Evening Star Newspaper, March 21, 1931, Page 14

A—14 % FIN SPRING PURCHASES GAINING STEADILY Pick-up Especially Notice- able in Wearing Apparel and Garment Trades. BY J. C. ROYLE. The reverberations of the annual beating of breasts before the income tax Walling Wall has now about died aw Bark debits naturally indicate the with- drawal of sums to mest these incorae tax payments but the drop in benk deposits _illustrates other and more cheerful trends. The d:cline undoubted- ly is more ¢xtensive than has been Tecessitated by the income tax period. These additional _declin‘s indicate pretty plainly to Government officials that there has been a decided with- drawal of funds for the purpose of restocking goods for the family needs. This has reflected itself also in the whol-sale trade. Retailers have paid their bills to wholesalers. Wholesalers have paid their bills to manufacturers. This does not show in the bank de- posits. It simply means the retirement of a certain amount of commercial pap'r but its influsnce on the business situation is undoubtedly tremendous. Pick-Up Is Steady. Retail trade is picking up not by fits and starts but steadily if gradually. ‘This is noticeable especially in the garment trades and in all types of wear- ing apparel. Some of this incr-ase is 1o be expected at this time of the year but the betterment has been greater than was anticipated. Th: h-ads of the largest steel corporations are sponsors for the statement that the outlook for that key industry is excellent. This feeling is not confined to them alone but_ind-pendents are improving plants and increasing capacities in ~ certain lines in anticipation of better business. The retail automobile trad> has im- roved rapidly in the last’ few weeks. g’lle comforting thing about this de- v-lopment is the fact that the new machines are going directly into the hands of consumers with little or no hesitation in the show rooms of the dealers. Building construction is gradually picking up. This tendency seems to be thoroughly seasonable since the increase in housing construction is still far be- low the record of recent years. The soft coal industry is expected to benefit from the forthcoming opening of lake traffic, when coal will comm-nce to move to the Northwest. Output, how- ever, is more than balancing the con- sumptive demands at the moment. Petroleum Industry, A score of different factors are pulling in opposite directions in the petroleum industry. Some Government depart- ments are endeavoring to induce the big importers to cut down their ship- ments into the United States from Latin America. The importers in gen- eral have expressed the willingness to do what they could, but they have been far from definite and if they come to a decision s to whether they will please their Atlantic Coast customers and con- sumers or the Middle West producers and Government officials, there is very little doubt as to which way the policy will be directed. In the meantime, the Federal Trade Commission has vitiated all but three cf the trade practice rules for the retailing of petroleum products and the industry is extremely anxious to have this action revoked. ‘The outstanding factor of the busi- ness wcrld at the moment is the im- provement of the cotton textile situ- ation, Stocks of cotton textile goods | are lower than they have been in three years and some buyers are paying a premium for immediite delivery. Stocks are 235,000,000 yards lower than a year ago, and unfilled orders have increased 107,000,000 yards in the last few months. Rail Merger Plans. Shippers' opinion, both publicly and privately expressed, is likely to be the dominant factor in determining the future of railroad consolidation in New | England. A careful survey by thel writer, which has embraced the ship- pers and traffic managers of five New England States, indicates plainly that this very trend of shippers’ opinion is inclined tcward the opening of New England gateways to all the four great traffic systems of the Atlantic Seaboard. There is a distinct effort on the part of one or two localities to tie up the New England raidroad situation and de- liver it in that condition to _the Pennsylvania lines and the New York Central. This has encountered a de- cided effort on both sides of the inter- national boundary to permit free and adequate competition through the ad- mission cf the Baltimore & Ohio and ANCIAL. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page Stock and Sales— Dividend Rate. FPetrolm Cp of Amt1) Phil Read C& 1..... Phillips Petroleum Pierce Oil. S Pierce Petri (10¢) Pitts United Corp Ditts & W Va (6). Fort R Am Tob A 314 PRAmTobH...... Prairie Ofl & Gas (2) Prairie Pipe L (3)... Pressed St C pf (7). Proct & Gamb (2.40) Proc & Gamb pf (5). Pub Sv N J (3.40) Pub Sv N J pf (5) Pub Sv N J pf (6) Pullman Corp (4) PureOfl...... Pure O1l pf (8). Purity Bakeries (4). Radlo Corp... Radio Corp pf A(31%. Radio Corp B (5).. Radio-Kelth-Orph A. Raybestos Man 2 60. Reis (Robt) & Co. .. Remington-Rand . Rem-Rand 1st pf Reo Motor Car (40¢). Republic Steel 5 Republic Steel pf. ... Reynolds Mertals (2) Reynolds Spring.... Reynolds Tob A (3). Reynolds Tob B (3). Richfield O:1 Rio Grande Oil. Rossia Insur (2 20) Royal Dutch m1.3404 % Safeway Stores (5). afeway pf (6). feway Strs 1 t Joseph Ld (2).... St L-San Fran pf (6) Schulte Retail Stri Seaboard Afr Line Seab Alr Line pf.... rs Roebuck 32%. Servel Inc.. & Dohme. ~Prev. 1930~ High. Low. 10% 6% 12 s 16% 1% an 15 86 27 8 20% 26% 47 21 292 Shaituck F Shell Tr (m9| Shell Unfon Oil. ... Shell Un Ol pf (53%) Shubert Theater: Simmons Co........ Sinclair Con Of] (1).. Sinclair Oil pf (8 Skelly O1l.... Snider Packing. .. Snider Packing pf... Solv Am pr ww 5% .. South Port Rico Sug. Sou P Ric Sug pf (8) South Cal Ed (2).... South Pacific (6).... South Ry (8)....... Spalding (A G) (2). Sparks Withing (1). Splegel- May/Stern. . Stand Brands (1.20). Stand G& E (3%)... Stand O] Cal (h2%) Stand Oil Exp pf (5). Stand Ofl of Kan (1) Stand OII N J (12).. Stand Oil N Y (1.60). Starrett (LS) (121) Sterling Sec A . Sterl Secevpf(3).. 1 Stewart Warner.... 5 Stone & Webster (3). 208 Studebaker (120)... 34 Superheater (2%4).. 3 Symington A. . Texas Corp (3). Tex Gulf Sulph (4).. Texas PC&Oil..... Texas Pac Land Tr.. The Fair (2.40). Thermoid Co. . 'hird Nat Invest. Thompson Starrett. . Iide Water As (60c) Tide Wat As pf (6).. 2! 3 66 62 19 1 55 Add 00 High. Low. Close. Close. 85 124 12% THE EVENING —Prev. 1931~ High. Low. 12 9% 59 43 3 214 13% 10% 4 314 18 1% 17% T 11% 6% 94 924 45% 297 62 ay 21% 14% 5% 514 72 T26% 13) st Timken Timken Tobacco Tobacco Prev 814 11 1% 1 2% 14 62 24 6% 14% 224 43 69% 8% 12 12 1 2% 14 81§ 10% 12 % 2% 14 62 25% 6% 15% 2215 421 6 Transue Trico Pre 5514 20% 179% 22 22 33% 1131 18 4 604 164 44 27% Un Carb! Unit Alre Unit Bis Unit Bisc Unit Cigs Unit Cig Unit Cor Unit Pay Unit Pie U S Dist u S Frej, US Leat U S Leat U S Pipe 3] U S Real U S Stee U S Stee Unit Sto Univ Leaf Tob (3) Univ Ple Utll P&L A (e12.15). Vadasco Vanadiu Va-Car ¢ va Wabash Wabash Waldorf Walwort Ward Ba Ward Ba War Bros Webster West Pa. West Pa West Pa Western Western Western Western Westing Westvac Wextark Whit Whit Wrigley 2% 2% Sou Cal Dividend rates as | payments based on the | s Unit of trading 4% 1n stock §Pi —no_regular rate. b Plus 2% in stock n Plus 6% 1 ular rate. Dividend Rate. Tob Prod div ctfs €. Transamerica (1) Tri-Cont Corp. . Tri-Cont Corp pf (6) Twin City RT pf (7) 26 Ulen & Co (1.60).... Und-Elliot-Fish (8) Un Oil of Cal (2)... Un Pacific (10) Un TankCar (1.60). . Unit Carbon. Unit Corp pf (3) Unit G & Im (1.20).. Uinit G & Im pf (5).. 5 & For Sec pf (6). U S Gypsum (160).. U S Indus Alco (6).. P &F 18t (120).. U S Rubber. .. U S Rubber 1st pf. 1& Pow pf (6).. Warner Bros Pict... Warner Quinlan. Warren Bros (3) O11 & Snow (2) Wess O & Sn pf (4).. Weston El Instr (1). Motors (1). Rock MS 14 Wilcox Oil & Gas. Wilcox Rich A (2%) Wiicox & Rich B (2). Willys-Overiand Wilson & Co A . Woolworth (2 40)... Worthington Pump. Worth Pump B (6).. 1 Yellow Truck. .. Youngs Spring (3) Ygstwn Sh & Tu(4).. Zenith Radio RIGHTS—EXPIRE. yable in scrip | ¢ Eavable in cash or siock D. C, SATURDAY. IBONDS ARE STRONG INACTIVE MARKET Both Domestic and Foreign Groups in Steady Demand. STAR, WASHINGTON, Prev Close. Close. 11 11 57 584 Sales— Add 00. High. 11 57 3% 13 64 147 15 ock a Low. Det Ax (80c) Roller (3)... Products. .. Prod A t95¢c &W 1) od (2%4).. .. BY F. H. RICHARDSON. Special Dispateh to The Star. NEW YORK, March 21 —Bonds were strong today in fairly active trading. Money was in larger supply, though rates were not quotably easier except in the outside market. There was a noticeable quickening of speculative in- terest in sections of the bond list, some based on earnings reports and scme on reports that various groups of bonds, both domestic and foreign, will shortly be dressed up in advance of new of- ferings. The feature was again Vanadium 5s, traded on the Curb Exchange. These ran up to cver a 9-point premium on pressure from buyers who are looking to the conversion privilege which be- comes profitable when the common shares reach 80. They are selling above 72 now. Another outstanding incident was a 5-pcint gain in Philadelphia & Reading Coal & Iron 6s. This paralleled a move- ment in the stock, following the state- ment of the company's president that earnings in 1930 were over $1,000,000, | against a $793,076 deficit in 1929. Pathe Exchange 7s were at a new top for the year. This followed assurance that benefits accruing from the sale of the company’s physical assets to the Radio-Keith-Orpheum interests insured the payment of interest and sinking fund payments. Certainteed 5'.s also received attention from the speculators, running up nearly 4 points to a new peak for 1931. The March“1 interest on these bonds was paid and the com- fde (2.60). craft. cult (2). 14 cult pt (7).. 10s ar Stores. ... Strs pf (6). P (T5¢). perboard. ... ce D W (2).. ribut pf (7). Eht. .. her A. . h prpf (7). &F (2).... ty & Im (3). 1(7).. 1pf (7). res A. 15 . 140 6 Sales Corp. 1 m Corp (3). 26 Chem. ... 1 40s Ist pf (8). L RR (A). Sys (1) h Co (1) king B. Kking pf (7). have been greatly improved during the past 12 months. International Match 58 were forced up close to par, or a premium of 4 points. ‘The syndicate firm bid for the re- cently issued Missouri-Pacific 5s, series 1, was withdrawn and these dropped 215 points, sympathetically affecting other Missouri-Pacific bonds. High-grade bonds were firm, with few important price changes. In the for- eign department the feature was the strength of Italian bonds. This “dress- ing up” was attributed to the prospect of a large Italian loan next week in Europe. s v pf (3).. Eisenlohr. . EIpf (6)... El pf (7). .. Pow pf (7). Dairy B.... Md.... Mdz2apf... Union (8).. E&M (5).. o Chlor (2). Markets at a Glance Rado Strs. NEW YORK, March 21 (#).—Stocks heavy: chemicals lead decline. Bonds irregular; rails and industrials steady. Curb firregular; investment trust im- proves. Foreign exchanges firm; Ger- | man mark strong. Cotton higher; trade buying and week end covering. Sugar steady: European buying. Coffee higher; Brazilian support. 33 38 Washington Siock Exchange SALES = 58 6 1 (Wm) (4).. 147% 26 5% 4% Washington Gas Light—10 at 127, 13 at 127. | Washington Rwy. & Flec. pfd.—10 at | 98%, 10 at 987, 10 at 98%, 20 at 98%. TPlus 9% in stock. a Paid Mergenthaler Linotype—10 at 863, i B stock s blus 65" 1n winey | Peoples Drug Stores nfd.—10 at 103'5. AFTER CALL, Ed..Apr20 32 2% given in the above table are the an; latest quarterly or half yeariy dec iess thon 100 shares. fPartly ext VEGETABLE PRICES | week of March. Red onions sold at high prices in Southern markets. Prices of onions at some country shipping points have advanced 20 cents since early in the month. An increased demand pre- vailed in the important Eastern ship- ping section near Rochester, N. Y. ACTVITY IN CANDY d in stock. m Pald this year—no reg- Washington Gas 6s “A"—$1,000 at 102. W:.;hmgwn Rwy. & Elec. pfd.—30 at Washington Gas 35—$1.000 at 105%. Washington Gas 6s “B"—$200 at 104. Bid and Asked Prices. BONDS. MARCH 21, pany's financial position is reported to | i Washington Gas ds “A"—$130 at 1013}, | Values Show Further Gains. many lines of farm products have Department of * Agriculture, Agricultural Economics, Service. Potatoes, sweet potatoes, further gains since the middle . | | | Many dealers were unable to obtain | enough stock to fill their orders be- Recent upward price tendencies in tended to the leading Northern fruits| and vegetables, says the United States | Market News fons, cabbage afld appies have made | cause most holders were holding for | still higher prices. Sales since the middle of March have ranged from 90 | Potato, Onion and Cabbage cents to si per 100 pounds. ~Recent | local reports from Indiana and Michi | gan indicate that the quantity of mer- chantable onions is smaller than sup- posed, owing to shrinkage and losses in storage. The demand for the small remaining | holdings of old cabbage showed a slight |increase during the third week of | March “and prices advanced about $1 per ton on sacked stock in Western New York producing_sections, most lots go- ex- still averaged 10 to 15 cars daily. Three- | fourths of these go to New York, Phil- | adelphia and Baltimore. Total ship- of | ments from the State are about 11,500, on- ing at $12 to $13 per ton, occasionally | Bureau of | $14. Daily shipments from this section TRADE IS STEADY Chicago Plants Unaffected; by Recession in Other Lines of Industry. BY WALTER BROW Written for the Associated Pre: | CHICAGO, Ill, March 21.—Chicago's ; candy industry, which satisfies every | fourth sweet tooth in the United States, hasn't heard abcut a business depres- | sion, orders and employment retaining | their normalcy through last year and | | Wasn. Cons. PUBLIC UTILITY. & Telga. 4135 ‘39 Tel, el e’ s Amer__Tel Am. Tel. & City & Suburban Georgetown Gas. Elec, Cons. 5 g c_Eiec. 65 195. 4 Alex. & Mt. Vernon ctf. Wash.! Bait. & Annapolis 5s.. Washington Gas 41ss. Washington Gas 5s.. Wash. G . series A. Wash' Gas 6s. series B. Wash, Rwy. & Elec. 4s MISCELLANEOUS. Barber & Ross, Inc. 6'ss Chevy Chase Club 5¢.s. . Columbia Country Clib #i:s D C. Peper Mis, 65...... .. Wash. M. Cold Storage 5 Titie. €8 STOCKS. PUBLIC UTILITY. 1931. FINANCIAL. [owoms o BONDS s senwe] Received by Private Wire Direct to The Star Ofice UNITED STATES. ' (Sales ars in $1.000.) Sales. High 9 103 25 103 25 103 25 3 10114 101 14 101 14 Ldth4%s3 US3%s40-43 Low. Close. US3 57 10115 101 13 10115 I u S 3384347, 845 44-54. Abitib{ P & P 5553 Ab & St 5543 Adams Exp 45 ‘48 Allegheny b5 44. Allegheny 55 °49. Am Ag Ch 7%s'41. Am F P 55 2030. Am Int Cp 6168 49. Am Metal 5148 '34.. Am N Gas 6% Am S&R 15t Am Sug Ref 65 '37. Am T&T cv 414839 Am T&T 63°65..... Am T&T c tr 58 “46. Am T&T 638 £°60. . Am T&T 5%s 43... 12 5 18 14 15 a1l AmWat Wk 6s " Argentine 5%;s Argentine 6s A '57., Arm & Co 4%s 39, Arm Del 5%s43... Atchison zen 4s ‘95 Atchiscv 414841, AtC Lcol 48°52. At Ref deb 5s 37... Australia 4%s '66. . Australia bs ‘55 Australia 53 57 BRO4SE..,.. B&Oev4%s 33, B&O 4%s'60 B& O ref 6895, B &0 58 D 2000 B&O6s'95.. Ban & Aroos 45 Bk of Chile 6% Batav Pet 4145 Belgium 68 ‘55, Belgium . Belglum 75 ‘6. Bell Tel I'a 55 C Beth St rf 55 ‘42 Bolivar 7s ‘58, Bolivia 7s ctfs 69 Bolivia 8s Bordeaux fs 34 Bos & Me §s '55. Bos & Me 55 ‘67, Brazil 6158 '26 Brazil 615827, .. Brazil 7 Brazil 85 41 Bremen 7s'35. Bk Ed gn A 58 '49 Bkiyn Man 65 '68. Bush T Bldg 55 '60. Canada 5s 3 Can Nat 4%3'57.., Can Nat 435 '68. Can Nat 4328 ‘70, Can Nat 4%s 'G5, .. Jan Nat 58 July ‘69 Can Nat 55 Oct '69. Can Nor 414 '35. .. *an Nor 7s deb 40, Can Pac 415 '46. Can Pac 4%s60. . Car Clin & O 6s " Cent Pac 4549, Cent Pac 55 '60. Cen Ry NJ g 58 '87. Cert-td deb 51 ‘43 Ches Corp 55 '47 Chi & O gn 4%s 92, Chi& O 4%s B ‘5. . C&Ocon5s'39.... Chi & Eas 111 55 ‘51. Chi Grt West 48 '59 CB&Qgen4s58.. C B&Q 111dv 484 Chi In & L rf 55°47. Chi M & St P 4s 9. Chi M StI'&P 85 75 Chi M & St P adj bs Chi N Wst 4% c ‘37 Chi& NW con 4%s. Chi R1& P rf 4834 Chi Rlcv4%s'60. ChiR1&P C TH&SE in bs C& W Ind cv 4s ‘52 C& W Ind 53562, Chile 6560 “hile 65.61. " e » oSk BanerraBRenmBae ile Cop db 58 '47. C U Ter 4155 2020 Ch:istiana 6s ‘54, “olomb 6s Jan 61 Colo & Sou 4358 35. Colo & Sou 4345 '8 Col G& 55 May ! Com Inves 5%s '4y. € C Md 1st rf b: 0 ConGN Y 63 Con Pwr Jap 6% Con Pow Japan 7s.. Consum Pow 5s '52. Copenhag 4%s '53.. Copenhag 6s ‘52 Cuba 5%s 45 Cuba R R 58 '52. Cuba RRrf 7% Cuba Nor 548 42 Gzecho 98 52. Del & Hud rf 4 Denmark 4% Denmark 5% ‘55 Denmark 6s 42.. Det Ed G& R4 % Dodge Brcl 65 Dutch East 1 6s°47. Dutch East 1 65 '62. Erfe 18t con 45'96. . P R N TP E TS & Tl 6 8714 81% 80 105 £6 94% Low. % 26 8715 T9% 80 105 8514 €315 947 13314 107 166% 108 10915 104 911y 261y 88 6915 99 5 116% 91% 101% €610 1% 72 97 101 9215 103 103 110 1 10131 10131 101 31 5 107 25 107 25 107 26 Sales. High. Close. % 96 874 81% Mex 43 asstd 190 Midvale St} 58 '36.. Milan 648 62..... Mil E Ry & L 68 '61 MSP&SSM 53849, MK &T 1st 4s'90. MK&T4sB62... 18 MK&T4%s78... 14 MK&TprinbssA. 1 Mo Pac gen 5. 14 Mo PachsA'85. .. 1 Mo Pac b8 F'77.... 31 Mo Pac6sG'78.... 23 Mo Fac bs H'80.... Mo Pac ref Mo Pac bismcv 48, Mobile-Ohfo 5s '38. Mont Pow 58 43... Mor & Co Ist 4% Nat Dalry 6%s ‘43, Nat Rad 6'%s 47... New S Wales 68 57 New S Wales 63 ‘58 N Y Cen 4s 98 .. N Y Centdhb4s'34.. N Y Cent 4345 2013, NY Cenrf 4358 NYC m bs 2013, NY C&SLL 4%s 78, NYEdist6 . NY ELH&P 68 '48. . NY NH&H 335 54, NY NH&H 45 56... NY NH&H 4%s NY NH&H cv db N Y Tel 43539, N Y Tel 63 41 N Y Tel 68 49 Nord 65 ‘50 Nor & Wnev . Nor Am Ed 51ps 63 Nor Pac 38 2041. ... Nor Pac 48 97..... Nor Pac 438 2047.. Nor Pacri6s2047, Nor St Pw bs A "41. Nor St Pw 63 B 41, Norway 53 '63... Norway 6s'44. Norway 6s°52. . Orlent dev 5%s '58. Orfent dev 6s 53... PacG & K168°42. .. Pac T&T ist 68 37, Pac T&T ref bs ‘52, Pan-Am Pet 65 '34. Paramount 6s ‘47 Paris-Ly M Paris-Ly M 78'58.. Pathe Exch 1s 37, Penn 4s '48 Sta. Penna 4%s D81 Penn gen 4% s ‘65 9 12 10 7 9 108 9 102% 20% 102 63% o 91 97% 102 664 94% 92% 934 93 92% 92% TT% 1047 82 101% 2 535 6 5 Penna gen 5! Penn 6%s '3 Peoples’ Gas bs. ... Pere Mar 4148 '80. . Peru 6s'61. Phila Co 5887 Pnila & Read 2 155 Phillip Pet 5%8°39. 6 P CC&StL 4%8'77. 11 Poland 6s°40. . 3 Poland 7s"47...... 18 Poland 88°50. ..... 1 Porto Alegre 85°61. 5 Pos Tel & C s PubSv G 414867, Pure Ol 5%s'37... Queenland 7s '41... Read gn 4% s A 97, Rem Arms 63 A '37. R Gr De Sul 6 R Gr De Suls '46. . R10 G- W elt 4s 43. RIAr& L4%s 34, Rome 614852, Roy Dis 45 ww... StLIrM'nt6s'31.. SIL IM R&G 4533, StL&SFin4sA StL&SF4%s 78, St L&SF pr In 65 StLS W Ist 4 San A & A Sao Pau7s Sao Paulo 8s'50. Saxon 7s "45 Seab A L rf Seab A L 4s Seab A L cv Sea All Fla 63 Seine78°42.. ...... Serbs-Cr-S 75 '62... Serbs-Cr-S183°62. . Shinyetsu 618 52, S'nclair O] 634 8'38 Sinc O 7scv A'3T.. Sinc Cr O 5%= ‘38, Soissons 6 Sou Bel T&T 58 '41. SW Bell T 55 A '54. Sou Pac col 48°49.. Sou Pac 4 Sou P 4%s8'69 ww. . Sou Ry gen 48 '56.. Sou Ry 58'94 . Sou Rv 6%8'56 StOiINJ StOINY4 Sug Es Or 7s '42. Tenn E1 P 63 A "47. FLOATIVG SUpPY OF STOGKS SHALL !Figures Show Number of In- vestors in Leading Firms Has Grown. Special Dispatch to The Star. NEW YORK, March 21.—One reason for the resistance of the stock market to unfavorable news and its responsive- ness to any increased buying is the rel- atively small floating supply of the j principal stocks. 1In the first place, the investment trusts, particularly those of the so-called fixed type, have been tak- 1ing out of the market the shares they bave contracted to carry in their port- folios. In the second place, there is & steady stream of small buying orders for cash which has depleted the market supply. This latter phase of the matter is | illustrated by the increase in the num- ber of stockholders which the leading corporations report. It has often been commented upon that the number of shareholders in United States Steel in- creases as the stock depreciates in mar- ket price and vice versa. The average small investor is willing to bmy Steel common when the price is low in dol- lars per share, regardless of the finan- cial or economic outlook, and he gener- ally sells when the price adiances, also regardless of fundamental condit'ons. Curiously enough he has fared well by following this program, much better than some of the supposedly more astute large traders. Recent Increases. It is therefore interesting to note that as of December 31, last, the latest date for which information is available at this writing, the United States Steel Corporation had 189.990 shareholders, / compared with 167,951 on December 31, 1929. The other day General Electric in its annual report announced that its stockholders numbered 116,750 at the close of last year. against 60. at the end of the preceding year, an increase of 93 per cent. This increase was accomplished in a year not only of stagnation in trade but of declining prices for stocks. Gen- eral Electric had 23 per cent less orders during 1930 than during 1929 and unfilled orders at the close of the year were down 41 per cent from where they were 12 months earlier, and yet the number of sharehoiders almost doubled. The same story is told by the records of the General Motors Co. That corporation mailed dividend checks for the first quarter of 1931 to 286,000 ad- dresses compared with 240,000 at the end of the first quarter of 1930 and ¢ 105,000 at the end of the first quarter of 1929. Apparently the public has faith in the motor industry no matter how skeptical the market operator may be. | 0il Group. One more illustration will suffice. The oil industry has suffered as much or more from the unfavorable business condit'ons as any other, and on top of all of this has had to confront over- | production on a huge scale. Market speculators have been and still are bearish on oil securities, and yet om November 15, 1930 Standard of New Jersey had 111,952 shareholders, while on the same date in 1929 there were only 92,758 owners of the same stock. ‘Who then is right? Is the small in- vestor a better judge of values, or is he only giving tangible evidence of his faith in eventual recovery, which re- covery must be reflected in’ the market price of the stocks of the leading corp= orations sooner or later? The answer to these questions might prove helpful to those speculators who have been so freely selling other people’s stock for the past 12 months. (Copyright, 1931.) COLLAPSE THREATENING GOETHE FAMILY HOME Fund for Preservation of House as Historical Monument Expected of Frankfurt. FRANKFURT (N.AN.A.—The famous house of the Goethe family in the Grosse Hirschgraben is in danger of collapse and lots of work and money will be needed to put it in repair again. Here are the attic study, of which Goethe wrote so frequently and the toy theater where he first acted his plays. A great background to mighty works is this house and one looks to Frankfurt, which has spent vast sums on its hous= ing schemes, to spare something gen- erous for the preservation of this his- - March, The advancing price trend |2 10 per cent gain compared with last Amer. Tel. & Tel. (9 torical monument. Erie Gen 4s. the Chesapeake & Ohio systems. The Pennsylvania Railroad through the Pennroad Corporation is a dominant factor in the New York. New Haven & Hartford. It is increasing its holdings in that corporation. It also his a very ccnsiderable interest in the Boston & Maine. The New York Central Lines are connected with the New England States through the Boston & Albany. The outlet_through the New York Central for the New England shippers and manufacturers is mainly to the West and can be in no other direction. Ship- pers take the viewpoint that if the Pennsylvania is to dominate th> Bos- ton & Maine and the New York, New Haven & Hartford their foreign busi- ness and their water shipments will be placed at the mercy of a carrier un- fared by competition. It is & notable fact that the New England Council itself admits that Portland and Boston handle only a very small part of the water-carried shipments of the New England States. A certain portion of these shipments go over the two Canadian lines through Montreal and the Gulf of St. Lawrence or in the Winter time St. John, New Brunswick. The Northern New England States hip very vigorously through New York, Philadelphia, Baltimore, Norfolk and other Atlantic ports, as well as to the westward. A large portion of the water- bound traffic from Massachusetts itse:f is diverted to New York. The Southern New England States, in almost every instance, route the distribution of their products through the Southern ports rather than through Boston and Port- land. Bridge Lines. In order to secure the adequate com- petition and service which such com- petition enforces, these shippers have come in a large measure to the belief that the entry of the Baltimore & Ohio and the Chesapeake & Ohio systems is essential to New England manufac- tures, If the so-called bridge lines are opened the way would be clear for the Chesapeake & Ohio to combine with the Boston & Maine and for the Bal- timore & Ohio to take over a section of the traffic now passing over the New York, New Haven & Hartford In ‘addition, the manufacturing plants of New England would receive a service on incoming raw material shipments which has hitherto been unknown in that territory. It is known, of course, that the Pennsylvania is steadily in- creasing its holdings in the New Haven and in the Boston & Maine. Further development aleng those two lines. it is held by traffic experts, will result in & Pprobe by the Interstate Commerce Com- mission, which has taken up a guestion of the holdings of the Pennsylvania in the Norfolk & Western which offers a somewhat similar problem. There is no question of the right of the Pennsyl- vania to secure control of the New Haven, since these two roads are end-to- end carrie but to control both the New Haven and the Beston & Maine removes this limitation on Federal ’ (Copyright, 1931.) In Scotland 1,938 educable mentally £1.25 per 100 uounds in Eastern cities Acfective children now are uattending I,l or other institutions, o gt seems to result mainly from renewal | of confident buying. although weather conditions in producing sections and rapidly decreasing holdings of some products have played a part in recent | market action. Southern vegetables | also show some price gains and such lines as tomatoes, string beans, iettuce | and celery are selling at levels com- | varing more favorably with the prices & year ago. | Potato Prices Advance. Carlot potato shipments continue moderately active with some interfer- | ence from weather conditions. The | large markets report moderate sup- plies. Prices advanced 5 to 10 cents | per 100 pouhds in eastern producing sections and made gains of 20 cents at_some Midwestern and far West- ern shipping points. Small price gains | occurred in Eastern city markets. Green Mountains sold at $1.75 to $2 on job- bing sales, but the markets did not promptly reflect the strength of Chica- | g0 and other Midwestern markets. | Prices 1n Western New York are about 10 cents higher than in early| March, but haulings have been light on account of snow-blocked roads. No. 1 Round Whites are bringing mostly | £2.20 per 150-pound sack. Dealers in Northern Maine are ask- | ing generally $1.30 per 100 pounds. Oc- casional carloads of fancy quality or especially branded stock are selling 5 cents higher. Street prices paid !n\ growers range from $1.75 to $1.95 per barrel, compared with prevailing price | of $1.75 at lowest points of the month Seed potatoss are beginning to move | in heavier volume and the change ac- counts largely for the carlot potato movement holding up as well as it did when the country roads in New York | and Maine were blocked by snow. The seed market holds about steady on | Green Mountains in Northern Maine, | but certified Cobblers brought higher | prices. Selected Cobblers are still in good demand and some sales were re- | ported at prices showing advances from | the level of early March. Supplies of | selected seed Cobblers are becoming | light and some shippers expect to sell | out_entire holdings at rising prices Prices of sweet potatoes show an up- ward tendency in mid-March with gains of 10 to 15 cents per bushel in several | important markets in Boston and Philadelphia and moa- crate in other large markets, but de- mand continues slow, the price level being higher than prevailed a ago. Delaware and Maryland stock sells at $1.50 to $2.25 per bushel, com- pared with $125 to $1.50 in the large Eastern markets in late March, 1930, This stock reached tops of $3 in va- rious Midwestern cities. New Jersey stock sells as high as $3 in New York and a_few other markets. North Caro- lina Porto Ricans follow a jobbing range in the East at $1.15 to $1.50. Vir- per barrel in Baltimore. Onion Market Rising. Prices of onions are holding firmly at the sharp advances made near the middle of the month and further gains are shown in some markets. New York yellow varieties are quoted at 81 to Cholce Midwestern onions _brought as high as $1.50 in New York the third Supplies are light | N year | ginia_white yams sell at $350 to $4 season. The New York shipping season | for cabbage is practically over unless | | something unusual happens to warrant duce one fourth of the candy con- marketing the remaining holdings of all grades. Southern cabbage markets | have been advancing during the past, two weeks. Apple Market Strengthens. | | Advances of about 10 cents per bushel were quite general at apple shipping | points east to west. Shipments con- | tinue in moderate volume. About 40| per cent of the cars moving out of New | York producing sections are for export | trade and demand continues good for| American apples in foreign markets. Domestic trade is considered to be im- proving slightly and dealers in pro- ducing sections report they are unable to obtain fruit at recent market levels on account of the firm position taken by holders. No. 1 Baldwins brought $1.60 to $1.65 in the Rochester district, compared with $1.60 the middle of March and with $1.40 to $1.50 early in the month. Apple supplies are moder- ate in most of the large cities but light in Philadelphia and general demand is fairly good. New York Greenings ad- vanced $1 per barrel at New York. They still sold at $4.50 to $5 in Wash- ington. Pennsylvania Greenings sold at $4.50 in Philadelphia. New York McIntosh advanced 50 cents in New York. Spys sold at $6. Eastern Stay- mans ranged $1.50 to $1.75 per bushel| in Philadelphia, Pittsburgh and Wash-| ington, Romes and Black Twigs brought | $1.40 to $1.50. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Bid, Offer. Allis-Chaimers Co, S5 1937..... Americsn Tel. & Tel. 5izs 1943 American Thread 5'is 1938.... 1 Baltimore & Ohio 4123 1933 Batavian Pet. Cor b I Bell O Rwy Chi. Northwestern R. R. Chicago Rock Isiand 4 Chile ‘Copper. Co. 55 1947 Gen. Mot Accep. Corp. 65 General Petroleum Corp. 55 General Theaters Equip. 63 Goodyear T. & R. bs 1957 Grand Trunk of Canada 65 Gulf Oil of Pa 55 1937.. Humble Oll 5's 1032 Internat. Match Corp. 55 1947, Mariand Ol 8s 103 ew York. Chi. & . L. | Bhiliips Petroleum Co. 51 Pure Ol Corp. 5las 1937 ... Shell Union Ol Co_ 55 1947 Sinciair Crude Oll Co. 13 durd Oil N. Joreey' 35 1948 dard OIl N York 4135 1951 8t'L. Ir. MUK So. Ry. bs 1931 St L Southwestern Ry. 43 1032 Uiiloi "Oti_Co. of Calif. 5s United Drug Co. 5s. 1953 U. 8. Rubber 55 1947..... | Western Electric Co. 55 iddd : | Wheeling Steel Corp. 51,5 1948 Wheeling Steel Corp. 4135 1953 4725 1935 | 1933 | . | 103% | 7" | 1025 933, | 10114 1017 | 65 1932 930 010 TREASURY CERTIFICATES, guupEly ) W Selegen & 03 2%s June 15, 1931. 2 100 12-32 VL 10113492 Shields & Co.—The nature of the | sales to Continental 1003 | the-counter market: into this year. | ) Capital_Traction Co. (4) Nineteen confection plants here pro- Wasn. Gas Lt. Co. (i8).. Norfolk & W. Steamboai (i2) Fot Elec. Power 4% pfd. 2 Pot. Elec. Pwr. 5'z'c Did.. Wash. Rwy. & Elec. com. Wash. Rwy. & EL ptd. (3) NATIONAL BANK. sumed in America and a large portion of that eaten all over the world. The yearly output, 375,000,000 pcunds, is a'- most_twice as large as the production of the second largest candy-making city, New York. According to A. F. Dirksen, secretary- treasurer of the Chicago Association of | F Candy Makers, there were 6,826 em- pleyes on the pay rolls of the 19 com- panies on January 1, 1930. On Janu- ary 1, 1931, the pay rolls showed 6,781 wage-earners, a decrease of two-thirds of 1 per cent. “Not only have our pay rdlls been kept intact,” said Dirksen, “but all our | factories have remained in_ operation | through the business depression, except during regular inventory periods.” During recent weeks orders for candy have increased, and some of the planfs have added a small humber of workers. The average weekly pay roll of the candy factory employes is $150,000. Chicago became a candy-making center largely because of its central lo- cation. The city is close to the corn sirup industry, and that product is one | of the candy maker'’s raw materials. But for the most part the ingredients | of candy come from far-off places— | cacao beans (chocolate) from Trinidad, | Ceylon _and Bahia; fruits and nuts| from Brazil, Tunis, Persia, Arabia, Morocco, Spain and Turkey: coconuts from Ceylon and British West Indies: licorice from Egypt; lemon ofl from Italy, and vanilla beans from Mexico. | Pist, Natl, Sec. ptd Cuban and Porto Rican sugar supple- | Federal Storage pfd 5 ments the domestic purchases. -Am. Co. com, (1.20) Candies are distributed in hundreds | Tansion Monotse (87, . of ways, one firm manufacturing no | Merch. Tran. & Stor. com. (10). less than 1200 different confections. | Mer. Tr, & Stge. pid. (7. Within the past year the candy com- | NatF Mire & panies have intensified their bid for | Peoples Drug foreign trade. Their records show that | Real Est M. & G. Europe and the Far East have been increased. Security Storage (4¢).. . 11 Ter. Ref & Wh. Corp. (3). The Carpel Corp. (1.50¢) W, Mech. Mige. com. (8] BUSINESS FAILURES FEWER. | Wogdwaid & Lotnrop com.. By the Associated Press. *Ex dividend. Business failures receded last week as | b 200k, closed. their change was calculated by the De- partment of Commerce. In the figures that follow the index is given for com- parable periods based on representing the 1923-25 average as 100: W!Ek‘ ended March 14, 138.8; previous week, 150.9; same week last year, 137.6. 130c ext) INVESTMENT TRUSTS §1% extra. + NEW YORK, March 21 (#).—Over- Capital 5 Columbia (12,05, . (stamped) (10). Metropolitan’ (14 Rigss (158) | Second _ve) Washinston (i3 TRUST COMPANY. Amer. Security & Trust Co. (15) Continental irust (6) Katl, Savings & Trust'ii3i}. @ Prince Georges Bank & Trust.. Unfon Trust (8s)....... ....... Wash. Loan & Trust (14). ] SAVINGS BANKS. Bank of Bethesda (%) . Commerce & Savings (10 East Washington (12) Potomac _(10) .. ... Security Sav. & Com. Bk i Seventh Street (12)... United States (30).. """ Washington Mechanics (20) FIRE INSURANCE. American (12) Corcoran (10)." Firemen’s (8) National Union (i8) ... % TITLE INSURANCE. Columbia (6h) v Real Estate (6n). "~ !l Title & Inv. Co. Md. com... MISCELLANEOUS, Barber & Ross. Inc., com. Col. Medical Bidg.. Corp.” { Col. Sand & Gravel pfd. (7). e g8s28s iy F1-8 £ ] ella% extra Unlisted -f):plrtmen!. (These securities, not iisted under exchange Tules.) BONDS. Army-Navy Club 5. Cosmos Club_41ss. . Commereial Club jst 5. Metropolitan Club 4155 7 National Press Building ist 5125 Asked. 96 Bid. Asked. Anacostin Bank....... Chapin Sacks 8% ‘pid. Connecticut Pie Co.. .. Chr. Heurich Brewery | District Title Insuranc | Franklin National Bank. Munsey_ Trust Co......... | North "Capitol Savings Bank. Northeast Savings Bank. Park Savings Bank. h_Hotel All Am TInvestors Shrs A. Atl & Pac Int Units . Atl & Pac pf war Bansicilla Corp ..000 . Chain Store Shr ‘Owners. Crum & Foster Inc B Crum & Foster Inc 8% pi | Jackson Curtis Invest Assoc . Mass Investors Trust Natl Indust Shrs Natl Tr Shrs ... Public Serv Tr 85 ... State Street Invest Corp. Two-Year Trust Sh United Ins Tr ..... Others unchanged. §s, Bu nsurance ‘€3, se Ball Club. [ gdon Sav. Bank.. 20 st 1 vy o= | Hamershlag, Borg & Co.—A trading Washington Woodridse-La news is such as to sustain sentiment and enc-uiage eontinusd group activ- ity for a while, ' More than 125,000,009 lime market is in prospect for the balance bricks weie made in Swiizirlend last of this month and wide movements in year. either direction are not anticipated. . REm BRReNG- 0EaD & Erie cv 55 '67. Erie 58'75. Flat 7s ex war 48 Finland 6138 56 Finiand 7s 5u ¥la & Coast 5 Fram I D 7%s French 7s'4y. French Gvi 13gs 41 Gelsenk'chen 6s ‘34 Gen Motors 6s 37.. Gen P Sv 5'%s 39.. Gen St Cas 58 43 Gen Th Eq 6s 40. German 5%5 65 German Bk 6s '3 German 6% 50 German 7s rep '43.. Ger Gen EI7s 45... Goodrich cv 6 Good 15t 6% s Goody'r Rub Grt Nor 438 Grt Nor 1st bs Grt Nor ken 75 ‘36 Greek 656 Halt) 6552, Hav El Ry 5851, Hud & M adj bs '57. Hud & M rf 58 57 Humble O1 55 '37 Hum O&R 6%s 62, INBTIstpfbsA.. 111 Cent 45 53. 111 Cent ref 4s ‘55 111 Cent 4% s 66 [11 Cent 635 '36.... 11 CCSIL&N 6S A . Inland St 4s% B’ Int Rap Tr b5 66. .. Int Rap Tr sta '66.. Int Rap Tr 6s 32... Int Rap Tr 78 32... 24 4 Int& G Nad6s'62. 6 Int Cement 55 48.. 12 Int Hydro K168 '44. 7 Int M Co bs ret ‘41, 463 Int Maich 58 41 24 Int MM col tr 1 Int Pap 5s A 47.... 10 Int Pap 68'35...... b Int RysCA6s'41.. 1 IntRy CA6%s 47. 1 12t T&T ev 44889 22 INtT&Tb8'S5.... 11 Irish Free St 6860, 10 Italy 78'51........ 86 italy PubSv 78'62. 7 Japanese 513 ‘65 .o 4 Jugosl Bank 78 '57. Kan City Sou 55 '50 Kan City Ter 45 '60. CFIS&M 4536 Kan G & E 4%3 '80. Karstadt 6s 43, Kend 5%s 48 ww. . Kreug & Toll 68 '69 LacG St L 6s 34... Laclede 633 C '53. Lautaro Nit 68 "54. . cv 43 2003, Loew's 63 ex war. Lig & Myers 6s '51. Lorillard 68 '61.... Lou G & El 53 62 Lyon 34 McCormack 6 . MoKes & R5%8'60 58 Marsellle 65 '34. 5 95% 98 21 1084 118% 125% 9415 108% 93% 94 7015 831 881e 86% 105 100% 68% 998 91t 983%, 991 111% 88l 9614 26 T8Y 101% 102 102% 106 887% 39% 944 110 100 961 2% 72% 53% 104% Tex Corp v bs “44. Tex & Pac bn E Texas Pac 6s D '80. Third Av ref 4s Third Av adj 5s Toho EI Pow 6s'32. Toho El Pow 78 §6. Toklo 5%8°61 Un Pac 1st 4347 Un Pac 4s ‘68 Un Pac 412 '67. ... Un P 1st rf 55 2008. Unit Drug cv 63 53 Utd King 5%s '37.. - Gmom U S Rub 18t § Uruguay 8s "4/ mooSaaSSaro Util Pow. 58 '59 ww. Utll Pow 5%s ‘47 Vienna 6: Va Hy Istbs Wabash 1st 6339, . Waliash 58 B '76. alworth 63 A rn Br Pic 6339, Warner Sug 7s '41.. Warn Quin 6s 39... Warsaw 7s 58 West El deb 5 West Md 436 West Pac bs West Un Tel 58 West Union 6s ‘60 West Un T 6% W&LErf4%s 66, WEO5%8'37 ww. Wil& Co 1st 65°41. Yokoharua Ygstn Sn&' » RonBmvnanxnnempRoon~ 0o New York Cotton Special Dispatch to The Star. NEW YORK, March 21.—Strength in American cotton prices abroad was the main factor in today’s market and prices here advanced about 10 points, ending at best figures of the session. Week end covering and less liquidation fea- tured the market. Spots were advanced 10 points to 11 cents. December Januery New Transfer Association. BALTIMORE, March 21 (Special).— Organization by a group of local stock transfer agents, representing Baltimore banks, trust companies and other or- ganizations of th: Baltimore Stock ‘Lransfer Association, was announced to- day by officials of the new organization. The purpose of the association, which is patterned after a similar organization in'New York, is to promote a uniform method of handling stock transfers. Officials of the p alrcady named are Harry W. Schuh of the Union Trust nt; Robert L. Graffiin of th: Ball Trust Co., treasurer, and Wil- " of the Maryland Trust New Zealand has stamps Aed'utdlnl (Coprright, 1931, by North American News- paper Alliance.) BETHLEHEM PROXIES | SOUGHT IN BONUS FIGHT By the Associated Press. NEW YORK, March 21.—A new move by the opposition to the bonus system of the Bethlehem Stecl Corporation was | made yesterday, when letters seeking | proxies for use at the annual meeting, in Newark, N. J., on April 14, were mailed to the common and preferred stockholders, who number 80,000. ‘The letter says that the Stockholders” Protective Committee feels that the facts of the Bethlehem bonus system “required the concerted action of the stockholders” for their protection. Directors of the Bethlehem Steel Cor- poration “have attempted to secure a vote of immunity,” while denying to the stockholders the opportunity to be heard, the letter declares. Scrutiny of the annual Bethlchem re- ports since 1917 fail to show any men- |tion of bonuses, the letter says, or of anything relating to compensation to officials, which is “submerged” in “oper- ating expens During the time the bonus system has been in force and up to the end of 1928 bonuses have totaled $31,878,255, com- pared with $40,886,996 paid to common stockholders, the letter adds. In the four years 1925 to 1928, inclusive, dur- ing which no common dividends were d, $6,800,524 in bonuses was paid to the “ '&l;acll direcfngs and other exec- utives,” the letter charges. The letter concludes by saying that the proxy authorizes the committee to act at the annual meeting only on the bonus question. Henry B. H. Ripley, Samuel D. Hop- kins and Edwin D. Levinson compose the committee. £ Import Duties Revised. By the Assoclated Press. ‘The Cuban nomenclature and rates of import duty on petroleum and pe- troleum derivatives were revised com= pletely and the emergency surcharge of 10 per cent of the import duty and other taxes on these deum ‘were re- duced to one-hundredth of 1 per cent by presidential decrees, effective on shipments made after March 14. ‘The surcharge of 10 per cent of the former rates of import duty and all other taxes applying to petroleum and its derivatives became effective on Feb- ruary 3 under &mmlflns of the Cuban emergency tax law. PULLMAN C0. REPORT. CHICAGO, March 21 (#).—Pullman ted and its subsidiaries re- today 1930 total earnings of $16,- 943,081, compared with $17,678,698 in 1924 This equalled $4.37 a share, against $5.23. The balance carried to lulrm was $1,943,215, compared with 60,904 in 1929. ‘The outstanding feature was that the 'manulutufl.n: subsidiaries contributed more than 59 per cent of total carnings \