Evening Star Newspaper, January 27, 1931, Page 14

A—14 %% FINANCIAL. EFFECT OF PAYING THE EVENING STAR, WASHINGTON, D. C., TUESDAY, JANUARY 27, 1931 FINANCIAL. NEW YORK STOCK EXCHANGE | |ADVANCE N BOND' | Coxzx »onx BONDS smoox excaunc] Received by Private Wire Direct fo The Star Office. Received by Private Wire Direct te The Star Office Lib1st41;s.. 18 10312 1036 1036 Lib4th'4%s.. 73 1041 10381 10331 US3%s’43.. 20 10223 10223 10223 US3%s 126 10628 106 15 106 15 U S4s'44 20 10824 108 16 108 16 US4ys 65 11224 11220 11221 Sales. High. Low. Close. NorStPw 6sB'41. 1 106i 106% 106% Pac G & EI 5s " 1084 102% 103% MORE FARNS SOL0 Phila Co 55 '67 34 Increase of 64 Properties (Continued From Page 13.) Stock and Dividend Rate. Stock and Prev. z Dividend Rate. 57 StandG&EDpf (4).. 101% /Stand G & E1 pf (7)., % 2 Stand Invest Corp... Stand Oil Cal (h2%). ~Prev. 1031~ High. Low. 1 484 Sales— Add 00. High. % Nat Radiator. S 48 Nat Steel (2). . 107% Nat Supply pf (7) 41% Nat Surety (5). 15% Nat Tea (1).. 5 44% Phila Pet 51 s '3 Pnila & Read 68 "4 Pillsb F M 65 '43 Heavy New Financing Results Stand Ol Stand Oil Borrow Money, but It Would Affect Refunding Plans. 20 Neisner Bros (1.60) 10% Nevada Copper (1). Newport Co (2) Y Central (8) BY JOHN F. SINCLAIR. Epecial Dispatch to The Star. NEW YORK, January 27.—Should the veterans' compensation certificates be paid in cash by the Government? The Y State Railways. 708 Y Steam pf (6). . . .23 Y Steam 1st pf (7) 508 200% Norf & West (t12).. 2 4% North Am Aviation.. 17 62 Nor Am (b10% stk). 30 orth Amerpf (3).. 3 102 North Am Ed pf (6). 1 47% Northern Pacific (5). 7 44% Nowhwest Tel (3)... 208 14 Norwalk Tire & Rub. 17 Ohio Of1 Co (2). 18% Oliv Farm Eq pr 3% Omnibus Corp. 6215 Orpheum Cir p 54 Otis Elevator (2%) 10 Otis Steel. .. 33% Owens 111 Glass ( 4 Pacific Coast. .. 8 Pacific Coast 1st pf.. 20 45% Pacific Gas & El (2). 50% Pacific Lighting (3). 8 116% Pacific Tel & Tel (7). 30s 8% Pack Mot Car (60c). 38 American Legion, through its Executive Committee, says yes; but the Secretary of the Treasury of the United States, Andrew W. Mellon, says no. , | BONLS mscussm! The cash value of these certificates is estimated at from $2,500,000,000 to $3,500,000,000, depending upon just how the figuring is done. Secretary Mellon’s opposition to cash payment is based on the ground that it will cause a vast inflation, and will disorganize the plans of the Treasury for an orderly refunding of the present national debt. ‘The United States Treasury has no money, except what it raises by taxation or by borrowing. New taxation is out of the question in these times, so the Government would have to go into the market and borrow the necessary money. Could the Government borrow this sum at this time, when other nations 3% 2% PanhandleP&R.... 1 are having hard times to borrow? Cer-! 453, 865 Paramount Pub (4).. 45 tainly, the American Government's cred- 73" ‘Patmeles MEanport. it is ace*high. It could borrow all the 1% Pathe Excharge money needed, and get is quickly. Of 10% Patino Mine: course, the interest rate, depending upon 3% Peerless Mot the length of the loan, might possibly be 37% Penick & Ford (1) around 3 per cent. 3 2814 Penney (J C) (3). In fact this great sum is a_small 55% Penn RR (4) amount really for the United States, 23 Peop Drug Strs (1). when one recalls the amount of money | 232's 20013 Peop Gas Ch (8).... 2 raised by the Government during War| 9% 6% Petrolm Cpof Am(1) 11 times—15 times as much. 23% 19% Phelps Dodge (2)... Those championing the bonus in Con- | 98! 954 Phila Co pf new (6) and there are many—say that| 10% 74 Phil Read C&1. these new billions of new credit would ; 16% 1214 Phillips Pet (2).. be the means of starting the wheels of | 23 19 Pierce-Arrow A (2).. industry again. 65% 63 Pierce-Arrow pf (6). But that is a difficult question to an- % % Pierce Oil swer. My own judgment is that it; 2% 1% Pierce Petrolm (10c) would cause a sag in business for a| 29 26 Pillsbury Flour (2).. short time, until the money had got| 75 67! Pittsburgh Coal pf.. into the banks, after which, as a result 14 Ritts Screw (1.40) of the new money and credit available, 85 Pitts Steel pf (7). business would go forward. 93% Pitts Unit Cp pf It looks now as if this question will 11 Poor & CoB (2) develop into the big fight of the pres- 16 PRAm Tob A ( ent Congress. Value of Silence. George F. Baker, 91, chairman of the board of the First National Bank of New York, was a giant in financ 40 years ago, before any present Wall Street figure was prominent. Even now, he’s known only by reputation, to the millions; well known to a few. 115 He never gives interviews—at least,| 58 never in recent years. The only “direct quote” interview he ever gave is worth repeating—doubly so after a year, when 80 many business predictions went hay- 5¢ 56% 125% 9% 25 Postal T & Cpf (7).. 12% Prairie Oil & Gas (2) 18% Prairie Pipe L (13).. 4 Pressed Steel Car... 63 Proct & Gamb (2 214 Prod & Refiners. 117% Prod & Refiners pf. 72 PubSv 3.40 109% Pub Sv N J pf (6) 49% Pullman Corp (4)... % Punta Alegre Sugar. 8% Pure Oil 95% Pure Oil pf (8). 38 Purity Bakeries (4). 12 Radio Corp 34 Radio Cerp B (5). 2 15% Radio-Keith-Orph A. 60 18% Raybestos Man 2.60. 3 79 Reading Ry (4)..... 2 25, Real Silk Hos (3). 82 Real Silk Hos pf ( 16% Rem Rand (1.60). ... 8% Reo Motor Car (80c) 12 Republic Steel...... 291 Republic Steel pf. 111 Reynolds Metals (2). 1% Reynolds Spring. ... 70 Reynolds Tob A (3). 40% Reynolds Tob B (3). 2% Richfield Oil 5% Rio Grande Oil. 16\ Rossia Insur (2.20).. 37% Royal Dch(m1.3404). 38% Safeway Stores (5).. 86 Safeway pf (6). 271 24% StJoseph Ld (2). 60 43 StL-San Fran (8) 74% 67% St L-San Fran pf (6) 33 23 St L Southwestern. . 3 5 4 Schulte Retail Strs.. 20 424 40 " Scott Paper (11.40).. 708 515 Savage Arms (2). 4 1% 2" 51% 2 11% 101% 49 wire. ; 15% Here is his only interview—crisp and | 425, “The business men of America should reduce their talk at least two-thirds. Every one should reduce his talk. There is rarely ever a reason good enough for anybody to talk. Silence uses up much less energy. I don't talk because silence is the secret of suc- cess. I did nothing unusual when I began. My first job, that I chose to call a job, was in a small bank in Albany.” I was a very quiet worker and that served to distinguish me. It was there that I made and invested my et s way to wall B lanne my way all st . gn wl’t(.h thulmosx:egx that I bought the First National R 1 if it's as easy as all that! Farm Prosperity. Fred Murphy of Minneapolis has been memn;rpNew York and the East about farm prosperity Minnesota. Instead of talking about his State as a country of “milk and honey,” he re- fers to it as a land of “milk and money."” The New York Trust Co. index says that $3,000,000,000—about one-fourth of the total annual income received by the American farmer for all farm products—is derived from the sale of dairy products. This is about 212 times the annual wvalue of the cotton crop, 2! times the value of the beef and veal crop and more than 3 times the value of the vheat crop. o In the r?erwd from 1918 to 1928 the per capita consumption of milk in the United States increased from 43 to 56.6 gallons, while the per capita con- sumption of butter Increased during the same period from. 14 to 17.34 pounds; cheese, from 3 to 4.11 pounds, and ice cream, from 2.07 to 2.90 gallons. Putting it another way, the per capita consumption of dairy products in the United States increased from 836 pounds to 1032 pounds—an in- crease of 196 pounds in 10 years. 18% 21% 95% 30% 84 1% 10 194 4615 15% 1% 75 a4y 6% T 213 41 46 90 21 44% Sears Roebuck 12 3% Second Nat Inv. 40 Second Nat Inv pf 4% Servel Inc 10 Sharon Steel Hool 224 Shattuck F G (1133). 7% Shell Union Oil..... 14% Simmons Co. . 10% Sinclair Con Oil (1). 95 Sinclair Oil pf (8) 814 Skelly Ofl 42% Skelly Oil pf (6).... 16, Sloss Sheffield Steel. 12 Sou P Ric Sug (1.40) 45% South Cal Ed (2). 4 South Dairies B 92% South Pacific (6). 47% South Ry (8). 34 Spalding (A G) (2 8% Sparks Withing (1) 10% Spicer Mfg . 16% Stand Brands (1.20). 118 Stand Brands pf (7). Yoo 66% 58 StandG&E (3%)... Stewart Stone & Studeba Tex Gui Timken Timken Tobacco Truscon T Un Oil o Unit U S Stee! U S Steel Vadasco Vanadiu; West Pa West Pa West Pa West Pa Western Western Western Western Western Westing Westing rthin Wrigley Young S| 2% 1 1:30 P.M Dividend rates ai s Unit ot n stock. § —no_regular rate. e Payable in cash or stock. h Plus 2% Telautograph (1.40). Tennessee Corp (1) Texas P C & Oil Texas Corp (3) Texas Pac Land Tr Thatcher Mfg (1.60 Thermoid Co. . Third Nat Invest Third Avenue. . Thompson Pr (2 Thompson Starrett. . Thomp-Star pf (315) Tide Water As (60c). ‘Tide Wat Oil pf (5). . Tobacco Products Tob Prod div ctfs B.. Tob Prod div ctfs Transamerica (1). Tri-Cont Corp...... Tri-Cont Corp pf (6) in City R Tr (§4) . in City RT pf d-Ell-] Union Bag & Paper.. 1 Un Carbide (2.60)... in stock. 3% in stock. m Plus 1% in stock. n Plus 5% in stock. Starrett ( Sterling Sec Sterl Sec pf (1.20)... Sterl Sec cv pf (3)... Warner..... Webster (4). ker Corp (3). Submarine Boat. ... Sun Ol pf (6). Superheater (2 Superior Oil. Superior Steel. Sweets of Amer (1)., SymingtonA...... ¢ Sulph 40). Det Ax (80¢c) Roller (3). Prod A t95¢. ) e RN N SO BN e Stl (g1.20). 30 1008 cher (5). 5 41 £ Cal (2) 2 Un Pacific (10). Un TankCar (1.60) Unit Aircraft....... Unit Afrcraft pf (3). Unit Biscuit (2)..... Unit Business Pub. Unit Carbon (1). United Corporatiol Unit Corp pf (3). Unit Dyewood. .. Unit Electric Coal. Unit Fruit (4). Unit G & Im (1.20 Unit G & Im pf (5) if iece D W (2 S Express.... & For Secur. S Indus Alco (6) USPipe&F (2). U S Realty & Im (3). U S Rubber 1st pf. US Sm & Ref pf 3 LTy 1pt (7) Univ Pipe & Rad. Util P&L A (et2.1 Sales Corp.. m Corp (3).. Va El & Pow-pf (6) Vulcan Det (4) Ward Baking Warner Bros Pict. Warner Quinlan. Warren Bros (3) War Bros cv pf (3) Wess Oil & Snow Wess O & Sn pf (4) ELA ( El pf (6). EIpf (7). .. Pow pf (7). Dairy A (4) Dairy B Md. Pacific. Western Pacific p Union (8) AB (2) E&M 11 Westvaco Chlor (2). Wextark Radio Strs. 4 White Motors (2). Willys-Overland. Wilson & Co. Wilson & Co A. Woolworth (2.40). gton Pump. . Wright Aeronaut. . (Wm) (4) Yale & Towne (2). Yellow Truck Yellow Truck p! h & Tube (5) Youngs Spring (3).. Zenith Radio....... 6 3 3 Sales of Stocks on New York Exchange. 263.100 1.163,000 given in the above table are the annual cash ayments based on the latest quarterly or half vearly declaration: ‘trading less Pa; in scrip. b Pavable in stock than 100 shares. t Partly extra. 9 Plus 9% in stock. & Paid d Payable when in_stock. & Plus referred stock. arne: [ k Plus stock. Plus 8% 3 Plus $1 in esota, Iowa ll:d rm?mmfgg; ly about 40 per cent of al e ?n:nuhcmredp'm the United = States, ‘while Wisconsin alone produces about 65 per cent of the cheddar cheese made in the United States. Nor is the dairy industry confined to any section. First it developed in the Middle West, then in the Pacific @oast States—Washington, Oregon and Cali- jornia. Lo of recent years the Southern States have come into their own, for butter production in those States has increased from 24,000,000 pounds -in 1918 to more than 100,000,000 pounds in 1928, while 18 Southern States which had no cheese factories in 1914 used more than 6,500,000 pounds of cheese last year. “Milk and money” is a good slogan, because it is a true one. Mass House Building. lenn Frank, 43, president of the 3 . Oy ot Wisconsin, in reply to a | followed by & period or ouistanding question of what is going to’ take the | prosperity. We need esuch a market place of the cheap automobile as the|now, and the natural working of eco- Tnajor factor in the prosperity of the|nomic and financial forces will bring | next 10 years, has suggested that it|it vulu:’l:\duu Dext year, the economist | i . substantial, beauti- | concluded. ?u‘i’ ;n;lhekmot'x}\l:n%uxl;‘ on a mass-pro-| Dr. Friday had little to say about Quction basis and financed adequetely | stocks. After predicting much better 80 that the purchasers can fetire their profits for corporations, he left his hear- bligations “virtually on & modesters to draw their own conclusions on ; mostrelates e volu p-fi?v‘r‘;?)s aar :)]"p\:i‘::n?.m'x%]:ym:“k sales. He believes the lower prices now Tever been built on a mass-production | prevailing are going- to cause an amaz- js. There is no reason why an auto- | Ing turnover in good. starting with the anobile should be built on a mass-pro- | February markdowns. And Lolur::em s duction basis and a house not. what counts in tl‘le end, mdhd oy o Under such a plan, residential build- ;fl{ mmocs Shan prices, provided they are ing contracts would move ahead by | fairly stable. Jeaps and bounds and the lumber busi- Important Reports Presented. ness would feel the effect immediately| prior o the economist's address the in incrensed sales. So would house- | ociation held an important business Guitpiment dsaiers. session, with President Lanier P. Mc- | J0% w00t g gestion. Lachien in the chair. Reparts were pre- i sented by the treasurer, 1t S, Gat- WL S — ley; on t};mcwor‘k of the Protective Com- hi, 86 pounds of human dyna-|mittee by Chairman F. P. H. lons; o as been eleased from his prison | Advertising Committee, by Chairman cell in India? All India—millions of | Eiot H. Thomson; Standard Forms, its people—was waiting the event.| Thomas J. Groom, chairman, the re- Great celebrations today are to be held | port being made by Charles H. Doing; all_over India. nsurance, Chairman Prederick H. Cox; Great Britain is tired of fighting In-|Law and Legislation, Francis G. Addi- dia. Gandhi and his followers of the|son, ir. chairman; Annual Convention, doctrine of ive resistance have won|F. P. H. Siddons, general chairman; a notable victory. Without the use of | Safe D%n m‘,‘f"{;:.‘ H. co:h :«hi:‘:r-; ol man; hingto: pter, Glubs ortguns they have brought Great| fifiute of Banking, President Frank been proud, M. Perley, and Central States Bank wise and successful in the field of for- | Conference, Robert V. Fleming, chair- eign trade. But this man Gandhi was man, a puzzle. He was an entirely different New Christmas Club Record. o = d‘e"_'}“;l‘fl‘;,"u‘,‘;:: they had ever| .y, several of the reports covered Lord Irwin is about to leave Indis, the routine work of the association, the he Advertising Committee and his final big act is the freeing of | ON€ from U Gandhi trom prison, where he has been o s e e I T R for months. Most British public opinion, elctl.xt hope that it would change for the bet- the Conservative die-hards, led by Right | ter each month. But it has not. oy Xy e e S acDonal no_longer n by mhhmtwmmnk ‘Trade | Prom the British standpoint, it is & between Britain and India has suffered most wise and far-sighted move. RECOVERY IN TRADE 25 Per Cent Increase in In-| dustrial Production Due, He Declares. (Continued From Thirteenth Page.) 1S SEEN BY FRIDAY - situation for 1931 and aroused great| enthusiasm. Chairman Thomson re- | ported that membership in the clubs | conducted by 30 local banks had jumped | +0 98,699, compared with 92,197 in the 1930 clubs, an increase of 6,502 mem- TS, At the same time the amount sub- scribed for the coming year totaled $8.484,410, in comparison with $7,835,- 250 a , an increase of $649,160. The average saving per member is $86, against $84 last year, a difference of but $2. However, the ccuntry-wide | average in Christmas savings clubs is only $52.60 per member. The co-operative advertising practically the same as last yea pearing 111 times in local newspapers, against 30 times ® year ago. Since the club started, in 1924, the membership has grown from 50,000 to near 100,000 and totals subscribed from $3,000,000 to_over $8,000,000. ‘Robert V. Fleming gave a most in- teresting resume of the plans for the coming Central States Bank Manage- ment Conference, to be held here. He said that Chairman H. H. McKee and his assistants are arranging a program of unusual merit. It is expected that President Rome C. Stephenson of the American Bankers' Association will be present and speak. High Treasury officials have also been invited to take t. whrdr. Fleming spoke briefly for the Community Chest, at the request of President McLachlen. He also brought up the matter of interest which the banks pay on certain balances placed by other banks. These interest rates, which Mr. Fleming said dfd not apply cost | in_ his opinion to be more in harmony with the lower rates prevailing in other cities. The matter was referred of the Washington Clearing House As- sociation. Edward J. McQuade, first vice presi- dent of the Bankers' Association, who was chairman of the committee ar- ranging last night's meeting, was unable to be present on account of illness. C. H. Pope, second vice president, was also absent, and M. D. Rosenberg, president of the Bank of Commerce & Savings, was prevented by illenss from describing his recent trip to South America. News in Financial District. ‘The Treasury Department has in- vited bids on $60,000,000 of 90-day bills on a discount basis, bids to be received at the Federal Reserve Banks. The bills will be issued in two series, $30,- | 000,000, dated- February 3 and matur- ing on May 4, and the remainder dated ind maturing one day later, respectively. Edward L. Hillyer, vice president of the Union Trust Co., completed 30 years’ service with the bank yesterday, having become connected with the insti- tution just two days before it opened its doors for business. Naturally, on account of his age at the time, he start- teverely since Gandhi went to . 1991, % uH Bl A m (Copyrisht, 1931 by North American News. ed his banking career a_messenger. to savings accounts, should be lowerad | director, as well as one of the vice presidents. A. E. Henze, chairman of the Forum Ccmmitte of Washington Chapter, Amer- ican Institute of Banking, announced today that the next forum dinner wiil oe held on February 4, with Dr. Stepben I Miller, now manager of the National Association of Credit Men, as the guest speaker, He will speak on “Lifting the Cover from the Economic Structure.” He was formerly educational director f the institute and is a fine speaker. All officers of the North Capitol Sav- ings Bank were re-elected last night at the directors’ meeting of the organi- zation. They are Theodore Michael, president; George Clagett, vice presi- dent; P. Henry Coates, cashier; E. S. Burgess, secretary; Miss E. M. Michael, assistant cashier. All trustees of the Mutual Invest- ment Fire Insurance Co. of the District of Columbia were re-elected at the an- nual meeting of stockhclders yesterday. ‘They are Horace L. Beall, Franklin P. Nash, Melvin A, Wertz, M. Frank Rup- pert, Vincent L. Toomey, Harry Kauf- man, Vernon G. Owen, ASSOCIATED INDUSTRIES TO EXPAND OUTPUT Special Dispatch to The Star. CHICAGO, January 27.—All manu- facturing _divisions of. Associ Ap: parel Industries, Inc., are operating at full capacity, according to R. C. Stirton, president. Total volume will be ex- panded materially during February; when the new Gary plant of the Gos- sard division is scheduled to begin op- erations. Associated Apparel Industries, Inc., manufactures a complete line of wom- en’s foundation garments which are sold to | throughout the United States and prin- Chairman H. H. McKee and the officers | cipal foreign countries. (3 50 : Automotive Accessories. By the Associated Press. ‘While the automotive parts-accessory industry closed the year 1930 with a total volume of business smaller than in 1929, an upward trend made its appear- ance in December and further improve- ment can be expected during the Spring months, the Motor and Equipment As- sociation reports. The average activity for suppliers of parts, accessories and garage equipment to the wholesale trade in December ran favorably ahead of De- cember, 1929, the report. adds, and De- cember business of original equipment makers also registered an increase cver November, indicating heavier schedules for the next 60 days in the car and truck plants. TREASURY CERTIFICATES. Coner. :-fl He is now assistant officer and & 101 23-33 in Selling of Junior Securities. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 27.—The com- petition of another budget of nearly $100,000,000 in new bonds offered to- day halted the advance in bond prices. High-grade bonds remained unchanged while junior securities sold off sligntly all around. Volume was heavy due to special trading in Missouri-Pacific issues fol- lowing the bringing out of a $61,200,000 issue of 5 per cent first and refunding mortgage bonds at 95. This was 2 to 2!, points under Monday's closing prices for outstanding bonds of the same mortgage and heavy blocks of the latter were thrown onto the market at the offering price of the new bonds. In the morning hours alone nearly $1,000,- 000 of Missouri-Pacific 55 were sold at 95 to 951 Apart from this the market was only moderately active. There were a few sizeable lots of high-grade bonds traded, like Atchison general 4s, which gained fractionally. American Tele- phone 5s of 1965 were in demand. Firm levels prevailed in these and in Brooklyn-Manhattan Transit 6s, Chesa- peake Corporation 5s, Chesapeake & Ohio general 4':s, Quincy 4s, Consoli- dated Gas 5'.s, Great Northern 7s and Southern Pacific 415s. Richfield Oil 6s and Pan-American Petroleum of California 6s, both affected by the negotiations for the taking over of Richfield by Cities Service, were still active. Richfield 6s added over a point to its Monday gain, while Pan-American 6s dropped off a shade under profit taking. Other second grade bonds were generally lower, including Chicago Great Western 4s, Rock Island 4l5s, Erie 5s, Hudson and Manhattan Re- funding 5s, International Match 5s and Prisco 415s. *United States Government obligations were traded in fair volume under the stimulus provided by the offering today of $60,000,000 in Treasury bills. The bills will mature in 90 days and will be sold on a discount basis. The likeli- hood of a new record low cost in this short term financing attracted funds to | long-term Liberty and Treasury bonds. Treasury 3% gained 7-32, a wide move for such a bond. Foreign dollar bonds were generally stronger. German government 51;s added a small fraction to their advance of Monday and the previous week. Reparation 7s were also strong and there were small gains in German Cen- tral Bank 6s and other German bonds. Brazilian issues were firm. Washington S.tock l-f)-(change SALES. Potomac Electric 6s 1953—$100 at 10715, $400 at 1071;. Washington, Gas 6s B—$500 at 107. Lanston Monotype—10 at 105. Merg;x;lhnler Linotype—15 at 39, § at 89. Peoples Drug Stores pfd.—10 at 99, 5 at 99. AFTER CALL. Peoples Drug Stores pfd.—3 at 987;. Capital Traction Co.—10 1t 41'%. Washsh;gwn Rwy. & Electric 45—$2,000 at 88. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Potomac Elec. 6s 1953. Wash., Alex. & Mt. vern: Balto_ & Annap. ton Gas 41as ngton Gas 5. Gas 65, serie: Wash. Gas 6s, series B. Wash. Rwy. & Elec. 45 : MISCELLANEOUS. Barber & Ross, Inc.. 6'ss... 82 Chevy Chase Club $tas.. 1 0. 100 Columbia Country Club 5i35... 100 D, C. Paper Mig. 6s. o W. M. Cold ge 5 Wash. Cons. Title 6s.... STOCKS. PUBLIC UTILITY. Pot. pid Wash. Ruy. & EL com. (1) Wash. Rwy. & Ei. pfd. 45) NATIONAL BANKS. Capital (14). e Columbta (12107 """ (stamped)’ (10)" Ped.-Am. N. B Liberty (7). Lincoln (12) Metropolitan Riggs (155)... Second (9e)".’. Washington '(13) TRUST COMPANY. Natl. Sav. Prince Georges Union Trust (8s e Wash. Loan & Trust (ids) . SAVINGS BANKS. Bank of Bethesda (6%). T Security Sav. & Coi Seventh Street (12). United States (30) Wash. Mechanics' (20) % FIRE INSURANCE. American (12) Corcoran (10) . Firemen's (8).. National Union (15) ‘TITLE INSURANCE. Columbia (6h) Real Estate (6] Title & Inv. Co. Md. com...... MISCELLANEOUS. Barber & Ross, Inc., com Col. Medical Bldg. Corp. (6)... Col. Sand & Gravel pfd. (7) D prd.. ... o. Fed.-Am' Co. pfd. Lanston Monotype (8) Mer. Tr. & Stee. com. (7 Mer. Tr. & Stge. pfd. (7) Mergenthaler Linotype (8 Natl. Mtge. & Inv. pfd. (8 Peoples Drux Stores pid, (812 Real Est. M & G. pfd. (8 Security Storage (de). . Ter. Ref. & Wh. Corp. (3) : § et B gedasuins *Ex dividend b Books closed. nase extr 130c extra. 1% exti elli% extia. WAR D_EPART.MENT PLACES $47,000 BATTERY ORDER Special Dispatch to The Star. ST. PAUL, January 27.—Placement of a $47,000 order with the National Battery Co. for automotive storage bat- teries has been authorized by the War Depfrtment, it was announced here to- day. The 6,100 batteries are for in- stallation in trucks to be used by the United States Army Si Corps, ac- cording to the specifications. The National Battery Co. is enjoying an excellent volume of business, but Xtr c12%s¢ extra. production units are well able to as- similate this last large order. Cuba 53845 FOREIGN. Argentine Argentine Argentine 6s Ju '59. Argentine 6s Oc '59 Australia 41 '56. . Australia « Australia 58 '57... Austria 7s'43...... Bk of Chile 65 '57 Bk of Chile 6%s 61 Batav Pet 41,5 '42. Belgium 6s '55 Belgium 61 Belgium 7855, Belgium 7s 56, Belgium 8s '41..... Bolivia 7s ctfs '69. . Bolivia 8s 45 Bordeaux Brazil 615 " Brazil 61;s " Brazil Ts. Brazil 8s 41 Bremen 7s '35 Canada 5s Canada 58 Chile 65 '60. Chile 656 Chile Ts *4. Christiana i Colomb 6s Jan '61. . Con Pow Japan 7s.. Copenhag 4158 '53. . Copenhag 5s ° Czecho 8s 83% 1% 9l 647 - e Sonanama cawabon~a e 981 9414 98% 4 110% 79% 95 101% 105% Denmark 415562, . Denmark i 155 Denmark 65 ‘42 Dutch Fast 1 6s 1015 101% 99% Dutch East 1 65 '62. El Salvador §s'48. ., Fiat 7s ex war '46.. Finland 7s" Fram I D 7% French 7s'49. . French Gvt T%s Gelsenk'chen German 5% s German Bk 6s ‘38 German 7Tsrep’49.. 32 Ger Gen EI 75 '45 Greek 6s'63. Haiti 65 '52 Hungary 7%s 44 Irish Free St 55 '60. Italy 7s°51. . Italy Pub Sv 7s Japanese 5%s'65 Japanese 6155 " Jugosl Bank 7s Karstadt 6s'43 Kreug & Toll 58 Milan 615" Montevideo 7s New S Wales 6557 550 PITPRSSOEL SFORItY 86% 101 103% 96% 88% 938, 104 9% 62 90% R5% 8844 Orient dev 513558, Orient dev 6s 53. Interest Rates Reduced. BALTIMORE, January 27 (Special). —In keeping with prevailing level of money rates, the Itimore clearing house has reduced the rates which its 2 | member banks may pay on deposits, ef- fective today. Rates on demand bal ances now will beql! per cent, in ac- cordance with the new schedule. Paris-Ly M 6s'58. . Paris-Ly M 7 Paris-Or 5155 '68 Peru 6s'60. ... Peru 6s'61. Peru 75 '59. Poland 6s '4 and 7s '4 Poland 8s '50.. Porto Alegre 85 '61. Prague 7%s'5 Queenland 6s 47, .. Queenland 7s'41. Rhinelbe 75 '46. Rhine West 65 Phine West 6s'53. . Rhine West 78 '50. . Rio de Jan 615 '52. R Gr De Sul 65 '68. . Rome 635" 1 Roy D 4545 ww. Sao Pau7s 40 rets. Saxon 7s 45 Seine 7s "4 erbs-Cr-S1 7s erbs-Cr-S1 8s hinyetsu 63%s joissons 6s '36. Swiss 5145 '46 Toho El Pow 6s '32. Toho El Pow 75 55. 16 Tokio 5%s°61..... 24 Utd King 5%8°37.. 2 uguay 6s'60.... 8 Vienna 6s'52. . 26 86 Yokohama 6s'61... 14 $7 MISCELLANEOUS. ADbitibi P & P 5s ' 5% Allegheny §s '44... Allegheny 55 '49 105% 99 9614 92 20 105% 84 . Allis-Chalm 58 '37.. 3 Am AgCh7ls'4l. 1 Sug 68 '35. 2080. Am1G Ch5%s’'49. Am IntCp5las’49. Am N Gas 6%:s’ Am S&R 1st 55 47. Am Sug Ref 6s'37 Am T&T cv 415" Am T&T 58°65.....110 Am T&T c tr 5546, jAm T&T 585 1'60. . Am T&T 5%s 43... Am W Wks bs ‘34 AmWat Wk 6s " Arm & Co 4%5s " Arm Del 535 '43 Assoc Oil 6s '35 Bell Tel Pa 5s B Bell Tel Pa 55 C '60. BetH Steel pm 5536 Bk Ed gn A 55°49. . Bush T Bldg 55 '60. Cert-td deb 53,5 '48 Chile Cop db 55 '47. Colon O11 65 '38 Y 52 Com Inves 515549, Com Inves 6s 48 ConG N Y 5384, Consum Pow 5s'52. 1 CAm Sugcol 8s 31. 8 Denver Gas 5s'51.. 14 Det Eds g 4% sDww101 Det EArf6sB 40.. 6 Dodge Br cl 6s 40 Duquesne 41256 Fisk Rub 8541 Gen Motors 6s '3 Gen P Sv 515839 Gen St Cas 51549, 10 Gen Th Eq 6s "4 Goodrich cv 68 "45. . Good 1st 6% '4 \| Goody'r Rub 58 Hoe & Co 6% s34 Humble Oil 55°37.. 1 Hum O&R 5%s '62. 11 Inland St 4%s'78.. 30 HIBTIstpf5sA.. 22 111 Steel 418 40 Int Cement Int Hydro Int Match 55°47... Int MM col tr 6541 Int Papss A’ Int Pap 6s < IntT&T4%s’ 2 Int T&T cv 434539 29 Int T & T bs'55 13 KCP&L4%s'57.. Kan C P&L 55 A" 3 KanG & E 43s'80. 26 Kend 5%s 48 ww. 3 Laclede 5%sC'53.. 1 Lautaro Nit 6s'54.. 18 Lig & Myers 5551 Lig & Myers 7s "44 Loew's 6s war ‘41.. Lorillard 58 ‘51 Lorillard 5%s '3 McKes & R 5% Midvale Stl Mont Pow 58 '4 Mont P dbbs A '62. Nat Dairy 5%s'48. 235 4 2 2 NY ELH&P 5 N Y Tel 4335’39 1 Sales. High. Low. Ci 2 83 83 o aenElaln Por RT am 6s Pos Tel & C 53 '53 Pub SvG 414567, . Pub Sv G 4870, Rem Arms 6s A '37. Rem R51:8 A '47.. Rich Oll cal €8 '44. . Shell Un O11 55 '47. Sinc O 7scv A'37.. Sinc Cr0O 5138, . Sinclair Oil 6145'38. Skelly Oi1 515539, Sou Bel T&T 58 °41. SW Bell T 55 A '54. StOil N J 5846 StOIIN Y 4%s" Tenn Cop 63 B '44 Tenn EL P 65 A "47 Tex Corp cv 58 44 Unit Drug cv 5s'53 Rub 15t 58 '47 tah P& L5 44, til Pow 5859 ww. Util Pow 513 "47.. Walworth 6s A *45. Walworth 6148 35, Warn Br Pic 6 Warn Quin 65°39... Warner Sug 7s'41.. West El deb 58 '44. . West Union 55 °60. . WEO053%8'37 ww. Wil & Co 1st 6s'41. Ygstn Sh&T 5878, 103% RAILROAD. Atchison adj 4s '9 1 97Th Atchison gen 4s 9 991, Atchiscv 4158 41 120% Atch Ariz 4158 '62. . 105 AtCL 1st AtCL4%s'64. B&O 4s'48. Ocv 414833, 04%s’60 st 5s 4 1 ref 589 53 D 2000 0 6595, O Swdy O Toledo 45 '50. Bos & Me 5s '55. Bos & Me 55 '67 Bklyn Man 6s ‘6 Bklyn Un 1st 5850, BR & Pitt 4%s'57. Can Nat 435" Can Nat 4%s " o o o [ TIIEEET] rrRrrrrer Can Nat 4%s '55 Can Nat 55 Oct '69. 1 Can Nor 6% s db "46 Can Nor 7s deb ‘40, Can South 58 '62. Can Pac deb 4s. Can Pac 4%5 '60 Can Pac 58 ctfs '44. Can Pac 58°54. .. Gent of Ga 55 Cent Pac 4s'4 Cent Pac 58 '60. Ches Corp 58 '47.. Chi& O zn 43892, Chi& 0445 A'93. . Chi& O 4155 B'95 Chi & Alt 3s CB&QEgen4s C B&Q 1st rf 5871, C B&Q 111dv ¢s 49, Chi & Eas 111 5851, Chi Grt West 4s " Chi In&L gn 58 '56. ChiIn& L rf5s'4 ChiM&StP ds Chi M&StP 4%s E Ch M&StP 4% s Chi M StP&P 557 Chi M & St P adj 58 Chi&NW g 3%s'87. Chi & NW gn 4s°87. Chi N Chi & NW con 4%s. Chi& NW gen 4% s. Chi & NW 6158 '36. Chi Rwys 58 27 Chi RI&P gn 48 Chi RI & P rf 43’34 Chi RIcv 41%s'60. ChiRI&P4%sA. Chi Un Sta 4% '63. Chi Un Sta 615 '63. C& W Ind cv 48 52, C& W Ind 5%s'62. CCCEStL 4%sE. . Clev& Pitt 415577 C U Ter 415 2020, . Clev Term 41;s * Clev Term 5: Clev Term 51 Colo & Sou 4% Saonarel » 218 o BTN 26 17 149 annen Cuba Nor 5%s'42.. Del & Hud rf 45°43. Del & Hud cv 5s '35, Del & Hud 518 '37. D& R Gr gn 4536, D&RG W 5855, Erie 1st con 4s Erie con 45 A ‘53, Erie conv 4s B Erie Gen 4s. Erie 55'75 Erie cv 5567 Erie Gen R 6s Erie Pacit tr 4s'51. Fla E Coast 55 'T4.. GrtTrs £ db 6s'36 Grt Trunk 7s '40 Grt Nor 4145 '76 Grt Nor 415 Grt Nor 557 Grt Nor gn 535 '5: Grt Nor zen 7s 36 Gulf Mobile 5s ‘50 Hav El Ry 5%s '51. Hud & M adj 5857, Hud & M rf 55 '57. 111 Cent 4s 53. 111 Cent ref 4 Ill Cent 4% s 111 CCStL&N 55 A Int Rap Tr 55 '66. .. o (3 > = B o NBRRB A~ AR E. Int & Gr Nor 5s Int & Gr Nor 6 Int Rys C A 58'72.. Int RysC A 6s'41.. Kan CFtS&M 4s'36 Kan City Sou 3s '50 Kan City Sou 5s '50 Kan City Ter 4s '60. Lake Shore 3%s '97 Leh Val cv 45 2003, LehV cv 43s 2003. Leh Val 55 2000. Long Isl rf 45'49. Long Isl db 6s '37. L&Nuni4s’40.... Manh Ry 1st 45’90 Market St 7s'40, MilERy & L 53 M &SL ist rf 483 M StP&SSM 5s gtd. MSP&SSM 5128 '78. M StP&SSM 63%s. . MK&T '90 MK&T4sB'62 MK&T4%s'78 MK & T adj 58 '67 Mo Pac gen 4s'75. . Mo Pac 55 A "85 Mo Pac 58 F '77. Mo Pac 55 G '78. Mo Pac 58 H '8/ Ma Pac 5liscv'49. Mont Tr 1st 55 '41. . NCh&StLds Nassau Elec 48 RS asaNEUN N NS OR R~ NS A D N Y Centdb 4s'34., N Y Cent 4%s2013, .1 NYC&StL6s'32. NY NH&H 3%s '54. NY NH&H 4%5'67. 3 Y NH&H cvdb 6 Y O&W 1st4s’92. 5 8 105 70 T4% 102% 102% “u 884 664 Noted in Report of Insti- tution for 1930. Special Dispatch to The Sta BALTIMORE, Md., January 27— “The Federal Land Bank of Baltimore 101% |s0ld 184 farms during 1930, compared g;, with 120 during 1029,” stated V. Vaiden, % | president of the bank, here today in 105'% 106 | discussing the farm real estate market. ml'«l"’!‘hh\ indicates that there is a market 101% 1 for farms despite the drought condi- 96 |tions which prevailed in much of this 's 106% | district during the past year. It also 99% | indicates that the bank and the assow ciations have made an extra effort to dispose of the farms which they had on hand. These sales, for the most part, have been on a down payment of 20 per cent or more of the sales price. At the end of 1930 the bank had on hand 196 farms upon which it had to fore- close in the past. Of the farms now in Rosusskm of the bank 16 are in Porto ico, 1 in Delaware, 4 in Maryland, 94 in Pennsylvania, 63 in Virginia and 18 in West Virgini “Farmers in these States are making a tremendous effort to keep their loans in good standing and to continue to re~ ceive the benefits of long-term amor- tized, low-interest-rate loans such as they have received from the Federal Land Bank through the National Farm Loan Associations. It is not the desire of the Federal Land Bank to acquire farms unnecessarily. Such acquisitions are obviously burdensome to the bank. It is not the policy of the bank to i stitute foreclosure proceedings except for the protection of the bank, when, after careful investigation of the merits of each individual case, it is found that the borrower is not making a satisfac- tory endeavor to meet his obligation or is unlikely to succeed if given a reason- able opportunity. The bank, however, has a distinct obligation which must be met promptly, and that is the pay- ment of interest on its bonds. “November 1, 1930, and January 2, 1931, the bank paid on its Federal Land Bank bomds outstanding interest amounting to $1,531,248.38. s money was paid to the bank by the borrowers. | The bank carries a 100 per cent re- sepve on the real estate which it o also against all delinquencies 90 days or more overdue, Its 1 es on December 31, 1930, were $1,380,942.07, compared with $1,198,166.72, December 31, 1929, or an increase of $191,775.35." . CUTS IN CIGARETTE PRICES ARE WATCHED % Wall Street Interested in Latest Moves of Big Tobacco Chains. By the Associated Press. NEW YORK, January 27.—Whether the country is to witness, and cigarette smokers to profit, from another price- cutting war in the most popular com- modity of the tobacco industry, is ex- ' | pected in Wall Street to be answered this week. At present hostilities are confined to the country's two largest chains of to- stores—the United and Schulte, both of which announced nke' cconces- & pa , combination offer of cigarettes and mer- chandise at a figure which represented a sharp cut in the cigarette prices. United Cigar Stores offer the special -concession only until Wednesday, Jan- uary 28, and the question of whether the competition will be continued is ex- pected to be decided then. It hinges, it is believed in Wall Street, on whether Schulte restories its price to 2 ages for 25 cents, vglch is the price still prevailing in United Stores when the customer does not take advantage of the special offer. So fa neithe Liggett Drug Stores, nor the Great Atlantic & Pacific Tea 2% | Co., two of the participants in the war which was merrily waged last year, have taken cognizance of the development. — NEW YORK BANK STOCKS NEW YORK, January 27 (#).—Over- the-counter market: BANKS. America ... Bk of U 'S units Cha e ghat Pénix! Pifth Ave. . hat Co. . l'! Peoples Nati. .. TRUST COMPANIES. Bankers United 8 Westchester Titie & Tr Penn 4% 563 Penn 556 Penn gen 5563 Penn 6% '36 : Penn O&D 4148 77, Pere M 1st 45 ‘56 Pere Mar 4% s ‘80 Pere M 1st 55 '56 P CC&SIL 4%s 7 PCC&StL5s A 7 101% 41048 Por RL&P 7%s'46. 1 Read gn 4145 A '97, 20 Reading 4%sB.... 18 Read Jer Cen 4s'51 5 Rio Gr W 1st 45'39. 11 RIAr&L4%s'34. 4 StLIrM'nt6s’31.. 11 StL IM R&G 4s°'33. 38 StL&SFIndsA.. 48 StL&SF 4%s'78. 50 St L&SF prin5s B. 15 StLSWevds'az., 1 StLSWist4s'89. 2 StL S W bs'52 3 St P Un Dep 58'72.. 1 San A& AP 4s'43.. 20 Seab A L 4s st '5 9 Seab A L cv 6 . 20 Sea All Fla 6s A '35 27 Sea AlFla6sB'35 5 Sou Pac col 4s°49. . Sou Pac ref 4s ‘55, . Sou Pac 4345 '68. Sou P 43569 ww.. 20 Sou P&Or 43458 '77.. 40 Sou Ry gen 45 5/ Sou Ry 68 '56. . Sou Ry 6%s 56 TerAs St L 58 "44 Tex & Ark 5%s '50., Tex & P 1st 55 2000, § Tex & Pac 5s B'77.. Un Pac 448 '67.... Un P 1st rf 55 2008. Va Ry & Pow 5s'34. Wabash 41578, .. Wabash 1st bs '39.. Wabash 2d 5539, .. Wi 80 1102 1112 6 102%