Evening Star Newspaper, January 19, 1931, Page 14

A—14 ¥ FIN PROBE OF BANKING | “WILL START TODAY Glass Subcommittee Author- ized to Make Thorough Investigation. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, January 19.—Senator Glass and his subcommittee of the United States Senate start their long- heralded money and banking investiga- tion today, when Eugene Meyer, jr., gov- ernor of the Federal Reserve . Board, and John W. Pole, controller of the cur- rency, appear as the first witnesses. The first effort of the committee robably will be to find out why 1,000 ks in the United States, with de- posits exceeding $700,000,000, failed last year. Some think, too, that the New York Stock Exchnrg will be given the *once-over,” for e committee has the power to do it. This subcommittee has been au- thorized to inquire into the national banking system, “their facilities for trading and carrying speculative securi- ties; the extent of call 10ans to brokers by member banks for such purpose; the effect on the systems of the formation of investment and security trust; the desirability of chain banking as a part of the national system, together with any related problems which the com: mittee may think it important to in- vestigate.” Pujo Investigation Recalled. “Related problems!” There's enough power in the resolution to investigate every line of business that borrows or lends money. It is as sweeping as the resolution which resulted in the famous Pujo Money Trust investigation of 20 years ago. What a stir that one caused throughout the United States! The creation of the Federal Reserve System really resulted from that investigation. ‘Tomorrow New York will have its day, with Gov. George L. Harrison and Chairman J. H. Oase.of the Board of the Federal Reserve Bank, testifying. How far the investlgvuan will reach has not been indicated, but Senator Olnas former Secretary of the Treas- is known as the Senate's ablest atudem of banking and currency. Wall Street, as well as the rest of the coun- try, therefore, will follow its work with intense interest. For there's plenty of loose dynamite lying around. Pamphlet on Silver. Dr. Rene Leon, economist for Lang- ley & Co., New York, investment bank- ers, is known in the inner circle as a “silver” expert—one of the ablest in the United States. In an admirable pamphlet, which he has just issued, entitled “Silver; Sig- nificance of Its Rise and Fall” he pts in three pages to tell just what should be done to bring “to an end the disastrous deflation” which is holding the commodity and security markets of the world in its grip. He makes five suggestions: First—The Indian government should forthwith stop selling silver and return the rupee to its pre-war level (16 pence). Second—Great Britain should revert to the former fineness of its fractional silver currency (standard silved .925 fine). ‘Third—France should resume silver coinage on a substantial scale. Fourth—Mexico should revert to its ancient coinage. Pifth—The United States should help ‘finance any or all of these operations as its ennmbuuon to the defense of the gold standar Dr. mn’s l'u(‘esflnnl have the ad- vantage of being specific and clear-cut. ‘They are made by one who shows a mastery of the subject. The weakness of the plan is political, not economic; for it consists in getting many different countries to agree on a money plan. And very few men—either business men or politiclans—understand the place of | ailver in the world: Branch Banking. Is the powerful Chase National Bank and its assoclates going to lead the move against branch g.nklnu Albert H. Wi came out. squarely opposed to Federal legislation which would force the great banks of the United States to engage in the com- itive struggle for the acquisition of hes throughout the country. He thinks every community large -enough to sup) a strong. well managed, in- dependent "bank should have one, although it might be desirable for small communities to have inexpensive branch banks. Therefore, let the States adopt any needed legislation and give the national banks the same ts that are given to State banks. However, Mr. Wiggin foresees trou- ble ahead in reconciling “initiative in the branch, with control at the head office,” especially in a country so large as the United States, where frequent touch of the branch manager with the head office is impossible. But Canad: country really a hun- dred miles wide and 3,000 miles long— flm‘ - quite the reverse of the Wiggin c Should there be double liability in bank stocks? Should a holding com- gsv that owns stock of a banking titution be required to maintain re- serves or surety bonds to protect the statutory double liability which a taches to such stock? Superintendent of Banks Broderick of New York says yes. The failure of the Bank of United States and the bankruptcy of its affiliated holding companies, which owned a great deal of the bank's stock—a practice which is not conflned, however, to New York State—raises the issue anew. Double Liability. A few weeks ago the bankruptcy of a Delaware holding company which | owned large blocks of stock in the failed | National Bank of Kentucky brought it ublic attention. . very bank—both State and na- tional—has attached to its stock a double liability, should such recourse ! be necessary to protect the interest of the depositors. For many years no one but an individual was permitted to own bank stock. In recent years the growth of the holding companies has changed | all this. Many of them own large blocks of stock in varlous banks| throughout the country. i Manifestly, if the double liability feature is to be enforced against indi- vidual stockholders the same provision | should apply to corporations—corpo- | rations owning bank stocks should nof be able to escape the penalties which | ar imposed upon the individuals in | case of any trouble. Probably special legislation is needed in many States to safeguard the double | liability feature. “In the case of the bankrupt holding | company that controlled the failed Kentcky banks both State and na- tional, its total assets almost consisted of the worthless stocks of the. institu- tion whose downfall had been hastened, if not caused, by the machinations of the holding company’s management, according to the New York Journal of Commerce. This recommendation of Supt. Brod- eérick should be pressed, not only in New York, but in every State in the Union. (Copyrisht, 1931, by North American News- per Alliance.) roiu:mn EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks it $4.85 11-32 3.91 25.3% ANCIAL. - THE EVENING STAR, WASHINGTON, D. C, MONDAY, JANUARY 19, 1931. HEHGRADE BOND | = BONDS o ] NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page Stock and Sales— Dividend Rate. Pub Sv N J (3.40). Pub Sv N J pf (6). Pub Sv N J pf (8). Pub Sv E &G pf (6). Pullman Corp (4). .. Punta Alegre Sugar. Punta Aleg Sug ctfa. Pure Oil Pure O11 pf (8) Purity Bakeries (4). Radio Corp. . Radio Corp B (5) Radio-Keith-Orph A. RR Sec IC stk C (4). Reading Ry (4).. Real Silk Hos (3) 4 teis (R) & Co 1st pf. 50s Rem Rand (1.60).... 11 Reo Motor Car (80cy. 4 Republic Steel . 8 Republic Steel pf. Reynolds Metals 1") pred lnn-. High. 123% 17 158 110, 2 194 6 11 408 1 Rio Grande Rossia Insur / Stores (). pf (6) St Joseph Ld (2 St L-San Fran (8). St L-San Fran pf (6) Schulte Retail Strs Seaboard Air Line. Seab Afr Line pf. Sears Roebuck Second Nat Inv Second Nat Inv p! Servel Inc Sharon Ste Shattnek G (1139 Shell Trad (a2.423) Shell Union Oil. Simmons Co. . Simms Petroleum. ., 4 Sinclair Con Oil (1), Sicelly Ofl Skelly Oil pf (6). heffield &IOPI 10 5 outh Cal Ed South Pacific (6 South Ry (8) South Ry pf (5 Sparks Withing (1). Spicer MIg pf (3)... Spiegel-May-Stern. . Stand Brands (1.20). Stand G& E (3%4). Stand G & Epf (4). Stand G & E pf (6). Stand Oil Cal (h2%). Stand Ofl Exp pf (5). Stand Ofl Kans (2) Stand OII N J (12). Stand Oil N Y (1.60). Sterling Sec A. Sterl Sec pf (1.20). Stewart-Warner (2 Stone & Webster (4 Studebaker Corp (3 Submarine Boat Sun Ofl (11).. Syperior Ofl. . Texas Corp (3). Tex Gulf Sulph (4) Texas P C & Oil. . Texas Pac Land Tr Thompson Pr (2.40). Thompson Starrett. . Tide Water As (60c). ou B Ric Sug (1.40) ) Add 00. High. 5 7 13) ~Prev. 1030 High. Low. 21! Low. Close. 40% 5% 89% % 49 52% 20% 16615 82% 23 18% 41% 321 14% 3% 13% 43% 2% 46% 24% 97 2% 50 16% 464 23% 4 % 17% 42% 28 i 401 1% 31% 46 5 12% 121 4% 10:30 A.M. 1:30 P.M. b el 3% 9 Stock and Dividerid Rate. 8 Timken Det Ax (30c) 2 Timken Roller (3)... % Tobacco Prod A t95¢. Transamerica (1) Tri-Cont Corp Tri-Cont Corp pf (6). Twin City RTr (§4). Und-Ell-Fischer (5). Un Carbide (2.60)... Un Oil of Cal (2). Un Pacific (10). Un Pacific pf (4).... Un TankCar (1.60). . Unit Aircraft Unit Aireraft pf (3). Unit Biscuit (2) Unit Carbon (1) Unit Cigar Store: United Corporation. Unit Corp pf (3).... Unit Electric Coal. .. Unit Fruit (4) Unit G & Im (1 Unit G & Im pf (5).. Unit Paperboard U 8 Distribut pf U S Express. . U S & For Secur. TS & For Sec pf (6). u U u Dividend rates as cmn in the abpve table a payments based on the latest quarterly or half yearly di # Unit of trading less than 100 sh 1 % in stock. m Plus 1% in stock. n Plus Sales— . Add 00. High. 545 0). S Freight Indus Alcohol S Leather A. SPipe&F (2).... SP&F 1st (1.20)., U S Realty & Im (3). U 8§ Rubber . 1 8 Steel (7) 1 S Steel pf (7) Unit Stores A. Unit Stores pf (2 Univ Pipe & Rad. ... Util P & Ltat1.02%. Vadasco Sales Corp. Vanadium Corp (3). . Va-Car Chem 6% pf. Wabash. Wabash P( A ( Waldorf Sys (114).. Walworth Co (2). Ward Baking A. Ward Baking B Warner Bros Pic Warner Bros pf 3.85. 1 ‘Warren Bros (3).... 6 Wess Oil & Snow (2) 1 West Pa El pf (6). West Pa Pow pf (6) . ‘West Pa Pow pf (7). WestarDalty A (f) 2 Western Dairy B. 1 Western Md. . Western Union (8). Westing AB (2).... Westing E& M (5). Westing E&M pf (5) 1308 Weston El Instr (1), 2 Weatvaco Chlor (2). 2 extark Radio Strs. White Rock MS t4%. Willys-Overland Wilson & Co A Woolworth (2.40). Worthington Pump. . Wrigley (Wm) (4).. Yellow Truck Sales of Stocks on New York Exchange. 43, Lasy . 108 108 08 ll 121 24 B5% 59% 67%, 9% 287,700 12:/ . 741,600 . 799900 e the lm':ull cash 1 Plus Payatie in, st Pl (0 stock 1 Plus” u in d '-km‘i' .k%mn ot X FINDS BANK STOCKS INGOOD POSITION Expert Says 25 Issues Have Had Average Yield of 4.68 Pet. in Past 26 Years. Special Dispatch to The Star. NEW YORK, January 19.—While the public in recent years has paid too much for bank stocks, good issues pur- chased at conservative prices have for generations proved valuable holdings and will undoubtedly continue to be so, in the opinion of Gilbert Elliott, author- | ity on the bank stock market. As an aid in determining what is a conserva- tive. price, he has had the statistical de- partment of his firm, Gilbert Eliott & Co., prepare a history of 25 leading New York bank stocks covering the period 1905-1930, from which he quotes the following pertinent facts: “We find that during the last 26 years bank stocks have, on the average, sold at 1% times book value, 17}, times earnings and to yield 4.15 per cent. Prior to 1925, these stocks, as & group, at no time sold for more than twice book value and did not depart grubly from a ratio of about 1}, times book value for any length of ',l.m! At thelr low prices last December, they sold at 1.37 times book value, 18.4 times earn- ings and to yield 4.68 per cent.” Ratios Also Included. ‘This history includes a table showing these ratios for the 25 stocks in each year of the 26-year period. sion, Mr. Eliott says: “A study of the tables will indicate that these latter averages (December, 1930) were reasonable in the light of past performance and the character of the present depression. At such levels New York bank stocks warrant favor- able consideration.” ‘The history of these stocks reveals many interesting facts, among the most striking of which are: 1. That earnings have averaged over 10 ‘per cent of capital and surplus funds—a record which has probably been unsurpassed in any other field for |50 long a time, 2. That dividends have averaged 6 2-3 per cent of capital and surplus funds— 4 ratio that would ordinarily be consid- ered unattainable for a sound enterprise over an extended period. 3. That div!dend disbursements, which have been covered by a 50 per cent earnings margin, have increased wilh- out interruption, being larger, in aggregate, each succeeding year v,hnn during the year previous. *Record of Dividends. 4. That total dividends paid since 1920 have amounted to more than the aggregate book value of these banks. 10 years ago and have been virtually {equivalent to the combined market value of their shares at that time. 5. That these banks, as a group, | |failed to earn their dividend require- ! ments in only two years. 6. That after every year of panic or | depression—viz., 1907, 1914 and 1921~ |earnings have immediately been re | stored to normal in the following yea: 7. That these stocks, as a_whole, at no time during this period of 26 years sold_below their aggregate book value, | the lowest Tatio being 1.06 in 1921. Highest Yield in 1921 8. That the highest yield basis also occurred In 1921, when the index touched 7 per cent at the market lows. It will be recalled that the New York rediscount mte was also 7 per cent during the early part of that year, and | high-grade bonds were available on a 6 per cent yleld basis. 9. That the highest ratios at which these stocks ever sold occurred, of course, in 1929, when their ate market value was .more than six times book value, about 50 times earnings, and yield amounted to little more than 1 per cent. 0. That the average ratios at whioh these stocks sold during the period of 26 years covered by this study were 1% times book value, 17}2 times earnings and 4.15 per cent yield. In conclu- | Public Utilities BY GEORGE T. HUGHES. Southern California Edison. (This is the twenty-fourth article of a series on the subject of publig utilities, covering the principal op- erating and holding companies, giv- ing their history, fleld of operations and an analysis of the capital struc- ture. Mr. Hughes will discuss bonds as well as stocks, but will present the facts without any attempt to recommend purchase or sale of spe- cific securities.) Serving a rapidly growing territory, one of the largest operating power and light companies in the country, with a long record of consistent growth, the securities of Southern California Edison are justly favored by investors. Bonds of the parent company sell to yield less than 5 per cent and are all of first grade. Besides the common stock, which is of $25 par value, there are four issues of preferred. All the latter also are $25 par, one of them known as the original preferred paying 5 per cent and participating and the three others known as “A,” “B” and “'C,” paying 7 per cent, 6 per cent and 5% per cent, respectively. These pre- ferred stocks are held in large pro portion by customers of the corpora- tion. They ‘have little or no specug lative attraction, but dividend require- ments are covered by a wide margin and they are held for income. The dividend rate on the common is $2 per share annually, while earn- ings available for the junior stock in 1929 were $3.36 a share. As the mar- ket goes for stocks of rating public utiyties, Southern California Edison at its recent low WM not overpriced, though yielding not much over 4 fi cent. From time to time share- lders have received rights to sub- seribe additional capital on attractive terms. In 1929 and again in 1930 such rights had an average market value of around $3 a share and, granted nor- mal conditions in the industry and a continuation of the growth of the cor- poration, similar offerings may be ex- pected in the future. ‘The company has made a good rec- ord during the current depression. Although gross for November, 1930, showed a slight falling off from the same month of 1929, net was higher and for the 11 months of the year both gross and net showed increases over the corresponding period in the year before. Purchasers have to bear in mind, however, that a stock of this character fluctuates over a wide range in an active market. In 1929 Southern California Edison common sold above $91 a share and in 1930 it sold under $41 a share, a swing of 50 points. Ob- viously, its value as distinguished from its market price did not vary in pro- portion to t| cnnnze in the quotation. DIVIDENDS DECLARED NEW YORK, January 19 (#).— nnm Hdrs. of record. Dec. 11 ay- Company. Rate. riod. me Am Dredgin Dec. Buckeye lsu s a2ige P Gharis "Corv ashion Co | Pl o) 6o of | can 6% cum std bt pf. ... 3150 Gen St Wares ‘Bi 41T Int Safety Razor A.60c i 34 Do. nl Do Logw’ 5 BB = wee B~ o SERGOZES M e 175 dm' e o o ! .82 Muskogee ' Co l. tiny Ontario Steel “prod. ‘wc William (RC) & Co Am Dredsine Dec. 17 cnm ! Mag 2 Peb. lom-d. & Amuu exports from the United TRADING CONCENTRATED IN FEW STOCK ISSUES Speclal Dispatch to The Star. NEW YORK, January 19.—A study of the transactions in last week’s stock market, which, by the way, was one of the smallest of the past year, shows that trading concentrated in a com- paratively low percentage of the total issues dealt in. Actually, about 40 per cent of the turnover of approximately 8,500,000 shares was in 25 issues. Those indicating the largest volumes were American Can, American & Foreign Power, Bethlehem Steel, General Elec- Steel, Standard Oil of New Jersey, United Aircraft, United Corporation, U. 8. Steel, Vanadium, whose total was the largest of all; Warner Brothers Pictures and Westinghouse. Every one the previous Saturday's range. DECREE MODIFICATION DOES NOT ALTER POLICY By the Associated Press. CHICAGO, January 19.—First indica- tion of trade policies under the recent modification of the packers’ consent de- cree was contained in a statement by Edward C. McDougall, president of Libby, McNeill & Libby, who announced branded and control-brand products through present channels and not through Swift & Co. The statement is at odds with widely circulated reports that modification of the decree would result in sweeping changs in distribution policies. Until Mr. McDougall’s statement was issued there had been no declaration of policy by any major concern in the canning field. ‘There is as yet nothing to indicate what, if any, changes may be made by other factors in the industry. CHICAGO LIVE STOCK MARKET CHICAGO, January 19 () (United States Department' of _Agriculture).— Hogs—Receipts, 80,000 head, including 42,000 direct; opened weak to 10 lower than Priday's average; later trade steady; few heavies 5a10 off; top, 8.25; bulk, 130-210 pounds, 8.00a8.20; 220-310 pounds, 7.25a8.00; pigs, 7.85a8.15; pack- ing sows, 6.35a6.60; light light, good and choice, 140-160 pounds, 8.10a8.25; li weight, 160-200 pounds, 8.00a8.2! e dium weight, 200-250 pounds, 7.5588.15; heavy weight, 250-350 pounds, 7.10a7.70; packing sows, pounds, 6.25a6.75; slaughter pigs, good and choice, 100-130 pounds, 7.7588.25. Cattle—Receipts, 15,000 head; calves, 2,000; strictly good and choice fed steers and yearlings scarce, steady; common firm trade on stockers and feeders, but bulk in-between grade fed steers and yearlings weak to 25 lower; best weighty steers 13.10; long yelrhnzx 12, he- stock very slow, weak; slaughter cattle and vealers, steersp good and choice, 600-900 pounds, 9.75a14.25; 900-1,100 pounds, 10.00a14.25; 1,100-1,300 pounds, 10.00a14.25; 1,300-1,500 pounds, 10.00a 14.00; common and medium, 6001,1,300 pounds, 6.50a10.00. Heifers, good and * choice, pounds, 7.50a11.50; common and me- dium, 5.00a7.50. Cows, good and choice, 5.00a7.00; common’ and medium, 4.00a5.00; low cutter and cutter, 3.00a 4.00. Bulls (yearlings excluded), good and choice (beef), 5.00a6.25; cutter to medium, 4.00a5.4¢ Vealers (milk fed), and choice, 9.00a11.50; medium, 7.5029.00; cull and common, 5.00a7.50. Stocker and feeder cattle—Steers, good and choice, 500-1,050 pounds, 7.0029.00; ’common and medium, 5.50a7.00. | Sheep, 16,000 head; mostly 25a35 }hl'hl‘l’ than Friday; early bulk, g [und <hoice fat lambs, 8.75a9.25; top |paid by city butchers, fat ewes, 3.50a 4.50. Yearlings and 2-year-old weth- ers, mixed, 7.75. Lambs, 90 pounds down, good and choice, 8.50a9.35; me- dium, 7.25a8.50; all weights, common 6.00a7.25. Ewes, 90-150 poun dium to choice, 3.00a4.50; all wei.hu cull and common, 2.00a3.50. ing :0-75 pounds, good and choice, Auto Registrations. NEW YORK, January 19 (#).—Auto- mobile registrations in 30 States for December totaled 46,889 cars, compared with 69,926 in December of the pre- tions of ’ord Mnlnr LIST HOLDS FIRM Irregularity Crops. Out Other Sections of Market. Trading Slow. BY F. H. RICHARDSON Spectal Dispatch to The Star. NEW YORK, January 19.— There was no pressure on the bond market today from new issues, as there had been in nearly every session last week. This hel, to maintain prices for high-grade securities. In this classifi- cation fractional gains occurred on a limited amount of trading. Both rail roadc and public utility corporation bonds were steady, and there was some slight gain in U. S. Government obli- gations The enormous increase in savings bank deposits last year in New York State reported over the week end and the steady increase since the first of January means a great deal to the market for bonds legal for such banks. It is with these institutions as well as the life insurance companies that the major portion of the new issues have been placed. The success of other of- ferings of lower grade made recently has been of an indifferent character. There was considerable irregularity today in both domestic and foreign ob- ligations. Some of them reacted after Saturday’'s rather abrupt run-up in prices. Others appeared to be suffering fm[n fresh liquidation. In this class were St. Paul adjustments, which de- clined 1'; points and were near their old low level. Chicago & Eastern Illi- nois 5s were also heavy. In the indus- trial list the tire and rubber bonds had a heavy tone. Quite wide fluctuations occurred in foreign issu®s, especially where they had been bid up at the end of last week. Profit-taking was evident in the Ger- man Government 5%s and in the Ag- ricultural Bank 6s, as well as in several German corporation issues. Italian Government 7s advanced a full point and Milan and Rome 6'cs each rose !5 point bexore reacting. Tokyo Electric 6s declined ¥%. There was no sign of improvement in the Australian descriptions in spite of indications that the Government is showing a stronger hand in dealing with the exchange situation. Argentine issues were also heavy. Rumors to the effect that British, Canadian and Amer- ican bankers are planning to make a large loan to Argentina are nullified by the excessive amount suggested and the rate of return, neither of which would be considered by any banker acquainted with present market conditions. The immedjate outlook has a close re- lation to the willingness of house of is- sue to withhold offerings until those which came into sight in the first half of January have been absorbed. The fact that thers was not a single new 1s- sue advertised today has an encouraging aspect. ot Washington Stock Exchange SALES. Washington Gas 6s “A"—$100 at 102, $200 at 10Z, $200 at 102, $400 at 10215, $100 at 102%. Capital Traction Co.—10 at 4115 Mergemha!er Linotype—10 at Hl AFTER CALL. Washington Gas 5s—$500 at 104. Washington Rwy. & Elec. 45—$1,000 &t 8712, $1,000 at 875, Bid and Asked Prices. medium and good, 275-500 | kinds fully steady in sympathy with g:m 550-850 | Woos BONDS. PUBLIC UTILITY. Bid. Asked. . 101 tric, General Motors, Radio, Richfield c"‘ of these stocks closed materially below | Wr Gas 6s. Wash. Rwy. & Eiec. uxsctLuN!ous. Barber & Ross Inc Chevy Chase Club Corambia. Countty Chub Paper Mig. 6s. Cold Storase Cons. Title 6s STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9 Capital Traction his firm would continue to distribute its | 5o Eiec. Poi Wash Ry. & E Wath. Rwr e iec, pta. NATIONAL BANKS. Gapital (14) Columbia (1 Gommercial ( District (&) Liberty (78) Lincoln (12) Metropolita Rigas (156) Second (9e) Washington Amer. Security & Trust Co. (15) Continental Trust (6) Natl. Savings & Trust '(12f) 4 Phince Georges Bank & Trust. . Union Trust (8s) 3 Washington Loan & Trust (i4). SAVINGS BANKS. Bank of Bethesda (61). Commerce & Savings (il East Washington (12) Eotomac Securi & ‘Gom. ‘Bi. {i7). SECOrty Street 13 United States (30) Wash. Mechanics (20 FIRE INSURANCE. American (12) Corcoran (10) Firemen's (8) National Union (i) TITLE INSURANCE. ) Columbia (6h) Real Estate (8h) Title & Inv. Co. Md. MISC!LLAN Barper & Ross. Inc. s S82L85208-320288528.332 *Ex dividend. b Books closed. n2be extra. £30c ext 1% exura % extia. NEW YORK, January 19.—While xtra. 173" Cenis extra. purchase of sales merchandise in the New York whole- sale markets last week,a larger volume of business was placed for Spring goods than heretofore. The new Spring coat and suit lines are opening very favor- ably. In dresses, two and. three-piece suits in black and navy are receiving attention Twenty-two ships with caigoes of raw silk will dock at West Coast ports dur- ing February, the Traffic Bureau of the Silk Association of America announced. Seven ships will dock at Seattle, 9 at San Francisco, 3 at Vancouver and 3 at Los Angeles. Bl VEAP S S Than in . and Smong towns n country, and among those who work with their heads rather considerable attention was given by re- |1 00d | a1 buyers to the FINANCIAL, Received by Private Wire Direct to UNITED ITAT!!. 102 103 5 Lib 4th 4%s. . US3%s'47.. 11 1036 1032 1036 FOREIGN. Sales. High. Argentine 5% 562, Argentine May '81. Argentine 6s Ju ' Argentine 6s Oc Argentine 6s A " Argentine 6= B " Australia 4145 '56 Australia 5: Australia 5’5 Austria 78 '43 Bk of Chile 6% Batav Pet 41, Belgium 6s Belgium 6349, Belgium Belgium 7s Belgium 8= 41 Bolivar 7s '58. Bolivia 7s ctfs Bolivia 85 Bordeaux s Brazil 614 Brazil 6155 '27. Brazil 7. Brazil 8 Bremen 7s Canada 5. Canada 58 '52. Chile 6s'60. Chile 6531 Chile 7542, Colomb 6s Jan 'GI Copenhag 4% '53 Copenhag 5s '52 Cuba 51 Cecho 8s'51. .. Dan Mun 8s B "46. . Denmark 418 6 Denmark 5158 55, Denmark 6s '42, Dutch East I Mar. Dutch East I 6% Fiat 7s ex Finland 7 Fram I D Frepch 7. Frehch Gvt 714s "41 Gelsenk’'chen 6s 34 German 5% °65. . . German Bk 6s German 6155 German 7s rep '4: Ger Gen El 78 '45, Greek 65 '63. Italy 7s '51 Italy Pub Sv 78 Japanese 514 s '65. Japanese 635 s '54. Jugosl Bank 78 '57 Karstadt 6543, Kreug & Toll 55 Marseille 6s 73 Milan 6158 Montevideo 75’5 New S Wales 65 901 90% ar'46. . 0. 101% Orient dev 5145 '58. 90% Orient dev 6s 53 Paris-Ly M 6s '8 Paris-Ly M 755 Peru 65’60 Peru 6s '61 Poland 654 Poland 7s'47 Poland 8s '50 . Porto Alegre 8s '61. Queenland 75 '41. .. Rhinelba 7s 46 ww. Rhine West 65 '52 Rhine West 6 " Rhine West 7s '5 Rio de Jan 6% R Gr De Sulfs 45, Roy D 4545 ww. Sao Pau 7s'40 rets. 6. Seine 7a 42 Serbs-Cr-S1 7s Serbs-Cr-8S] 8 ' Shinyetsu 6158 Soissons 65 '36 Sweden 5% s '54. Swiss 5145 46, Toho El Pow 7s '55, Tokio 58 '52. Utd King 5155737, | Unit SS Cop 6537 Uruguay 6s '60 Uruguay 8s 46 Vienna 6s Warsaw Yokohamma 68 81 MISCELLANEOUS. Abitibi P & P 5553, Allegheny 55 *14 Allegheny 55 "4 Allis-Chalm 58 Am Ag Ch T1s'41. Am Beet Sug 6535, Am F P 55 2030. AmIG Chb51s°49. 4gn Int Cp5ias’4s. Am Metal 5%s34. Am N Gas 6542, Am S&R 1nt 541, Am Sug Ref 6s '3 Am T&T cv 4%s'39 Am T&T 55 '65 Am T&T c tr 5546, Am T&T G5 s £ 60, Am T&T 5%s 43 Am W Wks b8 '34. Am Wr Pap 6s '47. . Arm & Co 4%s'39, Arm Del 5%s 43 At Ref deb 5s'37. .. Bell Tel Pa 5s B 48 Bell Tel Pa 55 C '60. Beth Steel pm 55'36 Beth Strf 5s Cert-td deb 51548 Chile Cop db 58 '47. Colon Oil 65 '38 Col G&E 55 Ma. Com Tnves 534549, ConGNY5%s"45. C Am Sug col 85 ‘31 Denver Gas 58 '51. . Det Edison 55 '40 Det Ed rf 6s B '40. . Duquesne 495 '67. Gen Cable 515 "47. Gen Motors 6s'37. . Gen Th Eq 65 °40. .. Goodrich cv 6545, . Good 1st 6% '47 Goody'r Rub 55 '57. 66 Humble Oi1 55'37.. 10 Hum O&R 5%s'62. 2 TIB T ist pfbsA.. 1N°Steel 415540 .. Inland St 4%s'78.. 2 Int Cement 5s '48 Int Hydro El 6544, Int Match 5847, Int MM col tr 6541 int Pap 6s - IntT & T 415852, . Int T&T cv 4% 39 108 INtT&T 58'55.... 28 Kan C P&L 58 1 KanG & E 4%s'80. 2 Lac G St L 53 '34 Laclede 5%5 C Lautaro Nit 6554, . 95% 31 10 16 58 41 .11 1 3 a x 1 4 23 - ABE HNBNN R MR D AR s Do Lou G & El 58 McKes & R5% Man S 18t 7% Midvale Stl 58 Mont P db 58 A Mont Pow 55 '43. Mor & Co 1st 4%s.. Nat Dairy 5‘4!‘4! N Y Edss B44. N Y Fd 18t 6% 41. NY ELH&P 58'48.. N Y Tel 6541 . N Y Tel 6849 Nor St Pw 6 Pan-Am Pet 65’34, Paramount 6s "47 Pathe Exch 7s '37. . Phila Co 55767 g:n.& Read 6s'49, ila Pet § 5] Por R'T am 68’42 Pos Tel & C 58 '5! Pub Sv G 41567, Pub Sv G 4%s°70.. Pure Oll 5%s8'37... Rem Arms 6s A '37. Rich Oil cal 65 "44. . Shell Un Ol 55 '47. nelair Oil 615 'u. Sinc O 7Ts cv A Sinc Cr O 5338, Sinc P L b5 '42 Skelly Oil 51539 Solvay Am bs ‘42 Sou Bel T&T 55 '41. StOII N J5s'46.... StOINY 4851, Tenn E1 P 6s A 47 Tex Corp cv 58 '44 Unit Drug cv 5 U S Rub 1st 5= '47, Utah P & L 58 "44. . Util Pow 58 '59 ww. WArn Br Pic 6s'39. Warn Quin 6s°39. .. West El deb 55 '44. . West Un Tel 58 '51. West Un T 6%s'36. WEO5%8'37 ww., Wil & Co 1st 65 '41. Ygstn Sh&T 5s'78. 102% 108% 1 102% 100% 2 103% RAILROAD. Atchisonadj4s'95. 2 961 Atchison gen 48'95 50 Atchiscv 4l5s'41.. 16 At & Danv 4s '48 AtCL 1st 45 '52 AtC Lcol 4s'52 B&O 4548, FEEEEEEED RrrrRIRR OP&WV 4 O Sw dy 5s Bkiyn Elev filhs BKIyn Man 6s ‘68 BkIyn Un 1st 5550, BR& Pitt 4148 '57, Can Nat 438 '54 Can Nat 415857, Can Nat 4345 '68 Can Nat 4%5'70. Can Nat 4% 5’55, Can Nat 58 July '69. Can Nat 55 Oct '69. Can Nor 645 db '46 Can Nor 7s deb '40. Can Pac deb 4s Can Pac 4% 5 '60. Can Pac 55 ctfs 44, Can Pac 58 '54. Car Clin &0 5 @ (hl&Oznl‘»,x Chi& O Chi & O CB& enEmnneRCANRLA® Chi M & St P 4589, Chi M StP&P 55 '75. Chi M & StP adj 55. Chi&NW g 315537, Chi & NW gn 4587, Ch&Nwn 41552037, Chi N Wst 43 ¢ '37 Chi & NW con 4%s. Chi & NW 615536, Chi Rwys 5827 ChiRIZPret4 Chi RIcv4%s C TH&SE in 58 Chi Un Sta Chi Un St 5544 Chi Un Sta 55 B 63 © o= Laoam Colo & Sou 434s" :.{ Cuba R R 5832, Del & Hud rf 4543, D& R Grgn 4s'36. Erie 1st con 45 '96. . Erie Gen 4s Erie 55 '75. Fond J&G 4345 '52. Grt Trunk 7s " 99% Tex & Ark 5% '50. Grt Nor 43358 Grt Nor xen 7s'36. Green Bay deb B. .. Gulf Mobile 5s '50. . Hock Val 414599, Hud & M adj 58 '57. Hud & M rf 58 '57. 111 Cent ref 4s'55 111 Cent 4% s 66. 11 CCStL&N 58 A Int Rap Tr 58 '66 Int Rap Tr sta 66, Int Rap Tr 7s'32... Int & Gr Nor 6s '52. Int& G N ad 6s°52. Int Rys C A 6s'41.. Kan City Sou 5s'50 Kan City Ter 4s '60. Lake Shore 4s'31. . Leh Val cv 4s 2003. LehV cv 415 2003 Long Isl rf 4s°49., Long Isl db 58 '37. . L & N uni 45'40... . L &N 4%52003 MilE Ry & L 58 '61. M StP&SSM 5s gtd. M StP&SSM 6%s. . MK & T 1st 45°90.. MK&T4sB'62... 1 MK&TprinbsA. MK & T adj 5567. . Mo Pac gen 4s'75 Mo Pac 5s A '65 Mo Pac 58 F 77 Mo Pac 58 H'80.... Mo Pac 5158 cv 49 Mont Tr 1st 58 '41.. N & T & M 55 B '54. Y Cgn3ts'9r... C Creim 582013, NY C & St L 4837, 'Y('&blh uan'u N Ychsznss’az NY NH&H 45’56 NY NH&H 4 %5 Y NH&H cv db 6s. NH&H clt 6 Y Rys Inc 65 '65 Rys 65 A '65 Y W&B 415546 rf South 58’4 or & Wn cv 45 '96. or Pac 38 2047 or Pac 168 2047, Ore Short L 5s gtd. Oreg-Wash 4s'61. . Penn 4%5°70.... Penn 435 '63 Penn gen 55 °63. Penn 5s Penn 6%s '36. Peor & E 1st 454 Pere M 1st 4556 Pere Mar 415 '80 P CC&StL 4%s 77, P& W V4%sC60. Read gn 4145 A '97. Reading 4%s B. . Rio Gr W clt 4s Rio Gr W 1st 45°39, St L Ir M'nt 58" SUL IM R&G 4s S StL&SK gen b5 '31. St L&SF prln 58 B, StL S W Ist 45’89, StP&KCSL4% Seab A L rf 4549, Seab A L cv 6345 Seab All Fla 65 '35, Sou Pac ref 4865, Sou Paci %5 '68 Sou P 4% 569 w Sou P&Or 414877 Sou Ry gen 45’5 Sou Ry 6s '56. Sou Ry 648 '56. TerAs St L 4s '53 4 2 Tex & P 15t 5s Jmn. 10 Tex & Pac 58.C'79.. b5 oy et 70% 103% 103% 9% 106% 981y 9814 2% 101 1% 6813 46% 104% 102% 108 102% 100% 102% 964 98% 116% 50 96 92 97% 100% 95% 106% 10214 103 109 971 104% 10214 78 92 Sales. High. Low. as'u. 'ssu‘g&& T0% 1031 1035 934 9 534 85% 974 99% 101% 100 8014 96% 104% 104% 100% 106% 987 29 734 101% T 6814 48% 100% 10015 3% lcm STOCKS MAY FACE TEST DURING WEEK iBear Element Is Reported Planning Another Drive on List. BY CHARLES W. STORM, Editor the News Service of Wall Street. Special Dispatch to The Star. NEW YORK, January 19.—The acid test will be placed on the general stock market this week by the professional bear element, it has been reported These bears intend to test the lowest prices made on December 16, last, by launching a concentrated attack against the pivotal stocks. If the drive 1& aucc:hultulmlt wulll be considered evi- nce tha e really important people in the financial district do not believe the stock market has reached a base from which it should advance. Some of the professional bears began late Saturday testing the general list with substantial sales of Allied Chemi- cal, Bethlehem Steel, American Can and Westinghouse Electric & Manufac- turing. Their selling came just in the midst of a rally and resulted in a re- versal of the trend. Offerings con- tinued light but were made up to the close of trading, final prices being around the lowest. Ford Motor Factor. ‘The attack of the bears followed the announcement of a reduction in prices of from $5 to $45 per car by the Pbl‘d Motor Co. This was seized upon by the bearish element as an indication 'ahll the outlook for the motor business was poor. This, however, seemed to be off- set by Edsel Ford’s statement, which, in part, said: “Reports we have received from our branches and dealers throughout the ‘world lead us to believe the automcbile business will show steady improvement. ssv, | Since the automobile business is a basic 101% 9% one, any betterment in it cannot but have a beneficial influence on business generally.” Pressure on American Can. Resumption -of substantial selling of American Can on the expectation that the prices of cans will be reduced in the near future was witnessed in the lai dealings. One big professional tuar wl’mt hllnb:en a bear '-rldel' for the most part for many years is reported to have been a steady seller of the stock recently. Phillips Petroleum was offered at the expense of price throughout the short session, and its steady depreciation is considered by the Street as indication of a probable reduction or omission of the dividend now being. paid. Pool operations were in full swing. while the pivotal stocks were headed upward, but were sidetracked as soon as the big stocks began to show the ef- % fects of selling. Hopeful Feeling. Even if the professional bear traders succeed in causing a further decline in the prices of the so-called high-priced stocks, general feeling in the Street is that the low-priced issues will give but little in sympathy, owing to the steady investment demand for the latter, which is resulting in the withdrawal of certifi- cates from the Street and which, in the end, will act as a base from which structive campaigns can be started. is also believed that lower prices for the low-priced stocks will unloose again a substantial volume of investment buy- ing, such as appeared at the December 16 low quotations, There has been a material change for the better in. a number of directions since the registration of the December 16 low prices. This is particularly true with regard to the banking situation, which was never in a more liquid and sound condition than at present. ‘There has also been improvement in general trade and industry, as indicated by the business indices. Some of the bearish element contend that factory inventories may be low, but the per- sonal inventory is high. This latter con- dition is doubted. (Copyright, 1931, by North American News- paper Alliance.) INVESTMENT TRUS TRUSTS NEW YORK, Jmuny 19 (#).—Over- the-counter market: Am & Cont Corp. All Am Investors A Am ‘& Gen Secur_ a Exchange elsea Exchange B Crum & Foster Inc 8 Deposited Bank Share ser Deposited Bank Sh r B Diversified tee S5 a5SE 5. Tncorporated Equities Incorporated " Investors independence Tr Shares Sec: Am ) oBtnngto. 88 oS el e85 aE5.! t Secur Investment Investment Trust of N Y. Investors Trustee Shares Jackson & Curtis_Invest A Jackson & Curtis Sec Corp b. Leaders of Industry Leaders o Industry Bl Malor Corp Shar Mass Investors S S Colony Trust Assoc. 1 Shares’ Inc Uniss BB aestEaEe S OEE A Rescarch tnv Go Boc:rmournnvuvnu?i ot. Second ‘Int Secur Corp' A\ Sec Int Secur Corp Selected Am _Share: Selected Income Si SO ee Trustee Stand Oll Shares Trustee Stand Oil Shares B. Third Av1st5s'37. 9 96% Third Av ref 45°60. 13 49% 5 29% Third Av adj 55 '60. Un Pac 1st 48°47. .. 1 99% Un Pac 45’68, . 93% Un Pac rf 4s 2003.. 20 9% Va Ry 1st 55'62. ... 12 107% Va Ry & Pow 55 '34. 15 1024 Wabash 4%5'78. Wabash 68 BT Wabash 555 '75 West Md 48 '52 West Md 53 *