Evening Star Newspaper, December 30, 1931, Page 13

FINANCIAL. ‘A=13 PRODUCE MARKETS D. WEDNESDAY, DECEMBER 30, 1931. P NEW YORK CURB MARKET "INANCIAL. THE EVENING STAR, WASHINGTON, Chs URB SHARES SAG AFTER EARLY GAIN " Advances and Losses About! Evenly Divided—Leaders Fairly Steady. BY JOHN A. CRONE. Bpecial Dispatch to The Star NEW YORK, December 30.—Open- ing actively and higher, today's Curb Exchange session held a steady trading \ pace, but prices eased somewhat near midday. The market seemed about| evenly divided in the number and size | of losses and gains. “Electric Bond & Share opened on a 6,000-share block at 10%, up %, and later doubled that gain. Cities service, on a 500-share iot, appeared initially at 5%, unchanged, but later moved upward. Standard Oil of Ohio opened up nearly a point despite a reduction of 1 cent a gallon on gasoline in some of its selling territory. Although some of the market leaders | in the forenoon seemed to be moving forward chiefly because of the lessening | of tax-selling pressure, quite a few of the lower-priced issues were sold to es- tablish tax losses, as today offered the final opportunity to handle such trans- actions in the regular way. All securi- ties sold to establish tax losses on Thursday must be sold only for cash— otherwise the trade would go over until next Monday and would be recorded in 1932 Public utilities were the first group to face a budget of news today. Weekly electricity output again showed a slight decline, but some far-earning reports were published. The Associated Gas & ‘Electric System, including newly ac- quired properties from date of acquisi- tion, reported gross revenues for the 12 months ended November 30 of $105.- 645,586, against $103,606,912 in the same 1930 period. Consolidated Gas of Baltimore in the 11 months ended November 30 showed earnings of $4.67 on the average com- mon share, agsinst $4.86 in the same 1930 period. Middle West Utilities, as expected, declared its Tegular common quarterly dividend It was the announced plans of util- “ities for 1932, however, that encouraged “traders. Bell Telephone of Pennsyl- vania plans fo spend $25,000,000 fer construction next year, Connecticut *Light & Power's 1932 budget calls for $3,400,000 of improvements, and Hart- ford Electric Light, which spent only ¢$825,000 this year, will expend $1,100,- 000 in additions for 1932. Declaration of an extra dividend of 50 cents on Maine Gas Companies com- mon also bettered sentiment toward the utilities. The result was a firming of many power and light leaders and ev some of the prefegred shares such as ;General Gas & Electric B preferred ard Northern States Power A. Faced with a budget of favorable news and with some lessening of tax selling pressure and bank liquidation, stocks opened higher. Electric Bond & Share in a block of 6,000 shares opened at 103%. up Y. Cities Service in a lot of 5,000 shares opened at 5%, unchanged, but later moved forward. Standard Oil of Ohio rat 26 rose 7. Pennroad Corporation rat 2 was a shade higher. 1+ New Jersey Zinc at 211, was up %. Cord Corporation was active but un- -changed at 7%. A block of 1,000 Com- <monwealth & Southern warrants opened unchanged at ;. Middle West Utilities was off slightly at 514, but soon raliied. Gulf Oil at 26% gained 3;. Niagara Hudson Power at 64 advanced 3. Re- rliance management and Shenandoah -Corporation preferred reached new lows «at their initial appearances. “ Hornblower & Weeks—While the ac- tion of the market yesterday was far from being conclusive, we would hance holding stocks for a further gain, and in the evenj that the rally fails to - carry through, we would not carry trading lines below Monday's low levels. BONDS ON THE CURB MARKET. Bales in DOMESTIC thousands 11 Alabama Pw_ 415 7Aluminum Co 8 $Am Omwih Pw 65 '40 2 Amer EI Pow 65 A '51 mr s 2028 1 Amer Roll Mill 5s 48 8 Appalach_Gas 6s 22 Ga: " Appalsc 65 B 4 Arkans P & L 55 BONDS. High. Low. Noon 7 802 80 ' 80 953, 18 33Y% 2 39 iliar_Tr_5s '3 8 Cent Pub Ser 5%s '4) 2 Cent Stat Elec 55 '48 Cent Et Elec b'as 16 Cit Berv_Pow 5lus 2 Comwh Ed 425 C '5 5 Comwh Ed 4';5 D '3 6 Comwh Edis ds F 1 Firestone Tire 58 16 Fiorida P & L 55 & 9 Gatineau Pow 5s 56 2 Gatineau Pow 6s 41 4 Gatineau Pw 6s B 41 1Gen Mot Acc 55 '32 7 Georgia Power 5s 67 2 Gillette 8 Raz 55 '40 niersta Power 65 Jers G P&L 4138 C Jer Cen P&L 85 B 41 Kresge 5s 48 . Bigh P S 65 2026, P & L 5857 ¥ 1 Union E es is 8 Uni 10 10 5U 8 oU 8 W 2w 1w iw B B FOREIGN BONDS, s g < Zo ] 7, 2 New. ViWhen issued. Stocks sold in 100-sh ~Prev. 1931~ High. Low. «19% 13 1% 9 115% % 11% 3% 5 5% 224 109% 1% 5 % 2% 8514 W 83, [ am 3% 48 TRANSACTIONS ON are Btock and Dividend Rate. Agfa Ansco. . Ainsworth Mfg Afr Investors vte Afr Investorscv pf.. & Ala Pow cum pf (7).100s Alexander Indust. 1 All Am Gen Corp.... 2 Allegheny Gas Corp. 4 Alles & Fisher (1)...3508 Allied Mills Inc. 6 Aluminum Co of Am. 800 Alu Co of Am pf (6) 5 Alum Goods (1.20) Am Austin Car. . Am British & Cont Am Capital B e Am Cigar Co.. . 50w Am City P&L (A) &3 Am Cit P&L Bb10% Am Com P A (b10%) Am Com Pr Bib10%) Am Com Pwr 15t 6%. Am Corpn (£30¢).... Am Corp war. . Am Cyanamid B..... Am Equities. & Am For Pow war. Am Founders. .. Am Gas & Elec (11). AmGas&EIpf (6).. 1 Am Invest Inc (B).. 61 Am Invest war...... 6 Am Laundry Mch(2) 2258 Am Lt & Trac (2% 16 1 .1715 . 602 9 S0 S 1 Am Maracaibo. Am Natural Gas. . Am St Pu Sv (a1.60). Am Superpower..... 14 Am Superp 1st (6)... 5 Am Ut &GnBvte.. 9 Am Yvette Co., Inc. 5 Anglo Chil Nitrate Apex Elec Mfg. . Appalachian Gas. Appalachian Gas Arcturus Rad Tube.. Arkansas Nat Gas. Arkans Nat Gas A. Ark N G cu pf (60¢). Assoc Elec Ind (30¢) ¥ & (A) b5 %. 50 G & El ct (8). Asso Tel Ut (b§%) Atl Coast Fish... Atl Fruit & Sugar. Atlas Plywood. . Atlas Uul Corp Auto Voting Mach... Auto V Ma cv prpt 2 Aviation Securities.. Bellanca Afr v.t.e 4 Bell Tel of Can (8) Bliss Co(EW) (b3%) Blue Ridge Corp.... Blue Ridge cv pf(ad) Blumenthal (S)... Borne-Scrymser. Bourjois, Inc (50¢). . Brazil Trac Lt&P(1) Brit Am Oil C (80¢). BritATcou B 1.13 3-§ Brit Celanese rcts. Buff N&EP pf (1.60). Bunker Hill & Sull.. 100 Burco, Inc... 108 Burco Inc war. Butler Bros. . Bwana M Kubwi Cable Radlo T vte. Cable & Wire A rets. Cable & Wire B rets. Cab& W pfretsise. 1 Canadian Marconi... 16 Carib Syndicate 8 Carman & Co A (2).. 20s % Carnation Co (j1%). 1 4 Cont Shares cv pf Carrier Corp Cent Pub Sve A b5%. Central States Elec.. 28 Chi B&Q R R (10)... 10s Cities Service (g30c) 860 Cities Serv pf (6)... 4 CitSvP & L pf (7)..100s Cit SvP &L pf (6).. 50s Claude Neon Lts Inc. 9 Clev El Illum (1.60). 3 Cleveland Tractor. Cohn & Rosen Inc Colombia Syndicate. Colon Ofl. ..vunnnns Col Auto P cv pf (2), Col O11& Gas vtc. ... Commwlth Edison (81258 Cmwith & Sou war.. Consol Afrcraft..... 10 Consol Auto Merch.. 3 €onsol Auto M cu pf. Consol Copper-. Con Gas Balto (3.60) Consol Gas Utilfty A Consol Retail Stores 150s . 5258 7008 1 13 Cont Shares pf (B). Cooper Bessemer Covper Range Cord Corp. ... Corroon&Rey pf(A). Creole Petroleum Crocker Wheeler. ... Crown Cork Intl (A) Cuneo Press (2%4).. Cuneo Press pf (6%) Darby Petroleum Dayton Alr & Eng. Deere & Co. ... De Forest Radio. Derby O1l Refinin; Detroit Afrcraft. Doehler Die Casti; Driver Harris new. . Dubllier Cond & Rad Duke Pow (5)...... Dugquesne Gas. Dur Du Raz pr pf (2) Durant Motors. Duval Tex Sul wi East G & F Assoc East Sta Pow (B). cast Util Assoc (2) ler Electric. . 2 Elec Bond&Sh(b6%) 55! Elec B& Shcu pf b.. Elec B & Sh pf (6)... Elec Pow Assoc (1). Elec Pow Assoc A (1) Elec P&L2dpt AT 4 Elec P & Lt op war Shareholdg (b6 % c Sharhldg pf (a6) Emp G & Fcu pf(7), 7 Emp G & F cu pf(8). pire Pub Sve (A). Europ E Ltd A (60c) Europ Elec deb rts. .. Evans Wallow Lead. Fairchild Aviation. . Fansteel Products. .. Federal Baking Shop 25s Film Inspect Mach.. 1 Fischman & Sons.... 1 “oltis Fischer Corp. 2 ‘ord Motor, Can, A. 15 Ford Motor, Can., B. 505 rd Mot Ltd 3 Foremost Dairy pt Foundation For § Fox Iheater (A) ¥ranklin Mfg... Garlock Pkg (1 Gen Alloys. . Gen Aviation. ( able war. sen Fireproot (1).. 1 Gen G&E cv pf B(6) 6758 2215 Gen Theat Eqcv pf. Glen Alden Coal (4). (GGlobe Underwrit 40c. Gold Seal Elec new Golden Center. 'dfield Consol. ldman Sachs Gorham Inc pf.. Goth Knitback Mch. Graymur Corp (1). At&Pac Tea pf( Great Nor Paper (3). Groc Strs Prod vte., . Ground Gripper. Gulf Ofl of Penna. Hamilton Gas v.t.e. Happiness Candy. Hartman Tobacco Hazeltine Corp (1) Hecla Mining (40¢).. Helena Rubenstein Heyden Chem (2) Hollinger Gold t70c. Horn & Hard (2%).. Hudson Bay M & S., Humble Ol (12%).. Huyler St cu pf (7).. Hverade Food Prod Hygrade Sylvania t3 150s 11l Pow & Lt pt (6)..125s Imp O1l of Can (50c) 3 Indiana Pipe Line(1) 1 Indian Ter I1lu Ofl A s Industrial Finan ctfa 2 Insull Inv (b6% ). .. 7 Insull Utll 2d pf (6).150s Inx Co ofNo Am +2% 5 Insura Security.. 6 Intercontinent Petn 26 Int Cigar Machy(214) 2 Int Hydro cv pfi3%.. 68 Int Petroleum @)een 29 19% 8% except those desirmated by letter “s.” ~Prev. 1931~ Bales~ s Add 00. Open. High.' Low. Close. 9 | High. Low. 24 5l % 2% 2% 5 5 5la 1% U 944 413 4 Rellable Stores. 2 Reybarn Co. THE Sales— Add 00. Open. High. 9% 9% 5% &tock and Dividend Rate. Int Superpwr(11.10). Internatl Utility (A) Int Utilities B. . Interstate Equitie In'state Equity cv pf. Interstate Hoslery. . Irving Air Ch (50¢).. Isotta Fraschini 1.06 Italian Superpow A. Italian Super deb rts 9% Kirkland. .. Kleinert Rubber. .. Knott Corporation. .. Kolster-Br (Am Sh). Lackawanna Sec (4) Lakey Foundry. .... Leh Co & Na (1.20). Leonard Oil. . Lerner Stores . Liberty Baking. . 4 Lion Oil & Refining.. Lone Star Gas n 88c. Lon Island Lt (60c) Long Is cu pf B(6).. Louisiana Lan & Ex. Magdalena Synd. Mangel Stores. . Mangel Stores pf. .. Merconi I M 87 1-10¢ Marion Steam Shov. Mass Util Assoc. ... Mass Ut cv pf (2% Mavis Bottling (A). Mead Johnson (15).. Meuiph N Gas (60¢). Merritt Chap & Scott Mesab! Iron Met Chalin Stores. Mid Sta Pet vic B Mid West Ut (b8%). Mo-Kan Pipe Line. . 45 Moody's In Sve pt pt. Mountain Prod (80c), Nachman Spring. Nat American Co. Nat Aviation. at Bancservice. at Bd & S Corp (1), 2 NatDPrpf A (T)... 25 Nat Food Prod A, Nat Food Prod B. Nat Fuel Gas (1). Nat Investors..... Nat Pow & Lt pf (6).400s vat Pub Sv A (1.60). 3 at Pub Sv B (12.20) at Rubber Mach. .. Nat Sh T Sec A 360¢., Nat Sugar NJ (2) Nat Transit (1).. Nat Union Radio. ..« Neisner Bros pt (7)., New Bradford Oil. .. New Eng Pow pt (6). 608 New Jers Zinc (13).. 38 New Mex & Ar Land. 1 Newmont Mining. 15 N Y Hamburg. 1 NY&Hondur Ros(12) 1 Y Merchandise (1) 2 Y Shipbuilding Cp 4508 21 2 78 N Y Tel pf (6%).... 100s Niag-Hud Pow (40¢) 112 Niag-Hud Pow A w iag-Hud Pow B w. Niag-Hud Pow Cw.. Niag Share(Md) 20c. Niles-Bemt-Pond (1) Nipissing.....ooens trate Corp Chile B oma Elec (40c). Nor Central Texas. . Nor & So Am Corp A. orth European Ofl. Nor St Pow pf (6)... Nor St Pow pf (7) Ohlo Brass (B) (2). Oh10 COpper. ....... Otistocks Ltd (A) Otlstocks Ltd (B) Outboard Mot A Outboard Motor Overseas Sec.... PacG&E 1st pf 1%. Pac Western Oil.... Pandem Oil. Pantepec O11 : Parke Davis (11.65). Parker Rust P(13%) 300s Pennroad Corp (40c) 102 Penn Pw & Lt pf (7) 508 Peoples L&PWr (A). 2 Pepperell Mfg (4)... 508 Petrol Corp war 1 Phila Co new(11.40). Philip Morris (nc. .. Phoenix Secur Corp. Thoenix S Cor pf (3). Pilot Rad Tube A 3 Pion G M Ltd (12¢).. 12 Pltney Bowes (b4%) 7 Pitts & L E (110). .. 150s Plymouth Oil (§0¢).. 25 Polymet MfE. . 3 Pressed Metals. 1 Propper McCallum.. 4 Prudential Invest. .. Pub Util Hold xw... Quincy Mining Radlio Products. RR&UULIDVA.... Rainbow Lum Pr A. Relter-Foster. Fis Y Reliance Int A. Rellance Manag..... Republic Gas Corp. . Reynolds Invest Richman Bros (3)... ke Kumler (1%). . rckland L&P (80¢). e 2+ Roosevelt Field Inc. Rossia Intl (10¢).... Rubberofd (4)...... Russek's Fifth Ave.., yan Consolidated. . s Paper Teek Consol. t Creek Prod (1). chulte Real Estate. aboard Util (28¢).. Sec Allled Corp (1). . Segal L & HAWT... <+ Selected Industries. . e Indal ctfs(5%).. ct Ind priof(5%).« Sentry Safety Cont.. Seton Leather (1) ttuck Den Mi :enandoah Corp. henandoah Corp pf. lica Gel ctfs. . Smith (A.0.)... . South Penn Ol (1).. South Corp. .. . Southern Nat Gas. .. Southld Royalty 20¢c. SW Dairy Products panish & Gen rets. . sh & Gen (B).. May Stern pf.. {0tors. ....ue Stand Ofl of Ind(1). 204 Stand Oil of Ky 1.60. 13 Stand Oil Ohlo (2%) 2008 Stand P & L pf (7). . 2008 Starrett Corp. . b 50 1 Sunray Oil. . wan Finch Oil. vift & Co (2) 5 Swift Internat’l (t4) Syiacuse W Mach B. Taggart Corp . Tampa Electric (32) . Technicolor Inc. . ... Teck HughesGM t8oc Tish Realty & Con. .. Tob FProd of Del wi.. Todd Shipyard (2).. Trays Air Trans. ... Trans Lux DL P 8.. 12508 Tri-Cont Corp war... 50 Tri-Utilitiey 3 Tubize Chatel, B 15 Unlon Am Invest.... 2 Un Gas of Canada (1) Union O11 Assoc (2). Urion Tobaceo . A it Founders Unit Gas Corp. Unit Gas Corp war.. UnitGasnt (7)..... UnitLt& Pw A (1),. 38 UnitL& Pwr B (1).. 448 Unit L & Pwr pf(6).. 23 U S%airy (A) (6)... 2 US Elec Pow ww. 58 lec Pwr war. Foil (B) (50¢) US Playing Card 2% Unit Stores v.t.c..... Unit Verde Exten (1) 34 6 1508 2 Low. Close. | High. Low | today, against 882,000 a year ago. i st Paul Sales— Add 00. 1 Stock and Dividend Rate. Univ Pictures Prev. 1931, T 4 Util Pwr & Lt pf(7) . 2508 Utility Equities..... 7 Util Equity pf(5%). Util & Ind Utility & Ind pt(1%) Van Camp Pkg Voght Mfg Co (60c). Walgreen Co Walker, H (25¢ Watson (J W) Co 2 5214 Welch Gr Juice ( Open High. 4la 4% Util Po & Lt (b10%) 17678 2% . 42 1931, 12% 5'a Woolw % dividend. _{ plus 5% stock. {Plus 2% in stock. n Plus 8% in Dividend Rate, % W Va Coal & Coke. 6 Western Air Exp. 5 5 5 Western Md pf. % Winter (Benj). % Com Edlson.... — 5 1% PubSveNII .Feb 1 8 Dividend rates in dollars b nual payment. - +Ex dividend. ~TEATtly exirar a Payable in cash or stock. Low. Close, % 4% . . ~ 25 thLtd 17 4-5c. 38 84 8l St Et RIGHTS—EXPIRE 17 Add 00. Open High, Stock and Bales— Y ® 25 W 4% . 108 25 25 14 1% 1% 1% 2% 2% 24 2% ed on last quarterly of semi-an- iPlus 4% in stock. bPayable in stock. e Adjustment € Plus 6% in stock. hPlis 1% in kPlus 10% {n stock. m Plus 3% D Pald last year—no regular rate, in stock, stock. stock. DURING PAST YEAR More Toys Also Marketed. Adults Prove Source of Increasing Revenue. BY WILLIAM LEE. The low level of business activit which has persisted during the past two | years has demonstrated to the satisfac- tion of the manufacturers of toys and games that “it is an ill wind that blows nobody good,” for, according to the Department of Commerce, sales for 1931 actually have been higher in all lines and substantially higher in games for adults than in 1930. In a year when it was assumed nat- urally ‘that curtailed buying power would be felt keenly, the sales figures tell how the adults have cut the cloih | of their activities to fit their incomes, | and this to the benefit of the games | makers. The toy and games trade in | general was said by the department, | however, to have made a stanch stand | against recession factors, for there has been a fairly even distribution of busi- ness, except in the lines catering to adults, Search for Entertainment. So the department considers, it was stated officially today, that reduced in- comes have caused many folks to spend evenings at home and cast about for things with which to entertain their friends in lieu of theater parties, dances and other modes of entertainment that require too much cash. This has brought about an almost universal de- mand for the type of games, be they cliaracterized as toys or not, that can be,used for home amusement. At for the year itself and not just | the Christmas trade period, the de- partment records reveal a continuation | of the growth in sales of play-yard and | gymnasium apparatus, that has been | noted in the past. The growth of sales of this type of merchandise has here- tofore been attributed to hazards of street traffic and the necessity for pro- viding children with amusements to keep them in the safety zone. The fact that there was an increase this year | over last in this type and that 1930 | showed a gain over the preceding year | is accepted as indicating a definite | trend and the manufacturers are bend- ing every effort to develop new tricks |established to cope with the existing | for the trade. Toys generally are less affected by un- | favorable economic conditions ihan ere many other lines of merchandise. The | department says the chief reason for | this is the wide range of prices from the | very expensive merchandise with all of | the elaborate hinky-dink attachments | to the 5-and-10-cent-store type. But | GANE SLES GAN Prom Yesierda: STOCK AND BOND AVERAGES By the Assoclated Press. y's 5:30 Edition, STOCKS. 50 20 Industrials. Rails, 615 32.0 Three years ago.. Five years ago High, 1931, Low, 1931, High, 1930 Low, 1930 High, 1929 Low, 1929 Previous day. Week ago..... Month ago. Year ago. Two years ago ‘Three years ago. High, 1931 Low, 1931 High, 1930 Low, 1930 High, 1929 Low, 1929 20 Utilities. 97.1 93.9 100.6 109.9 149.2 193.3 103.8 203.9 92.8 281.3 146.5 353.1 156.3 315 20 Utilities. 81.3 82.0 82.3 88.7 9 106.0 100.8 (Copyright. 1931, Btandard Statistics Co.) Everybody’s Business Are That the Foundations for Economic Indications Recovery Are Now Being Laid. BY DR. MAX WINKLER. | Special Dispatch to The Star. NEW YORK, December 30.—One of the most trying years in the history of finance is coming to a close. Difficul- ties of a political and economic nature characterized the year's developments, both at home and abroad. However, it appears that the foundations are be- ing laid for solving the many and com- |so plex problems with which the world is confronted. 1. In the United States the National Credit Corporation has recently been banking problems. Bank failures in 1931 were the largest ever recorded in any one year. The amount involved also constituted a record. Millions of depositors were affected, their losses seriously influencing the purchasing power of the Nation. Thus far the corporation does not seem to have been successful in putting for a period of years at a low rate of interest and used for the purchase in the United States of such raw materials and manufactured goods as the respec- tive European countries could use- to best advantage. A somewhat similar arrangement might be effected with Germany. Of the latter's payments to her creditors a substantial part—in fact, more than half--is paid over to France, who easily would be prevailed upon, because it would be to her advantage as well, to adhere to a plan similar to that which may be agreed upon between the United | States and her debtor nations, By adopting such plan two objects lwculd be accomplished: First, order ‘Cou]d be restored to the unsettled cur- | rency situations of the various debtor I nations; and, second, the sale by the | United States to the various debtors of goods most needed by them, thereby disposing of America’s excess produc- tion, which is admittedly essential to the country’s prosperity. | The producing machinery of the | United States has been constructed on great a scale that hard times are imevimble for nearly everybody if for- |eign markets are not maintained at a | reasonable rate. Only by a most en- | ergetic prosecution of foreign trade will | the United States continue to prosper. | (Copyright. 1931, by the North American ‘ Newspaper Alliance, Inc.) MOTOR TRUCKS AID | observers add this bit of information |a stop to bank closures. It is, of course, | to the official conclusion: There is a|possible that the number would have human factor in this trade that is not |been much larger were it not for the present to the same extent in any other | line, namely, the particular appeal of | the toy. It has a direct appeal to the child, and, whether most grown-ups ad- | mit it or not, there is a kick in it for | the adult when making such purchases for the younger generation. Improved Merchandising. The toy and game manufacturer in | the last few years has also learned & great deal about merchandising his prod- | uct, in the opinion of the department, | which says the celerity with which the manufacturers recognized the opening for adult business has caused some sur- prise. For a long time, the toy manu- facturer who failed to capitalize the popularity of a current notion or thing of current interest was simply losing out. But the late business methods are much deeper in their plans; in other words, the toy manufacturer is seeking to become a leader. It was suggested in this connection that the current trend thus may have a far-reaching effect on national life and habit. Little imagination is required to discover the possibilities of a develop- ment of home games for adults, many of whom never did enjoy the talkie or the dance. And with the improved transportation systems of these days, to- gether with the generally close proximi- ty of distribution centers to the point of consumer sale, the future is likely to witness a rather rapid remaking of the toy and game industry in its effort to get its share of the consumer dollar. (Copyright, 1931.) Grain Market By the Associated Press. CHICAGO, December 30.— Grain prices showed an early upward trend today, responsive to firmness of securi- tles at New York and of wheat quota- tions at Liverpool. New advances here, however, failed to hold well. Opening ¥3a % higher, Chicago wheat futures soon showed reactions. Corn started Y83 up and subse- quently sagged. An ald to wheat market upturns was increased attention given to Argentine reports of wet weather delays to wheat deliveries at the seaboard. Continued aavices were also noted that the Argen- tine crop was suffering deterioratiton, owing to exposure to excessive molsture. 1t was likewise pointed out that Eu- ropean home-grown stocks of wheat were being reduced to a dangerous level in countries which ordinarily imported wheat on a liberal scale. Announcement that overnight export business in North American wheat and rye had assumed considerable volume acted as & check on bears. Reports, 00, that various British trade bodics were manifesting opposition to empire wheat Guota proposals were construed here as bullish. Meanwhile, primary receipts of United States wheat continued to dwindle and totaled but 421,000 bushels ™ and oats swayed with Wwheat and at times were affected by damp conditions over much of the corn belt. Provisions went lower, responsive to setbacks in hog values. INSURANCE STOCKS NEW YORK, December 30 Over-the-counter market: Aetna Cas & S Agricultural Amer Home . Am Surety Boston, City of N Y Conn_Gen Life Fid & Dep... Piremen's Ing P).— Bid. Asked 29" T34 Kansas City Mass Bond . Netl Fire 5 Prov Wash Fire . Sun Life Tiavele lers 460 A new direct air mail service between Havana, Cuba, and Mexico, has been inaugurated. corporation. At any rate, a certain degree of dis- appointment is noticeable, and the pub- lic is beginning to view somewhat skeptically the promises held out by the sponsors of the institution. 2. The railroads, admittedly the back- bone of the Nation’s economic life, are now receiving serious attention. Many naively believed that the status of the country’s carriers affects only the holders of rallway securities and con- sequently regarded whatever aid was proposed for the railroads either with antipathy or with tepid sympathy at best. They apparently chose to ignore the fact that a very substantial part of the invested funds of life insurance companies, savings banks, fire insur- ance and casualty companies and trus- tees is represented by railroad bonds, and that wholesale receivership would impair most seriously the status of these institutions, affecting, directly or indi- rectly, the whole Nation. Remedial Measures. It is for these reasons that remedial measures had to be rushed through. They include an increase in freight rates granted by the Interstate Com- merce Commission and the probability of a wage reduction to be put into ef- fect at a very early date. They further include the proposed formation of the Reconstruction Finance Corporation, which will, among others, come to the ald of weak systems, assisting them in meeting fixed charges and maturing obligations during a period of emer- gency. These steps, however, were not taken unti] a victim was found in the Wabash Railroad, which had to be put into the hands of receivers before the powers that be woke up. 3. The rapidly mounting deficit of the Government is another problem which is being viewed with some appre- hension. A drastic revision in the tax system of the country has been pro- posed to cope with the Nation's bud- getary situation. The rates obtaining in 1924 are to be re-established, with some minor modifications. The sponsors of the proposed change are doubtless aware of the fact that conditions in 1931 are vastly different from those prevalling in 1924. While governmental receipts 'ill increase ma- terfally as a result of new measures, one must not expect too much. Those who regard the new rates as too drastic should derive consolation from the tax rates in force in Great Britain. How much relief such com- parison will afford the American tax- payer is highly problematical. 4. A new corporation is to come into being, whose main function will be to study and devise means of straighten- ing out the real estate situation. Bil- lions of dollars are involved, and fore- closures are increasing at an alarming rate It is hoped and expected that the instrumentality which the President ad- vocated recently will be able to accom- plish what its sponsors confidently an- ticipate. 5. In the fleld of international finance, political debts—that is, repara- tions and interally debts—command attention. It is these problems which constitute the principal impediment to a_speedy rehabilitation of the world. ‘They are not insoluble. Solution Suggested. The chief difficulty, however, resides in the fact that economists propose and politicians dispose. Whether the latter will see the light of day and hasten to subordinate petty politics to sound economic reasoning remains to be seen. It is confidently hoped that they will do this ere it is too late. If a re- adjustment of debts cannot at the moment be resorted to, other arrange- ments ought to be made in order to avoid a general collapse. The following solution is submitted: A non-partisan commission should be appointed by President Hoover for the purpose of investigating prevailing con- ditions and arriving at conclusions to be presented to Congress as to how re- payment of both principal and interest of the so-called intergovernmental debts due the United States cculd best be utilized to world-wide advantage. Such a commission could, without in any way causing e) rrassment to the nations involved, ise that the money due the United States ke reloaned 4@ ibe gehtog, |Railroads Are Declared Beneficiaries in Movement of Tonnage. By the Associated Press. ‘The National Industrial Traffic League declares the development of highway transportation has not been an unmixed evil to the railroads. Consideration of the development of railroad traffic which has accrued: to the carriers as a result of the develop- ment of the motor vehicle would indi- cate, on the basis of fhe league’s meas- urements, that the latter has been an ,important revenue producer for steam carriers. -During the five-year period from 1925 to 1929, the league points out, the rallways reported an average an- nual movement of automobiles, motor trucks and trailers of 21,638,806 tons, replacing an annual tonnage movement of wagons, carriages, tools and motor vehicles which averaged 3,311,348 tons | from 1910 to 1914. 0il Movement. During the five-year period, 1910 to 1914, the movement of petroleum and other oils averaged 18,797,159 tons per year on the league's calculations, while during the period 1925 to 1929 the movement of refined petroleum products averaged 108,328,493 tons per year and movement of crude petroleum averaged 19,475,842 tons per year. x Freight revenue derived from the transportation of these commodities was not reported to the Interstate Commerce Commission prior to 1928. But since that time the total has aver- aged $547,378,148 per year. Freight revenue from petroleum and its products and from motor vehicles, running in excess of half a billion dol- lars a year, has averaged slightly more than 11 per cent of all freight revenue of class 1 carriers, the league states. In 1930 these railways originated 3,- 041,847 carloads of petroleum and its products, automobile trucks, tractors and tires. Comparison of Business. As & comparison, the league says, this amount was 600,000 cars in excess of the total movement of products ef forests, and paid about double the reve- nue. It was likewise more than two and one-half times the tonnage of all less-than-carload freight and more than three times the tonnage of all animals and animal products. The total amount of grain, hay, alfaifa, straw, cotton, cotton linters and Irish potatoes orig- inated ia 1930 was 1,996,122 cars, or more than 1,000,000 less than were originated by 'the petroleum and auto- motive industries. New York Cotton Special Dispatch to The Star. NEW YORK, December 30.—Opening cotton prices today were 1 point lower 2 points higher. Trading was fairl; active, with a fair foreign demx.m{ ICommLulon house offerings were not arge. - s Opening prices were: January, 6.38, [oft 1; March, 6.53, up 1; May, 6.70, unchanged; , 6.89, up 2; October, 7.11.l unchanged, up L and’ December, 7.1, =m0 - Kentucky Bank Closed. HAZARD, Ky, December 30 (#)— ‘The First National Bank of Hazard failed to open today, but P. T. Wheeler, a director and attorney for the institu- tion, said it was in position to pay off in full and to pay about a third of its obligations within three to four months. A notice on the door said it was closed in the interest of depositors. The bank was capital t $100,000 and had deposits of oximately 1$600,000, -y CONTINUE STEADY Recent Small Price Fluctua- tions Are Held Encour- aging Sign. Trade in all lines of farm products showed the qulet conditions that usu« ally prevail near the first of the year, says the United States Department of Agriculture, Bureau of Agricultural Eco- nomics, Market News Service. Prices shared the more steady trend of the general commodity market. The com- paratively small price changes of the past few months have been considered one of the most encouraging features of the situation. Even the live stock mar- ket, which has been the weakest feature lately, showed some tendency toward recovery. Poultry sold lower than dur- ing the Thanksgiving period. Egg mar= kets lost a little of the recent recovery. Butter prices hold well on best grades. Potato and onion markets were irregu= lar, but averaged zbout steady. Eastern Potatoes Gain. A slight strengthening of potato prices occurred in Maine and in some Western producins sections the last week of December. Northern Maine quoted & range of 43 to 45 cents per 100 pounds on Green Mountains, but the Western New York country market weakened slightly to a range of 65 to 67 cents. Sales for future delivery showed a declining tendency at Chicago. Sweet gotatoes made some price gains during Christmas holiday period. Near- ly all receipts were selling at slghtly higher levels except that Virginia <tock now in light supply held about steady in the Eeast. Storage holdings of celery in Western New York are being reduced rapidly, but some stock may never be shipped be= cause of inferior quality or condition. City markets quoted celery slightly lower. Lettuce markets were in stronger position. Marketing of the Far Western crop has been delayed by cool weather., City values of Western and Eastern let~ tuce advanced. Cabbage sold a little higher at West- ern New York shipping points, and prices were firm in city markets. There was little change in Western cabbage, and Southern cabbage sells a little lower week by week. fon markets are irregular, tending slightly lower in Western New York, but remaining steady and firm on most lines in city markets. Arrivals of Span- ish onions slightly unsettled the posi- tion. Apple markets were nearly unchanged in late December, although some varie- ties sold a little lower in Western New York producing sections. A range of 50 cents to $1 per bushel cover sales of most standard varieties from Virginia, Maryland, Pennsylvania and West Vir ginia, as quoted in the large markets, and a similar range applies to most Eastern fruit, except McIntosh, Green= ing, Delicious and such special priced varieties. Butter Market Unset{led. ‘The butter markets in late December showed a slight improvement over pre= vious weeks, owing mainly to compara= tive scarcity of the fine grades rather than because of any marked improve= ment in the demand. Dealers found their fancy marks clearing quite readily. The Chicago market was weaker than most others, especially on centralized car lots. The rate of movement from storage during the past few weeks has been somewhat lighter than that for the corresponding weeks a year ago. Pros duction seems ta be considerably larger than for the corresponding time last season. Mild temperatures in produc- ing territory have helped keep the milk flow fairly constant and prices of feed have been low enough to encourage their liberal use wherever the dairy markets have been holding well. Poultry Supply Ample. The poultry markets were liberally supplied with fowl and chickens through December. Demand was rather weak and prices tended to still lower levels, losing about 3 cents on dressed fcwl and 4 to 5 cents on chickens. The general level was 4 to 6 cents below that of a year ago. Apparently the demand was about 10 per cent less than for the same period last year. The lower price level at the end of the year included the turkey market, and the trade in this line was reported gener- ally unprofitable to most wholesalers. Considerable quantities of dressed poul- try was held over in storage and will remain as a market handicap. The in- crease in storage stocks in four repre- sentative markets during the first three weeks of December was about one-third greater than during the corresponding period the year before. Egg Markets Weaker. There was a weak tone in the egg market in late December, owing mainly, it seemed, to lack of demand, both for retail trade and for future require- ments. Mild weather in many parts of the country also weakened the position, although actual receipts were not espe- clally heavy. Cold storage eggs showed greater price declines than fresh stocks. Live Stock Shipments Reduced. Arrivals of live stock in Midwestern markets were sharply reduced Christ- mas week. Demand also was lighter, but prices of cattle, hogs and lambs all reached higher levels on some grades. Part of the gain in the cattle market was lost after reaching a top of $11.75 at Chicago, but light steers and long yearlings closed at steady prices. Stockers and feeders were scarce and firm, but country demand continued slow. Sustained strength in the Chicago hog market sent prices up 25 to 35 cents during the last week of Decem- ber and best lots reached $4.65 per 100 pounds at Chicago. The market on fat lambs also was 25 to 50 cents higher and active at the advance. Nu- merous loads of well finished native and fed Western lambs sold at $6 to $6.35, the latter price being the top. The bulk of the better grades of lambs brought $5.50 or more. Shippers com= peted strongly for the available sup- plies. There were very few sales of feeder lambs. ‘The wool market showed the usual year-end quietness and there were not many large lots sold. Occasional in- quiries were made by buyers who usually took no wool or only sufficient quantities to fill immediate require- ments. Sellers maintained a fairly firm attitude on values. Some small lots were cleaned up at slight conces- sions, but no reductions were noted on sizable offerings. ‘Wheat Market Unsettled. Near the end of the year wheat prices were well above the low point of the season and’ price of Spring wheat compared fairly well with values & year ago, but world stocks were still unusually ~large. Unsettled business conditions, lack of funds, high tariffs and mill restrictions in foreign mar- kets were tending to reduce domestic and export demand for the grain. Near the end of the month reports indi- cating a surplus of wheat in Argen~ tina greater than expected from the acreage disturbed the market slightly. Feed grain prices were lower, than & year ago. Low prices of d and poultry products have tended to re- strict the demand for corn. Prices of carn, oats and barley declined slightly near the end of December, but rye held at nearly steady prices. Barley is sell~ ing higher than & year ago in some markets of the Central West. A e by PARIS BOURSE PECES, PARIS, December 30 (#).—Three per cent rentes 79 francs 80 centimes, Five per cent loan, 100 francs 70 centimes. Exchange on London, 86 fr: 5614 centimes. The dollar was qu at 23 000k S peniimes.