Evening Star Newspaper, January 30, 1930, Page 15

FINANCIAL " UTILITIES FEATURE TRADING ON CURB Market Displays Firm Under- tone, With Volume on Increase. BY JOHN A. CRONE. Special Dispateh to The Star. NEW YORK, January 30.—Public utilities and industrials led today's active and fairly firm curb market. Volume was heavier than that of yes- y. tric. Bond & Share resumed its position as market leader. with a block of 8,200 at 873, it rapidly Tose to 89%. American & Foreign like- wise spurted, #s did American Super- power. The best gain in utilities, how- ever, was made by United Light & Power B, with a leap of 10 points, Commonwealth & Southern warrants were very active, one block alone total- ing 10,000 shares. One of the features was the volume of new issues appearing on the tape. Deere & Co., new, representing a five for one split of the old stock, came out at 129, and moved up to 1302 before noon. tt & Myers hts, giving the e to subscribe to one-fifth of a :gll‘!. at $25 a share, opened at 12%. ‘Transcontinental Oil, new, represent- ing one share of when-issued common for each Wl: Ihlmd no:, Cll:f;l:.lnm. opened at 19%, and rose . Other new issues admitted to trad- included Midland Utllities preferred, Baking _preferred, Columbus Rallway, Power & u’m preferred and Consolidated Chemical Industries, Inc., participating preference. General The- aters Equipment today moved over o board. Natural Gas shares, which played such an important role in the previous session, were less actife today, but con- tinued their advance. United Gas, Dixle Gas & Utilitles, its subsidiary, Memphis Gas, and Missouri-Kansas Pipe Line pointed higher, as Lone Star Gas to softness. A miscellaneous group of industrials came to the fore early. American Manu- facturing jumped 5 phu':h.:. (‘). mm& at ‘Was up more points. e Co. o America advanced 6 tue of its power is more in the utility fleld than in the in- dustrial, also was active. NEW YORK COTTON. NEW YORK, January 30 (#).—Cot- ton declined 3 to 5 points at the open- 8, £20 s 6d. NEW YORK BANK STOCKS. NEW YORK, January 30 (Special).— 285 £ R s 83 & S NN e o TS rvel Inc 55 48 ider Pack 8s ‘33 PaL nusaFeessg, 2! 22828 =B} :§=:=§;sgs e 882 8 = FF I PISE TR 28883 BTSS! % ~Prev, 1930.~ High, 4% 3% “ 120% 113% Am Gas & Elee ($1). Low. Dividend Rate. 21% Afnaworth Mfg 2% 314 Alr Inves Am CP&L B (b10% 28% Am Cwith P A b10%. 1 17 24 W Am Control Ofl Flds. 8 25% Am Cyanam B (1.60) 198 2% Am Dept Stor: 1 154 Am Equities. 14 654 Am For Power wa ;l 1 107% 105% Am 67 257% 227 48 105% 108% 29% 244 104% 100% T investingB.... 0 62'4 Am Laund Mch(4).. 758 Am Lt & Traet (10). 1 44% Am MtgCo (3). . 1008 104 Am Solvents Chem.. 24% Am Sol Ch ev pf (3). 23% Am Superpower (1). 43 87% Am Superpow pf (6) 94% Am Supe! ot (6) 5% Am Yvette (new) wi. 11% Anchor Post ¥ (3)... 17 Anglo-Am vet (73¢) 16% Angl a e a3 lnana - Boa 10% Apex Electrical 8% Arkansas Na 8% Arkansas Nat Gas A. % Ark N G em pf (60c) 6% Asso-Elee Ind Ltd. +: ~Bon - yon pt . & Atlant Fruit & Sug. . 14 Atlantic Lobos Ofl pt 18% Atlantic See Corp. ... 18 Atlas Stores Corp $1. 18 Aut V Mevprpt (2). 204 Aviation Corp of Am 124 Aviation Credit. 214 Bahia Corp. 24 Bahia COrp pf...... 234 Bilss Co (E W) (1).. 6% Blue Ridge Corp. ... Blue Rdg ev pf (a3). Brasil Tr & Lt (2) Bridgeport Machine. Buf Niag&EPpf 1.60. Bulova cv pf (33).. Burco, Inc (war). ... Burma Corp (t3le).. Butler Bros (1.20) Bwana M Kubwa. ... Cab&Wire LtdB rets 1 Cab& WireLtdpf rets Camden Fire Ins(1). Can Ma, oy - rro R PNSTHOIOISE 1 V15 - -PAOTOPUURevrs: 29 ceRnm Celanese Corp. 4 Cent PSv A (a1.75).. Cen States El (340¢) Centritug Pi, Consol Cortes 8tlver, Con Dairy Prod (32). Con Gas, Balto(3.60) Cons Instrument. 12 13% 13% % ‘% 19% 2% Darby Pet (1). Davis Drug Stor ¢ Deere & Co (16). . 15 Dixon (3) Cru (112). 10s Doehler Die Casting. Douglas Aire (75¢).. Dres(SR)Mfg A 3% . 33! Dubilier Cond&Rad. ] 5 18% East States Po B(1).. Eastern Util Inv A, Electr a & ( & Sh pt (8).. Elec Pow Asso (1)..y ] l:la;PwA Tl 184 L] 18 Bl ar.. .o Elee Sharehldg (31). Encineers Goid. .. Bng P 8 opt w . Bvans Wallow Lead. First Nat Copper. Fokker Alreraf: . Foltis Fischer Corp. Ford Motor Can A... Foundati Fourth Nat Inv, 8).. Gen E Litd rets (50¢) Gen Empire Corp. Gen Gas& El (A). Gen Indus Aleohol. .. Gen Rity & Utilities. Gen R & Util pf (6).. Glean Com Har n(1). Glen Alden Coal (10) Globe Underwriter: t Goldman Sachs (b6). Gold Seal B Gorham Ine pf (3)... Goth Knitback Mach GrA &P Teapt (7). Graymur Corp...... Ground Gripper (1) Gulf Oll of Pa (1%). pt (19¢)., Candy. Hecla Mining (1 %« Hudson Bay M & 8 Humble Ol (2). Huyler Stores of Del » 1 Food Prod. 1 linots P L (20)....1508 Imp Ofl Can reg(b0e, 2 Indian Terr [llum... B2 = S Ins Coof N Am (13). Intercoast Trade (1) Intl Petrol. n(62%e) Intl Superpow (21). Tternatl UtA (334).. Internatl Ut B...... Internat Util (war), ). Irving Air Ch (1.50). P&L pt (7) “ Nd. 000 % Kolster-Br (Am Sh). 35% "Lackawanna Sec4). 1% Land Co of Florida. ., 14% Lefcourt Real(t1.85) 29 Lefeourt Real pf (3) 76% Lehman (The) Corp. 3814 Lerner Stores (2)... 5 Liberty Baking Corp 17% Lily T Cup (150).... 18% Lion Ofl Refin (2) 3% Loews Iné war...... 12% Loews Incaebrta. .. 344 Lone Star, new (30¢) 3% Loulsiana Lan & Ex. 32% Marine Mid Cp (1.20) & Marland of Mexice, . 1 M Cl a“® Aow, 10% Memph Na n‘c... O U U U Y wa3es 105% 104 5 % 4% 1% 13 12% 6 % 1% 2% 33y % 9 9u 168 16514 4% 18% ~Prev. 1930.~ 1 2% DI .:".4.;.::. Add 3:38. Lew. Ivident 17 Mer Chap & 8(1.60) 1% Mesabl iron. 2414 Met Chain Stor: 22 Midl Unit (b1% %).. 25% Middle Wst U(b8%). 1% Mid West Ut A war 30 Miler & Sons (2) 13 M 18% M PipeL.. 114 Montecatini deb rta. 41% Moody's I S pt pf (3) Mock Judson Voe(3) 8 Mount Prod (1. 8 _Municipal Servi 28% & Bunelonung ) 25% Natl Fam S pf (2). Nat Food Pr A (2% 50 Nat Steel Corpx w. 5% Natl Trade Journal 314 N @ [T ISP TIVIEL. T e oo e 3 N Y Tel pf (6% Niagara Hud P (4 g Hud Pw A war, 6% Niag Hud Pw B war, 12 Niagara Shares Md... 27% Niles Bement Pond, 345 Noranda Mines (3). 5% North Am Aviatios 5% North Am Utll See. . 105% North St Pow pf (7). 168 North 8t Pow A (3).,. 21 N W Engineer (2)... 22% Novadel Agene (3).. 1 Ohlo Copper, 69% Ohio Oil (2).. 10% Outbd Mot A (1. 3% Outboard Motor 26% Pac GAEListpf 1%, 27% Pac Pub Serv (1.30 1 Pandem Oil.. 1% Paptepee Oil. 11% Param C Mfg (2.40). 40% Parke-Davis (11.35). 22% Patterson Sargnt (2) 13 Pennroad Corp...... 94% Penn Ohlo Ed pf (6). 105 Penn O Ed pr pf(7). 45% Peop Drug Strs (1 92 Pepperell Mfg Co (8) & - PNBR NS B RB B Pierce Govern (114). 10% Pilot Rad T A (1.30). BPn(20¢). Pitts Forging Co. 25% Plymouth Oil (2)... 40 Power Seeurities pf. 59% Powdrell&Alex(3%) 8 Prince & Whitely. ., 35 Prince&Whitely pf3. 14 Propper 81k H M (2) 14 Prudential Inv... 17% Pub Util Hold war. . 99 PugSP&LtDS(6). Ry & Util Inv (A)... % Repetti Candy. . 71 Republic Steel n wi 92 Rep Steel cum pf wi, 22% Reynolds Metn 2.40. 27 Rike Kumbler (2.20) pe Min. . 19% Rocklans Lt&P(92¢). 2 Roosevelt Field. Ine. Root Ref ev pr pf 1.80 1 res, Ine..... 19% St Regis Paper (1).. 95 128 Safety Car H& L(8) 2 10% Salt Creek Prod (2 23% Schlet & Zan pf 3 2% Schulte Un Se-$1 Si 6% Sex Lock & H (50¢. 9% Seiberling Rubber. 7% Selected Indus 59, Select Ind pr (5% ).+ 66 Sel Ind allot efs 6% .. 5 Sentry Safety Cont.. 8% Shattuck Den'Min. .. 5114 Sheft'r Pen (WA) (2) 8% Shenandoah Corp. .. 33 Shenan Corp pf(a3) 41, Sterra Pac Elec (2).. 95 Sterra Pac El pf (6). 18 Silica Gelet........ 4% Singer Mfg Ltd(30¢) 17% Sisto Fin Corp. ..... 137% Smith (A0) (3).... % Sonora Products. . 5 South Coast........ 28%4 S0 Cal EA pf A(1%). 24% So Cal Ed pfB(13%4).. 4% Southern COrp...... 40% South Penn Oil (2).. 88 S'east P&L prpf(6). 18 So Pipe Liné (12).... 10% Southland Roy (1).. 7% S W Gas Util........ 64 Southw Penn PL(1). % Standard Motors, ... 98 Stand Oil Bxpt pf(5) 52 Stand OLl, Ind (23). 28% Stand Ofl, Kan (2).., 881 Stand Oil, Ky (1.60). 81 St Oil of Ohio (23%).. 62 Stand Pwr&Lt(new) 61 Stand Pwr& Lt. B... 99% St Pow & Ltpf (7).. 20 Starrett Corp....... 34 Starrett Corp pf (6),. 8% Stinnes (Hugo) 1% Stutz Motor Car. 6% Sunray Ol (40c). ... 38% Superheater (13%).. 31% Switc & Conew (2).. 64% Tampa Bleetric (32). 81 Texon Ofl & Land. ... 18% Thermold Co (2). 28% Third Nat Inv (1)... 224 Thomp Prod A 12.40 24 Tobacco & All Stks.. 45% Todd Shipyard (4).. % Tonopah Belmont. .. 41% Transamer (31.60).. 6 Tran Con Alr Tran. . 4% Trans Air Trans cfs. 4% Tr-Lux DL P8 (A). 4 Tri-Cont Corp war. ., 11% Tri-Continental Cor. 16 Tri-Cont Corp pf(6). 40 Tri-Util Cor (31.20). 24 Truns Pork 8 (1.80). 140% Tub Art 811k B (10) . 84 Tung-Sel La'p pt (3) 264 Ungerleider F Corp. . 27% Union Amer Inv. % Unlon Tobaeco. 11 Utd Carr Fastnr 1.20 32 United Ch pt pf (3).. 14% United Corp war. % Unit El Ser pur war. * 19% United Gas Co...... 27% Unit Lt&Pwr A (60¢) 84% United L&P, B (60c) . 97! Utd Lt & Po pf (6).. 3% United Milk Prod. .. 1% Unitd Profit Sahring 7% Unit Rt Ch pf (334). 60 Unit Sh Meh (13%). 13% U S Dairy B.... 18% 1 8 Blec Pwr ww. ... 22% U S Finishing (32).. 17% USFoll B (1)...... 604 US& InScef (2%).. 14 US Linés.pf (50c)... 7 USSharesFin.....: 11 Unit Verde Ext (4).. 14% Utility Pw & Lt(al). 17 Utility & Ind........ 24% Utll & Ind pf (1%, 10% Utility Equitte: . 93% Vacuum O1l (14%).. 10% Van Camp Packing. . 8 Viek Fin Corp. . Waltt&BondB (1.40). o 2 8 wRroarm nernaBoanaBarcrimioal nucBreasanonan Walker (H) (1) 1% Watson (JW) Co. 8% Wayne Pump. .. % ‘Wenden Coppe! « 15} Willlama R C (1.40). 6% Wil-Low Cafeteria. . 3% winter (Benj)....4 2% Weodléy Petroleum. % Yukon Gold...iveiee 19 Zonite Prod (1.60)... RIGHTS. Bxpire. m 1% Baltimore & Ohle. . Mar. 11 6 7% New Eng. 34 2% So. Cal. Edison 210 .01 Trans Corp........Mar.§ 2% 20n Dividend rates in dollars Based on iash euarterly ABAUAL BasmenL. 4 oash or stock. Sales— am, 18% % 0% 3% 9l 4 J 101% 101% 4% 2% 8 A% 2% 8 18 1% 1% 3 u % 28 8 34 08,03 WEATHER RETARDS | HAULERS OF F00D Supplies Lighter at D. C. Market—Marine Products Receipts Small. Deep snow on the country roads early this morning proved a severe handicap to haulers from nearby Maryland and Virginia, keeping some at home and delaying others. State roads and boule- vards were cleared of deep snow early in the morning, State and county offi- " cials getting scrapers in action, b"ut side 3% 03 03 or pemi- | ¥Partls extra {Pias otes 18 stock. able 1o Ix-dlvun.om:t-. L . % & Pay roads, in many instances, according to reports, were made .almost impassable. Had it not been that many local merchants had large supplies of eggs on hand, dealers stated, prices of the roduct of the hennery bly would ave taken an appreciable advance. It is probable that continued stormy con- ditions will temporarily affect prices, according to dealers, but not to any material extent. Marine Products. Continued snowfall probably will re- duce the number of week end haulers of eggs and luce from the nearby States, but slight shortage likely to result will have but little bearing upon the market. Should warmer predicted for tomorrow be realized, roads should quickly be made passable and normal hauling conditions result in receipt of the usual quantities of commodities with but little delay. Receipts of marine products, already small, this morning were in quantities sufficiently to meet demands. There was not the usual large variety of fresh fish offered, but frozen stock was fairly plentiful and offered at prices dealers nothing like prohibi- tive, Both Spanish and king mackerel, fresh caught, were received from Florida shippers and offered at 25 and 20 cents & pound. Florida shippers also suj plied small quantities of shad, roes sell- ing at 45 and melts at 35 cents & pound. FPew herring received from North Caro- lina shippers were offered at 10 cents L ind. let of haddock, offered at 22 and proved a good seller. Frozen trout were quoted at 15 and frozen croakers at 15 and 18 cents a pound. Several varieties of frozen fish from Boston packers also were on the market. Oysters were not so plentiful. Prices did not materially advance on shucked at $2. selects at $2.60 a gal- ':2. Choicest shell stock was quoted nvllz and s"ll.:“hrrtlu o smal ipmen wm-:" received for the Frid: trade, most of the supplies coming loxi, Miss., packers. The white meat was offered at 75 and the lump at §1 & pound. There was & decided increase in busi- district, however.d :h.ro business was reported slow and draggy. ml':ulh and vegetables were received in the commission house district in uantities sufficiently large to more than supply demands at prevailing prices. Dealers this morni nm:d rices of most commodities at sul - fhlly the prices quoted yesterday. i Today’s Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound prints, 42a43; tub, 41a42; store packed, 25a30. Eggs—Hennery, 38; fresh selected, 38; current receipts, 36a37. 32; ola, dnaze’ Bpring whickone: inspe ; ol 228; 8a30; medium, 28a30; broilers, 32a: 28; fowls, 28a30; roosters, 20. Dressed—Turkeys, young, 2a33; Spring chickens, 35a 38a40; Leghorns, 36; fowls, 30a32; roosters, 22a23; capons, 35a40; ducks, 28a30; keats, 50a60. Meats, fresh killed—Beef, 23a25; 28; pork loins, 28; fresh hams, H fresh shoulders, 20; smoked hams, 28a 27; smoked shoulders, 22; bacon, 25a20; lard, in bulk, 12%4; in es;, 1315, Live stock—Calves, 17; lambs, 13. Fruit and Vegetable Review. ‘The daily market report on fruits and vmuble-lf’ wmm by the Market News F u veal, l«mw of Agricultural 16 1o jobbers except, where other- Sal Ay;lla—iu lies moderate; demand m, 3 slow, muku?iud.r Barrels: Virginia, unclassified, 2% inches up, Yorks, 4.50. Boxes: Few sales; Wi medium $00; Saten Tancy Arys. e Beermaae ancy 3 2.75; extra fancy, medium sizes, Stay- mans, 3.00a3.25. Bushel baskets: Vir- ia, U. 8. No. 1, 3& .50; unclassified, 213 inches up, Twigs, 1.40a1.50; féw U. 8. No. inches up, Staymans, fine qualit; condition, 2.75. Pénnsylvania, U. 8. No. 1, 2% inches up, Yorks, 1.40; U. 8, No. 2% inches up, Yorks, 1.65. Cabbage—New stock: Supplies mod- erate; demand slow, market steady; Florida, 1l2-bushel hlmzpfl‘l. pointed typé, 2.00a2.25, mostly 2.25. Old stock: Supplies light; demand moderate, mar- ket steady; New York, 100-pound sacks, Danish type, 2.50. Celery — Supplies moderate; demand light, market steady; Florida, 10-inch crates, %-dozen, ' 2.75a3.00; 6-dozen, 50a: 8-dozen, 2.00a2.25; 10-dozen, 1,3 d \1502.¢ Lettuce—3upplies moderate; demand light, market about steady; Arizon crates, Iee) dozen, 5.50. Oni PP moderate; demand ht, market, steady: New York and ichigan, 100-pound U. , 1 Burbanks, U. 8. No. 1, 3.75. String beans—Supplies moderate; de- mand slow, market dull; Flori hampers, green, ordi qua condition, 1.5082.50; 34 -bushel h: ) green, ordinary quality and condition, mostly 1.50. Eggplant — Suppliés light; slow, market dull; Florida, crates, fancy, large size, 4.00. Cucumbers—Supplies light. slow, market slightly weaker; very few sales; Indiana, 2-dozen cartons, hot- house, extra fancy, 5.50; faney, 5.00; No. 1, 4.50a4.75. ‘Tomatoes—Supplies ligh light, market dull; Florida, lug boxes, ripes and turning, wrapped, 5x5 and 5x6, 5.0085.50; aioou.oo; rema’ed. uni.nm" grzw ’Is;, ripes, wrapped, fancy count, 4.00a4.25; cfice count, .25-3?0. Spinach—Supplies light; demand light, market steady: Texas, bushel bas- kets, bunched, 1.75a2.00. light; demand cauuflnwer—su‘mu'u' light, market dull; ‘alifornia, pony plies light; demand slow, , 2.25a2.50. market H , pepper crates, zo. lr':;edlum size, asking 6.00; no sales ‘Supplies light; demand light, market slightly stronger; Mexico, 45- ind crates, 4.50. lnnu—sup%{hl light; demand light, market firm; Texas, Western lettuce, crates, bunched, 3.75; New York, 100- pound uc:.’ cut, 2.00. Oranges—Su| %derlu' de d light, Mmark ¥ medham sies !"douffl?' h‘o’f"a','mo- dium sizes, 4.00 demand pepper demand iarye: | Soo'00b. 1 tmp SHORT SELLING STABILIZES FINANCIA MARKET DURING DECLINES Potential Buying Power Under Listed Quotations Insures Orderly Movement of Stocks—Steel BY JOHN. F. SINCLAIR. Special Dispatch to The Star. NEW YORK, January 30.—When E. H. H. Simmens, president of the New York Stock Exchange, at the close of one of the worst bear days in the stock | oo market in November said that the amount of short interest was only one- seventh of 1 per cent of the total listed sales it showed in cold figures as noth- ing else could the fact that short sell- ing is not widely cticed. “This short sel business—I can't quite understand it"—is the way one stock market bull expressed himself to ‘writer. Should short selling be permitted? In some countries it is prohibited. But in a i market short selling is undoubtedly the best stabilizer, It creates “potential buying power.” “Had short selling been more exten- sive the stock market decline might not have gone so far nor so fast. The ab- sence of short selling was due to the sad experience of bears in the pro- tracted bull market,” says one market observer, ‘When the elder J. P. Morgan said “never sell United States short” he was only expressing the common sentiment and feeling of the shrewd investor. The rt of the United States Steel Cflon , _showing net earnings for 1 of $259,650,000, staggered even ‘Wall Street. It is the corporation’s best record since the war. The net earnings increased over 1928 by more than $1,- 250,000 & week. > Think of a company setting aside for depreciation more than $5000,000 a month! After taking out of net earnings every conceivable kind of a depreciation there was left $197,531,000. Preferred stock dividends took $25,219,677 and common stock dividends took $63,408,- 000. This Jeft a surplus of almost $109,- 000,000, as against $39,000,000 for 1928. ‘The record years of the United States Steel Corporation were 1917, when net soared to a little more than $295,000,000,000, and 1916, when they hit their all-time record peak of $330,- 574,000. Ingot steel production is now running at the rate of more than 77 per cent of capacity, as against 72 per cent a week ago and 67 per cent two weeks ago. s usiness is looking up. “Find & substitute for pulp or cut down the size of newspapers,” is the suggestion of W. D. Robb, vice president the Canadian National Railways, before the Canadian Pulp and ation in Montreal. 28,000 cords of pulp wood, 000,000 in 1928, were fabri- finished goods, worth more $185,000,000,” said Mr. Robb be- “So the value of Our Forest” is becoming a national slogan in Canada. Sir Henry Thornton agreed with Mr. Robb and called attention to the need of sub- stitutes whereby production may once more overtake consumption in the ‘o mu'yomu'mt 1s ily tha ’s pol promarily that Canada badly needs scientific re- search study in the solving of this very important problem, which con- cerns not only Canadian business, but American as well. Report Record. tourist trade. Americans alone spent nearly $300,000,000 in Frarnce last year. The total trade of France foreign last year was 335,000, new ¥ 34, ,000—a high 1 World trade is progressing satisfac- ily. Britain's imports and e: before the war were about $7,000,- 000,000, as against $10,000,000,000 now. Germany's trade in the same has gone up from $5,000,000, to $6.500,000,000; Italy’s, from $1,200,000,- 000 to $1,900,000,000, and that of France, from $3,000,000,000 to 84, 330,000,000 But these figures are not altogether accurate, owing to the rise in prices. Germany shows an aj t increase of 30 per cent over the year 1913 in dollar values, but her actual tonmage figures are about tlr&‘rr cent below 1913. mlnhmern;:lomlh e, in lp;l.u of ali e handicaps to overcome, is growing both in volume and in vaiue. When the New York Telephone Co, announced a $14,000,000 rate increase, in accordance with the decree of the United States District Court, which RAILROADS FAVOR MERGER PRINCIPLE Majority of Companies Ap-’ prove Idea, but Differ . ch Details. BY J. C. ROYLE. Railroad earn! ve a) ! being onthe ncteate, ettt actuer figures which would support this con- clusion n“" nl:lm m.hmh off. ?;r wn 1} Mvm ly with those of & myur o merce Commission. The one thing which has worried earriers for years is not what the Interstate Commerce mission would approve in the way of consolidations. The majority of the ;oldx {;:ur comlldbfi::, but not all avor same consolidation :chcdulz. It has become thoroughly hpparent, however, in recent Jmt the commission the utmost earnestness and is inclined to Just favor petitions conforming with the declared that the 's rates shall return 7 per cent on fu capital invest- | Plan. ment, that company sta: something. The State of New York, through the Public Service Commission, is trying desperately to work out a new tele- phone rate schedule. to be put into effect on Saturday next as the only way left to block the new rate which the telephone mble“’ m;\l arbitrarily set. e prol & far-reaching one. What will be the ultimate effect in public utility regulation when a Fed- eral court lays down an edict which vitiates to a 1. extent that activity of the State auf ities? It looks as though this New York telephone rate case is the wedge which will split wide ‘open the regulation problem. Out of it may grow drastic legislation whereby the State will attempt to recapture the power Which apparently Has been taken over by _Federal courts. The problem of public utility refn- lation, an economic problem, is fast becoming a big political one as well, (Copyright, 1930, by North American News- paper Alliance.) GRAIN MARKET. CHICAGO, January 30 (#).—Influ- enced by a new curtailment of the of- ficial estimate of wheat production in Argentina, wheat values here tended upward early today, On the other hand, price advances here had to con- tend with reports that Russia is offering wheat abroad cheapet than is asked for wheat from North America. Opening unchanged to 33 higher, Chicago wheat afterward hesitatingly scored moderate gains all around. Corn and oats were easy with corn starting % off to Yaal up, and subsequently keeping' near to the initial range. Provisions showed firmness. New low-price records for the sea- son were reached in the Chicago Wheat Market today after transient upturns. Sharp breaks in wheat and rye quota- tions at Winnipeg were largely re- :mnllbh for the setbacks here. In it connection, a good deal of notice was taken of Liverpool reports that a price-cutting war exists between Can- Unif States. Next to wheat, paper is Canada's|ada main export. a dectease of more ,000 in e last year an increase of $193.- the period, ports in an _unfavorable le. balance * Grainariy sich adverse Agures would such adverse figures cause great alarm, but not in France. For her “invisible items” more than counterbalance the unfavorable bal- ance in merchandise. These “invisible items” in the case of France are largely pris estimate is 20 per cent lower than ‘warranted. STOCK AND BOND MARKET AVERAGE From Yesterday's 5:30 Edition. s By the Associated Press, Total saies (par value), $9,4 Get Out of the Rut perhaps not at so is making itself rent with regard nt w to the attitude ‘:tw Interstate Com- Some men have good jobs and save money. Some have lesser jobs and save money, and ' others, regardless of their income, plod along in the same old routine and never have anything laid aside for the things they want, Maybe it’s Luck. Who But we do know that thousands are building worthwhile savings ac. counts, and they are not all men with the good jobs. ' Don’t grumble about your lot without first try. ing a Savings Account. LINCOLN NATIONAL BANK 7th Eastern Territory. This was clear in the recent hear- ings on the Baltimore & Ohio m::n to uire the Roches! Pm:gar(h and ‘the o el hanna. ~These merger plan have been confined to a large extent to.Eastern trunk line ter- ritory, where there is evidence of con- siderable activity. The Wabash system, a8 proj is 'Wn to be preparing for action. The Baltimore & Ohfi has submitted its plan for a hook-up with & short line to Chicago. The Van Sweringen roads have now been permit- ted to make the Chesapeake & Hock- ing an integral part of the Chesapeake & Ohio. The New York Central and the Pennsylvania are not making open moves, since they are least concerned as to uisit; t .5, m\fi ion of new lines, being inded out already. L. P. Loree, It D. & H., declares he hnm‘ of securing a ork, Pittsburgh & Chicago Railway, :,Né‘" would provide s new trunk mfe In view of this fact, rallroad men thered here for the various hearings 1d to the bellef that the consolida- tlons will be “worked out plecemeal, rather than by whole systems at a time— nder 15 plat ey S epeRA o D e , may ] n to acquire control of iy The carrier would then' propose to apply for acquisition of another line and continue until the whole system is rounded out. Councilor & Buchanan Certified Publie Accountants Wm. Gordon Buchanan Tower Bufiding National 6110-61116318 (Televhone Dirsctory Omission) First Mortgage Loans Applications Tnvited - Glover & Flather 1508 H St. N.W. National 1753 Underwriters + Disteibutors INVESTMENT SECURITIES Wasntineron Orrica 737 t5th Street N. W, Telephone, National 3059 —— Mamm Orr « Barrivons YD D YO Bl