Evening Star Newspaper, January 19, 1931, Page 15

FINANCIAL TRADING IS QUET |[NEW YORK CURB MARKE ‘ON CURB EXCHANGE List Shows Irregularity a8 Volume of Transactions Shrinks Further. BY JOHN-A. CRONE. Bpecial Dispatch to The Sta: NEW YORK, January 19.—Dullness and irregularity marked trading on the Curb Exchange today. Neither news nor ‘market developments were able to shake the session out of its snail-like pace. In the power and light division, Electric Bond & Share, the usual Jeader, moved within a half point range throughout the first two hours. Niagara Hudson Power, Middle West Utilities and American & Foreign Power warrants moved within even a smaller price range. Citles Service was down about a half point. Sales in the forenoon amounted to only 118,200 shares, which compares ‘with 176,800 in the same period a week] ago. The volume of forenoon dealings was not only the lowest of this year to date, but the smallest since August 4, 1930, when only 115,000 shares changed hands in a similar period. Metal Group. The metal division, with the excep- tion of New Jersey Zinc and United Verde Extension, was somewhat firmer than on Saturday. Pennroad Corpor: ation accounted for virtually all of the transactions in rail securities. International Shares failed to mirror the firm tone shown in London at the opening there. Many of the utilities were neither unchanged nor lower, while Ford, Ltd.,, an outstanding strong spot in London, sold off fractionally in this market. Earning estimates were re- sponsible for the rise in London, while the Ford price reduction caused the selling here. Ford Motors of Canada A, Stutz Motors and other automotive is- sues were inclined toward lower levels in early trading. Amu:emem.t. as & result of the pick- up in gross receipts reported this month many motion picture theaters, were :’kflml uniformly higher in the first few hours. Thig group included Fox Thea- ters A, Columbia Pictures and Tech- nicolor. ‘Translux was off slightly. Pipe line and natural gas companies | dlxpryed mixed price movements. Trading in both groups was dull. Earnings Reports. Earnings reports influenced move- ments m',;nl’e.!llnfl\t trust issues. The oconsolidated net income of $7,047,132 reported Brop I prons of M in a; from '2;';0. share in 1929 to $1.97 a share in 1930 caused its shares to open off 1 point. Although Hygrade Food Products ghowed a deficit of $248,607 for the year ended November 1, 1930, the stock opened up a small fraction today. The rise in Lerner Stores was due to 1930 sales, which showed a gain of 32.7 per cent over 1929. | Western Air Express advanced in the alr list, while some softness was notice- ably early in Aviation Corporation of Americas, General Aviation and Nn-i tional Aviation. Radio Products, one of the lower-priced radios, rose nearly ' :“E’l.nr.. but others in that group were 75 41y 3915 10215 15% 4 14% 165 8 461 93% 147 1% ES 60% e e e NEW SECURITIES ‘ NEW YORK, ,January 19 (#).—New securities offered today include: icago, T, ith Park District, | $1,000,000 4 per cent bonds, due 1932 to | 1951, priced to yield 4 to 4.25 per cent, | by & group headed by the Continental | ois Co. { 109% | 398 a7 1 25 13% 23 NEW YORK BANK STOCKS | NEW YORK, January 19 (#).—Over- the-counter market: Americ: Natl TRUST COMPANIES. Peoples County Guaranty Irving . .. ufacturers New York & injted States estchester Ti falesin DOMESTIC BONDS. Usands High TAluninum Lid 55 '8 5% 1 Amer G & B 8528 98 1Amer Rad 4%:s 4 3 Amer Roll Mill' 55 8 Appalach Gas 6s oL TIEREET X, 3 L CEERLPEL TS FRLTLTLELES 82 Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (2508), which shows those stocks were sold in odd lota flrev. 1930~ H . Stock and Dividend Rate. Affiliated Prod 1.60.. Agfa Ansco pf. Alleg Gas. . Aluminum C Alu Coof Am pf (6 Alum Ltd A war. Am Austin Car. . AmCityP&L B bl Am Com P A (b10%) Am Cyanamid B. Am Dept Stores AmDT NJ cvpt (7) 25 Am Equities. .. Am For Pow war. Am Founders. . Am Gas & Eln (31).. ° Am Laund Mach (4).1008 Am Maracabo...... 3 Am Superpow (40¢). Am Superp 1st (6).. Am Ut & G B (35¢ Anglo-Norw H Appalachian Gas. Arkans Nat Gas A. Sales— . 4 Assoc G & Assoc G & El war... Assoc G & E A db rts Assoc G & F pur rts. Assoc Rayon pf (6). At] Fruit & Sugar. .. Atlas Plywood (2).. Atlas Util Corp. Aviation Cp of Am.. Bahia Corp Barcel Trac L Bell Tel of Can (8). Bell Tel Pa pf (633). Benson & Hedges. .. Blue Ridge Corp. . .. Blue Ridge cv pf a3 Braz Tr & Lt (b8%). Br ATcouB1.17 8-10¢ Br Am Tob 117 §-10. Burco Inc. . ; Burco Inc cv pf (3) Bwana M Kubwa. Canada Marconi Carnegie Metals. Celet 15t pf (17% Cent HG & En R0c.. Cent Puh Sv A al.76. Cent Pub Sv Del. ., Cent St El (kd0c) Centrifug Pipe (60c) Chain Store Devel. .. Chat Ph Aln.v. (1). Childs Co pf (7) Cities Serv (g30¢). Cities Serv pf (6)... Cit Sv pf B (80c).... Clev Tractor (80c).. Colombia Syndicate Colon Oil. Col 011 s Columbia Pic (f115). Col Pict vte (f133).. Cmwlith Edison (8).. 208 Cmwlth & Sou war., 25 Com Wat 8v (b§%). Consol Auto Merch. Consol Copper. . 10 11 1208 184 Contl G&E pr pf (7). 258 Contl Share cv pf (8)650s Cord Corp Siig Creole Petroleam Crown Cent Pt ne: CrCork Int A (1). Curtiss Wright w Dayton Air & Eng. .. Deere & Co (£1.20) . De Forest Radio. Derby Oil Refining.. Detroit Aircraft. ... Douglas Aircraft (1) Dress S RA (313)... Dubflier Cond & Rad. Duquesne Gas Cp wi. Durh Hosiery B Durant Motors Duval Tex Sul w East St Pow B (1). East G & F Assoc... Eister Electric Corp. Elec Bond & Sh (b6) . Elec B& Shpt (6).. Elec Pow Assoc (1). Elec Pow As=o A (1) Emp Corp war...... s Emp Pub Sv A al.80. Emp Steel Corp. ... urop K Ltd A (60c) ec deb rts. . allow Lead. Fabrice Finishing. Fajardo Sugar. Federated Capital. Fiat Stock deb rts Flintkote Co A Ford M Can A ( Ford M Ltd (p Foremost Dairy I Foremost Dai pr Fox Theater C1 A Garlock Pk (1 Gen Alloys (80c). Gen Aviation. Gen Baking. . .. Gen Baking pf (3) Gen Baking N Y wi.. Gen E Ltd rt (pife). Gen Empire Cor (1). Gen G&E cv pf B (§) en Laundry Mach. . Gen Th cv pf wi (3). Glen'Alden Coat (8). Globe Underwriters old Coin new. olden Center...... Goldman Sach T C.. Graymur Corp (1).. Grt A&P Tean.v.(5). Grt A& PTpf (7).. Grief & Brpf x (7). Gulf Oll of Pa (1%). Hartman Tobacco. .. Hecla Mining (1).. Hollinger Gold( Horn (A C) Co. Hudson Bay M & Hydro Elec Sec Hygrade Food I 111 Pow & Lt pf (6).. Imp Ofl of Can (50c) Ind Pipe Line n (13). TP &L cupf (6).. Ind Ter I1lu O3l A JInd Ter J1lu 01l B Ing Co of No Am (2 Insurance Sec (70c). Intercoast Trade (1) Interconti 2). E 1 50 Add 00. Open. High. Low. Close. THE EVENING STAR, WASHINGTON. Received by Private Wire Direct to The Star Office Stock snd Dividend Rate. Int Petroleum (1). Int Superp (11.10) nt Utilities B. Interst Eq cu pf (3).. Irving A Chute war, Italian Superp war. . Jer Cen P&L DL (7). BO Jonas & N cum pf... Kirby Petroleum. .., Lefcourt Realty 1.60 Leonard Of Lerner Stores (2). Ley (FT) & Co (3).. Loew's Inc war..... LoneStar Gasn (1).. Long Jsland Lt (60c) Louisiana Lan & Ex. MacMarr Stores (1). Magdalena Synd. . Marion Steam Shov. Mavis Bottling. . ‘ Mayflow Assoc (£2). Memph N G Co (60¢c) Mesabi Iron Met & Min Inc ¢1.20) Mexico Ohio Ofl. ... Mid St Pet vte B Mid WSt Ut (18) Mid West Ut (b8%). Mo Kan P L (b10%). Moh H P 1st pf (7). Mount & Guif (8¢) Nat American Co. Nat Aviation. . Nat Bond & Sh ( & Nat Food Prod A Nat Mfes & Stores Nat Rubber Mach. .. Nat §h Tr SecA (50¢) at Sucar N J (2) t Union Radio Nauheim Phar...... Neptune Meter A (2) New Brad Ol (40c). . New Eng Pow (2)... New Hav Clock (1).. New Jers Zinc (13).. Newmont Min (4)... N'Y Steam Cp n wi N Y Telpf (612).. Niag-Hud Pow (40c) Niag-Hud Pow A w.. Niag Sh Md (40c) Nipissing (30¢).. Noranda Mines Nordon Corp L No Am Cement... Nor Europ Oil Corp. . N W Engineer (2) Outboard Motor B Pandem 011 . Pender DGr A (3%). Pennroad Corp Powdrill & Al t4%.. Premier Gold (12c).. Prince & Whitely pf. Prudential Invest. .. Pub Ut Hold (50c) Pub Util Hold war Pub Ut Hold xw 50c. PS of N 111 (8)no par Pure Oil pf (8) Radio Products (2). . ~Prev. 1930.— High. Low. 1% Bales— Aaaloo. 144 14% 68 68 3 1434% 1084 301 1% ) 3 143 109 30% » : > RO 1 50 000 1 T 1 D00 RO R NN 1S N B B A DN BN B O o s 5 Fe enhs Reynolds Invest Richfield Oil Cal pf.. Roan Antelope Min. . Rock Lt & P (90c) Rossia Int Corp. St Anthony Gold St Regis Paper (1).. Salt Creek Con (40¢). Schulte Un 5c-$1 St.. Schulte 5c-§1 St pf ., Seaboard Util (50¢). Seg Lock & H (50¢) .. Selected Industries. Select Ind (full pd).. Selected Indus pr pf. Shattuck Den Min. Shenandoah Corp. Shenan Corp pt (a3). Silica Gel etfs. .. Singer Mfz (10). South CEd pf B 1% South © Southld AN TN O S NN AN DD NA T AN - > y § % Stand Motors. . Stand Oil Ind (2% )., 4 Stand Oil Ky (115). . Stand Oil, Ohio (23 ) 260, Stand P& L (B) (2). Stand Screw (8).. Starrett Corp pf (3). Strauss Roth. .. Stutz Motor (new) Sunray Oil (h5%) 4.0 Tampa Electric anicolor, Inc. Trans Lux DL P §.. Tri Utilities (11.2 Tubize Chatel (B) run mp (1).. Twin SN G pf (A).. nion Am Invest. ... n N G of Can (1.40) nit Chem pt pf (8). nit Kl Sve pf war. . nit Fou (b2-35 sh). nit Gas Corp. nit Gas war nit Lt Lt& Pwr pf (6). Slec Power ww. . Gypsum (1.60).. & Intl Sec 15t(5) Lines pf (1)..... S Play Cards (4).. nit Stores......... nit Verde Ext (3).. il Pwr & Lt (al).. Util & Ind. ... Utility Equities, Vacuum (4 Walgreen Co. . Walker (H) (1)..... West Air Exp (60c) . Wil-Low Cafaterias. afeter pf. Y" Oil & Gas. ...... onite Products (1). RIGHTS. Expire, B 1 o o = 1 1 1 & o 1 1 1 1 I 1 = Z 12 1% Sou Calif Kdigon, ... 2 i 2 Dividend rates in doliars based on last quarterly or semi- ent. *Ex dividend. tPartly extra. iPlus 4% in yable in cash or stock. b Payable in stock. e Adjust- ent dividend. {Plus 5% in stock. g Plus 6% in stock. h Plus in stock. §Plus 2% in stock. kPlus 10% n stock. m Plus %13% in stock. nPius 8% in stock H2a0 Sace a5, 3 Baltimore Markets 1 f hay. Good ecl , mixed and !E:\HOL\;W n:zl bhay w“l:bur\‘/:; lml)x(:fl,oflt MOTOR LIST AFFECTED 30853353 pan esanssa = EON Y 2! P& oppers G 282832822322 83R33B28:239 3. R d ] P 40 tassnanns o Sascarons X onsscarsries » 232 38288528323225823:293333E 238! 38Sss2e2y SR Fa SesE S¥55Y 8 2us: - ¥ .. 99 LI N Rt ‘a'dor{- Astor 3 on P&L 85 % 341 1wis Pub Serv 55 43 100% FOREIGN BONDS. 19 Asr Mte Bank ns 41 Can inion ¢& \ The United States Treasury balance snnounced today as of close of busj ness January 16 was $181.854.918.19. Customs receipts for the month to, date were $14,257,743.13, Tgl din 4 : 63,689. )’ 4 | pigeons, Bpecial Dispateh to The Btar. BALTIMORE, Md,, January 19.—Po- tatoes, white, 100 pounds, 1.25a1.75; . | sWeet potatoes, barrel, 2.00a4.00; yams, | barrel, 2.25a3.25; beans, bushel, 3.00a 7.00; beets, crate, 2.75a3.25; cabbage, ton, 18.00a20.00; carrots, 3.00a3.50; caulifiower. crate, 2.00a2.50; celery, , 1.50a4.00; eggplant, crate, 1.50a kale, bushei, 90a1.00; lettuce, , 1.00a1.20; tomatoes, crate, 1.00 .00 cranberries, box, 2.75a4.00 grapefruit. box, 1.50a2.7 box, 2.00a3.25; tangerines, box, 75a1.51 l%l;lel, bushel, 60a2.00; per wox, 1.25a Dairy Market. ive—Turkeys, 37; old, 28a30; chickens, Springers, 22 a25; Leghorns, 18a20; barebacks, 14a15; old hens, 15a22; Leghorns, 12al6; roosters, 12a13; ducks, 15a25; geese, 14a22; guinea fowls, each, 30a60; ir, firsts, 15a20. Eggs—Receipts, 35¢ cases; nearby firsts, 22a23; Southern firsts, 21a22; current receipts, 21a22. Butter—Good to fancy creamery, pound, 28a31; ladles, 22a23; rolls, 16a 18; process, 27a28; store packed, 13. Hay and Grain. ‘Wheat—No. 2 red Winter, 79%; No. 2 red Winter, garlicky, spot, 79%; January, 79%; February, 80%,. Corn—No. 2 domestic, yellow, old, 83; cob corn, new, 4.25. Rye—Nearby, 5560. Oats—White, No. 2, new, 43a44; No. 3, 42a43. Hay—Recelpts, 13 tons. General hay market strenthening. Dy t has se: riously curtalled nearby , chang ng the entire situation. 4 are now Poultry, pound, 33a export, 110.00; oat straw, No. 1, per ton, oranges, | here- asking for of- |al9ls 28.00 per ton. ‘Wheat straw, No. 1, per ton, 9.00a .00a 10.00. Live Stock Market. Cattle—Receipts, 500 head; moderate supply, market dull. Steers—Choice to prime, nonc; good to choice, 10.00 to 11.00; medium to good, 9.00 to 10.00; fair to medium, 7.50 | 10 8.50; plain to fair, 6.25 to 7.25; com- mon to plain, 5.00 1o 6.00. Bulls—Choice to prime, none; good to chajce, none; medium to good, 5.50 to 6.00; fair to medium, 5.00 to 5.50; plain to fair, 450 to 5.00; common to plain, 4.00 to 4.50. Cows—Chofce to prime, none; good to_choice, 5.50 to 6.00; medium to good, 475 to 5.25; fair to medium, 4.00 to 4.50; plain to fair, 3.00 to 4.00; common to_plain, 2.00 to 3.00. Helfers—Choice to_prime, none; good to choice, 8.00 to 8.25; medium to good, 7.25 to 7.15; fair to medium, 6.25 to 7.00; plain to fair, 5.50 to 6.00; common to plain, 4.50 to 5.25. Fresh cows and springers, $40 to $80. | Sheep and lambs—Receipts, 1,100 head; moderate supply, market steady: sheep, 1.50 to 4.00; lambs, 4.50 to 9.25. Hogs—Receipts, 3,000 head. moderate supply, market spotty: light, 8.90 to 9.15; heavies, 8.05 to 8.45; medium, 8.85 10 9.10; roughs, 6.00 to 7.25; light pigs, 8.50 to 8.90; pigs, 8.90 to 9.15. Calves—Receipts, 600 he: ply, market steady; calves, 5.1 CHICAGO DAIRY MARKET. CHICAGO, Jnax;ury 19 () —Butter, 6% score), 26a26)2; 825'; seconds (86-87 score), 23a24. n;'wt:: steady; extra frsts, G light sup- 0 to 11.50. | &, BY PRICE REDUCTIONS Special Dispatch to The Star. NEW YORK, January 19.—The effect of the latest cut in prices by the Ford Motor Co. has been to offset some of the benefits, which motor shares re- ceived from the advance sales made at the New York automobile show and from the December figures of produc- tion given out by several of the large manufacturers. The necessity for reducing prices in order to stimulate demand and to bring certain models to a parity with others means unfavorable net earnings for the current quarter. It is under- stood that General Motors’ earnings for 1930 were slightly in excess of the pres- BHOBT-TEBM. SECURITIES. (Reported by J. & W. Selisman & Co.) 1lis-Chalmers S5 1937. Amer. Tel. & b et Corp. 3 a_Pet. Corp. Canadian Chi. North Chicago Rock Chile Coy Cudal 5 1946 Ol of N. York 4ias 105! Ir. M. . Ry. 35 1931 L.'Southwestern R . of Calli Ur ibbe) ouda, % 10|t D. C, OUTLOOK INAUTO TRADE IS BRIGHTER Steady Upturn in Sales Is Expected to Follow An- nual Shows. BY DAVID J. WILKIE, Associated Press Staff Writer. DETROIT, January 19.—The key-log of the jam that has dammed up the buying of motor cars has been loosened, and if leaders of the industry have cor- rectly appraised the immediate outlook, what has been a mere trickle of neces- sary new-car purchasing soon will be- come a steady flow of replacement buy- ing. The show season of the industry, now in full swing, automobile executives say, has served to strengthen their con- viction that the upturn is not far dis- tant. “With most people,” said one au- thority of the industry, “ ‘seeing is be- | lieving,’ and in the case of & large part of those who came to look at the in- dustry’s newest creations they went away convinced that current models represent the greatest dollar value in the history of motor-car making. This, 4| Of course, finds its immediate reaction in the desire to possess. The encour- agement of that desire is all we need to get the automobile industry back on the road to industrial prosperity.” Producers’ Policy. Although firm in their belief that there never can be a complete satura- tion of the motor-car market, leaders of the industry agree that its future depends largely upon their ability to offer constantly increasing dollar value. ‘This has been shown not only in vari- ous minor mechanical advances, but in % |the middle-price class, in the. steadily increasing numbers of eight-cylinder models where sixes formerly éwere of- fered, and with little or no change in price. The same is true of fours that have become sixes. Whether the trend in this direction will find future expression in making twelves where only eights were as- sembled before is something most auto- motive executives prefer not to predict. The transition of fours to sixes, sixes to eights and the successful introduc- tion of 16-eylinder stock cars, however, furnishes the background of no little speculation as to the power plants of !g: cars to come in the next decade. One thing all automobile makers are upon is that there will be no new models brought out during the coming Summer. The last of the 1931 models, the presentation of which was spread over the last six months or more, were brought out at the National Au- tomobile Show in New York. Coinci- dent with this exhibition came an- nouncement that the National Automo- bile Chamber of Commerce has decided to urge all manufacturers to present their models simultaneously instead of whenever they choose. Whether all motor car makers will agree to this plan is yet to be determined. It is cer- tain, however, that for the ensuing year there will be no radical changes. New Models Costly. If for no other reason the N. A, C. C. hopes to be able to persuade manu- facturers of the logic of the proposal on the basis of expense. Probably one of the most costly phases of the business of making automobiles is the produc- tion of new models with its re-tooling requirements. Any agreement that may be reached in this respect, probably will not include the Ford Motor Co. The Ford Co. is not a member of the National Chamber, Manufacturing activity, sharply cur- tailed during the holiday season by rea- son of inventory suspensions, took an upward spurt during the last few days. Every automobile plant is working on at least a part time basis, while some which delayed the introduction of new models until near the yvear end are closely approximating full-time sched- ules. At the Fort plants, recently re- opened after an inventory shut-down, a majority of the 75,000 men on the payroll are working three and four days a week. This has been the rule for the last three or four montns. The Ford Co., like all others, however, is ready to step up employment to a full-time basis the moment demand seems to warrant such action. Competition Is Keen. Probably nowhere in industry are the “signs of the times,” being watched and analyzed more thoroughly than they are by motor car manufacturers. So keen is competition that manufacturers cannot afford to permit eompetitors to get the jump in production, when the need for increased output is seen. —e NEW YORK, January 19 (Special).— Cotton prices were barely steady at the opening today, with quotations off 1 to 2 points, except in January old contracts, which advanced 3 points after closing unchanged Saturday. Trading continued quiet, with con- | tracts scarce and the demand restricted. Cables from London stated that no further efforts at conciliation in the Lancashire cotton weavers' dispute were being made at present. Opening prices were: January, old. 10.17, up 3: January, new, 10.06, off 1; March, 10.17, off 2; May, 1042, off 2; July, 10.63, off 2; October, 10.79, off 2; December, '10.95, off 2. —s: GRAIN MARKET CHICAGO, January 19 (#).—Grains | went downward early today, influenced by moist weather in domestic Winter wheat territory and by fresh declines in wheat quotations at Liverpool. An increase of 2,584,000 bushels in the amount of wheat on Assage was announced, with Arg:! and Aus- tralia reported as anxious sellers abroad. ~Opening ‘ia7 cents off, wheat afterward dipped further. Corn started 4a% down and continued to sag. A‘A an immediate market factor, meas- ures decided upon today at Paris tight- ening the French government's grip on imports of wheat into France had no apparent effect in Chicago. Estimates that about 30,000,000 bushels of im- ported wheat would be needed by France this season elicited also only passing notice in view of the large world sup- plies in sight and because of French official restrictions against wheat use without large admixture of rye. In some quarters, the new French decree ordering special certificates for all for- elgn wheat imported in France was regarded as a precautionary step to avert pumping of wheat in France from Russia or other countries. Fixing of a domestic price of $2 a bushel in France had little apparent effect here except to promote fractional price rallies for the time being. Corn and oats sympathized with wheat market weakness. Eastern ship- ping demand here for corn was slack. Nebraska farmers were reported burn- ing corn as cheaper than coal for fuel. Primary receipts of corn totaled 1,232,- 000 bushels, against 1,161,000 a week ago and 1,176,000 a year ago. Provisions declined with hog values and cereals. POTATO MARKET. CHICAGO, January 19 (#).—(United States Department of Agriculture).— Potatoes, 127; on track, 2 total United States shipments, 950; Sunday, 30; steady, trading ; sacked, per cwt.: Wisconsin round whites, 1.45 a1.60; mostly 1.50a1.55; Idaho Russets, No. 1, 1.80a1.95; mostly ;v”l.WlLfifli Colorado 1.85a1.80; No. red McClures, MONDAY. JANUARY 19, 1931 FINANCIAL DOMESTIC WHEAT MARKETS AIDED BY TURN IN WEATHER Improvement in Milling Demand Is Also| Factor in Produci Crop Stocks BY FRANK I. WELLER, Associated Press Parm Editor. Domestic wheat markets have strengthened somewhat under the in- fluence of unfavorable crop reports from parts of the Winter wheat belt and some improvement in' milling de- mand. Continued weakness in the for- eign market situation, however, and lack of a broad outlet for the increased of- ferings of cash grain exercise a weak- ening influence, and much of the gain has been lost. ‘The corn market has lost most of the current advance, as the result of con- tinued limited demand for current re- ceipts. Oats, barley and rye are about unchanged, but receipts are not large and only about equal to trade needs. ‘The flax market is dull, but small ar- rivals are readily taken®by crushers. ‘The general wheat situation is weak, with increased offerings of new wheat from Argentina and Australia compet- ing_with Canadian and Russian wheat in European markets. ‘World Shipments. World shipments for last week to- taled 13,745,000 bushels, of which 2,400,000 bushels were from Argentina, 4,056,000 bushels from Australia and 5,441,000 bushels from North America, principally of Canadian . Based on official estimates, cro] stocks of wheat in the Southern Hemi- sphere available for export or carry- over this season are about 170,000,000 bushels larger than a year ago. Stocks of wheat in Canada available for ex- port or carry-over are around 5 - 000 bushels Targer than a year ago. Supplies in-Russia apparently are con- season. The Russian wheat crop was reported to be around 450,000,000 bushels larger than the 1929 crop and Russian p- ments to date have totaled approxi- mately 75,000,000 bushels, compared with no shipments during the corre- sponding period last season. Europea: port stocks are more than double those of a year ago,' mainly as a result of an accumulation of Russian wheat, large quantities of which were shipped un- siderably larger than at this time last ng Stronger Tone. Are Larger. sold and have not yet moved into con- suming channels. Crop conditions are becoming an in- creasingly important factor in mar- ket situation. Lack of snow covering most of the domestic Western whnti belt and deficiency of moisture in some areas in the eastern part of the belt have caused apprehension relative to | the condition of the crop, although, be- | cause of Toot development, very little damage has been reported to date in the main part of the belt. European Crops. Euro) ‘wheat crops have, for the most part, been protected by good snow coverings and conditions are generally satisfactory ex in a few local areas where some frost damage has been re- ported. condition of the Indian crop is rot favorable as the result of deficient moisture. North African crops have been improved by recent rains. | Domestic cash wheat markets are | generally steady and maintenance of cash prices well above new crop futures, and current export bids have brought out increased offe: Mills, elevators, feed manufacturers and industries are taking moderate amounts, although a large percentage of the arrivals at to storage. A of hard Win- ter wheat, however, has been sold by Kansas City elevators to Chicago, which will somewhat relieve the elevator space situation at the former market. Local mills are taking sufficient wheat for immediate needs. Soft Winter wheat markets are about unchas L with milling inquiry scattered and of small volume. Receipts of Spring wheat continue moderately large, running well ahead of the same period a year ago at Minneapolis. Pacific Coast wheat mar- , but trading is of sm: California wheat markets are steady, with prices mostly unchanged. ‘The corn belt has weakened at most E;lnu. mostly because of larger offer- and a continued dull demand from rpern The oats market is practi- cally unchanged under a fairly active 8l n | inquiry for moderats offerings at prac tically all ts, Barley markets are Fnenlly ly. Malting grades are in urgent demand and sell at unusually high premiums over basic futures prices. LOWER OIL PRICES STEADY CONDITIONS More Uniform Basis of Business | Seen in Midcontinent Field in Past Week. | Bpecial Dispatch to The Star. TULSA, January 19.—Lower prices for crude oil at the mouth of the wells, which have prevailed in many districts in the Midcontinent oil region, were ex- tended last week to virtually all the producing flelds in Texas as a result of the Humble Oil & Refining Co. post- ing & new schedule of prices. The new prices, which represent re- ductions from 2 to 28 cents a barrel, {herald a more uniform basis of price making. A 2-cent differential from the base price for each degree of gravity replaces the 4-cent differential existing on the medium and light oils. The top prices for approximately the same grade |of ofl range from 67 cents, in those | reglons far removed from the refining | centers, to $1.01 a barrel at those fields nearest refineries. In some instances the new schedule of the Standard Oil Co. of New Jersey subsidiary is a few cents above prices paid by smaller purchasers, who for more than six weeks have been buying crude oil below the posted market of | the major buyers. The difference, how- ever, is so small that the new quota- | tions are being accepted as a forerun- {ner of more settled conditions in the crude ofl market. (Copyright. 1931.) |IMPORT DUTY ON OIL IS URGED BY PRODUCERS By the Associated Press. | At a conference here of representa- | | tives of the oil industry appointed by | State Governors decision was reached to urge Congress to provide an import | duty on ofl. Wirt Franklin of Oklahoma, presi- dent of the Independent Petroleum As- sociation presided at the meeting, which also was attended by several Congress- men, who promised support in securing the tariff. These included Senators Shortridge, Sheppard and Bratten and Representatives Leavitt, Garner and | Sanders. Secretary of War Hurley advised the delegates that the administration Elg not decided for or against an oil uty. The conference criticized the admin- istration’s oil conservation policy on the ground that it restricted employ- ment and authorized a committee to acquaint the President with conditions in the oil industry, which, it said, are due to imports of oil and not overpro- duction in this country. Members NEW YORK AND BALTIMORE STOCK EXCHANGES Associate Member NEW YORK CURB EXCHANGE on the heavy oils and the 3-cent split | P& {BUYING OF LUXURIES | | CALLED VITAL NEED People of Means Urged to Take| Advantage of Present Prices. BY JOHN H. VAN DEVENTER. ‘The well-to-do, and those in com- | fortable circumstances have made an | admirable record of contributions to| community chests and unemployment funds. Is so doing they have opened up their hearts and pocketbooks for | the relief of their less fortunate fellows, and nobly discharged one part of their obligation to soclety. But there is another important part that many of them have gverlooked. Contributions help to relieve depression ins in the economic body, but they are not an antidote for the ills which cause the suffering. Many of these same people are economizing because they think it is the thing to do, not because they have to. As a matter of fact, the buying power of many incomes been increased during the past 12 months by not less than 15 per cent due to the decline in prices which has taken place. The buymg of luxuries by those who can afford them is just what we need | 1:,(_) give industry a real boost at this | | time. | (Copyright by the United Business Pub-| lishers’ Bureau of Economics.) i FRENCH MAY FIX WHEAT PRICE AT $2 A BUSHEL | By the Associated Press. PARIS, January 19.—The French government plans to fix the price of high-grade wheat at $2 a bushel, the | Associated Press was informed at the | ministry of agriculture today. A bill to that effect has ady been prepared, and Minister of Agriculture Victor Boret is confident that it will | be passed by Parliament, it was said. Even at $2 a bushel, taking into con- sideration high costs of production, | French farmers will just about break even, in the opinion of the minister. | Under the proposed measure, some of the lower grades of wheat will com- | mand a lower price than $2. Acts Against False Rumors. SANTIAGO, Chile, January 19 (#).— Directors of the stock exchange, co- operating with the campaign of Premier Castro Ruiz against circulation of r&- mors in market and financial circleS, announced yesterday all persons known to carry rumors affecting securities would be prohibited from entering the exchange. TODAY call money is about 2% tative stocks can be bo | inventory 'losses suffered in BETTER YEAR SEEN IN TIRE BUSINESS |Expected Increase in .Re- placement Demand Basis of More Optimistic Forecast. Special Dispatch to The Star. CLEVELAND, January 19.—An ex- pected increase in replacement demand from American motorists should give the tire industry substantial impetus in 1931, bringing expansion in output and stabilization of prices, according to the Union Trust Co. in a survey of the rub- ber outlook: Notwitshtanding recent price reduc- tions on tires, the bank expects the gen- eral position of manufacturers to im- prove this year, because inventory losses have been written off and operating efficiency is greater. For 1931 a production of approxi- mately 61,000,000 pneumatic casings is predicted. This would be a gain of 14 per cent over the output of 53,500,000 in 1930. In 1929 the total was 70,000,000 casings. Larger Buying Forecast. “American rubber manufacturers are | pinning their faith in 1931 for a re- placement business of some 42,000,000 casings,” says the bank in its magazine, Trade Winds. “In other words, this would mean that about 40 per cernt of the American motorists would buy an average of four new tires this year, or 15 tires for every registered motor ve- hicle in the United States. “Last year's decline in replacement came in spite of the fact that more cars were in use. It resulted largely from the tendency to put off buying new tires as long as possible, due to eco- nomic conditions. “Tire makers feel certain that 1931 1| Will witness a revival of replacement buying under the force of, attractive prices, actual necessity and improved general business conditions. For new equipment manufacturers see & market for approximately 16,000,000 new tires and tubes in 1931, based on a likely rreg:.cflon of about 4,000,000 cars and rucks. Better Selling Conditions. “Leaders in the are confident that 1931 will m’-flg\u‘fi"w of sub- stantial improvement in manufacturing and uu&nfwe&nrglm as well -';'hm more satis t margins. ?uew their conclusions on the Xouvwmey actors: “1. Apparent stabilization of raw rub- ber prices, preventing repetition of tie 1930. In- ventories are now low. . “2. TRhe probability of a large inerease in replacement demand for tires. “3. Increase in output of tires for new motor vehicles as the automotive industry improves its position in the new year. “4. in the elimination of de- Progress | structive competition. 5 Conclusion of marketing ments by di 1 companies for broader retail sale and service of tires.’ “While the grmem:e of is evident in the industry, it remains to be seen whether "all of them will con- tribute to the ultimate stability and profit of tire manufacturers.” 1931 FARM OUTLOOK - WILL BE STUDIED | Economists Also to See Why Lower Prices Are Not Reflected in Retail Food. By the Associated Press. The Nation's iculture outlook for 1931 will be eon:ls:lred at & conference of State and Federal economists to be | held in Washington January 26 to 30. Nils A Olsen, chief of the Federal Bureau of Agricultural Economics, yes- serday dispatched invitations to resea economists of State agricultural experi- ment stations to participate. Following a study, an outlook report will be broad- cast by press and radio throughout the country. The Farm Board has repeatedly sald the great reductions in the prices being received by producers for food products should. be reflected in the retail prices of food to the public and the committee would study this phase. MARYLAND TOBACCO PRICES. _BALTIMORE, January 19 (Spe- cial). —The Maryland leaf tobacco market continues quiet, with receipts of 166 hogsheads and sales of 170 hogshead reported Ilasi e a stock in State tobacco warehouses of 8,182 h eads and 327 hogsheads of ground leaves. Most of the sales were of the lower and medium grades, the higher priced leaves remaining in- active. Quotations today for Maryland leaf tobacco per 100 pounds: Inferior, 6.00410.00; sound, common, 10.00a22.00; common, 22.50a32.00: medium, 32.50a40.00; good td fine red, 40.50053.00; fancy, 53.50254.00. onds—Common to good medium, 25.50a35.00; 3 35.50a45.00; ground leaves. nominal; upper country butley, 7.00a40.00. Sixteen Months Ago call money was around 9% and many high grade stocks were selling to yield 1%% to 3%%. and fepresen- ught to return —at present dividend rates—from 5% to 10%. We believe that liquidation during the past sixteen "months has been thorough and that sound stocks bought around present prices w factory investments. ill prove satis Mackubin, Goodrich & Co. 1508 H STREET WASHINGTON, D. & ESTABLISHED 1899 BANK REDWOOD & SOUTH STS BALTIMORE. MD.