Evening Star Newspaper, January 18, 1931, Page 63

FIN CURB SHARES SAG [N LATE DEALINGS Market Closes Irregular Un- der Bear Selling in Final Trading. BY JOHN L. COOLEY, Associated Press Financial Writer. NEW YORK, January 17.—The curb market made a listiess effort to rally in the short session today, but lost most of its improvement in late selling. Closing prices were irregular. The upward swing was fairly well defined_around the beginning of the second hour and leaders profited from | minor short covering. Sentiment chang- ed quickly in the final 15 minutes, how ever, when the bears unloaded fresh offerings. Electric Bond & Share, which had risen about a point, closed with a net loss of 7« and earlier gains in other activity utilities were generally | surrendered. Oils maintained a nrm tone. Service, in a large turnover, cxtended | Friday's rise fc* a time, but joined the late decline and finished unchanged. | Vacuum was up a point. Standards of | ©Ohio and Indiana were steady. Ford of England was active through- out the morning and rallied halt a point, most of which was retained. Aviation Corporation of the Americas was bid up a couple of points in Citles | |on the Washington S tock Exchange | was put on the board. ANCIAL. ADVANCE INTO SPRING SEEN BY BROKER FIRM Hornblower & Weeks, in the January Investment Review, anticipate an up- ward trend in the stock market, at least until early Spring, the trend thereafter to be determined by the business out- look then. They note a very definite improvement in sentiment with the turn of the new year, fortified by con- structive developments. They believe also that the improved psychology in the financial makets suggests a contin- uance of higher bond prices, although the advance from here on can hardly be expected to maintain its recent pace, the Revlew says. PRICES ARE STEADY ON D. C. EXCHANGE |Bid, Advanced on Woodward & Lothrop Common—Capital Trac- tion Closes Week at 42. Bids on the recently listed Woodward & Lothrop common stock reached 30 yesterday. This is an advance in bids of more than 5 points since the stock Sales on the local exchange yesterday were: Potomac Electric 6s 1953—$1,000 at | 1087, $4,000 at 1083 Washington Gas 55—$500 at 103%. Washington Railway & Electric 4s— $1,000 at 87. mv\‘lnshlngmn Gas 6s “A"—$2,000 at 215, Capital Traction Co.—10 at 42, 20 at response to reports that the company's earnings were improving. Aluminum of | America also advanced. BANKING INVESTIGATION [ 22 TO BE MARKET FACTOR| Special Dispatch to The Star. NEW YORK, January I osed congressional investigation into anking conditions promises to be a factor in the stock market next week. It is felt that it may include an in- quiry of New York Stock Exchange op- erations. This is something that always gives Wall street a chill. Questionnaires have been sent to many of the banks, and if all of the matters dealt with in them become public record much inside history of financial movements in the last year will be revealed. “The pro- | Exports of rabbit skms from Aus- | tralia last year were about one-fourth of those in 1929, DISTRICT BUSINESS BAROMETERS Check transactions, postal receipts, power consumption and telephone serv- ice in Washington showed advances and retail trade declined in December from totals for the same month of the year 1929, accorfling to business barometers collected by The Star. Bank clearings in Washington last month amounted to $117,573,071, as compared with the total of $116,074,630 in-December, 1929, an increase of close to $1,500,000, this being the first time in 1930 that the monthly total was higher than the corresponding month in 1929. The total for the past year, however, was lower than that for 1929, the figures being $1,317,607,594 and $1, 481,390,728, Postal receipts here for the closing month of the past year amounted to $718,541.94, an increase of 3.07 per cent over the total for December, 1929. CHECK TRANSACTIONS WASHINGTON CLEARING HOUSE 1927, $117,074,963 * 103,348,052 121,510,442 124,139,370 120,850,495 127,516,336 108,600,949 103,580,305 104,579,350 116,851,774 114,264,134 123,581,252 | quickening of industrial activity in the 42, 5 at 42 Potomac Electric 67, pfd.—1 at 111%; Potomac Electric 5'2% pfd.—5 at 109. 1 at 108! Cnmmercm] National Bank—10 at Wn.sh)ngmn Railway pfd.—10 at 99, 10 at 99 Securities in the unlisted department were called off, as usual, on Saturday, and few changes made in bid and asked prices. The bid on National Press Building first 5!>5 was raised from 56 to 62 and there were frac- tional changes in other issues. & Electric SOUTH IMPROVING. In connection with the report of Southern Natural Gas Corporation, showing for the first time monthly sales of natural gas for the last half of 1930, it is pointed out that since the turn of the year there has been a marked territory it serves, especially in the in- dustrial sections of which Birmingham and Atlanta are the centers. Power consumption in the District amounted to 27,520,341 kilowatt hours, a considerable increase over the total of 24,678737 in December, 1929. The number of telephones in’ service last month was 168,480 as compared with 158,913 a year ago and the average number of originating calls per day in- creased from 632,694 in December, 1929, to 652,959 last month. Retail trade in Washington, as re- ported by eight local department stores, was 3 per cent less than in December, 1929, but the decline for the year as a whole was_computed to be but 1.3 per cent, this being better than the figures for ‘any other city in the Richmond Federal Reserve district and considera- bly better than the average for the country as a whole, where the decline in December and for the ycar as a whole was computed at 8 per cent. 1928. $114,408,832 103,495,524 122,284,990 120,019,886 123,796,402 126,930,689 114,273,668 107,040,844 113,117,412 137,660,603 122,706,244 129,981,412 1929, $129,438,201 109,649,040 131,795,928 129,300,052 126,836,188 124,028,347 127,497,771 113,553,519 114,986,938 137,968,284 120,261,737 116,074,630 1930. $118.219,264 96,545,212 114,113,696 118,036,652 113,055,037 116,280,346 109,420,638 96,379,442 97,868,931 118,084,915 102,030,387 117,573,071 31.385.5;1.476 $1,435,725,602 $1,481,390,728 $1, POSTAL RECEIPTS Reported by 1927-28. $388.568.16 397,809.26 476.465.09 506,069.09 511,040.11 687,795.65 473.473.51 February 466,626.95 March . 527,486.19 April . . 507,543 44 May . 470,110.35 June 447,490.35 January 317,607,594 Fiscal Years 1928-29. $391,428.44 412,757.49 469,250.28 545,640.13 494,103.07 672,162.47 480,662.77 467,238.68 505,179.65 499,056.83 491,322.56 457,603.20 1929-30. $425,262.75 414,342.79 460,574.25 547,474.88 545,321.21 697,118.68 532,771.78 468,827.50 522,980.81 510,751.54 497,580.76 425,518.43 1930-31. $409,232.72 388,263.58 492,838.00 544,793 81 498,194.90 718,541.94 $5,860,378.15 KILOWATT HOUR OU POTOMAC ELECTRIC POWER CO. Month. January . February March ... April .. May June July . August .. Beptember October November December 1927. . 17,036,730 . 16,154,758 . 16,275,840 .+ 16,266,198 . 16,413,356 .. 16,740,188 . 16,427,149 116.3311 080 1€,796,510 18,131,429 19,030,145 TELEPHO'\’E SERVICE IN CHESAPEAKE & POTOMAC TELEPHONE CO. Number of Telephones in Service Month. January : Egruary R arch s april May June July . August September October November December 19217 136,506 137,285 137,992 281 138,468 138.457 138,563 133,730 140,177 142,039 143,196 143,585 Average Originating Calls Per Day. | Month. 1921 January February March April May . *June *July *August . September October November 589,917 December 588,646 *Seasonal decrease due to vacation 576,881 580,920 SALES INDEX OF DEPARTMENT STORES DISTRICT Ol Average Monthly Sales 1923= 1923, 129 73.8 102.7 89.0 105.7 106.2 68.9 69.5+ 815+ . 1227 116.7 1904 s November . December ‘Totals $5,886,415.57 $6,048,525.38 TPUT FOR DISTRICT 1928 18,655,125 18,479,857 18,472,095 18,031,834 18,852,464 19,484,101 19,555 847 19,470,453 19,710,347 19,286,368 20,256,623 20,663,298 1929. 22,016,010 20,009,602 21,520,790 21,071,318 21,078,386 21,717,953 21,182,306 21,180,690 21,269,828 21,899,856 23,549,291 25,62 24,678,737 27,520, 341 DISTRICT 1930. 25,293,169 24,774,418 22,332,696 22,589,579 23,579,159 23,509,155 24,423,886 | 24,944,308 25,266.208 25,886, 99‘ 1928 144,036 144,757 1929 151,285 152,381 274 1930 159,705 | 160,013 160.946 161,772 162,125 161,961 | 162,108 162,396 163,736 166, 0371 167.536 | 168,480 | 153,815 153,522 154,055 156,402 158,016 158,747 158,913 148,608 149,501 150,360 1928. 590,024 601,839 595,652 602,004 597,723 599,428 597,693 474.550 535,762 571,495 598,216 598,398 perdod. 1929. 664,306 658,394 670,000 668,827 668,000 633,800 549,764 509,944 548,592 621,151 619,352 632,694 641583 | 656,337 651.180 652,959 F COLUMBIA. 100. 1928. 89 98 114 108 120 115 86 85 106 146 1927, 1929. 92 98 125 118 126 122 86 89 110 154 1930 94 99 107 127 129 117 84 84+ 106+ 159 144 241 ey 144 240 12 136 233 123 (Bstimated) WEEK ENDING JANUARY 17, 1931. rast Week 1,808,700 . 3.999.400 aien 8 14% 10% 68 Total number of shares sold Same perlod a vear 9% Affiliated Prod (1.60)... 16 Agfa Ansco.. . 68 Agfa Ansco pf. 5 Ainsworth Mfx (1) 94 % Afr Inv Ine. vte 1% 4 Air Investors war [ 79 AlaGreat Sou (i7) 75 915 All Amer Gen Corp 10 1% Allezheny Gas Cor 5! . Allled Aviation. » 4 Allled Mills. Inc(60c) . an 140t Aluminum Co of Am.... 151% 104 Alum Co Am pf (6)..... 1084 Alum Ltd A war . 324 Aluminum, Ltd (1) w 1% Aluminum, Ltd (C) w 3 Aluminum,Ltd (D) war. 35 Am Arch Co (3) 25 Amer Aus 2 11 Am Brit & Cont 2 Am Br Bo El Fd Am Capital (B). Am Capital pf (3) » Am Capital pr pf (5%) Am Cigar Co. .. Am Cit PEL A (a3)... Am City P&L (B) b6% .. Am Cmwith P A(b10%) Am Comwlith Pw B b10% Am Cyanamid (B). Am Dept Stores Am Equites. . Am ForPwr war Am Founders x Am Gas & k) (31) Am Gas & El pf (6) Am Hardware (1) Am Inv, Inc, B Am Inv. Inc, war. Am Lt & Trac (2%) Am Maize Products (2). Am Manufacturing (4) Am Maracaibo Am Meter (3). ural Gas. powr (40¢) . Am Superpwr 1st pf( Amer Yvette Co. Inc. Amoskeas Mfg Co. Amster Trading (48c) . Anchor Post F (b10% ) Anglo-Chilean Nit. Appalachian Gas. Arcturus Radio Tub. Arizona Power. Ark Nat Gas Ark Nat Gas A. Ark N G cm pf (60c). Arkansas Pwr&Lt pf(7) lfld’; Armstrong Cork (1). Art Metal Works. Ind Ltd(30¢). Glectric. ... . 4 cG&ELA (82).... Asso Gas & Elec ctfs(8). Ass0 G & E pf (5) . pur rts. Assoc G & Lall cl(sA Asso Rayon. ... Asso Rayon pf (6). Atlantic Fruit & Sug. Atlantic Lobos. Atlantic Sec Corp. Atlas Plywood (2). Atlas Utilities Corp Atlas Utilities(war).. Auto Vot Machine Auto Vot'g Ma cv pr p Aviation Corp Am Axton FT. A (3.20) Babcock & Wil (7). 3anta Corp. Bellanca Al Bell T. of Pa. pL.(6%4) .. Bigelow-Sanford Carpet. Blue dze Corp Blue Ridee conv pf (a3). Bohack (H C) (4) Bourjois Inc. ... Brazil Trac & Lt (58%) . Brill Corp, A (65¢)..... Brit AT cou B 1.17 8-10 Brit Am To reg 1.17 8-1 Brit Cel Ltd rcts Buffalo, N&EP pf(1.60) Buft g&EP 1st pf(5). Bulova W ev if (3%) Bunker Hill&Sull(3). Burco. Inc, war.. Burco. Incev pf ¢ Burma.Ltd rcts 2/ . Butler Bros. .. 3 Bwana M Kubw Ccp. 25% 364 110 2% 81y 115% 28 Cable&Wire pf rets Canadian Marconi. Carib Syndicate % Carnation Co (31%). Carreras, Ltd B(ploc). Celan ct 15t pf (17%) Cent Hud G&E n(80c¢). . Cens 111 Pub Sve pf (6) Cent&SW UtIl(h6%) ... Cent Pub Sve. Uel. Cent Pub Sv A (al.76). Cent States El(k40c) Centrifugal Pipe (60c). Chain Stor Development 1% Chain Stores Stock. 8y Chat Ph Alny. (1)...... 14% “hesebrough M{g(16%) 110% Chicago Nipple Mfg A.. Chief Consol Mining Chiids Co. pt. (7). . Cities Service(g30c). Cities Service pf (6). ies Ser pf B (.60). Cities Serv P & Lt pf(6) Clev Elec [llum (1.60) cveland Tractor (80, Colon Of1. .. Columbia OIl & Colum Pict vie (f13%5).. Com’with Edison (8) Comm Wat Serv b6% . Consol Auto Mer cum D} Consolidated Copper-. .. Consol Dairy Products. . Con Gas of Balto (3.60) Consol Gas Util A(2.20). 1 Consol Gas Util B. v.t.c.. Consol Laundries(1) Cons M &S (112 Consol Retail Stores. Consol Royal (30c) 20 Consol Trac of NJ (4) 431 Contl Gas & El pr p£(7). 99% Contl Share cv pf (6) 531 Contl Shares pt B(6) 51 Cooper Bessemer (2) 19% Cord Corp . Corp Secur of Chi (b6%) Corroon & Reynold: Crn & Rnlds pfA(6).... Cosden O11 4 Creole Petroleum Cresson Consol (4¢). Crocker Wheeler. . . . Cross & Black pf3%). Crown Cork Intl A ((1). Cuban Cane pr opt war. . Cuneo Press (2%).. CurtissAirpris v te. Curtiss Wright war. ... Cus! Mex Mining. Darby Petroleun i Dayton Airplane & Eng Deere & Co (k1.20) . De Forest Radio Derby Ofl & Refin. ... Derby Oil & Refin pf. Detroft Alrcraft Cor. Dix Gas & Utilitie: Doehler Die Casting. Douglas Alreraft (1) Dow Chemical (2). Dres (8 R) Mfg.A « Dresser Mfg (B) (2) Driver Harris (new) Dubilier C & Radlo Duke Pow (5) . Duquesne Gas Corpw.i.. Durant Motors Durham Duplex pr pt. Duval Tex. Sul. w.i. Bast G & Fuel Asso. East Sts Pow B (1) Eastern Utll Asso (2). stern Uti] Asso cv stern Util [nv (A) Edison El Bros(18.60). Eisler Electric Corp. Elec Bond & Share (b§). % E) Bond & Sh pf (8). Elec Bond&Sh cu pf (5) Elec Pow Asso (1).. Elec Pow Asso A (1)... 1 P& Lopt war.., Elec P&L %d pf A (7). Elec Shareholding (1) Emerson B S(B) Inc Empire Corporation. Empire Gas&F cm pf| Emp Pub Sve A (al.80). Empire Steel Corp. Emplyrs Reins(1%). % Engineers Gold bl 13 144 4 4 . 2566% 5 44 103% 91% ™ 14 9 68 9% 1% % k3 9 2% i 4% 1401 911y 30 29 33 35 This Year. 5,141,600 8,801,500 Low. Close. 8 14 9 68 9% 1% k) 75 10 3 % % 147% 108% 30 29 33 35 24 Net Chre. + L+l +++ 114 4L+ " 4+ +100 s2EesFss ™ sxEee i3 THE SUNDAY STAR, WASHINGTON, D. C, Stock and dividend. Europe Elec, Ltd A(60¢) Euro Elec, Ltd deb rts. . Evans Wall Lead. Ex-cello Air & Tool 4 Fabrics Finish Fansteel Prod. . Federated Capital. . 4 Flat receipts (1.25). Fiat Stk deb rt: Film Inspect Mach. Fire Assn Phila (1.60). Fischman & Sons A. wlintkote Co (A). Florida P & L pf(7) Foltis-Fischer Corp. Ford M C 2 Ford Mo Ford M Ltd ( Foremost DairyProd. Foremost Dairy pr pf... Foundation For Shs. Fox TheatersClassA. Franklin Mfg Co alena Ofl Corp. lock cking (1 "O) Gen Alloys . General Aviation. General Baking. General Baking pf (3).. Gen Baking, NY, w.i . Gen (‘nplvul Corp 1B Ltd 1t (p7 en Empire Corp (1) Gen Fireproof (12% Gen Gas&El cv pf B (8). s Gen Laundry Machine. . Gen Petroleum Corp wi. Gen Pub Util pf (1) Gen Th Eq cv pf w.l.(3). ien Tire & Rubber (vG} Gen W W & El A(2) GeorglaPowerpf (6) Gleaner C Harv new. Glen Alden Coal (8) Globe Underwriters Gold Coln (new) Gold Seal Elec new. Golden Ce Goldman S: Gorham, Inc pf @. Grt A&P Tea pf (7) Greenfield Tap&Dis Grief & Bro f (7) Groc Strs Prod v. Guenther Law (2). Gulf Oll of Pa (1%) Hand P p pf (p23c) Habirshaw. (40c) ., Hartman Tobacco Hecla Mining (1). Helena Rubinstel! Hollinger Gold ( Hudson Bay Min & Humble Oil (123 Hygrade Food Prod 111 Pwr & Lt pf (6). 111 P & L cm pf (6) Imp Oil of Can (50¢). India Tire & Rubber Ind Pwr & Lt cu pf(8%) Ind Terr I1lu O1l (A). s Ind Terr Illu Ol (B) Industrial Finan ctf Indus Fin cv of (7).. Insull Inv (b6 ) Insull Uti| Ins Co of > Insurance [ntercoast Trade Co. (1) Intercont Pete new. . Interlakes SS (4). Intl Hydro cv pf ( Intl Petroleum (1). Intl Products int Superp (+1.10) Int Utilities A (3%). Internatl Utilities (B) . InterstateEquities. ... .. Interstate £q con pf (3). Interstate Power pf (7). Irving Air Chute (1).... Irving Air Chute (war). Italian Superpowr A. Ital Superpower war... 4 Jer Cen P&Lt pr (7) Jonas & N cum pf. Klein (H) pt pf. Kolster-BriAm shs). Lake Sh Mines(t1%) Lakey Fdry & Mach Landers, Frary & Co(4). Lefcourt Realty 1.60. LefcourtRity pf(3) Leonard O1l. Libby McNefll & L. Liberty Dairy Product: Lily Tulip Cup 1%..... Lion Oil & Refining...... Loew's Boston (11.10).. Loew's, Inc (war) % Lone Star Gas (1) Long Isl Lt pt (7) Long Isl cu pt B (6 Louisiana Lan & Ex. MacMarr Stores (1) MagdalenaSyndicat Mapes Con Mfg (1. Marconi Int Mar(p3: Margay. .. Marton Stm Shovel : Mass Util Asso. Mass Util Asso cv pf 2% Mavis Bottling. . . .. Mayflower Asso (12). .. Mc Cord Rad & M{z (B). Mead Johnson(1332). Memph N G Co (60c). Mer Chap & S(1.60) Met & Min Inc(1.20). Met Chain Store: Met Edison pt (6) Mich Gas & Oil Corp. Mid Sts Pet v.t.c. A. .. Mid Sts Pet v.t.c. B... Mid West Sts Ut} (1%) Mid West Utll (b8%). .. Mid West Util B (w.i.). Mid Royalty cv pf (2).. Midvale Co (4). Miller & Sons (2). Mining Corp of Can Mo Kan Pipe L (b10%). MissKPLv.te.. Miss River F' 3 Moh Hud P 1st pt(7). Moh Hud P 2d pf(1). Montecatini deb rts Mtg Bk, Col, Am sh 3.82 Mountain Prod(1.60). ational Aviaiion 5 \at Bond & Share(75¢) . t Fam Stores (b10%). Natl Pwr & Lt pt (6)... Nat Pub Serv (A) ¢1.60) Xat Pub Sve pf (7)..... at Rubber Mach t Screen Servicy tSh Trm Sec A (50¢). at Sugar N J (2) atl Transit (1).. Nat Union Radio. auheim Pharm pf..... ebel (Oscar) . Neet Inc ev A (1.60) Nehi Corp pf (5% ). Neisner Bros pf (7) Neptune Meter A(2). Newberry(JJ) (1.10)... 4+ Newberry (JJ) pf (T).. New Bradford Oil (40c). New Eng Pow pf (6). .. New Eng Pub S pf pl(7) ew Jersey Zinc(3). .. ewmont Min (4) Y Hamburg (2% NY Honduras (11%). N Y Power & Lt pf (6).. N ¥ Pwr & Lt pf (7). N Y Steam Cp n w. N ¥ Tel pf (6%) N Y Transit (1.60) Niag.-H. Power (40c) Niag.-Hud Pwr C war... Niag Shares, Md (40e).. Niagara Shares,Md war. Niles-Bem-Pond (2) Nipissing (30e). ... s Noma EI Corp (80c) oranda Mines. Nordon Corp Ltd. Nor Am Aviation A war. North Am Util Sec Nor Central Te; Nor European O11 Corp. Nor Ind Pub Sve pf(6).. North Stat Pwr A(8)... Nor States Pwr pf (6).. Novadel-Angene (14%). Ohto Copper....... Ohio Ofl n (cu)pt ( Qutboard Mot (A) Outboard Mot B. Overseas Securities (1). PacG & E 1stpf (1%).. Pacific Lighting pf (6).. Pac Pub Sve A(1.30).... Pac Western Oll..oeveen Pandem Oil. . reeee High 7 1% 1% Low. Closa. 1 7 PUHL T+l + 04 [ ++ 00 FEFE FPPFEL FFF F |+ LIV +) ffi‘fxo'fi}‘ T U444 P+ +00+ i+ (BN RS R I+ F& EFET ES" - R s TS ¥ [ 5 X FEEFL 5 B e fore e FE OEFERFP FEF 255 & #v"% ¥ JANUARY 18, 1931—PART SIX. Stock and dividend. Hish Low. Close. Chse Paramount Cab Mfg.... 4 30% 9 i Parke Davis (11.35).. Pender (D) Grocery B Pennroad Corp. ... Peninsular Tel pf (7). Penn-Mex Fuel (3)..... Penna Pwr & Lt pf(T). . Penna Water & Pwr (3). Peoples L&P (A) (a2.40) Petrol Corp war. Philip Morris Inc. Phillip L Inc B 1.60. . Pio Bak of Am (A) (2).. Pilot Radio Tube(A).. Pitney B Pos n(20c).... Pitts & L Erie (5). Plymouth Ofl (2) Pratt & Lambert (1) ¥ mier Gold (12¢) rince & Whitel Prince & Whitely pf. Producers Roy Corp. Prudentlll Inv.. Nor 111 no par(8) or 111 $100 par (8). . Pub Util Holdings (50c) Public Util Hold war. Pub Util Hold xw (50c). Puget Snd P & Lt pf (6). Pure Oil pt (6).... Radio Products (2). Rallroad Sh Railway 3 Rainbow Lum ProdA. Rainbow Lum Prod B Raymd Concrete pf (3).. Reiter-Foster. Reliance Intl (A). Reliance Int Corp(E) . Rellance Management. Repetti Candy. .. Reybarn Co. Reynolds Inves Richfield Oil of Cal pf. Rike Kumler (2.20)..... R'kland Lt & P (90c) . Rossta Intl Corp. . Royalty Corp pf (11 Ruberold Co (4). Ryan Consolidated. .. Ryerson (J) (2).. feCar H& L (8) Antony Gold. .. St Regls Paper (1). Salt Creek Cons(40c). .. Salt Creek Prod (2). Saxet Co Schlet & Zander pt Schlettr & Zandr pf(3%) Schulte Real Estat Schulte Un 5¢ to$1 Schulte 5 to §1 Strs pf. Seaboard Utilities (50¢) ecur Corp Gen(40c). Seeman Brothers (3). Segal L & Hwde(50¢c). Seiberling Rubbe: Selected Industries. lect Indus (full pd) .. lect Ind (full pd stp). elect Industries pr pf.. Selfridge Store ( Sentry Saftey Control Service Sta Ltd A (2.60). 3: Shattuck Den Min. Shenandoah Corp. Shenandoah Cp pf (a3) .. herwin wmma (14%). Sing Mfg Ltd rets(23¢) . Smith (A 0) (2)....... S0 Am Air Lines 1st pf.. South Penn Oil (2 So Cal Edis pf (B) (1%) Sou Calif Ed p£(C) (1%) So Colorado PWA (2).... Southern Corp % Southland Royalty (60c) Southw Dairy Prod. .. . Sou West Bell Tel pf(7). So West Gas Util. Spflniflh & Gen rets. Spieg May Stern pf. Stand In\e*!cum j24 Stand Motors Stana Ofl of Ind_ (Hfi) Stand Oil Ky (1%). Stand Oil Neb (2%) . Stand Ofl Ohio(2% ) Stand Oil of Ohio(5). StandPwr & Lt (2). Stand Pwr & Lt (B) (2). Stan Pow & Lt pf(7)... Standard Screw ‘4). 7 Starrett Corp. . 109 5915 23% 14 134 824 3% 7 107 16% 371 14 141 2% Propper McCallum e 91y < 2% 228 22 - 6% 1 56 5 7€)... 2 3% . 103 351 431 99%, 943, 12% Net | ——1930— algh. Low. 48% 174 21 9 87 81 S 28% 3% 22% 4w 19% 16% 52 18 23 34 10 2 34y 27 384 30 98% 80 29% 10 98 40% 86% 5lu Tl 19% 5 # 110 43 2% 63 10% 184 3 - % Starrett 30 1 9 2% 6% i 100 i 134 2 108% % 59% 1 22 % 1% %% 1315 Straus: Sullivan Technic: Timken Todd Sh 5874 100 2 Tubsize UnNG Utd C Unit Dr. Unit E1 Unit Fo! Utd Lig Utd Lig Utd Mol. Utd Ret Util P & Utd P&L B(at1.02%; Util & 1nd pf (1%). Stock and Stein (A) & Co(1.60 n(A)&Co cu pf ( Stein Cosmetics Ino. Stutz Motor Car n Sun Investing Sunray Oil (b5 %) Swift & Co new (2).. Swift Internat (3). Swiss Amer E1 pf (6, Taggart Corp (1). Tampa Electric (2) Tech Hughes (60c) Texon Oil & Land (1 'rhncher Sec Corp. Tobacco&Allied Stks. Tobacco Prod Export. Trans Air Trans. Trans Lux DLPS.. Tri-contin’l Corp war. Tri Utllities (31.20). Trunz Pork s Truscon Steel pf (7).. Union Oil Assoc (2)..... UnionTobacco. . r Fastener. Unit Chem pt pt (3) Unit Corp war Unit Elec Sv (pl.41 Utd Gas Corpn United Gas war. United Gas pf (7) . Utd Lt & Pwr B (1).. United Profit Sharing. . United Public Se: Unit Shoe Ma U S Dairy B..... U S Elec Pwr ww. U S Elec Pwr (war). U S Finishing U S Foil CoB (5 U S Gypsum (1.60)... U S & Interntl Sec. US & Int Sec 1st pf (5).. U S Lines pf (1). U S Playing Cards (4). Unit Stores. Unit Verde Ext (2) Utah Apex dividend. Corp pf (3) - & FEF Roth. Machine. . R N © - T olor Inc [EEIE Det Axle pf (7). $# #2558 23y ipyard (4). LH++ Chatel (B)... Twin States N G pt (A). Ungerleider Fin Corp. Union American Inv, 3 of Can (1.40) 0 y Dock. Ser pur war. . und (b2-35 sh) [RAEEANN! ht & Pwr A(1). ht & Pwr pf (6). asses, Litd. ice. . Chem pf 3 sxs2fs s25 25 sreisste [} 1444+ Fa T+ + Lt ESERLET Utllity Equitie: 1% Walker Wwinter Wright “Y" ou 10% 2 - 21 1% 3% 3 T Sou Cal Dividend annual payment. £Plus 5 per cent in per cent in_stock. Special Dispatch to The Star. NEW YORK, January 17.—The week in the investment market was virtually a repetition of the same week of 1930. Flooding of a strong and rising bond market with new bonds forced listed issues down from their highs. The in- dication of the previous week that deal- ers would not force the market was not borne out. In the first three days of the week over $200,000,000 of new offerings were put out and the total for the week was $253,548,000, against $38.995,000 in the previous week and $305,058,000 in the same week of 1930. Most Issues High Grade. In the corresponding week of 1930, however, the large total was more than half accounted for by the $150,000.- 000 offering of American Telephone & | Telegraph 5s of 1965. This week prac- tically all the new bonds were of a high grade, but in most cases they were priced much below the listed market, thus forcing down the prices of companion issues. The featured example of this was $50,000,000 of In- ternational Match 5 per cent deben- tures, offered at 96. The outstanding 55 of the same corporation had been selling around 99 to 99';. As soon as the new offering was announced, with its convertible feature, the listed issue declined over 6 points. Columbia Gas offered $50,000,000 of new bonds and these depressed the outstanding 5s in exactly the same way, though not so widely. The market was headed for a broad recession had it not been for the hur- ried action of dealers in postponing other new offerings for the present to give the newly convalescent market time to digest this mass of material Two large proposed issues, $100,000,000 of Consolidated Gas bonds and $100.- 000,000 of Pennsylvania Power & Light obligations, were set back on the cal- endar, the latter for an indefinite period. As a result the market made some Tevorey the last three days of the week. though this was almost en- tirely confined to the high-grade section. Foreign Dollar Bonds. For every notch that the legal group was shoved higher, semi-speculative descriptions were sold and the index of 30 bonds at the end of the week had {lot ]varfled a half point from last week’s evel. Foreign dollar bonds were not much affected by these developments, as no bond house had the temerity even to suggest another foreign bond offering. ‘There was an issue of Ontario bonds, but these have not for many years been classed as foreign. Brazilian and Argentinian credits responded to de- velopments in the exchange situation. A group headed by the Rothschilds in London placed a credit of 7,000,000 pounds sterling at the disposal of the Bank of Brazil for the purpose of sup- porting Milreis Exchange. Argentine bonds were also weak with the decline in the Australian soverign against the pound to a discount of 25 per cent. French and Belgian bonds remained firm. Italians continued to improve. ‘The market has to encounter certain adverse factors before the current dull- ness is lifted, among them a number of casualties among junior bonds and annual earnings reports for 1930 from which little is expecud ‘The addition to this load of a renewed flood of new bonds might conceivably carry the list back to its December low. Cheap Money Policy. ‘This, however, is an extreme view. Proof of the continuation of the Fed- eral reserve's cl money policy was contained in fi;“gmp of time alwu- to the lowest in 37 years during piled by Dominion Securities Corpora- tion, a large Canadian bond house. This showed that of the total of $705,~ 090,356 borrowed by Canadians, govern- mental and corporate, 44.14 per cent of the funds came from the United States, 54.96 from Canada and 0.90 per cent from Great Britain. This shows a marked difference in the fis- cal relations of Canada and the United States when it is recalled that in 1910, of a total of $231,000,590 bonds sold, only 150 per cent were sold in the United States, against 81.50 in Great Britain and 17 per cent in Canada. (Copyright. 1931.) NEW YORK BANK TRUSTS NEW YORK, January 17 (#).—Over- the-counter market. Bank and trust companies’ closing bid and asked prices: America Chatham’ & Pherix. Chemical City Sommercial Pirst National Manhattan Public ...... Trust Companies. Bankers ...... Bkiyn Trusi Central Hanover Chelsea Continentai Corn Exchange Empire .. Guaranty | Irving Manufacturers N'Y Trust. INVESTMENT TRUSTS NEW YORK, January 17 (#)—Over- the-counter market. Closing bid and asked prices on investment trust secur- ities: Am & Gen Secur 67 pf Am Composite Tr. Shrs Deposited Bank Share S First Amer Corp. Incorporated Eauities Incorporated Investoj Int Secur Cor) Do. 6127 D! Bid. Asked. .40 Util Equit pf (5 Vacuum (4). van Camp : A Van Camp Packing pf.. 3 | Venezuela Petroleum Vie Finan Corp(40c). ¢ Va Pub 30% 63 & 88K 3% 1404 2% 226 27 254 19 3% ™ Walgreen Co. Wayne Pump pf (334) . Welch Grape Juice (14). West Va Coal & Coke... % West Alr Exp (60c). West Auto Sup A(3) Western Md pf..... 4 Wheatsworth (11%) Wheeling Steel Corp. Willlams, R C (1.40). Wil-Low Cafeterias. Wil-Low Cafeter pf. Zonite Products (1). RIGHTS—EXPIRE. Comm Edison... Pacific Gas & Elec. Public Srv No Iil. .. rates in dollar tPartly ext able in cash or stock. + Svpr(D.. (H) a 501 13 1T% 80 445 30 10% 8 PELII VL +4+ 4 % 3% 1% 1% L 8% 12% 1% 1% 84 (Ben).. Harg (50¢) & Ga: .Feb 2 lflh 124 13% 1% 2 2 Zin 184 2i% - % ifornia Edison.. 2 1% 2 based on last irte: Fiue’s per "cott i stock o Fay- b Payi ock. e Adjustment dividend. stock. g P! ) Blus 3 per cent I stock. 'k Pius 0 ber sent 1o 'stock. m Flus 3 per cent 1h Stock. B Plus 8 Der cent 1a staek NEW BONDS DEPRESS MARKET AS OFFERINGS ARE INCREASED FRANCE SEEKS USES FOR GOLD RESERVE Nation Awaits Chance to Enter World Finance, Says Com- merce Board. Gold was so rare in France only four years ago that the Bank of France paid a bonus for the gold coins hoarded by private individuals from war days. To- day a large share of the world’s gold supply is within the borders of France, the stock having increased nearly $400,- 000,000 last year. Furthermore, the shower of yellow metal is no more wel- come today to the French than the huge imports of gold were to Americans prior to 1930, says the French Cham- ber of Commerce. The unparalleled stability and pros- perity of the United States were from 1924 to 1929 the determining causes of the inflow of gold to America. So now the stability of the franc and the se- curity offered in France to the capital- ists of ail countries have lured avail- able capital to France at this time when there is less demand for credit in foreign markets on account of the present widespread economic crisis of the last months. How can France use this bullion pil- ing higher and higher in her vaults? French thrift cannot endure seeing this wealth lying idle, and, as long as the Young plan works and she is assured of recovering a small part of her enormous wartime losses, she will not allow this gold to remain unproductive. The Bank of France has taken steps to encourage international operations. She has eased up in her treatment of foreign securities, and today the latter are taxed less than the French securi- ties. But capital in France, as in the United States, is waiting prudently, but impatiently, for the end of the period of political and economic disturbance which the world is now experiencing. Faithful to traditions, France is ready to resume, at the proper moment, her position as a great world financial mar- ket, the chamber report concludes. MACMARR DIVIDEND. The directors of MacMarr Stores, Jackson ‘& Curtis Tnvest ‘Assoc. Mass Investors Trust 5 il Shares Inc Units. """ Sec Int Secur Corp 6 Two-year Trust Sh. Others unchanged. 50 Industrials. Today. ... Previous d.-y Week ago. . Month ago. . Year ago. . Two years ago Three years ago.. High, 1930-31. Low, 1930-31. High, 1929. Low, 1929.. years agi High, 1930-31. Low, 1980-31., H }HB Inc, have declared the regular quar- terly dividend of 25 cents per share on 221, the common stock, payable February 1 “ "to stockholders of record January 19. STOCK AND BOND AVERAGES By the Associated Press. SATURDAY, JANUARY 17. STOCKS. 20 Utilities. 161.1 161.4 166.3 153.9 2153 2013 1272 281.3 146.5 353.1 156.3 20 Rails. 98.1 98.3 100.8 89.2 130.5 134.7 120.2 1416 86.4 167.8 T 10 Utilities. 99.6 100, 96.6 98.5 99.4 100.3 1014 96.6 99.8 96.0 (CopyMght. 1931, Standard Statistics Co.)