Evening Star Newspaper, March 13, 1931, Page 14

gl‘ bk FINANCIAL. THE EVENING STARE WASHING.'ON, D. C.! FRIDAYE MARCH BONDS ARE LOWER EM_BONDSEI COMMODITY PRICES UTILITY OPERATION BY U.5.15 OPPOSED| - Economist Says Progresswe Opinion Is Against Na- tionalization Plans. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW mn&z 13.—Prof. YORK, Charles A. Beud of New York, well known American historian and econo- mist, has answered the 14 questions Senator Watson asked the Progressives. As the power issue is likely to loom Jarge in the camj of 1932, Prof. Beard's reply is worth noting. Senator Watson asked, “Should the Government take over and operate the :quc?gm power business of the coun- Prof. Beard replied: “Progressive opinion is against any such wholesale nationalization. It demands, first, that the ral Government and the State governments shall insist on mlplu of prudent investment in capi ition, the elimination of stock-juggling infla- tion, clearing the fog of judicial deci- sions respecting fair returns and com- 1ssfol to enforce these undercover propaga; interests and a return to fair and open dealing with the public. Unless the National and State governments can do this, public ownership may be forced upon the country against the will of the m:jor portion of the Progressives.” ator Watson also asked this ques- hould the country adopt the dnle system?” Prof. Beard gave this answer: paign of 1932 will be fought. Borah's Plea for Bounty. At the Progressive Conference Sen- ator Borah estimated that 4 per cent of the American people own 80 per cent of its wealth. Should at the owners of t.hll wealth be left to do as ‘without Government. re-mmom should The debenture issue again will be fought over in the next Congress. y_executive is unu:n any ference of any is the nnt Im’porhnt opposi- the United BStates of depression. The colonel goes further and says that 1if the principle is sound, in so far as National Government activities are emcernmt the plan should be followed by every Btue, county and mu- But. m hu been done about it, téchnical investi- belore it can be when symptoms - themselves ;mnn Prosperity Program. Prancis H. Sisson, vice president of the Guaranty Trust Co., suggests that the co-ordination of vmducuou. distri- thm factors, banker. And the mext quatim tlcmg Mr. Sisson is the one of just how to co- ordinate these three factors. Should it be done by the Government or by the busines world working ‘through various industrial wflm 15 50 important as this ond it is, 1f pru;perlry 18 to be any~ thing but a fleeting d (Copyrisht, 1031, by nonh Am!rlcln News- ,_L_‘__ STOCK MARKET SHOWS THOROUGH LIQUIDATION Bpecial Dispatch to The Star. NEW YORK, March 13.—The action of the stock ‘market generally on un- favorable corporation reports and. such a admission - of -peor - business conditions as was contained in the cut in the New York Central rate, has been more favorable than the Street ex- It is another evidence of the liquidated condition of the market and of the persistence of the bull elemnv. to make most of factors sting im- provement in the general situation. ‘The question arises whether the mar- P | semi-annuall CKICAGO DAIRY MARKET. 9;70“"&‘ 13 (#).—Butter— W tubs; steady; creamery extras (92 score) 30; standards (90 score eulou). 20%;; extra firsts (90- 91 score) 20a39%%: firsts, (8889 score), 27a28; seconds (86-87 score), 25a26. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Oonflnm From Pl(l Munsingwear (3) Murr-.y Corp. Myer (F E) & Br (). Nash Motors (4). Nat Acme (80c) a280anBuin © T Io=1 T TIPSR 1 Nat Tea (1). Neisner Bros. Nevada Copper (1).. Newton Steel. . NY Air Brake (2.40) N Y Central (6)..... N ¥ Invest (1.20). NYNHG& Hart (¢ % N Y Ont & Western.. N Y Steam pf (6).... Norfolk & Southern. Norf & West (112).. Norf & West pf (4).. North Am Aviation. . Nor Am (b109% stk). North Amer pf (3).. North Am Ed pf (6). NoGer Liovd (a2.43). Northern Pacll Northwest Tel (l) Ohto O11 (1). Oliv Farm Eq pr p Omnibus Corp. . Otis Elevator (2%4). Otiu Elev pt (6) . Al Otls Steel. .... Otis Steel pr pt (7). Pacific Gas & Bl (2). Pacific Lighting (3). Pacific Tel & Tel (7) Pacific T & T pt (6). © 3] 127% 124% 16% 10 69% 60 54% 454 67% 50% 131 116% 13015 124 1% 8% 50% 36% ° 5% 24 1% - Penn Dixie Cmt pf. Petrolm CD of Am(l) Phelps Dodge (2). PhilRead C&1... o F SR ot e et Pierce-Arrow A (2 Plerce Petrolm (10¢) Pillsbury Flour (2). 2 - - ™ Pub Sv N J (3.40)... Pub Sv N Jpf (5).,. Pub 8v N J pf (6).... 9% Pullman Corp ($)... ««°a§uanmzsw~-aumwu. Real Silk Hos(b1 Remington-Rand.... Reo Motor Car (40¢c). Republic Steel, Republic Steel pf.... Reynolds Metals (2) Reynolds Tob A (3). Reynolds Tob B (3). Rio Grande Oil...... 6 Rossia Insur (3.20).. Royal Dutch m1.3404 Safeway Stores (5) TS0 % 29% Shell Tr (m96 3-5¢. 7% Shell Union Ofl 58 Shell Un Ol pf 4% Shubert Theaters. 14% Simmons Co. .. H afursfasntinae » s 45% South Cal Ed (2).. 13) Timken Timken u u u u [ u Va mvla nd rates as payments based o o § e 2% ular rate. 51% Thermoid Co. Thompson (. Thompson Prod 1 Tide Water As (60c). Tide Wat As pf (6).. Tide Wat Ol pt ¢5).. ‘Tobacco Produci .. Transamerica (* ‘Transue & W (1). Tri-Cont Corp. . Tri-Cont Corp pf (6) Trico Prod (2%).... Und-Elliot-Fish (8) Un Carbide (2.60) Un Oil of Cal (2) Unit Cig Strs pt Unit Corp (76c) Unit Corp pf (3) Unit Electric Coal Unjt Fruit (4)., Unit G & Im (1.2 RI( Sou Cal Ed...Apr20 12 !ll-ol!tnnuxnluk Exchange. e ] Uit of trading i South Ry pt Sparks Withing Spencer Kellog (80c) Splegel-May-Stern. . Stand Brands (1.20). Stand G & B (3%)... Stand G & E pf (4). Stand G & E pf (6).. Stand OIL Cal (h23%). Stand Oil Exp pf (5). Stand Ol NJ (12)... Stand Ofl N ¥ (1.60). Starrett (LS) (12%) Sterling Sec A... Sterl Sec.cv pf (3). Stewart Warner.... Stone & Webster (3). Studebaker (1.20)... Sun Ofl pf (6) Superior Ofl. Superior Steel. Symington A........ Telputogragh (1.40). 5 .. 208 = % P T R=T- T TSP IUP IV TR [PRe) e t Ax (80c) oller (3)... - @ 2. £y o v L1 U S Freight. 8 Gypsum 8 R U ESmolt& Rt! « Vadasco Sales Corp.. co Sales Cp pf. Vanadium Corp (3). Wabash RR (A) Waldorf Sys (1%).. xu’d Baking A. % | drifted IN QUIET MARKET Effect of Stock Reaction Seen on Prices of Senior Securities. BY F. H. RICHARDSON, Bpecial Dispatch to The Star. NEW YORK, March 13.—Bonds ;enenuy lower in de o lesultory A weak l'ock market was blamed for & moderate amount of necessitous sell- ing of bonds and, in addition, there was some relllzin for the purpose of se- curin or income tax puymenu. But these iacwrl were un it be- side the la amount of new bonds still undigested and the tendency of % | some investors to proceed cautiously be- cause of the check to the recovery in securities. ‘The postponement of the sale of New Ym'k State’s offering of $34,975,000 of to April 7 caused some disap- t:lnlment as reinvestment funds were held for it. Money rates were ged, with a tendency to ease. vo ume was off from Thursday’s levels. The losses were widest in bonds di- m"& -flwm by stock monmzmr sensitive y e Ty, Sy more. Nlckel Pluu 4 s were off over & point. Mobile & 5s and Prisco Alllndtl,élwerenwwenklndflwre were small declines in a long list of junior carrier obligations, cluding Seaboard Airline 6s, Missouri-Pacific M. 5s and 5%5s, St. Paul 5s and Adjus ments, Chicago & Eastern Illinois u and Bl.lflmor! & Ohio Convertible 4%2s. Prime issues were firmer, but even here the selling resulted in small losses in Atchison general 4s, American Tele- phone 5s, American Sugar Refining 5s, Canadian Pacific 4l5s, Columbia Gas & UNIT Lib3%s.. Y Allegheny 6 20 Allis-Chalm i w Am Metal 538 '34., Am N Gas 6138 '42., Am B&R 1st 63 °47. Am Sug Ref 65 '3' Am TET cv 4 %8 " » - BRSanpwBesnn~en - AmWat Wk 63°75., Argentine May '61.. Argentine 5% s *62.. Argentine 6s Ju ‘69, Argentine 63 A ‘57, Argentine 65 B '58.. Arm & Co 4% Arm Del 53843 Atchison gen 43 *9| Atchiscv 434841 At Gulf 58'89. . At Ref deb 53 - PETPI-TPPHWN - EIOQVI%I’". . B&O+ & Electric 5s, Consolidated Gas 51%s, |' !n'znuumul Cement 5s, New Haven , North American Co. 5s, Philadel- v Co. 5s, Union Pacific first 4s and amnwwn Sheet & Tube 5s. irly weak group were the oil bund.l. nohbly skelly Ofl 515, Texas Corporation 5s and Sinclair 7s. Amuse- ment company issues were active and strong, with Pathe 7s up over 2 points. Colon Ofl 6s gained a point and inter- national Match 5s, both the debentures and the convertibles, were impressively nri: in active trading. ga levels 1 to 3 pomu unm the close. Other. Sou previous ever, were m'onl speemly the issues of Brazil and the State of Sao Paulo. Europeans were featured by the ac- aval:y of mh!l h:rn h:uel, Young Plan were and so were Repara- tions 7s, but German Central Bank is- sues had a declining trend. There was stre) in Swedish, Norwegian, Danish and Swiss bonds. French, Belgian and Italian credits were quiet. The report that Denmark would seek & loan in this market was considered bullish. It was pointed out that Denmark and the Scandinavian countries had re- cently been refunding their foreign loans with internal financing, owing to the mmdmm obtaining in their In the new capital market [ 3 few small municipals were ('ml'n!d. There was talk, however, of an_early issue of Consolidated Gas and Jod. Penn. sylvania Power & Light hl"beenhlnnn:mmemnm- _ 9: Washington Stock Exchange Weston El Instr (1 ) . ‘Westvaco Chlor (2). Wextark Radio Strs. White Motors (2)... White Rock MS 143%. ‘White Sewing Mach. SALES. Clplhl ‘Traction 55—$1,000 at 81%,. 1“% Gas 6s “B"—$l, at Commercial National Bank—20 at 219. AFTER CALL. % %lm ‘Traction Co—1 at 35%, 10 at Wrigley (Wm) (4).. Yale & ’rowno (1) “es 4% 4% 2% CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, March 13.—The follow~ ing is & summary of important corpora- tion news prepared by the Standard Statistics Co., Inc, New York, for the Associated Press: News Trend. Fel tical report mmfl% morning by Rubber Man- ufacturers’ Association, shows no def- inite trend, favorable or unfavorable. Consumptior ith 1 seasonal decrease of around 4 per cent, and at the same tinie estimated stocks on hand Pebtunryflllhomnm.nox 18 cent over January increase in brokm lmm Teport- ed late yesterday of $20,000,000 over the preceding week to $1,819,000,000 more than recovered the lost last week, when a decline of $8,000,000 was reported. Prom one point of view this indicates a continuation of the upward trend which began February 4, broken only by last week's decline. With the total at its present relatively low level, however, it is difficult to rear great sig- nificance into these figures at this time. Placement of large orders by the Pennsylvania Railroad in embarking on its $175,000,000 electrification program, t between General Elec- together with higher 1030 earnings by International Match and Industrial Rayon, gave - favorable cast to the day’s coi news, counteracted in part by deferring of dividénd action by American Interna- tional Corporation and unhvonhle earn reports from other quarters. The Companies. Alaska Juneau Gold Mining 1930 com- mon share earnings, 58 cents against 71 1 1 , valj - cumyfl}m?hemwl & D!e vl ve of se- nound lflo flluewn defer ufi‘muow.m usually declared at this time; lyp-ldtleuhlnddpereemlnlwck !. bre-t-uv value Masrch 11 reported §: Colorada. Pacl 2 Tron 1030 com- ‘-:or; share earnings 41 cents against Crown Drug Stores, February sales up 55 per cent; two months up 71 per tht Corporation, cut from about unfll at start of 1930 to 151, January 1, 1931; has orders for over 200 Curtiss- new 5 $70,543 against net income $1,972,971, fll&l'l to lu,u mlhlreA ¥ = neral Electric expected 5p] $25,000,000 electric engine contract from Pennsylvania Railroad with West- inghouse Electric & Manufacturing. Ford Motor Co., Ltd.—German sub- sidiary sold 13,100 cars in 1930, fore- casts sales of 17,000 units for 1931. F. & W. Grand-Silver Stores—No xtensive expansion planned for 1931; appraised value of Canadian properties in for excess of mortgages. Great Atlantic & Pacific Tea Febru- ary sales off 4.3 per cent. Great Northern Railway additional $1,000,000 authorized for Oregon tnek age improvement bringing total to $! 500,000 lor California extension. Grigsby-Grunow deficit, six months ended November 30, $358,628. Hudson Motor Car—Reported nego- tiations for block of Canadian Durant stock denied. International Match Corporation 1930 egmmon share earnings $4.08 against 8. ' Industrial Rayon 1930 common share earnfngs $7.74 against $7.62. Kermath Manufacturing 1930 deficit, $41,000, against net income, $133,735. Loose-Wiles Biscuit 10 cents extra and 65 cents quarterly common dividends. Mavis Bottling Co. of America pro- pose exchanging common stock for new class A common shares on 1-for-5 basis; holders of new class A shares would be given rights to subsc.ibe to additional class A stock at $4.50 a share in ratio 1 new for 3 held. National Cash Register directors meet- ing adjourned until March 26, when dividend action will be considered. Noranda lu;n- 11;:2 ‘rio’nl:mon share earnings, $1.72, agal 91, Pennsyl vania oad $25,000,000 contract for electrical engines expected to be shared by General Electric and Westinghouse. Standard Screw 1930 common share earnings $8.16 against $22.75. Southern Union Gas $1.75 initial div- idend on 7 per cent preferred stock. Union Oil of California had 11,544 stockholders December 31 against 9,626 year previous. United Milk Products passes pre- !erred dividend; paid $1.75 January 2. un;hnuu Electric & Manufac- turln: expected to split $25,000,000 electric_engine contract from Pennsyl- vania Rallroad with General Electric. TIME MONEY FIRMER. Time money stiffened slightly last week, but call funds remained un- changed at the prevailing lowest level classes of money is given in the table that follows, for comparable periods, as calculated by the Department of Com- merce: v Time Call Week ended March 7. . 217 150 Wright J Power Associates quarter] mm:lm-chmeluA.nl{l Watch 1030 deficit Previous week . Same week last year + 200 150 4.50 4.00 m»mfluu, in months. The average rates for both | ity in Eng- | IFvine INDUSTRIES lISTED ON PROSPECT BASIS Chain Stores, Dairy Products and Telephone Included in Fa- vored Class, The position of leading lines of in- dustry as to prospects for 1931, is listed as follows by the Standard Statistics | iincoln Co.: Most promising—Chain stores, cigar- €ttes, dairy products, electric light and power, package foods, shipbuilding, tele- phone, specialty bakeries. Good—Flour and feed, refrigeration. Uncertain — Beverages, department stores, motion pictures, silk Fair—Agricultural machinery, auto- mobiles, automobile parts, automobile tires, bread bakeries, building, ed ast foods, cement, cigars, cotton goods, elec- | Security 1 equipment, fertilizers, gmachinery and machine equipment, mail order, meat packing, office equipment, rail- roads, railroad equipment, steel and iron, sugar refining, telegraj Poor—Aircraft, aj electrical household supplies, fs products, floor coverings, furniture, lead, leather, lumber, paper, petroleum, radio, rayon, shipping, shoes, sugar pro- ducing, tin, tractions, ete. 1 and zine. adoisdugars il Retail Sales Better. NEW YORK, March 13 (#).—Recent improvement in sentiment throughout |Fed.-Am. Co. the business world, initiated largely as a nlycholo(h:ll Teaction to stre the stock market, has likewise been re- flected ln mndmu degree in consumer buying, Standard Statistics Co. says. A survey of leading organizations in s e (8] National Unio In | & n%. e s“fi 10 at u?m—w s Bid and Asked Prices. Bid. Asked. 131 r & Ross, bia: Goustry Gl D.'C. Paper Mfs. 6 * | Cuba Nor 5% 2 1% Efllfl (7). 435 Wah R & Bes 50 ) Metropolitan’ Riges (155). d (9e) Washington =373 Amer. Bec. & Eudsh 28 San' e EHe3EE Sav. & Goi Seventh Street (12) United States (30). Washington Mechanics {20)...] FIRE INSURANCE. American (12) = 288%ans o 88! TITLE INSURANCE. Columbia (6h) Real Estate (6] [ Title & Inv. Co. Md. com . MISCELLANEOUS. Barber & Ross, Inc.. com... B ied: Bl 6) er. Bromo-Selz. Federal Storage pfe Fed.-Am'_Co. P1d. ( Lanston Monotype ( e varjous retail trade divisions lndleltns Th that demand, although still tty, somewhat brisker than dunnxm ey in- itial month of 1931, the company says. ———————— NEW YORK BANK STOCKS NEW YORK, March 13 W.—Om- the-counter market: BANKS, Bld. Asked. 6 63 3y, 04 81, 93 2400 1500 893, 300 Americs . Bk of U 8§ unl Chase _ex-div. Phenix 1% 265 3 % 30 537 118 la'l- cuf-w pea. i Flrmi, s Plant at Normal Capacity. BIRMINGHAM, Ala., March 13 (). —H. C. Ryding, president of the Ten- nessee Coal, Iron & Rallroad Co., dis- closed today that operations of his company have reached 70 per nnt nl capacity, which is even in times of widespread anmun-m Woodward & lxtn. 1931 FINANCIAL. Private Wire Direct to The Star Seles. Hish._Low. Close. STATES. in $1,000.) High. Low. Close. 10125 101 25 102 24 10224 108 26 103 29 101 20 10122 1 102 106 108 1 108 1 112 4112 6 104% 104% 131% 131% Int TAT cv434s’3d IntT & T bs 5 Ltaly Pub Sv 7, ll. Japanese 58 65 ‘3 McKes & R 6%s '50 Manh Ry 1st 45 °90 Market St Marseille Mex 4s asstd Mex 4sasstd nlo.. 83 | Mich Cy HB* 116% lfl2u 101% 63" 101% 101 4% 94U 108% 103% 103% 108 110% 110 106 104% 86 86 96 104 113% 113% 4% Midvale St1 Montevideo Ts 'll. . % | Nassau Elec 4n 101% 101% 101% 101% 7 © Fonmown~Eennnaonds MRamNe e BR&PittdYs '51. Canada 58 ' oy e - » 00 i 03 Ot bt 3 00 80 59 8.25. ® 2 Chi Un St 58 44 Chi Un Sta w0 = - rrRuEnnBuasnl MoNaN o BRAR e " C Am Sug col 88 Cszecho 8s 51. Del & Hud cv 5s'35. 3., Donner St 7s'42 Erfe 1st con French 7s " French Gvt 7 Goodrich cv Good 1st 6% Goody’r Rub Grt Trunk 7s Hungary 738 '44. .- I BTIistpf6sA.. 11 Cent 48 '52... Int Rap Tr b8 Int Rap Tt sta '66.. 32 Int Rap Trés’ 2 1 Int Hydro El 6s "44. 10 Int M Co 58 Int Ma:ch 6 a.a..um...afi— @ 61% "'& G’% G!% fi!\i 98% !l% 101 lW'fi 8 88 106% 106% 00% 99% 119% 119% 111% 111% 101% 101% 90% 90% 7% 9% 46% 46 68 67% 86 86 96% 96 5% 101% 101% 1001 99% 104% 104% 5% T4% 65 65 101% 101% 945 94% 99% 99% flflfi 17% IM 106% 995 99 110% 110% 101% 101% 9% 96 100% 100% 106 106 103 103 125% 124% Y 4% 85% 85 104 103% 9% 90 ‘lll% lll% 98% DB‘ 98% NY O&W 1st 4s'93. NY Rys llllfi'il. . Nord 6%s 50, Nor Am Ed 58 0?0( Wlli 561, . PacG & Ki 6343 Qi 99% | Queeniand 7s *41. Rem Arm: Rhinelbe is Rhine We: Riode Jan 6%s'62. Rio de Jan 8s "4 1 Rlu.b.“l'll. 58 Rome 6%8°53. . Roy D 4s'456 ww. S: Sao Pau 7840 rcts. Sao Paulo 85°50. . 4 Sea All Fla 63 A '35 Sea All Fla 6B '35 99% | Sinc Cr O 5348 '38. . Sinc PL5s‘42..... ll\‘ l!)!l lm 9 9% 93B% 94 96 96 106% 106% 82% 824 10!% 102% % 101% "\t ’ll 60 2% 103% 102% 102% 67% B5% o S a.:..o.-.e-=mo-..-..-.._»-=. ~Reavsma - = o - _.-n....u.’.‘...s..-...-'i_ - - e-=a~n 2 o BTTT PSS "o .o 83 83 83 100% 100% 100% 89% 89% 89% 9% 91 100% 100% 100% 81% 82% 1!% 2% 3% 97% 97 97 1 5 2 8 8 8 107% 107% 107% 834. 82 82 8 6% 17 5 97 23 102% 100 102% 102 1 100 1 ment 26 110% 109% 110% 3 112% 112% 1124 2 115% 116% 115% 4 103% 103% 103% 29% 99% 1 9 9 9 30 105% 105% 105% 5 106% 105% 106% 96% | ations SHOW FIRST GAIN Slight Increase for Week Ended March 7 Reverses Long Downward Trend. BY the Assoclated Press. A definite improvement in the coun- try's business condition on the horizon when the wl ofli'.y for the price index compiled by the Eee i el as MI with 758 the previous K 'l‘he index is the last previous ‘lln on April 5, 1930, which indicates 48 consecutive weeks of decreased or unchanged trends. Sentiment here generally is better. ‘This factor, though intangible, is hi 9% important. Contributors to this leéln( include the recent action of the stock market, the expansion of mlmuloper- and an excellent demand for cotton textile Latest m on steel operationsshow perating at more than 50 per GIANT INDUSTRIES RACE FOR MARKETS Engineers Busy Seeking New Uses for Many Different Products. .BY JOHN H. VAN DEVENTER. 8 £ § i ] gs 8F I «| PRECEDENT POINTS TO TRADE PICK-UP Merchandise Exports Showed Up- ward Trend After 1921 Recession. By the Associated Press. the current slump in Ameru:.n follows a curve set, in February, 1922. ‘There was consideral ble nk-_k-up in r the rest 95% 954 95 |3nd 97 96% ward. Our export business in 1930 fell to about the level o( 1922. It was 19 cent below 1929, which was hmum. as umnnmlly high. sEam economists have noted general trade improve- the Far East and South Sales, Hiy ol Ss'Shww., 1 'M'%h. A Utll Pow 5%s"47.. . 9 81% 81 Vert Sug 1st 7542, Vien: % 81% 1 27% 2TH% 274 2 88% 88 88 2 107 106% 106% 10 80 80 80 l l.l% 101% 101% 56 57% ’l 10‘ 106 106 . 67% 5 lflfi% l“% l“% 31 10 103% 103% lm Wut Unlon u”u'.‘ . 104% 104 l:;“ ick Spen cv 7s'35 10 1 10% 'lllfi 1st 6841, l llg* lfl" Yokohama 65’61 3 rmmfl. ot 1074 108 :m