Evening Star Newspaper, December 12, 1931, Page 14

_A—H e TS FINANCIAL, THE EVENING STAR, WASHINGTON, D65 ATURDAY, DECEMBER 2, 1931 ANCIAL. CANADIAN BANKING CONDITIONS SOUND Necessity for Curtailing Pub- | lic Expenses Stressed by Financiers. Special Dispat MONTREAL, December 12 —Grave warnings to Federal, provincial and municipal authorities "as to the neces- ng public_expenditures, | and the statement that Canada’s large re factors that tend to prevent return of the Canadian d-llar par, were con- tained speeches of Sir Charles | Gordor ident, and Jackson Dodds, general manager, at the annual meet- ing of ank of Montreal | At the s'me time comment was made on the inherent strength being ex- hibited by Canada in the face of world depression, especially in regard to the banking structure of the country | Sir Charles referred to the absence | tn Canada of some of the more serious | problems confronting other naticns and | both executives spoke hopefully of the | future, though making it quite plain | that a return to prosperity in Canada | was conditional on an improvement in the international situation Confidence Needed. Sir Cha while declining to prophesy as to the immediate outlook said th i th long view, “There | is every Tes look forward with | confidence to emerging stronger and more prosperous than ever from Ihr! ns that now prevail dds remarked: “It would be | ndeed t» speak with assurance prospects Of the coming year.| permissible to say that onal confidence and co- | restored and commerce | consequence improves, Canada Wi am the first to benefit | Sir Charles Gordon, in presenting the | annual report to the shareholders, spoke vere recession which had been | experienced by _ business generally | throughout the Dominion during ln.\lj vear. He made particular reference to | farming, mining and newsprint manu- | facture, remarking in regard to the lat- | ter that there was reason to believe that | a better condition was being ushered in by the profit arising from the premium on New York funds and from consolida- | tion of companies for the purpose of| reducing overhead exp e and effecting more economical distribution of the | product. He said events had brought | into strong relief a situation which in! any case would soomer or later have| called for drastic remedial measures, namely. the destructive competition be- tween the two great raflway systems, & settlement of which on a _satisfactory and permanent basis was, he declared an absolute necessity for the future well being of the country Jackson Dodds, joint ager, said that Canada. being dependent | primarily on the products of the farm, | forest, mines and fisheries, and being | one of the largest exporters per capita in the world, had suffered severely from the dislocation of international rade B eerring to the fact that the down- ward movement of comniodity prices bad reached record levels during the year, he said “We know from recent economic his- tory in the United States something of the importance of a central baok in maintaining a_stable price lavel. An examination of the course of business from 1921, the years of postwar depres- sion, to 1028, the crest of their period of prosperity, and the collapse of the stock mark-t boom in 1929, reveals that while a central bank may assist in controlling the amount of money avail- able, its judgment is not infallible, nor can it force individuals or institutions | to use money wisely.” | Public Expenditures. ! Remarking that we in Canada should | be thankful that we are as well off as we are, he declared there was no gain- | saying the fact that business had been at an extremely low ebb, and addz=d: The situation can only be aggra-| vated by continuing to pile up more and | more federal, provincial and municipal | debts. Individuals who appreciate the need for economy in their own expendi- tures, and are striving to get out of | debt, are too prone, paradoxically, to condone and encourage public outlays of borrowed money, ignoring the fact that it must in the end be repaid by | themselves { “There is a definite limit beyond which public expenditure cannot pro- ceed with safety, even when the object | is to create temporary employment. In | this country that limit is now in sight. | A halt must be called to mounting ex- | penditures—indeed, has been called in some cases. The burden of taxation | eats up capital resources, saps energy and enterprise, and creates still further unemployment. COTTON PRICES SHOW | IMPROVED CONDITION| Moderate Rallies Occur at Week End After Period of Un- | certain Trend ‘ | The Star an e: Mr rash i in b of the se general man- | EW YORK. December ernment crop report, being some. expectations, was followed of covering 'in the cotton immediately after its puo- | n Tuesday. Otherwise th developed no demand of conse- quence, however, and the buyers were supplied on a comparatively slight rally The ma then showed a renewal of the tendency under liquidation | of old accounts and scattered sell- | moted by weakness in the Rmms 12.—The | what under ing pr as not much Southern se s were sufficient to send | moderate market into ground for the present move- th January selling at 5.88 on t morr This price repre- sented a decline of 118 points from the high price reached on the advance of late October and carried the market 0 poir the season’s low Trade buying on scale-down | \ evidence during the prog- e decline and showed a tend- nerease as prices reached the | nt level for May deliveries. | s checked the decline and the | market later in the week showed evi- dence an improved technical posi- tion vering was more active and there moderate rallies. The Gov- | ernment crop estimate of 16,918,000 bales of 500 pounds gross weight was interpreted as pointing to a crop of around 6500000 running bales. The figure in equitalent 500-pound bales was sbout 300,000 bales below the average of trade expectations here. but the available supply, including the carry over from last season, is 5o large that the figures created no fresh sentiment ©of consequence. but comp: ing a ne and ¢ were New York Cotton Special Dispatch to The Star NEW YORK, December 12.—Under a light voiume of business, prices on the Cotton Exchange eased off today and closed 5 to 9 points lower than. Fri- | day. Unsettline outside developments brought some lignidation from commis- sion house quarters and room traders resold on the weakness in the market. Spots were reduced 5 points to 6.15. o h Low. Close, stock |. ~—1931.— Low. High 3% 243 32m 32% 311 39 814 248 71N 2 108 168, 311y 45 264 85 425 107 21% 10 10 £0 268 132 143 4“4 5% 0% 247n 147 3 4 132 [ 94 227 12 947 13% 123 1074 2913 81 217 a3 11 201 29y 35 81 4 20 3 1 1 s 22 51 80 97 112y 17 4 124 5 100 1 a 33 30 1% 18 3 8, 35} BR%, Safeway Stores (5). 75 9 Se. Yo Th BY Special Du NEW tically al flat. Th come un of activel While pressed, prices wi sible obliged t Exchang valiant selling. tirely ‘el The s December 598 8 97-8.00 17 51 820 States, 8o off the gold standard. Of all the absurdities which the past two years Everybody’s || The Fact That Most Active Tounng Flat Again in. Large Majority, York Stock Exchange are now loaning the short position has once more be- happenings. in the economic life of a countr: shculd be curtailed drastically ol and financial uncertainty. Gold Standard Rumor. markets—that is, those who work on the destructive side—hav new rumor which, they feel, should aid them in their activities. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star (Continued From Page 13.) —1931— Hizh Low 631 31 615 1% 1 3% 13% 21 24y 34 s 10% 3% Shell Tn 7 Shell Un Net Dividend Rate Add 00 High. Low. Close Chge Maracaibo Ofl Exp. . 1 % Marine M14ld (1.20)." 37 11 Marlin-Rockwell (2) 3 10 Marshall Field (214) 12% Mathieson Alkilf (2) 1415 May Dept Stra (2%) 18 Maytag Co.... Maytag Co pf (3). 5 Maytag Co 1st pf (6) 1 Melville Shoe (2) 2 Met-Gold Pic pf 1.89 1 Miami Copper-...... 1 Mid Continent Petm. Midiand Sieel (3).. M StP & SSm lsd (4) Mo Kan & Mo Kan & Tzx of (7) Missour! Pacifie Missouri Pacific y Mohawk Carpet. Monsanto Chem(1%%) 1 Montgomery Ward.. 106 Morrell (J) & Co (3) 1 Mother Lode : Motor Products (2) Motor Wheel (50¢) Mullins Mfg Murray Corp Myer (F E) & Br ( i Ty % : Sharp & 9 4 & 6 Sinelatr Sally O Skelly O Snider P; Solv Am Sonthn € Southern Spald (A Sparks-v Spear & Spencer Soicer M ipicer M Splegel- Stand Rr Nash Motors (2) Nat Acme Co..... Nat Air Transport Nat Bella Hess Nat Biscult (2.80),, Nat Biscuit pf (7)... il Cash Reg A 1%. 4 Sterling Nat Da.ry (260).... 102 gl Nat Dept Stores E Nat Dept 208 Nat Dist 1rod « 1 Nat Lead (+5%). .. 1 N #ad pf A (T)... 208 Nat Pwr& Lt (1). 65 1414 Texan Ca Nat Steel (2). % 6% 20% Nat Supply Co. ... : 2 NatTea (1). n ™ Neisner B T Newport Ind Newton Steel Y Alr Brake Y Central : Y Chicags & St L. Y Chi & StL pf. ... Y Dock . Y & Harlem (5). Y Investors . Y, N H & Hartford Y Ont & Western. Y Shipbuilding. .. Y Shipbldg pf (7)., Y Steam pf (6) Noranda Mines (2).. Norfolk & Southern. Norf & Westn (+12). Norf & Westn pf (4) North Am Aviation. Nor Amer(b10% stk) North Amer pf (3).. North Am Ed of (6). Northern Pacific 3).. Stand O1 Stand Of Stand Of Stand Of trs 1st pf 61y 181 123 11 261, Snn Of] ( 261, nness ex Pact rex Pac stries rd Na hompso Th Tide Wa Tide Wa Timken- Timken Tohacco Tobaeco 11% 941 10 24 21%, Transue Tri-Cont Tri-Cont Trico Pry Truax Ti Trnccon 2 R P 10 3 108 25 11en & ( 123% 100 Und ElI- Stock and Dividend Rate Sears Roebuck (2%) Second Natl Inv. .. Servel Inc Sharon Steel Hoop. . 1 Shattnek(FG) 94 ell Trading & Tran 7 Simmons Co Simms Petrolenm. .. Soconv-Vacuum (1) South Port Rico Sug Sovthern Pacfle (4) Stand Gas&El (314) . Stand Gas&E! pf (4) L % 19% Underwood-EIL-F (3) Office. Net. High. Low. Close. Chee 34 334 34 1% + % 4 - % 3 an /8y Bales— Add 00 55 59 Dohme 3 1) 24258 fon ON .., fon Oil pf 315 211 Consol Ofl. . i e 1 of ww. ... acking 142508 prww(hilg) 5 00 18 4 20 "al B4 (2) 1 Railway 1 Railway pt Spalding (AG) (1).. 1 )18t pf7). 108 Vithington 5 Co ... 1008 Kellog (80¢c) 1 fe. 11 2 pf (3)... a May-Stern.. 7 ands (1.20), 101 52 1of Cal(234) 1 Exn pf (5) 1of Kansas. 1N (12) | (LS) (80¢). Secur (A).. Warner. . Srone& Webster(m2) Sindehaker Co(1.20) 1) ee Corom D (2). ... . Tex Gulf Sulphur(3) e Coal&O11 iflo Land Tr. cher Mfg Co.... he Fatr 1) tinv (1.0 n Starrett n-Staret pf. ter Asso Ofl. ter As pf(6) Detroit Axle Roller B(2). 213 Product Prod A t95¢ : Transamariea Corp. . & Williams. 1Corp. -2k, 1 Corp pf(6) oducts(2%) raer Coal Co Steel (R00) ™% f 2% 20 1004 Fish nf(7) Union Bae & Paper. . Tnion Carb & (2 60). Union O1l of Cal (2), Union Pacific (10).. QMIB DI vy e Oliver Farm Equip. . OlivFarm Eq pr pf Omnibus Corp. .. .. Omnibus-pf (A) (8). Oppenheim Coll (2). Otis Elevator (2%). Otls Steel. . Otis Steel pr pf.. Outlet Co nf (T)..... 4 Owens 1] Glass (2) Un Tank nit Afr Unit Afr Unit Am Unit Bis Uit Car! 09t Cig Uit Cor: 94t Cort Unit Fru "nit G 10s 102 3 » Pacific Gas & Ei (2). 48 Pacific Lichting (3). 2 Pacific Mills. .. 200 Packard Motor (40c) 112 Pan-Amer Pet (1.60) 1 Par-Pub (b10% stk). 12 Park & Tilford. . Park Utah ceren Parmelee Transport. Pathe Exchange. Pathe Exchange (A) Patino Mines Prerless Motor Car. Penick & Ford(t1%) Penney (J C) (240). Penn Dixie Cement. . Penn Dixie Cmt pf. Penna Rallroad (2).. Peoples Gas(Chl)(8) Pere Marquette pf... Pet Corp of Am (1).. Phelps Dodze Co. ... Phila&Reading C & 1 Phillips-Jones Co. .. Philip Morris&Co(1) Phillips Petroleum. . Plerce Oll pf........ Pierce Petroleum. ... 12 Pillsbury Flour (2).. 18 Pitts Coal pf. . =gl Port Ric Am Tob(A). 10 Port R Am Teb (B). 2 Postal Tel&Cable pf. 3 Prairie Oll & Gas.... 7 Prairie Pipe Line.... 11 Pressed Steel Car. .. 3 Pressed Steel Car pf. 1 Proct & Gamt /2.40) 19 Pro & Refiners. .. 1 Publie Sve NJ(340). 69 Public Sve NJ pf (5) 6 Public Sve NJ pf (6) Public Sve N J pf(7) Pullman Corp (3). Pure Of1 Purity Baler). a3 3814 9 44 21 8 3 1% U S Gyp: i U S Hoft O 4 U S Leat 8 Pipe S Pipe. 6 10 4 1 3 10 [ 89 10 605 13 10 1 104 3 . S Rub) S Rub! Smt S Steel S Steel nited S Vanadiu Van Raa ' Va-Cora Va-Caro 4 VaE Vulean I Vulean [ Wabash Wabash Waldorf Walwor! Jb(A) 1% 97 26 30 1% 17% 2% 1% 24 24 Warn Br Warren Warren Webster Wesson Wesson West Pa West Pa West Pa West Pa Western Western Western Westing Westing Wsthse Westvac W hite M 4 * Ladio Corp ¥ Radio Corp pf A 3%. Radio Corppf (B)... itadio-Keith-Orph A Raybestos Man (1.60) Reading Rwy (4)... Reading Ry 2d pf(2) Reai Silk Hosiery. Remington-Kand Rem Rand 1st pf. Reo Motor Car(40c). Repubilc Steel...... 51 Republic Steel pf 23 Reynolds Metls(1%) 1 Reynolds Tob B (3). 165 Rhine W El P(a2.14) Richfield Ofl ....... Ritter Dent Mfg 1% . Rossia Ins of Amer. . Royal Dutch of NY. 59 13 150% 5 3614 107% 119% 40 26% 9% 8 56% 51% 728 1067 80% 30 15% “ 1% 1415 15 41% 20 505 10 3u Wileox C Willvs-C Willys-C . Woolwo: Worthin, Wrigley Yellow T Safeway Stre pt (6). % St Joseph Lead (1).. StL-San Francisco StL-San Fran pf(6). Savage Arms....... hulte Retail Stores hulte Stores pf (8) 10 Scott Paper (1].40). 800s aboard Air Line. . 1 Seaboard Ofl 59 6% Zonite P payments bascd on the XEx-dividend. s in stock b Pavable 1n stock e h Plus 2% in stock. 3% in ‘stock. m Pal stock. b Plus 2% 15 40 39 6% | have furnished, this one deserves the | prize. The United States has the bulk of the available metal and the mere idea of abanddnment of the standard is ludicrous Nevertheless, the rumors which are spread are sufficient to do a great deal cf damage. Denials are not imme- diately forthcoming because those com- petent to speak on the subject do not take the current rumors seriously This fact tends to aggravate somewhat the existing situation, with the result that new b.ttoms are recorded in se- curities and many commoditie Swift & Co. The new year, beginning December 1, has started off on a sound basis for Swift & Co., according to L. A. Carton, tresurer. i An audit of the books for the fiscal vear just ended will show the strong- est cash position and the lowest debt the history of the company. Earn- irgs are placed by Mr. Carton at 5.40 per cent on the outstanding 6,000,000 shares at $25 par value. This repre- Business the New rk Stock Exchange Are curities on Indicates Short Sellers Are | | at DR. MAX WINKLER. spatch to The Star YORK, December 12— Prac- | the active issues on the New is w-uld seem to indicate that wieldy, covering the entire list ly -traded-in stocks. fundamentals continue d many securities are quoted at | | as_compared with last year e-| The decline is attributable chiefly to large inventory losses duc to failing hich disceunt the worst pcs-| prices, but is offset by profits made on One is therefore | the sale of certain capital assets, and o conclude that short selling is | by large savings due to reductions in to a very large extent responsible for ' expenses. thé existing demoralization i Mr. W hitney, president of the Stcck | Earnings Statements. e, has from time to time issued| Publicity of the financial and other defenses on behalf of short | affairs of 2 public utility inspires cor The latter may have its place | fidence on the part of the stockholde: but | and the public, according to John en- | Zimmerman, president of the United iminated in times of economic| Gas Improvement Co. | "It is for this reason, continues Mr | Zimmerman, that public utilities shou | issue st frequent intervals full state- ments of their earnings in sufficient de- tail to give their stockholders a thor- e concocted a|ough understanding of the affairs of the company, and the public in general The United | a proper comprehension of their oper- they maintain, 1s scheduled to| ations, Conditions in the ofl industry are ap- preciably better than a year ago, ac- inister traders in the securities ! White Sewing Mach. Wilson & Co pf Yale & Towne (1) % Zenith R Plus 9% o Flus 50c in special prete, in stock sents a shrinkage of about 35 per cent | T'nion Pacific nf (4). Car (1.60). Crase.cc. craft of (3). Bosch. .. cuft (2).. R ar Story D (760). nof (3), ult (3) . S&Tm(1.20), Unit Gas&Im of (5). Uit Plece DWf 61 1/ S & Forn Secur. .. U S & For Sec pf(6). sum (1.60).. AN o: .. ... U 8 Indus Alcohol... her (A).... & Fdry (2). &Fy 1st 1.20 S Realty & Imp. .. ber. : ber 1st pf. .. S Smtg & Ref (1). Z&Ref pt 3% 1 Corpa (4). TRE oo S Tobacco (4.40).. tores (A)... Univ Leaf Tob (3).. Univ Leaf Tob pf(8) Univ Pipe & Rad. ... Util Pwr&Lt (A) (2) Vadsco Sales pf..... m Corp. ... Ite 1stpf. .. Chem. 3 Chem pf (1) ec&Pwr pf (6). Detin (4).... detin pf (7) RR... 3 RR (A).... Sys (1%).. R Obsritsd Ward Baking (B)... Ward Baking of (7). ros Pictures. BroN...:.». Broscv pf 3. Eisenlohr. . O11&Sno(2). O&Sno pf(4) Elpf (6)... Elpf (T)... Pwr pf (§). Pwr pf (7). Maryland. . Pacific. Union (6).. hse A B(2 house (2% ). EM 1st m3% o Chlor 1.60. otors. ... 105% 5% 2 P 121 261 0w £ 9 )il & Gas. ... ; 5 Jverland Hverland pf. % % 4 -2 rth (14.40). . gton Pump. (Wm) (4).. 173 21 10 10 19 10 101 'ruck 4 adio. . rod Corp (1) 15 6% — % RIGHTS—EXPIRE. 214 Peop G L& C..Jan 15 vidend rates as given 1 37 2% 21 — n the above table are t e Tatest Quarterly or half-yearly devrmtims? Less than 100 sha. tPartly ext tPlus % in stock a Paid t ye: Payable in cash or stock rred stock X Plus ate. this vear—no regular r nPlus 5% In cording to Charles F. Meyer, chairman of the Executive Committee of the Socony-Vacuum Corporation. Mr. Meyer has just returned from a trip through the States in which most of the difficulty with curtailment has occurred. He views the outlook with optimism, provided it will be possible to prevent any large increase in produc- tion. Banks are gradually returning to the banking business, climinating all other activities in Wwhich they engaged dur- ing the hectic ation. The securities afliliate of the Chemical Bank has already been i sorbed by the bank. The same fate be- fell the Bapkers' Co. and the Securities Co. of the Chatham and Phenix, The latest move in this direction is the absorption by the Manhattan Trust Co. of its affiliate engaged in the pur- chase and sale of securities. The move should be viewed with satisfaction by stockholders as well as general creditors of the banking institutions in question, Gross Earnings Shrink. Suspension of dividends on t| for lien stock of the Chicago, Nor!}l':esl;:og! | & Milwaukee Railroad 'was due to | shrinkage in gross earnings, according | to_Britton I. Budd, president. The general business situation, Mr. | Budd continues, has affected partic- | Warly transportation companies. Al though economiss have been intro- duced, including a reduction in pay of all officers and general office and su- pervisory employes, these have been in- sufficient to offset the loss in business, | Western Maryland. Commenting upon the marked set- back in the price of Western Mary- land bonds, George P. Bagby, presi- dent, makes an encouraging statement. et Chol thehrold should ex- ed charges t) | to_$900,000, he sznys. ST e There are no early maturities and the company's financial position at the |end of the year will be good. | (Copyright. 1031, by the North Newspaver "Alliance, Tne.) AP*FIC days of frenzied specu- | BOND PRIGES HIT BY SELLING WAVE Market Swept to New Lows for Domestic and For- | eign Groups. BY F. H. RICHARDSON. Special Dispatch to The Star NEW YORK, December 12.—The bond market was swept resistlessly dow: into new low ground today. Trading was in heavy volume, The opening was sharply lower, with a press of overnight offerings not only from all over this cauntry, but from abroad as well. Once again a large part | of the selling came from those wishing to establish losses for income tax pur- | poses. In the foreign department, the cab- inet change in Japan, with desertion of the gold standard an immediate prob- | ability, caused new breaks in Japanese bonds ‘and so upset the rest of the list that German bonds, which had been strong- at the start, were forced down again. Many active domestic issues of high intrinsic merit were entirely without bids. Rails were acutely weak. For instance, Chesapeake & Ohio general 4'.s—triple “A” bond of a road that leven in 1931 has shown satisfactory earnings—dropped 6 points to a new low. The B 4'ys of the same road were off 3 points. Atchison general 4s were more than & point lower. New York Central 5s slumped 2 points to a fresh bottcm. Union Pacific first 4s | Norfolk & Western 4s, Chicago, Bhrling- ton & Quincy general 4s and many other seasoned rail securities were de- pressed In the speculative rails prices seem- ingly had no bottom. Erie 5s, Alle- ghany Corporation 5s, Nickel Plate 41,5, and 6s. Chicago Great Western 4s Chicago & Northwestern 43,5, Mis- souri-Pacific 4s and 5s, Southern Rail- way general 4s, St. Louis-San Francisco prior lien A 4s and 455 and many others were 1 to 4 points lower, Aside from losses running to 5 points in Japanese issues, many other foreign bonds were weak. British 51,5 it is true, reflected a sharp advance in sterling exchange, but other Euro- peans, such as Greek 6s, Poland 7s and 6s, and Austrian 7s, were>lower. ‘Washinvgton Stock Eichange‘ SALES. Washington Gas 55—$1,000 at 100, $1,000 at 10014, $1,000 at 10014, $1,000 at 1007 Washington Rwy. & Elec 85. | Washington Gas 6s “A"—3300 at 103. Capital Traction Co.—5 at 21, 4 at 21, 10 at 21, 10 at 21, 10 at 21, 10 at 21, 5at 21,5 at 21 Washington Rwy. & Electric pfd.—25 at 937, | | Lanston Monotype—4 at 67, 10 at 86!, 8 at 66%. i Mergenthaler Linotype—10 at 591.. | National Mtge. & Inv. pfd.—100 at 3%, 56 at 3%, 44 at 3%, | BONDS. | Bid and Asked Prices. ! Bid. Asked. Amer. Tel. & Tel. 4'is '39..... 108, Am. Tel. & Tel. il tr. 5s.. 700! Anacostia & Pot. R. R. 8s.... Ana. & Pot. Guar. 5s. C. & P. Tel. of Va. 5s... Capital Traction R. R. 5., City & Suburban R R. 5s.... Geargetown Gas 1st 5 Potomac Elect, Cons Potomac_ Elec.” 65 1953.... Wash., Alex. & Mt. Ver Washington Gas 4'3s Washington Gas 5s Wash. Gas s, series ash. Gas 65 series ash. R¥y. & Elec. 45 ........ MISCELLANEOUS. Barber & Ross. Inc. 6':s..... Chevy Chase Club 5!%s Col. Courtry Club 50.s D. C. Paper Mfg. 6s. Wash. Mkt. Cold Storage 55 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Tiaciion Co. | Wash. Gas Light Co. (1§ N & W. Steamboat (12) Pot. Elec. Power 67 pid Po' Elec. Power 5's%c pid. Wash. Rwy. & Elec. com. (1) Wash. Rwy. & El. pfd .(3) NATIONAL BANK. 45—51,000 at Capital (14) Columbia (12 e Commercial (stamped) (10).... | District (8) . i Fed -Amer. Nati. Bk. & Tr. (2). Liberty (78) S Lincoln (10) Metropolitan (14} Rigas (138).. Second (9e) Sl | Washington (13)......" TRUST COMPANY. Amer. Sec. & Tr. Co. (15).. al, Trust (§) & ¢, Union Trust (8s) 220 Wash. Loan & Tr. (14) a0 | SAVINGS BANK. | Bank of Bethesda (6%) Com. & Savihgs (10) East Washington (12) Potomac (10) 8cc. Sav. & Com. Bk Seventh_Street (12) United States (30) Wash. Mechanics (20} FIRE INSURANCE. American (12) Carcoran (10) Firemen's (8 ' National Union (1) : TITLE INSURANCE. Columbia (6h) Real Estate (6h) | MISCELLANEOUS. Barber & Ross. Inc. com .. Col. Medical Bidz. Corp. (6) Col, Sand & Gravel pfd. (7).... | . C. Paper Mfg. pfd......... } Dist. Natl. See_pfd. (7)..:711000 Emer Bromo-Selz. “A” {3)..] | Federal Storage nfd. (8)....... | Fed.-Am. Co. com. (1.2 | Fed.-Am: Co pfd. (6). Lanston Monotype (6) | Mer. Tr. & Stge. com. (i0 Mer. Tr & Stge. pfd. (1) | Mergenthaler Linotype (6). Natl. Mtge. & Inv. pfd, (8} Peoples Drug Stores pid. (612) Real Est. M. & G. nfd. (8) Security Storage (4e) Ter. Ref. & Wh. Corn. (3) The Carpel Corp. (2) W. Mech. Mtge. com, (8).,.:00. ash. Med. Bldg. Corp. (7). .. Wdwd. & Lothrop com. (120 Woodward & Lothrop pfd. (7). “Ex dividend 527 extra bBooks closed. Y250 extra. n2sc extra. 837 extra 130c extra ha'. extra. ! 817 extra 155 extra. i ellzr extia { Unlisted Department. (These securities ngt listed under Exchange Rules ) BONDS. Army-Navy Club 5s Cosmos Club 4.5 Commercial Club 1st 55 Mayflower Hotel 6s Metropolitan Club Nat. Press Bdg. 115 400 8 10 i 01} 813 20 31 107 Bid. Asked 4ras 1st 515/l STOCKS. Anacostia Bank Chapin Sacks 8" Connecticut Pie Co Chr. Heurich Brewers. District Title Insurance Co.. Franklin National Bank.. { Munsey Trust Co. North Capitol Savings Bank Northeast Bavings Bank.... Park Savings Bank....... Raleigh Hotel Co.. s Washington Savings Bank ‘Washington Title Insurance Co. Washington Base Ball Club Woodridge-Langdon Sav. Bank. prd.’ Ro;:s Life Prolonged. life of cut flowers, fruits and \'e'gx;k::bles may be prolonged by stor- age in a carbon dioxide-treated atmos- e ph!(ll.;ex, one of the most perishable of flowers, responded well to the trea'- ment. Rosebuds stored in carbon di- oxide-treated air for seven days were still fresh and opened slowly with good color and shape when removed to warm afr, while those kept for the same perfod in ordinary cold storage were badly shattered. Since florisis have considered three days the maximum period for roses, the treatment gave a possible gain of four days. Women:f' Salvader are using Amer- ican powder puffs. A | Bolivia 8s 47 | can | can | can * | Cent Pac v v o BONIS sro secnv] Received by Pri: UNITED STATES, (Sales are in $1.000.) Hign. Loy Sales. Lib 315 32-47. 205 L 1st 434 s 32-47 179 4th 43 = 33-38 65. 53s1951-5.. 293 314549 3%Rs M 4L S 3357 40-3. S 3345 43-47 S 3% s 46-56, 131 S 4s44-5 4 US4ys4 5 L o 98 100 100 88 90 2 94 94 2 94 97 100 102 Sules. AbItibl P&P 5353, Adams Exp 4s'48. . ny Cp 58 "44 Allegheny . Allegheny s o Allis-Chalm 5s '37. Am Chain 65°33. Am F P 58203 AmI1GChj Am Intl Gigs Am Metal 5% Am S&R 1st 53°47, Am Sug Ref 6s37. Am T&T cv 414539 53°65. .. Am T&T c tr 63 '46. Am T&T s s f'60 Am T&T 514843, .. Am W Wks 58 '34. . Am Wat Wks 6s'75 Am Wr Pap 6s'47.. Argentine 5s'45. ., Aryentine 615562, Argentine May '61, Argentine 6s Oc'59, Argentine 6s A Argentine 6s It Arm & Co 41453 Arm Del 5%s '43 Atchison gn 4s '95., [ 9 18 14 35 Atchiscv 41,848, , ¢ AU CListas AtCL 43864 Atl Ref db 5s 37.. Australla 4%4s ‘56, Australia bs Australia 53 Austria 75 '43 Austria 7s'57 ctf B&O4s'43.. B&O4%s33 B&Ocv4ls 60 B & 055 D 2000, B&OT B&O6s'95....... Bk of Chile 6%s ‘57 Bk Chile 6%s 61 Belgium 6s ‘55 Belglum 49 Belgium 7s '55.... Zelgium 78 '56. . Bell Tel Pa Gs B'48 3ell Tell Pa hs C'60 B Ind Loan C 6346 Berlin Cy EI 63 '55. Berlin C E 6%s'50. Beth Stl pm s '36. Bolivia 78 '58. .. Bolivia 78'69. .. Bordeanx 6s " Me'5s Bos &Me 53 '67 Brazi] 6%s '26. Brazil 618 "27..... irazil 7s. .. Brazil 85 '41. Bremen 7s '35 Bklyn Man 6s ' Riiyn Un 5845 Bklyn Un 1st 5550 Budapest 6362 ... Buenos A 6s'61 Pv. Buff Gen 1 4 %831 Bush T Rldg 5s'60. Canada 43°60..... Canada 4%5'36. .. Canada 53 '52 .. Can Nat 4%s 5 Can Nat Ry 4758'56 Can Nat 4348 °57. .. Nat4%s'68... Nat 4%s"55. .. Nat 5s July'ss. Nat 55 Oct '69. Nor 414535, .. Nor 6155 db 46 Can Nor 7s db '40. . Can Pacdb 4s. ... Can Pacific 4%4s 46 Can Pac 6s'54..... Cent Pac 45’49, 60 £ 5887, Cert-td db 5145 '48. Ches Corp 5s'47... C&O0gen 42 C&O04%sB 95, CB&Qgen4s’ CB&Q4%s 17 CB&QIstrts Shi & Est (115551, Chi Grt West 4s'59., CME&StP 4%s '8 C M StP&P 575 C M & St Padj bs. Chi & NW cn 4Xs. Chi Rwys 5s '27. ChiRI&Prfas" ChiRI&P4ls Chi R Icv4ls 60, Chi T H inc 6560 .. Chi Un Sta 6%s 63 Chite 65 °60. ... Chiless’6l. ... Chile 65 '62. Chile78'42 5., .. Chile Cop db 55 '47 CCC&St L 4tss CinUnTrust Clev Term 58 73. . Clev Term 5%s'7 Colon Oil 65 '38. . Colo & Sou 43535 Colo & Sou 4% '80 Col G&E 35 May'52 Colomb 6s'61 Oct. . Com Inves 5%s 49, CC Md 1st rf 58'50. Con G NY 4%s°51. ConG N Y 53545, Con Pwr Jap 6343. . Con Pow Japan 7s. Consum Pow s 52 Copenhax 55 52. ., Cuba R R 58’52 Cuba 53845, ... Cuba RR 1t 71;s '36 Cuba Nor 5842, . Del & Hud rf 4834, Del & Hud 614837, Denmark 4%s ‘62 Denmark 5%s '55 Denmark 6s'42. ... D& R Gren 4536, D&RG W ba'55. Det E G&R4 4561, Det Edison rf 58'49 Det Unit 4%s'32, Deutsche Bk 6532, e Brcl 6540, Duquesne 4%s ‘67, Dutch East I 6862, Erie 1st con 48 '96. , Erie gen 4s Erie cv 6s Ere 5875, Can Can Can Flat 7s war Finland 5148 ' Fisk Rub 8541, .., Fla E Coast s 74, . Fram I D 738 '42 French 7s°49. ... French 748 '41. . Gelsenk’hen 65'34, ., Gen Baking 5148 40 Gen Motors 63 37 Gen P Sv iigs 39 Gen Th Eq 6340, .. German Bk 63 '3§ . . Ger Cen Bk 63 '60 J Ger Cen Bk 68 '60@ German 75 rep *49 German Bank 7s ‘50 Goodrich cv 6s *45. Good 1st 6148 47, , Goodyr Rub 5857 GrandTr sf db ¢s' Grand Trunk 7s'40, Grt Nor 413576 D, Grt Nor gn 6148 Grt Nor gn 78 '3 Greek 6563, Halt! 6s'52 Hoe & Co 6145 '34 Hud & M ad) 6867, Hud & M rf 6s '57, , Humble Of] s 27 Humble O 514 ‘33, Hungary 74s 4 111 Bell Tell bu 111 Cent 4% "g8., ., 111 CCStL&N 434s., Inland St 4148 A'78 111 CCStL&N 6 Int Rap Tr 6u 66, . Int Rap Tr ata ‘65, Int Rap Tr 7882, Int Cement Int&GNad AR abeaateeSeERn | German 545 65... 196 10 18 23 6 8 62 11 1 8 6 12 41 20 1 16 20 16 1 8 1 High Low. Close. 33 6% 3115 15% 291 10315 1031 79 19 9413 614 10% 10115 65 175 1714 1615 23 10314 29 1047 99 1001 821y 101y a0 te Wire Direct to The Star Office Int Hydro E16s'44. 3 Int M Co 5s ret’¢l.. 11 Int Match 68'4T.... T [nt Pap 63 A'4T.... 1 Int Pap 6s56...... 10 IntRy CA 6%s'47.. 1 IntT&T4%s'62.. 7 Int T&T cv 4% '39. 29 Int T&T 68’55, Italy 78 '51... Italy Pub S 7s'62 Japanese 5%4s ‘65 Japanese 614s ‘54 Jugosl Bnk 7s ‘57 Kan City Sou 350, Kan City Sou 58’50, | Kan City Ter 45'60. Karstadt 6s'43. Kend 5%s'48 ww Kreug & Toll 58’59, Laclede 5% s C'53 Laclede 5343 D '60. Lautaro Nit 63 '54.. Ligz & Myers 53 '51. Lig & Myers 7s'44.. Loew’s 6s ex w '41.. Lorillard 5%s '37 Lorillard 7s "44. . La & Ark 53°60. . Lou G & El 55 '52. L & N uni 43°40 McKes & R 5% x50, Manh Ry 1st 45'90. Market St 7s '40.. Marseille 63 '34. . Midvale Stl 5s ‘36.. Milan 68 '52 Ml E Ry & L 1 Mil Bl Ry&Lt 6371 MK & T 1st 4590 ME&T4sB" MK&T4%s"78... Mo Pac gn 4s '75. Mo Pac 53 A '85.. Mo Pac 63 F '77.... Mo Pac 53 G '78.... Mo Pac 55 H '80... Mo Pacrf 5s°81... Mo Pac 5158 A '49.. Mont Pow 5s°43. .. Montevideo 7= '52 Mor&Co 1st 424839 Nassau Elec . Nat Dairy 51843, Nat Steel 5s '56. ... Netherlands 6s 72, N Eng T 1st 55 '52. NOT&MG5%s 54, Nw S Wales 55 '57. Nw S Wales 55 ‘58, NYCgn3dls’s N Y Centdb 4534, NY Cent 4%s 2013 N Y Crfim5s2013 N Y Cent db 6s NYC & St L 4 NYC&SIL 43 NYC&StL5% NYC&SL 6s N Y Edisn 5s B'44.. N Y Fd 1st 635741, NY ELH&P 4549, NY ELH&P 5s48. NY NH&H 315 ‘54 NY NH&H 435367 NY NH&H clt 65 "4( NYNH&H cd 6543, NY O&W 1st 402, NY Rys Inc 63 '65., NY Tel 43539, . NY W&B 413 '46 Nord 63350, Nor & Wn cv 4896, No Am Co 55 '61. ., Nor Am E 51563, Nor O T & L 6s 47, Nor Pac 3s 2047 Necr Pac 4897, Nor Pac r 1 68 2047. Nor St Pw £s A 41, Nor St Pw 65 B "41. Norway 5s'63. Norway 5%s "85 Norway 6343, Norway 63 '44. Oreg-Wash 43’61 | Ortent dev 514 Orfent dev 6s '53- Pac GRE 5842, Pac T&T 1st 5337, Pac T&T rf 5s'52.. Pan-Am Pet 65 '34. Pan Am Pet 6540, Paramount 6s '47 Paris-Ly M 6s ‘58 Paris-Ly M 7s'58.. Paris-Or 53 Pathe Exch 7s Penn4is D 81.. Penncv4lss 60... Penn £n 414 '65 Penn 4%s'70..,., Penn 4%3'63.... Penn 58 ’64...... %6 | Penn gen s ’68. o5 |Pennéiks . 5 | Penn P&L 41s'81. 40 | Peovles’ Gas 5’41, g0 | Pere M 1st 4s '3 Peru 6s'60.... Peru 6s°61..... Phila Co 58°67. ... Phila Eiec 4s°71.. Phil & Read 65 '49. Philllp Pet 51 5 ‘39 Pilisb F M 6343, Poland 7s '47... Poland 8s . Port Gn E1 44860, Por R Am T 68’42, Pos Tel & C 5855, Prague 7143 '52.. Prussia 6s '52. | Public Serv 4s 71 Pub Sv G 412867, Pub Sv G 4%s°70. Pure O 5%8'37.",, Queensland Ts*d1.. 8112 | Reaa gn 4348 A 97, Reading 4%s B '97. Rem Arms 6s A '37. Rem R5%s A "47., Rnine West 6s '52 Rhine West 6563, Rhine West 63 '55. Rhine West 7s '50. . | Rio de Jan 614s 53 R Gr Do Sul 6s '68. RIAT& L4%s 34 Rome 6%s'52. ..., | St L&SF In 43 A 50 StL&SF 41578, StL&SF p 153 B '50 SUP Un Dep 53 72, Sao Pau 7s'40 ret. ., Sao Paulo 8s50. . . Saxon P W 634851, Saxon 7s "45. . Seab A L cv 63 "45. Sea All Fla 63,A'35. Seine 7s"42. . Serb: Serbs-Cr-Sl 85 '62. Shell Un OIl b3 *47, Shell Un Oil G349, | Shinyetsu 614852, Sinclair Ol 834 #'33 Sinc O 7scv A "37 Sine Cr O 5% '38 | Sinc PLsa43.. | Skelly O11 5% 539, | Sotssons 6s"3s. .. . | Sou Bell T&T 5841 | SW Rell T bs A *54. | Sou Pac ref 4s°55. ., | SouP 415869 ww. | Sou Pac4%s’s1... Sou P&OT 4348 77, ou Ry ®n 48 '56. .., ou Ry 65'56. . Sou Ry 6% 56 St Oil 3t Of] M Swiss5%s 46 Tatwan E P 534571 | Tenn Cop 6s"44. .. Tenn EI P68 A 41 Texas Corp 58 ‘44 Tex & Pac 55 B Third Av rf 43 "§0.. Third Av adj 5880 Toho El Pw 6332, Toklo 58°52. . Tokio El Lt 68 '53.. Un Pac 18t 48 °47, | Un Pac 4n'6s.... ], Un Pac rf 4s 2003 . . | Unit Dre cv 5553, Utd King 5%8°37.. 8 US Rub 1st 5847, 2 (70 St W 6148 AT, 11d St W 6388451, . Ud St W 534sC51.. Unit SS Cop §s°37. Uruguay 6360 Urnguay 8s | Utah P& L 5344 Util Pw 5559 ww. Util Pow 54341 Vert Sug 1st Ts 42, Vienna 62 52...... Va Ry & Pw 533 Wabash 414818, ., Wabash 1st 53°33.. Wabash 5s B'16... Wabash 53 D'80... 48 Close. 9731 987 00 1004 0011 100 14 885 BR16 908 908 9416 9416 9416 9420 944 9416 97 97 1 9920 9921 00 14 101 14 313 68 30 24 14 8714 891 3615 61 1 49 90 10215 106 98 1017 33 68 308 24 14 871 891 3614 61 71 49 90 103 106 9854 102 93 43 46% 1% 84 40 82 66 464 481, R4 10 82 661 10311 76 9415 9414 618 64 61 101 10% 100% 1008 65 5 647 16 17 161 16t 1021 10314 88% 83, 10415 1047, 99 99 26 97 90 68 K514 101 10014 10115 1415 45 95% 984 9415 58 4 93% 61 80 98 o 67 84% 7614 &4 &6 95 80 7814 98 42 68 85 76% 84 401, 1615 39 106% 106% 13 14% 24 49% 461 40 27 3114 81 9 92 10114 101 90 90 63 64% R0 80 96% 963 7% T | 55 40 35 2614 581 5814 49 764 80% 9814 95% 52% 100% 101 10015 7815 60 43 31 31 971k 1111y 1113 30 9714 11| 1 | 30 92 100 8214 31 51 5% 37 56 71 871y a0 20% 2 50w i 56 71 Rty 90 [ woy, won anly 101t 1010, | 100 100 " 0 a4 421 v 61 6l 68 AR 12% 124 RO a4 I 484 48 484 AT 52 354 25 Bales. High Low. Close. 48 4814 47 52 351 25 42 45 “ 4 | 1deal 1001« 100% 100 7815 60 a2 S 54N | 100 1154 89 12 M | Assoc Investment..6% . | Domin | Washburn | West Ma 5148770 POPE MAKES PLEA FOR FOREIGN BONDS Sound International Credit Position Is Necessity, Banker Declares. A sound international credit position is an absolute necessity to & modern nation if it wishes to secure and hold its share of world trade, declared Allan M. Pope, president of the Investment Bankers' Associa- tion, in an address over the radio. After outlining the succession of steps Whereby the exist- ing international financial complica- tions came about, the speaker indi- cated his confi- dence that solutions would eventually s found for the coblems which now confront the world, as follows: “In the United States the entire foreign bond market has been in a state bordering on hysteria because of the lowering of credit of some impor- tant foreign countries. This s brought about an extraordinary dec!ine in the prices of many foreign bont payable in American dollars. T vesting puhlic has failed fo recog that the current prices of the securt of many foreign nations today do no! represent actual values. They simy reflect the absence of &ny market mand whatever for the bonds. Just as in the commodity market when prices fall steadily, as they recently have done in the case of foreign securities, the public simply does not buy, but waits in the hope or fear of still lower prices. The result has been an almost total demoralizadion of the United States market on many foreign dollar bond issues. “The recent world-wide trade disturb- ance has brought about actual defaults cn the part of only a few foreign gov- ernments. In most such cases financial experts are now at work regulating the application of various remedies and in no case has there been any responsible expression of an intention in any coun- try, except possibly Russia, to repudiate the foreign obligations which have defaulted since the beginning of the war pericd. “While it naturally takes time to overcome the unfavorable effect of & world-wide trade depression, the remedial steps already put under way in coun= tries which are in default should sur- mount these difficulties more rapidly than would otherwise be the case. The reason for this is further evident in the fact that the development and main- tenance of its own share of world trade absolutely requires a nation to keep its international credit position sound. The necessity for re-establishing its credit by meeting obligations that have been past due is now, to a greater ex- tent than ever before, of urgent im- portance to any nation whose foreign obligations are now in de!ault:" DIVIDENDS DECLARED NEW YORK, December 12 (#).— Extra. Pe- Allan M. Pope. Hidrs. of record. Dec. 1 Dec. P e. Jan. 3 Dec. 2 Dec. 18 Dec. 18 Dec. 21 Dec. 18 Dec. 18 Jan. Jan. Jan. Dec. 3 Jan. 2 k) 2 2 1 1 Company. Rate. riod. Cen Han B&T (NY).31 . Ideal Cement.......35¢ . Montreal City & Dist Sav BK......$51 .. New London & Northern R R.....f1 Peoples Tr & G Hackensack (NJ).25¢ Roches Tr & S D..25¢ York Rwys. et 24 Deferred. Fire Assn of Phila.40c Q Jan. Stock. Dee. 31 Increased. Noxzema Chem...51.50 .. Reduced. | Boston Herald-Trav.10c | Erie Nat Bk (Philaj.s1 | Formica' Insvlation.25c M & T Securities..10c Twin Cit B&L Asn A.33 | Do B..........$250 Do. e - } Alemco Associates..10c Q Jan. | Liquidating. | Eastern Equities..$3.50 .. Omitted. | Hamilton Cot ev pt.....50¢ Stearns (Fred) & Go...30¢ Regular, Am Mfg pf.. 5125 Q Dec. 31 Am Bk & Tr (new)..36 S Dec. 31 Am “Optical. +..50c Dec. 19 Do. % pf..... 5175 Q Jan. 1 Banc Ohio Corp. . .35%¢ Q Dec. 31 Bd_& Mig Guar Co (Toms R N J).§450 S Dec. 31 Carolina PL $7 pi $1.75 Q Jan. Do. $6 pf.......3150 Q Jan. Central Hangver Bk & Tr (N Y).$1.50 Cit Sery Bk Shs.il.d6c Clorox Chem Co... 50c City Bk & Trust..31.25 Crocker First Natl Bk (San Fran) Diamond_State_Tel 62’ Df... 316215 Found ‘& Stl Ltd _pf..........$1.50 Dom Rub Ltd ‘pf. §1.75 East S Pr Ltd p{.$1.73 Emer El Mf Co pf 3175 Eureka Std Cons M.3c Pirst Nat Bk_(Bos).80c First N Bk (St L)..25¢ Gilbert (A C) Co cv pt ... .8Thc Grinnell ‘Mfg Co...310 . Hav Bl & Ut $6 pf $1.50 Do. §5 pf $1.25 Hollinger Cons Gold Miges (Ltd).......5¢ Hudson Co Nat Bk (Jersey City).. Cement Keystone Pub S TRt Metropol Ind Bkrs. Do. 77 pf Dec. Due Jan. Due Dec. Q Q 1 G RSEBEEE © B obon hhB aus8s by 7 ¥ FXEY FER RRERH 2 H o ¥ TRy 2 S5es 2| E =8 ¢ i5¢ ¥ 55 O T e Minn P&L 74 Do. 26 pf Tlontreal City & Dist Sav Bk Natl Refining pf.... 52 New Bruns Tel Co. 30c Nw Lor & N RR..12.35 NY P & Lt 36 pf. 5150 Do 1% pf . 175 N'th Bk & T (Phil).45¢ Ontario ‘Mfe pf Pedigo-L “Shoe pf... Peninsula N Bk of Cedarhurst, L I...35 Peoples Tr & Guar (Hackensack N J)_$2 Peter Paul Inc...' 50¢ Phila D Pr 51,621 Pie Baker .- 40¢ : T5¢ 5175 Prov & ‘Wore ‘RR $2:50 Providence Washing: ton Ins A Robinson Cons. Rochester Tr & '8 Dep Co._ . Stearns (Fred) & Co. pf Tintic Stand Mg Un Pix Sh Ser Y cp 30c United Tel Co. (Del), 57 st pf 5175 Wire Fize Do'cnv pf e wells Fargo Bk & Un T T2.25 west Hartta Tr 1130 Weston "(Geo) Ltd.. 3¢ Wisc Bank Snrs....5c P S5 Ty FEEEEEEE £ Doctors of Motherwell, Scotland, have offered to treat families of the unem- rioyed men by the year on payment of 10 cents a week. Sales. High. Low. Closa Wabash5%4s'75... 1 14 14 14 Warn Br Pic 65'39. 76 29 2714 29% Warner Sug 7s'41. 4 103% 103% 103% Warsaw 73 '68..... 10 36% 36 . -36% Wt Sh 1st 4s 2241, €6 66 66 West El db 5s 9915 100 West Md 43 5 48 43 ‘45 624y 631y 82 LX) 3 West Unlon 535 West Unlan 5360, Wes: Un 612336, . W EO3%s 3T ww, Wick S'ev.ct 78'35. Wil & Co ist 6341, 1. 54 34 704 Wis Cent gen 4s ‘38 Yokohama 83 '$1. .. Ygstn S&T 5s A'78, Ygsta S&T 5s B'10.