Evening Star Newspaper, January 17, 1931, Page 12

A--12 * FINANCIAL. THE EVENING STAR,. WASHINGTON, D. C., SATURDAY, JANUARY 17, 1931 “ARGENTINA TRADE | oo o BONDS o scniv] ‘SOUGHT BY BRITAIN _Merchants Hope Recent Treaty With South Ameri- can Nation Will Stand. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, January 17.—The Prince of Wales is leaving England for South America in the interest of Brit- 1sh trade in that section of the world. He will be the, main attraction at”the great British Trade Exposition, in ‘Buenos Aires. - Lord D'Abernon, shrewd diplomat and ‘business man that he is, negotiated a trade treaty with Argentina a little over a year ago which was destined to be of inestimable value to the British “fhanufacturer. But when President Iri- Lgoysn was overthrown it looked s *thoug discard. But Great Britain apparently thinks otherwise. Argentina is a rich prize. Its 11,000,000 people have the largest per capita foreign trade of any coun- try in the world, not excepting Canada. It is from $1,500,000,000 to $2,000,000,~ -000 a year. Comparison of Trade. How does this trade stand between _% t Britain and the United States. ‘The British-Argentinian trade has gone up beyond $500,000,000 annually. Great “Britain does more than one-fourth of the business. Argentina, next to the “United States and Canada, is Great tain’s best customer. * British business men have invested plenty of money in Argentina—almost $2,000,000,000 worth, as against $500,- 000,000 by Americans. The railroads gre largely owned by the British. No wonder the Prince of Wales is ing for Argentina. It's a battle- Eround which the British believe they can win and hold. - Reports from there indicate that Great Britain is concentrating on Ar- gentina as a test to see whether they can revamp their foreign trade and back the glories that were theirs in this field before the Great War. The struggle for trade in Argentina “between Great Britain and the United States is going to be interesting. Bankers Disagree. A second reading of the annual stock- ~holders’ address of Albert H. Wiggin, .chief officer of the Chase National Bank of New York, shows that he does not .faver the Hoover policy inaugurated in W early in 1930 for the pur- pose of keeping up prices, wages and new construction. “That policy has failed,” sald Mr. Here is an old-feshioned, orthodox, ponservative banker who doesn't have much patience ;m.h theories "“Every business man should read the annual address this year of C. E. Neill, of the Royal Bank of far apart in banking of the leading bankers really are. “wonder the man on the street wonders what banking theorv is correct, so con- *fused is he with the various points of view. It's the human equation in banking that counts, just like it does in other “business enterprises. I know a score of ‘wery successful bankers who do not pro- theories of banking. to take their word 1dr it. Silk Market. United States is the big ‘The market not. satisfied. educate America to the needs of nat- wral silk. The Raw Silk Association silk . Japan competition with rayon decided that the only “educational” work. . The officials of the association want the American people to know that such a move is not intended as & ‘counter measure to the rayon activity 1l known Okla- -.B. W. )lnhn‘:. wel s this treaty would go into thel Received by Private Wirg UNITED STATES. (Bales are in $1.000.) Sales. o High Low. Close. Lib3%s..... 50 10131 10131 10131 Lib 1st 4% 19 103 1 103 1108 1 Lib 4th ¢%s 75 10330 10329 103 30 US3%s’43.. 52 10227 10223 10223 US3%s'47.. 19 103 3 103 1 103 1 US3¥s..... 1107 107 107 US4%s's2.. 8113 3113 2113 2 FOREIGN. Sales. Aigh. Argentine 5% s '.‘l‘ Bremen 78 Canada 5s '52. 0 Y DR OOm S RN —w Snea Denmark 4% Denmark & Deamark ¢s Dutch East 1 Flat Ts war....... Fiat 75 ex war Finland 53%s ‘63. Finland 7s 50. Fram I D T3%s *42. Erench 7s '49. . French Gvt Tis @Gelsenkirchen e 4114 f | Queenland 7s And I need only s German 7s rep Ger Gen El 75 '45 Greek 65 '63. Hungary 7%s "4 Italy 7a'51.. ; Italy Pub Sv 7a ‘53, Japanese 53, Japanese 6% Karstadt 65 *43 Kreug & Toll b Mex 45 asstd 1910, Milan 6348 '52. Montevideo 78 '62. @ N RN AS N OB A N HeERR AN - SR Norway 6s 52. Orient dev 6% Orient dev 6! Poland Poland 7g Queenland Rhinelbe 78 "46 ww 85 85 105% 105% 106 106% 9% 994 96 96 91y 91k 106% 105% 83 83 2 84% 86 Warsaw s '5i 56 554 56 Yokohama 96 95% 96 MISCELLANEOUS. 7 83% 834 834 9 82 ¥l 81% 2 464 46% 464 20° 80% 80 80% 48 99% 99% 99% 92 92% 92% 4“4 4 102% 103 104 104 126% 126% 41 107% 107 107 % 105% 106% 9% 96 1% 105% 83 R6 - s —— NEE Nen 3 101% 101% 101% 19 87 87 87 32 T6% T4m T4n 107% 107% 107% 102% 102 102 102 102 102 33% 32 33% 98% 98% 98% 95 94% 96 106 105% 106% 9 99 9 Cert-td deb 5% Col G&E 5s May '52 ‘49188 Mtion to provide severe penalties for the wastes of natural gas and prohibit the drilling of new wells without licenses from the State itself. That's the Mar- Jand answer, and here is how he pre- it: D% the Legislature will act promptly and pass a mmple law to prevent the ‘waste of natural gas, thé immediate ‘result will be & lessening of overproduc- tion, small wells will be preserved, Okla- homa City operators will have a chance to get their investment back and the gm& production tax of the State will bilized.” X:"looka now as if oil proration has broken down in Oklahoma, although it’s going strong in California. High Wages and Prosperity. The comment of William Green, pres- jdent of the American Federation of + Labor, on Albert H. Wiggin's suggestion ‘of bringing down wages shows plenty of fight. When Mr. Wiggin remarked that #prosperity made high wages,” and not high wages prosperity, he started a dis- eussion which will last the rest of the Winter. So far, it’s difficult to see how, either one can prove his point. Mr. Green, on the other hand. believes that high wages make prosperity—just the reverse of t in_contention. W reen's personal opinion s that the solusion for the problem of unem- ployment lies very largely in adopting the five-day week and the seven-hour working day in all branches of union labor, except those engaged in public service. ‘This plan is receiving more careful study throughout the country by business leaders than ever before. This—and ‘lhed{‘uml tion :\{\,t:l"; reparation for dep: ‘-’a sa. are experiencing—should be made -a long time in advance, so that at the first _indication of such a condition, the machinery for taking care of it will be put into effect. «social forces should be 2 controlled, and those who £ all artificial barriers and props are bad, % will_continue to go on The last word, by no means, has been % said on the subject. + (Copyright. 1931, Daper i SHEET STEEL PRODUCTION. NEW YORK, J:n Association of Flat Rolled Steel Mant 135,682 in November. as of Jan 1 * tons_from 282 tons as of -y Pub ‘The fight between those who feel that | Pub by North American News- | goy Bell TAT 17 (#)—Sheet totaled steel production for 145, 125 net tons, with operations at 30.8 per cent of capacity, the National u- No- 105% 105% 105% 88 87% B8 104% 104 104% 89% B9% B9% 103% 103% 108% 69 67 68 0% 70% T0% 89 89 9 6 65 65 01 101 101 102% 102% 102% 106% 106 106% 97% 96% 9T% 9% 95% 95k 89% 8% 89% 93 92% 93% 94% 944 94% 8% 8% 8% 87% 8% 87% 84% 84 84 105% 105 105 95% 95 95% 50 50 50 102% 102% 102% 103" 103 103 102% 102% 102% 56 55 55 106 105 106 121 121 121 101 100% 100% 856% 86% 85% Un 9% % 83 81% 83 11 101% 101 101 5 100% 100% 100% 2 80 9% 80 18 100% 100% 100% 2 406 106% 106 2 115% 116 i15% 14 109% 109 109 5 106% 106% 106% 14 102% 1024 102% 7 108% 103% 103% 11 103 102% 102% 2103 103 103 2 1024 1024 102% 10 95% 96% 95% 38 994 99% 99% 5 9% T8% 79% 7 88% 88% B88% 4 70 69 70 8 103% 103% 103% 30 108% 103% 103% 2 95 95 96 68 B65W” 52% 556 5 86 86 86 4 9T% 9T% 9TH 16 100 99% 100 8102 102 102 27 104% 104% 104% 2 106% 106% 106% 11 104% 104% 104% 70 100 99% 100 1 97T% 9T% 9T% 37 99 98% 98% Gen Cable 534847, Gen Motors 6 Gen Thea Eq @eodrich cv Coody’r Rub b8 Hoe & Co 634 '34. . Humble O1l 65 ‘37, . Hum O&R 5%s '63. MBTIistpr6sA. inlandBteel ¢ 4%s'78 In:Cement 68 '48. Int Hydro E1 Int Match 58 In M M col tr 6 IntT&Te% ot T&T cv 4% 1ot T & T 68 5! Kan C P&L s A 53 45. 51 Lackaw St 68 ‘60 Laciede 5% C '5: Laclede 6% D 6 Lautaro Nit 6s Lig 2. Myers 6s '51. Lig & Myers 78 "44. Loew’s 63 war ‘41. . wortllard 58 '61. ... Lorillard 638 '37. . McKes&Ro §%8'50 Midvale Steel 68'36 Mont Pdb bs A "62. Mor & Co 18t 4% Nat Dairy 6% 4! NYEAssB N Y Ed 1, Eng N Y Tel 4 Nor Am E4 b Nor Am Ed 5%s Nor 8t Pow 68 A "41 Pac G & K bs " Pan-Am Pet Paramoun: § Phila Co 68 °67.... Phila & Read 65 '¢9 Phil Pet 614 PosTel & C 8v G 4%s Tl 10 Sincl O 6%s B '38. Sincl O Ts cv A ‘37 Sinel Cr O 6% SW Bell T b St Ol N J 6848 81O N Y 4% ‘Tenn Copper 68 " Tex Corp ev b Utd Drug cv 68 5! Utah P& L 68 44. . Uthl Pwr 58 69 ww. 45, ‘39, 8 72 % 72 1 4% 4% Te% 6 69% 60% 69% 2 104% 104 104 increased to 378,601 West Ei deb 5s'44. 16 104% 104% 104% 1. 8 102% 102 102% West Un Tel West 3108 108 108 Un T4%s Direct te The Star Wil& Co 1st 63°41. 6 100% YouSt&TEs'78.. 19 103 RAILROAD. Atchison gen 4895 110 98% Atch’oncv 438’41 17 AtCL col 4852 18 At & Bir 4833, Low. Close. 100% 100% 102% 102% 981, BB - s CacamnEalnnanane ab-tuma 9909509289322229 gesagraERzatss Sta 6% Ind cv 48’52 Ind 63863 a0ga e k) Cuba Nor 63%s42. . Del & Hud rt & D&RGrgn s Erie Gen 4 Erie 68 1976, Gr Trunk 7s°40.... Gr Nor 4% 77 (E) » Gulf Mobile 5s Hud & M adj b ’57. Hud & M rf bs 111 Cent 48 '52. 11l Cent ref 4s IliCent 4%s 11 CCStL&N 6: Int Rap T b Int Rap Tr sta Int Rap Tr7s 32.. Kan CFtS&M 4136 Kan City Sou 68 '50 Kan City Ter 48’60 Leh V cv 4%s 2003 Long 1sldb 58°31.. Long 1s1 db 58°37.. L &N ¢%82003 Market St 7s MilE Ry & L bs ‘61 MStP&SSM 534 5'78 M SIP&SSM 6i4s. . - 2 eBunton vh wBuaona o100 19 g0t e 0O bt Boaannns ases % NY NH&H 3%8°654 NY N 3%s 56 NY NH&H 43887 NY NH&H cvdb éa NY O&W 1st 45'93 Nor & Wn ev 4896 Nor Pacific 3s 2047 Nor Pacific ¢3°97. . Nor Pac 4% 2047, Nor Pac 65 D 2041 Nor Pacriés . Oreg-Wash ¢s 61.. Penna 4s 48 Penn cv 4%s "60 Penn gen ¢ %48 65 . - e - TR N = Read gen 4% A'97 Reading 4% Rio Gr W clt 4 StL IM R&G BEE Sow nom on onaal e anabomstlulonnSEE e Un Pac 18t & Union Pao 4 Un Pac ri s 200 Un Pac 4%8°'67... Un P 1st rf 53 2008. va RR 4%3s Va Ry & P Va Ry ist Wabash ¢%8 - SHORT COVERING ACTS AS SPUR TO QUOTATIONS | Special Dispatch to The Star. NEW YORK, January 17.—The re- bound in the stock market late Priday | Mt indicated that professional bears had |} been unable to bring out any long stock after several days of pressure on the list and/were covering their contracts HEHGRADE BOND LT HOLDS PR Remainder of Market Dis- plays Irregular Tone in Profit Taking. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 17.—High- grade bonds were firm today, but the rest of the list had an irregular tone. United States Governments, which on Friday all worked to new high levels for this year and last, were subject to some selling that carried them down 2-32 to 4-32 from their highs. THese losses were ly recovered fn the last half hour. Money rates were un- changed. Volume was small. At the opening there was a good demand for seasoned investment de- scriptions such as Baltimore & Ohio first 4s, Canadian Pacific 4s, Pennsyl- vania 41s, Southern Pacific 4s, American Telephone 5'4s, Consolidated Gas 558, Duquesne Light 42s, Utah Power & Light 5s, Western Union 5s of 1951 and 1960, Inland Steel 4%s and Youngstown Sheet and Tube 5: Junior railroad bonds were quiet and irregular. Chicago Great Western 4s gained a point and there were smaller advances in Erie 5s, Florida East Coast 5s, Missouri-Pacific 4s and 5l5s and Seaboard _Airline 6s, while Chicago & Eastern Tllinois 58 nearly a point and both Southern Raliway 4s 3‘% ‘Weaum Maryland 4s had fraction- ps. Industrials were more active, es cially Armour of Delaware 5'2s, which gained nearly 3 its at one time, and Richfleld Oil of Call 6s, which advanced over 4 points to a level more than 14 points above the price quoted following the receivership an- nouncement earlier in the week. Both these spurts were shaded in late trad- ing. McKesson & Robbins. 5%s rose 132 points. Convertibles moved up- ward with stocks. Foreign dollar bonds were strong, notably the German group. German Government. 58 were over a point bet- ter and in heavy demand. Japanese, French, Belgan and Italian issues were firm. South A NEW YORK, January Stocks heavy; profit-taking earlv rise. Bonds firm; rails fraction- ally higher. Curb irregular; oils firm. Foreign _exchanges irregular; easy. Cotton steady; trade buying. Sugar steady; Cuban .support, Coffee higher; better Brazilian cables. —— - Washmgtonsflggk Exchange Potomac Electric 6s 1953—$1,000 at 108%, $4,000 at 108% . Washington Gas 55—8$500 at 103%. ashington Rwy. & Electric 46—$1,000 Washington Gas 6s “A"—$2,000 at at 1023, . Capital Traction Co—10 at 42, 20 gt 42, 5 at 42, Potomac Electric 6% pfd.—1 at 111%. Potomac Electric 5%% pfd.—5 at_109, 1 at 108%. Commercial National Bank—10 at 220. AFTER CALL. Washington Rwy. & Electric pfd.—10 at 99, 10 at 99. Bid and Asked Prices. BONDS. i) % Asked. P P An:eutu & Pot. R. R. 1 ac Elec. cons. 5% . . 65 1953. 222 2 23§Esy > 2F ¥ er 5%% pi Ry. & EL com. (7) 4 Wash. Rwy. & Elec. ptd. (3). . NATIONAL BANK. gapital (14), Metropolitan’'(14) Riggs (155) .. 8econd (Se) . Washington (i3 TRUST COMPANY. Amer. Sec. & Tr. Co. (18) Continental Trust (8) . National Sav. & Trust (ij; Erince Georges Bank & Tru Unton Trust (... Wash. Loan & Trust (i SAVINGS BANK. & G enth Street (12) ted States (30) Washington Mechanics '(30) FIRE INSURANCE. Uni 3 TITLE INSURANCE. Columbia (6h). .. Real Estate (6h) Title & Iny. Co. Md. com oS gasienSeg e 38, u:E ech. at the end of the week. The rally was | Wash a general surprise. It had the effect of changing the tone of market com- ment, which today quite - generally seemed to anticipate & further improve- ment. The fact uu&dm““h hnveu?eld a :0; int average e gave marke! B atronger fechnical position. It was also recognized that individual issues had stood up well against news un- favorable to them and to the groups of which they are a part. POTATO MARKET. CHICAGO, January 17 (#) (United States Department of Agriculture) — Potatoes—Receipts, 76 cars; on track, 175; total United States shipments, 840 sacked, per round w':m-. 1.40a1.55; mostly 1.45a, 1.50; Idaho Russets, No. 1, 1.80a1.95; mostly 1.85a1.90; No. 2, 1.45a1.55; most- ly 1.5081.56. PARIS BOURSE PRICES. PARIS, January 17 ().—Prices were firm on the today; 3 per cent rentes, 86 francs 70 centimes; 5 per t loan, 102 francs 70 centimes; ex. on_London, 123 francs 88 centimes. The at francs 52% centimes, t steady; trading slow; | hundredweight—Wisconsin Ror 95;| Raleigh Hotel LIt ex:r !l‘; "! - % exira. 5 1y “exira. o Unlisted Department. (These securities not listed under exchange rules.) Bid. Asked. Army-Nay; %0 . @Gosmos Metropolitan Clul National Press Bldg lst ;E 382} Anacostia Bank. Chapin Sacks 8% pid Connecticut Ple Chr. Heurich Brews District Title Insurance Co. Frankiin National Bank. ust Co. tol Sa 51 885888 EEuuE Yilen g Clubs Woodridee Lanedon Bar. Ba e e U. 8. TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of business January 15 was l&cm.mu Cus- monf toms for th to date ‘were $12,754,231.84. penditures, §9, BY GEORGE T. HUGHES. Shawinigan Water & Power Co. b -1 d purchase or sale recom: of specl securities.) serves in the Province of Quebec. the past 10 years the operating revenue has been multiplied more than three times. In 1920 it was $3,943,359, and in 1929 it was $13,475,863, while during the same period income available for dividends rose from $1,484,043 to $5,107,980. Even in this present year of business depression Shawini ‘Water & Power has made a favorable showing. Results for the full year are not avail- able at this writing, but it has been offi- cially stated that ea will cover all cl and dividends at present rate with a substantial surplus. It is because of the consistent growth that the market appraises the corpora- tion's securities so highly. All of the bonds are admittedly high-grade in- vestments. In receni markets: they have sold to yield only a trifie over 5 per cent and in any normal time e return wquld be less. There is only one class of stock whick: is of no par value, ut- standing to the amount of 2,178,250 shares. The current dividend on this stock is $2.50 annually. Earnings in the year 1929 were $2.34 per share, less than the present disbursement, but dur- ing the fll‘!lexln of 1930 net was said to have gained 10 per cent and as stated above estimates are that the dividend will be covered with something to spare for the calendar year. ‘The market capitalizes these Srnings genercusly. Even at the low of the bear movement the stock sold roughly for 20 times earnings per share and at the height of the inflation of 1929 the price was nearer 50 times earnings per share. This is the price buyers are willing to pay for an opportunity to share in the industrial future of Eastern Canada. Obviously whether this is a sound investment or not depends almost as much upon general conditions in that region as it does upon the earning power and financial strength of the corpora- NEW YORK COTTON NEW YORK, January 17 (Special).— Fluctuations in the cotton market to- day were the smallest of the season, being confined to 5 to 6 points on near months and only 2 to 3 points in distant deliveries. Under a ht volume of business the list showed a decline of a point to an advance of a point at the close. ‘The market was uninfluenced by strike news from England and maintained a firm tone throughout. Spots were un- changed at.10.15. Cotton range: January, old . January, new March CHICAGO STOCK MARKET By the Associated Press. CHICAGO, January 17.—Following s the complete official list of transactions in stocks on the Chicago Stock Ex- change today: Sales in thousands. 250 50 el o8..0888Y oo e W 3 ansformer of Am. m Util & F g 55 3585 1 BER e dEE 83 FoFEF e B T T S 3325833588 'ggagaqaq 3555 o S8 EF § 5 27 Sales odey. 65,360 snares. BONDS. 22000 Tnsull 6s *40. . 506 Bub. Berv Go'8 i & 8 g R (Quotations furnished by W. B. Hibbs & Co.) Nominal ggld Selling checks val today. 14885 Madrid. Vienna, Budapest, pens: gue, crown (nom.) loty. n, SURY CERTIFICATES. ried by J. & W. Selleman & Co) e tarity Ofter. e} 5 3 Dec. 931. 100 4-3: it 11 100 4-32 ~ FINANC 1AL, icmnm' | BEAT DOWN PRICES Market Disappoints Traders ‘Who Have Been Expecting Higher Values. By the Associated Press. CHICAGO, January 17.—Grain trade authorities say cheap substitutes for corn are playing hob with the corn market. It js also asserted that corn values necessarily suffer from the fact that this Winter has been the mildest for many years. In any case, the corn market just now is in striking contrast with what friends of higher prices for corn have pictured as likely to result from the season’s sensational crop shortage. Compared with a week back, the corn market this morning was 134-23 cents a bushel lower, with wheat 73 off to % up, oats at Y decline to Y ad- vance and provisions unchanged to 45 cents down. ' Some Substitutes. Among the prin€ipal cheap substi- tutes enumerated as competing severe- ly with corn is Canadian mill feed, in- cluding offal from Canadian wheat milled in bond in the United States. Despite corn yield curtailment by drought, visible stocks of corn are a good deal larger than a year ago. This situation, however, is more or less due apparently to the circumstance that corn continues ‘ be about the only grain selling at ®r above the cost of production. Close observers predict the real test of the market is to come within the next six weeks, and that the average farmer’s attitude in regard to disposing of his corn during the period intervening will determine, to a large extent, the trend of prices. Judged by stock-yards that very light-weight hof¥ are scarce, rural feeding of corn appears to be on a liberal scale. Official reports, too, suggesting that there is a larger hog crop than last year are construed in various quarters as an offset for reduc- tion of the number of cattle on feed, although the cut in corn belt cattle herds is 10 per cent; meanwhile, if his- tory repeats itself, the 1931 eoT‘e crop may turn out 1,000,000,000 bushels in excess of the 1930 harvest, as exactly such a happening followed abnormal meager crops in 1894 and 1901. dew;elv. tr':der- .?m sharply watching velopments regarding crop scare pos- sibilities about domestic Winter Wl’?!ols!. especially lack of subsoll moisture. Latest reports indicate generally suffi- cient surface moisture to carry the crop without damage. The Texas Panhandle and parts of Oklahoma have received the most moisture so far, compared to normal. Investment buying of cats ap- pears on price setbacks. - Provisions mirror the course of, the hog market. WEEKLY BANK CLEARINGS. Little evidence of expansion is to be found in the report of bank clearings for the second week of January. Total clearings for this week at leading cities in the United States, as reported to Dun’s Review, of $7,966,865,000 are 24.5 per cent below last year's. At New York City, clearings amounted to 415,766,000 and are 24.6 per cent under those of a year ago, while the aggregate at center outside of New York of $2,- 551,099,000 is 24.4 per cent smaller. At practically every city a substantial loss appears. The decline in January clear- ings this year is now quite as iarge as that for December, although in Janu- ary of last year there had been a fall- ing off from the earlier months, as might have been expected after the occurrences of the final quarter of 1929. January clearings a year ago were reduced as compared with those of November and December, whereas under normal conditions payments through the banks in January, which are measured by clearings, would ex- ceed those of the two months men- tioned, by fully 10 to 15 per cent, with the lower totals for January last year, and a decline for the first half of the month this year, as great as that for December, continued adverse conditions are clearly apparent. Clearings for the week, as reported to R. G. Dun & Co., and average daily bank clearings, for the past three months, as compared herewith: Per Cent. Dec. 28. Dec. 392 < =i Detroit . Cleveland Cincinnati 8t. Lo New Orleans Dallas . s San_Prancisco Portlend .. Seattle in | eanne 00 m B Tl T Trepparererey BR[ GRRBRAR8 . ZENERES! [ ¥ 7 ¥REREEEES Total All Brokers’ Comment NEW YORK, January 17.—Commis- sion house letters to clients today emphasized the professional character of the current stock market. Several pointed to the probability of another technical rally. - Comments: Winthrop, Mitchell & Co.—Selling pressure has dried up to a goodly ex- o tent, however, so that, while further drift lower is indicated by the main rice trend, no drastic breaks are ed for. It seems apparent that ba powers are reconciled to the col n running its course, and while they hold to such attitude there can be none of the aggressive bull leadership necessary for any advance of conse- quence. Benjamin, Hill & Co.—We feel the rally should go somewhat further, as technically the sentiment is too bearish, Jackson Bros, Boesel & Co.—We feel that current pressure on the mar- ket is largely professional and does not reflect further important liquidation. Pask & Wajbridg; “Apparently one of two things Is going to happen. Either the stock market is in for a somewhat further decline within the next few weeks or activity will practically dry up arouhd approximately present levels. Hamershlag, Borg & Co.—It is our *| opinion that further deflation in market leaders is a condition precedent to a general advance. Smith, Graham & Rockwell.—Minor swings are all that seem to be promised, and, with the industrial outlook not bright, selling should not be neglected when recoveries come along. Redmand & Co.—Many issues show complaints: o ;g:zer—One-pounu prints, 35a36; tub, Eggs—Hennery, ceipts, 26a27. Poultry. alive—Turkeys, young, -35a 36; old, 30a32 c.hlckenl.uzz:M' fowls, 18020; 31a32; current re- eys, you! 35a36; chickens, 32a33; 24a25; small, 23a24; Leghorn fowls, 18a 20; capons. large, 37a38; small, 32a35; ducks, 24a25; roosters, 15; keats, young, 70a80; old, 40a45. Meats—Beef, 18a23; veal, 18a23; lamb, 19a21; pork loins, 21; fresh shoulders, 20; fresh hams, 22. Smoked— Hams, 26; shoulders, 18; bacon, 27; lard, in bulk, 1113 in es, 13%. Game—Rabbits, 20a30. Live stock—Calves, 1115; lambs, 8. Fruits—Strawberries, 65; oranges, California, 2.50a6.50: Florida, 2.00a3.25; grapefruit, 2.50a3.00; tangerines, 1.25: 200; pineapples, 4.00a5.00; pears, box, 4.00a5.00; persimmons, 1.00; lemons, 4.50, apples. oushel baskets, 1.00a2.00; box, 2.30a3.00; grapes, Emperors, 2.50. Almieras, 2.75; honeydews, Chile and Argentina, 1.00a1.25 apiece. Vegetables—Potatoes, 150-pound sacks, mostly 2.50; Idaho bakers, 100 poun 2.75; sweets, per bushel, 1.50a2.00; cauliflower, 2.50; string beans, 3.50a 5.50) eggplants, 2.50a3.00; parsnips, 1.25 a1.50; beets, per 100 bunches, 5.00a6.00; carrots, per 100 bunches, 5.0026.00; tomatoes, originals, 3.5084.00; peas, 10.00; squash, Hubbard, 3.50a4.00; mar- row, 4.00; cucumbers, Florida hot house, per dozen, 2.00; spinach, 1.00; Kkale, 1.00a1.25; mushrooms, 00; broc- lima a4.50; mushrooms, new, Florida, per hamper, 1.75. BIG FIRMS BOOST NET BY RESEARCH About 1,500 Concerns Spend- ing $200,000,000 a Year to Learn New Methods. Scientific ‘research as an essential factor in the future expansion of American industry is the subject of a survey issued by E. A. Plerce & Co., members of the New York Stock Ex: change and the other pringipal ex- changes throughout the coul . ‘The survey sums up, for the first time, the research facilities of the 40 leading American enterprises, together with notable achievements in savings ef- fected, new products developed and new industries created. Pointing out that 10 years ago there were not more than 200 industrial lab- oratories in this country and that today 1,500 comp: are spending $200,- 000,000 a year on industrial research, the survey says: “Thus in a decade has science become the mainspring of in- dustry. It has reorganized, expanded and revitalized modern business and is lighting the way to vast industrial realms hitherto unexplored. Profits Offset Costs. “Contraty to popular fancy,” says the survey, . “it is not the dream of discov- ering some important new substance or inventing some marvelous new device that induces great corporations to make so huge an investment in laboratory researcn. Just as business fosters art and employs artists to sell its products, it is utilizing science and scientists to improve processes, to reduce costs, to make a better product at a lower c;we Functiol on this basis, the labora- tory pays its own way. “Scientific research draws from the sum total of human knowledge and ap- lies the results to the whole world of ndustry. The laboratory forces, run- ning from a single e: to corps of more than 5,000 specialists, include en- gineers—eivil, electrical, mechanical, chemical, mining, automotive, electro- chemical and aeronautical-—chemists, physicists, metallurgists, bioligists, mathematicians, opticists, =bacteriolo- gists, ceramists, agronomists, geologists, botanists, pharmacologists, paleontolo- gists and patent attorneys.” A record even of comparatively re- | cent laboratory gchievements reads like i an imaginative history of another world. Take, for instance, the American Tele- phone & Telegraph Co.’s Bell Telephone laboratories, one of the most extensive of all research organizations, with a personnel of more than 6,000, including graduates of most of the universities and colleges in the United States and of many universities abroad. The an- nual budget exceeds $20,000,000. Recent Accomplishments. “The history of General Electric's re- search activities is a record of the mod- ern revelations of science appplied to industry. Conspicuous has been the develcpment of radio art, television, photophone talking movies, electric re- frigeration, carboloy and other remark- able metallic alloys, the sunlight lamp and a host of revolutionary improve- ments worked out either in the General Electric laboratories or in association with the research departments of other great corporations. “Not so long ago it took 37 days to paint an automobile because the lin- seed oil in the paint dried slowly. The research staff of the General Motors Corporation, working with one of the five laboratories of E. I. duPont de Ne- mours & Co., developed Duco, & quick- drying lacquer, the use of which has speeded. up the whole automobile in- dustry and saved automobile manufac- turers -and owners millions of dollars in paint bills. Ethyl gasoline, cromium plating and crankcase ventilation are other practical achievements of the General Motors research engineers. An interesting feature of the Detroit lab- oratories is & room which looks like a road in the dark, where problems of lighting and night driving are studied. “The average investor has at hand no yardstick to measure the dollars and cents’ worth of research in relation to sgurmu. buuc pael'fivz assertions come m executives of great corporations that scientific industrial research cre- ates substantially tangible investment values. ‘We can figure,’ says a treas- urer, ‘that our leading profits are from 100 to 200 per cent of the amount ex- pended for research.’ A vice president of another company says: ‘For every dollar spent in true research we have reduced costs and increased our net revenue by at least $100."” INVESTMENT TRUSTS NEW YORK, January 17.—Over-the- counter markef All Am Investors A.. Bl "R i n & ‘den Chain Store Shareowsiers ‘Tné.: 2| indications of being oversold, at least [ Srv . 100 101 20-33 101 22-33 BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, January 17.— STOCKS. Sales. temporarily, as evidenced by the recent drying up of selling so that a further | Diversif recovery would not be surprising, par- ticularly if the market was favored with & piece of good news. Any rally at this stage, however, must be regarded as technical ‘haracter and we would not l in cl t | be inclined to follow it too far. Current | M: business news does not yet justify a broad and sustained advance in securi- ties prices. E. F. Hutton & Co.—We feel that conditions still require caution, particu- if the should extend a few the added techni- cal be completely canceled out. Investment Trust of N Investors Tr OF STOCKS SHOWN | Shrinkage of $4,300,000,000 Betew December Lgvel In- dicated on January 1. BY CHARLES F. SPEARE. Special Dispatch to The Star. - NEW YORK, January 17—The New York Stock Exchange bulletin for Jan- uary shows the value of all listed stocks on the first day of the year to have been -p{:mxlmnkly $4,300,000,000 below the level of December 1. This reflected the rapid shrinkage in securities that took place last month and had not been changed in any great degree by the rally which set in near the end of 1930. The January figures also indicate & drop of $27,000,000,000, or over 35 per cent, from market values in April, when the top of the 1930 rise was reached, ago. The current values actly the same as wese ifidicated for January, 1928. Reduction in Bond Values. During December the reduction in the market value of listed bonds was $575 000,000. This market had a sharp re- covery in the last week of the year, which offset some of the depreciation that occurred when banks were liqui- dating on a large scale in order to strengthen their cash positions. ‘From the crest of the bond market last Sep- tember to January 1 there was a depre- ciation in listed issues of $1,809,000,000. Thig was about ly divided between lestic and fore! . The total value of ali listed bonds on January 1 was almost the same as that at the openipg of 1929. What lug- pened last year that bonds s ly advanced for nine months and gained $1,014,000,000 in that time, losing near- ly all of this appreciation in the follow- ing three months. Change in Ratios. ‘The change between the rati Stock Exchange member loans to the market value of all listed shares was one of the significant features of 1930. ‘This ratio in the early part of 1926 was nearly 10 per cent. 'As recently as January, 1929, it was more,than per cent. A year ugo it was 6.17 cent, reaching its SFopped abruptly, ana on the frst of abruptly, and on the this month was at the remarkal ratio of 3.86 cent. decrease in ers’ repor |'rnundny. the reduction since last May has been nearly 60 per cent. There has probably not been a time in the past 25 years when brokers were bor- rowing on such a small relative scale as at present. Compared with last April, when the market was.in the only pronounced bull stage of the year, the average price of all listed common stocks on January 1 shows a drop of $35.37 from $63.08. Preferred stocks in the same iod have declined to an_average e of $62.77 from $78.97. Some of most changes by common stock groups are the following: Automobile stocks f rom an average price of $38.28 to $22.57, chemical stocks from .53 to X mining from $41.86 to $20.77, petroleum stocks from $42.10 to $23.63, retail merchan- dising stocks from $46.93 to $30.05, and stocks from $103.71 to ;lfl'l.fl .Lb]:ms tohm.lo. ecting - public ~ utilities dropped from $85.29 to $48.91. While the per- centage of the average decline between April and January 1 was about 44 per a’.&;“.:&“a:*m:%%% i s . On other l, shrinkage in the average price of food stocks was about 20 per (Copyright. 1931.) Business Notes By the Assoclated Press. NEW YORK, January 16.—A sales total of $1,000,000 was reported by the New York Fur Auction Co. yesterday at the conclusion of its four-day January sale of silver fox skins. ngdlfl said. A high price of $300 was estab- lished at the auction, as compared with $480 for the corresponding sale last year. ‘The Shirtings Fabrics Association has approved a proposal for a design regis- tration bureau. Officials said a com- ted to investigate such a bureau in the near future. ‘While the gain has not been particu- larly heavy some improvement in orders has followed the recent reduction in rayon prices, the trade the hmurfi trade was said to be making more liberal commitments than was the while underwear manufacturers were credited with placing a larger amount of business to get their new Spring lines out to customers. Business in the country’s electrical markets is expanding power companies whose entrance into the market coincides with the com- mencement of enlarged m\lm in mngu lines of industry, Electrical World reports. Automobile tire prices quoted in the 1931 Spring and Summer catalogue of Sears, Roebuck & Co. are approxi- mately the same as those in the com- pany’s Midwinter “fiyer” catalogue, which represented a weighted average decrease of close to 12 per cent from those previously prevailing. 4 After a lull o}’ fl:}r‘l‘xeh follow- ng a period of ly ve buying, mfi-cm‘:: of straw hats have begun to increase against, the trade reports. Despite the fact that manufacturers are telling their clients that the- ghutting off of imports through the new tariff will place a greater burden on the domestic makers and that there is a possibility of a shortage if buying is delayed too long. Retailers have not been anxious to enter the market. =y NEW YORK BANK STOCKS NEW YORK, January 17.—Over-the- counter market: Manhat Co Peopies Natl dorCor awk Tnves Mutual Tavest Triist A Nation-wide Secur . National Indust, Shrs PUBle Service 11 Bh. oo ic lected Am Sh A well known cinema in London will ¥ prohibit the on of all- women Meal-worms have as food at the institution s worm “farm.”