Evening Star Newspaper, February 21, 1931, Page 15

FINANCIAL CURB SHARES GAIN INACTIVE TRADING Market Closes Near Peak After Steady Advance During Morning. BY JOHN A. CRONE. Bpecial Dispatch to The NEW YORK, Ft‘hrunr\ 21.—The Curb Exchange, after opening slow and later gathering speed, finished active and virtually at the highs of the mar- ket today. ‘The activity and strength proved a surprise to the Street, where it was vather generally expected that today's session, in view of the Washington birthday holiday Monday, would prov:l dull and uninteresting. Electric Bond“& Share at times rose ebove the 57 level, up more than 2 points. Ford Motor, Ltd.. remained soft. but Cities Service improved in the final minutes. Most moves in the final hour added more stocks to the list of 1931 record quotations. Crocker-Wheeler Electrical Manufacturing, Durant Motors and St. Regis Paper advanced to new highs in this period. Quaker Oats, which declared an extra dividend of $3 on the common, ap- peared-in & 10-share lot at 165, up 10 points on its first sale this year. General Baking preferred certificates of deposit made their first appearance in several sessions at 283,. Safety Car Heating & Lighting ran up a point. Aluminum Co. of America and New- mont Mining were the first stocks in ! the metal division to rush to new heights. The rather general expecta- tion of ancther price advance in copper and favorable January statistics firmed red metal shares without stirring up much of a trading following. Douglas Aircraft soared into new al- titudes and Aviation Corporation close~ ly followed it. Natural Gas shares were rather lethargic until Memphis Natural Gas reported December earn- ings, which were about four times as great as those of 1929. Sunray Oil, North European Oil and similar low- priced petrcleums featured dealings in that group. ADOPTS GRAIN PLAN NEW_YORK, February 21 (Special). —The Board of Managers of the New York Produce Exchange has ratified the project for establishment of a new futures market for trading in Canadian bonded wheat. In announcing this ac- tion H Bodman, president of the ex- change, said that the plans for the mar- ket, which had been prepared by a spe- cial committee of the grain trade of the exchange, were sufficiently ad- vanced so that trading could be inau- gurated early next month. Salesin DOMESTIC BONDS. thousands High. Low. Close. 4Alabama Pw 415 67 981 981 98l 4Aluminum Co 55 '52 104%s 104's 104'4 § Aluminum, Lid 5 48 99%. "99i. 98] 9Am Cmwlh Pw 65 '40 g dAmer' G & E 5 20 Amer P & 20 3 Amer Roif afin’3s 48 28 Appalach_Gas 65 '45 26 Appalac Gas 6s B 43 1Crucible Steel 55 2 Gudahy Pk s 10238 102 108 101 10112 20102 103 67 e 8334 9511 9312 955, 95 10375 103's 104 ° 104 1087 104% 54 94 75 6124 1021a 102%a 10115 101%s 9 " 9 s A ‘57 8713 E '36108 FOREIGN BONDS. 8512 851s BY'. 881L 10043 10 21 Gent Bk Co 6s B 8Chile Mg Bk, 6 nish Cons 55 ‘53, 3 Danish Gon s % Danzig Port 6iis & Ger Cons Mun s 2 55 52 12 NEW YORK CURB MARKE Note-All stocks are sold In one hundred-share lof excepting those designated by the which shows those stocks were sold ~Prev. 1931~ Stock and High. Low. ' Dividend Rate. 20% 114 Amliated Prod 1.0 10t Axfa Ansco. Ainsworth Mf Alexander Indust. Allled Aviation. . . 3 Aluminum Co of Am fl'lflllGa‘y Alum Goods (1.20) Am Austin Car: Am British & Cont. Am Br B fd shars. AmCP & LA (a3) Am Cit P&LtB10%. Am Com P A (b10%) Am Cyanamid B..... Am Equities. .. Am For Pow war Am Founders. ... Am Gas & Eln (31).. Am Gas & EI pf (6).. Am Invest Inc B. Am Invest wai Am Laundry Am Lt & Trac (2% Am Maracaibo. Am Meter (3) Am Natural Gas. Am Superpcw (40c). Am Superp 1st (6).. Am Util&Gen (B)vte Anchor P F (b10%). Appalachian Ga Arkansas Nat Gas. Arkans Nat Gas A. Art Metal Wks (60c) Asso Gas & Electric, 4 Asso Gas&El A (a2). Assoc G & E pt (5). Assoc Rayon.... Assoc Rayon pf (6). Atl Secur Corp. Auto Voting Mach. Auto Vot M ¢v pf b Aviation Cp of Am. Bliss Co (EW) (n1). Slue Ridge Corp. Blue Ridge cv pf a3 Blumenthal (S) Bourjois Inc. Braz T1 & Lt (b8%). Buckeye PL (4). ... Buff N&EP pf (1.60). Bulova cv pf (3%).. Burco Inc. Burco Inc war Burco Inc ev pf (3).. 4 Canada Marconi.. Carib Syndicate Cent Pub Sve A bl 35 Cent Stat El (b10%). Cent StE cv ptn ab. . Centrifug Pipe (60c) Chain Stores Stock. . Chat Ph Al n.v. (1).. Cities Service (g30c) Clev Tractor (80c).. Cohn & Rosen Inc Colon Of1 Col Oil & Gas vtc. Colombia Syndicate. Cmwith Edison (8).. Cmwlth & Sou war.. Com Wat Sv (b6%). Comstock Tunnel. .. Consol Auto Merch. Consol Copper. Consol Laund (1)... 3 Cont Shares conv pf. 200 Cord Corp. 372 Cor & Rey pf A (6). Creole Petroleum. Cresson Consol (4c) . Crocker Wheeler. ... Crown Cent Petrol. . * Curtiss Wright war. 4 Dayton Air & Eng... Deere & Co (1.20)... De Forest Radlo. ... De Hav Air rets 18c. Detroit Afreraft Cp. . Dia Match cu pf new., Douglas Alr (11%).. Driver Harris new. Duquesne Gas Cp wi Durant Motors. ..... Duval Tex Sul wi. .. East St Pow B (1)... st Util Inv A..... Eisler Electric Corp. Elec Bond & Sh (b6) Elec B & Sh pf (6).. Elec B&Shcupfs.. Elec Pow Assoc (1). Elec Pow Asso A (1) Elec P & Lt op war. . 1 Sharehold (b6%). 1 Shareh pf (a6%) . Empire Pub Sve (A). Emp Steel Corp. ... 4 Europ Elec deb rt. Fajardo Sugar. .. Fiat Stock deb rts Flintkote Co A. Ford M Can A ( Ford Mo of Fr(p28c) Ford M Ltd (p37%). Foremost Fabrics. Fox Theater Cl A Franklin Mfg Co. Gen Aviation. Gen Baking. . Gen Baking pf (3). tien Bak pf c.0.d. (3). Gen Elec Ltd (p70c). Gen G&E cv pf B (6) 200 Gen Laundry Mach. Gen Thea Ep cv pf 3) Gieaner C Harv new. Globe Underwriters % Golden Center...... s Gold Seal Elec new Goldman Sach T C. . Gramophone rets(pl) Graymur Corp (1). 5% Y3 234 16745 63% 14%% 44 2% 16% Guif Ofl of Pa (1%). Hazeltine Corp (2). . Hudson Bay M &S .. Hygrade Food Prod. Imp Oil of Can (50¢) ind Ter Iu OI1 A. .. ins Co 0fNo Am 1234 Insurance Sec (70c). Intercontinent Pet n Int Petroleum (1) Int Superp (110) Int Utilities A (3% int Utilities B .. Int Utilities war. interstate Equities. inter Equ conv pf(3) trving Air Chute (1) Italian Superpow A. Jer Cen PEL pL (7)., Lake Superior Corp. Lily Tulip Cup (1%) Loew's Inc deb rts. . Loew's Inc war..... Add 00. Oun. High. Low. Close. 26 20% 2 1 Gt At&Pac Tea nv(6) w. 224% ~Prev. 1931~ i 8 (80s) (3508), [Migh. Low. odd lots. 2 19 114 8% % L § 8% % K] 214 20% 9% 9% 9% 13 % 170 2014 17 Prince ri Utilities (3 Trunz Pork Strs (1) Iubize Chate (B). Ungerteider Fin Cp.. 4« UnNGofC Unit Chemical. . Unit Chem pt pf (3). Unit Corp war. Unit Dry Docks Unit El Sv Unit Founders. . UnitGas Corp. Unit Gus pf (7). Unit Lt &Pwr A (1). Unit Lt& Pwr pf (6). U S Elec Power ww. . U 8 Folil (B) (50c)... U S Inter Sec-1st pt . Unit Stores. ... Unit Verde Ext ( Univ Pictures Ut P&Lt(at1.023) . Ut P&L B(atl. 0"',,) Util & Ind. . . Util & Ind pf (134 Utility Equities. Vacuum (4). Van Camp Pk E Venezuela Petroim. . Vie Finan Corpt40c) Walgreen Co. . Walker (H) (1). Watson (J W) Co West Air Exp (60c Wil-Low Cafaterfas. Zonite Products (1). RIGHTS. J(M 1% am 109 84 24 2215 2u 2% dend 2's «| i 3% In me Stock and Dividend Rate. 24 LoneStarGasn (1).. 1% Louisiana Lan&Ex. 3 2 Ludlow Mt Assoc 10. 20s 119% MacMarr Stores (1). Manhattan Dearborn Mavis Bottling...... Mead Johnson(13%) Memph N G Co (60c) Mesabi Iron. Met & Min Inc (1.20) Mid St Pet vic A.. 1 Mid St Pet vtc B Mid W St Ut (1%) Mid West Ut (b8 %) Mid W Util A war... Mid Roy ev pf (2). .. Mining Corp of Can.. Mo Kan P L (b10%). Mo Kan P L vtc. ... Mount Prod (1.60) Nat Aviation. Nat Family Slores . Nat Investor: Nat Screen Sv i NatST Sec A (XSOc) Nat Stl Car Ltd (2). Nat Sugar N J (2) Nat Union Radio. Prince & Producers Roy Corp. Prudential Invest. .. Pub Util Hold Cp ww Pub Util Hold war. . Pub Util Hold Cp xw Quaker Oats (18). Itainbow Lum Pr A.. Reiter-Foster. .. Reliance Int A. Reynolds Invest Rock Lt & P (90c). .. Rolls-Roy of Am pf. Roosevelt Field Inc. Rossia Int Corp. 5 Royalty Corppf..... SafeCar H& L (8).. St Regis Paper (1).. Salt Creek Prod (2). Saxet Co. Seaboard Util (50¢) . Secu Corp Gen (40c). 4 Schulte Un 5c-31 St.. Seton Leather. Seg'Lock & H (50¢). Seiberling Rubber. .. Selected Industries. . Sel Ind (full p stpd) Sentry Safety Cont. . Shenandoah Corp. Shen Corp pf (a3)... Silica Gel ctfs Smith (A O) (2 South Penn Oil (2).. South Corp. .. S W Gas Utilities 4 Stand Oil of Ind (2). Stand Oil Ky (1%). . Stand Oil. Ohto ( Starrett Corp. Strauss (Nathan)... Strauss Roth. .. 4 Stutz Motor (new) Sunray Ol (b5%). Swift & Co (2). Swift Internat (3) Taggart Corp (1) Tampa Electric (32). Teck Hughes (60c).. Thatcher Sec Corp. . Tran Con Air Tran Dividend rates in doliars nt. *Ex dividend. |a P.y.mz In cash or stock. stack | Received by Private Wire Direct to The Star Office Sales— Add 00. Open. High. Low. Close. L2 2TH% 2T 2TW 2T% 2 1% 1% 120 119% 120 9% 9'h 18% ) 9% 1% 1 2 1 1 3 97% 5 5 2 % an 1% 24 24% 2u 8 2 2 1 1 1 4 4 5 B 4« Niag-Hud Pow (40c) 188 Niag-Hud Pow A w.. l\mg-Hud PowBw.. 1 Niag Sh Md (40c) . les-Bem-Pond (2). pissing (30c)..... # Noranda Mines Nor Am Aviat Nor W ev pf (3) . Surop Gil Corp.. 63 Nor Ind Pub S pf (6) 50s Nor St Pow pf (7). . 4 Novadel-Ang (t43%). 2 Ohio Copper........ Outboard Motor B... Overseas Sec. .. 3 PacG & E1stpf1%. Pac Pub Sve A(1.30). Pac Western Oil..... Pandem O11. Pantepec Oil. s Paramount Cab Mfg. Pennroad Corp (20c) 4+ Pepperell Mfg (8)... Pierce Governor. ... Pilot Rad Tube A. Pitts Plate Gl (2). % Plymouth O1l (2). Polymet Mfg. . Pratt & Lambert (4) 42 7 3 3 2 2008 19 Whitely... itely pf. - N SoxRuewanoacend E NuBaAn BN mmaRne - A R RS a - o o - TN mgroa ~txh GnEcEaRmnnn 1% 11w Expire. SAprzo 38 2% 25 hased on, last auazterly or ~r|m anaual JPartly extia ' iP i« 16in’ stock E P(u 8" i stoek Plu; in stock. ‘mPlus 3% in stock DEPOSIT OF W., B &A. BONDS REQUESTED Protective Committee Urges Hold- ers to Act Promptly on Sale Pmpoml | Special Dispatch to The Star. BALTIMORE, February 21.—Prompt deposit of Washington, Baltimore & An- napols first mortgage 5 per cent bonds is requested by the Bondhodlers' Pro- | tective Committee in a letter sent to holders of these securities. The com- { mittee pointed out that the situation company and its subsidiary, the Annap- olis & Chesapeake Bay Powei Co., re- | quired immediate consideration and ac- tion. Reasons for the need of concerted action by the bondholders were summed up as follows: “1 Under the mortgage or deed of | trust, the trustee is only required to act upon the request of the holders of a ma- ! of sale, if a sale should be made, it { necessary for the holders of at least 75 act. may have to the stock of the Annapo- - Withiout WArTaBts. SiTWhen tssued. lis & Chesapeake Bay Power Co., as fur- ther ucuruy for the bonds, Tust be rted. “3. Due consideration must be given as to whether it will be to the advan- tage the bondholders to have the receivel continue operating the road, in wnlch case funds will have to be raised ough receivership whelhfl' it will be ad to bring about a cessation arising out of the receivership of this | over the entire road or only certain parts thereof. “4. There must be determined what rights and privileges, if any, to certain of the raflroad company’s properties, «;lhrr interests may be entitled to en- oy Markets at a Glance NEW YORK, Pebruary 21 (#)— Stocks strong; American Can leads up- turn. Bonds heavy: Australian issues rally. Curb strong; utility favorites touch new highs Forelgn exchange: irregular; Par Easterns strong. Cotton steady; pre-holiday covering. Sugar steady; Cuban support. Coffee steady: trade buying SHORT TEBM SECUBITIES (Reported by J. & W. Sellgman & Co.) Allis-Chalmers Co, 55 1937 American Tel. & Tel. 5ns 1943 Ametican Thread 5! Baltimore & Ohio 4! 3 Batavian Pet. Corp: 41 E Beil Tel. of Canada 551957, Galltornia pet.” Corp. Canadian Nor. Rwy. 4145 Ghi. Northwestern K. R. 35 Chicago Rock Island 4s 1934 Jority of the outstanding bondz, and for | & ! trolling the method | G 3 e J is | Gene: al Petroleum_Cor; Accep. Corp. 6 58 per cent of the outstanding bonds to | Grend ir Such rights as the bondholders | ie, ew York, Chi. & 8t. L 85 1932 Ehilupg lnml-mn Co. Buas 19 Shefi Ohion O G Sinclair Crude Ol Co. ! Standard”Oll' N. Jersey d oif % Jork ¢ 8. L Ir Mt 8t L. !onlhvuum ny 48 Unton Oil Co. of Calif. 85 United Drug Co % certificates, or U 8 Rul Biec EARNINGS OFF 34 PCT. OF 537 CONCERNS Returns for 1930 Also Compgred With Levels of Past Four Years. To date, 337 large corporations have reported earnings results for 1930 on which comparable data are obtainable | for the year previous. Aggregate re- turns of these combined companies show a Jevel of income equal to 66 per cent of the high total reported in 1929, according to the Standard Statistics Co., whose current survey continues, in part: “For 423 of the companies compa- rable figures are available covering the past four years. Combining these units, 1930 returns amounted to 77 per i [cent of 1928 levels and 88 per cent of the total for 1927. “Industrials (with 438 complmes‘ ex- cluding United States Steel and Gen- eral Motors), show level of 65 per cent of that in 1929; railroads, with 42 s COMMODITY PRICE HIT LOWER LEVELS Decline in Raw Materials Has Affected Practically All Groups. By the Associated Press. The last 20 months have witnessed & worldwide decline in the general level of prices. Nearly all commodities, whether raw materials or manufactured products, |os have taken drastic price cuts during this time. While the fall in prices has not been so severe to date as in 1920, it has, nevertheless, caused heavy inven- tory losses, and in many cases real 10ss7s to all classes of producers, manu- facturers and distributors. The prices of meat, by-products and live stock have not escaped the down- ward trend. Between March, 1929, and November, 1930, the price of dressed lamb declined, on an average, $12.50 per hundredweight, the price of pelts de- clined $2.12 each and the average price of live lambs declined about $8.65 per hundredweight. Other Price Recessions. During the period from July, 1929, to July, 1930, the price of bef declined §7.07 per hundredweight, the price of hides, $3.94 a pound; and the price of cattle, $4.57 per hundredweight. The price of hogs, fresh pork and provisions has also fallen, but on account of the small number of hogs marketed during the last year the decline in hog prices has not been so great as the decline in cattle and lamb prices. ‘The Federal Farm Board says most wholesale prices of fresh beef, veal, pork or lamb are from 25 to 35 per cent under those of a year ago. A com- parison of wholesale dressed meat prices at Chicago for the week ended Feb- ruary 14, with the same week of last year, conducted by the board, shows a decline of from 27 to 36 per cent in the price of fresh beef; veal, from 24 to 31 per cent; fresh pork chops, loins and shoulders show declines of 28 to 36 per cent, and lamb a decline of 14 to 22 per cent. Swift & Co. says the price decline is due to the unwillingness or inability of the world to pay as high a price for its food and other requirements as it for- merly paid Quick Sale .\emmy. “It 1s an established principle that meat prices are dependent entirely upon what the consumer will pay for the available supply,” it'says: “Meat is a highly perishable product and must be sold promptly for what it will bring, Once it is ready for the market, the " | consumer becomes the final arbiter of prices. If consumer purchasing power low on account of unsatisfactory business conditions and widespread un- employment, it is a certainty that the packer will be unable to move meat | stocks into consumptive channels { cept at greatly reduced prices.” CHICAGO STOCK MARKET By the Associated Press. CHICAGO, Febr is the complete ofiicial actions in stocks on th: Exchange today: Sales. STOCKE $50' Aboot ] list of trans- Chicago Stock High. Low. Close 31 367 37 o |increased demand for cash at several 21.—Followeg | FINANCIAT. AMERICAN BANKS STRONGER AT CLOSE OF YEAR'S BUSINESS Reserve BO ard Revxew Notes Increase of Liquidity of Assets During Previous 15 Months—Closings Fewer. Notwithstanding an abnormal num- ber of suspensions, the banking situ- ation of the United States was substan- tially stronger at the close of 1930 than 15 months earlier, stated the Federal Reserve Board in its monthly bulletin on business and financial conditions. “The period of 15 months between October, 1929, and the end of 1930 was one of readjustment and liquidation for the banks of the country, as well as of an unsually large number of -bank suspensions,” the board said. “At the end of the pericd the active banks, taken as a whole, were in a position of greatly increased liquidity resulting both from a decrease in the total volume of their outstanding credit and a decrease in the proportion of their assets that depend on local situations and are under the influence of the customer re- lationship.” The board estimated reduction in outstanding bank credit at $3,000,000,- 000, which it said was accompanied hy a liquidation of about $5,500,000,000 of loans made by non-banking lenders to brokers and dealers in securities, thus placing the total liquidation of credit extended by banks and by others through the banks at about $8,500,000,- 000 for the fifteen-month period. It added that while the total volume of member bank credit showed a large decrease during the last quarter of.| 1930, there was little change in the total volume of credit at member banks in New York City. Open market holdings of the banks which are in part An the nature of secondary reserves, the board said, in- creased during the period in relation to their total resources. Fewer Banks Closed. Although 197 banks having depcsits of $91,360,000 closed in January, this was a great improvement over the pre- ceding two months. In November there were 254 suspensions of institutions holding $186,306,000 in deposits and in December 344 suspensions with deposits of $367,119,000. During 1930 the num- ber of suspensions was 1,345, as com- pared with 642 in 1929 and 491 in 1928. Deposits of suspended banks in 1930 totaled $864,715,000, in 1929 $234,532,- 000 and in 1928 $138,642,000. Some of the suspended banks have been or will be reorganized without losses to the deposito: The Reserve board's bulletin dis- jclosed the effort on the part of the Reserve system and of the larger banks of the country to prevent failures through the maintenance of abnormally large supplies of cash in their vaults. Beginning with the third week in November the volume of currency in- creased at a rate more rapid than the usual seasonal growth. A marked growth from non-seasonal factors was first evidenced chiefly in the St. Louis and Richmond districts, where unsettled conditions resulting from important bank failures caused withdrawals of cash from the Reserve banks, both for the purpose of increasing the cash held in vaults by local commercial banks apd of meeting the increased demand for cash by the public. Cash Demands Rose. “On December 11 the suspension of a member bank in New York City, with $160,000,000 of deposits, gave rise to banks in that city, which was an im- portant fflpwl‘ in the growth in the vol- {ume of money in_circulation by $180,- /000,000 btween December 10 and De- cember 17, the bulletin continued. “This more-than-seasonal increase was not confined to New York, but was felt |also in other districts, chiefly Rich- Chicago district, 18 in the St. Louis dis- trict, 2 in the Minneapolls district, making 43 reopenings in all districts. Of banks suspended last year, 147 had reopened at the time the Reserve fig- ures were received. ‘The Reserve Board sald that since the turn of the year there had been a continuous liquidation of bank credit, reflecting reductions in security loans, offset in part by increases in invest- ments. Federal Reserve bank credit, which had increased rapidly in Novem- ber and December in response to a de- mand for currency only partly seasonal in character, declined after the turn of the year and stood at the end of Janu- ary below its level at the beginning of November. Money rates further eased. Changes in the volume of Reserve bank credit outstanding during the past three months have been largely traceable to the movement of currency into and out of circulation in response to the banking situation, according to the report. By combining gold with Reserve bank credit, the two principal sources of Reserve bank funds available to member banks, it appears that be- tween the first week in November and Christmas week Reserve bank funds used by member banks increased by $400,000,000, representing $350,000,000 of additional credit and the remainder in gold. “The increase in member bank re- serve balances since the turn of the year has not represented an increase in re- serve requirements, since both member bank deposits and their loam and in- vestments have decreased,” the report said. Excess Reserves Up. “The larger volume of reserves held by the banks has represented rather the accumvulation of excess reserves caused by the inflow of currency from circulation at a time of continuous de- crease in the demand for short-time funds in the money market,” it con- tinued. “The amount of excess Teserves carried by member banks in January has been considerably larger than usual.” There was a decrease of $700,000,000 in total loans and nvestments of mem- ber banks between September 24 and the end of the year, the amount for the close of the year having-been $34,784,- 000,000. The total was said to have re- sulted from relatively slight changes in loans to customers, including banks, growth of $250,000,000 in banks’ in- vestments and a liquidation of $1,000,- 000,000 of open-market loans, particu- larly to brokers and dealers in New York City and in other central Reserve citles and in country banks. “Taking the 15-month period from October 4, 1929, prior to the break in | the stock market, to the present it would appear that during the first' 12 months there was a large liquidation of loans to customers, and particularly of loans to trade and industry, reflecting the effects of reduction in current credit requirements at a time of diminished business activity,” the board said, and added: “The heavy liquidation of local cus- tomer loans was offset during that pe- riod by an increase in investments and in open-market loans, including ac- ceptances, commercial paper and Street loans. The increase in Street loans dur- ing that time represented a taking over by the banks of part of the loans with- drawn by non-banking lenders after the break in security prices.” mond, San Francisco and Chicago. “In thg last week before Christmas an important bank failure occurred i Phi'adelphia, and the growth of circu- lation for that week was $50,000,000 | larger than the usual seasonal amount,” it continued. £ 5 } The review showed that after Christ- H 3758 111 201, 5914 50 Mo-Kans' Pise 800 Modine Rad| Rad! todiy. ‘130,000 Shares: BONDS. 10000 Chicago Res A4 55 /27 3 10006 Chicago Rys 55 1006 Chicagn Rys B 55 g; 1000 Chi Ry ctfs 58 5000 Tnsull Uti] 65 40 9 11000 Chi City & Con 55 ‘37 Bond sales today, $48.000. BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, February 21.— Sales STOCKS, ex 200 Zenith Stock sales a1 " D da 2 Consolidat Gas 5% eum prd AL 10814 25 Eustorn Roliing Mills com.» ... 12 roads reporting, reves an identical contraction. Utilities continue to re- 0115 |cord an excellent aggregate comparison, with 55 concerns showing a total but 1 14| per cent below that of 1929. TREASURY CERTIFICATES. (Reported by 3. & W. Seltrinan & Co. Bid. er. 100 n 3 32 160 43%32 100 12-32 45 Emerson Bromo-Seltzer A 27€ Fidelity & Guar Fire Corp. delity & Deposit Co o 23 e 5 United Railway & 163 U'S Fidelity & Guazanty BONDS. 30000 United Rwy & Ege 1st 4s 20000 United Ry & Lec dz 5. Many llrzedclle farmers ln IOWI uh:e adopted truck farming as a side mas currency began to return to the | Rescrve banks. In the first two weeks | the return flow was smaller than usual, but after that time it was accelerated, | indicating somewhat relieved tensicn in | the banking_ situation. In the last part of January, when the post-holiday seasonal decrease in cur- rency usually comes to an end, the volume of money in circulation was still | somewhat larger than a year ago and -*ns $100,000,000 )arger than in October, Ithough in ‘an ordinary year the vol- ume at the end of January is about $150,000,600 to $200,000,000 smaller than in October. Additional Funds Held. “It may be estimated, therefore,” the board added, “that an additionasl amount of cash aggregating between $250,000,000 ard $300,000,000 is held outside of the Treasury and the Fed- eral Reserve Bank as the result of de- velopments in the banking situation in th> last two months of 1930.” It went on: “Of this amount, probably less than one-third is still held in vault by commercial banks, particularly in country districts, for the purpose of maintaining an unusually liquid condi- tion with a view to being prepared to | meet any possible further withdrawals of deposits. “The increase of cash held in the vaults of banks for that purpose was considerable in November and Decem- ber, but with the return of confidence most of this cash, especially in the financial centers, has been returned to the Federal Reserve banks. Cash with- drawn by the public, however, still re- mains outstanding in large volume.” An analysis of bank suspensions showed that there were no suspensions in the Boston district during January. For other districts suspensions and de- posits were: New York, 2, $6,693,000; Philadelphia, 3. $3,486,000; Cleveland, 7, $6,391,000; Richmond, 18, $7,183,000; Atlanta, 36, $24,196,000; Chicago, 48 $16,988,000; St. Louis, 47, $16,501,00 Minneapolis, 13, $3.946,000; Kansas City, 16, $3585,000; Dallas, 4, $629,000, and San Francisco, 3, $1,402,000, Banks Have Reopened. Of the institutions which suspended in January, 1 reopened in the Cleve- land district, 12 in the Richmond dis- Washington Produce Butter—One-pound prints, 334a34; tub, 32a33. Egga—flennery. 18; current receipts, Poultry alive—Turkeys, young, 30a32; old, 25a27; Winter chickens, 32' Spring broilers, 38a40; hens, heav: small, 20; Leghorns, 16; roosters, ucks 15; keats, large and young, 60a65; old, 25a 30. Dressed—Turkeys, young, 38a40: old, 30a32; Winter chickens, 38a40: Spring brollers, 45; hens, heavy, 24a25: small, 21a22; capons, large, 37a38: small, 32a33; ducks, 24a25; roosters, 16; keats, young, 70a80; old, 40a45. Mells—Be!f. 14a22; W H hams, 19; smoked shoulders, 13; strip bacon, 19; lard, in packages, 10; in bulk, 9. Live Stock—Hogs, heavy, 6.50a7.00; medium and light, 7.50a7.70; pigs, 7.00a 7.00a 1.50; loughs, 3.50a5. 10.00; lambs, 8.00a9.00. Fruits—Strawberries, 45; honeydews, Chile, 3.00a3.50; oranges, Florida, 3.50a 4.00; California, 3.75a4.50: lemons, 3.5085.00; tangerinés, 1.75a2.25; grapes, Emperors, kegs, 5.00: apples, bushel baskets, 1.00a2.00; box stock, 2.00a3.00; pears, box stock, 3.50a3.75; cranberries, 25-pound box, 3.50; pineapples, 4.00a 4.50; limes, per 100, 2.00 gr-pe, Bel- gium, hot house, per pound, grape- fru .00a3.50; rhubarb, 5-p0und boxes, 90a1.00. Vegetables — Potatoes, 150-pound sacks, 3.25; new_ potatoes, Florida, 2.00 a2.50, mostly 2.50; Idaho bakers, 100 pounds, 2.75: sweets, per bushel, 1.00a 2.00; caulifiower, 2.00: string beans, 5.00a5.25; eggplant, Cuba, 4.5 pep- pers, 3.00a3.50; broccoll, 1.75a2.00; cab- bage. new, per hamper, 1.50a1.75; 90- pound sacks, 1.25; old, per sack, 1.25a 1.50; lettuce, Florlda. per hamper, 2.25; spinach, 1.10; kale, 1.10; ‘mushrooms, 75a1.00; squash, per barrel, 3.5024.00; peas, 6. cucumbers, Florida and Bos- ton hot house, per dozen, 1.25: toma- toes, repacks, per pan, 1.00; okra, Cuba, 6-pan crates, 6.00a9.00; asparagus, per bunch, 1.75; lima beans, 9.00. calves, J. 8. Young Co. BALTIMORE, February 21 (Special). —The J. S. Young Co. of Baltimore re- ports net profit earned in 1930 of $255,- ms.zt. after estimated toxes, equiva- lent to $25.58 on the 10,000 preferred shares outstanding, after allowances of $70.000 regular dividends for the pre- trict, 3 in the Atlanta district, 7 in the SATURDAY, 30 Industrials, L1384+ Previous day. Week 230. Month ago. Year ago. Two years ago. Three yea High, 1931 Low, 1931 High, 1930 Low, 1930 Hizgh, 1929 Low, 1929 “ New 1931 kigh. Teday. . Previous day. Week ago.... Month ago. .. Year ago. Two years ago. ‘Three years ago. High, 1931 Low, 193 High, 1930 Low, 193/ High, 1929 Low, 1929. ferred, to $12.38 on the common shares. STOCK AND . BOND AVERAGES By the Associated Press. FEBRUARY 21. STOCKS. *» A-15 iess|DANK'S EXPANSION PLANS ANNOUNCED Financial Circles Interested in Chase Deal With New Orleans Company. Special Dispatch to The Star. NEW YORK, February 21.—Amer- ican banking leaders are interested in the announcement that the Chase Na- tional Bank of New York has become lcuvely assoclated with the Canal Bank & Trust Co. of New Orleans, and that Oliver C. Lucas, now vice presi- Decome president while George Cham- me _president, wi on, lso of the Chase National, will made a vice president of the New Orleans bank. Other New Yorkers appointed on the board of directors are Clarkson Potter of Hayden, Stone & Co. and l: Carl- largest commercial bank, acquired a subtantial block of stock in the New Orleans bank a year ago, no one sus- pected that it would take such a com- manding position later. The Canal Bank & Trust Co., at the present time, has a capital and surplus of approxi- mately $11,000,000. Its capital will be increased by $3,000,000, making it the lu'xest banking institutionn in the Hls the Chase National decided on l program of national expansion? latest move would indicate that'it hll Often, however, surface news does not tell the real story. It is well known that Chase officials have been opposed to branch banking. But to control various banks in leading com- mercial centers of the Nation is some- thing else again. No one seems to be able to hll 'h‘t the final outcome will be, latest Chase move only m b‘nl ing leaders the more, New York City Finances. Officials in charge of the finances of ¥;: Yoi‘k gl)’ have acted cleverly. 'y wil er lk per cent boml& compl "year's long-term flnuw- ing before the Federal Government gets into action to provide for its current refunding and the soldiers’ bonus loans. This issue of bonds by New York is the latgest piece of -term ever done by the city. It will provide $60,000,000 for rapid transit $25,000,000 for schools, $10,000,000 for hospitals and docks, and $5,000,000 for other purposes. The city still has a debt limit mar- gin of about $350,000,000. Last July it borrowed $130,000,000 for four months at 23 per cent interest from J. P. Mor- gan & Co., the Chase National Bank, l.he National City Bank and Barr Bros. a Co. But this was short-time financ- ing !rhe new issue will mature serially |from 1 to 50 years. Automobile Industry. No figures are more eagerly watched it e B2 0 mol 2 dustry is theryllrlesl in Amerle: lnd consumes more goods than an ‘The 1930 figures showed thll the ln- dustry consumed 82 per cent of the rubber used in the entire country, 55 per cent of the plate glass output, 15 per cent of the iron and steel, 14 per cent of the copper, 15 per cent of the lumber, 24 per cent of the lead and 80 - per cent of the gasoline. It is also the b t purchaser of cotton fabrics, about MMM wund' am;“’lnlaytu:lt I.} the backbone of railroa le, for it shipped 3MM carloads of freight on American rail- roads last year. .| employed, directly and Snd.lncfiy. While most automobile executives hope for a production of 4,000,000 cars in 1931, they will be well satisfied with an output of 3,500,000. Canadian Tariffs. Canada is continuf to pile more bricks on her high ‘f-‘ wan, "Her action yesterday in raising the tariff on American automobiles—an average of 15 per cent—means that a car selling for $600 in the United States will be increased in price by about $60 in the Canadian market. The tariff schedule varies with the price of the car. A car priced at $1, ooo is increased by about $77, while a car for $2,000 is increased by about $362. E. B. Ryckman, minister of nlm revenue, however, has assured Canadian people that in no zvent wl.l.l the purchase price of ‘b; lncrlenudul:y l!;:l latest lmn n merely another step to protect further the Canadian homep u?ntry ‘What effect will it have on American car imports? It will have a tendency to diminish the number of cars into Canada directly from the vfifi States. But it will not affect the larger companies like General Motors and Ford, both of which have large factories in Canada, and thus share in any bene- fits that may accrue Irum thh latest decision. New York Tax Rate. How do New York City taxes compare with other cities? Co{:tmuer Berry's estimate on New York City's basic tax rate for 1931 is $2.57 on each $100 of assessed valuation. It is a very difficult matter to esti- mate because of the different practices in asseing taxable property. For ex- ample, taxable property is assessed on the basis of from 30 per cent to 100 per cent of real value. Hence accurate comparison is impossible. But on the face of the figures cities that have a higher tax rate than New York are Boston, with $3.08 per $100; sl';‘ilsdelphtlgl°$2 7':. Cleveland, $2.73; icago, . Louis, $2.71; San Francisco, $4.04. Cities that have a_lower tax rate than New York are Baltimore, $2.35; Pittsburgk, $2.55; Cincinnati, 'ZJG and Detroit, $2.11. Mexican Moratorium. Under the latest arrangement vmrnd out with the Lamont committee bankers, Mexico will get another bru'-ll- ing spell—a moratorium of two years on the direct foreign debt and the National Railway’s debt. Mexic adverse trade balance has helped to aggravate the difficult situa- tion. This in turn has been very due to the drop in silver priceo recent appomntment of an Exchange Control Commission by the Mexican government 1s exrected to pmmc the withdrawal of Latest repom indicate '.hll Mexlcol custom receipts for January were about 40 per cent lower than for December. (Copyright, 1931, by North American News- paper Alliance.) NEW YORK COTTON NEW YORK, February 21 (8 . —Cotton prices were 5 to 8 polnm‘n months. Private estimates of crop acreage were more bu.mh than in recent sessions and caused u.ll- ing ul:y professionals here and in the South. Opening prices 'ne' March, 10.1 off 6; May, 11 16, July, 11.41, 5; October, 11. “. off 11.86, off 6; January, 11.93, off 8. New Firm Organized. BALTIMORE February 21 (Special). ca m:a.?nnm—m,mum flled articles m-l'.hlh State Tax Oomm the charter the ::rt:rnw is’ nn'.hafl.-d to conduct a gens and con-4 tracting buflneu. stook of 1,000 shares, no-par value. Joseph J._Hock, nlchsrdl A..n¢u ger Tucker, city, hm"‘_‘