Evening Star Newspaper, January 2, 1931, Page 15

FINA NCIAL. " GURB PRICES DROP AFTER FIRM START Utilities Are Lower Follow- ing Rapid Advance at Wed- nesday’s Session. ~ BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, January 2.—After open= ing higher, stocks on the curb eased slightly today as trading progressed. Electric Bond & Share opened up fracticnally, but soon met profit-taking that carried it somewhat lower. Cities Service after the first two hours was down slightly. American Gas & Elec- tric, which was marked up about 12 points in the late trading Wednesday, opened off 8 points today. Public utilities, such as were not given a vigorous whirl at Wednesday's close, today benefited from expansion programs announced for 1931 and the improvement in the week's electrical index. Niagara Hudson Power moved | fractionally higher, following detailed plans calling for a $30,000,000 expan- sion program. Commonwealth Edison, United Light & Power A and Middl ‘West Utilities also firmed. Call money, after opening at 31 to 215 per cent. Sales of 148,300 in the first two hours compared with 0 piled up in the similar period ‘Wednesda) Higher-priced industrials strong from the start included Aluminum Co. of America, Aluminun, “td.; Great Atlan- tic & Pacific Tea, and similar shares, with A. O. Smith an exception to this trend. Motors were dull, but firm, on the eve of the opening of the national show here. Receiverships announced by sev- eral radio distributors over the year- end dampened enthusiasm for radio se- curities, as traders felt some distress merchandise may have to be thrown on the market. The first stock to appear on the tape this year was Community Water Serv- ice, at 8, off %, byt the next 10 quota- tions, mostly utilities, were higher. Amusement_shares ignored trade de- velopments. Translux did not appear in the forenoon, despite the fact that it, as an affiliate of Radio-Kejth-Orpheum, lans to open the first of two miniature ow-admission theaters here next month. Technicolor moved ahead in the face of reports of a new color-process developed by a competitor. Coppers were firm, but dealings in them were small. Roan Antelope, up 7, made the best showing in the foreign list. Bunker Hill-Sullivan Mining fell nearly 3 points on its first few sales, due to the trend of silver prices. Natural gas issues were dull, but for the most part regirtered slight gains, as did the air shares. Pipe line issues, which suffered very little from income tax selling in recent sessions, turned irregular along with the oils. British American oil, one of the lower-pricedq miscellaneous’ oils which enjoyed a sharp spurt Wednesday, was one of the first to appear today at lower quotations. Humble and Vacuum weacted after starting higher. Wheatsworth featured the food group with a leap of 117% points on a turn- over of 100 shares. United States Foil, Hiram Walker, General Electric, Ltd., and American Cyanamid B provided contrasts to the softness of St. Regis Paper, Libby McNeil & Libby and Swift International. cmm—e— NEW YORK BANK STOCKS NEW YORK, Janfiary 2 (#).—Over- ie-counter market: BANKS. Bid. Asked America 83 s Bkof US Chase Chat Phenix Fifth "Ave. First Nati Harrime ‘annat Co Peoples Natl TRUST COMPANIES. Bankers Irving .0l anvfacturers New York United _States 2700 Westchester Title & Tr 100 ‘110 BONDS ON THE CURB MARKET. BONDS. High. Low. Noon. 152108 108 104 BB o e DOMESTIC housands. Aluminum Co 55 Am Cmwlh Pw 65 Amer G & E 55 '28 97 97 97 Amer P & L 6s 2016 102%4 1015 102% 5¢ 48 963 963, 9674 s 1 8 50" 50 * 50 102% 102% 102% 1017 101 ° 1 101 100 101 5% 95% 100 935 9974 Elee biss 7 o and G F 458 i | PELSC . | A 2025 xw 100 * 835, | B ‘51 1091 | 3 03 37 801 | Tri Uil 8s Unfon Gulf 55 Uni Lt & Ry 5! Rub 6’4 an_Sweringen P S5 A Pi News Del POREIGN BONDS. te Bank 47 61 A% Wotalbion 4 0 Note—All stocks are sold in one hu g those designated by the letter s (80s) (250s) to be sold in odd lots only. Sales— Add 00. Open. High. Low 2 4 W] shows those sf ~Prev. 1030.~ Stock and Dividend Rate. 9% Affliated Prod 15 Alr Investors vto. 23% 9% All AmGen Corp. 356 232 T 6 57% Aluminum Co Ltd. .. % Amer Austin Car. 5 Am Capital (B) 4% AmC P&L B (10%). 10 AmCom P A (b10%) 6% Am Cyanamlid (B).. 3% Am Equities 114 Am For Pow (war).. 3 Am Founders(b4-70) T4% Am Gas& E) ($1)... 3% Am Invest Inc (B).. 114 Am Invest (war). ... 40 Am Lt& Trao (2%3. % Am Maricabo. 2 Am Natural G 1% Am Pneumatic Sv 9 Am Superpowr (4 34 Am Ut&G (B) (35¢). 31 Anchor P F (b10%). 74 Anglo Chi) Nitrat 5 Appalachian Ga 3 Arcturus Rad Tube 4% Ark Nat Gas (A). 3615 Arundel Corp (3).... 4% Asso El Ind Ltd 30c. Gas & Elec. ... G&E A (12 40) G&E (A) dbrts 65 As30G & El ctfs (8).10 18% Asso Tel Util (b8%). & Atlantic Fr & Sug 3% Atlas Util Corp. .. 54 Auto Vot M ev of pt. 16% Aviation Cor of Am.. 6 Aviat Secof N Eng.. 2% Blue Ridge Cp(p20c) 30 Blue Ridge cvpf(a3) 19% Brazil Tr&Lt(n8 %), 13% Brit-Am O1l C (80c). 28 BriATcouB1.17 8-10¢ 1% Br Celanese rcts. ... 241 Buff N&EP pf (160) 48% Bunker Hill & S 163 Burma Corp (t31¢).. 43 Butler Bros (30c) 13: Bwana M Kubwa. ... % Cable & Wire A rcts. % Cable & Wire B rots. 215 Cable&W pf rets 19¢. 1% Canada Marconi 1% Carnegie Metals. 314 Celluloid Corp. 1135 Cent Pub Svo A al. 7% Cent St El (kd0c). ... 4% Centrifug Plpe (60c) 1 Chain Store Devel... 18% Chat Ph Aln.v. (1).. 13% Cities Serv (g30c). .. 7% Colombia Syndicate. 19% Colts Pat Fire A (2). 33 Col Ofl & Gas vic!... 217% Com Edison (8). 1% Com & Sou war 7% Com Wat Sv (b6% 6% Consol Alrcraft. . '» Consol Auto Merch.. 2 Consol Copper . 21 Consol Dairy Prod. . 78 Cons Gas Bait (3 60). 13 ConsGas Util A 2.20, 10 Consol Laundriesi1) 8% Consol Retail Stores 2 Consol Royal (30c).. 35 Contl Sharacv pf (6) 82 Cooper Bess pf (A).. 5'% Copper Range... 3% Cord Corp 14% Corp Sec Ch (b6% 315 Corroon & Revnold 40 Cor & Rey pf A (6) 1% CosdenOl!.... 3 Creole Peiroleum. 6 Crocker Wheeler. . 6% Cr Cork Int A (1) 15 Curtiss Alrports vic, Curtiss Flying Sv... % Curtiss Wrizht wa 10% Davenport Hos (2).. 14 Dayton Alr & Eng... 29% Deere & Co (81.20) % De Porest Radio. 1% Detrofr Afreraft..... 2815 DressS R (A) (3%, 1813 Dresser Mfg (B) (2) 14 Driver Harris new. . 2 Dubilier Cond & Rad Duke Power (315)., Durant Motors. . 11% Fast St Pow B (1) 1% East Util Inv (A). 3% Eisler Electric Corp. 371 Elec Bond & Sh (b6) 9% 100% E) Bond & Sh pf (6). 11 Elec Pow Asso (1).. 10% Elec Pow Asso A (1) 16's El Pow & Lt op war. 7% Elec Skareholdg (1), % Emuyire Corporation. 87 Emp G&F cupf (8)., 2% Empire Steel Corp. .. 67 Europ E Ltd A (60c) 1% Europ Elec deb rts. . % Fabrics Finisning 20 Fajardo Suga 10% Fiat rets (1 18% Ford Mot.CanA 21 FordMot, CanBt2 10% Ford Mot lL.td 37 %c. 1; Foremost Dairy Pr.. 21, Fox Theater Ci (A). General Aviation. al Baking . 2314 Gen Baking pf (3) 9% Gen E Ltd rct (50c) . 371x Gen G&E cv of B (6) 13 Gen Laundry Mach. . 234 Gen Petroleum wi. .. 223 Gen Thev pf w.i.(3). 94% Georgia Pow pf «6).. 13 Golden Center...... 4% Goldman Sach TC .. % Goth Knitback Mch. 20% Graymnur Corp (1)... 65 Gray Tel PS (2% 155 Grt At&Pac nv 115% GrA & PTof (7). 2 Groc Strs Prod v. 58% Gulf Ofl of I 67 Hecla Mintng (1) 5 Hollinger Gold t63c. 3% Hudson Bay M & S, 57% Humble Oil (123) 2%, Hygrade Food Prod. 15 1mp Ol of Can (6be) 15 Imp Oll Can reg(50¢) 12% Ind Ter 111U 011 (A). 1u! Ind Ter 1lu Ol «B). 1g Insull Ut(tb1034%). 5% Insurance Sec (70c). 6 Intercoast Trade (1) Intercontinent Pet n 24 Iat Holding & Inv Co 11% ant Petroleum ¢1). .., Internat 12y Interstatel: 1 . irving Atr Chute «1) tialian Superp (A).. {irby Petroleum. olster-1ir «Am Sh). K 1)sp pf Goc. 58 14 67 " 51 S »” S N Tt ] S Moo B R St s oo .20 8y 1 374 374 10314 7 46% 313 122 14% 166% . 94 140% Aluminum Co of Am 625s 1491 598 —Prev. 1930.— High. "Low. 14% 6% 3T 16% 50% 27 indred-share lots Close 4% 4% 4% 12 1% % N M v 3 146'% 59% 1 5 5% Man, Nat Av Nat Fuel Nat In 1! Nat Sh T Sec A 150 Stock and Dividend Rate. Lake Superior Corp. . Lefcourt Real pf (3). Leh C& N n (1.40) Libby McNell & L., Loew’s Ing war). Lone Star Gasn (: ] St pf (6%) Mavis Bottling. . Mead Johnson (1434 ). Memphis N G (170¢). % Met Chain Stores. ... Met & Min Inc (1.20) Mid West Ut (b8%), Midland Utd (b8%).. Miller & Sons (2).... Mo Kan P L (b10%), Mount Prod (1.60)... 4 Nat American Co Nat Bond & Sh(75c). 4 Nat Fam S (b10%) Received by Private Wire Direct to The Star Office Sales— ‘Add 00. Open. High. Low. Close. ; DR S, R 21% 21% 21% 21% 26% 25\ 254 0% 10 10% 2 2 2 4% 24 24 8 30 30 % Y% % womn 9% 8% 9% 2 2 % 17w 17% 14% 5% an 4 4% 28 316 21% " 6 jon Gas (1) 0. 32 c. 15% Nat Sugar NJ (2). Neet Inc cv A (1.60). New Brad Oil (40¢).. New Eng Pow pf (6). 1 Newmont Min (£4).. N X Auction. N Y Steam Cpn w.i.. Niag-Hud Pow (40c) 104 Niag-Hud Pow A w. > Nlag-Hud Pow C w, . Niagara 11 Sh_Md(40e) Niles-Bem-Pd (13).. Nipissing (30¢) Noranda Mines Nordon Corp Ltd s No Am Aviat A war. Nor Europ 011 Corp. Nor St Pow pf (8). Oilstocks Ltd A 50c. Ouibourd Mot (B). 4 Overseas Secur (1) Pac G&E 1st pt (1%) Pac Light pf (6).... 4 Pac Pub Sve A(1.80), Pac Western Oil Pandem Oll. . Pantepec O11 Pender DGr A (3%). Pennroad Cp (20¢). . Penn-Mex Fuel (3).. Penn Wat & Pow (3) Peop L & P A a2.40. Philip Morris Inc Pitney B P n (20¢).. Plymouth Oil (2) 8 & Prentice Prince & Hall, Whitel 15 Prudential [nvest Pub Sve Pub Ut Hold (50¢).. Public Utii Hold war Pub Ut Hold xw b0c. Nor I11(8). 258 20 5 13 R B Sh Corp (25¢).. Rainbow Lum Pr A. Reliance Int (A). Reliance Reybarn St Regls Selected elec 120% 6 4 S W Gas Tonopah Tran Con Air Tran.. Trans Lux DLFS., Tri Utilities (21.20), Twin St N G pt (A).. Union Oil Asso (§2).. 4 Unton Tobaceo. .. .. Unit Chem pt pf (8). Utd Corp (war) Gtd Dry Dock: Utd E Sv pr war.... Utd Found b2-35 sh. Manag Co.. Reynolds Invest. Rock Lt & P (90¢). Roosevelt Field Inc. Rossla Int Corp. ... Paper (1).. Salt Creek Prod (2). Schl & Zan pf (3%) Schulite Un 5¢-$1 St, Schulte 5c-51 8t pf. . Seaboard Util (50c). Sex Lock & H (50¢) Seiberling Rubber Indust Indus cfs. .. elected Indus pr pf. Selfridge Store(27c) Sentry Safety Cont. ., Shattuck Den Min. .. Shawingan W (23%). Shenandoah Corp. .. henan Corp pf (a3). Smith (A O) (2).... SouthldRoyalty (60e) Sou Dairy pf ww. Utilitie L3 Stand Invest cum pf.350s Stand Ol [nd (2%). Stand Ol of KY (12) Starrett Corp Starrett Corp pf (3). Stutz Motor Car n Sunray OIl (b5%) Swift & Co new (2 Swift Internatl (14). aggart Corp (1).... ampa Electric (32). echnicolor Inc. . Teck Hughes (60c) Thatcher Sec Cor] 57 17 Mining..". Roncoto e PRHNGANENG oo Na Utd Gas Corpn. Utd Gas Utd Gas pf (7). Utd Lt & Pow A (1). U8 Elec (war)... Pow ww. .. U S Foll Co B (50c) ... U'S & Int Sec 18t (5) USI Linespf (1) ... Over ctfs 28% diator, c Utd Stores. 2 7td Verde E: ; Ttah Met & Tunnel. . 17111 Po UtP&LefsB at1.02%. Ctility & [nd. . Ut & [nd pf (1%). & Ltal., Utility Equiti Vacuum (1435). Vie Finan Cor (40c). Walgreen Co. .. 4 Walgreen Co (w: Walker (H) (1) Walker Min (7%c).. Watson (J W) Co... West Alr Exp (60c). West Ma Williams R C (1.40). Woodley Petroleum. Zonite Produets ¢1)., RIGHTS. Com_Edison..Feb 2 10% 13% Pub Srv 14% 21 ‘ pastent. i dend o 1 Plus 2% in stock 10 10 | nPlus 8% tn stock Dividend rates in dollars based on *Ex dividend, | w Payable in cash or stock. b Payable in stock. e Adjustment divi- 1 Plus 5% in stock. 1 87 Expire 12 12 1u a1z 16% 16% 16% 16% Qquarterly or semi-annual 1Plus 4% in stock. NIlI..Feb. 2 tPartly extra & Plus 6% in stock. h Plus 1% in stock kPlus 10% in stock. mPlus 3% In stock CORPORATIO! REPORT TRENDS AND PROSPECTS OF LEADING ORGAN fol- ant e W York, for the A News Favorable items day's corporate news cousist of two large rajlroad ipment contracts awarded by Canadlan National iail- road, a $7,000.000 material order by General Motor:, announccments of Te- sumption of ihcreased operaticns At Ford Motors and Republic Steel plants and higher share earnings oy Chicago Great Western, New Orleans, Mexico and Enginecrs' Pul Principal unfavorable items preminent 1n e 8 are an- by Sunstrand Machine Tool and Mac- Fadden Publications and the appoi it~ ment of receiver for Landay Bros. The Companies, Archer - Daniels - Midland Noven ber tal brueek 7 Siimes Sy 48 xw nit Indust 68 ww-With warran! . AW-_Without Warrants. 1 1 1 quarter share earnings, 52 cents, against 71 cents, Canadlan Car & Poundry obtains 1700-car order from Canadan Na- Chicagc Great Western Railroad, $4 gfim share earnings; J1 months November 30, $2.47, againsi §2.42. Engineers Public the nouncements of omis:ion of dividends | | average number of shares outstanding | in 12 months to November 30, $2.72, against $2.64. d Machinery declares 4': per stock dividend on preferred. pay. | | cens |able monthly January to September. | Ford Motor Co. resumes operations | at Columbus assembly plant, re-engag- | | tng 650 men. | r-Wheeler Corporation unfilled orders as six months’ operation. | General Motors Frigidaire recalls .- | 0 ; places $7,000,000 order for material. | Central T. & R. share earnings be- | | fore Federal tax, year ended November 130, $6.35, against $15.99. Glidden Co. dcficit, year ended Octo- ber 31, $18,635, against net income $2,- | 941,611, equal to $3.57 a share in 1929 | period. | Hollinger Consolidated Mines, Ltd., 1930 output exceeded $10,200,000; one reserves larger than year ago. International Great Northern Rall- road deficit, after adjustment bond in- terest, 11 months to Novemb:r 30, $994,347, against deficit $325,340 in 1929 | period. Landay Bros.—Receiver appointed by | New York Federal Court. Los Angeles Gas & Electric $6 preferred share earnings, 12 months to November 30, $24.22, against $29.90. Macfadden Publications, Inc., dends to be paid for final half 193 et $1,700,000 before deducting non-re- curring items. Missouri Pacific Railroad share earn- ings, 11 months to November 30, $3.70 vs. $10.15 National Railways of Mexico-—Mexi- can Congress ldjm:nwd without acting nt. tains $2,750.000 box-car order from Ca- nadian National. New Orleans, Texas & Mexico Rall- way share earnings, 11 months to No- vémber 30, $7.37 vs. $6.86. Paramount Publix Corporation con- tracts with Columbia Pictures for 20 features and 7 series of shorts. Pennsylvania Rallroad to get Wabash under consolidation plan. Republic Steel—Three furnaces at Massilon to be relit January 6; 600 men re-employed. Sinclair Consolidated Oil subsidiary, Sinclair Refining, increases bulk gaso- | line 1; cent gallon. Standard Ofl (Indiana) sues Stand- ard Oil Co. of Oklahoma to prevent its using “Standard” jn title. Sunstrand Machine Tool omits quar- terly dividend; pald 25 cents October 15; unfilled orders currently total $250,000 vs. $710,000 year ago. Wabash Railway consolidation plan | calls for acquisition by Pennsylvania. ‘Warner Bros. Pictures enlarges Chi- cago chain by acquisition of leases four playhouses. PR TREASURY CERTIFICATES. (Reported by J & W. Seligman & Co.) Rate—Maturity. 1%s June 15, 1 * 178 Dec. 15, 1 e L tas Mar 15, 1083 100 12-32 100 2 1 100 1 -I; }M 14-32 1 « 101 18-3: 01 30-33 Employment Increase Noted. NEW YORK, January 2 . —Em- ployment in the silk mdmm(f:mmd 6.4 per cent in November, as compared with October, the Silk Assoclation of \“lnll four of the others. FRIDAY, JA IAUTOMOBILE SALES GAIN IS PREDICTED Government Officials Place Increase During Year at 10 to 15 Per Cent. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, January 2.—Automobile manufacturers caught their breath long enough in their rush to prepare for the New York Automobile Show to predict that there would be at least 4,000,000 passenger cars made and sold in 1931 and perhaps more than that number. Estimates of men in the industry and Government executives who are in close touch with the situation estimate that slightly more than 3,600,000 cars werc built in 1930. Ordinarily some allowance might be made for enthusiasm of men in the industry, but at present cold-blooded Government_officials feel that a gain of between 10 and 15 per cent will be recorded. The prediction, if fulfilled, would put output on about the same plane as that of 1928, when 4,024,590 passenger cars were bullt. There is every indication that th lower priced cars will be the big sel ers. This is indicated by the latest fig- ures which show that one of the largest producers is accounting for 43 per cent of all the cars sold in this coun- | try. This manufacturer does not exhibit at the show, but if, as some have pre- dicted, the concern puts out a low pricad 8-cylinder car, there is sure to be & wild scurry among the rival makers. Alterations in Design. Mechanical alterations in design are likely to be numerous both at the show and afterward. The feature has been taken up by more than a few makers as the exhibits will show Difference of opinion mak:s auto sal races, as well as horse races, and there is a wide difference of opinion among manufacturers. Some pin their faith on light eights. Others fcel that many motorists would rather have a big six than a small eiglllll, As to which is ht, sales will tell. fl‘Ncw accessories are not likely to be numerous. The trend which led motor- ists to hang their cars with acccssories like Christmas trees seem to have pased and original equipment now includes most of the essentials. y Another wide difference of opinion | exists as to the future of the midget cars. Some who have studied the prob- lem for years declare that if 1930 had not Leen'a “hard times” year, the course of the midget cars would have been a very bumpy one Others say they have come to stay owing to low cost qf fuel and ease in parking. The makers of the larger and more eXpei just as optimistic as those who appeal to a lower pric2 field. They say the im- provement in American standards of 1iv- ing a'ways will make room for a quality | product. e Dealers’ Stocks low. It is entire's probable all right when it comes to <2 ment. improve- | manufacture-s. their onerous stocks of used cars, selling in the last year, according to Alfred P. Sloan, jr., president of General Moto! two used cars for each new vchicle dis- posed of. The industry has looked facts | squarely in the face and adjusted out- | pyt to existing conditions. They are | ready now ‘o take advantage of their foresight and are “rearing to go.” New England Railroad Allocation. Allocation of the New England rail- roads already had begun‘to obtrude ig- self into the considerations of the heads of the New Y Central, the Pennsylva- nia, the Van Sweringen system and the Baltimore & Ohio when they gathered trunk line itory. The trunk-line plan is not entirely settled even between the systems in- volved, and it is far from settled so far as actual accomplishment is con- cerned. The New England allocations are having their bearing on the trunk- |line conferences, and the ' trunk-line {plan, in turn, will have a wide effect on New England. land situation is being considered, as half the New York, New Haven & the other half, the Van Sweringens to acquire the Boston & Maine and the New York Central to hold the Boston | & Albany. As outlined by the Big Four be converted into a sort of | bridge line, with its track accessible to This would be equally true of the bridge lines held by Lehigh Valley. As outlined by raflroad men, Pennsylvania has strengthened on the New Haven tremendously; sinee it is an “end-to-end” line with the Pennsylvania, there can be no check to acquisition. But the Pennsyl- vania has also strong holdings in Bos- ton & Maine, and there can be no ac- tion against controlling both the New the hold ,|Haven and Boston & Maine. Two New Haven Lines. The New Haven, in effect, lines through New England, one down the sound and the other through Hartford and Springfield. An arrange- ment Pennsylvania and the interior lines to the Baltimore & Ohio would avoid one paralleling the other. The Van Swer- ingens are understood already to have some interest in the Boston & Maine, and the lines of that road would be accessible to their present outlets. The New York Central would have a tremendously important entry into New England through the Boston & Albany. Of course a proposal to make a bridge line of the Delaware & Hudson would run afoul of protests by Leondre F. Lo- ree, president of that road. Much of this preliminary line-up is dependent on the plan for trunk kine territory, which is under discussion in New York today. ‘The Baltimcre & Ohio probably will come out with the Western Maryland in its pocket. The Wheeling ‘& Lake Erie spite the protests of the Taplin interest: ill likely go to the Var Sweringens, w] already have a majority of the stock, de- The Pittsburgh & West Virginia will probably be made a bridge line with tracks accessible to all four as in the instanc. of the Dalaware & Hudson cited above. The Norfolk & Western will get the lower half of the Virginian and the Chesapeake & Ohio the upper half where it has coal intere: The minority interests, however, are sure to make protest no matter what plan is arrived at. Store Meihods May Change. The 300,000 retail food stores in the United States through which the popu- lation is fed, undoubtedly will change methods to a marked degree during 1931, Unless they do, the number of both chains and individual dealers is likely to decrease sharply. A very considerable number now are not making profits. This is also true of the 50,000 establish- ments for the manufacture of food in | Products which turn out goods to the value 0f*$5,000 a year or more and also of the 6,000 wholesale grocers and other distributors. The changes in methods are likely to be of material benefit to the purchasing and consuming public. The reason many firms are not making money, according to the leader of the food industry, is because of the 33| wide spread between costs of raw ma- teria! and prices of f'nished products This has checked buying, so that some are producing more thin they can seli. There once was a theory in vogue that the merchant could not create demand; be could conly fill it T beer abandoned and fuua dealers are out this year to creat: demand. will attempt to do so by lessening costs of distribution and reducing the differ- ence between the cost of raw materials ““free-wheeling” | nat they are | Not for years have there been 0 | few cars in the hands oi dealers and | S 1 | Dealers have cleared | ot 0 jor problems in most of the in New York fo work out the final de- | talls of the consolidation plan involving As tentatively outlined, the New Eng-| follows: The Pennsylvania to have one- | Hartford, the Baltimore & Ohio to have | systems, the Delaware & Hudson would | terminal | and | has two|D iving the sound lines to the|E JARY 2, 1931 [RECORDS BROKEN IN VOLUME OF BANKERS' ACCEPTANCES By the Assoclated Press. NEW YORK, January 2—The aver- age outstanding dollar bankers' ace ceptances exceeded all previous records in 1930, at $1,485,000,000, compared with $1,269,000,000 in 1929, reports Robert H. Bean, executive secrefary of the Ameri= can Acceptance Council. The rapid growth of the dollar ac- ceptance, an important instrument of credit in international trade, is regard- ed in banking circles as indicating the growing cosmopolitanism of the dollar. Formerly, the British pound sterling was virtually the only currency that was used throughout the world to finance international trade. Dollar ac- ceptances, however, are becoming com- monly used, along with sterling accept- ances. Business financed by dollar accept- ances in 1930 aggregated in volume $8,976,000,000, against $8,067,000,000 in 1929. Of the year's business financed by acceptances 88.81 per cent was for imports and exports, and the storage of shipment of goods abroad. The demand for liquid short-term credit was large, and the acceptance market experienced a turnover of more than $8,000,000,000. Dealers held about $85,000,000 early in the year, but as the demand exceeded the supply, this was re(}xflcetl to $50,000,000 In the latter half. American banks and bankers held for investment an average total of $180,~ 000,000, which exceeded the average to- tal held by the reserve banks for their cown account, amounting to $173,000,000. INCREASE IN SHIPBUILDING REPORTED DURING LAST YEAR By the Associated Press. NEW YORK, January 2.—Shipbuild- irg returns compiled for 1930 show an increase in construction over that in 1929 and indicate the greatest tonnage output by the United States since 1927, the Marine Engineering and Shipping Age will say in iis January issue. During the year contracts were let for the corstruction of 10 combination passenger-and-cargo ships for foreign trade, wtile contracts pending at the first of 1931 call for the construction of 11 vessels of this type to meet the re- quirements of the Jones-White act. During 1930 657 merchant vessels of all types, totaling 340,569 gross tons, were reported from 73 shipyards: 41 yards report 147 merchant vessels of 325,675 gross tons under construction. The output in 1930 represents an in- crease of 19.6 per cent, as compared with that of 1920. The tonnage under construction shows a decrease of 8.8 per cent, as compared with that on order at the end of 1929. Seventy-six yards were active during the year, com- pared with 63 in 1919, 144 in 1928 and 51 in 1927; the 41 yards reporting or- ders compared with 48 yards in 1929, 33 in 1928 and 43 in 1927. LEGISLATORS PLAN TAXATION CHANGES State Assemblies to Consider Va-| rious Propesals in Near Future. BY JOHN F. MILLER. Relief from burdensome property taxes for the farmer and home owner is the theme of many reports about to be presented to State Legislatures now gathering for their 1931 sessicms. On the other hand, heavier tax burdens on corporations and other business enter- prises, new luxury taxes, and® increases in the levies on automobiles and gasoline are proposed. Before the end of this month 42 o the Legislatures will be in regular ses- | sion. “Practically every one of them will | ma 31 = some change in tax laws and in States the recommendations of boards and commissions which have been studying the situation during the past two years will come up for con- sideration. The profound effect which these new laws are apt to have upen particular businesses and upon business conditions in general give the reports already avail- able an added interest. An analysis of them reveals one surprising fact and that is their similarity. Apparently States are fundamentally the same. Relief frcm property taxes for the farmer and homeowner is the theme of many of the reports. Several reports recommend a constitutional limitation upon the property tax rate, pointing out that otherwise any additional revenue that might be provided to relieve prop- erty owners would merely be used to increase already mounting expenditures. RAW SILK FUTURES. NEW YORK, January 2 (Special).— The raw silk market was quiet today, with initial quotations nominally. un- changed to 6 off. Activity was restrict- ed, due to the absence of cables from the Japanese markets. There were no transferable notices issued this morn- ing. ‘Total arrivals of silk in New York for December were reported as 56,700 bales, against approximately 48,000 in December, 1929, MOTOR ACCESSORTES. NEW YORK, January 2 (P).—While ctivity in the automotive parts indus- try slowed up in a seasonal manner in December, some reports indicate that a moderate upward trend in manufac- turing operations should be noticed in January, the Motor and Equipment As- Sociation reports. Lowered schedules also were reported by manufacturers of parts and accessories for original equip- ment and for the replacement trade in November. INVESTMENT TRUSTS NEW YORK, January 2 (#).—Over- the-counter market: Am Founders §% Founders 7 Sec pl. . ic Indusiry Share in Store Invest pf . . tore Shareowners tl Bas Ch e Deposited Ban] Deposited Bank Share Ser B.. rsified Trustee Share F: Incorporated Invesiors Independence Am, Publ! cte Trustee Stand Invest Sha Trustee Stand Oil Shares A xd B xd United N Y Ban U 8 & British Int Ltd §3 pf.. Others hanged. anc the sales price, thas stimulating sules. The United States will consume almost_$25,000,000,000 worti of food in 1931. Of this $3,000,000,600 will be used on the farms on whicn it is grown. About $22,000,000,000 will and paid for. In the i: gross cash’ incomes of the farmers wi produced the raw food was about $5,- 500,000,000, leaving $19,500.000 005 for transportation, pivcessing, wholesale and retail distribution and profits. And the profits were small. Federal officials say that range can be cup by scientific marketing methods rnd that it must be_cut. The range between material and sale prices already is being reduced. For the first time in two decades the 5-cent regulation sized loaf of bread has made its reappearance in many sections. In- dications point to the probability that the big packers will be permitted to go into the retail distribution and sale of meats, with a cut in handling and dis- tribution costs, Standardization of weights and packages of food products has cut expenses. ‘These methods of reducing prices and stimulating trade without cutting prof- its will be used to the utmost and in addition there will be a narrowing of the territorial lines served by each unit. The wholesalers have already gone far in this respect. Retailers now are con- centrating within a smaller radius. Credit lines will be more closely drawn, not because merchants fear customers will not pay eventually, but cost of carrying them necessitates too high a level of prices. because the | wintry INDUSTRIAL GAINS FORECAST FOR 1931 Cork bompany President Declares Indications Point to Busi- ness Revival. By the Associated Press. NEW YORK, January 2.—J. J. Evans, president of the Armstrong Cork Co., sald today that the cork business, which reaches an extraordinary diver- sity ot users, indicates that numerous "lines of industry are planning increased operations during 1931. “Recent indications in the domestic fields in which we operate, including | home furnishings and building ma- terials well as diversified industrial markets,” he sald, “indicate that our 1931 business will be more satisfactery than that of the past year. “Surveys covering broadly some 35,000 retail outlets of floor coverings indicate that retall stocks have reached the lowest point in years. We believe retail inventories of many other products are similarly low. Any resumption of con- sumer buying, or of building construc- tion, will mean immediate acceleration of manufacturing.” ‘The company’s industrial business brings it in contact with a score or more of important industries, he ex- plained, including automotive, aviation, shipping, oil refining, power and 1= cultural machinery to name a few. With a few exceptions, it finds its in- dustrie] customers are making plans for increaced ngcrlllom during 1931. This will undoubtedly be reflected in pur- chases of new and improved equipment. Baltimore Markets Specidl Dispatch to The Star. BALTIMORE, Md., January 2.—Po- tatoes, white, 100 pounds, 1.25al.75; sweet potatoes, barrel, 2.00a4.00; yams, barrel, 3.5024.00; beans, bushel, 4.00a 5.50; beets, crate, 2.75a3.00; cabbage, bushel, 2.00a4.00; carrots, 100, 2.0024.00; caulifiower, crate, 125a2.00; celery, crate, 1,50a2.50; eggplant, crate, 1.50a 2.50; kale, bushel, 65; lettuce, hamper, 1.25a1.75; peppers, crate, 1.50a2.75; parsnips, bushel, 1.20a1.30; spinach, bushel, 75a90; tomatoes, crate, 1.00a 2.50; turnips, bushel, 80a1.00; cranber- ries, box, 2.7524.00; grapefruit, box, 1.50 a275; oranges, box, 2.00a4.25; tan- gerines, box, 1.00a2.00. Dairy Market. Poultry, alive—Turkeys, pound, 33a36; | old, 20a30; chickens, springers, 23a27; Leghorns, 18a22; bareback, 14al5; old hens. 20a25; Leghorns, 14al8; roosters, 12a15; ducks, 14a24; geese, 18a25; guim‘a fowl, each, 30a40; pigeons, pair, 0. Eggs—Receipts, 1,137 cases; nearby firsts, 32; hennery whites, firsts, 35; Southern firsts, 30; current receipts, 30. Butter-“Good to fancy creamery, pound, 29a32; ladles, 23a25; rolls, 18a 20; process, 28a29; store packed, 13al5. Hay and Grain, ‘Wheat—No. 2 red Winter, export, 78; | No. 2 red Winter, garlicky, spot, 78; | December, 78. Corn—No. 2 domestic, yellow, old, cob corn, new, 4.40a4.50. Rye—Nearby, 55a60. Oats—White, No. 2, new, 43a44; No. 3, 42a43. Hay—Receipts, none. General hay market strengthening. Drought has seriously curtailed nearby crops, chan; ing the entire situation. Sections here- tofore shipping are now asking for offers of hay. Good clover mixed and | timothy new hay will bring from 24.00 to 28.00 per ton. | ~ Wheat straw, No. 1, per tcn, .00 {gvgg: oat straw, No. 1, per ton, 9.00a Live Stock Market, Cattle—Receipts, 500 hcad; light sup- ply, market steady. Steers—Choice to prime, none; good to choice, 10.00a11.00; medium to good, 9.00210.00; fair to medium, 7.50a8.50; plain to fair, 6.25a7.25; common to plain, 5.0026.00. Bulls—Choice to prime, none; good to choice, none; medium to good, 5.50a 6.00; fair to medium, 5.00a5.50; plain ; common to plain, 4.00 Cows—Choice to prime, none; good to_ choice, 5.50a6.00; medium to good, fair to medium, 4.00a4.50; plain to fair, 3.00a4.00; common ‘to plain, 2.0023.00. Heifers—Choice to prime, none; good to choice, 8.00a850; medium to good, 7.2587.75; fair to medium, 6.25a7.00; plain to fair, 5.50a6.00; common to plain, 4.50a5.25, aofl;l"fsh cows and Springers, 40.00a Sheep and lambs—Recelpts, 100 head: light supply, market steady. Sheep, 1.5024.00; lambs, 4.50a9.25. Hogs—Receipts, 2,000 head: moderate supply, market higher. Lights, 9.00a ggg. hElVéea,ots.';‘E;lll.GO:lm ium, 9.00a .25; roughs, 6.85a7.60; light pigs, 8.75a 9.10; pigs, 9.0029.30, e Calves—Receipts, 75 head; light sup- le);'o market stronger. Calves, 5.00a HEAT AIDS DEXTERITY Experiments Show Cold Air Slows Reaction of Children. LONDON (#),—How warmth affects dexterity of children in school is re- vealed in a report of the Industrial Health Research Board. It was found that where the cool- so cold that their ensiderably re- re seat- cold the cat ther the efficiency of INCREASED POTATO; PRICES REPORTED Upward Trend Is General. Other Farm Products - Values Are Firmer. The most important feature of the produce markets near the first of the year was the country-wide upward tendency of potato prices, says the United States Department of Agricul- ture, Bureau of Agricultural Economics, Market News Service, The gains were not large, but the prevalence of the upward trend in producing sections from Maine to Idaho suggested that the lcng perfod of moderate cerlot shipments was beginning to take effect on the market position. It is too soon 1o say that the strength of the potato market is a response to general under- hung conditions. but the fact is tnat with production about the same prices have been much lower than they were @ year ago, leaving cousiderable room for price advance accorcing to avail- ahle supply. Nearly all potato markets report sup= plies moderate or light and demand fairly good. Many price ~ains of 5 to 10 cents per 100 pounds occurred the last week of December. Maine Green Mountains have been selling at $1.80 to $2.10 per 100 pounus in East= ern markets. Long Island stock reached $2.50 in Washington, and Western New York stock suld as high as $2.35 in Atlanta, but was gonerally under $2. ‘The Chicago market advanced further around January 1, with sales of Mid- western potatoes at 51.50 to $170 & carlot. Prices held finniy in Northern Maine and recent advances were well sustained in Western New York and the upper Great Lakes region. Firm markets prevailed in the shipping sec- tions of the Rocky Mountain States. QGrowers appeared to be expecting some further improvement in potato market conditions after the first of (ha vear, although most of them weare nct look- ing for any large or rapid iise. Sweet Potatoes Higher. Sweet potatoes, as well as the white kind, were selling higher near the end of the year, although Tennessee Nancy Halls did not advance with the rest, owing perhaps to the heavy supply comprising about one-fourth of the daily carlot shipments. Delaware and Maryland sweets followed a price range of $1.60 to $1.75 per bushel in late De- cember in Eastern markets. Supplies were moderate in most_markets, but rather light in Boston, Baltimore and Kansas City. Demand continued fairly good everywhere. North and South Carolina Porto Ricans sold at $1 to $1.50. New Jersey stock brought $1.75 to $2.75. Carlot shipments tended to decrease, amounting now to less than 50 cars dally. Onions Tend Lower. The general tendency of the onion market was slightly downward around the year's end, owing mainly to slight declines_at some Western shipping E:xm.s. Prices have been holding steady Eastern producing sections at 90¢ per 100 pounds. Eastern onions sold about unchanged in the large city mar- kets, although Midwestern onions showed a slightly downward slant. The general run of Eastern yellow onions brought $1 to $1.20 per 100 pounds. Spanish type onions from the Far West ranged $1.25 to $1.75 in Easiern mar- kets. Market supplies continue mod- erate and demand rather slow. About one-fourth of the cabbage sup- ply is from the South at present, but markets are controlled mainly by sup- plies of stored cabbage from Western New York and Wisconsin. Northern cabbage is in moderate supply in city markets, but demand, like that for most other vegetables, is reported rather unsatisfactory. Prices have not changed much around the first of the year, al- though producers in Wisconsin iwere receiving about $1 more per ton. There were steady conditions in New York shipping sections and a steady range of prices in the large Eastern markets at $20 to $25 for bulk cabbage by the ton. A few lots of red cabbage sold as high as $60 in New York, but demand was extremely limited. Prices are well maintained on Southern cabbage be= cause of a let-up in the shipments. Prices of celery tended upward mnear the end of the year, and demand was reported good .at Western New York shipping points. Sales in Eastern mar- kets followed a range cf $2.50 to $3.25 for best stock. Some rather ordinary lots of Eastern celery sold as low as $1.75 per crate in Philadelphia. New celery from Florida was offered around $3.75 a crate in a few Northern cities. Prices of California celery are un- changed. Apple Ship:ents Ligtk. Eastern country markets on Rhode Island Greening apples were strong late in December, with sales at $1.35 per bushel, while Baldwins brought $1.40 to $1.50. Carlot shipments are now less than 200 daily, about two- thirds of them from the Northwest. Shipments of truck crops from Southern Florida were rather light near the end of the year. The heavy rainfall and the holidays were mainly responsible for the reduced activity. As a result of the rainfall, the quality of the tomatoes coming from early ship- ping sections during the first part of January may be only fairly good. Dealers have hesitated to buy, and much of the business in producing sec- tions has heen on consignment. Pro- vided there is no further damage, ship- ments of tomatoes should increase dur ing January, but probably will not be very heavy until February from Florida. ‘Probably the damage to string beans in the district around Pompano. Fla., will cut the yield as much as 30 per cent. Receipts of string beans have been light and prices higher than at any time during the past two seasons. NEW YORK COTTON NEW YORK, January 2 (Special).— Cotton prices were steady on the re- sumption of trading today. ‘Traders who covered short lines on Wednesday reasserted their position, but their of- ferings were readily absorbed by trade buyers and a demand from overseas. Southern houses offered contracts in all months. Opening prices were: January old 9.90, unchanged: January new 9.78, off 2; May 10.20, off 1; March 9.4, off 2; July 10.44, off 1; October 10.61, un- :h-xgea, and December 10.78 (new con- ract). GRAIN MARKET CHICAGO, January 2 (#).—Wheat tended upward and corn downward early today. Unexpected higher Liverpool quota- tions and reports of further delay to the Australian harvest influenced wheat. Friends of higher prices contended the new year began with all bearish factors regarding wheat more than discounted. Opening unchanged to 4 higher, wheat afterward held steady. Corn started 1 off to !2 up and subsequently under- went an all-around sag. In the absence of aggressive specula- tive demand, wheat upturns were con- fined mostly to small fractions. Acting 2s an obstacle to pronounced was dearth of export call for North Amer- ican wheat. There was also talk that low prices for wheat were not reflected by lower cost of bread, and that con- sequently wheat growers the world over were finding no increased consumer use of their product. Despite curtailed receipts, corn ran into selling on price bulges. Corn ar- rivals at primary centers totaled 779,000 bushels, I%inlt 1,191,000 a week ago, and 1,284,000 at this time last year. Chicago receipts were of similar volume, 114 cars, and 188 on the corresponding dai\; of 1930. Oats followed corn. TOV! were easy, responsive 1o leed grain.’