Evening Star Newspaper, February 7, 1931, Page 12

Demand From Industries Re-| sults in Better Values in Chicago Pit. BY JOHN P. BOUGHAN, Associated Press Market Editor. CHICAGO, February 7.—Surprising comparative strength shown by the corn market is just now attracting special attention of the grain trade. Reasons given for corn price upturns are that demand by industries readily disposes of corn shipments to Chicago, and that the corn visible supply unlike the stock of wheat in sight is not showing an in- crease. Leading authorities say also that the price of corn in relation to wheat is more in favor of increased feeding of corn. Comsparod with & week ago, corn values this morning showed 1%-1'% cents a bushel advance, with wheat un- changed to 5 up; oats, unchanged to 1 cent h'gher, and provisions, 20 to 60‘ cents down. Expert’s Opinion. ade experts who have closely ob- lel"{:’:d the l.:pom market situation assert that unless corn supplies accumulate with much increased speed, the East, which in particular has leisurely held back from purchases, may find it im- perative to bid quotations up to obtain supplies in the Spring. Reports are cited that owing to excessive rains in Argentina the corn crop of that country will be of rather poor quality, and that this circumstance will prevent any im- rtant movement from Argentina to ml‘ England. Official estimates that supplies of corn on United States farms are 300,000,000 bushels less than a year ago, elicit comment here that a large area has little corn to feed. TAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page Stock and Dividend Rate. t Biscuit (2.80).. t Cash Reg A (3). t Dairy (2.60) 29% 19% Nat Dist Prod (2). 1181 Nat Lead (5).. % Nat Lead of A (7). t Pow & Lt (1). Nat Ry Mex 2d pf. Radio Corp....... Radio Corp pf A(3 Radio Corp B (5) Radio-Keith-Orp! Raybestos Man 2.80. Real Silk Hos (3). Rem Rand (1.60). . nd 1st pf ( nd 2d pf (8). 2 Reo Motor Car (80c) Republic Steel . Reynolds Metals (2). Reynolds Tob B (3). Richfield O:l. Rio Grande Oil 2 Rossia Insur (2.20).. Royal Dutch m1.3404 Safeway Stores (5).. Safeway Strs pf (7). St Joseph Ld (2).... Savage Arms (2).... Schulte Retail Strs. Seaboard Air Line. .. Sears Roevuck 12% . econd Nat Inv. . econd Nat Inv pf. . 1031~ Sales— w. 26 49% 6 35 Sharon Steel Hoop. .. Sharp & Dohme. . Shattuck F G (11%). Shell Union Ol. ..., Shell Un Oil pf (53%) Simmons Co. . Sinclair Con Of1 (1).. Skelly Oil Skelly Oil pf (6). Snider Packing nider Packing Solv Am pr ww 5% Sou P Ric Sug (1.40 South Cal Ed (2). South Dairies B South Pacific (6). South Ry (8).. A Sparks Withing (1) rness for corn is illustrated by ld%g; that already plowing for the new ci has been in progress north ward into Nebraska, that a fairly gen- erous increase of corn acreage south is indicated and that & moderate en- Jargement in the main belt is expected. Meanwhile, above-average weight of hogs arriving at market centers appar- ently shows that the chief feeding sec- tions are using corn on a big scale. In addition, many traders profess disbelief in current estimates that rural stocks of oats are 100,000,000 bushels in ex- cess of last year. These skeptics say heavy disappearance of oats on farms will be shown in the March 1 reserve figures. Drought Situation. Uneasiness regarding drought has raised a question whether moisture de- ficiency may not turn out more serious in the Spring wheat region, both of the United States and Canada, than over domistic Winter wheat sections. The prairie provinces of Canada report moisture shortage of 48 per cent in December and 68 per cent in January. compared with normal. Hedging sales by packers have scted #s a weight on the provision market. Commodity Price Trends of Week BY H. N. McGILL, Editor McGill Commocity Service. AUBURNDALE, Mass., February 7 (®). —Commodity prices during the first week in February recorded a cohtinua- tion of the downward trend noted in January, yet the degree of the decline was less pronounced. Only a few groups are showing any real resistance against downward pressure. Compar- ing ‘prices of over 300 commodities on the 1st of February against the 1st of January, 58 recorded declines, while 20 advanced. During the week just closed out of 14 individual groups, 8 declined, 3 advanced and 3 remain un- changed. The net result was a further decline in the average of all commodi- ties establishing & new low. Since the 1st of the year industrial activity has stopped declining. The trend is now largely sidewise, although many basic industries are recording a moderate upward trend. A check-up on the relationship of commodity prices to general business shows that it is the common tendency for business to reach 8 high point or a low point anywhere from two to three months ahead of the commodity price trend. In other words, in the present ecoonmic position, the trend of industrial activity would have to expand for a period of two or three months before the increased de- mand for raw materials would b felt sufficiently to stabilize and then in- crease the commodity price level. All Commodities. Noting specific changes in all com- modities, the groups which cause the price level tondrop to a new low were as follows: Agriculture products, live- stock, nonferrous metals, ferrous metals, paper and pulp and vegetable oils. The three groups which advanced were paint materials, fine and course textiles. Other groups held steady. Industrial Prices. . Only fractionally lower industrial prices reflect a continued conservative demand for raw materials rather than any significant change in inventories. Latest data clearly shows that produc- tion is running close to subnormal de- mand. Agricultural Prices. Agricultural prices reached a new Jow.but the downward movement has slowed up materially since the first of the year. There is a strong prospect that the 1931 acreage of the various farm products will not be cut sufficient- Iy to offset the heavy carry-over of grains and cotton at the <nd of the crop year, Prices of farm products from a world standpoint are holding more steady. Building Materials. Partly a seasonal moverfient, building materials were lower, but the decline also caused by the substantial d:cline in new construction compared to recent years. Building authorities predicted a moderate increase in total construction for 1931 over 1930. Non-Ferrous Metals. Non-ferrous metals was another im- portant group which declined, largely Teflecting the price cut to 91; cents for copper and a further reduction in lead to 450 cents. Important Price Changes. This week, Prev. week, Feb. 6, 1931. Jan. 30, 1931. All Commudities. 6756 679 Agricultural Non-ferrous Metals. Splegel-May-Stern. . Stand Brands (1.20). Stand Brands pf (7). StandG&E (3%)... Stand G & E pt (4). Stand G & E pf (6). Stand Invest Corp. .., Stand Oil Cal (h23%). Stand OiLN J (12). Stand Oil N Y (1.60). Starrett (LS) (12%) Sterling Sec A. Sterl Sec pf (1 Sterl Sec cv pf (3). Stewart Warner..... Stone & Webster (4) Studebaker (1.20) . Sun Oil pf (6). .. Superheater (23).. Superior Ofl Symington A. Tennessee Corp (1). Texas Corp (3)..... Tex Gulf Sulph Texas PC & Oil. . Texas Pac Land Tr. Thermoid Co 6% Third Avenue 24% 18% Third Nat Invest. Add 00. High. ~Prev, 1931~ High. Low. 28 11.) Prev Low. Close. Close. 9 9 8% Tri: 143! 28 2% 21% 45% 2 a1y Warren ton 404 21% 104% 401 1% 6 66% 9% 1% 22% Youngs 8% 324 50% 5 14% Th 874 231 31% 2 49%, 5 134 " 6 6% | no regular rate. 87 2315 in_stock 8! 23% |t Stock and Dividend Rate. 25 Thompson (J R) (3). 4 Tide Water As (60c). Timken Det Ax (80c) Timken Roller (3)... Tobacco Products Tobacco Prod A t95¢c. Transamerica (1) ont Corp. . Tri-Cont Corp pf (6). Trico Prod (213). .. Twin City R Tr (§4) Una-Elliot-Fis| §Payable in scrip. e Payatle in cash or stock, Plus m Paid this year—no regular rate. Sales— Add 00. High. 26 Un Oil of Cal (2). Un Pacific (10). Un TankCar (1.60). . Unit Aireraft. . . Unit Aircraft pf (3). Unit Biscuit (2 Unit Carbon (1)... Unit Cigar Stores. .. United Corporation. . 169 Unit Corp pf (3).... Unit Electric Coal Unit Fruit (4) Unit G & Im (1. Unit G & Im pf (5 Unit Piece D W (2 U 8 & For Secur U S Freight. . 4 USGypsum (1.60).. U S Indus Alco (6).. 7 13 S Pipe & F ( 4 U S Realty & Im U S Rubber. ... U S Steel (7). U S Steel pf (7). .... Univ Leaf Tob (3). Univ Pipe & Rad. Util PEL A (et2.15). Vanadium Corp (3). Va-Car Chem....... Vulcan Det (4)... Wabash RR. . Wabash RR (A) Walworth Co (2). Ward Baking A. . Warner Bros Pict 1 4l . 111 5 1508 Br West Pa Pow pf (6). ‘West Pa Pow pf (7). Western Dairy A (4) Western Dairy B. Western Md........ Western Union (8).. Westing A B (2).. Westing E & M (5. Westing E&M pf (5) 2208 208 Ellnstr (1), 2 estvaco Chlor Wextark Radio Strs Wheel & Lake Ei White Motors (2) White Sewing Mach. Wiliys-Overland. Woolworth (2.40) Worthington Pum Wrigley (Wm) (4). Yellow Truck. . . 10% 11% i 10% 22% "23 Spring (3).. 228 RIGHTS—EXPIRE. Pac Gas & El. Mar 11 Dividend rates as T e NE e | 1ven in the above table are the annual cash test quarterly or half-yearly declarations. s 100 shares. tPartly extra. 1Plus 4% in a Paid last year— oc| d Payable when 1 Plus 8% in stock. Plus 6% in K Plus 3% in stock. nPlus 5% in REVIVAL OF FIGHT FOR DECREE SEEN Wholesale Grocers Expected to Continue Support of Packer Legislation. BY WALTER BROWN. ‘Written for the Associated Press. CHICAGO, February 7.—A renewed effort to merge the two great wholesale grocers’ associations indicates a contin- uation of the fight against a modifica- tion of the packers’' consent decree to permit Chicago packing concerns to en- | ter the wholesale grocery business. The current issue of the National Wholesale Grocer, a publication profes- sing to represent 6,000 or more whole- salers, declared: “We believe now is the time a merger should be consummated. Unless the wholesale grocers of this land unite in their efforts and get a final decision from the Supreme Court of the United States and settle this case once and all, | the packers can continually keep them. selves free from adverse court action and eventually wear down the morale of those who have so far put up the money.” Opposed Modification. The two wholesale organizations, the National and American Associations, joined with the Government in oppos- ing a modification of the decree entered into in February, 1920. On January 5, District of Columbia Supreme Court lifted the wholesale restriction. The days after that date to appeal. Swift & Co. already have announced plans to commence wholesale distribu- tion of canned fruits and vegetables. Armour is marking time pending settle- ment of the litigation. Wilson, Cudahy and Morris, the other three involved in the decree, will follow the action of their larger brothers. B In the expressed opinion of a leading wholesale grocer, the wholesalers are the wholesale field. They are appre- hensive, however, that other modifica- ers to enter the retail business. They say that such an invasion would be regarded as disastrous to many of the 360,000 independent retail grocers, the wholesalers' customers. They say the “big five” packers argued that oth- ers are doing what the decree forbids in their case, the Armour president pointing out that one small packer has 50 retail shops and one chain concern with 2,700 meat markets has two pack- ing plants and a sausage factory. Refrigerator Cars. While Swift, would need to set up almost complete wholesale systems, including the selec- tion of labels and brands, Armour has marketed a brand of canned fruits and vegetables_throughout the life of the decree. This was permitted by court pending sale of the canneries. Armour could not find purchasers. Wholesale grocers also prefer to see an_unfair competitive factor in the ability of the packers to utilize their this year, Justice Jennings Bailey in| grocers and the Government had 60 not primarily opposing the packers be- | cause they fear that competition in| tions will follow and permit the pack- | Wilson and Cudahy | BY DAVID J. WILKIE, Assoclated Press Staft Writer. DETROIT, February 7.—The automo- bile industry, some times called the weather vane of American prosperity, continues to show encouraging activity. ‘While the momentum looked for is be- ing gathered slowly, there has been no disposition to .revise earlier estimates that the total production for 1931 will be more than 4,000,000 and possibly 4,- 500,000 units. < present year is approximately correct, the production facilities of the industry soon will be thrown into high speed. Production for January and that esti- mated for February is not on the basis of a 4,000,000-unit year; in fact, the 175,000 estimated production of last month marked the lowest January out- put in the last eight years. It compal with 285,762 units in January last year. February Output. February production has been esti- mated at approximately 200,000 units, also a low mark for the second month of the year during the last eight yeéars. Nevertheless, the industry, profiting by the lessons laid down by the 1929 over- ‘pmductlon and the subsequent collapse |of its buyer mart, is literally “making | haste slowly.” A steady increase in |mand followed by another period of | stagnation is what the industry's leaders | desire. | It is in furtherance of this program that production is being increased slowly, the factories being adjusted to what the merchandising outlets can handle without embarrassment. Aside from actual volume of produc- tion one of the factors regarded by leaders of the industry as particularly gratifying is th: effort to increase and maintain employment schedules. Any steady employment period, automotive executives. are agreed, is bound to be reflected in som: degree in the buying | of motor cars. Working Day Increased. Announcing & nine-hour working day |in his company’s plants, Joseph B. Graham, president of the Graham- Paige Motors Corporation, said that steady employment for the men is indi- |cated despite the fact that “the real AUTOMOBILE INDUSTRY SHOWS FURTHER GAINS IN ACTIVITY 30 or 60 days." The Ford Motor Co.’s immediate plans continue to be a mat- ter of major interest to the industry generally. Any incr:ase in the employ- ment schedule and a stepping up of production by the Ford company, it is agreed, would have a signal effect, phychologically as well as actually, in providing impetus for the r-turn to normal conditions. The Ford plants have been on a three-day-a-week basis since late last Fall. While there has been no authoritative If this estimated production for the | statem:nt as to when this schedule will be altered, orders placed for steel, glass, lumber, rubber and other materials are cited to support a belief that it will be replaced shortly by a five-day week. Some improvement is reported in the used car situation. Much of this, of course, can be attributed to the fact that many buyers who otherwise would have purchased new cars were obliged for financial reasons to shop around among the second-hand vehicles. At the same time there has been a deter- mined effort to reduce used car in- ventories. Used Car Problem. . ‘The used car and the high trade-in | allowance given by dealers in their buyer demand rather than a sudden de- | effort to keep up with the factory out- put of new cars played its part in the | collapse of the automobile market in | the Fall of 1929. Overstocked with w’used cars, many dealers found their | banking support threatened 1if not | withdrawn entirely. A considerable | number of the dealer organizations were seriously embarfassed by the forced acceptance of used cars at un- reasonable allowance. Out of the experiences of 1929 in this respect is expected to come a sharply revised practice in the handling of used cars. While the allowance on a second-hand car is a matter resting entirely with the dealer and the “re- covery” year will find competition for new car business unusually keen, the conviction is voiced in authoritative quarters that allowances on what the | owner claims is a “late nineteen some- thing or_other” are to be sharply re- duced. In other words, actual re-sale value will figure more vitally in the transaction than the desire to move a new car. CLERGYMEN ENROLLED FOR GROUP INSURANCE By the Assoclated Press. NEW YORK, February 7.—The group Insurance plan has been adopted for | more than 175 active clergymen of the | Protestant Episcopal Diocese of Long Island, Suffragan Bishop J. I. B. Larned announced. Premiums are paid by thétrustees of the diocese on $500 insurance for each clergyman. The Long Island Diocese is the first in the country to adopt the plan. TREASURY CERTIFICATES. (Peported by J. & W. Beligman & Co.) ate- * the | 3 Markets at a Glance NEW YORK, February 7 (#).—Stocks strong; General Motors touches year's best. Bonds irregular; invesiment issues move uncertainly. Curb strong; Vacuum Oil rises 4 points. Foreign exchanges firm; sterling continues ad- vance. Cotton lower; hedge selling. Sugar lower; trade selling. Coffe: easy; Southern selling. ~ HOSIERY SALES RECORD. NEW YORK, February 7 (Special).— Real Silk Hosiery mills reports the largest volume of sales in its history for 1930 and estimat‘s the year's net profit at between $4 and $5 a share, against 29 cents a share in 1929. It was ex- plained declining silk prices reduced the profit ratio to sales. Steel Ingot Production. NEW YORK, Pebruary 7 (#).—Steel ingot production in the Chicago district this week was at 48 to 49 per cent of capacity, or 1 to 2 p‘r cent above the D g, SATURDAY FEBRUARY 17, 1931 "FINANCI BONDPRIGES FIRM | (e o BONDS o o) AL NERGERPLAN AT SHORTSESSO B Junior Group Displays Irregu- lar Tendency—Foreign List Firm. BY E. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, February 7.—Bonds were firm today. with a tendency on the part of high-grade issues to ad- vance fractionally still closer to the former high of the year. Junior bonds, however, were irregular and served to temper the general tone. Foreign dol- lar bonds were strong in the European section and lar in the South American group. The advance in the municipal market was checked somewhat $247,000,000 bonds this year. This is more than twice the amount ever put out by the city before in a single year. While bankers do nct doubt its ready absorp- tion, tey pointed out that it will have to be at a slightly higher interest rate than the 3.90 to 4 per cent basis cur- rently obtaining for New York's cor- selling season does not open for another ; porate stock. Many of the prior lien high-grade railroad mortgages have now advanced to a point where their yields range from 4 to 4.10 per cent. This group includes. Atchison General 4s, Baltimore & Ohio first 4s, Quincy general 4s, Great North- ern 7s, New York Central 3%,s, North- ern Pacific 3s and 4s, Pennsylvania 41,5 and Union Pacific first 4s. Other prime issues strong today were Amer- ican Telephone 5s and 5':s, American Water Works 5s, Brooklyn-Manhattan Transit 6s, Detroit Edison 4';s, Gen- eral Electric 315s, National Dairy Prod- ucts 5%4s, Philadelphia Co. 5s, Standard Oil of New Jersey 5s, Western Union 5s and Youngstown Sheet & Tube 5s. Second grade domestic bonds had a more indeterminate tone. There were gains in American I. G. Chemical 5%s, American & Foreign Power 5s, St. Paul 5s, Rock Island 4ls, Erie 5s, Hudson Coal 5s, International Cement 5s, Inter- national Match 5s, Missouri-Pacific 5s, Prisco 414s and Utilities Power & Light 5!2s. Small declines were recorded in Western Maryland 4s, Southern Railway 4s, Remington Rand 5'ss, Nickel Plate 4 International Telephone 5s, St Paul Adjustments, Chicago Great West- ern 4s and' Chicago Railways 5s. FOOD STOCKS STRONG. NEW YORK, February 7 (Special).— The relatively good showing of food stocks last year has brought them in‘o favor, with the additional factor to their credit that they give a fairly good re- turn. National Dairy Products, which is now proposing to extend s fn!ld into the Western territory; Standard Brands, which today reports earnings in 1930 of $1.21 a share; General Foods, Na- tional Biscuit and Loose-Wiles are be- | ing accumulated by investors and have been popular with the fixed trusts. - Washington Stock Exchange’ SALES. Capital Traction 55—$11,000 at 86. W::hé;l,zwn Rwy. & Electric 4s—$1,000 e ‘Washington Gas 6s $100 at 10215, Capital Traction Co.—10 at 40. A Potomac Electric 5'5% pfd.—5 at 10913, 4 at 109’2, 10 at 109%,. Washington Rwy. & Eiectric pfd.—10 at 9814, 10 at 981, Lanston Monotype—2 at 106, 10 at 107. AFTER CALL. Washington Gas 6s “A"—$500 at 102, $500 at 102. Capital Traction 55—$1,000 at 86. Washington Gas 6s “A"—$300 at 101’ $200 at 10135, $700 at 1013, w::h;:;gwn Rwy. & Electric 4s—3500 Washington Gas 65 “B"—$600 at 1041;. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & 5 Mg na. & Pot. guar. Ss. C. & P. Tel. of Va. 55 Capital Traction R. R. 5. City & Suburban 5 Georgetown Gas_1s! Potomac Elec. Cons Potomac Elec, 6s Wi Alex. & Mt T . series B. & Elec. 4s... MISCELLANEOU Barber & Ross, Inc., 612....... Chevy Chase Club 5ias. Columbia Country Club 5! D C. Paper Mig. 6s.. W. M Cold Storage 55 Wash. Cons. Title 6s. STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9)..... Capital_Traction Co* {4}, Wash. Gas Light Co. (18)."} . 12 Norfolk & W. Steamboat (f12).. 8% prd. . Capital (14)... Columbia (12):" .. Commercial (stamped’ District (8). nd (9e) Washington (i3 . ? TRUST COMPANY. Amer. Sec. & Tr. Co. (13) onal Sa Prince Georges BK. & Tr. Union Trust (8s)...... 20! Washington Loan’ & Trust (i4). SAVINGS BANK. Bank of Bethesda (61). .. Security Sav. & Com. Bk.' (i7).] Seventh Street (12) © 29 United States (30). Washington Mechanics | National Union (15)...01 11101 TITLE INSURANCE. Columbia (6h). .. .. e MISCELLANEOUS. Barber & Ross, Inc.. com_ ... Col. Medical Bide_C Col Sand & Gr D aper M, o Dist. Natl. Sec. pfd. ( Emer. Bromo-Selz. rbe: Federal Stor: Fed.-Am Co Fed'-Am. Co. pfd. Lanston Monotype Mer. Tr Mer. Tr. Mergenthi Natl. Mtge. & Inv. pfd. (8) Peoples Drug Stores pfd. (673)." Real Est M & G. pfd (8) Security Storage (de) Ter. Ret er. h. Corp.' (3} The Carpel Corp. (1:50¢) . W Mech ME ® 8. UNITED STATES. (Bales a Sales. Lib3%s..... 118 Lib 1st 4%s Lib 4th 4%s. US3%s’43 U S3%s'4T FOR Argentine 515 '62. Argentine May '61. Argentine 6s Oc '59. Argentine 6s A '57. Australia 418 '56. . in $1,000.) igh. Low. Close. 10126 10119 101 25 102 27 10227 10227 103 30 103 22 103 23 10222 102 18 102 18 102 23 10223 102 23 1066 1065 1066 1087 1085 1087 1126 1125 1125 EIGN. Sales. High. Low. Close. 86 85 86 1 1 17 19 90% 9014 90% Australia 58 '55.... 1 Australia 58 ‘57 Austria 78'43...... Bk of Chils 614857 Bk of Chile 6% s 61 Batav Pet 4%s Belgium 68 '55 Belgium 634 '49... Belgium 78’ Belgium 7s * Bolivar 7s '58 Bolivia 7s ctf: Bolivia 8s "4 Brazil 615" Brazil 7s. Brazil 8s 41 Canada 58 Chile 6560 Chile 65’6 hile Ts "4 penhag 4 % Copenhag 5s ‘52 Cuba 5%s'45 Czecho 8s '51. Denmark 4%s 62 Denmark 5%s ‘55 Denmark 6s ‘42 Dutch East I Mar. Finland 5% '58. .. Finland 6s ‘45 French 7s ‘4 . | French Gvt 7345 *41 Gelsenk'chen 6s ‘34 German 515" German Bk 6s '38 German 6%s '50. German 7s rep 49 Ger Gen El 78 '45 Greek 6563 Haiti 6s°52. Hol-Am &8s f 6: Italy 7851, Italy Pub Sv Japanese 5% s 65 Japanese 64s '54 Jugosl Bank 7s '57. Karstadt 6s'43.... Marselille 6s '34 Milan 6%s ‘52 Montevideo 6s New S Wales 65 Norway 6s'52 Orient dev 515 '58. Orient dev 6s 53... Paris-Ly M 6s '58 Paris-Or 5145 '68 Peru 6s '69 Peru 65 '61. Peru 7s'59. Poland 65 '40. Poland 7s’47. Poland 8s '50. Queenland 65 °47... Rhinelbe 7s '46. Rhine West 6s " Rhine West 6s ‘53 Rio de Jan 6%s '52. to de Jan 8s°46. .. Rome 6148 °52. . Roy D 4845 ww. .. Sao Pau 7s '40 ret Sao Paulo 85 '36. Saxon 7s 46 Seine 78’4 Serbs-Cr-S1 s '63 Serbs-Cr-Sl 85 '62 Shinyetsu 6155 '52 Soissons 65 '36. Sweden 518 ‘54 Swiss 5%s'46 Toho El Pow 6s'32. Toho El Pow 7s '55. Tokio 5%8°61..... Utd King 5%8°37.. Jruguay 6s'60.. Uruguay 8s'46. Vienna 6s 52 Warsaw 7s Ab & St 515 '43 Allegheny 55 44 Am Ag Ch T3s Am Chain 65 '33 Am Cot O db 5s Am F P 55 2030. Am 1G Ch5%s 49, Am Mt Cp 5es'49. Am N Gas 635842, Am S&R 1st 55°47.. Am Sug Ref 65 '37. . Am T&T cv 41539 Am T&T 5s'65. . Am T&T c tr 5s ‘46, Am T&T 55 s 160 Am W Wks 55 '34 AmWat Wk 65’ Am Wr Pap 65 47 Arm & Co 4% 39 Arm Del 515 '43 Assoc Oil 6s°'3 At Ref deb 5s Bell Tel Pa 6s B "48 Cert-td deb 5% 48 Chile Cop db bs '47. Colon O11 6s38. ... . Col G&E 58 Mhy '52 Com Inves 51,849 Con G N Y 5%s8'45. Consum Pow 5s "52. C Am Spg col 8s 31 Det Ed G&R4 1 561 Det Edison 55 40. . Dodge Brcl 68 '40.» Gen Motors 6s'37. . Gen St Cas 5135 '49. Gen Th Eq 65’ Goudrich v 68 '45. Hoe & Co 6%5'34.. Hum O&R 5%s 62. I BTistptss A Inland St 41378 Int Cement 55 '48. Int Hydro El 65 '44. Int Match 58 47 Int Pap 53 A '47 Int Pap 6s '55. Int T & T 43%s'52.. Int T&T cv 4345 ‘39 It T&Tbs'S KCP&L Kan C P&L 58 A '57 KanG & E 4155 '80. Lackaw St 55 '50. Lautaro Nit 6s ‘54 Lig & Myers 68 '51. Loew's 6s ex war. .. Loew's 6s war 41 Lorillard 5%s '37 Lou G & El 5s '62... McKes & R 6% s '50 Mont Pow 5s '43 Mor & Co 15t 4348 104% 8414 o s e 110% 954 o % aSan 0ed GnaRarkn heninshusennng 125 5 Kreug & Toll 55 '59. R Gr De Sul 65 '68.. 1011 88 6214 MISCELLANEOUS. Abitibl P & P 55 '53. Am Metal 5335 34.. 102% 102% 1081 35y 99% 100% 1054 894 103% 948 704 100% 1064 89% 103% 948 0% 69 51 102% 105% 96 974 o ehe vsan-RBe == Sales. High. Low. Ciose. SW Bell T5s A'G4. 2 106 105% 106 StOIlNJ 55°46.... 70 103% 1031 103% StOIINY 4l38'51. 35 99% 99% 99% Tex Corp cv 58 '44.. 41 100 9% 99% Cnit Drugev6s'63 4 99 9 U S Rub 1st 53 *47 0% 4. 10214 74 Utll Pow 5%s '47 8% Walworth 6s A Warn Quin 6s West West Un Tel 58 '51. West Union 55 '60 Wick Sp 1st 78 '35 Wil & Co 1st 65°41. Win RATigs'41... 2 46% 46% Ygstn Sh&T 5s5°'78. 10 103 102% RAILROAD. Atchison adj 4s'95. 4 95% 95% Atchison gen 48’95 19 99% 98% Atchiscv 435841, 118 117% At & Bir 4s'33. 544 54w B&O4s'48. 9714 97% B&Ocv4%s i3, 101% 101% & 95% 95% & & 107% 107% . 103% 103% & O 58 D 2000 103% 103 B&OP&WYV 4s 981, 98% Bos & Me 55 '67. BKlyn Elev 6%s 4 103% 103w 13 103 102 o 8 4100 99% B B B B 101 101 3% 13w 101% 101 107% 107% 8513 84u 991 991 98% 98% 98% 98Y 101% 101% 104% 104% 104% 104% 117% 117% 110% 110% 108'4 108% 874 8T 99 99 104% 104% 102% 102% 108% 108% 97 97 104% 104% 13 113 9% 991 104% 104% 101% 101 96% 96% 103 108 90% 90% 2% 42 68 67% 101% 101% 85% 85% 95% T1% 30% 92 94 29% 108 64y 92% 92% 9% 99% 92% 92 103% 103% 90 90 104% 10415 1 100% 101% 101% 1 56% 664 7% 9T 8% 78% 80 80 5% BR& Pitt 4 Bush Ter co! [Can Nat 41857 Can Nat 415568 t4%s'55 Nat 5s July ‘69, Can Nat 55 Oct 69, Can Nor 6%s db '48 Can Nor 75 deb “40. Can South 5862, Can Pac deb 4s. Can Pac 4%5'60. Can Pac 6s ctfs "44. Car Clin & O 55 '38. Car Clin & O 6s Cent Pac 45" Cent Pac 55 '60. Cen Ry NJ g b8 Ches Corp bs "47 Chi& O gn 41592, Chi& O 438 B '95 CB&Qgends’ss.. CB&Q4%s'T7 CB&QI1dv 3%s'49 Chi & Eas Il 6551, Chi Grt West 45’59 14 ChiIn& Lrf5s'47. 3 ChiM&StP4s'89. 2 Chi M&StP 4%sC.. 6 Chi M StP&P 55 '75. 15 Chi M & St P adj 5s. 12 Ch&Nwn 4352037, 17 ChiN Wst4% ¢c'37T 5 Chi & NW con 4%s. 89 Chi& NW 6%s'36. 2 Chi Rwys 58 27 16 Chi RI&P gn 4s'88. 10 Chi RI & P rf 4s°34 164 ChiRI&P4%sA. 12 Chi Un Sta 43563, 1 C& W Indcv 4s 5 C& W Ind 5%s CCC&St L 4%s Colo & Sou 4158 Cuba R R 5852 Del & Hud rf 4s°43. 25 D&RG W 58'55... 2 DRG & W st 55'78 Erie Gen 4s. Eriecv 55'67. 83 Erie 58 '75. . « 18 81% 80% 814 Erie Gen R 6s'57... 1 108% 108% 108% Grt Trunk 7s°40... 24 111 110% 111 GrtNor4%s'76D. 2 99 99 99 Grt Nor 435 "7 5 984 98% 1 99% 9914 Grt Nor 1st 5s..... 52. 26 1087 108% Grt Nor gn 5%s Grt Nor gken 75'36.. 71 111 110% 110% 78 8 8 Hud & M adj 58°'57. 2 Hud & M rf 58 °5' 3 99% 991 99% 111 Cent 4s * 88 88 111 Cent 4% 11l Cent 55 11l CCSIL&N 55 A Int Rap Tr 55 '66. Int Rap Tr sta 66 Int Rap Tr 78 ‘32. Int& G N ad 6 Int RysC A 6s'41.. Kan CFtS&M 4s'36 23 Kan City Sou3s’50 1 Kan City Ter 4s '60. 11 Lake Shore 3%s ‘97 Lake Shore 4s '31. . Leh Val cv 45 2003 Long IsIrf 4s°49. .. L &N 55 B 2003 L&N1strfsls... Manh Ry 1st 4s ‘90 Mil E Ry & L 55 '61. M StP&SSM con 4s. M StP&SSM 5s gt MSP&SSM 53878, M StP&SSM 614s MK&TprinbsA. Mo Pac gen 45 ‘75 Mo Pac s A '65 Mo Pac 5s H '80 Mo Pac ref 5s NOT&M5%s'54. N Y Cent db 4s'34 N Y Cen 4s'98. . Y Cent 4%s 2013, 2. 013 7 83 98% 9914 108% 024 70% 70% 91 560 105 104 105 105 5715 57 ° 101% 101% 89% 89y% 93 93 98 98 995, 995 102% 102% - 95% 954 9415 943 5% 95 100% 100 100% 100% 2 1 3 1 5714 101% Y C&StL 4%s'78. 12 YC&StL6%sA. 5 Y NH&H 3%5°'86. 1 NY NH&H 48 °55... 10 1 1 91 90% 103% 103% 9 9 86 86 115% 115% 105% 105% % 2% 60 60 86 9% 68% 95% 94% 94% 94Ny 105% 106% 1021 1023% NY NH&H cv db 6s NY NH&H clt 6s. .. NY S&W gn 55°43.. NY W&B 4158 46. . Nor & Wn cv 4s "9 Nor Pac 38 2047. Nor Pac ¢s°97. Oreg-Wash 45 '61. . Penncv 43%s°60... Penn gen 4165 '65. . Penn 414570, Penn 4% s '63. Penn gen 55 °63. Penn §s ‘6 Penn 6%s '36. Peor & E 1st 4540, Pere Mar 41%s '80. . Philippine RR 4s. .. P CC&StL 4%s 77, PCC&StLGsA.. Por R L&P T%s'46 Read gn 418 A 97, Reading 4128 B. Rio Gr W clt 45 "49 StL IM R&G 4533, StL&SFIn4sA.. StL&SF 4%s'78. St L&SF prin 5s B Seab A L Tf4s'49.. Seab A L cv 6s Suu Pac 4%s'68... Sou P 4%8°69 ww.. 18 Sou P&Or 4348°77.. 15 4556 981 98 101 1014 109% 105% 105% 106% 109% 109% 85 8 100 2814 101% 101% 108 108 107% 107% 102% 102 102% 102 84l B4Y 998 96% 86's 86'% 821 82% 101% 100% 18% 18 107% 1023% 102 8414 99y, 861 8215 101% 10 1 17 1014 100% 87 87 109% 108% 12 12 116 116 1% 91% 105 105 1114 111% Ter As St L 45 '53. . Tex & Ark 5T *50. Tex & P 15t 55 2000. 10 Tex & Pac 55 C'19.. 10 Texas Pac §s Third Av ref Third Av adj 55 '60. Un Pac 1st 45 47 12 504 50 327 321 100 100 MEETS OPPOSITION Counsel for Interstate Com- merce Committee of Senate” " Oppose Terms. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, February 7.-The first definite and detailed opposition to the proposed Eastern railroad consolidation under a four-system plan comes in-a report from the counsel to the Inter- state Commerce Gommittee of the United States Senate, which finds little virtue in the merger and disapproves of it at many points. o In contrast is the statement of Pres- ident Atterbury of the Pennsylvania Railroad, who significantly character- izes the consolidation effort as the “first step in the direction of real, construc- tive industrial statesmanship.” Probability of Objections. , None of the railroad executives who have had a part in the Eastern merger have overlooked the probability of ob- jections to the plan announced by Pres- ident Hoover last December. They have all realized that they faced months of trial at the hands of congressional com= mittees, State public service commis- sions, representatives of shippers, of labor, of minority stockholders, and that various interests in the so-called “short lines” would undoubtedly ask for an >pportunity to be heard. Taking into account all of these forms of objections *hat must be considered before the In- terstate Commerce Commission passes judgment on the plan, it is estimated that a decision from the final arbiter n this matter cannot be made at the 2arliest before the Summer of 1932. ‘The main arguments of the counsel for the Senate Interstate Commerce Committee against the proposed East- ern cansolidation are -that it will not benefit the shipper in a reduction in rates, that it will not improve the po- sition of the weak lines, that it does not produce the necessary balance required to create the same rate of return on property investment for each of the sys- tems identified with the merger and that it will bring suffering to the army of railroad workers, inasmuch as the, chief economies to be effected by the merger are these from a cutting down of the payroll. . Defense of Weak Roads. The #eport to the Interstate Com-* merce Committee is to a considerable extent a defense of the weak roads. It not only take$ into account their status in the Eastern territory, but in other parts of the United States. They have always been one of the difficulties in utting into effect consolidation through egislation. The strong roads have not been willing to assume the burden of roads in their terrifory that were not able to cover their fixed charges by much of a margin and could not con- tribute income in the way of dividends on stocks. . As a matter of fact, however, pro- vision is made in the Eastern railroad merger for many so-called weak lines. It has been realized that the weak road is frequently the one that is responsi- ble for rate disturbances and that, in order correct the situation, these ¢ small roads must be included the larger and stronger famill of trans- portation _systems. Had the Great Northern-Northern Pacific consolidation gone into effect it would have elimi- nated several of these situations which have been unfavorable to the general . railroad position in the ynfl.hmt. Intent of Act. ‘The report discusses the original in- tentiems of the transportation act, under which the Interstate Commerce Commission should prepare a plan by which all the carriers of the country were to be grouped in a limited num- ber of systems. The answer to this is' that the Interstate, Commerce Commis- sion did make a tentative recommend- ation 10 years ago and a second one in 1929. No attention was paid to either. The only real pi that has been initiated by the carriers I&“Jé‘z"’ffi"f& St from that previousty * set-up from proposed by the commission. 2 (Copyright. 1931) ECONOMIES ARE SEEN * IN RAILROAD MERGER Yale Professor Believes Outcome of Plans Is Now Unpre- dictable. By the Associated Press. NEW YORK, February 7.—Reviewing the post-war steps to merge the Nation's railroads into a few great systems, Prol. , ‘Winthrop M. Daniels of Yale University and a former member of the Interstate Commerce Commission, concludes that while the outcome is unpredictable the economies inherent in consolidation are sufficient to approve their realization. Prof. Daniels, who terminated nine years' service on the ccmmission in 1923, says that possible economies through consolidation while impressive in absolute amount have been shown to be comparatively modest. In his opin- ion, if consoliation is to prove of its maximum benefit to the large systems “it will be because it will free them from internal rate retaliations, from the fear of the big tonnage producer, from the blight of the Clayton act, and from the ever-present disquietude and*, uncerfainty of new and disruptive com- binations of rail rivals.’ The Yale professor of transportation, writing in the Engineering News-Rec- ord, asserts that the commission’s so- called final consolidation plan issued in December, 1929, was “a veritable apple of discord thrown jnto the group of rail executives.” “The four-system plan (for consolida- tion of Eastern railroads) cuts squarely across the commission’s plan. For the commission now to recede means re- opening $he endless hearings which terminated in December, 1923, If, upon the application of any one of the pro- posed big four systems, the commission m;kex es‘slol:n:%u changes in the set-up, where wi e three remaini t powers be left? Ty “Will they still be bound to their original agreement? These and count- less other matters make the outcome unpredictable.” NEW YORK BANK STOCKS refrigerator car lines in the movement | of groceries at a much cheaper freight | cost than the freight charges whole- | salers must pay. 3 = American Tel. & Tel. 5'zs 1943, DINNER AT BALTIMORE ySifmentions this advantage, declar- | American Tel, & Tel. 5'z8 1943 | ing, “These products will be distributed | &7 P to the retail dealer through our existing | Bpecial Dispatch to The Star. BALTIMORE, February NEW YORK, February 7 (#).—Over- v materials. the-counter market: Building Nat Dairy § Nat Rad 6%s N Eng T 1st 68 '52. N 1son b8 B 44 preceding week, Dow, Jones & Co. re- ports. Steel wire mills are at 40 to 45 per cent of capacity, or slightly above + | the previous week. i A o INVESTMENT TRUSTS NEW YORK, February 7 (#).—Over- Un Pac 4s '68. Un Pac rf 45 2003. . Un Pac 48 '67.... Va Ry 1st 5562 Wabash 5s B '76 Wabash 53 D '80 9 *Ex dividend. b Books closed. n2se extra. 130c extra. §1% extra. ella% extra. Unlisted Department. 102 102 10 Auis-Chalmers Co. 55 1037 B 105% 1053 America k of U o [OTSToT O e Y Tel 68 4y Nor Am 1 68 b Nor Am 3d 65 '63 « L] City’ branch houses and over existing car | % Pifth ‘Ave routes and by our pres:nt “force of | o @ ATAan KB 7. — More ! than 800 bankers, many of them from | ‘Washington, Philadelphia and New York, will attend the twenty-ninth annual banquet of the Baltimore Chlg- ter of the American Institute of - ing tonight at the Lord Baltimore Hotel. Ben Aley, national president of the salesmen.” A wholesaler said, “The packers can ship cars of meat to the Pacific Coast and bring back loads of fruit; vegetables and other fruits can come back from the South and Middle West in cars institute, will be the guest of honor and one of the speakers. H. Sadtler Nolen of the Baltimore Trust Co. be the toastmaster. ’ Among the Washingtonians who have invitations to attend are Thomas B. Clarkson, W. W. Gillard of the Federal Reserve Bank and Joshua Evans. PSEAISY ‘Walter William Ouless, “father” of the British Royal Academy, will cel- ebrate this year the fiftieth anniver- his election, Y plants. that carricd meats from the packing - “The ¢ars must come back anyway. |ir If they return with fruits and vegetables the freight rate on those commodities is materially cut under what we pay.” Many of the larger grocery jobbers buy ths complete outputs of several canning factories, while a few virtually own others. The packers, if permitted to do wholesale grocery business, will it is concluded, do as have the larger chain store systems, operat: their own | Net Philly u 37 | 8hell Union O1l Co. 5 | Sinclair Crude oIl Standard Ol N. canning plants, or buy the output of private canneries, 4 | Assoc Stand At the-counter market: Bid, Asked Am_ Founders 7% pf P oi1 Shar ‘8 & Pac Int Units ¢ Cone. .- xcl B um & Foster Inc 8¢ Pi. Pixed Trust Shares A.".. Fundamental Tr Shares A Fundamental Tr Shares B Independence ‘Tr Shares. Leaders of Industry... Leeders of Industry B Leaders of Industrv C Mohawk Invest . et Tn ares of America. ... Stand Invest Shares D. (These securities not listed under exchange Fules. BONDS. Army-Nayy Club 5 2y Metropolitan Club 41 Natiomal Press Blde. 1st 5% ¢ STOCKS. Anacostia Bank... Chapin Sacks 8% i Connecticut_Ple Co. Chr. Heurich Brewe Pac G & ) 6842, . Puc T&T 18t b Pac T&T ref Am P s P Pnila & Read Phila Pet 5%s Pure O11 5%s'37... District Title Ins. Co Franklin _National Bani ‘Trust Co...... nk s, Co. . ingte B Club. v et . S Rem R 5%s8 A '47. Rich O1l cal 68 '44 Shell Un O11 5 Sinc O 7s cv A 37 Sinc Cr O 5%s 38 Sine P L 58 '42. Sou Bel T&T & PRA® =R BB D West Pac 5 . Wst Sh 1st 48 23 S FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks London, pound. Parls, franc.. Brussels, Berlin, ini First Natl N' 7 9% 91% 91 |Hi Westchester Title & Tr U. S. TREASURY BALANCE. ‘The United States Treasury balance, announced today as of close of business February 5, was $199.707,818.28. Cus- toms receipts for the month to dale were $4,476,979.56. Total ovdinary ex~ penditures, $11,088,187.53,