Evening Star Newspaper, January 15, 1931, Page 15

Oils Sell Off—Copper and Motor Issues Are Steady. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, January 15.—Irregular- ity marked the opening of the Curb Exchange and continued throughout the first few hours of trading. Public utilities displayed mixed price trends as ofls eased. The coppers and motors were firm, but investment trusts and miscellaneous industrials lacked uni- formity. Among_the power and light issues Flectric Bond & Share, after opening up slightly, sold off about a point. This was due to estimates of $1 a share on the common of American & Foreign Power, its principal foreign subsidiary. ‘Warrants of the latter company eased. Cities Service, allowing for its being ex- dividend, was down a shade. Foreign shares met the first flurry of selling as a result of weakness in Lon- don and budget discussions in Berlin. The softness in United Molasses was attributed to the forthcoming annual report, which is expected to be un- favorable. Brazilian Traction & Light was sold following its declaration of a 2 per cent dividend in common stock on the com- mon, or the same rate as paid in the previous quarter. At that time the stock dividend was declared in lieu of the; usual payment in cash. U. S. LUMBER INTERESTS WILL DISCUSS IMPORTS By the Associated Press. Legislation relating largely to the difficult trading situation created by importations from Russia of lumber produced by conviet and forced labor will be considered by the Board of Di- rectors of the National Lumbsr Manu- facturers’ Association in Chicago early next month. Other national legislation to be dis- cussed at the meeting will relate to proposed changes in the attitude of the Federal Government toward industrial agreements that will have the effect of promoting the conservation of the Na- tion's timber resources. It is said that unrestrained competition, which s now virtually enforced by the anti-trust laws, is inevitably resulting in overproduc- tion of lumber and wasteful manufac- ture which, in turn, mean the unneces- sarily rapid depletion of the country's original timber stand. COTTONSEED REPORT. By the Associated Press. Cottonseed crushed during the five- month period, August 1 to December 31, was reported by the Census Bureau to have totaled 3,135,202 tons, com- pared with 2,917,123 tons in the same period a year ago. Cottcnseed on hand at mills December 31 was 991,341 tons, compared with 1108457 tons a year ago. FCottonseed products manufactured in the five-month pericd and on hand December 31 were: Crude oil produced, 944,242,206 pounds, and on hand, 114248422 pounds, compared with 90,752,046 and 115,884,530, Refined oil produced 765,392,230 pounds, and on hand, 428609270 pounds, compared witl, 721,454,637 and | 425.459,221. Cake and meal produced, 14143813 tons, and on hand 298.139 tons, com- | pared with 1,206,131 and 202,983, { % Hieh. Low. Noon. | 10 Alsbama Pw 475 167 99 29 5 Alabama_Pow $5 '68102 1017 102 & E 56 Crucible Steel Cudahy Pkg 835 Duauesne Gas 65 '45 East Utiut Inv 55 '5¢ 87Eiec P & L 55 A 2 2 Federal Wat § Firestone C M Pisk Rubber 8} P&l Bttt atneai s ors ! e o0 3, B8 N O N 1 Southw G&E 55 A '3 4 Southw Nat G 65 " b PAL 0 8 5 Te: 3Texas Gas Ut & ;vnf in January. POREIGN BONDS. Mtz Bank 75 49 LR ; Note—All stocks are s0ld in one hundred: those designated by the lette: excepting -share lots X ('f') (2508), which shows those stocks were sold in odd lots. Stock and DU 20% " Alu Co of Am pf (). Alum Ltd A war. Am Arch Co (3) Am Capital (B) Am Cigar Co. Am C P&L (A) (a3). AmCityP&L B b10%. Am Com P A (b10%) Am Cygnamid (B). Am Dept Stor Am Equities Am For Pow (war) Am Founders. ... Am Gas & Eln (11) Am Hardware (15) Am Lt & Trae (3 Am Maricabo. Am Superpowr. . Am Superpwr 1st(8) Am Ut & G B vte 20c. Anglo Chil Nitrate. . Appalachian Ga Arizona Power. Arkansas Nat Gas. Ark Nat Gas (A).... Asso Gas & Elee. .., Assoc G & E1 A (a2). Assoc G & El war Assoc G & Eall etfs A850 G & El ctfs (8). Asso GRE (A) dbrts Asso G&EI pur rt Asso Rayon. Asso Rayon Atlantic Lobo. Atlantic Secur Corp. Atlas Util COrp. ..... Aviatioa Cor of Am. Babcock & Wil (7). Bahia Corp. ... Bellanca Afrcraft, Blie Ridge Corp Blue Ridge cvpf(a3) Brazil Tr&Lt(b8%). BriATcouB1.17 8-108 Buff N&EP pf (1.60). Buff Nia&EP 1st (5). Bureo Inc cv pf (3) Bwana M Kubwa, Canada Marconi Cent Pub Svec A al7 Cent St El (k40c).... Centrifug Pipe (60c) Chain Stor Chat Ph Aln.v, Cittes Serv (g30c) Cities Serv pf (§) Clev El llum (1. Colombia Syndicate Colon Ofl. Col 0il & G Com Edison (8) Com & Sou war. Com Wat Sv (b6%) Consol Copper. ... 4 Consol Dairy Prod. . Cons Gas Balt (3.60). Cons Gas Util A 2.20. Consol Laundries(1) Consol Retail Stores. Consol Royal (30¢).. Consol Trac N J (4).100s Contl Share cv pf (6)1005 Cooper Be Cord Corp. Corroon & Reyn Cosden Ol... Creole Pefroleum Crocker Wheeler. Cr Cork Int A (1).. Curtiss Wright war. Dayton Alr & Eng. Deere & Co (£1.20)..; De Forest Radio. ... Detroit Alrcraft...s. Douglas Alreraft Dow Chemical (2). Dresser Mfg (B) (2 Driver Harris new.. Dubilier Cond & Rad Duke Pow (5)....... 4 Duquesne Gas Cp wi. Durant Motor: Durh Duplex pr pf. Duval Tex Sul wi East St Pow B (1). East Util Asso (2)... dizon El Bros 18.60. ler Electric Corp. Elec Bond & Sh (b§), El Bond & Sh pf (6) Elec Pow Asso (1). Elec Pow Asso A (1 Emp P Ser A (a1.80) Engineers Gold Evans Wallow Lead, 4 Fabrics Finishing. Fansteel Product: Federated Capital. .« Flintkote Co (A). Ford M Can A (1.20). Ford M France p28c, Ford M Ltd (p3734).. Fox Theater Cl (A) Franklin Mfg Co. Galena 01l Corp jeneral Aviation. . e “jeneral Baking Gen Baking pf (3). Gen Baking N Y wi ien Fireproof (2) en G&E cv pf B (§) 350 en Ladndry Mach. . Gen Th ev pf w.i.(3). Gleaner C Harv new. Glen Alden Coal (8). Globe Underwrite Gold Seal Elec new Golden Center. . Goldman Sach T Gorham Inc pt (3). GrA&PT ot (T) Grt A&P Tean.v.(5).110s GultOflof Pa (1%). 5 Helena Rubenstein. . Hollinger Gold (8 Hudson Bay M & 8. Humble Ol (12%)... Imp O1l of Can (60c) Ind Ter [1lu Oil (A) Indus Finan ctfs.. Irdus Finev pf (1)..100 Insull Inv 'b6%) Intercontinent Petn ‘at Petroleum (1 Internat Produet, Int Supe 4 Iaternat Ut (B)... 26% Interstate Een pt(3) 17 "talian Superp (A).. " s » 2 Pt TN A0 DN B AN R A NP TE NN E 2 B 3 s 4 28 % Loulsiai MeCord Memph Mid 8t Midvs Nat Pul Sh N Newb. NY Tel Niag-Hi Niag-Hi Niag-Hi Nia; Niles-Bi Ohlo O Wel Pub Ut Pub Ut 5% 5% 235% 2853 1% 1% 8% 8 Xy % 82145 8214 15 13 Richflel, R ot Ce Sehult Schulte S man Service Shenan Smith ( SW Dai St Pow Swift & 102% 102% 14% 14% 13% 133 6% 6 % % 1% Tampa UnNG Utd Unit Ch, Utd Lt Ctd Mil Utd Ret U 8 Lin, Utd Sto Walker Wayne A v1l-Lo Winter stock. s Payabl ment_dividend. 1% in stock. 3% in stock. 1 Plu 3 Plus n Plus Mid W St Mid W Mid Roy ev pf (2) Co (4 Mty BC Am sh 3.82., Mount Prod (1.60) Nat American Co. Nat Aviation...... Nat Fam 8 (b10%). Nat Investora. Nat Pub Sve pf (T).. | Sugar NJ (2)... t Inc cv A (1.60 Neptune Meter A(2) ) Newmont Min (4)..., NY Honduras (11%). N Y Steam Cp n w. N Y Transit (1.60) Niag-Hud Pow Cw.. J a Sh, Md(40¢) Niagara Sh,Md war.. Novadel-Ang (14 Outboard Mot (A) Outboard Mot (B)... Pac G&E 1st pf (1%) Pac Pub Sve A(1.30). Petrol Corp wa . Premier Gold (12¢).. Pub Sve No 111 (£).... Public Util Hold war Pure Of1 pf (8)...... Rajnbow Lum Pr A.. Rainbow Lum Pr B.. Lt & P (90c)... o Royalty Cp pf $1.70.., Ryan Consolidated. . Ryerson (J) (2) SafeCar H&L (8).. St Regis Paper (1) 1t Creek Prod (2 board Ut (50c) . Selected Industries. . Selec Ind (full pd).. Starrett Corp pf (3). Stein (A) & Co (1.60) Swift Internat (3) Swiss-Am EI pf (6). Technicolor Inc..... Teck Hughes (80c).. Tobaceo Pr Exports, TransLuxDLPS. ., Tri-Cont Corp (war). Truns Pork S (1.60).. Ungerleider F Corp.. Union Am Invest. ... Union Oil Assoe (2), Unicn Tobfeco. ... Utd Corp (war)..... Unit Elec 8v (pl.41). Utd Found b2-35 sh. Utd Gas Corpn. Utd Gas pf (1) . 45 US Elee Pow ww. 1 S & Int Secur..... 8 & Int Sec 1st (5) Util P& Lt at1.02%. UtP&LctsB at1.02%. Vacuum (4)...... . Zonite Products ¢1).. RIGHTS. Com Edison..Feb 2z 1 Pacific Gas & Elee. .. D. C, THURSDA (HIGH MARK SCORED | | BY INSURANCE MEN) vt ovest . Received by Private Wire Direet te The Star Office ‘Open. [ Lew. Righ %1 » Long Isl cu pf B (6).. Lan & Bx, Mayflow Asso (12) Rad&Mfe B. N G Co (§0c) Met & Min Inc (1.20), | Pot vic B Ut (1%) Ut (b8% Members of Local Club Write More Than $7,000,000 Despite Depression. Members of the Insurance Club of Washington secured new business in 930 to the amount of $7,658,045, or an average of $319,000 per member. Furthermore, 50 per cent of the mem- bers wrote more new insurance during 1930 than in 1929, in spite of the pre- vailing depression. ‘The highest lverl‘]e amount of in- surance written by the nsems of any one company in the United States dur- % | ing 1930 was $100,000. This means that A L0 Tr SecA(50¢), 3 ry JJ pt (T) g » - = - RN AN e SN S AR NI n DR NN A S LS T e A A Pf(83%).. ud Pow (40c) 'ud Pow A w.. ud Pow B w.. em-Pond (2). 1 n cupf(6).. stern Ofl, I o3 Hold (50¢).. Hold xw 50c. S d Oil, Cal pf. N Int Corp. . o Un be-81 St. 5e-$1 8t pt. 2 Broth: 3). Sta A (2.60). 268 Corp pf (a3). 1 Sherwin Will (t43%). Tbs A 0) (2) S0 Am Air Lines 1st. South Penn Oil (2) 8o Cal Ed pf B (1%). ry Product: Stand Oll Ind (2%).. Stand O1l Ky (13%) Stand Ofl Neb (213). 1 Stand Ofl Ohio (2% ) 250s &Ltpf (1).. 50s 3 @ Saa Conew (2).. Electric (2), Do msnn of Can (1.40) T Fastener. .. em pt pt (3).. 00 N on st 12 . 109 2 &Pow A (1). 29 Utd Lt & Pow pf (6). 1 k Preducts.. 1 Chempf3%., & 10 t (1) rel (H) (1)i..50 1 Pump pf 3%. ir Exp (80 w Cafeterias. (Benj)...... 5 2 3 1 4 1 2 2 6 7 1 4 1 2 7 8% Expire. 13% 172 1% 2 20 13% 13% 17 2 Feb. 2 20% 20% in dollars based on last quarterly or semi- *Ex dividend. in cash or steck. tPartly extra. IPlus 4% b Payable in stock. e Adju & Plus 6% in stock. h Plus kPlus 10% In stock. m Plus s 5% in stock. 2% in stock. 8% in atoek. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, January 15.—The fol- lowing is a summary of important, cor- poration news prepared by the Stand- ard Statistics Co., Inc., New York, for | the Assoclated Press. News Tiend. Dealer sales of Gereral Motors, in. ‘cluding Canadian and overseas shi ments, in Decembcr totaled 80,001 units, the largest for the month in the company's history. This was due "principally to the introduction of new Chevrolet models_in November instead For the year of 1930 dealer shipments aggregaied 1,174,115 units, 38.1 per cent below 1929 and 35.1 per cent under 1928. Domestic con- sumer sales for December were 31 per cent ahead of 1929, but for the year 204 per cent smaller, For the year 1930 retail sales exceeded sales to do- mestic dealers by 22.050 units. Electricity production figures continue to make poor contrasts with a year previous. Output for the United States in the week ended January 10 was 5.5 per cent below the like 1930 period; in the preceding week decline from a year ago was 4.8 per cent, Decline from corresponding 1929 period is 09 per cent, . Tenants of the 1,000 new houses built by the Edmonton (London) Counci already owe $7,000 in back rept. | Trust Co., which PRINCE GEORGES BANK RE-ELECTS DIRECTORS Special Dispateh to The Star. HYATTSVILLE, Md., January 15.— Deposits in the Prince Georges Bark & operates banks both here and at Mount Rainier, now total $3,879,000, it wAs announced at the an- nual meeting of the stockholders. All officers and directors were re- elected. ‘The officers are: J. Enos Ray, president; T. Howard Duckett, vice president and counsel; Neuman G. Dudrow, Perry Boswell and H. C. Byrd, vice uresidents; Thaddeus M. Jones, treasurer, and William Bowle and J. Robert Sherwood, assistant treasurers. Directors include Joseph W. Aman, John H. Beall, Edgar H. Bon Durant, Perry Boswell, George N. Bowen, H. C. Byrd, Arthur Carr, Charles W. Clagett, ‘T. Howard Duckett, Neuman G. Dud- row, Henry A. Friday, George B. Fur- man, Dr. W. Allen Griffith, Summer- field D. Hall, Thaddeus M. Jones, J. Fred Keefauver, George H. Lanhardt, Dr. Verndtn J. Lohr, Alexander Gude, Harry W. McNamee, Oliver Metzerott, Dr. H. J. Patterson, 8. Ma: Peach, J. Enos Ray, Henry 8. Chew_ Sheriff, Benjami Dr. Thomas B. Symons, ‘Welsh and Dr. Hillary T. Willis. —_— FAIRFAX LAND BANK FAIRPAX, Va., January 15 (Special). W. Huddleson was elected —Dr: P. ;3 president of the Fairfax County branch of the Federal Land Bank at the an- nual meeting in the office of J. W. Rust. W. M. McNair was elected vice Je john “W. Rust, sécretary- attorney. m-ulnwfinanm )Hlms, W. B. Doak and H. B. Derr, with | | the officers, will constitute the Board of Directors. 'John Kerns, W. M. McNair |and R. B. Nickell were named mem- | bers of the Loan Committee, with E. E. | Neft and J. B. Armfield as alternates. | The treasurer’s report showed the local bank in a prosperous condition. | At the annual meeting of the Fairfax County Farmers' Service Co. Dr. J. L. Miller of Vienna was re-clected presi- | dent; 8. Marshall Thompson, vice presi dent, and J. W. Pobst, secretary-trea: urer. Directors elected include | three officers and G. A. Hall, C. P. Jones, E. Roller and Howland Kenyon. GRAIN MARKET CHICAGO, January 15 (#).—Scarcity of offerings resulted in brisk fresh up- turns of wheat early today, but selling enlarged, and the gains gave place in reactions. July wheat, representing the new trop, fell back | cents. Closing of spreads between corn and wheat had much to do with fluctuations. Opening at 5-cent decline to 7;-cent advance, wheat, rose all around, and then re- ceded. Corn started lgaly-cent lower, and continued to declin On transient bulges, wheat touched the best prices since October 24. Buy- "|ing on the upward swings, however, came chiefly from previous sellers ad- justing accounts. ~Argentine advices said wheat exports had commenced and clearances were expected to increase. Corn market declines were in the face of persistent smallness of primary re- ceipts, although Nebraska and North- ern Kansas reported a pick-up in the movement. primary _arrivals were 594,000 bushels, against 792,000 a year ago, but were somewhat the members of the local club made a remarkable record, as the figures show that they surpassed the best a mark for the country by $219,000, Many Attend Dinner. Dan J. Harrison, president of the club, presented these figures at a dinner at the Shoreham last evening tendered to the general agents and managers of the local offices. Scores of other equally interesting facts were brought out which indicated that the insurance business is in a very favorable con- dition. Bhort talks were made by nearly all the guests present, the first speaker ng Thomns M. Baldwin, superin- tendent of insurance in the District of Columbia. Another special guest was John A. Snyder, president of the Dis- trict of Columbia Life Underwriters’ Association. Guests of the club included: H. L. Choate, John F. Cremen, R. P. Free- man, Harold D, Krafft, E. D. Krewson, H. O. McLean, Thomas P. Morgan, J. L. McElfresh, David S. Bethune, A. L. Baldwin, Eugene G. Adams, John . D. Carpenter, Paul D. , Vincent Saccardi, John H. W. B. Daniels, Thomas M. Cahill, Thomas M. Baldwin, Romayne ‘Waldron, Horace Winter, Robert P. Withington, ank T. Koons, Maynard C. Burrell, B. J, Lynch and Edward 8. Brashears. Members of the club who were hosts included: Philip L. Baldwin, Dan J. Harrison, George B. Farquhar, Howard J. Jackson, John P. Lynch, James A. Maloney, Laurence H. Riggles, Frank D. Roach, Russell Shelk, Graham E. Wil- % | son, L. J. Myers, M. I. Walter, Alton G. Grinnell, Charles B. Sinclair, G. Lea Stabler, Guy Withers, Larry V. Lamp- son, J. E. McCombs, Herbert Barlow, Prank E. Amick, Paul W. Hammack, R. Clyde Smith, Roger M. McCullough, Paul H. Primm and Raymond V. Ship- ler. The dinner arrangements were in charge of John P, Lynch and George B. Farquhar. Insurance as Investment. Insurance enthusiasm ran high during the talks. A. L. Baldwin declared that agents should never use the term “ca: ry” in connection with insurance. They should say & man “owns” so much in- surance and present the idea on the soundest business and investment basis. Other speakers stressed the harmony that prevails between insurance men in ‘Washington in spite of the keen com- petition. Reference was also made to H. Cochran Fisher, one of the largest producers in_the city, who is now at St. Petersburg, Fla,, recovering from s long iliness. i GENERAL MOTORS CAR SALES ON INCREASE December Report for 1930 Reveals Gain in Machines Sold to Dealers. Special Dispatch to The Btar. NEW YORK, January 15—In De- cember General Motors sold 68,252 cars to dealers in the United States, compared to 36,482 cars in December, 1929, it was announced today. During the same month General Motors deal- ers sold 57,980 cars to consumers in the United States, compared to 44.216 cars in December, 1929. The total De- cember sales to dealers, including Ca- nadian sales and overseas shipments, were 80,008, compared to 40222 in December, 1929. These increases are largely due to the introduction of new Chevrolet models in November instead of in January as in previous years. For the year 1930 General Motors’ total sales at home and abroad were 1,174,115 units, compared to 1,899,267 units in 1929, Last year General Motors Corpora- tion sold 1,035,660 cars to dealers, while General Motors dealers sold 1,057,710 cars to consumers. This compares with the sale of 1,535,852 cars to dealers and 1,498,792 cars to consumers for the year 1920. Whereas the corporation sold 37,060 more cars to dealers in 1929 than dealers sold to consumers, *| the dealers last year sold 22,050 more cars to consumers than they bought from the corporation. i FAIRFAX NATIONAL BANK ORGANIZES FOR YEAR Special Dispatch to The Star. FAIRFAX, Va., January 15.—Dr. F. M. Brooks was re-elected president of the National Bank of Fairfax at the annual stockholders and directors’ meeting this week. Thomas R. Keith and Fred D. Richardson were elected vice presidents and Edgar Littleton, cashier, Directors elected include M. E. Church of Falls Church, M. D. Hall of Burke, Dallas Berry of Andrew Chapel, R. R, Farr of Annandale, John C. Mackall of McLean, Dr. F. M. Brooks, T. R. Keith, Wilson M. Farr, Fred D. Richardson, Dr. F. W. Huddleson and A. R. Sherwood of Fairfax. The annual statement of the condi- tion of the bank shows total resources of $810,088.32 at the close of business December 31, 1930. Surplus and undi- vided profits had increased to $75,000. While the total deposits during 1930 were slightly less than in 1929, du: to the decrease in the county deposits caused by a decrease in the tax levy, the $597,997.57 of individual deposits shows a slight increase over last year. Following the meeting a dinner was served to the stockholders by the ladies of the Southern Methodist Church. DIVIE)ENDS DECLARED NEW YORK, January 15 (#).— Regular. Pe- P Company. Rate. riod el Alleghany Cor pf..$1.38 fining 3125 Hldrs. of 3 Lynch Corp.... Mid We Sta UL Packard Mot Car..15¢ Royal Bank of Can..33 Savannah Sug....$1.50 Do. pf_... 3175 Sinclair Cons Oil 'pf 32 Sterling Sec pl.....30c 1st pf. Tri Uil pt Un Trust of M Virginia Ry pf White Rock Mi Do. 2nd Bt IV e el e Do 1st pt. wooiwo' (F W) ‘White Rock Do. 2nd pf.....52.50 Lynch_Corp larger WR% Bros. i0% .. Pel ;;lnb in cash or stock. Ct 1o stock. JANUARY 15, 1937 ARM BOARD CHAIRMAN WINS SUPPORT OF WHEAT GROWERS FINANCIATL. Inclined to Give Legge an Op- portunity to Demonstrate His Relief Policies. BY OWEN &. SCOTT. Special Dispateh to The Bt ‘TOPEKA, Kans., January 15.-—Just ‘what Alexander Legge meant when he wrote to Senator Elmer Thomas of Ok- lahoma concerning the price of wheat is & question that recently has agitated the breast of the wheat farmer more palpitatingly than almost any other. John A. Simpson, president of the National Farmers’ Union—an important farmers’ co-operative marketing organi- zation—asse: that Chairman Le of the Farm Board admitted that policy had been to press down the price of wheat in order to force an acre verage | reduction. Mr. Legge dubbed the !l.m.:: son statement an “‘unmitigated lie,” Confidence in Board. Farm organizations in this State, the center of the world wheat territory, set out to determine just what was said by whom and to whom concerning prices. Oarl A. Ward, president of the Kansas State Farmers’ Union, today had an- nounced that there was no basis for the statements of the organization's na- tional president. His conclusion was the signal for a general attack on Simpson and a victory for the Farm Board chair- an. While this fracas has engaged the emotions of the wheat growers, farm organizations as a whole én Kansas have expressed confildence and support for the Farm Board. These groups, the Kansas Farm Bureau Federation, the State Grange and the Kansas Farmers’ Union, all have resolved to this effect. ‘The attitude of the wheat country toward this experiment in national price control can be gleaned from agricultural officials and from legislators here from the West Kansas plains for their bi- ennial meeting. It is as follows: “The American wheat grower for the first_time in years is receiving a larger return for his wheat than the Canadian farmer, While prices are the lowest in nearly 40 years and unprofitable for all but the lowest cost producers, still they are approximately 20 cents above the world level. Thus, without either the equalization fee or the export de- benture—both intended to dump the country’s surplus on foreign markets, with. the expense to be borne by the producer—the wheat tariff of 42 cents a bushel is nearly 50 per cent effective. Price-Pegging Policy. “While Mr. Legge admits that the Federal Government on June 1 may be holding 150,000,000 bushels of actual wheat, bought and carried at an ex- pense of approximately $200,000,000 of taxpayers’ money, still,” the farmer figures, ‘that isn’t the concern of the producer.. Maybe the Farm Board, as Mr. Legge intimates, is up a tree, con- cerning what to do with these immense wheat stores, but even so it is com- mitted to a policy of pegging the price and that isn’t the farmer’s worry.” ‘To_the individual farmer the Fed- eral Farm Board is pictured as repre- senting an intangible entity. Chairman Legge is a very real personality in this country, secretly very much Iiked be- cause of his candor and forthright statements, but openly suspected in some quarters because of claims that the Government buying policy would have resulted in much higher prices than prevail if the Farm Board had squeezed shorts in December wheat at | the “close” of 1930, instead of letting them out of a corner. “The Farm Board, as we see it,” ex- plained J. C. Mohler, secretary of the Kansas State Board of Agriculture and a leading figure in the agricultural in- dustry, “is an agency which should devote itself to solving problems be- ALEXANDER LEGGE. yond the individual farmer’s ken. Its job is to find new markets and to provide an efficient machine for mar- keting. The individual farmer's prog- Tess depends on his own intelligent in- dustry and capable management. “It is not to be expected that the farmer will change his system of farm- ing voluntarily. In this State they are equipped for wheat raising. The whole system is built upon it in the West and only the force of economic pressure will work a change. There i§ a fear among grain growers that Mr. Legge is right regarding the future of wheat prices and the necessity for ;cre;g;fi curtallment, but a hope that e Position of Board. Frequently the comment is heard among those in close touch with the wheat situation, but not producers themselves, that they can see no way out of the dilemma in which the Farm Board finds itself—compelled on one hand to buy wheat to support prices | and unable on the other hand to sell this surplus wheat because of the artificial price created—unless there is a crop failure, not now in sight. It also is said that Chairman Legge entered the wheat market against his best judgment and at the insistence of politicians. “One thing you may be sure of,” these men say, “if the farmers join the grain trade in destroying the Farm Board, then they will be back again demanding something to take its place, such as the export debenture or the qu.um{m;{ fee.” ; everal Kansas legislators expressed the opinion that the farmers wol?ld feel & lot better over the present level of prices if city consumers were benefit- ing by the sharp reductions that have taken place in recent months. How- ever, they claim the farmer is paid less for a product which costs city peo- ple as much now as it did before the price deflation. Likewise, the country producers are kicking over continuance of high prices for the things they must buy. “This farm pfoblem is one of the biggest in the world today.” sald Mr. Mohler. “It is hardly time to express dissatisfaction with .the efforts of the Farm Board after 18 months, when if it would solve the problem after 10 }"gl:" it would be doing a remarkable job. (Copyright, 1931.) PURCELLVILLE BANK PURCELLVILLE, Va, January 15 (Special). — The Purcellville National Bank at its annual meeting re-elected ithe following officers: President, C. L. Robey; vice presidents, J. T. McGavack and Notley Ball; cashier, Derry Tribby. Directors chosen are: J. T. McGav- ack, W. P. Pancoast, Albert Milhollen, H. W. Van Sickler, J. J. Porter, F, P. Wilson, ‘E. T. Hirst, H. T. Pancoast, Notley Ball, J. L. Lodge, C. L. Robey, H. M. Ball, T. J. Potts and M. N. Lyon. ‘The bank paid the usual 20 per cent annual dividend. At all times during the past year the bank has kept its assets in a highly liquid condition, thus affording safe protection to its depositors, e HAMILTON, Va. January 15 (Spe- clal). — The Farmers and Merchants’ National Bank of Hamilton at its an- nual meeting re-elected the following officers: President, Henry B. Taylor; vice president, J. P. Hatcher; cashier, Theodore Reid. The directors are: O. S. Braden, W. T. Brown, J. R. Chamblin, Roy M. Flippo, C. M. Graham, J. P. Hatcher, M. L. Herndon, H. J, Hoge, A. M. Jan- ney, Theodore Reid, H. C. Rogers, C. B. Tavenner, H. B. Taylor and D. F. ‘Wynkoop. ‘The bank had larger earnings dur- ing the past year than in 1929. RIVERDALE, Md., January 15 (Spe- cial) —The annual meeting of the stockholders of the Citizens’ Bank of Riverdale was held Tuesday evening with the following directors elected: W. P, Magruder, chairman of the board of directors; C. A. M. Wells, B. O. L. Wells, E. W. Relbetanz, Charles L. Ervin, Charles G. Souder, G. P. Bick- ford, James 8. Heal, Willlam Stein, O. B. Zantzinger, Dr. J. S. Caldwell, Dr. R. A. Bennett, Richard Breaden, Dr. H. P. McDonald, W. E. Hutchinson, Max Vollberg, Ernest F. Gasch, Dr. 8. M. MacMillan and Frank M. Stephen. Thirty-five stockholders were present. of the bank, and E. W. Reibetanz, Dr, S. M. MacMillan, Dr. J. S. Caldwell and William Stein, vice presidents. W. E. Hutchinson and Frank M. Stephen were named counselors. G. 8. James will cashier and J. B. cashier, again serve as Waters, assistant Today....... Previous day Week ago. .. Month ago. .. Year ago.. Two years ago Three years ago High, 1930-31. Low, 1930-31. Low, Low, 1929 C. A. M Wells was elected president | 50 Industrials, 1 Washington Produce Butter — One-pound prints, 35a36; tub, 33a34. Eggs—Hennery, ceipts, 26a27. Poultry, alive—Turkeys, young, 35a 36; old, 30a32; ohickens, 28a30; fowls, heavy, 24a25; smal 2a23; Leghorn fowls, 16; roosters, 13; ducks, 15; keats, large and young, 50a60; old, 25a30. Dressed—Turkeys, young, 40a42; old, | 35836; chickens, 32a33; fowls, heayy, 27a28; small, 22a23; Leghorn fowls, 18a 20; capons, large, 37a38; small, 32a35; ducks, 24a25; roosters, 15; keats, young, 70a80; old, 40a45. Meats—Beef, 18a23; veal, 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%2. Game—Rabbits, 20a30. Live stock—Calves, 1112; lambs, 8. Fruits — Strawberries, 65; 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 lemons, 4.50; apples, bushel baske 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, 3.50a 5.50; eggplant, 2.50a3.00; parsnips, 1.25 beets, per 100 bunches, 5.00a6.0¢ carrots, per 100 bunches, 5.00a6.0¢ tomatoes, 3.00a4.50; peas, 8.50a9.0¢ squash, Hubbard, 3.50a4.00; marrow, 4.00; cucumbers, Florida hot house, per dozen, 2.00; spinach, 1.00; kale, 75a 1.00; mushrooms, 75a1.0C: broccoli, 3.00 a4.00; peppers, 2.50a3.00, lima beans, Mexico, 7.00; iceberg lettucs. 4.00a4.50. NEW YORK, January 15 (Special).— Cotton prices were unchanged to 2 { points higher at the opening of the market today. Short covering in near months was the cause of the firmness, together with a small amount of trade buying. Southern houses offered cotton, | and there was some selling from specu- lative elements and overseas houses. Opening_prices were: January new 10.00, up 2; March 10.16, up 1; May 10.40, up 1; July 10.60, up 1; October 10.74, unchanged; December 10.90, up 2. 28a30; current re- 18a23; STOCK AND BOND AVERAGES By the Associated-Press. From Yesterday's 5:30 Edition. STOCKS. 20 Rails, 98.9 98.4 99.4 90.8 131.0 134.8 120.8 141.6 86.4 167.8 STEEL PRODUGTION INCREASE 15 NOTED Industry Expects Gradual Ime provement in Demand for Finished Products. By the Associated Press. NEW YORK, January 15.—Pipe lineg, public works, rail contracts and tin plate business have added materially to mill backlogs and steel produ:::: has made another gain, but no upturn in demand has yet developed, Iron Age says in its weekly review. “Inventory replenishment,” the res view says, “which was counted on to stimulate the market generally, has thus far failed to bring out a notable Increase in specifications, releases from the rank and file of manufacturing cone sumers and distributors being in dise appointing volume. Hope for Improvement. “The industry is not alarmed beca of the slow pick-up in general dem: believing 'that acceleration will foll the accumulation of large tonnage busie ness. In this connection particular ens couragement is afforded by the plac during the week of 301,500 tons of 130,000 tons of line pipe, 50,000 tons for ships and barges and 200,000 base boxes of tin plate. “Raw steel output for the country a§ large, 41 per cent a week ago, is now close to 44 per cent of capacity, and the rate of the steel corporation is es timated at two to three points abeve the general average. Two banked steel works blast furnaces have resumed proe duction in Alabama and severai have gone into blast in the valleys. “Improvement in demand and duction has given a better tone to # prices. On new business in plaf shapes and bars. there is now rathe general insistence on 1.65 cents pound, Pittsburgh, an advance of 81 ton over the price ruling on contras placed for the first quarter. simflnfl. makers of cold-finished bars are o hering to 2.10 cents a pound, Pittse burgh, or $2 a ton higher than the price at which contract customers cové ered for the quarter, i “Among the primary material scray shows growing strength, although actual Ecni? 'ndvmcel during the week have eh few.” Fabricated structural steel awards of the week total of 59,000 tons, compared with 37,000 tons a week ago, New fab- ricated steel projects of about 29,000 tons are only slightly larger than those of a week ago, Finished Steel Price. ‘With 1.65 cents a pound, Pitts| h, on bars, shapes and plates, now quite generally effective, the Iron Age come posite price for finished steel is ade vanced to 2.142 cents a pound, from 2.121 cents, where it had held for five weekr. This is the first advance in the Iron Age finished steel composite since September. The pig iron composite re- mains at $15.90 a ton and that for heavy meum; scrap is at last week's level of $11.33. COMMISSION SELLS $300,000 BOND ISSUE Washington Suburban Sanitary i $98.315, Improvements Are to Be Made With Proceeds, A $300,000 bond issue of the Washe ington Suburban Sanitary Commission was awarded to Harris, Forbes & Co, of New York yesterday at the rate of ‘The bonds, known as series “W,” were recently authorized by the Public Service Commission and the roceeds from their sale will be used for important sewer and water construction work in Montgomery and Prince Georges Counties. ‘The same bonds were offered for sale on December 17, the high bid at that time being only $94.15. The commission believed this figure too low and rejected all bids. The wisdom of this action became apparent yesterday when much more favoruble bids were received. Officials of the commission state that by read- vertising the bonds and delaying their sale until yesterday a saving of ape proximately” $13,000 was effected. Among the projects to be financed by the sale of the bonds are the extension of the northwest branch sewer, the North Woodside-Chevy Chase water line and installation of a sewer system in Seat Pleasant. Although the bond issue will enable the commission to complete numerous long-sought projects, it will not cause an increase in the sanitary tax rate, it was said. T. Howard Duckett, chair- man of the commission, explained that the increase in the front foot and other assessments produced by the sanitary improvements will be used for payment of the interest on the bonds. The Trade Mark Sturgis Posture Chairs Increase Office Efficiency Guaranteeing Satisfaction It only stands to reason’that if your clerks and typists are com- fortable at their desks their work comes easier to them and “speed” results. ‘The investment you Executives make in Sturgis Chairs will pay big dividends. Adjustable to any one's form in 30 seconds, without tools. Steel and maleable iron come. struetion—du Pont Duco finish in ‘mahogany, nla!:t. black II’: blue or brown leather over-curled hair, Price, $19.50 ‘May We Send You One or More on Approval? STOCKETT- EISKE €O R sTINGTON-D.& ‘We Want Your Buysiness! olive