Evening Star Newspaper, March 7, 1931, Page 13

FINANCIAL. CURB ISSUES MOVE *IN'NARROW RANGE| {Trading Turns Dull as Offer- ings Decrease—Oil Stocks Weak. - BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, March 7.—Stubbornly Xesisting selling pressure the Curb Ex- change turned dull today when offer- decreased after the first few min utes of trading. The old bellwether, Electric Bond & Share, moved within a fractional range, which also was true of American & Foreign Power warrants, Niagara Hud- son Power, and United Light & Power A, all of which were relatively active. Citles Service dipped below the 18 level. The wide break in Auburn Auto on the Stock Exchange in early trading was mirrored in the decline of Cord Manufacturing. Ford Motor Ltd, was nervous until the news came that Ford of Sweden had declared a dividend of 10 per cent, or the same as in 1929. ‘This subsidiary enjoyed a record year and issued one bonus share for every four shares held. Dividend from the various continental Ford companies will not be taken into England, because of the capital tax laws there. Stutz Motors made the best showing of the independent motor makers, sell- ing up to a new 1931 high. Offering of rights was accompanied by a brisk gurnover in Durant Motors. Standard Olls were the weakest in the petroleum division. Humble Oil quickly dropped to & new low level International Petroleum recovered from its previous low. Standard Oil of In- diana opened its Jowest price of the year. Miscellaneous oils, such as Ply- ith Oil, had no difficulty in breaking previous low marks. BONDS ON THE CURB MARKET. 228 i eaE5E 58 geeSeaSss SIS A 3338888 a0eS! TEEEE 1 ot FoE BN S2gR! . i oma rr:E-F SR 3! 2233228 88 SEEOSREE, 9 H . EREGEEE 250 sa® 5 2] 5o ) *3 Ty s8zgeaesaned i g o ", 6 Fane O o &3 ¥ gfla_sgzggg 227 EEEIL 0 855 32388350 ST 82333883228 22333883 gasasn i) 3 o5 588 ¥ FEEES 1 » O FLELELE] £ ( g 2 S 858! S O S O B g o ¥ weefacss R it g8asSys i -3 - CER T 5 82 & 3 SagSaery WF 8532282558 85 sva1a8as s & R WSS W P g’ EE r!zig 3 S 828358 888 5 o ) B LSS g i 3 C g 1 % % 8 o i i : “ H 1 » i i L] B -3 4 21 £ ¢ 8 3 3, >3 y 3 3232832 R S IS ¥ o oF, 0, B O 3 2, 9 0 S 8! T Son ¥ (5 ¥ 5 antan: 2 ,.. 23 8R2852882322828! & F 3 2 Pl 88EB2RER w3 L € i =8 RERE! FEF EEEEEREE SR ;;E.=_z.- 584 et e FOEENNRE S ® Oy 3 H el e o 2, 32388228 85! = 8228298 FEFSTINE FTXEFE L % ol G St X5 AR i 5 o gt Rt o, 9 125 % 1033 1083 103% 33 0t 2 2l ol revIoes SoRE ofoe, LW LWEEy tHagse s - 3 £ vy vyo 51 e 2BBEI! o £ u=“n:“;; WCITT 233553588, ""E“s:x: 2 «agi:sss:xxss‘ 5 ETEELES 80 ' 80 m'/. 1017 161% lol' |01‘ IDI": 0343 103~ 10 222gdsoaadgagan tmaneeau T SeuseneSte omBame, s a % ‘76000 NEW YORK CURB MARKET Note—AIl stocks are sold in o) Vhich shows thase ~Prev. luh High. 21% ‘102 178 109% 106% Alu Co of Am pf (6). 1% % Am Austin Car...... 2% 1% Am British & Cont. 26 Am Capital pf (3)... Am Cigar Co. 600 33% Am Cit P&L (A)(a3) 5% Am Cit P&L B b10%. 11% Am Com P A (b10%) 7% Am Cyanamid B 1% Am Dept Stores. 4% Am Equities. .. 14% A For Pow 814 Am Founders. 70% Am Gas & Elec 4% Am Invest. Inc (B). 1% Am Invest war. 88 Am Laundry Ma 48 Am Lt & Trac (2%) % Am Maracaibo. 3% Am Natural G 9% Am Superpow (40¢c). 81% Am Superp 1st (6).. 82l Am Superp pf (6). 8% Am Util&Gen (B)nc 5 Appalachian Gas... 4% Arcturus Rad Tube.. 5% Arkans NatGasA. 41 Art Metal Wks (60c). 174 Asso Gas&El A (a2). 85 Assoc G & Epf (5).. 1% AssocG & B Adbrts Stock and Dividend Rate. H\( Afliated Prod 1. 100 Ala Pow pf (6). 25- m c G & E all ct! 34 Assoc Rayon pf (6). 3% Atlas Util Corp. 17% Aviation Cp of Am. . 2 Benson & Hedge! 3% dlue Ridge Corp. 4% Bourjols Inc. . 1114 Bower Roll Bear (1)+ 21 BrazTrj Lt (b8%). 43% Bunk Hill & Sul (3). 1% Burma rots 127 3-5c. 1% Canada Marconi 14 Carib Syndicate..... 2214 Carnation Co (31%) . 17% Cent Hud G&E (30c). 14 Cent Pub SvcA b10% 18% Cent&Swn Ut (b7%) 9 CentStat Bl (b10%). 7 Chain Stores Stock. . 13% Chat Ph Aln.v. (1).. 15 Citles Service (g30c) 79% Citles Serv pf (6)... 8 Claude Neon Lts, Inc 7% Clbv Tractor (80c)..: # Cajlombia Syndicate.. 5 Col Oil & Gas vte. 17% Col Plet vte (f1%) 221 Cmwlith Edison (8).. 1% Cmwith & Sou war. 8 Com Wat Sv (b6%). % Comstock Tunnel. 4 Consol Auto Merch. . 2% Consol Copper-... 10 Consol Laund (1) 5% Cord Corp. Corp fec C 4 Corroon & Reynolds. Cor & Rey pf A (6).. Cosden Oil..... Creole Petroleum. Cresson Consol (4c; Crown Cent Petrol. Cr Cork Int A (1) Cusl Mex Mining. Dayton Alr & Eng. o - % JOTPIUIOINE -+ T T T NPT TP Detroit Afrcraft Cp.. Dinkler Hotels (2).. Douglas Afr (11%).. Driver Harris new. . Dubilier Cond & Rad. Duquesne Gas Cp wi. Durant Motors. Duval Tex Sul wi. East 8t Pow B (1) Eisler Electric Corp. Elec Bond & Sh (b§) Elec B & 8h pf (6)... Elec Pow Assoc (1), Elec P & Lt op war.. El Sharehold (b6%). Emp Corporation. ... Empire Pub Sve (A). Engineers Gold. . ... . Europ E Ltd A (60 Europ Elec deb rts. Evans Wallow Lead. Fairchild Aviation. . Firemen's ¥d In (5).. Foltis Fischer Corp.. Ford M Can A (1.20). Ford M Ltd (p37%).. Foremost Dairy Pr. Foundation For Sh Fox Theater Cl A Gamewell Co pt (6 Gen Alloys (80c). - P T @ S enala - e Sae® Gen Elec Lta (p7o¢). 50% Gen G&E cv pf B (6) 24% Gen Petroleum...... 21% Gen Thea Ep cv pf 3) - s % 82% Gen Tire & Rub (15). 10- 122 & Goldfleld Consol B% Goldman Sach T 3 #Groe Strs Prod vie 63% Gulf Ofl of Pa.(1% Hazeltine Corp (2)., Helena Rubenstein. , y Humble Of1 (12%) Hydro Elec Sec (2 Hygrade Food Prod. Imp Ofl of Can (50¢) Ind Ter Illu Of1 B. .. Insull Inv (b6%).... Insurance Sec (70¢) Intercontinent Pet Int Petroleum-(1) Int Superp (11.10) Int Utilities B. 4 Interstate Equ “designa e (o0e Casber, o by (. totver & leoeh m lold in od AIGW OWI- mmlfi' Close. 140% Aluminum Co of Am. 25s 158 1584 1 109 1 THE EVENING STAR, WASHINGTON D.- d lots. 20% 20% 24 102% 102% 1021 158% 168% 109 2% Lakey Leonard 109 1 Mead Jo Mid Roy Mo Kan Mont Lt Nat Bon NatST Nelson F Niag Sh Nor Am Oilstock Pac Pub Pandem Phoenix Pie Bak Pllot Rac Power C Pub Uil Pub Utll Roek Lt St Regis Relected Sslected Sotith C Southld SW Bell % US Lines of (1).. Unit Sto; #Unit Verde Ext (2) util PnLt(nn 023 Util & Utilt, Vacuum Vie Fina; Watson Welch G Ll 14% A% 22% 13% Divide *Ex dividedd. in cush or stock fPlus § per cent per cent in stock. in_stock. 464 8% % 18% 28 9% 3% s rates in tPartly b vidend 26% Inter Equ conv pf(3) % Irving Air Chute (1), Lackawanna Sec (4). Foundry. Leh Coal & Nav 1.20. tar Gas (new) Marion Steam Shov.. Mavis Bottling. .. Memph N G Co (60¢) Mer & Mfg SA (1%). Met Edison pf (6)... 29 Mid St Pet Vo A. .. e Mid WSt Ut (1%) .0 M1d West Ut (b8%)w Mining Corp of C: Minne Honey pf Mock Judson Voehr Moh H P 1st pf (7).. 26s 126 Mountain Prod (1) Nat Aviatiop. Nat Family Stores Nat Food Prod B Nat Fuel Gas (1 Nat Invest Nat Transit (1). i Nat Union Radio, NY Transit (1). Niag-Hud Pow (40¢) i Niag-Hud Pow A w.. Niag-Hud Pow B w.. Nordon Corp Ltd. Nor W ev pf (3)....0 % Nor Europ Oil Corp.. Nor 8t Pow pf (6)... Novldol-Anl (14%). Ohto Copper........ Oilstocks Ltd'B(40e) Pac Western O1l Penn Mex Fuel ll'lll J Pitney B Pn (200).. Pitts Plate Gl (2)..a Plymouth Ol (2). Polymet Mfg... Producers Roy Corp.. Prudential Invest. .. Puget 84 P&L pf (6) 10s Quebec Power (2%).100s Rainbow Lum Pr A, Rossia Int Corp. Rubberoid Co (4) ... Sait Creek Prod (3).. Saxet Co...esuvee Schuite Un Sc-$1 lt. . Seg Lock & H (5 Sel Ind (full p stpd). Sentry Safety Cont. . Sunray Ofl (b5%). .. Swift & Co (2).. Syracuse W Mach B, Technicolor. Ine. % Texon Ofl&Land Tob Prod Exp (10¢ Tonopah Mining. ..., Tran Con Alr Tran. . TransLux DLP S ‘Tri-Cont Corp war. . Tubize Cantillon (B) Unit Corp war... Pt ( Unit Lt &Pwr A (1 Eauites. Van Camp Pkg. Van Camp Pkg Walker (H) (1). Wll-l? Zonite It = fieets ver cent m Plus 3 per cent in stock. D Paid last nn—nn’mu)u ate. Received by Private Wire Direct to The Star Office ‘Rete. _ Add o6 Open. Heh. Iow. Close. 2% 32% ofl. hoson (13%) evpf (2)... PL(b10% H&T (1 d & Bh ( Sec A TeFman o Md (40e)... Aviat A war. © 3 Cor o e D5 crona e <00 0010000 O i s 08 0 0910 s Litd A (40¢) Sve A(1.30) o1l. = Secur pt (3) of Am A (’) . d Tube A. v ‘orp Can (2).. S Hold Cp ww Hold war. . l’ & P (90¢) : = 10t S et Paper (1).. - PETT Y- T Industri Indus pr pf. EdpfC1%.. Royalty 60c. Tel pf (7) 501 12 4). n Corp (4! (3 W) Co. rape Ju (t 4% Caf 23% roducts (1).. 1% 1% dollars based on last quarterly or semi. ext Payal 3Plus 4 per cent in stock. & Payable n stock. £ Plus 8 pe o Adjustment dividend. A A | 8 EXPORTS IN JANUARY ARE OFF $75,000,000 ._ Gain in Sales to Russia of More Than $2,000,000 Shown by Survey. By the Assoclated Press. Regional distribution of American lore{fl trade !cr January announced ce Department showed m Total exports to Europe 000 as compared with the same month of last year. ‘The largest decline in !.mporu $51,- 000 000, was registered in the trade with for the month's commerce phlcll division, as compared 'llh 1930, follow: Exports. Japuary, 1031, January, 1630 llll.dfi.} 2 56.952. 180 the usual March total is ‘more to German, m $31,390,479 and $10,681,825 against ll'l fllm to France .fll,"lofl 2H . | principal movement of corn away from l $907,546 or less than half the $1,847,825 of imports from Russia in January of 1930. Exports to Russia, however, in- creased in January to $14,789,997 as compared with $12,632,319 last year. This represented almost the only single country to which ex in- creases were shown between the two periods. U. S. Corn Supplies Declared Smallest For Thirty Years BY JOHN P. BOUGHAN, Associated Press Market Editor. CHICAGO, March 7.—-Trade author- itles figured the United States corn avelisbls. & lupply today as the smallest since 1901, and stocks of wheat as about the largest ever known. * Interest in the situation as to corn especially is heightened by the fact that the season’s farms is about to close, and with the opening of lake navigation, & big east- ward shift of the grain is expected. ‘The corn’ plle which must gy N Nation until & m crop can be picked next Autumn is now unofficially esti- mated at 762,000,000 bushels, whereas than & billion bushels, and was 10,000,000 in fluflo(lNl!lonltfllh“mlllfiMh ‘Com) nn"‘l‘::l one week back, fl! corn_ma s influenced by this outlook, mmm cents a bushel advarce, vlth 'helt m hvm! decline to h%ofludymmmflm sounhun. e ok TREASURY cnrmcnu WHOLESALE PRICES REMAIN UNCERTAIN Present Business Structure Is Affected by Continued Ease in Commodities. By the Assoclated Press. Faflure of prices to strengthen eon- tinues an unsatisfactory feature of present business. Calculations made by the Depart- ment of Commerce indicate that whole- sale selling prices of more than 450 commodities, as a whole, have ined more than 16 index points sincé last year, the average for last week stand- ing at 75.8 based on representing 1926 levels as 100. A year ago it was 91.9. ‘The market for farm products and crude materials is pa: unsatis- tucmfy ‘The Bureau of index which also uses 1926 as a base lhn'l that revious; 1 .4 and 93 cheese and milk, Inst year; ym. 9% 9% 2 3% i1 n Thea -haux 8 t Lakes Dredge (e 300 Hou ot 200 Insull U pf & 50 10 ks 92% i Flect 3800 ?r;l Util 150 M! ind Unit pf Mid Ut 6% A id 8! % o-Kans Fipe " o Chem 5 Nat Rep fiw 100 Nat Un Radio 200 h Ca: o Ror'am T, & i»o lfi t Eng I.I hkosh Over & _ &| 950 Polymet 1% 200 Raytheor abod P M o 750 ln i Ot jus 1 E & st & 50 Swifl 40 Tenn Prod Unit Corp k( adio 1000 oW 100 P&l 400 Util & Ind Viki) Pu) 1o fiWlulnh | g B HUGE TOBACCO TAX PAID DURING YEAR Richmond Bank Reports Hi Collections in Virginia and North Carolina. By the Associated Press. RICHMOND, Va., March 7.—Internal revenue reports of the Treasury Depart- ment announced today through the Fed- eral Reserve Bank of Richmond showed that the total taxes collected on all tobacco products in 1930 amounted to ““ 756 12, and of this sum $343,3885,- 77.3 per cent, was paid in the flfl.h !edml Reserve district, principal- ly in Virginia and North Carolina. In comparison with taxes paid to the United States in 1929, those for the|system's ml 20 7 only e district 1 i 9 % ™ o country as & whole’ declined seven- unlht of 1 per cent in 1930, but the ‘rlld last year in the fifth district r cent above the sum pald in 15 eartlor year. ‘Taxes on cigarettes paid to the United States in 1930 whkd $358,946,966, of which the fifth district paid $313,619,- 650, or 87.4 per cent. On cigars, the United States collected $19,408,235 last year, of which the fifth district paid onl; ,399,213, or 7.2 per cent. Manutactured tobacco, including chewing tobacco, l'mokin‘ ‘mixtures and snuff, brought in a total to the Treas- ury of “0 404,510, of which the fifth 866,634, or 435 per Nonh Carolina was far in the ead in cigarette production with tax plyme'nh totaling $223, lu 258, Virginia ranking second, with pa totaling llZ 0(2”4 North c.rolln- led also es paid on manufactured tobacco, 'llth ‘22 877, ODI but Ohio ranked sec- ond, with $9,915,774. The actual number of cigarettes pro- duced in 1930 in the United States was 119,624,910,000. orth Carolina manu- factured 77,192,333,000 cigarettes luoc‘l'nd Vllllnll produced 27,347,501~ cent CHICAGO STOCK )CK MARKET By the Associated Press. CHICAGO, March 7.—Following is the complete omcm list of transactions in stocks on the Chicago Stock Ex- W F ¥ o & P, = B el 5 H Sl FEE 588585 Sanereasts LLELH fitp R T T TR Bocobl eEsEE 8L EEe! R 00 Kalam 1150 Kellogs Bwitch, 30 Kon Had T 100 Libby McNelll alwene e = 3.5 SIS 228, 52 SR AT BoB88R. R, R SRR ARREY: ST FESEE 8. PN . = B2 & B88anSh-ad EE S s it 220 o-BYE BT o a3 SMOOT OPTIMISTIC. NEW YORK, March 7 (Special) — Senator Smoot has joined the company ol’ umne who believe that business has bottom and that “the turn of th! Induntrhl tide is already beginning.” ‘The author of the famous 1930 unfl act also expresses some ntll!u:tlon in L!m fact thl! foreijgn trade has dropped as much as he expected. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Ailis-Chalmers Co. 5s 1937. ‘Americi & T, ak fi of in W usg 000,000 was re- celved Japan, $88,000,000 from O, SATURDAY, MARCH 7. 1931 FINANCIAL. NEED FOR BANKING REFORMS SEEN BY U. S. RESERVE BOARD Annual Report Discloses Indications That il Members Might Favor Some Changes In Present Laws. Clear indication that the Federal Reserve Board sees need for reforms I.nthnb-.nunxllme(thewunu'yh the seen in its annual report. The board withheld s} cmn recommendations, be- cause the in: mw the same lubject board has in mlnd were not dllclmd in the re- g:' It 1s known, however, that it in the system various committees making studies, including those into eligible p;per rg:m requirements and group and branch banking. Concluding its discussion o( \he hnk and tl’efll situation, and the itions, during the de- pression, me board states: “For the banks of the country the period of 15 months ended in December, 1930, was one of readjustment and q’umflon. ‘Through the experience of this period and of the preceding few years many important problems con- nected with the structure and fun tioning of our banking system are be- coming more clearly defined. These problems at present are receiving con- sideration by Congressional commit- tees. Since these committees are con- ductlnz investigations with a view to letermining the need of legislative and ldmlnllmfi'e re!orma the Federal Re- serve Board refrains in this annual re- port from making recommendations to Congress.” Gold Near Peak. With regard to the gold situation dur- lng 1930 the b?ord sald that $310,000, gold in the United States, bringing the weekly average figures at the close of the year to $4,590,000,000. This amount was within less than Ql‘l'.;q,mflflo of Brazil, $23,000,000 China, 000,000 from Mexico, ' $20,000,000 Argentina and $36,000,000 from Central and South American countries. iy countfiae. producisg raw mate- countries lu Taw e rhh'ihnu difficulties _arose “over the Hnl:n in v.hatvfluo of many of nmlr most Japan immediate mun% loss. of gold was the removal on January 11, of the embargo on exporis g: $21,- from marked by reduced de- credit from trade and industry, and by decr eommodflv lsl.llm f‘nd fi;grdley‘ rd‘ llnlnl activity l.n c of & period of dec! business, e the board said in a discussion of dnlnuflc conditions. In these cir. e - | cumstances the Federal Reserve sys- tem pursued a policy of monetary ease, expressed through the purchase at i tervals of additional United Government securities, and in progres- sive reductions of reserve Ak bank dis- count and acceptance raf Money rates, which for more than & year prior to October, 1929, had been on a rising level—owing largely to the rapid growth in the demand for credit to finance speculative activities in many lines and in different sections of the country—declined after the Autumn break in the financial market of the country. B uccessive holdxn of Unlled y 5 mpa gs uoomooo by zhe Bummer of mo d remained at lbout that mucflu December ‘when of & ‘lem s P partly for the purpose of coun ncflm the tightening effect of seasonal credit and currency demands upon the money tharket and partly in connection with disturbances in the banking situation. \Easy Money Policy. The easy of the system was extended to the acceptance market, -nu at_the end of the year reserve holdings of acceptances were at nbout the same figure as at the end of 1929, Rates on acceptances fell to 1% per cent at the close of 1930 from 5% per cent in the Autumn of 1929; ra commercial paper to 2% per cent trom 6% per cent, while call money around 2 per below that level in the six menths the year. Between October, 1929, and the early days of 1931, discount rates at reserve were reduced to 2 per tlmmapncennnt',hehdenl Reserve Bank of New York; to 2}, per cent from 5 per cent at Boston; to 3 per cent from 5 per cent at Cleveland, Atlanta, Chicago, St. Louis and San Francisco, and to 8}, per cent from § per cent Philadelphia, Richmond, Minneapolis, Kansas City and Dallas. A principal factor affecting cl in the demand for reserve bank credit course of domestic demand for money in circulation, the board states. In 1930 the rapid decrease in currency in circulation and its maintenance in the Autumn months at a level about $300,000,000 belo' that of 1929 reflected | the effects - of the slowing down in business activit; By the end of 1930 factory pay mfll had declined by 35 per cent from the penk in 1929, and retail trade in smaller volume as a result of a decll.ne both in physical volume of trade and in retall prices. lass financial inquiry i§ go- | curities. IAUTOMOBILE SALES CAMPAIGN PUSHED Manufacturers Encouraged - by Pickup in Business Dur- ing Recent Weeks. BY DAVID J. WILKIE, Associated Press Staff Writer. DETROIT, March 7.—Encouraged by by | the modest but consistent increase in others amounted to $8,500,000,000 for the 15-month period. Bank Failures. During 1930 the number of member btnk.l mfl%l,fi! from '.m fl‘ the shlpl at the end of 1930 hlehlfld 101. State banks, which were 100 leas than other recent years, the decline in the number of member banks resulted -pound prints, 33%a34; 21a22; eurrent' re- FEDERAL LAND BANKS REPORT RECORD SALES By the Associated Press. Little Change in Reserve Balances. Taking the year as a whole there was relatively little change in the aggregate volume of reserve balances held by the member banks with reserve banks—the numbered 137, for a total amount $596,104. ‘The total number of other important factor in the demand | the for reserve bank credit—and the fac- tor that is directly related to c}m in the volume of member bank t. If the relation of the decrease in non- member L and in member bank cndll. may be assumed to have remained approximately the same dur- I.ng the lub qum of 1930, the total decrease in k credit outstanding for the u-nmnth ’period was in the neigh- borhood of 000000000 A part of this has boen due to bank suspensions during the petiod, and represents the elimination frcm the aggregate re- sources of active banks of the resources of falled banks that have not been gradually nhlorbed in one way or an- other by other banks. In addition to STOCK AND BOND FOREIGN EXCHANGE. (Quotations turnighed by w. . E]fi".’a' 3‘ vaine: AVERAGES By the Assoefated Preys. SATURDAY, MARCH 7. STOCKS. B sgeE supply and demand, the automobile in- dustry is headed into the final month of the first quarter of its “recovery” year hopeful that it may produce miore cars in March than # has in any one month since late last Summer. ‘To do this is month production thi must_exceed uu 220,649 untt, output of last September. At no time ‘wfllfli organizations. tion: i ‘th ecent mchmass e toe recen! M:-’J.dlnount. while - underway a series of dll’tnld to promote retail sales E ; £ log | 5 1 5 2 g - £ i 1 E ] 5 g - § H 1 £ ES