Evening Star Newspaper, January 6, 1931, Page 15

riNA STRENGTH N CURB | " LIST MANTANED Utilities and Trading Cor- porations Are Featured in Quiet Market. BY JOHN A. CRONE. Special Dispatch to The Star. YORK, January 6.—After opening actively and lower, the Curb Exchange developed moderate strength today, but trading was slow. The power and light issues in the first hour were overshadowed by deal- ings in trading corporations, especially Goldman Sachs, but Electric Bond & Share recovered its early loss by mid- day. Cities Service, after resting in the first hour, resumed its rise. Niagara Shares Corporation opencd lower after directors notified stockhold- ers of a meeting on January 13, at which they will be asked to vote on reducing the par value of the stock from $10 to $5 a share for the purpose of building up_surplus. New Jersey Zinc opened off 3 points following_publication of the monthly zinc statistics, which were below those of November, but nearly double those of December, 1929. The irregularity of the London mar- ket adversely affected Brazilian Light & Traction, Ford Motor, Ltd., and other active international shares here. Western Maryland preferred, one of the less active rails, rose fractionally, but Pennroad Corporation —softened after opening unchanged. National Fuel Gas outdistanced the rest of the nat- ural gas division in point of gain as it rose 1% points, but United Gas, a mem- ber of the Electric Bond & Share group, was active on floor reports that further gas pipe line purchases soon would be announced. " Strength marked forenoon dealings in the food issues, where General Baking preferred, up 7g; Childs Co. preferred, up 2, and Pie Baking Co. of America, up 1, were the outstanding movers. In the packing division Swift International lost some of the buoyancy that char- acterized it following the announcement of the modification of the packers' de- cree. Libby, McNeil & Libby was un- changed. American Arch scored the widest gain in the inactive industrials, rising 7 points on a small turnover. Corroon & Reynolas preferred, with a loss approx- imating 4 points, was the widest mover in the insurance division. STOCK PRICE CHARTS ARE DECLARED BULLISH Bpecial Dispatch to The Star. NEW YORK, January 6.—Thcse who find satisfaction in reading charts of stock prices claim that the market is pointing upward. They base their conclusions on the fact that the December 17 lows have not been violated and that the action of both industrial and rail shares indi- cates that these groups have been quite well liquidated. However, the present rally has been of shorter dura- tion than those which were followed by new lows. For this reason others feel that the market has not yet had a suf- ficient period of test to determine its ultimate trend. It is worth recording that there have been almost no individ- ual stocks touching new low prices in the bear market since the end of De- cember. = Lo sty W. T. GRANT SALES. NEW YORK, January 6 (#).—De- cember sales of W. T. Grant Co. to- taled $11,796,749, compared with $11.- 535,839 for the like month of 1929. Sales for the full year 1929 totaled $71,050,393, against $65,448,297 for 1929. BONDS ON THE CURB MARKET DOMESTIC BONDS. Hign. Low. Noon 67 vats buva ¥9 56 10334 10334 1034 52104 104 104 Bales & tnousands. 1Alavams Pw 4%as 1Alabama Pow 55 2 Aluminum_Co 58 1 0015 10 1013 lec L 5s 1 Fairbanks Mor 5s 1 Wat 513 ~Prev. 1930.— High. Low. NCIAL Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s ‘which shows those stocks were sold Stock and Dividend Rate. 20% 9% Affillated Prod 1.60. . 104% 100 Alabama Pwr pf (6). 50s 9% 1% Allegheny Gas... 1 3 3 Allled Aviation. . 2 15% 4% 356 140% 111% 104 48% 18 ™ % 13 13% 90% 49 in Allled Milis (60c)... 3 4 Aluminum Co of Am 2765 159! AluCoof Am pf (6).. 1107 Am Arch Co (3). 1 25 Amer Austin Ca Am Br B 1d shar: ‘Am Capital (B) Am Cigar Co. . Am C P&L (A) AmCP&LB (10%).. Am Com P A (b10%) Am Cyanamld (B).. Am Dept Store: Am Equities. . Am For Pow (war).. Am Founders. .. Am Invest Inc (B)... Am Lt & Trac (2% Am Maricabo. Am Natural Gas Am Superpowr (40c). Am Superpwr 1st(6) Am Ut&G (B) (35¢). Am Yvette new wi Arkansas Nat Gas. Ark Nat Gas (A).... Ark N G cu pf (60c) Asso El Ind Ltd 30c.. Ass0 GEE A (at2.40) Asso G&E (A) dbrts Asso Rayon. Atlantic Fr & Su Atlas Util Corp. Auto Vot M cv pf pt.. Babeox & W1 (19).. Bahia Corp. . . Bickford's,Inc(1.20). Blue Ridge Corp Blue Ridge c\ 1f(a3 Brazil Tr&1 Br Celanese 1 cts. Buckeye P L (4) 4 Buft N&EP pf (1 Bulova cv pf (33) Burco Inc Burco Inc ¢v pf (3).. Bwana M Kubwa. ... Cable Rad!o T vtc... Canada Marconi. . Carib Syndicat: Cent Pub Sve A al.75 Cent St El (k40¢c). Centrifug Pipe ( Chat Ph Aln.v. (1).. Childs Co pf (7). 1 Cities Serv (g30c: Cities Serv pf (6). EI Illum (1.60). Colombia Syndicate. Colon Ol. . Col Oil & Gas vtc. Col Pict vtc (f1%) 4 Com Edison (8) Com & Sou war. . Com Wat Sv (b6%).. Consol Auto Merch. . Consol Copper......: Cons Gas Balt (3.60). Consol Retail Stores Contl Share cv pf (6) Copeland Pr Inc A Cord Corp..e..uues Corp Sec Ch (b6%).. Corroon & Reynolds., Cor & Rey pf A (6) Cosden Ofl. 4 Cresson Co: Crocker Wheeler. Cross & Blk pf(3 Cr Cork Int A (1).... Curtiss Wright war. Cusi Mex Mining. Deere & Co (81.20) De Forest Rad1o. ... Derby Ofl Refining. % Detrolt Afrcraft. Doehler Die Castin; Dow Chemical (2). .. DressS R (A) (3% ). Dresser Mfg (B) (2). Dubilier Cond & Rad Duquesne Gas Cp wi. Durant Motor: Duval Tex Sul East St Pow B (1) East Util Inv (A). Educational Pic pf. . 200; Elec Bond & Sh (b6) . 57 El Bond & Sh cu pf 5. El Bond & Sb pf (6). Elec Pow Aszo A (1) El P&L 2d pf A (7).. El Pow & Lt op war.. Elec Stareholdg (1).. Empire Corporation. Emp P Ser A (a1.80) Europ Elec deb rts Fabrics Finishing... Fairchild Aviation Fed Mongul (1.20) Ferro Enai A 14%.. Flintkote Co (A).... Ford Mot.CanA12.10. Ford Mot L.td 37 %c. Foremst Dairy pr pf. Foundation For Sns.. Fox Theater Cl(A).. Garlock Pkg (1.20).. General Aviation. General Baking. Gen Baking pf (3)... Gen E Ltd ret (50¢) . Gen G&E cv pf B (6) Gen Laundry Mach. . Gen Th ev pf w.1.(3). Georgia Pow pf (6).. Glen Alden Coal (8). Globe Undwritrs 30¢c. Golden Center... . Goldman Sach T C Gold Seal Elec new. . Gorham Mg vtc(£2) Groc Strs Prod v.t.e.. Gulf Ofl of Fa (1%) . Hall Lamp(40c¢). ... Hollinger Gold t65c.. Hudson Bay M&S.. Humble O1l (123 ) Hygrade Food Prod. 111 Pwr & Lt pf (6).. 1mp O1) of Can (5uc) ind Ter 111u Ofl (A).. Insull Ut(1b10% %) . ins Co N Am (13). ... Insurance Sec (70c). Iatercoast Trade (1) intercontinent Pet n Intercont Pow A (2). int Petroleum (1). .. Int Superpwr (£1.10) Int Utilities A (3%). Internat Util (B)... 100 2% 1HE EVENING STAR, WASHINGTON, D. C, TUESDAY NEW YORK CURB MARKET ( odd lots. 24200, Open. Bigh. Low. Close. 6 121 12% 12 12% 00% 2% Yo % % 4% % 160 % 1 80s) (2508), Received by Private Wire Direct to The Star Offite ~Prev. 1930.~ High. Low. 1 2 1% Stock and Bales— Dividend Rate. Add 00. Open. InterstateEquiti 2 3w Italian Superp (. Itallan Superp war. Lackawanna Sec (4)., Libby McNefl & L. .. Lion Ofl & Refining. « Lone Star Gasn (1).. Long Isld Lt (56c). .: Louisiana Lan & Ex. Mapes Con Mfg t3%. Marcon! | Mar (38¢). Mavis Bottling. Mead Johnson (143 ). Memphis N G (170¢). Met & Min Inc (1.20), Mid St Pet Vtc A...., MIAWStUt (1%).. Mid West Ut (b8%).. Mo Kan P L (b10%). MoKanPL vte..... Montecatini deb r- Mount Prod (1.60) Nat American Co. Nat Aviation. .. Nat Bond & Sh(75¢) Nat Fam 8 (b10%). Nat Fuel Gas (1). Nat Investor: Nat Pow & Lt Nat Sh T Sec A $50c. Nat Transit (1). Nevada Cal El pi Newmont Min (f4).. New Jersey Zinc(13) N Y Pet Royalty NYTelpt (6%)...0 Niag-Hud Pow (40c) Niag-Hud Pow A w.. Niagara Sh, Md(40¢) Noranda Mines. ..... No Am Aviat A war. Nor Central Texas. .. Nor & So Am Corp A. Nor Europ Ofl Corp Nor St Pow A (8). High. Low. Close. 3% 3% 3% - o 1 O OO OV 00 0 50 10 20 53 10 50 i i 4 23 00 GO 1 O3 1 CH RO et 1 - Ohio Pub Sv pf A (7) Outboard Mot (B)... Pac G&E 1st pf (1%) Pac Western Oil Pandem Ofl......... Paramount Cab Mfg. Pender (D) Gr (B).. Pennroad Cp (20¢).. Tenn Salt (5)... Philip Morris Inc. Ple Bak of Am A (2 Pitney B P n (20c).. Pitts & L E (110) Pitts Plate Gl (2 Plymouth Oil (2). Polymet Mfg (b4%). Premier Gold (12¢ Prince & Whitel: Public Util Hold war Puget S P & Lt p£(6) % Pure O11 bt (6)...... R R Sh Corp (25¢) Rainbow Lum Pr B. Reliance Manag Reybarn Co. Reynolds Inv Rock Lt & P (90¢ St Regls Paper (1).. Salt Creek Prod (2) BRERL G, <000 s: Schuite Un S¢-31 St.. Seeman Brothers(3). Sek Lock & H (50¢). Selected Industries Selected Indus cfs Selected Indus pr pf. i Sentry Safety Cont. Shattuck Den Min, Shenandoah Corp. Shenan Corp pf (a3) So Am Gold & Plat. . Sou Penn Ofl (12%). SoCal Edpf A (1%). So Cal Ed pf C (1%). Southern Corp. ... Southern Stores (A). SouthldRoyalty (60c) 8 W.Gas Utllitie SW Penn P&L (1) Spanish & Gen ret Standard Motors. ... Stand O1l Ind (2%).. €0 Stand Oil of KY (12) 8 Stand Oil Ohio (23%) 100s Stand P& L B (2) Starrett Corp. .. Starrett Corp pf (3) Strauss Roth. 4 Sun Inv.... Sun Inv pf (3) Sunray Ol (b5%) Swift & Co new (2). Swift Internatl (14). Syracuse W Mch(B). Technicolor Inc. . Teck Hughes (60c). Tobacco Pr Exports. Tran Con Afr Tran.. Trans Lux DL F 8. ., Tri-Cont Corp (war) Tri Utllities (1.20). Tubize Chatel (B) Ungerleider F Corp. Un N Gof Can 1160, Union Ofl Asso (2).. Utd Corp (war) . Utd Found bz-35 s Utd Gas Corpn Utd Gas (war). Utd Gas pf (7) Utd Lt & Pow A (1). Utd Lt & Pow pf (6). 4 Utd Profit Sharing. . U8 Elec Pow ww... U S Finishing. . U S Foil Co B (50¢).. US & Int Sec 18t (5) US Lines pf (1).... US & Overseas war. US Playing Cards(4) Utd Stores. ... Utd Verde Ext (2) Utll Pow & Lt (a1 UtP&LefsB at1.02 % Utll & Ind pf (13).. Utllity Equities Vacuum (14%). . Van Camp Packing.. Venezuela Petrol. .., Vic Finan Cor (40¢). Walgreen Co 4 Walgreen Co (war) Walker (H) (1) Walker Min (7%e¢).. Watson (J W) Co... Western Md pf. . Pow pf (7)....150s Wheatsworth (t1%) 6 V1i-Low Careterias Winter (Een)). . . Zonite Products +1). RIGHTS. Expire Com Edison..Feb 2 BRI ARG NNTAN A NS © 2 2 21% T 2 14% 10% | Dividend rate: annual payment stock. _a Payable ment dividend. 1% in stock. 3% in stock 11 13% t quarterly or semi- ) extra. iBlus 47 5) e Adju 5 s MY n Pius mRins | CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, January 6.—The fol- lowing is & summary of important cor- | poration news, prepared by the Stand- Co.. Inc.,, New York, for the Associated Press | News Trend. Preliminary estimates against estimated at 000,000 in 1929. American Smelting & Refining lowers price of lead 10 points to 5 a pound. Claude Neon Electrical Produsts, Ltd., 1930 net may exceed $800,000 against | $718,840 in 1929, Continental Motors deficit, year ended | October 31, $2,037,783 against net in- | $710.535, equal to 34 cents a sharc in 1929 period. Motors come Fageol annual sheim Snhoz class A share earn- | % | ings, excluding profit on sale of securi- | .- siocis In the Chicago of domestic | ties,- year ended October “ | erude oil production for the week ended | against $5.88. 1 23 102% 7 54 54 5 88 88 88 88 88z 88% ] 1 65 ‘44 A 51 T n FOREIGN BONDS. | Burmels & Wn s '40101 101 101 | 93%, 934 93% | 3 i 1 e | | i \ 68 4 51 5 i ! ; 1Gtinnes 75 46 xw, ... 6 Unit Indust 6'as '4i. ww—With warrants. Z¥Without warran B—New. Wi—When lssued. January 3 places dafly average output Decrease from the preceding week was | 54.637 barrels daily. Despite the de- ! gree of success attained by the ofl in-| production to demand competition and | sulted in the lowest prices in years, and | the full year of 1930 earnings dropped between 40 and 50 low 1929 returns. action was taken over the past da; Unfavorable dividend y by | Fageol Motors, Indian Refining snd‘-r Union Ofl of "California. ~Except for | higher earmings statement by Servel, Inc., other corporate items are also l!wsllr adverss or neutral in character. American Smelting & Refining reduced the price of lead 10 points to 5 cents a pound. The Companies. Allis-Chalmers Manufacturing, un- filled orders December 31, $13,012,000 | General Motors Corporation reported at the Jowest in more than four years. | negotiating for Grigsby-Grunow. Buick recalls 4,500 men, bringing total w0 8575, Grigsby-Grunow Co. reported General dustry in the past year in adjusting | Motors is negotiating for acquisition, Indian Refining Co. passed $1.75 quar- necessary dumping of products have Te- | terly preferred dividend. Lehman Corporation liquidating value present quotations permit little or no | December 31, $75.61 a share vs. $89.86 | gom to eny branch of the industry. | June 30, 1930. v National Electric Power System to ex. T cent be- | pand $24,445,000 on additions and im- provements in 1931. v North American Aviation Eastern Air ‘ransport, subsidiary, opens passenger alr line between Atlanta-Miami; con- | nects with Pan-American Airway Chile | line. | _Servel, Inc., net income, 10 months m[ $559,603, equal to 29 cents a ; deficit, year ended December 31, 1929, $599.886. Pathe Exchange, October 31, ratif; $14,233,000 November 30 and $12,872,000 end of 1929; ly sale of Union Ol Co. @ |Quarterly cash dividend; paid 50 cents 1930 bilings | cash and 1 per cent in stock previ y. $42,000,000 against $48,- | Utah-Idaho Sugar Co. Ifigofl(fil‘:;}at‘ estimated at 2,100,000 bags. Warner Bros. Pictures Co. acquires control of Boardwalk properties, At- iantic City; $3,500,000 involved. Woclworth W.) December sales off :Al per cent; 12 months, off 4.5 per cent. g Co, ts Wall Street Briefs By the Associated Press. | January 6.—Four of (California) preferred dividend omits | in_operation, with out- 65 per cent of capac- ity, Dow, Jones & Co. report. Pig iron sellers in that territory are entering the first quarter with about 60 per cent of the output for that period sold. Otis Steel Co. has awarded to United | Engineering & Foundry Co. a contract for a new 72-inch continuous hot strip mill to be installed at the Riverside plant. Operations at the Camden, N. J. plant of the R. C. A. Victor Corporation, tem- porarily suspended last month, were re- sumed today. 31, $3.98| 2,800 RETURN TO WORK. ROANOKE, Va. January 6 {(P).— Twenty-eight hundred shcpmen, laid off on December 28, have returned to work in the Norfolk & Western Railway shops here. et SILVER QUOTATIONS. NEW YORK, January 6 (@) Par stivee, M. " op', Inc., stockholders assets to R-K-( 0. sf California 80 cents *|isty the demand. JAN ICROP PRICES GAIN AT TURN OF YEAR Butter, Egg and Live Stock Values Continue Low, However. Price movement early in the month was more favorable to holders of such staples as grain and cotton than to producers of live stock, butter and eggs, says the United States Depart- ment of Agriculture, Bureau of Agri- cultural Economics, Market News Serv- ice. Price gains applied more to the crops than to animal products. But feeders are helped by cost of millfeeds, lowest in many years. Butter and cheese markets continued weak, but poultry prices were well sustained. Po- tatoes held the gains made during the second half of December. Cabbage continued to advance. Produce Shipments Increase. Shipments of nearly all fruits and vegetables increased sharply after the first of the year, potatoes and citrus fruits showing the largest gain. Quite a few products advanced to a stronger market position. Western New York was steady on sacked potatoes at $1.55 to $1.60 per 100 pounds, with Green Mountains slightly weaker in Northern Maine at $1.40. Delaware and Mary- land yellow sweet potatoes sold higher in terminal markets at $1.40 to $2.15 per bushel hamper, with New Jersey stock at $2 to $3. Holdings of celery in storage in ‘Western New York were down to about 87,000 crates. Prices advanced in that district to a range of $2 to $2.50 and city jobbing sales ranged from $2 to $4.25 a crate. Cabbage sold higher at shipping points. Onion prices held nearly steady, although shipments in- creased sharply. The demand for fleld beans was quiet at New York City in early Janu- ary, particularly for marrows and white kidneys. The New Orleans mar- ket remained dull and the Chicago situation showed little change, with a seasonally light demand. Butter Markets Unsettled. The general uncertainty regarding conditions during the early part of the year is having considerable influence on the tone of the butter market and UARY 6, SCHACHT URGES IN WORLD PURCHASING POWER chebank Hend Butioves Spur] IN 1581 ESTIMATED Former Rei FENANCIAL. AN INCREASE Is Needed for Consumption in Un&evelopcd Countries. ‘The task of the money and invest- ment markets of the world over the next years will consist not so much in providing capital for existing indus- trialized countries, but more in increas- ing the purchasing power of the unde- veloped countries, according to Hjalmar Schacht, former head of the Reichs- bank, who discusses “The Money Mar- kets Before and After the War" in the current Harvard Business Review. Referring to the masses of Africa, Asia, a considerable part of Eastern Eu- rope and particularly of Russia, Dr. Schacht says the world is menaced not so much by overproduction on their part as by underconsumption. The fac- tories heing established in Russia, he says, probably will have a thoroughly modern equigment. but the quantity of articles which may be produced by them is ridiculously insignificant when com- pared with the potential consumption of the 150,000,000 inhabitants of the coun~ try. In extending credit to finance in- creased consumption on the part of these peoples, the farmer head of the Reichsbank continues, discrimination must be exercised. Production Stimulus. “No credit may be given the eco- nomic use of which is not assured,” he says, in part. “When using the expres- sion ‘financing of consumption’ I do not refer to the articles of immediate consumption, such as food, clothes, etc., nor to those of military armament, but to things which may be used during a long period, such as instruments, ma- chines, means of communication of any description, water, light and power equipments, and so on. The creditors have not only the right but also the ob- ligation to be attentive to the use of their credit. “This leads to another consideration, viz, the profit-earning capacity of credit: Do the articles bought with the help of credit serve to effect new pro- duction, the formation of new capital, and do they stimulate work that will later give benefits? Only if these con- ditions are fulfilled will credit expan- sion be a benefit, and only so will the yet undeveloped countries become mem- bers of the civilized community. “A sound investment policy with re- gard to those new countries will thus price trend continued downward, with the level about 8 cents below that of early December, and 11 cents below the price of a year ago. Few dealers were willing to purchase much in excess of immediate needs for fear of being caught on a falling market with a sur- plus on hand. Reports from receivers indicate that butter from their regular chippers is increasing slightly from | week to week. Cheese distributing markets con- tinued about steady on fresh and steady on cured and held, “although prices dropped more than 1 cent in Wisconsin producing sections. Egg Receipts Gaining. Supplies of large white eggs from both the Pacific Coast and nearby areas were more plentiful, but even at that they were just about sufficient to sat- Immediately follow- ing the New Year, however, receipts from all sections increased substan- tially. Buyers were showing only a passing interest, confined exclusively to * | immediate requirements, and prices on the New York market soon dropped % |again, with top grades of fresh eggs registering losses of 3 to 4 cents per dugzcn and the lower grades about 1 cent. Refrigerator eggs, however, did not_share in the general decline, due perhaps to the fact that they did n advance correspondingly with the fresh eggs in the pre-holiday trade. Following the New Year, buyers ex- pressed only a minor interest in tur- keys, as a consequence of which prices for both young hens and mediums moved slightly lower. Many dealers are of the opinion that the farm sale of chickens for this season is fairly well completed and look forward to lighter receipts. The early January market is showing the effects of this anticipation, . |in that it ranged slightly higher on closely graded, soft-meated stock. Live Stock Slightly Lower. Live stock marketings expanded mod- * | erately after the holiday season. The enlarged supply in early January was followed by declining prices in the cattle and hog trade, dressed market conditions being such as to warrant little or no expansion in supply volume. The fat lamb market showed some evidence of underlying strength, slight price gains % | being recorded, although receipts ex- | * | panded moderately. In the Eastern wool market prices on the active lines were slightly easier, while on inactive lines, including the asking prices generally show a some- what greater downward readjustment. Some dealers refused to accept offers within the range of quoted prices. Grain Market Has Firmer Tone. Some improvement in the wheat mar- ket situation in Canada had a strength- ening influence on the position of do- mestic wheat. Reduced marketings of corn, together with continued good de- | mand, helped the market for that grain % | and prices tended strongly upward. Rye, oats and barley were higher toward the close of the week, influenced princi- pally by the strength of corn. The flex market steadied with the grains, but reflected also a good demand from crushers. | Mill Feeds at Low Prices. | Recent price levels of feed grains and feedstufls are materially below those at this time last year and also below the five-year average prices. Corn quota- tlons at the close of 1930 were about 75 per cent of those of a year ago and | 80 per cent of the average prices for that period. Oats were around 70 per cent of last year and average and wheat close to 55 per cent. Wheat bran, at the principal distributing markets, was » | selling at 55 per cent of last year and 52 per cent of average. Cottonseed and linseed meal were quoted at about 70 | per cent of last year and average. Hay prices have been declining in recent weeks, although they still reflect the short supply. iR S AT NEW YORK, January 6 (Special). Cotton prices were off 5 to 9 points at | the opening of the market today. The | widest losses were in March and May, resulting from_heavy offerings from New Orleans. Trading was active. Opening prices were: January, new, 9.86, off 5; March, 10.02, off 8; May, July, 10.54, off 7; October, December, 10.86, off 7. GRAIN MARKET CHICAGO, January 6 (#).—Torren- tial downpours delaying the Argentine harvest and i njuring wheat quality | gave early firmness to grains today. Australian harvest advices and Winter | crop conditions in Missouri and Kansas {also were unfavorable. Opening un- | changed to 1 cent off, wheat later | hardened somewhat. Corn started at 4als cent decline, but afterward scored gains COAL PRODUCTION. By the Associated Press. Production of bituminuos coal showed a further decline during the week ended December 27, as compared with the previous week, and for the cor- responding period of 1929. The output, | as calculated by the United States Bu-| reau of Mines, follows, for comparable periods: i Wezk ended December 27, 6,892,000 | et tons. Previous week, 9,355,000 net tons. p Same week last year, 7,816,000 net ons. 56s and lower grades of domestic wools, | be the task of the next years and dec- ades. This task laid before us is not only gigantic, but it is also a step in the direction of spreading prosperity over the whole world. The work on this task has the tendency to bring mankind closer togethgr, to equalize the benefits of prosperity—which is still very irreg- ularly distributed—and to promote in this way the social and economic peace of the world. Comments on Distrust. “It is a matter of course that all these things can only be done if the countries are ready to co-operate peace- fully, if the distrust spread over the whole world by the unjust treaties of peace is removed, if the obligation of one part of the world to pay war in- demnities to other people is repealed lnnd if the word of an American Presi- dent—who has not always had a lucky hand, but who inspired himself with the best intents and with noble ideas—is eventually realized, the word that the end of the World War should not see either conqueror or defeated, but that morality and justice should govern the relation between the countries, “One of the most striking features of the international money and invest- ment markets—the ample abundance of ot | funds on the short-term money markets !in face of the shortness of funds on the long-term markets—is merely due HJALMAR -SCHACHT. to the feeling of distrust prevailing in all parts of the world. Money at dear terms may be had in large quantities even in countries which are particularly suspected with regard to politics, but even in politically quiet countries the interest rates for long-term investments are relatively high. “There is possibly no better example for this thesis of the influence of political distrust than the recent failure of the German reparation loan. The atmosphere which prevailed especially in the negotiations of the second Hague Conterence does not permit us to think that we have the real spirit of peace among us. Only in this way can it be explained why the interest rates of the different markets of the world differ so much from each other, as has never been the case fn pre-war times. “The world must now pay most heavily for the fact that the private property of the citizens of the central powers was seized before the eyes of those un- dveloped peoples and that European citizens living among them were con- temptuously treated. By the Danzig ‘Korridor’ Germany was disaggregated in two parts and the few rights which even the Versailles treaty had left her with regard to Memel, Eupen-Malmedy and Upper Silesia were simply laughed at. All this must be made good if a peaceful atmosphere, the first condition for a real economic prosperity of the world, is to be secured.” World Lending. Reviewing the - developments in the international money markets during and since the war, Dr. Schacht says the United States today is almost the only great international money lender. ‘The decline of England from the posi- tion of greatest eminence in that field was due, he says, not so much to the diminished creation of capital as to the fact that the pound sterling had not been able to maintain its gold parity during the war and the first years after the war. Turning to the short-term money markets, Dr. Schacht says the position of England has not changed greatly. London, he remarks, has been able, thanks to its natural and historical ad- vantages, to uphold its position as the center of short-term financing of goods, at least with regard to Europe. 'AMERICAN TOBACCO ADVERTISING GAINS Company Buys Largest Newnpaperl' Space in Its History for 1931. Special Dispatch to The Star. NEW YORK, January 6.—An increase in its newspaper advertising budget for 1931 to record proportions hes been an- nounced by the American Tobacco Co. through its president, George W. Hill. Mr. Hill, in making the announcement, declared that sales of the company's products, “unprecedented in the tobacco industry,” have been made possible through the medium of the daily press. | His statement follows: “The American Tobacco Co. and its subsidiary, the American Cigar Co., open the new year by placing in the newspapers of the country the largest Lucky Strike advertising campaign and the largest Cremo cigar advertising , campaign in the history of either com- y. The great growth in the“sale of these popular brands, unprecedented in the tobacco industry, has been made possible by the power of newspaper ad- vertising. We are again in 1931 increas- ing our newspaper advertising expendi- ture because we believe that this year, like 1930, will be a year of bigger busi- ness with us. Frankly we do appreciate the power of public opinion generated through proper and intelligent news- paper advertising.” COMMISSION APPR(;VES FREIGHT RATE CHANGE By the Assoclated Press. The Interstate Commerce Commis- sion today authorized railroads serv- ing South Atlantic and Gulf ports to establish rates for export and import freight that would enable them to meet the competition of Northern seaports. The rates apply primarily to freight originating in Central and Western trunk line territory. Commissioners McManamy, Lee and Tate dissented. ZINC STOCKS DECLINE. NEW YORK, January 6 (#).—Stocks of slab zinc at the end of December totaled 143,576 tons, against 145,139 PATHE-R. K. 0. PLAN FOR MERGER VOTED Majority of Stockholders Approve Sale of Assets Involving Price of $4,630,789. By the Assoclated Press. NEW YORK, January 6.—Stock- holders of Pathe, Exchange, Inc., ap- proved sale of assets of ths company to Radio-Keith-Orpheum yesterday. After an all-day me:ting, 662,232 shares of common stock and 6,613 shares of pre- ferred stock were voted to ratify the sale agreement, which involves a price of $4,630,789. Less than 1 per cent of common stock, 9,062 shars, and only 19 shares of preferred were vot>d against th= sale. At the end of 20 days Radio-Keith- Orphcum will take over all properties. including unfinished films, contracts, leas's, etc, of Pathe, except the Dupont-Pathe film Manufacturing Co., Joscph P. Kennedy, chairman of the directors, announced. All Pathe employes, except officers, will be absorbed by Radio-Keith- Orpheum. Stock frem 35 Statss was voted. TWO RECEIVERS NAMED; BUSINESS TO CONTINUE Special Dispatch to The Star. NEW YORK, January 6.—Roland W. Boyden and Charles A. Dana have been appointed receivers of the Fisk Rubber Co. by the United States District Court in Boston. For the immediate present the receivers plan no interruption in the regular conduct of the business of ihie_company. ‘The receivership does not extend to the proverties, assets or businesses of the Fisk Tire Co. Inc.: th: Federal Rubber Co. and the Fisk Tire Export Co., which are subsidiary sales com- pariles, and it is expected that these companies will continue with sales, da- liveries and service s heretofore. COTTON MERCHANT DIES. PHILADELPHIA, January 6 (#).— George McFadden, widely known cotton merchant and head of the firm of tons at the end of November and 75,~ 430 tons at the end of December, 1929, the American Zinc Institute reports. STOCK By the Associ; From Yesterday's lanova. AND BOND AVERAGES George H. McFadden & Bro., died sud- denly last night at his home, in Vil- He was 57. ed Press. 30 Edition. STOCKS. 50 Industrials. Today. . . Previous day. ... 20 Rails. 96.8 ®¥x A1 IAUTO PRODUCTION Trade Authority Places Total Output at 3,505,000 Units. By the Assoclated Press. DETROIT, January 6.—Preliminary figures on the automobile industry for 1930, as compiled by the National Auto- mobile Chamber of Commerce, place the year’s production of passenger cars and trucks in the United States and Canada at 3,505,000 units, having a total wholesale value of $2,159,600,000. The res, subject to some slight revision when final production records for De- cember are avallable, compare with a total output of 5,621,709 cars and trucks produced in 1929, with a wholesale value of $3,576,645,881. Parts and accessories for replacement, and service equipment produced in 1930 had a wholesale value of $527,800,000, while tires produced for replacement were valued, wholesale, at $429,000,000, or a combined total wholesale valuation on motor vehicles, ac service €quipment and replacements of parts and tires, of $3,116,400,000. A year ago the total covering the same output aggregated $5,142,315,542. A falling off in export trade amount- ing to 44 per cent is shown in the analysis. The number of American motor vehicles sold outside the United States is placed at 561,000 units, com- pared with 997,111 vehicles a year ago. Only 625 vehicles were imported during the year. The exported vehicles, parts and tires were valued at $344,700,000. ‘The chamber’s figures place the world registration of automobiles at 35,518,000, of which 26,718,000 are listed in the United States. It estimates that taxa- tion of automobiles in 1930 yielded $1,010,000,000. —_— ESTIMATES ACREAGE OF WINTER WHEAT Maryland Plantings Expected to Total 455,000 Acres This Year. Special Dispatch to The Star. BALTIMORE, January 6.—The acre- age planted to Winter wheat in Ma land this Fall is estimated at 4!&& acres, compared with the revised esti- mate of 517,000 acres sown in the Fall of 1929, according to the report of Rich- ard C. Ross, agricultural statistician for Maryland and Delaware. Plantings of Winter rye are about 20 per cent greater this Fall than in 1929 in Maryland, the acreage being esti- mated at about 23,000 acres in 1930, complrelgn with l!}l‘zo::d u{m in 1929, The g-cont t of the past Summer is largely ru“.h ible for sow wheat, and many failed to sow their usual acreages. In some sections it was so dry during the Summer that farmers were not able to plow and prepare the usual acreages for seeding. It was evie dent, too, from farmers’ reports, that with conditions unfavorable for germi- nation of wheat, there was a tendency for growers to seed a part of their usual wheat acreage to rye, which is hardier. Condition of the Maryland wheat crop on December 1 was 64 per cent of nor- mal, wmflred ‘with 93 per cent in 1929 and the 10-year average of 86 per cent. ion was uneven and in some areas the above the ground. Areas sown in Maryland of Winter wheat, together with conditions on De- cember 1, follow: Fall of 1929, 517: Fall of 1930, 88; average over 10 years, 64; Winter rye—Fall of 1929, 19; Fall of 1930, 120; over 10-year average, 68. AR SEES GOOD YEAR. “I believe that 1931 will develop into a year of great constructive effort lead- ing worth-while accomplishment,” says J. Barstow Smull, president of the ghnm;e'x‘knf C(é:llfi‘zrce oll’dlhe flstlle ‘t,:; ew York, “wil e world profiting the mistakes of the recent past and forging ahead on a firmer, surer founda- tion which eventually will bring a safer, happler and more lasting prosperity than we have enjcyed hefore.” In review of 1930 he asserts the op- timist sees the world “merely resting from its age-old labors, preparatory to achieving hitherto unknown heights in science, industry and humanita Sl Pointing out that the United States has lived through the depres out any great tragedies, Mr. Smull says that “with more than a year of it be- hind us there is cause for real satis- faction in the fact that we are that much nearer to the time when business will get back to normal.” NEW FINANCING. NEW. YORK, January 6 (#).—Cor- porate stock and bond financing to- taling $141,800,000 in December was the smallest for any month since 1923, a compilation by Standard Statistics Co. shows. The 12 months total was $6,547,400,000, or only & little more than haif the 1929 figure of $11,409,400,000. Financing by the sale of common stocks in 1930 fell off 78 per cent and by preferred 73 per cent. On the other hand, bond financing showed an in- crease of nearly 40 per cent during 1930. DIVIDENDS DECLARED NEW YORK, January 6 (#).— Company. Rate. Tiof Adams Mil 1st pf..$1.7: Do. 2d pf........5L75 Amerada Corp ...50c Bird & Son, Inc, pi..$1.78 DeHaviland Aircrafi Co, Ltd. Amel Dep Record 18c Elec Pow & Lt ailot ctts 70% 8%c Grammes ns, @B & nc, pf A...50¢ Do. 'B. ... 3%c Guerdian Realty Co, of Can _$1.75 0 . A4S Tilinots Nor Util p: 51 Marconi Wire & Tel Co, Ltd. Am Dep Mid_Contine: ) Minn North Power, Do. 6% 'pi. Nat Distillers P New York & Rich- ‘mond Gas 6% pi Northwest El Jan. 16 Feb. 5 Jen. 10 an. Jan: 15 OO0 p P DOOD © DOD POOOP! Ing, 52 .. Community Wat® Wheatsworth, 8% pf... 8%ec M +10c 1 bx e