Evening Star Newspaper, December 11, 1931, Page 14

*R% FINANCIAL, NG STAR, NEW YORK STOCK EXCHANGE Received by Private Wire Direct fo The Star Office. WASHINGTON, D. C., FRIDAY, DECEMBER 11. 1931. FINANCIAL. BONDS ARELOWER | [ e BONDS s ] INSURANGE SHL INQUET MARKET * HOLOWG UP e UNITED STATES. Lack of Bids Results in Sag- New Policies Written During (Sals are In $1.000.) Sales. High Low. o A A ging Prices—Some Is- 1931 Are Above Ten-2" sues Gain. Year Average. A—14 DROP N RAILROAD FREIGHT ANALYZED L C. C. Testimony Reveals Extent of Loss to Truck Competitors. Bales. Hish Low 2:58 Grand Trunk 7e'40. 13 931 911 0liy Grt Nor 4145 '76 D. 864 564 56w Grt Nor 4%8 17 B. 63 6% 56% Int & Gr Nor 58 '56. 7 70 70 Int & Gr Nor 6s°'52. 484 Grt Nor gn 51452 Grt Nor gn 75 '36. Greek 65°68....... Hud & M adi 55 '57. Hud & M rf 6s'57.. Humble O1] 63 "37.. Humble O 53%s '33. Hungary THs ¢4 11 Bell Tell 55°56.. 111 Cent 43 ‘52 i 111 Cent rf 4 '56. 111 Cent 4% ‘86. [l CCStL&N 4%s.. 111 CCStLEN Ss A. . Inland St 4%s A’ Inland St 4% s B'81 int Rap Tr 53 '66. . Int Rap Tr sta ‘66. Int Rap Tr6s 32.. Int Rap Tr 78 32, Int Cement 5 *4% Int & G Nad 6s '62. Int Hydro El 63 44 Int M Co 65 ret’41 Int Match 58 ‘47 Int MM col tr 6541 Int Pap 55 A 47 Int Pap 6s'56... ... Int Ry CA5s'72... IntT&T4%se'52.. Int T&T cv 4%5'39. Int T &T 6855, Italy 7s ‘51 Italy Pub S 7s '52 Japanese 514 65, . Japanese 61n 54 Jugosl Bnk 7s '57 Kan Clty Son 58’50, Kan City Ter 45'60. Karstadt 6s " Kend Net. Hixh Low. Close Ches. 36% 354 35U — % L G TR 1% 1% 1% 9 9 3% 3% 141 14% e 12 424 434 75l T5% 80 81 10 10 4 4 5% ‘ Bales— Add 00 25 8 22 o 5 ——1931— Stock and (Continued From Page 13.) |Ben Low _ Dividend Rate Bales Net. | 5415 354 Reynolds Tob B (3). Add 00. High. Low. Close Chre } 6% % Richfleld Ofl. .. 2 3 2% 2% — &|~10 1% RloGrande Oil. 10 11 +% 9 Ritter Dent Mfg 1%. 3714 3T — % 3% Rossia Ins of Amer 5 19% — 1 181 Royal Duteh of NY 22 6% 6% — 15| 12_Rutland RRpf...... 1 I | 46% — % | “Gor T 3w Safeway Storea (5),. 65 46% 46% — | g 75 Sateway Strapf (6), 50s 1% 114 —6% | 1081, 80 Safeway Straspf (7). 3108 13 13% + %| "30% 9% St Joseph Lead (1) 7 20% 204 62% 8 StL-San Francisco 17 17 414 StL-8an Fran pf(6) .. 26 26 5 St Louis Southwn 3% 3% St Louls Southwn pf, 34K 35 Savage Arms........ 120 120 | Schulte Retal] Stores 13 13K - u Schuite Stores pf (8) x70s 1% 1% + %) Seaboard Alr Line 26 25 -10 | Seaboard Ofl. . 20 20 -1 Sears Roebuck (23) 22 econd Nat Inv pf 8 i Seneca Copper Servel Inc. .. 2 McAnd & Forbes (2) 18% 164 Sharon Steel Hoop. . McCall Corp (234).. 19% 19 Sharp & Dohme. ..., McCrory Strs A (2) 23% 23 Sharp & Do pf (334) . McCrory (B) (2). 20 19% Shattuck(FG)(t134) 3508 McCrory Strs pt (6). 62 56 Shell Trading & Tran 160s McGraw Hill (1).... 6% 6l Shell Unfon O11. Mclntyre Pore M(1). 4% 14w Shell Union Ol pf McKeesport T P (4). 49 46% Shubert Theater: McKesson & Robbing 5 45 Stmmons Co. . McKes&Rob pf(33%) 20% 204 Stmms Petroleum. McLellan Stores. ... 2% 2% Sinelair Consol Ofl. Mack Trucks (1).... 4% 14% Skelly O1l. Macy (RH)& Co(nd). 58% B3 Skelly Ofl of ww. .. Magma Copper (1).. ™ Snidey Packing. ... 2 Mallison & Co. .. k) Socony-Vacuum (1).11750s Mandell Brothers. .. 3 Solv Am pf ww (53 ) 3 ManhatElev mod gtd South Port Rico Sug 16 B Maracaibo Ofl Exp. . o Southn Cal Ed (2) 13 24% Marine Midld (1 20). 1% Southern Pac . fic (4) 36 | 22 7 Market St Ry pr pf. . Ty outhern Ra‘lway. . .3680s Marlin Rockwell (2) 10 outhern Rallway pf 6 Marmon Motor Car.. outh Ry M&O ct(4) 1 Marshall Field (2%) Sparks-Withington 11 Martin Parry....... Dicer Mfg. . S Mathieson Alkili (2) x “picer Mfg pf (3)... May Dept Strs (2%) Splegel-May-Stern. . Meytag Co......... Stand Brands (1.20). Maytag Co 18t pf (6) Stand Comel Tobacce Melville Shoe (2). Stand Gas&El (3%). Mengel Co. ... Stand Gas&EI pf (4). Mengel Co pf Stand Gas&El pf (6). Mesta Machine (2) Stand Gas&El pf (7) Met-Gold Pic pf 1 Stand Ofl of Cal(2%) Miami Copp KD Stand Oil Exp pf (5) x Mid Continent Petm. Stand Ofl of Kansas. Midland Steel (3)... Stand O11 NJ (12).... Minneap Foney R(3) Starrett (LS) (80¢). Minn Moline Pow . Sterling Secur (A).. M StP & SSm 1sd (4) 130, Sterling Secur cv pf. Mo Kan & Texa .o Stewart Warner. ... Mo Kan & Tex pf (1) % Stone& Webster (m2) Missouri Pacific. ... Studebaker Co(1.20) Missouri Pacific pf. . Studebaker pf (7)... 30s 94 Mohawk Carpet. ... Sun Of1 (1) . 1 30% Monsanto Chem (1 uperheater Corp(1) 1 15 Ny Ward™) Superfor Oil. .. 533s % Morrell (J) & Co (3) Superfor Steel. 2 4 Mother Lode. 85 Sweets of Amer (1), 11 Motor Products (2). Symington. .. . Motor Wheel (50¢). . Symington (A) Mullins Mfg. ... e Mullins Mfg pf... opr 11% Munsingwear Inc(z). Tex Guif Sulphur(3) 18% 5 Murray Corp. soess Texas & Pacific (5). . 45% Myer (F E) & Br (2) Tex Pacific Coal&Oi] 80 16% Nash Chat& St L(3) 1108 ey EAQING Land TF, 40% 154 Nash Motors (2) a7 i, Ahistoue Mrg Co 10% 3 Nat Acme Co 1w The Fa'r 1). 10 1% Nat Bella Hess. . 3 14 1% Third Avenus. < 83% 37% Nat Blacuit (280)... b4 40% 38% - P g ey L 153% 125% Nat Biscult pf (7)... 2 125% 125% 1254 Thompson Prod 1 20. 39% 9% NatCashReg A1%. 46 11 9% 10% 3 g i FO% 20% Nat Dawry (2.60). 80 224 21% 22% Mg alar Aol 60 6 NatDeptStrsistpf. 208 7 7 7 ige Wathr A pti€) 36% 18 Nat Dist I'rod (2). 5 19 18y ZiAs VAt oLl gf (h) . 182 78% Nat Lead (16%).... x 2 80 784 8% Timken-Detroit Axle 143 125 NatLead pfA (7)... 100s 125 125 1815 Timken Roller B(2). 120% 102 Nat Lead pf B (6)... 40s 102 102 ik womoco Eoduate. 11% Nat Pwr& Lt (1).... 53 124 11% 11% % Tobacoo B ro i NatRaflitar o, % 9% % 2% Transamerica Corp. . Nat Steel (2). 1 204 204 204 S N e, Nat Supply Co. b VI o e ¢ P pr el SR Nat Supply pf. 408 23 22 22 5L Z#l-Contl Corp pLes) Nat Surety (2). 1 11% 11% 244 Trioo Produots(33) Net Tty 2" ‘s @ 1% Truax Traer Coal Co Nelsner Brothers 3% 3% 3w ;h Tr-;‘nc:{n Steel ::_on) 5 ev Con Cop (40c) B% b 3 ;‘:“ n Q"‘Y;’{‘,‘? e Newport Industrie 2% 2% 2y R CHS R I ntid i 308 Newton Steel. . 3 3 3 Underwood-| (3)x 5 N ¥ Alr Brake. 8% 8 8 Und EI-Fish pf(1)..x 108 NYCentral......... 448 28% 26% 26% Union Carb & (2.60). 141 NYChicago&BtL. 6 b4 & & Unton Oll of Cal (2). 25 NYCh&SWLDf.... 2 7Tw % Tw Union Pactfio (10).. 39 N Y & Harlem (5)... 208 105 1041 104% Union Pacific pf (4). 350s N Y Inyestors. 2 2% 2 24 Un Tank Car (1.60).. NY NH&Hartfora 60 20% 19% 19% Cnit Atreraft. NYNH&HDf 1). 2 €0% B9% 60% Unit Afrcraft pf (3). N Y Ont & Western B 6% 6% 6y N Y Shipbullding.... 8 4% 4 4 NYSteampf (6).... 10s 92 92 92 Noranda Mines (2) 7 18% 12% 18 Norf & Westn (112). 4 122 120 121 North Am Aviation. 6 8 2% 2% Nor Amer(b10%stk) 167 33% 3114 31% North Amerpf (3).. 1 42 North Am Ed pf (6). 3 84 Northern Cent (4)... 208 68 Northern Pacific3).. - 42 17% Nor Ger Lloyd m2.56 2 6% Northwest Tele (3). 108 25 Norwalk Tire & Rub 1 Ohio OH. = (39 5% 1 Oliver Farm Equip 1% 26 4 OlivFarm Eq pr pf. 4% 6% 1% Omnibus Corp. .... 2 281 10 Oppenheim Coll (2) 10 75 4% Orpheum Circult pf. % 584 17 Otis Elevator (23%). 17% 16% 3% Otis Steel. ... 4% 69% 11 Otis Steel prpf. 11 39% 20% Owens [1] Glass (2). 21 29% Pacific Gas & EI (3). 33 ° 35 Pacific Lighting (3). 381 98% Pacific Tel&Teleg (1) 4 Packard Motor (40e) 20 Pan-Am Pet B(1.60). % Panhandle Pro&Ref. 7' Par-Pub (b10% stk) 3 Park & Tilford. % Park Utah. . 1% Parmeles Transport. 1 Pathe Exchange. ... 134 Pathe Exchanze (A) 22 Penick & Ford(11%) 2814 Penney (J C) (2.40). 85% Penney(JC) pf A (6) 1 Penn Dixie Cement.. 5 Penn Dixie Cmt pf.. 19% Penna Rallroad (1).. 19 Peop Drug Strs (1).. Peoples Gas(Chi)(8) 10 131% 129 Pere MarquetteRy.. 2 6 b 9 Pere Marquette pr pf 200s 11 11 9 PetMilk (mD)...... x L 11% 11% 4% Pet Corp of Am (1) 28 4% 6% Phelps Dodge Co. . 8 6% 35% Phila Co 6% bf (3).. 5% 3% Phila&teading C & | 4 10 Phillips-Jones Co. .. 10 4% Phillips Petroleum ble 31, Phoenix Hoslery. ... 39 Pierce Arrow pf 46). % Pierce Ofl. 514 Plerce Oil pf 7 Plerce Petroleum 201 Pillshury Flour (2) 2615 Pirelll (A) (m8.13) 35 Pitts Coal pf. 25 Pitts Steel 5 % Pitts Terminal Coal. 14 Pitts Term Coal pf. 3 Poor&Co (B).. 2 Port Ric Am Tob(A) 6% Postal Tel&Cable pf. 515 Prairie Ofl & Gas 7% Prairie Pipe Lin 1% Pressed Steel Car 815 Pressed Steel Car pf. 39% Proct & Gaml “2.40) 1% Pro & Refiners 3% Prod & Refiners pf.. Public Sve NJ (3 40) Public Sve NJ vf (5) Public Sve NJ pf (6) 13415 Public Sve N J pf(8) 17 Pullman Corp (3) 43 Pure Ol 12% Purity Bak 5% Radlo Corp.... 29 Baddo Corp pf A 10% Radio Corppf (B)... Radio-Keith-Orph A Raybestos Man(1.60) Reading Rwy (4) Real Silk Hosfery. Real Silk Hoslery pf. Remington-Iand. Rem Rand 1=t pf Rem-Rand 2d pf (8). Reo Motor Care40c). Hepublic Stee! : Republie Steel pf. . Revere Copper (A). . Reynolds Metls(1%) Reynolds Tob A (3). 2:58 98 12 1007 Stock and Dividend Rete Lehigh Valley Coal. Lehigh Valley RR.. Lehrman Corp (2.40). Lehn & Fink (3) Libbey Owens Gl Liggett & Myers(t5) LAEE & Myers B (16) Lily Tulip Cup(1%). Lima Locomot (m3). Link Belt (1.60). Liquid Carbonic (2). Loew's, Inc (14). Loft Inc. & Loose-Wiles (13) Loose-Wiles 1st (1). 150s 120 Lorfllard (P) (1.20). 117 18% Louisiana O11. 1 1% La Ofl pf (6%)..... 11208 25 Lou Gas&E1 A (1%) 21 Loufsville & Nash(4) 23 Ludlum Stael 6 Ludlum Steel pf 16% Lib 3145 32-47. 98 18 9812 List4%s 7 100 16 100 7 L 4th 4%z 233-38 100 27 US3s1 . 89 314849, 9L 3%sMd41-3 95 13 S3%sJ40-3 95 13 JS 3% 4347, 95 20 98 10 100 12 102 28 - % - % =% LY 88 @ a8ammwn 85 45 54 78 78y 100 100 100% 100% 32 35 103 103 35 35 35 85 30 31 21 2 31% 31y 80 80 80 80 45 48 4515 32 63 69 1215 18 5014 48 48 51 36 35 94 94 o | 54 —-2% -3% 4 Soeh 100 100 10216 10217 Bales. High. Low. 258 29 34 31% 31 3 69y 15 34 15 25% 10 19 1 w I ®pecial Dispatch to The Star oy NEW YORK, December 11 —Blaming #he general business depression for Sheir shrunken revenues, American wailroads have sought to solve their present financial problems by 1nrrru-! ing income and decreasing expendi- | tures. In asking the Interstate Com-| 111 merce Commi: for higher freight| 19 rates, the car rested their plea | solely on & general revenue or financial | ehowing. The Interstate Commerce Commis- sion, after hearing voluminous testi- | mony on a plea for a 15 per cent rise Ot rates, was most impressed by lopment of competition for the traffic of the country and in its annual report, issued yesterday, the commission declared that “the competition of mo- 0! ucks presents the most serious problem for railroad executives.” Loree's Statement. Exemplifying the attitude of the rail- | r03d, I Loree, president of the Delav ; Hudson, estimated that the | steam carriers hauled 89.5 per cent of th~ Natior al freight during | 1928 and thet 9 per cent was d by tru v H. Pa directc tr irea of Railw Econ i ttempt to show that the railroads ! would not lose to competit sufficient traffic to offset financielly the proposed 15 per cent freight rate increase, stated that motor trucks in 1930 carried about 4 per cent of the Nation's total com- | mercial freight growth in motor transportation between 1929 and 1930 was caused by #he increase in paved highway mileage; #y lowered prices of commoditics which localized marketing to a great sextent; and by the decline in the cost of labor, gasoline and tires . Out of the testimony before the In- ferstate Commerce Commission these da-ts emerge Motor _trucks th -1 ~b% BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, December 11.—Domestic bonds were sharply lower today. Trad- ing, owing to the extreme dearth of bids, was not in large volume. De- clines of 2 to 4 points occurred in | | ordinarily active issues on the sale of a few bonds. At the opening prices were lower in the domestic section while the foreign list was buoyed up by the analysis of German conditions made at Geneva | and by Chancellor Bruening at Berlin | and also by a firmer tone on continental markets. Many issues held their early gains. German Government 5155, Dawes Reparations 7s and a long list of Ger- man municipals and industrials moved ahead. Chancellor Bruening’s state- ment was that his government intended holding the reings firmly in hand and that international obligations until the turn of the year had been provided | Assoc Ofl 63 '35, 2 99% for. | Atchison gn 48 95, 44 g5, The strength in Germany had an im-| Atchis cv 4%s 48, 11 93 mediate effect on the Belgian bonds.| At Gulf 5859, .... 4 424 Belgium depends largely on reparations | Ati Ref db 6s 37... 2 9515 payments from Germany to care for |Australia 4% 66, 21 435 her dollar indebtedness. British 515 | Australla 68 '55. ... 15 49% were up fractionally and there was a | Australia 53'67... 32 491 better tone in Kreuger & Toll 55, Greek | Austria 7a 43, 7 84 6s, Austrian 7s, Italy 7s and other Eu- [ Austria 7s'57 otfs, 89 40 ropeans. 5o Japanese bonds, after showing firm- oH b ness at the start, lost 2 to 3 points, re- 2 flecting the Tokio cabinet crisis. South ? 3 Americans remained unresponsive to 1 85 the firmness in Europeans. Tese Domestic raflroad, utility and indus- E o trial issues were swept downward. The Pt railroads were especially under pressure. s Atchison General 4s declined about a F point to a new low. Atchison Con- vertible 4145, which little more than a month ago sold well above par, dropped 4 points to & new low for the bear market around 90. New York Central 31,5—best of the Central's_emissions—were off a point, The 5s and 4125 of the same road lost 1 to 2 points to their lowest prices of the movement. Northern Pacific 3s and 4s were at new lows. Sizeable losses occurred in obligations of the Southern Pacific, Baltimore & Ohio, Chesapeake & Ohio, Great Northern, Chicago, Burl- ington & Quincy; Norfolk & Western and many other roads. In the more speculative group, Mis- sour{-Pacific 515s, Erie 5s, Nickel Plate issues and Southern Rallway 4s were especially weak. Rock Island 4)5s sold for 40 cénts on the dollar. Foreign dollar bonds were firm at the opening, while domestic issues were inclined to sag. Trading was not heavy. German Government 5's and Dawes Reparations 7s were both fractionally higher. British 515, Italy 7s and Kreuger & Toll 55 also registered gains. Japanese 6s dropped over a point, but other Japanese issues were firm. South Americans were unchanged. In the domestic list the rails were quiet and little changed, but some of the industrials such as International Ce- ment 55 and National Dairy products 5Y48 were lower. Atchison General 4s and other high-grade descriptions sold around their low prices of Thursday. United States Government._bonds were AbItib! P&P 55 °53. Adams Exp 4s 48 Alleghany Cp bs Allegheny 6549 Allegheny 65 '50 | Am Beet Sug 6s '35 Am F P582030.... 43 AmIGChbls 49, 31 |Am Intl 515549, 28 {Am Metal 5%5°34.. 16 |Am NGas6%s 42 2 4 Am S&R st 5547, 20 94 Am Sug Ref 6s°37. 10 103 AmTiTev4%s'39 18 108 AmT&TEs 65... 114 99% Am T&T c tr 65°46. 36 10215 Am T&T 5ssf'60. 50 1001 Am T&T 6345 43...104 1031, Am W Wksbs'34.. 2 901 Arpentine 6%s’62. 31 45 May'6l. 8 58y Argentine 63 Ju's9. 5 521, Argentine 63 Oc's9. 38 53, Argentine 65 A '57. 7 53n Argentine 6s B'58. 38 4y, Arm &Co4%8'39. 49 Ty Arm Del 5145 '43.. 348 64 BY ROLLIN M. CLARK. Special Dispatch to The Star. NEW YORK, December 11.—New life insurance sales this year will reach®h ageregate of $16,400,000,000, it was gl | closed by Frederick H. Ecker, president | of the NMetropolitan Life Insurance In an address here before the opeming session of the twenty-fifth annbial oem- vention of the Association of Life Tn- | surance Presidents, over which he p 51 | sided. 48 | While the amount of new insurdige :: purchased in 1931 will be 13.8 per ggnt 36y | less than the volume for 1930, and 149 35 | per cent below the 1929 total, it is ngap- :;: 1y 10 per cent greater than the average 5 |annual amount of new production dur- ing the decade beginning with 1921, % 45 Total 109 Billions. The volume of life insurance that be in force at the end of this year W be $109,000,000,000, the greatest in " history of Amcrican lifc insurance. g spite the decrease w sales and,an increase in the amount of fnsurance.ge- ing off the companies’ bcoks due to, gae inability of many policyholders to pom. tinue nrclmmm payments, the total:in- surance in force increased more t $1,000,000,000 this year. b The growth of the life insurance husi- ness is best indicated by the fact that the present volume is nearly eight times the total of 1906. It was not until 1920 that the $50,000,000,000 mark was achieved. In seven more years the $100,000,000,000 goal was reached. - In 1906 there were 15,000,000 Americandife insurance policyholders; today thete are 68,000,000. s Another new record established by the life insurance companies in 1931 ig.in the amount of payments ic living vele icyholders and beneficiaries, The @is- bursements to this group will total $2~ 600,000,000 this year, an increase, of $350,000,000 over “the' 1930 figure. Q¢ this amount $950,000,600 represegied payments to beneficiaries of deceagad policyholders, $809,000,000 went to . liy.- ing policyholders as matured endh- ments, annulties, dividends and disabil- ity benefits and $850,000.000 was paid to persons who surrendered their con- tracts for their cash value. o Mr. Ecker pointed out that the stims made available this year through these payments by life insurance compa#lgs is a leavening influence aiding in sws~ taining national purchasing power o¢'in the liquidation of financial embarrass- ment. He declared life insurance #$-a “self-reliance” plan. The theme of"the convent. ss through seif- reliance 8 L3 1 2 1 5 41% 64 71 53 20 22 5la 16 15 17 204 1T% 55 6 12 884% 4% 19 2% 14% 53 Ro20owuanoonw rs 25 36 51% 51% 931y 26 26% 1083 17 37% 10% 43% 1065 27% 4% 29 1% 10 1% 134 or of Lac G St1.5s'24.. Laclede b14s C'53. . Laclede 5%s D '60. Lautaro Nit 63 ‘54. Lig & Myers 7s8'44.. Loew’s 65 ex w '41. Lorillard 5s "51. . Lorillard 5%s ‘37 Lorillard 7s '44. La & Ark 53 °60. . Lou G & El 55 '52. . L & N uni 4540, Lvons 6s'34. McKes & R 5% ¥50. Manh Ry 1st 45'90. Market St 78 '40 Marsellle 6= '34. Mex 4s asstd 1904. Mex 45 astd 1910°46 Midvale Stl 65 '36.. Milan 6%s8'52..... Mil E Ry & L 68 ‘61 Men 4s. SM 5838 92 70 7 80% 80Mm | g 9 116 116 85 85 87 87 1011 101% 106 106 40 40 99% 100% 80% 80 100% 100% 4 1208 4 161 6 36 2 2 4 31 3 15 18% 2 38 18% 2% 35 21 19 8y 514 10 18 1% 8 6 14% 9 19 9 20% 5 35 “ 23 6% 9 24 14% T4 25 17 16 3% 12% — % 2 29% — % 371 —1% 60 —14% 69% 284 — % 88y 7 9 -1 261 20% — % 3 6% — % 14 1 9 16% —1% 22 b4 36 1% 15 12 36 18% 2% 36 20 19 3 B4 % 18 1% B 5% 13 % 16% 8% 19% Tig 3415 % 23 5% 9 24 14% 6% 25 16% 15% 3 B & O Toledo 4s ‘59 BK of Chile 638 '67 Bk Chile 6% '61 Batav Pet 414842, Belgium 68 '55. Beigium 6% 49 Belzium 78 '65. . Belgium 7s ‘66, . Bell Tel Pa s B " Bell Tell Pa bs C'60 B Ind Loan C 63 '46 Berlin Cy El 68 °55. Berlin CE 68 '50. Beth Stl pm 61 '36. Bolivia 7s '68 Bolivia 7s '6: Bolivia 85 47. Bordeaux 63 '34. Bos & Me s ‘55 Bos &Me 63 67, Brazil 6%s '26. Brazil 6% Brazil 7s. Brazil 8s 41 Bremen 78 '35 Bd & 7in Av 58 ‘43, Pk Ed gn A 5349, Bklyn Elev 63 Bklyn Man 6s ‘63 RYiyn Un bs 45 Bklyn Un 1st bs'50. Buenos A 6s°61 Pv, Budapest (3 | Buff Gen El 435031 BR&Pitt 4%s'67. 5 51 Bush T Bldg 58'60.. 1 g2 Callf Packing 58°40 7 654 Canada 45 °60. 24 72 Canada 4%s 4 881, Canada s '62. 25 R9% 5 76 7% 8514 19 8914 50 89 4 10315 3 103% 4 80 14 208 16 2 5 a8 L2y 3 10 10 101 .10 64 18 64% 9 17% 2y .12 174 <11 28 11 30% 19 3y 13 104 2 25 174 89y, 1 104% 5 99 31 27% 36 231 9 97y 4 199 - 16 o 5% 100% 1007% now handle most of | ; ad freight that moves 100 miles from the large dis enters United States s from Utica, Virginia and | o New York City H to the number of are now moved in specially | designed trucks long distances in every section of the United States Coal Movement. “The truck movements of sand, gravel &nd crushed stone from pits near the point of eonsumption, particularly to| destinations within 30 miles, have almost eliminated the rail hauls of these com- modities in many sections of the country. | s+ “There is a truck movement of about #400,000 tons of coal annually from mines in Pennsylvania to destinations within " radius of 50 miles of the mines. Trucks handled 72 per cent of the Aruit and vegetables recelved at New | “York City from the principal producing areas in 1928.” own around West street and the fruit markets of this city generally, dealers said they would not be sur- prised if most of the present Florida oitrus crop were trucked out of that Btate. During the 1930-31 seascn, the Washington testimony brought out, “the equivalent of 7,350 carloads of citrus fruit moved from Florida by truck There were 74,366 carloads handled by Tail” Most of the 1930 Maryland peach erop was moved entirely by truck. One company handled 140,583 crates of | strawberries from the Delmarva Penin- gula this year, trucking them to large Eastern cities, and only 37,000 crates, or @6 per cent, moved by rail. Around Chicago, trucks are handling ®n increasing amount of live poultry— 195 carloads in July, 1931, while freight «<ars handled 60 carloads. It is estimated by the I. C. C. that *an investment of $1,200,000 in trucks would save the canned milk industry over $1,000,000 annually under the pres- | rail costs and would cause a loss revenue to the raflroads of over 00,000 annually.” | ating ¢ 85 47 35 454 4, 4T% 4T 70 70 37 37 6274 62% 27 27% 47 5014 454 454 46 46 454 45% 46 46 30% 32 21 21 23% 24 2% T2 46% 461 88 2 1 2 % 1 2% 14% 224 25 214 N 4% 7% 815 15% 6% % S MSP&SSM 515 '78. MK &T Ist 4590, MK & T adj 58 '67. MKA&T pr In 5sA’62 Mo Pac gn 4875 Mo Pac 55 A '65. Mo Pac 5s F 77, Mo Pac 65 G '78. Mo Pac 53 H '80. Mo Pac rf 53 '81. Mo Pac5ls A 49, . Montevideo 6s ‘59, , Montevidan 7= '52 . . Mor&Co 1st 4148’33 Nassan Elec 48 '51. NAUDatrv 51 s '4g, Nat Steel £ '56. .. . Netherlands 63 ‘72, Ine T 1st 58 '63. OT& M5sB'54. OT& M5ls 54, w S Wales 68 '57. Nw S Wales 53 '58. NYCen3ls 7., Y Centdb 4s'34. Y Cent 4145 2013 81% » ISTSTEPRL - PYE-TOh: JORNS < O O U R RSy sy » 3 Executives Optimistic. Optimism rather than pessimismg:3s reflected in the general atiitude ofshe hundreds of insurance company execa- tives attending the meeting. The eun- sensus of opinion is that life insurance has made a noteworthy showing this year, despite the retarding influence of the business situation. A gain in asséts and in business in force is heartening and one of the most troublesome prob- Can Nat Ry ¢ 6 73% o lems of the business, the matter of afs- Can Nat 4%s"68... 7314 Y Crf fin 65 2018 ability provisions in conjunction wi Can Nat 4%s'55. ., ” s life policies, has been solved by mh#ly Can Nat 5s July's). rCLS i companies through eliminaticn of this Can Nat 65 Oct 89, feature, which had proved a ccsily ex- Can Nat 58 ‘70 periment, in future palicics to b2 sold. Can Nor 6%s d (Copyright, 19313 REFR@ERA.TOR §ALE_ INCREASE REPORTED Cent Pac 6s '60. Cen Ry NJ g 53'87. Cert-td db 5148 '48. More Than Million Units Marketed in Year—Advertising Campaig Helped Business. 18% 80 125 102 eRaan-Sa8e~ 101% 101% n 18% 5 22 10% Busiuess Defaults. NEW YORK, December 10 () — Business defaults for the week ended December 3 totaled 485, as against 395 last week and 527 for the like week last year, Bradstreet's reports. This is en actual increase of 22.8 per cent over last week, but when the normal seasonal rise of 207 per cent is con- | sidered, Bradstreet's says, “it is seen that the rise in failures this week is only 2.1 per cent greater than normal.” e INVESTMENT TRUSTS NEW YORK, December 11 (#), — Over-the-counter market: A B C Trust Shares A B C Trust Shares Amer & Gen Sec “A Amer & Gen Sec "B Amer & Gen Sec $3 pf Amer Brit & Con 6% Amer C Amer Amer Founders L 4ts NYCRSEL5 s, YC&StL 6s Y Edisn 5 % Y Fd 18t 6541, HEP 4549, NY NH&H db 45’57 NY NH&H 414567 NY NH&H clt 65 *4C NYNH&H cd 65'43. NY O&W 1st 4592, NY O&W gn 45 '55. 109% 110 93 61 Ches Corp 65 °47..,, [{C&Ogen 434892, C&O 4%sA’'93 Unit Biscuit (2)..,. Uait Carbon. .. . Unit Cigar Stor Unit Cgr Strs pf, Unit Corp (75¢) Uait Corp pt (3). Unit Dyewood pf (7) Unit Electric Coal. .. Unit Frult (3) Cnit Gas&Im (1. Unit Gas&Im pf(5).. Unit Plece D W (2) 118 & Forn Secur... U S Frelght . U 8 Gypsum (1.60).. U S Hoffman U 29% 217 11 90% 57 107% 90% 60 35% 47% 2 19% 6 Y Tel 438 39 NY W&B 43846, . Nia Sh Md 5% s '60. Nord 6145 '50. Norf South 5s '61 Nor & Wn cv 43’96 No Am Co 53 61... Nor Am Fd 55 C '69 Nor Am E 5%x'63, or Pac 3% 2047 Ncr Pac 4597 Nor Pac r 1 63 2047. or St Pw £s A "41. or St Pw 68 B '41. Norway 5%='85... Norway 6s'43 Norway 63 '44 Ogden&L Ch 4s'48. Oreg-Wash 48 '61. , Orfent dev 534 Orient dev Pac GRE 5u'41.... Pan Am Pet 65 '34. Pan Am Pet 65 *40. Paramount 6s'47.", Paris-Ly M 63 ‘68 Paris-Ly M 7s ‘58 Paris-Or 6% p 3 Penn 415D 81, . 9 Penncv4%s 60 2 Penn gn 4%s ‘65 Penn 44570, Penn 435 '63. Penn Gs ‘64 Penn gen 5 ‘68, Penn 6345 '36. Penn P&L 4%s 81, 7 Pere Mar 44580, . 22 Peru 65°60. Peru s '61. Peru 75 '59. Phila Co bs Phila Elec 45 '71 Phil & Read 8349, Philllp Pet 5% s Pilisb F M 63 43 Poland 6s 40 Poland 7s "47 | Po:and 8s ‘50 - Port Gn E1 4%s'60. 47 Porto Alegre 8s'61. 1 Por RAMT 6342, 5 Pos Tel & C58'53.. 28 Prague 7%s'52..., 3 Pressed St C 5833, Prussia 6s'62..... 33 Public Serv 4s'71.., 14 Pub SV G 4%867.. 27 PubSv G 4%s"10.. 5 Pure Ol 543°37.., 2 Queensland Ts*41.. 17 Read gn 4% A 97, 24 Rem Arms 6sA'37 4 Rem R5%S A '47.. 15 Rhinelbe 78 '46.... 4 Ruine West 63°52. 9 Rhine West 63'83.. 5 Rhine West 6s°556. 10 Rich Ofl Cal 6348, 16 deJan 6%4s %3, 23 Riode Jan8s'46... 8 R Gr Do Sul 63 68. 11 Rio Gr W 1st4s'33 1 Rio Gr W clt 4s°49. 1 RIAr&L4%s'34. 3 Rome 6%8°62..... 14 RoyD4s'45ww... 6 StL IM R&G 48'33. 15 St L&SF in 48 A’60 18 StL&SF4%s'78. 10 SIL&SFp16sB'S0 3 SWends'32.... LS W 6s'52. o Pau 78°40 ret. o Paulo 85 ‘36 xon PW 6%8'61. xon 75 '45. b A Lrf4s’58.. 15 Seab A Lev 68 1 a All Fla 65.A'35. 12 Selne 7842 ..... 24 Serbs-Cr-S1 78 '62.. 17 Serbs-Cr-Sl 85 '62.. 32 Shell Un Ol 5847, 4 6 12 .25 3 2 3 11 By the Associated Press. 15 NEW YORK, December 11.—A cheer- 8 | ful chirp came today frem an infant in- 8 | dustry, the electric refrigerator busi- 13 ness. An announcement said more than a million units were sold in 1931. The | close cf the year, the statement said, finds this business “almost alone among major manufacturing industries which can claim a stronger financial position than at any previous period of their existence.” Not one suspension has been re ported and a number of new firms have entered the business, said the announce- ment, made by James E. Davidson, chairman of the Electric Refrigeration Bureau of the National Electric Light Association. In the boom ‘year 1929, a total of 660,000 sales were recorded, followed by 775,000 in 1930. A co-operative selling campaign, backed by advertising, David- son said, helped roll up an increase of about 33 1-3 per cent this year. Gross sales -were more than a quarter billion dollars. —_— Sales. High. Low. 2:88. Sou Bell T&T 53 *41 14 101% 100% 100% SWBell T6sA'S4. 3 101 100% 100 SouPacref4s’'s5.. 51 78% 78% 78% SouP4%s'6Iww. 22 64 64 64 SouPac4%s’81... 15 62 60% 62 Sou P&Or 43%s7. 23 79 75 79 Sou Ry gn 48 '56... 28 391 39 Sou Ry 55 '94. 11 73% 73% Sou Ry 68'56...... 2 5 50 Sou Ry 838 '66. . 1 57% StOfINJ58°46... 42 1014 101 SLOIN Y 4%s'51. 17 Sug Es Or 7s'42 5 eden 535 '54 1885143 "46. Tatwan EP 5%71 Tenn EI P 6s A 47. Tex & Ark 5% 550, Texas Corp 68 '44.. Tex & Pac 58 B ‘77, Tex & P 55 D '80 Third Av rf 456 Third Av adj 65’60 Toho El Pw 75 ‘5. Tokio 55 ‘52 - Tokio 6%8'61..... Ulst & Dbsct'28.. Un Pac 18t 4347, "n Pac rf 4s 2003.. Un Pac 435 '67. 1 Unit Dr cv 63 '53. 8 | Utd King 5%8°37. 206 1 US Rub 1st 58 '47. 45 1 UnSt WeksA4T, 12 UdSt W 6%sA61. 14 Ud St W5%sC'81.. 1 Uruguay 6s 60.... 14 Uruguay 6s ‘64 10 Utah P& L6s '44.. 4 Util Pw 53 '59 ww. 37 Util Pow 6% 8 '47.. 14 Vanadium St 5s°41. 11 Vert Sug 1st 7s'42. 3 Vienna 62 52. . 16 Va Ry & Pw 5s'34. 10 Va Ry 1st 6362, 2 Wabash 1st 58 '39.. 20 Wabash 53 B'76... 21 Wabash 5%s°75... 20 Walworth 6%4°35. 1 Warn Br Pic 65'39. 101 WarnQuin6s'39.. 5 Warner Sug 7s'41. 2 Warsaw 78 58 .. 1 Wst Sh 15t 48 2341, West Eldb 5s 44. West Md 4; West Md 5%s 77 West Pac 53 ‘46 8:Q 18t rf 65 71, CB&Q I1dv 334849 Shi & Est (11 55'51. Chi Grt West 4s'59. 3| CM&StP 4%s 89, *|C M StP&P 6875, . CM&St Padi5s Chi & NW gn 4s 87 Chi & NW cn 4%s. Shi & NW 6145 36, Chi RI&P gn 45 '88. Chi R1& Prf 4534 ChiR1&P 414852 ChiR lcv4ys Chi T H inc fs Chi Un St 65 '4 @ 84 Cotton Hauling. the 4,000,000-bale cotton crop of TToxas 1930, 1,200,000 bales were moved to the ports by truck. One com- n carrier cperator during the year ended June 30, 1931, handled more than 300,000 bales of cotton and showed a net profit of $17,646, after charging off J3!5 per cent for depreciation and axos In turning down the request for a increase of 15 per cent in freight rates, the 1. C. C. commented: Without exaggerating the menace of this form of competition (trucks), we are convinced that the carriers have underrated it and that its possibilities are materially than they are prepared to c Asked 56 23 76% 16 723 2 99, 1 102% 2 65 76 3 61% 71 63 4 67 27 100 4 1011 7 Df. omp Trust Shares. . Founders pI. Pt Amer Founders 1-70th com . Amer Pounders cv 7 Amer Pounders 1-40th com. .. Amer 1Ins Stocks. ... : Atpocg Standard Gil P Atl Sec Sec war. .. Atl Atl & Pac Int ‘uniis 55 6% 72 983 102% 102% 4 64% 65 76 76 75 61% 61% T0% 70% 6215 6215 67 67 99% 99w 10115 10115 15 15 464 95% 9Ty 9% 935 77 61 6714 70 843 9% 8414 © 1) 2 € » I3 8 g L g g S Leather (A). s Pipe & Fdry (2). Plpe&Fy 1at 1.20 Realty & Imp Rubber. Rubber 18t ! Smtg & Ref (1). Smtg&Ref pf 3% Stesl Corpn (4). U S Steel pf (7).. U S Tobacco (4.40. United Stores (A) United Stores pf (4) Univ Pic 1st pf (8) .. Univ Pipe & Rad. Util Pwr&Lt (A) (2) 1 Vadasco Sales Corp. 12% Vanadium Corp 3% % Va-Cora Chem.... 17 3 Va-CarChem 6% pf. 71% 41 Va-Caro Chem pf (1 109 85% Va Elec&Pwr pf (6). % 30% Vulcan Detin (4 % WabashRR...... 1% Wabash R R (4).. 17% Waldorf Sys (1%).. 2% Walworth Co. .. 1% Ward Baking (B) 2!4 Warn Bros Pictur, 814 Warner Bros pf 3.35 3 6% 4% Warren Bros. ...... 1950s 35% 15 Warren Bros cv pf 3. 100s 3% | 4 Webster Eifsenlohr.. & 10 12% Wesson Oil&Sno(z). ¢ 5 50 West Pa El pf (6) 508 31 65 WestPa Elpf(7)... 10s 90 West Pa Pwrpf (6). 20 100% West Pa Pwr pf (7). 308 10% Westein Dairy (A) 2t Western Dairy (B) Western Maryland. Western Pacifie Western Pacific pf. .. Western Union (6). . Westinghse A B(2). Westinghouse (23). Wsthse EM 15t m3% Weston Elec Instru. Westvaco Chlor 1.60. 4 Wheeling Steel. White Motors. .. .. White Sewing Mach. White Sewing Ma pf. Wilcox Rich A ¢ Willys-Overland Wilson & C Wilson & Co (A). . Woolworth (14.40). . Worthington Pump. Worth Pump A (7). Wrigley (Wm) (4).. 10 Yale & Towne (1) 3% Yellow Truck. 17% Yellow Truck & C p! 8% Young Spring& W (1) 19 Ygstwn Sheet&Tube. % Zenith Radlo, ...,.. 7 _Zonite Prod Corp (1) RIGHTS—EXPIRE. 2% PeopG L&C..Jan1s 27 23 3 Sales of Stocks on New York E; 10% 10% -4% | 10:30 AM... 300,000 12:00 Nuon 18- 16 14:| 1m0 Pt 10 PM. .. % | Dividend rates . U 4% - ¥ | oaymeénts based on the cuarterly o : 110 T o ek e T RS G o cx 12 -8 | bEavable i stock s Pasable i chon or biock **f phd SSUIAT rate 8% — % | 2% in stock 1 Plus 80c in specia) 8 3% I stock Plus Soc v preterred stock k Plus i Vioek” SRS, JLEMA this vear—no Tegular rate 2 Pits 8% in 3 4 5 Corp Basic Indusiry British Type Century Trust Shares Chain "& “Gen Equities . . Chartered Tnvest S | Chartered Invest pf Chelsea Exchange A Chelsea Exchange B umulative Trust Shaie. orDorate © Trust : Corporate Trust A A : ‘2130 | Corp Trust_ Accum Ser 5 i Crum & Foster.. Crum Foster 8% 'pf.. Crum Foster Ins & Poster Ins 77, pf Bank Bhares N ¥ Bank Shrs N Y A | Depos Ins Shares A" Diversified Trust A Diversified 1r B. Diversified Tr C . Diversified Tr D .. . ?&u:i! }X’I'EH e . uity Invest pi: 11l Eauity Trust Sng " Pive-Year Fixed 47 .. Pixed Trust Sh Al.. Fixed Trust Sh B . cgaacgaca nwnLnnnnnn 508 Inv k3 1 2 191 Chile 7s "42 e Chile Cop db 63 47, Christiana 6s ‘54 CinUnTrust 6s 2020, CCC&St L 4%s E'711 Clev Term 4145 ‘77, Clev Term 6s 73 Clev Term 514572 Colomb 68'61 Oct. , | Colomb s Jan '61. Colon Of1 65°38. .. Colo & Sou 44835, Col G&E 65 May'52 Col G&E cou 6s 61, Com Inves 53%s ‘49, CC Md 1st rf 6850, Con G NY 43%s 1., ConGNYb%s 45, Con Pwr Jap 6% Con Pow Japan 7s, Copenhag 5s '52. . . Cuba 6%3 45 Cuba RR 6s ctf ‘36, Cuba Nor 6148 42, Czecho 88 '5 | Czecho 8s ' | Del & Hud rt Del & Hud cv §s '35 Del Pwr&L 4 s 71 Denmark 4%s 62. . Denmark 6%s '55. . Denmark 65 '42. .. . Del & Hud 61 D&RGren4s'3 D&RG W 6855 DRG& W 6378 Det E G&R4 % s Det Edison rf Det Unit 435 '32. .. Deutsche Bk 6s ‘33, Dodge Br cl 68 *40. . Duquesne 4% s '6 Dutch East I Mar., . Dutch East I Nov. . Dutch East 1 6s'47. Dutch East | 6x'52. Fast C Sug 775831 El Salvador 8548 . Erie 15t con 48 '96. Erie conv 4s B. Erte gen 4, Erie cv 5 60 1% 21 24 % 8 9% b2 45 95 9714 94 7614 933 60 674 70 8314 9714 8414 34 8 8 16% 83% 87% 33 5415 101 50 Brokers’ Comment . 31 2 T6% NEW YORK, December 11.—Broker- 8 house letter writers today were | mostly of the opinion that stock prices would go lower, although some doubted that the decline would be climaxed by ® day of heavy volume Shields & Co.—There is reason for some cheerfulness, however, now that actual conditions are being realized, for 8t can be hoped that proper remedial s will be taken. The re-creation r Foreign Debt Commission will for | 25% 28% 5% 1 8% 21% 20% 2 20 19 5% 204 19 129 6 1 1% 4l 3 1 A 5 12 75 Fund Tr Shrs A Fund Tr Shrs B Granger Trade Gude Winmill Incorp Investors Incorp Inves: Equii Independ Tr Shrs Int £ec Corp Am A Int Sic Corn Am B Int Ssc Am 6% bf Int Sec Am 61s pf Inv Tr N Y Coll "A' Invest Trustee Sh Leaders ‘of Indust A Leaders of Indust B Leaders of Indust C Low Priced Shrs . Major Corp Shrs . Mass Invest Tr Mutusl Inv Tr A Mutual Manage Nation Wide Sec Natl Indust Shrs Natl Tr Shrs 1% N Y Bk Tr Shrs 6% — % |Nor Am Tr Shares .. 1o | Nor Am Tr Sh 1955.°" # Nor ‘Am Tr 8h 1956 Northern Secur Oil Shares units v Old Col Inv Tr 4 Old Cols 'fr Assoc | Petrol Trad A Public Serv_Tr Repres Tr Shrs Second Int Sec A Second Int Sec B §c Int Bec 6% 15t pi Sécur Corp Gen §6 pf Selected Am Sh Selected Income Sh y Stlected Manage Trust Shawmut_Bank | gpencer, Trask, Fund | Stand Al Am Tt 8tand Am Tr Shrs | Stand Collat Trust.. Btate Street Invest Super of Am Tr Al Super of Am Tr B Super of Am Tr C rust Shrs of Am . Trustee Stand Inv € Trustee Btand Inv D Trustee St Oil A.. Trustee St Oil Shrs B Trusteed N ¥ C Bank Tr Am Twentleth Cent Fixed Tr Two-year Trust Sh 4 United Fixed Shrs Unit Fdrs 170 com United Ins Shrs United_Bank Tr US & Brit Int L'd A U8 & Brit Int 83 ol ; US Elec Lt & Pov A TS Flec Lt & Pow B Universal Tr Sh.. eans aa bssibility of { obligations N s uld continue 4“4 4 4 1025 1021 62 | 62 9Tl 8Ty 63 6314 5 75 54 55 59 59 42 425 29 29 69% - pOY 381 B8 63 63 61%: 1% 88% BEN 7515 &51y 73 73 8TH 8T 88%, ol 35 88 2007 o 218 R1% 21 21 27 27 214 27y 90 9014 40 4l 40% | 40% 55 &5 747 i7 54 balg 100100 84 84 67 87 12%: 331 1155 41 108 10% 2% 6 2 3 45 12% — 1 27% — % 1% , coupled r tax and other will have a nee won bullish en- % -1 —With nothing ut the action of the mar- ate that the cur- ts course, trading better be deferred 8 i B G A e A NS BN E A R 5 5 411 1% 3% 541y 801y 987 136 attitude people w! g decline 8 spirit to the wc We do n expect the market decline to become ncreasingly steep simply because old gesistance levels have been penetrated. Bt seems to us that a great deal of indis- kriminate and amateur selling has been pccurring, ‘which, of course, leads to an nevitable recoll. Paine Webber & Co.—The technical basis for a sustained rally has not yet been laid and lower stock prices are | dikely to be witnessed Frazier Jelke & Co which the industrials and utilities have | confirmed the downward trend in the | 1ails by selling tarough fheir October Jows is strongly suggestive of a fur decline in stocks Gold Shipments. NEW YORK, December 11 (#).—The 574 801 987 2 136 26 184 174 65 5 4% 27 13% 12% 129 5% 1 29 15 11% 85 1% it 2 2 % 10% 10% + 4| 2% 3 | 80y - 9874 136 17% 4% 12% - 29 1% 13 1% + % | 6% 10— | _14 36 d yesigna 23 41 53 10 31 25 B8 19% 1 % 20 15% 76 Finland 6%s ‘58 Fisk Rub 88 '41 Fla E Coast 5u'74. . Fond J&G 4%s ‘52, Fram 1D T3%s'42 French 7s°49....., French 73 41 Gelsenk’hen 8534, . Gen Baking 53 s 40 %/ Gen Cable 535547, .| Gen Motors 637, 4 e Gen P8v 5,839 Gen St Cas 534849 Gen Th Eq 6340, . German 5% '65. German Bk 6333 Ger Cen Bk 6360 J oI BN m e poER S 23 an 2% 2% xchange. 1,100,000 .. 1,800,000 @ table are the annuai cash ‘The manner in| oy BN 107% 107y 361 37 66 66 99% 995 4316 434 45 45 It is an extraordinary fact that the Federzl Reserve Bank of New York Jyesterday reported receipt of §$1,665,700 in gold from England and $240,900 from India. There were no exports and there was no change in gold earmarked ior foreign account, ' Experienced Advertiser 4 s Prefer The Star ho, from the very beginning gl;tul:n:v: in 1914, was able to draw the map of Europe practically as nl was destined to be upon the conclu- sion of hostilities was an elderly pro- fessor who later became the President of c:chodovmn,r: Dr. Masaryk, 3 Ger Cen Bk 61 '60 O German s rep 49 German k7850 Goodrich cv s *45. Goodyr Rub §#'57 Good 1st § 7. GrandTr af db sw3e 56 8% Shell Un Oi1 68 49. 44 Shinyetsu 63852, 11 Sinclair O1l 6%#'38 11 Sinc O Tscv A'37.. 44 SineCrO6%s'38.. 75 Sinc P L 5842, 1 Skelly Oll 5%8°39, 31 95% Yokohama 6s’61... 15 53 YgstnS&TEsA'TE. 3 67 64y Igg‘\ West Unfon 58 '51.. West Union 53 '80. Unéy% . Wil & Co 1st 41, 12 21 7 :9 41 2% ot @ 80 80 84% T 7 10 85 T4 an