Evening Star Newspaper, March 21, 1931, Page 15

FINANCIA NEW HIGHS SCORED || NEw YORK CURB MARKE N CURB TRADING Forty Issues Climb to Year’s Peaks in Activg Market. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, March 21.—Two score active stocks soared to new heights in today’s curb exchange session. While Electric Bond & Share climbea slowly higher, big blocks of Cities Serv- ice came out at advaneing prices which took it to its previous high level. Gold- tfian Sachs was the outstanding mover, in poffit of volume, in the Investment Trust Group. American Superpower, whose annual earnings are due shortly and have been estimated around $1.05 a share by trad- ers, was the opening feature of the utility list, as 11,000 shares came out at 187%. Later it moved into new high ground. Edison Electric Illuminating Co. of Boston came out at 26014, off 4 points from its last sale several weeks National steel warrants, as a result of the earnings shown in connection with proposed new financing, were Whitled to new heights. Driver-Harris slipped more than a point, while other specialty steels were inactive in early dealings. Parker Rust Proof opened up & point, but did not perform as vigorously as on Friday. The company, which has only a small floating supply of stock, may merge with another Midwest firm. Ford Motor of Canada A moved to & new 1931 high, as did National Avia- tion Corporation, Transcontinental Air Transport, Great Atlantic & Pacific Tea, Affiliated Products, Prudential In- vestors and Ratheon Menufacturing Co. BONDS ON THE CURB MARKET. 4 105 il Tel Can 55 B '57 10644 Bell Tel Can 55 G '60 106 as 55’50 100 a P & L 55 '56 103% 4 Caterpillar Tr 5s '35 100'z 7 Cent_Stat_Elec 55 '48 0%z 1360l Cas ss . 9 quesne Gas 65 ast ULlit Inv 55 '54 c P & L 55 A 20: SEennnaecessagsgSeSneyney: e gkl a0 SHEEE s v, ZESVEERE 5 EEREZE 7 G&E 413 P ' acific Pw & L 2 Penn O Ed 6s 50 xw 103% () 4., 78 G 65 45" 641, 6 L 65 A 2022 1053, & E 65 '35, 10234 1 e ] 330 S DN H M SR el e et ‘Thermold Co 6s '34 Co 65 ' <d<dadagaada chi 3 2 Wiscon P&L 5s E '36102% FOREIGN BONDS. Cen Dominion 4s ' m 1Eur E! C 6155 65 2Eur El Cp 65 '65 4 Santa Fe 10 Saxon Pub 1 Stinnes 7x 136 xu 2 Btinnes 7s 3 5 United E1 Ser 75 '56. ww—With warrants Iw_Without warrants. 6 xw [ o113 91% o1 New. Vi_Wahen tssued. I ARUNDEL CORPORATION. LTIMORE, March 21 (Special).— lnEoAme of the Arundel Corporation in February increased $1,019 over Febru- fary, 1930, according to the statement of jons for the pericd reported by Chairman Frank A. Furst. Income after all charges totaled $131140, compared with $130,121 in the like month a year Bgo. the first two months of the year L totaled $269,900, or a) - tely 54 cents a share on the 4 ,000 common shares outstanding. Note—All stocks are sold In one hundred-share lots Coepting thoss designaged by the letter 8 (80s) (2508), “hich ~Prev. 1931~ shows those stocks were sold in Stock ana Sale: Dividend Rate. 614 Aero Underwriters. . 11% AfMijated Prod 1. 5 Agfs Pow pf (6).. 2% Alleg Gas. .. 140% Aluminum Co o 591 Aluminum Co Ltd. % Am Austin Car. 5 Am Capital B. 26 Am Capital pf (3)... 65 AmCIgarcCo........ 5% Am Cit P&L B b10%. 11% Am Com P A (b10%) 2815 Am Com Pr B(b10%) 7% Am Cyanamid B 414 Am Equities 14% Am For Pow war. 315 Am Founders....... 70% Am Gas & Elec (1), 4% Am Invest Inc (B).. 1% Afr Investors war... % Am Maracaibo...... 14 AmStPSA (160).. 9% Am Superpcw (40¢). £1% Am Superp 1st (6).. 281% Am Ut&Gen cu pt(3) * 3% Am Utli&Gen (B)vte 1 Am Yvettenew wi... 7% Anglo Chil Nitrate 5 Appalachian Gas 54 Apponaug Co (2) 4% Arcturus Rad Tul 5% Arkansas Nat Ga 5% Arkans Nat GasA... 15 Asso Gas & Electric. 17% Asso Gas&El A (a2).. % Assoc G & El war. 85 Assoc G&Ept (5).. 6714 AssoG & Elct (8)... 56 Asso Ray pf cod(6). 56 Assoc Rayonpf (6). 1 At1Lobospf........ 8% Atlas Plywood (2) 3% Atlas Utll Corp. . 1% Atlas Utilitles war.. 2% Auto Voting Mach... 17% Aviation Cp of Am.. 8% Auto Vot Mcv pf pt., 1% Bahia COrp......... 161 Bickford's Inc (1.20) 25 Bigelow-Sanford. 8% dlue Ridge Corp. . 111 Bower Roll Bear (1). 21 BrazTr& Lt (b8%). 18 Brit-AmT(B)1.17 4-5 48% Bunk Hill & Sul (3).. % Burco Inc war...... 84% Burco Incev pf (3).. % Cable & Wire B rets. 1% Canada Marconl 15 Carib Syndicat: : 2215 Carnation Co (J134).. 14 Cent Pub SvcA b10% 9 Cent Stat El (b10%). 5% Centrifug Pipe (60c) 18% Chat Ph Al n.v. (1).. 15 Citles Service (g30¢c) 7 CitSvptB (60c).... 79% Citles Serv pf (6)... 1% Colon Ofl. .... . 5 Col Oil & Gas vtc. ... 1% Cmwith & Sou war., 8 Com Wat Sv (b6%). 4 Comstock Tunnel... 23 Consol Copper 14% Consol Gas Ut A 2. 36% Cont Shares pf (B).. 39% Cont Shares conv pf. 31% Cooper Bess pf A(3). 40 21 s oy Tl Tennatl8nnGrnn~ - 5 a 2 > eSS enradraBRnane merndnaRee oen e B ne e » @ Y » & 14% Corp Sec Ch (b6%) e Petroleum. .. 4e). 7% Crocker Wheeler. % Curtiss Wright wa 4 Darby Petroleum. 1% De Forest Radio 1% Detroit Afrcraft Cp.. 12% Douglas Air (1% ). 19 Dresser Mfg B (2) 21% Driver Harris new. . 3y Dubilier Cond & Rad 118 Duke Pow (5) 2% Dugquesne Gas Cp wi. 1% Durant Motors. ..... 2% Duval Tex Sul wi. 17- East G & F Assoc 13% East St Pow B (1). 242 Edison El, Bos 13.60. 4 Eisler Electric Corp. 40 Elec Bond & Sh (b6) 102% Elec B & Sh of (6)... 13 Elec Pow Assoc (1). 12 Elec Pow Asso A (1) 9 El Sharehold (b6%). 1% Emp Corporation. % Emp Corp war. . . 3% Empire Pub Sve (A). 1% Emp Steel Corp. . 3 Europ Elec deb rts. . 7 Europ E Ltd A (60¢c) 1% Fairchild Aviation o Fandango Corp. PYSET LY rrSaeemnEeaB R 14% Ford M Ltd (p37%).. 1 Foremost Dairy Pr.. 1% Foremost Dai pr pf.. 21 Foremost Fabrici 4% Fox Theater ClA. 16 Garlock Pkg (1.20).. 5% Gen Aviation Gen Baking N ¥ wi.. 27% Gen Bak pf c.o.d. (3) 1 Gen Cable war. 50% Gen G&E cv pf B (6) 300s 65 Gen Pub Utll pf (7).. 268 21% Gen TheaEqcvpf3. b 38% Glen Alden Coal (4). 7 Globe Underwriters. % Gold Seal Elec new.. % Golden Center # Goldflield Consc 5% Goldman Sach T 167% Gt At&Pac Tea nv 3 Groc Strs Prod vtc. . €3% Guif Ofl of Pa (134). 30 Hammond Clock (2). 35% Horn & Hard (2%).. 4% Hudson Bay M&S .. 55% Humble O1i (123%). . 2% Hygrade Food Prod. 15 Imp Ofl of Can (50¢c) 16 Indiana Pipe L (2).. 5% Industrial Finan ctfs 29% Insull Inv (b6% 824 Insull Util 2d pf 52 InsCoofNo Am t23% 6% Insurance Sec (70¢). 54 Intercont Pow A (2). % Intercontinent Petn, 12%4 Int Petroleum (1) 213 Int Superp (+1.10) 5% Int Utilities B 2% Interstate Equit! T Irving Alr Chute (1) o e Add 00. Open. High. 2z 9% 9 ~Prev. 1931~ Hizh Low. 6% 2% 2% % 37 29% odd lots. Low. Clflql!. | % v 9% Loew's Loew's Lone St: Long 1s Loutlsia £ Mexico Nat Bd Nia| Niag-H Norand Nordon Nor Eu 42 Ohio Of Mich Gas & Oil C Mid Roy cv pf (2) Mid W Util B wi Mid W Ut cv pf x Mo Kan P L (b10%). 4 Mo Kan P L vte Mont Lt H&T (1%) 75s Nat American Co. ... Nat Aviation....... Nat Baking pf (7) Received by Private Wire Direct to The Star Office Italian Suverpow A. Italian Superp war. . Lackaw: Leonard O11. nna Sec (4). Inc d Ine war..... ar Gas n (8¢ land Lt (60c) na Lan & Ex. 4 Magdalena Synd.... Mavis Bottling. . . 7 Mayflower Asso (2). 10405 50 Mead Johnson (14).. Mesta Machine (2).. Met & Min Inc (1.20) 2 2 Ohio Oil 2 3 9 1 1 1 1 & S Corp (1). Nat Fuel Gas (1).... Nat Investors (new). Nat 8 T Sec A (350c) Nat Sugar NJ (2)... Nat Transit (1)..... 1 Neisner Bros pf (7). 100s ew Eng Pow (2) ewmont Min (4) N Y Steam n (2.60).. Hud Pow (40c) ud Pow A w.. Niag Sh Md (40¢). ... a Mines. Corp Ltd. Nor Am Aviat A war rop Gil Corp.. Ohio Copper I'ncu pt (6). Oilstocks Ltd A (40¢) 4 Outboa Pac G rd Motor B & tpf1%. Pac Lig ht pf (6). Pac Western O11 dem n 011 antepec O1l. "arke Aus & L pf(2). Parker penderD Rust Pr (3). B Pennroad Corp (20¢) Penn M Penn W Peop L 4 Pledmo 5% 1% 3 8% 6 % 100% 98% 83l T4 | 5% | 115% Pure Oi Q RS-T Quaker 2% 115% 2 13% 6 11 Richfle] St Anth St Reg: Schulte Seton Lt Sou Pip 4 Std Cap. _Stein(A Strauss Stutz M, Stutz M, Sunray Swift & Unit Fo Unit Lt U S Dax; U S Ele J 8 Fin Fot 5% Utility Utll Eg Walker Wil-Lo: “Y* oll *Ex dividend. 32 9% 3% i 10% 3 ock m Flus b Paid last year—no 10% Roosevelt Fleld Inc Rossla Int Corp..... Salt Creek Prod (2) Saxet Cq Seaboard Utll (50c).. Seg Lock & H (50¢).. 4 Seiberling Rubber. .. Selected Industries Sentry Safety Cont. Shattuck Den Min. Shenandoah Corp. Smith-Corona vte. .. South Penn Oil (1).. SoCal EdpfA (1%). South CEdpf C 1% South Corp. SouthernNi Southld Royalty 60c. S W Gas Utilittes. ., Spleg May Stern pf. . Stand Oil of Ind (2).. Stand Oil Ky (1%).. Stand O1l, Ohio (234) 2508 Stand Pwr & Lt (2).. Stand P & L (B) (2). 1Partly s 4 D b Payable in in stock I Plus 2 per cent 3 per cent in stock. regular rate ex Fuel (p3).. ‘at & Pow (3) &P A (2.40).. Philip Morris Inc. Phoenix Secur pf (3) nt Hyd Elnw Pilot Rad Tube A. Pitney B P n (20c). . Polymet Mfg....... Propper McCallum. . Prudential Invest Pub Utii Hold Cp ww Pub Util Hold war., Puget Sd P&L pf (6) 1pf (6). De Vr Oats pf 6) Rainbow Lum Pr B.. Rayethon Mfg . Relfance Int A d Oil Cal pf. © Rewo~ ony Gold. ... s Paper (1).., - o.. Un 5e-31 St. » amNualroa eather (1) - e Line (2). » CETY S-S - E & &Seal (12.90). N 45 3 4 12 ) & Co (1.60). Stein Cosmetics Strauss (Nathan) Roth... otor (new). . otor (war). O1l (b5%) Co ( Taggart Corp. Teck Hughes (60c). Tobacco & All Stks. . Tob Prod Exp (10c).. Tran Con Air Tran. .. Trans Lux DLPS.. Tri-Cont Corp war. . Tubize Cantliilon (B) Un Tobacco Unit Am U 5 Unit Corp war Unit Dry Dock: unders. Unit Gas Corp. Unit Gas war. &Pwr A (1).. % Unit Lt& Pwr pf (6). Unit Profit Sharing. . ry (A) (5) c Power ww. ishing. . 1 (B) (50c). U S & Inl Secur. . U S Inter Seo 1st pt. U S Playing Card Unit Verde Ext (2). Univ Pictures. . Util P&Lt(at1.023%). Eaquities. . uity pf (53%). 50s Vacuum (4).. Van Camp Pkg. Venezuela Petrolm. (H) (1) Wenden Copper W Va C 0al & Coke. w Cafeter pf., KRGS e oips Zonite Products (1). Dividends rates fn dollars based on last quarterly or semi- K. 8 P extr ck. 8 Payabie justment dividena. er cent in stock. h Plus I stock. 'k Plus 10 per cent D Plus 8 per cent in stock. & Pl Commodity Price Trends of Week By the Assoctated Press. NEW YORK, March 21—For the | third consecutive week more individual | commodity groups advanced in price than were noted on the downside, During the week just closed out of 14 | separate computations of commodities, six advanced, three declined and five remain. unchanged. The aggregate change resulted in a definite advance in the index for all commcdities, the level now being well above the low established during the first week in March, Industrial activity has held the re- covery which occurred during the first two months of this year. The volume of output is still radically under normal and a substantial revival must take place in the next eight months if busi- ness is to approach the relatively un- favorable level established in 1930. The most favorable factors in the present situation consist of first, a total rate of production which successfully copes with a subnormal rate of consumption. In other words, the upturn in produc- tion of physical units since last De- cember has not been broad enough to cause inventories to mo} rapidly. In fact, during months inventories have shown a down trend. Another favcrable sign is the ter stability in commodity . n the course of the past two months there have been several substantial up- turns in the price list of basic com- modities, These in the main have proven false starts, but such move- ments clearly te that there is greater resistance against downward re. ‘The stock market is showing more activity ‘which is hel - dence. The money market terized by low rate and is not subject to any change. These factors will help the underlying trepd of business this year. : All Commodities. Noting specific changes, the average of all commodities advanced favorably during the past week. This was due to a general upturn in industrial pro- ducts, livestock, hides and leather, paint materials, textiles both fine and course. Industrial Products. Industrial products advanced mod- erately. A review of the past two months shows that industrial prices have fluctuated within a narrow range, indicating that the downward move- ment is gradually tapering off into & sidewise trend. Non-Ferrous Metals. Largely due to price weakness in cop- per, non-ferrous metals were lower. Antimony was glso lower, but tin and silver showed an advancing trend. Agricultural Prices. A little ground was lost by agricul- tural prices, which dropped moderately from the previous week. ‘The price level is now comparable with the low point established in the closing week of February. ‘The three groups which were lower in the past week were agricultural pro- ducts, non-ferrous metals and vegetable ofls. Th: groups which remain un- changed were building materials, chemicals, fuels, ferrous metals, paper and pulp. Important Price Changes. This week. Prev.week. Live stack EER ! Special Dispatch to The Star, BALTIMORE, March 21—Poultry, alive—Turkeys, pound, 36ad0; old, 20a 32; chickens, young, 30a40; 6ld_hens, 24226; Leghorns, 15a22; roosters, 12al5; capons, 32a40; ' ducks, 18a28; guinea fowls, each, 50a75; pigeons, pair, 30a35. Eggs—Receipts, 1,403 cases; nearby firsts, dozen, 21; current receipts, 20. Butter—Good ' to * fancy creamery, pound, 27a32; ladles, 22a23; rolls, 18a 20; process, 25; store packed, 14a15. Potatoes, white, 100 pounds, 1.25a 1.90; new potatoes, barrel, 6.5029.00; sweet potatoes, barrel, 2.00a4.00; yams, barrel, 3.50a4.00; beans, bushel, '4.50a 6.50; beets, crate, 1.25a2.25; cabbage, ton, 15.00a17.00; carrots, bushel, 40a65; caulifiower, crate, 1.75a2.25; ' celery, crate, 2,50a3.50; egfplants, crate, 2.50a 5.00;, kale, bushel, 75890; lettuce, ham- per, 2.00; 'peppers, crate, 2.0085.00; par- snips, bushel, 1.00a1.25; spinach, bushel, 60a1.25; tomatoes, crate, 1.25a5.50; turnips, bushel, 50a1.50; apples, bushel, 60a2.00; per box, 1.25a2.25; grapefruit, box, 1.50a2.75; oranges, box, 2.7584.00; tangerines, box, 1.00a1.75; strawberries, quart, 30850, . Maryland Bankers’ Convention. BALTIMORE, March 21 (Special).— The annual convention of the Maryland Bank:rs' Assoclation is scheduled ‘to l“deflghee at Atlantic City on May 20 and 21, 4 Arrangements will be made for the usual special train to leave Baltimore on May 19. Several speakers of na- tional reputation will be selscted, but amk: ?rg:trou l:l H.‘:lrumh:“. 25 president of tion, ve charge of the con EMPLOYMENT GAINS ™68 FOR WEEK NOTED Trade Papers Point to Better Business in Several Lines. i Special Disbatch to The Star. NEW YORK, March 21.—Although developments of the last week have not been distinctly definite, comparison with Jast month or with the year end shows a decided improvement in busi- ness, according to the weekly summaries made by the trade papers. Bradstreet's says in part: “The same deliberate growth in trade and” industry previously noted con- tinues as the Spring season, according to the almanac, opens. At the same time confirmation comes from State and % | national sources of the earlier reported slight expansion in manufacturing ac- tivities in February, while the elapsed portion of March has furnished evi- dence that a still more marked in- crease in employment of both indoor and outdoor labor has occurred. Per- haps the most notable examples of this are furnished by the iron and steel and allied trades and in textile lines. Spring planting is now pretty well under way in the South, while the hardier grain crops are being seeded farther North. “In distributive trade, what is de- scribed as the Easter rush on manu- facturers of shoes is reported from sev- eral points, this being in some degree by higher prices for hides and conse- quent firmer quotations for leather. Buying from wcmen's wear manufac- turers is noted at many points, while prospects of enlarged building and con- struction work are found in reports of better buying of men’s work clothes.” Dun's Review says, in part: “Evidences of business betterment grow more distinct as the close of the first quarter draws nearer, The gains now disclosed are scattered and in most cases only moderate, yet the movement is strengthened by some supporting phases which tend to increase confi- dence. ‘The present commercial vanee, while highly irregular and main- ly the outcome of seasonal stimulus, rests upon a more solid basis than was'| true of the temporary uplift in the Spring of 1930, for various necessary re- adjustments have been effected since that period. Much yet remains to be accomplished in the process of emer- gence from severe depression, but some- thing is being added each week to the recent/ improvement, and this is en- couraging. “On the .negative side the adverse statistical records and the unsatisfac- tory earnings statements of railroads and numerous other corporate interests continue to be prominent, and it is not to be expected that these aspects will be quickly reversed. There is, how: ever, the hopeful sign of greater firm- ness in commodity prices, while the trend of buying in at least some lines, textiles among them, shows that the need for replenishment of depleted sup-| plies is more pressing. Moreover, some indications have appeared in isolated instances of a disposition to extend or- ders furtheg ahead, although conserva- tism still governs commitments.” . CHICAGO STOCK MARKET By the Assoclated Press. CHICAGO, March 21.—Following is the complete official list of transactions %|in stocks on the Chicago Stock Ex- change today: Sales. STOCKS. 200 Abbot Lab 300 Allied Mot 1 1000 Allied Pre 100 500 Cont C! 350 Cont Chic pf . 11700 Cord Corp . 2300 Corp Sec . 0 Crane _ i 700 Gt Lakes Atrcrafi 800 Gt Lakes Dredge 100 Houdaille-Her B. 2400 Insuil 1 Ut Jr Cum pi 50 Keystone Steel.. 200 Libby-McNeill 100 Maje: icie Gear B 100 Nat Elec Pow A 1800 Nat Family Str 200 Nat Secur_Inv atl Sec 1oy pf o' 500 Seahoard til 350 S0 Union Gas.. 1080 West G & B 50 Stand Drede pi 20 Storkline_Furn Swift & C 2915 3% est & Tel A 150 Wextark Radio . 150 Yates Mach 300 Zenith Radio Stock sales toda 'BONDS. g B 4 108% 106% 108% Spectal Dispatch to the Star. BALTIMORE, March 21.— Sales. STOCK! 210'Arunde) Corporation 10 Baltimore Trust Co.... ‘Stcphen.son HEAD WARNS AGAINST OF U. S. INDIVIDUALISM | Makes Plea for Retention of| FINANCIAL. American Standards of Living—Based on Personal Initiative. Specal Dispatch to The ‘ NEW YORK, March 21.—Danger of a trapsformation.in the national char- acter of the people of the United States away from “the sturdy, self-reliant, in- dependent Ameri- can individualism that has ever been this Natlon's proud birthright toward European ‘depend- ency” on Govern- ment or other in- stitutions “that has long stunted the social vigor do( n?e pointed out here yesterday by Rome C. Stephen- son, president, Amer:can Bflnk;;:' 3 nson. Association. e Rome C. Stephenson, e e the | Eastern regional savings conference of the association’s savings bank division at_the Hotel Compmodore. He denounced @®litical opportunism that has sought to¥mpose various forms of doles through agricultural and un- employment relief and soldier bonus legislation upon the Federal Treasury and also described unemployment in- surance as “merely a name under which an industrial dole fund is to be set up by industry, aimed to relieve the in- dividual in part from a personal risk that be properly and fully met only by measures of personal financial pru- dence and responsibility.” He added: Banker Responsibility. “Savings banking constitutes the Na- tion’s greatest financial mechanism for co-operating with éur people in our well tried plan of self-reliant Americanism. Both by your works and by your leads ship among those who confide their savings to your care, may you savings Mnk":l -d: irit of sturdy Amer- un! re spirit of - icll:.pmdlvldullllnl which is the price- less spiritual heritage of our national character from the indomitable race of ploneers who founded this country in defiance of all forms of serfdom.” Mr. Stephenson, who described eras in Europe when masses of people were subservient to feudal and industrial overlords and governments as serfs, retainers or pensioners, said that the present period has all the appearance of being one of the critical turning points in American history. He pointed out that life here “sprang from a different spirit and developed in a different atmosphere” for those “who settled this continent came in a spirit of irreconcilable revolt and escape from suppression of the individual into sub- servient masses.” Always, he said, has our history been thus marked by out- standing traits of individual economic responsility as contrasted with European pau dependency - and feudal serfdom. “And then suddenly this year what @ let-down we see from this Spartan individualism!” Mr. Stephenson said. “Have conditions of life here, has the American character so changed that state-reliance must replace self-reliance? Was there ever heard such a clamor, such a determined drive of opportunist politicians to lift from local community life, to lift from industry and business, burdens of economic responsibility and Mr. Stephenson mentioned these pro- Is as reflecting an attitude of “po- itical thought turning more nad more toward the idea that the State shall unduly help the individual carry his economic responsibilities, that public opinion is more receptive to in- sidious form of paternalism, that great masses of our peorle are eager to ste] down from the self-respecting, self-re- liance and resolute nal responsi- bility of our forefathers, and, as fa- vored social groups; to let the State de- fend them from adversities which are the common lot—and also the strength- ener of the character of men.” Unemployment Insurance. He referred to unemployment insur- ance as a change in the individual’s re- lationship with his employment that would unload. him of a certain degred of economic responsibility, “an enforced levy upon the income of invested capi- tal making labor a ward, a retainer, of capital. It would seek, in a measure, to transfer to capital a share of the indi- vidual worker’s economic responsibilities and risks against which he is normally able and obliged to make provision out of his own earnings for himself under our traditional American conception of life as contrasted with European feu , T grant, two sides questions,” he continued. “I forget that distress frequently is too heavy for the individual to conquer alone and single handed. I do not fail to realize that the difficulties which have overtaken large groups of our people in the present times are beyond their powers to combat without help- fulness and co-operation among them- selves and from others. But I do not believe that they warrant abandonment of our traditional American spirit of self help, neighborliness and community responsibility for its own people, or justify the laying of these burdens on the doorstep of the National Treasury. “It is also true that the social respon- sibility rests on industry to make every effort to provide steady, properly paid employment for labor. It is:likewise true that industry has brought a cer- tain amount of accountability upon it- self for existing unemployment by its lack of foresight and plan. Industry unequivocally owes it to our workers to aid them combat_the problem of unem- ployment. But I doubt that the best way for industry to contribute to the solution of the problem of unemploy- ment is along the lines of so-called unemployment insurance. I believe there is a far sounder way to attain the ends sought.” He said the risks of unemployment were not susceptible to sclentific actu- arial treatment as are life and other forms of insurance. If such a charge were to be set up as an industrial cost .| place them on our Government?” to these do not SATURDAY, Low, 1929. rdam Ci Fidelity & Guaranty prosssodtan b v dad e FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) . Nominal goid Selling checks London, pound Paris. franc Brussel:. th: E"‘Wrmhu not yet been completed. | pr: Today. Previous day.. mur part in maintaining | ge| it to lift from the individual their natural |° it would be sounder, he declared, “to increase wages by the amount involved, and then seek to inculcate the doc- trine 9f thrift and provision against un- employment through saving these added amounts as a matter of individual per- sonal responsibility. This would leave labor free. It would avoid industrial paternalism. If it resulted in happier, more stable, more efficlent workers, it would thereby justify itself as a measure of sound industrial accounting and economics.” Mr. Stephenson said that he believed industry's better contribution to the problem of unemployment would be one of prevention of general employment d | rather than of an attempt to patch up with doles a situation created largely by lack of industrial foresight. Economic Foresight. “Public welfare demands that in- dustry as a whole vigorously and sin- cerely devote itself to the development of a plan of economic foresight,” he said, “aimed to forever prevent any repetition of the present unemploy- ment situation—that it show a larger degree of premediated responsibility for the maintenance of the business prog- ress of the country in the future than it has in the past, especially in the immediate past.” 58y to such a plan, he said, that industry look upon business on a long-range basis and lay out pro- duction and distribution with the thought that “it is far better to have a long period of good, sound business activity rather than a short period of frantically over-competitive endeavo: which would tend to lessen over-pro- duction, present over -expansion of plant capacity and avold over-stimula- tion of public buying, followed by pe- riods of slumps and stagnation with their disasters of unemployment. Business should co-operate with in- dustry, he said, by an endeavor to avoid over-stocking, over-selling or “in- veigling the public into tting it- for expenditures beyond its cur- rent purchasing power, plus a reason- lbhe anticipation of mml‘e&elmlt.nl and _ purchasing 3 pec should it refrain fpo'flrom inveigling the public into habits of but half using the things it buys and hastily scrapping good values to seize catchy new-fan-|gre gled models.” Individual’s Place. “In this picture of economic recon- struction,” "he added, “banking and finance, too, have their $lll}3‘ ‘Their premeditated effort should be to influ- ence the use of credit and other finan- cial facilities into channels of sound public economy consistent with th= attitude I have already sketched for industry and trade. “Finally the_ individual has a place in this plan. It is his duty, given the freedom of opportunity that our political institutions and economic organization normally offer, to take care of himself. Taking care of himself consists of seek- ing that form of livelihood which will render him the highest return in ac- S pangioy i Dersonal fnanciat plan of gauging personal ! in keeping with his ummmen And this means that after pro for the living requirements of himself and family, he must on his own initiative and on his own personal responsibility set up his defenses against the evitable contingencies of life by insur- ance, sound thrift and savings. . “No greater national misfortune can come to the United States than a weak- ening of the sense of individual respon- sibility and - eagerness for economic in- dependence as a result ‘of agitation to shift the burden for favored political classes to some form of public doles. or for our laboring masses to some of 330““ dependency or industrial ben % FINAL COTTON CROP FIGURES REPORTED Ginnings Operations Show Sharp Decrease for 1930 Compared to 1929 Totals. By the Assoclated Press. Final figures on the 1930 cotton crop, announced today by the Census Bureau, reported ginnings totaling 13,929,941 equivalent 500-pound bales, compared with 14,824,861 bales for the 1929 crop dal | and 14,477,974 bales for 1928. ‘Total ginnings in running bales were 13,753,883, compared with 14,547,791 for 1929 and 14,296,549 for 1928. Included were 78,183 bales of the crop of 1930 ginned prior to August 1, which was counted in the supply for the 1929-30 season, compared with 86,974 and 88,- 761, values of the crops of 1929 and 1928. Round bales included for 1930 totaled 524,357, compared with 572,227 for 1929 and 674,506 for 1928. American-Egyptian bales included totaled 23,254, compared with 28,771 for 1929 and 28,313 for 1928. Cotton remaining to be ginned, and included in the total, was estimated at 11,695 bales, compared with 19,946 for 1929. The average gross weight of the bales for the crop, counting round as half bales. and excluding linters, was 506.4 pounds, compared with 509.5 for 1921 and 506.3 for 1928. ‘The number of ginneries operated was 14,508, compared with 14,868 for 1929 and 14,974 for 1928. Ginnings for 1930, in equivalent 500- pound bales, by States, follow: Alabama, 1427,992; Arizona, B 874,36 California, 263,126; 50,306; Georgia, 1,592,319; Louisiana, 714,534; Mississippi, 1,464,247; Missouri, 150,572; New Mexico, 98,462; North Carolina, 774,537; Oklahoma, 853,799; South Carolina, 1,000,629; Tennessee, STOCK AND BOND By the Associated Press, 377,165; Texas, 4,039,147; Virginia, 41,- 953; all other States, 6,467. AVERAGES MARCH 21. | PREFERRED STOCKS GAINING IN FAVOR | Public Attitude Toward Se- nior Equity Shares Has Undergone Change. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, March 21.—The buyer for a large investment trust, along with many other dealers in securities, de- clded In 1929 that they would liquidate all of their holdings of preferred stocks and carry nothing but common stocks. Their argument was a preferred stock had neither the security of a bond nor the speculative possibilities of a con- mon stock. In other words, it was a misfit in the investment world and not entitled to a great deal of consideration. ‘The sequel was that they sold their preferred_stocks and bought common stocks. In view of their experience they are today again investigating the merits of preferred shares. If they had jkept the latter during the past two years they would have suffered com- paratively little shrinkage in income and only a moderate Amount of depre- clation in the principal of their in- vestment. There would have been times when their preferred stocks would have sold much below the purchase prices, especially if they had been taken as new issues in the last few years and brought out in a majority of cases around par. Recent Movements. ‘While the preferreds rallied vigorous- ly from the low levels of November, 1929, they went even lower in the De- cember break last year than they had been the year previous. Today, how- ever, many of them are back to ap- proximately their high quotations of & year ago, and in the last few weecks have shown a better average perfor- mmdc: than many domestic corporation There are listed on the New York Stock Exchange approximately 115,000, 000 shares of preferred stocks, about one-tenth as many as there are of common stock shares. Last month the average price of preferred stocks was_slightly over $66 a share $37.50 for common stocks. The est proportion of preferred shares lisi those of the public utilities, which represent about 20 per cent of all pre- ferreds, and next, those of the ra It is in the public utility group, how- ever, that most of the turnover from day to day takes place with a market for these shares on the New York curb and “over-the-counter” of even greater size than on the New York Stock Ex- change. Position of Stocks. tly, and especlally among in- dustrial companies, the preferred stock is the senior issue in the capital struc- ture. ‘This is true in the case of Gen- eral Motors, whose 5 per cent ferred issued last year to replace old 7 sold above its bonds re- per cent'gretmd, has 101. Wi tired, the 7 t preferred stock Corpora~ nearly all of per_cen of the United States Steel tion is, in effect, its senior n ‘The longest established of the 7 cent industrials, as an illustration, tional Biscuit 7 per cent preferred, are now wfed to yleld from 5 per cent down to 4% per cent, or less than most T -grade industrial mo) ‘The recovery in the public wul preferred shares this week has some of them above their call This duplicates the situstion of FoATEvage it was these s] would be " others bearing a lower dividend Among stocks of this type are N American Edison 6 cent preferred and Public Service tric & Gas_of New Jersey 6 per cent preferred. lumbia Gas & Electric has this been within 15 point of its call 110 and Eleciric Bond & Share cent preferred, regarded by many as premier issue of its kind, has been working toward its call’figure. Investors’ Attitude Changes. Altogethér the attitude of investors toward preferred stocks has ung e a decided change at a time when re concerned not only with the com- tively high average return on pub- e element of safety Wi sent to the buyer of i ingly, it is expected that with ferred shares at their present there will be more inducement to fl- nance with this type of security. - solidated Gas of New York is soon to lead the way with a large new issue of 5 per cent senior stock. (Copyright, 1931.) Washington Produce Butter—One-pound prints, 33%a34; tub, 32a33. Eggs—Hennery, 2]14a22; current re- céipts, 19a20. Poultry, alive—Turkeys, young, 30a32: old, 25a27; Winter chicl , 30a35; Spring broilers, 38a40; Leghorn broil- ers, ; hens, heavy, 25; small, 22; 18a20; roosters, 16; ducks, 15; large and young, 60a65; old, 25a30;. Dressed—Turkeys, young, 38a40; old, 30a32; Winter c! - [ens, 38ad0; Spring broilers, 45; hens, heavy, 28; small, 25; Leghorns, 23; sarghit § 8 3] capons, large, 37a38; small, 3233 ducks, 24a25; roosters, 16; keats, young, 70a80; old, 40a45. Meats—Beef, 1315a15%; veal, 13al5; lamb, 17a19; pork loins, 22; fresh hams, 1 h shoulders, 14; smoked hams, 21; smoked shoulders, 12; strip bacon, fiyi'h'd’ in bulk, 11%; in packages, Live stock—Hogs, heavy, 7a8; medium and light, 813a8l2; pigs, 7l2a8%; I;u‘ahx. 4a5%,; calves, 5a9%; lambs, 2815, . Fruits—Strawberries, 40a50; oranges, California, 3.75a4.00; Florid: small, 4.00a4.50; large, 3.75a4.25; Argentina, 20-pound boxes, 4.5 pineapples, 5.00; pears, 4. per bushel basket, 1.00a2.00; box stock, 2.00a3.00; lemons, 4.0025.00; limes, per 100, 1.75a2.00; rhubarb, 5-pound boxes, 60a75; grapefruit, 2.50a3.25. Vegetables—Potatoes, 100-pound sacks, ; 150-pound sacks, 2.85a3.00; new potatoes, per bushel, 2.50a3.00; sweets, per bushel, 1.10ai.30; Idaho bakers, 150-pound sacks, 2.50; cabbage, re- 3.00; spimach, ; onions, 50-pound crate, 2.50a 175; parsnips, packs, 1.00; kale, 5 sacks, 75a1.00; carrots, per 082, .00; asparagus, 4.50a7.00; eu- , crates, 5.0085.50; eggplant 5.00; string beans, 5.0026.00. SENTIMENT IN MARKET CIRCLES IS IMPROVING Special Dispatch to The Star. NEW YQRK, March 21.—Although the stock market appears to have changed its course to have shown a preference for the motors and iron and steel stocks over the long-continu- ing l&‘luhua utility favorites, ive sen! is cheerful and houses have been none too enthu- ent that givin Toote ARt o 1 S50 tmidly mvlsfn:n their customers to accumulate previous. It is verage 3 points for the month. This average is influenced by the position of the rails, which have gone backward steadily since the end of February and have to face next week the February statements and et one important dividend