Evening Star Newspaper, March 16, 1931, Page 14

FINANCIAL. iz “BRAZIL IN EFFORT T0 PROTECT LABOR Décree Limits Imports of Ma- chinery Which Displaces Workers in Industry. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, March 16.—Has the war against labor-saving machines begun? Men—thousands of them—yes, hun- areas of tnousands of them—have seen " “their jobs slip out from und:r them, 'beeause new machinery was built which would do the work of many. It is an "“old sry now. Yet organized labor has never raised any atronz‘cry against it. Why? Because new industries some- ‘how, up to now, have always been found to take up the labor slack. . But now President Getulio Vergas of Brazil has raised the issue squarely by signing a decree limiting the importa- tion of machinery into his country. And why? For two reasons: First, to halt " the growing unemployms:nt, and second, to_curtail overproduction. Something new, this! Under the presidential decree, which has precipitated widespread_discussion * throughout South America, all machines used for increasing production in any industry, already established, are not allowed. But Brazil does allow ma- chines for new industries to be brought in. Incidentally, it is the textile industry in Brazil, which will feel the effect of this new decree more than others. One suggestion in this conn:ction is worth study. It is this: Let machinery which displaces labor pay into the gov- ernment a royalty equal to the amount of labor cost saved, and let this fund be used as an unemploym:nt fund to pro- vide for those whose labor has been displaced. New Textile Policy. Henry P. Kendall, 53, textile manu- facturer, is largely responsible for the movement now under way in the textile cotton industry to abolish night work for_women, The cotton textile institute decided to ~put the policy into effect whenever 75 T cent of the companies voted to join in the move. Already more than 80 per cent have agreed to join, so the experiment is now being yndertaken. Mr. Kendall, whose own company has worked out a unique profit-sharing and stock-ownership plan, suggested this policy for two specific reasons: First— to restrict overproduction, so prevalent in the industry today, and second—to bring about a reform badly needed. Such an issue raises many others. ‘What' will be done with the women who are displaced by this new program? Will they get jobs in -the daytime rather than at night? If they are given daytime jobs, can production be curtailed? If the industry has not sufficient support to cajry the present numbers of textile employes, what con- structive plan has the cotton textile institute in mind to secure cther work ¢ for those who are thus deprived of their .+ opportunity to labor? shows the complexity of the i issues involved in this simple proposal. . Urges Silver Conference. . _ Francis H. Brownell, chairman of the ¢+ board of the American Smelting & Re- | fining Co., wants a world silver con- + ference to be called immediately to deal : ‘with the price of silver. According to this recognized silver ¢ authority, the drop to 30 cents an ounce ; and less was not due to the overpro- + duction of silver, but to the placing on the market of 35,000,000 ounces of sil- ver yearly by the government of India. ‘This nation has gone on a gold basis, and as a result has been trying to un- + load its huge stock of 400,000,000 ounces ¢ of silver on the world market. But who + wants it? The great silver nations of * the world before the war were China : and India. Now both of these nations + are attempting to get on the gold basis. . That'’s the rub! « _If the governments of India and Great “Britain (the silver-selling countries) ‘were to agree not to sell silver below fair price, the present silver situa- tion would pass, said Mr. Brownell. But for the United States to loan !, $250,000,000 worth of silver to China, « such as was suggested by the Pitman ' Committee of the United States Senate « in the last session of Congress, would only make it worse. Imagine the farm- . ers of Australia telling the hard-pressed » American wheat farmers that they » would loan them another 250,000,000 . bushels of wheat to tide them over the « wheat crisis. 5 . Yet that's about what a silver loan &« to China means! American Exports. Every one knows now that American + exports in 1930 amounted to $2,841,407,- 090—and American imports to $3,061,- 369,000—a decrease of 21 per cent and 31 per cent, respectively, compared with the year 1929. But this decline was not due pri- marily to lower volume; it was largely due to lower prices. For the foreign trade of the United States is still better than 30 per cent greater in volume than in 1913. The decline in volume last year, ac- = eording to the New York Trust Co., was % actually no more than between 12 and %15 per cent since prices of both exports * and imports were ful'y 15 per cent lower < than they were in 1929. « Dr. Max Winkler, New York invest- ment banker, estimated recently that at the end of 1930 American investments ir forelgn securities and actual proper- ties had reached $17,528,000,000. Of this amount, about $7,500,000,000 Tepresented so-called direct investments —namely, the ownership of branch fac- tories, and other income producing properties. While the balance was in securities of foreign corporations and governments, purchased by American citizens. How can all this money be paid back? Only by allowing these countries to sell | for utilities was due to a limited switch- | to the United Siats to _pay for the goods we sell to them. The time has arrived when a definite foreign trade policy should be worked out by the United States in its dealings with the Test of the world. Investment Policy. T. B. Macaulay, president of the Sun Life Assurance Co. of Canada, told his stockholders at the annual meeting that life insurance companies holding in- vestment securities permanently might, in unusual times, be wise in taking profits. “Common stocks have one undesira- e feature,” observed Mr. Macaulay, “their liability to fluctuation in market value. This is less pronounced in the case of preferred stocks and bonds. Nevertheless, the Sun Life continues to buy common stocks. For the com- pany invested $26,000000 more in com- mon stocks during 1930. ) The report of the company separates its bonds, preferred and guaranteed stocks and common stocks, into three groups. It gives the book value for each group and the market value at the close of the year. In 1930, its bond holdings had a book value of $89.471,000, a decrease of $2,219,000' for the year. There was also & decrease of $3,515,000 on the book THE EVENING STAR, WASHINGTON, D. C., NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page Sales— Add 00. High. 2 2% Pathe Exchange Patino Mines. .. Peerless Motor Car.. Penick & Ford (1)... Penney (J C) (2.40). Penney (JC) pf A (6) Penn Dixfe Cement. . Penn RR (4). Peop Drug Strs (1).. Peoples D S pf (6%) Fetrolm Cp of Amt1) Phil Read C& I..... 7 Phillips Petroleum. Plerce Oil . Pillsbury Flour (2).. Pirelli Italy (a3.14). Pittsburgh Coal pf. . Pitts Terminal Coal.. Pitts United Corp. .. Pitts Unit Cp pf (1)} Pitts& W Va (6).... Port R Am Tob A 3% o 9 S UL TSI CH PSSO TS T Prairie Pipe L (3)... Proct & Gamb (2.40) Proc & Gamb pf (5). PubSvE&G pf (6). Pullman Corp (4)... Punta Alegre Sugar. Punta Aleg Sug ctfs. Purity Bakeries (4). Radio Corp s Radio Corp Radio Corp B (5). Radio-Kelth-Orph A. RR Sec 1C stk C (4). Raybestos Man 2.60. Reading Ry (4). Rels (Robt) & Co. Remington-Rand. Rem-Rand 1st pf (7) Rensselaer & Sar (8) i Reo Motor Car (40c). Republic Steel...... Republic Steel pt. Revere C & B pf (7). Reynolds Metals (2) Reynolds Tob A (3). % Reynolds Tob B (3). Richfield O Rlo Grande Rossia Insur (2.20). ¢« Royal Dutch m1.3404 Safeway Stores (5).. Safeway Strs pf (7). St Louis & San Fran. % St L-San Fran pf (6) St L Southwest pf... Savage Arms (2) . Schulte Retail Strs. . 4 Schulte Retail pf (8) 13 Seaboard Air Line - Seab Alr Line pf Seagrave (60c). Sears Roebuck 32%. Second Nat Inv. Servel Inc.. Sharp & Dohme. ... i Sharp & Do pf (3%4). Shattuck F G (t1%) Shell Unfon Ofl Shell Un Of}.pf (5%) Shubert Theaters. .. Simmons Co. ... .. Sinciair Con O11 (1) Skelly Of1 Skelly Oil pf (6) Salder Packing. Snider Packing p Solv Am pr §w 5%.. 4 South Port Rico Sug. Sou P Ric Sug pf (8) South Cal Ed (2) South Pacific (6) South Ry ¢8).. Sparks Withing (1). Spencer Kellog (80¢) 4 Spicer Mfg. . Spiegel-May-Stern. . ‘s Stand Brands (1.20). Stand Gomel Tob. Stand G& E (3%4) Stand G & E pf (4) Stand G & El pf (7 Stand Invest Corp Stand O1l Cal (h2% Stand Oil of Kan (1) Stand OIl N J (12)... Stand Ofl N ¥ (1.60). Starrett (LS) (12%) Sterling SecA...... Sterl Sec cv pf (3). Stewart Warner. . Stone & Webster (3). Studebaker (120)... % 57 101% 2 45 14% 445 21% 214 3 33 14% 37% 20% 530 Divid Prev. Low. Close. Close. 2 2 2% 4 13% 314 4 13% 3% 43 36% 971 4% 59% 30 & 100 Texas C Tex Gul 4 Timken Timken Tobacco Truscon i Un Carbf 4109% 0% 98% 116% 1105 531 1 L Unit Afr Unit Bisq Unit Pies U S Frei| s s s S s U u U u AU u J u U u Stee| U S Steel Unit Stoi Unit Sto s s s s S iv Pip Vanadiu; v Wabash Waldorf Warren Wi Warren West Pa West Pa West Pa Western Dairy B.. 3 Western Western Unfon (3 Westing Westing Westing E&M pf (5 Weston El Instr (1). Westvaco Cblor (2). Wextark Radio Strs. White R Wilcox Ol & Gas. Willys-Overlan Willys-Over pf (7 Wilson & Co. . Wilson & Co pf. Woolworth (2.40) 3 Worthin; Wrigley, Yale & Towne (2) Yellow Truck. . Youngs Spring (3).. RIGHTS—EXPIRE. Sou Cal Sales of Stocks on N Dividend rates as payments based, on the latest <) 3 Unit of trading 7% 14% in stock. "sPayable 20% | ~bo regular rate. 7 e i n'Plus 5% in stock. Sun Ol pf (6). Superheater (2 Superior Oil. Superior Steel. % Symington'A.. 4 Texas P C&Ofl. Texas Pac Land Tr.. Thatcher Mfg (1.60). Thermoid Co. 4 Third Avenue Thompson (J R) (2). Thompson Starrett. . 4 Tide Water As (60c). 5 Tide Wat As pf (6).. Tide Wat Oil' (80c) Tide Wat Ofl pt (5).. Tobacco Products. % Transamerica (1). e Tri-Cont Corp....... Tri-Cont Corp pf (6) Trico Prod (2%) Und-Elliot-Fish (8). 4 Un TankCar (1.60) Unit Aireraft....... 112 Unit Cigar Stores it Corp pt (3). Unit Electric Coa; Unit Fruit (4). Unit G & Im (1.20) Unit G & Im pf (5) U S & For Secur. U S & For Sec pf (6). 4 US Gypsum (1.60).. ndus Alco (6).., Leather P &F 18t (1.20).. S Realty & Im (3). Jniv Leaf Tob (3)... iv Pic 1st pf (8) iv Pipe & R pf 4 Utll P&L A (e12.15)., Car Chem. Walworth Co (1). % Ward Baking A s Ward Baking B Ward Baking pf (7). Warner Bros Pict Warner Quinlan. r Bros cv pf (3) Stock and end Rate. orp (3).. £ Sulph (4).. Det Ax (30c) Roller (3)... Prod A t95¢. B AR DRANRNS RS aN Stl (g1.20).. ide (2.60): 2 P [ craft pf (3). cuft (2)... 29% 51% ! 9 102 3018 o & O < R < LT ce D'W (2) ght 1., 1pf (7) resA.. res pf (4). pe & Rad . m Corp (3) RR Sys Bros (3). Fdy & P (2). ELA(T)... 50s Elpf (7)...110s Pow pf (7). 60s Md. . AB2). E&M (5).. 104 10s 2 37 6 ock NS 4% . gton Pump. 4 7 1 1 3 9 9 (Wm) (4).. 7 Ed..Apr20 11 2% 2% York Exchange. N « .900 000 - 1400,000 300.000 1,200,000 siven |, less u in scrip. P s 1P ! stocl in stock. | € Plus 6 in stock. m Paid this year—no reg- CORPORATION REPORTS 'RENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, March 16.—The follow- ing is a summary of important corpora- tion news prepared by the Standard Statistics Co., Inc., New York, for the Associated Press: Weekly News Review. Lack of significant movement in the seeurity markets last week, while not | offering great encouragement, was not ! without some favorable aspects. The reaction from apparent over-enthusiasm late in February was halted. Further- more the definite shock from the unex- pected dividend cut by such an im- portant market factor as New York Cen- tral failed to cause any general depres- sion of prices outside of the roalroad group. On March 13 Standard index for 90 ks stood at 137.5, unchanged from its level on March 6. Action of groups composing this general index figure was not without interest. It has been ob- served before that opposing tendencies of rails and utilities have been a feature of recent markets, and this opposition was again noticeable to a marked de- gree. Under the influence of the New York Central dividend reduction, the index for rails declined 2.4 points to 96.4 on March 13, from 98.8 March 6. and at the same time utilties advanced 39 points to 194.8. It is not improb- able that some of the week’s demand ing from emils, in anticipation of pos- sible future unfavorable dividend action by other railroads following the con- servative policy of the New York Cen- tral. The bond market declined slightly, after absorbing in most encouraging fashion heavy offerings, particularly of railroad issues, early in the week. Standard index for 30 bonds declined 07 points to 969 on March 13, from 97.6 March 6. The largest decline of the constituent groups was recorded bby | rail, falling 1.7 points to 101.9 March 13. Ilacement of orders by the Pennsyl- vania Rallroad in embarking on its $175,000,000 electrification program was welcomed by the equipment industries. A small decrease in railroad carload- ings reported for the week ended Feb- ruary 28, a holiday week, was not con- sidered unfavorable. Reports of a slightly favorable nature were also re- ceived from the copper industry, show- ing reduced refined and blister stocks, the largest part of which, however, was made up of reduced blister stocks. C:E- per price dropped Vs cent late in the week, but immediately recovered. Cou reported as a little month before. An increase in brokers loans was re- ported on Thursday, amounting to $29,- lower than the value .of 831490,000 of preferred and guaranteed stocks. This made a de- preciation of approximately $5,735,000 on the first two groups of investments, which showed an aggregate market value on December 31 last of $115,- 227,000, against & book value of $120,- 96: But the book value of its common stocks, however, showed up much better. ‘The book value showed $296,058,000, while the market value at the close of the year was $304,559,000, an apprecia- tion of $8,500,000. course, made three weeks ago by a considerable amount since. « ight, 1931, by North American News- CopTTIEht, 1o iper Alliance.) 000,000 above the preceding, more than recovering the ground lost by the de- cline of the week before and in effect continuing an urwlrd tendency that started February 4. ‘The Companies. American Beet Sugar offers contracts to beet growers of minimum of $5 2 ton, against $6 last year.. Colorado Fuel & Iron receives 10,350- ton rail order from Western Pacific Rallroad Co. Columbia Graphophone, Ltd., rts Ean for merger with Gramophone red prémature. Ex-Cell-O Airchaft & Tool—1930 ton stocks, also, on February 28 were | General Motors—All Oldsmobile de- partments on full time. Gobel (Adolph), Inc.—1931 poundage | sales holding at level of year ago, but dollar volume off because of lower prices, Greif Bros. Cooperage January quar- ter class A share earnings, 26 cents, | against $1. | Howell Electric Motors passes class A and B dividends; paid 25 cents on A stock and 2 per cent dividend on B | December 31. | New Erigland Telephone & Telegraph January gross up 0.5 per cent: net after taxes up 4.7 per cent. New, York Central Railroad. — Ru- mored plan to make Crowley ehairman and F. E. Williamson president denied. Pet Milk 1930 common share earn- ings, $1.56, against $1.26. Radio - Keith - Orpheum subsidiary, Trans-Lux Movie, opens first unit in | new chain of daylight talking picture theaters. y Sangamo Electric, 25 cents quarterly | common dividend; paid 50 cents for- merly. Sears-Roebuck denied planning shift in location of retail stores from outlying districts of cities to central shopping districts; to build $2,000,000 store build- ing in New Orleans. Standard Cap & Seal 1930 commcn share earnings, $3.44, against $3.33 ad- justed for 100 per cent stock dividend in 1929. ~ POLICY OF RAILROADS TOWARD TRUCKS RAPPED By the Assoclated Press. Policies adoptzd by American rail- roads toward the growing competition of highway transport agencies, particu- larly motor truck service in freight haul- irg, were vigorously criticized at Inter- state Commerce Commission hearings from the standpoint of railroad users. ‘W. H. Chandler, speaking for the Shippers’ Conference of Greater New York and the Merchants’ Association of New York City, said the railroads | “were doing little but appealing for | new regulatory legislation that will in- | crease the cost of transportation serv- ice.” l Cost studies demonstrated, he said, that highway truck service in general was paying its way. He said railroads generally should |go into the field of operating such trucks and “learn the facts for them- selves.” He recommended that the commis- sion allow rail carriers to make joint rates with truck and bus lines for the purpose of co-ordinating facilities. He advocated also that rail carriers be per- mitted to route freight by trucks when this was advantageous. LOANS OF $12,886,950 TO FARMERS APPROVED By the Associated Press. | The seed loan office has approved loans totaling $12,886,950 to farmers in the drought arcas out of the $45,000,- 000 fund appropriated by Congress. | The total number of loans approved to date is 24,598, Memphis still leads in the number of loans with 48,610 for a total of $7,615,200. Loans approved at’other offices were: St. Louis, 22,113 loans, $2,716,131; Washington, 9,910 loans, $1,555,058; Grand Forks, 2,308 loans, $751,708; Fort Worth, 1,648 loans, $248,763. . An adult man should weigh about 110 CHAIN STORE SALES DROP 4.9 PER CENT Record for First Two Months of | This Year Compared With 1930 Figures. Special Dispatch to The Star. ’ NEW YORK, Mgrch 16.—According to a compilation issued by Merrill, Lynch & Co,, 51 chain store companies, including 3 mail order concerns, show total sales for the first two months of 1931 of $547,306,540, against $576,080,- 739 in the corresponding period of 1930, a decreas: of 4.99 per cent. The 3 mail order companies alone show sales for the first two months of 1931 of $82,984,778, against $96,205,193 in the first two months of 1930, a decrease of 13.82 per cent. Excluding the mail order companies, 48 chain store com- | panies show sales for two months of | 1931 of $464,321,762, against sales of $479,785,546 in the same period of 1930, a decrease of 3.22 per cent. Sales for Pebruary, 1931, as reported by 52 chain store companies, includ- ing 3 mail order comcerns, show total sales of $261,869,167, against $278,605,- 971 in February, 1930, a decrease of : 6 per cent. The 3 mail order com- panies alone show sales for ‘February of $40,780,042, against $48,454,578 in February, 1930, a decrease of 15.83 per cent. Excluding the mail order com- panies, 48 chains show sales for Feb- ruary of $221,089,125, against $230,151,~ 393 in February, 1930, a decrease of 3.93 per cent. Of the 51 companies which reported for the first two months of 1931, 26 companies showed increases over first two months of 1930, while 20 companies show increases in sales for February, 1931, over February, 1930. | Business Notes NEW YORK, March 16—Consistent reorders for Easter apparel furnished considerable activity In the New York wholesale merchandise markets during the past week and the volume of busi- ness was well sustained. A feature of the buying was the sharp increase in commitments for men's and boys’ wear, clothing in particular being sought for the Spring showings. ‘The General Arbitration Council of the textile industry has decided to recommend a standardized arbitration clause in sales contracts. Arthur S. Sutcliffe, for 25 years di- rector of sales for the Americal Mills Co. of Waterbury, Conn., has retired. Trading_in canned foods was a routine affair during the past week. No particular price changes resulted. Some factors in the tri-States continue to hold their standard tomatoes at 672 cents factory, despite recent pressure, which caused the market to fall off to 65 cents factory. The continued demand for light- weight linens for dresses featured ac- tivity in the linen market in New York last week. There was some call for heavier linen for riding costumes, blue and black being the colors preferred by style-leading cutters. pounds for 5 feet in height, with five deficit, $154,364. Rubber reduces salaries 10 per and one-half pounds added for each inch above this figure, declare European experts after a survey of the healthy. —_—— — Cuba’s constitution is modeled after that of the United States, v BONDS ARESTEADY N QUET TRADING Market Maintains Strong Un- dertone—U. S. Group Is Strong. BY F. H. RIWHARDSON. Special Dispatch to The Star. NEW YORK, March 16.—Bonds were strong in quiet trading today. Even the admission of $594,193,650 United Siates Treasury 3%s, redeemable in 1941 and due in 1943, did not in- crease the market's activity, These are the recently issued bonds brought out in the Treasury's March refunding pro- gram and chiefly necessitated by the soldiers’ bonus bill. Trading was opened in them at 1015 and later they went to 101 18-32, That is a little bet- ter than a 3.17 per cent yleld basis, which is about where the rest of the Government list is currently selling. Money rates were unchanged, with 90- day loans at 2 to 24 per cent. Today's new issues total:d about $17,- 000,000, of which $15,000,000 consisted of City of Detroit tax anticipation notes maturing in six months. They were sold on a 240 per cent yield basis. The slight premium at which they were quoted mirrorsd the continued demand for short-term high-grade paped. Large portions of last week’s new offerings were still on the hands of dealers today, with little prospect that this weck will s°e any large amount of new bonds. In the outstanding list, the feature was the slow return of railroad bonds to last week’s highs. Prime issues, of course, not having moved down far, were the first to recover. There was some irregularity in for- eign dollar bonds, but most price changes were on the side of advance. German government 5ls wers only a shade better, but Reparations 7s, Ger- man Central Bang 6s and 7s, German municipal bonds and industrials, like United Steel Works 6,s, had wider gains. Austrian issucs “were at new tops. Italian, Belgian and French bonds remained firm, and so did most other European descriptions. Poland 7s, how- ever, were off 1'; points. In the South American list, Sao Paulo 7s of 1940— the coffee loan—gaincd 2 points on further favorable reports on service on the issue. The results obtained by the Sao Paulo Coffee Institut> in regulating the flow of coffee under the loan have exceeded the requirements of th> bond in every instance so far. South Amer- icans generally were firm. Washington Stock Excha\nge ' SALES. Capital Traction 5:—$1,000 at 817, $1,000 at 81, $1,000 at 81. Washington Rwy. & Elec. Cons.—4 at 425. AFTER CALL. W;:l,l/lngwn Rwy. & Elec. 45—$1,000 at Y /2. Washington Gas 6s “A"—$1,000 at 1013, $1,000 at 101%. Capital Traction 55—$2,000 at 81, $2.000 at 81, $1,000 at 8113, $1,000 at 81%;. Washington Gas 55—$500 at 104. UNLISTED DEPT. National Press 5125—$1,000 at 60. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer Tel. & Telga. 435 '33... Amer. Tel. & Telga. 4135 '3.... Am. Tel. & Tel. cil. tr. 3s. Anacostiy & Poi. R, R.'5s 093, | Chi M StP&P 85 '16 MISCELLANEOUS. Barber & Ross, Inc. Chevy Chase Club ias Columnbla_ Country Clib D. C. Paper Mfg. 6s. v W. M. Cold Storage 55.... Wash. Cons. Title 6s ....... STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel (9) Capital Traction Co. (). Wash. Ga sBEEERSE com. 77) Wash. Rwy. & EL ptd. (5) NATIONAL BANK. Capital (1), Colu 3 Metropol. Riges (15) Second (9e). . Washington ' (i3) . A TRUST COMPANY. Amer. Sec. & Tr. Co, (15). Continental Trust (6)... ' . Natl. Savings & Trust (i2i) Prince Georges Bank & Trust. Union Trust (85)..... ..... Wash. Loan & Tr. (14). 2 SAVINGS BANKS. Bank of Bethesda (61)....... Commerce & Savings (10) East Washington (12)....... Potomao _(10)... Security Sav. & Com. Bk. Seventh Strea (12) United States 130) gl Washington Mecnanics (20). . FIRE INSURANCE. American '(12) Corcoran (10). Firemen’s (8). . National Union’ (i) st TITLE INSURANCE. Columbia (6h) . i : MISCELLANEOUS. Barber & Ross, Inc.. Col. Med Eldg. Corp. (6) Col. Sand & Gravel ptd, (7 Dist. Natl. Sec. ptd (7) . Co. Fed.-Am. Co. pfd. Lanston Monotype er. Tr. & Stor. Mer. Tr. & Stge. pfd. (1), Mergenthaler Liziotype (6) Natl. Mtge. & Inv. pfd. (8) " Peoples Drig Storés ptd, (61:). Real Est. M. & G. pfd. (8) Security Starnge (de), *Ex dividend b Books closed. ext c50c extra. €1%2% extra. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co) Rate—Maturity Bid, Ofter. %s June 15, 193 2 1 5. 1 ) 1t 15, 1 Sept. Dec.” 15, 1932 SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Bid Allis-Chalmers Co, 5s 1 0274 American Tel & Chile Copper Co. 5 Gen. Mot, Accep. Corp 65 1 General Phtroleum_Corp, 85 1940 General Theaters Equip, 63 1940 ips Petroleum Bure Ofl Corp. 5! Shell Union Oil Co. Sinclair Crude Oii Co. 5% tandard Oll N. Jersey 85 1946 Standard Ol N’ York 4%s 1951 8t. L. Ir Mt. & So. Ry. 5s 1931 St. L Southwestern Ry. Union Oll Co. of Calif United Drug Co. 58 U. 8 Rubber 55 1941 Western Electric Co. Wheeling Steel Corp. Wheeling Steel Corp. A igt 920 MONDAY, MARCH 16, 1931. FINANCIAL. [ v BONDS o v W Y Received UNITED STATES. (Sales are 1n $1,000.) les. High. Low. Close. . 112 10125 10123 10123 102 26 10223 10223 103 27 103 26 108 26 10130 10127 10129 105 31 10531 10531 112 6 112 6 112 6 . Low. Close. 2% AT 87 Lib3%s. Lib 1st 43;s. . Lib 4th 4% US3%s’eT US3%s..... US#%s52.. 15 16 50 25 Abitibl P & P 6; Adams Exp 4s'48.. Allegheny 6s ‘44... Allegheny 55'49. Am Chain 6s'33. Am F P 55 2030 lAm 1GCh5%s 49 Am IntCp5%s'49. Am Metal 5%s'34.. Am N Gas 6143’42 Am S&R 1st 5547, Am Suz Ref 6537, Am T&T cv 4%8'39 i 87% 81 Am T&T 5% Am W Wks 58'34. . AmWat Wk 6575 Argentine 63 Oc ‘59 Argentine 63 A ‘57, Argentine 63 B '58.. 1 Arm & Co 43539, Arm Del 54543 Atchiscv 43541, . Atchison zen 4395 Atchison adj 4s'95. Atch Arlz 4%8°62.. At& Danv 4s'48... At C L st 4s°'62. AtCL4%s'64 At Gulf 5559, | At Ref deb 55 3 Australia 4%s '56. Australm bs ‘5. Australia §s 57. Austria 1543, Bk of Chile 6 Bl 28882 B & O Toledo 45 ‘50 B&OP&WYV Batav Pet 41558 '42. Belgium 68 5! . Belgium 6% . T PISITE IOV fo P 9 -3 Belglum 78 °55. Belgium 78 °56. . Bell Tel Pa bs B '48 Beth Steel pm 58'36 | Beth Strf o8 ‘42, Bolivar 78 '8 Bolivia Ts ctf: Bolivia 83 45 Bordeaux 6! Bos & Me s '55 Brazil 6%s '26. B =) P 8= - aurans 50. BR & Pitt 418 '57. Bush T Bldg 5s '60. Canada 58°52. . Can South 58 '62. .. Can Nat 4%s "54... Can Nat 438 °57... Can Nat 4%s ‘68... Can Nat 438" Can Nat 5s July '69. Can Nat s Oct "69. Can Nor 6%s db *46 Can Nor 7s deb '40.. Can Pacdeb 4s..... Can Pac 58 ctfs '44. Can Pac 4 %3 "60. Car Clin & O 6s 5. Cent Pac 58 60, Cen Ry NJ g 5 Cert-td deb 6 e e Chi& O 43%8 B CB&Qgen s’ CB&Q 1strf b8 =N 5! ChiM & St P 4589, Chi M&StP 4345 C.. Chi M&StP 4%s E. NENRNARR SRR RGO R N RN R AR E e Chi M & St P ad) 6s. Ch&Nwn 4%s 2037. Chi & NW con 4%s. Chi & NW 6%s '3 Chi Rwys bs 27 Chi R1cv 4%s'60. ChiR1&P4%sA. Christiana 6s “54. CCC&St L 4%s E Clev Term 5s'73 Clev Term 5%s “olomb 63 Jan '61.. Col G&E 53 May 52 CC Md 1st rf 5850 ConG N Y 6%s"45. Con Pwr Jap 6%s.. Con Pow Japan 7s.. Consum Pow 5s Copenhag 4%s '63.. Copenhag 5s ‘62. ... Cuba 6%s 45.. Cuba RR 6s ctf '36. Cuba'R R 58°52.... Cuba RRrf 7383 Cuba Nor 535 "42 C Am Sug col 3 Czecho 8s ‘51. Del & Hud rf 4s"43. Denmark 4%s '62. . Denmark 5% ‘65 » PPN a tom wornedBanBn snBueBallronaBronneaflanas: Det Ed G&R4%5'61 Dodge Br ¢l 65 '40.. | Duquesne 434 67, Dutch East I Mar ! Dutch East I Nov Dutch East 1 68 '47. Dutch East 1 63 °62. East C Sug 7%s 37 Erfe 15t con 45 '96. . Erie Gen 4s. s Erie 53 '75 Erie & Jer 65 '55. Flat Ts ex wi - X OGN EED RRE AN A Fimland 7s French 7849, Gen St Cas & Gen Th Eq 65 '40. German 5%s 65 German Bk 6s ‘38 German 6%s ‘50 German 7s rep "49 Goodrich cv 68 °45. Good 1st 6148 "47. . Goody'r Rub b GrtTrsfdb Grt Nor 4%s 17 E. Grt Nor gn 5%s '62. Grt Nor gen 7s'36 Greek 65 '63. ., Gulf Mobile 55 '50. . Hav El Ry 5%s '51, Hud & M rf 58 57 Hud & M adj 68 °'57. Hum O&R 6%s '62. BT istpfss 4 111 Cent 4s *52. 111 Cent 4% s 66 111 CCSTL&N 4345 11 CCSIL&N 65 A 1l Steel 40 Inland St 4% Int Rap Tr b Int Rap Tr sta ‘66 Int Cement 58 Int & Gr Nor b5 Int & Gr Nor 68’52, 22 Int&G Nad 6s'52. 10 % ‘4 Int Hydro El 65 '44. 18 Int M Co 5sret '41. 406 Int Match 58 47 52 Int MM col tr 65'41 4 Int Pap 68 "55. Japanese 518 8 96 96 Japanese §%s '54.4 19 106 106% by Private Wire Direct te The Star Office ¥ g KCP&L4%s'ST. KanC P&LSSA 52 2 105 38 50 50 Kan City Ter 4s '60 KanG & E ¢%s 80, Karstadt 6s 43 Kreug & Toll 65 ‘59 104 Lackaw St 53 '50. .. LacG St L 5s 34... Laclede 515 C '53. Laclede 51 s D '60. Lake Shore 45 °31. . Lautare Nit 63 54. . Leh Val cv 4s 2003, 1 3 11 17 2 Lorillard 58 ‘51 Lorillard L & N unf 4540 L &N 4352003 Lou G & El 55 52 Lyons 6s34....... MeCormack 6s'34. . McKes & R5%s'50 30 Manh Ry 1st 4800 25 Market St 78°40. Marseille 6s ‘34 Mex 4sasstd 19 Midvale Stl 55 '36. . M StP&SSM 6%s. . MK & T Ist 4s°90.. MK&T 43 B 62 MEK&T4%s 3o Pac gen Mo Pac5s A '65. .. Mo Pac 58 F '77 Mo Pac 58 G '78 Mo Pac s H '80 Mo Pac ref 5s ‘81 Mont Pow 5 Montevideo fs 59, , Montevideo 7s '52.. Nat Dalry 5% s '48. Nat Rad 6%s '47... Nat Ry Mex 4s '51. NOT&MEsA '35, NOT®& M5%s'54. New S Wales 657 7 ew S Wales 6358 24 YCgn3%s'97... 9 Y Centdb4s'34.. 14 Y Cent 41452013, 1 YCreim s 2013, 6 Y Centdh 6s'35. 2 NY CLS ¢l 3%8°93, 10 NY C&StL 4%s'78. 52 NYC&StLé6s"32. NY NH&H 3%s '54. NY NH&H 45 '55. .. NY NH&H 438 ‘67, 15 NY NH&H cv db 6s NY OXW 1st 4892, N N N N N N N V Tel 6341 N Y Tel 49 Nord 6%5°50. ... Nor & Wn cv 4596, NorOT&L 6s'47. Nor Pac 4897, Nor Pac 4%s 2047. Nor Pac r{6r 2047, Nor St Pw 6= B "41, Norway 55'63 ... Norway 5% '65. .. Norway 6s 52 Norway 6s 43 Norway 6s *44 Oreg-Wash 61 Orient dev 533« 58, Orient dev 6s 53... Penna 4%s D '81. Penn gen 413 Penn 4%s'70. . Penn 4% 63, Penn 5s 64. Penn gen 55 '63. . Penn 6% '36. Penn O&D 41 7 Peoples’ Gas 5. Peor & E 1st 4 Pere M 1st 55 '56. Peru 6s°61. .. Peru 7 '59.7 Phila Co 58°67. Pnila & Read 63 Phillip Pet 535 '39. Plerce Oil deb 8s. .. P CC&StL 414577, Poland 7s 47. Poland 8s 50 Porto Alegre 85 '61. Por RT am 6s Pos Tel & C 5y Prague 7%s 5 Pressed St C 55 '3 Pub Sv G 4%s'70 Read gn 4148 A Rhinelbe 75 "46. Rhine West 6s ‘52 Rhine West 6s '53 Rhine West 7= 50, Rich Ol cal 6 44 Rlode Jan 6148 '52. 2: Rio de 85 °46. 41 17 1 Rio Gr W clt 48 '49. RTIAr& L 4%s'34. Rome 63s°52. . Roy D 4s 45 ww. StL&SFindsA 78 St P Un Dep San A& A P4s Sao Pau 7s *40 ret. Sao Paulo 8s ‘50 Saxon Ts 4l Seab A L cv 68 '45. . Sea All Fla 6s B '35 Serbs-Cr-S1 7s '62.. 13 Serbs-Cr-S183'62.. 1 Shell Un O11 63°47. 13 Shinyetsu 618 '52. 2 S'nelalr O11 6148’38 15 Sine O 7scvA'37.. 22 SineCrO5%s'28.. 12 Skelly Oi151.5°39.. 4 Soissons 6s '36 Solvay Am 58 42. Sou Bel T&T & SW Bell T 55 A ‘54 5. Sou Ry gen 4= ‘66 Sou Rv 6% '56. St Oil N J 63 '4 StOIN Y 43%s 51, Sweden 5148 '54. Swiss 535 '46. Tenn Cop 6s "41. Tenn EL P 63 A Tex & Ark 5%8'50. 20 ‘Tex Corp v Tex & Pac 65 C'19. Texas Pac 55 D '80, Third Av ref 4s 60 Third Av adj 5s ‘60 Tokio 5%s'61.. Un Pac 1st Un Pac 43 '68. Un P1strf552008. 5 Unit Drug ev 6s°63 13 Utd King 6%s U S Rub 1st bs "4 Uruguay 6s ‘60 Uruguay 6s 64 Uruguay 8s '46 Utah P & L 65 "44. . Utll Pow 58 '69 ww. 1 Utll Pow 5%s "47.. Vert Sug 1st 7s*42. Vienna 6852 ..... Va Ry & Pow 63 ‘34 Va Ry 1st b3 6: Wabash 4%s 78... Wabash 1st bs 39, Wabash 24 Wabash 54%8°75. .. Walworth 6s A 45, Warn Br Pic 6s'39. 4 Warn Quin 6s'39... 1 Warsaw 7s ‘5| . st Sh 1st 48 2361, West El deb 58 West Md 4s 52 West Md 6% West Un Tel 68 '51. West Union 55 '60. Wh Sew Mch 6s 40 Wh&LEev Wil-Ov 18t 6%s ‘33, Wil & Co 1st Yokohama . Ygstn Sh&T 68 '78. 89 1 4 5 4 2 ¥ 3 1 1 nnfs for their country, China is never used by the Low. Close. 102% 105 98% 81% 101% 105% 948 938, 100 102 1074 95 1041 " 1063 74% | lower grade weig 106% 9454 93% 100 103% 107% 95 6| | *| gave live stock & set of values all cate- . | Bories may have to work hard to hold *i| The momentum carned light LIVE STOCK PRICES AT HIGHER LEVEL !Further Gain Depends on Extent of Shipments This Week. BY FRANK I. WELLER, Associated Press Farm Editor. . Last weeks typical “storm” market if this week starts with a heavy roo. 25 to 50 cents higher, fat cows 50 to cents and added 50 cents to $1 on heifers and mixed yearlings. Light hogs gained 65 to 85 cents over the pre- ceding week and heavies 35 to 50. Pack- ing sows were up 25 to 40 cents. Even shoop and lambs advanced 25 cents. It was one of the most unusual price periods of the season and came in the wake of two weeks of steadily advancing values. Mast of the upturns. however, came with the blizzard and heavy snow, which materially contracted early receipts. That naturally brings forth the ques- tion whether they will endure and, if not how much of the advance can be maintained in the face of larger runs? Seasonal Demand. Some believe that the seasonal de- mand for light-weight carcasses is at hand.and will keep the spread between nedium light cattle and well finished heavies relatively narrow. All light cat- tle, whether stecrs, yearlings or she stock, came in for robust demand last week and moved with a celerity that was in sharp contrast with the peddling closing market on well finished" heavy bullocks. The cow run was very small and relatively few butcher heifers showed up, which may account; in a measure, for killers concgntrating on _elther ity bullocks or light steers and yearlings to the detriment of good and choice weighty steers. Shippers combed the yards to fill ex- isting orders. Naturally, low-priced steers shot up, carrying stocker and feeder values” with them. Since killers had to go short, the trade anticipates a good market for the low-bracket stock this week, even though receipts expand as a result of current advances. In the event of a 20,000-head run today, which is not unusual, the trade expects weighty steers to continue un- der pressure. Medium grade heavies also may sag, and while lightweight, low-priced offerings may slow down, it probably will take a few days to de- , press prices in line with the way well 258 5 3! finished heavies now are having to sell. Dressed-Beef Market. The fact that the dressed-beef mar- ket cooled off after prices had been marked up considerably helped to ex- * plain the closing ‘slowness on better grade weighty steers. They had started the week sharply higher. Too, while the storm cut down the early run, re- ceipts increased later, making the we;{k's totulhlnrger h:hxn a week earlier, low much of the supply abridgment in hogs can be attributed to the bliz- zard and how much to the depletion of supplies is problematical, but it gen- erally is conceded that the storm was mostly responsible. Supply at 11 prin- ;| cipal markets was 20,000 head smaller than the previous week and 17 cent under the same period a year £ Live prices were helped by the fact that supply shrinkage and storm con- ditions pushed the fresh pork market higher, loins advancing $3 to $4 or more {:r u:;hh‘lghest point since last Novem- . ippers were aggressive buyers, taking 34,600 head at Chicago com- pared with 22,000 for the first four days of tbzkwee‘: before. week’s top on was to lhe'-gr!floul high mxrhok“a! '.hzmyur. while the est adverage cost was $1 above that of the low time of the year. Lamb Market. Fat lambs at Chicago were sensitive to demand rather than supply and worked steadily higher, while early re- ceipts were strong, then eased off when there was but a comparative handful of choice stuff left. Strictly choice lights sold within 10 cents of the sea- son’s high and there was a bright side to_the closing trade. The slump in demand for feeding and shearing lambs had probable cause in the narrow fesding margins, seaso: high death losses, nearness of the Spring lamb season and, to a certain extent, the undetermined outlook of lamb prices. BY GEORGE T. HUGHES. Alabama Power. Sperations and ah analvls of the capitel structure. Mr. Hughes will di bonds as well as stocks, but will present the facts without any attempt to recommend purchase or sale of spectfic securities.) Another company, public interest in the securities of which is confined to the bonds and the prefered stocks, is Alabama Power. This is controlled by Commonwealth & Southern Corporation through ownership of all the common stock. It serves a large number of com- munities in the State of Alabama chiefly with electric light and power, having disposed of all of its gas properties over a year ago. — Except for 1930, when there was a slight recession. due to the business situation, the company has a record ol constantly increasing for seven years. The statement for the 12 months ended December 31 last shows earnings of $17,910,572, against $18,33 201 in the pre year, and net in- -come of $6,225,768, against $7,228,552 for the preceding 12 months. This is over $18 a share on the total number of preferred shares outstanding. There are three series of these Jare- ferreds, all of them cumulative and all of them of no par value, one paying $7 annually, one paying $6 and one paying $5 a year. The $7 issue is outstanding in the largest amount, and all of them have an equal claim on earni at their respective dividend rates. e $7 preferred is callable at $115 per share, ‘t‘;‘d the $6 and $5 preferred at $105 per share. L Most of these stocks are held in the territory in which the company oper- ates. but there is a good over-the- counter market for the $7 issue in New York At recent quotations the yield obtainable on this investment stock was over 6 per‘;:‘ent. Ifi‘hnvl;loumht::e attraction, inasmuch as apprecia- tion is limited by the call provision, but for income it is considered highly de- sirable. The bonds of the company en- Jjoy a high investment rating, all of the various issues selling to yield less than 5 per cent. - . National Cash Register. DAYTON, Ohio, March 16 (#).—The annual report of the National Cash Registcr Co. issued today shows that during the past year the company earned the preferential $3 per share dividend on class A stock and $2.25 a share on the combined A and B stock. have many t the word Dividends of $3 per share on class A and $1.50 on class B stock were paid. Net earnings of the company for the year 1930 were $3,584,830 as compared to $8,339,639 in 1929. PARIS BOURSE PRICES. PARIS, March 16 (#).—Price changes the Bourse A loan, 103 francs 50 «centimes. on London, 124 .francs 14 centimes. The dollar was quoted at 25 francs 55% centimes, - 2