Evening Star Newspaper, March 27, 1931, Page 15

THE EVENING STAR, WASHINGTON, D. C., FRIDAY, MARCH 27 “A=15 .S AUTOMAKERS |[~srox axn, pown_svenacas | SHRINKAGE IN FARM POPULATION SEEN Waste of Agricultural Prod- ucts Held Cause of La- bor Reduction. FINANCIAL FINANCIAL. 95 Received by Private Wire Direct te The Star Office =| NVADING CANADA 20 15% 2% | Three American Firms Have 3 iz Already Established Plants -2 in Dominion. 49 108 stocks are sold in ope hundred-share lots those ted by the letter s (80s) (250s), shows those si ‘were sold in odd lots. Stock and Bales— 4 Dividend Rate. Add 00. Open. HMigh. Low. Close. 6% Aero Underwriters. . 10% 10% 11% Affiated Prod 1.60 20% 21 Agfa Ansco..... 12 12% Ainsworth M{g ( 12 12 Ala Great Sou (17! 85 85 Ala Pow pf (6 108% 108% 2% Alleg Gas. . o 191 Hign, Low. 18% 18% 21 20 18 15% % 21% 341 1% Stoex Dividend Ra 10 Libby McNell& L. .. 18% Lily Tulip Cup (1%) 9% Loew's Incdeb rts. .. Bales— Add 00, Open. 1 18% 3 21 17% W * 21% 21% 34% 1% 8% % Rallying Signs Appear After Market Sags in Forenoon. 30 Long Island Lt (60c) 1% Louisiana Lan & Ex. 8% MacMarr Stores (1). Magdalena Synd % Mavis Bottling. . 40 Mayflower ASSO (2).. 77 Mead Johnson (14).. 8% Memph N G Co (60¢) 20 Mercantile Strs (1).. 10% Mer Ch &8 (1.60)..., % Mesabi Iron... 28 - Mesta Machine (2) % Met & Min Inc (1.20) l'lla Mid West Ut (b8%). 1% 5 Allied ProdcvA3%. 2 Aluminum Co of Am 200082061 AluCoof Amptf (6). 1 109% Am Austin Car, LA 1 Am Cigar Co........ 508 Am Cit P&L (A)(a8) 4 Am Cit PALBDb10%. 40 Am Com P A (b10%) Am Cyanamid B..... Am Dept Stores..... Am Dep Strs 1st pf A ‘Am For Pow war.... Am Founders. ... Am Gas & Elec ($1).. Am Gas & E1pf (6).. Am Invest, Inc (B).. Am Invest war...... 7 Am Laundry Ma (3).176s Am Lt & Trac (2%). 16 b 30 3 BY J. C. ROYLE. Further decrease in the number of those Americans engaged in agricul- tural pursuits seei ing to statistios gathered from BY DAVID J. WILKIE, Assoclated Press Staff Writer. DETROIT, March 27—“If the tarift wall is too high, build within the wall,” long has been the automobile industry’s solution of difMiculties encounte. ed in its export business. Apparently the wall recently raised by the Canadian govern- ment in curtalling the discount allowed on cars entered for duty is to prove no % | exception. Already three of the American com- panies that heretofore have operated in Canada on a purely export basis have announced plans for the construction of their cars within the Dominion and others are expected to follow suit. The companies t have definitely an- nounced such plans are the Nash, which has perfected an arrangement with Du- rant of Canada; the Hupp Motor Cor- 14 | poration, which plans an assembly plant at Windsor, and the Reo Motor Car Co., which will open a plant at Toronto. Companies Act Quickly, It was only a little more than a month ago that the order in council was issued from Ottawa that American motor car manufacturers would have to pay duty on more nearly the full list price of their product rather than on a figure 30 per cent off list. The im- portance of the Canadian fleld to the American automobile industry is evi- denced by the celerity with which the companies have moved to meet the order in council. Aside from the Canadian markes itself, however, there is the perhaps more important fact that companies with Canadian charters will have a dis- tinct advantage in dealing with the other units of the British Empire. It BY JOHN A. CRONE, Bpecial Dispatch to The Star. Mid W Util A war. .. Midland Unit (b6%). by any to the lack of offerings than actual de- Mo Kan P L (b10%). clency or nmlwflg“h mand. Shortly after midday rallying Flecthle. Bond & only & small fraction after rising near- in the first hour, Cities % % 100% Mountain Prod (1) Nat Aviation. ....... Nat Bd & 8 Corp (1) . Nat Food Prod B.... Nat Fuel Gas (1) Nat Investors. Nat Leather. Nat 8 T Sec A (350c) Nat Transit (1). Nat Union Radio Newberry (J7) New Brad Oil (28¢).. New Eng Pow pf (6). New Jers Zinc (13).. N Y Hambure (3%) . % N Y Steamn (2.60).. N Y Tel pf (6%) Newmont Min (4). Niag-Hud Pow (400) Niag-Hud Pow A w.. Niag-Hud Pow Bw.. Niag-Hud Pow C w.. Niag Sh Md (40¢)... Niles-Bem-Pond (2) . Nipissing (30 Noranda Min . Nordon Corp Ltd. ... Nor & 80 Am Corp A. Nor Am Aviat A war, Nor Am Utll Sec..... Nor Ind Pub 8 pt (6) Nor W ey pf (3). 97.3 106.0 100.8 s RECI S SR High, 19%9. Low, 1929.. “THRIFT"” ACCOUNT SEGREGATION PROPOSAL STIRS UP DEBATE Roosevelt PE for Change in Banking Laws of New York Might Cause Reduction in Interest. - 9% Am Superpew Am Superp 1st (6).. 3% Am Util&Gen (B)vte 1 Am Yvette new wi... 3% Anchor PF (b10%). Anglo Chil Nitrats Appalachian Gas. Apponaug Co (2).... 8 (STOSPS 19T ing body goes utllity traders and specialists aver, the :;l;l les will be mnr':ed up on earning merger prospect Ford Motor Ltd. was down fractionally despite Madrid cables stating that Ford of Spain had raised its dividend from 10 to 15 per cent. It showed net profits of 6,080,000 pesetas, against 4,859,000 in 1029. Cord manufs Was fl“’ but moved narrowly throughout recently mark- Arkans Nat Gas A. ) Armstrong Cork (1)« Assoc El In Ltd 30 S 1 ; BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, March 27.—There are ‘The railroad and public utility bonds which are in this list of I §8¢% tape in more than a month, opened m& points at 221,. Splegel Ma ferred recovered a point IRON AND STEEL EXPORT TOTAL SLIGHTY OFF By the Associated Press. nited States exports totaling HJ?; m' gross in ‘were 1,513 tons under the January of 92,745 tons. average February movement was 3,258, tons against 2,992 tons in Jan- 8% 17% Aviation Cp of Am. 36% Axton Fish To A 3.20 1% Bahia Corp. . 1 O 0 00 00 1 e 00 00 1 DO 1 Oh 0 YO RO RO N0 08 34% Burco Incev pf (3 5% Butler Bros % Cable Radio T vte. - 14 Cent Pub SveA uov.' 18% Cent&Swn Ut (b7%) Cent Stat El (b10%). e ST Nor Europ 0:l Cor Nor St Pow pf (6) Nor 8t Pow A (! Ohio Copper. Ohio Ofl n eu pf ( Oflstocks Ltd A(40c). PacG&EDPL137%.. PacG&EIstplf1%. Pac Western Oil. Pandem O11. Pantepec Oi1 Parke Davis (11.45).. Parker Rust Pr (3).. Patterson Sarg (2).. Pennroad Corp (20c). Penn Wat & Pow (3) Pitney B P n (20¢) Plymouth Oil (1).. Roy Prudential Invest... Pub Util Hold war. .. " » S Y CNARR AN R RNO AN na ® - % |is for this reason that other exportini g lant ans companies are expected to make investments across the border. 3 |of Graham-Paige, Hudson, Hupmobile siderati and others still are somewhat uncer- tain, but the need of competitive equal- ity with other American makers in Can- ada is known to be under careful con- jons. Kirke Neal, president of the Equitable & Central Trust Co. of it, in & statement today regarding the automo- bile and the automotive parts and ac- cessories industries, said that the long- term outlook is more favorable than it has been at any time within the last year and a half.” Utilizing a Pebruary average for the last five years, Mr, Neal sald that preliminary on auto- ‘mobile trations for last month in- dicate that buying was 80 per cent of normal. The parts and accessories in- dustry, he said, has been showing con- sistent gains of approximately 10 per cent a month since last Fall. Business Still Subnormal. “Comparison of the percentage of normal of automobile registrations in three phases in the controversy that has arisen out of the ial message ‘which the Governor of that commercial banks segregate their “thrift” accounts from their other de- its. ‘These phases are represented the interests of a great body of 'dzoilmrl. by those of the banks which e savings deposits and solicit them by the attraction of a fairly high rate of interest, and then there is the politi- cale of the whole question. It a situation that has been smouldering for a long time and has taken an active form since the failure of the Bank of the United States, whose depositors were, to a large extent, people of small means, who placed their sav- ings in this institution believing that they were fully protected against loss. Long before this unfortunate episode in the banking world occurred, however, there had been agitation for a separa- tion of “thrift” from commercial deposit accounts. Each time that the matter had been brought before law- making bodles it had been conveniently pigeon-holed. Sometimes it was re- a strong argument for ew York has P! sent to the State Legislature demanding | 9 Asm! a8 out of the many ures that have e i i hil | bl i % | il i st i uary. of iron and steel during the Pub Util Hold Cp xw amounted to 28,045 tons, or 12,- figure of Pub Ut Hold eu pf(3) Pure Ol pt (6) . Q RS8-De Vry. Rallroad Sh (50¢) . Rainbow Lum Pr A.. Rayethon Mfg. ‘ Reliable Stores. » Reybarn Co. . . Reynolds Inves Richfield O11 Cal pf Rochester Cent Pow. Rock Lt & P (90¢)... Roosevelt Field Inc.. St Anthony Gold. St Regis Paper (1 Salt Creek Prod (2 Saxet Co. Schulte Ut Schulte 5c-$1 8t pi Seaboard Uil (50¢ Secu Corp Gen (40¢ Seg Lock & H (50¢. Belected Industri, November, December, January and February,” Mr. Neal said, “Indicates a striking comeback, even though ness still is subnormal. In November, s of new cars in the United States were only 46 cent of the five-year average for that month; De- cember saw the percentage mount to 60; January carried it to 66 per cent, and February took it on to 80 per cent.” If there were no other developments in the industry that augured well for the continued steady return to normal, the fact that dealers’ stocks have been % |kept at & comparatively low level throughout the first quarter of the year would, in itself, justify all the opti. mism that is felt in manufacturing c! % |cles. It has been authoritatively esti- mated that retallers now hold less than 300,000 cars. The significance of the figures lies in the fact that they show variation from the number of units on hand at the beginning of the year, in-|if ordered dicating that “controlled” production has been successfully established. Dealers’ Stocks Low. If there were no other developments in the industry that augured well for the continued steady return to normal, the fact that dealers’ lwclkl hl::‘ H kept at a comparatively vel throughout the first u:}l,lfl!l‘ of the year would in itself j y all the op- garded as a party measure. Again efforts to promote a bill which would give greater protection to depositors was killed by members of the Legislature | Pec! who were either directors of banks or represented them as counsel. Would Affect Interest. There is much to be said both in be- | {i half of the depositor and of the insti- tution which accepts “thrift” deposits and lumps them with all other kinds If a law were to be com] a New York State institution to segregate its “thrift” posits and surround them with same protection that is afforded posits of mutual savings thing that would have to be redi rate of FRcaiui 'l' if ¥ ] .| i 25 s;a fi ulz ; | i i Es i R £ 8 Claude Neon Lts, Inc 7% Clev Tractor (80¢). .- 2% Club Aluminum Uten 5 Col Oll & Gas vte.... 17% Col Pict vte (f13%).. & Colombia Syndicate.. 221 Cmwith Edison (8).. 1% Cmwith & Sou war. . 8 Com Wat Sv (b6%).. 82 Consol Gas Balt 3.60. T £ ; t ,ia 11 : 8 i i 8 s [ H 5 1 i h iy de- | to ifi i i i ¥ | ! g £ : : i b EE CETY -1 ST § i i ] : i f Cont Bhares pf (B).. 50s 39% Cont Shares conv pf.126x 6% Cord Corp. . 14% Corp Bec Ch (b6%) . 40 Cor&ReypfA (6).. 15 Cosden Ol pf (7).... 3 Creole Petroleum...; 3% Cresson Consol (4¢).. 7% Crocker Wheeler., 7 CrCorkIntA (1).... 27% Cuneo Press (2%) % Curtiss Wright war.. 12% Davenport Hos (1).« h s?% £z Eigfii 1 8 - - Sisto Finance Corp Smith (A 0) (3). 11% Smith-Corona vte. 80 Am Air Lines 1si South Penn Ofl (1). . South CEd pf B 1%. South Col Pwr A (2), South Corp. . SouthernNat Gi . Southld Royalty 60c. By the Associated Press. CHICAGO, March 27.—With moisture plentiful, grain prices averaged lower early today. Officlal summaries show- ing farmers’ intentions to plant less ‘Wwheat and more corn this season were is felt in manufacturing circles. It has been authoritatively estimated that retailers hold less than 300,000 cars. The nce of the figures lies in the fact they show little variation from the number of units on hand at the beginning of the year, indicating that “cont led” 2. 3 il e, s§ i DressSR A (3%) Driver Harris new. Duquesne Gas Cp wi. O *, St rEerr FERe o :::a:.'.-:u:;isg 5 £ gt &R 88 gz a0y v saregeiifenys s FRISEREE Hot i Wi 29 i 23 3 ??'3 srnlal-vusBobvavaunn 3888 N S T ?tfi;szs 8833 SRR SARRES RS [ n38588al FEIE gaeSrsane 8385829855 EESS i 2905 33 = S 8 & o i G 8! * L & tiy 2. S - Durant Motor: Duval Tex Sul Bagle Picher Lead. East G & F Assoc. Bast 8t Pow B (1) East Util Assoe (2 svnsanniauline alienmannBalie Snvanarend )y Europ Elec deb rts. ., Fageol Motor. . Fairehild Aviatiol Federal Baking Shop Ford M Can A (1.20). Ford Mot Ltd 36 35¢.. Foremost Dairy Pr.. Faremost Fabrics. .. Fox Theater Cl A.... Gamewell Co pf (6) . Gen Alloys. .. - DL TR - 8 W Gas Utllities. Spanish & Gen (B). . Spieg May Stern pf..150s Stand Invest cum pf.150s Stand Motors. Stand Ofl of Ind () .. 20% Stand Oll of Ky 1.60.. Stand O1l Nebr (2). Stand Oll, Ohio (2% ) 200 1 42 1 3 s Stand Oi1, Ohio (5).. 20s Stand P& L (B) (2).. Stand Pub Sve (A).., Stay t Corp. . Starrett Corp pf (3) Stein Cos; Stutz Motor (new). .; Stutz Motor (war)... BUBRIAY..ooeoccs oo Sunray Oll (b5%). Swift & Co (2). Swift Internat (3). .3 Byracuse W Mach B., ‘Technicolor, Ine. ...s ‘Teck Hughes (60c) Co Tnn!LuxDLPl..l Tri-Cont Corp Tri Utilities ($1.20) ‘war ‘Tubize Cantillon (B) RS O N roduction has been successfully estab- shed. ‘The placing of numerous large or- ders for materials and parts further confirms the icelinfnzxpruled in many quarters that the industry’s executives look for no interruj in the steady improvement that began with the first of the year. While these orders have been somewhat “spotty” they are of sufficient size to indicate a tendency of the industry to away from the “hand-to-mouth” policy in this respect. Periodically there appears a move- ment to bring about the systematic scrapping of wornout cars. While thou- sands vehicles are “scrapped” each year by junk dealers, a concerted ef- fort by the industry as & whole to take up the reclamation of vehicles that have outlived their usefulness still is exce; ce it began, more than year , to accept from its dealers old cars of various makes as part payment on new vehicles, mthlnr in excess of 50,000 cars have been salvaged at the Rouge plant of the comj here. ‘These have ided more 21,500 tons of steel a large quantity of glass and other materials. Schwartz’s Proposal. ing m-renuy without effect as an immedi- | I jverpool market influence. o l Opening % started 3 lower to %a%, higher and subsequently tended downward. rts that Russia would insist on one-fourth of the world’s wheat export market or that the alternative would be unlimited Russian dumpi; attracted special attention as a bear factor. gapnnlm named was the quantity jussia supplied before the war. Au- thoritative advices said in this connec- tion that Argentine wheat clearances ‘were large, but with shippers obliged December, 11.56, 11.63, up 2. CHEWING GUM EXPORTS. By the Associated Press. on account of com- | the Australia. prices domestic crop damage by & cold wave. Canada reported temperatures 10 below zero in some cases and Kansas dis- patches had mention of zero to 3 above. At Jetmore, Kans., actual damage severe cold was asserted. Corn and oats followed wheat fluctuations. Provisions were firm, responsive to upturns in hog values. Washington Produce ‘The United States Opening prices were: 3; July, 11.06, up 1; up 1; January, announced today as of close of business March 25, was $625,35,150.79. Cus- toms receipts for the month ‘were $25,513,552.37. Tatal o date ex- New Financing Rumored. Wall strect reports siate. Anancing § Te] s lor Steel Co., taking the form of issue of around $5,000,000, T e R ‘nlooufioo rararaneBes 555 :F:; CLLE S 4 5% Gen Aviation. Baking c.o.d.. 27% Gen Bak pf c.0.d. (3). 17 GenBaking NY (2).; 49 10% Gen Elec Ltd (p70c). 50% Gen G&E cv pt B (6) 100s 21% Gen The Eqcv pf(3). 38% Glen Alden Coal (4).. 7 Globe Underwriters., Twin 8t NG pf (A).. Union Am Invest.. Un NatGas,Can t1.45, Unit Corp war. probable shortly. Q, e, A The latest suggestion for the scraj penditures, $5,663, of ‘Butter — One-) d 34a35; (| tub, 3a%a35%, s ‘ S 5 S = S FRE 255858 e 2223388322 ey > aruas nanla ¥, 8 WSS 522828328 SAFE » l.meo 20a21; current re- MORTG gulky. alive—Turkeys, , 30a32; old, 25a37; Winter chickens, 30a35; brollers, 38a40; Leghorn broil- —— = He would have the industry with his organization to junk 3,000,000 cars each year. His , he said, is based upon considerati of public safety and better utilization of the raw materials now wasted by haphasard 5% | abandonment of old cars. Net Profits Small. NEW YORK, March 27 (Special).— Packing house companies have always been conspicuous for their large dollar gross earnings and the small net profi over. This tendency, 16 Dresent among over. ency is present among them this year and is reflected in the pork loins, 20; currvnt‘g:lnmmmnorxnoxm- fresh shoulders, 14 E NS o, 5 W G DO YOU KNOW YOUR WORTH TODAY? If an appreciable amount of your capital is invested in such securities as our e e, of 3 " Unit Lt& Pwr pf (6). Unit Ret Ch pf (3%). Elec Power ww.. U 8 Elec Pwr war.... U 8 Finishing p: U S Foll (B) U S Inter Sec 1stpf.. 2 U 8 Playing Card 2% 25s United States Stores. 16 Unit Stores. 1 Unit Verde Util P&Lt(at1.0234 Ut P&L B(at1.02% gflll!’ Equities. S8EsssnsssEsEasy FEL { { e Suroseio, ens, ; B heavy, 24825; capons, , 37a38; ducks, 24a25; roosters, 16; keats, young, 70880; old, 40a45. Meats—Beef, l!%ali'-%: veal, 1!{:& P T 2 aBouniSuana s - € 884888 FRPRESE s Biii it iy 5 & 63% Guif Ofl of Pa ( % Happiness Candy. 8% Hecla Mining (40c) Helena Rubenstein. g-l 0, - gt ai a>! $85 S5segssaaiates LS & = £ o8 559! Humble O1] (123%). Hygrade Food Prod. Imp Ofl of Can (50¢). Ind P&L cu pf (6%). Industrial Finan otfs Insull Inv (b6%).... Ins Co ofNo Am 12% . Intercoast Trade (1) Intercontinent Petn, Int Holding & In Co o 3! 6% FIRST MORTGAGES 332E32332823333328833382 8! Over a Third of & Century Without a Loss you can appraise yourself ex- actly at any time—for these se- curities do not fluctuate—they, remain fixed in return and de- pendable in security, g e e HEEEEtFE 3g83es ¥ F SeaS5Sagasis FF SseS§zas FE 28! = S tgi—* ¥ 12% 10% 3% 34% 10% % 2% 8% i <952 i F low Cafe pf (4 Wilson Jones (1%).. nwmfiu:.::‘u'::: g nu % i’- “u&c"'- PR % % HIEREEN 25% 14 ® *2838 §s=ses: 88, Sl L seisents FREFEF - Baut L b5 54 s €% Jonas & N cum pf. 29% Lackawanna Sec (4). 28% Leh Coal & Nav 1.20. % Leonard Ofl........ May be purchased in amounts from $250 up. B. F. SAUL CO. 925 15th St. N.W, UBSTITUTE FOR SAFETY 5 Ewn - uenanlpo the month s s February, 1930, closely the downward trend of 9 per cent Reserve Board'’s depart~ 0 & the common stock at $1 share over s b BROTHERHOOD OBTAINS OPTION TO BUY STOCK |moawin. o o oo 1 Adobetsto oo, of the department ! 1 210 PNEW FORE, Mareh 27.—The Brother- | Committee of the brotherhood said it - g —_ ® hood of Locomotive Engineers, to recoup FEGTRIIN Y o Vs otrar e REF % A new Province, Caune, to February, 1930, and 11.5 per IS NO , 1920. This downward trend V ¥ oy ¢