Evening Star Newspaper, February 6, 1931, Page 15

UTLITES FEATURE *ADVANCE ON CURB " Food and Specialties Issues Also Active in Up- ward Trend. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, February 6.—Stocks on the curb exchange were in demand to- day because of political development at Washington, further easiness in money rates and some improvements iu earn- ings or sales of specific companies. Pivotal public utilities such as Elec- tric Bond & Share, American Super- power, Americgn & Foreign Power ‘Warrants, United Light & Power A and Electric Power Associates A were the leaders in the upswing. Canadian Marconi was one of the most active issues in the entire list. One block of 11,000 shares came out at 4 and the stock at time was at a new peak price for the year. The only known development in this company is the conversations reported to have taken place between it and Interna- tional Communications looking toward a merger. Nothing official has been said about merger negotiatior The higher priced utilities provided action through the movements of Public Service of Northern Illinois ($100 par) which rose to a new high, after jump- ing 10 points Thursday, and the no par shares, which likewise reached a new peak on a few trades Mead-Johnson featured food special- ties as it met further special buying based on earning estimates. Associated Rayon preferred ran up nearly 3 points. Durhain Duplex Razor preferred was up 4. Aluminum Co. of America rose more than a point. g While these miscellaneous industrial movements were taking place, the oils and amusements were stirring restlessly. Standard Oil of Nebraska, for instance, came out for the first time since its dividend rate was reduced earlier in the week. The result was an initial decline of 1% points, General Petroleum when-issued, which will be the name of the com- bined Standard Oil of New York and Vacuum Oil Co.s, if the Federal Gov- ernment approves of such a merger, was down 27% on its first appearance in some time. Vacuum was up 2'; arourd midday. North European Oil, one of the lower-priced petroleums, enjoyed some | extra activity, dropping point. rapidly and then retracing the ground Technicolor was the leader in the | amusement list, running up more than a point to a new top for 1931, Some of the buying was said to be based on the newly developed motion picture film, which will make it possible to make “talkies” in color and without the usual noisy lights. Loew’s debenture rights were up about a point. g In insurance and allied shares Rossia International scored a new high the year. Insurance Company of North . America was about a point better. Ov'r in the banking division Chatham-Phenix allied firmed. MARKET SITUATION. ANCI AE. excepting those designated by the lette: which shows those stocks were sold in ~Prev. 1931~ Stock and Sales— High. Low. Dividend Rate. Add 00. OP 15% 11 Affiliated Prod1.60.. 8 16 Ainsworth Mfg Co... 1 & Allied Mills (60c) 2 5 755 100! 4 Aluminum Co of Am. 258 152 Alum Goods (1.20).. 1 Am Arch Co (3) AmCityP&L Am Com P A (b10%) Am Cyanamid B Am For Pow war. 4 Am Founder: & El & Am Invest IncB.... Am Manufactur (4) . Am Maracaibo 4 Am Natural B Am Superpow (40c). Am Superp 1st (6).. Am Ut&G B vte(20¢) Anglo Chil Nitrate. . Appalachian Gas v all ctfs. Assoc Rayon....... Assoc Rayon pf (6). Atl Sect ik Atlas Plywood (2). . ito Vot M cv pf nt. Aviation Cp of Am.. ahia Corn Bourjois 8 : Braz Tr & Lt (b8%). 4 Bridgep Mach (2ic). Buff N&EP pf (1.60). Burco Inc e Burma rets Cable & Wi Cable & Wi Canada Marconi. Carib Syndicate. Cent Pub Sv A al.75. Cent St El (kd0c) ... Centrifug Pipe (60c) “hat Ph Aln.v (1).. ds Co pf (7). 0c) ¢ P& Lpf (6).. Colon 011 4 Col Ol & 82 2! 6 44 2 2. 1 Copper Consol Gas Consol Gas Ut A Cooper Bessemer (2) Cord Corp ... Corp Sec Ch (16 Cosden Oi Creole Pe Cresson € Crocker Wheeler 4 Crown Cent Petrol. . Cuban Tob vte (1%4). Curtiss Wright war. Dayton Afr & Fng. De Forest Radio Derby Ofl Refining. . Detroit Air Dres Note—All stocks are sold in one hundred: ~Prev. 1931~ High, Low. 8% 8% % 35 204 18% 9% -share r 8 (80s) (25( odd lots, en. High. Low. Close. 16% 16 16% 8% 8% 8% 5 5 5 1 1004 100% 15 15215 15214 lots 08), Johnson Lily Tul! Loew's I % 100% 15214 24 Long Is Long Isl e, Mesabi 1 Met Cha Mo Kan Mo Kan Nat Bon Nat Mfg; ng Pow pf (6) w Jer: N Y Steam n (2.60).. Niag-Hu Niag-Hud Pow A w Niag-Hud Pow B w.. Sh Noranda Mines Nor Am No Am U Nor & § Nor Europ Oil Corp Nor Ind del : Outhoar Overseas Pac G & Pac Pub Pac Western Ofl. Pandem Pender T PenderD Gr B Pennroa Penn Wat & Pow (3) Peop L& P Aa240.. Pie Bak 4 Pilot Ra Polymet Mfg. . Premier Prince & Whitel Produce Prudent! % PSof N L P lh‘,\\'r‘ Russell , St Anthony Gold. ected el Ind (full p stpd). Stock and Dividend Rate, Kolster-Bf (A Lackawanna Sec (4) . Lefcourt Real pf (3) Loew’s Inc war, . LoneStar Gasn (1).. Louisiana Lan & Ex. MacMarr Stores (1). ning Bow (B). Mass Uth Ass Mavis Bottling. ... .. Mead Johnson (+3%%) Memph N G Co (60¢) Mid WSt Ut (1%)... Mid West Ut (b8%) . Nat Elee Nat Investors. .. -Ang (14 Outboard Mot A . 11(8) $100 par Pub Util Hold Cp ww Pub Utll Hold war. . Radio Products Rwy & Lt Secur ( nbow Lumn PrA. Rainbow Lum Pr B Reiter-Foster Reliance Int A. fance Int - WASHINGTON, - | Received by Private Wire | Direct to The Star Office Sales— Add 0. Open. High. Low. Close. 8% 8% 8% 8% k] i 36 135% ® " 21 11% 114 26 30% 109% 114 8% 1% 4 Motor; ip Cup (1 nc deb rts. . and Lt (60c) d Lt pf (7).. 1 s ron. .. in Stores PL(b10%). PLvte d & Sh (T5¢) Pwr pt (7). 9 s & Stores » - s BT AL AN AR A BN RN DR R N DS s Zine (3) .. ud Pow (40¢) Md (40¢) Aviat A 15t pf (6). Am Corp A. Pub S pf (6) d Motor 2. 3 1st pf 1% Sve A(1.30). O .« e D Gr A ( d Corp of Am A (2). d Tube A Gold (12¢) rs Roy Corp. ial Invest. 111 (8)no par 258 258 508 11 Oklapl (6). b “or B.. M Industries. . . |employment situation, although it may | Most of them come under the head of { employers all over the country to cut D. C., FRIDAY. FEB REDUCTIONS NOTED INLABOR TURNOVER American Corporations Are Economizing by Maintenance of Steady Forces. BY J. C. ROYLE. There are silver linings to the un- take considerable search to find them. what might be termed mitigating cir- cumstances. One such, according to the officials of the Department of Labor, lies in the cutting down of labor turn- over. Labor Turnovef. Labor turnover is one of the major overhead costs in industry and its re- duction is a constant problem faced by all employers. The cost of labor turn- over to a certain extent is tentative, but officials of the Department of Labor placed the actual cost in dollars of the replacement of each worker, including common labor, at $75. In the skilled trades, such as the building and con- struction workers, the machinists, the electricians, the steamfitters and others, the cost is far higher. It is estimated by officials here that it costs at least $110 to replace a moderate skilled ar- tisan, and this figure is a low one since it does not include the cost of wasted materials. Constant efforts are being made by down labor turnover. They consider money well spent which is devoted to the betterment of the physical condi- tion of the employes and their mental attitude. It is this desire to keep the workers_ contented which has dictated the equipment of athletic flelds, the en- couragement of social activities and the organization of welfare bodies by thou- ! sands of - corporations. |~ Some large cmployers of labor have i succeeded 1n reducing their annual labor turnover to between 15 and 20 per cent, but the statisticians consider that a corporation which can report changes of less than 35 per cent is presenting a most excellent record. President Willlam Green of the Amer- ican Federation of Labor estimates that there are 7,500,000 unemployed workers in the country today. This is eliminat- RUARY 6, 193T. Trade Reports By the Associated Press. FINANCIAL, at a Glance NEW YORK, February 6.—Tabloid review of business conditions in the wholesale and jobbing trade, the retail trade and manufacturing and in- dustry, as well as the state of collections, reported to Bradstreet's this week from the following centers: ‘Wholesale and Jjobbing trade. Quiet Fair Pittsburgh . Louisville Cleveland Detroit .. Milwaukee . Chicago St. Louis. Minneapol St. Paul Duluth Omaha Des Mol Kansas City. Baltimore Pittsburgh—Iren and steel operations show a slight gain. ing lags. trade; jobbing trade of hand-to-m ing lags. Milwaukee—Mild weather permits worl have several large orders; “sales” better. rubber goods. goods; Spring goods fair. coal and iron ore slack. Des Moines—Wholesale and_jobbing tr: too mild for coal and clothing. Kansas City—Winter mild and dry, w] inactive. Baltimore—Industries, especially cloak: and retail lines lag. BROKER LOANS OFF TO NEW LOW MARK Decrease of $18,000,000 Reported | During Week by Federal Reserve. ing a part of the labor turnover. On the basis that 350 of the workers out of every 1,000 normally change employ- ment each year, and, estimating the cost _at $75 a laborer, the annual cost | of this investment waste normally is $26,250 for every 1,000 employes, or $149,625,000. It is perfectly obvious that the cost of having 7,500,000 men ‘lout of employment far exceeds any profit which may be derived from re- duction of turnover, but at least the potential saving of nearly $150,000,000 is scarcely of minor importance. Construction Projects. Government officials are extremely reluctant to ury to translate the efforts | of the President’s Emergency Commit- { tee for Employment into jobs. Th | committee itseif points to stimulated | construction and road-building activ- { ities, but it hesitates to state how many jobs are being provided or to make any mate of the number. The super- | "ising architect of the Treasury De-| partment is the authority for the state- | Special Dispatch to The Star. | NEW YORK, February 6.—The weekly statement of the Federal Reserve on brokers' loans showed a decrease Of | $18,000,000 for the week ended February | | 4 to a new low record of $1,716,000,000, | | compared with the previous low figure of $1,734,000,000, established in the week ended January 28, and with $3,- 402,000,000 cn February 5, 1930. Loans for own account were $1,099,- 000,000 in the current week, against $1,089,000,000 a week ago; loans for out- of-town banks were $318,000,000, com- pared with $328,00,000, and loans for account of others were $299,000,000 con= trasted with $317,000,000. The present total, while establishing a new low rec. ord since publication of the loans be- gan in 1926, compares with a monthly average of weekly totals in a previous | series, for Ncvember, 1924, of $1,706,- 000,000. Of the total, demand loans made up $1,294,000,000 compared with £1,303,000,000 in the preceding week Retail trade. Fair Collec- tions, Slow Slow Slow Slow Slow Quiet Slow Slow Fair Slow Slow Slow Slow Fair Manufacturing and industry. at 45 per cent; department stores Louisville—Dry goods have fair volume; manufacturing improves; build- Cleveland—Iron and steel inquiries increase; warm weather hurts coal outh volume. Detroit—Auto output improves; schedules for February advanced; retail- k on roads; furnace manufacturers fall to stimulate retail trade. Chicago—Steel capacity at 47 per cent; large attendance, 5,000 at style show; buying equal to, value below & year ago. St. Louls—Auto show helps sales; ready-to-wear lines of clothing sell Minneapolis—Mild weather retards seasonal goods, especially clothing and St. Paul—Market week draws many buyers; mild weather retards heavy Duluth—Mild weather retards seasonal trade; furniture buying a feature; Omaha—Warm weather retards clothing, coal and shoes; autos sold better. ‘ade better, but below 1930; weather hich retards retailing; flour milling s gnd suits, more active; wholesale VIRGINIA IRON CO. HAS GOOD QUARTER Last Three Months of Year Show Net of $73,971—Divi- dends Paid. Special Dispatch to The St NEW YORK, February 6—Virginia Iron, Coal & Coke Co. had a profitable last quarter in 1930, but net income for that period of $73,971 failed to save the year from showing a net loss of $36,531 after all charges. The better showing for the last three months was forecast when directors declared a $12.50 divi- dend on the preferred stock in early November, paying up two years’ ac- cruals and the current semi-annual re- quirement as well. Virginia Iron’s hopes for improved profits are not centered entirely on its coal business, but are based partly om its land holdings in Virginia, which are now be drilled for natural gas by public utility interests. The company owns about 100 square miles of such lands, and while the is fairly deep— below the 2-000-foot level—several good wells have been sunk, with the likeli- hood of others being developed. It is *¥¥ A_TS VEGETABLE PREES CONTINUE TODRP Downward Trend Persists Since First of Month. Market Dull. Prices of leading vegetables have con= tinued in February the slightly down ward trend which has prevailed since the first of the year, says the United States Department of Agriculture Bu. reau of Agricultural Economics Mai ket News Service. The drop of 20 cents per 100 pounds on onions and $2 to $4 per ton on cabbage, at coun- try shipping points, was partly the result of large holdings in producing sections. But with potato stocks on hand lighter than they were a year ago and prices lower by one-third to nearly one-half, the decline of 10 to 20 cents per 100 pounds in a month or so seems to be a matter of poor demand, yet the 16 States in the principal consuming region have 15 per cent lighter potato holdings this year, which means active buying before the end of the shipping season. Potato Markets Dull. Market conditions were dull at po- tato-shipping points everywhere in early February. Price changes in the East were mostly downward, but en- couragement to shippers developed in the upturn of 5 to 10 cents per 100 pounds at Chicago and at some leading tato-shipping points in the upper akes region. The price to growers sagged of a little compared with late January, the prevailing figure being 65 cents per bushel, bulk. It is appar- ent that dull potato markets exist ail over the potato belt and in the city markets. Maine reports heavy ship- ments, but light trading on a dull market and a tendency to slightly low- er prices paid growers. This condition, existing day after day, must indicate heavy consignments “and important volumes at _different points, await- ing sale. Most sales in Northern Maine at shipping point were at $1.30 per 100-pound sack. A few sales of bulk stock were made at $1.20. Shi ments from Maine comprise about one- third of the daily carloads, but about 20 per cent of the Maine shipments are seed stock. Sweet Potatoes Firm. Prices of sweet potatoes held better than for most other kinds of produce because shipments now are only from 25 to 50 cars a day and supplies are light to moderate in the large markets. Delaware and Maryland bushel pack sells at $1.75 to $2.15, and best New Jersey stock reached tops of $250 to $2.85 in New York, Pittsburgh and Chi- cago the first week of February. North Carolina Porto Ricans range $1.10 to $1.25 in Baltimore and Washington. Tennessee Nancy Halls advanced in two or three markets and followed the jobbing range of $1.25 to $1.50 per bushel. Consuming Demand Sluggish. Growers in Eastern producing sec- tions insist there is a dire need for a combine to stimulate the public to eat more onions and_carrots. Onions are very cheap at Western and Central New York points and sell still lower in Western producing districts. Carlot sales in the Rochester districts in lim- ited number are made at 60 cents to 80 cents per 100 pounds for good yellow stock, compared with 80 cents a year | Dresser Mf; { ment that for every $10,000,000 spent!gng “gime loans were $422,000,000, | estimated 1,000 wells can be drilled on . The Tange In city markets is now clected NEW YORK, February 6 (Special).— The basis on which the bear crowd has resumed its operations is that of the slow recovery in business. This has been realized fully by those who have been buying stocks, but who took the position that stocks were cheap even if business did not improve until late in the Summer or early in the Autumn. ‘The bears, however, argue that the market has discounted the change in the mental attitude of Wall Street and that it must now more closely reflect earnings and dividend payments. The situation is one where again the tech- nical situation in the market is more likely to control price movements for a time than any outside developments. S ON THE CURB MARKET. les in ousands 3 Aluminum Co 3s * 11 Appalach_Gas_6: 6 Appalac Gas 6s B '45 74 2 Appalach Pow s '56 101 §Arkans P & L 55 '50 967, 39 Asso Elec Ind47:s'53 865 o 10144 1012 Ta 967 885, B s a7 o 0312 103 60 44 35 5 Gas 5° w 5 s 750, 7734 25 42 8012 152 82% 41 1062 45 E 60 8Con Gas Balt 4%us H 103'4 1 6 Consum Pow 4125 '58 101} 27Cont G & E 5s A '58 82% 2 10014 1000 245 8a%s 2% 6 63 P 5 pire O&R 5'2 deral Wat 5ias stone_ C. s A '571007 1 B 40 90 106 106 * | may the formation of a considerably larger | ack 2 68ou Cal Gas bs A '571 §8outhern N G 65 '44 7 18thw Dal Pr 6':s '35 51 Ty 97% aga, a6%. 6% 10011 16015 104 3 Texas Elee 55 '60 w 4 1] Texas Gas Ut 6s 1Texas P & L 5o 8Tri Uil 8s 79 1Unt Lt & Ry 5ibs 52 1005, 1003, 1 10United P & L 6s 175 20 Van_Swerineen 65 '35 7 1Va Pb Ber 5%s A 46 91 Dubilier C Duke Pow ( Duquesne G Durh Duplex pr | ant Motors. . st G & F Assoc. st St Pow B (1)... Slectric Corp. nd & Sh (b6) e Sh pf (6) ec R& Sheupfs. . ec Pow Asso A (1) Sharehold (b6%). nsteel Products e AssoPhila 1.60. ciiman & Sons Florida P & L pf Ford M Can A (1 Ford M Ltd (p3712). Foremost Dairy Pr. . Fox Theater C1 A. Gen Alloys (80¢) n Aviation n Baking. Th ev pf w 3 ard (SA) Co. ... Goldman Sach T C Gorham Inc nf Gt At&Pac Tea nv(6) 10s 205 Grt A&P T pf (7).. 30s Grt Lake D&D(125). Guif Oil of Pa (1 Hall Lamp (40c). Happiness Candy . Hecla Mining (1) . Helena Rubenstein. . Hoilinger Gold(65c) . Hudson Bay M& S .. ble O (1215) e Food Prod rade (1) ont Pow A (2) reontinent Pot n 8145 4 63 ndoah Corp. .. n Cp pf (a3)... A 4 Stand Oil Ky (13).. Stand Oil Nebr ( and Oll, Ohio (2 nd OIT, Ohio rrett rauss 00k & C'o (1 Sunray Of} (b5%). .. Syracuse W Mach B. Technicolor. Inec. ... eck Hughes (60c) ran Co! ns L Tubize C Ungerie; Union 4 Un N Tnit Co “oil Inte Unit Ver 2 81s 41y 63 Vacu van( 17% M 9 4015 . 61% Wa Walk West 2 Wilson Zonite ¥ RIGH 1% Sou Cal i 1 payment. dividend. in stock. §Plus o in stock. n Plus CORPORATION REPORTS TRENDS AND PRO! CTS OF LEADING ORGANIZATIONS NEW YORK, February 6.—The fol- lowing is & summary of important cor- poration news prepared by the Stand- ard Statistics Co., Inc., New York, for - mpanyrthe Associated Press: News Trend. McClintic-Marshall will provide a more extensive field in which the former may market its structural steel products and represent a preliminary step in { unit. Further announcements of chain store sales in January show consider- able improvement over the same month of 1930. The first 10 stores to report their results for that month registered a combined gain of approximately 5.3 | per cent. | The Companies. Alaska Juneau Gold Mining January profit, after development expense, but before depreciation and taxes, $126, 500. Allis-Chalmers Manufacturing 1930 common share earnings $2.86, against $3.78. American Steel Foundries 1930 com- 2V #® reported 0% | rent liabilities $50.000. il s 1 Terni Boc 6'ss A '53 81 2 United El Ser Ts '56 ww-—-With warrants ’:;W“holll ‘warranls. e New. | Wi—When issued. 81 38% | quire mon shate earnings $2.37, against $4.07. Belding-Heminway net quick assets about $6,000,000, against cur- thlehem Steel announced will ec- McClintic-Marshall Corporation for 240,000 shares common and $8,- 200,000 of 4%, per cent special notes. Blackstone Valley Gas & Electric 1930 ) The Bethlehem Steel acquisition of | ont Corp war. . Tri Utllities (£1.20). Unit Chem pt pf (3). Unit Lt& Pwr pf (6). Unit Profit Sharing. . Unit Stores. Util P&Lt(at1.02%). Utll & Ind pf (1%).. Utility Equities num (4). . mp Pkx reen Co. Jones (2).... end rates In dollars based on last quarterly or semi- *Ex dividend. a Payable In cash or stock £ Plus 5% Indus pr pf. “1as some Government offi i Corp pf (3). Roth. ? n Air Tra ux D L F “hatel (B)... ider Fin Cp n Invest. £ Can (1 rp war. 1 c Power ww.. (B) (500)... r Sec 1st pf rde E 0. an Corp(10c) ifg Co ( (H) (1).... r Exp (60c). >roducts (1). TS, Expire. Ed...Aprzo 22 2% tPartly extra. iPlus 4% in b Payable in stock. e Adjust- € Plus 6% in stock. h Plus € Dlus 10% 1n stock. m Plus in stock. 2% in stock. 8% in stock | | $121.38. |~ Bohack (H. C.) January sales up 18.3 per cent. Brooklyn & Queens Transit—Transit Commission will hold hearing on one- | man car operation. | Central Railroad of New Jersey 1930 preliminary common share earnings | $10.29, against $18.38. Connecticut Power preliminary com- | mon share earnings $2.55, against $1.80 Copper Range-Champion Mine re- | duced output 25 per cent; 20,000,000 | pounds refined copper in 1930 | " Detroit Aircraft—Work halted on new | $4,500,000 dirigible pending approval by }Semu of $200,000 appropriation al- | ready sanctioned by House. Cushman'’s Sons _operated 248 stores in Greater New York December 31, 1930, against 245 year previous. El Paso Electric 1930 common share earnings $33.59, against $33.92. sales up 2.8 per cent. Federal Mogul 1930 common share | earnings 54 cents, against $2.35. | “Florida East Coast Rallway Decem- |ber net operating income up 24 per | cent; 12 months, off 36 per cent. Gimbel Brothers reported 1930 net sales about $113,000,000, against $124, 636,273 in 1929. Grant (W. T.) January sales up 8.6 | per cent; 12 months up 8.3 per cent. | * Hartford Electric Light 1930 common | share earnings $3.18 against $2.79. | Helme (George W.) 1930 common | share earnings $8.55, against $8.52. International Carrier, Ltd. net as- set January 14, 1931, excluding shares held for retirement, $16.74 common share, against $14.91 December 31, 1930, and $19.46 end of 1929. Kelvinator deficit in December quar- ter $332,600, against deficit $185,060 same 1929 period Laclede Gas Light 1930 common share earnings, $8.50 vs. $12.46. May Department Stores increases | preferred share earnings $114.30, against quarterly F. & W. Grand-Silver Stores January | common dividend to 62 cents from 50 cents; discontinues stock dividends of 13, per cent distributed | through 1930. | McLellan Stores January sales up 5.7 | per_cent. New Haven Water 1930 common hare earnings, $3.53 vs. $4.66. Newport Co, declares 25 cents quar- | terly ‘common dividend; previous pay- ment, 50 cents. | N. Y., New Haven & Hartford Rail- | way—Foreclosure action against Worces- ter Cons. Street Ry., affiliated, filed by | Old Colony Trust of Boston. | Phillips” Petroleum cuts Denver re- tail gasoline price 1 cent to 14 cents | allon to meet independents’ prices. | * Pittsburgh Plate Glass acquires com- plete control of Duplate Corp. Prairie Pipe Line 1930 common share earnings, $3.61 vs. $5.63. Purity Bakeries—338 stores operated December 31, 1930, against 321 same time year ago. _ Remington Rand common share earn- | ings, nine months ended December 31, 37_cents against $2.60. | Richfield Oil of California—Flint | Common Stockholders’ Committee dis- solved. | United Gas Improvement Controller | Hadley threatens suit to compel reduc- !tion in Philadelphia gas rate to not exceeding 87 cents per million cubic feet. | | sl | on construction 1,000 workers are re- | quired on the task and that incidental | work is provided for 5000 additional { men. | Many ecconomists are regarding the ! pressure for putting construction proj- ects into immediate effect, with a rather wary eye for the future. They, as well cials, point out | that if funds which ordinarily would % | be held up for some time are used now, % [ they will be lacking for future work.| In other words, if contemplated build- ing is being converted into actual building and road developments pushed when they would be left till later, there might be a shortage of construction e deavor later on and consequent unem ployment and reduced purchasing power. Watch Situation in India. The proposal for a revised constitu- tional status for British India, al- though it is being considered on the opposite side of the world, is having United States. Cotton exporiers have done a most unsatisfactory business in | the last year and are watching the | developments with the closest attention. There was a decided feeling of relief | when Mahatma Gandhi was released from prison, but later developments | have not been so favorable so far as| the abandonment of the embargo| against the British textile products is concerned. The effect of the disturbances in India has not becn felt materially by American cotton textile manufacturers. The latter do not cater to the Indian trade. However, the British cotton manufacturers make a special appeal for this business. They produce ex- actly the type of cotton textile which are required in India. The curtailment of the sales of the British manufac- turers has resulted in a drop in the pur- chases of American raw cotton by the English-mills. As a result, stocks in this country are extremely heavy, and dealers are protesting bitterly against | the Farm Board marketing plan in con- sequence. £ The Indian situation also is affecting Japan, which is fighting for the India and China markets. The textile indus- try of Japan has grown to an aston- ishing degree in late years, and its pros- perity is dependent on the volume of goods sold in the Orient. This has been small in the last 12 months, and in con- sequence the business situation of Japan has suffered and so has American trade with that countrs Cotton dealers in the South declare that the policy of the Farm Board is checking exports of cotton. They say that the American Cotton Co-operative Association is selling its cotton as rap- idly as possible and is replacing it with future contracts in the New Orleans and New York future markets. No one knows how much the American Co- operative Association has sold, but it is estimated that the future holdings of the co-operatives total between 500,- 000 and 750,000 bales. Substitute Cotton. Uncertainty as to what will be done to these future holdings is alleged to be retarding purchases by spinners and inducing foreign spinners to substitute cotton of other countries for American cotton wherever possible. How long the foreign spinners will be able to use this substitute cotton is still a ques- tion which is having a wide effect on the price of the commodity. There is a huge carry-over of cotton from the season of 1929-1930. Late fiugres indicate that world carry-over which is available for shipment to non-cotton-producing countries at the present _time aggregates 37,800,000 bales. The consumption in 1929-1930 amounted to 24,718,000 bales. It is estimated that American surplus for export amounts to over 14,500,000 bales. ‘These are the arguments that are being advanced to growers by bankers and business men in the Souh and by Federal officials, in order to induce Spiegel, May, Stern Co. 1930 deficit $2,257,613, against net income $1,717,- ;?339 equal to $7.22 common share in ‘Tampa Electric 1930 common share earnings $2.75 against $2.65. ‘Transamerica Corporation chairman denies ufilhl change rumors. Tri-Utilities - Corporation common share earnings, 12 months to October 31, $3.19. —— Capt. R. G. Smith, who has just retired from transatlantic liner service, never had & mishap in 18 years. this year. (Copyright, 1931.) Firm Plans Expansion. NEW YORK, February 6 ( Street l"l:e;.rll‘ that Alaska Mining Co. Smelting, Refining & r purchase of the Ebner Gold Mining Co., which adjoins properties of the Alaska Juneau in Alaska. The offer for the Ebner properties recently make by Alaska Juneau has not been accepted. ! today a most potent bearing on the con- | % | dition of the cotton industry of the the farmer to reduce acreage sharply against $431,000,000. Loans on securi- ties direct to non-broker customers de- | creased $20,000,000 during the week to | $1,915,000,000, compared with $1,935,- 000,000, the previous low on the recent move, and compared with a recent high on December 31, 1930, of $2,117,000,000 | The New York Federal Reserve redis- count rate remains unchanged at 3 per cent. | ————— GRAIN MARKET CHICAGO, February 6 (#).—Grains advanced early today after a wavering start. Relative failure of moisture pre- dictions in drought districts induced | wheat buying. Reversal of market posi- tion by recent speculative sellers hoisted corn. Opening at % cent off to % up, | wheat later scored material gains. Corn | started at 14 decline to 14 advance, and subsequently rose all around. Both in wheat and corn, a feature | was unusual absence of selling pressure, a circumstance attributed to apparent inadequacy of drought relief. Only scattered rains and snowfalls were re- ported, whereas a general soaking was needed over widespread areas. Opponents of higher prices vainly emphasized announcements that bread in Liverpool was selling at 3 cents a pound loaf compared with 10 cents in this country. Wheat upturns carried the market to the highest point reached in more than three weeks. General commission buy- ing developed in corn as well as wheat, and both %tereals quickly showed almost a 2-cent jump. Primary receipts of corn | totaled 649,000 bushels. Against 667,000 | a week ago and 1,054,000 at this time last year. Chicago arrivals were 142 cars, compared with 131 a week back and 190 on the corresponding day of 1930. Oats reflected strength of other grains. Provisions were upheld by firmness of hog values. NEW YORK COTTON NEW YORK, February 6 (Special).— Opening cotton prices today were 6 to | 8 points lower. The most active trading |came in the distant months, where speculators took profits. Brokers who usually act for Japanese interests placed moderately heavy buying orders on the scale down. Opening prices were March, 10.63, off 6; May, 10.88, off 7; July, 11.13, off 6; October, 11.40, off 8; December, 11.60, off 7, and January, 11.64, off 6. Zinc Stocks Increase. NEW YORK, February 6 (#).—Stocks of slab zinc increased in January to 145,076 tons at the end of the month, as compared with 143,576 at the end of December. A slight reduction was shown, however, from the total of 145,- 139 tons at the end of November, the American Zinc Institute reports. Jan- uary production totaled 32,522 tons, against 32,682 tons in December and 32,097 in November. STOCK | STOC! | 50 Industrials, . 123.8 Two years ago. Three years ago High, 1930-31. Low, 1930-31. High, 1929 Low, 1929 one year. By the Assoclated Press. cession last week, as their change was calculated by the Department of Com- merce. average wholesale selling prices are given for comparable periods, based on representing the 1926 average as 100. In addition, the selling price for a ton of composite steel products is given for like periods Week Previous wet Same week Ias AND BOND AVERAGES By the Associated Press. From Yesterday's 5:30 Edition. the property. Company will receive payments for these dx‘l{nng privileges on a royalty basis on gas released from the welis. There are several gas pipe lines in the vicinity, the nearest running within 50 or 60 miles of the property, ine gutlng that cost of running spur ranch to the field would not be ex- cessive. Two prominent public utility Interests are understood to be actively interested in this property. Payment of the $12.50 dividend Janu- ary 2 required about $295,388, on basis of 23,631 shares of preferred stock outstanding on December 31, 1929. At that time the company had $102,074 in cash, with receivables carried at $604,403. At the time of the declara- tion of "the dividend, Vi Iron stated that dividends received from subsidiaries had made the payment Th:]e‘ has company been Tal at a loss in the past few ynn‘,‘p:mflufll'fln to $14,205 in 1929, $64,222 in 1928 and $182,436 in 1928. TRADERS ARE EXPELLED FROM STOCK EXCHANGE By the Assoclated Press. NEW YORK, February 6.— For the second time in a week the New York Stock Exchange took disciplinary action against members for violation of its trading rules. Shortly after the opening of the mar- ket it was announced from the rostrum that Sharles E. Danforth and Ralph Melson, individual traders acting as specialists in certain stocks for other brokers, had been expelled from mem- bership in the exchange. ‘The charge under which the Govern- ing Committee acted was, in substance, that in the execution of buying orders entrusted to them, Danforth and Mel- son supplied stock without disclosing their ownership in it to their actual principals, and concealed their oper- ation by having other members of the exchange, jointly interested with them in the account which supplied the stock, accept and repért the transaction. A week ago today the exchange ex- pelled two members and suspended a third on a similar charge. The three were the only partners of the firm of Barbour & Co., which was dissolved January 10. Philip L. Smith and Philip W. Smith were expelled and Henry M. Wreszin was suspended for WHOLESALE PRICES. General prices showed a further re- In the index that follows the ended ] J 31 A i 173 3524 . TS 7.8 933 KS. ago. 75 cents to $1, and nearly all Eastern cities report demand slow. Carrot markets continue very inac- tive, despite all that has been said about the healthful qualities of this vegetable. A few sales of the roots in bulk were made in the mucklands district of Western New York at $8 per ton, or 40 cents per 100 pounds, the first week of February. Occasional sales of washed carrots in bushel pack brought 55 cents. Cabbage Low in Producing Sections. Dealers appear reluctant to buy cab- bage liberally in Eastern producing sec- tions even at prevailing price of §8 per * ton, cash, to growers for bulk stock. It was hoped that market conditions would show some improvement because of the heavy rainfall of early February in Texas, which interfered somewhat with shipments of Texas cabbage; but as vet there is no change and prices in Wis- consin producing sections at $6 to $7 per ton are at the season’s low point. bulk cabbage brings $15 to $21 per ton in large city markets, with sup- plies moderate to liberal and demand slow. Philadelphia reported a slightly stronger market. Price tendency of new cabbage is stil. downward despite the reduced shipment lately. Apple Quality Variable. Dealers report wide variation in the quality of some varieties as end of best storage season approaches. Storage date for Eastern Greenings and for several varieties in the Southern apple region has passed the most favorable time. Rhode Island Greenings that will meet specifications for export are not too plentiful. Ben Davis, a long-keeping variety, has met good demand for ex- port and is becoming rather scarce, some localities being entirely cleaned up on this variety. In the movement of apples from Western New York carlots billed for export have held conspicuous place. For the domestic trade just now the cheaper grades of apples are in the greater demand. The most desirable Baldwins, bushel-packed, will not bring more than $1.50 at shiping point, simi- lar classes of Gresnings ranging $1.25 to $1.30. City markets quote Eastern Staymans at $1.25 to $1.75 per bushel; Black Twigs bring $1.25 to $1.50 in Baltimore and Washington. New York and Massachusetts Baldwins appear in a few city markets at $4 to $4.50 per barrel aad $1.25 to $1.65 per bushel. Eastern Yorks sell at $1.25 to $1.50 per bushel in Baltimore and New York, with top of $1.75 in Washington. Large Eastern markets report apple sup- plies moderate and demand light to fairly active. Prevailing rate of apple shipments from all sources is abqut 300 carloads daily. REDUCTION IN DIVIDEND PAYMENTS IS CONTINUED Special Dispatch to The Star. NEW YORK, February 6.—February has brought out a large number of divi- dend reductions and dividends passed and promises to equal the unfavorable record of January, when 157 downward revisions in dividends were made. The total of dividends passed or re- duced since the end of 1929 is about 1,200, or nearly the same number as that of banks failing in 1930. MARYLAND BANK RESOURCES. BALTIMORE, Februa 6 (Spe- clal).—Resources of the 134 State banks and trust companies in Mary- land increased $29,624,541 in a year to a total of $529,015467 at the end of 1930, according to a statement just issued by George W. Page, State bank commissioner. Deposits increased $27,- 955,256. gains were due in large part to the consolidations during the year of national banks with institu- tions operating under State charters. Assets of the 14 mutual savings banks in Maryland totaled $223,435624 at the end of 1930, increasing $10.353,277 in a year. Deposits rose $8,377,442 in the same period. et T o INTEREST RATES. By the Associated Press. Money rates remained at excessively low levels last week as their change was calculated by Commerece. Week_ended Frevious. week ey, 2L Sams’ week last Foaosilidls