Evening Star Newspaper, March 16, 1931, Page 15

FIN CURB SHARES GAIN || NEW YORK CURB MARKET IN'SMALL MARKET Public Utilities Stocks Con- tinue to Feature Trad- ing Activity. BY JOHN A. CRONE. * Bpeclal Dispatch to the Star. NEW YORK, March 16.—Curb mar- ket prices worked higher in today's dull session. Public utilities displayed the most uniformly upward trend in the forenoon, but oils and miscellaneous industrials showed signs of increased activity around midday. Electric Bond & Share was whirled tn anticipation of its annual report, to be made public Tuesday. Citles Service joved more in response to natural gas an to oil develppments. International Public Utilities respond- ed o the cheerful tone of the London market. This movement benefited such issues as Hydro-Electric Securities, International Superpower, Italian Su- perpower A and American & Foreign Power warrants. Quebec Power opened off 2% points and some of the other Canadian utilities, by comparison with eo;:h‘unenm power and light firms, were 0! Lackawanna securities and Pennroad Corporation reacted, reflecting recent selling of the rails. Motors again came in demand under the leadership of Ford Motor, Ltd,; Stutz Motor and Durant Motors. Part of the play in Durant motors doubtless was due to the announcement that assets of Durant Motors of Canada ‘would be acquired by a new company, to be known as Dominion Motors, Ltd. Nash Motors will hold a substantial in- terest in this new company and produce cars in its plant. Stutz Motors unfilled orders at the start of March were four- and-a-half times scheduled shipments for this month. Douglas Aircraft rushed to a new high for the year. This move was based on special buying operations predicated on the transfer of the stock to the big board. General Aviation later turned Eureka Pipe Line opened frac- tionally as a result of the decline in erude oil deliveries during February re- by the 11 companies of the old ol -Kansas Line shares, showed little of its bouy- ancy of Saturday’s session, it Corporation enjoyed one. & s enjoyed one usual wide swings as it th an arc of some 8 points. Mead-Johnson in the food specialty list was up 3 its at times before the food or pack- shares much over, See- Vacuum Oil made the best in the Standard Ofl list. Inf ‘Trading was lower among the invest- ment trusts, perhaps due to postpone- ment of on the common divi- dend. The company received an ex- ogoer of oue rflu:e ol'n ‘Trans- rporation for two Intercoast Trading shares. SILVER QUOTATIONS. NEW YORK, March 16 (#).—Bar sil- ver, 31%. e NEW YORK BANK STOCKS NEW YORK, March 16 . —Over- the-counter market: o il BANKS, Bid. Asked. e P Pirst National N Harriman 52 :4"35’5!; 13- i Cdoggers Sty ] 2 3: 9 2 29 HE £ pl » wumnbaauSao PEgo! e Tty 9 5 H 3 ] 2 3 ._.g—.- —“finmna—!»fln.‘—“m-;.;-&-‘-nmn—umu—“" = e By ) 3 f ] g . 4 i B5! 5 Q g g ] ) oy oo 3 5§§ g SEQaRoE, Cadeady’ 2K - 13 g o, nnh awé:i‘ 2 r§ HAAAAZLZLZ! 3" ol ema0ogt i WRSE 222338! % g o: - i oy T 7iit 2588 aue ooy PREZ £8gs ; figi . g ¢ St aaEgRe e s3E3n3Egn Iz £REE Y @ EEE 282888 Ey L t £t EEEEEE 2 323 g5 i *g o g !‘E Ei”» 5 S‘géissgfi 8338 388 SR - 555 83IBVITIE; = b BEe wavssmare 1 ‘Ww—With warrants. Ew_Without warrants, S When sssued. NC1AL "unfl.\nm t.bm dl:lum&d g :hn:l;ut:;drn(dmbfl) s g ‘whi n:ow: those stocks m‘:o\d in odd lots. Add 00. Open. High. Low. Close. 5 94% Stock and Dividend Rate. Adams Mill 1st p: Affliated Prod 1.60 ~Prev. 1031 High, Low. 95 95 21% 102% Aluminum Co Ltd Am Austin Car Am Beverage. Am Cit P&L (A Am Cit PRL B b10%. Am Com P A (b10%) Am Com Pr B(b10%) Am Cyanamid B Am Dept Stores. Am Equities. . Am For Pow war. Am Founders. ... Am Gas & Elec (11). Am Invest. Inc (B).. Am Laundry Ma (3). Am Potash & Ch (1). Am Superpow (40c). Am Superp 18t (6).. Util&Gen (B)vte Am Ut&Gen cupt3.. Am Yvette new wi Arkans Nat GasA... Art Metal Wks (60c) Assi Gas&El A (a2). AssocG & EAdbrts Assoc G & El war... AssoG & Elct (8)... Assoc Rayon pf (6). 4 Atl Coast Fish . Atl Lobos. . . Atl Lobos pf. Atlas Util Corp. Auto Vot M cv pf pt. Aviation Cp of Am.. Axton Fish To A 3.20 Bahta Corp pf....... Beneficial 1L (1%). Bigelow-Sanford. ... Bliss Co (EW) (n1). Bourjois Inc..... Braa Tr & Lt (b8%). Buft N&EP pf (1.60). Bunk Hill & Sul (3).. Burco Inc war. ..... Burma rets 127 3-6¢. Cable &.Wire B rcts.. Canada Marcont Carib Syndicate Carman & Co(B) (1), Cent Hud G&E (80c). Cent Pub SveA b10% Cent Stat El (b10%) . Chat Ph Aln.v. (1).. Citien Service (g30c) - a PO T o B - 0CI03 I 1 NSO 0 o E- » 8 S Cit Svpt B (60¢).... Claude Neon Lts, Inc Col O1l & Gas vte.... Colombia Syndicate. Com Wat Sv (b6%). Com His Am sh p3%. Comstock Tunnel.... Consol Auto Merch.. Consol Copper...... Consol Gas Balt 3.60. Consol Laund (1).... Cont Shares conv pf. 175 Copeland PrInc A... Cord COrp..ovevsesem Corp Sec Ch (b6%).. Cosden Ofl. .ovueeens Curtis Wr Exp Corp. Cus! Mex Mining. ... Dayton Air & Eng. Deere & Co (1.20). De Forest Radio. Deisel W Gilb (1% Detroit Atreraft Cp. Douglas Alr (11% Dresser Mfg B (2) Driver Harris new Dubilier Cond & Rad Duke Pow (5).... Duquesne Gas Durant Motors East St Pow B (1) East Util Assoc (2). » [FPRSIIS 13 PO T I s 2 €9 3 K] Elec Pow Asso A (1) Elec P & Lt op war.. El Sharehold (b6%). El Shareh pf (a6%) . % Emp Corporation. Emp G & E cu pf ( Empire Pub Sve (A) Emp Steel Corp. Eureka Pipe L ( Europ Elec deb rts. Europ E Ltd A (60¢). Evans Wallow Lead. Fageol Motor. PRI Y o =3 I’y s AEE - BN N s, ). Ford M Ltd (p37%).. Foremost Dairy Pr.. Franklin Mfg Co. Gen Alloys (30¢)..ee Gen Aviation. Gen Baking...... Gen Baking pt (3) Gen Baking NY wi.. 49 Gen Bak pfc.od. (3). 4 Gen G&E cv pf B (6) 2008 Gen Laundry Mach.. 1 Gen TheaEqcvpf3. 8 Glen Alden Coal (4).. Globe Underwriters. Golden Center...... Goldman Sach T Gramophone rcts(pl) Gt At&Pac Tea nv(6) Groc Strs Prod vte. . Guenther Law (2)... Gulf Oflof Pa (1%4). Hazeltine Corp (2).u Hecla Mining (40¢).. Helena Rubenstein. . Hires (CE) A (2)... Hudson Bay M &S .. Humble Ol] (12%).. Hydro Elec Sec 1.40.. Hygrade Food Prod. Imp Ol of Can (50c) Imp O Can reg (50c). Indiana Pipe L (2). Ind Ter Illu O11 A. Industrial Finan e Insurance Sec (70c) .. Intercoast Trade (1) Intercontinent Petn. nt Petroleum (1)... (nt Superp (11.10) Int Utilities B Interstate Equ! Inter Equ conv pt Italian Superpow A. Italian Superp war.. Klein (H) ptpf..... KobackerStores (2) Kolster-Br (Am Sh). 3214 Lackawanna Sec (4). 2% Lakey Foundry..... 23% Leh Coal & Nav 1.20. % Leonard Ofl. . 10 Libby McNell & L. .. 5% Lion Ofl & Refining. 9% Loew's Inc deb rts % Loew’s Inc war..... o ERam mannl - » » RNt rn AN RO AN NOANGR OIS BN S STAR ARCH ~Prev. 1931~ 04% 94% 94% 19% 19% 19% 102% 102% 102% 5 5 5 158 158 109 3 73 1 158 1 4% 38 9 15% 267 10% 1% 64 27% A% 9% 7 37 1% 4% 18 17% 98% 4% 28% 3% 5% 5% ™% .22 31 89 Niag Sh Novadel PacG & Pandem Sel Ind pr sta (5%) Saf Shattuck Den Min. . Shenandoah Corp.. Singer Mfg (10). Smith (A 0) (2). Smith-Corona vte 1% So Am Alr Lines South Penn Ol (1) South CEdpfC 1% South Col Pwr A (2 SouthernNat Gas Southld Royalty SW Bell Tel pt (7) Sentry 18% 24% 19 6 % 5 118% % 3% 15% % 31% 103 20% 32% 8% 4 U S Foll 29 52% 6% 2% 18% 3 1% *Ex dividend. tPartly in cash or stock. fPlus 5 per cent in stock. 3Plus 2 per cent in stock. Kk Plus 10 per cent per cent in stock. in stock. m Plus 3 per cent in stock. n Plus 8 per cent Stock and Dividend Rate. Lione Star Gas n (88c Long Is cu pf B (6). Long Island Lt (60c) Ludlow Mf Assoc 10. MacMarr Stores (1) . Mapes Consol (13%) Mavis Bottling...... Mead Johnson (14).. Memph N G Co (60¢) Mesta Machine (2).. Met Chain Stores Met & Min Inc (1.20) Mid St Pet VIC A ..o Mid West Ut (b8%). Mid WSt Ut (1%). Mid Roy cv pf (2). Mining Corp of Can., Minne Honey pf (6).. MoKanPL VtC....o Mo Kan P L (b10%). Mtg B C Am sh 3.82.. Mountain Prod (1).. Nat American Co. Nat Aviation. . Nat El Pow A (1.80). Nat Fuel Gas (1) Nat Investors (new). Nat Leather. Nat Pow & Lt pf (6). Nat Screen Sv (2)... Nat S T Sec A (350¢) Nat Sugar NJ (2).es i Nat Transit (1) N Y Transit (1).. Nelsner Bros pf (7 Newberry (JJ) ¥.10 New Brad Oil (40¢).. New Eng Pow pf (6) New Jers Zinc (13).. Newmont Min (4)... N Y Hamburg (2%).. N Y Steam n (2.60).. Niag-Hud Pow (40¢c) Niag-Hud Pow A W.. Niag-Hud Pow B w. Ohilo Copper..... Ohio Pub Sv pf A (7 Outboard Motor B... U S & Inl Secur... U S Inter Sec 1st pf. Unit Verde Ext (2).. Util PELt(a11.02%). 5% Util & Ind... Utllity Equities. Vacuum (4). Van Camp Pkg. . Van Camp Pkg pf Venezuela Petrol Walgreen Co. . Walker (H) (1). Wayne Pump pf 3% ‘Welch Grape Ju (12) 1268 Wil-Low Cafaterias, 3 Wright Hargr (50c). 8 Zonite Products (1). 109 Dividends rates in dolla: b Payable in stock. Received by Private Wire Direct to The Star Office Sales— Add 00. Open. High. Low. Close. 3 22% 22 2! % 508 106% 1 34 10s 112 2 8% o APPSO ] » 3 " » & ® S WEARANRHARRANN A A NOE Md (40¢) Noranda Mines 4« Nordon Corp Lt Nor Am Aviat A wal Nor Central Texas. Nor Europ 0il Corp. Agene (4) Elstpf1%. Pac Pub Sve A(1.30). Ol....as0ce Paramount Cab M{g. Parker Rust Pr (3)..1508 Pennroad Corp (20¢) i Penn Pw & Lt pf (7). 508 Penn Wat & Pow (3) Peop L & P A (2.40).. Petrol Corp war. Phoenix Secur Corp.. Phoenix Secur pt (3) Pilot Rad Tube A. ... Pines Winterfr (1) Pitney B P n (20¢) .4y Pitts & L Erfe (5)..s Pitts Plate G (2).eu Plymouth O1l (2) Polymet Mfg. ... Power Corp Can (2) Producers Roy Corp.. Prudential Invest. .. Prudentiai Inv pf(6) 200 Pub Utli Hold Cp ww Pub Util Hold war. ., Puget Sd PAL pf (6) 2% Q RS-De Vry... Quebec Power ¢214). Rallroad Sh (50¢c). RR&Utll Inv A Rainbow Lum Pr Rainbow Lum Pr B Reliance Int A. Reliance Manag. Reybarn Co. Reynolds In Richfield Of1 C Roan Antelope Min Rock Lt & P (90¢) Rossia Int Corp Rubberoid Co ( St Anthony Gold. ..u St Regis Paper (1) .u Salt Creek Prod (2) 8axet CO.ovevvsecar Schulte Un 5c-$1 St.. board Utl (50c).. 35 - o CrmranSommen » & e 2 s 1 3 o oo - T T PE L TN T T P T T T e Cont.. S Sunray O1l (b6 % Taggart Corp (1)..ee Technicolor, Inc. Teck Hughes (60c) 4 Thatcher Sec Corp. Tri-Cont Corp war.., Tri Utilities (31.20). Ungerieider Fin Cp.. Un NatGas,Can t1.45, Unit Chemical...... Unit Chem pt pf (3) o Unit Corp War...... Unit El 8ve pf war.., Unit Founders. Unit Gas Corp. Unit Gas war Unit Gas pf (7) Unit Lt &Pwr A (1) a Unit Lt& Pwr pf (6). Unit Profit Sh pf (1)« U S Elec Power Ww.. U S Elec PWr War... M e HOE HHAR BRORAANANHNSN® (B) (50¢)..4 - 2 11% 13% based on last quarterly or semi- Plus 4 per cent in stock. & Pavable e Adjustment dividend. h Plus 1 extra. € Plus 6 per cent in stock. in stock. p Paid last year—no regular rate. Bpecial Dispateh to The Star. BALTIMORE, Md., March 16.—Poul- try, allve—Turkeys, pound, 38a40; old hens, 20a32; chickens, young, 28a30; broilers, 36a40; old hens, 20a24; Leg- horns, 14a20; roosters, 14al5; capons, 32a40; ducks, 18a26; guinea fowls, each, 75, Eggs—Recelpts, 1,426 cases; nearby m,dnnn.!ly‘/t;; current receipts, 20%. Butter—Good to lfiy creamery, d, 27a32; ladles, 22a23; rolls, ; process, 25; store packed, 14a15, Vegetable Prices. white, 100 1.26a1.90; e st 8 e Jmten 4 , 1.1582.25; celery, crate, 2.50a3.50; eggplants, crate, 2.50a 5.00; kale, bushel, 75a1.10; ; lima beans, bushel, 60a1.00; to- 2 red Winter, export, T7%; No. 2 red Winter, garlicky, spot, 17%; March, T7%. Corn—No. 2, domestic, yellow, old, 76a77; cob corn, new, 4.25. Oats—White, No, 2, new, 41a42; No. * RyoriNearhy, 55860 ye—] p 5 y—Receipts, 40 tons. General hay market is quiet. Receipts ample, but no surplus offered of heavy clover ‘mixed. Such types bring dmd&umium of $1 to $3 per ton, g on the amount of clover. Fair to good timothy from 24.00 to 26.00 per ton. Straw—Wheat straw, No, 1, 10.00a11.00; oat straw, No. 11.00212.00. Live Stock Market. Cattle—Recelpts, 500 head; moderate supply; market steady. Steers—Choice to prime, none; good 10 good, | 1 7.50a8.50; fair to medium, 7.00a7.50; plain to fair, 6.00a7.00; common to plain, 5.00a6.00. Bulls—Choice to prime, none; good to choice, none; medium to good, 5.00a~- 5.50; fair to medium, 4.50a5.00; plain to fair, 4.00a4.50; common to plain, 3.5024.00. Cows—Choice to prime, none; good to choice, none; medium to good, 4.50a- 5.25; fair to medium, 4.00a4.50; plain to fair, 3.00a4.00; common to plain, 2.00a- 3.00. Heifers—Choice to prime, none; good to choice, none; medium to good, 7.00a7.50; fair to medium, 6.00a7.00; plain to fair, 5.50a6.00; common to plain, 4.00a5.25. Fresh cows and springers, $30a$70. head: e Bigner: ogs—] 2,800 supply; market lower. Lights, 9.00; heavies, 7.50a8.50; medium, 9.00; roughs, 5.2586.75; light pigs, 8.50; pigs, 8.50a8.85. Calves—Receipts, 450 head; moderate supply market higher, Calves, 5.00a- % |a greater ex % | decline of 2.6 per cent from 1929. % | sidiaries. 6% | first time in a considerable NOVELTY CHAINS PROFITS DECLINE Decrease of 9.89 Per Cent Revealed in Combined Re- ports of Four Firms. i Spectal Dispatch to The Star. NEW YORK, March 16.—Net profits of the four more important novelty chains —F. W. Woolworth Co., 8. 8. Kresge Co., S. H. Kress & Co. and McCrory Stores Corporation—last year were affected to t by the prevailing un- satisfactory business conditions than were their sales. While the combined volume of the four concerns was off 3.56 per cent, net profits available for dividends showed a recession of 9.89 per cent. The sharp decrease in earn- ings was chiefly due to the precipitate decline in merchandise prices entailing heavy inventory write-downs, although lower dollar sales also exerted their ad- verse influence on the final results. Combined net profits of the four com- panies in 1930, aggregating $52,868,181, as compared with $58,674,097 in 1929, were the lowest since 1926, when they totaled $47,773,233. The peak of $59,- 777,155 for the four chains was estab- lished in 1928. Last year all four concerns reported lower earnings, while in the previous year Woolworth and Kress showed in- creases and Kresge and McCrory de- creases. Showing Creditable. Notwithstanding a sales decline of $13,758,567, or 4.5 per cent Arom the peak of $303,047,172 in 1929, Woolworth, in 1930, was able to make a creditable earnings showing. Net profit available for dividends amounted to $34,736,250, equivalent to $3.56 a share on the out- standing 9,750,000 common shares of $10 par common stock, and showe% a er share profits were 10 cents below the $3.66 reported for the previous year. ‘Woolworth’s store earnings last year were aided by larger revenues from other sources. Net rental income ad- vanced $45,251, income from securities owned $757,381, and interest, etc., $416,305. These gains were offset to the extent of $97,819 by a decline of that amount in undistributed current earnings of unconsolidated foreign sub- In 1930 the company derived total revenue of $12,019,944 from those sources, made up as follows: $518,351 from net rental subtenants, $3,969,904 from undistributed earnin; of the English and German subsi- diariet, $5,278,813 from securities owned. As a result of a sharper decline in sales than in earnings, Woolworth last ‘vear was able to make a good showing in its profit margin. On each dollar of sales of $289,288,605 in 1930, the company realized net profit of 12.01 cents. This compared with 11.77 cents in 1929 and 1232 cents in 1928. The peak of 12.96 cents occurred in 1927. The profit margin of Woolworth is not really representative of the activities of the parent company alone, in that dur- ing recent years dividends and undis- tributed current earnings of its fore] subsidiaries have been included in the company’s profit, while the sales of these affiliates have been excluded. McCrory Increase. Kresge last year realized 7.06 cents on each dollar of sales, as compared with 9.56 cents in the preceding year and 10.61 cents in 1928, e high point was reached in 1923, when the profit margin amounted to 11.60 cents. From that time on, with the exception of a % | slight turn for the better in 1928, the trend has been downward. In 1930 Kresge's profit m"lfl:'l de- clined to 7.71 cents on the dollar, the % | Jowest point in nine years. McCrory was the only one of the four chains to increase its profit mar- gin in 1930. The figure of 501 cents compared favorably with 4.97 in 1928, but was considerably lower than other preceding years. l Grain Market I By the Associated Press. CHICAGO, March 16.— Wheat slid down early today to & fresh low price record for the season. Liverpool re- ported that Canadian and Argentine offerings were cheaper, and that for the period Liverpool wheat stocks showed an in- crease. Opening %-% cents off, wheat after- ward held near to the initial limits. Corn started unchanged to % up and ‘subsequently displayed little change. A material enlargement of wheat on ocean passage was announced with the total afloat now 56,040,000 bushels, against 38,496,000 a year ago. World shipments for the week exceeded expec- tations, and North America furnished less than during at this time last year. vices said it was assured rence River navigation would have the earliest opening ever known. Elevator space at Duluth was reported as beginning to clog. Chicago arrivals of corn, 171 cars, ‘were larger than either a week or a year back. Speculators sold, and the market receded after being firmer at the start. Stocks of grain at Kansas City were reported as the largest on record. Oats were easier, responsive to downturns of corn and wheal Owing to absence of sel provisions held about ste: setbacks in hog values. I New York Cotton l Speclal Dispatch to The Star. NEW YORK, March 16.—Cotton prices today were 2 to 7 points higher, with the most active buying in the dis- tant contracts. Statistical ris over the week end proved bullish, though there was still considerable selling on the theory that neither the world de- mand for American cotton nor acreage estimates warrant a sustained advance. Opening prices were: March, 10.67, up 2; May, 10.89, up 6; July, 11.13, uj 6; October, 11.45, up 5; December, 11.65, up 7, and January, 11.71, up 6. NEW BOND OFFERINGS. NEW_ YORK, March 16 (#).—New bond offerings scheduled for award this week total $27,068,000, against $23,- 019,361 last week and a weekly average for the year to date of $34,909,169, the Bond Buyer reports. Among the larger issues to be sold are State of North Carolina, $9,557,000; State of Massa- chusetts, $3,000,00 Hoboken, N. J., $2,312,000; Minneapolis, $2,167,000; Tar- rant County, Tex., $1,500,000; Mon- mouth County, N. $1,020,000, and Cook County, Il 3,5 o0r 10 Year Loans On Improved Real Estate pressure, ly, despite ICT OF COLUMBIA LOWEST INTEREST RATES )S$ )" Foundea 1907 oan Correspondent Hancock Mutual Life Insurance Co. 1417 K St. National 9300 L John 16, 1931. : FINANCIAL |U. S. STEEL NETS $9.12 A SHARE | FOR OPERATIONS DURING 1930 Earnings Compare With $21.19 in 1929. Current Assets Equal to More Than Five Times By the Assoclated Press. NEW YORK, March 16.—The United States Steel Corporation, the colossus of the industry, today reported that combined gross sales and earnings de- clined $320,000,000 in 1930 from the post war peak touched in 1920. In its annual pamphlet report to stockholders, made public today, the corporation says the total value of busi- ness in 1930, which was the most un- profitable in eight years, amounted to $1,180,934,971, against $1,509,584,637 in the previous year. ‘The audited report made only a slight change in 1930 net income as previously announced. It was officially given as $79,201,894 after preferred dividends of $25,219,677, equal to $9.12 a common share, against $172,531,349, or $21.19 a share, in 1929. Current assets at the end of the year stood at $578,373,097, including $117, 203,288 in cash, against current liabili- ties of $108,873,454, or a ratio of more than 5 to 1. ~This compares with cur- rent assets of $563,232,507 and current liabilities of $121,358,042 at the end of 1929. Total book assets showed an in- crease of approximately $8,000,000 over the previous year, amounting to $2,394,- 544,611, Gross Investments Gain. The corporation’s gross property in- vestment account increased $124,510,991 to $175,030,528, partly through the ac- quisition of the plants and business of the Atlas Portland Cement Co., Colum- bia Steel Corporation and the Oil Well Supply Co., acquired by purchase dur- ing the year and paid for by issue of common stock. ‘The total number of employes in the service of the corporation and subsidi- arles showed a decrease of approxi- mately 13,000, totaling 211,055 at the end of 1930, compared with 224,980 at the end of the previous year. Total Liabilities. wages and salaries for 1930 amounted ;&;2:8'1,271,!60. against $420,072,851 in In connection with employment the report to stockholders says: “The em- ployes in service rej it the equivalent number working full time during the entire year, not necessarily that that number of individuals work such full time. A considerable number of in- dividual employes worked only part time in both years. Il 1930 this number was than in 1929, the substantial decrease in operations during the second half of the gu and inability to give full-time service to the subsidiary companies adopted the plan of ‘s g’ such employment as was available, thus giv- ing to nearly all who looked to the sub- sf or their s occupation a ratable portion of such total employ- ment as could be offered. “This plan afforded a fair degree of occupation of virtually all of the em- ployes in question and resulted in giving a certain measure of service to a much larger number of individuals than is in- . | IMARCH INTEREST PAYMEENTS HEAVY Maturities and Redemptions Will Also Reach Huge Sum, Survey Shows. Interest to be pald in March on domestic corporate, United States Gov- ernmens bonds and foreign dollar bonds will total $178,411,814, according to the Standard Statistics Co., while maturi- tles, ullu and redemptions for these same classes of obligations to $1,257,696,500. D!“f:lled fl:u“:e:flung ing the principal classifications for the two groups follow: Interest. Advertising, printing and_ publishing .. Auto and parts. Auto tires Building estate . Chemicals " Coal ., Calls, redemp- tions an maturities. 1,416,500 2,663, 317,21 1,232.2¢ 443,250 i i d 1,176,000 pe; dicated by the totals of the full-time |Rail; employes.” Decline in Prices, Referring to the year’s operations, the report, signed by J. P. Morgan, chair- man, and James A. Farrell, president, said that “the continued lessening de- o mand durl::g the year for products was accompanied with bstantial decline in prices secured. ‘These decreases in prices account for a reduction of approximately $40,600,000 of the total reduction of $108,128,700 in the new earnings realized in 1930 compared with 1929. At the close of 1930 prices then being secured were somewhat less than the average recelved, but appared to be quite well stabilizd, with a slight ad- vancing tendency to an improved pros- pective demand.” BEARS MARK TIME AWAITING FURTHER UNFAVORABLE NEWS BY CHARLES W. STORM, Editor, the News Service of Wall Street. Special Dispatch to The Star. NEW YORK, March 16.—The quiet but steady stock market which pre- vailed during the short session Satur- day indicated that the professional bear element had about exhausted its selling power and was standing around waiting for something unfavorable to happen that might cause the market to take another tumble, From the viewpoint of the fes- sional bear, however, there is little to expect in favor of Yower prices in the news of the near fuf while there is much to worry over in shape of the big steel order, announcement of which is exflefl to be made within 48 hours. Offi announcement of the placing of this order, it is believed, will be the forerunner of others which will .open the big construction cgmpaign through- cut the country, Publlc Utilities Steady. Continued steadiness in the public ut.llnlg shares, especially those interna- tlo companies—the International Telephone & Telegraph and the Amer- ican & Foreign Power—featured deal- ings in the stock market Saturday. Forelgn buying is reported to be com- ing into those stocks by reason of on e realization the part of the fo investors that improvement in Euro- | pean economic and financial affairs will | 145, been naturally stimulate industry and thus increase the business of those two com- General expectation in the Street is that the public utilities will resume their upward movement during the com- week without much interference American & Foreign thought, will be the leader of the public ‘There is an unusually short interest trapped in the stock, spectacular ogenwr is declared ugwlr of 60,000 shares of that one stocl alone, has been cutting quite a figure on the bear side of the market the k, but the big bulls declare he & lacing this next week. ke too long and ties of steel com- Radio Tunes In. Just when the Street believed that Radio Corporation stock had gone about far enough considering the contents of the recent annual report, the stock tuned itself into the midst of things, and on heavy trading advanced almost 3 points. Accompanying the increased dealings in radio was story that it would acquire the Columbia Grapho- phone. Details of the deal were said to call for an exchange of stock share for share, but the action of Radio indicates something different. The deal is de- clared to be progressing under the c\n&mce o{! one of the partners of J. an % 0. Shorts Cover Warner. Consld the character of the rumors which have been current with regard to Warner Bros. Pictures stock, the stock gave a remarkable demon- stration in advancing fractionally. It developed, however, that the strength was superficial in that it reflected short covering by a floor operator who had gone short of a substantial line of the issue coincident with reports two weeks ago that the company proposed dolng some new financing. Merchandising stocks are giving & better account of themselves. Improve- ment in Woolworth began appearing yesterday because of foreign buying. McCrory Stores moved up on light deal- ings to a new high price for this move- ment, due to expectations that the in- crease in business reported for the first two months of this year would be further augmented in March by reason Unusual for home or of fice of the fact that Easter buying comes three weeks earlier this Oil stocks were in W’"Zfimm and the buying, which was aggressive on Saturday for the first time in weeks, is an anticipation of favorable develop- ments with regard to the reduction of production by foreign countries. Silver metal continued to show a further advance. (Copyright, 1931, by North American News- paper Alliance.) Western Maryland Railway BALTIMORE, March 16 (Special).— Estimated earnings of the Western Maryland Rallway Co. for the week ending March 7 aggregated $298,412.77, a decrease of $58,958.77, or 16 per cent, compared with the correspon ‘week . Total for the current fiscal year to March 7 it~ ed to $2,865,538.46, a decrease of - 396.10, or 16 per cent. Seek W., B. & A. Stock Listing. BALTIMORE, March 16 (Speclal).— Application has been m:da > Baltimore Stock organized and call issued holders of the first 5s to mj': cemnumwzmmmmw Money to Loan l-ng‘l lnlbol-l.l:.‘-n‘lm‘ Joseph L. Weller $n % 4 Trum NEW YORK BANKS Deposits, Ten Billions (These great banks sre the backbone of the Nation, and you can purchase an interest in them at current low prices.) Robert C. Jones & Co., Inc. Shorcham Blde. Met. 202223 For Storage or Other Business Purposes ONE OR MORE FLOORS IN MODERN FIREPROOF WARE- HOUSE. fApproximatel y‘ 7,000 square feet to a flodr, fIn heart of downtown business section. {Freight elevator service. REASONABLE RENT, Avply MR, HITE— Merchants Transfer & Storage Co. 920-922 E St. N.W. at %19.75 teleq Utilities — Tr and busses Porelgn. U. 8. Government. Total ... —an Investment Banking House of long standing has an opening for an experienced security salesman. Address Box 373—LZ, Star Office First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. % NOTES Secured by First Mortgages Safe—Conservative your sav- absolute safety. Wm. H. Saunders Co., Inc. REALTORS Dist. 1016. 1519 K St. On D. C. Property Loans . . . . Loans of $2,000 are Teturnable at the rate of $20 per month ...$3,000 st 330 per month... d in proportionate e = to you in | BUILDING ASSOCIAT ION] o S NINTH ST AN On the 3ist day of December, 1030, a8 Te- Suired wnder Section §4T of " the Code of Law for the District of Columbia. INCOME. 33933 165.94 147,308 81 . $552,768.27 e DS, coemese $346,841.87 Net Premiums Total interests Other income ‘Total income .. DISBURSEMENTS. Net amount paid policyholders All other disburse: Total disbus Real estate ° n.uu.'uzm 202,683.78 178,603.98 Gross ass Deduct assets not Total admitted assets s Net unpald claims.. al unearned premi Other liabilities Capital paid up Surplus over all NET PREM S WRITTEN DURING THE i YEAR. +.$2,737,130.93 354,513.74 427.483.58 . mpte e navigation " and ion