Evening Star Newspaper, February 6, 1931, Page 14

TA—i4 R BANK HARACENENT CHANGE 15 URGED Young Believes in State Su- pervision of Savings and Trust Companies. THE EVENING STAR, WASHINGTON, D. . FRIDAY. FEBRUARY 6, 1931. . FINANCIAL. BONDS ARESTRONG| (=== = BONDS o] RETAL NERGHANTS N QUET MARKE SHOW CONFDENE UNITED STATES. (Sales are in Il‘mxz'. Lib3%s. T8 10119 Junior List Scores Advances Dry Goods Store Executives as Demand Increases. Feel Certain of Busi- U. S. Group Firm. ness Pick-up. FINANCIAL, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Sales— Prev. Add 00, High. Low. Close. Close. . 21 15W 1% Stock and Dividend Rate. 415 Stewart Warner. . Stone & Webster (4). Studebaker (1.20)... Sun 01l pf (6). Superheater (2%) Superior Oil. Superior Steel. Symington Symington A Telautograph (1.40). Tennessee Corp (1). Texas Corp (3)... Tex Gulf Sulph (4).. Texas PC&OIl. .... Texas Pac Land Thatcher Mfg (1.60) Thermold Co. Third Avenu Thompson (J Thompson Pr (2.40). Thompson Starrett. . Tide Water As (60c). Timken Det Ax (80c) Timken Roller (3)... Tobacco Products. .. Tobacco Prod A 195¢. Transamerica (1)... Close. * 101 19 102 28 103 24 102 20 102 24 106 2 108 _ 12 ~Prev. 1931~ ._lc«mtlnued From Page 13.) - ':v e Stock and 10119 10119 Lib 1st 4 Diyidend Rate. 102 28 10225 Lib 4th 43%s.. 276 103 24 103 19 US3%s'43.. 10220 10218 US3%s'4T 10220 US3%s. 106 1 Sds'44 107 28 US4Yus" ~Prev. 1031 Sales— ¢ Prev High. Low. Add 00, High. Low. Close. Close. 8814 BBl4 B9y 118% 119 118% 7 91 t (6).. 118% s 2% 1041 il ' 60% | NYNH&HDL (7)., North Am Aviation. . Nor Am (b10% stk). North Am Ed pf (6). No Ger Lloyd(a3.43). Northern Pacific (5). Ohio 011 Co (2) Oliver Farm Oppenheim Col (3 Orpheum Cir pf (8 Otis vator (2% Owens 111 Glass (3).. Pacific Gas & El (2). Pacific Lighting (3). Pacific Mills. .. Pacific Tel & Tel (7) 1808 Pack Mot Car (60c). Panhandle P& R.... Paramount Pub (4)... Parmelee Transport. Fathe Excharge. Pathe Exchange A... Penick & Ford (1)... Penney (J ) (3 % Pennev (JC) pf A (6) Penn Dixie Cmt pf. Penn RR (4).. 4 Peop ¢ Veoria Fet Mitk (113).. Fetrolm Cp of An Phelps Dodg Phila Co 6% 4 Phil Read C & N Y Tel 4%sn'39 N Y Tel 6s'41... N Y Tel 63 49 Nor Am Ed 58 '57. . Nor Am Ed 5%s '63 Nor St Pw 63 B "41.; PacG & El58'42... Pac T&T 1st 5837, Paramount 68 Pathe Exch 78 '37.. Peoples’ G Phila Co 5 Phila & Read 4 | Phila Pet 53 Por RT am 6s'42.. 1 Pos Tel & C 58 '53 Pressed St C 5833, PubSv G 4%s'67.. 1 Rem R 538 A '47..: Kich O1l cal 68 "44.. Shell Un Ol & Sinclair Ol 6% Sinc O T8 cv A '37 Sine Cr O 5%n 38 Sinc P L 5842 kelly O11 6% ou Bel T&T 58 * SW Bell T 55 A °6: StOJI N J 58’46 StOINY 4%s Tenn E1 P 6s A "47.. Tex Corpcv b8 Unit Drug cv 68 '53. U S Rub 18t 5847, Utah P & L b8 "44 U5l Pow 55 '59 ww. UUl Pow 5%8 47 Walworth 6s A '45., Warn Br Pic 6839, Warn Quin 65°39. .. Warner Sug 7s '41.. West El deb b West Un Tel 58 ‘51, West Union 5: T1% 1031 103% 311 31% 55% 55% 16% 514 224 11126 FOREIGN. Sales. High. Low. Close. Argentine5%s’62.. 1 8 85 86 9 90% 90% 68 Ju’'59, 23 BY F. H. RICHARDSON. Argentine 6s Ju 90% s 0c'59, 6 Special Dispatch to The Star., = 1 s NEW YORK, February 6.—Bonds| o5 were strong again today, with the re- 1% covery proceeding at a somewhat slower ’z:; pace as the general list moved closer to its previous high of the year. Trad- ing was in moderate volume. A new feature today was a consider- ably brisker inquiry for junior bonds, many of which scored advances of 1 to 2 points following movements in their samer companion stocks or publication of Tri-Cont Corp. . 94 | earnings reports revealing a better than 1-Cont Corp pf (§) 92% | anticipated position. Foreign dollar fco Prod (2%).... 4 3% [bonds were especially strong, with 6 Truax Traer (1.60).. g - . 10 | dealers reporting a new influx of foreign L s 22 | funds that were withdraw when both Und-Elliot h 62% | bonds and stocks declined two weeks Un Carbide (2.60) . 59% | ago. Un Oil of Cal (2) 24%| “United States Government long term Un Pacifie (10) bonds, now back within small fraction Un Pacific pt (4) of their best prices of the year, made Jn TankCar (1.6 small improvements all along the Jine. Init Aircraft Money rates continued to ease. Ac- Init Biseuit (2 ceptance rates were dropped 'y per Init Carbon (1). cent, making the seventh change in Init Clgar Stores. .. these rates in five weeks. Time money Jnited Corporation. was not quotably different, but there Init Corp pt (3) were still indications that the rates Jnit Electric Coal may drop next week. Jnit Fruit (4). . The feature of the day's news was Unit G & Im (1.20).. the announcement that the Banque de Tolt G & Im pr (5).. Paris et Pays Bas, one of France's most Dnl s earboard. - powerful 1mtwtom, would participate Tnlas D W) in a $32,000,000 loan to the German B . government. This was interpreted to mean that the French government had virtuaily given its consent to such par- ticipation. Combined with Chancellor Bruening’s continued success in the Reichstag, the news was a strong argu- ment in favor of the dollar bonds of these countries. Young plan 5'5s ran up close to their previous h. Reparations 7s were a point better. German Central Bank issues were all firm and German municipal and corporation obligations ad . Prench 7s and 718 hovered around their record highs. French Citles 6s touched their 1931 tops. Nord Railways 615 and Paris-Lyons-Mediter- 14 | ranean’ 6s_equaled previous peaks. Other European dollar bonds were sympathetically strong, including Bel- glan, Italian and_Austrian issues, all |credits of the Swedish, Norwegian, Danish and Pinnish nations and indus- trials like Kreuger & Toll 5s and Royal Dutch 4s. ‘Then there was good news from Peru to the effect that all March 1 debt service on the Peruvian debt would be carried out, despite intimations some days ago that a moratorjum would be requested. The findings of the Kem- merer Commission, now in Peru, will probably decide the ultimate course as to debt service. Meanwhile Peruvian exchange continued weak. Prime domestic issues were all firm or fractionally better. - Junior issues made more rapid advances. s Orient dev 53558 Washington Stock Exchange |72 ¢ SALES. Washington Gas 6s “B"—$500 at 106._ Capital Traction Co.—3 at 40. Potomac Electric 6% 1 at 1121 Potomac Electric 515% pfd.—5 at 10 Washington Rwy. & Elec. pfd.—10 a Chi & Eas 11} 98, 10 at 98, 10 at 98, 10 a 98, 10| prague 7% 5. Chi Grt West 4 Real Estate Mtge. & Guar. pfd.—25 at| Queenland 6s'47 Ch M&StP 4% 8 6'2, 12 at 6. Queenland 7s 41 Chi M StP&P 58 AFTER CALL. Rhinelbe 7s ‘46 Chi M & St P ad] 5s. Potomac Electric 51%4,% plaA—z at 110, Rhine West 6s'52. Chi&NW g 3%s '87, . A Rhine West 6553 . Ch&Nwn 4355 2037, Bid and Asked Prices. Rio de Jan 6% '52. 1& NW gen 4%s. Rio de Jan 85 '46 Chi & NW con 4% s. BONDS. g PUBLIC UTILITY. R Gr De Sul 65 '68. Chi & NW 6% '3 Amer. Tel. & BY BRADLEY W. TRENT. Special Dispatch to The Star. NEW YORK, February 6.—Confl- dence and eagerness permeat ivate and public utterances of the 3,000 dele- gates attending the National Retall Dry Goads Association Convention here this week. They come from many of the world, though in the main from this country and Canada. These dele- gates, whose retail sales volume repre- sents three-quarters of the dry goods ness in America, base their asser- tions and predictions not on a selective group of statistics, but on their own sales and profits. Not yet infected with the Wall Street blues, these men and women declared that in most of their localities January business was larger than for the same month a year ago. Eager, however, to learn how profit margins might be raised in a period of falling prices, they listened intently to every technical talk that indicated & direct bearing on their pocketbooks. Speeches with dry-as-dust titles, but delivered by outstanding experts, drew overflowing audiences, while general fons were virtually empty. Wrapping Supplies. “Simplification of Wrapping _and Packing Supplies,” as explained by Mer- il W. , operating manager of Jordan Marsh Co. Boston, attracted virtually every president, vice M and general manager attending th convention. Mr. Osgood is regarded as an_expert on the subject. He showed how simplification of the common vlrlrpers and packages used in stores would save retailers about $9,000,000 a ear. The group studying this prob- lem has reduced the kinds and sizes of boxes and bags between 75 and 85 per cent, he said. Charles B. Dulcan, vice president of the Hecht Co., Washi , D. C, struck & popular note with the dele- gates when he declared that - ment stores must lead the struggle to keep up wages. He was ably seconded by B. Earl Puckett, vice president of 5% | Frederick Loeser & Co., Brooklyn, who asserted, “We stand to gain more by ‘wage scale maintenance than does any other industry and we should be the last to restrict the power of consump- tion’ h reduced earnings.” Census of Distribution. “Management’s Use of the Census of BY JOHN F. SINCLAIR. Epecial Dispatch to The Star. NEW YORK, February 6.—Owen D. Young suggests that in addition to com- pelling all State banks to become mem- bers of the Federal Reserve system, sav- ings banks and trust companies should be left under State supervision. Before the Glass Committee of the | United States Senate he elaborated this theory, and explained clearly the dif-} ference between a commercial bank and | a savings bank. He does not believe it practical or wise to have these two types of banking combined into one, even if the assets are segregated into savings fssets and_commercial assets Bank affiliates, too, give him trouble He is perplexed about them. He is in doubt about the propriety of some af- fillated companies. But he does believe that if security companies are geing to be ascociated with banks the own- ership of the security compenies and banks should be identical: that there should be no divided interest here. Otherwise, better prohibit affiliates alto- gether. * Mr. Young came’out strongly against the plan advocated by Sir Josiah Stamp, John Maynard Keynes and other Eng- lish economists for a managed currency and credit. He said: T may say that I have some personal views on this whole question of the use of Governments (Government bonds) in central bank operations. And in that connection I may say that 1 am op- posad to a managed currency and credit.” Cigarette Taxes Mount. Apparently people smoke more when times are bad than when times are good. At least tHat's the way the rec- ord reads for the year of 1930. Cigar- ette manufacturers paid the Govern- ment more than $1,000,000 in cigarette taxes for every diy of the year. It was paid on a little more than 119,500,000,000 cigarettes—an increase of better than 500,000 over the preced- ing year. While this 1920 increase was the Reis (Robt) & Co sméllest in the past few years, the Bl Ronh Rt (180> month of July, 1920, was the record o Motor Car (8 month of all time, with a production Republic Steel. . approaching 12,000.000,000 cigarettes. RADUbIG Stae1 pr. ... The cigar business continued to Reynolds Metals (2) . shrink. Taxes were paid on less than Reynolds Tob A (3). 6.000,000,000 cigars—a drop of more X Reynolds Tob B (3). than 500,000 undér 1929, Rhine W EI P (2.14). Snuff production also declined, as Richfield O well as manufactured tobacco. Rio Grande Oil It's only in the field of cigarettes Rossia [nsur (2.20).. 6 which has, at the moment, immense Royal Dutch m1.3404 7 popularity with both sexes, that theg 6% Safeway Stores (3). 17 phenomenal tobacco gains continue. 90 Safeway pf (6).....190s . Rewsod 101 Safeway Strs pf (7). 908 Sy e St L-San Fran (8)... The Portland Civic News of Louis-| ;5. Savage Arms (2).... ville, Ky, advances another remedy| 5 Schulte Retail Str: for unemployment. 1% Seaboard Afr Lin; This publication, which is printed in| 2, Seat atrtindst, the working men’s section of the city | poig et B where the men, who have bcen working 5 among machines, have seen the decrease in employment growing year by year du: to the machines, suggests that a “tax or tariff (to be paid directly in to the United States Treasury by the own- ers of the machinery) be placed on all machine-made products.” This is on the theory and for the game reason that America now imposes a tariff on imported produced by {pauper labor in Europe. “In both in- stances,” says the news, “the principle of protection to American labor is in- volved and we believe the remedy would prove successful in the one instance as it has apparently done in the other.” The fund so created could be turned over into an unemployment insurance fund that would take care of every un- employed person displaced by machinery n‘.n'gledotber employment could be ob- This is an unique idea, but not likely to be adopted. Extent of Deflation. Deflation continues. Bradstreet's in- dex number of average commodity prices on February 1 shows a decline of 2.1 per cent in the general price level during January. How much is this decline? June 19.2 per cent for the year, and 35 per cent from the top point of deflation, reached on December 1, 1925. The Bradstreet index now is at the Jowest point in 16 years. But it is still g’!l ‘per cent above the level of August, At what point wil lthe dropping price level b2 stabilized? Will the decline continue another 7 per cent? 1If it does, the standard of living will be back again to that reached in August, 1914, when the World War broke. There are many worldly wise men in the United States that believe that the price recession will not stop before that. Kent an Optimist. A. Atwater Kent, Philadelphia radio manufacturer, thinks people are al- together too pessimistic and alarmed over present conditions; that the coun- try has passed through many different periods of depression, and many com- panies have suffered loss of business and loss of profit in such times. But both the country and the business in- stitutions that have been handled prop- erly have always come back strong. “Radio as a product and radio as an advantage to humanity will compel its continuance as a major industry.” says Mr. Kent. “For my own part, I view the prospects in radio, and those de- velopments which radio is bound to offer, as entirely favorable to every branch of the industry. “Of course, this is predicated upon our ability to keep ourselves in position to do an outstanding, concentrated job when business again assumes normalcy. ‘While that may not be immediate, we Austria 78 "43. {Bkot Chile 6% Bk of Chile 6% Batay Pet 4145 '42.. Belgium 6% : Belgium 6145 49 Belgium 78’5 Belgium 78 '56..... Bolivar 7s '68. Bolivia 7s ctfs ‘69, Bolivia 8545 Bordeaux 6s 34, Brazil 6%, '26. Brazil 6%8°2 Brazil Brazil 85 41. Bremen 75 '35, Canada 5831 Canada 58 '52 Chile 6360 Chile 6361 Chile Ts "4 Chin Gvt Ry 5851, “olomb 6s Jan '61. Copenhag 414853, Copenhag 58 '52. Cuba 5%8°45 Czecho 85 '51 Czecho 98 '52 Denmark 4% . 5 Denmark 51 '55 1 Denmark 63 '42... Dutch Bast T N Duteh Kast 1 6 Dutch East I 65 " Flat Tsex war'46.. 1 Finland 6s ‘45 . 5 Fram I D 7%s o 2 French 7s'49. . o ison adj 48°'95. French Gvt 745 '41 28 Atchinon kon 4n-36 Gelsenk'chen 6s'34 10 4| Atchisev4is’4l.. German 5% s '65. .. 389 At & Danv 48 "48. German Bk 6538, 26 At & Danv 2d 45’48, German 6% s '50. 1 L PR German 7s rep *49. Ger Gen El 7845 Greek 65 '63. .. Hafitl 6552 Hungary T%s "44. Ttaly 7851 Italy Pub § Japanese 555 °65. . 93 Japanese 6%s'54.. 15 10: Karstadt 6s°43.... 10 Kreug & Toll 58 '59 128 91 Lyons 6s '34 104% Milan 63552 8615 Montevideo 65 '59. . 8% 12% © Pillsbury Flour ( Pitts Steel pf (7) Poor & (‘o (B) .e PRAmMTob A (3%3). PRAmMTobB...... Postal T& Cpf (7).. Prairie O11 & Gas (2) Prairie Pipe L (15).. Pressed Steel Car.... Proct & Gamb (2.40) Prod & Refiners Pub Sv N J (3.40). Pub rumSule e Wick SpSet 7 Wil & Co 15t 6; Win RA T%s Yestn Sh&T 5s'78. 102% RAILROAD. Atchis 45 1905- 1 & For Secur..... & For Sec pf (6). S Gypsum (1.60), . S Indus Alco (8) . S Pipe & F (2 . SP&F 18t (1.20).. 102% v N T pf5). s Pub NJ pf6) ub pr( 1 1 i L 8815 u 86 o Pub § G pf ( 104 f } :; 1 1 U T Realty & I (3). Rubber. Rubber 1st pf. 18 Steel ( ] § Steel pf (7)., Init Stores A. .. Univ Leaf Tob (3)... Utah Copper (8) Univ Pipe & Rad Utll P&L A (et2.15) Vadasco Sales Corp.. Vanadium Corp (3).. Va-Car Chem....... § Va-Car Chem 6% pf. Va Car Chem pf (7 Va El & Pow pf (6 Vulean Det (4). Wabash RR. . Pullman Corp (4) . Punta Alegre Sugar. Pure Oil. .. g Pure Oil pf (8) . 60 Purity Bakeries (4). Radio Corp. ... Radio Corp B (5).... Radio-Keith-Orph A. Raybestos Man 2.60.. Reading Ry (4). Real Silk Hos (3). 08y Sw dy 58°50. B & O Toledo 45 '50. 4 104% | Bos & Me 55 '55 Bos & Me 55 '67 2 g:.‘ Bklyn Elev 61 Bkiyn Man 63 104% | Bklyn Un 1st B R & Pitt 4% Can Nat 4% n Nat 4% , drew a record audience to- day. Mr. Guernsey showed that retail price during 1930 had dropped an aver- age of 121, per cent and that a shrink- age m' 'fi.’.fi“’?fi' of -t.' k::n that amount s| expected. at sales volume, he pointed out thx lowinig for the drop in retail prices the volume of the average general mer- chandise store throughout the country last year was down only 1 to 2 per cent—a remarkable showing in view of general conditions. The spe- filv store, however, sustained a bigger . 2708 24% 192 1718 agee Can Nat4%s Can Nat 58 Oct 6! 4| Can Nor 6155 db "46 Can Nor 7s deb 40.. Can Pac deb Can Pac 4%s'6 Can Pac 58 ctfs "44. Can Pac 58'54..... Cent Pac 58 "6t Ches Corp 5s "4’ Chi&Ogn4%s Warren Fdy & P (2). Wess Oil & Snow (2) West Pa EI pf (6)... West P’a El pf (7) West Pa Pow pf (6). West Pa Pow pf (7). 4 Western Dairy A (4) Western Dairy B. Western Md. Western Pacific. Western Pacific pf. Western Union (8).. Westing A B (2) . Westing E & M (5).. vesting E&M pf (5) 1008 Weston El Instr (1). 6 Wextark Radio Strs. 29 White Motors (2) 5 White Sew Mach pf. 4 Wilcox Oil & Gas. Willys-Overland. .. Wilson & Co pf. ‘Woolworth (2.40 Worthington Pump. Wrigley (Wm) (4)., Yale & Towne (2)... Yellow Truck. ...... Youngs Spring (3).. Zenith Radio. ... 12 b Anacos RIGHTS—EXPIRE. Ana. & Pot. PacGas&El.Mar1l 3 2 2 IR TR Sales of Stocks on New York Exchange. Sity & Suburban b 10:30 A.M. 100.000 12:00 Noon Botomac Blec."Lons. 3% 1:30 P. . 1.200,000 Dividend k] Sraeh e atex - e Vernon ct viden; s given 1 . Alex. 3 oarmaSR e 1 e n the ke bl et | SESE Gar L tock. URra olplrading lers 100 5 1P ing Norway 5 '63 Norway 538 Norway 6 Second Nat Iny. Servel Inc. Sharp & Dohme. Shattuck F G (11%). Shell Unfon Ofl Shell Un 011 pf (5%) Stmmons Co. .. Sinclair Con 011 (1).. Skelly Of1 Skelly Oil pf (6). SniGer Packing Snider Packing pf . Solv Am pr ww 5% Sou P Ric Sug (1.4 South Cal Southern D: South Dairies B. South Pacific (6) South Ry (8).. . Spalding (A G) (2).. Sparks Withing (1).. Stand Brands (1.20). Stand G&E (3%)... Stand G & E pf (4) Stand G & E1 pf (7)., Stand Invest Corp. .. Stand Ol Cal (h2%). Stand Oil of Kan (1). Stand OILN J (12)... Stand OfI N Y (1.60). Starrett (LS) (12%) Sterling Sec Sterl Sec pt ( DECLINE IN SILVER CAUSED BY VAST METAL OVERSUPPLY War in China, India's Political Disturb- ances and Increase in Production Com- bine to Force Down Price. ‘The convention generally favors a mark down of all present merchandise to zr‘evnmng retail price levels, no le up in constant and effective newspa advertising and increased service to a series & inter- CB&Q 1st rf 58 CB&Q Ilav 3% CB&Q Illdv 48’49, customers, judging by views with individual delegat States. ot o 13% 487 141 4% 10415 10415 104% 6z 63 62 34 34 R Gr De SulSs '46. Chi Rwys 58 27 Rome 63%s'52. ChiRI & Prf 48 Roy D s Chi RIcv 4%y Sao Pau7s'40 rets Sao Paulo 8s'36. .. Sao Paulo 85 '50. Saxon s '46. Seine 78 Serbs-Cr-S1 7562, . Serbs-Cr-S1 85 '62. . Solssons 6s '36 Sweden 5158 '54. .. Swiss5%s'46..... Toho El Pow 6s ‘32, Toho El Pow 7s '85. Tokio 5 ' B Tokio 5%5°61. Utd King 5%s ‘37 Uruguay 65 '60 Vienna 65" Warsaw 7s Yokohama 6s ‘61 MISCELLANEOUS. Abitibl P & P 55 '53. 31 Ab & St 5158 '43. ® 18 € TH&SE in 55 '60.. said, 4 retailer and the consumer. Chi T H Inc 6s'60. . Many retailers are placi: or- ders whil they are hire. They say ey have found that incomplete lines of mfi cause them to lose many sales. Railroads came in for considerable in- ml .Mm‘l’g!".l discussion. This was repeatedly that.never before have the railroads of this coun- try furnished such prompt and effi service. Traffic managers are giving the entire transportation problem, as one Chicago delegate put it, “more thought than ever. With falling retail it Colo & Sou 4% s '80. Con Ry 4145 8t'51.. oo - B - N T T T PN =S PPN 36 tock. “a Paid last year - stock. "d Payable when earned X Krun ’ILI .": ‘I’{O‘c‘l‘tk‘n lPl\ll "1 in stoek. . 3 us 5% in stock. WASHINGTON CHOSEN AS REGIONAL OFFICE Frigidaire Corporation to Direct | No Sales in Many Cities From Headquarters Here Cuba Nor 5%s '42 Del & Hud rf 4s "43. Del & Hud 5%s '37. D & R Gr gh 43 '36. D&RGr4%s'36 D&RG W bs 5! DRG & W st 55'78 ETennV&G5 Erle 1st con 48 " Erie conv 45 B. Erie G Erie Erie & Jer 61 Grt Trunk 7s°40. ., w | Grt Nor 4%s'76 D.. Grt Nor 41877 E. ntry Paper Mig. 65 W. M. Cold Storage 55 Wash. Cons. Title 6s.. STOCKS. (Copyright, 1931.) — NEW SECURITIES NEW YORK, February 6 (#).—New securities offered today include: Albany Port District, N. Y., $1,518,~ 000 42 per cent bonds, dated February 1, 1931, and maturing from 1936 to 1081, inclusive; priced to yield 4 and 4.05 per cent, by Eldredge & Co. North Shore Gas Co. of Chicago $1,000,000 first-mortgage 5 per cent bonds, due February 1, 1937; priced at 9913, to yield 5.10 per cent, by the Illi- nois Co. SR o ™ SN 0SEN FANNRN BAINNA A S e .’ com El. pid. (5). NATIONAL BANK. Capital (14) Columbia (12). Commercial (stal .§. Allegheny 53 '49. Am Ag Ch 7348 Am Chain 65 '33. Am F P 552030.... Am1GCh5lss’40. Am IntCp 51849, Am Metal 535 '34. Am N Gas 6%s 4 Am S&R 1st 55 '4 Am Sug Ref 6s '3 Am T&T cv4%s Am T&T 5565 Am T&T c tr 55 Am T&T 558 £'60. . Am T&T 5%s 43 Am W Wks 55'34. AmWat Wk 65 '75. . Am Wr Pap 68 '47.. Arm & Co 41539, Arm Del 5155 *43 At Gulf 58759 At Ref deb 55'37... Bell Tel Pa 58 B 48 Bell Tel Pa 55 C '60. Beth Steel pm 58’36 Beth St rf 55 Bk Ed gn A 6 Bush T Bldg . 3% =83 Washington will be one of nine regional headquarters of Frigidaire | Corporation under the 1931 program | & of this General Motors' subsidiary, it was announced today by J. K. Knighton, who. has come from New York City to manage the new headquarters. Offices have been opened at 1600 Eck- ington place, and all sales activity in Washington, Philadelphia, _Norfolk, Roanoke, Rochester, Buffalo, Pittsburgh, Baltimore and Columbus, Ohio, terri- tories will be directed from this city, according to the announcement. The ‘Washington retail sales office will be . | Guif Mobile 5 °50... HavERL& P58 Hav El Ry 5%8'51. Hud & M adj 58 5’ Hud & M rf 111 Cent 4s BY JOHN L. COOLEY. Associated Press Pinancial Writer. NEW YORK, February 6.—What's the matter with silver? Why has this theoretically precious metal, to which balf of the earth’s population is at- tached by economic or social tis dropping for 10 years, from a pi $1.35 an ounce immediately after the World War, to the current quotation of around 27 cents? Why is its ratio to gold now 76 to 1 contrasted with the memoriable 16 to 1 champfoned at the turn of the century? | The prosaic answer, of course, is that | the law of supply and demand operates o PRS- ROIE P I TOTOI JT PR = OR share went to China, the only large na- tion with a monetary system based on silver. India treats the metal as a commodity. Thus, in the opinion of many observ- ers, the problem narrows down to China's ability to absorb the supply. Internal wars in that country have weakened her commercially as well as politically. Her trade has been so dis- rupted that she has no gold balance | with which to buy silver; on the con- trary, her preponderance of imports forces her to sell the metal in order to purchase gold exchange in payment for foreign goods. i i :ontlnu:d‘ e‘dt Fourteenth and E streets. " lver Hoarding. Associa with Mr. Knighton are in silver as in any other commodity.| mne yndian laborer who scrapes to- | the following men: !:stargn Gllbert, | Amarican (13 But behind this rule is a vast world | gother an extra Tupee or two exchanges | Ianager of sales promotion and adver- | Sorcors, (38 frama which has been unfolding rgu‘r;: fa Colnad’ weallh Tor o poremment|tising; R. H. Huston, regional’ repee- | Matomei Ol pethaps, has not reached its climae " |Pote. This, in turn, he sells for raw |sentative; W. E. Brown, TITLE INSURANCE. g ¥588 S POTATO MARKET. CHICAGO, February 6 (#).—(United States Department of Agriculture).— Potatoes—Receipts, 95 cars; on 236; total U. S. shipment, 853; dull, trading slow; ‘Wisconsin fancy, ungraded, 1. Idaho Russets, No. 1, 1.70a1.75; fancy, shade higher; poor, 1.65; Colorado Mc~ Clures, branded, 1.80a1.85. Sales. High._Low. g 22 984 " 98 ‘%\"« 111 Cent 614 '36 111 CCStL&N 4% 111 CCStL&N 58 A. . Int Rap Tr 58 '66. .. e 835 " Prince Georges Bk. & T Trust (85)... SAVINGS BANK. Bank of Bethesda (61) Gommerce & Savings (i6) Int Rap Tr 6s'32... 20 Int Rap Tr 7s '3 Int & Gr Nor 6s '52. = Int Rys C A 6s°41.. IntRy CA6l%s'47. Kan CFtS&M 4s'36 0 2w FIRE INSURANCE. usEl sEitanls Kan City Sou bs '50 Kan City Ter 45 '60. LehV cv 4%s 2003, Penn 414s°70. commercial Penn 4% s 63. are, nevertheless, assured that the trend is now in that direction.” Institute Meeting. Jerome D. Green, member of Lee, Higginson & Co. and chairman of the American Council of the Institute of Pacific Relations, has just announced that Hangchow, China, has been se- lected for the meeting this Fall of the Fourth Biennial Conference of the In- stitute of Pacific Relations. E. C. Carter, secretary of the Ameri- can Council, says that American busi- ness men shouid be vitally interested in the Hangchow conference, for its discussions will center about China’s economic problems in relation to her bordering the Pacific Coast. s the first conference of the in- stitute ever held in China, and the same results should follow, Mr. Carter says. (Copyright, 1931, by North American News- paper Alliance.) Causes of Decline. Civil war in China, political troubles in India, the increased supplies of silver made available by modern methods of copper production, the sale of surplus stocks by governments—these are some of the forces which have upset silver's applecart. There is a difference of opinion as to which factors have been most respon- sible. On the one hand the silver pro- ducers say: Stop offerings of silver by interested governments—chiefly India— and the pressure will be relieved. On the other hand, some economists con- tend—cut the world output, which has remained fairly constant for years, and largest user of silver, will be lightened. China and India together tak: most of the silver produced, which has been between 200,000,000 250,000,000 ounces annually in the I the burden forced on China, as the| five years. | In 1930 those two countries absorbed ' silver, which he promptly adds to his little hoard, frequently burying it in the earthen floor of his hut. The amount of silver thus stowed away is enormous; the total has been estimated at between five and eight billion ounces. Some of the store goes into trinkets and dowries, but for the most part it remains hidden and unused. When the mfie was put on a gold basis in 1926, India decided to sell reserve of nearly 500,000,000 ounces of silver. About 100,000,000 ounces have been disposed of. It has been suggested that one way out of the silver dilemma would be an extension of the metal's commercial uses. Industry has long employed sil- ver for table and jewelry, and more re- cently puts it to work in the form of silver salts for the manufacture of mo- tion picture film. Recently, however, the film industry has found a method of extracting silver from old films and using it again, so this promising market manager; J. H. Knight, regional repre sentative contracting with public ut! ities; .H. S. Gordon, regional account- ant; R. G. Smith, Government con- tact representative; Don Merrill, man- ager permanent exhibit General Motors' pler, Atlantic City; L. E. Limbert, re- gional service manager; J. C. Alfele, service representative; R. T. Potter, service representative, and J. F. a | service representative, “Frigidaire Corporation,” Mr. Knight- | on said, “views 1931 with optimism and | Mer; has outlined an active program for the year. Recently the factory at Dayton, Ohio, sent out orders for $7,000,000 worth of raw materials to 2,000 supply sources, will provide employment for hundreds of workers throughout the country, are for early 1931 manufacturing requirements. NEWSPAPER .ADVERTISING IS PRAISED BY EXPERT . Bro Miles, | Fed.-Am, Co. Columbia (6h). .. E Real Estate (6h). . Title & Inv. Co. Md. cos MISCELLANEOUS. Barber & Ross. Inc.. co £SY 88 855 PEER = Ter. Rel Co The Satoel Cotp_ (150 W. Mecl % ex i ek, c12%c extra. Com Inves 53,849, CCMd 1st rf 58 '50. 2 ConG N Y 53845, Consum Pow 58 '52. C Am Sug col 8s ‘31 Denver Gas 5s ‘51. . Det Ed G&R4 %861 Det EA rf 63 B 40, . Dodge Br cl 6: Duquesne 415 '67. . East C Sug 7148 '37. Gen Cable 5148 "47.. Gen Motors 6s '37. . Gen P Sv 54839, . Gen St Cas 53849, Gen Th Eq 65 '40 Goodrich cv Goodrich 6 Goody'r Rub INB T 1stpt6s A.. 111 Steel 4348 '40. L& N uni 4s'40 L & N 4145 2003 Manh Ry 1st 4s Mich Cen 4125 Mo Pac 55 A '65 Mo Pac bs F Mo Pac 55 G Mo Pac 55 H '80 Mo Pac ref 55 '8 Mo Pac 5%s ¢ Mont Tram 58 Mil ERy & L 556 M StP&SSM con 4s. MSP&SSM 5%s 49, MK&T4%sT8. .. MK&TprinssA. MK & T adj58'67.. Mo Pac gen 45 ‘75 9. Penn gen 5s '63. Penn 5x ‘64 Penn 6%s '36. P& W V4%sC60. Por R L&P T%s'46 Reading 4%4B..., RIAr& L 4%s'34. SL&SK gen 58'31.. StL IM R&G 45°33. StL&SFind4sA.. StL&SF4%s'78. Sea All Fla 65 A '3 Sou Pacref 4s°'55.. 9 SouPac4%s'68... 8 SouP4%s'69 ww.., 4 about 200,000,000 ounces, but the lion'slost its luster. Inland St'4% Int Cement 55 '48. . Int Hydro El 65 "44. Int Match 58°47... Int Pap 6s '55 Int MM col tr Int T&T cv 41 Int T & T 5855 Kan C P&L 5s KanG & E 4745 '80. Kend 5% 848 ww. . Lackaw St 55 '50 Lac G St L 58 34... Laclede 5148 C '53. Laclede 6% s D '60. Lautaro Nit 6s°54.. Lig & Myers 7s "44. Lo Sou P&Or 43517, 64 Sou Ry gen 4s'56.. 11 Sou Ry M&O 4s°38. 6 Ter As St L4s'53.. 10 & Ark5%s 50, 2 & P 1st 55 2000, & Pac 5s B'77. & Pac 55 C"79 Texas Pac 58 Third Av adj s Un Pac 1st 4s 417 FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) By the Associated Press, NEW YORK, February 6.— Depart- ment stores were described to the Na- W L U 1o 1920 COPPER PRODUCTION | [to 1,833,881 short tons, against 1,944,- | 23¢ tons in 1929. Refined lead produced Mogiatphia il Shkls tail Goods Association as SHOWS SHARP DECLINE in the United States amounted to 615,- me"‘g‘mt beljeonrsove ] RSSO -'{'3.},"” By the Associated Press. | 105 short tons, against 716,840 tons in bR 4 % Eieels. ™ e st NEW YORK, February 6.—Production | 1929. ur O. Price, sales manager o ] of copper throughout the world dur-| Output of sinc throughout the world | the Namm store in Brookin, scoused only one-tenth of 1 pe ing 1930 showed a sharp drop from fig- | Iast year amounted to 1561,704 short | yoovory) * torms of advertising, and |Madsi number of policies delivered and paid | ures for the previous year, the Ameri- | lons, against 1623739 tons in 1929.| urged them to do away with such|y for, was ;flm“"w’ today by President|cqn Bureau of Metal Statistics reports. | Production in the United States totaled methods. . Kingsley, in a_statement | 504412 short tons, against 631,601 tons | _“Newspaper advertising,” he said, “is forecasting the company’s annual| Computing the output on the basis of |} "0 " Srovious yeas the copper content of blister copper or the backbone of our publicity structure. { SO The total new paid-for business for |its equivalent, the bureau placed 1930 pul y expenditure in the large last_year amounted to $900,897,700 on m’:mm ot LI 086 - ahish Gocis, PARIS BOURSE PRICES. stores of todsy. The percentage should, 323,745 policies. 2,106,856 ';, 'm 1929, "| PARIS, February 6 (P).—Prices were 1 think, be higher—yet much of it is R Praliction. . the. Uniied ‘Miates| ST00 the Boumme ooy, | wasted i Three cent rentes, Discount Rate Reduced. $4 835,000 shest tous last yeur, > He described as “really worthwhile” dropped oyt centimes; 5 per cent loan, 102 francs STOCKHOLM, February 6 (7)—The | comi with 1,131,641 tons in the National Bank of wmnmyn-wm‘ discount, rat only one or two other media of pub- 50 centimes. licity, and said, “there is far too much year. . Exchange on London, 123 francs 96 its te from 3'z to 3| World production of refined lead in g:"‘m-mm:u.% 1930 also showed a , amounting dissipation of department store pub- centimes. ' The dollar was quoted at 25 { NYC&StL6%SA NYC&StL6s'32. NY NH&H 3%s Y NH&H 45 55. NY NH&H 455 YNH&H db 4s Y NH&H 414567, Y NH&H cv db 63 NY NH&H clt NY Rys Inc 6s NY St Ry 6158 '62., NY S&W gn 55 '43.. Norf South 5s 41 Nor & Wh cv 4s "9/ Nor Pac 4897 14 | Nor Pac 4 Nor 6 OregéWash 4s Pexh o Special Dispatch to The Star. NEW YORK, February 6.—A decrease of only 5'% per cent in New York Life's new paid business for 1930, as compared with 1929, and a decrease of oo PP o =119 orS mSepannanns mx EOTeTe:. oy TREASURY CERTIFICATES. (Peported by J. & W. Seligman & Co.) Lorillard 58 '51. s B8y | omiers el R I R ke teuns 100 7-32 100 9-32 + 100 332 100 33%33 MontPow bs'43.... anZem 1044 9% 102 104% Wis Cen gn 45 '36.. licity dollars in frills and fads that can- francs 50 centimes. not hope te bring business.”