Evening Star Newspaper, March 22, 1931, Page 63

CURB ISSUES MOVE INNARROW RANGE Profit Taking Turns Market irregular—Utilities Group Lower. BY JOHN L. COOLEY, Assoclated Press Financlal Editor. NEW YORK, March 21.—Curb mar- ket price movements were narrow and irregular today. Week end profit-tak- ing was apparent in specialty shares and utilities likewise shaded off. In- vestment trusts, however, worked high- er. Trading was rather quiet. American Superpower turned over @ctively, climbing to 194, a new high for the year, aithough it closed under the top. The stock opened with an 11,000 - share block and later in the morning a 21,000-share order was exe- cuted at 19. Bond & Share and Bra- zilian Traction eased. Aluminum of America found the | market thin, as usual, and tumbled 7 points, putting the quotation below 190 in comparison with Wednesday's hlgh of 204. Mead Johnscn, Dresser “B,” Woranda Mines and Ford Limited were 8 Teactionary. Great Atlantic & Pa- *ific. which trades in odd lots soared 20 points to the new high of 250. Oils ‘Were mostly firm, but very dull. United Founders and Shenandoah rallied half a point each, the former on some volume, Central States Elec- t{\c and Goldman Sachs trading were stea The curb admitted to unlisted trad- ing privileges the “when issued” stock of the company to be formed by mer- ger of Columbia Graphophone, Ltd., and Gramophone, Ltd., designating the issue, for trading purposes, as “Gramo- phone-Columbia Graphophone.” INVESTOR BEST SALES PROSPECT THIS YEAR Special Dispatch to The Star. MINNEAPOLIS, March 21.—The in- dividual whose income is derived largely from dividends is a much better sales prospect than the average wage earner, according to studies of the average consumer being conducted by the In- vestors' Syndicate. ‘Where total wages are 25 per cent be- low last year, total dividends are down only 1.5 per cent on the average. Ap- parently the funds received from invest- ments are flowing into savings banks and into new homes, both of which have shown a sharp spurt. The at- tractions of these two have proved superior to automobiles or insurance so far this year, although February auto- mobile sales have shown a notlenble gain over January, while failing to keep pace with the increase shown in Feb- Tuary of last year. New security buy- !nl shows a sharp reduction in Febru- ary, but the first two weeks of March have witnessed the largest volume for more than a year. EARNINGS REPORTED. NEW YORK, March 21 (#).—Per share earnings of corporations report- ing this week, with comparisons with last year, included: Year December 31. an_General Electric Catumet & Arizons Mining Columbian Carbon . Diamond Match Flectric Bond & 8! B2LSRREIS 333 ve & Co. 25 Trternational Nickel” of ‘On International Business chines Kelsey-Hases” Wheel McMarr Stores x North American_Car Kational Cash Registe ol Pare ¥ mitfora: feway S Corpori Viestern ‘Biectrie: Trade Trends By the Assoclated Press. Aircraft.—A sharp increase in sales was reported by Douglas Aircraft Co. for the quarter ended February 28. The total was $1,261,606, l(llnsfi $773,440 for the ilke period of the preceding year. Unfill orders also increased, totaling $2,958,127 on March 1, against $2,341, 5!8 November 30 last. Automobile—An output of 400,000 sutomobiles is now forecast for April, against a February output of about 230,000 units and estimates of close to 300,000 for this month.. Such an ad- vance would be more than seasonal and would compare favorably with the best months of the industry in the past. Building.—Construction work east of the Rocky Mountains bids fair to show an increase this month of 45 per cent over February, on the basis of results for the first two weeks of March. The daily average of contract lettings for that period showed an_increase of 1$3,000,000 over the first two weeks of February. The normal seasonal in- crease of March over February is 24 per cent. Electrical equipment—Current activity in the country’s electrical equipment markets is holding on a reasonably sat- | isfactory basis, Electrical World re- ports. Buying interest is spirited in the East, where railroad bookings are a feature, with fair demand in New Eng- land and coast centers. Railroad. — Following announcement that Southwestern railroads will inaug- urate store-door delivery, executives of Eastern railroads are expected to give their final answer to demands for such service next Friday at a meeting of the Atlantic States Shippers' Reglonal d. demand is reported by New York re- tail stores, sales figures for the month to date comparing fairly well with a year ago. However, reports from out- of-town stores show a considerable dis- appointment in trade in a number of centers. Silver.Bar silver sagged three-eighths of a cent in New York today, dropping to 291, cents an ounce. The metal also was weak in London, where it fell one-quarter of a penny to 13 9-16 pence. Steel.—Operations of steel plants in the Youngstown district will continue unchanged next week at 51 per cent of nmd capacity, Dow, Jones & Co. re- LOUISVILLE GAS NET. LOUISVILLE, Ky., March 21 (Spe- cial) —Preliminary earnings of Louis- ville Gas & Electric Co. (Delaware) and its subsidiaries for the 12 months ended December 31, 1930, show an in- crease in gross earnings of $228,289, or creased $88,789, or 1.66 per cent. com- pared with the previous 12 months. INVESTMENT TRUSTS NEW - YORK, \(nrch 21 (#)—Over- the-counter market: Bankers' t Inv.. Chain smu !hr ‘Owners. Incorporated Investors.. Incorporated Investors Equit. Jackson & Curtis Invest Assoc. Leaders of Industry A . Leaders of Industry B.. Low Priced Shrs. Mass Investors Tr Representative Trus' | SO Gomtary pixeq Tr Enis. Others unchanged. NEW YORK BANK STOCKS NEW YORK, March 21 (#)—Over- the-counter market bid and asked prices: | Banks. America | Bank of Unitéd &t Bid. Asked Bid. 60 | Bankers Brooklyn " ‘Trist . New ‘York Trast . STOCK AND BOND AVERAGES By the Associated Press. SATURDAY, MARCH 21. STOCKS. . 1929, 20 Utilities. 2018 203.6 196.5 190.0 254.8 214.9 138.7 203.9 159.3 281.3 146.5 353.1 156.3 10 Utilities. (Copyright, 1931. Standard Statistics Co.) HOW IS BUSINESS? Showing Current Business Activity Compared With Same Week Last Year. GENERAL BUSINE: York City. Shaded a previous year. Black areas Indicate de ACTIVITY for the country indicated by show weeks of activity above nk debits oumeide New onding weeks of the trom & onths ACTIVITY BY FEDERAL RESERVE DISTRICTS. K transactions compared with the s |__—20.3% veek a year Richmond Kans, | —28.9% LEADING BAROMETERS. (Industrial canluuue ‘Wholesale prices (Fisher’s Index) ) prices (Department of “flrullln) ru- (car loadings) ‘ederal Reserve Boare Present trend. nward Downward Downward Downward Steady Downward Downward Downward Downward Downward Board) ¢ st | Retall trade.—An improved pre-Easter 2.20 per cent, while net earnings in-| High. Low. 5% 95 22 FOR WEEK ENDING MARCH 21, 1931. —1981.— Stock and dividend. 4% Acetol Prod A. . 94% Adams Millis 15t pf (7). 6% Aero Underwriters. 11% Afliliated Prod (1.60). 5 Agfa Ansco. Ainsworth Mfg Corp(i). Alr Inv Ine. vte, Air Inv conv pt Air Investors war. Ala Pwr cum ptf (7). Alabama Power pf ‘§ Alexander Indust. % Allezheny Gas Corp. 4 Allfed Mills_Inc(60c). Aluminum Co of Am.... 204 Alum Co Am pf (6) 109% Alum G'ds M (1.20), 16% Aluminum Co Ltd...... 91 Aluminum Mfg ( . 25 Amer Austin Car. . 1% Am. Bakerfes, A(3)..... 33% Am Beverage Corp ¢ Am Brit & Cont. Am Capital (B). Am Capital pf (3). Am Cigar Co Am Cit Pwr&Lt(A)(a3). Am Cit Po&Lt B(b10%). Am Cmwith P A(b10%). Am Com Pr B (b10%)... Am Cyanamid (B) Am Dept Stores. Am Dept Stores pf (A) Am Equites. .. Am ForPwr war.. Am Founders. .. 4 Am Gas & Elec (11). Am Gas & El pf 16). Am Hard Rub (4). Am Investment Inc (B). Am Inv, Inc. war. Am LaundryMach (3) . Am Lt & Trac (2%). Am Maracaibo. Am Natural Ga . Am Potash & Chem (1). AmStPSA (160).. % Am Supernowr (40c) Am Superpo pf (6). . Am Supernwr 1st pf(6). Am Util&Gen (B)vte 4 Am Util & Gen pf... Amer Yvette Co. In Anchor Post F (b10% Anglo-Chifean Nit Anglo-Norweg H (25¢). Appalachian Gas Apponaug Co (2) High. Asso Gas & Electric. .. Asso Gas & Elec A (a2).. Assoc G & Eall ctfs. A850G & E debrts Assoc G & El war Asso Gas & Elec ctfs(8). Ass0 G & E pf (5). Asso Rayon. ... Asso Rayon pf (6). Asso Rayon pf cod (6). Asso Tel Uttl (b8%) Atlantic Coast Fisher! Atlantic Fruit & Sug. . Atlantic Lobos. . .... Atlantic Lobos pf... Atlantic Sec Corp. Atlas Plywood (2). Atlas Utilities Corp. Atlas Utilities(war) 4 Auto Vot Machin Auto Vot'g Ma cv pr pt Aviation Corp Am. Axton Fish Tob A(:J 20). Babcock & V 3anta Corp. Bahia Corp Bell Te! of Ca Beneficial I L (1%) Bickford's. Inc (1.2 Bigelow-Sanford Carpet. Bliss Co (EW) (nl). Blue Ridge Corp. . Blue Ridge conv pf (a3). Borne-Scrymser Co Bourjols Inc. ... ¢ Bower Roll Bear (1). Brazil Trac & Lt (b8%). Brill Corp A (34c). Brill Corp B.... Brillo Mg (60c). Brillo Mfg A (2). British-Am 01l C (80c) Brit-Am To B (1.17 4-5). 4 Brit Am To reg 1.17 8-10. Brit Cel Ltd rets. .. Buckeye Pips Line (4).. 4 Buffalo, N&EP pf(1.60) Bunker Hill&Sull(3).. Bureo. Inc, war Burco. [nccv pf Burma Litd rcts 27 Bwana M Kubw Cep. Cable Radlo Tub vt Cabl & W Ltd. B rets Canadian Marconi. Carib Syndicate. ... Carman & Co(B) (1)eees 4 Carnatinn Co (§1%). Carrfer Corporation. Celanese 1st pf (7). 4 Central Atlantic States Cent Hud Gas&El (80c). Cent 111 Pub Sve pf (6) Cent Tnd Pwr pf (7). Cent Pub Sve A(10%) . Cent&Swn Util pr In(7). Cent (b10%). Cent States El pf(6)w Cent States Bl pf(6)xw. Cent States Elec cvpf(a$ Centrifugal Pipe (60c). Chain Stor Development Chain Stores Stock. . 4 Chat Ph Aln.v (1).... Chi B&Q R Rt (10) o Childs Co. pt. (7)..... Cities Service(g30c). Cities Service pf (6). Cities Ser pf B (.60) . laude Neon Lights.Inc. leveland Tractor(§0c).. Colombia Syndicate 4 Colon Of) Colts Pat Firearms 1 Columbia O1l & Gas vie. ¥ Colum Pict vte (f1%). Columbus Auto P pf (2). Com'with Edison (8)... Comwlth & Sou (war).. Comm Wat Serv b6% 11% Comp His Am sh(p3i).. 68% Comstock Tunnel + Consolidated Atrera 8 Consol Auto Mer ct: ' 2 Consolidated Copper . 3 Congol Dairy Products..” 4% Con Gas of Balto (3.60). 97% Consol Gas Utll A(2.20). 17% Consol Retall Stores. & Contl Chicago Corp. . s & Bl prpf(7). 101 hares conv pf 425 res pt (B). 39% Cooper Bessemer. Cooper Bess ptf A(3). Copeland Prod Inc A. Cord Corp Corp Secur of Chi (b6%) Corroon & Reynolds Crn & Rnlds pfA(6) 4 Cosden Ofl Creole Petroleum Cresson Consol (4c). Crocker Wheeler. Crown Cent Petm (new). rown Cork Irtl A ((1).. uban Cane pr opt war. “uneo Press (2%4)... Curtiss Wright wi Cus! Mex Mining. 28 Dayton Afrpiane & Eng. Deere & Co (1.20). 1>e Forest Radio 2 De Hav Air rets (18¢) Delsel W Gilbert (134).. Derby Of) & Rtfln Detroit Afrcra¥t Ce orp . Douglas Afreraft (t1%). Dres (8 R) Mfg.A (3%). Dresser Mfg (B) (2). Driver Harris (new). Dubilier C & Radio. Duke Pow (5). ... 4 Duquesne Gas Corpw.| Durant Moto Duval Tex. Sul. w.i. Eastern Utll Inv (A)... Edison El of Bos(13.60). % Educational Pictures pf Eisler Electric Corp. Elec Bond & Share (bé). 4 £ Bond & Sh of (6).... Elec Bond&Sh cu pf (5) Elec Pow As80 (1). ... Elec Pow Asso A (1), 121 P & L opt war. Elec P&L 24 pf A El Sharehold (b6%) El Shareh pf (a6%) lu Empire Corporation 5! 260% uw Close. 4% 17% P 9 103 39% +H+lll+++l|+n [ I B (I R o Ay (R N S z :;+*§= - FEFFEFEE - & 0 s +1 Li++1 4+ % Lidd+ | o+ b+ L1 ++ + 00 kR S ER REE R LEE R EREEE SEERESF T4 bl bttt | ++ o+ R T FlH1+ 410+ R | & ® Stock and dividend. Empire Corp (war). Emp Corp cv pf (a3) Empire Gas&F cm D!(") Empire Pub Sve (A) Empire Steel Corp Employ Reinsur (11. o) Engineers Gold. ... Eureka PipeLine(4)... Europe Elec, Ltd A(60c: Euro Elec, Ltd deb rts. Evans Wall Lead. Federated Metals(1). Fiat rets (94%c) Fiat Stk deb ru Financial livest N ¥. Fire Assn Phila (1.60) ®lntkote Co (A). Florida P& L pf(7). % Foltis-Fischer Corn ) Food Machinery (113).. 4 Ford M Can A (1.20) Ford M France p28c % Ford M Ltd (p37%). Foremost DairyProd. ... % Foremost Dairy prpf.. Foremost Fabrics, Fox TheatersClassA Franklin Mtg Co Gamewell Co pf (6). Garlock Packing ( Gen Alloys. .. e 4 General Aviation. ¢ General Baking . Gen Baking pf (3) Gen Baking, NY, w 20).. Gen Baking pf cod (3)... General Cable war. . Gen Capital Corp. .. Gen Elec Ltd rets(pi0c) . Gen Empire Corp (1). Gen Gas&El cv pf B (6 Gen Laundry Machine. Gen Petroleum. .. Gen Pub Util pf (7). Gen Thea Iq cv pf (5) GeorglaFPowerpf(6) 3 Gerrard (SA) Co Glen Alden Coal ( Globe Underwriters. Gold Seal Elec new. Golden Cente; Goldfield Cum: Goldman Sachs T C Gotham KnitbacMch Gramophone rcts (pl). Graymur Cotp (1). 5 Great At&Pac Tea nv(6 Grt A&P Tea pf (7). Great Nor Paper (3) Great Westn Pwr pf Groc Strs Prod v.t.c. Guenther Law (1). Gult Ollof Pa (1%).. Hall Lamp (40¢)..... Hammond Clock (2). H Hazeltine Corp (2) Hecla Mining (40c). Helena Rubinstein Heyden Chem (1). i Hires (CE) Co A(2).. Hollinger Gold (65c) Horu&Hardart(2 %) Horn&Hardart pf(7). Hudson Bay Min & 8. Humble Oil (123) High. o ,. 1 4 Hydro Elec Secur (1. 40» Hygrade Food Prod. 111 Pwr&Lt cum pf ns;. 1mp Oil of Can (50¢). ... Imp Ofl of Can reg (50¢) i Imp Tob Grt Brit (189c Indiana Pipe Line(1). Ind Terr Illu O11 (A) Ind Terr Illu Ofl (B) Y Y% % Ind Pwr & Lt cu pf(6%) 105% 6 Industrial Finance ctfs. . Insull Inv (b6%) . Insull Util 24 pf(6) . Ins Co of No Am (12%). Insurance Sec (70¢). Intercoast Trade Co.(1). Intercont Pete new. . . Intercont Power A (2) Int Cigar Mach (2%). Intl Holding & Inv. Intl Hydro cv pf (3 Int] Petroleum (1) Int Safety Raz B (1 Int Superp (11.10) Interstate Power pf (7). Irving Atr Chute (1) Italian Superpowr A ital Superpower war Johnson Motor Co, % Kirby Petroleum Klein (D E) Co (1)... n (H) pt Kors r-Br(Am shs) Lackawanna Sec (4) Lakey Fdry & Mach. 3 Lehigh Coal&Nav (1. zo‘). Lone Star Gas new (88c) Long Island Lt (60c) Toulsiana Lan & Ex. .. Ludlow Mfg Asso (10). 4 MaeMarr Stores (i). MagdalenaSyndlcate, Mapes Consol (13%) Margay.. 4 Mass Util Asso. Mavis Bottling flower Asso (2). Mead Johnson (14) Memph N G Co (60: M'bank Am shs (15c) Mer Chap & S(1.60) Mesta Machine (2) Met & Min Inc(1.20). Met Chain Stor: Mexico-Ohto Ofl. Mich Gas & Oil Corp. Mid Royalty cv pf (2). Midland Stl Prod, n (2) Midvale Co (4). . Mining Corp of Can. Minne-Honey pf (6). Mo Kan Pipe L (b10%) Mtg Bk, Col. Am sh 3.82 Mountain&Guif (4¢). Mountain Products (1).. chman Spring. t Amer Co. tional Aviation. Nat Dairy Prod pf A(7). Nat Elec Power A(1.! lo). Nat Family Stores. Nat) Food Products (A). Nat Food Prod (B) Nat Fuel Gas (1). 4 Nat Investors (new). Nat Leather. . ) Natl Transit (1)... % Nat Union Radio. New Bradford Oil (28¢). New England Pwr (2). New Eng Pow pf (6). New Jersey Zinc(13).. New Mex & Ariz Land. Newmont Min (4)... N Y Hamburg (2%). N Y Pwr& Ltpf (7). N Y Steam new (2.60) N Y Telof (6%). N|Y'.l‘rlnlit (1) Niag.-Hud Pwr C war. Niag Shares, Md (40e. Nipissing (30e) AK Noma EI Corp (! 18% T P44 440444401 *5+44 A e +l++ i+ 1+ 1 ++1 V444 ++4+tl Il +4++ 4+ +4) 4 44 Llastn+ EFEFEER PAtdldtd vt +i+1 M4+ - ++ FEEEE L] [} = T4+ V44444 1+ 144041 ++4++ 4 Vidl4+ +4 1931 — Low. Stock and 144 Noranda Min Nordon Corp Ltd. Nor Am Aviation A war. North Am Util Sec...... Nor Central Texas. ..... North & Sou AmCor p A. Nor European Ol Corp. . Nor Ind Pub Sve pf(6).. North Ind P S pf (7). Nor N Y Util pf (7 Nor Pipe Line (4) North Stat Pwr A(8 Nor States Pwr pf ( North S Pow pf (7) Novadel Agene (4) 4 Ohl Brass pf (6) Ohto Copper. . s Ohio Oil n (cu)pf (6) Ohio Pub Serv pf A (7). Oflstocks, Ltd(A) uou) 4 Outboard Mot (A) Outboard Mot B Overseas Sec. PacG&E1stpf (1%).. Pacific Lighting pf (6).. 10: % Pac Pub Sve A(1.30). Pac Western Oil Pandem Ofl. Pantepec Oil Paramount Cab Mfg. Parke Aus&Lipps pf(2). Parker Rust Pr (3)..... 4 Pender (D) Grocery B. . Pennroad Corp (20¢). Penn Mex Fuel (p3 4 Penna Pwr& Lt pf(7).. 11 Penna Water & Pwr (3). 6! Peop L & P A (2.40) 23 Perryman Electric. % Petrol Corp war 3 Philip Morris Inc. Phillp Morris (A) Phillip L Inc B 1.6 Phoenix Sécur Corp Phoenix Secur pf (3). Piedmt Hy El n war. Plerce Governor. . Pilot Radio Tube(A). Pines Winter Front (1).. 4 Pitney B Pos n(20c). Pitts & L Erle (5) Pitts Plate Glass (2). Plymouth O11 (1). 4 Polymet Mfg. .. Powdrill & Alex (2) Power Corp of Can (2). Premier Gold (12¢). 4 Producera Roy Corp. ... Propper McCallum. Prudential Inv. Prudential Inv p Pub Uti1Hold Corp w Public Util Hold war. Pub Util Hold Corp xw.. Pub Ut Hold cu pf(3) PugetSd P& Lt pf (5).. Puget Snd P & Lt pf (6). Pure Oil pf (6)... % Pyrene Mfg (80c) 4 QR S-De Vry. Quaker Oats p Quebec Power (21 Radio Products. % Railroad Sh (50c) Iway & Util Inv (A). Rainbow Lum Proda... Raintow Lum Prod B.. Rayethon Mfg Reiter-Foster. 4 Rellance Intl (A). Reliance Int Corp(B) Reliance Management. . Reybarn Co. Reynolds Invest Rhode Isl Pub Sve pf(2) 21 4 Richfield Oil of Cal pf... Richman Bros (3). . Roan Antelope Mine: R'kland Lt & P (90c) . Roosevelt Field. Inc. Root Refining cv pr pf. Inti Corp. .. % Royal Typewriter(3).. Ruberofd Co (4). . Ryan Consolidated. SafeCarH& L (8). % St Antony Gold. St Regis Paper (1 Slll CEnk Prod (2) FrEF “rrry S Seovill Mfg (2). Seaboard Utiliti; Secur Corp Gen(40¢) Seeman Brothers (3). Segal L & Hwde(50c) Seiberling Rubber 4 Selected Industrie: Sel Ind conv (733) Sel Ind pr sta (5% Selected Indus pr (51 Sentry Saftey Control. .. Seton Leather (1) 5 Shattuck Den Min Sheaffer Pen (13). Shenandoah Corp. Shen Corp pf (a3) Silica Gelet.... Silver King Col(60c). Singer Mfg (112%4).... Smith (A O) (2) Smith-Corona Tpw Solar Refining. So Am Air Lin FEeVrRaersan & EFFEEL ® & 1 28 2% FINANCIAL Stock 105'% 9813 105 4% 5% 3 5% 4% 0% 815 (R TR I S B A S s 1 874 6% Unit V AL EE SRR L L, PR Sk FREsases gre Fes % = % 2l stock. n Plus 8% United Gas pf (7). Utd Light & Pwr A(1). Utd Light & Pwr pf (§). & United Profit Sharing. .. Utd Profit & Shar pf (1). Utd Ret Chem pf 3 ¥ U S Dairy, A (5). 4 US Dairy B.. Ui S Elec Power ww U S Elec Pwr (war). U 8 Fin Holding. U S Finishing. U S Foll Co B (50¢). .. U S & Internt] Sec. United Sta Stores Unit Stores. . rde Ext (. % Universal Picture 3 Utica G&Elec pf (7). Utll Pwr&Lt (at1.02% Ut P&L B(at1.02%). % Utility & Ind.... Utility Equity pf (5%) Vacuum (4).. Vie Finan Corp(40c) Vogt Mfg Co (2).... Watson (JW) Co....... Wayne Pump pf (3%)... Weich Grape Julce (12). Wenden Copper. . and_divid South Penn 0il (1) 4 SoCal Edpf A (1%)... So Cal Edis pf (B) (1% Sou Calif Ed pf(C) (1% So Colorado PwA (2). Southern Corp. .. SouthernNat Gas Sou Pipe Line (2) Southland Royalty (80c) Sou West Beli Tel pf(7). So West Gas Utll. . Spleg May Stern pf Stahl-Myer (1.20). 4 Std Cap&Seal(12.90) Stand Invest cum pf. . Stand Motors (i 3 Stand Oil of I Stand Oil Ky (11 Stand Oil Nebr Stand Oil Ohio(z Stand Oil of Ohl0(5).... StandPwr & Lt (2)...... Stand Pwr & Lt (B) (2). Stan Pow & Lt pf(7) Standard Screw 74). rrett Corp pf (3). tein(A) & Co (1.60) Stein Cosmetics Inc. 4 Strauss (Nathan). : Strauss Roth. . Strook & Co (60c) 4 Stutz Motor Car n. Stutz Motor (war). Sun Tnvesting. Sun Invest pf (3) % Sunray Ol (b3%) Swan Finch Ofl pf. 5 Switt & Co new (2) 315 Switt Internat (3) Swiss Amer El pf Syracuse Wash Mch( Taggart Corp. . Technicolor Inc. 4 Tech Hughes (60c) ‘Thatcher Sec Corp. ‘Tobacco&Allfed Stks. Tobaceo Prod Exp (1 Toledo Eidisn pf(7) Trans Air Trans. % Trans Lux DL P Tri-eontin’l Corp w: Tri Utilities (21.20) . ‘Tubize Cantillon (B) Tung Sol Lamp (1). Twin States N G pt (A).. 4 Ungerleider Fin Corp. Union Am Invest. . Utd Am Util (b213 %) . 4 UnNat Gas of Can f1. Union Oil Assoc (2). UnionTobacco. Utd Chemical Unit Chem pt Unit Corp war. Unit Dry Dock. Unit El Ser pur war. Unit Founders. P T Yy Uik LB L R P rssa Ve i3 "walzils LI+l i+ ++1 L1444+ P W 14+ P I++1 2778 ve2f 2 52 Rl +1 EERprEE Li4l4 4 444441 ++ L I S S T 8 S o R I B W | - + Wil-Low Cafeter pf. Wright Hargrav (10c). bl 11% auarter] 3Pl Fis 105 15 dtock. D EALE et yemrne. resmlar rate FEEF FEF MEANS MORE %4 | Special Dispatch to The Star. 1%| NEW YORK, March 31.—One ap- parently inexhaustible source of com- ment during the past 17 months has been the fact that every time the bond market seems to be headed anywhere, something occurs to stop its progress. ‘The past week brought out another rea- son for bellef that the investment mar- ket has not yet completely discounted the effects of the general depression that started in 1929. Along with Secretary of the Treasury Mellon and others, the market failed to estimate correctly the size of the re- ductlon in income tax returns and con- sequently the width of the gap between revenue and expenditures which the ‘Treasury will have to bridge with short- term financing. On Friday holders of long-term United States Government bonds ¢ceme to the conclusion that the situation was so bad as to postpone defi- nitely the refunding of the fourth Lib- erty loan 414s in 1933. Governments were heavily sold Most, of this money was switched to short-term obligations and once more market observers saw the spread widen between near-maturity securities and long-term bonds. Extent of Improvement. At the same time, however, the more cheerful sentiment that has gripped the security markets for the last three weeks boosted stocks higher, and bonds that follow . equities closely also im- proved. Standard Statistics’ index of 30 corporation bonds improved by about one-half point during the week. This move was based not so much on actual earnings and condition reports—which were inclined to the bear side—but to the murmurs of increasing activity in the steel and allied trades, to the Gov-~ ernment's public works expenditures, and to the conviction that business has scraped bottom long enough and must now have an upturn. With the demand for short-term pa- per as it is, there can be no doubt th: the Treasury will easily dispose of cer- tificates of indebtedness and short- dated bills in sufficient number to carry the deficit. And business, both here and abroad. is certainly showing a better tone. Hence, the long-term outlook for bonds of all kinds is bullish. But im- mediate factors do not warrant the as- sumption that the bond market is on the v!r(e of a broad advance. For one thing, tbe rather conservative total of $74,639,000 in new bonds offered in the week proved depressive, in spite of the fact that it was less than a third of the $262,573,000 offered in the previous week and less than half of the $195,091,000 distributed in the like 1930 week. The market must face the task of absorbing 2 huge total of financing from the pub- lic utility companies which, after mak- ing a gain in earnings in 1930 over 1929, show no Inchn-flon to -bnu their vigor- ous_expansion However, ehm u lmle likelihood n! a large amount of industrial flmnc ing. In 1930 earnings of industrial concerns dropped al per cent wnw 1929, though mmdlne !ron'x 1928 urnin uhh!hhad indm factilties more than suffici- @ o FOEFES w FEE FEESS PEFES e " L © & Sre® Bx FEELES £2 SHRINKAGE IN INCOME TAXES U. S. NOTE ISSUES ent to look after present and immediate future needs. Nor is there apt to be any threat for the investment market in the real es- tate situation so far as new issues are concerned. Vacancies in office buildings in 50 cities of the United States run to about 154 per cent, according to a cur- rent survey, an increase of about 2 per cent over the vacancies existing a year ago. This will, no doubt, curb building programs. Municipal financing in prospect is large and rightly so. There is an un- precedented demand for short maturi- ties of highly rated municipalities and States and a regular and undisturbed market for the absorption of the re- ‘mainder in the savings bank and trust fund fleld. ‘Turning to the foreign department, the com:nentators who two weeks ago announced that 30 to 60 days would see another flood of foreign dollar loans here have had to revise their predic- tions. The sweeping upturn in South Americans and the weaker rated Euro- FIRST peans was checked abruptly 'ben ex- port and import trade figures and other countries failed to hur out, their opuml.mc estimates. It is true that the foreign list Md ll a hllher level than it had been fore the ad vance. That was lm to Y.ha renewed flow of credits from France to other European countries and the pol- icy of the Bank of International Settle- ments in backing long-term interna- ghllllll l:oln:x But h:}’&H of lollar bonds apparen getting what happened last year. (Copyright, 1931) BREAD PRICES REDUCED IN TWO WESTERN CITIES Special Dispateh to The Star. MINNEAPOLIS, March 321.—Bread prices in the Twin Cities have been cut by an average of 2 cents & pound. ‘Wholesale bakers announced the reduc-~ tion ranging from 11, cents to 3 cents a loaf, and retailers in most cases fol- lowed suit. The price reduction places on the market a 1-pound loaf to sell at retail In most cases for 5 cents, the lowest price in 20 years. MORTGAGES YOU CAN PUT YOUR MONEY into our 6% FIRST MORTGAGES Over a Third of a Century Without a National 2108 HERE IS NO —and leave all concern for its safety out of your thoughts. At regular intervals you’ll have the agreeable reminder of an in- terest check, always for .the same amount—and regularly during the life of the mortgage. This is one investment that is worry-proof. May be purchased in amounts from $250 up. SAUL CO 925 15th St. N.W, BSTITUTE FOR SAFETY