Evening Star Newspaper, December 29, 1931, Page 15

FI (URB SHARES GAIN IN AGTIVE MARKET Tax Selling and Bank Liqui-! dation More Than Offset by New Buying. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, December 20.—The Curb Exchange maintained activity With an upward trend today. A series of, favorable developments more than offset the tax seiling and bank liquida- tion which continued today, though on & somewhat reduced scale. Electric Bond & Share opened in & block of 5,000 shares at 10, off 5, but 1ster reached 10?? Cities Service at 57, was also off ls, but soon touched 513 Standard Oil of Indiana, after losing point, easily regained its loss and pointed higher. ‘The improbability of Hudson Bay Mining & Smelting Co. curtailing its output, as a result of the recent world copper curtailment pact, brought buy- jog ‘into the stock. Newmont Mining had no difficulty in establishing a new low, but it quickly rebounded. Roan Antelope’s recent activity was based on the fact that the company, along with Rhokana Corporation, will produce the output allowed under the world curtailment for the Mufulira Copper Mines, Ltd. - New Jersey Zinc moved back and forth today within a hailf point range on & few sales As the year draws to a close many corporation, according to today's an- nouncements, plan increased operations ot, have larger orders on their books than in recent months. Thus the Mex- ican subsidiary of Standard Ofl of Indiana, Hausteca Petroleum Co., plans to resume operations in Mexico and enjarge the Tampico refinery. Pow- drell & Alexander, despite its recent market behavior, has increased oper- ations to 60 per cent of capacity. The Cerd Corporation has on hand orders for airplane engines totaling $673,000, compared with $145400 a year ago. The recent rise of a point in Railway & Light securities merely forecast the dgfilnrlnnn today of the regular quar- terly common payment. Lefcourt Realty common, however, sold off be- fofe the usual quarterly distribution was declared, Alabama Great Southern referred made its first tape appearance gl months at 39. Pittsburgh & Lake Erie, after opening unchanged, declined a point. Pennroad Corporation came within a fraction of its previous mini- mim level Atlas Utllities, the fastest-growing in- ¥estment trust on this market in 1931, apened off 3. It announced that Se- rmes-A]Mea. which it controls, as a ult of portfolio changes, will hold 32,800 shares of Manufacturers’ Trust and that Securities-Allied as of Novem- ber 30 had assets approximating $14 a'ghare. he Curb Exchange ogened actively higher. A block of 5000 shares of Electric Bond & Share came out at 10, off g, Hydro Electric securities at 6'; was %,. Middle West Utilities at 535, up nd Indiana Pipe Line at 63 was up s 'Cities Service at 5% lost ', but im- foediately recovered. Standard Oil of | Indiana at 13% was down 13, but later ed some of the decline. Brazilian action at 935 rose 3,. Cord Corpora- tion gained a fraction to 7. Humble O11"& Refining at 443 was unchanged Newmont Mining quickly advanced 1, point to 10. Pittsburgh & Lake Erie at 36 was unchanged. Great Atlantic a'Pacific Tea preferred at 115 was up a ‘point. Creole Petroleum was up a shade at 2. Imperial Oil Ltd. at 8 was & ¥rifle above its previous close. —_— "Railroad Reducing Expenses. NEW YORK, December 29 (#).—In &, move to pare down operating ex- penses, the Lehigh Valley Railroad will oa{a:olmue six of its present divisions into three new operating divisions, it was learned today. Officials of the company sald the chapge would go into effect on Janu- ary 1. Substantial savings, it was ex- plained, are expected. BONDS ON THE CURB Bulos in'thousands 4 Aluminum Co 5 A ih T E 5 Amer P & L 6s 20! Amer Roll Mill Ss, 4 Appalac Ga 2 Appalach Pos PArkans P & 3 Associat Rayo! 4 Bell Tel Can 55 A 7 Bell Tel Can 55 B 3Can Nat R: o tH P&lLbss pire ‘OLR 8 eral Wat restons C 3 2000y P Insull Utilit 6s Pw 6l2s 54 B 8 Int Pw Bec 6ias '55 C 2 Intern Sec Am 55 '47 oo BB e S suba $Jers C P&L 4125 C 2 Kresge 55 ‘45 Mid West U 5¢ ' 7 Mins RIV Fl 65 44 2 Mont L H&P 55 A 'S1 84 P & L 5 B 2030 66% 8 5s 18 . 38ty 8832wy Rt 6 37 Penn 53 2 E § e Tex e A 0 POREIGN BONDS. 1 Bogota Mtg Bk Ts Buen Alr Broy 7s 2 Buen Alr I Mttt -3 st ~Prev. 1931+ High. Low. 14% 4 13 4 1 5 ‘ % " ANCIAL THE EVENING STAR, WASHINGTON NEW YORK CURB EXCHANGE Recelved by Private Wire Direct to The Star Office. Dividend Rate. Acme Wire.........724s Aero Supply B L Alnsworth Mfg. 2 Alr Investors war 4 Afr Investorscv pf.. 2 Ala Great Sou (17).. 1 Ala Great Sou pf(17) B0s Ala Pow pf (6). .. 208 Alexander Indust... 1 All Am Gen Corp. 11 Aluminum Co of Am 1400s AluCoof Ampf (6). 2 Alum Goods (1.20).. 2 Am Austin Car. 2 Am British & Cont. . 390s Am Capital A. 04 Am Capital B. . Am City P&L (A) a3 Am Cit PAL B b10% Am Com P A (b10%) 24 Am Com Pr B(b10%) 20 Am Com Pwr 18t 613 258 Am Cyanamid B Am Equities. . Amn For Pow war. Am Founders. Am Gas & Elec (21). Am Invest Inc (B).. Am Laundry Mch(2) Am Lt & Trac (2%). Am Maracaibo 5 Am Natural G Am Salamandra. . Am Superpower Am Superp 1st (6). Am Util & Gn B vte. Am Yvette Co., In Anchor Post Fence. . Anglo Chil Nitra 11 Arcturus Rad Tube Arkansas Nat Gas Arkans Nat Gas A Armstrong Cork Assoc Elec Ind (30c) As50 GREI A (b2-25) Asso G&E all ct 1.60. Ass0 G & El ct (8) Atl Coast Fish Atl Fruit & Atlas Plywood. . Atlas Util Corp. Auto Voting Mach... AutoV Macvprpt2 381 Babcock & Wilcox (4 508 Bellanca Alr v.t.c. Beneficial J L (1% Benson & Hedge Bickford's (1.20) Bliss Co(EW) (b8%) Blue Ridge Corp. ... Blue Ridge cv pf(ad) Blumenthal (S)..... Brazil Trac Lt&P(1) Brill Corp A (34¢) Brit Am Oil C (80c). Buckeye P L (4).. ruft N&EP pf (1.60). Bufft N & E P 1st (). Bulovacy pf (3%).. 20 Bunker Hill & Sull.. 1758 Burco, Inc.......... 408 Burco. Inc, conv pf.. Butler Bros. Cable Radlo T vtc. Canadian Marcont Carib Syndicate. ... Carnation Co (J1%). Carnegie Metals Celanese pt (7). Celanese Corp 1st pf.375s Celluloid Corp...... 2 Cent.Pub Sve A b6%. 28 Central States Elec.. 43 Centrifug Pipe (60c) 6 Chain Stores Stock.. 2 Charis Corp (13)....705s Chi BEQR R (10)... 10s Citles Service (g30¢) 150 Cities Serv pf (6). 7 Cit Sv pf B (60c) Cit SvP & L pf (6). e Neon Lte Inc. E! Illum (1.60). Col O11& Gas vte Columbia Pictures.. 1 Commwlth Edison (8100 Cmwith & Sou war.. 172 Comstock Tunnel. Consol Auto Merch Consol Copper. . Con Gas Balto (3.60) 5 Consol G B pf A (5). 1008 Consol Retail Stores 1 Consol Royal (20¢).. 2 Contl Chicago Corp.. 2 Contl ChiCpevpfd. 2 Cont Shares cv pf. .. 8508 Cont Shares pf (B)..3800s Cooper Bess pf (A). 8008 Copper Range. Corp Sec Ch (b Cord Corp. Cosden Ofl. oe Cour'ulds Ltd 13 3-5¢ Creole Petroleum. Crocker Wheeler. Crown Cent Petrol. .. Crown Cork Intl (A) Cuban Tob vot tr cfs. Cuneo Press (2%) Curtiss Wright wa Cusi Mex Mining. Dayton Alr & Eng Deere & Co. ... De Forest Radio Derby Ofl Refining. . Detroit Afreraft, Dictaphone (2). Doehler Die Casting. Dow Chemical (2) Driver Harris new.. Dubllier Cond & Rad Duguesne Ga Durant Motors East Sta Pow (B) East Util Assoe (2) East Util Inv A. Eisler Electric. Elec Bond&Sh (b! ElecB&Shcupf5.. Elec B & Sh pf (6)... Elec Pow Assoc (1) .. Elec Pow Assoc A (1) Elec P & Lt op war.. El Shareholdg(bé%) Elec Sharhldg pf(a6) Emp G & F cu pf(7). Employ Reinsu 11.80 Eureka Pipe L (4).. Europ E Ltd A (60c) Europ Elec debrts. . Fajardo Sugar. 50 4 Federated Metals. i 3 5 23 1 44 40 5 21 5! 4 1 4 238 n % % b in " » Y " i % !. Film Inspect Mach. Fire Asso Phila 1.60. Fischman & Sons. ... Foltis Fischer Corp. Ford Motor, Can., A. Ford Motor, Can., B. Ford Mot Ltd 36 3-6a Foremost Dairy pf... Foundation For Shs. Fox l'heater (A). Franklin Mfg. . Gen Alloys. Gen Aviation. Globe Underwrit 40c. Gold Seal Elec new. . Golden Center...... Golden State Co Ltd. Goldman Sachi Gorham Inc pf. Goth Knithack Mch. Gt A&P Teanv(t6'%) 408 Gt At&Pac Tea pf(7) 108 Groc Strs Prod vte.. 10 Gulf Ofl of Penna. a“ Hall Lamp (40c) . Hartman Tobacco Hazeltine Corp (1). Hecla Mining (40¢) Melena Rubenstein Hollinger Gold t70¢. Horn (A C) 1st pf Horn & Hard (2%). Hudson Bay M & 8., Humble Ofl (12%).. Huyler St cu pf (7).. Hydro El Securities. Hygrade Food Prod. Imp Ch Ind(10 2-5¢). imp O1l of Can (5uc) Indlana Pipe Line(1) Indian Ter I1lu Ofl A Industrial Finan ctfs Insull Inv (b6%). .. Ins Co ofNo Am 12% Insurance Security., Intercontinent Petn, Int Petroleum (1)... Int Superpwr(+1.10). Internatl Utility (A) int Utilities B. 5 Interstate Equities in‘state Equity cv pf. Irving Air Ch (50¢).. Johnson Motor. . Ken Radio Tube & L. Kirby Petroleum. Knott Corporation. Kolster-Br (Am Sh. Y 92100 19 53 B -1 O 3 53 S ot it 1900 99 b 1t » PSP eI T | 1% 5l % 3 26% 39 731 9% 50 58 10% except those desimated by letter “s.” Bales— Add 00. Open. High. 4 4 Low. 2:18. 4 1% 5% Stock and Dividend Rate. Lake Shore M (+2.30) Land Co of Florida. . Lefcourt Realty 1.60. Leh Co & Na (1.20).. Leonard Ol Lerner Stor . Lion Ofl & Refining.. Lone Star Gas n 38c. Long Island Lt (80¢) Louislana Lan & Ex. Magdalena Synd Mass Pwr&Lt pf w.i. Mass Ut cv pf (2%2).2258 Mavis Bottling (A).. 18 Mayflower Asso (2).. 34 Mead Johnson (15).. Meniph N Gas (60¢) .. Metal & Mining Inc.. Met Chain Stores. ... Mid Sta Pet vtc A 22¢ Mid Sta Pet vtc B. Mid West Ut (b8%). Minne-Honey pt (6). 30s Mo-Kan Pipe Line. .. Mock Judson Voehr. 10 Mohawk Hud 1st(7).100s Moody's In Sve pt pf. 1 Mountain Prod (80¢) 8 Murphy Co (1.60)...134s Nat American Co... 6258 Nat Aviation. .. 9 Nat Bd & S Corp (1).1450s Nat Fuel Gas (1).... 9 1 Nat Investors....... 9 Nat Pow & Lt pf (6).250s Nat Rubber Mach. .. Nat Sec Inv Co...... Nat Sh T Sec A $60c. Nat Sugar NJ (2)... Nat Transit (1)..... Nat Union Radio. ... Nauheim Phar pf.... Newberry (JJ) 1.10.. New Bradford Oil... New Eng Fuel new. . New Eng Pow pf (6) NewEng T&T (8).. New Jers Zine (3).. New Process (50¢) . . Newmont Mining. N Y Hamburg. N Y Steam Cp (2.60). NY Telpf (6%).... Niag-Hud Pow (40c) Niag-Hud Pow A w.. Niag-Hud Pow Bw.. Niag-Hud Pow Cw.. Niag Share(Md) 20e. Niles-Bemt-Pond (1) ~Prev. 1931~ High. Low. 28% 17% % W 12% 3 2T% 9% 1's % 3674 6% 25 36% 2 Bales— Add 00. Open High. Low. Close. 22 22 SovammSioe 3 6 4 3 70 Noma Elec (40c) Nordon Corp Ltd.... Nor & Sa Am Corp A. North Am Cement. ., 4 Nor Am Util Sex Nor St Pow pf (8)... N W Engineers (1).. Ohto Copper... Ot1lstocks Ltd (A)... Okla Gas & E1 pf (T) Outboard Mot A. ... 4 Overseas Sec.... PacG&E1stpf1%. Pan Am Alrways Pac Western Oll. Pandem O1l. .. 5 Parke Davis (11.65) .. Pennroad Corp (40¢) 10 Penna Gas & Elec A. Penn Wat & Pow (3) Peoples L&Pwr (A). Pepperell Mfg (4). Phoenix Secur Corp. Pierce Governor. Pilot Rad Tube A. ... Plon G M Ltd (12c).. 60 Pitney Bowes (b4%) 11 Pitts & L E (110)... 5008 Pittsbgh Plate G (2) 11 Plymouth Ofl (50¢).. 2 Polymet Mfg o, Prudential In’ Prudential Inv pf( Pub Util Hold xw. RR&UtIInVA.... Rainbow Lum Pr A.. Raytheon Mfg. . % Reeves (D) (1%)... Reiter-Foster . Stores. NtA. oeom Rellance Manag..... Reybarn Co . Reynolds Inv . Richfield Oil Cal pf.. Rike Kumler (1%).. Roan Antelope Min.. Rockland L&P (60¢). Roosevelt Field Inc. Root Ref cv pr pf. Ro: ndl (10c) Russek's Fifth Ave.. Safety Car Heat & L. * St Anthony Gold St Regis Paper...... salt Creek Consol. .. Salt Creek Prod (1).. Scovill Mfg (2)... Seaboard Utll (28¢).. Allied Corp (1).. Sle Ind alctfs(5%).. entry Safety Cont.. seton Leather (1)... Shenandoah Corp. Shenandoah Corp pf. Silica Gel ctfs. Singer Mfg (3 Sisto Finance Corp.. Smith (A. 0.) Sni Viscosa rets. . South Penn 01 (1).. Sou Cal Ed pt C(1%) Suuth Corp 3 Southern 0 Southld Royalty 20¢c. S W Gas Utllities. Stand Cap&Seal (2).. Stand Invest cm pf.. 50s Stand Ofl of Ind( 1 Stand Ofl of Ky 1. Stand Oil Nebr (2) 4 Stand Oi1 Ohfo (2%) 1008 S P 8% I il 15708122 1 6% 391 1t Sun Invest. Sunray Oil. Swift & Co (2 Swift Internat’l (14) Swiss-Am EI pf (6).. Taggart Corp. Tampa Electrio Texon Qjl&Land (1). Trans Alr Trans.... Trans Lux DL P 8.. Tri-Cont Corp war. .. Trunz Pork Strs (1). Tublze Chatel. B. ... Union Am Invest,... Un Gas of Canada(1) 1881 Unit Corp war. 9 Unit Dry Dock: Unit Founders Unit Gas Corp. Unit Gas Corp war... Unit Gas pt (7). Unit Lt & Pw A ( Unit L & Pwr pf(6). Unit Milk Prod. . Unitd Porto R Sug pf 608 J S Dairy (A) (6)... 4 J S Dairy (B)., US Elec Pow ww. J S Fin Holding inisning. & Intl Secur U S Inter Sec 1st pf. U S Lines pt U S Playing Cai U 8 Radiator Unit Stores v. 3 Unit Verde Exten (1) Unit Wall Paper. ..., Utah Apex. . ey oL UtilPo& Lt (b10%) 14 s Utllity Equities 39 Util Equity pf(5%). 1008 Ut & Ina s e Utility & Ind p: Van Camp Fkg. ..., Venezuela Petrolm. . Vick Financial (30e) Walker. H (25¢) Walker Mining. Wayne Pump Welch Gr Julce Wenden Copper Western Md pt Williams R C (70¢). Wilson Jones. Vinter (Benj) ” Woolwth Ltd 17 ¢-6¢ “Y" Oil & Gas. % Youkon Gola. | 1 RIGHTS—EXPIRE 4% % ComEdison..,, — 14 1 3% 1% Dividend rates in dollars based on lsst quarterly of semi-an- nual payment. °*Ex dividend. tPartly extra. IPlus 4% in stock. aPavable in cash or stock, b Payable In stocke e Adjustment dividend. _plus 5% in stock. g Plus 6% in stock. hPlus 1% in stock. §Plus 2% in st m Plus 3% in H n stock. k Plus 10% b A% in_ stock. Piis 8% In slock, p Paid lssh Year—ao I ! 35a35%; D. C. TUESDAY, DECEMBER 29, 1931. FINANCIAL. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued from Page A-14.) Bales— Add 0. Stock and Dividend Rate. Wilson & C..... Wilson & Co (A).... Woolworth (14.40).. Worthington Pump. . Wright Aeronautical Wrigley (Wm) (4) 30 8% Yale & Towne (1) 3 15% 3 Yellow Truck.. 11 151 Yellow Truck & C pf. 2008 6 Young Spring& W(1) 2 12 Ysstwn Sheet&Tube. 27 108 5 High, Divide Stock and 6% Zonite Prod Corp Bales— Net. Add 00. High. Low. Close. chnu; 0 - 23 7 % T end Rate. RIGHTS—EXPIRE. 244 Sales of St 1:30 P.M. Dividend rates as d'on the 3% in ‘stock. 1| Hock” © Phus 14 Peop G L &C..Jan 15 10 1% % 1%+ % ocks on New York Exchange. \bove tal ety ‘or B iven in th atest cuarterly ss than 100_sha: a i Plus 50c in special pr m Pald this year—no regular rate. b Plus 5% 2% in k. stock. Baltimore Markets ” Specidl Dispatch to The Star. BALTIMORE, Md., December 29.— White potatoes, 100 pounds, sweet potatoes, bushel, 50a65; yams, barrel, 90a1.00; beans, bushel, 1.60a2.00; beets, per 100, 2.00a3.00; Brussels sprouts, per quart, 10al5; Savoy cab- bage, bushel, 75a1.00; carrots, per 100, 3.00a3.50; celery, crate, 1.75a2.50; egg- plants, crate, 2.00a2.75; lettuce, crate, 3.50a4.00; onions, per 100 pounds, 1.758 2.65; peas, crate, 5.00a7.00; peppers, 1.75 22.50; pumpkins, per 100, 10.00a15.00; spinach, bushel, 75a90; squash, 1.75a2.00; tomatoes, lug boxes, 2.50a4.5¢ turnips, hamper, 20a35; apples, bushel 50a1.75. Dairy Market. Chickens—Young, 20a23; Leghorns, 14a16; old hens, 21a22; Leghorns, old, 15a18; roosters, 10a12; ducks, 12a2 geese, 16a22; guinea fowls, pair, 25850; turkeys, 22a30. g Eggs—Receipts, 3,143 cases; current receipts, 26a27; hennery white, 27a32; nearby firsts, 30a32; Western firsts, 30a 32 Butter—Good and fancy creamery, 28a32: ladles, 15a21; process, 23a24; | store packed, 15a16. Live Stock Market. Cattle—Receipts, 50 head; light sup- ply, market steady. Steers—Choice to prime, none; good to choice, 6.50a7.50; medium to good, 5.50a6.50; fair to medium, 4.00a5.00; plain to fair, 3.50a 4.00; common to plain, 3.00a3.50. Bulls —Choice to prime, none; good to choice, none; medium to good, 4.00a4.25; fair to medium, 3.50a4.00; plain to fair, 3.25a350; common to plain, 3.00a3.25. Cows—Choice to prime, none; good to choice, none; medium to good, 3.75a 4.00; fair to medium, 3.25a3.75; plain to fair, 2.5023.25; common to plain, 1.50a2.50. Heifers—Choice to prime, none; good to choice, 5.00a6.00; medium to good, 4.50a5.00; fair to medium, 4.00a4.50; plain to fair, 3.00a4.00; common to plain, 2.50a3.00. Fresh cows and Springers, 30.00a60.00. Sheep and lambs—Receipts, 100 head; light supply, market steady. Sheep, 1.00a3.00; lambs, 3.00a7.00. Hogs—Recelpts, 400 head: light sup- ply, market steady. Lights, 5.25a5.50; heavies, 4.90a5.20; medium, 5.25a5.50; roughs, 3.50a4.25; light pigs, 4.60a5.10; pigs, 5.00a5.25. Calves—Recelpts, 50 head; light sup- ply, market steady. Calves, 3.50a8.50. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, garlicky, spot, domestic, 59; December, 59; Jan- uary, 59%. Corn—No. 2 yellow, domestic spot, 45a46; cob corn, new, 2.00a2.10. Oats—No. 2, white, domestic, No. 3, 34a3415. Rye—Nearby, 40a45. Hay—Receipts, none. spot, New hay is | starting to arrive in increasing quan- | tities, but so far no official grading has been attempted, selling being strictly on merit. Demand for old hay slow and | market is dull and quiet, with prices in buyers' favor at a range of 13.00a 1650 per ton. Straw—No. 1 wheat, 8.50a9.00 per ton; No. 1 oats, 9.00a10.00 per ton. New Plant to Be Built. NEW YORK, December 29 (#)—A new three-story modern can-making plant will be built by the Continental Can Co., Inc, at Harvey, La. adjacent to the plant of Penick & Ford. In 1929 Continental obtained a long-term con- tract for the entire Penick & Ford can requirements. INVESTMENT TRUSTS NEW YORK, December 29.—Over- the-counter market: A B C Tr Shrs “D" A B C Tr Shrs Am & Gen Sec “A Bid. Asked. i% 2 & Gen Sec B.. ! & Gen Sec §3 pf o Pl 2 | By the Associated Press. 1| ~CHICAGO, December | States Winter wheat counted also as a | Central Nat Corp A Century Tr Shrs. 5 Central Nat Corp B.... Chain & Gen_ Equities Chartered Invest..... Chartered Irv pf Corporate Trust Corporate Trust A. A o Corporate Trust Accum 'Ser Crum & Foster. Crum & Fost 87 pf rum & Fost Ins... ), Crum & Fost Ins 1% Dbf. Depos Bk Shrs N Y. Bx 8h N Diversified Tr Diversified Tr D Equity Invest Equity Invest pf Equity Trust Shrs Five-Year Fixed Tr Fixed Trust 8h A Fixed Trust Sh B... Fund Tr Shrs A .. Fund Tr Shrs B anger Trade Gude Winmill Trad Incorp Investors Incorp Invest Equit Independ Tr Shrs Int Sec Corp Am A Int Sec Corp Am B Int Int Inv Tr N Y Invest Leaders of Indust A Leaders of Indust B Leaders of Indust C . Low Priced Shrs . Major Corp Shrs Mass Invest Tr Mutual Inv Mutual Nation Nafl Indust Natl Tr Shis NY Bk Tr v Tr Shores : Nor Am Tr 8h 1985.. .01 Nor Am Tr 8h 1956......... "+ SEEEE old ol Tr Assoc A Public Serv Tr | Repres Tr Shrs . Second Int Sec A ' Second Int Sec B Sec Int Sec 6% ist pf Becur Corp Gen 36 pf.. Selected Am S Selected Income Bh.... Selected Manage Trust Shawmut, Bapk b pencer Trask Pun BPeneAl A T Stand Am Tr Shrs Stand Collat Trust tate Street Invest ‘Trustee Trustee Bt Trustee 8t Trusteed N Trusteed Am Bk Tr Am Bk A.. .. 20th” Gent Fixed Tt Year Trust Sh R Universal Tr Sh a5 Trinidad has voted & $125,000 gift to England. 95a1.05; | . | came absorbed. . | applied the cash test, the continued| (it was said, the group is buying only From Yesterday 50 60.0 61.4 62.7 713 Previous day. Week ago.. Month ago. Year ago. Three years ago. Five years ago Low, 1929. Today. ... Previous day. .. | | Week ago.. Month ago. | | Year ago. Two years ago ‘Three years ago. THAN IS GENE BY JACKSON DODDS, General Manager. Bank of Montreal, Canada is dependent primarily on the products of the farm, forest, mine and fisheries; she is growing in importance | as a manufacturing country, and is one | of the largest exporters per capita in | the world. Reduced orices and disloca- tion of international trade last year ‘ha\'e naturally had an adverse effect ‘flnancln]]y. There is no gainsaying that business has been at an extremely low ebb. Nevertheless, I feel that in view of the disorganized state of world trade and internal conditions of other countries, Canada is relatively better off | financially and socfally than is gen- erally recognized. While a much reduced export demand for farm products has resulted in a price level far below that of many years past, the crops of the past season, taken as a whole, have been bountiful, the only exception being in certain po: tions of the prairies where there was | failure due to drought. Furthermore, | with remarkably favorable weather, crops generally were harvested in ex- cellent condition, and costs of harvest- ing were lower than for some years past. In regard to our manufacturing and financial position, it may be said that during the post-war period the ex- pansion of our industries, generally speaking, had been on a modest scale; we_have not tied up an unduly large | proportion of our capita: in unproduc- | tive extensions. New _Industries. | The establishment in Canada last| year of many new industries, prin- cipally in Ontario and Quebec, is also| a favorable feature, since it provides employment and use for .vailable| power. These manufactories are coming | chiefly from the United States in order to supply the Canadian market and | to export under the preferential tariff to other countries within the empire. Our tourist business is also providing employment, and with thousands of miles of good motoring roads and un- excelled transportation facilities by | | rall and water, we may confidently look for its.continued growth. | Banking in Canada has pursued the | Industrials. STOCK AND BOND AVERAGES By the Assoclated Press. 's 5:30 Edition, STOCKS. 2 Utilities. (Copyright, 1931, Standard Statistics Co.) CANADA DECLARED BETTER OFF RALLY BELIEVED even tenor of its way during a of unprecedented dlsturba.ncges e’fifi;‘f where. The resources of our banks are large, credit supply is abundant, note circulation keeps pace with business needs, and generally there is a feeling of confidence in our banking institu- tions. 3 The United Kingdom having been forced to depart from the goldgstand- ard, Canadian exchange moved simul- taneously to a substantial discount in the United States. This is not an un- mixed evil, as it may act as a warning in future to Canadians who were at- tracted by easy money and are now paying dearly for jt. Unwillingness in New York latterly to lend on terms ac- ceptable to Canada is as much the re- sult of conditions in the United States as of uncertainty regarding the future of the Dominion. The large oversub- scription of the recent internal na- tional service loan of $150,000,000 may be taken as an indication of the con- fidence Canadians have in their country. Canada’s foreign obligations are a factor that contributes toward prevent- ing an early return of our dollar to par. In the meantime the discount serves to check imports and assist ex- ports. In the 12 months to Septem- ber 30 last Canada's adverse balance in foreign trade was reduced to $35,000,000 from $100,000,000 in the previous 12 months, and in the five months to Octo~ ber 31 there was each month an ex- cess of exports over imports. ‘Resources Increase. It would be rash indeed to speak with assurance of the prospects of 1932, but it is surely permissible to say that when international confidence and co- operation are restored, and commerce in consequence improves, Canada will be among the first to benefit. To this may be added that we have additional reason for confidence in the fact that our accumulated resources are infinitely greater than at any period of depres- sion in the t, and that our unde- veloped wealth, which once was so largely a matter of speculative interest rather than of proven fact, is now | known beyond any doubt whatever to| exist to an extent far surpassing the | most extravagant estimates of those who have gone before us. Grain Market 29. — Grain prices tended upward early today, re- | sponsive to & steadier tone in securities | and to Argentine reports of a wet har- | vest. Unseasonable weather for. United | | bullish factor. Opening unchanged to Y up, wheat | afterward rose further. Corn started at 14al, advance and subsequently held near the initial range. A circumstance pointing in the direc- | tion of higher prices was that the amount of wheat on ocean passage to importing countries had been reduced to only enough for a few weeks supply. Notice was also taken of continued scantiness of domestic receipts of wheat, the principal primary markets today showing arrivals of far less than half as much as a year ago. There were Illinois reports, too, that con- siderable wheat was so badly infested with Hessian fly that some of the grain was turning yellow. Emphasizing the bullish effects of persistent unfavorable harvesting and tbreshing conditions in Argentina were assertions that it was extremely doubt- ful whether Argentina could supply | Europe’seivheat needs. These needs, it was contended, would increase steadily European home-grown wheat be- Meanwhile, a decided- | ly larger proportion of Australian wheat than usual has been going to China and Japan. Corn and oats re- flected wheat market firmness. Provisions sagged with hog values. 'BOND MARKET RESPONDS | QUICKLY TO BANK POOL ! By the Associated Press | NEW YORK, December 29.—The in- formal banking group which has been buying bonds for the past two weeks has discovered one feature of the pres- ent bond market that is distinctly cheering to them. | Only a little cash is needed, its ! members _reported today, to send prices up fast. Until they had actuelly | |as steady dribble of selling had forced| | prices steadily lewer. But on small| bids, it was said, they find it hard to, get more than a small smattering of securities, The market is extraordi- narily “thin,” they sald. Bankers declined today to comment on a Wall street reporzi;h.}lt Lhenf?j'rn;al concert agreement originally called for a total of $100,000,000 in subscriptions, of which $80,000,000 has already been subscribed. They again emphasized their earlier statement that the group is not seek- ing to bid prices up. On the contrary, on price recessions and purely for New York Cotton Special Dispatch to The Star. NEW YORK, December 29.—Open- ing cotton prices today were 3 to 5 points higher in active trading. Com- mission house offerings were small and briskly bid for. Professionals covered short commitments. Opening prices were: January, 6.30, up 5; March, 6.44, up 4; May, 6.61, up 5; July, 6.78, up 4; October, 6.99, up 3, and December, 7.18, up 4. Europeans in Northern Rhodesia now number 13,846, an increase of 10,212 in | the last 10 years. (three years * 1001 152 Street long-term investment. But, they con- tinued, offerings are extremely light and a bid for 100 to 250 bonds results in sending qubtations up as much as 8100 for each $1,000 face amount of FINANCING AT LOW COST First Mortgage Funds B 2 L OANS on residencesand business buildings, in District of Columbia and nearby Maryland suburbs . . . Ample funds, lower interest, prompt approvals, valuable prepayment privi- leges—and the competent counsel of over forty years’ experience in this field. ¥¥¥ A—I15 INSURANGE UNITS HOLDING UP WELL Life Companies Suffer Least and Surety Lines Are Heaviest Losers. BY GEORGE S. VAN SCHAICK. Superintendent of Insurance of New York. The insurance businesss of the United States has during the last two years served as a considerable influence in mitigating distress. By and large it has successfully withstood the stress and strain of adverse conditions. Some impression may be gained of the gen- eral influence of events during the last few years from an examination of the following. Life. Of all classes of business, life insur- ance companies have perhaps suffered the least from present economic con=- ditions. While there has been some re- duction in the volume of new business and policy loans have been somewhat increased over those of normal periods, these factors have caused little dis- turbance in the life insurance field, The mortality rate has not been affect« ed. The investment of life insurance companies being of a most conserva- tive nature have withstood the mar=~ ket depression remarkably well. Fire Insurance Premiums Off. The premium volume of fire insur- ance business has been affected by the reduction of stocks of merchandise throughout the country. While this reduction in premium volume has re- leased funds from the unearned pre- mium reserves it has had the effect of the smaller premium volume over which the expenses of administration could be spread. Economic conditions have also apparently produced some improvement in the fleld of acquisition cost. While there has been some ads verse effect on loss ratios, it has not been "as serious as might have been expecteed. The material reduction in market values of common stocks and other investments has produced a shrinkage in surplus. The premium volume of casualty and surety companies has been affecetd by a reduction, particularly in the field of workmen’s compensation insurance where, in spite of advancing rates, the reductions in pay rolls throughout the country have resulted in a falling off of premiums. Automobile insurance lines are producting a less favorable loss ratio, due apparently to the in- crease in speed and power of low-priced cars. The premium rate adjustments that have already been made or are in prospect are expected to make provision for these changes. Surety Companies. The fidelity and surety business has suffered rather heavily from the effects of economic conditions. Bank de-~ positery bonds, mortgage guarantees and other financial guarantees have produced a drain upon the resources of these companies. However, there will undoubtedly be an ultimate salvage of a considerabe amount. These com- panies, like the fire insurance com- panies, suffered substantial reductions in surplus, due to reduced market values of their security holdings, and have had in general a lesser margin of sur- plus available. The insurance business generally has performed its proper and useful func- tion as a reservoir for funds to be made available in times of distress. Any fail- ure of insurance companies to meet these obligations has been in insignifi- cant proportion to the tofal. ~ With companies Intent upon eliminating waste and excessive costs in the pro- duction of business, with the develop- ment of a keener scrutiny of under- writing practices by the companies themselves, and with the fine co-opera- tion existing between State supervisory officials and company executives, there is reason to believe that there is much promise for the future in the insurance business. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co) . “ofrer. Co. 35 2037..... 80 an Chain Go. 88 1933 American Tel. & Tel, 8%s 1943 Amer. Wat. W, 35 1034 5 k Island 4s 1934... & Wheeling 5s 1933 939 . Grand Trunk of Canada 6s 1936 Houston E. & W. Texas 5s 1933 Humble Oil Slas 1932.......... Laclede Gas Light Co. '8s 1934 Louisyille & Nashville 5s 1937 . New York Cent. & H. 45 1334.. Northwestern Telep. 4las 1934. . Penna. R. R. Co. 6%s 193 Portland General Elec. 55 19: Republic Tron & Steel 53 1940 Sinclair Crude Oil Co. 5'as 1938 Southern “Pacific 5s 1934....... St. L. LMS. Ry. R & co. & Wabash Rwy. Co. 55 1939 Auto busses with “sunshine roofs” have appeared in England. or longer) % H. L. Rust Company National 8100 Loan Correspondent for ““The Prudential”