Evening Star Newspaper, January 25, 1931, Page 61

FINANCIAL CURB SHARES DIP N PROFIT TAKING Pressure in Late Trading Turns Price Movement. Changgs Narrow. ! BY JOHN L. COOLEY, [ Associated Press Financial Writer. f NEW YORK, January 24.—The curb :::ket had trouble extending its rally y and considerable frregularity Bame into the price movement. Profit taking in the utilities dom- | Inated the trend in that group and nost of the leaders closed nominally lower. Selling in the first hour had little effect and prices recovered, but x:\uure ‘was applied more persistently the late trading. Electric Bond & Share lost a point net and there were fractional recessions in United Gas, United Light A, American Superpower and others, Strength of the motor shares on the big board was reflected in renewed de- mand for Ford cf England which reached a new high for the rally, al- though the net gain was small. In- dustrials as a group did well, and numerous specialities also firmed. Deere, Newmont Mining and Mead Johnson were up 1 to 2. Ofls were inactivé. but inclined | Jower. Standard of Indiana and Cities | 8ervice sagged. INCREASE IN TARIFF RATES IS SUGGESTED By the Associated Press. Samuel R. McKelvie, grain member of the Federal Farm Board, favors an increase of 50 per cent in agricultural tariff rates for one year rather than an embu'o on imports to relieve ex- dsting conditions. His views were incorporated today in a letter to Chairman Hawley of the ‘Ways and Means Committee. McKelvie declared he believed the recent statement by Chairman Legge on an embargo was ‘“merely to call the attenticn to the seriousness of the situ- ation arising out of impcrts” He added the boird did not want to recommend such a drastic method. However, he said, “I would say yes on an embargo if some other way can not be obtained.” Although imports being received now are less than in the past, he said they muy had a more serious effect. His proposal for an increase would be general and not directed at any par- ticular commodity. but he said that beans, corn and wheat were most seri- ously involved. McKelvie said he believed an in- creased tariff could be put through in 30 days, but that if the mive should not be successful he would not faver an extra session to increase the agri- cultural rates. Steel Mill Operations. NEW YORK, January 24 (#).—Steel mill operations in the Youngstown dis- trict will be increased 1 per cent to 49 uer cent of capacity, Dow, Jones & Co. Republic Steel activities will cent, compared with |up to expectations. 37 per cent week. Youngstown | an M&numdcomenesmlwm Femain unchanged at 50 per cent. YEAR WAS FAVORABLE "IN PICTURE Busmessf “During the first half of 1930 opera- | tions of the motion picture eammn{ec‘ resulted in the highest profits for any period in the history of the ,” says the Brookmire Economic . “With the beginning of the third quarter, reverses were met. Weather was unseasonable, general business conditions were going from bad to worse and the momentum of the advent of the “talkie” was losing its force. To these factors might also be added the decline in quality of productions. ‘While complete results of operations for 1930 are not yet known, the year as a whole was more !.hln satisfactory.” BUYING OF METALS QUIET DURING WEEK Steel Prices Hold Fairly Steady, but Copper Quotations Are Easier. imilar indust By the Associated Presr. ( NEW YORK, January 24.—Conserva- | tism on the part of buyers appeared 1o | be the principal feature to the stesl! market operations the past week. There was some gain in the placing of new business, but as a general rlllel the reports indicated that following the inventory takings, which were said to reveal rather low stocks in quite a few instances, the buying of products for many lines of industry has not been Prices ' held very well virtually through the list. Pig ron was steady and a better demand for foundry iron was noted folowing improvement in demand for machine teols. Copper developed an easier tendency | when foreign buying. which had been absorbing custom smelters’ output, be- came less active late in the week. This development, combined with ab- sence of domestic buying interest, was followed by the appearance of resale offerings at 93, cents in the domestic market, llt,huugh producers and smelters were generally quoting 10 cents for electrolytic delivered in the Connecticut Valley, Buying interest is said to be limited owing to the general quietness of demand for finished products with the exception of the recent improve- ment in the automotive industry. Tin price fluctuations were erratic and the tone was easier toward the end of the week. Consumers were said to have refused to follow the steadier trend earlier in the week. Much con- fusion continued to exist as regards the proposal to curtail world production. Lead was quiet and without any further price change. Business was largely confined to small quantities for prompt shipment. Zinc was steady, but the general market position was dull. Producers were reported to be waiting a more active interest from consumers. The undertone to antimony was somewhat unsettled at the end of the period with lower offerings reported from Chin: INCREASE IN EMPLOYMENT. NEW YORK, January 24 (#).—An in- crease of 18 per ceni in employment was reported by the Warner Gear Divi- sion of the Borg-Warner Corporation | for the first week in January over the previous week, and an increase of 60 per cent over the like week of 1930. The Norge Corporation, Electric Refrig- erator Manufacturing Division, reported an increase of 11 per cent in employ- ment for the first week in January compared with the like period last year. WASHINGTON STOCK EXCHANGE YEAR 1931 (Reported by W. B. Hibbs & Co., Hibbs Building, Washinston, D. C.) SALES OCCURRING ON THE WASHINGTON INCLUDING FRIDAY, JANUARY 23. BONDS. PUBLIC UTILITIES. Anacostia & Potomac Riv. R. R 1st 5 Anacostia & Potomac Riv. R. R. guar. 5 Capital Traction lst 5s. 194 Georgetown Gas Light 1st 5s, 1061 . Potomac Electric Power cons. 5s, 1936 . 6s, 1953. 1083 109% Potomac Electric Power ref. Washington Gas Light Ss, 1960.. Washington Gas Light 4's, 1933 Washington Gas Light 6s, series A, Wu.hlnnun Gas Light 6s, series B. 1936 105 1061 Washington Railway & Electric 4s, MISCELLANEOUS. Columbia Country Club S5is, 1950 Potomac Electric Power pfd. Potomac Electric Power pfd. ‘Washington G Washington Ratlway & Elec. pfd. NATIONAL BANKS. Commercial Ped.-American Nat. Bank & Trust Metropolitan ® R Washinston .. TRUST COMPANIES. American Security & Trust. Union Trust . ‘Washington Loan & Trust BAVINGS BANKS. East Washington MISCELLANEOUS. Barber & Ross, Inc. com. ... District National Sec. pfd. . Pederal-American Co. Ped.-American Co. pfd Lanston Monotype Merchants' Trf. & Stg. com Mergenthaler ‘ National Mige. & Iavest. pfd TO DATE STOCK EXCHANGE FOR 1931 UP TO AND Approx. Tield to Open. High. Low. Close. maturity. 199.. 81 81 81 81 6.80% 1949 95 95 95 95 5.40% 87 86% 87 630% 104 103 . 104 4.80% 103% 103 108 4.20% 5.30% 475% 4.45% 5.40% 4.80% 1951... 8 872 5% 103% 104 9 9 “1033. 101% 1021 100% 100% 5.45% ey 9.75% 5.40% 5% 3% 5.1% 4307 Total nnmm of shares sold. Same period a year ago. 950— Low. 3% A 110 THE SUNDAY STAR, WASHINGTON, D. C, JANUARY 25 191;1—-PART SIX ml ‘WEEK ENDING JANUARY 24, 1931, Last Week fnl Stest 5 Aero Underwr 2,164,800 3.176,700 ey u‘-mm 9% AMliated Prod (1.60)... 68 Agfa Ansco pf ¥ Air Inv Inc. vie % Alexander Indus! 1% Allegheny Gas Corp. 4% Allied Mills. Inc(60c) 140% Aluminum Coof Am. 104 Alum Co Am pf (6).. 13 Alum G'ds M (1.20) 57% Aluminum Co. Ltd. 85 Alum Ltd cum pf 6) Alum Ltd A war. Aluminum, Ltd (B) war. Aluminum, Ltd (C) war. 100 Alabama Power pf (6).. 111 Ala Pwr cum pf (1) 11 Aluminum,Ltd (D) war. 18 Am Arch Co (3) 15 Amer Austin Car. 24% Am. Bakeries. A(3) 5 Am Capital (B).. . 60% Am Capital pr pf (5%). 60 Am Cigar Co 27 AmCit P&L 4% Am City P&L (B) b6%. . 10 AmCmwith P A(bl0%). 20 Am Comwlith Pw B b10% 6% Am Cyanamid (B)... 1% Am Dept Stores. . 3% Am Equites. . 1l Am ForPwr war. 3 Am Founders. T4l Am Gas & ki «31) Am Hard Rub (4) Am inv. uc. K. 1% Am inv. luc, war.... 40 Am Laundry Mach (4). 40 Am LU& Tiac (). Z8% Am Lt & Trac pf (1'g). W Am Marscaibo 44 Am Meter (3). 2 Am Natural Gas 9 Am Superpowr (40c). Am Dis Tel, NJ cv p! (1) n\y' 80 Am Superpwr 1st pf(6). 75% Am Superpo pt (6). 132 Am Tel & Teleg 2d 8 Am Thread pt (Zoc) 8 Am stormer (1 3% Am Ut&Gen B vic(2! 3ls Anchor F'ost F (b10% ). 7% Anglo-Chilean Nit.. % Anglo-Norweg H (25¢). 10 Apex Eiec Mfg. 5 Appalachian Gas 3 Arcturus Radio Tub. 4% Ark NatG 4% Ark NatGas A 6« Ark NG cm pf (60¢). 20 Armstrong Cork (1). 31 Art Metal Works (60c). G 100 Arkansas Pwr&Lt pf(7) 104 4% Asso Elec Ind Ltd(30¢). 117 Asso Gas & Electric 13 Assoc G & El A (a2) Asso Gas & Elec cifs(8) 86 AssoG&E DI (5).. 1 Ass0G & K debris..... % Asso Gas&El pur rt Assoc G & El war. ve G & Eall Atlantic Coast F} & Atlantic Fruit & Si 4% Alantic Sec Cor, s% Atlas Plywood (2) 3% Atlas Utilities Corp 14 Auto Vot Machine 54 Auto Vot g Ma cv pF pt.. 16% Aviation Corp Am 7% Aviation Securitie 1% 3ahia Corp... 43% omit Corp (1.60) Barcel Trac Lt&Pwr( 140% Bell Tei of Can (3). 115 Bell T. of Pa. pf.(6% 1% Benson & Hedges. 25 Bickford In> pf (2%) 3% nw 294 23 Bigelow-Sanford Carpet. 31 16% 4 . 32 88 13% Bliss Co (EW) (n1) 2% Blue Ridge Corp. 30 Blue Ridge conv pf (a3) Borg-War cu pf (7) 175 Boston & Albany (8%). % 175% 3% Bourjols In¢........... 6% 7% Bower Roll Bear (1). 19%; Brazil Trac & Lt (b8%) 2% Bridgeport Mach (25¢). 13% British-Am O11 C (80c). . 1% . 24% o 2 23 Brit AT cou B 1.17 8:10c. 24% Brit Am To reg 1.17 8-10. 38 Buckeye I'ipe Line (4).. 24% Buffalo, N&EP pf(1.60) ag&EP 18t pL(5). Bunker Hill&Sull(3) Burco, Inc..... % Bureo, Inc, war. 34% Burco, Inc ev pf (3) 1w Burma.Ltd rets 127 3-5c 4% Butler Bros. - 1% Bwana M Kubw Cep. 3« Cable Radio Tub vie. 7 Cabl & W Ltd. A ret 99% 4“ 3 Cabl& W Ltd, B rets. .. 215 Cable&Wire pt rets 19¢. 4% Can Indus Alcohol A Canada Cem Co, Litd 1% Canadian Marconi 5 Carip Syndicate 1% Carnegie M Celan ct 1st p 591 Celanese Corp pt (7). 14 Cent Hud Gas&El (80c). 9015 Cen: 111 Pub Sve pf (6) uw, Cent Maine prpf (1). ‘ent & Swn Util (b7%). 7l Cent State 4% Centrifugal Pipe (6ue). 4 Chain & Gen Equities 1 Chain Stor Deveiopmen: 5% Chain Stores Stock. . 13% Citles Serviceé:g3 El(k40c). .. 447 Cent Sts Elcv pfn(aé). 55 Cent States El pf(6)xw. 10% b5l 5% 6% sV il t 1% 9! 5% Cleveland Tractor (80c) . i» Colombia Syndicate 1% Colon UI “olumb olumbia Pict (f133) olum Pict vte (f1%4). . 217% Com'with Edison 1% Comwlith & Sou 7% Comm Wat Serv b6%.. ‘s Consol Auto Mer cum pf 2 Consolidated Copper-. ... Peoples Drug Stores pfd. . Real Estate Mtge. & Guar. pfd.. The Carpel Corp. HOW IS BUSINESS? Showing Current Business Activity Compared With Same Week Last Year. GENERAL BUSINESS ACTIVITY for the country indlcated by bank York City. Shaded areas show weeks of activity above the correspo: Drevious year, Black sreas indicate declines from same weeks 12 ACTIVITY BY FEDERAL RESERVE DISTRICTS. City —192% | LEADING BAROMETERS. Showing trend of imvortant factors. Business in dollars (checks cashed) 7% 13 Con Gas of Balto (3.60). Consol Gas Utfl A12.20). E 8T 16 4% Consol Gas Util B. v.te.. Consol Laundries(1) Contl Share cv pf (6) Coon (WB)Co(11.60) 17% Cooper Besseuwer 12) 3% Cord Corp. . 144 Corp Secur of Chi ( Rnlds pfA(6). O, . 0o ulds Ltd pése. 3 Creole Petroleum. . 5% 13% 4% 2% 441 1 Crown Cent Petm (new). 6% Crown Cork Intl A ((1). 6% Cuban Tobaceo vte(114). 20% Cumberland P L (4). 83 Cuneo Press pf (6%) % Curtiss Wright war. % Cusi Mex Mining...... 4% Darby Petroleum 1% Duyion Airviane & Ene. on Pwr &Lt m’ ). % De Forest Radio. 10 Delsel W Gilbert (134). 2 Derby Ofi & Refin. .. 1% Detroit Atreraft Cor. Y% 130 Dixon (J) Crucible (8) 4% Doehler Die Casting. 11% Douglas Aircraft (1) 28% Dr 18% Dri * Driver Harris (new) Driver Harris pf (1) Dubflier C & Radio. Duke Pow (5) 26% Eastern U] 11y Zastern Uty 240 Fdison EI Bos (13.60). 3% Eisler Electrie Corp. (8R) Mfg.A (3%). 37% Elec Bond & lmn (b8). 88 Elec Bond&Sh n pf (5) .11 Elec Pow Asso (1).. 10% Elec Pow Asso A (1).. 16% 16% CIP& L. vese 88" Eloe PAL 20 bl & (1)1 % Eiso 10% *11 o~ 0+ ~ FHL L] 4 T R S +l0444+ 14444 A | T4l ++t+++410 T+H1+4+ 1+ +1 T S TR D S R G an 4 3 FFEEFE 25 > N R SRR S TN BN e 1% - —— o FF TE F OFEF2 & Py FEEFE o CEit FEEFEPR FT 7 e 67 30% Emerson B S(B) Inc. Empire Corporation. Empire Corp (war).. Empire Gas&F cm pf(1) Empire Gas&F cm pf(8) Empire Pwr pt (14.60).. Emp Pub Sve A (a1.80). Empire Steel Corp...... Europe Elec, Ltd A (60c, Buro Elec, Ltd deb rts. Evans Wall Lead. Ex-cello Air & To Fabrics Finish. Fageol Motoi 3 Fairchild Aviation. . Fajardo Sugar. Fandango Corp. Fansteel Prod Federated Capital Federated Metals(1). Flat receipts (1.25).. W Fiat Stk deb rts, Fischman & Sons A wlintkote Co (A1, Florida P & L pf(7) Foltis-Fischer Corp. » Ford M Can A (1.20). Ford Mot, Can B (1. Ford M France p28c. Foremost Dairy pr pf..a Foundation For Shs. ... Fox TheatersClassA. Galena Oil Cory, Garlock Packing (1.20) e Gen Alloys (80c). . General Aviation. 3% General Baking. . - General Baking pf (3).. Gen Baking, NY, w.i. ... Gea 5 Litd 1t (pioe) pire Corp 11) 1 ireprooting en Gas&kl cv pt B 16). en Laundry Machine. . en Sili 1st pf. Glen Alden Coal (8) Globe Underwriters Gold Coin (fiew). nd Rapids Var(1). ymur Cos At A& P Tean.v.(5). Gri A& Tea pt (7) Srief & Bro pf (7). G % Guardiau Invest. Gult Vilof Fa (1%4). Hall Lamp (40c).. Habirsnaw (40c) . Happiness Canay Hartman Tobacco. Hazeltine Corp (2) Hecla Mining (1) Helena Rubinstein..... Heyden Chem (1) Hollinger Gold (65¢), Hormel (Geo) (2). Horn (A.C.) Ci Hosn (A C) 1st pf. Horn&Hardart pf(7) Hudson Bay Min & Humble Uil (12%). Hydro Hygrade Foud Pt 111 Pwr & Lt pf (6) 11 & Lem pt (6). Imp Chem Ind (Zoc). 1mp Uil of Can (50¢) Imp Oil of Can reg (50¢) India Tire & Rubbe! Indiana Pipe Line (3) 1nd Terr Lilu Uil (A) Ind Terr Lilu U1l (B Industrial Finance ctfs. ., indus Finev pt (7).... inland Util A (1.70)..... Insull Inv (b6% ) Insull Util 24 pf(6) Ins Coof No Am (12%). Insurance Sec (70c).... Intercoast Trade Co.(1). intercont Pete ne Intl Petroleum (1). intl Products. . Int Saf Razor (12%) Int Superp (11.10). Int Utilities A (3%). internau Utilities (B) . Int Ul pt pt (7). InterstateEquitiey Interstate Interstate H Interstate Power pf (7). Irving Air Chute (1).... Irving Air Chute (war). Italian Superpowr A Ital Superpower war. Jer Cen P&Lt pr (T)... v Jonas & Naumburg. Jonas & N cum pf.. Kirby Petroleum. Kleinert Co (1).. Lackawanna Sec (4) Lakey Fdry & Mac Lefcourt Realty 1.60 Lefcourtiity pfis). Leh Coal & Leonard Ui Lerner Stoies (2). Ley (F T) & Co (3) LibLy MeNell1 & L. Liberty Dairy Products Lily Tulip Cup 1% Lion Oll & Refining Loew's inc deb ris. Loew's. Inc (war).... Lone Star Gas (1). Long Island Lt (60c) Long Isl cu pf B (6). Louisiana Lan & Kx. MacMarr Stores (1). Maxdalenasyndicate. M 'on Stm Shovel. Mass Util Ass Mavis Kottiing Mayflower Asso (12) Mead Iuhnpon( 1313) Memph N G Co (6vc) Mercantile Stores(1) Mer Chap & S(1.60). Sesabi iron. . Mexico-Onto Ofl. Mich Gas & O11 C UtA Mid West Util B (w.1. Mid Royalty cv pf (2). Midiand United (06%).. & Son. Moh Hud 18t pfi7) Mon W P P S pf(1%) Mont Min & Ag, Inc Montecatini deb rts Mont Lt H& T (1%3) Moore Corp pf A (7). Mtg Bk, Col. Am sh 3.82, Mount & Guif (6c). Mountain Prod(1.60) t Bond & Share(75c). at Elec Pwrpf (7)..... Nat Fam Stores (b10%) . Nat) Food Products (A). ) Nat Investors li( Nat Mfrs & Sypre Natl Pwr & Lt pf N-hv Corp (1.30). Neptune Meter New Amsterdam C fl) w Bradtord Oil (40c). England Pwr (3). % kil 88 16 4% aon L4444+ +4+++ +46 4141 V4l ++144+ +4+14+ + +44 4+ L++ 041 T Hy “Craer w3 FE I+ lH+++++4++4+0 1+ 354+ 144444 2% | weel P44+ 1 ® - trt bt 4 r"::;::t:: + 3% + 2 + 22 0 + FEEE+ L +hrd A 1A+40 Nor Am Aviation A war. North Am Cement. North Am Util Sec. Ofistocks, Ltd (A) lloc) . Oliver Farm Equip wi. Outboard Mot (A). Outboard Mot B... Overseas Securities (1). Ovington Bros pt pf. PacG & E 1stpt (1%) Pac Pub Sve A(1.30) Pac Western O il Pender (D) Gr A, (I% Yoo Pender (D) Grocery B. Pennroad Corp. . Penna Water & Pwr (3). Peoples L&P (A) (a2.40) Perryman Electric. . Petrol Corp war. Philip Morris Ine, Phillp Morris (A)...... Phil Co new (11.15). Phillip L Inc B 1.60. Ple Bak of Am (A) (2).. Pledmt Hy El n war. Pilot Radio Tube(A) Pitney B Pos n(20c) Pitts & L Erie (5). Pitts Plate G| Plymouth Oi1 Polymet Mfg Poterero Sugar.. Powdrill & Alex (2). Premier Gold (12¢). Prince & Whitely. Prince & Whitely pf. Producers Roy Corp Prov & Wor RR (10) % Prudential Inv. . P 8 Nor 111 no par(3)... 4% Pub Utll Holdings (501:) Public Util Hold war.... Pub Util Hold xw (50¢) .. Puget 8d P & Lt pt (5).. Puget Snd P & Lt pf (6). Pure Oll pt (6).. Radio Products Railroad Sh (50¢c). Rainbow Lum ProdA. = Reynolds Invest. Richfleld Oil of Cal pt. Rike Kumler (2.20). Roan Antelope Min K'kland L1 & P (90¢) . Rolis Koyce. Am pf. Rooseveit kield. Inc. Rossfa Intl Corp. . Royalty Corp pf (11.35). Ruberoid Co (4)........ SafeCar H& L (8) SUAntony Guid. St Regis Paper (1) Sait Cieek Cons(40c). Salt Creek Prod (2). Schulte Real Estat. Schulte Un 5¢ 1081 ..., Schulte 5¢ to §1 Strs pf. Seaboard Utlities (50¢) Seeman Brothers (3).... Segal L & Hwdetb0e). .. Selected Industries. Select Indus (full pd Select Ind (full pd stp. Select Industries pr pf Sentry Saftey Control Shattuck Den Min. . Shawingan W & P (2%) Shenandoah Corp. Shenandoah Cp pf (a3).. Sherwin Willms (14%). . Silica Gel et. Silver (1) Bros pf(7). Singer Mfg (10). Smith (A O) 12) Solar Refining. So Am Air Lines 1st pf.. South Penn Oil (2). . SouthCalkd pfA(1%).. So Cal Edis pf (B) (1%) Son Calif Ed pf(C)(1%) So Colorado PwA (2). Southern Corp FINANCIAT, Stock and dividend. 206 8% Sou Pipe Line (2)... 17 6 Southland Rlv‘hy(lfle) la ll'l% Sou West Bell Tel pf(7): + sresFes TV - Sunray rir yee¥E ssfeseisr 1444+ F1++1++FF0+10 01400 4410 e - e PR # & "2 FVF - F EEFESFEF LI 4+44+ 144411+ + 1444444+ - 1 s 25 s B easER 1+ +1 - Wayne = o & sFreese? R R B e Ba2 Comm AR FEEEF in_stock. Special Dispatch to The Star. NEW YORK, January 24.—In several cts this have been an eventful week in the market for high-grade invest- ments and for speculative bonds. Prices have been higher. Institutional demand has been keener. New issues have gone well. The activity among dealers has at times been greater than since the boom period 1n 1928. Domestic bonds {‘h‘ve touched a nesv. high average for | the ye ‘This mm fact does not tell the: whole % | story of the change in the price tend- 14| ency that has occurred in the last few United States Liberty fourth %% | 41s, the Treasury 4s and several other Government_obligations have been at the highest for aome time and the flrlt named within ¥ point of the top ure ever reached, that of March, 1027 When the syndicat: offered New York Central Equipment Trust certificates on ‘Thursday to yield only 4 per cent for the long maturities, it established a new price basis for this type of security and one that has not been equaled in many years. United States Treasury notes due in March have been quoted a little over a 3 per cent basis and those falling due in September and December between 1% and 1% per cent. Ease in Money Rates. ‘This all comes about from the ex- treme ease in all forms of money, run- ning from the 1 per cent outside call rate to the rate of 1l per cent for 60-day loans and 2 per cent for loans coming due mg in the Spring. The banks have been piling up an enormous gmount of money since the first of the year. It is now a problem what to do with their funds in order to make them earn most and at the same time pre- serve the highly liquid position which | they established at the end of 1930. New offerings this week have aggre- gated about $100,000,000 compared with nearly two and one-half times that ‘They have all of the new offerings of the gilt-edge variety have been able to show a pre- % | mium after their issuance. %| An attempt was made during the | week to revitalize the market for second- s | Brade bonds. As a step in this direction h dealers bid up most of the junior 41¢ maaperoentnumldre inding mort- issues anywhere from 1 to 3 its. was in this group that the B 55335 - il policy in some time. This leaves the individual investor as a potential factor in making this department of the mar- ket more active and n.ronnx He hu been even less willing to buy bonds the last two vears than have the hlnh Foreign issues have been irregular. through the week, with some improve- ment in several of the South Amer. nnd Ge issues and a tendency stil! nate between first grade and zhe inferior credits. The declaration made by the leaders of the four Euro- pean powers regarding the peace of Europe ought to quiet some of the alarms that have been held by holders of dollar issues and at the same time restore confidence among bankers who have been lending abroad for the past five years and have vithin the last few months completely withdrawn _their banking support to their former clients. 1Copyrisht, 1931 PRODUCTION COSTS ARE LOWERED IN CANADA Stand Oil Ohlo(3% Stand Oil of Ohio(5). 1 Stand Pwr & Lt (B) (l). !und.nd ficnw “4). lmrnu eor’vl tein (A)&Co cu pnlu). ein Cosmetica Ine Strauss Roth..... Stromberg-Carl (1) Stutz Motor Car Sullivan Machin Sun Investin Sun Invest pf (3)... Swift & Co new (2). Switt Internat (3).. Syracuse Wash Mch(B). gart Corp ’l'lmu Electric (2). bacco&Allled S ‘Tobacco Prod EXD (10e). ‘Trans Air Trans. Twin States N G pt (A).. Ungerlelder Fin Corp... Union Am Invest. 4% Un N G of Ci . Union Oi1 Assoc (2). % UnionTobacco. . Utd Carbon pf (7). Unit Chem pt pf (3) Walker Mining. Watson (JW) Co. ¥-uh Grape Juice (14)m ‘enden Copper. . West Alr Exp (60¢). West Auto Zonite Products (1) RIGHTS—| Pacific Gas & Ele 21 13% Public Srv No I11. . Fel Sou California Edison. . z sonil Bamert P exirs SRR San e ek B {Fius 8 et Ceot T8 stock, S Fius ¢ 3 Plus 3 per in stock. m Plus 3 per cent [BOND MARKET CLOSES WEEK OF STEADILY RISING PRICES NEW YORK CURB MARKET TRANSACTIONS FOR THE WEEK AND AR +41+4 Phl+44 41 +14++1. e we e FEREFE & F & O1l (b5 %) . ). +++4 14441+ 4144 N3P 225" Fefrex vrx L R I o o 11+ 444+ +++144+ ++34+4101 #2 ¢ s esePPe%s v 2e¥Perr sres"Fe "R2%:¥ ll")-q 555 + 1 ..,. S ety ++ + PR E LSS S - EXPIRE. Edison.. . .Feb i uu 7°5 3 B oiue T per cont T ‘sbn Payable in m'" ey 15 ‘stock. ;lnul-a LOWER WAGE HElll NO HELP 70 TRADE Moody’s Says High Salaries Are Not Chief Reasons for Low Profits. .%a Special Dispatch to The Star. NEW YORK, January 24—A thorough readjustment of wages and rents before the current depression has Bt i o e B Investors’ Service, ?mhc“finduhr‘:wdr! altbough wages have been scaled in most depressions, the Special Dispatch to The Btar. MONTREAL, January 24—The ad- Jjustment of production costs to the low- er scale of prices is being carried out gradually in Canada, but as yet the indices do not display an upnrd m according to the latest mary of the Bank of uon'.rul D\lr- rent prices of many basic commodities, being below cost of production, may reasonably be reckoned to have touched bottom, and the natural remedy of re- striction of production is already being supplied in some lnl"n 2t SPRING BUSINESS FiISE Special Dispatch to The Star. NEW YORK, January 24.—Business prospects are discussed as follows in the v:umuz Illlll of the Financial World. ‘The Spring rise in business lcfi\dt! tting under way, lnd may be to carry further du coming months. Movement of manu- factured and miscellaneous freight dur- ing the latest week showed a ,un of 15 per cent over the figures eceding week, which compares with ins of but 10 per cent at this time in both 1930 and 1929. average of contracts awarded IS GETTING UNDER WAY |2 ebeiy” INJUNCTION IS ASKED TO PREVENT MEETING By the Associated Press. . BALTIMORE, January 24.— - junction to it R meeting of the H goods g fapes wwflcu. especially items as rents. Advance in Rents. “Rents have climbed near! over the past half century, in spite of all xrulhnl (except that of 1876-78). benn in 1925, fi‘l‘nm. - “tlilv':o't the business cycle and was rather the re- sult of excess building. The relative l'.lN.llQ! of wage scales is not the chief reason for lower lons, which are E;edmthemmdr.hn Given.