Evening Star Newspaper, January 16, 1931, Page 14

FINANCIAL. | CHIPMAN EXPECTS g A—14 ¥¥* FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, FRIDAY, JANUARY 16, 1931 BRUERESADVANCE || NEW YORK STOCK EXCHANGE | |HIGH-GRADE BOND | [ wone BONDS ok sscavn) Received by Private Wire Direct to The Star Office. ON by Private Wire Direct te The Star Office UNITED STATES. ~ N FINANCE RAPID President of Bowery Savings Bank Has Great Organ- izing Ability. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star, NEW YORK, January 16.—Some men reach business success by sticking to just one thing. They go to high school or college, graduate, enter a business and stay with that particular business until they reach the top. Others do just the reverse. Take the case of Henry Bruere, just elected pres- | ident of the Bowery Savings Bank of New York—the largest savings bank in the world, with deposits of moré than $400,000,000. | Becomes Organizer. Mr. Bruere was born at St. Charles, | Mo., 49 years ago. After two years at Cornell, he went to the University of | Chicago, where he received a degree in 1901. Then he went to Harvard Law ! School and ended his university work by a course at the New York University Law School. After this he became a director in a boys' club at Dennison House, in Boston, and a director of the Highland Union Working Men’s Club a year later. Again back to Chicago, where he be- eame organizer and director of the Mc- Cormick Works Men’s Club and Tech- mical School. In 1903 he made an in- vestigation of the industrial welfare work for the International Harvester Co. By 1905 he moved again and in- vestigated the public baths of New York | for the Association for the Improvement | of the Conditions of the Poor. He be- came a director of the Bureau of City Betterments a year later and then a director of the Bureau of Municipal Re- search in New York City from 1907 to_1914. When John Purroy Mitchell was elected mayor of New York, Henry Bruere, a friend, became city chamber- lain and held the job for two years, and ‘was in charge of the administrative re- ization of the city government. ‘He made.many administrative surveys, became an expert in accounting and auditing—a much underestimated field even today. Next, in 1911, he made an administrative survey of 10 commission- governed American cities, and in 1912 of six German cities. 1In 1918 he be- | came Federal director of the United States Employm!i(n! Service in the te of New York. a:bout that time the Amerjean Metal d., wanted a man of the Bruere joined their orgnmntl&: Wi type, and he as a vice president and served them until 1923, when he went as a wvice president of the Metropolitan Life Insurance Co. to undertake certain statistical work. There he stayed four and in 1927 he was made the treasurer of the | This week he first vice president and Bowery Savings Bank. ‘was made president. Financial Advisor to Mexico. s 1917 and 1918 he was e fimD::xll:lx advisor of the Republic of [exico. nfir. Bruere has led a busy life. He s wiry, intelligent, quick at under- standing social problems, and is both a good speaker and an excellent var. He is the author of several 'bootx. ‘The New Government,” 'Applied and the “Profitable Per- So there's more than one way to reach the top. Ontario Bonds. of Ontario this week paid o ge of 480 per cent for & new 000 & cent_bonds, B aioh are due st various Iast _previous wvince. Then the money. First-Class Bonds in mm = The bond market is in & absorb plenty of first-class bonds these days. In fact, the extremely heavy vol- ume. of new bond financing during week is already greater than any weckl in 1930 but one. Think of & total of over $250,000,000 of new bond issues in one week! It may be a case of over- taxing the market, but if the bonds are the kind the people want, there's plenty of money lying around to absorb them. The difficulties in the last year were in selling bonds that were not up to the highest grade. Class A bonds are al- ways snapped up, some of the class B bonds are picked up under selling pres- sure, but the C cl bonds have re- ‘mained for months a drug on the mar- ket. they paid 4.92 per uml Radio Advertising. zey Roberts of St. Louis, chairman ofz;lhey Radio Comimttee of the News- paper Publishers’ Association, says that the United States is the only country that permits radio to be used “as a bill- board of the air.” He thinks if radio advertising continues to grow in quan- tity and in annoyance, whereby pro- grams filled witH radio advertising are “rammed down the throats of the Amer- jcan people Wwith monotonous regular- ity,” the demand for broadcasting on the British basis will become popular. In Great Britain every radio receiver supplies a cufficient fund to provide ample entertainment of high standard, including opera stars, without any ad- vertising at all. ° “I believe that the first step news- papers should take to adapt themselves to radio competition is to put radio where it can stand on its own feet,” said Mr. Roberts. “To that end there should be 2 demand on all the press associa- tions that they cease to furnish broad- casting stations, free of charge, news which newspapers pay them to collect and which is usu: lyfl:‘;ortdwt before the newspapers can pi Mr. Roberts also _suggested that the printed programs shown in the paper should include only items of news in, terest, with elimination of all trade news except in those instances where somcthing of great importance demands such mention. It's a difficult thing to absolutely de- fine what is news and what is personal advertising. So far, no satisfactory definition has ever been given. (Copyright, 1931, by North American News- paper Alliance.) FIRMS SHOW GAINS IN 1930 EARNINGS Several Companies Reveal Strong Balance Sheets Despite Business Slump. Special Dispatch to The Star. NEW YORK, January 16.—Not all of the 1930 reports are poor. Some of them not only show very. strong balance sheets, but an increase earn! over 1929. Among them are Continental Can, which earned $5.25 last year, against $5.02 in the , and which on December 31 3,000.000 in cash, R J. Reynolds Tobaceo repo for 1930 $3.42 a share, against $3.22 in the previous year, with cash approxi- mately $33.500,000, and current assets 12 times in excess of current liabilities. Sears, Roebuck last year reduced its notes payable $14,000,000, as against the maximum estimate of decrease of $10,000,000. Some of the chain stores have also paid off all bank loans and retired a certain amount of their stock. Procter & Gamble increased net earn- ings in the second half of 1930 about r'fl\ (Continued From Page 13.) 8tock and 3 Dividend Rate 26% Penick & Ford (1) 80 27% Penney (J C) (3) Penna RR (4)...... People’s Gas Ch (8). Petrol Corp (13%) Phelps Dodge (2). .. Phila Co 6% of (3).. Phila Read C& I. Phillips Pet (2) 1% ierce Of) .. Pierce Petroleum. .. Pitts Steel pf (7). Pitts & W Va(6).... Poor & Co (B) (2)... PR Am Tob A (3%) PR Am Tob (B).... Prairie Of) & Gas (2) Prairie Pipe L (15).. Proct & Gamb (2.40) Prod & Refiner: . Prod & Refiners pf.. PubSv N J (340) . Pub Sv N J pf (5)... Pub Sv N J pf(7)... Pullman Corp (4)... Pure Ofl. . Pure Ofl pf Purity Bakeries RadloCorp ....... adio Corp (B) (6).. Radio-Keith-Orph A . Reading 2d pf (2)... Rem Rand (1.60).... Rem-Rand 1st pf (7) Reo Motor Car (80¢c). epublic Steel. ..... Richfield O11 Rio Grande Ofl. Rossia Insur (2.20). Royal Dch(m1.3404). Safeway Siores (8, Safeway Strs pf (7) St Joseph Lead (2).. St L San kran (8)... Savage Arms (;). Shattuck(FG) (1% Shell Union Ofl..... Shell Un O] pf (6%) Simmons Co...... Simms Petroleum. .. SinclairCon O1l (1).. Sinclair Oil pf (8)... Skelly Oil... Skelly Ofl pf (8) .. Solvay Am pr ww 5% Sou P Ric Sug (1.40) Sou P Ric Sug pf (8) Southern Cal Ed «2). Southern Pacific (6). Southern Rwy (8) Spalding (A G) (2 Sparks Withing (1 Splegel- May-Stern. . Stand Brands(1.20). Stand Comm Tob .. Stand G & E (3%) Stand G & E pf (4).. Stand O11.Cali(h2%) Stand Oil of Kan (2). Stand Ol of N J (12) Stand ONI N Y (1.60). Starrett (LS) (12%) Sterling Sec (A).... Sterl Sec cv pf (3)... Stewart-Warner (2). Stone & Webster (4). Studebaker Corp (3) Submarine Boat. ... Sun Of1 (§1). .. Superheater (23%) Superior Ofl. . . Texas Corp (3).. . Tex Gulf Sulph (4).. 14% Texas PC & Ofl. Sales— Add 00. High. Low. 15 42 40% 28 10 Tide T Timken Tri-Con Utd Am Utd Cgr Utd Gt Rea UHIP & Wabash Wabash in stock. § Payable in —no_regular rate. b in cash or lus 2% in no e Payable stock. 10 Texas Pac Land Tr.. 3 12% Thatcher Mfg (1.60). 4 16% Third Nat Invest. ... Thompson (J R) (3). Thompson Pr (2.40) .. 'l‘numvr;-lur pf (3%4) Tide Wat Oil (80c). . Tobacco Products. ... Tobacco Prod A t95e. ‘Transamerica (1)... Tri-Cont Corp pt (8). Und-Ell-Fischer (8). Union Carbide (2.60. Un Oil of Cal (2) union Paeifie (10, Union Pacific pt Utd Afrcraft. . Unit Aircraft p: United Carbon (1) 4 Unit Corporation Utd Corp pf (3). Utd Electric Coal Utd Fruit (4).. Utd Gas & Im (1.20). sco Sales Corp. dium Corp (3). Va-Car Chem....... Va-Car Chem 6% pf. 3 Va-Car Chem pf (7). 2 Vulcan Det (4) . Dividend rates as giv payments based on the latest quarf s Unit of trading less than 100 si 1 Partly extry Sales— Prev. Add 00. High. Low. Close. Close. 18 12% 13 12% 14% 21 26% 18% 28 er As (80c) % er As pf (6) 60% Roller (3) BT e S wan t Corp... - Bosch. ... Store pf(6). @ aBeamnSemnes 1 17 & Impf(6). 4 Utd Plece Dye W (2) 2 U S Expres: 1 U 8 & For Secur..... U S Ind Alcohol (6). USPive&F (2).. P&F 1st (1.20). Ity&Imp(3 T S(A)et2.15. 6 11 425 1 »f (A) (5) 2 1 Waldorf Systm (1%) 1 Walworth Co (2) 2 Ward Baking (B) 7 & Snow (2) 1 n El A (T). 1008 t West Penn El pf (7 West Penn Pw pt (§) West Penn P of (7).. Western Dalry A (4) tern Dairy (B).. White Motors (2). White Rock MS t434 White SewingMach. Willys-Overland. ... Wilson & Co (A). Wilson & Ce pf . Woolworth 12.40). Worthington Pump. . Yale & Towne (2). Yellow Truck.. 1 . 12 tocks on New York 211100 12:00 N . 863,100 en in the % Exchange. bove table are the annual cash y or half yearly declarstions. scrip. ' Pl Payable in stock. stock. n stock. & d Payable 1 Plus 8% in_stock. jPlus 31 in 'H"k‘. - referred stock, ‘¥ Piis 3¢ in stock. m Plus 1% in stock. nPlus 5% in stock. TALIAFERRO NAMED AS TRUST OFFICER Riggs Bank Accepts Hogan Resignation—Other In- stitutions Organize. (Continued From Thirteenth Page.) yesterday. They are M. M. Parker, jr., who is president of the company; Robert Dove, secretary; David Bornot, treasurer; Arthur Browne and Henry Garnett. . J. A. Eisenbeiss succeeded A. H. Plitt vice president of the Charles Schneider Baking Co., Inc, Mr. Plitt| remaining on the board of directors. John G. Meinberg was re-elected resident and general manager; A. ed Jorss, treasurer; B. F. Rover, secretary and assistant treasurer. Other directors re-elected were John B. Geler, Henry Troeger and Ger- trude E. Berens. Transportation Committee Named. Frederick P. H. Siddons, chairman of the General Convention Committee of District of Columbia Bankers' Asso- clation, today announced the follow- ing as members of the Transportation Committee for the convention to be held at Hot Springs, Va, in addition to P. H. Cox, chairman, Commercial National Bank, and E. L. Hillyer, vice chairman, Union Trust Co., previously announced: Frank P. Harman, jr., Federal-Amer- ican National Bank & Trust Co. ‘Thomas P. Mickman, Pranklin National Bank; C. C. Lamborn, National Sav- ings & Trust Co.; John D. Leonard, Washington Savings Bank; W. R. Lewis, Northeast Savings Bank, and C. D. Ratcliffe, Munsey Trust Co. Mortgage Company Meets. At the annual meeting of the stock- holders of the Mortgage Investment Co. of Washington, Inc., the following di- rectors were elected: John N. Auth, Harry R. Carroll, A. 8. Gardiner, Frcd J. Neuland, E W. Petherbridge, Ivan K. Strasburger, Charles Stanley White, Ernest G. Walker and C. W. Witherow. Immediately following the stockhold- ers meeting the newly elected directors held a meeting at which the following officers were appointed for the ensuing year: A. 8. Gardiner, president; Harry R. Carroll, vice president; Fred J. Neuland, secretary; Ivan K. Stras- burger, treasurer. Realty Firm Names Officers. J. H. Mitchell was elected president of the Columbia Realty & Investment Co., 1111 U street northwest, at a board last night. I. S. Mason was Xrulden. W. H. Cowan. secretary, and T. B. Bagley, treasurer. The new board of directors comprises Archibald Runner, 1. D. Phillips, J. N. Aden, W. E. Lewis and Messrs. Mitchell, Cowan, Mason and Bagley. Institute Plans for Semester. A. O. Dooley, chairman of the Edu- cation Committee of W n Chap- ter, American Institute of Banking, an- Shape.for tha OpeRiy of the secons ape for of the secon semester. The members of the faculty, Education Committee, chapter officers, board of governors consols will have a preliminary dinner on Thursday, January 22, at the Shoreham. At this time the work of the last half year will be outlined and many matters of vital rts | interest to the local chapter discussed. Trading on D. C. Exchange. “!n"!’{dlhlr!s of Riggs National Bank stock at 450 on the Washington Stock Exchange today and 10 shares ol! y“uhlrlwn Loan & Trust came out al 3 small lot of Capital Traction sold ‘ashington Rail fers taking place at 99. Washington Gas 6s, series A, sold at 102%, and Potomac Electric Power 6s registered a $1,000 sale at 108%. Bonds have been especially active during the past few days. On the whole, business so far this year on the local board has been satisfactory. Sees Upturn in Business. Rome C. Stephenson, president of American Bankers' Association, yesterday at St. Louls: “I feel no hesitancy n saying that we have passed through the valley of depression and are now sturting on the u le.” CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS the sald NEW YORK, January 16.—The fol- lowing is a summary of important cor- poration news, prepared by the Stand- ard Statistics Co., Inc., New York, for the Associated Press: < News Trend. The outstanding item in the day’s corporate news is the'appointment of an_ equity. receiver for Richfield Oil of California. Company activities are confined largely to the Pacific Coast territory. Its sales in 19290 aggregated about $83,000,000, Other unfavorable items are the announcements of reduc- tion or passing of dividends by Edward G. Budd Mgf., Trunz Pork Stores and Rice-8tix Dry Goods. An improvement in earnings was rej by Machine for 1930, while American ;llt\;?zln returns approximated those | or : The Companies. American Cyanamid December 31 in- | ventories 25 per cent to 30 per cent | under year before. American Natural Gas share earnings 12 months to November 30, $11.52, against $11.97. Associated Gas & Electric Co. $6|G preferred stock may be exchanged for preferred of General Gas & Electric. Baldwin Locomotive Works com- bined shipments during 1930 about $54,0000,000, against $42,796,587 in 1929. Orders on January 1, 1931, $6,200,000. Budd (Edward G.) Mfg. defers pre- ferred dividend; paid $1.75 November 1. Consolidated Gas of New York part of Hunts Point plant in operation, adds 10,000,000 cubic feet of gas to daily ca- pacity; suit by minortly stockholders of t New York and Queens Electric Light, | St. subsidiary, for return of $20,000,000 stock to treasury of Queens company, dismissed. De Haviland Aircraft share earnings year ended September 30, 44 cents against 59 cents. Detroit Aircraft, House votes $200,000 appropriation for experiments with medml dirigible which rernment may order. Dominion Bridge, Ltd., forming joint subsidiary, Dominion Hoist and Shovel, with Dominion and Ameri- can Hoist and Derrick; also forming Hume Pipe Co. to have exclusive use of Hume pafents; had 4,115 stockhold- ers October 31. Fuller (George A.) Co., $19,000,000 new bookings since latter part of No- vember; unfilled contracts December 31, b $33,000,000. General Gas & Electric preferred stocks may be exchanged for $6.00 preference issue of Assoclated Gas & H. D. Gibson Electric. Goldman Sachs Trading and Associates belleved to have bought 125,000 Manufacturers’ Trust shares at $25 and optioned more at $27.50. Gulf States Utilities surpl charges, off 3 per cent. International Combustion er- ing Corp., no agreement reached. for absorption by Foster Wheeler, Landis Machine 1930 share earnings, $3.82 vs. $3.59; declares dividends for 1'9:‘:& $3 on common, $7 on preferred stock. A ic mo A S, B Michigan earnings, totaled | 12 months, to November 30, | it $5,000,000 and transfer to surplus of $14,269,940 remainder, which it is pro- posed be returned in whole or in part to stockholders. National Steel Share earnings, nine months, to September 30, $3.42. New England Telephone & Tel November net, after taxes, up 9.6 pef cent; 11 months, up 0.3 per cent. North American Aviation share earn- ings, nine months, to September 30, 75 cents against 92 cents; balance re. People’s Gas Light & Coke stockhold- ers to vote on increasing authorized stock to $100,000,000 from $75,000,000 to_provide for eventual rights. Railway & Utilitles Investing dating value December 31, 1930, 76 cents A combined A and B share, against $12.49 on June 30. Rice-Stix Dry Goods pass 37,-cent quarterly common dividend. Richfield Oil Co. of California placed in equity receivership by Los Angeles Federal Court on complaint of Republic Supply Co.of California, presenting claim for $275,000; current debt, $15,000,000 to $20,000,000; first-mortgage bondhold- ers organizing Protective Committee. Sears, Roebuck & Co. Spring and Summer catalogue shows price reduction from 9.9 per cent to 22.9 per cent com- pared with 1930, Standard Oil of New York—Magnolia petroleum subsidiary cuts North Texas and Gulf Coast crude prices in line with reductions of competitors. X Trunz Pork Stores cuts quarterly dividend to 25 cents from 40 cents. United States Steel Corporation—Na- tional Tube subsidiary receives order for | C: 80,000 tons of pipe. Wi Warner Bros. Pictures reported to | No®, have signed two Paramount stars, Ruth Chatterton and William Powell. Worth, Inc., creditors to take 30 per ungstown t ‘Tube merger contract with Bethlehem exundodm:o dis | January 27. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Allis-Chalmers Co. 5s 1937. American Tel. & Tel. 5%s American Thread 5las 1938.... I Baltimore & Ohio 4l2s 1933} . 1 Batavian Pet. Corp. 4'as 1943 Bell T 53, 1957 C Corp. 5 Wheeling Steel Corp. 5! 100%; Wheeling Steel Gorp. 4128 1953, 190~ e DIVIDENDS DECLARED NEW YORK, January 16 (#).— lst R Blue Rib 6757 Bohack (H ©) rthern Realty Co pf Consol Chem Ind DAt BL.........37 Dayton P& Li Bi. $3. Tk ;S5 an Ko Owoowoo 00 3% " Klein ( Kroger and P aine Mine Hill & Schi av R Northwest Pac G & E 6% pf.37%c Do Siat Bt . 3% Pacific N'W Pub'Serv. 7.2% lst pt.....$1.80 Pierce Petroleum. L :D oOO: OO O O 3 mm%n $261. mont 3 .61, N Jed the bond | National ‘stocknolders .mm,um.mum-mg capital g perch on the aph | 1 | b Book nasc exti 2 | 8,318 tubs; firmer, s | firsts, 21a22; fresh LIST SHOWS GAINS Market Is Slightly Irregular. Speculative Issues Decline. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 16—High- grade bonds, both foreign and domestic, held firm or gained fractionally today, while second-grade and speculative de- scriptions had a lower trend. A wtal of over $25,000,000 of new bond issues, while not large itself, nevertheless brought the total of the week’s offering to around $240,000.000 wfl proved a deterent to the resumption any general advance by fixed income securities. Money rates were still at their lowest point, with the money market giving every evidence that they will hold there for some time to come. Volume was heavier than an Thursday, but still of moderate proportions. Rail Bonds in Demand. At the opening there were a number | of sizable. buying orders for railroad bonds of the investment grade. These included purchases by overseas inves- tors who have again turned to the American markets in the last few days. ‘There were fractional gains in Balti- more & Ohio 45 and Canadian Pacific 4s, with firmness in Atchison general 4s, Great Northern 7s, New York Cen- tral 4s, Nickel Plate 4l¢s and Union Pacific first 4s. Other prime issues were steady, the concentration on railroad bonds caus- ing narrow declines in public utility and industrial issues, like American Telephone 5148, Consolidated Gas 5%s. Philadelphia Co. 5s, Utah Power & Light 5s, Atlantic Refining 5s, National Dal Products 5%s, Pan-American Petroleum 6s, Standard Oil of New Jer- sey 5s and Youngstown Sheet & Tube 5s. Inland Steel 415 and Western Union 58 of 1960 both improved. Junior issues moved sgmu widely. Erie 5s were off a point. were Postal Telegraph 5s. Pathe 7s gained 1% points and Richfield Oil 6s, following the heavy on the announcement of a receivership for the company Thursday, rebounded 2 points from the low. Dodge Brothers 6s, Goodrich 6s, McKesson & Robbins 515s, Shell Union Oil 5s of 1947, St. Paul 5s, and Seaboard Alrline 6s, were all lower. Convertibles were irregular, with very small move- ments either way. The feature of the foreign depart- ment was renewed buying of German government 5'.s—the Young plan loan. Other German issues were steady after early weakness. Japanese issues were active and slightly higher. Italians were tro; So were Belgian and French South Americans Return of Funds. In connection with the overseas pur- of American securities, one New York house today reported receiving an order from Milan, Italy, for $160,000 of American stocks and bonds, chiefly rail- road securities. This -was the second such order in the past two months. One house with British connections reported | a brisk return of funds withdrawn from this market some months ago. remained Washing_ton Stock Exchange| SALES. Washington Gas 4155—$4,000 at 99, $6,000 at 99, $2,000 at 99. ‘Washington Gas 6s “A”—$700 at 102%}, $300 at 102%5. Capital Traction Co.—10 at 42%. Washington Rwy. & Electric pfd.—4 at 98%;, 10 at 99, Riggs National Bank—20 at 450. W::‘l)l\n[wn Loan & Trust Co.—10"3t Mergenthaler Linotype—8 at 87%, 2 at 88%, 10 at 88%. % AFTER CALL. Potomac Electric 6s '53—$1,000 at 108%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. | Amer T & ot 3120 30 Tel. ctl. tr. 5s. Pot. R. R. | {Am. Tel. & | Anacostia ‘& Ana, & Pot 3 . Tel Capital Traction R. | 13t | Botomac Elec. cons | otomac Eiec. 6s 1983 Wash. Alex. & Mt. Vernon cii. . Balio. & Annap. 55 R. 55 | Wi Wi Wash. Gas Wash' Gas 6s. series B. Wash. Rwy. & Elec. 45 MISCELLANEOUS, Barber & Ross, Inc., 6%s. Club 3% ) Powe; Ry. & EL com. ( | Lyons | Mary Nor Am B4 5%s '63 Nor St Pow 41 Nor 8t Pow 6s (Sales are in $1.000.) Sales. Hizh. Low. Close. . 24 1021 102 1021 22 1035 1031 1038 T T Fire O1l 838 31 Australia bs 5’ Austria Ts 43, R4 6 Richfi'd O cal Shell Un O11 6 Sinclair P L b8 "4 41 Skelly Oil %s ‘3 Bolivar 7s '58. Solvay Am 6s ‘42 Bolivia 7s ctfs’ Bolivia 88 "45. Bordeaux 6s 3 Brazil 6%s '26 Brazil 6%s 27 Brazil 7 Brazil 8; Bremen s S1ON Y 4%s's Sug EsOr 78 '42 Tenn B! P 68 A Utd Drug ev 6s 6! 1 Vert Sug 1st 78 "43. Walworth 6s A *4i Warn Br Pic 6s glmer Sug 78 '39. Chin Gvt Ry Christiana 8 Colombia 6sJan "6 Con Pow Japan Ts. Copenhag 4%s '53. Copenhag 5s '52... Lib %! G Argentine May '61. B Argentine 6s A '5T. Argentine ¢ B '58. 6 Denmark 4% mark 6%s °65. . Deamark 6s 4. Duteh East 1 6 El Salvador 8s Fiat 7s war. Finland 6%s ‘b Kinlana 7s ‘60 Fram ID 7% Krench 78°49...... French Gvt T%s ‘41 18 @elsenkirchen 6534 17 German 5%s 65, ..145 German Bank 5 9 German 7srep ‘49. 27 Ger Gen E1 78 '45.. Greek 6s°63. . . Hait! 6s '52. . Hungary 7%s "44. Irish Free St 68 '60 italy 78 °51.. iraly Pub Sv 78 52. Japanese 5%s 65. Jdapanese 6345 '5 Jugosl Bank 7s ‘67 Karstadt iKreug & Toll by You St & T bs 78 Atch'on 48 1906-55. Atchison ad) 48 '95. Atchison gen 48 ‘95 Atch’on cv 43%8 "41 AtCL 1st 4552, AtCLcol 48’63, At & Danv & B&Od¢s B T L =T P PP wa S5 a0eB2a wn ma Rklyn Man Rklvn Un 1 ae w63 . Montivideo 65 '59. ® @ SrBawad aSan Norway 68 '63. Norway 638 ‘65 Norway 6s ‘43. Can Nor 7s dsh "4 Can Pacific db 4s. Can Pac4%s'46. .. Can Pacific 4% 5'60 Can Pacific 5s ‘54 Can Pac b atfs ‘44 Car Clin & 0 Cent of Ga 58 Cent Pacific 65 ~hes Corn 58 '#" e com slnnvom h anBErreBnBa o 1 Peru 7s 59 Pirelll 7s 3 C B&Q 1st rf bs ‘71 *h & Fast 11 68 '5) M&StP 4% s E. MStPaPnTE 32233 Rome 618 '52. Roy D 4545 ww. Sao Pau 7« 40 rcts. Sao Paulo 8s 3 o Saaal INRN ® ©nans Toho El Pow Toho El Pow Tokio 5% ' Utd King 6% 12 19 < 2k 35 1 5 .16 10 96 95% MIECELLANEOUS. ADItIDIP&P6s'63 5 73 78 Ab& St 5%s 95 863 8 82% Bl 101% 1044 98% 2 Warsaw 7s ‘i Yokohama 6s '61. Erie & Jer 6: Erie Gen R Fla E Coast 68 T4, Gr Nor 4%s Gr Nor gen Gulf Moble 5 Hock Val 415s 99 Hud & M adi 6= Hud & M rf 58 '57 Mlinois Cent 4 Allegheny 63 ‘44. Alleghany bs ‘49... Allis-Chalm 63 '37. Am Ag Ch 7148 "41. Am Chain 6s 33... Am F P 55 2030 | Wadh Wash, Rwy. & E ptd (5) NATIONAL BANK. ! Capital 1) Columbia (1 CGommercial (stamped)’ (10} District (8). -Am. Liberty Lincol e EE $ZES al Sav. Prince Georges Bank & T Wash. SAVINGS BANK. Bank of Bethesda (61)... Commerce & Savings (i0) East Washinston (12) .. 10). y Sav. FIRE INSURANCE. American (12) Corcoran (10) Firemen's (8) National Un! TITLE INSURANCE. Columbla (6h) Real Estate (6 Title & Inv. Co. Md. com. MISCELLANEOUS. Barver & Ross. Inc., com. Gol. Medjcal Bide._Corp. Band & Gravel pfd S.88552s! F a Pwrlu%r Beiddn st Ter. Ret. & Wh. Cor The Carpel Corp. (1.50 W. Mech. Mtge. com. ( : B8E.8 . Blde, Co Woodward & Lothrop pfd. | Gen Motors 6z '37. | Gen 5t Cas 638 " ! Goodrich 6% 111 Cent ref 4s°55. . M Cent 4% 5 '66. 111 Cent 618 '36 111 CCStL&N 6s A Int &G N ad 6s 52 Int Rap T~ 6s 66 . Int Rap TT sta " Int Rys C A 6872 Int RysCA Kan City Sou Kan City Ter t.ake Shore 43 ‘31 Leh Vcv 432008 Leh Val 58 2000 L & N uni 4s 40 L &N 65 B 2008 Manh Ry 1 Market St 78 Mil E Ry & L 6861 MStP&SSM 5% 8'18 At Ref deb 5s Bell Tel Pa 63 C " Beth St p m b8 '3 Beth St rf 63 BkEdgnA Chile Cop db 55 °47. Colon Oil 6s '38 Dcdge Br Duguesne 435 '67. Gen Thea Eq ot N Y Cent 452013 NYC re im 68 2013 N ¥ Cent db 683 Hum O&R 6% '62. NY C&StL 4%a ‘78 %o A MBTIistpf6sA. - RBoopeclntnhon nahokwnnmwnwne mem® 85 [9>-1 [PERTH Tex Corp ev b8 44 152 1 8 40 21 1 15 £l 2 25 & St Padj fn 102 SeRRRaBannaSax e =32 3 Bm waB2E - e Bom paEamnanan o o e S » NY NH&H cv db 6 56 IntT&T 4%s 5 Int T&T cv 4148 IntT&T6s56. ... *Ex dividend. 82% extra s closed. ext ext 130c §1% ext extia. elan CHICAGO DAIRY MARKET. CHICAGO, January 16 (#).—Butter, score), 27%; standards ( car- lots), 26%; extra firsts (90-91 score), 26a26%; firsts (88-89 score), 25a25%; seconds (86-87 score), 23a24. Eggs. 9,375 cases;. weak and unsettled; extra graded firsts, 20; ordinary firsts, 17a19. TREASURY CERTIFICATES. ted by J & W Seligman & Co.) o 235 10098 100 4- Kan C P&L bs A 52 R&E 4%8 Bl Kend 6%s 48 ww.. -| Lacledé 6 %8s D Lautaro Nit 6 ; creamery extras (92 { Loew’ McKes&Ro 5% 50 Midvale Steel & Mont Pow b3 43. ) TAr&L4%e2e L Ir M'nt 6231, IM R&G ¢33 R ) SoauBrrarwss B3 T w corSalRam 12 1 % RAILROAD. 97 96% 3 103% 1034 11 103% 103% 106% 103% % 104% 101% % 954 57 9% ke 87 104 70 108 ° 103 3% 94 894 1% 854 97% 99% 2% 00% T1% 8% 43 75 69% 17% 104% 102 108 102% 100% 102% 97 LOWER LVING COS; Broker Also Believes Deqlim in Wage Scales Is’ 1931 Prospect. More careful distinction between necessities and luxuries, further re. duction in the cost of lving, -lower | G. Bowle Chipman. as took place in 1930, but sees many changes needed in both theory and practice fiu'ux the coming year. In taking & look 1931 economic babilities he says: “Three years ago it cost $50 to have a tonsil operation, today it costs $250, The result is that we cannot afford to be sick, and our relatives cannot | afford to have us die. Of course, it is quite - proper for mothers and daugh- ters to spend enough money on their clothes to keep an ordinary family going, and father must go to the goll club and lose at least $1.50 worth of his caddy fees. But necessities, ; also kitchenet :‘x::rmnl ?tnud the “:nu-ny‘?t 3&: dinner fro ma rushing to the movies. e “These 11 £is et present financial cond chai unemploymen the %me ! 8 £ i i 5 8 I P § (1] £ sale price of laborers still continue to maintain ‘wages at of more prosperity lfnct. there will be the prosperity. ek e o shal olh an;lnm:hl g:lr,uflr‘-n‘m such as wl we have passed but there is no mnuon ‘whatsoever to 2 25g8 e of living, in our our pleas- ures, and in our general mental atti- tude.” SRR B, FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nom'nal gold Selling checks value. todj 1% London, pound.... franc. ... - g Rge.mse. s G Stocknoim, ————— of Java have had & 60 cen' . in population since lm. Sales High. Low. Close. 3 88K 88% 88 s 11 81% 80% 81% 6 101% 101% 101% 1 1 96 96% Sou Facific 58 "34. . Sou P&Or ¢%s 71 Sou Rwv Sou Rwy 6% Va Ry 1st 68 62... Va Ry/& Pow 68 ‘34