Evening Star Newspaper, March 30, 1931, Page 14

BANKERS EXPECTED| 10 DISCUSS SILVER Norman and Harrison May Lay Plans for Wosid Metal Conference. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, March 30.—Montagu ©. Norman, governor of the Bank of England, who was met at the dock by George L. Harrison, governor of the Federal Reserve Bank of New York, has maintained his reputation for si- lence, and said not a word about the purpose ‘of his present visit to America. When Dr. O. M. W. Sprague, his American advisor, compared this visit of Governor Norman with that of bankers making trips to New York to discuss business with their city cor- respondents, students of finance de- cided that certain outstanding finan- cial problems will be discussed by the two governors. One of the first problems that will be discussed, in all probability, will be —what can be done to offset the falling price of silver? It is believed that if India and China will cease throwing their surplus silver on the market, silver prices will not continue to fall any further. The directors of the Bank of England may not have much to say about the general finan- cial situation now, but they have a lot to say about the Indian situation. The possibility of an international silver conference probably will be one subject the two governors will discuss. International Bank. ‘When Governor Norman left Eng- land, it was announced that “matters of mutual interest would be discussed in New York.” Two weeks ago, the governor was one of the signers of a statement issued by the board of directors of the'Bank of International Settlements at Basle, Switzerland, that “one of the funda- mental perquisites to the ameliora. tion of general economic conditions is the reopening of investment markets with a view to faciliating the conver- sion of short term capital into long term capital, and with a view to mov- ing capital from where it is not em- ployed to markets where it is required for desirable economic ends.” ‘This would indicate that a resump- tion of buying of foreign securities within the United States may be ex- pected. Recently, Governor Norman has been interested in the creation of an inter- national bank, built on lines similar to the Bank of International Settle- ments, but designed to help trade by means of financing new markets with long term credits. In this connection, the growing Russian market has been mentioned. Doubtless, this will also be discussed by the two governors. Governor Norman expects to be in New York for about two weeks. Unemployment Problem. “The twin problems of unemploy- ment and imperfect distribution strike at the foundations of our political and economic system,” said Daniel Willard, g‘sldent of the Baltimore & Ohio ilroad, in an address recently in Philadelphia. President Willard is frankly critical of a situation where 5,000,000 men and ‘women, able to work, anxious to work, ecznnot find a thing to do. He insists that it is part of the capitalistic sys- tem to solve this problem, and that 4f it does not solve it, the capitalistic system is sure to collapse. But in spite of the defects of this eystem, which are so_evident on every side y, President Willard feels that it “affords @ better and more thorough basis on which to build an economic structure than any system so far devised and testzd by man.” Nevertheless, his speech before the ‘Wharton Schobl of Finance was frankly critical of all the efforts that have been made up to date to solve the problems of anemploymem and imperfect distribu- on. Baker and Rockefeller, Both George F. Baker and John D. Rockefeller, sr., are 91 years old. Neither had a collegs education. Both came from middle-class homes. John D. Rockefeller went into oil early and retired with the greatest for- tune in all history. estimated in the neighborhood of "$1,000,000,000. For the first part of his life he was secretive, kept his own counsel, resented public announcement of his plans and pro- grams. Thirty years ago he was the most unpopular business man in Amer- ica. Since that time, however, under skillful and well ordered publicity he has become almost a popular hero. George F. Baker has never taken the gubhc into his confidence. He has given ut one interview in his life, and that was short and sweet. He sought his career in the field of banking and rail- Toads. While his fortune does not loom as large as that of Mr. Rockefeller, still it is one of the largest in America, pos- sibly reaching close to $500,000,000. Mr. Rockefeller retired actively from business 25 years ago, and has not been in his office since. Mr. Baker has never thought of retiring, and expects to return from his vacation in th- Bouth next week, ready for another 12 months’ work. Default in Interest. Peru is the latest country to make an #nnouncement that the interest due April 1 on its $24,000,000 national loan, second series, will not be paid. No money in the treasury, says M. A Vinelli, the Peruvian minister of finance, to J. & W. Seligman, co-flscal agents for the loan with the National City | Bank. This does not, however, mean that the interest on its 7 per cent bonds due in 1959, known as the tobacco loan, or the 7'; per cent sterling bonds, ma- turing in 1948, known as the guano loan, will be defaulted. The interest on both of these external loans is to be paid when due. Prof. E. W. Kemmerer, American money doctor, is now studying the situ- stion in Peru, and is expected to make his report shortly. Pending that re-| the default on this $24,000,000 ontinue. he external debt of Peru now amounts to about $100,000,000, of which ;au 460,000 was floated in the United s in those prosperous rears between 1926 and 1928 (Copyright, 1931 North American News- pap Cunard Profit $93.005. LIVERPOOL, March 30 (#).—The Cunard Steamship Co., which an- nounced last week that no dividend | could be paid this year on ordinary | ghares, has published a 1930 statement showing a net profit of $93,005, which, with a balance of $1,976,325 from 1929, makes tbe total of $2069,230 from which to pay & dividend on’ preferred ;nm leaving $1,394,335 carried for- In the previous year the company | aid 71, per cent on ordinary shares om a record net profit of $4,048,195. The report attributes a decrease in first-class transatlantic passenger traffic to economic conditions and a decrease n third-class westhound traffic to un-| employment in the United States and nada. Third-class tourist cabin traf- c continues to increase, the statement shows. CHICAGO DAIRY MARKET. CHICAGO, March 30 (#)—Butter, 43245; firm; creamery extras (92 score), 20; extra firsts (90-score carlots), 29, extra firsts (90-91 score). 2734828 ts (88-80 score), 26%,a27%,: secon THE EVENING TAR, WASHINGTON, NEW YORK STOCK EXCHANGE Recelved by Private Wire DIMI‘“ The Star Office. (Continued From Page 13.) ~Prev. 1930~ High. Low. 24% 6% 10 328 3114 39 24% 2615 198 10% 16% 311, 5814 Stock ana Dividend Rate. 19% Marine Mid (1.20). .. 3 MprketStRy2dpt.. 103 514 Marmon Motor Car. . 2314 Marshall Field (21) Mathieson Alkali (2) May Dept Strs (2314). Maytag Co pf (3).... Met-Gold of (1.89) Mexican Seaboard Miami Copper. Mid-Cont Pet ( Midland Steel (3). i Min Hon'w Reg (14. Minn Moline Pow. .. MSP&SSM Isd (4. 4 Mo Kan & Texas. ... Mo Kan & Tex pf (7) 4 Missour! Pacific. .... Missour! Pac pf (5). Mohawk Carpet..... Monsanto Ch W(1%) Montgomery Ward.. Morrell & Co (4.40).. Mother Lode, s Motor Meter G & EI. Motor Products (2)... Motor Wheel 134)... Mullins Mfg. ... Mullins Mfg pf (7).. Munsingwear (3). Murray Corp.... Myer (F E) & Br (2) Nash Motors (4) Nat Acme (80c) Nat Bella Hes t Biscuit (2.80). Nat Cash Register A, Nat Dairy (2.60). . R Seel nRBeflnnanmReinnmatnaaonBanal " ® 8 3 @ o e o 1 41 100 Nat Dist Prod (2). Nat Enam & Stamp. . 4 Nat Lead (5).. Nat Pow & Lt (1)... Nat Radfator Nat Steel (2) Nat Supply (5 Supply pf ( Surety (5) . Nat Tea (1)... Nevada Copper (1) Newton Steel..... N Y Central (6)..... NYChi&StL (6).. N Y Chi & St L pt (6) N Y Invest (1.20)... NYNH & Hart (6).. NYNH&HDf (1).. N Y Raflways pf. N Y Steam pf (6).... 208 N Y Steam Ist pf ()’ 108 Norf & West (112).. 1 Norf & West pf (4).. 308 North Am Aviation., 19 156 2 5 2 17 2 29 1 3 2 14 2 1 North Amer pf (3) North Am Ed pf (6). No Ger Lloyd(a3.43) . Northern Pacifie (6. Ohio Of1 (1)..... Oliver Farm Eq new. Omnibus Corp. .. Orpheum Cir pf (8).. Otis Elevator (234). Otis Elev pf (6). Otis Steel. . Otis Steel pr pf (7 % Owens J1l Glass «3 Pacific Gas & E112). 17 Pacific Lighting (3). 6 Pacific Mills. ..3008 Pack Mot Car (60c). 120 Panhandle P& R Paramount Pub (4) Park & Tilford. Park Utah... Parmeles Transport. Pathe Excharge. .. Pathe Exchange A. Patino Mine: Peerless Mo Penick & Ford (1)... Penney (J C) (2.40). Penn Dixie Cement. , Penn RR (4). Peop Gas Ch (8). Petrolm Cp of Am(1) Phelps Dodge (2)... Phil Read C& 1. Philip Mor & Co (1). Phiilips Petroleum. . Pierce-Arrow A (2) Pierce Oil. . Pierce Oil pf. Pierce Petroim (10c) Pillsbury Flour (2).. Pirelli Italy (a3.14). Pittsburgh Coal pf.. Pitts Steel pf (7).... Pitts United Corp Pitts Unit Cp pf (7) Pitts & W Va (6) ). Pressed Steel Car Proct & Gamb (2.40) Proc & Gamb pf (5). Prod & Refiners. ... Prod & Refiners pf. . Pub Sv NJ (3.40) Pub Sv N J pf (5) Pub Sv N J pf (6) Pullman Corp (4) Pure Ofl.... Pure Ofl pf (8).... Purity Baker Radio Corp. Radio Corp B (5). th-Orph A. Raybestos Man 2.60. Real Silk Hos(b10%) Remington-Rand. ... Reo Motor Car (40c). Republic Steel...... Republic Steel pt . Revere C& B pf (7). Reynolds Metals (2) Reynolds Spring. ... Reynolds Tob B (3) Richfield Of1 Rio Grande Rit Dent M1g (2 Rossia Insur (220).. Roy Dtch(m1.3404) Safeway Stores (5) Safeway pf (6)..... St Joseph Ld (2). St Louis & San Fran. St L-San Fran pf (6) Savage Arms (2). Schulte Rn ail Strs Seaboard Alr Lin Seab Alr Line pf. Sears Roebuck 32 econd Nat Inv eneca Coppes Sharp & Dohme. Sharp & Do pf (334) . Shattuck F G (t1%). Shell Union Oil Shell Un Oi1 pf (5%) Sales— Add 00. High. Low. 6 21 56 10008109 70 21% 21% 4% 7 30% Spicer M Spicer M Stand Of Starrett Sterling Stewart Sun 01l ( Superior Superior The Fair Third Na Tobacco Transue Tri-Cont Tri-Cont Truscon Und-Ell- Un Carbi Unit Fru Pipe gagaaacaaaga nuunReannnn Smel U S Steel U S Steel West Pa West Pa Western W tern ting Westing Westing v Wextark Wrigley Sou Cal 10:30 A.M 1:3¢ P.M. Dividend rates as d on_th | payments base 3 Unit of trady h Plus 55 | ular rate. B R Simms Petroleum. .. Sinclair Con O1l (1) Stone & W Studebaker (1.20) Thermold Co Thompson Prod 1.20, Thompson Starrett. . Thomp-Star pf (3%) Tide Water As (60c). Tide Wat As pf (§).. Timken Det Ax (80¢) Timken Roller (3)... Tobacco Prod A 1950. Transamerica (1)... Trico Prod (2%) Truax Traer (1.6 Twin City R Tr (§4). 4 Ulen & Co (1.60). . Union Bag & Paper.. Un Oil of Cal (2) Un Pacific (10) Un TankCar (1. Unit Alrcraft. Unit Biscuit (2).... Unit Carbon. Unit Cigar Store: Unit Corp (75c).... 1117 Unit Corp pf (3) Univ Leaf T pf (8) Univ Pipe & Rad. ... Univ Pipe & R pf (7) Utll P&L A (012.15).. co Sales Cp pf. Va-Car Chem 6% pf. Car Chem pf (7). Va El & Pow pf (6).. 308 tvaco Chlor (2). Yale & Towne (2). Yellow Truck. .. Youngs Spring (3) Zenith Radio.. RIGHTS—EXPIRE. Sales of Stocks on New 264 T | 2 Bavabis m eath or Sock TP k Plus 3% in 3 unv Closs. Ciose. 6 6% 15».. 16% % - T 1% 11% % 8% South Ry (8). Sotith Ry pf (5) Spalding (A G) (2).. Sparks Withing (1).. g . % pf (3) Splegel-May-Stern. . Stand Brands (1.20). Stand Comcl Tob. Stand G & E (3%) Stand G & E pf (4).. Stand Invest Corp. .. Stand Ofl Cal (h2%). Stand Oil Exp pf (5). Stand Oil of Kan (1) Stand OII N J (12)... 200 I N ¥ (1.60). (LS) (12%) 8ecA...... 4 Sterl Sec pf (1. Ster] Sec cv pf (3) Warner. ster 11). Sun O1l pf (). Superheater (234) oil.... Steel. Symington 4 Symington A Tennessee Corp(50¢) Texas Corp (3)... Tex Gulf Sulph (4 Texas Pac Land Tr.. Thatcher Mfg (1.60). Thatcher pf (3.60) (2.40)... t Invest. Products & W (1) Corp. Corp p ) oAnbe tenaeSulanie~SaeneSar Stl (£1.20)., Fisher (5).. de (2.60 it (4). S Gypsum (1.60).. Hoftman Leather A. S Leath pr pt &F(2).. P &F 1st (1.20). Realty & Im (l). Rubber. Rubber 1st pf. t& Ref (1). ). . Pf('l). Unit Stores A. 108 5 108 23 2 2 2 Warren Bros (3) War Bros cv pf (3).. Warren Fdy & P (2). Pow pt (6). 10s Pow pf (7). 20s Dairy B Union (8).. AB®).... EI&Mfg (4). 301 E&M pf (4).2108 7 2 10 Radio Strs White Motors (1).... White Rock MS t4%. White Sew Mach pf. Wileox Oil & Gas. ... Willys-Overland Wiliys-Over pf (7) Wilson & Co. Wilson & Co A. Wilson & Co pf Woolworth (2.40). Worthington Pump 31 121 10 i 63 13 5 (Wm) (4) 22 3% Ed...Apr20 123 2% 2% York Exchange. 1600 000 2,200,000 2500,000 given in the abor latest qu-fleafly stock. m Pai in stock. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, March 30.— The fol- lowing is a summary of important coyporation news prepared by the Standard Statistics Co, Inc, New York for the Associated Press: Weekly News Review. After receiving unfavorable news in & spirit of uncertainty for over two weeks, the stock market last week gave way under the cumulative effect of past and current adverse developments. The rail division declined least, although many specific unfavorable develop- ments, particularly the dividend cut by Baltimore & Ohio, occurred therein, but this resistance may be due in iarge Dln to the fact that rails have failed rise recently with the other divi- slnm More than in specific news “breaks” of an unfavorable nature, however, reason for the week’s reces- sion would appear to lie in & feeling that the latest Teports indicate a Spring industrial expansion less satis- factory than had been anticipated by the market, The standard price index for 90 stocks declined 6.8 points to 136.7 on March 27 from 143.5 March 20. Utili- ties showed the Ezlku drop, 8.4 points. (86-37 score), 25a25';. Eggs, 45.250: steady; ‘ n nnu 20‘,.. (;re:: graded L 18%; 20'/4; storage uuu. 21% A / while lhdul!fll fell 7.5 points and rails 1.3 poi ‘The general list, in- clud!.nl pnmmhrly muny of the is- considered - amu cvndmnfll m day | lkess in proportion than the stock mar- et. | dropped a total of 03 point to 96.9 with the greatest loss re- | corded Friday. In the bond market, also, the week's activity showed a loss of ground, but Standard Price-Index for 30 bonds on March 27 from 97.2 on March 20. Announcement at the beginning of the week that the Federal Farm Board would cease its wheat stabilizing ef- forts with the end of the 1930 crop in May, while not a great surprise, caused a break in wheat prices to lower levels, followed by greater steadiness late in the week. Cotton fell in sympathy with wheat, reflecting the feeling that the Parm Board’s announcement implied that Federal support also might be withdrawn from that commodity. Reports of railway net operating in- come for February received in quantity during the week have been farther be- low the figures for February, 1930, than was expected, and have caused definite disappointment. The te for 39 roads was reported 46 per cent under the year before and 59.3 per cent below February, 1929. News of a more en- couraging nature was received on Wed- nesday in the car loadings report, which showed revenue freight car loadings for the week of March 14 to have been 10,728 cars over the previous week, a gain above the normal seasonal in- crease. - Late in the week reports of progress in negotiations between rail- way execuuvn and the brotherhoods carried implications that the four- trunk-line-consolidation plan may be formally proposed to the Interstate Commerce Commission within a short | time, Following increases in steel prices two weeks ago, steel developmenu have | been except ' regular, by the Iron Age as ir- It is understood that buyers are exerting pressure against the price increase and that an unu- sually large proportion of current or- ders are for immediate delivery, leav- ing the future to relative uncertainty. O rations for the week ended March remained at 57 per cent of capacity, fi,""“"y unchanged from the week fore. The Companies. Allis-Chalmers Manufacturing.—Re- sumption reported of merger negotia- tions with Advance Rumely. Container Corporation of America (January). — Loss _after depreciation, $35,000; February loss, $56,000. Dictograph Products passes common dividenad; paid 25 cents January 15. General Alloy’s stockholders approve increase in authorized common stock from 100,000 to 150,000 no-par shares. International Paper & Power.—Rep- resentatives of Canadian International Paper subsidiary, Abitibi Power & Paper, Canada Power & Paper -md Minnesota & Ontario Paper, fai agree on merger terms; resumption u{ negotiations probable. Acme Wire Co. 1930 deficit, $219,- 380, against net income $453,365, equal to_$8.24 common share in 1929. Bethlehem Steel 1930 common share earnings officially reported $5.26, against $11.01, same as preliminary estimate; unfilled orders December 31 were 423, 767 tons, against 750,812; cash expendi- tures for additions and improvements to properties during the year amounted to $47,158,004; estimated cost of complet- ing the construction authorized and in progress as of December 31, 1930, $14,820,000; files answer to bonus suit, denying secrecy or favoritism in pay- ment of bonuses to officers. Boston & Maine Railroad to inaugu- :te popular-priced sleeping car excur- , | these of the commonwealth and of the . | tate of Queensland. aonual cash [ is | crued interest, by Union Cleveland Cor- D. C., MONDAY. iHIGHJ}RAI]E BOND MARKET IMPROVES} Junior Securities Freely Of- fered, However, and Show Price Declines. M BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, March 30.— Unsettle- ment in stocks, further batches of poor carnings reports and unsatisfactory d velopments in foreign countries "re{ the factors responsible for wide fluc- tuations in junior bonds today. High grade investments, however, were con- sequently in brisker demand and ad- vanced fractionally all around to new tops for the movement. ‘The brief speculative interest evinced in secondary investments last week seemed at an end as prices dropped by points and funds thus released were thrown into the money market or served to advance short-term paper another notch. Time money rates, with 90-day loans, quoted at 13 to 2 per cent, were unchanged but unofficially such loans were obtainable as low as 1'; per cent. Near maturities of mu- nicipal bonds and United States Treas- ury bills and notes moved higher. The feature of the market was the recurrence of strength in the Austra- lian list. Premier Scullin’s announce- ment that the Commonwealth of Aus- tralia would pay $3,536,766 on the New South Wales war loan in London, on which the state government had de- faulted, was followed by broad buying of all Australian bonds, plrtlcu]ntly‘ Reports that New South Wales would seek a new loan in New York were not given credence. The premier of that state, J. T, Lang, it was considered, had forfeited his state's chances of securing credit here for some time to come, in 50 openly catering to New York by pay- ing interest on dollar loans while indi- | cating English investors could do with- out their money. Wall Street derived assurance that Australia would not sac- rifice her credit rating through the op- position of the federal government and of the premiers of the five other states to Premier Lang's repudiation proposals. ‘The rest of the foreign list, however, was weak. The Austro-German Tariff Union controversy, which started a de- cline last week, still had a depressing effect. German Young Plan 5lss were off nearly a point. Reparations 7s, German Central Bank 6s and German Municipals followed suit. Belgium, French and Austrian credits sold off £lightly. Itallans were well supported. South American issues were weak all around, following the official default of nore Peruvian bonds. Brazilian bonds slipped despite announcement that in- terest on the Sao Paulo coffee loan 7s would be paid. In the domestic list there were firm bids for American Telephone 5s, American Water Works 5s, Atchison General 4s, Baltimore & Ohio 4148, Brooklyn-Manhattan Transit 6s, Con- solidated Gas 5155, Detroit Editon 4128, Great Northern 75 Inland Steel 4!2s, National Dairy 5!4s, New York Cen- tral 4s, New Hlvzn 4128, Southern Pa- cific 4145, Union Pacific first 4s and Youngstown Sheet & Tube 5s. Washington Stock Exchange SALES. Federal-American National Bank ‘Trust Co.—10 at 50, 10 at 50, 30 at 50. Federal-American Co. com.—25 at 231, 25 at 23, 25 at 231, AFTER CALL. Potomac Electric 6% pfd.—9 at 113. Federal-American National Bank & Trust Co.—10 at 50, 5 at 50. Capital Traction 55—8$1,000 at 80'5. Bid and Asked Prices. BONDS. PUBLIC UTILITY. & Tel. 4%a8 Bid. Asked. 819, Tel cul. i R.5: Amer, Tel, 10813 Gas 6. m\u B . Rwy. & 4 Barber & Ross, Inc.. 6as. Chevy Chase Club $igs. Golumbia Country Clul PUBLIC UTILITY. Amer. Tel. & Tel. (9) Gapital Traction 'Co, ash. Gss Li Wash. Rwy. & Elec. pfd. NATIONAL BANK. Capital (14) Columbia (12 Commercial m..mpem 0).: 3538 | gmsiges Metropolitan’ (14)". Riggs (155 Second ¢ TRUST COMPANY. fmer. Security & Trupt Go. (19) 48 Continental Trust (6 Natl. Bavines & Trust (i2i) . 43 Erince Georges Bank & Trust.. Union Trust (8s) 206 Wash. Loan & Trust (i4). SAVINGS BANKS. Bank of Bethesda (6%) Commerce & Savings ( East Washington (12). Potomac (1 50 FIRE INSURANCE. | American (12) 5 s, National Union (1! TITLE INSURANCE. Columbia (8h) Real Estate (6h) MISCELLANEOUS. Barber & Ross, Inc.. com. .. Col. Medical Blde. Corp. '(6). ol. Band & Oravel pfd. (1) ist. td, (7). Emer. Bromo-Selz Eederal Storage v!d Fed.-Am. Co. “Am. Bid. Lahston Mondispe Mer. Tr. & Peo?lu Bm. sxxuref rm tu i Woodward & Lothrop pig. (1) *Ex dividend. b Books closed. 25¢ extra. | NEW SECURITIES NEW YORK, March 30 (#).—New securities offered today include: City of Chicago $8,145,000 4 per cent bonds, due serially 1932 to 1947, inclu- sive; priced to yield 4.10 to- 4.30 per cent, by a syndicate headed by Halsey, Stuart & Co. Toronto, Hamilton & Buffalo Rail- way Co. $1,750,000 consolidated: mort- gage 4!2 per cent bonds, series. “A,” due August 1, 1966; priced at 99 and accrued interest, to yield about 4.55 per cent, by a group headed by Chase Securitles | Corporation. Sensibar Transportation Co. $1,650,- 000 first mortgage Marine Equipment 6 per cent sinking fund bonds, due March 15, 1943; priced at 99 and ac- poration and Cleveland Trust Co. Minneapolis Gas Light Co. $1,000,000 i first mortgage 4, per cent gold bonds, due 1950; priced lt 93% and interest, to geld over 5 per cent, hy a syndicate led by MBHIMA ¥ & | Can Pac 5 ARCH 30. 1931 FIN ANCIAL. (oo so BONDS e xemwvaa] (S| 0AN STATEMENT Received by Private UNITED STATES. (Bler ste in $1.008.) High. Low. Close. L(hx',s:'-(" . 11 10125 10124 10124 List414s32-47. 3 10226 10223 10223 L4th4%s33-38 57 103 26 103 23 103 24 US3%s40-43.. 12 101 14 101 11 101 14 Ufl"fisu 43.. 10 10115 10115 101 15 1S 3%843-47.. 5 10126 10126 10126 vsmnv 52.. 15 11126 11124 11126 Sales. Hish. Low. Close. AbItIDI P& P 58’53 4 Ab&St5%s'43.... 1 Adams Exp 4s8'48.. Allegheny 55 44... Allegheny 5 3 Alleg Corp Allls-Chalm 5837, Am F P 5s 2030 Am1GCh5%s 4). Am Int Cp 548 49, Am Metal 5%s°34. 95 83% 8014 95 8 |Am N Gas 6%s"42.. Am B&R 18t 5547, Am Sug Ref 65°'37. Am T&T cv 43839 Am T&T 6865 Am T&T c tr 55°46. Am T&T 588260, Am T&T 5%s 43 Am W Wks 68’3 AmWat Wk 65 '7 Am Wr Pap 654 Argentine 55 45 Argentine 51s Argentine 6s Ju 69, Argentine 65 A ‘57, Argentine 6s B '58 Arm&Co 4% Arm Del 5% Assoe O11 6 Atchison gen 4895 Atchiscv 4%s'41.. AtCL1st4s'52... AtC Lcol 48°52... AtCL4%s'64.... At & Bir 4533 At Ref deb 6837 Australia 4%s ‘56, Australia 65 ‘65 Austraiia 58 '57 Austria 7s'43. B&O4s’48. B&O4%s B&Oconv 4l B & O 15t 5548, O ref 55°95 58 D 2000 65°95. P&WV 4 O Sw dy 5850 B & O Toledo 45 ‘50, Ban & Aroos 4s '51. Bk of Chile 6335 57 Bk of Chile 6% 561 Batav Pet 4% '42. Belgium 68 ‘55 Belgium 6%s 49 Belgium 78’55 Belgium 78 ‘56 Bell Tel Pa bs B '48 Beth Steel pm 55'36 Beth St rf 5542, Bolivia 7s Bolivia 75’69 Bolivia 8545 Bordeaux 63 '34. 106% 9T o o o B& B& B& Bé& B& Bos & Me 55 °67 Brazil 6%s '26. Brazil 6%s 2 Brazil 7s. Brazil 8, BR & Pitt 4%5'57. Canada 58 '31 Canada 58 °'62. . Can Nat 4%s 5 Can Nat 58 July 69 Can Nat 5s Oct '69. Can Nor 4145 °35. .. Can Nor 7s deb 40. Can Pac deb 48 b Can Pac 4%s Can Pac 43356 Can Pac 5s ctfs i | car Clin & 0 6s 52 Cent of Ga 55 C '69. Cent Pac 4549 Cent Pac 53 '60 Cert-td deb 515 " Ches Corp 55 47. C&Ogen 415 C&O 4148493, C&O04%sB’ v Ch & Al 3%s ctf '50 CB&Qgen 4s°s8.. CB&Q4%s 17 CB&Q I14dv 33549 Chi Ind&L gn 55'68. Chi & Eas 111 65 51. Chi Grt West 45 59 Chi M StP&P 55 '76 Chi M & St P adJ Chi & NW con 4% s. Cht & NW 615 '36.. Chi Rwys 68 27.... 5 ChiR1& Prf4s'3¢ 21 Chi R Icv4%s'60. 14 Chi RI&Pac 4% C TH&SE in 55 60 Chi T H Inc 65 60.. Chi Un Sta 435 '63. Chi Un Sta 6% '63. C& W Ind ¢ C& W Ind 5% Chile 63'61.. . Chile Cop db 58 '47. Christiana 6s '54. .. CCC & St L 5s D63 CCC&StL4%s E. . Clev Term 53%s ‘72, Colomb 6s Jan '61. Colo & Sou 43835 Colo & Sou 435 '80. Col G&E bs May '62 Com Inves 538 °49. CC Md 1st rf 58 '60 ConG N Y 5%s"45. Con Pwr Jap 6%s. . A -2 53. Copeabag b 52 Cuba 538 '45. Cuba RRrf 73 Cuba Nor 5%s 42 Czecho 85 '51. Del & Hud rf 45°43. Denmark 4 %3 62 Denmark 5% ‘65 Denmark 6s ‘4. D&RG W 53’5 Det Unit 435 Dodge Br cl 6 Dutch East I Nov Dutch East 16847, { Dutch East I 6s°62. East C Sug 715’37 El Salvador 85 '48. . Erfe 1st con 45 '96. . krie ~on 4s A 53. Erie Gen 4s Erle cv bs Erie 6875 Finland 7s ‘50 Fisk Rub 85 '41. Fla E Coast 55 74. . French 7s *49. Gelsenk'chen Gen Cable 5% Gen Motors Gen PSv5%s'39. . Gen St Cas 5%s 43 Gen Th Eq 6s°40... German 5%s ‘65 German Bk 65 '38 German 7s rep '49 Ger Gen EI 7s "4 Goodrich cv 68 °45. Good 1st 638 '47. . Goody'r Rub 58 '57. 2 GrandTr sf db 6536 Grand Trunk 7s '40 Grt Nor 41576 D. Grt Nor 4%s 17 E. Grt Nor 1st 53 Grt Nor 5573 Grt Nor gen 78 Greek 68°63. . Green Bay deb B. Hav El Ry 5%s '51. Hock Val 4148 ‘99 Hoe & Co 638 ‘34 Hud & M ad) 63 °5' Hud & M rf 6s 57 Hum O&R 5%s ‘6. Hungary 7%s ‘44 1 BT 1stpf6s A 111 Cent ref 4s '55. 111 Cent 4% s 111 Cent 55 '55 111 Cent 6%s "36 88 90% | 101 ¢ 109% ., 92 9615 Inland Stl 4148 A'78 9514 Inland Stl 45, B'S1 Int Rap Tr 68 '66. Int Rap Tr sta 0% Int Maich 5847 Int M Co 5s ret 41 Int MM col tr 63 B3 lntR)ICAsl 8. . Int T&T 4%s'52. It TE&T ev 43839 Int T&T6s'55.... 6 Italy 78 °51. ltaly Pub Sv 78 '52. 99% 100 10 94% 94 9% 2 96% 9615 96% 4.. 20 106% 106 106% . 1 82% 82% 82% 25 102% 102% 102% 1 105% 105% 105% 79 8% 78 96% 95% 95 9515 951, 95% 974 9Ta 9T 1% 0% T0% 661 65' 65% 93% 93% 93% 1108 103 103 12 102 101 101% 15 102 101% 101% 10 67% 63 63 2 86w 86l 6% 1 98 98 98 4 1051 105% 105% 62 102 100 100 B2 96 941 94% 1102 102 102 90 90 94 94 94% 95 4 99% 99% 99% 15 105's 105'% 105% 8 105% 105% 105% 9 101% 101% 101% 23 82 81% Bl 1 58 53 63 6 97 96% 97 7 105% 105% 105% 9 103 1021 102% 16 89% 89 89 11 162» 102% mzu 1 I 9 muu 100 mo a1 KRCP&L4%s"57. Kan C P&L 65 A '52 Kan City Sou 3s ‘50 Kan City Sou bs 50 Kend 548 48 w Kreug & Toll 63 LacG St L 5334 Laclede 5% s C*53. . Laclede 515 D '60.. Lautaro Nit 65 ‘54.. Leh Val cv 45 2003, LenV cv 435 2003.. Lig & Myers 5851, Loew's 63 war 41.. 13 Lorillard 58 ‘51 Lorillard 5 " L & N uni 4s 40 L&N 43%482003.... L &N 5s B 2003. Lyons 6s'34. McCormack 63 °34.. 50 Market St 78 40, Marselll Midval Milan 6%s ‘52 MIERy &L 91 0% 0% 99% 100% 63 63 922% 89 BT 891 89 891 5% 754 1 104% 104% 104% 7 104 9 81 14 82 Mo Pac EIG’"..-. Mo Pac 53 H ‘80 Mo Pac ref 6s ‘81 Mo Pac 5%scv '49.. Mobile-Ohio 6s '38. Mont Pow b3 *43... Mont P db s A '62.. Montevideo 6s '59. . Mor & Co 1st 4% Nassau Elec 4 Nat Dairy 6% Nat Rad 6%s ‘4 Nat Ry Mex 4s N Eng T 1st 58 . NOT&Mb5sA '35, N&T&MGs B '54. .\o'rtuni-'u. New S Wales New S Wales 63 sl NYCgn3y%s'e? 1.. 5 52 52 52 48, 30 102 101% 101% 1 16 16 7 3% 3% 3% 7 110!‘ 110% HOK 53 907 60 15 60% 6 85% 15 95% Y 8 100% 100% 100% 013. 32 100 100 100 NY Cenrf 4%s2013267 100% 100 100 NYCreim6s2013.. 7 107% 107 107 N Y Centdb 6s°35.. 11 106% 106% 106% NYC&StL db u’n 10 120% 1004 100% 4 36 N Y Edi1st6%s’4l. NY NH&H u'ss 5 114% 114% 114% . 27 B6% B86% 86% 8 87 86% 864 22 94 92% 92% 42 105% 105% 105% 45 116% 116% 116% 5 43% 43 43% 5 36% 36 36 1 10% 10% 10% 3 77 77 77 .1 103% 103% 103% 15 107 106% 107 2 111% 111% 111% 41 84 83% 84 2 106% 106% 106% 1 98 563 NorOT& L 6s'47.. 2 107% 107% 107% Nor Pac 3s 2047 68% 68% 68% 40 95 9% 96 1 112% 112% 112% 8 104 104 104 2_106% _106%_106'5 o 17 7101% T100% 33 102% 102% 102% 2 106 104% 106 Norway 6s ‘52 9 102% 102 102 Ore Short L 5s gtd. 11 107% 107% 107% Oreg-Wash 4s ‘61 10 94% 94% 94% Orient dev 5% 13 94% 94 94 Orient dev 68 53... 11 100% 100 100% PacG & K1 58°42... 20 104% 104% 104% Pac T&T 1st 58°37. 1 104% 104% 104% Pac T&T ref 6s°'52. 5 107% 107% 107% Paramount 6s ‘47 7 9 95 95 Paris-Ly M 6s'58 1 104% 104% 104% Paris-Ly M 7s'68 Pathe Exch 7s '37 Penna 4¢14s D'81... Penn cv 4145 ‘69 % Norway 5%s 65.. 4 102% 102% 102% 42 28 26 27% 23 2T% 27 27% 36 102% 102% 1027 8 % 75 5 9 101% 101 Pere Mar 4% Pere M 1st 5 Peru 6s 60 Peru 6s ‘61 Phila Co 58°67. Phillip Pet 5% 8°39. Pirelli 7s. T0% 70% 70% 12 81y 81 17 88 88 2 W 10 691 68% 68% 1 104% 104% 104% 7 103% 193% 103% 7 103% 103% 103% Pure Oll 5%s'37. 5 90% 90% 90',6 Queeniand 6: T 39 o Queenland 7s'41... 1 89% 89% 89% 10 1017% 101% 101% 10 96% 964 96% 1 914 914k 91% 21 8 90% 90% 90% RB 84 84 83 2 lolh lom 101% 57% 57% 58% Poland 8s '50. Porto Alegre 8s°61. Pos Tel & C 53 53 Prague 7%s°52. ... PubSv G 4%s'67. Pub Sv G 4%s'70 Rem Arms 6s. Rem R 5 -Am..' 84% .84 R4 3 84 Rich 0N eal Rio de Jan 8s R Gr De Sul 6868 Rome 63852, Roy D 4s'45 ww StL IM R&G 4533, StL&SFIndsA. 32 9 9% 914 20 100 100 1 801 2/ UNSETTLES STOCKS Market Affected by General Motors’ President’s Re- marks on Business. BY CHARLES W. STORM, Editor, the News Service of Wall Street Special Dispatch to The Star, NEW YORK, March nothing could have come at this time to jar confidence more than the ree marks of President Sloan of General Motors. His statement to the effect that no great business improvement can be expected this year doubtless con- tributed materially to the further un- settlement in stocks on Saturday. Comimg on top of a week of adverse developments in the way of dividend reductions and omissions, and appointing earnings statem: ticularly 1n the railroads, it had & dis couraging effect on sentiment. Declines in the market were quite general, with no abatement in the pres- sure noticeable. In fact, the declines grew mor- severé as the session pro- gressed. As prices declined, liquidation seem 1 to increase, measured by the expanding volume. One redeeming feature in the market, however, was the sizable short interest which is thought to be building up. This should tend to give the market better resistance when- ever pressure lightens. Bethlehem Steel. Heavy selling pressure was directed against Bcthlehem Steel throughout Saturday morning, the stock dipping sharply to new low levels for the move- ment. The action of the stock sug- gested considerable liquidation was_ in 2¢.-—Perhaps progress, thought it was apparent that heavy bear selling was an_important factor in the decline. Speculators working on the side of lower were operating on the bellef that the company’s annual report, to be pub- lished today, will make a pretty poor showing. So far as earnings are con- cerned, these have already been pub- lished in preliminary form, showing the el:ull;;léent of about $5.26 a share earned Auburn Inquiry. ‘The Attorney General's investigation of transactions in the gyrating Au- burn Motors stock has thus far dis- closed no irregularities to warrant in- tervention, Assistant Attorney General McCauley stated on Saturday. He said: “The inquiry to date has disclosed nothing which would warrant any in- tervention by the Attorney General, nor is there any indication that there will be any intervention in the immediate future.” The Auburn sold as low as 60% last Fall and has since been one of the most spectacular features of the market. Earlier last week the stock reached its peak of 2511, and on Sat- urday was reactionary wizth the general market, showing a loss of over 13 points. met with quiet selling, but. covering tended to steady the decline. was_a shade easier, with second ds offering the metal at 93 cents. International Nickel Jjoined the decline of the mining shares. Alaska Juneau, however, held fairly well around the 11 mark. Standard Oil of New Jersey was sold freely, but thousands of shares were taken at 44. The 44 mark was said to be the one at ;hich im) Ulllu!l Corporation. The Street was alive with rumors of impending developments in the affairs of the United Corporation. But in spite of the Ilcb that the rumor mills were working full time nlmflfing gossip, deal of selling, some a good of it taking the form of mhuum.hl blocks. The company and units in which it has a substantial interest are cl'!dlh ited 'llnth Dlr?onl for extending their oldings various operating 2T~ ties. The old Consolidated Gummmor was revived again, and also that in- volving United Gas Improvement. The latter, in turn, is r making ready to extend a fresh offer to Public Service stockholders. Trade Reports. Week end trade reviews told of the encuraging effects of the early Easter on retail trade, but generally the news was lacking in anything startling, one way or another. (Copyright, 1931, by North American News- Ppaper Alliance.) Cloth Output Declines. NEW YORK, March 30 (#).—The As- sociation of Cotton Textile Merchants of New York estimates the production of cotton cloth in the United States de- clined during February to 502,242,000 square yards, compared with 522,781,000 square yards in January and 582,578,000 square yards in February, 1930. —_— NEW YORK BANK STOCKS NEW YORK, March 30 (#)—Over- the-counter market Banks. America Sao Pau 7s "40 ret Sao Paulo 85 '3 Sao Paulo 8 [ 3 3 107% 1074 lo.u 26 824 81N 821 2 9% 9% 9% 6 7 73 13 5 92u 928 92% 9 94% 94% 94% 10 98% 98% 98% E 101% 101% lfll!‘ 99% 99% 1 T5% T6% 750& 1107 107 107 4 106 105% 106 8 106% 106% 106% Shinyetsu 618 '52. Sinclair Oil 63s'38 SineO7scvA'3l.. Sinc CrO l%l 38.. e l le 109% 109% 95% 956, An 103% 103 103 16 99 98% 99 1 105% 105% 105% f 106 105% 106 7% 107% 107% 93 93 0 StOil N J b8 StOIIN Y 4348 51 Sweden, SWn'e,. . gfl%-'«.... EI1P6sA‘4T. ‘Teln Cop 6s "41. T . bl 96 0% 110% Tex & P 1t 55 2000. 6 110% Chase ... e Chatham ~Phenix ', City Pirst National New ¥York Harriman ... % Bankers C;mmlcll Bank'a Trust] oy Guatanty rine Mantactire Westchester Titie Sale and circulation in the Irish Free State of “Birth Control,” by Sir James Marchant, have been prohibited. Sales. High. Tex & Pac hC"fl 6 95 Texas Pac Third Avref Un Pac 15t 48 '47 Un Pac 8 Un Pac 4% Un P 1st rf 58 21 Unit Drug cv bs Utd King Unit SS Cop 6s '37.. Uruguay 0 Uruguay 65 '64. . Uruguay 8s *4 Utah P& L 82% Vert Sug 1st 7842, Vienna 6s '53. 6 Va Ry & Pow 65 '34 10 Wabash 43485 °78. Wabash 1st 68 °39.. xo Wabash 2d 5s ‘39 Wabash 5%s *75. Warn Br Pic 6s 88 103% W&LErf4%s WIII-IIEI 100% 100 100 101% 101% 101% .