Evening Star Newspaper, February 22, 1931, Page 59

FINANCIAL. UTILITIES FEATURE ACTIVE CURB MART Prices Pushed Up Further, With Market Closing at Best Levels. BY JOHN L. COOLEY. Associated Press ®inanciai Writer, NEW YORK, February 21.—Vigor- ous bullish demonstrations in utilities featured a strong and active curb mar- ket_today. Electric Bond & Share turned over in large amounts, soaring more than 4 points to 58, where it was up 4!, points. ‘The final sale was at 57°. Closing prices were generally the best through- out the list and such week end profit- | gount taking as appeared during the l’“-‘Y‘ freely than a year previous and they are two hours caused only momentary pauses in the upward movement. American Superpower climbed above | 16 for & net gain of 1'5. American & Foreign Power warrants rose 2 and Tampa_Electric and American Gas 3 STEEL RAIL ORDERS ARE AID TO TRADE Recent Activity at Various Mills Laid to Release of Contracts. Bpecial Dispatch to The Star. PITTSBURGH, February 21.—While there seems to have been an increase in the general volume of steel production since the first of the month, there are few individual consuming lines that | show increases in their requirements, Heavler steel production in the Chi- cago district is attributed chiefly to rail releases on recent orders, but in the rail trade generally it is sald that re- leases have been coming in somewhat The roads bought rails less not releasing as freely as a year ago. Producers Cautious. I the preliminary statement of Janu- ary automobile production is correct, at | less than 185,000 cars and trucks in the United States and Canada, the industry each. Niagara Hudson and United Light “A" " approximated their year's peaks | with fractional advances. | Buying of the specialties progressed | along conservative lines for the most | part, although Aluminum of America | soared 6 and Walgreen 3. Ford of Eng- | land continued to meet stock and sagged slightly. Oils were quiet and firm. Cities Serv- Ice, closing at 20, was up 'i. Vacuum and Gulf were virtually unchanged The week’s broad advances directed some attention to the investment trusts, | whose portfolios have profited by the improvement in securities. Shenan- | doah, Blue Ridge and United Founders were prominent. rising about half a point each. Goldman Sachs ruled around Friday's final quotation. | AUTOMOBILE TRADE IS MORE OPTIMISTIC Factory Reports Indicate Industry Is on Eve of Good Upturn. | BY JAMES E. DONELLIN. has not struck anything like a good gait thus far, since production is now at but little over the January rate. Production in the last three months has been such as to betoken a total for this year of less than 3.000.000 cars, if usual sea- sonal variation occur: i As the stesl makers view the situa- | tion, there is no warrant for confident predictions of 4,000,000 or 4.500.000 | production this vear against last year's | 3,500,000 cars. The particular point is that so much of last year's production was in_the first half. and it is the slow pace of the second from which recovery must come. It is reported that the Bessemer & Lake Erie Road (Steel Corporation) has placed an order with a local maker for 1,000 freight cars. The Pennsylvania is making a few cars daily at its own shops. In general, freight-car building dried up several months ago as an out- let for steel. Another big outlet for steel until recently was oil and gas well drilling, now very small for rea- sons well known. There is a partial offset from the oil and gas industry by way of line pipe for natural gas and| gasoline lines, and this activity is now | looking up. Miscellaneous Sales. To support the present rate of steel production what may be called the miscellaneous consumers, numerous but THE SUNDAY RTAR, WASHINGTON, D € FEBRUA v NEW YORK CURB MARKET TR FOR WEEK ENDING FEBRUARY 21, 1931, —1 High. Low. Stock and dividend. 4l Acetol Prod A 6% Aero Underwriter: 11% Affiliated Prod (1.60) 5 Azfa Ansco s Mfg Corp(1). 61 Alrinveonvpf ..... 75 Ala Great Southn (17). 15 Alexander Indust. . 2% Allezheny Gas Corp. 1 Allled Aviaton. . .. 4'; Allled Mills Inc(60c) 14013 Aluminum Co of Am. . 1067 Alum Co Am pf (6) 14 Alum G'ds M «1.20) 5915 Aluminum Co Ltd...... 24 Am Arch Co (3) X Amer Austin Car. . 281, Am Bakeries A (%) 90 Am Bakeries pf (7) 1% Am Rrit & Cont 2% Am Br Ro El Fd Sh 5 Am Capftal (B)........ 601 Am Capital pr pf (5%) 55 Am Cizar Co 33 AmCl PRL A (A3) ... 5% Am City P&L (B) h6% .. 11% Am Cmwith P A(h10%) . 241, Am Com PrR (b107%). 7% Am Cyanamid (B). 1% Am Dept Stores. 4's Am Equities 14'c Am ForPwr 3 Am Founders 5 701 Am Gas & EI (31)... 102! Am Gas & El pf (6) 4% Am Inv.Inc R 115 Am Inv Ine war 39% Am Laundry Mach 43 Am L1 & Trac (215) 6 Am Lt& Tracpf (133). 21 Am Manufacturing (4) < Am Marzcatho < Am Meter () ... ~ Am Natural Gas . 14 AmMSIPRA &0 L, 9% Am Supernowr (40¢). ... 8la Am Sunermwr 1€t pf(6) 5 Am Transformer 31 Am 1 1 Amer Yvette Co. Inc 3% Anchor Post F (b10%) 7% Anglo-Chilean Nit 5 Appalachian Gas Apponaug Co (2). ¢ Arcturus Radlo Tub. : Ark Nat Gas..... i1s ATk NatGasA... 6% Ark N G em pf (60¢). 4% Art Metal Works (60c). 4% Asso Elec Ind Ltd(30c). 15 Asso Gas& . 1714 Asso Gas & 1% AssoG & E 671, Asso Gas 85 As=0G & Enf (5) Assoc (i & K1 war Asso Gas& Kl pur ris, Assoc G & Fall ctfs + Asso Rayon....... Asso Ravon pf (6) Asso Tel Utl] (b8e) .. Atlantic Coast Fisheries Atlantic Lobos . Atlantic See Corp. | small individually, must be taking steel | Tairly well. While ralls are not doing DETROIT, February 21.—Based on| particularly well for the time of year, | factory reports and the general assum, e v | they are doing well as compared with tion that automoblle manufacturing is | tne average of a whole year In general, ) Bpecial Dispatch to The Star. going to be first to reflect material im- | 61y provement in business, the sentiment | pervading the industry has been more | than optimistic this week. | As to the real basis for the better feeling, a banking executive of one of | the larger producers said the sales vol- | ume in the last seven days had shown 15 per cent growth. He added, how- | ever, that this gave no indication as yet | of a “runaway market.” | Meanwhile, executives of banks and | trust companles are seeking to build up | & favorable attitude toward general co- | operation in the support that is being iven to distribution and retaling. One | institution which made a public plea | for such support cited repliss this w from bankers in various parts of tne country in which the idea is indorsed. | The replies came from such key cith s Boston, St. Louis, Cleveland. Harris- burg. Pa.. Columbus, Ohio; New O leans, Des Moines and Los Angeles. (Copyright, 1931) NEW YORK, February 21 (#)—Over- the-counter market. Closing bid and asked prices on investment trusts: All Am Investors Shrs A i, Aet | Am Composite Tr Shr: Am Pounders 7. pf Cumulative Tr 8h Deposited Bank Shr Ser . Deposited Bank 8h N Y Ser A.. M&rllgefl ‘Trustee Shrs A Do. C Fixed Trust 8hrs A G Pundamental Tr Shrs A. | industries | cently, and among those which regis- this being the usual active season in rail shipments. Fabricated structural steel construction is absorbing about the same tonnage of steel as ralls. The farm implement industry is not con- tinuing to increase in activity as it did !ast menth. There is almost nothing in the present steel market situation to bear out re- ports that various steel price advances would be made for second quarter. Prices are holding quite well all along the line, but not rigidly in a few cases. (Copyright, 1931.) NEW FIRMS ARE HAILED AS GOOD BUSINESS SIGN | By the Associated Press NEW YORK, February 21 —The mid- month review of business, issued by the Irving Trust Co. of New York says it is significant that the number of new companies which took out charters in New York State in January was the largest since last March: also that some appropriations for advertising are reported to have been incrased. “It is now certain.” the review says, that a number of the country's basic have made head re- tered advances dusirg January were iron and steel and autsmobiles.” E——y NEW YORK BANK STOCKS 8% Atlas Plvwood (2) 3% Atlas Utilities Corp 1% Atlas Utilities(war). 215 Auto Vot Machine. .. .. Rix Auto Vot'g Ma ev pr pt. « Aviation Corp Am... 10' Aviation Securitie 1% Bahia Corp 1% Bahfa Corp pf. 31; Bellanca Alrcraft. 1391, Bell Te! of Can (8). 27, Renson & Hedges. . 5 Rigelow-Sanford Carpet 24 uners (=2) 15'% Bliss Co (EW) (n1). 2, Blue Ridze Corp ; 30% Rlue Ridze conv pf (a3) Rlumenthal (§) 5 5 Bohack (H ) (4) % Botany Mills 6% Rourjois Inc e 21 Brazil Trac & Lt (b87%). 1% Bridgeport Mach (2ic) 3 Brill Corp A (34¢) 1 BrillCorp B 4 Brillo M 1913 Brit Am 1% Brit Cel Ltd reta. ... 40 Ruckeye Pipe Line (4) 2515 Ruffalo. N&FP pfi1 60) s Buff Niag& EP 18t pf(5) 21 Rulova Wevnf (3%) 137 Bunker HIN&Suli(2) 4 Ker HIlL&Sul vie(d 4 Burco. Inc 45 % Bureo Inc war.... 2414 Rurco. Inc cv nf (3) 1% Burma Ltd rets Butler Bros. « Cable Radio Tub vte.... W Cahl & W Ltd Brets .. 3 Cable&Wire pf rets 15¢ 0 (1.1 High. Low. Close. w 6% 18% /5 9% 614 80t 4% 615 20% 9% 13 61 P+ +1+1 L4441 High. 21 Stock and dividend. Euro Elec, Ltd deb rts. . Evans Wall Lead. Ex-cello Alr & Tool Fageol Motor.... Fairchild Aviation Fajardo Sugar. & Falcon Lead. Fanny Farm Fansteel Prod. . Federal Mongul Federated Capital Fiat Stk deb rt Fischman & Sons A. wiintkote Co (A). Florida P & L pf(7) Ford M Can A (1.20). Ford Mot, Can B (1.20) . Ford M France p28c Ford M L.td (p37%)... Foremost DairyProd.... Foremost Fabric: Foundation For Shs. Fox TheatersClassA. Franklin Mfg C Gamewell Co pf (6). ien Allovs (80c). eneral Aviation. General Baking. Gen Baking pf (3) Gien Baking c.o.d.. Gen Baking pf cod (3). Gien Baking, NY, General Cable war ec Litd rets(p70c). Gen Emplre Corp (1)... Gen Gas&El cv pf B (6). Gen Laundry Machin Gen Pub Utll pf (7). 4 Gen Theater Ep cv pf(3) Gen Tire & Rub (13).... Gen W W&EIA(2).... GeorglaPowerpf (6) ierrard (SA) Co. .. ilhert (A C) pf (3%5).. Ieaner ¢ Hary ne Glen Aldon Coal (8) lobe Underwriters oldbl Bro old Coin (new) Gold Seal Elce n Golden Center..... Goldfield Cumsolidat, ioldman Sachs T C mophone rets (pl) ymur Corp (1)...... reat At&Pac Tea nv(6) 221 Grt A&P Tea pf (1) 118% t Lake DD (113 Groc Strs Prod v.t.e.. ... Guardian F Assn (2)... Guenther Law (2) Gulf Oll of Pa (1%) Hall La Happin Hartman Itine Corp ( A Mining (40¢) ., Holli old (6 Horu&Hardart (2 Hudson Bay Min & 8 Humble Hydro El Sec (2 Hygrade Food 11 Pwr & Lt pf (6) 1 Pwr Imp Oil of Ca Indiana 'ipe Line (2 2 Ind I'wr & Lt cu pf(6z) 105 Ind Terr (1u Ofl (A). Ind Terr Iiin Ofl (B). Industrial Finance ctfs. Indus Finev of (7). Insull Inv (h67% ) Insull Uti) 24 p! = Ins Coof No Am (121 Insurance @oe). ... Intercont Pete new..... Intercont Power A (2).. ntl P'etroleum (1), ntl Products .. Int Superp (11.10) it Utilities A (315). ... Internatl Utilities (B) . Internatl Utilities(war) Int Util pt pf « InterstateRquiti T Interstate Equ ey pf (3). interstate Hose Mills Irving Air Chute (1), Italian Superpowr A. . ital Superpower war.... 4 TN Jaeger Machine (1) 1315 Jer Cen P&LUPE (7) Jonas & Naumburg. 9 Jonas & N cum pf.. Kirby Petroleum. Klein (D 1) Co (1 Lackawanna Sec (4). Lake S Mines (1.20) LaKe Superior Corp. Lakey Fdry & Macn Land Co of Florida. .. .. Landers, Frary & Co(4) Lawrence Iort Cmt(4) LefcourtRity pf(3) Low. 1 1% 1% 22, SACTIONS FOR THE WEEK AND YEAR 1931—PART SIX. Stock and dividend. High. Nor Pipe Line (4). . 30 30 North Stat Pwr A(8).... 133% 130 Nor States Pwr pf (6).. 984 96% North 8 Pow pt (7)..... 1051 105% Novadel-Angene (143(). 50% Ohio Brass (B) (5) Oh1o Copper........... ©Ohlo Ol n (cu)pf () Ollstocks, Ltd(A) (40¢). 4 Okla Gas & El pf (7 10810 Outboard Mot (A)...... 6 Outboard Mot B. o W Overseas Sec.. w518 PacG&E1stpf (13%).. 2T% Pacific Lighting pf (6).. 103% i Pacific Pwr & Lt pf (7).. Pac Pub Sve A(1.30) Pac Western Ofl. . Pandem Ol Pantepec Of Paramount Cab M{g Parke Aus&Lipps pf(2). Pender (D) Gr A, (3%). Pender (D) Grocery B.. Pennroad Corp (20¢). Penna Gas & Elec A. ... Penna Water & Pwr (3). Peop L& P A (2.40).. Pepperell }ifg Co (8). Perfect Circle (2). Perryman Electric Petrol Corp war. Philip Morris Inc. Phillip L Inc B1.60..... Pie Bak of Am (A) (2).. Piedmt Hy El n war. Plerce Governor. ... Pllot Radlo Tube(A).. Pitney B Pos n(20c) Pitts & L Erie (5).. Pitts Plate Glass (2). Plymouth Card (6). Plvmouth Oil (2). Polymet Mfz Powdrill Power (' Pratt & Lambert (4). Premier Gold (12c). Prince & Whitely. ... Prince & Whitely pf ducers Roy Corp Prudential In PS Nor 111810 Pub UtilHold Corp ww Public Util Hold war. .. Pub Util Hold Corp xw Pub Ut Hold cu pf(3). Pure Oll pt (6)... Quaker Oats (18). Radio Products. Raflroad Sh (50¢) . Rainbow Lum Prod Rainbow Lum Prod B Rayethon Mfg. . Reiter-Foster. Rellance Intl (A). Rellance Management. . Reybarn Ci Reynolds In: Low. Close. 130 105% Chze. au FINA) High. 104 41 431y 991, 1 ETAR. 3 . Net Stock and dividend. High. Low. Close. Chge. Spieg May Sternpf..... 18 17% 18 -+ 1% Stand Invest cum pf. 50 50 60 % Stand Motors. 1+ % and Oil of Tna 3%+ M Stand O Ky (133)..... 284 — W nd Oil Ohlo(23%).. 54 - Stand Oil of Ohio(5) 104 104 « StandPwr & Lt (2). 6 40 tand Pwr & Lt (B) (2). 0 42 98' Stan Pow & Lt pf(7).... 9’5 Starrett Corp o 201« Starrett Corp pf (3). 13% Stein (A) & Co(1.60).... 4 Stein Cosmetics Inc.... ‘. Steinite Radio. . 2 Sterchi Bros Store *i Stinnes (Hugo) Strauss (Nathan). Strauss Roth. 15% Strombers: aR). Strook & Co (1). 4 Stutz Motor Sunray Ol (b3 2814 Swift & Co new (2) 3414 Swift Internat (3) 81 Swiss Amer El pf(6). .. 4 Syracuse Wash Mch(B). Tazgart Corp (1). 471 Tampa Electric (32) 7% Technicolor Inc. ... 6! Tech Hughes (60c). 701 Texas-La Pwr pf (7) 9% Texon Oil & Land (1) 2% Thatcher Sec Corp 40 Thermoid Co pf (7 2615 Tobacco&Allled Stka ™ Tobacco Prod Exp (10¢). 46 Todd Shipvard (4)...... 03 Toledo Edison pf(6) & Tonopah Beimont. . 3% Trans Alr Tran; 6% Trans Lux D L 8 Triplex Safety Glass. 2% Tri-contin’l Corp war... Tri Utflities (31.20). 12% Trunz Pork Stores (1) 3% Tubsize Chatel (B). Tung Sol Lamp (1). 26% Tung-Sol Lamp pf3.... s Twin States N G pt (A) 21'4 Ungerlelder Fin Corp. 13% U'n N G of Can (1.40). ' UnionTobaceo. . 4 Utd Carr Fastener 10 Utd Chemical. .. 16 Unit Chem pt pf ( & Unit Corp war.. 1% Unit Dry Doek.... i« Unit Bl Ser pur war 67« Unit Founders. . 9 7% Utd Gas Corpn..... 11 212 United Gas war. 4% 86 United Gas pf (7). 9315 23 Utd Light & Pwr A(1),. 30% 604 Utd L& Pwr (B) (1).... 69% 94% Utd Lizht & Pwr pf (6). 101% 1% Unit Milk Prod......... 2 37 Unit Milk Prod pf. Rhode Isl Pub Sve pf(2) Richfield Oil of Cal pf... Rike Kumler (2.20).. R'kland Lt & P (90c) . Rolls Royce. Am pf. Roosevelt Field. Inc. US Dairy B U S Elec Po 2 ec Pwr (war) S Finishing. * § Finishing pf Rossia Intl Corp oyal Typewrite Royalty Corp pf. Ruberold Co (4).. Ryan Consolidated. SafeCar H& L (8). St Antony Gold. St Regis Paper (1). Salt Creek Cons(40¢).. Salt Creek Prod (2).. e Schiff (The) Co 12) Schulte Iteal Estate Schulte Un e 1031 8. Seahoard Utilities (5 Secur Corn Gen(40e) ceman Brothe 11 & Hwa, eiberling Rubher Selected Industries ... Select Indus (full pd) .. elect Ind (full pd stp) . elect Industries prpf. . Sentrv Safiev Control Seton Leather . hattuck Den Min hawingarn W & P henandoah Corp. on Corp pf Sherwin Williams pf(6) Silica Gel ot Silver (1) B South Penn Ol (2)..... So Cal Edis pf (B) (134) Sou Calif 12d pf(C)(1%) 2% s 8 I 8 Foll Co B (50¢). S & Internt] Sec. U S Inter Sec 1st pf.. S Lines pf (1) U S & Overseas w. U S Playing Cards Unit Store Unit Verde Ext (2). Unite Wall Paper.. Universal Pictur: Utah Apex. GEsn 145 + % Utll Pwr&Lt (at1.0214). 4+ 1% Ut P&L B(at1.02%). ... 2 25% + 1 Utility & Ind.. . Mo+ K Util & Ind pf (1%). 184 — W Utllity Equities. . > %+ 1% Utility Equity pt (53%).. 4% + % Vacuum (4) coge 66'a + 34 Van Camp Pack........ % + % Van Camp Packing pf. 5 +1 Venezuela Petroleum. 1 Vie Finan Corp(40c). o+ % Vogt Mfg Co (2) 12 Waltt & B, A (2) 19 + 3% ‘Walgreen Co.. 4 28% + 6% Walker (H) (1). 8 Walker Mining Watson (JW) Co. Wayne Pump. ... W Pump pt (3%). 28% West Alr Exp (60c) 15% West Auto Sup A(3). 24 Willlams, R C (1.40). 10% Wil-Low Cafeterias. 3% W - U Wil-Low Cafeter pf. 17% 17% — 1 Wilson Jones (3). 9 19 19 -1 Woodley Petrol. 2 2 1 Wright Harg (50c). 2% 8 Zonite Products (1)..... 11% 9 RIGHTS—EXPIRE. 1 Cal Edison...Apr20 24& 1%+ % 1% + % 614 28% + 1% 18% + 2% 24 10% — W 1% 64 2% - % 11% + 2% 1% S 2% 2& + @& Equities . d_Investors Asked Bid America o O R Bank of U8 I % 5 Chase 11 Chatham & Phenix 87 City 1t ommercial 340 Dividend rates in dollars based on last quarterly or semi- | annual payment. 1Partly extra. iPlue 4 per cent in stock. & Pay- | able in cash or stock. b Payable in stock. e Adjustment dividen: [Plus 5 per cent in stock & Plus 6 per cent in . b Plus Der cent in stock. ) Plus 2 per cent in_stock. 10 per eent % | in stock. m Plus 3 per cent in stock. n Plus 8 per cent in stock. Leonard OV ..... el g ! Sou West Dairy pri LibLy McNetl & L..... So West Gas Uthl...... Liberty Dairy Products. Southwest Pen P L (1). 3 1 % Spanish & Gen ret + s 1% Canadian Marconi 1, Carip Syndicate. 221, Carnation Co (j11 49 Celanese 1st pf (7) % Central Atlantic Sta Investors Trustee Shrs Jackson & Curtis Invest Assoc Low-priced Shrs i Mass Investors Trust.. Regrescatative 15 Shis. " Firet. National 4 4300 » 14 Cent PubSve A (bl- Belocted Income Shrs 1l Manhattan ... Vi o QS o e Buger Corp of Am Tr Shra. [l Public i i SRS Trustee Stand Tnvest Shrs C : 9 ' Cent States Ei (h10%) .. Truss Bnrs of Amer ’ g 20, 12 67~ 54 Cent D6 xw. e e i e b 332 88| g 5 Cent States Flec pf (7). Oihers unchanged g e B Y o Contrifugal Pine 180¢) | : Chain Stores Stock. Chat Ph Aln.y (1) Childs Co pf (1) rviceg30c). A tattered American flag was found 147 #till floating over the log shack in which 0 Stock Richter. Civil War veteran. lived alone at Centerville, Wis, after his death recently at 91 WEEKLY FINANCIAL HIGH LIG 1 uaranty 15 Cities A actiTe 2 9% :':m« n"i‘ll‘e nr'-‘B’:m . ot % = 8 507 4R “lev Fler um . Akl 7% Cleveland Tractor(80c) « Club Alumn Utensils. « Cohn& Rosenbercerl ne.. # Colombia Svndicate. 1'4 Colon Ol . 5 Columbia Ofl & Gas vte. 17% Colum Pict vie (f1'5).. 221 Com’'with Edison (8)... 1% Comwith & Sou (war).. Comm Wat Serv b6% % Comstock Tunnel Consolidated Alreraft.. & Consol Auto Mer ctfs. .. # Consol Auto Mer cum pf 21y Consolidated Copper . 24 Consol Dairy Products. qs;:ggg 82 Con Gar of Balto 13 60). 16.300.000 14% Consol Gas Util A2 20). $41.600,000 826, 10 ° Consol Laundries(1)... $45,901,000 2 2 l(:-)t:\*:;l 11};):1”';)"”!.» . Call money rate 192% 1% Consol The A % Time money rate.. i 2 974 Contl Gasd Bl pr bE(1). Commercial paper._....... ceees @Y 2 c-d% % | 29 Shares pt (B) ectric output week _ende ¥4 Coon s . ?!brunrywn (K. W. H) 1,758,393,000 _l“ C g 2:\;:;»:“:’1 57 Cord Corp 2 Corroon & Revnol. Showing Current Business Activity Compared With Same Week Last Ye: By the Associated Pres Brokers' loans......... $1,772.000 $1.749.000 $3,494.000 Federal Reserve ratio.. 5 8407 8357 785% 1 Holdings (United States) B Bocuritios -....-..-. $509.674 $609.620 $480,615 % Gold reserve 3.084,408 3.077.491 2,977,518 9 Rediscounts .. 199,823 222,189 376,943 Bank clearings . .. .. 9192358 6,191,749 10,638,736 (Pinal three ciphers omitted in above.) Car loadings week ending February 7 Crude ofl production (barrels)...... Stock sales (N. Y. Stock Exchange) Bond sales (N Y. Stock Exchange) New financing ceee . This weck Year ago 719,281 2,116,500 Crn & Rnlas pfA(6) « Cosden Ol « Creole Petrolenm. 1. Cresson Consol (4¢). 7% Crocker Wheeler. . 2 Crown Cent Petm (ne: & Cuban Cane pr opt war. Cuneo Pi % Curtiss Wrizght war A, Cus! Mex Minine. . 1'; Dayton Alrplane & Eng. 33 Deere & Co (1.20) 1% D Forest Radin 31 De Hav Air rets (18¢). 12 Deisel W Gilhert (133).. Derby O & Refin 1% Detroi raft Corp 2415 Dia Match cn pf (new).. 5% Doehler Die Castine 12% Douglas Aireraft (1134) 30 ° Dres (8 R) Mfe A (33). 19 Dresser Mfg (B) (2). 21% Driver Harris (new). 3% Dubiler C & Radio. 118 Duke Pow (5) 2% Duquesne Gas Corp GENERAL BUSINESS ACTIVITY for the co | York City. Shas weeks of activity above the correspondin 1% Durant Mr?m? e 3 15 Durham Duplex pr pf, s %44 Duvai Tex Sul w.i 17 East G & Fuel Asso. 1315 Eas' Sts Pow B (1) Eastern Util Inv (A)... Educational Pictures pf Elec Bona & Share (b§ F) Bond & Sh of (6).. .. Flec Bond&Sh en pf (5) esent trend. ec Pow Asso (1). Downward Steady Downward Downward Steady Downward Upward Downward Downward Downward Upward P& Lo war harehold (h67%) . e Shareh pf lu‘fi", ) olesale prices (Fisher 7 e = ultu: 2| prices (Department of Agrict ovement of goods (car loadings) . Retail trade (Federal Reserve Board) ‘Wholesale trade (Federal Reserve Boa: Failures (Dun’s) . . Bond prices (AAnull I::l prices (Annal 3 :m market volume (shares traded) : (AU rights reserved, Cambridse Associates. Boston.) Pwr part (4 60). 3% Empire Pub Sve (A). . 3 11 Empire Steel Corp... .. uUp i 25 .22 Kmploy Reinsur (11.60). Upward 27 Eureka PipeLinec4). .. 1 Europe Elec, Ltd A(60¢c) House Ut b6 % (2). pire Gas&F em of(7) Ert b | Lily Tullp ¢ 2 3 2 i Oil & efinin Inc deb rts. Inc (war) tar Gas (1)... Long Island Lt (60c) . Long Isi Ltpf (7)... Louisiana Lan & Ex. Ludiow Mfx Asso (10). MacMarr Stores (i). MagdalenaSyndicat Manzel s A Manhattan Dearborn Mavis Hottling Mayflower Asso May Hos cum pf (4). Mead Johnson ( Memph N 5 Mercantile Stores(1), Mer Chap & Sc1 60) Mesta Machine (2).. Met & Min Inca1 20). Metal Tex pt pf(3; Met Chain Store: s pf : Mexico-Onio O] 10015 99 18 Mich Gas & Oil Corp. Mid Sts Pet v.t.c. A. Mid Sts Pet v.t.c. B. Mid West Sts Ul (1%). Mid West Util (b8%) Mid West Ut A war. ., Mid Royalty ev pf (2).. Midiand Sti Prod. n (2). Midiand United (b6%).. Midland Util prlien (6). Miller & Sons 12). Mining Corp of Can Minneap Honey pt (8) . Mo kan Pipe L (b10%). Miss K P L v.te. Moh Hud P 1=t pf(7), Moh Hud P 24 pf(7). Mowhawk Mining(1)... Monroe Chemical (1%). Montecatini deb rts ... Mont LUH & T (11,). Moody's 1 S ptpf (3)... Mountain Prod¢160). .. at Amer St ational Aviaifon. . t Bond & Share(T5c) . 4 Nat Dairv Prod pf A(7). a Nat Familv Ste 97 97 Nat Fuel Gas (1), Natl Investors. . Nat Mfrs & Stores Natl Pwr & Lt pf (6 Rubber Mach. reen Service (2) At Steel (war) Natl St Car, Lt Nat Sukar N J (2) atl Transit (1) at Unfon Radio Nauneim Pharmacies Nehi Corp (1.30). Nehi Corp pf (514) . Newberry (JJ) (1.10) New Bradford Oil (40 New Fng Pow pf (6)... New Haven Clock(1)... ew Jersey Zino(t3). .. Jew Mex & Ariz Land. . ewmont Min (4)... NY & Hon B (1114) \ Y Merchandise (1) Y Steam new (2.60) N Y Telpf (6%)... N Y Transit (1.60). Ing.-H. Power (40¢) Viag.-H Pwr A war. iag Hud Pwr (B) war. Niag.-Hud Pwr C war... Niag Shares Md (40e).., iles-Bem-Pond (2).... Nipissing (30c). .. Noma 131 Corp (80¢) 61 oranda Mines 18% ordon Corp Ltd. s f Nor Am Aviation A Yor Am L& Pwr(b8%). orth Am Util See. .. Northam W cv pf (3)... North & Sou AmCor p A. Nor European Ol Corp. Nor Ind Pub Sve pf(6).. North Ind P8 pt (7). 24 85, 21% 1% 1004 107 100 100% 105% 107 Special Dispatch to The Star NEW YORK, Februa —One of | the most important functions of the international investment market is to appraise as accuratcly as it can just what will be the course of busiress and the degree of prosperity in the months ahead. The coming of recovery after a depression_has traditionally ben her- | alded by a booming bond market a bond market has existed heve since the first of the year, the upward strides % | being halted only momentarily by the bogey of the soldiers’ bonus financing. 1% | What is difficult to decide, however, is ket that marks the turn or merely an % | indication of the tendency of investors 2| to find the safest repository for their | funds. | | United States Bonds Stabilized. | | The market this week put behind it most of its apprehensions in regard to the soldiers’ Government bonds wore stabilized at levels only slightly lower than the best of the year. At the same time high- grade corporation issues remained firm and even advanced a little. But the big difference in the cur- of 1930 is that second-grade and semi- speculative bonds have quickened their pace and narrowed the gap existing be- tween them and the high-grade group. It will be recalled that in March of last year, and again in August and Septem- ber, investments of a legal or equiva- lently conservative character advanced strongly _while junior securities were heavy. The picture presented was one of two groups of securities moving in opposite directions. This situation ex- isted to such an extent that a prior lien bond of a railroad would advance while a junior bond of the same road declined. | . Today. however, all classes of domes- tic bonds are stronger. The pace of bas vincing evidence of a return to a con- siderably _higher estimat> of cquity values. ‘This has benefited all those bonds whose price reficcts, as a first consideration, earnings and immediate prospects of earnings. It becomes evident, then. that the market has appraised the situation and finds it mors hopeful. Foreign Dollar Bonds. Similarly, foreign dollar bonds have put an _estimate on the immediat> future. But here a considerably greater degree of caution has been in evidence. In 1921, it was the fear that paralyzed Germany would regain her h-alth and swamp the world with goods priced in worthless arks ~ which mitigated against the return of international con- fidence. Today the great fear is that Russia, by dumping goods of all kinds at any price, will prevent th: inter- national industrial machine from func- tioning at a prosperious tempo. ‘There is every reason to believe that 1931 and 1932 will see as little to fear 1 |in the Russian situation as 1922 and v:| 1923 found in the German situation. 2 During the week there was a total of 13 | $50,537,000 of new bonds offered. These W | wers all of & high-grade character and bonus and United States | There can be no question that such |coupon rate | | | busin‘ss has increased and some of the | posit‘on > common stocks have shown con- | has been sighted—th-se securit'es will BOND MARKET RECOVERS POISE AS BONUS BOGEY DISAPPEARS 1930 week. new capital market to prepare for the |coming of the new Government and | municipal financing. The announce- | ment that New York City will borrow | $100,000,000 at 4, per cent in the near future was interpreted as meaning thwt the city's advisers believed the higher New York usually has no | difficulty in borrowing on a 4 per cent coupon—Iis necessary in order to dis- tribute so large an amount. The mar- ket's reaction to the ne however, was so bullish that bankers now believe * | whether the present is “the” bond mar- | New York will secure a bid of about 102 for its bonds, thus getting a $2,000,000 premium. If such proves the case there will be a general marking up of municipals. Government Financing. Apart from refunding plans for about $1,000,000,000 of Governments next month and the usual flow of Treasury bills and certificates. no large amounts of Government bonds are expected for some months to come. The passing of the soldi‘rs’ bonus bill will merely mean that some time within the next 12 to 24 months an amount variously esti- rent upturn and the two strong markets | mated at from $500,000,000 to $1,700,- 000,000 will have to be distributed One prominent market authority has given as his opinion that a $1,500,000.- 000 Treasurv Jong-term loan cerrving a 4 per cent coupon would be oversub- scribed in 48 hours and be quoted at a substantial premium. Some $300,000.- 000 of new municipal bonds are ex- pected during the next three months, but these are not calculated to cause any unsettlement. There is no disposition as yet to bring forward the large amount of public utility and industrial financing that has been hanging over the market for weeks. When it does come, there will be some readjustment of the prices of outstanding issues; but, if the first sup- is correct—that the recoverv be readily absorbed (Copyright. 1931.) EARNINGS REPORTED. NEW YORK, February 21 (#).—Per share earnings of corporations reporting this week, with comparisons with last Year, December 31 Atchison, Topeka & Santa Fe.. $; Chrysler Corporation 3 Midvale Co........... New York Central R, R. . Baldwin Locomotive Works Wheeling & Lake Erie R. Louisville & Nashville R North American Light & J.C. Penney Co. Baltimore & Ohio H. R... Columbia_Gas & Electric. Vulcan Detinning 5 Ameiican_Can Sunray Ol . . Westinghouse ‘Alrbrake Central Railroad of N J. Great Northern Railroad Royal Typewriter P Lorillard & Co. United Engineering Pittsburgh & Lake Erie R. National Lead . ... North American’ Co St Joseph Lead American Locomoti Pierce Asrow Motor Jam. 1, 1930-Jan Kroger Grocery & Baking aagera0=s 30, 1929, $22.69 1D I e 320 Iy 222338 @ woasaBeuonSBuneinSews GH85ARS! BLR322282353 & noewite g=3zE2es! At % | were distributed rapidly. The amount % compared with $55,151,000 in the pre- Construction of motor ships.in Europe is declining. e vious week and $66,452,00 in the same There has been a tendency in the | year, include: . STATES ARE URGED TO CONSERVE GAME THROUGH NEW PLAN (Continued From First Page.) the state of the breeding stock. Outside of that, there's no restriction. “That's what is needed in the United States. That's what must be done in America if it is going to meet the game bird problem. Then take off the statute books these thousands of restrictive laws which do no good and only confuse matters.” Object of Foundation. “Specifically, Mr. Knapp, what are your suggestions? “Our foundation is organized to co- operate with every group or person who believes the sale of wild game birds should be prohibited by law, and that that law should be rigidly enforced. We believe in the sale cf game birds pro- duced under State propagating licenses only; that each bird should be tagged with an indestructitle metal tag sup- plied by the Siate, that dealers in dead game birds should be licensed by the State, and that game birds for con- sumption in hotels, restaurants and clubs or those consumed by individuals should have tags affixed until each bird is finally served at the table.” (Copyright. 1931. by North American News- paper Alliance.) |REPAIR WORK VITAL IN PLUMBING TRADE Special Dispatch to The Star. CHICAGO, February 21.—Business in plumbing and heating materials con- tinues at more or less of a_moderate pace in the majority of the large job- bing centers in the country, according to Domestic Engineering. Wholesalers, in most cases, have readjusted their stocks for the first quarter's business and during the past fortnight buying was confined mainly to small-sized or- ders of a replacement variety. Whole- salers interviewed in the New York ter- ritory say that aside from s lew large operations n-w under way, the bulk of taelr turnover is accountea for by re- pair work of which thers .5 a steadily growing volume. F. W. Dodge Corporation estimates that 1931 construction wil total $5- 223.943,800. It is interestirg to specu- Iate, on this basis, upon the amount 2 whica will be spent for plumbing and heating in all of this construction dur- ing the coming year. Nine and three- tenth cents of ‘every dollar goes for plumbing, while 7 cents goes for heat- ing. At this rate, a total of $867,797,949 will go for equipment in the plumbing and heating field. BUSINESS FAILURES. By the Associated Press. Business failures during the week ended February 14 were less numerous than for the previous week or for the corresponding week of last year. The index, as calculated by the Department of Commerce, follows, representing 1923-25 averages as 100: Week ended February 14, 131.2; previous week, 166.1; same week last year, 139.1. ¢ —_— Douglas Davis, holder of several na- tional flying records, is to be a regular pilot on the new Atlanta-Miami passen~ ger line, . A n £