Evening Star Newspaper, January 30, 1931, Page 15

IN CURB: ADVANCE Short Interest Continues to Cover Commitments on Rising Market. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, January 30.—Pivotal public utilitics led an active and rising Curb Exchange session today as a badly | frightened short interest dashed for | cover. i American Superpower _sprang into prominence just at midday as two | blocks, oué of 5000 and another of | 4,700 shares, caused that issue to score a new peak for the year. Electric Bond & Share, whiclr harbored the largest short interest of any issue on the Curb | at the close of 1930, behaved rather | sedately today, moving only a point. Ci}m Service at 18 merely reached its previous close. Ford Motors, Ltd., re- sumed its advance. Cord Manufactur- ing, which moves simultaneously with Auburn Auto, reached a new high for the year. Hydro-Electric Securities, as a result of the strength of international issues in London, was one of the first power and light shares here to hit a new top. Consclidated Gas of Baltimore bettered s a result of its earning report. Pennroad Corporation, which is ex- pected to show earnings approximating 45_cents a share in 1930, moved slight- 1y higher. Noranda Mines featured the metal division as it reached 18, its previous peak. The stock is being whirled by traders on its gold output rather than its copper production, which has been curtailed in line with the agreement reached by world red metal mines in December. United Gas, which several times ap- peared in large lots, one of them for 4,500 shares at 10%, was the out- standing natural gas stock in point of volume, while Lone Star Gas with a gain of a point showed the widest fluctuation. Dresser Manufacturing scored a new high as a result of its improvement in 1930 earnings. Cooper - Bessemer, another company benefiting from the natural gas business, turned active. Singer Manufacturing Company opened off 2 points at 338. Dixon Crucible Company was down the same amount at 130. Consolidated Laundries, which has been resting recently, moved up more than a point and broke through its high for 1930. BEARS FAIL TO BRING OUT MUCH LONG STOCK| Special Dispatch to The Star. NEW YORK, January 30.— The | heaviest selling in the last two stoc market sessions has been by brokerage | houses with Southern wires. This is significant. It suggests that the large ‘bear op:rators who have gone to Flor- ida and to the Carclina and Georgia ‘Winter resorts have been taking advan- tage of the change in the technical position of the market, and also the change in sentiment arising out of conditions in Washingtonton, to test the price Jevel. So far they have not be:n able to effect much liquidation. In fact, their results have been disappointing to them. What has happened is that in- vestment buying has slowed down and public inter:st, which - seemed to be . expanding aff become gquescent again. INTEREST RATES. By the Associated Press. “Tim: funds scored a further reces- sion. last- week as compared with the previous period, but call money retained its previous level, which constitutes the low record for this class of money. In the figures that follow, the average for both classes of funds is given, as calcu- lated by the Department of Commerce: Time. Call. 200 150 250 150 475 450, ‘Week ended January BONDS ON THE CURB Bales DOMESTIC BONDS. thousands. High 25 Alsbama Pw 4 18 Amer. 19 Appalach G G ADbalach Bow" s 138 0 ch, Pow 85 L 55 136 Cap Adm 1w 10 Caterpillar _Tr 5s '35 Cent Stat Elec Ss Cent St Elec 5%as '54 3anrson 3t syt 1 R 00 T e 0t 3 A 9614 101 10074 100 9734 98 9. 67 D ’69 101} 60 wi. 1004 '60 wi 98 s '55 97 Note—All stocks are sold in one undred-share lots excepting those designated by the letter s (80s) (250s), which shows those stocks were sold in odd lots. Stock and Dividend Rate. 4 Aero Supply B . Affiliated Prod 1.60. . ~Prev. 1031~ High. Low. Sales— 3% 1 16% . 8 R Aluminum Co of Am. 10s 155 Alu Co of Am pf (6). Aluminum,Ltd Bwar, 32 Am Austin Car 1 Am Capital B. 5 ¢ Am Capital pf (3)... 29 AmCP& LA (a3).. 344 AmCityP&L B b10% ) Am Com P A (b10%) 14% Am Cyanamid B 9% 1% Am Equities Am For Pow war. Am Fou; Am Gas Am Invest Inc B ¢ Am Invest Am Superp 1st (6).. Am Ut&G B vte(20c) Appalachian Gas. ... G cu pt (60c 3 Blue Ridze Corp. . Blue Ridge cv pfa Braz Tr & Lt (b8 7, ble & Wire B ret nada Marconi 1t 1st pf ( nt&Swn Ut (b7 k40c) Centrifug Pipe (60c) Col Oil & Cmwlth & Com Wat Sv (b6¢ s Ba Consol Laund (1) Contl Shpf B (6).... Cord Corp Corroon & R Cosden Oil. ........ “reole Petroleum. neo Press (21%). .. Curtis Wr Exp Corp. Dayton Alr & E: Deer De Fore: Detroit Airc Dixon (J) Ci Dress SR A (2 Dresser Mfg B Dugquesne Duval Tex Sul wi. st G & F Assoe. L1005 372 ucational Pic pf. Elec Bond & Sh (b6) Elec B & Sh cu pf 5.. B & Sh pf (6) Elec Pow Assoc (1). Elec Pow Asso A (1) P& Lt op war.. B P&L 2d pf A Bl Sharehold (b6% ). El Sharehold pf (a6) Emp Corporation. Emp Corp war. . np Corp v pf ( Emp Pub Sv A al.80. Europ E Ltd A (60c) Fageol Motor. Fairchild A jardo ot ngo Corp. .. Stock deb rt Flintkote Co A . Ford M Can A (1.20) Ford M Ltd (p37%) Foremost Dairy Pr., 4 Foundation For Shs, Fox Theater Cl A. Franklin Mfg Co x Gen Aviation 7 n Baking. 7 °n Baking pf (3)... 13 GenBaking NY wi.. 8 Gen Capital Corp.... 1 i Gen G&E cv pf B (6) 2008 7 2 2 1 1 - & CuSEnnn—Ean Han s R - ® n Th cv pt wi (3). Georgia Pow pf (6). Coal (8). GEAt&Pac Tea nv(6) 90s T 1 6 Happiness Hartm Hoiling y Humble O ( Hydro Elec Sec (2).. Hygrade Food Prod, Imp Oil of Can (50c) trial Finan ctfs nv (b6% ). ance ont Pow A ( Petroleum (1) t Utilit Int Utilitle: : Intersta s In Add 00. Open. High. Low. Close. THE EVENING STAR KET Stock and Dividend Rate. Irving A Chute war., Italian Superpow A.. Kolster-Br (Am Sh), Lefcourt Realty 1.60. Libby McNeil & L.« % Lion Oil & Refining .. Loew’s Inc War..... LoneStar Gasn (1).. Long Island Lt (60c) Louisiana Lan & Ex. 4 Magdalena Synd. Mass Util Assoc Mavis Bottling. Mead Johnson (137 ) Memph N G Co (60c) Mer Ch & S (1.60) 4 Mich Gas & Oil Corp. Midland NG A1 Mid St Pet vtc B. Mid WSt Ut (1%). Mid West Ut (b8%).. Miller & Sons (2)... Mo Kan P L (b10%). Mo Kan P L vtc. . Montecatini deb rts % Mount Prod (1.60). Nat American Co Nat Aviation. .. t Fuel Gas (1).. at Investors. ... t Pow &Lt pf (6). ~Prev, 1931& h, Lo 1% £ % 34 155% 109 3% 15% 3% 155 109 32 1 3% 15% 34 155% 109 32 3 b 29 35 » » - L) oo & Pow pf (6) ewmont Min (4). Y Steam n (2.60 iag-Hud Pow (40¢ & Sh Md (40¢). .. Bem-Pond (2). ipissing (30c) Noranda Mine: . Nor Europ Oil Corp. Ohto Copper Ohio Ol n cu pf (6) Ohio Pow pf (6). Outboard Motor B. N S i 76069 10 €0 02 O 09I 10 1 1 1 1 e e 531 £ 3 OO0 10 00 00 o 80 1 1 180 03 G0 10 S i N0 A1 0h 1 1 0O D 03 TR0 1 0 00 4 1t i 53 O 1 1O 80 i a1 53 O e i D O3 TN D000 I OO 0 B b - s ® A Pie Bak of Am A Piedmont Hyd E Pierce Governor Pilot Rad Tube A Pitts & L Erie (5) Poterero Sugar. Pratt & Lambert (4) Premier Gold (12¢).. Prince & Whitely Prince & Whitely Producers Roy C Prudential Invest Pub Ut Hold (50¢).. Pub Util Hold war. . Pub Ut Hold xw 50c. Railroad Sh (50¢). .. Iiainbow Lum Pr A Reliance Manag X rn Co. ... ichfieid Oil Cal pf. . ) 2). nw Rike Kumbler Rossia Int Corp Royalty Corp pf Royal Typewrit & St Anthony Gola. o Sel Ind (full p stpd). ted. Indus pr pf. entry Safety Cont. . hattuck Den Min. s h & Gen rets. . pieg May Stern pf.. tand Oil Ind (2%).. Starrett Corp pf (3). Stein (A) & Co(160). Stutz Sur Swift & Co (2). Syracuse W Mad . Tampa Electric (32). Technicolor, Inc. ... leck Hughes (60¢) .. on Oil&Land (1), Tob Prod Exp (10g) . an Con Afr Tran. . rans Lux DL P Tri-Cont Corp war. . Tri Utilities (11.20) . Tubize Chate: (B).. Twin StN G pf_(A) Ungzerielder Fin Cp 3 Union Ol Assoc (2) . Unii Chem pt pf (3). Unit Corp war : Docks Unit Gas Corp. nit Gas pf Unit Gas war.. Unit Lt &Pwr A (1). }yml,x& Pwr pt (6). U S & Inl Secur U S Inter Sec 1s US Lines ot (1). Williams R C (1.40) Wil-Low Cafaterias. Jones (3)..., 2 ‘gstn S&Tu pf(5%). 10; Zonite Products (1). 3 RIGHTS, Expire. 1% Sou Calif Edison. 24 7 5 3 1 3 e % 100 8% 20k 23k annual payment. *Ex dividend. stock. & Payable in cash or stock. ment dividend. fPlus 5% in stock 1% in stock. §Plus in stoc! 3% in stock. n Pius 8% in stock. g k Plus Sales— Add 00, Open. WASHINGTO. Received by Private Wire Direct to The Star Office High, Low. Close. 1% 1% 1% 3% 3% . . 10% 10% 11% 114 6% 6% 1% 1% 2T% 2T% 31 30% 1% k3 4% % 105% 3% 204 8% % 30% Dividend rates in dollars based on last quarterly or semi- tPartly extra. b Payable in stock. Plus 6% in stock. 10% o stock iPlus 4% 1n e Adjust- h Plus m Plus 1 1930. | mand, original production estimates for | the current year have been revised up- |SEES BANK RIVALRY Cows—Cholce to prime, none; good to | choice, 5.25 to 5.50; medium to gooq, 450 to 5.00; fair to medium, 4.00 to 4.50; plain to fair, 3.00 to 4.00; com- mon to plain, 2.00 to 3.00. Special Dispatch to The Star. BALTIMORE, Md., January 30.—Po- tatoes, white, 100 pounds, sweet potatoes, barrel, 2.00a4.0f barrel, 16.00a20.00; 2.75; cabbage, .5023.00; caulif! the-counter Heifers—Choice to prime, none; good to choice, 7.0 plain plain Fresh 80.00. 0; to 4.50: 28.00: medium to good, | America to medium, 6.00a7.00; | Silk of U8 5. 2 cows and springers—40.00a | b | | NEW YORK BANK STOCKS | NEW YORK, January 30 (#).—Over- market: Bid, Asked Units 1 3 {: 5.50a6.00; cgmmon to g‘m Phenix.. ity FRIDAY, JANUARY 30, 1931 CHANGES IN AUTO | BUILDING STUDIED But Many Builders Will Not Bring Out New Models Until 1932, BY DAVID J. WILKIE, Assoclated Press Staff Writer. DETROIT, January 30.—Although leaders of the automobile industry are concerning themselves chiefly about sales prospects of the immediate future, the characteristics of the motor car of 1932 and beyond are being worked out in the laboratories of the automotive plants just as though there never had been a’ business depression. Moreover, while all manufacturers have effected production economies, reducing over- head, eliminating waste and in many cases extending salvage operations, they have placed litle if any restriction on the all-important research work. In a sense, this reflects the confi- dence with which automobile executives look to the future of the industry, but the policy is not necessgrily new: the industry’s leaders long ago agreed that the future of the automobile depended in the main upon the ability of auto- motive engineers to produce constantly improved motor cars. The history of the industry shows that each year has brought its improvements. Those best qualified to know unhesitatingly say that yearly improvements will continue as long as motor cars are made. No Midsummer Models. Many of the features of the 1932 au- tomobile undoubtedly already have been determined, but, contrary to the usual practice of the industry, they will not be available much before the first of next year. At the suggestion of the National Automobile Chamber of Com- merce most of its members have de- cided to bring out no new models in Midsummer. Buick is among the first companies to make a definite announce- ment that its present line will not be replaced during the Summer. Several other companies which brought out their new models toward the end of last year have not considered similar announcements necessary. Although the achievements of auto- motive engineers generally are kept se= cret until they are ready for incorpora- tion in new models, indications are that much of their effort now is being di- rected toward fuel improvement and other develcpments directly affecting the operation of the motor. One of the big obstacles to further development admittedly has to do with the processes of refining gasoline and cil. It was improvement in the quality of fuel that made the high compression motor possible. The compression ratio still_is limited, however, and it is to further lift this limitation that the per- fect fuel is being sought by automotive engineers. The popular theory that engine knock was due entirely to pre- mature ignition was disproved long ago. Engineers have held it to be a “separate rhenomenon” due entirely to the char- acter of the fuel. 0ld Equipment Scrapped. ‘The seemingly paradoxical statement that the development of the automobile industry can be measured by the size of its machinery junk heap is ventured by one_ leading production engineer. He explained the statement by saying that the ability of the American automobile builder to undersell the world was due to his willingness to throw out of his Eiant any piece cf equipment, no matter ow costly, whenever a better one can be_cbtained. Plant tooling has been another phase of the industry where economv has not restricted development during the lean year of 1930. Introduction of new models meant new machinery in every instance. Comparatively little of the machinery of today’s automobile plant wears out; it is scrapped long before it reaches that point. So it is that mil- lions of dollars are written off the books of automobile manufacturing companies each year for machinery obsolescence. Current manufacturing activity con- tinues to reflect the optimism felt by most of the automobile industry’s lead- ers. All plants are in production on at least a part-time basis, and sales managers are d-pending heavily upon the replacement demand they say must come soon. Some of the sales execu- tives profess to see in the replacement requirements alone a volume of business that will exceed the total output of Coupling this with the new owner demand and bctter export de- ward and placed at 4,500,000 units. AS BLOW TO TRADE New York Financier Tells Com- mittee Laws Cannot Correct Bad Management. By the Associated Press. Too lib-ral chartering of banks of small capital and rivalry b tween State and national banks were held today by George W. Davison, president of the over Bank & Trust Co. of causes for recent economic troubles in the Unit-d States. Testifying before the Senate banking inquiry, he said good roads and auto- mobile 0 had hurt rural banks by transforrin: taeir business to adjace trade centers, H: said he did not believe bad man- sgement of banks could be corrected by legislation. More -op-ration needed, he said, adding the fault lay in administration rather than the laws themselv-s. y t CHICAGO DAIRY MARKET. CHICAGO, January 30 (4).—Butter, 10,09 creamery extras (92 score) ; standards (90 score car lots). 273 ‘extra firsts (90-91 score), 26a27; firsts (88-89 score), 25a25':; seconds (86-87 score). 23a24. Eggs, 1 241; firmer: extra firsts, 18%; graded firsts, 17%; ordinary 15a16. 3 fresh firsts, Trade Report By the Associated Press. FINANCIAL s at a Glance NEW YORK, January 30.—Tabloid review of business conditions in the wholesale and jobbing trade, the retail trade and manufacturing and industry, as well as the state of collections, reported to Bradstreet's this week from the following centers: ‘Wholesale and Jobbing trade. Pittsburgh Louisville Cleveland Detroit Kansas City . Baltimore .. Retail trade. Fair Quiet Quiet Quiet Fair Quiet’ Quiet Quiet Fair Fair Fair Quiet Fair Fair Manufacturing Collec- tions. Comment. Pittsburgh—Department store trade Spring; steel buying light. very slow; much building planned for Louisville—Trade below year ago; building slack; furniture veneers and plywoods below fair. Cleveland—TIton and steel production increasing; Akron tire pay rolls 10 per cent over last year, Detroit—Auto factories working two Detter. Milwaukee—Ice out of some lake 4 orders; mild weather hurts coal. Chicago—Steel plate outlook helped to four days a week; foodstuffs sell parts; shoe manufacturers get more by oil and gas orders; road machinery buying good; coal lags; furniture orders good; storage eggs lowest in years; wheat needs rain. St. Louis—Shoe “sales” continue to improve; optimism as to building program, Minneapolis—Mild weather hurts seasonal lines; general trade lagging. St. Paul—Wholesaling retarded by mi en’s wear better than 1929, ild weather; retail furniture and wom- Duluth—Mild weather retards coal and heavy clothing; wholesaling im- proved; retailing helped by “sales.” Omaha—Early reports from travelers disappointing; more men going on road; crops need moisture, Des Moines—Warm weather favors moderate success. employment; numerous “sales” meet Kansas City—Wholesale and retail conditions slightly better. Baltimore—Retailing and wholesalin hardware improving. g more active; iron, steel, lumber and U. S. BONDS ARE DEPRESSED DURING AGITATION FOR BONUS BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, January 30.—Further effect of the agitation in Congress for a bill to pyovide for immediate pay- ment to veterans of the face value of their adjusted compensation certifi- cates has been shown in all classes of Government and municipal issues. Liberty bonds are unusually weak, with the fourth 4'is off nearly 1% points since the decline set in, and Treasury certificates down % to 1V points from the high of this month. There has been a general withdrawing of bids on all tax-exempt securities and postponement, of municipal bond sales that had been slated. Bond Issue Withheld. A syndicat: that had been negotiat- ing for the purchase of an issue of a large New York State municipality re- duced its bid price twice. It was defl- nitely stated that the effect of the Washington situation would bz to hold up the proposed sale of from $75,000,- 000 to $100,000,000 of New York City bonds, inasmuch as the local authori- ties have been figuring on offering an- other 4 per cent bond which specialists in these bonds fecl could not be sold under present conditions. It was also said that the New York State issue, which was to be submitted to dealers in March, might have to be cut down considerably. The test of the market under the new 6HILDS RESTAURANT NET HIGHER,1930 REPORT SAYS in preliminary Childs Company statement for year ended December 31, 1930, shows net profit after deprecia- tion, interest, Federal taxes, etc., but excluding $152,387 profit and loss cred- it adjustment, of $1,187,448, equivalent, after 7 per cent preferred dividend re quirements, to $2.31 a share on 362,370 no-par common shares. Including $152,387 surplus credit adjustment 1930 earnings were $1,339,835, equal to $2.73 a common share. This compares with net profit of $1,277,138, or $2.56 a share on 362,320 common shares in 1929. . GRAIN MARKET CHICAGO, January 30 (P).—With Argentine and Australian wheat ex- ports increasing, grains averaged lower early today. Authoritative announc ment that the British government was preparing a bill ordering a quota of British Empire wheat in millers’ grists counted also ‘a bear- ish factor. Opening 35 cents off to ¢ up wheat later held near to the initial limits. Corn started at 14 cent cline ‘to ¥ advance and subsequent erwent a general sag. i price rallics based on drought advices failed to hold well, being largely offset by the fact that European wheat quotations were unresponsi The Argentine wheat visible suppply showed a considerable increase for the last week, and Australian shipments were also enlarged, amounting to more than four times the total at th's period last year. Uni States primary wheat, too, were much augmented, ag- gregating 1,260,000 bus 15, corresponding day of 1930. IZ\CI!:'OSCd gl’l‘l\a]s of corn in Chicago tended to check price upturns. here today were 131 cars, compared with 102 a week ago, but contrasting with 202 at this time last year. Hogs on feed in 11 corn belt States we: estimated at 39 00 head, again: 39,440,000 a year ago. Oats were gov- erned by the action of corn and wheat, Provisions showed steadiness, respon- sive to upturns of hog values. NEW YORK COTTON NEW YORK, January 30 (Special).— Cotton prices were 1 to 4 points higher at the opening today. It was a trading market, as buyers for manufacturers held off awaiting some convincing de- velopm:nt in textiles and acreage. Dis- tant positions were favored by local longs. Opening prices were March, 10.31, up 2; May, 10.57, up 1; July, 10.82, up 2; October, 11.09, up 4, and December, 11.27, up 4. all British | receipts of | against | 969,000 a week back and 565,000 on the | Receipts | conditions will come today when the ‘Treasury is to offer for bids, $60,000,000 of three-months discount bills. Houses and institutions that genarally take the largest proportion of this type of Gov- ernment paper said that the situation in regard to the cash bonus would very probably enter into the terms on which they would contract to take this offering. There was considerable pessimism in Wall Street today over the general effect, not only on the markst for Gov- ernment securities but on corporation bonds and on the business situation, of the attempt to ride the bonus bill through this session of Congress. No one se'med to have a very definite idea of how the Government could s°ll the maximum amount of $3,400,000,000 of bonds necessary to the carrying out of them would be found. On> banker went so far as to say that he did not believe an issue of this size and fully tax exempt could be disposed of at a lower coupon rate than 412 per cent. Maturing Notes, Obviously, the Treasury Department will be embarrassed by the new turn of events in refinancing the $1,100,000,~ 000 of 3 per cent Treasury notes which mature on March 15 and which it had been expected would be replaced with part short-term and part moder- ately long-term bonds and possibly at a lower interest rate than that on the bonds which are to expire. Secretary Mellon also calls attention to the fact that in 1933 about $8,000,000 of Liberty bonds are callable and that the injec- tion of another huge amount of Govern- ment paper into the market for Gov- ernment securities might seriously affect the refunding of the 1933 bonds when the time comes to take care of them. It is the general feeling, however, that the problem now is the immediate cne of providing for funds to take care of the current expenses of the Government. This is becoming increasingly serious, as the Treasury deficit is growing all the time. Should conditions develop of as unfavorable a nature as some bankers now declare to be possible, the long- term Liberties could be carried on to their actual maturity date. What has appeared to be an opportunity in an easy money market to refund them to the advantage of the Government would consequently be abandoned. (Copyright, 1931.) Organized 1879 JOHN JOY EDSON, President We Have Money to tention. Loans rej No brokerage . . the proposed bill or where a market for |, wes A5 GOOD MANAGEMENT VITAL N BANKING Sound Policy of Institutions More Essential Than Laws, Witnesses Declare, BY CYRIL B. UPHAM. Testimony before the subcommittee of the Senate Banking and Currency Committee, which is studying the Fed- eral Reserve System and the national banking system, has brought out that there is general agreement on at least one point—that the prime essential in banking is better management rather than more laws. As Edmund Platt vice president of the Marine Midl: Corporation and former vice governor of the Federal Reserve Boar XLIY:I: “Geod bankers make bank- g." While there have been recommenda- tlons for changes of minor character in the law, and while advocates of branch banking have pressed that system as & method of improving the financial serv- ice rendered to small towns and rural areas, the main emphasis has been upon an improvement in bank management. Banks Absolved in Speculation. The banks, on the whole, have been absolved from blame for the speculative abuses of 1928 and 1929 and the de- pression which followed. Some of the witnesses, notably Adolph C. Miller, member of the Federal Reserve Board, have given as their opinion that the reserve system itself must accept & share of responsibility for the excesses of speculation, because of their extreme easy money policy of 1927 and after. Others have declared that a part of the responsibility attaches to business itself; that commercial interests were pursuing speculative tendencies and following _inflationary practices. The public comes in for a re of me. All are agreed thal speculative extfemes are bad, and some are &onvtnccd that they are inevitable. Among the possible remedial meas< ures that have been suggested so far are prohibiting or limiting access of & member bank, which is making security loans, to the rediscount privilege at the reserve bank; prohibiting or regulating strictly the security affiliates of national banks; prohibiting so-called *bootleg” banking, or direct market loans for ac- count of corporations, firms and in- dividuals; a higher rate for loans on security collateral than on commercial paper collateral; a reduction in the cap- ital gains tex; maintenance of the re- discount rate above the market rate; acceptance of clearing house certificates by the reserve bank as collateral for member bank borrowings; segregation of assets behind thrift accounts in commer- cial banks: increasing the reserve to be maintained against time deposits, and an extension of branch banking. Security Loans. A recurring question is as to the pres- ent position of the banks of the coun! so far as security loans are con 3 The controller of the currency, John W. Pole, in his testimony offered the opin- ion that banks are not less frozen now than they have been. Others have ex- pressed the view that there has been a not inconsiderable improvement in this respect. Albert H. Wiggin, chair- man of the Chase National Bank, be- lieves that the controller is that the present low rates of eral Reserve System and the market generally are retarding the lquidation of these security loans. The public is still stock-minded, in Mr. Wiggin’s opin- ion, and is waiting for the rebound of stock prices. ~ (Copyright, 1931.) BROKER PLEADS GUILTY. NEW YORK, January 30 ' (#).— Charles E. Kenner, 27-year-old broker, also known as Charles W. Campbell, who said his home was in Long Beach, Calif,, pleaded guilty to grand larceny and was held for s:ntence next week. He was arrested in Denver December 21, charged with defrauding investors out of $150,000 in New York by stock sales. When arrested, officials said, he was opening offices in Denver under the name of Charles W. Best. They also said he had operated in Los Angels and in Connecticut. . A telegram from Long Beach to Judge Bertini indicated Kenner's father was Equitable Co-Operative Bldg, Assn. an official of a trust com; there, judg: said. T SOSOEE 51st YEAR COMPLETED WALTER S. PRATT, Jr., Secretary Subscription for the 100th Issue of Stock Being Received Loan on Real Estate or to Take Up First Mortgages F you desire to purchase a home, refinance your present indebtedness or improve vour property, we have the money available! Y application will reccive pr@upt and courteous at- Your able monthly. . No commissions 915 F St. N.W. BEERREODD FINANCIAL PLANNING —is w hat you are doing when you make investment in our 6% FIRST MORTGAGES elery, 25003 TOCK AND BOND AVERAGES By the Associated Press. From Yesterday's 5:30 Edition. Shee No matter what you have in mind for the future requiring money this investment will au- tomatically provide it through investment of your surplus funds. Bankers' ... rontw lower 0; lights, medium, light pigs, STOCKS. Owver a Third 50 Industrials. of a ; light sup- | s e 1 e 5.0011. Tarit cis e Previoas dky Week ago. Month ago Year ago Two years ago Three years ago igh, 1930-31.. 1920-31. 1929 20 ipts, 100 head Bails. i st ady; calv Al Hay and Grain. Un't ; ; alive-- . 34a35; old, s i & 110 ckens, Century FOREIGN EXCHANGE. Quotations furnished ty W B Hibbs & Co.) Nominai gold Sells value old her Without a 13a14; duck s 4 You figure the return exactly each, 30a6 yellow, old, 80a a4.35. Loss . g —always 6%—never less. guinea pair, 15 Eggs—Receipts, 477 | firsts, 21, Southern firs *| receipts, 20. . 24 Butter-——Good to fancy creamery, | pound, 28a31; ladles, 19a21; rolls, 16a 18; process, 25a26; store packed, 13al4. pigeons, ob_corn Noarby new, 4.2 60a65. | London, pound..... ) NO: '3, new, 42548; No. | Lazis, trene...... nearby ; current May be purchased in amounts from $250 up. 101 101% ;56 101 3 Iae I3%8 B 53 101% y- General hay | 2om- 83800 market strengthening. Drought has se- | Zurich, ~ franc... ; 1933t riously curtailed nearby crops, chang- | Madrid. eseta ... .. 10 ing the entire situation. Sections here- | Vienna, schilling Live Stock Market. o Tor | Bidapest. pengo 4 % s T tofore shipping are now asking for i 5 Cattle—Recelpts, 500 head; moderate | tofore shipping Foner S ixed | hrasue, crown (nom) supply; market dull. Warsaw, #loty. o : . 99.3 ; e B v eek ago. v e foGhotce o prime, none; good | and timothy new hay will bring from |Copeanigen, crow: : to choice, 8.5029.50; medium to good, | 24,00a28.00 per ton. gl st ! R 1043 . . . Stocknoim, " crow 800 to 9.00; fair to medium. 7.00 to| Wheat straw, No. 1, per ton, 9.00a g % } “ 925 15th St. N.W, 1S - NO BSTITU pos o 7.50 plain to fair, 6.00 to 7.00: common }3% oat straw, No. 1, per ton, 9.00a 101% [} 7.8 84ty 180 93 93 s .37 81 67 8 i & 5 Three years ago ior Borrowing Demand Grows. High, 1930-31", at! AT AT N TORK Jaiy B (Bpecial) — | | Low, 193031 King Caro! is an expert ‘mechanic rrow! lemand for s has 0d 8% Tgbite driver. It s $31d thal | increesed this week with 12 leading affic regula- | har s today loaning at a premium and u! . . the rest of the list loaning flat. to plain, 5.00 to 6.00. Bulls—Choice to prime, none; good to chofce, none: medivm to good. 5.00 to 5.50; frir to m-di'm, 450 2 57; plain to fair, 400 to 4.50; common to fair, 3.50 to 4.00. rni Boc 6 —Wih wararnts Fw_Without warrants. E FOR SAFETY 26 mol e carefully cbe: tions of his country.