Evening Star Newspaper, January 20, 1930, Page 15

FINANCIAL THE EVENING STAR, WASHINGTON, D. C * CURB ISSUES MIXED| INQUIET MARKET Utilities Featured in Irregu- lar Trend—Amuse- ments Active. BY JOHN A. CRONE. Bpecial Dispatch to The Star, NEW YORK, January 20.—Public | Utilities made the best showing in a moderately active, but somewhat ir- regular eurb session today. Oils, despite the cut in crude output last week, dis- played a mixed trend, while many in- dustrials mirrored specific new develop- ments, Pivotal utilities, such as American Superpower, Electric Bond and Share, United Light & Power A, Asso- ciated Gas & Electric and Utllities | Power & Light, opened higher, but did not_ maintain all of their early gains. Artificial silks, amusements, tobaccos and sugars were prominent in indus- trial dealings. Celanese opened higher, despite London cables telling of its re- duction in yarn prices. Later, however, it Tost_part of the initial bulge. Tuize opened off a point at 158. | Fox Theaters A at one time was down & point as the result of the applica- tion for a receivership of Fox Film. Reports of withdrawal of such an ap- plication_ by the filers were denied, General Theaters was active, but backed and filled, while other amusements showed signs of stirring. PILGRIM HOME FOR SALE. “Authentic Home” Offered by Brit- isher for $6,750. LONDON (#).—An auctioneer is of- fering for sale at Broxbourne the “au- thentic home of one of the Pilgrim Fathers.” ‘The price is $6,750. Fireplace, oak beams and other characteristic features of the eight-room home are said to be Just as they were when the seventeenth- century owner moved his household furnishings to Massachusetts. NEW YORK COTTON. NEW YORK, January 20 (#).—Cot- ton opened steady today at a decline of 6 to 10 points under local and foreign selling in response to lower Liv- erpool cables than had been expected. Some of the selling of the distant po- sitions was attributed to a belief that the recent cold weather wouldereduce the weevil menace during the coming season. On the decline buying by trade interests and New Orleans gave the market a certain amount of support and offerings were not large, as traders | were_awaiting action on the part of the Farm Board. The March position declined to 17.24 and rallied to 17.26. Liverpool cables said the decline there had been due to hedging and conti- nental and Bombay liquidation, but re- ported a fair cloth inquiry from Africa | and South America, and said that the China news was better. “Liverpool spot cables were reported at 6,000 bales, in- cluding 4,000 American. 'Egyptian fu- tures in Liverpool wefe 3 lower to 1 higher; Indian, 10 lower. AT MONEY MARKET. | NEW YORK, January 20 (#).—Call money was in good supply today and the rate, which renewed at 41z cent, dropped to 4 before noon, despite a considerable calling of loans for for- eign account. ‘Time money was dull and all maturi- ties were quoted 4!, to 43, per cent, including the 30-day loans, which on Friday were quoted at 41 per cent flat. Bankers' acceptances were unchanged. POTATO MARKET. CHICAGO, January 20 () (United Btates Department of Agriculture).— Potatoes—Receipts, 162 cars; on track, 322; total United States shipments Saturday, 677; Sunday, 37; trading just fair; market firm on russets, about steady on other stocks; Wisconsin sacked round whites, 2.50a2.60, occas- ional fancy, 2.65; Idaho sacked russets, 3.10a3.35, few fancy, shade higher. BONDS ON THE CURB MARKET. Bales in thousands. 21 Aluminum NAmG&ES At 2> g8 L H (13 wt i - g ow 55 36, 9 Lt 5s '56 95% 125 '48 xw 88 58 1114 FE88 a*l!—;:on: SChrm P Epgx o a o o e, 255> 555522 2398= L0 o “H 29! 99000EE ™ o200 228 % 2 7 Georgia Pow 55 9 4 Gulf St. Util 55 A 56 4 Hous Gult 65 A 43 s A 2033 101 " 1 1 Koppers G & C 55 "47 9534 10 Koppers G & C 5!as. 9934 I Lehigh P 8 65 A 2026 102 1 5 Long Is Lt bt & s 4" i o8 0 A 2025 xw 103 ) 12 "4 ... 101 b 299 190 NEW YORK CURB MARKE Stock and Dividend Rate. Lackawanna Sec(4), 3 Lakey Fdy&Mch(1).. Lake Superior Corp. Lefcourt Ry 5 Stock and Dividend Rate. Acetol Prod A....... 7 Acronautical Indus. 5% Aero Sup Mfg B..... 13 Aero Underwrite . 109% Ala Great Sou (17).. 1% Alexander Indus 4% Allegheny Gas Corp % Allfed Aviation. .. 101 Allied Mills (§0¢). .. 23 Allied Pow & Lt. ... 401 Allfed Pwr&Lt pf(3) 71 ANP&L1stpf.... 99% Aluminum Co, Ltd 20 Alumin Govds (1 5 Am Brit & Cont, 16% Am Chain (3). 76 Am Cigar Co 10 AmC P&LB (b10%) 18 AmCwith PAb10%. 22 AmCwithPBb10%. 2% Am Cmwlth Po war. W Am Control Ofl Flds. Am Cyanam A (1.60) Am Cyanam B (1.60) 24 Am Dept Stores. 14% Am Equities. . 25% Am For Power war. . 70 Am Gas & Elec (1). 6% Am Invest IncB.. Am Lt & Traet (10). 7% Am Nat G cm pf 60c. 104 Am Solvents Chem.. 15 Am Superpower (1). 89% Am Super 1st pf (6) 82 Am Superpow pf (6) All Amer Gen Corp... 204 Amster Trad (1%). 14 Anglo-Am vot (73c). 11 Anglo-Am n-v (73c). 2% Anglo Nor Hold. ... Ti Arcturus Rad Tube.. 3% Arkansas Nat Gas. .. 615 Arkansas Nat Gas A. 90 ArkPo&Ltpf (7).. 1 Asso-Elec Ind Ltd. .. 30 Ass0G & B A (12.40) 31 Asso G&E A deb rts.. 304 Asso Rayon pt (6)... 4 Atiant Fruit & Sug 14% Atlas Strs Corp (1).. 12 Aviation Credit. 15% AutV Mev prpt (2). 20% Aviation Corp of Am 30 Axton-F Tob A 3.20. 117% Babcock&Wilcox 19, 46% Bancomit new (1.60) 4% Bellanca Aireraft. 144 Bickfords, Inc (1)... 314 Blue Ridge Corp. 23% Blue Rdg cv pf (a3). 31% Brazil Tr & Lt (2)... 1% Bridgeport Machine. 26% Brit Am To reg 11.20 26 Brit Am Tob B 11.20. Bulova cv pf (3%) 3% Burma Corp (t31c).. 13% Butler Bros (1.20).., 3% Cable Radlo T vte. 3 Can Marconi. 1 Carib Syndicat, . 20 Celanese Corp....... 6 Cent Atlantic States. 20 CentPSvA (al.75).. 12 Cen States El (340¢) 9 Chain Stores Stock. . 44 Ches & Ohio (new).. 20 Cities Service (330c) 84 Citles Serv pf (6)... 2 Club Alum Uten. ..., 4 Colon Oil. . 25 2 % Columbia Syndicate. % 210% Com'with Edison (8) 1% Comwlth & Sou war. 95% Com'with & S pt (6). 124 Com Wat Ser (b6 13% Consolidated Aircrat % CA M Co ctfs. 4 Consolidated Cop 2% Cons Instrument 10 Cons Laundries 10 Cord Corp.. 55 Cosden Oil pf.. 5% Creole Petroleum. ... % Cresson Cons (8¢c)... 17% Crocker Wheeler % Crown Cent Petrol 1% Curtiss Wright w: 1} Cusi Mex Mining. 2 Davis Drug Stor cf: 310 Deere & Co (6). 3 De Forest Radlo. 5% De Haviland (50¢).. 54 Detroit Aireraft Cor. &% Dix Gas & Utilities. . Draper Corp (1 32 Dres(SRIMfg A3 34 Driver Harris(new). 4 Dubilier Cond&Rad.. 3% Durant Motor: 14 Duval Tex Sul w. 17 Fast States Po B(1).. Eastern Util Inv A. . 10 Eisler Elee Corp. El Bond & Sh (b6). .+ El Bond & Sh pf (6. SR Gkt b P e e L LAl - Elec Pow Ass0 (1).4; 14 Elec Pw Asso A (1).. 3% Elec Sharehldg ($1).. 45% El Sharehold pf (6 Emer Bromo Sel A 2. 147 Emp Pub Sv A(1.80) _ 3% Evans Wallow Lead 3 Fairchild Aviation % Fandango Corp. 20 Federated Metl 29% Federal Screw (3)... 15% Fiat Stk deb rts rets. 4% Finan Invtst, NY... 100 Florida P&Lt pt (7). 8 Fokker Aircraft. 15 Ford Motor Can A... 3 Ford Mot of Franc 10% Ford Motor Ltd. 31 Foundation For Sh: 20 Fourth Nat Inv. 4% Fox Theat Cl A 4% Galena Signal, 18% Garlock Pkg (1.20) &% Gen Am Invest new.. 24 General Baking 45 General Bak pf (6).. 6 General Cable war... 7% Gen E Ltd rets ¢50c) 10 Gen Indus Alcohol 9 Gen Rity & Utilitle: 24 Gen Theat Equip vts 95 Ga Power pf (6).... 80 Glen Alden Coal (10) 11% Giobe Underwriters. 3 Goldherg Stores. % Gold Coin. . 3 Gold Seal El n. 24 Golden Cente: .16 Goldfield Consol. . ... 82 Goldman Sachs (b6). 1% Goth Knitback Mach 23 Graymur Corp. 162 GrA&PTnv 114 GrA &P Teapf (7). 10 Groc Stors Prod vic. 115 Gulf Oflof Pa (1%). 7 Happiness Candy. ... 14% Hazeltine Corp (1) 6 Hudson Bay M & § 74% Humble 01l (2). . 27 Hydro Elec Serv (2). Hygrade Food Prod. Imp Ofl Can n (50¢). Ind P L new (12%).. Indian Terr Ilum. .. Insull Ut Inv(b6%) . Ins Coof N Am (13). Insurance Sec (1.40) Intercoast Trade (1) % Intercontinent Petn. 15 Intl Petiol, n(62%ec) 25% Intl Superpow (31).. 4% Itallan Superb 3 Internatl Ut B. 1 'Iron Cap Copper..... 6% Itallan Superpow A.. 29 Johnson Motor Co. .. 1 Kolster-Br (Am Sh). 10 - Sales— Add 00. Open. High. 19 9 . 1920.~ Low. 30 Mare W Niagara Ohio Oil ou Premier Propper Reliable Selected Thomp- Tub Art Vacuum 6l 58 1 5 50 13 So. Cal. ~dividy cash of siotk b P Ger Hamburg El 5! 1 Sup Pow 6: IN LEADING U. S. CITIES | By the Assoctated Press i NEW YORK, January 20.—The weck- | Iy retuins on bank clearances as com- piled by R. G. Dun & Co., show the total for the leading cities of the coun- try down 127 per cent from the same week of 1929, with the falling off at New York amouniing to 26.3 per cent, Gen- erally the decreases shown are found to be largest at cities credited with having participated extensively in the bull stock market, such for example Chicago, Angeles. Detroit, St. Louis and Los The contract'on undoubtedly is accounted for in part by the slower pace of business currently, as contracted with this time a year . teresting to note that the shrinkags corded at each of the four citics men- tioned above parallels that shown in New York. ‘Trading on the Stock Exchange inci- But it 13 in- dentally has thus far this year »veraged slightly less than half the volun.e of the same period of 1929, WOLVES KILL HUNDREDS OF CANADIAN DEER Herds in Valleys of Alberta and | Northwest Territories Ravaged by Daring Gray Packs, MONTREAL.—Carcasses of hundreds | of deer are dotted over the hillsides and | wooded valleys of Northern Alberta and the Northwest territories, victims of the | worst_depredation of wolves the North- | west has known for years. | Trappers arriving in Edmonton with the results of their first Winter's trap lines visits say that bands of timber wolves are ravaging the valleys of the Athabasca and Big Baptiste Rivers north of Edson. They say that never before in_their pmn:c; h:;e they seen such havoe wi e gray phantomlike ma- Tauders, With Uhe deer extremely ‘mi- merous, the wolves find easy pickings Libby McNeil & L. .. Lily T Cup (150).... Lion Oil Refin (2)... Lone Star, new (80c) TLong Isl Light(60c). Louisfana Lan & Ex. Mac Marr Stores. ... Mangel Stores E ) Marine Mid Cp (1.20) Mavis Bottling Mayflower Ass Mesabi Iron. Mer & MfS A (1. Middle Wst U(b8 Mid W Ut cv pt xw6. Mid Royalty cv pf 2. Mo-Kansas Pipe L. . Mohawk Mining (12) Morison Elec (11)... Mount Prod (1.60) Municipal Service Nat Amer Co (2) Nat Aviation....... Natl Fam Strs (1.60) Natl Fam S pf (2)... Nat Investors (ne; Nat Mfrs & Stores Nat Sugar N J (2) Nehi Corpn (1.30) Nehi Corp pf (5%).. Newmont Min (34).. New Quincy M (10¢) N Y Invest (1.20)... N Y Rio&Bu Alres N Y Tel pt (6%)... Niag Hud Pw A war. Niag Hud Pw B war. Noma El Cor (1.60).. Noranda Mines (3).. North Am Aviation. North St Pow pt (7).100s Ohfo Copper. Prince & Whitely. Prince&Whitely pf3. Prudential Inv. . Pub Util Hold war Pyrene Mfg (80¢c)... Rudio Products (2).. % RainbowLumProd B % Reeves(Dan'l)(1%). Reiter-Foster (40c). Reynolds Bros Inc Reynolds Met n 2.40. Rike Kumbler (2.20) Roan Antelope Min. . Rocklans Lt&P(92¢). Roosevelt Field. Inc. Ross Stores, In Ruberoid Co (4 3 Ryan Consolida! % St Regis Paper (1) 9 SaltCreek Prod (2). Schulte Un 5c-§1 St. Seg Lock & H (50¢) Sel Ind allot cfs 6% .. Select Ind pr (5%).. Sentry Safety Cont.. % Shenandoah Corp. Shenan Corp pf(a3).. Sillca Gel ct. Sisto Fin Corp. Smith (A 0) (2 Snia-Viscosa Sonora Products. ... So Am Gold & Plat. . Southern Corp. . South Penn Oil (2).. S E Powr & Lt (1.60) SEP&LDPL(T)..... S W Gas Util Std Dredg ev pf (2).. 4 Standard Motors. ... Stand Oil Expt pf(5) Stand Ofl, Ind (2%). Stand Oil, Ky (1.60). St Oil of Ohlo (23%). St Pow & Lt pf (7).. 2508 Stutz Motor Car. Sunray OIl (40¢c) Swiss-Am El pt (6). Tampa Electric (32). Texon Oll & Land. Third Nat Inv (1) Thomp-Star pt (3% ) Todd Shipyard (4). . Transamerican ($1). Tran Con Air Tran.. Trans Air Trans cfs. Tr-Lux DL P S (A). Tri-Continental Cor. Tri-Cont Corp war. . Tri-Cont Corp p£(6). Tri-Utilities. Ulen & Co. . Ungerleider F Corp., Un N G Can (11.60).. Union Tobacco. ..... Utd Carr Fastnr 1.20 United Corp war.... United Ch pt pt (3).. United Gas Co...... Unit Lt& Pwr A (60¢) Utd Lt & Po pf (6).. Unit Rt Ch pf (3%). Dairy B . S Finishing (32).. &InSctl (234). ]S Lines (50¢)..... Radiator ctfs(2) Util & Ind pt Venezuela Ptm(20c) . Vick Fin Corp...... Waitt&BondB(1.40). Walgreen Co. .. Walker (H) (1 Welch G Juice 11% Wenden Copper. Wil-Low Cafet: ‘Wilson Jones (3). Zonite Prod (1.60)... RIGHTS. Erfe Railroad Co Johnson Motor Ediso! artly extra $Plus exti bil k. d Payal MONDAY,; JANUARY 20, 1939 Received by Priva Direct to The Star Sales— Add 00. Open. High. 3T (11.85) RN 0 e s T br s %). 0 N AL B D A S B S . 1258 51 1 1 1 16 14 Hud P(40¢) @). % Olis Elevator hd Mot A (1.80). Outboard Motor (B). Pac C Bis pf (3.50).. Pandem Oil. . . Param C Mfg (2.40).. Parke-Davis (11.35). Penn O Ed pr pf(7).. Pennroad Corp...... Peo L& P A (a2.40). Pepperell Mfg Co (8) Petrol Corp (1%). Philip Morris Ine. Philippe (L)B(1.60), Pie Bak of Am A(2). Pilot Rad T A (1.20). Pitney B P n (20c) Plymouth Oil (2). Polymet Mfg (31 Potrero Sugal Powdrell&Al Gold (24e).. Silk H M (2) Strs (b5%) . Industrie: 6812 617 5 9 37 20% 17% 140% 2 3 S 1 0 DO IS D1 53 VRS 1 1 38 ke DD 0 6 D0 e e 020 I 00 D 00RO B e * 1% 40% 71 110 % 28 o T 14 tarrett..... sanBRAnEa o ne 5% 80 “ 158 17% 29% 26 54 80% 45 158 18% 30 264 (Y Silk - S s % 12% 16% 34 12% 16% 34 264 26 35w 351 100% 1007 R 8 14% 23 66% 16% a3 6 ™ 1154 219 1748 58 11% 17% 24% 93% 3% 84 a3 5in 100% 8 14% 23 65% 16% 43 6 [PPSR 3 OIS PPy 14% 23 651 16% 43 Ofl (14%).. 57 Expire. .Jan.16. w % 1% 1% 05 .05 or semi- 1n stock. a Payable in in preferred stock. 1ast quarterly among the herds and are becoming in- creasingly daring. Early this Winter the timber wolves began to get numerous in this part of | the country and three trappers bushed one band, killing eight. | wolves’ most daring venture so far has been to attack a party of ponies within easy distance of a trapper's cabin, Animals taken in the traps often have been torn by the wolves, the trappers declared. Fortu the Athabasca count that the deer are able outrun their pursuers, ly. the snow is not deep in this_year, so many cases to BANK CLEARINGS. NEW YORK, January 20 (Special). --New York bank clearings today, $501,000,000; a year ago, $659,000,000. New York bank balances today, $126,- 000,000; & year agn, $152,000,000. New York Federal Reserve credit balances %&‘12“300.0%; & year ago, $121,- 1% | | CHICAGO LIVE STOCK MARKET| l COL. WADE H. COOPER, Who assumed the duties today as presi- dent of the Commercial National Bank, with which the Continental Trust Co. has consolidated. U. S. WOMEN CURTAIL PURCHASES IN PARIS| | Tourists Feel They Can Buy Better at Home and Escape Customs, By the Assoclated Press. PARIS, January 20.—French shop- keepers are looking for the answer to the question “Why don't American women buy more?” Tradesmen are puzzled over why the American woman, once an almost sure customer, has become a hesitating client apt to turn away with the promise to think it over. For the answer one must sit around in hotels and listen in on the comments of American women shoppers. Very few women come to Paris without the idea of buying something. The gist of the shoppers’ grievance “I can buy better at home for the money and not worry about the cus- toms.” Baltimore Markels_J Special Dispatch to The Star. BALTIMORE, Md. January 20.— Poultry, alive—Turkeys, pound, 30a35; | old toms, 23a35; Spring chickens, 28a 32; Leghorns, 22a23; old roosters, 18; ducks, 16a25; old hens, 25a29; Leg- horns, 20a23; geese, 15a22; guinea fowls, each, 40a60; pigeons, pair, 25. Eggs—Receipts, 602 _cases; nearby firsts, 42a421,; pullets, 35a36; hennery, whités, firsts, 42'; culls and dirty eggs, 25a30. % Butter—Good and_fancy creamery, pound, 33a38; ladles, 30a31; store pack- ed, 20; rolls, 25a28; process, 34a35. Vegetable Prices. Potatoes, white, barrel, 1.50a4.00; 100-pound’ sacks, 1.75a2.65; sweet po- tatoes, barrel, 1.50a3.00; yams, barrel, 2.00a3.00; beets, crate, 2.75a3.00; beans, hamper, ' 1.50a3.75; cabbage, hamper, 40a65; carrots, 100, 2.00a4.00; cauli- flower, crate, 1.25a2.25; celery, crate, 1.5003.25; lettuce, crate, 4.50a5.25; kale, barrel, 1.25a1.50; onions, 100 pounds, 1.75a2.00; peppers, crate, 3.00a4.00; peas, 5.00a5.50; parsnips, basket, 50a65; spinach, bushel hamper, 50a90; apples, bushel, 75a2.25; cranberries, box, 3.00a 4.75; grapefruit, box, 2.50a4.75; oranges, box, 2.15a4.50; tangerines, box, 1.25a 2.40; strawberries, quart, 30ad0. Live Stock Market. Cattle—Receipts, 350 head; light sup- ply, market higher. Steers—Choice to prime, none; good to choice, 13.00 to 13.25; medium to , 1175 to 12.75; fair to medium, 1050 to 11.50; plain to fair, 9.25 to 10.25; common to plain, 8.25 to 9.25. Bulls—Choice to prime, none; good to choice, 9.25 to 10.00; medium to good, 8.00 to 9.00; fair to medium, 7.25 to 7.75; plain to fair, 6.25 to 7.00; common to plain, 5.00 to 6.00. Cows—Choice to prime, none; good to choice, 8.00 to 9.00; medium to good, 750 to 8.25; fair to medium, 6.75 to 7.25; plain to fair, 5.50 to 6.50; common to plain, 4.00 to 5.00. Heifers—Choice to prime, none; good to choice, 10.00 to 11.00; medium fo good, 9.00 to 10.00; fair to medium, 8.00 to 9.00; plain to fair, 7.00 to 8.00; common to plain, 6.00 to 7.00. Fresh cows and springers, $60 to $150. Sheep and Lambs—Receipts, 1,100 head; light suppl market steady. Sheep, 2.00 to 6.50; lambs, 7.00 to 15.00. Hogs—Receipts, 3,000 head; moderate supply, market higher. -Lights, 11.00 to 11.25; heavies, 10.75 to 11.00; medium, 11,00, to 11.25; roughs, 7.75 to 9.40; light ‘pigs, 10.60 to 10.80; pigs, 11.00 to 11.25. Calves—Receipts, 375 head; supply, market higher. Calvi 17.50, light 7.00 to Hay and Grain Prices. Wheat—No. 2 red Winter, spot, 1.25%; No. 2 red Winter, garlicky, spot, 1.2415; January, 1.24'; No. 3 garlicky, no_quotations. Corn—No. 2 domestic, yellow, 1.02a1.03; cob corn, new, 4.65a4.70. Oats—No. 2 white domestic, spot 5415; No. 3 white domestic, spot, 53}2. Rye—Nearby, 90a1.00. Hay—Receipts, none. Season for old hay is about over. A little new erop is arriving, but hardly enough upon which to establish quotations by grades. Where in good order new hay sells at from 14.00a17.00 per ton, according to its quality and condition. oo | new, CHICAGO, January 20 (/).—(United States Department of Agriculture) — Hogs—Recelpts, 55,000 head, including 30,000 direct; market unevenly 15¢ to 40c higher; weights under 200 Ibs. showing most advance; extreme top, 10.65; prac- tical top, 10.50; bulk, 140a300 ibs., 10.25 a10.50; 210-300 Ibs., 9.80a10.30; butch- ers, medium to choice, 250-300 ibs., 9.50 | 10.15; 200-250 1bs,, 9.00a10.40; 160-200 lbs., 10.00210.50; 130-160 Ibs., 10.00a | 10.65; packing sows, 8.15a9 dium'to choice, 90-130 Ibs., 9.50a10.40. Cattle—Receipts, 11,000 head; calves, receipts, 2,000 head; fed steers and yearlings, mostly 25¢ higher; spots 50c up on better grade yearlings and light steers on shipper account: top, 16.00; heavy steers slow; slaughter classes, steers good and choice, 1,300-1500 Ibs., 12.25215.75; 1,100-1,300 1bs., 12.50a16.90; 950-1,100 1bs., 12.75a16.25; co medium, 850 bs. up, 8.75a12.75 Fed yearlings, good to choice, 750- 950 pounds, 12.50 to 16.50; heifers, good to choice, 850 pounds down, 1225 to 15.00; common and medium, 7.75 to 12.25. Cows, good to choice, 8.00 to 10.50; common and medium, 650 to 8.00;" low cutter and cutter, 525 to 650 Bulls, good and choice, (beef), 925 to 9.85; cutter to medium, 7.25 to 16:60; vealers (milkfed), cull to common, 117.25'to 11.00; stocker and feeder steers, good and choice, all weights, 10.50 to 1150; common ‘and medium, 825 to 10 Sheep—Receipts, 15,000 head: market op:ning slow; steady to weak; early sales, fat lambs, 13.25 to 13.50; fat ewes, 6,50 to 7.00; feeding lambs, nomi- ual. Lambs, good and choice, 92 { pounds down, 13.15 to 14.00; medium, 11175 to 13.15; common, 10.50 to 11.75. ves, medinn to choice, 150 pounds idown, 550 to 7.25; cull and common, 300 to 5.75. Feeder lambs, good and choice, 11.65 to 13.10, Tigs, me- | FPINANCI BALTIMORE RAILWAY DECISION GIVES NEW BASIS FOR RATES Depreciation to Be Figured on Present Value of property and Not on Original Cost. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, January 20.—Just what did the Supreme Court say in the now famous case of the Baltimore Electric Railway vs. the Maryland Public Service Commission? This arose after the commission had | ordered the railway to charge a rate | to yleld 6.26 per cent on the value of | | its_properties. The Supreme Court, in a majority | opinion, made this statement: “Sound business management re- quires that after paying all expenses of operation, setting aside the necessary {sums for depreciation, payment of in- terest and reasonable dividends, there should still remain something to be passed to the surplus account; and a rate of return which does not admit of that being done is not sufficient to assure confidence in the financial soundness of the utility to maintain its credit and enable it to raise money necessary for the proper discharge of its public duties.” This is a most important decision. A rate yielding 6 per cent in 1915 may be inadequate now. But more important than anything clse discussed was the matter of de- preciation. The court held that this should be based on the present value of property and not, as the commission figured, on the original cdst. Justices Holmes, Erandeis and Stone dissented from the majority opinion. It is probably the most far-reaching decision involving the values of public of the utility companies. Some of the biggest business men in the Middle West are interested in the development of processes to convert cornstalks into cash. It is said that the annual production of cornstalks today is about 150,000,000 tons. Now, if the farmer is able to get $3 a tons his yearly income will be augmented by more than $450,000,000. Besides, he will be able to distribute the cost of labor better, in that the baling and gathering of stalks can be done in the slack season. So a new company, the National Cornstalks Processes, Inc.—a $1,000,000 closed corporation—has been formed by such men as Joseph E. Otis, chairman of the board of the Central Trust Co.; former Gov. Lowden, Eugene V. Thayer and Herbert F. Perkins, all of Chicago. Such a development should give great heart to the farmer. It is expected that a considerable market for the product will be in the potential con- sumption of insulating or wallboard, placed at 11,000,000 square feet a year as a start. Chemistry rescarch will open many new lines of by-product activity for farmers in the next few years, ‘This spells more sunshine financially for the hard-pressed farmers of the corn belt. In these days, when every one is talk- ing prosperity, Stuart Chase analyzes and dissects the word by dividing it into four classes, There is (1) commercial or business prosperity: (2) prosperity defined in terms of distribution of material goods and services to the ultimate consumer; (3) prosperity defined as an economic condition, in which the average citizen enjoys security and a modicum of leis- ure; (4) prosperity defined as the life more abundant, compounding security and leisure. America has moved ahead rapidly under 1 and 2; far slower under 3, and has shown little or no progress under 4. Even propsperity under 1 and 2 is not equitably distributed. Mr, Chase says the total net return of the farmer class in 1927 was $1,717,~ 000,000 less than the amount needed to pay each farmer a wage of $540 a year. “Prosperity in terms of tranquillity and genuine leisure has not arrived for most of us,” he remarks. “In this re- spect the Indians, under the Incas, were a far more prosperous people.” What we need, according to this dis- cerning observer, is a little more and f;‘efir management and less salesman- ship, It is evident the Interstate Commerce Commission is not going to permit the acquisition of stocks of railroads by other railroads seeking to control them unless this fits into the general scheme for consolidation announced a short time ago. That is shown in the order- ing of the Baltimore & Ohio to divest itself of its holdings in Western Mary- land, a coal carrier, which, under the commission plan, goes to the Wabash- Seaboard system. Commissioner Farrell, in a dissenting opinion, held that the anti-trust law should be interpreted to permit railroads to acquire, if approved by the commis- sion, the stocks of other roads as an investment in the hope that this would aid future consolidation. “If such a purchase can not be made until after the intent to purchase has been advertised by an application made to us,” he said, “it seems to me that it can not be made at all as a practical matter, because such advertisements would result in such an increase in the price demanded for the stock to be purchased that the purchase would not be in the public interest.” This is a practical difficulty in the commission’s plan. The report has it that when the Baltimore & Ohio, the Chesapeake & Ohio and the Wabash announce their plans they will be generally in line with the commission’s idea. If the commission permitted the G various railroads to come together on | | a plan, before passing on it, consolida- tion might be more readily effected and to a better advantage. ‘The vastness of any railroad consoli- dation plan_ offers endless complica- tions and difficultics. More so than in other industries, where a plant can be closed down and duplication elimi- nated. But a railroad is a quasi-public in- stitution, and the public's interest must be protected. (Copyright, 1930, by North American News- paper Alliance.) CHICAGO, January 20 (#).—Despite sharp decrease of the United States wheat visible supply and notwith- standing enlargement of North Ameri- can export sales, wheat prices here de- clined today. The falling off in do- mestic stocks of wheat in sight amounted to 3.624,000 bushels for the week, and overseas purchasing from Canada and the United States today was upward of 1,000,000 bushels. Weak: ness of wheat values at Winnipeg, how- ever, was a dominating factor here. Wheat closed unsettled % to % a bushel lower than Saturday’s finish, corn closed ‘:aly to % down, oats Vs to 3% off and provisions varying from 2 decline to 7 advance. Close. [ utility stocks that the Supreme Court |, OA has ever given—and decidedly in favor r‘ RUSTLESS IRON CORPORATION BALTIMORE, January 20 (Special). A %% A_15 NEW GUSTERSTORY 5 TOLDBY IOUX Iron White Man Declares Massacre Was Retribution for Killing of People. A little shrunken Indian, who once lived history, retold it Saturday, and his story is far different from th: version every school child knows. He is Iron White Man, old and shriveled, who 64 years ago rode with the Sioux warriors as they wiped out gfi? Custer and his men in the Black 5. But Iron White Man does not con- sider it a massacre. To him it was an act of retribution for the killing of his people by white soldiers. The United States Court of Claims will be left to judge whether he is tell- ing the truth or the history books are right and Gen. Custer was the victim of an_unprovoked Indian attack. ‘The old Indian's story was told dur- ing the taking of a deposition in the office of Maj. Ralph H. Case, Capt. C. C. Calhoun and Rice Hooe, attorney: will be presented to the court in a suit by the Sioux for approximately $600.- 000,000, which they clalm in payment for lands taken from them following the Custer battle. Speaking through an interpreter, Iron White Horse, who is now 81, told of events leading up to the wiping out of Custer’s army. In the deep gutturals of his native tongue and with the vivid flow of metaphor and analogy which marks the speech of his people he pic- tured the struggle and the fading of the Indian from the Western plains. This is his story: His tribe was camped on the Little Big Horn 20 miles within the limits of their hunting grounds. . One day he heard of an old man and a boy being slain by white soldiers. The next day the soldiers ap- peared while many of the women and children were bathing in a creek. With- out reason or excuse the white men fired on them, and those who were not killed ran, screaming, to the camp. Other women were some distance away digging Indian turnips. These, too, fled. The young men were gathered to- gether, a council of war was held and a —The Rustless Iron Corporation of America, whose plant here is the only plant in America manufacturing rust and heat resisting chrome iron alloys, is planning a $5,000,000 expansion. From a pioneer industry in 1926, it has invaded many fields and now prom- ises to revolutionize certain phases of the autoombile industry. Through the use of crude chromium, mined in India, New Caledonia and Rhodesia, the company manufactures a rustless iron at far below the cost of materials now used in making the bright parts of automobiles, which has suc- cessfully met every test demanded by engineers. MARYLAND TOBACCO PRICES. BALTIMORE, January 20 (Speciel). —Receipts of Maryland leaf tobacco de- clined last week to 11 hogsheads, with sales of only 30 hogsheads reported, leaving a stock in State tobacco ware- houses of 6,336 hogsheads and 243 hogsheads of ground leaves. Because of the uncertain keeping con- dition the demand for new crop tobacco is not very active. Quotations today for Maryland leaf tobacco per 100 pounds: Inferior, 7.00a 12.00; sound, common, 13.00a20.00; good common, 21,00a30.00; medium, 31.00a 40.00; good to fine red, 41.00a51.00; fancy, 51.50a52.00; seconds, common to good 'common, 7.20; medium, 21.00a 30.00; good to fine, 31.00a40.00; upper country burley, nominal; ground leaves, 6.00224.00; unsound and badly mixed packages from 2 cents to 3 cents lower. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Bia Otfer. Allis-Chalmers Co. 8s 19: 9915 100 1. of Canada California Pet. Cory Canadian Nat. Rw. Canadian Nor. Rwy. Chesa. & Ohio Rwy. 4% Chicago Rock Island 4s 1934 Chile Copper Co, 55 194 Cudahy_Packing Co. 5128 "1937. Edison EI. 1. Boston 4125 1930 o n. Mot. Accep. Corp, 6s 1937 55 1940. 1 Phllips Pet. Co. 514 1 Pure Ol Corp. 5125 1937 Shell Union Oil_Co, 55 Sinclair Crude Oil Co. 5135 1938 Oil N Jersey 53 1946 3 Mt. & Bo. Ry. 8s 1931 & s 193 Swilt'& Co_ 58 193 i Union ‘OIl Co._of Calif." 85 1935, 55 1955 . % - A 1024 Wheeling Steel Corp. 5128 101 Wheeling Steel Corp. 4'2s 7% TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate—Maturity. Bid Offer. 00833 100832 15-32 100 17-32 19-32 99 30-32 99 12-32 2-32 232 1 1953. 89 1 99 1 3: 3 3 3i FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value (or par).” today. $4.8605 $4.8612 193 0392 139212 230 20, London. pound. Paris, franc. . peset: schilling. Budanest. per.go. Prague, crown ( wn, Stockholm. crown, PI'RST WE’VE SPECIALIZED IN FIRST MORTGAGES —for more than a third of a century. Which means we have experience that safety, with a record that in- spires confidence—for during all this time not an investor in had our Over a Third of a Century Without a Loss National 2100 THERE: 18- NO - SUB: 6'2% FIRST MORTGAGES has ever suffered a loss. They are secured by income producing real estate in Wash- ington, conservatively appraised. May be purchased in amounts from $250 up. B. F. SAUL CO. MORTGAGES insures 925 15th St. N.W. FITUTE FOR ; .SAF; = war party mounted and set out, Iron White Man, although only 17 years old, Wwas & member of that band, which met and annihilated the soldiers of Gen. Custer, June 25, 1876. The war party returned to camp laden with scalps. The next day they heard that the man with the fur coat (Gen. Miles) was marching against them. Breaking camp, they traveled west_into the Rocky Mountains, turn- ing south after another day. They were far to the South when Gen. Miles overtook them. In the words of the old Indian, the leaves had turned yellow and the plums were ripe. Th bands scatterred, but at Slim Butte, he declared, the soldiers caught one party, killed women and children and took several men prisoners, That was the end ‘of Iron White Man'’s account of the fighting. Explain- ing the actions of Custer, he likened him to a moth which circles around a candle and finally dashes into the flame and is destroyed. Since then, the old man said, his life has been one of continued hardship. He does not expect to live until the claim is settled, but he hopes his chil- dren and grandchildren will profit by it. Iron White Man made the trip from the Pine Ridge Reservation in South Dakota in company with Henry Stand. ing Bear, George Little Wound and Emil Afraid of Hawk. Capt. R. T. Bonnin of this city, who is part Sloux, is looking after them until they return to their homes, which will be within three or four ¢ays. Sinca 1925 the Government has been auditing their claim, at a cost of $150.- 000, and it is expected that the audit will be completed by July 1. After that date the court will set a date for the hearing. 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