Evening Star Newspaper, January 26, 1931, Page 14

A4 *%x BRITISH MANTAIN | CURRENCY LEVELS Government Saves -Large Sum by Bringing Pound Back to Par. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, January 26.— When Frederick C. Goodenough, nh-mnln of Barclay’s Bank of England, in his an- nual address said um Gnn Britain had canceled many billions of her war debt and indirectly suggested that other countries might do likewise, he, | of course, did not mention that the British government had worked fran- tically to bring back the pound sterling ~—then at $3.17—to_par, $4.875. Why did the British gnverflment want the pound up to par? Because the British had enormous investments in every part of the world. The amount —not less than $15,000,000,000—was all payable in pounds. But the pound was worth only $3.17. Now increasing the value of the pound from $3.17 to $4.875 meant that foreign debts owed to Great British were to be paid at the increased rate. So while Great Britain did cancel some questionable war debts, her pol- icy of increasing the pound by more than one-third was th> reverse. That policy made her responsible debtors pay more, not less. Road Construction. ‘Three billions of dollars—that's the amount which will be spent during this year by 110 nations and political sub. divisions on roads and road construc- tion. According to the United States Department of Commerce, this total will be larger than those of 1930 and 1929—both record years. Argentina’s program is perhaps the most ambitious. Recently the new gov- emment there issued a decree calling for bids for the construction of some 800 miles of paved highways, with an outlay estimated at $200.000,000. Japan, with its 70,000,000 people, ex- pects to put $20,000,000 into roads in ; Canada about $20,000,000. Every nation seems to be improv- ing its highways. This is encourag- ing news to the man looking for work. ;ll"ll:; Spring cannot come too soon for Examining Oil Fields. J. Elmer Thomas, past president of the American Association of Petroleum Geologists, has sailed for Europe to look over the oil fields there. James Warburg of Kuhn, Loeb & Co., and T. M. Pettigrew, who brought in the famed Kettlemen Hills for John Hays Hammond during the feverish wildcat drilling around Los Angeles some years uo left a week earlier to look over German oil flelds. - There's altogether too much production now—a severe overproduction, in fact. Northern Eu- TOpe, : especially Germany, is becoming the scene of quiet, but intense, oil ac- tiyities, covering recently discovered posits in an enormous area. It's pretty good guess that the next big chapter in oil history will be written The next 12 months should reveal at least a part of the story of what may be.expected from the German oil fields. Business Improving. ‘ John U. Calkins, governor of the Fed- eral Reserve Bank of San Francjsco, suid the other day that the best ob- servation on business conditions that he had heard recently was one which pointed out that business was improv- tnl in at least one particular. “There may or may not be overpro- duction at the present time,” Gov. Calkins went on to say, “but one thing - overpredic- pretty well eliminated. “I think that this depression has taught us that the business statistics, data and charts are interesting but not in themselves sufficient to keep us out of depression. The confident economist, armed with his statistics, often says that such know will prevent busi- ness trouble to a large extent. But I think that idea has been pretty well exploded.” The cocksureness that prevailed only a short time ago about the new golden 2ge of business has entirely disappeared. Dangers of Unemployment. Here is what H. H. Broach, muflnl president of the Electrical Workers, has to say about unemployment: “Nothing is more fatal to a human being than idleness—especially of the mind. It eats him up. Decay sets in. Nothing destroys his mind, h.\s self- respect and morale quicker. Idleness, iliness, old age—go together. The hap- plest people are those kept lnuy There’s no substitute for a job.” That's it—exactly. Its not only in tting work to help support a family; Fs in keeping busy, so one’s own morale and courage does not sag. This side of it, I believe, is more important than any other. Morgan Resources. Louis Corey's book, just out, “The House of Morgan,” is well worth read- ing. In 1829, J. P Morgnn &Co he|d 99 directorates in 7. combined assets of 320 0000000\)0 lnd in addition, by reason of Morgan's in- fluence through affiliated corporations, controlled $74,000,000.000. Mr. Corey shows that mendous control is concentrated in lfl'l persons the Morgan organization, who hold more than 2450 interlock- ing directorates in corporations. Think of it! The Corey book, a painstaking, care- ful piece of work, shows just how the elder Morgan worked out his plan to establish a community of interest tween industry and finance. It gives a close-up word picture of the man: hOW | g, tne Associated Press. he worked and schemed to make the House of Morgan the outstand financial house—not only in the United | tain the Federal Reserve rediscount rate States, but throughout the world— which it 1s. Students of finance cannot afford to miss reading this book. Commissions on Loans. ‘When the press dispatches from Peru stated recently that the deposed President of Peru and two of his sons had been ordered to pay back to the national treasury about $7,500,000, al- leged to have been the amount received as a commission for giving a Peruvian loan to a certain international banking group, it caused a considerable surprise in Wall Street But not to those who have under- stood that for years there had been commissions given to go-betweens and intermediaries for securing loans from many countries besides Peru. The custom has grown up because of the unstable politcal conditions that have surrounded many of the coun- tries. It has been far too loosely dealt with and it has been the source of much trouble to American investors later. ‘The next few years should see a decided change for the better. And it will, as soon as more detailed informa- tion is insisted upon by the investor in foreign securities. (Cop: right, 1931, by North American News- paper Alliance.) CHECK TOTAL DROPS. By the Associated Press. Checks cashed on indlvldunl bank ac- cities of the Federal counts in ‘week, W“ay&mcm , 88 ‘The totals that follow debits for comparable noa u cal lated by the Federal Week ended January 21, no!ol'loo.- 000; previous week, $10,582,309,000; same ‘week last year, $13,571,208,000. o is giving financial assistance to cacao, 101% WIGEIN SUGGESTS New York Financier Believes | FMINANCIAL, THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page ~Prev. 1931 High. Low. Dividend Rate. 79% 76 Nash Ch &St L (5). 3% Nat Bella Hess. . 76 Nat Biscuit (2.80)... 29 Nat Cash Reg A (3). asv. Nat Dairy (2.60) t Dept St 15t (7). t Dist Prod (2). Stock and . 108 4% PRl 81% 354 4 12 20 2 1008 27 19& h 10 118% N 136 Nat Lead of A % Nat Ry Mex 2d pf. 43 Nat Steel (2) 107% Nat Supply 41% Nat Surety (5) tTea (1). 104 Nevada Copper (1).. 156 Newport Co (2). 221 N Y Air Brake (2/40) 113 N Y Central (8)..... 8% NYChi&SLLDE (6) N Y Dock. N Y Dock pf (5). 188 N &Harem (5. 10% N Y Invest (120). 75 NYNH&Hart (6). 110 NYNH&Hpf (7)., 6% N'Y Ont & Western.. N Y Railways pf IA N Y State Railways. lfl(\l Y Steam pf (5).... Norf & West (112) Vorth Am Aviation.. Nor Am (b10% stk 53 North Amer pf (3) 474 Northern Pacific (5). 17 Ohlo 0ilCo (2)...... 18% Oliv Farm Eq pr pf.. 63 Orpheum Cir pf (8). 54 Otis Elevator (233). 124% Otis Elev pf (6). 4 Pacific Coast. . 8 Pacific Coast 15t p 45% Pacific Gas & El (2). 50% Pacific Lighting (3). 116% Paecific Tel & Tel (7). 124 Pacific T & T pf (6).. 8% Pack Mot Car (§vc). 2% Panhandle P&R.... 36% Paramount Pub (4). 3 Parmelee Transport. 1% Pathe Excharge. 3 Pathe ExchangeA... 10% Patino Mines. . 37% Penick & Ford (1). 28 Penney (J C) (3) 55% Penn RR (4). 76 Pere Marqueite (18). 77 Pere Marq pf (3) 6% Petrolm Cp of Am 19% Phelps Dodge (2) 95% Phila Co pf new ( . 52% Phila Co 6% pf (3) 7% Phil Read C& I 12% Phillips Pet (2) 26 Pillsbury Flour (2). 14 Pitts Screw (1.40). 85 Pitts Steel pf (7) 9315 Pitts Unit Cp pf ( 11 Poor&CoB (2). 16 PRAm TobA (333). 4% PRAm Tob B... 25 Postal T&C pf (1).. 12% Prairie Oil & Gas (2) 18% Prairie Pipe L (15).. 63 Proct & Gamb (2.40) 214 Prod & Refiners 72 PubSvNJ (3.40) %5 95 PubSvN Jpf (5 109% Pub Sv N J pf (6) 49% Pullman Corp (4) 8% Pure Oil... 95% Pure Oil pf (8 80 38 Purity Bakeries (4). 9 Radio Corp... 32% Radio Corp B (5) 16% Radio-Keith-Orph A. 18% Raybestos Man 2.60. 89 Reading Ry (4) 25 Real Silk Hos (3) 16% Rem Rand (1.60) 8% Reo Motor Car (8 12 Republic Steel. .. 293 Republic Steel pf 7% Revere Copper & Br. 27 RevereC&BA (4).. 1 11% Reynolds Metals (2). 12 70 Reynolds Tob A (3). 20s 40% Reynolds Tob B (3). 38 2% Riehfield Oil. . 142 5% Rio Grande Oil...... 16w Rossia Insur (2.20).. 37% Royal Dch(m1.3404). 38% Safeway Stores (5).. 2 D108 3 10 21 108 108 17 3 @ @ S PARANRaAT HaDRBNN 11% 15% 42% 18% 21% 95% 30% 1% 10 19% il 11% 30 16% “an 6% T 5 21% 19 41 67% St L-San Fran pf Retail Strs. % Seaboard Air Lin 1 Seab Air Line pf. 447 Sears Roebuck $2% . 3% Second Nat Inv.. 40 Second Nat Inv pf. 4% Servel Inc 2214 Shattuck F G (1133) 304 Shell Tr (m96 3-5¢). 7% Shell Union Oil. . 58 Shell Un Oil pf (5%) 4% Shubert Theaters 14% Simmons Co. 10% Sinclair Con Of 815 Skelly Oi1 4215 Skelly Oil p! v 214 Snider Packing 90% Solv Am pr ww 5 12 Sou P Ric Sug (1.40) 45% South Cal Ed (2) 92% South Pacific (6) ¢z~. South Ry (8). 51% ¢ wmw_w,w_?n 1908 3 944 17% 8% Sparks Withing (1). 10 Spencer Kellog (80c) 12% 10% Spicer Mfg Sales. Add 00. High. ~Prev. 1931, iR High. Low. U T 5 US Wi 2215 2% 10:30 AM.. 1:30 P.M payments based on t O in 4 —no_regular rate. 12% | 35 in stock. m P Stock and Dividend Rate. Stand Brands (1.20). Stand G & E (3%) Stand G & E pf (4).. Stand G & E pf (6).. Stand Invest Corp Dividend rates as given in the above table e Unit of trading less than tock. ~§ Payable in scrip. b Paya stock.” § Pl lus 1% 6 stock.” o Plus Sales— Add 00. High. 36 18 7 Prev. Low. Close. Close. 18 18% 18% 66 60% ). Stand Oil Kans (2).. Stand OII N J (2 Stand Ol N Y (1.6 Starrett (LS) (121;) Sterling Sec A. . Sterl Sec pf (1.20) Ster Sec cv pf (3) Stewart-Warner (2). Stone & Webster (1) Studebaker Corp (3) Submarine Boat. Superheater ("‘a? Superior Ol Superior Steel Sweets of Amer (1). Symington. < Symington A. Telautosraph (1.40). Tennessee Corp (1). Texas & Pacific (5).. Texas Corp (3) % Tex Gulf Sulph (4).. Texas PC&Ofl..... Texas Pac Land Tr. . Thatcher Mfg (1.60). Thermoid Co. Third Nat Invest. Thompson (J R) (3). Thompson Starrett. Thomp-Star pf (315) § Tide Water As (60c). Tide Wat Oil pf (5). . Timken Det Ax (80¢) Timken Roller (3)... Tobacco Prod A t95¢ Transamerica (1) ‘ont Corp. . Tri-Cont Corn pf (6) Twin City RTr (§4). 5 Und-Ell-Fischer (5). Un Carbide (2.60). .. Un Oil of Cal (2). Un Pacific (10) . Un Pacific pf (4) Unit Aircraft. Unit Afreraft pf (3). Unit Biscuit (2) Unit Carbon (1). United Corporatiol Unit Corp pf (3) Unit Electric Co Unit Fruit (4) Unit G & Im (1 Unit G & Im pt Unit Piece D W (2).. Unit Piece D pf 6%. U S & For Secur. . S & For Sec pf (6). Freight Indus Alco (6). U S Leather. . : USPipe&F (2).... USP&F 1st (1.20).. U S Realty & Im (3). Unit Stores A. Unit Stores pf (215 ) Univ Leaf T pf (8). Univ Pipe & Rad Util P&L A (et2.15). Vadasco Sales Corp. Van Raalte 1st pf. Vanadium Corp (3). Va-Car Chem. Va-Car Chem 6% pf. Va Car Chem pf (7). Vulcan Det (4). Wabash pf A (5).... Waldorf Sys (11).. Walworth Co (2). Ward Baking B. Warner Bros Pict Warner Quinlan Warren Bros (3). \\u Bros cv pf (3 Western Pacific pf.. Western Uni Westing AB tUng E& M (5). . ting E&M pf (5) 200- Weston El Instr (1). Wextark Radio Strs. White Sewing Mach. Willys-Overland Wilson & Co. . Wilson & Co A Wilson & Co pf. Woolworth (2.40)... Worthington Pump. Worth Pump B (6).. Wrigley (Wm) (4).. Yellow Truck....... Youngs Spring (3).. Zenith Radio Sales of Stocks on New York !xelunle. 10% 23 3 195.300 12: 668 300 . 845,600 2:10 P.M. 1 136,700 he annual cash atest auarierly or half veatly declarations 109 ahazes. |+ Partly extra. 3 Plus 4% 2 Paid last year hen "earned ock. & Pius %3 referrea Stock. K Plus % in stoc 31 in NEW RATE POLICY Changes Would Effect Curb in Speculation. A “firmer policy” which would main- higher than the market rate or com- mercial paper, and higher rates on|be bond borrowing than on commercial | POS: borrowing, were suggested today by Albert H. Wiggin, chairman of the board of the Chase National Bank of New York, as pcssible steps to prevent stock speculating booms. ‘Testifying before the Senate Bank- ing Committee, Wiggin blamed the 1929 Wall Street collapse on the “de- bauch of speculation that reached a climax and stopped.” It was not due, in his opmlon, to any evil in the banking syst “A stiffer policy on rates lnd dif- ferent open market cperation might have reduced the extremes to which | speculation went,” he said. Questioned by Senator Walcott, Re- publican, Connecticut, who presided in the absence of Chairman Glass, who was suffering from a cold, Mr. Wiggin said if the national banking and Fed- eral reserve act were to be amended, he would liberalize them rather than enact additional restrictions. Declaring commercial paper in vol- ume was not adequate today, the financier also suggested an amendment to the law to make clearing house certificates available as collateral to reserve member banks, limiting this to cities of 500,000 population and with | not less than 10 clearing house asso- ciations. Loans.” iggin said nbouunn of “bootl loans,” or loans to by member brokers made by banks on behalf of individuals eurwnuou ‘would “not halp a bit.” would like to see them controlled, bul it can't be done,” he added. was a question of management '.her than any fault with the law, he sald, in rcplvln] to a question whether he would place a further legislative check on open market operations of Federal Reserve sal | for stock market operations. “You can't always tell for what pur- pose a loan is to be used,” he said. a loan for a legitimate purpose and gave collateral. Should we, because we already were borrowing money from the Pedera: Reserve, refuse that loan?” He said corporate affiliates of banks should be continued, but placed under the supervision of the controller of the currency. The services performed by these se- curity companies was essential, he said, and one which the banks themselves, except within narrow limits, could not | perform. Time Deposits Reserve. “To place any ratrk:uonl on corpo- rate al tes,” he said, “would place the national banks at a disadvantage in competition with State and private banks. He thought the reserve requirement on time deposits was too low and should ‘am same as that on demand de- He favored extension of the system of banking by correspondents rather than expansion of branch banking from trade areas to rural centers, as has been pro- posed by J. W. Pole, controller of the currency. “If branch banking were limited to trade areas or the Federal Reserve system,” he sald, “it would cause in New York a competition among the larger banks to buy up small banks. “Do yml think there are too many banks in the country now?” Senator ‘Walcott asked. “I think the mushroom growth in some centers has been somewhat un- healthy, but where the line should be drawn I do not know,” Wiggin replied. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md. Poultry, alive—Turkeys, young. 34a3' old, 28430; chickens, springers, 26a28; Leghorns, u-zn; bareback: 14-15: old hens, 20a24; Leghorns, 17al 12a15; 15a25; geese, nea fowls, each, 30a60; pigeons, Pllr irsts, 15a20. Eggs—Receipts, 378 cases; nearby firsts, 22; Southern firsts, 21; current reeelpu 21. itter—Good fancy creamery, pound 28a31; l‘d.l- 22a23; rolls, 16a 3 process, I'lpfll store packed, 13. Vegetable Prices. Pm!o‘. white, 100 NIJMI 1. -252.00; January 26. bunhel 2.2582. %, uhbue carrots, crate, IMI “Suppose a bank in Pittsburgh wanted | 1.00a3.00; cranberries, box, 2.75a4.00; ' grapefruit, box, 1.50a2.75; oranges, box, 12.00a3.50; tangerines, box, 75a1.50; ;pplex. bushel, 60a2.00; per box, 1.25a Hay and Grain. ‘Wheat—No. 2 red Winter, export, 79; No. 2 red Winter, garlicky, spot, 79; January, 79: February, 793. Corn—No. 2 domestic, yellow, old 8la 82; cob corn, new, 4.35. Rye—Nenrhy, 60a65. Oats—White, No. 2, new; 43a43';; No. 3, 42a42;. Hay—Receipts, none. General hay market strengthening. Drought has se- riously curtailed nearby crops, chang- ing the entire situation. Sections here- tofore shipping are now asking for of- ferings of hay. Good clover, mixed and timothy new hay will bring from 24.00a 28.00 per ton. Wheat straw, No. 1, per ton, 9.00a 10.00; oat straw, No. 1, per ton, 9.00a 10.000. Live Stock Market. Cattle—Receipts, 500 head; moderate supply; market dull. Steers—Choice to prime, none; good to choice, 9.00 to 10.00; medium to good, 8.00 to 9.00; fair to medium, 7.00 to 8.00; plain to fair, 6.00 to 7.00; com- mon to plain, 5.00 to 6.00. Bulls—Choice to prime, none; good to choice, none; medium to good, 5.50 to 6.00; fair to medium, 5.00 to 5.50 plain to fair, 4.50 to 5.00; common"to plain, 4.00 to 4.50. Cows—Choice to prime, none; good to choice, 5.50 to 6.00; medium to gozd, 4.75 to 5.25; fair to medium, 4.00 to 4.50; plain to fair, 3.00 to 4.00; com- mon to plain, 2.00 to 3.00. Heifers—Choice to prime, none; good to choice, 7.50 to 8.00; medium to good, 7.00 to 7.50: fair to medium, 6.00 to 7.00; plain to fair, 5.50 to 6.00; com- mon to plain, 4.50 to 5.25. Mwh cows and springers, 40.00 to MARYLAND TOBACCO PRICES. BALTIMORE, January 26 (Special). —With receipts of only 81 hogshea of Maryland leaf tobacco last week and sales of 166 hogsheads reported, com- mnuvely few hogsheads remain unsold receivers’ hands and 8,196 heads in_State tobacco warehouses. Market holds firm, especially for all tter grades, at '.he Tollowing Juo- pounds: Inferior, 6.¢ common, 2. onnzw lmdlnm. 40.00; good fine red, 40.50a53.00; fancy, usmuw. Seconds—common | to good common, 10.25; medium, 25.50a 35.00; good to fine, 35.50a45. leaves, nominal; upper country mfley. 7.00a40.00. A shoe mmuhctumr in Czechoslo- ing a ch':ln of stores in ds | be distril D. C, PRIME BOND LIST .| Junior Securities Lag as High |t "Grade Section Points Higher. BY F. H. RICHARDSON. { Epecial Dispatch to The Star. NEW YORK, January 26.—The bond market today continued to give evi- dence of the trend that characterized it all last week, with strength and new high levels in prime investment favor- ites, a tendency to advance on the part of better grade foreign dollar bonds, and an almost complete lack of inter- est in junior securities, both domestic and foreign. Money rates, still unchanged at their lows, were the sole influence on high grade bonds today as the volume of new capital offerings was cut down to about $500,000 municipals, though some larger flotations are expected later in the week. Trading was slow. Dealers reported that bonds legal “or sayings banks and trust funds, as well | 88 issues ordinarily called “insurance company bonds,” were in demand, with plenty of bids for large blocks; but there was a scarcity of bids for amounts | less than $50,000 and few, as a matter of fact, below $10,000. Wide fluctuations could hardly be looked for in such a market. Richfield Oil 6s, for instance, directly affected by Cities Service offer to take over Richfield on a four-for-one-share-ex- change basis, gained only two points. # | The bond is now quoted about 10 points above its recent low. It was apparent that junior bonds were suffering from the absence of spec- ulative interests on either side of the market. The failure of last week's ef- fort to make a market for second-grade rails was probably responsible for this. Junior obligations such as Chicago & Eastern Illinois 5s, General Theaters Equipment 6s, Loew’s 6s, Missouri-Pa- cific 4s, Postal Telegraph 5s, Remington Rand 5's, U. S. Rubber 5s, Utilities Power & nght 5s, Warner Brothers Pictures 6s and Western Maryland 4s all drifted lower by !uctlons. Washington Slock Exchange SALES. Potomac Electric 8s 1953—$1,000 at 1083, AFTER CALL. Potomac Electric 6% pfd.—10 at 11315, 5 at 113, Anacostia & Potomac R. R. 55—$1,000 at 81, $1,000 at 81, $1,000 at 81. Potomac Electric 5'; % pfd. at 109. An;:;mln Security & Trust Co.—1 at Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked. Amer. Tel. & Telaa . Amer. Tel. & Telgs Am. Tel. & Andcostia & Pot Acos! %P . 86 Eapliat Traction ‘B, B City & Suburban 5 Ge::uelovn & Elec. MISCELLANEOUS. Burber & Ross Inc 6% Chevy Cnase Club 5 Columbla Country Cluh Bias. C. Paper Mfs. 6s. . M. Cold Wash. Rwy. NATIONAL BANKS. Capital (14) | Col Com: Bistrict (8). - Fed.-Am. N.'BK. h’rr [EUIN | Liberty (78) ... Lincoln (12). Metropolitan " (14 Biggs (1% Setond (ve) Washinton (i3 TRUST COMPANY. Trust Co. (15). rust (6) Tr. Amer. Sec. Continental Natl. Sav. & Erince Oeouel !lnk & Trust Trust f jon Waeh: Toa &rasi (ids) SAVINGS BANKS. Bank of Bethesda (6%) Commerce & Savings (i0). East Washinston (12) Botomac (10)..... | American (12) | Corcoren (109 Firemen Nationa1 Unjon " (is) TITLE INSURANCE. | columbia (6n) ... : | Real Estate (6i) : | Title & Inv. Co. Md. om... """ MISCELLANEOUS. arber & Ross. Inc., com ,cox Medical Blde. Corp. ol Sand & Gravel pfd ‘Paper Mfs. pfd Dlsl Natl. Sec. r!d \:mer Bromo-Selz. A ederll !l orage | Fed: ! i#) a Woodward & Lothrop Woodward & Lothron bfa. (7). *Ex dividend. b Books closéd. extra. xtra elVa%e extra. e e, NEW YORK, January 26—With a e number of buyers in New York, a hla degree of activity featured the wholesale markets last week. Indica- tions are that the peak of early season arrivals is now being approached. Pur- chasing was well diversified, with cover- ing of Spring needs now pushing buying of promotional items into the back- ground. ‘Hammond Clock Co. officials said the advertising budget of the company for the first six months this year will be twice as large as in the comparable period of last year. They said the action in dmllflll'lge the lgroprhfion is in llé\e with a steadil icreasing de- mand. Swift & Co. is working on plans to add complete lines of canned fruits and vegetables under the Swift brands to ributed to retailers through exist- ing branch houses and over existing car routes by the present force of salesmen, the company announced. —_— TOBACCO STOCKS. NEW YORK, January 26 (!ptehl). 6.00a '!'hepru:ewnrtnm been the excuse for nmn. of members of the tobacco Geclarea by several of the ‘ieading of the manufacturers will reflect earnings in 1930 of substantial size in a period when nearly all other industries were showing heavy gross and net decreases. Colombia is conside: & new tariff Nll authorizing the Presi mlwlnm duties according to the cost via, Semerang, or decrease Pandong in the Far East. of living and the condition of crops. CONTINUES STRUNG - MONDAY, JANUARY 26, 1931. FINANC [orome oz BONDS o o] ite Wire Direct to The Star UNITED BTATEI. (Bales are in $1.000) Sales. High. Low. %s.. 53 10311 1039 Lm dthdls.. 83 1044 1041 51039 1039 1 37 106 28 106 21 106 21 17 10828 108 24 108 24 10 113 11224 11224 FOREIGN. Sales. o Argentine May '61. Argentine 6s Ju Argentine 6s Oc 59 Argentine 63 A'57. Argentine 6= B '58. Australia 4%s '56 Australia 5s Australia 5s'5 Austria 7s '43. Bk of Chile 615 Bk of Chile 63 & H Batav Pet 4155 '42 Belgium 6s Belgium 6155 49 Belgium 7s Belgium 6 Belgium 8s *41 Bolivar 7s '58. Bolivia 7s ctfs '69. Bolivia 85 Bordeaux 65 Brazil 6158 Rrazil 615 Brazil Ts Brazil 8s Bremen 7s '35 Canada 5s " Chile 78" Colomb 65 Jan 61 Con Pow Japa Copenhag 4 Copenhax Czecho 8s ° Cuba 5%s du Denmark 4% Denmark 5 Denmark 6s " Dutch East 168 Dutch East 1 6s Duteh East I Mar. El Salvador 8s'48.. Flat 7a ex war. AL 5 ml-nd 7 Fram 1D 7%s 4 French 7s'49 French Gvt 7 Gelsenk'chen 65’34 German 5% %65 German Bk 6s '38. . German 6155 '50 German . Greek 65'63. . Haiti 65 '52. Irish Free St 55 '60. Italy 7s Italy Pub S Japanese s Jugosl Bank 7s " Karstadt 6s " Kreug & Toll 58 ‘59 Marseille 6534, Mexico 55 A Milan 6%s 5. Netherlands 6s New S Wales 6s'57 Nord 61 Norway 58 '6: Norway 5155 '65 Norway 65 '43. Norway 6s’44 Norway 6s Orient dev 515 '58. Orient dev 65 '53. .. Paris-Ly M 6s '58 Paris-Or 515 '68. Peru 6s '60 Peru 6s'61 Peru 7s ‘59 Poland 6s * Poland 7s '47. Poland 8s ‘50 Queenland 6547, Queenland 7s41... Rhinelbe 7s '46 Rhine West 6s Rhine West 6s Rhine West 7s Rio de Jan 615 R Gr De Sul 6s Rome 61 A Roy D 45’45 ww Sao Pau 7s 40 rcts. Sao Paulo 85 '50. Saxon 7s 4 Seine 7s " Serbs-Cr-8 Shinyetsu 63 52, Solssons 6s '36 Sweden 5155 '54. Swiss 5145 '46. Toho El Pow 7 Tokio 58 Tokio 5%s Utd King 51537, Unit SS Cop 65’37 Uruguay 6s '60. Uruguay 8s '46 Vienna 6s Yokohama MISCELLANEOUS. Abitibl P& P5s'53. 4 5 Allegheny Allegheny Allis-Chalm 5s ':( o Am Ag Ch 738’41, AmF P 552030.... AmIG Ch5%s'49. Am Int Cp 53549, Am Metal 5155 '34. . Am N Gas 63542, Am S&R 1st 58 '47. Am Sug Ref 5 844 831y 1024 104 83 9914 . .15 Am 1'&1' c tr5s '46. Am T&T 585 £'60. . Am T&T 5%s '43. Am W Wks 58 '34. . AmWat Wk 6s Arm & Co 41539 Arm Del 53543 At Ref deb 55 '37. Bell Tel Pa 55 Beth Steel pm Beth St rf 55 '4; Cert-td deb 5% s *48 Chile Cop db 55 '47. Colon 011 6s’38. ... Col G&E 53 May '52 Com Inves 53549, € C Md 18t rf 555 ConGN Y 5%s" Consum Pow 58 '5 C Am Sug col 85 31 Det Eds g 4%sDww Det Ed rf 6s B '40. . Dodge Br cl 65 '40.. Duquesne 435 '67.. 18 Gen Motors 65'37.. 17 Gen St Cas 5%s 2 Gen Th Eq 6s'40. .. Goodrich cv 65 '45. Good 1st 6345 '47. .. Goody'r Rub 55 '57. Humble Ol 55 '37. . Hum O&R 5155 '62. 11 B T 1st pf 5: Int Cement 55 * 1 Int Hydro E1 65 '44. Int Match 58 47 1 Int Pap 58 A ¢’ IntT&T4%s'52.. Int T&T cv 414539 IntT&T58"55.... KCP&L4%s'57. Kan C P&L 58 A '52 < '80 4 42 7 by 32 Kend 5%s'48 ww.. Lackaw St 53 '50 Laclede 5%s C Lautaro Nit 6s °54. Lig & Myers 5851, Lig & Myers 78 "44.. Lo . | McKes & R 6% s '50 Mont Pow 58 43.... Mont Pdb 55 A '62.. Nat Dairy 5%s'48. 105 NEng T lll 852 12 1 1 1 7 107 1 LE! 1 8 Nor St Pw 68 B '41.; 15| N & T & M 55 B '54. Paramount Pure O11 5%!'!7. . Rem Arms 6s A '37. Rem R 5%8 A "47 Rich Oil cal 6s°44.. 46 Shell Un Ol 55°47.. 18 SincPL58'2..... 2 SineCrO6%s’38.. 3 Sinclair Oil 614838, 2 SincO7scvA’37.. 23 Skelly Oil 5%8'39.. & Sou Bel T&T 5841, 3 SW Bell Tos A'54.. 4 StOINJbs'46.... 10 StOINY 4%s'51. 11 Tenn Cop 6s'41.... 1 Tenn EI P 6s A47. 1 Tex Corp cv 55 '44.. 78 Unit Drug cv 58 '53 47 U S Rub 1st 55'47.. 17 UtahP&Lb6s'44.. 3 Util Pow 58 '59 ww. 36 Util Pow 5%8'47.. 48 Walworth 65 A '45. West Un T 613 WEO53%8'37 ww. Wh Sew Mch 65 '40. Wick Sp Sct 78’35, 22 Wil& Co 1st 6s'41. 1 Ygstn Sh&T 58°78. 31 Atchis 48 190 Atchison adj 4s Atchison gen 4s " Atchisev 4las 4l AtCLcol 48'52... B&O4s'48... B& O 5s D 2000, B&O6s” B&O P&WV 4 B & O Sw dy 58 '50. B & O Toledo 45 '50. Ban & Aroos 4s '51. Bos & Me bs '55 Bos & Me 55 '67 Bklyn Elev 61 BKklyn Man 65 '68. . 1! BKlyn Un 1st 5850, BR & Pitt 414557 Bush Ter con 55 '35, 2 Can Nat 4%s e B aSoos anansd Can Nat 58 Oct '69. Can Nor 43%s '35 Can Nor 7s deb 40, Can South 58 '62... Can Pac deb 4s Can Pac 4%s " Can Pac 4% Can Pac 58 "54. Cent of Ga 58 C 5. Cent Pac 4s'49 Cent Pac 55 '60 Cen Ry NJ g 58 Ches Corp 58 '47. C&Oconss’39.... Chi& O 4%5 A 93, Chi& O 4%s B'95. CB&Q1Ildv 33849 CB&Q Illdv 4549, Chi & Eas 111 5851, Chi Grt West 4s '59 Chi M & St P 4s'89. Ch M&StP 4% 589, Chi M StP&P 557 Chi M & StP adj 5 Chi&NW g 314 :une-: ok S neye ChiN Wet 4% c'37 Chi & NW con 4%s. Chi Rwys 58 '27. Chi R I'cv 4155 60. ChIRI&P 4148 A. Chi Un St 58 44. ... C& W Ind 5562, CCC&StL 4%sE. . CCC & St L 58 D ‘63 CU Ter 43 2020.. Clev Term 6 '73. .. Clev Term 5338 72 Colo & Sou 4 35 Cuba RR {73383 Cuba Nor 5%842.. Del & Hud rf 4543, D& R Gr gn 4s'36. D&RG W 5s'55 Erie 1st con 4s'9 Erie conv 4s B. Erie Gen Fla E Coast 55 '74¢. ., GrtTrs fdb6s'36. Grt Trunk 78 '40. .. Grt Nor 413876 D. Grt Nor 414877 E. Grt Nor 58 '73. Grt Nor gn 5358 '52. Grt Nor gen 7s '36. Gulf Mobile 55 '5 Hud & M adj 57, Hud & M rf 58 '57,. 111 Cent ret 4s'55 Il Cent 4% 5 '66. c % 111 CCSIL&EN 55 A . Int Rap Tr 55 '66. .. Int Rap Tr sta "6t Int & Gr Nor 5s Int & Gr Nor 65 '52. Int Rap Tr7s°32... Int Rys C A 58'72.. Int RysC A 6s5'41.. Kan City Sou 58 '50 Kan City Ter 4s '60. Leh Val cv 4s 2003, LehV v 4%s 2003, Leh Val 55 2000. ..., Long Isl rf 45’49 L & N uni 4s'40. L&N1strfsk%s Market St 7s°40. . MilE Ry & L 68 '61. M StP&SSM con 4s. M StP&SSM 55 gtd MSP&SSM 5357 M StP&SSM 65 MK&T4sB'62.., MK & T adj 68°67.. MK&TprinssA. Mo Pac gen 4s'75. . Mo Pac 58 A "65. Mo Pac 58 F '17 Mo Pac 58 G '78 Mo Pac 5s H '80. Nassau Elec 48 '51., NOT&Mb5s A '35, @ clanvans wa u - T Bommm G ne p-— @ S Sovw oo NOT&MG%s"54. N Y Centdb 4s'34.. N Y Cen 4s'98 : N Y Cent 4%s 2013, NYCreim bs 2013. NYCLScl33; NYC&StL4s NYC&StL db 45 '3 NY c&stL 0%!‘1! NYC&StL6%sA. NYC&StL6s'32. NY NH&H 3% '54. NY NH&H 4 NY NH&H 4 NY O&W 1st NY O&W gn 4 55. NY Rys Inc 6 NY W&B 434546 Nor Pac 4897 Nor Pac 4145 2047, NorPacri 3 gnfinfié" e e mehornel-n aala Penn gen 53 '63 Penn 6%s'36 Peor & E 1st 4540, Pere M 1st 45 '56. .. Pere Pere, PC C&StL5sB ngennn 4%sB Jer Cen 4s 51 {z..—« IM% wm lM‘i IWK IW lfl 82 l'lh Ifli 70 73 73 103% 103% 103% 103% 108% 103% N% 92 105% 105% 106 106 104 104 100 100% ) 97 97 1084 106'% 99% 100 9 9 Td% T4% 102 102 4% 75 81W 81% 4% 4% 70 70 108% 105% 103% 103% 1031 104 108% 108% 102% 102% 24% 24Y% 10 10 100% 100% 103 108% 9% 9714 98%, 118 120 92 92% 98% 98% 101% 101% 98 984 108% 108% 103% 104 1084 103 110 110 C 105% 105% 86l 864 89 89 « 101% 101% 971 9Tn 98% 104% 104% 101% 101% 104% 104% 104 104% 101% 101% 11 111 108% 108% xom um. i'lh 91K 104% 104% 114% 1141 99 101% 102% 102 1024 % 9% 98y 98% 431 43% 68 681y 85% 85% 100 100% 7314 324 78% 101% 101% 104% 104% 104 104 106% 106% 108% 108% 101% 101% % 714 42% 42% 975 9TH 96% 96% 8% 79 87 88% 8% 8% 8% 8% 831y 84 83% 83% 26% 26% 106% 106% 110% 110% 99 998 | Dressed—Turk 111% 111% 92 92 8% 8% 99% 100 92 9% 99k 95% uBY ll)l% um. 101% 70 Ol‘i 88 90% 694 2% 92 10134 100% 100% 195 95 95 89% 894 8Y4 100 99% 100 106% 105% 105% 101% 101% 100% 100% 9% 97k 102% 102% 108 108 84u 844 99% 99% 100% 100% 913 9% 102 108 101% 101% 8% T8% 112% 113 95% 95% 106% 105% 102% 103% 98% 99% 101% 101% 105 105 1% 110% 110% 110% 110% IAL, DECLINE IN CATTTLE PRICES IS NOTED Hog Market Steady and Lamb Commands Better Return to Growers. BY FRANK I. WELLER, Associated Press Parm Editor. The country has, for the moment, a declining cattle market, a steady hog market and a rising lamb market. Fed steers and yearlings are 50 cents to 75 cents lower in price, heavies show- 1ing the most decline despite the fact they have been the highest on most ad- ces heretofore. 'n-e situation proba- bly Il due to the sluggish beef , be- cause supplies of slaughtered cattle were smaller this week than last. The market has been running a lot of short fed steers. Week before last there were 50 per cent more short feds than yearlings m 11 principal markets. Receipts at Chicago. Chicago receipts are fairly indicative of the way things are r":.olnl Last week the Union stocl got only 130 choice and_ prime ateera whereas they received 835 for the corresponding week a year ago. Medium-grade short feds are outrunning the upper clum. Chi- cago receiving 11,000, as against 7,000 last year. Of common and medium steers, the market is recetving almost 60 per cent more than a year ago. Al- thougn the supply of slaughtered steers is greater than last year, the market has seen the biggest falling off of really good stock in many seasons. Despite this scarcity of the better grade the New York dressed meat trade has suf- fered a decline of 50 to 75 cents on beef. It is difficult for New York deal- ;I’l to get the kind of beef they usually uy. The hog market has been steady for a week. Supplies are still large, but not as heavy as a week ago. Demand con- tinues nlrl! broad at prevailing prices. Supplies of pork are rather gen and some of the biggest New anm erators are putting stock in the freezers rather than on the fresh pork market. Regardless of live prices, the pork loin market at Chicago is at the lowest level since 1923 and sales generally refiect the buyers’ market. Trend of Lamb Prices. Another ill-fated Wednesday marked X what otherwise might have gone on record as a highly satisfactory lamb 69% % 88 901 | 6. 694 8% trade. At that the trend of prices gives buyers much concern, and it was only during the same brief ptrlod uut big packers were able to successfully ate against shippers and small km On every other session during the cal endar week sellers had the situation well under control. Having already shown up to a $1 advance since last Thursday, it was natural that some reaction fol- low, if for no other reason than the ¢ economic position of lamb in relation to other meats. Receipts have expanded gradually while prices raced merrily up- ward, one of the features of this week’s trade being a 12,318-head Monday run at Chicago by actual count. But pi of & supply gap were momentarily re- linquished by increased native ship- men its. ‘The aurclt.y of lower grade lamb is E:on , and accordingly such kinds held up best during the um%onry break, finishing, as compared wit! Thursday, 50 cents and more higher. Lambs with finish went up 25 to 50 eents, ther with yearlings, and the late ncy on ewes was higher, so that ‘the market, as a whole, into a more satisfactory position than a week earlier. Bearish Steer Market. partly because killers outbid the country on thin lambs suit- able for similar outlet. The bearish fat steer market has had have been scarce and in very narrow demand, the most recent outlet being for meaty feeders with weight. Washington Produce Butter—One-pound prints, 35a36; tub, 33a34. Eggs—Hennery, ceipts, 19a20. Poultry, lllve—meyn. young, 35a 36; old, 30a32; chickens, 28a30; fowls, heavy, 23a24; small, 20a22; Leghorn fowls, 16; roosters, 13; ducks, 15; keats, large and young, 50a60; old, 25a30. G’Yl‘. 40a42; old, 35836; chickens, 32a33; fowls, heavy, 2“36 small, 23a24; Leghorn fowls, 18a capons, hrle 37a38; small, 32a35; dunu. 24a35; roosters, 15; keats, young, 21a22; current re- 20; fresh hams, 18a20; lmok-d _hams, nnu smoked Lard—Bulk, hm Live -wck-finlvel 11%5; Frults—Strawberries, 50a60; oranges, California, 2.50a6.00; Florida, 2.25a3.00; rlpe(r:lrllt 2. ?M 2000‘5 anmnu, 1.00a 75; pineapples, 0%0 ';gmona. 250!!58“ lppltlv bushel baskets, 1.00a2.00; box, 2.00a 3.00; pes, Emersons, 2.50; Almieras, 2.75; gw‘nqflpws. Chile and Argentina, 1.00a1.25 apiece. vnmmu—muum 150-pound sacksy 3.25; new pota Florida, 2.00a2.50, mostly, 2.50; mho "bakers, 100 pounds 2.75; I'efl-! I' buuhel uonou uulmower, X coli, 215 peppers, !.WM peas, Mexico, 45-pound crates, 8.50; cz|ery. large crates, 5.00a5.50, small crates, The total area of national parks and monuments increased from 15486 to 16,156 square miles in 1930. StL&SK gen 58'31.. St L&SF pr In s B. StP&KCSL4%s. St P Un Dep 58 '72.. San A& A P 4s’43 Seab A Lirf 48’49, Seab A L 4s st '50. Seab A L adj 5: Seab A L cv 65 Sou Pac ref Sou P&Or 4%8s'77 Sou Ry gen 45 6. Sou Ry 6%s Ter As St L 45’53 Tex & Ark 3%s ‘50 Tex & Pac 58 B'77 Texas Pac 58 D '80. Third Av ref 4s°60 Third Av adj 58’60, Tol St L & W 4s'50. Ulster & Del 4s ‘52, Un Pac 1st 45 '47. Un Pac 4s .o Un Pac4%s’67.... Va Ry 1st 5862 Wabash 1st 3 Wabash 5= B 78 West Md 4= '52. Wer Wi