Evening Star Newspaper, February 18, 1931, Page 15

FINANCIAL. CURB SHARES FIRM N QUIET MARKET Utilities Stocks Lead in Se-| lective Buying—Other Groups Steady. BY JOHN A. CRONE. &pecial Dispatch to The Star. NEW YORK, February 18.—Slight hesitancy at the opening of the Curb hange today was quickly overcome, t the sustained strength failed to in crease the volume of trading as the ses- sion_ progressed. ‘The leading power and light issue, Electric Bond & Share, whose directors meet today for divided action, was up more than a point at times, and its principal subsidiary, American & For- eign Power, was up_about twice that amount. St. Regis Paper and Niagara Hudson Power continued their simul- taneous advance, but Cities Service failed to make much progress after its early recovery. Selectivity marked forenoon trading. ‘The bulk of deals converged around food, packing and allied shares, radios, metals, investment trusts and motors, leaving many important sections, such as the oils, almost devoid of interest. Caution toward the petroleum division perhaps was due to further gains in crude outputs and in gasoline stocks. along with the momentary breakdown proration in Oklahoma. Even the .decision upholding prorationing in ‘Texas failed to offset the unfavorable factors. DAVID PENDER GROCERY " REPORTS YEAR'S NET David Pender ‘Grocery Co., which has many stores in Virginia, reports for year ended January 3, 1931, net profit Of $40,741, after charges and Federal taxes, equivalent to $1.3¢ a share on 30,207 no-par shares of $3.50 class A preferred stock. This compares with net profit in preceding year of $287.- 715, equal, after allowing for dividends on class A preferred stock. to $2.79 a re on 65.070 no-par shares of class 3 common stock. Net sales for year ended January 3, 1931, were $15975,117, against $15,- 920,689 in previous year. $3,000,000 PAPER PROFIT FOR VANDERLIP IN AUBURN By the Associated Press. NEW YORK, February Times says Frank A. Vanderlip, for- mer president of the National City Bank, has made a paper profit of $3,000,000 to $5.000,000 on the rise of Auburn Automobile stock from 101} in January to a high for 1931 of 205. Vanderlip and his associates are eredited generally with ownership of a fourth of the 173,475 shares of the Auburn Automobile Co. The stock declined sharply today from its peak of 205 to 1883, the loss being in sympathy with a general mar- ket reaction. It was down to 60% last November. AT DIVIDENDS DECLARED NEW YORK, February 18 (#).— Regular. Alpha Por Ce pf..S1.75 Am EI Pow 37 pi.41.75 Do. 6 pf $1.50 Amer Socur Shrs... e Associates Invest | §1 Beech Creek R R. 50 Brill Corp pf. . %175 Canaca Ir Fdrs...$1.50 comson s ot it onsolt of Balt DL A £1.25 18.—The Mar. Mar. Mar. Jan Mar Apr. Mar. Mar. Mar. Mar. Fey. 1 00O POO Rt LRE Apr. Apr. Apr Mar. IR ey Globe D&V Cor pf.875¢ 1l Lid pf.$1.75 Clark th Lino Textile I3 WO S 3 f o o ‘Ser 36 pI..51.50 - 2nd pf $150 Btate St Exchange. 31 Texas Corp e Texon Oil & Land. 25c Reduced. e 34 @ Stock. Assoc Invest.. 1-16 sh Cons Pub Serv.....2" 0000m00° OO DOOOLOOOOOOO Brill Corp A ... Crane Co Omitted. NEW YORK CURB MARKE Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s which shows those stocks were sold in ~Prev. 1931 Stock and Sales— High. Lo Dividend Rate. 5t Acetol Prod A. . 8ix Aero Underwriters. . 19% Affiliated Prod 1.60.. 10% Agfa Ansco. 6% Air Investors cv pf. Ala Great Sou (17) . Alleg Gas. ..... Allied Mills (60c)... Aluminum Co of Am 170; Am Austin Car, Am Bakeries A (3).. Am Br B fd shars. Am Capital B. Am Cigar Co Am Cit PRLtB10%. Am Com P A (b10%) Am Cyanamid B Am Equities. . Am For Pow war. Am Founders. Am Gas & Eln (11) Am Invest Inc B Am Laundry Ma (3). Am Lt & Trac (2%) Am Manufactur (4) Am Maracalbo Am Natural Gas Am StPS A (1.60).. Am Superpcw (40c). Am Ut&G B vte(20c) Anchor P F (b10%). Anglo Chil Nitrate. . Appalachian G Apponaug Co (2)... Arcturus Rad Tube Arkansas Nat Gas Arkans Nat Gas A Art Metal Wks (80c) Assoc El In Ltd 30c. Asso Gas&El A (a2). Assoc G & E A dbrts Assoc G & El war. .. Ass0 G & Fl ct (8) Assoc G & E pt (5). Assoc Rayon... . Assoc Rayon pf (6). Al Lobox i : Auto Voting Mac Auto Vot M ev pt pt. Bahia Corp......... Bell Tel of Can (8).. Bliss Co (EW) (n1). diue Ridge Corp..... Blue Ridge cv pfas.. Blumenthal (S)..... Bourjois Inc S Braz Tr & Lt (b8%). Br ATcouB1.17 8-10¢c Br Celanese rets. ... Bulova cv pf (3%).. Cable & Wire B rets. Cab & W pf rets 19c. Canada Marconi. Carib Syndicate. .... Celanese 1st pf (7).. Cent Atlantic States. Cent Pub Sv Aal.75. Cent Stat EI (b10% ). Centrifug Pipe (60c) Chain Stores Stock. . Chat Ph Aln.v (1). Citles Serv (g30¢) Cities Serv pf (6)... Clev El Hlum (1.60). Clev Tractor (80c). . i Club Aluginum Uten Colombia Syndicate. Colon Ofl.. 5 Col Oil & Gas vtc, ... Cmwlith Edison (8).. Cmwlth & Sou war. . Com Wat Sv (b6%) . Comstock Tunnel. Consol Aireraft. Consol Auto M Consol Copper. . Consol Dairy Prod. .. Consol Gas Balt 3.60. Consol Laund (1) Cont Cont Shares pf (B). . Cooper Bessemer (2) CBRICOTD, ovsvsssve Corp Sec Ch (b6%) .. Corroon & Reynolds. Cresson Consol (4c). Crocker Wheeler. . i Crown Cent Petrol.. 2 Cuban Cane pr opt w5000 ineo Press (23 ) 1 Curtis Wr Exp Corp. Dayton Air & Eng. Deere & Co (1.20). De Forest Radio Deisel W Gilb (1%). Derty Oil Refining Detroit Afrcraft Cp. . Doehler Die Casting . Douglas Aireraft (1) Dress SR A (3%) Duke Pow (5).... Duquesne Gas Cp wi Durant Motors Duval Tex Sul jast G & F Assos Kast St Pow B (1)... t Ut InvA. ..., Eisler Electric Corp. Elec Bond & Sh (h6) Elec B & Sh pf (6).. Elec B & Sheupf5.. Elec Pow Assoc (1). Elec Pow Asso A (1) lec P& Lt op war. . 1 Sharehold (b6% ). 80% 3% 5y 166% 1% 31 . 2 o +100s o 115 5% 41 14% 314 0% 4% 40 43 2214 o5 3% 14 9% 3% 3% ™ 5 54 17 20 6 56 9 22 5 258 e Shares conv pf. 8258 508 1 65 1 1 5 2 3 611 2 1 Goldsmith st pf Do. 2nd_pi Sullivan Pks pf @ Inc 1350 8 3 8 2 Q Deferred. Burns Bros pf....5175 Q Bules in thousarnds. 1A DOMESTIC BONDS. e 2 0%s Low. Noon o8 5000Q00000A00000> > S22 22> 9 B PTUPRTPITSPL, i RGO e BASSE rats rane Tel Uty Uhton Guif U8 Rub 65 '35 U 8 Rubber s '3 Van Sweringen 6s 35 787 Waldorf-Astor 78 ‘54 71 FOREIGN BONDS. 2 Aer Mtz Bank 7s ‘47 10 2 Can Deminion 4s 60 1com Pr Bk S5'ss ‘31 1Ger Cons Mun 8s ‘47 3 Rubr G Co 61 A 53 @ Ruhr Hous 6(.s '58 1 Samtiago Chile 7s '49 1 8axon Pub Wk 58 '32 6 Stinnes 7s '36 xw... 18tinnes 75 46 xw ww—With warrants | Ew-—_Without warrunts. o FiWhen tssued. . 1anseBaomuSasaanE ane o oom: 1 Shareh pt (a6% ). mp Pwr pt (4.60) .. mp Steel Corp. urop Elec deb rts. . vans Wallow Lead. Fairchild Aviation. . Fiat Stock deb rt Ford M Can A (1 Ford Mot Can B 1.20.125x Ford M Ltd (p373%). Foremost Dalry Pr.. 4 Foundation For Shs. Fox Theater CLA. Sevpf B (6 3) ilobe Underwriters. Giold Coin new. nter. Groe Strs Prod vie. . Guenther Law (2 Gulf Ol of Pa (1%). Hall Lamp (40¢). Happiness Candy : Hazeltine Corp ( Hecla Mingy Horn & Hard ( Hudson Bay M & Humble Oit (1214 ) Hydro Elec Sec ( 111 Pow & Lt pf ( Imp Ol of Can (] Insull Uil - Insurance Sec (10c) . intercontinent Pet n fnt Petroleum (1). Int Utliities A (3%). Int Utilities B Inttilitles war nter trving An Chu Italiun Suberpow A. Italian Superp war. . Add 00. 0:::. High. Low. Close. 6% 18'% 84 6% 80% 2% 4% 160% 31 4% 5 67 8% ~Prev, 1931~ Hll'lIL Low. 12% 37 26% 12% 2 24% 31y 2 9% a s 43 89% 12% 1 25 247% 16% 16 82 11 B 18 59 (80s) (2508), lots. odd 12% 35 23% 10 1% % % 1% 8% " % 40 b 8% ] 20% 1T% 4% 6l 184 815 6% 80l 4% 6% 4% 619 18% 81y 6% 80% 2% 4% 160% K % 31 4% 5 67 8% 15 10% 5% 21% 4% 78 6% 39% A% 26 % 4y 15 14 314 5% 12 % 54 bie 6% 6% 8 54 Mo Kan 4 Mo Kan 7 36 5% at Fuel 6% 16% ats T 3% 13 1% 86 51 iag Sh Noma Nor Am NoA or St ¥ Nor St 4 Novadel Ohio Oil Pac Pub ndem Pennroa Pie Bak Pllot Ras Ture Oil Rock Lt board Util (50c). ‘orp Gen (40¢) . lected elect Ind (full pd). el Ind ( lected ntry S: hattuck Den Min henardoah Cory, rp pf (a3). .. hen Cor Lerwin lica Ge! nger Mz (10). outh Penn Of1 (2). . outhld Royalty 60c. W Gas Utilitfes. .. and Invest cum pf. 508 and Motors. . and Ol and O1 arrett arrett Swift in Tampa E Texon O Tri-C Tri Tubiz Twin St Ungerte Stock and Dividend Rate. 5 Kirby Petroleum. ... Klein (DE) Co (1).. Lackawanna Sec (4). Leh Coal & Nav 1.20. Libby McNell & L. Liberty Dairy Prod. Loew’s Inc deb rts..: Loew's Inc war. ... Louisiana Lan & Ex. MacMarr Stores (1). Magdalena Synd. ... Mavis Bottling Mayflow Assoc (12). Mead Johnson (3%) Memph N G Co (60c) Met & Min Inc (1.20) Mid WSt Ut (1%)..: Mid West Ut (b8%). Mid Roy ev pf (2)... Mid St Prod n (2)... Minne Honey pf (6). Mohawk Mining (4). Mont Lt H& T (1%) 25 Mount Prod (1.60).. Nat Aviation. .. Nat Bond & Sh (751 Nat Family Stores. Nat Investors. Nat Pow & Lt pf (6). Nat St Corp war 3 at Union Radio. ... ehi Corp (1.30).... ew Brad Oil (40c) . ew Eng Pow pf (6) 1108 ew Jers Zino (13).. ewmont Min (4)... iag-Hud Pow (40¢c) Niag-Hud Pow A w.. iles-Bem-Pond (2) . 21 Corp (80c). Noranda Min L&P (b8%). Nor Europ Gil Corp. >ow pf (6) ow pf (7) -Ang (143 Ohio Copper. . Penn Wat & Pow (3) Peop L& P A (2.40). Pepperell Mfg (8) Perryman E Petrol Corp war. Piedmont Hyd Eln w Pitney BP n (20c).. Pitts & L Erie (5) Plymouth Oil (2). Polymet Mfg. Prince & White! Producers Roy Prudential Invest. .. Pub Util Hold Cp ww Pub Util Hold war Pub Ut Hold cu pf(3) Rolis-Roy of Am pf. Roxsia Int Corp. Royal Typewriter(3) St Anthony Gold. ... St Regls Paper (1).. Salt Creek Prod (2 Slectric (32). echnicolor. In Teck Hughes (60c). . Received by Private Wire Direct to The Star Office Sales— Add 00. Open. 3 1 12% 33% 26% 12 11 224 High. 1 12% 8% 26% 13 1'% 23 2% 1% 9% 10% ! 0 237% 234 16% 163 8 6% % 20 57 (35 615 341 4 PL (b10%). PLvte..... 341y 4 24y 24% 5% 5t 101% 101% 100t 16% 161, 164 13 13 a% 3 9 9 1% 1%, 851y 85 48 48 52% 500 1% n 2% 8 19y 6% 171 1% 64 1 Gas (1). 100% 164 13 3% 9 1% 8512 48 Sec A (150c) 3% 9 1% 85y 48 531 12 2% 8 194 61 1% 6 1 2 4 1 2 14 27 Md (40¢). .. 8 194 61x 171 1% 1% 64 64 1% 1% 1 96% 961 9614 105% 105% 105% 48 48 48 Aviat A war ncu pt (6).. Outboard Mot A.. Outboard Motor B as Sec Sve A1.30). Western Oil oil... . d Corp (20c) 615 26 8% 1'e 32% % 9 % 1061y 17 Slectric. . of Am A (2). d Tube A. .. 10613 107 6 17 1% Pt (6) Itainbow Lum Pr A. Reiter-Foster. Iteliance Manag Reybarn Co Reynolds In Richfieid Oil Cal P (50¢) 508 6 1 2 19 4 3% 3015 3y 3014 i 4 nje-$1St., 1 4 1 1 16 Industries.. 2 1 full pstpd). 2 Indusprpf. 3 afety Cont.. 51 1 1n 6 10% 1 208 4 3 32w 106% 106% T % 341% 3415 3410y 21% 21% 6 6% 37 50 Wil pf (6).. i 1otfs. 4 s 0 ). 37 (a%).. 1of Ind 1K; and Pwr & Lt ( and I & L (B) nd P & L pg ( Sorp, Corp i hi Bros Stores. . rauss Roth. ...... utz Motor (new). . unray Ofl (b5%). wift & Co (2). 294 36% 541 1214 ternat (2).. fl&Land (1), Tob Prod Exp (1 Trans Lux DLPS., nt Corp war. . Utilities (11.20) . Ch: el (B)... NG Dt (A).. \der Fin Cp. . Un Tobacco. .. Unit Chem pt pf (8). Unit Corp war. Unit Fou (b2-35 Unit Gas Corp. 10% 8 10% 10 Bly 104 Unit Gas war Unit Gas Unit Lt f (7). Pwr A Unit L& Pwr pf (6). b U o Foil it Milk Prod. S Dairy (B) S Elec Power w (B) (50c) Util P&Lt(at1 Ut P&L Blatl Util & Ind. . Util & In Stility § Vacuum Venezue Vie Waitt & 4w 40 £40 0 | 5% 6414 nd pf (1% Equities. .. .. “4). e la Petrolm. . nan Corp(40c) Bond(A)(2) cen Co. v Walker (H) (1), Walker Mining Wayne Pump pf Wilson J Wright Zonite I 1% Sou Cal Jones (3). Ha & ( . *roducts (1). RIGHTS, Expire SAprzo o 48 Dividend rates in dollars based on iast quarte payment a Payable 1n Cash n Cash or 11 i 3 5 Plis dividend 1 stock Partly extra = iPlu b Payable in stock 2 Plus 67 in stock. h Plus 1. kPlus 10% 1n stock. m Plu: tock. 5 stock. i’ stock n |INCREASE IN MACHINERY | BUYING IS REPORTED Special Dispatch to The Star NEW YORK, February 18.--Trading in the country’s machinery and ma-! chine-tool markets held on a fairly even course in the past week, with some im- provement reported from certain centers Lnd inquiries running in good volume, American Machinist reports. Despite the frequent appearance of a list in an | inquiry, capital’s reluctance to sign on dotted lines continues to retard more satisfactory progress in the industry's | slow return to normal. | Sentiment in New York's machinery | market is more optimistic. Inquiries. | including a 6-tool D. & H. budget list, | are improving and general business is up slightly. Chicago's inquiries, on the other hand, show a falling off, sales are marking time, and prospects are await- | ing better times, though a 9-tool inquiry from the Chicago Great Western Rall- road has brightened the situation, New England sales are principally scattered single tools, although wood- working machines are going better. De- troit’s outlook is reported better than for many months, with actual orders increasing and February looking. better than month. Olulnnnzrnm signs of a weakening sales rv Several manufacturers, and most deal- ers, see the beginning of an upward trend well sprinkled with inquiries | Demend in the Indianapolis marke though limited to a few favo) tries, is expepted neverthele vance sales volume above the first quar- | ter last year. In common with other | sections, "price-cutting has cropped up | there. Current bookings are irom pipe | manufacturers, airplane fields, garages, and sand and gravel dealers. Business | in the Los Angeles section is quiet, and waits on activity in the ofl industry. MUSSOLINI'S TWO SONS TAKE MOVING PICTURES Spend Afternoons Learning Art of Film Business—Father May ‘Write Scenario. ROME (Special) . —Bruno and Vittorio Mussolini, the husky sons of Italy's Duce, are much less interested in statesmanship than they are in the mvin{.pu:tuu business. Both of these |3 boys have been spending their after- noons in the studio of the Cines Mov- ing Picture Co. in Rom=>. learning the technique of handling baby spots focusing and arranging scenery. They have their own pint-sized movie cameras and_under the best expert instruction in Itely are learning to take ‘“shots” like veterans. The other afternoon they appeared very proudly and an- nounced that their daddy had promised to write a scenario which they them- selves would take with their little cameras. This is something new for the Duce, whose writings have so far been chiefly confined to newspapers. ‘The scenaric which he will write will be a simple affair and will probably never be seen by the general public, al- though his two boys declared they would try to make their “babbo” fake one of the principal parts and that they might be persuaded to show the production to their small friends. TREASURY CEBTIFIVCATES. (Reported by J. & W. Selizman & Co.) Rate—Maturity d. oter 2745 June 15, 1931 100 2132 120s June 15. 1931 100 7-32° . 15, 1931, 15, . 18, . 18, 1932, 15, 1933 | commodity value: | of things. was pas | and retired it a little at a time. |at the Federal TRAYLOR OPPOSED 10 CHAIN BANKING Chicago Financier Disagrees With Young on Federal Reserve Expansion. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW _YORK, February 18.—Melvin Alvah Traylor, 52, the Kentucky-born chairman of the board of the First Na- tional Bank of Chicago, is a Jefferson- jan-Democrat. He “views with alarm’ the growing concentration both in gov- ernment and in business. This Chicago banker is one of the most remarkable men in America. School teacher, lawyer and banker, he has all the courtesy of a Southern gen- tleman, plus an iron will that makes him both popular and efficient. The average banker is notoriously a poor speaker. But not Melvin Traylor. Few men in America are so gifted with the ability to express their thoughts more concisely and clearly. A He disagress with his old friend. Owen D. Young, the New York Demo- crat, that every bank—Iarge or small— should be forced into the Federal Re- serve System. Nor does he believe that the 6,000 bank closings during the last 10 years have been the result of inher- ent” weakness in the supervision, man- agement or structure of the banking system. He thinks the question goes much deeper than that. It was not incompetency, lack of ability, or lack of judgment, but a “complete collapse of economic values, on which the credit of the small banks was based—liy stock, farm prcducts and farm lands. Mr. Traylor opposes chain banking. group banking and national branch banking. But he does favor branch banking cf a Statewide character—that is, he tavors a test for five years. In principle, though. he is opposed to the growing centralized control of banking. Mr. Traylor was a member of the Or- ganization Committee of the Bank of International Settlements. Disagrees With Mellon. George E. Towle, Twin City invest- ment banker, does not agree with many bankers that the cash bonus threatens the financial integrity of the United States. He says it might cause a “slight inflation, but that's exactly what we need today as a check to the rapid deflation now going on in all “We ended the miserable war ex- perience with a strictly war debt rep- resented in our Government bonds of something_less than $30.000,000,000,” Mr. Towle. * Mellon was ob- sced with the idea that this should all paid off by Saturday night. The result was e ively heavy income taxes, almost amounting to confisca- tion, all of which. in the natural order ed on to the con- suming mass. : “Would it not have been the wiser thing to have carried this bond debt even disappear in 50 years? Was it not practically owned by our own people and the interest return on it used to buy the family groceries?” This Northwestern banker says our national structure is simply and wholly the adding together of our unit life. He explains it this way: “If the Nation’s bonded debt is owned by the units of the Nation and the income therefrom goes right back into the business turnover of the Nation, is it a rcal debt? I owe my wife $1.000. 1 pay her annual interest on this at 6 per cent. She takes the check and pays the family grocery bill. Is this a real debt resting on me?" Instaliment Paper. Do not allow the Federal Reserve banks to rediscount installment paper, Rome C. Stephenson, president of the American Bankers' A: tion, told the if it did not | Glass Committee this weck. Installment paper represen sumer credit,” added Mr. Stephenson. “It is not based on p: tive transac- tion, but is wholly dependent upon ex- traneous factors for its liquidation, such as the ability of the purchas.r of the goods invoived to hold his job and make his payments out of wages. “The value of the underlying goods thus rapidly disappears to consumer use of depreciation. This is in distinct contrast to the notes covered by the present rules of eligibility, which repre- sent producers, and not consumer credit, and are s the increased value proauced by the un- derlying commodities and transactions.” During the last five years there's been a growing cemand that installment paper be mede eligible for rediscount Reserve banks. But if xpressed by the president con- the opinion of the Ame icative of American bankers gen- there does not seem to be much chance that such a pr corporated in the Federal reserve act. Legge's Service, The retirement of Alexander Legge, chairman of the Federal Farm Board since its bezinning in June, 1 is nounced at ame time that the Bureau of Agricultural Economics of the Department of Agriculture publishes the fact that farm prices reached the low- est point in 18 years on January 15. On that date the index for farm prices at 94 that of December January of last y Chairman Le He has ar must be discouraged. put millions of meney into the market the prices of wheat and they are at very low levels couragingly low. What's the answer? What has Chair- man_ Legge accomplished? Has it been worth the money spent? If the American farmers take their cue from ‘big business” and organize in order to control more effectively their products under the comprehensive plans of the Federal Farm Board, the millions will have been well spent. If they do not. and still try to meet the world competition_individually, the whole cffort of the Farm Board wili have been in vain Mr. Iegge. big business man that, he was before he entered the Government service, will leave it with the well de- ed support of every _intelligent farmer in the Naticn. His loss to the governmental ser Einstein's Warning. Dr. Albert Einstein, the German scientist, warns eivilizition that it must be more alert and wise to make sensible use of the great inventions of science, if living is to be made easier and happier. Today quite the raverse is true. Man has not learned yet to make sible use of applied science. So the learned aoct r infers that science is hurting and to bolster up cotton. Yet ay—di: | not_helping humanity Here's his statement “In war it (science) serves that we v poison and mutilate each other. In it has made our lives hurried and crtain. Instead of freeing us in great measure from spiritually ¢xhaus abor. it has made men into sla of machinery, who for the most par ccmplete their menotonous long day's work with disgust and must continually tremble for their poor rations.” Has Stuart Chase been having lunch with the great mathematician? (Copsright, 1931. by N —— NEW YORK, February 18 (Special). —Opening cotton prices today were 3 to 9 points higher. This resumption ot the advance to new high levels on the recovery came despite reports before th opening that the market was heavy with selling orders. Weather reports were favorable. May and July were the most active contracts, both being af- fected by local and continental sup- port. Opening prices were: March, 11.00, up 3; May, 1131, up 7; July, 1157, up 8; October, 11.65, up 9, and Decem- ber, 12.03, up self-liquidatinz out of | vision will be in- | as about 3 points below | nd 40 points below | Government | [ STOCK AND BOND NANCIAL AVERAGES By the Associated Bress. From Yesterday" s 8:30 Edition. STOCKS. Today. . Previous day.. ‘Week ago. Month ago. Year ago. Two years ago. Three years agt High, 1931 Low, 1931 High, 1930 Low, 1930 High, 1929 20 Utilities, 180.8 183.6 179.7 161.1 2447 BONDS. i 10 Industrials, ereee 398 Month ago. . Year ago.. Two years ago. Three years ago... High, Low, 1 High, 1930 Low, 1930 High, 1929 Low, 1929 PRICES FOR FARM PROBUCE STEADIER {Wholesale Market Shows Ir- regularity, However—Po- tatoes Are Lower. Farm products were acting a little better in the market around the middle of February, says the United State | Department of Agriculture, Bureau of Agricultural Economics, Market News Service. There was, at least, some | ability to_respond to favorable news, | such as the better demand for cotton, dressed meats or butter. But the price trend continued irregular, with de- clines about as numerous as advances. Net changes in grain, hay, feeds and cotton were rather small. Cattle and hogs sold lower. Potatoes weakened | a little under heavy receipts in East/n | markets, but onions did a shade betier. | Butter trading was more confident, but cheese declined. Eggs reached new low points, but live poultry markets im- proved. | i Potatoes Slightly Lower. | New potatoes weakened slightly near | { the middle of the month in city mar- kets and most jobbing sales of old | stock were at lower levels. The Chi- | cago carlot potato market declined on | most. receipts, except Colorado Red | | McClures, which were firm to hlghcr,‘ Sales of nearly all sweet potatoes, ex- | cept Tennessce Nancy Halls, were at | higher levels in terminal markets. Apple prices showed practically no | change. ~Combined holdings in cold storage are 23 per cent more than a year ago and 14 per cent above av- erage. Strawberries were returning lower prices to Florida_growers in the Plant City district of Florida. | Cabbage is still in weak position Bulk stock returned cnly $11 per ton in Western New York and the market in Southeastern Wisconsin declined to a range of $4 to $7 per ton. Celery continted in good demand, with prices advancing at Southern shipping points. | Virginia expects an area of Spring spinach almost 80 per cent larger than | last year. | Onions showed a stronger tone in Western New York and city prices of New York stock strengthened also. Dealers in large consuming centers re- ported a higher price level for most lettuce. | Butter Markets Improve. | Butter receivers find it easier to dis- | {pose of arrivals, and prices have_ad- vanced a little at all markets. Some | dealers ventured the opinion that the | worst of the butter situation is past. Milk production throughout the larger portion of the country has been well maintained. City milk distributors re-| ported surpluses in almost all localities. | This surplus is practically all being | converted into butter, adding to the already somewhat increased make | which prevailed in most territories. Cheese prices at distributing points reflected the decline in producing sei tions earlier in the month and were fractionally lower. The tone at the new level was easy. and trading was limited to actual needs. Held and cured | stocks were in somewhat better demand, | and prices held steady. | Eggs at Pre-War Prices. } A further decline brought egg prices down to a new low near the middle of | | February, not only for this time of | year, but for any period since the war As a result of the large holdings on the Ist of the month, and with only al short time remaining before the active | into-storage movement for 1931 will begin. the Pebruary refrigerator egg | market continues very weak. Many poultry dealers ate of the opin- ion that the heavy Midwinter market | movement that began the latter part |of January has reached its peak and that from now on receipts will be more in line with the usual seasonal movi ment, The slowing up In Teceipts of live fowl, which have been unusually heavy for the past month, due to the | low returns that farmers have been recelving for cggs, was especially n ticeable and caused the market to de- velop a much stronger tone. A strength- | ening factor to the dressed poultry mar- | kets is the relatively small cold-storage | { holdings of dressed poultry for this time of year. Holdings on February 1 | amounted to only 101,323,000 pounds. Steers Reach Low Points. ew lows for the current season were touched in the cattle and hog markcts during the second week of February. Declines in fat cattle values were re- | corded on a run of practically the same | dimensions as that of the preceding week, and reflected further declines in dress:d beef and a dull trade at low prices on hides and other by-product Fat lamb values fluctuated wildly, the market ruling sharply higher early in the week, but losing much of its strength on a single midweek session, irregularity of the marketward movement being partially responsible for the flighty trend of values. The fact that dressed lamb and mutton markets w-re higher gave the live trade a stability that it courd not have otherwise possessed in view of the increased market receipts. The Boston wool market showed fur- | ther broadening tendencies during the second week of the month. A steady movement of sizeable quantities of 58: 60s and finer grades was recordes d some fairly large sales were closed on 565 and 48s, 50s qualities. Prices were fully maintained. Grain Fairly Steady. filnrrl‘nsvd offerings from the Southern | emisphere and Russia, together with | ore favorable weather in dcmestic | Winter wheat areas, weakened the | wheat market around the middle of February, and most of the advance which took place earlier in the month on improved demand for North Ameri- | can grain was lost. Larger country shipments of corn, which met a slow demand, were a weakening influence in the corn market, Prices were barely steady. Oats and barley were not ma- terially changed, but the moderate of- ferings were readily taken. The rye market was more active and slightly firmer. Flax, on the other hand, turned slightly downward with the moderate current marketings and rather irregu- lar demand from crushers because of the slow inquiry for oil. Prices of wheat feeds advanced near the middle of tm month, influenced by | Potates, 10 Rails, 104.1 104.5 104.8 104.0 104.9 103.7 (Copyright, 1931, Standard Statistics Co.) colder weather and firmer grain mar- kets. Spring wheat feeds advanced $1 to $1.25 per ton. The Spring wheat feed situation at Buffalo was slightly firmer due to a betier demand and less selling pressure. Local mill production was heavy. Cottonseed meal prices were ir- regular with advances in some markets offsetting declines in others. Exports have been unusually light, but relatively greater amounts have moved into do- mestic consuming channels. The lin- seed meal market averaged weak with prices unchnn‘ed to $1 per ten lower. Production of "linseed meal continues rather heavy. Prices of gluten feed and meal were reduced $1 per ton at most markets. Demand at the lower price level, however, remained slow. Hominy | feed was also lower, except at Buffalo, despite the strength in corn. Alfalfa meal prices averaged lower. Business in hay prices was a factor in the down- ward price trend of alfalfa meal. With mild weather reducing consump- tion of hay, market demand remained dull during mid-February. Prices of timothy held mostly unchanged, but alfalfa prices declined slightly. Reduced farm feeding has left more hay avail- able for market and country loadings increased materially in Central Western producing areas, according to trade re- ports. Current receipts. however, were mostly fairly well taken at prevailing prices. FRIGIDAIRE PLANTS IN FULL OPERATION| Doty Tells Local Dealers That 1931 | Refrigerator Sales Should Total 1,000,000. General indications point to the sale of 1,000,000 electric —refrigerators in 1931,'a new record for the industry, E. D. Doty, advertising. manager of Frigid- aire Corporation, told dealers and salesman of his or- ganizatiof in this section of the country, who as- sembled here today for a Spring busi- ness conference. There are now more than 2.500,000 household units in use, of which at least 1,500,000 have been instailed dur- ing the past two years,” Mr. Doty said. “This is a phenomenal e x- pression of popular interest when con-| ditions that prevailed during the past year and a half are taken into consider- ation.” Mr. Doty was accompanied here by J. J. Nance, sales promotion manager | of this General Motors® subsidiary, who | also helped conduct the meeting. Dealers and salesmen were informed that the factories in Dayton, Ohio, are in full operation and that recently orders were sent to 2,000 supply sources throughout the United States for $7.- 000,000 worth of raw materials needed for immediate manufacturing purposes. Sales training, advertising, financing, time selling and other retailing subjects | were discussed at the meeting. The conference will end tonight with a din- ner at which prizes will be awarded to dealers and salesmen of this section who won membership in the corpora- tion's 1930 B. T. U. Club with out- standing sales records, it was announced. E. D. Doty. MARKET DROP HELD DUE TO FALSE STEEL RUMOR! Srecial Dispatch to The Star. | NEW YORK. February 18.—The | basis for th: abrupt decline in United States Steel and other industrial stocks in the market Tuesday afternoon was the report that the weekly trade figures would show a decrease in production. | As a matt'r of fact they actually in- creased from 50 to 51 per cent. Fur- thermore, the reviews today are more cheerful than for some time. They| emphasize th: expansion in business and more definite indications of larger demands with the coming of op:n weather. The change in automotive steel re- quirements, according to the Iron #¥8 A_15 INVENTORY LOSSES REACH LARGE SUM Industrial Firms Are Urged to Write Down Goods to Present Prices. BY JOHN L. COOLEY, many students of business are now willing to admit that the bottom of the depression has been passed, they are wondering to what extent Industry, broadly speaking, has readjusted its bookkeeping to meet the sweeping changes brought by the last 19 months. Have inventories and -assets been written down to conform to the defia- tion in production and prices? For nu- merous industries the answer to this questfon is “yes”; for others it is “no.” Some economists say the negative ap- plies to the majority. Industrial Survey. An industrial survey just completed by the National Credit Office, n%l' a subsidiary of R. G. Dun & Co., shows that althought a number of major in- dustries cut inventories so steadily in 1930 that the decrease in this item was larger than the decline in output and sales, the bulk of businesses apparently did not follow this course. The findings of the survey stress the importance of such an adjustment, as- serting that “for a gain in industrial activity of greater than seasonal pro- portions to materialize and to carry through to eventual prosperity, industry generally must write down inventories and asset values to rock bottom and start with a clean slate.” During the last quarter of 1930 pro- duction declined 26.5 per cent, sales slulml;eld’ 217 ul; :Ent and inventories only 21.9 per cent from the correspond- mgxpenod of 1929. “In some cases,” says the report, “inventories and assets ,nre higher than a year ago and in others stocks on hand and resources have been revalued only in about the same degree as the decline in sales and output. The weighted avi of all industry, showing a relative decline in inventories, is evidence that the ob- ‘vious and most desirable course with regard to the balance sheet treatment of this item has yet to be adopted in the majority of industrial lines.” Writing Down Inventories. Although poor earnings will un- doubtedly be nccen&ulud‘lry a com- plete readjustment of inventories and a revision of capital and fixed assets, the resulting decline in earnings or in- crease in losses will be outweighed by the benefits accruing from the move,” asserts the report. “The nt is geartlcuhrly opportune for action, cause inadequate earnings statements will not be conspicuous by contrast.” In conclusion, the credit office states that if industry follows the policy of writing asset and inventory values down to present price levels and of checking inflationary tendencies promptly if fur- ther price recessions occur, “it will have a well protected profit . “This factor, in conjunction with the abundance of credit and ample labor supply now available, can be made the moving cause of a sustained - trial revival S RYDING SEES UPTURN IN STEEL BUSINESS Tennessee Coal & Iron Head Re- ports Marked Improvement Helping 4,500 Men, Herbert C. Ryding, president of Ten- nessee Coal, Iron & Railroad Co., states there has been decided improvement since January 1 in all lines of business. “The sheet, structural, plate and rafl markets have shown a healthy turn,” he said, “and 4,500 men are enjoying the benefits of increased activity in our mills. Those who were working two days a week are working from four to five and those working four to five are now on full time.” Orders already on the books and others in sight, Ryding pointed out, will keep the mills operating on their present basis for the next seven mcsxzths. - nce January 1 orders have received for more than 100,000 :‘"‘b:tol; rails, which - ralls, which are being rolled and de First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFO Ap) invited on ap: dwellings, larly on w d z for 3, 5 or 10 vears, if so 1520 K St. N.W. 'The COMMERCIAL National Bank 14th and G Streets Age, ‘is “so sudden that there is doubt | whether it is mer:ly a flash in the pan or marks the beginning of a general recovery in motor car business.” There has also been greater production of tin plawe, increas:d orders for sheets and a beiter tone in the wire trade. Rail- roads and pipe lines indicate more | activity than for som: time. The price situation is quite uncertain with finished steel quotations under pressure and a decline in pig iron to the lowest since October 1915. i | POTATO MARKET. | CHICAGO, February 18 (#) (United | States Department of Agriculture).— | 106; on track, 263: total U.| S. shipments, 848, about steady; trad ing slow cked per cwt., Wisconsin round whites, 1.30a1.35; fancy, shade | higher; ungraded, 1.15a1.25; Idaho rus- | sets, 1.50a1.60; No. 2, 1.20a1.30: oc- casional sale 1.35; Colorado McClures, 1.70a1.75; fancy, 1.85a1.90. RENTAL | Banking in All of Its Phases FIRST TRUST LOANS Prompt Service Courteous Treatment Thos. E. Jarrell Co. Realtors. 721 10th St. N.W. National 0765 Awercan Teepione o TeEcu Conpane = 166th Dividend Tue regular quarterly /4 dividend of Two Dollars 4 and Twenty-Five Cents - ($2.25) per share will be paid on April 15,1931, to stockholders of record at the close of business on March 14, i55i. H. BLAIR-SMITH, Treasurer. 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 Mort, 132] Cor;ncc!iclll Ave age Loan Correspondent ife Insurance Company N.W. Phone Decatur 3600