Evening Star Newspaper, February 9, 1931, Page 15

FINANCIAL + CURB SHARES RISE ON SHORT COVERING Utilities and Oils Are Leaders as Activity Shows Pick-up. BY JOHN A. CRONE. Speclal Dispatch to The Star. NEW YORK, February 9.—Shares were in demand on the New York Curb Exchange today as shorts sought cover because of a number of favorable week end developments. Leaders such as Electric Bond & Share, United Light & Power A, Cord Manufacturing, Technicolor and Public Service of Northern Illinois (no par) ran up a point or more. Ford Motor, Ltd., and Cities Service moved ahead, gt at a more leisurely pace. The must important corporate de- velopment over the week end was the court decision in Missouri upholding the merger of Standard Oil of New York and Vacuum Oil. The former stock opened up fractionally and the ll:tfkr jumped 4 points to a record high vel. General Petroleum Corporation when- fssued common opened at 26, off 37% points. The stock of this newly formed corporation would be exchanged on a share-for-share basis for Standard Oil of New York urder the proposed merger. Vacuum shareholders would get three shares of General Petroleum for each of their present shares, The merger development and expec- tations that the Federal Trade Commis- sion within the next 24 hours would announce an extension of 60 days on its February 3 order, abolishing the present marketing code of the oil trade, caused a stir in petroleum shares. Humble Oil & Refining rapidly ran up 4%, points to a record high level before meeting resistance. Standard Oil of Indiana, which has been affected by recent tariff proposals, and Standard of Kentucky likewise moved ahead on the early bulge in oils. Cord Manufacturing got away at the start with a burst of speed, reflecting reports that the company recently ac- quired about 20,000 additional shares of Aubura. The cheerful tone of the London market stimulated demand for Ford Motor, Ltd. Stutz, as a result of recent sales figures, gave the shorts some wor- ried moments as it stepped up to 8 new peak. International shares generally bene- fitted from the action of markets over- seas. This was especially true of Brazilian Traction, Hydro-Electric Se- curities, International Utilities B and Italian Superpower A. Better feeling in the steel trade, as noted by expectation of gains in un- filled orders and prospective price ad- vances, was reflected in _some of the allied securities such as Driver-Harris, up 27%, Fansteel Products, up 1, and Dresser manufacturing B, up 27% and at a new high. U. S. TREASURY BALANCE. The United States Treasury balance, announced today as of close of business February 6, was $192,557,446.57. Cus- toms receipts for the month to date were $5,569,973.89. Total ordinary ex- penditures, $11,877,459.21. PARIS BOURSE PRICES. PARIS, February 9 (P).—Price changes were irregular on the Bourse todey. Three per_cent rentes, 88 francs 60 centimes. Five per cent loan, 102 francs 30 centimes. Exchange on London, 123 francs 98 centimes. The doliar was quoted at 25 francs 49 centimes. SRR EERA FOREIGN EXCHANGE. b w. Hibbs & Co.) Iue ttrdl London, Paris, x pound. .. fran: Rome, Zurich, Athens, Madri engo. . (nom.} crown.. TREASURY CERTIFICATES. (Peported by J. & W. Ecligman & Co.) RateoAatirics B “ter a8 Dec. 15. 1931 1 M 00 7-32 Dec. 1 BONDS ON THE CURB MARKE! DOMESTIC BONDS. h. Low, Noon. b e, S8 Bales in thousands. 1 Alabama Pw 4135 '67 9 10 Alabama Pow S5 68 10: 1 Amer 3 Amer Roll Mill 5: 8 Appajach_Gs 65 5 Appalnc Gas 6s B 48 73 6 Arkans P & L 55 ' 12 Asso El Ind 4%as 10 Asso GAE 4%s 49, C 9 Asso Gas & EI Bs 50 74 22 Asso Gas & EI 55 '68 T 10 As G&ES'2s '3 14580 G & E 528 77 5 As Tel Util 5135 '44 o Tel & T 5%s '3 1 Uilit 55’54 Elec P & L 55 A 2030 Empire OLR 8ias, '42 Pederal Wat 5158 /54, *54. 874 5 '3 4 67 100% 90 19 Peop L&D 5s '8 3 Piedmt E) o5 A ‘€0 1 Pitts Conl Co Bs * 1Baden Gon Mn Bhen” Alr pr 11 41 ver. Pro_ 614 lz.‘.‘::., vd EI 18 ‘52 tta Fras 78 ‘42 ww 18anta Fe Arg 7s '45. T 12 Saxon Pub W 55 ww—Wit EW_Witbout warraits, n—Ne Wi--When lzsued. NEW YORK CURB MARKET 3=wiica: | [GENERAL MOTORS [=55 00 =| PAYS OUT SAVINGS|chamber ot Note—All stocks are sold in one excepting those designaf which shows those stocks were ~Prev. 1931~ Stock and Sales— High. Low. 31 Aero Supply B. Affiliated Prod 1.60. Afnsworth (1.60) Alljed Aviation Allied Mills (60¢) . 4% 1% 11% 9% 8 % kY 5% 4% 140% 14 28% 1 1% 3% 33% 5% 113% 241, 7o AmCityP&L B b10% Am Com P A (b10%) Am Com P B (10%). Am Cyanamid B..... Am Equities. Am Gas & Eln (11).. Am Hard Rub (4)...200s Am Invest Inc B.. 16 Am Invest war. . 4 Am Laund Mach (4). 268 Am Lt & Trac (2%). 13 Am Maracaibo. 9 Am Meter (3) Am Natural Gas Am Superpow (40c). 425 Am Superp pf (6)... 3 Am Ut&G B vte(20c) 36 Am Yvettenew wi... 4 Anglo Chil Nitrate. Appalachian Gas. Arkansas Nat Gas. Arkans NatGas A. .. Assoc El In Ltd 30c. Ass0 Gas&El A(a(2) Assoc G & E A dbrts Assoc G & El war. .. Assoc G & E pf (5) AssoG & Elct (8)... Assoc G & Eall ctfs. Assoc Rayon.... Assoc Rayon pf (6). Assoc Tel Ut (b8%). Atl Secur Corp. 7 Atlas Util Corp 4 Atlas Utilities Auto Vot M cv pf b Aviation Cp of Am.. 4 Bickford's Inc (1.20) Bickford's Inc pf 2% Bigelow-Sanford i Blue Ridge Corp. % Blue Ridge cv pfas.. Braz Tr & Lt (b8%). Buckeye PL (4).... 4 Buft N&EP pf (1.60). Bulova cv pf (3%) Butler Bros Cable Radio T vtc. Canada Marconi. Carib Syndicate. .... Celanese Cp pf (7). Celluloid Corp. .. 4 Cent Hud G&E (80c) Cent PubSv Aal.7 Cent Pub Sv Del. Cent St El (k40c) Cent St ELpf xw (6). Cent & Sown Util pf. Centrifur Pipe (60c) Chat Ph Aln.v (1) Chesebrough (161 Citles Serv (g30¢) . Cities Serv f (6). Cit SYP& L pf (6) CitSYP&Lpt (7). i City Ma&Tool (1.60). Clev Tractor (80c).. Colombia Syndicate. Col Pict vte (f13%). . Cmwlth Edison (8).. Comwlth Sec ev pf.. Cmwlth & Sou war.. 122 Com Wat Sv (b6%). 176 Comstock Tunnel 40 % Consol Copper.... Consol Dairy Prod. .. Consol Gas Balt 3.60. Consol Laund (1)... 8 Consol Trac N J (4).100s Contl ChiCpevpf3. 1 Contl Share cv pf (6)3008 4 €ooper Bessemer,(2) 1 Copeland PrInc A. .. Cord Corp Corp Sec Ch (h6%).. Cor & Rey pf A (6) Cosden Ol Creole Petroleum Cresson Consol (4c). Crocker Wheeler Crown Cent Petrol i Cuban Cane pr opt w. Curtiss Wright war. Cusi Mex Mining. ... Dayton Alr & Eng. Deere & Co (1.20) De Forest Radio Deisel W Gilb (1%). Derby Oil Refining Detroit Aircraft. ... Douglas Afreraft (1) Dresser Mfg B (2).. Driver Horris new. . Dubilier Cond & Rad Duke Pow (5) Duquesne Gas Cp wi Durant Motors. ..... +100; 23 8 11 2 325 5 Eisler Electric Cor 2 Elec Bond & Sh (b6). 761 Elec B & Shpt (6)..: Elec B& Shcupf5.. Elec Pow Assoc (1). Elec Pow Asso A (1) Elec P& Lt op war. . El Sharehold (b6%). El Shareh pf (a6%) .. Emp Corp war. .. Emp Pwr pt (4.60).. Europ Elec deb rts. . Europ E Ltd A (60c) Ex-cello Alr & Tool. Fajardo Sugar. Fansteel Product Federal Baking Shop Ferro Enamel A (4). Fiat rets (1.25) Fiat Stock deb rt Ford M Can A (1.20). 1 Ford M Ltd (p37%). 127 Foremost Dairy Pr.. Foremost Dal pr pf. . Foundation For Shi Fox Theater Cl1 A Gen Alloys (80c) P U T TSR @ =3 » Ao~ nR n Bak pf c.0.d. (3). n Baking N Y wi n Capital Corp. ... Gen Elec Ltd (p70c). Gen G&E cv pf B (6) 2508 4 GenThevpfwi(3). 15 Gleaner C Harvnew. 9 Glen Alden Coal (8).. 4 Globe Underwriters. | 8 Gold Coin new. 1 Golden Center. 26 Goldman Sach T C... 125 Gorham Incpf (3).. 1 Gt At&Pac Tea nv(6) 30s Grey TelPS (14)... 1 Groc Strs Prod vte... 1 Guard Fire Asso (2). Guardian Invest. Guif Oil of Pa (1 Guif Ofl of Pa (new Hall Lamp (40¢) Happiness Candy Hecla Mining (1) Hoilinger Gold (6, Horn & Hard (213) Hou-Her cv pf A 2 Hudson Bay M&S .. Humble Of' (12%) waaRRamomea § Hygrade Food Pro 4 Imp Ol of Can (50c) Imp O Can reg (50c). Indiana Pipe L (2).. ind Ter [lu O11 A 1 Indus Fin cv pf (1).. 258 Insull Inv (b6%).. 9 insurance Sec (70c). 10 Intercoast Trade (1) 3 Intercontinent Petn 1 Int Petroleum (1)... 26 Int Saf Raz B ( Int Superp (1 10)... Int Utilities A (3%). Int Utilities B. Interstate Equities. Inter Equ conv pf(3 Irving Alr Chute (1) oax 5% 21 26% T dred- ted by the letter s (80s) (2508) sold in odd lots Dividend Rate. Add 00. Open. High. Low. Close. 3% % 3% 19 % 5 13 160 152% 14 14 14 11% 2374 3919 % 3 33% % THE EVENING STAR, WASHINGTO Stock and Diyidend Rate, 3 Iron Cap Copper..... % 2% Italian Superpow A.. 10 Kleinert Co (1)..... Kolster-Br (Am Sh). Lackawanna Sec (4), Lake Superior Corp. Lakey Foundry..... Lefcourt Realty 1.60 Liberty Baking. ... Lily Tulip Cup (1%) Loew’s Inc deb rts. .. Loew’s Inc war. .. LoneStar Gasn (1).. Long Island Lt (60c) Louisiana Lan & Ex. MacMarr Stores (1). Magdalena Synd Mass Util Assoc. Mass Ut ev pf (2 Mavis Bottling Mayflow Assoc 5 Mead Johnson(13%) Memph N G Co (60c) Mer Ch & 8 (1.60)... Mesabi Iron. .. lots D, 3% 17% 9% 85 % 10 » = Bromorm e 0ot B Bea - ) Mid West Ut (b8%) . Mid W Util A war. .. Mid St Prod n (2). Mid Unit pf A (a3).. Mo Kan P L (b10%). Mo Kan P L vte. ... Miss Riv Fuel bd rts. Moh H P 1st pf (7). Montecatini deb rts., Nat American Co.... Nat Aviation. .. Nat Bond & Sh (76¢). Nat Family Stores Nat Fuel Gas (1). Nat Investors....... Nat Pow & Lt pf (6). w [T US Sop - ST TITRISS - JO e o o L - - .. 30 New Eng Pow pf (6) 120s New Eng Pow (2)... 108 New Jers Zinc (13).. 1 New Mex & Ar Land. 3 Newmont Min (4)... 7 % N Y Steam n (2.60).. 4 Niag-Hud Pow (40c) 76 1 Niag-Hud Pow A w..22338 Niag-Hud Pow B 1 151 Nor Ind PubS pf (6). 1 NorStPow A (8)... 4 Nor St Pow pf (6)... 10s Novadel-Ang (t4%4). 4 Oflstocks Ltd A(40c) 1 Okla Gas & El pf (7). 50s Outboard Mot A 1 Overseas Sec % Pac Pub Sve A(1.30). 4 Pandem Ofl. Pantepec Oil £ Pender D Gr A (3%) 1508 Pennroad Corp (20c) 33 Penn Mex Fuel (p3). Penn Wat & Pow (3) Peop L& P Aa240.. Petrol Corp war..... Pie Bak of Am A (2). Plerce Governor. . Pilot Red Tube A. Pitney B P n (20c).. Plymouth Ofl (2).... Polymet Mfg Prince & Wh! i 4 Prince & Whitely pf. Producers Roy Corp. Prudence Co pf (7). Prudential Invest. .. PS of N 111 (8)no par Pub Util Hold Cp ww Pub Util Hold war. . Pub TUtil Hold Cp xw Pub Ut Hold cu pf(3) Rwy & Lt Secur (13). 25s RR&UHIInvA.... 387 Itainbow Lum Pr A. Rainbow Lum Pr B. Reliance Int A . Rellance Int Cor Reliance Manag. Reybarn Co. .. Reynolds Invest % Richman Bros (3) Rock Lt & P (90c) Rossia Int Corp..... St Anthony Gold St Regis Paper (1).. Salt Creek Prod (2).. Schletter & Zander Schlet & Zander pf Schulte Un 5c-$1 St.. Seg Lock & H (50c). Selected Industries. . Selected Indus pr pf. 4 Shenandoah Corp. .. Shenan Cp pf (a3)... Silica Gel etfs. Stnger Mfg (10) Sisto Finance Corp. . ith (A 0) (2 South Penn 0il (2).. South CEd pf B1%, South1d Rovalty 60c. SW Dairy Products. Spieg May Stern pf. . Stand Invest cum pf. Stand Motors. ...... Stand O1l of Ind (2).. Stand Oil Ky (1%) Stand Ol Nebr (2) % Stand Oil, Oho (2 Stand P & L pf (7) Strauss Roth. . Sun Invest pf (3). Sunray Ofl (b5%). ... Swift &Co (2).. Swift Internat (3) Tampa Electric (12). Technicolor, Inc. ... Tenn Products (f1).. Thatcher Sec Corp. . Tob Prod Exp (10¢ Tran Con Afr Tran Trans Lux DL P S, Tri-Cont Corp war-. .. Tri Utilities (41.20). Tubize Chatel (B)... Twin StN G pf (A).. Ungerfeider Fin Cp. . % Un N G of Can (1.40) Union Ofl Assoc (2). Un Tobacco. Unit Car Faste: . Unit Chem pt pf (8).. Unit Corp war. Unit Dry Docks Unit El Sve pf wa Unit Fou (b2-35 sh Unit Gas Corp. Unit Gas war Unit Gas pf (7) Unit Lt &Pwr A (1) i Unit Lt& Pwr nf (6). Unit Milk Prod..... t Ch pf (3%). ec Power ww. . Foil (B) (50¢) § & Inl Secur. S Inter Sec 1st pf. . S Lines of (1) S & Overseas war. Init Stores. ... Init Verde Ext (2).. 1 PRLat1.0234). 100 t P&L B(at1.02%). 111 & Tnd ti) & Ind pf (134) Utility Eauities 4 Vacuum (4). - - o SHARNME-E nsnaa S e~e T Nane~ Walker (H) (1). Wayne Pump. Wenden Copper W Va Coal & Coke. .. West Air Exn (60c). 54 1 Wil-Low Cafaterlas. 8 Zonite Products (1) RIGHTS, E Cal in_dollars based on last quai ent. . *x dividend. {PATtly extra: stock. yable in cash or stock. b Payable in ment dividend. % 1% n stock. % in stock. 9% n Plus 8% in Bales— Add 00. Open. m:‘n. Low. 3% 10 {Plus 5% in stock. g Flu 1 . 3Blus 2% n stock. " & Plus 10% 1o stock. % 3% 10 % 36% 8 9%__ 9% 1023 102% % % n 4% 4 4 4 4 106 106'¢ 5 5 5 3% 23 & 4 28% 1% 29 8 15 631% 26 ) 5 32 [ % 1%, ' an 5% by % 3% 8% 3% 2% 2% 2% rtérly or semi- 3 4? in ‘e Adjust- h Plus m Plug NEW TREASURY BILLS TO BE OFFERED FEB. 13 By the Associated Press. Treasury bills totaling about $150,- 000,000 and maturin; will be sold by the ary asury on Febry- Making this announcement yesterday, Secretary Mellon said the securities would be dated February 16 and would be retired eral Reserve banks. May 18. The bills will be sold at a discount to the highest bidder and redeemed at face value. in three months ‘The money derived be used to retire | Fens sury from the sale Census figures show $127,000,000 in notes which mature the mid- | City of Honolulu, Hawaii, dle of this month. Bids for the bills will be opened at 2 o'clock on the aft- ernoon of February 13 in the 12 Fed- nearly 50,000 residents of Japanese ancestry in the 15% ' 20,009 Employes Share in Distribution of $8,706,937 Workers’ Fund. Special Dispatch to The Star. NEW YORK, February 9.—‘“General Motors Corporation is distributing $8,- 706,937.04 to 20,009 employes who in- vested in the savings and investment fund class of 1925, which matured De- cember 31, 1930,” Alfred P. Sloan, jr., president of the corporation, announced today. “This total of $8,706,937.04 con- sists of $3,422,345.63 in cash and 149,- 388 shares of General Motors common stock. During the 12 years the savings and investment funds have been in operation, seven classes have matured and employes of the corporation have received $65,955,547, including 1,468,184 shares of General Motors common stock. In addition to this sum the em- ployes of General Motors Corporation have, in the five unmatured -classes, $82,544,634, representing cash _divi- dends and common stock available for distribution in the next five years. This makes a 12-year total of $148,500,181. 120,000 Participate. “At the present time,” Mr. Sloan stated, 120,000 employes of General Motors Corporation are participating in the savings and investment funds. Ap- proximately 26,000 individuals are heip- ing to pay for their homes through ths operation of this plan. Of the 1925 class alone, 7,000 employes applied their savings against housing contracts, amounting in the aggregate to $1,250,- 759.26. “I should like to call particular at- tention to a feature of this plan which has a striking application to present conditions, and that is the unemploy- ment protection feature. The operation | | % g of this plan enables each employe Who participates to automatically provide a measure of protection, in co-operation with the corporation, so that irrespec- tive of business conditions every em- ploye of the corporation Who partici- pates should have some financial re- sources to weather a period cf business depression without the aid of public agencies. “Each employe who invested $300 in this fund in the 1925 class is receiving a total of $1,054.16. Of this $414.35 is in cash, representing the original in- vestment plus interest at 6 per cent. The balance consists of 18.09 shares of General Motors common stock valued at the closing price of the common stock ($35.375) on December 31, 1930, representing accumulation on account of contributions by the corporation to the fund. Savings Are Substantial. “All employes of General Motors Cor- poration are eligible to participate in these savings funds,” Mr. Sloan ex- plained. “A new fve-year class is started and one matures each year. Eligibles may pay in 20 per cent of their annual earnings, not to exceed $300. On the inauguration of each class General Motors contributes 50 cents to each dollar paid in by employes. The corporation’s contribution is used buy General Motors common stock and the dividends are used to purchase more stock. “Throughout the operation of these funds substantial sums are accumulated annually. The amounts contributed by employes, however, are small, ranging from $5 to $25 per month, amounts which undoubtedly would be dissipated if this savings plan or some similar plan were not in operatio: Over & period of years these funds have helped our employes to help thems: s and in the future those who participate sheuld be able to take care of themselves.” INVESTMENT TRUSTS NEW YORK, February 9 (#).—Over- the-countér market: m & Cont Bid. Asked Corp. 1012 Composite Tr Share: Founders 1/70th ctfs. 6% pL. pf.. 70th ¢tfs. Conv pf ctfs. 40th ctf Type Invest... & Gen Eauitid Eauit re £ i} re Invest pf inin Store Owners, Tic. a Exchange A Chelsea Exchange B! Cumulative Tr Sh. Corporate_Trust Shares Crum & Foster B..... Crum & Foster Ins pi Crum & T Deposited Bank Depositcd Bank Dive Di wer T e Winmiil_Trad Tucorporated Equities ated Iny Secur Corp Gen 36 pf Second Int Secur Corp Second Int secur Corp B e | drust_Shares of Amer. Trustee Stand Oil Shares A ‘rrustee Stand Oil Shares B. sh S Elec L' & Pow Shares B.. Universal Th Sh. COCA-COLA PROFIT GAINS ATLANTA, February 9 (#).—The Coca-Cola Co.’s net profits for 1930 were $13,515,535.18, it was announced in the annual report. This net profit re- mained after deduction of Federal in- come taxes and all operating charges. During 1930 a dividend of $3 per share was paid on all outstanding class A stock of the company, leaving available earnings of $11.15 per share an the 1,000,000 s of common stock, This figure represents an increase of 8.6 per cent in earnings per share on the common stock over 1929. D. C, MONDAY, FEBRUARY 9, 1931 FINANCIAL 'YMENT STABILIZATION OF NEW INVESTIGATION Commerce Will Undertake to Organize Permanent Methods of Sup- plying Work As a first step in marshaling the forces of business with the ultimate aim of devising measures to insure stability of employment and shield it against the disturbing efTects of seasonal and cyclical fluctuation the Chamber of Commerce of the United States today announced that a committee of business executives and economists will be appointed to sound the possibilities of a constructive approach to the problem. The commit~ tee is now in process of organization. The personnel will be announced shortly. In making the announcement Julius H. Barnes, chairman of the Board of the National Chamber, emphasizes the assertion that the task is one to be done by business itself and not by Govern- ment, if the principles under which the United States has grown to be the greatest of industrial nations are to be preserved. He suggests the feasibility of suppl menting individual effort at stabiliza- tion with the wider co-operative trade association effort to minimize as far as possible the ill-effects of industrial change. By strengthening the key in- dustries in this respect, he points out, and relieving a substantial number of wage earners of the fear of insecurity which is itself a strong deterrent of business activity, a framework will be provided, which will give greater rigid- ity to the entire industrial structure, Responsibility of Business. “American business,” said Mr. Barnes, “is well aware of its responsibility in maintaining the fullest possible measure of employment. It is as desirable from an economic as a social viewpoint, for unemployment is symtomatic of a gen- eral ailment which affects alike the wage-earner and the investor. So close are economic relationships today and so complicated the mechanism of pro- duction and distribution that no one branch of industry nor economic class can long escape the untoward effects of a depression with which others might be afflicted. The maintenance of the earning capacity of the worker is as necessary to business as the mainte- nance of the consuming capacity of the farmer. “The problem is to find a practical method of minimizing, at least, the dis- turbing effects of industrial change which is the inevitable accompaniment of progress. Industry finds it necessary to adjust itself to new conditions, new methods, new processes which science and invention are constantly bringing forward. Employment is constantly shifting from old channels to new and labor, left to its own devices or relying upon individual resources, oftentimes does not keep pace with these changes as they occur. “In a condition of this kind the thing to be feared most is fear itself. Con- fidence, tempered with prudence, is necessary to the operation of even the | most perfect business mechanism. The retarding effect of a sense of insecurity is promptly communicated from worker to consumer, from consumer to pro- ducer, and the whole machine stalls, t0land the anticipated evil becomes real. Industrial Management. “At the same time the question is one of growing importance from the viewpoint of industrial management. Manufacturing plants are highly mech- anized institutions. Skilled workers can- not be casually replaced at the factory gates. Displacement of employes, @ven temporarily, involves enormous eco- nomic waste. “It might be possible that a cumula- tive series of these industrial and com- mercial_dislocations is the underlying cause of the business cycle. That is a problem to which business leadership might well address itself in the future. But we need not look so far ahead for in Industry. opportunity to apply practical measures Igrpoimproving conditions which immedi- ately confront us. “In the case of indiviqual industries, management has already made meas- urable progress in leveling the peaks and valleys of employment and lifting from the shoulders of the workers the burden of uncertainty, the demoralizing effects of which we all feel. Some have been able to assure their workers virtu- fi continuous employment throughout year, yeas “This has been accomplished by care- ful planning to overcome inequalities glue to fluctuations in demand for com- modities or to shifting conditions. Man- ufacturing and selling, the aller counterpart of the larger economic fac- tors, production and consumption, which are involved in any general economic problem, have been brought into more or less continuous balance, insuring uninterrupted operation. In a score of industries individual plants have made remarkable progress in this direction. “The question now arises whether the same methods can be applied on a much larger scale and with much greater effect by whole industries. Busi- ness executives are quite aware that no industry stands by itself. If the auto- mobile industry lags, a dozen others languish. If the electrical industry falls behind, copper hesitates. At the same time all the members of a given indus- try are adversely affected by these larger causes and caught in the same grip of circumstances. “This interdependence has given rise to the tade association movement, which has developed further in the United States than in any other country. Perhaps the time has now arrived for putting this type of organization to the test. If the individual manufacturer can overcome the difficulties which stand in the way of security and con- tinuity of employment in his own, can the industry as a whole obviate the difficulties which stand in the way of the same achievement in the larger field? Can they, by co-operating with other industries, avoid the dislocations so devastating in their effects and the occasion of such widespread distress? Need for Steady Work. “If a certain number of key indus- tries could give their workers the as- surance of uninterrupted employment and sustained earning capacity, they would set up against the recurrent waves of apprehension and distress that characterize every business depression a formidabl: barrier and buttress the general sense of security which is so im- | portant a factor in the maintenance of business activity. “Here, at least, is a starting point. In the belief that something can be accom- plished in this direction, the national chamber is asking the service of men of | proven leadership in various lines of in- dustry to consider the practicability of steps by which workers in ct industries may be given assurance of some degree of continuity of employ- ment. Different industries, it is true, face different conditions, just as each individual manufacturer faces a pecu- liar set of circumstances. But there is certainly a sufficient community of in- terest, a mutuality of advantage and similarity of method in all industries, which are inextricably tied tog:ther in the same general enterprise, to serve as a basis for a greater degree of co- op:ration among them in the attempt to devise practical methods of meeting this great problem. “This is pre-eminently a task for business. In no other way can a per- manently successful solution be found. Ill - conceived governmental remedies might easily—as they have elsewhere— lead to greater ills than those which they are intended to cure.” CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS | NEW YORK, February 9.—The fol- lowing is a summary of important cor- poration news prepared by the Standard Statistics Co., Inc., New York, for the Associated Press. Weekly News Review. The exhibition of strength in the latter part of Saturday's session was apparently the result of week end specu- lative operations rather than a sudden turn to cheerful sentiment. Govern- ment issues were fractionally higher and numerous gains ranging from 1 to 2 points were made throughout the list of stock market favorites. The sharp drop in bonds brought about a fortnight 2go by apprehension of the gigantic soldier bonus financing was practically equal- ized in four and a half trading periods since last Mcnday. Covernment issues, having fallen to an area of invesiment atiraction, led the recovery while the general list according to the standard index of 30 high-grade bonds showed a gain for the week of 0.94 point to 97.8: or within 0.9 point of this year's high. Despite the absence of definite indica- ‘ons as to the outcome of national legislative propesals or favorable indus- trial reporis, the stock market also re- versed its trend in Jast week’s trading. The 90-stock index moved up to 131.1 or 3.3 points above the close on Jan- uary 31. Rail Stocks. Twenty railroads were off 0.7 and 50 industrials 3.7 points over the level a week ago. The most con: movement on the commodity mark: was the break in silver to 26g cents an | ounce, a new bottom. The Annalist weekly index of wholesale commodily prices receded 1.2 points to a new low of 112.4. Copper displayed further weak- ness by duplicating its 1930 low of 912 cents a pound, which was the lowest quotation for that metzl in 35 years. Brokers’ loans by reporting Federal Reserve member banks in New York City for the week ended February 4 fell once mcre to a new low level of $1,716,~ 000,000, representing a decrease of the week of $18,000,000. Though smaller than the decline as reported for Jan- uary 28, it constitutes the nineteenth drop in 20 weeks since September 24, bringing the total contraction in that time to $1,506,000,000. On February 4 total Reserve bank credit outstanding amounted to $949,000,000, or $7,000,000 under that reported for the similar pre- ceding period. The average during this week was $967,000,000, a reduction of $24,000,000 from the average in the week before and of $249,000,000 under the corresponding period of 1930. The latest weekly reports avallable from a wide variety of industries indi- cate that the upward trend in business which had been under way since the beginning of the year has nearly reached a standstill. Steel industry operations, aided by seasonal tonnage of the rail and tinplate business, to- gether with an unusual demand for structural steel products for Govern- ment and municipal programs, ad- vanced last week by 1 per cent to 48 per cent of capacity, compared with ap- proximately 76 per cent a year ago, and whereas moderate gains were registered Chicago district, | Dece: the oungstos Pittsburgh have ex- hibited little or no_improvement. The decline in revenue freight car loadings for the seven days through January 24 was somewhat discouraging, inasmuch as the total of 715,690 was not only 17 per_cent below that of the like period of 1930, but the lowest reported for any corresponding week since 1921, Electricity Output. to 1,686,749,000 kilowatt hours, or 1.9 per cent under the total for the pre- vious period, a drop slightly larger than ordinarily expected at this time. Auto- mobile production, contrary to the nor- mal seasonial trend, was off slightly in the same week. Average daily crude output in the United States during the seven days including January 31 again responded to the efforts of producers to pinch petroleum production and de- creased 24,650 barrels to 2,085,950 per |day. On the basis of contract-award | figures made public by F. W. Dodge ; | Corp., residential building in the metro- politan area for the first month of the year showed an increase of 18 per cent |over the similar period of 1930. branch of construction has been most severely affected, and in view of a re- | duction in the total amount of new con- | tracts awarded in January the outlook | for residence building appears more promising. The Companies. Atlas Utilities makes alternate share exchange offers to Power & Light Secu- rities Trust. Bangor Hydroelectric 1930 net $857,- | 627, against $801,898. | Borin-Vivitone 1930 deficit $38,163; | net income 11 months ended December |31, 1929, $112,936. Cities Servic: cuts gasoline price 2 | cents in Youngstown. | Columbia Gas & Electric—Toledo |mayor signs new gas rate ordinance ng flat rate for natural gas of 50 cents per 1,000 cubic feet, with mini- mum charge 75 cents. Consolidated Laundries 1930 common share earnings $1.79, against $1.87. Denver, Rio Grande & Western Rail- road 1930 comman share earnings be- fore sinking found $2.33, against $8.16. Dominion Stores sales, 5 weeks to Januery 31, up 2.7 per cent. Exchange Buffet January sales off !446[ per cent; nine months off 8.8 per cent. | Fanl River Gas Works 1930 common share earnings $3.03, against $2.87. Ford Motor January world output of cars, trucks, 55,182, against 45,032 in December and 98,529 in January, 1930. General Motors January Chevrolet output, 70,766 units, record for month, against 64,019 in December, 67,429 units scheduled for February; had 34,- 447 employes January 24, more than 8,000 above November; normal force of 40,000 expected in February; distrib- uting $3,422,345 cash and 149,388 com- mon shares to employes under 1925 savings fund. General Printing Ink 1930 sales off 10 per cent; common share earnings re- ported around $3. Gleaner Combine Harvester—Chair- man Allen resigns. Illinois Bell Telephone Co. 1930 net income $12,971,590, against $13,075,512. Interstate Bakeries 1930 common share earnings 22.5 per cent under com- | ll.:lllnecl 1929 results of predecessor compa~- es. = Libbey-Owens-Ford Glass reported January business showed better than seasonal gain; 581 men added since first of year; December quarter deficit $601,919, against net income, $502,746, ig\zx;l to 33 cents common share in Lincoln Printing 1930 common share earnings, $2.97, against $2.69. McGraw-Hill Publishing 1930 com- share earnings, $3.37, against $37.72. o Morrison Electrical Supply common share earnings five months ended De- e etiona] Depariment Sto puuel‘ ational partmen res second preferred dividend; paid $1.75 mber 1, ‘Oklahoma Natural Gas will pay Feb- ruary 1 dividend on 615 per cent cumu- lative preferred in interest-bearing cer- will be redeemable for cash at company's option. Prentice-Hall, Inc.—1930 common | share earnin~s $2.41, against $3.49. key | in - | turns. Furlly Beliers proposes elimination of Electricity output for the week ended | like] further decline January 31 registered s waw A OIL FIRMS REVISE DIVIDEND PAYMENT Cash Disbursements Have Fallen During First Quar- ter of Year. BY BRADLEY W. TRENT. Special Dispatch to The 8 NEW YORK, February 9.—Illustrative of conditions in the oil industry, a sur- vey indicates that cash dividend dis- bursements by the various companies in the so-called Standard Oil group this quarter will fall materially below those made during the first quarter of 1930, when they registered a new high record for the first quarter of any year. While not all of the companies in the group have declared dividends pay- able this quarter, a sufficlently je number have done so to justify the conclusion that payments will be smaller in the aggregate than a year ago. Dividend Declarations. Of the 31 companies, includi - line organizations, in the sunzrgl%‘u group, 17 have declared dividends pay- able this quarter. Included among them are the largest dividend payers in the entire group. The aggregate of the cash dividends payable during the first three months of the year is estimated at ,620, n first quarter of 1930. - The total cash payments by the Standard Oil group of companies in the first, quarter of 1930 was $65,738,000. If all the companies yet to declare divi- dends for the first three months of this year make the same distributions as they did a year ago, the total cash dividends by Standard Ofl companies during the current quarter will come to ap_‘P;:)xll"’n:hl};ntEI!.lfilm. e drop cash dividends of Standard Ol companies is due to :I: in rates made by four companies. The or 62'; cents a share quartel; year ago, that commnq;l thl.l’ mmrm 3 will pay only 50 cents a share, a dif- ference of 12!; cents a share, which in ing neuY; 17,000,000 shares, Other Reductions. The second important company g]za‘l‘::d a cl'sz l}ll: gkvx‘lg Oil, which recm'!‘-, uces lend fr¢ a share to 25 cents. S Cuts also were made by Standard Oil of Nebraska and by Standard Oil of Kansas, but as both those companies have a small capitalization the reduc- tions make little difference in the total disbursements the Standard Oil il y regula: ividend, just it did in the first quarter of 1930. On the other hand, it has issued aboul 500,000 additional shares within the last 12 months in the acquisition of new properties and is continuing the regu- lar dividend flmplymenu on the increased . That_amounts 12, Which s far larger than any otrer came: pany is paying. Standard of Calif; comes second with $10,531,614, be paid on 16,850,578 shares 'of 'capif stock at the rate of 62! cents a share., (Copyright, 1931.) . GRAIN MARKET CHICAGO, February 9 .—] - enced by advanced asking M‘;r Argentine and Canadian wheat and by decreased stocks at Liverpool, grains tended upward early today. Selling pressure was absent, despite rains in large sections of drought ter- ritory. Opening at i cent to 15 up, Wheat later scored material Corn unchanged wnfi higher and subsequently rose all around. Reasons given for higher prices on Argentine wheat included wet weather, causing additional delay to and exports. Simultaneously, Liverpool stocks showed a falling off to 3,800,000 bushels, hardly mcre than half the total a year ago. A decided increase of the amount of wheat on ocean passage, compared both with last week and last year, failed to act as an offset. France was reported buying at full premiums, with supplies at Paris smaller. Dearth of selling pressure, which was conspicuous in grains much of the time, was associated with sunshiny cond tions reported over wide areas that still complained of moisture shortage. At various places river st ‘were noted at 3.2 feet, against 29. year. Corn and oats advanced with wheat, despite liberal receipts of corn here, 236 cars, compared with 131 a week ago. Pri- Ir’n“:;l);ulrrlv;l! of iom were 1,310,000 , and a weel +184,000, 1,646,000 & year back. —_ B s ¥ Provisions rose with grains. Money to Loan Secured by first estat Frevaliing. interest mnd” sommiion ate: 420 Wash. Trust leepll L. Weller Blas. oh & P N.W. On our liberal 20 monthly repayment plan. No indorsers required. A strictly dignified and confidential service. \ Maryland Per:c;u_l Bankers, INC. 8405 Georela Ave., Sil Fhoncs Shephera pep s Excellent opportunity, with liberal commission, for two ambitious and energetic young men to sell securities of estab- lished Power and Light Com- panies and Fixed Trusts. Draw- ing account to capable mien. Interviews and Communica- tions Confidential Gillet and Co. Investment Building Tel. National 2460