Evening Star Newspaper, January 15, 1931, Page 14

TAI4, wkH REPARATIONS HELD DEBTSOLLTIONKEY Cancellation of Interallied 3"‘: 4% Norfolk & Southerni! 1 64 9 6% i . 3 Obligations Declared\Contm- BZL g7 Nor Am (blosatil 38 6Tk gent on German Payments. |gfi 4% Northgre Pacifie 16). | o 5w " 32 BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, January 15.—Cut the terallied debt, reduce the tariff, let rices seek their natural level, stoD| 107% 46 Pacific Lighting (3), artificial bolstering of prices, reduce wages, reduce Federal capital gains tax, “keep markets open and prices 1 free! \ So advised Albert H. Wiggin, chair- man of the Chase National Bank, the world’s largest, to his stockholders. “I have no sympathy with E:lu~flx- ing palliatives, whether employed by governments or by trade combinations, which merely delay necessary adjust- ments,” Mr. Wiggin said. “I think that the forced maintenance of wage scales, at which labor cannot find employ- ment, does no good to labor or to any one cise. . Our depression has been pro- Jonged, and not alleviated, by the de- lay in making adjustments.” Mr. Wiggin thinks his suggestion fa- voring the United States Government initiating 8 move to reduce interallied debts is “good business.” The European ess commented upon this phase of is speech widely. He said nothing about reducing German reparations. Probably these were included by infer- ence, for while German reparations are not considered interallied debts, they are part of the foreign debt picture and cannot be ignored, when interallied debts are being considered. Problem Must Be Solved. To reduce or cancel interallied debts without reducing the German repara- tions would make the situation, if any- thing, worse than it is. ‘Why should the United States cancel or reduce the debts which France, Italy, Great Britain, Belgium and other na- tions owe without at the same time having the allies wzite down, in the same degree, the debt which Germany owes to them? Otherwise, the United States would be shouldering the entire cost, of the war! Nevertheless, this problem will not down. Its solution is holding back business recovery. Many people who watch the huge sums spent for war and war preparation wonder why. some of these items cannot be cut and the war debts paid. But an external debt is a far different thing from an internal debt and the international debts are so top- heavy today that something must be done about them before 1931 passcs. ‘The candid statement of Mr. Wiggin should have the effect of bringing it once more before the American people as a major business problem which has not been solved. Harvard Economic Service. ‘William P. Everets of Boston, Har- vard graduate, student of business, has been following, among other financial and economic services, the one called the Harvard Economic Service. The name “Harvard” is on the service. And ‘the cool discerning Mr. Everets, studying the different bulletins issued by the service, is convinced that this serv- ice has been entirely “wrong during the past two years,” and wants to have something Gone about it. ““This influertial bulletin, backed up by the prestige of the oldest university in the East,” he says, “helped to push the market up higher and higher and made the inevitable crash so much greater, and then helped to delay the Teal recovery by ill-timed optimism.” Mr. Everets goes on to say that this service stated that a depression of the type like the 1920-21 one was out of the question, and that the depression would terminate in the Spring (of 1930) or that prices were already at bottom (early in 1930). Charts were produced; plenty of data and diagrams and all kinds of devices resorted to in an endeavor to show that the work was scientific. Now Mr. Everets believes that great harm was thus done because it caused many peo- pie to follow its advice and lose money. Still, the Harvard service never was anywhere like as optimistic in its state- ments during 1929 as many other economic services which sprung up throughout the country, claiming to : Sb(‘lenfinc and telling when and what uy. The New York Journal of Commerce states the case this way: “There is not the slightest scientific warrant for thinking that they (such services) can make or ever successfully forecast com- ing events and the time of their oc- currence with accuracy.” This is pretty strong, but many who have lost money in the market follow- ing the suggestions of such services agree with this conclusion. Prophecy, up to 1931, always has been a dangerous luxury to indulge in. Rail Merger Movement. ‘The fajlure of the proposed Great Northern-Northern Pacific merger, due largely to the conditions which the Interstate Commerce Commission laid down with reference to the Burlington, has thrown a dash of cold water in the face of the whole railroad merger movement. Never were the railroads harder FM than they are now. The bus ines are cutting into their profits, from both the passenger and the freight end. Few economies are left to be made. Farmers cry out for cheaper railroad rates; so do business men in many places. Many railroads—good ones, too—are not earning their dividends because both freight and passenger Teceipts are “away ofl.” ‘Then what is the way out for the rail. roads? Apparently, only by a series of mergers which will cut overheads and will allow in return a reduction in freight and transportation rates. But the act, allowing mergers, has been in existence for 10 years! ' Nothing has been done yet. . ‘The railroad situation, as it exists to- day, is an impossible one. It cannot go on. Railroad executives know it, and many of the railroad labor leaders also know ft. But, what's to be done? Speed in ef- fecting mergers is impossible. Gen. At- terbury of the Pennsylvania announced the other day it would take years—not wecks or months—to work out the big four railroad agreement in the East. But what is holding mergers back is the lack of unanimity amcng railroad leaders themselves, as well as the public, as to just how such iergers can be brought about. Again the crying need is a far-visioned leadership, strong enough to bring order out of chaos. British Loan Rumored. 1s the British government about to negotiate a $500,000,000 loan through J. P. Morgan & Co.? It is 13 years now since Great Britain borrowed publicly in the American mar- ket. At that time an external gold 5'2 per cent loan was made. Bonds total- ing $143,000,000 of this issue are still outstanding, but are not callable before their maturity in six years. These bonds are listed on the New York Stock Ex- change, have never gone below 1017, and have sold as high as 107%, with quotations yesterday around 105. No intimation, however, has been FINANCIAL. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 13.) Prev.1 181% Norfolk&West (112) 4% North Am Aviation.. - 3 s 16 Ohlo OII'Co (2). 34% 1% Oliver Farm Equip.. 90% 12% Ollv Farm Eq pr pf.. 46% 2% Oliver Farm Eq cv pt El - mmomeronea S ssnonenSnEna vareBe 80% n2%).... 60% Gl T4% 40% Pacific Gas & EI (2).. 28% 7% Pack Mot Car (60c).. 12% 1% PanhandleP&R.... 774 34% Param’nt Publix (4). 35% 5 Park & Tilford...... 4% 1% Park Utah.......... 26% 2% Parmelee Transport. 9 1% Pathe Exchange... .. 19% 2% Pathe Bxchange (A) 55% 26% Penick & Ford (1)... 80 27% Penney (JC) (3) .. 101% 90 Penney (JC) pf A (6) 86% 53 Penna RR14).. e 325 185% People’s.asCh (8), e R 11% Phillips 33 16 Pierce-Arrow A 7% i% Plerce Petroleum. 37% 25% Pllisbury Flour (2).. 507% 380% Pirelli Italy (a3.14). 78% 19% Pittsburgh Coal. 108 84l Pitts Steel pf (1) 45 20 Pitts Term Cof. 24% 9% Pittsburgh Unit Corg 34% 10% Poor & Co (B) (2)... 30% 14% PR Am Tob A (3%). 27% 4 PRAmTob(B). 54 11% Prairle Ol & Gas (2) €0 16% Prairie Pipe L (15) 16% 3% Pressed Steel Car .. 78% 52% Proct & Gamb (2.40). 123% 65 PubSvNJ (340) .. 100 « 91% PubSv NJ pf (5). 158 142 PubSvNJpf(8).... 112 107% PubSvE& G pf (6). 89% 47 Pullman Corp (4). 815 % Punta AlegreSuga 27% 7% PureOfl. 114% 90% Pure Of) pf 88% 36 Purity Baker) 69% 11% Radio Corp 57 47 Radiopf A (3%) 50 14% Radlo-Kelth-Orph A. 2 57 46 Reading 2d pf (2)... 1 64% 22% Real Silk Hoslery(3) 45 27 461 14% Rem Rand (1.60).... 2 14% 7% Reo Motor Car (80c), 2 7914 10% Republic Steel. . 1 95% 28 Republic Steel pf 2 5% Revere Copper & Br. 1 9% 104 85 RevereC&Bopf (7). 20s 34% 10 Reynolds Metals (2). 7 80 70 Reynolds Tob A (3). 90s 58% 40 ReynoldsTobB (3). 24 43% 28% 4% Richfield Ofl. 25% 5 Rio Grande Of 53 64 48% 14% Rossia Insur (2. 2 56' 36% Royal Dutcha3.2165. . 8 122% 38% Salfeway Stores (3). 0 118% 39% St L-San Fran (8 9 101 62% St L-San Fran pf « 4 13% 4 Schulte Retall Strs.. 31 12% % Seaboard Afr Lin, 5 28 % Seab’d Air Line pf. 1 100% 43% Sears Roehuck $2%. 24 82% 35 Second Natl Inv pf. 4 13% 3% Servellnc..... 3 9 _Si 3 13 5 22% 34 9 3 7 1 4% 11 Simmons Co. . 2 15% 5% Simms Petroleum. 1 8% 32 9% SinclairCon Oil (1) 11 % 42 10% Skelly Oil R, S2 281 Sloss-Sheffield pf....180s 35% 30% 10'% Sou P RicSug 11.40) 15 15 40% SouthernCal Ed (2). 10 47% 127 88 Southern Pacific (§). 4 101% 186% 46 Southern Rwy (8)... 6 5915 30% 8 Sparks Withing (1). 2L 10% 10% 208 364 2 114k 20% 17 184 T4 1 129% 3 62 67 3 60% 104 2 93 114% 100 StandG&Elpf (7).. 1 102% 75 42% Stand Oil.Cali(h2%). 9 474 106% 98 Stand Oil Exppf (5). 1 104% 49 . 14% Stand Oilof Kan (2). 2 174 84% 43% StandOllof NJ (12) 48 48% 40% 19% Stand ONIN Y (1.60). 45 24% 20% 2% Sterling Sec (A). 1 14% 5 Ster!Secpf(120)... 1 48 30% SterlSeccvpf(3)... 1 33 1930~ Stock Bales— igh. Low. Dividend Rate Add 00. High. % 106% NYNH&HDf (.. 2 114% 114% 28% Texas Corp (3). 40% Tex Gulf Sulph 4 Third Avenue. . «Thompson (J R) (3). 10 Thompson Pr (2.40).. 3% Thompgon Starrett. . ater A8 (60c) 53 Tide Water As pf (6) Timken Det Ax (80c) 40% Timken Roller (3)... 7% Tobacco Prod A t95c. 10% Transamerica (1). 5% Tri-Cont Corp. . Tri-Cont Corp pf (§). Truscon St (g1.20) Twin City R Tr (§4 Und-Ell-Fischer « Utd Alrcraft. .. Unit Aircraft pf (3) UnitedBiscult (2) United Carbon (1). Utd Cigar Stores. Utd Cgr Store pf(6) Unit Corporation. Utd Corp pt (3) Utd Fruit (4). Utd Gas & Im (1.20). Utd Gas & Im pf (5) U S Realty&lmp(3). S Rubber. ... S Rubber 1st pf S Smelt & Ref (1). U S Steel (7). U S Steel pf (7). Utd Stores (A). Utd Stores vt (234) Univ Leaf Tob (3). Univ Pipe & Rad.... UtIP &S (A)et2.15. Vadasco Sales 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). Waldorf Sys Walwoith Co (2). Ward Baking (A) Ward Baking (B)... 1 4% 41 4% 4% Warner Bros Piet, 6 Warner Quinlan Warren Bros (3).... 2 30% 29 29 293 Warren Fdy & P (2). 3 25% 25 25 27 WessOil& Snow (2). 1 22 22 22 33 West Penn E1 A (1), 10s 101 101 101 99 West Penn El pf (6).170s 964 96 96% 95 West Pean El pf (7). 10s 105% 105% 105% 106} West Penn Pw pf (§) 20s 108 107 107 107 Western Dairy (B).. 5 6 5% 5 2 7 Westingh'se A B (2). 2 Westing E& M (5).. 188 West E & M pt (5). . Weston El Instr (1) 1 Wextark Radio Strs. 1 White Rock MS t4%. 1 424 424 424 42 1 5 1 2 1 1 White SewingMach. . Willys-Overland. 4 Willys-Over pt (7). Wilson & Co (A). Wilson & Co pf . Woolworth (2.40)... 12 Worthington Pump.. 12 65% 61 61 65% Yellow Truck. 8 YellowTruck p Youngs Spring (. 2 Zenith Radlo........ * Sales of Stocks on New York Exchange. - 1.256,900 2:10 P.o. Dividend rates as given in the above ed on the Iatest Quarteny of mall yeais Dt of iradiog lexs than 100, share StBck and Sales— Prev, ividend Rate. Add 00. High. Low. Close. Close. rt-Warner (; 3 18K 17% 17 18% 1 Webster 3 44w 424 43 4% 18% Studebaker Corp (3), 10 22% 224 224 % Sulmarine Boat. .. Sun Of1 (11) 97% Sun Ol pf (6) % Superior Oil. e 5 40% 40 40 103 ). Union Carbide (2.60) Un Oll of Cal (2). union Pacifie (10)... Union Pacifie pf (4). Un Tank Car (1.60) « o m (1%) : 23 22% 23 23 Co... C 2 224 22 22u 29% &0 . 2% 3 263.300 12:00 Noon. 752,600 1,603 100 anny yearly declar Plus 49 . 1 P Payable in_stoc] when earned. h or stock. fPlus 8 IdP.,‘k 3 % in stock. € Plus 6% In in stock.” § Plus $1 i ; 1h stock. m Plus 1% in stock o Plus D s stockock: K Plus % in stock. WASHINGTON BANK OFFICIALS NAMED Many Institutions Organize | for Year—Changes in Boards Few. __(Continued Prom Thirteenth Page) _ usually popular on the Washington Stock Exchange today. Potomac Elec- tric Consolidated 55 and 6s, Washim- Capital Traction 5s were in large de- and some quotations were higher. Sev- were also recorded at recent levels. Loan Concern Names Chairmen. ‘The board of directdrs of the recently organized Southeastern Industrial Loan Hamilton Hotel yesterday and appointed three new committees. Milton J. Hine was made chairman of the committee to select a location preparatory to opening for business on February 1. Arthur J. Hirsch was made chairman of the com- mittee on management and Ernest C. Ruebsam heads the Information Com- mittee. Former A. B. A. Officer Dies. E. E. Mountjoy, representative in Washington of the American Bankers’ Association, has received word of the death in New York of W. G. Fitzwilson, for many years secretary of the A. B. A. He bad many friends among Washing- ton bankers, who had come in contact with him on matters connected with the association. VIRGINIA APPLE; TE)P MARKET IN LIVERPOOL Special Dispatch to The Star. WINCHESTER, Va. January 15— York Imperial apples from Virginia topped the Liverpool market this week, according to & report of auction sales received by cable today. The Virginla Yorks brought as high as $792 per barrel. The range of prices, however, was mostly between $6.24 and $7.68. Top prices for other varieties included: Ben Davis, $5.04: given cut at the J. P. Morgan & Co. Staymans, $6.48; Ganos, $6.24, and offices that any ncgotiations with' the | Rome Beauty, $6. Bushel baskets were: British government are pending. (Copyright. 1931. by North American News- paver Alliance.) REGAL SHOE TAKING OVER EMERSON CHAIN|LYNCHBURG BANK ELECTS LYNCHBURG, Va., January 15 (Spe- Is taking OVer | oia)) —Directors of the details of the consolidation having been|Trust & Savings Bank here have completed a few days ago. ‘This is one | elected Willlam T. Macleod president, of the most important shoe company|succeeding the late R. C. Blackford, mergers reported in a long time, as both | Mr. Macleod are widely known alj, over the Dispatches from New York announce Shoe Co. Yorks, $240, and Staymans, $1.92. Apple shipments from New York to all British ports for the week ending Jan- uary 10 were 32,596 barrels, 9,828 boxes and 6,923 baskets. CONSTRUCTION DECLINE IS 17 PER CENT IN YEAR A decrease of 17 per cent in the vol- ume of construction performed in the United States during 1930, as compared with the previous year, is reported by the Assoclated General Contractors of Charts prepared by the association | show that the average monthly per- formance during the year, as deter- mined by shipments of basic construc- tion materials, at index number 163,as compared with an average of 196 for the previous year and 188 for the pre~ ceding five-year period. The index is calculated by representing the 1913 average as 100. As yet, says the association, tHere is no statistical indication that the bot- tom in construction 'activity has been reached or that the upturn is just ahead. It points out that in all classi- except those of educational and public buildings, reports of con- ted projects, compiled by the F. Dodi continue to eral small lot transactions in stocks| show lower totals than those of the corresponding months a year ago. Any future rise in construction activ- ity will be preceded for several months by a notable rise in the reports of con- templated projects, it says, and since this rise is not yet in evidence, it ap- pears patent that activity in private construction during 1931 probably will not exceed that of 1930. The association says that, despite that the monthly average of wages paid in the industry’was higher than in any year on record with the exception of 1920, the cost of construction in 1930 was the lowest in recent years. After a steady five-month decline in the cost of construction earlier in the year, the cost index remained stationary during the last five months at the low level. INVESTMENT TRUSTS January 15 (#).—Over- ket ton Gas 5s, Georgetown Gas 5s and | mand. -Recent prices were maintained | Corporation of Washington, met at the | NEW YORK, the-counter ms Am Founders 8% Am Founders 7% pf ‘Am Founders conv hers unchanged. TRUST COMPANY ELECTION. LYNCHBURG, Va., Janua cial) —Directors of the Lyn nk & Trust Co. have elected Allen Cucullu president, William V. Wilson, | elected ch ho ‘retires, but the ERTIFICATES. Commercal| o ttad by 3. & W, Selieman & o)) VOLUME OF TRADING in the year 1930 than the volume in fact brought out in an analysis of the 1930 stock market made by Standard American Corporation, depositor corpo- ration for Standard American Trust shares. The study showed that the volume more than 42 per cent of the year's total business on the New York Stock Exchange. Radio Corporation of Amer- led all other stocks last year, with a total volume in excess of 35,000,000 shares. General Electric was second, with a volume of 21,699,000 shares, and United States Steel Corporation third, its volume having been 21,435,000 shares. “It is apparent,” says John Newey, American Corporation, “that reduced volume of trading on the stock ex- change comes from a narrowing of the number of shares engaging the public interest rather than from a restriction in the activity of the market leaders. Although the {otal volume of trading on the stock exchange in the year 1930 was 27 per cent less than the volume in 1929, we find that the 25 most active stocks in 1930 show a volume of trading approximately 13 per cent greater than the same stocks in 1929. We find also that while the volume of trading in the 25 market leaders in 1929 represented about 27 per cent of the total business on the New York Stock Exchange, the 25 most active stocks in 1930, repre- sented more than 42 per ‘cent of that year's volume NEW YORK BANK STOCKS NEW YORK, January 15 (#).—Over- the-counter market: Banks. Bid. Asked, America 66, %63 1 3 £ 80 59 2478 i) 4150 Ha . 1615 Manhat Co 86 Peoples Natl .. 450 Trust Companies. Bankers v 13 118 Broadway Plazg . 3 38 Cent nover = 246 251 Cheisea Bk & T+ 3 Chem Bk & Tr. 49 i1 Gorn Excnanse 14 138 Count] 31 g uarants g o rying . s 31 Manifaciiiers KL ow York ... United States . 3000 3200 Westchester Tith 103 ns Discount Rate Raised. was vice president and cashier. C, G. Baber was elected |37} BOMBAY, January 15 (#).—The Im- perial Bank of India today raised ducount Jale Jom 6 to 3 percenty | 22% PR R e 40% 1% 1 42 31% 30% 31% 31% % | Washington Gi | wa: | Wash. Wash. Rwy. & Elec. 4s. d last year | N5y 0S Capital (14). Columbia (13 Commercial (siamped) {i0) District (&) : change was actually 13 per cent greater | American (12 Corcoran (10)" Firemen's ( the same stocks in 1929 is a surprising | ie National Union (i3} of trading in this group of market lead- | ers aggregated 343,476,033 shares, or |, ica, which was the leader in 1929, again | w executive vice president of Standard AFTER WEAK START —— Drop in Money Rates and Lack of New Offerings Aid List. BY F. H. RICHARDSON. Special Dispatch to The Star. YORK, January 15—B#nds | Argentine turned strong today after a weak open- ing. Behind the strength stood the low- est time money quotations in 37 years, cent and 90-day accommodation at 2 per cent, with some unofficial arrange- ments being made below that figure. In addition, the market had a much needed respite from the outpouring of new fssues, which had amounted to over $200,000,000 in the first three days of the week. But more than even these potent tactors was needed to boost sec- ondary issues, and it was not until the Street learned that two $100,000,000 bond offerings that have been hanging over the market had been postponed, one of them indefinitely, that prices re- bounded from their lows. - , - Consolidated Gas of New York, which bonds, has put off the offering until a more favorable opportunity, and Penn- sylvania Power & Light, which proposed to sell a similar amount of bonds, an- nounced today that the issue had been postponed untii April at the earliest. Volume was somewhat heavier than on Wednesday, but still only moderate dimensions. ‘The upturn was led by United States Government bonds. Liberty fourth 4%s advanced 4-32 to the highest since 1927, when they sold at 10412, To. day’s quotation went over 104 at one time. Treasury 44s and 4s gained 3-32 and 4-32, Prime corporate bonds such as Atchison general 4s, Baltimore & Ohio 4s, Csnadian Pacific 4s, Nickel Plate 4l5s, Southern Pacific 414s, lumbia Gas 5s, Duquesne Light 414s, Western Union 5s of both the 1951 and 1960 maturities, Atlantic Refining 5s and National Dairy Products 5%s all gained fractionally, Washington éiock E;change SALES. Potomac Electric Cons. 55—$1,00 at 103. Potomac Electric 6s 1953—$2,000 at 108, $1,000 at 108. | Washington Gas 5s—$500 at 10355, Capital Traction 55—$500 at 863, $500 at 863, $500 at 86% Washington Gas 55—$1,000 at 1037, $1,000 at 1037, $1,000 at 1037, $1,000 $1,000 at 1037, Merchants’ Transfer & Storage com.— 10 at 100. District ' National Securities pfd.—10 at 68. AFTER CALL. Potomac Electric 5% % pfd.—5 at 109. Potomac Electric 6% pfd.—10 at 11274, Georgetown Gas 55—$1,500 at 104, $1,000 at 104. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4%s '32. 1 4125 '39. tr. 55 R, R. 5. 3 . of Va. Capital Traction R. R. Gty & Suburban bs. i ash. Alex. Wash., Balio, & An. Washington G . Gns 6s, series Gas 8s. series B. MISCELLANEOUS. Barber & Ross, Inc.. 6a: R e Chevy Chase Club 5Yas R T Columbia Country Club 5i35.... 100 i D. C. Paper Mfe. 6s e 8 W. M. Cold Storage 9! 98 Wash, Cons. Title 100° 44 125 240 0§ NATIONAL BANK. . L.-Am. 55 Liberty (75)..... 200 IN STOCKS GREATER t:::i i i3 Me politan (14) 340 | Riy €138) .. 485 4 d (9e) 210 2 Washington ( 245 Analysis Shows an Increase in TRUST COMPANY. (A::I(\‘. Se: IETT\‘. lcolb“"- fi: g!: i ) 1930 in Twenty-five Most | Semonehsl, "e Wagyos 38 138 Active I Tiloa Frume (har . True 20 o . ctive lssues, Wash. Loan & Trus! 458 SAVINGS BANK. # Special Dispatch to The Star. (g e M o CHICAGO, January 15.—That u"’;:x'o'mfl".hx‘é‘,""" a2 # volume of trading in the 25 most active | Security Sav ‘ (‘m ] 500 stocks of the New York Stock Ex- | o States 63 Washington Mechanics (20! 50 L FIRE INSURANCE. TITLE IN Columbia (6h). 11 Real Estate (6h 200 itle & Inv. Co. Md. com.. ... 30 MISCELLANEOUS. Barber & Ross. Inc., com o s Col. Medical Bidg. Corp.':'\] 87 125 ol. Sand & Gravel prd. (7). 78 86 G- Baper Mg ptd , i Dist: Nall, Sec, pfd; (1) 2 8 15 Em omo-Selz, “A” (2 0. < B Fed e pid. (8)... 110 130 el 21 28 com. (1.201 L' (8 Peoples Real Est. M. & G, 4 . DA Beowrity Storage (4¢) TR SOWE Con The_Carpel Corp. (1.5 *Ex dividend. b Books closed. 5c extra. 5% extr: §1% extr: 2 P cl2isc extrs. el¥a% exi CONSUMPTION OF CANDY SHOWS INCREASE IN YEAR By the Assoclated Press. In 1929 candy consumption, as meas- ed by the Department of Commerce’s %nuul confectionery report made pub- lic today, gained one pound per capita as_compared ,with the previous year. Estimated per capita . consumption for the country as a whole averaged 1298 pounds during the year, the study reveals, while in 1928 the esti- mated average was 12.06 pounds per person. ‘Total consumption in the United States in 1929, as estimated in the re- port, amounted to 1,574,074,293 pounds. ‘This figure represents an increase of 8.8 per cent over the total of 1,447, 322,504 pounds marketed in 1928 and is 7 per cent more than the 1927 con- sumption of 1,468,357,740 pounds. Sales of manufacturers direct to re- tail chains showed a gain for the year, but without material reduction in the quantity of confectionery sold through Jobbers. . NITRATE COMBINE. SANTIAGO, Chile, January 15 (#).— Finance Minister Carlos Castro Ruiz announced the completion of negotia- tions in New York for a $300,000,0¢ nitrate combine known as the Cosach (trade name for Compania Salitrera de Chile, or Chilean Nitrate Co.). He added that with negotiations completed by Chilean government rep- resentatives and nitrate interests on one hand, with bankers on the other, s the great combine to control the nitrate established, industey was DOW. 103 27 10330 10225 10225 Australia 6s '67 with six-month loans going at 21, per PAustria s '43 Batav Pet 4%3 Belgium 68 ‘56 Brazil 6%s '27, Canada 5831 has prepared a $100,000,000 issue of |C! Copenhag 4%s '53. Czecho 98 '62. Dan Mun 85 A 46 Denimark 6%s Deamark 68 ‘42 Duteh East 1 654 Dutch East 1 63 62 Flat 73 ex war *48. . kinlanc 78 ‘50 Fram 1 D 7%s 42 Krench 75°49. French Gvt s 41 nkirchen 68’34 19 90% German 5%s 65 k German 7s rep ‘4 Hungary T%s 44 Japanese 6%s ‘65. . Japanese 633 '54. Jugosl Bank 78 '67. Karstadt 6s *43 Kreug & Toll bs '69 Lyons 6s'34. . Marseille 63 34 Mex 4s asstd 1910, Milan 638 53. . Montevideo 75 °52. Netherlands 6s 72. | New 8o Wales 6s'57 | New So Wales 65’58 Nord 6%s 50. Norway 63 52 Orient dev 5% Prague 7%s '52.. Queenland 6s '47. Rhinelbe 75 '46 ww " .| Rhine West 65 '53. | Rhine West 7s '50. Rio de Jan 6%s ‘53 Riode Jan 8s°46. . Suo Paulo 83 ‘36 Sao Paulo 8s b0 Serbs-Cr-S1 8. Sninyetsu 6%s '52. Soissons 6s '36 Sweden 5% s 'b: Siss 5%s ‘46, Tokio 6%s ‘61 GrTrsfdbés 36. Uruguay 8s '46 Vienna 6s ‘52 Warsaw 7s '5 Yokohama 6s MIECELLANEOUS. Abitibl P & ¥ b Allegheny bs ‘4 Alleghany 65 4! Am Beet Sug 6s Am F P 58 2030 Grt Nor 1st Gr Ner gen 7s '3 Green Bay deb 111 Cen 6 111 CCStL&N 68 J Int Rap Tr s Kan City Sou 5 Am T&T e tr 68 46. Am T&T s s 1 '60. Am T&T 6%s 43.. 14 Am W Wks b 6 AmWrit Pap 6s°47. Arm & Co 434839 Arm Del 6%s'43.. At Ref deb bs '37.. Bell Tel Pa 62 B 48 Bell Tel Pa 63 C 60 Beth St p m 58 '36. Bush T Bldg 68 '60. Cert-td deb 5% s "48 Chile Cop db 55 '47. De Edison 53°40... Det Ed rf 6s B '40. Dcdge Bros cl 65'40 Duquesne 4% s Gen Motors 6 Gen Thea Eq Goodrich 6% Goody'r Rub bs 6! Humble O11 s '37. Hum O&R 6% MBTIistpfbsA. In M M col tr 6541 Int Pap 68 A "47.... Int Pap 6s 65.. IntT&T 438’ Int T&T cv 4% 3! Int T & T bs'56. Kan Gas&E 4%s '8t Lackaw St 63 °50 Laciede b%s C '5: w0 % Lou G & Ei bs '62.. Midvale Steel 6 Mont Pow b8 43 Mont P db 65 A 63, Nat Dairy 6% 5'48.. o Nor Am Ed b%s Nor St Pow 63 B '41 PacG & Kl 6843 Pure OLi 5%s '37 Rem Arms 63 A*37. 1 Solvay Am bs Sou Bell T&T §: SW Bell T b3 St OfI N.J bs STONNY 4%s Tex Corpev 6844 114 Utd Drug v U 8 Rublst 6 Utl] Pwr 68 '59 ww. Util Pow 6%s 47.. Walworth 6s A *45. % Wil & Co 1st 6841, 27 FousSt&TEs'78.. 12 RAILROAD. 96. 5 954 Atchison gen 4895 45 Atchison ad) Atch'oncv 4% At & Danv 4s ‘48 BR& Pitt 4148 '57. Bush Tercon 68’56 1 Can Natl 4% s '55 Can Nat 63 Jul: Can Nat 6s Oct ChRI&ZP4%sA.. Cn R 1cv 4% Ch UnSta5sB'63. 4 Ch Un Sta 63s ‘62 C& W Ind ev 4 C U Ter 4%s 202 Clev Term 4%s. Clev Term 58 73, Colo & Sou 4 Cuba R R 6s°52.... Del & Hud rf 4543 59 6 D& R Gr en Den&R G W 68 '55. 13 DRG& W st 5518 Det Utd 4%s'32. Erie Gen 45 Erie con 4s D 53 Erie cv 55 '67 Erie 63 1975....:. Fla E Coast 85 '74. Fond J&G 4%s'52. Gr Trunk 7s°40.... Gr Nor 434876 (D) Gr Nor 4%s'77 (E) 37 Hock Val 43%s 99 Hud & M ad) 68 °'57, 9 Hud & M rf 58'57.. 14 111 Cent 48 '63 . 3 111 Cent ref 45 ‘55 m o ::: [ s Int Rap Tr b 66. Iut Rap Tr 7s 32. Kan City Sou 3 Kan City Ter L &N bs B 2003 Man Ry 2d 452013, 4 Market,St 75 ‘0. Ml E Ry & L bs M SLP&SSM con ¢ M StP&SSM 68 gtd 2 MK&TLst4s 90, 2 MK&TprinésA, MK & Tadj 667, 15 Mo Pac gen 4875 Mo Pacific 65 A '65. Mo Pacific 68 ¥ *11. Mo Pacific b8 G 78 Mo Pacific 54 H ‘80 Mo Pac b%sev 4d. N&T&MGsB » S NY C&StL 4%s 78, NYC&StL6%sA NTC&StL6s'32 NY NH&H 3%s 54 NY NH & H 45 '56. NYNH&H db 48’57 NY NH&H, 4 %38 67 NY NH & H clt 6s. © o - Nor Pacri16s2047, Oreg-Wash 4s ‘61 ey PERS @ mpEerhocARemRaa ke onSow ceaB-S Penna 65 ‘64 Penn gen & 10 Penn §%3 3 26 Pere Mar 4%s '80. Pere M 1st 6s '66.. 1 Philippine RR 4 P CC&StL 4%s77. :g Read gen 4%s Read Jer Cen RIAP&L4%s8'34 8 StL IM R&G 4833 45 StL&SF lll:. 53 3 ) 3 CCC&SLGsD'63 5 |42 38 10 1014 5 56k 8214 101% 1 Sales. High. Low. Close. 3 954 95 95% 2 53 53 106% 9% 80 86 69% 103 102% MK 93 100% 99% 101% 99 81% 964 104% 106 104% 9% 98% 974 75 71 4T% 104% 101% 96 100 102% 5% 981 116% 5014 954 100% 97 1008 96 102% 1025 108% 96% 104% 85% 995y 1003 7 104% 101% 104% 104% 1164 8% 987%4 103% 102% 104% 97% " 97% 16 102% 102% %o 914 106 114% 89 104% 100% 104% 103% " 102% 105% 101% 56 96% 5% 8% 82 9% 28 25% 105% 103 % “FINANCIAL. BONDS ARE STRONG | Co-sev <o BONDS o ] d Private Wire Direct to The Star Office UNITED STATE! (Sales are in $1.000.) 105% 99U 80 85 70 108 102% 93 95 89 “ 86% 97% 99% 102 99 81% 964 105% 106 104% 99% 98% 981y 7 arwl 102 102% ‘ 5% 981 116% 5015 | M 9514 102 100 | B 9615 | Radio 1054 1024 102% B 108% 97 104% | 3! 85% 100% 100% 71 99% 86 20 99 994 29% 29 105 101% 104 104% 116% 87% 99 103% 102% 104% 914 90 106 1145% 8916 | 8 104% 100% 104% 103% 102% 105% 101% 56 96% 95% 8% 82 9% 28% 251 105% 110% 110% 103% 1% 9% 100 87% 69 6814 89% 104 107 945 94% 9874 864 814 99% 96% \ 874 101% 101% 69% 68% 89% 80% 81 4 100% 100% 95 95 100% 100% 100% 101% 104 96 102 107% 106% 1063 98 90 90 = 106 106% | Sinei 101% 1 98 N 99 111% 111% 94% % 106% 106% | Un Pac 1st 101 96% 96% | Un 100% 100% | 1 o8t | Va Ry 87 | Wabas 81% | wal 01% 101% 997 | W, 963, W 96 WatSI TOP AL OTHERS Total Cash Payments Last Month Far Ahead of November Record. Cash dividend payments made by in December totaled $536,313,416, against $223,175,- 079 in November, according to Standard Statistics Co. The petroleum division led the list with disbursements of $100,- 698,136. Detailed figures for the various major industries follow: 808 anks .. Buliding wnd reai eitiic 104% 1 Goal -5, Cottor Goa o 323 S = . 55 3888 38832 533 a8 b8 EuP 451082 28 3 £252E 2t = 35 335 b 13 - Utilities— telephone craph .. .. Utilities—iraction ‘and ‘busse: Waoolen goods. S 965 2%0 18 Special Dispatch to THe Star. TIMORE, Md., January 15—Po- et potatoes, DAFrer. 30084.00: yams, barrel, 2.25a3.25; beans, 1, 4. 3.00: kale, bushel, berries, box, 2.75a4.00; ipefruit, g‘x‘,’ 1.50a2.75; oranges, box, o tangerines, . hul:gd, 60a2.00; per box, 1.25a2.25. guinea fowls, each, firsts 15a20. ts, 26; hennery receipts, Butter—Good to fancy pound, 28a31; ladles, 22a23; 18; process, 27a28; store-packed, 13, Hay and Grain. t—No., 2 red Winter, . 2 red Egas—Receipts, 104 * | firsts, 28; Southern firs 85a86; cob corn, new, 4.25. Rye—Nearby, 55a60. Oats—White, No. 2, new, 43a45; No. Hay—Receipts, none. General hay market strengthening. Drought has se- riously curtailed nearby ing the em.;nm situation. by tofore shipping are now asking, Good clover, mixed will bring from Seckions nere here- fers of hay. timothy new hay ton, Wheat straw, No. 1 Live Stock Market. Cattle—Receipts, 250 head; light sup- ark R smn—a»oln to choice, 10.00a jood, 9.00210.00; fair ply; market steady. , none; W medium fo g¢ to medium, 7.50a8.50; plain to fair, 6.50a .50; to plain, 5.50a6.00. ulls—Choice to prime, none; 6.00; feir to medium, 5. 50a5.00; common prime, none; to choice, 8.00a8.50; medium 7.25a7.75; fair to me-~ lain to fair, 6.00; common to plain, 4.50a5.25. Fresh cows and Springers, 40.00a80.00. Sheep and lambs—Receipts, light - supply, market 1.50a4.00; lambs, 4.50a9.75. ts, 600 head; b, su] ower; lights, ll,,‘lhsl’;l 50; ‘medi pigs, 8.90a9.00. Calves—Receipts, 25 head; light ‘PW. market steady. Calves, 5. SHORT-TERM SECURITIES, (Reported by J. & W. Seligman & Co.) Allis-Chalmers American Tel merican Thren & Ohio 4i3s 1933 Pet, Corp. 191 5ol St ia Pet Corp. 5’ king Co. 5'as 1937 on’ General Pet. 00!‘.. neral Theaters 96% | Goon 100% 100 8 102 013 | Stan 74 |3 Sou Pac col 45°49,. Sou Pac ref 48 '55.. 85 945 | Sou Pac 4%s 6 Sou P 41869 ww., Son Facific 68°34. . Sou P&OF 4%# 17.126 West MA 4253 kit o h 18t 452361 1