Evening Star Newspaper, January 27, 1932, Page 15

N ¢ FAL. CURB SHARES OFF ON LIGHT DEALINGS Active and Lower Opening Changes Into Somewhat Steadier Trend. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, January 27.—The Curb Exchange opened lower and actively today, but the lack of offerings slowed dealings and tended to stem the early decline Market leaders like Electric Bond & >, Cities Servi‘e, United Light & A. American Gas & Electric Standard Oil of Indiana registered frac- tional losses around midday Dividend declarations, the offering of & new investment trust issue, publica- tion of earnings statements or opera- tions, and attempts to forecast political moves, such as a probable British tariff on copper, shaped market trends today. Meanwhile traders awaited news from the Chicago railroad wage parley. Scotten Dillon Co. declared an extra dividend of 20 cents and the usual quarterly of 30 cents. Heretofore extras of 10 certs had been declared. Al- though the stock did not immediately appear on tape after this dividend action, bids for it firmed of new issue of in- vestment t shares at this time cheered sponsors of such securities, but the group movement was somewhat ccause of the diverse charac- ter of coporate developments. G man Sachs was up slightly. tr asset value of $7.06 at the last year-end contrasted with $12.40 & share at the 1930 vear-end. Mayflower associates broke nearly oints as its 1931 statement showed iquidating value as of December 31, 1931 of $37.93 a share, compared with $5493 a share on December 31, 1930. American Investors B opened lower as its liquidating value per share was re- duced by more than half during the last year Shore mines made the best the upside in the gold mine oduction last g amountin 30.000, a S 9 in the period of 1930. Hollinger Con- ted turned somewhat more active on the news that operations had been increased to a of 5,000 tons daily. pects of a British tariff on copper some firming of bids for esian and Canadian Copper Co. ut conversely did not bring into the issues of American ers of the red metal r shares were exceedingly d Lake Eric was off 1z e the reported betterment { the steel industry a subsidiary road, whose directors 1 action today, was in- the hesitancy tk d. was off a frac- hanged. Standard 5 was 3 lower ania _at 283 Goldman Sachs later_improved was off a shade, parent company, ad, were gathering BONDS ON THE CURB MARKET. WEh e A &1, 55 57 3 Gs Ut 625 A 43 1812 18% Gas Util 6s A '43 281, 281, 281, sum Pow 4igs ‘58 90'2 901, 90la G&E 55 A '58.. ne Co 58 40 Ut Inv 55 A '3 s El Boston 5: '3 10Rio Pow 55 B '53.. 92 92 92 10hio Pb Ser 55 D 34 88 88 88 13 Okla & EI 55 '3 FOREIGN BONDS Air Proy Ts '52 EL O] 47 38 38 B 51 36 36 ed dealings in the prv\v,us: the Curb Exchange opened im Co. of America | Btocks sold In 100-share lets except those desirnated by letter “s.” ~Prev. 1981~ High. Low. 415 87 1037 5% 224 16% 1% 38% 10 17 29% b T Bl bly 97ls 1114 % 2% 1% 28 19% 99 w Ry 27, 1932 NEW YORK CURB EXCHANGE tock and Tividend Rate. Add 00. Open High. Low. Close. Aero Supply B Agfa Ansco ptf. ‘Ala Power pf (6).... 108 Allied Mills Inc. Aluminum Co of Am 1200851% Alum Goods (1.20).. Am Austin Car. . AmCit P& L A (ad). AmCit Pw & Lt B... ‘Am Com Pow A..... Am Com Pow B. Am Corp... Am Equities. Am For Pow war. Am Founders Am Gas & Elec (11) Am Gas & EI pf (6). Am Invest Inc (B).. Am Invest war Am Maracalbo. Am Salamandra. . Am Buperpower. . Am Superp 1st (6) Am Superp pf (6).. Am Transformer. ... Am Util & Gn B vte. Anglo Chil Nitrate. . Appalachian Gas. Arkans Nat Gas A .. ASSOG&EI (A) b5 %. As30 G & El war. Asso G & El et (8) Atl Secur Corp Atlas Util Corp..... Atlas Utilitles war.. Babcock & Wilcox (4 258 Blue Ridge Corp. ... Brazil Trac Lt&P(1) Brill Corp A e Buft N & E P 1st (5). Cable Radio T vtc. Canadian Marcont Carib Syndicate. . 3 Cent Pub Sve A 5%, Central States Elec.. 22 Cities Service (g30¢) 1160s Cit Sy P& L pf (6).. CitSYyP &L pf (1).. Claude Neon Lts Inc. Clev EI Illum (1.60). Col Auto Pev pf (2). Colum G&E cv pL(5). Col O11& Gas vte. ... Columbla Pictures. . Columblia Pic vtc. Commwlth Edison ( Cmwlth & Sou war.. Com Water Service. Comstock Tunnel. .. Consol Copper...... Con Gas Balto (3.60) Coon (W B) Co. Cord Corp....... Cour'ulds Btd 13 Creole Petroleum Crown Cent Petrol Cumberland P L (2). Cuneo Press (2%) Cusi Mex Mining. Dayton Afr & Ei Deere & Co. . De Forest Radio. Detroit Alrcraft. Durant Motors East Sta Pow (B).. East Util Assoc (2). Cast Utl] Assoc cv. ler Electric. ec Bond&. ElecB& Shcupt5.. Elec B & Sh pf (6) Elec Pow Assoc ( ansteel Prod Fischman & Sons. Flintkote Co A. Florida P & L pf Ford Motor. Ford MLtd(p3 Fox Lheater (A).... Gen Alloys. Gen Aviation. GELtd ris(p36 3-5¢) Gen G&E cv pf B(6) Gen Theat Eq cv pf. Georgia Pw pt (6). Glen Alden Coal (4). Gold Seal Elec new. . Goldm: Goth Knitback Mch. Gray Tel I tA& anv (). Guif Oil of Penna. Hollinger Gold t70c. Hudson Bay M & S. Humble O Hydro El 11l Pow & Lt pf (6). Imp Ol ¢” Zan (50¢) Insurance Seeurity.. Int Hydro cv pf 3%. Int Petrol 2y~ Insull inv (b6% ). Int Utllities B : In'state Eq cv pt. Lake Shor Mines (2) Leh Co & Na (1.20).. Leonard Oi1 P PR 3100 10 e 1 30 3 1(D6% ) 2 achs. .... 856, ¥ Sta t4.100s At&Pac Tea pf(7) 30s CORPORATION REPORTS S AND PROSPECTS OF NG ORGANIZATION! NEW YORK, January 27—The fol- lowing is a summary of important cor- poration news prepared by the Stan- dard Statistics Co., Inc the Associated Press. Although revenue freight ings showed a slight decrease for the week ended January 16 the usual seasonal amount. loadings, according to American Railway Association, totaled | cars, which compares 504 cars in the previous 691,753 cars in the corresponding week of last year. Increas in all commodities with the ex less than Actual News Trend. of coal, ore, coke and live stock Daily decreased 2,161,500 American most_important change was a 29,850~ barrel decline in the Oklahoma output Gasoline stocks at refineries increased 530,000 barrels to 39,738,000 barrels. American Equities Co.—Receivership action filed against company in Federal | average crude oil further in the week ended January 23, dropping 31,950 barrels to barrels, according to Petroleum Institute The Companies. Court at Wilmington, Del. Brill (J. G.) Co. receives $250,000 order for street cars from Pacific North- west Public_Servioe British Cclumbia Power class A share earnings six months to December 31, $1.03 vs. $1.18. Canada Wire & Cable passed quar- terly class B divide: December 15, 1931 Commonwealth & Southern—1931 commen share earnings 40 cents vs. 60 cents| Devoe & R: enced November 9 General $14,931 vs net income $752f nolds—Ne Fireproofing — 131 1 $2.30 a common share. TImper 4 | Octcb: share vs. 24.87 per cent Inland Steel declared 25 cents com- | {mon_dividend; formerly paid 50 cents quarterly. Intertype Corporation took no action on common dividend at October Dividend policy for 1932 will be_considered at January mecting. Koppers Gas & Coke 1931 earnings substantially in excess of dividend re- quirements on 6 per cent preferred meeting stock. from w York Transit to pay $5 a share | capital stock reduction on_surrender of old $10 par certif Reliance International Corporation— | Sufficient stock not yet deposited under acquisition offer of American Interna- | tional Corporation. Remington-Rand, Inc.. suffered a los foreign operations continu profitable; has cut annuaj penses almost $7,000,000. in 1931 Sun Oil 1931 on ailroad operating deficit $39.57 | ating income $26,661 | operating income cific Railroa New York, for Inc car load- | pany not affected the rise was equal to $6.02 a commc in_February | Missouri - Ka eek nd | 1931 preferred s Norfolk & West ear were reported | roduction 2 until February 2, action on quarte 1932, 66. formerly paid Colorado Fuel & Iron takes no action referred dividends: paid $2 Novem- | d; paid 25 cents 1931 1931 income 30, $334,590 vs. $132,- C 1931 $1.05 vs. $5.42. & Laughlin Steel 1931 defic: income equal to Tobacco Co. of Great Britain nd Ireland, Ltd., earned year ended 24.07 per cent a common $2,283,459 vs, equal to $8.65 a common share. tis Elevator gets contracts for 26 | ators for Sy | NEW YORK, January 27 (Special).— elevators for Raido City development. A!‘x‘m Lt bf Siots Al D ented by Moody's Investors | shows a decline from the high point of | June, 1929, to the end of last Decem- | ber of nearly 45 per cent. | one-half vears ago the index stood at 132 and on December 31 at 69.5. cept for the moderate and temporary advances in February, March and April. 1931, there has been a continuous decline since the middle Goldman Sact value December 31 mon share vs. $12.40 December 31, 1930. STOCKS EX-DIVIDEND NEW YORK, January 27 (#).— account | operating ~Prev. 1931, Btock and High. Low. Dividend Rate. 25 5% Lone Star Gas n 88c. 364% 17 Long Island Lt (§0c) 112% 90 Long Isld Lt pf (7).. 108 2 % Louistana Lan & Ex. % % Magdalena Synd. 41 32% Mapes Cons Mg (14) 5 1% Margay.. 4% 12 Mass Util Assoc Dividend rates Received by Private Wire Direct to The Star Office. Mo. Nat Investors Nat St Corp war Nipissing. . Pitts & Lake I Pyrene Mfg. Radlo Products. Raytheon Mfg % Rellance Iat A 1 Rellance Manag. . % Republic Gas Corp. . b 9 Rockland L&P (30¢). 15 Royalty Corp pt. ... St Anthony Gold. ... Segul L & Hdwr. Selected indus Sle Ind al ctf. eton Leather » Stand Motor tutz A 3 Sun Invest » Swift & Co « Swift Interna rans Air T ans Urion Tobacco Unit Corp war. . Unit Founders. Unit Gas Cor) Unit Gas pf (7). U S Dai U S & Intl S cur iv Plc es Util & Ing .. + Waitt&Bond B(§ Walcreen Co Wenden Copper WiwthFWLtd Wi s Com Ex 1% Pub Sve a Payabie in cash or stock. end. n Pl {plus 5% in | Plus 2% ock e Mavis Bottling (A). Mayflower Asso (2). Meniph N Gas (60¢).. Mer Ch &S DT A6%. Mid West Ut (b8%). Kan Pipe Line Mo-Kan Pipe L (B). Moss Gold Mines. Nat American Co. Nat Bd & S Corp (1). Nat Fuel Gas (1). at Pub Sv pf (7)... 4 Nat Sh T Sec A 160c. e NE rnnm masosSa Nat Sugar NJ (2) Nat Union Radlo. . ew Eng Pow pf (6) N Y Shipbuilding Cp Niag-Hud Pow (40c) Niag-Hud Pow A w.. Niag Share(Md) 20c. Niles-Bemt-Pond (1) Nitrate Corp Chile B or Am Util Sec. ... orth European O1l. or Ind Pub S pf (6) North Pipe Line new Ohio Copper. ....... PacG&E 1stpf 1%, Parke Davis (11.65). Pennroad Corp (40c) Peoples L&PWr (A). Phoenix Secur Corp. Pilot Rad Tube A. .. Pilon G M Ltd (12¢).. Pltney Bowes (b4 %) 1e(5) 100 Prudential Invest. .. Pub Sve N 11 pf (6). Pub Sve,N Il n p(8) Pub Util Hold war. . Pub Util Hold xw. 1 2 3 caboard Utl (28¢). tnger Mig (8).. h Penn il (1).. APt B (1%). rn Nat Gas Stand Ofl of Ind( 1).. Stand Oil of Ky 1.60 otor Car. £3) .- ) Swiss Am El pf (6) 1), ghes (60c). d of Del wi.. pyard (2).. Trans Lux DLPS.. i Tri-Cont Corp war. Tung Sol Lamp(1). Un Gas of Canada(1) Unit Lt & Pw A (1). Unit L & Pwr pf(6). v (A) (6).. U'S Inter Sec 1st pf Util Po & Lt (b10%) t Harg (1215¢) RIGHTS—EXPIRE 11 .Feb 1 dollars base al payment. *Ex divid P ock. kPl Add 00. Open. High. 81y 18% 7% & % 40 4 2% % 27 5 36 5% 14 % L] 1i 1% last quarterly of semi-an- «| 39,000,000 for the year. N 1 being $27.992.587. | e aver- | . from | h Pl mon share earnings Chicago, Milwaukee, St. Paul & Pa- December net op income off 28.8 per cent; 12 months off | | 47.8 per cent, Durant Moto: ship appointed - Texas earnings $1.01 vs. Pittsburgh United Corporation passed quarterly preferred divi November 2, 1931 December net op- 5,003 ating income $892.317: 12 months’ nct | operating deficit 6 ating income $7.7116 Bangor & Aroostcok common share earnings, Pacific Lighting 1931 common share $4.45 Savage Arms 1931 deficit, $566,452 vs. net income $339,942, equal to $1.97 a common share. Third Avenue Railway common share earnings, six months to December 31, | trading liquidating $7.06 a com- 1931 vs. Equity receiver- | subsidiar higan; parent com- 0ad—1931 deficit | come §9,289,590, share. Dire ed because of lack action to be taken Railway—1931 ngs meeting postponed at which time vidend is sched- nd; paid $1.75 Vs, 4 vs. net oper- common share | earnings estimated at $4.60 vs. $6.03. | General Motors $2.01 vs. $3.2 Hancock Oil common share ‘alifornia_common | share earnings, six months to December 31, 54 cents. common share Steel—1931 preferred $3.60 vidend: paid $1 in two continuance of divi- improvement of d earnings. | December net vs. net oper- 12 months' net 22,643 vs. operating | B! $28.99; 50 rating Durant mater. mem Railroad— banks. adopted net oper- stated, Recon: 50,093,287, of 1929. tk Feb. 1 I Q Beb 1l centimes. ~ Feb. 1 states the lead takes some prid uates of t much of the cres record made here redounds to their banking alma tive apportioned Careful study is being given to a plan embodying both fles $14.39 vs. | permanence which it is hoped n ve with gratifyin to the chapter, banks and studc appreciate the splendid su banks, but experience co consideration should b g more far reaching than ar The chapter come operat; amounted and the Railway but so far I cannot find any actual business improvement.” | francs 39} cestime BAI\;I; RECORD LAUDED BY INSTITUTE HEAD, IS $2.01 PER SHARE “Not a single bank failure has o re in over a quarter of a cen article in the current ssue of Dollars and Sense, the of blication American Institute of the press The chapter article mentioned above in the fact that most | of the bank officials in Washington are the institute, Banking, just off for th in, dent Aubrey O. Dooley of Wi ton Chapt rship “Washington Chapter is main for the direct benefit of o ers’ association members, tional and administr not_ equitabl Northern Pacific Earnings. NEW YORK. January 27 ()—The Northern Pacific Railway earned about Railroad 1931 | $3.60 a share in 1931 and net income $2.67 vs. $9.27 ¢ Machine declared ¥ common dividend; cents | $8,902,000, Charles Donnelly said today. “The net income include: taken {rom ment Co. as Northwest Imp a special dividend,” normal Northern Pacific showed net income of | capital abroad affected by depreciation $3,902,000, which is equivalent to $1.75 a share.” Regarding business sentiment in the | surance Cory West. Mr. Donnelly said: ing of optimism there as a result of the Finance Credit BUSINESS INDEX. 1930, and in yet its educa- | expenses are | neas t n to a policy hould be mor potent to help general banking through i = §—19831 common | education.” share earnings $5.05 vs. $8.89. ‘Wabash Railway- President | “1 find a feel- | m Corpo: PARIS BOURSE PRICES. PARIS. January 27 (#).—Three per cent rentes, 78 francs 85 centimes. Five [ inquiries slightly heavier. Rafe Period. Payavle, | 0 Oht loan, 101 francs 45 centimes. SAVINGS DEPOSITS CONTINUE T0 GAIN Mutual Savings Banks Score Record Marks in 1931, Reports Reveal. The trend of savings continues up- ward, despite the present condition of industry and the extent of uneraploy- ment. Figures made public today by the National Association of Mutual Sav- ings Banks showed that total deposits in mutual institutions reached the rec- ord total on January 1 of $10,030,014.- 385, while total assets likewise reached viding $1,125,253.973 of reserve to as- of deposits. ¢s5 for January 1 reached cord proportions in almost every in- e, although the year's results were uniform in all sections. Of the 18 | States having mutual savings banks there were 5 that experienced slight re- cessions in deposits. The other 13 reg- istered gains, Thus the total increa in deposits for 1931 was $565.281893, crease was represented by the gain in New York savings banks, which amount- ed to $466,348,1 The gain in 12 oth- er States amounted approximately 1o $100.000,000. The year 1929 is usually thought of | as part of the “boom period,” becausc | the crash in market values did not itil the last guar definitely | he worst e depression. e tota rease of mutual savings bank de- posits in 1929 was only $65,236 000,000 more than the inc me whole year of 1931 the gain in dajx was but $27.000.000 below 1930, wh | the entire gain represented $592,607 | The two years produced almost identi- cal results. Gain in Depositors. deposits should not oves n in depositors, the i 179 indicating that a rease 1 dow the of 5 DOsits, New Kk ovided the proportion of new savers last 490, fle deposits, depositors an increasin the average decreased siig v 1o0f $7 ze of $855. h th $819.53 and In- 779.04 most : S 1o §1,1 figure and an increase of almi led, its ga > was a small decline in s to depc nt. In t is conne: hest rati 1ana with New York with 12.6 and uncertain a sing to pay 1 ividend h amounted to al average of 4.32 per cent on $10,000.000,000, paid Connecticut had rate of dividends, 1 Massachusetts next and Delaware third, 4.50 of the savings banks flow of d made the ef- n before. The d of the year sa gs bank de- the gain in 25 $53,046.404 comparable, s for the first period he last six propor- t e in for the two periods was less ed—464,290 | and 119,889, respectively. GENERAL MOTORS NET Preliminary Report on 1931 Earn- ings Given by Corporation. Sloan Statement. January 27.—General ion has reported that ted to $96.858,701 of prefer “as against $ per common > in 1930. Divide e currently at the basis of $3 a share ually the lower earnings, orpora reported a ms g of s cash position. estimates of cash. United tates Government and other mar- securities as of December 31 204.835.000, as swollen from the pear previous arnings, Alfred P. Sloan. jr., ed. reflected extrao year of $20.639.000. Before this write- |off the net e $115.089,701, equiv after preferred dividends to $2.43 per common share. This wes the smallest since 1925, when net totaled $106,484,756. the write-off the earnings were the smallest si 4, in which vear net was only 545,330.888. The 1930 earn- ings included $10.410.000 of non-recur- ring profits, largely from sale of stock to General Motors Management Cor- poration. los Mr. Sloan explained, “include provision for contingent losses result- ing from the revaluation of the cor- poration’s investment in mnet working ncies and from re- eral Exchange In- tion's security invest- en down to market mber 31, 1931.” {in_ foreign curr valuation of the Ge nts, all w | value as of Dec tion! The carnings, it was added, were Corporation, | after provision for depreciation of real te. plants and equipment in the nount of $37.607.000 in 19231, com- pared with $47,715,088 in 1930 Mr. Sloan’s preliminary figures dis- close a falling off in total sales to dealers, including Canadian and over- seas shipments. from 1,174,709 cars and trucks in 1930 to 1,074,709 in 1931. Sales to dealers in the United States totaled 928,630 cars in 1931, as com- pared with 1,035,660 in the previous 12 months. New York Cotton Special Dispatch to The Star. NEW YORK, January 27.—Opening higher. Trading was fairly _brisk. ! Opening prices were: March, 6.88, | ™Exchange_on London, 87 francs 85 up 3; May, 683, up 2; July, 7.00, up | The dollar was quoted at 25 2: October, 7.24, up 3; December, 7.40, up 3, and January, 7.44, wp 2. the record figure of $11.206.875,737, pro- | and a very considerable part of that in- | ter. And 1931 | in final six months of 1931, For the Savings bankers emphasized that the r of people than ever be- ying to assure their inde- Thi ught the | f deposi to 13359671, the!a t number recorded in more tharn ed years of operation of the As in the case | | Belg ew York true that the | f nary audit. net earn- | | as_ reduced from 766,247 for the previous This was equivalent to $201 per | share of comm after paym | ditions. ch | free entry, it is not s | ket dinary non-recurring losses for the amounted to After “These extraordinary non-recurrent cotton prices today were 2 to 3 points Trade demand was steady and foreign Gl AL *¥% A—I15 'OCK AND BOND AVERAGES By the Associated Press. Prom Yesterday 5:30 Bdition, STOOKS. 50 Industrials, . 63.5 Previous day. . Week ago.. Month ago.... Year ago... Three years ago. Five years ago High, 1931-32.. Low, 1931-32.. High, 1930... Low, 1930.. High, 1929. .. Low, 1929.. Today....... Previous da Week ago. . Month ago. ... Year ago...... Two years ago. Three years ago. h, 1931-32.... Low, 1931-32.. High, 1930. . Low, 1930.. High, 1929.. Low, 1929.. Utilities. 83.7 83.9 84.5 82.4 100.2 98.0 99.4 1915 80.2 1014 96.6 99.8 96.0 BRITAIN IS PLANNING FARM AID IN FIVE-YEAR RELIEF PRCGRAM First Duties on Food Imports Will Be Imposed This Month—Quota Wheat System to Be Legalized. A “five-year-plan” for British agri- cereals and wheat were distributed in culture is being slowly—and supposedly | Greece, Italy, Holland and Germany. experts in conjunction with farmers’ ssociations, says the Wall Street Jour- nal in a dispatch from its London cor- respondent. In conformity with its pur- pose of encouraging the home grower and discouraging the foreign exporter, Britain has imposed {ts first import duties on food-stufTs. The decree, promulgated December 24 vegetables, and certain classes of cut flowers and of flowering plants. In ific instances such as cher r 1ts and gooseberries, plums and strawberries, duties are applicable only during the early or pre-season periods market against the tons of Continental fruit which reach Engiand five weeks a month in advance of the slowei s ripening and which are quickl Brtish jam-makers who season and vegetables— r iries” —deals v to the rs of France lland an for whom the British market has yielded arn av- erage of $200,000.000 a year. While duties in force are ‘merely pro- nal, and are enacted under emer- tariffl powers centered in the ent of the Board of Trade and of minister of agriculture, they are to lead to a permanent tariff on 1 agricultural products—excepting only wheat, 1 tion of which will be regulated by quota. Such is the senti- | ment among British agriculturists, that, | me. absolute prohibition of agri- tural imports was seriously consid- d. According to the Chambers of culture, prohibition “is debarred moment” by the International ention for the Abolition of Import nd Export Prohibiti California Not Affected. California packers, f or whom the sh market has been increasingly e, are not affected by the decree for a e mally annu preciation tardy Calif of the gross va 1e of their Br canning industry—which had 40 active canneries in 1931 as compared with four in 1927, a production in canned fruit of 00.000 cwt. in 1931 as against 96,000 cwt. in 1928, and a production of 60.- 000,000 cans of vegetables in 1931, coupled with the persistent agitation of Welsh tinplate manufacturers who are profiting heavily f the making of cans—probably will influence enactment of permament protective tariffs for canned fruits and vegetables. Britain's definite tariff policies will not be acopted until after the dominion con ice, to be held in Ottawa next July. Any British duty on canned fruits would be felt by California exporters, hough it is freely conceded in this market that California packers by the meticilous maintenance of standard and weight—and preseniation—have so established the quality of procuct, both in Britain and on the Continent, that normally scaled tariffs. while hurt- ful. will not prove fatal Over the lands of the Continental farmer, however—directly affected as he is by 'the customs duties just made operative—Britain’s growing tariff wall casts a_menacing shadow. There are 45,000,000 moutks to be fed in Britain, ang the Continental farmer has as- | sumed the feeding of 60 per cent of According to the Board of e, the level of farm wages in Eng- land—as of purc, g power—is 100, as compared with 74 in Germany, 59 in France, British Crop Value Declines, Given more favorable climatic con- r production ¢ rprising that the Continental farmer has supplanted | British_agriculture in its domestic mar- | B Britain'’s industrial prowess has militated against her agriculture. Labor | itated against her agi | sagged further. Corn started -y drifted to industrial centers; the belch- | revi 0 in Belglum, and 45 in Italy. | 04| hang in hand with New York stock liy—deieloned by government | London reported much of the Black Sea routed wheat to have been of inferior quality, and some forward contracts were canceled. In the meantime. para- doxically enough, Russia entered the | English parcel market and purchased | two cargoes of wheat; a cargo figured at 25.000 bushels. This was for importa- tion through Vladivostok in the North- ern area, where, due to unfavorable weather, the crop was insufficient for domestic needs. The wheat quota in England has been hastened, if not actually motivated, b recent importations of Russian wheat The Bri farmer clamored against the “dumping” of Russian wheat at shillings the quarter when the cos 4 are designed to protect the home | production of British wheat is fixed by law at 50 shillings a quarter. (Farm wages are fixed by law in Eng tithes also figure in t ance sheet.) designed to estend and to assure a steady market to wheat growers. pr ably will be legalized when Parlia: reconvenes in February It is proposed to establish a national board under the minister of agriculture. This board will fix the quota of British wheat (which may be varied according to milling quality) and which must be nt | purchased, though not necessarily used, by British flour millers and importers. | The board will control sales of foreign wheat through the issue of quota cer-| tificates, which must be surrendered to the customs on withdrawal of foreig: consignment. Any miller may sell to any merchaant, and any farmer to any miller, put all milling purchases mu: recorded. whether domestic or ign, against quota certificates issued by the | card. Millers will be required to buy a_fixed percentage of British wheat The beard will not control | long as British wheat does not exceed a given figure. Canadian Wheat 80 Per Cent of Total. be | PRODUCE MARKETS REMAIN UNSETTLED Less Confident Trend Noted as Month Draws to Close. ‘Tone of the market on farm prodycts | was less confident in late January, says |the United States Department of Agri- culture, Bureau of Agricultural Eco- nomics, Market News Service. There "\u're few net price gains after the mid- dle of the month. Grain, feeds, hay, cotton and wool held fairly well. Hogs reached extreme low levels, and general | tone of the live stock market continued weak, excepting veal calves and feeder {lambs. Dairy and poultry markets were unsettled, with no great changes in the price level. Fruits and vegetables showed more losses than gains under prevailing dull market conditions. Onion Holdings Light. Storage holdings of late or main-crop onions in January were only half as heavy as those of a year ago. Total stocks of 2,939,000 bushels are mostly in New York, Michigan, Ohio, Indiana and California. Prices in late January did not show any great change. West- ern New York yellows were somewhat stronger at $2.50 per 50-pound sack, or at $4.05 per bag of 100 pounds. Track holdings of onions are light. The West- ern New York cabbage market is slightly lower at $10 to $12 per ton, bulk. East- ern jobbing markets reported a slightly weaker tone for most potatoes. A steady price level was reported for most lines of sweet potatoes, except for a stronger ituation on New Jersey bushel ham- pers. City markets for apples held nearly steady. Prices of celery de- clined. Butter Markets Irregular. Among four of the large butter mar- kets Boston appeared to be in the best condition the second half of January, and prices advanced. Prices at New York and Philadelphia advanced slightly, but at these two markets strength was lacking and receipts, while not excessive, were ample for the light demand. Considerable weakness devel- oped at Chicago under pressure of heavy arrivals and the market was steady. At all markets the best and for butter was for the lower des, which were in comparatively light supply. Reports of production | show increases over previous weeks and corresponding weeks a year ago. Fresh cheese ruled about steady in principal consuming centers. Sen- ment concerning cured and held styles ned some additional strength and was firm. Poultry Supply Moderate. | Receipts of dressed poultry at the ncipal markets are still running ma- below those of a year ago, but | &s most of the stock is coarse and poor, prices are irregular. Lots of good qual- | ity are in fairly strong demand and are | moving freely at top quotations. Adjustments downward in retail prices in line with lower wholesale costs stim- ulated the consuming demand for eggs in mid-January, and the trade output showed some improvement. Receipts of | fresh eggs are exceptionally liberal for this time of year, and with stocks of storage eggs still large, the markets are | amply supplied. Live Stock Market Weak. Lighter marketings of all classes of live stock did not prevent general price | declines for practically everything sell- ing for slaughter, The market for most | of the cattle represented in current sup- | plies dipped to lowest levels in recent and | farmer's bal- | es so,vears. The hog market fell to a lower than had been hit previously dur- g the present century, and fat lambs | suffered irregular declines which car- | ried” prices dangerously close to the b | The quota will be interempire in| 1931 Jow. scope, and, according to Premier Ben- | nett of Canada, the tentative plan con- empire-grown and 10 per cent of f quota of British wheat has not yet been fixed, and that the scheme is subject to on until its presentation to Par- lfament next month. | Quite a large volume of business was acted in Eastern wool markets at t made operative. Canned California | templates the use of 15 per cent Britich | Well sustained prices. The feature of ¢ totaling 171,000,000 pounds NOr- ) wheat by British millers. 75 Ber cent. of liy enters England. The de- | b herieen sterling this year ccst|eign. Canada probably will supply 80 ia exporters 20 per cent|per cent of the empire quota. It is ish sales. | emphasized, however, that the actual | The growing importance of the British | th > was tye movement of the 18 ty Western wools that are | particularly suitable for use in manu- | facture of Spring goods. Mill Feeds in Slow Demand. | Light offerings of wheat mill feeds were in continued slow demand in late January. Prices were unchanged to as much as $1 per ton lower after the British millers by display advertising | middle of the month. Linseed meal in newspapers and otherwise are vocif- | | 1 culture | erously opposing the quota, and have submitted to the minister of a “an alternative method of achieving the end which the country has in view.” It is the contention of the milling indus. try that the required standard of flour cannot be produced under the quota system. and that British farmers, thus encouraged to sow wheat, will overpro- duce, and not always of a desirable grade, due to soil and climatic condi- tions over which they have no control Canadian millers are apprehensive that Canada will pay for wheat prefer- ence in the British market by the ex- clusion of wheat products, as it is the understanding both of English and Canadian millers that British importa- tions eof Canadian flour will be rigor- ously limited. Canadian millers declare that Canadian flour sets the standard for bread in the United Kingdom. These recall the verdict of the Royal Com- mission on Food Prices in 1925 to the effect that flour imports exercise a regu- latory effect on flour and food prices |and are advantageous to the consumer. Grain Market By the Associated Press CHICAGO. January 27.—New set- backs of grain values early today went market downturns. Continued heavy | pressure of Argentine wheat offerings Liverpool was reported Opening %-7 off, wheat afterward ing smokestacks of Manchester had|90WD and subsequently held near the more allure for voung Britons than did | the or plow. Result. farmers in Belgium and in French Brittany and Normandy raised choice crops for Lon- don tables. In the interval between 1925-6 and 1930-31 the value of Britain's homegrown crops of corn. po- tatoes and hops fell from £40,000,000 to_£27,000,000. During the year just ended England imported $13.413,055 worth of potatoes, $30,626,000 of tomatoes, $7.956.570 onons, $1.301.345 currants, $957,300 strawberries, $660,130 cherries _and $3,952,360 plums and damsons. Early potatoes imported into England now will be subject to a duty of 18 shillings 8 pence a hundredweight, on a sliding scale of 9 shillings 4 pence and 4 shill- ings 8 pence a hundredweight as the season _progresses. Cucumbers from March 1 to June 30 will pay duty of 12 shillings & hundredweight. Cherries will be taxed 6 cents & pound entry duty from May 1 to June 30; from June 1 to August 15 plums will pay a duty of 14 shillings a hundredweight. ‘The wheat quota, while rot yet statu- tory, has beer adopted as a definite 3ritish policy, and its interest for United States agriculturists may be measured by Britain’s wheat import figures. Dur- ing the first seven months of 1930 and of 1931 Great Britain imported wheat as follows: From— 1931, cwts 1930, cwts. Russia. 8,336,330 940,347 United States... 5,358,547 10,566,845 Argentine 13,835,718 12,654,080 Australia. 13,001,385 7,940,623 Canada. 15,981,880 13,899,847 ‘The increased importation of Russian wheat is in line with the general in- crease in Russian grain exports by way of the Black Sea. In August, 1931, Russian wheat shipments by this route 'increased 113 per cent over August of the preceding year. Wheat totaling 550,000 tons and 650,000 tons of other cereals went out through the Bosporus during this single Summer month of 1931. Of this 600,000 tons of grain were bound for British ports; the remaining initial limits Rallies from early weakness in wheat here followed a sudden recovery in Liverpool quotations. Speculative sell- ers at Liverpool were reported to have prices were steady to lower. Cottonseed meal prices were unchanged to slightly higher at most markets. Northeastern timothy and clover hay markets averaged somewhat weaker in late January with a comparatively ir- regular demand. Inquiry for hay in Southeastern and Southern sections re- mained negligible. Offerings at Chi- cago fell off rather materially as a re- | sult of the previous price declines, but supplies were apparently ample to sat- isfy trade requirements which remained | far below normal as a result of unusual- ly mild weather in the trade territory. Grain Mostly Steady. tic cash wheat markets were eady after the middle of Janu- ary. The moderate offerings were meet- ing a good demand from mills and prices averaged higher compared with early in the month. Feed grains were steady with the unusually light offer- | ings about equal to current trade needs. Rye was firmer with wheat while flax | strengthened slightly under continued | light offerings and a steady but limited crusher demand. | Dom CHICAGO LIVE STOCK MARKET CHICAGO, January 27 (®) (United States Department of Agriculture).— Hogs—27,000, including 6000 direct; slow, strong to 5 higher; bulk, 170-210 pounds, 4.10a4.15; top, 4.20; 220-250 pounds, 3.90a4.05: 260-325 pounds, 3.808 3.90; 140-160 pounds, 3.85a4.10; few pigs, 3.00a3.50; packing sows, 3.35a3.50; light light, good and choice, 140-160 { pounds, 3.80a4.10; lightweight, 160-200 pounds, 3.95a4.20: medium-weights, 200- 50 pounds, 3.85a4.20; heavyweights, 250-350 pounds, 3.703.90; packing sows, medium and good, 00 pounds, 3.30 a3.60; pigs, good and choice, 100-130 pounds, 3.00a3.65. Cattle, 9,000 head: calves, 2.000; turned quickly to the buying side ow- | 800d and choice steers and yearlings ing to developments in Argentina, where restrictions on future delivery trading | were officially announced. Some wheat | | buying in Chicago resulted also from | | extreme cold in" Northern Canada, 42| SIAushter cattle and vealers, - steers, below zero. Apprehensiveness regarding possible crop damage in domestic Winter wheat reports” that over wide expanses the plant was in danger of injury from a severe freeze. There was also con- firmation of advices that damage had been done by alternate thawing and freezing in the Ohio Valley. and in | parts of the Southwest. Absence of snow covering in the Pacific Northwest | section of the United States was like- wise noted. Corn and oats swayed with wheat. Provisions lacked support despite hog market upturn. CHICAGO DAIRY MARKET. CHICAGO, January 27 (#)—Butter —Receipts, 7,976 tubs; easy; creamery specials (93 score), 21%a22',; extras (92 score), 21l4; extra firsts (90-91 score), 20%;a21; first (88-89 score), 1915a20; seconds (86-87 score, 18'2a 19; standards (90 score centralized car | lots), 21a2174. Eggs—Receipts, 8,934 cases; easy; extra firsts, 16a18!4: fresh graded firsts, 15%. Current receipts, 14al5. Pennsylvania Earnings. NEW YORK, January 27 (#).—The Pennsylvania Railroad reported Decem- ber net railway operating income of $2,259,167, compared with $3.836,206 in December, 1930. For the 12 months of 1931 net railway operating income was 451,055,806, or $41,285,547 less than in 1930, | territory was increased by Government | 1900 pounds. 7.00a10.50: common and strong to 25 higher on shipper ac- count; numerous loads, 8.0089.00; best heavies, 9.40: yearlings, 10.25; lower grades dull; fat cows weak to 25 lower. good and choice, 600-900 pounds, 7.00a 10.50; 900-1,100 ~pounds, 7.00210.50; 1.100-1,300 pounds, 7.00a10.50; 1,300a medium, 600-1,300 pounds, 3.50a7.00; heifers, good and choice, 550-850 pounds, 5.50: 0; common and me- dium, a5.50; cows, good and choice, 3.50a4.75; common and medium, 2.75a 3.50; low cutter and cutter, 1.75a2.75; bulls (yearlings excluded), good and choice (beef), 3.50a4.25; cutter to me- dium, 2.50a3.75; vealers (milk fed), good &nd choice, 7.50a9.00; medium, 6.50a7.50; cull and common, 3.50a6.50; stocker and feeder cattle, steers, good and choice, 500-1,050 pounds, 4.50a 5.75; common and medium, 3.25a4.50. Sheep—24,000 head; few sales; about steady with yesterday’s decline; pack- ers bidding lower: good to choice lambs, 6.0086.25; best held around 6.50. Lambs, 90 pounds down, good and choice, 6.00a 6.65; medium, 4.75a26.00; all weights, common, 4.00a4.75; ewes, 90-150 pounds, medium to choice, 2.00a3.50; all weights, cull and common, 1.50a2.5¢ eeding lambs, 50-70 pounds, good and cheice, 4.7585.25. Loan Contract Closed. NEW YORK. January 27 (#).—Con- troller Morris S. Tremaine of the State of New York y closed a $25,- 000,000 loan contract with a Wall Street banking group on 4!, per cent basls. Though it used the knife ruthlessly in slashing appropriations involving $30,- 500,000, the New York City government has placed an additional $10,500,000 at the disposal of relief agencies bat- ing pRemplayiment. | ¥