Evening Star Newspaper, February 17, 1931, Page 15

UTILITIES FEATURE ADVANCE ON CURB Electric Bond & Share at New High for Year. Others Gain. BY JOHN A. CRONE. € goccial Dispaten to The star. NEW YORK, February 17.—Public utilities led a sharp upswing on the Curb Exchange today, but they were soon followed by such industrials as the motors, amusements and radios, and later by investment trusts and trading ‘corporations. The market leader, Electric Bond & | Bhare, after opening on & block of 7,000 | shares at a net gain of 11, rapidly rose 10 @ record high for the year. American & Foreign Power warrants, Eastern States Power B, St. Regis Paper, Niagara Hudson Power and United Light & Power A shortly thereafter scored their best prices for 1931. Cities Service was the outstanding performer in the first few hours in the oil list. It crossed into new high ter- ritory as traders heard it would con- solidate five oil and natural gas com- panies, Louisiana Oil & Refining, In- dian Territory Illuminating Ofl, Arkan- sas Natural Gas, Richfield Oil and Warner Quinlan, into one centrally managed corporation. Cities Service never has officially announced control of Richfield Oil or Warner Quinlan. * Continental shares preferred fell 914 and the B shares 5!2 within a few sales after the directors announced the omis- sion of the preferred and common quar- terly dividends. Insull Utility Invest- ment slipped more than a point as Wall Street heard that this firm, as well as Corporation Securities, contemplates new financing to pay off large loans in- curred in the purchase of securities for their portfolios. TRADE AGREEMENTS ARE UNDER SCRUTINY | Business Circles Anxious to Deter- " mine Policy of Commission on Sale Practices. i By the Associated Press. A measurable degree of apprehension over the attitude of the Federal Trade Commission toward trade practice rules is reflected in inquiries received here in trade assoclation circles concerning de- ~velopments in this field. One of the most recent of these is a published statement by a member of the commission that “any agreement among competitors to the effect that they will not use any specific lawful method of competition is a contract _in restraint of trade,” and, further, “it is not the province of the commission to determine the degree of such re- straint, unless the matter is properly Ppresented in a case pending before it.” Another is the announcement by the commission of its revision of the trade practice conference rules of the pe- troleum _industry, resulting in the re- vision of all group 2 rules and the retention of three of the rules in group 1, with certain modifications. Whether the statement and the com- mission’s action on the petroleum rules presages the commission policy toward trade practice rules of other industries 1s yet uncertain. On these points no authoritative pronouncements are yet available. Be- cause of the marked dissimilarity be- tween the petroleum rules and those adopted by other industries, and in view of certain important considerations peculiar to the petroleum industry it- self, considerable credence is given to the view that the revision of the rules of other industries will be considerably Jess drastic than that evidenced in the case of the petroleum industry. Some support for this view is (o be found in the action of commissioners at recent trade practice conferences in receiving without objection rules of the usual type, some of which would normally be classified as group 2 rules. U. S. TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of busi- ness February 14 was $143,527,695.51. Customs receipts fof the month to date were $12,760,072.94. Total ordinary expenditures, $8,502,351.61. MARKET. Bales in thousand: DOMESTIC BONDS, 1Al ' 5 High, 2ma Pw 415 '67 98, 95'y 2Alabama Pow 35 68103 § Aluminum Lid 55 '48 8% 2Am Cmwih Pw_6s '40 38 TAwer G & E 55 '28. 98% 1Amer P & L 6s 2018 1053, 1Amer Seating 65 '36. 653 8Apalach Gas 65 '35 81's 2 Apralac Gas 6s B 45 1Arkans P & L 55 '56 86 Eogda EES ot 8t P&L 51.s gar Btr Ke 55 A ' fles ervice 3 Ce 1 ¢ restone Florida P & L 58 54 atineau Pow 65 '41 00N SeEznnang z« s3zEennae nde, nsull ncern Sec ny Eq 55 A 4 ibby McN & L' one Star Gas 55 ‘43 9315 Milw G & E 4135 ‘67 102 Minn G ‘& Lt 4T2s '50 91 Mirs River Puel xw . 95 P& LSs B 2030 834 at P 8 55 'i8 7334 o 1B UNI LU & Ry 65 4 10 United P & L 6s U 'S Rubber 8s '33 Van Sweringen 6s 3 Waldorf-Astor s 13 Wes Tex UL 55 A 1Wes Tex Ut 55 A 37 FOREIGN BONDS. Agr Mig Bank Buen Alr Pr 1! auca Vailey 75 48 nt Bk Ger 65 & 52 ¢ Bk Co fs B 51 fe Mte Bk 65 ‘62 9§ nish_Cons s 53 rop Mtg 78 C ‘87 id Ind Bk Is 43 T Con Mun 75 '41 mburg Elec 525 ‘38 Bu Py 6 a 105 2 08 b 23099950 3 1 1 [ 1 1 2 H 1 1 13 2 Stinnes With warrants. Without warrants. b . he jen 1ssued. NEW YORK CURB MARKE Stock and Dividend Rate. 23% TLeh Coal & Nav 1.20. Leonard O1l. . Libby McNeil & L. Liberty Dairy Prod Lion Oil & Refining Loew’s Inc deb rti Loew’s Inc war. Note—All stocks are sold in one hundred-share lots those designated by the letter s (80s) (2508), which shows those stocks were sold in odd lots. excepting ~Prev. 1931~ Stock and High. Low. Dividend Rate. 19% 11% AMliated Prod 1.60 8 Ainsworth Mfg % Alexander Indust. 4% Allied Mills (60c)... Sal Add 5la 166 140% Aluminum Cc of Am m: 163 25 29 1% 415 6 67% 37 9% 168 10% 6% 24 Am Arch Co (8) me. .. % Am Austin Car. 3% Am Br B fd shars 5 Am Capital B, 65 Am Cigar Co.. 33% AmMCP&LA (a 5% Am Cit P&Lt B 10%. 11% Am Com P A (b10%) 7% Am Cyanamid B..... 4% Am Equities........ 22% 14% Am For Pow War.... 5% 3% Am Founders. s 9715 704 Am Gas&Eln (31).. 106% 1021 Am Gas & E1pf (6).. 7% 4% Am InvestInc B.. 2% 1% Am Invest war...... 45 40 Am Laundry Ma (3). 43 AmLt& Trac (2%). 26 AmLt&Trpf (1%). 221 Am Manufactur (4) % Am Maracaibo 3% Am Natural Ga: 14 AmStPSA (1.60) 9% Am Superpcw (40c). 81% Am Superp 1st (6).. 3% Am Ut&G B vte(20¢c) 3% Anchor PF (b10%) 7% Anglo Chil Nitrat 5 Appalachian Ga 5% Arkans NatGasA... 6% Ark N G cu pf (60c). 4% Art Metal Wks (60c) 4% Assoc Bl In Ltd 30c. 174 Asso Gas&El A (a2) 1% Assoc G & E A dbrts 19 Assoc G & Eall ctfs. 85 Assoc G&EDL (5). % Assoc Rayon........ 84 Assoc Rayon pf (6). 22 Assoc Tel Ut (b8%). 614 Atl Secur Corp. 8% Atlas Plywood (2)... 3% Atlas Util Corp. 15 Atlas Utilities war 213 Auto Voting Mach. .. 84 Auto Vot M cv pf bt. 17% Aviation Cp of Am. . 10% Aviation Securities.. *24 Blauners (g2)....... 31 isiue Ridge Corp. 30% Blue Ridge cv nfas.. 12% Blumenthal (S). .. 75 Bohack (HC) (4) 6% Bourjols Inc d 21 BrazTr& Lt (b8%). 5% Brillow Mf Co (60c). 1% Br Celahese rcts. ... 19!5 Br ATcouB1.17 8-10¢ 26%3 Buff N&EP pf (1.60). 4 Burcolnc.......... 5's Butler Bros. . ¢ % Cable & Wire B rets. 1 Canada Marconi 15 Carib Syndicate. .. 2215 Carnation Co (i1%). 1y Cent Atlantic States. 1¢ Cent PubSv Aal.7s. 9 nt Stat Bl (b10%). 5% Centrifug Pipe (60c) 7 Chain Stores Stock. . 13% Chat Ph Aln.v (1). 16 Citles Serv (g30c). 79% Citles Serv pf (6). .. 48 Clev El Illum (1.60). 7% Clev Tractor (80c).. 5 Col Oil & Gas vte. . 174% Col Pict vte (f135). . # Colombia Syndicate. 1% Cmwlth & Sou war. . 8 Com WatSv (b6%). % Consol Auto Merch. 1 Consol Auto M cu pf. 2% Consol Copper. . 10 Consol Laund (1) 9 128 6l 24 2615 12 s 24 5% 374 17 76 % 264 6 15 243 Ak - €000 1 80 1S 0% 1000 0 1 =t K2 091020 I 00 = 3150 1 19 00 1 2 00 1 10 10 00 08 4 9 003 1 1 1 00 rs 974 Contl GEE prpf (7). 508 101% 51 51 21 10% 20% 3% 14 1% 42 Contl Share cv pf (6)20258 43 Contl Sh pf B (6)... 6258 18% Cooper Bessemer (2) 5% Cord Corp 14% Corp Sec Cl 3% Creole Petroleum. .. * 14 Cresson Consol (4c). 7% Crocker Wheeler. ... % Crown Cent Petrol . . 20 Cumberland P L (2). 1% Dayton Air & Eng. 3314 Deere & Co (1.20). 1% De Forest Radio. 2% Derby Oil Refining. . 1% Detroit Alrcraft Cp. . 12% Douglas Alrcraft (1) 30 DressSRA (33%) 214 17% 39% 26% 254 145 6% 15 3% Duke Pow (5)....... 2% Duguesne Gas Cpwi. 3 1% Durant Motors. .., .. Duval Tex Sul wi.”. East St Pow B (1).. 39 184 Bducational Pic pf.. 1261 6 4 Eisler Electric Corp. 1 51% 40 Elec Bond & Sh (b6) 483 10542 102% Elec B & Sh pf (8). . 92% 89% Elec B& Shcupfs. 184 13 Elec Pow Assoc (1), 18% 12 Elec Pow Asso A (1) 34% 20 FlecP& Ltop war. . 14 9 Kl Sharehold (b6%). » 1% Emp Corporation. .. 15 Empire Cpev pf(a3) 32 Emp Pwrpt (4.60). . 3% Empire Pub Sve (A). 1% rop Elec deb rts. . Ex-cello Air & Tool. Fairchild Aviation. : 4 Falcon Lead. . 5 Fansteel Products. 31 Fischman & Sons. . . 100 Florida P & L pt (7). 21% Ford M Can A (1.20) 20 2 rd Mot Can B 1.20.1008 14% Ford M Ltd (p371;). 132 1 Foremost Dairy Pr B 4's Fox Theater Cl A. 10 5% Gen Aviation. 3 ‘s Gen Baking. L) Gen Baking pf (3). 14 n Baking cod..... 6 n Bak pfc.od. (3). 1 Gen Baking N Y wi . 10% Gen Elec Ltd (p70c). 12 50% Gen G&E cv pf B (§) 4508 804 Gen Pub Sv pf ( 21% Gen Thea E, 101 28 Georgia Pow pf (8). rrard (SA) Co. ... Glen Alden Coal (8). obe Underwriters. s Gold Seal Elec new. . % Golden Center 5% Goldman Sach T C.. 23's Graymur Corp (1). . 117 GrtA&PTpf(7).. 16% Guard Fire Asso (2) 15 Guenther Law (2)... 63% Guif Oflof Pa (133). a4 Happiness Candy. '4 Hartman Tobacco. 512 Hecla Mining (40c) 64 Hollinger Gold(65¢c) 35% Horn & Hard (2%) 4% Hudson Bay M & 8 57% Humble Oil (123%). 22% Hydro Elec Sec (2).. 17% [mp Ol of Can (50c) 16 Indiana Pipe L (2).. 14 Ind Ter Liu Oil A. '3 (ndustrial Finan ctfs 29% Insull Inv (b6% ). 52 Ins CoofNo Am 1235 6'a Insurance Sec (70c). “ Intercontinent Pet n 7% Intercont Pow A 4 Int Products 21 Int Superp (+11 E 34% Int Utilities A (335) . ‘e Int Utilities B . Int Utilities war. . . Int Utll ptpf (7). .. 5 Inter Equ conv pf(3) 1a Irving Air Chute (1) 1% Nalian Superpow A “a Italian Superp war. # Kerr Lake. . Lackawanna Sec (4) % Lakey Foundry PUBLIC WORKS PROGRAM TO BE EXTENDED SOON By the Associated Press. Huge expenditures for public works will begin to make themselves felt in many parts of the business world dur- ing the period of open weather now rapidly approaching. Thes® extensive undertakings projected by the Federal ‘Government, States and municipalities will undoubtedly play an important part in many directions, particularly in the alleviation of prevailing unemploy- ment. Road cobstruction alone, for which it is estimated upward of a bil- 96 5 3 20 9 os— 00. Open. High. Low. Close. ] HE EVE G ~Prey. 1081~ High. ‘Low. 26% K 124 2 6% 24% “8% 29 3414 2 5 10 1% 5% 9% % 24 30 1% 8% w 18% 4% 163 25 1 4y 5 67 36% 9 163 104 blgy 23% A% 80% 106 7 2% 40 27 LoneSt: 9% % 4% 15 92% 3% 5% 14 5% 5% 6% 6% 8% 5% Pac Schulte Seaboard Secu Corp Gen (40c) . Seg Lock & H (30c) . “elected Industries. . Select Ind (full pd) el Ind (full p stpd). entry Safety Cont. hattuck Den Min. henandoah Corp. Shen Corp pf (a3) Singer Mfg (10).... outh Penn Oil (2) South uth tinnes Tri-C Unit C Unit G: Ve 2% Dividend rat payment. Ex dend. JBlus 2% in stock. lion dollars will be spent this year, not to mention contemplated public Ruild- ing programs, should ind favorabld re- flection in the volume of business of corporations which will supply the bulk of the material needs involved. The cement companies in particular should feel the stimulating influence of these undertakings, together with the stezl industry, which will benefit by an increased demand for reinforcing mate- rials, -~ Japan expects an increase in ship- bullding this year, with the possible launching of 100,000 tons, Long Island Lt (60c) Louisiana Lan & Ex. MacMarr Stores (1). Magdalena Synd Mavis Bottling...... McWil Dredge (1%). Mead Johnson(13%) Memph N G Co (60c) Mercantile Strs (1).. Mesta Machine (2).. Met & Min Inc (1.20) Metgl Tex pt pf(3%) Mid St Pet vtc B. Mid WSt Ut (1%)... Mid West Ut (b8%). Mid Roy cv pf (2). Mid St Prod n (2) Midland Unit (b6%) . Mining Corp of Can., MoKanPL (b10%) . Mount Prod (1.60). . Nat Aviation........ Nat Bond & Sh (75¢c) Nat Fuel Gas (1). Nat Investor: Nat Rubber Nat 8 T Sec A ($50c) Nat St Corp war..... Nat Transit (1)... Nat Union Radio. . Nehi Corp (1.30). Newberry (JJ) 1.10., New Brad Ol (40c). New Eng Pow pf (6) New Hav Clock (1).. Newmont Min (4)... NY&Hond Ros(11%) % N Y Steam n (2.60). . Niag-Hud Pow (40c) Niag-Hud Pow A w.. # Niag-Hud Pow Bw., Niag-Hud Pow C w Niag Sh Md (40c). .. 4 Niles-Bem-Pond (2). Noranda Mines, ... Nor Am Aviat A war NoAm L &P (h8%). % Nor Kurop Gil Corp. . Nor Ind Pub 8 pf (6) 4 Nor St Pow A (8) Ohio Copper. ... Oilstocks Ltd A (40¢) Outboard Motor B. Overseas Sec. PacG&E1stptiy bSvcA(130). Pac Western Oil. Pandem Ol. Pantepec Oil outh Corp. 2 Southld Roy 8 W Gas Utilities. Spanish & Gen rets. . pieg May Stern pf nd Motors. ... .. Stand Ofl of Ind (2). Stand OIl Ky (1%). Stand Pwr & Lt (2 tarrett Corp pf (3). tein (A) & Co(160). trauss Roth. Strook & Co (1) Stutz Motor (new). . Sunray Oll (b5%) ift & Co (2) un Invest pt (3) Swiss-Am Kl pf (6).. Syracuse W Mach B. Technicolor, Inc. ... Teck Hughes (60c) .. Texon Ofl&Land (1)e Todd Shipy: “I'ran Con Air Tran. . Trans Lux DL P §. “ont Corp war-. . ilities (11.20) . 4'ubize Chate) (B). Twin St N G pf (A) Ungerieider Fin Cp 'n Tobacco. .. Unit Chem pt pf (3). b war. ... Unit Kl Sve pf w . Unit Kou (b2-35 sh). as Corp. Unit @as pf (7)..... Unit Lt &Pwr A (1), U8 Dairy (B).. U 8 Elec Power ww. S S Foil (B) (50¢). J S Inter Sec 1st pt. . Lines ot (1). . & Overseas war. Unit Verde kxt (2) . ULl PLU(af1.023) Util & Ind. .. Ctility Eauities. Vacuum (4). .. Van Camp Pkg. ..., uela Petroim . . Vie Finan Corp(40c) Voght Mg Co (2). Waitt & Bond(A) Walgreen Co. Walker (H) (1)... " Wayne Pump pf 3% . West Air Williams R C (1.40). Wilson Jones (3). Woodley Petroleum . Zonite Products (1). RIGHTS. 1% Sou Cal E ividend. 1P a Payable in cash or stock. 1 Plus 5% in stock. \ STAR. WASHINGTO Received by Private Wire Direct to The Star Office Sales— Add 00. Open. High, 11 25 25% % % i 12 15 1% 6% 613 22% 23 3 27 33% 1% Y > Gasn (1).. o 16% 16% 22 9 cl - o g at ] 0 & VAU ~RAE —E AR XN OB RN R AR AR AR ON® ARRHO AR NN RENEANER A DRGSO a3 Pennroad Corp (20¢) Penn Wat & Pow (3) Peop L& P A (2.40). % Petrol Corp war.. Philip Morris Inc. Pie Bak of Am A (2). Piedmont Hyd Eln w Pilot Rad Tube A. .. 4 Pitney B P n (20c). . Plymouth Oil (2) Polymet Mfg....... Power Corp Can (2).741s Pratt & Lambert (1) Premier Gold (12c).. Prince & Whitely. .. Prince & Whitely pf. Producers Roy Corp. Prudential Invest PS, N 111(8) $100 par 508 Pub Util Hold Cp ww Pub Util Hold war. . Pub Util Hold Cp xw Pure Oil pf (6). Ratiroad Sh (50¢). Itainbow Lum Pr A Rainbow Lum PrB. . Reiter-Foster . Rellance Int A . Reybarn Co. .. Reynolds Invest. .. Rhode 1x P § pf (2) % Richfieid Oil Cal pf Rock Lt & P (90c). Rossia Int Corp. .. Royal Typewriter (3) afe Car H& T, (3) t Anthony Gold. ... St Regis Paper (1). . alt Creek Prod (2). Saxet Co. 3 1 1 8 2 4 8 29 23 Setate. til (50€). 5 . s PSP I S T Y A pt B 1% . “dpf C 1% ty 60c. » (Hugo). e rd (4).. 2314 8 & 3 P e m e tue SN KO B e RN AN A AR NS RO A KRR NS E A = S8 2) D (60c). Expire. Apr 2o s base 27 2% 2k 2k 20 on last quarterly or semi-anaual artly extra © IPlus’ 4% In_ stock b Payable in stock. e Adjustment divi # Plus in stock. hPlus 1'¢ in stock. k Flus 10% in stock. m Plus 3% in stock. TUESDAY: CHAIN STORE SLES OROP N JANUARY Mail Order Houses Reduce Average of Other Systems in Month’s Sales. Special Dispatch to The Star. NEW YORK, February 17.—Forty- nine chain_ store companies, including three mail order concerns, show total sales for January of $188,119,117, against $193,626,151 in January, 1930, a de- crease of 2.84 per cent. The "three mail order companies alone shows sales for January of $42,204,736, against $47,- 840,615 in January, 1930, a decrease of 1178 per cent. Excluding the mail order companies, 46 chain store com- panies show sales for January of $145,- 914,381, against"$145,785,536 in January, 1930, an increase of 0.09 per cent. Forty-six chain store and mail order companies, which reported sales for January, 1929 to 1931 inclusive, show total sales of $183,868,439, against $172,- 182,473 in 1929, an increase of 7.13 per cent in sales for January, 1931, against January, 1929 results, while the sales of 43 chain store companies alone showed an increase of 11.77 per cent in the same period. Out, of the 49 companies which re- ported for January, 1931, 26 companies showed increases in sales over January, 1930 results, while 32 companies out of the 46 showed increases over resulls reported in 1929. The favorable results of most of the cHalns, particularly the 5-and-10's, were due to the fact that there were five Saturdays in January, 1931, as against four Saturdays in 1930. However, the result of the 5-and-10's is regarded as very encouraging, because the decline of ‘commodity prices has not affected such chains as much as it has the grocery and apparel chains. . The fact that there was a slight in- crease in January sales for the 46 chain- store companies is significant when it is considered that retail prices for Janu- ary, 1931, showed a decrease of from 10 per cent to 30 per cent over prices in January, 1930 49 Companies’ January Sales. 1930 0.185 5,159 Roebuck Woolworth ' way Stores ... onteomery Ward American Stores 878 Kresge Co J' C. Penney Grend Union National Bel Domiplon_Stores F & W. Grand-Siiv. 8t Childs . J. Newbeiry & | Peoples Interstate_ Dept Waldor! ‘System McLellan Stores G. €. Murphy Diamond Shoe Jewel Tea Neisner_Eros G. R. Kinnev Western_ Auto Schiff Co. ... Crown Drug Stores Bickford's Exchange Bif Winn & Lovel Grocery 4 5 0 Edison Bros. Feder Bake Shops, Inc i 383,607 Sally Frocks 419.456 Kline Br | Morison 325202522528 8853332058322 Siores Corp £l Suppiy American Dapt NEW YORK COTTON NEW YORK. Pebruary 17 (Spe- cial).—Cotton prices were about 50 cents a bale higher at the opening of the market today. Trading for foreign account reversed its trend at the opening, following the lead of Liv- erpool. There was a good buying of distant contracts by local professionals, January going to over 12 cents for the | first time on the recovery. Trade buy- | ers bougkt sparingly of near months. Opening prices were: March, up 10; May. 1122, up 9: July up 11; October, 11.77, up 11: ber, 11.97, up 13, and January, up 13 Stores’ 3 11.48, Decem- 12,04 Baltimore M,arlu-ls Special Dispatch to The Star. | BALTIMORE, Md.. February 17— | Potatoes, white, 100 pounds, 1.25a1.90; sweet potatoes. barrel, 2.00a4.00: yam barrel, 2.50a3.50; beets, crate. 2.35a2.75 cabbage ton, 16.00a20.00; carrots, bushel, 50a75; caulifiower, crate, 1.50a 2.00; celery, crate, -ate, 1.5024.00; kale, bushel, 1.00al.10; lettuce, hamps 75a1.50; peppers, crate, 1.00a2.50; parsnips, bushel, 1.00a1.20; spinach, bushel. 50a80; tomatoes, crate, 1.2585.00; turnips, bushel 1 shel, 60a2.00: per box. 1 . box, 1.502.50; oranges, tang S strawberries, quart, Dat Market. alive—Turkeys, pound chickens, Springers 5 Barebacks, 14al5; old ; Leghorns, 14al8: roosters, ons, 28a36; ducks, 16a2: ; guinea fowls, each, 40a7 pigeons, pair, 20. Eggs—Receipts, firsts, dozen, 18; current re Butter—Good o fancy, creamery, pound, 26a30; ladles, 19a21; rolls, 16a18; | process, 25; store packed, 12al4. Live Stock Market. Cattle—Receipts, 75 head; light sup- ply, market dull Steers—Choice to prime, none; good to_choice. 8.50 to 9.00; medium to good, 750 to 8.50: fair to medium, 7.00 to 750; plain to fair, 6.00 to 7.00; common to plain, 5.00 to 6.00 Bulls—Choice to prime, none; good to choice, none; medium to good, 5.00 to 5.50 to fair, 4.00 to 4.50 350 to 4.00. Cows—Choice to prime, none; good to choice, none: medium to good, 4.50 to 5.00; fair to medium, 4.00 to 4.56; plain to ir, 3.00 to 4.00; common to plain, 2.00 to 3.00. Heifers—Choice to prime, none; good to_choice, none; medium to good, 7.00a 7.50; fair to medium, 6.00a7.00; plain to fair, 5.50a6.00; common to plain, 4.50a5 : . Fresh 70.00. Sheep and lambs—Receipts, 50 head; light supply; market steady; sheep, 1.50a4.00; lambs, 4.50a9.75. Hogs—Recepts, 400 head; light sup- ply; market lower: lights, 8.35a8. heavies, 1.00a7.85. medium, 8.35a8. roughs, 5.00a6.35; pigs. 8.25a8.50 Calves—Receipts, 25 head: light sup- ply: market steady; calves, 500a11.00. Hay and Grain. Wheat—No. 2 red Winter, export, 7874; No. 2 red Winter, garlicky, spot, 187%; February, 787; March, 79%. Corn—No. 2 domestic, yellow, old, 80a 81; cob corn. new, 4.25a4.35. Poultry. 36240 | old, 20a32 Leghorns 449 cases: nearby eipts, 17);. common to plain, cows and springers, 30.00a POTATO MARKET. CHICAGO, February 17 (#) (United States Department of Agriculture). — Potatoes—Receipts, 111 cars; on track, 276; total United States shipments, 746 cars; about steady, trading fair; sacked, per hundredweight, Wisconsin round whites, 1.40a1.35, few 1.40; ungraded, 1.10a1.20; Idaho russets, No. 1, mostly 1.50, few 1.55a1.65; No. 2, 1.20a1.25, few 1.40a1.35; Colorado McClures, branded: 1.70a1.75, few fine higher. Cotton exported from Egypt last year was valued at more than $113,000,000. Rye—Nearby, 60a65. Oats—White, No. 2, new, 42a43; No. 3, 41a42. Hay—Receipts, 8 tons. General hay market is quiet. Receipts ample, but no surplus offered of heavy clover mixed. Such types bring a premium of $1 to $3 per ton, depending on the amount of clover. Fair to good timothy ranges from $24 to $26 per ton. Straw—Wheat straw, No. 1, per ton, 10.00a11.00. Oat straw, No. 1, per ton, 11.00a12.00. SILVER QUOTATIONS. NEW YORK, February 17 (P).—Bar silver, 26, 10.95. | " FEBRUARYI 17. 193 STOCK AND BOND AVERAGES By the Assoel Prom Yesterday's 5:30 Edifion. STOC! 30 Industrials, .133.3% . 1522 130.7 20.7 L1994 veel 2008 L1438 High, 1930, Low, 1930 High, 1929, Low, 1929. * New BO! Industrials. Today. .. oo N0 Previous Week ago Month ago Year ago..... Two years ago. Three years ago. 1. Low, 1930 High, 1929. cas i Low, 1929, . 904 (Copyright, 1931, Stan RAIL INVESTMENT YIELD 33 PER CENT Steady Decline in Passenger Earnings Shown by Bu- reau Report. Special Dispatch to The Star NEW YORK, February 17.—The Te- turn on the property investment of American railroads last year was 3.3 per cent. In December it was 2.5 per cent. Under the transpor.ation aét which was formulated 10 years ago, the carriers were allowed to earn on their property investment 5% per cent.s Except for the period directly following the war, the results in 1930 were the most un- favorable in any year of operation under the present rate situation These figures are contained in the re- port of the Bureau of Railway Eco- nomics, which has analyzed the conse- | quences of the 1930 depression on rail- road receipt:. One of the striking fea- tures of this survey has to do with| passenger earnings, These have been dropping steadily for a decade but at one time in 1929 appeared to have reached the point of stabilization. How- ever, last year they fell to the small- est total since 1906. It is the effort of | the railroads to get back some of the| business that they have been losing to | the bus lines and to private automobiles that has led to the reduction in rates of so-called second-class fares to 2| nts a mile, with even greater conces- | sions given to encourage long-distance | travel | Freight Traffic Decrease. The drop in the amount of freight | traffic last year was 14 per cent as ex- pressed in tons, and 16 per cent in| doliar: i The sections of the country showing | the highest ratio of net operating in- | come last year and the best return on property investment were the Pocohon- | tas region, where 7.1 per cent was | earned on the investment, and in the | New England region, where it was 4.6 | per cent. This compares with the per- | miseible return of 5% per cent and with | | the average return for all roads in the | United States last year of 3.3 per cent. | On the other hand, the roads in the | Northwestern region ‘in 1930 earned only | 215 per cent on the property investment, i(hl»c in the Southern district 2.6 per | cent and carriers in the Great Lakes | | district 2.8 per cent. i Eastern roads had a decrease in net operating income for the 12 months of | 31 per cent, those in the South of 33 | per cent and Western roads about 291, | per cent. Compared with the average | { decrease in operating income of about | 30 per cent for the 12 months for ail | roads, there was a loss in the month of | { December of 31.3 per cent, indicating | that the trend then was still definitely downward. What has happened in the railrcad industry with respect to earnings has 2.75a3.75; egg plants, ' 0; | fair to medium, 4.50 to 5.00; plain | light pigs, T %810 | been duplicated by many of the ind | trial groups. This fact was brought out | in a compilation by Moody's Investors' | Service, which shows a decrease in earn ings of nearly 36 per cent in a group of | | industrials comprisigg 375 companies. | On the other hand, a better compari- | | son i made with the vears prior to| 11930." For instance, while the et re- | duction between 1930 and 1929 for one | group of 219 industrials was 37.3 per cent, it was only 28 per cent below | 11928, while the difference between the | net in 1930 and in 1927 for these same companies was “17.6 per cent. Even better contrasts are made with 1926, | with the net off only 12.6 per cent. The | business improvement and the bull mar- | | ket had been running two years when | these results were attained. Going further into the analysis of in- dustrial earnings, Moody's finds that out of 46 industrial groups about 40 per cent last year reported better earn ings than in 1926. ~Among these in- dustries were agricultural implements, amusements, _chemicals, drugs, bev- | verages, household products and tobacco, with chain stores and financial com- panies also showing a decided gain in 1930 over 1926. | Public utilities are in a class by thom- selves with respect to earnings. A group of 95 light, power, gas and traction companies showed a gain last year of abcut 2 per cent over 1929. while a slightly larger body of telephone and telegram companies had a loss of a | little over 2 per cent. These figures will be somewhat less favorable when the reports for the first two months of this year are available, for there has been “a_progressive decrease in_puhlic utility earnings now for_some months INVESTMENT SECURITIES Listed Bonds and Stocks. also Excellent Tnvestment Tri COURTLAND XON 1518 K St N ational 1926 Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. Money to Loan D. C.Real Estate 6% Floyd E. Davis Co. 733 12th St. N.W. | general “gains, but soon sagged. FINANCIAT jated Bress. KS. 20 Rails. DS. We Solicit Your Patronage CHAS. D. SAGER Utilities. 99.8 99.6 99.8 99.7 98.1 99.0 What Offices In The Shoreham Building Mean— It means that you have identified yourself with the important lead- ers in every line of en- deavor — business, f- nance, professions. And that you have availed yourself of facilities and conveni- vences offered in this most modern building— not to be found to the same degree of perfec- tion elsewhere. Indeed, there’s prestige in being a temant in the Shoreham Building Inspect available space —single rooms and extensive suites at your convenience. MSKEEVER £ GOSS$ 5. Representative of the Owners SHOREHAM INVESTMENT CO. Rental Office, Room 520 15th at H National 5643 dard Statistics Co.) after the industry had, for over a year, shown excellent resistance to the down- ward trend in earnings of the rail- roads and Industrials. (Copyright, GRAIN MARKET CHICAGO, February 17 (#).—Despite upturns in Liverpool quotations, grains here averaged lower early today. Addi- tional moisture in domestic Winter wheat territory tended further to dispei drought fears and acted as more than a counterbalance for reports of decreas- ing European wheat stocks and reduc- tion of estimates of the Argentine ex- portable surplus, Opening 35 cents off to Jgals up, wheat later scored slight Corn started at Y3 decline to !4 advance and | afterward rose all around, but then re- ceded. Nervous fluctuations, but within & narrow range, prevailed much of the time both in wheat and corn. Liberal | primary receipts of each of the leading | cereals favored™ the selling side, but | price setbacks brought about increased | buying and consequent rallies. Acting as a check on sellers of wheat was the fact that rains over the domes tic Winter crop belt had been less gen- erous than expected and that most of | Kansas apparently failed to receive suf- ficlent moisture. ~ Primary arrivals of wheat totaled 1,058,000 bushels, against | 6,000 a year ago. Chicago received 163 cars of corn, compared with 108 a | week back. Oats followed corn. Provisions tended upward, owing to absence of selling pressure. PRI e Gl i Glasgow, Scotland, is to hav menent Little Theater, 1931) AUCHINCLOSS, PARKER ‘and REDPATH Incorporated Investment Securities National Sav;ngs and Trust Buildini Members Washington Stock Ezchange First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Maryland and Virginia for 3, § or 10 year terms on your 51,067 s, RANDALL H. HIAGNER & COMPANY Home Apartment MORTGAGE LOAN CORRESPONDENT New York Life Insurance Company 1321 Connecticut Ave. Decatur 3600 RENTAL MANAGEMENT We solicit the Rental Management of your property whether Apartment, Residence or Business PROMPT REMITTANCES Our organization is complete as to securing tenants, making collections and supervision of repairs. Without obligation to you we would be glad to discuss this with you. 24-hour Telephone Service Randall H. Hagner & Company Mortgage Loan Correspondent New York Life Insurance Company 1321 Connecticut Ave. N.W. Phone Decatur 3600 Tomorrow —is a day that may never come in the lives of some of us. Have Your Will draited without further delay and be prepared for eventuali- ties. g fOur Trust Dept.” will gladly confer with you and point out the advantages of Corporate Trusteeship. National Savings & Trust Co. The Olw‘suings Institution in the District of Columbia $iky” Cor.Y5th and New York Ave. Capital & Surplug $3.,500,000.00