that the difficulties in- volved in the separation of the Chic: Burlington & Quiney from the - tary lines had been a stumbling block in carrying out the recommendation of the Interstate Commerce Commission. The force of public opinion that had gone strongly contrary to the consoli- dation since it was provisionally agreed to by the commission last year also discouraged those who had been earnest- ly_working on the plan since 1927. It has been the feeling of the iarg- est stockholders in both of the Northern roads, that it would be difficult to ob- tain wm&mnm in any form for the loss_of Burlington, both from a traffic standpoint and also in the way of income, which the Burlington con- tributes annually to the treasuries of the Great Northern and Northern Pa-