Evening Star Newspaper, March 10, 1931, Page 12

TRADE TURN SLOW - INSIXTH DISTRICT Reserve Bank Beviews Financial Conditions in Atlanta Area. EBpecial Dispatch to The Star. ATLANTA, March 10.—There were increases in January and early Febru- ary over December in the volume of business transactions settled by check as indicated in debits to individual ac- counts, in building permits and in the produciion of pig iron in Alabama and of bituminous coal in Tennessee, but the volume of trade deglined seasonally, and all of these series show decreases compared with January a year ago in the fifth Federal Reserve district. Following an increase of 16 per cent in December over November, debits to individual accounts showed a further gain of 2.6 per cent in January, but ‘were 16.0 per cent less than in Janu- ary, 1930.- Department store sales de- clined in January from the holiday volume recorded for December, but the decrease was less than usual, and wholesale trade decreased 9.4 per cent. Compared with January, 1930, retail trade was 7.4 per cent and wholesale trade 30.2 per cent smaller. Building permits of 20 cities in- creased 15 per cent over December, but were 46.3 per cent less than in Janu- ary, 1930. Production of pig iron in Alabama gained 11.6 per cent in Jan- uary over December, and output of coal in Tennessee increased about 5 per cent, and there was a further small gain in production by cotton - cloth mills. Increase in Investments. There were decreases in loans on se- curities and in other loans by weekly reporting member banks between Jan- uary 14 and February 11, but an in- crease in their investments, while at the reserve bank there were 'slight increases in discounts and in holdings of United States securities, but a de- crease in holdings of bills bought in the open market. p’le'he volume of reserve bank credit cutstanding at the Federal Reserve Bank of Atlanta, represented by its to- tfiln:oldings of bills and securities, de- clined $5,758,000, or 14 per cent, be- tween January 14, res for which date were shown in the preceding issue of this review, and February 11. These figures also show a decrease of more than 20,000,000, or 37 per cent, in re- serve bank credit outstanding at this bank since December 10, and a decline of 35.6 per cent compared with the cor- responding report date a year ago. Holdings of Bills Lighter. Holdings of discounted bills by United States Government obligations declined slightly between January’ 14 and Febru- ary 11, and were less than one-fifth as large as at the same time last year. Other discounts increased slightly and were a little less than a year ago, and the total holdings of discounted paper were less than 1 per cent larger than on January 14 and were 13.4 per cent smaller than on February 12, 1930. Hol of United States securities have fluctuated little, but holdings of purchased bills declined by more than one-half between January 14 and Feb- ruary 11, or from $10,702,000 to $4.802,- 000, and were anly about 30 per cent as large as on the first report date in Jan- uary and about 25 er cent of those Wel2 on Fabruary 12 last year. ‘I'nere was an increase in-Federal re- serve note circulation of this bank from 132.7 millions on January 14 to 131.1 millions a week later, but during the three weeks ended February 11 circu- lation declined to 130.7 millicns, at which time it was only slightly less than a year ago. This bank’s circula- tion increased from a low point for the year 1930, at 110.1 millions on Septem- ‘ber 24, to 136 millions on December 24, )y February 11 had declined 5.3 millions from that level. Reserves in- creased slightly between January 14 and February 11, and were 8 per cent Jarger. than a year ago, but deposits ‘were 12.4 per cent less than those held at the same time last year. CANDIDATE LOSES OBSCENITY APPEAL Six-Month Sentence for Language Over Radio in Poll Cam- paign Upheld. By the Assoclated Press. SAN FRANCISCO, March 10.—Pro- fanity has no place “on the air,” the United States Circuit Court decided terday in affirming conviction of fl‘:ben G. Duncan of Portland, Oreg., for using improper language in his radio campaign for Congressman. He had appealed from his sentence of six months’ imprisonment and a $500 fine for using “profane and obscene language” in radio broadcasts. The Cir- cuit Court decided he was not guilty of obscenity, but did not reduce the sen- tence. The primary question involved was the right of the Federal Government to Tegulate the language used in broad- casts. The court found statutes ex- mmy prohibited the use of improper guage over the radio and provided a penalty, POPE GATHERING HISTORIC COLLECTION OF CANNON Head of Vatican Gendarmes Starts Arsenal on Nucleus of Cen- tury-0ld Piece. VATICAN CITY (#).—The Vatican is gathering an arsenal of cannor, but the Pope is not preparing to defend his old walls from foreign troous for the cannon are more historic than useful Col. Vuillemenof, commander of the pontifical gendarmes, who mstituted the arsenal, has made a nuclens of some ar- tillery pieces that for generations lay ebandoned in the Vatical gardens. Among them is a perfectly preserved lece given by King Charles Albert to ope Pius IX almost a century ago. Other big guns added to the collection include two mortars and a small can- non that once belonged to the papal navy. “Hope Chest” in a Hoax. The female sex is often joked with about their “hope chest.” One would think from this that women were res’- made into the saving habits of work- ing men and women. This inquiry showed that while 8 per cent of men's savings went toward provisions for get- ting married, only 6 per cent was saved by women with this purpose in view. Eve, it seems, is more enthusiastic about holidays than matrimony. The same investigation revealed that only 1 per cent of the men concerned saved up for their holidays, as compared with 8 per cent of the women. Prisons to Be Closed. “‘The prison population of Sweden has udl;fied to such "- lnzfll fll\l{fl that y are housing only two or i‘:m-u-, and plans are bel the prison administration for ing & number of these insti- lessen expenses and to the bulldings avallable for other of Sweden is Commodity Trends of Week BY H. N. McGILL, Editor McGill Commodity Service. AUBURNDALE, Mass,, March 10 (®). -~During the past week more com- modity groups advanced than declined, yet the average for all commodities was moderately lower. This means that the extent of the price decline ih four spe- cific groups offset the slight increase which occurred in five groups. Noting specific changes in 14 individual groups, 5 advanced, 4 declined and 5 remain unchanged. . ‘The total volume of business con- tinues to show strong resistance against the downward trend, which was so pro- nounced during the closing months of 1930. The economic background for any Lroad revival in industrial inactivity and commodity prices is lacking. Reports received from the variqus sections of the country clearly show that there is a much better sentiment prevailing. It is rapidly_being recognized that with pro- duction schedules the lowest on mod- ern records, there is little danger of any further burdensome accumulation of stocks, either of raw materials cr finished goods. Gold Distribution. One factor which will prolong the period of business convalescence will be the unequaled distribution of gold among the various nations, France and the United States today maintain the bulk of the world’s gold supply. The inability of foreign countries to buy ac- tively largely explains why the volume of exports from this: country in 1930I declined 27 per cent from the previous year. The basic trouble throughout the | world is.underconsumption rather than | overproduction. In a large measure, the inevitable effect of limited credit has already accomplished its work, as the status of business at 25 per cent under normal discounts the inability of many nations to purchase actively. In general, commodity prices are moderately weak, and there is no assur- ance that the extreme low polmt has been reached. All Commodities. Noting specific changes, the average of all commodities recorded another de- cline, bringing the level of prices to a new low. The decline was directly at- tributable to a further marked decline in live stock prices, lower quotations for hides and leather, price Wcaknpss{ in textiles and a moderately lower price level for industrial products. Agricultural Products. Renewed resistance against a down- ward trend. was shown by agricultural products, which were successful in establishing prices slightly above the level of the previous week. The mar- kets are extremely sensitive and will continue to reflect rumors pertaining to acreage development and weather dis- turbances, World competition in agri- culture promises to continue keen, par- ticularly as long as foreign countries maintain expansion programs. Hides and Leather. Hides and leather recorded more price weakness than any other group. 1In the course of two years the index for this group has declined 54 per cent. Hides stand 62 per cent under 1913. Non-Ferrous Metals. Non-ferrous metals were moderately high, due to advances in copper, silver and zine. During the past week the five groups which showed no price change were textiles, coarse ferrous metals, fuels, chemicals and building materials. The fi . groups which were higher were ag- ricultural products, non-ferrous metals, paint materials, paper and pulp and vegetable oils. Important Price Changes. Previous This week, _week, Mar. 6, All commodities. ... Year ago FORECASTS REVISED Improvement Noted in Many Lines, but Rate of Gain Is Slow. Bpecial Dispatch to The Star. CHICAGO, March 10.—Trade leaders, who had Been extremely optimistic, are in some instances finding that their expectations of trade improvement have not been fully realized, and the disposi- tion is more toward conservatism in forecasts. That ‘business has improved is noticeable in many lines, but there are spots where trade is slow. Taken in all, & fair average volume is passing in most lines, with tonnage sales of dry goods and mercantile houses equal- ing, and in some instances exceeding, those of a year ago, but with prices 10 t6 15 per cent lower. Consumption of merchandise is reported to be fairly satisfactory to jobbers and retailers and stocks are being reduced. Reports from chain stores indicate a somewhat larger distribution. Most encouraging reports come from the steel industry, where steady gains in output have been made for more than two months. Automobile interests report fair sales of cars and purchases of steel and lum- ber. More pig iron is being made and a little business was on for the second quarter. One bright spot is the steel pipe industry, with purchases of 23,000 tons by the Texas-Chicago Pipe Line. ‘Western Maryland Railway. BALTIMORE, March 10 (Epecial).— The Western Maryland Railway reports gross income for the fourth weck of | February of $288,391.74, compared with $370,159.01 in the same 1930 week, a decrease of $81,767.27, or 22 per cent. For the four weeks of February the gross totaled $1,201,807.59, compared with $1,480,635.86 in February. 1930, a decrease of $278,328,27, or 19 per cent. For the year to the end of February gross income showed a decline of $476,- 437.33, or 16 per cent. Estimated February gross operating revenue is placed at $1,201,808, com- pared with 81,480,636 for the same {month last year, a decline of 19 per cent. The first two months of 1931 produced estimated gross of $2,567,126, as against $3,043,563, a 16 per cent decrease, Motor Orders Placed. { NEW YORK, March 10 (#).—The Westinghouse Electric & Manufacturing Co, has received orders for five 400- horsepower gas electric cars from Electro-Motive Co., and for 16 1,000- horsepower electric motors from the Brooklyn Edison Co. Safeway Store Séles. NEW YORK, March 10 (#).—February |Sales of Safeway Stores dropped to | $15,781,593, compared with $17,003,007 Ll'ol' the corresponding month of 1930. Sales for the first two months this year aggregated $33,443, 111, against $35,- 442,309 for the like period last year. U. 8. TREASURY BALANCE. ‘The United States Treasury balance | &5 announced today as of close of busi- | ness March 7 was $111,776,363.33. Cus- tom receipts for the month to date were $7,246,208.78. ‘Total ordinary expendi- tures, $4,97,944.81. . Associated Gas & Electric. NEW YORK, March 10 (#).—Securit; holders of the Associated gll & I’IACZ tric System totaled 222,242 February 1 P’angss from 24.00 to 26.00 per ton. S S g SENATE INSURANCE QUIZ T0 BE PUSHE Wagner Committee Expected to Seek Best Plan for Un- employment Benefit. BY ROLLIN M. CLARK. 1t is probable that the special Senate committee which is to investigate un- employment insurance will lose no time in making plans for its study. Directed to report to the Senate when the new Congress convenes in December, the committee is asked to determine the status of all privately-owned plants in this country and of all systems adminis- tered by foreign governments as of July "The personnel of the committee, as announced by Vice President Curtis, includes Senators Wagner of New York, Hebert of Rhode Island and Glenn of Tllinols, Senator Wagner will serve as chairman. Wagner’s Prediction. All three Senators are known to be interested in the subject. Senator Wagner, perhaps to a greater extent than any other member of Congress, has been vitally interested in legislation designed o prevent and alleviate un- employment. In an address before the Conference on Permanent Preventives of Unemployment in Whshington he de- clared that “sooner than most of us now anticipate we shall insure our workers against unemployment.” Senator Hebert served for many years as deputy insurance commissioner of Rhode Island and afterward specialized in the practice of insurance law before his_election to the Senate. ‘The senatorial investigation is ex- pected to have a retarding influence upon pending unemployment insurance measures in the various State Legisla- tures. In a number of States bills were introduced earlier in the year, but thus far none seems to have made any ma- terial progress. The consensus of opin- ion at a hearing in New York on such a measure was that the subject should be studied carefully before any legisla- tion is enacted. Governors® Action. ‘Thus far no further action has been taken by the conference of Eastern Gov- ernors in instituting an unemployment insurance _investigation announced at the conclusion of the meeting held in Albany a few weeks ago at Gov. Roose- velt’s call. It is possible, of course, that the governors may defer their study pending the outcome of the work of Senator Wagner’s committee. Of particular interest in connection with the Senate study is an authoriza- tion to determine how existing private and State systems survived- the 1930 economic depression. This will shed some light upon the ultimate value of unemployment insurance and may have some bearing on another phase of the study—a determination of the relative state of Federal or private responsibility in connection with such systems. (Copyright, 1931.) Special Dispatch to The Star. BALTIMORE, March 10.—Poultry, alive—Turkeys, pound, 35a38, old 20a 32; chickens, young, 28a38; old hens, 18a19; Leghorns, 13a18; roosters, 12u 14; capons, 30a38; ducks, 18a26; Guinea fowls, each, 50a75; pigeons, pair, 25a30. Eggs—Receipts, 519 cases; nearby firsts, dozen, 20; current receipts, 19. Butter — Good to fancy creamery, pound, 26a31; ladles, 19a21; rolls, 16a 18; process, 25; store packed, 12al4. Hay and Grain. ‘Wheat—No. 2 red Winter, export, No. 2 red Winter, garlicky, spct, 1; March, T7%. Com—No. 2, domestic, yellow, old, 76a77; cob corn, new, 4.25. Oats—White, No. 2, new, 42; No. 3, 41, Rye—Nearby, 55a60. Hay—Receipts, none. General hay market is quiet. Receipt sample, but no surplus offered- of heavy clover mixed. Such types bring a premium of $1 to $3 per ton, depending on the amount of clover. Fair to good timcthy Straw—Wheat straw, No, 1, per ton, 10.00a11.00; oat straw, No. 1, per ton, 11.00212.00. Live Stock Markets. Cattle—Receipts, 100 head; light sup- ply;, market, steady. Steers—Choice to prime, none; good to_choice, .8.5029.00; medium to good, 7.50a850; fair to medium, 7.00a7.50; plain to fair, 6.00a7.00; common to plain, 5.0026.00. Buils—Choice to prime, none; good to choice, none; medium to good, 5.00a 550; fair to medium, 4.5025.00; plain to fair, 4.00a4.50; common to plain, 3.5024.00. Cows—Choice to prime, none; good to | I choice, none; medium to good, 4.50a 5.00; fair to medium, 4.00a4.50; plain to fair, 3.0024.00; common to plain, 2.00a3.00. Heifers—Choice to prime, none; good to_choice, none; medium to good, 7.00¢| 7.50; fair to medium, 6.00a7.00; plain to fair, 5.5026.00; 4.00a5.25; fresh cows and springers, 30,00270.00. Sheep and lambs—Receipts, 25 head: light supply, market steady; sheep, 1.50 24.00; lambs, 4,5029.75. Hogs—Receipts, 1,000 head; light supply, market higher; lights, 8.60a 8.90; heavies, 7.75a8.60; medium, 8.60a 8.90; roughs, 5.2526.65; light pigs, 8.00 a8.35; pigs, 8.2528.60. Calves—Receipts, 25 head; light sup- ply, market steady; calves, 5.0029.00. Vegetable Prices. Potatoes, white, 100 pounds, 1.25a 1.90; new potatoes, bushel, 1.50a2.25; sweet potatoes, barrel, 2.00a4.00; yam: barrel, 3.00a3. cabbage, 15.00a18.00; bushel, 50a75; caulifiower, crate, 1.75 2.25; beans, bushel, 2.50a6.00; celery, crate, 2.75a3.75; eggplants, crate, 2.50a 5.00; kale, bushel,” 85a1.00; lettuce, hamper, 50a1.50; peppers, crate, 1.75a 3.00; parsnips, bushel, 1.00a1.20; spin- ach, bushel, 40a85; tomatoes, crate, 1.50a6.00; turnips, bushel, 60a1.00; apples, bushel, 60a2.00; per box, 1.25a 2.25; grapefruit, box, 1.50a2.50; oranges, box, 2.50a3.75; gerines, box, 1.00a2.00; strawberries, quart, 35a55. German Unemployment Drops. BERLIN, March 10 (P).—The first hopeful turn in the employment situ- ation since the carrent depression be- gan was noted today with the publica- tion of figures showing 19,000 fewer jobless in Germany on February 28 than a fortnight earlier. The figures showed 4,972,000 persons unemployed at the end of February. bR Search for 0ld Hinge. The State of Maryland is engaged in a search for an old hinge, The search centers around Hagerstown and the ob- ject is one of the massive handmade hinges which did service upon the doors of historic Fort Frederick. This was erected in 1755 for the protection of the settlers against the Indians and it is located on the old Braddock trail to Pittsburgh and sections of the long- abandoned highway may still be seen in the vicinity of the fort. The fort has been lected for yeags, but the State possession of,the structure and the surrounding ‘pgoperty eight years ago and now it is proposed to restore it to its old-time appearance. Persons who remember the structure say that an increase of 5 per cent over the 211, the great hinges u the doors were 570 as of September 15, 1930. Of the |one of the outstan features of the total Pebruary 1, 123,673 were men, 94,013 women, 772 brokers and 3,784 in- stitutions, old fort’s architecture, and the n;?lckm lurks that one of them may be found to act as a pattern for making pthers, rger p common to plain, | N: Public Utilities BY GEORGE T. HUGHES. American Light & Traction. (This 1s the_thirty-sixth covering holding, comps field ot ope the capita diseuss bonds as 3 Dresent the facts without any attempt, to recommend purchase or salggof specific securities.) Although controlled by United Light & Power through ownership of a ma- jority of the common stack, there is enough minority interest in American Light & Traction to make it deserving of separate study. The company is one of the oldest of the public utility hold- ing companies, having been organized 30 years ago. Some 70 per cent of its gross income is derived from the sale of gas, and its principal subsidiaries op- erate in Detroit, Milwaukee and San Antonio, Tex. They include Detroit City Gas, Milwaukee Gas Lighting Co. and San Antonio Public Service. These subsidiaries, as of December 31, 1929, had $64,622,000 in funded debt and about $9,000,000 in preferred stock outstanding. The holding company has no funded debt of its own. Stock capi- talization consists in a 6 per cent cumu- lative preferred of $25 par and &.com- mon also of $25 par. Dividend require- ments on the preferred are covered by | a wide margin. The stock is a con- servative investment and sells to yield ! around 5 per cent. The common has an active market on the New York Curb Exchange and at recent prices was sell- ing to yield around 51% per cent on the present annual dividend of $2.50 a share. Like other utilities, American Light & Traction has suffered from the indus- trial depression, but the dividend for the full year was covered in the first nine months of 1930, and recovery seems reasonably certain when and if business improves. Sales of Detroit City Gas fell off because of the curtailment in automobile production, while the low price of cotton affecting trade in the South showed in the operations of San Antonio Public Service. At this writing results for the full year are not avail- able, but it has been estimated that earnings were second only to the record year, which was 1929. American Light & Traction has a substantial interest in Detroit Edison and stands to benefit from any betterment in the earnings of that prosperous utility. WOMAN BANK EXECUTIVES| NUMBER 3,600 IN U. S. By the Associated Press. NEW YORK, March 10.—There are now in the United States six women bank presidents, Miss Grace S. Stoer- mer, assistant vice president of the Bank of America, Los Angeles, Calif., sald today. In all, she said, there are about 3,600 women bank executives in the country, of whom 350, representing 101 cities in 38 States, are members of the National Association of Bank Women, of which she is president. “I had been secretary of the Cali- fornia Legislature for four years when I was asked to go with the Bank of Italy—nmow the Bank of America—to originate a woman'’s department, Stoermer said. “It seemed to me that T was a curi- ous choice. I did not know anything about finance. As a matter of fact, I hated figures. I started without a cus- tomer, and without a department. “In seven and a half years we were obliged to enlarge the department four times. We now have 10,000 women customers, more than $4,000,000 in de- posits, and employ 28 girls. 'As a mat- ter of fact, I have my own staff of cashiers, tellers and so on, and our de- partment negotiates its own loans.” FORD SALES GAIN. DETROIT, March 10 §#).—The Ford Motor Co. today announced its world production for February totaled 85,109 cars and trucks, the highest monthly output.since last September. The an- nouncement said production would be further increased during the current month, “reflecting increased sales.” DIVIDENDS DECLARED NEW YORK, March 10 (#).— Regular, Pe- Pay- Hidrs. of Company. Rate. riod. able. ~ recgrd. Aetna Casu & Sur..40c Q Apr. 211 Ins..... 30c 3 Mar. 2 June 2 Mar. Mar. Gt Lakes Engineer.d5c Hawailan Elec Co..l5c Homestake Min Co.50c Heath 3175 300 Iilinois Pipe Line.34.50 Ch Ind Ord.37, Pow Ltd 7%..41.75 Kaybee Storcs . ot g McAleer Mfg .. Memphis Na Do. $7 pf. Mo Pac Mook Fudsm Voehs ock Judson Voeh- et 1 0. D! Natl Screen Sve.3 New Eng PFire Ins’ 25c Premier Gold Mfé st_ Louis ‘Nati Stock Yds . Sonth R¥ & Ohlo Stk Table Mesa Ulen & Co, United Pubitsh... Do. pf : Wright H Mines Trctls, $2 oil.....1¢ 40c ¥1.25 3175 aves ~2%0 Reduced. City Mach & Tool.20c Guenthler (Rndolph)- Law Russell .....385¢ .. Preferred Auto Tns..30c Q Liguidating. Fastern Equitles..$7.50 .. Stock. Cent & 8 W ULil.1%% Q Apr. 15 Omitted. ..$175 @ DueJan.1 D 0ODIm O O PDHOO DOOOL DOO: OO REXOD DOOROOWOOOO ©O DOO: Mar, 12 .11 Apr. 2 Hotel Sberman Many miniature editions of the fa- mous Question Mark airplane are pop- ular toys in Paris. |Now You Can Wear FALSE TEETH | With Real Comfort a drug stores—Advertisement. | MOVES&STORES FURNITURE OFALLKINDS 1313 YOU STREET, PHONENGISSE 944 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. and La. Ave. N.W. 65th Issue of Stock Now Open for Subscription Money loaned to members on easy monthly payments James E. Connelly James F. Shea President Secretary THE BEVENING STAR, WASHINGTON, D. C,. TUESDAY, MARCH 10, 1931 IRY PRODUCTS NET INCREASES FOR 1930 Annual Report Shows Gaih of $74,- 536,928, Despite Larger Capitalization. Special Dispatch to The Star. NEW YORK, March 10.—In its an- nual report to stockholders, issued to- day, National Dairy Products Corpo- ration shows an all-time record in net sales volume—with an increase of $74,- 536,928.57—as well as an increase in pes share earnings, in spite of the fact that in 1930 there were in excess of a mil- lion more shares of common stock out- standing than in 1929. Thomas H. McInnerney, president of the corporation, in submitting the re- port of the board of directors, stated |, that including operations for the entire year of companies acquired during the year and the companies held under firm | B contracts at December 31, 1930, and Unfilled Steel Orders Drop 167,157 Tons in February NEW YORK, March 10 (#).—Unfilled orders of the United States Steel Cor- poration decreased 167,157 tons in Feb- ruary to a total of 3,965,194 tons Feb- ruary 23. In January an increase of 188,755 tons was reached. The back log as of January 31 was 4,132,351 tons. On December 31 un- filled orders aggregated 3,943,596 tons. November 30 the total unfilled tonnage was 3,639,636, and February 28, 1930, r | unfilled orders amounted to 4,479,748 tons. FOREIGN EXCHANGE. (Quotations furnished by W B Hibbs & Co.) Nomtnal cold Sellins checis value since acquired, net sales for the year, | A excluding all _inter-company sales, amounted to $374558,411.62, as com- pared with $300,021,483.05 in 1929, “‘On the same basis,” the statement | continues, ‘“combined net profits for the year 1930, after giving effect to the interest on funded and floating debt and dividends on preferred stock out- standing at the end of the year, amounted to $25470,94248. This Is equivalent to $4.10 per share on 6,202,- 177 shares of common stock outstand- ing at the end of the year. Combined net profits for 1929 similarly computed were $20,758,898.47, equivalent to $4.04 per share on 5,135,645 shares of com- ;l;(;rg\ stock outstanding® on December 31, The report shows that the total cur- rent assets of the corporation are $68,- 152,624, with cash on hand of $19,386,- 012, reflecting a_ current position ratio of 3.22 to 1. This compares with the report for 1929, which indicated total current assets of $54,569,991 and cash on hand of $21,021,327, a current posi- tion ratio of 2.68 tog. TREASURY (’!’EBTIHC_ATES‘ (Reported by J. & W. Seligman & Co ) Rate—Maturity. Bid. 27s June 15, 1331 13s June 15, 100 2-32° 100 4-32 100 14-32 16-32 100 232 100 4-32 100 100 *. 101 2%s Sept. 725 Dec 3i2s 3%s Sept. 15, : Dec. 15-32 i6i'i7:33 Offer? | St. 100 12:32 100 14.93 | St pengo " ': 17.49¢ Prague, crown (nom.) sloty, ..... 1 26.74%c o. ; 26176%3¢ Oslo. crown. Stockholm, _ crown . SHORT-TERM SECURITIES. (Reported by J. & W. Selisman & Co) Allis-Chalmers Co. 5s 1937 American Tel. & Tel, 5125 i American Thiead 5iss 1938 Baltimore & Ohio 4125 1933 Batayian Pet. C 6.8c 1 2638c 1932 Internat Match Corp. ‘55 1947 Marland Oll 551932 U. 8 Rubber 55 1947 < Western_ Electric Co. 94 Wheeling. Bteel Corp. 5125 1948 Wheeling Steel Corp. 4%as 1953. Washington Produce Butter—One-pound prints, 33%;a34; tub, 32a33. Eggs—Hennery, ceipts, 20a21. Poultry, alive—Turkeys, young, 30a32; old, 25a27; Winter chickens, 30a35 Spring broflers, 38a40; hens, heavy, 22 23; small, 18a19; Leghorns, 16; roosters, 16; ducks, 15; keats, large and young, 60a65; old, 25a30. Dressed—Turkeys, young, 38a40; old, 30a32; Winter chick- ens, 38a40; Spring broilers, 45; hens, heavy, 25a26; small. 21; capons, large, 37a38; small, 32a33; ducks, 24a25; roosters, 16; keats, young, 70a80; old, 40a45. Meats—Beef, 141%; veal, 15; lamb, 18; pork loins, 20; fresh hams, 18; fresh shoulders, 14; smoked hams, 21; smoked shoulders, 12; strip bacon, 20; lard, in bulk, 10; in packages, 11. Live stocs—Hogs, heavy, 7.50a8.00; medium and light, 8.00a8.25° pigs, 7.50a 8.00; calves, 4.00a8.00; lambs, 4.0029.00. Fruits—Strawberries, 50; oranges, Cal- ifornia, 3.00a4.00; Florida, 3.25a3.75; grapefruit, 2.25a2.50; tangerines, 1.50a 2.25; lemons, 4.50a5.00; limes, per 100, 2.00; apples, per bushel, 1.25a2.00; box stock, 1.75a2.50; pineapples, 3.5024.50; grapes, Belgian, per pound, 90al1.00; g;l;!‘ 2.75a3.25; rhubarb, 5-pound boxes, 280. Vegetables—Potatoes, 120-pound sacks, 2.25a2.50; new potatoes, per bushel, . . sweet potatoes, per bushel, 1.10a1.2 tomatoes, repacks, 3-pan crates, 2.5023.50; celery, 3.00a3.50; string beans, 3.00a4. limas, 7.00a7.50; broc-~ coli, 3.00a3.25; turnips, 1.00; caulifiower, 2.00a2.25; cabbage, new, per hamper, 1.00a1.25; old, per 100 pounds, 90al.00; spinach, 75a1.00; kale, 1.00; peppers, 3.50a4.50; carrots, old, bushel* baskets, 1.00; new, per crate, 3.00; beets, per crate, 2.50a3.00; lettuce, Iceberg, 3.50a 4.00; Florida, 1.75a2.00; Summer squash, per crate, 6.50; peas, 5.00; asparagus, 23a24; current re- 02 13, | Per crate, 6.00a8.00. Rail Order Placed. NEW YORK, March 10 (#).—The Delaware, Lackawanna -& Western Railroad has placed an order. for 4,500 tons of steel rail, chiefly of 139-pound section, with the Bethlehem Steel Cor- poration. This in addition to 3,000 tons ordered in January. Of the new busi- ness, 3,000 tons are April delivery and 1,500 tons for delivery in May, $75,000,000 ' The New Yeork Central Railroad Company REFUNDING AND IMPROVEMENT MORTGAGE 4%,% GOLD BONDS, SERIES A Dated October 1, 1918 , Bearing interest from April 1, 1931, payable April 1 and October 1 in New York City - (Additional Issue) Due WALL STREET WATCHING BONUS LOAN PURCHASES Special Dispatch to The Star. NEW YORK, March 10.—What will the veterans use their loans for? several veterans’ checks in the last days. Although the clothing trade ex. pects sales to veterans will be in cheaper price ranges, this has proved the case on Wall street, where nifty suit often lands an interview and sometimes a job. Several of the local chains plan to appeal to veterans in their ad copy over the next few weeks. Re- ports fiitering into Wall street from | brokerage branches scattered over the | country indicate some demand for au- | tomobiles by veterans. In some in. stances such purchases are for business rather than pleasure purposes. Maryland & Pennsylvania. | BALTIMORE, March 10 (Special).— | Operating revenues of the Maryland & Pennsylvania Rallroad Co. for the year 1930 totaled $817,822.94, a d-crease af 12.21 per cent compared with the pre- vious year. Net income for the year stood at $92,888.97, against £159,790.90 in 1929, a decrease of 41.87 per cent. In his letter (o shareholders President 0. H. Nance poin{s out that the princi- pal factor contributing to the decrease of $66,901.93 in net income for the year was the extraordinary item of $41,771.18 included in the revenue for 1929, repre- senting “back pay” received during the year covering balance due to transpor- tation of United States mails during previous years. Fifty-seven thousand people in Aus- iria now receive old-age pensions. Telephone National 5000 For immediate delivery of The Star to your home every evening -and Sunday morning. The Route Agent wil collect at the end of each month, at the rate of 11 cents per days and 5 tents Sunday. October 2, 2013 Redeemable, as & whole but not in_part, at the Company’s option, upon published notice, on any interest date, at 110% and accrued interest. Coupon Bonds in demominations ¥510,000 and $50,000. Coup: of 81,000 and 5500, registerable as to principal. Registered Bonds in demominations of $1,000, 35,000, and registered Bonds interchangeable. Legal Investment, in the opinion of counsel for Savings Banks in the States of New York, Massachusetts, Connecticut and New Jersey. The issue and sale of these Bonds are subject to authorization by the Interstate Commerce Commission. - GUARANTY TRUST COMPANY OF NEW YORK, CORPORATE TRUSTEE. Albert H. Harris, Esq., Chairman of the Executive Committee of the Board of Director.?‘of The New York Central Railroad Company, has summarized as follows his letter to us regarding the Company, and this PURPOSE OF ISSUE improvements to its PROPERTY age These Bonds are being issued to pro Southern Railway Company's 4% Gold issue of Bonds: owned and leased properties. rights, e for the payment of $50,000,000 of The Lake Shore and Michigan ds, maturing May 1, 1931, and to reimburse the payment of other.debt previously retired and for expenditures incurred in the making of additions and Company for The New York Central Railroad Company mow operates about 10,490 miles of railroad, exclusive of track- f whick 4,120 miles are operated under indentures of lease dated Janu.ry 2, 1930. By these indentures the Company leased from February 1, 1930, for a term of 99 years, the properties of its comtrolled companies, The Michigan Central Rail and the Chicago, Ka terms thereof) of th EARNINGS (eliminating i standing on Februar, Years Ended December 31 lamazoo ese companies in other lines. The following table of revenues and charges has been prepared to in years of the New York Central and the companies the properties of wi ter-company payments as to dividends for each year an amount equal to annual dividends payable wsder leases executed in 1930 on shares of mi; y 1 of that year): Gross Operating Revenues d Company, The Cleveland, Cin cinnati, d Saginaw Railway Company and stock and interest on indebtedn, Income Applicable to Fixed Charges te the earmings Total Fixed Charges 1926 1927 1928 1929 1930 $597,564,113 572,030,510 570,169,610 590,008,623 478,918,347 $131,721,547 117,095,969 122,680,086 129,565,216 89,705,297 354,718,929 53,981840 55,240,442 52,384,291 53,744,143 Chicago and St. Lounis Railway Company (Big For e leasehold interests (for mot exceeding the unexpired ) for the last five are now operated under lease but including in fixed charges rity stock out- Net Income 377,002,618 63,114,129 67439644 77,180,925 35.961,15¢ Income applicable to fixed charges on the above basis amounted to 1.6 times fixed charges in 1930, and in each of the four previous years was more than twice such charges. security Upe m the issuance of these bonds there will b utstanding in the hands of the public $200,000,000 of bonds secured by the refunding and improvement mortga; The mortgage is a direct lien on substantially all of the owsed railroads of the company, subject to the prior liens, insofar as they attach, of undenlying bonds outstanding in the hands of the public on December 31, 1930, to a total principal amount. after giving effect to this financing, of $372,951,000. All of the leasehold interests, with minor exceptions acquired by the New York Central under the leases effective Febru- ery 1, 1930, were subjected to the lien of the Mortgage by supplemental indenture. Securities pledged under the Mortgage include 99% of the capital stock of The Michigan Central Railroad Company (about 90% of suck pledged stock of that company being subject to prior pledge under an indenture securing $19,336,000 of outstanding bonds), and 98% of the common stock and 85% of the preferred stock of The Cleveland, Cincinnati, Chicago and St. Louis Railway Company. EQUITY The company’s met investment, after depreciation reserves, in road and equipment and in miscellaneous physical property, improvements om leased railway property and other investments amounted ow December 31, 1930, to $1,508,035314. This compares with $672,303,733 total long term debt, including equipment trust obligations, of the company outstanding in the hands of the public on that date, after giving effect to this financing. outstanding $499,259,735 par value capital stock. The company has The New York Central and all railroad companies the properties of which are now operated under lease had, on Decem- ber 31, 1930, a total net investment, after depreciation reserves, in road and equipment and improvements on leased railway property of S1534047314. This compares with $1,048,996,650 aggregate long term debt, including equipment trust obliga- tions, of the New York Central and such lessor companies outstanding in the hands of the public on that date, after elis mating inter-company holdings and after giving effect to tkis fi cipal amount represented by bonds of the West Shore Rai mancing. ilroad Company has been guaranteed by indorsement by the New York Central Railroad Company. A portion of suck debt, including $80,702,500 pris and of the Boston and Albany Railroad Company, The foregoing is subject to the more complete statements contained in the circular, a copy of which may be obtained upon application. THE ABOVE BONDS ARE OFFERED SUBJECT TO PRIOR SALE AND TO THE CONDITIONS STATED BELOW, AT 100% AND ACCRUED INTEREST. The right is reserved to reject any or all applications, and also, in any case, to allot a smaller amount All applications will be received subject to the due authorization, issue and sale of the Bonds as planned and to approval by counsel of the form and validity of the related documents and than applied for. proceedings. The amounts due on confirmed sales will be payable at the office of J. P. Morgan & Cq., in New York funds to their order, and the date of payment (on or about April 1, 1931) will be stated,in the confirma- tions of sale. are to be delivered. FIRST NATIONAL BANK, New York GUARANTY COMPANY OF NEW YORK CHASE SECURITIES CORPORATION KIDDER, PEABODY & CO. New York, March- 10, 1931. J. P. MORGAN & CO. Temporary Bonds or Interim Receipts, exchangeable for definitive Bonds when received, THE NATIONAL CITY COMPANY . BANKERS COMPANY OF NEW YORK HARRIS, FORBES AND COMPANY LEE, HIGGINSON & CO.