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[} MONDAY, MARCH 9. 193L \ WASHINGTON, D. C, ITALY DECLARED OPTIMISTIC LIVE STOCK PRIGES \™™* Bsprre FinanciaL sTBacks BEUEVED 'ST[ADY Chamber of Commerce Official Says Coun- try Is Showing High Morale—Im- v ALIS BETTER FINANCIAL PROSPECT IS NOTED Small New Flotations and FINANCIAL. FINANCIAL, EIJRB ISSUES MOVE || NEW YORK CURB MARKET ter s (808) (360s), | MU Tow, O . .. Public Utilities Arl Feature, THE EVENING STAR, Received by Private Wire Direct to The Star Office Note—All stocks are $0ld In one hundred-share lots eXxcépting those designated by the chh shown those stocks were sold ~Prey, 1031~ High. ‘Low. Stock and Diyidend Raté. Farm Board Member Sees 3% Mead Johnson(133:) 61 107% 112% ™ 8% Memph N G Co (60c) 1% odd lots. 1% Marion Steam Shov.. 3 3 8 k& With Slight Rallying e Open. High. Lw. Close. % % Mavis Bottling. . 13 1% 1k 1 8 an K . Tendencies. BY JOHN A. CRONE, Special Dispatch 16 The Btar. NEW YORK, March 9—Curb Ex- change stocks wefe irfegular today. Trading, however, was inelined to lag. Public utilities, under the guidance of | Electric Bond & Bhate, made the best showing on the upside. American & Foreign Power Warrants also improved. Citles Service held steady. Power and light shares swung forward @s petroleuis hesitated and coal issues receded during the foremoon trading. Meanwhile a serles of news develop- ments and special buying operations g&ll up many miscellaneous industrials. otors were i brisk demand, though prlce movements in this group were mixed. Firmhess appeared in the amusements and natural gas shares, but investment trusts moved irregulatly. Atlas Utilities Corporation was active as a result of Its acquisition of more than 95 per e¢ent of Selected Stocks, Inc., and all the shares of Exide Securities, All-American General Cors mttmn and Power & Light Securities Utllities Power & Light made no re- sponse to the acquisition of South Wales Electrical Power Distribution Co. by Shropshire, Worcester & Staffordshire Electric, which 18 one of Utilities Power & Light's English operating companies. American & eign Power warrants were a trifie firter as traders predicted a fairly sharp rise in bar silver, which Afilated Prod 1 Alexander Indus! 1% Allled Aviatton, Aluminum Co of A us. Aluminum Co Ltd. 1 Alu Co of Am pf (8} Aluminum.Ltd Cwar. Alum Goods (1.20).. Am Austin Car. . Am Capital B. Am Cit P&L (A)ma) Am Cit PRL Bb10& . Am Com P A (b10%) Am Cyanamid B..... Am Dépt Stores. Am Fot Pow war. At Founders....... Am Gas & Elec (£1). Am Lt & Trae (2%). Am Manufactur (4). Am Maraealbo. ... .. Am Natufal Gas Am Phoen Corp (3).. Am Superpcw (40¢). Am Superp 1st (6).. Am Uti1 & Gen pf.... Am Util&Gen (B)vte Anglo-Norw, H 25¢ Appalachian Gas Aréturus Rad Tu Arkans Nat Gas A Ark N G cu pf (60c). Armstrong Cork (1). Assoc El In Ltd 80c. 281 Asso Gas&El A (a2). 1 Assoc G & El war. 91, 85 Assoc G & B of (5) o1y Asso G & El et (8) 4 Assoe Ravon LA Assoc Rayon % 4 Atl Fruit & Sugar 13% Atl Secur Corp. 13 Atlas Plywood 714 Atias Util Corp. Auto Votine Mac Axton Fish To A 3.20 5 Bellanca Aireraft. .. 19% 28 % % 1% Mexico 1% Mia W 1% Mining 5 Mock J 27% Moody" 4% Nat Avi 28 Nat Bd 134 Nelson 18 Neptun % Nor Eu. 38% Novade Mesta Machine (2) 1% Met Chain Stores. 3% 4 Ohio Ofl 2% Mid Bt Pet vic A 171 Mid West Ut (b8%) Util A war. 1 MidlandNGA12 12% Mid Roy ev pf (2) Corp of Can 5 Mo KanPL (b10%). % Mo Kan P L vte. . 8 Miss Riv Fuel b ris. udson Voehr. B51% Mont Lt H& T (1%) 500, s 1S ptpf (3) 8% Nat American Co. iation. & 8 Co 31 Nat Family Stores. 3 NatFood ProdA.... 4% Nat Investors.. 20 Nat Screén Sv (2) 1514 Nat ST Sec A (350c) Herman (1).. e Meter A (2) 79% New Eng Pow pf (6) % New Mex & Ar Land. 414 Newmont Min (4)... 10 N Y Merchandise (1) 113% N Y Tel pf (6%).... 10% N Y Transit (1). 9% Ning-Hud Pow (40c) 1% Niag-Hud Pow A w.. 5% Niag-Hud Pow B w. 7 Niag Sh Md (40c)... 18% Niles-Bem-Pond (2).. 1 Nipissing (30c)..... 14% Noranda Mines. % Nor Am Aviat A war 2% Nor Am Utll Sec. rop Gil Corp. . 97 Nor Ind Pub S pf (6) 1091 Nor Ind PS¢ (7)... 12 N W Englineer ( 1 Agene 1%, % Ohio Copper. . Bigelow-Sanford Blue Ridge Corp Blue Ridge ev nfal.. Blumenthal (8) Braz Tf & Lt (b8 1% Br Celanese rets % Bunk Hill & 8ul Burma rets 127 8-5e. would aid the eompany’s Chinese sub- sidiaries. Bunker Hill-Sullivan Mining, however, gave 110 indication of a rising market for silver, large decline in net profits of Celanese Corporation of America, de- spite the increased 1930 gross sales, caused the first preferred stock to lose a point. Iden Coal broke to a new low. Humble Oil & Refining per- formed similarly in the oil division, Meanwhile the M again the pace maker. After it hit a new 1931 top, Ple Bakeries of Aferica A, Van Camp king, Swift Interna- tional and Libby, McNeil & Libby ad- vanced. Some of these shares attained their best levels of the year. ASSOCIATED GAS SHOWS HUGE GROWTH IN SERVICE Bpecial Dispatch to The Star. NEW YORK, March 9 —Rounding um out its first quarter cemufy in_public 2% service, the Associated Gas & tric| 12 Co. today is celebrating its m&y» 1] &ntlv:;ury as it ‘n in 906, 10?“ e com| o;rnlnd un« dzr the State of New YorL 17 ‘Then, it was ohé of the first five W utility holding glmm it among the leadérs point of Chd scope of operations. Furthérmore, ou'rarks all the !lectflc light and DW' er holdin Carnation Co (j1 Celanese 1st pf Cent Hud G&E (80¢c) Cent Pub 8veA b10% 35 Cent Stat E] (b10%). 27 Cent&Swn Ut (b7%) 1 Chat Ph Alnv. (1).. Cities Service (g30c) Citles Berv pf (6)... Cit 8y pf B (80¢).... Clauds Neon Lts, Tnc Clav Traetor (80c). . Colombla Syndicate Col 01l & Gas vte Col Piet vte (1) Cmwith Edison (8).. Crwlth & Bou wat. . Com Wat 8v (b8%).. Comstock 'l‘unhll Conscl Cop Consol Gn mn 360, Consol Gas Ut A 2.20 Consol Laund (1)... Cont Shares conv nf 100¢ Cord Corp. Corp Eec Ch ( Cosden Oll.... Cresson Consol (4e). Crocker Wheeler Crown Cent Pétrol. Cr Cork Int A (1) Curtyss Afrports vic. Curtiss Wright war. Dayton Alr & Eng. Deere & Co (1.20) De Forest Radio. Deisel W Gilb (13). Derby Ol Refinink. . Detroit Afrcraft Cp. . Douglas Afr (11%).. Dresser fifg B (2). . Duquesns Gas Cp wi. Durant Motors. Duval Tex Sul wi Enst 8t Pow B (1)... Eisler Electrie Corp. Elec Bond & Bh (b8). Blec B&Ehpf (6)..: ElécB&Sheupts.. Elee Pow Assoc (1). Elec Pow Asso A (1) Elec P& Lt op war.. El Sharehold (b67%). Fl Shareh pf (A6%) .. Emp Corporation. . Europ Blec deb rts. .. Evans Wallow Lead. 1% Fairehild Aviation. . 21% Ford M Can A (1.20). 18 25 Ford Mot Can B 1.20. 268 74 Ford Mo of Fr(p2se) 3 14% Ford M Ltd (p37%).. 17 1 Foremost Dairy Pr.. 10 Foundation For Shs. 7 Fox Theater Cl A 28 Gen Alloys (80¢) Gen Aviation Gen Baking. Gen Baking N Y wi Gen Bakingcod..... Gen Elec Ltd (p70c). Gen G&E cv pt B (6) 100' Gen Thea Ep ev pf 3) Glen Alden Coal (8). Globe Underwriters. Gold Seal Elec new.. Goldman Sach T C. . Gramophone rets(pl) Graymur Corp (1).. GrtA&PTof (T).. Groe Strs Prod vtc. . Gulf Otl of Pa (13%). Haverhill Elec v.t.c.. Hazeitine Corp (2) Helena Rubenstein Hudson Bay M & 8 Humble Oi1 (12%). 22% Hydro Elec See 1.40. 2% Hygrade Food Prod. 16 Imp Ol of Can (50c). 16 Indiana Pipe L (2).. 14 Ind Ter Illu Ofl A 29% Insull Inv (b6%) 6% Insurance Sec (70¢c).. 6 Intercoast Trade (1) % Intercontinent Petn. 2% Int Holding & In Co.. 2 Int Utilities wa 5% Int Utilities B. 214 Interstate Equities 13% Int Petroleum (1). 21% Int Superp (+110)... 26% Inter Equ conv pf(3) 23 Ialian Superpow A.. 2% Lakey Foundry.. 23 Leh Coal & Nav 1.20. % Leonard O11. P 10 Libby McNell & L. 18% Lily Tulip Cup (1%) e S Wt TS BE R DB RB a-n--»—-lnnub.- 43 » E3 2 »aSvnnndmoaRoll o Rom sl wm e wua S - Q90 FEE TR 3 2, 3 9299099898 u?.!!:!é Won=TE P S 2% % O Eiifi"é;; EENCr b e SR & % =585 252 B ol YRY999200 = 5 5 90! 2% 52 3. 22823232V IR22ALAS8ES i wa zsameis.eietuagnan raag. 25 oo arusisnmanno B mososand! e 0335 8832325232322, arss o Somare & S v 14% 1% 4u BT 253535000 '-TS‘S S S23333U3358R! T 9 AR BSOS Borrads - "'"‘""Uglq'fl’l" e R e 233, PEFFE 0ZZZ2ZZZZZZZREL! 5 Q8EF IIERTE Z989.33nR0E 2 2B o S a3 t S Fie S Sada e e S oFo " FELL _22% Lone 1% Louisiana Lan & Ex. 1% 1% 3 Ex dlv den? '&” P v g, ca80 of ab) 6 C ll ck, X nfi'm?k " Bie 4% Outboard Mot A..... 26% PacG & E1stpf1% 19% Pac Pub Sve A(1.30). ®% Pac Western Ol1 % Pandem O11... . 81 Parker Rust Pr (3). 300 19% Pender DGr A (3%). 508 6% Pennroad Corp (20c) 13 1814 Penn Mex Fuel (p3)., 1 30% Perfect Circle (2)... 13 ' Philllp L Ine B 1.80.. % Phoenix Secur Corp. 14% Phoenix Secur pf (3) 27 Pie Bak of Am A (2). 4% Pledmont Hyd ElA w 8% Pllot Rad Tube A... 5% Pitnéy B P n (20e) 13% Plymouth Ol (2). 1% Polymet Mfg. .. # Premier Gold (12¢)ss 1% Producers Roy Corp. 8% Prudential Invest... &8 Erudential Inv pt(6) 1008 6 Pub Utll Hold Cp ww- % Pub Util Hold war., 5 Pub Util Hold Cp xw 981 Puget Sd P&L f (8) 79 Pure Oil pf (6)...... 2% Rainbow Lum PrA.. 24 Reliance Int A 2% Reybarn Co. % Reynolds Invest. ... 8% Richfield Oil Cal pt. . 1% Roosevelt Field Inc. 30% Royal Typewriter(3) 34 Rubbereid Co (4).... 5 Russek's Fifth A & St Anthony Gold 18% St Regis Paper ( 1% Salt Creek Of1 (28c 634 Saxet Co 19% Schiff (T 3 Schulte Un Sc-31 5 8% Seaboard Util (50¢ 4 Seg Lock & H (80c. 14 Beiby Shoe (1.40). P FFu¥a moaR e A ni el numonSS o e 19% South Penn Oil (1).. 25% SouthCEd pf B 1%, 24% SouthCEdpfC1%.. 2% South Corp. 5% Southld Royalty é0c. 3% S W Gas Utilities, 13 Spleg May Stern pf.. 32% Stand Oil of Ind (2).. 20% Stand Oil Ky (1%).. 49% Stand Oil. Ohio (2%) 9 Starrett Corp....... oot o ne 4 Stein Cosmetics. 4% Strauss (Nathan). 1% Strauss Roth. . 18% Stutz Motor (new) 2% Sunray Ol (b5%). 284 Swift& Co (2).... 34% Swift Internat (3)... Bl Swiss-Am Kl pf (6).. 4 B8yracuse W Mach B. 14 Technicolor. Inc 6% Teck Hughes (60c 9% Texon Oil&Land (1), 3% Tran Con Alr Tran.., 6% Trans Lux DLPS.. 2%, Tri-Cont Corp war. .. 25 Tri Utilities ($1.20). 8% Tubize Cantiilon (B) 13% Un NatGas,Can t1.45 oo - DR AR BN D W a0 R = Unit Lt &Pwr A (1) 94% Unit Lt& Pwr pf (6). 6 Unit Ry & El, Balto. 10% U S Dairy (B) 4% U 8 Elec Power ww., Elec Pwr war. .., 8 Foll (B) (50¢c)... S & In] Secur. S Inter Sec 1st pf.. 8 Lines of (1) S & Overseas war. U 8 Radio & Televisn 1% Unit Stores. ... 8 Unit Verde Ext (2).. 7% Utah Apex. 9 Ut PRLt(aY1.053%) 5% Utll & Ind. 88 Util Equity of (5%). 52% Vacuum (4).. 24 Van Camp PKE. .... 3 VanCamp Pkg pf. . % Venezuela Petroim.. 5 Vie Finan Corp(40c) 164 Walgreen Co . 6% Walker (H) ( 1% Walker Mining v 2 1% Watson (J W) Co. .., * 14 3 Wil-Low Cafaterias. 5% 1zu Wil-Low Cafeter pf. 24% Zonite Products (1). 11% b Pazable in stock Plus 3 per cent In st B PAIG Inet yeato-no resuar rate 1, | beef circles, md n u % | the immediate future for Ty pool. on st quarterly or 2% B unl‘n nnn’ st B anns oot s 0 B R 9 B 3ra e tren s T 2333233 <oaagaadag: LY R 38 & T oo ot S e S e S e e 348, 55 Bpecial Dispateh to The Star. BALTIMORE, Md., March 9.—Po- tatoes, white, 100 pounds, 1.26a1.90; new potatoes, bushel, 1.50a2.25; sweet potatoes, urrex, 2.00a4.00; yams, bar- 3.0003.75 , crate, 1.1582.25; Ton, 16 00a18.00: " carrots, , '60a75; eaulmour, crate, 1758 .00; uzlery. X Aots, ord Tetiuce, hn“flutl. mwm quart, 35a8! Dairy Mmel. ?oulwn:‘i;’lu\ulw-. mnkflu cal 18a26; Guinea fow) > ‘Receipts, 829 firsts, dozen, 20, Buiter—Good 3 l , each, wl'lh pl- ply; marke to_choice, 7.50a8.50 ir 3. falr, 'l b m.bo 1 Wl‘. gfl cased; nearby current recefpts, 19, - Cal pound, 26a31; 18; process, Oattle—Recelpts, 350 head; light sup- plain i fair, plain, 5.0026.00. Bulls—Choice to price, none; good to choice, none; ; fair to medium, 4.50a5.00; plain 4 eavies, ladles, 19a21; rolls, 16a 25; store packed, 12a14. t steady. Steers—cholce to price, none; good 5501900 medium _to good, fair to medium, 'IWI .50; 0047.00; common to medium to_good, 5.00a 0024.50; common to plain, rlme. none; good to um 'ocd 4.50a 4. wnoo. wmmon o plain, to prime, none; um to .00a w medl\lm, 6,008 00. plain a6.00; eommon plain, fresh cows and !mlnlen. IM M-'R&celpfil 700 he-d . market steady; b6, 4. WID 75. sheep, Hfi WGW Wheat—No. 2_red Winter, export, T7%: No. 2 red Winter, garlicky, spot, 7735 March, 7% Corn—No. 2, domesuc. yellow, old, 16877; cob corn, new, 4.25. Oats—White, No. 2, No. 3, 40%;a41. Rye—Nearby, 55a60. Hay—Recelpts, 15 tons. General hay m-rket is quiet. nmnpm ample, but no surplus offered of heavy clover mixed. Such types bring & pnmlum of 81 to $3 per ton, depend].n‘ on the amount of glover, ' Fair ‘to good timothy ranges from 34,00t 26.08 per ton. Straw—Wheat straw, No. 1, per ton, 10.00a11.00; oat straw, No. 1, per ton, 11.00212.00. FOREIGN EXCHANGE. (Quotatinns furnished by W. B. Hibbs & Co.) Nominal vold Selling checks valu today. new, 41';a42; ndon, Parls, iranc ussels, beiss | Berlin, mark Rome," lira. [t Signs of Better Market in Near Future. BY FRANK I. MILLER. Associated Press Farm Editor. fepresenting lieved the market dennmely was put its worst period depression. categories caught nnd clung to a hfihe'r price level last week, whereas desperate clutching above water heretofore has seen the hold broken again and again. ‘The gain was all the more impressive in that it was registered despite that klllerséwfl::fln {rnm start ‘to ;n h' was not until closing sessions brought heavier cattle receipts that killers were able to put their hands at price making. Competition, even though enfurccdv was a feature which distinguished the current market period from the dr sessions which have gone before. fact that there was comparatively little beef around had the immediate effect of lifting live values and compeling killers to compete, Matket Unaenm:e Better. Although increased receipts, at- tracted by a rather sharp and uneven price advance, ca values off as much as 25 cents in some instances and left the closing trade in a down- ward trend, cattle remained substan- tially higher than a week ago. Back of the upturn, which hit she stock as well as steers, was a decidedly healthier undermne in the dressed beef | trade. No doubt part of the advance came by way n( higher prices for fresh pork, that commodity having been something of & price wrecker in beef for the last month or more. As pork ;hnt up beef became a little more popu- ar. The only basic thing to warrant the upturn was $mp; rovement | dressed 't was to explain such upturnulmb hellenm zvunsu zh.:f ve been selling particularly low dur- better ‘with ‘weight. Ln/htneen and yen';l'h‘:s how- ever, always had a market if they were well covered, and until the very close there was nothing wrong with , trade on lower grades, even if the mar- ket for them was more or less unde- Ppendable. It is not to be overlooked that semi- starvation runs contributed subst tlally to the advance. Although market is on a higher level, supply fig- ures will be an important factor mnext week, and ltunotwbeexpec&edm there cant be at least & temporary downturn if the week's prices attract mo many cattle next week. How immi- ent that danger may be is seen in the flct that receipts have been running low notmal for the last two weeks. The live market is very sympathetic to dressed values and the size of rans right now, and changes are almost cer- tain to develop from day to day. Hog Market. Except for a strong to 10 cents 4 | trend in the heavyweight dimme hog market is ca on even en P-cting:!:mdondlouls fatled supplies were the main support- ing factor in the tra@e. tenor. cents % improwement m the fresh n‘.’&" trad 'k looks small in comparison with the 55 000 head for a like period at the height of the shipping season eafly in January. There has been a reduction of about 20 per cent im supplies at 11 principal markets since & week ago. Sheep and Lambs. With the Coloradlo movement in full swing, it is rather difficult to Xu!':; lambs. By cumng off the hurried in on che ' !'.l'm higher trends -in fat lamb prices week, the country was able to restore the decline that started as soon as kil t their hands an Tuesday's HMB- run. Most lambs finished 25 to 50 cenu higher than last week's low time. Aside from a single vicious break, it was not a bad market. The fact that receipts fell off con- siderably at the close might be ton- strued to mean dressed prices are in mo “ future immediate danger. But the course of live prices undoubtedly will be determined, more or less bv the number of lambs shipped ouv of the present principal source of supply—Col- orado and Nebraska. | Grain Market I By the Assoctated Press. CHICAGO, March 9.—Orain Prices went upward early today, stimulated by storm_effects in the corn belt and by curtailment of wheat stocks at Liver- The amount of wheat on ocean passage showed 2,520,000 de- crease, compared with a week ago. Starting at 33ad, cents lvance, corn Jater held near to the initial range. Wheat opened 14 off to 3 up, % 1and subsequently scored an additional advance. Indications that the peak of the seascn’s movement of corn had been -.sud helped to strengthen prices. Af- by rough weather, Chicago re- ceipu totaled but 112 cars, against 364 a week ago and 392 at this time lll! year. Primary arrivals were only 000 bushels, compnred with 1,377,000 ! week back and 1,542,000 on the cor- responding day of 1930. Whea. advanced despite primary ceipts aggregating 2,455,000 Datialis against 2,334,000 a week ago and 894,- 000 at this time last year. Liverpool reported demand better, with Canudhn and Argentine offers firmer. In France, the weather was extra unfavorable, and a heavy abandonment of wheat acreage was predicted. India's production was forecast as 53,000,000 bushels less than last year. sympathized with wheat and corn, Provisions redponded to upturns in hog values. EARNINGS REPORTED. NEW YORK, March 9 (#).—The American Woolen Co., prominent tex- F5% | the eheerful doubtful whether | of proved Conditions Looked For. Italy’s present economic situation and the measures that are being hken to overcome nn depression through whi the country is passing in €ommon with the rest of the world are reviewed in & eport made public here today by the erlcln Section of the Internatiomal Chamber of Commerce. The report was serves, has @ severe strain_upon the country, but there is no evidence that the nation's morale or the funda- mental basis of its-economy have been “Instead of the a here of nerv- ousness and depression that might rea- sonably be expected,” he says, “one is struck_with the orderliness of life and imism that prevails with regard to what the future has in All Branches Affected. The report points out that “all ibranches of industry are affected by the dej In comparison with other cuunmeu, however, the situation not appear unfavorable. For ex- ig Iron and steel production in fefi 20 per cent, as fiu high record of the previous yetr for the cottol ; and the latest figures industry showed only about the same percentage of spindles idle. In some other lines, such as rayon -Mnhuum ‘& considerably higher d .mvm pre v-m g "R’: eftcer of the eriis, the report fts very clearly reflected in the m of wunemployment. “On Decem- ber 81,” according to the report, “there were 642,169 totally umemployed offi- cially reported, which is an increase of 57 per cent over the figure at the end 1920. However, more than half of the total relates to agriculture, building construction and other outdoor trades, where a sharp decline in activity dur- ing the Winter month and consequent- 1y seasonal unemploym:m is .hm"nx:sl condition. Employment reaches minimum_m P!'nmury and wm: t,he approach of Spring a steady improv mcmmmunmonshmu ol “If the available ul tistics are 'fiun\e T0_means employed would undoubtedly have been oomldenbxy larger. In addition, strict_policy previously followed vmh regard to emigration has recently been relaxed in order that those fortunate ,,‘m to fipd opportunities for work may take advan- Byt e fiot taken place. Cas been, of course, and some of them have been important, but in gemeral it has been small, wdeuthc‘gncern u::t ibed, an eir disappear- o nccmsu has strengthened 1!30 l lmnfion where table. " dotng The vmene oing whnkunwfi':emmrhyuflhz— mm bnnkxng facilities available for loans at lower rates of in- terest, b-t this can serve as pmlmve -.nd cannot remove the root ne dmuc cut th salaries and wages of all 'mm t servants! he points out, was intended, not only to afford relief from a difficult situation, but also to set an example for private employers. It has been fol- lowed prelty.gz!rllly throughout the country,, h reductions in the mwmmmauon of ‘d.!m > m managers of and agricultural laborers. “Despite the earnest efforts that have been made to reduce production costs in other directions,” report tinues, “they are still too high and must be brought down to & lower level if a revival of activity is to take place. Where directors have accepted cuts in people seems to have learned that it is better to work for smaller wages than not at all. being with extreme vigor. Obviously. v go 'flfleth!r and if the w‘tnn!';glh;g can really be w down the most effective means of softening the feelings of those who have been called upon to sacrifice part of thefr Price Spread Widens. “In Italy, as elsewhere, the wholesale prices between tail prices has been rapid fall in the former has nut betn reflected proportionally in the latter. From the available data it appears that wholesale prices declined by at 2 per cent. This is a sif ev\dently deserved attention, and the Italian regime has attacked it with Rising Security Prices Held Good Signs. Bpecial Dispatch to The Star. CHICAGO, Mareh §.—The combina- tion of rising prices #n the security markets and an extremely low total of new financing In Februdfy serves as & basis for an optimistic eutiook in the financial field, according % the monthly investment review of Lawrence Stern & Co., investment bankers, of Chicago and New York. ‘The review, based on reports from leading financial institutions uuth- out Jm country, _aserives lesser factor than had been anticipated. Another favorable facter in connection with the bond market, the review points out, is the restricted volume of current contributes cmmg, ‘which ‘This is a h)ih-l‘l‘lde bonds on di " shelves. Tn the stock market,” the review “there had been some apprehen- the long-range buyer.” New Secarity Offerings. “New sec: offer] in both bond: and stocks, Lw the T v the -nsrnd ount bond finaneing l“mlud 8195, !3390! and stock issues totaled $34,587,425. “The' small volume of stock offerings is merely’ a continuation of the situa- ing securities. “Tax-exempt bonds were the only classification to show an increase over volume, - | cent of the total. COTTON CLOTH SALES EXCEED PRODUCTION February Purchases Represent 154 Per Cent of Output for That Month. By the Associated Press. NEW YORK, 9.—Sales of standard cotton ¢lcths during February reached 154 per cent of production for that month, of the Iargest ratic of sales to production in four years, the Asso- ciation of Cotton Textile Merchants re- ported toda Pruducuo: for the four weeks amount- d to 212,168,000 yards, a week'y rate of period amounted to 326.691.000 yards. yards, equal to 117 per cent ot produc- tlon. Stocks on hand decressed 10.2 per cent during the month tc a total of 819,328,000 yards as of Pebruary 28, representing the lowest figure recorded for stocks since tm:lat;;i;sucsmhecme dee ‘com] ble .nnunr) 3 - m-g:r::l more than 36,000,000 yards during February has been exceeded on rehed. orders Ancreased 241 per cert orders during the month to a total of 395,802, ooo yards at the ena of the month, and e higher than at any time snce De- eember. 1920. The figure also was well In excess of stooks stocks on hand. TOBACCO SALES TOTAL $4,678,724 AT DANVILLE Special Dispatch to The Star. DANVILLE, Va., March 9.—The Dan- ville tobacco closed the 1980~ 31 season with the total sales ag- ting 50,221,787 pounds, which t, "G'fi'fllsfl or an average of $9.03 per hundred pounds. The season clausd was_probably the worst m: season within the memory of the present generatiqn, with the product averaging less than 0’ cents a pound, or less than the cost of pro- duction. However, the desired t; what was considered prices, but es brought tile manufacturers, today reported net less of 7,584 for 1030, this com- pares with a loss of $4,228,190 in 1929. Electric Autolite had cm’uolldlted net profit of $5,043,402 last ‘with profit of 314,514, year. The latter figure incl A nooooo of non-recurring special divi- N!t profit of Celanese Corporation in 1930 vlu $1,919,950, against, $2,952,321 in 1 Ahltlbl Paper & Power Co.'s 1930 earnings were equal to 47 cents a com- mon share, compared with $1.97 in 1920. Simms subsidiaries ting with net profit of or $2.79 a_share, !oao 1929. uu-uwemnn..mornm a share over the previous Certain-teed Products corpornlnn ended 1930 with net loss of $2,468.319. In 1929 the com B‘?lny lost $1,282,58/ anhwlck ke Collender Co. had 09,698 last year, against in 1929, i vumwhnmwbemcnmm“- this reason bene. &mlu Petroleum re- ll.ln of th‘a'nn_.n net 1oss of $1,475,518 M:‘! ) tion this was offset by the amount of inferior leaf, for which there was littie demand. The drought was & big factor in the general poor quality. pusiontl o Dociarens- 8 Colombia 0il Production. BOGOTA, Colombia, March 9 (#)— sgu.mu of the Tropical Oil Co., the shnw that 53,042,000 yards, while cales for the|250a3.00 | Butter—One-pound prints, 33%4a34; tub, 32a33. Hénnery, 21a32; current Te- small, 3”3 ducks, 2! kelu young, 70a80; old, 40a4! ts—Beef, 1(;22 lamb, 17.19 veal, lsub. pork loins, 1'mn ‘fresh_hams, smoked 17%; shoul 124 hams, 19a20; smoked shoulders, 13; smsmtae.on, i9; lard, in packages, 10; ts—Strawberries, 50; honeydews, California. 3.0084.00; February shipments totaled huuooo ines, per po A 4.5005.50; mpunm,, 2 582.75; rhubarb, und box ‘egetables- um 100-pound sacks, 2.40; Idaho blkfl‘s. 2.50; new D(fl::, only two occasions, in the months of | Ber ches, 50-75 uumlmm- Summer squash, umwe, lceben 3.50a4. BANK STOCK EARNINGS RATIOS ARE COMPARED Special Dispatch to The Star. NEW YORK, March 9.—The market price of 25 leading New York stocks at their low in 1930, averaged 18. mm& 206 at the averaged 43. $06 5 1930 and 3¢5 In k to a study of the market performance of these stocks since 1905, prepared by m’}?he" . &prlee of the 25 issues in e -ver:r 1830 was 8 or the highes -uh the exoe| of the 35.0 uun 1929, durln( the year period. NEW YORK COTTOI of 1051701 of crude oil during Janu namnlcorwn tion to_the Mamonal for Bay and for m‘fl In January the &nuhotn ok B beme rennery here it has 3 :numL modern vacuum uununulummw xm’".';’u i hn-y'um o primarity Tor dsmestic Son- At the present time most of the re- fined Distribution of Financing. “New York clty bankers underwrote the major share th's new of- fourth, with Montreal and Chovtand in. second and this posiions fupecfively" unmnupa--!uluuhund bond business in BANK IS REVIEWED Controller Pole Says Troubles Were Caused by Excessive Loans