Evening Star Newspaper, January 31, 1931, Page 13

FINANCIAL." Market Turns After Mixed Price Changes at Opening. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, January 31.—Mixed trends marked the opening of the b Exchange today and continued the end of the first hour, when qQuotations turned downward. The leaders, like Electric Bond & Share, Cities Service, American Super- power and Goldman Sachs, were the first to join in a fairly uniform decline. Later there were losses in some special issues that had displayed early strength. Citles Service, so Wall Street heard today, may be considering the acquisi- tion of Warner-Quinlan. This New York State oil company, it is known, ‘was examined last April by Cities Serv- ice, but no announcement ever Was jmade as to the results of the inspection. rly this week Cities Service offered o exchange its shares for Richfield Oil common and today it announced that response to the exchange offer had been gratifying. Goldman-Sachs Trading Corporation was moderately active in early dealings in response to publication of the 1930 report, which showed net asset value of the stock at $12.40 a common share at the year-end against $30.16 a share @as of June 30 last. Incidentally, it re- wvealed that 277,000 shares of Manu- facturers Trust Co. stock, amounting to control of that institution, were sold for $7,300,000, or an average price of $26.35 a share. Blue Ridge and Shenandoah, both of which were active Friday, quieted some- what toda Ungerleider Financial Corporation was down about 1} points on its first few sales, while Prudential Investors was a trifie firmer. Dresser Manufacturing A, on organ- H Downward fzed buying as a result of its recent earning report and the general outlook of the natural gas industry, advanced about 1} &poinhlndthlBlhl.rubfl- tered that BONDS ON THE CURB MARKET. DOMESTIC BONDS. | clgse. B G o th, Dividend Rate. Add 00. Open. High. Low. Close. s “25% Leh CdeNa Co (120 4 % 23% % % Leonard Oil.. Sl L N 2% 1% Loew'sIncwar..... 2 1% 1% 1% 1% 7 | 20 24 LoneStarGasn(1).. 3 274 2T% 27 102" 100 Ala Fow ot 1% 2 1% LoulsianaLan&Ex. 2 1% 1% 1% 1% - Corp " 33 32% Mapes Con (13%). 1 4% 4% 4% 3 % Alleg Ga 3% 3% 3% 34| 44 3% Margay.. SR s Auminum 154 185 154 155 1% 1 Mid St P 1 1% 1% 1% Am Austin Car. 6 1 1. 3% 1 28 17% Mid West Ut (b8% 6 22% 2% 22% AmCP&LA (a3 1 35% 35% 35% 3B%| 143 13% Mid Roy cv pf (2). a3 1B 13 5% AmCityPALBD10% 7 7% 7% T 7%| 11 5 MoKanPL (b10%). 4 &% 6% AmComPA (b10%) 14 14% 14% 13% 14%| 103 100% Moh HP 1stpf (7).. B0s 102 102 102 AmCyanamid B..... 1 9% 9% 9% 9%|102 99 Moh HP2dpt (7 1102 102 102 Am For Pow war. & 164 16w 18 164] 3 i Montecatinidebrts.. T K % % Am Founders 1 4% 4% 4% 4% % 4% Mount Prod (1.60). 1 8% b% 5% AmGas&Eln (11).. 2 73% Td% T3k Te%| i 3 » Am Invest Inc B. 1 5% 6% 5% 5% d at Aviation. o s B% A Marasaibo, S kM ke Bond& Sh (76¢) 2 33% 334 334 Am Natural Gi 1 3% 3% 3% 3% 6% Investors e 2 5% % % Am Superpcw (lllc) 125 12% 12% 12% 12% 35 30 NatPubSvB {2.20.. 1 31% 31% 31% Am DtAG B vic(200) A% A A at ST SecA ($50c) - 1 16% 16% 16% 12 Appalachian Ga: 20 ~Prev. 1031~ Lew. m-u Received by Private Wire Direct to The Star Office Arkans Nat Gas A 5% 6 5% 6 AssocElInLtd80c. 3 6% 5w 54 B4 Mex & ArLand. 3 2% 2% 2% A G EIA (asy. 6 214 21% 20w 20%| B4% 41% NewmontMin (4)... 1 484 484 484 A S m dbts 15 3w su ms m4| 27 264 NYHamburg (2%). 1 26% 26% 26% A e EArs T2 % % %@ G| 50w 46% NYSteamn (260).. 1 50% B0% 50% Assoc G & Epf (5)..660s 85% 89 85% 89 1;“ bpihg b iy 12 1;'4 e 3 7 7 RN, TR TR R OS] 5 au nomsgtees: 5 17% 17% 17% Atlas UtilCorp..... 8 5 B B a1 s Nor EuropOil Corp.. 18 % 1 K 3 130 123% Nor St Pow A (8). 2 126% 127 126% Auto Voting Mach... 2 3% 3k 3K 34| Tp T3 Novadel-Ang (H4K). 2 4B% 4b% 4B% - Blue RidgeCorp.... 29 44 44 4 ‘l o Y — X 2 % 30% Biue Ridge cv 3 34 R4 34 4 -Opper. ... . h e o BrasTr&Lc(bEm). 2 23w 23 28% 28% | 102% 102 OhloOfincupf (§).. 25102 102 102 102 3% 3 Brill Corp A (65¢) 13 4 . 4 4 5% 4% Outboard Mot A. 1 5 5 5 16% 14% Brit Am Oil C (80 T35 a5 1 4% 2% 214 Outboard Motor B... 1 3% 3% 34 34 45 40 BuckeyePL (4). 1 43% 43% 43% 43%| 28 20% PacG&Elstpf1%. 3 274 27% 27 27 25 23 Bulovacvpf (3% 1 26% 25% 25% 26% % Pandem Ofl........ 2 % & % & % % Burco Inc war B m % % | 8 64 Pennroad Corp(zac) 9 TR Th Th Th % % Cable& WireBrots, 4 % % % 4| 24% 20 PeopL&PAaZ40.. ‘2 28% 23% 23% 23% 3% 1% Canada Marconi..... 3 2% 34 2% 34 14 1 Petrol Corp war. 3 3 1 1 1 191 14 CentPubSvAal7s. 3 18% 18% 18% 18%| % % Philip MorrisInc T N 114 9 CentStEl (k40c)... 5 9% 10 9% 10 7% 34 Pllot Rad TubsA.... 8 7 ™ 1 s 1% 1 Chain Store Devel 3 T Mu e k| 84 u PitneyBPn@cill 1 T T TR T 10 7 ChainStoresStock.. 2 10% 104 9% 9%| 4% 4% Poterero Sugar. 2 4% b % 5 16% 13% ChatPhAlnwv (1).. 1 14% 14% 14% 14% ¥ # Premier Gold (i3c) T W W 18% 15 Cities Serv (g30c) 71 17% 17% 1% 1% 2 % Prince & Whitely... 7 1% 1% 1% 1% 7% 7% CitSvpfB (60c). 1 ' e "7 ‘74| 28 141 Prince& Whitelypf. 9 20% 208 20% 20% 50 48 Clev El Illum (1.6 2 49 49 48% 48%| 4% 1% ProducersRoyCorp. 1 2k 24k 24 24 10% 7w Clev Tractor (80c).. 4 8% 8% 84 84| 10% 8 Prudentiallnvest... 3 10% 11 10% 11 2% 1% ColonOil. .. © 1 5% 2% 2w ou 230 201 PSofNIli(S)nopar 25s 236 236 236 236 6% 5 ColOil&Ga Siadg em o W 1 % PubUtll Holdwar.. 6 1% 1% 1% 1% 204% 221 Cmwith Edison (3).. 108 244 244 244 244 | 99% 9815 Puget S PAL pf (5) 10a 1004 1004 100% 1004 21 1% Cmwith& Souwar.. 33 2% 24 24 24| 1% 1 Relter-Foster....... 10 1 1 1 -1 10 8 Com WatSv(b6%). 15 104 10% % 10 4% 2% Reliance Int A. 5 4% "4 4 e 4 Consol Auto Merch. . 3 % Y% 4 b ] % Reliance Int Cor B.. 3 Kl 1 i1 1 L 2% Consol Copper. . 3 2% 2% 2% 2% 5% 3 Reliance Manag. 1 5% 5% 5% 5% ES & Consol Cortez Si 1 - - - - 3 2% Reybarn Co. . w B 2% 2% 2% 2% 90 82 Consol Gas Balt 3. 6 87 87 86% 86% 1% % Reynolds Invest. 3 1% 1% 1% 1% 14% 10 Consol Laund (1, 21 14% 15 14 15 17% 18% Roan Antelope Min.. 2 16% 161% 16% 16% 51 43 ContlShpf B (6 268 45 45 45 45 3% 3% Root Ref cv prpf 1 3% 3% 3% 3% 8% 5% Cord Corp. 39 814 8% % 8 3% 2% Rossia Int Corp..... 1 2% % % 2% 51% 43 Cor& Rey 2 45 48 43 | 37% 34 Rubberoid Co (4) 2 35 3 3% B 3% 2% Cosden Oil 3% 3% 3% 3% & + St Anthony Gold. 60 4 % Cresson O % % % 4| 164 13% St Regis Paper (1 6 11 7% Crocker W 10 10 10 10 7% 6% Salt Creek Prod ( 1 % % Curtiss Wrightwar. 2 % % % %| 10% 64 SaxetCo... 3 2% 1% Dayton Air & Eng. 29 1% 1% 1% 1% 1 % Schulte Un 6 33! Deere & Co ((l.:.‘fl) .. 2 35% 35% 34'% 34| 64% 45% Select Ind (full pd) B Detroit Aireraft.... 10 2 2 1% 1% 4% 23 Selected Industries 2 % Doehler Die Casting. 1 6% 6% 6% 6% 654 44% Selected Indus pr 2 Douglas Aircraft (1) 7 16% 17 16% 17 8% 8% Seaton Leather (1) 2 DressSRA (3%)... 11 36 37 36 37%| 6 3% Shenandoah Corp 5 Dresser Mfg B (2).. 11 28% 24% 28% 24%| 342 333 Singer Mfg (10).... 308 Dubilier Cond & Rad 2 4% “ 4% 4% 80% 29% SoCalEApfA (1% 1 Duquesne GasCpwi. 6 &% 5% 5% 5% 27% 2b% SouthCEdpfB 1% 4 « Durant Motors. 2 1% 1% 1% 1% 35 80% SouthernNat Gas 2 Duval Tex Sul wi. ' Yo 3 3 3 2% 2 sSwW D,llrif'srodllr : s w 9 % % Spanish & Gen rets. BN ReR e B A0 W 33 88 1 e 0% SleNeRNITas (3%).. € Fducational Pic pf.. 160 39 39 35 37% | '23% 20% StandOilKy (133).. 4 Eister Electric Corp. 3 4 4% & 4| 24% 20% StarrettCorppt(3). 1 Blec Bond & Bh (b6) 130 43% 43% 42% 43 | 144 13% Steln (A) &Co(160). 1 ElecB&Shcupf5.. 2 89% R9% A9 89 L oo x ElecB&Shpf (§).. 2 104% 104% 104% 104 | 21% 18% StutsMotor (new).. 2 ElecPow Assoc (1). 1 164 15% 154 18%| ,4% 2% SunrayOll (85%)... 1 Elec Sharehold (1).. 2 10% 11 10w 11 | 30% 284 Switt&Co(2). Employ Rein (1%)..° 1 24% 2415 24% 24%| 9% 7% Technicolor, In 2 EngineersGold..... 1 L] £ L S T 6% ’;efikPHI:";u ((lfloc)) : Fageol Motor. e s s oap stk SCHEE RS (8 Fairchild Aviation.. 2 2 2 2 2 3% 2% Tri-Cont Corp wa: 2 Flintkote CoA...... 1 8% 8% 8% 8| 29% 26 TriUtilities (31.21 1 2 FoltisWischerCorp. 1 2% 21 21 21| & 3% TubiseChatel (B)... 2 4% 4 FUCE A TraabItto., T 8% 9% 8% 9 2 1A TwinStNGpPE(A).. 8 1% 1% 14 1% Ford MLtd (p37%).. 26 184 18% 17% 17% 24% 21% Ungerieider Fin Cp.. 1 28% 23% 23 23 Fox TheaterClA... 16 5% 5% b4 5% 17% 14 Un NG ofCan (1.40) 2 ;3 14 14 14 ; 21 16 UnitChemptpf (3). 1 204 20% 20% 20% 1% K g:: g:l:?"l‘("lt?) 9% 8 UnitCorp war. 5 9% 9% % 35 Gen Baking pf ( 104 9% UnitElecSv(pldl). 4 10% 10% 104 104 204 $7 Geon BAKIRE N ¥ w & % UnitEiSyopfwar., ¢ % % % W 70 50% Gen GEE cvpf B ( 9% 6% Unit Fou (b2-35 lh)A 35 8% 84 8% 8% % Gen Launary Mao 11% 7% UnitGasCorp...... 178 104 104 9% 9% 28 21% Gen Th cv pf wi (3) A% 2% Unit Gas war. . 3 3% 3% 3% 3% 121 13% Gen W W&E A (2) 27 28 UnitLt&PwrA(l). 20 26 26 25% 25% 7 7 Globe Underwriters 11 10% US Dairy (B)... TR 1% % Golden Center. . 6 4% USElecPowerww.. 4 5% b4 b% b4 8% B4 Goldman Sach T C.. 16% 12 US&Overseaswar. 5 16 16 16 16 o 20 GrAymorCorn (1), . 47 31 USInterSecistpf.. 1 46 46 46 46 216 167% Gt At&Pac Teanv(6) 10s 202 202 202 202 1% 1 THICRIores $ 16 1% 1% 1% 76% 63% GuifOilofPa(1%). 10 67 67 66% 66| 24 2% UtahRadlo 2 D 3 T 1% 3% Hartman Tobacco. .. 1 % % 5% % l;‘.& : gl:l‘Phé!(l‘Vl.fizh). . l: 1;‘& 11 11% B i HudsonBayM&S.. 2 4% 0 4% 4| 787 ea" Uil baciiy pf GHIIe100 o T T3 Tow 65 57% Humble Ol (12%)... 3 63 63 63 63 b} > it << : 25% 224 HydroElecSec (2).. 1 24% 24% 24% 24| 3% 2% Vacuum (1) oo sl S 3% 2% HygradeFoodProd. 4 3 38 23 3 o8t vie ;‘A::‘.:c:;;fl'pc}' ; :: i‘& ;\: 13 18% 17% ImpOilefCan (50c) 3 17% 17% 17% 17%| s0u 16w Wal 5 o i) i 9% 5% Industrial Financtts & 104 11 o 10+ | 201 184 WaiereenCo.. R R AL Bk TN 8 % InsuranceBec(f0c). 2 TH 7% 7% 7%| Oof $% Walker (H)UL). : 5 8. 8 e ISsEEeS. B % e | 1% 1w 'Wetaen (W) Co 1% 1% 1% 1% M6 9% IntEEMMERINCo.” 3 S 1h W (ay| O 8 'TonleBradistach. 3 BN G BN 8w 15' 14% Int Petroleum (1) 5 144 14% 14% 14M RIGHTS. Expire. 4% 4 IntProducts 1 4% 4% 4% 4% 2& 1% Sou Calif Edison.... 24 24 24 24 24 IntUtilitles A (3%). 1 36% 36% 36% 364 Dividend rates in dollars based on last quarterly or semi- Int Utilities B. . 4 % ™ 7 7 lnl"lll payment. °*Ex dividend. tPaftly extra. iPlus 4% in Int Util pt pf (7). 508 9% 98 98 ;s tock. lPllel‘ ln Cllh or l, l&lbl! in stock. ¢ w”l- Interst Hose Mills 2 7 7 3 'gm dimdend. '{ Plus 5% in steck. gPlus 6% in etock b Plus Italian Superpow A. 1 3% 3% 3% 3% L3 ,‘.y{k{.’ e T I $600,000,000 GAIN IN MARKET VALUES January Sees Moderate Advance in Security Prices, but Public Remains Cautious. Special Dispatch to The Star. NEW YORK, January 31.—The mar- ket nve nme 'x of ‘a definite trend with only I%morl ‘otal account values $2,140,000,000 above the figure at the year end, reflecun; the hesitant attitude assumed the investment Eubue toward psrud ition in the mar- ‘The false start of a year ago is a lesson well taken and more visible signs of actual business improvement are demanded belwe lny letermined action will be wi A moderately hrlfl volume of turn- over in sales as compared with preced- ing weeks indicates a greater public interest, but the market must still be considered as characterizing profes- sional operations for even this mild stimulation. The percentage of turn- over for the week rose to 3.9 per cent as compared with 2.9 per cent last week. ‘The reduction in brokers’ loans has now lowered that total $170,000,000 since the beginning of the year and fixes the ratio of loans to stock values at a new low record of 3.43 per ctnt, as shown in_the accompanying graph. As'Tel Vil Bl Asso Tel & T Bell Tel Can el Gan 18Can Nat R E 2 Carolina P & § Caterpillar 'r 3Gal Dis Elec 10 Gisar Bur Re 10 Gt Bery G, v Gas 8. Ser Gas P 35 Cit Sery Pow =gl°ru hehm nsum Bow 13 Gomt, Gecur® 48 Grane Co_ 56 § SR ey ] 4 Euaany Pie s 1Det C G 1 Det Int 4Dx GG I3 HRR A e 80% iEdis B % 103% 37 Elec PAL ol - 1 1 EiPa NG 8%s. '43 ww 108~ 108 108 i s 43 %7 T airba Bz o s gen Federa 133 ‘34 8% E@ia 8% 6 Pirestone O M b '43 85 3 estone 85 '43 88% 86% 88% da P & L b5 '54. 8515 65 ' 88 u Pow 6 '41. 92% 934 92% CRR i t 3 te de e v llette Raz 55 '40 S 84 ol SlaA 38 T Tel d 4. ‘gg ‘"* ‘" 101% 101% 101% o2k 1034 1023 uif 8t Ot va 814 ade o o 4Tl P & 1094 102 102 4 Indnap P&L 100 100 100 3 188N Power 295 B8 tersta_Power UIKan CP &L 4 1033 102% 1 1 Kovvers G & L e eais r % i Fouksr Couf s "8 00 Lone Btar Ga e 9 e SLa P & L 38 9L $1% 7% 16 Mamsachu Gas sS85 98 38 S Mid West Uil 5413 94 94 BMIER & Lt 100" 9% 108 % Rz Be SIS Fow a Lt soie o B0t TNt P & L 65 A 2036 1035, 108% 103% SNat P & L 5s B 2030 83 88 ] TR e A o N Calie "5 I Ehe GAE 56 47 8% 88y 883 1 New Eng G&E 55 '4 917 1% 9% New Eog GaE os 30, 8810 a4 88 NYP &L s 67, 047 8412 945 Nor Ina P8 85 D ‘6 101% 101% 101% 20 Onlo Edis e '60 wi 8850 887 9% 31 Okia Ges & EI 55 1 100 101 Osweso h Pow @ ‘31101 101 101 9P G&E 4'is P 60 97% 97% 91% 8 Pacific Pw & L 5 96z 96 8% 1Pac Wes Oil 6'as kil 7% 75 2Penn P & L 5s B 98 98 98 j0Penn P & L S5 D '53108 1 5 T Rlech TR 6172 o i 't El 61 Pitts Steel 8o 17 Portland G E 4%as | Potomac B4 5e B 1003 3Pow Go N ¥ 5% '47 96 ' 934 Boe W I s ¥ a0 ean sutn s Pug B8P & L 5'as 102 101% 101% 7 Puy P& L S5sC 50 98 ’7?[ 8 1 gef Manace st* & (54 81 EU g |k 3 fon svgs 4 31 880 98 8ba 30 Rocn On Pw 3w e e e Gas & C 6647, BT v San Ant P 8 55 B '5h 963 96% 9613 jSaGown o o 8 8 ul 65 138 aw 60 80 3 14 Ehaw s 94% 94l Ve aw W&P 55 C "70102%: 102 1 awsheen 7 ‘31 1013 101% 1013% ield By bigs 481017 1017 103 § Bllle Oel 8izs 0% T 10355 1003 10040 . i lgulhern N G 65 '44 75% 75}: 8% 2 Sthw Dair Pr 6%ss '38 64 o4 4 A 3 Southw G&E s A '57 95% 95% 95 4 So'thw P&L 6s A 2022 104 =~ 1083, 1083, AT e BB s L 9T e 5iaRI GAT L E 6568 80l seil ge 3 Btandasd PAL 65 '51 96 ' 96 ' 96 5 Swift Co 53 _'40 wi.. 100}3 100%3 100%; 15 Tenn Elec Power 55 90%a j11 9 4Tex City Gas 5s '48 651, 85 65 6 Te: Elec 55 '60 wi 98 £ 1) 26 11 Texas G 5 75'a T8% 182 10 Texas P T 99% 99 99! 14 Tri Ul 60% 60 80° % Unlon E 43 103% 103, 103 6 Union G 10173 101% 1014 31 U 8" 1 Ui 21U 1 Unit 1y iv 2V 1Wi 5 Wi 8 We {:’vtii News 1 Wes Tex Ut 5s A '37 87% 3 Wiscon P&L 3 wis Buen Air Proy 1l ‘52 8l'a 81'a 81% ;!Il!fl Alr Pl’ 7Y 47 90 »0 W’ nfi‘n firsts (90-91 score), firsts (88-89 score), 25-25%2; (86-87 score), 23%2-24. 9,788; unsettled; extra firsts, graded firsts, 16%2-17; ordi- m)eet near Thll liquidation of loans contrasts with what is undoubtedly an sccumula- tion of sound stocks, for in the face of this sizable loan reduction market values have increased by $2,140,000,000 in the same period of time. It is also noteworthy that at the same time bank loans on securities, as re| Federal Reserve, have n about cmoooooo with almost all of this tion coming from the New York City ‘The derlying strength of th o under T of the mar- kzt‘n - r""’u un’:mmnwwmh maintain ices provides ation for mM:nt: vg\ulum its future with slowly umrnlu not conditions. BUSINESS nn.ms. By the Associated Press. fallures last week were less numerous than the week, m:.m index based on National Broadcasting Co NEW YORK, January 31 (#)—Gross nv-mu of the Co. totaled visory $22,000,000 in 1930, M. t, the ad< in his annual NEW YORK, January 31 (#).—Stocks heavy; chemicals liquidated. Bonds weak: United States Treasury 4s react about & hllfr.rol.nt Curb helvy. small losses Foreign exchanges ir: u[ulu Swiss !nne weak. Cotton easy; southern uumg hicher. Cuban buying. trade support. INCREASE IN SAVINGS ESTIMATED AT BILLION By the Associated Press. The National' Association of Mutual Savings Banks estimates that savings | g, deposits in the United States increased by roughly $1,000,000,000 during 1930. The increase for mutual savings banks is placed at $600,000,000, with the balance accounted for by other |cr classes of savings institutions. Total mutual savings bank deposits on Janu- ary 1 were $9,464,732,492, showing a gain of $592,607,440, contrasted with an increase of but C“J!O 234 for such in- stitutions in 19329, soclation regards u:ue heavy gains as “one of the surest signs yet visible of better times ahead.” Growth of sav- ings during such a year as 1930, he con- tends, “shows clearly the sound eco- nomic position of our more than 12,- 000,000 depositors.” POTATO MARKET. CHICAGO, January 31 (P-U. 8. Dept. Agr.)—Potatoes, 72; on track, 26; total United States shipments, McClures, 1.75-1.90. Production Increased. NEW_ YORK, January 31 (#)—Ora- ham Paige Motors Corporation has increased production schedules and taken on more of stimulus given motor industry. SILVER QUOTATIONS. NEW YORK, January 31 (P).—Bar |8 silver, 28%. BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, January 31.— 'g‘hmn-mmz AmCom FAVORABLE SIGNS SEEN IN BUSINESS At Bottom of Depression Since End of November, Brookmire Asserts. Special Dispatch to The Star. NEW YORK, January 31.—“Of the business nm in recent weeks the most favorable is the return to work of a large number of men in the sutomobile lants,” says the ys Brookmire Economic rvice. “Another favorable point,” ys Brookmire, “is the increase in steel opennom ‘These are both develop- mem.l which may be normally expected to appear in January aad it is too early to assume that the n is any- thing more than the usual seasonal in- ease. “Machine tool orders in December turned upward and early reports for that the rovement 1 orders false starts during trical power contini . For the first three weeks of January it was 5.3 per cent lower than the eorrelgfln of 1930 and was also 0.7 per cent lower than in 1920. Poor comparisons with both 1929 and 1930 are expected for the first mr:‘x,m currl!‘m. year. tht “From weekly figures it a) January business is not W usual seasonal nfiu. It lounrn nut our index will decline to, a new low level. But the decline will be small. We have been on the bottom of the depression since the end of November. Our index of mmnncmrln( gly Tolls, utess o of based on Labor, nwwu a d:clhu amounting to cent n colnpnred with November, for sea- ting 3 sonal factors. ‘The index is now at the lowest level since 1922.” INVESTMENT TRUSTS NEW YORK, January 31 (#).—Over- the-counter market: Bid. [ 3 Asked. 9 All-Amer Investors A mposite Tr Bhares. Sec lrllllh Type 104 i 7 4t 10% tee United Tns Frast res ¥.. FOREIGN EXCHANGE. D. C, SATURDAY, JANUARY 31, % :::c by the Committee on Airport Zon- % | way by 700 feet. * A—-13 SHARP GAIN NOTED IN STOCKHOLDERS Summary of 128 Companies Shows 15 Per Cent Jump During 1930 Depression. 1931. FINANCIAL. STOCK AND BOND AVERAGES By the Associated Press. SATURDAY, JANUARY 31. RIGHT TO DOMAIN INAIR IS SOUGHT Committee on Port Zoning Makes Recommendation to Regulate Traffic. Special-Dispatch to The Star. NEW YORK, January 31.—Asso- clated Gas & Electric Co. has more stockholders than any other Amer utility company, according to s stfidy of the number of lhlrlholdnn n( 128 leading business will enterprises that lppur in the February 1 hlus of BY J. C. ROYLE. Metropolitan areas of the future will embrace territory of a radius of 100 miles. That is the development fore- ‘The committee, in its report just made to the aeronautics branchs of the Department of Commerce, foresees that cities in the future wfll have at leut airport wit one close-in a chain of A.m ica has become investment~ m" efl’ll’f“‘h'“d gndlng ’md‘ Three years ago. minded,” declares the article, which arther out. If aviation transport pro- | | igh, 1930-31 ints out that these 138 companies duces this development, it would mean | | Low, 1930-31 Bad nearly 430,000 stocknoiders at the that cities such as New York would | | mHigh, 1929. L e take in parts of New Jersey, Pennsyl- | | Low, 1929... end of 1920'and more than 7,300,000 on vania and New England. their last dividend date prior to De- (Copyright. 1031, Standard Statisties Co.) To cope with the requirements of cember 1, . “This such metropolitan areas, the commit- OS5 per cent in 1920e stagseeing tee seeks the right of eminent domai gain for one year—and an increase of RECOVERY IN BOND VALUES CHECKED BY BONUS CAMPAIGN in the air. The committee was formed to study methods of securing safe ave- nues of approach to lai fields and of maintaining fields of ber and capacity to meet the needs of the traveling public. To each com- 15 per cent in 1930 during a period of Mm 11 m:.nm the largest number mm in their re- m@tve groups in 1930 appeared as fol- tilitie . b 'E"'“""‘ Gas & Elec 187,520 R 261,417 Failure of Junior Issues to Participate In Advance Has Retarded Uptrend. i Money Rates Affected. 1 d, 'A‘un.-.nu right to condemn additional areas that may be required. Regulation to Be Necessary. When the larger flying equipment, with heavier wing and powervlom. * BY F. H. RICHARDSON. Special Dispatch to The Btar. l"fil“file its general improvement as a result. The total of new bonds offered dur- comes into greater use such regulations NEW YORK, January 31.—Until the | jng " tp, th bout - Wil surely be rTequired Such planes | soidiers’ bonus question arose in Con- 006, “eompared. with "$3A1380215 in e it is made clear, require faster landing with the that & $3,500,- December "30 and $693,370.434 in 'l"ent -flve hl were listed and taking-off speed, with increased |BTesS: Prospect " | January, 1930. Though the past month's under puhuc utilities, the largest group runs in consequence. 000,000 Government bond issue might | total was about $50,000,000 below that among those which supplied informa- The committee finds that the air- |be attempted, and threw a scare into|of Tt January, it nevertheless showed tion for this report. ports need power to condemn &Il |the bond market, the past month had|a increase over January, ted Gas & Electric Co., easements over surrounding land and 1020 “whe the ol of wonds with 187,520 is the prin- seen s steady improvement in invest- ment securities. But the possibility of | toral ‘:fi‘:},?,‘;“,};}."gn‘“.:‘fi“"m’ which, 85 of January 1 this year, airplanes | such a huge offering was ¢oo much for | relation s shown, | 320,484 ity a mewly convalescent market and|When it is recalled that time money |, Of the total 320484 steckholders, United Stiges Governmens as well a3 Tadhs verdged 196 pat dont I Janoary, N e T Airport constitute Donds sold down | 999, 834 only 434 per cent in JARU"| yions." The fnatitutions that have in: 100 feet high vested include 731 banks and trust d.rapw 1 to Much new financing has been pro- pclnu zelo' their 1031 hllh levels, leces, 'l::éle municipals had corresponding de- clines. As the month ended the market was in a state of uuruhny, with one fac- tion convinced' of the eomlnc of a large Government and the other committed to b!lle{ that President Hoover would stamd in the way of such a dl.shunemen intexior hlnh nnd the commemhl depositories of the large cities, which ordinarily ttflh the de- 1 second-grade is- tion as yet to bid a natural result of reduces the effectiveness of that run- the most dangerous obstacles which the committee considered were the telegraph and telephone lines, es- pecially _high-tensioned l.rmsml.salon lines. The committee declares wherever possible all such lines in Lhe neighborhood of airports should be put under ground or at least removed from the proximity of the airport. The report declares that it is unfair to require public or semi-public air- ports to pay for nuolnmx lands or rights to the bove them in order to obtain ll!e approach. The com- mittee, therefore, says that the pro- tection of the interest of the public in its enjoyment of air transportation should be assured by safe avenues of approach for aircraft using uubl.hned termediate been projecwd for offering in that th ket’ g ity of :norp e market's capacity o - tion was being taxed. been slow to comé out after the huge amount authorized by the voters last Fall,.and it is fair to assume that, de- &m the presidential urug ‘works should be speed Provinces and e U. §. GRAIN EXPORTS. . : By the Associated Press. s last week from the 315,000 'the in 20 years for railroad equlpme%rt'uw- tificates was secured when L‘l‘vnflluu ofl':ed :ome ‘I:;w York c:nmldeerufl cates at a T cen basis. Other issues oflmdpe in the third wi of the month showed a tendmcy m terminals and in landin, advance above the price of ou fields. 1t recommends that State | bonds of the sme securiy. whils & islatures extend nu law w their portfolios but Us week before the opposite pnlicy include zoning regulations by the State | ernment bonds and the cream of the | UPset the market to a small degree. as well as by municipalities. It uidu investment grade of issues. Foreign Bonds. that the municipalities and additional subdi exercise the police power to properly co-ordinate 2zoning ordi- nances. In the foreign department the month did not see any development of great significance. The Young plan loan 5128, which had sold down to 68 in December, advanced about 9 points. Junior Issues. Naturally, the failure ofi these buying sources to funetion in junior issues has Eminent Domain. It concludes that public and individual landing flelds as as com- mercial fields of the public utility class | driving This was attributed to German Wmmmz confidence in the them shouldhe iven the powe: f eminent m“bflfl"w ‘l"geu 375, howe! are still be mm absence t mwrned however, would | are those bonds, Mfllwwfiw- powers, be rum“humd o the "-‘zulty to cindemn r 1] over con IOus prope: condemn 527 o0 | tional demand for them fails tos«develop, sooner or later the mhm will let Xing obsiructions and to condemnn marking cf an condemn joining property in order to go. Meanwhile, the small total of trad- pubtic meeds " tion 5 made | ing in junior bonds is evidence (at the in-and-outers are by awaiting public . is m that State Public Utilif Commissions prevent, of the mut@dhn Exchange Expels Brokers. fl;’“‘" than "m""’*,,g: :&{'a;: NEW_ YORK, Janusty 31 (P—Ths ;‘Epm&gh t.n ?u' though | NéW Yor& Stock re Te Was Som¢ . tween London nmemw gw’énhnmw fors | Emith and to secure fiscal relationship wif iorsahe, such m‘E.”,.u‘.’,“"’m”“u Swiss, French, Belgian, Italian snd hazards from (Copyright, 1931.) ~—— NEW YORK COTTON NEW YORK, January 31 (! Couan prices eased slightly todny der the influence of week !nd selling nnd easier stock and bond markets. There was steady liquidation of the near months, which widened the dis- oounf. under distant delivery, but trade e fixing furnished adequate buying rower to maintain the general price mvel\‘g“s Bpots were reduced 5 points ign government to the break of the last few marl sions, have been marked higher and higher. The results of this heavy de- mand have been the lowest time monet rates since the Summer of 1894, the largest amount of unloanable funds m the history of the Stock Exchange money desk and an ability to uh-orb new issues of a conservative type not equaled since March and April of last year. (Co’!fllfl‘h 1931.) Moufi"‘"i"b"l'_om MIII” EAS “‘ Ill Your Cn-nll WH.CH Rul!or cnsnlt s EHEE mas Store Sales Decline. NEW YORK, January 31 (Special).— Department store sales in December in the New York Federal Reserve dis- trict were 8 per cent smaller than in like months of the Duvloul ye! Advance Deiayed. The failure of the rest of the list to follow these high pered the general | A TR e e month a compared with the 1930 high of 101.9 and CHICAGO STOCK MARKET ooty O LGS CHICAGO, Jlmur{ 31.—Following is time the complete offictal iist of transactions in stocks on the Chicago Stock Ex- change today: COAL Special Night Phones For Delivery Tomorrow Phone Us Tonight y pe cent, while in Jlnulry 1928, the aver- age was 4.3¢ per cent. Since United States bondl. Liberty issues, many municipals and a féw of the bet- HA ter corporate investment group are at 183 their highest prices in years, the fail- 'g' ure of the market fully to reflect the High. Low. Close. % “ora O % 1§ 2 per cent time rate average is tly traceable to the heaviness of second- grade bonds. mutu-twnhunotexmedw- ich in & number of yen_-’g’ Nat’l 3068 4500 to 11 PM. 7.65 per cent and bonds 1930, when time rates averaged 4 per cent, bonds were 98.4 per cent. A month ago the bond index was about 95 and the time rate average 2.23 per cent. The market may be expected to ad- vance above its present level in the % | near future. If business does not im- Fast-Stepping Service 40, 4| prove the demand for prime securities 4% 235 | will become still heavier and prices will ’3.5 g run up to levels commensurate with H 13| . T1. on 'tbe other, hand, It y l%‘: lé;& bu:lness ‘:hrgws'o' of ree(l:ve{y I‘:d you need coal in a g;‘:l Drus co ;; :5% :5 nks stepping service today. jioby.Menaill 4% us L% s.y AGNEW SUPERI- B R 44 4 4 ] fiuu::u‘%' ?';;% l’g’ ;"5 OR HARD COAL—how - : 4 maé. ite 200 18 H’E when. We’ll not dis- 250 Mo-] . 8z 6 [ onighan ... 28 28 38 i L T o o - 8 R g i 4 N:1x 1 425 Public 234'z 232 234 . 1850 Pub_Se: ‘g"c E a'fl SR e BEIR o o " m A o " 3§§ o i .ifi .55 it 2001 16th Street :é itk Sor 52 fi Two Ro:lml;, tl:itchan & CWANY lnc- bt an al Electrical Refrigeration Hars <Egans i 728 14™ STREET, N.W. th: mmm $8E22es & e BREE N8 fl“ifi"-n-i o i i E ut -