Evening Star Newspaper, February 4, 1931, Page 13

PSWING IN CURB - PRICES 1S NOTED Market Helped by Short Cov- ering and Operations for Rise. BY JOHN A. CRONE. Speclal Dispatch to The Star. NEW YORK, February 4.—Firming | price trends but slow sales marked the Curb Exchange session today after an irregular opening. Specific corporate .developments, along with organized ‘operations on the side of advance and short covering, brought about the up- ‘ward tendency. Operations for the rise were resumed 4n American Superpower, Electric Bond & Share, United Gas and Ford Motor, Ltd. Cities Service virtually regained its early loss. The oils generally, how- ever, barely budged in the first two hours as dividend reductions, further crude price revisions and the Federal Trade Commission ruling on oil prac- tices proved discouraging. Specific issues, rather than groups, featured transactions. Outstanding stocks included Trans-Lux, Aviation, Canadian Marconi, Babcock- ‘Wilcox and Public Service of Oklahoma $7 preferred. Prospects of a new type of moving picture film, to be announced Thurs- day along with probable working agree- ments by several big producers, enabled operators in amusement issues to mark -up_their shares. The development of a mew plane, showing an improvement over the pres- et Dornier-Wal flying boat, attracted attention to General Aviation Corpora- tion. Irving Air Chute and Western Air Express were slightly firmer. Canadian Marconi not only hit a new high for the year, but showed greater Activity than in months. Traders were inclined to explain this burst of speed by reference to negotiations to bring about a closer relationship of that com- v with International Communica- blm'\s, the big British cable-wireless com- Babcock-Wilcox broke 4 points to a new low for the year. Both of the Dresser Manufacturing issues were frac- tionally better. Commonwealth Edison advanced, despite the lower per-share profits reported. Montreal Light, Heat & Power hit a new low by easing frac- tionally. FURTHER REDUCTIONS IN OIL DIVIDENDS SEEN “Bpecial Dispatch to The Star. NEW _ YORK, February 4.—Directors of the Ohio Oil Co. were expected today to reduce their dividend rate from $2 a share to $1 a share. The Standard Oil of Nebraska directors on Tuesday cut their quarterly dividend from 621; cents a share to 50 cents a share. Earlier in the week dividends on Stand- ard of Kansas and Standard of In- «diana were lowered. This is the most -general reduction in payments to Oil company shareholders in many years. It 15 not unlikely that further cuts will be made by a number of the in- dependent producers and refiners. lowing last week's increase in the daily production of crude oil, the statement today for the first of February shows a return to the former tendency of Aalling output. COPPER PRICE REDUCED. NEW YORK, February 4 (#).—Further shading of the price cf ddmestic cop- per was reported in trade circles today. Sales of the metal were said to have “been made by speculators at 912 cents a pound 'de.ivered, one-quarter of a %cent under the official domestic price of 93 cents maintained by custom smelters. The 9';-cent price equals the low figure reached by the metal last Oc- tober, when copper declined to the low- est price in 35 years. = Stockholders Selling Out. LONDON, February 4 (#).— Many stockholders of the Royal Mail Steam Packet Co. are unloading their shares at bargain or less than bargain prices &s a consequence of counsel’s decision, denied by other counsel, that share- holders are liable for the debts of the «ompany if it is wound up at a loss. BONDS ON THE CURB MARKE' Bales in DOMESTIC BONDS. thousands. H 1Alabama Pw 4'is '67 4 Aluminum Co 3s '52 3 Amq E 55 ‘28 ooy H_S oo s swans S hic Pow 4% 5 3 kla Gas & EI 55 750 101 oaliBs s 2828w Sot X0 2Unit El Ser 75 ww—With warrants. xW—_Without ants. General | Fol- . NEW YORK CURB MARKET Stock and Note—All stocks are sold in excglnnc those designated by whi Stock and Dividend Rate. Affiliated Prod 1.60 Ainsworth Mfg Co. . Alleg Gas. .. . Aluminum Co of Aj Alum Goods (1.20).. Am Capital B....... AmCityP&L B b10% Am Com P A (b10%) AmCom P B (10%). Am Cyanamid B.. Am Dept Stores Am Equities. ... Am For Pow war.... ~Prev. 1031~ 1 -t 1 1 9 21 Am Inves R Am Lt & Trac (2%). Am Maracaibo. Am Meter (3) Am Natural Ga 2 % Am Superpow (40c). Am Superp pf (6) 4 Am Superp 1st (6).. Am Ut&G B vte(20c) Appalachian Gas. ... 4 Arcturus Rad Tube Assoc G & Epf (5).. 4 Assoc G & El A (a2) 4 Assoc G & FEA dbrts 4 Assoc G & El war Assoc Rayon. Assoc Rayon Atl Fruit & Sugar 2 Auto Voting Mach. .. Auto Vot M pf ot. Aviation Cp of Am.. Babcock & Wil (7). slue Ridze Corp Blue Ridege cv pfa3, Blumenthal (S). .. Tr & Lt (b8 zep Mach (25¢ Brill Corp A-( Marconi. arib Syndicate. . Cent Pub Sv A al. 5 Cent St El (k40c) 7 Cent St E CentStEcvpfnaf. Cent St El pf xw (6). Centrifug Pipe (60c) Chain Stores Stock Citles Serv (g30c). 4 Colon Oil 25'% 110 508 1 14 2 96 4 c. Cmwlth Edison (8) Cmwlth & Sou war. . Com Wat Sv (b6%). Comstock Tunnel. .. Consol Auto Merch Consol Copper. .. Conso] Gas Balt 3.60. Conso} Laund (1). Cont] Share ev pf (6) Copeland PrInc A... Cord Corp. . Creole Petroleum. . . Cresson Consol (4c). Crocker Wheeler. ... Cumberland P L (4). Curtiss Wright war. Darby Petroleum Dayton Air & Fng. Deere & Co (1.20) De Forest Radio Deisel W Gilb (1% % Detroit Aircraft DressSR A (33%). Dresser Mfg B (2).. % Duguesne Gas Cp wi Durant Motors. Eisler Electrie Corp. Elec Bond & Sh (h6) Elec B & Sh pf (6).. Elec Pow Asso A (1) 4 Elec PRL 2ApfAT.. 11 Sharehold (a6%.) . Elec Share pf (6% ) Emp Corporation. mp Fire Insur Zmpire Pub Sve (2 % Fageol Motor. . 4 Fandanzo Corp. Fansteel Products Fajardo Sugar. ... .. Florida P & Lipt (7). Ford M Can A (1.20) Ford Mo of Fr(p28c) Ford M Ltd (p371%). Foremost Dairy Pr. Foremost Fabries Foundation For S| Fox Theater Cl A. Franklin Mfg pf. Gen Aviation. Gen Bakine. . Gen Baking pf (3).. Gen Baking N Y wi.. Gen G&E cv pf B (6) 2008 GenThevpf wi(3). 7 Gen WW&EA ( Gladding McB&Co 3. ieaner C Harv new. len Alden Coal (8). sold Seal Elec new Golden Center. . Goldman Sach T C. . Grey Tel P S (14) 3 Groc Strs Prod vt 4 Guard Fire Asso (2), Guif Oil of Pa (13%). Hecla Mining (1) Helena Ruabenstel Hudson Bay M & S Humble Oi1 (+235).. Hygrade Food Prod. Imp Oil of Can (50¢c) Indiana Pipe L (2).. Industrial Finan ctfs ins Co ofNo Am 123 jpsurance Sec (Toc). ntercoast Trade (1) Int Saf Razor (1214) Int Petroleum (1), Int Superp (1110 int Utilities B Iron Cap Copper. ... v ir Chute (1) uperpow A. n Superp war. . 00 1Y s Mines (1.20). al pt (3) 13, 11 2). - e AR R AR R R MRS v Dairy Prod. Lion Oil & Refining 1%2 Loew's Inc w Long Is cu p CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS [ NEW YORK, February 4.— The fol- lowing is a summary of important cor- poration news prepared by the Standard | Statistics Co., Inc, New York, for the Associated Press: News Trend. Of importance in the industrial fleld is a report that copper sales have been made at 9% cents a pound. The American Railway Association reports a further decline in revenue freight car loadings to 715,690 for the week ended January 24, 1931. This rep- resents a drop of 10,248 from the previ- ous, period and a slightly larger sea- ;onfll decrease than ordinarily looked or. The character of today's corporation report is mixed. Although the general level of 1930 earnings is considerably below 1929, some companies have ex- hibited results that are considered favorable in the light of 1930 industrial conditions, Commonwealth Edison, Con- tinental Baking, International Safety Razor and Missouri Portland Cement reported relatively small declines. The Hudson Motor Car announcement of 20 cents pcr common share against $7.26 last year was a little more severe th: expected in most quarters. Unfavorable news is reported in con- nection with the latest dividend action of Standard Ol of Nebraska and Penick & Ford, Ltd. ‘The Companies. Allled International Investing net asset value December 31, $35.88 pre- one hundred-share lots the letter s (80s) (250s), shows those stocks were sold in odd lots. s Add 00, Open. High. Low. Close. 15 EEi B m 500s 152% 152% 15% 5 14% cv pf (af) 2258 104 17% 2% 6 5% 10s 243 20 10% 4 % ; 1% ). 25s 103 103 ~Prev. 1931~ High. Lew. 9 8% Divide: 1 3% 15% 16% 8 3 152% 15% 5 . Mid Wes " Mid W Ui Mid Roy 15% 8 3 15% 5 Moh HP % Mont Lt 14 4 Nat Fuel Nat Inve: Nat Leat Nat Mfg t Pub N Y Stea Niag-Hu Niag-Hu, Niag Sh Nipissin Noma J1 Noranda Nor Am Nor Am Nor & So Am Corp A. Nor Europ Oil Corp. Nor St P or St P & Novadel- Ohio Ol Oilstocks Ltd B(40c) 4 Outhoard Mot A..... 7 MacMarr Stores (1). Magdalena Synd Mass Util Assoc Mavis Bottling. . MoKanP L (b10%) Mo Kan P L vte. Nat Aviation. .. Nat American Co. ... Nat Bond & Sh (75¢) Received by Private Wire Direct to The Star Office Sales— Add 00. Open. High. Low. Close. 4 8% 8 8% 8% & & i nd Rate. . b3 % % 22% 1% 13% 6% t Ut (b8%).. til A war... cv pf (2)... : a, 102% 554 6 4% 33% 247% 1st pf ( H&T (1% Gas (1). stors. ... her. . = s & Stores.. Sv A (1.60). tS T Sec A ($50c) Nat Sugar N J (2) Nat Union Radio. New Brad Oil (40c). New Eng Pow pf (6) mn (2.60).. Niag-Hud Pow (40c) d Pow A w.. d Pow B w. Md (40c). 2 (30c)..... Corp (80¢). Mines, . Aviat A war Util Sec 2 2 310 3 108 2 1 0w A (8). ow pf (6). .. Ang (14%). n cu pf (6). Outboard Motor B % Pac G & Pac Pub Pac Wes Pandem E1stpf1%. Sve A(1.30). tern Of1 o1l. Pantepec O PenderD Gr E Pennroa d Corp Tenn Wat & Pow Peop L& P A a2 40.. Perryma “ T Pie Bak g 4 Pierce G 9 n Electric trol Corp war of Am A (2). overnor Pilot Rad Tube A. Pitney B Pn (2 ). Pitts Plate G1 (2) Plymout Pub Sve Pub Sve Pub Util Pub Util Pub Util Pub Ut E 1% hOil (2). Prince & Whitely. .. Producers Roy Corp. Prudential Invest Oklapl ( Oklapl ( Hold Cp wv Hold war. . Hold Cp xw Told cu pf(3) Raliroad Sh (50c). .. Itainbow Lumn PrA.. Rainbow Lum Pr B. Reiter-Foster. . Reliance Manag Reybarn Roan An Rooseve Royal Typewriter(3) St Anthony Gold. ... St Re; s Selected Sel Ind ( Shattuck Den Min. .., Shawing: 4 Shenand Shenan C Solar Rel 4 So Am A South C SW Bell % SW Dai S W Gas Spieg Ma Stand O] 4 Stand Oi SStein Co: "nit Che: “nit Cor| “nit Prof I 8 Elec S & In 7S Inte S Lin, 7 S Play Ut & In Vacuum Venez Vic Fina William: Winter ( & % Zonite P RIGHTS. 1% Sou Cal dend rates in payment. *E: a Pavable n cash or stock 1 Plus 5 3 Plus 2% % in stock. nPlus 8% in stock. 11; 1y | ment dividend. 103 7108 |4% 40 Sesx 1 | duces lead price 15 points to 4.60c per | pound. | Anaconda Copper Mining subsidiary, American Brass, cuts price %c per pound. Assoclates Investment earncd $11.19 a common share in 1930 vs. $11.84, Atlantic Refining cubsidfa | lantic Pipe Line, takes over Gulf Coast Pipe Line. Auburn Auto—E. L. Cord elected ghairman. Brach (E. J.) & Sons 1930 common share earnings, $2.26 vs. $2.62 British Columbia Power, December | net earnings up 26 per cent; 12 months, up 11.3 per cent. Chicago & Northwestern Railway 1930 common share earnings, $4.28 vs $8.43. Canada Dry Ginger Ale January sales ahead of same 1930 month. Commonwealth Edison 1930 common share earnings, $11.51 vs. $12.05, Congress Cigar earned $4.72 per com- mon share in 1930 vs. $823. Continental Baking Class A share earnings in 1930, $7.03 against $8.12, Denver Union Stockyards 1930 com- mon share earnings, $4.76 against $5.98. Ford Motor officials deny report that company intends to abandan Brazlllaxb rubber experiment. Globe Grain & Milling common div- idends not to be discontinued because of last half loss. Harbison-Walker 1930 common share earnings, $2.52 against $3.52. Hudson Motor Car 1930 common share earnings, 20 cents against $7.26. International Combustion Engincer- ing—plan for liquidation reported un- der development. International Safety Razor 1930 cnzn;r'non share earnings, $2.60 against McCall Corporation (correction) 1930 ::;n’:'?on share earnings, $3.49 against Missouri Portland Cement 1930 com- mon share earnings, $4.03 against $4.39. Mullins Manufa-tuging Corporation 1930 deficit $331,712 against net income :flg‘m or $2.67 per common share in nith (A 0) (2 South Co S Sou Pipe Line (2 Strauss Roth. B Stromberg-Carl (1). Stutz Motor (new). . Sunray Ofl (b5%) Swift & Co (2 Syracuse W Mach Technicolor. Inc. . Texon Ofl Thatcher Sec Corp. .. Tob Prod Exp (10c). Tran Con Air Tran.. Trans Lux DLPS.. nit Dry Docks. ’nit Fou (b2-35 sh) Init Gas Corp. Init Gas war. Unit Gas pf (7)..... mit Lt &Pwr A (1). ‘nit Lt&Pwr(B) (1) ‘nit Lt& Pwr pf (6). 7S & Ovy Co. telope Min. . 1t Field Inc. Paper (1).. Industries. . full p stpd). an W oah Cor “p pf ( ) o Broba melunmmue nrorneR SR AN RN AR A fining 5 ir Lines 1st. EdpfB1%. Tel pf (7). . Ui 3 Tof Ind (2). 1Ky (1%).. smetic: a Land (1). - m pt pf (3. » war : fit Sh pf (1), Power ww. 1Secur. ... Sec 1st pf.. nf (1) : ergeas war., rds (4).. tah P& Lt pf (7). Stil P&Lt(at1.023). P&L B(atl til& Ind. ... dpf (134). . Utility Eauities. .. .. Ttil Equity pf (5%). R la Petroim. ., n Corp(40c) West Air Exp (60c). West Pwr pf (7) s 1 Benj) 1.40)" Woodley Petroleum. roducts (1). Expire. Ed...Apr2e 33 dollars based on last x dividend, 27 quarterly or tPartly extra. iPlu b Payable in stock. e Adjust- g Plus 6% in stock. hPlus Plus 10% in stock. m Plus semi- 4% in % in_stock. in stock. Neisner Brothers January sales up 26.3 per cent; not adjusted for change | in number of stores. Norfolk Southern Railroad 1930 def- icit $131,103 against net income $346,- 890, equal to $2.17 common share. North American Light & Power 1931 improvement budget about $15,000,000. Pacific Lighting 1930 earnings, $4.59, against $4.77 on average number of common shares outstanding. Parke Davis & Co. 1930 earnings per | common share $1.58, against $1.76. Penick & Ford, Ltd., declares 25-cent quarterly common dividend; previous payment 50 cents. Pittston Co. decleres 38-cent quar- terly common dividend; paid 3712 cents January 1. Seaboard Air Line Railway—Fore- closure action begun against Seaboard- All Florida Railway. Selected “Industries 1930 net ncome $2,240,309, against $2,826,064 period Pge;.‘;mber 15, 1928, to December 31, Standard Oll Co. (Indiana)—Mexico rules in favor of Chapaca concession. Standard Oil (Kansas) 1930 common share earnings $1.19, against $4.73. Standard Oil Co. of Nebraska de- clares 50-cent quarterly dividend; paid 6215 cents December 20, 1930. Scuthern New England Telephone 1930 earnings $8.53 per common share on average shares outstanding, against Tech-Hughes Gold Mines November quarter common share earnings 15 cents, against 15 cents in same 1929 quarter. ‘Thatcher Manufacturing 1930 com- mon share earnings $1.99, against $3.29. Trunz Pork Stores common share earings year ended December 27, 1930, $2.25, against $3.16 December 28, 1929. Union Pacific Railroad December net operating income off 13.3 per cent; 12 months cff 22.1 per cent. United Milk Products 1930 deficit $84,340, against net income of $526,555, ;qul.l to 2 cents common "share, . chairman of the board of the Midvale 1 | Se¥, and United Gas Improvement Co. 4 | business friends 4 | serving in this column the other day the %1 United States expects relief from tax | % | smooth paved roads, alongside of which | % | of village life, developed in the days of ;| simplify the structure, he ad BUSINESS ASPECTS INSPORTS DECRIED University President = De- nounces “Commercialism” in College Athletics. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, February 4 —Thomas S. Gates, who resigned a partnership in J. P. Morgan & Co. to become pres- ident of the University of Pennsyl- vania, strikes a hard blow at the over- commercialism and overemphasis of in- tercollegiate sport in university life. In recent years foot ball coaches have been paid two, three and four times as much as full college profes- sors. I know one university which pays its full professors $5000 a year and the head foot ball coach $15,000 and two assistant coaches $8,000 each. This is a typical case. Mr. Gates thinks, as thousands of university alumni are beginning to feel, that the spectacle of 22 athletes pounding each other all afternoon while thousands pack the college sta- dium to cheer and shiver is not pro- ductive of the best in college life; that i>e unjversity should not be a place where the big emphasis is on foot ball and intercollegiate sports. So Mr. Gates proposes to make the foot. ball coaches members of the fac- | ulty, with compensation accordingly. He further intends to do away with proselyting and scouting and _establish an exhaustive system of intermural | | athletics, in which a large percentage | of the student body will compete. Will this plan work? Does it mean the beginning of the end of the gigantic spectacle of stadium foot*bail in” every American college? It un- doubtedly is a step in that direction. Gates’ Career. Thomas S. Gates was born mnear Philadelphia 58 years ago. After grad uating from the University of Pennsyl- vania in both arts and law he entered the law office of John G. Johnson, the famous Philadelphia lawyer. After 11 years of work at the bar he switched to_banking. In 1912 he became president of the Philadelphia Trust Co. Six ycars later he entered Drexel & Co. as a partner. In 1921 he became a partner cf J. P. Morgan & Co. and resigned only re- centiy to assume the presidency of the University of Pennsylvania, His business experience has been very | wice. He was director of many of | America’s largest corporations, includ- |ing the Baldwin Locomotive Works, Co. and the Standard Steel Wotks Co.; a director in such companies as the | United Corporation, John B, Stetson Co., Public Service Corporation of New Jer- | Gates' associates and have often marveled how he “covered so much territory.” | A member of 29 clubs, yet he has found time to give approximately half his {time to various art institutes, hospitals and other philanthropic enterprises. Business Structure, Elias Rachie, Minneapolis lawyer, ob- Many of Mr. statement that Prof. Simon Leland of Chicago University thinks that “if the| burdens in the future, it must simplify | our government structure,” writes that in his book “Seventeen Keys to Free- | | dom” the theory is elaborately developed that the present structure of business and geographic organization must be completeiy changed. “The American people In recent years have spent billions of dollars on_motor vehicles and gbod roads,” Mr. Rachie says, “but why should they forever con- tinue to pay enormous, needless money tribute to arrangements, ways, methods {and practices based on the old-time use of oxen, horses, carts, wagons and bug- gies on poor roads? Waste is waste, no matter in what form it appears. The savings which will result from proper readjustment of county boundaries and | | business centers should go to make | happier homes and more prosperous | communities. Such centers of business in each State should be within easy reach of every inhabitant, where mighty schools and social institutions will rise to preserve the economic and political freedom of all the people.” Mr. Rachie sent us a map of his own State of Minnesota, showing 43 citi: conveniently located, in which could b centered excellent schools, a well or- dered social life, a junior college, thz county seat and simplified gove.nmen- tal machinery. He points out that one travels today at 50 miles an hour over | small towns and villages grew up in; other days, and asks “Why should we | maintain the outworn, expensive type | |the ox-cart and the horse?” Let’s 3 bring it up-to-date, concentrate on a few communities, and make them healthy, | interesting and vigorous. Thus keep | within the country those eclements which have always made for a healthy national life. £ Mr. Rachie may be ahead of his time, but the germ of a great idea lies | in this suggestion. Luck in Life. much does luck play in life and | business? Consider the case of Robert | 7. swaine, 44, a native of Tingley, Towa; |an A. B. of the University of Towa, and an honor graduate of Harvard Law School, now a member of the law firm lof Cravath, De Gersdorff, Swaine &/ ‘Wood of New York. And yet when he graduated from Harvard in 1910, his bent was all in| | the direction’of teaching law. He went to Minneapolis in the hope of getting a job as teacher in the University of Minnesota Law School. Only a part- | time job was open and the pay was no | more than he was offered as a clerk in the firm of which he is now & mem- ber He chose the humble clerkship in New York in preference to part-time teaching in Minnesota. Had he chosen to teach, or had a full-time job been open, he' probably would still be teach- ing law, instead of acting as attorney ifor such reorganization committees as the Chicago, Milwaukee & St. Paul, the Goodyear Tire & Rubber reorgani- | zation, the Brooklyn Transit, the In- terborough, the Shell Union Oil Cor- poration, the Paramount-Publix Cor- poration’ and the Radio Corporation of America. Did luck play & part in_ his career? | Did he get the breaks? Is piling up huge fees in New York City equal to the compensatich, other than financial, received from the quiet reflections of the university class room? It all depends upon one’ view. (Copyright, 1931, by North American News- paper Alliance.) SUBSTANTIAL GAINS ARE SCORED BY BANK STOCKS ‘The monthly compilation of the range of New York City bank stocks as compiled by Hoit, Rose & Troster, show that 16 of the leading issues re- corded a substantial gain during the month, but the average on January 31 was slightly below the high levels for the period. The weighted average of the 16 issues stood at 93 on January 2, the first business day of the month. From that level there was almost a steady climb to a high of 104 for the month, reached on January 26. The average stood at 101 as of January 31, How 's point. of | Baking Co. Readjustment. NEW YORK, February 4 (Special) — Deposits of stock and proxies repre- senting a majority of stock of the Gen- eral Baking Corporation have been re- in ceived by the committee for capital re- adjustment of the company. STOCK AND BOND FINANCIAL. AVERAGES By the Associated Press. Prom Yesterday's Edition. STOCKS. yei High, 1930-31... Low, 1930-31. High, 1929. Low, 1929 Previous day. High, 1930-31. Low, 1930-31. High, 1929 Low, 1929. BRITISH BANK RATE INGREASE HINTED {Business Circles in London | Are Apprehensive of Move to Protect Gold. Special Dispateh to The Star. LONDON, England, February 4.—-; There is growing apprehension in busi- ness and political circles that the Bank of England, which already has brought about a rise in short term interest rates in order to prevent a further flow of its gold to France, will raise the bark rate in a desperate effort to achieve the same end. Influential organs such as the Man- chester Guardian and the Daily Herald are voicing this anxiety in the form of editorial warnings to Gov. Montagu Norman not to set such®a high store upon gold as to throw a yet greater bru- den upon British industry by such a course. The bank rate has been 3 per cent since May. ‘The Daily Herald, which probsbly has treasury inspiration for its outspoken warning to Mr. Norman, alleges that he will raise the bank rate slightly and if that is insufficient he will raise it sub- stantially. “But it is doubtful if he can succeed in stopping the gold flow, even if the rate is pushed to 10 per cent,” the Her- ald says. “Nothing could so effectively choke the possibilities of recovery as dear money and consequent further re- striction of credit.” It should be understood that, though enjoying enormous power, the Bank of England is a private concern, whose governor controls, among other things, British currency without governmental supervision or check. Mr. Norman, in accordance with his prerogatives, lately told the money market to disregard immediate profits in order that money in London may be dear and gold exports cease. He is suc- ceeding at present, though French ex- change has fallen again and fresh ex- ports of gold are looming. But the Manchester Guardian points out that the Treasury had to pay an additional $200,000 on a weekly borrow- ing operation, which means a half-cent levy in a single week on every Britisher, and it accrued largely to foreign bank- ers buying British treasury bills. The Guardian concedes Mr. Norman's au- thority to do this, but doubts the pos- sibility of his retaining gold by this costly means. All of which again raises the question of gold policy and its relation to the present depression—one of the liveliest topics in the minds of economists to- day—for the gold inflow is injuring France through raising prices there and recessitating inflation, while the out- flow threatens to injure Great Britain. (Copyright, 1931.) & GRAIN MARKET CHICAGO, February 4 (/).—Official | confirmation of need of moisture throughout ths entire Winter wheat area led to fresh upturns in grain prices today. Government reports suggested danger that a sharp fall in temperature would cause crop damage. Opening at 4 off to 3 up, wheat afterward showed general gafns. Corn ctarted V3all, higher and subsequently held near to the initial range. ‘Buyers of wheat based operations not only on persistent drought advices and on fears of crop damage, but also on the fact that Liverpool quotations repre- sented wheat at only 45 cents a bushel in export countries. This was asserted to discount a tremendous depression in commodity levels the world over, and to afford ownership opportunities which might not be duplicated in a generation. Authoritative estimates of world import requirements of wheat were increased 32,000,000 bushels, chiefly in non-Euro- pean countries, but with European con- sumer needs larger than hitherto. Corn displayed more strength at times than did wheat. Domestic primary re- ceipts of corn showed a further falling off. The total was 676,000 bushels, against 822,000 a week back, and 1,.- 338,000 a year ago. Chicago arrivals, 112 cars, were larger than last week, but contrasted with 172 on the cor- responding day of 1930. However, ship- ping demand was the smallest in a long time, with Ohio corn offered lower than Chicago’s basis. Oats paralleled the action of other cereals. Provisions were easy, to changes in hog values. GRAIN EXPO responsive RTS OF U. S. MOUNT DURING WEEK By the Assoelated Press. Exports of grains for the webk ending January 31 totaled 668,000 bushels, as compared with 315,000 bushels in the preceding week and 1,949,000 bushels in the correspanding week of 1930. ‘Wheat _cxports reported to the De- partment of Commerce amounted to 532,000 bushels during the week ending January 31, against 23,000 bushels in the preceding week; barley, 111,000 bushels, against 266,000; corn, 24,000, against 24,000; oats, 1,000, against 2,000. No rye exports were reported for either week. Canadian grains in transit cleared from United States Atlantic ports to- taled 1,522,000 bushels, against 2,243,000 bushels, Canadian wheat flour shipped from United States ports totaled 35,000 barrels, against 38,000, and United States wheat flour exported amounted | to 154,000 barrels, against 145,000. PROPERTIES A_CQUIRED IN UTILITIES SALE By the Assoclated Press. NEW YORK, February 4.—Acquisi- tion of all the properties and holdings of Empire Public Service Corporation in Maryland and Delaware, as well as ct proj in Virgina, was an- nounced today by Harry Reid, presi- dent of National Public Service Cor- poration, an Eastern unit in the Middle West Utllities System. ‘The transaction involves purchase of all preferred and common stock of the - ll‘nd Light &‘ :&m Co., all iysical property of East Coast Utilities Co. in Delaware, and a portion of that comj ’s holdings near Cape Charles, Va. ese properties hitherto ;ln.tv: b:.en eonu'olle&.by the ww;“eock res Empire s Service Exchange Is Given Right to Purchase Own Memberships Special Dispatch to The Star. NEW YORK, February 4.—The Ap- pellate Division, First Department, State of New York, in the case of Floyd Y. Keeler vs. New York Hide Exchange, Inc., has handed down a decision of in- terest, not only to commodity and secur- ity exchanges throughout the country, but to all membership corporations as well. Briefly, the court ruled that Mr. Kee- ler, as treasurer of the exchange, could purchase an outstanding membership for less than the liquidating value for the benefit of the remaining members. The court pointed out that such ac- tion not only provides a market for dis- tressed members to sell their seats, but establishes a market value for mem- berships which will benefit those who remain as members. All of which means that membership corporations in this State can now use their capital funds to buy in outstanding memberships, when such a course appears to be bene- ficial to members and ex] nt for the purposes of the corporation. ‘This is the first time that the question of the right of an exchange to pur- chase its owm memberships has ever come before courts of New York State. The membership corporation laws make no provision either authorizing or pro- hibiting such action. 0L CONSERVATION 1S DECLARED VITA Royal Dutch Co. Official Warns Producers to Cur- tail Output. By the Assoclated Press. NEW YORK, February 4.—Asserting that’the policy of conservation of crude ofl in the United States has reached a critical stage, J. B. Aug, Kessler, man- aging director of the Royal Dutch Oil Co., warned that the abandonment of conservation in this country woul sound the death knell for conserva- tion in all other crude oil producing countries except Russia and Rumania. In a statement made in London and given out here by the New York repre- sentative of the company, the world’s largest oil producer, Mr. Kessler said conservation and co-operation offered the only solution for the industry and that if conservation was halted, over- production would be that much worse. He said there was “no denying that producers who have voluntarily reduced their production have not been receiving for their crude oil a price which has enabled them to make both ends meet,” but argued the money results would }Aave been worse without conserva- ion. “The fact that conservation has not resulted in bringing prices to a satisfac- tory level only proves that the over-pro- duction during 1929 and the accumula- tion of stocks has been so serious that even a year of conservation could not result in a reasonable’ price for crude oil and its products.” He dissented from the view of some producers who have lost confidence in the beneficial effect of conservation that “the only way to bring things back to reasonable conditions is to let free competition take its course and to 'let the law of supply and demand settle things.” In Mr. Kessler's opinion free appli- cation of the law of supply and demand is old-fashioned and out of date so far as the oil industry is concerned. FURNITURE BUSINESS DECLINED DURING 1930 By the Associated Press. GRAND RAPIDS, Mich, February 4. —The volume of business obtained by furniture manufacturers during 1930 was only 61 per cent of the 1929 total and shipments were less than 59 per cent of the 1929 figure, a current sur- sey by Seidman & Seidman, account- ants, shows, Unfilled orders December 31 were equal to about 11'; days’ business, com- pared with 32 days December 31, 1929, and 39 days as of December 3], 1928. “The year 1930,” the survey says, “has passed into history with the fur- niture industry struggling to regain its position both as to volume and profits. A distinctly buyers’ market has pre- vailed, with manufacturers suffering acutely as a consequence.” NATIONAL DEBT REDUCED $300,000,000 IN YEAR By the Associated Press. In spite of recent decreases in Fed- eral tax receipts, the national debt on January 31, as the Treasury accounted for it today, was more than $300,000,000 less than on the same date a year ago. ‘The actual net indebtedness of the country amounted to $16,007,475,340, as compared with $16,324,081,376 one year ago. However, the showing is a long way from settling the difficulties of the Government's financial administra- tion, which Secretary Mellon has indi- cated is facing a propable deficit of about $380,000,000, to be realized June 30, when the fiscal year ends. The temporary debt reduction made so far this year will be offset shortly by the heavy semi-annual payments of in- terest coupons on outstanding bonds. Further, the anticipated shrinkage in income taxation will register itself heavily on March 15. Gt pn U. 8. TREASURY BALANCE. The United States balance, anhounesd Bulay s, of e of rasitr February 2, was $153,796,415.48. Cus- [ COMNODTYNARTS ATTRACT TRADERS Molasses Exchange Is Latest Addition to. List of Markets. BY BRADLEY W. TRENT. Special Dispatch to The Star. NEW YORK, February 4.—The first trading in molasses in an crganized fu- tures market, which took place Monday on the Coffee and Sugar Exchange here, not only calls atten! to the growing importance of that commodity, but em- phasizes the value of organized trading and recalls some parallels in local com- modity marts. I Blackstrap mclasses, one of the ear~ liest articles dealt in on local markets, along with meal and slaves, when New ‘York in pre-revolutionary aays was con- ducting a big rum trade with the West Indies, is now an important article of lwurld commerce. Last year the world duced 1,200,000,000 gallons cf mo- s, of which the United States used about one-third. Uses Are Varied. Although many still think of mo- lasses as merely something that children spread on bread, it is the great by- product of the modern sugar mill and forms the raw material of many indus- tries. In war molasses is used in mu- nition making. In peace time molasses is used in ind 1al alcohol, cattle feed and shoe polish, to mention merely a few of its uses. United States Industrial Alcohol Co., leading producer of industrial or de- natured alcohol in this country, utilizes about. 100,000,000 gallons of molasses each year. It requires on the average about 2.6 gallons of molasses in each gallon of industrial alcohol. The Gold Dust Corporation is another concern interested in molasses, as its various subsidiaries making shoe polish—F. F. Dalley Corporation, Now Two-in-One, Shinola (Bixby Corporation and Two- in-One Polishes, Ltd.—need that com- modity. Since 1925 prices of molasses 1. 8. b. Cuba have ranged from about 3 cents to 9 cents a gallon. New Orleans prices naturally are higher than Cuban quo- tations, due to the cost of transport, insurance and miscellaneous charges. At times, however, there has been virtu- ally no market, so that official quota- tions and records are lacking. Today, for instance, the market for blackstrap molasses futures opencd quiet and nominally unchanged. March was quoted 0t 4.65, May 4.77-4.85, July 4.78-4.90 and January 4.90-4.95. This opening was not discouraging in point of volume, for members of the New York Coffee and Sugar Exchange ex- pect to take some time in getting a world futures market for their lat-st commodity. The contract in which the commodity is traded in calls for the delivery in lots of 24,000 gallons in New Orleans. Object of Trading. ‘The ave business man might wonder why futures trading is started now, with all commodities so de- pressed. The answer is, of course, that the present situation will not last. ‘With people all over the world pro- ducing ic commodities without re- ward for their labor, natural economic laws foon will reduce production to such an extent that prices will improve. R. H. Pike, jr., president of the New York Coffee & Sugar Exchange, com- menting on the beginnings of the sugar market here, said today: “When sugar trading cpened on December 16, 1914, not, a single lot was traded in at the opbning, and from that date to the end of the year than a hun- dred lots were done.” Sugar sales on the exchange during 1930 consisted of 10,371,950 tons -of No. 1 contract and 16,950 tons of No. 2 contract, according to the annual report. In this commodity the local market isqone of the greatest in the world. (Copyright, 1931.) CHICAGO LIVE STOCK MARKET CHICAGO, February 4 (#) (United States Department of Agriculture).— Hogs, 24,000, including 5,000 direct; very slow; opened steady to 10 lower than yesterday’s average: some bids off more; top, 7.90; bulk, 140-200 pounds, 7.65a7.85; 210-320 pounds, 6.60a7.60; pigs, 7.25a7.75; packing sows, 5.65a6.00; light light, good and choice, 140-160 pounds, 7.70a7.90; light weight! 160-200 pounds, 7.60a7.90; medium weight, 200~ 250 pounds, 7.00a7.80; heavy weight, 250-350 pounds, 6.50a7.10; packing sows, medium and good, 275-500 pounds, 5.653 6.10; slaughter pigs, good and choice, 100-130 pounds, 7.00a7.85. Cattle, 6,000; calves, 2,000; better 1 grade fed steers strong to 25 higher on shipper account; others slow, but mostly steady to strong; best yearlings, 11.50; welghty steers, 11.40; bulk short feds, 7.50a9.75; she stock uneven, steady to 25 higher, with cutters and common cows and low priced heifers showing most advantage. Slaughter cattle and vealers—Steers, good and choice, 600-900 pounds, 8.75212.50; 900~ 1,100 pounds, 9.25a12.50; 1,000-1,300 pounds, 9.25a12.50; 1,300-1,500 pounds, .00212.25; common and medium, 600- 1.300 pounds, 6.00a9.25. . Heifers — Good and choice, 550-850 pounds, 6.25a10.00; common and medi- um, 5.00a7.00; cows, good and choice, 4.5026.50; common and medium, 3.75a 4.75; low cutter and cutter, 3.00a3.75; bulls (yearlings excluded), good and choice (beef), 4.75a6. cutter to me- dium, 3.50a4.75; vealers (milk fed), good and choice, 8.00a10.00; medium, 7.00a8.00; cull and common, 5.00a7.00; stocker and feeder cattle, steers, good and choice, 500-1,050 pounds, 7.00a8.75; common and medium, 5.25a7.00. Sheep—11,000 head; steady to weak; in-between grade lambs tending lower; cholce kinds to outsiders, 8.65a9.00; few early packer sales, 8.00a9.50; fat ewes, 4.0024.50; lambs, 80 pounds down, good and choice, 8.25a9.10; medium, 7.00a8.25; 91-100 pounds, medium to choice, 6.50a 9.00; all weights common, 5.50a7.00; ewes, 90-150 pounds, medium to choice, 3.25a4.75: all weights cull and common, 2.00a3.75; feeding lambs, 60-75 pounds, good and choice, 7.75a8.25. SEIE A ‘The Atlantic Coast line is 5,560 miles long; the Pacific Coast line is 2,730 miles long. | Money to Loan Joseph L. Weller & SAVE FOR SECURITY ‘The safety of your invest- ment in a building associa- tion is assured by the fact that fully 91%% of the assets are invested in homes and secured by First Mortgages, "A few dollars saved each month will soon provide the comforts of later life IN A HOME of YOUR OWN, Join our association NOW and make the start that will mean financial independence. MUTUAL toms urecie.\ ":89’8; the month to date were $1,185,239.09. Total ordinary ex- penditures, $8,275,097.49. Organized October 1892 306 7th Street S.W. Thomas P. Brown, President