Evening Star Newspaper, February 21, 1931, Page 14

B ) nd FIN ANCIAL. THE EVENING STAR, WASHINGTON, D. C., SATURDAY, FEBRUARY 21, 1931 USINESS MORALE STEADILY GAINING Various Companies Are Now Going Ahead With Ex- pansion Programs. BY J. C. ROYLE. The morale of the business and indus- trial world is gradually improving a: the time for congressional adjournment draws closer. There have been exhibi- tions of financial courage in the last week which have been sorely needed. Bank debits have been low. That means people have not besn spending even | though they had ample funds. Courage is being exhibited in many quarters, however, and the advance of the forces of business has been noticeably im- proved thereby. This has come about through private {nitiative rather than from Government aid, accovding to bankers in scattered sections of the country, reporting today. The improvéent is taking place in other than those lines such as construc- tion, whi¥c the Federal efforts have been largely concentrated. Of course Federal funds are aiding construction and road building, but the main im- provements have come from the confi- dence in the future of individual con- cerns and industries. Automobile Industry. The automobile industry undoubtedly s one of the financial heross. Thou- sands of workers have been added to the pay rolls. Some plants are again practically on a normal basis. All of them are adding materially to the de- mand for raw and finished materials used in motor-car manufacture. ~This has spurrad the iron and steel industry, textiles, the non-ferrous metals, rubber, machine tools, lacquers and a score of other lines i The gain in steel is appreciable but gra That is taken to mean that it is healthy and well founded and not 1ikely to slip backward in the near fu- ture. The call for pipe and railroad supplies has helped the situation. The railroads, which came bravely to the rescue with huge orders for equipment in 1930, are not likely to buy many new freight cars and locomotives this year, since their needs are well supplied, but they can be counted on to buy supplies which will enable them to take full advantage of any improvement in freight or passenger traffic. The farmer buying power is as strong #s could be hoped in view of the de- velopments of the last two years, but the fact that several members of the Federal Farm Board ars expected to resign by boginning of Summer must not be taken as an indication that the farm situation problems have been solved. Agricultural authorities say it means simply that the battle against the old laws of supply and demand has b-en a hard one on both sides, compli- cated by the transfer of much grain trading to the Canadian markets. Textile Situation. The textile situation has brightened This is not unusual at this time of the ar, with Lent just starting and the r trade in prospect, but the gain 18 above seasonal proportions, and in ad- dition the industry is so conservatively situated as to stocks of goods on hand that it is able to take full advantage of the betterment. There is somewhat more activity in both the raw and fin- ished silk markets. Styls shows throughout the world stressing cotton dresses have aided the cotton manufacturers. The trend for pajamas for sleeping. lounging and eve- ning dress has opcned a market for many of the new and attractively de- signed fabrics The oil industry is unsettled, and probably will remain so until Congress adjourns, since some legislators are ur- gently pressing for a comprehensive in- vestization of the whol= industry. The oil men, looking back at what happened to coal, which was deeply investigated, do not view the prospect with any en- thusiasm. Food markcts are following the usual trend of the Lenten season. Holding Companies. A distinct warning has been issued to the four great Eastern trunk line rail- roads in the report submitted to the Committe on Interstate Commerce of the Heuse and to the House itself on holding companies. They were told in the report and by Chairman James S. Parker of New York in effect that if there should be undue delay in present- ing to the Interstate Commerce Com- mission_thelr plans for consolidations in the Eastern trunk line territory or if there should be continued striving for selfish advantage through acquisitions by means of holding companies or hesi- tancy in submitting the issues to the commission, the commission might be clothed with power to compel the roads to divest themsclves of railroad stock acquired through holding companies without the commission’s approval and which was being continued without the commission’s approval and its findings 85 to what was in the public’s interest. It has been the contention of some of the roads that the acquisitions were furthering the behest of the commis- sion to merge the roads into compre- hensive systems. This warning is likely 1o speed up the consolidation plans, not of the four great Eastern trunk . the Baltimore & Ohio, the New tral. the Pennsylvania and the ke & Ohio, but those of all er railroads in the country. ort, compiled by Walter M Splawn, acting as spcial counsel to committee, recommends that the! interstate commerce act be so changed within the jurisdiction of | Commerce Commission acquisition of the control of a road which would bring that road into affiliation with or under control of | another raiiroad, whether that acquisi- | tion was by means of a holding com- rany or otherwise. It also is recom- mended that the hext session of Con gress consider whether legislation is necessary to deal with any past acquis tions of railroads which have not been approved by the Interstate Commerce Commission. This is the section which pecially aimed at the Eastern car- | nity is to be given for | g statutes when the was made. The delay to ress is provided for with t the applications of the ink line roads for con- esult in laying bare the situation. Rail Executives’ Position. The third recommendation made by wn is that the scope of the holding company investigation be broadened to cover all companies en- gaged in interstate commerce. This uld take in utility and industrial anies as well as bus and pipe and lroad executives here indicated to- day that they were by no means unal- terably opposed to regulation of hold- ing companics, provided such regula- tion were fair. They declared that if the proposed consolidations which had inspired the acquisition of roads by means of holding companies were ap- proved by the Interstate Commerce Commission, the need for holding com- panies would have passed in large part and they would not object seriously in that event to dissolving such companies. ‘The report made it plain that there were both good and bad holding com- panies. Attention was called to the fact that the real owners of the rail- Toads of the country were the citizens of the country and that control had d from big banks, investment ouses and families. These classes of investors all together own only about 5 per cent of the voting stock of the class 1 railroads. Railroad men attrib- ute this to the holding companies, which went to the public for money to acquire stocks instead of getting it ffom the . . banks and big investors. The report violation of acquis is remarkably from the commission for approval or disap-'~ Others unchansed. (Continued From Page Stock ana Dividend Rate. Nat Cash Reg A (3). Nat Dairy (2.60).... Nat Dist Prod (2). Nat Lead (5).. Nat Pow & Lt (1). Nat Radiator Nat Steel (2) Nat Surety (5) Nat Tea (1) . Neisner Bros (1.60 Nevada Copper (1).. Yewton Steel. . Y Central (8)..... Y & Harlem (5)... Y Invest (1.20). ¥ N H & Hart (6). ¥ Y Steam pf (6).... Y Steam 1st pt (7) North Am Aviation. . or Am (b10% stk). orth Amer pf (3) North Am Ed pf (6). orthern Pacifie (5) Northwest Tel (3).. Ohio Of1 (1)... Oliver Farm E Omnibus Cprp. Otis Elevator —Prev. 1931~ High. Low. 38 29 4715 384 34% 19% 132 1181 4% 25% 1 57 574 21 25% 13% 24 129 R Sales— Add 00. Ht 99 4 9 1805 Otis Steel Owens 111 Glass (3). Pacific Gas & Bl (2). Pacific Lishting (3). Pacific Tel & Tel (7) 3: Pack Mot Car (60¢c). 286 Pan-Am Petrol B.... . 1 Panhandle P & R 2 Paramount Pub (4). 168 Park Utah Parmelee T Pathe i Pathe Exchange A. . Patino Mines. . Peerless Motor Car.. Penick & Ford (1)... Pen WJC) 3 . Penney (JC) pf A (6) Penn Dixie Cement Penn BRI (4). 3 M . Fetrolm Cp of Ami Pheips Dodge (2) P’hil Read C & Philip Mor & Co (1) Phillips et (2) Pierce-Arrow A (2). Pierce Petrolm (10¢) Pillsbury Flour . Pittshurgh Coal pf. Pitts United Corp Pitts Unit Cp pf (7 Poor & Co (B).. Porto RicAm T(A). PR Am Tob B rostal T & C p airie Pipe L Pressed Steel Ca Proct & Gamb Prod & Refiner Pub Sv N J (3.40) Pub Sv N J pt (5) Pub Sv N J pf (6) Pullman Corp (4).. Pure Oil. ... Pure Oil pf (8). Purity Bakeries (4). Radio Corp. .. Radio Corp B (5).. Radio-Keith-Orph A. 227 Raybestos Man 2.60. 16 Reading Ry (4). Real Silk Hos (3)... Rem Rand (1.60). . keo Motor Car (40c Republic Steel. . Republic Steel pf. Revere Copper & Br . Revere Cop & Br(A). Reynolds Meials (2) Reynolds Tob A (3). Reynolds Tob B (3). Richfield Oil. ... Rio Grande Oil. ... Rossia Insur (2 20) . Royal Dutch m1.3404 safeway Stores (5). afeway pf (6). tJoseph Ld (2). St L-San Fran (8). St L-San Fran pf (6) Savage Arms (2).... Schulte Retail Strs ott Paper (11.40) eaboard Alr Line. Seab Alr Line pf. Seagrave (60c). ears Roebuck $2% . Seneca Conper haron Steel Hoop. . Sharp & Dohme hattuck F G (t hell Unfon Oil Shell Un Oil pf (5%) Shubert Theaters Simmons Co. .. Simms Petroleum. Sinclair Con Ol (1). Skelly Ofl. . “ Skelly Oil p . Snicer Packing..... Snider Packing pf. Am prww 5%.. Sou P Ric Sug (1.40) it NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. 13) ~Prev. 1931~ gh. Low. Close. 364 3T 46% 4T 331y Bdm 12615 127 414 ™ Spencer Spiezel Stand Brands (1 Stand Oil € Stand Oil of Kan (1) a Oi Starrett Sterling Stewart Texa Texas P Thermoi Third A Tide Wa de Wa Tobacco Transue Tri-Cont Tri-Cont Truscon Twin C rbide ( n Oil of Cal ( ‘nit Aircraft. .. nit Aireraft pf (3). Init Biscult (2) Inited Corporation it Corp pt (3) it Electric Coal nit Fru; nit G & Unit Piece D W (2) U S & For Secur S Freight. U S Gypsum 5 S Indus Alco (6). 1S Leat S Pipe 5 Real U S Rubber. U S Rubber 1st pf. .. melt & Ref (1) Steel (7). . Steel pf (7). Unit Stores A Unit Store Pip Ctil PEL A (et Vadasco Vanadium Corp (3) Stock and Dividend Rat South Cal Ed (2). South Pacific (6). South Ry (8)... Sparks Withing (1). § Spicer Mfz Stand OIl N Y (1.60). Sterl Sec pf (1.2 Stone & Webster Studebaker (1.20) . Superheater (2 Superior Oil perior Steel...... 3 Sweets of Amer (1). 3 8 3 3% Tennessee Corp(30c) Corp : Tex Gulf Sulph (4) Texas Pac Land Tr Thatcher Mfg (1.60). Thompson Thompson Star: Trico Prod Prey Low. Close. Close. 51% 51% 51 1074 108 6l 62% 1% 11% 100 Sales— Add 00. High. 52% 108 625 11% 10% 174 Kellog (80¢) May 91 26 15 INJ (t (LS) (t214) Sec A | Warner : | 3).. C&Oil.. d Co t1 ter As (60c) . tAs pf (6) Tide Wat Oil (80¢).. 2 | Timken Det Ax (80¢c) | Timken Roller (3). 2 Prod A & W (1).. ! Loy PR Corp pf (6) %) ... Stl (g1.20).. it (4) Im (1. e her. &F (2).... ty & Im (3). 21 1477 | 146% | 1S axm | 31! 29 | pe(4) e & Rad. ... 15). 12 Sales Corp Vulcan Det (4). Wabash RR... Wabash RR (A) Waldorf Walwort Ward Ba Ward Ba Ward Ba Warner Bros Pict Warren Bros (3). Wess 0 & West 1a Western Western Western Western Western Western Westing Westing Ww Westing Wextark Sys (1%).. hCo1). king A. ng pi (7). 18% 2% 5615 | 105 S pt (4). Elpf (1) Dairy A (4) Dairy B. 3 | Md. : 4 E | Md 2 Pacific. | Union ( WiE(2).... E&M(5).. 1214 | 1431 | 36 4 100% a9 ston El Instr (1). E&M pf (5) Radio Strs. White Motors (2). White Willys w Mach pf. Jverland. ... Willys-Over pf (7). . Wilson & Co.. Wilson & Co pf. Woolworth (2.40)... Worthington Pump. Wrigley Yellow T Youngs Spring (). . RIGHTS—EXPIRE. Pac Gas Dividend rates as vayments based on tne *Unit of trading I Payable in scr regular rate stock 1314 | 0o, 91 1 |hPlus 2% 15% in stock 5 Payabi e Payatle in cash or stock. i m Paid this year—no regular rata 641 104 T4y 141, 281y (Wm) (4).. ruck. .. 18 &ELMar11 27 2y S13en in the above table atest quarterly or hajt ess 100 shares. . ip. CPlls 9% 24 2u 2y # anrng extra. :Plus or“. kPlus 3% 1in <tock. nPlus 5% in stock. HOLDING COMPANY REPORT IS STUDIED Business Interests Analyze Result of Inquiry Into Rail Stock Buying. | BY GEORGE E. DOYING. Business generally, as well as the railroad world, was intensely interested in the report made by Walter M. W. Splawn, special counselor for the House Committee on Interstate and Foreign Commerce, to the Congressional Com- mittee investigating holding companies for railroad securities, which has just been submitted to Congress. Mr. Splawn recommended that the committee’s investigation be extended | to include all holding companies en- gaged in interstate commerce. He noted the fact that the Federal Trade Commission, by direction of the Senate, already 1s engaged in an exhaustive inquiry into public utility holding companies, and that the House Com- mittee is looking into the railroad hold- ing companies. New Inquiry Suggested. “It seems,” he said, “that the com- mittee should be informed as to the exact nature of this (holding company) device, as to whether or not its uses vary from one line of business activity to another, and as to what are its economic advantages and disadvantages with respect to each character of bu ness in which it is used.” The committee’s report was transmit- ted to the House by its chairman, Rep- resentative James S. Parker, Repub- lican, of New York. Rumored activities west of the Mis- sissippi River, Mr. Splawn's report said, are causing some railway managements to seek new connections and additional affiliations for their r “There are two outstanding recent developments,” he said, “which appear to have an unsettling effect on the rail- roads in the West. These are, first, the { acquisition of the Missouri Pacific lines by the Van Sweringen interests; second, the proposal, under the plan for four systems in the East, to extend those Eastern systems to the Missouri River gateways. Amendment Suggested. “The near future may bring other developments which may stimulate cer- tain interests to seek control of rail- way properties in the West or in other sections of the country. It is not cor- rect to conclude that all has already happened which could take place in acquiring control of railroads - without the approval of the (Interstate Com- merce) Commission.” Mr. Splawn recommends that the in- lerstate commerce act be amended so as to bring within the jurisdiction of | sons, proval any acquisiton of the control of a railroad which would result in bring- Mg that road into affiliation with, in control of, or under the management of another railroad, whether the acquisition be by holding company or otherwise. It is proposed further that the next session of Congress should consider whether legislation is necessary to deal with any past acquisitions of railway properties which have not had the ap- proval of the commission as being in the public interest. Voting Stock. The special counsel’s report discloses that while the voting stock of American railroads is held by about 840,000 per- the Van Sweringen brothers con- 411 miles of railroad—nearly 5,000 miles more than the entire Penn- sylvania system. The report also reveals that while the Interstate Commerce Commission’s con- solidation plan proposed the formation | of 21 systems, and suggestions have been made that the number should be larger, the fact is that 15 major groups in ‘this country now control 210,090 miles or nearly 85 per cent of the reil- way mileage of the entire country, (Copyright, 1931.) ISTOCK BUYING DECLARED | OF EXCELLENT QUALITY Special Dispatch to The Star NEW YORK, February 21.—Brokers, | who have watched the buying recently | say that it is of an excellent quality | and by those who are able to pay for | what they buy and hold indefinitely They compare this market with that of | April. 1930, and point out that while the pools last Spring were egging on the public and selling stocks to them, there is nothing of the same sort taking place now. For this reason they do not sub- | scribe to the theory that a reaction | similar to that of last Spring is likely to occur. | INVESTMENT TRUSTS | NEW YORK, February 21 (#).—Over the counter market Am Founders 7' pf ers cony pf ctis nd Oil Shares Bid A | i mulative Corporate Trust Shares Crum & Foster B....... Crum & Foster. Inc, B i Trhst | 1avest Tr of N ¥ coll Investors Trustee Si | Jackson & Curtis Inve Low Priced Shares Major Corp Shares . . Mutual Invest Trust A Nation-Wide Secur | N ¥ Bank Tr Shares | Nor Am Trust Shares Representative Tr Shrs Spencer Trask Fund... t and Am Trust Shares ate Street Invest Corp Trustee Stand Oil Shares A 6 | | Trustee Stand Oul Shares B 7 | Trusteed Am BK 8h........... | | Two-Year Trust 8h ; United Fixed Tr Shrs ¥ | United N ¥ Bk & Trust Shrs € U 8 Elec Lt & Pow Shares A U 8 Elec Lt & Pow Share: 8% | 50a7. | Merrimac Hat Corp. 50c Baltimore Markets Special Dispatch (o The Star. BALTIMORE, Md., February Potatoes, white, 100 pounds, 1 new potatoes, barrel, 4.00a6.50 potatoes, barrel, 2.00a4.00; yams, 3.00a3.75; beans. bushel, 4.00a5 50, bects, crate, 2.00a2.50; cabbage, ton, 15.00a17.00; " carrots, bushel, = 50a75: caulifiower, crate, , 1.50a2.00. celery. crate, 2.50a3.5 eggplants, crate, 1.50a 5.00; kale, bushl, 75a1.10; Jettuce. ham- per, 75a1'50: peppers, crate, 50 parsnips, bushel, 50a60 50a90; spinach, bushel, tomatoes. crate, 1.00a4.50: tur- bushel, 80a1.20; apples, bushel, 25a2.25; grapefruit, box. 130a2.50: oranges, box. 2.50a5.00 ¢ 0X, 1.00a1.75; straw tangerines, & 5; strawberries, Dairy Market. nhve—' "Il‘(urkfly pound, 36a40; 32; chickens,” young, 27a28’ » 33835, old hens, 18a24; Leg. horns, 14a18; ‘roosters, 12al4; capons 30a38; ducks, 18a26; guinea fowls, each. Eggs—Receipts, 1,92 cases; firsts, dozen, 18; current receipt. Butter—Good to fancy, creamery pound, 26a30; ladles, 19a21: rolls, 16a18 process, 25; store packed, 12al4. i ne: DIVIDENDS DECLARED NEW YORK, February 21 () — Regu Pe- riod, Pay- abie, Feb. 25 Hidrs. of record Feb. 7 Feb, Feb. Company Rate Am Casn Credit A 15 Do '8 s Alieghany ‘Sicel . "1 Bohn Al & Brass. 7! Boston Elevated . §1 Conn Elec Service.. 75 Bocto Pepper Co. 30c Domizion GI' pi. §i" Elec Sior Battery $125 Do, pf 5125 Gen LUl 7. b 5gisc Hall (€M) Lamp .10¢ Harvey' Svstem i %4 Int Mige & Inv pi 5175 Kekaha' Sugar 'Co. 20c ) Land & Rovaity A 81vc faver (0) & Co ist pt 52 Do. and pi’" 5175 o Zoe BEEE BEE WNooEEEsEE. Q Mar. Q Mar Q Do. pf 51 Neiman & Mar Co $1.75 Brins Pow 17 pf 51 Reeves (Dan) Tnc 3715 Do. 67,7, pf Q Mar Mar. Q Mar Q Mar. Q Aor. Q Mar. o Mar Q Apr. M Mar. Q Apr. Q Mar Q Mar, Stard | Gas & Cum pf United Sorn '§3 ‘pt Un Milk Co (San Wwrllman_Ene’ pf Wileox Rich A Wonlf Br ne 57 o o £1.75 Extra. Am Cash Credit A..5c Do B 5 sc Quaker Oats | 3 Initi Canadian Lt & Pow.$1 United Sec Ltd.....$2 Lia Feb. Feb, Apr Apr. Apr. ink. Flint Mills . Resumed. prof il Q" Mar. ....7¢ Q@ Mar. Reduced. Hudson Motor Car.25c .. Apr. eiman & Marc Co.36 A Mar Durham D Raz | Chicago *| action the | plan, w | wa ADVANCE IN BOND PRICES CONTINUES Secondary Issues Improve as Stocks Resume Their Upward Trend. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, February 21.—Bonds continued their advance toda: ‘Th significant feature of trading was the improvement of secondary issues as a result of the strength in stocks and the more optimistic tone to business. For instance, Postal Telegraph 5s, which recently’ dropped as low as 55 because of the company’s decreased rarnings in 1930, gained over 2 points their low. tributable to the improvement in earn- ings so far this year and prospects of further betterment. The same argument applied to the ains in St. Paul 5s and adjustments, & Eastern Illinois Com- mercial Investment Trust 5'.s, Con- solidation Coal of Maryland 55, Dodge Bros. 6s, Goodrich 6s, Hudson Coal 5s, International Telephone 4!s, Sin- clair Oil 7s and some of the foreign corporatio issues such as Kreuger & ‘Toll 5s, United Steel Works 6'.s and Lautaro Nitrate 6s. unchanged and volume was moderately reavy. Prime issues remained at or near their highs. There was a considerably better tone in the foreign list. In spite of the renewed outoreaks of political troubles | in, South America there was good buy- ing of Sao Paulo 8s, Rio Grande do Sul s, Peru 7s, Uruguay 6s, Cundin 'M: s, Chile 6s, Buen-s Aires 6s, Bra | 615 and Argentine 6s Australian bonds were 2 to 5 point higher. The heavy selling of the past few sessions came to an abrupt end with the cessation of offerings from London. The Street’s opinion was that at nearly a 10 per cent yield basis, these | bonds were oversold. European bonds were stronger all round. Young Plan 5.5 went to a new high for the year. Greek 7s gained a point. Italy 7s made a new top for 1931. Berlin 6s gained a point. Japa- nese issues were strong. Trading in United States Government bonds was small and changes were not important. The Street was appraising the Government list in the light of the of the Government in passing Treasury Department’s refunding ich ‘includes the power to re- move surtaxes from all Government securities issued hereafter. This will undoubtedly result in higher prices for new bonds and will mean some slight | readjustment of prices of outstanding | issues not exempt from such taxes. Washington Stoék 7Exchange SALES. 5—$500 at 10; own Gas ; 65 “A"—$1,000 at ington Gas Washington Gas 6s £500 at 1047, $1.000 at 105, $1,090 at 10474 Capital Traction Co.—1 at 36'5, 5 at 36'4. Mergenthaler Linotype—5 at 8815. AFTER CALL. District National Securities pfd.—19 at 68. 10 at 68. Notice—This_exchange will be closed Monday next, Washington's Birthday. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer, Tel Amer Tel. & Tel; Tel. & Tel Anacostia ‘& Po Ana. & Pot. guer C. & P. 1 f Vi ton b & Tels George Potomac E Potomac Elec + Alex Ti STOCKS. PUBLIC UTILITY. Co L Co. '(i8) amboat (12) 1070 3514 120 190 TRUST COMPANY. Security 15t Co. (13) 335 hental Tru 118 & Com. Ba ech; FIRE INSURANCE. Corcor Fireme National Union (5 TITLE INSURANCE. bia (61 Exiate (6h) & Inv. Co. Md. com MISCELLANEOUS, Inc.. com Corp. (6. el'pta. (7) fd. (1) A" Q2 e ptd. (8) . com. (1 Co. prd. (6 %) d vpe pld M. & G. ptd. Storage (de) & Wh_Corp, The Carpel Corp. W. Mech. Mige com Wash. Med. Bld Woodward & Lot Woodward & Lof *Ex dividend b Books closed. n2sc extra f30c extr §177 extra 1127 extra, (10770 (&) i8) d. (6 Est crity Ref. c (150 16 <50c extra Unlisted Department. (These securities, not iisted under rules.) BONDS. -Navy Club 5. exchange Bid i) 84 85 90 6b Asked Arm 9 Co Commercial Club 1 Metropolitan Club 4'.s National Press Bldg. ist 8is STOCKS. Anacosti : Chapin Connecti Chr. He District Franklin_National Bank Munsey Trust Co Northeast Savines Bank. Park Savings Bank... Raleigh Hotel Co..... Washington Savings Bank..'’. Washington Title Insurance C. Washington Base Ball Club. Woodridge-Langdon Sav. Banik.. More Farm-Fed Texas Beef. COLLEGE STATION, Tex., February 21 (#).—An increase of 40,000 to 61,000 in the number of cattle on feed by Texas demonstrators this year is inter- preted as a gauge for the trend toward the farm-feeding of, beef cattle in the range country. Money rates were | FINANCI I ON NEW YORK BONDS STOCK EXCHANGII he Star Office Received by Private Wire Direct te T UNITED STATES. (Sales are in $1.000.) al Lib3s. . Lib Ist 414s. . Lib 4th 4%s.. US3%s'43 U S45'44.... . 10 9 25 101 102 High 25 101 Low. Close. 101 6 10 103 4 26 101 10 1078 FOREIGN. ntine 514 ine Ma ntine 63 Ju " e 65 A ntine 65 B 82, | Australia 4% s |today to a level nearly 20 points above | ‘This improvement was at-| il | G | Alleghen {AmF F 5 | A 1G Clsies™4s. Australia 5S Austria 7543, Bk of Chile 6 bk of Chile Batav et 4 Belgium 6= telgium 648 49 Belgium s Belgium 7s ' : Bolivia 7s ctfs '69.. Holivia 83 45... B 6158 Brazil 6148 " Brazil 7s. Brazil 8 41 Bremen 7s '35 Canada bs Chi Chile 6s'61. Chile Ts '42 : “olomb 6= Jan '61. . Con Pow Japa Copenhag 5 ° Cuba 5145 45 Czecho 85 °51. Denmark 418 °62. . Dutch East 1 6s° El Salvador 8s'48. . Fiat T ex war "46. . Finland - “ram I D rench 7s 49 2 French Gvt 7135 '41 Gelsenk'chen 6534 German 5125 65 Japanese 51 Japanese 615 54, Jugosl Bank 7s'37. Kreug & Toll §s'59 Marseille 65 '34. ... Mex 4sasstd 1904. . Mexico 5s A * 2 Milan 6165 " Montevideo 6 New S Wales 6 Orient dev 6s 53 P'aris-Ly M 6. Paris-Ly M Peru 6s'69. Peru 6s ‘61, Peru 7s ‘59, Poland 7s *47. Poland 8s°50...... Porto Alegre 85 '61. Queenland 6s ‘47 Queenland 7s ‘41 Rhinelbe 75 46 Rhine West 6 Riode Jan 6%s Rio de Jan 8s ‘46 I Gr De Sul 6s tome Glgs” & [toy D 4545 ww... Sao Pau 7s'40 rcts. o0 Paulo 85’50, 54, | Swiss 514846 Tokio 5%5°61 Utd King 5 Uruguay 6s°60. Vienna 6s'52 . Warsaw 7s'38. Yokohama 65 '61. Allegheny bs 44. 55 2030 Am Int C Am ) Am Am Am Am Gas 61254 &R &T 585 £°60. . Am T&T 5%s 4 Am W Wks b8 '34. . Am Wr Pap 6547, Arm & Co 415539, . Arm Del 533 '43. Bell Tel I'a Beth Strf Cert-td deb Chile Cop db b Colon 01 6s Col G&I5 5 Com Inves § CCMdistreos ConG N Y bs" Consum Pow 58 '52. C Am Sug col 8s 31 Det 134 G&R1155'61 drf6sB 40, . Dodge Brcl 65 '40.. Duqtiesne 4 3;s " Qen Motors 65 °37. ., Goudrich Good 1st 6 4 Goody'r Rub 5s'57. Humble Oil 55 '37. . Hum O&R 635 6 Inland St 4 Int Cemen KhCP&L4%s'57. KanG & £ 4125 '80. 26 | Lautaro Nit 6554 . Lig & Myers os Loew's 65 war 41 Loew's 63 ex war Loriliard 53 5 Lorillard 5% 5 Midvale St 55 '36. . Mont P db 55 A 62 Nat Dairy 5%s 48 N Y Tel 65 41 Y Tel 65 43 Nor Am Ed 5% 5 '63 NorOT & L 6s Nor St Pw 53 A "41. Pac G & El 55’42 Pac T&T ref 5s '5. Paramount 6 ch Co58°61..... & Read 65 "4 b K M 65 '43. el & C Pure Ofl 515 '37. Rem R 5%s A 47 Kich Oll cal €8 '44. . Shell Un Of1 55 '47. Sinclair Oil 6% Sinc 0 Tscv A ne Cr O StONNY 4% 5 Tex Corp cv 58 '44. Unit Drug cv 55 53 Utah P & L 55 "44. . Utll Pow 58 '59 ww. Utll Pow 535 '47 Walworth 6s A " Warn Br Pic 6s'39. West Union 55 '60. . Wh Sew Mch 65 '40. Wick Sp S ct 7s '35. Wil & Co 15t 6541, Win RA 7158 '41... Tgstn Sh&T 58°79, 38 oo 18 MISCELLANEOUS. b 9 87 10 60 6 102 Sales. Hish 851y 91 91y 9liy 9674 1004 10574 79% Ty 107 81 8814, 63 9815 106% 80% 8818 63 981 7 85 85 84% 84y 100 100% 923 9; 101% 1033 100 100% 994 10014 42% 42% 102% 1022 425 RAILROAD. Atchis 451905-06.. 1 96% 96% Atchison gen 45’95 54 99 9R% Atchiscv 4158 41 Atch Ariz 428 '62 At & Danv 4s '48. AtC Lcol 48'52 R&O 4548, B&Ocv 4153533, “ 0715 1011 6% 104% 104 a1y B & O Toledo 86 Eos & Me 6 " Bos & BKklyn Bklyn Man 6s'68. . Can Nat 413857 Can Nat 4125 ‘68 101% 98% 994 105% 1055 105% 1114 8T 101% 9914 1044 10315 1083 112% 1004 1043 10115 at 5s Oct '69. Can Nor 7s deb * Can Pac deb 4s. Can Pac 455 '46 Can Pac 45 "60 Can sctfs Can Pac 55 '54. Car Clin & O 65 Cen Ry NJ g 55 '87. Ches Corp b3 '47 Chi & O gn 43 Chi& O 438 Chi& O 4%s B35 C B&Q 1st rf 5871, 11155°51. t West 45 °59 P43sC.. Chi M StP&P 58 3 Chi M & St P ad) 5s 269 ChI&NW g 3155 ‘87 Ch&Nwn 435 2037 ChiN Wst 43 c'37 Chi & NW con 4%s. Chi RI& P rf 45°3¢ ChiR Icv413s'60.. ChIRI&P4%sA. Chi T H Inc 6 96 734 307 T8 923 928 9% 994 89%, 93% 73 103 105 43 Clev Term 4148 * Colo & Sou 4128°3 Colo & Sou 445 '80. Cuba R R 58 °52. . Cuba Nor 5%s '42 Del & Hud rf 45’43, D& R Gr gn 4s'36. D&RG W 58°55... DRG& W st5s'718 Erie 1st con 45’96 Erie cv 58°67.... 1 Erie Gen R 65 '57 Fla E Coast 5s 'T4 Fond J&G 435 '52. Grt Tr s £ db 6; Hud & M adj 5s Hud & M rf 585’ 111 Cent 45 '53. . 111 Cent 435 °66 Int Rap Tr 55 66. Int Rap Tr sta ‘66 Int Rap Tr 7s Int Rys C A 5872 Int Rys C A 6341 Kan City Sou 5550 Leh Val cv 4s 2003, Leh Val 33 200 Long ISITf 4549, . L & N uni 4540 Mich Cen 41; Mil E Ry & L 55 '61. MsS M 514849, MSP&SSM 5138 78, Mo Pac gen 4s Mo Pac 58 F 77 Mo Pac 53 G 'T Mo Pac ref 5s'81. Mo Pac 51zs cv 49, Mont Tr 1st 55 '41 NCh &St L4s 99% 94t 97 84 987 107% 5 1067 . 16 92% C&SUL5%SA 105% N Y'C& St L 6s'32. 1015 NY O&W 1st 4592, St Ry 4158 62 or Pac 3s 2047. or Pac 45 °'97. . vor Pac 5s D 2047.. Nor Pac r 1 65 2047, Oreg-Wash 45 '61.. Penn 4s '48 St: . Penn gen 4%s '65. . Penn cv 4145 60 Penn 415 70 Penn 4%s 63 Penn 55 '64. Penn 6345 '3 P CC&StL 4%5°77. Reading 4%sB. .., RIAr& L4%s"34. StL IM R&G 4s'33. StL&SFin4sA.. StL&SF4%3°78. StLS W cv4s'3z. tP& KCSL4ls. L P Un Dep 58 '72. Seab A L cv 684 Sea All Fla 63 A '35 Sou Pac coi 449 . Sou Pac ref 4s '55.. Sou Pac 4%5s'68... Sou P 4%35'69 ww Sou P&Or 4%s'7 Sou Ry gen 4s"56.. Sou Ry b5 '94 Sou Ry 65’56 TerAs St L 5s '44.. Texas Pac 5s D '80. Chird Av adj 53 60. Un Pac 1st 4547 Un Pac 45 ‘68 Un Pac rf 4: Un Pac 4125 '67. Va Ry 1st 58 Wabash 1st 55 '39. . Wabash 5s D ‘80 Wabash 2d 5s 39 West Md 48’52 West Pac 53 '46. 94 FIRM CHANGES NAME AND LOWERS CAPITAL Special Dispatch to The Star, NEW YORK, PFebruary 21.—Stock- holders of Prince & Whitely Trading Corporation at the special meeting held yesterday unanimously approved the recommendation of the directors to change the name of the trust to the “Phoenix Securities Corporation” and effect certain changes in the capital structure. The capital of the corpora- tion was reduced by changing to $25 per share the amount of capital rep- resented by the preferred stock and by writing down to $1 per share the capital represented by the common. The total amount of this reduction will be_credited to surplus. The meeting also voted to reduce the authorized preferred stock from 700,000 shares to 300,000 shares and the au- thorized common from 3,500,000 to 2,000,000. NEW YORK BANK STOCKS mN_!:w ‘:‘QORK. i’o?_ruary 21 (#).—Over- BANKS. Bid. Asked. America .. g 68 11 Bank of U'S Units AL, LUMBER SHIPMENT SHOWING INCREASE IAssociation Reports Orders Again Exceed Production as Business Gains. Lumber orders and shipments again exceeded production during the week ended February 14, it is indicated in telegraphic reports’ from 813 leading hardwood and softwood mills to the National Lumber Manufacturers’ Asso- clation. Orders were 22 per cent above and shipments 16 per cent above a total production of 189.031,000 feet at these mills. This marks th- eighth con- secutive week in which similarly favor. able ratios have obtained. A week earlier orders were 18 per cent above a total production of 189,738.000 feet according to reports from 798 mills, Comparison of the latest weekly report with figures for the equivalent week a year ago shows— for softwoods, 483 identical mulls, production 41 per cent less, shipments 29 per cent less and orders 27 per cent less than last year; for hardwoods, 184 identical mills,” pro- duction 41 per cent less, shipments 32 per cent dess and orders 30 per cent under the volume for the w year ago. i Business Reported. Lumber orders reported for the week ended February 14, 1931, by 600 soft- wood mills totaled 203,283,000 feet, or 21 per cent above the production of the same mills. Shipments as reported for the same week were 195,789,000 feet OF 17 per cent above production. Pro- duction was 167,677,000 feet. Reports from 231 hardwood mills give new business as 26,956.000 feet, or 26 per cent above production. Ship- ments as reported for the same week were 23.352,000 feet, or 9 per cent above }’erc“:’uc“on' Production was 21,354,000 Reports from 518 softwood mills giv unfilled orders of 748,770,000 ‘lrl&m": February 14, 1931, or the equivalent of 15 days’ production. This is based upon production of latest calendar year—a300- day year—and may be compared with unfilled orders of 515 softwood mills on February 7, 1931, of 759,791,000 feet, the equivalent of 16 days’ production. The 450 identical softwood mills re- port unfilled orders as 727,231,000 feet on February 14, 1931, as compared with 1,042,078,000 feet for the same week a year ago. Last week’s production of 483 identical softwood mills was 159,987,000 feet, and a year ago it was 269,858,000 feet: shipments were, respectively, 185,- 716,000 feet and 262,757.000, and orders received 194,679,000 feet and 265,523.- 000. In the case of hardwoods, 184 identical mills reported production last week and a year ago 19,613,000 feet and 33,141.000: shipments, 20,318,000 feet and 29.709.000, and orders, 22,813,000 feet and 32,381,000, Southern Pine Reports. The Southern Pine Association re- ported from New Orleans that for 148 mills reporting, shipments were 3 per cent above production, and orders 13 per cent above production and 10 per cent above shipments. New business taken during the week amounted to 45,045,000 feet (previous week, 41,265, 000 at 144 mills); shipments, 41,097,000 feet (previous week, 38.871,000), and production, 39,889,000 feet (previous week, 40,256,000). Orders on hand at the end of the week at 128 mills were 119,049,000 feet. The 132 identical mills reported a decrease in production of 34 per cent, and in new business a de- crease of 30 per cent, as compared with the same week a year ago. The Western Pine Manufacturers’ As- | sociation of Portland, Oreg., reported | prodaction from 85 mills as 15,486,000 feet, shipments 26,288,000 and new busi- ness 23,038,000. Fifty-nine identical mills reported production 42 per cent less and new business 28 per cent less, compared with the same week of 1930. The California White & Sugar Pine ‘Mxnufncturars' Association of San Francisco reported production from 25 mills as 4,456,000 feet, shipments 15,177,000 and orders 14,238,000. The same number of mills reported a de- crease of 34 per cent in production and a decrease of 30 per cent in order: compared with the corresponding weel last_year. The Northern Pine Manufacturers of Minneapolis, Minn., reported production from seven mills as 1,057,000 feet, ship- ments 2,283,000 and new business 1,937~ 000. The same number of mills re- ported production 45 per cent less and new business 40 per cent less, when compared with the same week last year. ‘The Northern Hemlock & Hardwood Manufacturers’ Association of Oshkosh, Wis., reported production from 18 mills as 1,444,000 feet, shipments 1,058.000 and orders 1,056,000. Sixteen identical mills reported a decrease of 45 per cent in production and a decrease of 52 per cent in new business, when compared with the same week of 1930. ‘The North Carolina Pine Association of Norfolk, Va. reported production from 93 mills as 5,572,000 feet, ship- ments, 7,820.000 and new business, 4.- 421,000. Forty-six identical mills re- ported production 44 per cent less and new Wlisiness 36 per cent less, in com- parison with the same week last year. ‘The weekly report from the California Redwood Association has been sus- pended. Hardwood Reports. The Hardwood Manufacturers Insti- tute of Memphis, Tenn., reported pro- duction from 213 mills as 17,787,000 feet, shipments, 21,186,000 and new business, 23,906,000. One hundred and sixty-eight identical mills reported production 42 per cent less and orders 33 per cent less than that reported for the corresponding week last year. The Northern Hemlock and Hardwood Manufacturers' Association of Oshkosh, Wis,, reported production from 18 mills as 3,567,000 feet, shipments, 2,166,000 and orders, 3,050,000. Sixteen identical mills reported a decrease of 36 per cent in production, and new business the same as that {0r the corresponding week in 1930. INLAND INVESTORS, INC., MEETS DIVIDEND NEEDS Special Dispatch to The Star. NEW YORK, February 21.—The fourth annual report of Inland Invest- ors, Inc., shows net earnings for the year 1930 of $245,266, exceeding by a slight margin the amount necessary to pay regular dividends of $2.40 per share on the common stock. These earnings are after losses of $10,749 on securities sold. Investments carried on the bal- ance sheet at a cost of $6,493,675 had a market value as of December 31, 1930, of $3,936,447. The market value of the securities represented by each share of common stock, originally about $50 a share, has been as high as $67.91 and as low as | $34.22, which is the amount reflected in the December 31, 1930, balance sheet. At the end of January, 1931, the figure was $36.35 per share. PENNSY PLANS PROGRAM FOR ELECTRIFICATION Special Dispatch to The Star. BALTIMORE, February 21.—Pennsyl- vania Railroad officials are planning to 225 1600 96 350 Harriman Manhattan Co. Peoples' Natio Bankers' .. Cent Hanove; Chemical Banl Corn_Exchange. Eiaragty 127 279 53 133 571 Hibernia Trving .. Manufaciurers’ S Westchester Title & Tr. i 5315 i Income tax collections in the: district_duging 1930 were $227 cago 0,000, 1024 or 342,0 less than in 19298 - speed up their Baltimore construction program, which will include the building of four-track tunnel: into the city and elimination of several grade crossings. W. W. Atterbury, president, an- nounced that the extensive improve- ments here would be part of a $175, 090,000 program. He said: “This is a favorable time to push to conclusion the plans in hand. The pres- ent low business volume is only tempo- rary.” The plans call for electrification of all remaining sections of track between New York and Washington, including the entrance to the Potomac yards in the Capital. ’ [4 ‘