Evening Star Newspaper, January 30, 1931, Page 14

FINANCIAL. o] |FLECTRICTY RATE A—14 e FINANCIAL., DEBT AGREEMENTS | THE NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. EVENING STAR, WASHINGTON. D. C, FRIDAY, JANUARY 30, 192, lB[lNI]S IRREGULAR, | Coxsev vorx BONDS Received by Private Wire Direct te The Star Office UNITED STATES. (Sales are in $1,000.) Sales. High. Low. Ci NY ELH&P 58 '48 108 108 108 Stock and Sales— URGED BY KEYNES Economist Declares Nations of World Should Reach an Understanding. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, January 30.—At the annual meeting of the National Mutual Life Insurance Society of England, of which he is chairman, John Maynard Keynes yesterday said that the present world economic crisis is largely due to the dog-in-the-manager attitude of the | and that world con- ditions will get worse, not better, un- Jess some sort of & concerted movement is worked out before long between debtor and ditor countries. This famous British economist con- tended that world prosperity is oaly ible when there exists a “steady of lending, equal to the amount of their surplus resources, from creditor countries as a whole to debtor coun- tries as a whole.” Anything which_inte movem: causes Lroi e, according to Mr. Keynes. Overloading the scale: either on one side or the other, is ba Today the scales are overloaded on the de with debts, obligations and So the business machine slows d the price vel falls. s destroys the credit itries and it becomes m the view of > lend to them, Some one must lend to those countries if a catastrophe is to be avoided,” M. Keynes added, This statement creditor countrie: eres with this the most pessimistic ever uttered by this British economist— contains a that every country may well heed Tariff Move. A tariff on oil! That's the latest cry from the hard-press:d oil industry. But the movement, so confident of success a short time ago, has struck a snag in lhe refusal of Chairman Hawley of the House Ways and Means Committee to call any meeting of his committee to investigate the proposed duty on crude or refined oil products until the Tariff Commission itself has made its own investigai So there wil about this for a in the m: are ‘studying carefully than ever the effect of the immense import of oil from South America, brought in largely by the Dutch Shell, the Sun Oil Co., Sinclair and several other large companies. Colombia and Venczuela are the countries from which the big oil import into the United Stat's comes—not crude, but refined oil. Venezuela shipped to the United States 25,000,000 barrels of crude petroleum in 1930, as against 34,000,000 in 1929; while Co- lombia shipped 12,000,000 barrels last year, as against 14,000,000 the previous Jear. But look at refined oil figures! 43,380,000 barrels of refined ofl were imported in 1930. as against 29,632,000 barrels in 1929. Even in th> last month of the year—December—imports of re- fined were 6,298,000 barrels, as com- pared with 2,835,000 in 1929—an im- pressive expansion. | What's going on is this—the large| companics that are producing crude oii in Venezuela and Colombia have been erecting large refining plants in the West Indies. The South American be “nothing doing’ crude is sent there, refined, and then | sent to the retail sale. United States, ready for No tariff stands in the v this is one reason for the chaotic condition in the American producing and refining centers. Maltbie’s Career. Dr. Milo R. Maltbie, whose name has been’ submitted by Gov. Roosevelt for chairman of the Public Service Com- mission of New York for a 10-year term, beginning February 1, is a rec- ognized authority in the public utility field. He was born in Iilinois, graduated | from Upper Iowa University and then specialized in economics and municipal | government at both Northwestern and | creditor | Oil m:n, | more | ~Prev. 1931 High. Low. 127 113 89% R51e 37% Stock and Dividend Rate. Y Central (8). YN & SELpE (6) Y Dock. Inve: A H & Hart lfi? NYNH&Hpf (1) Norf & West (+12).. Norf & West pf (4).. North Am Aviation. . Nor Am (b10 %, stk). North Amer pf (3).. North Am Ed pf (). Nor Ger Lloyd (2.43) Northern Pacific (5). Northwest Tel (3).. Ohio OIl Oliv Omnibus ¥ 22 Oppenheim Col (3). I Orphenm Cir pf (8). i Otis vator (23). Otis I %4 Owens 111 Glass (3). Pacific Gas & El (2). Pacific Lizhting (3). Tot Car (60c). dle P&R. ... Parmelee Transport. Paramount Pub (4) . Park & Tilford. @ Park Utah. . Pathe Penick & Penney (J C) ( Penn Dixie Cem Penn R (4)... Pere Marq pr pf (5). >et Milk (1 Petrolm Cp of Am(1) Phelps Dodge (2). Phil Read C & 1 Phillips Pet (2) *hoenix Hos pf ( -Atrow A (2). sree-Arrow pt (6). Pierce Oil Pillsbury Pitts Coal Pitts Unit ( Poor & Co B P R Am Tob A (3 PR Am Tob B g et ~ N N N nn' 308 9 il 3 ® 0 ord (1). ¥os exsed Steel € Proct & Gamb (2 Prod & Refiners pf.. Pub Sv 40) Pub ) Pub Sv N J pf (6) Punta Alegre Sugar Pullman Corp (4) . Pure Oil. . Pure Oil pt (8). Purity Bakeries (4). | Do . o Corp pf A3 Radio Corp B (5). Radio-Keith-Orph A. taybestos Man 2 60. Real Silk Hos ¥ Rem Rand (1.60). Rem-Rand 1st pf Reo Motor Car (80c) Republic Steel. . . public Steel pf Reynolds Metals (2) ynolds Spring. ... ynolds Tob A (3). ynolds Tob B (3). hfield Oil. tio Grande Oil. I ia Insur Royal Deh (m1. tland pf. % Safeway Stores (5 St Joseph Ld (2). hl L-San Fran (8) outhwestern. . avaze Arms ( ichulte Retail Str. Seaboard Alr Line eal Air Line pf. ... cars Roebuck 3214 . eneca Conper ervel Inc. : Sharon Steel Hoop. Shattuck F G (11%). Shell Unfon Oil. Shell Un Oll pf ¢ Shubert Theaters. Simmons Co. ... Simms Petroleum Sinclair Con Ol (1). elly O11 kelly Oil pf (GI 1608 31 4 Sou P Ric Sug (1.40) 1 P Ric Sug pf (8) 354 outh Pacific (6). South Ry (8) Columbia Universitie: Few men in America have had as| wide an experience in public utility | matters ng the vears 1916 to| 1918, when he was city chamberlain of | New York, Dr. Maltbic has been active | in the public utility field, both as an expert_and a member of commissions since 1907. Thirty years ago, at 29, he was a prize lecturer on municipai gov- | ernment at Columbia University, and for some years afterward he conducted | investig ¢ merits of municipal and gement of public utilities. is the on municipal government and a contributor many economic journals Gov. public” utili Jection of this most mission. Amusement Enterprise. S. L. Rothafel (Roxy), showman, Minnesota_born under 50, is re- tiring in March, after his spectacular success as director of the largest mo- tion plcture house in the world. What is indicated by the Maltbie as chairman of important New York com- Broad <ing bu- G to handle the a stars and this company color to the 5 likely to have ities of this vast en- to the air what he ed out for the 250 radi report t charge of Serpri has 5o s screen Ame in this Rachmaninofl, Bori, Chaliapin, ‘Tibbett, Mischa v, Walter Dam- ‘of the Metropolita score of other equally Finan Tosch a Case Opera Co. and well known a A fe president Co., ann for art So with be grade artists, Teal treat R. B. Bennett ago William Paley, umbia Breade similar arrangement ing for high- s are in for & premier of Canada, hington Saturday ral matters of mutual American officials, prob- read that of the has_given warn- ing, in cer that the Fed- eral Fa ard will not support the wheat unless wheat acreage loss of t £30,000,000 operations, the the past few heat offered on 20 to 25 e. Naturally It gives her a » to sell her surplus mil- adva with a world a y 1n its Farm Bo months, Canuda is better cl lions to the United compe! But should 'm Board with- draw its support wheat prices not only in the United States would drop, but world prices, too, would suffer. Perhaps this is one subject Premier Bennett will dig into when he is in ‘Washington, although it is hard to see how he can do anything about it. (Covyright, 1931, by North American News- paper Alliance.) U. S. TREASURY BALANCE. The United States Treasury balance ' expecting & general increase in con- announc:d today as of close of business | sumer purchasing power throughout all January 28 was $160,250,717.27, Customs | classes of producers in the first half of the month to date were the vear, officials are inclined to look Total ordinar; pend- “'{’- $8,647,262.88, s ations in Great Britain regard- | or of severai | elt’s well known stand on | se- | asting | parks Withing (1). tand Bran tand Comc tamd G & E (3%) tand G & Stand G & E pf (6 Stand G & 9215 | 104" 1018 (Continued From Page 13.) 105 Divid Stand O tand O Prev. Close. Close. tand O rett terling tewart tone & tudel tudel un Ol uperhes x u.u| Thermoi Third N Tide Wa ide Wa Timken nke Tobaceo Transam insue rico I ruax win Ci nd- mC Ol o ‘n Pacif n Tank it Air nit Air S Hoft S Indu 5 Leat 7 S Rea S Rub nit Sto tl P&IL Univ L Vanadiu Wiabash Walwor Ward Ward B: Warner Warner Warren Warren Wells est a West Pa West Pa Western Western Western Western Westing Westing White M Wiliys-C Wi Woolwo. orihin Texns l'm \uican Det (4). War Bros 2 Willys-0 Wilson & Co. . & Co pf end Rate. il C: il Add 00. High. Low. 10 47T 4T% 6 103% 1N Y (1 (L terl Sec pf (1.20). terl Sec cv pf (3). Warner. Webster (4 11 Sun Oil pf (6). ater £ Sulph (4).. 38 C & Oil. .and d Co. .. hird Avenue. at Inves Thompson Pr (2.40). Thompson Starret ter As (60c). tASpE (6). Det Ax (80c) Rolier (3). I'roducts nerica (1) &W ). -Cont Cor ser (1.60). . RTr (§4). Fiscner (5). £ s e (10). Car (1.60). . fte..s craftp rporation “nit Corp pf (3) um (1.69).. N LG 1s Alco (6). S Leather her A, 1S Leath pr pt (1) J S Pipe & Ity & Im Am. ber 1Dt (7). resA.. LA (e72.15). at Tob (3). m Corp (3).. 261 - 26208 51% bo% n he aking A. . aking B. . Ward Baking Bros Pic Quinlan Bros (3). vt 1& Snow (2) < Sn pt (4). L (6) ELA (7). Pow pf (6). Pow pf ( Da Md. Pacifi Union (8).. AB (). &M Wextark Rad1o Strs otors ) White Sew Mach pf.. sveriand ver pf (7). rth (2.40) ston Pum, 1S Spring (3) RIGHTS—EXPIRE. Pac Gas 10:30 A.M 1:30 P.M Dividend rates as gi Y | payments based on ti 64%4 | in stock 6014 951, 1033 § Payable in regular rate. b e Payable in cash or stock. h Plus 2% in 2% i stock. m Pius 1 59% 9 104% 105 Sales of Stocks on New York Exchange. e latest qu | s Unit of trading less lhln" Do Shery o Balf vearly declar &El.Mar1l 15 2% 2 00.000 1.500,000 ven 12:00 Noon 100 000 2:10 P.M 700,000 In the above table are the annual cash | ions. 3 Plus 4% | 100 share d a Paid last year 1 Partly extra. 9 Plus 97 in stock, in stock. d Pay when earned. £Plus 8% in stock. gPlus 6% in SPlus $1 in preferred stock. k Plus | n Plus 5% in stock. scrip. Payable stock. ock. o i stock [FARM INDUSTRY MAY RESPOND | Although several observers have fore- | cast that 1931 would prove to be a better yezr for agriculture than the 12 months Just passed, the Department of Agricul- ture will remain reticent on the subject | until after the agricultural outlook con- | | ference here this week. Some Strong Factors. Although, in advance of this meeting, | the department will say little on pros- | | pects for agriculture this year, there are | known to be strong factors in the situa- tion notwithstanding the discouraging reality of low commodity prices for | nearly all farm products. Feed for work animals and live stock is cheaper, and | the drought is not likely to recur a sec- ond year in successon. The year just passed severely tailed the power of farmers to buy though the Secretary of Agricuiture in his annual report estimated that the to- | tal agricuitural income would be cut 16 | | per cent in 1930 from that of the pre- vious year, careful observers here think | | They now think that a 20 per cent esti | mate will have to be revised downward. ‘They now think that a 30 per cent esti- | ‘The decline cur- Al- mate is nearcr the truth. income as a whole was curtailed with the business depression, and to the spe- al inroads of the drought In various statements officials have emphasized that, although overproduc- tion of farm products has been an im- portant contributing factor and one that should be stopped if possible, the excess of output of farm products in 1930 was in general no greater than for preced- ing years. Therefore, they have con- tended, the farmer’s loss has been due tailed demand of other classes of pro- ducers for farm products. Production Volume. Even o, the volume of production in 1 will have an important bearing on the agricultural situation, partic ularly on farm income. Should the total output fall somewhat—but not too muca—it is quite likely that their would result a general rise in the prices of farm commodities and that this stif- fening would transmit its impetus into all commodity market: Speculating about the prospects, how- ever, observers here are inclined to think there is a fair chance that the aggregate farm output this year will be greater this year than last If this greater supply should be ac- companied by hfgh" prices, agricultural income would, of course, rise. Without was due to the fact that the country’s| . still leave the farmer a profit, a higher s much as anything else to the cur-| | | minished the TO IMPROVED BUSINESS TONE Department of Agriculture Withholds/ Definite Prospectus Until Conference Here Has Completed Survey. that in the first half of 1931 the farm- ers of the United States would receive | a low income, about on the level of the | last half of the preceding year. The income of the second half of 1931, on the other hand, would about equal of the first half of 1930, before co modity prices of agricultural produc fell to their lows of the ensuing six months. Farm income in 1931, in the aggregate, would then remain about un- | changed from that of 1930. Farm Production. There are good grounds for predict- ing a total farm production this year |equal to that of 1930. Seedings of | | Winter wheat were about as great as a year previous. The corn crop was low in 1930 because of the drought, and | undoubtedly will be heavier in 1931.| Although the drought temporarily di- volume of dairy produc- tion, that deficiency will probably be made up before long. Dairy output in the later months of the year began to catch up rapidly to the level of 1929, While cheap feeds are looked upon as a hopeful factor, in that they will make possible the marketing of live stock at a much lower cost than in 1929 and production in 1931 will likely result. Cheap feed is encouraging the fecding of live stock. Prices for the live stock may go lower as a result of the heavier marketing likely to follow. Income from the sale of all live stock this year, how- ever, might show up greater even at reduced prices because of the greater volime, together with the lower cost Should prices rise toward the last half of the year, as is hoped, the farmer will be in ‘a_particularly good position to bencfit because of the cattle he will have been feeding for several months at a low cost. That low prices do mot discourage farm production greatly is_illustrated by Ausiralia. With a low return that country marketed a moderate wheat crop in 1929. The following year's vield may be twice as high as the preceding, but with prices cut in half the income from the crop will be about the same. There is one element of hope in re- lation o the agricultural situation as a whole, it is contended. The depres sion has swept prices of farm com modities to depression lows, or level under that justified by fundamental conditions. Once confidence in the fu- ture is established, without any sharp upturn in business, prices may rise from depression lows to the true level justified by supply and demand cond tions. The general impression among econ- omists here is that, while agriculture for it in’the last six months. The et reswt of these developments would be is not in a position to lead in a DU PONT REPORT. WILMINGTON, Dtl, January 30 (#). ~The annual report of E. I. du Pont de | Nemours & Co. for 1930 shows earn- | ings applicable to common stock were | 849,990,029, or $4.64 a share earned on the average number of 10,783,555 shares outstanding. This compares with $72, 300,627, or $7.09 a share on the aver- | age number of 10,196,777 shares out- standing for 1929. e net income for 1930 was $55,- | 692,009, equal to 9.4 times the deben- | ture stock dividends, and was in excess of dividend requirements f both | debenture and common stock by $3, 900,197, Net income for 1929 was 8178, 7 \ Ford May Increase D;Itput. NEW YORK, January 30 (#)—Re- ports in Wall Street say the Ford Mo- | tor Co. soon will increase its out- put and add to its emplo)menl rolls. INVESTMENT TRUSTS NEW YORK, January 30 (%) —Over- | the-Counter market: All Am Investors A. BKRI’ Am AGen Seeur o A& Bt Tweuhits Al & Fag Sphoni & Pag of'var Clinin &'Geh Eagli Depotiied Bank. Sh Equity Tr Shares Eiies’ Truse Bhaves ‘A Fundamental 5 Share# A Tncorporated Inveators Independence Tr Shares. | IRVERONS" Thustee Shies ckaon & Curtis Thves: Assoc Leaders of Industry.. e Leaders of Industry B. Major Corp Shares. Natlon Wide Seeur " National” Indust. Shases N Y Bank & Trust Shares. Q1d’ oty Tnvest Trust Public Service Tr ahhres. g:;ml\d, (S‘GTD Gl':n Gfl; Dl‘ - e Secur Cor 81 ki Spencer “Trask Fund o3 Stuna Am’ Trust Shares. State street Thyest Corp Suber Corp of Am 1r Shares A Sibet Corb of AT 11 Shares B o vent “True s - United Fixed Tr SnATes ¥ U S & British Int Ltd $3 pf. Others unchanged. SHORT-TERM SECUfiTIES. (Reported by J. & W. Sellgman & Co.) ers Co. 55 1997 .. 108" 9T, Tel. 5iss 1943 i Baltimore & i Bell Tel. of Canada 5s 1957. " California Pet. Corp. 5las 1038, Canadian Nor. Ruy 411s 1838 Chi. Northwestern R. R. 51 19 Chicavo Rock Tsiand g o34 Chile Copper Co. 55 1947... Cudahy Packing Co. 51,5 1937 Gen Mot. Accep. Corp. 65 1937. General Pet. Corp. 55 1940 General Theaters Equip. 6s 1940 Goodyear T. & R. 55 1957... Grand Trunk of Canada 6s Gulf Oil of Pa. 55 1937.... Humble Ol 51.s 1932. Internat. Match Corp. ‘85 1947 Marland Oil 55 1932 New York, Chi. & St. L. Phillips Petroleum Co. 5'4s 1939 Pure Oil Corp. 5'as 1937 : Shell Union Oil Co. 5s 1947 Sinclair Crude Ol Co. 535 1938 BUT SALES DECLINE U. S. Group Again Meets Of- ferings as Bonus Rumors Persist. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 30.—After a firm opening, selling of United States Government bonds was resumed on_the bond market today. However, the offer- ings were smaller and numerically fewer than on Thursday. Declines were held below 10,32 of a point. The market was satisfied that while there was no immediate danger of & $3.500,000,000 bond issue to cash sol- diers’ bonus certificates, something weuld be done. such as extending the borrowing privileges on the certificates, that would require further Government financing. Meanwhile bidders for to- day's $60,000,000 offering of 90-day Treasury discount bills adjusted their bids to suit the suddenly changed market position The rest of the bond list exhibited & steadiness that inspired dealers to hope for a quick recovery of the losses of the last two days. One of the significant things about the decline has been that while bonds have dropped, time money rates have remained at their low point. Large amounts of money realized on the ! sale of Government bonds on Wednes- day and Thursday have found way to the money desk. This has caused another oversupply of funds The volume of trading was lower than on Thursday, when United States Gov- ernment_issues accounted for over $2,- 000,000 of the $14,000,000 bonds traded on the Stock Exchange. Stock Gains Aid Market. The sudden raid on the bear position in stocks was reflected in_irregularity in some bonds. Sudden calls for funds for short accounts caused a little cash- ing of bonds, but the rise in equity prices, on the other hand, had a ten- dency to buoy up prices of issues sensi- tive to stock movements. Pathe Ex- change 7s, for instance, gained 4 points on the strength in amusement stocks. Warner Brothers 6s were active and fractionally better at one time. Hud- son Coal 5s. Erie 5s, Remington-Rand 51,s and Pure Oil 5!3s had losses ranging from a point to 2 points. Seaboard Airline issues all reflected the announcement today that defaults would occur in the 5 per cent secured notes and Seaboard All-Florida first mortgage bonds maturing in February. ‘The receivers advised also that addi- tional defaults are inevitable. Chicago & Eastern Illinois 5s gained a little on the statement of President T. C. O'Neil that interest charges of $883,965, due on May 1 next, had been provided for. Alleghany 5s of the 1944, 1949 and 1950 maturities were firm, together with other Van Sweringen securities, such as Van Sweringen 6 per cent notes, Chesa- peake Corporation, Chesapeake & Ohio and Nickel Plate bonds. It was an- nounced that additional collateral to th amount of $9,600,000 had been de- posited behind the Alleghany bond: making deposited collateral now $131, 366,650, which is 166 per cent of the $78,923,000 par value of the bonds out- standing. Investment Issues Steady. With few exceptions, vestment issues were firm. Atchison General 4s, American Telephone 5! Canadian Pacific 4s, Southern 4 Union Pacific 4s and other bonds of like caliber were unchanged or a shade higher. In the foreign department German their seasoned in- | government 5'.s were again fractionally lower, though the reparations 7s made a small advance. Cuban issues rose sharply on the announcement that the new tariff bill had received presidential approval. Most South American issues were unchanged. Bolivians, in a small advance, mirrored the market's opti- mism in regard to the new debt nego- tiations now going on there, Washington Stock Exchange| SALE! Potomac Electric 6s 1953-—$1,000 at 108. ‘Washington Gas 55—$500 at 104. Potomac Electric 6“0 pfd.—5 at 112. Barber & Ross com.--25 at 11. Mergenthaler Linotype—10 at 88%. AFTER CALL. Capital Tracticn Co.—10 at 4114, Bid and Asked Prices. BONDS. PUBLIC UTILITY. & Telga. 4135 '33... & Telga. 4135 '39 Tel. ctl. tr. 5s & Pot. R_R. 5% Ana. & Pot. suar. s C. & P. Tel of Va 35 Capital Traction R. R. 55 City & Suburban 55 Georgetown Gas 1st 55 Potomac Elec. cons. 5' . Potomac_ Elec. 6s 1953 Alex. & Mt. ve Amer. Tel Amer. Tel. Am. Tel Anacost MISCELLANEOGS, Barber & Ross. Inc.. 6'i5 Chevy Chase Club 5.5 Columbia Coutry Club 51.3.: D, C. Paper Mig. 65......... W. M. Cold Storage 55 Wash. Cons. Title 65 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital_Traction Co. (4). Wash. Gus Lt. Co. (i8) . Steamboa! . Power 6' . “com. & EL pfd. 5. NATIONAL BANK. | capital (14 Columbia (12) cial (stamped) (10) Washington (1351 TRUST COMPANY. Amer. Sec. & Trust Co. (15).... Continental t > Natl. Sav. & Prince Georg Union Trust Wash. Loan & Trust (ids) SAVINGS BANK. Bank of Bethesda (65) Commerce & Savings (10) East Washington (12)... Potomac (10) . Security Sav. & Com. B Seventh_Street (12) United States (30) Washington Mechani FIRE INSURANCE. American (12) <280 oran (10 Bl men's (8 30 National Union’ {15} 20 TITLE INSURANCE. Columbia (6h). ... Real Estate (6h) Title & Inv. Co. Md. com’ MISCELLANEOUS. Barber & Ross. Inc., com Col. Medical Bidg. Corp Gol, Sand & Gravel pid aper Mfe, bid, (6) Bist. Nath Bec. bt (1) Emer. Bromo-Selz, “A' Federal Storage pfd. (8) Fed.-Am. Co. com. (1.20f Fed.-Am. Co. pfd (6) . Lanston Motiotype (8). ' Tr. & Stge. com. '(10) Mer 5 & Stee. pia () Natl Mige. & Inv. pfd. (8} Peoples Drus Stores nid, (6%) Real Est. M. & G. pfd. (8).. Security ‘Storage (de) ... Ter. Ref. & Wh. Corp. (3} The Carpel Corp. (1.50¢) W. Mech. Mtge. com. (8) Wash. Med. Blde. Corp. (75) Woodward & Lothrop com... .. Woodward & Lothrop pfd. (7).. *Ex dividend. 2% exira. 17 461 | Sales. Lib 3%s Lib 1st 4 ! ib 4th 41, . 405 102 11026 410514 105 11 107 16 106 16 High 105 10114 1016 10215 1028 103 14 108 101 101 711114 11016 FOREIGN. Sales. (d 1 26 Argentine 5148 '62 Argentine May '61. Argentine 6s Ju Argentine 65 Oc Argentine 6s A Argentine 6s B Australia 43 Australia 5s " Australia Austria 7s'43. Bk of Chile 6155 Bk of Chile 63, Batav Pet 4 Belgium 6= Belgium 614 Belgium Belgium 7s Boliva Boliv Bolivia 8s 45 Bordeaux 6s " Brazil 61 Brazil 61, Brazil Ts. Brazil 85 Bremen ada 55 Canada Chile 65 Chile 754 Christ Con Pow Copenl Coy « 54 nhag 5s e weon ahnswmanT~ Denn Denmark Denmark tand nd mID rench 7s French Gvt 734 '41 Gelsenk'chen 65 '34 German 53556 German Bk 6s German Tsrep 49, Ger Gen E1 75 '45. Greek 65'63. Halt! 65 '52 Irish Free St 5560, Ital Italy Pub Japanese 51; Japanese 6 " Karstadt 6s°43. Kreug & Toll 55 59 Lyons 6s '3 rseille 6 ilan 6%s '52. . ew S Wales 6s Dwmna v e SN © = w Lo Do xR o orway 6s'52..... Orlent dev 55 '58. 5 Orient dev 6s 53 Paris-Ly M 6s Paris-Ly M 7s’ Peru 6s Peru 65’ Peru 7 Poland Poland 8s. Queenland 6s 47 Queenland 7s *$1 Rhinelbe 7s '46 Rhine West 6s Rhine West 78 ' Rio de Jan 6145 Rio de Jan 8s '46 R Gr De Sul 6s R Gr De Sul8s Rome 6148’ Roy D 4s 45 . Sao PauTs'40 rets. a0 Paulo 85 ' axon 7s '46. . .. erbs-Cr-S1 75 6! erbs-Cr-S1 85 °6: hinyetsu 612552, Soissons 6s '3 s oo AN B Ran RO wran®Ree | Sweden 51 Tokio 5338 61. Utd King 5% s Uruguay 65 '60 Vienna 6s Warsaw T Yokohama 6s High. 85 9014 90% 90 9015 8974 6512 100% 106% 82 9414 101 98% 95 98% B0t 110% 107 95 101 105% 101% 81% 85 948 10615 120% 126 90 7% 841 100% 9744 86l 94% 104 97% 89% 9314 104% 90% 1053 824 867 62 97 Low. Close. 1016 10213 10 101 14 101 24 105 107 21 11018 14 24 Low. Close. 85 9015 90% 90 9014 8974 6510 Tty 2% 104'% 85 84% 95 103 10815 1124 109% 47 1041 104% 64y 647 64l 64n 8915 947 100% 1061 8l7n 941y 101 98 9%, 9814 T8% 110% 107% 941, 100% 105% 100% 81% 80 91 87 105 10515 105% 98% 80ty 91% 10515 801y 86% 62 $7 MISCELLANEOUS. Abitibi P & P 55 '53. Adams Exp 4s"48. . Allegheny 55 "44. Allegheny 5s "4 Allis-Chalm 5s'37.. Am Ag Ch 733841, Am Chain 6s " Am Cot O db 5 Am F P 55 2030 Am1GCh5% Am IntCp5le Am Metal 5128 " Am NGasé6 tAm S&R 15t 5547, Am Sug Ref 65 '37. Am T&T cv 415539 Am T&T 5865 5 9 12 14 Am T&T 5% Am W Wks AmWit Wk 65 Arm & Co 4% Arm Del 515 At Ref deb 5: Bell Tel Pa fs B '48 Bell Tel Pa 58 C '60. Beth Strf 55'42... Bk Ed gn A 5s'49.. Cert-td deb 5345 48 Chile Cop db b Colon O11 65 '8 Col G&E 55 Ma Com Inves 515 Com Inves 65 48 ConG N Y 5%s'45. Denver Gas 5s'51.. Det Eds g 4% sDww6d. Det Bd rf 63 B '40.. Dodge Br cl 65 '40 Duquesne 4%s'6 Fisk Rub 8s'41.... Gen Motors 65 '37.. Gen P Sv 5138739, . Gen St Cas 57 Gen Th Eq 6s Goodrich cv 68 '45. Good 1st 6148 "4 Goody'r Rub 58’57 Hoe & Co 645'34. . Humble Oil 5537 Hum O&R 5148 '62 INBTIstpf5sA.. 111 Steel 432840, .. Inland St 43557 Int Cement 58 '48. . Int Hydro El 65 '44. Int Match 5547 Int MM col tr 6541 Int Pap 58 A *47.... IntT & T 4%8'52. . Int T&T cv 415539 IntT & T 58 '55. KCP&L41%s'ST. Kan C P&L 58 A ‘52 KanG & E 4135 '80. Kend 55 '48 ww.. fackaw St 5850, . Lac G St L 5s ‘34 Laclede 538 C '33. Lautaro Nit 6s ‘54 Lig & Myers 75 '44 Loew's 6s w 41.. Loew's 6s ex war. Lorillard 58 ‘5 Lorillard 5 Lou G & El 58 b Books closed. 212% nasc extr Standard Oll N. Jersey 55 1946 Standard Ofi N. York 4!3s 1951 St. L., Ir Mt & So. Ry. 55 1931 St. L' Southwestern Ry. 4s 1932 Urian Ol Co. of Calif, 85 1835 United Drug Co. 55 1953 U S. Rubber 55 1947 recovery in business, it will rquna quickly to a better tong. ‘ Western Electric_Co. e Sl o o iy .13 i 130¢ extr: §1% extr ella% extr c1234¢ extr SILVER QUOTATIONS. NEW YORK,, January 30 (#).—Bar siwver, 20%. { G McKes & R 514s 50 MeCormack 65 '34. . Midvale Stl 5s'36. . Mont Pow 58 "43... Mor & Co 1st 4% Nat Dairy 538 '48. 152 at Rad 618 '47 NYEd1st6 NY ELH&P 4549, 47 8714 831y 8215 101% 10415 1004 100% 8374 9915 915 91% 39 102 104 127% 1064 106 107 109 102 1034 89 7714 1013 107% 110% 10314 105% 33% 941 69% 984 96 104% 105% 101% 100% 764 8714 81% 8114 1014 104% 100% 100% 83% 991 90% 91 39 102 103% 127% 1064 105% 106% 1087% 102 103% 881 765% 101% 107% 110% 103 105% 33% 938 69 98 9544 104% 105% 101% 100 1054% 89 103 33% 102% 941y 94 70 67 100 884 60 101% 102 105 100% 96% 96 89 8915 95 4% T8l 89 8213 102 105% 94 56% 103 102 103 56'4 122 104 98% 861y 94 1044 80% 101% 102 103 81% 99% 12% 114% 1144 974 N Y Tel 4%s°39 N Y Tel 6s 41, N Y Tel 6: Nor Am I Nor Am Pac T& Pathe People Phila Co § Pnila & R Phila Pillsb g Por RTam 6s'4 Pos Tel Pressed S Pub Sv T 1st Tenn Tex Corp ey 58 44 Unit Drug cv Rub 15t 5 Utah P & L Util Pow 55 Uil Verts Walworth 6s A "45. Warn Br Pic 6339 Warn Quin 6 West Un West Unior West Un W05} Wick 3 Wil-Ov 1st 6155 "33, Wil & Co 15t 65 '41. Win R A 712841, Ygstn Sh&T 58 '7!. 17 Atchizon adj 48 9 .22 1 1 1 5 .22 .26 1 1 - 30 3 7 1 L 10 3 14 5 3 3 3 1 30 12 1 10 22 11 27 2 67 2 14 1 3 11 4 6 .25 21 3 1 5 Ateh Ariz 41y At & Bir 4533 At C L col 4s B&O 4s'4 B&Ocv Hz-'n 5760 B & O Toledo 45 Ban & Aroos 4 Bos & Me &s Bos & Me 55 6 Bklyn Elev 615 Bklyn Man 6s 68 BKIyn Un 5545, ... BR& Pitt 41557, Can Nat 435" Can Can Nat 4%5 '68. Can Nat 435 Can N Can N Oct "69. Can Nor 7s deb '40. Can Pac deb 4s. Can Pac 4328 *46. Can Pac 435 "60. Can Pac 58 ctfs '44. Can Pac 55 '54 Cent of Ga 51 Cent Pac 45’49 Cent Pac 58 " Ches Corp 55 "47. Chi & O &n 43s "0 Chi& O 4145 A " Chi& O 4158 B'95.. C& O con 5s 30 CB&Q4%s'T.... C B&Q Istrf 5571, CB&QI1dv 315849 Chi & Eas 111 55 '51. Chi Grt West 43’59 Chi In&L gn 58 '56. i M& St P 4s 89, Chi M&StP 4145 C.. Ch M&StP 4% s Chi M StP&P 55 '75. Chi M & St P ad) 5s. 52 NW gn 4587, 2 Wst 43 ¢ 37 5 Chi & NW con 4%s.111 Chi&NW rf 55 2037. 1 Chi & NW 15 Chi Rwy. =4 ChiRI&Prf4s'3s 66 ChiRIcv45s'60.. 71 ChiRI&P4%SA. 51 Chi Un Sta 4155 '63. C& W Indcv 4s C& W Ind 5%s '6: CCC&SE L4335 Clev & Pitt 41577 48 S U Ter 4%s . 25 Clev Term 4345 '77. 20 Colo & Sou 413535, 4 Cuba R R 2 2 Cuba RR 65 ctf 10 Cuba Nor 5454 6 Del & Hud rf 4543, 87 Del & Hud 5 1 ST <18 1 D&RG W 58 '55. Erie Gen 4s . Erie cv 55 '67. 75 Erie 55 .12 | Fia E Coast 58 74.. 1 Fond J&G 4125 " 2 Grt Trsfdb6s'36. 4 Grt Trunk 7s'40... 10 Grt Nor 4135’76 D.. 19 Grt Nor 413877 E.. 23 Grt Nor gn § 2 Grt Nor gen . Gulf Mobile 55 '50. . Hud & M adj 5s Hud & M rf 5s I1l Cent 45 °53. . 111 Cent ref 4s 11l Cent 4% s 111 Cent 6155 '36 11 CCStL& 111 CCStL Int Rap Tr 58 "66. Int Rap Tr sta 66 Int & Gr Nor 65 Iowa Cent rf 4s" Kan CFtS&M 4s " Kan Cit Kan City Sou 53 '50 Lake Shore 3145 '97 Lake Shore 45 " LehV cv 41 Long Isl rf Long Isl db 58 L& N unt 4s'40. L& N 413 200! L& Manh Ry 1st 45'90 83 Market St 7s 40 2 Mil E Ry & L 55 '61. rf 4839 5 MK&T4s B '62 MK & T 1st 4s MK&T MK&T pr Mo Pac 5s A '65.. Mo Pac 5s F'77. Mo Pac 55 Mo Pac 5s H'80. Mo Pac 5% cv 49, Mont Tr 1st 55 41 Mont Tram 58 '55. NCh&StL4s'T N Y Cen 4598 N Y Cent db 45 ‘34 N Y Cent 41452013, 10 NYCreim 55 2013, 16 N Y Cent db 6535 NYCLScl3%s'93. 7 NY C&StL 4148 '78. 16 NYC&StL5%sA. 8 NYC&StL6s 32, NY NH&H 45 '55. H&H 43'56... 5 I&H db 45 '57. 20 2 > &Hcvdhfiq l\'\’ &W gD 48'55.. 1% N¥ O&W 1st 4; NY St Ry 415 '62 NY S&W 1st s '37. NY W&B 4145 '46. Nor Pac 45°97. Nor Pac 55 D 204 Nor Eac r168 2047 ~ 5 5 2 £ 6 29 1 102% 106% 1% 101 6 10214 1064 103 105 65 1065 991 R0t P 105 72 7 8614 1024 91 94 B8l 67 821 RAILROAD. 9414 98% 1183 10215 56% 92 9515 9744 101% 97 107% 10314 1021 109 9714 103% 86 38 100% 101 72 100 107% 86 9815 98% 981, 104% 101 104 111% 884 100% 99 1041 10314 98 9614 1031 9913 104 100% 100 105 100 109 - 904 43 6674 90 8614 955 102 108 6614 991 8815 10314 10315 102% 101% 57 60 42% 97 104% 97 5% 76 81 80 24 26 1064% 110% 99 97 571 96% 2 101 * 101% 108 7 106% 843y 893, 104% 1101% 8514 85 74% 94 116% 614 K 85% 95 104 . 25 112 1024 1063 1% 10074 102 10615 103 1011 6) 106 100 1100 50 10214 9415 981 118 102 56% 92 959 97 10074 965 107% 102% 106% 1% 1001 102 106% 103 1010 9614 50 102% a4ty 98t 118 102 56% 92 95% 97 101 96% 107% 102% 102% 109 96% 103% 86 100 PACT FAGES TEST Agreement Whmh Has Work- ed Six Years May Be Upset Here. BY GEORGE E. DOYING. America’s most interesting experiment in peaceful regulation of electric rates, which appropriately enough, has been under way in the Nation's Capif 10 day seems to be headled toward diSaster after working to the satisfaction of 1 all concerned for six years. With a primary rate for electric service among the lowest in the éntire country, if not in fact the lowest, and this in a non-industrial, non-hydro- electric territory—with a rate that has consistently and without controversy be:n reduced regularly every January 1 since 1924, until now it is but little m than one-half of what it was in* 1925—objections have been made and & legal battle that raged from 1917 to 1924 appears about to be renewed. All this because the utility is accused of making too much money. “Consent Decree. ‘The experiment b:gan when the Public Utilities Commission of the Dis- trict of Columbia and the Potomac Elec~ tric Co. entered into a compro- mise in 1924 to end their legal warfare, and the District Supr:me Court entered a_ ‘“consent decree” This agreement provided that at the end of each year the net profits of the company in exc:ss of 7!, per cent of the agreed valuation of the property should be divided on a 50-50 basis, one part being retained by the company, the other returned to its customers in the form of a rate reduc- tion for the ensuing vear. That this { has proved a profitable agreement for the company is indicated, it is claimed, by the fact that the amount so divid-d has never been below $675000 and usualiy has been well above $1,000.000. ‘The present trouble seems to have come about because the residents of the District of Columbia increased their use of electricity so much that, even after dividing the excess profiets in the agreed manner, the utility has been pocketing about 10 per cent on the agreed valuation. So this month the Public Utilities Commissicn, while ac- cepting the sixth annual reduction “for an indefinite period,” bringing the primary rate down to 4.2 cents per kilowatt hour, announced at the same time that the return to the company is excessive. Commission Proposal. Largely on the basis of the recent de- cision of the Supreme Court of the District of Columbia in the packers” case, which seems to have held that & consent decree may be modified by the court even though the parties to the original agreement do not now agree to a modification, the commission has directed its counsel to apply for & change in the rate of return to be al- lowed the utility. ‘The commission proposes that instead of 7!, per cent the company shall re- ceive but 634 per cent plus one-half of the excess profits, provided the excesp does not exceed 1 per cent of the valu« ation. If the excess should be betweex 1 and 2 per cent the division would by on a 75-25 basis, the short end goin to the company, and if it should ceed 2 per cent the company would ge but one-sixth. A third group representing one of citizens’ organizations, with some suj port from the District people’s couns: and corporation counsel, wants to card the entire “consent decree” l!l. tem and reopen the old vnlununn ceeding. Their contention is tht valuation of $32,500,000 agreed upon “ 1924, which, with additions for 4y provements, etc., forms the basis fop | l. termining the earnings, is far too JMPL There is some possibility that this ‘ 7 be the outcome of the present a'hia-< tion, although it is expected the i Wn= mission and officials of the com ay will make strenuous efforts to effect kn- other compromise. (Copyright. VIRGINIA IRON, COAL NET LOWER DURING 1930 ‘The_preliminary statement of ¢ ginia Iron, Coal & Coke Co. for jar ended December 31, 1930, shows Jel loss of $31.531 after interest, deprel Ja« tion and depletion but subject to he ventory and other annual adjustmel s, 1931) L;nsx;lgpnflng with net loss of $14,205 In Net profit for quarter ended Decq 1~ ber 31, last, was $73,971 after abiYe charges, equivalent after allowing {br quarterly dividend requirements on 2 000 shares of 5 per cent preferred stock to 43 cents a share on 100,000 shares of common stock. This compared with net loss of $282 in preceding quarter and net profit of $15,874, or 63 cents a share on preferred stock, in final quarter of 1929. Accumulated dividends on preferred shares were paid off dur- ing 1930. Preliminary income account for year 1930 compares as follows: 1930 $1,614,350 1,620,154 $5,804 245,421 $239,617 76,149 $36,531 1929 92,289,402 2,234,985 *$54,417 183,314 $237,732 251,937 $14,205 Gross .... Expenses . Operating loss Other income.. ‘Total income. Int., depr., depl, taxes, etc.. Net loss High. Low. Close, 3 94 94 94 9 103% 1021 102% 14 984 961 964 1 100% 100% 1004 10 10813 108% 108y 15 105% 104% 104% 9 109% 109% 109% 45 1004 100 100 85 85 85 98% 98 99 1001 99% 100 108% 108% 108% 101 100% 100% 96 95% 954 83 82 83 954 951 954 100 994 99y 99% 99y 99y 87% 86 86 8215 80 80y 101 100% 1004 99%% 997 85% 93%, 96% 94 174 9% 94 96 97% Oreg-Wash 4s'61.. Penn gen 4 Penn 43 Penn 4%s " Penn gen 55’63 Penn 55 64 Penn 6145 Penn O&D 4%s Peor & E 1st 4 Pere Mar 4%s " P CC&StL 415877, PCC&StL5sA Read gn 4%s A '97. Read Jer Cen 4s '51 Rio Gr W clt 45 '49., Rio Gr W 1st 4s'39. RIAr&L 4%s'34. StL TM R&G 4s°33.. StL&SFin4sA.. StL&SF 414s'78. St L&SF prIn 5s B. StLS W evds StLSW Ist 45’88, StL S W 5s StP&KCS San A & A P 4 Seab A L cv 6s Sea All Fla 65 A Sou Pac col 45’49 Sou Pac ref 4s Sou Pac 4%s '68. S8m e SemErawuhlR anane e » 8 Se 9814 99 86 108% 115% 93% Sou P 438’69 W Sou P&OT 4345 '77. Sou Ry gen 45 '56 Sou Ry 55 *9. Sou Ry 6 Ter As St L 4553 Tex & Ark 5% '5 Tex & Pac 58 B '7 Tex & Pac 55 C'79.. Texas Pac £s D '80. Third Av ref 48 '60 Third Av adj 55’60, Un Pac 1st 48 '47. Un Pac rf 4s 2003 Un Pac 4 BT PR ) Va Ry 41s'62 Va Ry Ist 6562 Wabash 1st 58 n . Wabash 5s West Md 4s West Md 5%s '77. West Pac 55 '46 Wst Sh 1st 4s 2361, Wis Cen gD 48’380 Memzanan 35 S