Evening Star Newspaper, January 13, 1930, Page 15

IN AGTIVE MARKET (Utilities Featured as Down- ward Trend Appears—Some Issues Gain. BY JOHN' A. CRONE. (Ep:cial Dispatch to The Star. NEW YORK, January 13.—Breaking .through an indifferent and slow open- ing, curb stocks today turned moderately active and slightly but definitely lower. Some miscellanequs indystrials moved against the trend, while oils virtually were unchanged. Utilities shaped the course of fore- noon trading, with Electric Bond & Share, Middle West Utilitles and Allied Power & Light opening lower. Associated Gas, Hydro-Electric, which was firm in early London dealings, and Niagara Hudson Power opened up only to later react, while United Light and Power A ran into profit taking. Artificial Silk shares featured early industrial dealings. Associated Rayon Rrefem-d rose 53, Celanese was slightly igher and Tubize was up more than a point. These gains were based on the inauguration of merger moves in Ams- terdam which expect to bring together American Enka, Bnmbergm:nd Glantz- storfl. Associated Rayon huge hold- ings in these companies. Although crude oil deliveries by 11 (of the Standard oil pipe line companies averaged a 6 per cent gain last year over 1928, these favorable statistics failed to stir activity in the group. Natural gas stocks, if Arkansas. Lone Star and United Gas be excepted, like- wise turned dull. The latter was high during forenoon trading, but Lone Star eased. Omission of the dividend on Chain Store Stocks, Inc, was not mirrored marketwise, nor was Sherwin-Williams’ proposed acquisition of Lucas & Co. Ground Gripper Shoe, however, moved fractionally on trade reports of good les. nselberllng Rubber, despite a bearish statistical study which indicated a drab outlook for small tire and rubber com- panies this year, as well as for that company, rose more than a point. Pennroad Corporation did not move ahead as fast as its parent, Pennsyl- vania Railroad, New Jersey Zinc felt the influence of Western zinc prices, which are drag- ging near record low levels. Coppers opened unchanged or higher only to slip off as a result of bearish rumors About forthcoming December red metal statistics. All-American General Corporation as admitted to the curb list today. BONDS ON THE CURB MARKET. . les DOMESTIC BONDS. thousands. 25 Alabama Pw 4135 58 167! 55 '37..100 s G G 6! ww 2% §Hous G G 65 A '43.. T0 1 Hyerade Food 65 A 49 61 110 PaL sis 5T 80 3233888888282 - b c P&L 55 57 P 5z A S1.. P D0V YIO 222 - st o aa e g B B ena e ems 2oAnm: 22 a2 5 57 1121 ‘est Tex Ut 55 A '57100 1 FOREIGN BONDS. Mige B 75 146 Bahimore Markets Special Dispatch to The Star. BALTIMORE, Md. January 13.— Potatoes, white, barrel, 1.50a4.00; 100- | ound sacks, 1.75a2.75; sweet potatoes, | arrel, 2.00a3.00; yams, barrel, 1.25a | 2.25; beets, crate, 3.00a3.25; beans, hamper, 2.00a3.00; cabbage, ‘hampes 50a75; carrots, 100, 2.00a4.00; cauli- flower. crate, 150a2.50; celery, crate, 150a2.75; eggplant, crate, 2.50a4.50; Iettuce, crate, 4.50a5.50; kale, barrel, 1.25a1.50; onions, 100 pounds, 1.75a2.01 parsnips, basket, 50a65: peppers, crat 4.00a6.00; spinach, bushel, 60a1.0 kquash, crate, 1.50a2.00; tomatoes, crate, 1.5085.75; turnips, _hamper, apples, bushel, 75a2.75; cranberries, box, 3.00a4.75; grapefruit, box, 2.50a 5.00; oranges, box, 2.10a4.75; tangerin box, 1 ; strawberries, qua 40a50. | | | | Dairy Market. Poultry, alive—Turkeys, pound, 28a 33; old toms, 22a25; Spring chickens, a28; Leghorns, 21a22; old hens, 20a Leghorns, 22a23; poor and thin, 17 : old rocsters, 17a18; capons, 32a36; geese, 15a32; guinea fowls, each, 40a50; pigeons, pair, 25. - Egg: Receipts, 490 cases: native and nearby firsts, 45a4512; pullets, 40, hen- nery whites, firsts, dozen, 45a46; culls and dirty eggs, 25a30. Butter—Good to famcy _creamery, pound, 33a38; ladl 30232; store- packed, 20; rolls, 27a29; press, 36a37. Live Stock Market. Cattle—Receipts, 600 head; fair sup- ply, market_steady. Steers—Choice 1o prime, none; good to choice, 12.75 to 13.00; medium to good, 1150 to 12.50; fair to medium, 10.25 to 11.25; plain to fair, 9.25 to 10.25; common to plain, 8.25 to 9.25. Bulls—Choice to prime, none; good 20a30; | ~Prev, 1020.— Stock and High. Low. Dividend Rate. 22% 5% AeroSup M{gB..... 36% 15 Alles & Fisher (2).. 23 1% Alexander Indust % Allled Aviation. 35 Allied Int Inv pf (3). 10% Allied Mills (80c) 23 Allied Pow & Lt. . 40% Allied Pwr&Lt pt(3) 71 ANP&L1stpfs. 3% Allison Drug St B. 164 Am Chain (3). 76 Am Cigar Co. 10 AmCP&LB ) 18 AmCwith PADb10%. 1% Am Control Oil Fld 20% Am Cyanam B (1.60) 214 Am Dept Stores 141 Am Equitl 2% 25% Am For Power war. 70 Am Gas & Elec ( 3 Am Investors (w . 614 Am Invest IncB. ... 621§ Am Laund Mch(4). . 28768 2% Am Pneumatic Serv. 15 Am Superpower (1). 89% Am Super 1st pf (§). 5 Am Yvette (new) wi. 14 Anglo-Am vot (73c). 11 Anglo-Am n-v (73c). & Ariz Globe Copper. 43% 24% 110 52 80% 5% 49% 153% 6074 31% 72 69 29 331 174 224% 88 1 1% Asso-Dyeing & Pt 3% A 51 Asso-Elec Ind Ltd 30% Asso Rayon pf (6) 12 Aviation Credit..... 30 Axton-F Tob A 3.20. 75 Baumann (L) pf (7). 4% Bellanca Aircraft... 30 Blaw-Knox Co (1) 10 BlissCo (EW) (1).. 3% Blue Ridge Corp. . 231 Blue Rdg cv pt (a3) 81% Brazil Tr & Lt (2) 5 BrillCorp A (113) 14 Brillo Mfg (1.20), 815 Br Celanese Ltd re 8% Burma Corp (131¢).. 8 Cab&Wire LtdA rcts 1% Cab& e LtdB rets. 3% Cab&WireLtdpf rets % CAMCoctfs... Can Marcon{ Carib Syndicat: 4% Carnegie Metals 30 Carnation Co (31%). 20 Celanese Corp . 80 Celanese Corp pf(7). 4t Centrifug Pipe (60c) 20 Cent PSv A (al.75).. 12 Cen States El (340c). Chain Stor Stk (bS. Ches & Ohio (new). . Cities Service ($30c) Cities Serv pf (6)... Clev Tractor (1.60).. Club Alum Uten. . CEIROIL: . .. .o evoss % Columbia Syndicate. 0% Com'wlth Edison (8) 104 93% Comwlth Pow pf (6). 12% 1% Comwlth & Sou war. 96% 95% Com'wlth & S pf (6). 124 Com Wat Ser (h6%) 1 Comstock Tunnel. ... 4 Consolidated Copper. % Consol Cortez Silver. 12l Con Dairy Prod (12). 71 Coh Gas, Balto(3.60) 2% Cons Instrument 10 Cons Laundries 10 Cord Cor 5% Creole Pei 4 % Cresson Cons (8¢) 17 Crocker Wheeler % Crown Cent Petrol 1% Cusi Mex Mining. 6% Darby Pet (1).. 3 De Forest Radio 2 Derby Oil & Refin. 5% Detroit Aircraft Cor. 11 Dictograph (11%).. & Dolores Esperanza. . 84 Driver Harris(new) 4 Dubilier Cond&Rad., 3% Durant Motors. ..... 14 Duval Tex Sul w. 22 FastGas&F Asso 17 Estrn States P B (1). 7 Eastern Util Inv A.. 11 Educatnl Pic pf (8). 10 Eisler Elee Corp. . Fl Bond & Sh (b6). .. El Bond & Sh pf (6). Elec Pow Asso (1)..; 10% EIP & L opt war. . 941 EIP&L 2dptA (7)., 34 Fl Sharehold (31)... 25% Empire Pwr Corp(2) 14% Emp Pub Sv A(1. 5 Empire Steel Cor| 20 Employ Reinsur 1%. 13% Eng P S opt war. . 3% Evans Wallow Lead. % Fandango Corp. . 5% Fansteel Products. .. 15% Fiat Stk deb rts rets., 100 Florida P&Lt pf (7). 8 Fokker Aircraft. 15 Ford Motor Can A. ~30 Ford Motor Can B. 3 Ford Mot of Franc 10% Ford Motor Ltd. .. 15 Fore D Prpf (1.60 20 Fourth Nat Iny. 4% Fox Theat Cl A % Freed 85 Fren Line B (2 18% Garlock Pkg (1.20).. 4% Gen'al Alloys (80c). 8% Gen Am Invest new 2 General Baking. .. .. 7% Gen E Ltd rets (50c) 13% Gen Gas & El (A)... 9 Gen Rity & Utilities. 24 Gen Theat Equip vts 35% Gilbert (AC) (3%). 11% Globe Underwriters, 1 Gold Coin 24 Golden Cente .16 Goldfielg Consol 32 Gold Seal Eln. Gorham Inc A. . Greif & Brother..... Graymur Corp. ..... Groc Stors Prod vtc.. Ground Gripper (1). Gulf Ofl of Pa (1%). % Happiness Candy. 14 Hartman Tobacco. 27% Haygart Corp. .. 10 Hecla Mining (1).... 15% Houd-Her cv pfA2% 6 Hudson Bay M &S.. 74% Humble Ol (2)... Hydro Elec Serv (2). Hygrade Food Prod. Imp Oil Can n (50¢).. Indfan Terr Illum. .. Ind Fin ctfs (b10%). Tnv(b6%). In2apté.. InsCoof N Am (2).. Insurance See (1.40) % Intercontinent Petn, 2: 15 Intl Petrol, n(62%e). 25% Intl Superpow (31).. 3 InternatlUtB...... 10 Interstate Equities. , 11% Irving Air Ch (1.50). 6% Italian Superpow A. 29 Johnson Moter Co. .. 1 an City Pub 8§ vte. ., 21% KanCity PSvtcApf 4 14 Kirby Petroleum. ... 30 Lackawanna Sec(4). 22% Lane Bryan tine (2). 23 Lefcourt Real pf (3) 3 Leliman (The) Corp. Y 3 2 449% 21 " 3 - S o RN Bt A O R AN RN O RAN D e A B IR ND SNBSS a R B » ~8u 2 oS =+ 0 24% 29% 102 67% 69% 72 13% 21% 23 60% 37% 4% 59 Somar annumpormmaE » R 3 - o » anvuumBpxSe~SearEara velames 49 209 5% 29% ®2% 23% 15 s FuZ mamnraliaaToula canmamnen =3 o 14 Bales— Add 00. Open. High. Low. Close. 9% 9% 9 9 THE EVENING STAR, WASHINGTON, Received by Private Wire Direct to The Star Offico stock and . Dividend Rate. Libby McNeil & L. Lion Ofl Refin (2). Loews Mesabi Middle Mtg Bk NY N Norand Penn O Rich Of Sel Ind Shenan Southla Sunray Tri. UnNG United Unit Kl Utd Po, TUnited U 8 Fin| 1S Lin USS o it W Wayne 16% 11% an Winter So. Cal. Dividend annual payment *Ex-di 20 Tdend Lone Star, new (80c) Long Island Lt (40¢c) Long Isld Lt pf (7).. 20s Louisiana Lan & Ex. Mac Marr Store Mangel Stor 5 Marc W T br sh(62c) Marine Mid Cp (1.20) Mavis Bottlin; Mayflower As: Mid Royalty ev pf 2. Mo-Kansas Pipe L. . Mock Judson Voe(2) Morison Elec (£1)... Mount Prod (1.60).. Nat Amer Co (2). Nat Aviation Nat Bancsery Natl Fam Strs (1.60) Nat Fuel Gas (1) Nat Investors (new) Nat Leather. Nat Steel Corpx w.. Nehi Corpn (1.30)... Nelsner Bros pf (7). Newberry (JJ) (1.10 New Eng Pow pf (8 New Eng PS pr.L.(7) w Jer Zinc n (14). New Mex & Ariz Ld.. Newmont Min ($4).. N Y Auction (1%). N Y Invest (1.20) N Y Merchandise Rio&Bu Alres. .. ara Hud P(40c) Niag Hud Pw A war. Niag Ilnd Pw B war, Niles Bement Pond. . North Am Aviation Novadel Agene (2) Ohifo Copper. .. Ohio Ol (2) Outbd Mot A (1.80) Outboard Motor (B). Pac G&FIl 1st pf 1% Pac Western Oil. .. .. Pandem Oil. Pantepec Oil. Param C Mfg (2.40) . Patterson Sargnt (2) Penna Wa & Pwr (3) Pennroad Corp. , Teop Drug Strs (1) Peo L& P A (a2.40). Perryman Elec Co. Petrol Corp (1%) Philip Morris Inc Pilot Rad T A (1.20). Pitney B P n (20c). Pitts Forging Co. Plymouth Ofl (2) Powdrell&Alex (3 Prince & Whitely Prince&Whitely p Prudential Inv..... Pub Util Hold war.. Pug S P & Lt pf (6). RainbowLumProd A Refter-Foster (40c). Rike Kumbler ( Rockland L&P..... Roosevelt Field, Inc. Ross Stores, Inc. Russek’s Fifth Ave St Ragis Paper (1).. Safety Car H & L(8) Salt Creek Prod (2)., Schulte Un 5c-§1 St. Seiberling Rubber. Selected Industries. Select Ind pr (53). . So Ice & Utilities ¢ S W Dairy Product: Sple May S pf (6%). Standard Motors. ... Stand O11, Ind (233). Stand Oil, Kan (2)... Stand Oi1, Ky (1.60). Stand Pow & Lt..... % St Pow & Lt pf (7).. SteinA&Co cu pf 61 .100; Starrett Corp.... Starrett Corp pf(6) Stutz Motor Car. . Superheater (315)... Swift Intern’l(214) Swift & Co (8). Swiss-Am El pf (6). Syrac Wash M B (1). Tampa Electric (32). Thermoid Co (2).... Third Nat Inv (1) 4 Todd Shipyard (4).. Transamer ($1.60). . ‘Trans Air Trans cfs. Tran Con Air Tran.. Tri-Cont Corp war. . “ontinental Cor. Tri-Cont Corp pf(6). Tub Art Silk B (10). 4 Ungerleider F Corp.. Union Amer Invest., on Tobacco. Utd Carr Fastnr 1 United Corp war. & United Dry Docks United Easter; United Gas Co Unit Lt&Pwr 4 Utd Lt & Po pf (6).. United Profit Sh (1). Unit Reprod A Unit Reproducers B. United Ret Chem A. Unit Sh Mch (1313).. USFoll B (1) nit Verde Ext (4).. h Metal & Tunnel lity Equitfes. ... lity Pw & Lt(al). tlity & Ind........ Venezuela Ptm(20c). Vogt Mfg Co (2) Waitt & Bond A (2 Igreen Co. ... Wenden Copper. Williams R C (1.40). Worth Inc A, Zonite Prod (1.60)... RIGHTS. Edison 13 .07 Trans Corp rates in dolli 30 ivid tPartly extr T7% | cash o stock. b Payable o stock. Inc deb rt: a Syndicat. e o Slerman 2 Iron Wst U(b8%). Col (Am sh). ice (5). 1 —a a Mines (3) S oPPPeE-3 -TOTOTTNVOTDTOVINE |~ DD TOY IO PPN~ -y AR na T w Ed pr pf(7).. ® R~ EETESI P T=E o B T 1 Cal pf (1.75) 20) 0 =5 ANBANSE N R allot cfs5%. Shenandoah Corp. .. Corp pf(a3). Sterra Pac Elec (2)., nd Roy (1 DTS 01l (40¢). o g R D ADAE B RN " eRenan o 3 Samma Can (11.60) NBE o lec Ser Ser pur war S 3 ) o R Sug pf. rofit Shar. . ishing (32).. es % 10%% 15 18% 28 20 15 59 % # 18% 4 2 19% ). Pump. i i) 18% i 2 19% e MR A AARE SRR AR =REaS (Benj) 11 Expire. .Apr.12 2% 2% 2% 2% Mar.6 222 .06 .07 .06 .07 based on last quarterly or semi- Plus extra In stock. & Payable in d Payable in preferred stock. 20 19% 7.25: plain to fair, 5.50 to 6.50; common to plain, 4.00 to 5.00. Helfers—Choice to prime, none; good to choice, 10.00 to 11.00; medium to good, 9.00 to 10.00; fair to medium, 8.00 to 9.00; plain to fair, 7.00 to 8.00; com-~ mon to plain, 6.00 to 7.00. Fresh cows and Springers, 60.00 to 150.00. Sheep and lambs—Receipts, 900 head; lighter supply, market higher: sheep, 2.00 to 6.50; lambs, 7.00 to 15.50. Calves—Receipts, 450 head; calves, 7.00 to 17.00. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, spot, 1.28; | No. 2 red Winter, garlicky, spot, 1.26: | January, 1.26; No. 3 garlicky, no quo- tations. | Corn—No. 2 domestic, yellow, new,' 1.05; cob corn, new, 4.60a4.70. Oats—No, 2 white domestic, spot, 55; No. 3 white domestic, spot, 54. Rye—Nearby, 90a1.00. to choice, 9.00 to 9.75; medium to good. 775 to 875; fair to medium, 7.00 to 7.50; plain fo fair, 6.00 to 7.00; com mon to plain, 5.00 to 6.00. Cows—Choice to prime, none; good to ice, 8.50 to 9.00; medium to good, t 8.25; fair to medium, 6.75 to Hay—Receipts, none. Season for old hay is about over. A little new crop is arriving, but hardly enough upon which to establish quotations by grades. Where in good order new hay sell at from 14.00a17.00 per ton, according to its quality and condition, receipts by truck taking care of most requirements. Straw—Little demand for straw, Re- ceipts generally ample. Wheat stra: No. 1, per ton, 9.00a10.00; oat straw, No. 1, per ton, 9.0010.00. Business Notes NEW YORK, January 13.—The an- nual report of C. H. Middendorf, trea: urer of the New York Coffee & Bugar Exchange, shows the exchange to be in the best financial condition in history. As of December 31 last assets ex- ceeded Jiabllities by $852,595. The Canadian National Rallways have asked for bids on the construc- tion of a steel car ferry steamer for service in the Northumberland Strait between Cape Tormentine, New Bruns- wick, and Port Borden, P. E. 1. The vessel is to be more than 300 feet long. The average price of crude petroleum in 10 producing flelds was higher last ‘week at $1.622 & barrel, compared with !$1.612 & barrel in the preceding week, according to the Ofl, Paint and Drug | Reporter. The average price for the corresponding period last year was $1.74 a barrel. Raw silk futures transactions on the | National Raw Silk Exchange last week | totaled 7,370 bales, more than double the 3,655 bales traded in on the Yoko- hama Exchange for the same period. ‘The Kolster Radio Corporation has | naugurated a policy of licensing other | manufacturers under certain of its | patents in the broadcast recelver fleld, with the execution of a patent license agreement with the Scoville Manu- facturing Co. of Waterbury, Conn. The Scoville Co. will manufacture’ con- | densers for radio receivers flemem Airplane Engine Order. NEW YORK, January 13 (#).—The | Lycoming Manufacturi Co. has re- ceived an order for 500 airplane engines of the nine-cylinder radial type from | the Stinson Aircraft Corporation. Both companies are now controlled by the | Cord interests. I D. C, MONDAY WIGEIN FORESEES GAIN IN BUSINESS | chairman of Chase National Bank Declares Situation Is Satisfactory. BY JOHN F. SINCLAIR. Special Dispatch to The Star. YORK, January 13.—Albert H. wiggin, Chase National Bank of New York chairman, joins with the optimists in the present business situation. «“We are thoroughly justified in say- ing ‘business as usual.’ "’ says this bank- er, “Business morale 1s good * * * Presi- dent Hoover’s ac- tion, wholesome ale * * * hand-to- mouth buying, and inventories are moderate and must :; regularly be replen- ished.” Joining in the discussion of whether or not the world has enough gold to carry on business without “There is enough gold in the world legi- timate business of the world at comfortable rates of in- terest, but there is not enough gold to finance such a speculation we have recently experienced, and there is not enough surplus gold to justify extremely cheap money at the present time. Discussing the gold outflow from the United States, Mr. Wiggin belleves that the international money market is work- ing toward equilibrium and “that the interest rates in the future will more nearly reflect the facts about the world’s capital supply than they have done in recent years.” Then he uttered a prophetic not “If this means higher interest rates than those of 1927, it also brings the corrective of more savings and less wasteful use of capital, and this in time will produce soundly-based lower interest rates again.” This chairman of one of the worl largest banks, sums up the stock mark- et speculation and the subsequent crash as follows: “The stock market crash was due to the violent speculation which preceded it. The speculation was aue to the cheap and excessive credit available to speculators for several years. The low rates of Autumn of 1927 intensified this speculation to a degree which made it _almost uncontrollable.” But that's over now. He believes the business outlook is both healthy and sound. Prof. Irving Fisher of Yals told a New York legislative committee that the present tendency is toward a sud- den collapse in prices “unless a better and wiser international control of gold was brought about.” ‘Today gold is cheap in terms of pur- chasing power. Cheap gold expresses itself in high prices of commodities. In 1920 gold had one-half the buying power it had before the war. Now it has two.thirds the buying power it had in 1913. Gold mining, therefore, has been dis- couraged by this situation, resulting in a decrease in the amount cf gold in circulation, coincident with a great in- crease in the volume cf commodities. “Eventually this process will result in a shortage of gold reseive,” said the Yale professor, “automatically shutting Albert H. Wigsin. % |off at a certain point furtner credit expansion, thus squeezing businsss, pre- cipitating hard times.” The implications of such a statement are far reaching. H. Parker Willis, the flery editor of the New York Journal of Commerce, questions Dr. Fisher’s “guesses’ “Any conclusions regarding price trends that may be reached on the basis of the status quo may be vitiated by the credit policies of central bank manage- ments,” says Dr. Willis. ‘The gold problem resolves itself into a problem whether the different countries of the world are going to scramble for the very limited new production. ‘The Bank of France during the past three years has actually added $230.- 000,000 more than the estimated addi- tions during the same period to the world’s monetary gold stocks. The gold question is primarily a psychological one. But the psychologi- cal problem may develop into a habit like any other. ‘There's plenty of gold in the world to meet the world cerdit needs, if the central banks of the world and their officers so decree. ‘The “dope” business is no side line. It's one of the world’s largest. Fabu- lous profits are derived by several na- tions from opium production. The record shows that in the five- year period from 1920 to 1925 the opium revenues from British Malaya and Hong Kong were $915,974,200 (Straits dollars); Netherlands East Indies, $271,336,000, and French Indo-China, $156,238,900. The British government, exclusive of British India, is getting 24 per cent of its total income in the seven British possessions 1n the East from opium. The British Indian government lends money to opium cultivators without in- terest and buys the entire output. ‘The League of Nations is wrestling with the problem now. Their confer- ences on narcotics this year will deal solely with the control of manufacture, but not with the problem of limiting oplum cultivation. The United States demands limitation. The United States holds that in limiting opium cultiva- tion, not in the control of manufacture, lies its ultimate extinction. ‘The opium advisory committee of the League of Nations meets this weck at Geneva. United States will co-operate it both production and manufacture are considered. But otherwise, prob- ably not. ‘Watch Geneva this week to see what happens! ' ‘While some people bewail the great | amount of advertising spread all over the Nation in every form of communi- cation, including newspapers, radio, magazines and even books, such persons should remember that the great Vol- taire, in his writings, always inserted & reminder that he sold watches and stockings. Voltaire ‘Jed in the little village of Ferney, a low, marshy, unhealthy spot in France. He reclaimed the land, bullt new houses and started a weaving and ‘watch-making colony. He wrote classics in his spare hours, but his weaving and watch-making business prospered ex- ceedingly. He did a big export business to Spain, Italy, Russia, Turkey, Morroco, Portu- gal, China and America. From small beginnings, he ihcreased his income to over $100,000 a year. Today he would be considered a “big business” leader, for $100,000 then meant more than $1,000,000 today. Some one, analyzing the success of this dfie“ man in the fleld of mer- chandising, declared that he had the secret of interesting people in watches and stockings because he “sold himself" to his ctive customers first. Such sell! most_succe: chandising. (Copyright, 1930, by North American News- peper Allisnce.) ? still remains one of the ul factors in good mer- Pay Rolls Are Increased. NEW YORK, January 13 (#).—Fifty- one major plants at Toledo, mainly au- tomotive, report a total of 24,331 work- ers for last week, an increase of 1,207 over the rreeea ng week, but comparing with 40,712 a year ago. o4 upon business mor- | 1928 JANUARY 13, ' 1930. FARM BUYING POWER. NEW HAVEN, Conn, January 1 (Special).—Farm’ purchasing power, while almost 10 per cent greater than a year ago, continues to drop, with non- agricultural prices slowly improving at the farmer’s expense. A smaller decline in agricultural prices took place last week, and they are higher than they were a month ago, but have lost half the gain made be- tween November 22 and December 27. They still exert large influences on the all-commodities index, but downward movements are based less on general dullness in business than on over-large crop surpluses. !:de: numbers of agricultural and non-agricultural prices = for various periods are given in the following table with the index of farm purchasing power which is their quotient. For each the average for 1926 represents 100: Farm _ Agricul- Non gr | tural | cultw | er. © pr Prices. £558s2sss & g 2220087888 ¢ er Washington Ticker BY CLINTON COFFIN, Associated Press Financial Writer. Two congressional debates, the sec- ond of which is still in progress in the Senate, have served to demonstrate : | clearly the difficulties which American sugar producers face in endeavoring to get satisfactory advantages out of tariff protection on their commodity. The crux of their delimma, as it has been set forth by Senator Vandenberg of Michigan and Representative Timber- lake of Colorado, and as it has been incidentally reflected in bounty plans suggested by Senator Borah of Idaho and Representative Frear of Wiscon- sin, lies in the large tropic possessions now under the American flag, such as Hawail, Porto Rico, and, above all, the Philippines. Raw sugar can apparently be produced in Cuba at a rock-bottom cost of 2 cents per pound, and in the American tropic possessions for around 3 cents, while the various committee approaches to cost studies make it seem probable that 31 cents a_pound is as low as raw product can be turned out of the American beet sugar areas, and the limited American cane territory in Louisiana and Florida. Thus the rais- ing of the American tariff on sugar, which has been the congressional policy since 1909, is conceded on all sides to have the effect of shutting out the Cuban supply, but the gain has been doubtful for the American pro- ducer, since the expansion in produc- tion, particularly in the Philippines, has tended to supply the country’s mar- ket requirements. Senator Vandenberg now proposes i that the Philippines be granted their independence, so that the tariff might g0 on their product. Representative ‘Timberlake urged earlier that the sugar imports let in free to the United States from the islands be limited to 500,000 tons per annum, and neither proposal seems to gain widespread favor. The Bohar-Frear project involves dropping the attempt to raise the sugar duty and to pay outright to American producers a bounty of a cent or so a pound on pro- duction, at a cost of $90,000,000 or so a year, to be met out of the $250,000,000 a year which the Treasury now collects in tariff on Cuban sugar. It will be some time before congres- sional roll calls settle the controversy, and most observers expect that instead of initiating any new governmental policy, or attempting to grapple with the mixture of political economic issues the question presents, Congress will deal with it solely by fixing a sugar duty rate. That will entail setting the impost on the Cuban product at some- where between 1.76 cents per pound, the present rate, and 2.20 cents per und, whi¢h~the Senate Republicans ave recommended. In the mean- time, though, sugar remains in pressed commodity classification, the reports of I restriction in its production coming I from around the tropics of the world give producers considerable ground for hoping that the law of supply and de- mand, apart from all tariff discussions, may freat them better in the future than it has in the past. Another appeal for tariff to meet a commodity emergency was instituted this week by Senator Oddie of. Nevada, who presented an amendment calling for an impost on silver, while his col- league, Senator Pittman, and: other spokesmen for mining areas explained to the Senate the distress occasioned by the recent collapse in silver prices. Here again the possibility of relief by tariff is generally voted as ambiguous, in view of the normal status of the United States as a silver exporthg country. It is & rather remarkable fact that the American production of silver seems to have a declining trend in any case, since the mint figures place 1929 output in the United States of the metal at 60,- 937,000 ounces, while the figure for 1925 was 66,155.000 ounces, and for 1923, it was 73,334,000 ounces. Though there is a big consumption of silver in the United States, for tableware and photographic film purposes, the great world use of silver has been in the currencies of Asia, and it was in the reduction of demand there that the silver price fall originated. With silver as in sugar, there are some signs that the normal economic influences are working to an ameliora- tion of the producers’ situation that is probably more effective than tariff at- tacks on the problem will be. Last week the silver price, which has dropped steadily drom a figure of 64 cents early last Spring to under 43, | turned around notably. It had recovered to above 45 cents on Saturday, and in view of the fact that much of the world's silver i3 a by-product of copper, output of which commodity is now being curtailed, the price turn gave a slightly more hopeful outlook to the mining groups. = | Special Dispatch to The Star. NI mildly downward two days. FINANCIAL, #¥% A_IS STOCK PRICE INDEX (DAVIS IS ELECTED REVEALS ADVANCE Market Points Upward Dur- ing Last Week, but Gain Is Small. BY IRVING FISHER. [EW HAVEN, Conn. January 13.— | The price trend in common stocks was mildly upward four days last week and Both the mean weekly level and the week end close showed ad- vances over the week before. “Sentiment in Wall Street” is re- ported much im- proved. In so far as this _sentiment is the opinion 0f bro- kerage houses as expressed in their daily statements on the market, much more optimism is certainly evident. Some of their ancobut{lgemsm 1'; oubtless due Irving FISRer: the “action of the market toward the week end when the volume rose above the low levels of the earlier days and when prices' behaved in a way calculated to encourage trad- ing, which means more commissions for the brokers. Price gains have not, however, been so general nor so well held as to indicate more than a trading market. Those who predicted a rise in the favorites during the last week were finally proved right in & fairly conclusive manner. Some of these same observers who fore- saw last week's advance are strong in their opinion that the general direction of these favorites will be upward dur- ing most or all of the rest of this month. ‘The tape offers support to this opin- fon in that activity last week dried up on recessions. It also looks as if the bottoms had been fairly well tested. ‘There is no apparent sign that prices are about to break through the lows of the secondary reaction. On the other hand, reports on retail trade, car loadings and bank clearings do not indicate that a turn has been made in general business activity such as warrants confidence that a sus- tained bull movement in stocks will immediately develop. Of the several groups, measuring prices by last week'’s close compared with that of the week before, auto ac- cessories made the best showing with a 4 per cent gain; the steels, coppers and motors showed gains of about 2 per cent each. The stores group lost 4 per cent. e compact survey of New York Stock Exchange movements of com- mon industrial shares is given below in price indexes (1926=100), There are two indexes of market price move- ment. The first (“Shares Outstand- ing”) represents all common industrial shares listed on the exchange, the im- portance of each stock being consid- ered according to the shares in ex- istence, or outstanding. The second index (“50 Leaders”) shows the price movement of the common industrial stocks most heavily dealt in during the week, this list changing weekly with the shifts in trading popularity. The “Shares = Outstanding” index shows what a substantially representa- tive $100 worth of stocks in 1926 would Bow amount to if held unchanged since that year. The “50 Leaders” index shows the result of reinvesting the $100 every week in the market favorites of that week. The last column.of the table . glves the rate of return on -the weel leaders at current prices. AEgEREE 1926 av. High ('28-'30) Low ('28-30) Sufszasgias Speculative Stocks. The speculative group miade the best showing last week, closing 27-10 per cent higher. Semi-investment stocks showed strength especially near the end of the week, with a low of Wednesday 4 points above that of the preyious week. Cautious optimism from brokerage houses dictated purchase of good stocks on reactions, but the investment group showed the least gain of the three groups, going less than a point higher. Below are shown index numbers of orices of common industrials on the New York Stock Exchange, arranged in classes derived frcm Moody's ratings: 1st ‘2nd 3rd T Grade Grade (Invest- (Inter- (Specu- ment). mediate). lative). 1205 1183 (1926-100) 3 = » R ea I aae 5283528 Samoamoan 2335352533 SSSS83333 20 maakw: i3 1926 a High ('28-'30) Low ('28-'30). . a3 Aug29) (Sept.'29) (Mar. (Peb.28) (Feb.'38) Peb. 3 Stock Trading Inactive. Trading declined last week to the lowest level in months. Last Wednes- day’s five-hour session showed a smaller turnover in common industrials than even any three-hour session in nine months, reaching a total value of only CER32828E35; S ommma: =ie 8 | 855,200,000, contrasted with a turnover of indust: shares with a total value SATE FARIRASHE Over a Third of & Century Without a Loss is National 2100 THERE IDEAL INVESTMENT That means a combination of ample security, liberal return and regular payment of inter- est—and exactly describes our 6'2% FIRST MORTGAGES You can invest your money and give it no further concern. On the.due dates the interest will come promptly as a pleas- ant reminder and the principal secured by conservatively appraised improved real estate. 1\'Iay be purchased in amounts from $250 up. B. F. SAUL CO. MORTGAGE 925 15th. St. N.W. FARM BUREAU HEAD Federation Urges Increased Aid for Agriculture by Fed- eral Government. Special Dispatch to The Star. BALTIMORE, January 13.—James W. Davis of Rocks, Harford County, was named president of the Maryland Farm Bureau Federation at the closing session Saturday of the 1930 conven- tions of that organization and nine affiliated associations. This makes Mr. Davis' fifth consec- utive term, and E. Thomas Massey of Massey, Kent County, also was re- glec:ed for his fifth year as vice presi~ ent. M. Melvin Stewart, Gambrills, Anne Arundel County, will serve his eighth term as secretary-treasurer. Increased participation by the Fed- eral Government in activities which would aid the farmer was urged in resolutions adopted, which also ap- proved the actions of the executive officers and boards of directors of both the American Farm Bureau Federation and the Maryland Farm Bureau Fed- eration in their efforts to assist and co- operate with the Pederal Farm Board. The arganization approved “an ap- propriation of at least $125,000,000 by the present Congress and such addi- tional legislation and appropriations as will provide the active beginning an the part of the Federal Government in the construction of farm-to-market roads.” It favored the recognition by the Fed- eral Government of co-operative pur- chasing organizations, advocated the policy of Federal fmancial participa- tion in the cost of rural education and urged the appointment of farmers on all Federal boards and commissions be- fore which the interests of agriculture are involved. > GRAIN MARKET. CHICAGO, January 13 (#).—Affected by unlooked for downturns in wheat quotations at Liverpool, the wheat mar- ket here underwent a material setback early today. Decided enlargement of the amount of wheat on ocean passaj together with inactive demand abroad, was reported. Opening 8% to 1% of Chicago wheat afterward showed an ad- ditional decline. Corn and oats were also easier, ‘with corn starting 4 to 3 down, and subsequently sagging further. Provisions kept firm. b Adding to the downward momentus of the Chicago wheat market at times today, was evidence that foreigners were selling wheat future deliveries here. Word also was at hand that Argentine new crop wheat for Januaty- February Shipment was being offered in Germany 7 cents a bushel chea than United States hard Winter grades. Meanwhile supplies of wheat afloat on the ocean announced today as showing 4,400,000 bushels. Increase compared to a week ago. : Considerable resistance to selling pressure in the Chicago wheat market was met with, however, after prices oday had touched as low as $1.29, May delivery. Along that level, com- mission houses absorbed the future de- livery offerings more readily. On the other hand, North American wheat ex- port business over the week end, ap- peared to have been restricted to 400, 000 bushels, all of it grown in Canada. NEW YORK COTTON. NEW YORK, January 13 (#).—Thz cotton market opened steady today at an advance of 1 point to a decline of 4 points. The more active months showed net losses of about 4 to 9 points during the early trading under realizing which may have been Ifl‘nmfl!&d by the indifferent showing of Liverpool, al- though the market there steadied just before the local opening. The decline was checked by trade buying and cover- ing, however, and the tone was fairly steady at the end of the first half hour, with March selling around 17.42 and July 17.85, or about 4 to 7 points het lower. Livepool cables reported Con- tinental buying, covering the trade cal ing supplied by realizing in that mar- ket, and said there was an improved cloth inquiry from Egypt and South America. g COTTONSEED REPORT. By the Associated Press. Cottonseed crushed during the five- month period, August 1 to December 31, was announced today by the Census Bureau as 2,911,711 tons, compared with 2,969,144 tons during the same period a year ago, and cottonseed on hand at mills December 31 was 1,106,566 tons, compared with 1,333,733 a year ago. of over $650,000,000 on the record day, October 24. The average daily value of all stocks changing hands was $100,900.000 last week and $152,400,000 the week before. For common industrials the figures were $75,500,000 .ast week and $104,900,000 for the preceding week. (Copyright. 1930.) Councilor & Buchanan Certified Public Accountants Wm. Gordon Buchanan ‘Tower Building National 6110-6111-6213 (Telephone Directory Omtssion) 79 mortoace —7' 0 " NOTES 0 Secured on Well Located Homes SAFE CONSERVATIVE ROBERT E. FUNKHOUSER vostments — for ividuals, _ tr funds and funds of organizations. Sold in_ Lots—$100.00 Up Call or Write Standard Collateral Shares Corporation Woodward Bullding. Met. 8188, Mortgage - Money We Have It for Well Secured First Mortgage Loans SHANNON. & LUCHS 1435 K St. Nat'l 2345