Evening Star Newspaper, March 18, 1931, Page 15

CURB PRICES MOVE | [NEW YORK CURB MARKE IN NARROW RANGE Public Utilities Firm — Oil List Heavy—Trading Highly Selective. BY JOHN A. CRONE. Spectal Dispatch to The Star. NEW YORK, March 18 —After open- ing irregularly, the curb exchange steadled today, but trading quieted. Public utilities were firm, but rather inactive compared with recent sessions. Oils, with a few notable exceptions, were heavy and dull. Elsewhere in the list movements were confined to specific issues rather than to whole groups. Electric Bond & Share moved within & fractional range, as did American & Foreign Power warrants. Duke Power was up about 2! points. Weakness in the London market was only slightly reflected here in the various interna- tional utility securities. Cities Service barely budged despite a fair turnover of shares, Electric Bond & Share wag reported to be closing a deal for Rumanian Power and Light properiics. It was learned here that the Rumanian prop- erties acquired would be turned over to its principal operating subsidiary, American & Foreign Power, which plans a progressive expansion program Tor this year. Ford Motor Ltd. firmed following the announcement that shareholders had approved the proposed £2,000,000 cap- ital increase. = Chairman Sir Percival Perry sald the additional shares would be offered to stockholders in proportion to their present holdings. Continental Shares, Inc., was pound- ed to a new 1931 low as a result of & suit in Baltimore filed by a share- holder to prevent holding of the annual meeting of that company wday. The shares recovered somewhat following President W. R. Burwell’s statement that the injunction granted was te porary and that the company could not answer allegations of mismanage- ment until it had been furnished with a copy Of the bill of complaint. Douglas Aircraft was whirled to a new high again today following the Government’s announcement that it soon will place orders for 588 airplanes, including spare parts and engines. No mention of Douglas was made in the ‘Government statement. e . INCREASE IN BUSINESS OF CANDY FIRMS SHOWN By the Associated Press. Striking increases in busin:ss by some individual foodstuffs and confectionery | concerns during recent /periods are shown in manufacturers’ statements re- ceived by the Department of Comm rce. A manufacturer doing business in previous years up to the average in his class reports gains of approximately 2,000 per cent in January, as compared | with 1930, the product b:ing a com- paratively new and heavily advertised article. “A contiuing gain from $3,- 000,000 to $8,000,000 in total business been reported by one manufacturer for the three years ending with 1930. The report of still another manufac- turer, with annual sales running well into ‘the millions of dollars, shows a sain of more than 50 per cent in total sales in 1930 as compared with 1929, In this case, aiso, the product was n°w. Thes> instances are not cited by the department as being typical, but as illustrative of the point that restriction of operations hes not been without ex- ccptions, U. S. TREASURY BALANCE. The United States Treasury balance announced todsy as of close of business March 16, was $43,031,580.48. Customs recelpts for the month to date were $16,031,175.44. Total ordinary expendi- tures, $29,947,493.30. BONDS ON THE CURB DOMESTIC BONOS. gi . Low. Noon. G & E 55 2023 100% 100': 100% r Pow s '3 8 1% 87 10872 106% 872 88 10 Asso_Rayon, 4las 108 Col Gas 8s '61... 5 Cent Stat EI 5 12 Consol Gas s ° 2 Beacon Ol 6s o 8 Hous L&P 41ys D 210iin P& L 505 B 28 Indnep P&L 55 A Utilit 65 B 1 Intercon Pw cv 65 11Inter Pw Sec 45 E '5 15 Intern Sec Ami 3s te. ter . s IR Bl n M s e et sa aretgeans £33, o'y 96 6615 1U S{Rub 6 4C Velvoline Oil 7 § Van Swerineen 65 1 Webster Ml 6 3 Wes Tex Ut 5 A 1 Wiscon P&L 55 E FOREIGN BONDS. =¥ issued. Note—All stocks are sold In one hundred-share lots excepting those designated by the letter s (80s) (2508, which shows those stocks were sold in odd lots. Bales— Add 00, Open. High. Low. Close. 19% Stock and Dividend Rate. Afliated Prod 1.60. Alr Investors vte. Ala Pow pf (6). ~Prev. 1931~ High. Low. 21% 11% 1% 102 3% . Alltea Mills (60c) 5 Aluminum Co of Am 8258 Alu Coof Am pf (6). Am Capital B.. Am Cigar Co.. Am Cit P&L (A) (a3) Am Cit P&L B b10%. Am Com P A (b10%) Am Com Pr B(b10%) Am Cyanamid B. Am Dept Stores Am For Pow war. Am Founders. ... Am Gas & Elec (11). Am Invest. Inc (B).. Am Lt & Trac (2%). Am Maracaibo. .. Am Natural Gas. .. Am Superpow (40c) Am Superp 1st (6) s Am Ut&Gen cu pf 3. Am Util&Gen (B)vte Am Yvette new wi.. Anchor P F (b10%). Anglo Chil Nitrate. . Anglo-Norw H Appalachian Ga Apponaug Co (2). Arkans Nat Gas A Art Metal Wks (60c) Asso Gas & Electric. Assoc G & E all ctfs. 4 Asso Gas&El A (a2). Assoc G & E pt (5).. Assoc G & E A dbrts Assoc G & Fl war Asso Port Ce - Asso Ray pf cod(6). Assoc Tel Ut (b8%). ° Atl Coast Fish. Atl Lobospt Atlas Util Corp.... Aviation Cp of Am. Beneficial IL (1%).. Bickford's Inc (1.20) Slue Ridge Corp. Blue Ridge cv pfas.. Braz Tt & Lt (b8%). Brilio Mfg (60c). BrilloMfg (A). 3rit-AmT (B)1.17 4 Cable & Wire B rcts. Canada Marconi Carib Syndicate Celanese 1st pt (7) Cent Hud G&E (80c). Cent Pub SvcA b10% Cent Stat El (b10% . 163 4 Cent St El pf xw (6). Centrifug Pipe (60c) Chain Stores St Chat Ph Aln.v (1) Chi B&QR R (10). Childs Co pf (7) Citfes Service (g Cit Sv pt B (60¢).... 4 Clev Tractor (80¢c).. Colombia Syndicate. Col Oil & Gas vic. ... Cmwith Edison (8) Cmwlth & Sou war.. Com Wat Sv (b6%). Com His Am sh p3%4 . Consol Auto Merch nsol Dairy Prod. Consol Gas Balt 3.60. Consol Gas Ut A 2.20 Consol Laund (1)... Cont Shares conv pt. Cont Shares pf (B) Cooper Bessemer. . Cord Corp. Corp Sec Ch (b6% Corroon & Reynolds. Cor & Rey pf A (6). Creole Petroleum Cr Cork Int A (1) Curtiss Wright w Cusi Mex Mining. Dayton Alr & Eng Deere & Co (1.20)... De Forest Radio. Detroit Atrcraft Cp. Douglas Alr (11%). Lresser Mfg B (2).. Driver Harris new. . Duke Pow (5).. Duquesne Gas Cp w! Durant Motors. East G & F Assoc. .. East §t Pow B (1) ucational Pic pf.. Eisler Electric Corp. 59 Elec Bond & Sh (b6) . 479 Elec B & Sh pf (6).. Elec Pow Assoc (1). Elec Pow Asso A (1) Elec P&L2d pt AT.. Elec P & Lt op war. El Sharehold (06%). ismp Corporation. . Emp Corp war Emp Steel Corp. . Engineers Gold. . [Surop Elec deb rts. . Europ k Ltd A (60c) Fairchild Aviation. . Federated Metals(1) Fire Asso Phila 1.60. Flintkote Co A. Florida P & L pf (7). Ford M Ltd (p37%). Foremost Dairy Pr.. Foremost Fabrics Fox Theater Cl A. Frankiin Mfg Co. Gen Alloys (80¢).. Gen Aylation Gen Baking. Gen Baking pt (3). Gen Baking N ¥ wi Gen Elec Ltd (pTuc) . Gen G&E ¢v pl B (6) Gen Petroleum. .. Gen Thea Eq ev pf 3. orgia Pow Bt (6). Gien Alden Coal (4). - 19 th Knitback Mch. amophone rcts(pl) aymur Corp (1)... Groc Strs Prod vic. Gulf Oll of Pa (1%). Happiness Candy Hazeltine Corp (2). Helena kabenstein Horn & Hard pf (7). Humbie O3 (124 . Fiydro i c1.40. Hygrade Food Prod. 111 Pow & Lt pf (8).. Lmp O11 of Can' (50¢) ind Ter 11iu Ol A « Ind Ter I1lu O11 B 1strial Kinan ¢ rance See (10c). inent Pet n Mach (2%) Lnt Petroleum (1).. Int Superp (1110). int Utihities B...... Interstate Equities. Inter Equ conv pf(3) irving Air Chute (1) ltalian Sunerpow A . Italtan Superp war Kirby Petroleum. Lackawanna Sec (4) Lakey Foundry..... Leh Coal & Nav 1.20. Leonard O11. . Liberty Dairy Prod. 9% Loew's Inc deb rts. . % Loew's Inc 3% Lond 221 Lone ~Prev. 1931~ High. Low. 2 111 19% 19% 1% 102% 21 4% 164 19% 1% 102% 2% 4% 161 Veisner New NYH ¥ sh Noma Nordon Nor Am Nor Am 1091 Nor Ind 97 Nor Ind 95% 381 Novadel Ohlo Copper. Oilstocks Ltd A (40¢) Stock and ide: 1% Louisiana Lan & Ex. Ludlow Mt Assoc 10, 20s 112 Mass Util Assoc. Mavis Bottling. Mayflower Asso (2) Mead Johnson (14).. Mer Ch & S (1.60). .., Met & Min Inc (1.20) 4 Mid West Ut (b8%). Mid Roy cv pf (2) Mining Corp of Can Minne Honey pf (6). Mo Kan P L (b10%). Mo Kan P L vte..... Moh H P 1st pt (7).. 50s Mont Lt H & T (1%) 1508 Mountain Prod (1).. Nat American Co. Nat Bd & S Corp (1). t Investors (new), Y Tel pf (6%) Niag-Hud Pow ( Niag-Hud Pow A w.. Viag-Hud Pow C w. Nor Europ Nor St Pow pf (6)... Received by Private Wire Direct to The Star Office Bates— Add 00, Open. HI 5 1% 1% 12 Rate, en. Low. Close. 1% 1% 12 112 4 4% 1 1 47 47 108% 111 1 6 2 t Unfon Radio. ‘eht Corp (60c) . Bros pf (7). evada Cal Elec. ... Newberry (JJ) 1.10. Jewmont Min (4) % Pow pf (6). mburg (212). N Y Steam n (2.60).. ransit (1)..... ) Md (40¢)... 1 Corp (80¢c). Noranda Mines. orp Ltd Aviat A Util Sec ) 1% 1117 101% 981, 48 £ 4 PSpI(T)... Pub S pf (6) Agene (4).. Outboard Mot A Pac G & Pac Pub Pandem pr 1.37% .. Sve A(1.30) on Pantepec Oil. ... Parker Rust Pr (3). 4 Pennroad Corp (20¢) Peop L& P A (2.40). Philip Morris Inc. .. Phillip L Inc B 1.60.. Phoenix Secur Corp. Phoenix Secur pf (3) Piedmont Hyd Eln w 5 Plerce Governor. Pllot Rad Tu! Pitney BPn (20¢).. Pitts Plate Gl (2). Plymouth Ofl (2)... Polymet Mfg. Towdrill & Alex (2). Prudential Invest. .. Pub Utli Hold Cp ww Pub Util Hold war, . Pyrene Mfg (80c) Quaker Oats (17).. QR De Vry.. Radlo Products. ... Raliroad Sh (50¢) Rayethon Mfg. Reliance Int A. .. Reybarn Co. Reynolds Inve Richfield Oil Cal pf. Roan Antelope Min. Rock Lt & P (90¢) Rossia Int Corp..... Roosevelt Field Inc. Royal Typewriter(3) Rubberoid Co (4).... St Anthony Gold St Regis Paper (1).. Saxet Co. ... chulte Un -31'8¢ Seg Lock & H (50¢c). Selected Industries. . Select Ind pr (5 ). . Sentry Safety Cont. Seton Leather (1).... Sheaffer Pen (13). Shattuck Den Min Shenandoah Corp. Shen Corp pf (a3) ... Silica Gel ctfs. mith-Corona vtc. .. South Penn Ol (1).. S W Gas Utilittes. .. Spieg May Stern pf. .3 Stand Invest cum pf. 50s Stand Motors. ...... Stand Ol of Ind (2) Stand Oil Ky (1%).. Stand Ofl Nebr (2).. 2 16 12 1 Stand Ofl, Ohio (2%) 50s Stand Oil, Ohio (5). . Stand P& L (B) (2). Stand P& L pf (7). Stand Screw (8).... Starrett 405 1 508 258 Corp pf (3). Stein (A) & Co(160). Stein Cosmetics. Strauss (Nathan) Strauss Roth. . utz Motor (new).. tz Motor (war) un Invest pf (3). nray O1l (b5%) ... wift Internat (3)... Taggart Corp (1).... Technicglor. Inc.... Teck Hughes (60c). Thatcher Sec Corp. Tob Prod Exp (10c) . Toledo Edison pf (6) Tran Con Afr Tran. . Trans Lux DL PS.. % Tri-Cont Corp war. . Tubize Cantiilon (B) Un Tobacco. . 8% 27 1 Unit Founders. Unit Gas Corp.. Unit Gas war., it Gas pf (7). Unit Lt &Pwr A (1). % Unit'Lt& Pwr pf (6). Cnit Profit Sharin U S Dairy (B)...... U S Elec Power ww.. S Elec Pwr war. S Foil (B) (50c) %, ) S & Inl Secur. 2 4 2 2 ] i} S ¥ Init 101% 1% 14% 5, s Playing Card dio & Televisn tores 'nit Verde Ext (2).. Itility Equities Jtil P&Li(atl Jtil & Ind. 69% 7 9 1% q Vie Fi 12% 28% & “a Wenden [ 14% Voght Mfg Co (2) Walgreen Co. Walker (H) (1)..... Welch Grape Ju (12) Vacuum (4). Van Camp Pkg. Van Camp Pkg pf. Venezuela Petrolm. . Corp(40c) Copper..... Wil-Low Cafaterias. Zonite Products (1). 13% 14 13y Dividends rates in dollars based on Iast quarterly or gemi- *Ex dividend. in cash or stock tPartly per_cent in stock in_stock m b Pald last ve: b Payable in stock 1Plus 5 per cent in StOCK 3 Plus 2 per cent in stock. Plus-3 per cent in stock. o Plus ar—no regular rate 1Plus 4 per cent in stock. & Payable e Adjustment dividend. & Plus 6 per cent in stock. b Plus | k Plus i0 per cent Der cent in stock. extra Special Dispetch 10 The Star. NEW YORK, March 18.—Currently, money rates are low and have been for the past several months, Concurrently, the trend of common stecks has, at best, been erratic. In consequence, as the movement of common stocks has so far exercised a more direct -effect on the course of preferrea shares than has ea: money, there is a disposition #nd ap- parently a well founded disposition to assume that buying opportunities in the preferreds are, at the moment, rather prevalent both from a yield pasis and a probable appreciation of principal over a reasonable hold, says the Standard Statistics Co. of New York, in a current survey, vhich follows in part: “Properly balanced investmcnt port- folios invariably contain a certain per- centage of senior securities. They rep- resent a governor which is expected to any well rounded out investment |PREFERRED STOCKS PART | | OF BALANCED PORTFOLIO | list from fluctuating too of turbulent stock markets. “It would be fatuous, of course, to strive to contend that the price tide of senior securities does not ebb and flow. Statistics prove that it does, and, usually, in fairly close harmeny with the | trend of the stock market. But the movement is far less marked. Thus, senior securities are a stabilizing influ- ence which should be included in every investment program. “Preferred stocks fall naturally into three groupings—convertible, callable and non-callavle issues, In the case of callable stocks, price appreciation, of course, is limited, but it should be re- membered that the calling of such se- | curfties in eras of easy money often | transpires. The non-callable _stocks have a more elastic range, although it, too, is within definite limits. Convert- ible issues, to a large exten, Wwill, naturally, be governed by the trend of common stocks. And in the case of cumulative issues where there are large accumulations still to be paid off, pur- have itional dis~ widely in times | LS. bursements approaching, which may continue periodically until the accumu- lated indebtedness, past due, is :ully dis- charged. “All preferred stocks of domestic cor- porations are free from normal Federal income taxation. It is quite as Impera- tive for preferred stockholders to al- ways be alert as to what is transpiring in business and rate history as it is for the common stockholders. These commitments do not automatically free one from maintaining a vigil over his holdings. Thus, owners of preferred stocks will do well to periodically check actual earnings and the earnings pros- pects of the particular concerns in which they have interests.” Bull-baiting, at one time a favorite European sport, was believed to make the beef tender, and in some places it was compulsory to bait & bull before it was killed for food. | films. MARCH 18 1931. HUGE DAM PROJECT | 10 START SLOWLY Only 1,000 Workers Will Be Needed When Project Is Begun. BY J. C. ROYLE. Any rush of workers to Boulder Dam, now that the contracts of the first portion of the work on that develop- ment have been awarded. -must occasion severe hardships and disaster. This has become thoroughly evident as the plans for work are more nearly com- plete. Only about 1,000 workers will be needed at the time the work is in- augurated and for some time thereafter. The successful bidders are taking most of the workers required into the country with them. The bidders are contractors of large and varied ex- perience, with permanent, working forces at their disposal. The men required will be, to a certain extent, specfalists. A good many of them will be “hard rocfi" men, thoroughly familar with the use of explosives, power drills and other excavating equipment, The eclimate at Boulder Dam fis thoroughly healthy but extremely severe on those unaccustomed to it. Only those who have served an ap- prenticeship in the Nevada Desert can realize how extremely hot it is in the Summer and how bitterly cold in the winter. During the great Goldfleld- Tonapah Tush in 1905 "thousands died of pneumonia because they were unacs customed to the climate. The medical facilities at Boulder Dam undoubtedly will be far better, but the climate will be none the less severe. Health Problems. ‘The building of Boulder Dam, says Dr. Elwood Mead. commissioner of Bureau of Reclamation, “has certain conditions to meet that are reminiscent of Panama. Fortunately, howeyer, they are comparable from the standpoint of comfort only and present no health problems, but in the Summer the wind which sweeps over the gorges from the desert feels like a blast from a furnace. At the rim of the gorge where much of the work must be done there is neither sofl, grass nor trees. The sun beats down on a broken surface of lava rock. At midday the rocks cannot be touched with the naked hand.” Dr. Mead adds, that better conditions are obtained at Boulder City, the con- struction town, planned 5 miles awa It is expected that about 3,000 people will have residences in Boulder City during the construction period. It is made plain that lots for residences or business purposes in this town will be leased with rigid restrictions as to use. It is a Govarnment town and a number of stores, shops, motion picture theaters and other business houses will be strict- ly limited Independent engineers declare that the resemblance to Panama does not | end with the climate. They cite the location, the size of the project and the stresses which will be brought to bear on the dam as difficulties to be over- come in carrying out the work. Capacity of Dam. Edwin Gruhl, vice president and gen- eral manager of the North America Co., declares that every dimension is super- lative. He pointed out that the dam will be 730 feet high, nearly twice the height of any dam yet built, and that it will be 650 feet thick at the base. He also says that if it should be overturned, it would still be the highest dam in the world. The Boulder reservoir will contain over 720 times as much water as de- stroyed the lives of nearly 500 people when the St. Francis Dam near Los Angeles went out. The river has a velocity of 20 feet a second and there have been extraordinary floods. Mr. Gruhl declared that there are tre- mendous stresses to be accounted for in the mass of masonry higher than the Washington Monument. He adds that Gen. Goethals, builder of the Panama Canal, has advocted a rock-fliled dam rather than a concrete dam under ccnditions such as exist at Boulder Canon. Silent Films. Not all of the world has gone “talkie.” The idca that the so-called silent drama was passing out of the amusement pic- ture is shown by recent reports to Gov- ernment departments to be thoroughly erroneous. The sound film productions exhibited in this country probably will be larger, better. more artistic and more expen- sive than ever before, but there will continue to be a tremendous volume of silent films produced and exhibited throughout the world. There is an ex- pectation that American motion picture concerns will make renewed eflorts oompletely to dominate the foreign { field of both silent and sound film pro- ductions. This activity seems to hinge | on the return of prosperity abroad, in | event of which, some concerns are pre- pared to make their productions in the | countries where they will be exhibited. | There are at this time, acording to the Department of Commerce, 82.260 | motion picture theaters in the world. | Out of this total nearly 62,400 are de- | voted to silent pictures, while less ‘than { 20,000 are equipped to produce sound | There are over 40,000 silent pic- | ture theaters in countries other than tie | United States which must be supplied | with films. Many of these films are | made by companies organized abroad. | out the greater bulk of the demand must | be_supplied from American studios. | Limitations of language are bound to have & depressing affect on the sale of the American “talkies” abroad and in | consequence it is likely that productions | for foreign theaters will be made under | American_directors, who will use loca- tions and actors in the countries to | which the fiims will go. [ Increase Tn Houses. The success of the recent Chaplin film, despite th» comment which ii caused, was nct the first indication that the at drama still maintained its appeal. In the last year the number of silent motion picture houses in the Near East has increased nearly 30 per cent. The Far East also showed an increase as has Europe, Latin America and Africa. In the last three months it is true that more theaters have been wired for “talkies” in Europe than for any simi- lar period, but, the gain has amounted to only around 1200 in the quarter year. The silent pictures will continue to be as big a business factor as they have been in the pas Over 2,000 corporations in the United States are using motion pictures for some business purposes. One of the main uses is tne promotion of operat- {ing effciency. Another purpose has been the creation of good will and in- creasing the safety of plant operation. The majority of these films are of the silent variety, but in England the port- able daylight talkie has been used for advertising purposes with distinct suc- cess. Trucks equipped with these daylight talkies are sent throughout the country, and while the pioneer equipment is crude, it serves the purposes admirably. It has been especially successful in the case of some of the larger oil com- panies and of restaurant chains. Foreign governments are _rapidly adopting the American silent films for educaticnal purposes. This is espe- clally true in the West Indies, Italy and ‘South Africa In Germany, Eng- land and France, which producc their own talkies, the educationak movement is spreading into that ine of the in- dustry with great rapidity. (Copyright, ‘1831.) PARIS BOURSE PB.I_CES. PARIS, Murch 18 (#).—Price changes were frregular on the Bourse today. Three per cent rentes, 88 francs 3. cen- times. *Five per cent loan, 103 francs, 30 centimes. ~Exchange on London, 124 francs 18%; centimes. The dollar was quoted at 25 francs 55% cen STOCK AND BOND AVERAGES By the Associated Press. Prom Yesterday's 5:30 Edition, STOCKS. Today. .. Previous day. Week ago. Month ago. Year ago. Two years ago.. Three years ago. . High, 1931 Low, 1931. High, 1930 Low, 1930, High, 1929 Low, 1929. * New 1931 low. Today. . Previous day. . Week ago. Month ago. Year ago....... Two years ago. Three years ago. High, 1931...... Low, 1931 High, 1930 Low, 1930.. High, 1929 Low, 1929 20 Rails. 94.9% 96.8 99.7 104.0 1348 134.5 1242 (Copyright, 1931, Standard Statistics Co.) Grain Market By the Associated Press. CHICAGO, March 18 —Moist weath- ar, bearish on wheat and bullish on corn, niade grain prices irregular early today. Wheat reached a new low price record for the season, but corn scored ad- vances. Opening at 1 cent decline to % gain wheat afterward held near to the initial limits. Corn started unchanged to %s up, and subsequently rose all around. Wheat showed rallying power at times, as a result of increased purchas- | ing that developed after September de- | livery touched 617, outdoing the sea son's previous bottom level. Upturns were helped by corn strength and by relative steadiness of quotations at Liverpcol, where improved demand for Canadian wheat was in evidence. United States Farm Board agencies, however, were reported offering Gulf of Mexico shipments of No. 1 Dark Northern wheat abroad at 15 cents under the price of Chicago May delivery. In addi- tion, a statement from the Department of Agriculture said indications were world prices would not rise sufficiently by next Summer to permit liberal ex- ports except at prices below current levels in United States markets. Corn advances were associated with extreme scantiness of rural offerings. Primary receipts, though, totaled 541,- 000 bushels, compared with 436,000 a week ago and 558,000 a year ago. Chi- cago had 103 cars, against 86 at this time last week, and 74 on the corre- sponding day of 1930, Oats sympa- thized with upturns in corn. Increased offerings of lard weakened provisions, despite higher hog values. Brokers’ Comment NEW YORK, Muarch 18—The rails’ break to a new low yesterday, as well as the reaction in the utilities, suggests to stock market commentators -today that the lows of last week may be tested. Most of the commission houses advise short-term traders to postpone commitments at this time. Comments follow E. F, Hutton & Co—Very plainly, the best argument against the bear side continues its popularity. On the other hand, it might be said that stocks went up when it seemed as if every one was long in 1929 and when the large loan accotint was as much of a bear signal as the small loan account is a bullish inference now. Of course, the sequel came in time, The current bearishness might result in a renewed decline, cul minating with release of the first-quar- ter earnings, but by the end of the year it may prove to have actually been the last opportunity for buying large lines of stocks at low levels. At any rate, for the small and agile trader Who can es- tablish his position quickly there seems no hurry to buy stocks. -Shields & Co.—Sentiment is more bullih than bearish at the moment. It will take more aggressive leadership than witnessed so far to break the mar- ket out of the existing rut of dullness. The technical position and the absence of dirstress stocks favols the construc- tive side for the moment, but if more courageous effort at attract a following is not witnessed soon the increasing burden of bad news threatens to break the market’s bac Otis & Co.—Within the next few days a test chould be made of last week's lows. Until this test has been made and successfully met we see little jus- tification for making mew short term trading commitments. Emanuel & Co.—We would close out all lopg-trading commitments at_the market and stand aside as we believe lower prices are in prospect. Redmond & Co.— We are still of the belief that at least one more effort will be made to rally the market, particu- larly the public utilities, before any seri- ous reaction takes place. Jackson Bros., Boesel & Co.—Until greater price staoility is seen in the in- vestment rail group we fail to see how the general market will move cut of a trading area governed largely by techni- cal considerations. NEW SECURITIES NEW YORK, March 18 (#).—New securities offered today include: State of North Carolina $9,557,000 4 and 4', per cent bonds maturing January 1, April 1 and July 1, 1934 to 1968, priced to yield 3.50 to 3.95 per cent for earlier maturities, by & syndicete headed by the First National Bank of New York. Gatineau Power Co. $8,500,000 first mortgage 3 priced to yield 5.55 per cent, by a sy dicate headed by Chase SecuritiesyCor- poration. Pacific Public Service Co. $8,000,000 five-year 5 per cent notes, due March 1, 1936, priced at 99 and accrued in- térest to yleld 5.23 per cent, by & group headed by the Guaranty Co. Commonwealth of Massachusetts $3.000,000 3.50 per cent bonds, due 1931 fo 1961, priced to yield 175 to 3.75 per cent, by Roosevelt & Son. City of Hoboken, N. J. $2,126,000 41, per cent bonds, maturing March 15, 1933 to 1960, priced to yield 3.50 to 4.15 per cent, by a group headed by Phelps, Penn & Co. Tarrant County, Tex., Water Control and Improvement District No. 1 $1.500,000 415 per cent bonds, maturing 1935 to 1971, inclusive; priced to_yield 430 to 440 per cemt, by C. W. McNear & Co. FREIGHT LOADINGS. By the Assoclated Press. Loadings of revenue freight increased during the week ended March 7 as compared with the previous week, when operations were curtailed by observance of a holiday February 23. The total loadings for comparable periods, as de- termined by the American Railway Assoclation, follow: Week ended March 7. . 123,524 cars Previous 682,000 cars Same_ week li 873,716 cars Just Think of It— The Star delivered to your door every evening and Sunday morning at 1%c per day and 5¢ Can you afford to be t service at. this cost? ‘Telephone National 5000 and de- livery will start at once. New York Cotton Special Dispatch to The Star. NEW YORK, March 18.—Cotton prices were 3 to 6 points higher at the opening today. Demand was heaviest for near months, most of the buying being attributed to the trade. Statisti- cal reports caused some covering in dis- tant contracts. Opening prices were: March 10.72, up 5; May 10.93, up 6; July 11.16, up 3; October 11.48, up 5; December 11.68, 5, and January 11.74, up 3. , up | 0LD BANKING HOUSE UNDER NEW CONTROL Kidder, Peabody & Co. Is Taken Over by Group of Financiers. By the Associated Press. NEW YORK, March 18.—The bank- ing house of Kidder, Peabody & Co., the roots of which go deep into the history of American finance, has been succeeded by a new partnership. ‘The first member of the Peabody family to distinguish himself in bank- ing was George Peabody of Boston, who formed Peabody & Co. of London in 1835, which later became J. 8. Morgan & Co., named for the grand- father of the present J. P. Morgan. The present firm of Kidder, Peabody & Co., however, was not formed until 30 years after the London concern. The firm was dissolved yesterday and its name was taken over by a group comprised of Edwin S. Web- ster, jr., vice president of Stone & | Webster; Chandler Hovey, head of | Chandler Hovey & Co. of Boston, and | Albert H. Goldman, formerly 2sso- ciated with Goldman, Sachs & Co. ‘ Founded in Boston in 1865, Kidder- Peabody has played an important role |in investment banking and has been |identified with syndicates marketing many major bond issues. It main- tained offices in Boston, Providence, R. L; Newark, N. J., and New York. CHICAGO LIVE STOCK MARKET | CHIC/&O. "rch 18 (P) (United | States ment of Agriculture). Hogs, g including 3,000 direct; very slow yesterday's average; Zweady to 10 higher than top, 8.35; 140-210 pounds, 8.15a8.30; pounds, 7.25a8.1 ing sows, 6.4026.75; light light, good | /and choice, 140-160- pounds, 8.10a8.30 | light weight, 160-200 pounds, 8.15a8.35 medium weight, 200-250 pounds, 7.60a 8.30; heavy weight, 250-350 pounds, | 7.10a7.75; packing sows, medium and good, 275a500 pounds, 6.40a6.85; | slaughter pigs, good and choice, 100- | 130 pounds, 7.50a8.00. Cattle, 7,000 head; calves, 2,000 head; better grade fed' steers and yearlings strong to 25 higher; lower grades mostly steady; she stock sharing steer advance, especially desirable butchers and year- ling heifers: bulls steady and vealers 125 to 50 lower; largely steer run; prac- | tically everything in killer flesh: bulk, 7.25a9.25; early top, 10.00; Slaughter cattle and vealers: Steers, good and choice, 600-900 pounds, 8.75a10.75; 900- 1,100 pounds, 8.50a10.75; 1,100-1,300 pounds, 8.50a10.75; 1,300-1,500 pounds, 8.75a10.75; common and medium, 600- 1,300 pounds, 6.25a8.75; heifers, good and choice, 550-850 pounds, 8.00a9.75; | common and medium, 6.00a8.50; cows, | good and choice, 5.00a7.00; common and medium, 4.2525.25; low cutter and cut- ter, 3.00a4.25; bulls (yearlings exclud- ed), good and choice (beef), 4.25a5.75; cutter to medium, 3.75a4.75; vealers | (milk fed), good and choice, 6.5028.50; medium, 6.00a6.56; cull and common, |4.0026.00. Stocker and feeder cattle: | Steers, good and choice, 500-1.050 pounds, 7.25a8.50; common and medi- um. 5.25a7.25. Sheep, 11,000 head; fairly active, | strong to 25¢ higher; advance on fat | lambs; early bulk good and choice grades, 9.00a9.35; several loads, 9.40a 9.65; fat ewes mostly, 4.50a5.00; lambs, 90 pounds down, good and choice, 9.00a 9.75; medium, 8.0029.00; 91-100 pounds, medium to choice, 7.5029.50; all weights, common, 6.2528.00; ewes, 90-150 pounds, medium to choice, 3.50a5.00; all weights, cull and common, 2.00a4.00; feeding lambs, 60-75 pounds, good and choice, | 7.65a8.25. The be it la offered pigs, 7.25a8.00; pack- | RE-ELECT DIRECTORS AT ACACIA MEETING President Montgomery Presides at Annual Session Held in Home Office Here. ‘The annual meeting of members of the Acacia Mutual Life Association was held late yesterday in the auditorium of the Acacia Home Office Building, First street and Indiana avenue northwest. President Willlam Montgomery presided. The chief order of business was the election of directors to fill expired terms. All directors whose terms closed T- day were renamed, as follows: Charles E. Baldwin, Willlam K. Cowden, E. C. Graham, John T. Meany, Joseph H. Milans, William Montgomery, John B. Nichols, Charles F. Roberts, L. P. Steuart, E. Lee Trinkle and Francis D. Winston. Other members of the board include: W. L. Andrews, D. Rufus Cheney, Harry Blake, C. C. Coombs, Paul B. Cromelin, J. Harry Cunningham, L. Whiting Estes, James C. Hoyle, Thomas E. Jarrell, J. Claude Keiper, Arthur D. Marks, H. L. gu::.. jr.; E. E. Thompson and J. P. o OIL INQUIRY IS STARTED BY TARIFF COMMISSION By the Associated Press. ‘The Tariff Commission is instituting an investigation to ascertain the dif- ferences in the cost of production of crude petroleum, fuel ofl, gasoline and lubricating oils in the United States and in foreign countries which ex - ed more than two million barrels of these commodities from January 1, 1929, to December 31, 1930. This investigation is starting under a House resolution passed March 3. The commission completed and sub- mitted to Congress at the recent ses- sion & report on the costs of production and crude petroleum, but that investi- gation was limited to domestic fields and the Lake Maracaibo district of Venezuela. The new- inquiry will be broader in the commodity sense, 8s it includes fuel oil, gasoline and lubri- cating oil and will cover a greater geographical area. Results of this investigation will be reported to the President and the House not later than the beginning of the next regular n of Congress. CHICAGO DAIRY MARKET. CHICAGO, March 18 (#).—Butter— Receipts, 4,653 tubs; unsettled; cream- ery, extras (92 score), 2814: standards (90 score carlots), 28%5; extra firsts (90-91 score), 27':a28; firsts (88-89 score), 26';a27; seconds (86-87 score), 24'5a25. Eggs—14,473 cases; easy; ex- tra firsts, 21'5: fresh graded firsts, 1812 al913; ordinary firsts, 18; storage packed firsts, 21%2; storage packed extras, 22. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Applieat! riments on well Family Income Plan “THERE_IS NO SUBSTITUTE” Roger M. Stuart | Connecticut Mutual Life Ins. Co. Established 1848 rd_Bids. Phone NAt. 3926 MAXIMUM SECURITY (Assets Over $600.000.000) PLUS HIGHEST RATE OF INCOME AGE 65 Females 9% Annually tion Parable Jronthiy Semi Annuaily te of Bi 4" Tnformation ' Resnrdine CASH REFUND ANNUITI LE Roy GoOFF 1036 Wood: Bldg., Natl 0340 Insurance Ezclusively for 20 Years Year Loans On Improved Real Estate LOWEST INTEREST RATES BO Foundea 1903 LPS oan Correspondent Hancoek Mutual Life Insurance Co. 1417 K St. National 9300 L John MORTGAGES PROFITABLE EMPLOYMENT FOR YOUR MONEY art of making money is the investment of your surplus, rge or small, with safety, and proper return—such as are by our Ower a T of a Century Without a Loss B F. N?ional THERE 6% FIRST MORTGAGES So invested all question of re- turn is definitely settled, for you'll receive interest at the rate of 6% regularly. And there can be no doubt of the safety of the principal, for it is amply secured by improved Washington real estate which has been con- servatively appraised. May be purchased in amounts from $250 up. SAUL CO. 925 15th St. N.W. IS ° NO WUBSTITUTE FOR SAFETY