Evening Star Newspaper, March 14, 1931, Page 14

~ WASHINGTON, D. C, IBOND LIST STEADY | Core vorx BONDS o secaave] Received by Private Wire Direct to The Star Office 10223 10223 103 25 108 27 10120 10120 10116 10130 10531 105 31 SATURDAY., MARCH FINANCIAL. ISURPLUS IN WHEAT ) SUPPLY ESTIMATED % 1017 | Trade Expert Believes Carry- ki #il over in U. S. Will Be 225,000,000 Bushels. BY WALTER BROWN. By the Associated Press. CHICAGO, March 14.—Tariffs and milling regulations in European coun- tries are obstacles American flour manu-~ facturers say they have difficulty in sur- mounting, particularly because of & stabilized wheat price that.is sevcral cents higher than the world market. For instance, points out Gilbert Gus- ler in a bulletin issued to.memters of the Millers’ National Federation, largest organization of flour manufactuvers, in Germany there is a provision for reduc- ing pative wheat in mixtures from 80 per cent in January to 75 per cent in February and March, 65 per cent in April and May and 50 per cent in June and July. ¢ FINANCIAL. TiiE EVENING STAR, 14, -1931. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. A—I14 ## O1L TRADE OUTLOOK " DECLARED BETTER| Stoppage of Drilling and Cur- tailment of Imports Aid Industry. —Prev. 1031~ High. Low. 12 3 Stock ana Dividend Rate. (Continued From Page 13.) Unit Electric Coal. Stock ana Sales— Prev. Dividend Rate. Add 00 High. Low. Close. Close [ 67% 514 Shell Unfon Oit 6 8 T4 E) [ 36% 27% Shell Un Oi} pf (5%) 3 57 56%| 1024 98% UnitG & Impf (5).. Shubert Theaters 14 7 6% | 31% 234 Unit Plece D W (2).. Simmons Co. 19 18% | 45% 40% U S Gypsum (1.60) Sinclair Con O11 (1).. 2% 13% 12% | 71w 54 Sinclair O11 pf (8)..+ 2 102%] on 3% Skelly Ofl. ... 5 7 Skelly Ofl pf (6). Solv Am pr ww 6% .. 4 South Port Rico Sug. s South Cal Ed (2).. S'Rubber 1at pf. South Pacific (6 S Smelt & Ref (1 South Ry (8). 2 2 24 137%4 U S Steel (7). Sparks Within 121 U S Steel pf ( Stand Brands (1.20 7 Unit Stores A tand G & E (3% ) 61 Unit Stores pf (4). Stand Invest Corp... 1 Unlv Leaf Tob (3)... BN wan) ;“ Util PEL A (et2.15). Stand Ol Exp pf (5). 22 RIS N Stand OILN J (12)... 142 Viloan Det pf‘l‘”_“ Stand Ol N ¥ (1.60). 38 y Starrett (LS) (12) 2 Waldorf Sys (13). Stewart Warner 3 Walworth Co (1) Stone & Webster (3). rd Baking A Studebaker (1.20) Sun O11 (J1)... Superior Steel Telautograph (1.40). 4 Texas P C & Oil Texas Corp (3). Tex Gulf Sulph Texas Pac Land Tr. Thatcher Mfg (1.60). ThermoidCo........ Thompson Prod 1.20. Iide Water As (6uc) Tide Wat Oil pf (5) Tobacco Products. Transamerica (1) Transue & W t1).. Tri-Cont Corp. . Trico Prod (21%). Twin City RTr (§4). Twin City RT pf (7) 10 Ulen & Co (1.60).... Und-Eihot-Fish (3). Un Carbide (2.60) Un Oil of Cal (2). Un Pacific (10) Unit Aireraft. Unit Aircraft Unit Biscult (2) 13 Unit Carbon Recent Decline in Junior Rail Securities Is Checked. US3%s 4T, US3Ys NY NH&H 3% US4%s's2.. 1129 1129 | NY NH&H 414867, Sales. High. Low. Close. | NY NH&H cv db 6s 0 ABItibI P& P6s'53 2 17 76% | NY O&W 1at & Allegheny bs'44... 3 80 Allegheny 5s '4: 2 79 Am IntCp & i 94% BY F. M. RICHARDS A Matal 8 in 4. i . | Special Dispatch to The Star. Am N Gas 615842, 26% cas | AT B&R 1xt 5s 47, 10214 NEW YORK, March 14.—There Was | am oun rent oo - 4 104% | Nor & Wn ev a considerable degree of improvement | Am T&T cv 4%s '35 Nor Am Ed 585 all through the bond list today. In|Am T&T ctrbs’46. Ig‘or Am Ed 5%s '63 particular, the rapid decline of junior | A™ T&T 5as £ 60 el Loty railroad securlues? Which has. bgg: a| Am T& 5% Nor Pac 38 2047. feature this week, was checked and re- | A™ W Wk Nor Pac 4343 2047 coveries of fractions to a point and | AmWat Wk Nor Pac 1§ 652047 more shown. . This movement paralleled | ATEentine s 45, Nog BtEw e ity the upturn in stocks and was aided by | ATEentine fs Ju 59, Notway $n:es. | the oversold condition that obtained in (R L e Gl REdseard L B many issues. n . N a3, Secondary public utility and indus- | $7™ & Co 4%s '39. Norway 6ot trial bonds also were higher, while the | AT™ Del 515 '43. Orlent dev 53;s '58. prime group had fractional gains all | ASsoc Oil 6s'3 Orlent dev 65 around. Foreign dollar bonds resumed | Afchison een 489 Oreg-Wash ¢ their recovery in impressive style, with [ Atchiscv 41is 41 = " advances running from 1 to 3 points, | AUStralia 4} 56 e N Money rates were unchanged, most 90- | AuStralia 5s'55 oy Cnitestoade day loans being placed at 2 to 21, per | Australia 55 & iy i g cent. Volume was slightly heavier than | AUstria is’43.... on Friday. R&O4n"4n. In the domestic list issues such as|B & O 43 ‘60 Miscouri-Pacific 515, Alleghany Cor-|B& O cv 4%s 33, poration 5s and Eris 5s. which had lost most ground, rebounded sharply todav, and smaller gairs were shown by St. White Rock MS t4% Paul adjustments, Chicago & North- Wilcox Oil & Gas. 4 western 43s. Missouri-Pacific general Willys-Overland.. . 37 € 6% | 4s, Frisco 4155 and Chicago Great | R & O Swdv 58 '50. Woolworth (2.40)... 130 { Western 4s. ‘This trend was followed B & O Toledo 48 '50 Worthington Pump. 36 by other junior descriptions, including | Relgium . O Wrigley tWm) (4).. 19 American International 5125, Armour of | Belzium 6% Yellow Truck. . 13% | Delaware 5! Chicago Railways 5s, | Rerztum 7; Youngs Spring (3).. Dodge Bm.c. 2 tGo;xdrtch 6s, Inte Belefum 7= *5 i 3 ‘ement 5s, International | Bolivar 7s '5! o sou Cat TS R . 2% 23 oy, | HVdrcelectric s International Match | Rolivia Ta ct tyidana taien i aives ot mfove H41AK e (e pnpuat i | SRS S DT o Latermatiunal| el via 4 37 | prymenis faged on the latest auurtarty:or hait Yeuly' detiarations | pribqore, 4 ¢S, Fathe Exchange s, | Bordeanx ta 195 | 0n nimit. B pas B o stock. & Pad lust sehs | Sinclair 7s, Texas Corporation S amd Me 5 4 | —no_re te. b Payable in stock. ayi ¢ Warner Bros. 6s 2874 | @ Pavable in cash or stock. { Plus 8% in stock. g Plus 6% in stock. High. B 1. b Pius 2% in stock. k Plus 37 in stock. m Paid this year—no res- gh-grade issues, which in recent 51% 51% \iar rate. n Plus #% in stock sessions had beenorced down fraction- | Brazil 7s. .. —|ally from their highest levels of the|PBrazil8s 41., NEW YORK BANK STOCKS year, recovered most of the lost ground. | Premen 7a*2 Atchison General 4s, for instance, again | EKlvn Elev 61,x YORK, March 14 ().—Over- L e e ot ‘Trading in the foreign department BANK STOCKS. Realty BY JOHN F. SINCLAIR. Speclal Dispatch to The Star. i NEW YORK, March 14—The out- ook for the oil business is much better. There are two reasons why it is look- ing up: First, practically all new drill- 1ing is stopped, for the present price of crude oil does not warant any further production. Second, the announcement by Secretary Wilbur, chairman of the Federal Oil Conservation Board, that all the major ofl importing companies, with the exception of the Standard Oil of Indiana, had agreed to reduce oil imports by several million barrels a year. Just how much, has not been anounced. But the agreement has been signed by the Gulf Ofl Co. d the Standard Oll Co. of New Jersey. The Royal Dutch Shell and the Pan Amer- ican Petroleum Corporation are under- stood to have agreed also to co-operate. ‘There are about 350,000 producing oil wells in the United States. Of these, probably 345,000 are small ones, aver- aging but 5 barrels a day. It's the other 5000 wells that bring in the BT Balvesanwann—asns wReANNRNNL~RRRNENAR RN anana RS Rt Ward Baking B Warner Bros Pict. Warren Bros (3) Warren Fdy & P (2). Wess O & Sn pf (4).. 2 West PaEI A (7)... 508 West Pa El pf (6)... 108 West Pa E1 pf (7)... 30s West Pa Pow pf (7). 30s Western Dairy B 8 Westing A B (2). 2 Westing E& M (5).. 137 Westing E&M pf (5) 10« Weston EI Instr (1), 3 Westvaco Chlor (2). Wextark Radio Strs. Saonw » o & anpuemeaRa Fealer e anBeBoSen - Native Mixings. Other countries insist that there be native mixings with imported rfours. Great Britain has declared a preference for empire wheat. In France a ministry failed because it sought to fix wheat prices at $2 per bushel. After allowing for normal carry-overs of wheat on July 1, the beginning of a new market year, Gusler figured that the United States would have avallable for export before that period 160,000,000 oushels; Canada, 190,000,000; Argentina, 140,000,000; Australia, 11,000,000, and other countries, 20,000,000. Estimating that between January and July the total exports from all countries would be 350,000,000 bushels, he thought the United States would supply between 30,000,000 and 50,000,000 bushels, leav- ing a carry-over in American elevators of 225,000,000 to 250,000,000 bushels. Previous Movements, Gusler reviews the performance cf July wheat in previous seasons. It has been at & premium over cash wheat only a small part of the time and rare- ly has provided a carrying charge. In six of the last nine seasons July reached higher and lower levels from February to July than it reached up to February. In one season, 1929-30, the tendency was lower, and in two seasons, 1925-26 and 1921-22, the range was higher. The trend taken by July delivery from December to the end of the season has varied in different years, but in the last nine the closing price at the end of July was toward the top of the range covered from February to August in three years, toward the bottom in four years and midway in two years. ASSERTS BANKS NEED » pRal BB ona neD Penncy 4145 6y, Penn gen 4 e B&O PRWY 42’41 Penn O&D 4%, Peoples’ Gas 5s Peru 6s°60. ., Peru 6s°61. Peru 7s '59. Phila Co 68°67..... Pnila & Read 65 '49 Phillip Pet 5139, 2 P CC&StL 4%s '77. P& W V4%sB 59, P& W V4%sCr60. foland 7s"47...... Poland 8s ‘50 £ Porto Alegre 85’61, Pos Tel & C 53 '53. Pure Ofl 5%s '37 Queenland 65 47 Read gn 4%s A '97. Read Jer Cen 4s ‘51 Rem Arms 6s A '37. Rem R6%s A " Rhinelbe RNine West 6 e [T PPN was marked by heavy buying of Peru-|Canada s 52, vian bonds. Gains of 2 to 3 points were | Can Na* 44857 Bid. Asked. | made, but the operations here were al- | i1 NaL 4% 602" 63}2 | most entirely professional and were at- | Can Nat fa o5 tributed chiefly to. short covering after | Cam Nar ayaan s Friday's declines. Current prices for | an nor o emenes® Peruvians cast grave doubts on the in- Can Pac deb 5 terest payment due April 1. Rio de e i Janeiro 8s gained 1'; points. 'r::: ;',:2 ;;s;"«o Cent Pac 4549 Washington Stock Exchange | Grow olehe s Ches Corp 55 °47 SALES. Chi & Eas 111 58 | IS | Washington Rwy. & Elec. 45—$1,000 at b ek S $1,000 at 38%. : Chi Grt West 45’59 Capital Traction Co.—10 at 35%, 4 at | Chi MEStP ¢ 1en 35, 100 at 35, 10 at 35. Chi M StP&P 5 75 Wash'ngton Rwy. & Eiec. pfd.—10 at|Chi M & St P ad) 5s 981, 10 at 981%. Chi & NW con 4% Federal-American National Bank & {Chi & NW 65 ‘36 America Low. ciose. | Decline in Construction of Resi- Tve a1t | 3 dences Is Now Believed e First Nau N Y | | at End. Harriman . | fanhat Co | | onEnISanneamEm - Rio de Jan 8s "4 R Gr De Sul 6 Rio Gr W 18t 4839, Rio Gr W clt 48 49, Rome 6343°52..... St L Ir M'nt 6831 Peoples Na By the Associated Press. TRUST COMPANIES, Construction associations and .iied | Bankers | groups here believe this year's volume | i3 | of building will be about the same s Cou 21 |last year, with a possibility of a 10 10 Canal ns:ruc 31 11 = | per cent increase. Last year's total 50 Gent T Pub Ser Bf. 93 25 | aggregating $5,000,000,000 was about | Mantfacturers .. 100 Cent Tl Sec........ 23 23 | the same as the last 10-year average, | Wesichester Title & Sent B3 W 357 | but under the level for the last five e | years. The decline in 1930 was ac- » St L&SF prin 58 B. StLS Wevis StLS W5s 52 StP& KCS L 4%s. o[San A& A P4s'43 *40 rets, big production, and cause the trouble. But with practically all drilling stop- and with a definite movement crystallizing toward curtailing imports, the oll industry should be about ready to turn the corner for the better. “Past history has shown that the oil industry changes quickly, and while we do not look for this to happen within the next few weeks, although no one can tell exactly, yet when it does come it will come suddenly,” says W. J. Woll- man, New York banker. 28% See End of Depression. 32:: Unit Corp David F. Houston, president of the| 3yi URIE COFpDE )5t Mutual Life Insurance Co. of New York, loz\(r c‘ollAegel pfisldent ;nge::"::.m; i re of iculture an Tetazy of e s e the Wi sammidies. | CHICAGO STOCK MARKET |INCREASE IN HOME tions, is firmly convinced that the busi- | By the Assoclated Press. | Dess depression has ended. CHICAGO, March 14—Following is | He thinks that inventories on hand | the complete official list of transactions throughout the country are at & 1oW|in stocks on the Chicago Stock EX- ebb, and that the demand for new | change today: goods to start the wheels going should | g\, show up any time now. 7 “With this advent,” said the former secretary, “trade and industry will re- celve new life and a general Nation- wide improvement will be noted.” Secretary Deak of the United States Department of Labor has the same feel- ing absut it. He has announced that the most encouraging sign in months has been the increase in the employ- ment in February of 1.4 per cent over January in the number of perscns at ‘work, and 7.5 per cent in wages. “It looks like the first sign of a general pick-up in industry,” said_this former railroad brotherhood labor lead- er, who succceded Secretary Davis as President Hoovers’ Secretay of Labor. “The present increase (February over January) compares favorably with those in years prior to 1930, and is the first satisfactory indication of a gen- eral upward trend since the stock mat ket collapse in October, 1929, concludes | Secretary Doak. Nei Insurance Plan. ! Insurance men ere disturbed over the | announcement that. Sears, Roebuck & Co. is preparing to sell insurance by mail. Articles of incorporation have been filed in Illinois for the All-State Insur- 8% 230, | to show the greatest improvement in 2155 2005 83y \coumed for by a huge drop in resi- dential construction. ‘This phase of the industry is expected the present year. The decline in resi- | dential construction had its inception in 1928, owing to overbuilding and high money rates. The slack during the last two years, and obsolescence, have | created a more than normal demand | for new housing units, it is sald, which is estimated to be from 300,000 to| 500,000 houses a year. More home building plans have been | announced and undertaken so far this| i|year than in a number of previous Banker Urges Care. “Much optimism is engendered by the suggestion that a billion and a half dollars are to be spent this year on public improvements. I believe in public improvements as I believe in progress in every sound direction, But the country staggers today under a burden of debt and taxes that it sus- tains only with the utmost difficulty, | and that the situation can be’ cured by the further use of credit for ob- | jects which in themselves are not only non-productive, but are a constant charge to maintain, and which are not directly essential to the health or wel- Trust—10 at 50, 10 at 50, 10 at 50, 10 at 50, 10 at 50. Liberty National Bank—3 at 185. Lanston Monctype—10 at 105, 10 at 105, 5 at 105%5, 4 at 1053%. National Mtge. & Inv. pfd.—100 at 47j, 500 at 47;. Peoples Drug Stores pfd.—10 at 1007, 10 at 100, 1 at 100!}, 7 at 100%. AFTER CALL. Capital Traction 55—$500 at-813;. W;:l}flngwn Rwy. & Elec. pfd.—30 at UNLISTED DEPT. National Press Bldg. 5';5—$2,000 at 60, $3,000 at 60, $1,000 at 60. Chi Rwys 58 °21. ChiRI & Prf4s'34 ChiRI&PA%SA.. C TH&SE in 55 '60.. Chi Un Sta 4= '63. C & W Ind 5%s'62. Chile fs'60. Chile 68 °61...... Chile Cop db 6s 47 CCC& St L5sD'63 Col G&T 58 May Colo & Son 4%s Colo & Sou 4% s '80. C C Md 1st rf 5s ‘50 ConG N Y 5%s 45, Copenhag 4% '53.. Copenhag 58 '52. Seab A L cv 6 . Sea All Fla 6s B '35 Seine 78 "4; Serbs-Cr-Si 83 Sheli Un Oil 55 '47. Sinclair Ofl 635’38 SmeO7scvA‘3l.. SineCr O 5%s 38.. Sinc P Lts"42..... 6s '3 Solvay Am 5s 42.. Sou Bel T&T 53 ‘41 Sou Pac ref 4s ‘65 w0 omareBmaneratronSene o~ BETTER PROTECTION A. B. A Official Urges More State Police to Guard Finaneial Institutions. Use by criminals of modern tech- nological developments, such as auto- mobiles, machine guns and airplanes, have given them advantages which old- fashioned local and disconnected police Cuba 515 45 systems are powerless to combat, and the situation demands the broader mod- ance Co., organized by 13 of the offi- | 200 cers of this mail-order house as in-| 1430 Grigsby-Grunow corporators 5190 HoudalileHer "A. Particularly interested are agency| > 10 Inierstate Bow managers, Who see in this new mail- order development an adverse situation, so far as the present agency system is concerned. Still there are plenty of them who believe that the insurance business is 100 complicated to sell the service by mail—that insurance is pri- marily an individual solicitation matter. How the mail-order rates will com- E:e with the r insurance rates not been set forth as yet. But this new insurance company’'s charter au- | years, showing a steady increase since |fare of the community as a whole, | Jamuary 1. “Fnis ‘market has defiated |Seems to me uiterly impossible,” says its oversupply and Les built up a de-| Melvin A. Traylor, president First Na- | mand_which is forcing increased con- | tional Bank of Chicago. 2632 | struction. = BT I The nature of the business ¢cpression |, 5 TREASURY BALANCE. The United States Treasury balance has made the controllers of building | loans very conservative, l'mtwlthnlnd-‘ £ ing the fact that savings deposits are |announced today as of close of business | &"% & 5ot & increasing, and building and loan asso- | March 12 was $67,113,190.40. Customs | Capital Traction ciations have added tremendously ta;;:«l:e;g‘n;szflrficthgr mnmmw date were | Cily & Suburban 5 | their assets. Inasmuch as ample funds |$11,930,283.76. Total ordinary expendi- | 5 s 9, |are available, it s expected rates will | tures, $980,141.02, Fotomas Hlec: 900553 %13 | become more Teasonable in the Spring. Wash. Alex. & e V. s I Smd) 9% | By far the greater part of the fore- Washington' Gas 4 6 V] thorizes it to write policies covering ac- 14 |closures and re e e DIVIDENDS DECLARED W cidents, health, burglaries and theft. 24 | relatively heavy during 1930, has been| NEW YORK, March 14 (#).— e oo o P of tontknoe ow % |liquidated. ~ Comparatively few fore-| S : has been so rapid that it has not had| “so Nat Un Radio ... 37, | closures are expected in the trade from ey e MISCELLANEOUS, the opportunity to develop a scientific 46% | now on, it is said. Company. Rate. riod. aple. ~ record. | Barber & Ross. Inc.. 6las. Nor Am. & 742 6 $1.75° .. Mar. Pet 2 | Chevy Chnase Club 5'.s. Mar. 15 | Columnbia Country Club i ern tion of State police systems, James E. Baum, deputy manager, Amer- % T wimah eetiatiny” depaTi e inve nt, 991; | declares in the current wotecn. ve sec- 105 |tion of the American Bankers' Asso- O e nasmelits Protecti & association’s ive Com- iyl O TR T 3 150, [mittee has repeatedly urged the ad- gl o ” } | vantages of extending State police ys- £ kgl v ) : 95t |tems beyond the nine Eastern States Third Av adj 55 304 ;2‘;;‘ ';e‘."f, S D P ), . um i LR 10934 | time’ has passed when W' can safely rely upon the disconnected and often- Un Pac 4 % 99% | times ineflective methods of local and Un Pue e 94% | county police. The advent of automo- Unit Drug cv 6s '63 100 |biles and better roads, to say nothing Utd King 6%s 37.. of machine guns and airplanes, gsxnn 1st 6. mands the same wide latitude in au- ruguay 6 | thority and field of operation be given than the e s Uruguay 6s '64 less Utah P& L 5844 g g Utll Pow 5%s '47 Vert Sug 1st 7s 42, Cuba RR 6= ctf ‘36. Cuba RRrf 74836 Cuba Nor 5142, Cuba RR58'52.... C Am Snug col 85 31 Czecho 8s '51. % Del & Fud rf 4543, Del & Hud 535 '37. Denmark 4 %= ‘62 Denmark 65 ‘42 D& R Gr &n 4s ‘36, D& RG W 5s'F5. .. Donner St 7s "42 | Duanesne 41467 | Dutch East 16547, Dutch East 165 62, Erfe 18t con 4596, . Erie Gen 4s. Erfe cv 5= '67. Erie58'75.... Fiat 7s war. .. Ftat 7s ex war ‘4 Finland 6s *45. Fla B Coast 55 French Gvi 7%s '41 Gelsefik'chen 65 ‘34 Gen St Cas 5135 '49 Gen Th Eq 65 ‘40 : 13, | German 538765 ) 135 » German Bk 6s'38. ., % | German 7s rep "49 Ger Gen E1 78 '45. .. Goodrich cv 68 "45. Good 18t 614547, . Goodv'r Rub 68 '57. GrtTr s f db 6 36. Grt Trunk 7s 40... Grt Nor 4% *71 B, Grt Nor gn 5%s '52. Grt Nor xen 7s '36. Hav El Ry 5%s'51. Hud & M adj 68 '57. Hud & M rf 58 '57. Hum O&R 6 %= 62 Hungary 7%s"44. . BT Istpf6s A, 11l Cent 4s 53. 111 Cent ref 4s . 111 Cent 4% 866 .. 111 CCStL&N 41%5.. I CCSIL&NGs A. . 111 Steel 43540 .. Inland St 4%s"78 . Inland Stl 451 B'S1 int Rap Tr bs 66. .. Int Rap Tr sta '66. Int Cement 5s * Int & G N ad 6s 52 int Hydro E1 6841, int Maich 684 Ing MM col tr 6: Bid and Asked Prices. BONDS. PUBLIC UTILITY. % Sou Ry gen 4s 56 Sou Ry bs '94 2B ¥ 52885882555y B 205854 5 8 S 2 B2 ae . BN [ ‘The general conclusion is that resi- B vt out 1 s Hirs M- 3% | gential building is at the beginning of | ance field. :g"_- | another Del:‘it): gg expansion comparable ¢ 18" |to that which began in 4921 after the Clwriant, 1930 by forths Aeticen News: 790 Polymet . * )55 253 | severe depression of that year. 100Q R B Devry Business Not 100 Quaker Oats 200 Reliance Int'l NEW YORK, March u.—nenuml Swife & Co.... F ecntinue to show strong buying interest | {55 B 2 317% | sence of any important amount of tems, i 71 Do 36 pf . e Dhited Gas Corp. 1312 | liquidation leads brokerage houses to | Gent Trust icui in the New York wholesile merchandise ¥ i 2 4%, | feel that the stock market is apt to| Lol o 175 markets Offerings of this nature are Rads : 3: 3% 32 hold in an irregular trading range.|ciny Un Steck yds dos snapped up quickly, while regular lines | 75%, | Probability of a technical rally in the | CItY Tr & Savings by comparison are practically neglected. | 3% | immediate future was mentioned in | ciey Trast Goor ¢l s ) & 1 | o4 An active demand is now beginning 5 Pump 3’;:‘ ‘f::'f quarters today. Comments fol: C°s“v.'.‘?3' A &Ji’:&fifi&"fié‘?&i {'.:Z‘,Z‘T;‘:e: nel X Qup ..l ¢ 212t Clark & Co.—tt is our opinion the | 9By G & Coke Sec Tags are due fo¢ strong popularity dur- 75 | securities market probably, for - the | Consol’ Paper ‘bi. i ing the late Spring and Summer. In 5% | time being, will move within a trad- | Dieang 2Iratt .o B Utirters’ the betlet 15’ G | ing range and reflect day to day news | T it . O Tabrie fyphe WI utarin | by sharp up and downward swings. In | (Piteer'l. . Jeathers for the coming season. 74% 74% | consideration of this outlook we con- | FIf Faional Bank s g B 72, | tinue to advise against making com- Retail radio shops offer a new and | 70m Chie Rys_ctfs 5 27 71 5" | mitments on_ bulges and recommend | S Beny % logical outlet for the manufacturers of | 1007 Ta 8alls Wack 6s '54 5415 | awaiting reactionary periods in which | “{fouisy) Tr Shrs.$2.50 electrical household equipment who are A - , | to purchase selected common stocks in | Pirst National Bank seeking additional markets, sales exec- | the various groups. i Megford “Mass) :z : | e r 3 % | ative course is to regars e Lou company recently completed an experi- ment in New Jersey, where it persuaded | BALTIMORE STOCKS. 8 radio jobber to take their complete |Sprciel DispaichtoThe Star, | line. The company reports it built up 7. Md.. March 14 — | Guara Tr Co (Clev) 43 - e STOCKS. Las downward trend elready established by | Ziiaeh To ° 138 WSS VO T S — !’);:; Arungel corpraiion 0% | the rails. However. we do not belleve | B b 1110 4% ack & Decker com: i 12, |t is logical to expect this trend to de- p M i o O as Lo OTIfA%: 2% | velop into a precipitate break. With | R pr t Bitc 8% pfd A:102'" |the specuiative public account pretty |Lycoming Mig 8 leted by the Associated Men's Neck-| 10 Consolidal Gas - ¢4 S 23 Consolidated Coal com.... thoroughly liquidated it is doubtful that | MeRen ‘D& Co 31xc any decline can display the semi-pan- | Metal & Therm pf.31.75 wear Industries, Inc, C. E. Strecher,| % gaiifarie P Co executive secretary, announced. 10 Fidelity & Goar. Fire Corp i com. . icky characteristies of 1929 and 1930. | Minn North Power ise Instead, we would look for an irregular | Do 4% “bi’ " b ¥, window display contest will be con-| 3% Service tinued this year, with $1,000 in prizes X sagging tendency. Hamershlag, Borg & Co.: It would to the retailers whose displays are Jjudged to be the most effective. com i b Cas. Co 1, | appear that security prices are again | Nat Pvel Ges......25¢ B Brandurd e Bouto. Go, com. 11 following rather than discounting the | Nev-Cal’ Elec i 3175 300 Standard Gas Zauio. Co. pfd.... news in the present,_phlegmatic state of e Weo, 40 Western Marviand Dairy pfd...0 the market. We would be inclined to | Provident T (Piffs) ‘32 BONDS. purchase nvestment issues on any de- | Brudent Inv 36 pr. cided recessions. 1st pt . 1090 United Bws. & Blee. It s e« a0 . Hornblower & Weeks: ‘The market is giving pround grudgingly and would 3 per Mfg. 6s. W. M. Cold Storzes Wash. Cons. Title 6s . STOCKS. PUBLIC UTILITY. ) criminal.’ He quotes a Kansas judge as saying that “our system of sheriffs and con- stables are not designed to meet pres- ent-day conditions. As a srstem of law enforcem. t it is as out of date as uld common law pleading, both evolved about the same time. The semi-mili- tary, highly trained State police officer, g;in:m:éle:émae only to s(uu laws, is . ective agency rder brought forth.” - Wl S “Every year le rol e oo e g o police proves the merits and urgent need of State-wide police protection,” says Mr. Baum. st year, for ex- ample, there were 38 bank hold-ups in Connecticut, Maine, Maryland, Massa- chusetts, New Jersey, New York, Penn- ;’Lfl“".; Rhode Isiand \and West Vir- o y e ice fo Ygstn Sn&T 587 operated,” he continucs. “Although this ——— - umnmece‘: e);::pnon-&y hli'h,‘due to an ented number of robi TEXAS CORPORATION. | KEFSSepics mumber, of fobberies in NEW YORK, March 14 (#)—The Mmore than half the number of daylight Texas Corporation, one of the leading | Pank robberies suffered in 1830 in Hii- units in the petroleum industry, today | 5 yopberiss in- s ot Cpaius, total of ;:lx_w:;:g a sharp reducticn in earnings | was e::gngedl’:n%:lfi?r;h. wheras:;e'f': 55 were ank hold- e ncome, after, all deductions and | where banks suffered 40’ simiiar atar, ; 073,303, equal to $1.53 | " 1T we extend the compavia Lp s a share, s compared with 1929 net of | robbery experience In these Stater coc :fi:fié;"’}é.n‘l'r 3512 a share O s | Joving State-wide police Drotection. o unt of stock. Tecor stock is on a §3 annual dividend basis. | Westore stais, ety Central and Far Western_ States, we find a tot £t A bank hold-ups in the latter lro‘l}p?"l;‘g: FOREIGN EXCHANGE. (Quotations furnished by W B Hibbs & Co.) Nomi old Selling checks Do. 'pf .. CIII,AGAI Bread L(g : Va Ry 18158 62, Wabash 24 63 39 Wabash 5s-D 80. Wabash 515 75 V’alworth 6s A ‘45, Warn Br Pic 65 °39. Warn Quin 6s 39 Warsaw 75 ‘58 West El deb 5s 44, West Md 5% West Pac s West Un Tel West Union §s ‘60 Wil-Ov 1st 645 "33 Wil & Co 1st 65 °41. Brokers’ Comment o pI B Cent ~Illinois 60 pi . Do 7% ‘pi. | | | 6% pfd Pot. Elec. Power 513 pfd Wi wy. & Elec. com. ‘7] Wash. Rwy. & EL pfd. (5).. NATIONAL BANK. Capital (14). Columbia (12} ; Commercial (st | District (8) . ik Fed.-Amer. Natl’ Bk & 1. (2). Liberty (7%). ¢ NEW YORK, March 14.—The ab- bt ey 19 e hnlBaRona Rumon Second (9ej 1} ] Washington '(13) TRUST COMPANY. 2c Benk Shrs o Stock sales today. 48.000 shares | SAVINGS BANKS, Bank of Bethesda (65) ] Al Gi 5004 Chi City Ry ctfe Bond sales today. 366,00 y Sav. & Seventh_Street (12), United States (30).. ; Washingtoft Mechanics " {20) . FIRE INSURANCE. American (12) | through recent support points as indi- | £238,%) Oy, A | cating the probability that the market | Garcld st Bk (Gni) 3 | in general js feeling the influence of the | Guard Del Un Grp. 50c » ~aSarnaalalunran=Rean poe=n » Plans for promotion of neckwear on Father's day, June 21, have been com- odds, therefore, continue to be TITLE INSURANCE. inst thy Columbia (6h) . Real Estate (6h) """ Title & Inv. Co. Md com Int Pap 5s A "47 MISCELLANEOUS. Int T&T4%s ol Me: orp. « 2 Sl Bnnd”&s(in\‘el}ldqfl : 565 | 1 an Fravat e o LTI . Italy 7s '51.. 99% | At ol £ stock, poultry, ce, ete, Fede "0 13 | ttaly Pub Sv 18 '52. 935 Descta. 3e i Moreover, 'these State p Inpanese 5% °65. . 96% varlably vield an operating profit in Japanese 6% ‘64, . 105% A L na e hCP&L4%s'57.. i 1023 ers interested in cuttin . 137 1 Kan City Sou 3s ‘50 cost of robbery insuran . . 2 Y ice might well fd. (61 Kan City Ter 4s '60. consider this job of extending Sta ®) G} Karstadt 6s 43.... 2 lice systems as g ly, m"fi: Kend 5168 4% ww. . pass timely, Kreug & Toll 55 '59 s > be undeftaken ‘alongside the de the speedy, co-ordinate Ppolice and their moderndn:::’:lno?'fim&"f portation and communication. The same comparison holds true of the far- mers’ losses h of live st Naf 65 Houston Oil y 8 Manufacturers’ Fin. Cn. com . asualty Co nt. R @ o5 Business in women’s gloves this Spring has shown improvement from the standpoint of larger sales and profits for a good many retailers, the trade reports. Style trends havs favored increased use of this accessory, particu- larly long gloves, which are now re- ceiving extensive promotion. . crown Stockholm, ¢ TREASURY CERTIFICATES. . Mtge. & Inv. ! Peoples Drug Storés p Real Est M. & G. pfd. PREFERRED STOCKS. Ttere® Orders for suits and topcoats furn- ished th: bulk of activity in the men's wear wholesale markets in New York during the first half of the week, resi- dent buyers report, and as a result sales were somewhat larg:r than those of the revious week. Purchase of furnish- gs continued on a par with the pre- NEW YORK, March 14 (Special).— The strength of preferred stocks in the face of irregular movements In common stocks ccntinues to be an outstanding feature of the market. Recetly there probably be disposed to rally sharply in might develop in the current news. Jackson Bros., Boesel & Co.—We feel that a return of heavy stock market liquidation is unwarranted despite the possibility of somewhat lower prices in case any favorable industrial situation | Ea 'd & Lothrop com. 37 Woodward & Lothrop pid. (7). 107 *Ex dividend ¥ b Books closed. nase e extra. Laclede 5%s C'53. . Lautare Nit 63 ‘54, Leb Val s 2000.... Lig & Myers 5851, Loew's 65 war 41.. Loew's 65 ex war Lorillard 6s ‘51 . Lorillard 53837, (Reported by J 2 (Reported by J & W. Seligman & Co) Ju 1931, Ju BANK DIRECTORS VOTE TO CUT DIVIDENDS Special Dispatch to The Sta: SHORT-TERM SECURITIES vious period, it was said. have been sh-ri advances in the Ameri- | the near future. issues, with the 5 — i Der L &N 4%s2003.... can Power & Light issues, AR R Unlisted Department. %s i b Sun " Life (Can) Buying for post-Easter promotional events is expected to assume importance in th> New York wholesale merchandise markets beginning next week. A num- ber of buyers have indicated their in- tention of being here at that time and several group meetings d-aling with post-Easter apparel and accessories are scheduled. per cent stamped preferred up about 10 points from its low. The American Smelting second preferred, which was issued last year at a premium and de- clined afterward about 9 points, has recovered all f its loss. Other pre- ferred shares that are at the highest of the year today are American Sugar, Baldwin Locomotive, Commonwealth & has drifted into another rut of dull- ness. It is any one’s guess which way it will break out, but the small amount of liquidation indicates no wide-open break is threatened at the ute. The burden of bad news is grof heavier, however, and attempts to force the leaders up are meeting greater resist- ‘an 32 Texas Uth ©a ht 2175 Unfon Bk & Tr (Log (These securities, not iisted under exchange rules.) ’ BONDS. Bid. Asked. Army-Nay; 9 96 Cosmos Club_41ss.. "] Commereial Club' ist Mayflower Hotel 6. Metropolitan Club 47" National Press Bldg. st McKes & R 514850 8 4 % n& co Man Ry 2d 4s 2013, Man S Ist Tl '42 Milan 6%s ‘52 5 Mil E Ry & L 6861, tP&SSM bs gid. M SIP&SSM 6% MEK&T Lst 4 MK & T adj b 5 S5¥eS5558- s s s o Southern, including the 1} per cent di- |ance. vidend that just n_subtrac! L, —_—— GERMAN EXPORTS GAIN. | Gold Dust and Aichison. Consolidated el Gossoets S S By the Assoclated Press. Gas, General Motcrs, Electric Power & eh1 Corporation. B T (PUts A substantial gain in Germany’s ex- ufi;lm’i .fle‘:'-rlc' ?gen'g sl;z h!:;re ere % YORKherch 14 (Bpe;i;l)';h— SR ':;rmu rts of construction machinery dur- | Wi @ Ir n of gl Nehi rporation dealers ente e o 25% : 3 <A year 1931 with inventories 45 per cent | —— : Neicapitol v poi ing 1930 tended to offset unfavorable . o tions type of 2 smaller than a year ago, .o Northeast Savings Bank. sy for the ;::.:‘m% Im- The Revolving Restaurant. C. A. Hatcher, president, in a letter | Lavrence Cott atills 52 8 Park Savings Bonk Nat Bk of Aust.11%% A sumnhn for the Chicago World | to stockholders. He also emphasized is ul of & wr:v:l'viuhrut:?xnm to [the fact that new merchandise would on Mo Pac gen 48 " Mo Pac 53 A " Mo Pac bs F '77 Mo Pac 55 H '80.... Mo Pac ref 65 '81... 4 Mobile-Ohlo 5s '38. Mont Tr 1st bs '41.. Mont P db bs A 62 Nat Dairy § P s gton 6" 1 Shell Union Washin N inclair G ‘Woodridge-Lans " d same time' the directors blnkmlddeln-c:n ‘nlthn special reserve of $7,500,000. The b-nk: , surplus and undivided profits $65.008.008, " 3 FaR 4 H 9 050 030000200 Hdp OO DOOO HID DODDODOOOOOOOD OOOOOLD: O O @ © © O o © OO m DO OOD LOOO OO OO PLOO £O Warlineman'e FE T IE HE L S LR H: e Omitted. a column. | be offered the public through added |Midland Nat G A1-40sh . Feb. 3 6t | G chapnuie i e ness Sids o SR BATER g BRE deemed it wise to a Tather rigid omiod Mines, municipalities, rallways -and credit policy which brought about a TOX®® $175 @ Due Mar. other organizations of South Africa are considerable reduction in the f afa on concentrating their buying in the cen- stocks of concentrote ggned by bot- ‘ tralized commercia} exchange at John- . tlers,” he explained. wa SN