Evening Star Newspaper, January 29, 1931, Page 14

FINANCIAD, [ e BONDS ] BN LNEISINK - Received by Private Wire Direct te The Star Office UNITED STATES. Sales. High. Low. Close. (Sales are in $1,000.) Mor & Co 1st 4 5 82 8% ~Sales. _Hish - _Lew Nat Dairy 518 '48. 182 100% 100% BEARS EXONERATED| [GOVERNMENT BOND| LIST SAGS FURTHER NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Prev (Continued From Page 13.) Low. Close. Close. ~Prev. High. 1931 Low. Stock and Sales— Dividend Rate. Add 00. High. Close. 10128 101 IN'WHITNEY PROBE Exchange Head Cites Sales of Large Stock Holdings by Trustee. By the Associated Press. BOSTON, January 29.—Richard Whit- ney, president of the New York Stock Exchange, disclosed today investigations of alleged bear raiding had resulted in the exoneration of the bears and the indictment of economics. He addressed the Boston Chamber \of Commerce and publicly discussed for the first time what Wall Street called the “bear hunt” during the declining markets of 1930. He said the exchange failed to discover any faets to support allegations of bear raids or concerted He defended the short sale ssential in open market machinery and urged the public to consider real values rather than rely on tips, rumors and hopes. When the market broke, he said, the public was unable to appreciate that real liquidation, particularly on bank loans, was taking place. “The investigations have shown sald, “that a number of events which had all the appearance of bear raids were, in effect, the liquidation of long securities, For example, last Fall the action of certain railroad stocks seemed to indicate they were the object of bear attacks. Large blocks began to appear for sale and the pressure was contin- uous. “When thees sales were traced to their source it was found a large insti- tution had determined to liquidate cer- tain railroad stocks which it held as trustee. In order that all its trusts might be treated alike the stocks were pooled and offered for sale in blocks. Although this may have had an unfor- tunate effect on the market thiere is no doubt it was done in this manner only in order to preserve equality among the number of trusts for which the institu- tion was acting. The bull market of 1920 and the declines of 1930, Mr. Whitney asserted, were due largely to the unreasonable optimism of security owners in the pros- perity period and to their panicky atti- tude when depression came. He called for the dissemination of “real infor- mation to our investors so_their judg- ment can be based on facts.” “The primary lessons of the last two years are that the United States is and will continue to be a great industrial country,” he said. REDUCED DRILLING AIDS OIL INDUSTRY Exploration Activities Are Sharply Curtailed in Mid-Conti- nent Field. BY B Associated Press Staff Writer. ‘TULSA, Okla., January 29.—Sharply curtailed drilling operations are viewed by leaders of the American petroleum Industry as one of the most heartening factors in the make-up of the industry’s present economic _position. A curb on the drill. a step long ad- vocated by outstanding figures in the conservation movement, has reduced the exploration for oil to a point not known for 15 years. One ‘thousand fewer drills are bur- Towing their way into the bowels of the earth for the magic-like liquid than was the case a year ago. + Statistics Given. Figures available from the Midconti- nent Oil and Gas Association showed the number of wells drilled in the United States in 1930 was approxi- mately 21,000, less than in any year since 1915, and placed the number of present drilling operations at less than 3,400, as compared to 4,468 at this time last year. The movement to curtail drilling, urged by many leaders of the industry as the most eflective method of con- serving ofl in its natural reservoir, began to gain momentum in the last half of 1930. Fewer new wells are being started now than at any time in 1930. The significance of the lessened ac- tivity last year may be seen in a com- parison with the figures for other re- cent years: 1925, 25,623 wells; 1926, 29, 319 wells; 1927, 24,143 wells; 1828, 22,- 331 wells; 1929, 26,356 wells; 1930 (ap- Pproximately), 21,000 wells, These figures include all wells drilled, of which something like 30 per cent were failures. The remaining 70 per cent found oil or gas in commercial quantities. While a reduction or more than 500,- 000 barrels in the country’s daily aver- age crude oil production in the last seven months was brought about large- 1y by proration policies, curtailment of drilling is conceded some of the credit. Check on Drilling. A continued check on drilling is among the things regarded as necessary for the industry’s improvement by such leaders as E. B. Reeser, president of the American Petroleum Institute and the Barnsdall Corporation, W. G. Skelly. president of the Skelly Oil Co., and William N. Davis, president of the Midcontinent Oil and Gas Association and a vice president of the Phillips Petroleum Co. If the drill can be idled, along with maintenance of proration programs and curtailment of refinery operations, they believe the industry will emerge from the present period of readjustment on @ sounder basis than ever before. PENNSYLVANIA RAILROAD EARNINGS SHOW DROP By the Associated Press. PHILADELPHIA. January 29.—The railway operating revenues of the Penn- sylvania Railroad Co. for 1930, com- pared with 1929, showed a decline of $118,691.776, it was announced yester- day. The revenues amounted to $574.- 446,955, as against $693.138,731 in 1929 and $661.051.414 1n 1928 The railway operating showed a decrease of $70,037,538, com- pared with 1929. Last year the ex- penses amounted to $430,387.823. The net railway operating income in 1930 amounted to $92,341,353, a di crease_compared with 1929 'of $42.67 473. The operating income in 1929 was $135,017,826 and in 1928 $118,268,300. These figures for 1929 and 1930 in- clude the operations of the West Jersey & Seashore Rallroad Co., which was Jeased to the Pennsylvania effective July 1, 1930. In announcing the results of opera- tion last vear, the company said: “Analysis of the figures for the year shows that, notwithstanding the de- cline in revenue, the operating ratio for 1930 was lower than that for any expenses ~Prev. 1931 High. Low. 63% 55 181 12% Stock and Sales— Dividend Rate. 6114 Nat Supply (5) 1 41% Nat Surety (5) 15% Nat Tea (1). 10% Nevada Copper (1).. 42% Newport Co A (3). 14% Newton Steel. . 221 113 61 51 ¥ Central (8). 238 NY Dock.. 165 N Y & Harlem (5). 10% N Y Invest (1.20). 75 NYNH&HaM (6). 110 NYNH&HDpL (D)., 5% N Y Ont & Western. . 100 N Y Steam pf (6).... 200% Norf & West (t 8914 Norf & West pf (4).. 4% North Am Aviation. . 62 Nor Am (b10% =tk). 53 North Amer pf (3) 102 North Am Ed pf (6). 47% Northern Pacifie (5). 17 Ohio Oil Co (2 3% Oliver Farm E 3% Omnibus Cory, 54 Otis Elevator (2;).. 33% Owens 111 Glass (3).. =& El hting (3). acific Tel & Tel (7). 40s 8% Pack Mot Car (60c). 34 34 “Pan Am Petroleum. . 36% Paramount Pub (4). 5% Park & Tilford...... 113 Park Utah . 14 Pathe Excharge. . 103 Patino Mines Penick & Ford (1). 1% Penney (J C) (3). 313 Penn Dixie Cement. . Penn 2001 Peop Gas Ch (8).. 6% Petrolm Cp of Am¢ 19% D] 15 1 234 9% 23% 547y 99 1015 165 68 Tl Phil F C 1. Phillips Pet (2) Pierce-Arrow pf Pierce Petrolm (16¢ Pillsbury Flour ( Pitts rew (1.40)... 13 Pitts United Corp. 11 Poor&CoB (2). 4% PRAm Tob B. ... e Oil & Gas ( 231 irie Pipe I, (15). . 18 3 ssed Steel Car. ... i 6914 mb (2.40) 68 81% 72 Pubs J(3.40)... RO 115 109% Pub Sv N J pf (6). 114 58~ 49% Pullman Corp (4). 54 2 % Punta Alegre Suga; 25 1 1% S Punta Ale; g ctfs.1183s 1 8% Pure Oll g 95% Pure Oil 1 R 38 Purity Bakeries (4). 12 Radio Corp..... 48 Radio Corp pf A 344 Radio Corp B (5) 15% Radio-Keith-Orph A. 38 18% Raybestos Man 2.60. 8 11 Reis (R) & Co 1st pf. 508 15% Rem Rand (1.68). ... 98 Rem-Rand 2d pf (). 8% Reo Motor Car (80c) 12 Republic Steel. ... 29%% Republic Steel pf 115 Reynolds Metals 1% Reynolds Spring. 70 Reynolds Tob A (3). 40% Reynolds Tob B (3). 2% Richfield Oil. . 5% Rio Grande Oil. . . 16'»x Rossia Insur (2 20).. 378 Roval Deh(m1.3404) . 38% Safeway Stores (5).. 24% St Joseph Ld (2). 43 St L-San Fran (8). 23 St L Southwestern. 13 Savage Arms (2). 4 Schulte Retail Strs 40% Scliulte Retail pf (8) 1508 13 Seaboard Air Line. 3 1. Seab Air Line pf. 6'¢ Seagrave (6 44°% Sears Roebuck Second Nat Inv., 114 Seneca Conper 4 Servel Inc. . 22 Shattuck F G (1113)" 7% Shell Union Oil. . .. . 58 Shell Un Oil pf ( 4'% Shubert Theaters 14% Simmons Co...... 10 Sinclair Con 011 (1). 813 Skelly Ofl. .. 16 Sloss Sheffield Steel. 29 Sloss Sheffield St pf. 17'% 12 Sou P Ric Sug (1.40) 50 45% South Cal Ed (2). 4%__ 4 _South Dairies B T05% 923 South Pacific (6). 62% ui 1 2 14 44 15 48 5 508 2655 10% 75 5% 17% 13% 12% 19 35'% S hing (1). 18% 16% Stand Brands (1 667% 58 Stand G & 50% 45% Stand Ofl ¢ 104' 102% 19 16'; Stand Oil Kans Sl a5% Add 00, High. Low. 17% 1% 43 103 981y 26% 2215 Stand Of 28 211 Starrett 5% 3 Sterling 36W 33 19% 4% 24 u 43 35% 61 18 915 26 497 613 15t 15% 5% 9 s 6l Y 6l 16% 11 42% 15 Stewart Studel Sun Oil ( exas C Thermoi E Third Av 24% Tide W4 nsue Und-E Union T Unit Bi Unit Car United Co Unit Cor 7 S Indu; Pipe Real Rubl " IS Tob Unit Stoi " Y & Wabash Waldorf Ward Ba Warner Warren War Bro West Pa West Pa West Pa West Pa Western Western Western Western Western Wextark White M White Wilcox I Wrigley 22 2% Zenith R; c Gas P e Dividend rates as payments based on the s Unit of trading less in stock. & Payable in —no_ regular rate. b e Payable in cash or stock. Sterl Seccvpf (3)... 1 Stone & Webster (4), Submarine Boat. Superheater (2 mington A. . Telautograph (1.40). Tennessee Carp (1).. Tex Gulf S s Pac Land (hatcher Mfg (1.60). Third Nat Invest. Tide Water As (60c) Timken Det Ax (80¢c) Timken Roller (3)... Tobacco Prod A 93¢ Transamerica (1)... Un Carbide ( Un Oil of Cal (2).. Un Pacific (10). . Un Pacific pf (1).. 5 : | Unit Aircraft. .. . 2 Unit Aircraft pf (3) . Unit Dyewood Unit Electric C ubber 1st pf. TS Smelt & 78 Steel (7) Steel pf (7) Unit Stores pf ( % Univ Pipe & Rad. .. .. 3 3 Util P&L A (e Vulcan Det (4). Walworth Co (2) Ward Baking A Ward Baking pf (7). Warner Quinlan. Warren k' Wess Oil & Snow Willys-Overland. Wilson & Co pf. Woolworth (2.40). V/orthington Pump. . Yellow Truck..... Youngs Spring (3). RIGHTS—EXPIRE. Sales of Stocks on New York Exchange. Pay h Plus 2% in stock. 3% in stock. mPlus 1% in stock. n Plus 5% in stock. 24 - 2% 28 28 5% 4% 351 35% 15% 154 43 44 21 INY (1.60). 8 24 (LS) (12%). 5 28% Sec A. 19 5% 36% ‘Warner. . 8 20 er (1.20)... 77 A A2).o 409 Sww mrmte p (3) P d Co. venue As pf (6) & W (1) 60). cuit (2)..... bon (1)..... orporation. DL (3). &F (). ..., ty & Im (3). 140% 148 603, r 258 5 iy 2 421y 25% 2 494 2% 14 | 103 2 46 19 40 Pow pt (6) king B Bros Pict. Bro s ey AR o ELpf (6). EI pf (7) Pow pf (7). Dairy A (1) Dairy B. Md Pacific Pa Radio St otors (2) ck MS 147 tich A ( Zrenmaccme 55 (Wm) (4).. 1 34 adio 1 &El.Marll 1 2 2 200,000 12:00 Noon 700 000 1.000,000 2:10 P.M. 1200,000 en in the above table are the annual cash latest quarterly or half yvearly declarations. than 100 shares. tPartly extra. % Plus 4% scrip. § Plus 9% 1n stock. a Paid last year le in stock. d Payable when earned. stock. fPlus 8% in stock. &Plus 6% in JPlus $1 in preferred stock. k Plus Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., January 29.— Potatoes, white, 100 pounds, 1.25a2.00; sweet potatoes, barrel, 2.00a4.00; yams, barrel, 16.00a20.00; beets, crate, 2.25a 2.75; cabbage, 16.00a20.00: carrots, 2.50 23.00; caulifiower, crate, 1.75a2.25; celery, 2:50a3.50; eggplants, 1.75a3.00; kale, 70a75; lettuce, hamper, 1.25a3.0! peppers, crate, 1.50a3.25; parsnips, 80a 1.20; spinach, bushel, 50a1.00; tomataes, crate, 50a3.00; turnips, bushel, 65a0 apples, bushel, 60a2.00; box, 1.25a2.25: cranberries, box, 2.75a4.00: grapefruit, 1.50a2.75; oranges, box, 2.00a3.25; tan- gerines, box, 75a1.50. | Dairy Market. Poultry, alive—Turkeys, 34a35; old, 28a30; chickens, springers, 26a30; Leg- horns, 18a20; old hens, 18a23; Leg- horns, 16al7; roosters, 13al4; ducks, 15a24; guinea fowls, each, 30a60; pi- geons, pair, 15a20. Eggs—Receipts, 440 cases; nearby firsts, 21; Southern firsts, 20; current receipts, 20. Butter—Good pound, 28a31; 16a18; process, 13al4. to fancy creamery, ladles, 19a21; rolls, 25a26; store packed, Live Stock Market. Cattle—Receipts, 200 head; light sup- | ply: market dull, iower. Steers—Choice to_prime, none: good to choice, 9.00 to 10.00; medium to good, 800 to 900; fair to medium, 7.00 to| 8.00; plain to fair, 6.00 to 7.00; common to plain, 5.00 to 6.00, Bulls—Choice to prime, none; good to choice, none; medium 1o good, 5.00 to 5.50; fair to medium, 4.50 to 5.00; plain to_fair, 4.00 to 4.50; common to fair, 350 to 4.00 Cows—Choice to prime, none; good to choice, 5.25 to 5.50; medium to good, 450 to 5.00; fair to medium, 4.00 to 450; 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; medjum to good, 7.00 to 7.50; fair to medium, 6.00 to 7.00; plain to fair, 550 to 6.00; com- mon to plain, 4.50 to 5.25 Fresh cows and springers—40.00 to 80.00. Sheep and lambs—Receipts, 75 head: light supply; market steady; sheep, 1.50 t0 4.00; lambs, 4.50 to 10.25. Hogs—Receipts, 400 head: light sup- ply; market lower; lights, 8.70 to 8.95; heavies, 7.75 to 8.30; medium, 8.65 to 890; roughs, 550 to 7.25: light pigs, 840 to 8.75; pigs, 8.70 to 8.95. Calves—Receipts, 75 head; light sup- | ply; market steady; calves, 5.00 to 11.50. | ©of the last 10 years with the exception of 1928 and 1929. The operating ratio for 1930 was a little under 75 per cent, as compared with 72! per cent for 1929 and 74 per cent for 1928." Baltimore Grain Exchange. BALTIMORE, January 29 (Special). —Eugene Blackford of Gill & Fisher, grain brokers, was re-clected president of the Baltimore Grain Exchange at a meeting of the Board of Directors yes- terday. Other officers elected were: J Adams Manger, vice president; James B. Hessong, secretary-treasurer, and Edward Bittrick, assistant secretary. ‘The Executive Committee consists of ' Edward Netre, chairman; Gustav Her- ger, T. Wilson Johnston, John Merry- 10.00; oat straw, No. 1, per ton, 9.00a | centimes. Five per cent loan, wan and Thomas G. Hope. N v Hay and Grain. Wheat—No. 2 red Winter, export, 87%; No. 2 red Winter, garlicky, spot, 787y; January, 787; Febraary, 79'4. Corn—No. 2 domestic, yellow, old, 80a 81; cob corn, new, 4.25a4.35. Rye—Nearby, 60a65. Oats—White, No. 2, new, 42a44; No. 3, 41a43 Hay—Receipts, 13 tons. General hay market strengthening. Drought has se- riously curtailed nearby crops, chang- , the entire situation. Sections here- tofore shipping are now asking for offerings of hay. Good clover, mixed and timothy new hay will bring from | recession in 1925 that he thought it Secretary’s Stand Against‘ Immediate Bonus Payment Backed by Figures. Former Pronouncements Have Made Deep Impres- sion Upon Business Men. By the Associated Press Any words on finance from a slender- framed, white-haired man in Wash- ington rise quickly above the din and turmoil of the New York Stock Ex- change. Stock traders, financiers, indus- trialists listen and ponder. He speaks their language—only the statements he issues on financial conditions nd general trends are few and far between. Andrew W. Mellon, Secretary of the Treasury under three administrations, has never been accused of talking too much. His criti have attributed many financial twinges the country has had since he took office on March | 4, 1921, to him. They have never, however, accused him of shaking busi- ne: confidence or leading to market excesses by rash statements. Wants Balanced Budgets. He will give his view frankly on governmental expenditures, or - pro- posals involving those expenditures, if called upon. There was no doubt as to his attitude yesterday when he de- nounced before the Senate Finance Committee the plan to pay $3,400,- 000,000 to veterans in cash bonus pay- ments. If he has any financial fetishes one of them is a balanced budget. He faces a prospective deficit this year, but even his critics have not laid the’ responsi- bility upon him. Stocks have risen and faflen on rumors that he would resign. Repre- sentations as to his attitude have caused flurries, but they have been generally without his -authority, or his knowledge. Sometimes after a market incident 15 over he will say a_word or two designed to restore confidence. He said after a sharp stock market would have a wholesome effect. He said in the Summer of 1929, only a little while before the cataclysm, that he thought it a good time to buy bonds. In October, 1929, tremendous g:cfisun‘ was put upon him by the nking world for some public reassurance. Sec- retary Mellon replied there was noth- ing for him to say. Part of his in- fluence is ascribed to that reticence. ‘The depths of finance and the fluidity of money currents are simple to him. MELLON'S STATEMENTS HOLD INTEREST OF FINANCIAL WORLD | — ANDREW W. MELLO! He was born a member of a wealthy Pennsylvania family, and he built upon the fortume given him until he is regarded as one of the wealthiest men in the country. Trained in his father'’s bank in Pittsburgh, he later headed the Mellon National Bank, the financial heart of enterprises whose veins and arteries extended over the country. A Legends have grown up around him, and a reserve that is almost defiance has not dispelled them. His intimates and people who come in contact with hfm daily, however, know Bim for a friendly and genial man. Secretary Mellon is 75, but nobody thinks of him as old. He has been known to dodgs an automobile in front of the Treasury by a nimble footedness that a man of 40 might envy. He walks a good bit, but is dropping golf. His passion is art, and he has one of the best collections in America. He has traveled all over Europe in search of it, and the Continent and England know him well. Firds Life Interesting. His daughter is married. His son is at school in England. He lives simply in an apartment on Massachusetts ave- nue, observing a rather strict schedule. He reaches his office each morning around 9 o'clock, and is usually there when the clock points to 6 o'clock There is no contemplative melancholy about him. He said on his last birth- day that he found life full and inter- esting; that he was glad he had lived in the years he had; would choose them if he had to do it over, and would make his home in America and in Pittsburgh. PARIS BOURSE PRICES. PARIS, January 29 _ (%).—Prices | moved irregularly on the Bourse today. 24,00a28.00 per ton. Wheat_straw, No. 1, per ton, 9.00a 10.00, ‘Three per cent rentes, 87 n-nulag francs 15 centimes. Exchange on London, 123 francs 9214 centimes. The dollar was quoted at 25 francs 52% centimes. B TREESAN, Mistletoe, native of Portugal, has red berries instead of the waxen white, |'Potomac Electric Cons. Heavy Sales of U. S. Securi- ties Extend to All Sections of the Market. BY F. H. RICHARDSON. Special Dispatch to The Star, NEW YORK, January 29.—Sales of United States Government bonds con- tinued on both listed and counter mar- kets today in record volume. Prices fell away by small fractions until the list of eight longterm issues showed an average drop from Wednes- day’s closing prices of about 34 point and about 1%: points below the recent highs This represents one of the most complete reversals of trend seen in the high grade market in years. The selling of governments started at the opening, with many large blocks and a few $1,000.000 offerings reported. liberty 31.s and liberty fourth 414s were the most active issues in the early trading. Liberty 31,5 dropped 3; point and liberty tourth 4!4s were off nearly a point. Then the selling extended to all the Treasury long-term issues. Liberty first 417s dropped 10-32, Treasury 4s were off 1'; points, Treasury 33;s lost nearly 11; points and Treasury 3%s of both 1943 and 1947 maturities were off 10-32. Other Issues Weaker. With United States Government is- sues falling at such a ace, it was nat- ural that other investment descriptions should weaken. Railroad favorites like Atchison General 4s, Baltimotre & Ohio 1st 4s, Canadian Pacific 4s, Chesapeake Corporation 5s, Chicago & Northwes ern 41.s, Rock Island 4s, Nickel Plate 41,c, New York, Westchester & Boston 41;s and Southern Pacific 4';s declined from : to 2! points. Public utilities such as American Telephone 5s of 1960, International Hydro-Electric 6s, Amer- ican & Foreign Power 5s, Utah Power & Light 5s and Philadelphia Co. 55 fol- lowed a similar course. Junior issues were also lower (though they were less affected by the selling of governments. Second gragde rails, in- cluding Rock Tsland 4.5 of 1960, Flor- ida Fast Coast 5s. Seaboard Airline 6%, Western Maryland 4s and Erie 5 dropped a point or more. McKesson & Robbins 5!5s, Richfield Oil 6s, Postal Telegraph 5s and Phillips Petroleum 514s also declined, the last named sag- ging 3 points. These losses brought the domestic list virtually back to its level at the opening of the year. Standard Sta- tistics' index of 30 corporate issues dropped over a point in two market sessions. Foreign dollar bonds held fairly well during early trading, but selling later on depressed Cuba 5'.s, German Cen= tral Bank 6s. German Government 51.s, Italy 7s, Japan 5'.s, Kreuger & Toll 5s, Peru 6s, Uruguay 6s and Yokohama 6s. New Offerings. The day's budget of new offerings amounted to over $60,000,000. Of this, $40,000,000 consisted of a Philadelphia Electric Co. offering of 4 per cent due in 1971 priced at 93'> to vield 4.34 per cent. These were reported as quickly sold. An issue of $20,000,000 constituted an additional offering of Chnadian Na- tional Railways 4125 priced at 9814 to yield 4.60 per cent. New financing expected shortly in- cludes $25,000,000 of North American Co. 30-year 5 per cent debentures to be priced at 97. This was substituted for a suggested offering of 250,000 pre- | ferred shares carrying a $5 dividend | rate. ¥ ! Washington Stock Exchange SALES. Capital Traction 55—8$500 at 853,. 55—$1,000 at 10314, $1,000 at 10314, Washington Gas 6s “B"—$300 at 105" Washington Rwy. & Electrtc 45—$1,000 at 877, Y Fotomac Electric 6% pfd.—3 at 11114 Potomac Flectric 515% pfd.—20 at 109', 5 at 109',, 20 at 109!, 5 at 10915, 10 at 10914, Union Trust Co.—10 at 215, 10 at 215. AFTER CALL. Capital Traction 55—8$3500 at 86%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4’25 '33 Amer. Tel, & Telga. 4'2s '39 Am. Tel. & Tel. ctl. tr. 55 Anacostia & Pot. R R. 55 Ana. & Pot. guar. s C. & P. Tel. of Va. 55..... Cepital Traction R. R. 5i.. City & Suburban 55.. Georgetown Gas st 55 ... Potomac Elec. cons. 5. Potomac Elec. 65 1953.. Wash., Alex. & Mt. vernon ctl Wash. Balto, & Annap. 5s.. Washington Gas 4'2s.. Washington Gas 5s... . w 'Gas 6s. series A Gas 65, series B . Rwy. & Elec. 45. MISCELLANEOUS. Barber & Ross. Inc., 6 Chevy Chase Club ' Columbia_Gountry Club 5133 D. C. Paper Mig. 65 5 W. M. Cold Storage 55.... Wash. Cons. Title 6s PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital_Traction Co. Wash. Gas Lt. Co. (i8) .. N. & W. Steamboat (12} Pot. Elec. Power 6 Elec. Power 5 & EL com, NATIONAL BANK Capital (14) 5 Columbia_(12) : Commercial (stamped) (10 District (8)... .. Fed-Am. N Bk. & Tr. (2 Liberty (78} Lincoin (12)" Metropolitan (14) Riggs (155). Second (9e)."""" Washington (13} S TRUST COMPANY. Amer. Sec. & Trust Co. (15) Continental Trust (6).... Natl. Sav. & Trust (12} Prince’ Georges Bk. & Tr. Union Trust (8s) v Wash. Loan & Trust (ids). SAVINGS BANK. Bank of Bethesda (6%) .. Commerce & Savings (10). East Washington (12). Potomac (10).. s Security Sav. & Com. B Seventh_Street (i2) 2 United States (30).. .0 " "1 Washington Mechanics’(20) FIRE INSURANCE, American (12). Coreoren (10) Firemen's (8)." National Union’ (i5) TITLE I Columbia (6h) g Real Estate (6h) ... Title & Inv. Co. Md. com MISCELLANEOUS, Barber & Ross. Inc.. com Col. Medical Bldg. Corp. Col. Sand & Gravel bl D C. Paper Mg, pfd Dist. Natl. Sec. pfd, Emer. Bromo-Selz. “A Federal Storage pid. Fed.-Am.” Co. com. ( Fed.-Am' Co. pfd. (8 Lanston Monotype (8) Mer. Ir. & Stee. ()’ @D Mergenthaler L Natl. Mige. & Inv. pfd Peoples Drug Stores ptd Real Est. M & G. pfd. Security 'Storage (de). . .. Ter. Ref. & Wh. Corp. (). The Carpel Corp. (150c)" .. W. Mech. Mtge com (6) Wash_Med. Bldg. Corp. (7s). Woodward & Lothrop com. Woodward & Lothrop pfd. (7) *Ex dividend. 82% extra, b Books closed. ¥212% extra, nasc extra. extr 130c extra. 4% extr §1% extra 5% extra, e1¥a% extra. cl2i4e extra. U. S. TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of busi- ness January 27 was $164,899,185.99. Customs receipts for the month to date were $24,014,359.16. ‘Total ordinary ex- penditures, $6,352,840.28, b 30 107 Lib3%s. Lib 1st 4148, . Lib 4th 43s. .13 US3%s'43.. US3%s'47 US3%s. U Sds'44.... US4uss2.. us 10 35 83 102 102 20 10318 102 14 105 16 107 30 21 11116 1018 FOREIGN. Sales. Argentine 2 Argentine 6s Oc Argentine 6s A Australia 432 s Australia Australia Austria 7543, Bk of Chile 6128 Ek of Chile 6% s "61 Batav Pet 4 Belgium 6 Belgium 6 Belgium Relgium 7s Belgium 8 Bolivar 7 Bolivia 7s ctfs Bolivia 8s 4 Bordeaux 6 Brazil 6148 Brazil 61;s "2 Brazil 7s. . Brazil 85 4. Bremen 7s '35, Cnnada 5s'31. Canada 5 Chile 65 '60 Chile 65 '61 Chile 75’42 Chin Gvt Ry Christiana 6554, Colomb 65 Jan ‘61 Con Pow Japan Copenhag 5s ERTSI ot =T OIS ey o » oXZwens m waney ancnanfiens Denmark 4 Denmark Denmark 65 '42 Dutch East I 6s Dutch East I 65 "6 Finland Fram 1D 7 Isenk’chen 6s'34 6 Tman 513865, .. 124 German Bk 6s'38.. 16 German 7s rep ‘4 67 ierGenEl7s'45.., 5 Greek 65 '63. 25 Haiti 6s ss Hungary 7138 '44.. 2 Irish Free St 5s'60. 6 Italy 75 '51... Italy Pub Sv 7s ", Japanese Japanese 61,5 Jugosl Bank 7s " Karstadt 6s'43. Kreug & Toll 5s Lyons 6s'34..... Marseille 6% '34 . Milan 63s '52. . New S Wales 6s Norway 6s Orient dev 514 Peru 6s Peru 7s '3 Poiand 6s Poland 7 Poland 8s Prague 7%s" Queenland 6s 47 Queenland 7s ‘41 Rhinelbe 7s '46 hine West 6s Rhine West 635 Rhine West 7s Rio de Jan 61, R Gr De Sul 6s ir De Sulfs '46. . Rome 6138" Roy D 4545 ww Swiss 5158 '46.... . Toho El Pow 6s 32 Toho Tokio Tokio 5% s 61..... Utd King 51837, Urug Vienna 6s 3 Yokohama 6s'61. .. MISCELLA Abitibi P & P Adams Exp 4548, Allegheny 5s 44. Allegheny 55'49. .. Allis-Chalm 58°37.. Am Ag Ch 7%s 41, Am Chain 65’33, AmF P 552030.... AmIGCh5s’49. Am IntCp 5les'49. Am Metal 5155 "34. Am N Gas 6325 '42. Am S&R 1st 58 " Am Ret 63 Am vials Am T&T 5s Am T&T c t Am T&T 55 £°60. . Am T&T 5% 43 Am W Wks 58 ‘34 AmWat Wk 6s Arm & Co 4125 Arm Del 5 AtGulf s 6. Bell Tel Pa 5 Beth Steel p Beth St rf bs Chile Cop db 55 '47. Colon 011 6 "38 Col G&E 5 Com Inves 45 C Am Sug col 8s 31 Denver Gas Det Eds g Det Idison os '40. . Det Ed rf 6s B 40. . Duquesne 4 East C Sug Gen Cable 5 Gen Motors 65 '37. . Gen St Cas 58 '49. Gen Th Eq 6s'40. .. Goodrich cv 68 '45. Good 1st 6348 '47. .. Goody'r Rub 58'57. Hoe & Co 616534, . Hum O&R 111 Steel 41 Inland St 4 Int Cement 5848 Int Hydro El 65 '44. 14 Int Match 5s 47 2 Int MM col tr 65 Int Pap 5s A "47. Int Pap 6s'55 2 Int T & T 41852, . Int T&T cv 4135 '39 IntT&Tbs'55. ... KCP&L4ts" Kan C P&L 55 A '52 KanG & E 4155 '80. Laclede 5%s C'53. . Laclede 5%s D '60. Lig & Myers 58°51. Loew's 6s war '41.. Loew's 6s ex war. Lorillard 5s '61.... Lorillard 5%s'37.. Lorillard 7s ‘44 Lou G & El 58 '52 McKes & R5%s Midvale St 55 '38.. Mout Pow 55 "¢3 .g8. High, Low. 84 85 90% 0% 901, 90 648 1% Ti% 105% 94y 106 1204 126 89 3% 60 10214 101% 9614 96 8814 91 9415 T4 64 8 8814 83 1024 105% 9414 1025 101% 106% 10214 981 86 95 109 105 81 102y 108 101182 1028 10213 10224 103 10@ | 102 102 14 10214 10512 10512 107 14 10717 11110 11114 Ciose. 100% 97 86 9315 101% 1087% 97% 93 96 89 91% VWest Rad 6145 47 ng T 15t 58 N Y Tel 434530 N Y Tel 65 41, N Y Tel 65 '4 Nor Am Ed 5 5 Nor Am Ed 5 Nor O T & L 6 Nor StPw 5s A4 Pac G & El 5542 12% 10815 102% 106% 1% 101% 102 2 105% Nat N Pan-Am Pet 6s " Paramount 6 Pathe Exch Peoples’ Gas Gs. . Phiia Co 55'67. ... 5 Pnila & Read 6= '49 21 Phila Pet 51, Por RT am 6: Pos Tel & C PubSvG4 Pub Sv G 414570 Pure 011 Sinc PL 5s Solvay Am bs 42... 2 Sou Bel T&T 55 '41. 10 SW Bell T f 3 StOil N J5s'46.... StOIN Y 415551, Tenn EI P 6s A 47, & Tex Corp ev 55 '44. 195 Unit Drug cv 5s Rub 1st 8 22 5 Ctil Paw 51 Warn Br Pic 63 Warn Quin 6s°39. .. Warner Sug 7s'41.. 1deb 68 '44.. 17 Lel bs 51, 27 West Union 55 '60.. 20 West tn T 6} .29 110 Wil& Co 1st 6s'41. 8 100 Ygstn Sh&T 5s°'78. 18 103 RAILROAD. Ann Arbor 4s .2 80y Atchisonadj4s'95. 10 96 Atchison gen 45 94 985 Atchisev4las 'dl.. 24 1181y At&Birds'33..... 2 541y At& Danv 2d 4s'48. 5 391, AtC L 1st 4552 14 961y AtC Lcol 45 2 9% AtCLA4%s 64, . 14 100 9Ty 101y 971 107 103 103 10944 Bos & Me 55 '35 1003, Bos & Me 55 '67 BKIyn Elev 615, BkIyn Man 6s '68 BKIyn Un 554 %8°55. .. July "6y Oct "69. Can Nor 615 db 46 Can Nor 7s deb '40. Can Pac deb 4s. Can Pac 4158 '46. Can Pac 4,5 '60. ctfs 44, Can Pac 5554 Car Clin & O 58 Car Clin & O 65 B=le Chi& O gn 4 Chi& 0 4% Chi& O 41is CB&Qgen a Beom Sont C B&Q 1lldv 4s'4 Chi & Eag 111 5s Chi Grt West 4s Chi IngL gn 5s " Chi M StP&P 55 Chi M & St P ad) 5s. Ch&Nwn 4158 2037, Chi Chi & Chi&NW rf 55 2 Chi v Chi Chi RI& P rf 4s'34 Chi RIcv 413860, ChiRI&P4%s AL ChiT H Ine 6s'60. . Chi Un $ta 53 B '63. C& W Ind cv 43 3 fonee Colo & Bou 414835, Colo & Bou 47325 '80. 16 Del & Hud rf 4s°43. 18 Del & Hud 5%;s " D& R Gr gn D&RGW 5 Fla E Coast 55 '74. . GrtTrs £ab 6s'36 Grt Trunk 7s ‘40 Grt Norgn 5 Grt Nor gen Gulf Mobile 5s ‘50 HavERL& P Hav El Ry 51as Hud & M adj Hud & M rf 58 o R8en 94iy T4le 64 8 B8, 83 1024 105% 944 103 101% 106 102% 9815 86 95 109% 105 81 10214 108 111 Cenr 45 '52 111 Cent 4s * 111 Cent re 111 Cent 4% s *6) 111 CCSIL&N 4 Int Rap T'r 55 Int Rap Tr sta Int Rap Tr 7s Int & Gr Nor Int & Gr Nor Int R 5 A curneaSEanban lowa Cent rf 4s ", Kan City Sou 3s Kan City Kan City Ter 4 Lake Shore 35 '97 Lake Shore 4s ‘31. . Leh Val cv 4s 200 LehV cv 43 Leh Val 5. g IsITf 4549 unf 4 s B 5 Istrfoles... Manh Ry 1st 4s'90 Market St 7s°40. .. Mil E Ry & L 55 '61. M &SL Lst rf 4s ‘39 M StP&SSM con 4s. M StP&SSM bs gtd. 22 SM 5148 78, 4 & T 4s & $8'78. .. MK & T ad)j 5567 MK&Tprinbs A Mo Pac gen 4. 3 MoPac3sG'18.... 6 Mo Pac bs H '80. Mo Pac 5% s ov '49. \ Ch & Bt L 4s assau Elec 45 &T&M58B NOT&MG%s 54, NYCgn3%s'oT.. N Y Cent db 4s ‘34 NYCen4s'98..... 17 N Y Cent41482013. 6 NYC re im 55 2013, % N Y Cemtdb 6s'35.. 1 &StL4s'37. 1 NYC&StLdb 4s°31. 1 NY CEStL 4%5'78. 52 894 NYC&StL6%sA 1 103% NYC&StL6s'32. 15 1014 9313 100% 861 100% 961 102% 07% 991 100% 11 108t 1021 106% 111% 101 102 104% 102% 10274 104 10714 1021 0: 95 FOR RAIL SYSTEM Western Pacific Entry Into San Francisco to Aid Van Sweringen Plans. BY CHARLES F. Special Dispatch to The Star. NEW YORK, January 29.—The most interesting recent development in the railroad world comes out of the an. nouncement that the Interstate Com- merce Commission has given permission to the Western Pacific system to build a new line, giving it an all-rail entrance Into San Francisco. This brings to an end a long and bitter contest be- tween the California line controlled by Arthur Curtiss James and the South- ern Pacific, which has been dominant on the South Pacific Coast for many years. The effect of the commission’s de- cision in the development of another transcontinental line is also of great importance to all of the systems serv- ing the Pacific Coast territory. While the Western Pacific’s policies are di- rected by Mr. James, the fact that the Missouri Pacific has an interest in the property will permit the Van Swer- ingens to route traffic over their own rails from coast to coast and lifts the handicap which has been facing them iIn being unable to get directly into San Francisco. Other Aspects of Case. Should they eventually carry out their scheme to tie in the eastern portion of their system with the Bos- ton & Maine they will have a more comprehensive transcontinental line than that which George J. Gould built up and which had its Eastern terminal at Baltimore. There are other aspects of the case that have deep significance with re- spect to future traffic questions. The Western Pacific some time ago was given -permission to build a line in con- nection with the Great Northern Rail- ‘way, which would form a through route from the Pacific Northwest into South- ern California. With the 39-mile stem now to be built from Niles, Calif., the Great Northern will become a competi- tor of the Southern Pacific in a terri- tory that is bing opened up for de- velopment. One of the strangsst as- pects of the entire situation is that while Mr. James is believed to hold a majority of the Western Pacific stock and is one of the largest shareholders of the Great Northern, his investments in the Southern Pacific are also said to be extensive. In spite of this the contest between the Western Pacific and the Southern Pacific over the San Francisco entrance and also over an application which the Western Pacific earlier made to penetrate the region south of San Francisco, has been fought with great intensity. ' Transcontinental Traffic. Since the Missouri Pacific came into control of the Van Sweringens, there has also been evidence of a stirring fight for transcontinental traffic be- tween this road and the Southern Pa- cific. In order to counterbalance this the Southern Pacific purchased a con- siderable block of St. Louis-Southwest~ ern Railroad stock last year. It was felt by the Southern Pacific marmgement that it needed a line that would supplement its Texas divisions in carrying traffic up the Mississippi Val- ley and into the St. Louis district. In the Interstate Commerce Commission's consolidation plan, the St. Louis-South- western was allocated to the Illinois Central. This road, however, has shown no desire for it. There Was no pro- test frcm it when announcement was made that the Southern Pacific had entered this situation. Subsequently, however, opposition to Southern Pacific ownership of the “cot- ton belt” arose from competing lines, including the St. Louis-San Francisco, the Chicago, Rock Island & Pacific, which is a relative of the Prisco, and the Texas & Pacific which is owned by the Missouri Pacific. The contention of the Southern Pacific interests is that they are gradually being shut out of a territory that is of great importance to them by the series of combinations effected as a' part of the development of the Van Sweringen lines into a trans- continental system serving not only the central portion of the country between St. Louis and the coast, but also that between St. Louis and Texas and through the El Paso gateway. (Copyright, 1931.) SPEARE. Sales High. Low. Close, NY NH&H 3%s'56. 1 78 8 78 NYNH&H db 48'57. 5 74% T4% Td4% NY NH&H 43%s'67.119 94% 93 94 9 117 116% 1164 105% 105% 105% 44 44 44 36% 36% 364 2 214 50 50 85% 86 38 Y O&W 1st 4s NY O&W gn 4s Nor & Wn cv 4s'96. 28 Nor Pac 3s 2047.... 10 Nor Pac 48’97 30 Nor Pac 55 D 2 ! Nor Pacri 6s2047. 13 22 96% 674 94% & 1044 12 93% 105% 1021 Oreg-Wash 4s"61. . *80 Penn gen Penn 412570 . Penn 4%, s ‘63 Penn Penn Penn 6% 5 Penn O&D 4% Pere Mar 4% Rio G RIAr& L4%s . StLIr M'nt6s31.. StL IM R&G 4s'33. StL&SF inds A StL & S F 416578 StL&SK gen 5531 St L&SF prin 5s B. 13 821y 100% 101 997 941y aTh 95 StP&KCSL é San A & AP4s'i3.. 14 Seab A Lrf 45’4 Seab A L 4s st 50 Seab A L cv 6s 4 Sea All Fla 6s A '35 14 Sou Pac coi 45’49 Sou Pac ref 4s '3 Sou Pac 4165 68 Sou P 418’69 ww Sou P&Or 416877 Sou Ry gen 45 '56. Sou Ry 58 94 Sou Ry 65 '56. Sou Ry 6145 '36. Ter As St L 4. .. Tex & Ark 5% 50, Tex & Pac 5s B '77. Tex & Pac 55 C'79.. Texas Pac 5s D '80. 168 Third Av ref 4s'60 21 Third Avadj 58 '60. 22 Ulster & Del 45'52. 1 Un Pac 1st 4s '47... 50 Un Pac 45 '68. 24 Un Pac 4%s'67.... 66 Va Ry 1st 5862, 2 Va Ry & Pow 55'34 8 Wabash 1st58'39.. 5 Wabash 55 B '76 9 Wabash 6s D '80... 14 Wabash 516 16 101% 36 80% 23 96 6 9214 7T 92% . 25 64 3 9 1054 105% 98 98% 971 9T% 981y 98% 50 50 32 33 53 53 994 991 92% 92% 99% 9% 107 107 / 102 102 104 104 9 94 92 92 100% 101% 80 80 95 96 92% 924 82 92 64, B4 46 Wst Sh 1st s 2361, Wis Cen gn 45 '3 ‘ \ {