Evening Star Newspaper, January 23, 1931, Page 14

o FINANCIAL. STAR, WASHINGTON, COMEBACK IN AUTO INDUSTRY 15 SHOWN Estimates Are That 250,000 Men Have Returned to Work at Plants. THE EVENING . NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. . D. C, FRIDAY, JANUARY 23, 1931 BONDS ARE HIGHER | (== o BONDS o s o5z INACTIVE MARKET UNITED STATES. ™ 16enc. 30 (Saies are tn $1.000.) 102% 102% 102% . e 103% 1 103% 4% :\fi 1 " speae 1% % |Rails, Utilities and Convert- 106% 106% 106% 108% B::: 4% o ible Group Participate in Advance:- FINANCIAL. DECREASE IN FOOD PRICES HAS BEGUN Per Cent Under Those Retail Figures Reduced 14 of Year Ago. ~Prev. 1 Stock ana Sales— High. Low. Dividend Ra Add 00. High. 81% 12% Savage Arms (2).... 1 13% 18% 4 Schulte Retail Strs. . % Seaboard Air Line 14 Seab Air Line pf.... 43% Sears Roebuck 23 .. 24 Second Nat Inv..... 3% Servel Inc.. . 54 Sharp & Do pf (314). 204 Shattuck F G (1175). 5% Shell Union Oil. 55 Shell Un Oil pf ( 4% Shubert Theate 11 Stmmons Co. 5% Simms Petroleum (Continued From Page 13.) _— Close. 1028 1038 10 1043 o 107 108 31 137 Sates— Add 00. High. 22 Btock ana Dividend Rate. E 19% Magma Copper (3).. 1 42% 24 ManElevmod g (d5) 3 321 17% Marine Mid (1.20)... 10 4% Marmon Motor Car. 1 24 Marshall Field (23%) 17 30% Mathieson Alkall (2) 21 27% May Dept Strs (n2).. 29 Maytag Co. o ytag Co pf Melville Shoe Mengel Co (2). Met-Gold pf (1.89). NorOT&L 6s'47., Nor St Pw 53 A "41., Nor St Pw 6s B 41, Pac G & Kl 6842 Pac T&T 15t 5x " Paramount 6s 47 Pathe Exch 78 '37, Phila Co 53°67 Phila & Read 6513, Phila Pet 5145 " 4| Plerce 011 deb 8« Pillsh F M 68" Por R'Tam 6 Pos Tel & C 5 Pressed St C5 Pub Sv G4l Pub Sv G 41 Pure Oil 5% Rem Arms 6s A '37, 71139 1137 FOREIGN. Sales. 3 1081 102% 1034 104% 104% 104% Ty R 534 60 60 251 100 70 5% 16% 91y « Argentine May "§1. Arzentine 6s Ju"5: Argentine 6s Oc " Argentine 6s A" Argentine 6s B Australia 435’56 Australia 55 '55 | Australia 55 | Austria 7s°43. Bk of Chile 63561 Batav Pet 4155 '42 Belgium 6s 900, 914 BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 23.—Higher prices were scored today in United States Government issues, in German dollar loans, in high-grade rails public utilities and In';:\dual-flll # BY BRADLEY W. TRENT. - " Bpecial Dispatch to The Star. 37" "9% Mexican Beaboard. NEW YORK, January 23.—The come-| 3 7 Miami Copper. . back in the automobile industry in the 881 Michigan Steel first three weeks of 1931 may be meas- 31 Mis-cont Bat (1) 15% Midland Steel (3) ured by estimates received from De- 37 Min Hon'w Reg (14). troit, which place the number of men - BY J. C. ROYLE. 7215 721| Food prices have started to drop and 8615 8614 ATe now approximately 14 per cent 103% 108% | under those year This 1034 1031 | 1ot to be- atiributen o way - 91% 91% | sional action, h 9B S 9% S 10% Skelly Oil. 42 Skelly Oil pt (6).... 2814 Sloss Sheffield St pf. 1% Snider Packing . 40% South Cal Ed ( 315 South Dairies 54 3% Minn Moline Pow called back to work since January 1 at ) approximately 250,000. ‘he upturn, coming after a virtual shutdown by the large producers over the Christmas period, has caused a widespread revival that has been felt in practically every motor car and ‘ac- cessory plant in the country. Pay Roll Increases. It is calculated that Ford now has 120,000 persons at work in 40 plants throughout the United States. The De- trpit pay roll is estimated at 80,000 workers, whose wages approximate $2,- 000,000 weekly. The Chevrolet Co. has just increased its pay roll by 1,951 over the previous week and its present force is said to be larger than at any time since last Spring and represents a gain of nearly 10,000 over last Novem- ber, when new models went into pro- duction. ‘The manufacturing outlook has been further stimulated by favorable reports from the Thirtieth Annual Detroit Au- tomobile Show, now in progress. The first two days’ attendance totaled more than 36,500, or 2,000 more than in the two opening days of the 1930 show. An announcement of interest to the tomotive industry was made here by a national organization of finance com- panies, which stated that companies that have devoted their major efforts to the financing of the purchase of automobiles are now expanding their rograms to include automobile repair S’obs. It was said there is a growing demand for this service from automo- bile owners, garages and repair shops in all parts of the country. Plans of Financing. Information has been sent to the finance companies giving several gen- eral plans of financing and a survey is being conducted to find out how many companies in each State are willing to undertake this work. In many States small loan laws make 4t poscible for the companies to make Joans for financing repairs, with se- curity for their investment and on rea- sonable terms for the borrower. These laws are in effect in Illinois, Indiana, Jowa, Michigan, Missouri, Wisconsin, New York and several Southern and Far Western States. The security is generally a lien on the car. In other States where the loan laws do not exist the plan generally used is for the customer to give a note for the unpaid portion of the bill and for the finance company to buy this at a discount. Notes of this kind are generally secured by a chattel mortgage. (Copyright, 1931.) MARKET IS DISPLAYING EFFECT OF INDECISION Bpecial Dispatch to The Star, A NEW YORK, January 23.—The fac about the recent stock market are that after a 10-point average decline, it has had a rally of about one-third of this, with the rails standing up better than the industrials; that the bears have several times tried to force liquidation and have been unsuccessful in their efforts, and that the volume of trad- ing so far this month has been the smallest for a similar period, with one O viously. speculative Wall Street 1s X ive Wal in a mood where it finds difficulty in a decision as to whether stocks :':%u up or going down. Techni- cally the market looks stronger. In certain industrials it has a weak aspect. Just at present there is no ive leadership on either side of it. Its bable character for some weeks will of the kind, with a definite trend for the year established some time before the 1st of March. B. & 0. SUBMITS PLAN TO REORGANIZE C. & A. By the Associated Press. ‘The Baltimore & Ohio Railroad’s plan for organizing the old Chicago & Alton system, which was purchased at a receivership sale last December, was submitted today to the Interstate Com- merce Commission. A new company, the Alton Railroad Co., has been organized for the acqui- sition of the line, with Harry A. ‘Wheeler, a Chicago banker, as chair- man of its board. The Baltimore & Ohio asked commission authority to issue $25,000,000 in common stock by the new corporation. These securities would be exchanged for outstanding obligations of the old system which are now controlled by the Baltimore & Ohio. All the obligations of the defunct Chicago & Alton would be assumed by the Alton company and the eight-year receivership imposed on that line would be_terminated. The Baltimore & Ohio acquired the Alton by bidding $23,000,000 in its|- sc-urities at the receivership sale. REYNOLDS TOBACCO CO. REPORTS RECORD YEAR Special Dispatch to The Star, NEW YORK, January 23.—Complet- ing a decade of uninterrupted growth, the R. J. Reynolds Tobacco Co. for the year ended December 31, 1930, re- ported the greatest earnings in its his- tory. Its net profit for the year amounted to $34.256,665, an increase of $2,046,144, or 6.3 per cent, over the $32,210,521 earned in the previous year. During the 10 years of consecutive earnings advances, Reynolds raised its net profit from $10,691,294 in 1920 to Jast year's figure, a total gain for the period of $23,565,371, or 220.4 per cent. Dividend payments by Reynolds in 1930 reached the record total of $30,- 000,000, yet despite the magnitude of these disbursements, Reynolds com- leted the year in unusually strong Baicies position, with cash in excess of $33,000,000 and with a ratio of cur- Tent assets to current liabilities of 12.7 to 1, or a slightly better figure than that which prevailed at the end of 1929. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co) Ofter Allis-Chalmers Co, 55 1937.. ... 1013 1017 American Te. & rel Stay 19ad loa%s 1 Am 38, .. 101 09 192 951, 53% | cembe Manufacturers are planning to fea- % Minn & St Louis. 80% 128% 38% 60% 197% 293 19% Td% | 10T% 1 78 23% 674 12% % 35% 264 9 80 86% 60 325 14% Mo Kan & Tex (a3) 60 Mo Kan & Tex pf 20% Missourt Pacific 79 Missouri Pac bf (5). 9% Mohawk Carpet 18% Monsanto Ch (£1%). 15 Montgomery Ward. . 287 Morrell & Co (4.40) 14 Mother Lode. 25 Motor Products (2) 115 Motor Meter G & El. 14% Motor Wheel (3) . 25% Munsingwear (3) 9 Murray Corp....... 34 Myer (FE) &Br (2). 21% Nash Motors (4). B e N R T IPPS- PO Qua - o e mruRARnen kB 214 68% Nat Biscuit (2.80). & at Dairy (2.60) . 7 at Dist'Prod (2). .. 17% Nat Enam & Stamp 114 Nat Lead (5). 5 135 Nat Lead pf A ( 116 Nat Lead pf B (6) 30 Nat Pow & Lt (1) 41 Nat Steel (2). 60 Nat Supply (5). 35 Nat Surety.(5). 13 NatTea (1).. 20 Neisner Bros (1.60).. 9 Nevada Copper (1).. 15% M 11% Newton Steel. 105% N Y Central (8). 22 NY Dock... 152 N Y & Harlem (5 9% N Y Invest (1.20)... 67% N Y N H & Hart (6) 106% NYNH&Hpf (7).. Y Ont & Western. . Y Railways pf. Y State Rys pf. Y Steam pf (6). . Y Steam 1st pt (7) 181% Norf & West (112).. 4% North Am Aviation.. 574 Nor Am (b10% stk). 51 North Amer pf (3).. 28% Nor Ger Lloyd (3.43) 42% Northern Pacific (5). 16 Ohio Oil Co (2)...... 12% Oliv Farm Eq pr pf. 2% Omnibus Corp...... 65 Omnibus pfA (8)... 22 Oppenheim Col (3).. 48Y% Otis Elevator (215). 118% Otis Elev pf (6) B! 915 Otis Steel. ... . 32 Owens 111 Glass (3). 3% Pacific Coast. . 5 6 Pacific Coast 15t pf.. 5 Pacific Coast 2d pf.. 40% Pacific Gas & El (2). 46 Pacific Lighting (3). 27 114% Pacific Tel & Tel (7). 30s 7% Pack Mot Car (60c). 58 30 Pan-Am Petrol B. 18 1% Panhandle P & R. 34% Paramount Pub (4) 5 Park & Tilford...... 2% Parmelee Transport. 1% Pathe Excharge. . 2% Pathe Exchange A 3 Peerless Motor Ca 26% Penick & Ford (1) 27% Penney (J C) (3). 53 Penn RR (4)... 4 Peop Drug Strs ( 21 185% Peop Gas Ch (8).. 19% Phelps Dodge (2). .. 6% Phil Read C&1..... 10 2 11% Phillips Pet (2)..... 16" Dierce-Arrow A ). "2 14 Pierce Oil 1% Pierce Petrolm (10c) 8414 Pitts Steel pf (7). 2u Pitts Terminal Coal. Siay e 4% PRAmMTobA (3%). 14 4 PRAMTobB...... 4 4 11% Prairie Oil & Gas (2) 2 16% Prairie Pive L (15).. 12 “en 2 52% Proct & Gamb (2. 1 Prod & Refiners a 8 91% PubSVNJI DL (5).... 4 104% PubSvNJIpt(6)... 1 47 Pullman Corp (4)... 14 3% Punta Alegre Sugar. 2 e 90 Pure Ol pf () ‘1208 36 Purity Bakeries (4). 11 47 Radio Corp A 31% RadioCorp B (5).... 1 58 RRSecl1CstkC (4). 608 16% Raybestos Man 2.60. 46 Reading 2d pf (3)... 22% Real Silk Hos (3 8 Reis (R) & 14% Rem Rand (1.60). ... 104 Republic Steel. . 28 Republic Steel pf. 34 RevereC&BA (4).. 10 Reynolds Metals (2). 8 40 Reynolds Tob B (3). 38 4% Richfield Oil 23 26% Rit Dent Mfg (2% 148 Rossia Insur (2.20) feway Stores % 10 95 Safeway Strapf (7). 108 39% St L-San Fran 3)... 17 6214 St L-San Franpt (6) 1 e el A 26 84 Philip Mor & Co (1). 56 Pierce-Arrow pf (6). 25% Pilisbury Flour (2). 10% Poor & Co B (2). 20 Postal T&Cp 3% Pressed Steel C; 0 4 65 PubSvXN (3.40)... 1074 PubSVE&Gpf (6). 1 T PureOil.... 11% Radio Corp -5 14% Radio-Keith-Orph A. 147 73 Reading Ry (4 83 Real Silk Hos 84 Reo Motor Car (80c) 6% Revere Copper & Br. 70 Reynolds Tob A (3). 60s 5 Rio Grande Ol 3 36% Royal Deh(m1.3404). 4 19% St Joseph Ld (2).... 10 17% St L Southwestern. . 3 32 62 55 98 19 39 30 10 53 68 49 23 97 50% U 3% 1 25 11 173 1 140 11% Wabash 39 Wabash 45 102 10 23 3% 47 65 25 Divide: Dayments s Unit of tradin, in stock. § 33 d_rates as given in the a s based on the latest quarterly or ess 88 South Pacific (6).... 10% Sou P Ric Sug (1.40). 46 Squth Ry (8. .. Spalding 92 Spang-Chal pf (6) 8 Sparks Withing (1). 2% Spear & Co Spear & Co pt (7). 7% Spicer Mfg. . . 4% Spiegel-May-Stern. . 14% Stand Brands (1.20). 53% Stand G & E (3%)... Stand G & Epf (4).. 92% Stand G & E pf 6) 1% Stand Invest Corp 424 Stand Oil Cal (h2 Stand Oil Exp pf (5) 14% Stand Oil Kans (2).. 431% Stand OIl N J (12). 19% Stand Oil N Y (1.60) Starrett (LS) (1214) 2% Sterling Sec A. 5 Sterl Sec pt (1.20)... 30% Sterl Sec cv pf (3)... 14% Stewart-Warner (3). 37% Stone & Webster (4 184 Studebaker Corp (3 ' Submarine Boat. ..., Sun Oil (f1).... Superheater ( % Superior Oil. 4 Symington A 7% Tennessee Corp (1).. 28% Texas Corp (3) & 40% Tex Gulf Sulph (4)., Texas Pac Land Tr. . 3% Thermoid Co. . 18% “Third Nat Invest. ... 10 Thompson Pr (2.40). 315 Thompson Starrett. . 23% Thomp-Star pf (315) 5% Tide Water As (60c). Tide Wat As pf (6).. Tide Wat Oil pf (5). . 8 Timken Det Ax (80c) 40'% Timken Roller (3)... 10% Transamerica (1). 5% Tri-Cont Corp 89% Tri-Cont Corp pf (8) 264 Trico Prod (213).... T4 Twin City R Tr (§4). 14% Ulen & Co (1.60). Und-Ell-Fischer (5). 8% 1nion Bag & Paper. . 521 Un Carbide (2.60). 204 Un Oil of Cal (2) % 166' Un Pacific (10) Un TankCar (1.60) 18% Unit Afrcraft....... 41% Unit Aircraft pf (3). 3215 Unit Biscuit (2)..... 14% Unit Carbon (1). 3% Unit Cigar Stores. 13% United Corporation.. 449 43'% Unit Corp pf (3). 5 24 Unit Electric Coal. .. 46% Unit Fruit (4) 24% Unit G & Im (1. Unit G & Im pf (5).. 20% Unit Piece D W (2).. % US Express.... 6% U S & For Secur. 16% U S Freight. .. Indus Alco (6) (AG) (2).. » we LT RNVE VRIS - 0 SOOIV - JUNON - JOTeY ), ). 9 12 . 644 U S Leath prpf ( 18% U S Pipe & F (2) U S Realty & Im (3). 19% U S Rubber 1st pf. Smelt & Ref (1). 134% U S Steel (7). 2 U S Steel pf (7). 4% Unit Stores A 15% Unit Stores pf ( 2 Univ Pipe & Ra 5 Vadasco Sales Corp.. 12% Vadasco Sales Cp pf. nadium Corp (3).. 1 “ar Chem 6% 36% Vulcan Det (4) 4 21% Waldorf Sys (1%). 10% Walworth Co (2) 12 Ward Baking A 3 Ward Baking B... Ward Baking pf (7). 9% Warner Bros Pict. 4% Warner Quinlan. 26% Warren Bros (3) 40 War Bros cv pf (3) 19% Wess Oil & Snow (2) 9515 West Pa 90% West Pa EI pf (6). West Pa El pf (7). 113% West Pa Pow pf (7). 10 Western Dairy A (4) 4% Western Dairy B.... Western Md. ... Western Pacific pf 122% Western Union (8) 31% Westing AB (2).. B84 Westing E& M (5) AT ton El Instr (1). ton Elec A (2).. tvaco Chlor (2). % Wextark Radio Strs. 21% White Motors (2)... 19% Wilcoy Rich A Willys-Overlan 45% Willys-Over pf 1% Wilson & Co. 4% Wilson & Co A. 51% Woolworth (2.40). Worthington Pump. . Wrigley Yale & Towne (2). 8% Yellow Truck 2 Zenith Radio. . Sales of Stocks on New York Exchange. (Wm) (4) 456.400 1 980,500 12:00 Noon....... 1,274 600 10 P.M .... 2218.100 ve table are the annual cash alf vearly declarations. t Plus ¢ n stock. & Plu in preferred stock. us 5% in stock. the grou held fare ing tvit; mac! past out ture the By the Associated Press. NEW YORK, January 23.—Activity in tinues at & moderate rate, resident buy- ing executives report. Spring merchandise is_slowly gaining on a desire to see for seaso promotional merchandise for sales dur- February are being placed. An increasing flow of inquiries and sustained ordering feature current ac- chinist reports. Sectional reports of the note, as dealers everywhere began to dig | New York wholesale markets con- Sampling out of nd, the volume in general being down by a waiting attitude based how business will during the next few weeks. Ordeys goods for quick selling and the remainder of this month and y in the Nation's machinery and ‘hine-tool markets, American Ma- week strike a more encouraging from the murky depths of De- | T novelties to an unusual degree at New York Toy Fair February 9 to placed by floorcoverings buyers week brought the volume of sales in the New York market to a considerable total, manufacturers and selling agents report. free of cistress merchandise, buyers are convinced that prices have been stabil- ized in the industry and are placing orders without pressing for special con- cessions, it was said this ‘With the market practically Improvment in retail sales in New York since the middle of the month has been small, the trade reports. The be- | lef was Ex'fln!ud that the handicap of bad weat not likely to be offset by the sales dur- ing the remaining nine trading days of January. Dollar velume was held likely to run from 2 per cent or more under January a year ago. er earlier in the month is | CHICAGO LIVE STOCK MARKET CHICAGO, January 23 (#) (United States Department of Agriculture).— 000 head, including 20 pounds, [ 28, L. K. Anderson, jr., president of the New York Toy Fair Chamber of Com- merce, announced. While manufactur- ers are cautious because of the decline in retail sales last Christmas, there is a growing degree of confidence that the s | novelty appeal will be a strong factor in l;’: combating buyer hesitancy, he said. 1, | An advance in the price of mohair 14 | plush upholstery fabrics before March 1 3838888525885 0ed 108 1 1% muanyl,«mur;.m x munl&?uflm i EFE TS =53, was regarded as ble in upholstery circles in New Ygrr:h;elumy. Manu- hct\u:.n. reporting heavy revrdgfl m rose taupe, r}e een and aj llmdu J”mo air pfl:lh from furniture 'producers, said they planned a price increase of moderate An accumulation of small orders 1 good, recent_sharp ter pigs, M.:od pounds, 8.2! Cattle—Receipts, 1,500 head; calves, 1,000; largely clean-u) 7 » 8.15; packing sows, 6.40a6.75; nd choice, 140-160 pounds, 8.10a light weight, 160-200 pounds, 8.00 medium weight, 200-250 pounds, 28.2! 7.45a8.10; heavy weight, 250-350 pounds, 7.00a7.5! packing sows, medium and 275-500 pounds, 6.35a7.00; slaugh- and choice, 100-130 mostly steady on killing classes; -4 m’ on she-stock at line; no choice steers bulk common and medium grade here; short-feds selling at 7.00a9.00; slaugh- u;lru‘ume and vealers, steers, good choice, and 600-900 pounds, 9.50a13.50; 900- 50a13.! 1,100-1,300 ,300 pounds, 6.00a9. Heifers, good and choice, 550-850 pounds, 7,00a11.60; common and me- dium, 5.00a7.00. Cows, good and choice, 4.7536.50; common and medium, 3.75a4.75: low cutter and cutter, 3.00a 375. Bulls (vearlings excluded), good and choice (beef), 5.00a6.25; cutter to medium, 3.75a5.25. Vealers (milk fed), good d choice, 9.50212.00; medium, 7.75a9.50; cull and common, 5.00a7.75. Stocker and feeder cattle—Steers, good and choice, 500-1,050 pounds, 7.00a9.00; common and medium, 5.50a7.00. Sheep, 12,000 head; killing classes mostly 25a40 higher; feeders, nominal; early bulk, good to choice fat lambs, 9.00a9.25 to packers: few, 9.35; top to shippers, 9.40; best fat ewes, bs, 90 pounds down, good and choice, 8.75a9.50; mediunt, 7.50a8.75; all weights, common, 6.50a7.50. Ew 150 pounds, medium to choice, 3.25; 4.75; all weights, cull and common, 2.00 a3.75. . Feeding lambs, 60-75 pounds, good and choice, 7.25a8.00. R AN FULLER DIVIDENDS. George A. Fuller Co. has declared participating dividend of 77 cents and regular quarterly of $1.50 on second cumulative and participating stock and participating dividend of $1.11 and regular quarterly of $1.50 on prior cumulative ;llttll:lpl'.ln¥l preferred, all payable April 1 to stockholders of record March 10. Year ago company paid $1.94 participating dividend on prior prefer- red and $1.40 oy second preferred. PARIS BOURSE PRICES. PARIS, January 23 (#).—A feverish tone prevailed on the Bourse woday, uue to_the ministerial crisis. per cent rentes, 86 francs 60 centimes; 5 per cent loan, 102 francs 35_centimes. i Exchange on London, 123 francs 88 centimes. The dollar was quoted at 28 francs 51% centimes. 8 +2| corporation bonds 4.75. | N 90- | T vertible issucs, notably those identified with the amusement industry. Bond market trading was more active. ‘The fine reception to Thursday'’s new Issues and the immediate sale today of about $18,000,000 of 4! per cent bonds by the Pennsylvania Railroad produced 2 good sentiment among dealers, who were active in testing out patts of the second-grade list in an effort to deter- mine whether the public would follow up a movement in securiti-s of this kind. In a number of instances sharp early advances were followed by reac- tions when the expected d°mand failed to_materialize. There is no argument about the Street’s lgretlt! for gilt-edge bonds, but considerable doubt still as to the de- velopment of a broad market in secur- ities of a lower rank. nited States Liberty first 3158 Prlce of the year. ched the highest So did the Treasury 4!,s. United States Liberty fourth 4!4s at first held closely to the previous high figures and then also made a new high. The best grade 4 and i"; per cent rails and public utilities Were quiet but steady. Great Northern Railway 7s touched 111 for the first time this year, with the two issues of 41.s at par or within a frac- tion of it.” Northern Pacific 6s and Baltimore & Ohio 6s were at new highs. The old Canadian Northern 4';s, which reacted Thursday to the offering price of the new 41:s, rallied fractionally. The strength of public utility stogks was reflected in a rise of 21, points in American & Foreign Power 5s. Heavy trading occurred in General Theaters Equipment 6s, Warner Bros. 6s and in Paramount Publix 5!5s at advances from 15 to 11% points. ‘Pathe 7Ts, on the advancing 7 points Thursday. Hudson Coal 5s were up a point. Large blocks of National Dairy Products 5V4s changed hands at 101." The oil group ewas steadier. Dodge 6s were sympathetic to the more favorable attitude toward mo- tor securities. The strongest feature in the foreign list were the German Government 5'5s, which rose 14 points, duplicating their previous high of the year. This move- | German Agricultural 6s and 6s and spread into some of the German Works 6'5. Argentine 6s made their best rally in some weeks, with one issue up 2 full point. Australians were ir- regular. in the previous session in the Bra- zilian group were not continued. Washington Stock Exchange SALES. ‘Washington Gas 6s “A"—$100 at 1025, Potomac Electric 6% pfd.—10 at 113. Potomac Electric 512 % pfd.—1 at 108%, 5 at 10915, A?‘e;lun Security & Trust Co.—1 at Lanston Monotype—10 at 105, 5 at 105. Merchants’ Transfer & Storage com.— ?sult 100, 10 at 100, 10 at 100, 3 at AFTER CALL. Wm:h;x;xton Rwy. & Electric pfd.—20 at 99. Potomac Electric 65 1953—$5,000 at Merchants’ Transfer & Storage com.— 10 at 100, 10 at 100. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4125 '39. A 5o m. Tel. & Tel ctl. tr. 5 R. 5s. Bid. Asked. 27 Anacostia' & Pot R. Anacostia & Pot. guar. 5s. C. & P. Tel. of Va. 5s... Capital Traction R. R. 35.. City & Suburban 5s. . Georgetown Gas 1st Potomac Elec. cons. 5% Potomac Elec. Wash. “Alex, & Wash. Rwy. & Elec. 45 MISCELLANEOUS, Barber & Ross Inc. 6'as Chevy Chase Club 5's. .. Columbia Country Club 5135 D. C_ Paper Mfg. 65 W. M. Col Wash. NATIONAL BANKS. Capital (14).. Columbia (12)°"."" Commercial (stamped) (10). District (8. 10ez-0sins Fed.-Am. N. Bk. & ‘Tr. (i0) Second (%)’ Washington (13). TRUST COMPANY. Amer. Security & Trust Co. (15) 340 T sl Washington Loan & Trust (14).°435 SAVINGS BANKS. Bank of Bethesda (65) ini Tnited Stares (30) Wash. Mechanics’ (20) FIRE INSURANCE. American (12) Corcoran (10) Firemen's (8)..." "’ National Union (15).".. s TITLE INSURANCE. Columbia (6h). ... 5 Real Estate (8h) e Title & Inv. Co. Md. com.. MISCELLANE Barber & Ross, Inc.. com. . Col. Medical Bldg. Corp. [ Col. Sand & Gravel pfd. (7). C. Paper Mfg. pfd... -omo-Selz. @ torage pfd. (8).. m. Co. com.” i1200). atl. Mige. Peoples Drug 8. Real Est. M. & er. The, Carpel Corp. w. Mtge. Woodward & Lothrop com.. . Woodward & Lothrop pfd. (7).. 52 extra ¥212% extra. 37 ex *Ex dividend. b Books closed. nasc extra. §17 extra i % extr elVs% extra. c12%sc extra. TELEPHONES INCREASED. BALTIMORE, January 23 (Special).— Telephones_in_ Baltimore City were in- created 4,181 last year, making a fotal of 138,559 in service January 1, 1931, according_to announcement by Ran- dolph K. Wheat, division cammercial st perintendent of the Chesapeake & Po- tomac Telephone Co. of Baltimore. Application Refused. BALTIMORE, January 23 (Special). —1In an order handed down by the Pub- lic Service Commission yesterday ‘the application of the Tidewater Toll Proper- ties, Inc.. for authority to issue securi- ties for the construction of toll over like United Steel |3 The substantial advances made | _ e nesr Belgium 63 Belgium 7s Belgium 7s '56 Belgium 8s '41 Bolivar 7s ‘58 Bolivia Ts ctfs Bolivia 8545 Bordeaux 65 '34 Brazil 6148 '26 Brazil 648 '27 Brazil 7s Brazil 854 Bremen 7s '35, Canada 58 Chile 6s'60 Chile 6s'31 Chile 42 Christiana Colomb 65 Jan Con Pow Japan Copenhag 4 s Copenhag 5 Cuba 558" Czecho 8s Czecho 9s . Dan Mun8s A *46. Denmark 4358 6. Denmark 514 = Denmark 6s " Dutch Fast T 65" Dutch East 1 6= * El Salvador 8s'4: Fiat 7s ex war'46.. 2 FramID7%s’42.. 12 French 75’49, 1 French Gvt 715’41 19 Gelsenk’chen 6s '34 German 5% s '6! German Bk 6s German 6 1 5§50 German 7s rep Ger Gen E17s '4§ B = » 9 3 nreese meonBosaanBaaBaslcnEan N N . other hand, were off 2 points after|Haiti 6s'52.., Italy 7s '51 Italy Pub Sv 7 Japanese 515 Japanese 618 '54. . Karstadt 6s'43 Kreug & Toll 55 Marseille 65 '34. Mex 4s asstd 1910. Milan 6%s '5: . % | ment was followed by the bidding up of | xo Prussian Norway 5 Norway 6s Paris-Ly M 6s '58. Paris-Ly M 7s'38. Peru 65’60 Peru 6s'61. Peru 7s " Poland 7s Poland 8s '50 s Porto Alegre 85 '61. Queenland 6547, . Queenland 7s *41 Rhinelba 7s 46 ww. Rhine West 63 Rhine West 6s,’ Rhine West 7s Rio de Jan 63853 R Gr De Sul 65 '68. , Romp 635" Roy D 45 '45 Sa0 Pau7s '40 rots Sao Paulo 85 '365. . Sao Paulo 85 '50. e N N RAN® ACNBAI-NONRIDANB~ana oo poanIRva me Shinyetsu 6145 '52.. Soissons 6536, Sweden 515 '54. Swiss 5%s'46. Toho El Pow 6s 32, Toho El Pow 75 ‘55 . Tokio 55 ° Tokio 5861 . Utd King 5% Gruguay 6560 Uruguay 8546 Vienna 6552 . Warsaw 75 58, 9314 103% 62 89 104% 10% Rhk 64 64 106% 101% 10214 105% 105% 102 9114 MISCELLANEOUS. Abitibi P & P 55 '53. 21 Ab&St5%s'43.... 5 Allegheny 5s *44...133 Allegheny 5s i Allis-Chalm 55'37.. 1 Am Ag Ch73s'41. 14 Am Chain 65°33..., 2 AmF P 552030 83 AmIGCh5is'49. 21 Am IntCp5is'49. 11 Am Metal 515 '34..138 AmN Gas 61%s'42. 8 Am S&R 1st 55'47. 18 Am T&T cv 41%8°39 6 Am T&T 5s 43 Am T&Tc tr 5s 20 Am T&T 5ss£'60., 19 Am T&T 5%s°43... 60 Am W Wks 55 '34 Am Wr Pap 6s'47., Arm & Co 41539, . Arm Del 5%s"43. .. Bell Tel Pa s B 48 Bell Tel Pa 55 C '60. Beth Steel pm 55'36 Beth St rf 55 " Bk Ed gn A 5549 Bush T Bldg 5s'60. Cert-td deb 514 *48 Chile Cop db 5s'47. Colon Ol 65 '38. Col G&E 5s May '52 Com Inves 5155 '49. Com Inves 6s ‘48 C C Md 1st rf 5550, ConG N Y 5155 '45. C Am Sug col 8531, Det Ed rf 63 B '40 Dodge Br cl 63 '40 Duquesne 4%s'67. . Gen Cable 5155 '47.. Gen Motors 65 '37 Gen St Cas 53 Gen Th Eq 6 Goodrich cv 6s Good 1st 618 Goody'r Rub 5857 Hoe & C0 615534, . Hum O&R 5%s "62 T BT st pf 55 A 111 Steel 434540 Inland St 43%s 78 Int Cement 5s'48. . Int Hydro El 65 44, Int Match 58 '47... Int MM col tr 6541 Int Pap 5s A "47 Int Pap 6s IntT&T 4%s Int T&T cv 4539 INtT&Tbs'55.... KCP&L41%s'57.. Kan G & E 4145 '80. Kend 515848 ww.. Lackaw St 55 '50... Lac G St L b5 '34. Laclede 53,5 C'53.. Laclede 5%s D '60 Lautaro Nit 6s 5. Lig & Myers 5; Lig & Myers 7 Loew's 6s war Lorillard 6%s Lorillard 7s "44 Lou G & El 55 McCormack 6s '34. . McKes & R 5148 '50 Midvale Stl 5s '3 Mont Pow 5s '43. .. Mont P db 55 A '62. Mor & Co 1st 43%s.. t Dairy 5145 '48. at Rad 6155 '47 Y Ea 44 NYEdlst6ls'4l. 3 847 1084 95% 55 103 107% 95% 101% 105% 101% 102 99 814 106 121 103% 62 90 104y% 10% R6% 64 64 106% 101% % | Can Pac 414560, Rem R 518 A "47., 8814 Rich Oil cal 6s44. . Shell Un Oi1 5x *47 Sinclair Oil 615538 Sine O 7scvA'3T.. Sinc Cr051;5'38., Sinc PL5s’42...., Skelly Oil 513539, Solvay Am 5s '42. .. Sou Bel T&T 5541, SW Bell T 58 A '54 StOIINJ58'46..., StOIINY 4%s'51, Tenn E1 P 63 A *47.. Tex Corp cv b "44.. Unit Drug cv 58" U S Rub 1st 58°47.. Utah P & L 5544, Util Pow 58 '59 ww. Util Pow 568 '47.. Walworth 65 A *45., Warn Br Pic 6539, Warn Quin 6539 Warner Sug 78 '41. West 5l deb 58 '44. West Un Tel 5551 West Un T 61536, Wh Sew Mch 6540, Wil & Co 1st 65 '41. Yestn Sh&T 58'78.. 8 103% 103 RAILROAD. Atchis 45 1905-55.. 1 96 Atchisonadj 4s'95. 2 964 Atchison gen 45'95. 68 99% Atchiscv 4l;s’41.. 68 119 At & Danv 4s '48 42 AtC Lcol 48°52. 5 92 B&O 4s'48 87 100% 100 100 80 50 118 42 92 38 31 104 84y 97 B4% 9 99% 993 1024 1024 100% 100% 801 80% 104% 104% 104% ?‘m is 100% 10614 106t 106% | fact that prod: 987% 541 105 105%. 106 103% 1037 103% | turists, 108'% 108% 108% 22% 22 224 100% 100% 100% 108% 119 42 92 . 40 981 98% 981 37 101% 101% 101% | ning nearly 25 98 9Ty 5 107% 1074 107% er. Steel, glass 103% 104 13 103% 103% 103% 16 110 B & O Sw dy 58'50. B & O Toledo 45 '50. Bos & Me 55 '55 Bos & Me 55 '67 Bklyn Elev 61 Bliyn Man 6s ‘68 BKkiyn Un 1st 5s°50 BR&Pitt 435 '57. Bush Ter con 5s '55. Can Nat 4%s Can Nat4igs Can Nat 415870, .. Can Nat4%s'55. .. Can Nat 5s July '69. Can Nat 58 Oct '69. Can South 5862, , Can Nor 414535 Can Nor 6% db * Can Nor 7s deb "40 Can Pac deb 4 Can Pac 438 7 86% 104 2108 108 Can Pac 5s ctfs "44. Can Pac 58 '54 Car Clin & O 5838, Car Clin & O 6s'52.. Cent of Ga 53859, Cent Pac 45’49 Cent Pac 5s "6! Ches Corp 55 '47. ... Chi& O gn 414592, Chi&O4%sA'93,, Chi& O 4%sB'95.. CB&Qgen4s’ss,, B&Q4%s'77 CB&Q 1strf5s'71. CB&QIildy 45’49, g::ghlnlil 1. Tt West 45°59. 10 6 B M&&SS(P‘%. 10 He tP 43,589, 10 1 Chi M StP&P 55 '75. 18 m l‘ld ChiM & St Padj 55.115 34 Ch&Nwn 4%82037. 13 95% 95 Chi& NW con 4%5.120 921 91 Chi & NW gen ¢ 1103 108 1 100 10 974 1 5 106 106 14 102% 102 42 102 20 45 67 881 89 99% 99! 109% 110 1 105% 105% 105% |mand from machinery manufacturers. 86% 861 | The automobile industry is gradually 18 101% 101% 101% | € 16 1% 101% 102 3 78 73 76 100% 100% 100% 8 87 86 87 7 g":: 98% | 4 ove 98 104 33 101% 100% 101% | Fevise % 108 98% 102 101% 102 1 109% 109% 109% 6 981 981 981 43% 43% 67% 955 95% 74 334 33% 954 921 103 1 108% 108% 108% ChiRIcv4ls'60.. 17 92 ChiRI&P43%sA. 51 ux‘: ;2 Chi Un Sta 4%s '63. Chi Un Sta 635 '63. C& W Ind cv 45’52, CCC&StL4%sE, . Clev & Pitt 4% s 77 C U Ter 4% s 2020 .Clev Term 4% Clev Term 58 '7: Clev Term 53 Colo & Sou 415535, Colo & Sou 4145 '80. Cuba Nor 5%s'42.., 18 Del & Hud rf 4s " 6 91% ‘77. 30 104 110 ETenn V&G 5s. Erie 1st con 45 '96 Erie con 45 A '53. Erie conv 4s B. Erie Gen 4s. . Erie cv 55 ¢ Erie 5575 . Fla E Coast 5s '74 Grt Trs £ db 6s'36. 83 27 3 106% 106 Grt Trunk 7s®40... 17 110% 110% 110% 10 99% 98% 99 1 105% 105% 105% Grt Nor 41 E. Grt Nor gn 514 8°'52, 1 109 Grt Nor gen 7’36 109 Hock Val 413899, Hud & M adj 5 Hud & M rf 58 '57. 111 Cent 45 '52. 111 Cent ref 4s 5 100 100 1 2 109% 109% 109% 9% 46 101% 1 69 3 96 111 CCSIL&N s A.. 2 102 Int Rap Tr 58 '66. .. 69% Int Rap Tr sta » Int Rap Tr 6 Int Rap Tr Int & Gr Nor 5s'56. b Int & Gr Nor 6s'52. 11 Int& G Nad6s'52. 4 Kan Ctty Ter 45’60, 2 Lake Shore 313597 18 871k Lake Shore 4s 31.. Leh Val cv 45 200 87 10 89% 89n 3 100% 100% 6 106% 106% 4101 101 Leh Val 55 2000, Long 1sldb 58’31, . Long Isl db 5s '37. . L & N unt 4540, L& N 4352003, L&NB2003...... Mil E Ry & L 5s'61. 18 101% 101 M SIP&SSM 5s gtd. 4 9415 944 MSP&SSM 53%8°78. 11 9815 98 MStP&SSM 61%s.. 3 100 99y MK&T 4sB 6 2 90 90 2 % 94 6 102% 101% Mo Pac gen 4: MK & T ad) 58°67.. 4 MK&Tprinssa. 6 1024 102% s 44 7 Mo Pac 53 A '65. Mo Pac bs F ‘17 Mo Pac 55 G '78. Mo Pag 58 H '80.... Mo Pac 53scv 49, Mont Tr 1st 55 "41. . NOT&M5%s'54. 1 100% 100% 4 99% 99y 1 101% 101% 10 87 87 3 100% 100% 4 9% 9T ¥ 102% 1021 N Y Centdb4s'34.. N Y Cen 4s* 3 N Y Cent 4%s5 2013, 34156 9915 _99% 107% 107! 6% 86% 8% % 784 83 62 111% 110% 111% HavEIRy 5%s'51. 19 29% 29% 29% 6 104% 104% 104% 57 78% TI% 78% 26 100% 99% 98% 48 9% 9% 91% 10 92 92 92y 00 14 100% 100% 100% 3 105% 105% 105% 954 110 2 101% 101% 101% 7 96% 963 42% 97% 96 79% 803 % ¥6%, 8% % 8% 83 83% 2T% 106% 109 15 makers for the time . e old laws of supply and demand are responsible. Farm products have drom;ed 2 cent because of excess sung les, -K: same is true of meats and fish. There is more fish in cold storage now by 25 per cent than for the last five years, ‘The total is 85,317,475 pounds, but im- tion accounts for part and also demand for The condition of the farmers can amply be judged by the uction—with the excep= rel this increase growing. _ 99% 100 | tion of corn and some other products— 99 9874 TN TA% Taw 101% 1018 101% TN VA TA% 81 fell less than 5 per cent under that of 1929, even with the severe drought to cut crop yields. This result came about despite every effort of Federal officials and bankers and merchants throughout the country to induce 74% 75% | farmers to curtail plantings. 71 T1%|efforts were conspicuously unsuccess- ful with cotton growers, and in conse- quence the cotton planters are perhaps in worse condition than other agricul- Cement Industry. ‘The laws of supply and demand lead heads of the cement industry to feel that 1931 will exceed 1930 in pros- perity. The main thing which 'fl}ohallz are the industry is that roads built which will be equivalent to 10,250 96 96 964 964 | miles of 18-foot-wide highway. This , 9 99 crushed stone, will give aid also to the mac] cent higher than are still fairly high, and brick are fair positions. Steel, in fact, is on the swing upward, | supported by railroad buying and de- uction. Sf ng its pay rolls and the cut in ices by a manufacturer who makes nearly as many cars as all others com- bined is calculated to have a stimu- lating effect on sales, although it may perhaps t wbelnl of other In the last year copper produ curtailed output over 30 per cent, but even this has not been enough to price strength. This also is true of zinc and, to a lesser degree, of lead. No marked change is ol in the situation of the anthracite and bitumi- 1 101% 1011 1011 | DOus coal producers. The petroleum in- 10 115% 1161 1153 | dustry continued divided |2 0% 110w 1108 s against itself to whether or not height should be the tariff wall against !mlu: en! or b TeRalt ot "the. sibustion. bricts Dave 12 104% 104% 104% |2 - on, P . 8 103% ,oa: loa“ been cut in some sections. 5 10214 10214 102% 1 10m 107% 107 100 9H 9Th 16 105 10414 1043 | Ported 8 994 99 99y | aper Sales Campaigns. Both wholesalers and retailers are starting aggresive sales cam) Sup- by domestic and na news- advertising. One big manufac- turer of enamels and lacquers has noti- fied its sales force that a 5 per cent bonus will be paid on all sales made manufacturers tomers for 90 declines has im| (Copyright, 1931.) BROKER LOANS DECLINE TO NEW LOW RECORD ° Special Dispatch to The Star. NEW YORK, January 23.—Accord- to the weekly statement of the e Bank of brokers’ loans decreased 63,000,000 1 10415 104% 1041 | and established a new low of $1,757,- 5 116% 116% 116% | 000,000 for the week ended January 31. 91% 91% | This compares low 28 101% 101% 101% | record of $1,820,000,000 on January 14 5 104% 104% 104% | and with $3,341,000,000 on January 22, 38 10415 104% 1043 | 1930. 103% 104 106% '106% | 000,000, compared with $1,132,000,000 with the previous Loans for own account were $1,101,- | on January 14; loans for out-of-town banks were $330,000,000, against $343,- 000,000, and loans for account of others were $326,000,000, compared with $344,« 000,000. Demand loans constituted $1, 312,000,000 of the total, against $1,374,« 000,000 a week ago, while time loans were $445,000,000, against $445,000,000. ‘The New York Federal Reserve Bank rediscount rate remains at 2 per cent. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate—Maturit; id. . Tes Dec: 18, 1931 %2 100953 1345 June 15, 193 100 3, e 100 20-32 E R 8 i s Dec.” 15, 180 333 Czechoslovakia wants motion pictures with Czech versions or short Czech dia- logues and songs in foreign films. 5314 | P Kan City Sou5s'50 10 100% 100% 100% 95% 951 95% 87 894 100% 106% 101 102% 101 4% 98% 100 20 94 102% T4% 98 1004 994 101% 87 100% 97 10214 Nor Pac 48°'97...... Nor Pac'r 1 6s 2047, Ore Short L Oreg-Wash 4s'61.. Penn 4s'48 Sta 01% | Penn gen 691 | Penn 4155 '70 69% | Penn 4% '63 Penn gen 55 63 P&W V 4%sC60. Read gn 4%s A '97. Reading 4135 B. .. RIAr&L4%s i StLIrM'nt5s'3l.. StL IM R&G 4s'33.. StL&SFind4sA.. 18 89% StL&SF4%s'78. 154 85% 82% 854 St L&SF pr StLS W 5s . St P Un Dep 5s'72. 1 Seab A L 4s st Seab A L cv 6 S Sea All Fla 65 A '35 Sou Pac col 4s'49.. Sou Pac ref 4s '55 Sou Pac 4568 Sou Ry 65 '56. Ter As St L 4s ‘53 TerAs St L 55 '44. Tex & P 1st 55 2000, Tex & Pac 58 C 19 Texas Pac 58 Third Avref 4s'60. 30 51% B50% Third Av adj 55 '60. 44 964 961 96k 2 112% 112% 112% 2 108% 108% 108% 11 95% 954 95% 7 98% 98N 98% 12 103% 103% 103% .+ 26 98% 98% 98% 15 101% 101% 101% 3 110% 1104 110% 26 105% 105% 105% 3 109% 109% 109% 29 95 95 10 101 101 - 23 104% 104 104% 66 1024 101% 102 10 94% 94k 941 19 103% 103% 103 L 10 102% 102% 102% + 10 100% 100% 100% 7 100% 100% 100% 91 99% 99% 99y 89 891 td. 5sB. 28 101% 100% 101% 4 94% 94k 9% e 99% 981 991 l‘ 101% 101% 1013 6112 112 112 5 98% 98% 934 14 105 105 105 1112 112 112 +10 99 98% 99 10 98% 98k 98% 501 0. 3 3 31 NYC re im bs 2013, NYCLScl3; B S&StL db 17 108% 108% 108% 4 8 8 8 5 100% 100% 100% 3 31, Ui NY C&StL 4%5'78. 47 91% 91% 9l NYC&StL6%sA. 1 102% 102% 102% NY NH&H 3%s'54. 16 79 79 NY NH&H 3%s 56, NY NH&H 48 '5: NY NH&H 4 NY NH&H cv d NY NH&H clt 6: NY QW 1st NYRys Inc N¥ StRy 4% NY W&B 4 Norf South 5s ‘41 Nor & Wreev 48 '96. Nor Pac 047 Third Av1st5s’37.. 1 964 96% UnPacist4s’47... 13 99% 99% 14 94 93% .o 10 9T% 9TH . 24 102 102 102 Un P 1st rf 55 200! 5113 113 113 Va Ry 1st5s'62.... 12°107% 107% 107% VaRy & Pow 68°34. 4 1021 10214 10214 10 89% 8% ssn 2 104k 104% 104%