Evening Star Newspaper, February 19, 1931, Page 15

FINANCIAL UTLITES FEATURE PR CURS MARKE Industrial Group Also Active, but Changes Are Small. BY JOHN A. CRO) Bpecial Dispatch to The Star. NEW YORK, February 19.— Public utilities and industrials furnished tHé leadership for today's moderately active and firm curb exchange session. The market leader, Electric Bond & Share, most of the time was up only & fraction. This was true of many of the active power and light issues. such as American & Foreign Power, Ameri- can Superpower, United Light & Power A, and Niagara Hudson Power. Cities Service also ranged within nar- Tow limits, but the less active utilities and industrials in some instances en- Jjoyed wide swings. Foods, radios, chain stores and steels followed the upswing of coppers, mo- tors and natural gas shares in fore- noon dealings. Mead-Johnson, one of the food specialties, was one of the first active shares to hit a new high. Great Atlantic & Pacific Tea, with a gain of 5 points, then equalled its previous peak. Goldbatt Bros., Inc. Common made its first appearance on the curb ex- change today. It opened at 17% and ran up to 1815, The move was based on estimated earnings of $4 a share against $3.83 in 1929. The stock last year had a range on the Chicago Ex- change of 38 to De Forest for the fourth successive session scored a new high level in the radio list. Driver-Harris was the prime mover in the steels and_allied shares, touching new heigl National Steel warrants were prominert on the down- side. Durant Motors led the lower- priced automotive issues by bettering its highest price for the year. Pend- ing announcement of the new Ford car, which is understood to contain many improvements, traders showed little in- terest in the Ford shares. St. Regis Paper established its best price of the year shortly after midday. Wall Street has not suddenly turned bullish on the paper industry, but some of the sellers of St. Regis around 14 are buying at present levels. Niagara Hud- son Power, sclling around 12, pays 40 cents dividend, and St. Regis, around 16, pays $1 dividend. The market, therefore, apparently has been valuing the paper acivities of the latter firm at $4. St. Regis owns a share of Niagara Hudson for every one of its outstanding shares. United Founders firmed in the fore- noon despite the omission of its quar- terly dividend. The omitted dividend had been prepared for through similar actions taken by American Founders and Public Utility Holding Co. of America, which are United Founders affiliates. g o GERMANY’S ONE-PRICE STORES MAKE PROGRESS By the Associated Press Although one-price stores, modeled upon the familiar lines of the Amer- ican “five-and-ten,” have been operat- ing in Germany for only four yeers, they have already demonstrated this form of merchandising is extremely well suited to that country. p The commerce department says tné business of these stores has been steadily increasing even through periods of poor business for other types of retail establishments. In 1930 four leading firms operating such one-price chains maintained 242 stores with an annual turnover of about 235.000.000 marks. During the first half of the year the turnover of these stores was 15 per cent greater than in the ecor- responding period of 1929 and during the third quarter 8 per cent above the previous vear's figures. The four leading one-price in Germany are composed of German-owned chains and a known American chain chaimns tiree well Sales in thonsands 11 Alabama Pow 55 h Pw_6s DOMESTIC BONDS. High. Low. *68 103 = 103 40 78% 7 981 15 Appalac s B, '45 72V 6 Appalach Pow 5s '56. 10112 1Aso El Ind 4138 '53 89% 6 Aso Tel & T 5%s 'S5 89 1Bell Tel Can 85 A 155 1031 o pi? 3 : L8y 35 99 8812 88 9314 g3 2 anover ity s % 1t'8u Pw 65'A '63 xw Russian 5ius ctfs 21 1 Baarbrueck 75 18axon Pub Wk Stinnes 75 46 xw.'l 75 T3R50 0's A" 43 Tt y—With warrants Without warrants. BoNew Wi-When issued Greetings between Manxmen at home and those 11,000 miles away in Austra- lia were exchanged recently in a tele- phone talk between Douglas, Isle of firsts. dozen. 18: current receints. 17%. lizn, and Melbourne, Australia. 2| 1.00a2.25: persnips, bushel, 100al1.20 * | suinach, bushel, 50a1.00; tomatoes, crate, NEW YORK CURB MARKE Note—All stocks are sold in one hun excepting those designated by the letter which shows those stocks mhnld in les— Add 00. Open. High. Low. Close. 2 184% 6% 6% 6% 159% 161% 159% 1 1 % ~Prev. 1931~ Stock and High. Low. Dividend Rate. 19% 11% Affliated Prod 1.60.. 6% 6% Air Investorscvpf.. 1 166% 140% Aluminum Co of Am.176s 1% % Am Austin Car. 7 3% Am Br B fd shars... 60% Am Capital prof 5% 5% Am Cit P&Lt B 10%. 113% Am Com P A (b10%) 24% Am Com Pr B(b10%) 7% Am Cyanamid B. 415 Am Equities. . 14% Am For Pow war. 31, Am Founders. .. 70% Am Gas& Eln (31). 102% Am Gas & E1pf (6).. 4% Am Invest Inc B..... 1% Am Invest war % Am Maracaibo 397 Am Meter (3). 3% Am Natural Gas 9% Am Superpow (40c). 31% Am Util&Gen (B)vic 3% Anchor P F (b10%) . 4% Anglo Chil Nitrate. . 5 Appalachian Gas.... 54 Arkans Nat Gas A 4% Assoc El In Ltd 30c. 15 Asso Gas & Electric. 3 174 Asso Gas&El A (a2). 17 67% Asso G & El ct (8)...3508 19 AssocG&Eallctfs. 2 1% AssocG&EAdbrts 3 1's Assoc G & Epurrts. % Assoc G & El war. 2 85 Assoc G & Epf (5).. 308 34 Assoc Rayon pf (6). &% Atlas Plywood (2) 3% Atlas Util Corp. 215 Auto Voting Mach 84 Auto Vot M cv pf ot 17% Aviation Cp of Am 1% Bahla Corp. . 1% Bahia Corp pf. % 314 Bellanca Alrcraf! 3 139% Bell Tel of Can ( % 27 Benson & Hedges 25 Bigelow-Sanford. 24 Blauners (g2). 3% slue Ridge Corp. 30% Blue Ridge cv pfas.. 125 Blumenthal (S). 6 Bourjois Inc. . > 21 BrazTr & Lt (b8%). 1% Bridgep Mach (25¢). 18% Br ATcouB1.17 8-10¢ 13 Br Celanese rets 26'% Buft N&EP pf (1.60). 1 43% Bunk Hill & Sul (3). 1258 5% Butler Bros < % Cable & Wire B rets. 1% Canada Marconi..... 119 1 3 5 11 5 50 9 Cent Stat El (b10%). 97 CentStEIpf (7).... 5% Centrifug Pipe (60c) 7 Chaln Stores Stock. . 58 1 105 Childs Co pf (7).,... 15 Cities Service (30c). 79% Cities Serv pf (6)... 7% Cley Tractor (80c).. 2% Club Aluminum Uten 6% Cohn & Rosen Inc. # Colombia Syndicate. 1% Colon Ofl. 5 ColOll& 1% Cmwlth & Sou wai & Com Wat Sv (b6% % Comstock Tunnel... i» Consol Auto Merch. . 215 Consol Copper. . Consol Gas Balt 3.60. Consol Laund (1). 1 Cont Shares conv pf.300s 41 Cont Shares pf (B)..2258 34 Cooper Bess pf A(3). 1 5% Cord Corp ALl 14% Corp Sec Ch (h6%) .. 314 Corroon & Reynolds. 214 Cosden Ofl.... 3% Creole Petroleum. 1% Cresson Consol (4c). 7% Crocker Wheeler . '3 Crown Cent Petrol Cuneo Press (213) % Cusi Mex Mining 1'¢ Dayton Air & Eng... 331 Deere & Co (1.20). 1% De Forest Radio. 2% Derby Oil Refining. . 1% Detroit Afreraft Cp.. 12% Douglas Air (11%).. 19 Lresser Mfg B (2).. 21% Driver Harris new. . 2% Duquesne Gas Cp wi 1% Durant Motors 13'% East St Pow B (1) 2% East Util Inv A 40 Elec Bond & Sh (b6) ec B & Sh of (6) Elec House Util (2).. Elec Pow Assoc (1). Elec Pow Asso A (1) Elec P & Lt op war. . El Sharehold (b6%). Shareh pf (a6%). p Steel Corp. reka Pipe L (4) rop E Ltd A (60 rop Elec deb rts vans Wallow Lead. 1% Fairchild Aviation. . 16% Fanny Farmer C (1), 8 Fed Mongul (1.20)..4 % Filat Stock debrts. .. 3% Fischman & Sons. ... 21% Ford M Can A (1.20). 14% Ford M Ltd (p37%).. 1 Foremost Dairy Pr.. 214 Foundation For Sh 4% Fox Theater Cl1A. 97% Gamewell Co pf (6). 100; 5% Gen Aviation % Gen Baking. % Gen Baking c.o. 2813 Gen Bak pf c.0.d. (3) 27 + Gen Baking pf (3)... 17 GenBaking N Y wi.. 1 Gen Cable war.... 50% Gen G&E cv pt B (6) 400s 21'% Gen Thea Epcvpt3) 27 414 Gerrard (SA) Co 2 Gleaner C Harv n Glen Alden Coal (8) Globe Underwriters. 40 an e NNBERENE - SR e B - - cramnh 167% Gt At&Pac Tea nv(6) 208 17 GrtA&PTpf(7).. 308 3 Groc Strs Prod vic. . 18% Guard Fire Asso (2). 13}; Guenther Law (2)... 63% Gulf Ol of Pa (13%). 5% Hecla Mining (40c).. 6% Hollinger Gold(65¢c) 4% Hudson Bay M&S8 . 57% Humble Ofl (12%) 89% Il Pow & Lt pf (6).. 16% Lmp Ofl of Can (50c) 16% Imp O Can reg (50c). 5% I[ndustrial Finan ctfs 5215 Indus Fin cv pf (7).. 2 29% Insull Inv (b6%).... 52 InsCoofNo Am 123%. 6% Insurance Sec (10c). 6 Intercoast Trade (1) % Intercontinent Petn 13% Int Petroleum (1) 21% Int Superp (11.10) 5% Int Utilities B, Int Utilities war Int Utll ptpf (7). 215 Interstate Equitie; 26% Inter Equ conv pf(3) T4 Irving Air Chute (1) - e - o GO N (LT PY 101% 8% % I 27% 28% 17% 1 68% 30% 5 2% 51% THE EVENING ST ~Prev. 1931- High, Low. Divi 5 2% Itallan 1% % Italian 107 8% 106% - 6% dred-share lots 8 (80s) (2508), odd lots, 18% 18% 184 6% 5 161% Lake S % 4% 62 9 Loew's Loew LoneStar Gasn (1) Long Isld Lt pf (7).. Louisiana Lan & Ex. MacMarr Stores (1). 4+ Magdalena Synd.. .. Mead Johnson(13%) Memph Met Chain Stores. 4 Mexico 4 Mid W Mid West Ut (b8% Mid St Prod n (2) Mid Roy v pf (2) Minne Honey pf ( Mo KanP L (b10%). Mo Kan P L vtc. . Montec: Mowhawk Mining (1) Mont L Nat Av! 5 N Ny iag-H Nordon Nor Eu; Novadel Pac We: Pender Peop L Perfect Perrym Pitney Pitts & Polyme! Powdri Power ¢ Premie; Pruden Pub Ut Pub Ut Pub Ut Pure Oi Rainbo: Richfie Rock L Rossia Rubber Ryan C St Anth St Regi Schulte Sentry 15 Shenan Singer South ¥ W Ga W Per Starret Sunray Swift I Toledo Tubize Twin S AUS&! Unit St Utah A Utllity Van Ca Van Ca Venezu Vic Fin; Walker West Al West A Zonite Sou Cal rates in “Ex sh 0 lus 5% in JPlus 25 in stock. n Plus 8% in stock. 31% 10% oek ane dend R Jer Cen P&L Pf (1) ee Jonas & N cum pf, Lakey Foundry Lefcourt Real D! Leonard O11. . Libby McNeil Lily Tulip Cup (1 Mount Prod (1.60).. Nat Bond & Sh (75¢). Nat Fuel Gas (1). ehf Corp (1.30). ewberry (JJ) 1.10.. ew Eng Pow pf (6) 40; New Hav Clock (1).. N Y Transit (1.60).. Ohlo Copper. ....... Outboard Mot A... Overseas Sec. .. PacG& E1stpf1%. Pac Light pf (6). .. 4 Pac Pub Sve A(1.30). Pandem Oil. Pennroad Corp (20c Penn Wat & Pow (3) Shen Corp pf (a3) 4 Silica Gelctfs. . Stutz Motor (new). . Sun Inv. Swiss-Am EL pf (6).. Syracuse W Mach B, Technicolor, Inc Texon Oil&Land Thermoid Co pf (7)., Tobacco & All Stks. . Tob Prod Exp (10c).. Tran Con Air Tran. ., Trans Lux DL P S.. Tri-Cont Corp war. Ungeretder Fin Cp Unit Car Fastener. Unit Corp war Unit Founders. Unit Gas Corp Unit Gas war. Unit Gas pf (7). Unit Lt &Pwr A (1). Unit Lt& Pwr pf (6). U S Elec Power ww.. U S Finishing. . S Finishing pf. US Lines of (1) Unit Verde Ext (2) . Util P&LLU(TL.02%) Util & I i Util & Ind pf (1%4).. Vacuum (4).. RIGHTS. dividy AR, WASHI Re Direct to The Star Office Bales— Atd 00. Open. High. Low. Close. 22 3% 3% 3% 3% 1% 1% 1% 108 108 1 J Superpow A.. Superp wa P Mines (1.20).. Inc deb rts..: nc war. . 3 e A R A D N SR A AR NA S NRONN e ADORND - - N G Co (60c) Ohio Of1 StUt (1%). ) s 9 atini deb rts.. t H & T (134) 425 fation. .. 25 3 ud Pow (40c) 70 Niag-Hud Pow A w.. Niag Sh Md (40c)... Corp Ltd. . Nor Am Aviat A war. Nor Am Util Sec. rop Gil Corp, Nor Pipe Line (4) 4 Nor St Pow A (8) 12 4 1 18 3 . 258 a 13 4 1-Ang (14%). stern Oil D Gr A b. a1 ) 12 1 &P A (2.40) Pepperell Mfg (8). Circle (2) an Electric. . Pierce Governor. Pilot Rad Tube A. BPn (200).. L Erie (5) Plymouth Ofl (2). t Mfg. 11 & Alex (2). “orp Can (2). r Gold (12c) Prince & Whitely. .. Prince & Whitely pf. tial Invest. .. il Hold Cp ww 11 Hold war. . il Hold Cp x: 1Dt (6). w Lum Pr B Reliance Int A Reynolds kvest. 1d Oil Cal pf t & P (90c). .. Rolls-Roy of Am pf. Int Corp Royalty Corp pf 0id Co (4) . onsolidated. . ony Gold. ... s Paper (1).. o Un 5c-81 St., Seaboard Util (50¢).. Seg Lock & H (50¢). Selected Industries. . Safety Cont. Shattuck Den Min doah Corp. .. Mfg (10).... venn Oil (2). South CEd pf B 1% South C Sou Pipe Line Southld Royalty Edpf C 1 ) 60c s Utilities 'n P&L (1), Stand Oil of Ind (2). Stand O Ky (13%).. Stand O, Ohto (235) t Corp. .. o1l ¢ nternat (3). %) Edison pf (6) s Chatel (B) t N G pf (A) 2 g T e e L s T S S = S nl Secur. ... ore EPTTS pex © = T L Equittes. ..., N mp Pkg. mp Pkg pf. .. ela Petrolm. . an Corp(40c) (H) (1)..... ir Bxp (60c) . uto S A (3).. Products (1). 4% 1 6% 8% 15% 241 1% 6% 84 15% 24% 10% Expire. Aprzo 18 dollars based on last end. tParily extra siock. b Eavablein Stock! € Blus 6% 10 st K Flus 10% in stock. 1Ed.. 26 2% 2% aquarterly or semi-annual lus 4% In sto © Adjustment divi- hPlus 1% in stock. mPlus 3% in stock. Baltimore Markets Spectal Dispatch to The Star. BALTIMORE, Md. Pebruary 19.— | Potatoes, white, 100 pouncs, 1.25a1.90; sweet potatoes, barrel, 2.00a4.00; yams, barrel, 3.00a4.00; beets, crate, 2 25a2.75; cabbage, ton, 16.00a18.00; carrots, bushel, 50a75; caulifiower, crate, 1.50a 200; celery, c'ate, 2.7533.75; egg plants, crate, 1.50a4.00; kale, bushel, 1.00a1.15; lettuce, hamper, 7521.50; peppers, crate, 1.25a5.50; turnips, bushel, 80a120; ap- ples, bushel, 60a2.00; per box, 1.25a2.25; grapefruit, box, 1.50a2.50; oranges, box, 225a3.50; tangerines, box, 1.00a1.75; strawberries, quart, 40a45. Dairy Market. Poultry, alive—Turkeys, pound, 36a40; old, 20a32; chickens, Springers, 27a35; Leghorns, 20a22; barebacks, 14a15; old hens, 18a%4; Teghorns, 14al8; roosters, 12a15; capons, 30a37; ducks, 18a26; geese, 16a25; guinea fowls, each, 40a75; pigeons, pair, 20. Eggs—Receipts, 1,863 cases; nearby | plain to fair, 6.00a7.00; Butter—Good to fancy creamery, ) adles, 19a21; rolls, 16al process, 25; store packed, 12al4. Live Stock Market. Cattle—Receipts, 100 head; light sup- ply, market steady. Steers—Cholce to prime, none; good to choice, 8.5009.00; medium to good, 7.50a8.50; fair to medium, 7.00a7.50; common to plain, 5.0026.00. Bulls—Choice to prime, none; good to choice, none; medium to good, 5.00a 5.50; fair to medium, 4.50a5.00; plain to fair, 4.00a4.50; common to0 plain, 3.50a4.00. Cows—Cholce to prime, none; good to choice, none; medium to good, 4.50a 5.00: fair to medium, 4.00a4.50; plain to ;l,"{. 3.0024.00; common to plain, 2.00a Helfers—Cholice to prime, none; good to choice, none; medium to good, 7.00a 7.50; fair to medium, 6.00a7.00; plain to fair, 5.50a6.00; common to plain, 4.5005.25. Fresh cows and Springers, 30.00a 70.00. Sheep and lambs—Receipts, 50 head; light supply; market steady; sheep, 1.50 24.00; lambs, 4.5029.75. Hogs—Receipts, 800 head; light sup- ply; market lower; lights, 7.90a8.20; i | heavies, 6.75a7.50; medium, 7.90a8.20; | roughs, 4.75a6.00; light pigs, 7.50a8.00; pigs, 7.80a8.10. alves—Recelpts, 50 head; light sup- ply; market steady; calves, 5.00a11.00. Hay and Grain. Wheat—No. 2 red Winter, export, 78%.; No. 2 red Winter, garlicky, cpot, 78%; February, 78%; March, 795. Corn—No. 2 domestic, yellow, old, 79a |80; cob corn, new, 4.25. Rye—Nearby, 60a65. Oats—White, No. 2, new, 42a43; No. “.x, 41a42, Hay—Recelpts, 14 tons. General hay market is quiet. Receipts ample, but |no surpius offered of heavy clover mixed. Such types bring a premium of $1 to $3 per ton, depending on the amount of clover. Fair to good timothy ranges from $24 to $26 per ton. Straw—Wheat straw, No. 1, per ton, 10.00a11.00. Oat straw, No. 1, per ton, 11.00a12.00. Pay Roll Is Increased. NEW_YORK, February 19 (#).—Frig- idaire Corporation, a subsidiary of Gen- eral Motors, now has 6,500 workmen on {its pay roil and production is being ! steadily increased. *lin the next few weeks, FEBRU. OPTIMISTIC STEEL OUTLOOK IS NOTED Weekly Review Finds Senti- ment Improved as Orders Increase. By the Assoclated Press. NEW YORK, February 19.—A more cheerful tone prevails in the iron and steel industry, both because of further slight expansion in business and more definite promise of larger and more di- versified demands with the coming of open weather, Iron Age says in its weekly review of the industry. ““Favorable developments of the week,” the review says, “include & spurt in steel buying by the automobile indus- try, greater tin plate production, more liberal rail and track accessory specifi- cations, the release of pipe line tonnage held up by cold weather, an impressive upturn in sheet orders and a better tone in the wire trade following rather gen- eral rains in drought-affected agricul- tural areas. Change Ts Sudden. “The change for the better in auto- motive steel requirements is so sudden that there is doubt whether it is merely a flash in the pan or marks the begin- ning of a general recovery in motor car business. Rush shipments of both steel and manufactured automobile parts have been necessary in some instances to round out existing. stocks and keep assembly lines moving. The increase in steel demand has thus far been felt chiefly by the Detroit district plant, which is now operating all six of its open-hearth furnaces, “Tin plate specifications contintte to improve and tin mill operations for the country now average 70 per cent, with several independents running at 100 per cent. This gain, together with releases, of pipe line tonnage, has helped raise Pittsburgh district ingot output to 48 per cent from the 45 per cent level which has prevailed for the past month. A Buffalo independent, benefitting by rail and track supply specifications, is making raw steel at a 75 per cent rate. Steel ingot production for the country at large now averages 51 per cent, com- pared with 50 per cent a week ago. “Viewing the steel market as a whole, irregularities in mill operations remain a feature and extreme caution still dom- inates the policy of buyers. Consumers continue to keep stocks low and to de- pend on quick shipments from pro- ducers, but it is significant_that orders are more [requent and, although yet small, are gradually increasing in size. ‘Conservatism is no doubt holding back the placing of structural steel work and has checked expansion of farm equipment production; yet numer- ous miscellaneous steel-consuming lines are showing steady, if slow, improve- ment. Highway programs, under way or contemplated, are stimulating de- mand for concrete bars and are giving impetus to the operations of culvert makers and road machinery manufac- turers. Makers of downspouts, gutters and other sheet steel building products are taking more steel, and heavier or- ders are coming from producers of stoves, office equipment and washing | machines. Releases of sheets, a widely used material in the dustry, have shown the first definite upturn in more than a month, the spe- cifications of the leading producer being the heaviest for any week this year. Price Situation. “The price situation reflects the un- certainty that frequently characterizes transition periods. Finished steel prices are under pressure, and further irregu- larities have appeared, with actual re- # | ductions in a few minor items. Never- ! theless, the industry is making a stre uous effort to hold the current market and has not given up hope of effecting lan advance on plates, shapes and bars, While higher asking pric if adopted could hardly be expected to apply on second-quarter tonnage, they might serve to drive in considerable forward business at pres- ent levels.” New structural stee] projects this week totaled 43,000 tons, compared with 50,000 tons in the previous week. Awards were 14,000 tons, an increase of 4,000 tons over the previous week The decline in pig iron at Pittsburgh brings the Iron Age pig iron composite down to $15.71 from $15.88 a week ago, the lowest since October, 1915. The composite price for heavy melting Scrap also declined to $11.08 from $11.13 last week and is at the lowest point since July, 1921, when it whs $11. Finished steel is unchanged at 2.142 cents a pound. NEW YORK COTTON NEW YORK, February 19 (Special) —Opening cotton prices today were 1 roirt lower to 8 higher. The support was practically all in near months, while distant contracts were under pressure owing to large offerings from Souttern houses and the continent. New high Jevels on the recov:ry were regi ter-d in March, May, July and October. Opening prices were: March, 11.23, up 8: May, 1150, up 6; July, 11.74, up 5; October, 12,02, up 5; December, 12.17, unchanged, and January, 12.24, off 1. CHICAGO LIVE STOCK MARKET CHICAGO, February 19 () (United Statgs Department of Agriculture) — Hogs=—Receipts, 33.000 head. including 14,000 direct; weights below 220 pounds slow; steady with yesterday's average; heavier weights, strong to 10 higher; bulk, 140-200 pcunds, 7.25a7.40; top, 7.40; 210-330 pounds, 6.25a7.15; 6.4027.00; packing sows, 5.506.00; light light, good and choice, 140-160 pounds, 7.20a7.40; light weight, 160-200 pounds, 7.15a740: medium weight, pounds, 6.55a7.40; heavy weight, 250- 350 pounds, 6.20a6.70; packing sow medium and good, 270-500 pounds, 5.50 slaughter pig: . 5,000 head: calv y predominating; most offerings here sell- ing slowly at 7.00a8.50; sprinklng at 9.00 and better; prospectve top around 10.50; she stock steady to 25 lower. Buils steady and vealers weak; slawghter cattle and vealers, steers, good and choice, 600-900 pounds, 8.00a 11.50; 900-1,100 pounds, 8.25a11.50; 1,100-1,300 pounds, 8.50a11.50; 1,300- 1,500 pounds, 8.75a11.50; common and medium, 600-1,300 pounds, 5.50a8.50: heifers, good and choice, 550-850 pounds, 6.75a9.75; common and me- dium, 5.25a7.25; cows, good and choice, 4.5026.50; common and gnedium, 3.50a 4.50; low cutter and cutter, 2.75a3.75; bulls (yearlings _excluded), good and choice (beef), 4.75a6.00; cuttey to me- dium, 4.00a4.75; vealers (milk fed), gocd and choice, 8.00a10.00; medium, 7.00a8.00; cull and common, 5.00a7.00: stocker and feeder cattle, steers, good and chbice. 500-1,050 pounds, 6.75a8.25; common and medium, 4.75a7.00. Sheep, 19,000 head: fat lambs about 25 lower; other classes steady; early bulk, good to choice lambs, 8.25a8.60: choice medium welghts, 8.75a9.00; fat native ewes, 4.00a5.00; lambs, 90 pounds down, good and choice, 8.00a 9.00; medium, 7.25a8.00; 91-100 pounds. medium to choice, = 7.00a8.90; all weights, common, 6.00a7.25: ewes, 90- 150 pounds, medium to choice, 50a 5.00; all weights, cull and common, 2.00 24.00; feeding lambs, 60-75 pounds, good ‘and choice, 7.75a8.25. CHICAGO DAIRY MARKET. CHICAGO, February 19 (#).—Butter ~Recelpts, 4,417 tubs; firm; creamery extras (92 score), 28; standards (90 score, car Iots), 28; extra firsts (90-91 score), 27a27 firsts (88-89 score), 25%a2 econds (86-87 score), 2482415, Fggs — Receipts, 14,854 cases; firm; extra firsts, 17: fresh graded firsts, 1573 al6; ordinary firsts, 14a15. metal-working in- [ pigs, | 200-250 | good and choice, 25, lower grades | SQUARE DEAL FOR RAILROADS 'URGED BY BANKERS' PRESIDENT Rome C. Stephenson Believes Approval of Four-System Merger Would Ma- terially Aid U. S. Business. Speclal Dispatch to The Star. NEW YORK, February 19.—Fair treatment for the railroads in respect to highway motor competition was called for by Rome C. Stephenson, president, American Bankers’ Associa- tion, speaking as guest of honor of the Advertising Club of New York at its special membership luncheon here yes- terday. Mr. Stephenson also gly in- dorsed “sound economic rallway con- solidations” and praised President Hoo- ver for his initiative in this respect. “I am very strongly of the opinion that one of the measures which would help materially to put back business where it belongs is approval of the four-system plan of railroad consolida- tion as announced recently following negotiations instituted by President Hoover,” said Mr. Stephenson. “Its adoption by the Interstate Commerce Commission would tend to stabilize the transportation industry, facilitate oper- ation and exert a favorable influence on business in general. “It is a fact well known to business leaders that our railroads are now fac- ing a crisis. Not' only do they need protective laws to meet competitive sit- uations arising from increased use of our highways and waterways by other carriers, but they need unification such as the proposed four-system plan pro- vidgs. Our President has acted wisely in assuming a leadership in this respect and his move deserves the support of every clear-thinking citizen.” Railroad Service. At the outset of his address Mr. Stephenson declared that the railroads have served this country “so superla- tively well that we are prone in our public affairs to overlook our depend- ence upon them and our obligations to them.” Declaring that the past, pres- ent and future progress of the United States is inseparably bound up with the welfare of the railroads, Mr. Stephenson said: “In neglecting just consideration for them we are even more neglectful of the best economic interests of the public. These public interests are paramount, and they are nowhere more greatly liable to harm than through adverse treatment of the railroads.” Calling attention to the tremendous direct financial stake the people of the country have in the railroads, with out- standing railroad notes and bonds and preferred the common stocks aggregat- ing a total of $22,000,000,000, with $3,000,000,000 paid yearly in wages, half a billion dollars in interest t> bond- holders and another half a billion in dividends to stockholders, to say noth- ing of almost $400,000,000 contributed annually in taxes to the support of the Government, the banker said the vital- | izing eflects on_our national economic life exerted by these direct distributions were incalculable. Mr. Stephenson dfetched the tre- mendous influence of the railroads in the development of the country and their rapid growth until in 1920. " Since then, he pointed out, there has been 0 new slight decrease in mileage. In this pe- riod freight traffic has grown, he said, but at a decreasing rate, while passen- ger traffic declined alarmingly, drop- ping more than one-third in the last 10_years. Railroad earnings have suffered dur- ing recent years, said Mr. Stephenson, though they have shown some improve- ment since the war period, due, not to favorable treatment or propitious traf- fic conditions, but to hard-won ad- vances in internal operating efficiencies and economies produced by railroad management itself. Enforced econ- omies have been gained in part at the expense of employment, he added, and there’ were 320,000 fewer employes in 1930 than in 1923. “We are confronted with the ques- tion as to how much more the public economic interest will stand an inva- sion of the welfare of the railroads by forces and difficulties not of their own creating and not within the scope of their own unaided powers to combat,” said Mr. Stephenson. “I refer espe- cially to new competitions that are undermining the hard-earned position of the railroads, not only with the aid of natural economic forces, but also through the aid of Government policies which, positively or negatively, tend to tages over the railroads. Greatest Single Industry. far as I have been able to discern, to| complain at legitimate competition in the field of transportation, for the pub- lic is entitled to the best possible trans- portation at the lowest practical cost. But equally does it go without saying that this cannot be fairly brought about by using, directly or indirectly, the tax- ing powers of Government fo enable competitive methods of transportation to do things they could not otherwise do as unaided private enterprises, par-| ticularly when such action impairs the | invested rights held in good faith by | great masses of our people in established | enterprises that are. serving the public | well.” Mr. Stephenson declared that the rail- | roads constitute the greatest single | industry in America to which the| investments and the wage-earning abili- | ties of our citizens are intrusted. “If this great public trust is to be protected the railroads must be able to carn more than just enough to pay in- terest on their bonds and a tolerable | return to their stockholders,” he asserted. “They must be enabled also to earn a surplus in good years to set aside against periods of depression and at the same time continue to carry out improve- ments, from which the public benefits, but which do not add to earning ca- | pacity.” Mr. Stephenson said it was not his purpose to argue against such competi- tive transportation as the highway passenger motor bus and motor truck as such when conducted under proper conditions and in keeping with public welfare and benefit. He declared, how- ever, there is need for serious consid- {eration whether such competition is { being developed under conditions that | By the Assoe From Yesterday’ 50 Industrials. Today. Previous day Week ago. Month ago Year ago Two years ago Three years ago High, 1331. Low, 1931. High, 1930. Low, 1930. High, 1929, Low, 1929. Two years ago.. Three years ago. High, 1931. Low, 1931... Low, 1929 construction and an actual | give these competitors undue advan-| “It goes without saying that the rail- | roads have no right, nor claim any so| STOCK AND BOND AVERAGES STOCKS. are unfair to the rallroads, because either the outright or obscure ald of Government policy is the deciding economic factor in that competition. Citing figures which showed the re- markable expansion in common carrier bus rtation in recent years, during which there has been a startling drop in railroad passenger traffic, and the tremendous inroads into freight business of the railroads made by high- way motor trucks during the same period, Mr. Stephenson said that where competing motor rates are below rail rates the situation calls for the relent- less analysis of just the conditions under which this competitive threat to the earnings of the railroad is able to operate. Rights of Way. Railroad rights of way, he declared, represent tremendous capital invest- ments, on which the railroads have also heavy current costs to meet. “They pay every day a million dollars in taxes and most of this is on their rights of way,” he said. “Also they spend daily over two million dollars additional for the proper mainten~nce of way.” He asserted that the motor busses have not had to pay for their rights of way in any sense that the railroads paid for theirs, “They have simply taken possession of public highways built by public funds, both State and National,” he continued, “and they have extensively made those highways vastly less com- fortable, less safe and less serviceable for private motorists and others who are contributing chiefly to their creation and maintenance.” Mr. Stephenson pointed out that in 1929 motor ownership and operating license fees 'and taxes in the Nation totaled $930,000,000, the great bulk of which was paid by private automobile owners, not by the purely commercial traffic vehicles. He asked whether the portion of highway creation and upkeep paid for by motor busses and trucks is commensurate with the use they make of those highways. “Is it not a ques- tion of fact to be determined,” he asked, “whether or not motor bus and truck traffic is, in effect, bejng sub- sidized by being allowed to escape a proper charge for rights of way and maintenance of way and are thereby able to offer a far keener competition against the railroads than they other- wise would? “It involves the question of how com- mon carrier motor traffic rates would compare with those railroad rates with which they come into competition if their schedules were d on the equivalent of an added capital invest- ment to pay for the rights of way which they are now getting free and also if to present operating costs were added the cost of maintenance of way as represented by their fair portion of highway upkeep. Under such conditions would bus passenger and truck rates command the same place in public es- teem and demand relative to railroad travel that it now does?” Urges Investigation. Mr. Stephenson declared that all L these matters should be thoroughly in- 4 quired into by competent public bodies, | both State and National, with a view of determining the equities and basic public economic interests involved, “‘par- ticularly in respect to their effects upon the Nation's stake in its railroads.” “I venture to say,” he added, “that y.glch inquiries would show whether it to the public interest to let things remain as they are, whether the situa- tion calls for a new basis of motor bus and truck taxes to satisfy the equities of the case or whether it would call for such drastic action as the exclusion of this trafic from our public general highways and the requirement that, even as the railways, it provide as a part of its own private capital invest- ment its own rights of way and for its own maintenance of way out of oper- ating income.” (CITIES SER;IICE Co. NET GAINS IN 1930 Increase of 24.5 Per Cent Is Shown in Annual Report of Company. By the Associated Press. NEW YORK, February 19.—Net earn- ings of Cities Service Co. for the 12 months ended January 31 totaled $56,- 553,823, an increase of 24.53 per cent over $45,413,728 reported for the like period ended January 31, 1930. Net to stocks and reserves increased from $38,- 303,959 to $46,804,981, and the report showed that dividends on the preferred stocks were earned 6.36 times, as against 552 times in the preceding year. Net to common stocks and reserves increased 25.74 per cent to $39,443436, compared with $31,368,554 for the like period ended January 31, 1930, Net earnings for January, 1931, 'were $3,501,691, com- pared with $5,255.681 for January, 1930. Cities Service Co. reports that holders of its common stock as of February 15 numbered 446,752, an increase of 7,877 since January' 15. SHARP & DOHME. BALTIMORE, February 19 (Special). —Net _income of Sharp & Dohme, Inc., in 1930 amounted to $1,225,336, after estimated income taxes, reserves and other charges, equivalent to 54 cents a share on the common stock. This compares with net of $1,683,007 earned in 1929, or $1.13 for the com- mon shares then outstanding. Gross earnings from sales, according to President A. Homer Smith's state- ment to stockholders, amounted to $6,165,707. The period covered in the report marked the first full year of op- eration since the merger with the H. K. Mulford Co. As of December 31, 1930, current as- sets, including $891,469 in cash, totaled $7,175,244, or more than 21 times cur- rent liabilities of $332,332. iated Press. 's 5:30 Edition. 20 Utilities. 10 Utilities, 100.1 LOWER INCOME TAX: PAYMENTS ARE DUE Losses of Last Year to Bd Reflected in 1931 Returns. Special Dispatch to The Star. NEW YORK, February 19.—A New York business man, who paid an ine come tax last year of $4,000, in caste ing up his accounts preparatory to meeting the tax on his 1930 income, finds that he owes the Government $4.58. The profits from his business were somewhat less than in the previe ous years, but the difference between $4,000 and $4.58 is represented mainly in the losses on securitles which he took in 1930 and which the average American has been taking to such an extent that Uncle Sam will find his income tax revenues greatly reduced when the final figures for the year are cast up by the Treasury Department. The {llustration given above is not by any means unusual. There are numerous instances that those whose business it is to compile income tax reports for individuals and corporae tions have met with, in which the returns for 1930 are only a small per- centage of those for 1929. They have dwindled down from thousands of dol= lars or hundreds of dollars to a few dollars or a few cents. It is doubtful if the Washington authorities yet realize the shrinkage In income which they will have to face this year in one of the largest of all of the Gov- ernment’s sources of revenue, Many Took Losses. Every one who could take losses on securities, real estate or on other busi- ness enterprises did so to the extreme limit in making up their 1930 income tax statements. This was one of the factors in the demoralized security markets of last November and Decem= ber. It has promoted the new and ag- gressive action for a change in the law regarding capital gains and losses. It involved a great deal of switching from ope group of securities to another in order that the investor might not lose his position. When he sold the stock of a food company, for instance, on which there had been a depreciation and in order to improve his status as the payer of an income tax, he purchased the shares of another food company with about the same general status and pos- sibly a little higher rating that the one disposed of. He did th= same if the situation involved the stock of a copper compatly, or that of an iron and steel’ concern, a railroad or a public utility. There was a general searching‘out in the final quarter of 1930 of every kind of substitution that could be made which would bring the highest total of losses to set up against profits and so produce the minimum of income taxes to be paid on March 15. This year more people will pay the Government the entire amount of their 1930 income taxes in one lump than ever before. The man who had to pay $4,000 last year then took the option of quarterly payments. Obviously, he will send a check this year to the collector of internal revenue in his district for $4.58 on March 15 and have done with the business. Consequently, the first installment period may look better, so far as it re- flects the total income tax payments for the 12 months, than actual conditions warrant. The extent of the will show up more plainly in June and in the subsequent quarterly periods of September and December. Expect Low Receipts. There is no basis on which to esti- mate the falling off in income tax pay- ments this year, but income tax experts agree that the receipts will be the lowest, | in many years. They also unhesitatingly state that at no time since 1921 have losses been taken equal to those that will appear in income tax statements. when they are presented at the Inter- nal Revenue Offices of the country next ‘month. ‘There is still considerable selling of . securities and transferring of capital into other securities with the eye to making income tax payments in 1932 ias easy for the business man and the | professional man as possible. The amount of this, however, is too slight to have had any effect on security prices. There is a certain amount of balance to it in the way of repurchasing of securities by those who took their . losses last year, and not then being im- pressed with the outlook held the pro= ceeds of their sales in cash or in short- term securities until they were better satisfied that permanent improvement in stocks had set in. A considerable amount of replacement of this sort has been going on in the last few weeks. (Copyright, 1931.) Washington Produce Butter—One-pound prints, 331,a34; tub, 32a33. | F8Es—Hennery, 18 current receipts, Poultry, alive—Turkeys, young, 30a32; old, 25a27; Winter chickens, 32; Spring broilers, 38; hens, heavy, 22; small, 20; Leghorns, 16; roosters, 15; ducks, 15; keats. large and young, 60a65; old, 25a 30. Dressed—Turkeys, young, 38a40: old, 30a32; Winter chickens, 38a40; Spring broilers, 45; hens, heavy, 24225 small, 21a22; capons, large, 37a38; small, 32a33; ducks, 24a25; roosters, 16; keats, young, 70a80: old, 40a45. Meats—Beef, 14a22; lamb, 19a21; veal, 18a21y pork loins, 15 fresh shoulders, 14: fresh hams, 171. ; smoked hams, 19: smoked shoulders, 13; strip bacon, 19; lard, in packages, 10; in bulk, 9. Fruits—Strawberries, 50; honeydews, Chile, 3.00a3.50; oranges, Florida, 3.50a 4.00; California, 3.75a4.50; lemons, 3.50a5.00; tangerines, 1.75a2.25; grapes, Emperors, kegs, 5.00; apples, bushel baskets, 1.00a2.00; box stock, 2.00a3.00; pears, box stock, 3.50a3.75; cranberries, 25-pound box, 3.50; pineapples, 4.00a 4.50; limes, per 100, 2.00; grapes, Bel- gium, hot house, per pound, 1.25; grape- fruit, 3.00a3.50. Vegetables — Potatoes, _150-pound sacks, 3.25; new potatoes, Florida, 2.00 2250, mostly 2.50; Idaho bakers, 100 pounds, 2.75: sweets, per bushel, 1.00a 2.00; caulifiower, 2.00; string beans, 5.00a5.25; eggplant, Cuba, 4.50; pep~ pers, 3.00a3.50; broceoli, 1.75a2.00; cal bage. new, per hamper, 1.50a1.75; 90~ pound sacks, 1.25; old, per sack, 1.2 ‘1.50: lettuce, Iceberg, 354(@"0;17.50. Flor: .5081.75; peas, 6.00; cucumbers, Florida and Bos- ton hot house, per dozen, 1.25; toma- toes, repacks, per pan, 1.00; okra, Cuba, 6-pan crates, 6.0029.00; asparagus, per bunch, 1.75. NEW SECURITIES NEW YORK, February 19 (#).—New securities offered today include: Hudson River Regulating District, $3,000,000 4!, per cent gold bonds, due serially July 1, 1932-71, priced to yleld 3 to 4.25 per cent, by a group headed by the Guaranty Co. of New York. Delaware County, Pa,, $1,000,000 4 per cent bonds, due March 1, 1932 to 1961, priced to yield 3 to 3.80 per cent, by M. M. Freeman & Co. Court Prevents Sale. ‘TOPEKA, Kans, February 19 (®)- Sale of the Long Oil Co. of Manh: tan, Kans, to the Prdirie Oil & Gas Co. was restrained today by the Shaw- nee County District Court on petition of two minority stockhclders of the Jformer concern.