Evening Star Newspaper, January 13, 1931, Page 15

FINANCIAL. IRREGULAR IN'CURB TRADING: and Pipe Line Securities. . Power List Firm. Special Dispatch to The Star. BY JOHN A. CRONE. NEW YORK, January 13.—Pressure on the main list of curb exchange shares lightened after the first hour today, but petroleum, pips line and in- ternational sccurities slipped steadily. Power and light issues, if interna- tional shares he excepted, were fairly firm. Electric Bond & Share at mid- day showed a net loss of only Y4 point. United Light & Power A was up about a half point. Cities Scrvice was off lightly. The heaviness of international shares in London was mirrored here at the opening. Brazilian Traction & Light, International Superpower, International Utility B, Ford Motor, Ltd., Interna- tional Petroleum, Imperial Oil, British- American Tobacco, British Celanese and General Electrie, Ltd., were all lower in initial dealings. Specific corporate developments af- fected the power and light division American_Superpower rose slightly as B result of estimated 1930 earnings of 33 cents a share. A review of the growth of United Light & Power Co. from an $800,000 to & $96,000,000 company in the last 20 years benefited the A shares of that firm for a time. American Commonwealth Power Cor- poration A was up a trifle following the announcement that the company had acquired from International Utilities Corporation all of its gas and electric properties in Alberta, Saskatchewan and British Columbia. The newly ac- quired properties will be known as Do- minion Gas & Electric Co. Appalachian Gas eased as a subsi- jary announced that it had commenced lJaying another pipe line in Texas, United Gas Corporation was only mod~ erately active in the forenoon. Niagara Hu Power Corporation advanced slightly in early trading as a result of the tecommendation of the St. Law- rence Development Commission favor- ing sale of electrical energy to private concerns. A possible price war in the California oll fields, with probably immediate re- visions downward of quotaticns in Texas, the Midgontinent field and locally, crented a cautious attitude on the part of investors and brought short selling NEW YORK CURB MARKE Note—All stocks are sold in one hundred-share lots exceg‘une those designated by the letter s (80s) (250s), shows those stocks were sold in odd lots. ‘whicl {H " 20% 34 8514 9% Affillated Prod 1. Agfa Ansco. . . Agfa Ansco pf. Allegheny Ga Alum Ltd A war. ... Aluminum,Ltd Bwar. Amer Austin Car. ... Am Capital (B) ... AmCityP&L B b10% . Am Com P A (b10%) Am Cyanamid (B) Am Dept Stor Am Equities. . Am For Pow (wi Am Fork & Hoe Am Founders Am Gas & Eln ( 1% Am Inve 4 Am Invest Ine (B) Am Lt & Trac (234}, Am Natural Gas. ... Am Manufactur (4). Am Maricabo. .. ... Am Superrowr (40c) Am Ut & G B vte 20c, Anchor P F (b10%). Avppalachian Gas Arkansas N Ark Nat Gas (A) Ark N G cu pf (60c). Armstrong Cork (1) .1008 Asso El Ind Ltd 30c. 11 Asso Gas & Elec. 3 13 s 0 134 28% Asso G & Epf (5). Asso G & El ctfs (8). 50s Asso G&RI purrts. .. Asso Rayon pf (6).. Atlantic Fr & Sug... Atlantic Secur Corp. Atlas Plywood (2)... Atlas Utfl Corn. .. Auto Voting Mach. .. Auto Vot M cv pf pt. Eahia Corp. Bell Tel Pa Bigelow-Sannford. .. Blue Ridge Corp. . ... Blue Ridge cvpf(a3) Bohack (HC) (13%) Bourjois Ine e | Brazil Tr&Lt(b8%). 14 BriATcouB1.17 8-10¢ 22 Br Celanese rets. ... 2 Buff N&EP pf (1.60). 5 Buff N{a&EP 1st (5). 3 Bunker Hill&Sull(3), 768 Bwana M Kubwa 1 Canada Marconi . Carnation Co (§1%). Cent 111 Pub S pf(8 ¢ Cent Pub Sve Aal76 Cent St El (k40¢).... into the division. Humble Oil opened off 2% points. Standard Oil of Ohio common fell 5 points. Standard Oil of Kentucky reacted 7s and Vacuum in the same period was down nearly a point. CARRIERS FILE PROTEST ON FARE CUT PROPOSAL By the Assoctated Press. Three of the largest southwestern carriers today protested to the Inter- state Commerce Commission the pro- of the St. Louis-San Francisco lway to put into effect 2-cent pas- senger rates over its system. ‘The protesting lines cited their gross revenues from local traffic for the first 10 months of 1930 and said an increass of 80 per cent in coach travel wouid have been necessary to yield the same return at 2 cents a mile. Such an increase was termed impossi- ble. The revenue figures given were $4,317,718 for the Missouri Pacific, $2,426986 for the Missouri-Kansas- ‘Texas lines, and $462,954 for the St. Louis Southwestern. ’ BONDS ON THE CURB na, Centrifug Pipe (60¢c) Chain Stores Stock. . Chat Ph Aln.v, (1) Ch Nipple Mfg (A) Chief Consol Mining Childs Co pf (7). Citfes Serv (g30¢). Cities Serv pf (6) Cit Sv pf B (80c). Cit SvP & L pf (6 Colombta Col O1] & Gas vtc. Colon Ofl...... Col Pict vte (f1%). Com Edison (8) Com & Sou wa Com Wat Sv (b6% ). Cons Auto M cu pf... Consol Dairy Prod. Cons Gas Balt (3.60). Consol Laundri 4 Consol Retail Stores Consol Royal (30¢). . Cont G & E pr pf (7 Cosden Of!. Creole Petroleum Cresson Consol (4c). Crocker Wheeler-. . .. Cross & Blk pf(3%). Cuban Cane pr opt w. Curtiss Wright war. Cusi Mex Mining. Darby Petroleum Dayton Air & Eng. Deere & Co (£1.20) De Forest Radio. Derby Oil Refining. Detroit Afrcraft..... Douglas Afrcraft (1) Dow Chemical (2). .. Dress S R (A) (3% 7. Dubilier Cond & Rad Duke Pow (5) Duquesne Gas Durant Motor: Duval Tex Sul East St Pow B (1)... East Util Asso (2)... East Utl] Asso cv.... East Util Inv (A). Edison El, Bos 13.60. Eisler Electric Corp. Elec Bond & Sh (b6). El Bond & Sh cu pf E] Bond & Sh of (6. Elec Pow As80 (1)... w A =Sannmanmh o8 - 3 RO S AR e NN A NN RS » 2 El Pow & Lt op war. EIP&L 24 pf A (1).. Elec Shareholdg (1). Empire Corporation. Emp P Ser A (a1.80) Employ Reins (1%). Europ Elec deb rts. Fabrics Finishing. Fansteel Product: Federated Capital. Fiatrets (1.25).. Fire Assn Phila 1. Florida P&L pf (7).. Foltis Fischer Corp. Ford M Can A (1.20), Ford M Ltd (p373). P @ S naill 8 Inter 95° a5 2 B ue i 41100 100" 100 8izs '80, 103% 103% 103% 1 Lone Suar Gas 4647 38 * 93 ° 9 4Ta P & L 85 '8 9N 97T 97y 90% 9014 9374 H O 14 0 3¢ 84" 84" i t 85 87, 91 i A 20260 104%, 104% 104% B'2030 89 ' a9 ' 89 a: 71’. L FEE o £2° % s e he B>, 22y PRI IT @mmann 55 L 0 53 rerarorn O O £3 3353322 40 23 FOREIGN BONDS. Mg Bank 7s ‘48 8¢ mton.!': :h G EiEs3 % | profit about $150,000, against $: Foremost Dairy Pr.. Foundation For Shs.. Fox Theater Cl (A).. Jeneral Aviation. .e “eneral Baking. Gen Baking pf (3)... ien Baking N Y wi.. Gen Capital Corp sen E Ltd rt (p70c) . n Empire Cor ¢J). 1 714 Gen G&E cv pf B (8) 600s Gen Petroleum wi... b Gen Th ev pf w..(3). Glen Alden Coal (8). Golden Center. Gold Seal Elec new.. Goldman Sach TC .. e Bonmd S 3 19 i Pl Aluminum Co of Am 2755 1464 2 32% 1% 5 614 107 a 3% 8% 2 115% 28 THE EVENING STAR, WASHINGTON, ~Prev. 1930.~ 18 Gorham 155 5814 Gulf Of) 85 15 1% 11% 20 4 261 Inter: 3 16% Lef 1% 19% » 7 Marconi 18 5 04 26 12 3 % 2 115% 28 5 16 5 195 98 % 33 2 R 2 44% S Schul 20 6 1 30 34 15 Starrett 18 2 2 13 19 [ 6 56 87 i 14 1 55 10 2% 125 20 21% 14% 21 annual payment ment dividend. 1% in’stock. 3% in stock. Grt A&P Tea n.v. 17% Guenther Law (2). 314 Hudson Bay M & B7% Humble Ofl (1214). 2% Hygrade Food Prod. 11l Pwr & Lt pf (6)..100s Imp Oll of Can (50e) 12% Ind Ter Lllu Ol (A).. 5% Insurance Sec (70n). % Intercontinent Pet n 45% Intl Hydrocv pf 3%. 10s ‘nt Petroleum (1). Int Superp (11.10), Iaternat Ut (B) ate Ecn pf(3) % Irving Alr Chu war. Klein (H) ptpf...... % Kolster-Br (Am Sh). 514 Lefcourt Realty 1.60 ourt Real pt (3) *s Inc war). Star G Louisiana Lan & Ex. 8% MacMarr Siores (1). 3% Mass Util Asso. % Mavis Bottling. B55% Mead Johnson(1313), 7% Memph N G Co (60c) % Met & Min Ine (1.20). 1% Met Chain Stores. 24 MId St Pet vtc A. % Mid St Pet vtc B. Mid WSt Ut (1%). 14% M1d West Ut (b8%) 14% Miller & Sons (2 % Mining Corp of Mo Kan P L (b10% % Mo Kan P L vte. ... Moh H P 2d pf (7). 3% Mount Prod (1.60). 34 Nat American Co. Nat Bond & Sh(75¢c). Nat Sh Tr SecA (50c) 26% Nat Sugar NJ (2)... 114 Nat Transit (1) 1% Nat Union Radlo. Nelsner Bros pf (7) 37% Newmont Min (4) % N Y Pow & Lt pt Y Tel pf (61%). % No Am Aviat A war, i Ohto Copper. 100% Ohio Ofl n cu 4% Outboard Mot (A). 25% Pac G&E 1st pf (1%) 5% Pac Western Ofl. % Pandem Ofl. Pennroad Corp. Peop L& P A a2.40.. 20% Ple Bak of Am A (2). Pitney B P n (20c).. 9814 Pitts & L Erie (5 14 Prince & Whitel 12 Prince & Whitely 3% Producers Royal (1), 74 Prudential Invest Pub Sve. Nor I11(8) 4% Pub Ut Hold (50c % Public Utfi Hold Puget S P & Lt pf(6) 3% Railroad Sh (50c). .. 341 Rwy & Lt Secur (13).100 14 Rainbow Lum Pr B 1% Rellance Int (A). % Reliance Int Cor ( % Repetti Candy 13 Reynolds Inve: Richfield Oil. Cal pf 2% Rossia Int Corp Rubberoid Co (4 & St Anthony Gold. 10% St Regis Paper (1).. % Salt Creek Con (40¢c) 5% Salt Creek Prod (2). Saxet Co. il 3ta Schlet & Zander pf. 314 Schulte Real Esta; % Schulte Un bc-51 St. elected Industries elec Ind (full pd 1% Selfridge Store(27c. % Sentry Safety Cont., 2% Shenandoah Corp. .. Shenan Corp ptf (a3). 3% Silica Gel ctfa. . . 18% South Penn Oil (2)., 24% SoCal Ed pf B (134). SouthidRoyalty (60c) 56 SW Dairy Products.. 3% S W.Gas Utilities. 117% SW Bell Tel pf (7).. 100s 1244 Spleg May Stern pf.. Stand O1) Ind (23%4) 18% Stand Oil Ky (1% Stand Oil Neb ( 43% Stand Ofl Ohto (2 Received by Private Wirs Direct to The Star Office 'k and Sales— Stoc Dividend Rate, ~ Add 00. Open. High. Low. Close. 23 23 1861 18614 18 18 697 Ine of (3). 1 28 23 5). 108 186% 1863 118 18 of Pa (1%). 12 70% 697 4% 60% 2% 89% 1% 15 % 14 43 14% 22y 64 27% 1 4% 601 2% 8914 5 10 1 11 1 2 15 Int M(p3sc) 9 5 S e B R 000 00 ho i 01 50 G 00D 53 00 e i 00 100 b O AT i 1S DN 08 6. SeNE A AN =D e 8903 0 Ok kb N S i B30 R IR RN DR R B ) 2 . 9 508 £0 ). ). %) 3) Corp of ¢ 16% Stutz Motor Car n Stllivan Machine Sunray Ol (b5%) 40% Tampa Elec (2) 5% Technicolor Inc 4% Teck Hughes (60c) Thatcher Sec Corp. .. 102 Timken Det A pf (7). 20 1% Tobacco Pr Exports. 3% Tran Con Air Tran.. Ungerleider F Corp. . 13% Un N G of Can (1.40) Union Ol Assoc (2). % Unicn Tobacco. ... Utd Corp (w 1% Utd Dry Dock: Utd Found b2-35 sh 6% Utd Gas Corpn. 2% Utd Gas (war), 8114 Utd Gas pt (7). 19% Utd Lt & Pow A (1). Utd Lt & Pwr B (1). Utd Lt & Pow pf (6). 3% U 8 Elec Pow ww 1% Utd Stores. .. 7% UtILP & Ltat 45% Vacuum (4).. . Van Camp Packing. 1% Van Camp Pkz pt % Venezuela Petrol. Walgreen Co. 5% Walker (H) (1) Watson (J W) Co % ‘West V Coal & Col Western Md pf. Wheeling Steel Corp. 158 Williams R C (1.40). 7% Zonite Products ¢1)., RIGHTS. 10% Com Edison Pacific Gas & 13% Pub Srv N 111 Dividend rates in_dollars based on last *Ex a Pavable in cash or stock Plus 5% 5 Plus 2 n Plus 8% 2 1 10% 10% &% 132 24 1% 20% 20% 207% augrterly or semi- TPartly extial iPlus 4% in b Payable in stoc g Plus 6% in stock. k Plus 10% in stock. m Plus ®xpire 10 9 4 20% 13% .Fel dividend 5% in stock. t % “in stock. in stock. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, January 13.—The fol lowing is a summary of important cor- poration news prepared by the Standard Statistics Co., Inc., New York, for the | Associated Press: | News Trend. Corporate news consists largely of | items pertaining to 1930 operations and is generally of a rather unfavorable caliber. Adverse dividend announce- | ments were published in the past day by Cockshutt Plow and Pacific Invest- ing. Acquisitions of properties were re- ported by American Commonwealths Power and Swift & Co. Preliminary figures of domestic crude oil production for last week shows output was further reduced by 8,427 barrels to the lowest in more than four years. The Companies. American Commonwealths Power completes acquisition of Alberta, Sas- katchewan amd British Columbia gas '« |and electric rroperuu of International H per Co. 1980 364,432 earned in 1929; 1930 preferred share el:rn’lnn”’ estimated $1.68, agalnst $4.05 1929. Brooklyn-Manhattan Transit—Transit Commission preparing revision of valu- ations in preparation for unification ™ Buckese Pipe Line Dflur deliy ve eries off 21.5 14.3 per cent. Chartered Investors liquidating value |on December 31, $15.18, against $27.10 | December 31, 1929. Chicago Rallways—OCity council grants |more time for acceptance of unifica- tion ordinance. Childs Co. closed one Boston restau- rant; has three others in that city. | Cockshutt Plow Co. Ltd., 15 cents quarterly common dividend: paid 25 cents formerly. | " "Colorado Fuel & Iron receives 17,200~ ton rail ordef from Chicago, Burlington & Quincy. Consolidated Retail Stores December sales off 10.9 per cent; 12 months off 1.5 per cent, Denver & Rio Grande Western Rail- | road to spend $1,500,000 on rails and improvements in 1931. Engineers Public Service December electrical output up 5.8 per cent, 12 months up 9 per cent. Douglass Alrcraft receives $567,137 Government contract. | Eureka Pipe Line December deliveries | up 1.1 per cent; 12 months off 4.1 per o per cent; 12 months, off ent. General Pathe service liquidating value on December 31, $12.65, against $26.40, adjusted for stock dividend, on December 31, 1929. Illinois Pipe December and 12 months deliveries off 19 per cent. Inland Steel receives 6,000-ton rail order from Chicago, Burlington & cy. International Utilities acquisition of utility properties wmgl:u by Amer- ican Commonwealths Power. Jewel Tea sales, 4 weeks ended De- cember 27, off 11.2 per cent; 12 months off 7.7 per cent. Kroger Grocery & Baking sales 5 weeks ended January 3, 5.4 per cent below sales in 4 weeks and 4 days end December 31, 1929; year ended Jan- uary 3, off 6.8 per cent. Miami Copper output to be cut by one-third. Pacific Investing Corporation passes $1.50 quarterly second preferred divi- dend. Radio Corporation of America Gold Seal Electrical files suit in Federal court, Wilmington, alleging anti-mon- opoly act violation; plaintiff seeks to enjoin patent action. 4 Swift & Co. purchase of Neuhoff Packing and subsidiaries completed. Texas Corporation president estimates 1930 earnings at $1.52 share, against $4.90 in 1929; investment expenditures in 1930 approximated $54,000,000. United States Steel receives 13,300~ ton rail order from Chicago, Burling- ton & Quincy; Tennessee Coal, Iron & Railroad subsidiary works resume. United Aircraft & Transport receives $641,883 Government contract. Wayne Pump share earnings, year ended November 30, $1.64, against $3.34. Western Union Telegraph November operating income off 76 per cent; 11 months off 42 per cent. i IO, BROKER AIDS UNEMPLOYED. LOS ANGELES, January 13 (#)— William Philpot Morris, stock, bond and investment broker, announced today his company would turn over 25 per cent of its gross profits the next three months to relieve the unemployed. ‘The money, he said, would be distrib- uted to the needy under the direction of the Chamber of Commerce. Morris said he had been assured of the co-operation of other stock brokers, who told him they would teke similar steps. e Japan is increasing its aid to its silk industry. s g o % YIELDS IN STOCKS | those who are concerned more with re- ! between 6 and 8 per cent. | within the last few weeks that both { other words, high yields during the pe- | dividends from all present indications| { have also had opportunities for yield| ARE AT HIGH MARK Returns on Many Issues Still Large Despite Market Advance. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, January 13.—The vari- ous stock charts show an average ad- vance in the market of about 15 points since the middle of December. At the low average last month the yields on common and preferred stocks were not | only the highest since 1921, but in some groups they exceeded the income return_that had been given during a much longer period. It is of interest, therefore, to note the investment yields that are still available on the basis of current prices and which are yet of a size to attract turn on capital than in its apprecia- tion. Analysis of Yields. Out of about 1,000 different issues dealt in on the New York Stock EX- change last week “200 show a return ‘There are 120 on which the yield ranges from 8 to 10 per cent. In the group where the spread is from 10 to 15 per cent the number of stocks available at these vields is 115. From that level the list tapers down sharply and enters a field where high dgmgend returns suggest dividend instal y. Stocks that yield from 15 to 20 per cent number 25. Then there is the small group of five iscues on which the range is from 20 per cent to nearly er cent. “R‘:mghly. about 45 per cent of the official list today offers investment op- portunities ranging from the traditional “G-per-cent-with-safety” issues to those that are at the extreme end of the scale of yields, where returns have fre- quently been in excess of the current market price of the stocks to which they were attached. ¥ Owing to the Jarge number of divi- dends that havé been passed in the Iast year, there is a longer list of stocks that yield nothing to’the holder than for some years. Numerically, this amounts to nearly 50 per cent of the entire number quoted from day to day on the New York Stock Exchange. So rapid has been the rise in vari- ous active stocks since the end of 1930 that yields have dropped as much as 2 to 3 per cent. It is doubtful if the investor who is most strongly attracted to securities in periods when they show their highest returns will have again the opportunities that presented them- selves less than a month ago. It has not infrequently occurred common and preferred stocks have sold at prices which seemed to indicate most plainly that their dividends were to be reduced or passed, but which subse- quently have been found to be on a fairly permanent dividend basis. In riod of panic among security holders has been'mo true index of the earning power of the stock or the real dividend policies of the company's management. There are still numerous stocks in the groups yielding between 8 and 10 per cent, as well as in that where the Teturn is from 10 to 12 per cent, whose appear to be secure. In this list are a| number of preferred shares that de- clined abruptly wh~n bonds were gmng‘ down and have not yet, had a recovery, commensurate with that which has‘ taken place in the market for fixed | interest obligations. Second Grade Bonds. Those who prefer to make their in-| vestments in second-grade bonds in- stead of common and preferred stocks such as have not been given in years.| Here again the fecling exists that it will be a long time before income advan- tages equal to those around holiday time are available. The change that has taken place is frequently as much as 1 per cent. In the field of foreign | government bonds it has often been even greater than in common stocks. (Copyright. 1931.) Washington Produce Butter — One-pound prints, 35a36; | tub, 33a34. Eggs—Hennery, 33a35; ceipts, 30a32. Poultry, alive—Turkeys, young, 35a36; old, 30a32; chickens, 28a30; fowls, heavy, 24a25; small, 22a23; Leghorn | fowls, 16; roosters, 13; ducks, 15; keats, | large and young, 50a60; old, 25a30. Dressed—Turkeys, young, 40a42; old, 35a36; chickens, 32a33; fowls, heavy, 27a28; small, 22a23; Leghorn fowls, 18! a20; capons, large, 37a38; small, 32a35; ducks, 24a25: roosters, 15; keats, young, 70a80; old, 40a45. Meats—Beef, 18a23; veal, 18a23; lamb, 19a21; pork loins, 21; fresh shoulders, 20; fresh hams, 22. Smoked —Hams, 26; shoulders, 18; bacon, 27. lard, in bulk, 11%:; in packages, 13%5. Game—Rabbits, 20a30. Live stock—Calves, 12; lambs, 8. Fruifs—Strawberries, 60; _oranges, California, 3.00a5.00; Florida, 2.50a3.50; grapefruit, 2.50a3.00; tangerines, 1.25a 2.00; pineapples, 4.00a5.00; pears, box, 4.00a5.00; persimmons, 1.00; lemons, 4.50; apples, bushel baskets, 1.00a2.00; box, 2.30a3.00; grapes, Emperors, 2.50; Almeiras, 2.75. Vegetables—Potatoes, 150-pound sacks, 3.25; new potatoes Florida, 2.00a2.50, mostly 2.50; Idaho bakers, 100 pounds, 2.75; sweets, per bushel, 1.50a2.00; caulifiower, 2.50; string beans, 5.00: 6.00; cgg plant, 2.50a3.00; parsnips, 1.25a1.50; beets, per 100 bunches, 5.00a 6.00; carrots, per 100 bunches, 5.00a 6.00; tomatoes, 3.00a4.50; peas, 8.50a 9.00; squash, Hubbard, 3.50a4.00; mar- row, 4.00; cucumbers, Florida hot house, per dozen, 2.00; spinach, ; kale, T5a 1 mushrooms, 75a1.00; broccoli, 3.00 24.00; peppers, 2.50a3.00; lima beans, Mexico, 4.50; Iceberg lettuce, 4.00a4.50. SALMO—N PRODUCTION RECCRDS ARE BROKEN Special Dispatch to The Star. VANCOUVER, British Columbia, Jan- uary 13.—All records for salmon produc- tion in Canada were broken in the 1930 peak, which totaled 2,175,000 cases, of which 98 per cent was canned in Brit- ish Columbia, according to a bulletin issued here by the department of immi- gration and colonization of the Cana- dian Pacific Railway. The 1930 salmon pack is 817,000 cases in excess of the 1920 production, the bulletin sets forth, and 74,000 cases more than the output in 1926, the pre- vious high record pack. The biggest percentage of Canada’s annual salmon pack is exported to the United States and sold over the coun- ters of grocery stores and delicatessens, the report concludes. ' current re- | COPPER SUPPLY DECLINES. . NEW YORK, January 13 (/).—Stocks of refined copper in North and South America declined 2,657 tons in Decem- ber to 367,175 short tons as of January 1, the American Burcau of Metal Sta- tistics reports. The total, however, was larger than the 364,930 tons on hand November 1 last. Stock of blister cop- per, including copper in process, drop- ped 5,732 tons in December to 218,7! tons as of January 1, the lowest point reached in several years. e A group headed by Harris, Forbes & TUESDAY, JANUARY 13, 1931. INEW ENGLAND THRIFT LEADS FINANCIAL. T I 1 NATION IN PER CAPITA SAVINGS BY WILLIAM BRUCKART. New England's traditional thrift is again exemplfied in a statement sup- plied by the Treasury, listing the “per capita deposits in savings banks, Other sections of the country may lead in total bank deposits, in checking account totals and the like, but New England's six States remain at the top of the heap ' O in savings with an average per capita deposit of $579.90, cr about $176 per per- son more than any other group of States, The Treasury statistics show that on June 30 last approximately 8,190,000 persons who live in Maine, New Hamp- shire, Vermont, Massachusetts, Rhode Island and Connecticut had combined savings deposits of $4,749,364,000. And that does not take into consideration whatever they might have put away in postal or special Christmas savings. Leading States. Indeed, three States in New England —Massachusetts with $640.09, Vermont with $569.87, and Connecticut with $560.63—had a higher average savings deposit than any others in the Union. The other three—Maine with $397.32, New Hampshire with $484.99, and Rhode Island with $534.52—were ex- ceeded only by New York, which had an average per capita deposit of $546.59. Although New York failed to gain the lead over all of the New England States on a per capita basis, its 12,672,000 per- 30 of $6,926,450,000, an amount greater than all of the New England States combined. Due largely to the high average in New York, Eastern States, including New York, showed an average ger capita savings of $403.96. ‘The 13 Southern States fell to the lowest level of any. Their average per cn‘)lu deposits in savings banks was nly $53.57, yet none of the States in this group sank as low as New Mexico, which mustered only $24.54 in savings accounts for each of its citizens. New; Mexico, along with North and South Dakota, Nebraska, Kansas, Oklahoma, Colorado, Montana and Wyoming, con- stituting the Western States, reported | an average of $67.71 in savings per capita. s Midwestern Group. Ohio, Indiana, Illinois, Michigan, ‘Wisconsin, Minnesota, Iowa and Mis- souri, in the Middle Western group, showed an average savings account of $177.73, an average held down by the low mark of $85.19 for Indiana. The Pacific Coast States reported an aver- age of $242.22. Among these was Cali- fornia, with an average of $325.79, higher than any other State outside of New England, excepting New York. ‘Territories and jons of the United States averaged $5.34 per capita in their savings, although Hawali had an average of $103.87 and Alaska re- ported $93.86. The 11,325,000 persons ERAN AND COTTON. PRCES INPROVED Cattle and Lambs Also Higher in First Ten Days of Month. Some of the rice chan in staple farm products gmu the g\ 10 days 133 the Unhed States Depactmens s the Uni t Agriculture, Bureau of Agricultural Economics, Market News Service. Grain, cotton, cattle and lambs ad L the other hand, the position of feeders ‘was weakened by higher wholesale costs of millfeeds and the continued weak- ness in the hog dairy markets, Egg prices shifted back and forth with sup- plies and the weather, Potato markets showed underlying firmness, but cal bage and onion prices fell away slight~ ly under heavier receipts. ‘\mnu activity showed some tendency to in- crease as usual at the time of year and general market tone seemed more confident. Produce Supplies Increase. steady. Shipments have increased in the Philippines had an average sav- ing of only $1.57 each. sons had total savings deposits Jast June (Copyright. 1931.) CORN HAS SUPPL AS LEADER By the Associated Press. CHICAGO, January 13.—The grain world witnessed the. coronation of a new cereal king yesterday in its mightiest ex- change, the Chicago Board of Trade. By decree of the directors, native American corn was elevated at the open- ing gong to the throne occupied for 28 years by wheat, the main cereal food of man from time immemorial. The remnant of a once mighty group of wheat traders transacted their last deal, for the present at least, in the big wheat pit Safurday and, moved across the floor of the vast trading room to the smaller pit built for brokers who deal in corn. The corn traders took over the wheat pit in the center. N@w Uses for Corn. on anomalous situation. Wheat continues to be the headliner in all the other major grain exchanges of the world. But Chicago has substituted corn, once used principally as food for cattle and hogs. the cereal was put to much wider uses and it has grown rapidly beyond the johnny-cake stage. Much corn oil is extracted for salads and cooking. Huge quantities go into breakfast foods. Be- cause of the removal of the govern- mental restriction on the use of un- labeled corn sugar a large supply is expected to go into the corn sugar plants, The dethroning of wheat as the leader the Board of Trade creates an | After distilling was barred | The reason for the abandonment of ANTED WHEAT IN CHICAGO PIT the wheat pit, however, is the attempt of Government-sponsored agencies to prevent wheat prices ‘declining below certain minimum levels. Wheat trading has fallen below that of corn. No wheat of the various 1930 crop options is of- | fered below fixed levels, for the Govern- ment's agencies would buy, and none is bid for at higher prices because the; would sell some of the 100,000,000 bush- els they hold. Since these levels are artificially set at from 18 to 25 cents a bushels above prices prevailing in other market cen- ters for the same delivery, private wheat traders are afraid to purchase. Conse- quently the Federal traders are doing practically all the trading in 1930 wheat. Corn Sales Mount, With trading limited to the July op- tion of 1931 wheat, traders drifted to the corn pit. The greater number of men crowded on the steps of the smaller pit attracted the attention of Board of Trade officials. They also saw the al- most abandoned wheat pit. Sales of | corn doubled those of wheat. The amount of trading in wheat fu- ture deliveries is only a trickle of the once vast stream. The number of bushels sold during the week ended yesterday was 68,941,000, while in the correspond- ing week last year 251,129,000 bushels were sold. The amount of corn sold last week was 131,138,000 bushels, as compared with 33,161,000 bushels a year ago. Wall Street Briefs By the Associated Press. NEW YORK, January 13.—New municipal financing scheduled for this week totaled $51,485505, compared with offerings of $18,933,000 in_that classification last week, the Bond Buyer reports. The total to be awarded in- cluded a $30,000,000 Province of On- tario 415 per cent issue scheduled for ‘Tuesday. Domestic issues amount to $21,485,505, of which the largest is an ' issue of $15,000,000 Arkansas six-month notes for highway construction, sched- uled for Thursday. Tulsa, Okla., will place an issue of $1,750,000 improvement bonds Friday. ‘The average yield on all active cash dividend-paying stocks listed on the New York Stock Exchange was 8 per cent at the beginning of January, ac- cording to the monthly compilation by Moody's. This contrasts with the peak of around 9.5 per cent reached at the middle of December and the average of 8.35 per cent on the first of that month. Northeast Appliance Corporation, manufacturers of automotive equip- ment, and the Delco-Light Co., makers of individual electric plants, water and gas systems, have consolidated their tivities in & new corporation, the Delco Appliance Corporation, a subsidiary of General Motors. Dissolution of General Bakifig Corpo: ration, after the exchange of its com- mon and preferred stock for common nd preferred stock of General Baking Co., the operating unit, is proposed in a plan of capital readjustment which has been sent to stockholders by a commit- tee recently appointed. Holders of $6 preferred stock of General Baking Cor- poration will be entitled to receive for each 100 shares 150 shares of new com- mon of General Baking Co. and will Teceive debentures in settiement of dividend arrears. Holders of General Baking Corporation common will re- ceive for each 100 shares three shares of new common stock of the operating company. Public offering is scheduled today of $34,983,000 Detroit Edison Co. general and refunding mortgage 4': per cent gold bonds, series D, due 1961, at 100 and interest, yielding 415 per cent, and 3,000,000 Arkansas Power & Light Co. first and refunding mortgage 5 per cent gold bonds, due October 1, 1956, at 98 and interest, yielding 5.14 per cent, Motor vehicle registration and gaso- line taxes have increased 510 per cent since 1921, according to the 1931 edition of Highway Tax Costs, compiled by John E. Walker, former special assist- ant on taxation to the Secretary of the Treasury, which was released today by the National Automobfle Chamber of Commerce. POTATO MARKET. CHICAGO, January 13 () (U. 8. Department of Agriculture).—Potatoes, 89; on track, 184; total U. S. shipments, 711; steady: trading fair; sacked, per hundredweight, Wisconsin round whites, BITUMINOUS TRADING IS QUIET IN DECEMBER Special Dispatch to The Star. NEW YORK, Januuary 13.—Quietness marked the demand for domestic lump in the bituminous markets of the coun- | try in December. This condition re- sulted in numerous curtailments in production, with the result that inter- mediate sizes—egg and nut in particu- Jar—moved into a much stronger posi- tion than they have occupied in recent months, Coal Age reports. ction in output also decreased the available supply of slack and screemings to a point where it failed to come up to the demand. Consequently, price increases on. these sizes were reported in a large majority of the consuming centers. December production of bituminous coal is estimated at 39,716,000 net tons, an increase of 1,054,000 tons over the November output, and a decrease of 7,330,000 tons from the total in De- estimated at 6,150,000 net tons for cember, which compares with 5,207,000 tons in November and 7,377,000 tons in December, 1929. Shippers of the country, through estimates submitted to regional advisory boards, anticipate a decrease of 3.8 per cent in_the shipments of coal and coke in the first quarter of 1931, as compared with the total in the same period last year. Total carloadings of coal and coke for the first quarter are expected to be 2.379.632, against the 1930 figure of 2,473,227, The Coal Age Index of spot bitumi- nous prices (preliminary) for Decem- | ber settled at 146, as compared with 147 in November. Correspon: weighted average prices were $1.77% in December, against $1.78 in November. In spite of cold weather, the country’s anthracite markets went through a quiet month in December. Demand for stove and egg was light. Chestnut, on the other hand, had a good month, Pea coal moved into position as the ranking size and the supply was never sufficient to cover the demand. Buckwheat led the steam coal list, though it was not as tight as in past months. De- CASING SHIPMENTS. NEW YORK, January 13 (#).—Ship- ments of pneumatic casings by United States tire manufacturers in November totaled 2,834,331, against 3,499,300 in October and 3,338,671 in November, 1929, the Rubber Manufacturers’ As- sociation reports. Production last No- vember was 2,653,861, against 3,582,416 in October, and 3,378,221 in November, 1929. Inventories showed 9,594,732 casings on hand November 30, against 9,802,687 October 30. STEEL MILLS MORE ACTIVE. NEW YORK, January 13 (#).—Chi- cago steel producers are operating at slightly above 40 per cent of capacity this week, a small increase over the preceding week, Dow, Jones & Co. re- Eorhs Two blast furnaces recently anked are likely to resume in a week or 10 days. Rail output continues at cember, 1929. Anthracite production is | 3¢ Eastern potato markets held nearly and were heavier than for the same time a year ago. Cabbage was a little lower at’ shipping points in Western New York at $14 per ton bulk or $16 sacked. The new York celery season closed with a record of about 5,400 cars shipped, or 1,600 more than season. The country market was rather dull at $2.35 t0 $2.40 per two-thirds crate. Lete tuce markets were weak and prices lower everywhere. Western New York~ shippers received only 85 cents per 100~ pound sack for yellow onions, or 48 cents per 50-pound bag. Sweet tatoes Geclined generally, with bushel hampers from Delaware and Maryland Jobbing at $1.25 to $1.75 and New Jer~ sey stock at $1.90 to $2.75. Field beans were still in light de- mand at New York, but an undercurs rent of firmness developed toward the middle of the month. A sligh stronger undertone also was at Jacksonville, New Orleans and San Antonio. Some improvement was re| at Chicago, were light, due to holdi the part of many deals Butter Market Irregular. Eastern butter markets recorded fur- ther declines, but Chicago appeared more steady. The greatest strengh was exhibited on the grades from 87 to 90 scores. This class of goods on prac- tically all markets was in limited supply the first 10 days of January and was closely held. The increase of fress ar- rivals apparently curtalled the demand for storage butter. Cheese production continues to fall short of a year ago and, in spite of fa- vorable weather and feed conditions, has not shown more than the 1930 in- crease since the week of low receipts the last part of November. sion of milk from condensories, cream-. eries and fluid milk and cream to cheese has taken place because of the relatively higher cheese prices, but the actual quantity of milk thus di from gne regular cm:mels &lh as rather insignificant, as gener- ally considered easler to divert milk from cheese to other products than from other products to cheese. Egg markets have experienced the usual Midwinter variations in the vol- Aecordingly. Appareniy " the. counisy accor . Apparen has been pretty well cleared of market- able chickens, for most of the stock now arriving is and staggy and to be sold for whm':z:.r ‘it will age hed on February 1, b rially lighter this year than a year ago. and considerably lighter than the five- year average. Producers of poultry should experience & much stronger mar- ket for the first half of 1931 than they had in 1930. Active Live Stock Markets, Considering supply volume which showed a rather marked ase over mu’kketi.n v-lflthe e%nv\oul 'ee:.ln.lli; e performs fi?dm the first full week of the’calen: year, cattle, sheep and lamb values working her, and the hog market experiencing only moderate downward price trend. A comparativaly broad and well sustained demand for &ll species on shipping ac- count was a potent factor strength in the trade. A feature of interest in fleece wools was a much wider inquiry for 56s and 48s, 50s grades. Territory wools were also more active, with sales closed on strictly combirg 64s and finer graded wools at 68 to 71 cents, scoured basis. French combing wools of this- grade 1d at 63 to 67 cents scoured basis, for graded wools, while original bag lines, the Lulk of which was of this class and grade, sold at 62 to 67 cents, with choice offerings held at higher figures. Grain and Feeds Higher. Grain markets held generally firm during the first part of January. Corm prices remained firm or were slightly advanced at the principal markets as & result of the continued good demand for the moderate arrivals, Oats and barley were firm with corn. There were no new developments in the rye market and prices were practically unchanged. Flax turned firmer and domestic mars kets advanced. ! Reduced offerings and a material im= provement in demand, ther with stronger grain markets, forced wheat millfeeds sharply upward in Eastern and Central Western markets during the first part of January. Advances in cottonseed meal prices, averaging be= tween 50 cents and $1 per ton, were registered at most markets early in the month. Some improvement in demand has developed in the new year. Gluten feed in Eastern markets was firm, with a fair scattered demand for the liberal prompt and January offerings, but prices were unchanged. The hominy- feed situation was strong in this area, with good inquiry for the rather light offerings. Demand for high-grade hay of all classes has remained fairly active, and the light offerings of that quality have moved readily into consuming ~chan- nels. Supplies of timothy and clover hay remaining for market are rela- tively smaller than other classes and in many of the larger producing States 50 per cent of capacity. 3 SR British labor leaders are complaining 1.45-1.60; Idaho russets, No. 1, 1.80-1.9¢ ew higher; Colorado McClures, bra: ed, few sales 1.85-1.90. oday Previous day. Week ago Month ago... Year ago. Two years Low, 1930-31. High, 1929 Low, 1929, Co. has purchased for early public offering an issue of $4,000,000 Texas| Power & Light Co. first and refunding mortgage gold bonds, § per cent, due 1956, that less than half the members of labor organizations contribute to the political funds of their unions. STOCK AND BOND AVERAGES By the Associate MONDAY, JANUARY 12. Press. STOCKS. ies Co.) ar: the smallest in many years. GRAIN MARKET CHICAGO, January 13 (#)—Grains scored fresh upturns today after a hesi- tant start. Persistent scantimess of corn, together with dearth of moisture in domestic Winter wheat territory, stimulated buyers. of the Federad Farm Boa saying the Grain Stabilization Corpora- tion had taken so much wheat there was not much left to purchase. Opening unchanged to 13 cent off, corn later showed a general advance. Wheat started at % cent decline to cent advance and subsequently rose around. Scarcely any corn was offered for rural shipment to Chicago, and hold- ers at interior points were as having received bids 2 cents & bushel higher than obtainable here. Zero weather prevailing over parts of the corn belt was regarded as likely to in- crease feeding demand. ar- rivals, 634,000 bushels, although some= in wheat were % R with 41,000,000 9,000,000, compared bushels in Chicago. A sharp advance at Minneapolis was also a bullish factor. Oats followed corn. Provisions reflected the course of hog