Evening Star Newspaper, April 1, 1931, Page 15

FINANCIAL CURB SHARES DROP INSMALL TRADING 0il Group Especially Weak. Utilities Section Shows Mixed Trend. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, April 1.— The curb| exchange moved irregularly lower today on a reduced volum: of transactions., Petroleum issu's were conspicuously . weak, but public utilities displayed mixed trends. Farm implements were among the softest shares in miscel- laneous industrials. Gold mine stocks again advanced on increas:d demand. Market leaders, such as Electric Bond & Share, Cities Service, American er ‘and United Gas moved narrow range but were gen- erall ightl: gher. m:na-'m ’O“fi easily broke through their 1931 lows. Creole Petroleum was the first to establish a new minimum. It was followed by Standard Oil of Nebraska. Deere & Co. was the first of the farm group to crash into new low ground. United Light & Power A, which showed a net in 1930 of $10.462450 against $9,971,641 in 1929, responded to its income statement. On the other hand some of the higher priced utilities, such as Commonwealth Edison, off 4 points at the op-ning, reacted. The whirling of gold mine stocks, so noticeable Tuesday afternoon, con- tinued today. Noranda, which is about to be transferred to the New York Stock Exchange, was outstanding in point of activity and gained more than a point. Hollinger Consolidated Zoid Mines advanced slightly as a re: of estimated met earnings of $1,-5,000 for the first quarter of this year Some of the inactive gold mewcks, such as Tonopah Mining, Cresson tvold, Golden Centre, Premier Gold, came out on the tape with unusual frequency. Floor traders heard that within the next week or so several seasoned gold issues, heretofore traded in largely in Canada, would be listed on the Curb. Pennroad Corporation, Railroad Shares, Inc., and other carriers soft- ened. Radios were moderately active. Cables & Wireless, Ltd., B shares were removed from unlisted privileges today while General Baking preferred certifi- cates of deposit and General Baking new common when issued also were removed. The latter two have been supplanted by new shares. iy EARNINGS REPORTED. NEW YORK, April 1 (#) —Fourth | National Investors Corporation today ' reported for the quarter ended March | 31 net income of $138,863 before real- | ized loss of $17,662, which was charged against earned surplus ac:ount. This compared with net income of $136,227 in the first quarter cf 195) before real- | ized lcss of $160,796 ol. the sale of | Thi Mazch 31 was shcwn as $40.78 a share, ageinst $37.36 & shara December 31, of $15057,667, an cxcess of cost over | cs value of $5,340,769, compared | 1 excess cf cosi over market va'ue | b r 31 of £6,909,192. Unit-d L'ght & Power Co. and sub- 8! arics for 1930 had preliminary con- 2 nct income of $10,462,450, | 0 £201 a share on th: i i c2's “A” end “3" commcn | ezo'nst 0,571,641, (r $2.22 a shave > zuorage coubined “A” and s in 1929, 4 Lorz E2ll Lumyer, Corporation and lu;)s:fix:ui‘! ‘l;‘ “r-ln’ ll”m‘wnla“dlted gt £3] , against n-t profit "of $1,605,233 in 19719, o s LCONDS (N THE CURB 1Amer P & L 65 10 Am Roll Mill 4! 1 Amer Roll Mill 7 Appalach_Gas alac Gas 6s Pow 8% R AL S il Y ' 4 Gent Pub Boc. b 48 35 T&n % Fat 3 B M 8% 1 Chic cod o8 4Gy i 20 Col Gas & B 84 4Con Gas_Util 6s 2 Consum Pow 412s Coutinen Ofl S%s ‘37 ne Go bs 4., ahy Pkg 8% C Gas i West Util 53 GéLr & F 5 y & L 5% 1Penn O Ed 4125 B Beop L&P 85 70 ww 70t nila Elee 733 NEW YORK CURB MARKET in one hundred-share Note—All stocks are sold ot those the letter s (80s) (250s), in odd lots. -n"flm gl 1y~ Hig 4% 8y 1 6% 22 114 1% 5 8314 67 103% 100 3% 2y 514 4% 224 140% 109% 106% 102 59% 87 33u 5% 11% 28% 75 1% 414 14% a1, 70% % 11 354 4 14 i Bl 3% 315 2814 1 5 54 4% 51 5% 21% % 15 17% 85 % 34 W 1 1% 1% 1% 16% 2 3% 30% 88% 11% 21 18 4% L 1% 14 18% 9 95 5% 1 7 13% & 221 % 8 * n 215 2% 82 3 37 5% 148 5 40 K w ™ ._ - } 2% 1% 12 2% 1% 126 12% 30 19 % 2% 1% P 5% 17 131 4 40 102% 13 12 20 1% % 85% s 1% * 27 1% 1 2% 10% 21% rin 1 2% 215 % 14 0% 21% 9 4% 38% 1 “ * % 9% 167% n7 3 % 63% 1% 39%e 27% 4 Insurance Sec (70c).. 26 20% 112% 106% ' $500.000,000 WILL BE PAID OUT | IN DIVIDENDS AND INTEREST bu ! | press 7535 0115 81 8u 12 Rubr G Co 1Unit Indust ww—With warrant xw_Without warr n—New. Wi—-When issued. . Tmports into Canada from the United Btates last year were $653,707,000. designated by those stocks were sold . tock and Dividend Rate, Aero Supply B...... Aero Underwriter: Affiliated Prod 1.6 Acfa Ansco. . Agfa Ansco pf Ala Pow pf (6). Alleg G Allied Mills (60c Aluminum Co of Alu Coof Ampf (6): Aluminum Co Ltd Am Book (7)... o Am Cit P&L (A)(a3) Am Cit P&L Bb10%. Am Com P A (b10%) Am Com Pr B(b10%) Am Cyanamid B Am Dept Store: Am Equities. . Am For Pow war. Am Founders. . Am Gas & Elec (£1). Am Invest inc (B).. Am Invest war. .. Am Laundry Ma (3). 25 Am Lt & Trae (2%). 5 Am 3758 ¥ Am St Pu Sve(al.60) Am Superpow (40c). Am Superp 1st (6).. Am Thread pf (26¢). Am Utll&Gen (B)vte Am Ut&Gen cu pf (3) Am Yvette new wi. . Appalachian Gas. Apponaug Co (2). Arcturus Rad Tub Arkansas Nat Ga Arkans Nat Gas A Armstrong Cork (1). Art Metal Wks (60c) Asso Gas & Electric. Ass0 Gas&El A (a2). ‘Assoe G & E pf (5). Assoc G & EI war. Assoc Rayon pf Atl Fruit & Suga Atl Lobos pf. Aviation Cp of Am. Bahia Corp. . Bahia Corp pf. Beneficial IL (1%). Benson & Hedge: Slue Ridge Corp Biyg Ridge cv pf BdPg-War cum pf(7) 15 Bower Roll Bear (1). Bras Tr & Lt (b8%). Brit-AmT(B)1.17 4-§ Bureo Inc ev pf (3).. Burco Ine war. Canada Marconi. Cent Pub SvcA b10% Cent&Swn Ut (b7%) Cent Stat El (b10%). Cent St El pt (7) Centrifug Pipe ¢ Chain Store Devel Chain Stores Stock. . Chat Ph Aln.v (1).. Service (g30c) Serv pf :C)A . 13 08 31 51 Colombia Syndicate. Cmwlth Edison (8).. Cmwith & Sou war.. Com Wat 5v (b6%). Comstock Tunnel. .. Consol Auto Merch. . Conscl Copper... Consol Dairy Prod Consol Gas Balt 3.60. Consol Retall Stores. Cont Shares conv pf. Cord Corp. Corp £ec Ch Corroon & Regnolds. Cor & Rey pt A (). Creole Petroleum. Cresson Con: Crocker Wheele: Crown Cent Petrol Cusi Mex Mining. Dayton Air & Enx. Deere & Co (1.20)... De Forest Radio. Deisel W Gilb (1% Derly Ofl Redning. . Detroit Afreraft Cp. . Dixon (J) Cruc (8).. 10s Dourlas Air (11%).. 8 Dress SR A 13%)... L Dubilier Cond & Ra Duquesne Gas Cp wi Durant Motors. . Duval Tex Sul wi. Eagle Picher Lea st G & F Assoc East 8t Pow B . Eisler Electric Corp. Elec Bond & Sh (b8) 44 Elec B & Sh pt (6).. Elec Pow Assoc (1). Elec Pow Asso A (1) Elec P& Lt op war.. Emp Corporation. .. Emp G & E cu of (7) Emp G & F cu pf (8) Empire Pub 8ve (A). Emp Steel Corp. Engineers Gold. Eureka Pipe L (4) Europ Elec deb rts. . Evans Wallow Lead. Federal Baking Fiat rets (94%c¢) Ford M Can A (1.20). Ford Mot Litd 36 35c.. Foremost Dairy Pr.. Foremost Fabrics. .. Foundation For Shs. Fox Theater ClA.... Gen Empire €or (1). Gen G&E cv pt B (8) 250; GenThe Eqevpf(3). 1 Georgia Pow pf (6) Gerrard (SA) Co. Glen Alden Coal Globe Underwrit Golden Cente, Goldfield Consol, Goldman Sach T C Gramaphne rets(p1). Gt At&Pac Tea nv(6)190s GrtA&PTpf (7)., 108 Groc Strs Prod vie.. 1 Guardian Inyest 1 Guif Ofl of Pa (1%). 10 Helena Rubenstein.. 1 Hires (CE) A (2)... Hoitinger Gold(65c). Horn & Hard (2%).. Hudson Bay M&S .. Humble O} (12% ) Hygrade Food Prod. 1mp Ofl of Can (50¢). Imp Tob Can (35c).. Indana Pipe Line (1) 2 2 12 7 258 3 5 8 3 3 6 24 1 1 1 1 1 1 2 1 4 100s 9 1 7 [3 4 5 1 1 6 4 s - ST 8%) . ins Co ofNo Am 12%. intercontinent Petn, Int Petroleum (1) Int Superp (+1.10) Interstate Equities. . Inter Equ conv pt(3) Irving Air Chute (1), Jonas & N cum pf. Knott Corp (1). Kolster-Br (Am Sh). Lackawanna Sec (4) Libby McNell & L Lone Star Gas n (8¢ Long Ixld L ne N T - P Spreial Dispatch to The Star payments today, roughly est $500,000,000. | teres. paymien: lat:d, will e tota EW YORK, April 1.—Dividend dis- sem:nts on more than 2,000 sepa- | yhich * | rate issues of £io°k and large int-rest uge total meted at more than | C2nadien in- | Chemics! and Dye Co., is ca'"us will make up a divicend and in Anril, it exze.d L7 more prosperous. The a swelled by subscr] $100,000, row and the othe: | ing day. ‘The Avril ggregate turnover will to $850,000,000 this month iptions to a new issue of non - interest bea 1 ditddend list Sales— Add 00. 1 50,000,000, an im- even when business was | be of bills of the Treasury Department. Hall of the issue will be taken up tomor- r half on the follow- About 125 large corporstions whose | shares are listed on the New York Stock Exchange are included among these thet will pay dividends today. |made later in the month by & humber includes | of * companies, * amos Open. High. Low. Close. oy 20% 18% 86 102% 2% 4% 188% 109% i 3% |0 cash or stock 121, | {Plus & per cent in stock 20 | DT, 110% 1iom | el 931~ h, Lew. 6% 15 | *Ex dividend ING STAR, WASHINGTON, D. C., WEDNESDAY, APRIL 1 1931, Stock and Dividend Rat 1% Loulsiana Lan & Ex. 8% Marconi Int Mar .367 1% Mavis Bottling 3% Mass Ul Assoc..... 77 Mead Johnson (14).. 8% Memph N G Co (60¢) Mesta Machine (2).. 1% Met & Min Inc (1.20) Mid St Pet vtc B. 20% Mid WSt Ut (1%). .. 17% Aid West Ut (b8% ). 1 Midland NG A 1.20.. 12% Mid Roy cv pf (2)... 1% Mining Corp of Can.. 82 Minne-Honey pf (6). 6 MoKanPL (b10%). % Mo Kan P L vte..... 66% Mont Lt H& T (1%) 3% Nat American Co Aviati Corp pf (5% ) 79% New Eng Pow pf (6) 714 New Haven Clock. .. 46% New Jers Zine (13).. 98 New Or Pub Sv pf(7) 41% Newmont Min (4)... 101 NYP&LtDf (6)... 109% NYP&Ltpt (7). 113% N Y Tel pf (6%) 9% Niag-Hud Pow ( 1% Niag-Hud Pow A w.. 7 Niag Sh Md (40c). 18% Niles-Bem-Pond (2). 143% Noranda Min % Nordon Corp Ltd. ... % Nor Am Aviat A war % Nor Europ Gil Corp.. 28 Nor Pipe Line (4)... % Ohlo Copper. .. 98% Ohio Ofl n cu pf (6)., 26% PacG & E 1st pf 1%. % Pandem OM......... 2% Paramount Cab Mfg. 28 Parke Davis (11.45). 2 81 Parker Rust Pr (3)..350s #% Pannroad Corp (20c) 8 Penna Gas & Elec A. 59 Penn Wat & Pow (3) 20 PeopL&P A (2.40).. 1 Perryman Electric % Petrol Corp war. % Philip Morris Inc. . % Phoenix Secur Corp.. 143% Phoenix S C pf (3)... % Pledmont Hyd El n w 4% Plerce Governor. 3% Pllot Rad Tube A 5% Pitney B P n (20c 1% Polymet Mfg. . 12 Plymouth Ofl (1).... 53 Power Corp Can (2). # Premier Gold (12¢).. 814 Prudential Invest. .. % Pub Utll Hold war.. 19 4% Pub Utll Hold Cp xw 112 31% Pub Ut Hold cu p£(3) 74 Pure Ofl pf (6).. 3% Rallroad Sh (50¢). 1 Reite ™ Reliance Int A 58 2% Rossia Int Corp 30% Royal Typewriter(3) 81 SafeCar H& L (8) & St Anthony Gold. 13% St Regis Paper (1) 614Salt Creek Prod (2). 614 Saxet Co. 2% Seaboard Util (50, 19% Secu Corp Gen (40c 4 Seg Lock & H (50¢) 14 Selby Shoe (1.40) 214 Selected Industri 44% Sle Ind prior (5%). 1% Sentry Safety Cont. 6% Seton Leather (1). 3 Shattuck Den Min. 40 Sheaffer Pen (13) 314 Shenandoah Corp 20 Shen Corp pf (a3) 86 Sierra Elec pf (6) 8% Singer Mfg (12%). 1% So Am Afr Lines 1st. 18% South Penn Ofl (1). 2% South Cory. .. 5 SouthernNat Gai 5 Soutild Royalty 3% 8 W Gas Utilu 13 ¢ Spleg May Stern 30% Stand Ofl of Ind (2). 20% Stand Oil of Ky 1.60. 3215 Stand Ofl Nebr (2).. 49 Stand Of), Ohio (2%) 25 103 Stand Oil, Ohlo (5).. 40 374 Stand P& L (B) (2). 7 Starrett Corp....... 20 Starrett Corp bf (3). 4% Strauss (Nathan) % Strauss Roth... 15% Stromberg-Carl(1%) 1815 Stutz Motor (new).. 1 Stutz Motor (war).. 2% Sunray Of] (b5 %) 343 Swift Internat (3). 12 Taggart Corp. 7% Technicolor | 6% Teck Hugnes % Tonopah M 3% Tran Con ASfF Tra 6% Trans Lux DL P 24 Tri-Cont Corp war... 24 Tri Utilities (31.20).. 3% Tubize Cantilion (B) 17% Union Am Inv. 13% Un NatGas,Cai Union Of1 2i - e 8 5 AN AN T AR d e h e B e e 8 > 1 T3 [T FRUINEESPS- -+ ST TT IR ST TSP U S Rubber Reclal 1% Unit Stores Unit Vere .02 21 UtP&L B(at1.02 5% Utll & Ind.. 14% Util & Ind pf (1%) 5% Utliity Equities 52% Vacuum (4).. 2% Van Camp Pkg. % Venezuala Petrol 5 Vie Finan Corpidoc 13 Waitt & Bond(A)(2) 16% Walgreen Co. 6% Walker (H) (1) 987% West Pwr pf (7). 3 Wil-Low Cafaterlas. 8 Zonite Products (1). %), ). ® S N T » 5 Sales— te. Add 00. Open. 107% Los Ang G&E pf (6), 50s 100% 1! 1 1% 8% K 46% 9 19% 24% * 1% 1% 30 ¥ 9914 7% % 1% 2114 20% 49% 05 28% RIGHTS—EXPIRE % % Ford Mot Ltd.Apr17 148 2% % Hign, 00% 1% 8% k3 % 4614 1041 104%% 112% 113% i 19% 25% 1 1% 1% 30 % 99% T 4% 1% 4% 21% 29% 49% 105 2u 75 204 ey 1 16 26% e 3% 28 1 1% 815 " % 10% 6 24% Y% 20 13% 204 % 25% 1% E 8% 95 2% 287 100% 100% 14% 14% 6 2% * Received by Private Wire Direct to The Star Office Low. Olose. 100% 100% 1% 1% 8% 8% k) 4% 4% 101% 101% 10% 8 344 1% 1 28% 21% REMODELED POWER LINES PREDICTED Change in Electricity Trans- mission Expected to Follow 0il Developments. BY J. C. ROYLE. Extensions of the present oil and gas pipe lines, which have been a feature of industrial growth for the last year, are 14 |likely to involve a remodeling of the transmission of electric power in nearly every section of the country. This trend is being forwarded by the devel- opment of the commercial aviation lines and the necessity of providing plane passengers and pilots against the ter- rific dangers involved by power trans- mission and distribution lines above ground. The subject is being given close attention both by Government of- ficlals who are Interested in aviation regulation and power regulation and b; engineers of the great utility comp: nies and those of the electrical manu- facturing companies. The building of underground natural gas lines over tremendous distances has led to the question of whether these lines cannot be utilized to transfer elec- tric current underground. The deman: for electric current for both domestic and industrial puTom have pro- essed by leaps and bounds, and the ransfer of current above ground is be- ing vigorously opposed. ‘Transmission Problem. It seems unlikely that the transmis- sion of high-voltage electric power through oil and gas pipe lines them- selves can be accomplished as yet. Ac- cording to J. F. Peters, consulting en- gineer of the Westinghouse Electric & Manufacturing Co., such transmission usually requires several conductors, usually three. These conductors must be spaced apart at varying distances, ranging from 4 feet for 66,000 volts to 20 feets for 220,000 volts in overhead wiring. This is a larger space than would be required if the lines were un- exposed to rain or sleet. This would require at least a line of 6 feet in di- ameter for underground transmission of 66,000 volts. Oifl ¥ a dielectric in high-voltage apparatus and it should be possible, according to Mr. Peters, to use the oil in a pipe line for insulating high volt- age. But in order to be effective the oil should be highly refined, which is not the case in the contents of the normal pipe line. He points out thaf there would also be difficulties in mak- ing connections within such a line as well as in locating any failure in trans- mission as might oceur. The wires and supports would occupy some space, declares R. H. Summer- hays, engineer of the central station department of the General Electric Co., thus interfering with the primary pur- poses of the pipe line. “If it were re- quired to run an electrical circuit over the same route as the gas circuit,” he continued, “it might bé possible to lay a three-conductor lead-covered cable inside a pipe line, but a better scheme would be to lay the cable in the same trench as the pipe line and alongside it. The saving in this case on the electrical cable line might be 40 to 60 cents a foot, which would be the cost of digging a separate trench speclally for the cable.” May Reach Agreement. These og(nlom by eminent electrical engineers have given rise to the bellef in some governmental circles closely allled with transportation that some agreement may be reached for laying underground cables for electrical trans. mission in the same trenches built for gas lines. In many instances the inter- ests connected with the gas and oil pipe lines are also intimately associated with the distribution of electrical power. Underground transmission of elec- tricity is being au'anle urged not only by industrial executives whose plants use electric meer but by the fire, acci- dent, casualty -.and burglar insurance companies. These concerns feel that the reliability of power transmission is of the utmost importance and it has been said by insurnace executives that it would be better to have the police department of any large city wiped out than to have the city left without elec- tric light and power. (Copyright. 1931) Grain Market By the Associated Press. CHICAGO, April 1.—With April monthly private crop estimates expected to make a bearish showing, grain prices -wrnged lower early today. It was ex- pected that the figures of the condition of domestic Wint>r wheat would range from 91 to 92.5 per cent as against a 10-year average of 79.2. ‘Wheat op:ned at !5 cent off to 2 up, and subsequently underwent addi- tional downturns. Corn started ':aly % | lower, and aftervard declined further. 274 274 100% 14% [l 2 | 2% 13 | 14 | 11% 29 % 6% 53% 6y T 7 103% 5% 12% | % Dividends rates in doliars based on iast quarteriy tPartly extfa b Pavable in stock. & Plus 6 per cent in stock ) Plus 2 per cent in st stock m Plus 3 per cent in a1d Iast yeAr—no res & Plus Jtock. ©Plus 8 per cent in stock. 1Plus 4 per cent in stock ! e Adjustment t In stock na. | h Plus 1 10 per cent insurance Fenies. will make Ch2szpeake Pa-ific the & Co., Corpor Coca _Co! Woiks, Union G:s, Rubber, Rallroad Bystem, Lel road, New Haven Ral road, Philadelphia Co., Co., Eastman Kodak Corporation. and miscellaneous! Among the large enterpr distributions Railroa American Sheet and Tube. Goody Hudson Motor Car, Corporation, Kennecott Copper, Bosion & Maine Raflroad, Pacific Railroad, Union Pacific Rall. Large dividend payments will Co., com- | 2T€ | per cent bonds, Ohio American Cnr‘} 2 PR ‘Water retion, Brooklyn | la, Youngstown | Phelps Nickel Plate Rail- | North American | Co. and Texas & Co. International Harvester Co. and the Johns-Manville Co. | Interest will be due on’' ApMi 15 on | the fourth Liberty Loan 4Ys per cept | bonds, the largest government issue out- standing. and the disbursement in in- | terest will total more than $133,000,000. Another Government interest disburse- ises | Ment will be made on April 15 on a Treasury issue of $758,984.300 of 4, so that the Govern- Raflroad, | ment oui'ay if interest this month will Allled | amount to about $150,000,000. NEW SECURITIES NEW YORK, April 1 (P).—New se- r Tire and | curities offered today include: Mythern States Power Co., $35,000,- 000 rétunding mortgage, 4'4 per cent valla gold bonds, due 1961, priced at 971 , Southern | and interest, ylelding 4.65 per cent. by n , ® syndicate headed by Harris, Forbes United States Government, $30,000.- them Americen | Industrial, utllity, ‘raliva:d, ba: §, | Telephone & Teleg aph General Electric Salomon Bros. & Hutzler. } be | W00 90-day Treasury bills at a dis- count rate of 1375 per cent per annum, by International Manhaitan Co, &ns A ‘check bn downturns in wheat prices was effected later. The unofficial monthly crcp estimates proved less bearish than looked for. The condition futures given by the private experts varled from 86.5 per cent to 90, and avéraged 88.6. The highest unofficial estimate as to acreage abandonment ‘was 3.6 per cent. Helping further to give comparative steadiness to wheat were reports that in the last 48 hour's 1,750,000 bushels of Canadian wheat had been brought r shipment to Europe. There were 50 advices that German government regulations would hereafter permit 50 per cent of foreign wheat in millers’ grists. Previously, 80 per cent of Ger- man_native wheat was required in all grindings. Oats_ were easfer, with wheat and corn.. Provisions held steady despite downturns in hog values. U. S. STEE HAS 30TH ANNIVERSARY By the Assoclated Press. 1] NEW YORK, April 1g-Today marked the thirtieth lnnl\‘ersm’-o! the found- ing of the United States Steel Corpora- ticn, the world's largest industrial en- terprise. The day passed without celebration, but officials who took part in the for- mation of the corporation in 1901 re- called that 30 years ago the Steel Cor- poration was more or less an object of suspicion, popularly regarded as & trust. It'is looked upon by many as a model of the industrial organization of the country. Although ' the incorporation papers were filed in New Jersey earlier in the same year, it was not until April 1, | 1901, that operations began as a con- solidated concern. R R SEABOARD C0. REPORTS. The Seaboard Public Service Co., & subsidiary of the National Public Ser- vice Corporation, in its annual report for 1930 just issued, shows earnings available to common stock of $2.65 a shn;e for 1930, compared to $2.43 in 92 Consolidated cperating revenues were $14,042,670, an_in-rease of 7 per cent over the previous year. Net inccme avoi'able for div.dends of Seaboard Fublic Service Co. was $2,068,501 1930, as After payment of the amount available dends was $1,591,536 in 1930, compared with $1,457,629 the previous year. Of the 1930 gross operating earnings, 79 per cent were derived from light and power, compared with 77 per cent in 1929. Total sales of elegtricity in- creascd 12 per cent, and electric rev- enues incrcased 8 per cent. s The conso'idated balance sheet as of December 81, 1930, showed property arcount of $97,577,366, and total assets of $115,605,236. , i i = N0 ‘TRUST-BUSTING STOCK AND BOND AVERAGES. FINANCIAL i By the Associated Pross. From Yesterday's 5:30 Edition. STOCKS. gap2asgzzs hwwonabane Low, 192 .o * New 1931 low. (Copyright, CAMPAIGN PLANNED Government Not Expected to Engage in War on Trade Associations. BY DEAN DINWOODEY. The filing of an anti-trust suit seek- ing dissolution of the Sugar Institute does not presage a “trust-busting” cam- paign by the Department of Justice directed against the 80 or more national trade associations, it was learned from an authoritative source within the de- partment. The proceeding instituted against the Association of Cane Sugar Refiners is indicative, however, of the determina- tion of the officials charged with' the enforcement of the Federal anti-trust laws to put a stop to practices consid- ered by them as attempts to violate the Sherman and Clayton acts under the guise of trade practice rules adopted by the members of any industry. Co-operation Not Opposgd. Any trade association which, in the opinion of the department, is attempt- ing, either directly or indirectly, to control prices or stifie competition may sooner or later expect anti-trust charges to be filed against it and its members, but beyond this the Department of Justice is not in the slightest degree hostile to what it considers the proper activities and healthy growth of trade assoclations. Co-opcration is not op- posed so long as it does not tend toward price-fixing. Coincident with the filing of the charges against the Sugar Institute by the Department of Justice, the Federal Trade Commission announced comple- tion of its review of rules of business practice adopted during the past five years, at the commission's solicitation, by 80 industries at trade-practice con- ferences. These business codes were approved by the commission at the | time of their adoption. Later the De- partment of Justice found several in- dustries engaged, pursuant to these codes, in practices which it thought contrary to the anti-trust laws. Now ! the commission, by its review, has with- | drawn approval of those rules which it belleves might ppssibly be used to cloak unlawful practices. The fact that the Justice Department and the Trade Commission acted in these matters at the same time has no sig- | nificance. The comfission’s action has | long been awaited. Though the suit | filed against the sugar institute is the culmination of investigations by both the Trade Commission and the Depart- ment of Justice, these agencies ordinar- ily work entirely independently of each other. This policy, in fact, has led to| cross plirposes. Neither requests the | other to institute proceedings under the anti-trust statutes. They co-operate merely in the gathering of information by investigations to avoid duplication of work. us the information gathered in the investigation which the commis- sion has made in reviewing the trade practice codes will undoubtedly be available to the Justice Department. But no concerted or co-operative action is anticipated. Object of Laws. The policy of Federal officials in segking to enforce the antl-trust statutes at this particular time ap- parently does not, in their opinion, tend to retard general business recovery. The anti-trust laws, it is pointed out, are primarily aimed to protect economic op- partunity. Choking competition is not considered inducive to sound develop- ment in the business world. The con- sumer is also said to have a stake in the matter. The petition in the sugar institute case alleges that the consuming public has been required to pay large sums in excess of what it- would have been required to pay in a free market. This is not the only anti-trust suit filed against a trade assoclation T cently. Consent decrees have been ob- tained in several others within the past | few months. Department of Justice | officials would not state whether pro- ceedings against any other associations are presently contemplated. REMEDIES SUGGESTED. { Anti-Tryst Law Expert Urges Filing of Plans. NEW YORK, April 1 (Special).— “The menacé of overproduction’in in- dustry would be considerably alleviated if each member of his trade group were kept fully informed as to the conditions of the market. All mergers, amalgama- tions or consolidations contemplating interstate commerce, with a capitaliza- tion above a certain minimum specified figure, should be required to file their merger plans with some duly consti- tuted agency. Such a governmental agency should be empowered either to approve or disapprove of that plan in advance of organization.” ‘These three suggestions were put for ward today by David L. Podell, a mem- ber of the local bar, when asked for his comments on the filing of an anti-trust suit against the Sugar Institute, Inc., and the completionsof a review of trade code by the Federal Trade Commission. Was Active United States Official. Mr. Podeli, as assistant to the then Attorney General, Harlan F. Stone, was active in an anti-trust prosecution here from 1921 to 1924. He conducted cases in behalf of the Government against the Trenton potieries, the tile associa- tion, the masons, plastcrers and brick- layers associations. the cement group and the window glass group. Some of these cases were carried througl the United States Supreme Court and the litigation was successful, with the ex- ception of the window glass case. “The difficulty in the existing eco- nomic situation,” Mr. Podell explained, “is not so much in the anti-trust laws as it is in the fact that me s of these trade associations for years were grinding out merchandise without knowledge of essential facts relating to production in their.own industry.” Mr. Podell pointed out that trade associations legally may report on volume of production, stocks on hand, cost of production and prices received for commodities i transactions. 1931, Standard Btatistics Co.) | new issues which were sold last year New York Cotton Bpecial Dispatch to The Star. NEW YORK, April 1—Cotton was 1 to 3 points higher at the opening of the market today. The strength was the result of better cables from abroad and a higher range at Liverpool. Jan- uary contracts were under accumula- tion by professionals in anticipation of a reduction in the revised acreage esti- mi ning prices wer May, 10.70, up 2; July, 10.95, up 2; October, 11.25, up 1; December, 11.45, up 2, and Jan- uary 11.54, up 3. TAX CUTS PLANNED T0 AID PARIS MART New Bill in Parliament Would Lighten Burden on For- eign Loans. BY ALEXANDER HENDERS@N. Associated Press Fiancial Writer. NEW YORK, April 1—Wall Street is watching carefully the further effort to improve the position of Paris as an international money market by the in- troduction of the bill in the French Parliament lightening the taxation burden of foreign transactions of French banks. One article of the bill would make all loans granted to public com- munities tax free. However, the results to date have been rather limited. Only a fraction of the bankers’ acceptances which passed through the bank of France in the ear were created in Paris, Notwith- standing the efforts of both the govern- ment and the management of that in- stitution toward the common purpose of resuscitating Paris as a world capital center. More than a year ago the plan was initiated and some of the more onerous handicaps were removed. Moreau’s Ambition. Such an authority as Emile Moreau, until recently governor of the Bank of France and who shares with Poincare the name “savior of the franc” for their success in stabilizing Prench francs and credit, said a short time ago: “I have tried to make of Paris a great interna- tional financial market, but have failed to succeed completely and this is one of the reasons why I lack compre- hension of Parisian public opinion in the matter.” Conservatism is one of the universally recognized characteristics of bankers, 80 when a man of Moreau's ability and reputation speaks thus, emphasis is added to his words. There is still a great deal to be done. The Poincare program included the imposition of taxes on such foreign financing as a check to the selling of francs in the foreign exchange market and the consequent export of capital, but that was at a time when francs were notoriously weak. Stabilizaticn was achieved in the Winter of 1926-27 One of the greafest obstacles to pres. ent French purposes is the depression in the bond market, especially foreign | issues, throughout the world. It was really the middle of 1928 before French investors were in condition to consider investments abroad. By that time the attention of the world was fccused on the booming | American stock market. American flo- tations of foreign issues dropped sharply and foreign bond prices declined sub- | stantially. The decline in interest in bonds was by no means exclusive to France. Tha country is favcred by, one very important factor—its huge gbld stock, | which is second in size only to that of the United States. It is significant that flotations of foreign bonds in the Amer- ican market have been few. Indeed the and so far this year have been prinei- pally bonds of recognized gilt-edge | quality. There is an element in the French situation of more than ordinary inter- est. The abnormal relationship between the French and British money markets ' gives no indication of changing. The London market is indebted to Paris to a very great extent, especially on short term loans. The Bank of France alone holds enormous quantities of sterling’ exchange. Invested in Sterling. Presumably the bulk of this sterling was acquired by the French previous to the Poincaire-Moreau program which | French francs were invested in sterling as a safety measure. It is supposed also that a considerable quantity of sterling was borrowed when francs were rising as the low interest rates in London en- couraged such borrowing to buy francs and franc securities. ) This situation has hdd considerable influence on the prolopged movement of gold from England to France. The difficulty is not primarily one of finan- cial weakness as Great Britain has sub- stantial financial resources; it is largely British_reluctance to raise the redis- | count rate of the Bank of England and | to_tighten eredit. France has made tremendous progress since the stabilization rogram was adopted, it is generally admitted. It is | expected also that when conditions are | propitious greater international | financing the Paris market will get its | fair quota of loans. | e ki i SR S A may even report unfilled orders on hand. : “Such. associations may not report | on future prices—which would mean | price fixing—nor may they agree on a given price nor agree to curtail pro- duction,” Mr. Podell emphasized. Suggests Licenses. In general, Mr. Podell believes that the Government should secure relia- | ble information on major factors in in- dustry; remove one element of uncer- tainty by allowing a propossd merger t> b> submitted to the Government for approval er disapproval, and license trade group under certain re-tric- tions, se men in industry could haveg#ull, free open diccussion cong® aing their ow ! :lw n. past Many students of anti-trust legislation belleve members of trade assoclations thy ot'n gooup . with 3 i offeriminal punishment thgref.r,” (Copyright. 199 *¥3 A_I5 DECLINE IN SILVER DEPRESSION FACTOR Production Declared Too High, Considering Present Demand by Foreign Nations. Special Dispateh to The Star. ) NEW YORK, April 1.—The recen prolonged decline in the price of sile ver, an important factor in the present world depression, is directly related to the uneconomic relationship of demand and supply of the metal, ly due to the fact that is irrevocably tied up with the output of other allied metals, according to an exhaustive bul. letin on silver conditions and problems issued by A. Iselin & Co. Production of silver, largely as & by-product, ¥ is said, keeps pace with the demand for these other metals regardless of the de= mand for it, resulting in chaotic eon ditions in the countries dependent silver as a monetary pally India and China, “It is natural,” the bulletin out, “that discussion should follow & per cent decline within 18 months the value of an article used by one-half the world primarily as a by the other half primarily as & meas~ ure of values, especially when produc- | tion of the metal is not substant discouraged by decline in price. * * * “Production has been remaining con. stant during & time when uses for the metal have tended to decrease. Such an allment presents a challe to many doctors, but we are not inclined to be- lieve that convalescence in this case, any more than in the case of most sick commodities, is to be found in legisia~ tion. Perhaps efforts to popularize and increase the uses of silver for house- hold or other commercial purposes, which would follow, for instance, the discovery of alloy preventing its tar- nishing, would prove constructive, general, however, we believe that as de:ll{:e tln ‘g:l ment of world depression than a cause, 5o the best chance of stal or strengthening silver lies in a revh of world trade and purchasing power. This implies greater civil stability in both China and India and a return in those great silver-consuming countries to a more orderly and productive eco= nomic life,” SECOND I.AM‘ EST BANK. NEW YORK, April 1 (#).—The Na- tional City Bank again is the world's second largest in p&nt of aggregate re- sources. This t is discl in the statement of c}}adlunn as of March 5. ‘The Chase onal Bank, with re- sources of $2,517.816,372, remains the largest in the world. rces of the National City Bank totaled $1,842.885,588 as of March 25, compared with $1,944,245522 on De- cember 31. Resources of the Guaranty Trust Co. as of March 25 amounted to $1,806 - 380,221, compared with $1,022,425,111 on December 31 and $1,749,321,065 on March 27, 1930. As of December 31 this bank was the second largest in the country. "Money to Loan Secure by F08 2T0r deed of trest on real eatate. Joseph L Weller ‘7w 5 § T Increase the earning power of your money —invest in our —guaranteed —first mortgage —motes Secured on Homes in the Nation’s Capital 6% You have choice of the type and location of the property behind your investment. Notes denomis $100-Upwards Our Guaranty Booklet Mailed on request. REAL ESTATE MORTGAGE & GUARANTY CORPORATION 1610 K St. N.W, National 1403 Loans at 6% If you are one of the hun- contemplate in- o to “you. readily explain ‘in detail upon Jour st here at your con- veniende. Open Daily 9 to § Saturdays Until Noon NAtional 1381 949 NINTH ST NW. UNDER SUPERVISION OF U, North = Americdn Trust Also _Listed Bonds COl{RTI.AND NIXON W, National 1926 318 K_St. We Recommend— The CARPEL CORPORATION COMMON Listed Washington Stock Ezchange Annual Dividend Rate, $2 Present Price—About 22 YIELD 9.1% 1930 earnings. .4.21 per sh. Waggaman, Brawner & Co. 1700 Eye St. ME. 3880