Evening Star Newspaper, February 4, 1931, Page 12

ESDAY. FEBRUARY 4. 1931. [ e o BONDS=xsemns] AN IN PG IRON PRODUCTION SHOWN Sales. High. Low. Close. . 47T 15% 15 10 109% 109% 109% Weekly Trade Review Notes First Increase Since April, 1930. 105% 105% 105% 98 98 By the Associated Press. 3 98 103 108 06% 106% NEW YORK, Pebruary 4.—January brought the first . 6% 1 1% 111% 111% 101% 101% 101% 103 102% 103 in duction since Apri]. 1930, bron A say tomorrow in its ‘weekly l’!"g' the iron and steel industry. Output was 1,714,266 tons, or 55,20 690 D.- C.. 'WED IRECOVERY IN BOND PRIGES IS STARTED i|Market Firmer on Report That Bonus Plans Will Be Shelved. THE EVENING NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. @ STAR, WASHINGTON, UNITED STATES. (Sales are in $1,000.) Sales. High Low, 10111 101 10220 10210 10316 1039 1022 102 1021 10115 10514 104 2 10712 1071 1116 11024 FOREIGN. Sales. High. Low. Ciore. 1. 5. 90% 90% 90% Nat Rad 6147 N Eng T 1st bn NY Edison 55 B " NY ELH&P 4549, . N Y Tel 4%8°39. N Y Tel 6541, N X Tel 6s "4 Nor Am Ed 55 '57 Nor'Am Ed 55 '63 Nor QT & L 65 '47.. Nor St Pw 55 A "41., PacG & El55°42.... Pac T&T 15t 583 Pac T&T ref 5s Pan-Am Pet 6s '3 Paramount 68 ‘47 Pathe Exch 75 '37.. Peoples’ Gas 5s.... 2! Phila Co 58'67. Pnila & Read 65 °49 Phila Pet 51,8°39. . Pub Sv G 414567, Pub Sv G 414570, Pure Ol 5%s'37... Rem Arms 65 A '37, Rem R 5%s A "47 Kich O1l ca €s"44. . Shell Un Of1 55 "47. Sinc O 7scv A . Prev. Low. Close. Close. 9% 9% 9% 36 Sales— Add 00. High. 91y Stock and Dividend Rate. Sterl Sec pf (1.20). Sterl Sec cv pf (3). 4 Stewart Warner. Stone & Webster Studebaker (120) Sun Oil (11).. Superheater (27 Superior Oil. . Sweets of Amer (1)., Symington. Symington A. Telautograph (1.40). Tennessee Corp (1).. Texas Corp (3)...... Tex Gulf Sulph (4) Texas Pac Land Tr s Texas PC& OIl. . Tha®her pf (3.60). Thermoid Co. Third Nat Invest. . Thompson Starrett. . Thomp-Star pf (3%) 4 Tide Water As (60c). Timken Det Ax (80c) Timken Rollgr (3). Tobacco Produc Tobacco Prod A 19 Tob Prod div ctls C Transamerica (1) (Continued From Page 11.) Stock and Dividend Rate. N'Y Steam pf (6). N Y Steam 1st pf ( 891 NOIf & West pf (4).. 203 4% North Am Aviation.. 2 .62 Nor Am (b10% stk). 19 53 North Amerpf (3).. 1 4 102 North AmEd pf (6). 1 47% Northern Pacific (5). 3 16% Ohio Ol Co 3% Oliver Farm 18% Oliv Farm Eq pr pf.. 3% Omnibus Corp...... 62 Orpheum Cir pf (8). 54 Otis Elevator ( 124% Otis Elev pf (6). 7 Pacific Coast 2d p 45% Pacific Gas & El (2). 504 Pacific Lighting (3). 1161 Pacific Tel & Tel (7). 8% Pack Mot Car (60c). 214 Panhandle P& R. ... 36% Paramount Pub t4). 1t Park Utah.......... 3 Parmelee Transport. 1'% Pathe Excharge. 3 Pathe Exchange A. 10% Patino Mines. 34, Peerle de . 87% Penick & Ford (1).. 28 Penney (J C) (3) Penn Dixie Ceme Penn RR (4) con Gas Ch (8). Milk (122). Ietrolm Cp of Ami(1) Phelps Dodse (2). ¢ P’hila Hap T pt I’hil Read C Phillips Pet (2). Pierce-Arrow A (2). Pierce-Arrow pf (6). Pierce Petrolm (10c) Pillsbury Flour (2). Pittshurgh Coal pf Pitts Screw (1.40) Pitts Unit Cp pf (7 Poor & € i I Am P It Am Tob rostal T & C irie Oil & Ga Close. 10111 102 20 10316 102 1021 104 30 1071 1116 Lib 3%s. vl Lib 1st 4%s. Low. Close. Close 1027% 102% 114 113% 92 92 1 7 TI% TI% 53's 53% 49 103% 103% His $1,085,000,000 Lent Abroad| '%5, ¢ by American Interests B During 1930. & eaannanSa Argentine May Argentine 5 Argentine 5s 4! Argentine 6s J Argentine 6s A - BRunbe BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, February 4.—Bond prices today recovered a substantial por. tion of their recently lost ground, f lowing advices from Washington th-t the plan to float a $3,500,000,000 bond issue to cash soldiers’ bonus certificates, would be shelved. 3 United States Governments ran up rapidly in a moderate volume of buying until net gains on the day ranged from 8-32 to 1 10-32. The widest recovery was in Treasury 3° s, which had dropped in a week’s tvading from their high of 107 1-32 down to 104 2-32. The Iffré‘ngth in these bonds lifted the whole st BY CHARLES F. Special Dispatch to The Star. NEW YORK, February 4.—To the average American who has heard a great deal about the curtailment of American credits to foreign countries during the past year and also of the need of reviving these credits in order to stimulate business abroad, it will be a surprise to learn from figures pre- sented by the Department of Commerce that in 1930 $1,085,000,000, or more than the pre-war debt of the United States, was invested outside of this country. ‘While this compared with only $671,- 000,000 in 1929, ft measured fairly well with the record from 1924 to 1928, in- clusive, during which five-year period the average annual export of capital was _approximately $1,100,000,000, or about the same as last year. Analysis of Investments. An analysis of the 1930 foreign in- vestments indicates that a high ratio occurred in Canadjan issues. For in- stance, nearly $300,000,000 is to be found in lonz-term bonds and notes, as well 8s in common and preferred stocks of Canadian corporations. The largest bor- rowers in the Dominion were the Canadian railroads, those owned by the government and those privately owned. In addition, Canadian municipalities borrowed about. $138,000,000. Altogether Canadian financing amounted to nearly 40 per cent of the total cabital suppiied by American investors for foreign de- velopment in 1930. ‘Another unexpected feature of the re- port was the expansion last year in the capital supplied to Latin® American countries. This was nearly three and one-half times greater than in 1929, amounting to $237,000,000, compared witn $67,000,000 in 1929. It included the big coffee loan to Brazil and also sizeable loans to Argentina. Most of it occurred in the first half of last year, or before the revolutionary trend veloped in South American politics, out of which the old governments of four countries Were overthrown, bringing about serious disturbances in currencies and leading up to today’s application by Peru for a morlwri\;m odn Ia;tl:ip!'t)xll'nl!’el)’ ,000,000 of foreign debt. fl“’l?his debt includes about $85,000,000 of government loans, two at 6 per cent interest and the third at 7 per cent, 8 612 cent loan of about $3,000,000 to the city of Lima and one of 712 per cent to the province of Callao out- standing in the amount of $1,295,000. There are also understood to be a num- ber of short-term bankers' credits which will figure in the final debt reorganiza- tion. The coupons on two of these loans fall due on March 1, with' the next payments on the large govern- ment loans on April 1 and June 1. ¥ South American Issues. All Peruvian bonds have been re- flecting for weeks some such situation as now develops. Consequently, the news from Lima was not unexpected, but it had a sentimental effect on other South American issues where the difficulties of meeting payments have been quite generally recognized. The heaviest decline in foreign in- vestments of American capital last year were in Germany. Even before the September election there was no disposition to increase the commit- ments to German borrowers, in view of the fact that dollar loans amounting to nearly one and ong-quarter billion dollars were already outstanding, of which the greater part were contracted between 1925 and 1928. The main ad- dition last year to German totals was through the government 5!7 per cent Joan, whose reception in this market ‘was not satisfactory :nd which subse- quently declined below 70 after being brought out at 90. One of the significant movements in foreign securities last year was that of the refunding and repurchase by orig- inal borrowers. In no regent year has this been on such a large scale, amount- ing to $218,000,000 through direct re- SPEARE. —a I R T L L L Ir T TE= NI Cr S Uy 127% 8 50 57 125% 9% 31k 864% 85'% 864 7 102 101% 102 102% 102 102% 20 20 90 | Australia 5s * Austria . Bk of Chile 6%s Batav Pet 41454 Belgium 62 ‘5 Belgium 6% Belgium 73 Belgium 7. Bolivar Ts Bolivia 7s ctfs "69. Bolivia 85°45...... Bordeau 65 '34. Brazil 6%s'26.. Brazil 6158 Brazil 7 Braz Bremen Canada Canada Chile 63 '60 Chifle 6s '61 Chile 7s'4 . “olomb 68 Jan Con Pow Japan 7 Copenhag 4135 Copenhag 55 '52. Cuba 5%s'45 Czecho 8s Czecho 95 '52 Denmark 47 Denmark Denmark 6s * 5 Dutch East 16547, Fiat 7s war. Flat Tsex w Finland 7s " Fram I D 7%s "42. . French 7s'49 . French Gvt 714 *41 Gelsenk'chen 65 '34 German 53%565. .. 148 German Bk 65 '38. German 7s rep '49.. 7 Ger Gen EI 7s *45 Greek 65 '63. Halti 65 '5: Hungary 7%s "44. Italy 7s '51 . Italy Pub Sv 78 '52. Japanese 53 Japanese 6%s '51. Jugosl Bank 7s '57. Karstadt 6s'43 Kreug & Toll 55 9015 Lyons 65 '34. 104% Marseille 6s'34. ... 104% Mex 4s assid 1910, ™ Mexico 55 A " 10% Milan 6%s 8612 Montevideo 65 9% 6414 104% 104% 104% 103% 103 1034 103 102 102% 104% 104% 104% 107 106% 107 102 102 102 95% 954 954 Tw 70k 0% 107% 106% 106i% tons a day, compared with 1685, tons, or 53,732 tons daily in h‘::un- ber, an increase of 3 per cent. the expansion was in thé production steel-making iron, which rose 12 per cent. Merchant pig iron output suf~ fered a further sharp decline, drop- ping to 9.416 tons daily in January from an average of- 12,760 tons in the previous month. ing on Febru~ 92 92, 878 87 63% 63 81% 80% 81N 9 994 9974 102 101% 102 92 874 11215 63% 1091 Ivay Am 5s 42... ou Bel T&T 55 41, SW Bell T 5s A "54. SLOIlN J 55°46. ¢|StOINY 4%s Tenn El P 6s A ‘| Tex Corp cv s as.. Unit Drug cv 58 '3, U 'S Rub 1st 55 °47.. ah P & L 58 "44-. . Itil Pow 58 '59 ww . Util Pow 5% '47.. Walworth bs A *45.. Warn Br Pic 6s'39. 11 West Eldeb5s'44., 3 West Un Tel 58 '51. West Union 55 West Un T 61 Wil-Ov 1st 615 Wil & Co 1st 65 *41. WinRATIsI... 4 481 48% 484 Ygstn Sh&T 55’78, 12 103 10235 102% RAILROAD. Atchisonadj4s'95. 2 96% 95 96% Atchison gen 43'95 36 987 98% 98% Atchiscv434s°41.. 1 118% 1181 118% Atch Ariz 43 104 104 104 At & Bir 4533 60 60 60 At & Danv 4s 46 46 46 AtCLilst 4s'52. 9 95% 96 B&O 4s"48. 97% 97% 9TH 101 101 101 95% 94U 954 10714 106% 10714 10315 103% 1033 103% 102% 102% 10815 108% 108% 9T 97 97 103% 103% 103% 854 851 854 99% 9915 993 100% 100 100 101% 100% 100% 87% 8T 8% 984, 984 98% 8 98 98 9815 98% 98% 104% 104% 104% 100% 100% 100% 104% 104% 104% 105 104% 105 17 117% i 1. 874 87T 874 983 98% 98% 104% 104% 104% 1028 102% 10215 97% 9Ths 9T 95% 95% 95% 104% 103% 194% 114% 113% 114% 991 99 991 105 104% 104% 101% 100% 101 67% 671 9674 90 884% ' niimbed al numl 102 as inst 95 January 1, the first n‘if:‘ in ufl‘v-; capacity since March of last year.. Steel Demand Uneven. “While ine output for tihe month is noteworthy for bringing a protracted decline to a halt,” the review says, “it Trico Prod (213).. .. Twin City R Tr (§4). Twin City RT pt (7) Ulen & Co (1.60). 1 Trading Volume Moderate. Volume was moderate. Time money rates were unchanged. though a further reduction in bankers' acceptances seemed 'p forecast even easier rates in the neat future. This would be a natural sequel to the rise of Treasury notes and discount bi''s, which have now touched un- precedented heights, where the yields on near maturities are between 34 and 7y of 1 per cent per annum. ‘Types of prime corporation bonds to record substantial advances were Atchison General 4s, Baltimore & Ohio 4! Brooklyn-Manhattan Transit 6s, Chesapeake Corporation 5s, Chesapeake +|& Ohio B 41,5, Chesapeake & Ohio . | General 415s, Columbia Gas & Electric 5s, General Motors Acceptance 6s, New York Central Debenture 4s and Re- funding 5s. Nickel Plate 4'5s, New York, Westchester & Boston 415s, Northern Pacific 4s, Philadelphia Co. 5s, Southern Pacific 4':s, Union Pacific first 4s, Utah Power & Light 5s, Western Union- 55 and Youngstown Sheet & Tube 5s. Counter trading was not particularly heavy, or was trading on the bond divi- sions of the Stock Exchange and the Curb. ' The improvement was, therefore, all the more significant. With a bud- get of new issues so small as to be negligible today, the potential strength of investment securities was amply demonstrated. Cenvertibles ranged fractionally higher with stocks. Semi-investment issues such as Texas Corporation 5s and Internatiopal Telephone 42s were most active, Junior domestic issues had a more irregular trend. International Match 5s gained a point. So did kgternational Telephone Debenture 5s. Goodyear 5s gained 1, points, awd there were smaller gains in Philadelphia & Read- ing Coal & Iron 6s, United States Rub- ber 5s and McKesson & Robbins 5!5s. There were small declines in Warner Pictures 6s, Phillips Petroleum 5Ys, Pathe Exchange 7s, Dodge Bros. 6s, and Western Maryland 5'.s. In each case individual earnings or statistical repcrts on the industry represented werezsthe influences behind the move- ments, . 103% 103% 103% 997 99ty 99% 9 1065 10815 106% 37 99 98w 99 98y 9714 98¢ T0% T0% T0% 102% 1015 102y 1 ki 5% T5% 754 69 684 69 104% 104% 104% 104 104 104 103 102% 103 108% 108% 108% 9615 961s 96l 100 100 100 10654 & 106 2 UnCarbide (2.60) Un Oil of Cal (2). Un Pacific (10). Un Pacific pf (4 . Un TankCar (1.60).. Unit Aireraft,...... Unit Aircraft pf (3). Unit Biscuit ( Unit Carbon (1) Unit Cigar Stores 25% % 22 200 179% ll.s”lzhfi smallest for any January since “Steel demand has lost ;nnndrk‘:t incr:umgly unewo:n. ey s centers reporting that imj ment has been definitely -mMm ux:ecmuum in the te N ue to ‘show slight expansion, m tin plate, rails, track accessories and line pipe giving prdduction the best support. Tin mill operations have risen to 65 per cent of capacity, with further gains in prospect. Rail mills continue :ll!:e:gep';; Az.;nt rate at Chicago and o speed up some: the_middie of the month. i w e . com;Ml uug;xnt. which reflects the Proct & Gamb ( ¥ Prod & Refiners pf.. ey i NJ (3.40) N J pf (8) Pullman Corp (4) Punta Alegre Sugar. Pure Oil. ... Pure Oil pf (8). Purity Bakeries ( Radio Corp Radio Corp pf A(3%] S Gypsum (1.60).. Hofftman...... S Indus Alco (6 S Leath pr pf US Pipe & F (2).... U S Realty & Im (3). U S Rubber. ... U S Rubber 1st pf. U S Smelt & Ref (1). U S Steel (7). U S Steel pt (7). Unit Stores A Unit Stores pf (235). Univ Leaf T pf (8).. Univ Pipe & Rad. ... Util P&L A (ef2.15). Vadasco Sales Corp. . Vanadium Corp (3). . Va-Car Chem 6% pf. 5 Va Car Chem pf (7). 4 Vulcan Det (4)..... 22808 62% Wabash RRL. . vabash RR (A).. Waldorf Sys (1%).. Walworth Co (2). Ward Baking A. Ward Baking B. . Ward Baking pi (7). Warner Bros Pict. Warner Quinlan Warren Bros (3). War Bros cv pf (3 Warren Fdy & P (2) . Wess Oil & Snow (2) Wess O & Sn pf (1) West Pa El pf (7) West Pa Pow pf (6). Vest Pa Pow pf (7). 4 2 6 2\ large now compared y at 0 averages fully 48 per cent, 2 with 47 per cent a week ago. 22 145 148% 1434 6% bl 45% 37 10215 1025 3% 26 1% 561 4b% 14 11 1% 674 £9% 4l e g 51 38 25% 22% 14a 12 27% 85n 954 102 975 89% 93% ° 10433 8% 62 95 lu 0 5s D 2000. Radio-Keith-Orph A. 173 RR Sec 1C stk C (4). 108 Reading Ry (4) Rem Rand (1.60) Rem-Rand 2d pf (8). Reo Motor Car (80c) Republic Steel. Republic Steel Reynolds Metals (2). Reynolds Tob B (3). Richfield O:l. Rio Grande Oil. Rit Dent Mfg Rossia Insur (220).. oyal Dut (m1.404). « Safeway Stores (5). “Scrap is weak in most ma: - ters, with further reducuanarkm Geularly in- the West. ek s e West. Hea: grade is un exce in price except -cx'fa".l:nd’ vhfire lu‘ off 50 ee:xh a Detroit, wi an equal amount, e lt_ e Automotive Demand. “Automotive demand for finished is not expected to show much of lmflh this month, yet estimates of motor car output are steadily being revised up- ward, indicating that performance exceeding the hopes of an industry in which extreme conservatism now January products of motor vehicles -this country and Canada is now placed ‘-'clmbet',e:s m and_ 200,000 ; a that-official figures ;:y reach t.ne‘:a’t.z:r unal, assembiies, now may range from 225,000 to 250,00?)“’"‘ Awards of 35,000 tons of fabricated steel this week were than four times the total a wes New fabricated steel projects of 37 tons this week compare with 58,000 :‘:eek ago, and 46,000 tons two 108 2 Bklyn Un 1st 5: Can Nat 43%s°54. .. Gan Nat 468 %7. ., ‘an Nat 4345 '68. .. Can Nat 4%s°70. .. Can Nat 4% 555, .. : | Can Nat 5s July *69. Can Nat 55 Oct '69. Can Nor 6%s db "46 Can Nor 7s deb 40 Can Pac deb 4s. Can Pac 4%s 2 Can Pac 58 ctfs "44. Can Pac58°54..... Cent of Ga 5%35'59. Cent Pac 45'49. ... Cent Pac 5560. . .. Cen Ry NJ g 58 '87. Ches Corp 5s '47. .. Chi & O gn 4148792, Chi& O 4%s B 95.. Chi & Alt 3s. 10 12 New S W Nord 614 Norway 5 Norway 5186 Norway 6: Norway 65 '44. Norway 6s Orient dev 51 Orient dev 65 53 Paris-Ly M 6s Savage Arms (2) 1 chulte Retail pf (8) 508\ tt Paper (11.40).. 10s CT T Il T P ST Foreign Group. _ Foreign dollar bonds shared in the imprdvement. The most actige trading was in German Government 5%:s, which ran up over 2 points at one time. German Central Bank 6s, Reparations 7s, Berlin 6'2s and United Steel Works A’'6':s were also strong. Peru 6s gained a point from their low, but receded again. Uruguay 8s advanced 21; points. Vienna 6s gained a point. Minas Geraes 6'2s drcpped a point. Most high-grade European credits like Copenhagen 5s and Denmark 4!,s were higher. Brazilian issues continued to gain. 10s 103 208 110 108 115% 2 % 6 150 @ 3 Seab Afr Line pf. 2 Sears Roevbuck 2% . T4 Second Nat In e Seneca Conper . 1 Servel Inc.......... 45 Sharon Steel Hoop.. 2 Shattuck F G (1134) 290s Shell Union Oil. 20 Shubert Theate: Simmons Co. . Sinclair Con Of Solv Am pr ww 5%.. Sou P Ric Sug (1.40) Sou P Ric Sug pf (8) 100s South Cal Ed (2). 1 South Pacific (6). South Ry (8)....... Sparks Withing (1). Spencer Kellog (80c) Spicer Mfg. ... 4 Spicer Mfz pf (3) Spiegel-May-Stern Stand Brands (1 Staild G & E (3%). Stand G & E pf (4). Stand G & E pf (6) Stand Invest Corp Stand Oil Cal (h2%). Stand 011 Exp pf (5). o Western Union (8). Westing A B (2). 2 Westing E& M (5).. 110 Westing E&M pf (5) 108 Weston El Instr (1). 14 Wextark Radio Strs. 11 White Rock MS 4% 2 Willys-Overland. ... 11 Wilson & Co A 2 Wilson & Co p Woolworth (2. Worthington Pump Wright Aeronaut. Wrigley (Wm) (4). Yellow Truck. ... Youngs Spring (3).. 6 23 Zenith Radio 3 3% RIGHTS—EXPIRE. PacGas& El.Mar1l 13 24 2 Sales of Stocks on New York Exchange. 10:30 AM. . 200.000 0 Noon. 1:30 P.M - 1500,000 0 P.M. Dividend rates as given in the above table ar Pirelli Poland 6s Poland Ts '47.. Poland 8s '50 : Porto Alegre 85 '61. Prague 7%s " E Queenland 6s 47 Queenland 7s ‘41 Rhinelbe 7s "46 Rhine West 6s Rio de Jan 6128 Rhine West 6s Rio de Jan 8s '46 R Gr De Sul 65 '68. Rome 65" Roy D 45’45 ww. Sao Pau7s '40 rets. Sao Paulo 8s'50. Saxon 7s'45. Seine 75’42 Serbs-Cr-S1 7s Serbs-Cr-S1 85 Soissons 6s veden 5% s '54. » RurmaBeuna 3o Chi In&L &n 55 '56. Chi M&StP. 434 Chi M StP&P 55 75 Chi M & St P ad) 5: Chi&NW g 3145 '87. Ch&Nwn 435 2037. Chi N Wst 43 ¢ '37 Chi & NW con 4%s. Chi Rwys 58 °27. Chi RI&P gn 45 ‘88. Chi RI & P rf 4s ‘34 Chi RIcv4%s60. ChiRI&P4¥%sA. C TH&SE in 5860 . Chi Un Sta 435 '63. Chi Un St 55 °44. Chi Un Sta 6155 '63. CCC&StL4%sE. . 4|C U Ter 4148 2020. . Clev Term 4%s'77. 2 > 21 Swwwe § wa 1 |, Butter—One-pound prints, 331:a34; tub, 32a33. Egegs—Hennery, 22; curient receipts, 20. Poultry, alf 1 300 Ty live—Turkeys, young. 38 $1,000 at 103!, $1,500 at 10312, $1,000 *at 103',, $1.000, at 103!;. Capital Traction Co.—10 at 404, 10 at 40'5, 2 at 4014, 33 at 40, 10 at 40, 10 at 40, 10 at 40, 10 at 40, 10 at 40. Pot. Elec. 6% pfd.—10 at_11215. Union Trust Co.—5 at 210. Fed.-Amer. Natl. Bk. & Tr.—10 at 51, 5 85 1034 103 104% 104% 104% 116% 115 115% 100% 100 100% 10311 103% 103% 102% 102% 102% . 700 000 1 100,000 the annual cash 1'% 1051 105% funding and probably nearly as much through market operations. As a re- sult the net balance of loans last year will eventually be found to have been below the average for the period be- tween 1924 and 1929. (Copyright, 1931) DEMAND FOR HARDWARE " "|S REPORTED' SPOTTY Bpecial Dispatch to The Star. NEW YORK, February 4.—Reports from the leading hardware markets of the country indicate considerable variance in the character of the current demand, _Hardware Age will say tomorrow in its weekly market summary. January sales “ totals in several centers were on a par with those of the same month a year ago, while in other sections they ‘were under the 1930 level. Mild weather in most sections has retarded the de- mand for seasonal merchandise. Future orders for Spring merchan- dise continue to be received in a healthy volume, denoting the optimism, of re- tailers with respect to business pros- cts. peOontlrde gradual improvement in industrial conditions, building construc- tion and employment conditions are re- sponsible for a better sentiment prevail- ing in the trade. A somewhat ¢ r tendency has de- veloped in the price situation, although rices, in the main, are fairly steady. Fhere appears little reason to believe that most quotations for hardware products will be lowered to a further degree. Collections are slower than usual, but the credit situation generally is decmed faidy satisfattory. TEST OF STOCK MARKET DUE, SAY SOME BROKERS EBpecial Dispatch to The Star NEW YORK, February 4.—There are still individuals and Stock Exchinge firms that feel confident that the mar- ket will have another severe test before it permanently turns upward. They are in the mingrity, however. Their argu- ment is thi® the slow improvement in business and the unfavorable corpora- tion reports and dividend acti will cause holders of stocks to scll¥ them some time this month or next. This is also the conviction of some of the bank- ing interests abroad. A correspondent in Paris, writing un- der date of January 26, says that the feeling there is that there may be a secondary reaction before Spring. as there was in August, 1921, following the major break earlier that year. COMMODITIES AND BOND WEAKNESS HITS STOCKS Special Dispatch to The Star. NEW YORK, February 4.—The re- Stand Oil of Kan (1) Stand OIl N J (12)... Stand Oil N ¥ (1.60). Starrett (LS) Sterling Sec A... payments based on the » Uit of trading less in stock. # Payable in 23% | —no_regular rate. 28 5 e Payable in cash or stock. in stock. m Plus 1 b Pavaole in stock. Plus 2% in stock. latest quarterly or half vearly declarstions. 1 1+ Partly extra. 3 Plus 4% scrip. ‘1 Plus 9% in stock. a Paid last year d Paydble when earned. in stock. & Plus 6% in referred stock. k Plus % in stock. [ stock. 1 Plus 8% I Plus 31 in % in stock. n Plus BANK NOTES IN ROSTER Special Dispatch to The Star. NEW YORK, Fcbruary 4.—The grad- ual but certain disappearance of the many so-called monopolies that a few years ago occupied so much of the at- tention of scholars, economists and our lawmakers, is an interesting develop- ment which in itself seems to have at- tracted little notice, but which may have a valuable lesson to teach in con- nection with many new problems con- fronting us, according to a statement issued by the Central Hanover Bank and Trust Co. “We do not have to go far back in the record to find occupying a promi- nerit place in official discussion such questions. as the monopolies in_coffec, sugar, rubber, tin, nitrates and other commodities,” the statement continucs. “Some of us will recall that not so long ago we even attempted to close our money marksts to a country credited with the control of one of those alleged monopolies, yet. today the world crisis centers in these very commodities and several of the countries producing them, as well as many of the companis trad- ing in them, are among those most acutely affected by the depression. Competition Grows. “It was not only with reference to imported commodities that the specter of monopoly was raiscd. The same was true of those produged in this country. as is evidenced by the history of the petroleum and meat packing industries. Today the p-troleum industry is cel tainly one of the most highly competi- tive in the world, while the advent of the chain store is only one of the things that has placed the meat pack- ing industry in an entirely different position than it occupied a few years 0 B!“lt is true that our legal history registers proceedings against the Stand- ard Oil Co. the packers and many other enterprises, but the present sit- uation would probably have appeared under normal econcmic evolution, even though legal steps had never been taken. In these days of free initiative ! and abundant capital it is inevitable that competition should develop for jany commodity the price of which shows & fair profit under varying con- ditions. “No more striking illustration of the situation cowld be offered than the | history of our railroads. Not so many years ago these common carriers were considered highly monopolistic, to such a degree that they were placed under | the close supervision of the Interstate Commerce Commission. But the de- velopment of competitive transporta- tion is at present a more important factor in controlling the railroad sit- vation l.l'lu;n the Interstate Commerce Commission. “As a result of international ex- change of patents, technical skill and capital and development of new indus- tries at home and abroad, it is probable that our ideas of m ly will ndament RAPID DECLINE OF MONOPOLIES creasingly restricted to patents and 1ocalized efforts of a national or State character, either in the form of ,mo- nopolies operated by official bodies or those permitted under private man- agement, but under public regulation, as in the case of utilities. “With the above situation before us,” the statemep#~concludes, “it is a fair assumption“that the countries of the world will enter a period of much more satisfactory and rational procedure than has been the case during the past decade of unwise experimentation in price fixing and Government regu- lation of production, and that the present lack of balance between pro- dmittign and consumption will be ad- justed.” DIVIDENDS DECLARED NEW YORK, Tfebruary 4 (#).— Pay- Hldrs. of able. d. Cleve Quarries . Con Bk & Tr (NY) Dixie Ice Cream..... Frankiin Simon & B0 Tet G Gary Ind & Kelvinator of Canada, LA BT oen Langley Co'Lid L I G & E'pi. Lyon Mei Pred Mineral Pr p{ NY Wat Serv pf. 19 Hund Corp A. Do, North Disc A pf. Repub Insur Co. Quebec Power . Los ‘An GenBEANES N Do. 2d pr Vacuum Oil 1l Vulcan Detin pt W Ohio Gas pf A Windsor Hot DI 814 s L] 00000O O 20pO0OOD H DOO DOOWOOOOZTT o Extra. ....250 Ex Reduced. Cons Dry Goods...25c .. Rose 5-10-25¢ Strs..25c A Omitted. .35 Q@ Due pf.§350 S Due Cleve Quarries Dec Jan! Investors Assoc Jan. 15 Union, Deposit 3 an. 10 FOREIGN EXCHANGE. (Quotations furnished by W B. Hibbs & Co.) Nominai gold Selling chiecks Value: today. Longon, pound. . Paris. franc Handel's t oratorio, “The Mes- siah.” has n sung 3 escutive years part of Philadel| 's Christ- 4 | 8.009.00; Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., February 4.—Po- tatoes, white, 100 pounds, 1.25a2.00; sweet potatoes, barrel, 2.00a4.00; yams, barrel, 2.25a3.25; beets, crate, 2.25a2.75; cabbage, 16.00a20.00; carrotts, 2.50a 3.00; caulifiower, crate, 1.50a2.00; celery, 2.50a3.50; eggplants, 1.75a3.00; kale, let- tuce, hamper, 1.25a3.00; peppers, crate, 1.50a3.25; 80al.2 spinach, bushel, 50al1.10; crate, 50a: turnips, apples, bushel, 60 a2.00; box, 1.25a2.25; grapefruit, 1.50a2.75; or- anges, box, 2.00a3.00; tangerines, box, 75a1.50. Dairy Market. Poultry, alive—Turkeys, 35a40; old, 28a30; chickens, Springers, 25a33; Leg- horns, 18a20; old hens, 16a18; roosters, 13a 14: ducks, 15a 25: guinea fowls, ‘each, 30a60; pigeons, pair, 15a20. Eggs—Receipts, 709 cases; nearby firsts, 21; Southern firsts, 20; current receipts, 20. Butter—Good to fancy creamery, pound, 28a30; ladles, 23a24; roll, 18a20; process, 25a26; store packed, 13ald. Live Stock Market, Cattle—Receipts, 100 head; light sup- ply, market steady. Steers—Choice to prime, none; good to choice, 8.5029.50: medium - to "good, _fair to medium, 7.00a7.50; plain to “fair, 6.00a7.00; plain, 5.0026.00. Buils—Choice to prime, none; good to choice, none; medium to good, 5.00a 5.50; fair to medium, 4.50a5.00: piain vfoénlr, 4.0024.50; common to fair, 3.50a Cows—Choice to prime, none; good to choice, 5.25a5.50: medium to good, 4.5025.00; fair to medium, 4.00a24.50; plain to fair, 3.00a4.00; common to plain, 2.00a3.00. Heifers—Choice to prime, none; good to choice, 7.50a8.00; medium to good, 7.00a7.50; fair to medium, 6.00a7.00; plain to fair, 5.50a6.00; common to plain, 4.50a5.25. ”Preem h cows and Springers—40.00a Sheep and lambs—Receipts, 75 head: light supply; market steady; sheep, 1.50a4.00; lambs, 4.50a10.00. Hogs—Receipts, 700 head; fair sup- ply; market lower; lights, 8.50a8.75; 7.65a8.05; medium, 8.50a8.75 . light pigs, 4.90a8.15; 8. . Calves—Receipts, 25 head; light sup- ply; market lower; calves, 5.00a11.00. Hay and Grain. ‘Wheat—No. 2 red Winter, export, 79%; No. 2 red Winter garlicky, spot, Ya; February, 79%4; March, 80%. Corn—No. 2 domestic, yellow, old, 80a 8i; cob corn, new, 4.25a4.35. Rye--Nearby, 60a65. Fe Oats—White, No. 2, new, 42a43; No. Merc) General hay 3, 41242, i Hay-—Receipts, none. market strengthening. Drought has serjously curtailed nearby crops, chang- ing the entire situation. Sections heretofore shipping are now asking for offerings of hay. Good clover, mixed and timothy new hay will bring from 24.00228.00 per ton. _Wheat straw, No. 1, per ton, 9.00a 10.00; oat straw, No. 1, per tom, 9.00a common to | 10 at 51, 5 at 51, 25 at 521,. Real Est. Title Ins. Co.—10 at 160. Fed.-Amer. Co. pfd.—3 at 93);. = Merch. Tir. & Stge—10 at 100, 20 at 100, 9 at 100, 10 at 100. Lanston Monotype—10 at 106. AFTER CALL. Pot. Elec. 5'2% pfd.—5 at 109';, 5 at 1097, Wash. Gas 6s A—$100 at 10214, Capital Tracticn Co.—17 at 40. Bid and Asked Prices. - BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4las '33... Amer. Tel. & Telga. 4125 '39... Am. Tel. & Tel ctl tr. 55 i ¢ { Washingion Gas 5s... . Wash. Gas 6s, series A, Wash. Gas 65, series B Wash. Rwy. & Elec. MISCELLANE( Barber & Ross, Inc.. Chevy Chase Club 5 Columbia Country Cl Col. Country Club 51z . “Paper Mig. 6s W. M Cold Storase 5: Wask. Cons. Title 65 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9). Capital_Traction Co. Wash. Gas Li N. & W. Capital (14) s olumbia (12) Commercial (stamped) (10)". District (8) & Liberty (78)..... | Cincoln (12", Metropolitan ' (14) Riggs (155) TRUST COMPANY. mer. flec. & Trust Co. (15) Continental Trust_(6) 5 & Trusi (i3t} Prince Georges BK. & Tr..... Union Trust (85) SAVINGS BANK, 10y Security Sav. & Com. Bk Seventh_Street (12) United States (30). .. Washington Mechanic: FIRE INSURANCE. American (12) 2 Corcoran (10) Firemen's (8) National Union (i8} TITLE INSURANCE. Columbia (6h). .. Real Estate (6h) . Title & Inv. Cv. Md. com. MISCELLANEOUS. Ross. Inc., com. . Col. Sand & Gravel pfd. (7). DY 0. Paper Mpe. prd, (6. Dist. Natl Sec {ptd. () Emer. Bromo-Selz. "' Federal Storage pfd. "(8) Fed.-Am."Co- com. (1.200) 85 amn’ 4 Natt “Mige. "k 10V id, (&) loples Drus Stores pid. '( Rea B e G il () Sedurity ¥ 55 "Ret “4"Wh: Co 3 ; 935..3,88332888: ‘d & Lothrop com’ Woodward & Lothrop pfd. (1) d. 82% extra. sed. 72t extra. . /2 extra. o extra, . extra, 3 :W-fi extra. exira. Swiss5ls'46..... Toho El Pow 6s'32. Toho El Pow 7s '55. Tokio 53561, Utd King 5% Uruguay 6s'60 Uruguay 8s°46.. Vienna 6s " Yokohama 65 '61... 106% 991, 9714 924 106 8214 104 . 295 8% 98 MISCELLANEO! AbitiBi P& P Ab & St 518 Adams Exp 45 '48. . Allegheny 5s '44. Allegheny 5549, .. Am Ag Ch T%s’41. Am Chain 6s '33 Am Cot O db 3 Am W WKs 55 '34. AmWat Wk 6s 7 Am Wr Pap 6s 47, Arm & Co 4 Arm Del 535 '43. .. Bell TelPa 55 B '48 Bell Tel Pa 55 C "6 Beth Steel pm 58’36 Beth St rf 55 '42. ., Bk Ed gn A 55'49.. Cert-td deb 5145 *48 Colon O1 6s '3 Col G&E 55 Ma Com Inves 51 € C Md 1st rf 55" ConGNY 58" Consum Pow 2 C Am Sug col 8s ‘31 Det Ed rf 65 B '40. . Dodge Brcl 65 '40.. Duquesne 41567 Fisk Rub 8s41.... Gen Cable 5155 '47. « Goodrich cv 65 '4 Goodrich 615, Goody'r Rub 58’57, Hoe & Co 6%:5'34. . Humble Oil 55 '37. . Hum O&R 5% '62. Inland St 416s'78. . Int Cement 55 "48. . Int Hydro E1 6s "41. Int Match 55°47... Int MM col tr 6341 Int Pap s 4 Int Pap 6s ' Int T & T 58’55 KCP&L4ls Kan C P&L 55 A KanG & E4%s'80. Lackaw St 55'50. .. Lzc G St L 5s 34 Laclede 5s C *63. ./ Laclede 5%s D '60. | Lautaro Nit 6s54.. Lig & Myers 58 '51. Lig & M. Loew's 65 ex war Lorillard 7s ‘44 McKes & R 5% MeCormack 6: Mont P3w 55 '43. Nat Dalry 5%s '48. 4 105% 105% 991 9714 92% 106 8214 104 92% 105% 82 Colo & Sou 4 Colo & Sou 4% Con Ry 415" Cuba R R 55" Cuba RRrf 7355 6 Cuba Nor 5%5"42. . Del & Hud rf 4s'43., D& R Grgn 4s°'36. Erie 1st con4s "9 Erie5s'75.... Fla E Coast 58 'T4. . Grt Trsfdb 6s'36. Grt Nor gen T; ;| Guit Mobile 5s Hock Val 41;s " Hud & M adj Hud & M rf 5. 11l Cent 4s '53. 111 Cent ref 4s '55 Il Cent 4% s "66. 111 CCStL&N 4%s.. Int Rap Tr 55 '66 Int Rap Tr sta Int Rap Tr 7s 3 Int & Gr Nor 55 '56. Int & G N ad 6s Int Rys C A 55'72.". Int RysC A 6s'41.. Int Ry C A 6355 47. Iowa Cen 1st 55 '38. Kan City Ter 4s '60. Lake Shore 4s '31.. LehV cv 43s 2003, Leh Val 5s 2000. Long Isirf 4s'49 L & N uni 4540, L&N4%s2003.... Manh Ry 1st 4s'90 Market St 7s°40. .. Mil E Ry & L 55 '61. M StP&SSM con 4s. M StP&SSM 5s gtd . MSP&SSM 5128 78, MK &T 1st 45 '90. . MK&T4sB'6: MEK&T4%s"7 Mo Pac gen 4s '7 Mo Pac 55 A '65 Mo Pac 55 F 77 Mo Pac 5s G '78 Mo Pac 55 H 80 Mo Pac ref 5s'81... Mo Pac 518 cv 49, Mont Tram §s '55. . Nassau Elec 4s '51. Y Cgnilgs'9T N Y Cent 45 '42. N Y Cen 4s°98 Pumalo~anaSTorn [OR- T TP aersy 101% 101% 101% | youn, 94 94 94 106% 106% 106% 981, 98l 98l 981y 105% 105% 105% 991, 105 1 7% 99 88 9% 951 102 7 69% T T SO RS uma o e PSS N Y Centdb 4s'34.. 4 N Y Cent 415 2013, NYC&StL db 4s'31. C&SUL 4%5 "78. NYC&StL5%sA NYC&StL6s'32. NY NH&H 48 '55. .. NH&H 45 '56. .. NYNH&H db 45 '57. NY NH&H 4%s '67. NY O&W 1st 4592, NY Rys Inc 6s '65. . NY Rys 65 A '65... NY S&W gn 58 '43.. Penn gej Penn 4 Penn 44 Penn Penn Penn Ty kY s 70, 100%, 99 1041 92% 98% 100% 5614 96 100% 881 901 991 5613 9715 98 99 105 105 7% 954 101% 102 693 69 100% 100% 29 99 10415 104% 92% 9234 981y 98% 99%: 100% 55% 561 96 96 100% 100% 881 88l 934 93% 9% 9TY% 89% 90 87 87 96 96 103% 103% 101% 101% 85 85 844 S4n 98I 92% 925 43% 434 215 215 50% 50% 60 60 83% 84 97 9T 67% 67% My 95% 111% 112 9 94% 101% 102 97% 98 901 97T 51 small, 35; ducks, 24a25; roosters, 15; l&:: young, 70a80; old, 40a45. > M]ellt:_z{"fh bkfl]td, beef, real, 18a: lamb, 21; pork loins, 1. 16; fresh hams, 18a20; fpuruh nhouldm’. 1215a14; smoked hams, 22a24; shoulders, 15; , 25. Lll’d—BulE(’c Live stock- 10; lambs, 10. Fruits—Strawberries, 55a60; plums, Chile, 120 to the box, 4.00a3:00; honey- dews, Chile, 5.00a5.50; oranges, Floril 2.75a3.50; California, 4.2526.50; lemons, 5. tangerines, 1.75a2.00; grapes, Em. ' rors, crates, 2.75; kegs, 5.00; shel baskets, 1.00a2.00; box stock, 2.00a3.00; pears, box stock, 3.50a3.75; cranberries, 25-pound box, 3.50; pine- apples, 4.00a4.50. Vegetables — Potatoes, 150 - pound sacks, 3.25; new potatoes, Florida, 2.00a 250, mostly 2.50; Idaho bakers, 100 pounds, 2.75; sweets, per bushel, 1.50a 2.00; caulifiower, B 4.50a6.00; limas, Cuba, 4. . ; per hamper, . 1.25a1.50; lettuce, .0023.50; Florida, per ham 1.50a1.75; spinach, 1.00al X 1.25; mushrooms, 75a1.00: squash, per barrel, 3.50a4.00: cucumbers, Florida, hot house, per dozen. 1.25a1.50; tom: toes, repacks, 72 size, 3.2523.50; 90 size, 2.7523.00. 14a22; . American flashlights are being used on junks which enter and Jeave Tient- sin, Chin: Sales. High. Low.Close. 7. 100% 100% 100% 102 83 P CC&StL 4%s Read gn 435 A '97. Rio Gr W elt 45 '49. Rio Gr W 1st 45°39. RIAr &L 4%s'34. StL&SF gen 5s'31. StL IM R&G 4 StL&SFin4sA.. StL&SF 4%s'78. St L&SF prIn 55 B. StLS W cv4s'32.. StP& KCSL4s. Seab A Lirf 48’49 Seab A L 4s st 50 Seab A L cv 68 '45. . Sea All Fla 63 A '35 Sou Pac col 4s 43 Sou Pac ref 45’55 Sou Pac 4%s '68. Soy P 41369 ww Sou P&OT 414577 Sou Ry zen {s'56 Sou Ry 55’04 Sou Ry M&O 4s Ter As St L 48 Tex & Ark 512850, Tex & Pac s B '17.. Tex & Pac 85 C"19.. Texas Pac 55 D '80. Third Av ref 4560 Third Av 1st 5. Third Av adi 5: 102 83 954 95% 99% 100 100% 1001 929 99y 102 83 954 100 100% Un Pac rf 4s 2003 Un Pac 4%s'67.... Va Ry 4%s'62 Va Ry 1st Va Ry & Pow 58 Wabash 1st 65 '39. 9514 95 954 101% 101% 101% 99% 1064 102 102 108% 108% 99% 100 91l 918 80t B0 803 95 93% 94 93 93 9% 9 2% ik 52 52 52