Evening Star Newspaper, January 27, 1931, Page 15

FINANCIAL., ) IN UPWARD TREND ' Market Displays Steady Un- dertone as Trading Be- comes Active. BY JOHN A. CRONE. Speclal Dispatch to The Star. NEW YORK, January 27.—Opening higher and active today, the Curb Ex- ¢thange maintained these trends as the session progressed. < The public utilities were the leaders of the market, with Electric Bond & Share, up more than a point, heading the division. American Gas & Electric, Middle West Utilities, United Light & Power A, Associated Gas and Niagara Hudson Power were also active. Cities se‘l;v:oe clung around its previous final pr In the case of Electric Bond & Share the street heard that it contemplates some financing, possibly an offer of pre- ferred, in connection with its expansion m. The common had a liquidat- value of $10.90 a share at the close of 1930, against $16.45 a share at the end of 1929. United Gas, ‘which was the most ‘prominent of the natural gas shares, will show earnings on the common of 85 to 40 cents a share. The activity of the stock in part is based on many expansion plans now under way. One of the features of early utility trading was the numerous telephone issues that appeared on the tape. Peninsular Telephoge on the first sale dn the year was fractionally higher wbove the 20 level. Gray Telephone Pay Statlon jumped more than 6 points to & new peak for the year. Richfield Oil preferred, with an ad- wance of 3 points, featured the miscel- laneous . The earning report of Southern Pipe Line was responsible for the rise of that stock. The company reported 1930 profits of $2.44 a share, ‘against $1.24 in 1929. ‘The manner in which the shorts have been squeezed in Auburn Auto over on the Stock Exchange probably threw some fears into the bears on Cord Man- ufacturing, with the result that Cord easlly scored a new high for the year on relatively few sales. Aside from the rise in Cord and the activity of Ford Motor, Ltd., dealings in the motors in the forenoon were only moderate. Ac- cessories and machinery and steel stocks also were not as active as on Monday. Volume today was somewhat higher than on Monday, with trading more selective. PARIS BOURSE PRICES. PARIS, January 27 (#).—Prices were weak on the Bourse today. per cent rentes, 86 francs 55 times; 5 per cent loan, 102 francs 85" centimes. Exchange on London, 123 francs 89 centimes. The dollar was quoted at 25 francs 51}, centimes. POTATO MARKET. ents, 696; barely Tather slow: sacked, per hundredweight, ‘Wisconsin round whites, 1.40a1.45, few 1.50a1.55; Minnesota round whites, 1.25 a1.35; Idaho Russcts, No. 1, 1.75a1.85, few higher; No. 2, 140a150; Colorado CHICAGO DAIRY MARKET. CHICAGO, January 27 (#).—Butter —11,160 tubs, steady; creamery extras (92 score), 28; standards (90 score, car- lots), 28; exira firsts (90-91 score), 261,a27; firsts (88-89 score), 2512a26; seconds (86a87 score), 23a24. Eggs—11,944 cases, firmer; extf/n firsts, 18a181%; fresh graded firsts, 162 al7lz; ordinary firsts, 14a15. it L 9988 » 209 les Beryice 5 v Gas 5l Gas P s arrsmt Botse ot tbo St Seatosto 2900! g £ Sul " K mwl] Con Gas Bal 8 w 4l 5 56 Znsull Utiit 6s B '40 Intersta Power 5s '67 31Inv Eq 55 A '4T xw ¥ ELEE gr8ct > -'DE-—' 23a =010 = 333 2, 53 £ i [ Cp %58 "5 x irop. Mug 1 C 01 r Cons Mun 65 4T 3 = as Sssc0ss FBeagtagsss &F Note—All stocks are sold in one hundred-share lots excepting those designated by the letter 8 (80s) (250s), which shows those stocks were sold in odd lota. 931~ Stock and Sales— w. Dividend Rate 113 Affiliated Prod 8% Agfa Ansco..... Afnsworth Mfg (1) 4 Alexander Indust. Alleg Gas Aluniinum Alu Co of Am pf (6). Alum Ltd A war..... Aluminum,Ltd B Aluminum,Ltd Cwar, Aluminum,Ltd Dwar, Am Austin Car . Am Br B fd shars Am Capital B. . AmCityP&L B b10% Am Com P A (h10%) Am Cyanamid B. ¢ Am Equities. .. Am For Pow war Am Founders....... Am Gas & Eln (31).. Am Invest Inc B.... Am Lt & Trac (2%). Am Maracaibo...... Am Superpcw (40c). Am Superp pf (6) Am Thread pf ( 5 Am Ut&G B vte(20c) Am Yvette new wi... Anglo Chil Nitrate. . Appalachian Gas Arkansas Nat Gas. Arkans Nat Gas A... Assoc El In Ltd 30c., Asso Gas & Electric. Assoc G & AsE0 G & 4 Assoc G & Assoc G & ~Pre High, 15 10% % 3% 16474 109 42 32 33 36 1% 4 5 % 15 % 6% 19 60.. & el Ut (b8 %). Atl Secur Corp. . Atlas Util Corp . Aviation Cp of Am. Blue Ridge Corp. Blue Ridge cv pf a3.. Bourjols Inc . Braz Tr & Lt (b8%). Br ATcouB1.17 8-10¢ Br Am Tob 1.17 8-10, Bulova cv pf (3%). Burco Inc war, ’ Butler Bros.. Cable & Wire A ret Cable & Wire B rcts. Cab & W pf rets 19c. Canada Ceco Mf Cent Pub § De! . wn Ut (b7 %) t El (k40¢) Cent St El pf (7). Centrifug Pipe (60c) Chat Ph Alnv (1).. 1 Cities Serv (g30c)... 268 Cities Serv pf () 1 Clev Tractor (80c Colombia Syndicate. Col Oil & Gas vte. . dison (8) Sou wa Com Wat Sv (b6% Consol Auto Merch Consol Copper-. . . Cansol Gas Balt 3.60. Consol Gas Ut A 2.20 Consol Laund (1)... 2 Contl Share cv pf (6)2258 1258 Corroon & Reynolds. Cor & Rey pt A (6).. Cosden Oil. . . reole Petroleum Cresson Consol (4c). Crocker Wheeler. Curtiss Wright . Dayton Alr & Eng. .. % Deere & Co (g1.20) De Forest Radlo. Deisel W Gilb (135). Detroit Aircraft. .... Doehler Die Casting. Douglas Shoe pf (7). DressSRA (33)... Dresser Mfg B (2).. Driver Harris new Duquesné Gas Cp wi Durant Motors. Duval Tex Sul w East G & F Assoc. .. st St Pow B (1). Educational Pic pf. Elec Bond & Sh (b). Elec B & Sh pf (6)... Elec Pow Assoc (1). Elec Pow Asso A (1) Elec P & Lt op war. . Elec Sharehold (1) Emp Corporation. . Emp G & F cu pf (8), Emp Pwr pt (4.60). Emp Pub Sv A al. Employ Rein (1%) urop Elec deb rts. . ans Wallow Lead. Federated Metals(1). Ferro Enam A t4% .., Fire Assoc Phil 1.60., rd M Can A (1.20). Ford M Litd (p37%) Foremost Dairy Pr.. Foundation For Shs. Fox Theater Cl A n Alloys (80c). n Aviation. . n Baking 3 en Baking pf (2). jen E Ltd rt (pT0c). Gen Th ev pf wi (3). aner C Harv new. Globe Underwriters. iold Coin new. .. o B oo oo A BT A D T A IR G B0 B 9 oth Knitback Mch. Tel P S (14) mur Corp (1). Grt A&P Tean.v.(5 Groe Strs Prod vte. und Gripper Gulf Oil of Pa ( Hecla Mining (1).. Helena Rubenstein Hollinger Gold(65¢). Hudson Bay M &8 .. Humble Oil (123). Hygrade Food Prod. 111 Pow & Lt pt (8).. Imp Oil of Can (50c) Ind Ter I1lu OfI B. .. nan ctfs 1Ut(th10% %) "0 0fNo Am 123, Insurance Bec (70c). Intercontinent Pet n. Int Petroleum (1). Int Superp (11.10 Int Utilities A (834). Int Utilities B . IptpL (7). . CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, January 27.—The fol- lowing 1s a summary of important cor- poration news prepared by the Standard Statistics Co., Inc, New York, for the Assoclated Press. News Trend. Railroad earnings for December and Dortant part. of ‘the ‘day's ‘Eorporate it of 'S news. December net operating income of 20 roads thus far reporting shows & drop in aggregate of 324 per cent {rom a year ago and 39.2 per cent from 1928. Gross revenues of the same com- panies dropped 15.3 per cent from 1929 and 21.6 per cent from 1928 months. An_estimate of Associated Telephone Utilities results shows a moderate gain over 1929, Adverse dividend announce- ments have been made by Hart Schaffner & Mark and Stewart & Warner. The Companies. to vote on liquidation. BT Artioom Corpn, 1030 Add 00. Open. High. Low. Close. 3 16% THE EVENING STAR, WASHI CURB SHARES FIRM | NEW YORK CURB MAR ~Prev. 1931 High. Low. 1 1% 5 2% 1% % 815 6% W4 104 101 35 q Irving A 15% 16% 15% 8 8 814 31e 15415 109 314 31 33 36 1% 10 20% % 10 9% 1% 24 Leonard Loew's T Loew's 1 Midland Miller & Plymout Premier Pub Utll Pure Oil Reybarn Rock Lt Ryerson St Regis 4 Selected Sel Ind ( Selected % Stand Of! Stand O Teck Hu Tobacco Unit Unit U S Elec U S Elec U8 Foil ok v Vacuum 24 1% Dividend annual payment. stock. & Pavabl ment dividend. in’ stock. 1% 3% in stock. rates in gainst net income $481,018, equal to $1.88 common share. Associated Telephone Utilities 1930 earnings estimated in excess of $2 share against $1.52 earned in 1920. Chrysler Corpn. Dodge Bros. Division working force increased by 1,600 men since late December, bringing total to 10,231; sales on uptrend. Cities Service—Immediate acceptance of share exchange proposal not favored by Common Stockholders Protective Committee of Richfield Oil of Cali- fornia. Crocley Radio deficit, nine month to December 31, $445,958 against net in- zme $265,556 equal to 49 cents common are. De Forest Radio deficit, six months | g6 to September 30, $248,344 vs. net in. come $261,110, equal to 26 cents com- mon share. Files anti-trust suit against Radio Corporation of America. i Hart Schaffner & Marx cuts annual common dividend rate to $4 from $8, tlisglllres four $1 quarterly dividends for Hercules Motor Co., business on hand sumdclem to cover first quarter dividend neads. International Great Northern 2 | 83T Gommon. shave. Stock and Dividend Rate. Italian Superpow A. Italian Superp war. . Jonas & N cum pt... Knott Corp (1)...... Koppers G&C pf (6). *Lackawanna Sec (4). Lake Superior Corp. . Lefcourt Realty 1.60 Lefcourt Real pf (3) Libby McNeil & LoneStar Gas n (1 1% Loulsiana Lan & Ex. Ludlow Mf Assoc 10. Marion Steam Shov.. Mass Util Assoc..... Massey Harris Mavis Bottling. . Mead Johnson (13%) Met & Min Inc (1.20) Mid WSt Ut (1%)... Mid West Ut (b8%). Mo Kan P L (b10% Mo Kan P L vte. Nat Aviation. . NatFam 8 (b10%).. at Fam St pf (2) Nat Fuel Gas (1). Nat Investors. Nat Mfgs & Stor Nat Sh Tr SecA (50¢c) Nat Sugar NJ (2)... stle Le Mur. w Brad Ol (40¢). w Mex & Ar Land. Auction. . s Y Tel pf (6% N Y Transit (1.60). . Niag-Hud Pow (40c) Nipissing (30c). & St Anthony Gold 4 Stand Motors. ... Stand Oil Ky (1%). . dollar Ex dlvt‘ lc‘ g‘ “c.u T depreciation, NGTON, Received by Private Wire l Direct to The Star Office Bales— Add 00. Open. Hign. Low. Close. Chute w 1 1% 1% 1% 1% 4 1% 8% 4 1% % 12% 101% 35 8% 1014 22% o1, ne deb rts nc war. Unit (b8% ) Sons (2). Nor Europ Of1 Corp., Nor St Pow A (8). Nor St Pow pf (7)...100s Novadel-Ang (14%). Ohio Copper 50 Oilstocks Ltd A (40¢) Outboard Motor B. .. PacG&E 1stpf1%. Pandem Oil. 5o Peninsula Tel (1.40) 3508 Pennroad Corp Peop L& P A 22.40.. Philip Morris Inc. ... Pie Bak of Am A (2) Pierce Governor. Pilot Rad Tube A. Pitney B P n (20¢) hOfl (2).... Gold (12¢).. Prince & Whitely. .. Prince & Whitely pf. Pub Ut Hold (50c). . Hold war Pub Ut Hold xw 60c. pL(h)...... Rainbow Lum Pr B.. Co. & P (30¢c). Rossia Int Corp. .. Royal Type (133%)... Rubberoid Co (4).... ) @. . Paper (1) Salt Creek Con (40c). Salt Creek Prod (2).. SAXOL CO..cvacees Schulte Un 5c-$1 8t.., Seaboard Util (50c).. Secu Corp Gen (40c). eg Lock & H (50c) Industries. . full p stpd). Indus pr pf. Selfridge Store (27¢) Sentry Safety Cont.. Shattuck Den Min. Shenandoah Corp, Silica Gel ctf: Sisto Finance Corp South Cal Ept A 1%. South Penn Ol (2).. Sou Pipe Line (2). .. 1Ind (23%).. 10 1, Ohlo (213) 1008 Stand O1l, Ohio (5) Strauss Roth. . Stutz Motor (new) Sunray Oll (b5%). Syracuse W Mach B. Tampa Electric (2).. Technieolor, Ine..... ghes (80c).. Tenn Products (£1).. Texon Ofl&Land (1). & All Stks. . ‘Tob Prod Exp (10c).. Trans Lux DL P § Tubize Chatel (B)... Ungerfeider Fin Cp. . Un N G of Can (1.40) “hem pt pf (3).. rp war. Unit Dry Docks . 4 Unit El Sve pf war. . Unit Fou (b2-35 sh). Uhit Gas Corp. Unit Gas war. Unit Gas pf (7). Unit Lt &Pwr A (1). Unit Milk Prod. . Power ww.. Pwr war. .., (B) (50c). S & Inl Secur. . S Inter Sec 15t pf. 4 US Lines pt (1)... Util PRLt(a$1.023%) . Util & Ind... .. Util & Ind pf (13%) Utility Equitfes. Util Equij pt (5%) “4). Van Camp Pkg. Van Camp Pkg pf. Venezuela Petrolm Walgreen Co war Walker (H) (1) Watson (J W) Co.... West Air Exp (60c).. West Auto S A (3)... Williams R C (1.40). Wil-Low Cafaterias. Wil-Low Cafeter pf. Zonite Products (1). | RIGHTS. | Com Edison. | Sou Calif Edison 4 16% 8% Expire. Feb 3 6 137 9 2% 4000, Just_auarten rtly extra. 3 . b Pa; cblu‘;n tock. K 3 or semi- s 4% in Adjust- stock. o 'lus in Pl Bl o ok m Pl Missour! Pacific Railroad December net operating income up 11.6 per cent; 12 months, excluding $1,303,207 back mail pay in 1929, off 10.6 per cent. Flles brief in opposition to Cotton Belt acquisition by Southern Pacific. National Biscuit, Wheatsworth, Inc., stockholders approve sale of assets to this company. New Jersey Bell Telephone December net after taxes off 46.1 per cent; 12 months, off 5 per cent. New Orelans, Texas, Mexico Railwa; net operating income off 7 r cent; 12 months, excluding $89,560 DA% in 1929, up 84 per cent. New York, Ontario & Western Rail- December net operating income t net operating deficit 1 againat 801308~ ! mnwig 1930 net 'before in- twml 0;0 bond interest, $95,533, against Paragon Co, $2 liquidating dividend onn:l’;nllm% common stock. Parmelee Transportation ready to ac- quire Yellow Cab of Minneapolis, sub- Ject to eity action. Philadelphia Co. net earnings, before 2 months to November 30, off 24.5 pér cent. Radio Corporation of America de- (endl:ll in anti-trust suit filed by De 0. . Radlo Products 1930 deficit $60,029, $517,186, equal to ua’m. $14,508; 1. ol — T TX A % |and fancy stock commanded 5 ) MARKET FOR FARM PRODUCTS EASIER Prices Show Sagging Tend- ency Toward End of Month. Poultry Higher. TUESDAY, After the general advancing tendency of the farm markets during the first half of January, there was a time of hesitation toward the end of the month, with some price declines, says the United States Department of Agricul- ture, Bureau of Agricultural Economics, Market News Service. On the whole, the market tone continued fairly confi- dent. There were setbacks in the grain and feed market after the middle of the JANUARY 27 1931, FINANCI BALTIMORE GRAIN EXCHANGE OPPOSED TO Special Dispatch to The Star. BALTIMORE, January 27—A protest against the expressed intention of the Federal Farm Board to supersede the present grain marketing machinery by farmers' co-operative associations was voiced in the annual report of the Bal- timore Grain Exchange. “The consummation of this objec- tive,” the report said, “will eliminate present grain dealers, elevator men, millers, exporters, handlers and pro- cessers of cotton, packers (meat and vegetable), dairies and any other busi- ness so unfortunate as to have the origin of its product on the farm. “We have, therefore, the paradox of Congress appropriating millions of dol- lars for the relief of unemployment and the Farm Board, the creation of Con- gress, endeavoring to_destroy industries employing millions of men." The report was submitted yesterday at the annual meeting of the members of the organization. Eugene Blackford, president of the group, presented the report. Five new directors—E. H. Beer, Oscar month. Cattle and hogs also tended | M. Gibson, M. Oldham Lewis, Robert C. lower, but sheep and lambs made fur- ther price gains. Dairy products devel- oped a firmer price tone toward the end of the month, with price advances on butter in nearly all markets. Eggs 2ls0 sold a little higher, compared with the lowest of the month, and the mar- ket on dressed poultry showed further . ‘The tendency of the fruit and vegetable market was slightly down- ward, without sharp price changes. Butter Slightly Higher, ‘The advance in price of fresh butter after the middle of the month brought increased offerings of storage stocks, but the gains in price held fairly well. It is generally believed that the make of butter in. the larger dairy States is holding about steady, with some sec- tions showing slight increases. The city milkmen, the condenseries and the shippers of sweet cream continue to turn their surplus into butter. City cheese markets did not appreci- ably reflect the strongest sentiment pre- vailing at country shipping points after the middle of January and prices gen- erally were unchanged. Poultry Markets Improve. Demand for poultry has continued U fairly active and markets remain firm in late January. Prices have advanced from 2 to 3 cents during the month sizable premiums. A great deal of the dressed poultry now reaching the markets is of rather poor quality and of somewhat uncertain value. Farmers sold most of their best poultry before the holidays % |and what they are now sending forward is, on the whole, a rather unsatisfactory le. Receipts of fresh eggs have been lib- eral and in excess of requirements, re- sulting in weak and declining condi- tions_much of the time during Janu- ary. Prices have recovered slightly since the middle of the month because of slightly heavier buying during the time of lowest and most depressed market conditions. There is still & considerable quantity of eggs in storage and the out- look for moving into trade channels within the next few weeks does not look very encouraging. Dealers are talk- ing of a price of 20 cents, to be paid for eggs packed for storage at the be- ginning of the season, but some are ex- & | Decting higher levels at that time. Cattle and Hogs Lower. Although marketings of cattle during the third week of January were prac- tically no greater than the moderate run of the week previous, there were rather severe price decline reflecting lower rices and poor demand for dressed beef. jces showed a loss of 50 cents to $1 on the various kinds about the third week of January. The marketward movement of hogs continued liberal, another week of heavy receipts, but demand was also compara= tively broad. Heavy hogs were mod- erately lower the third week of January compared with a week earlier, but price fluctuations were narrow and the un- dertone of the trade healthy. Lambs advanced in price despite an increase of about 19,000 in receipts at 11 market centers, and prices were the best of the Winter season so far. Marketings ex- panded moderately, but the dressed trade was healthy and all buying in- terests were active. The bulk of the good and choice fat lambs scaling 92 pounds down sold at Chicago from $9a $9.35, with tops of $9.50. The supply of veal calves was lighter and prices ad- vanced. Grain and Feed Lower. The domestic grain markets developed a week tone toward the end of January, influenced by increased domestic sup- plies, and further declines in foreign markets. Wheat prices were held fairly steady, but the market had an easier tone as a result of large offerings for the time of year. The heavier movement of corn in the Southwest weakened the market for that grain and prices de- clined at principal distributing ints. Rye was lower at most markets follow- ing the decline in feed grains, Barley and oats tended downward along with corn. The flax market continued dull and featureless with prices tending to- ward lower levels. Hay markets continue generally dull during the last part of January Sup- plies are light and demand rather slow. Stocks were reported heavy at Boston and New York and New York prices ‘were about $1 lower on some lines. The price of cottonseed meal followed very nearly unchanged levels with ad- vances of $1 per ton soon after the mid- dle of January. Linseed meal declined on the average about $1 per ton. Con- sumer demand was light. Gluten feed | beneficial. CO-OPERATIVES Herd and T. Willson Johnson Johnston— were elected. Exports of all grains from Baltimore in 1930, according to the report, were only 7,083,000 tons, the lowest since 1872, when they were 5.245,000. “The grain export trade of this country,” the report continued, “has been considered moribund and about to be counted out many times, but has always arisen from its ashes and will do so ngnln:‘ According to statistics included in the report, receipts of wheat at Balti- more were 11,381,572 tons and the ex- ports were 6,952,837, including only 1,409,689 tons of domestic origin. This compares with receipts of 16,394,178 bushels in 1929, of which 10,716,036 was exported. Receipts of oats here was 643,527 tons, with 4,372 tons exported, against 796.- 871 In 1929, with exports of 169,650 bushels. Receipts of rye were 80,377 tons, against 55,398 tons in 1929. Re- ceipts of barley were 45519 tons as compared with 4,153,181 tons in 1929, Hay receipts totaled 4,009 tons, com- pared with 694 tons in 1929. CENTRAL BANKNG HAS SEVERETES Financial ~ Authorities Dis- agree on Methods to Be Used in Depressions. BY CLAUDE A. JAGGER. Assoclated Press Financial Editor. NEW YORK, January 27.— The Natlon's banking authorities hope that central banking in America will have attained its majority by the time another business depression threatens. History of business cycles indicates that another major depression is prob- ably several years distant, but testimony of banking leaders before the Glass Bubcommittee of the Senate Committee on banking and currency indicates that serious thought is being given to the errors of the past, and the course of action to be taken in the future. Undoubtedly too much has been ex- g;c::d of the central banking or Federal Tve, system. It was developed during the abnormal conditions of the war years. Its deflation policy of 1920- 21 was dictated by conditions growing out of the World War. The present depression and the orgy of speculation which preceded it has given the Federal Reserve System it first severe peace- time test. Some enthusiasts felt that the reserve ‘system had virtually re- moved the threat of cyclical depressions in peace time, something no banking system had ever accomplished. Critics Are Numerous. It has had outspoken critics both at home and abroad. Some prominent London bankers are frankly of the opinion that such a speculative credit crisis as developed in New York in 1929 could not have happened in London, in view of the long period of develop- ment which central banking has had in Great Britain, conservative policies which have been adopted. ‘The easy money policy of the Federal Reserve System in 1927 has been re- garded by several bankers as an error, one which started the 1928-29 orgy of speculation. George L. Harrison, the present governor of the New York Re- serve Bank, said before the Glass Com- mittee last week that he thought it would have been better to raise the re- discount rate in 1927. In his two- volume work on the Federal Reserve System, Paul M. Warburg, now chair- man of the Manhattan Co. says that the plan was embarked upon to help Great Britain with its restoration of the gold standard, but with the idea of quickly reversing the policy when signs of inflation began to appear. He thinks the mistake was in failing to reverse the policy soon enough. ‘Wall Street decidedly does not admit charges that this 1927 easy-money pol- icy was the work of New York bankers alone, recalling that the Reserve Board in Washington ordered a cut in the Chicago bank rate after the directors of that bank had refused to reduce it. Opposes Easy Money. Albert H. Wiggin, head of the Chase National Bank, now the largest bank in the world, has long expressed oppo- sition to excessively easy money. Testi- fying before the Glass Committee yes- terday, Mr. Wiggin expressed the opin- ion that present rediscount rates—2 per cent at New York—are too low. Mr. Wiggin, in his recent annual re- port to Chase Bank stockholders, ex- pressed the belief that the easy-money policy, adopted by the Reserve after the Stock Market crash of November, 1929, had delayed liquidation essential | to economic recovery and had prolonged the depression. Supporters of the present easy-money program, however, feel that at what is obviously the low period of a major depression easy money can only prove They say cheap credit, now that the boom is thoroughly liquidated, can only hasten recovery, once it gets under way. They point out that con- ditions in 1931, when a major busi- ness depression has already run its normal span, can scarcely be compared to 1927, which was a year of minor in- sold without much change in price, but | tefTuption in a period of unparalleled of about 50 cents per ton. Potato Supply Ample. Potato markets continued slightly downward in late January, but further declines were slight. Shipments con- tinue rather liberal for the time of year owing to mild weather in most pro- ducing sections. Several carloads from Canada arrived daily in two or three Eastern ‘markets. Maine potatoes are active as far West as Detroit and Cleve- land. Midwestern potato markets are liberally supplied, but prices at Chicago have been holding fairly well. The gen- eral jobbing range in the large cities is from $1.50-$2 per 100 pounds. Although demand for cabbage con- tinues rather slow the principal Eastern produclnr sections, loadings were averaging slightly over 60 cars daily in Western New York the third week in January. Dealers were selling carloads at $12-$12 per ton, Prices in Eastern markets have declined $1-$3 since the middle of the month and the tendency has been downward in Wis- consin producing sections. Onions and carrots continue in light demand and the market for both of these products remains dull. Sales of most lines of yellow onions follow a Jobbing range of $1-§1.25 per 100 unds in the large consuming mar- ets. Plantings of early onions in South Texas are expected to show an acreage increase of about one-fifth, but the season In that section is a little Price changes in the apple market have been qf slight general importance during January. City markets continue to report moderate supplies and slow to fairly geod demand. Maine Baldwins and Greenings have been selling in Chi- cago at $1.50 per bushel. Prospects for the export apple trade continues fa- vorable, FOREIGN EXCHANGE. (Quotations furnished ry W 8 Hiobs & Co) Nominui kola Sellizk cnecus va London, Paris, pound | y | hominy feeds declined on the average | ProSPerity. It developed at the hearings in Wash- ington last week that members of the directorate of the New York bank were prepared to advance the rediscount rate not only from 5 to 6 per cent, but to 7 or 8 per cent, if necessary, during the forepart of 1929, when their weekly requests for permission to raise the rate from 5 to 6 per cent were succes- sively vetoed by the Reserve Board. The developments before the Glass Committee mav have an important bearing on what will be done to keep the next prosperity boom from getting out of hand. It is now widely recog- nized that the way to prevent periods of extreme depression is to prevent un- sound practices in periods of prosperity. “Bootleg” Loans. Gov. Harrison of the New York Re- serve Bank, suggests action, by legls- lative means only if necessary, to bar so-called “bootlcg” loans, or loans from STOCK AND BOND B. & 0. NET GAIN DURING DECEMBER Full Year’s Revenues From Operations Show Drop From 1929 Returns. Spécial Dispatch to The Star. BALTIMORE, January 27.—Decem- ber was the only month last year which showed an increase in net railway oper- ating income of the Baltimore & Ohio Rallroad Co., compared with 1929, ac- cording to the monthly statement made public today. This was brought about through economies in operating ex- genus. which effected a saving of $3,- 98,936, making the net railway oper- ating income for the month $3,067,790, -,nlmt $2,441,903 in 1929, an increase of $625,887. This was accomplished in the face of a decrease in operating revenues for the month of $3,325352, the revenues for December totaling $13,- 798,818, against $17,124,170 in 1929. The principal decrease in revenues still continues to be on freight, which totaled $11,200,441, compared with $14,- 145,321 in - December, 1929, a decrease of $2,944,880, while passenger revenue showed a decrease of $328,954. All other revenues, with the exception of mail and joint facility credits, showed a decrease, the majl increase being :gsoggfl and the joint facility credits Operlung revenues for the 12-month period ending December 31 totaled $206,660,435, against $245,418,776 in 1929, a decrease of $38,758,341, while railway operating expenses were cut $27,427,660, being $153,142,374 last year, cominred with $180,570,034¢ in 1929, making net revenues from railway op- erations for 1930 $53,518,061, against $64,848,742 in 1929, a decrease of $11,- 330,681. Net railway operating income, after deductions for tax accruels, equip- ment rents and joint facility rents, for 1930 totaled $40,248.614, inst $49,- 184,110 in 1929, a decrease of $8,935,496. GRAIN MARKET CHICAGO, January 27 (#)—With excessively dry weather in domestic Winter wheat territory a factor, grains advanced today after an irregular start. At some Illinois points drought was reported making more wells empty than during any time last Summer. Openm 3% cent off to % up, wheat afterw: showed increased gains. Corn started unchanged to !, down, and subse- quently rose all around. ‘Word that Central Iilinois creeks and springs never before known to have gone dry had failed had a bullish influence over both wheat and corn. Friends of. higher Prlces laid stress also on Senate action looking to Imer‘ency relief use of 20,000,000 bushels of wheat owned by the Grain Stabilization Corporation. There were indications, too, that oyer- night export business in North American wheat was cf fairly liberal volume, and that Argentine shippers were unwilling to accept any further the low price levels of the ll;l wiuk.d e i Corn develope: ngth fasi than wheat. A trade authority said official estimates of a reduction in grain con- suming units of live stock was less than 1 per cent compared with a year ago, whereas production of feed grains was 115 per cent less and hay production was 16.5 per cent less. Primary arrivals of corn were 639,000 bushels, against 734,000 a week ago and 1,056,000 at this time last year. Oats derived firmness from other cereals. Provisions tended upward with grains, HEADS NEW INSTITUTE. NEW YORK, January 27 (#)—Elec- tion of W. 8.\Wheeler of Newcastle, Pa., as president of the newly formed In- stitute of Steel Plate Construction was announced today. Other officers include Arthur Cav- erno, New York, vice president; B. P. McDaniels, Pittsburgh, treasurer, and J. W. Poushy, New York, secretary. Support of technical research to de- velop new markets for steel plates is one of the chief items in a program for 1931. corporations, foreign and private banks and individuals, from the call money market. These loans proved unamana- ble to banking control in 1928 and 1929. Mr. Wiggin, however, told the com- mittee that any effort to control these loans by changes in the banking law would merely result in diverting them into new channels taking them again in the loan market. He said no I can prevent bad banking absolutely; “that is largely & question of good and bad management.” He suggested, how- ever, that the reserve banks might charge members a higher rate for bor- rowing against bond collateral, than for borrowing against commercial credit. Mr. Wiggin agreed with the late Ben- jamin Strong, first governor of the New York Reserve Bank, that “you cannot earmark credit.” Governor ‘Strong fa- vored vigorous use of the rediscount rate to check inflation. AVERAGES By the Associa From Yesterday's 5:30 Edition. STOCKS. 50 lltl\lllrl.lh. 0. Three years ago. High, 1930-31 Low, 1930-31 High, 1929.. Low, 1929... 112.9 2528 1413 BONDS. 10 Industrinls. . ol years High, 1930-31.. AL *xx A_15 MARINE INSURANCE FORUM IS PLANNED New Committee Being Form- ed to Deal With Problems of Shipping Policies. BY ROLLIN M. CLARK. An era of better understanding and teamwork between American shippers, ship owners, underwriters and- the Government on marine insurance mats ters is foreseen as a result of the activi- tles of a new, permanent public com: mittee now being organized to afford & common meeting ground for various in- terests concerned with marine insur- ance questions. The new committee, authorized by the National Conference on the Mer- chant Marine, consists of representatives of the Secretary of Commerce, the Shipping Board, the Steam- ship Owners' Association and the Asso- ciation of Marine Underwriters. Forum May Result. ‘When this group perfects its organi- zation it should prov& a forum through which many troublesome problems, w!or'e -rlguheg‘ without lol:ouu'll at con- gressional rings, may be cleared up without the intervention of legislative or other official action. For e; had such a committee been in ence when the exist Jones-White act was enacted a lot of conflicting and using discussion on American ma- rin insurance probably would have been avoided. In the original bill there was a pro- vision for the creation of a reinsurance fund by the Shipping Board for the purpose of reinsuring American vessels, at the option of the private companies writing the direct insurance. After hearing a number of shipping spokes- men and marine underwriters—the for- mer pleading for lower insurance rates to assist in the development of the American merchant marine and the latter contending that rates of Ameri- can insurers were as low as they could be made without incurring deficits—the committee eliminated the controversial insurance section. In its place was substituted a pro- vision auf the Shipping Board to insure through its own fund all of its interest, legal and equitable, in all American vessels constructed or under construction on which the Shipping Board had made loans, held mortgages or liens, or had contracted for services the Shipping Soard s Cerrying ‘out Ha e Shipping Boa: carrying out its terms today. Competition Severe. Inasmuch as there may be a question at times as to how much interest the Shipping Board actually has in a par- ticular vessel or fleet, it is significant that the board is represented on the new committee. ‘The fact that marine insurance im the United Stdtes has always been sub- jected to severe competition from abroad makes especially desirable some machinery for ironing out, without pub- lic airing, the misunderstandings be- tween American ship operators and un- groups are striving for a it merchant marine under the Ame%n flag. Working together on insurance problems, they should contribute mate- rially toward that end. (Copyright. 1931.) o NEW YORK COTTON NEW YORK, Janu: 27 (Special).— Cotton prices were z.g'l polnmhl]her Tenu o ring indistant a cove: months and a fair volume !'fl trade pure Mk: ‘l.n m.rd Lositions. Private es- timates found a more enco: de- mand from India. praee were: March 10:33, up nh'?n.y 10.50, up_4; July 10.80, ;: . ; July 10.80, uj 3; ?cmbfr 11.06, up 7; December 11.22, up 6. NEW SECURITIES NEW YORK, January 27 (#).—New securities offered today include: Missouri Pacific Railroad, $61,200,000 first and refunding 5 per cent gold bonds, series I, dated February 1, 193 and mature February 1, 1081. callable on 90 days' notice at 105 from August 1, 1036, to 1975, and at par thereafter to maturity. The bonds are priced at 95 to yleld more than 51 cent, and are offered by a syne headed by J. P. Morgan 1 Co. Kansas City Power & Light Co., $27,- por-cent. serls: e 1981, "orced ‘ad nt series, due , priced at gl% l'"m'l blnlem!. to !fi z.:," 433 T cen a grouj led by the Ol;;nmn:.s;l Og of n:: York. i lousf ting & Power Co., 84, 000,000 first lien and refunding mort- L AT it T S A , by a 8 headed by Halsey, Stuart & con G Not one case of parrot disease (psitta- ciosl.s) “};u mbeenh Te] e ul{n‘ lnllwmd since May 20, when fhde portation of the Money to Loan g 20 g KR L Joseph I. Weller $.73%% § Tt RICHF(‘IELD OIL Common) Recelved In exchange for CITIE(Sc §EBVICE Phone or call at this office. STUTLER & CO. Authorized Cities Service Dealer, Union Trust Building, 15th & H N.W. Dist. 2148. ate Opportunity for Exceptional Income Share in Control and Management Investment banking company spe- cializing in a security not affected by speculative stocks or fluctuating real estate values, with net earn- ings more than twice its 8% divi- dend rate, can increase income with more capital. No debts. Full voice in management and control of finances offered. i