Evening Star Newspaper, February 27, 1931, Page 15

FINANCIAL. CURBSHARES IRV | NEW YoRK CURB INACTIV TRADING Public Utilities Issues Con- " tinue to Furnish Bulk of Business. i BY JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, February 27.—A strong Opening on the Curb Exchange today was r:dnulned as the session pro- gressed. ‘The market leader, Electric Bond & Share, repeatedly staved off profit tak- mllhfl its quick recovery from an al decline. Associated Gas & Elec- A continued one of the outstanding ity features. St. Regis Paper raced t0 a new high. Cities Service most of the time was slightly lower. Public utilities were the leaders in the first half of the session, with metals, trusts and miscellaneous industrials later joining in the forward movement. Big biocks of utilities in the early deal- ings included 5,500 shares of Associated Gas & Electric A and 8,000 shares of Atlas Utilities. American Light, Central Hudson Gas & Electric_certificates, Eastern States Power B, Hydroelectric Securities, New York Steam Corporation new, St. Regis Paper and United Light & Power A were among the first of the power and light shares w0 reach new heights for the year. Some of the metals pushed ahead. Aluminum Co. of America rose 2 points by midday as General Alloys declined more than a point. Newmont Mining and United Verde were up by fractions. Later Hudson Bay Mining and Noranda Mines turned active. Machinery and allied shares were in demand. A. O. Smith Corporation, which derives a large business from natural gas pipe, had one of its spec- tacular moves, advancing about 15 ts to a record high price on rela- tively small volume. Northwest Engi- neering Co., on a gain of more than 4 points, hit a new top. Northam Warren convertible preferred was up 3 points ot times. Foundation Co. (foreign) A established its best quotation for the Meanwhile Detroit Aircraft took the most prominent place in_the aviation division, and Ford Motor, Ltd., assumed & similar position in the motors. The active radios—De Forest, Dubilier Con- denser and Canadian Marconi—were higxt:er around midday. surance Co. of North America, off sbout a point, and Rossia International Corporation, which was up fractionally, formed the of insurance share transactions. Freight Service Change. BALTIMORE, February 27 (Special). —The freight service of the Baltimore & Philadelphia Steamboat Co. between Baltimore and Philadelphia and way ints will be conducted in the near Ritare by a new corporation, to be known as the Ericsson Line, Inc., in which it is understood the Bull inter- ests, now_operating the Baltimore and Carolina Line, are to have a substantial holding. A. H. Bull & Co. will act as sgents for the new corporation. The passenger service of the Balti- more & Philadelphia Steamboat Co. will continue as heretofore, the new company being concerned only with the freight end of the business. The change is to commence at a date to be fixed | | March. Lead Output Declines. NEW YORK, February 27 (#).—World output ot refined lead in January de- clined to 145510 short tons, as com- pared with 153,840- tons in December and 153,772 tons in January, 1930, the American Bureau of Metal Statistics Teports. BONDS ON THE CURB s in DOMESTIC BONDS. 5s '28... P&L 65 2016 Roll Mill a Ga 8 Ap 13 Apps alach 2 Arkans P&L 5s '56. . § Asco Elec Ind 4%2s "33 90 30 Asso G&E 4':s 49 C El 55 As G&E 5'as '38 In cf § As Tel ULl 5125 '44 C# 893, Ao TelaT s 55, 881 7 as 55 99 1 w. 8212 82% 10022 55 '50. t Serv Gas 5i3s 42 80 E '60. 101 5 Consum Pow 4725 '58 101% 11 Cont G&E 55 A '58 3 Crane Co 55 '40 10113 1 Crucible Steel 5x 100 13 Cudahy Pk 5ius ‘37 99% 1Dx GG 6'as A '3 1 Pairbanks Mor 55 '42 9612 O Florida P & L 55 '54. 8714 2Gen Bronze 65 '40.. 5815 Power 55 '57100%; s A '35 75 '36 107% 02 6 Indnap PAL 55 9 Insull Utilit 6s B 4 Inter Pw Sec 75 E - =3 E % Alr Investors vte. . Ala Pow cum pf (7) = Alleg Gas.... Allied Aviation. Alluminum Indust. Allied Mills (60c) BHEARAOZ - = = & 5 Am British & Cont. . Am Capital B....... Am Capital pr of 5% W Am Cit P&L B M10%. 4 Am Com P A (b10%) Am Cyanamid B..... Am D T NJ cv pt (7) Am Equitfes. .. Am For Pow wa Am Founders. ETUE I Am Iny Inc B (60c) Am Invest war...... Am Lt & Trac (2%). Am Maracaibo. Am Meter (3) Am Superpow (40c). Am Superp 1st (6).. Am Util&Gen (B)vte Am Yvette new wi. .. Anchor PF (b10%) . Anglo Chil Nitra Appalachian Ga 45 Arcturus Rad Tube Arkansas Nat Gi Arkans Nat Gas A. Assoc El In Ltd 30c. 5 AssoGas & Electric. 4 Asso Gas&El A (a2). Assoc G & E A dbrts Assoc G & El war... Assoc G & Epf (5).. Assoc Rayon pf (6). Atlas Util Corp. . Atlas Utilities war. 4 Auto Voting Mach. .. Auto Vot M cv pf pt.. Aviation Cp of Am.. Bahia Corp pf. . 1 Baumann (L) pf (7).120s 4 Bell Tel of Can (8). . Bickford's Inc (1.20) Bickford's Inc pf 2% dlue Ridge Corp. . ... Blue Ridge cv pfad Blumenthal (8) Bourjois Inc. ... Braz'Tr & Lt (b3%). 15 Brit-AmT (B)1.17 4-5 Bufft N & E P 1st (5). Bulova cv pr(3%).. % Canada Marcon! Carib Syndicate Cent Atlantic States. Cent Hud G&E (80c) Cent Pub SveA b10% Cent Stat El (b10%). Chain Stores Stock. Charis Corp (13) . 37 Chat Ph Aln.v (1). Citles Service (g30c) Cities Serv pf (6)... Claude Neon Lts, Inc Clev El Illum (1.60). Clev Tractor (80c). . Club Aluminum Uten Colon Oil. . Col Oil & Gas vtc. Cmwlth Edison (8). Cmwith & Sou war.. Com Wat Sv (b6%). Comstock Tunnel. .. Consol Auto Merch. Consol Copper Consol Gas Balt 3. Consol Laund (1) % Contl Chicago Corp Cont Shares pf (B).. Cont Shares conv pf . 300; Cooper Bessemer (2) Cord Corp. eesece @ Corroon & Reynolds. Cor & Rey pf A (6).. 4 Creole Petroleum. .. Cresson Consol (4c). Crocker Wheeler. ... Crown Cent Petrol. . Cuban Cane pr opt w. % Cuneo Press (2%) Curtiss Wright war. Cusl Mex Mining.... Darby Petroleum. .. Davenport Hos (2).. Dayton Air & Eng Deere & Co (1.20). De Forest Radio. ... Deisel W Gilb (1%). Derby Oll Refining. . Detroit Afreraft Cp. Douglas Afr (11%).. Dress S R A (3%)... Dresser Mfg B (2).. Driver Harris new. . Dubilier Cond & Durant Motors. ..... East G & F Assoc. East St Pow B (1) Eisler Electric Corp. Elec Bond & Sh (b6) Elec B & Sh pf (6).. Elec B& Shcupf5.. Elec Pow Assoc (1) ., Elec Pow Asso A (1) Elec P & Lt op war.. El Sharehold (b6%). Empire Pub Sve (A). Emp Steel Corp. . Emp Reinsur (11.60) Burop E Ltd A (60¢) Europ Elec deb rt: Evans Wallow Lead. Fairchild Aviation. . Falcon Lead........ Fansteel Products. .; i Federated Capital Fiat Stock deb rts Flintkote Co A. Ford M Can A (1.20). Ford M Ltd (p37%).. Food Machinery 1% . 4 Foundation For Shs. Fox Theater CLA. Garlock Pkg (1.20).. Gen Alloys (80c). Gen Bak pf c.0.d. (3). Gen Elec Ltd (p70¢). 16 Gen Empire Cor (1). 1 Gen G&E cv pf B (6) 100s Gen Laundry Mach. . Gen Thea Ep cv pf 3) corgia Pow pf (6).. eaner C Harv new. THE EVENING STAR MARKET v. 1031~ Stock and « igh. Lo Dividend Rate. Loew's Inc deb rt Lo Louisiana Lan & Ex. MacMarr Stores ( Magdalena Synd. Mavis Bottling. Mayflower Ass0 (2) Mead Johnson(13%). Memph N G Co (60¢). Mer Ch & 8 (1.60 Mesta Machine ( Mid St Pet vtc A. Mid WSt Ut (1%) Mid W Midland NG A 1.2 Mid St Prod n (2). % Mo Kan P L vte. . Moh H P 2d pf (7) % Nat American Co. Nat Aviation. .. Nat Baking pf (7) Nat Fuel Gas (1). % Nat Investors. ew Eng Pow pf ( A New Jers Zinc (13 Newmont Min (4) N Y Tel pf (6%). % Niles-Bem-Pond ( Noranda Mines. or Am Utll Sec. Nor & So Am Corp Nor Europ Gil Cor; Nor St Pow A (8) N W Engineer (2) Ohio Brass (B) (5 Ohio Copper. . Outboard Moto Pac Pub Sve A (1.3 Pac Western Oi1 Pandem O1l. ... Paramount Cab M. Penn Wat & Pow ( Pepperell Mfg (8) Petrol Corp war. Phoenix Secur Cor, Phoenix Secur pf ( Pie Bak of Am A ( Pilot Rad Tube A. % Pitney B P n (20c) Plymouth O11 (2). Premier Gold (12¢ Prudential Invest. Pub Util Hold Cp Pub Utl] Hold war Pub Ut Hold cu pf| Radio Products. .. Rayethon Mfg Reiter-Foster. Reliance Int A Reliance Manag. Reybarn Co. Reynolds Inves Roosevelt Field In Rossia Int Corp Royalty Corp pf. . St Anthony Gold. St Regis Paper (1 Salt Creek Prod (2 Saxet Co. . 18 Seaboard Ut Seg Lock & H (50c Selected Industrie Sentry Safety Con Shattuck Den Min Sheaffer Pen (13) Shenandoah Corp. Shen Corp pf (a3) lica Gel ctfs. . Silver (Isaac) pf ( 5 Smith (A 0) (2).. * South C Ed pf B 1} South Col Pwr A ( S W Gas Utilitie Stand Motors. .. Stand Pwr & Lt (2 Stand P & L pf (7) Starrett Corp. Starrett Corp p! Stein Cosmetics. Strauss (Natha Stutz Motor (new Sullivan Machiner: Sunray Ofl (b5% ) Swift & Co (2).. Swift Internat (3) Taggart Corp (1) Technicolor, Inc Timken Det A pf Todd Shipyard (4) Tubize Cantillon ( Twin 8t N G pf (A Unit Corp war. Unit Dry Dock Unit Founders Unit Gas Corp. Moh H P 1st pt (7)., Mountain&Gulf (6c). Mont Lt H&T (1%) N Y Hamburg (23) NY&HonB (11%). 1 N Y Steam n (2.60). PacG&E 1stpf1 Pitts Forging (1).. Royal Typewriter(3) Rubberoid Co (4). . Ryan Consolidated. . Sel Ind (full p stpd) . lected Indus pr pf. WASHINGTO! Received by Private Wire Direct to The Star Office Sales— Add 00, Open. High. Low. Close. 3 204 204 20% 204 1% 1% 4% 24% 1% 9% & 1% 44% 961 11% .er t Ut (b8% ). 0. ] MoKanP L (b10%). 5% 508 103% 25s 103 2 Nat Bond & Sh (76e) NatDPrpfA (7)..q 5 6) 2008 New Mex & Ar Land. 1 . & 19 - 9 11 .. 50s Niag-Hud Pow (40c) 129 Niag-Hud Pow A w.. Niag Sh Md (40¢)... 15 6 2). Nor Wevptf (3)... A. D-. Nor Ind Pub S pf (8) 258 o W Novadel-Ang (143). ) ). fg. Pennroad Corp (20c) 3) Peop L & P A (2.40) p. 3) 2). )es Producers Roy Corp. w 20 @) Liainbow/Lumn Pr A Rainbow Lum Pr B Reliance Int Cor B.. c. W 4 b 13 o 4 (50e).. 3 ). 10 23 4 6 t.. 23 5 ) .. 2008 4. South C Edpf C 1%.. ) 2) alty 60c. Stand Oil of Ind (2).. Stand Oil Ky (1%). . Stand O1l, Ohfo (2%) 9 Stand Oil, Ohlo (5).. 20s )e. 8 ++ 1508 Stein (A) & Co(160) . y Tran Con Air Tran. TransLux DL PS.., Tri Utilities (11.20). B) deu Ungerfelder Fin Cp. D. ¢; FRIDAY, FEBRUARY 27, 1 DEMAND FOR AUTOS REVEALS INCREASE, Better Sales Result in Step- ping Up of Schedules at Factories. BY DAVID J. WILKIE, Assoclated Press Staff Writer. DETROIT, February 27.—Although the automobile industry has wiped out entirely the overproduction that heavily burdened its market last year and has 4 | endeavored to level off output to de- mand, a certain volume of cars for which purchasers are in prospect rather than on the books always must be kept in_transit, To some extent this prospective de- mand accounts for the steadily increas- ing output of the last few weeks and the increased employment in the in- dustry. At the same time reports from dealers regarding this potential demand and the approach of good driving weather has figured in the determi- nation of the number of cars to be kept in transit. Disposal of Surplus. A year ago the problem facing the industry was the disposal of a huge surplus production and the mainte- nance of skeleton organizations for the time when the “turn” came. Today, with all producers convinced that time has arrived, the problem of each manu- facturer in an industry probably as highly competitive as any other in the world is to be prepared to take the fullest advantage of what the Spring “buying season” will bring. It is authoritatively estimated that on February 1 new passenger car stocks aggregated 330,000, This was about 125,000 units below the inventory of the like date a year ago. A year ago, how- ever, the industry was in the midst of its drive to dispose of the great over- production that 800,000 and 1,000,000 units. Continuing 'an arrgessive sales policy inaugurated last Fall, the Chevrolet Motor Co. next Monday will begin a series of meetings solely for retail sales- men. The meetings to be held in “zone headquarters” in 52 key cities are to continue until March 19 and are in- tended to reach every member of the company’s domestic retail organization. “The move,” said the compeny's an- nouncement, “represents an extraordi- nary activity by Chevrolet based on the belief that unusually good business in 1931 will reward the organization which goes out atter it.” Gain in Production. An_encouraging _increase in produc- tion by the Ford plants is reported dur- ing the last week. While no formal an- nouncement, has been made, the com- pany's production program is expected to be stepped up to approximately 100,- 000 units «n March. This would mean increased employment in the Ford plants "|and the placing of additional depart- ments on a five-day schedule. Many of the departments still are working on a three-days-a-week basis. Just how American manufacturers will meet the action of the Canadian govern- ment in reducing the discount allowance on motor cars entered for duty has not been determined. Several - importers have been quoted as saying they will be unable to continue in business under the new conditions The Hudson Motor Car Co. is understood to have notified the { Canadian customs department that it will establish a plant in Canada. The exportation of American-made cars and parts to Canada last year to- italed approximately $48,000,000 in value. In 1 it reached $89,000,000. Iwhllc the shutting down on American- made motor .ars means a considerable loss in revenue to tie Canadian gc\ern- i ment, it expe.ts to more than balance this by increased industrial activity. psintiles) dirimiinn CHICAGO, February 27 (#).—Grain « | prices displayed notable steadiness early | today, contrasting with sharp setbacks which followed first announcement of proposed stop loss export selling of Government-sponsored wheat. A ma- jority of traders acted on opinions ex- pressed that moves (o dispose of Amer- can seaboard stocks of wheat would be helpful in avoiding congestion later. Opening ': cent off to 's®cent up, wheat afterward held near te® the ini- tial range. Corn staried % lower to 35 higher, and subsequently showed ] little_change, Enlarged general selling which later developed in corn, carried that cereal down to a new low price record for the season, and also acted as a pro- nounced drag on wheat. All grains | were given a jolt, too, by reports that American Farm Board allies had sold No. 1 hard Winter wheat to Antwerp at the equivalent of 10 cents a bushel | under Chicago May delivery. The terms implied wheat handed over on vessel { at the Gulf of Mexico and free of all charges except the purchase price anc ocean freight. Market breaks which resulted from corn weakness and from Antwerp news about United States wheat export transactions led soon to losses of more than 1 cent a bushel, both for corn and wheat. Except the Antwerp pur- chases, European demand .for Ncrth American wheat overnight was re- ported as disappointing. Domestic pri- mary receipts of wheat were large, 1 280,000 bushels, compared with | 000" a year ago. Oats weakened wit; wheat and corn Provisions were responsive to firm- | ness of hog values. | | | | Standard Gas Equipment Corp. BALTIMORE, February 27 (Special). —Reflecting the low pace of busines | last year, the Standard Gas Equipmen Corporation earned net income, before aggregated between | provision for depreciation, of only $94.-i 718, as compared with $329,000 in 1929, Trade Reports at a Glance By the Assoclated Press. the wholesale and jobbing trade, the week from the following centers: ‘Wholesale and Jobbing Trade. Pittsburgh Louisville sqeeee Cleveland Detroit . Baltimore . Pittsburgh—Steel industry improved; at pre-war prices. of year ago Milwaukee—Manufacturing improved; need ter. 1930; values lower; coal weaker, St. Louis—Women's wear and shoe hardware and paints fair. St. Paul—Retailers buying cautiously Jjobbing business. Duluth—Trade shows a better feeling. improved; eggs at 10 cents; moisf Des Molnes—Warm weather retards badly needed. weather. careful and for immediate needs. RETAIL SALES HERE | Business Best in Any City in Reserve District. According to the monthly made today by the Federal Reserve Bank of Richmond, retail trade in Washington in January was 1.3 per cent larger than in January, 1930. | This was the best showing made by any city in the Fifth Federal Reserve District, Baltimore department store trade being off 6.3 per cent, Richmond | 3.1 per cent, and other cities 10.8 per cent. The average for the fifth district showed a loss of 3.7 per cent in sales, Compared with January, 1930, Wzsh- ington department stores had a decline of 11.4 per cent in stock turnover during the month. Richmond’s stock turnover was down 19.9 per cent and Baltimore's | 10.7 per cent. The average decline for | the fifth district was 12.1 per cent. | The Richmond Bank also reports the | percentage change in stocks on hand January 31, 1931, compared with Decem- | | ber 30, 1930, showing a decline in| | Washington of 5.3 per cent, in the whole | reserve district of 7 per cent, a drop | of 8 per cent in Richmond and 9 per | cent in Baltimore, | Collections were very much better in | | the fifth district this year than last, in | January. The percentage of collections | in January to outstanding receivables showed a 33.7 per cent gain in Wash- | ington, 34.6 per cent in Richmond, 26.5 per cent in Baltimore, 29 per cent in a | group of other cities and 30 per cent in the entire district. The Richmond bank also reported on | the wholesale trade of 65 firms during January. Grocery sales were 19 per cent under the sales in January, 1930, but only 5 per cent below December. Dry goods were down 31 per cent compared with a year ago, but 2.1 per cent ahead of December. Shoe sales | were 31 per cent behind January, 1930, | but 46.5 per cent better than in Decem- ber. Hardware and drugs were also be- low the figures of January, 1930, but | 6 and 22 per cent, respectively, above the business done in December. Collections in groceries were 57 per cent ahead of January, 1930, on dry | goods more than 34 per cent, on shoes | 31.6 per cent, on hardware over 28 per cent, and on drugs 57.3 per cent. NEW YORK COTTON NEW YORK, February 27 (Special). | —Cotton prices at the opening today were unchanged to 4 points higher. In the near months new offerings from the South and local professionals L.'sklnz‘ profits were about absorbed by trade purchases and by overseas buyers. In| the more and distant months, however, | there was an inclination to revise acre- age estimates, and some speculative buying resulted. | Opening prices were: March 11.17. | unchanged; May 1140, up 2; July 1164, | up 1; October 11.92, up 3: December 12.10, up 3, and January 12.14, up 4. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) | Nominal gold Selling checks | value y. report | London, Paris, Brussels, Berlin, Rome. Zurich, Athens, 1id, peseta.... .. c . I Vienna, schilling. . R Budapest pengo. .. . Prague, crown (nom.) var loty pound franc. .. belga, ark. Retail Trade. Kansas City—Retail sales improving; | mmissioner NEW YORK, February 27.—Tabloid review of business conditions in retail trade and manufacturing and industry, as well as the state of collections, reported to Bradstreets this Manufacturing and Industry, Fair Quiet Quiet Quiet Fair Quiet: Quiet Quiet Fair Quiet Quiet, Slow Slow Fair Collec- tions, Quiet Quiet Quiet, Quiet, Fair Fair Quiet Quiet, Fair Fair Quiet, Quiet Quiet, Quiet, Comment. general trade marking time. Louisville—General trade lags; industry on part time; eggs and produce Cleveland—General trade lags; industry slightly improved. Detroit—Retailing slumps; employment better; drug manufacturing ghead less unemployment; Winter grains Chicago—Steel industry steps up slightly; unit merchandise sales equal manufacturers report slight gains; Minneapolis—Spring catalogues help mail order sales; retailing lags. 3 fair activity in immediate delivery Omaha—General trade lags; hurt by mild weather; employment slightly ture needed. trade; wholesale orders small; rain ; wholesaling not improved by mild Baltimore—Trade sentiment better; manufacturing gains slightly; buying PATENT SUITVITAL ADVANGE 13 PCT. IN RADIO INDUSTRY Comparisons Show January High Court Decision on Tubes Will Affect Trade Leaders. BY DEAN DINWOODEY. The long-waged controversy between the General Electric Co. and its li- censees and the De Forest Radio Co. and the so-called independents over. the patented vacuum radio tube, which all parties acknowledge constitutes “the heart and soul” of the radio industry, will be fought to a finish,in the Su- preme Court of the United States. Chief Justice Hughes announced from the bench that the court would hear the plea of the De Forest Co. for o reversal of the recent decision of the United Court of Appeals for the at Philadelphia, holding Patent for the essential ort, “to offset the results of the world- States Circuit third circuit, the Langmuir type. of tube, Electric Co., to by the De Forest Co. Decision Awaited. Not only those engaged in the re industry, but those intérested in oIl ¢ and wireless communication, ta% pictures, and even X-ray tubeqd Drocesses, will eagerly await the of the high tribunal in this n%f‘“fi owned by the Gene: it may determine the fu business. The vacuum u.»e“p':% = essential function in each ‘HeS operations, The dependence of industry?, PUsi= ness in many fields upon ?"" - small_ devices, not often fyfealized, is nowhere beiter illustrateqil, 1 the litigation that has ensuc°ver the vaguum tube, e natial The important place the mldlopomdustrl; Wagseribed by counsel for the De F S e a hearing by the Sup® Court, as follows: R “On its use depends Jent-day wire- less commumcnt?nn dflsxlry kind. It is, of course, an indispgPl€ adjunct to the ‘signai and o Pdcation work of the Army and Navy/ithout it, pres- ent-day broadcast *d_ reception of Tadio prograacast usement and en- tertainment_would’, Impossible. In- deed—and this £ 1S not disputed— without the raqidbe there would be no radio broadeg!8, OF Tadio industry as we know it {3 Pate for Tube. The patent the tube is one of thiode cf,’mum{ the so-called patent pool or corpelond interested in the communicatiy field. The General Electric Co,2S 8ranted licenses to manufacturedd_sell under the patent to the AmezD Telephone & Telegraph Co.westedlectric Co., Westinghouse Electric & anufacturing Co. and the Radio Cofation of America. It is this pated00l that the independents in the ficare seeking to break up. The s it Which the appeal to the Suprem@Urt was allowed was brought by the heral Electric Co. against the De Foy, Co. for infringement of the patent The latter company admitted it wagaking similar tubes, but chal- lengeshe validity of the patent. The trial/urt ruled that the patent was inva but wag Teversed by the third cire» With one judge dissenting. jbroceedings in the Patent Office pri to the grant of the patent, the cig) of Langmuir as the first inventor oshis highly useful device was chal- 14ed by Harold De Forest Arnold of ¢ Westinghouse Electric Co. The of patents determined be valid and infringegypry, (GANNING INDUSTRY OUTLOOK BRIGHTER Association’s Prophecy of Better Business Backad Up U. S, Figures. By the Assoclated Press. A sound production program, with orderly marketing of its products, ene abling canners to participate ful in the returns of a better b\nlp::ul yeulyr. s promised the canning industry in 1931, This is the prophecy of the National Canners’ Assoclation and is backed up by the Department of Agriculture in its preliminary acreage intentions reports for truck crops for commercial manue facture, While the association is in no manner a regulatory body in this respect, it has placed the department's estimates of curtailed acreage in the hands of can- ners throughout the country in the hope they will be governed accordingly and make adjustments to keep indi- vidual programs in line with profitable marketing. N Reports from canneries indicate plar to curtail acreage of snap beans by per cent in 1931, with a tentative ac age of 66,450. From these reports it pears decreases are being planned ir States except Michigan and Ing Intended decreases in some of ;5 areas are as follows: New York, 4. cent: Maryland, 10 per cent, angr. consin, 6 per cent. Michigan ently planning a 16-per-cent 'The while Indiana reports no char re. heaviest relative decreases Caro- lp‘orlcd Lrom Uluah, Oregon, Sc na and Mississippi. Present plans for the teent in call for reduction of 16 jecreases acreage to 322,010 in 193%t Miche are scheduled in all States;ado and igan, Towa, Mississippl, - State in Utah. Colorado is theted. New which an increase is Yars appear York, New Jersey and } cut: Mary- to be planning a 20 pero cut 7 per land and Virginia exp: Missours. 25 cent; Indiana, mgm-,,',- cent; Ten- per cent: Kentucky, A nessee, 15 per cent,’ grri e C.‘Il'“mt-n:).' 3019" C4ners to contract entative plans - T acreage of sweet e e nl ried out, would 1 - ports it appearsarmont, New York, New Hampshir - Pennsylvania ‘Delaware are plan: ning decreases year's harve due to the (024 d foup of States, consisting e (")V;«Wham‘ Tllinois,” Michigan, isonio finnesota, Iowa and Ne- sconsippt indications are for a braska, , total ac® about the same as last year, gpYLVANIA RAILROAD eVS IN STOCKHOLDERS gp, Dispateh to The Star. PLADELPHIA, February 27.—By ing on an active of im- Sements during 1930 g “prudent economy” in operation, Pennsylvania Railroad made every ide depression,” Gen. W. W. Atter- president’ of the Pennsylvania Railroad, told stockholders in a letter accompanying the quarterly dividend checks mailed today. P ‘The Winter quarterly dividend of 2 per cent, or $1 per share, was mailed to 235,025 stockholders, the largest num- ber on record, and an increase of 1,645 compared with the last previous divi- dend paid on November 30, 1930. The dividend goes to practically every coun- try on the globe. The Pennsylvania Railroad has never failed to pay a cash return on its stock since 1847, an unbroken dividend record of 84 years. Total payments, including the present dividend, amount to $995,~ 084,438, “The gross revenues in 1930 were about 17.1 per cent less than in 1929, due to the general business depression,” the president’s letter said. * nses were necessarily reduced, but without detriment to the railroad or its ability to serve the public. The gross revenues were $574,446,955, a decrease of $118,- 691,776 compared with 1929. The net income equaled 10.5 per cent on the average outstanding capital stock, which was increased during the year; 17.32 per .cent was earned on the average stock outstanding in 1929.” Steel Products Exports. By the Associated Press. Exports of iron and steel products from the United States in January totaled 92,745 gross tons, 9,243 tons less than in December, the Department of Commerce reports. Shipments to Canada totaled 41491 tons, while the trade with Chile amcunted to 8,641 tons; that with Japan, 4,824 tons; Argentina, 4,528 tons, and that with Mexico, 4,398 tons. Imports during January totaled 40,781 tons, only 27 tons more than in Decem- ber. Pig iron was the chief product received, followed by structural shapes, merchant steel bars and concrete rein- forcement bars. Belgium was the chief source of supply, shipping 10,609 tons in all. PARIS BOURSE PRICES. PARIS, February 27 (#).— Trading was quiet and prices were firm on the Bourse today. Three per cent rentes, 88 francs 45 centimes; 5 per cent loan, 101 francs 60 centimes; exchange on London, 123 francs 95'2 centimes; the dollar was quoted at 25 francs 52 cen- times. Unit Gas war. Unit Gas pf (7). Unit Lt &Pwr A (1). Unit Lt& Pwr pf (6). U S Elec Power ww. U S Elec Pwr war. .. % U S Foll (B) (50¢). U S & Inl Secur. . U S Inter Sec 1st pf. U S Play Cards (4). . Init Verde Ext (2), Ttah Apex. . Uti] P&Lt(at1.0214), It P&L B(at1.02%). Itil & Ind according to the annual report, just issued by President W. Frank Roberts. After allowance of $181759.54 and minor adjustments the company showed & net loss for the year of $80,758.41, as compared with a surplus of $130,369 for 1929. Coperhagen, Oslo. crow Stockholm, Glen Alden Coal (8) Globe Underwriters. Gold Seal Elec new. 4 Goldman Sach T C Goth Knitback Mch Groc Strs Prod vtc. . Gulf Ol of Pa (1%). Hand P p pf(p25¢).s % Happiness Candy.... Helena Rubenstein. . Hollinger Gold(65¢c). Horn & Hard (2%).. Hudson Bay M & 8 Humble Ofl (12%). Hydro Elec Sec (2 Hygrade Food Prod % Imp Ol of Can (50c) Indiana Pipe L (2).. Ind Ter 11lu O1l A Industrial Finan ctfs Insull Inv (b6%). .. ins Co ofNo Am 12% 9 Insurance Sec (10c). 10014 Intercoast Trade (1) 98% 9 Intercontinent Pet n {4 Int Petroleum (1).. Int Utilities A (3%). Int Utilitles B . . Int Utilities war. interstate Equities. fron Cap Copper. .. Irving Alr Chute (1) Lalian Superpow A. Kolster-Br (Am Sh). L purt Realty 1.60 Lieh Conl & Nuv 1.20. Lerner Stores (2. .. lip Cup (1%) crowa. . ** Jat_Arnold was the first inventor, but jis decision was reverszd on appeal and priority of invention awarded to Lang- fmuir. It is improbable that the case will be decided within the next few months. Rate—Maturity Bla “ “%nf| Hearings of arguments by the Supre 2758 931 1 100 19 | Court probably will be delayed until its 5% [next term in the Fall, unless the case 2|is specially advanced by the court on | request of counsel. (Copyright, 1931.) STOCK ANI BOND AVERAGES Associated Press. ‘Yesterday's 5:30 Edition. s, crow 26.76'3¢ TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) © A h NROREE NN SRn SN me~ Washington Produce Butter—One-pound prints, 33%a34; tub, 32a33. Eggs—Hennery, 18; current receipts, 17 DIVIDENDS DECLARED NEW YORK, February 27 (#).— Regular. Poultry, alive—Turkeys, young, 30a32; old, 25a27; Winter chickens, 32; Sprin broilers, 38a40; hens, heavy, 20a21; small, 21; Leghorns, 16; roosters, 15; ducks, 15; keats, large and young, 60a65; old, 25a 30. Dressed—Turkeys, young, 38a40: old, '30a32; Winter chickens, 38a40; Spring broilers, 45; hens, heavy, 24a25; small, 22a23; capons, large, 37a38; small, 32a33; ducks, 24a25; roosters, 16; keats, young, 70a80: old, 40a45. Pe- Pay- Hldrs. of Company. Rate. riod. record Am Factors Ltd...15¢ M Feb, 20 Am Tobacco pf...3150 Atlantic Coast L{52.50 Baldwin Rub A..37c Boston & R Utility Equitte: 1875 | e 103% 4 Tgq BESCEEEELE Venezuela Petrolm. Vie Finaz Corp(40c) Walgreen Co. Walker (H) (1 Walker Mining. Watson (J W) C STOCKS. e So R meSan awnio. 82 95% 72 6% 1% 1% " 13 53 10% 3 19 Today..... Previous day Week ago Month ago. Year ago...... Two years ago Three years ag High, 1931. Low, 1931 High, 1920. oY e = RumanEe®s Do. 6 pr.o. Edi Bros Stoies Bi $1.15 Elec P & Lt $7 pf31.75 - 2 d Williams R C (1.40) . : “Dor" $6.50. pf. 31 6 Wil-Low Cafaterfas, 2 s Do. 36 pf. . Wilson Jones (1 Gen H): Signal 974 Ygstn S&Tu pf(s 8 Zonite Products (1), Dividends rates in dollars *Ex dividend. 1Partly extra in_cash or stock. b Payable 1Plus § per cent In stock. & SE5aalan 0. bl 3 Interst Po 37 pi. 517 i L A Midvale Co. Mohawk Hu B 'pf 100% 100% 13% 11% bated on last quarterly or Plus 4 per cent in stock 100% 1% 4 # 1% 26% 36 24% bt Balatock "m'Pin 3 per cent "in. statk. D Paid last year-—no reguisr rate nFlus 8 per cent in stock 1 Low, 1920 27% # New 1931 Wi 26 ¢ 24% BONDS. 10 Indusirials, 89.2 Meats—Beef, 14a22; lamb, 20a22; veal, hams, 21a23; smoked shoulders, 12%3; Live 'stock—Hogs, T.258740; _ plgs, calves, 5.0029.00; lambs, 17.00a8.50. 3.50a4.00; California, 3.50a4.00; lemons, baskets, 1.00a2.00; box stock, 2.00a3.00; i 5.00; limes, per 100, 2.00; grapes, Bel- 18a21; pork loins, 17a19; fresh hams, 1712; fresh shoulders, 121;; smoked strip bacon, 19; lard, in packages, 10; in bulk, 9. heavy, 6.50a7.00; medium and ligh 7.00a7.75: loughs, 3.50a5.00; Fruits—Strawberries, 40a55; honey= dews, Chile, 3.00a3.50; oranges, Florida, 3.50a4.00; tangerines, 2.00; grapes, Emperors, kegs, 5.50; apples, bushel pears, box stock, 3.50a3.75; cranberries, 25-pound box, 3.50; pineapples, 4.00a glum, hot house, per pound, 1.25; pe= fruit, 3.00a3.50; rhubarb, 5-pound boxes, FOREIGN BONDS. ta Mtg Bk 75 47 T4 Dominion bs '60 93 Co_6s B ' 10 Utilities, 100.1 100.2 100.1 100.2 98.2 98.8 Do. 36 p N ¥ ‘Tele pt Penn (J ©) Co. e Reading Co. 5 b INTEREST RATES. i | By the Assoctated Press. Money rates continued at excessively low levels last week as their change was calculated by the Department of Commerce. In the figures that follow the average rat€ for both classes of funds is given at leading centers for comparable periods: Week ended February 21, time, 2.00; call, 1.50. Previous week, time, 2.10; call, 1.50. | Same week last year, (ime, 4.88; call, 4.50. i1 CHICAGO DAIRY MARKET. CHICAGO, February 27 (#).—Butter, 9,497 tubs; steady to ; creamery ex- tras (92 score), 28Y; standards (90 score, car lots), 28%,; extra firsts (90-91 score), 273,a27%; firsts (88-89 score, 25&.25 ; seconds (86-87 score), 24a 24Y;. , 11,334; stealy to firm; prices unchanged. —— ] CURB SEATS HIGHER. NEW YORK, February 27 (#).—The value of New York Curb Exchange memberships today responded to the improvement in the security prices, ad- vancing $17,600. Arrangements were e for the sale of a curb seat at $137,500. hot house, nearby, 75. Vegetables—Potatoes, new, 100-pound sacks, 2.15a2.50; new, crates, 3.00; Idaho bakers, 100-pound sacks, 2.75; spinach, 1.00; kale, 1.25; carrots, per.crate, 3.00; , per crate, 3.00; cabbage, new, 25; turnips, 1. toma 3-pan Previous day §3v9000 ‘ana A Waltham W 6% bf..50c Wash Water Pow 6 Bf. . 31,62 2K, o Hous 6's 'S S0 r Basin Con s xon Pub WK 5 ° tinnes 75 > nnes 75 jted El Ser 7s ‘86 With warrants Without warrants. 1.25; parsnips, 1. containers, 1.50a3.50; caulifiower, 2.00; broccoll, per basket, 1.75; per crate, 3.00; mushrooms, 75a1.00; asparagus, per crate, 9.00a10.00; lima beans, 9.00; peas, 4.50; cucumbers, Cuba, per crate, 6.00; eggplant, 4.50; string beans, 6.00. 2 35 32 Because of the decrease in passenger For the first time in its history a|receipts three branch lines of a large | British tobacco company last year had | railway system in England have just & net profit of $50,000,000. be:n cl 000D LOOOOOLOODOLOOOOOLLOOCOCOOOOOHOD OOOLOOD: LOOZ EEBE 2 5558885555555 55 0 asns AR e B e B Dominguez Oil Pi...15¢ Omitted. Kleinert (I B) Ru.25c Q Due Mar. 2 - A Hew wi—When issued.