Evening Star Newspaper, January 29, 1931, Page 15

* CURB SHARES SAG [ NEW YORK CURB MARKE FINANCIAL. INLARGER TRADING Market Develops Speed as Many Issues Sell Off. Losses Not Large. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, January 29.—Hesitant at the opening, today'’s curb market later developed somewhat quickened speed on the downside, without, how- ever, showing weakness. ' ‘The popular power and light issues, such as Electric Bond & Share, Amer- ican Superpower, American Gas & Electric and United Light & Power, Tesisted pressure fairly well, but did not Succeeed in regaining their initial levels. Cities Service was off fractionally most of the time, with such standard s as Humble, Standard of Indiana. Standard of Kentucky and Vacuum Oil showing the same trend as the leader ©of the miscellaneous petroleum division. General Baking Corporation issues were off a trifie as 1930 net profits showed earnings of $4.41 on the $6 preferred, Pie Bakeries of America and a few other allled issues moved up by small fractions. DIVIDENDS DECLARED NEW YORK, January 29 (#)— Regular. . B. Bohack Realty Corp pf.._. Brooklyn Edis Burrougns Add ch .. Oent Staics” Edisor, $7 pf $ n . Omnibus ‘Corp' pi.: 52 Pac Fire Ins (N Y).§1 est: ¥ ‘Worthington pL A u' G Lindsay Light. ¢ Wheeling Bk & Tr.32.50 . Increased. Nor Pow, Ltd..20c Q t Atl & Pac «-$1.50 Q Reduced. Jones & Laughlin 8t..51 Q Resumed, MaudMillerCandy..25c Q & Te: Due Due ' Due Due Due DOMESTIC BONDS. High. Lo, Noon. 160 1003, 10035 158 10023 100% '58 823. 81 235 3 s ' 2026, 10295 1023a 10: 5542 9415 943 9 . e Cesrn 3 et 23 g .. BELS i ot T i g0 R o o QzZZZZATREREE Q5 nazzsn Oy 67n 6 106% 106 47102 102 2 82 P0agEnEnTTIT T SREESS 29 §°§$~= % eSS ra e Sl = i 99 99 S0 2% ehia 611y 61 7 55 5005 10115 10115 1014 Ry’ 51z 152 'kis 8114 811 5 927 92% 97 U O Wiscon' P&L s E 758 10114 101% 101% FOREIGN HONDS. an Dominion 42 60 031y 53 93 Bantsh ‘Gon 31cs. '35 10012 g0t 1ogt } Zoo1s 4 B o gies 05 xw 16'% I816 Cons Min 6 47 Gon’ fun s ‘47 azil 75 8un ’36° x as A 55 5 79 Lt & arana de Bifuries " Ferni soc —With warrants W without warranta. P When irsued. England Scotland have 39 ,-m:'."-h-. o 1 i 3 i & Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (250s), which shows those stocks were sold in odd lots. Sales— Add 00. Open. High. Low. Close. 7 ~Prev. High. 4% 34 514 164% 109'% 42 1% % 15 10% . 1031 Stock and Low. Dividend Rate. 4 Aero Supply B. 234 Alleg Gas..... 4% Allied Mills (60c). 140% Aluminum Co of Am. 106% Alu Co of Am pf (6). 281% Alum Ltd A war.... 1 Am Austin Car. . 5% AmCityP&L B b10% 11% Am Com P A (b10%) Am Invest Inc B. Am Invest war. 5% Am Ma 814 Am Natural Gas 9% Am Superpcw (40c). 811 Am Superp 1st (6 7% Anglo Chil Nitrate. . 5 Appalachian Gas. 5% Arkans: 5% Arkans NatGasA... 6% Ark N G cu pf (60c). 2244 Armstro; 17! Assoc G 1% Assoc G & 6715 A 17% Aviation Cp of Am. . 36% Axton-F Tob A 3.20N 1% Bahia Corp. 314 Blue Ridge Co; 30% Blue Ridge cv pfas. 10 Borne § 21 BrazTr& Lt (b8%). 251 Buff N&EP pf (1.60). 384% Burco Inccv pf (3) 5% Butler Bros. 1% Canada Marconi 14 CentPubSv A 9 Cent St El (k entrifug Pipe (60c) Chain Stores Stock. . t Ph Aln.v. (1).. Chi Nipple Mfz A. 105 Childs Co pf (7) 15 Cities Serv (g30¢) 79% Cities Serv pf (6)... 7% Clev Tractor (80c). # Colombia Syndicate, 5 Col Oil & Gas vtc. 221 Cmwlth Edison (8).. 1% Cmwlth & Sou war. . 8 Com WatSv (b6%). # Consol Auto Merch. . & Consol Cortez Silver. Consol Gas Balt 3.60. Consol Laund (1)... 1 82 10 42 18% Cooper Bessemer (2) 5% Cord Corp. . 814 Corroon & Reynolds. 2% Cosden Oil. . . 7% Crocker Wheeler. 7 CrCorkIntA (1). 1% Dayton Air & Eng... 33% Deere & Co (£1.20).. 12 Deisel W Gilb (135). 1% Detroit Aircraft. ... Dress SR A (3 21% Driver Harris new. . 2% Duquesne Gas C wi. 1% Durant Motors. . 2% Duval Tex Sul w. 17 EastG & F Assoc. 4 East St Pow B (1) ast Util Assoc cv. . dison El, Bos 13.60. ducational Pic pf.. Eisler Electric Corp. 40 Elec Bond & Sh (b6). 4 102'% Elec B & Sh pf (6)... 13 Elec Pow Assoc (1). 12 Elec Pow Asso A (1) 9 EISI ‘ehold (b6% 1% Emp Corporation.... 85% Emp G & F cu pf (8). 32 Emp Pwr pt (4.60).. 5% Emp Pub Sv A al.80., 1% Europ Elec deb rts. . 30 Fajardo Sugar 3414 Ferro Enamel A (4). 10% Fiatrets (125).....: 8 Flintkote COA...... 1% Foltis Fischer Corp.. 21% Ford M Can A (1.20), 7% Ford M France 28c. . 14% Ford M Ltd (p373 ). 1 Foremost Dairy Pr.. 214 Foundation For Shs, 415 Fox Theater Cl A. 4 Gen Alloys (80c). 5% Gen Aviation 12 Gen Baking. 27 Gen Baking p: 17% Gen Baking'N Y wi. 2415 Gen Fireproof (2) 21% Gen Th cv pf wi (3) 55 Glen Alden Coal (8)., 7 Globe Underwriters. % Golden Center...... # Goldfield Consol 5% Goldman Sach T C. 5 Goth Knitback Mch. 63 Grey Tel PS (14).., 3 Groc Strs Prod vte. .; 63% Gulf Oil of Pa (1%). 6% Hall Lamp (40c).... 6% Hollinger Gold(65c) . 4% HudsonBay M &S ., 675 Humble Oil (123) . 22% Hydro Elec Sec-(2) .. 2% Hygrade Food Prod. 5% Indu rial Finan ctfs 62 InsCoofNo Am 2% 6% Insurance Sec (70c) % Intercontinent Petn, 1415 Int Petroleum (1)... 43 Int Products. .. 341 Int Utilities A (3%). 5% Int Utilities B...... 97 Int Util pt pf (7). 1 Iron Cap Copper. . 74 Irving Air Chute (1), 1% Irving A Chute war., s Italian Superp war. % Leonard Ofl.... 10 Libby McNeil & L 1% Loew’s Inc War. ... 24 LoneStar Gasn (1).. 30. Long Island Lt (60c) Isld Lt pf (7 Babcock & Wil (7).. 100s Contl Share cv pf (6)150; 2 3 1758 3 16 2 rymser (2).100s 33 10s 18 18 2 5 2 6 s 1 - 5 - Seeron meSrnl 2 s » 2 - s P B N e po e M BININN BN A SR AR A BN OR DT RS 5 » o = 2 - © S core o CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, January 29.—The fol- lowing is a summary of important cor- poration news prepared by the Stand- ard, Statiftics Co., Inc., New York, for the Associated Press: Dividend announcements probably furnish the most interesting, items in Important companies passing their dividend or declaring a smaller disbursement in the past day are Atlantic, Gulf & West Indies, In- corporate news. News Trend. ternational Silver, Lehigh Coal & Nav- igation, Cumberland Pipe Line and General Electric of Germany. A larger quarterly dividend was declared by Power Corporation of Canada. Amer- ican Tobacco declared an extra of $1, equivalent to $2 on old stock, on which $4 was paid in September. Other items are largely unfavorable. Arundel Corporation is the only favor- able earning statement in the day's batch of reports. ‘The Companies. Adams Express liquidating value 41 | January 21, 1931, $19.55 common share vs. $16.40 December 31, 1930. Alpha Portland Cement 1930 com- r‘nzoalashlre earnings estimated $1.60 vs. American Tobacco $1 extra dividend on common and common B shares and regular quarterly dividend of $1.25 each; d $4 extra on each Septem- ber 2 2-for-1 split. M THE EVENING STAR, WASHINGTON, D. C, THURSDAY, JANUARY 29, 1931. ~Prev. 1931 Lew. 4 284 1% 3 179 an 5 161% 164 11 N 1 1081 2 102% 45 Okla & Over: Pa 14% 1 106% 17% 82% 9 Ro: Stock and Dividend Rate. Mass Uil Assol Mavis Bottling Mesta Machine (2) Mexico Ohio Oil. Miller & Sons (2) Mo Kan P L (b10%). Mount Prod (1.60). Municipal Servi Murphy Nat American Co. 4 Nat Aviation Received by Private Wire Direct to The Star Office Sales— Add 00. Open. High. Low. Close. SN2 4% 4 4% AW A N 28% 28 o 1% 1% o % 22% 1 14% 10 6% 5 Co (1.60). 41 t Food Prod B at Fuel Gas (1) Nat Investors. Nat Pow & Lt p: “ at Pub Sv A (1.60). Nat S T Sec A (350c) Nat Union Radio Nestle Le Mur. .. New Brad Ol (40c).. ¥ Auction. Niag-Hud Pow A w Niag-Hud Pow C w Niag $h Md (40c). Niles-Bem-Pond Nipissing (30¢).. Noma El Corp (80c). 4 Montecatini debrts.. Noranda Mines Nor Am Aviat A war. No Am Ut 1st pt (6) . Nor & So Am Corp A. Nor Europ Oil Corp. . Nor St Pow pf (7)..+ & Ohio Copper. Ohio Ofl n Pt (6).. Pac G & I 1st pf 1 mount Cab Mf PenderD Gr B. Pennroad Corp Penn Wat & Pow (3) Peop L & P A a2.40 Pie Bak of Am A (2 Pierce Governor. Pilot Rad Tube A Pitney BPn (20¢ Pitts Plate G (2)... Premier Gold (12c).. Prince & Whitely. .. Prince & Whitely pf. Prudential Invest. Pub Ut Hold (50¢). Pub Util Hold war. .. Pub Ut Hold xw 50c. Pub Ut Hold cu pf(3) Pure Ol pf (6)..vees 1 Radio Products Rainbow Lum P Rainbow Lum Pr B.. Reiter-Foster. . Reliance Manag. Reybarn Co... . Reynolds Invest. . Rich Rad cum pf Roan Antelope Min. , Roosevelt Field Ine.. sia Int Corp. Royalty Cp pf 11.35., Royal T3 Rubberoid Co (4) ... # St Anthony Gold. t Regis Paper (1 Salt Creek Con (40¢), salt Creek Prod (2).. xet Co. ] hulte Un 5¢-$1 St.. 0c) pewriter(3) aboard Util (50¢) . e Lock & H (50¢)., Selected Industries. , Select Ind (fullpd).. Sel Ind (full p stpd) . Selected Indus pr pf. Selfridge Store (27¢) Shattuck Den Min. Shenandoah Corp. ... Shenan Corp pf (ad). South Penn 011 (2) ou Pipe Line (2) 2 13 119% 119% 119% 2 4 4 4 SW Penn P&L (1) .40 Stand Motors. . % Stand Oil Ind (2%) Stand Oil Ky (1%2).. 7 Stand Oil, Ohto (23) 1008 tarrett Corp pf (3).. Stein Cosmetics. ...« Strauss Roth. . Stutz Motor (new % Sunray Oil (b5%).ee Swift & Co (2). Technicolor, Inc. Teck Hughes (60 Thatcher Sec Corp. Tob Prod Exp (10 Tran Con Air Tran 2% Tri-Cont Corp war... Trunz Pork Strs (1) . Tubize Chatel (B)..e Un N G of Can (1.4 % Union Oil Assoc (2) Unit Car Fastener. .. Unit Chem pt pf (3)m Unit Lt &Pwr A (1) it Ret Ch pf (3%). 4 US Dairy (B). U S Elec Power w U 8 Elec Pwr war, U S Foll (B) (50c). U S Inter Sec 1st pf U S & Overseas war. U S Play Cards (4) Unit Stores Unit Verde E: Util P&Lt(at1.02% Util & Ind pf (1%) tility Equities. Util Equity pf (5%).s1 Vacuum (4).....vu Vic Finan Corp(40¢). 4 Walgreen Co. Walker (H) ( Dividend rates i share earnings $4.37 against $4.18. Atlantic Coast Line December net op- erating income off 28 per cent; 12 months off 44 per cent. Atlantic Gulf & West Indies Steam- ship Co. no action on common divi- dend; paid $1 November 29. Boston Whar{ 1930 common share carnings $7.34 against $7.89. Chicago, urlington & Quincy Rail- road December net operating income off 42 per cent; 12 months off 21 per cent. Chicago, Indianapolis, Louisville Rail- way December net operating income off 60 per cent; 12 months off 56.4 per cent. Chicago, Rock Island & Pacific Rail- way common share earnings $5.56 against $14.04. Cincinnati, New Orleans, Texas Pa- cific Railway December net operating income up 12.9 per cent; 12 months off 9.4 per cent. Commonwealth Securities liquidating value December 31 $12.31 common share against $45.14 December 31, 1929. Crocker-Wheeler Electric Manufac- turing 1930 common share earnings 49 cents against $1.40. Cumberland Pipe Line 50 cents quar- terly common dividend; paid $1 f merly. Delaware, Lackawanna & Western Railroad proposed commutation fare in- crease further suspended to May 1. Detroit & Cleveland Navigation 1930 gt;rl{l;non share earnings 6 cents against General Electric (Germany) declares 7 per cent dividend for 1930; declared 9 per cent in 1929. Holliner Consolidated Gold Mines 1930 net before depreciation, $4,083,881. International Silver passes common 1 Decembes end; paid mber Lehigh Coal & Navigation, 30-cent qnn;ufly dividend paid 35 cents for- merly. Liggett & Myers Tobacco declares $1 extra and $1 quarterly dividend on com- and class " Niacy G B3 & o, fscsl Wil-Low Cafeter pf.. Zonite Products (1).. RIGHTS. Pu Ser No I1L.F Sou Calif Edison. in_dol *Ex _dividend. o @a S 10 12 010 1 0 1 1 O 0 103 = 8 1 O DT DO 0 1 O 1O 0 €k 83 1O O o » 64 2% 56% 6% 164 84 @S @ e 4 17% % 22 2 227 15 2k 2 2% lars based on lsst quarterly or semi- 1Plus 4% in to fall slightly below $100,000,000 against $98,688,487, Minneapolis-Honeywell Regulator 1930 common share earnings $5.06 against $7.99. Acquires assets and business of ‘Time-o-Stat Controls; stockholders to vote on authorizing 100,000 shares of 6 per cent perferred stock, about 15.000 shares of which will be used in purchase of Time-o-Stat. Nashville, Chattanooga & St. Louis Railroad December net operating in- come off 58 per cent, 12 months off 56 per_cent. National Surety decline of about $1,- 189,851 in market value of investments in 1930 largely recovered through subse- quent appreciation. Noranda Mines December gold output about $400,000. Pennroad Corporation declares 20 cents common dividend. Pennsylvania Railroad December net operating income off 31.9 per cent; 12 months off 31.8 per cent. Pere Marquette Railway December net operating deficit, $125,238, against deficit, $129,167; 12 months’ net operat- ing income, $4,541,164, against income, $9,273,417. Pittsburgh Steel Foundry 1930 com- mon share earnings $1.50, against $5.80. Pittsburgh & West Virginia Railway 1930 common share earnings una,g against $6.89. Power Corporation of Canada sub- sidiary, Canada Northern Power, in- creases quarterly common dividend tq 20 cents from 15 cents. Radio-Keith-Orpheum injunction suif :Ennn Pathe Exchange purchase with- awn. tHona1 briets pposing scausition ot en: o] acq of con- trol by Southern Pacific filed Louis-San Francisco and Pacific. Sears, Roebuck sales, January 1-28,|3 off 10 per cent. So ¥ | number * of % | larger than in any other State—239,780. * | uary 1, % sl@ls 1 | to work. HUGE GAINS MADE IN'TOTAL SAVINGS Mutual Banks Report Best Advance in 1930 Recorded in More Than 100 Years. Special Dispatch to The Star. NEW YORK, January 29.—Deposits in mutual savings banks of the United States, operating in 17 States, increased by almost $600,000,000 in 1930 and de- positors by more than half a million people. These figures were made public today by the National Association of Mutual Savings Banks. The member banks of this group control about 30 per cent of all American savings. Thrift accounts in other classes of banks are known to have gained in 1930, though hardly in the same proportion, it was sald. This additional gain will amount to not less than $400,000,000, or a round billion dollars of increased savings for the twelvemonth. The increase for the mutual institutions, amounting to $592,- 607,440, compared with a gain of $65,~ 236,234 in 1929. New York easily led the Nation, sav- ings bank depositors having added $403,608,214 to their accounts. The new depositors also was Massachusetts took second place, hav- ing a gain of $71,745,666 and 120,855 depositors. Gains in other typical States were: | Pennsylvania, $45,190,275 and 94421 depositors; Connecticut, $36,907,399 and | 72,231 depositors; New Jersey, $18,113,-| 167 and 18,779 depositors. In four States reporting decreases the losses were relatively unimportant. Former Records Broken. The compilation of these figures shows the mutual savings banks to have the largest number of depositors and the greatest aggregate of deposits in the 3 | more than 100 years of their operation. On January 1 'the total owing to de- positors was $9,464,732,492, belonging to no less than 12,775,492 individual own- ers. Assets of the banks increased dur- ing the year from $9,934568723 to $10,585,056,321. This gain of $650,487.- 508 in a lean year was said by savings bankers to demonstrate the possibilities of a large accumulation of small capi- tal, conservatively invested. 1t was also pointed out that present deposits of the savings banks not only are the greatest in their history, but actually the largest amount of small capital_ever brought together in one class of banks. If the deposits of the banks were evenly divided among all of their depositors each one would receive $740.85. This figure compared with $725.66 a vear ago. New York also led the Nation in average savi the amount on January 1 having been $847.16, compared with $810.11 on Jan- 1930. As each account serves as a foundation stone for the savings of about three persons, representing the average family, it will be seen that the welfare of almost 37,000,000 people is bound up in the welfare of the mutual savings banks. Roughly, that is one- third of the national population. Signs of Better Times. ‘Thomas F. Wallace, president of the Savings Bankers’ Assoclation and head of the Farmers & Mechanics’ Saving Bank, Minneapolis, said that he consid- ered the yearly report one of the surest yet visible of better times ahead. believe that the people of this country and the business organization of the United States should find real en- couragement in this large increase of savings,” said Mr. Wallace. “The fact that such a gain was possible in 1930 shows clearly the sound economic posi- tion of our more than 12,000,000 deposi- tors, and I am optimistic enough to be- lieve that we may safely look forward to a continuance of this increase in sav- ings throughout 1931. “It should be borne in mind that every dollar of the money deposited in our savings banks is immediately put It been stated in some quarters that money intrusted to sav- ings banks is withdrawn from use. There coflld be no greater or more unjust mis- conception of what becomes of shese funds. Instead of retiring this money from public use, we invest it in chan- nels of the broadest benefit to all classes of the people, such as mortgages on homes and farms, railroad, public utility and State and municipal bonds. hi output of capital makes it possible to carry forward great construction pro- grams, thereby spreading the benefit of these savings over the whole country, proving again the value of mutual sav- ings banks in furthering the economic progress of the United States.” NEW YORK COTTON NEW YORK, January 29 (Special).— Cetton prices were 2 points lower to 2 points higher at the opening of the market today. Trading was in moder- ate volume, Near months were in de- mand by the trade. Southern and Liverpool houses sold distant positions. Opening prices were: March 10.31, up_2; May 10.53, unchanged; July 10.76; off 2; October 11.00, off 2, and December 11.18, off 1. GRAIN MARKET CHICAGO, January 29 (#).—All de- liveries of corn today outdid yesterday’s record low prices, unequalled since 1922. ‘Today’s setback proved to be only frac- tional, however, and increased buying led soon to advances. Corn arrivals here were reported going into imme- diate use and not into store. Opening unchanged to 3 cents down, corn later showed an all-around upturn. Wheat started at a shade decline to % ad- vance and subsequently fluctuated with corn. ‘With primary arrivals on corn, as well as Chicago receipts, showing far less volume than a year ago, friends of higher prices gave little heed to in- creases compared to a week ago. Pri- mary arrivals totaled 709,000 bushels, compared with 628,000 a week back, and 1,131,000 on the corresponding day of 1930. Chicago receipts were 130 cars, against 90 a week ago and 255 at this time last year. Price rallies, though, failed to hold well, and at one time ‘thehmflrket fell below early bottom evels. Sethacks in grain accompanied Wash- ington reports that the Federal Farm Board had decided that unless growers reduced wheat acreage within a reason- able time the board would dispose of holdings and cease stabilization oper- ations. Action to be taken would be determined upon after reports were forthcoming as to the amount of Spring wheat planted. Oats followed other o Erovia thized with vislons sympat wi mar- ket declines, e FOREIGN EXCHANGE. (Quotatlons furnished by W. B. Hibbs & Co.) FINANCIAL. IBUSINESS GAINS ARE NOTED | IN GUARANTY COMPANY SURVEY Index of Industrial Activity Has Turned Upward Since Jan uary 1—Slow Re- covery in Trade Indicated. Special Dispatch to The Star. NEW YORK, January 29.—The rather encouraging way in which the basic industries have responded to the seasonal influences making for revival has been the outstanding business de- velopment during the opening weeks of the new year, Guaranty Trust Co. of New York says in the current issue of the Guaranty Survey. “From numerous branches of manu- facture and from various sections of the country have come the reports of increasing output and rising employ- ment,” the Survey continues. “Stock and commodity markets have caught the improved tone of general busi- ness—not with any sharp and sus- tained advance, but at least with more firmness than had been visible for some time previously. Money rates have declined further and some im- provement has occurred in the bond market. On the whole, therefore, the situation is unquestionably better than it was a month ago. “It would be a mistake, however, to rush to the conclusion that business has definitely ‘turned the corner'—that the factors which caused recession to con- tinue unbroken until almost the very end of 1930 have, with the turn of the year, been abruptly transformed into favorable influences. Although it appears, at the moment, that the in- crease in industrial activity has been greater than is usual at this time of year, it remains true that the ex- pansion is mainly seasonal in its na- ture. Stability in Slow Recovery. “It is not yet possible to judge whether the upturn has any perma- nent significance or not. In the ab- sence of more conclusive signs of re- covery than have yet appeared, it may be well to recall the false hopes that were engendered by the even sharper upturn a year ago. Business men in general have become aware that re- covery must be a slow and gradual process and that, ‘to the extent that it is slow and gradual, the foundations for future prosperity will be the more securely laid. To abandon this view merely because of the unexpectedly fa- vorable developments of a week or a month would be a fundamental error. “But with full allowance for the fact that a few weeks of rising activity at the beginning of the year do not nec- essarily spell recovery, it is impossible to escape the feeling that the recent ex- pansion may be a sign of the approach of better times. Business has passed through a long period of readjustment. Both materially and psychologically, the deflation seems to have been very thor- ough. In December and January two conditions have appeared that throw a light on the position of consumers— namely, the relatively small decrease in holiday buying and the response of the public to the annual automobile show: “Whatever encouragement may be de- rived from these considerations can find some support in the greater sta- bility recently apparent in commodity prices. The monthly index of whole- sale prices of the Guaranty Trust Co. for January 15 stands at 55.5, as against 56.6 a month earlier. This slight de- cline is due mainly to the movement of prices during the last half of De. cember. Since the beginning of Jan ary there has been little or no down- ward trend. As far as its bearing on the probable future course of business UNITED RAILWAYS HAS $3,700,593 NET Report for 1930 Shows Baltimore Trolley System Was Aided by Fare Raise. Special Dispatch to The Star. BALTIMORE, January 29.—The 1930 net income of the United Railways, which controls the trolley system of Baltimore, as submitted in a prelimi- IS | nary report to the Public Service Com- mission, amounted to $3,700,593. This figure was arrived at after set- ting up $1,638,660 for depreciation and deducting payment of all operating ex- penses and taxes for the 12-month period. From the above net income there was deducted a fixed-charges item of $2,- 739,919, leaving a balance of $960,673, from which $560,000 interest on income bonds was paid. Balance for common stock for 1930 is reported as $400,673, as against $534,856 in 1929. Commenting upon the showing made by the company, President Lucius S. Storrs said: “Few railroads or industries could produce so good a comparative showing for the years 1929-30. Of course, we were helped by the increased fare.” Further details for the year 1930 show & gross revenue of $16,160,513 (a decrease of 3.33 per cent, as compered with 1929); operating expenses and de- preciation, $11,034,940; taxes, $1,557,- 003.92; net available for fixed charges, $3,700,593; fixed charges, $2,739,919.74. BUREAU OF STANDARDS ACTIVITIES DEBATED By the Associated Press. Representative Stafford of Wisconsin has raised the question as to the visability of continuing numerous ap- propriations for the Bureau of Standards for various investigations from year to year, which, he said, are for the benefit of private industries. He said that the work of investigating and testing rail- road track, mine and other scales should be_terminated within a year. Representative Shreve of Pennsyl- vania pointed out that many of the in- quiries are conducted with private in- dustries on a co-operative basis and that they are of a continuing nhture and not capable of conclusion at the end of any particular period. Repre- sentative Summers of Washington also referred to the necessity of continuing the inquiries and stated that important developments had been made in tests of steel rails for railroad use. MONTGOMERY WARD. NEW YORK, January 29 (Special).— | Recent buying of Montgomery Ward has been predicated on the annual report published today, which is a surprisingly strong document and shows the re- cuperative power of this corporation nj which was able in the December quarter | J § to make enough net profit to erase the deficits of the previous nine months. Nominal gold Selling checks T The significant feature of the statement 3 is the ratio of about 14% to 1 of cur- 1 rent assets to current liabilities, com- pared with about 11 to 1 at the end of 1929. President Everitt emphasizes the fact that the company is now in the- strongest position it has ever oc- cupied. It is of interest to note that, while mail order sales decreased last year about 26 per cent, retail sales in- creased 20 per cent. London, pound. Paris, franc. Brussels, Berlin, Rome," 1i zloty. Copenhagen. Oslo, ' crown. .. Stockholm, crown. TREASURY CERTIFICATES. (Reported by J, & W. Seligman & C€0.) New Factory Branch. BALTIMO! January Special). —Autocar cs:.l'mowr o o e Ardmore, - truck manufac- 3 | turers, of , Pa,, announce the opening Mburyoxlla l:oe']rzrflde wwtr::‘ (“ , Md., a- 33| cilities for its trucks in that region. It 101 24-32 00 5-32 100 19-32 100 21.32 100 8-32 100 8-32 101 22-32 any truck manufacturer in the Mary- land Eastern Shore section. Op: novels “Lothair”’the Salisbury branch brings At ‘were sold factory branches to a total ering the entire eountrsy 1is concerned, this strengthening in prices is much more convincing in its favorable implications than is the ex- pansion reported in industrial output during the same period. December Results Favorable. “As more abundant evidence becomes available, it appears that even in De- cember the trend of business activity was more favorable than generally sup- posed. In addition to the fairly well sustained volume of Christmas trade at retail, the broader indications of pro- duction and distribution in general show no severe recession, aside from the slackening that is always witnessed in the closing weeks of the year. The pre- liminary index of business activity of the Guaranty Trust Co. for December stands at 64.1, as against 63.9 for No- vember, showing a fractional advance in contrast fo the sharp drops that ap- peared during the Autumn. This is the first time since last April that the in- dex has not shown a marked downward movement. “Another feature of the December re- ports is, of course, the unfavorable comparison made by the year's totals with those for 1929 and preceding years. These declines foreshadow similar tend- encies in the annual statements of cor- porate earnings that will soon begin to appear, most of which will undoubtedly show substantial decreases in gross and net incomes from the levels of the more prosperous years in the immediate past. “If it is desirable to avold unwar- ranted optimism based on the encour- aging developments of the last few weeks, certainly it is no less important to steer clear of the unduly pessimistic views that will surely be expressed in some quarters when these 1930 earnings statements come to light. The results shown in the annual reports reflect, in part, a set of conditions that existed more than a year ago; and to regard them as necessarily indicative of the present or future earnings positions of the companies and industries repre- sented would be to form an entirely false conception of the present situation. Danger of a False Start. “As far as financial conditions are concerned, the basis for business recov- ery has been further strengthened this month. The lowering of the rediscount rate at New York in December has been followed by rate reductions at several other Federal Reserve centers. Time loan rates at New York have declined to the lowest levels recorded in more than 50 years, and the official call loan rate has receded to 12 per cent, the lowest since 1915. “Although loanable funds are plen- tiful and money rates low, banking poli- cies continue to be marked by great con- servatism. In spite of all that has been said in favor of fearless enterprise, con- fidence, etc., on the part of business men, the fact remains that the ground- work for recovery must be laid slowly and carefully, and that all but the most soundly conceived and conservatively financed projects had better be deferred until the possibility of unforeseen set- backs is more remote than at present. While every banker and every business man wishes to see expansion get under way at the earliest possible moment, those whose experience goes back to previous periods like the present realize the uselessness and danger of false starts.” ELECTRICITY OUTPUT SHOWS GOOD GAINS Seaboard Public Service Co. Re- ports Better Business for Month and Year. Special Dispatch to The Star. ALEXANDRIA, Va., January 29.— Subsidiaries of the Seaboard Public Service Co., operating in seven States along the Southeastern Coast line, showed an increase of 14.3 per cent in kilowatt hour output for the month of December and an 11.7 per cent in- crease for the year 1930. The total oufput for December, 1930, was 32,254,096 kilowatt hours as against 28,212,682 in December a year ago, a gain of 4,041,414 kilowatt hours or 14.3 r the twelve months of the year the Seaboard group showed a total Zut- put of 359,319,172 kilowatt hours, com- pared to 321,498,762 for the same pe- riod 1929, a gain of 37,820,410 kfl;- Wwatt hours, or 11.7 per cent. RAW SILK FUTURES. NEW YORK, January 29 (Special). Opening quotations for raw silk murgs were unchanged to 5 points lower today, with sales of some 50 bales at the start. The primary markets were somewhat better with Yokohama 1 to 2 higher and Kobe 1 lower to 4 higher. Around mid- day the distant options displayed rela- tive firmness, with a little trading in the August delivery at an advance of 2 cents. Offerings were rather light and there was a scattered demand from commission houses and shorts. Deal- ers' brokers were bidding quantities, W —— INVESTMENT TRUSTS NEW YORK, January 29 ().—Over- the-counter market” 20 VF1—Over A Fundamental Tr Shares Incorporated Equities Incorporated ‘Investor: Independence Tr Shares'. nt Secur Corp Am A Investment, Trust Asso nvestors Trustee Shares Leaders of Industry . Leaders of ‘Industry B. Major Corp Shares Mohawk_Invest afac s N d Collaf ed Shares.. Super Corp of Am Tr _Shares B Trustee Stand Invest Shares D. Trusteed Am Bk Sh . Two Year Trust Sh . United Fixed Tr Share: United Ins Trust Shares Tr Shares C. & British Int Ltd lec Lt & Pow Shares Universal Tr Sh . o RasaoaBoava a8l SHRREFRRS B NEW YORK BANK STOCKS NEW YORK, January 29 (#).—Over- the-counter market: America Bk of Sent“Hano Chclsen B 7 Ghem Bl % 1 O is the first branch to be established by | Corn = w58 A_IS RAILROADS ASKING REGULATORY LAWS Carriers Complain That Com- petitors Have Advantage in Matter of Taxes. BY J. C. ROYLE. The railroads of the country are not in desperate case, and the Interstate Commerce Commission does not intend that they shall be. That is why the commission looks with a favorable eye on the demands of the railroads that they be allowed to compete on even terms with new and other forms of transportation. The attitude has been made evident both by the unofficial utterances of in- dividual commissioners and by their official pronouncements. The commis- sion has gone on record as favoring legislation for the regulation of busses, trucks, airplanes and pipe lines. Ask Fair Terms. Bankers and far-sighted brokers lay decided emphasis on these facts for the benefit of the holders of railroad securi- ties. They reiterate that all the rail- roads ask or need is a fair chance to compete on equal terms, adding that while the railroads had been affected unfavorably by the business depression which has existed since the latter part of 1929, they will be equally favorably affected with other industries upon the return of prosperity. ‘The financiers are warning their cus- tomers against sacrificing their railroad security holdings at depression prices and point out that during the bad times of 10 years ago United States Govern- ment bonds, the highest type of security known, dropped 15 points under par or more. There was nothing basically wrong with the United States then and the bankers assert there is nothing ba- sically wrong with the railroad business now, provided it is effectively con~ ducted. ‘The far-reaching extent of a sacrifice of railroad securities can be obtained from the statement of Milton W. Har- rison, president of the Security Hold- ers’ Assoclation of New York, who said today that there were a million indi- vidual and institutional holders of rail- road bonds and other obligations and about 700,000 holders of railroad stock, making a total of 1,700,000 investors, whose holdings aggregate. approximately $26,000,000,000. ‘The danger of failure to present equal opportunities to the railroads to these investors has been made evident by Commisisoner Claude R. Porter. The request of the railroads, however, will not be without severe opposition. Individuals and industries, rivals of the railroads in the transportation fleld, have organized to oppose any plan to regulate them. The petroleum industry is opposing the suggestion that Congress originate legislation to compel the oil companies to divest themselves of their investments in pipe lines. The oil men say that this will raise the cost of pe- troleum products to the consumer and would not benefit the railroads. The railroads answer that the pipe line car- riers in all fairness should be subjected to all restrictions on transportation of commodities in which they are inter- ested directly or indirectly, as the rail- roads now are. This refers partially to the regulations preventing railroads from owning and operating coal prog; erties. Equally severe opposition will presented by the operators of motor trucks and buses. They assert that their situation is not analogous to that of the railroad, in that the majority of the lines operated are intrastate lines, Highway Taxes. The railroads point out that while they are com})ellzd to expend hundreds of millions of dollars a year to main- tain their own rights of way, they are taxed h“v“i to maintain the high- ways used by their motor competitors. The railroads are taxed nearly $360,000,~ 000 a year, and no small portion of this sum will be spent the coming year for building highways of this country, call- ing for the expenditure of $2,000,000,000, w%mopenmumwmm cks. ‘The coastal shipping men are bitterly opposed to any lenl;!auun to bring coast line carriers under control of the Inter= state Commerce Commisison or that ‘would rermlt the railroad lines to oper= ate ships through the Panama Canal, the Great Lakes and other waterways. (Copyright. 1931.) ‘WHEAT CHARTERINGS. By the Assoclated Press. Australian wheat charterings have increased during the first half of Janu- ary, though they are still somewhat de- layed by the uncertainty surrounding the Government guarantee for the crop, which is now estimated at 190,000, bushels. In spite of the fact that the rainf: which decidedly affects the quality the wheat in the New South Wales Vic- toria, is the best in a decade, advices to the Commerce Department say trade and industry have experienced a decline and the outlook is unsatisfactory. Money to Loan Secured by first deed of trust estate, ‘Frevalling interest and commisslon Joseh L Wller S50 REAL ESTATE LOANS Made at Low Interest Rates TYLER & R apartment: Xis o well Jocated b for 3, & it 1520 K St. N.W. 1520 First Mortgage Loan Applications Invited at 5/5% Glover & Flather 1508 H St. N.W. National 1753