Evening Star Newspaper, March 3, 1931, Page 15

FINANCIAL, * FSVING N R AT RESUNES List Shakes Off Early Irregu- larity and Goes Slowly Forward. BY JOHN A. CRONE. Bpeclal Dispatch to The Star. NEW YORK, March 3.—The Curb Exchange, under the leadership of pub- lic utilities, crept upward around mid- day today after early irregularity and dullness. ‘The upswing got under way with Electric Bond & Share in the lead and its close associates, such as American & Foreign Power warrants, close on its heels. Citles Service, Standard Oil of Indiana and other prominent oils re- mained soft. Niagara Hudson Power Corporation id relatively little attention to the nited Corporation-St. Regis Paper deal. United Corporation, by exchange of its own stock for the Niagara Hudson shares held by St. Regis Paper, becomes the largest single owner of Niagara Hudson ¢ommon stock. ‘Traders today attributed to technical conditions the failure of Niagara Hud- son stock to make a market response to this development, as well as to its ex- cellent earnings report and further ac- quisitions of Consolidated Gas. Niag- ara Shares Corporation moved a trifle Jower. Amusement shares, motors, gus pipe menufacturers, textiles and flood stocks reflected either trade or specific corporate developments. Dur- ing the forenoon period trust, aviation and natural gas shares barely budged. Gross recelpts of first-run_theatres in 20 of the largest cities of this coun- « try and Canada for the 19-week period, October 4 to February 7, showed an average gain of 6 per cent over the same period a year ago. The trade further reports that a rvey of 30 cities continues to show an uptrend in gross. Amusement shares, as & Te- sult of this encouraging trade news, moved forward today. Trans-Lux Day- light Picture Screen was the first of the group to attain a new high for the year. Before this move General ‘Theaters Equipment preferred and Co- lumbia Pictures had been heavy. Ford Motor of France and Durant Motors climbed to their best levels. « Detroit reporis told of plans for step- ping up ch automotive cutput to meet increased retail demands. Actual production last week was the largest since September 20, last. — NEW YORK COTTON NEW YORK, March 3 (Special) Cotton prices were barely steady the opening today, following Monday's slight declines. Liquidation cortinued A% in May contracts. Sentiment was help- ed by reports from the Cotton Textile Institute showing continued improve- ment in the textile industry. The New York Cotton Exchange Service reported world consumption of American cotton during January totaled about 054,000 bales, compared with 1,190,000 in Jan- uary, 1930. Opening prices were: March, 11.10, unchanged; May, 11.30, off 1; July, 11.58, up 3; October, 11.81, unchanged; pecelamber, 12.00, up 1; January 12.08, up 1. i Beltimore Bank Clearings. BALTIMORE, March 3 (Special) — Febri bank clesrings in Baltimore as reported by the local clearing house ¥ tota.ed $507,191,448. This compared with $.73072,160 for the same month last xar. For the first two mcnths of the new year such transactions con- tinued Lelow the level for recent years, totaling $662.000,000, a< against $806,00000¢ for the corresponding period of 1930. Debis to individual accounts, or check transactions of the clearing house mem- ber barks, more closely approached the level of last year. The appr)ximate to- tal for th> mon‘h was $345,468,054, as compared with $370 546,951. natural BONDS REDEEMED. NEW YORK, M:rch 3 .—Bonds ealled in whole o in part during Jan- uary totaled 106 Jasues {nvolving a&; ,344, ageinst 28 aggregal $22,791,358 in Januaty, 1930, a compila- tion Ly Standard Statistics Co. shows. Bonds called in January, 1929, totaled 142 Lsves involving $118,919,46€. BONDS ON THE CURB vIh Pw_6s 1lAmer G & B 2 Amer G & Po 823382 10 Asso Dyeing 6s. 15 Asso Rayon 6s ... 3As Sim How 6.8 ‘33 1As Tel Utll 5338 44 C 19 Can Nat Ry 434s /55 94 1 Carolina Caterpill eSSy eaEEarei, P NEW YORK CURB MARKET Note—All stocks are exce] those which shows those stocks were ~Prev. 1931~ Stock and Bales— High. Low. Dividend Rate. 8l 64 Aero Underwriters. . 214 11% Affiliated Prod 1.60. . 10% 5 AxfaAnsco. 3 18 8 Ainsworth Mfg (1).. % % Afr Investors war. 102 100 Ala Pow pf (6).. 3% 178 10 22 2% Alleg Gas. % Allied Aviation. 140% Aluminum Co o 106% Alu Coof Am pf (6). 5% Am Cit PAL B b10% . 11% Am Com P A (b10%) 7% Am Cyanamid B 1% Am Dept Store: 414 Am Bauities. 14% Am For Pow war. A15 Am Founders. 70% Am Gas& Eln (11),, 4% Am Invest. Inc (B).. 43 AmLt& Trac (2%). % Am Maracaibo. . 3% Am Natural Ga: 9% Am Superpow (40c). 81% Am Superp 1st (6).. 8% Am Utll&Gen (B)vte 1 Am Yvettenew wi... 7% Anglo Chil Nitrate. . 4% Art Metal Wks (60c. 4% Assoc El In Ltd 30c. Gt Gas&El A (a2). 85 AssocG & Epf (5).., 8 1% AssocG& EAdbrts 24 Asroc Rayon pf (6). % Atl Lohos. .. 6% Atl Secur Corp. . 8% Atlas Plywood (2).. 8% Atlas Util Corp. . 2% Auto Voting Mach. 84 Auto Vot M ev pf pt. 1% Bahla Corp pf. 69 Baumann (L) pf 30% Blue Ridge cv pfal.. 4% BourjoisInc........ 21 BrazTr& Lt (b8%). 6% Brillow Mf Co (60¢c). 18 Brit-AmT(B)1.17 4-6 40 Brit Colum Pwr (B). 26% Buff N&EP pf (1.60). 23 Bulova cv of (3%) 84% Burco Incevpf (3).. 74 Cable Radio T vte. 17 Canada Marcon!. ... 24% Carrier Corporation. 17% Cent Hud G&E (80c) 15% Cent Pub 8v Del. ... 14 Cent Pub SvcA b10% 9 CentStat El (b10%). 54 Cent St El pf xw (6), * 5% Centrifug Pipe (60c) 7 Chain Stores Stock Chat Ph Alnv (1).. Citles Service (g30c) Citles Serv nf (6) Cit Sv pt B (60c) Claude Neon Lt Colombia Syndie: Colon Of1. Col O11 & Gas vte Col Pict vte (f1%). Clev Tractor (80c Cmwith Edison (8) Cmwith & Sou war. Com Wat 8v (b6%). Comstock Tunnel Consol Copper. Consol Dairy Prod. .. Consol Gas Balt 3.60. Consol Laund (1).. Cont Shares conv pf.376s Cont Shares pf (B).. 25 “opeland Pr Inc A. Cord Corp Corp Sec Ch (b6% Corroon & Reynold: Cosden Oll...s.. Creole Petroleum. . Crespon Consol (4c). Crocker Wheeler. ... Crown Cent Petrol. . Cuban Cane pr opt w. Curtiss Wright war. Cus! Mex Mining.... Dayton Alr & Eng... Deere & Co (1.20)... De Forest Radfo. ... Detrolt Atrcraft Cp. . Doehler Die Casting. Douglas Air (11%).. Dresser Mfg B (2). Duke Pow (5).. Duquesne Gas Cp wi Durant Motors. ... Duval Tex Sul wi East G & F Assoc El Elec Bond & Sh (b6) Elec B & Sh of (6).. Ele¢ Pow Assoc (1). Eled Pow Asso A (1) Elec P & Lt op war. . El 8harehold (b6%). Empire Pub Bve (A). Emp Stee! Corp Engineers Gold Europ Elec deb rt; Evans Wallow Le; Fairchild Aviation Falcon Lead. Fandango Corp. Federal Baking Shop Flat rets (1.25) Ford M Can A (1.20) Ford Mo of Fr(p28c) Ford, M Ltd (p37%). urdation For Shs. Fox Theater ClA... Gen Alloys (80¢).... Gen Baking c.od..... Gen Bak pf c.0.d. (3) Gen Elec Ltd (p70c). Gen G&E cv pf B (8) 450, Gen Laundry Mach. . Gen Thea Ep cv pf 3) 4 Glen Alden Coal (8). lobe Underwriters. Gold Seal Elec new.. Goldman Sach T C. . Goth Knitback Mch Gramophone rets(pi) Gt At&Pac Tea nv(6) 20s GrtA&PTpf (7)., 408 Guardian Invest. .., Gulf Ofl of Pa (%), Hartman Tobacco. Hazeltine Corp (2 Hudson Bay M & § Humble O11 (23).. Imp Ofl of Can (60c) Imp Tob Gt Br 89c Ind Ter I1lu Of1 A insull Inv (b6%) . .. Insurance Sec (70c). Intercoast Trade (1) Intercontfnent Pet n Int Petroleum (1)... Int Superp (+1 10). Int Utilities B ., % % 14% 4% BT 16% sold in one h\mcnd-nnnn”:)- Add 00, Open. High. Low. Close. 18% gk 4 1 THE EVENING STAR, WASHINGTON, 9. €, TUESDAY, MARCH 8, 19%% ~Prev. 1931~ 10 19% 1n 9 9 10 % W Premier Gold (12¢).. Prent Hall conv (3).. Pub Ut] Hold war. . Pub Utll Hold Cp xw Puge* Sd P&L pf (5) Puget Sd P&L pf (6) Q RS-De Vry Quebec Power (234). Rainbow Lum Pr B, . Reliance Manag..... Reybarn Co. Reynolds Inve Rich Rad cum pf. ... Roosevelt Field Inc. Rossia Int Corp. Ryerson (J) (2). % St Anthony Gold Schulte Un .o Seaboard Utll (50¢). 4 Secu Corp Gen (40c). Seg Lock & H (50¢). Selby Shoe (1.40)... Selected Industries. . Sel Ind (full p stpd). 7 Selected Indus pr pf. Sentry Safety Cont. . Shattuck Den Min. .. Shawingan W (2%). Shenandoah Corp. Shen Corp pf (a3). Singer Mfg (10). 4 South Penn Ofl (1) 4 SouthC Ed pf B 1 South C Edpf C 1 South Corp SouthernNat Gas. Sou Pipe Line (2). SW Bell Tel pf (7) S W Gas Utilities. Stand Invest cum pf. 50s Stand Ol of Ind (2). Stand Oil Ky (1%).. Stand Pwr & Lt (2).. Starrett Corp. ... Starrett Corp pt (3). Stein Cosmetict Strauss (Natha; Strauss Roth Stromberg-Ci % Stutz Motor (new) Sunray Ol (b5%)... Swift & Co (2)...... Syracuse W Mach B. Technicolor Ine.... Teck Hughes (60¢)., Texon Ofl&Land (1), Todd Shipyard (4).. % Tran Con Air Tran Trans Lux DLPS.. Tri-Cont Corp war. Tubize Cantillon (B) Ungerielder Fin Cp. ., 4 Union Ofl Assoc (2). Un NatGas,Can t1.45 Un Tobacco. .. : Unit Chem pt pf (3). Unit Corp war. . % Unit Dry Docks. 7 Unit El Sve pf war 14 % Unit Founders. . 3 Unit Gas Corp. 2 Unit Gas war Unit Gas pf (7). Unit Lt &Pwr A (1 U S Elec Power ww U § Elec Pwr war. U S Foll (B) (50¢) & Inl Secur. U S Inter Seo 1st pf. . Unit Stores. ., .. Unit Verde Ext ( Util P&Lt(a11.02 Utllity Equitfes. Vacuum (4). Van Camp Pkg. . Venezuela Petrolm. . Voght Mfg Co (2)... Walgreen Co war... Walker (H) (1)..... Wayne Pump. . yne Pump pf 3%. Received by Private Wire Direct to The Star Office Long Isld Lt pf (7). Louisiana Lan & Bx. Magdalena Synd.... 4 Manning Bow (A) Mass Util Assoc. Mavis Bottling. . Mead Johnson(13%) Memph N G C6 (60¢c) Met & Min Ine (1.20) Mid West Ut (b8%) Mid W Ut ev pf xw 6. Midland N G A 1.20. . Mid Roy ev pf (2) Midvale Co (4) Mo Kan P L (b Mo Kan P L vte Mount Prod (1. Nat American Co. Nat Aviation. .. 5 Nat Bond & Sh (75¢) Nat Family Stores. .. Nat Fuel Gas (1). Nat Investor: . Nat Pow & Lt pf (6). Nat Pub Sv A (1.60). Nat Rubber Mach...240s Nat 8 T Sec A (350c) Nat Sugar NJ (2) Union Radio 12 3 New Eng Pow pf (6) 100s N Y Hamburg (2%). NY&HonB (t1%). NYP&LEpS (6). “ N Y Tel pf (6%) N Y Trunsit (1). . ag-Hud Pow (40c) Niag-Hud Pow A w.. Niag-Hud Pow B w.. Niag Sh Md (40¢)... Nipissing (30c)..... Noranda Mines. Nordon Corp Ltd.... Nor Am Aviat A war Nor Am Util Sec Nor W ev pf (3). % Nor Europ Oil Corp. Nor St Pow A (8)... Novadel-Ang (t14%). Ohto Copper-........ Outboard Mot A Outboard Motor B. .. Overseas Sec. .. PacG&E1stpf1%. Pac Pub Sve A(1.30). Pac Western O1il. . Pandem O11. . Pantepec Oil. “ Pennroad Corp (20c) Penn Pw & Lt pf (6). Penn Wat & Pow (3) PeopL & P A (2.40). Phoenix Secur Corp. Pie Bak of Am A (2). Pledmont Hyd Eln w Pllot Rad Tube A. .. Pitney B P n (20¢) Pitts & L Erle (5)...1508 1 RO 0909 s OO RO S D » Sa o *Seh Ere ey » 8 Roy Corp. D 0000 e et i 8 c-$1 51 % | average of 11.7 per cent. %|in both BOARD PLANS SALE OF SURPLUS WHEAT Legge Will Try to Dispose of 35,000,000 Bushels to Foreign Buyers. BY FRANK I. WELLER, Associated Press Farm Editor. With the trade pretty well recovered from the idea that the Farm Board is ing to let loose a Niagara of wheat, ‘market seems to have settled grain 4 | down to weather watching again. Likely, crop news will be the most important price factor for the present. The condition of Winter wheat con- tinues good to excellent throughout the % | greater part of the country and there is little indication that the abandoned acreage will be more than nominal. It pmmly will be well below the 10-year The seeding of Spring wheat is getting under way the American and Canadian Northwest. Legge’s Statement. Chairman Legge's statement that the Grain Stabilization Corporation did not intend to dump wheat abroad was wel- comed as a liquidation damper, and some expect to see fair rallies in both wheat and corn. The latter, reacting sympathetically to wheat, made a new low for the season during the last mar- keting period. ‘The corporation is going to try to sell 35,000,000 bushels of wheat within the next four months to foreign customers | in the hope that it may be able to clear out some of the export terminal storage space by the time stocks begin to arrive from the new harvest. Legge says this wheat is in an awkward position for sale to domestic millers. The corpora- tion is going to sell it at prevailing world prices. ‘There is a report in the grain trade that the corporation has taken from 10 to 11% cents under May f. o. b. prices at Antwerp. Some seem to believe that if Liverpool prices do not decline fur- ther, the corporation will have to take 20 cents under Chicago May or fail to find a market. Any wholesale price slash, it is believed, would start a price war that Canada, Argentina, Australia and even Russia might join. It is considered unlikely by those close to the situation, however, that the corporation would offer wheat in ex- port markets below prevailing prices. Murray Praises Action. President James C. Murray of the Chicago Board of Trade says the action of the corporation in proceeding to move the seaboard stocks is commend- able and that it probably will prevent congestion later. ‘While influences advers: to a normal world wheat export situation seems to multiply, price levels are such that bearish factors should not produce any drastic decline in world wheat prices. Locally, the frank statement of policy by the Grain Stabilization Corporation might serve to settle the uncertainty created by recent rumors that the Farm Board intended to get rid of its wheat. Meanwhile it appears that importing countries are in an independent po- sition in obtaining supplies of wheat. With the new crop making excellent progress, there undoubtedly is a bearish sentiment. The answer must be a broader consumptive demand if the en- tlreuumarcmnpncuuwbe advanced. Southern Hemisphere shipments last week totaled 100,000 bushels more than the week before. Since July 1 United States shipments have fallen off 22- 000,000 bushels as compared with & * | year ago. Corn Market. The corn market is being influenced by the developments in wheat, but there is no disposition to press sales on dips, since an improvement in cash demand is expected. re also is an inclination to await tfle private report of farm reserves, which will be issued today. 1t is intimated that March farm re- serves of corn will run around 750,000,~ 000 bushels, es compared with 980,000, 000 bushels last year. Pit observers say better support of the yellow cereal is in evidence for July and September con- tracts. Continued mild weather has further reduced feed requirements in the corn belt and also has enabled feeders in Southern consuming areas to substi- tute local forage for corn. Low prices of dairy and poultry products have dis- couraged feeding for heavy production s | and have been a further weakening in- 4! fluence in the corn market. Brokers’ Comment NEW YORK, March 3 (#).—Broker- age house comment on the stock market today sounds a bearish note. Weakness of the rails, impairment of the general technical position, and broader activity by professionals on the selling side are mentioned as among factors favoring a }u}rlther decline at this time. Opinions ollow: Smith, Graham & Rockwell—Proba- bilities favor a lower level of prices. T ~llies should be small for a while. Hornblower & Weeks—Stocks are still at levels which outrun any nearby busi- ness prospects, but with the actual ad- journment of Congress scheduled for Wednesday, it seems likely that the market will be in a position to enjoy a rally. It is our understanding that a large amount of stock appeared on the books between the market and the pre- vious highs and the digesting of this 11 2% i turn, stock may very well delay such an up- :‘ Redmond & Co.—Three consecutive sessions of declining prices have wiped out practically all of the recovery since February 19, The market appears to have recched another testing point, and *|its action during the next few days probably will furnish a definite clue to its mext general trend. Unless strong | buying support develops within a few | points of Monday’'s closing quotations, |the reaction is likely to carry com- % | siderably further. Jackson Bros, Boesel & Co.—The ease with which prices of recent favor- ites ave way under pressure reflected a more serious impairment of the tech- nical position than had been indicated prior to yesterday and, in view of the more radical change in the present markst picture, we would prefer to await signs of a stabilization level be- IGAIN OF 8 PER CENT IN‘UTILITY SALES Shore Public Service Co. eports Good Business in 1930. Eastern R I Eastern Shore Public Service Co., a subsidiary of Seaboard Public Service Co., reports operating revenues of $1,- 898,327 for 1930, compared with $1,- 745,;’40 in 1929, an increase of 8.7 per cent. Balance available for bond interest was $757,253 in 1930, compared with $701,879 in 1929. Net income available for dividends and surplus for the year was $349,660, compared with $299,070 in 1929. The company is part of the Middle West Utilities System. Electric sales for the company totaled 22,000,000 kilowatt hours, a gain of 16 per cent over 1929. Customers in- creased from 21,346 to 22,337, AVERAGE CRUDE OIL . PRODUCTION DROPS Oklahoma Leads in Daily Reduc- tion During Week of 55,673 Barrels. By the Assoclated Press. TULSA, Okla, March 3.—Oklahoma led the way for a drop of 55,673 barrels in the country’s daily average crude oil production last week, says the Oil and Gas Journal in estimating the pro- duction at 2,103,111 barrels. Oklahoma production fell off sharply, totaling 444,950 barrels, or 57,085 bar- rels under the preceding week's aver- age. The Journal points, however, that the decrease is largely “‘on paper, as release of oil from storage has main- tained about the same supply for mar- et. Outside of East Central Texas, where an increase of 7,978 barrels boosted the output to 75,966 barrels, other mid- continent divisions registered only small shifts. Kansas production was 112,- 720 barrels, a decline of 3,150 barrels. The total for the midcontinental area was 1,109,301 barrels, a drop of 49,840 barrels. Eastern production was 109,250 bar- rels, an increase of 1,250 barrels. The Rocky Mountain area showed a decrease of 1,535 barrels, with an out- put of 98,613 barrels. California_production was down 4,000 ¥ rrels at 524,500 barrels. EARNINGS REPORTED. NEW YORK, March 3 (#).—The Hol- land Furnace Co. today reported that 1930 was the second best year in the company’s history, both in the volume of business and net profits. Although net for the year was below that of the peak year of 1929, it showed a substantial increase over figures for 1928. Net for 1930 was $1,655,029, equal to $3.60 a share on the conmon, against $2,202,378, or $4.85 a common share, in in 1928, The statement said that while the heating industry, as a whole, showed a “very substantial decline in sales vol- ume during the year as compared with previous years, it is significant that our sales decrease was only 7.2 per cent, which is due to the fact that more than 75 per cent of our sales are for replace- ments, so that we are not dependent upon new building.” Diamond Shoe Co. and subsidiaries for 1930 had net profit of $882,344, equal to $3.31 a common share, against $1,- 186,624, or $4.72 a common share, in the previous year. Net earnings of the Johns-Manville Corporation for 1930 were equal to $3.66 a common share, against $8.09 a share in _1929. Electric Storage Battery Co. in 1930 earned $6.22 a share on the combined common and preferred stocks, against $8.77 a share in 1929. e Baltimore Port Arrivals. BALTIMORE, March 3 (Special) — ‘The Maritime Exchange reported that {in Feiruary 212 steamers and two sea- going schooners arrived in port. This is 22 jewer than January and 48 fewer than in February, 1920 The ! United States led with 160 vessels. The ill’fl\m!u in January ard February were 446, or 80 fewer than for the same month in 1930. Under State Supervision | \ beral 20 monthly 3 plan. No indorsers A strictly dignified service. \ Maryland Personal Bankers, N INC. 1929, and $1,245,189, or $2.65 a share, | 928, FINANCIAL. $2,508,522,000 GAIN IN VALUE OF STOCKS February Figures on Common Is- sues Well Ahead of Increase in January. Speclal Dispatch to The Star. NEW YORK, March 3.—Market value of 100 representative common stocks increased $2,508,522,000 in Feb- ruary, compared with an increase of $1,557,092,000 in January, according to Frazier Jelke & Co. The 100 issues at the end of the month were appraised at $24,799,877,000, compared $22.- 291,355,000 at the end of January. is the highest point reached at the end of any month since September, 1930, when the total was $25,996,995,000. The February increase in valuation was 112 per_cent compared with 7.5 'per cent in January. The recovery since the lows of De- cember 17 amounts to $5,413,567,000, or approximately 28 per cent. The Feb- ruary appraisal of $24,799.877 com- pares with $32,010,529,000 on February 28, 1930, $34,957,697,000 on March 31, 1930 (1930 high), with $30,059,632,000 on July 1, 1930, and with $30,109,101,000 on August 29, 1930. In January all of the 13 subgroups constituting the index advanced, The largest gain was 34.4 per cent in the amusements; the mines appreciated 27.3 per cent, the electrical manufac- turing issues rebounded 19.2 per cent, and the motors advanced 16.6 per cent. The chemicals gained 14.7 per cent, the utilities, 14.5 per cent; the mer- chandising shares, 13 per cent: the steels, 10.7 per cent, and the industrials, 10.2 per cent. The smaller advances were 2.7 per cent in the ralls, 4.9 per cent in the foods, 5 per cent in the railroad equipments, and 5.6 per cent in the oils, GRAIN MARKET CHICAGO, March 3 (#).—Grains un- derwent early downturns today, with corn and oats outdoing season bottom price records. Weakness of Liverpool quotations and favorable weather for United States Winter wheat were lead- ing bearish factors. Opening unchanged to %a3; cents off, wheat afterward held near to ini- tial figures. Corn started at 3% decline to 1 advance, and subsequently rallied. Rain in Texas and snow in Kansas and Nebraska tended to encourage wheat selling and there were Liverpool advices that exporting countries led by Australia had begun pressing wheat upon European purchasers. Reports | said United States Farm Board sub- sidiaries also had disposed of moderate quantities of wheat overnight to Ant- werp at the lowest prices so far, 12 to 12'; cents under Chicago May for Gulf of Mexico No. 1 hard. | Scarcity of corn offerings after price | setbacks led to a show of independ- ence by the corn market. Ensuing ad- vances were associated with a falling- off in the volume of primary receipts, Total arrivals were 892,000 bushels, compared with 1,407,000 a week ago. Chicago had 178 cars, against 286 last | week. " Oats followed wheat rather than | corn. Provisions responded to a rise in hog values. . COMMERCIAL FAILURES REDUCED DURING MONTH By the Associated Press. NEW YORK, March 3.—Commercial failures showed a decided drop in Feb- ruary, as compared with the previous month, Bradstreet’s reports. The total for the month was 2,263, with liabilities of $97,272,228, compa: with 3,122 defaults, with labilities of $212,788,043 for January. figures, however, showed an increase of 5.5 per cent over the 2,144 insolvencies re- ported for February of 1930. COAL PRODUCTION DROPS. By the Associated Press. Production of bituminous ccal de- creased 3.7 per cent during the week ended February 21 as compared with the previcus period. The output, for comparable periods, foliows, as - »la’tz by the United States Bureau of | min Weel: ended February 21. Previous week... Same week Iast year 7,915,000 tons £215,000 tons 9,515,000 tons a8 A_IS TRADERS WATCHING COMMODITY PRIES Firmness in Copper Is Bright Spot—Wheat Presents Problem. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, March 3.—Next to signs of business improvement, Wall Street scans the horizon most closely for indi- cations of a turn in the course of there are to be found faint of betterment. The most striking illustration is, of course, the copper metal market. On Saturday some producers were reported to have made &lu at 10}, cents .x nd, against official quotation of mmundmmwm advance of ¥ ecent in the export price. This is a way the 24-cent reached the middle of March, 929, and only a_cent above the ex- treme low of last December, which, in- cidentally, was the since 1804 and 1895, but it is cheering none the less and has had an effect on the cop- per stocks. Effect on Earnings. of the price blication of the an- e American Smelting The hardening cided with the on price of the metal. days for the various processes, and any difference in price taking place during this period is for the account of the smelter. ‘The custom has been to set up a s0 that on December 31, 1930, the ac- count stood at $5,069,910 after all ad- Jjustments. ‘Wheat Problem. Undoubtedly this bookkeeping loss will be made up when and if metal prices recover. that time come no one can say, but it is reason- able to believe that the problem appears unsolvable. the longer term outlook is more prom- ising for rubber than in other quar- ters. The statistical position of rubber is not encouraging, but automobile it as the WANT TRAVELS? imsgine~ 50 cents set aside daily will provide a world cruise for two peoplel Investors \. L] | klezsrons 200,000 INVESTORS Explanatory booklet on request. SYNDICATE FOUNDED 1894 United Founders Corporation The reportof United Founders Corpora- tion for the fiscal year ended November . 30,1930, contains consolidated financial statements and a list of portfolio hold- B s S rsens Boo West Md pf. .. White Sew M db rts. Wil-Low Cafatertas. nt Utilities war.... Interstate Equities Inter Bqu cony pf3) | fore_making new_trading commitments. ings, showing many important changes. 8 5tand Gas & E 6s 3 8tand Gas & E 65 ' 1Unt Lt 0y 75 154, 11 3 West News Del 65 '44. 60% FOREIGN BONDS. Irving Air Chute (1) Liallan Suverpow A . Jonax & Naumburg. Klefn (D ) Co (1) 3 Klein (H) ptpf.. 98 Koppers G&C pf (6). 75 324 Lackawanna Sec (4) 23% Leh Coal & Nav 1.20. 12% 10 33 7 26% 25 20% 2.4 134% *Ex dividend. 3 3 3 3 (in cash or stock 1 101 101 101 33 33 25 per cent in stock a3 26% b Payable in stock. fPlus 5 per cent In stock. Pl JPlus 2 pe in stock m Plus 3 per cent in stock. P Paid last year—no regular rate. Wil-Low Cafcter pf. Wilson Jones (135)., Zonite Products (1), Dividends rates in dollars based oh last tParlly ext 1% 1% 1% quarterly or semi- 4Plus 4 per cent in stock. a Pavable e Adjustment dividend. lus 6 per cent in stock, h Plus 1 cent in stock.. k Plus 10 per cent nPlus 8 per cent in stock. ;: COLLECTIONS GOOD IN FOREIGN TRADE U. S. Fares Well in Receipt of Payments for Exports Abroad. By the Assoclated Press. Despite a serizus world-wide depres- sion of more than a year’s duration, the United States is faring exeptionally well in one phase of its commerce with | those foreign commercial ers. coming steadily more difficult, few ac- tual losses thmus.h bed debts are re- ported to the partment of Com- merce. American exporters generally have been fortunate in having chosen first-class representatives abroad and carefully watching their credits. Cablegrams, radiograms and special dispatches to the department indicate that Canadian firms generally are quite conservative and do not take on com- mitments beyond their capacity. Collections in France are reported to the department as growing more diffi- cult. Creditors have been using much leniency in pressing their claims and therefore failures have not exceeded the it ‘To lessen the firms | nila, P. L, the H'nflludl cents & rat, tating into bankruptcy conditions. In Australla and Peru collections are very difficult and in some cases over- extended. In the former most import- ers are continuing to liquidate their present stocks. The people in rural dis- tricts are unable in many cases to make payments, while the moratopium causes further difficulties in collections on ag cultural implements, motors and sim lar commodities. In Peru there is sa' t3 be a tendency toward -Xireme il servatism on the part of fiaancial i tutions, since statements show a redi tion in outstanding loans. in 11 of of dead or alive. & Brokerage Service for Securities and Commodities FENNER & BEANE WASHINGTON, D. C. J. D. MOTHERSHED Manaozn 1430 K Street, N. W. Phone National 7000 | [ and Piincipal Commodity Exchanges v Private Wires to New York, New Orleans, Chicago MEMBERS HEW YORK STOCK EXCHANGE able upon request. Mackubin, Goodrich & Co. ESTABLISHED 1899 BANKERS A copy of this report is now avail- Members New York and Baltimore Stock Exchanges Associate Member New York Curb Exchange 1508 H STREET WASHINGTON, D. C. REDWOOD & SOUTH STS. .AIJMMD. s —