Evening Star Newspaper, January 3, 1931, Page 18

FINANCIAL. »FfiREIGN TRADERS ~ INVITED TO PARLEY Annual COnvenhon to Be Held| in New York City FINANCIAL, INCREASE IN TAX 57| VALUATION MADE ‘°"‘ West Virginia Judge Orders ""“ 10 Per Cent Raise in West- THE EVEN STAR, WASH NEW YORK STOCK EXCHANGE Recelved by Private. Wire Direct to The Star Office. D. C, SATURDAY, JAN'UARY 3, 193 B0 FRCES RS | (o = BONDS e TONEW HIH WARK UNITED lT‘ATlI. Junior Rails Take Leader- ship as Strength Spreads Hieh. mma— Staci O 8inel Cr O (Continued from Page 5.) —_—— Ws Sinelair P L 5 Stock and Stoex Shell Ul' Ofl bs ::l. Dividend Lib 3% Lib 1 % 083%8%43.. 7. 8 10212 1 10220 36 10813 30 11216 192% 105% N ¥ Central (8).. a2 91 N Y Invest (120) 16715 167% N Y & Harlem pf (5) 128% 67% N ¥ NH& Hart (). 135% 106% NYNH&H of (T).. 17% 3% N Y Ont & Western. . Stand Brands pf (1). 1214 StandG & E (3%)... Stand G & E pf (4).. 7!!& 100% Next May. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, January 3.—Osear K.I Davis, secretary of the National Por!llnl Trade Council, has written to this column to say that for the first time since its foundation in 1914, the council will hold its annual convention of American foreign traders in New York City next May, and arrangements are being made to accommodate the largest gathering ever held. o The council recently estimated that American exports for 1930 where $3.- 850,000,000, and imports about $3,050.- 000,000—a drop of 26 per cent and 31 per cent, &ecuu)y‘ under the fig- urn of 1929. Davis points out that America's foreign trade is still 30 per cent more than before the Great War. Its recession in volume during 1930 | was only between 12 and 15 per cent,; and both export, and import prices; for the year were fully 15 per cfl'lt lower. Trade Policies. Many Americans have themselves against an expansion of for- | eign trade if it must be accompanied | by either an extension of credits to: foreign nations or a lowering of the| tariffl laws to enable foreign countries to send their goods in exchange for ours, But one or the other, or a com- | blnldon of both of these policies, must ized or America’s foreign trade lllult back and the ieadership in world trade expansion taken over by some other nation. H these foreign nations want to buy. Jet them pay for them in| Rold " said an American, who believes in every transaction being closed on such a basis. But is this possible? If foreign nations have to send gold to R:y for American goods, they would ve to pay out more gold than they owned last year. If the world has to settle even its present foreign debts, it could not pay in gold more than 5 cents on the dollar. Then what? No, the only sensible thing is to rec- unln“:dhn in:dmlt.k:gll dtr‘de l::lé grow expand to the degree one nation trades its goods for those of another nation. If this is not done, '-h!n world trade must recede, which in turn will bring & lowering of the stand- ards of living of every nation on earth. No organization in the United States s doing mcre effective work to show the importance of foreign trade than the National Foreign Trade Council. Insurance Payments. ‘Think of $2,800,000,000 cash pay- ments b:fl made to insurance pglicy holders beneficiaries in the United lta'u for 1930! That's the estimate of D. Flynn, mmnry of the Travelers’ h\-l‘llle Co. is about $300,000,000 more than in un this is divided !h’j Egbzis B e A new rloooom po'er pllnt'bll!m‘ it at Slat mnnmpxmm Ghswonl-nlw use the- surplus power for this work. Many private concerns are now enter- this fleld and the cfl‘y MMII hll ore it several requests fe to erect heating p'ants in vlnona pam of the city. It is expected that in the next Iew ,e-n I.M 'hol' ru) \lfll be connecwd e central unu Mr. Glassco estimates that a decrease of from 12 to 40 per cent in the cost of heating homes will result, besides elim inating coal smoke, ashes, chimneys and | furnaces, besides a big saving in the ! fire hazard. Tobacco Industry. ‘The tobacco industry showed remar #ble strength in 1930. It largely ce: ters about the growth of ette smoking. What would the gran ers of yesterday have t.hou(hl. had they known that during r-n 15 years the annual pmaucuon of cigarettes in the Uniled States had grown from 181 cigarettes per capita to 715 in 1929, and 940 in 1930—an increase of over 500 per cent in 15 years. The increase in cigarette smoking by ‘women is largely responsible for "M record-breaking figures. One hundred | billion cigarettes were made in the| United States for the first 10 months of 1930, an increase of 1.24 per cent over 1929. About 8 per cent are ex- ported. the balance being consumed in, Lhe United States. During the year the Federal Govern- | ment received more than $1,000,000 each day in revenue from the cigarette tax—about $3 per capita, and the whole tobacco industry paid the Federal Gov- ernment $450,000,000 for the year cnd-’ ing June 30, last, an increase of over $16,000,000 over the preceding year. The world production of tobacco in 1929 totaled 2,300,000.000 pounds, of | which the United States produced nearly two-thirds. And the oullook for the future looks even more abundant. (Copyright. 1931, by North American News- paper Alliance.) CROP VALUE ESTIMATED | By (he Associated Press. The Department of Agricultare esti- mates the total farm value of 75 crops in 1930 at $6,275,000,000, as against $8,675,000,000 in 1929, indieating a de- crease of 27.7 per cent in the farmers’ income. This sharp decline was due partly to the drought, it is said, but mainly to a collapse in the prices of agricultutal products. The total harvest was 5 per cent smaller than in 1929, with an average price decline amounting to 24 per cent.' But officials of the department feel that the curtailed yields of the last calendar year and the incre ‘consumption brwgm-boutuywwpmwmm reduce carryover and promise m m for the next harvest. Depression Seen at Bottom. PLEA FOR BRANCH 117 108% N Y Steam st pf (7) 10s 384 4% Norfolk & South 1 18% 41 North Am Aviation.. 57 Nor Am (b10%stk).. 99% North Am Ed pf «6). 28% No Ger Lloyd (3.43) 424 Northern Prcific (6 2 ‘Oliver Farm Eq ev 484 Otis Flavn (2») 94 Ot 1 5 Pacific C 40'% Pacific Gas & B1 (). 46 Pacific Lighting (3). 114% Pacific Tel & Tel (7) Packard Motor (50c) T Param nt Publix (4) 36% Park & Tiiford. . 1 1'% Pathe Exchange.... 19% 2% Pathe Exchange (A) 32% 8. Patino Mine: . 3 Peerless Motor Car.. 26 Penick&Ford (11%) 27% Pennev (J C) (3) 4 Penn Coal & Coke 214 Penn Dixie Cement 53 Penna KR ( 178 23% 76!y Pere Marquette (18) 5% Petrol Corp (1%)... 613 Phila Read C& 1. 52 Phillips-Jones pf (1) 11% Philifps Petrol (n2). 56 Elarca-Atrow be(6) 1% Plerce Ofl ¥ Tia Plerce O1l pf. 1% Plerce Petrolm (10c)’ 254 (‘illsbury Flour (1), 2015 Pirelll Italy (a3.14). 19% Pittsburgh Coal..... 66 Dittaburgh Coal pf. . 841; Pitts Steel pf (7). 94 Pittsburgh Unit C 48% Pitts & W Vac6). 10% Poor & Co (B) (2) 4 DPRAmMTOb (B).... 20 ' Postal Tel&Cable pf. 1% P 01l & Gas (1) 16% Prairie Pipe L (15).. 52% Proct & Gamb (2.40) 1 Prod & Refiners..... 11% Prod & Refiners pf. . 65 PubSvNJ(340). . 91% PubSvNJ pf (5)... 104% PubSvy N J pf (6)... 135% 121 Pub SvNJ pf(7). 47 Pullman Corp (4) 7% Pure Oll. 90% Pure O 36 Purity Bakerles 11% RadioCorp ... 31% Radio Corp (B) 14% Radio-Keith-Orph A. 16% Raybestos Man 2 60. 73 Reading Rwy (4)... 22% Real Silk Hoslery (3) 83 Real Silk Hos pt (7). 14% Rem Rand (1.60).... 7% Reo Motor Car (80c). 10% Republic Steel. 28 Republic Steel pf. 10 Reynolds Metals A 12]"A 17 38% Safeway Stores 19% St Joseph Lead (2).. 39% St L-San Kran (8) 62% St L-San Fran pf (§) 17% St L Southwestérn 35 St L Southwesternpf 12% Savage Arms (2).... 4 Schulte Retall Strs. . 35 Schulte Retall pf (8) % Seaboard Air Line. 204 Shattuck(PG)(t1%) 5% Shell Union OAl..... 55 Shell Un Ofl of (%) 4% Shubert Theaters. ... 11 StmmonsCo..... 5% Simms Petroleum 9% SinclairCon Ol (1). 10% Skelly O11 (2). 42 Skelly Ofl pt (8) 1% Snider Packing. 90% Solvay Am prww % 10% Sou P Rie 40% Southern 461 Southern Rwy (8)... 60 SouRyM&Oet (4). Stone & Timken Tran Y 00 Tegular rat l‘fiu 3% tu stoe 70 4% 1n stock. Rad Ut P&S (A)et2. 15. Vadasco Sales Corp. Vanadium Corp (3 Va-Car Chem... Va-Car Chem pf Vulean Det (4) Wabash...... . Wabash pf (A) (6).. Waldorf Systm (1%) Walworth Co (1).... Ward Baking (A)... Ward Baking pf (7). Warner Bros Piot, Warner Quinian, Warren Bros (3) Stand O11,Cali(h2%). Stand Oil of Kan (2). Stand Oilof NJ (12) Stand Ol N Y (1.60), Starrett (LS) (124). Sterling Seo (A). ... Stewart-Warner (2). Webster (4). Studehaker Corp (3) . Studebaker Co pf (1) Sun Ol (11)..... Superheater Superior Oil. Sweets of Amer (1) s Corp (3).. .. Gulf Sulph (4).. Texas PC&Ofl..... Texas Pac Land Tr.. Thatcher Mfg (1.60). ‘Thermoid Co. ... Third Avenu Third Nat Invest.... ‘Thompson (J R) (3}. Thompson Pr (2.40). Thompson Starrett. . Tide Water As (60¢) Tide Wat Oil (80c).. 1a%).. Roller (3)... ‘Tobacco Prod A t95¢ Transamerica (1) &W (1) Tri-Cont Corp. Tri-Cont Corp of (8). Trico Prod (2%) Und-Eli-Fischer (3). Union Carbide (2.60) Union O, Calif (32) union Pacifie (10) Un Tank Car (1.60, Utd Afreraft. UnitedBiscult (2) United Carbon (1) Unit Corporation. Utd Corp pt (3 Utd Electric Coal Utd Fruit (4). Utd Gas & Im (1. Utd Gas & Im pf (l). Utd Place Dye W (2) Utd Storas (A).. 25 2% | Spond, but 1 3 18 t Penn P of (7).. Dairy (B).. eston Elec (A) (2). Westvaco Chlor (2). Wextark Radio Str White SewingMach. Wrigley (Wm) (4) & Towne (2). low Truck. .. hunu Spring (3) Zenith Radie. . RIGHTS EXPIRE Peop Gas Chi..Jan l 51 given in the able in cash or stock. 3 Plus W Piue £ i St BANING RENEWED { Discussion Revived by Pole’s Recommendation in His Annual Report. BY CYRIL B. UPHAM. Discussion of branch, chain and group banl ‘was given a new impetus by the recommendation of the controller of the © , John W. Pole, in his annual 1eport to Congress that national banks permitted to establish branches with- yin uulx economic trade areas, irrespec- 'tive of State lines. The controller frankly admits that this would give to some national banks an advantage over competing State banks, but he urges its adoption as a means of | regaining for the Federal Government a ' control over commercial banking re- sources such as it had when the national bank act was first enacted. Argument for Change. Mr. Pole sees in the record of some 5,600 bank failures in the past 10 years, tieing up $2,000,000,000 of the deposits persons of small means—country business men, farmers and savings de- positors in farming communities—a strong argument for some change in the banking structure which will bring to rural districts the benefits and protec- | tion of the strong, well managed banks now operating in commercial centers. These bank faflures have caused the | erystallization, he belleves, of an increas- | ing public sent!ment favorable to branch | banking. Only banks having a_capital of $1.- oooooo or more would be permitted to establish branches under the control- ler's proposal, but it is inevitable that with the consolidations which would re- sult, and the greater banking territory to be served directly by the national | banks of any p-ruculu city, the num- ber of that size would be con- siderably increased. For instance, in one of the Middle Western States there is now only one national pank with a capital of over $1,000,000. If Mr. Pole’s rnlonll plan were adopted, it is be- lieved there soon would be several “banks of that size in the State, with | smaller institutions in the country dis- | tricts by branches of the city banks. Another important recommendation of the controller is for Federal author- ity to examine the affirs of group bank corporations, when one or more national banks are included in the troup. lndend he would prohibit na- pw unless |l of n‘:‘ ::I‘ ~ Ao D al mem| national banks. It is not believed thu rule would be retioactive in its effect, Are Expcctcd by BY CHARLES F. SPEARE. Special Dispateh to The Btar. NEW YORK, January 3.—The trend toward lower money rates, which was one of the conspicuous features of the last half of 1930, is continuing into the new year. Today the Bank of France reduced its rediscount rate from 2% per cent to 2 per cent, where it is on a H.ty 'Iu'l 'h! rate recently established Reserve Bank of New York Not since the early part of this cen- s;‘? when both the Bank of Prance the Bank of ml.lnd quoted min- imum rates of 2 cent, has there bsen the ewlvllznt of the official rate announced today from Paris. The Bank of m‘hnd h!ld its rate at 3 per cent nfl, the decxeue in its recervu t has been experiencing, it um likely that it '\Il hold to lhll igure for some .. Further Reductions Seen. Purther reductions in Federal Reserve district, tollowing those made in New York, Cleveland and Boston, are an- ticipated. will come not only from e Banks, but from some of those in the Bouth'ut where it is felt that banking conditions make lower rates by the central institutions a desirable policy. The attention of the banking world was called today to a board discussion anm:-.nkln( wngmgg: and lrvlrmm wl -pfi::nd annual report of Control of the Currency Pole and in the January circular of the Na- been a strong and essive advocate ol brlnch hnklnl uon 'm; umuuAl number of bank- nf suspensions during last year. n'l out ':h‘l 96 per cent of the l\ll- tons in 1930 occurred ‘West and West. There was a striking increase in those States where there is a strong sentiment against branch 3 juently, m %,?""“" of the currency ves t should amend the McFadden act of 1927 so as to permit national banks tional City Bank. Mr. Pole has long | pensions o; He | Pultural States of the South, Middle. TREND TOWARD LOWER MONEY RATES CONTINUES INTO 1931 |Further Reductions in Rediscount Rates Federal Reserve Banks in Near Future. to establish branches within prescribed trade areas. figures in 1930 indicate a year of approximately 1,100. {Thnu actually reported by the fmm November 30 were 981, involv- ng deposits of $515,000,000. ellbonue discussion the causes of these failures the National City Bank's circular today finds that they are largely a sequel to the rise in land values and commodity prle- growing out of the war and l (:uc ex. pansion in bank credl natural concomitant of a penod of un- paralieled prosperity. Rise in Land Values. “For a period of 50 years,” says the review, “land values -have been gen- erally rising and public opinion was in- clined to acoept the war-promoted rise as merely a more pronounced develop- ment of a natural tendency. The rural banks became involved in loans which directly or indirectly were based on these land values. It has since de- veloped that while the war gave a tem- porary stimulus to the prices of farm products, it gave a permanent stimulus to farm production, with the result that farm products are now back to pre- war prices, leaving the new indebted- ness without adequate support. This is a plain statement of the grave situation with which the banks, wi business is l':u;ly with farmers, have had to con- Both the controller of the currency and the Natlonal City Bank circular place the hhme for many of these sus- poanle wnhrmt banking experience. h also discuss at some length the matter of ¢nmlxu'-lml ol a mon ef- fective _type than in opera- tion, The N-donnl City Bml circular dwells particularly on the part that the New York Clearing House Association and the Chicago Clearing House have taken in other periods of banking dis- tress and on the value of a concentrated banking disturbances areas. (Copyright, 1931.) tems if permitted. Others have de- :x’l;d any m:‘h intention. Bankers point out that the mnnupolh Hgar-A have in trade ki group cated they would convert called that the bill introduced by Sena- tor Glass at the last session provides for State-wide branches only, and then not unless 8 banks are accorded s . State like privilege under State I B ol to branch which Through List. BY F. H. RICHARDSON. Special Dispateh to The Star. NEW YORK, January 3.—Led by the junior obligations of the railroads, bonds advanced today to new high levels on the recovery. The former oversold condition of second grade railroad issues, in some of which there :gre sizeable short Interests, speeded improvement. St. Paul 5s, Erie General lien 4s, | Brie 5s, Missouri-Pacific 4s, Prisco 4738 and Western Maryland 4s added 2 points to their prices today and stand generally now from 65 to 15 points above their recent lows. In the still lower rated rail bonds, like St. Paul adjustments, International Great Northern adjustments and Seaboard Airline 6s, there was some speculative buying which also caused wide gains. Volume was heavy for a Saturday. Money rates were unchanged. Domestic Group. ‘The strength was evident at the opening and while at first it was con- fined to railroad issues, it soon spread throughout the list. A few of the second grade rore&n dollar bonds were carried along by the uptrend. In the high-grade domestic section gains were made by Canadian Na- tional 5s, Canadiam Pacific 4s, Chesa- ?uke Corporation 5s, Great Northern , Nickel Plate 4l;s, Pennsylvania 413s, Southern Pacific 4l5s, Philadel- phia Co. 5s, National Dairy Products U.s and Youngstown Sheet & Tube 5s. United States Government issues improved 2-32 to 6-32. The feature of the semi-speculative % fubuc utility group was a 3-point gain in Postal Telegraph 5s. Industrials, like Dodge Brothers 6s, International Match 5s, International Paper 6s, Richfield Oil 6s and Shell Union Oil 55 moved up a G rumt or more Convertibles had much he same trend. On the Curb Exchange such volatile favorites as Associated Gas & Electric 58 of 1968, Cities Service 58 of 1950, Gillette Razor 55 and Van Bweringen 6s were supported, the last named gaining 2'; points. Foreign List. The foreign list was slower to re- it firmed up with the ex- ception, of course, of Bolivian issue: one of which is in default of interes German Government 5!,s were nearly low. German Reparations 7s gained frlcfianllg' Italian issues were higher all around, especially Rome 6%;s and Kreuger & Toll 5s nlned a Australia 5s and New South Wales 5s reflected returning confidence in Australia. French issues were steady. Japanese dmnpflcm followed the rest. —8$500 at 106. WMn‘ .msmn Rwy. & Elec. 45—8$1,000 al Capital Traction Co.—20 at 40, 10 at 40, 10 at 40, 1 at 40. Potomac Electric 5% % pfd.—10 at 107%. 86, 5 at 867 Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel Amer. Tel, Am. Tel. . A 4328 133 of" < Sastial 'rncmn BB City & Subur! orseiow Gas. 180 5a. . tomac Elec. cons. Wash. Rwy. mscu.unouu. & Ross. hevy Chase clup 4§15 Golumbla_ Country umun sm i 5. Wash. Cons. Title 6s In an | Sat Wi the promotion of banks by STOCKS. PUBLIC UTILITY. . NATIONAL BANK. Rwy. & R el ot et s | L TRUST COMPANY. l_ly & Trust Co. m)-nz rust () " an & Tl’\l!l (14). SAVING BANK. Bank of Bethesda (8%) ok o 3t 0) . Securlty Sav. & emen’s (8 National’ Union’ (i) TITLE INSURANCE. lumbi £ i o ist, Nath. Bec. m? ) 5mo- s « Co. pfd." (6) naton lzunoube ® uernmrmu atl. Mtge. & Inv. pfd. <ol s tores 5“ (6 M. Beainity dlorsee Py Ret ; Co = =a._§=§;x,=ssszs.s==., (P Lothrop com. Woodward 'svi [N na B el | Unlisted Department. (These securities not listed under exchai rules.) 15% extra. ‘extia. BONDS. Army. m’v{ Slub Se. ormmarcial Olue: Bid. Asked. . %0 a Metropolitan Ciub National 'Bress Blds." Anacostia Ba hapin Sacks mnecticut Pl Co eurien Brewery Bistr Kitn” National fmk Mansey Trust Oo.. wa ln ton Co. W::nln:lnn Base Ball Club Washington Gas Light—9 at 118%, 10 at 119. Federal-American Co. com.—10 at 28, 10 at 28, 5 at 287, Lanstoft Monotype—3 at 102. Mergenthaler unmywm at 86, 10 at R RS Ozechoslovakis has more th-n 3,500 tractors, FORRBIGN. Sales. High. Low. Close. 90% 9 Australia 6s '8’ Austria T8 43, Bk of Chil Dan Mun 83 A 4! Dan Mun 85 B "4 Denmark 4%8°62 Denmark %3 '65 Dutch East 1 684 Dutch East El Salvador Fiat 1 ex war Finland 6%s ‘58 Finland 6s t'rench 78 '49. French Gvt 738 41 & point better and 3 points above their | N Ortent dev Paris-Ly M 7s Prague 73%s°52... Queenland 6s ‘47.. Rhine West Rhine West Rhine West Sao Pau 78 40 rets. Sao Paulo 8s '50... Saxon 7, Serbs-Cr 8178 Serbs-Cr-518s '62 Sweden 6%s'54. .. Swiss 5358 "4 Toho El Po: Tokio %8 Vienna 68 ‘52 Warsaw 7s ‘58 Yokohama 6s'61. . MISCELLANEOUS, 71 Abitibl P & P 68 ‘63 Ajax Rubber 8: Allegheny bs 8 % Aml’?‘%l 2030. . AmIGChb%s Am Int Cor 5% *4! 5 Am T&T ¢ tr bs 46 Am T&T 688 £60. Am T&T 6%s ‘43 Am W Wks 58'34. . 75. Arm & Co 4%s ‘29 Arm Del 548 43 AtGulf 698 5. ...0 Bell Tel Pa 53 B 48 Bush T Bldg Cert-td deb 6% Chile Cop db 58 '47. Colon Ol 6s "38.... Col G&B bs May ‘53 Com Invest 5% 45 . C Am Sug col 85°31 Det Ed rf 63 B '40. . Dodge Bros cl 65'40 ) Goody'r Rub Hoe & Co 6%5 '34. Hum O&R bi4s 62. MBTI1stpfsA. In: Cement Int Hydro E1 6844 Int Match b8 Lorillard 78 '44.... LouG & EI 68 '52. . McKes&Ro 5%8'560 Midvale Steel 68'36 Mont Pow 63 '43... Mor & Co 18t 4% Nat Dairy 6 r;l.. Pure Ol 6%= Richfi'd O cal 6 e rulEamone NaLBONIOWI wa 9 PRTPYSTERNS TR - TN 1 PN-PS-PY P ..:.‘a-_._-.a. s - B e L TR L R R aw 12 10 - SaaammanImmen 13 S8 BeRwmmwe 881 105 5% 9814 B4 57% %4 70 Utll Pow 8348 4T, 6 Warn Br Plo 6839, u TouSiaTEs s, § 102% ILROAD. 95 8 98% Atch’oncv4¥ks'al 6 115 Atch Aris 4348 63.. 2 102% BR&Pitt 4%s ‘5T, Can Nat 4% '84... Can Natl ‘“l Can N; Can Nor 7s deb ‘40, Can Pacifie db Can Pacific 58 '54. . Cent Pacific 48°49.. Cent Pacific § Ches Corp 5s '47. .lu Ch&O4%m A" Ch&O4%sB 101% 69% 9% 42 cnumruun u Ch M & St Padj bs 137 Ch & NW gn 43 '37. EEEL] rebagades ¥ 3 &2 C& W Ind l*l CCC&St L 4%» (B) Clev&Pitts 4%s 17 Clev Term 4%8°17. 70% 1% 69% 4T% 1024% 103 20 9&% 84 102% 104% 104% 115 88 103% 104 ern Maryland Case. Special Dispatch to The Star. K.YSIR W. Va, January 3.--Judge Jay Valentine of Cireuit Court for l‘lnt!ll Grant and Tucker Counties, in his decision in the appeal of Western Maryland Raliway for removal of the $2,500,000 tax assessment increase in 1930 for their West Virginia properties, held that, in so far as his three counties were concerned, the Western Maryiand’ tax valuation should be increased; but not to the extent of the 26 per cent in- crease as ordered by the State Board of Public Works. Judge Valentine allowed & 10 per cent increase over the valua- tion of $10,000,000 that had prevailed in 1929 and for several years previous, set- Iln‘ up the value of Western Ma: d 11,056,666.67. for tax purposes in the entire State. The three counties under his jurisdiction are to be apportioned their amounts of this value under the Wmm'ihr methods of Board of Public Increase Not Warranted. Judge Valentine, in allowing the in- ¢ crease, declared that the $10,000,000 val- uation of the railroad, as it had stood for several years, seemed fair, and that the increase allowed was because of pur- chase duri: 1929 of the Greenbrier, Cheat & Elkins Railroad by Western I.r‘):nd ‘The jurist added two-thirds of tl urchase price of this addition, r $1,4 056 666.67, to the previous I.lx value of 310000000 for the railroad in West Decreuln earnings and less favor- able oondmons did not warrant an in- ;n." over 1929's assessment otherwise, e said Judge Vl.lentu’w upheld full; methods used by State Board .of ‘uhl\e Works in arriving at the increased val- uation. The law, he said in effect, pre- scribes no hard and fast rules for fixing * values; and until the board has shown itself clearly in error, its findings must be accepted as correct. Former Hearing Recalled. The appeal of Western Maryland Railway was made by ment among hed and at Elkins, some weeks ago. At these hearings, most of the judges concerned were present, for all or rt of the pleas. Tax Commissioner T. C. Town- send gend personally presented the case for f Public Works. The decision as made by each judge llnonlyw ¢ the railroad’s property wi the coun- ties of his )u.mdhuon lm/lom MARYLAND ELEcTn'c 72‘4 43 ’ll 43 2 5 105% 105% lflsu 8% 9% 98% 98% ’9% RATE CUT APPROVED Reduction by Potomac Company Is 0. K.'d by Public Service Commission, Spectal Dispatch to The Star. BALTIMORE, January 3.—A reduc- tion in electric rates to consumers on practically all classes by the Potomac 103% 103% 103% | lectric Power Co., which effects West- 1084 108% ln!'/. ern Maryland users, 110 111 COSLL&N 68 A. : Int Rap Tr 68 66 Int & Gr Nor 68 52 0t &G N ad 65 '52. Iowa Cent rf Len Valcy Leh Vev ‘*l !00'. Mil E Ry & L 63’61 M &BL ist rf 45’39 MBtP&SSM 6%s'718 6 M SLP&SSM 648, l MK & T 18t 45 "9 MK & T adj 55°67. 146 MK&ToriIn A 1 Mo Pac gen 43 1 Mo Pacific 5 A'I . Mont Tram §s '55 NOT&ME%s ‘3 9% 1% 10856 98k Per+ Mar 4% Pere M 1at b P CC&StL 4%s 7 P&EW YV Port Ry bs ‘42 Read gen 4%8 A'9T 20 Reading 4% 12 RIAr&L4 StLIrMntés‘31.. 7 1 StL IM R&G ¢s°33 30 nl.hllnnA. 109% 101% 76 110 101% 16% 99% 86% 89%4 90% 8 40 4 8 9% 934 85 974 % 101 93% 101% 5 97 98Y% 88% 89 100% 0% 7% 98 98 106% 86 03 5% % 102 5 97 08% 884% 90 101 98% 984 9% 98 100% 101% 107 83% 9% 92 106% 100% has been approved by the Maryland Public Service Com- ' mission, effective as of January 1. The Potomac Ele Power Co. forwarded a schedule of the change in rates, stating the rates as all and commercial, and the general reduction made by the cut in rates will average five-tenths of ! B ot ndin le Potomac company in se! the lchedllle to the Maryland Public gen ice Commission stated that the ule had been approved of Columbia Pubuc Ut Co that it decided to make the rates effective and all bills based on meter reading, on and -mr January 1. Washington Produce| - Butter—One-pound prints, 37a38; tubs, 3515236, - I'-l 32a33; current re- 258 ennery, - Poultry, alive—Turkeys, young, horns, 16; fowls, heavy, 15a16; small, 14a15; Leghorn fowls, i2; roosters, 13; 260; old, 25a30. Dressed — Turkeys, young, 33a35; old, 31a32; chickens, 205 small, 17; capons, large, 37a38; small, 32a35; ducks, 24a25; roosters, 15; keats, Meats—Beef, lambs, 20a23; Hams, 25; shoulders, 18, bacon, 27. ‘Game—Rabbits, 20430, Live stock—Calves, 10; Fruits—Strawberries, per qulrt, 70a ida, 2.50a3.00; grapefruit, 2.50a3.00; tangerines, 2.00a2.50; ku eeipu 28a30. old, 23a24; chickens, 17al8. ducks, 15; keats, large and young, 50 22; Leghorns, 18; fowls, heavy, 17a18; young, 70a80; old, ums veal, 18a23; 34; fresh hams, 24; fresh , 20, Smoked— Lard—in bulk, 1335 in packages, 18. lambs, 80; oranges, California, 2.50a4.50; Flor= quart, 15; grapes, Belzium apples, 5.00; limes, per 100, 2.00a3.00. tables—Potatoes, 150-pound sacks, Florida, new, per bushel, 3.00; sweet potatoes, per bushel, 1.508 .00; celery, California, large crates, 5.0086.00; New York, small crates, 3.00; cabbage, new, per hamper, 2.00; old, ‘100-pound sacks, 1.50; pusnlps. bushel, 1.25a1.50; pep] 2.5083.00; broceoli, per 100 bunches, 600!1 00; b!e'.l 1:0 65a1.00; mostly 75: caulifiower, 2.00a Iski 1om 99% 19% 42 184% 8% 96% 9814 99 101% 87% 110 112 116 % 934 103% 109% 99 107% BGK 2.25; tomatoes, Florida, originals, 6-pan etlus 5.00; cucumbers, Boston hot , dozen, 2.50; French endive, 10- .50; string beans, 4.00a 5.00; kale, 75a1 i spinach, 1.00a1.25; lima bnm, 4.50. 5 !uel Consumption. “I look for a mormal consumption of steel this year,” says Ermest T. Weir, chairman of the board of National Steel Corporation, “which means a ton- naj wnfldeuh&enbove that produce? las steel industry can still be considered a barometer of trade, uithul.ntheput..lmnkthmh assurance that we are close the turning point and can conndently ex- pect 1931 to be a year of more normal general business.’ INVESTMENT TRUSTS NEW YORK, .llnuny 3 ~Over- the-counter market o e