Evening Star Newspaper, January 20, 1931, Page 14

. NEW STEEL ALLOYS N GREATDEVAND Construction Industry Has Changed Specifications in Modern Building. BY J. C. ROYLE. Demand now being evidenced for chrome nickel steel and other alloys and special steels is indicating a defi- nite change in some sections of the steel industry. The requirements for chrome steel today are so heavy, ac- cording to officials of the Department of Commerce, that the mills are unable to keep up with it. The demand is coming extensively from the construc- tion industry. i > 1t is certain, according to_engineers. that entirely new code of building practice and of specifications will be built up as a result of this develop: ment. The call for special steels has been brought about: through efforts to Jessen building costs. This seems dif- ficult to understand for the outsider, since some' of the special steels cost around 40 cents a pound, as compared with 2 to 3 cents for ordinary structural steels. But the use of the special steels enables the architect to cut down the weight of foundations and frame- work of building and permits a saving. New Steels Rustless. is possibility first discovered 1n the construction of bridges. scraper construction v by the brick work or masonry. explained by executives of Artr Little, Inc., management enginecrs. the other hand, the foundations and steel framework have to carry the Welght of the masonry. Consequently masonry is being cut down. The new Steels, which are rustless, are being made into outside wail sections with window frame, sash, sills, spandrel and unit heater. With this type of outs side wall, masonry is needed only at ‘hf’;fie‘é‘c‘;’? “this type follow the general n now adopted by builders of making Zn assembly in the shop instead of putting the separate parts together ‘on the job” This lessens the hand labor required and shop costs are usually less than the same work at the building. ‘Masonry decoration also is giving place to materials lighter in weight, such as chrome steel and aluminum. At the moment aluminum is favored, for it is of lesser cost than chrome steel. Chrome nickel steel ingredients Tow cost from 25 to 50 per cent more than those of ordinary steel, but there is every indication, according to Federal officials, that these costs will decline as the quantity demand increases. This, they say, will further its use, not only for buildings, but in the industries. Weight Reduction. " non-magnetic, it is claimed, an hI:nisdemand or purposes where the Tact it does not oxydize is of value, such as for chemical manufacture, for stor- age tanks and filters and in food prep- aration, metal mining and reduction ‘works, pasteurizers, pumps and pistons. Further weight reduction in_office buildings is being obtained by the ym- creased use of gypsum partition tiles. the weight of which is about a third that of jmasonry. Several all-steel ‘buildings now are in course of construc- tion, one of which, at Worcester, Mass., shortly will be completed. The use of the “battleship-gdeck” type of floor con- it is r D. Oon NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 13.) ~Prev. 1030 Stock ana Sares— High. Low. Dividend Rate. 19% 2% Pathe’Exchanse A 32% 8l Patino Mines..... 56% 26 Penick & Ford (1). 80 27% Penney (J C) (3).... 86% Penn RR (4). 325 4 Peop Gas Ch ( 101 Pere Marq p) 27% Fetrolm Cp of Am(1) a4m Phelps Dod 570 Phil Co 6 102 Phila Co pf ne: 26% 614 Phil Read ¢ 44% 2 1lips Pet (2). Pierce Petroleum Pillshury FI Pirelli Ttaly (z Pitts Serew (1 Poor & Co B (2).. PRAm Tob A (3 PR Am Tob K. Prairie Oil & ¢ airie Pipe L ( C Gt (6). n Corp (4) Pure Oil Purity Radio Corp......... dio-Keith-Orph A, Readinz Ry (1) Real Silk Hos Item Rand (1.6 Reo Motor Car (80¢) Republic Steel ablic Steel pf . nolds Tob B (3). a 0. nde 011 npt (6) tail Strs. . il pt (8) 20 ) Air Line oebuck 1 Inv.. Inv pt.. “opper Lelly Ofl. ... kelly Oil pf (6). Sheffield Sheffield v Am pr ww 5 h Cal E P Ric 1th Pacific (6). outh Ry (8). 5 outh Ry M&O et (1) parks Withing (1). Stand G & ¥ Stand G & K tand Invest Corp Stand Ol Cal ( tand Oil Exp tand Oil Kans ( tand O tand Oil Sterling Sec A stewart-Warner (2). tone & Webster (1) tudebaker Corp (3). 11 Submarine Boat 39 SunOil (T1).. 97% Sun Oil pf (6). or Oil. or Steel Add 00. High. Low. ~Prev. 1930~ High. Low. 1% 4 601 2814 670 40% 4% 4 32% 10 35 Prev. Close. Close. % 3 21 AL 41% a4 11 a2y 291 5974 2244 86 814 2015 Texas P Timken Tobacco Transan Trua - arh “nit Car e Wabash sh v rner Warren West Pa West Pa West Pa Stock ana Dividend Rate. Symington A. Texas Corp (3). Tex Gulf Sulph Texas Pac Land Thatcher pf (3.60). Third Nat Invest. Thompson Starrett. Tide Water As (60 Tide Wat As pf (6) Tobacco Produ Tri-Cont Corp. . Tri-Cont Corp pf (8) win City RT pf (1) 908 K cifie (10). cific pf (4). n Ol of Cal (2). TankCar (1 it Afr nit Bisvuit rhon (1) nit Ciga Car Wess Ol Prev. Low. Close. Close. 4% a4 31% 32 31y 6% 47 46 5% 12% 14 12% 361 361 374 23 4% T 61 43% 2% 10% 12% G 925 10 414 561 56% 188 841 22% 28% 23% 35t 227 4 67 18% 485 4 Sales— Add 00. High. 4 % © & Oil Roller ( Prod A 193 fca (1) aer (1.60) ‘her (3 ide (2.60) TS Realty & Im ( TS Rubbe S Rubhe 1t & Ref (1). i) Vo7 S0 1pf (7). 2 tores pr (21 hem pt b Sy alworth Co ( rd Baking B. Bro Snow (2) ELA (7) El pf (6) El pf (7) 108 Jaos . A Western Dairy A (4) 3 Weste We. 1 Dairy B. rn Md. Western Union (8).. Westing Westing West g ki A B £ & M pf () Wextark Radio St Wheel & Wiliys-C Willys-( Wilson & Co. Lake yveriand. ver pr ( Wilson & Co A Wilkon & Co 1 Woolworth (2.40 W Yellow 1 hing ton Pump. Yellow Truck pf. You s Spring ( Sh & Tub Sales of Stocks on N 10:30 AM 148 800 . 883,000 12:00 2:10 P.M Noon. . 584.700 . 913,000 Dividend rates as given in the above table are the annual cash | payments based on the latest quarterly or half wearly declarstions. s Unit of trading less than 100 shares. in stock. § Payable in no regular rate. e Payable in cash or stock.* h Plus 2% in 13% in stock. b Payaole in stock. + Partly ext s 1 Plus 9% In stock. a T id last year d Payable when earned. fPlus 8% in stock. & Plus 6% in JPlus $1 in preferred stock. k Plus scrip. stock. ock. m Plus 1% in stock. n Plus 5% in stock. struction is leading to replacement of rivets by electric welding and bm'ld_ing codes are being revamped to provide good weldi ractice. Th;: x::‘wpcomtmctiun tendencies are commencing to have effect on ce- ment, lime, stone, brick, lumber and heating apparatus lines. Russian Metal Production. wed opposition to $he admission dmwm 5 gpoodsp from Soviet Russia into the United States has drawn the attentiop of Government officials and American mining men to the increased activity of the former country in the production of non-ferrous metals. Not only is Russia bringing herself into a position to compete with American metal producers, but she is doing it with the aid of American technical ad- visers. YFrom a negligible output of copper in 1922, Russia has raised production of the red metal to 50,500 metric tons in the last fiscal year. From 187 metric tons in 1922, the zinc output has in- creased to 8,000 tons. Before the war nickel, tin and aluminum were not pro- duced at all. The government plans to increase non-ferrous metal production by about 65 per cent in the present fiscal year in all these products. The Soviet government representa- tives in this country declared today that | the non-ferrous metal output still is far | below domestic requirements, but this in itself affects the American producers, since they are losing Russia as a cus- tomer and shortly she will be a com- Lpetitor. In the last year Russia has paid 3,000,000 roubles less for coper ! than in the previous year. ! " "Huge deposits of /mon ferrous metal ! ores have been discovered in the’ Ural { and Caucasus Mountains and in Kazak- {stan. In the latter gegion the reserves | are estimated at 500,000,000 tons with | a copper content of 7,000,000 tons. Ka- zakstan also abounds in lead-zinc de- posits. Within 5 years it is planned to step up the production of the Soviet, ! aluminum plants to 20,000 tons. Simi- ! Jar increases are planned in output of tungsten, mercury, antimony, nickel, manganese, tin, cadmium and other metals. Soviet Purchases. In many of these metals, the Ameri- can productive capacity is (xccodlngly’ domestic and world demand with a consequent low level of prices. To cor- , Tect this the non ferrous metal mines of the United States and those controlled | by American capital in South America | and Mexico are following a program of ! strict curtaiiment. This has not as yet | sufficed to raise the prices. It can| readily be secn that if Russia produces | and refines these minerals by forced or convict labor the local producers will be under a strict disadvantag According to Rusisan sources the for- eign trade of that country increased 21 per cent in tne last fiscal year to a total of $1,066,469.216. The United States was a big factor in this commerce and some industries, notably the machinery and electrical business, benefitted exten- sively. Russia bought $144,385.400 | worth of goods from this country in the last year, a gair. of 83.3 per cent as com- arad with the previous year. She sold B2 the United States $22.956,185 worth of Russian products. But Great Brit- ain, often called America's best cu tomer, took over $122,651.000 worth of | Soviet goods. The Soviets sold 20,000,- 000 gallons of gasoline on one British order. In the last year contracts were con- cluded with a number of American firms for technical ‘assistance in development . of the non ferrous metals mining in- dustry and over 100 specialists were engaged. The Soviets plan to add sev- eral score to that number in 1931, (Copyright, 1931.) s SINCLAIR FIRM EXPANDS. NEW YORK, January 20 (#).—The facilities and business of 72 petroleum REBATE IN FEDERAL TAXES 1S PLANNED North ' Carolina Legislature | Adopts Resolution Affect- ing Double Imposts. BY JOHN F. MILLER. A unique method by which Congress | might assist the farmers is suggested in a resolution just adopted by the Narlhv’ Carolina Legisiature. H The resolution provides, in effect, that | when the Federal Government and a | State both levy a tax on the same com- modity, the taxpayer shall be allowed a | rebate equal to his State tax when pay- | ing the Federal levy, the rebate, how- ever, to be limited to 20 per cent. | Only the State of New York pays | higher Federal taxes than North Caro- lina, although more than a dozen States surpass thc’ latter in wealth. This is due largely”to the Federal tobacco tax, | which, according to the resolution, has taken more than $2,000,000,000 out of | the State during the past 11 years. Tobacco Industry. “This year,” the North Carolina reso- | lution says, "“the tobacco_ farmers are | estimated to have gotten an average of about 12 cents a pound for tobacco. This tax tends to depress the tobacco industry and ultimately and adversely affects the tobacco farmer. | Legislation under which the Federal Government would rebate a portion of the income tax to the States in which | it is collected has been suggested by | various State officials from time to | time, and as the burden of State taxes | continues to grow more requests of this | nature will be made. Many of the | States which have difficulty in making ends meet are looking with longing eyes | at this great source of revenue which as one State tax commissioner say. has been ‘“virtually appropriated” by the Federal Government. | The rebate suggestion is not without precedent. Several years ago Florida offered complete exemption irom State inheritéhce taxes to all who became | its residents. Congress then enacted a | stutute under which a rebate is given to | those paying State inheritance tax. The | net result 1s that now a Florida estate might pay a Federal tax of $10,000 whereas an estate of exactly the same size in some other jurisdiction might pay $8,000 State taxes and $2,000 Fed- eral taxes. Last year the Florida con- stitution was changed to permit that State to take advantage of the rebate. Follows Precedent. The North Carolina resolution fol- | lows carefully the precedent set by th estate tax rebate provision and appar- ently was worked out with that end in Vihe deficit in American taxing sys- tems which has received more criticism than any other is the lack of co-ordina- tion between the Federal, State and other governmental units. The North Carolina rebate scheme may be a step foward the solution of this difficulty. (Copyright, 1931.) oo el i it METAL MARKET. NEW YORK, January 20 (#)—Cop- per, steady; electrolytic, spot and fu- ture, 10, Iron quiet, unchanged. Tin marketing concerns and of numerous individual marketers were taken over last year by Sinclair Refining Co., chief domestic marketing subsidiary of the Sinclair Consolidated Oil Corp., the company announced today. These ac- quisations represented 8,633 bulk dis- tributing, plants, service stations and “re-sale” or dealer outlets. This figure @does not include the extensive distribut- Ing facilities obtained in Mexico through purchase of the properties and business ©f the Plerce Petroleum Corp. easy; smpt and nearby, 25.75; future, 25.95. Lead quiet: spot, New York, 4.75; East St. Louis, 4:55. Zinc quiet; East St. Louis, spot and future, 4.00a4.05.. Antimony, 7.50. et MONEY MARKET. NEW YORK, January 20 (#).—Call money easy; 1% per cent all day. Time loans easier; 60 days, 1%allz: three to four months, 1%a2; five to six CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, January 20.—The fol- | lowing is a summary of important Cor- | poration News prepared by the Stand- | ard Statistics Co. Inc, New York for the Associated Press. News Trend. In today's batch of corporate earn- | ings statements two companies report ! higher share earnings for 1930, than | in previous year. These are Sweets | Co. of America and Indian Territory | Tluminating Oil. Estimate of Packer Corp. earnings place share returns | above those cf 1929. Other earnings reports in most instances make de- | cidely poor contrasts, with Auburn | automobile, Atlas-Imperial Deisel En- | gine and Cavanagh-Dobbs showing sub- stantial drops. Dividend reductions were announced by Pocific Associates | and Powdrell & Alexander. The Companies, American Glanzstoff 1930 sales esti- | mated at $10.000,000. Atlas Imperial Deisel Engine share earnings, year | ended November 30, 8¢ cents against | $3.27. Auburn Auto—Share earnings, year ended November 30, $5.43 against $21.23. | B.-G Sandwich Shops 1930 sales | up 1.3 per cent. Brazilian Traction, Light & Power, | December net before depreciation and amortization off, 6 per cent; 12 months, off 2 per cent. Canadian Marconi reported in favor | of consolidation of Canadian Telegraph lines and British-owned cables. Cavanagh-Dobbs deficit, year ended | October 31, $592.672 against net income | $502,321, equal to $1.18 a share in 1929, General Electric orders received, ex- cluding transferred radio and tube busi- | ness, December quarter, off 32 per cenf year 1930 off 23 per cent. Grand Union Store sales, five weeks ended January 3, off 2.4 per cent; year to_January 3. up 10.5 per cent. International Combustion Engineer- | ing, reorganization plans believed be- ing'discussed with manufacturers in al- lied lines, including Baldwin Locomo- tive works. Indian Territory Tlluminating Ol | common share earnings year ended | October, 31, $1.39 against 39 cents. International Railways of Central America December gross income off 12 per_ceht: 12 months off 14.5 per cent. Kansas City Southern Railway (in- cluding Texarkana & Fort Smith Rail- way), December net after taxes off 68 per_cent; 12 months off 23 per cent. Natfonal Securities Investment fiet assets January 10, reported $19,397,594, equal to $108.79 a preferred share out- standing; 10,550 allotment certificates repurchased for retirement since July 1, 1930 Otis Elevator 1930 sales estimated 15 per cent under 1929. Pacific Associates 25 cents quarterly dividend, paid 50 cents formerly. Pacific Western Oil potential produc- tion at close 1930, 66,364 barrels daily, against 27,060 barrels at beginning of year. Packer Corporation 1930 share earn- ings, before Federal taxes, estimated $2.68. against $2.23 earned in 1929, Penney (J. C.) sales January 1 to 15 reported above 1930 period; operated 1,452 stores December 31, Powdrell & Alexander, Inc., 50 cemts common dividend; paid 87': cents quar- terly formerly. Sears, Roebuck inventories December 31 estimated below $65,000,000, about $13.000,000 less than year before. Snia Viscosa reported planning to absorb Seta Artificlale Varedo, Italian Rayon company. Sweets Co. of America 1930 share earnings, $1.26, against $1.22. Western Auto Supply December sales off 102 per cent; 12 months off 13 per_cent. Winn & Lovet Grocery December sales off 11.3 per cent; 12 months off months, 2%a2ls. Prime commercial paper, 2%,a2%. Bankers' acceptances easy; 30 days, 1%all; 60 to 90 days.| 1%al%,; four months; 13;a1%; five to six months, 174813 12 pér cent. Salaried heads of the State Petroleum D. C. FIRMS ELECT NEW DIREGTORATES Washington Chapter, A. I. B., Plans Membership Drive as Semester Nears. (Continued From Thirteenth Page.) Baltimore chapter, after which a din- ner will be tendered the visitors. ‘Thomas P. Hickman, vice president of the Franklin National Bank, has re- turned from an extended visit in Florida. Francis M. Savage, former local bank president, who retired some years ago, sailed today from New Yo! on the Co- lumbus on his second trip around the world. Thomas E. Jarrell, president of the | Washington Savings Bank, has returned from St. Petersburg, Fla., where he at- tended the midwinter meeting of the National Association of Real Estate Boards. Aubrey O. Dooley, James A. Soper, Richard A. Norris and H. F. Kimball, members of the local institute chapter, attended the annual chapter dinner at Roanoke, Va., Saturday evening. Edwin Callow, who has been active in the local insurance field for 25 years, has joined the local staff of the Pacific Mutual Life Insurance Co. Albert W. Atwood, well known writer, will talk on “Life Insurance as Thrift” | over the radio tomorrow evening at 6 o'clock. The talk is sponsored by the District Underwriters’ Association, John H. Snyder, president. INVESTMENT TRUSTS PLANNING FOR FUTURE By the Assoclated Press. NEW YORK, ‘Wall Street has recovered from the black pessimism of a few months ago it has nci yet reached the cheerful state of mind which responds to fa- vorable news, otherwise it would pay more attention to the plans for the future now being made by the invest- ment trusts. Financial observers in London are finding great comfort in the news of the formation of several new investment trusts. ‘The offering of one English invest- ment trust shares was heavily oversub- scribed last week despite the dull mar- ket. It is inferred that both the finan- cial experts behind the trust and the investors buying the shares are of the opinion that this is an appropriate #me for acquiring securities. New in- vestment trusts are also being contem- plated in Wall street, while the old ones are planning their operations for the future with a greater feeling of security known since the present de- pression set in. SILVER DECLI.NE IS LAID TO CHEAPENED CURRENCY By the Associated Press. SAN FRANCISCO, Jjanuary 20 —The declining price of silver was blamed today by Isaac Ezra, representative of the International Silver Commission, on causes he said were largely under gov- ernmental control. Ezra returned recently from a month of study of the silver situation in the orient. “The collapse of silver,” he said, “has been produced by a variety of causes, all of which should have been foreseen and most of which are under governmental control. The causes are demonetization of silver and debasement of silver cur- rency.” Approximately 5,000 ounces of jewelry gold were being sold daily in Shanghai, he said. Ezra expressed fear of an oriental Co., a government mc ly in Italy, have been reduced 25 per cent. industrial invasion unless something was done to stabilize silver. January 20.—While | IBOND PRICES GAIN | Ce~=v - BONDS ' ON EASIER MONEY High-Grade Corporation Is- sues and Convertible List - in Demand. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 20.—Under the influence of easier money rates, as expressed in further reductions in ac- | ceptances. a well cleared out condition of new h'gh grade issues and absence of new offerings, the bond market ad- vanced moderately today. The demand was for the obligation of strongest corporations and for some of the convertible issues where stock market movements permitted. There was a slightly larger volume of trans- actions and a rather broader list of issues in which good volume occurred. The lull in new offerings th= last few days s likely to be followed by another batch of high-grade securities before the end of this we:k. Today bids were received for $7,000,000 New York Cen- tral 415 per cent equipment trust cer- tificates. ~ Thes> have been purchased on a basis which means that the earliest maturity will probably be offered around a 21, ‘per cent yield and the long maturities between 415 and 420 per cent, The Southern California Gas Co. has sold an issue of $12,000,000 4! per cent bonds and is also understood to be financing with preferred stock. Con- ferenc's were being held today between the three groups that will bid Wednes- day on $70,000,000 Canadian National Railways 4!, per cent bonds. There is strong competition for this business betwe n houses that have been getting the bulk of the Canadian loans and others that have been inclined until recently to stand aside. 3 A new high price for the year was reached today in United States Liberty fully taxable 31.s. The first and fourth 414 held their ground, but the Treas- ury 3%s were off lp. Strong markets were exhibited in all of the legal rails and public utilities as well as in the better class of second-grade issues. Conspicuous in these two groups were Atchison Adjustment 4s, Baltimore & Ohio 4, Hocking Valley 41s, which were up 1% points; Southern Pacific and Nickél Plate 41;s, Northern Pacific 4s and 6s, Great Northern 7s, Pennsyl- vania 4345 and Union Pacific 4s. Sim- ilar strength was exhibited in high- grade industrials like Humble Ol 5s and 5'5s and Standard Oil of New Jersey 5s. In the more speculative issues the | feature was a rise of 1', points in *| Warner Bros. convertible 6s and a_re- covery of over a point in Hudson Coal i5s, following Monday's .unusual volume in this issue. In the foreign list movements were decidedly irregular. Argentine descrip- | tions were slightly firmer, and Aus- | tralians up and down. German munic- | ipal and provincial bonds and the Agri- cultural Bank 6s were lower, but the Government 5'5s fractionally higher. The Sao Paulo coffee loan was up about a point, and Uruguay 6s were 134 points higher. . Washington Stock Exchange SALES. Washingtor Gas 6s "“A"—$1,000 at 1021, $1,000 at 1021 & Elec. 45—$11,000 | Capital Traction Co.—10 at 41, 5 at 41, 10 at 41, AFTER CALL. Capital Traction Co.—2 at 40'%. Mergenthaler Linotype—10 at 381 Potomac_Electric 6% pfd.—1 at 111%. Capital Traction Co—10 at 40z, 10 at 40%:, 10 at 40'5, 10 at 40';, 1 at 40%). Merchants' Transfer & Storage com.— 25 at 100, 2 at 100. Pctomac Electric 5':% pfd—1 at 109, 5 at 109. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4135 '39. Am. Tel. & Tel ctl. tr. 55 Anacostia & Pot. R. R. 53 A tia & Pot. guar. 55 C. & P. Tel of Va. 85......... Capital Traction R. R. 55.. City & Suburban 5. ... Georgetown Gas 1st Potomac Elec, Potomac Elec. 6s 1953 ‘ Wash. Alex. & Mt Vernon cti. Wash., Balto. & Annap. s Washington Gas 4'as Washington Gas 5t - Wash. Gas s, series A Wash' Gas 6s, series B Wash, Rwy. & Elec. 4. MISCELLANEOUS, Barber & Ross Inc. 6'2s. Chevy Chase Club 5'as Columbia Country Club 5 D. C. Paper Mfg. 65........... W. M. Cold Storage 5. Wash. Cons. Title 6s. STOCKS. \ PUBLIC UTILITY. Amer. Tel. & Tel. (9) . Capital Traction Co. Wash. Gas Light Co. N. & W. Steamboat (12) . Pot. Elec. Power 6% pld. Pot. Elec. Pow. 5'2% pId. Wash Ry. & EL com. (1) Wash. Ry. & El pfd. (5 NATIONAL BANKS. Capital (14).. o Columbla (12370 Commercial (stamped) (10) District (8) .. i s FPed.-Am. N. Bk & Tr. {2). Liberty (75)... Lincoln (12). Metropolitan (i4) Riggs (1581 ... Second (9e)..""\ Washington (13) Sl TRUST COMPANY. Amer. Security & Trust Co. (15) Continental Trust (6) .. o Natl. Savings & Trust (120" Prince Georges Bank & Trust.. Snion TrUst: (B8).......... | Washington Loan & ‘Trist (i4} SAVINGS BANKS. Bank of Bethesda (65)......... Commerce & Savings (10) East Washington (12) Botomac (10). .. Security Sav.' & ‘Com. Bk. Seventh Street (12)....... United States (30) g Wash. Mechanics' (200,000 FIRE INSURANCE. cons. 5% [t} i Firemen's (8)... National Union '(15) E TITLE INSURANCE. Columbia (6h). ... Real Estate (6h) Titie & Inv. Co. Md: MISCELLANEOUS, Barber & Ross. Inc.. com Col. Medical Bidg. Corp. Col, Sand & Gravel pfd. D C. Paper Mfg. pfd Dist. Natl. Sec pid; (1) 0 Emer. Bromo-Selz. “A” (2} Federal Storage pfd. (8) Fed.-Am. Co. com. (1.200) Fed.-Am. Co. pfd. (6 Lanston Monotype (8).."." Mer. Tr. & Stge. com. (10) Mer. Tr. & Stge. pfd. (T) Mergenthaler Linotype (6) Natl. Mtge. & Inv. pfd. (8) Penples DrugStores pfd. (613, Real Est M. & G pfd. (8)....] Security Storage (de)... Ref. & Wh. Corp. W M Wash. Med. Bldg. Corp. (7s). Woodward & Lothrop com. .. " Woodward & Lothrop pfd. (7). *Ex div 52% extr b Books closed. Y2055 extra. 372 extra. ha% extea. 357 extra. c12%; cenis extra. fa TR Bank Teller Arrested. NEW YORK, January 20 (#).— Charged with having stolen $28,000 from the Park avenue branch of the National City Bank, Gordon McCleary, 30, a teller, was arrested last night. It was said all but $30 of the money had been recovered. ——— U. S. TREASURY BALANCE. ‘The United States Treasury balance ammounced today as of close of business January 17, was $181,535,759.55. Cus- e BT e e were-$15,914.203.3§. exe penditures, $8,276,370.18, NUARY 20, 193 FINANCIA Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are in $1.000.) : Sales. High. Low. Lib31s Lib 1st 415 16 1038 US3%s's 3%s 47 US3% ey U Sds'44 2 1036 11071 1036 1071 FOREIGN. Sales. High, Argentine 51;5'62. 5 84 Argentine May '61. 2 90% . Argentine fx Ju '59. 25 90% Argentine §s A '57. Argentine 6x B Australia 42;5 " Australi Australi; Austria Bk of Chile 61; Ek of Chile 63,8 '61 Batav Pet 414542 Belgium 6s " Belgium 6 um 7 um 7x " Bolivar Bolivia Bolivia 84 Brazil 6125 ' RBrazi] 6% " Bremen 7s Con Pow J Copeniag Copenhag Cuba 512845, Czecho 8« Czecho 95 ~ amarZeaS Blrvunen trnaslio meeto~ P Denma Duteh El Saly Finland Fram I T French 7s 49, French Gvt German 515865 German BK 6s ‘38 German 6145 "0 . German 7s rep '49. | Ger Gen EL7s '45 Greek 65 '63. . Haiti 6 Hungary 7 Irish Free Ttaly 7851, Italy Pub Sv Japanese 515 Japanese 61, Jugosl Bank Karstadt 6s'4 Kreug & Toll Lyons 6s'34 farseille 6s Mex 45 Mex 4s asstd 1910. . Mexico # Milan 614 ‘52 Netherlands 6s P - Norway 655 Orient dev 515« . Orient dev 65 '53. .. Peru 6s°60. Peru 65 61, Peru 7 Poland 7s *47. Poland 8s '50. Porto Alegre 85 '61, Queenland 7s *4 Rhinelba 7s 46 Rhine West 6s Rhine West 6s " Rhine West 7s " Rio de Jan 6155 Rio de Jan 85 '46. .. R Gr De Sul 6568.. . Rome 613 Sao Pau 7840 rets. Sao Paulo Sao Paulo 85 '50 Saxon 7s'45.. Seine 7s " Soissons 6s '36. Swiss 512846 Toho El Pow Toho El Pow Tokio 5561 Utd King 5155 '37 Unit SS Cop 6537, Uruguay 65’60, Uruguay 8: Vienna 6s Warsaw 7s '3 s Yokohama 6s '61... Abitibi P& P 5 Allegheny Allegheny 5s '49 Allis-Chalm 5s Am Ag Ch 712841, Am Chain 6s '33 Am F P 55 203 AmIGCh5s's Am IntCp 5 Am Metal 5% '34., Am T&T 58 °'65. Am T&T c tr 5s'4 Am T&T B Am W Wks 55 '34 AmWat Wk 6s Arm & Co 4} At Guif 585 At Ref deb 5s " Bell Tel Pa5s B'48 12 Bell Tel Pa 55 C'60.° 6 Bk Ed gn A 5549, rt-td deb 5 Chile Cop db Col G&F 5s Ma Com Inve: 5 ConG N Y 5 Consum Pow 5 Det Edison ' Det EA rf 6s B '40. Dodge Br cl 6540, . Duquesne 415 '67 Gen Motors 6537, , Gen.P Sv 51 Gen St Cas b Gen Th i0odrich cv Goody'r Rub 55’57, 40 Humble Oil 5537 Hum O&R K 1B T 1st pf 55 A 111 Steel 415540 Inland St 4155 '78. Int Cement 55 '48. . |Int Hydro El 6s'44. 8 Int Match 55°47... 36 Int Pap 58 A 47 2 INtT & T 4%s 5. 2 Int T&T cv 4155 '39 35 IntT&T 58" Kan G & F 474580, Kend 5325 48 w Laclede 5%s C *53 Laclede 5%s D '60 Lautaro Nit 63 '54 Lig & Myers 58’51, Lig & Myers 78 "44.. Loew's 65 ex War... Lorillard 58 '51. ... Lorillard 5155 '37. Lou G & El 58 '52. McCormack 6s'34.. 6 McKes & R5%8'50. 3 Midvale Stl 55°36... 14 Mont Pow 53 "43. .., 44 Mont P db 58 A *62.. 1 Mor & Co 1st 4%s Nat Dairy 5%s"48. 131 Nat Rad 628 '47... N Eng T 1st 5552 N Y Ed 1st 634 NY ELH&P 45 *49 NY ELH&P 6848 MISCELLANEOUS. Close, 31 1022 10130 1022 1035 1038 Lib4th 4s., 217 1042 10330 1042 J 1 10226 10226 102 26 1036 1071 51092 1092 1092 Low. Close. 83 90% 90% 90% 91 63 70 70 105% Sales. High. N Y Tel 414539, Pac G & ¥ Pac T&T 1st Pac T&T ref Pan-Am Pet 65 Paramount 6s " Pathe People s 5. Phila Co 5567 Phila & Read Phila Pet 515s '3 Pillsh F M 65 '43 Por R'T am 6s'4 Pos Te) & C tich Ofl cal €44 ., hell Un Ol 5s "4 inclair Oil 615" Tenn E1P 6= A *47. ex Corpev js 41, Unit Drug ev U S Rb 1st s o Util Pow Warn Br Pic 6s Warner West El deb West Un Tel s '51. WEO-5%8'37 ww. Wil & Co 15t 65 '41. YEstn Sh&T e o ~ZZ8nuTanEn o amm—— 102% 106% 103% 104% 102% 106% 103 104% 106 RAILROAD. Atchison adj 4s 9 Atchison gen 4 Atchiscv 41ps°41. . Atch Ariz 4 AtLCLst 48 AtCL4%s'64 R&O4s'48 R&Ocv 41 B&O 41560 B& O 1st B&Oref 5 B&O5 B&O B&O B & O Sw dy 53 '50. B & O Toledo 4s Bos & Me Box & Me 567, Bklyn Man 85’68 & Pitt 4155 Bush Ter con 5s 35. Can Pac deb 4 Can Pac 4145 Can Pac 41556 Can Pac 5s " 3 Car Clin & O 5338 Car Clin & O 6s '52. Cent of Ga 55 C 59, Cent Pac 45°49. .. Cent Pac 55 '60 Ches Corp 55 '47. .. Chi& O 435 A "93 Chi& O 415 B9 C&Ocon 5589, Chi & Al ; CB&Qgen 4558, CB&Q 41877, B&QI1dv 3145 49 B&Q Il dv 45 '49. hi & Eas Iil 55" *hi Grt West Chi M&SIP 4135 C., Chi M&SIP 4755 B, Ch M&StP 43,5 Chi M & St P adj Chi&NW g 3155 '87 Chi & NW gn 15" Ch&Nwn 41:s Chi N Wst 414 ¢ 37 Chi& NW con 4%s. Chi Rwys 5s '2 Chi RI&P gn Chi RI&P rf 4534, ChiRTcv 434560, ChHRI&P41;8A. Chi Un Sta 435 '63. Chi Un St 55 °44. ChiUn Sta/61%s '63. C& W Ind cv 45’52, C& W Ind5%s 62, CCC&StL 4%s E. . CCC & St L 55 D '63 Clev & Pitt 414577, C U Ter 4145 2020. Clev Term 41577 Colo & Sou 433535, Colo & Sou 43 Cuba RRrf 7 Cuba Nor 5% Del & Hud rf 4543, I§ « C « € 8. D & R Gr gn 45 '36. Fond J&G 4%s Grt Trs fdb 6s'36. Grt Trunk 7s '40. .. Grt Nor gen s Gulf Mobile 5s * Hock Val 415 " Hud & M ad, 111 Cent 4s '3 111 Cent 43 111 CCStL& Int Rap Tr sta '66. . Int Rap Tr 6s Int Rap Tr 75 '3: Int &'Gr Nor 5s Int & Gr Nor 6s Int& G N ad 6s Towa Cent rf 4s'51, Kan CF Kan Cit Kan City Ter Lake Shore 45'31., Leh Val cv 4 LehV ov 4 Long Isl db 5 L & N uni 45 *40 L &N 4%s 2003 43 7 . 105 79 10 2 45 2 21 3 17 97 11 22 2 1 10 16 39 90 25 5 64 87 13 62 3 12 1 H 6 2 4 2 6 £ 560, 67 Manh Ry 1st 45'90. 15 Market St 7s'40 Mich Cen 4 Mil ERy & L 55 '61. Minn & St L cn 58 MK & T adj 55°67.., Mo Pac gen 4s Mo Pac 5%scv 49, Mont Tr 1st 55 '41.. Mont Tram 55 '55. .: Nat Ry M 4%s NOT&M558'54., NY Cen 4598, .. N Y Centdb4s'34., N Y Cent 4 T 10 1 30 5 15 NYCreim 6s 2013.’. 45 N Y Cant db 6s NYCLScl3 3. NY C&StL4s'37. NY C&StL 4%s NYC&StL6s NY NH&H 4s " NY NH&H 45 '56. NY NH&H 415 '67. 23 NY NH&H cv db 6s. 10 NY NH&H clt 6s. NY O&W gn 45" NY Ry NY WaB 4% , Nor & Wn oy 48884, Nor Pac 382047.... Nor Paa##*97. Nor Pag416s 2047, Nor Paé r i 68 2047, Ore Shbrt L 5s gtd. Oreg-Wash 45 '61. W *48 Sta. 1 2 2 3 8 21 5 9 4 22 STOCK EXCHANGEI Low. Close. 102'4 102% 106% 106% 103 103 104% 104% 101% 101% 1054 105'% 103 103 104% 104% 106% 106% 1024 102% 951 951y 55 85 106% 106% UNITED FOUNDERS REPORT ANALYZED !Document Reveals Change in Investment Policy Follow- ing Market Break. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, January 20.—Because . of the size of its assets, amounting to over $33,000,000, and the number of its shareholders, who represent an army, of more than 91,000 investors, scattered all over the United States, the annual report of the United Founders' Corpo- ration has attracted much attention. It comes at a time also when there is great interest in discovering how the American Management Trusts met the first test in their history and the de- gree to which they have shifted their portfolios in line with changes estab- lished in different groups of securities. To Wall Street this shift was the most interesting feature of the report, as it provided an index to the attitude of a large body of trained observers and statisticians on the future trend of dif- ferent classifications of stocks. ‘The United Founders' portfolio is divided into five different groups of stocks, namely, public utilities, railroads, in. surance companies, investment com- panies and industrial and miscellaneous shares. In each one of these the cor- poration holds substantial blocks. The comparisons as to ownership are as of May 31, 1930, when the last previous -| report was published. and November 30, 983, 1161 104 9614 101% 98 101 95% 1061 1027% 1031 1091 9774 105% 86 1004 10014 100% 87 88 100 99 981 984 104 100% 104% 103% 110% 877 101% 98% 1037% 103 * 102 107% 4 95 4 110% 4 100% 97 105 97% 101% 101% 105% 2% 98% 103 91y 981, 4214 664 944 95 99y 20% 8% /8%, 943, 943 90 $615 941, 994 89% 93% 104 105% 11514 89% 104% 101% 104% 103% 104% 103% 101 961 8 44 96% 96% 984 76 81 80% 28 24 105% 110% 991 98 76 82 28 24 105% 110% 991 99 110% 901 1044 7% 98% 8714 9915 102 69% 54 89% 75 86 51% 5% 9614 100% 95% 100% 88% 101 100 99 102% B5% 95% 102% 100% 0% 103% 7 98%, 87% 99 102 69 54 89% 75 86 51 5% 9615 94% 100% 8813 1001 100 * 99 101% 554 95% 102% 10014 which represents the end of - pany’s fiscal year. Rl Shift in Holdings. This comparison indicates that 3 six months’ period United Nund!rx; 'l')el: duced its holdings in such stocks as American Telephone & Telegraph, Bell Telephone of Canada, Hydroelectric se- curities, International Telephone & Telegraph, Seaboard Investment Trust, Standard ‘Gas & Electric and Western Union Telegraph. It increased its in- vestment in = Amerisan _ Superpower, American Water Works, Columbia Gas & Electric, Consolidated Gas, Electric Bond & Share, Electric Power & Light, Pacific Gas & Electric, Public ice of New Jersey, Southern California Edi- son, Standard Power & Light, United s Corporation, United Gas Improvement and United Light & Power. It held :’st"ri‘sg'z Sptional yarrants of the Public ing Co. W] thex M&y e dl;‘t ‘hich were not on n the railroad group substa - ictions were shown ;:1 the .mi’.';r the Alleghany Corporation. S Thereasey wer e 3 es were made of the Baltimore & omoi.n Ba lh:lf.s :lr‘p:l"?:lkleycwmh;l Pacific, , Le- ; New York Cenwal, Nickel Plate, Souther: aa’flw‘;y. n Pacific and Southern ) N the insurance company share grouj the most important chl’x:{ea were lnl: creases in insurance shares lllllll% ment stock from 20,000 to over 34, shares and in Maryland Casualty stock from 7,752 to 21,000 shares. In invest- ment company stocks large reductions took place in the holdings of Chicago Corvoration, Chicago Investors, Con- tinental Shares and Tri-Continental, With important increases in North and South American “A” shares and ih those of sterling securities and United Na- tional = Change in Policy. e most significant change in’ investment mfi:y 7 eognm zfi is to be found in its industrial hold- ings, where there have been sharp re- ductions in copper and oil stocks, but new investments in such prominent is- sues as General Electric, General General Motors, American Refining, S. 8. Kresge, ers, Sears Roebuck, Ui Py reiuced. e e luced its line Ward stock, it Dlfl'chl.ledol l,‘wmm Of Sears Roebuck. Agatnsf a decrease from 20,000 shares in May to 12,300 shares in November of ‘Westinghouse Electric was the initial chase of 4,800 shares of General . The {;r:z‘sccul‘:di‘rflgn to the industrial list in up was a 10,000-share of General Mogvn comm?lro o ,629,972. terest was taken in the figures | income for the year, amoun 388,217, of which approximate! cent was from interest and dividends on securities owned and 30 per cent Pprofits on the sale of securities. The size of the latter item was a sur- prise in view of the general sh: e in securities during m year and a half. e " (Copyright, 1931.) TELEVISION EMPLOYED FOR STOCK PRICES Special Dispatch to The Star. CHICAGO, January 20.—Next week, in Chicago, visual ticker tape quota- tions of New York and Chicago Stock Exchange prices will become as available as a radio program. To get the latest prices, whether in home, office, factory or club, it will only be necessary to turn visios - ceiver and observer . ‘eleVislon Te Final tests have been made a Monday, January 26, Station wx&Xg will inaugurate the new service before ;“:Lstmmhed gathering of financial ly 70 per AT Three minutes is said to maximum time a ‘pelrl diver cn':xe hz}llt; his breath, even after years of practice, —_— Penn gen 41565, ., Penn 43570, Penn 4% 5 '63. . Penn gen 55 '63 Penn 5s '64. Penn 615 Pere Mar 4% P CC&StL 4187 PCC&StLbs P&WVaysc 103%, 98% 101% 111 105 10915 101 10214 110 941 102% 103% 9814 98% 101% 101% 110% 111 105 105 109 109 100% 101 101% 10214 110 110 MU 9y 17 9415 98 994 901 95 10215 17% 943 981y 993, 904 95 103 94 2% 98 974 9% 97 100 9914 92 4% 101 97 100% 104 108 106% 84 100 91 101% 85 8414 85 93% 947 11615 116% 106 £106 86% 36% 2% 2% 50 50 844 844 98% 98 68 681 95% 5% 0% 99 1 112% 10! 09% 94% §95% 4 101 97 1004 102% 107% 106 84 100 90% 101% 85 Read gn 438 A 97, 21 Rio Gr W 1st 45°39, 30 RIAr&L4%s’34, 3 StLIrM'nt6s'3l.. 2 StL IM R&G 4s'33.. 15 StL&SFIndsA., 23 StL&SF 41s'8.. 30 StLSWev4s'sz., 2 StP&KCSL4%s. 34 St P UnDep 5s'72.. 6 San A & A P 4s’43.. 69 ab ALrf4s'49.. 1 Seab A L adj 5s 1 Seab A L cv 65 '45.. 55 Sea All Fla 6s A '35 11 Sou Pac ref 4s '55..209 Sou Pac 4%s'68.... 21 Sou P 4155’69 ww.. 22 Sou P&OT 414 Sou Ry gen 45’56 102% 94 100% 100% 9915 881 81! 100% 973 109% 9614 18% T 17% 10 7% 99 99 102% 102% 94 94 100% 100% 100% 100% 99% 88% 81% 100% 9714 109% 964 18'% T4 17% 9% 9% 981 98% 102 87% 108% 111 17 104% 111% 98% 9815 49% 31 994 931 974 102 107 102% 983 102 101% 87% 87% 108% 108% 111 111 17 116 1045 1045% 111% 111% 98% 984 98% 9815 49% % 3’ 9934 93% 97 101% 107 102% 8744 104% 102% 94% Te® & Pac 58C’79.., Texas Pac 53 D'80.. Third Av ref 4s'60. Third Av adj 55 '60. Un Pac 1st 4s'47... Un Pac 4s '68. Un Pac rf 4s 21 Un Pac 4138’67, 34 va Ry 1st 5862 [3 VaRy & Pow 58’34, 2 ‘Wabash 4158 '7 Wabash 1st 58 30 56 17 3 1 59 4 Wabash 53 D80, Wabash 5% 75 West Md 4s '52 West Md 5%s West Pac 55 '46. ‘Wis Cen gn 48