Evening Star Newspaper, February 9, 1931, Page 14

K Received by Private Wire Direct to The Star Office Sales. High. Low. Ciore. pladdit il x.IoE ¥ . 26 103%_103%_103% Sales. High. Low. 5 1015 101% 1015 Lib3%s..... 10122 101 20 10 68 674 67% Lib 1st 4% 10227 10227 9 100% 100 100 Lib 4th 4%;s. 103 26 103 22 17 81% 804 81k US3%s'43.. 102 22 10216 19 87 88 US3%RsT.. 102 28 102 27 76 76 US3%s..... 130 1066 106+ 4% T4% U S4s"44. 1086 108 84 B4 11212 112 TRADE BOON SEEN - IN DEBT PAYMENT ]Return of Many Workers to Jobs Clears Way for 'BONDS ARE STEADY | INBETTER MARKET Buying Volume Increases. Liberty Issues Firm—Con- ENCOURAGING NOTE IN BUSINESS SEEN Weekly Review Says Better ] NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Pac G & Fl 65 '42 Pan-Am Pet 65 '34. Pathe Exch 7s 37, . Phila Co bs'67. . Pnila & Read 6s '49 Phila Pet 55 '39.. Por RT am 6s Pos Tel & C 5s "53.. Pressed St C 5s "33, Close. 101 22 10227 103 26 10216 102 27 106 108 12 ~Prey. 1931~ Stock and Sales— Blen, Low: Dividend Rate. Add 00. High. 62% 43 StL-San Fran (8)... 85% 637 St L-San Fran pf (6) 23 St L Southwestern.. 49 St L Southwest pf. 13 Savage Arms (2) 4 Schulte Retail Strs % Seaboard Alr Line. (confi:lnued From Page 13.) Stock and Dividend Rate. Kolster Radio. .. Kresge (SS) Co 1.60. Kresge (S8) pf (7). Kresge Dept Stores. Prev Close. 1% 26% 110 5% 45 10 96 2 26 30 90 488 Sales— Add 00, High. Low. Close. ] U 2w 3 1% 27% 25 10 107 Q= 102% 102% Feeling Has Appeared in” Trade Circles. Special Dispatch to The Star. NEW YORK, February 9. —En- couraging trends in the business and | security markets have maintained them- Selves ‘during the past week although there has been an atmosphere of hesi- tation due to th: sudden appearance of attempted legislation which, if suc- cessful, wouid be calculated to cause some disturbance to financial conditions, says the current review of Henry Clews & Co. The unexpicted resumption of bonus discussion has naturally kd to uncertainty regarding the prospects of some classes ot securities: and thus has been somewhat hurtful to the general outlook. Otherwis’, the course of events has been quite as favorable es had been expected. The growth of business ha¥ been well maintained, and the outlook for the Spring is hop ful. Statistical indications, based on last year's results, have continued to show here and there figures that were not satisfactory: but, as explained in thes> advices during past wecks, they must not be con- fused with e The prospects. factors that are now coming to light are in nearly all ca sharply in con- trast with those which had made them- selves evid-pt as to last year's operations . Expansion of Business. Expansion of business volume has been’ the continued basis of favorable predictions. During the past week more steel mills have resumed or in- creased operations, while the percent- age of plant occupied in those estab- ave been at work in is P enzaged has advanced. pite of all that has been said by pessimists, further reductions of crude oil output have becn effected; | and if the process of conservation can be maintained and pushed further the outlook will, in the opinion of well qualified European observers who have lately expressed themselves, be favor- able for further improvement in the earnings situation. In congressional inquiries now current it has been shown that the manufacturing indus- tries of the Eastern States are turning to crude petroleum a$€ a rule; and in other ways the outlook for the oil business has shown improvement. Rec- ord volumes of business are reported by Y insurance companies; and the growth of savings which was so remarkable during the year 1930 has continued during the first month of the new year. Mail order houses report for January a showing which indicates growth as compared with recent months, notwithstanding that as com- pared with last year the retirns are still somewhat .behind. The fact that business failures for January were large is generally regarded as reflecting mainly the results of difficult conditions in 1930 and preceding yegrs, which have been allowed to hold over -nto the current season and are now (it 1s | asserted) being given what is hoped by many will be the final cleaning up. Depreciation in investment trust hold- ings and in finance company state- ments likewise represents past opera- tions and need not be serioucly con- sidered, since the market is now evi- dently upon a quite different basis. “Bonus” Discussion. The main feature of discouragement | in the pres:nt position, as already in-| dicated, has been the remewal of so- called bonus discussion. It has been natural that a good deal of the com- ment has been of an alarmist nature, but careful observers arz already noting that there is as yet no indication what- ever of the line of action to be followed. Of some 40 proposals of different Kinds before congressional committees, 2 or 3 rcpresentative types may be recog- ni The most extreme is that which proposes to give to bonus-certificate holders the total ultimate face value of their claims. This would be $3,400,000,- 000, less about $300,000,000 of advances | already made. About $700,000,000 has, howsver, already been carried to sinking fund account against this sum, so that at utmost the total of new funds to be | obtained by fresh refunding would be $2,400,000,000. It is generaily con- ceded, moreover, that this project is not likely to find favor in any case, but that a second type of plan, which would simply give to the certificate holder the | present worth of his certificate, is far more likely to be reported in some form. This latter would mean a net | total not exceeding $1,100,000,000. It should not b: forgotten, moreover, that this, too, 15 on the assumption that all certificate holders would call for Lhe‘ conversion of their holdings. There is no ground for supposing any such thing. Thus far, only about 25 per cent of these holding certificates have bor- row=d on them under present arrange- ments, and there is little reason for thinking that there would be a much larger proportion that would call for full redemption. There are not many of the experts who would expect to see more than $700,000,000 required under any probable scheme. An alternative is afforded by a third group of projects, which would simply enlarge the present Joan value of the certificates in a way that might require $500,000,000 or so. No reasonable ground exists for doubt- ing that either of the two latter amounts could be absorbéd by the market with- out great suffering if those who now hold Government obligations keep their | heads in the matter and do not cause | serious declines by selling. There is ricts no denying that the bonus scheme is ;. 2 a most_regrettable and disturbing proj- | ect. The greatest hardship would fall | upon those who might find themselves | obliged to defer carrying out plans as | to new issues to which they had com- | mitted themselves. The whole subject needs to be regarded much more calmly than has been the case hitherto. There is thus far no assurance whatever that such.a measure will become law in any form. Corporation Earnings. This same sort of moderation in | analysis is called for, likewise, in the, case of current corporation earnings| reports. Compilations mada by statis- tical agencies have lately shown, for large groups of 1930 carnings, losses as compared with 1929 that in some instances ran as high as 40 or 50 per cent among industriale, It has been true, no doubt, that the poorer earn- ings have been the latest to be pub- that, as time has gone by, ges have been less favorable than those which were issusd early in the scason. Current observers have, accordingly, been disposed to vi-w the earnings compilations as discouraging. A more thoughtful survey-does not sup- port- this attitude. On’ the contrary, some groups such as the utilities now appear to have done very well for the year, while the number of enterp: which have earned more than average yields is gerater than expected. There is certainly a fairly substantial group of 6% 47 23% Hress (S H) (1) Kreuger & T (a1.60) . Kroger Groc&Bak(1) 45 Lambert Co (8) . Bl IAne Bryant (2),... Leh Port Cmt (1)... Leh Port Cmt pf (7). Leh Valley Coal. . Lehman Corp (3).. Lehn & Fink (3). 5 908 1 Ligg & Myers B ( Lima Logomot (m2) . Link Belt (2.40) Liquid Carbonic Loew’s Inc (3). Loew’s pf xw (6 Loft Inc Long Bell L Loose-Wiles (12 Lorillard (F) Co Ludlum Steel. McCall Corp MecCrory B (2). . Melntyre Porc M (1) 4 McKeesp T P (143%). McKesson & Rob (1) McKes & R pf (3 McLellan Stores Mack Trucks (4). Magma Copper (3). . Mallison & Co....... Manati Sugar....... Man Elev mod g (d5) Marine Mid (1.20)... Marmon Motor Car. 7 Marshall ¥feld (23 20 Mathieson Alkall (2) 43 v Dept Strs (236). 11 208 18 8 Maytag Co pf (3) ... Maytaz Co Ist pf (8) Mengel € Mexican Mexican Seaboard Miami Copper. Mid-Cont Pet (2). Midland Steel (3). Min Hon'w Reg (+4). Minn Moline Pow. .. Minn Moline pf (614) Mo Kan & Tex (a3) Mo Kan & Tex pf Missouri Pacific Mohawk Carpet Monsanto Ch (21%). Montgomery Ward. . Morrell & Co (4.40) Mother Lode. ....... Motor Meter G & El. Motor Products (2). . Motor Wheel (3). % Mullins Mfg. .. Munsingwear (3) Murray Corp. .. ash Motors (4). Nat Acme (80c) Nat Air Trans Nat Bella Hess. at Bellas Hess pf. . at Biscuit (280).. t Cash-Reg A (3) at Dairy (2.60) Nat Dist Prod (2 Nat Lead pf A ( Nat Lead pf B (6) Nat Pow & Lt (1) Nat Radiator. .. 28 at Supply pf (7) at Surety (5). Nat Tea (1). Neisner Bros (1.60) Nevada Copper (1).. NYChi&StL(6). . N Y Chi & St L pt (6) Y & Harlem (5)... 1 Y Invest (1.20) Y N H& Hart (6). YNH&HDpL(7) Railways pf. Y Steam 1st pt (7) orf & West (112).. orth Am Aviation. . Nor Am (b10% stk) . North Amer pf (3) .. North Am Ed pf (6). Northern Pacific (5). Northwest Tel (3).. Ohio 0il (1) . Oliver'Farm Eq new. Oliv Farm Eq p1 pf Omnibus Corp. . Omnibus pf A (8) Uppenheim Col (3 Orpheum Cir pf (8) Otis Elevator (2%) Otis Steel. . Outlet Co (4 . Owens 111 Glass (3) . Pacific Gas & EI (2). Pacific Lighting (3). 24 Pacific Tel & Tel (7).120s Pack Mot Car (60c). 140 Pan Am Petroleum.. 1 Panhandle P& R. ... Paramount Pub (4). Park & Tilford. Park Utah. . Parmelee Transport. Fathe Excharge. ... Pathe Exchange A. Patino Mines. . Peerless Motor Car Penick & Ford (1). Penney (J C) (3) Penn RR (4)... Peop Gas Ch (8). Fetrolm Cp of Am(1) Phelps/Dodge (2). .. Phila Co 6% pf (3) Phil Read C & 1 Philip Mor & C Phillips Pet (2) Pierce-Arro® A ( Pierce Oil pf. ... Pierce Petrolm (16c) Pillsbury Flour ( Pitts Screw (1.40). Pitts Steel pf (7) Pitts United Corp. Porto Ric Am T(A). PRAmTobS.... 2 rostalT&Cpf (7).. 12% Prairie Oil & Gas (2) 173 Prairie Pipe L (15).. 4 Pressed 63 Proct 11% Prod & Refiners pf. . 72 PubSvNJ(3.40). 95 PubSv NJIpf(5). 49% Pullman Corp (4). 8% PureOil.... 95% Pure Oil pf (8) 5 38 Purity Bakeries (4). 12 Radio Corp e 345 Radio Corp B (5)». 19 16% Radio-Keith-Orph A. 508 18 Raybestos Man 2.60. 25 Iteal Silk Hos (3). 15% Rem Rand (1.60).... 8§21 Rem-Rand 15t pf (1) 8% Reo Motor Car (80c) 8 Reo Motor ctf (30c 12 Republic Steel 29 Republic Steel pf. 7% Revere Copper & B 117 Reynolds Metals (2 40% Reynolds Tob B (3). 2% Richfield O 5% Rio Grande O1 27 Rit Dent Mfg 16% Rossia Insur (2.20). . 37% Royal Duleh m1.3404 38% Safeway Stores (5). 86 Safeway pf (6). 24% St Joseph Ld (2). 50! 16% 8% 34 2% 36% 5% 125% 1 10 35% din AT% T 3 185 10 35% 284 63% 557 27% 23% 1 Seab Air Line pf. 614 Seagrave (60c). 44% Sears Roebuck 314 fSecond Nat Inv 40 Second Nat Inv 1% Seneca Conper. 4% Servel Inc.... 10 Sharon Steel Hoop. .. 12 Sharp & Dohme. . 2214 Shattuck F G (11%). 7% Shell Union Oil ell Un Oil pf (5%) ubert Theaters £ o T T L =T T imms Fetroleum . clair Con Ofl (1) inclair Oil pf (8) 815 Skelly Ofl..... 4214 Skelly Oil pf (6). 2% Snider Packing. 8 Snider Packing pf. 90% Solv Amprwwosls.. 3 12 Sou P Ric Sug (1.40) 5 103 Sou P Ric Sug pf (8) 508 45% South Cal Ed (2)... 4 South Dairies B outh Pacific (6). outh Ry (8). palding (A parks Withing (1) Spicer Mfg. Splegel-May 16% Stand Brands (1.20). 118 Stand Brands pf (7). 3 Stand Comel Tob. 58 Stand G&E (3%). 57 Stand G & Ept (4). Stand Invest Cor 45% Stand Oil Cal (h2%). 14% Stand Oil of Kan (1) 45% Stand O N J (12). .. 221 2215 Stand Oil N Y (1.60). 132 213 Starrett (LS) (12%) 3 Sterling Sec A. 615 Sterl Sec pf (1.20). 33 Sterl Sec cv pf (3). 141, Stewart Warner. 37% Stone & Webster (4) 2 tudebaker (1.20). .. un Oil (71) un Oil pf ( 8 18% 120% uperior Oil. .. weets of Amer ( ymington. 4% Symington A. 17 Telautograph (1.40). 8% Tennessee Corp (1).. 3014 Texas Corp (3).. 45% Tex Gulf Sulph (4) 9815 Texas & Pacific (5) 415 TexasP C & Ol 11% Texas Pac Land 13% Thatcher Mfg (1.60). 21% The Fair (2.40) 5 Thermoid Co. 184 Third Nat Invest 113 Thompson Pr (2.40). 615 Tide Water As (60c). 55 Tide Wat As pf (6).. 9% Timken Det Ax (80c) 43 Timken Roller (3)... 24 Tobacco Product 10% Tobacco Prod A t95c 31 Tob Prod div ctfsC.. 11% Transamerica (1). T Transue & W (1) 613 Tri-Cont Corp. .. 9215 Tri-Cont Corp pf (6) 29% Trico Prod (2%) 21 Truscon Stl (g1.20).. 9 Twin City RTr (§4). 41% Twin City RT pf (7) 20s 51% Und-Elliot-ish (5). 11 122% UndEll-Fisch pt (7 . 9% Union Bag & Paper 55% Un Carbide (2.60). 22 UnOllof Cal (2).. 179% Un Pacific (10) 23 Un TankCar ( 2245 Unit Aircraft 46 Unit Aircraft p! 33% Unit Biscuit (2). 18% Unit Carbon (1). 4 Unit Cigar Stores. 16% United Corporation 44% CUnit Corp pf (3). 3 Unit Electric Coal. 51% Unit Fruft (4). 27% Unit G & Im (1.20) 11% 1 z US Express. .. 7% U S & For Seeur. 80 US & For Sec pf (6). 17 USFreight.. 40% U S Gypsum (1.60) 5% U S Hoftman. 54 US Indus Ale 3% US Leather 27% USPipe & F 18% USP&F 1st (1 26% U S Realty & Im (3) 11% U S Rubber 20% U S Rubber 1t pf. 9 1813 U S Smelt & Ref (1). 12 137% U S Steel (7). . 240 60% U S Tobacco (4) Lt 54 Unit Stores A : 377 Unit Stores pf (214). 28 Univ Leaf Tob(3)... 31% Univ Pic 1st pf (8).. 70s 2% Univ Pipe & Rad. 5 21% UHIP&L A (et2.15). 30 45% Vanadium Corp (3).. 240 2 Va-Car Chem... 1 111 Va-Car Chem 6% pf. 1 6744 VaCar Chem pf (1), 4 98% Va El & Pow pf (6).. 508 10: 41% Vulcan Det (4) 11608 17 Wabash RR. 4 384 Wabash RR (A). 225 Waldorf Sys (133) 12 Walworth Co (2 13% Ward Baking A 313 Ward Baking B 45 Ward Baking p. 13 Warner Bros Pict. 38 Warner Bros pf 3.85. 4% Warner Quinlan. . 274 Warren Bros (3). ... 41% War Broscv pf (3).. 24 Warren Fdy & P (2 214 Wess Ol & Snow (2) 541 Wess O& Snpf (4).. » 99 % West PaElA (7). 114 West Pa Pow pf (7). 413 Western Dairy A (4) 4% Western Dairy B. ... 10 3 1 10 26 Western Pacific pf. 130 Western Union (8).. 33 Westing A B (2) ¥2% Westing & M (5).. 164 103% Westing E&M pf (5) 1508 20% Weston EI Instr (1). 2 19% Westvaco Color (2). 3 1 Wextark Radio Strs. 22 te Motors (2). 39 hite Rock MS 4% 4% Willys-Overland 215 Wilson & Co. . 6% Wilson & Co A 54% Woolworth (2.40) 59% Worthington Pump. . 89% Worth Pump A (7).. 66% Wrigley (Wm) (4).. 9% Yellow Truck. ... 75 Yellow Truek pf 2% Youngs Spring ( 2 Young Sh & Tube 2% Zenith Radio RIGHTS—EXPIRE. 2 PacGas&El.Marll 13 2% 24 , Sales of Stocks on New York Exchange. 10:30 A0 - 500000 12:00 Noon. 130 PM 700,000 2:10 .M. Dividend rates as given in the ab sayments, based ‘on’ e faies qulru.rl‘y"':r“hlf( Neatly' desiutonn 41 X n stock, _ tPayabie-in h"P'.m'.u P9 Ftor. % i o el;:t;: /vfl‘fi ;flflcfk“ ,‘, IPP‘ stock. yable wl Pald this Searons rasuls suie, 'S 28", 73 2% 1,800.000 , 00,00 year— tocl h o tock. especially as current. reports indicate highly competitive concerns whos: re- ports reflect heavy losses of net income for the year 1930; running, in not a S to 45 or 50 per cent below thoss of the ycar previjous. In many cases, these were due (& the record s showing) to fluctuation of basic whole- zale prices. For the season Now open- ing, the causes of such lossts will not be repeated—indeed, cannot well be so This is regardless of .the question ‘whether business remains g:nerally de- ressed or reflects large improvement. he losses of volume may continue, but they will not be likely to result in sacri- fice of net revenue on any scale nearly 0 large as was the case in 1930, Issues apd Maturities. ‘The fact that during January the new market were well ssucs floated in this toward $700,000,000 :Fah well for! ¢ that there was a satisfactory demand for the good securities thus offzred. In general, the prospects now point to an active financial year. Large maturities falling due at an en.rl{ date, not merely in Government securities, but in other classes of obligations as well, will neces- sitate considerable turnover and re- financing operations, regardless of the question of borrowlns for new capital purposes. It apparent, also, that a many new otations must not be a moment longer than 4s absolutely essential, w genuine capital needs are already indi- cated by the condition of production in ‘many directions. Not a few of the most pressing demands are foreign and, while Wbll:‘c taste is, today, definitel: inst such foreign ber of them will avoidable. Fhe be un- 1is one not | silver, only indicates the continuation of strong demand for new funlls, but likewise suggests that the plan of “holding off” and waiting a better outlook cannot much longer be continued, but must shortly be brought to a close—effort being made ‘to get access to fresh sup- plies of new capital at the earliest pos. sible moment. * NEW YORK COTTON Opening cotton prices were 2 to 4 points lower today, with most of the selling in near months. The report of the As- sociation of Textile Merchants on Jan- uary operations showed that sales for the months 1183-10 per cent of pro- duction, shipments=1042-10 per cent o{lroducunn and that stocks on hand had decreased 23-10 per cent at the end of the month. Unfilled orders in- creased 99-10 per cente This was in- terpreted as bullish, but the market re- pesiod | f:.:“ fiy;.;&"'x:.: pneverue nnlmzl;e; n'fqm.é‘é'.:’ " from souum': lmm moé Tiod was 1,282, | continental opera! against 1,216 in 1930, 7 i o ch, 1057, 11.10, off December, Jewel Tea Co. Sales. NEW YORK, Pebruary 9 (#).—Sales of the Jewel Tea Co. for the four weeks January 24 totaled $1,066,913, a decrease of 11.2 per cent from $1,202,- 513 reported for the corresponding Opening prices were: Mary . off 4; May, 10.84, off 4; July NEW YORK, Pebruary 9 (P).—Ber|2; October, 11:35, off 2, and 2619 ? o 1152, off 3. NEW YORK, February 9 (Special).— s vertible¢ Advance. BY #. H. RICHARDSON. Special Dispatch to The Sta NEW YORK, February 9.— Bond prices were steady today in a mod- grately heavy volume of tradin United States Governmeént long term issues were dull, with some liquidation. Since most of this occurred in Treas: ury 33's, 4's and 4%'s, where the re- coveries from the lowest levels of the year mounted to 2 to 3 points, it was attributed to profit taking by in-and- outers. Liberty issues were firm. Do- mestic issues of a high grade nature held unchanged or gained a shade. Convertibles ranged higher all around with stocks. Junior issues advanced under the same influsnce. Foreign dollar bonds ranged irregularly higher. Money rates were unchanged. The feature was the strength of New York City traction issues. Both Brooklyn-Manhatt. Transit 6s and Interborough refunding 5's gained fra tionally and made new tops for 1931. Transit unification under a city ows ership plan is now an accepted fact, and the Street’'is merely awaiting ap- proval of the scheme by the State Legislature. ‘The announcement that the Treasury will sell another $150,000.000 of 90+ day discount bills was interpreted to mean that the Government expects to be able to borrow as advantageously as it did two weeks ago, when $60,- 000,000 of bills were sold at a cost of 95 per cent per angpum. The fact that a larger amount is now to be offered induced the opinion that the rate ob- tained would probably be slightly above 1 per cent. Banks that recently disposed of heavy Government long-term holdings have been adopting two courses. One group was quick to rebuy Governments at or near their lows or to buy Govern- ment_short-term paper. ; Others trans- ferred their funds to prime corporation bonds. This demand was apparent to- day-in Atchison General 4s, American Telephone 5s, Canadian Pacific 4s, Quincy General 4s, Chicago & North- western General 4s (which jumped 14 points to a new 1931 peak), Great Northern 7s, Midvale Steel 5s, tional Dairy 5!4s, Nickel Plate 4'.s, Southern Pacific 415s, Standard Oil of New Jer- sey 5s, Utah Power & Light 55 and Youngstown Sheet & Tube 5s. | Washington Stock Exchange ' SALES. Federal-American National Bank & Trust—10 at 51. Washington Gas 55—$2,000 at 10415, Washington, Gas Gs “B"—$1,000 at 10515, AFTER CALL. Washington Gas Light—s5 at 1221, Cll};‘ aszosuburban 55—$1,000 at 30, $1,000 al 3 Capital Traction Co.—10 at 3914, 10 at 3915, 30 at 391%. Potomac Electric 513% pfd.—2 at 110. Capital Traction Co.—50 at 391. Bid and Asked Price: BONDS. PUBLIC UTILITY. Amer, Tel. & Telga. 4% '33 & Tel 4i3s '39.. C. & P. Tel. of Capital Traction R. City & Suburban 53 Barber Chevy & Ross, Inc., Chase Club 5las Columbia Country Club D, C. Paper Mig. 6: W. M. Cold Storage 5: Wash. Cons. Title 6s. STOCKS. D Norfolk S Pot. Elec. Power 6~ pfd Elec' Power 5'2% pid. Rwy. & Elec. com. . Rwy. & EL pfd. ¢ NATIONAL BAN) Capital (14).. (i3 1 (s TRUBT CO! Amer. Sec. & Tr. Co. (15 SAVINGS BANK. | Bank of Bethesda (61). . mmerce & Savings (10, East Washington (12). Potomac (10)...% . ... [ Security Sav. ‘& Com. Bk. (i7) Seventh Street (12 . United States (30) Washington Mechal 20) FIRE INSURANCI American (12) Corcoran (10) Piremen's (8)... s National Union (i3). . TITLE INSURANCE. lumbia (6h). 3 al Estate (6h). . e Title & Iny. Co. Md. dom MISCELLANEOUS. Barber & Ross. Inc., com Col. Meaical Bidg. Corp. ( I Sand & Gravel pid. (7)... D. C. Paper Mig. pfd....... Dist. Natl. Sec. pfd. as) Wood & Lothrop com Woodward & Lothrop pfd.’ {7} *Ex dividend. extr b Books closed. extr 15% extra. §1% extra. 3 ci2ie exira. elia% extra. ACTIVITY IN BALTIMORE BUSINESS IS REPORTED Special Dispatch to The Star. BALTIMORE, February 9.—Indicat- ing that business activity in Baltimore has held up fairly well so far in the new year the report of the local clearing house on- clleck transactions of the banks in the city. These figures show that during two of the five weeks so far repofted for 1931 increases were shown .over the comparative 1930 riods and that the level of the last fortnight was only slightly below that f last year. Bank ' clearings in January totaled $354,170,650, as compared with $433,- 755,507. The decline in this instance was largely influenced by bank ‘mergers taking place in the meantime. Improved Conditions Noted. US4kus FOREIGN. Argentine 5%s°62. Argentine May '61 Argentine 68 A'57. Argentin B'58.. 5 1 Bolivar 75 '58. .. . Bolivia 7s ctfs '69 Brazil 7s Brazil 8s 41 Bremen 7s '3 Canada 5s " Canada Chile 6, Chile 6: Chile 7s * Chin Gvt Ry 58 '51. “olomb 68 Jan '61 Con Pow Japan 78 Copenhag 4158 '53 Copenhag 5s '52 Cuba 5%5'45... Czecho 85 '51. Denmark 418 '62. Denmark 5% ‘55 Denmark 65 '42. . Dutch East16s'4 Dutch East 163 '6: Flat 7s ex war '46 Finland ‘58 Finland 7s 50 ram 1 D 78 9. French Gvt T%s Gelsenk'chen German 5% " German Bk 6s '3! German 7s rep "49 Greek 68 '63...... Haiti 65 Hol-Am Irish Free St 6s Italy 7s°51... Italy Pub Sv 7852, Japanese 5755 ‘65 Japanese 6%s '5 Jugosl Bank 78’5 Karstadt 6s°43. . Kreug & Toll Lyons 6s'34.... Marseille 6534 Mex 45 asstd 19 Mex 4s asstd 1910 Milan 634552, . Montevideo 7s 52 Netherlands 6s New S Wales 6557 New S Wales 65 '58 Norway 5863 Norway 5% Norway 6s’43 Norway 6844 Norway Orient dev 5%s'58. Orient dev 65 ‘53 Paris-Ly M 7558 Peru 6s'60. T Y medRoarSa e kaS-ReBe anomm o Poland 6540, Poland 75 "47. Poland 8s 50 Porto Aleg: Prague 7% Queenland 65 47... Queenland 7s 41, Rhinelbe 75 '4 Rhine West 6s'52. . Rhine West 65 '53. . Rhine West 75 '50. . Riode Jan 6% 5 '52. Rio de Jan 8s '46. .. 68. . 1 ® Serbs-Cr-Si Soissons 6s '36. Sweden 5% 5’54 Swiss 514546 Toho El Pow 6s'32. & Toho El Pow 7s '§5. Tokio 5%s"61 5 Utd King 5%8°37.. 19 Uruguay 6s'60.... 2 Vienna 6s 1 Warsaw 7s 5! T Yokohama 6s'61. .. Sales. Hien. 4 103% *| walworth 6s A *45. 101% 883, 801y 9613 107 120% 126 108%; 984 9% 98% 90% 93% 104% 80 6415 913 104% 104% 6% 102% 922 98 106% 32 106% 106% 82 81% 87% 87% 64 6215 5 9% 9T MISCELLANEOUS. Abitibi P & P 5853, Ab& St5%s'43 Allegheny 63 '44. Allggheny 55 '49.. Allis-Chalm 58°37., Am Ag Ch 7354 Am Beet Sug 65 '35. Am F P 55 2030 AmIGCh5%s'4). Am Metal 5%5 ‘3., Am N Gas 63 Am S&R 18t 58°47.. 5 Am T&T c tr 55 46, AmT&T 538 £°60.. AmT&T 538 43. .. Arm Del 53;5°43. .. At Gultf 58’59 At Ref deb 55 '37. Bell Tel Pa 53 B '4; Bell Tel Pa Beth Steel pm 6 rt-td deb 5% *48 Chile Cop db 6547 Col G&E bs May '52 CCMd 1st rf 58 '50. Com Inves 535 "4y ConG N Y 5%s '45. Denver Gas 55 '51.. Det Ed G&R4%s'61 Det £d rf 65 B Dodge Br ¢l Donner St 7s'42. ... Dugquesne 4145°67.. 5 Kast C Sug 7158 37 Gen,Cable 58 "47 Gen Motors 6s " s 0. Buh Somome om oanSen Gen Th Eq 6s 40 Goodrich cv 6: Good 1st 6345 *47. .. 1 Goody'r Rub 68 '57.. Hoe & Co 61:5°34.. Hum O&R 65%s '62.. M BTIist I Int Cement 5s ‘48 Int Hydro E! Int Match 6: B! Int MM col tr 68’41 IntPap6s A ‘47.... Int Pap 6s'55 IntT & T 4%s’52.. Int T&T cv 4345 '39 IntT&T58"55.... Kan C P&L 5s A '52 KanG & E 4%s'80. Laclede 5%sC"53.. Laclede 5%s D '60.. Lautaro Nit 6s '54. Lo Lorillard 5%s '37 Lou G & El 53’52 f McKes & R 538 '50 Midvale Stl 5s'36. . Mont P db 5s A '62.. NY Ee NYT NYT NY Te Nor Al ‘el 49 m Ed 5357 Nor Am Ed 5138 834 7 T6% 88% 1. BT 4 102% s 106% 101% 95% M 91 1% 95% 76 62% 814 91 85 105% 95 101 20 ° 109% 114% 103 107 12 103% 102 114% 114% 1025 102% 106'% 106% 111% 112 108% 103% 2028 203 Pub Sv G 4155 '67.. Pub Sv G 4148 '70. . Pure Ol 5%5'37... Rem Arms 6s A "37. Rem R 518 A 47 Rich Oll cal 68 "44. . Shell Un Ol 5847 Sinclair Ol 6% SmcO7scvA’3T.. 1 SincCr 0 5%s'38.. inc P L 584 Skelly 0il 5% Solvay Am 53 42 Sou Bel T&T 5841, SW Bell T 65 A '54 StOilN J 5546 StOiIN Y 438 '61. Sug EsOr 7s '42... Tenn Cop 65 B "44. . Tenn Fl P 65 A 47 Tex Corp cv b8 "4 102% 1025 92 92% 95 87% 64% 83% 106 103% 103% 997% 100 12 12 95 95 106% 106% 9% 99% 99 99y 0% 1% 102% 102% 74 T4 80 8L %5 7 70 1% 104% 10 103 103 1084 108'% 103 103 97 97 100 100 45% 45% 102% 103 Warn Br Pic West El deb 58 '44. West Union 55 '60. West Un T 6258°36. 10 WEO5%s'37ww. 1 Wil-Ov 1st 633533, 1 Wil & Co 1st 65 °41. Win R A 748 41 Ygstn Sh&T 58 RAILROAD. Atchison gen 4s°95 17 99% Atchiscv 4%s'41.. 55 120% At & Danv 4= "48 AtCLecol 48'5 99 99 8% 120% 48 50 914 914 975 98 10 101+ . 95% 9 104 104% 103% 1034 109 109% 103% 103% 1004, 101 8% 3% 101 101% 88 88 841 854 9% 99% 98% 98% 98% 98% 985, 98% 10114 101% 105 105 104% 105% 17 117 11 111% 87% 874 9815 98l 104 104 103% 103% 97 97 1041 104% & O 4%s°60. & O ref 58°95. 3 & O 58 D 2000. B &O 6595 B B & O Sw dy 58’50 Bos & Me §s '55. Bklyn Elev 6 Bkiyn Man 6s ‘68 Bklyn Un 1st 5 BR & Pitt 41485 Bush Ter con 58 '55. Can Nat 4%s Can Nat 4% '55, .. Can Nat 58 July ‘69, Can Nat 58 Oct '69. Can Nor 65 db '46 Can Nor 7s deb '40. Can Pac deb Can Pac 58 otfs "44. ‘. Cent Pac 55 '60 Ches Corp 55 47 Chi & O gn 4%s’92 Chi& O 4148 B'95 Chi & Alt 3s. CB & Q gen Chi & Eas i1l 68’51, 2 Chi Grt West 43°59 13 Chi In&L gn 58'56.. 1 Ch M&StP 4% s"89. Chi M StP&P 55 '75 150 Chi M & St P adj 5s 255 Chi & NW gn 4s'87. 4 Ch&Nwn 4% 2037, Chi N . 11 104% 8 101% 3 70 3 101% 101% 70 70 Settlements. Special Dispatch to The Star. NEW YORK, February 9.—“How can business be put back on its fee9?” is what everybody is asking today. A le- gion of remedies have been, suggested. “Increase purchasing power!” says one group. Yet we must not overlook the fact that business recovery depends not only upon the ability of the family to buy, but upon its ability to pay for goods previously bought on credit. According to the National Retail Credit Association. about $15,000,000,000 of retail credit is delinquent. These frozen credits prevent the even flow of money and prolong the time necessary for the return to normal conditions. Personal finance companies, which have only recently become a vital part of the business structure, are strong forces tending to accelerate business re- covery. They aid both consumer and retailer in difficult times, and provige a 4| source of supplementary credit not available in previous seripus depressions. Now that large numbers of men are being put back to work, the personal finance companies enable families to obtain ready cash to liquidate their out- standing debts., By this means, large sums of money can be released for business expansion and trade stimu- lated all along the line from consumer to manufacturer. Legge’s Advice. Alexander Legge, chairman of the Board, sees no future for the product of the American wheat farmer outside of ths United States. Russia | will dominate the field in the next few years. The world market price will be in _her hands. The American wheat farmer, there- fore, must not raise more wheat than he can sell within the United States. tates. 5 t your production to your nation al consumption. There’s no hope other- wise,” says the Farm Board chairman. And he is right. = Cottonseed Products Survey. Earl S. Haines, executive secretary of the National Cottonseed Products Association, has completed an economic survey of the entire cottonseed products Und:ymkzn as a result of complaints that many of the cotton mills through- out the couritry are taking more toll than they deserve—and the farmer is getting much less for his cottonseed than he shg.u]g—lh brings to light some interesting . The value of cottonseed products for the last three years was $754,000,000, of which $499,000,000—or 66.1 per t— went to the farmers; $76,271,000—or 10.1 per cent—to the seed merchant or those who intervened between the farmers and the mills; $29,253,000—or 3.9 per cent—to transportation; $141,307,000—, or 18.7 per cent—was Tequired to cover total conversion costs; ~$2,209,000—or two-thirds of 1 per cent—went for F 90% | Federal income tax, and only $6,526,000 94 Chi Un Sta 53 B '63. Cé& W Ind cv 4s'52, C& W Ind 5%s'62. CCC&StL 4%sE. . Clev Term 4%s ‘77, Clev Term 5873 Colo & Sou 4% s '80. Cuba R R 58 52. Cuba RR 65 ctf '36. Cuba Nor 5%s "42 105% 105% 90 90 104 104% D&RGr4%s’36 D&RG W 58°55. Erie 1st con 45 *96. Erle cv 5867 81 81% 10 110 109% 110 106'% 106% 98 98y 109% 110 m 11 % 1% 9% 99% 93 93% 881 885 M N 98 95% 70% 70% 56% 91 ki) 81% 70 97 Grt Nor 4%s Grt Nor gn 5% E. 15 98% 5 110 8 995 111 Cent 4 93% 111 Cent 4: 66 111 CCStL&N 4%s Int Rap Tr 5s 66. Int Rap Tr sta ‘6 Int Rap Tr 6s '32 Int Ry C A 6%s'47. Kan CFtS&M 4s'36 3 Kan City Sou 0 10 79% 79% 179% Kan City Sou 55°50 3 100% 100% 100% Kan City Ter 45°60. 20 94% 94% 94% LehVevd4%s2003.. 5 984 984 98% Manh Ry 1st 4590 3 67 57 57 Market St7s'40... 3 96 95% 96 Mil E Ry & L 5s’61. 14 101% 101% 101% M StP&SSM con 4s. 91 89% 894 M StP&SSM 5s gtd. 92 M StP&SSM 6%s. . 99 MK & T 1st 48 '90 904 MEK&T4sB " 894 MK & T adj 55°67.. 93 MK&T prin Mo Pac gen 4s Mo Pac 55 A '65. Mo Pac 58 ¥ Mo Pac s H Mo Pac ref 5s '81. Mo Pac 5 cv 49 Mont Tr 1st 55 '41 NCh&StLds'78 Nassau Elec 4s " N&T&MGs B 54, NOT&MGb%s 54, N Y Centdb 4s°34 NYCends'98..... NYCreim 5-20;: 95% % 94% 95 984 99% 944 52 T8k e 934 2 100% 100% 100% 24 100'% 100% 100% 4 953 954 95% 13 107 5 1075% 107% 107% 90% 9114 5 101% 101% 101% 87 T 7 8. 18 914 NYC&StL6s'32. NY NH&H 3%s°54. 16 115% 115% 115% NY NH&H clt 6s. 3 105% 105% 105% NY O&W gn 4s°55 2 36% 36% Nor & Wn cv 4s '96. Nor Pac 3s 2047. Nor Pac 4s* - Nor Pac ri6s 2047.. Oreg-Wash 4 Penn cv 4%s '6 Penn gen 4%s 1 9 9 9 3 111% H1% 111% 14 95 94% 95 4 5 101% 101% 101% 3 105 105 105 17 109% 109% 109% 1 94% 94% 94% 5 99% 99% 25 101% 101% 101% 1 94% 94% 94% 5 1071 107% 1074 1 96 96 96 4 84% B4y 844 5 1004 100% 100% 10 % 99% 99% 27 87% 86' 86% 11 83 82% 824 7 101% 101% 101% 13 100% 100% 100! 1 110% 110% 110% 18 8 18 Pere M 1st 45 '56 Pere Mar 4%5'80. . P CC&SIL 4%s'77. P&WV4LsB'5Y. Por R L&P 735 '46. Read Jer Cen 4s'51 Rio Gr Wclt 4549 St L Ir M'nt bs ‘31 33 1063 106% | 90% sournen',s"_'l'i.. 9 1013 101 101% —or nine-tenths of 1 per cent—was retained by the mills, representing their net_profit. “do the average per ton profit taken harges made that the industry is making profits and paying the farmer too for his seed.” ‘The association expects to continue its investigation and make further re- ports from time to time. This first report is a most helpful one for the industry. . Opposing Systems. layer. pfly:cenfly in a communication to the New Republic he sized up his economic philosophy in this short paragraph: “There are only two methods by which the production of the world’s wealth can be handled. The instrument and means of production can be owned by private individuals and used com- petitively for provate profit, or they can be publicly owned and be co-opera~- tively for social profit. The fruits of the former system are what you be- hold—poverty, unemployment, crime, war and revolution; while the fruits of the latter system will be peace, pros- perity and happiness for all mankind.” In the capitalist system the mo that drives it ahead and gives it life and support is private profit. If this factor is eliminated, such as is contem- plated in Socialism, what motive will the drive or the dynamo to hold er and push ahead the social order? This is the key to the fight now raging throughout the world be- tween these two schools of thought. (Copyright. 1931, by North American News- paper Alliance.) CHAIN STORE SALES ARE WELL SUSTAINED Thirty-Three Systems Report Only Slight Decrease for Month of Jnmury.‘ By the Associated Press. NEW YORK, February 9.—Thirty- three chain store systems took in only 21-10 per cent less cask in January of 1931 than they did in January of T930. This was shown in a tabulation pre- pared today by Merrill, Lynch & Co., chain store financiers. ‘While statistics showing the decline m? prfirfimchl'j,ged by these or- m curing the'pask yest iz unavailable, there has a decline in general prices estimated at some- where between 15 and 20 per cent. Thus it is believed the total volume of merchandise sold compared favora- bly with the previous year. Chain store sales statistics in recent years have been distorted by the rapid in the number of stores op- erated. But this expansion was great- 1y checked in 1930. llar volume is ex- ‘The decrease in do plained by inclusion in the tal n of the sales of Sears, Roebuck & Co. with a decline from January, 1930, of 14.1 per cent, and Montgomery Ward & Co., of 9.3 per cent. The total sales of the 33 store sys- tems in January amounted to $142.- 173,094. Sears-Roebuck was first with, roughly, $23,000,000; Woolworth, sec~ ond, with $19,000,000: Safeway Stores, third, with $17,600,000, and Montgom- ery Ward. fourth, with $16,600,000. Sou Ry gen 4s°5 17 874 Sou Ry bs '94. 8 109 Sou Ry 6%s°66..... 5 117 Sou Ry M&O 4s 5 9% Tex&PacbsC*79.. 1 98% Texas Pac 5s D 11 98y Third Avref 4s°60., 2 50% Third Av adj 55'60. 25 33 Un Pac 1st 4547 1 100 4376 90 944 5 101% 2 106% 2 103% 87 87% 108% 109 . u7 17 941 94y 93% 944 101% 101% 106% 106% 103% 103% VaRy 1st5s'62.... Wabash 1st 6s '39. Wabash &s D '80 West Md 4s 5. Pa