Evening Star Newspaper, February 25, 1931, Page 15

FINANCIAL. ‘THE EVENING STAR, WASHINGTON, D. C.: WEDNESDAY, FEBRUARY 25, 1931. FINANCIAL. ¥¥¥ A—15 TRANSACTIONS ON THE NEW YORK CURB MARKET ~Prev. 1031, | ~Prev. 1031 High. Lew. Dividend Rate. | High Low. 1% % Ttalian Superp war.. 4 : Jonas & Naumburg Kirby Petroleum Kirkland. ott Corp (1). 1ster-Br (Am S 82l Lackawanna Sec (4). Lakey Foundry... .. 205 Lefcourt Real pf (3) Leh Coal & Nav 1.20. Leonard O11 stock and Sales— High. Low. Close. Dividend Rate. Add 00, Open. High. Low. Close. 1 18% RIGHTS. Expire % % 3 Wil-Low Cafaterfas. 1 3% 3 3 q » Sou Cal Ed 77 2% 2% 2k last quarterly or .sem! % 9 s _based on 4 19 Wilson Jones (1%4)., 6 19% " tPlus 4 per cent in stock. a Pavable 113 Woodliey Petroleu 1 3% o Adjusment dividend & Plus 6 per cent in stogk. h Plus 1 5% % “Y" Ol &Gas....... 1 % 3 Plus 2 per cent in stock. K Plus| i0 per cent 11% 8 Zonite Products (1). 19 11% Stock and Sales— Dividend Rate. - Add 00. Open. West Air Exp (60c). 3 19 Bales— ~Prev. 1931~ Add 00. Oven. Hign. Low. Close. | High. Low. 1% 20" 13 Note—All stocks are sold in one hundred-share lots i excepting those designated by the letter s (80s) (250s), which shows those stocks were sold in odd lots. ~Prey, 1931~ Stock and les— - CURB SHARES SA NTER EARLY GAN =z Investment Trusts Are Fea-| s ‘6w AeroUnderwriters.. 5 7 T o 1% Allied Motor Indus. . 1 178 8 18% 14 Alum Goods (1.20).. 21% 11% Affiliated Prod 1.60.. 12 20% 20% bl { y;'_(f;;-k' in stock i 5, " ture—Trading 140% Aluminum Co of Am 625 70 59% Aluminum Co Ltd 11% | p Pald las Stabilization Held Vital to m Plus 8 per cent in stock. n Plus 8 per cent in stock. el S e Normal Conditions—Wage Reductions Opposed. 43 % Allied Aviation..... 1 Volume Pt Falls Off. 42 281 Alum Ltd Awar..... 1 STOCK AND BOND AVERA BY JOHN A. CRONE. Bpeclal Dispatch to The Star. NEW YORK, February 25.—The curb exchange, after opening strong and actively today, slowed its pace and turned somewhat irregular. This slight Tecession, Nowever, failed to check numerous stocks from scoring new highs in the forenoon. Among the leaders, Electric Bond & Bhare was inclined to softness. Amer- ican Cities Power & Light B, Central States Electric and United Light & Power A registered new highs for the year. Cities Service was comparatively inactive and fractionally lower. The group of securities popularly referred to as investment trusts fea- tured the forenoon session, which in yolume was about 15 per cent below the same period Tuesday. All types of trusts, from the, trading, holding and finance companies to the management trusts, shared in this upswing. The huge opening of Transamerica Corporation over on the big board fur- nished a general stimulus to trust i sues. Goldman Sachs, Intercoast Trad- ing, Prudential Investors, Shenandoah Corporation preferred, Securities Cor- poration gleneral, Seiected Industries, tilities & Industrial and Tobacco and Allied Stocks, Inc., were whirled to . record heights in early dealings. Some of these movements quite ap- parently were based on earnings of these companies, but many of the gains were merely a belated recognition of the general market advance. Some of the “specialized trusts have barely budged, while the securities in their portfolios have gained from 10 to 15 per tent marketwise in the last fort- night. HAMBLETON Ile;ORY. BALTIMORE, February 25 (Special). —An inventory of the personal prop- erty of T. Edward Hambleton, 1ti- more banker, who committed suicide December 23 at his home, near Tow- son, was filed in Baltimore County Or- phans’ Court yesterday. It revtaled a total value of $156,146. Securities were appraised & $105.- 051. The inventory includes cash amounting to- $3,220 and depos=s total- ing $8508. The value of bhousehold furniture, autos and garage was totaled at $6,025. Hambleton's famous collec- tion of early Baltimore prifits was listed with a value of $34,342. ‘The inventory took no account of Hambleton’s real estate holdings or of insurance policies he held. The latter are reported to have totaled $4,500,000. GRAIN MARKET CHICAGO, February 25 (#).—Re- sponsive to comparative strength of ‘Winnipeg wheat, quotations grain prices averaged higher early today. Snows in Canada were reported insufficient to do any material good, and numerous export bids were reported just under the market at Winnipeg. Chicago ‘wheat opened %3 cent off to %4 up, and subsequently scored moderate advances. Corn started at !5 cent decline to 1 gain and later rose all around. ‘Wheat traders gave attention to dis- patches from the Paris International Gl:ln Oonfereréz‘:l: indicating ‘Lhn Central and Eastern European grain surpluses were relatively small, and that Great Britain was safeguarding Canadian and Australian export outlets. Less notice was taken of assertions that United States Farm Board allies were offering wheat abroad. Minneapolis and St. Louis messages said Government sponsored agencies were continuing to absorb wheat. Kansas City reports said Farm Board allies were mo out consider- able wheat taken on ’cember con- tracts and were making room for fresh asrivals, BONDS ON THE CURB DOMESTIC BONDS. High. Low. ama Pw 415 (07 981 991, bama P 1z 1033 5 2225 a S~ PN >>>5>: i 5 5 asaiEbol HI 00Q waranmnnBuSeuna! R 9999 2! terpillar “Tr 88 i nt Stat Elec 85 -t b & 222;99 = SRTO0000NY 528 dnap nsuil intercon Pw ev 65 ers O P&L 5128 A elvinator ‘s 3t hpdstorst R ZEEK Zz a5e - NN Nelsner Bros 6s Nevads Cplif 55 New Eng G&E 55 4 New Eng G&E 55 '43 New Eng G&E 55 50 BYP&L e B 3001 0 s O B 60 LR 0 0 ARSIy OO rvel Inc S5 Shaw WP 4'ss -~ am i e ar—u s S 320 ] P28RRESES, 000! 1 arrs s @rmar i EEFE Saias < News Del 85 '44 04 €4 vac Chl 5%8 '37102% 102% POREIGN BONDS. 8% 9 78" 8 2% { —With warrants IV Without warrants. New. %1 "When 1ssued. - 7 Am Austin Car. 12 Am British & Cont 3% Am Br B £d shar; 9% Am Capital A 5 Am Capital B. 5% Am Cit PEL B 11% Am Com P A (b10% 7% Am Cyanamid B 415 Am Equite: 14% Am For Pow war. 313 Am Founder 70% Am Gas & Eln (31).. 4% Am Inv Inc B (60c).. 113 Am Invest war. 43 Am Lt & Trac (2%). 2214 Am Manufactur (4). 5 Am Maracaibo 31 Am Natyral Ga: 1% Am Pneumatic s 14 AmStPSA (1.60).. 9% Am Superpcw (40c). 82% Am Superp pt (6)... 811 Am Superp 1st (6).. 314 Am Thread pf (25c). 81% Am Util&Gen (B)vte 3% Anchor P F' (b10%) 5 Appalachian Gas. ... 515 Arkansas Nat Gas. .. 5l Arkans NatGasA... 414 Art Metal Wks (60c), 4% Assoc El In Ll 30c. 15 Asso Gas & Electric. 17% Asso Gas&El A (a2). 1% AssocG&E Adbrts 85 Assoc G & Ept (5).. 8 Assoc Rayon........ 34 Assoc Rayon pf (6) 22 Assoc Tel Ut (b8%). 4% Atl Coast Fish, 6% Atl Secur Corp. 874 Atlas Util Corp 1% Atlas Utilities war. 8% Auto Vot M cv pt pi 1% Bahia Corp 139% Bell Tel of C 16% Bickford's Inc (1.20) 28 Bickford's Inc pf 2% 3% dlue Ridge Corp...., 30% Blue Ridge cv pfas.. 12% Blumenthal (S)..... 4% Bourjols Inc. 21 BrazTr&Lt 5% Brillow Mf Co (60c). 14% Brit Am Oil C (80c).. 261 Buft N&EP pf (1.60). 23 Bulovacv pf (3%).. 43% Bunk Hill & Sul (3).. 4 Burcolnc... ' 5 Burco Inc war. 34% Burco Inccv pf (3).. 51 Butler Bros... . % Cable Radio T vtc. Cable & Wire B rct. 17 Canada Marconi..... 15 Carib Syndica . 2215 Carnation Co (31%3).. 2413 Carrier Corporation. 14 €entPubSvc Abl35 9 CentStatEl (b10%). 54 Cent St El pf xw (6). 5% Centrifug Plpe (60c) 7 Chain Stores Stock. . 13% Chat Ph Aln.v. (1).. 15 Cities Service (g30c) 79% Citles Serv pt (6). 7% Cit Sv pt B (60c).... 85 CitSvP&Lpt (1) 9% Claude Neon Lts, Inc 1% Colon Oil. . 4 Colombia Sy 19 Colts Pat Fire A 5 Col Oil & Gas vtc 173% Col Pict vtc (1% 1% Cmwlth & Sou war 8 Com WatSv (b6%).. & Comstock Tunnel. ... 9 Consol Alrcraft . 14 Consol Auto Merch. . 214 Consol Copper...... 3% Consol Dairy Prod 82 Consol Gas Balt 3.60. 14% Consol Gas Ut A 2.20 10. Consol Laund (1).... 2 Consol Royal (30c).. 6% Contl Chicago Corpy . 40 Cont Shares conv pf. g » S oa S [190 S FVRUPN 1. IPOIE. 1T P A= {R P R OTOTUPUUIVIVIVIDE -t 108 10 JORes STy ®ow 39 Cont Shares pf (B)..276s % Ci 7% Crocker Wheeler 3 Crewn Cent Petrol % Curtiss Wright war.. % Cusl Mex Mining. 114 Dayton Air & En, 331 Deere & Co (1.20) 1% De Forest Radio. 5% Doehler Die Casting. 12% Douglas Air (11%).. 19 Dresser Mfg B (2) 21% Driver Harrls new 3% Dubiller Cond & Rad, 118 Duke Pow (5)....... 2% Duquesne Gas Cp wi. 1% Durant Motors. 2% Duval Tex Sul wi.... 13% East St Pow B (1)..3 2% Kast Util Inv A 6 Edison Bros Strs Toc. 4 Eisler Electric Corp. 40 89%, Flec B&Shcupth.. FElec Pow Assoc (1). Elec Pow Asso A (1) Flee P & Lt op war. . ¥1 Sharehold (b6%). ¥1 Shareh pf (a6%) .. Emp Pwr pt (4.60) 1% Emp Steel Corp 1% Europ Elec deb 8% Ex-cello Air & Too! 1 Evans Wallow Lea 74 Fageol Motor. 13 Fairchild Aviation % Fandango Corp ) 2% Federated Capital... ' Fiat Stock debrts. .. 35 Food Machinery 1%. 21% Ford M Can A (1.20). 18 1 25 Ford Mot Can B 1.20. 268 714 Ford Mo of Fr(p28c) 14% Ford M Ltd (p37%) 213 Foremost Fabrics 44 Fox Theater CLA. 97% Gamewell Co pf (6 4 Gen Alloys (80¢c) 5% Gen Aviation 4 Gen Baking. " Gen Baking NY wi., % Gen Baking c.0.d. 27% Gen Bak pf c.0. 1 Gen Cable war.. 10% Gen Elec Ltd (p7: % 21% Gen Thea Ep cv pf 3) 51 Glen Alden Coal (8) 7 Globe Underwriter % Gold Coin n % Gold Seal Elec new.. % Golden Center. . K4 Goldman Sach T C. 23); Graymur Corp (1)... 117 GrtA&PTpL(7).. 3 Groc Strs Prod vie. . 16% Guard Fire Asso (2). % Guardian Invest..... 13 Guenther Law (2)... 63% Gulf Ol of Pa (1%). 5% Mecla Mining (40c). 1% Helepa Rubenstein 4% Hudson Bay M& S 57% Humble O1l (12%) 2% Hygrade Food Prod. 86% 11l Pow & Lt pf (6).. BO: 16% Lmp Ofl of Can (50¢). 16 Indiana Pipe L (2). Ind Ter Illu Oil A, 5% Industrial Finan ctfs 52 InsCoofNo Am t2%. 6% Insurance Sec (70c).. 6 Intercoast Trade (1) % Intercontinent Petn. 18% Int Petroleum (1)... 3% Int Products.... 10 IntSaf Raz B (12%). 21% Int Superp (11.10)... 34% Int Utilities A (3%). 5% Int Utilities B, . 2 Int Utilities was 214 Interstate Equities. . 26% Inter Equ conv pf(3) % Iron Cap Copper..... Ti4 Lrving Afr Chute (1) 2% ltalisn Superpow A.. 5 B2 © - P 2 4 4 4 1z 1% .Louisiana Lan & Ex. 4 Memph N G Co (60c) % Nat Investors. . 5 Nat Rubber Mach. .. s Incdebrts L Inc war. LoneStar Gas n » MacMarr Stores (1). Magdalena Synd. ... Mavis Bottling. Mayflower Asso Mead Johnfon(13% oot MR AR RN NN ARN AN~ S S ABRE SRS R e Mer Ch &S (1.60) Mesabi Iron o Mesta Machine (2). Met Chain Store: Mid St Pet vic A. Mid St Pet vtc B, Mid W St Ut (1%)..1 Mid West Ut (b8%) . Mid W Ut B wi...., Midland NG A 1.20.. Mining Corp of Can., Mo Kan P L (b10%). Mo Kan P L vtc. . Montecatini deb rts Nat American Co. . Nat Aviation. o Nat Container pf (2) NatDPrpf A (7) Nat Fuel Gas (1). Nat Pow & Lt pf (6). c A (250¢) t] Car Ltd (2).. t Corp war. ugar N J (2) 4 Nat Transit (1) Nelsner Bros pt (7). 100 Nat Union Radio. 20 5 New Hav Clock (1) 1 i New Jers Zine (13 4 South Corp... ewmont Min (4) Y Hamburg (2% N Y Steamn (2.60).. NY Telpf (6%)... Niag-Hud Pow (40c) 325 Niag-Hud Pow A w., 10 Niag-Hud Pow B w. Niag Sh Md (40c). .. Niles-Bem-Pond (2), Noma El Corp (80¢).. Noranda Mines. ... ., Nor Am Aviat A war, Nor Am Util Sec Nor Wevpf (3).... Nor Europ 0il Corp. . Nor & S0 Am Corp A. Nor St Pow A (8). .. Novadel-Ang (143%). Ohio Copper......... Ohlo Ol n cu pf (6) .. Ollstocks Ltd A (40c) Outboard Mot A. . Outboard Motor B Overseas Sec. .. PacG&E1stpf1%. Pac Pub Sve A(1.30). Pac Western Ofl dem Of1. Pantepec Oil Paramount C €. Pender D Gr A (3%) Pennroad Corp (20c) 23 Penn Pw & Lt pf (7).100s Penn Wat & Pow (3) 5 Peop L& P A (2.40).. b Phoenix Secur Corp.. 23 Phoenix Secur pf (3) Philip Morris Inc. ... Pie Bak of Am A (2). Pilot Rad Tube A. Pitney BPn (20¢). Pitts & L Erie (5) Polymet Mfg. . Pratt & Lambert (4) Premier Gold (12¢).. Producers Roy Corp.. Prudential Invest. .. Pub Util Hold Cp ww Pub Util Hold war. Pub Util Hold Cp x Pure Oil pf (6) Railroad Sh (50¢) 1 Rwy & Lt Secur (13). 258 Rayethon Mfg 6 Reiter-Foster. Reliable St (b5%) Relanee Int A . Rellance Int Cor B. .y Rellance Manag. Reybarn Co. . Reynolds Invest. ... Richfield Oil Cal pf. Roan Antelope Min. Rock Lt & P (30¢) Rolls-Roy of Am p Roosevelt Field Inc.. Rossfa Int Cor; . Royal Typewriter(3) Royalty Corppf..... Rubberoid Co (4 Russek’s Fifth Av SafeCar H& L (8).. 258 St Anthony Gold...., 60 St Regls Paper (1).., 96 eck Prod (2) "o Secu Corp Gen (40c). Seg Lock & H (50c) Selected Industrie Select Ind (full pd).. Sel Ind (full p stpd) . Sentry Safety Cont. . Shattuck Den Min Sheaffer Pen (13) Shenandoah Corp. . Shen Corp pf (a3) Silica Gel e/fs . Smith (A 0) (2).... 12 S0 Am Afr Lines 1st, South Penn 011 (1).. South CEdptB1%. South Col Pwr A (2). . N » ~Nonrunrs Bae-B8a S anmnn South1d Royal 8 W Gas Utilities Spanish & Gen rets. Stand Invest cum pf. 508 Stand Ofl of Ind (2) . 66 Stand Oil Ky (1%)... 6 Stand Oil, Ohfo (2%), » 4 Stand Pwr & Lt (2) . 4 Stand P & L (B) ( Stand P & L pf (7).. 2008 Starrett Corp........ 3 arrett Corp pf (3).. n (A) & Co(160)., rauss (Nathan) Strook & Co (1) - Stutz Motor (new). . Sunray Ol (b6%)... Swift & Co (2). Switt Internat (3)..3 Taggart Corp (1).. = ampa Electrie (32). aylor Milling (13).. ‘Technicolor, Inc. . Teck Hughes (60c). Tobacco & All Stks. . Tran Con Air Tran. . Trans Lux DL P 8., Tri-Cont Corp war. .. Tri Utilities (11.20).. Trunz Pork Strs (1). Tung Sol Lamp (1). Twin St NG pf (A).. at Unit Chem pt pt (3). Unit Corp war. / Unit Dry Docks. Unit Founders Unit Gas Corp Unit Gas war. ... Unit Gas pt (7) ... Unit Lt &Pwr A (1) .. Unit Lt& Pwr pf (6). Unit Milk Prod...... U S Elec Power ww. U 8 Elec Pwr war U 8 Finishing. . U S Foil (B) (50¢). U S Inter Seo 1st pf.. US Linesof (1).. U S & Overseas war. U 8 Play Cards (4). Unit Verde Ext (2) Univ Ins (1%) Util PALt(atl Ut P&L B(at1.02%) Util & Ind.. Util & Ind pf Utility Equities Vacuum (4).. Van Camp Pkg. Vic Finan Corp(40¢) Walgreen Co. ‘Walker (H) (1) Watson (J W) C Wenden COPPEL same e 4 100 4% T TH 16 16 1074 107% 24% 23% 6% 6 10115 101% 5. & 5% 651 118% 118% 13% 20 ) 9 21% 6 110% 109'% 6% 247 10815 1081 4 q 391 39% % % 2% 134 % 1% 6la 6ly 80% 80% 4% 4n 50 60 13 12 1% 1% 81 N 40% 4013 614 "6 36 .35 9% 8% 175 165 1% 1'% 19% 19% 2T% 27% 6% 501y 35%, 23% 23 56 56 49 454 48 48 9915 915 91 21% 20 161 161 8% Th 10 10 24% 22% 4% 4% 291 29% 38 3T, 14 1 61 60 195 19% 12% 67 38 b 8% 8w 4 4 281 284 14 143 16 1an 1% 1% 1 1 21% 27% 15% 141 24 23 1% 10% 3% 3 8% B4 11 10% 3% 3% 93 9214 101% % | new low level, and the Western New % |active and shipping-point prices held!d!fle“ed only 228, | PRICES IRREGULAR ONFARM PRODLCTS Eggs, Poultry and Butter Higher—Live Stock Shows Downward Trend. Farm products continued in late February to show about as many ad- vances as declines, says the United States Department of Agriculture, Bu- reau of Agricultural Economics, Market News Service. There was encourage- | ment to producers when egg, pnultry‘ and butter prices worked a little highl:r“ after the long spell of market weakness. | Cheese markets continued unsettled. | Live stock showed the downward trend | often seen near the beginning of Lent. | Grain, feeds and vegetables tended lower. Nearly all the slight declines after the middle of the month seemed to reflect a lack of brisk buying rathcr than any new pressure of supply. Long continued mild weather seemed to have dulled the edge of consuming demand. | In some lines, the dealers were reported waiting for still lower prices. In gen- | eral, the markets were in position to respond sharply to appearance of any active buying movement. Potatoes Slightly Lower. The trend of potato prices in late February at important shipping points was still downward in all parts of the country, except that Maine shippers re- ported & firmer feeling on Green Moun- The Chicago carlot market was | Sweet potatoes showed no ma- terial change in large jobbing marke! although a slightly weaker tone ap-| peared for some kinds. Onions continued dull and generally lower at most shipping points, except Southwestern Michigan. City markets were weak. Prices of old cabbage in Southeastern Wisconsin dropped to a York price alse weakened. Texas cab- | bage in lettuce crates declined slightl Northern stock held about steady in terminal markets, but New York old stock and most sales of new Southern cabbage were at a lower level. Apple prices showed practically no change during the weel ~Celery was firm in Florida and California. City markets held well The New York bean market was re- ported slow and easy with prices not materially changed. Some increase in selling pressure had a depressing effect on the Chicago market. Red kidneys were quoted at New York City at $9.2% to $9.50. Egg Buying Active. The egg market of late February was well supported by the buying interests, both for immediate requirements and for speculation. Additional advances in prices were registered, with a net gain of 1'% to 13, cents during the third week of the month. Receipts continue on the high level of recent weeks, re- flecting the favorable production con- ditions that have prevailed in Missis- sipp! Valley and Pacific Coast regions. Then again, hatchery operations are reported to be considerably less than a | year ago, with the result that eggs that ordinarily would be used for hatching purposes are this year available for mar- ket shipment. Buying for storage has | been largely responsible for the advan ing prices of the last several days. Poultry in Liberal Supply. Receipts of dressed poultry, although large, did not equal the heavy receipts of mid-February. Many of the ship- ments were of rather poor quality, espe- clally in chickens, which were princi- pally staggy and difficult to move. Butter Markets Erratic. The general position of the butter market in late February appeared steady. A slight curtailment of arrivals made it possible to effect a rather close cleargnce of stocks. In a number of | quarters more confidence was expressed in butter under present conditions at the current level of prices. Slight upward price trends may curtail the outlets slightly, but vigorous “eat more butter” campaigns in the rural districts have been an aid to the dairy industry. Arrivals have cleared readily in mo.\k instances with the medium and lowe! grades in light supply and holding center of interest. The better grades also have been cleared quite readily. Reports from_receivers indicated that the make of butter was showing little or no change from week to week. One feature of importance affecting butter production is the improved condition of the evaporated milk markets Price declined slightly on fresh Wis- consin cheese, following slight declines rodycing sections. Many Eastern dealers do not expect lower prices, ) Live Stock Lower. The influence of the Lenten season, which caused meat retailers to purchase more conservatively than usual, was reflected in lower live stock prices dur- ing late February. Numerous loads of welghty steers brought $10 to $10.50 &t Chicago, with an extreme top of $11.25. The buik of fat steers sold withth a range of $7.25 to $9.75, an average cost of around $8.35, being the Jlowest since 1924. : The extreme recent top of the Chicago hog market was $7.75, paid fgr a few choice loads averaging 170 to 190 pounds. Most 210 to 250 pound weights sold later at $6.90 to $7.50 and 260-320- pound kinds at $6.50-$6.90. Prices of lambs fluctuated from day to day in sympathy with receipt figure without much net change. A two-wi trend was apparent in the Boston wool market in late February. Domestic 64s and finer wolls were moved in fairly Jarge quantities, with prices showing & strengthening tendency, but the lower grades were less active and some further downward readjustments were made in prices. ‘Wheat Market Steady. Both domestic and foreign wheat markets strengthened slightly during the third week of February, influenced largely by a somewhat improved de- mand from important consuming areas and by a material reduction in_the estimate of the Argentine crop. Feed grains met a goog demand at most markets and the rather liberal offer- ings of corn were readily taken at practically unchanged prices. Quota- tions on oats and barley were advanced slightly at some points. The rye mar- ket was independently firm under a more active demand for the limited offerings. Some strengthening on the Argentine flax market as a result of better demand for Argentine flax in Europe was reflected in some strength- ening in domestic prices. Continued mild, open weather has greatly reduced the demand for hay from all classes of the trade. Pastures in the more Southern States are green- g rapidly, with incressed rainfall and favorable growing temperatures. ‘Timof hay markets were about un- cl . stern coarse hay is quoted in Boston at $23.75, medium at $21.50, fine at $18.50 and clover mixed at $24.50 per ton. Prices of mill feeds show a downward trend. Demand for wheat feeds in the Southeast is light with the continued mild weather enabling the utilization of early pasturage, Cottonseed meal | sharp reduction, it is not likely that the |addition of a large number of reports share, By the Associated Press. From Yesterday' STOCKS. 50 Industrials. Today. . cesenes SNTH02S Previous day. Week ago Month ago Year ago. . Two years ago. 252.8 L1413 BON 10 Industrials. 89! Week ago Month ago Year ago. . Two years age Three years ago High, 1931. Low, 1931.. High, 1930. Low, 1930. High, 1929, Low, 1929, CORPORATION |, REPORTS || TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. By the Associated Press. - NEW YORK, February 25—The fol- lowing is a summary of impomant cor- poration news prepared by the Standard Statistics Co., Inc,, New York, Ul‘ the Associated Press. News Trend. | A slight improvement in the number of freight car loadings has been reported for the week ended February 14. The total, which increased 1,636 from the previous week to 720,689, is still 172,451 under the aggregate report in the cor- responding week of 1930 and represents a reduction of 236,809 from the similar period in 1929. Last week car loadings The first 12 roads to report net oper- ating income for the month of-Janu- ary shows a drop of approximately 43 per cent from the like month of 1930. The combined net operating income amounting to about $7,180,000 compares with last year's figure of $12,838,000. Although this initial report shows a il reveal such & poor composite show- ing. Dividend announcements in today's news are generally unfavorable. Among the numerous companies that have omitted, passed, or.reduced regular dis- tributions are: ' Lane Bryant, Backstay Welt, Interlake Iron, Johansen Brothers Shoe, South Penn O, Foote-Burt Co. and Cutler Hammer, Capital Adminis- tration restored its previously passed preferred dividend and deolared a regu- lar quarterly distribution. Grigsby-Grunow stockholders of rec- ord March 11, 931, to receive right to subscribe to new $5,000,000 issue of 6 per cent bonds at 9715 in ratio of $100 principal amount of bonds for each four shares held. Hayes Body Corporation 1930 deflcit $852,606, against $245,045 in 1929, Hazeltine ~ Corporation wins _ suit against United Bosch Magneto, charg- ing infringement ofgHazeltine plate cir- cuit neutralization patent. Interlake Iron cuts quarterly dividend to 15 cents from 25 cents. Johansen Bros. Shoe Co. omits quar- terly common dividend; last payment, 371} cents, December 1. Kansas City Power & Light January net income up 12.2 per cent; 12 months, up 2.9 per cent. Lane Bryant declares 25 cents quar- terly common dividend; paid 50 cents previously. Lehigh Valley Railroad January net operating income off 5.8 per cent. Maine Central Rallroad January sur- plus, after charges, $3,847, inst | Pl it ges, § against McKesson & Robbins. — Patent de- partment rules Centaur Co, is entitled to_registration of name “Castoria.” Minneapolis, St. Paul & Sault Ste. Marie, including Wisconsin” Central, ary deficlt, after charges, $762,122, against $778,058. il Minneapolis & St. Louils Railroad January net operating deficit, $46,045, against deficlt $83,566. Motor Wheel Corporation 1930 com- mon share earnings, $1.16, against $4.22. Anchor Cap Corp. 1930, common share enankg;&s:s&z 2ainst $4.02. 'y Welt cut quarterly common dividend in half with decl e per e aration of 25 n & Albany Rallroad defici months ended December 31, $9.305 495 agglnstj net income $1,191,602. "’ ourjols, Inc., 1930 eom: en;!r::nkxs. $! g against sl.zsfnon 5 ckeye Pipe Line 1930 share earnings, $5.67 against $5.17. Capital Administration declares back dividend of 75 cents and regular quar- terly payment of 75 cents a preferred Chesapeake Corp. 1930 common earn- ings, $4.48 against $2.61; break-up value of stock, based on February 21 closing prices, was $61.28 a share. Claude Neon Electrical Products 1930 ggrggmn share earnings, $2.72 against Columbia Gas & Electric 1930 annual report, indicates that loans to Columbia Oll & Gasoline aggregate $28,627,652; subsidiary, Cincinnati Gas & Electric, main plar & Electric plant. Columbia Picture Corp. to add 6 ex- tra features to curernt production pro- gram. ; Coon, W. B,, 1930, comifion share earn- ings, 83 cents against $3.72. Cutler Hammer, omits dividend; paid 88 cents December 15, 1930. Drug, Inc, had 26,000 stockholders February 20, an increase of 10,000 since end of 1929. Eastern Manufacturing Co., 1930 com- mon share earnings, $1.05 against $8.79. prices were quoted lower in late Feb- ruary. The reduced consumer demand and mill accumulation of stocks were the major weakening influences. Lin- seed meal prices averaged lower. The slow demand for other feedstuffs and the recent decline in corn weakened the market for corn by-product feeds. Glu- ten feed prices held steady but gluten meal dpclfncd $2 per ton at most mar- kets. Thie yeduced the spread between feed and meal to between $2 and $3 r ton. Offerings of both of these eeds have been quite liberal but demand has been only fair. Hominy feed was decidedly lower at most markets, except Philadelphia and Boston where prices were advanced from $1 to $1.50 pér ton. Hominy feed was slow sale at Chicago although offerings were not heavy. Al- falfa meal prices were practically un- changed in late February despite the weakness in alfalfa hay. Production of alfalfa meal during January totaled 33,285 tons, or 30 per cent more than for the previous month, but about 23 por cent less than for January & year it tled in with Louisville Gas St. #go, s 5:30 Edition. | | DS. LOWER INSURANGE ONFLYERS ASKED Reduction in Accident Total Leads to Request for Cheaper Rates. BY BRADLEY W. TRENT. Special Dispatch to The Star. NEW YORK, February 25.—The avi- ation industry and the life insurance companies are charting a program for lower insurance on flying. that should prove mutually beneficial—encourag- ing more flying by the public and as a consequence opening the way to more business for the insurance firms. As air travel hazards are reduced life and accident insurance policies are ex- pected to pmvld%obrolder coverage and lower rates, actording to the Aero- nautical Chamber of Commerce of America and the Actuarial Society of America, which announced today that an extensive survey is belng made to determine the degree of hazard or safety in various classes of flying. &lest!?néml{es sent ogt‘ in the avia- n industry are bring replies which will be used as a bax;mlsllor sgek- ing adjustments in insurance rates. Three Classes of Flying. There are three classes of flying aside from schegduled transport flying— flying in corporation-owned planes for business purposes, chartered flying and test flying by plane manufacturers. In- surance companies already permit a reasonable number of flights on sched uled transport lines without invalidat- ing policies. The present study is being undertaken with the idea that other classes of flying, which have im- proved their safety records, should given insurance concessions. . Oil companies, for example, are active in flying their own ships with their own pilots for businéss purposes, and it has been shown that this so- called corporation flying has a high safety record. Improvement also has been noted in chartered plane and test fiying, in which fields insurance here- tofore has not been available, except at_very high premiums. ‘The aviation field has scarcely been tapped by the life insurance com- panies, but they may be expected to show increasing interest in it as a means of boosting the volume of new sales. Life underwriters noted a slump in new business in the latter months of 1930, which continued to be reflect- ed in the January, 1931, sales record. Forty-four companies having in force 82 per cent of American legal reserve life insurance reported a decrease of 10.7 per cent in production of new business last month as compared with January, 1930. Insurancé Firms Active, ‘The insurance companies are not standing still. They are increasing their working “forces and going after more business. The Association of Life Insurance Presidents reports that the 60 American companies in its mem- bership are now employing 3.6 per cent more people than at the end of Octo- ber, 1920. Their combined forces total 270,209 employes. SHORT-TERM SECURITIES, (Reported by J. & W. Selfsman & Co.) . B 1 & Tel. 5 %5 1931 4Yas 1933 4148 1 Rwy. 41zs 1935 n . R. 55 1933 Chicago Rock Island 4s 1934... Chile Coppel Cc. 65 1947 Cudahy Packing Co. 5)as 1937 Gen. Mot, Accep. Corp, 6s 1937 Genaral Pet. Corp. 5s General Theaters Eauip. s & R. 5s 1957. Professional men of Italy have agreed to reduce their fees. 2| to reserve account. Special Dispatch to The Star CHICAGO, February 25.—A 'warning against widespread wage cuts as an aid to business recovery is sounded In the current issue of the Business Observer, monthly review of the Foreman-State Natlonal Bank. ‘While price declines have in a meas- ure served to restore purchasing power, a curtailing of wages would react un- favorably on the now fairly stabilized commodity price market and cause fur- ther delay in the long-awaited return to normal business, the Business Ob- server states. The publication sets forth this point concisely as follows: “When all of the factors in the situ- ation are examined, the movement to reduce wages in the interest of business recovery appears to be largely unsound. By permitting wages to hold, while prices decline. purchasing power will be enhanced, and such commodity prices as have already fallen beyond the gen- eral trend of prices will tend to be brought back in line if, but only if, the wage costs entering into them are not reduced. On the contrary, if wage re- duction were to become a widespread policy at the present time, it would un- doubtedly intensify the commodity price recession, curtail buying power still further, and prolong the depres- sion.” With the bottom of the current de- pression already “sounded” by such fac- tors as steel production and merchan- dise freight, the Business Observer be- lieves that industry awaits only some further price readjustments before a definite upward swing. The bank pub- lication notes: . Purchasing Power Improves. “Conditions are unquestionably riper for improvement now than they have been at any time for a year and a half. But improvement will not be automatic. Sound improvement can come only with readjustments that improve purchasing power. The remedies or stimuli, which will be most fruitful in speeding up re- covery are those which will improve and stimulate purchasing power. The purchasing Powcr of current wages and * salaries will tend to improve steadily from the moment unemployment and payrolls cease to decline. This improve- ment will be due, of course, to the fa- vorable contrast between price reduc- tions and wage reductions. But pur= chasing power is already improving with every readjustment of specific com- modity prices to the general commodity trend, and with every gain made by retail prices in overtaking the decline of wholesale pries. The restoration of purchasing power, thus far the least reassuring of the many indices of business, is the most important factor in the general recovery of business, the Business Observer says. So far as foreign consumption is con- cerned, the publication sees little hope of the restoration of outside markets during 1931 by either of the two reme- dies generally proposed, namely, the scaling down or cancellation of war debts or extensive foreign lending. New Price Levels Vital. The most urgently needed reassurance at the beginning of 1931 is some defi- nite knowledge as to when prices have declined far enough to be safe, in thé opinion of the review—the big question being where the new price levels are to Raw materials inaugurated the world-wide price decline, so raw ma- terials ought to give the first indications as to where the new price levels may become established. Business Ob- server carries a significant incex this month showing the recent average price trend of 10 basic world raw materials, and points out that this new index has been “making a floor” for at least three months at about 40 per cent below price levels. It is noted also of the five specific raw material pri that are below this average are ris at the present time, while four of the five which are above the average are now declining. “It is not to be concluded from this limited observation that the new price levels will be precisely at 60 per cent on a basls of 100 for 1926,” the review observes, “we can say, however, that preliminary soundings indicate & (D{"-‘E bottom somewhere in that vicin- NEW YORK COTTON NEW YORK, February 25 (Special). —Cotton prices again were nearly $1 a bale higher at thg opening of the mar- ket today. The list was close to its highest for the year at the start under active purchasing by the trade, by local professionals and by overseas houses. Offerings were plentiful from the South, however. Opening prices werf: March 11.38, up 15: May 11.63, up 16; July 11.90, up 18; October 12.18, up December 1230, up 18, and January 1242, up 15. e PROFITS ARE LOWER IN BRITISH BANKS Depressed business and low interest rates have lessened the profits of the British banks for the last year, and this situation has been met in some cases by a reduction of the dividend rate. Although in the majority of cases the leading British banks have built up QBT | reserves (sufficlent to enable them to maintain the customary dividend raté in the face of reduced profits for any single year, or even for several years, this policy is rareiy followed. If the earnings fall off and the future outiook is not clear, the curent rate of dividend is not cnly raduced. but a larger shara of the profits than usual is allocated PR T. 8. TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of business February 21 was $157,134,104.98. Cus- toms receipts for the month to date were $20,684,703.09. Total ordinary ex- penditures $7.851,507.19. Just Think of It— The Star delivered to your door every evening and Sunday morning at 115c per day and 5c Sunday. Can you afford to be without this service at this cost? ‘Telephone National 5000 and de- livery will start at once. RENTAL MANAGEMENT We solicit the Rental Management of your property whether, Apartment, Residence or Business PROMPT REMITTANCES Our organization is complete as to securing tenants, making collectiogs and supervision of " repairs. Without obligation to you we would be to discuss this with you. 24-hour Telephone Service Randall H. Hagner & Company, Mortgage Loan Correspondent ork Life Insurance Company tAve. N.W. Phone Decatur 3600