Evening Star Newspaper, February 10, 1930, Page 15

FINANCIAL ‘CURB ISSUES MOVE N ACTIVE MARKET Selective Buying of Rails, Utilities and Oils Features Trading. BY JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, February 10.—Rails, utilities, oils and industrials led today's active hut selective curb market. Canadian Pacific new common opened on a lot of 91,000 shares at 58, a new high price, but later met realizing. Pennroad Corporation, which is pushing an expansion program, including avia- tion as well as rail securities, opened on & 58,000-share block at 16%. Chesa- peake & Ohio new common climbed mearly 2 points to a new high at 61. Electric Bond & Share, compelled to absorb congjderable profit taking, failed to register g¥new peak, as more than a score of power and light issues were able to do before midday. The upswing in leading issues im- proved quotations in investment com- pany and trading corporation shares. Lehman Corporation, Marine Midland, Shenandoah common and preferred, and Ungerleider Financial Corporation reached new high prices for the year. Safety Car Heating & Lighting mir- rored the move in rails. Aluminum Co. of America at 325 was at a new high level for the year. Hudson Bay fea- tured mine shares. Baltimore Markets BALTIMORE, Md. February 10.— Poultry, alive—Turkeys, pound, 30a35; old toms, 20.25; Spring chickens, 28a 32; Leghorns, 22a25; poor and thin, 19a20; old roosters, 17al18; capons, 30a 36; old hens, 25a27; Leghorns, 22a25; poor and thin, 17al18; ducks, 17a27; guinea fowls, each, 45a70; pigeons, 25a30. Eggs—Receipts, 1,141 cases; nearby firsts, 42);; pullets, 35; hennery whites, firsts, 43a45; culls and dirty eggs, 25a26. Butter—Good and fancy creamery, pound, 33a38; ladles, 31a32; store- packed, 20a21; rolls, 25a28; process, 33a34. Vegetable Prices. Potatoes—White, " 100-pound _ sacks, 2.2523.00; sweet potatoes, barrel, 1.75a 275; yams, barrel, 1.50a3.00; beets, crate, 2.00a2.25; beans, hamper, 1.75a 4.00; cabbage, hamper, 75a1.00; carrots, 100, 3.0024.00; caulifiower, crate, 1.50a 225; celery, crate, 1.75a3.00; lettuce, crate, 2.00a4.25; kale, barrel, 1.25a1.50; onions, 100 pounds, 1.75; peppers, crate, 3.00a5.50; peas, bushel, 1.50a2.25; par- snips, basket, 50a60; spinach bushel, 7581.25; squash, bushel, 3.50a4.00; to- matoes, crate, 2.50a6.50; turnips, hamp- er, 20a30; apples, bushel, 60a2.75; cran- berries, box, 5.5086.25; grapefruit, box, 2.5024.50; oranges, box, 2.00a4.50; tan- gerines, 'box, 1.25a3.50; strawberries, quart, 40a55. Live Stock Market. Cattle—Receipts, 400 head; light sup- ply; market dull. ‘Steers—Choice to prime, none; good to choice, 1200 to 12.50; medium to good, 11.25 to 12.00; fair to medium, 1025 to 11.25; plain to fair, 9.00 to 10.00; common to plain, 8.00 to 9.00. Bulls—Choice to prime, none; good to choice, none; medium to good, 8.50 to 9.25; fair to medium, 8.00 to 8.50; plain to fair, 7.50 to 8.00; common to plain, 7.00 to 7.50. Cows—Choice to prime, none; good to choice, none; medium to good, 8.00 to 8.50; fair to medium, 7.00 to 8.00; plain to fair, 5.50 to 6.50; common to plain, 4.00 to 5.00. Heifers—Choice to prime, none; good to choice, 10.00 to 11.00; medium to good, 9.00 to 10.00; fair to medium, 8.00 to 9.00; plain to fair, 7.00 to 8.00; com- mon to plain, 6.00 to 7.00. 1 Presh cows and springers—60.00 to 50.00. Sheep and lambs—Receipts, 1,000 head; light supply; market lower; sheep, 2.00 to 6.50; lambs, 7.00 to 13.50. Hogs—Receipts, 3,000 head; moderate supply; market higher; lights, 11.50 to 11.85; heavies, 11.25 to 11.65; medium, 11.50 to 11.85; roughs, 7.50 to 9.65; light pigs, 10.50 to 10.90; pigs, 11.00 to 11.30. Calves—Receipts, 350 head; light sup- ply; market steady; calves, 7.00 to 16.00. Hay and Grain Prices. Wheat—No. 2 red Winter, spot, 1.20%:; No. 2 red Winter, garlicky, spot, 119'; February, 1.1915; No. 3, gar- licky, no quotations. Corn—No. 2 domestic, yellow, new, 1.01a1.02; cob corn, new, 4.65a4.75. Oats—No. 2 white, domestic, spot, B651;a56; No. 3 white, domestic, spot, 5412255, Rye—Nearby, 90a95. Hay—Receipts, none; general hay market is quiet; some little hay is ar- riving, but hardly enough upon which to establish quotations by grades. Better grades for Timothy and clover mixed are selling from 15.00a18.00 per ton, ac- cording to quality and condition, re- ceipts by truck supplying most require- ments Straw—Wheat, No. 1, per ton, 9.00a 30.00; oat, No. 1, per ton, 9.00a10.00. NEW BUILDING CONTRACTS. NEW YORK, February 10 (#).—New engineering _and building _contracts » awarded in the metropolitan district of New York during the week ending Feb- Tuary 7 aggregated about $10,100,000, F. W. Dodge Corporation reports. This figure is an increase of about $350,000 over the previous week, and compares with $13,380,100 in the c:rresponding week last year. 'DOMESTIC BONDS High. Low. Noon. 4lis 67. 94 94 D95 943 106%, 108% 1004 100 E 0. 81 d 6ias "33 86%; 1As Tel Ut 535 44 C.102 Boston Cons G 55 '47 101 B & O 4las.. 102% Bales in thousands. 10 Alabama P TAm G & E 49 s 665, . t Ser Gas 5ias '42. G £ Ess At 0 6s B ‘24 95 k 6125 36 1061, 75 '36..... 9312 1 Ine 245 Insull Rter, Notice—All stocks are sold in one hundred. excepting those designated by wmnngommuemhuhnllln ~Prev. 1930.— 25% 3% 16 121% Ala Great Sou (17. % 113% Am Gas & Elec (31). 4% % 615 110% 35 Th T ™% 274% 234 Com'wlth Edison (8)210s 280 1023 5% 98% % kel 6% 21 1% 57 l‘l‘r: 123 Deere & Co new w. 5% 14% 53 1057% 18 I 15 Kop PEEH TR P R R ¢ 338 1 Chile Cons, 'i Com Priv Bk 12 Ty Ay G Be By By iy A odd Bales— Add 00. Open. High, 4 48% 48% 1 8% 21% Ainsworth Mfg 3 3% Alr Investors vte. 3 3% 3y 1215 AlrInv Inccv pr. 2 13 13 1124 124 Stock and Dividend Rate. M TN T Low. 8% 8% 8% 2% 25% 25% 264 3% 13 124 T -share lots the letter s (65s) (283s), lots only. Close. 48% 8% 3% 13 124 9 17% 17T% 17% 17T% Th 139 49% 52w 49% 51% 2 48% 49 3 81% 82 1 324 1 8 ) 76 Allied P&L 1st pf(5) 75 Aluminum Co of Am. 0 AmCP&LB (b10%) 7 234 AmCwith PAb10%, 27 34 AmCwith PBb10%. 16 3% Am Cmwith Powar.. 2 % Am Control Oll Flds. 7 25% Am Cyanam B (1.60) 7 3 Am Dept Store 9 15% Am Equities. . 11 65% Am For Power war., 4 7 70 12 187% 138 10 AmInvestIneB.. 3 13% 13w 4% Am Investors (war). 3 6% 6% 62'$ Am Laund Mch(4).. 25s 67 67 225 Am Lt& Tract (10).. 50s 269 269 45 & 52 214 10% 5574 30% 97 3 [ 14 121 144 & 13% 7% Am Natural Gas 6 55« Am Salamandra (3). 3 23% Am Superpower (1). 461 94% Am Super 1stpf (6). 5 3% Am Thread pf (25¢). 5% Am Yvette (new) wi. 11% Anchor Post F' (2)... 12% Apex Electrical' Mfg. 9% Arcturus Rad Tub A 1% Asso Laund (120c).. 20~ Atl Coast Fish(1.40). 1 Atiant Fruit & Sug.. 15' Atlantic See Corp.... 221y Atlas Plywood (2).. 141 Auto Musie (A) (1).. 14% AutV Mcvprpt (2). 24% Aviation Corp of Am 36 Axton-F Tob A 3.20.. 215 Bahia Corp..... £0 Baumann (L) pf (7). 501 31% Blaw-Knox Co (1%). 6% Blue Ridge Corp. 33% Blue Ridge cv pf 27% Blumenthal (S). 36f; Brazil Tr & Lt (3)... 10% Brill Corp A (2.60).. 2% Brill Corp B, 5 27% Brit Am Tob B 11.20. 315 BrCelanese Ltd rcts 14 Brown F&W(B)(2).. 24% Buf Niag&EPpf 1.60. 32% Bulovaev pf(3%).. 3% Burma Corp (131¢) 314 Can Marconi...... 3% 557 Can Pacific(new)w. 58 % Carlb Syndica 1 5 Carnegie Metal; 156 - ¢'6 108% Caro Pr & Lt pf (7).. 110 29 C Ce 1 % 28 82y 6 28% 8744 256 9y 1a 344 3% 14% 4% 27% 319 17% 25% 36% 3% 8 34% Cent P Sv A (al.75). 108 19 Cen States El (340¢) 21 pr(6). 1 12% Chain Stores Stock.. 2 534 Ches & Ohio (new),. b1 264 Citles Service (330e) 205 88 CitlesServpf (6)... 2 814 Cit Serv pt B (60c) 82 CitServBBDf (6)... 63 Clev El Illum (1.60). 18 Clev Tractor (1.60).. 52 Colgate-Pal-P (2%). 5% Colon Oil. . 3 8% 280 95% Comwith Powpf (6). 2 99 99 3% Comwith & Sou war. 232 94 Com'with &S pf (6) % Comstock Tunnel % CAMCoectfs 13 5 Consolidated D 6 1 8% 134 Con Dairy Prod (32). 90% Con Gas, Balto(3. 2 104% 104% 2 28% 28% T 4% 4% 14 13% 23 12 12% Corroon & 6 Creole Petroleum # Cresson Cons (8¢ 184 Crocker Whe 2% Curtiss Afrport 5% Curtiss Flying Serv. 1% Curtiss Wright war. 1% Cusi Mex Mining 3 Dayton Air & Eng. 2% 2% 2% De Forest Radio. % & Dolores Esperan: 12% Douglas Aire (75c) 41 Driver Harris(new 8% Dubilier Cond& Rad 145 Duke Power (35) 4% Durant Motors. East Gas & F Asso, s 28 7% Eastern UtlInvA.. 4 14% 14 Eisler Electric (1%) , 7 174 80% El Bond & Sh (b6)... 375 964 103% El Bond & Sh pf (6) 1 24% Elec Pow Asso (1) 22% Elec Pw Asso A (1 15% Eléc ShareHldg (31 82 El Sharehold pf (6 14 Empire Fire Ins. 38 1% 1508 189% 189% 10 5 5 28% 14% 17% 978 205 Ems Derrick (1.60). 18 Eng P S opt wa 18% Europan Blec ¢(The).. 3% Evans Wallow Lead. 2 Fabriés Finishing... 2945 Ford Motor Can 61 Ford Mot of Fran 10% Ford Motor Ltd. 91 Foremost Dairy 214 Foundation For Sh 33 Fourth NatInw, 2% Fox TheatCl A 20 Garlock Pkg (1 3% General Baking. 40% General Bak pt (6).. 11% Gen E Ltd rcts (60¢! 13 GenGas& El (A). 10% Gen Indus Alcohol 8 Gen Laundry Mach 9% Gen Rity & Utiliti 69 Gen R & Ut pf (6). 22 Gerrard (SA) Co. 39 Gilbert (AC) (3%). 431 21 Glean Com Harn(1). 21% 29 113% Glen Alden Coal (10) 11% Globe Underwriters. u-é 6% % Goldfield Consol 86 Goldman Sachs (b6). 8% Gold Seal Eln...... 1% Goth Knitback Mach 2364 GrA&PTnv(5).. 12% Groc Stors Prod vte. 241s Ground Gripper (1). 28% Gunther Law (2).... 133 Guif Otlof Pa (1%). 12 Hartman Tobacco. .. 181% Hazeltine Corp (1).. 5 Hollinger Gold (60¢) 8% Hudson Bay M &8.. 78 Humble Ofl (2)..... 10 Huyler Stores of Del 37% Hydro Elec Serv (2). 10% Hygrade Food Prod. 305 38% Ind PipeL n ($2%). 20% Indian Terr Illum... 17 Ind Finctfs (b10%). 54% Insull Ut Inv(bé%). 82 Insull UtIn2d pt6.. 69% InsCoof N Am (13). 17% Insurance See (1.40) 20% Intercoast Trade (1) T Intercontinent Pet n 19% Intl Petrol, n(63%¢) Internat Products. .. Int Safety Raz B 13.. Intl Superpow (31). Internatl Ut B. 8 3% 245 18% 26 12% 21 5% 13% 87 8 41% 4% 12 12% 487% 81% 5% 2% 19% 691 136 13 6% 67 265 52 2% 9% 554 29 96% 314 6 1815 124 14% h] 36% 3% 3% 564 % 6 110 27% 821 6 28 36% 24% T 270 98% 1044 28% 4% 13% 12 4% 6% 22 3% % 2% 2 6 bW B4 Bk BY% 14 126% 127% 125 127% LU % % 6 14% k) 12% 55 1 b 28 14 17 25 106 w 20 43% 27 13 16 & 6l 3% 2% 245 18% 26 120 29 20 29 18 136% 136% 136% 135% 2 10 21 5% 13 86% 8 41% 11% 4 82 324 324 324 5% 43 110 28 824 6 28% 374 25 7% 98% 2 % 6 6% 6 43 98% 100 . 98% 98% e S %%y 8% 8% 8y 2 & Wk & % 1 15% 16% 15% 15M 104% 28% “*H P 0 180 18 5 5% 39% 7 26 3% 43% 11% 15 14 8 13 83 20 43% 29 115 16% & 6l ked il kel 40% 39% 39% 34 2%, 245 13% 25 10 21 5% 18% 86% 8 41% 12% 1llinois P L (20)....150s 309% 309% 308% 308% 1 40 40 40 40 4% 21 69 98 1% 18% 22% 1 1% 6% 124 38% 10% 2% 12% 4“ Stock and Dividend Rate. 28% Kleinert Co (234) % Kolster-Br (Am 36% Lackawanna Sea(4).. 84 Lakey Fy & Mch (1) 14% Lefcourt Real(t1.85) 29 Lefcourt Real pf (3) 75% Lehman (The) Corp. 1% Leonard Oil 8% Louisiana Lan & Ex. 21% Mac Marr Stores.... Magd. il 25% Mid Wst Util (b8%). Mid W Ut ev pf xw6. Miss River F Cp war 18% Mo Kan P L (b10%). 19% Mock Judson Voe(2) 14 Montecatini deb rts. 38 Morison Elee (21) % Moun & Gulf (.08).., 18 Nachman Spring (3) 7% Nat Amer Co. 84 Nat Aviation. 162 Nat Casket (4. 29 NatEIPoA (1.80).. 17'% Natl Fam Strs 60) 2% Nat Food P, B(b2%). 25% Nat Fuel Gas (1). 12}3 Nat Investors (new) 22% Nat Pub Sv A (1.60). 50 Nat Steel Corp xw (2° 29 NatSugarNJ (2)..s 20% Nat Transit (11).... 10 Nebel (Oscar) (1%). 16% Nehi Corpn (1.30). .. 12% 9% 7L 0 145 NewEng T &T (8)..100s 1 661 New Jer Zinc (14)... 105% Newmont Min (34).. 134 N Y Hamburg (23%). 22% N Y Invest (1.20)..a 8 N Y Rio&Bu Aires. 114 N Y Telpf (6%).... 11% Niagara Hud P(40c) 3 Niag Hud Pw A war, 6% Niag Hud Pw B war, 12 Niagara Shares Md.., Bement Pond.. 1% Nipissing (30c)..... 34% Noranda Mine= (3).. 5% North Am Aviation.. 67 NoAmL&P (b8%). 5% North Am Util Sec.. 170 North 8t Pow A (8).. 1 Ohto Copper.. 69% Ohio OIl (12). 8% Ofistocks,Ltd A $60c 69 Otis Elevator new... 10% Outbd Mot A (1.80).. 3% Outboard Motor (B). 274% Pac Pub Serv (1.30) 11% Param C Mfg (2.40 37% Parke-Davis (11.35). 94 Penn Ohio Ed pf (6). 105 Penn O Ed pr pf(7).. 73 Penna Wa & Pwr (3) 13 Pennroad Corp.. ¥ ves 8 32% Peop L&P A(a2.40).. 92 Pepperell Mfg Co (8) 19% Petrol Corp (1%).... % Philip Morris Inc. 10% Pllot Rad T A (1.20)., 10 Pitney BP n (20c).., 111 Pitts& L E (5)...... 9 Polymet Mfg (31)... 6% Potrero Sugar. . 14}s Power Securities. 1% Premier Gold (24e).. 815 Prince & Whitely... 35! Prince&Whitely pf3. 14 Prudential Inv...... 17% Pub Util Hold war. .. 99 PugSP&Ltpf(6)., T Pyrene Mfg (80c)... 69 Rallway & Lt S (15). 2% Reiter-Foster (40¢).,. 16% Rel'nce Managemnt.. 71 Republic Steeln wi.. 90% Rep Steel cum pf wi. 5% Reynolds Bros Inc. .. 224 Reynolds Met n 2.40. 26% Rike Kumbler (2.20) 19% Rocklans Lt&P(92¢c), 2 Roosevelt Field. Inc. 1 Ross Stores, Ine..... 3% Ryan Consolidated. . 10%5 10% St Lawrence Pap M., 24 19% St Regis Paper (1).. 130% 120% Safety Car H & L(8) 226s 1. 12% 2 10% Salt Creek Prod (2).. 2% Schulte Un be-31 St.., 6% Seg Lock & H (60¢).. 10% Seiberling Rubber. .. 7% Selected Industries.. 59 Select Indpr(5%).. 66 Sel Indallotefs 5., 4% Sentry Safety Cont.. 8 Shattuck Den Min. .. 51% Shefl'r Pen (WA) (2) 8% Shenandoah Corp. .. 33 Shenan Corp pf(a3) 41 Slerra Pac Elec (2).. 18 * Silica Gelect........ 4% Singer Mfg Ltd(30¢c) 465 16% Sisto Fin Corp. % Sonora Products 10% 5 South Coast.. i 821 70 SE Powr & Lt (1.60) 114} 108 SEP& L pf (7) 100 88 S8 26 23% % 4% Southern Corp...... 10% S W Dairy Products. 7% S W Gas Util.. . 207 Standard Dredging.. 27% Std Dredg cv pt (2). % Standard Motors. ... 52 Stand OiL Ind (2%). 28 Stand OlL Kan (2) 831 Stand O1l, Ky (1.6 Stand Pow & Lt. 34 Starrett Corp pf 16% Stein(A)& Co (1.60). 10 Stein Cosmetics Inc. Stromberg-Carl (1) 1% Stutz Motor Car. 8% 6% Sunray Oil (40¢) 41 38% Superheater (13% 136% 129% Swift & Co (8) 94% 90 Swiss-Am El p 19 Taggart Corp (1) 54% Tampa Electric 4% Teck Hughes (60c) 18% Thermoid Co (2). 28% Third Nat Inv (1) 22% Thomp Prod A 12.. 24 Tobacco & All Stk . % Tobacco Pr Expor: 44% Todd Shipyard (4).. 41% Transamer (31.60).. 6 Tran Con Air Tran.. 4% Trans Alr Trans cfs. 17% Transcontl O1l (30c) 4% Tr-Luz DL PS8 (A). 4 Tri-Cont Corp war. . 11% Tri-Continental Cor. 7 Tri-Cont Corp pf(6). 40 Tri-Util Cor (31.20). 6% Triplez Safety Glass 26 24 Trunz Pork 8 (1.60). 178% 138 35 34% 1 32 21% 8% 1 32% 39% 160% 1 4% 26% Ungerlelder F Corp.. 27% Union Amer Inv: % Union Tobacco. 19% United Chemical Co. 14% United Corp war.... 7% United Dry Docks. % Unit El Ser pur war, 19% United Gas Co...... 27% Unit'Lt&Pwr A(60e) 97% Utd Lt & Po pt (6).., % United Ret Chem A.. % Utd Ret Chem B etf. T% Unit RtCh pf (334).. 60 Unit Sh Mch (13%).. 13% U S Dairy B.. 18% U 8 Elec Pwr ww U S Finishing (32).. 17% U S Foil . 42 U S Radlator ctfs(2) Reclaim. Fin. 11 Unit Verde Ext (4 14% Utility Pw & Lt 2 38 UtIIP&L Betfs (al). 17% Utllity & Ind. . 24% Ul & Ind pt 10% Utllity Equities 93% Vacuum Ofl (14%).. 12% VanCamp P pf(1%). 37% Veeder Roof (2%).. 2% Venesuels Ptmt20¢). 8 ViekFin (T pERamaneseNm B eSnN e - Dot o o o 2 NDOHNNONNE NS~ e O EBHEANN o - S85-wed 2 6 1 2 Tub Art 8ilk B (10).. 70s 144 15 ¥ th. Low. Close. | High, i it T Y % 25 5. % 43% 9 51% 50 110% 110% s % . 84 173% 1% 0% 8% 9% % 4% 10% 104 23 23 22% 82% 137 131% 10% 3% 67 4% Singer Mfg Co (126) 20s 500 24 ' 133% 132% 95% 951 21% 3% 6% 26% 26% 143 34% 34 5% 26% 34% 34% % 30 64% g gy % 8% 8y 9% | paid by a State or “political subdivision 14 | €rs and policemen and firemen are not % foreign trade is the increased sale abroad ~Prev. 1930.~ d Low. Dividend Rate. 8% Waitt&BondB(1.40). 54 Walgreen Co. Co 9% Walker (H) (1) 4% Walker Mining. 1% Watson (JW) C 8% Wayne Pump, _34% _18%_West Air Exp 35% 32% Wes Auto Sup A (3. 20 16% WilllamsRC (1.40 51 Wilson Jones (3). 2% 13 0 00 B b Sales— Add 00. Open. High. 1 n ~Prev. 1930.— Low. flnu.u m;n. Low. 37% 18 | annusl pasment. 53 53 Ex-dividend. Stock and Dividend Rate. 3% Winter (Beny). 20% 17% Zonite Prod (160)... 1 RIGHTS. 3% Con Gas El L&P..April 1 % Crocker Wheeler ..Feb. 24 7% New Eng. T.&T. . 2% So. Cal. Edison.,..Apr.13 .01 Trans Corp. . .Mar Dividend rates in doll . tPartly extra. tPlus extra in stock. s Payablein cash or stock. b Pavable i X, Sales— Add 00. Open. High. Low. Close. 3 4% AW 4% 4 18% 18% 18% 18% Expire. 28 3% 7% 1% 5 8% 8% 29 3% 3% 6§ 11 .05 .08 's based on last quarterly 3% 1% 1% Apr 1 in stock.” d Payable in preferred stock. Yol ~ INCOME TAX: With a certaia proviso, compensation thereof,” such as a county or city, to its officers and employes is not taxable income. The proviso is that the wages of such officers and employes must be rendered in connection with the “essen- tial governmental functions of .the State or political subdivision” as dis- tinguished from its proprietary func- tions. The salaries of the governor of a State, mayor of a city, councilman, board of aldermen, public school teach- taxable But the compensation received by employes of water works owned and operal by a municipality, or of a mun’ “ality owned and operated street rail is taxable, for the reason that they are engaged in activities which are not governmental. Fees for special services to a State are taxable, as, for example, compensation pald archifects and builders for plan- ning and erecting a State capitol or other State or municipal building. An officer or empoye of a State, for the purpose of the income-tax law, is one whose services are continuous and not occasional or temporary. GROWTH IN EXPORTS NOTED BY FARRELL NEW YORK, February 10 (#).—James A. Farrell, chairman of the National Foreign Trade Council, in issuing a call Saturday for the seventeenth national !ore_gln trade convention, said: “The outstanding feature of American (by more than 12 per cent last year) of the products of our manufacture.” ‘The meeting will be held in Los Ange- les May 21, 22 and 23 and 3,000 foreign traders from all parts of the country are expected to attend. Mr. Farrel said the strongest factors in obtaining this foreign trade growth were the study of foreign trade problems and the intensive development of mer- chandising organization and skiliful practice by American producers and traders. “It is noteworthy that our exports of finished manufacturers have recuperated promptly from the recent temporary un- certainty in American industry,” he said. “Finished manufactured exports for December showed a slight increase over those for the previous December, and for the entire year more than equaled the whole of our exports in 1913.” —_—— WHITE MOTOR CO. CLEVELAND, Ohio, February 10 (Special) —The board of directors of the White Motor Co. has declared & dividend of 50 cents per share payable March 31 to stockholders of record at the close of business March 12. ‘The advance figures indicated a net profit of about $2,875,000, as & of the company’s business for the year, compared with $2,320,000 for the year 1928. Robert W. Woodruff, president of the company, stated that the figures re- a continued increase in sales and in profits. The 1929 sales were sub- stantially ahead of 1928, and December was the second largest December in the company’s history. The board of direc- tors of the White Motor Securities Cor- poration declared a regular quarterly dividend on the preferred stock of the company of $1.75 a share, payable March 31 to stockholders of record at the close of business March 12. NEW YORK COTTON. NEW YORK, February 10 (#].—Cot- ton opened barely steady today at a net advance of 6 to 11 points, on a continuance of the covering movement responsible for Saturday's rally, while there was some further trade buying and commission house demand pro- moted bf the fairly steady showing of Liverpool. ‘The advance met some further liquidation, but it seemed to be quite readily absorbed, with May selling up to 15.67 and October to 16.08, or about 9 to 17 points net higher during the early trading. This bulge met realizing by recent buyers, but the market was steady, and within 6 or 7 points of the best at the end of the first half hour. Liverpool cables said that covering and Bombay buying had been supplied by realizing in the market there, and that Manchester trade was slow in developing with only a small turnover in cotton goods. Equitable Co-oper JOHN JOY EDSON, President Assets .........0000...95,662,549.55 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. 915 F St. N.W. Comfilt Us WE MAKE FIRST Homes, 1321 Connecticut Avenue Mortgage Loan 1| includes so few people making GRAIN TRADER RAPS FARM BOARD POLICY Cutten Sees Economic Fallacy in Attempt to Stabilize Prices. By the Associated Press. CHICAGO, February 10.—Arthur W. Cutten, prominent operator in the Chi- cago grain market, Saturday expressed bimself emphatically as opposed to the Federal Farm Board's effort to main- tain the price of wheat in the market through the Farmers' National Grain Corporation. “Foreigners are not going to buy North American wheat at artificially high prices,” sald Mr. Cutten. “We seem to have forgotten how incensed this country became when England tried to regulate the price of rubber through monopolistic methods. The European feeling toward us is somewhat similar, but more intense, because ‘wheat is the stafl of life.’ “England’s efforts to regulate the price of rubber failed, and failure is the only result I can see for effort to main- tain the price of wheat in this country above its value as established by normal conditions of supply and demand. “The quickest way to get wheat up to a higher price than it brings at present is first to allow it to seek the lower level at which foreigners will buy it in vol- ume. They are well aware of the wheat situation in this country and cannot be frightened into feverish buying when nuy|bellen there is a superabundant supply.” e Canadian wheat pool's plea for financial aid from the Canadian gov- ernment is likewise doomed, Mr, Cut- ten continued, because the area affected 80 small & contribution to government that the many millions needed by the pool will be refused. Wall Street Briefs Press. st large offerings of cap- ital stock to be placed upon the market since the crash of last Fall was made today when a syndicate, headed by the National City Co., will offer 140,000 American shares of the General Itaiian Edison Electric Corporation. The stock, which represents ordinary shares of capital stock, was offered at $44 a share and ylelds about 6 per cent. Applica- tion is to be made to list the shares on the New York Stock Exchange. Memphis Power & Light Co. is offering a $2,500,000 issue of first mort- gage 5 per cent bonds, due 1948, at 99. “A moderate recovery is taking place in the steel, automobile, building and other basic industries, but it is too early to say that general business will be back to normal or above in & few wecks,” says the business review of the cur- Tent issue of the American Bankers’ Association Journal. “If the recovery is forced, there is danger of a second- ary reaction,” the review adds. “What nmnn necessary is the avoidance of 1 starts and a gradual but genuine t | Acceleration up to reasonable speed and e volume The International Standard Electric Corporation, manufacturing subsidiary of the International Telephone & Tele- graph Co. has contracted to supply the Copenhagen Telephone Co. with rotary automatic telephone equipment for seven years. Offering is made of a new issue of $2,000,000 Middle Rio Grande Conserv- ancy District, State of New Mexico, 515 per cent bonds at par and accrued in- terest to yield 515 per cent. The bonds mature serially from August 1, 1934 to 1973, inclusive. Announcement was made that the Chase National Bank has concluded negotiations with the Cuban govern- ment for the purchase of $40,000 000 of its public works 5!, per cent gold bonds, maturing June 30, 1945, and that a public issue will be made shortly. The bonds are part of an authorized issue of $80,000,000 secured by a first prefer- ential lien and charge on 90 per cent of certain revenues which, it estimated, will-amount to $18,000,000 annually. Rail Impro;ement Plx-ml. NEW YORK, February 10 (#).—The Western Pacific Railroad and subsidiary lines plan to spend $4,548,000 during 1930 on new equipment, additional facilities and improvements. o DISCOUNT RATE REDUCED. BATAVIA, Java, February 10 (#).— The Java bank today reduced its dis- count rate from 52 to 5 per eent. —ee ative Bldg. Ass'n 50th YEAR COMPLETED WALTER S. PRATT, Jr., Secretary Surplus & Profits......$1,705,130.78 Subscription for the 98th Issue of Stock Being Received $2.50 Pep i Regarding Your Maturing Mortgage. LONG-TERM REAL ESTATE LOANS MORTGAGES ON Apartments and Business Properties in the District of Columbia and Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. Decatur 3600 Correspondent New York Life Insurance Company Washington BY CLINTON COFFIN. Associated Press Financial Writ House members who initiated the con- gressional investigation ordered this Winter into the circumstances of hold- corporation and invesmtent trust ownership of rallroads are now pressing the preliminaries of the inquiry in sev- eral directions. Although it will be probably well into March before the House interstate commerce committee summons its first witnesses, the employ- ment of special council, the investiga- t!!rn of certain of the organizations and tHe complilation of data already gathered in the field by the Interstate Commerce Commission now is being undertaken, “This hasn't been a partisan matter at any stage, and the inquiry we are in- stituting was particularly asked by the Interstate Commerce Commission,” re- marked Representative Rayburn, Texas, Democrat and ranking minority mem- ber of the House committee which is in charge of the inquiry. “We are ap- proaching the subject with a good deal of care, and yet without any disposition to make sensation out of the subject. “As I see it, the United States is eventually going to find the large num- ber of railroads it now has consolidated into a limited number of systems. That seems to be the- direction of progress, and yet in order to maintain efciency, and to safeguard the public, it will be desirable to have these new and en- larged systems under separate owner- lh.lg: and free to compete. If it proves to be true that some of these immense new financial constructions in the na- ture el’l mveltmemi :nn‘mufllnd holding companies are acquir} railroad owner- ships indiscriminately, the safeguards to the public in the’ consolidation of railroads we foresee may be lacking. “That is why this inquiry is going to be pushed, first, to determine to Just what degree the onwership of railroads has now passed into these institutions, and, second, to determine whether there is any need for Federal legislation in the matter. It is a fact that these new institutions, though they partake of the character of banks and of trust companies in some of their aspects, are practically outside of regulation now. Some proposals for the application of this regulation may be advanced before we have finished with the inquiry.” ker ELECTRIC EQUIPMENT SALES GAIN IS NOTED Trade Journal Reports Increasing Business During the Last Week. By the Associated Press. NEW YORK, February 10.—Raile roads were active buyers of electrical equipment in the principal market centers of the country in the past week, according to ical World, which reports &IV. business in most sections was holding at satisfactory levels and that sales were good in all sections ex- cept the Eastern, where equipment ess has been light for the past two weeks. “In DulhlnL its electrification pro- snrn. the Erle Railroad has just or- le) 10 gasoline-electric cars to re- fillc! steam locomotives on its suburban ines in the East,” the review states. “Central stations in this area are also tnra‘ active, but industrial demand continues light. General business in the Middle West shows marked im- provement, with increased automotive and steel luction and steady equip~ ment purchasing by the railroads. “Reports from several New England manufacturers state that sales in Jan- uary were slightly higher than last year, Business in industrial eaul ment. and small motors held at steady levels, “Municipal purchases and projects were most prominent in the past week's business on the ‘These included a proposed $60,000,000 bond issue cov- ering the purchase by San Francisco of private power companies now serv- ing the city. Ralilroad buying there in- volved the purchase of carloads of rigid iron conduit, rubber-covered wire and three months' requirements of all standard wiring items for one road. “Equipment business in the South- east is reported well sustained. Central station buying featured the market in the Southwest.” GRAIN MARKET. CHICAGO, February 10 (#).—In- fluenced by announcement, of 3,811,000 bushels decrease of the United States wheat visible supply total the Chicago wheat market showed considerable firm- ness today. Especially during the late transactions wheat prices tended up- ward, notwithstanding that export de- mand today for wheat from North America remained slow. Much notice was taken that the falling off in domes- tic visible stocks of wheat was more than 1,500,000 bushels greater than the shrinkage at this time last year. Wheat closed strong, 3 to 1% a bushel higher than Saturday's finish. Corn closed 33 to % advanced, oats, Vg to 35 up and provisions 5 to 12 down. American taste for - sweetstufts, as iy expressed by national candy consump- ton, varies little from year to year and tends to bring about a demand for candy manufacture increasing in exact pro- |4V portion to the population. This is one of the findings of a careful inquiry into | MaY the candy trade during recent years which the Cgmmerce Department has Just csmn leted. Candymaking proves to be a business of Toodly size on the showing of figures arrived at, as the country annually dis- poses of 1,387,000,000 pounds of sweat- meats, or nearly 10 pounds per capita. R. L. Purdon, the department'’s special- ist who conducted the inquiry, concludes that a candy trade tendency exhibited since 1925, which has operated to in- crease the number of wholesale and retail outlets for candy sales, has not been justified by business results. In this trade, as in a number of others, these special inquiries are beginning to cast doubt upon the efficiency of dis- tribution when the number of enter- prises engaged in it is multiplied. As to candy, Mr. Purdon says definitely that the experience of the trade since 1925 “reveals very clearly that the multiplication of accounts did not in- crease the aggregate business and that, furthermore, every time the number of accounts was increased the average sales per account fell off.” Chairman Legge of the Federal Farm Board, who is being faced by hostile critics of his organization with the assertion that the centralized products | tha is uneconomic, will take & new avenue of response shortly. He can be ex- pected to declare that, in view of cen- tralized buying practices now set up in international "trade, the American producer has little choice except to cen- tralize selling as well, That is the view Mr. Legge has al- ready expressed in private letters and conversations. He has particularly been | T. studying the European methods of pur- chasing wheat supplies now in effect, and has formed the o‘)‘u‘zmn that prob- ably one or two organizations dominate the whole pictu: nd under most con. SUGAR PRICES REDUCED. NEW YORK, February 10 (#).—Sev- eral leading American sugar refiners have reduced the wholesale price of refined sugar from 5 to 4.95 cents a pound. d‘mtrn:l dominate thl;'m‘:rnkdeu. This centralized purchas) lency was never better illustrated than at_this person! when the price of wheat has been kept on the down grade in spite of definite organizatién in the United States and Canada to keep it up. It is just possible that the newest American transport industry, based carrying passengers by airplane scheduled routes for long distances, will be kept alive by the radical policies of rate reductions adopted this Winter. The records of the Transcontinental Alr Transport system, which operates coast-to-coast service in conjunction with the Pennsylvania and Santa Fe, and which slashed its fares almost to half in mid-January, are now pointing it way. Prior to the cut, the passenger planes were running with & number of pas- sengers barely ave: 30 per cent of their capacity. Since the reduction, the traffic_volume has mounted, until it now is running around 70 per cent. Operating losses, however, are still serfous, but in the light of fairly de- pendable reports that raliroad inter ests have taken over ownership of the . A. T. air service, it is likely that it will be maintained on its present basis indefinitely and until full oppor- tunity is given for the development of s lrann volume that may make it self- ust National Metropolitan Bank 1814—Oldest National Bank in District of Columbia—1930 15th St., Opposite U. S. Treasury It lesa Tradition —at the Metropolitan, that deserving tomers are cus- always taken care of, what- ever the times conditions. and f Your own best in- terests demand that you have the advan- tage of such a bank- ing connection. 3% on Savings A FIIST MORTGAGE 'NOTE —by far the best all ‘round investment because it car- ries with it that element of safety which is generally lacking in investments of l\’iflur yield. FIRST MORTGAGE NOTES n 649,