Evening Star Newspaper, February 7, 1930, Page 14

K14 **% FIN ANCIAL. THE EVENING CREDIT CHEAPER | INWORLD CENTERS Action of New York Reserve Bank Taken as Busi- ness Aid. 8pecial Dispatch to The Star. NEW YORK, February 7.—Money is getting cheaper, if central bank rates are any indication. When the Federal Reserve Bank of | New York reduced its rediscount mel from 413 to 4 per cent yesterday after- | noon, it quickly followed the morning | announcement of the reduction of the rate of the Bank of England from 5 per cent to 4': per cent. Last w -k the Bank of France re- duced its rediscount rate from 315 per cent to 3 per cent, and it was foliowed by the German Reichsbank, which re- duced its rate from 6'. to 6 per cent. So New York, the money center, again leads the way in reducing rates in the United States—the only Federal Re- v having a 4 per cent redis- te. Six Federal Reserve Banks maintain : a 415 per cent rate—Boston, Philadel- | phia. Atlanta. Chicago, Kansas City and San Francisco; San Francisco and Kan- sas City both having reduced rates in December. The other Federal Reserve Banks | which still maintain the 5 per cent re- | discount rate are those in Cleveland, Richmond, St. Louis, Minneapolis and Dallas. The Federal Reserve policy is co- operating at the moment in bringing to the country cheaper money and plenty of it. The New York rate change | should and will have & definite and favorable effect on business conditions. World Price Con‘:sl. ‘The Royal Bank of Canada, with as- sets totaling a billion dollars, urges co- operation among the central banks of | issue to control world prices. | t should be possible within narrow | limits to prevent either a rise in the value of gold, which is the same as a fall in the price level; or a decline in the value of gold, which is an advance | in prices,” says the Royal Bank. Intelligent control of the world's sup- ply of gold does present difficulties. One is “the reluctance of any country to part with its gold reserve, once ac- cumulated, even though it may be much greater than required by the business of the country.” Spain and Argentine are two present | examples of this. For thousands of years the demand for gold has had a definite effect on prices. However, the consensus seems to be that there is plenty of gold in the world, if the central banks of issue will handle the problem as frankly and in- telligently as other business problems are handled. ‘Opportunities in Canada. “The fastest thinker in Canada” is what William W. Evans, chairman of the Canadian General Securities, Lim- ited, of Toronto, has often been called by fellow Canadians. This youthful financier was born in the little town of T Ontario, 39 years ago. After gradual ing from both the University of To- ronto and Osgoode Hall, he entered the legal department of the Canadian National Railway in 1914 and wes made | western solicitor, with headquarters in! Winnipeg, at the age of 26. Two years later he resigned, returned to Toronto and entered the investment banking fleld. “It would be foolish to say that Ca- naqian business has not been affected by the stock market drop of last Fall and by the difficulties which the Stand- ard Mining Exchange in Toronto has experienced in recent weeks,” said Mr. | Evans. “But one must never forget, in | speaking of Canadian conditions, that ‘we are now at the same period in the development of our natural resources that the United States was immediately after the Civil War. American business leaders looking for new fields could do no better than pay Canada a visit now ;nddstudy over opportunities at first ana " And that's just what many Ameri- eans are doing this Winter. Foreign Auto Exports. A pan-European combination, com- prising Germany, PFrance, Italy, Aus- tria, Belgium and Czechoslovakia, to fix a definite quota of American cars for each country, beyond which no more will be allowed, is not beyond the realm of possibility. American manufacturers are thoroughly alive to the situation. Exports of automotive products from the United States in 1929 reached the impressive total of $563,853,000. Eight years earlier—in 1921—their total value was but $82,000,000. So the importance of exports to this industry is evident. But Europe, in 1929. was not the biggest auto market. Canada, Argen- tina and Australia were the chief mar- kets for passenger cars, with the South American countries making large gains. Automotive rubber goods exported came to $43,000,000 in 1929. That | there was only a slight increase over 1928 was due largely to the building of factories of American companies in Canada, United Kingdom, France, Ger- many, Australia and other foreign ccun- tries. This movement, already signifi- cant. is gaining in momentum and im- Pportance every year. Farm Wages. Farm _wages—the lowest paid in United States! ‘While they increased during the first 10 months of last year, they declined ' from October last to January 1 sub- stantially, says the United States De- partment of Agriculture. If we figure the 1910-1914 pre-war wage level as 100, we find that the index was 159 finuary last, compared with 162 one year ago in the same month. Speaking the dollar language, farm wages per month, with board, for the United States were placed at $32.29 on January 1, compared with $33.04 on January 1, 1928; wages per month, without board, $46.80, as compared with $47.20 a year before. The farm hand working by the day was getting an average of $1.73 on January 1, last, as against $1.78 the year previous, while wages without board were $2.27, compared with $2.34 January 1. 1929. The highest monthly wages paid are on farms in the Far Western States: the lowest in the South Atlantic States. Any way it is figured, farm wages, reflecting farm conditions, are very low. (Copyright, 1930, by North American News- vaper Alliance.) DIVIDENDS DECLARED. NEW YORK, February 7 (#).— Regular. Hidrs. of record. Mar. 15 - Pay- Company. Rate.riod. able. Alumigum Co of Am Do 6% pf. ... 515 Manhattan, Shiii’ soc Quissett e Reynolds Metais .. .60c Mar. 1 Feb. Seabd Util Shs (Del).12':c—Immediately DO .ovoooe 13N Apr. 1 Mar. Seth Thomas Cik 37% Fo Shaw Water & P_671:c Shippers Car L A .50c Do pf......c...5L Sou Col P 7% bt Sou Col P 7% pf Wheatsworth In 0000000 0OOLP o CEEER: BESSES HY 25¢ "=>§ ! 000pDOOODD 358 1e e Juice. 25¢ Seth Thomas Clk 25¢c Welch Grape Juice.25¢ Resumed. Gosnold Mills pf..$1.50 Q Feb. Omitted. 37'2c Q—Due Jan. 2. ’ b, Fe Feb Feb. Pitts Invest Sec 214% 177 109 108% X ¥ Chi & St L pt(6) 124 116% 108% NY NH & Hart (6) 125% 122 246 226 105 321 125 251 98 4 | share. % | selling around $180 per share. 1 STAR,. WASHINGTON, D. C. FRIDAY, FEBRUARY 7. 190, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued From Page Stock and Dividend Rate. Link Belt (2.60)..... 52% Liquid Carbonie (4). 4214 Loew's, Inc (3) . 3% Loft, Inc.... 12 Long Bell Lumb A 50% Loose-Wiles (2 16% Lorillard (P) Co. 81 Louisiana Oll. §1 Louis Ofl pf (615)... % LouG&EIA (1%).. 2% Ludlum Steel (2). McAndrews&F t2.85. 40% McCall Corp (23%) ~Prev. 1930.~ High. Low. 41% 3 63% 35 McGraw-Hill (2).... McK’port T P (14% ) 82 McKesson & Rob (2) 44 McKes & Rb pf(3%). 70 Mack Trucks (6) 16 MeLellan Stores. 159% 137% Macy (RH) & Co(n2) Madison Sq G (1%). Magma Copper (5) Manati Sugar. ...... Mandel Brothers. 5 Man Shirt (2)....... % Marlin-Rockw! t414 . % Marmon Motor ( Martin-Parry. .. Mathieson Alkill (2 lay Dept Strs (n2). Maytag Co (12).. % Maytag Co pf (3) Melville Shoe (2).... 15% Mengel Company (2) 3 Mengel Co pf (7 3 16% Mexican Seaboard. 267 Miami Copper (4). Michigan Steel (234). Mid-Continent P (2). Middle States Oil Miller Rubber. Minn Hon Reg(13%) % Minn Moline Pwr... MStP&SS M. Mo Kan & Texa Mo Kan & Tex pf(7). Missourt Pacific. Missourt Pac pf (5) 4 Mohawk C Miils (3 Monsanto Ch (g13 Montgomry Wrd (3). « Moon Motors. 581 Morrell J (3.6 1% Mother Lode (40c otor Meter G & Motor Products (2) 615 Motor Wheel (3). 4 Mullins Mfg. . 18 MurrayCor (b2 % stk. 35% Myer(FE)& Bro (2). 46 Munsingwear (14).. 51% Nash Motors (6).... 40 190 Nash, Chat&StL({8). 20s 18% Nat Acme (1%4) 9 11 Natl Air Trans. 9% Natl Bella Hess Natl Biscuit (7) Nat Bisn (p2.80). Nat Cash Reg.A(f Nat Dairy (32). 29 Nat Distillers (2 4 137 Natl Lead (5).. 20 138% Natl Lead pf A (7).. 10s 2 Natl Pwr & Lt (1) % 4 53 25 2 6 13 8 1 157% 71 Natl Radiator. . Natl Radiator pf. 27% Nevada Copper (3).. 127 57% 40 Newton Steel (3). 16 46 44% N Y Alrbrake (3.60) 1847% 167 N Y Central (8)..... 139% 130 N Y Chi& St L (6) 1 180 . 208 N Y & Harlem (5) NYNH&H pf (7 13% N Y Ont & West 1% N Y Railways pf. 15% 414 10214 100 N Y Steam pf (6 20% 16% Norfolk Southern, Norfolk&Westn(10). 93% North Am(b10%stk) 58% 51 North Am pf (3)..., 102% 100% North Am Ed pf (6). 51% 45 Nor Ger Lloyd(3.41). 88 841 Northern Pac (5)...,. 861 8215 North Pacet (5). 2 49% 42 Northwestn Tel (3). 40s 1 % Norwalk Tire & Rb.. 4 23% 13% Oliver Farm Equip.. 42 31% Olivr Fr £q cv pt(3) 3% 2% Omnibus Corp Otis Elevator (6. 118% Otis Elev pf (6) 30% Otis Stee] (234 52% Owens I11 Glass(n: 7 Pacific Coast... R 17% Pacific Coast 1st pf.. 20s 15 Pacific Coast 2d pf.. 130s 52% PacificGas& E (2).. 38 72 Pacific Lighting (3). 5 Pacific Oil stubs, . 00: 36 4 3 2 3 s 1 2 2 557 85% 50% Pan-Am Pete B. 66% 48% Paramount-F-L o::'l‘!r. 214 Park Utah. 2% Pathe Exchange. 5 Pathe Exchange 28% Patino Mines (3.89). 64 Peerless Motor Car. , 26% Penick & Ford (1) Penney (JC) (2%).. Pen (J C) pf A (6) 4 Penn Dixie Cement. ., 80% Penn Dixie Cemt pf., 81%: 721 Pennsylvania RR(4) 230 Pecple’s Gas Chi (8). 94% Pere Marq pr pt (5). 38% Phelps Dodge (3)... 11% Phila & Read C&1.. 50% Phila Co 6% pf (3).. 8% Philip Morris (1). 81% Phillips Petrm (n2) 1 Pierce Oil. 43% 15% 52% 1% 35 34 45 Pirelli Co A (2.88) 17% Pittsbgh Screw 1.40. 27% Poor & Co (B) (2)... 59% P Rican Am To (A)7 12 P Rican Am To (B)., 4815 Prairie O&G (123%). 58 Prairfe Pipe L (15).. 7% Pressed Steel Car. 100 Pitts Steel pt (7). 52 Pressed St1C pf (7) 52% Proc & Gamble (2).. 84 Prod & Refiners. .. .., 81% Public Serv, NJ 3.40. 106% Pub Sve NJ pf (6) 121 Pub Sve NJ pf (7) 824 Pullman Corp (4). 225 Pure Ol (1%)...... 77 Purity Bakeries (4). 34% Radio Corp. 68 Radio pf B 19 Radio-Keith-O 4 33 Raybestos Man 2.60. ¢ 121 Reading (4). 47 Reading 1st pf 44% Real Silk (5)........ 5% Rem Rand (50c).. Reming-Rnd 1st (7). 10% Reo Motor Car (.80). 7213 Repub Ir & Steel (4). 107 Rep Ir & Stl pf (7)... 4 Reynolds Spring. ... 72 Reynolds Tob A (3). 447 Ritter Dent Mfg (13) 37% Rossia Inc (2.20)%... 52% Royal Dutch (a3.20). ales— Add 00. High. Low. 1 41 41 647 63% 13.) Prev, Close. Close. 337 391 ~Prev 1930.~ 5Unit of tra 0 AM.. 0 P.M.. Dividend rates as given in the above table are the annu payments based on the latest quarterly or halt Seails decirations, 1 Partly extra Stock and Dividend Rate. i Sateway Stor ). 2 116% Safeway pf (6)..... 20s 997 Safeway Strs pf (7). 10s 109 St Joseph Lead (13). 10 57y St L-San Fran (8). .. st L-San Fran pf(6). Schulte Retail Stra. . Seaboard Alr Line. .. Seaboard Afr Line pf agrave (e1.20).... ars Roebuck ($214) cond Natl Inv..... atl Inv pf (5).. Sales— Add 00. High, 11: 9. & [T T T UL IR PA - o PV Servel Inc...... Sharon Steel H (2) Sharp & Dohme. Shattuck (FG) (+1 Shell Unfon (140)... Shell Un Oll pf (5%) Shubert Theatri Simmons Co (g3). Simms Pet (1.60). ... Stnclair Con Oil (2).. Sinclair Oil pf (8) ... Snider Packing. . \der Packing pf. Ivay Am In pf 6% Por Rico Sug (2). Southern Cal Ed (2). Southern Pacific (6). Southern Rwy (8 . alding (AG) (2). Spalding 1st pf(7) Spang-Chalfant. Sparks Withngtn Spicer Mfg. Spicer Mf pf (3). Spiegel-May-St (3).. Stand Brands (1%4). Std Brands pf (7)... Stand Gas & El (3%) Stand G & E pf (4).. Stand Invest Corp... Stand O of Cal (234) . Stand Oil Expt pf(5) Stand Of1 N J (12).. Stand Ol N Y (1.60). Stand Plate Glass pf Starratt (L S) Co(2) Sterling Sec A. . 33 1014 Stone & Webster (2) Studebaker Co (5 Submarine Boat Sun Ofl (11).,. Superior Ol. Symington (A)... Telauto Cp (11.25). .. Tenn Cop & Ch (1)... Texas Corp (3).. Tex Gulf Sul (4) TexPC&O (b10%). Texas Pae Land Tr. Thompson Starrett, . Tide Water Asso 60c. i e Transcontinental O1i Transue & W (1) 4 Trico Prod (2%).... Twin City Rp T (4).. Twin City RT p£(7). Und-Ell-Fisher (5).. Union Carbide (2.60) Unlon Ol of Cal (32) Union Pacific (10). Unlon Pacific pf (4).. Unlon Tank Car..... ¢ Utd Afreraft& Trans. Utd Afrcraft&T pt 3. Utd Biscuit (1.60)... Utd Carbon (2) Utd Cigar Storea. . Utd Corporation. Utd Corp pf (3) United Elec Coal. ... United Fruit (4)..... Utd Gas & Imp(1.20) Utd Gas & Im pf (5). Utd Paperboard. . . .. Unit Piece Dye W (2) United Stores A. Udt Stores pf. U S & Foreign Secur. U'S Ind Alcohol (17) S Leather USLeatherA....... Plpe & Fdry (2). Pipe 2at pt (1.20) Realty nunBn®n agacaaaad S Smelt Ref pf 3%. U S Steel (7).. U S Steel pf (7). U S Tobaceo (4). Univ Leaf Tob (3). % Univ Pipe & Rad. Utah Copper (16). 4 Utll Pwr&Lt A (e2). Vadsco Sales Corp. .. Vanadium (t4)...... Vick Chemical (2%). Virginia-Car 6% pf.. Va El & Pwr pf (6).. 10s Vulean Detinning. Vulean Detin A. . Waldort Systm (1%) Walworth Co (2) 29 100% 10015 28 100% Bros P pf (2.20) 36 Warner-Quinlan (2). Warren Bros (19)... rren Fy&Pipe(2). Webster-Eisenlohr. . Wess Ol) & Snow (2). Wess O & Sn pf (4).. West Penn E1 A (7). 10s West Penn Pw pf(6) 100s West Penn Pw pf (7) 10s Westn Dairy (B).... Western Maryland Western Pacific. Western Pacific pf. .. Western Union (8) Westngh Ald Brk(2). Westinghse E&M (5) 113 Westhse E&M pt (5) 200s Weston ElIns (1)... 12 Weston EL A (2). Westvaco Chlor (2 White Eagle Oll (2).. White Motors (2).... White Rock M S (t4) White Sewing Mach. White Sw Mch pf (4) Wilcox Rich (A) 2%. Wilcox Rich, B (2) Willys-Over (1.20) Wilson & Co pt Woolworth (2.40). Worthington Pump Yellow Truck & C. Young Spring (3). Young Sheet & T (6. Zenith Radlo..... 2 RIGHTS EXPIRE Am R Mills. .June 15 Balto & Ohio oo > aamEap e Sales of Stocks on New York Exchange. 414,200 12:00 Noon. 2,303,000 2:10 P.M. ng less than 100 shares. n serip. 1§ Plus 9% in stock. 9 109 55% a Paid 11 Prev. Low. Close. Close. 97 109 5% % 111 4 94 9%, 1% | 183% 141% MARINE PRODUCTS DEMAND 1S LIVELY Large Receipts of Fish Re- ported at D. C. Market. Oysters Arrive. There was the usual Friday morning demand for marine products registered at Municipal Fish Market and scattered wholesale houses this morning, and dealers had receipts in quantities suffi~ ciently large to meet demands of retailers. “Cold weather always means an in- creased demand for oysters,” com- mented a dealer, “and such a demand was in evidence this morning. | While oysters were not especially | plentiful, according to dealers, supplies were ample to meet demands at prevail- ing prices. Splendid quality bivalves, both shucked and shell stock, were re- ceived from numerous shipping points on the Chesapeake Bay and tributaries and from points on the ocean front along the Eastern Shore of Maryland and Virginia. Crabmeat Scarce, Crabmeat continued scarce and high, and shad were not so plentiful. Dealers £ y they are unable to understand the scarcity of shad, surmising there must have been some stormy weather en- countered in the South to interfere with the work of netters. Cold weather this morning had its effect upon the displays of fruits and vegetables in the commission house dis- trict. preventing the usual attractive displays of receipts easily affected by frost, more especially the hothouse products. Moderate receipts of strawberries from Florida were included among the receipts offered the trade. Some of the berries were of top quality, selling at 50 cents a quart, some not so good selling at 35 and 40 cents. Receipts of green vegetables from the South, California and Mexico continued fairly heavy. No shipments from the Norfolk, Va., section were reported this morning, but dealers had carried over | supplies from yesterday in quantities sufficiently heavy to meet the morning’s demands of retailer: Continued cold weather did not serve to lower the prices of eggs, dealers reported, and the market continued a | trifle high. There were some eggs re- ceived from nearby Maryland and Vir- ginia this morning. Recelpts were not heavy, however, and haulers received 40 cents for current receipts and 41 for hennery stock. “This afternoon and tomorrow may tell a different story,” observed a mer- chant. “It may be that some of the storm-bound haulers will be able to get over the backwoods roads made im- passable by the recent storm, and re- ceipts may be heavy enough to cause prices to drop.” Oranges and grapefruit continued plentiful. and dealers had their usual array of other shipped-in fruits to claim attention of retailers. Prices Slightly Higher. : Butter—One-pound prints, 391,a40%5; tub, 371,a38%,; store packed, 25a30. Eggs—Hennery, 41; fresh selected, : hennery, 40. alive—Turkeys, young, 32a hick horns, 28; ' fowls, ;205 ducks, 1530, Dressed—Turkeys, young. 36a38; old. 32a33; Spring chickens, 35 a37; broilers, 38a40; Leghorns, 35 fowls, 28a30; capons, 35a40; roosters, 22a23; ducks, 28a30; keats, 50a60. Meats, fresh Willed—Beef, 23a25; veal, 28; pork loins, 28; fresh hams, 25; fresh shoulders, 20 smoked hams, 25a 27; smoked shoulders, 22; bacon, 25a 26 lard, in bulk, 123; in packages, | 1315, Live stock—Calves, 16; lambs, 13. Fruit and Vegetable Review. The daily market report on fruits and vegetables (compiled by the Mar- ket News Service Bureau of Agricul- tural Economics), sales to jobbers ex- cept where otherwise noted. | Apples—Supplies moderate; demand | light, market steady; boxes, Washing- "% | ton, extra fancy, medium to large sizes, Y% 1004 100 8314 1,525,700 0,600 al cash Plus last le_in cash or stoc] m Plus 6%% in’ stocl of stockholders. k. b52% e . b Payable in stock. d Payable when earned. Plus 2% in stock stock. _f Plus 10°% Pi i Plus 8% 'in ‘stock. k Plus 3% o lus 5% in stock. P Subject to in stock lus 6% in in stock nP approval Wall Street Briefs By the Associated Press. January production of copper of the Calumet & Arizona Mining Co. totaled 9,182,000 pounds. The company plans to cut production to 7,500,000 pounds | this month. The New York Central Railroad Co. announced today that it had applied to the Interstate Commerce Commission for authority to issue 75,000 shares of its capital stock to be offered to officers and employes for subscription on a monthly payment plan at $130 per Recently the stock has been American Steel Foundries reported net profits of $5,121,487 for 1929, against $3,256,072 net in 1928. Net profits for Noblitt-Sparks Indus- tries, Inc., for 1929 were $675,700, com- pared to $294,604 in 1928, equivalent to $9 a share, against $4.91 last year. ‘The American Refrigerator Co. is in according to Railway Age, and the Van Sweringen lines are planning to buy 91 passenger cars. The Pennsylvania has ordered five combination baggage- passenger cars from the J. G. Brill Co. Imports of gold at the port of New York for the week ending February 5 totaled $1,656,000, of which $250,000 came from Argentina, $130,000 from Brazil, $1,046,000 from Colombia, $143,~ 000 from Ecuador and $87,000 from |other Latin-American countries. The amount of gold exported totaled $158,- 000. There was a net increase of $2,000,000 in the amount of gold ear- marked for foreign account. Today's Federal Reserve Bank report on the gold movement showed no imports, ex- ports or net changes in earmarked metal, NEW YORK COTTON. New York, February 7 (#).—Cotton opened barely steady today at an ad- vance of 9 points to a decline of 2 points. Near months were higher in response 10 the steadler showirg of N foreign markets, but there was further liquidation or commission house selling in the later deliveries. Offerings in- creased after the call, and although there was further trade buying as well as covering, prices eased. May con- tragts, which had sold up to 16.00, declined to 15.84, and the general mar- ket was net unchanged to 8 points | lower at the end of the first half hour. New Orleans was relatively weak early and was a seller in the local market. Liverpool was better than expected on the New York close yesterday and said there been covering and Man- chester and continental buying pro- moted by a steadier tone in Egyptain Cotton. Reports that Manchester spin- ners of American were taking a hallot on a proposal to work 35 hours weekly for eight weeks from March 3 prob- Delicious, 4.0024.25, mostly 4.00; extra fancy, medium to large size, Staymans, 3.00a3.25, large sizes, 2.75; extra fancy, medium to large size, Spitzenburgs, slightly decayed, 3.00a3.25; bushel bas- kets, Virginia, unclassified, 2'2 inches up, Staymans, 1.40a1.50; York: | 1.40; United States No. 1, 2 up, Yorks, 1.50a1.75; Stayman: 1.75; Pennsylvania, United States No. 1, 21, inches up, Yorks, United States No. 1, 2% inches up, Yorks, 1.50a1.65. Cabbage—Supplies light; demand moderate, market slightly stronger; new stock, Florida, 1:-bushel hampers, pointed and round type, 2.45a2.60; old stock, New York, 100-pound sacks, Danish type, mostly 3.00. Celery—Supplies moderate; demand market firm: Florida, 10-inch 3-4 dozen, 3.00a3.25; 6 dozen, 2.75a3.00; 8 dozen, 2.25a2.50; 10 dozen, 1.75a2.00, few higher. Lettuce—Supplies moderate; demand moderate, market about steady; Cali- fornia, Imperial Valley, crates Iceberg type, 4 dozen, 4.50a4.75; 5 dozen, best, | mostly 4.50; fair quality and condition, 3.50a4.00; 6 dozen, 3.00a3.50; Arizona, crates Iceberg type, 6 dozen best, 2.50a 2.75; ordinary quality, 2.00a2.25. Onions—Supplies moderate; demand light, market steady; New York and Michigan, 100-pound sacks, yellows, U. 8. No. 1, medium to large size, 2.25a 2.50; Ohio, 100-pound sacks, yellows, U. 8. No. 1, medium size, mostly 2.25. Potatoes—Supplies light; demand light, market about steady; Maine, 150- pound sacks, Green Mountains, U. S. No. 1, 4.75a4.85; New York, 150-pound sacks, round whites, U. S. No. 1, 4.60a 4.65. inches Sweet potatoes—Supplies moderate; demand light, market slightly weaker; East Shore, Md., bushel ~hampers, yellows, No. 1.25a1.40; few 1.50. String beans—Supplies light; demand moderate, market slightly stronger; lorida, bushel hampers, green, 3.75a 4.00; fair to ordinary quality and con- dition, 2.50a3.50. Eggplant—Supplies light: demand light, market steady; Florida, pepper crates, fair to ordinary quality and con- ditlon, 2.50a3.50. Cucumbers—Supplies light; demand light, market slightly weaker; Indiana, 2-dozen, hothouse, fancy, 4.00; extra fancy, 4.50. GRAIN MARKET. CHICAGO, February 7 (#).—Sharp advances witnessed in the Chicago wheat market today failed to hold in the face of increased selling that took place on the price bulges. Export busi- ness in wheat from North America was persistently absent today and Argen- tine offerings to Liverpool were on a radically cheaper basis. On the other hand, the chief stimulating influence here came from definite steps taken toward forming a wheat market stabilization body having power to pay losses from Government funds and not merely effect loans which must be re- aid. A Wheat closed nervous at the same as yesterday's finish to '; higher. Corn closed unchanged to ', u T, to Ysa% advance showing 10 to 12 gain. WHEAT High March 1173 May 12 gy September CORN— Marcl May July September p, oats and provisions ably helped to offset the influence of the better Liverpool showing. The Eom- | M bay market was unchanged. Siam recently bought six new loco- motives in America for its government railway. OATS— arch May July Beptember May July 3 September 1.25a | 1.60a ! 1.40a1.50; | Yol ~ NCOME TAX, Recognizing that single persons, by reason of the care and support of others, are entitled to consideration, the law provides that the “head of a family” shall be allowed the same per- sonal exemption granted a married person, $3.500. The head of a family is defined by regulations relating to the income tax as “an_individual who ac- tually supports and maintains i one household one or more individuals who are closely connected with him by blood relationship, relationship by marriage or by adoption and whose right to ex- ercise family control and provide for these dependent individuals is based upon some moral or legal obligation,” Several factors are involved in de- termining whether a taxpayer is to be thus classified. In maintaining the home and providing for the dependent individual or individuals, the taxpayer's right to exercise family control must be based on some moral or legal obligation: ‘The element of either legal or financial dependency must exist. A taxpayer who has minor children is legally liable for their support. If he supports and exer- cises family control over them, even though they have an inocme of their own sufficient for thelr support and maintenance, he is classified as the head of a family. If he does not sup- port them, however, but does exercise family control, the common home being maintained, he cannot be classified as the head of a family. If by reason of fllness or absence on account of business the taxpayer and dependents are separated, the common home being maintained and the tax- payer furnishing the support, the ex. emption as head of a family is allowed. Moreover, if a taxpayer does not main- tain a common home, but the depend- ents are at school ‘or supported by relatives, or in a boarding house, while he lives elsewhere, the exemption is still allowed. If, however, without ne- cessity, the dependent ' continuously makes his home elsewhere, his bene- factor is not the head of a family. Forincome tax .purposes, there can be only one head of a family. The ex- emption cannot be divided. FARM MACHINE SALES. Farm _equipment industry of the United States in 1929 exceeded 1928 total in both production and sales, in- cluding foreign and domestic, according to Department of Commerce. With the possible exception of 1920, when the American implement produc- tion exceeded a half billion dollars, production and consumption during 1929 were greater than in any other year of the past decade and exports established a record for all time with a value of $140,796,594, equivalent to ap- proximately 20 per cent of the total production. American farm equipment was sent to all countries of the world in varying amounts, and it is expected that exports to all markets will show substantial in- creases when final figures are released. METAL MARKET. NEW YORK, Februray 7 (#)—Cop- per quiet; electrolytic, spot and future, 18. Iron quiet: unchanged. Tin easy; spot and nearby, 39.00; future, 39.50. Lead steady; spot, New York, 6.25; East St. Louis, 6.10. Zinc quiet; East St. Louis, spot and future, 5.20a5.30. Antimony, 8.75. Established 1899, MONEY TO LOAN AT 6% INTEREST Before Flacing or Renewing Your 1st and 24 Tru: Consult WELCH Realtors s N.W. 2 Main 4346 & Trust Building sonable Charges No Extras Money to Loan Secured by first deed of t; real estate. Prevailing_interest and issic | Joseph I. Weller £ W Councilor & Buchanan Certified Publie Accountants Wm. Gordon Buchanan Tower ilding National 6110.61116213 (Telephone Directory Omtsston) Established 1899 INVEST YOUR FUNDS IN First Deed of Trust Notes Bearing 6,9, Interest In Denominations of $250.00, $500.00 and $1,000.00 Consutt. WELCH Reattors Loan Specialists 15th & N. Y. Ave. N.W. National 4346 National Savings & Trust Building — 6%% ~orrs) | First Mortgages Safe—Conservative Makesoursavings 49 Voot and surplus fun Experience work for you the highest int in financing homes and in the est rate consl: ent with absolute fhomes and in the curitles. Wm. H. Saunders Co. Inc. REALTORS Dist. 1015 1433 K Diversification reduces the possibility of loss to a minimum DIVERSIFIED TRUSTEE SHARES Series C —represents broad di- versification as to types of business and geographical location. The portfolio of this conservative invest- ment trust comprises common stocks in fifty leading American corporations. Write for complete information Waggaman, Brawner & Co. INC. Investment Bankers 1700 E; Wasi PINANC NORFOLK, WESTERN SETS NEW RECORDS Made Gains in Every Month | During Past Year. The Norfolk & Western Railway set new records in all phases of its oper- ations last year, with the single excep- tion of gross revenues, which were ex- ceeded in 1926. Net railway operating income reached a new high record, and both gross and net were ahead of every corresponding month of 1928. Net income after taxes and charges, and earnings per share on the common stock, attained new highs. Operating ratios were the lowest in the road's his- tory. Toward the end of the year con- dition of both cars and locomotives showed an improvement over the pre- ceding year and was the best, by a con- siderable margin, of any of the large roads of the country. Norfolk & Western's gross last year totaled $117,631,751, a gain of 10 per cent over the $106,947,111 of the pre- vious year. Throughout 1929, the Wall Street Journal notes, gross remained at levels above 1928, even showing a 2.6 per cent increase in December, a month in which the great majority of the country’s railroads were showing sub- stantial recessions. Against an increase of $10,684,640 in gross was an increase in net operating revenues of $11,155,088, refiecilng abliity of the road to carry through to earnings even more than the gain in gross. Norfolk & Western's common divi- dend recently was increased to $10 an- nually, against $8 previously paid. On its $10 dividend the stock yields about 4.1 per cent at present price of around 244. Stock has sold at a high of 290 and a low of 191 since January 1, 1929, In 1929, when stock was on $8 annual basis, an extra of $4 was paid, and in 1928 an extra of $2 was distributed. SUGAR MILLS ACTIVE. HAVANA, February 7 (#).—In the 15 days that the sugar mills of Cuba have been grinding this year, starting January 15, 518,245 long tons of sugar have been manufactured by 150 sugar mills over the island. The figures were given out by Gen. Eugenio Molinet, secretary of agricul- Gross and Net Earnings| TALC, B Real Estate Investmentsl JAMES Y, PENNEBAKER Nat5291 1520K St.N.W. First ‘Mortgage Loans In Axll.nl:’uhcoun and Commonwealth Investment Co., Inc. 200 15 8t. N.W. Phone National 3008 Mortgage Loan Correspondent for The Prudential Insurance Co. BERKSHIRE LIFE OF MASS. Organized 1851 Union Trust Bldg. Franklin 6177 Strong—Progressive—Sound First Mortgage Notes Secured on D. C. Property Convenient Denominations $250 up Write or Phone Our Representative Will Call Wm. S. Phillips & Co. Realtors | 1501 K St. Nw. Natl 4600 ture. 1331 G St. N.W. There Are TEN EXCELL Should Select Offices 1. In the center of the city 2. One-half block from Capit rates, 3. All outside rooms. 4. Rooms so venient suites. 6. Light, airy rooms; large w 8. Clean, uniform heat. 9. Magnesite floors. 10. Banking facilities in buildi Modest Rentals Commens Metropolitan Long Term REA 809 15th St. NW. Metropolitan Life ““A Business Address to Be Proud of” New Second National Bank Building (Uptown Office) ENT REASONS Why You in Our New Building activities. al Garage. All-day parking at low placed that they can easily be grouped in econ. 5. High-speed elevators, All-night service. indow spaces. 7. 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