Evening Star Newspaper, January 10, 1931, Page 13

FINA PRICES ARE MIXED | - IN CUR TRADING & Market Trend Uncertain, but No Large Recessions Aré Noted. [ o BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, January 10.—Fractional e price changes were the rule in today’s % Curb Exchange session, which, despite "' the selling wave at Priday’s close, failed Ji to_meet increased offerings. Electric Bond & Share was down a small fraction most of the time. Cities <« Service, which opened on a block of + 4,300 shares at 1733, off 33, held around . its opening level. Many of the power »+ &nd light issues, such as Niagara Hud- - son and United Light & Power A, were virtually unchanged. Market Selective. Public utilities, petroleums, baking -~ shares, trusts and trading corporations, i and later the motors, furnished the bulk of activity in the first hour, which was notable for its selectivity. The fresh cut in export copper quo- ~ tations brought some slight selling into the red metal shares, while the bid- ding for certain gold stocks over on the Stock Exchange stimulated inter- est in that group on the curb. December Ferd sales and announce- ment of resumption of operations at «: the main plant caused a renewal of *~interest in the Ford shares. Cord % Manufacturing and Stutz were the only independents to display activity in early 2= trading. BONDS ON THE CURB , Bales in thousands ;A DOMESTIC BONDS, $°7 TAlabama Pow 5 Hign. Low. Close. 5s 68 108 ' 103 ° 103 bs oz v 65, 4 7 108! 1o £ 55 '38. Y87 987 & L 65 2016. 10514 105 = 105 4'as 47, 10112 101 19 Amer Roli Miil 5s ‘48 98 7 Appalach_Gas 65 ‘4 T3ls 94 Appalac Gas 65 B '45 5012 5 Appalach Pow 55 '56 1013 101 101 2 Appalac Pw 65 A 2024 103} 1082 ] Arcans P & L 5s 08 9814 98 ot b Aluminum G 4 80 98% 05 101 ule el T & T 5135 A 5 1T Tel Can'3s A ’5 il Tel Can 5s B 57 e 65 10125 10. Nat R E 7s E '35 10744 10 rolina P & L 5s '56 102 " 102 " 1 aterpillar Tr 55 '35 99%a 99% ‘ent Stat Elec 55 '48 64 63 Bt Elec 52 54 69 Dis El 4125 79 A 913 Dis Elec 525 '35 101 e 'S g 5 I’ oREER " 2, S000: 3 B2 L IO -~ RO RS 8 999 gSeza M5 4 Firestone Ture 58 '43 13 gatineal Boress % 1Gen Bro '40. g5 811003 1 s 140 ZeEgnrarasa: B & S8 8;‘!"‘“’35!:383?:8883*!_3!'838 W 5 222 TS LS & E5E! Yalad 5} ARRasEE zrf’flnnaq sazaszeSanas! ERECTE 3% 2 B i # ! 12 , 3 1 {5 Je a7 3 ! 8 5 12 5 s 1 3 s, "33, 45 670 1 n G&Lt 4725 ’50. . 17 Minn P&L 4335 '78 10 Miss P 55 5’ £ 1 &E 55 '48. 15 New Eng G&E 55 '50. S NY Fo In 525 '48 ww 7 BN Y P & L 4125 67 96 7Nor Ind P 8 55 C ' Nor Ind P 8 4 e Zand Reafiens 951, 954 '31 10043 1001 35 N 3 Pub Ser 5145 ‘46 A 931 Waldorl-Astor -1 54 1213 82 Wash W & Pow %5 '60 1033 es Tex UL 85 A '51 893 10 Wiscon P&L bs E '58101 FOREIGN BONDS. Mt Bank s 48 89 101 101 4 Asr 2] r Con Gestueral 8s Hanover, Chy 7 4 Isarco Hyd El 7s Ital Bup Pow 6s 2uasosee aRIIsgEeay 25 159 A a8 uhr G Co 6125 A ‘53 arbruecx 7s '35 ntiago Chile 75 4 2 ~New. When issued. TREASURY CERTIFICATES. NCl1AL, NEW YORK CURB MARKE Stock and Dividend Rate, * tan Superp (A). Internat Utll (B). Johnson Pub Co (2). Jonas & N cum pf. 4 LeonardOtl. .. Liberty Dairy Pi Lone Star Gas n (1) Louisiana Lan & Bx. MacMarr Stores (1).: —Prev. 1930.~ High. Low. idend Ra 70% 32 Acme Steel (33%) 9% Affiliated Prod 1. % Alr Investors vte, 14 Allled Aviation. 140% Aluminum Co of Am 250s 104 AluCoof Am pf 11 86 Alum Ltd cum pf 6). Alum Ltd A war. , 18 Am Arch Co (3). 4% AmCP&LB (10%).. 10 Am Com P A (b10% ) 6% Am Cyanamid (B).. Am DT NJ cv pf (7). 3% Am Equities 11% Am For Pow b5 20 Am Fork & Hoe(1% 3 Am Founders Am Gas&Eln (31). 3% Am Invest Inc (B) 1 Am Superpwr 18t(6) 8% Am Ut &G B vtc 20c. 315 Anchor P F (b10%).. 5 Appalachian Gas 4% Arkansas Nat Gad 4% Ark Nat Gas (A) 100 ArkP&Lpf (1) 11% Asso Gas & Elec. 18% Assoc G & El A (a2). Assoc G & E all ctfs. 1 AsS50G&E (A) dbrts 31% Asso Rayon pt (6).. 23 Bigelow-Sannford. .. 2% Blue Ridge Corp..... 30 Blue Ridge cvpf(ai) 19% Brazil Tr&Lt(b8%). 214 Brill Corp (A) (65¢). 2415 Buft N&EP pf (1.60). 4 Cable Radio T vtc, 1% Canada Marconi. 141 Cent& S W Ut h6%. . 11% Cent Pub Sve A aL75 7% Cent St El (k40e). ... 90 Cent St EIpf (7).... 58% Cen St El cv pf n(aé) 51 Chain Stores Stock 18% Chat Ph Aln.v, (1).. % Ch Nipple Mfg (A) 134 Citles’Serv (g30c). 78'% Cities Serv pf (6) 443 Clev El [llum (1.60). 57 Clev Tractor (80c). .. ' Colombia Syndicate. 134 Colon Oil. e 19% Colts Pat Fire A (2).. 3% Col Oll & Gas vte. ... 15% Columbia Pic (f13%). 1% Com & Sou war. 217% Com Edison (8)... 7% Com Wat Sv (b6%) 2 Consol Copper. 78 Cons Gas Balt ( 10 Consol Laundries(1) 2 35 Contl Share cv pf (6)600s 17% Cooper Bessemer (2) 1 . 44 Cor & Rey pf A (6 Creole Petroleum 6 Crocker Wheele % Curtiss Wright war. 1's Dayton Alr & Eng. 29% Deere & Co (£1.20) % De Forest Radlo. 2 Derby Oil Refinin 1% Detroit Afreraft..... 28 DressSR (A) (3% ). ser Mfg (B) (2), lier Cond & Rad. 2% Duquesne Gas Cp wi. 1 Durant Motor: 14% EastG & F Asso. 11% East St Pow B (1), 1% East Util Inv (A).. 3% Eisler Electric Corp. 37% Elec Bond & 8h (b§ 88 El Bond & Shcupfb. 11 Elec Pow Asso (1). 7% Elec Shareholdg (1. 4% Emp P Ser A (al.8| 1% Europ Elec deb rts. % Fabrics Finishing. 20 Fajardo Sugar, % Fageol Motor. 18% Ford M Can A (1.20). 10% Ford M Ltd (p37%) 13 Foremost Dairy Pr.. 215 Fox Theater Cl (A).. 4% ‘3eneral Aviation. DI N I M N TN 10 B 1S SIS 00 et e R0 2 - Bt 1% Gen Cable (war).. 9% Gen E Ltd rt (p70c 23% Gen Firepr (12%). % Gen Laundry Mach. 22% Gen Thev pf w.L(3). 14% Gen W W&EE A (2).., 94% Georgla Pow pt (6).. 5 Gleaner C Harv new., % Gold Seal Elec new 14 Golden Center. Golden State Milk. 4% Goldman Sach T C 155 Grt A&P Tea n.v.(5). 2 Groc Strs Prod v.t.c.. 58% Gulf Ol of Pa (1%)« 10 Hou-Hercvpf A2%. 3% Hudson Bay M & S. 57% Humble Ol (123%)..: 15 Imp O1l of Can (50¢c) 98 Ind PEL cupt(6%).. 12% Ind Ter [llu O/l (A).. 5% Insurance Sec (70c).. % Intercontinent Petn. Int Util war (new) ‘at Petroleum (1). 9 IntSaf RazB (12%) 2 InterstateEquities. .. 26% Interstate Ecn pf(3) 82 Interst Pow pf (3)... 108 Sa S hO- enR A e O 2 1% . Oven. High. Low. Close. 38 38 38 . NG STAR, WASHINGTON, D. C., SATURDAY, JANUARY 10, 1981 w. 1% "tal 4 38 14% 1% 4% 1% b Marion Nat Avi Nat Fa New En; Pie Bak Schulte Stand O Swift & UnNG 15% Th 2% 15% 10 Dividend annual payment. 3 stock. 27% 85 27% 83% 86 3% in stock. GAIN IN BUSINESS WORLD CONTINUES Weekly Reviews Point to Improved Sentiment as Plants Reopen. Special Dispatch to The Star. NEW YORK, January 10.—The cheer- ful feeling prevailing in business as the new year began has tended to strengthen as numerous industrial plants, which had either shut down or reduced opera- tions, resume activities, but the seasonal aspects of most of the changes for the better should not be disregarded, accord- ing to the weekly reviews of the mer- cantile agencies. Dun’s Review says in part: “After the holiday let-down, some revival of activity is the common ex- perience, and it was looked for even in the present unusual economic circum- stances. It is because of the conditions which are out of the ordinary that cur- rent developments are being watched so intently, with appraisals of the move- ments made the more conservative by a fuller recognition of the significance of the transition through which the coun- try is passing. Confidence in ultimate commercial progress is widely exrreued, but there is a prudent disinclination now to minimize the importance of the impediments which yet remain. Gain in Employment. “There are, on the other hand, some phases that are definitely cheering, and | 41 prominent among t| are the reports of a larger employment of indpstrial workers since the turn of the year. Any gain in that direction, however extensive idleness still may be, obviously is stim- ulating, for :,t“ ezlh:ncu the lfi:uc:xl and rospective buying power. pera- flonp?:om @ severe shock to business resents many difficulties, but the out- flmk is being viewed more ly many quarters, although without over- optimism. “The improved financial sentiment with which 1930 closed has been con- tinued thus far in the new year. A further rise in bond prices has been considered one of the constructive in- fluences, while the .market for high- grade stocks has acted well. The quiet trading in the latter quarter has been worably, viewed by, consezvative il 1 Winter wheat needing 'in | Whether in the form of rain Mavis Bottling. Mayflow Asso (32).. Mid Roy cv pf (2) Mid St Prod n (2). Mid W St Ut (1%) Midvale Co (4). Mining Corp of Can.. Mo Kan PL (b10%). % MoKanPL vte....s Nat Bond & Sh(75¢). 4 Nat Fam S (b10%).. Nat Investors. ... Nat Rubber Mach. Nat Screen Sv (2). Nat Sh T Sec A $50c. New Brad Oil (40c).. New Mex&Ariz Land N Y Hamburg (2%). 4 Niag-Hud Pow (40c) Niag-Hud Pow A w.. Niles-Bem-Pond (2). Noma El Corp (80c). No Am Aviat A wa: Noranda Mines. ©Ohio Copper. Outboard Mo Pac Western Ofl Pandem Oil. .. Paramount Cab Mfg. Parke Davis (11.65) .. Pennroad Corp...... Penn-Mex Fuel (3).. Pilot Rad Tube (A).. Pitney B P n (20c) Plymouth Ol1 (2), Prince & Whitel: Prudential Inv Public Util Hold war Pure Ofl pf (6).. Rainbow Lum PrA.. Rainbow Lum Pr B.. Red Bank....... Reliable St (b5%)... Reliance Int (A). . Reliance Int Cor (B). Reliance Manag. Reynolds Inves . Rock Lt & P (90¢). .. Roosevelt Field Inc.. St Regis Paper (1).. Salt Creek Con (40c) Saxet Co...... - Schulte Un be-$1 St.. Seg Lock & H (50c).. Selected Industries. Selected Indus cfs. .. Selected Indus pr pf. Sentry Safety Cont.. Shenandoah Corp. ... Shenan Corp pf (a3). Sherwin Will (1434). South Penn Oil (2).. SoCal Ed pf B (1%). Southern Corp. SouthldRoyait: 8 W Gas Utllitie: Spanish & Gen rc; Stand Oil Neb (2%). Stand Screw (8) Stutz Motor Carn. ... Swiss-Am El pf (6).. Tampa Elec (2). Technicolor Inc. Teck Hughes (60c). Ungerleider F Corp. . Union Tobaceo, Utd Corp (war)... Gtd Dry Docks. Utd E1 Sv pr war.. Utd Found b2-35 sh.. West Mass Co (2%). Wil-Low Cafeterias. Zonite Products ¢1).. RIGHTS. Expire. 0% Com Edison..Feb 2 Pub Srv N Ill rates in_dolla b *Ex_dividend, & Payable in cash or n Pius 8% in stock. Received by Private Wire Direct to The Star Office Bales— Add 00. High. Low. Close. 3 3 8 6% 6% 6% 234 284% 23 6% 6% 6% AR 2 3 25% 254 1% 1% 8% 8% 2 2 * 2% 1 Open. 3 6% 23% 6% % 2 25% 1% 2 25% 1% 8% 2 % Steam Shov. % 42% 1 11 4 20% 14% 14% 21 60 2 814 MO R BN B RN W NE SN o B R S D A S ation. ... Stpf (2) & Pow Df (6). 3 » - » of Am A (2), 6t 1 . 208 82% Ge-31 St pt. o 9 o - é AN R S e R S 8 i D 00 i 1900 30 59 m T 101 0 9 e O LKy (1%).. o 2 Co new (2).., of Can (1.40) Utd Lt&Pow A (1) 9 Utd Lt & Pow pf (6). 2 Utd RetChpf (3%).. 1 U 8 Elec Pow ww. US Playing Cards(4)100s 2 1 s 1 1 Utd Stores. .s... Utd Verde Ext (2) Util P & Ltat1.02%. Vacuum (4).... Venezuela Petrol % 120 5614 3% 8% . 10 9 3 3 3 1 7 9 13% 2 20% 20 ed on last quarterly or semi- tPartly extra. iPlus 4% in b Payable in stock: e Adjust- £Flus n stock. Tus kPlus 10% in stock. m Plus 13% 13% ock. in stock. in stock. ests, and the broad aspects of the situ- ation have reflected betterment. “Annual statements of many corpora- tions naturally are expected to be ad- verse, but the main attention now cen- ters in probable future developments. Some industrial reports during the week were at least moderately stimulating, and general business prospects are being more hopefully regarded. The commodity price conditions still have disquieting features, but even in this re- spect the present week’s movements were less unfavorable.” Steel Trade Improves. Bradstreet's says, in part: “The resumptions in industry or the increasing of running time by concerns that did not wholly shut down covered a wide range, notable being the auto- mobile centers of the Central West, some tire factories in the same region, moving picture concerns in Southern California and a numerous list of re- ow?enlnn of railroad car shops East and est. “The steel trade displayed a faster pace on the productive side, some trade estimates rising to 45 per cent, as against, in some cases, only 25 per cent in the last week of 1930. Generally speaking, the iron and steel trade and other metal lines, exce?flng mining, have rather seemed to lead in these resumptions or increases, whereas metal mining and lumber operations have not changed greatly. “In trade lines there is general agree- ment that the change from holiday quiet of one or two weeks ago has been less marked. In fact, there are sev- eral mentions of salesmen being still at home pending decisions as to terri- tory to be covered by representatives of wholesalers and jobbers. Where in- formation as to results of inventories have been ascertained, or where, as in retail lines, clearance sales Mave been a feature, there is quite marked agree- ment that stocks of goods carried over were generally small. In relative ac- tivity, however, retail trade still leads r iches of distribution, as for some weeks past. Other Lines. “The weather and crop reports of the week center around reports of frost damage done to citrus crops in Cali- fornia and the very general report of ‘moisture, or snow. h'nu rll:nl.l markets -ho‘- munuat such as higher quotations for scrap a some markets, with declines at others, while in non-ferrous metals, copper, tin, lead and zinc have eased off. In finished steel some higher quotations have been announced, but the response thereto is not definite as yet.” prcaiisas it ilh ‘The University of Preiburg has added (sKilng to the regular curiculum, BUSINESS POINTING T0 HIGHER LEVEL Workers Recalled, Steel, Auto and Building Industries Are More Active. Special Dispatch to The Star. NEW YORK, January 10.—Things are pointed upward as the new year begins. Business is getting back to the job and starting out vigorously to test the possibilities of improvement, says the Business Week in its report covering the week ending January 10. ‘Workers are being recalled after shut- downs for holidays or inventory-taking. Steel activity has rebounded sharply to the end of November level, with im- proved demand. Automobile production continues the unusual rise that began in December. Building contracts started the year at an encouraging level. Most other indicators have ceased to decline. The business index has moved hori- zontally for four weeks at nearly 77 per cent of normal, and it looks more like the bottom than anything that this de- ion has so far exposed. For the week ended January 3 the index set- tled at 76.8 per cent, against 76.6 in the previous week, and 89.2 for the same week in 1930. Commodity prices are stronger. The stock market has begun to digest the first course of unpalatable earnings re- ports without signs of colic. Most en- couraging of all the famillar features of the bottom of this depression is the steady and rapid rise in bond prices since the middle of December. But be- fore we can kiss it good-by we shall have to see how far present Reserve policy of maintaining extremely low short-term money rates will be effective in lowering the cost of long-term rowing and stimulating real investment here and abroad. As soon as gold stops coming to this country and France we can do so with enthusiasm. U. 8. TREASURY BALANCE. ‘The United States Treasury balance, announced today as of close of business January 8, was $246,497,25241. Cus- toms recei] for the month to date were $5,980,7: . _Total ordinary ex- penditures, $25, .43, 2 | successful ILEGAL AIDS URGED IN BANK MERGERS New York State Official Points Out Occasional Need for Quick Action. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, January 10.—In urging an amendment to the banking law which would permit prompt mergers of banking institutions in case of emer- gencies, Joseph A. Broderick, New York State superintendent of banks, in his annual report makes this striking state- ment: “Had the present law contained such a provisicn, the Bank of United States would have been merged with one of our strongest institutions and its closing avoided.” Merger Efforts. It is now generally known that there were negotiations between the officers and directors of the Bank of United States and other New York institutions to take over the former and that these conferences continued up to their un- termination early in the morning of the day that the bank sus- pended payments. The last effort to this end was said to have been made in behalf of a subsidiary of one of the large New York banks. Mr. Broderick points out that, under the present law, mergers to become ef- fective must be approved by stockhold- ers. This involves a great deal of delay and aggravates the situation which has made the merger desirable. A change in the law which is now being consid- ered will permit a merger with the ap- proval of the superintendent of banks and the boards of directors of any two or more banking institutions and makes ample provision for the protection of the interests of stockholders of the merging institutions. Amendments Suggested. Out of the experiences and studies of the past year the superintendent of banks finds it desirable that numerous amendments be made to the banking law in New York State. He attaches to his report recommendations for over a score of such changes, of which that relating to emergency mergers is the most important and the one which probably will have the greatest degree of attention in the future. It is well known in banking circles that such mergers have been effected in different parts of the country in the last three months and that through them a great deal of distress to bank depositors and stockholders in banks has been avoided. Other recommendations made by Supt. Broderick that will undoubtedly be brought up in the form of bills before the Legislature at Albany this Winter have to do with the segregation of thrift accounts in commercial banking institutions in cities with a population ot 75,000 and over and placing restric- tions on the investment of such thrift funds; also the requirements that banks and trust companies maintain reserves against time deposits; another to per- mit the superintendent of banks to order appraisals of real estate properties owned or mortgaged by institutions by independent and impartial appraisers of recognized standing. Move to Protect Accounts. A bill has already been introduced in the New York Legislature designed to protect thrift and savings accounts in commercial banks and trust compa- nies. This brings up an issue in bank- ing circles that dates back to 1910, when the superintendent of banks then recommended that banks or trust com- panies establishing or maintaining zpe. cial interest departments “for the ben- efit of the provident and frugal poor” should be required to invest such de- posits in accordance with the law cov- 3, | erirg investmept of savings bank funds. The report™ notes that between Oc- v | tober 1, 1929, and September 30, 1930, when deposits in general were on the decline, there was an increase in the deposits of 148 savings banks under State supervision in New York of $231, 367,732. It makes this significant state- ment: “More recently the public showed a decided preference for this class of institution by placing on deposit with them large sums of funds withdrawn from commercial institutions.” It is understood that one New York savings bank has gained nearly $30,- 000,000 in deposits aiace December 1. (Copyright, 1931.) —— NEW YORK, January 10 (Special).— Though trading on the Cotton Exchange today was not nearly so active as on Friday, the market displayed distinct steadiness, and the list closed 6 points lower to 6 points higher on the day. The major portion of ness was transacted und Friday's closing figures, and May ended the day about unchanged. Spots were reduced 5 points to 10.15. Cotton range: January, January, March May July old. W, ul October December " NEW YORK, January 10 (#).—New securities offered today include: Milwaukee Electric Railway & Light Co. $15,000,000 first-mortgage 5 per cent bonds, series of 1971, priced at 100 and accrued interest, by a syndicate headed by Dillon, Read & Co. RSl METAL MARKET, NEW YORK, January 10 (#).—Cop- per, unsettled; electrolytic, spot and fu- ture, 10. Other metals nominally un- changed. 35a36; current re- Butter—One-pound prints, tub, 3312a34. 33a35; Eggs—Hennery, ceipts, 30a32. oultry, alive—Turkeys, young, 35a36; old, 30a32; chickens, 28a30; heavy, 24a25; small, 22a23; Leghorn fowls, 16; roosters, 13; ducks, 15; keats, large and young, 50a60; old, 25a30. Dressed—Turkeys, young, 40a42; old, 35a36; chickens, 32a33; fowls, heavy, 27a28; small, 22a23; Leghorn fowls, 18 a20; capons, large, 37a38; small, 32a35; ducks, 24a25; roosters, 15; keats, young, 70a80; old, 40a45. Meats — Beef, 18a23; veal, 18a23; lamb, 19a21; pork loins, 21; fresh shoulders, 20; fresh hams, 22. Smoked —Hams, 26; shoulders, 18; bacon, 27. Lard, in bulk, 11;; in packages, 1313, Game—Rabbits, 20a30. Live stock—Calves, 11} Fruits—Strawberries, 51 oranges, California, 3.00a5.00; Florida, 2.50a3.50; grapefruit, 2. 2.00; , 4.4 4.0025.00; persimmons, 1. lemons, 6.00; apples, bushel baskets, 1.00a2.00; box, 3.25a3.75; grapes, Emperors, 2.50; Almeiras, 2.75. Vegetables—Potatoes, 150-pound sacks, 3.25: new potatoes, Florida, 2.00a2.50, mostly 2.50; Idaho bakers, 100 pounds, 2.75; sweets, per bushel, H ‘auliffiower, 1’«'“5":. 8.00; Pl 3 l.zsnljng;‘ beets, .008, carrots, per 100 bunches, 5.00a . tomatoes, 3.00a4.50; peas, 8.50a 9.00; squash, Hubbard, 3.50a4.00; mar- row, 4.00; cucumbers, Florida hot house, | per dozen, 2.00; spinach, 1.00; kale, 75a 1.00; mushrooms, 175a1.00; broccoli, 3.50a4.00; peppers, 3.00; lima beans, Mexico, Leeb 4.0004.50. 6.00; 6.00; ? | Babette, the maid. , | But_still ) | Special Dispatch to The Star. BALTIMORE, January 10.—The plan of the Maryland Gas Transmission Corporation to carly natural gas through Maryland is an interstate proposition, without any intrastate phases, Thomas R. Weymouth, official of *the Columbia Gas & Electric Cor- poration, told the Public Service Com- mission this week. Mr. Weymouth is the vice president of the Columbia Engineering & Management Corpora- tion, the subsidiary of the Columbia system, which manages all utilities in this group. According to Mr. Weymouth, the Maryland company will serve as a link in the chain under the Columbia system, which will transmit the nat- ural gas from the fields of West Vir- ginia and Kentucky to the Eastern Seaboard of the United States. ‘This company, he said, will pur- chase the gas from other subsidiaries companies of the chain at the Mary- land border, will locally distribute the product to distributors within the State and will, in turn, pass on the flow of gas at the o;m)slte end of the State to another of the chain operat- ing there. As temporarily planned, the Mary- land company will purchase its gas from the Manufacturers’ Light & Heat Co. of Pennsylvania at a point near the State boundary in Cecil County and will carry it across the State through Cecil, Harford, Balti- more, Howard and Montgomery Coun- , up at the Montgomery- District of Columbia line with mains leading into Washington. ‘Within several months, pending the completion of a pipe line through West, Virginia and Virginia, the flow STOCK AND BOND By the Associated Press. . SATURDAY, JAUNARY 10. PINANCIAL. AVERAGE! 10 Utilities, 100.4 100.6 (Copyright, 1931, Standard Statistics Oo.) MARYLAND IS DECLARED LINK IN NATURAL GAS LINE SYSTEM ‘Weymouth declared that this type of gas does not contain any type poison, and should a leakage occur along the line, it will create no threat to the health and safety of the public or to stock grazing in the flelds. The natural gas, he said, should it escaps indoors, causes a type of suffocating similar to drowning. WILSON CO. EARNINGS UP 10 PER CENT IN YEAR Special Dispatch to The Star. CHICAGO, January 10.—Wilson & Co. reports for the fiscal year ended Novem- ber 1, last, a balance after preferred stock dividends of $542,444. Net earn- ings after depreciation and interest, in- cluding minority stockholders’ portion of earnings, amounted to $2,542,656. On sales of $270,000,000 during the fiscal year, the company reported gross earn- ings of $5,951,740. The company's bal- ance sheet as of November 1, I showed total assets of $92,290,171. rent assets of $39,746,777 were more than nine times current liabilities which stood at $4,329,009. In his remarks to stockholders, Thomas E. Wilson, president of the com- pany, sald. that net earnings for the fis- cal year showed an increase of 10 per cent over the previous year. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) London, pound. Paris, franc. of the gas will be northward through |Be: the State, and the Maryland concern will then serve as a link in a line sys- tem furnishing Philadelphia and New- ark, N. J., with the natural gas. In response to a question from John Henry Lewin, people’s counsel, concerning _elements of health an safety in the pipe line operations, Mr. zlot: Copenhagen, e Oslo, crow Stockholm, crown GOLDEN DAWN By PETER B KYNE (Copyright, 1930.) INSTALLMENT XVIL ANNY knew that during the day a psychological door had ed and Nance Belden, personality B, the abnormal, had walked through it and emerged Penelope Gatlin, or personality A, the normal. Also, she knew now that Pene- lope Gatlin probably had more or less amnesia for her former personality as Nance Belden. Lanny had heard Dr. Burt discuss such rare cases and she glowed with pride in th knowledge that at last he had secured a perfect speci- men. “I decided we wouldn’t have broiled lamb chops, Lanny,” the girl went on brightly, “so I've made a ragout.” “You mean, in good old Americanese, you've concocted an Irish stew.” “You're so_amusing, Lanny. A stew, of course. The difference between a stew and a ragout is entirely geographic. A ragout in France, an stew in the United States.” “Have you lived in France?” ight years, Lanny. Went to_school in Switzerland and learned French there.” . “‘Are your ple French?” - thy'lk I m there alon ‘The appeared puzzled. “I don't remember my mother, but I had a father. He was such a dear, but he's dead.” “Were you happy there?” “No, I was perfectly miserable.” “Why?" “Because my father wasn't with me. We'd been such pals.” . “But you must have lived with some- “There was Laurette, the cook, and “Did you graduate?” “No, l’le{{rschool when father died. route to Europe. I've always had a feeling he was coming over to see his Penelope. He loved me very much, Lanny. He was_adorable. He used to tell me that I was all that made his life bearable. Somebody—I forget who—told me he wasn’t my real father, that I was a foundling he adopted. I wouldn't believe that at first, b\l,b' when I read his will I knew it was so. “What sort of woman was his wife —or did he have one?” “I haven't the slightest idea, but I remember the will stated very positively that he had settled with her, that she had accepted the settlement in full satisfaction of her dower rights, and he made my income from the trust just sufficient to support me decently until I should come of age. He said in his will that he did this not because of any lack of affection for me, but be- cause if he made me an excessive al- lowance, his divorced wife would have control of it during my minority, He must have despised her.” “Well, if she could have control of your income during your minority, she must have Been your adopted mother,” the practical Lanny reasoned. ‘“And you must have lived with her following the divorce. That's why you didn't see our father in Europe. You must have geen there with your foster mother. Laurette, the cook, and Babette, the maid, argue an estalishment. Do you remember everything that has hap- pened to you since that day Dan Mc- Namara brought you to Dr. Burt's of- fice?” “Perfectly.” “Ever have funny thoughts about it?" girl stared at her shrewdly. “How strange that you should ask that question, Lanny. I do have funny thoughts. Sometimes I'm horrified at the memory and could die of shame; at other times it seems perfectly all right, but those are tnc times when I've been nervous and sleepless; some- times I think there's some wron| with me, because me as Nance Belden and to things I've done and which I know very well I haven’t done. And yet it seems to me sometimes as if I had—just a wraith of memory, like an old dream. I'm and healthy.” little given to spells of nerv- WAI;: oody.” ‘The girl d in. . m R e seeme . terested in herself to an unusual de- {ret “Some days I like to do things hat are perfectly intolerable to me on other days. Some days I'm &0 =y “But 1 | she quavered. He was killed in a_motor accident en| o ¢ g ople often refer to |l can't bear be with anybody but nice peopl She sighed and turned to inspect her savory ragout. “I wish I knew what I wanted in life and I wish I knew somebody that wanted me. Of course I can pay my way through life, but it's terrible to be lonely, Lanny.” She faced Lanny again. “Now, when I decided to cast myself on your hos- pitality, Lanny, it seemed to me the most natural thing in the world to do. But today I'm covered with confusion. I've deliberately imposed myself upon your peace and privacy.” “Listen here, Penny, my dear. aren’t the only lonely woman in this world. Believe it or not, the first Spring buttercup-isn't a bit more welcome in old lady Lanning’s house you are. The lost one beamed upon her. “I believe that, Lanny. Oh, Lanny, when 'm happy I'm so happy and when I'm wretched I'm so wretched. 'You think too much about that nose of yours, my poor child.” The girl's hand flew to that organ (automatically, Lanny thought) a: she would hide it. “Isn't it terrible?” “I'm so ugly nobody can ever love me.’ “Quit that,” Lanny commanded in her most ferocious manner. “If I hadn’t found you lovable I wouldn’t have you in my house this minute. I'd turn you over to Flynn and Angelloti. By the way, she «ontinued, ow did you get that sock on the beezer?’ “Father took me to a base ball game and a long drive flew into the bleachers and struck me on the nose. you mustn't use slang. It isn’ “I wrap myself around a highball when I'm tired or want to be sociable, k ppose a' perfect wouldn't do those things, either?” “A perfect lady may without mar- ring her perfection, old fuss-budget. That’s a matter of personal liberty, and only becomes distressing when carried to excess. But there’s no ex- cuse for a highly intelligent and cultured woman to employ the language of the street.” “I have my human moments,” Lan- ny excused herself meekly. “T'll set the table in the dini Toom. Won't yfl% order some flowers? And d.la.nny—l do something for you some Y. “For instance.” ‘'Well, have Europe?” “Certainly not.” “Then I'll take’ you.” accept the nomination. In re- turn I'll do something else for you. T1l have that nose of yours split open, the shattered bone of the bridge scraped out and a cute little piece of pliable cartilage whittled off one of your spare ribs and grafted into your funny nose to form a new bridge. Then the doctor will sew your nose together again over it—-" “What's the difference between having a nose like a Pekinese and a You Lanny, 't polite.” you ever been to like to know?"” “Oh, there won't be any scar, dearis ‘The surgeon will cut a strip of epi- dermis off your forehead, and without detaching it from your forehead, bring the flap down, drape it over your new scal nose and graft it -there. will grow and cover the scar, and when everything's lovely, that skin connec- tion with your forehead will be severed and the ragged edges trimmed and presently nature will do the rest. Six months after the operation I'll defy anyl but an expert to discover you've got a custom- nose.” The 1's eyes shome. “Is it true, it tll’;fl It's so hard to be- “Science pulls 're 1i ‘hl.\.i “bl’;cht: f , we're gabbling like a of linen, woman, where's the Off with your hat and coat. you're getting it I'll run upstairs and get your mules” “After dinner I must do some more pun:gln(" hought en? democratic I could go out to dinner JWith a garbage man—other ‘em off daily, my o ¥ A3 WARBURE WARNING N 19 REGALLED Banker Foresaw Market Crash Unless Speculation Was Sharply Reduced. { Special Dispatch to The Star. NEW YORK, January 10.—Paul M. { Warburg, about whom all the security public is talking for his assailment of gloom and predictions of security price revivals, is best known to the present generation as being the outstanding banker who, in the Spring of 1929, sharply warned that a terrific market crash was inevitable if the Federal Reserve Board did not check rampant speculation. Mr. Warburg, in the banking world, is considered the best informed inter- national commercial banker in the United States. Sincere and deliberate, his utterances are always awaited by those who know his work in framing the Federal reserve act and the valu- able contributions he made to early Federal Reserve Board history through his service on that body. ‘Tall, medium in build, deliberate and hesitant at times in his speech—which is filled with epigrams—Mr. Warl impresses his interviewer as a typics professional lawyer. His _coal-bl flashing eyes add to the impression of sincerity, " while the sha and move- ment of his hands clearly indicate his artistic taste and esthetic leaninys. Commenting on_the inactivity of the Federal Reserve Board in 1929, when many thought that organization should have raised the rediscount rate and thereby checked speculation, Mr. War- burg said that it reminded him of a typical villain of the old fasnioned type of German drama. The villai: appears in the first act, knife in hand, and threatens to kill the hero. The action is repeated in the second and third acts but the curtain falls and the vil- lain hes not killed the hero. A patron of all‘the arts, Mr. War- burg, who comes from that famous financial family of Germany—and the ‘Warburgs hold the same financial rank there that the Morgans do -in the United States—is especially devoted to music. His tastes in music, painting, sculpture and allied arts are as con- servative as some term his thoughts on banking and economics. might be ‘The visitor to his office impressed with the fact that the wood- work there is unstained and unvar- nished. Mr. Warburg prefers the natural lemon pine, with all of its knots, to a covering that would de- stroy such natural beauty. This former Kuhn, Loeb & Co. reason Wall Strect has read his remarl 8o carefully. s A brother, Felix Warburg, is t- ner in Kuhn, Loeb & Co. s PR oF CHICAGO STOCK MARKET By Associated Press. CHICAGO, J: . s n - wd:y: e icago Stock Ex. Sales in thousands. '1% fifn‘ml Mig % 5 o SHET 88 2 e & i1 SRR oSG E e 2 SEE o W S 5 530 Elec Household iec Household ' 50 Emp G&F 7s pf. 400 & Ma 150 Great Lakes Aircraft 450 Gi kes Dredge. Tunow Bha . & FEEr & R a2 CRER B R n a8 e a SR aBen o FESESTE 1o o™ ottt 800 hall Fleld b ML E T o 100 Mid W 0t “B" ., ~=.§é‘ = LN X o EES B! nenSamcnes S8 o 00 Nor Am G_& EI. 1100 Peoples G L 180 Bines Winter. ..o, STt E PR 1 T ML i W O 8 Ba. 7SN 33000 Insull 6s *40 4000 Switt SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Allis-Chalmers Co. 5s 1937. American Tel. & Tel 5las American Thread 5ls 1938 Baltimore & Ohio 4 makeshift with a big scar on it, I'd|Bel 1t | S Internat. Matel Marland 55 New York, Chi. & Phillips Pet. Co. Siis Pure Oil Corp. 5iss Sheli Union Of Sinclalr Crude it i o s 1 ol %earsios idid 23332232 ‘Wheeling Steel Co: The Cambria-Majestic ' 1324 Euclid St. N.W. | Four' Rooms, Kitchenette and Bath Reasonable Rentals