Evening Star Newspaper, January 31, 1931, Page 12

A—12 * SHEEP AND LAMBS AT HIGHER PRICES Hogs 25 Cents Lower Than Last Week—Steer Values Are Irregular. BY FRANK 1. WELLER, ated Press Farm Editor. Sheep and lambs are in a fair way for the present to turn up a better show on the markets than any other live stock wmfl“‘werl and yearl! fidget in an up-and-down trade and hogs go ap- ruhennv!ly to a market 25 to 35 cents ower than a week ago, all classes of sheep and lambs have worked to new high ground. Lambs brought the high- est 'rm since early September. P lh?fllty {helu}‘um% from : falling of receipts—the sign of a sup- rly gap in months. The crop of native jambs is dwindling, very few carrying finish being available on most days, consequently all interests are depend- ing more on fed Westerne, which, in turn, has aroused speculation as to the ;ziumber of Colorados shortly due to ar- ive. Replacement Buying Helps. Should the supply from Colorado and Nebraska prove considerably smaller than a year 800, as many in' the trade contend it will, the situation may con- tinue bullish, but limited by present low cost of other meats and the consumer’s purchasing power. Replacement buying has helped the | market. The somewhat indifferent at- titude of killers toward thin lambs seems to have' renewed interest from the country and numerous loads of thin range lambs have been taken by farm- ers. Lightweight hogs continue to hold to | the u;;rer edge, due to the scarcity, and the price spread is unusually wide for season of the year. Comparable grades of 180 and 300 pound. weights D noie pers ook together with porl ices, er w further downturn in and a general- &"dlln-fllmm provisions market, has down the beef market. But, sharp supply abridgement seems to fol- low every generous run and with supply retrenchment comes higher steer prices all along the line even though the dressed trade does not seem to war- rant the advance. No doubt the 10 per cent fewer cattle on feed, as com- with a year ago, is becoming a important factor in supporting a market which otherwise 1is basically weak. | The way shortfed cattle were rushed in at the week end in answer to the week's early price advance was taken to indicate, in part, that a good many were interested not only in get- ting the upturn but also in getting out from under a doubtful future. Finish- more interested in market- fed cattle xunu mh buyln% meaty heavy steers for replacement explaining that future pros- do not warrant competition with steers now selling at $9 down- erous Accordingly, the sharp sdvance came early only to topple over Iater in the face of limited orders car- ried shipper and killers alike, supplies of all kinds of cat- tle, however, are ex] to_be small the next few months. While no advance in is likely on any @ general strengthening of the Jevel of all cattle prices is not improb- able. INSURANCE COVERS 107,000 U. S. WORKERS Yess Than One-Fourth of 1 Per Cent of All Employes Share in Various Plans. @pecial Dispatch to The Star. NEW YORK, January 31.—Unem- insurance at it in issue. an anal! of a study made by the Industrial Re- with the co-opera- eller Foundation, the FINANCIAL. THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page Stock and Dividend Rate. Stand Brands pf (7). Stand G& E (3%)... Stand G & Epf (4).. Stand G & E pf (6).. Stand Invest Corp. .. Stand Oil Cal (h2%). Stand Oil Kans (2).. Stand OII N J (12)... Stand Oil N Y (1.60)., Starrett (LS) (12%) Stewart Warner Stone & Webster (4) Studebaker (1.20)... Sun Ol (11). % Superior Oil. Sweets of Am: 8% Tennessee Corp (1).. Texas Corp (3)..... ‘Tex Gulf Sulph (4).. Texas Pac Land Tr.. The Fair (2.40). The Fair pf (7). ‘Thermoid Co. . Third Nat Invest. ~Prey. 1931~ e - =19} ESEL - LR T [OPAPUVE cPH JUPRE- TN S TER PP VISS i J0. 3 STV Rirepsyey - @ S Tide Wat As pf (6).. Tide Wat Oil (80c). . Tide Wat Oil pf (5). . Timken Det Ax (80c) Timken Roller (3) Tobacco Products Transamerica (1). Tri-Cont Corp. . Trico Prod (2%).... Und-Ell-Fiscner (5). Un Carbide (2.60). Un Oil of Cal (2) 4 Un Pacific (10) Un Pacific pf (4) Unit Aircraft. Unit Carbon (1 Unjted Corporati Unft Corp pf (3) Unit Electric Coa Unit Fruit (4).. Unit G & Im (1.20).. Unit G & Im pf (5).. Unit Piece DW (2).. Unit Piece D pf 6% . U S Express. .. U S & For Secur. U S Freight. .. . U S Gypsum (1.60).. 6 . Y 198 86% 27 T4 21% 3 18 2008 N 1 2 3 2 74 1% 10% 24% 4214 Sales— * Add 00. High, 64% 11) ~Prev. 1931~ High. Low. 66% 59% 6915 27% 26% 11% 20% 137% 143% 2% 21% S Ind Lea! 8 8 Pip s Univ P1 Util P&] % 454 Vulean Walwor Ward B Ward B: Ward B Warner Warner Warren Weston Weston Westva, Wextarl White S 4 Wilcox 66% 9% 22% 3% 24y 75 Youngs 2% 2 s Unit of tradin in stock. § Payabi —no_regular r le_in cash o e Payab) stock. hPlus 2% in n b 201y 1% 41% Stock and Dividend Rate. Realty & Im (3). 8 Rubber. ... 13 U S Steel (7). U S Steel pt (7) Young Sh & Tube (5) Pac Gas & El. Mar 11 Dividend rates as given in the above table are the snnual cash payments based on the lat £ less than 100 shares 3% In stock. m Plus 1% in stock. n Plus Sales— Add 00. High. us Alco (6)... 22 62 th pr pf (7) e & F (2). 1 79% 17 30% 4 32% 4 25 140% 148 pe & Rad. L A (et2.15).. Vadasco Sales Corp.. Vanadium Corp (3) Det (4). ‘Wabash RR. . Wabash RR (A). 5 Waldorf Sys (1%).. rth Co (2 aking A aking B aking pi Bros Pict Quinlan. Bros (3). War Bros cv pf (3).. West Pa Pow pf (6). 30 West Pa Pow pf (7). Western Dairy A (4) Western Dairy B. Western Md. .. Western Union (8) Westing E& M (5).. 184 208 El Instr (1). ElecA (2).. 2 co Chlor (2). 250; k Radio Str. 2 1 White Motors (2) White Sewing Mach. ew Mach pf. Oil & Gas Willys-Overland . Woolworth (2.40). % Worthington Pump. Wrigley (Wm) (4) Yellow Truck. . 69% 10% 23% % Spring (3).. RIGHTS—EXPIRE. 15 2% ¢ 24 24 2 est quarterly or half yearly declarstions. Partiy extra. 3 Plus 4% scrip. us 9% In stock. a Paid last year Payadle in stock. d Payable when earned. fPlus 8% in stock. &Plus 6% in stock’ 4Plus $1 in preferred stock. k Plus % in stock. SHIPPING PROGRAM T0 PROVIDE WORK Building of Four Great Liners by Grace Interests Starts Soon. BY BRADLEY W. TRENT. Special Dispatch to The Star. NEW YORK, January 31.—Big busi- ness generally, particularly exporters, and Government officials as well as shipping circles were keenly interested in the announcement that the four steamship services controlled by the Grace interests will be consolidated into one system and that a $17,000,000 construction program will be started involving the building of four great new liners. Weekly sailings by fast, modern liners from New York and San Fran- cisco to Central and South America will aid in developing inter-American trade and intercourse at a time when Great Britain and other export nations are making a special effort to expand their markets in Latin America. Factor in Unemployment. In addition, the Grace construction program is viewed as a factor in unem- ployment relief. Approximately $86,800,- 000 will be paid in shipyard labor at the Kearny, N. J, yard. Eighty per cent of the total $17,000,000 cost will be expended in wages to labor, either in the shipyard itself or in the factories where the materials for constructi the ships are manufactured. The announcement was made by D. Stewart Iglehart, _muldml of the Grace Steamship Co. lines which now are brought under one head are the Grace Line, which for years has oper- ated freight and passenger liners be- tween New York and Panama, Colom: bia, Ecuador, Peru and Chile; the Panama Mail Steamship Co., operating freight and passenger vessels between New York and San Francisco via the Panama Canal and Central American ports; the Grace Line, North Pacific division, rating from Seattle and San Pranc! to Chile and Peru, and the New Orleans-South America Line, connecting the guf port with Colombia, Ecuador, Peru and Chile. With the four new liners placed in service travel time will be speeded up from two to eight days on the Atlantic and Pacific Coasts and there will be weekly sailings from New York and n Francisco for the principal Pacific it| ports of Central America and South $hose ited by panies com| 2 T fits were A ly 1831 a local union of printers provided 83 a week for its unemployed single members and $4 for its married mem- Dloymont. " Local union pians have been t. uni ns have - as omalonp required and then abandoned. Today there are probably 35 plans operated by local unions, with a membership of about 83,000 1In 1930 only four international or na- tional unions were paying cash benefits entirely from their own resources. Seven others have operated plans, but have abandoned them. The four still benefits have 1,323 members. local and international unions create their funds from dues and as- sessments and pay benefits that range from $3 to $10 each week. Joint employer-union schemes have been set up to the number of 24—6 in the garment industries, 10 in the head- industries, 5 in lacemaking, 2 in cleaning and dyeing business and 1 in the wallpaper industry, the study revealed. Two have been abandoned, both in the ladies’ garment industry in New York. The oldest is the agreement in the ‘ll.umper industry, which was established 1894. Th"el 22 phns“tlx)x operation (1 is temporarily suspen cop:;a‘ about 63,500 workers. Usually the promoters of these plans have been the unions and the benefits have been about as in the union plans. GENERAL MOTORS PROFIT FOR YEAR ESTIMATED Speclal Dispatch to The Star. NEW YORK, January 31.—Earnings of the General Motors Corporation last year, given in the report of the du Pont America. “Our willingness to embark at this time on a ship const involving $17,000,000,” . Iglehart said, “defines our belief that by build- ing a new tonnage we are creating a demand for its employment, in addi- tion to its being an expression of confi- denmu in the future of American ship- ping. “The development of sympathy and understanding as well as commerce be- tween the Americas justifies a system of inter-American marine transporta- tion served by vessels equal or superior, in point of speed ‘and luxury, to those operating over any trade routes.” Sailing Time Reduced. The new liner Santa Clara, placed in service last year and joining with its sister ships, the Santa Barbara and Santa Maria, cut the sailing time from New York to Panama to five days, to Callgo, Peru, nine days, and Valparaiso, Chile, 16 days. The four new ships to be placed in service in 1932 will have a minimum cruising speed of 18 knots an hour when fully loaded and will be built especially for comfortable travel in the tropics. Every cabin will be an out- side room, each with a private bath room. All public rooms, such as social halls and smoking rooms, will be on the promenade deck, as will the dining saloons. They will be the first Ameri- can ships built on this unique design. The ships will be 500 feet long and have accommodations for 222 first- class and 70 third-class passengers, be- sides large freight capacities and re- frigerator cargoes. (Copyright, 1931.) . SHORT-TERM SECURITIES, (Reported by J. & W. Seligman & Co) Co., are approximately those previously | A: in Wall Street. They indicate report of Qg-.h‘m:bulhld for some weeks. Cities Service Co. ' NEW YORK, January 31 (#).—It was ‘all Street yesterday that Co. has acquired virtual i4 | 6.5088.00; feeding and shearing lambs, | e S B i 01t Gorg. B1oa 108 Shell il Co. ¢ mm.fl"c‘:'fi%m oo 5i5s Standard Oil N. #Il’ N. York ing | liquidation process goes on; commodity BUSINESS UPTURN IS REPORTED SLOW Absence of Swift Rebound Seen as Good Sign in Trade Situation. Special Dispatch to The Star. NEW YORK, January 31.—Improve- ment in American trade is painfully slow. This is disappointing to those looking for miracles, without under- standing how they are produced, but in the longer view the absence this year of a swift rebound from the December bottom is encouraging in a left-handed way, says the Business Week in its re- port covering the week ending today. ‘The business index for the week end- ed January 24 dropped slightly to 78.8 per cent, but still moves on & level a few points above December. This com- pares with 80 per cent in the preceding week and 95.7 per cent in the corre- sponding week t year. The rise in steel activity is slowing down, but mer- chandise carloadings suggest increasing movement of finished goods to depleted inventories. Building contracts and power production continue to resist fur- ther decline. Only money turnover, as reflected in bank debits and currency in circulation, has dropped a bit, and the latter has its favorable side, indicating greater public confidence in the banks. More rapid improvement under exist- ing conditions would be phoney. Noth- ing that could be done to hasten it has been done ‘or is being done anywhere. The defllflnnfl".l I;IE‘ n‘o:ddmflnln';nt 1111 every aspect of public vate pol- u-f’ h'd*ecnl Reserve it is being steadily contracted; the cost of long- term capital remains high; the bond market still highly uncertain; un- economic gold movements continue; the prices still drift downward. Under such conditions improvement depends solely upon increase of consumer replacement demand and is bound to be slow, be- cause it is largely up to the stork—a slow bird. Y Baltimore Markets Special Dispatch to The Star. L BALTIMORE, Md., January 31— Poultry, alive—Turkeys, 35a40; old, 28 830; chickens, springers, 25a33; Leg- | horns, 18a20; old hens, 16a2l; Leg-| horns, 15al6; roosters, 13al4; ducks, | 15a25; guinea fowls, each, 30a60; pig- | eons, pair, 15a20, Eggs—Receipts, 477 cases; nearby firsts, 21; Southern firsts, 20; current receipts, 20. Butter—Good to fancy creamery, pound, 28a31; ladles, 19a21; rolls, 16a | 18; process, 25a26; store packed, 13al4. | Vegetable Prices. Potatoes, white, 100 pounds, 1.25a2.00; | sweet potatoes, barrel, 2.00a4.00; yams, | barrel, 2.25a3.25; beets, crate, 2.25a275; cabbage, 16.00a20.00; carrots, 2.50a3.00: caulifiower, crate, 1.50a2.00; celery. 2.50 a3.50; eggplants, 1.75a3.00; kale, 60a90: lettuce, hamper, 1.25a3.00; peppers, crate, 1.5023.25; parsnips, 80a1.20; spin- ach bushel, 50a1.10; crate, 50a3.25: tur- nips, bushel, 65a1.20; apples, bushel, 60 a2.00; box, 1.25a2.25; grapefruit, 1.50a 2.75; oranges, box, 2.00a3.25; tangerines, box, 754 1.50. CKICAGi) LIVE STOCK MARKET | CHICAGO, January 31 () (United States Department of Agriculture).— Cattle, 200 head; compared week ago, fed steers steady to 25 higher; mostly steady; trade very uneven and closing undertone weak due to continued siuggishness in dressed beef; short feds of value to sell at 8.25a10.75 pre- dominated: practical top yearlings around 12.25; extreme top, 13.50; best heavies, 11.85; medium weights, 12.00; stockers and feeders, very dull; heavy feeders, 25 or more lower; light kinds, weak, mostly, 7.75 downward, although choice offerings sold up to 8.85; she stock very draggy, but fat cows closing strong to a shade higher than week ago; cutters fully s "y medium light heifers 25 or lower; ex- treme top on heifers in load lots 9.50; bulls about steady and vealers 50a1.00 lower. Sheep—Receipts, 5,000 head includ- ing 4,000 head direct; today's market nominal; for week, 43 doubles from feed- ing station; 14,500 head direct; pared week ago fat lambs stead: mostly 25 lower; in-between grades off more in instances; yearlings sharing decline; fat ewes steady; feeding lambs, 25-50 higher; week’s fat lamb top reached 9.60; highest since September; closing bulk good and choice lambs averaging 94 pounds down, 9.00a9.35; best, 9.40; similar grade, 95-98-pound averages, 9.75; native bucks, 7.75a 8.35; throw-outs, 6.00a7.25; fat ewes, 4.0085.00; . week's bulk fed yearlings, 8.0028.50. Hogs, 13,000; including 12,000 direct: steady to 10 higher than Priday’s aver- 771588.00; 330-320 pounds, 7.00a7.60; pigs scarce; packing sows, 6.1026.35; holdovers, 1,000; ligh and choice, 140-160 pounds, 7.90a8.10; light weights, 160-200 pounds, 7.85a8.10; medium weights, 200-250 pounds, 7.30a8.00; heavy weights, 250-350 pounds, 6.90a 740; packing sows, medium and good, 275-500 pounds, 6.00a6.50; pigs, good and choice, 100-130 pounds, 7.35a8.10. Fed except | &\ BETTER COMMODITY PRICES FORECAST Statistics Company Believes Re- sumption of Consumer Buying Will Occur Soon. Special Dispatch to The Star. NEW YORK, January 31.—On the whole, there appears to be increasing basis for the belief that a degree of strength will be registered in general commodity prices during early future months, says the Standard Statistics Co. of New York, in & current analysis, parts of which follow: “The early date for Easter should shortly make its influence felt in both intermediate and consumer buying, al- though aggregate sales volumes will probably compare unfavorably with like periods for a number of years. How- ever, the increasing disparity between wholesale prices and those at retall, lack of final readjustments between supply and demand of basic materials and leg- islative barriers to international Mree play of trade give us no grounds as yet for changing our previously expressed opinion that, under normal conditions, thedlonz-urm trend of prices is down- ward. “Increasing evidence that the whole- sale price structure is approaching a mo- mentary period of stabilization is appar- ently confirmed by a careful analysis of its leading individual components. ‘While declines have continued to pre- dominate during the past few weeks, they have keen decidedly less moment- ous and tend more to reflect readjust- ments to immediate market influences than to the basic governing statistical positions. For about a month prices, according to reliable weekly indexes, have roughly described a horizontal line some 5 or 6 per cent below tine apparent stabilization level of last Summer and early Fall. “The significant point," however, is that the hesitancy then registered in the average price level bore little re- semblance in its fundamental lnmhr& :ll:; price performance of the present e. heralded in many quarters as a signal of a reversal in trend, price strength in farm and feod products resulting from drought scares overshadowed persistent weakness in almost every other division of the list. In the present instance average price stability is the product of relatively insignificant changes in either direction.” M NEW YORK BANK STOCKS NEW YORK, January 31 (#).—Over- the-counter market: BANKS. ked 6513 3 102 Pifth ‘Ave. First Natl' N Y. Harriman ... Peoples Nati.. TRUST COMPANIES. Bid, A (1 nkers . aaway ' Pla; e & Tr . hange. Bui B ent Hanovs Chelsea Bk Chem Bk & Corn Excl County Guaranty Irving .. A Westchester Title ‘& DIVIDENDS DECLARED NEW YORK, January 31 (#).— Regular. te. Fiod. able. . riod. able. 50 Feb. i Hldrs. of Company. Ra T Am G & P 1st pf $1. Feb G Am Paper Goods Bang & Ar RR pf. Begcon_ Fin Corp. D! Bunker Hill livan M & C.....25¢ Cong Nairn Inc pri§i.76 ntl - Amer Life ns ... 3% Crown " Zéliérbach, Curtls Bub. East ULl Phila Co i 87 Benick & Ford Lid 35 Simon Gt} % Bons > Lud ... v -3 # 8 @ 00 OO WOO WO OO OWZ2>POOEO O DR LOOOD: v Sterling 1st pf. Do. pf..... Veeder Root Whitine Sorp & Be Corp 8154 ot T o 0 o0 uthington Hard- S “ate Initial. N Y State Fire Ins.30c Q lates A York Ice Ma 7% pf.51 TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) —Maturity. Bid. Dec. 1 st Last year more leather was umlfiwmm. D. C., SATURDAY, JANUARY 31, 1931, FINANCIAL. BOND PRICES MOVE | Cox-rex o BONDS swoce sxcnancs] |BENNETT MAY URGE Received by Private Wire Direct to The Star Office Sales. High. Low. Close. IN NARROW RANGE U. S. Group Still Under Pres- sure Caused by Bonus Agitation. BY F. H. RICHARDSON. } Special Dispatch to The Star. NEW YORK, January 31.—Today’s bond market was a selective affair. United States Government bonds were still under pressure, though the volume of offerings and the width of the price declines were both less than on Friday. Prime corporation bonds declined fractionally with Governments. On the other hand, any high grade issues carrying a near maturity date, or & near call date, together with all prime short-term paper were boosted to new highs for the movement. This was a direct result of the Treas- ury's sale of $60,000,000 of 90-day dis- count bills at an annual yield basis of -85 per cent. This is the highest price ever received for any United States Government obligation. It compares with the previous bill offéring in No- vember of 1.75 per cent annual yield. The sharp increase in the face of heavy selling of Government long- term bonds was attributed to the fact that such short-term accommodation has gone to a record premium owing to the necessity of keeping surplus funds employed until the current uncertainty in regard to long-term Governments is cleared away. Time money rates were unchanged, but the presence of a tremendous over- supply of loanable funds, following the 500 per cent oversubscription of the Treasury issue, indicated the possibility of decrease in the near future. The sharp line drawn between near and distant maturities was illustrated in the general list. Baltimore & Ohio 4s, which have 17 years to run; Canadian Pacific 4s, which are perpetual; Ameri- can Telephone 5s, which mature in 1960 and 1965; Columbia Gas & Electric 5s, maturing in 1952, and Standard Oil of New Jersey 5s, maturing in 16 years, were all lower by % to over a point. Near maturities, or bonds with close call dates, even when of a junior variety, such as New York Telephone 41, of 1939, International Telephone 4145 of 1939, New York Dock 5s of 1938, Penn Dixie Cement 6s of 1941, Texas Corpo- ration 58 of 1944 and some of the shorter dated foreign dollar bonds, were firm to fractionally higher. Semi-speculative issues moved ir- regularly. Pathe’ 7s ran up another 5 points, and stand now 34 points above their low. This move was generated by announcement that Radio-Keith- Orpheum had consummated a deal to take over Pathe. Richfield Oil 6s were off a point on general weakness of oil securities. Goodrich bonds were weak, following announcement of the com- pany's poorest year since 1921. Washington Stock Exchange SALES. 10 at 40, 10 at 40%, 10 40. Washington Rwy. & Elec. pfd.—1 at 991, 40 at 987, Mergenthaler Linotype—10 at 88%%. Real Estate Mtge. & Guar. pfd.—300 at 612, AFTER CALL. ‘Washington Rwy. & Elec. 4s—$2,000 at 88, American Sec. & Trust Co.—2 at 345. Washington Gas Light—50 at 123%. Washington Rwy. & Elec. pfd—3 at 9815, UNLISTED DEPT. National Press Bldg. 5'45—$1,000 at 70. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4 & Telga Am. Tel Anacostia’ & Ana. & Pot. guar. 3s C. & P. Tel. of Va 35 Capital Traction R. R. 3. | City & Suburban Ss.. | Georsetown Gas 1st'5; Potomac Elec. co Eotomac, Elec, & In the earlier period, which was | W: MISCELLANEOUS. Ross, Inc., 6Yas ase Club 5igs. Country Club 5! er Mig. 6 Cold Storage 5: Cons. Title 6s. STOCKS. PUBLIC UTILITY. Tel. & Tel. (9) Tiaction Co. (4 Gas Light Co. (18) Steamboat (12) | Pot. Elec. Power 6% pid | Pot. Elec. Power 5'3% pfd | Wash, Rwy. & El. com. (1) Wash. Rwy. & EL pfd. (5). NATIONAL BANK. Barber & Chevy Ch: Columbi W. M. Wash! Amer | Capmal | Wash. Capital (14) Columota (12) | Commercial (s | District (8). Fed.-Am. N. Bi Liberty (1§ a2y, tamped) (10) Cincon ond (%), Washington (i3} TRUST COMPANY. Amer. Sec. & Trust Co. (15) Continental Trust (6). Natl, Sav. & Trust (12i); an & Trus SAVINGS BANK. Bank of Bethesda (68) . Commerce & Savings (10). East Washington (12) Wash. Lot (30). 4 Washington Mechanics (20). FIRE INSURANCE, American (12) r s (8 National Union’ (i5). TITLE INSURANCE. Columbia (6h). ... . : MISCELLANEOUS. Barber & Ross. Inc., com Bid G 3 Bincr. Brome.se mer. z Eederal Storage pfd, 1% n:é'; % 13 . & Bty thaler Linc Me: e. Mergen i atl . & Inv. pfd 5% extra. ella% ext Unlisted Department. (These securities not listed under exchange rules. Bid. Asked. Army-Navy Club .90 Cosmos Club 4bas. Commercial _Club Mayflower Hotel 6s. Metropolitan Club Netional Press Bldg. ED STATES. are in $1,000.) es. High Low. Close. Lib3%s..... 230 101 10028 10028 108 10220 1028 1028 Lib 4th41,s.. 288 1034 103 103 50 10120 101 13 10113 150 104 12 104 12 104 123 426 10628 10610 10612 175 11018 11012 11012 FOREIGN. Saies. High. 5 864 UNIT (8al Low. Ciose. Argentine 55 45 51 85 Argentine 534's '62. Argentine 85 Oc '59. Argentine 68 A '57. Australia 4145 '56.. Australia 5s ‘55 Australia 58 ‘57 Austria 78 '43 Bk of Chile 6857 Bk of Chile 6% 561 Batav Pet 4145 "42. Belgium 68 '55. ... Belgium 6% 49, Belgium 7 '55 Belgium 7s '56. Bolivar 7s ‘58 Bolivia 7s ¢ Bordeaux 6 Brazil 63 Brazil 61 Brazil 7s. Brazil 8s 41. Bremen 75 '35 Chile 65°60. ... Chile 65’61 Chile 7s "4 Ch:istiana 6s'5 “olomb 6s Jan '6 Con Pow Japan 7 Cuba 5%s 45 Czecho 8s '51. Czecho 9s Dan Mun8s A 46 Denmark 4 %3 '62 Denmark 5% '55 Denmark 6s ‘42 Dutch East16s'47. Dutch East 16s°62. El Salvador 8s'48. . Fiat'7s ex war '46. . Finland 5%s '58. Finland 7s ‘50, French 7s '49 i French Gvt 7%s "41 Gelsenk'chen 65'34 15 German 53 '65. German Bk 6s '38 German 65 '50. German Tsrep’'49.. 2. Ger Gen El 78’45 Greek 65 '63 Halt! 6s 52 Hungary 7138 '44. . Irish Free St 5560 Italy 78°51. . £ Italy Pub Sv 78 '52. Japanese 5'%s '65. . Japanese 63s '54. . Jugosl Bank 78 '57. Karstadt 6543 Kreug & Toll 5. Lyons 6s'34.... Marseille 65°34. ... Mex 4s asstd 1904. . Mex 4s asstd 1910. . Mexico 58 A '45.... Milan 6%s°52..... New 8 Wales 6s '58 Nord 6% s 50 v Norway 5s '63 Norway 5% "65. .. Norway 6s'52... Orient dev 5145 "58. Paris-Ly M 6s'58. . s 60, A 2 1 2 4 8 8 1 4 NRANG I WO WOa W 11 1 4 4 8 95 101% g101% 103% 103% 97l 9T 89 90 93%. 93% 104 1043 8% T8% 62% 62% 90 90 104% 104% Poland 6s'40. ., Poland 7s 47, Poland 8s '50. Porto Alegre 85 '61. Prague 73%s'52.... Queenland 6s°47. .. Rhinelbe 75 '46 Rhine West 6; Rhine West 6s " Riode Jan 6%s R Gr De Sul 6: Rio de Jan 8s Rome 6552 Roy D 4845 w Sao Pau ~|Saxon 7s'46 Serbs-Cr-S1 7. Serbs-Cr-S1 Soissons 6s '36. Sweden 5% s '54 Swiss 513846 Toho El Pow 65 '32. Tokio 5%s°61 Utd King 5%s ‘37 Uruguay 6s '60. Uruguay 8s'46. Warsaw 7s '58. MISCELLANEOUS. Abitibi P& P 5853 20 76% Alls-Chalm 58 °37.. Am Ag Ch 73841, Am F P 55 2030 ., Am1G Chb5%5'49. Am Metal 6% '34. . Am S&R 18t 5s 47, Am Sug Ref 6s°37. Am T&T cv 4%5'39 Am T&T 58°65..... Am T&T ¢ tr 58’4 Am T&T 885 £60. Am T&T 5%s 43. Am W Wks 5s AmWat Wk 6s'75. Arm & Co 4%s"39. . Arm Del 535 ‘43, 3 6 26 70 W . 15 .15 At Ref deb 5s 37... Bell Tel Pa 58 B '48 Bell Tel Pa 5s C '60 Beth Steel pm 55'36 Beth St rf 58 '42. Bk Ed gn A 5s'49 Bush T Bldg 5s'60. Cert-td deb 5%s '48 Chile Cop db 58 '47. Col G&E 55 May '52 Colon O11 65 '38. Com Inves 5%s '49. Com Inves 6s '48. C C Md 1st rf 53 '50. ConG N Y 5%s"45. Det Eds g 4% sDww Det Edison 55 '40. . Det £d rf 65 B '40 Dodge Br cl 63 40 Donner St 7s'42. ... Duquesne 4%s '67. Gen Motors 6s'37.. Gen Th Kq 65 '40. .. Goodrich cv 65 '45. Good 1st 6% '47. .. Goody'r Rub 68 '57. Humble Oil 55 '37. . Inland St 4% Int Cement 65 "4 Int Hydro El 6s "44. Int Match 5s ‘47 Int MM col tr 6s 41 Int Pap 68 A "47.... Int T&T cv 4%s '39 Int T & T bs'56 KCP&L4 57. Kan C P&L 55 A '52 KanG & E 4%s'80. Lautaro Nit 6s'54. . Lig & Myers 78 '44. Loew’s 6s ex war. .. Lorillard 5%s '37 Lou G & El15s '52.. McKes.& R 6% '50 McCormack 6s '34. . Midvale Stl 58 Mont P db s Mor & Co 1st 4%s. . Nat Dairy 6% Nat Rad 6% N Eng T 1st N Y Edison e 2 Ramerecand Nommn bl N Y Tel 65’49 Nor St Pw b3 A Nor St Pw 6s B "41. Pac G & El bs 42 Pac T&T 1st bs - 7 Phila & Read Phila Pet 5% Pos Tel & C 53 °53.. Pub SvG 4%s'70.. Rem Arms 6s A *37. Rem R 5%8 A "47ae, 1 = onZ53em 0 T4 101% 102 4 % 864, 864 Rich Ol cal Shell Un O1l 5 Sinc Cr O 6%s Sinclair Ofl 6% 8'38., Sinc P L 5842, Skelly Ol 5%5°39. . Solvay Am 6s 42... Sou Bel T&T 5s "41.. StOIl N J 5846 StOIINY 4%s'5 ‘Tenn El P 6s Tex Corpcv bs'44.. 24 Unit Drug cv 68’53 9 U S Rub 1st 55"47.. 11 5 66 17 81 1 “.. Vert Sug 1st 7s '42. Walworth 65 A *45.. Warn Br Pic 6s'39.. Warn Quin 6s°39. .. West El deb 65 "44.. 19 West Un Tel 5851, 1 6 West Un T 6% Wh Sew Mch Wil & Co 1st 6 Ygstn Sh&T & RAILROAD. Atchis 48 1905-56.. 1 Atchison gen Atchiscv 4338 "41 AtCLcol 4s'52... B & O Toledo 45 Bos & Me 58’55 Bos & Me b3 '67 Bklyn Elev 618 Bklyn Man 6s ‘68 Bklyn Un 5545 Bkiyn Un 1st 58 ‘an Nat 4% an Nat 4145 68, Can Nat 432870 Can Nor 415 '35. Can Nor 7s deb '40. Can Pac deb 4s. Can Pac 4%s '46. .. Can Pac 58 ctfs '44. Cent Pac 4s Ches Corp 5s '47... 127 Chi& O gn 4%s°92. Chi&O4%sB'95.. CB&Q4%s'17... C B&Q 1st rf5s°71. C B&Q 111 dv 4549, Chi & Eas 111 58 '51. Chi Grt West 4s'59 Chi M & St P 4589, Chi M&StP 435 C.. Ch M&StP 43589, Chi M StP&P 53 '75 Chi M & St P ad) 53 Chi & NW gn 4s°87. 2 109 96 43 93 Chi & NW con 4% s, 8y '36. 18 107 s ‘34 Chi RIcv 4%s'60. ChiRI&P4% Chi Un Sta 415 °63. C& W Ind cv 4852, CCC&StL4%s E. . CU Ter 4145 2020. . Clev Term 4%s'77. Colo & Sou 41535, Colo & Sou 415580, Cuba Nor 5%s "42.. Del & Hud rf 4s°43. D& RGrgn4s Erie Gen 4s Erie cv 55 '67. Erie 55 '7 Fla E Coast 55 '74. . Grt Trsfdb6s 36, Grt Nor 4%s'76 D. Grt Nor 43877 E. Grt Nor 55'73 1 “" 66% 85% 95% 72 32 894, 46 99 34 88% 87% 16 92 9 103% 103% 103% 2 B88% 88k 884 99 98% 99y 9 102% 102% 102% 5 1024 101% 10134 8 101% 101% 1014 5 93% 93 93 96 965 75 84 1% 22% 5 106% 106% 106% 10 98% 98% 98H 3 96 1 105% 105% 105% 65 % 81 [ 8144 101% 101% 101% 1 97TW 97TW 9TW 99% 6% 97 105 103% % 98% 108 98% 97U 70 101% 2% 39 5 6% 64% 108 106% 8% 97% 70 01% 72% 39 7% 68 65% 105 WATERVAY PLANS Canadian Premier Expected to Discuss St. Lawrence Project With President. BY LEMUEL F. PARTON. Special Dispatch to The Star. OTTAWA, Ontario, January 31.—1It 18 understood here on good suthority that Premier Bennett will discuss with Presi~ dent Hoever the long-pending plans for 103% 1081 | the development of the St. Lawrence 102% 1024 | waterway by the two governments. 108% 23 100 102% 96% W 98 118 ‘“ 9% 96% 101 95 107% 103% 102% 109 103% 857 991y 100 72 100% 107% 85 98% 98 104% 100 104 103% 1014 110% 87 100% 103% 109 96% 42 66 86% 951 T 1% 31% 89% 9315 88 07% 98% ) Ve il g % 1 91% 43 96 96 T4% 7% ki 22% 96 108% 23 100 102% 96% 98 118 Nu% 96% 101 95 107% 103% 102 109 103% 857 991 100% 72 100% 107% 85 9814 98 104% 100% 104 1041 101% 110% 87 100% 103% 2 998 99% 99% 25 102% 101% 101% 109 107% 29 88 91y “ 96 964 75 % % 22% 96 6 994 994 99u Grt Nor gen 7s '36. Hud & M rt 5557 111 Cent 4%5°66. . .. 111 CCStL&N 4%4s. . Int Rap Tr 5s Int Rap Tr sta " Int Rap Tr 6s '3 Int Rap Tr7s 32 Int & G N ad 6s 5! Int Ry C A 61847, Towa Cent rf 4s'51. Kan CFtS&M 4s 36 Kan City Sou 35 '50 Kan City Ter 45 '60. Leh Val 5s 2000 Long Isl db 58 '31. . Snwameas Sea o 94 5 104 1101 L & N uni ¢s'40 MIERy&L M &SL 1st rf 4539 M StP&SSM con 4 MSP&SSM 5%s " M StP&SSM 6% MK & T 1st 45°90.. MK&T4sB'62. MK MK MK -1 98 . 11 100 5 6 .17 3 10 3 1 &T4%s'78. .. &TprinbsA. & T adj 68 '67. Mo Pac gen 4s'75 1 1 100 90 Mo Pac 58 G '78 Mo Pac 5s H '80 Mo Pac 5%scv'49. Mont Tram 58 '55. . ssau Elec 4551, & T &M 58 B '54. 93 3 100! T9% 7 9% Y 94 % 104 101 98 00 % 1 % 6% 86% 963, 9% 90 88 % 95% % 100% % 90k T1% 95 944 934 94 93Y% 98% NN 51% Y 531 % 100% 2 109% 109% 109%, 4 110% 110% 110% 98% 9’ 9% 94 104 101 98 100 6% 86 95% 100% 90% 9315 100% 1 844% 841 B84% N Y Cen 4s°98 N Y Centdb 4s '34. N Y Cent 4%s 2013. NYC re im 55 2013. NYCLS cl 333893, NYC&StL4s'37 NY C&StL 4% NYC&StL6s'32. NY NH&H 4s '55. NY NH&H 4%s 1 97 3 101 6 116 Nor Pac 38 2047 7 Nor Pac r1 65 2047. Ore Short L 58 gtd. Oreg-Wash 45 61... Penn gen 4%s'65 Penn 4%35°70 Penn 4% s '63 113 97 Y% 9TY% 101 85 % 116 15 103% 103 10 111% 111 1 107% 107% 107% 6 93% 93 93 30 102% 102 961 974 20 100% 100% 100% 101 2 107% 107% 107% 1 82% 82% 82% 5 99 99 14 88% 87% 98% 7 101% 101% 101% 929 85 4 93% 93K 93y 116 11 102% 96% 16 100% 100% 100% 18 107% 107% 1074 2 106 3 Penn 615 '36. P CC&StL 4% . P&W Vd%sB'59. Read Jer Cen 4s '51 St L Ir M'nt StL IM R&G 4 StL&SFindsA StL&SF 4%s'78. StLS W 1st 4s°89. StLS W6s'62..... St P Un Dep 58'72.. San A& AP4s'43 Seab A L 4s st '50. Seab A L cv 6s "4 Sea All Fla ’3 Sou Pac col Sou Pac ref 195 1 92 67 17 4 9 2 100% . 24 98% 11 85% 85% 85% 32 80% 80% 80% 4 85% 85% 85% 104% 95 100% 98% 92 15% 9 14 99% 99 27 85 Sou Ry 6%s Tex & Ark 5% ‘Texas Pac s D '80. Third Av 1st 5s '37.. 1st 4547, Pac 4568 Un Pac rf 45 2003. VaRy 4%s'62 Va Ry 1st 6 Wabash 1st bs 39 ‘Wabash 2d §s '39. Wabash 53%s ‘75, West Md 5%s°77. West Pac bs 4 Wst Sh 1st 4s 2361. Wh&LEcvpf’49, Wis Cen gn 45°3 2 105 2 98 2 108 1 The S has announced plans striiction of steel mater! in the Fall of 1931. 84% 105 98 93% 99 106% 9% 105 4 92% 92% 92% 95 100% 98% 2 1 109% 109% 109% 5 93% 93% 93% 2 49% 49% 49% 15% 9 1 9% 94% 94% 96 96 9% 841 1 108% 108% 108% 1 116% 115% 115% 105 33 96% 964 964 98 16 99% 99% 99% 92 93% 99 106% % 103% 103% 99% 1 100% 100% 100% 5 100 100 100 99%, As Mr. Bennett left here, former Pre- mier W. L. Mackenzie King issued a mildly critical statement, raising the question of what would have been said about him, accused of being too friendly with Washington, had he left the coun- try at a critical time to confer with the American President. Bennett Approved Project. Premier Bennett. coming from the wheat-growing province of Alberta, pledged himself to the St. Lawrence de- velopment in his election campaign. Mackenzie King, drawing his support from Quebec, where the advantages of the project were less obvious, had al- ways maintained a cautious attitude to- ward the plan. The Great Lakes region and the Mid- dle West, seeking an outlet for grain, may be considerably encouraged by the trend of events here with regard to the St. Lawrence. Also, America’s high tar- iffs and Canada’s retaliatory tariffs have given a sudden impetus to the building of American branch factories in Canada. The St. Lawrence development would yield about 4,000,000 horsepower in hy- dro-electric energy. The Province of Ontario, already making the most of the cheap pawer developed by its publicly owned and operated system, is eager to add to its power resources. Since the American tariffs were raised, many American branches of textile, clothing, rubber and steel products factories have been established in Southern Ontario. Interest in the St. Lawrence has been quickly stimulated. In the past Canada has shown {tself alert to the possibility of using its St. Lawrence outlet for American wheat as a means of bargaining over tariff agreements. Premier Bennett, elected as a “red-blooded Canadian,” has long insisted that tariffs were not necessarily jug-handle arrangement, and it is ap- parent that the St. Lawrence plan, orig- inating as a Midwestern farm relief proposal, is now becoming involved in Eastern industrial interests. Canada Wants Factories. American industrialists have realized the advantages of ining preferential tariffs in che British empire by estab- lis] factories in Canada. Canada wants the factories and the payrolls and it wants more power. The plan, which would connect the Great Lakes and clear the St Law- rence for chips of 25-foot draught from Lake Superior to the Atlantic, would cost somcwhere between ,000,000 and $1,000,000,000. Canada is complet- ing the Weiland Canal, connecting Lake Erie and Lake Ontario. Canadian pri- vate capital is completing the tremen- dous Beauharnois power canal dgvehg- ment above Montreal, han over t| channel to the government return for 3,000,000 horsepower of hydro-elec- tric energy. Canada already has d: the channel below Montreal. United States, according to present plans, will e asked to deepen the chan- nels connecting Lake Superior and Lake Huron and Lake Erie and to r! the entire cost of development on 48 miles of the international rapids section, where 2,000,000 horsepower would be de- ve 3 It is on this section that controversy probably will center. American engi- neers propose a one-stage dam. The Canadians want a two-stage dam, in- sisting that the former would submerge the towns of Iroquoise and Morrisburg. At the latter town is the cemetery where is buried Sir James Whitney, former prime minister of Ontario. The Cana- dians say it must not be submerged. (Copyright. 1931.) GRACE SEES INCREASE IN SALES OF STEEL By the Assoclated Press. NEW YORK, January 31.—Although the Bethlehem Steel Corporation has fourth quartet net reported earnings of only 17 cents a common share, directors felt the prospect of improvement ?xrmz the current year was sufficiently brigh to 1’"““’ payment of the regular quar- terly dividend of $1,50 a share, mostly et Sy “T feel t we are going to have grad- ually improving conditions throughout the year, id . presi- going to have as good a first half as last year; we can't expect to come up that fast.” Mr. Grace said it was reasonable to expect that earnings for the current quarter would be appreciably better than those of the eredm( quarter. The recently achieved stability of prices for steel products had been helpful, he sald, and some impetus had been pro- vided by the seasonal pickup in busi- ness. The company’s plants, he ex- plained, are currently working at 46 per cent of capacity, against a minimum of 30 per cent reached in December. EXPORT COPPER REDUCED, NEW YORK, January 31 (#).—The price of export copper was ledugd one- quarter of a cent & pound today to 10.05 cents a pound, c. i. f. European base The reduction followed a similar in the domestic price of the metal ;:l.f terday and brings the foreign price on a parity with the domestic quotation of 93 cents a pound. The former export price was 10.30 cents for first-quarter deliv cents for April. i WEEKLY BANK CLEARINGS. Bank clearings this week, ?fl%uln l-h;e glnited States, l:t b 0 n's lew, amount to $7, 025,000 and are 21.7 per canl:";blng those of last year. At New York City, clearings of $5,135,605,000 are 21. those of cent under year ago, the aggregate at centers outside of New York of $2,314,420,000 is 21.9 per cent smaller. Payments through the banks, measured by clearings, continue at about the same low level in January as in December. Losses are still quite heavy at practically all of the cities Teporting. Bank clearings for Janu- ary to date, instead of showing the customary increase over those of the gst four months, are now actually low the amount reported for each month since August last, the latter, 8s usual, being at the low point of the l"c‘:x“r’xr{nx the k, eal for the week, as reported to G. Dun & Co. ln'c-lhlveruednny e past three herewith: bank ' clearings, for months, are compared Week Jan. 29, 1031. Per cent. Boston -+ $340,000, Philadelphi s B ? Baltimore Pittsburgh Buffalo Chicago Bleveland gncigadl - Kansas Cl BERE oE BoLnaanInORONABLLS Minneapolis Loulsville’ New Orleans.” SRESENE, 59 SRTTIYIYIIIY