Evening Star Newspaper, January 28, 1931, Page 15

" CURBISSUESMOVE [[NEW YORK CURB MARKET \ FINANCIAL. IN NARROW RANGE Utilities Depressed by Unfa- vorable News—OQil Shares Also Weaker. BY JOHN A. CRONE. /NEW YORK, January 28.—After Opening weak today the Curb Exchange developed selectivity. ‘A batch of news developments, such as dividends, earn- ings and orders, affected specific stocks. c Bond & Share lost nearly a point in the first two hours. American Gas & Electric fell nearly twice that amount and such leaders as Niagara Hudson Power, American Superpower and United Light & Power “A” also tap- ere‘g.‘ Cities Service was off about a half Standard oils and then the miscel- laneous petroleums eased and slowed when speculators and the industry heard rumblings from the mid-conti- ment field which intimated that some of the prorationing plans are about to be terminated. With some of the in- dependents seeing a possibility of mak- ing more money, temporarily at least, by letting. out more oil, this will mean that some of the major producers will have to store more petroleum. The re- sult was lower quotations in such issues s Gulf Oil, -Humble Oil, Standard Ofl of Indiana and later in Vacuum. s s ey hnniiinin MACHINERY MARKET - IN BETTER POSITION Improved Ordering and Buying Create Feeling of Optimism in Trade PSR Specisl Dispaich to The Star. NEW YORK, January 28.—Better or- and inquiring continue to bolster "I the country's machinéry. und country’s nery machine-tool markets, American Used tools are in New York, with a number of in- Haven: inquiry & that tae sibier 3 ves that - tion is looking up. New England dealers note more automotive drill, lathe and small- lers. Detroit reports advancing automobile , many of has been out of the market for a districts more. are also 3 '.bl; mmob.g: shows. AR R and a used tool - ket constitute the week’s tool news ?l’;:n that district. Cleveland reports several six including lists, apd improved prot sales. Cincinnati more active z &8 B ke 3 838!8583353!32!88810‘35338-‘":82823!!3“88 o iatSomtlaens: B Sa12888: S s3eadazgsied oF . ol N Q! 22 9 T i £24p¥S, iy Sj :n‘ff‘ oSS 25! > H5d 53 v 0 > FESRE S o SexeFeEitmensas _aui;fimsaugaa:n:w S oo 5 §ga§§’ H SSRGS SRFSE o omarsrastsrran B G 2z 055 o90zzazz FEITISES 3338: FRA 2233888223222 288 3! "“:352!2583!332‘-‘8832‘883823&. 2355250884 T 65 T sSsneraresivse: 5 SR seesiieisey ST - 8234 51s 05V, Igl‘a 1014 2RITL2: NG i -2 22! 2223332 & Aorare 000005 0 T 0 T oA B0 A 1 Qaag SI5328% 3 H - Seasde: R 23 283 FEE O OFE Note—All stocks are sold in one hi those designated by the shows those stocks were sol ~Prev, 1931~ Stock and Hign. Low. Dividend Rate. 100 Ala Pow pf (6).. 2% Alleg Gas. 4% Allied Mills (60c). 4 140% Aluminum Coof Am. 258 155 106% Alu Co of Am pt (6). 24 Am Arch Co (3). 11% Am Com P A (b10%) 24% AmCom P B (10%). 7% Am Cyanamid B. 1% Am Dept Stores 41 Am Equities. 14% Am For Pow war 315 Am Founders. va 70% Am Gas&Eln (11).. 4% Am Invest Inc B. 1% Am Invest war.. 43 AmLt& Trac (2%). 28 Am Maize Prod (2).. % Am Maracaibo. 3% Am Natural Gas. ... 9% Am Superpcw (40c). 165 81% Am Superp 1st (6)..+ 1 8% Am Ut&G B vte(20c) 5 Appalachian Gas 5% Arkansas Nat Ga 5% Arkans Nat Gas A 6% Ark N G cu pf (60c). 104% Ark P& L pf (7).... 4% Assoc El In Ltd 30¢. 15 Asso Gas & Electric. 3 17% Assoc G & El A (a2). 106 871 Assoc G & F pf (5)..320s 6714 Asso G & Elct (8)... 50s 1% AssocG & FE Adbrts 1% Assoc G & El war... 1 84 Assoc Rayon pf (6). 31 Atlas Util Corp 17% Aviation Cpof Am.. 12% Aviat Secof N Eng.. 105% Babceock & Wil (7). . 19% Bastian Blessing (3) 3% Blue Ridge Corp. ... 30% Blue Ridge cv pfa3. 176% Bos & Albany (8%). 21 BrazTr& Lt (b8%). 19 Br Am Tob 117 §-10. 40 Buckeye PL (4).... 23 Bulovacvpf (3%).. 5% Butler Bros 8 Cab& W pnfrets 19c. 1% Canada Marconi. ... 22% Carnation Co (§1%). 70 Celanese Cp pf (7). . 150; 17% Cent Hud G&E (§0c). 18% Cent&Swn Ut (b1%) 14 Cent PubSvAalf75. 9 Cent St El (k40c). .. 5% Centrifug Pipe (60c) 7 Chain Stores Stock. . 13% Chat Ph Aln.v (1). 16 Cities Serv (g30c). .. 48 Clev El Illum (1.60). % C7ev Tractor (80c). . nbia Syndicate. Vil & Gas vte. ... i.% Col Pict vte (f1%).. 221 Cmwith Edison (8).. 1% Cmwlith & Sou war. . 8 Com Wat Sv (b6%). 82 Consol Gas Balt 3.60. 10 Consol Laund (1)... 21§ Consol Royal (30¢c).. 42 Contl Share cv pf (6) 1814 Cooper Be: 5% Cord Corp. . 14% Corp Sec Ch (b6%).. 8% Creole Petroleum. .. % Cresson Consol (4c). 7% Crocker Wheeler. 7 CrCork Int A (1) 30 Cuneo Press (215 % Curtiss Wright war. % Cus! Mex Mining. 12% Davenport Hos (2). 1% Dayton Air & Eng 36! Deere & Co (g1.20). 1% De Forest Radio. ... 1% Detroit Afreraft. ... 12% Dotiglas Aireraft (1) 30 DressSRA (3%)... 21% Driver Harris new. . 2% Duquesne Gas Cp wi 1% Durant Motors. 2% Duval Tex Sul wi 17 EastG & F Assoc... 14 East St Pow B (1). 7% East Util Assoc cv. . 18% Educational Pic pf. . 4 Eisler Electric Corp. 40 Elec Bond & Sh (b6) 102% Elec B & Shpf (6).. 90 ElecB&Shcupfs.. 13 FElec Pow Assoc (1). 12 Elec Pow Asso A (1) 20 ElecP & Lt op war.. 9 Elec Sharehold (1). 1% Emp Corporation. .. 22 Employ Rein (13).. 23 Eureka Pipe L (4).. 1% Europ Elec deb rts. . 1 Evans Wallow Lead. 1% Fairchild Aviation. . 10% Fiat rets (1.25) . 8 Flintkote Co A. 1% Foltis Fischer Corp. 21% Ford M Can A (1.20) 7% Ford M France 25c. . 14% Ford M Ltd (p37%). 4% Foremost Fabrics. .. 4% Fox TheaterClA... 5% Gen Aviation. % Gen Baking. 27 Gen Baking pf (3).. 17% Gen Baking N Y wi.. 14% Gen Empire Cor (1). 50% Gen G&E cv pf B (6) 21% Gen Thcv pf wi (3). 57 Glen Alden Coal (8). 7 Globe Underwriters. % Golden Center. : 5% Goldman Sach T C.. Gold Seal Elec new. . 5’4 Grand Rap Var (1).. 167% Grt A&P Tean.v.(5). 118 GrtA&PTpf(7).. 63% Guif Ollof Pa (1%). 6% Hall Lamp (40c). 13 Heyden Chem (1)... 12 Heywood Wake 2d pf 64 Hollinger Gold (65c) 44 Horn (AC)Co...... 4% Hudson Bay M & S 57% Humble Oil (123).. 4 Huyler Strs of Del.. 2% Hygrade Food Prod. 86% I1l Pow & Lt pf (6) 17% Imp Oil ofCan (50c Ind Pipe Line (3) 14 IndTerIlluOHA... 5% Industrial Finan ctfs 52 InsCoofNo Am 1233 6% Insurance Sec (70c). % Intercontinent Petn 14% Int Petroleum (1)... 21' Int Superp (1.10)... 84% Int Utilities A (3%). 5% Int Utilities B...... 26% Inter Equ cony pf(3) 2% Italian Superpow A. % Italian Superp war. . 35 Lackawanna Sec (4) 201 Lefcourt Real pf (3) 10 Libby McNeil & L. 1% Liberty Dairy Prod. . 18% Lily Tulip Cup (1%) 1 2 1 4 1 241 2% 10 90 13% 2% B4% 2 @ s PPN FPYOITTORUN SRR = ® 180T e 00 g N e undred-share lots letter s (808) (2508), d in odd lots. 4496 Open. High. Low. Close. « 50s 101% 102 3 3w 4% THE 101% 102 3 3% % 5 155 155 108% 108% 254 25% 1% 1% 5 b 3% 5 155 108% 25% 1% 5 NY Nia N Stock and Dividend Rate, Add Loew’s Inc war. LoneStar Gasn (1).. Long Island Lt (60c) Louisiana Lan & Ex. MacMarr Stores (1). Mass Util Assoc. ... Mavis Bottling % Mayflow Assoc (12). Memph N G Co (60c) Met & Min Inc (1.20) Mid St Prod n (2). Mid West Ut (b8%). Midland Unit (b6%). Miller & Sons (2). Moh H P 2d pf (7). Mount Prod (1.60) Nat American Co Nat Aviation. . at Bond & Sh at Fam St pf (2 at Fuel Gas (1) at Invest Nat Mfgs & & Nat Pow & Lt pf (6 Niag-Hud Pow (40c) £-Hud Pow A w.. Niag-Hud Pow B w.. Niag-Hud Pow C w. . Niles-Bem-Pond (2). Nipissing (30c). Noranda Mines. . Nor Am Aviat A war 0 Am Ut 1st pf (6). or Central Texas. .. or Ind Pub S pf (6) Nor St Pow A (8)... Novadel-Ang (1434). Oilstocks Ltd A (40c) Oliver Farm Eq wi Outboard Mot A.. Outboard Motor B... Overseas Secur (1).. PacG&E1stpfl Parke Davis (11.35 Pender DGr A (3%) Received by Private Wire Direct to The Star Office Sales— . 00. Open. Hign, Low. Close. 1 1% 1% :!fi 24 3N% 1% “w“ - DRSO N AMON S NN~ RN NADS ewberry (JJ) 1.10.. ew Brad Oil (40c). ew Eng Pow pf (§) 308 ¢ Steam n (2.60).. Telpt (6%).... 1258 1 3 21 Pennroad Corp PeopL&P An Perryman Elec Pilot Rad Tube A Pitney B P n (20¢ ic, Pitts & L Erie (5). Pitts Plate G1 (2 Prince & Whitely Pub Ut Hold (50c) Saxet Ci 11% 24 1% annual payment. 3% in stock. Seg Lock & H (50¢) . Selected Industries. . Select Ind (full pd) Sel Ind (full p stpd Selected Indus pr p. Sentry Safety Cont Shattuck Den Min Sheaffer Pen (13) Shenandoah Corp. Shenan Corp pf (. Sing Mfg, Ltd (23¢ Smith (A'0) (2). Smith (A O) pt ( South Penn Oil ( South C Ed pf B South CEdpf C1 South Corp. . Sou Pipe Line Southld Royalty 60 8 W Gas Utilities. Stand Invest cum pf. 108 Stand Motors. ... .. Stand Oil Ind (2%).. Stand Oil Ky (13).. Stand Oil Neb (214 Starrett Corp pf (3 Stein Cosmetics. Strauss Roth. . Sun Invest pf (3) Sunray Ofl (b5%). Swift & Co (2)., Swift Internat (3). Tampa Electric (2).. Technicolor, Inc..... Teck Hughes (60c) Thatcher Sec Corp. .. Tob Prod Exp (10¢). Todd Shipyard (4)... Tran Con Air Tran. . Tri Utilities (31.20). Twin StNGpf (A).. Ungerieider Fin Cp. . Un N G of Can (1.40) Union Oi1 Assoc (2). Un Tobacco Unit Chem pt pf (3). Unit Corp war Unit Elec 8v (p1.41). Unit El Sve pf war Unit Fou (b2: Pub Util Hold war Pub Ut Hold xw 50 Puget Sd P&L pf (6) Pure Oil pf (6) Raflroad Sh (50¢) . Rainbow Lum Pr B Reybarn Co. Reynolds Inv Roan Antelope ) Rock Lt & P (90¢) Rossia Int Corp. St Anthony Gold St Regis Paper (1).. SafeCar H& L (8).. 268 Salt Creek Prod (2).. 108 2% " 14% 9 Y 6 o % 54 4% 1 2 30 ). ). U S Elec Pwr war. U S Foil (B) (50¢). U S Gypsum (1.60) Utah Apex. Util P&Lt. Utility Equiti Vacuum (4). Van Camp Pkg. Vic Finan Corp(40c ker Mining. . Watson (J W) Co Wayne Pump pf 3%. st Air Exp (60c). West Auto S A (3).. Wil-Low Cafaterias. Yestn S&Tu pf(5%). Zonite Products (1). RIGHTS. Com Edison..Feb 2 Sou Calif Edison. ... Dividend rates in dollars *Ex dividend. able in cash or stock. 1 Plus 5% in stock. IPlus 3% in stock. n Pius 8% in stock. Expire. 12 14 30 2% 24 based on last quarterly or semi- tPartly extri iPlus 4% In b Payable in stock. e Adjust- g Plus 6% in stock. hPlus k Plus 10% in stock. m Plus CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, January 28.—The fol- lowing is a summary of important cor- poration news prepared by the Stand- ard SBtatistics Cb., Inc., New York, for the Assoclated Press: News Trend. Of leading interest in financial news is the report of earnings of United States Steel Corporation for 1930. Net income for last three months of the was sharply reduced, falling more {l.:: 59 per cent under the 1929 period and the smallest for dmule quarter since 1921. ‘This pared , com| with a decrease of 83.5 per _cent for oy nine months. the %omu-mmwy-r the full Poor & Co. reduced class A dividend and passed class B disbursement. The Companies. American Ice, 1930 net, before taxes and depreciation, up 1.3 per cent. Ann Arbor Railroad, 1930 preferred share earnings, $3.18, against $15.72. Buffalo, Rochester & Pittsburgh Rail- way, December net operating income up 4.4 per cent; 12 months, of cent. Castle (A. M.), Co., 1930 common share earnings, $3.04, against $7.06. Central States Electric stockholders to vote on reduction in stated value of common stock from $§21541,310 to $9,648,703, in order to adjust to market value of investments. Chicago & Eastern Illinois Railway, December net operating deficit (includ- ing, $4,000,000 special retirement charge), $4,815,441, against net operat income, $96,340; 12 months deficit, $5,505,969, inst income $1,897,399, excludes $311,634 back mail pay. Chicago Great Western Railroad $3,- Pullman earnings are about 39 per cent | cifie mlr" cent, excluding pay in 1929. Chicago & Northwestern Railway cember net operati in 523, against $66,3: nths, '$17,- nst ' $24,870,656, excluding $1,349,403 mail pay. !g:l'lz ::?h 423,851, Paul, Minnespolis & 23.4 per $3 - ing deficit $254,639, against deficit $277,121; 12 months’ net in- come §1,659,994, against e $2,- 968,733. Colorado & Southern Raflway com- mon share earnings nine months to September 30, $2.23. Civic Concert Service interest ac- quired by N. B. C. Artists’ Service. Cushman’s Sons, Inc., 1930 earnings nn' ;;l preferred shares $59.17, against Delaware & Hudson Co. Deceml net operating income off 81 per cent; 12 months, off 28.2 per cent. Devoe & Raynolds second preferred share earnings year ended November 30, $2.24, against $103.58. Fitz Simons-Connell Dredge & Dock 1930 common share earnings, $2.06, against $5.10. General Fireproofing 1930 common share earnings, $2.30, against $3.33. Great Afllnflcd & P-fin:s'ru n.lso common dividend; paid $1.25 previously. Hibbard, Spencer, Bartlett 1930 com- mon share $2.64, against $4.57; :urrent assets over 10 times current "{nmim Gentral. Railrosd, December rating income cent Toland Steel 1930 ' Gommon. snare -"Lima Locomotive Works declares pecial $2 dividend, first since 19: reported $6.50 admmon share 5% | man in each of our 21 loans offices to % % next question. k3 i3 | to_pay an_extra EVENING STAR, WASHINGTON, D. C. PRYMENTOFLOANS HASBEEN STEADY Syndicate President Com- ments on Small Number of Delinquent Accounts. BY JOHN F. SINCLAIR. Spectal Dispatch to The Star. NEW YORK, January 28—J. R. Ridgway, president of the Investors' Syndicate, tells me that less than one- half of 1 per cent of all the payments due on nearly $31,500,000 of mortgages outstanding in his company are 90 days or more in arrears—about the same number that was in arrears in 1929. This is remarkable, for this company loans only on small homes occupied by the owner. Asked how he was able to maintain such a low record in times like these, Mr. Ridgway said: “All our loans are made on a monthly amortized basis and no officer, director or agent receives any commission, di- rectly or indirectly, from the negotia= tion of these loans. Agents on Salary Basis. “All of our loan agents are on & salary basis, and we are training one take over new offices as we need further outlets for our money. I believe that this has been a great factor in keeping our delinquencies down and in reducing the amount of real estate we own to a minimum.” “Do you believe it’s & better plan than Flvln‘ commissions for the making of loans?” I asked. “My experience has been that regard- less of how honest a man may be his better judgment is sometimes influ- enced by the commission he receives. I think I am correct in making this statement for the reason that the In- vestors’ Syndicate has less real ostate and fewer delinquent loans than any company, to my knowledge, doing busi- ness on the North American continent, with the same volume loaned.| “Is 1931 starting off well?” was my of money “While last year was a difficult year for all business, our production in 1930 ‘was $102,000,000 as against $105,000,000 in 1929, Mr. Ridgway replied. “While the doubling of last year’s production is rather an optimistic view, I feel that we can safely predict a production for 1931 of $150,000,000. “One thing I can say from our re- sults in the last few months, and that is that the American ‘investment-minded’ rat] ulative minded.” “I believe further that the public which has been buyj on the install- ment basis (and this includes the ma- jority of our people), is getting pretty well caught up with these monthly ob- ligations, and that 1931 will be a very much better buying year than 1930.” Gandhi’s Ultimatum. Gandhi back in Bombay sent the shivers down the backs of Britishers yesterday when he announced that he would not be a party to any peace which would not satisfactorily solve three questions: That of salt, foreign clothes and of liquor. 1. Salt today is a monopoly—a Brit- ish monopoly—and a profitable one at that. He wants that monopoly broken, and put under the control of the people of India. 2. Gandhi has always stood for the individual spinning wheel as the salva- tion of Indian industrial life. This gives no encouragement to the idle and hard- pressed spinners Manchester or Lancashire, waiting anxiously for a chance to sell their goods to India, as in the past. - 3. Gandhi is a prohibitionist. He wants prohibition for India. He wants the control of liquor put in the hands of the Indians themselves, and not the British government. All these are very important per- quisites for Great Britain! Will Great Britain submit to Gandhi's program? 1If she does, it will be the bitterest pill she has yet taken in her struggle control of India. And yet without Gandhi’s support the Britishers know they will have an increasingly harder time to main their control in that land of 320,000,000 people. Eubuc today is er than ‘spec- Bonus Question. ‘The 3,500,000 soldiers’ bonus certifi- cates outstanding are really insurance policies. These certificates provide for payments at maturity, within the next 15 years, of $3,500,000,000 in amounts from $150 to $1,500, with the average amount around $1,000. If Congress the Garner plan per cent over the resent cash surrender value most cer- icates will be cashed immediately. What does that mean? It means that the insurance.feature of these certifi- cates will be et If legislation is to cash these certificates it should be done with the distinct understanding that the cost offsets pensions for such veterans of the Great War. But if legislation goes through to pay these certificates in cash, and the matter of future pensions is lef§ more or less obscure, pensions will become a political foot ball for the next gen- eration. Unless this subject of future pensions is clearly specified in detail in any pending legislation, it would be better to leave the matter alone. That is, s0 far as the taxpayer is concerned. Proposed Paper Firm Merger. Should the conference now on in l}o&uefl looking to the mer‘ger o!( sca‘me of the larger r companies of Can- ada be sunceupn.: 1t will result in bring- ing something like order out of chaos in an industry that for several years ast has been “marking time,” to put it mildly. 1t _is understood that the companies involved are the Abitibi, the St. Law- rence, Backus-Brooks interests, Canada Power & Paper Corporation and the Canadian International raper Co. Most of the hard work in the nego- tiations is understood to be completed. A few more days should iron out the few problems remaining. Whether the name of the company is to be the Abitibi or not, is undecided, but that the comtrol of the proposed $600,000,000 merger will remain in Can- ada may well be surmised. the master hand of Sir Herbert ident of the Royal k of and power behi the movement, is plainly seen in the pres- ent negotiations. Collateral Loans, Albert H. Wiggin, New York banker, testifying before the Glass Committee, made the statement that he believed loans of the member banks should be reduced to the level ber | reached in 1926—about u.ooo.o&o.?nogi ‘This statement would seem cate that Mr. Wi has in mind a further deflation of 256 per cent in col- lateral loans of member banks. For a recent re:ntt showed the collateral loans of $7,900,000,000, nearly $2,000,~ 000,000 higher than the 1926 level. Most people would interpret such a statement as “bearish,” not “bullish” so far as the stock market is concerned. For stock market prices have a tend- ency to sag while collateral loans are being reduced. The reverse has hap- pened, but in very rare instances. (Copyright, 1931, by North American News- vaper Alliance.) = il POTATO MARKET. United States shipment, 7.67; hundreawel r‘#‘:v’monn:llno" e u) lwe i rou 1.40a1.45; ‘lew. 1.50a1. le C. usical the The Schref Davis; Dr. for | Rev. William Three years High, 1930-31 Low, 1930-31 Low, 1929. . 1931, Standard Statistics Co.) VOTAW IS HONORED BY TAKOMA CITIZENS Newly Elected Bank Cashier Guest of Honor at Dinner and Reception. Special Dispatch to The Star, TAKOMA PARK, Md, January 28— Abner L. Votaw, recently elected cashier of the Citizens’ Bank of Takoma Park, was guest of honor last night at a re- ception and dinner given by the officers, directors, stockholders of the banks and their friends in the hall of the president of the Citizens’ Bank, deliv- ered the address of welcome. H. F. ‘Taff, president of the Takoma Park Bank, fallowed sions of apj 0se the evening inclu characterizations; vocal solos; C. mi solos; Angelico, Alfred Smith, tenor solos, with selections by the Lyric Man- dolin Orchestra, under the direction of partment, with Mrs. Walter Hawley, president of the auxiliary, as chairman. guest list included the following: ‘Thomas W. Page, Maryland bank exam- iner; Robert V. Fleming, Washi reserve agent; Henry B. Wilcox, = more reserve agent; Henry F. Tafl, president Takoma Park Bank; Raymond L. iner, t and cashier of the Bank of Brightwood; James H. Cis- gk ver Edgar V. Crittenden, it sel, president, cashier of the Bank; E illiam A V. , Dr. A. B. Little, Dr. Al- bert H. Parham, Dr. Lynwood Heiges, . E. Clyde Shade, Dr. E. J. Copp Dr. Joseph W. Voelker, Dr. Henry A. Swanson, Dr. .3'7 .;‘ '10”23:" Dr. W. . J. Manley b, Rev. Paul Schearrer, Rev. B. Franklin Bryan, E. La Rue, Rev. M. El- w Turner, Rev. R. Clark, Mr. and Mrs. o ©C. B. Osborne, tain | Walter M. O'Laughlin, Gordon W. Bone nette, president of the Takoma Park | highest. C! 'r of Commerce; Herbert Walton Rutledge, president of the Takoma Park Raker, presrant of the Cinsens e s nt of ¢ - clation of Takoma, D. C.; Tl 3 . E. Blassi president of the Takonia Park Homs and School Association; Ralph E. Gould, president of the Takoma-Silver Spring High School Parent-Teacher Associ tion; E. J. Rowley, president Civic and School Association: Mrs. George A. Cook, president Takoma Park Grade School Parent-Teacher Association; Mrs. James A. Robertson, president Takoma Park Women’s Club; Thomas J. Holmes, ;d.AmAutnz‘r Takoma Lodge, No. 29, GRAIN MARKET CHICAGO, Jan 28 (#).—Influ- enced by forecasts that quantities of wheat on ocean passage would shortly ‘u:d e méxch llnger Pproportions, grains lerwent, early setbacks today. Argentina, Aum‘ag:h:nd Canada welyn in tion to furnish wheat supplies freely to importing countries. _ Starting unchanged to % cents off, wheat afterward continued to sag. Corn opened %a% down, and subsequently held near to the initial range. Downturns of grains were in the face of official reports that domestic Winter wheat in the Ohio Valley needed mois- ture and was minus snow protection. Crop deterioration in rm of the Southwest was also lcially noted. However, the condition of the United States Winter wheat crop as a whole | b was described as fair to good. Trade was almost altogether in July wheat. Business in September delivery will " esshned | Buyiny SSen support, together creased ccompanied ry receipts els, compared with X Wweek ago and 1,319,000 at this time last year. Chicago arrivals we;e 20,91 uu,mmmn 92 a wee§ b.t':kr an on the corresponding day o 1930. Oats declined Wlmf,her l.‘eryefls, Provisions were responsive to lower quotations on hogs. —_— NEW YORK-COTTON NEW YORK, January 28 (Special).— Opening cotton prices today were 5 to 6 points higher, with the buying scat- tered evenly throughgut the list. ever, the gains t out more con- tracts ern houses and trade purchases were still only moderate in quantity. Liverpool advised a more hopeful outlook for that market with a solution of the English labor situation in sight. Opening prices were: March, 10.46, up 5; May, 10.69, up 5; July, 10.93, up 6; October, 11.16, up 6; and December, 11.33, up 5. REDUCTION IN DISCOUNT RATE IS HELD UNLIKELY 8pecial Dispatch to The Star. . Steinmeyer, | gos How- | No U. S. STEEL EARNINGS $9.12 SHARE IN 1930 Annual Statement Reveals Sharp " Decline in Profit for Final Quarter. By the Associated Press. NEW YORK, January 28.—The United States Steel Corporation earned $9.12 per common share in 1930, as compared to record earnings of $21.19 }I;z;m, and $12.50 in 1928, $9.30 in Net of $9.12 & share for 1930 was dis- th the issuance of the corpo- Net income for the final quarter of the was . $12,366,088, against $24,195,162 in the g _quarter, | |and $39,972,358 in comparable pe- riod of 1929. Of the net for quarter, $3,943,596, represented a credit from in- RAIL STOCKSFIRM DESPITE EARNINGS Group Maintains Recent Ad- vances in Face of Drops in Net. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, January 28.—The change in sentiment toward railroad about 17 points higher than when November statements were lished, representing & gain of twice as much as has taken public umlu'n‘-mm the same rbd an comparing an a vance industrials of about 14 ts since the middle of December. o%mu:ly there was some discount- ing of the December statements in the low prices made for raliroad shares ive factor. Institutions and eurgtl- tions that were selling railroad stocks in December at prices lower than they had been in several decades have re- cently been repurchasing them. Decline in Net Indicated. Prom the December reports that have come tax refunds, and net year-end ad- | im| Jjustments of various accounts, so that net earnings from to only $8,670,662. dends of $6,304,920, there was left a bal- ance: of 'i:nonw - operations amounf only more than 27 cents per common y‘ s UPTREND IN STOCKS REVEALED IN FIGURES Market Closed Hi-iur on Four- teen Days—Lower on Seven Days. Special Dispatch to The Star. Jlmur{ on it level declined about, five points in the next 10 days. Public utilities and rails have already their previous high aver- together logical. There has been plenty of evidence re- cently that both the investing and the speculating public are discriminating against the old “blue chips” and in S RAW SILK FUTURES. NEW YORK, January 28 (Special).— —Reflecting further weakness in )Lhe primary markets, with Yokohama off 3.to 18 points and Kobe 6 to 22 lower, of pol at e m.mdotheropuomzw'lm. e‘l‘mmu" o g. w;au?my ufi;e. thedben sell- ler operators ane lme'r:’-nf.ui’l ‘The 3:?“1:1 u.é:‘en rmfl"gfi Nine. transterable notlces on ‘Jemuary were issued. quiry for silk fabrics is sald to be showing a fairly good in- DIVIDENDS DECLARED NEW YORK, January 28 (#).— e Lompany. o Foster & Kieiser Go. 380 Garer Royalties Co, f< P 3 Qe Quias Ad e 4145 = PR R m 90 D OO 0Owd p DPOOOLOSDD KE 0O DX 0O D O DO S 5 B2 G s PRTOOT— Brummi o8 L B 55 _—r whtslered 4 2 0.0 0 pood O to toree | 8731300, 00811 508 B HRATI T e FE 4 1 ing 32928.000 since muom amounted preferred divi- | opera E 425 sési atf§ ! § 8 E i g g i k i | i i g a i i = S, 2 ? | s » i g § o1 g i i 3 § i § i i i g P i i 7l i ) 5 g i .i§i g § 3 g 5 ; Zs als e g il B 52 Es! B i 51 g ¥ H ) 2 ¥ § 5! kg B‘lil - ; : g i H i % % g E i 2 8 ] g g i i = i i i FEF] Egi 285 o1 55 cent. ry Coun it was chartered, ), 1919, INVESTMENT TRUSTS (o NEW YORK, January 28 (%—Over- Big. Asgge- s 35aad S5 55 am Lok g:.{«