Evening Star Newspaper, January 5, 1931, Page 15

lhfket Becomes More Ac- tive, but Price Changes' Are Small. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, January 5.—Irregular #t the opening, today's curb market de- wveloped . some “strength .after the first hour, only to lose part of it around mid- day. pecent sessions. ‘The market leader, Electric Bond & Bhare, was off fractionally after several srall bulges. Citles Service was up! silghtly most of the time. Goldman Sachs at times was up a point, following the sale of its holdings and Manufac- turers’ Trust stoc Public utilities, trading corporatior packing, motor, radio and airplane s curities formed the bulk of dealings in the first two hours. Shortly thereafter natural gas, copper and petroleum issues et a better demand. The power and light shares firmed on the announcement of specific mergers and rumors of consolidations, as well as mttempted short coverings and better- than-expected earnings. United States Electric Power Corporation and United Founders’ Corporation both benefited by the acquisition of control of the former by the latter company. One of the exceptions to the uptrend in operating utilities was Bell Telephone of Canada, which was down about a point. United Gas, through its subsidiary, United Pipe Line Corporation, has com- pleted purchase from Southern Natural Gas Corporation of lines extending from Jackson, Miss., to Mobile, Bogalusa, Canton, Laurel, Hattiesburg, Gulfpoint, Biloxi and Pensacola. Following the rise of Goldman Sachs, which will obtain a sizable amount of cash from the sale of its Manufacturers’ Trust holdings, and of United Founders, other trading corporations and trust shares turned active and higher. This group included American Investors B, Reliance Management, American Found- ers, which is a subsidiary of United Founders; Selected Industries preferred and Shenandoah preferred. CHICAGO LIVE STOCK MARKET CHICAGO, January 5 (#) United Btates Department of Agriculture).— Hogs, 67,000 head, including 30,000 head direct; active; 10a15 lower than Friday on weights above 200 pounds; u‘hm szzigm_s 1g.25 lovner top, 8.00} s e packing sows, 6.2586.50; light hL good and choice, 140-160 pounds. '7.8588.00; light weight, 160-200 pount 1. SIl medium weight, 200-250 gmmda‘ 7.55a8.00; heavy weight, 250- 50 pounds, 7.25a7.60; packing sows, mediumi and good, 275-500 pounds, 6.15a6.60; slaughter pigs, good and choice, 100-130 pounds, 7.35a8.00. Catf 14,000 head; calves, 2,000 head; better grade fed steers and yearlings active and strong; others slow, about steady; butcher stock un- changed; bulls 10 higher_and vealers strong; medium weights, Beeves, 13.00, and yearlings, 13.25, early; slaughter cattle and vealers, steers, good and choice, 600-900 pounds, 9.75a14.25; 900- 1,100 pounds, 9.75a14.25; 1,100-1,300 :ound.s 9.50a14.25; 1,300-1,500 pounds, 00a13.75; common and medium, 600- 1,300 pounds, 6.25a9.75. Helf good and choice, 550-850 8.00a12.00; common and 5.00a8,00; cows, good and choice, 5.25a7.25; common and medium, 4.0085.25: low cutter and cutter, 3.00a 4.00; bulls (yearlings excluded). good and choice (beef), 5.0026.25; cutter to medium, 4.00a5.75; vealers (milk fed), good and choice, 10.25a13.00; medium, 8.75a10.25; cull and common, 6.00a8.75: stocker and feeder cattle, steers, good and choice, 500a1,050 pounds, 6.75a9.00; common and medium, 5.25a6.75. Sheep—Receipts, 17,000 head: lambs mostly steady; yearlings, 25a50 higher; ewes strong; bulk good to choice lambs, 8.0028.50; best held around 8.75; choice yearlings, 7.00a7.50; lambs 90 pounds down, good and choice. 7.1528.85; medium, 6.50a7.75; all weights common, 5.25a6.50; ewes, 90-150 pounds, medium to choice, 2.2523.75; all weights, cull and common, 1.50a2.75; feeding lambs, ;)5—;5 pounds, good and chcice, 6.75a DOMESTIC BONDS. ds. Lo 4135 67 ot ot ma Py ot 52 1“5‘. lo!’c )’H’ 4 | S C EELNS L e £ Ot 09T} F5838,, - ) [t BB maamm anRwnS 5o, o . 200, ot 20 Ome " 3 a . emasarnne S Sogianead 2 REE - s Bhscnisgors e ot Trading was more active than in | exce hmwn gErer. 1930~ Btock a Low. Dividend Rate, Aero Supply (B).... Aeronautic Ind war. Aero Underwriters. . Affillated Prod 1.60 Alr Investors vte. Allegheny Ga. Allled Aviation Allied Motor Indus. . 4% Aluminum Co of Am 1755 157 Alum Goods (1.20) . ‘Alum Ltd cum pf ). Amer Austin Car. Am British & Cont. » Am Capital (B) Am Cigar Co. Am C P&L (A AmCP&L B (10%). Am Com P A (b10%) Am Cyanamid (B).. Am Dept Stores. Am Equities Am For Pow (war) Am Founders. . Am Gas & El pf (8) Am Invest Inc (B).. Am Invest (war).... Am Manufactur (4). 1005 Am Maricabo. . Am Natural Gas. 7 Am Superpowr (40c) 165 4 Am Superp pf (6)... Am Ut&G (B) (35¢). Arundel Corp (3).. Asso El Ind Ltd 30c. 11% Asso Gas & Elec. 0 G&E (A) dbrts G&El pur r Assod & El ctfs (8). 1y Asso Rayon. . . 1815 Asso Tel Util (h8%). 4 Atlantic Coast Fish. # Atlantic Fr & Sug... 8% Atlas Plywood (2).. 14 Auto Voting Mach. .. 5% Autfo Vot M cv of pt.. 16% Aviatioa Cor of Am.. T4 1% Bahia Corp. 140%s Bell Rel of Ca 2% Blue Ridge Corp. . 30 Blue Ridge cvpf(a3) 3% Bourjols, Inc (25c).. 19% Brazil Tr&Lt(b8%). 2% Bridgept Mach (25¢) 23 BriATcouB1.17 §-10c 1% Br Celanese rcts 2415 Buff N&EP of (1.60) 48% Bunker Hill&Sull(3) 1268 % Burco Inc (war).... 1% Burma Corp (131¢). 4% Butler Bros (30c) 1% Canada Marconi 5 Carib Syndicate. 227 Carnation Co (J1%) 34 Celluloid Corp. . 14 Cent HG & En 80e. 113% Cent Pub Sve A 81.76 144 Cent&Swn Ut pl(b8). 7% Cent 8t El (k40c). .. 4% Centrifug Pipe (60c) 5% Chaln Stores Stock. . 13% Chat Ph Aln.v. (1).. 184 Cities Serv (g30c) 5% Clev Tractor (80c). 5% Cohn & Rosen Inc. .. 1 Colombia Syndicate. 14 Colon Oil.... 3% Col Ofl & G 13 10 Consol Laundries(1) 2 Consol Royal (30c). 965 Cont G & E pr pf (7). 25 35 Contl Share cv pf (6)150s 17% Cooper Bessemer (2) 1 3% Copeland PrIncA... 1 3% Cord Corp. . 141 Corp Sec Ch (B6%). . 3% Corroon & Reynolds, 1% Cosden O1f 3 Creole Petroleum. .. 6 Crocker Wheeler. ... 6% Cr Cork Int A (1). % Curtiss Wright war. 1% Dayton Alr & Eng... 29% Deere & Co (1.20).. % De Forest Radio. . 10 Delsel W Gilb (1%4). 1% Betroit Alrcraft. . 45 Doehler Die Casting. 28% DressS R (A) (3% . 2 Dubilier Cond & Rad 21 Duquesne Gas Cp wi. 1 Durant Motors. 11% East St Pow B (1). 1's East Utll Inv (A). 12 Educational Pic pf.. 2% Eisler Electric Corp. 371, Elec Bond & Sh (b§). 88 El Bond & Sh cu pf 100% El Bond & Sh pf (6). 11 Elec Pow Asso (1).. 10% Elec Pow Asso A (1) 165 El Pow & Lt op war.. 88 EIP&L2dpfA (7).. 7% Elec Skareholdg (1). % Empire Corporation. 87 Emp G&F cu pt (8).. 1% Europ Elec deb rts. . % Fabrics Finisning. .. % Fajrchild Aviatio - - I [ TOSPRORS - ® wonnmanRacs = 3 EYTRS T TIPS PR 10% Fiatrets (1.25). 1» Fiat Stock deb rts. 14 Fire Assn Phila 1.60, 6 Fischman & Sons 7 Flintkote Co (A). 100 Florida P&L pf (7).. 1% Foltis Fischer Corp. 18 Ford Mot,CanA12.10. 64 Ford Mot France 28¢c 10% Ford Mot L.td 37%e 115 Foremst Dairy pr pf. 23 Fox Theater Cl (A). 4 Franklin Mfg Co. 4 Gen Alloys (80c). 4% General Aviation, % General Baking 231 Gen Baking of (3).. 9% Gen E Ltd ret (50c). % Gen Laundry Mach.. 22% Gen Thev pf w.i.(3). 14'% Gen W W&E A (2 30 Gilbert (AC)pf(3%) 50 Glen Alden Coal (8). oo ' wemdeaarmelame 1 & d Seal tlec pew. . oth Knitback Mch. 6 108 18 Grier Stores. .. 8 Groc Strs Prod v.te.. wlf Oilof Fa (1%). 1 Helena Rubenstein. Horr & Hard (23 ) 35 Hudson Bay M & 8. 57% Humble Oll (12%). 2% Hygrade Food Prod. 1 85 1l Pwr & Lt pf (6)..2508 16 imp LY of Can tsvc) 21 12% ind Ter tHuOil (A). 3 1% Ind Ter Illu Ofl (B). 274 Insull Ut(1b10% %), 454 LusCo N Am 115). 5% Insurance Sec (70c). % Intercontinent Fetn 11%. tnt Petroleum (1) . 20 Int Superpwr (£1.10) 30 Int Utilities A (3%4). 4 Internat Uil «B)... 2 Int Ul war (new). ., 1 9 1 4 6 Add 00. Oncll B-Ilh lfl' Cldse. St Divid ~Prev. 1930~ High. Low. 14 2 48 204 21 6 5 % % 9% Intersta e M 614 Kirby Pe Lefcour LehC& Lout! Marcon} 4 Mass Ut Midld N; Midland Midvale Mo Kan Mo Kan Nat Am Nat Bon Nat Invi New En; N Y Pet N Y Tel Nor Ind ©Ohio Co Okla Ga: Pandem Parko D: Pie Bak Premier Prudent! Pub Sve. Reynold Rike Kui Rock Lt Rossta I Schulte Schulte Selected Selected Selected Shenand; Sou Wn Spleg M Stand O Starrett Starrett Strauss Swift & Swift In Taggart 4 Technic 4 Todd Sh Tran Co: Trans L Tri-Con Tri Uti] Ungerle % UnNG Utd Cor Utd Gas A US&O U S& Ov Utd Ver ‘ UtP&Lc 4 6.4 4 Ut & 1 Vacuum 1861 | 4 3% Walker 2 Wheats Winter ¥ ke 10% 13% Dividend annual stock. avable ment’ dividend. 1% in stock. 3% in stock. 21 Pub Srv rates in InterstateBquitie Irving Alr Chute (1). Iron Cap Copper..... Italian Superp (A).. Kirkland Kleinert Co (1). LeonardOtl. ..... Libby McNell & L. Loew's Inc deb rts. Loew's Ine war). Lone Star G « ana Lan & Ex. MacMarr Stores (1). Marion Steam Shov. Mavis Bottling Mayflow Asso (12) Mead Johnson (t414). Memphis N G 4'10':) Mexico Ohio Ofl. Mid St Pet vtc A. Mid West Ut (b8%). « Miller & Sons ( Mining Corp of Montecatini deb rts. . Mount Prod (1.60)... Municipal Serviice 4 Nat Aviation. . Nat Fam 8 (b10%) Nat Sh T Sec A $50c. Nat Sugar NJ (2)... New Brad Oil (40¢).. mont Min (f4) Hamburg (21). N Y Merchandise (1) Niag-Hud Fow (40c) 4 Niag-Hud Pow A w. Niag-Hud Pow B w.. Niag-Hud Pow C w. . Niagara Sh, Md (40¢c) Noma El Corp (80¢). Noranda Mines. No Am Aviat A war.. Nor Centra] Texas. . Nor Europ Oii Corp. Sunray Ol (b5%) . Syracuse W Mch(B). Stores x Utah P & Lt pf (7 Util Pow & Lt (al1)., Wil-Low Cafeterias. Woodley Petroleum. Zonite Products ¢33, RIGHTS. Com Edison..Feb 2 31 Received by Private Wire Direct to The Star Office ock and Bales— end Rath, Ad400. Open. High. Low. Close. 3 te Ecn pf' N 'etroleum . t Real pf ). Nn (1.40) Borm me RN B Bonrn T oo M ameo e 1 Mar (38¢c). 11 Asso. . e @ at Gas A 1.20 Utd (b6%) . Co (4).....0 PL (b10% PLvte. erican Co. d & Sh(75¢). T estors. & Pow pf (6) 150; Royalty. of (6%). w = rexl PR TE LT IO e Pub S pf (6) 12.: pper &R pf (1), ‘50- Outboard Mot (B)... ofl... . avis (11.65). Pennroad Cp (20c) Penn-Mex Fuel (3) Penn Wat & Pow (. Peop L & P A a2.40 of Am A (2. Pitts Plate G1 (2). Plymouth Ofl (2) Gold (12 Prince & Whitely. ... Prince & Whitely pf. ial Invest. .. Nor 111(8), Pub Ut Hold (50c).. Public Utll Hold war R R Sh Corp (25¢).. Rainbow Lum Pr A. Rainbow Lum Pr B.. Reliance Int (A) s Invest. mbler (2. &P (90c). nt Corp. Ryan Consolidate Safe Car H& L (8).. % St Regls Paper (1).. 4 Salt Creek Prod (2). Saxet Co... it Schl & Zan pf (3%).. Un 5c-81 St.. 5¢-$1 St pf. . Seaboard Util (50c). Seg Lock & H (50c). Seiberling Rubber. .. [ndustries. Tndus cf: Indus prp Sentry Safety Cont. . Shattuck Den Min. .. Shawingan W (234). oah Corp. .. Shenan Corp pf (a3). Silica Gel cifs. o Sou Penn Oll (12%). SoCal Edpf B (134). SoCal Edpf C (1%). Southern Corp. ..... G&E pt (7). Stof (6%).. Standard Motors. ... Stand Of] Ind (2%). Stand Ofl of KY (12) Ohio pf (T) Corp. . Corp p: Roth. Stutz Motor Carn. 34 20% 37 4 14% Co new (2).. ternatl (14). Corp (1). olor Inc. . Teck Hughes (60c) . . Texon Oil&Land(15) Thatcher Sec Corp. . ipyard (4) Toledo Ed cu pt (T).. n Air Tran.. uxDLFS.. t Corp (war) itles (21.20). Tubize Chatel (B)... Tung Sol Lamp (1).. {der F Corp. . of Can 11.60. Unit Chem pt pf D (war). Gtd Dry Docks A Utd Found b2-35 sh. Corpn Utd Gas (war) Utd Gas pf (7) Utd Lt & Pow 4 US Elec Pow.ww. verseas wa er ctfs 28% ¢ de E: 8B a11.02% Utility & Ind. nd pf (1%).. (14%). Venezuela Petrol. . Vie Finan Cor (40c). Walgreen Co . Walgreen Co (war) . (H) (1)in... Wayne Pump. . . West Air Exp (60c). worth (11%) 45 3u 1% 2 8% (Ben)) 8% Expire 12% 12% 12% 18% 18% 184 18% Jast_auarterly or semi- NIll..Feb. 2 dollars based on div 5 oc 2% Blus"10% in' stock. m Pius n Plus 8% in sLock, BY GEORGE T. HUGHES. (This is the mineteenin article of al well as vr!um By e wthout recommend purchase or iné*Gecurities.) ’ Western Union. Cash dividends at one rate or an- other have been paid on the capital stock of the Western Union Telegraph Co. for 73 years with the exception of | enly three years. 1In its earlier his- tory there were stock djvidends in addi- the cash disl much _margin of | but there has been no curities of the company the investment rating they enjoy today. The effect of business depressions of | the past on the dividend rate is inter- esting in view of the present trade sit- | uation, The three years in which no dividend was paid were 1871, 1872 and 1873, in the latter of which years was the famous gold panic which resulted in | closing the New York Stock Exchange for ln days, the only time in its history except during the four months after the declaration of the World War in l.ll Following crisis of 19807 ‘estern Unien nduud its cash div- mmd rate to 1 per cent, but paid 2}, per cent in script. WAS no re- duction in 1920 or 1921. 'The,present $8 rate has been in effect since 1926 | and prior to that 87 had been paid | since 1919. At the present writing it looks doubt- ful whether the dividend will be earned with h to spare in 1930, to the future the investor has to take into account the competition of other forms of communications which, while they may not seriously reduce Western Union's income, may check its ex- pansion. So far, however, the ccm- pany has met the test well. it has also an important auxiliary source of earn- ‘l’l‘s in its Stock Exchln e ticker serv- ice and there are itles in the plan to make gasoll ne flllflll stations agencies of the com o telegrams. All the g:nds ot the com- y sell on a low-yleld basis. There s only one class of stock which has an active market, but fluctuates more or less with other utility issues M S——— The widow of Rev. Chnrles 8. Minty of Cardiff, Wales, who lost his life in ntmmnfinl to rescue thur two daugh- any change in the rate. ith regard ms J‘ n awarded Lo o P. €, MONDAY, JANUARY. ‘5, 1931 TRADE ASSOCIATIONS TRYING TO STABILIZE U. S. BUSINESS FIRM TONE NOTED INGRAIN MARKETS 3 3§ |Commission House Absorp- tion Aids Prices—Consump- tion Is Chief Factor. BY FRANK I. WELLER, Associated Press Farm Editor. Broader commission house absorption has given domestic grain markets a firmer undertone.. Whether it is main- tained depends largely on consumer, response the world over to prices which are_the lowest in 34 fium Under normal conditions of trade, low wheat prices stimulate increased con- sumption of bread and that in turn advances the value of grain. However, efforts in this country and in Canada to enhance prices by holding wheat off the market has resulted in action by importing countries to keep prices of native grains above those of the free markets of the world. This interfer- ence with natural trends of trade has kept consumer prices high at a time | when purchasing power is low, and wheat producers sre finding that their low prices are not being reflected in any increased consumptive demand for thefr products. hrh Prices. Native wheat at Paris is quoted at $1.74%, at Hi bm;rut $1.67}% and at Genoa at $1.437% ench, German and Italian tariffs are forcing the people of those countries to pay high prices for wheat while Australian wheat sells in English markets for 73% cents a bushel; Canadian for 712 and Argen- tine for 61%. In this country governmental activi- ties are holding March and May wheat well above the world price while cash wheat of export grades ranges from, 68 to 70 cents. July wheat, orders for which may be filled from the new crop, is of undetermined value. Generally, it is expected to reflect world market condi- tions unless stablilization operations are carried into the new crop year. ‘Winnipeg has seen the only material advance in wheat prices—about 3 cents a bushel. The trade regards as con- structive the Canadian government's de- cision not to interfere with the mar- kets. Prime Minister Bennett's recom- mendation that Canadian stabilization be privately financed is said, however, to have displeased & numbtr of Cana- dian farmers. Mr. Bennett previously had announc- ed “orderly marketing” for the 1930 Cenadian crop. Winnipeg receipts on January 2, however, totaled 449 cars, as_com| with 59 cars a year ago and las¥ week Canada supplied almost half of the world's wheat shipments. See End of Decline, is at such a premium over July makes for increased country selling. Liquida- tion may become marked with the ap- proach of tax-paying time, Mgrch 1. ‘While some feel that July wheat will g0 still lower, others believe the entire feeling in wheat has undergone a de- cided change, A larger percentage of traders express the bellef that the de- cline is nearly over and that there should be a moderate upward reaction, particularly if there should be any at- tempt on the part of shorts to cover or a new run of buying appear. Because wheat demand from all quarters is so poor, there is still very little which suggests any permanent adyance in new wheat values. Strength in the securities market might help. The National City Bank of New York expects to release a large amount of { funds when liquidation is ended, but as far as money is concerned it has been the easiest for years. The {rouble seems to be a lack of confidence to in- vest it. There has been a decline of about 25 per cent in the value of ex- port trade. The market for corn has been well liquidated by the recent decline and there appears to have been some rein- statement of long lines as well as ex- tensive covering on the short side. . | There is an_excellent demand for cash | corn, with shippers, industries and ele- vators in the market. No increase is shown in country offerings and advices of consignments are small. Effect of Guarantee. ‘While little real competition is ex- pected from Argentine corn, or because of the impcrtation of most other feed grains considering currently low prices, considerable thought is given to the idea that a guarantee against possible competition might boost domestic values. Congress was expected to be asked | to consider today plans for a tempcrary embargo on wheat and feed grains. There is some fear of foreign resent- ment and retaliation. Certain members of the Farm Board have suggested to influential leaders of Congress that it amend the tariff act requiring investi- gation of foreign production costs on farm products as necessary to increased duties by presidential decree. That would make it immediately possible to advance the tariff 50 per cent under the flexible clause and elim- inate necessity for an embargo. STOCK RALLY EXCEEDS TRADERS’ EXPECTATIONS Spectal Dispatch to The Star. NEW YORK, January 5.—The rally in the stock market, which began with the announcement of the railroad con- solidation, has gone further and contin- ued longer than the bears would have admitted a week ago or the bulls had thought probable. At this morning'’s opening the average of 50 stocks was up about 12 points from the closing last Monday and over 13 points from the low of that day. In individual ?| shares the gains have been substan- tial, both for members of the industrial and railroad groups. The larger part of this improvement is due to short cov- ering and to the cessation of tax selling. The immediate future of the market now depends on whether the short in- terest feels that its pcsition is untenable and whether investors, who have de- ferred purchases until they could see evidence of an improvement in general conditions, will now buy on a substan- tial scale. “lcoTTON GOODS VALUE PLACED AT $1,484,639,071 By the Associated Press. The_Bureau of the Census announces that, &ccording to a preliminary tabula- tion of data collected in the census of manufactures taken in 1930, the total value (f.o.b. factory prices)’ of cotton goods produced by manufacturers in the Falted States in 1020 was $1.484,630,071, Of this amount, $1480,350,719 was contributed by éstablishments’ engaged primarily in the manufacture of these commodities, and $4,279,352 by estab- lishments engaged primarily in other lines of manufacture. The production in 1929 was as fol- lows: Woven goods over 12 inches in width, 8,207.887.912 square yards, valued at $1,129,386,379; cotton yarns for sale, 623,440,414 pounds, $246,377,235; thread, 19,687,215 pounds, =$31,553,809; cotton waste for sale, 434,339,156 pounds $32,- 320,762; other pmduc $45, COMPANY 'GHAN GES HANDS. NEW YORK, January 5 (#).—Harvey ! D. Gibson, chairman of the Executive Committee cf the New York Trust Co., announced that he and a group of un- named associates had acquired the major portion of the Goldm-n Sachs Trading Corporation’s hcldings of 32 per cent of the stock of the Manufac- turers’ Trust Co. | o, Glbson dmled re'pom circulated in Mo B Morga - or m&‘?“' eller interests. The fact that domestic May wheat |9’ Importance FINANCIAL. of Statistics Emphasized in Mcetmg Problems: of Modern. Industry. Promotion Movements Stressed. BY ROSCOE C. EDLUND, Secretary-treasurer, American Trade Asso- ciation Executives. Special Dispatch to The Star. NEW YORK, January 5.—One of the |, lessons brought home to American busi- ness by. the vicissitudes of 1930 is the value of facts as the basis of industrial development. The finding and distribu- tion of facts 18 peculiarly the function of the trade association, and it probably is in this department that the trade associations of the country have pet- formed _their most important service to_industry during the past year. Much,_of the. uncertaintyy through which we are passing is due to un- founded rumors, to incomplete, unau- thoritative, and often misle data, to fears for the future entertained by the manufacturer and. merchant seek. ing to plot his individual course. In times like these business looks to its trade assoclation for reliable informa- tion, unbiased by the influences of i dividual competition. When the Na- tional Business Survey Conference was organized it turned first to the trade associations for facts. Standardized Methods. Simplification and standardization of methods is the keystone of business economy. The results of research and experience in these departments are now being shared by many co-operative groups for the benefit of the entire in- dustrial fabrics. Trade association executives are exchanging information on management, credit, cost accounting, systematized education, advertising, trafiic and many other subjects of gen- eral interest. ‘This recognition of the immediate im- portance of statistics has not only give: petus to the statistical service main- tained by many large trade associations, but has caused other associations to initiatefor the first time services of this kind. The results have been of inestimable value not only to their own members, but to.the general public. ‘The collection and dissemination of basic information, however, is only one field in which the trade associations have quickened their activities during the past year. In business promotion efforts trade groups have set an ex- ample by showing the individual busi- ness man the importance of intensified sales efforts to offset business depres- | sion. According to a partial survey made by the trade association depart- ment of the Chamber of Commerce of. the United States, 81 of the trade u- sociations reporting increased trade promotlon budgets during 1 30 while only 5 decreases and ofenled under budgets equal to those the preceding year in this depart- ment. In order to maintain these ac- tivities several associations have drawn upon their reserve funds. One hun- dred and twenty-seven associations re- ported a total 1930 budget for trade promotional work amounting to $9,327,- 435, of which $5,816,969 wes for ad vertising. It is apparent, from these figures, that the total amount expended by trade associations during 1930 in co- operative market development was well in excess of any former year. Trade Promtion Movement. ‘The fact that trade association lead- ers do not regard a period of business Tecession as an unpropitious time to start trade promotion movements was demonstrated by the fact that sev- eral new advertising campaigns were lpunched during the year and .that other assoclations authorized co-oper- ative advertising surveys looking to the expenditure of several million dollars. Trade assoclations in the railroad and utility flelds were among the first to co-operate with the Federal Govern- ment in stimulating public and semi- public construction work, Some 65 as- | K¢ sociations in the construction field sent representatives to the meeting held in ‘Washington on January 25, 1930, and are mobilizing their resources for the general program of the National Busi- ness Survey Conference. ‘Through these associations information concern- ing the construction program was dis- tributed to local and regional associa- tions and to their members. As an out- m&th of this conference plans are.now r way for setting up a permanent clearing house organization for the con- struction industries and solving prob- lems involving the stabilizing of indus- tries which require long-time effort. The movement to speed up construc- tion was further stimulated by the ac- tion of trade associations representing financial interests in bringing about the release of furds for home remodeling. A hrn number of associa- tions have joined in the effort to en- upon mum facturers the desirability of its lnfl ent at !M! time. O'.g‘e.rn fl\lipm in the same direction '!l'e thwe or- ganized by appropriate associations to interest automobi owners in Tepair- their cars, to stimulate the remod- eling of office buildings, to clean up and repalr business premises. Employment Problem. ‘The maintenance of normal purchas- ing has received assoclations representing retailers and o direcity or Indirectiv, 1o relievs, - e ly or ve un- employment, & number of associations have given special attention to regular- izing employment, to reducing labor turnover and promoting more stable conditions in production and plant utili- zation, and have sought to remedy gen- eral conditions by balancing production and consumption. Many of the largest associations have paid special attention to the elimina- tion !.‘l“ uneconomlmnd unhér bualn:; practices. Forty industries during year have held trade-practice confer- ences and a number of associations have established extensive organization ma- chinery for the improvement of rela- tions between competitors and between manufacturers al distributors. During 1930 the trade association movement in America has made a no- table advance toward the great goal of industrial co-operation, which is co- | ordinated effort under group leadership. ‘Twice a year the executive officers of the leading associations meet in conven- tion to exchange information and learn from each ogher’s experiences. In the national orghnization maintained these executives the Federal Govern- ment has an agency which the members of every important industry in the country can be reached with a min- imum of time and effort. Co-ordination under group leadership now has reached ciations the lves are co-operating effectively with the Department of Commerce and the Chamber of Com- merce of the United States and throi their own organization of executive secretaries and managers. The value of this national teamwork should be in- creasingly apparent during the coming year. INCREASE IN TRACTOR SHIPMENTS IS NOTED By the Associated Press. Tractors comprised a larger share of United States farm machinery exports m, during the first 10 months of 1930, the Department of Commerce reports, with a total of 48 per cent, as against 42 per cent for the corresponding period of last year. Russia was the chief market, with purchases increasing 128 per cent in numter and 150 per cent in value over last year. This increase was due to heavy tractor bu in the first quar- ter of 1930 to me motive power for the reported large ufi:c ultural operations of the nve-yeu P! Although Canada was ‘the second largest marxet, there was & considerable decrease in purchases as compared with last year, with shipments declining 40 per centxnvolum,l.mupermtm e department ap wheat pflul. mtrflml a large of m- m last season. entina was the third largest mar« ing followed by Australia, exports to which gained slightly. g ) NEW YORK COTTON NEW YORK, January 5 (Special).— Cotton prices moved 2 to 4 points high- er when the market opened today. From the start it was evident that there were other buying factors present than short covering. to which all of Sat- 's gains were attributed. purcheses were freely made in near months, whils some operators were in- clined to take long speculative positions urdn‘w; special attention from |y a point where the national trade asso-|* FARM CONVENTION OPENS WEDNESDAY Several ~Organizations to Participate in Meeting at Baltimore. Special Dispateh to The Star. BALTIMORE, January 5.—Questions of vital interest to #lnfinn M M. Stewart, necretlr! l’!' of the program. affliat tions of the udenuon 'hkhwm separate Growers land Stockmen's deltkll and Maryland State Poultry Association. and vice president of the na ganization, and the other by mond A. Pearson, president of the versity of Maryland. On Wednesday night a style show will be staged in c ation with the dancing Uni- Cotton Textile Imtltuh‘ with to (nllow part in co-operat and plain other uumm in which Farm Bureau women may be of valuable as- sistance to their organization. At thll session medals be ited goutloml agricultural of m Th! annual blnqu:g! will be held uet hall r the ermure Tmmmu Par- ran of Sofithern Maryland fame will be toastmaster and the kers will be Mrs. Charles W. Sewell and Douglas Malloch of Chicago. Drought Relief Report. The final session will be held Pfldx’ morning, January 9, and will be pr sided over by E. Cohill, first wut- dent of the eryllnd Farm Federa! The speaker will be " Thomas B. Symons, director of the Uni- versity nf Maryland Extension who will report on the State Drought reb Committee, of which he is sec~ PROFITS IN RAILROAD STOCKS ARE GROWING Special Dispatch to The Star. NEW YORK, January 5—Profits te those who bought rlflrold stocks at the low levels last u#m poil ern, about the same in Illinois Central, 20 in Louis- & Nashvlle, 14 in New Haven, 12 Northern Pacific, 10 in Southern Pacific and 23 in Union Pacific. GRAIN MARKET CHICAGD, .Y’:ll;ull'y 5 (")’Wl'.h W' ws.lhck BTa averaged lower Rainy weather in Arnnum.u decremd supplies of wheat on ocean passage failed to act as a stimulus and 80, too, did s toward an embargo in distant contracts. Opening prices were: January old, 10.24, up 3; January new, 10.12, uj 3; March 10.30, up 2; May 10.58, up July 10.82, up 4; r 10.05, up 2; December 11.12, up 3. on wheat and feedstuffs l.mlpom inte the United States. ning 2 cent off to 14 cent up, wheat later kept near to initial I‘I'IIE. Corn started un- changed to cent lower and subse- quently muwm setbacks all around. Guaranty Trust Company of New York LONDON PARIS 140 Broadway BRUSSELS LIVERPOOL HAVRE ANTWERP Condensed Statement, December 31, 1930 Cash on H ml"ulun.lk..-ve on Hand, Al ey Bnnk, and due from RESOURCES U. S. Government Bonds and Ccrhfiuu‘ Stock of the Federal Reserve Bank.. . cterecannas Other Securities. . . Real Estate Bonds and Mortgages. Items in Transit with Foreign Branches . Credits Granted on Acceptances Accrued Interest and Accounts R-eanb!n Caplinl . . oooisiivavoss Undivided Profits. . $ 394,758,420.88 187,502,167.48 35,895,531.74 7,800,000.00 76,804,611.58 1,118,665,411.69 4,407,303.32 15,006,730.61 161,595,161.09 14,798,925.79 5,190,847.19 ‘2‘022 425,111.37 LIABILITIES . $ 90,000,000.00 170,000,000.00 . _37,442,797.24 $ Accrued Interest, Miscellaneous Accounts Payable, Reserve for Taxes, etc..........ceiu0e Agreements to Repurchase Securities Sold . ... and uEng:Ir;cuAmu- $1,263,591,244.91 297,442, 10,646,413.70 76,497,186.43 161,595,161.09 134,603,676.88 zgoégflg 2 1,341,639,876.03