Evening Star Newspaper, March 7, 1931, Page 12

BUSINESS MOVING N FASTER STRDE Retail Trade Shows Evidence of Picking Up. Throughout United States. BY J. C. ROYLE. The whistle calculated to keep the business courage up is growing bolder. | The knocking of financial knees to- gether, which has sounded Jike a chorus of castanets throughout the land, has stlenced, for the very good reason that knees cannot knock ‘together if the owner is rapidly putting one foot in front of the other in business progress. Fear has been the main thing which bas retarded business recovery. Fear was overcome to no small degree when Congress adjourned. Its passage was indicated even before that time by the activity in the stock market. Whether the movement be up or down, there is usually small fear of general conditions . indicated in active stock trading. Bargain §eason Near End. ‘The days of the bargain hunter are numbered. The closing of the bargain season seems to be close at hand. This 1s shown in the stock market and in the call for investment securities, as well as vin the producing, manufacturing and distributing lines. Already the market in Worth street, New York, center of the cotton textile trade, has turned Irom a buyer’s to a seller's market. The demand for machine tools, while not active, is steadily showing a continua- tion of incustrial activity. The big power producing companies are reporting an increase in demand, as conpared with the early weeks of the year, and the gas distributors have sold more of their product in the last nine weeks than at any time in history. ‘Wholesale demand for Easter require- ments is in full Ewing, but retail trade has not yet reached the peak, which is expected to equal or exceed that of last December, so far as meén, women and children’s clothing is concerned. The shoe manufacturers are actively engaged in the production of footwear for the Spring demand and the styling of the new models is such as to favor econom- dcal production by the manufacturers. ‘The oll industry is loose again. It has been engaged in a bitter contro- versy &s to embargoes and curtailment of production. Some of its best friends have hampered it. The industry in neral has felt a good deal like the horeman who, threatened with a fight, said to his friends: “Don’t hold me. Hold the other fellow.” Now, with adjourned, the petroleum men | can work out their own salvation or | damnation, as the case ma ybe. ‘Weather Factor. ‘The weather has been a_disturbing factor. In most sections it has been a . This rga in a ‘number of lines. However, the call for garments is most_enco . Steel is showing strength despite the fallure of some of the ambitiously, plans to eventuate. t is now sure that even if the rail- roads suffe severe on in 1930 '-ht{”'fl! not let down in the slightest in ping roadbed and equipment at the peak of efficiency, h new equipment orders may show a diminu- It is worthy of notice that automo- salesmen made hundreds of sales the veterans who formed obtain additional loans on certificates !EE § tourist traffic is l‘l‘«l"!\-l to brisken up in response to the in faves for tropical cruises, but thg British | are gathering the cream of this| ss to Bermuda, Florida, the Car- | and the northern coast of South | company, railroad, shipping company and food com}u.ny consolidations in the air, but the facade of the rtment of Justice Building has turned an un- face on all that have come close enough to catch the glitter of the de- partmental eye. However, it is gen- | erally conceded in governmental sources | that the Sherman act and the Clayton | act must be brought up-to-date to mget modern conditions. Business, which has been carrying around the Old Man of the Sea, got rid of its burden for nine months, at Jeast, when Congress adjourned. That s the general feeling expressed by financiers, business. men and labor| u?rs . Uncertainty, which has| beerd felt in scores of lines, temporarily | is at an end, and business is free to; put itself in as advantageous a position | i as possible. Outside of the drought relief pro- vided for, the business lecaders now here | seem unanimous in asserting that_the | benefits to business from the snort“ session lay in what Congress did not| do rather than in any constructive action. Congress did make available money to be used in supplementing construction of highway by the States, | and also provided sums sufficient to| keep a considerable amount of Pederal | building construction moving. But the construction _ industry, according to bankers, no longer is the key industry it was in 1927 and 1928. Moreover, the volume of work under way does not seem to be showing the increase ex- pected. Public Improvements. ‘The President’s Emergency Commit- tee for Employment says confidently that 45 States will spend over a billion dollars this year, but, while that amount of construction may have been con- templated or promised, it has not been begun. Many are commencing to doubt if the volume will come anywhere near the figure named. The money and investment markets scon will have an opportun:ty to reflect what passag» of the bonus legisiation will mean, since the Governm<nt must borrow the meney to finance the pay- ments to veterans. Whether the spend ing of this bonus money will aid busi- ness sufficiently to compensate for the burden thrcwn on the investment mar. ket, with the prospect of a tax increase to follow, cannot be determined for the hands of the possible spenders for @ considerable period. In general, business was fcrtunale that Jle more radical legislative meas- ures were not acted on. There will be no action with regard ro railroad hold-~ ing companies until the next session, and the Schall’ Committee, which has been probing into the holding company situation, will be inactive. The measure to hold up all raliroad consolidations failed to get the support . It is regarded as likely tiat m and the Interstate Commerce Commission will ‘:’ together l'nd be so far along the r:i agreement on eon- solidations that the measure will die of inan‘tion by the time Congress reas- . sembles. On the other hand, the meas- urs sponsored:by the railroads for the investigation of other forms cf inter- state, transportation also failed of pas- business drrads Con- Avpare! ‘There are rumors of chain store, steel FINANCIAL. . THE EVENING STAR, WASHINGTON, D. C., SATURDAY, MARCH 7, 193I. “NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct The Star Office. ~Prev. 1930~ Stock and Sal High. Low. Dividend Rate. Add 26 Postal Tel&Ca) 12% Prairie Ol & 2) 17% Prairie Pipe L (3). Pressed Steel Car 4 Pub Sv N J pf (5) 49% Puliman Corp (4) % Punta Alegre Sugar. 8% PureOll........ 95% Pure Ol pf (8).... 88 Purity Bakerles (4). 12 Radio Corp......... 48 Radio Corp pf A(315, 16% Radio-Keith-Orph A 18% Raybestos Man 2 60. 23 Real Silk Hos (3) 14% Remington-Rand 84 Reo Motor Car (40¢. 12 Republic Steel. 11% Reynolds Metal: 5% Reynolds Spring. 70 Reynolds Tob A ( 40% Reynolds Tob B (3) 2% Richfleld O:l. 5% Rio Grande Oil. 16w Rossia [nsur (2 20). 37% Royal Dutch m1.3404 38% Safeway Stores (5). 98 Safeway Strs pf (7). 24% St Joseph Ld (2).... 61 St L-San Fran pf (6) 13 Savage Arms (2).... Schulte Retall Strs. . Scott Paper ($1.40).. Seab Air Line pf. 4 Seagrave (60c). Sears Roebuck $2% . 314 Second Nat In 414 Servel Inc Shell Un Oil pf (5 43 Shubert Theaters. 14% Simmons Co. .. 10% Sinclair Con Of1 (1). 815 Skelly Ofl.... 421 Skelly Ofl pf (6).... 29 Sloss Sheffield St pf. 2% Snider Packing..... 45% South Cal Ed (2). 9% South Port Rico Sug, 103 Sou P Ric Sug pf (8) 92% South Pacific (6).... 47% South Ry (8)....... 8% Sparks Withing (1). 16% Stand Brands (1.20). 118 Stand Brands pf (7). 68 StandG&E (3%)... 116 45% Stand Ofl Cal (h2%) 14% Stand O1l of Kan (1) 45% Stand Ol N J (12)... 221 Stand OfI N ¥ (1.60) 211 Starrett (LS) (12%) 3 Sterling Sec A 33 Sterl Seccv pf 14% Stewart Warner. . 37% Stone & Webster (3) 20% Studebaker (1.20) 39% Sun Ofi (11) 815 Tennessee Corp(50c) 30% Texas Corp (3)..... 45% Tex Gulf Sulph (4), 11% Texas Pac Land Tr. 35 Thatcher pf (3.60).. 5 Thermoid Co 6% Third Avenus 11% Thompson Pi 4 Thompson Starrett. . 6% Tide Water As (60c) 12 9% Timken Det Ax (80c) 20 10 (Continued From Page 11.) es— 00. High. 3 . 1931 Low. Divi 10% Tobacco T 6% 297 14% bl 55% 22 179% 83% Unit Ple U S Dist s s s s s Vadasco Wabash Waldort Walwort West Pa West Pa Western Western Westing Westing Westing Wrigley Pac Gas 2% 2% Sou Cal Dividend rates 4 . b Plus ~—no regular rate. Stock ana £ idend Rate. 43 Timken Roller (3).. 11% Transamerica (1), Transue & W (1) Tri-Cont Corp. .. Trico Prod (2%) Ulen & Co (1.60) . Und-Elliot-Fish (8). Un Carbide (2.60). Un Oll of Cal (2) Leather A. Pipe & F (2). Realty & Im (3). Rubber 1st pf. S Smelt & Ref (1). U S Steel (7)... U S Steel pf (7) U S Tobacco (4.40). Univ Leaf Tob (3).. Univ Pic 1st pf (8) 4 Univ Pipe & Rad. Utll PEL A (et2.15). Vanadium Corp (3).. Va-Car Chem 6% pf. Vulcan Det (4)..... % Ward Baking A. Ward Baking B Warner Bros Pi; Warner Quinian Warren Bros (3). War Bros cv pf (3 Warren Fdy & P (2). Wess Oil & Snow (2) Western Dairy B. Wextark Radio Strs. White Rock MS t4%. 4 Wiliys-Overland. Willys-Over pf (7). Wilson & Co A. Wilson & Co pf. Woolworth (2.40) Worthington Pum; Worth Pump A (7) Yale & Towne (2) low Truck. ..... oungs Spring (3).. Zenith Radlo. RIGHTS—EXPIRE. T st 1 st ,P) Prev Low. Close. Closs. 54 b4% B3 12 12 12 145 14 | 10% Sales— Add 00. High. 2 b4% Prod A t95c 41% Unit Alrcraft Unit Biscuit (2). Unit Biscult pg ( Unit Carbon Unit Corp (7 Unit Corp pt (3). Unit Electric Coal. Uhit Fruit (4). Unit G & Im (1.20) Unit G & Im pf (5) 19% 27% 50% 66 3274 00% 28% 49 100% 1 ce DW (2).. ‘ ribut pf (7). 12 1% 32% 331 3 38 6 484 1 01 Sales Corp.. Sys (1%).. h Co (1). Elpf (7)...1208 Pow pf (7). 308 Md... Union (8). AB(2). 5 E&M (5).. 18! E&M pf (5) 30s 19 (Wm) (4). 2 &El.Mar11 23 2% Ed..Apr20 3 2% above table a: terly or hait shares. able when "earnea. k- oc) lus FEBRUARY DIVDEND PAYMENTS HEAVY Railroads Paid Largest Sum, With Gas and Electric Firms in Second Place. February cash dividend payments made by domestic corporations totaled $237,903,422, according to the Standard Statistics Co. Rails led the list of major divisions with a total of $56,025,677; while electric light and gas companies were next with $46,050,311. Detailed for the month follow: Advertising, printicg and pul lishing g Agricultural ‘impleinents. Aircratt .7, Automobile paiis Automobile tires. Meat packing Mining and smelting. Miscellaneous > Office equipment. aper . . Petroleim Radio . Railroalts ' Railroad ea: ayon .. Retail trade | ; Shipving and shipbuliding Silk ities—Tel Utilities—Traction Woolen ¢o Total d busses | Mount Vernon Woodberry Mills. | BALTIMORE, M:zrch 7 (Special).— { Mount Vernon Woodberry Mills, Inc., | reported a net loss of $99,881 for 1930 after interest and depreciat’on, com- | pared with a net income of $726,884 for the previous year. The"company | then charged against surplus $363497 | | for dividends of $5 a share paid during the year on the 7 per cent cumulative | | preferred stock and added to that ac- | count $176,812, representing discount arising from the purchase of preferred I stock. The net result was a reduction |0t $286,566 in surplus to a total on { December 31, of $1,551,098, subject to | ‘accumulated ' preferred’ dividends of $37.50 a share. ‘The preferred stock purchased during the year was placed in the company’s | | treasury and reduced the outstanding | senfor Issue from $7,269,949 to $6,656,- | | 748 at par value. Baltimore Bank Depcsits. BALTIMORE, March 7 (Special).— For the first time on record aggregate deposits in 12 mutual savings banks in | Baltimore reached the $200,000,000 mark at the end of January, the exact i figure as of the close of business Jan- | uary 31, 1931, being $200,269,642, com- pared with $198,794,363 on January 31, 1930. ’amedhhjlr action c‘v,( e:uM COYEF"'QM.‘I though they undoubtedly must face fur- ther investigation next Winter. The oleum industry was left to work out lits own salvation. It is not the con- makes business fear congressional in- vestigation These investigations take exte) be mn‘l;tly mc{.\aflg t?]’e !M“; me report T 2 ic. With " Gongress . adjou business will continue 9| of the, bonds are 3| over 5 per cent and the 6s around 5.4 6 | per cent. The latest statement of earn- £99 | per cent is the yield at the market, at- | speculative possibilities, 264 the 6 per cent is callable at 105 per od g | CIu month earlier and uvo,zso.zei reported | Eas apd the fincings may | the | 8t T to Keep an apprehensive Tntefstate Com- BY GEORGE T. HUGHES. Tennessee Electric Power. (This is the thirty-fifth article of a series on the subject of public utilities operating 1 Fecommend Durchase of sule of spociie securities.) - Controlled by Commonwealth and Southern Corporation, which owns practically all of the common stock, Tennessee Electric Power serves a large territory in the State of Tennessee. Electric light and power account for 77 per cent of gross, and 89 per cent of net earnings, the balance being de- rived principally from transportation operations. Among the important cen- ters served are Nashville, Chattanooga and Knoxville. Investment interest is confined, as far as the public is concerned, to the bonds and to the preferred stocks. All igh-grade securities, There are two series secured under the first and refunding mortgage, one with 6 per cent coupon maturing in 1947, and one with a 5 per cent maturing in 1956. The 6 per cent issue seils in the market to give a relatively high return, simply because so many investors heslate to pay a premium for a bond. . At recent prices the 5s yielded a little ings, that for the 12 months ending November 30 last, shows charges cov- ered 2.3 times, which is a highly con- servative margin. These earnings, both gross and net, are slightly lower for 1930 than they were for 1929, due to the industrial depression, put the fall- ing off is 50 small as to be unimportant, The preferred stocks come in three issues, all of them $100 par, and all of them’ cumulative, cne paying 6 per cent; one, 7 per cent, and one, 7.2 per cent. All three issues have good mar- kets, but the largest interest is in the 6 per cent. From 6% per cent to 81 tractive for income, but with little because price appreciation is limited by the fact that share and the 7 per cent at 110 per share. At this writing the accounts for the calendar year 1930 are not avail- able, but in 1929, $19.02 a share was earned on the outstanding preferred. NEW YORK COTTON NEW YORK, March 7 (Special).— Under a continuation of Priday's liqui- dati g movement, cotton prices opered off 1, points today to low levels of the week, but the market met stubborn re- sistance ‘and a partial recovery left final prices 4 to 7 points lower than Friday's close. For the first time in seven weeks the list closed ‘below the previous Saturday. Active trade buying was the feature of the se-sion. Spots were reduced 5 points to 11 cents. Cotton range: March Ma: ¥ July /] Qctober December ..’} January ... NEW YORK, March 7 (). —Over-the- counter market: 2 PO s o elanaitesnaiiaies e ¥ e §a= aaaadal |CHAIN STORES PUSH FIGHT AGAINST TAX State Imposts Declared “Class Legislation” in Case Before Supreme Court. BY JOHN F. MILLER. = Chain store operators today were con- fident that they would have little diffi- culty in winning the next battle in their long war with various State taxing au- thorities. For the first time the issue is squarely before the Supreme Court of the United States in cases from three different States. These case, one of which was argued this week, will establish a prece- dent, chain store operators believe, that will render invalid the proposals now befére more than 20 State Legislatures requiring them to pay special license taxes. Lower Court Upholds Tax. There is, however, another angle to the story. Down in Kentucky, a few weeks ago, one of the lower State courts sustained the State sales tax, and un- ' less the chain stores can get that deci- | slon reversed they are in for a hard' tire in many of the States, which will undoubtedly copy ‘the Kentucky law. The Kentucky statute. is aimed not only at the chain stores, but at big busi- ness in general. Probably no plece of of business which a- single concern can do. within its bordets.” The Kentucky tax is simply a graduated sales tax. the sales are, $400,000 or less, the tax is only 5 cents on each $100. Then the step-up begins and on all sales in excess of $1,000000 th> State demands $1 for every $100 worth of goods sold. E If the contention of the retailers is cent—then the tax is equal to a levy of 50 per cent on the net income. Doubling the profits of concerns doing more than statute stands' the test, the corner grocery and mail order houses will gain a tremendous advantage in their com- pte;mon with the chain and department stores, Undér the Indiana and North Caro- lina laws, the validity. of which is now being attacked before the Supreme | Court, the amount of tax depends upon the mumber of stores which a single concern has in the state. The Missisippl tax is a sales tax, but| the rate on chain stores is double that on others. Class Legisi:tion Claimed. All of these laws amount to class legisiation, the chains assert. ‘A chain may have 100 stores, but the amount of capital invested, gross sales, net income and value of the business ma; be less than that of a single depart- ment store, they point out. They assert that to impose a tax on them and not on the department store in | such a case violates the equal pro- 5cuun clause of the Federal Constitu- jon In the Indiana and Mhlllnpg{ cue!,l the Federal District Courts held in favor of the chain stores; the North Carolina Supreme Court held against them. At the time the Indiana case was decided the Kentucky Legislature had before it a bill proposing & Yax, the’ amount of which depended on the number of stores. That bill was amend- ed immediately to include all other big_business with the chaigs. No better illustration n _the Kentucky law can be cited to show the tremendous influence which de- cisions of the Supreme Court may have on business. | Attorneys agree that the fundamental question which that court will be called upon to de- cide is simply this: May a .sute| Legislatire put big business in a hen impose a tax may mean its SRS .'(Ucfln'll'ht. 1031.) o Business in the Middle Ages was prin- carried on by means of m | companies. Phillips Petroleum 54 legislation ever befors devised gives a ' Col State more power to limit the amount | 2 Tt | Fed-A: Mer. Tr. correct—that their average profit is 2 rer Ky $1,000,000 gross business. Clearly, if the | 5 BOND LIST STEADY AT SHORT SESSION: Foreign Group Continues to Show Firm Trend—O0il Issues Heavy. BY F. H. RICHARDSON. Speclal Dispatch to The Star. NEW YORK, March~7.—With few exceptions, bonds today maintained yes- terday’s position, in spite of an inclina- tion to take profits in some of the foreign issues that have had a remark- nb};fidvnm{ t{‘fl_l "v;“e’h A is temptation not appear, how- ever, to have been exercised in the case of the German, Australian and Italian issues that have been moving higher each day. The German 5%s were ac- tively traded in around 83. Australian 4155 were up to 65 and the 5s near 73, a recovery n the latter of 15 point talian flv&mment ¢ par again. e’ 6% per cent city loans were fractionally higher. In the domestic list heaviness was again reflected in the bonds of the oil s lost another 2 points, making the total drop for the week 9 points. Shell Pipe Line 58 were at one time off 3 points, but recovered part of their loss. Pure Oil 5158 dropped a point and Texas Cor- poration 5s. 7, point. The amysément company convertibles were also heavy, but declines were con- fined to fractions. The removal from the legal list of New York Stats of sev- eral rairload bonds today had a sen mental effect on other issues where the margin over the legal requirements is slowly diminishing. A break of 2 points occurred in Atlanta & Birmingham 4s, although the’ current interest on these bonds was ordered paid by the Seaboard Air Line weceivers. There has been considerable liquidation in Chicago & Northwestern. 4%s, with a slight de- cline again today in St. Louis-San Prancisco prior lien 4s. High grade domestic bonds were dull. The demand for them from institutions continued heavy with the supply in lim- ited ve e. ~ United States Govern- ment were generally lower. . Washingtori Stock Exchange x SALES. Real Estate Mtge. & Guar. pfd.—50 at 6%. AFTER CALL. Washington Gas 6s “B"—$100 at 1033, $1,000 at 105. Mergenthaler Linotype—10 at 87%, 10 at 8714, Capital *rlcflon 58—$500 at 81%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel Amer, Tel. & Tel Am. Tel. & Tel. Ana-° ot v na. 2 C. & P, Tel o’“ Vi George! Pol . 5% Was iex & Mt ve ash., Alex. . Ve Wash.. Baito, & Annap. 5 Washington Gas 4% g:l a8 ‘Wash, Gas ”: #H" Wash, Rwy. & Elec. 4s MISCELLA! Bai & Ross, ., 6%as. BRES” ot Ciab S Columbia Country Club 5% D, C_Paper Mi; 6s. . 50."¢0ld Sto Amer. Tel. & Tel. (9 Capital Traction sh. s375Ee . 5% pi \Wash. Rwy. & Bl com. (7). Waeh. Rwy. & Bl sid-c).. 0 NATIONAL BANK. Capital (14). . Columbia (13 Commercial (siamped) (16} District (8) Frd.-Amer Liberty TCHy Lincoln (1 Higes" i Second (9e Washington " (i3) TRUST COMPANY. Amer. Sec. & Tr. Co. (15) Continental ‘Trust (6).. Natl. Savings & Trust (137}, Pririce Georges Bk. & T Union Trust (8s) Washington Loan & Triist BAVINGS BANK. Bank of Bethesda ( Commerce & Baving East Washington ( Potomac (10) urity Sav.'& R £ B e =3 Sz S8uE £E8%auts it Washington Mechan! FIRE INSURANCE. American (12) Sorcoran (10) Firemen's (8) National Union (15). TITLE INSURANCE. Columbia_ (6h) Real Estate (6 Title & Loy, Co. Md. com. P £ 2SRINTL23WE 8 ¥ o Mer. Tr. . (7) Muremhfim Tinotype ( Natl: Mtg. & Inv: pfd. Pecples | Real Est. Security Ter. the rates would absorb practically all | Woo 1300 extra,. §1% extral c80c extra. Unlisted —liiurtment. (These securities, not ilsted under exchange rules.) BONDS. Bid. Asked. %0 " 96 fitan_ Club 417 % ol ub @Y. L Ral Press Building ist'8iis 60 National SRR Seien Brew hr. Heur) Shnceict Higle. Thsarance. Go Eranklin, Natioml Bank Munsey Trust Co. North Capitol Northeast "Savin Park _Saf Raleigh Hotel Co. Flu Ball Clul Washington CUSTOMERS RETURNING TO BROKERAGE OFFICES Spectal Dispatch to The Star. NEW YO! .—One result of the recent renewal of activity in Wall Street is that it has brought back to the customers’ rooms people who have not been seen .inside a broker’s office for over a year. One firm declared that 8 out of every 10 clients in the office in (= BONDS e ecner] [BUSINESS BETTER 5 INNEW ENGLAND UNITED STATES. (Bales are in $1.000.) Sales. High. Low. Close. 2 10126 101 24 101 26 Building Contracts Reveal In-- crease, While Textile Out- Jook Improves. Low Close 107% 1073% 106% 106% Lg"m 1075% 09% 109 ' 109% 102% 102% 104% 104% 70 70 74 74 101% 101% 112% 112% 102 102 Lib 3%, Lib 1st Lib 4th 43 UB3%s4T.. U 84844, US4%s’52. 6 10278 10224 10228 10822 10821 10821 11016 1015 1015 11 107 21 10720 10720 111121 11121 11121 At Ref deb 5837 Bell Tel I'a 65 C ° Low. Close. | Beth Suesl pm bw36 3 RAILROAD. 5% ""' Atchis 45 1905-56.. 1 97% 95 96% | s tcntson adj 4895 Atehison gen 4 Atchiscv 45841, , Atch Ariz 4348 63, At& Bir4s 33, Y| At & Danv 4s 48 Argentine 5% Argentine May Argentine 6s Ju Argentine 63 A 57, 6n B '58. 56 9% 9T 195% 96 98 98% 115% 115% 104% 105% 40 40 46% 46y 98 98 95% 95% 101% 101% 104w 104% 104% 104% 109% 110 97% 984 104% 104% 102% 102% 102% 102% 81 81 101 101% 88 8§ Special Dispatch to The Star. Y N, March 7.—New England manufacturing activity has improved” since the begirning of the year, accord- ing to the summary of .the National- Shawmut Bank. The increase overDe~ cember was the result of improvemeng in the textile, leather and related prod-" ucts industries. The increase in ‘the productive activity of manufacturing 95 65 A A A Belg! Belgium 6%s '49. Bolivar 78’6 Bolivia 7s ctfs ‘69 Bolivia 85 4 Brazfl 6%s '26 Brazll 6%s 27 Brazil 7s Brazil 8s 41 Bremen 7535 67 Bklyn Elev 63, Bklyn Man 6s 68. . Bklyn Un ist 63 '50. BR&Pitt 4%s consumption of electrical , Were about 35 per cent below com) nor- mal for both New Engla and the United States as a whole. contracts awarded in New Building . England declined more than seasonally “olomb 6s Jan "61 Con Pow Japan 7s. . Copenhdg 4%s '53.. Copenhag. 2 Cuba 5% Czecho 85 '51. Denmark 4%s ‘62 Denmark 5% ‘55 Denmark 6s '42. . Dutch East 1 6s 47, Dutch East 16862, Flat 7s ex war ‘46 Finland 5%s ‘58 Fram I D 7%s 42 French Gvt 714s 41 17 Gelsenk'chen 65 '34 13 German 53%s 65 German Bk 6: German 6%s'50. , German 7s rep "49, Greek 63 Hungary 7%s "44. Irish Free St 58 °60. Italy 7s '51. Italy Pub Sv 78’52 Japanese 5%s '65. Japanese 6%s ‘54. 102% 102% 106 106 106% 106% 118% 118% 58 Jul, Can Nat 58 Oct Can Nor §%s db Can Pac deb 4s. Can Pac 4148 '46. Can Pac 4%4s°60. .. Can Pac Gs ctfs ‘44. Can Pac 58 '54. Ished goods, as indicated by merchan- dise and miscellaneous car loading, de- 105% 105% | clined only slightly in January in both 103% 104 | N 9T 971 105 105 113% 113% 100% 100% 101% 101% A% TN CB&Q istrf b8 CB&Q Il dv 3%, Chi & Eas 111 68 Chi Grt West 4 Ch M&StP 4% s°89. ChiM & St P adj 68 Chi N Wst 43 ¢ '37 95% | Chi & NW ufi(il 106% | Chi&NW rf 6s 2037, Chi & NW 635 '36. Chi Rwys 658 ‘27, @ S Nand 29% 92% 88' 884 101% 101% i0.|A. T. & T.RESOURCES OVER $5,000,000,000 Company’s Financial Operations Are Second Only to Those of United States. 0, Chi T H Inc 6s '60. , g::gnau 4%s 63, N Sta 6% 63, 00% | C & W Ind cv 4552, C& W Ind 53%s 62, CCC&St L 4%s B CCC & St L 5s D 63 Clev Term 4337 Cuba R R 5s 52 Cuba Nor 6= Cuba RR 65 ctt 36, Del & Hud rf 4543, D& R Gr gn 4s '3 w 105% 105% 00% 100% 100% 104% 104% - - anb R Fuow vraan anarSSasan 6% Orfent dev 65 53 Paris-Ly M 6s%8 1s-Ly M 78°5 BY CHARLES F. SPEARE. Speclal Dispatch to The Star. NEW YORK, March 7—Next in size to those of the United States Govern- R 7 9% 9 107% 107% s 99% 99 9% 99%, 101 101 110 110 111% 111% TN TT% 100% 101 = Fla E Coast 53 '7. ;:'fi Fond J&G 4% Grt Trsfdb t 6853, Rhine West 7s '50. . Grt Nor 4%s *77 B, 79% | Grt Nor 1st 5s. 897 | Grt Nor gn 53 9214 | Grt Nor gen 78 '3 Hud & M 'adj 58’5’ Hud & M rf 5s '’ 111 Cent 4s '52 111 Cent 4% 111 Cent 58 ‘55 Il CCSIL&N 68 A. Int Rap Tr bs ‘66 Int Rap Tr sta Int Rap Tr 7s 3; Int & Gr Noi Int & G N ad 2 Int Ry C A 6%s 47 - R Gr De Sul8s "4 Rome 6348 °52. Roy D 4845 ww. Sao PauT7s 0 8 o o Qoriruniobonniaotaluna ranbenshoanaIBaRaBns 28 RPoranuatanns aBunulaSalel 86Y% 76% 91 Serbs-Cr-S1 78 ‘62. . Shinyetsu 6%s "52. Swiss5%8'46..... Toho El Pow 78 '§5. Tokio 5%s°61..... Utd King 6%s '37. Uruguay 6s°60.... Vienna 6s ‘52 Warsaw 7s Yokohama 61, Cert-td aeb 6% 48 Chile Cop db 55 °47. Colon Oil 6: . Col G&E b8 May ‘52 Com Inves 538 '49. C C M 18t rf 58 '50 ConG N ¥ 6%s"45. Consum Pow 5852, C'Am Sug col 8s ‘31 Denver Gas 58 °61.. Det Ed G&R4%s'61 Dodge Br c! 63 40.. 4 92 ez 95% 95% 1045 '104% 101% 101% TIN 2% @ e - Bowwm v wne » o Kan City Sou 68 ‘50 Long Islab 5s '37.. L &N 4%s2003. L&N1strf 5%s - - Sora nTARNUANAN HHD A mERA it 1% e » PP the a the g6y, | Of stockholders of 32 shares. £ Humble Ofl 68 °37. . Hum O&R 5%s 62. IMBTIistpfSsA. 111 Steel 435 *40 Inland St 43%s Int Cement 6 Int Hydro El Int Match 6847 Int MM col tr Int Pap 55 A Int Pap 6s '55 It T& T 4%s 5! Iat T&T cv 4% [nt T & T bs ‘55 NYCreim 6s 2013.. N Y Cent db 6s'35. . NY CLS ¢l 333893, NYC&StL db 4s°31. NY C&StL 4%s 78, NYC&SUL6%sA NY.C&StL6s 32, NY NH&H 4%s '67 NY NH&H cv dl NY O&W &n 4 NY W&B ¢%s '46. Nor Pac orel 101% 101% 94% 94% | per n7 17 36% 364 B aREerenoe = 5 99% 995 ¢ 113% 113% Ore Short L 55 1075 108% 9% 95 Lackaw St 53 '50. .. Oreg-Wash 4s Laclede 5%sC Laclede 5%s D. Lautaro Nit 68 °54. Loew's 6s war 41,. Loew's 6s ex war.. Lorillard 58 '51 Lorillard 7s 44 . MecCormack 6s°34., 102 102 97% 97U 109% 109% 105 105 1102 110% 100 100 94% 94% 101% 101% 107% 107% RS an ovweman field potential market for electrification, with six monf i o P X of 1930, 69,352 pared ‘e the first in half of More than 627, - the previs % ous P CC&SIL 4% ,000 farms in' this 7. Por R L&P 7148 '46 Read gn 4%s A '97 % Rio Gr W 1st 4s'39, .| SIL IM R&G 4533, StL&ESFmdsA StL&SF 4% St L&SF pr In bs 14 [StP& KCSL a3 Seab A L 4s st ‘50 Seab A L cv 6s Sea All Fla 6s Sou Pac coi 4s 49 Sou Pac 4%s ‘68 N ¥ Tel 43 N ¥ Tel Nor Am EA 58 Nor Am Ed 5143 Nor OT & L 6847, Nor St Pw 55 A *41. Pac T&T 1st s '37. Pac T&T ref 5s '52. Pan-Am Pet 65 '34. Paramount 68 '47.. Peoples’ Gas 6s.... n 250 wlh; uses for current has elcpedlnthenrm!s!du': the experimental work so far 0 sRarShaanin an aamala 102% 104 107% - SILVER LOAN TO CHINA DECLARED INOPPORTUNE ly;‘n:nuoeuudnm . Chao-Chu Minister of China to the United shm says thnnn‘m government of China is interested in- before the United States ) e o i P S en| ver to_China. Sou Ry gen 43 ‘56, Sou Ry 6%s "5l Tex & Ark 5% 50, Tex & Pac 55 C "19. 66% | Texas Padlss D '80, Third Avref 4s°60° 10 oo asa Pure Of1 5% '37 Hich Ol cal €8 "44. . Shell Un O1] 68 ‘47, S'nelair Of) 6%8'38 S O 7scv A'3T.. Sinc Cr O 5%s '38.. Sine P L 58 "4 Skelly O11 6%s°39.. Sug Es Or 78'42.... Tenn E1 P 6s A '47. Tex Corp ev b8 'ui one day were clients not seen for over| o 12 months. “But we expect them here every day from now on,” declared an optimistic partner. Wall Street’s population is undoubt- edly cn the upturn, St e, Low-Friced Shares. . NEW YORK, March 7 (Special).— One of the fixed trusts formed to take S S 2o pi u mi the statement that the. in its portfolia have already 105 per_cent more, a similar number of “blue chip” shares. .. ., . gt 18t 684 Ygstn Sh&T 58 '78. MISCELLANEOUS. ADItibl P & P 68 °53 3 100% 14 102 AmIGChS%s’40. 101 Am Int Cp 6% s ‘4 94 Am B&R Int 58°47. 8 102% 102% AmT&T cv 43839 14 181% 181 6 865! 8 101“ 94