Evening Star Newspaper, January 12, 1931, Page 14

14 A—14 #¥# FINANCIAL THE EVENING STAR, WASHINGTON, D. C., MONDAY, JANUARY 12, 1931. FINANCIAL. INCREASE IN BANK ACCOUNTS IS LARGE| Money Is Deposited Faster Than Institutions Can Reinvest It. BY CHARLES F. SPEARE. Bpectal Dispatch to The Star. NEW YORK, January 12.—The New York savings banks are experiencing one of the most rapid increases in de- posits in their history. After gaining throughout December in amounts sugh as they have seldom realized at that season, their check-up today shows that the gain in the first week of January has been equally heavy, with all report- ing the opening of many new accounts. An officer of one of the most impor- tant mutual savings banks here said to- day that the locn savings banks were suffering from “an embarrassment of riches.” Money has come in faster than it has been possible to reinvest it under the restrictions placed upon banks of this nature. Bonds in Demand. ‘The rapid change in the complexion of the bond market and in the mood of holders of bonds has made it difficult for the savings banks to obtain substan- tial blocks of high grade corporation obligations. Whereas in December it was hard to find bidders for similar bonds, today dcalers are scurrying all through the financial district trying to pick up issues that will conform to the requirements of their savings bank clients. It is understood that the cash balances of the savings banks with their correspondent banks have been growing at an amazing rate the last few days. One: bank tocay had on deposit siX times the normal amount at a rate of 115 per cent, established by the New Yurk Clearing House Association. There was more discussion again to- day of the recommendations of Supt. of Banks Broderick regarding the greater protection of thrift and savings accounts in commercial . banks. The general opinion was that it would be difficult to change the present status and to put into effect the requirement that these banks set up a reserve against their time deposits. One savings bank official expressed the thought that it was more probable that savings banks would eventually enter the field of the commercial bank than that the commercial bank would be compelled to operate under the same Testrictions as to the character of in- vestments on thrift funds as now con- trol the policy of the savings Interest Rate Maintained. Contrary to expectations a consider- able number of the New York savings banks, which maintained their rate of interest at 4’ per cent when competi- tors made a reduction in this rate last October from 4!2 to 4 per cent, are holding to the old basis. Just what they will do at the end of another six mon'.hs it :merest rlmdclunfln::m:: t low figure and legal mflmr advances, is not now clear. The reduction in the rate of dis- count by the Federal Reserve Bank at St. Louis to 3 per cent had been antici- ted ever since the rate of the Cleve- rn institution was cut to the same flx\n‘ellhonflmello ‘Three banks the Federal Reserve system have m!' followed the reduction made by the New York bank last month. Oth- ers are believed to be on the point of ln'erln( their rates from 3% ho 3 n !I.l.l been reported that the Bank of Denmark and the Bank of Sweden would shortly reduce their rates from them to a ‘The has 't;:hm;;e‘z to 37.3 tpel- cent, eanp-nd 1, per cent a week ago in spite of a further consid- erable loss in gold. No change was made in the rediscount rate of the in- stitution, which stands at 3 per cent. ‘The of Prance made a further gain in [old but its reserve showed a small loss. There is the prospect that the rate of the Bank of Germany may be reduced some time this month. (Copyright, 1931.) BULLISH SENTIMENT PERSISTS IN STREET| Traders Impressed by Extent of Recovery in Last Three - Weeks. Bpecial Dispatch to The Star. NEW YORK, January 12.—The stock market today entered its third week of cheerfulness concerning securities and business. A study of the net ehmles last week in both stocks and emphasizes the extent of the recover! and of the change in sentiment that has come over Wall Street since the end of December. The improvement in rices in itself is a force of no small portance on the bullish side. On the other the size of the rally, both in the averages and in the gains of individual stocks, places the market in a less favorable technical po- | sition and is responsible for some com- ments in brokers’ letters today that the effect of good news has run its course and that a reaction is not improbable. CUTS IN TIRE PRICES MADE BY THREE FIRMS By the Associated Press. AKRON, Ohio, January 12.—An- mnouncements of sweeping cuts in retail tire prices were made today by three of the largest Akron rubber companies. The General Tire & Rubber Co. an- nounced a reduction of 71, to 12 per cent on all passenger tires, but said no cut in truck tire prices has been made or is contemplated. ‘The B. F. Goodrich Co. issued a state- ment that it “has revised its tire price schedule meet the reductions an- nounced laX week by competitive com- panies.” Official confirmation was obtained of the 6%2 to 12 per cent credited to Fire- stone Tire & Rubber Co. since last week. The Seiberling Rubber Co. has an- nounced slashes on all tires of the mail order grade, but has stated higher priced lines will be practically undis- turbed. The Goodyear and Mohawk tire manufacturers pn)bably will issue statements later tod: DIVIDENDS DECLARED NEW YORK, January 12 (#).— Regular. Pe-. Rate.riod. 10¢ Hidrs. of Pay- record. ] Jable; Jln u Compa Amer lu Becur Do, NEW YORK STOCK EXCHANGE nwwvyrflntqwmmmsnmsmm (Continued From Page 13.) Stock ana Dividend Rate. N AR ]B% NatDist Products(2) 6 Lead of (A} (7). 20a Pow & Lt (1).... 17 at Radlator-. . . 2 % Nat Ry Mex 2d pf, 41 Nat Steel (2). 60 Nat Supply (5). 106% Nat Supply pf (T) 35 Nat Surety (5). 13 Natl Tea (1).. 20 Nelsner Bros (1.60) 9 Nevada Couper (1). 15% Newport Co (2). 11% Newton Steel. 106% N ¥ Central (8). 152 9% N Y Invest (1.20).... 67% N Y N H & Hart (6). 106% NYNH& Hpf (7 3% N Y Ont & Weste 1 N Y Rallways p! % N Y State Rallways. 98 N Y Steam pfi6).... 4% Norfolk & Southern, 4% North Am Aviation.. 57% Nor Am (b10%stk). 51 North Amer of (3).. 86% Northern Central (4) 1 42% Northern Pacific 16). 41% Northwest Tel (3) 9 Norwalk T & R pf 16 Ohlo 011 Co (2). 214 Oliver Farm Ea ev pt % 48% OtisElevn (23%)... 2 118% Dfll Elev pf (6) ....100s 9% Of el. 82 Ovu s 111 Glass (3). 40% Pacific Gas & EI (2). 46 Pacific Lighting (3). 114% Pacific Tel & Tel (7). 74 Pack Mot Car (60c).. 84% Param nt Publix (4). 1% Park Utah .. 25 Parmelee Transport. 8t Patino Min 3 Peerless 26% Penick & Ford (1) 27% Penney (J C) (3) .. 90 Penney (JC) pf A (6) 53 Penna RR (4)...... 21% Peop Drug Strs (1).. 5% Petrol Corp (1%)... 84 Philip Morris&Co(1) 11% Phillips Pet (2). 74 Pierce Ol pf. . . 25% Pilisbury Flour (2).. Pittaburgh Coal pf.. 48% Pitts& W Va(6).. 14% PRAm Tob A (3%). 20 Postal T&Cpf (7).. 11% Prairie O1) & G 2) 16% Prairie Pipe L. 3% Pressed Steel Car 26 Pressed St Cpf (7).. 52% Proct & Gamb (2.40). 1 Prod & Refine: 65 PubSvNJ(340). .. 91% PubSv NJpf (5)... 104% PubSv NJpf (6)... 107% Pub Sv E & G pf (6). 47 Pullman Corp (4)... 15 Punta AlegreSugar.. % Pure Ofl.e....oceees 90% Pure Ofl pf (8) 36 Purity Bakeries (4). 11% Radto Corp 47 RadiopfA (3 3134 Radio Corp (B) (6), 14% Radio-Keith-Orph A. 58 RRSecICstkC(4). 16% Raybestos Man 2 60. 73 Reading Rwy (4).... 224 Real Silk Hoslery(3) 10% Republic Steel 28 Republic Steel pf.... 10 Reynoids Metals (2). 70 Reynolds Tob A (3). 40 Reynolds Tob B (3). 4% Richfield O1l. 36% Royal Dutch u3.2165. 38% Safeway Stores (5).. 19% St Joseph Lead (2) 39% St L-San Fran (3) 621 St L-San Fraa of (6) 4 Schulte Retail Strs. . 35 Schulte Retail pf (8) 50; 45 Scott Paper (11.40).. Ag; !V. Servel Ine. 9 Sharon Steel Hoop. . 4501 20% Shattuck(FG)(t1%; 5% Shell UnionOMl..... 9 Snell Un O1] pf (6%) 5% Simms Petroleu: 11 Simmons Co. 9% SinclairCon Ofl 86 Sinclair Oll pt (8) 10% Skelly Oil...... 42 Skelly Ol pf () 90% Solvay Am nr"i* 10'4 Sou P Ric Sug (1.40) 40% Southern Cal Ed (2). 88 Southern Pacific (). 4614 Southern Rwy (8)... 76 Southern Rwy pf (§) 60 SouRy M&Oct (4).. 32 Spalding (AG) (2).. 8 Sparks Withing (1). 2% Spear & Co. 7% Spicer Mfg. 52 106% 35 37 30% 10% 36% Sales— Add 00. High. Low. 2 147 Prev 4% Splegel Close. Close. 140 146% 315 40% 21 138 U 8 8t y: —no regular rate. ay. 14% Stand Bran: lll @Stand Brands of (7).. % Stand Comm Tob Stand G & El pf (6).. Stand Of1.Cali(h2%). Stand Oil Exp pf (5). Stand Oil of Kan (2). Stand Ofl of N J (12) Stand OII N Y (1. Sterling Sec (A) Sterl Sec cv pf (3) Stewart-Warner (2). Stone & Webster (4). Studebaker Corp (3). “Studebaker Co pf (7) Submarine Boat. Sun O1] (11). Sun Oll pf (6). Superheater (2 Superior Ofl. .. Superior Steel. Telautograph (1.40). Texas Corp (3).. .. Tex Gulf Sulph (4).. Texas PC &OIll. Texas Pac Land Timken Det Ax (80c) Timken Roller (3)... % Tri-Cont Corp... Tri-Cont Corp pf !l). Twin City R Tr (§4). Union Carbide (2.60) Un Oil of Cal (2) union Pacifio (10)... Unilon Pacific pf (4). Un Tank Car (1. Utd Afreraft. .. . Unit Aircraft pf (3). UnitedBiscuit (2). United Carbon (1)... Utd Cigar Stores. Utd Cgr Store pf(6).. Unit Corporation. . Utd Corp of (3) Utd Electric Coal Utd Fruit (4) Utd Stores ot (2%).. U S Express. U 8 & For Secur. ) S Ind Alcohol (6) . S Leather.... Leath pr nl ('l) . Plpe & F (2). Realty&Imp(3). Rubber Rubber 1st of. Smelt & Ref (1). U S Steel (7). 1 of ( Univ Leaf Tob Univ Leaf T pf (8) Univ Pipe & Rad. UtiIIP &S (A)ef2.15. 3% Vadasco Bales Corp.. Vanadium Corp (3).. Va-Car Chem.... Va-Car Chem 6% pf. Va-Car Chem pf (7). Va El & Pow pf (6).. Vulcan Det (4) E Woolworth (2.40). .., Worthington Pump.. Yale & Towne (2). Yellow Truck..... Youngs Spring (3).. Zenith Radto. ...... RIGHTS—EXPIRE. 8% Peop Gas Chl..Jan 15 Sales of Stocks on New York Exchange. tock. 3% in stock. m Plus 1% in stock. n Plus Stock and Dividen d Rate, Addoo. High, 81 5% tern. . (1.20) .. 'lz 18% 1119 2. 3 23 644 L1 628 1-94 T 4% 2 104 184 e 1 1000 1 21 1 9 1O 01 1 RO N0 b i 0 T B8 » 3 Brronhiva © o T T T T U [T PP - IRV O B e S, = pE~eSoan Waldorf Systm (Hfi) Walgreen pf (6%)... Walworth Co (2) # Ward Baking (A). Ward Baking (B), « Warner Bros Plct. Warner Quinlan. Warren Bros (3) War Broscv pf (3).. Wess Oil & Snow (2) Wess O & Sn pf (4).. West Penn Pw pf (§) West Penn P of (7).. Western Dairy A (4) Western Dairy (B).. Western Md. .. Western Pacific. Westvaco Chlor (2 Wextark Radio Str: White Motors (2).... White SewingMach. . White Sew Mach pf.. Willys-Overland AR aanaae~ 19 12% 12 12 246.900 1,038,100 Dividend rates s given in the above table payments based on the latest quarterly or half v 3Unit of ‘trading lsss than’ 300 shares. in stock. § Payal 4% a Paid last yeur APayable when enrned. tock. lus 6% in rererr-d nock Plus in stoc rtly % Plus 0% in stock. o in " yPlus 31 in INCREASED COPPER USAGE IS PREDICTED Trade Authority Sees Demand for Red Metal in Building Industry. By the Associated Press. A ray of hope is handed the copper industry by Willlam A. Willis, manager of the Copper and Brass Research As- sociation, who predicts the increased use of the metal in modern construc- tion. “American architects are interested in modernism as applied to building construction,” says Mr. Willis, “and the success achieved elsewhere will be re- sponsible for a much larger use of metal and glass for exterior construc- tion. Many architects are not hesitat- ing to express the belief that, because of the general use of steel framework for buildings, the wall of the future will be merely a curtain. “When that belief is translated into actual construction, it is almost a fore- gone conclusion that copper will be even more indispecnsable in building construction than it is today. Modern- ism in all kinds of construction is dis- tinguished by a large use of metal and glass. Copper is preferred as a metal for this type of construction because of its \zmng and mtprm( qu-mm (o NEW SECURITIES securities offered today include: 3 Am nu Gi 20 Anglo Per. td or 1t H Do As s Dep Rec t (reg). luu Cons L;l pr ' n (W B} éopv 5175 nlvexlon Wlu ton 'rnn =§§§=§i§ 2reh DOOWEOO ODROOOO®m w RBELR S, s = SEEaB¥E BEIEES 5 | interest, by a group headed by Coffin Detroit Edison Co. $34,984,000 general and refunding mortgage 41, per cent bonds, series D, due 1961, at 100 and & Burr, Inc. Pacific Gas & Electric Co. $25,000,- first and refunding mortgage 4%, r cent bonds, series P, due 1960, al . 1o yleld 4% per cent, eaded by the National City an:"u“n Light Co. usooo- refunding mortgage 5 per nt bonds, due 1956, priced at 98 and interest, ylelding 5.14 per cent, by a by Harris, Forbes & Co. M Rlllvly & Ll.hl. NEW YORK, January 12 (#).—New |laml CHICAGO LIVE STOCK MARKET CHICAGO, January 12 () (United States Department of Agriculture).— Hogs, 175,000 head, including 40,000 direct; opened steady; later trade mostly 10-15 higher than Friday; top, 8.25; bulk, 130-210 pounds, 8.00a8.15; 220- 310 pounds, 7.35a7.90; pigs, 8.00a8.25; packing sows, 6.35a6.60; light light, good and choice, 140-160 pounds, 8.00a 8.25; light weight, 160-200 pounds, 8.00 medium weight, 200a250 pounds, ‘heavyweight, 250-350 pounds, . packing sows, medium and good, 275-500 pounds, 6.25a6.75; s).luihlcr,lz,!n good and choice, 100-! 130 ds, 7. w(‘:‘&uhu 000 head calves, 2,000 head; choice steers, very scarce; about steady; best medium weights, 12.50; heavies, 11.50; some yearlings held higher, but bulk of steers of value to sell at 8. 10.50; bidding 25 or more lower on suc! kinds; she st sharing decline. Slaughter cattle and vealers—Steers, good and choice, 600-900 pounds, 9.75: 14.25; 900-1,100 pounds, 9.75a14.25; 1,100-1,300 pound.l 9.50a14.25; 1,300a 1500 pounds, 9.50a14.00; common and medium, 600-1,300 pounds, 6.25a9.75. ‘Heuen. ll’l.'n.nd choice, 550-850 5a. common ' and me- dlul‘ll, 5 Ofll'l 75. Cows, good and choice, 5.25a7.25; common and medium, 4.25a 5.50; low cutter and cutter, 3.00a4.25. Bulls (yearlings excluded), good and choice (beef), 5.0026.25; cutter to me- dlllnl 4.00a5.65. Vealers (milk fed), nd choice, 9.00a11.00; medium, '1 m-poo cull and common, 5.00a7.50. Stocker and feeder cattle, steers, good and choice, 500-1,050 pounds, 7.00a9.00; common and medium, 5.50a7.00. Sheep, 30,000 head; opening weak to 25 lower; decline mostly on near choice lambs; ear; b\llfi. 8.25a8.50 to packers. best held above 8.75; good light 'te!%la'. 8.00a8.85; weights, common, 5.5086.75; ewes, 90- 150 pounds, medium to choice, 2.50a 4.00; all weights, cull and common, 1.50 a3.00; feeding lambs, 60-75 pounds, good and choice, 7.00a7.75. VAL METAL MARKET. EW YORK, January 12 (#).—Copper unlelued, electrolytic, and future, 10. Iron quiet; No. 2, 1. 0. b, Eastern Pennsylvania, 17.00a18. 00' Bufllh wso-uon Alabama, 10.50a14.00. d 25. “00 ‘ntd.nquhnr%h New York, | recent news, NEW YORK, January 12.—There is a feeling in many brokerage houses that the generally favorable character of including United States Steel's unfilled tonnage figures, will influence higher stock market prices. Advices to customers today were largely of the opinion that in view of the strong resistance to selling the recovery INEW BOND ISSUES | Cox_sex ~om BONDS sroce excusven] ¥ ‘Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are in $1.000.) HAMPER MARKET Upward Price Trend Checked «.d Tone Be- comes Irregular. BY F. H. RICHARDSON, + Special Dispatch to The Star. NEW_ YORK, January 12--Bond prices had an irregular trend today, many issues that had been pushed u to new highs on the recovery last weel were dropping back under profit taking as the market met the competition of nearly $100,000,000 in new issues. Today's budget of new bonds amounted to over $60,000,000 and the final two days of last week saw issues amounting to over $40,000,000, most of which remain to be digested. Deal- ers reported these flotations as moving out at a satisfactory rate, but it was evident that even the ultimate buyers were keeping their bonds close to the market for a quick sale in the event of the issue showing signs of dropping badly, as many did last Spring and Summer. Money rates were unchanged. The volume of trading in bonds, of course, was contracted by the counter deals in new issues. Prime List Firm. So far as these conditions affected listed descriptions, high-grade bonds were generally firm, junior issues un- changed to slightly lower and foreign dollar bonds irregular. At the open- ing there were some small advances in senior securities like Atchison General 4s, Nickel Plate 41.s, Consolidated Gas 512, Atlantic Refining’ 5 and Pan- American Petroleum 6s. Most, of these were held and issues of a similar nature generally were firm, though there was an exception in the 115-point drop of International Tele- phone 5s. In the junior railroad group there were gains in Chicago Great Western 4s, St. Paul adjustments, Erie general lien 4s, Missouri-Pacific 4s and Western Maryllnd 4s, but declines in Erie 5s, Prisco 4!5s, Southern Railway 4s and Seaboard “Alrline 6s. Industrials that advanced were Chile Copper 5s, Dodge Brothers 6s, Goodyear 5s, Hudson Coal 5s, McKesson & Robbins 515s, Richfield Oil 6s and United States Rubber 5s. Losses were shown by Anglo-Chilean Nitrate 7s, Armour of Delaware 5l5s, Goodrich 6s, International Match 5s and Shell Union Oil 5s. Convertibles reflected irregularly in stocks. Alleghany 5s, American I. G. Chemical 5135, Atchison 4l.s, Balti- more & Ohio first 4%.s, Inumat.lonll Cement 5s and Texas Corporation 5s all dropped a point or more. There were gains in Chicago & Northwestern 4%s, Commercial Investment Trust 51.s, Philadelphia & Reading Coal & Iron 6s, Shell Union Oil 55 of 1949, and ‘White Eagle Oil 6%:s. Foreign Group. Foreign dollar bonds had wide fluc- tuations. There was fairly heavy buying of Tokio Electric 6s and these moved up over a point. South American - is- sues, like Brazil 8s and Chile Mortgage Bank 63s, were supported. German is- sues were all fractionally better. Italians were strong and Prench and Belgian bonds about unchanged. Finland 7s dropped over a point. Australian de- scriptions mirrored selling in London based on the drop of Australian ex- change against the pound nzrllng, Washlngton Stock Exchange SALES. Capital Traction—1 at 43, 10 at 43, 5 at L 43,5 at 43, 10 at 43, 10 at 43. ashington Rwy. & Elec. pfd—7 at 9815, 10 at 981, meriéan Securlty & Trust Co—11 at Federal-American Co. pfd.—10 at 97, The Carpel Corp.—15 at 22%, AFTER CALL. ‘Washington Gas 5s5—$1,000 at 1037, $1,000 at 1037, $1,000 at 1037;. Capital Traction Co—1 at 43}, 1 at 43%, 1 at 4315 Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Amer. Tel. & Telga. 4 Am. Tel. & Tel, ctl. tr. . & P. Tel. of Capital Traction R, City & Buburban bs. Georgetown Gas 1st 5 Potomac Elec. cons. 5% Potomac Elec 65 1953, Alexs & Mt Vernion cifs. s Washington Gas 6s, Gas 6s, seril Wash. Rwy. & Eiec. M‘LBC'LLANEOUS. | Barber & Ross, 6 Sheve” Chase" Ciun. B1%s Columbia_Country_Club D.'C. Paper Mg, M. Cold Wash' Cons. “Titie. s STOCKS. PUBLIC UTILITY Ame: Wi wy. Wash. Rwy. & El pfd.’ NATIONAL BA! ital, (14) I3 Columbia_(1: apparently has further ground to cover. | Second ( Opinions follow: Babcock, Rushton & Co.— “The irregularity and unconvincing nltures of the market are on the surface. background is one of a thorouth]y ]Iaui- dated position, with stocks and leisurely uptrend.” Hornblower & Weeks—"While we be- lieve the tenor of the market will be firm the early part of this week, we feel advances will all be moderate and that trading will continue listless.” WESTERN FARMERS TO DEMAND RELIEF Rural Districts Will Oppose High |c Taxes in Various State Legislatures. Special Dispatch to The Star. KANSAS CITY, Md, January 12.— With the Legislatures of the farm Statzs getting under way, it becomes more apparent, law-mal is to be felt importantly. t (8s) . ington Loan & Trust SAVING BANK. ank of Bethesda (61). ommerce & Savings (11 Washi United States (30) Washington Mechanics'” (309 FIRE INSURANCE. Amrican (12) Corcoran (10) Firemen's (8) National Unlon ‘(i5) TITLE INSURANCE. Columbia (6h) . Real Estate (6h) Title & Inv. Co. M MISCELLANEOUS. Barber & Ross, Tnc, com Gol. Medical Blds. Corp. (8) L Gravel :fm ] Bt A that agrarian influence in |$ec! The The reaction against high taxes and|W. ali | the difficulty of meeting the obligations involved in extensive local construction seem likely to place the Assemblies on a most strict economy It is noticeable thlt vl the bullds SEx dividend. b Books closed. nasc extr 130c exti ing program of the citics has reached | §1% over into the new year, little new con- struction is planned. the projects under way are finished it is not clear lun what is to follow. In this city, building decreassd 50 per cent !mm 1’2’ and apartment units de- 65 per cent. Out through the mnl ucuau new hotels, store build- ings and ruldencet are rising in limited numbers. The of public mhmunmlwkeevnmlumot 4.75; East St. Zinc quiet; East St Louis, lvo& future, 4.00a 4.05. Antimony, 7.37; quicksilver, 104.00. s i e A Ni a's 1930-31 coffee crop will total 45,000,000 pounds. § o . blulnul moving, Legislatures are to curtail l.hn to lessen the tax ‘The Prince of Wales now favors ci- gars over pipes and cigarettes. MARYLAND BOND ISSUES. BALTIMORE, January 12 (Special). —Baltimore County will offer $500,000 ict 414 per cent bonds xpec'gd 1 Lhe‘glednhle di D:‘(’.\u';: is e n ding, due extraordinary demand for this type of its offering until February 11. issue will consist of $1,000,000 school bonds. The interest rate, it is under- stood, will be 415 cent. The bonds mature serially in Bales, High 101 28 10127 Lib 3%s. 101 108 10327 108 24 10222 102 22 10230 10229 106 28 106 25 108 27 108 25 113 Low. Close. 10128 108 108 26 102 22 10229 106 25 108 25 13 10229 11229 FOREIGN- Argentine 5%s '62. u Argentine May 61. J A A 2 ) Belgium 78 ‘66 Belgium 7s ‘66 Belgium 8s ‘41 Bolivar 7s ‘68. 9 » o Serm alZxRavavalos - B Con Pow Japan 7s. Copenhag 4%s ‘63, Copenhag §s'62... Dan Mun 8s A Dan Mun 8s Denmark 4348 °62. . Denmark 5%s '55. Deamark 6s '42. Dutch East 1 6s '01 El Salvador 8s '48.. Flat 7s war. Finiand 6s '45, Kkinlane 78 '50 French Gvt T%s R @elsenkirchen 6: German 5% s ‘65 German Bank German 6%s '50 German 7s rep Ger Gen E1 7845, . Greek 6s Hait! 6s /52 Japanese 538 '65. . Japanese 6148 '54. . Jugosl Bank 78 °57. Karstadt 6s *43 Kreug & Toll bs ‘69 Lyons 6s'34. . Marseille 63 °34. .. Montivideo 6s '59. . Montevideo 7s '52. New 8o Wales 65’57 New So Wales 6s'58 Norway 6s '63. Norway 6s *43. Norway 6: e Orient dev §%s ‘58 Orient dev 6s '§3:+ ® - Blualamm SaRahioh sanane 03 e Porto Alegre 85 '61 Prague 7%s’52. ... Queenland 6: Queenland 7s *41.. Rhinelbe 7s '46 ww CanCn aman R Gr De Sulss "4 Rome 68 '52. . Roy D 4845 ww Sao Pau 7s' 40 rets. Sao Paulo 8s ‘36 Sao Paulo Sweden 6% '54. .. Swiss 5%s ‘4 . Toho El Pow 78 '55. Tokio 515 °6: Utd King 5% Uruguay 6s '60 Uruguay 8s '46 Vienna 6s ‘62 Warsaw 7s ‘58, High, Low. Close. 87 85 7 1% 91 91% 90% 91% 90% 91% 90% 91 90% 67% 65 3 % 72 105%- 82 4% 102% 78 108 84 95U 96% 104% 106% 103 104% 106% 103 39 MISCELLANEOUS. Abitibl P & P 5363 12 Ab & St 5145 '43. Allegheny 6s’44. .. Alleghany 5s ‘4! Allis-Chalm 6s '37. u Am Chain 6s ‘33 34 AmWat Wks 6s 75. Arm & Co 4%3 39 Arm Del 618 '43 At Gulf 598 5. At Ref deb s ‘37 Bell Tel Pa 62 B ~a s 5: B 2 Bush T Bldg bs Cert-td deb 5% Chile Cop db b6s Colon Oil 65 '38 Col G&E bs May '62 Com Invest 5%s 49 » mt’wae.m weSR5aBo kB ana Duqudsne 438 East C Sug 7% GenCabled In: Cement Int Hydro El 6544 105 Int Match bs 4’ In M M col tr 65 4] Int Pap bs A 47, Int T&T B8 'u Kan Gas&E 4%s '8( 1 to 29 years; . Kend 5%s 48 ww.. Laclede 5%s C '53. Laclede 63%s D '60. Lautaro Nit 6s ‘54. Lig & Myers 63 °51. Lig & Myers 7s "44. Loew's 68 war "41.. Loew’s 6s x‘vlr . Mor & Co 18t nfi Nat Datry 8% s'4 Nat Rad 6%s 47 N Bng T N N 7% 17 96% 95% 834 99252999999220029 101 @101 102 102 106 106% 102% 102% 1 106 114% 114% Sales. High, Low, Cl 5 102% 1024 102% 103% 103% 103% 1104 104 104 104 103% 103% 106% 105% 106% 108% 103 103% 104% 104% 104% NorOT& L 6 Nor St Pow 53 A "41 Ngr St Pow 63 B wEBol smmoalnmRonamn aa 8215 824 91% 9l 91% 66% 65% 65% 69 67 67 103 102 102 102% 102 102 4 M ) 89% 57 87% Pub Sv G 4%s'70.. Pure Ol 5%s '37... Rem R'd 6%s3 A *47 Richfi'd O cal Shell Un O11 6 Sincl O 6%s B ‘38. . SinclOTscvA‘s Sincl Cr O b%s Sinclair P L b8 ‘42, Skelly O11 $%s ‘39, Sou Bell T&T 6841 SW Bell T 6 A "64. StOfIN J b StOIN Y %8s Tenn Coppe Tenn K) P 68 A Tex Corp ev b8 Utd Drug cv 68 63 U S Rublst 58 °47 Utah P& L Util Pwr 58 '59 ww Utll Pow 6%s 47 Warn Br Ple Warn Quin 6s ‘39 Warner Sug 78 '3 West El deb 68 "44. West Un Tel West Un T 6 90% 89% 58% 67 87% 87 98% 98 98 100% 100 100% 102 101% 102 100 100 100 84 83 83 105% 105% 105% 106% 106 106% 105 104% 105 100% 100 100 97 97 97 106% 106% 106% 102 101% 101% 99% 99% 9% 7 T2% 2% 101% 100'% 100% % 73 73 82% 82 43 51% 5L 15 15 105 104% 104% 104 104 104 108% 108% 108% WEOG%s'37T ww. 21 102% 102% 102% Wh Sew Mch 6540 1 30 30 30 Wick Spen 1st7s'36 3 10 10 10 WicSpenSect7s'35 1 R 8 8 Wil&Co 15t 63 41. 4 100% 100 100 103 You St & T 5s'78 2 103% 103 RAILROAD. Atch’on 48 1905-55. 1 95% 95% 954 Atchison gen ¢s ‘95 39 97% 9% Alchoncvl%l 1 84 17 117% 91 N 9% 99% 99% 9% 96% 97 96% 96 96 96 100% 100% 100% 106% 106% 106% 103 102% 103 103% 102% 103 109% 109 109% 104% 104% 104% 86% 861% 86% 87% 87% 8% 100% 100% 100% 101% 101% 101% 74 4 T4 99% 99% 99% 101% 107% 107% 8 86% 86% 89 89 89 99% 995 99%, 99% 991 99y 99% 994 99% 6 101% 101% 101% 104% 104% 104% 111 110% 110% 88% 881 88% 101% 101% 101% 99% 99 99 103% 103% 103% 103% 103 103 108 107% 107% T 104 104 % 98% 98% 5 103% 103% 103% 39 100% 100% 100% 5 100% 100% 100% gen 4s %8, 6 97% 97 97% 1strf 58’71 1 109% 108% 109% st [1168°61 3 45% 45% 45% 661 6615 90 920 85% 86 98% 98% 4% 331 33% 94% 94% 9514 o BRwm 82 %! B&Ocvl%l'll B&O1st5s'48 - g SeEpEEzael Erasipon REH lunzofl 11 2822 R 2223 944 94y 987% 987 90% 90% 93% 93% 85 85 103‘6 103% 103% 104% 104% 104% 100% 100% 100% 103% 103% 103% 103% 103% 103% 103% 102% 102% 109 109 109 101% 101% 101% 96% 96% 96% 44 43% 44 56 56 56 96% 96 96% 96% 96 80 80 82 82 9% 9% 9TU 106% 106% 106% 86% 86 ¥6% 5% 5% 5% 6% T5% T5% 82u 81% 81% 29% 26% 27 105% 105% 105% 991a 99% 99% 98% 97% 98% 105 105 105 99% 99% 984 109% 109% 109% 110% 110 110 92 92 92 20% 27 27 103% 103% 103% 8% 1% 8% 101 100% 100% 91% 91% 914 98 9T% 98 95% 95% 5% Qc ygasen -] Q L4 Colo Sou 4348 Cuba Nor 5 Cuba R R b8 ‘52 Del & Hud rf 4s 43 D & R Gr en 4s '3 Den&R G W b8 °55. DRG& W st 5818 Det Utd 4 E Tenn Va&Ga Erie 15t con 4s "9 Erie con 4s A '53. Erie Gen 4 Erle 63 1975, Fla E Coast 58 *T4.. Gr Tr s £ db 6s ‘36, Gr Nor 43876 (D) Gr Nor 4%s 77 (E) 53 Gr Nor65'73...... 10 03 9 Reling nwwma mveRennaRennsaam - Guilf Mobile Hav El Ry 5% Hock Val 4%s 9! Hud & M adj 6 Hud & M rf 58 111 Cent ref 4s Naea s°2 N 111 CCStL&N 68 A Int Rap T 63 '66 Int Rap Tr si Int Rap Tr 78 '8 Int & Gr Nor 68 ‘52 Int Ry C A 6%s’47 Iowa Cent rf 4 '51. 10 Kan CFtS&M 4536 Kan City Sou 58 ‘50 Kan City Ter Lake Shore 3 Lake Shore forey 2GS Rantla oo poae 83% 84% 8d% 100% 100% 100% 99% 99 99 93'5 931% 931 100% 100% 100% 9% 97 9T 102 101% 101% 55% 554 554 48 48 48 B 95 94% 95 2 wm lm! 101% 8 Long Isl rf Long l-l dh L&Nu L&N l#.l 200! Manh Ry 1st 43 °90. m o1% 92 102 102 8% 13 73 99% 99k 99% 98 96% 97 98% 98% 98 9% 9TH 9T 99 981 98% 99% 99 99y 50 © 50 50 100100 100 84% 841 84k 9% 96 96 101% 101% 101% 108 108 108 83% 83% 83% 92% 90 90 106% 106% 1064 101% 101% 101% 84% B4k 8A% % T4 T4 94 93 93 17 117 17 35% 43% 35% 45% 45% 45% Nassau Elec 4s '51 NOT&MG5SA'S South 58 *41. . or & Wn ov 48 Nor Pacific 3s 2047 2 or Pac 4%s8 2047.. 10 99 99 West Pas qu Nnrruus:ou. auz 12 112% WisCengnés SECURITIES ISSUES 10 BE RESTRICTED Greatest Amount of New Of- ferings Expected to Be in Municipals. Special Dispatch to The Star. NEW YORK, January 12.—A survey of the investment market in relation to the probable new financing in the first quarter of 1931 indicates that the totak of new corporation bonds and stocks will be mt:’wlflllly smaller than mtfil same period last year. From present in- dications the greatest activity will be i the field of tax-exempt issues, or those offered by States, cities and counties as wel} as for the purpose of interstate projects. This is In lin with the niational policy. of promoting enterprises that give em< ployment. It will be assisted by the cur~ rent demand by institutional and indi- vidual buyers of securities for those of the highest grade. Recently the mar- ket for tax-exempt issues has been much’ firmer than during the middle of De- cember. Prospective Borrowers, é Some of the prospective large borrow- ers are the city of New York, the State of New York, the State of New Jersey and the New York port authority, with substantial programs of highway, water works and bridge developments under consideration in the West and South. The recent improvement in the of h|lh-grlde railroad and public ufllflw ds has given eneouragement to cor- porltiom in the transportation and light- and power mdumm that have been postponing negotiations with their. bankers until market conditions were more favorable. There is a large amount, of new capital required in both of these fields for normal developments. It is hoped that opportunity will be mn during the present period of money to refund high-coupon bonds a lower rate of interest. Although there are rumors nl ber of lo‘relcn issues ec- tion with artpesn s sonth Amer- ican projects, feeling in investment circles s that the dollar bond market is not yet in a condition to present. sitions that would be attractive either to borrower or londeeorlctheu!flmnu consumer of such o for the past four has been com-- g::_.led to take eare of a major requirements at home. has been an extension of short-term credits by American bankers, there is general disinclination to consider any- thing in the nature of a long-term Ger- man municipal or col loan., Undigested Securities. In spite of the fact that total bond issues in 1930 were about 30 per cent. below those of 1929 and that they- tapered off to nominal figures in the last quarter of the year, there is still &, considerable supply ot ‘undigested securities in original han For this reason there is a ah‘w sentiment among investment houses in favor of: some form of regulation of new offer- ings. It is recognized that a great part: of the trouble in the market is due to- the excessive emission of bonds at times* when the market is saturated. The: usual sequel of this is & heavy decline in the price of new mues after the: syndicates have been dissolved. Recent illustrations of this were l’hfl * in the unusual break in Dominiom of Canada 4s and Mobile & Ohio Railroad « 5s. The domestic municipal market has; also had experiences of the same sort. in the last few months. Control of new issues was successfully carried out dur- ing the war period. It is believed some form of regultaion of the same kind is again desirable as a means of return- ing the investment market to a wm tion of normalcy. (Copyright, 1931.) 2« CANADIANS HOPEFUL . OF FARM AID PLANS Dominion Government Is Making~ Effort to Relieve Rural Section. Special Dispatch to The Star. TORONTO, Jani 12—1In spite of the uncertainties with which the new year opened, the Dominion is now find- ing encouragement in the pna.lul methods that the federal g is applying toward the so country's agricultural problems, For many years the railwa; banks have been warning against what they call “wheat mining,” or an exhaustion of the soil by lack of attention to proper fi methods. Now that low prices have prairie country to pay attention to the, :gvkgtaus of ’c"l" cost u‘l’{ mdufll?:. e department of agriculture - ning to introduce some of the ::u'&odl that restored prosperity to the north- western states in 1926. wi furnished by the government and definite aid given in im the quality of live stock in provinces. SILVER QUOTATIONS, NEW YORK, January 12 (#).—Bar silver, 20%. Ore Short L 5s gtd. Oreg- Wash ¢ Por R L&P T4%s s Read gen 4%8 A'97 101% 101% 100 2 nnSonmeatna e e maBimE i nemeBeaitos Seab A Liady| Seab A L cv 6 Seab All Fl 63 K Sou Pac col 43 '49.. Sou Pac ref 48 '56.. Sou Pac43a el .. Sou P 414869 ww. Sou P&Or ¢%8 77, Sou Rwy gen 45’66 Sou Rwy Sou Rwy Sou Rwy 6%s'56. . Term As St L 48 '3 Tex & Ark 5%s G0, 0o Tex & Pacbs C Third Av ref Third Av ad) 63 60 Ulst & De 5s ctf * u e e wonils o onawe ERaaon m-aa-o: "