Evening Star Newspaper, February 8, 1930, Page 22

B CURB [SSUES CLOSE AT HIGHER LEVELS Market Turns Upward in Final Dealings Under Brisk Buying. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, Pebruary 8.—Hesitancy marked the curb opening today, but it ‘Was swept aside in the final half hour as & select group of ralls, public utilities and trading éorporations rushed toward Righer Tevels. 3 The two miscellaneous oil leaders, Cities Service and Indian Territory Il- lummating, had to overcome active profit-taking. Humble, Ohio Oil and Imperial Oil pointed upward as Stand- of Indiana, Standard of Kentucky and Standard of Kansas inclined in the opposite direction. Two ps, the Goldman Sachs and National Investors, formed the bulk of dealings in investment companies, but Lehman, Insull, Marine Midland and ;nmnmenn occasionally met brisk Electric Bond and Share, after open- ing fractionally lower, rose nearly 2 points above its initial price. Common- wealth Edison between sales leaped more than 5 points. Middlewest Utili- ties moved up more than 2 points, with ::h;c exceeding the normal activity it. American Superpower, United Light & Power, Niagara Hudson, Common- ‘wealth and Southern and other utilities tried to crowd the rails out of the limelight, but the latter were more ac- tive than they have been at any time in the last six months. A spurt in Thompson Products A and new, Swift, United States Gypsum, r Shoe, Fox Theaters A, PN XN NEW YORK CURB MARKET Notice—All stocks are sold in one hundred-share lots ted by the letter s (65s) which shows those stocks to be sold in odd lots only. ~Prev. 1930.— High. excepting those design: 17% T 15% 48% 82l % Do Stock and Snles— Low. Dividend Rate. 34% 34'% Aeolianpr... 25% 214 Alnaworth Mtk 12} 4 4“4y 43 128 8% Afr Investors vtc. . Airstocks vte (1) 121% Ala Great Sou (17) 16 All Amer Gen Corp. . 4 Allegheny Gas Corp. 12% Allled Mills (60c). 35% Allled Pow & Lit..... 76's Allled P&L 1st pf(5) 275 Aluminum Co of Am 106% Alu Coof Am pf (6). 21% Alumin Goods (1.20) 37 Am Cit P&L A (a3). 14 AmCP&LB (b10%) 23% Am Cwith P A b10% . ) n 4% Am Investors (war). 1% Am Maracaibo. .. 28% Am Superpower (1). 94% Am Super 1st pf (6) 5% Am Yvette (new) wi. 11% Anchor Post ¥ (2). 8% Arl 8% Arkansas 60 ArmstrongCork t2% 18 Art Metal Works(3) 2 asso-Dyeing & Ptg. 6% Asso-Elec Ind Ltd. 36'% Ass0G & E A (12.40) 1% Asso Laund (120¢).. 39% Asso Rayon pf (6). 20 Atl Coast Fish(1.40). % Atiant Fruit & Sug 14%: Auto Music (A) (1). 14% AutV Mcv prpt (2). 24% Aviation Corp of Am 1214 Aviation Credit. .... 122 Babcock&Wilcox 9. 200 46 Bancomit new (1.60) 6% Blue Ridge Corp. 33% Blue Ridge cv pf.. 10% Brill Corp A (2.60). 14 Brown F&RW(B)(2).. 24% Buf Niag&EPpf 1.60. 8 Burco. Inc. . 2 49% 25 % 15% 16% 347 15 130 508 tterment in American Cyanamid featured late moves in in- dustrials. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., February 8.— Poultry, alive, turkeys, pound, 30a35; old Toms, 20a25; Spring chickens, 28a 32; Leghorns, 22a25; poor and thin, 19 | a20; old roosters, 17al18; capons, 30a36: old hens, 25a27; Leghorns, 22a25: poor and thin, 17a18: ducks, 17a27; guinea fowls, each, 45a70; xolnons. pair, 25a30. ¢ [Eggs—Receipts, 7 cases; nearby firsts, 4212: pullets, 35; hennery whites, firsts, 43a45; culls and dirty eggs, 25a26. Butter—Good and fancy creamery, pound, 34a38; ladles, 31a32; store K~ ed, 20a21; rolls, 25a28; process, 33a34. Vegetable Prices. Potatoes—White, 100-pound “sacks, 2.25a3.00; sweet potatoes, barrel, 1.7 2.75; yams, barrel, 1.50a300; beets, crate, 2.00a2.25; beans, hamper, 1.75a 4.00; cabbage, hamper, 75a1.00; car- Tots, 100, 3.00a4.00; caulifiower, crate, 1.50a2.25; celery, crate, 1.75a3.00; let- tuce, crate, 2.00a4.25; kale, barrel, 1.25 a1.50; onions, 100 pounds, 1.75; peppers, crate, 3.00a5.50; peas, bushel, 1.50a2.25; pu‘mlge basket; 50a60; spinach, bushel, 75a1.25; squash, bushel, 3.50a4.00; to. ‘matoes, crate, 2.50a6.50; turnips, hamp- er, 20a30; apples, bushel, 60a2.7: berries, box, 5.5086.25; grapefruil 2.50a4.50; oranges, box, 2.00a4. gerines, box, 1.25a3.50; stra quart, 40a55. PARIS, February 8 ().—Trading was quiet and prices were steady on the rse . Three per ‘cent rentes, 89 francs 65 centimes. Five per cent loan, 101 francs 65 centimes. Exchange on London, 124 francs 1315 centimes. The dollar was quoted at 25 francs 524 centimes. xu....a....-......-:;;-;-;.:—!-:;;i-:,.-.:::.»- LR L ] Fo5EaT 00 % -::o“':flionfl 2,1:? £ g e 00! »Sosnane! EE ", Q, o 85 Riv Fu orri a o “4 Boanw S whE g0 i ) 2 » Ly CEE E - o =R a:‘ ' 2, Lt g 4 2292909930 "Eg:;i £9°.5, 222 uthern Nat G 6 uthw P&L 6; JapagzRagay s aisaannnB s maeo Bl a8 a e Iqecc o dg2d s res P 7155 '47100% BT e B st 83 3 {1210 1134 | 254 |file a 3% Burma Corp (t31¢. 1% Cab&Wire LtdB rets 3% Can Marconi. % Carib Syndicate 224 Cent & Southw Util. 34% Cent PSv A (al.75). 19 Cen States El (240c) 4% Centrifug Pipe (60c) 12l Chain Stores Stock.. 4 531 Ches & Ohio (new).. 12 26% Cities Service (330c) 321 18 Clev Tractor (1.60).. 4 52 Colgate-Pal-P (2%). 5% Colon Ofl. 24 Columbia 234 Com'with Ediso! 95% Comwith Pow pf (6) 3's Comwlth & Sou war. 94 Com'with& S pt (6). 12% Com Wat Ser (b6% ) % Comstock Tunnel. .. W CAMCoctfs.. 5 Consolidated Copper & Consol Cortex Silver. 13% Con Dairy Prod (32). 904 Con Gas, Balto(3.60) 21% Con Gas Ut A (2.20). 3 Cons Instrument. 10 Cons Laundries. . 28 Cooper Bessemer(2) 5 Copeland Prod Inc A. 12% Corroon & Reynolds. 73% Cor & Rey pf A (6).. 6 Creole Petroleum. # Cresson Cons (8¢) 18l Crocker Wheeler. % Crown Cent Petrol. . 2% 1% Curtiss Wright war. 5% 3 Dayton Air & Eng. 131% 123 Deere & Co new 6 435 Deere & Co (16). 25 De Forest Radio.... 24% Detroit Gasket(1.20) 41 Driver Harris(new). 8% Dubilier Cond&Rad. 145 Duke Power (35). 4% Durant Motors. = 7% Eastern Util Inv A.. 14 Eisler Electrie (1%) 80's El Bond & Sh (b§). .. 03% EI Bond & Sh pf (6). 24% Klec Pow Asso (1) 224 Elec Pw Asso A (1) 28% ELP & L opt war. 15% Elec Sharehldg (31) 30% Emer Bromo Sel A 2. 81 EmpG Fcum pf (8). 40 Empire Pwr Corp(2) 19% Emp Pub Sv A(1.80) " Engineers Goid. . 18 Eng P S opt war. 4 Evans Wallow L. 2 Fabrics Finishing. 2% Fageol Motor. .. 17% Fiat Stk deb rts rets 1% Fiat Stk deb ris. 26 Flintkote A (1.50) 13% Fokker Alrcraft 29'% Kord Motor Can A 6% Ford Mot of France. 10% Ford Mctor Lud..... 2% Fox Theat ClA. 14% Franklin Mfg (2). 20 Garlock Pkg (1.20).. 3% General Baking..... 40% General Bak pf (6).. 1 3 12 10 2 20 2 5 13 9 1 1258 4 2 200 cmafraulan sbamnanrEne soBonmcamay Ger R & Ut pr Gilbert (AC) (3%). Glean Har ndl). len Alden Coal (10) 11% be Underwriters. Gold Coin...... 3 Golden Center...... 5 Goidman Sachs (b6) 1% Goth Knitback Mach 285% GrA&PTnv(5).. 12% Groe Stors Prod vie. '3 Ground Gripper (1). 26% Ground Grip pf (3).. 153 Gulf Oil of Pa (13%4). 12 Hecla Mining (1)... 5 Helena Rubenstein. 414 Horn & Hard (2 99% Horn & Hard pf ¥% Hudson Bay M & 8. 7% Humble Ofi (2)..... 87% Hydro Elec Serv (2), 10% Hygrade Food Prod. 24% Imp OIl, Can (0c). .. 20% indian Terr llum. ., 541y Insull Ut Inv(b6%). 82 Insull Utin2d pf 6., 69% 1nsCoof N Am (13). 17% Insurance Sec (1.40) ‘» Intercontinent Pet n. 19% intl Petrol, n(62%e) 15 Intl Superpow (31). 4% Iternatl UtA (3%).. % Internatl Ut B...... 1's Internat! Utll (war). 10% Interstate Equities. . 40% Interest £q cv pf (3) 5 Itallan Superb war. . 9% ltallan Superpow A.. 28% Klelnert Co (2%4)... % Kolster-Br (Am Sh). 14% Lefcourt Real(11.85) 29 Lefcourt Real pf (3) 75'% Lehman (The) Corp. 1% Leonard Ofl.... 18 Libby McNeil & L. 40 Long Isl Light (60 21 16% L) E 7 41% 3 2 14% 27 3214 144 £ o BEEN e R NN NN R RN ER SN S N » . 1 29% ) 208 265% 2 16 2 1034 1. €. SATURDAY, ~Prev 1930.— (283s), | High Lov. Louista Mae Ma Mangel Marine 3% 4 Memph Met Mid Ws Mid We; Milgrim Mo Kan Montec: Nat Am: LAVE Nat Natl Fa Nat Inv New Jn; New B, New . N Y Inv Novadel ©Ohio Coj Ohio O Pub Utl] 5 16 Rel'nce ¢ 103% 103% | 8% 8% 28% | % Salt Ci Schulte Shattucl S| Silica G Sisto Fi Skinner South P Stand P Thermof Third N: Tri “Tri-Con Tri-Con 4 Tub Art Utd Car: Unit EL UnitRt U S Sha Unit Ver Wat Wi 1% 13% 12% Ligi .10 .01 Trans Col Dividena_rates anouai payment. *Ex-dividend, eash or stock b 18% 48 47 Stock and Dividend Rate. 110% 107% Long Isld Lt pf (7). 5 Met & Min Ine ( 50 Stra pf. Met Chain Stores Midl Unit (b1% %) Mid Wes Miller & Sons Mount Prod (1.60).. asket (4 Nat Fuel Gas (1)... Nat Pow & Lt pf (7). 4 Nat Leather..... t Mfrs & Store: t Pub Sv A (1.60). Steel Corp xW (2 Snles— 108 110 ° nalan& Ex. 1 4 rr Store Stores. ... Mid Cp (1 21% 15% Mavis Bottling Mayflower As: 0 at Gi - 1.20) ¢ Util (b8 %) . Ut A war. st Ut B war. Midvale Co (4) ) & Bros PL(b10%). -atini deb rt er Co. ation. m Strs (1.60) N estors (new) Received by Private Wire Direct to The Star Office Add 00. Open. High. Low. Close. 10 4 21% I 110 4 21% 15% | 3o | 110 4 21% 60 1 | 9% 26 250 “ 8 s0% | 10% 30 22 2 84| & | 84 | o 18% 325 | 1 1929 reflect the sharp decline in busi- | proved business in the South. The first | these minor difficulties through a high | slumped sharply in the last two months tl Trade Journal. w Brad Oil (50¢). Newmont Min (34) N Y Rio&Bu Aire Niagara Hud P(40¢) les Bement Pond.. Noma Kl Cor (1.60).. Noranda Mines (3).. North Am Aviation. North Am Util Sec. . North Ct Otis Elevator ni Pac Pub Serv (1.30). Pandem Oil. . Pantepec Oil..... Param C Mfg (2.40 Parke-Davis (11.35 Petrol Corp (1%4). Philip Morris Ine. Pllot Rad T A (1.20). Polymet Mfg (31). % Powdrell&Alex Prince& Whitely pf3, Prudential Inv...... Ry & Util Inv (A). Rallway & Lt 8 (15). RainbowLumProd A RainbowLumProd B Rep Steel cum pt wi. Reynolds Met n 2.40. Roan Antelope Min. . Rocklans Lt&P(92c). St Anthony Gold St Regis Paper (1 Selected Industri Select Ind pr (5% ) Sentry Safety Cont.. ndoah Corp. Shenan Corp pf(a3).. Smith (A0) (2).... Sierra Pac El pf (6). Sonora Produets. . . Southern Corp. .. So Ice & Utilities B. . Southland Roy (1) Stand O1l, Ky (1.60). Starrett Corp. . Starrett Corp pt (§) Stein Cosmetics Inc. Stutz Motor Car. Sunray Oll (40¢). 4 Thomp Prod A 12. Thomp Prod (new Tobacco & All Stks Todd Shipyard (4 Transamer (31. Tran Con Air Tran “I'rans Air Trans cfs. -anscontl Oil (80¢) Tri-Util Cor (31.20). Trunz Pork S (1.60). Ungerlelder F Corp. . Union Tobacco. 4 United Chemical Co United Corp war. United Gas Co. Unit Li&Pwr A( Utd Lt & Po pf (6).. Utd Porto R Sug pf. United Profit Shar. . U S Dairy B... U S Elec Pwr ww U S Foll B (1)... U S Gypsum (1.60) US&InSctf (2%4). U 8 Radiator ctfs(2) United Zinc Smelt. Utility Pw & Lt(al). Ut|P&EL B ctfs (a1). Utility & Ind. Util & Ind pf Utility Equities 4 Vacuum Ol (14%).. Van Camp Packing.. Van Camp P pf(1%). Venezuela Ptm(20c) . Viek Fin Corp...... tt&BondB(1.40) West Alr Exp (60c). Western Pow pf (7). 508 Yukon Gold Zonite Prod ( RIGHTS. % Crocker Wheeler .. Fel t& M TPartly extra. tPlus yable in stock. d Payabl s & Pow pf (8) ET&T (8) est (1.20) o PN O PRI JOIUpNUNRUIDIR] - RSN PREYS e ponuBES sanpmaRe~ ‘en Tex (60c) | Agene (2).. pper. 1(12) B s 3%. 1 Hold wa Managemnt.. ek Prod (2. Un e-$1 8 'k Den Min. el ct. n Corp. Organ (2%) enn Oil (2) » 'wr & Lt. B... 1d Co (2) at lnv (1). tinental Cor. t Corp pf(6). Silk B (10). s T Fastn Ser pur wi I T~ = L Ll b LT T T TR TUPR PO TSP P TSI SRS SOTOIWER PSS TS 8% 104% 1 3 43 24 8 03% 43 2% Ch ot (3%). res Fin. . rde Ext (4) 18% 18% Expire. 24 44 14 1% 1 | 100 13% 13% 13% 13% 5 41 06 .06 .05 .05 based on isst auarteriy or semi- D s Payabie ‘atoel m in oretérred How to report the return of a minor is a subject of frequent inquiry. The | revenue act specifically provides that every individual that has a net income ‘f $1,500 or over, or $3,500 or over, de- ¥ nding upon his marital status, shall return. However, whether the minor has been emancipated—allowed control of his income—by his parents and the source of the minor's income are material factors in determining how the income shall be taxed. Most minors are, unemancipated. In such instances, the parent has the legal right to the minor’s earnings and must include them in his return. A minor living in the home of his parent may be emancipated. If the minor pays his board and otherwise supports himself. there is an implied ‘emancipation. same rule governs if the minor is carrying on a business for himself and the parent exercises no control over his earnings. Emancipa- tion may be expressed or implied, gen- eral or limited. However, generally, ,and in the absence of proof to the con- | trary, & parent is assumed to have the legal right to the earnings of his minor child, and the minor’s earnings are taxable income to the parent. On the other hand, any income to an unemancipated minor not analogous to earnings, such as interest, dividends, rents, royalties, etc., from a bona fide trust fund or from property possessed by the minor, are not to be included in the parent’s return. Instead such in- come must be reported on a separate return of the minor and be taxed to him in the case of any individual. ‘The return is to be filed either by the minor, or his parent, or by the trustee of a trust fund in behalf of the minor TREASURY CERTIFICATES. ‘Reported by J & W. Seligman & Co.) Rale—Maturity ‘I: Offer. 8 March 15, 1 . 100 1 100 6-32 “— 99 14-33 - = 18- 99-10-32 14+ SALES OF CIGARETTES SHOW LARGE INCREASE| Continuing the upward trend of re- | cent years, consumption of cigarettes | during 1929 showed a further expansion of apj tely 12 per cent. Analyzing the causes behind favorable attain- ment in a current survey of the tobacco outlook, the Standard Statistics Co. of New York is of the belief that full :nll.num;ud mug:e steady zmwt.h Is' in prospect du: sent year an eu&uu for 1930 np;mumpthn of | some 133,000,000,000 cigarettes, as com- with around 119,000,000,000 in 9:‘ | rnings expansion of the three prin- cipsl producers huheenetf;lllymnked and with the price situation compara- tively satisfactory, a new record total of earnings for such manufacturers in the present year is to be for. ‘While the downward trend of cig consumption has been arrested during the past year, the increase in 1929 amounted to only about 1.5 per cent, ' , | revenues followed the | loss is diffic SOUTHERN'S NET REVEALS DECLINE Maintenance Charges Heay- ier During 1929—Effj- ciency High. The Southern Railway's earnings for ness during the last quarter. The year 1920 started with real promise for im- three quarters of the year brought a moderate improvement in earnings de- spite the heavy storms and floods in th> Spring, which damaged crops and brought some business irregularity. Road's management successfully met degree of efficiency in the control of train movement, but the effects of the October panic and succeeding business depression were more severe and traffic of the year. Nine Months’ Business Good. For the first nine months of 1929 Southern’s actual freight movement to- taled 6,298,833,000-ton miles, as against 6.231,382,000 in the like period of 1928. During the last quarter freight traffic declined to 2,051,685,000-ton miles, against 2,181,226,000 the year previous, bringing the movement for the entire year to a total of 8,350,518,000-ton miles, as against 8,412,608,000 in 1928, a decrease of 0.7 per cent. Freight same general course as freight traffic, revenues from this source for the year totaling $107,- 962,000, compared with $108.641,000 in | 1928, decrease of only 0.62 per cent. Passenger receipts followed the de- years. However, the percentage of loss in the latter months of the year was less than in the earlier months. The loss in passenger business for the year | amounted to $2,012,000, or 8.4 per cent. | Back Mail Pay Factor. Due to Southern's receipt of $1,614,- 000 from the Government for back mail pay, gross revenues for the year showed a decline of but $932,504 from the $144,~ 116,452 reported in 1928. Southern continued to maintain close control over operating expenses. Effici- ency in train operation is reflected in transportation ratio of 32.9 per cent, as against 33 per cent in 1928, despite the decline in business, and especially the lower passenger receipts. The latter t to overcome because of restrictions placed upon a carrier when attempt is made to reduce local pas- senger service. . GRAIN MARKET. CHICAGO, February 8 (Special).— The wheat market was lower today in response to weakness in Liverpool. Buying power was poor. After the | first half halu;luurch was 1.15%; May, 1.20; July, 1.21. Corn was lower with wheat. March, 87%; May, 9185 July, 93%, March, Oats were quiet and easy. 44%; May, 46; July, 45%. Provisions were firm with hogs. s A TREAS' URY BALANCE. The United States Treasury balance announced today as of close of business February 6 was $79,645,806.79. Customs receipts for the month to date were $7,208,145.48. Total ordinary expendi- tures, $9,391,712.80. B CHICAGO STOCK MARKET. By the Associated Press. CHICAGO, February 8.—Following is the complete official list of transactions muxn on the Chicago Stock Exchange ay: Sales. STOCKS. High. Low. Close. 3% 37% 31% % 50 Allied Mot~ In 300 Allied Products, " " 235 Altofer Bros. . 50 ssociates Iny 150 Atlas Stores. Auburn_Aute. 50 Byrnh: 850 Butler 150 CeCo 30 Cent 850 Cent 11300 Cent am ‘Tradi Broj ' hicago_ Investors pf 3 5 | 5300 Cities Service. ..o 314 S1 | 50 Club’ Aluminum ;0 ‘g Y4 | 1175 Commonwealth ' Edén 2 200 Construct. Material 200 Const Mnterials pi 2080 Concinenial Ghl i ont' Steel pi 4 830 Cord Corn . 100 Elec Research Lab ... 115 H 50 Emp Gas 5 100 * | 5013 100 Gr Lakes Aircraft. 2| 4800 Grigsby- Grunul’" B H | 50 Hart-Carter .. i ‘.'vr'bfl Houdaille-Hershey 550 Libby_McNeill 650 Lin Pig . 200 Lincoln * Pi; X 150 Lindsay Nunn Pub .. 2 50 Manhattan Dearborh. 2 e 50 Mo-Kansas Pipe Li P el | rhidrs. . Terminais . 1 Union Radio m C 0 Western G estern Groce 9200 Winton 100 Wis Bk and little promise of rapid increase is held fo Concentration on a few , however, is meet- & vorable results, and ‘well established manufacturers shoul enjoy substantial profit this year. fl‘;fl‘“‘m: Telatively fa el Wis 2 1850 Zenith Radio Stock sales tode: 'BONDS. 93000 Insull 65 '40.. 1000 North West Ei 109% 1083 Bond sales today, 194000, © T FEBRUARY 8, |[ELECTRIC EQUIPMENT STOCKS 1930. FOLLOW TRE FINANCI NDS OF MARKET | wois_Lms L iwao_[vomn [ veaa [opms | | A study of the appended chart cf |the Standard Statistics Co. of New York, showing major price fluctuations of the electrical equipment stocks and the general market from 1918 to date, | reveals that major swings in the elec- trical equipment group follow closely | those of the general market. However, | both in bull and bear markets, price changes have generally been more vio- lent than those of the list as a whole. This may be attributed to the fact that | two stocks (General Electric and West- inghouse Electric and Manufacturing) are popular speculative favorites and tend to fluctuate over a wide range. The following table shows percentage appreciation both of the electrical | equipment group and of all industrials during major bull markets from 1921 | to date: | Industrials. August, 1921-March, 1923, July, 1923-January, 1926 April, 1926-August, 1929 Average ...... . !9.0 e . 1420 cosebeive 0ABI Electrical Equipments. ugust, 1921-March, 1923 July, 1923-February, 1926 April, 1926-August, 1920 | F Standard s L asae [ Percentage depreciation of both groups during major bear markets from 1921 to date is shown below: Industrials. November, 1919-August, 1921... March, 1923-July, 1923. January, 1926-April, 192 September, 1929-November, Average Electrical Equipments. October, 1919-August, 1921. March, 1923-July, 1923 ‘ebruary, 1926-April, 1926. 824 August, 1929-November, 1929 Average It will be noted that while, over the past decade, electrical equipment stocks have proven more satisfactory invest- ments than the general run of industrial issues, depreciation in this group, dur- ing the past two bear markets, has been more severe than in industrials as a whole. This condition is one which may well continue. While leading electrical equipment stocks, if held over a period of years, should yleld handsome profits, wide in- termediate fluctuations are to be ex- pected Washington Ticker BY CLINTON COFFIN, Associated Press Financial Writer. ‘Three separate Federal investigations are now converging upon a single prac- tice of rallroad managements, the so- called “reciprocal buying” of fuel and materials, with the object of demon- strating whether it has aspects to pub- legality or is otherwise opposed to pub- lic_interest. It is rather notable, after many years of operation under it without disturb- ance, that reciprocal buying should so suddenly come under fire, but there ap- pears to be a reason. Obviously, rail executives are coming to feel that some action should be taken to limit it, and the present attack by investigation is being encouraged by the feeling. The Federal Trade Commission, which considers that the Clayton anti-trust law may b violated by some reciprocal buying practice, has set a hearing for Chicago on February 17, to consider some of the evidence, and the Inter- state Commerce Commission has a r‘rf.y of special agents in the field looking up facts preliminary to taking testimony on the same point. Senator Brookhart, Republican, Iowa, has fol- lowed up both proceedings by demand- ing a senatorial investigation, eiting some specific instances of the practice against which he complains. In general, reciprocal buying of sup- plies and fuel involves the purchase of such materials by a given raliroad from & purveyor, who undertakes to furnish the railroad with freight business. On the surface the mutual advantage in having a railroad place its orders with industrial establishments which furnish it freight is fairly obvi- ous, and the practice is widespread and as old as are railroads. Notwithstand- ing, & good many carrier representatives conclude that it leads to the paying of unnecessarily high prices for some ma- terials, while in the case of fuel, since the rail bituminous coal purchases are 20 per cent of the national output, there has been much complaint that the carriers dominate the industry. There can be no reports for many months from either the commission proceedings which are under way or the senatorial inquisition which is be- ing sought. But the situation does il- lustrate the degree to which publicity and inspection of all functions of rail management is being carried nowadays. After President Hoover, two months back, made his formal request to the great industrial, transport and utility corporations of the country to keep up maintenance work and capital expendi- ture through 1930 and got amazingly general compliance, the business or- ganizations seeking to extend the stim- ulus made the appeal more general. Through the national business survey conference 16,000 business concerns of moderate and small size were asked to kspccl!y the amount of capital .and | maintenance expenditure they would undertake during the year and urged to increase the normal amounts. Replies from this wide-flung adjur: STOCK AND BOND From Yesterda: By the As STO 50 tion are now being assembled at the United States Chamber of Commerce and a cross section of excerpts from them has been taken to the White House, Almost without exception, the executives of the enterprises addressed have scheduled capital outlay on a more elaborate scale than in vrev'l:\.x: | the “fotal expenditures of small busi ness may exceed the aggregate of new capital investment looked for from the big units. President Hoover is repre- sented as being particularly pleased with the responses from the small en- terprises. Within a week or two the Eastern coal industry will resume again that seemingly - endless litigation over lake cargo rates, which has moved uneasily to and fro from the Interstate Com- | merce Commission through Congress to the Supreme Court for the last decade. A temporary stabilization of the coal rate structure in the -East has been attained for a year or so on the basis of making lake cargo shipments from West Virginia, Kentucky and Tennessee mines pay 35 cents more per ton than shipment to the ports from Western Pennsylvania. The Eastern Ohio mines have had a rate to the lakes 38 cents better than the Southern State pro- ducers. Now boe'.:l‘lthe OY::)r d the Penn- sylvania operators are preparing getmons to the Interstate erce Cammission, asking that their rates to the lakes be lowered in comparison with the Southern rates. The South- ern producers have already begun organization in opposition, and the con- test will be wide open shortly. There is one vacancy on the Interstate Com- merce Commission yet unfilled, and the President is understood to be seeking a Tennessee candidate to fill it, so that it is possible that the newcomer will have particular interest in the approaching litigation. ears, and there are some ll‘ll‘l ‘While the United States is steadily jamming upward the total of manu- ctured goods it supplies each year to international trade, it is just as steadily reducing the amount and value of food stuffs that it ships abroad. ‘The Commerce Department calculations now completed for 1929 show that the year's foreign shipments of American foods were about 1 per cent less in value than those of 1928, and that this was largely due to the decline in ex- ports of grains. Exports of meat were larger in 1929 than they were the gzevtou. year, and so were exports of ur. However, in spite of the decline of relative values, the total of 1920 food exports the United States, which was $754,763,000, was manifestly for- midable. The most important reces- cluded in it was exhibited by wheat, which in quantity exported during 1929 was 6.5 per cent less than 192 A the Federal Farm Board and a large number of other people know, the world wheat situation is highly pecul- far at present, and American wheat xports so far in 1930 are shrinking i w ever the subnormal 1929 quan- tities. MARKET AVERAGES s 5:30 Edition. clated Press. | CKS. Industrials. Today .... Previous day. Week ago. Year ago. Two years ago. Three years ago, weel High (1930). Low (1930] Tot: les, * New high. Today ..... ) with a prom FIRST MORTGAGE NOTES * 60%2% The lure of a high vield so frequently plays havoc with the judgment of prospec- tive investors that we like to stress the pt yield—by | Continued Gains sion in values of any of thesitems in-; AL. IWEEKLY BUSINESS SURVEYS CAEERFUL in Trade Revealed With Improve- ment in Conditions. Special Dispatch to The Sta NEW YORK, February 8.—Phases which are natural to periods of ecoe nomic transition are conspicuous at present in business and trade, with cheering reports of steady gains in in- dustrial activity, according to the week- ly review of business and trade. Less favorable reports come from wholesale and retail trades which are suffering from such things as inclement weather, unsettled prices for grains and cotton and disappointing results of clearance sales in department stores, it is stated. R. G. Dun & Co.'s weekly review of business says, in part: “Such a situation was to be expected during an area of adjustment to new conditions, yet response to seasonal fac- tors has been reflected in more definite evidences of recovery in some basic lines. Comparisons with recent low points of activity disclose a considerable revival in certain cases, but a wide spread betterment, such as would indi- cate a general recuperation, remains in abeyance. ‘The sharp breaks in prices for some of the major staples, notably wheat and cotton, have been unsettling, but the stock market has been progressively more buoyant and active, and sentiment has been favorably influenced by expec- tations of an early lowering of the Federal Reserve rediscount rate, ful- filled by action taken on Thursday. “The main progress thus far has con- tinued in the steel industry, which has been stimulated by an increase in auto- mobile manufacture and sizable de- mands from the railroads, building con- struction interests and farm machinery makers, and mill schedules averaging approximately 77 per cent represent a decisive upturn in a little more than a month. “Conversely, textile output, especally in the cotton goods section, has been further curtailed, while footwear fac- tories also are working at a reduced rate. Those are a few instances of the prevailing irregularities in the -pro- ducing field, and a similar lack of uni- formity is common in the retail divi- sion, where more than the usual diver- gence in results is shown. “Pressure to move merchandise into consumption has led to special price concessions in stores, but there was a distinet check this week to the fall in wholesale quotations, with advances closely balancing declines in a compre- hensive list. The slackening of the downward trend apparently implies that at least temporary stra‘lemlutlon is being reached in some quarters.” Br‘-dstreet‘l State of Trade says, in rt: l,."(':\m'ent trade at wholesale in cloth- ing, shoes and Gry goods is not_better than fair, with the late date of Easter, which enables retailers to spend more time in shopping for their requirements, offered as one reason for the present sluggishness. The outlook for women's clothing for the coming season is re- garded as fair, however, with manufac- turers of silk dresses and hosiery bool ing good orders. Trade in men’s cloth- ing appears to be somewhat more ir- regular. Shoe manufacturers are in- creasing plant operations and jobbers are doing more. Markets for leather d raw wool are quiet, but fairly firm. “Generally speaking, the Southeast- ern quarter of the country has suffered from cold and rain, while the Central North and East have had snow and very low temperatures. Moisture conditions in the Pacific Northwest have im- proved, helping the outlook for crops and hydroelectric plants. Frosts were reported to have damaged vegetables and strawberries on the Gulf Coast. “Automobile manufacturers, particu- larly those making lower-priced cars. are stepping up operations somewhat d are elrllng for more steel sheets and other material. The outputs of iron, steel and automobiles are still, however, below the levels of a yes ago, while showing good gains over recent preceding weeks. “In the nonferrous metal markets the chief feature has been the improved demand for copper. Tin and zinc prices are lower. Heavy snows and low tem- peratures in the Middlewest have stim- ulated -the production of coal, and the general call for domestic fuel in the Northern half of the country has been good. GROUP INSURANCE GAINING IN FAVOR Use of the group plan of life insur- {ance to provide old-age independence continues to grow. A group policy for approximately $400,000 has been written for an association composed of several hundred school janitors and matrons of St. Louis. In Harrisburg, Pa., group has been arranged for employes of the Keystone Chocolate Co., with cost of premiums being shared between the company and the employes. —ia The words abstemious, arsenious and facetious, contain the five vowels a e | o x once each, and in their respective order. protection FOR SALE A Limited Number Only Guaranteed '] O, First Trust Notes T tially, r Office. Wm. Gordm'l Buchanan Councilor & Buchanan Certified _Publi Tower Builtine " National 6110.6111-6213 (Telephone Directory Omission) ON REAL ESTATE We have avallable funds st cur- EMTXOH FOR DDRIOW'R Both lars: Il loans negotiated. MOORE & HILL, Inc. Since 1900 730 17th Street First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. %08 15th St. N.W. Phone National 2633 Mortgage Loan Correspondent for The Prudential Insurance Ce. of America Established 1899, MONEY TO LOAN AT 6% INTEREST