Evening Star Newspaper, January 27, 1930, Page 15

FINANCIAL. - CURB SHARES GAN IN ACTVE MARKET Advance Well Maintained De- spite Profit-Taking. Utilities Featured. BY JOHN A. CRONE. &pecial Dispatch 1o The Star. NEW YORK, January 27.—Starting out with a burst of speed the Curb Merket, under the leadership of utili- ties, movea nigher today. It slackened its pace before noon, but most of the early advance was fairly well main- tained. Pivotal utilities, such as American Superpower, Associated Gas & Electirc, Electric Bond & Share and United Light & Power, were whirled. Then followed a sharp advance in Common- wealth Edison, which at one time was up more than 25 peints. Deere & Co. was most prominent in the industrials, moving up 50 points before noon. The company in the year ended October 31, 1929, earned $68.60 & share against $37.50 in the previous year, according to the report made public today. Other implement stocks, on the belief that the gain in the farmer’s purchasing power and easier money will mean increased sales, later attracted a speculative following. Fox Theaters A, on which some sort of receivership ruling was expected to- day, was active and fairly firm. A series of receiverships, or petitions for them—among the latter being De Forest Radio—unsettled radio shares. Even some companies reporting larger earnings were hammered today. De Forest opened fractionally lower and 'was sold persistently in the forenoon. United Gas, a feature of the gas stocks in the closing minutes of the previous session, again was active following its offer to exchange, until February 14, two common shares for each common share of Southern Gas Co. Lone Star Gas for a time moved higher. Marine Midland Corporation, whose affiliated banks reported earnings of $8,- 089,353, after all charges and con- reserve of 31,076.22’3"“ ogned only fractionally higher on owW- ing. qulmu(’}or:)lonuon. which has been merged with Adams Express Co., ‘was removed from the curb list today. Mason Vi Mines was also re- Newmont Noranda the most active in the mining division, at times was up several points. General Theaters Corporation was twirled on floor rumors that it is soon 1o be listed on the big board. United States Foil continued its upswing from the us session. American turned active around noon, while Silica Gel at intervals felt the effects of profit-taking. GRAIN MARKET. CHICAGO, January 27 (#).— With Liverpool quotations much lower than expected and the amount of wheat on ocean passage showing a_decided in- crease, wheat values here headed down today. Further Russian offer- of wheat to other countries were fed. % to 115 off Chi- ter underwent an - 'a.d that export demand for North wheat had apparenty flat- went hand in han NEW YORK COTTON. NEW YORK, January 27 (#).—Cot- Teceipts date were $30,766,086.81. expenditures, $4,522,266.31. 104 190 10 SaT % % g d oy Soirrongd 3 =gzigseesstsesgaizalaty, 22! TFSe FESRE WEE & S 5 2228: SgSgmneeasnnetnnsgal e L P 2MRERI8S3! B o 2288 8RR RRIeR! ST Ll TRt B S . = % THE NEW YORK CURB MARKE Stock and Sales— . Dividend Rate. Add 00. 6 Acetol ProdA...... 1 5% AeroSup Mfg B..... 1% Aeronautic Ind war. Alnsworth Mg 32%. Air Inv Incevpr.... 1% Alexander Indus: All Amer Gen Corp. . 10% Allted Mills (60¢)... 12 Allied Motor Ind 1. 23 Allied Pow & Lt..... AllP &L 1st pf . Aluminum Co of Am. Am Arch Co (3)..... 5 Am Brit& Cont...... 29% Am Cit PEL A (a3). i0 AmCP&LB (b10%) 18 AmCwith PAb10%. 22 AmCwith PBb10%. 2% Am Cmwlith Po war. n Am Control Ol Fids. 20% Am Cyanam B (1.60) 14% Am Equitl Am Gas & Elec (31 6% Am Invest Inc B 3 Am Investors (wi 28 Am Maize (2.80). 87 Am MIgCo (3). 1% Am Maracaibo...... 15 Am Superpower (1). 3% Am Thread pf (25c) . 5 Am Yvette (new) wi. 8 Anchor Post F (2)... 14 Anglo-Am vot (73¢). 11 Anglo-Am n-v (73¢). 7% Arcturus Rad Tube. . 1% Asso Laund (320¢) 30% Asso Rayon pt (6)... s Atiant Fruit & Sug. 304 Atlas Port Cem (2).. 14% Atlas Strs Corp (1).. 15% Aut V Mcv pr pt ( 1z Aviation Credit. 75 Baumann (L) pt (7). 80 Blaw-Knox Co (1)... 10 BhissCo (E W) (1).. 3% Blue Ridge Corp.... 234 Blue Kdg cv pf (a3). 81% Brazil Tr & Lt (2)... 1% Bridgeport Machir: 22 Buf Niag&EPpt 1. Bulova cv ptf (3%) 13% Butler Bros (1.20). .. 3 Cab&Wire LtdA roty 3% Cable Radio T vte. ... 19% Camden F Ins (11) 8 Can Marconi, ie Metal . Celanese Corp. i 20 CentPSvA (ali).. 12 Cen States El (340c) 44 Centrifug Pipe (60c) 44 Ches & Ohio (new).. 2 Cities Service (330¢), 10 % Clark Lighter A. 10 Clev Tractor (1. 40 Colgate-Pal-P (23 4 Colon Oil. 16% Columbia % Columbia Syn @ - EoBoe® Cnrauan e = L O =Y o 2 2z 449% 2104 Com’with kidison (8) 250s fll‘ 4% 124 1% Comwith & Sou war, 110 96% 95% Com'with & 8 pt (§). 12% Com Wat Ser (b§% ) 4 Comstock Tunne Con Gus, Balto(3.60) 20% Con Gas Ut A (2.20). 2% Cons Instrument, 10 Cons Laundries. .. 14 Copper Range (2). 10 Cord Corp.. % Cresson Cons (8¢)... 173 Crocker Wheeler. ... 1% Curtiss Wright war.. 1% Cust Mex Mining..., Davenport Hos (2) Eastern Util Inv A, Eisler Electric (1% El Bond & Sh (). Elec Sharehldg (3$1). Emer Bromo Sel A 2. Empire Fire 1ns. ..., Empire Pwr Corp(3) Eng P 8 opt war. .. Fabrics Finishing Foremost Fab (2). 3% Foundation For Shs.. 85 FrenLineB (2.54). 73% Galena Sig n pf cod. 13% GenGas & El (A).... 10 Gen Laundry Mach.. 9 Gen Rity & Utilities. 24 Gen Theat Equip vts. 14 Gllbert (AC) (1)...; Globe Underwriters. Goldberg Stores. Golden Center. Gold COln.vurunsenns Goldman Sachs (b6). Gold Seal Eln....... Gorham Mfg vte(12) GrA&PTnv(5). Graymur Corp. .. Groc Stors Prod vta. Gunther Law (2).. Gulf Ofl of Pa (1%). Hall Lamp (12)... 1 37 508 2 Hudson Bay M & Humble O1l (2).. Hydro Elec Serv (3). Imp Ofl Can reg(50c) Indian Terr Illum. .. Ind P L new (12%) Ind Fin ctts (b10%). InsCoof N Am (13). Insull Ut Inv(b6%).. Intercontinent Petn. Intl Petrol, n(62%¢) . Intl Superpow (31).. Iternatl Ut A (3%) Internatl Ut KenRT&LA (1%). Kolster-Br (Am 8h). Lackawanna Sec: ONON0 0914 o 1019 09 80 ~T03 03 b 4 O 1 1 50 et 03 D 09 Letcourt Real pf (3) Lehman (The) Corp. Lerner Store: Libby McNeil Lion Oil Refin (2)... Lone Star, new (80¢) ® -1 36% Long 1sld Lt pf (7). 100s 110 FOREIGN EXCHANGE. Open, High. 8 8 8% 7 249% 249% el . 1929.~ . Low. 2% 20% Divide Loulstan: 815 1t Mare Int M Marland Mesabi Midl Uni Monteca Nat Ame Nat Avia Nat Fuel Nat Unior w Eng New kng New Hav New Mex N Newport Ohio Oil Outboard Penn Ohi Pitney B Pitts & L. Prince & Roosevel! Shattuck Smith (A Southern Southern Southern 8 W Gas Stand Of1 Stand Of], Stand O Thomp P: Tish Realty & Con. ‘Transamer (31. ‘Tran Con Tri-Cont ‘Union Tol 3% 3’ U S Gyps Unity Go Utility P UtilP&L Utility & Vacuum Waltt&B Walker (. ‘Watson (. Welch G Winter ( Baltimore A3 6% 86% 110 109% VIEWS BALTIMORE AS STEEL CENTER “Baltimore will some day have the largest steel plant in the world. That is my dream,” said Charles M. Schwab, chairman of the board of Bethlehem | g Steel Corporation, following a banquet in his Honor at the Phoenix Club, Bal- timore. “I am spending $1,000,000 a month on, the Sparrows Point plant for expansion to meet demands of the EVENING STA Stock ane Mac Marr Stores Magdalena Synai Mer Chap & S( Mavis Bottling Mayflower As: Mid Royalty Natl Fam Str: Nat Investors (new) Nat Pub Sv A (1.60). Nat Steel Corp x w. Nat Sugar NJ (2)... Nehi Corpn (1.30)... Neisner Bros pt (7). Nelson (Herman)(2) New Brad Oil (50c)., N Y Invest (1.20)... N Y Pet Royalty (1). N Y Rio&Bu Aires N Y Tel pf (6%).... wmont Min (34).. New Jer Zinc n (t4). Niagara Hud P(40c) Niag Hud Pw A w Niag Hud Pw B wi Niles Bement Ponq Nipissing (30c) M Ohio Copper. Oilstocks,Ltd Pac Comm Co (1.40).. Pac G&EI 1st pf 134.. Pac Western Oil, Pand Penn O Ed pr pt(7) Pennroad Corp. . Peoples L&P A'a: Perryman Elec Co. Petrol Corp (1%).... Philip Morris Inc. .. Ple Bak of Am A(2). Pierce Govern (135). Pilot Rad T A (1.20). Sonora Product: South Penn O1l (2) SEP&LpL(T). Starrett Corp. . SteinA&Co cu'pf Stroock & Co (3). Stuts Motor Car.., Sunray O1l (40¢) Tampa Electric (32). ‘Thermoid Co (2) Utah Apex (50c). Util & Ind pt Utility Equity Venezuela Ptm(20¢). Vogt Mfg Co (2). Walgreen Co. ... Wayne Pump. . Wenden Coppe: Willlams R C (1.40; 13 Zonite Prod (1.60). RIGHTS. Crocker Wheeler ..Feb. 24 So. Cal. Edison. .07 Trans Corp. ividend rates in dollars based on WASHINGT Received by Private Wire Direct to The Star Office a Sales— nd Rate. _ Add 00. Oven. High. Low. Close. aLan&Ex. 24 3% 4% 3 28% 28% & b M(52%¢) 1% ) ne Mid Cp (1. of Mexico 60, n t(b1% %).. Middle Wst U(b8%) Mo-Kansas Pipe L. tini deb rts. Moore Drop Frg A. Morison Elec (31)... r Co (2) tion Gas (1). @ reaovosmSanl n Radio. 0 = Pwr (2)... Pow pt (6) Clock t1%. o 83 s o & Ariz Ld.. €0 (2)...00 ° o ). Motor (B). PR AT e e P R T S o Ed pf (6. @ TN P n (20c) E(5).... Plymouth Oil (2) Polymet Mfg (31).., Pratt&Lambert (16) Whitely. Prudential Inv. . Pup Util Hold war. .. Raflway & Lt S (15). RainbowLumProd B Red Bank. Red Warrios kS Reynolds Bros Inc. .. Reynolds Met n 2.40. Rice-Stix D G (1%). t Field. Inc. Ross Stores, Inc. % St Regls Paper (1) Sel Ind allot cfs 63 Sentry Safety Cont Den Min. .. Sheft’r Pen (WA) (3) Shenandoah Corp. ... Shenan Corp pf(ad).. Sierra Pac Elec (2) Siliea Gelet..... 8 Singer Mfg Co (126) }0! 0) (2 Corp. ITce Util A. Stores A. Southland Roy (1) util. ... Expt pt ) Ind (23%). = ") . BEm rod A 12. Afr T PP 0P - Corp pt(8 ‘Tub Art Silk B (10) Ulen & Co. United Corp wai United Dry Docl Unit Rt Ch pt (3%).. U S Dairy (A) (5). U. 8. Elec Pwr ww. USFoil B (1). o um (1.60).. U S Shares Fin...... US&InSctf (2%).. U S Lines (50c). Unit Verde Ext (4) United Wall Paper. Moy 4 'w & Lt(al). 27 Bctfs (al).. Ind. Ofl (14%) ondB(1,40). H) (1). JW) Co. Juice $1% Benj) - - » ShakrnoNHREaN Ko~ S0 19% 19% Expire. & Ohlo..Feb. 1 94 1% 1% 1% 1% 20 1 1 % 1 24 3 3% 3 25 .06 .05 .06 Apr. 12 3K Mar. 6 05 last quarterly or semi- TOTAL CHECKS DRAWN, By the Assoclated Press. Total values of checks drawn in principal American cities last week and for comparable periods, as report- ed to the Federal Reserve Board, llow : ‘Week ending January 22, $13,557,- 799,000; preceding week, $14,102,688,000; same week last year, $18,903,407,000. TREASURY CERTIFICATES. by J. & W. Seligman & %ui';. B & of 1926 and 300 C. MONDAY, JANUARY 27, 1930 STOCK PRICE INDEX AT HIGHER LEVEL Market Shows Signs of Re- covery From Secondary Reaction. Spectal Dispatch to The Star. NEW HAVEN, Conn., January 27.— Rosy-fingered dawn of real recovery from the gloom of the most pronounced ; recession in its history seemed to break on the stock market last week. Cuupled with the reassuring statements from the White House about improved employ- ment conditions, as confirmed by Sec- retary of Labor Davis, came the opti- mistic statement by business leaders comprising the executive committee of the President’s business survey confer- ence. Along with these United States Steel, bellweather of the market, gave unmistakable symptoms of health in bookings of new business. United States Steel broke upward through 175 on Thursday and still higher Friday, carrying with it 175 out of 320 stocks in the largest single day's rise since December 31. Only 45 stocks fell, the rest remaining steady. ‘The market rose to its highest point since December 12. It is not signifi- cant that it still had 6 points to go on its way to recovery to the peak since the November break. The record of last week, with its assurances that business recession during the Jast months of 1929 left no major problems to solve, indicates clearly that the mar- ket is now undergoing real conva- lescence. Every group of stocks went up last week, with the largest gains in motors and with steels registering only 3 points below the peak since the break. Foods are at the highest since January 14. Coppers are up, although still be- low the low point of the primary break, while rails rose on Friday to the high- est point since December 10. Further Gains Seen. ‘The fact that the 2-point rise Priday was on second 3,000,000~ share day this year revealed the in- herent trend of the market. It is still a buyer's, not a trader’s, market. The course of its recovery must still seem tedious to the banks, whose ness to the havoc wrought uj their customers’ accounts the flmber- November crash. Until the collateral # | stocks absorbed by banks throughout the country can be fed into the mar- ket in bulk the price level of common shares will not begin to approach the peak of 1929. Recent symptoms of re- covery are to be interpreted, therefore, as signs that the secondary reaction after the break has reached its end and that gains hereafter will be sub- ““I‘;‘:“ ins have already the gains have assured investing public that the new plateau of stock prices, still 30 per cent higher after the November break than the level per cent higher than the 1914 level, is still well planted on its high foundation. Profits during 1920, despite their falling off during the fourth quarter, achieved record heights, The processes by which they were gained persist and are subject to still further improvement and les. Enhancement of security values may be expected so long as business shows in- creased skills and aptitudes. The compact survey of New York Stock Exchange movements of common industrial shares is given below in price indexes (1926 = 100). There are two indexes of market price movement. The first (“shares outstanding”) ts all common industrial shares listed on the exchange, the importance of each stock being considered to the shares in existence or outstanding. The second index (“50 leaders”) shows the price movements of the common * industrial stocks most heavily dealt in during the week, this list changing weekly with the shifts in trading popu- larity. The “shares outstanding” index shows what a substantially representa- tive $100 worth of stocks in 1926 woul now 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. column of the table gives The last the rate of return of the week’s 50 leaders at current prices. 8 50 Rate Market !'I;d.d tand's Leaders Return L 24 ..., 10 3 Saagsnd =88 e r— 1o 5 £ Low ('28-'30) . Largely due to the strong advance of a few high-grade industrials, in- cluding U. S. Steel, Woolworth, Inger- soll-Rand and National Biscuit, this group rose last week to the highest int since December 11, or 6 points low the record high since the Novem- ber crash. Second-grade industrials rose l“{‘l:l'-‘! Anaconda has been weak, with Bethle- hem Steel, Columbian Carbon and Electric Auto-Lite and a few others advancing under pressure. The specu- lative group held up well, losing only one-tenth point. Below are shown index numbers of prices_of common _industrials on the New York Stock Excha: 3rd e (Invest- (Inter- U~ (1926--100) ment) mediate) lative) Week ended— Jan. 34 AR (A 9) (! '29) (Ma o 50 cron B cren gk Some Groups Show Brisk Rises. pe; cent, utilities off 16 per cent and preferred stocks off 6 per cent. The all-stocks tradings fell $114,000,000 & week ago to $107,300,000 last week, & fall of $ 53:,“"" t of the fell per cent of the groups fel last we:k, whu%e tg. per cent I;m'dm. sharpesf oun Ta plus 120 per cent; tobaccos, plus fi g:mnt: toodlll 3 ul“n per X supplies, plus 59 per cen coppers, plus 25 cent. The largest 1 were lmmj in rails, minus 42 per cent; steels, minus 41 per cent; olls, minus 35 per cent: machinery, minus 32 per cent; miscellaneous, minus 32 f" cent, and stores, minus 28 per cent. (Copyright, 1930, by Irving Pisher Service,) - NEW SECURITIES. NEW YORK, January 27 (#)—Cen- tral Gas & Electric Co. (Central Public Service Corporation subsidiary) $10,- 000,000 three-year 5! per cent Rbout 815 et cent. Offered by 5 & about 6.15 per cen a grouj headed , Forbes & Co. Ang including H. H. Byllesby & Co., Cen- t.r-!-mlnoi; 0& West & Co. and Albert Iowa Public Service Co. (controlled by the American Electric Power Cor- poration) $1,000,000 first-mortgage 5% r cent gold bonds, series due 1959, bonds are priced at 9815 and crued interest, yiel more than 5.60 per cent. Offered by & Co. and A. C. Allyn & Co. cent; and T———— VIREANCIA IWIDENING OF BUSINESS LINES #¥% A-IS BALTIMORE GRAIN PROVES BENEFICIAL TO TOWN| BUSINESS DECLINES Round Rock, Tex., Experiment Shows Value of Diversifying Farm and Trade Pursuits Bank Aids. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, January 27.—Some towns move ahead and blossom into cities. Others equally well situated lose out in the struggle and sink back into villages of no importance. Why? More often than not it is a problem of lead- ership. Consider Round Rock, Tex., a village of 1,100 people, entirely surrounded by cotton flelds. A typical one-crop town. ‘When the cotton crop was good and prices high everything was fine, but more often than not the cotton crop ‘was r and prices low. Then the town just crawled along. Times ‘were hard, there was no money in sight and more debts ahead. Just too bad! Thomas E. and Carl A. Nelson, broth- ers, owned the Farmers' State Bank. It, too, had hard sledding. They re- solved to widen the business foundation of the community. They considered it dangerous to hobble along on the one leg of cotton. So they set to work to diversity 3 They established a cheese factory, opened it in January, 1928, and the first day the receipts of milk were 800 pounds from 20 farmers. Now 300 farmers are delivering 22,000 pounds of milk daily. Hundreds of farmers have two to six cows each. The first year the lot‘:llkl farmers received $86,725 for their milk. The community, too, now has a pay roll of $20,000 a month, whereas it had am;hlnz before—just hard luck and lebts. Of course, these young bankers are selfish, in that they are doing this work to help themselves, but it's mutual for the community profits, too. Before the advent of the cheese factory their bank was loaning money to these farmers, who paid when and if their cotton crops were a success, not otherwise. So, as bankers, they saw something must be done to thlhl;n the utunv.'.lgn. In two years they have changed the economic condition of the entire community. The problem of prosperity is at heart a part of leadership. Record of Pennsylvania. ‘There are many corporations that have $1,000,000,000 of capital—proba. bly a dozen of them. them have the extraordinary record of having paid & cash return to its stock- holders every year since 1847—say for years. e grand total of $982,064,979 to its stock- holders since its firt payment to them in_April, 1847, For the last complete year, 1929, the Pennsylvania Railroad paid dividends of 7% per cent, or $43,784,734, bringing the total dividends paid by that rail- road company to the end of 1929 to $930,172,589. 1Its 200,000 common stockholders look to the president, Gen. W. W. Atter- bury of Philadelphia to continue the good work of future dividends, begun nearly a century lsg. His plans call for the complete elect tion of the Penn- sylvania. This and the question grow- ing out of Eastern railroad mery are keeping Mr. Atterbury more n busy. Investment Trusts. No reports are watched with more care, and gone over with keener eyes than those of the various investment trusts as they are issued. Bankers particularly are interested, for the rise of the investment trust has zn & much-discussed’ subject among One of the of these trusts— the United Founders' Corporation—has just given out its balance sheet show- $207,789,403.14 in investments. “The total market' value of the cor- poration’s investments, taken at Quotations January 15, 1930, was in ex- cess of cost,” says this tion. Theoretically, the management approves of the policy of reporting the corpora- tion’s investments at either cost or mar- ket quotation as of the day of the bal- ance sheet, whichever happens to be lower ire. Among New York bankers one gains he impression that in the future the t lai acting as trustees for in- he past, e spestacuar gronih of the past C ar gros of these investment trusts, particularly in the last 18 months, hardly gave the banks the opportunity to check care- fully the investment methods which were used by many of the trusts. ‘While some of these cor rpors among the strongest financial institu- | 5 tions in America, there are many that during the next few months will be merged with others, with the aim of overcoming losses incident to the last stock market debacle and in drastically cutt] overhead expenses. So_far, no State or national legisla- tion has been passed to regulate invest- ment trust operations. The United States customs officials in_1929 handled importations valued at $4,146,000,000 at a cost of less than 3 cents_on the dollar for the amount llected and less than two-fifths of 1killed But not any of | 4 per cent per dollar on the value of all imj tions. 'w people recognize the tremendous amount of work involved in examining all goods which enter the United States. In 1929, there were more than 3,000~ 000 entries of merchandise into the country, thousands of them came in un- der protest regarding tariff charges. In the importation of this huge amount of over $4,000,000,000 of free and dutiable merchandise, the United States collected in customs duties more than $550,000,000. But every pound of this great amount of goods had to be handled by customs officers to deter- mine the duitable status. While 65 per cent of all the goods thay entered the United States came in free of duty, these free articles too had to be checked carefully. To handle the disputes that arise, the United States customs courts were form- ed. The United States Court of Cus- toms and patent appeals has been made final appellate, judicial, tribunal in all customs matters. Prior to this, the regu- lar District Courts, Circuit Courts and the Circuit Court of Appeals were utilized for these cases and became congested as a result. Prohibition violations might very wisely be taken from the regular United States courts in the same way. (Copyright, 1930, by North American News- paper Alliance.) Special Dispatch to The Star. BALTIMORE, Md., January 27.—Po- tatoes, white, 100 pounds, 2.25a4.50; sweet potatoes, barrel, 2.00a3.00; yams, barrel, 2.00a3.00; beets, crate, 3.00a3.25; brussells sprouts, quart, 15a30; beans, hamper, 2. al hamper, 50 a75; carrots, 100, 3.00a4.00; caulifiower, crate, 1.50a2.! 3.501 H eggplants, _cr basket, 2.25a3.00; kale, barrels, 1.50; onions, 100 unds, peppers, crate, 3.5086.00; parsnips, Ket, 5065; spinach, bushel, 1.75a 1.90; squash, crate 2.00a2.50; tomatoes, o 2.5026.00; mmlga hamper, 30a bushel X Bl 2508 50; gra] X box, ples, 5.00a5. pefruit, box, 2.1024.75; tangerines, strawberries, quart, 35a Dairy Market. Poultry, alive—Turkeys, pound, 32a 35; old toms, 22a24; Spring chickens, 28a32; Leghorns, 22a25; old hens, 20a 30; Leghorns, 23a25; poor and thin, 17 al8; old roosters, 17al18; capons, 30a 35; ducks, 16a26; geese, 18a28; linea fowls, each, 40a60; pigeons, pair, 25a30. Egto—nmlpu. 602 cases; native and nearby firsts, 38a40; pullets, 35; hen- nery whites, firsts, dozen, 41a42; culls to an creame pound, 33a39; ladles, 30a31; packed, 20; rolls, 25a28; process but- ter, 34a35. Live Stock Market. Cattle—Recelpts, 150 head; light sup- ply; market steady. Steers—Choice to 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, 9.00 9.00; plain to fair, 8.00 to 8.50; common to plain, 7.00 to 8.00. . Cows—Choice to prime, none; good to choice, 8.00 to 9.00; medium to good, 150 to 8.50; 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 cnoice, 10.00 to 11.00; medium to good, 9.00 to 10.00; fair to medium, 8.00 0 9.00; plain to fair, 7.00 to 800; com- mon- to plain, 6.00 to 7.00. Fresh cows and 60.00 to 150.00. Sheep and lambs—Receipts, 1,500 head; fair supply; market steady; sheep, 2.00 to 6.50; lambs, 7.00 to 14.50. Calves—Receipts, 400 head; light suj ply; market steady; calves, 7.00 to 17.50. spot, Hay and Grain Prices. Wheat—No. 2 red Winter, 1.23%; No. 2 red Winter, nrllck{.n:pot, 122 1.22%; February, 1.22%; garlicky, no quotations. No. 2 domestic, yellow, new, 1.0021.01; cob corn, new, 4.65a4.75. Oats—No. 2 white, domestic, spot, 55a5517; No. 3 white, domestic, spot, 4a541. Rye—Nearby, 90a1.00. Hay—Receipts, none. General hay tharket is quiet. Some little hay is ar- riving, but hardly enough upon which to establish quotations by grades. Bet- ter grades of timothy and clover mixed are selling from 15.00 to 18.00 per ton, according to quality and condition. Recelpts by truck supplying most re- quirements. Straw—Wheat, No. 1, per ton, 9.00a 10.00; oat, No. 1, per ton, 9.00a10.00. PO ARy ‘Walter Green of Mulls, S, deer with one shot. Dr. C., . D. two First Trust Notes Secured on D. C. Property Wm. S. Phillips & Co. Realtors 1501 K St. NW, Natl. 4600 Convenient Denominations $250 Up Now Available Equitable Co-operative Bldg. Ass'n Organized 1879 JOHN JOY EDSON, President Assets $5,662,549.55 50th YEAR COMPLETED ‘WALTER S. PRATT, Jr., Secretary Surplus & Profits......$1,705,130.78 Subscription for the 98th Issue of Stock Being Received If You Want to Progress Financi- ally—SAVE The most successful method of saving is to adopt a systematic plan. Join the Equita- ble and save as you earn, $2.50 Per Share 915 F St. N.W. ® | while” miil Report of Exchange Head Shows Effect of Foreign Com- petition. Special Dispatch to The Star. BALTIMORE, January 27.—“Taken as & whole the year 1920 was a disa) intment to members of this trade, lanchard Randall, jr., president of the Grain Exchange, declared in his annual report to the board of directors this mor “Conditions at the beginning of the year showed that we had -.mrle supplies and prospects for an excellent export movement,” he continued, “but it was soon found out that South America and Australia had raised unusually large crops which they were both able and willing to sell below the price of North American grain. The native European crops also turned out excellently and American export came to a standstill early in the Summer. “Our large storage space was already filled before harvest. The railroads, at the suggestion of the Government, sought to relieve this situation by establishing emergency freight rates for export wheat. Some space was un- doubtedly cleaned for the new crop. But this move for lower rates generally failed of u.:ornrpou: it would not pro- mote lume of export sales, our prices remaining still too high. The Vvisible supply of wheat continued to crease until in November at nearly 195,~ 000,000 bushels it was larger than at any time m our history. The report, which is the seventh-fifth annual report of the exchange, shows receipts of water-borne wheat for the year totaled 1,365,899 bushels, compared with 1,315,770 bushels in 192 a4 however, showed & decided drop, water~ borne receipts being only 93,089 bushe! against 248,377 bushels in 1928. Oats, rye and barley all showed declines last year, receipts of oats being 796,871 bushels, compared with 1,428,501 in 192¢ rye, 55398 bushels, against 545,1 bushels in 1928, and barley, 4,153,181 bushels, compared with 9,993,994 bushels in 1928, Malt was the only gfln show- ing an increase, 363409 bushels having been received here last year, compared with 294,034 bushels in 1928. and mill feeds also showed declines, 987,226 barrels hlvl.ng‘ been received last year, 1,049,694 in" 1928, feed totaled 12,677 tons, against 14,553 tons in 1928. In exports through the port more wheat, corn and flour slight increases over 1928, but all other grains showed a decline. BUILDING PROJECTS SHOW STEADY GAIN By the Associated Press. NEW YORK, January 27.—Weekly totals announced for henv’vI construction and engineering awards throughout the country since January 1 show a steady :‘):;nrd };:nd in % m&a value of neering cons n, Engineering News-Record re) today. “For the Nation as a whole,” the pub- lication states, “contract letting in the past week amounted to $49,233,000, which compares with $57,165,000 in the preceding week and $65,765,000 in the corresponding week last year. One con- tract, involving $15,000,000 for a power {‘l,l.nt project, accounted for the more n average value of awarc: in the week of January 16. of the large awards announced during the week involved $4,000,000 each. These were for a power distribu. tion system in White , N. Y. & 16-story office building in Philadelphia and a power plant in Ashtabula, Ohio. USE OF COPPER GAINS WITH ELECTRIFICATION Speclal Dispatch to The Star. NEW YORK, January 27.—Increasing use of copper and brass due to the elec~ trification of railroads is demonstrated by an announcement from the Copper and Brass Research Association that 18 railroads now are operating about 4,300 miles of track fully electrified. This track: represents about 1,900 miles of rouf about 3,150 miles of track e re) of the survey of electrified rallway trackage points out that al- though less than 1 per cent of the route mileage of American railroads is repre- by the mil now electrified, of Balti- showed of copper applied to railroad ele%;\flmuon.m . survey included the rail which were" originally eonnructed“!z electrical operation aside from the elec- trifled trackage owned by railways pri- operated. marily steam i SILVER QUOTATIONS. NEW YORK, January 27 (P)—Bar' silver, 44%; Mexican dollars,«327; e Real Estate Investments JAMES Y, PENNEBAKER Nat5201 1520K St. N.W. 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