Evening Star Newspaper, January 8, 1931, Page 15

FINANCIALDL NEW YORK CURB MARKET %= re-s | |STEPHENSON URGE INLIGHT TRADING Declines Held to Small Fig- ure—Preferred Utilities Issues Higher. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, January 8.—The irregu- larity of today’s curb market opening ‘was changed to a generally lower tend- ency as the session progressed, but the fractional declines failed to bring out increased offerings. In the case of Electric Bond & Share the initial low was extended by mid- day, which likewise was true of Cities Service. Goldman Sachs reversed its early upward movement. United Found- ers showed little change. Preferred Power and Light shares ‘were almost uniformly higher and fur- nished a contrast with their common issues, which turned lower in the first two hours. Prospects of a decline in copper prices brough selling into that group, while the oils lost their early strength. American Superpower preferred led the rise in the utility holding companjes, followed by such issues as Central States convertible preferred, Continental Gas & Electric, Empire Gas & Electric General Gas & Electric and Illinois Power & Light. Noranda Mines after an initial frac- tional gain rapidly lost all of Wednes- day’s advance. United Verde and Roan Antelope fared similarly. Prospects of some sort of agreement on Fastern oil fields for a time had a stimulating mar- ket effect, but by midday Vacuum, Standard Oil of Indiana and Standard of Kentucky slackened their upward movement. Sales in the first two honrs amounted to 183,600 shares compared With 234,400 Wednesday. ‘World Ford motor production during 1930 declined 448,418 units to 1,500,010, but it showed a larger proportion for the total industry in the United States and Canada than in 1929. This show- ing, however, failed to bring buying into Ford Motor of Canada A. Ford Motor, Litd., softened. las Aircraft ranged lower despite & preliminary earning report showing gains in net profits, sales and unfilled orders. General Baking preferred was an early feature of the food group, rising more than 3 points. The com- mon stock during this period snapped into activity. General Baking now is operating on low flour prices and from time to time has introduced economies. Officials would not predict when the much-rumored recapitalization plan will be announced. BUSINESS IMPROVEMENT SEEN DURING-NEW YEAR substantially under the for the initial quarter of last says a moderate P, in the latter part of the year, “should possess showing Tt survey sion, expected first quarter the inherent tion.” BONDS ON THE CURB MARKET les in us sss:ii’iifigggf 2! 3gaznszasten aear s mentans St [ m'.o‘—u—E 2328 SN 5 ot LEES * i FETE 2 S & S = SR bS5 =Segesizssisisrsntengnasiiies: Szagezziransiianiada renissnnagiiies w3 -1 s Soras 190 0 1 Syt srstans s Brsemaan B, RERRRS ] ::GEE g ifenes & & o e s s st W S 2% 9 sSsRE3sts: ¢ 385 ) LEST e dgsggady 5 ESS 5SS 5 o1} iR = 3=tk EERD -\rv:& wZa = SRS RS s325uEeranSen152328Sa" 23832232 e & o 5 3 SIWILB2SRB282: ?’&F S aB st gt v o T e, Sales— 1.60 1 140% Aluminum Co of % Amer Austin Car 1 Am British & Con! 8% Am Br B fd shars. 5 Am Capital (B) 4% AmCP&LB (10% 10 'AmCom P A (b10%) 6% Am Cyanamid (B) 3% Am Equitle: 11% Am For Po 8 Am Founders Am Gas & 3% Am Invest Inc (B). 40 Am Lt'& Trac 12%). 5 32% Am Manufactur (4).150s 7 Am Superpowr (40c) 125 80 Am Superpwr 1st(6) 9 5% Am Superp pf (6)... 10 3 Am Thread pf (25c). 5 8% Am Ut&G (B) (35c). 314 Anchor P F (b10%). 5 Appalachian Gas 3 Arcturus Rad Tube. 4% Arkeneas Nat Gas. . 4% Ark Nat Gas (A).. 61 Ark N @ cu pf (60¢). 20 Armstrong Cork (1). 50s 4% Asso El Ind Ltd 30c. 11% AssoGas & Elec. ... 133 Assoc G & El A (a2). 1 AssoG&E (A) dbrts AsS0 G & El ctfs (8) .35 6 08 2 31% Asso Rayon pf (6).. & Atlantic Fr & Sug. 8% Atlas Plywood (2).. 5% Auto Vot M cv of pt. 16% Aviation Cor of Am T% Aviation Securities. 140% Bell Tel of Can (8)..100s 14 2% Blue Ridge Corp. 30 30 Blue Ridgecvpf(a3) 2 3 11% Borne Scrymser (2). 2 1 19% Brasil Tr&Lt(b8%). 16 2 38 BuckeyePL (4).... 1 24% Buff N&EP of (160) 4 48% Bunker Hill&Sull(3). 25« 414 Butler Bros s % Cable & Wire B rct: 1574 16% 44 25 7 Cent St F] (k40c). 58% Cen St El cv pf n(aé) 50s 4% Centrifug Pipe (60c) Chain Store Devel. .. 5% Clev Tractor (80c). % Colombia Syndicate. 1% Colon Oil. % Curtiss Airports vte. 2 Curtiss Flyl Curtls 11% Douglas Aircraft (1) 28% DressS R (A) (3%). 2 Dubilier Cond & Rad 11% Eaasc St Pow B (1), 6 East Util Asso cv. 1% East Util Inv (A)... 3% Eisler Electric Corp. 37% Elec Bond & 8h (b6). 535 44 88 El Bond & Sh cu p: 100% El Bond & Sh pf (8). 11 Elec Pow Asso (1).. 10% Elec Pow Asso A1) 16% EIl Pow & Lt'op war. 88 EIP&L2dpfA (7),. 7% Elec Shareholdg (1). 67 ElSharehoid pf (a6) % Empire Corporation. 87 Emp G&F cupf (8).. 4% Emp P Ser A (21.80) % Engineers Gold..... 1% Europ Elec deb rts. . % Evans Wallow Lead. % Fabrics Finishing. o A ET o nanmannaDe 18% Ford M Can 6% Ford M Franci . 10% Ford M Ltd (p373%). % Foremost Dairy Pr..7676s 1% Foremst Dairy pr pf.6350s 2% Fox Theater Cl (A). 15 4% ‘Jeneral Aviation. .. General Bak: % 23% Gen Baking pf (3).. 9% Gen E Ltd rt (pT0c). 37% Gen G&E cv pf B (6) 3508 % Gen Laundry Mach.. 13 22% GenThevpfwi(d)., 2 94% Georgia Pow pf (6).. f 1 4 1 115% GrA&PTof (7)... 30s 11 % 6 Grand Rapids Var(1) 3 20% Great Lak D (1) % G ian 58% wulf Ofl of Pa % Hartman Tobacco... 13% Hazeltine Corp (2).. 6 Hollinger Gold té5e. 3% Hudson Bay M & 57% Humble Ol (12%).. 2% Hygrade Food Prod. 85 Ill Pwr & Lt pf (6).. 100 15 tmp Oll of Cau (b 12% [nd Ter (llu Ofl (A). 27% Insull Ut(1b10% %). 5% Insurance Sec (70e). 6 [ntercoast Trade (1) % I[ntercontinent Pet n 46 Intl Cigar Mach (13) 45% Intl Hydrocv pf3% 11% ‘nt Petroleum (1) 20 Int Superpwr (11.10) 80 Int Utilities A (3%). 4 laternat Utl) (B)... 79% Intl Util pt pf (7). 2 InterstateEquities. . 26% Interstate Ecn pf(3) 18 1 2 2 1 1 2 . 4 4 % 1 1 16 1 50s 43 3 2 2 505 8 5 Add 00. Oven. Righ. l:l‘ 3% 40 43% 6% Stock and Dividend Rate. Ttalian Superp(A).. % (talian Superp war.. Jefterson Elec (2) Knott Corp (1)....:. 3% 18% Lefcourt Long Isl Lou Moody's % Mount & Nat Avia Nat Fam Nat Fuel Nat Pub NatShT Neptune N Niagara Nil Noma EI Noranda No Am A 1% 1% 2%4 2% 6 Ohfo Of1 Pac G&E PeopL & 4 Philippe Pitney B Pitts Pla Prince & Prince & Pub Sve. Public U Pure Of1 Rainbow Rainbow Reliance Reliance Richfield Richman =2 Safe Car St Regls .o & F Saxet Co. =38 Selected Selected Selected % 2% % » 2% 9% 2% Sherwin e3z.208500 South Per 8 W Gas SW Bell Starrett Stutz Mot Texon Ofl Tri-Cont Tung Sol Utd Gas 8% 3% Util P & Vacuum Walker ( 1 13% PubSrv Dividend rates in snnual payment. * ey B us n Pius 8 Lily Tunp Cup (134) Lion Ofl & Refining. . Loew’s Inc war)..., Lone Star Gasn (1). 4 MacMarr Stores (1), Magdalena Synd. ... Mass Utilcvpf 2%.. Mavis Bottling. ...., Mead Johnson (33). Memph N G Co (60c) Met & Min Inc (1.20) Mid St Pet vtc A.... Mid St Pet vtc B. Mid W St Ut (1%)... Mid West Ut (b8%). Miller & Sons (2).... MoKan PL (b10%). #* MoKanPL vto..... Mount Prod (1.60) Municipal Serviict Murphy Co (1.60)..a Nat Invest Nat Pub 8v A Nat Rubber Mach. .. Nat Sugar NJ (2)... % Nat Union Radlo.... Nehi Corp (1.30).... Newmont Min (4) N Y Pet Royalty # NYP&Ltpt (6)... N Y Tel pf (6%).. Niag-Hud Pow (40¢) Niag-Hud Pow A w. -Bem-Pond (2). Nor Europ Of] Corp.. Nor 8t Pow A (8).... Ohio Copper. . Pac Pub Sve A(1.30). Pennroad Corp Penn-Mex Fuel ( Pilot Rad Tube (. Pratt & Lambert (4). Prod Royalty (f1) Prudential Invest. Pub Ut Hold (50c).. Puget S P & Lt pf(6) Radio Products (2). Reybarn Ct Reynolds Invest. Roan Antelope Mia. . Rock Lt & P (90¢)... Rossia Int COrp..... Rubberold Co (4). & St Anthony Gold. ... Salt Creek Prod (3).. Schletter & Zander. . Schulte Un bc-§1 81 Scovill Mfg (2)... Seaboard Util (§0e). Seg Lock & H (80¢). Sentry Safety Cont.. Shattuck Den Min. .. Shawingan W (2%) Shenandoah Corp. .. Shenan Corp pf (ai3). Sisto Finance Corp. . Sni Viscosa rets. . So Am Gold & Plat SoCal EA pf B (1%). SoCal Ed pf C (1%). SouthldRoyalty (60e) Spanish & Gen rets. . Spleg M St pf (634). Stand Of] Ind (2%). Stand Ofl of KY (12) Starrett Corp . Ex 8 Pavable in cash or stock. it Plus 5% Bales— Add 00. Open. 13 34 1% 1% 23% 10% 10% 18% 5% 2% 1% 28% 10% 10% 184 5% 2% 25% 1% 23% 10% 10% 18% 5% 214 25% 102% 1% Realty 1.60, cupf B (6). Lan & BEx. e 300t 1 00,00 00 Bt e ok 0 09 G D e GO0 D N NN it B O 0 B B8 ISptpf (3) Gulf (3¢).. tion. 8 (b1 Gas (1). Sve pf (7)..125 Sec A 150c. Meter A(2). Sh Md(40e) Corp (80¢). Mines. . viat A war.. n cu pf( 1st of (1%) P A a4 - HONRA D RND R N peaR (L)Bt ) Pn (20¢) te GIA2)... Whitely. ‘Whitely p! Nor I11(8). 150 Bow til Hold war 1 of (6) « 301 Lum PrA.. Lum Pr B.. Int (A).... Int Cor (B) BRvame o 0il, Cal pf.. Bros (3)... 25 R H&L m..m{- Paper (1) BicPauses Industri Induscfs... Indus pr pf. Wil (14%). nn OIl (2).. Utilities. Tel pf (7).. MR D i RO T 14 Corp pf (3). Strauss Roth. ...... Stromberg-Carl (1). tor Car n. ... Sunray Oil (b5%) ... Swift & Co new (2)., Swift Internat (3) Tampa Elec (2). Technicolor Inc. ... Teck Hughes (60c).. 1&Land (15) Tran Con Air Tran.. Trans Lux DLPS.. Corp (war) 1 Tri Utilities (31.20). Trunz Pork § (1.60). Lamp (1).. Ungerleider F Corp. Utd Corp (war). Utd EI Sv pr war. Utd Found b2-35 Utd Gas Corpn (war) US Playing Cards(4)250; Utd Stores. . Utd Verde Ex: 2 Ltat1.02%. UtP&LcfsB at1.02% Utility & Ind. Util Equit pf (5% 4) Van Camp Packing. . % Van Camp Pkg pf. .. Venezuela Petrol. Vie Finan Cor (40¢). Walg-een Co (war). H) (1) Watson (J W) Co... 4 Wheatsworth (1114) Wil-Low Cafeterias. Wil-Low Cafeteria p! RIGHTS. Com_Edison. . NI 20 20 20 dollars based on last®auarterly or _semi Qdividend. tPartly extra. iPlus 4% in tock. ° ¢ Biue i tn stock: “h Biis n stock. s ock. k Blus 10% 1n stock us n m in stock. BOND YIELD INDEX RISES DURING MONTH Special Dispatch to The Star. CHICAGO, January 8.—Average lelds of new corporate bond issues at offering prices in December showed Gasoline Prices Reduced. ‘TOLEDO, Ohio, January 8 (#).—All of the larger refining companies, with the exception of SBun Ofil Co., today put into effect & 2-cent a gallon®re- duction in the price of e, carry- ing the price down to 15 cents for the grades and .':‘l onfin:: for a:; gasolines. ex] make an smnouncement later E”un J. C. Penney Co. Sales YORK, January 8 (#—J. C. for fiau?-r 1930 ,362, & decrease of 7.99 of $200,600,417 ber sales total- CHICAGO DAIRY MARKET. CHICAGO, January 8 (#)—Butter, 5,105; firm; creamery extras, 92 score, extra firsts, 90-91 score, 35%-26%% firsts, 88-89 score, 24)2-25; seconds, 86~ 87 score, 23-24, firm; extra firsts, 27; ordin fresh 19-22; tor firsts, 17; re- RAIL OFFICIAL DIES. LOUISVILLE, Ky., January 8 (#).— George E. Evans, 74, executive vice president of the Louisville and Nash- ville Railroad 9“0 19.89 per | of ,249, reported OCambridge. the ploy of the Baltimore & Ohio Railroad as a telegraph operator. * | flar activities is all but impossible. .| Pooints & == -{CHECKS ON CREDIT) . Head of Bankers’ Association Discusses Relation of Price Level to Surplus. Special Dispateh to The Star. CHICAGO, January 8.—In discussin, factors which enter into successful an % ! orderly business life under present con- ditions, President Rome C. Stephenson the American a part. % At present, he added, there is questioning of banking because banks have failed. In many cases these failures arise not because of mismanagement or negligence on the part of the bank officers or of specula- tion by them, but from causes entirely beyond their control. Although credit has reached its highest development in the United States, we have not yet learned how to control it. Attempts by banks to control credit or to ration credit have not been conspicuously suc- cessful. Scarcely more than a year ago when such attempts were made “bootleg” money—that is, money from sources outside of banks—poured into the New York Stock Exchange to the amount_of over four billion dollars, greater by one billion dollars than that supplied by banks. Curb on Credit Needed. i Banks are indissolubly connected wif manufacturing and distribution. They supply in part the funds which make these operations possible. We must pre- Stephenson. 715 | vent a return of a situation when the of money outside of bank- wmm its the extension of credit beyond ir control. reacts on banks and through disturb- % | ance of price levels breaks down orderly channels of distribution and imposes hardships on banks’ customers which tend to break down buying power. This in turn robs corporation stockholders f_prospective income. 2 x{rumlfnpolnble for banks to meet conditions prejudicial to them and which are created by lack of co-opera- tion within an industry or between in- %|Bon which will establish checks standards in production, and in conse- juence insure a more regular trend in fim economic progress. The pres- ent method leads to dissatisfaction, to human ering, to pol and to unwise legislation. t the wisdom, judgment ability of leaders in industry and bank- ing. Unless as business men we can eventually solve the unemployment issue, solutions will be attempted by a overnment in which business men will ?uvn but & small part. Problems in Oil Industry. At present, in the United States, joint action among concerns engaged in un}; is necessary to note the attempts M?fie“mroleum industry to work out a program of conservation, Laws regulations impede at every turn. In consequence there is overproduction, earnings in the industry have declined, stockholders have suffered reduced in- some and m:d future supply of petroleum is endangered. The effort to stabilize industry is making progress, Mr. Stephenson de- clared. Already large employers of labor are arranging production so that em- ployes can look forward to regular work and eventually, when their stint is done, to a pension for their sunset years. Does any honest skilled worker deserve less? Should not that be a goal toward which united industry will strive? A message of hope for the current year is that concerning agreement among Eastern railroads, embr: the territory east of the Mississippl River and west of New England and incl the Virginian Railway on the southern % | boundary and the New York Central on the north, for a consolidation into four great, independent systems, in order to meet the policies expressed by Congress in legislation enacted 10 years ago. « Formal approval of the matured plans will increase the financial sta- bility of the roads, as well as their abil- ity to meet competition. It will afford a basis for the completion of plans rel- ative to additional terminals, electrifi- cation and other necessary projects, thereby increasing opportunity for em- ployment. Bank Deposits Growing. Despite the low condition of business, the waning of confidence and the most intense discouragement, our country has_ suffered little diminution in real wealth., Savings deposifs in banks are greater than a year ago. These de- posits constitute a reserve and in such times as the present furnish a bulwark against a more extensive depression. Vital statistics, as well as life insur- ance companies’ figures, bear witpess to the good health of our people during the past year. Never before in the his- tory of the country have leaders in busi- ness given so much conscious thought and attention to providing employment for wage earners. Many millions of dollars are being expended for modern- izing and re-equipping plants. More significant than #il this is the research constantly prosecuted in trans- portation, in chemistry, in physics and in applied science of every kind, with the object of discovering formulas which will still further diversify industry, in- arease employment, make hjgher the annual realized national income, fur- nish more creature comforts and create a higher standard of living. As month succeeds month, inventories in America will be reduced, thus hasten- ing the day when unemployment will give way to employment and in conse- quence dismay and pessimism will retire before hope and buoyancy of spirit. Nothing 50 develops versatility and re- 6% | sourcefulness as hope; nothing so in- hibits them as fear and its close com- panion, despair, Mr. Stephenson con- cluded. NEW YORK COTTON NEW YORK, January 8 (Special).— cotton prices today were 2 to her, the wide gains being in Jlnmol contracts on active buying by houses. More distant months were moderately higher under some short covering and purchases by profes- sionals. =, i i ogenlng pri were: January, o 10.2 “D"l"l' January, new, 10.12, up 7 Mar 5 COMMODITY PRICES. By the Associated Press. Commodity prices continued to de- cline last week as their change was com- ited by the Department of Commerce. the index that follows the average wi is given for com- ; previous week, 79.0; same last year, 93.0. Steel—Week ended January 3, $31.66; previous week, $31.66; same week last year, $35.88, BY J. C. ROYLE, wers. of the country have as & result of word-of- ad of their products since December 1. This has been brought about by the street sales of fruit by the unemployed. Apples and oranges have been brought more ex- tensively to the attention of the con- sumer than ever before. Hundreds thousands of boxes of these fruits ha been consumed and as a result prices have been stabilized at a time when other agricultural products have been flyctuating in the most uncertain way. ‘There iS no question but that sales have increased as a result of the prac- tice. Thousands of men and women, otherwise unemployed have sold fruit and their efforts have opened new fields of consumption. The practice has been taken up in nearly every city of any size in the country. In the North, apples have been the fruit usually sold, but in the South, oranges have had a similar vogue. Small Dealers Complain. The small fruit stands have com- plained that their sales had been hurt, but it is the belief of the Department of Agriculture officials here that eventu- ally they will gain more than they have lost through the establishment of the habit of fruit eating. The trend also is teaching the fruitstand - pro- prietors new methods, for they have found that their products under old systems did not catch the eye of the customer and there was no “ballyhoo” to _catch the ear. ‘The practice has involved a consider- able spread between wholesale prices and cost to consumers, but this has been . FINANCIAE. FRUIT GROWERS BENEFITED BY SALES OF UNEMPLOYED frul fewer to the box, some boxes containing only about 80. When the economic conditions whigh thro regular dealer wer, but agricultural officials feel that the taste for fruit and the habit of buying it will remain. Just as there are few boxes of apples without some worms, there has been one parasite developed by this new method of marketing. This is the individual who has made a practice of g les at wholesale and selling y the box at an advance to ployed. In some cases they have sold them on a credit basis, taking their pay from the retail sales as the vender made them. Automatic Venders. Manufacturers of automatic vending machghes handling fruit are preparing for gl rush of business as soon as the loyment situation removes the ur_street salesman from the pic- ture. These machines are now being widely established in hotels, apartment houses and colleges. The export of fruit, especially apples and oranges and grapefruit, has suf- fered in the last year, due to the disf business conditions existing in 1 consuming countries, but the impetus given domestic trade, it is be- lieved by officials here, will go far to make up this deficiency. DECLINE IN COPPER SMELTING REPORTED Lowest Output Since 1922 Is Re- corded in Commerce Depart- ment Figures, The smallest smelter production of domestic copper since 1922 was recorded last year. Stocks on hand at the close of the year were the largest on record, and imports of unmanufactured copper ex- ceeded exports for the first time in 50 years, acco to a summary of the copper industry in 1930 published by the Department of Commerce yesterday. Increase in stocks was accompanied by severe price declines. For the 12 months ended on April 15 refiped cop- per held at 17.77!, cents. Then began a decline, which continued until the price reached a low for the year of 9.2712 cents on October 23. From that FAILURES OF BANKS DOUBLED LAST YEAR R. G. Dun & Co. Reports 934 for 1930, Against 437 in 1929, Special Dispatch to The Star. NEW YORK, January 8—Failures of banks in the United States in 1930 were more than double in e b le in number and pared with 437 fair~ ures involving $218,796,582 in 1829."’.r The following table, compiled by Dun & Co., shows the number of fail- ures in 1930 and 1939 and the liabili- ties in the former year: Sectio: date to November 11 it advanced to | 11.40 cents, but soon dropped again, be- | So ing 9.77% on December 15 and 10.07'2 on_December 23. Smelter production of copper from domestic ores for the year was 1,375,- 000,000 pounds, & reduction of 31 per cent under 1929 production of 2,003,- ,000, December production of 100,- 000,000 pounds was 16,000,000 pounds under the monthly average. Production of new refined copper from domestic sources was about 1,485, 000,000 pounds, as compared with 1, 983,000,000 pounds in 1929, and new re- fined copper from and foreign sources was about 2,230,000,000 pounds, compared with 2,740,000,000 pounds in 1929, a d::;enuu":!oltb per e:::} The_produc secon copper by primary eries dfopped from 834,000,000 pounds in 1929 to about 250,000,000 pounds last year. Total primary and secondary output of cop- per by the refineries, at 2,480,000,000, was 19 per cent lower in 1930 than in 1929, when it was 3,074,000,000 pounds. . PRODUCTION OF IRON SHARPLY CURTAILED 1930 Output Is 25.7 Per Cent Be- low 1929, Says Trade Journal. Special Dispatch to The Star. NEW YORK, January 8.—Pig iron|crgin production in December, according to the returns of the Iron Age, was 1,665~ 690 tons, or 53,732 tons a day, com- pared with 1,867,107 tons, or 62,237 tons daily, in November. The daily rate fell 13.7 per cent under that of the previous month and was the lowest since January, 1922. Fourteen furnaces were taken out of blast, and two were lighted, a net loss of 12. On January 1 there were 95 stacks active, or 90 fewer than om April 1 at the inception of the unin- terrupted decline in pig iron output. Production for 1930, totaling 31,399,105 tons, was 25.7 per cent smaller than the 1929 output, which was a high record. GRAIN MARKET- CHICAGO, January 8 (#).—Grains went downward early today, influenced by favorable weather over the corn belt and by relative weakness of wheat quo- tations at Liverpool. Official warnings of a ble big carryover of wheat in Cani acted also as bear factor. Opening ¥-5% cent off, later underwent further setbacks. Wheat started Ya-12 cent lower and afterward showed an additional sag. Checking downturns in corn were Nebraska reports that rural sources were not selling freely, and were hold- ing off for 50 cents a bushel. This would mean that Chicago May corn would have to go 80 cents to net the farmers 50 cents in Western Nebraska, where the bulk of the most available supply is situated. Primary recelipts totaled 467,000 bushels, against 964,000 Chicago had 95 cars; Kansas City, 33, and St. Commission house selling carried July wheat down to 65!, an overnight drop of 13; cents. Forecasts of more rain in Argentina and Australia tended, how- ever, to s ly the market on declines. Dry weather complaints from domestic Winter crop territory continued. Oats followed corn. Provisions were responsive to & downward trend of hog values. STOCK Pacific Total ...opurerie. 98§ 437 3908157788 The report points out that with the exception of the Pacific Coast district theelnaeue in failures was country- PP HARMFUL BUSINESS RUMORS DENOUNCED Gov. Roosevelt Aid Sought in Checking Spread of False . Reports. Special Dispaich to The Star. NEW YORK, Ji Lo of Gov. - tg , _governor o Reserve Bank, in checking circulation of harmful rumors is sought in letters addressed to them which were drafted yesterday at a meeting at the .Garment Center Capitol Club of the Policy and Procedure Subcommittee of the group of garment, textile and retail eed to seek t Attorney T to obtain data on the satutes guelllnx with the instigation of malicious mors. Members of the subcommittee reported that there were marked evidences of improvement in activity in the apparel trades and the outlook for a satisfactory Sgnn‘ season is brighter than it was three weeks ago. It was pointed out, a conference with Dis PLANS FOR POWER PLANT DISCUSSED Huge St. Lawrence River Development May Be An- nounced Shortly. BY LEMUEL F. PARTON. Special Dispatch to The Star. NEW YORK, January 8.—It is be- lieved here that the Niagara Hudson Power Corporation, the one company most directly interested in Canadian border power development, will an- nounce & favorable attitude toward the El':pfltll of the St. Lawrence Power velopment Commission to install a ,200,000-] plant at Massena Point, N. Y. At the headquarters of the corporation it was said today that no statement would be made now, but it is indicated that an announcement would be made before the commission suspends on January 15. Morgan Firm. The above corporation is one of the Morgan galaxy brought together under the banner of the United Corporation about two years ago to group gas and electric utilitles on the Atlantic sea- board and in New England. The na- tional superpower plan began to take shape about 11 years ago and the ag- gressive drive of the Morgan interests into the utility fleld was a long step toward the eventual integration of the three great power ps—the Insull in- terests in the e West, Electric Bond & Share in the West and South m_gh;henuoumnmp hl:‘ the er iy iagara Hudson is particul interested in the St. Lawrence develop- ment as a source of additional power to effect an urgently needed intercha: with the steam plants of the Consoli~ dated Gas-New York Edison. In low- water seasons it needs additional power to fill its contracts, while there is g steadily growing market for power for light and heating New studies have beep made showing that inevitably, in the continued advancement of superpower, there must a closer physical and financial of pow: of which the above is known that the great St. by the Ni fl! the St. umhn: OF the hoatd oF this Corperation s cently said: i eomm welcomes a study and invuu:m the whole lem and will favor what- ver, was taken over Hudson. 8 developmen and perate, we favor such a study o whole problem.” At mmm. Mr, (Copyright. 1931.) DIVIDENDS COMPARED IN 1930 WITH 1929 Reports Show Unugual Number of Reductions During Past Twelve Months. Special Dispatch to The Star. v NEW YORK, January 8—Unfavore however, that the circulation of harm. | 3¢ ful gossip might undermine the morale of the trade to such a degree that the possibilities of effecting improvement | would be seriously impaired. HEAVIER ADVERTISING PLANNED DURING 1931 Special Dispatch to The Star. NEW YORK, January 8.—Plans have been completed for the 1931 advertis- ing program for a tooth paste, and the newspaper advertising appropriation alone for the current year will exceed by more than 20 per cent the total amount expended on this form of ad- vertising in 1930, according to an an- nouncement made yesterday by Edward Plaut, president of Lehn & Fink, Inc. Mr. Plaut also pointed out that this will be supplemented by a schedule of radio broadcasting, magazine advertis- ing and dealer aids. “Nineteen hundred and thirty-one is a year for industry to advertise,” Mr. Plaut pointed out. “Our experience with, newspapers in 1930 convinced us that this form of advertising results in sales. It was largely due to our adver- tising program that we maintained our splendid sales record in a year when general business conditions were greatly depressed. We look forward to adver- ing this year being our greatest sates stimulus.” Mr. Plaut said that advertising for next year in newspapers alone will réach almost 23,000,000 newspaper readers. Chinese Dollar Declines. SHANGHAI, January 8 (#).—The Chinese silver dollar declined today to Increased Resumed 25383 Total URGES RAIL MERGERS. DES MOINES, Iowa, Jan: 8 (P).— i SO Northern Railway, last night urged ths consolidation of railroads to reduce ex= Ppenses. Addressing the Des Moines chamber: of Commerce, Budd said the condi= ton of rallroads has been brought inte sharp relief by the present economie: situation and the variety of competition they face. BOTTLERS HOLD MEETING. BALTIMORE, January 8 (Special) .~ Sidney W. Lee of Birmingham, a mem- ber of the Executive Board and a past president of the American Bottlers of Carbonated Beverages, :ls the prinei- pal speaker at the anhual convention OB!e vLE:quryllndegflnlerl D’l“u Carbonated s, opene esda continuing today. v I M. Oberfelder, president of the Maryland organization and treasurer of the national association, presided at the sessions. Lee's address was based on the subject “Co-ordination of Ef- fort in Industry.” According to the organization’s rec~ il 23.16 gold cents, a new low level. AND BOND AVERAGES By the Associated Press. From Yesterda: 5:30 Bdition. STOCKS. ords, there~are about 100 beverage in L n:!lost of DIVIDENDS DECLARED NEW YORK, January 8 (#).— Pay- Rate: rlod, avte. i B, 5 < a S FE EEEE Ko0000p00000 0OOOD; 2y EFEH (I | e £ 58 BaSoNIERNEY. Reduced. Stock, . Mass _Inves Tr....1% 8 Jan. 20 Jdan, & Omitied. b