Evening Star Newspaper, March 4, 1930, Page 15

FINANCIAL. ILS AND UTILITIES LEADERS ON CURB ession Speeds Up in After- noon Under Two Groups’ Leadership. BY JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, March 4. —Reversing . the irregularity that marked pre-noon dealings, the curb market turned active and higher this afternoon under the leadership of oils and utilities. Reynolds Metals, responding to its earnings report and new product plans, gained 2 points. Walgreen was up 2 points in the chein store group. Mavis Bottling made little headway on re- ports that it will be taken over by one of the world's largest soft drink makers. Cities Service Rises. Cities Service crossed into new high territory by passing 35. At times this stock, which was turned over rapidly, | was up more than 3 points. Indian Territory Hluminating Oil, a Cities Service subsidiary, likewise was at a new high, as was Arkansas Gas, a third subsidiary. | Most of this buying was on reported | natural gas plants, but such issues United Gas, Memphis Natural Gas, Dixie Gulf Gas and Lone Star Gas ran into profit-taking. Eleetric Shareholders, Associated Gas, American Cities Power & Light B, American Commonwealths A and Amer- ican Superpower spurted near the close. Standard Oils also were higher. United Light & Power A also met considerable profit-taking. United Light & Power A also met considerable profit taking previous to the announcement that directors had placed this stock, as well as the B shares, on a $1 annual basis from the 60 cents paid heretofore. The stock later advanced. The pool in Canadian Marconi dis- posed of part of its holdings, with the result that the stock moved down more than a point. Eisler Electric equaled its previous high. Dubilier Condenser was fractionally easier. ‘Western Maryland preferred featured the rails, gaining 5 points on a sing! share. Pennsylvania Railroad and Ci nadian Pacific, new, opened unchanged. Peninsular Telephone Co., admitted today, opened at 26 and later sold frac- tionally higher. United States Radiator moved lower despite its 1929 report on earnings, which were nearly three times ‘higher, per share, than the 1928 profits. Douglas Aircraft was one of the most active air issues. Roosevelt Field was up more than a. half point, as its re- port showed earnings of 15 cents a share in the last nine months. Al- though 1929 net was about one-half of its 1928 ‘earnings, Consolidated Air- craft advanced. COTTON MARKET. NEW YORK, March 4 (#).—Early declines under a continuation of the Tecent selling movement promoted by the early weakness in wheat were fol- lowed by rallies on trade buying and covering in cotton today. Prices for new crop months broke into new low ground for the season under the early pressure, while May sold off to 14.97, or ‘within 2 points of the previous low level, but offerings tapered off at these figures, which seemed to attract a little more buying. The midafternoon market was quist and fairly steady at rallies of 5 to 8 points from the lowest, but still showed net losses of from 7 to 11 points on the active months. HARNISCHFEGER CORP. NEW YORK, March 4 (#).-+The an- hual report of Harnischfeger Corpora- tion of Milwaukee, maker of heavy ma- chinery, shows net earnings for last year of $1240,547, or $3.85 a share. Profit in 1928 was equal to $2.81 a share on the basis of the present capitalization. ° FOREIGN EXCHANGE. (Quotations furnished by W B. Hibbs & Co.) iominal gold Selling checks toda; | value (or par). 4. arsaw. zioty Jopenhagen, crown. Belo crown. o Stockholm, crown .. Bales in DOMESTIC thousands. = 5 i} w Noon. i v, 533 106% 2 l= Va Noig 2383838388382322; & W ANERR SR 108% 8 100! i 1Canad 1 Caroli Cent 2 Hous GG 6as '43 ww & 12 Inland Uil ‘6s ‘34 29 Insull Utilities 6s 40 3 Intern Sec Am b oy o »ORES DD & 40 Bros 65 '39. 5w & Pow 5s 180 99 ter Pw Sias A '87118 Ves Union Tel 58 '60 101 FOREIGN BONDS. 1 Baden Con Mn 1 9 2 Buen Air Prov BEES o v esos Somtmmt Mavarats R M B 1 Prankfort 8las 2Qer Cons Mun 7Guan_ W RR 11tal Sup Pow El P 6 o5 5 Nippon by —With warrant; Without warrants.. ew. o With an income of $30.000 a year King Boris of Bulgaria is Europe's poor- est King, and he maintains his sister, Princess Eu is to be Notice—All stocks are sold in one which those stocks to be sold in Stock and Sales— Dividend Rate. Acetol Prod A o ‘Acme W Co vto (33).. Allegheny Gas Corp. All Amer Gen Corp. Allied Aviation. .., e Allied Mills (60e) Allfed Mot Ind(1) - AHARAOHRRNEE DA Am Capital (B) Am Chain (3) Am Cigar Co. Am Cit P&L A (a3). Am CP&L B (b10%) Am Cwith P A b10%. Am Cwith P B b10%. Am Cmwlth Po war. Am Control 01l Fid Am Cyanam B (1.60) Am Dept Stor Am Equity Am For Power war., Am Gas & Elec (31). Am Gas&Elec pf (6 Am Invest Inc B. Am Investors ( Am Maize Prod (2) Am Maracaibo. Am St Pub S(A)1.60 Am Superpower (1) Am Super 1st pt Am Superpow pt (6) Am Yvette (new) wi. Anchor Post ¥ (2), Arkansas Nat Gas... 73 Arkansas Nat Gas A. 616 Ark Po & Lt pf (7).. 10s Asso-Elec Ind Ltd.. 3 Ass0 G & B A (12.40) 103 AsSo G&E A debris. 51 Asso Rayon. . Atl Coast Fish(1.40) Atiant Fruit & Sug. Atlas Stors Corp(31, Auto Music (A) (1) Aut V M ey prpt (2). Aviation Corp of Am Axton-F Tob A 3.20 Blue Ridge Corp. ... Blue Ridge cv pf (a3} Brazil Tr & Lt (2).. Bridgept Mach (25¢) Brillo Mfg....... Bulovacv pf (3%4).. Bunker H&S (1614) Burma Corp (t31¢) Butler Bros (30¢) Cab& Wire LidB rets Can Marconi........ Cun Pacific(new)w.i. Carib Syndieat Carnesie Mctals Celanese Corp 3 Celanese Corp pf(7). Ceiit Auantic States, 2 Cent Public Service., 5 Cent P Sv A aLls). 49 Cent & Soutbw Util. 122 Cen States Kl (34ve) 111 % Centrifug Pipe (6Ue) & Ches & Uhio (new).. 2 Cities Service (330¢) 1134 Cit Serv pt B (6Vc).. 1 Citles Serv pf (6)... 5 City Mach&Tool(t2) Clev Kl lllum (1.60). Clev Tractor (1.60) Colon Oil..... Com'with Edison (8) Comwlth & Sou war. Com Wat Ser (b6% ) i CA M Coctfs. Consolidated Copper Con Dalry Prod 132). Con Gus, Balto(3 60) Cons Gas Balt pf A 5. Con Gas Ut A(2.20) Cons Instrament. Cons Laundrie: Cooper Bess pf. Cord Corp. Creole Petroleurn. .. Crocker Wheeler. Cross & Black (3%). Crown Cent Petroi. . Curtiss Alrports vie. Curtiss Wright war. Deere & Co (16) . Deere & Co new w.i. De Forest Radio. Detroit Aircraft Cor. Detrolt Gasket(1.20) Dix Gas & Utiliu Deisel-Wem-Gil 1 Dixon (J)Crus Douglas Air (75¢)... Dres(SRIMIg A 3% . Driver Harris new). Dubtlier Cond&Rad. Duke Power (35). i Durant Motors East Gas & ¥ Asso. . East Sts Pow B (1), Eastern Ul InvA.. 2 Eizler Elec (1.50).. £l Bond & Sh b Kl Bond & Sh pt . Elec House Util (1), ec Fow As80 (1)., Elec Pw Asxo A (1), ElP & L opt war.... Sl P&L 2d pf A (7). Klec Sharehldg (31). 1 Sharehold pf (6). B S, Inc A n-v (2). Empire Pwr Corp.z) Emp Pub Sv A(1.80 Empire Steel Corp. Employ Reinsur 1%. Eng P S opt war. Europan Elec (T! Engineers Gold. . Evans Wallow Lead. Fabrics Finishing. Fairchild Aviation. . Falcon Lead. . Fandango Corp. Federal Screw (3) Fiat receipts (1.26) Fiat Stk deb rts. Flintkote A (1.60) Fokker Afreraft Ford Motor Can Ford Motor Can B Ford Mot, Ltd 37%c. Ford Mot of France. Fore D Pr pf (1.60) Foundation For Shs. Fourth Nat In Fox TheatCl A...... Franklin Mfg pf (7). General Baking. General Bak pf (6).. Gen E Ltd rets (50¢) Gen Empire Corp. ... Gen Fi'proot (12%). GenGas & El (A)... Gas&El cv pf' Rity & Utiligy Gen R & Utll pf Gen W WEE A (2).. Gerrard (SA) (1.50). Glen Aiden Coal (10) Gigbe Underwriters. 66 ¢ Goih Knitback Mach (iroc Stors Prad vie ound Gripper (1). WOl of Pa 1) H'd Fage p pf (19¢). Hazeltine Corp (1).. Heyden Chemic (2). Hollinger Gold (60¢) Humble 011 (2, Hudson Bay M & Hydre Elec Serv (2) Hygrade Food Prod. 14 111 Pipe L c.o d. (20).1508 308% 4 imp Chem (ind). ... imp Oi1. Can 160¢c). . Indian Terr Lllum Ind Fin ett insult Ut In: % Insull UUIpE6%. .. Insull Ut In 2d pt ‘ance Sec «1 40) ) intercoutinent Pet n Internl Fetrol n (1). internat Produets. . Inter Prod pf 16).... intl Superpow (31) [ternatl Ut A (3%). internatl Ut B I 13 irving Alr Cb hundred-share those designated by the letter s (65s) lots _(2858), odd lots only Add 00. Open. High. Lo 2 7% 8 AT% 2 39w 1 4 12 10% 1768 192 g 18 31y 4 27 12% 218 20% 461 102 24 1384 3 28% b4 w. Close. % BY ~Prev. Stock and . Dividend Rate. Italtan Superpow A.. Jefferson E (13%) Kirby Petroleum. ... Kolster-Br (Am Sh). Lakey Fy & Mch (1). Land Co of Florida. . Lefcourt Real +1.85., Lefcourt Real of (3) Lehigh Coa)&Nav(n) Leh Coal & Nav (4).. Lehman (The) Corp. Lerner Stores (2)... Leonard Ofl. .. v Loews Inc war...... Loews Inc deb rts. .. Lone Star, new (80e) Long Isl Light(60¢). Long Isld Lt pf (7 Louisiana Lan & Ex. Mangel Stores...... Mangel Strs pf (64) Mare Int M(62%¢).. Marine M1d Cp ¢1.20) Marion Steam Shov. Marshall Field & Co. Massey Harris (3).. Mavis Bottling. .. Mayflower Asso (12) Memph Nat Gas Co. MerChap&sS pf A 6% Met & Min Inc (1.20) Midland St1 P 2d pf.. Mid Wst Util (b8%). Mid West Ut A war. Mid W Ut cv pf xw6. Miller & Sons (2)... Miss River F Cp war Mock Judson Voe(2) Moh Hud P 2d pf (1) 1020 Sale; Lot o & MoKanPL (b10%). Municipal Service. 2 Nat Amer Co.. Nat Aviation Nat Baking pf (7)... Nat Dairy P pf A(7) Natl Fam Strs (1.60) Nat Fuel Gas (1). Nat Investors (new) Nat Pub Sv A (1.60) 4 Nat Rub Mach (2).. Nat Steel Corp xw (2 Natl Transit (1) Nat Union Radio. Nehi Corpn (1.30)... Nelson (Herman)(2) New Eng Pwr (2)... 10s New Eng Pow pf (§) 40s New Hav Clock t1% 8 Jer Zine (14)... 2 e Mex & ArizLd.. 6 Newmont Min (34).. 8 it 4 @ BT T L O i . Lt T L Newport Co (2)....e N Y Invest (1.20), N Y P&Lpf (7)..... 508 N Y Tel pf (634).... 508 Niagara Hud P(40c) 73 Niag Hud Pw A war. 6 Niles Bement Pond.. 12 Noma EI Cor (1.60), 8 Noranda Mines (3).. 6562 North Am Aviation. 258 North Am Util Sec. 1 North Ind P S pf(7).120s North St Pow A (8). 6 North St Pow pt (7). N W Engineer (2)... Novadel Agene (2).. Ohio Copper .. Ohto Ol (12) Orange Crush (1.50) Otis Elevator new. .. Overseas Sec (1).... Pac Coast Bis pf 3.50 Pac G&El 1stpf 1%. Pac Pub Serv (1.30).. ¢ Pac Western Ofl Pandem OIl Pantepec Oil. Param C Mfg . Penn Mex Fuel (2).. Pennroad Corp. ... .. Penn Pwr&Lt pf (6). Penna Wa & Pwr (3) Peop L&P A(a2.40).. Perryman Elec Co Petrol Corp (1%)... Phil Elec Co pf.. Philip Morris Ine. Pllot Rad T A (1.20). 13 Pines Win Ftn (11). 4 Pitney B P n (20c)... 4 Plymouth O11 (2). 1 Polymet Mfg (31)... 7 Premier Gold (24e).. 37 14 2 1 8 Prince & Whitely. Prince& Whitely pf3. Propper Silk H M (2) Prudential inv g Pub Utll Hold wi Pug S P & Lt of 16). Pyrene Mfg (80c) Radio Prod (50).. RatnbowLumProd A RainbowLumProd B Raymond Cone (t4). & Reiter-Foster (40¢c). Republic Steel n wi. Rep Steel cum pf wi. Reynolds Met n 2.40, Richmond Radiator. Richs, Inc (1.20).. Roan Antelope Min. . Rocklans Lt&P(92¢) Roosevelt Field. ine. Ross Stores, In¢..... St Regis Paper (1).. Salt Creek Con (40¢c) Salt Creek Prod (2. Savannah Sugar (6). 10 Schlet & Zan pf 3%.. 3 Schulte Un be-$1 St. Selected Industries. . Sel Ind allot efn b . Selfridie Prov S 27¢ Sentry Safety C Sheaffer Pen (121 Shattuck Den Min. ., Shenandoah Corp. .. Shenan Corp pfial), Seiberling Rubber. .. Silica Gelct. ... Sisto Fin Corp ..... Smith (A 0) (2) 101 Solar Refining (214) 1 % Sonora Products . So Ienn Oil (124) So Cal d pfBi1ig). Southern Corp ... Southern lce Util A, o lce & Utilities B, S W Gas Ut . Southw P&L pf (7). Spunixh & Gen Reg .. al 27 10s 1 29 13 21 11 i ). tand Ol Kan 12).., Stand OIL Ky «1 §0). St Ofl of Vhto (2%) 15 Stand Pow & Lt stand Pwr & Lt B Sterch Br St (1.20).. Stroock & Co (3).... Stutz Motor Car. Sunlinv..... Sun Invpf (3)...... Sunray Ol (40e).... Superneater (¥3%)., Swift Intern’l(zip). Swift & Co new 12).. Tampa Klectric (32) Technicolor, Ine Teck Huihes (6ue). . Thermold Co (2).,.. Third Nat Inv (1), Tobacco & All Stks Tobacco Pr Exports. Toledo Ed cu pf (7). Fransamer (11.60) 5 A'ran Con Air Tran. . o Tr-Lux DL PSA). Tri Continental Cor Tri-Cont Corp Wir. . Tri-Cont Corp pf (8) Triplex Safety Gla Tri Utilities (31.20). Tub Art Slk B (10 Tung-Sol Lamp (3) . Tung-Sol La'p pt (3) Ulen &Co.......... Ungerleider ¥ Corp.. Un N G Can (11.60). Union Tobaceo . United Corp war. ... United Dry Docks. .. Utd Founders(b2.35) United Gas Co. .. ... Unit Lt&Pwr A(606) Utd Lt & Po pf (6).. USDairyB........ US Elec Pwr ww. USFoll Bl).., US&Int Se 3d pd 3 U'S Linennf 15y, U 8 Shares Kin . Unit Verde Ext ¢ 13 13% 48 t 126 8% 2 1 10% 2% 22% 863 415 843 48% 1% i Add 00. Open. High. Low. Close. 13% 48 2 1 10 2% 22% 36% 41% 126 83 48% Stock and Dividend Rate. Vacuum Ofl (14%).. 12 VanCamp Ppf(1%). 1 Veneszuela Ptm(20e). 1 Vick Fin Corp. . 20 Waitt&BondB(: Walgreen Co. . 5 Walgreen Co war. 2 Walker (H) (1) : 2 3 ~Prev. 1920.~ High. Low. 13% | g6 884 48%| 14% 12% 2 M 2% 1 9% 8 10 | 14 61 2%| S 11 3% Watson (JW) 14% Wayne Pump. . % Wenden Copper. . . 100 90 Western Md pt (7).. 104 100% 55 51 Wilson Jones (3).... Sales— Add 00. Oren. High. Low. Close, 1 95 Western Pow pf (7). 50s “5'§ ~Prev. 1020, High. Low. 6% 1% 9% 92 13 13 3% 3% _ 8%__ 8% 10 10 48 B1% 28% 29 9% 2% 2% 4% 14 W % 96 95 102 102 52 52 34 Winter ( % 1 b3 29 9% 1% b4 % 13 24 .10 3% Con Gas % Eisler EI % 2% 14 95 102 52 annual payment. Stock and Dividend Rate. % “Y" Ol & Ga RIGHTS. % ChiR & Pac Ry. # Newport Co, .01 Trans Corp.. Dividend rates in dollars based on last quarterly or seml- Sales— Add 00. Open. High. Low. Close. eees 6 A% 4% 4% WM % % % Benj) Balto. lec.... 5 % & % K K K K 1 19% 19% 19% 19% Mar 6 175 01 02 01 01 *Ex-dividend. tPartly extra. tPlus extra instock. & Payabletn cash or stock. bPayable In stock. d Payable in Dreferred stock. EADERS EXPEGT EMPLOYMENT GAIN Gradual Resumption of Activ- ity Expected to Begin About April 1. Employment obviously is not as good as labor leaders, employers and statis- ticians would like to have it seem, but they have ceased to “view this with alarm. Labor leaders making headquarters | here anticipate a gradual increase dur- ing the next month, with a real re- sumption of -activity beginning April 1. Officials of the American Federation of Labor say that 22 per cent of the organ- ized workers were out of work in Febru- ary. That means 22 per cent of approximately 12,000,000 workers. These leaders say also that the build- ing trades, the highest paid labor in the world, are the most seriously in- volved. But.the American Federation of Labor notes also that March always brings some improvement, while sea- sonal recovery is due in April. It is asserted that appeals for aid through charity are increasing. On the other hand, it is acknowledged on all sides that industrial recession has been checked and confidence is gain- ing. This undoubtedly is due to the activities of the steel and automobile industries. The building trades are the last to feel the increased activity. Fix Blame on Banks, Many labor leaders have no hesitancy in fixing the blame for the labor situ- ation condition on the banks. They say that the banks are full of money, but that the financiers will not loan it for construction purposes. They point significantly to Westchester County, N. Y, which probably contains in- habitants of more wealth than any similar subdivision in the world, and say that the banks will not loan more than 40 per cent on mortgages cover- ing 100 per cent valuation. They point to this as substantiating the fact that recovery is not yet general, Federal Reserve and Treasury officials, on the other hand, say this is simply a guarding against ill-advised specula- tive building. The real truth of the matter is that no one knows the actual unemployment situation. Senator Wagner, Bemocn! of New York, in a speech just delivered in the Senate, cited the figures by the Department of Labor that at this time in 1928 unemployment totaled 1.874.050. This, of course, includes the number wilfully unemployed. Since 1928 there have been added some 4,000,000 workers fo the total available in the country. | The figures do not mean that 1,800,000 workers were unemployed because they { could not find jobs. Artisans Move About. There are approximately 4,000,000 out of work in this country throughout the normal year, either from choice or be- cause they are changing locations or employment. This trend has grown enormously in late years because nearly every artisan has a car and can go wherever emlploymem is more promis- ing. He no longer sits down and waits for a job in his own town. There is pressure on Capitol Hill to take some action to learn definitely how the employment situation stands. Various estimators look at the situation from different viewpoints. But at least a:d seem agreed that the situation is showing betterment. Most workers who are in lines sub- Ject to seasonal dullness are accustomed to being carried by their bankers and their merchants, and such are being carried now. The time during which they must continue to seek this aid, (Copyright, 1930, Consolidated Press Association.) Washington Ticker BY CLINTON COFFIN. In spite of the mixed showing now | being made by those collections of busi- | ness statistics ordinarily treated both as | ; Indicators of present business activities | and guides to the business future, Fed- | | eral officials most interested hold to a | positively optimistic view in all discus- | sions of the subject. Robert P. Lamont, | i who, as Scciefary of Commerce and | former experienced execufive of impor- | tant enterprises, is an intent student of economic irend, insisting that within | two months or so the country should | be clear of reports of unemployment and slack business. “That two months is likely to seem a | long time to the man who hasn't got a job now,” the Secretary commented, | “and yet it remains a fact that once in ;& while the industrial machinery of the ! United States has to slow down, perhaps because of inherent need for resting or balancing. We have come through oneq of those transition periods, and I look for the figures of distribution and pro- duction to register general improve- ment from now on.” As a concrete example of some of the | considerations which shape his view, Secretary Lamont cited some rail figures. Rail Figures Cited. “I know one prosperous American railroad, which I shan’t name,” he con- tinued, “which has for 82 years pre- pared a sort of prognostication of busi- ness outlook and industrial prospects along its lines to guide its own major policies and considerations. There has been so much practice that its forecast has long been unhesitantly adopted by its board of directors. Now, for 1930 this road finds that its traffic volume is likely to be within 3 per cent of the aggregate volume it had in 1929. Since the first two months of the year have shown much greater declines from last year than that, the conclusion is offered that the last 10 months of the present year will have to furnish very good traffic or the prediction will be in error. “These railroad estimates are about the most dependable things in the way of business forecasts I know, and they are noticeably pointing one way as to the business future.” Freight rates on railroads show a tendency to align themselves against various commodities only roughly in proportion to the valuation of the arti- cle shipped, M. O. Lorenz, statistician for the Interstate Commerce Commis- sion, finds. He has submitted a mem- orandum to members of that body, pointing out that the principle of rela ing freight charges to values of the he concludes are on a pre- dominantly cos basis.” Difference in Freight Rates. “Whatever the cause may be,” th Lorenz memorandum says, “it is a fact that the judgment of practical men is ‘to the effect that, generally speaking, 21 a substantial difference in the marke 26% value of two articles means some dif- 16% ference in the freight rates that it is reasonable and practicable to charge.” However, makers of railroad rates have refused to vary the freight charge In strict proportion to the difference in values, he finds. “Should the article worth 30 cents a pound pay just three times the rate charged against an article worth 10 cents a pound, or more than three times or less than three times?” Mr. Lorenz proceeds. “In actual practice the answer has been very definite that the relation should be regressive, when the rate is taken as a whole. For example, cocoa beans, worth 10 cents a pound, take fifth-class rates in the Western classification, while sheet aluminum, worth 33 cents a pound, takes third class. * * * Third-class rates are 75 cents above fifth class. “In other words, for an increase of GRAIN MARKET. CHICAGO, March 4 (#)—Wheat gained in price late today after an early decline. Upturns were associated with proposals in the Senate at Washington that a gift of $25,000,000 worth of wheat be made to China. The idea was not new, but this was the first time that such a plan had received official recog- nition. Farm Board purchases of 500,000 bushels of hard Winter wheat at the Gulf of Mexico were also a sub- ject of notice and there were some late complaints of dry weather over parts of domestic Winter wheat territory. over 200 per cent in value there is a | 75 per cent increase in the rate. A study of the relation indicates that the tendency is to vary rates, not in pro- portion to values, but in proportion to amounts between the square root and cube root of the values.” Stick to Beans. In spite of the immense variety of American vegetables regularly available in canned form for consumption, foreign purchasers are conservatively inclined to stick to baked beans. This is dis- closed by a compilation of canned goods exports from the United States for the full month of January. The total of baked beans sent abroad in the period was just short of 250 tons, and the value was $41,322. Taking all other forms of canned vegetables, aside from beans, including corn, tomatoes and the endless varieties of garden stuffs available nowadays in cans, the Janu- ary exports to foreign countries were valued at but $81,000, and represented a weight of about 600 tons. It was further noticeable by the January figures that the American canned bean found some sort of a market, small or large, in practically every country and subdivision of th2 world, though other vegetables did not. So important an area as the Irish Free State, for example, took American canned beans, but no other American canned vegetable in the period. Another business investigation- shap- ing up to break soon in Washington re- lates to the cotton industry, and more particularly to the practice of crushers who buy cottonseed from producers. Acting under instructions of a Senate resolution, the Federal Trade Commis- sion has for several months had its agents spread out over the South in- quiring as to the relation of cotton gin holdings to cotton oil operations and as to business practices. This material is likely to be put into public hearings shrtly. Elementary Probe Needed. “The elementary inquiry, covering sev- eral weeks, has been necessary in order to locate persons to be subpenaed to at- tend public hearings and to identify ex- hibits which they should produce,” a commission statement just issued on progress of the work says. “The examin- ing attorceys are now continuing to travel through the territory of cotton- growing States for the purpose of de- veloping additional data. The commis- sion is desirous of being in possession of complete facts regarding the manner in which the industry has operated dur- ing the past two or three seasons.” ‘The original complaint on which the Senate acted recites the charge that cotton growers, by the associate rela- tion of the gins and crushing plants, are being deprived of proper return for cot- tonseed. Markets at a Glance NEW YORK, March 4 (P).—Stocks| strong; several utilities again at 1930 | high. ‘Bonds firm; U. S. Governments | advance. Curb firm; OCities Service rises more than 3 points to new peak for vear. Forelgn exchanges firm:| Spanish peseta decline further while Japanese yen continues upward. Cot- ton lower; disappoinfing trade renorts. Sugar_steady; trade support. Coffee easy; European selling. CHICAGO. — Wheat steady: Farm | Board buying and advance Winnipeg. Corn steady with wheat and steadier cash markets. Cattle firm to higher. | Hogs lower. | SUGAR MARKET QUIET. Raw Futures Declines—Refined Product Turns Easier. NEW YORK, March 4 (#).—The raw sugar market was quict and unchanged | early today, with no sales reported, al- | though duty free sugars in nearby posi- | tion was offered at last-paid prices of | 3.49 delivered. The raw suger futures market cpened | at declines of 1 to 4 points under liqui- dation and selling by houses wita trade | and European connections. There were 150 March notices issued and the cir- | culation of these probably causcd sume of the early selling, although tke easier | London cables and the continued liberal | ofl'ermgs in the spot market, ay well as | the reduction in refined prices, all had an influence. The selling was tess ag- gressive following the call, however, and partial rallies followed with the list at midday 1 to 2 points net lower. The refined market was easter and prices were reduced 10 points by all ve- finers to the basis of 4,85 for Ane gran- ulated. The demand, however. was light and limited to n - light ‘and | earby require: A NORTH AMERICAN CAR. NEW YORK, March 4 .—North American Car had in opentgg)n inN!o!b- ruary 8,860 cars, against 5,160 year ago. NATIONAL LEAD. NEW YORK, March 4 (#).—Natlonal Lead has acquired Bm-ii‘l,t’leter Paint | cranberries. box, ERE September OATS. MONEY PLENTIFUL. Available in Outside Market 1-2 of 1 Per Cent Below Post.Rate. NEW YORK, March 4 (#).—There was a plentiful supply of funds offered in the call money market today, and it s available in the “outside market” at 31, per cent, 1z of 1 per cent below the 4 per cent rate maintained at the loan post. There was -rg supply of Federal funds on hand, indicating that member banks are in a comfortable position with surplus reserve deposits. Time money also was easier with all maturities quoted at 4'2 to 4% per t. ) c“’I“hc bankers' acceptance market was steady. with the demand good, but a limited supply of bills. The asking rates were unchanged. Baltimore Markets Special Dispatch to The Sta BALTIMORE, Md., March 4—Poul- try, alive—Turkeys, pound, 30a36 toms, 20a25 chickens, 31a36; poo thin, 20; old roosters, 17a20; ducks, 1 30: old hens, 32; Leghorns, 27a28; guinea fowls, each, 40a65; pigeons, pair, 25a30. Eggs—Receipts, 1,206 cases; nearby firsts, 2512826; hennery whites, 26a27. Butter—Good and fancy creamery, pound, 36a361%; 20a21; rolls, 25a38; process, 312232, Live Stock Market. Cattle—Receipts, 525 head; light sup- ply, market steady. to choice, 12.00 to 12.50; medium to good, 11.25 to 12.00; fair to medium, 10.25 to 11.25; plain to fair, 9.25 to 10.25;: common to plain, 8.00 to 9.00. Bulls—Choice to prime, none; good to choice, none; medium to good, 8.50 to 9.00; 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, 7.50 to 8.00; fair to medinm, 6.00 to 7.50; plain to fair, 5.00 to 6.00; common to plain, 4.00 to 5.00. Heifers—Choice to prime, none; good to choice, none; medium to good, 9.00 to 10.00; fair to medium, 8.00 to 9.00; plain to fair, 7.00 to 8.00; common to plain, 6.00 to 7.00. Fresh cows and springers, 60.00 to 150.00. Sheep and lambs—Receipts, 25 head: light supply, market steady; sheep, 2.00 to 6.00; lambs, 6.50 to 12.00. Calves—Receipts, 25 head; light sup- market steady; calves, 7.00 to 0. Hogs—Receipts, 300 head; light sup- ply, market lower; lights, 11.70 to 11.95; heavies, 11.05 to 11.75; medium, 11.70 to 11.95; roughs, 7:30 to 10.00; Itsht pigs, 9.55 to 10.30; pigs, 11.05 to 11.30. Hay and Grain Prices. ‘Wheat—No. 2 red Wintér, export, 1.11; No. 2 red Winter, garlicky, spot, 1.11}5; February, 1.15; March, 1.1115; No. 3, garlicky, no quotation. Corn—No. 2 domestic, yellow, new, 07298'4; cob corn, new, 4.65a4.75. Oats—No. 2, white, domestic, spot, 53a53!5: No. 2, white, domestic, spot, 525215, Rye—Nearby, 80a85. Hay—Receipts, 34 tons; no change in market; some little hay is arriving, but hardly "enough upon which to estab- lish quotations, by grades. Better grades of timothy and clover mixed are selling from 16.00 to 20.00 per ton, according to quantity and condition, receipts by truck supplying most requirements. Vegetables. Potitoes—White, 100-pound sacks, 2.25a2.27; sweet potatoes, barrel, 1.75a 3.00; yams, barrel, 1.75a2.50; beets, crate, 3.25a3.50; beans, hamper, 3.50a 4.50; cabbage, hlm?er. 75a1.00; carrots, 100, 3.00a4.00; caul flower,2 er 'y .75, | onions, 100 pounds, crate, 3.0026.50; 250; spinac! 2.508 ; 8] ushe! 50a1.00; squash, bushel, 24.00; t matoes, crate, 1.00a4,00; turnips, ham per, 30a40; apples, - bushel, 7582.50; 00a7.50; grapefruit, box, 2.5024.25; oranges, box, 2.10a4.50; strawberries, quart, 15a40. DOME MINES, LTD. NEW YORK, March 4 (#).—Dome Mines, Ltd., earned $1.87 on common stock in 1929, against $1.57 year ago. EISLER ELECTRIC. NEW YORK, March 4 (#).—Eisler Electric earned $5.23 on common stock Co. in 1929 vs. $1 in 1928. STOCK AND BOND AVERAGES By the Assoc! From Yesterda: inted Press. 5:30 Edition. STOCKS. Year ago Two years ago High (1930) Low (1930). 919 (Copyright, 1930, Standard Statistics Co.) dles, 31; store packed. | n | mon stock in 1929, against $1.15 in 1928. Steers—Choice to prime, none; good | : ETAX Charitable contributions and gifts are deductible within limitations provided by the revenue act. In order that a de- duction may be made, contributions to & corporation, trust, community chest, fund, or foundation must meet several tests. Such organizations must be operated exclusively for religious, chari- table, scientific, literary, or educational purposes, or for the prevention of cru- elty to children and animals. No part of this income must inure to the benefit of private stockholders or individuals. Contributions made to a missionary fund, church-buildings funds and for the benefit of other activities of the church are deductible Pew rents, as- sessments and dues paid to churches are regarded as contributions. Gifts to any corporation or association organized or devoted to the advancement of learning are exempt. Gifts to an individual are not de- ductible, but if made to a charitable or- ganization, as defined by the revenue act, may be deducted even though the organization distributes funds among the individual beneficiaries. ————— NEW YORK BANK STOCKS. NEW YORK, March 4 (#).—Over the counter market: Bank Stocks. America ...i.. Manhat Co. Bankers ... Cent Hatiove 3R B 32 32 ube M 53 194 s American Tel, & Tel sthe Baltimore & Ohio 4'5s 1933, .. 99'4 Batavian Pet, Corp s 18420 o310 ell Tel, of ia y alifornia Per- Corp. Fias il e Canadian Nor. Rwy. Mateh Corp. 5t & St L. 65 1 Pet. Co. 5Yas 1931 Core $tas 1937, ] t 55 m:n $01a 1 L' Soutnwestern Ry. 4s 1093 9804 5 93g. 00 t 53 Wheeiing Steel Corp. %5 Wheeling Steel Corp. 41as ——— NEW YORK, March 4 (#).—Abitibi Power & Paper earned $1.97 com- 1948 1 1953. Money to. Loan ; Secured by first deed of tr: Prevailing interest and Wm. Gordon Buchanan Councilor & Buchanan Cert Sacsent mos o - al 6110-6111-6213 Directory Omission) INVESTMENT tor _n. SA o tmenta ~ for _individuals. Tunds and funds'of ' orsaniaations. Sold in Lots—$100.00 Up Call or Write Standard Collateral Shares Corporation rd Bul First Mortgages Safe—Conservative Make your savings 4> Yaopg? and surplus funds work for you at Experignce nancine the highest inter- # est rate consiste =in ent with absolute BOmes and in the curities. safety. Wm. H. Saunders Co. Inc. RTALTORS Dist. 1015 1433 K INVESTORS —use the Investors Syndi- cate plan because it enables them to build up large sums ient program of small, regu- lar payments, muitiplied by first mortCa Interest com- pounded. Ask for payment schedules showing how this time-proved plan will work for you. . OURCES OVER $32,000,000 Capital, Surplus and Reserves ©over 94,000,000 INVESTORS SYNDICATE FOUNDED *1894" BARR BUILDING' WASHINGTON, D. C. Teleshone: Metropolitan 1879 OFFICES IN 51 PRINCIPAL CiTiES