Evening Star Newspaper, March 24, 1931, Page 15

. Market Shows Signs of Re- covery After Absorbing Offerings. BY JOHN A. CRONE. Spectal Dispatch to The Star. NEW YORK, March 24.—After open- ing irregularly, today’s curb market firmed as the volume of trading showed signs of increasing. Public utilities furnished the strong- est spot in the entire list, while the olls, in sharp contrast, provided the weakest section. Between these ex- tremes were such groups as the coppers, motors and air shares, all of which dis- played little uniformity in trends. A few higher priced industrials enjoyed wide swi , but the bulk of dealings in that cl ication were in the lower priced issues. Electric Bond & Share rapidly recov- ered an early loss and recorded a frac- tional net gain around midday. Cities Service rallied, only to settle down again. Shenandoah Corporation hit a new high, but later tapered. A Ford Motor, Ltd., softened in the first few hours, despite London cables telling of Ford's reported plans for purchasing a South Wales steel works to insure a supply of raw materials for the huge Dagenham plant and thereby escape the proposed British tariff on foreign steel. Standard Oil of Indiana was the first of the Standard Oils to break into new Jow ground today. It soon was fol- lowed by International Petroleum, & subsidiary of Standard Oil of New Jer- are sold in one hundred-share lota mmmmmwmmum) (3508), W] ws those stocks were sold in Stock and Dividend Rate. Ala Pow pf (6). Alleg Gas. . Allied Mills (60c). 2 ‘Aluminum Co of Am 30258206 AluCoof Ampf (6). 2 109 Aluminum Co Ltd... 8 100 Am AustinCar...... 6 Am Capital prpf 5% Am Cigar Co........ Am Cit P&L (A) (a3) Am Cit P&L B b10%. Am Com P A (b10%) Am Cyanamid B. Am Maize Prod (2).. Am Maracaibo. Am Meter (3).. Am Natural Gas. 5 Am Superpcw (40c). 249 Am Superp pf (6)... Am Superp 1st (8) Am Transformer. ... Am Thread pf (25¢) . 4 Am Ut&Gen cu pf(3) Am Utll&Gen (B)vte Am Yvette new wi... Amster Trad (48¢) Apponaug, Arcturus Rad Tube Arkansa Arkans Nat Gas A. Art Metal Wks (60c) Assoc El In Ltd 30c. Asso Gas&El A (a2). Assoc G & El war. AssocG & EAdbrts Asso G & Elct (8)... Bales— Add 00. Open. High. Low. Close, 12 9% 11 9! G STAR, WASHINGTON, D. C, TUESDAY, MARCH 24, 1931, ~Prev. 1931~ Hish, Low. 9 odd lots, Y % 10% % Maps Stock and Dividend Rate. 6% Intercont Pow A (2). 12 Int Petroleum (1)... Int Utilities B. Interstate Equities. . Inter Equ conv pf(3) Interst Hose Mills. ., Italian Superpow A.. 3 Italian Superp war.. ¥ Kirkland......ccc0m Klein (H) ptpf..... Leonard Of1. . Libby McNell & L. ., Lion Of] & Refining.. Loew’s Inc deb rts. .» Loew’s Ino war. Lone Star Gas n (88¢ Long Island Lt (60c) Louisiana Lan & Ex. Magdalena Synd Consol (13 Mavis Bottling...... McWil Dredge (1%) . Mead Johnson (4). . Memph N G Co (80¢) MerCh &8 (1.60)... Mesta Machine (2).. Met & Min Ino (1.20) Mexico Ohio Ofl..... Mid St Pet vtc A. Mid St Pet vtc B. Mid W SpUt (1%)..: Mid WesP Ut (b8%). Mid W Ut cv pf xw 6 Miller & Sons (2)... Minne-Honey pf (6). Miss Riv Fuel bd rts. MoKanP L (b10%) MoKanP L vte..... Nat American Co.... Nat Aviatiol Nat Baking . Nat Bd & S Corp (1). W Nat Investors (new). Nat Pow & Lt pf (6). @ Nat Pub Sv A (1.60). Nat S T Sec A (350c) Nat Sugar NJ (2)... Nat Transit (1). Neisner Bros pf ( Newberry (JJ) 1.1 Received by Private Wire Direct to The Star Office 34 [3 % 2 ~ 2% 1% 12% 6 20 % 22% 35% 1% % 40 28% 28% 108% 11134 10% 10% 10% 34% 1% % 3% 28% 23% 4 100 90% 8% % % 4 9% 2 38% 6% 104% 20% 17% 34 16% 71 26 » A SaliuPralonnurannhnons BoaBaranns Bannnall - P Servnma » & IECONOMIC OUTLOOK Union and Wheat Develop- ment Disturb Situation. BY CHARLES F. SPEARE. Special Dispatch to The Btar. NEW YORK, March 24—Two new developments served to complicate an already complex economic outlook over the week end. One was the formation “ by Germany and Austria of a customs union, and the other the announce- ment by the Farm Board of its policy % | with regard to supporting the wheat market after the 1930 crop has been dis) of. It is a little difficult for the average observer on this side to understand the alarm in France over the German- Austrian accomplishment. Looking at the matter simply from the economic standpoint it would seem to be a con- structive move sure to benefit both par- ties and go far to restoring normal con- ditions in Europe as & whole. Certainly it is what the distinguished American financlers urged five years ago when they made their “plea for the remo_\‘ul of restrictions upon European trade. French Attitude Unfavorable. Nevertheless, the French reaction to the news has been decidedly unfavor- able. The dispatches even characterize it as the “gravest” step taken by Ger- many since the signing of the Versailles treaty. What is feared, of course, is the reconstruction of a parable mid-Euro- pean political unit under German leadership. It is rgvllnflng no secret to say that the chief reason for encouragement as to world trade recovery stressed in the SURVEY OF COPPER | BECOMES CLOUDED! SALVAGING STARTS % 4.|German-Austrian Customs|Non-Ferrous Metal Interests Aid Government Inquiry. BY LOUIS E. VAN NORMAN. Government experts have started a copper and brass scrap s Sree su i for these g branches of trade that it will be tablished as an annual canvass. At the minerals division of the De- partment of Commerce it was learned today that the survey is being conducted lBB co-operation with the Coj rass Ferrous Ingot American Assoclation of Engineers and the National Association of Waste M terial Dealers. Importance of Salvaging. ‘The waste material dealers in their annual convention directed attention to the importance of salvaging metals from the dump heaps of the country as a means of insuring adequate future supplies. In fact, the welfare of the industrial world is now greatly affected by the supply of secondary metals. The reclamation industry deals in a_ large tonnage of salvaged metals annually. ‘The present survey covers all geo- graphic sources of scrap copper and brass reduction points, the industries solely dependent upon this material and the industries partially dependent upon it. The survey will endeavor to secure data answering such questions as these: Is it economical to export the material thus gathered? Would it be commer- cially profitable to do so? Of the total amount available, what is the percent- Benjamin, Hill & Co—The market . technical resist- is ‘showing FINANCIAL, wes A_IS in dividends and the cuts WU'M“(‘W ance power, in view of impending cor- [ have to be raised to wnmnrmmmwtya!nmmdefl'&l. Mackubin, Goodrich.& Co. [Established 1899 BANKERS Members New York and Baltimore Stock Exchanges eAssociate Member New York Curb Exchange WASHINGTON, D. & REDWOOD & SOUTH STS. RALTIMORE, MD. Do You Carry the Right Amount of the Proper Kinds of Insurance? We See That Your Insurance Really Covers. When we write insurance—fire, auto, accident, lia- bility, theft—we see that it covers exactly what you want covered—and keep you advised as to the dates of expiring policies. In the case of loss settlement is made through us—so there is neither delay nor embarrassing argument. sey, and by the when-issued stock of General Petroleum, which is the name for the proposed merged company to result from consolidation of Standard ©Oil of New York and Vacuum Ofl. Reduction of the rpzflu o("oopper Io; export one quarter cent & poun M‘”‘efinfll in the red metal shares. Newmont Mini was down more than a point in forenoon. Noranda Mines, twirled so rapidly just because of the announce- ment about the new gold strike, was fairly active, but met persistent profit- Van Camp Packing rose a trifle fol- Jowing President Tipman’s announce- ment that the company had closed a second largest chain New Mex & Ar Lan ‘Why is there any Newmont Min (4). New Haven Clock. N Y Hamburg (2%). Niag-Hud Pow (40c) Niag-Hud Pow A w.. Niag-Hud Pow B w.. Assoc G & E pf (5) Assoc G & Eall ctfs. Assoc Rayon pf (6). Atl Lobos....... Atlas Plywood (2). Atlas Util Corp Atlas Utilities wa Auto Voting Mach. .. Auto Vot M cv pf nt., Aviation Cp of Am. Aviation Securitis Bahia Corp. Bahia Corp pt Beneflcial 1L (1%) Bickford's Inc pf 2% Slue Ridge Corp. ... Blue Ridge cv pf ad. Borne-Scrymser Co Bourjois Inc. ..... Bower Roll Bear (1) Braz Tr & Lt (b8%). Buckeye PL (4).... Buft N & E P 1st (5). 2% | pighest banking circles in New York |age of recovery? 1% | has been the improvement in the Euro- | waste? 74 | pean situation. Important buying of | * There is very little information avail- 28% | Bocks has been based on this belief, | able as to the uses by industries of 14% | and the, same s true of foreign dollar | metals consumed, by 'the industrial 2% | ponds. The latter market should be the | world. Moreover, there are various na- % | peore sensitive to any change in this | tional habits in this regard. The United view and will be watched closely on|Kingdom, for example, consumes ‘much that account. more lead per capita than the United The other matter, the announced de- tes, although that metal is just as 64 | ciston of the Farm Board not to attempt | available 'to the consumers of the fo maintain wheat prices beyond May, | United States as it is to those of the 1% | {0 feartily indorsed in Wall Street. A |United Kingdom—perhaps more so. roblem to which no acceptable solution | Many other questions occur as to the gu been offered is the huge over-| manifold actual uses of metals and the supply of wheat and the Farm Board's| potential uses. effort, to hold up quot::.mm,ew'zim;r el ol B ast as it came . "Et:'eersyurg!lx:rflsfxpeflment of this nature Each metal must be approached with by & government agency has ended in |8 different conception. Gold, for ex- disaster, and the threat of such disaster | ample, has almost everlasting life. 1 has weighed down upon all the markets | Abrasion is_probably the largest loss 1 for months, securities and commodities | {rom the standpoint of dissipation. H alike. At any Tate, we are now to > have Copper also 1s | l:;no\:: as an “everlasting 2 3 wdown, and even if the immediate 5 used :e:\‘:l(; is to bring prices for grains in | OVer and over again. ‘Zl'hmfore, the the Uhited Btates down to world parity | amount reclaimable is always on the RCleast the crisis will have been met. | increase. Mercury, on the other hand, - is subject to a radically different fate. Dollar Bond Outlook. The services it renders in most cases Curlously enough, these two events|are such as to make it unrecoverable. came at a time when the markets most | Summing up the significance of this Concerned were cn the eve of revival | survey, J. W. Furness, chief of the The foreign dollar bond outlook has|Mineral Division of the Department of been so much improved in recent weeks | Commerce, gives it as his opinion that that new foreign offerings have been | “the importance to our national welfare planned, Commodity prices have | of the secondary trade in metals cannot achieved a measure of stabilization. The | be exaggerated.” . Fisher index this week is unchanged (Copyrisht, 1981.) from that of a week ago. In Germany, it A DIVIDENDS DECLARED wholesale prices as of March 11 were NEW YORK, March 24 (#).— RANDALL H. FAGNER & COMPANY MORTGAGE LOAN CORRESFONDENT New York Life Insurance Company 1321 Connecticut Ave. Decatur 3600 Niag Sh Md (40c). .. Niles-Bem-Pond (2).. Nipissing (30c)..... Noma El Corp (80c). Noranda Mines. . ... T Nor Am Aviat A war. Nor Wevpt (3)..... Nor*Europ 0i1 Corp. . Nor St Pow pf (6)... Nor St Pow A (8). i 150% Novadel Agene (4) , 4T Ohio Pow pf (6. . 108 Ollstocks Ltd A(40¢c) 3% Ovington Bros pt pf. 2 Pac Fin Corp (1.32). PacG&EDPf1.37%.. PacG&E1stpf1%. Pac Pub Sve A(1.30). Pandem Ofl. . . 28 Parker Rust Pr (3)..350s Penroad Corp (25¢).. 27 Peop L& P A (2.40).. 2 Perryman Electric Philip Morris Inc. Phoenix Secur Corp. Phoenix Secur pf (3) Pllot Rad Tube A. . @ -3 L O PPV FOTPTeTaT - - % F. B. KEECH & COMPANY Members of New York Btock Exchange Washington Stock Exchange Ghleaso Stock Rxchangs New York Curb Exchange Chicago Board of Liverpool Cotton Assoclation, Ltd. New York Cotton Exchan: New Orleans Cotton Exchangs New York Produce Exchen: N_ Y. Coffee & Bugar Excha: New Yotk Cocon Exchange. Ine. Minneapolls Ghamber of Commerce el men Cotlon EXchsng STOCKS BONDS COMMODITIES DIRECT PRIVATE WIRES We are equipped to handle promptly orders on the leading exchanges of the world. @ S 5 in gross . no A\:'hmrhe. for the and the grocery by the same banking interests. A. O. Smith Corporation stirred fol- lowing the statement that the company has received an order for 131 miles of 26-inch gas pipe for Southern Fuel| Co.'s line from Kettleman Hills to Los . The order involves 25,000 tons York National Metal Exchange, Ine. (4ssoc, Members) Carib Syndicate. Cent Hud G&E (80c) Cent Pub SvcA b10% Cent Stat El (b10%). nt St El pf (7).... Centrifug Pipe (60c) Chain Store Devel. ... Chat Ph Aln.v. (1).. Citles Service (g30c) Cit Sv pf B (80¢).... 4 Citles Serv pf (6) Clauds Neon Lts, Inc Clev Tractor (80¢). . Club Aluminum Uten Col Oft & Gas vte, orpora lines from East Texas to the Gulf. BONDS ON THE CURB MARKE' Producers Roy Corp. Pub Util Hold wai Pub Util Hold Cp xw Pub Ut Hold cu pf(3) Columbia Ple (£1%). Pure Oil pt (6)...... & Colombia Syndicate. u %% 115% Quaker Oats p(6). Cmwlth £dison (8) 2 Radio Prodiicts Cmwlth & Sou wa: % 2% Reliance Int A... Com Wat 5v (b6%) . Relfance Int Cor B. Comstock Tunnel. .. Reliance Manag. Consol Auto Merch. . Reybarn Co. 3. Reynolds Invest. Roan Antelope Min Rock Lt & P (30¢). Roosevelt Field Inc.. Rogsia Int Corp. . . % Russek’s Fifth Ave St Antkony Gold. St Regis Paper (1 20 Saxet Co. % 1 1% Schulte Un Sc. 8 5 Seg Lock & H (50¢; 2 7 Selected Industries. . 4 s 4% Sle Ind prior (5%). 66 Sentry Safety Cont. 1% Shattuck Den Min. . 5% Shenandoah Corp... 36 8% Silver (Isaac) pf (1) 258 68 Smith (A0) (2).... 20 180 So Am Gold & Pla 3 1% 1% South Penn Ofl (1).. : ' 18% South CEAptB1%. 27% South Corp. 4 SouthernNat Gas. ... 5 Southld Royaity 60c. 5t SW Bell Tel pf (7).. 50s 119% 1 Duke Pow (5) .- % 2 6% NEW YORK, March 24 Duquesne Gas Cp w! 301 pamphlet report of the Boston & Maire | Durant Motors...... 30% Rallroad issued today showed that the East St Pow B (1)... depression of 1930 resulted in a reduc- (N Edison Bros Strs 75c. tion of revenues of $4,725 per mile of Eisler Electric Corp. 17 road, from 1929. The aggregate reduc- Elec Bond & Sh (b6) 393 tion in gross operating revenues for Elec B & Sh cu pf§.. 1930 was $9,203,103. g Elec B & Sh pf (6).. “By dint of close control over ex- céjon Pet b Elec Pow Assoc (1), penses,” the report says, the road Was|Pbroy Bit Hotl ‘7% Elec Pow Asso A (1) able, notwithstanding its revenue losses, Elec P & Lt op war. . to show net income of $5,727,530, a de- El Sharehold (b6%). crease of $266,310 from 1929, and com- pared with dividend requirements of $5,717,484. Reo Motor Car Co. reported for 1930 net loss of $1,989,148, against net profit of $1073,524, or 53 cents a share, in_1929. oy ol i Union Bag & Paper Corporation, in-| sun'RealtyCo of..1%% cluding Union Bag & Paper Power Cor- | Twin Disc Cltch, .75 poration, from January 1 to March 6, | Unic"prins & Bin’ 2 1930, reported for last year net loss of $155,283, against net loss of $2,874,200 for 1929. American Zinc, Lead & Smelting Co. reported for 1930 net profit equal to $2.37 a share on the $6 preferred stock, against $7.32 a share in 1929. Net earnings of the Knott Corpora- | prua oo, tion, operators of the Knott chain of ¥ hotels, for 1930 were $490,592, against $494,720 in 1929. H CORNER 17TH ST, N. W.,, WASHINGTON NATIONAL 0245 Philadeiphia Detroit, ‘Winnipeg 114.3, against 1139 on March 4. The decline in Italy has been halted and indications from other parts of the world point in the same direction. It is agricultural prices which have held back the averages from advancing, and therefore it is well that the wheat ques- tion be settled as soon as possible. (Copsright, 1931.) New York Cotton Special Dispatch to The Star. NEW YORK, March 24.— Cotton prices were off 3 to 7 points at the opening today, continuing the sharp decline of Monday's sesison. The mar- ket was still under pressure of liquida- tion induced by the Farm Board's an- nouncement_that it would not make (Gt purchases from the 1931 cottcn crop. |87 part A...... The Liverpool market was also easier. | Xlabastine, Ltd...0c Opening prices were: March, 10.65, | Gulf’ Pow 'Co off 7; May, 1078, off 4; July, 1103, | Bl icnr i+ 40 oft 5/ October, 11.35, off 3; December, | - Corp 11.54, off 3; January, 11.63, off 6. New York Chicago Providenes Brooklyn _§==.’. 883238: 83838 geaeE S Hldrs. of =2 u’!'gz Pay- able. 55587 ¥ Consol Royal (30c).. Contl Chicago Corp. . Cont Shares pt (B). . Cont Shares conv pf. Cord Corp....... Corp Sec Ch (b6% ) Corroon & Reynold Crane & Co (1%). Cresson Consol (4¢). Crocker Wheeler-. ... 4 Cuban Cane pr opt w. Cuneo Press (2%)... Curtiss Wright war, Cus! Mex Mining. ... Dayton Alr & Eng. Deere & Co (1.20) De Forest Radio. Derby Oll Refinin, Derby Oil Refin pf... Detroit Atrcraft Cp Douglas Alr (11%) Dress SRA (3%)... Dresser Mfg B (2).. Driver Harris sew. . Vs 2 1% H i ; e . Sexs, Sl 5 8. Ind. R Carpet Corp ¢o; Citles Ser Pow Lt 35 pt. o™, M. - o £uSugey = 28288833 e _;g EF T ) : g2%) =25 FEE, T#EE o9 a3n®® —nor the dishonest, can gain access to your important papers, securities, or personal keepsakes, when they have Safe Deposit protection, i © 3 AR 28 & & FSTRE 7e seEeesEEsaEs e_pf $1.75 Tr_Co (Bait)..30¢ d & Mtge..$1 B 2333822388 29290 g? §§=====:x:ss:x - F {[Our modern vault provides individual boxes, to meet all needs, at surprisingly Mod- erate Rentals. 1 | C) 2eSRaiSsnsaye i BRERRY o ] - B nemiennonmnt 2 EE L we. . EARNINGS REPORTED. (#).—The Es-w., 5 o ot Hoad! [ SRR OGO R S PROTOIGO ot e q 3 Ask to see our vault equipment. NATIONAL SAVINGS * & TRUST COMPANY The Oldest Savings Institution in the District of Columbis Corner 15th & New York Ave. i QO i Stand Ofl of Ky 1.60. Stand Oll, Ohto (2%) 150s Stand Pwr & Lt (2).. Starrett Corp. ... Starrett Corp pf (3). Stein Cosmetics. Strauss (Nathan). Strauss Roth. Stutz Motar (new). Stutz Motor (war)... Sunray Ol (b5%). Swift & Co (2)...... Swift Internat (3)... Technicolor. Ine. ... Teck Hughes (60c) Texon Oil&Land (1). Tran Con Air Tran. . Trans Lux DL P Tri-Cont Corp war. .. Tri Utllities ($1.20).. Unit Chem pt pf (3). Unit Corp War...... - = bl SEE o S SW > saaseielsans FIITIEE 8. # Cofilplete Investment and Brokerage Service Copy, of Our "Fortwightly Review” Furnished on Request G. M.-P. MURPHY & Co. Members New York Stock Exchange 1510 H Street Connecticut at K WASHINGTON Telephone National 9600 Philadelphia Richmond £33 P LT Bowowe-s, Europ Elec deb rts H Fairchild Aviation. o Fafardo Sugar. i ik R PR Falcon Lead. Fansteel Products. . Federated Metals(1). Ford M Can A (1.20) Ford M Ltd (p373%). 11 Foremost Dairy Pr Foremost Fabrics Foundation For S| Fox Theater Cl A Franklin Mfg Co.... Gen Alloys. .. . Gen Aviation . Gen Baking NY (2).. Geu Baking c.od..... Gen Bak pf c.o.d. (3) Gen Cable war...... Gen Elec Ltd (p70c. 4 Gen G&E cv pf B (8) 200 n Petroleum 1 The Eq cv pf(3). n Alden Coal (4) be Underwriters, Bl NN ARNA MO RR St A AR & o T araa ZRRE N L e e Union 7 DR ZZZ LR R R R ! & Gen Bak, new. % Unit Lt& Pwr pf (6 Unit Milk Prod o tH wESnges Mgk Alles & Pisher. POTATO MARKET. CHICAGO, March 24 () (United States Department of Agriculture).— Potatoes, 112, on track 317, total United States shipments, 570; weak, few sales, trading very slow; sacked per hundred- weight, Wisconsin round whites, 1.50a- 1.75, mostly 1.60al1.65; Minnesota round i &8 ) >08 U 8 Elec Pwr war. U 8 Elec Power ww. U S Foil (B) (50¢). U S Inter Sec 1st pf. U S Lines of (1 » U S Radio & Televisn Unit Stores. ... Unit Verde Ext (2) a eeaneeys 28 S Omitted. New York Baltimore Devonian Ofl. ... (STCTOTRPTOTPTOS, — SATOSPR S ) par 6 ° Sweringen 8. b Ber 8Ys8 A ster Mill €%ss, ... 100 News Del 65 '4 Dominion_ 4s 15 Gom Pr Bk 5%s ‘37 3 Ger Con Mun s 41 ral 6s ‘53 xw. 87 Hamburg El 5'.s ‘33 Hanover City 75 '38. 95 t Bu Pw 65 A h wi s XNgNithout war n—New. Wi—When issued. o MARYLAND TOBACCO PRICES. BALTIMORE, March 24 (Special).— | and sal es of Maryland showed sharp declines last only 95 hogs- heads were | | 5 Intercoast Trade (1) | Gold Seal Elec new. Goldfleld Consol. Goldman Sach T C. aymur Corp (1).. Gt At&Pac Tea nv(8)300; Groc Strs Prod vic. . Gulif Ofl of Pa (1%). 4 Hecla Mining (40c). Hudson Bay M&S .. Humble OtV (2%). . Hygrade Food Prod. imp Ofl of Can (50¢) 4 Imp Tob Gt Br #89¢.. Indana Pipe Line (1) Industrial Finan ctfs Insull Inv (b6%). .. ins Co ofNo Am ¥23 insurance Sec (70c). SeBuumme - Brnurmmam~D aomen % Intercontinent Petn 2 16% Walgre 6% 15% 8 in, cash or s £Plus § per cent in cen in stock JPlus 3 per cent In stock. in_stock m Plus 3 per cent in stock. © Paid last year—no regular rate Utl] P&Lt(a11.02%). Util & Ind. . Utility Equities. 1 68 Util Equity of (5%).200s 52% Vacuum (4) . 2% VanCamp P % Venezue, Petr 1% n Co.... A 26 8% 6% Walker (H) (1) Th 1% Watson (J W) Co. 1% % Wenden Copper. % 8 Wil-Low Cafaterias. 5% 29 12k Wil-Low Cafeter pf. 320 32% Zonite Products (1). 14% 13% Dividends rates tn dollars based *Ex dividend. tPartly tock. b Pavable in stock stock. & Plus on last quarteriy or semi- extra. 3Plus 4 per cent | a Payabie 6 per cent & Plus 10 per cent o'Flus 8 ber cent fn stock. ‘PATENT’ TRADE REMEDIES ARE DECRIED BY THORPE By the Associated Press. Merle Thorpe, editor of Nation's Busi- ness, says the application of “patent medicine” remedies will retard, rather than promote, a healthy business re- | covery. | Any att:mpt to bring about prosperity through artificial means, he belleves, will cause greater diftulties, Only through co-ordinated private enterprise can the country har to sound economic basis, he Ame; business leadership is alive to rican the problems while doing its utmost to | Athens, hasten & return of better times. “The present period of busincss re- justment,”«Thorpe adj new ess leaders courage and foresight to ‘seives {0 the grest changes Uit are ao% taking place in our business life. From every depression comes new names, new faces, new fortunes and new leaders. The 'future who's who of American business will contain the names of men who had the courage to follow their convictions in 1930 and 1931 and got ready mrma:l inevitable upturn which now ning to appear on the business horizon.” —— FOREIGN EXCHANGE. Rmsnions a0 5.0 005, .08 Zorich, ‘frane, drachma. . Madnid, ‘Peseta. says, “will produce Who have the | Warss 286,378 STOCKHOLDERS OWN GENERAL MOTORS ‘The total number of General Motors common and preferred stockholders for the first quarter of 1931 was 286,378, compared with 263,528 for ‘the fourth quarter of 1930 and with 240,483 for the first quarter of 1930. ‘There were 268,907 holders of com- mon stock and the balance of 17,471 represents holders of preferred stock. ‘These figures compare with 247,885 common stockholders and 15,643 pre- ferred for the fourt quarter of 1930. TREASURY CERTIFICATES. an & Co. 100 11-f whites, 1.40a1.50; Idaho russets, No. 1, 1.60a1.75, mostly 1.65a1.70; few best, 1.85; commercials, 1.55a1.60; No. 2, 1.45a1.50; Colorado Red McClures, 2.10; Brown Beauties, 1.60. .136.1 137.1 ... 1354 . 1384 Month ago. Year ago. T Natl Guar & Fin. §7%c Q Sellers (G 1) & Sons pf.. $LT5 Q snaffer Btores Go.. .45 @ Deferred. Unit Print & Pub...30c Q@ STOCK AND BOND AVERAGES By the Associated Press. From Yesterday's 5:30 Edition. STOCKS. 50 Industrials. (Copyright, 1931, Standard Statistics Oa.) PROPERTY MANAGEMENT Apartment House MANAGEMENT OUR management service includes something more than collecting rents. We study the proposition to make it pay you what your invest- ment should pay. And for this complete serv- ice our fee is very nominal.