Evening Star Newspaper, December 30, 1931, Page 12

A1z *E® FINANCIAL. TilE EVENING STAR, WASHINGTON, D. C., WEDNESDAY, DECEMBER 30, 1931. FINANC AL, COMMODITY BUYING POLICY SUGGESTED Various Raw Materials Are Analyzed for Benefit of Purchasers. Epecial Dispatch to The Star NEW YORK, December 30.—The following suggestions as to a purchis- ing policy for various important com- modities are contained in s current bulletin of the Standard Statistics Co. of New York Barley—Consumers are advised to protect needs at least three months in advence of current needs during periods arket, weakness. O ek Users are justified in covering only known near-term requirements. Burlap—Although supplies may be maintained several months beyond cur- rent requirements, necessary buying to follow this program should be accom- pliched only during weak markets. Butter—No more than current re- quirements should be protected Cement—Purchases should cover only 1t Tequirements. O Sese~—Only the protection of near- quirements seems justifiable Coal, anthracite—Coverage of require- ments for the remainder of the season i d‘f\'bdnurrinouswonsumm already have been advised to cover requirements for the current season, There seems 1o reason for modifying this recomx nda- the present time. A’ policy of bullding up & heavy reserve supply during recurring ceaic markets should be followed CofTee—Consumers who have not already covered medium-term require- ments at lower levels are now advised to extend accumulations only during pe- s of pricc weakness fln(s‘tvpprrpf—Ri‘qu)r"mflnls for the first quarter of 1932 should be covered and further buying carried out upon any T A policy of gradually accumu- Yatirg future needs sbould be continued 2 scale-down basis. O btton—Consumers who have followed previcus advices already have four to Rve months' requirements on hand. Further protection at this time does not e d. “CT!(‘ou::i‘?s oil—Protectlon of three or four months' requirements on a scale- is advised dugé‘gkxxtensmn of contracts beyond near-term requirements is not necessary his time. e Gonsumers are_ warranted in protecting needs three to six months ahead during weak markets. Caso\inc—dolr;\y near-term hould be coverc e OThe ccverage of near-term re- quirements Fas previously been recom- mended. Additional forward commit- ments should be made only on reactions. Hoge—There seems no need at this time t» extend commitments of prod- ucts beyond current requirements. Jute—Current prices dictate a policy bt protecting needs three or four months in “advance during periods of market weakness, but following up advancing prices to complete such a program is not 80Ised present commitments should be gradually extended beyond first- rter needs. O hseed ofl-Protection of needs up to WMarch is warranted during weak mar- kets, but extension of commitments be- yond that date should be delayed, un- jess a sharp price break is witnessed. Lubricating cil—There seems little occasion for extending commitments beyond the satisfaction of near-term re- gquirements Lumber—There seems no need for making forward purchases at this time. Oats—A policy of gradually increas- ing forward commitments during de- clining markeks is justified. Paper——Purchases should be confined | ear-term needs. o i wax_—A policy of satistying teeds three or four months ahead dur- ing weak markets is justified. Petroleum—Near-term _requirements should be adequately covered, but any material extension of forward commit- ments is not advised. Pig iron—Only immediate require- iments should be satisfied at this time. Rayon, cellulose acetate—Coverage of o more than nearby requirements is mdvised. X Rayon, visoose—Little basis exists for expecting further price increases, and only near-term requirements need be covered. Rosin—Consumers who have not pro- tected needs up to next season are ad- vised to complete such & program on gny further setback. Rubber—Recurring periods of price ~veakness should be utilized to secure eoverage through the first quarter of 32 79 A more active purchasing policy ion & scale-down basis is recommended. Scrap steel—Further declines in scrap rices should be utilized to satisfy near- e requirements, but there seems no ity for extensive forward buying his time. : Shellac—There is little incentive at this time to extend commitments be- ;ond known requirements for the next wo or three months. Silk—Covering of - only nearby re- uirements is advised Silver—The gradual accumulation of fequirements through the first half of 7932 is advised at prices below 30 cents. Steel—Only immediate requirements for most steel products should be satis- fied at this time. Sugar—There seems no reason to ad- wisc extensive contracting for future Tequirements at this time. Tin—The gradual covering of require- ments for the next six months is ad- wised Turpentine—Consumers who have not mlready protected needs up to next sea- son are advised to complete such a pro- gram Wheat—Medium-term _requirements ghould be satisfied on further weak pnarkets. ‘Wool—Little need exists for exten- sive forward covering, but because of Jimited supplies in certain grades com- fortable coverage of near-term needs for these varieties is advised Zinc—Present commitments should be ved to the satisfaction of known ements for the initial quarter of require- mece at Tax Selling. NEW YORK, December 30 (Special). ~Only in today's Stock Exchange ses- pion may selling to establish income- ax losses be done in. the regular way n Thursday such operations must be Put through on a cash basis. There | Tindoubtedly has been an increase in this type of liquidation the past week, pr since the market failed to hold the {all\ which began on December 17 and yan through parts of two sessions. This inability of prices to hold increased the pearishness among the professional ele- ment and led to a great deal of talk Bmbout the desperate conditions prevail- ing all over the world and the effect that these would have eventually on American credit. Stock Exchange houses today report- ed sales in large blocks by wealthy clients, who have not been disposing of their securities, but now take the posi- tion that they might as well recover #rom them as much in tax advantages Bs is possible. There has been little re- urchasing of stocks sold to establish osses, as the general view has been that here s no need to hurry as the securi- ies sold might be purchased later on t lower prices. Another phase of the tax situation is that those who are Ehort of stocks and have profits on these operations hesitate to cover before the end of the year as by doing so they would be compelled to include these profits in their 1932 tax statements. — 193 High, 54 51 38% 21% 9% 5% 80% 45 64 18 A5% 29% 85 7% 3515 87 174 4% 10114 8% 61 69% 4% 20% 91 91 34% 33 554 68 6 54ia 21 4% 36% 111 19 5214 51% 515 103% 17 3% 10% 70 43% 1064 % 27% 5 12% 48 11% 45 26% 85 42% 107 21% 29 20% 58 ] 4% AT 19% 367 2% 31% 18% 45% 0% 10% 10 83% 153% 8% 217 93 11 0% 57 107% 60" 85% 19’ 8% 26 28% 75 581 120% 16% 694 39% 547 69 131% 11% 36' 50% 11 2% 4% 2% 8% 15% 4% 4615 4dn 18% 8 39% 20% 26% T A% 1% 6 16 9614 102% | North Carolina Bank Closed. ‘BEAUFORT. N. C., December 30 (#). »The Beaufort Banking & Trust Co. vas @M today. Its last statement of ndy'®n gave its deposits as $317,057. 120% 160% 8% 1% 101% NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 11,) Stock and Low. Dividena Rate, 37 IntShoe (3).. . 15% Int Stlver. . 11— Sates— T4 Int Tel & Teleg (60c) 102068 8 8 Iat Dept Stores (2).. 1% Investors Equity 24 Jewel Tea (14%)... 15% Johns-Manville (1).. [ 15 5% 2 6 Kansas City Southn. Kan City Sou pf (4). K'mann Dept Strs(3} Kayser (J) & Co (1). % Kelly-Spring Tire Kelvinator Corp. ... Kendall Co pf (6). Kennecott Copper 50¢ Kimberly Clark 2% . Kinney (G R) Co. Kinney (G R) Co pf. Kresge Dept Stores. Kresge Dept Strs pf. Kresge (S S) (1.60). Kress (SH) Co (§1). Kreuger & Toll 1.61). Krozer Grocery (1). 15 261 4 124 404 Lambert Co (8)..... 3% Lane Bryant (1) 1% Lee Rubber & Tire. . 72 Leh Port Cmt pf (7). 1% Lehigh Valley Coal.. 8 Lehigh Valley RR.. 35 Lehman Corp (2.40). 184 Lehn & Fink (3) 53 Libbey Owens Glas: 39 Liggett & Myers(t5) 40 Ligg & Myers B (15) 12% Lima Locomot (m2). 14 Link Belt (1.20)..... 13% Liquid Carbonic (2). 3% Loew's, Inc (14) 2% Loft Inc ey 29% Loose-Wiles (3). . 10 Lorillard (P) (1.20). 1 LouisianaOfl.... .. 17% Lou Gas&El A (1%) 20% Louisville & Nash(4) 4 Ludlum Steel 10 Ludium Steel pf 36 1573 mcCall Corb (2% - 184 McCrory Strs A (2). 1415 McCrory (B) (2). 3815 McKeesport T P (4). 3% McKesson & Robbins 141 McKes&Rob pf(3%) 113 McLellan Stores . ... 2814 McLellan St pf A(6). 12 Mack Trucks (1).... 50 Macy(RH)& Co(n3). 2 Madison Sq Garden.. 7% Magma Copper(i0c). % Manati Sugar. A % Manati Sugar pf.... 25 Manhat Elev gtd (1) 67 ManhatElev mod gtd 4 Manhattant'Shirt(1) ¢ 13 Maracaibo Ofl Exp.. 2 9% Marine Midld (1.20).1675s 315 Market St Ry pr pf.. 1% Marmon Motor Car.. 915 Marshall Fleld (23%) 1 Martin Parry 12 Mathieson Alkilf (2) 15% May Dept Strs (214) 5 Maytag Copf (3)... 14% Melville Shoe (2) ... 17 Mesta Machine (2).. 2% Miami Copper. .. 5 Mid Continent Petm. 7 Midland Steel (3)... 35% Midland Steel pf (3). 15 Minneap Foney R(3) 1% Minn Moline Pow. ... 614 Minne-Moline P pf.. 1 MStP &SS Marle.. 5% M StP & SSm 1sd (4) 37 Mo Kan & Texas. ... 10% Mo Kans & Texas pf. 6% Missouri Pacific. . 12 Missourl Pacific pf.. 7% Mohawk Carpet.. 16% Monsanto Chem (1) 6% Montgomery Ward. . 28 Morrell (J) & Co (3) % Mother Lode. 3 Motor Meter 15 Motor Products (2) 5 Motor Wheel (50c).. 81 Mullins Mfg. . 20 Mullins Mfg of.... 11 Munsingwear In¢@)4 5 Murray Corp. . 20 Myer (FE) & Br (2) Nash Motors (2) 1 Nat Acme Co. .. 74 Nat Bella Hess 36% Nat Blscuit (2. 119% Nat Biscuit pf (7).. Tt Nat Cash Reg (A) 20 Nat Dary (2.60) % Nat Dept Store: _ 4% Nat Dept Strs 1st pf. 16 Nat Dist rod (2)... 7814 Nat Lead (15%) 10% Nat Pwr & Lt (1). % Nat Radiator.. % Nat Radiator pf. 14 Nat Ry Mex 2d pf. 181 Nat Steel (2) 5 Nat Supply Co. 20 Nat Supply pf.. 10 Nat Surety (2) 6% Nat Tea (1). 4% Nev Con Cop 1% Newport Industries. 2% Newton Steel. . 4% N Y Alr Brake. . 24% 2% 5 % 101 1% 17 52 5% . 100s 9 17 3 16 358 19 4 2 5228 508 100s 18s 7 2 408 N Y & Harlem (5) N Y Investors. . N Y. N H & Hartford NYNH&Hpf (7). \ Y Ont & Western.. % N Y Railways pf.... 21% N Y Shipbuilding. 10 Noranda Mines (2).. % Norfolk & Southern. 105% Norf & Westn (112). 6512 Norf & Westn pf (4) 2% North Am Aviation. 26 Nor Amer(bl0%stk) 61 4014 North Amer pf (3).. 4 79 North Am Ed pf (6). 1 1414 Northern Pacific 3 15 4 Nor Ger d m2. 1 B OBIO Ol . \vuve. s 5 Oliver Farm Equip.. 2 OlivFarm Eq pr pf.. 7 814 Oppenheim Coll (2). 3 4% Orpheum Circuit pf. 808 16% Otis Elevator (2%), 14 97 OtisElevpf (6)..... 108 315 Otls Steel. .. 5 5 8 Otis Steel prpf..... 3508 20 Owens [11 Glass (2). 2 29% Pacific Gas & El (2). 16 35 Pacific Lighting (3). 2 931 Pacific Tel&Teleg(7) 1108 37 Packard Motor (40c) 42 18 Pan-Am Pet B(160). 1 b ar-Pub (b10% stk) 6450s Park & Tilford Park Utah. .. 5 Parmelee Transport. 4 Pathe Excnange. ... Pathe Exchange (A) Patino Mines. .. .... Peerless Motor Car. . Penick & Ford (t1%) Penney (J C) (2 40). Penney (JC) pf A (6) Penn Dixie Cement.. Penn Dixie Cmt pf.. Penna Ratiroad (2).. Peoples Gas(Chi) (8) 170s Pere Marquette Ry.. 1 Pere Marquette pf... 2208 Pere Marquette pr pf 3008 Pet Milk (m1) 2 Pet Corp of A(m5 Phelps Dodge Co.... Phila Co new (6). ... Phila&Reading C& 1 Chilip Morris&Co(1) Phillips-Jones Co. .. Phillips Petroleum. . Pierce Oil. Pierce Ofl pf Pierce Petroleum. Pillsbury Flour (2). Pitts Coal. ... Pittsbgh Screw & B.. Pitts Terminal Coal. Pitts Term Coal pt.. Pitts United Corp... Pittsbgh & West V Poor & Co (B). Port R Am Tcb (B). Postal Tel&Cable of , Prairie Ofl & Gas. .. Prairie Pipe Line. Pressed Steel Car 514 Pressed Steel Car pf. 36l Proct & Gamt /2.40) 1 Pro& Refiners / 3 Prod & Refiners pf.. 49% Public Sve NJ (3 40 78 Public Sve NJ pf (5) 92 Public Sve NJ pt (6) 118 Public Sve N J pf(8§) 15% Bullman Corp (3) 3y fureOtl. ..., 53 Bre 01l pf (8). K] 16 46 b 15 2 1 1108 78 L) 4% 5% 1% Add 00. High. Low. 374 184% L i 61 118 16% 3% 55 Net. Close. Chge. 37 18% + 14 8+ 14 9% — % it 30% 174 84 — 18 37 18 ™ £ 1% 20 16% 814 18 5% + +1% n @ aoowd [ +1 EF FEFEF L+ @ 1+ Bh o+ % 6% + % 1% 6% + % 40 +1% 1% % -1 534 + % 80 + W 9% +2% us -2 18% + % 3% - W 55 41l 9214 15% % 55 —1r— High 554 10% Purity Baleries (2). 27 554 60 4 29% Low. 5 20 914 2% 84 9715 [30 46 47 307 134 19% 148% 10% 25% 54 831y 22% 21% 11% Telauto, 91 36% 55% 100 614 22 23 9 15% 27 35 18 8% 9 68 83 12 69 4% 14 18 174 11% 45% 10 24 17% 21% 5% 14% 3T 20% 368 20% 364 25% 152% 150 9% 52 57 4 31 2 T6% 3% 17 T1% 109 71% 20% Vulcan Detin (4).. . 26 51 26 30 15% 29 78 b4 peY 28 27% 1% 1% 100 27 631 1 4 Shattuck (FG)(t13%) 4 Shell Unfon O 5 26% 75 11 Y 2%4 104 i 1 2 9% 1914 23 4 1% 3% 5% 1% 5% 1% 12% 6% i 214 20% 30 314 164 1% 6 2 2% 2 24 1 6 2 % Th £ 11 1% 2% 34 81 ’m 1% 1% 1% 1% 1 24 24 B 1 4 West Pa Pwr pf (7). 4 Westinghouse (234). 4 Westvaco Chlor 1.60. & White Sewing Mach. 1% 143 5 1% 15 35 16% 46 8% Yale & Towne (1) 3 6 2 Ygstwn Sheet&Tube. % Zenith Radio "8% Zonite Prod Corp (1) Stock and Dividend Rate. Bales— 1% 5% 25 10% 2% 9% 12% Radio Corn Radlo Corp pf A 3%, - Radio Corpnf (B). Radio-Keith-O (new) Raybestos Man(1.60) Reading Ry Co (2). Reading 1st pf (2)... Reading Ry 2d pf(2) Real Silk Hoslery. .. Reis (Robt) & 3 Remington-land. . . Rensselaer & Sar (8) Reo Motor Car(40c). Republic Steel. .. Republic Steel pf. .. Revere Copper pf (7). Reynolds Met (1%). Revnolds Tob B (3). Rhin W E1 P (m1.07) Richfield Ofl. ....... Rio Grande Ofl. Ritter Dent Mfg.... Rossia Ins of Amer Royal Ditch of N Rutland RR pf Safeway Stores (5). Safeway Strs pf (6). Safeway Stfs pf (7). St Joseph Lead(60c) StL-San Francisco. . StL-San Fran pf(6). Schulte Retall Stores Seaboard Afr Line. . Seaboard Air Line pf Seaboard Ol Sears Roebuck (234) 14198 Second Natl Inv .. Servel Inc. ... Sharp & Dohm Sharp & Do pf (33%). 5 S axRomeaids See S Shell Trading & Tran 85 Shell Union Oil pf. Shubert Theaters Stmmons Co. Simms Petroleum. Sinclair Consol Ofl. Skelly Oil Skelly Oil f ww. Sloss-Sheff Steel pf. 6308 Snider Packing pf... 2 Socony-Vacuum (1). 98 South Port Rico Sug. 6 Southn Cal E4 (2)... 5 Southern Pacific (4). 48 Southern Railway... 21 Southern Raflway pt 11 Sou Ry M&O ctfs(1). 2 Spalding (A G) (1) 2 Spang-Chalfant.... 1008 Sparks-Withington. 11408 Spear & Co pf (7) 908 Spicer Mfg iy Splegel-May-Stern. 6 Stand Brands (1.20). 47 Stand Comel Tobacce Stand Gas&El (3%). Stand Gas&E! pf (4) Stand Gas&El pf (6) Stand Invest Corp. Stand Oil of Cal(2% Stand Ol of Kansas. Stand OII NJ «12) .. Starrett (LS) (80c). Sterling Secur (A). Sterling Secur pf. Sterling Secur cv pf. Stewart Warner. ... Stone& Webster (m2). Studebaker Co(1.20) Studebaker pf (7).. Sun Of1 (1) Sun O1l pt (6). Superheater Corp(1 Superior OIl. . Superfor Steel 5 Sweets of Amer (1). Symington e Symington (A ph (1.40). Tenne: Coroa. Texas Corp (2). . Tex Gulf Sulnhur(3) Texas & Pacific. Tex Pacific Land Tr. Tex Pacific Coal&Oll Thatcher Mfg Co. The Fair 1). Thermoid Co. Third Avenue. ‘Third Nat Inv (1.05). Thompson (J R) (1) Thompson Prod 1 20. Thompson Starrett Tide Water Asso Ofl. Tide Water As pf(6) Tide Wat Oll pf (5) Timken-Detroit Axle Timken Roller B(2). Tobacco Products. .. Tobacco Prod A t96c Transamerica Corp. . Transue & Williams. Tri-Contl Corp Trico Products(2%) Truax Traer Coal Co Truscon Steel Twin City Rap o Union Bag & Paper.. 350s Union Carb & (2.60).3520s Union O1l of Cal (2). 5 Union Pacifio (10)... 15 Un Tank Car (1.60) Cuit Afreraft. .. Unit Afrcraft pf (3). Unit Am Bosch. . Unit Biscuit (2) Uait Carbon. Uait Cigar Story Unit Corp (75c) Unit Corp pf (3) Unit Electric Coal Unit Fruit (3)... Cnit Gas&Im(1.20 Unit Gas&lm pf(5).. Unit Pice Dye W (1). U S Express. U S & Forn Secur. U S & For Sec pf( U S Freight.... U S Gypsum (1.60). S Indus Alcohol Leather. . Leather (A). Pipe & Fdry (2). Pipe&Fy 1st 1.20 Realty & Imp Rubber. .. Rubber 18t pf. U S Smtg & Ref (1). U S Steel Corpm (4). U 8 Steel pf (7). United Stores (A) United Stores pf (4) Univ Pic 1st pf (8 Univ Plpe & Rad. Util Pwr & Lt A (2). Vadasco Sales Corp. Vanadium Corp. Va-Cora Chem Va-Car Chem 6% pf. Va-Caro Chem pf (1) Va Elec&Pwr pf (6). 64 U 410 108 80s 3 16 Wabash R R. . Wabash R R (A). Wabash RR (B) Waldorf Sys (1% Walworth Co. ... Ward Baking (B)... Ward Baking pf (7). Warn Bros Pictures. Warner Bros pf 3.85. Warner Quinlan. ... Warren Bros. . 2 Warren Fdy & P120 10 Webster Eisenlohr.. 2 Webster-Eisenlhr pf 100s Wesson O11&Sno(2). 5508 West Pa El pf (6) 70 West Pa E1pf (T)... 1108 West Pa Pwr pf (6). 108 208 Western Dairy (A) Western Dairy (B). Western Maryland. . Western Pacific pf.. 1 Western Union (6).. Westinghse A B(2}, 5 Sa Wsthse EM 1st m3% 2 Weston Elec Instru. White Motors. ... White Rock (143).. White Sewing Ma pf. Wilcox Oll & Ga Willys-Overland . Willys-Overland pf Wilson & C.. .. . Wuson & Co (A).... Wilson & Co pf.... Woolworth (14.40).", Worthington Pump.. Wrigiey (Wm) (4).. - Yellow Truck. .. Young Spring& W (1) © an e oS uenma ar NS BO0E e Net. Add 00. High. Low. Close. Chge. 11% — % bis 25 10! IBONDS IRREGULAR INHEAVY TRADING Prime Issues Show Better Tone—Foreign List Sharply Lower. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, December 30.—Today's bond market was a highly irregular affair, with many evidences of support in depreciated issues and some improve- ment in prime descriptions. But many domestic and foreign dollar obligations were sharply depressed under a moder- ately heavy load of last-minute selling for income tax purposes and vear-end liquidation by concerns desirous of showing large cash balances as of De- cember 31. Trading was heavy. The market was irregular from the start. Railroad bonds had an encourag- ing tone on tbe news that 15,000 South- ern Pacific shop employes had volun- tarily agreed to a 10 per cent wage reduction. This was construed as im- | proving prospects for a general re- duction which, it is estimated, will save | the carriers $200,000,000 in 1932. An- | other item of good news was that New York Central will earn its 1931 flx&‘d‘ | charges with a small surplus. The mar- | | ket bad anticipated that the road would earn about 95 per cent of fixed charge: | As a result rail issues generally were better. There was some brisk bidding for a| while, which pushed Atchison General 4s up more than a point and caused small gains in_Chicago, Burlington & | | Quincy General 4s, Norfolk & Western 45, Union Pacific and other prime rail’ bonds. Junior descriptions, like Erie 41.s Missouri-Pacific_5s, Nickel Plate 415s and Denver & Rio Grande Western b: o were higher. But later the pres- sure of tax selling reasserted itself, and many of these advances were shaded. Southern Pacific issues eased {raction- ally. Chicago & Nerthwestern 4%s and Rock Island Refunding 4s were both lower. Industrials and utilities had no dis- | cernible trend. Western Union 5s of | 1960 lost a point, while the 5s of 1951 were a point higher. Youngstown & Tube 5s gained fractionally and Na- tional Steel 5s lost a fraction. Utah Power & Light 5s firmed. American Telephone 5s were steady. The Cana- dian group of rail and industrial issues were about a point lower, reflecting a lower quotation for Canadian dollars with year end money requirements. Bonds were irregular in fairly active trading at the opening. The best buy- ing was in domestic railroad issues, especially the high-grade grcup. Atchison general s we a point highe: There W vances in Baltimore & Ohio first 4 Norfolk & Western 4s and Chicago, | Burlington & Quincy general 4s. In| the second-grade group Erie 5s and Nickel Plate 4125 were higher Industrial and utility obligations were steady. Paramount Publix 5!,s, how- ever, were off 1': points. Armour of Tllinois 4'4s were fractionally higher, while Armour of Delaware 5l3s were heavy. United States Government bonds were a shade firmer, continuing the short rally in evidence just before | Tuesday’s clcse. In the foreign department German | government bonds opened a shade lower. | British 51%s were cff slightly and French | | issues were barely steady. Japanese | bonds were lower. Temporary Receiver Named. BALTIMORE, December 30 (Spe- cial).—J. Martin McDonald was named temporary receiver for the Pruit & Sugar Co. by Chief Judge Sam-~ uel K. Dennis, In Circuit Court yester- day. on petition by James Z. Chad- bourne, a stockholder, who asked re- ceivership and dissolution of the cor- poration. The company already has agreed to the receivership and was or- dered to show cause why the request for dissolution should not be granted. The corporation, which was formed in 1924 as a reorganization of the At- lantic Fruit Co., had been compelled, on account of heavy losss, to suspend its banana importing and shipping business some time ago. It owns 132.- 000 acres of land in Nicaragua, 153,000 acres in Cuba, 30,000 acres in Jamaica and operates 21 steamships. |Washington Stock Exchange SALES | Capital Traction Co. 5s | Wash. Gas 6s B—$100 at 1007;. UNLISTED DEPARTMENT. Natl. Fress Bldg. 5!25—$2,000 at 39'2 Bid and Asked Prices. BONDS. PUBLIC UTILI v& ‘Tel. $500 at 60. at 100!, $100 55 bs R >. & P. Tel. of Va Capital Traction R City & Suburban 55 Georgetown Gas 1st Potomac Elec. Cons. Potomac Elec, 65 1953 Wash., Alex. & Mt Vernon c.i Washington Gas 4'zs Washington Gas 5s Wash. Gas 6s, series A Wash. Gas 0s. series 1 Wash, Rwy. & Elec. 45 MISCELLANEOU Barber & Ross. Inc.. 6 Chevy Chase Club 512 Columbia Country Ciub 5i% W. M. Cold Storage 5s STOCKS. PUBLIC UTILLiY & Tel. (9).... actior_Co. () Lt. Co. (18) amboat (12 Power 6’ N. & W Pot. Elec. Pot. Elec. Power 5! Dt Wash Rwy. & EL com Wash. Rwy. & EL pfd. ( NATIONAL BANK i Capital | Columbia z Commercial (stamped) (10 District (8).: izans ; Fed.-Amer. Nat. Bk & Tr. (2 Liberty (7§) St Lincoin (10) Metropolitan Riggs (135) Second (9e) Wasnington a4) 12) a (12§) TRUST COMPANY. & Tr. Co. (124) & Amer. Secur. Natl. Say. & Tr. Prince Georges BE. Union Trust (8s Wash. Loan & SAVIN Bank of Bethesda (6%) Com. & Savings (10) East Washington (12) Potomac (10, o 2 Sec. Sav. & Com. Bk (17 Seventh Btreet (12)... United States (30).. Wash. Mechanics ~(20) FIRE INSURANCE. American (12) Corcoran (10) Firemen's (8) National Union (15} TITLE INSURANCE. Columbia (6h) .. Real Estate (6h). MISCELLANEOUS Barber & Ross. Inc.. com Col. Medical Bidg. Gorp Coi, Sand & Gravel ptd D C. Paper Mfg. pf Dist. Natl. Sec. pfd Emer. Bromo-Selz Federal Storage pid Fed.-Am. Co. com Fed-Am. Co. pid. Lanston ' Monotype Mer. Tr. & Stge com. (10) Mer. Tr. & Stge. pfd. (1) Mergenthaler ~Linotype Natl. Mtge. & Inv. pid Peoples Drug, Storés i Real Est. M. & G. pid. (8 Security’ Storage” (5e) 8 1,200 (®) 6) The Carpel Coip. W. Mech. Mtge. Com Wash. Med. Bldg. Corp Wdwd. & Lothrop. com. | Woodward & Lothrop pfd U v A B B B *Ex-dividend b books_closed. n 25c extra. 130 extra. §1% extri €17 extra. Lib 3158 32-47. 160 L1st 438 32-47 L 4th 4%z U S 3s1951- US3%s'49 US3%sM41-3 20 us US3%s4 US4%s47- stralla 58 '55. Australi Austria 78 '43..... B&O4%s'33. B&Ocv4%s 60 1 & O 1st b5 '48. & & & B & O P&WV B & O Sw dv fis '50. Bk of Chile 6%s ‘57 7 Bk Chile 6%s '61. . Belgium 6s '55. Beigium 614549, . Shect | Belgium 7s ‘65 Belgium 7s '66. Bell Tel Pa 53 B'48 1 Bell Tell Fa bs C'60 B Ind Loan C 6546 | Berlin Cyv El 6s'65. Berlin C'E 6%s '50. Beth Beth Stl r Bolivia 7s Bolivia 78 '69 Holivia 83 47 Bordeanx 6324, ra | Brazil 614s Brazil 7s Bd & 7in A Bremen 7535, ... Pk Ed £n A 6349, Bklyn Elev 6%s... 2 Bklyn Man 6s'68.. 1 Bklyn Un 1st 55'50. Budapest vs ‘62, Buenos A 6s'61 Pv., B R& Pitt 4%s°'57. Bush Ter con 58 '55 Bush T Rldg 5s'60. Callf Packing 58 °4¢ 1 Canada 45 ‘60. . Canada 4158 °36. Can Nat 413 °57 Can Nat 4%s ‘68 Can Nat 4%s°5 Atlantic | Can Na . Can Nor 6%s db 46 Can Nor 7adb "40.. 1 Can Pac db 4s. Can Pacific 4%s "46 Can Pac 4%s '60. Can Pac 55 '44. Can Pac 68" Cent 'll G&E 58'51. Cent Pac 4s'49.... Cent Pac 55°60. . .. Cen Ry NJ g 6s'87. Ches Corp 65" C&Ogen4%s C&O4%sB 9. .. C B&Q 1st rf 55 '71. hi & Est 111 5551, . Chi Grt West 4s'59. Chi M & St P 4589, 10 M M Chi Rwy Chi 1t |Chi R1& Prt4s3s 23 ChiRI&P 4%s'52 {ch C TH&SE 1n 55'60. ChiT H inc 6s'60. . Chi Un Chi Un § | Cley Term 5 Cologne 6%s '50. Colomb 6s Jan "61.. Colomb 6561 Oct Colon Of1 65 '38. 1 | Colo & Col GRE 45 May Col G&E cou 53 '61. 17 Com Inves 5%s "4 CC Md 1st rf 5850, Con G NY 43%s°51.. ConG N Y 5%s '45. Con Pwr Jap 6%s. . Consum Pow 5s 52 Copenhag 5s Cuba 5%s '45 Cuba R R 585 Cuba RR Cuba Nor 548 '42. . Czecho 85 '51. Del & Hud rf 43 '34. | Denmark 4%s Denmark 6%s Denmark 6s'42. D& R Gren 4s'36. D&RG W 63’85, DRG&W & Det E G&R41%5'61. Det Edison rf 55'49 Det De Dodge Br cl 65 °40.. Duquesne 4%s 67 Dutch East I Mar Dutch East 16547, Dutch East I 6'52. East C Sug 7% 16 ON NEW Y BONDS o seniver]| Received by Private Wire Direct so The Star UNITED STATES. (Sales are in $1,000.) Sales. High. Low. 97 28 9724 992 9826 99 98 25 83 28 836 86 8420 918 9030 918 918 916 9020 35 95 95 115 9830 98 125 101 Sales. High 54 3-38491 47 .186 10 218 3%sJ 40-3 4 46-56. 54 3 45 44 Abitib! P&P 58’53, 5 Ab& St5% '43.... Alleghany Cp 68 '44 24 Allegheny 55'49. .. Allegheny 58 °50. .. Am Beet Sug 65'35 2 Am F P 552030 AmIGChbis Am Intl 5%s 4 Am Metal 5% Am N Gas 6 Am S&R 1st 6847, Am Sug Ref 6s'37. Am TET cv 4%s'39 AmT&T 6s'65. Am T&T c tr 65 '46. Am T&T 68 s f'60. Am T&T 5%s 43 Am Wat Wks 65'75 5 Arpentine 534s ‘62, Argentine May '61. Argentine 63 Ju's9. Argentine 65 Oc'59. i Argentine 6s A '57. Argentine 6s B '58. Arm & Co 414539, Arm Del 55 '43 Assoc Ofl 6535 Atchison gn 48 Atchiscy 4148 48.. AUCL 1st4s'62.. AtCL 41564 At Gulf 6359, Aus 14 75 30 19 17 1715 3915 59 6915 7 9 . 10 8 5 542, 36 15 100 . 28 Ha 435 '56. 4414 494 4915 84 1% 4513 90 5915 59 66 623 68% 101 26 801 823 917y 913 100 5 101% A Orf6s'9 058 [ 06s'9 20 8 6 9 27 6 Stl pm 65 '36. %842, 8 o= Te 55 67 1618 1 8s YT RS S~ RSN 55743, 3 100% 14 24 3 3 1 1 4 6 t 58 July's9. t5s Oct '69. t58'70. . ‘. 520010 i 201 1 €0 1= 80 R 19 690098 - 0 10 = TN T 3% Bt M § StP&P b8 75.. & St Padjbs.. Wenays NW rf 55 2037 $53°27. .. &P gn 45 '88. 10 10 Rlcvals'60. 9 ta 5s B '63 C& W Ind 5%s '62. Chile 6s ‘6o, Chile 6s Chile 6s '62 erm 414 82720 50 56 Sou 418 2 +17 . 10 rf 7145 '36 s 78 nit 41%s'32. . tsche Bk 65 °32. 37 20 con4sA'53... 5 Erie conv 4s B Erie gen 4s. Erie cv 58 '67. Erls 5875, Fiat 7s war Finland 5% Finland 6s 4 Finland 6%s '5 Finland 7s '50. Fla E Coast 65 '74. Fram | D 7%s"42.. French 7s 49 5 French T3 Gelsenk’hen 65'34. . Gen Baking 5%s 40 19 Gen Cable 535 '47. Gen Motors 65 '37.. GenPSv5%8'39.. 1 Gen St Cas 5%5'49. Gen Th Eq 65 °40. German 5% ‘65 German Bk 6s '38. Ger Cen Bk 6360 J Ger Cen Bk 63'60 0 56 German 7s rep ‘49. German Bank 7s ‘60 Ger Gen EI 78'45.. 1 Goodrich cv 68 '45. Good 15t 6%5°47.. 1 Goodyr Rub 6s'67.. 3 5 10 2 89 5 1124 ce. 16 1124 3 321 9015 41 9814 80 5914 6 40 40 3 10 GrandTr sf-db 6536 17 Grand Trunk 7s'40. Grt Nor 4%s'76 D. 2:58. 9728 99 2 99 83 24 86 918 918 916 95 98 18 10010 101 2:55 28 75 27 18% 16% 17 3914 59 691 50 3 89 102 103% 96 100 97 102 73 40 45% 4714 634 8915 514 | 87ly 90% 67 | Pressed St C 58'33. | Rhine West 6 | R Gr Do Sul 8546 2:88 66 8% 9ls Bales. High. Low 66 66 8% 73% 9l 0% L 33 22% 531 7 9815 9% 37% 9% 50 47% 42% 33 37 37 @rt Nor 4%s "7 E. Grt Nor gn 6% 853 | Grt Nor gn 7 Greek 6568, Hoe & Co 6148 '34.. Hud & M ad)j 58 '67. Hud & M rf 58’587 Humble O1] 68’37 Humble O 538 '32, Hungary T%s "44... 111 Bell Tell 6356 111 Cent 48 *52. . 111 Cent 43 '53 111 Cent rf 48 ‘66 Tl Cent 4% "66. [1l CCStL&N 4 %8, 111 CCStL&N 68 A 111 Steel 4%8°40. .. Inland St 4348 A'T8 Int Rap Tr 63 '¢6. . Int Rap Tr sf Int Rap Tr 6s°32... Int Rap Tr 7s 32. Int Cement G '48 Int & Gr Nor 63 Int &G N ad Int Hydro El 6 Int M Co 5s rot's1 Int Match 55’47 Int MM col tr 68 *41 Int Pap 68 A 47 Int 5 IntT & T 4%8’53 Int T&T cv 4%3'39. 14 Int T & T b5 '55. 7 Irish Free St 55 '60. Italy 7s'51 1 Italy PubS 7s Japanese 5%s 65 Japanese 6%s ‘64 Jugosl Bnk 7s ‘57 Kan City Sou 58’60, Kan City Ter 4360, Kan G&E 41%s'80.. Karstadt 6s'43.... Kend 5% s '48 ww Kreug & Toll 68'59. 2 Kresge Found 65'36 Laclede 5343 C'63. . Lake Shore 3%s'97 Lautaro Nit 65 '54. 1.th Val cv 4s 2003, Leh Vgn 41452003, Leh Valley 5s 2003, Liz & Myers 55 '51. Lorillard 58 '51. | La & Ark 55°60. L& Nuni 43'40.... L & N 4% 2003 L&N 1st 5145 2003, Lvons 6s'34.. McKes & R 5% %50, Man S 15t 718 42., Manh Ry 1st 48'90. Marseille 63 ‘34, . Mexico 5 A 45, Milan 6%s ‘52 Mil E Ry & L 68 Mil El Ry&Lt 68 *71 MSP&SSM 545 '49 MK &T 43 B'62. MK&T4%s"7 MK & T adj bs MK&T pr In 5sA'62 Mo Pac gn 4s'75. Mo Pac 53 A "85 Mo Pac 58 F ‘17 | Mo Pac 55 G 7. Mo Pac 53 H ‘80 Mo Pac rf 58 Mo Pac5ls A'49.. Mobile-Ohio 53 ‘38. Mont Pow 53'43... Montevideo 6s ‘59 Montevideo 78 °52. . Mor&Co 1st 448’39 11 Nat Dairy 563843, 36 Nat Rad 634547, ... Nat Ry M4%s'57.. 1 2 17 70% 2 101% 8 993, 30% 434 4315 Ty 6874 84 6513 65% 72 86 9% 191 24% 28 13 3 22 15 5 8 2 5 8 3 3 5 5 0 2 0 1 2 3 20 22 1 Steel 53 '56. | Netherlands 63°72. N Eng T 1st 6852, INOT&M5%s ‘54 ‘w S Wales b w tent 4598, Cent db 48 ‘34 tent 4145 2018 35 Crf4%s2013. b { Crfim 532013 11 N Y Centdb6s'35. 9 NYC&StL4s'37.. 13 NYC&StL 4%s'78. 18 NYC&StLE148A'T4. 12 NYC&SL 6532 8 231 NYEdisn6s B'44.. 2 99y N Y Fd st 6%s'41, 17 107% NY ELH&P 43 '49.. 1 90 NY ELH&P 5= '48.. 3 101 | NY NH&H 434867 25 68% NYNH&H cd 6s'48. 5 87 NYO&W Ist 4'92. 3 41 NY O&W gn 4355, 4 NY Rysnc 6s'66.. 10 | NY Rys 6s A '65. | NY S&W gn 5543, | NY St Ry 61562, NY Tel 4%438°39.... |NY W&B 4%s 48 | Na Sh Md 5% s '50. Nord 6%s '50. Norf South 55 '61 Nor & Wnev 4896, No Am Co 58 '61... Nor Am Ed 55 C '69 Nor Am E 5% NorOT &L 63 Nor Pac 35 2047... | Ner Pac 4s’97..... 10 Nor Pacr16s2047. 24 78% Nor St PwssA‘'4l. 5 93 Nor St Pw 6s B'41. 1 101% Norway 53 °63.. Norway 5%s '65 Norway 6s'43. | Norway 68 44. Norway 6s'52. Oreg-Wash 4 5 Orient dev 534 5'68. Orient dev 65 '53 Pac G&E 6s'42.... Pac T&T 1st 58 '37. Pac T&T rf 53 '52. Pan Am Pet 63°40. Paramount 6s '47.. Paris-Ly M 6s '58. Paris-Ly M 7s 5| Paris-Or 5%s 68. . Penn 4%s D '81. Penncv 4%s 60 Penn gn 4%s '65 Penn 47%s'70 Penn 43%s'63 Penn 615 '36 Penn P&L 4% . Peoples’ Gas 53 47, Pere Mar 4345 '80.. Peru 63 '60. Peru s '61. Peru 7s '59. Phila Co 536 3 Phila Elec 43 'T1 13 Phil & Read 63°49. 8 Philllp Pet 5%s°39 12 Pillsb F M 6s'43... 6 PCC&StL 4%s'77 2 Poland 63 '40 e Poland 7s '47 . 44 Poland 8s 50 5 il Port Gn El 434860, 17 Porto Alegre 85’61, 5 Por RAm T 68 '42. Pos Tel & C 6s'53. . « | C C C 65% 71 8514 79 16% 18% 21 9% 107 90 100% 67 848y 40 40 % 28 35 11 96%% 52 59 96 1314 Y Y Y ¥ H Y 7 804 8415 93 51y 8% 57% 62% 98 2 100% 15 99% 4 124 6 26 1 5 44 . 38 8 3 6 23 3 Prussia 6s°'52..... 15 Public Serv 4s'71.. 11 Pub Sv G 4%s67.. { Pure O11 5%5'37 Queensiana 65 °47. Queensiand Ts"41.. Reaa gn $%s A ‘97, Rem R5%s A "47.. Rhinelbe 73 '46. ... Rnine West 63 '52. "63. Rhine West 6s '55. Rich Ofl Cal 68 '44. Rio de Jan 63%s'63. 16 Riode Jan 8s°46... 6 R Gr Do Sul 6s'68. 6 5 Rio Gr W 1st'4s'39 3 Rio Gr W clt 45'49. 13 RIAr&L4%s'34. 6 Rome 63%8°62..... 29 Roy D4s'45 ww... 2 StL IM R&G 4533. 2 St L&SF in 43 A ‘50 13 StL&SF4l4s'78. 34 StL&SF p 168 B'S0 7 StP&KC SL 4%5'41 5 StLS W Ist4s'89, 2 32. 2 1 1 5 Saxon P W 6%8'51. 3 Saxon 78%46....... 7 Seab A Lrf 48°59.. 11 Seab A Ladj5s 49, 3 ah A Lev6s'45. 13 Sea All Fia 6s.A'35. 6 Sea AllFla 65 B '35 5 1% Seine 7s '42.... 2 1047 104% 1047 Serbs-Cr-SI78'63.. 17 35% 33 33% Serbs-Cr-S1¥s'63., 3 40 39 40 2% 4 s | resentatives. BANKERS DISCLAIM BLAN FOR CRASH Declare Impetuous Spirit of Youth Brought en Stock Market Collapse. BY FRANK H. McCONNELL, Associated Press Financial Writer. NEW YORK, December 30.—The im- petuous spirit of youth and not time- seasoned American banking practice was responsible for the 1929 stock mar- ket collapse, several leading New York bankers said yesterday. In the frenzied speculative orgy of 1928 and 1929, they recalled, the cau- tlous warnings of some of America’s elder economists and business men were brushed aside. This, they said, was just as true in the commercial and profes- sional fields as it was in banking and brokerage circles. The adage that “youth will be served” was the watch- word of the age, it was said, and con- servative advice was scorned. This expression of viewpoint was in response to charges made in last week's report of a subcommittee of the United States Senate Committee on Banking ana Currency, which placed major re- sponsibility for the 1929 debacle on large Wall Street banks. The report stated they had abetted the stock mar- ket crash by permitting an overgrowth of loans by banks to brokers “for the account of others.” The report also criticized the formation by banks of se- curity affiliates. Several leading bankers said it was futile to attempt to pin the blame for the crash on any one individual or group. It was primarily due to the spirit of the day, they said, which was one cf extreme enthusiasm for specula- tion. They recalled that Paul M. War- burg and the late George F. Baker both strongly warned against speculative ex- cesses. In further discussion of the report, bankers stated that efforts had been made to apply the brakes to the rapidly moving vehicle of national speculation. The Federal Reserve Board, in Febru- ary, 1929, they said, had made such an attempt. The board, it was recalled, was roundly scored for seeking to “de- stroy prosperity.” Some economists and firanciers, including Warburg, issued Fublic warnings early the same year, but they, too, were ignored, it was recalled. Efforts also were made, they said, to arrest the growth of loans “for the ac- count of others.” The New York Clear= ing House first made a special charge against such loans, later raised the minimum amount that it would accom- modate to $100,000 and this year ac- tually abolished the practice of placing such loans. A few bankers agreed that the crea- tion by banks of security affiliates was a contributory cause. Several, however, insisted that this was a sound practice and should not be disturbed. DECEMBER HARDWARE SALES SHOW INCREASE Special Dispatch to The Star. NEW YORK, December 30.—Reports from the Nation's leading hardware markets indicate a fairly satisfastory cales volume during December, Hard- ware Age will say tomorrow in iis week- ly market summary. In sev:ral cen- ters the quantity of holiday merchan- dise sold exceeded the volume of a year 2go, although price depreciation caused slight declines to be reflected in dollar sales. The customary post-holiday lull has retarded the current demand for stap'e goods, while mild weather continues to restrict activity in Wintar merch~: dise. Most retailers and whale: TS are busy with the formality of inven- tor=s, which are exvected to reveal stocks in good condition at sub-nor- mally low levels. Many jobhe™s ere making the most of the usu~l " by holding sales meetings of the'~ rep~ Preparations are als> be- ing mace for tke active solicitation, during January, of dealer orders for Spring requirements. Early interest in- dicates that a healthy volume of busi- ness will be placed. Prices, in the main, are showing a somewhat firmer tendency, and few downward revisions of consequence are anticipated. The higher freight rates becoming effective, have made advances on certain heavy hardware commodities necessary. The credit situation retains a rather “spottv” character. Collections are termed fair in some territories and are described as slow in other districts. Some improvement in collections is ex- pected after the turn of the year. e The various schemes for reducing the cost of government recalls the fact that in a similar endeavcr Philip the Fourth of Spain, in the seventeenth century, tried to reduce the national debt by changing his courtiers’ starched for unstarched collars. Sales. Hizh_Low Shell Un Of1 s *47. 8 5815 584 Shell Un Ofl 68 °'49. 82 581 57 Shinyetsu 6%s'52. 6 45 43 Sinclair Ofl 6%8'38 15 651 643 SincO7scvA'37.. 22 72 04 SineCrO5%s'38.. 3 901 90% Sinc PL G8'42..... 10 905 89 Soissons 6s '36. 4 100 9915 Sou Bell TRT 5341 5 99 98% SW Bell T 55 A'54. 15 99% Sou Pacref 4s'55.. 1 76 Sou Pac 4%s'68... 22 SouP4%s'69 ww. 6 Sou Pac 4%s'81... Sou P&Or 4%s 7. Sou Ry &n 4s '56. Sou Ry 5394 Sou Ry 6s°5 Sou Ry 6%s StOII'N J 5848 StOIIN Y 4%s'51. Sweden 5% '54. Swiss 5%s 46 Tatwan E P 5%%71 Tenn EI P 63 A "47. Tex & Ark §5%s'50. Texas Corp 53 '44.. Tex&P 1st 55 2000. Third Av 1st 58 '37. Third Av adj 63 '60. Toho El Pw 63 '32. Tokio 5%s 61 9 9 NSNS E veRRnenon = N Ulst & D 5s ct Un Pac 18t 4847, Un Pac rf 4s 2003 Un Pac 4%s ‘67 Unit Drg cv 58" Utd King 5 %s 37 U S Rub 1at 5847, Ud St W 6%48A'51.. Ud St W 534sC’51.. Uruguay 6s°'60. Uruguay 6s 64 Utah P & L 55 '44.. Util Pw 58’59 ww. Util Pow 6%8 '47. . Vanadium St 5s'41. Vert Sug 1st 73 '42. Vienna 67 62. Va Ry & fw 5334, Va Ry 1st65°62... Wabash 41%8°78 Wabash 1st 53’39 Wabash 2d 5539, . wabash 53 B wabash 53 D ‘80 Wabash 5%5 ‘75 Walworth 65 A 45, Walworth 63535, Warn Br Plc 6s'39, Warn Quin 6 Warsaw 7s ‘58 Wt Sh 1st 45 2341, West E1db 5s"44.. West Md 45 '52.... West Pac 63 °46. . West Unfon 58 ‘51, West Unfon 63 '60. tUn6%4s"36. . Wick S cv ct 78'35. Wil & Co 1at 6541, WInRAT%s"41.. Wis Cent gen 45 Yokohama 6s '61. .. YRstn S&T 68 A'T8. Ygstn S&T b3 B'70, - e v we ReoR—omnSnnSmatnno-aa aam-a © - Swa