Evening Star Newspaper, March 18, 1931, Page 14

FINANCIAi.'. FINANCIAL.” |TRADERS WATCHING COMMODITY PRICES Recent Rise in Silver May Be Forerunner of General Advance. STAR, WASHINGTON, D. C., WEDNESDAY, MARCH 18, 1931. BONDS RREEULAR | o=z e BONDS o ] INACTVE ARKET UNITED STATES. Sales. High, Heavy Increase in New Of-! (Sales are in $1.000.) Inland Stl 4s% B'S1 96% Sales. High Low. Close. 5 . TN ferings Acts as Drag on List. THE EVENING NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. "A—14 k% BUS FR FAVORS FEDERAL CNTRO Greyhound Company Official Believes Regulation Might End Certain Evils. Low. Close. 965, 96% % 1% TI% T1% 54 54 934U 9% 99% 99% 9 56 56 91 91 6% 9% 923 23 841 84% T2% T2% 63 63 83% 83% 94% 94% 894 89% 99% 99% 95% 961 106% 105 99 951 96% 73% 933 104 % 102% 1023 102 100% Ti% 857 97k 105% 121 107% 984y 100% 102 89% 95% 106'% 981n 100 105% 104% (Continued From Page 13.) Prev. Low. Close. Close. 45% 46% 45% 2214 224 22% 20% 30 4% 4% 37% 201% Sales— Add 00. High. 46 Stock and Dividend Rate. Stand O N J (12). .. and Ol N Y (1.60). 22 Starrett (LS) (123%§) 2 Sterling Sec A. .. 1 Sterl Seccvpf (3)... 2 4 Stewart Warner..... 10 Stone & Webster (3). 45 Studebaker (1.20) Sun Of1 (11) Sun Oil pf (6 Superior Of1 . Symington A.... . ‘Telautograph (1.40). ‘Tennessee Corp(50c) Texas Corp (3). Tex Gulf Sulph Texas Pac Land Tr Thatcher Mfg (1.60). The Fair pf (7). Thermold Co. Third Nat Invest. Thompson (J R) (2), Thompson Starrett Tide Water As (60c) Tide Wat As pf (6) Tide Wat Oil pf (5)... Timken Det Ax (80¢c) Timken Roller (3)... Tobacco Products Tobacco Prod A 193¢ Transamerica (1). Transue & W (1). Tri-Cont Corp...... Tri-Cont Corp pf (6) Trico Prod (2%).... Truscon Stl (g1.20).. Und-Elltot-Fish (5). Un Carbide (2.60) Un Oil of Cal (2).. Un Pacific 110). Un Pacific pt (4 Un TankCar (1.60).. Unit Afreraft. Unit Biscult (2) . ‘nit Business Pub. . Init Carbon Init Cigar Stores Jnit Cig S e nit Corp (75¢) . it Corp pf (3) Unit Electric Co Unit Fruit (4) . Unit G & Im (1.20).. Unit G & Im pf (5).. U'S & For Secur. . U S & For Sec pf (6). J 8 Freight......... U S Gypsum (1.60).. ] S Hoftman. .. Indus Alco (6). S Leather. S Leather A. % USPlpe & F (2). USP&F 1st (1.2 US Realty & Im (3). U S Rubber......... U S Rubber 1st pf. U S Smelt & Ref (1), US Sm & Ref pf 3 U S Steel (7). U S Steel pf (7). Unit Stores A. Univ Leaf Tob (3 iv Pic 1st pf (8).. iv Ripe & Rad.. .. Radio Corp pf A(3%, Utll PEL A (et2.15). Radio Corp B (5).... VanRdiumCorp (3). Radio-Kelth-Orph A. 21y 22% Va-Car Chem Raybestos Man 2.60. 2 ¢ Va-Ci Reading Ry (4). Va El & Pow pf (6). Reading 1st pf (2).. Real Silk Hos(b10% ) Real Silk Hos pf (7). Remington-Rand. Kem-Rand 1st pf (7) Iteo Motor Car (40c). Republic Steel Republic Steel Reynolds Meia Reynolds Tob A (3). Reynolds Tob B (3). Richfield O Rio Grande Oil. ... Rit Dent Mfg (2%). Rossia Insur (2 20). Royal Dutch m1.3404 Safeway Stores (5). St Louis & San Fran. St L-San Fran pf (6) St L Southwestern. . Schulte Retail Str Seaboard Air Line Seab Air Line pf Seagrave (60c). Sears Roebiick 123% Seneca Copper-. . Servel Inc. . Sharp & Doh 4 Shattuck F G ( Shel} Unton Ofl Shell Un Oil pf (5%) Shubert Theater: Stmmons Co. Simms Petrolenm Sinclair Con Otl (1) Skelly Ol e Skelly Ol pi B Sloss Sheffield Steel. Soloer Packing. .. Solv Am pr ww 5% . South Port Rico Sug. 4 Sou P Ric Sug pf (8) South Cal Ed (2). South Pacific (6). South Ry (8). . Sparks Withing (1). Spencer Kellog (80c) Splegel-May-Stern. . Stand Brands (1.20). Stand Brands pt (7). Stand G & B (3%) Stand G & E pf (4).. Stand Of1 Cal (h2%) 23 10126 10123 10126 ktd 15 10227 102 22 12822 54 38172 103 29 103 26 108 27 9% 11 10124 10123 10124 9915 43 10126 10118 10118 79 .23 102 7102 102 56 1106 4106 4106 4 9% 5108 7108 4108 7 97% 17 11211 112 2112 4 9315 Sales. High. Low. Close. e Abitibl P& P6s’s3. 27 7% 7 17 s Adams Exp 4s°48.. 3 88 8K = Allegheny 5344 80% 945 Allegheny 55 *49 784 9% Am Ag Ch 715 41, 106 i Am Chain 6s '33. 955 Am F P 53 2030, Am1GChbis’40. 9614 Am Int Cp 53zs 4. 106% Am N Gas 6%s'42. Am B&R 18t 5847, Am Sug Ref 6s°'37.. Am T&T cv 415839 Am T&T 5863, .... Am T&T c tr 55 46. Am T&T 558 £ 60 Am T&T 5%s '43. Am Wr Pap 6s Argentine 55 ‘62, Argentine May '61. Argentine 65 Ju '59. Argentine 63 Oc 59 Argentine 65 A 57, Argentine 6s B '58 Arm & Co 4%s ‘39 Arm Del 5843, Assoc Oil 6535 Atchison zen 45 '95 Atchison adj 45 '95, Atchiscv 43541, Atch Ariz 47362 At & Dany 45 '48 AtCLcol 48’5 At Gul ¥ At Ref deb 5337, Australia 4%s ‘56 Australia 63 5 Austraiia 5s Austria is'43. B& O 4548, B&Ocv4 B&O4%8760.. B&O 15t 55 '48. B & O ref 53./95. B & O 58 D 2000, B&O 6595, B&OI&WV B & O Sw dy 68 Bk of Chile 6% BK of Chile 63561 Batav Pet 4155 42, Belgium 63 '5 Belgium 6%s 49 Belgium 7s Belgium 75 '56. Bell Tel Pa 6s B 4 Bell Tel F'a 55 C '60 Beth Steel pm 55’36 Beth St rf 5s'4 Bolivar 7s '58. EBolivia 7s ctfs '69. Bolivia 8s 4 Bos & Me 68 ‘55. Bos & Me b5 '67. Brazil 6% '26. Brazil 61827, Brazil 7s. : Brazil 85 41... Bremen 7s '35. Bk Ed gn A 5849, Bklyn Man 65 '68. . BKlyn Un 5545 BR& Pitt 4143 '57. Bush Ter con &5 ‘55 Bush T Bldg 55 '60. Canada 5s'52 Can Nat 4%s ‘54 Sales— Add 00. Hixh. 5 6415 28% 16 13% ~Prey 1931~ Stock ana High. Low. Dividend Rate. 64l 41% Nat Surety (5) 231s 15% Nat Tea (1).. 25% Yeisner Bros........ 14% evada Copper (1).. 18 ewport Co (1), 24 Newton Steel 132% Y Central (6) £8 Y Chi & St L (6 94 Y Chi & St L pf ( 124 947 2 107% 1174 217 9214 10 90t Int Rap Tr 6s ‘32 Int Rap Tr 78 Int & Gr Nor 6: Int & G Nad Int Hydro E1 Int M Co 5 Int My Int MM col tr 6841 Int Pap 58 A ‘47 Int Pap 6s ‘55 Int T&T4%s"52.. Int T&T cv 414539 Int T & T 68’56 Italy 78°51. Low. 64 22% 16 13 15 187% o 3 BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, March 18.—Any fore- cast of the economic future invariably Tuns up against the stone wall of the | commodity price situation. It is diffi- cult to visualize real business recovery without some improvement in this quarter, and, therefore, intense interest is taken in any sign of a change. This is the reason for all the emphasis on the recovery in the silver market, which has been the feature of the commodity price movement for over a week now. Silver was slightly lower yesterday, but some reaction was not unexpected after its recent rise. Whethe; there is any foundation for the belief that rising silver prices fore- cast a similar movement in commodities generally is beside the point. The tra- dition is firmly established that senti- ment is affected favorably by & rally, in silver, and sentiment plays a large part’ in the whole price tuation at this stage. Once con. sumers are convinced that the long de- cline has been halted and that an up- ward turn is in prospect they will hasten to antieipate their requirements, Cotton Outlook. The one commodity most_influenced is, of course, cotton. The Far East Is s0 large a ‘consumer and its buying power has been, or is supposed to have been, so seriously erippled by the drop in silver fhat the turn has had a direct effect on cofton prices. Cotton has been helped al’o by the better demand from the dry gaods trade. It may be, 100, that the trouble here, as in other commodities, is 1lot 50 much the over- production as underconsumption. 1If so, the outlook for cotton is improved, re- gardless of the extent of the acreage reduction for this year's crop. Not so much can be said for wheat with the Government holding so large a proportion of the carryover. Perhaps this is the most discouraging situation in the whole fleld. The Department of Agriculture, in its statement given out today, pointed out that farm prices be- tween the 30-day period from January 2 |15 to February 15 had reached the 102 |lowest point in 20 years. 17%, A later report comes from the Na- 10314 | tional Pertilizer Association, the index of which covers 476 commodity prices, and which is down a fraction for the week ending March 14. However, in the five groups that advanced during P the week were “fats and ofl, other foods, and grain-feed-live stock.” Of, course, some of the food changes are seasonal. Eventually the problem will be solved. but it may take a crop failure or partial failure to do it. Non-Ferrous Metal. Conditions in the non-ferrous metal markets are much unsettled. Neverthe- less, copper has done better than was predicted when the price first droj from 10!, to 10'5 cents. The metal shows ,better resistance than it did on the last decline. Tin is strikingly steady. It is true here as in many | other commodities that the statistical position is bearish, but that quotations do not decline correspondingly. Per- haps that could be said even of such & commodity as petroleum, which is sub- Jjected to about as adverse a combina- tion of circumstances as could well be imagined, and yet there are authorities in the trade who believe that a sudden reversal as possible here also, In any event there is no such interesting or important phase of the whole economic outlook as that concerning commodity prices. (Copyright, 1031) Washington Produce Butter—One-pound prints, 33%4a34; tub, 32a33. Eggs—Hennery, 22a23; ceipts, 20a21. Poultry, alive—Turkeys, young, 30a32; old, 25a27: Winter chickens, 30a35:~ Spring broilers, 38a40; hens, heavy, 23a 25; small, 22; Leghorns, 18a20; roosters, 16; ducks, 15; keats, large and young, 60a65; old, 25a30. Dressed—Turkeys, young, 38a40; old, 30a32; Winter chick- ens, 38a40; Spring broilers, 45; hens, heavy, 28; small, 25; Leghorns, 23; capons, large, 37a38; small, 32a33; ducks, 24a25; roosters, 16; keats, young, 70a80; old, 40a45. Meats—Beef, 1312a1515; veal, 13al lamb, 17a19; pork loins, 22; fresh hams, 19; fresh shoulders, 14; smok:d hams, 21; smokad shoulders, 12; strip bacon, ]2; lard, in bulk, 11';; in packages, i 4. Live stock—Hogs, heavy, 7a8; medium and light, 81;a81:; pigs, 712284 ; loughs, 4a53;: calves, lambs, 5a815. Fruits—Strawberries, 50a55; honey- dews, 2.50; oranges, California, 3.75a 4.00; Florida, 3.75a4.00; grapefruit, 2.50a3.50; tangerines, 1.50a2.25: lem- ° ons, 4.00a5.00; limes, : apples, per bushel, E H stock, 2.00a3.50; pineapples, BY F. H. RICHARDSON. Special Dispatch to the Star. NEW YORK, March 18.—Bond trad- ing today revealed a mixed trend cf | prices. Vplume was moderately heavy. The addition of nearly $33,000,000 in new bonds to the $450,000,000 budget that the market has had to absorb since the first of the month was depressive, and some outstanding issues declined actively under switching operation: Weakness in railroad stocks caused sell- ing of carrier bonds in favor of those of public utilities or industrials. United States Government issues were uniform- ly strong and quite active. Money rates were unchanged. The market is still scraping along the bottom established by the liquidation of last week. Each move upward is countered by a further offering of new bonds or by some situation in the stock |market. The bond market has suffered from the same influences for months and is apt to feel them for some time to come, as each failure to advance sets back on the calendar so much more new financing that must sooner or later be brought out. It was not the high-grade bonds that suffered, however. American ‘Telephone 5s equaled their previous high and are now selling at a premium of over 8 points. At present levels this bond vields about 4.50 per cent to maturity, while Atchison General 4s, the cream of the railroad list, vield about 4.06 per cent to maturity. The spread between them represents the market's estimate of the difference between a prior lien bond, such as the Atchison 4s, and a straight debenture which carries no other security than the promise to pay of the American Telephone & Tele- graph Co. Straight debenture bonds of whatever merit have not been on so small a yleld basis in many years. Other prime issues that were firm included Cana- dian Pacific 4s, Chesapeake Corporation 58, Consolidated Gas 5'5s, Great North- ern 7s and Standard Oil of New Jer- sey 5s. The junior list had wider moves. Louisiana & Arkansas 5s added 115 points to their recent gains, making & 71, | total of 10 points in three market ses- i o sions. This is a junior issue of the Rock Isiand system and is being marked up on arnings prospects. Pathe Exchange 7s were a point higher. General Thea- ters Equipment 6s were up 113, Both these movements resulted from the re- cently oversold condition of amusement securities. INTERESTING CDNT?‘ASTS IN BOND MARKET Special Dispatch ta The Star. NEW YORK, March 18.—The bond market as a whole still presents a pic- ture of striking contrasts, Hornblower & Weeks points out in the current issue of their Investment Review. With sav- ings banks deposits at record levels, high-grade issues are provided with a sustaining factor of prime importance, Second-grade bonds, on the other hand, continue to react more to the state of the share market than to money mar- ket conditions due to the extreme un- certainty concerning the outlook for business profits. The money situation has shown little change and continues to point to higher prices for fixed in- come securities. FOREIGN EXCHANGE. (Quotations furnished by W B Nominai €oid Seliime thecs N Y NH & Hi N Y Railway N Y Steam pf (6) N Y Steam 1st pf (7) 4 Norf & West (112).. Norf & West pf (4).. North Am Aviation. . Nor Am (b10% stk). North Am Ed pf (6). Northern Pacifie (6). Norwalk Tire & Rub. Ohio O11 (1) Oliv Farm Eq pr pf.. Omnibus Corp Omnibus pL A (8). Ouls Elevator (23).. Otis Steel. . Outlet Co pf (7). .Owens 111 Glass (3). Pacific Gas & EI (2). ¢ ific Lighting (3). 11 Pacific Mills. .. 608 Pacific Tel & Tel (1) 20s Pack Mot Car (60c). 26 Panbandle P& R.... 2 Paramount Pub (4).. 10 Park Utah. .. Pathe Excharge Pathe Exchange A... 4 Peerless Motor Car.. Penick & Ford (1). Penney (J C) (2.40). Penn Dixie Cement Penn RR (4).... . Peoples DS pf (6%) Pere Marq pr pf (5). Fetrolm Cp of Am(1) Phelps Dodge (2) Phila Rap T pf (3 P’hil Read C & 1. Phillips Petroleum Plerce Oll.....00c00 Pierce Petrolm (10¢) Phillips-Jones Corp. Pillsbury Flour (2).. Pitts Coal. ... Pitts Unit Cp p! Pour & Co (B) PRAm Tob B > Postal Tel&Cable pf. Prairie Oil & Gas (2) Prairie Pipe L (3)... Pressed Steel Car. Proct & Gamb (2. Pub Sy E& G pf (6). Pub Sv N J (3.40) Pub Sy N J pf (5) Pub Sv N J pf (6) Pullman Corp (4)... Pure Ol . Pure O11 pf (8). Purity Bakerle Radio Corp. Federal regulation of passenger bus operations, although opposed by some motor transport interests, has the ap- proval of the Greyhound Corporation, one of the largest passenger bus oper- ators, Ralph Bogan informed the Interstate Commerce Commission. M. Bogan is vice president of the Grey- hound lines in the East. ‘Testifying befcre Leo J. Flynn, ex- aminer, during a recent hearing on the co-ordination of rail and motor trans- portation, Mr. Bogan said Federal e ulation as to stendardization of wei¥:is and sizes and rates and schedules of motor buses would remedy some of the existing evfls. Assailing what he described as “wild- cat” operators of small interstate bus companies, Mr. Began said the devel- opment of passenger bus transportation had been hindered by the continual rate-cutting_of such lines. He cited one case where a small operator be- tween New York and Boston had cut his rates on that trip to the extent of charging half of the established rates of the Greyhound Line, operating be- tween the two cities. : Plans proposed for the co-ordination of rail and motor transportation and for the restriction of motor trucks to terminal work had the possibility of success, in the opinion of Mr. Bogan. He opposed the direct operation of motor busses by railroads as undesirable, but he said that it probably was ad- visable that railroads operating in the same territory with bus lines obtain an interest in such lines. Warner Tufts of the National Asso- elation of Motor Bus Operators denied the contention of practically all of the railrcad spokesmen that the bus and truck lines were not paying their share of highway maintenance and construc- tion costs. Taxes collected by the States from truck and bus operators for li- censing and registration alone had in- creased 20 per cent since 1925, he said. Contending that taxes paid by these operators for road construction and re- pair were 2lready too high, he asserted that in 1929 operators of motor vehicles paid $759 600,000 for use of the high- ways, although “the true cost of high- ways in that year was $434,000,000. WHOLESALE PRICE INDEX SHOWS SMALL CHANGES The weekly wholesale price index of the National Fertilizer Association, comprising 476 commodity prices, de- clined one fractional point during the ‘weed ended March 14. During the pre- ceding week the index number ad- vanced one fractional point. The in- dex number now stands at 75.8, com- pared with 76.4 last month and 913 for the corresponding week a year ago. Five of the fourteen groups in the index advanced, while four declined during the latest week. Fats and oils, other foods, grains-feeds-live stock, building materials and the group of miscellaneous commodities advanced. ‘Textiles, metals, fuel (including pe- troleum and its products) and fertilizer materials declined. Prices for 27 commodities advanced, while prices for 26 commodities de- clined. Eggs, pork, lard, butter, steers, practically all grains, tin, silver, tur- pentine, cement, brick, calfskins, hides, cottonseed oil and hemp prices ad- vanced. Lower prices were noted for cotton, cotton yarns, wool, burlap, canned fruits and vegetables, coffee, copper, lumber, crude petroleum, gaso- line and rubber. GEORGIA POWER CO. BOOSTS YEAR'S NET; Bpecial Dispatch to The Sta NEW YORK, March 18.—Georgia Power & Light Co., operating sub- sidiary of Seaboard Public Service Co., reports operating revenues for 1930 of $1,120,419, compared with $1,108,922 for 1929. Total income available for bond in- terest was $373,703, compared with $329,151 in 1929. Net income avail- able for dividends and surplus for the year was $137,503, compared with $121,009 in 1929. The company is part ©of the Middle West Utilities System. o g I BN R DI WIS S A IR IS0 N 1S 0@ IS S B 00 Kan C P&L 68 A ‘52 Kan CFtS&M 43 ‘36 Kan City Ter 43 '60. KanG & E 414380, Karstadt 6s°43 Kreug & Toll 68 '59 Lackaw St 58 ‘50, Lac G St L 583 Laclede 5%s D * 130% 107% 107% 108 109% 70 91 98% 98% 98l 981y & Leh Valcv 4s 2003. LehV cv 43%82003.. 43 Leh Val s 2000.... 3 Lig & Myers 7844, 1 Loew's 63 war 41 Loew’s 65 ex war.. 167 Long Isl db 65 '31 1 Long Isldb5s'37.. 3 Lorillard 58 '5: 8 Lorfllard 5%s '37 Lou G & El 58 '52... L& Nuni4s'40 ... L &N 4%5 2003 L&NI1strfsly Lyons 6s'34... McKes & R 5% 50 Market St 78 40.... Mex 4sasstd 1904. . Mex 4s asstd 1910. . Midva Milan MIlE Ry & L 5361, M StP&SSM con 4s. M SIP&SSM 648, MK &T 1st 4s'90.. MK&T 48 B 62, MK&T4%8"78 MK & T ad) 58°67.. MK&TprinssA. Mo Pac gen 4875 Mo Pac 68 F "T7.... Mo Pac 63 G '78 Mo Pac 5s H "80. Mo Pac ref 6s'81... Mo Pac5iscv Mobile-Ohio 5: Mont Pow bs Mont Tr 1st 55 '41.. Montevideo 7s 52.. Mor & Co 1st 4%s.. Nassau Elec 48 ‘51 Nat Dairy bk 4 Nat Rad 6%s 47 Netherlands 6 3 NOT&Mb%x"54. 4 New S Wales 6557 15 New S Wal 58 12 NYCgn3 B2, 2 N Y Cent db 48 '34.. 17 NY Cen rf 44382013 25 N Y Cent 4133 2013, NYCreim os 2013, N ¥ Centdb 65 '3 NY C& St L4 NY C&SiL 43818, NY C&SLL 5482 NYC&SLLGs" N Y Ed 1st 633 41, NY NH&H 3% '54. NY NH&H 48 56... NYNH&H db 48 '57. NY NH&H 4%s 67, NY NH&H cv db 6 NY NH&H clt 6s. .. NY Q%W 15148 92, NY O&W gn 45 °65.. NY Tel 4un 49 N X Tel 63 41, N X Tel 63 4y. NY W&H ¢%8 Nor & Wn cv 48 '96. Nor Am £a 538 63 NorO T & L 63 ‘47 Nor Fac 8 2047, Nor Pac 48 ¥7 Nor Pac 4%5 2047 Nor Fac 1682047, Nor St Pw bs A ‘41, Norway b8 ‘63 208 108 14 2 o & : ST manna - 20s dorf Sys (1%).. i Ward Baking A. . Ward Baking B. Warner Bros Pict. Warren Bros (3). ; ‘ 4 3 War Bros cv pf (3). - 2 Warren Fdy & P (2). Webster Eisenlohr.. 2 Wess Oil & Snow (2) 1 WessO& Snpt (4).. 2 West Pa EI pf (6)... 905 West Pa EI pf (7). .. 1008 West Pa Pow pf (6). 1308 West Pa Pow pf (7). 30s Western Dairy A (4) 2 tern Dairy B... 4 tern Md. . 4 Western Union (3).. 6 Westing A B (2 2 Westing E& M (5).. 116 Westing E&M pf (5) 1308 Weston El Instr (1), Westvaco Chilor (2) Wextark Radio Strs ‘White Motors (1). White Rork MS 144 Wilcox Oil & Gas. ... Wilcox Rich A (2%) Willys-Overland. Wilson & Co A Wilson & Co pf. Woolworth (2.40) WVorthington Pump. Wright Aeronaut. .. Wrigley (Wm) (4).. Yellow Truck. 22% Youngs Spring 2% Zenith Radlo. .. RIGHTS—EXPIRE. 2% Sou Cal Ed...Apr20 74 2% 2% Sales of Stocks on New York Exchange. 10:30 A.M 200.000 12:00 Noon. ++. 800 000 1:30 P.M 1.200,000 2:10 P.M 1 500,000 Dividend rates as given in the above table are ¢ payments based on the Iatest Quurterly or DAl Yearly Aot Cash | 3 Unit of trading less thin 100 shares. tPartly extra $Plus | . k. “{Payable in scrip. TPlus 9 in stock, & Pald tasts rens Do regulsr Tate. ' b Payable in stock. | d Layable when siraey §Rtvavle in cath or glocc”£'Pius 8% n stock’ "% Flus 6% 1 ‘siock s 2% in stock. k Plus 37 in stock. ‘o P — ular rate. 'n Plus 8% in stock e e 85 34 1308 4 Can Nat 432870, .. Can Nat 4%3s°5 t 58 July t 5s Oct "69. Can'Nor 6% s db "46 Can Nor 7s deb 40.. Can Pac deb 4s Can Pac 4%560. .. Can Pac & Cent Pac 4s'49 Cent Pac 58 °60. ... Cert-td deb 635 ‘48 Ches Corp 5s°47... Chi & O gn 4%s'92. Chi& O 4%s.4'93.. Chi & Alt 3s. . CB&Qgen 4s ‘58. C B&Q 1st rf 5571, C B&Q 1114y 4549, Chi & Eas 111 68 '51. Chi Grt West 48 '59 Chi M & St P 45 '89. Chi M&SLP 4348 C.. Chi M StP&P 65 76 Chi M & St P ad) bs Chi N Wst 43 c ‘37 Ch&Nwn 4%s 2037 Ch1& NW con 4%s Chi & NW 6%8'36 Chi Rwys b3 27 Chi RI&P gn Chi R1 & Prf 110% 120 a4y 11 19% 150% 361 | 1073 119% 28 40 2% 26% 47% T 29 T 10% 51% 65% Do pote e 8 18 P T P - P PP S W TP London, pound Paris, franc . Brussels, belga. 8l k. 451 63% 87w 244 % 13% 25% Norway 6852 Oreg-Wash 43 Orient dev b Orient dev 68 53. PacG & k16842, Puac T&T 15t b8 37, ChiR lcy 4%s5'60. Pac T&T ref bs %52 ChiR1&P 445 A Pan-Am Pet 685 C TH&SE in 58 '6 Paris-Ly M 63 58 Chi Un Sta 4355 '63. Paris-Ly M 78 ‘68 Ch! Un Sta 6155 '63. Pathe tixch 18 ‘37 Chi Ind&Lou 65 '66. Penna 4%s D '81. C& W Ind 5%s '62. Penn gen 4% 6 Chile 65°60. Penn 4%5 70.... Chile 65 61 Penn bx ‘64 Chiie 7 Penna & Chi Penu 64 36 CCC & St L 53 D '63 Penn O&D 4% CCC&St L 4%s E.. Peoples’ Gas os. C U Ter 4355 2020.. Pere Mar 443 80. Zolomb 6s Jan 61.. Pere M 15t 53 '56. Colon O11 65 ‘38 Peru 6 Peru é Peru s '8y, Phila Co 6867 Pnila & Read 6: Philiip Pet 5%38 39, 3 P CL&SLL 438377, PCC&SLLGSB.. Poiand 6s '40 Poland 7s *47 Poland 85 ‘50 Porto Alegre Por K Tam 6 Copenhagen. crown. Oslo. crowr... : Stockholm, crown. 26.7515¢ current re- 26.78'3¢ » 3 = Washington S'tock Exchange SALES. Cap. Tract. 55—$1,000 at 81. Wash. Gas 65 A—$1,000 at 1013, Pot. Elec. 5':% pfd.—10 at 11015, Fed.-Amer. Nat. Bk.& Tr.—10 at 50, 10 at 50, 10 at 50, 10 at 50, 5 at 50. AFTER CALL. Cap. Tract. 55—$7,000 at 807 Bid and Asked P: BONDS. PUBLIC UTILITY. Amer. Tel. & Tel. 4%is '39.. Am. Tel. & Tel. ctl."tr. 5s Anacostia & Pot. R, R 5s. Ana i C. & P. f Va. 55 Capital Traction E. R. 5 City & Suburban 5s.. Georgetown Gas 1st Potomac Elec. Cons Potomac_ Elec. 6s 1053 Wash., Alex. & Mt. Ve: . Wash., Bait. & Annapolis 5s.. hington Gas 412s. hington Gas Ss . sh. Gas s, 112 545 109% 65% 13% 12% 11% 201 1224 88% 63% 5% CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. 2% %33 PAY ROLL INCREASED. SOUTH HAVEN, Mich., March 18 (#). —The Everett Piano Co., responding to increasing Grand piano demand, has augmented its production and increased its staff of employes by 90 per cent since January 1. James L. Barron, vice president and production manager, said a 69-hour weekly schedule was in force nd would be maintained indefinitely. Orders received during March have been 50 per cent greater than any previous month’s shipments. DIVIBENDS DECLARED NEW YORK, March 18 (#.— Pe- Pay- Hidrs of Company. Rateriod. adle. ~ record G | stock deposited in exchange for shares ! between 75 per cent and 80 per cent of of new successor company. | capacity. | Dodge Manufacturing 1930 deficit | Warren Bros. proposes issuance of $479.379. Net income $3,515, equal to | $5,000,000 6 per cent debentures, in- 15 cents preferred share in'1929. | Ctease in common to 1,000,000 from Edison_Electric Tlluminating (Boston) | paag ueetrare 2nd reduction in author- ized preferred. rate reduetion estimated to have cut | \yestern At Express 1930 det $260,000 from first two months’ gross; | 670, against net ineoue snada:fl', ?mh may consider issue of new stock this | to §7.15 common share, in 1929, | vear. G i COMPANY IS ENJOINED Com Inves 5158 '49. CC Md 1st rf 55 '50 ConG N ¥ 538 '45. Con Pwr Jap 6%s. . Consum Pow bs ‘52, Copenhag bs " . Cuba 5%s 45 Cuba R R 555 % Cuba RR 6s ctf '36. General Asphalt -Royal Dutch-Shell | group appeals Vigas concession de- clsion. | NEW YORK, March 18.—The follow- | ing is a summary of impcrtant corpora- | Am Sts Q Apr Do. 6- pt 1150 Q Am Thermos Boitie.30c Q@ Appalachian Gas Corp. TIBLA 158 Apex Elec Miz Caiambs Bus pf i Power .. Eorty B can Lid Cons Cred 8:v pf Contl Tl Bk & Tr Co Dime BK & Lincoln Tr (Scranton) 50¢ Division 8t Bk (Chi) §2 Frmnt Cream (Del) 40c Do, of 3162, Hartford Gas Co...30¢ Do, of ... 50c Int Carriers ‘Lid 17'3¢ Kan G&E 1% pf. 5175 Do. 36 pt ... 11,50 Leland Elec 50¢ Lord & Taylor 3d pf 52 Mahon (RC) cv B 85¢ Natomas Co ... $250 N Orleans P & 513175 N Y& Richmond Gas %m Tnv 6% pe. 3130 Do 87z pt, §1.37; 5 nCB'.)I| Tl:l'l ‘U Or: IIIAF 'rus| 1 !.5 gifent” Aitomatic pf ¥4 Stanly Wk 67 of 3715 Btate & City Bide Corp_ 't 150 Btate-Planters Bk & Tr ‘Richmond) 315¢ Btate 8t Tr (Bosion) i3 Biix Br & Fir pf.43%¢c Do. Bf ........ 43%¢c Do bt 43%ic Do. pf e O Super Undrwr pf 3175 Tayior-Colauitt . 56'sc + 19 -5:_!_,‘»3:—1—-— " i e N Temple Bar Bids Co 7% ot 5173 Title Guar & Tri 3120 Title Ins' & Tr (Los Angeles) ¢ Mar. 31 Mar. 21 Mar. 20 tion news prepared by the Standard | Statistics Co., Inc., New York, for the Assoclated Press. News Trend. Freight car loadings, considered an important industrial indicator, rose 41,- 534 cars for the week ended March 7 over the preceding holiday week. Al- though the fact of an increase is always | encouraging, in this case the rise is be- leved to be lower than was expected, which lends an unfavorable aspect to this report. Expansion of steel demand, favorable commentsd on earlier in March, is continuing, according to the drcn Age, | With furtaer improvement probably due | to larger automobile proguction sched- | ules and demand from the bullding in- dustry. Ingot output of the steel in- | dustry as a whole has increased to 57 | nt from 55 T cent. i PO eports of copper produiction in all parts of the world for February show | a decrease to 128,685 short tons from 120,390 tons in_January, according to | the American Bureau of Metal Sta- tistics, a decline not large, but never- theless favorable in nature outstanding in corporation news of the day is the | passing of the common dividend by Missouri-Kansas-Texas Railroad. The | dividend meeting of Baltimore & Ohio | General Aviation paid $15 a share | for 60000 shares of Western Air Ex- press_stock. General Electric unfilled orders De- | cember 31 $56,062,000, decrease of 41 per cent from, year previous; on De- cember 19 number of stockholders numbered 116,750, increase, 93 per cent 1930 common share earnings $1.90 ageinst $2.24. General Fireproofing current opera tions between 65 per cent and 70 per cent of capacity, slightly above Peb- ruary average. General Motors subsidiary, General Motors Acceptance Corporation, sued for $27160,000 by Chile Distributors, claiming commissions on cars sold. Harrods, Ltd., for year ended Jan- uary 31 common share earnings 98 cents against $1.16. Imperial Chemical Industries makes share eachange offer to British Aliza- rine, Ltd., 19 shares 7 per cent prefer- ence stock for each 40 Alizarine com- mon shares, £1 par, full paid, and 12 preference shares for 40 partly paid-up Alizarine common shares. Inland Steel ingot production in- creased to 75 per cent of capacity against about 60 per cent a week ago; shee. mills operating at 70 per cent against 60 per cent. International Carriers, Ltd, 12! cents dividend: paid 25 cents January 2; asset value March 16, £15.87 a share. Lavrence Portland Cement produc- | FROM SALE OF STOCK' | BY the Associated Press, | ANNAPOLIS, Md. March 18—The | South American Mines, Inc., a Delaware | corporation, has been ‘enjoined by At- torney General W. Preston Lane from further sale of stock in Maryland. Action of the attorney general was |taken under authority vested in him | under the blue sky laws, which give him | power to act independently of court ac- |ton in tax cases where fraud is ap- | | parent. | Mr. Lane said that but one sale of | |the company's stock hed been made within this State, though two have been traced to Philadelphia. He said the company “hadn't gotten around to establishing a home office,” but was in- | | corporated under the laws of Delaware. |, The sales which have been traced, | the attorney general declared, were | made under ‘a promise to obtain for th- | purchaser a position with the company | in South America at a salary of between a‘o and $50 per week plus transporta: | tion. South American Mines, Inc., he said |was a mixture of “piain fraud and | dumbness.” It involved use of nebu- | lous leases on mining property in Latin American countries which were to be developed. He said the apparent chief of the company was a retired elderly | man who was not cognizant of the | |fraud which was believed behind sale of the,stock. | Potomac ¥ | Security sav.’& Com. Bk series’ A ash. Gas 6s. serles B. Wash! Rwy. & Elec. 4s..... . MISCELLANEOUS. Barber & Ross, Inc.. 6! Chevy Chase Club $las.. .. Columbia_ Country Club 5135 D. C. Paper Miz. 6s...... W. M. Cold Storage 55 Wash. Cons. Title 6s . STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9).. Capital _Traction Co. (4} Wash. Gas Light Co. (1), Norfolk & W. Steamboat (12’ Pot. Elec. Power 87 pfd. . Pot. Elec. Power 5'z. pfd,.. Wash. Rwy. & Elec."com. /7). Wash. Rwy. & Elec. pfd. (5 NATIONAL BANK. Capital (14) 5 Columbia (12} Commercial (stamped) (10).. . R B e AR Fed.-Amer. Natl, Bk, & Tr. (2). Liberty (7%) A Lincoln (12000 .. Metropolitan’ (14) Riggs (185) Second (9e) - Washington '{id)0 111l TRUST COMPANY. Amer. Sec. & Tr Co. (15) o Continental Trust (6).. 5 Natl. Savings & Trust (12i) Prince Georges Bank & Tru Union Trust (85)..... x Wash. Loan & Tr. (14)..00. "0 SAVINGS BANKS. Bank of Bethesda (68) Commerce & Savings (10 East Washingion (1) .. Seventh_Street (12) Cuba RR rf 7%8°36 Cuba Nor 5% '42.. Czecho 8s 51.. Czecho 9, : ! Del & Hud rf 4543, Del & Hud 5%s 57, Denmark 4%s ‘6Z. . Denmark 53s 55 Denmark 65 42 D& R Gr gn 4s D& R Gr 4%s'36 D& RG W b8°65... Det Ed G&R4 %561 Dodge Br ¢l 63 '40.. Donner St 7s 42, Duquesne 4 % 67 Dutch East 16547, Dutch East 16562, East C Sug 7%s '37 E Tenn V & G b iirie zon 4s A 53. Erie Gen ds..... Krie 18t con 4 Erle cv bs ' Erie 5875 Fiat7s war. Finland 5% ‘58. Finland 65 ‘45 Finland 61s Fram 1 D 7%5'42.. French 7s" .o French Gvi 7348 41 Gen Cable 58 *47. 9 - Serree o Pos Tel & C 5 Pub Sv G 4% Pub Sv G 4% Pure Oll 5%s Queeniand WQueenland 7s ‘41 Read gn 4%s A '97. R Gr De Sul 6 R Gr De Suls Rio Gr W 1st 483 Rome 6%8'52. StL IM R&G 4833, StL&SFIndsA.. 69 SIL&SF 4%878. StL&SF prinbsB. 9 StLS Wevds Sao Paulo 85 '50. Seab A L 4s 8t '60.. 29 Seab A L cv 63°45.. 38 Sea All Fla 65 A '35 31 Sea AllFlaésB'356 1 Seine 7s "4z, .12 62.. 7 Serbs-Cr-S18s°'62.. 3 Shell Un O11 53°47. 35 Shinyetsu 6%gs "52. 87 Sinclalr O1l 6%8'38. 2 ’| crates, 5.50. grapes, Belgian, per pound, Almeiras, Chile, 4.50a5.00; Cubanas, Chile, 3.00a4.00; pears, 2.75a3.25; rhu- barb, hot house, 5-pound boxes, 90; California, 20-pound boxes, 2.00. Vegetables—Potatoes, 120-pound sacks, 225a2.50;: new potatoes, per bushel, sweet potatoes, per bushel, tomatoes, repacks, 6-pan, celery, ' 3.00a3.50; string limas, 5.50a6.00: broc- urnips, 1.00; caulifiower, bage, new, per hamper, 1.00a1.25; old, per 100 pounds, 90a1.00; spinach, 75a1.00: kale, 1.00; peppers, 3.50a4.50; carrots, old, bushel baskets, 1.00; new, per crate, 3.00; beets, per crate, 2.50a3.00: lettuce, Iceberg, 3.50a 4.00; Florida, 1.75a2.00; Summer squash, per crate, 6.00a7.00; peas, 5.00; aspara- gus, per crate, 6.0029.00; cucumbers, 5.00 — EXCHANGE SEAT $310,000. NEW YORK, March 18 (#).—Ar- rangements have been made for the sale of a New York Stock Exchange mem- bership for $310,000, an increase of $10,000 over the previous sale. Low. Close. 9% 99y 9% 94% 95% 95w 99% 1004 Sales. High, 30 99% 4% 96 100% Un Pac 1st 4547, s Unit Drug ev §: tion since January.1 about 55 per cent | Gen Motors 6s under year ago, shipments about 23 per | Gen St Cas 5%s '49 Gen Th Eq 6s 40, German 5%s 65... German Bk 6s '38 German 7s rep '49. . Ger Gen El : Goodrich ev Good 15t 6148 Goody'r Rub bt GrtTrsfdb6s '3 Grt Trunk 75 '40. .. Grt Nor 414876 Grt Nor 4%s Grt Nor 18t 5 Grt Norgn 5% Sine O Tsev A 37.. Sine Cr O 6% s ‘38. . Sine P L 5 Solvay Am b Solssons 63 Sou Bel T&T 58 '41. SW Bell T 65 A 'B4. Sou Pac col 48 °49. . Sou Pac ref 45 '55. . Sou Pac 4% Sou P 4%s Sou P&OF 4 United States (30) Washington Mechanics ' (30) FIRE INSURANCE. Americen (13)....... Corcoran (10) Firemen's (8). National Union (i3) s TITLE INSURANCE. Columbia (6h) . ... 3 Real Estate (6h). = 0 "1l Title & Inv. Co. Md com MISCELLANEOUS. Barber & Ross, Inc., com. . Col. Medical Bld, Col? Col. Sand & Grav. pf (1) Dist. Natl. Sec. [l'fl s o750 Emer. Bromo-Selz. A # ;::! 1 5[8; l!n’vnld Fed.-Am. Co_ pi_ () Grt Nor ;-‘!lnsl%? A"olr:,myu (8) 10} Bt Greek 65 '63. . e "com. ( H:?. v & Btrge ol | Hoe s Co63x 34 atl M & Qi Hud & M ad)j Natl. Mtge. & Inv. pfd. (8) - 5 Peoples Drus Stores pid.. (813 Hud & M rf 5 R!l? Est._ M. & G. pfd (8) Humble O1l 58°37.. Hum O&R 633 62, Security Storage (d¢)... Hungary T%s '44.. Ter. Ret. & Wh. Corp. (3 The Carpel Corp. (1.5 MBTIistpfésd.. 111 Cent 4s ‘52 o W. Mech Mtge. com. (6) 111 Cent 4% 5 ‘66 Wash. Med. Bldg. Corp. (75).... Woodward & Lothrop com. ;.. 31 11l CCSIL&N 435, 111 CCStL&N 63 A 106% % 87% 874 101% 1034 6% 82 25 8814 102% 107 80 98 59 68 931 105% 82 95 93 1031 1087 110 103 99% 46% Union & New Haven Tr "New Haven) i3 Union B of Chi. 230 Un Fwiat Drill . 350 D v Yosemite Hid pf..87isc Ext Clinton Tt & M G.10c Lake View Tr & Bay Bk (Chi) cagdd Title Guar & Tr Mar. 25 | that was to be held today, the outcome | Mar. ;:Il of which is awaited with much interest, | cent smaller. | Mar. 29 | has been postponed for a week. Earmn-| "1, j.de Steel Co. 1930 common share | Mar 1% |ings for 1930 of General Electric and | carnings about $2.19 against $446 | Calumet & Arizona Mining, both show- | “nicfop oy Bty Spubiic S ervice 1930 | ing decreases from 1929, are also of jet before depreciation $233 183 against interest. $125.831 after depreciation in 1929. Missouri-Kansas-Texas Railroad de- | fers declaration of quarterly common | dividend; paid $1 December 31. New York Central Railroad com- muters organize to Zight fare increase. Orpheum Circuit, Inc., 1930 $8 pre- | |ferred share earnings $6.30 against $2.24. Calumet & Arizona. Mining 1930 com- | name sppralacts o vilue Bock, it mon are earnings 4 V8. .18, = i Rescinded. :glnn’n:on share earnings $16.77 Pennsylvania Railroad — Interstate .38. Commerce Commission reported con- Swingtalany e e 7 2] Chicago Rallways Co. net income, | sidering anti-trust action to force di- RVt i por ended January 31, §572,641 V.| vestment of Norfolk & Western stock o y ,584,109. control. csesmae- T Wk s o B Rt Colonial Beacon Ol 1930 deficit | Rochester Central Power 1930 net in-| Reports that small floor coverings N Am Oil Con i0c M Apr. 1 $2,414,023 vs. net income $247,615, equal | come $1,548,372, against $2,260,138. mills are shading prices on popular | Woodward & Lothron com. .- &7 Sebjpinger. (B 3 se2s to 16 cents common share. Safeway Stores 1930 common share | price goods to keep up sales volume | JOOCHACE € i i 8 Daiies & 10 Consolidated Gas of New York not | earnings $4.82, against $9.02, based on | persisted in the New York wholesale | 55, diVI3e0d gy pue ety - plan; exchange offer for minority | ave number of shares outstanding | market yesterday despite denials from niSc extra. 3% extra. R ER ey, bl sutlined w ‘petgeam for 1nland St 438 ‘78, Utd King 6% '37. U S Rub 1st 58 '47. Uruguay 6s ‘60 Uruguay 6s '64 Uruguay 46 Utah P& L 63 '44.. t1] Pow 58 59 ww. Utll Pow § 106 1064 71 71 86% 8TW 85% 874 100% 100% 103 108% 4% 75 81 82 25 25 884 881 10215 102's 107 107 79% 79% 98 98 56 59 68 68 9314 934 105% 1054 81% 81% 95 95 93 93 1031 103% 103% 1087% 109% 109% 103 103 99% 99K 45 45 9101 100% 101 7 1004 100 100% 23 101% 101% 101% NEW YORK BANK STOCKS NEW YORK, March 18 (#).—Over- the-counter market— Trust Companies. | Bid Asked. | 1174 1o 00000 © OO DOOEOOOO O OMO DOOO O OHOOOO: DOOOOD © WOOLOOD Seo 9 5 7 2 1 1 9 10 z Mar 21 MAr 2 Bankers . Cent Hanover Chem Bk & Tr Corn Exchang County 5 Guaranty Trving . Manufaciorers’ ... Westchester Title ‘& Tr The Companies. Baltimore & Ohio Railroad directors Mar. 19 | meeting scheduled for March 18 pofl,-‘ poned until March 25 because of lack Mar. 16 | of & quorum. Brooklyn Borough Gas 6!, cents ex- Mar. g1 | tra and 75 cents quarterly dividends Mar: 30 |on preferred shares. | Aor. Vienna 6s ‘52 Va Ry & Pow Va Ry 1st 68 '62. Wabash 4%s 78 Wabash 6875 Warn Br Pic 6 Warsaw 78 '5! Empire Trust pabeoenEedSete Elonnonmn D. Union Cotton Mfg .$10 i Reduced Alliance N Bk (Chi) 32 M & T Secur ($10) 20¢ tandard Screw . 3150 a) S Mar. 13 1 Stanley Wks (528). 80c Mar. 12 Apr. 1 Un Planters Mpil Bk & 5 Tr (Mem) ($10)..30c Q Mar.25 Apr. StOII N Y 4348 61, Sug EsOr 7s *42. America ... Bk of U 8 unit: Y. West El deb 53 "4 West Md 4s ‘52 2575 ¢ 210 1600 93 350 Illass L lao10 11500 90 . 300 ‘Tenn El P 63 A '47. Ter As St L 4s'63.. Tex Corp cv b8 "44. Wilks B & Wil & Co Ist Yokohama 6: Ygstn Sn&T Aor 1 Due Apr. stock of New York Steam. in mfi: years. executives of several of the mills men- [30c extra. 4% extra Match—99.39 per cent of Trico Products steps up operations to tioned. 8% extra. i ta% extra. Tec T8