Evening Star Newspaper, April 2, 1931, Page 14

. of about 35,000, | while its ex] A—14 wx= rIN ANCIAL. AUSTRALIAN STATE CREDIT IS HELPED Payment of Loan Interest by Federal Government Averts Financial Crisis. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW_YORK, April 2—In spite of John Thomas Lang, flery premier of New South Wales, the 1 Govern- ment of Australia paid the interest on the New South Wales loan in London yesterday, thus preventing the immense Australian foreign debt from being thrown into chaos . Recently, Premier Lang announced that the interest on the $3,645,000, pay- able in London on April 1, would be re- pudiated. At the same time, however, he allayed the fears of American in- vestors, by sayinz that the amount of interest due in New York would be paid. Then J. H. Scullin, prime minister of Australia, announced that the common- wealth government of Australia would pay the interest on the New South Wales obligation due in London, and would sue the state of New South Wales im- mediately in the Federal Courts of Aus- tralia, to recoved the money paid. Now, Premier Scullin has paid this interest in London—and raised a very compli- cated legal question. States Have Borrowed. “Premier Lang has not only struck a blow at the prestige of Australia,” said Premier Scullin, following the an- nouncement of his decision to pay the London interest, “but he has raised questions of magnitude concerning the financial relations between the com- monwealth and the states.” How large this question looms can be scen by the fact that the various states composing the commonwealth of Aus- tralia, have borrowed large amounts of money outside Australia, in fact much more than the commonwealth of Aus- tralia itself. As of September 30, 1930, the amount of state debts was given as follows: External debts (London)...$378,954,360 External Gebts (New York). 30,686,983 Internal debts............ . 331,021,863 So the decision of one of the most important states of the commonwealth to repudiate part of its obligations went far toward affecting the credit standard of all of the state debts, as well as the national. That is why the reassurance of Premier Scullin was such important news to the world. And it was so important that when the Right Hon. J. H. Thomas, British secretary for the dominfons, announced the Scullin decision in the House of Commons the announcement Wwas greeted with wild cheering and Aus- trallan securities moved up rapidly from their low point next day. The Australian federal government in paying this state debt raises an in- volved and far-reaching lcgal question. Has the federal government, under the Australian constitution, a legal right to pay the debt? Does such an act, on the part of the fed:ral government, alienate sovereign power from the inde- pendent state of New South Wales? Thes> and other legal questions will be up for decision as soon as the case is filed, which is expected to be shortly. Civil War Debts Recalled. Such a decision on the of the Australian government recalls the fact that the British Council of Foreign Bondholders still claims a total from the United States of $336,890,000—the amount of bonds repudiated the various State governments of the United States contractsd before and during the Civil War. This amount includes the principal of $75,200,000 and interest for 58 years at 6 per cent, ,000. The British government has tried to bring this mlt”'ie'r before the United States Government at Washington, but it has never been able to do so, for the reason that the Federal Govern- ment at Washington has rejected these claims as spurious. Lang's Career. But to return to the present credit erisis in_ Australia. Who is John ‘Thomas_Lang, the ier of New South Wales, who precipitated such. bitterness into the situation, by ope‘hlyd Sl:tm" ding a repudiation of the state ? Mr. Lang was born in Sydney, Aus- tralia, 55 years ago. He worked on a farm for the first of his life and to this he attributes his great physical strength and vitality. has I Hborproblems, but - neve abor lems, Lencomlng premier was he considered more than a moderate, belonging more to the Center than r:\thzr to Right or wing of the y. ugut I"htn Lhep. le of his state elected him to power in 1925 he be- came, instead cf more conservative, more ruthless and reckless, especially in the fleld of public expenditure. He had a dispute with Sir Dudley de Chair, the English governor general, on the question of abolishing the House of Parliament when it Last year, when the business situa- tion lm;me very bad, Mr. Lang cham- pioned a most extreme program of pen- sions, shorter hours of labor, increased taxes and vast public improvements. The people were hungry and disap- pointed. They elected him again to power. Since that conditions have been going from bad to worse and with it Premier Lang has grown more rad- is views. ’n);r‘,nl:;ng. row a Left Socialist, has made a comfortable fortune in the in- crease of land values, But now he be- lieves that the only salvation for his state, as well as for all Australia, is to| repudiate their crushing debt. | For the moment he has been check- mated by Federal Premier Scullin, but the fight has only started. Mr. Lang has plenty of courage, resourcefulness and ambition. He insists he is right and further, that Premier Scullin and Federal Treasurer Theodore have no power to pay a debt, which is repudi- ated by his state It is a dramatic battle, and one fraught | with immense importance, in the inter- | national field. Managua, the capital city of Nica- ragua, largely destroyed by earthquake in the last two days, is the largest city in that country and has & population The city will have to be entirely re- built, and kfi“ K’md‘ !or“)yt must be raised outside of the country. The Republic of Nicaragua, which has a population of about 700,000 living in an area about as large as Iowa, had, on March 31, 1930, a very small public debt, about $25,000,000. Of this amount the sum of $18,000,000 represents claims | against the government for damages arising out of various revolutions, and they may be scaled down “The country itself has valuable forest lands, some gold, but it is largely an agricultural and stock country. Its chief exports are coffee, sugar, bananas, timber and hides, while its chief im- ports are textiles, machinery, chemicals and flour. Its imports from the United States in 1929 were slightly over $7,000,000, to the United States were $5,748,000. (Copyright, 1931, by North American News- paper Alliance.) PARIS.BOURSE PRICES. PARIS, April 2 (/).~Trading was dull on the Bourse today. Three per cent rentes, 88 francs 40 centimes; 5 per cent loan, 104 francs 55 centimes; ex- change on London, 124 francs 23 cen- times. The dollar ‘was quoted at 25 francs 562 centimes. The Bourse wili be closed tomorrow, Saturday and Monday. THE EVENING WASHINGTON. D. C., THURSDAY o APRIL 1931. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued From Page 13.) ~Prev. 1030~ Btock and Baies— High. Low. _ Dividend Rate. Add 00. High. 26% 18 Mo Kan& Texas..... 6 42% 29% Missouri Pacific..... 1 107 861 Missouri Pacpf (5).. 1 Montgomery Ward.. 49 Morrell & Co (4.40).. 2 Mother Lode........ 8 Motor Meter G& El.. 2 Motor Products (2).. 4 Motor Wheel 1%) 2 Nat Cash Register A Nat Dairy (2.60).... 28 XNat Dept St 15t (7).. 708 N H & Hart (6)., NH&HDL (7). Y Steam pf (6).... 10s N Y Steam 1st pf (7) 10s Norfolk & Southern. 2 Norf & West (t12).. 3 North Am Aviation.. 188 Nor Am (b10% stk). 29 North Amer pf (3) 1 North Am Ed pf (6). 1 Northern Pacific (6. 11 Northwest Tel (3).. 108 Norwalk T & R pf. 108 Ohlo Ofl (1)... 9 Oliver Farm Eq new. 1 Omnibus Corp. ...... Orpheum Cir pf (8).. 108 Otis Elevator (2%).. 31 Otis Steel....... 6 Otis Steel pr pf (7).. 208 Outlet Co (4)......o 408 Pacific Gas & El (2).. 19 Pacific Lighting (3). Pacific Tel & Tel (7). 10s 128% Pack Mot Car (60¢).. Ag P& S Panhandle P & R pf. 1008 Paramount Pub (4).. 28 Park Utah... . 5 Parmelee Transport. 2 Pathe Exchacg, . Pathe Exchange A... Penick & Ford (1)... Penney (J C) (2.40). Penney (JC) pf A (6) Penn Dixie Cmt pf. Penn RR (4)........ 112 564 4 Peoples DS pf (6%). 108 102 Peop Gas Ch (8). 7 1 Pler . .. Pierce Petrolm (10c) Pillsbury Flour (2). Pitts Coal. .. Pittsburgh Coal pf. 1 Pitts ¥ W & C pt (7). 60s 1 Pitts United Corp. 2 Pittston Co (1%). Pour & Co (B)... Port R Am Tob'A 3% Prairie Oil & Gas (2) ) ). Pub Sv N J pf (6).... 4 PubSvNJpf(7)... Pullman Corp (4) Punta Alegre Sugar.. Pure Ofl. Pure Oll pf (8)...... 8O0 Purity Bakeries (¢). Radio Corp..... Hadio Corp B (6 Radio-Keith-Orpl Raybestos Man 2. Reading Ry (4) Real Silk Hos(b10%) Remington-Rand. ... Reo Motor Car (40¢). Republic Steel. ... Republic Steel pf.... 5 Reynolds Metals (2). 2 Reynclds Spring.... 1 Reynolds Tob A (3). 20s Reynolds Tob B (3). 35 Safeway Stores (5).. St Joseph Ld (2) St Louis & San Fra St L-San Fran pf (6) Schulte Retail Strs. Seaboard Air Lins Seab Air Line pf.... Sears Roebuck $2%. Servel Inc. .. Sharp & Dohme. Sharp & Do pt (3 Shattuck ¥ G (113%4) Shell Unfon OM1.. ... Shell Un Oil pt (5%) Shubert Theate; Stmmons Co. Simms Petroleum. 7 Sinclaiz Con O1l (1).. 11% Sinclair Ol pf (8)... 1025 Skelly OAl. .. e TR Sloss Sheffleld Steel. 2 30 Sloss Sheffleld St pf. 10s 38% 2 229% 2 1 1% 102% 1023 T 28 8% T 29 38% | ular raf Stock ana Sales— Dividend Rats. ~ Add 00, High. SolvAmprww 6%.. 4 92 9% South Port Rico Sug. South Cal Ed (2).... Spalding (A G) (2).. Sparks Withing (1).. Splegel-May-Stern. . Stand Brands (1.20). Stand Comel Tol Stand Oil Exp pf (5). Stand Ol of Kan (1) Stand OII N J (12)... Stand Ol1 N Y (1.60). Starrett (LS) (12%), Sterling Sec A. Sterl Sec pf (1.20). Sterl Sec cv pf (3). Stewart Warner. Stone & Webster (3). Studebaker (1.20). Sun Of1 (11).. Sun Oll pf (6) Superheater (2%). Superior Steel. Telautograpn «1.40). Tennesses Corp(50c) Texas Corp (3)..... Tex Gulf Sulph (4).. Texas PC&Oil..... Texas Pac Land Tr.. Thatcher Mfg (1.60), The Fair (2.40). Thermold Co. Thompson (J R) (2). Thompson Prod 1.20. Thompson Starrett. . Tide Water As (60c). Tide Wat As pf (8) Tide Wat Oil pf (5) Timken Roller (3). i Tobacco Products Tobacco Prod A 195 Transamerica (1) Transue & W (1). Tri-Cont Corp. . Tri-Cont Corp pf (6) Trico Prod (23%4). ... Truax Traer (1.60). Twin City R Tr (§4). Ulen & Co (1.60). Und-Ell-Fisher (5) Un Carbide (2.60) Un Oll of Cal (2) Un Pacific (10). Un TankCar (1.6 Unit Alreraft....... Unit Aircraft pf (3) Unit Biscuit (2).... Unit Business Pub. . Unit Carbon. . Unit Cigar Store: Unit Corp (75¢) Unit Corp pt (3). Unit Fruit (4)...... Unit G & Im (1.20).. Unit G & Im pf (5).. Unit Piece D W (2). U S Express. . S & For Secur Freight. o) R oS Benemm o & o E M ORE RN R TN AN RERERR AL AN ARNNN &S 3 s % 3 Leather A.. J 8 Leath pr pf (7) Pipe & F (2).... P &F 1st (1.20).. Realty & Im (3). Rubber...... Rubber 18t pf. .. Sm& Ref pf3%. U S Steel (7). U S Steel pf (7)..... U S Tobacco (4.40). Cnit Stores A. Univ Leat Tob Univ Pipe & Rad Utll P&L A (ot2. Vanadium Corp (3) Va-Car Chem. a Car Chem pf (7). Va Iron Coal & Coke. Waldorf 8ys (1%).. Walworth Co (1) Ward Baking B. Warner Bros Pic Warren Bros (3). deccacagaaasa nRRBRERRRREE Western Union (8).. Westing AB (2).... Westing EI&Mfg (4). Westing E&M pf (4). W, Westvaco Chlor (2) Wextark Radio Strs. White Motors (1).... Wh White Sew Mach pf.. Wilcox Oll & Gas. Wileox Rich A (2%4). Willys-Overland. ... Wilson & Co A. . Wilson & Co pf. Woolworth (2.40)... Worthington Pump.. Worth Pump B (6).. Wrigley (Wm) (4).. Yale & Towne (2)... Yellow Truck....... Youngs Spring (3).. RIGHTS—EXPIRE. Sou Cal Ed...Apr20 5 2% 1% 22 2% Sales of Stocks on New York Exchange. 10:30 AM........ 200000 12:00 Noon. 1:30 P.M + 1.700,000 3:10 P.M. Dividend rates as given in the above table are the annual eash payments based on the latest quarterly or half yearly declarations. s Unit of trading less then 100 shares. tPartly extra. $Plus 4% 1n stock. fPavabie in scrip. TPlus 9% in stock. a Paid last year a P —no regular rate. b Payable in stock. # Payable in cash or stock. f Plus 8% in b Plus 2% in stock. k Plus 3% in stock. te. n Plus 5% in 1ok, (Sravable when earned. . & Plus 6% 1 k ' Patd"this year—ha ‘res: Washington Produce Butter—One-pound prints, 34a3! tub, 3215833%;. | Eggs—Hennery, 21a22; current re- | ceipts, 20, Poultry, alive—Turkeys, young, 30a32; | old, 25a27; Winter chickens, 30a3i Spring broilers, 36a38; Leghorn broilel 34a35; hens, heavy, 21a22; small, 2 Leghorns, 18a20; roosters, 16; ducks, 15; keats, large and young, 60a65; old, 25a30. Dressed—Turkeys, young, 38a40; old, 30a32; Winter chickens, 38ad Spring broilers, 45; hens, heavy, 23a2: small, 23; Leghorns, 23; capons, large, 37a38; small, 32a33; ducks, 24a25; | roosters, 16; keats, young, 70a80; old, ! 40a45. Meats—Beef, 13'5a15%;; veal, lamb, 18a20; pork loins, 2 ; resh shoulders, i strip i lard, in bulk, 11; in pack- ages, 1115, Live stock—Hogs, heavy, 7.00a8.50; medium and small, 8.25a8.50; pigs, 7.50 88.25; loughs, 4.00a6.00; calves, 9.00 Spring lambs, 10.00a13.00. Fruits—Strawberries, quarts, 25a30; | | pints, 10a15; oranges, California, 4.00a- 4.25; Florida, 4.00a4.25; grapefruit, | 2.2523.00; honeydews, Argentina, 2.50a- | 2.75; grepes, Argentina, 4.50a5.00; pine- | | apples, 450; lemons, 4.50a6.00: apples, per bushel basket, 1.0022.25; box stock, 1.75a2.50; pears, 4.50; rhubarb, 5-pound | boxes, 50a75. | Vegetables — Potatoes, 120 - pound | sacks, 2.65a8.75; Idaho bakers, 100- | pound sacks, 250; Florida, new, per bushel, 3.00; sweets, per bushel, 1.25a- 1.50; cabbage, new, per hamper, 1.25a- 1.35; old, 160 pounds, 1.50; spinach, 7921.00; kale, 1.00; turnip greens, 1.00; cress, 1.25;. caujifiower, 2.00; tomatoes, . per pan, 1.00a1.10; peppers, 4.0025.50; string beans, 3.00a5.00; limas, 5.50; peas, crates, 525a5.50; baskets, | 3.50; cucumb:rs, hot house, per dozen, 22582.50; carrofs, 250a2.75; _beets, 250a2.75; lettuce, iceberg, 225a3.25; celery, 3.50; asparegus, 4.00a4.50. 13al5; fresh NEW SECURITIES NEW YORK, April 2(#).—New Se- curities offered today includz: No fewer than 80 bridges are to be constructed on the mew highway from Federal Intermediate Credit Banks, $11,000,000 3 per cent debentures for re- funding purposes, dated April 15, 1931, and maturing in 6, 9 and 10 months, by Charles R, Dunn, fiscal agent. Stock Exchange Closes Tomorrow In Annual Custom' By the Associated Press. NEW YORK, April 2—Activity will|cyy be suspended in the financial com- |Fiftn Saturday, Hide NEW YORK, April 2 | counter market— Banks. America .. Bank of U ChaBe ... vvs5 Chat Phenix enue rst Natl N ¥ munity tomorrow in observance of | Fust Natl N Good Friday. The New York Stock and | Manhattan Co Curb Exchanges and the commodity ex- | People’s Natl changes will be closed for the day. | Business will be resumed in most of the markets New York Stock and Curb Exchanges. Silk Exchange, grain market will open on that day.| Exchanges remaining closed for both Priday and Saturday will be the Rubber, | Iiving Lol R S and | ARNERiTe Banca Comm Ttal Bank “The of N T o Central Hanover £ April 4 Exchange and Westchester Title & Ti NEW YORK BANK STOCKS (#).—Over-the- Bid Asked. 55 58 1% 9 96 99 w82 Trust Companies. STOCK AND BOND AVERAGES. By the Associated Press. Prom Yesterday's 5:30 Edition. STOCKS. 50 Industrials. 10 Utilities, 100.9 100.9 IBOND VALUES SAG | IN QUIET MARKET Money Market Tightens at Prospects of New Treas- ury Financing. BY F. H. RICHARDSO! Special Dispatch to The Star. NEW YORK, April 2—Bond trading today was dull and prices had a sag- ging tendency. The weakness was due more to indifference than to any new factor. New bond offerings were only about $11,000,000. Wednesday's heavy selling of United States Government bonds had subsided to a great de- ree. B rew tssues in course of preparation, while weighty, are not likely to come in large amounts in the immediate fu- ture owing to the imminence of an- other heavy plece of Treasury short- term financing as a result of the sol- dires’ bonus loans. This latter fac- tor, of course, resulted in some funds being held for inyvestment in the Gov- ernment paper. This time, it was re- ported, the Treasury would resort to the sale of certificates, probably to the amount of $150,000,000 or $200,000,000. ‘There was a tightening in the money market, with 90-day loans firm at 1% to_2 per cent. New issues in prospect include $40,- 000,000 of National Steel bonds and an _issue by Newton Steel. In the domestic list even the demand for high-grade securities had subsided. American Telephone 5 were off a shade. Atchison General 4s were un- changed. Great Northern 7s lost frac- tionally. There was firmness, however, in Columbia Gas & Electric 5s, Illinols Central 4%s, New England Telephone 4155, National Dairy 5%s, New York Telephone 4'¢s, Northern Pacific Gen- eral 3s, Pennsylvania 4'4s, and Stand- lard Ofl of New Jersey 5s. One of the individual features was the further gain of over 3 points in Pathe Exchange 7s, which touched levels over 34 points above their low of January 3. Other amusement company obligations, however, were weak, includ- ing Warner Brothers Pictures 6s, Para- mount-Publix 5'2s and Famous Players 6s. A few of the junior rails, which have had a declining trend for over a week, had small recoveries. Among them were Chicago Great Western 4s, Internation- al Great Northern adjustments and Alleghany Corporation 5s. Missouri- Pacific bonds, however, were all lower. Oil company bonds reflected weakness in_their companion stocks. Foreign dollar issues were the most active part of the market. In the Scuth American group Argentine 6s were fractionally higher. Wheat crop reports from the Argentine were better today. Brazilian issues had a mixed trend, with one issue of 6'2s higher and one lower. Rio Grande do Sul 8s gained a point. Uruguay 6s were 2 points higher. Chile 6s also were strong. Australians con- tinued to gain. German government 5135 Were up nearly a point and German Central Bank obligations were supported. A re- view of German conditions published here today declared that “easier credit conditions and relief from the shortage of investment funds, which has proved such a handicap to a business revival, should follow the adoption last weel of a balanced 1931 budget, together with measures for the relief of agriculture.” Washington Stock Exchange SALES. ‘Washington Gas 6s “A"—$1,000 1017, $400 at 101%, $200 at 101'4, $500 at 10134, The Carpel Corp.—25 at 2213. AFTER CALL. Washington Gas 5s—8$1,000 at 10515, Coplu:nbh Sand & Gravel pfd. at 415, Capital Traction 55—8$1,000 at 793;. ‘Washington Gas 6s “B"—$400 at 104!, $100 at 104!5, $800 at 10415, ‘Washington Gas 6s $1 000 at 102, $300 at 1012, $100 at 101, $3,000 at 10175, $200 at 10115, $300 at 101%. Capital Traction Co.—10 at 34%. Notice—This exchange will be closed tomorrow, Good Friday.” Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked. & Tel. 4%i8 °39...... 12982 . il tr. 88 ot. R. R. 55. Amer. Tel. . Guar. . & P. Tel. of V. Capital’ Traction R. R. 55 City & Suburban 5s... .. Georgetown Gas_1st Potomac Elec. Cons. 5 Potomac Elec. 65 1953 . Wash., Alex. & Mt. Ver. ctfs.. Wash Balto, & Annap. 5s Washington Gas 412s...... Gas 55 Washington MISCELLANEOUS. Barber & Ross, Inc., 6'as. Chevy Chase Club 5%as.. Columbia Country Club § D. C. Paper Mg 3 Wash. Mkt. Cold 5 Washington Cons. Title 8s. STOCKS. PUBLIC UTILITY. Tel. & Tel. (9).. Traction ' Co Amer. & Elec. com (7). 423 & Elec. pfd (5).. NATIONAL BANK. a9).. Wash. Rwy. Capital (98} Washington (i3}, TRUST COMPANY. Amer. Security & Trust Co. (15)* al T: (6) 2 Trust (131} Bk. & Tr. Union Trust Wash. Loan & Trust (14) | SAVINGS BANK. Bank of Bethesda (68)..... Commerce & Savings (10) | East Washington (12)..... 7 | Botomae (10)......... v Sav. & Com. Bk. (I7). United States (30) Washington Mechanics (20)...., FIRE INSURANCE. American (12) Corcoran (10 Firenten's (8 National Union {i8)] : TITLE INSURANCE. Columbia (6h) .. Real Estate (6 MISCELLANEOUS. Barber & Ross, Inc., com....... Col." Medical Bldg. ‘Coro. (6. s Emer. Bromo-Selz 3 Federal Storage pfd. (8)..". Fed.-Am. Co. com." (1.201) . Tr. & Stee. Mer. Tr. & Stge. ptd. Mergenthaler Linotype (6):. Natl. Mt v. DI, (8] *Ex dividend. FBooks closed. CHICAGO DAIRY MARKET. CHICAGO, April 2 (#).—Butter. re- ceipts, 8,113 tubs, firmer; creamery-ex- tras, 92 score, 274; standards, 90 score carlots, 27%; extra firsts, 90-91 score, 2 69,; firsts, 88-89 score, 25Y5-26; 24%4-25. 87-87 score, 28,847 cases; steady; extra 1,; fresh graded firsts, 19-19%; ordinary firsts, 18%%; packed firsts, 21%; gorage packed extras, 21%. [ s BONDS Received by Private Wire Direct to The UNITED STATES. (Sales are in $1,000.) Sal Lib 8%s 32-47 US3%s40-43.. US3y US3%s43-47.. US3%s 46-56. U S 48 445 US4%s47-62.. Sales. High. ADItIbI P& P 68’53 16 6% 43.... 1 964 Allegheny 58 '44... Allegheny 53 °49... Alleg Corp 58 '5 Allis-Chalm b Am1GChb3%s’49. Am IntCp 5%s'49.. Am Metal 535 '34.. Am N Gas 6148 '42., Am S&R 18t b3 '47. Am T&T cv 4%8'39 Am T&T b3 '65. Am T&T c tr 5346, Am T&T 558160, Am T&T 6%s 43 34 Atchison adj Atchison gen Atchiscv 434841, , Atch Ariz 4%s'62.. At& Danv 4s '48... At & Danv 2d 45’48 Australia 4148 ‘56, Australia 63 ‘65 Austraila 58 ‘57 Austria 7343 B&O L] B&O4%s'33 2 O conv 434860, B& B&O B&O B&O B& O P&WV ds’il, B & O Sw dy 68 '50.. Batav Pet 4 %4s Belgium 6s '65 Belgium 78 '55. Belgium 75 '56. Bell Tel ’a 68 B *48 Bell Tel I'a 65 C Beth Steel pin 55'36 Beth St rf ; Bolivia 7s "6 Bolivia 8s 4 Bordeaux 6s Eremen 753 Bklyn Elev 6% BRIyn Man 6s 6 Buft Gen El 4% '8 Bush T Bldg 5 60, Canada 5s '52. Can Nat 438 ‘54, Can Nat 414867 Can Nat 4345 '68. Can Nat 4%s ‘65 Can Nat 58 July ‘69, Can Nat 55 Oct '69. ‘an Nor 4%s '35 Nor 6% s db ‘46 an Nor 7s deb 40. Can Pac deb 4s. Can Pac 4338 '46. .. Can Pac 4%s '60 Can Pac 5s ctfs 44, Can Pac 58 54 Cent Pac 5. Ches Corp 68 47 C&O gen 434592 B&Q 1t rf 63 71, Chi & Alt3s. . CB&Q I1dv 315849 Chi & Eas 11 68 '51. Chi Grt West 48 ‘59 Chi Ind&L gn 5566, Chi M StP&P bs *7 ChiRIcv4als Chi RI&Pac 41%8'52 Chi Un Sta 43s '63, Chi Un St 5844, ... Chi Un Sta 6%s°63. C& W Ind cv 4s'52. C& W Ind 5%s62.. Chile 78 *42 Chile Cop db 5547, Christiana 6s '54. .. Clev & Pitt 414877 Clev Term 4%s 77, Clev Term 535 *72., Colomb 6s Jan '61.. Colombia 6s '61 Oct Colon Of1 6538 Colo & Sou 4% . Col G&E 5s May 52 Com Inves 5849, £ 5850, ConGN Y b5%s 45, Con Pwr Jap 6% Con Pow Japan 7s., Copenhag 4%s '63 2 Cuba RRrf 7%s'36 Cuba Nor 5%s *42.. Czecho 93 '52 el Del & Hud rf 4543, Del & Hud 63837, Denmark 438 '62. . Denmark 5% ‘55, . Denmark 6s '42. D& R Grgn 4s ‘36 D& R Gr4%s'36. Det Ed G&R4 %361 Dodge Br cl 6 40 Donner St 7s 42 Duquesne 4158 Dutch Fast I 6s'47. Duteh East I 6562, El Salvador 8s'48. Erle 15t con 489 French 78 *49 z French Gvt T3%s "41 Gelsenk'chen 63 '34 'able 58 47, Gen Motors 6337, , Gen Th Eq 6s'40. .. German 5%8°65. .. German Bk 6s'38.. German 7s rep '49. ., Goodrich cv 63 '45. Good 1st 6%s'47. .. Goody'r Rub 68 '57. GrandTr sf db 6s'36 Grand Trunk 7s 40, Grt Nor 4%s '76 D. Grt Nor 43877 Grt Nor 1st Grt Nor g Greek 68 Halt! 6s 52 HavERL&PG Hav El Ry 6%s'51. les. High Low. Close. 10 101 26 101283 10128 List4%s32-47. 20 102 25 102 25 10225 L4th4% s 33-38 148 103 26 108 23 103 23 26 10110 1016 1018 1-43.. 43 101121016 1016 6 101 18 10118 10118 1 10517 105 17 105 17 4.... 50 107 18 107 16 107 18 2 11123 11122 11122 Low. Close. 6% 284 FINANCIAL rrocs sxcmuner] EXCHANGE Ofice Sales. High. Low. Close. 3 52, Int& G Nad 6s°'52. Int Hydro El 6s°44. Int Match 58 47 Int M Co 5s ret Int MM col tr 6s " Int Pap wrei.. Int Pap 5 . Int Ry C A 6%s 47, Int T& T 4%s"63.. Int T&T cv 445 ‘89 Int T & T 5855 Italy 78 °51. . Italy Pub Sv 78 '52. 7614 %8 54 Jugosl Bank 7s '57. Kan CFtS&M 4¢s '36 Kan City Sou 3s '50 Kan City Sou Kan City Ter KanG & E 4% . Karstadt 6s°43. ... Kend 5158 48 w Kreug & Toll bs ‘59 Lacleds 5%s C '53. Lake Shore 3%s ‘97 Lautaro NIt 6s ‘4. LehV cv 438 2003.. EEETEE - S PITery-ey Lorillard 7s '44. Lou G & EI 6 L&N McCormack 68 '34. . McKes& R6% Manh Ry 1st Marsellle 6 . Mich Cen 413 °79 Milan 63%s ‘52 M StP&SSM con 4s. M StP&SSM 55 '38., MK&T 1st MK &T prin Mo Pac gen 4s Mo Pac 68 F"77.. Mo Pac 58 G *78.... 36 Mo Pac ref 68 '31...160 Mo Pac 5%scv'49.. 16 Mobile-Ohlo 55 '38 Mont P db 6s A ‘62 Mont Tr 1st 65 "41 Montevideo 65 '59 e 2o £ 17 N Y Cent 438 2013.630 35.. 51 NY ELH&P bs NY NH&H 4% NY NH&H clt NY O&W n 4s°55.. NY Rys Inc 65 '65. . NY StRy 6%5'62., NY S&W 1st 6 N'Y Tel 438 N ¥ Tel 6 Nord 6%s ‘50 Nor & Wn ev Nor Am Eq 58 °67. . Nor Am Ed 6%s 63 Nor Pac 38 2047..., Nor Pac 4%s 2047, Nor Pacr{ 65 2047. Nor St Pw 53 A *41. Nor St Pw 6s B 41. 3. Ore Short L 5s gtd. Oreg-Wash 43 °61. . Orlent dev 53 Orient dev MNASH® MO DA Paris-Ly M 6s '58. ., Paris-Ly M 7s'58.. Paris-Or 5%s'68... 16 Pathe Exch 7s '37.,.139 Penna 4% s D'81.. 206 Poland 8s Porto Alegr Por RTam 6s"42.. Pos Tel & C 55 '53. . Prague 7%s'53. ... Pressed St C 5s '33. Pub Sv G 434870 Pure O 5% s '37 Queenland 7 Queenland 78 *41... Read gn 4% s A "97.. Rem Arms 6s A '37. R5%%8A4T..: Rhinelbe 6 Rich Oli cal § Rlo d Rio Gr W 1st 48°39, RIAr&L434s'34. Rome 6348°52. Roy D és 46 ww... StL IM R&G 45°33.. StL&SFindsA.. StL&SF 434878, St L&SF prIn 6s B, StLS W 1st 4589, StLS WBs'52..... Smo Pau 7s 40 rets. Sao Paulo 8s ‘50, Saxon 7s ‘45 8814 | Seab A L 4s st '60.. 711 | Seab A Licv 63°45.., 72%, | Serbs-Cr-S1 75 °62 721, | Serbs-Cr-S1 Sinclaf Stno O ons Skelly Of1 5%s°39.. Sou Bel T&T 58 '41. Sou Pac ref 4s '55.. Sou Pac 4%s 'l Sou P 4148’69 ww.. Sou P&OT 4% Sou Ry gen 43 Sou Ry bs '94. Sou Ry 6s '5 Sou Ry 6%5 ‘66 Sou Ry M&O ¢s 38. St Oil N J 6846 o B8 ons Tex & Ark 5%8°50.. ‘Tex Corp cv bs "44.. Tex & P 1st 58 2000. Tex & Pac 5s B'17. BaBrre o 5 95 95 95 9 100% 100% 100% 1 92% 921 92% 98 86% 60% 90 92 96% 8415 4 65 1011 B4% 631 98 105% 105 101% 81% 62% 105 i 100% 101% 82 101% 0% 90 90y My 9K 9% 100% 100 1001 81% 0% 81 981 98% 981 102 101% 101% 107 107 963 96% 4% T24 7234 105% 105% 108% 109% TEXTILE INDUSTRY MAY AID RECOVERY Larger Seasonal Sales Held Likely to Assist General Business. BY J. R. BRACKETT, Assoc ated Press Business Editor. NEW YORK, April 2—In the $8,« 000,000,000 Royal House of Textiles there has been family trouble, as im nearly all American industrial houses, King Cotton's huge domain has pro- duced too many of the white puffs that give him power. Prince Wooi has seen the coats sheared from his Kingdom of Sheep, remain merely as wool fibers — not coats and suits that bring cash. Queen Silk, always a sensible per- son and never making a great many, too many pretty Gresses. nonetheless had not sold nearly as much of her AndCount Rave, the pretend ‘oun on, the nder, whose cloth comes from chemical vats, needs more purchasers—if he is to usurp the textile throne. Recovery in 1921. But this royal family was the first to recover from - industrial troubles back in 1921 during another depres- sion and now, 10 years later, it may again be foreshadowing a Te- “Inihe first place thy n the first place there are fewer goods to sell. Merchants are not nearly so full of the dead weight of unsaleable merchandise that keeps the merchants’ money tied up. Such stocks of cotton in February were 319,328,000 yards—the figure representing 70 per cent of the staple and course goods of the industry — the lowest in _several years. And unfilled orders were 395« 802,000, the highest since December, 1929. Meanwhile, sales of 326,691,000 yards were the highest since last Sep- :;::ber—wmh is'8 per cent more than three-year average, and defini| T Gotton s the. ead - n e ler—even & - tacular leader. But how much om gains represent a demand for goods long held back by empty pocketbooks; and by seasonal influences cannot be known. Another six months should tel) the story. People likewise demand more wool, more clothes to replace their wardrobes. Ten rer cent more wool went into manufacture in January than in De- cember. Wool clothing” prices are the lowest, since 1919. The number of looms making the thread for your has gone up materially in the last few months—but there still are a great many looms not operating at all. Per~ haps in all the textiles, there’ll be & smaller production from now on—per= haps the textiles will be the first to prove that you should not make more than you can sell, Silk Industry, Bilk people, always on top of the sta< tistical figures, never hnveprell. the de- pression as has other industry. steel ingot production found its lowest level at 40 per cent below normal, silk dropped just once to 20 cent sub- normal. In January and l;'el;:ru;ry,'il“m- : seasonal. Rayon manufactories were in ction than in 1930 the first months this year, but rayon, ne comer in the textile family, is a rela~ tively poor indicator because it does not r':'ve as stable a market as do. the other But cotton, wool, silk and products are being made in im catug amount, these early- months of-1931— made in a greater percentage of n- ey eep o, 5 1hey did 10 ey aars ), &S b they may lead the again—not to miuoyfl:m prosperity, but to stability, business lead agree, most important, g iy CIGARETTE PRICE RISE IS EXPECTED SHORTLY uu}::vlv Dispatch to The Star. YORK, April 2—A move for higher retail prices on the leading brands of cigarettes may follow the es- tablishment next Saturday of higher ices for cigars, which was announced week by la; retail tobacco bets Tor ion edules rs for er price sche . In a letter printed in the United States To- first ovlciugg:lhe 2 ot the Unitel Sioms N Stores Co., declared oo 1091 10915 113% 113w 95% 9514 106% 106% 107% 107% 104 104 - 96% 974 110% 110% 95 95 95% 95% Tex & Pac 58 C'19.. Third Av ref 4s°60 Third Av adj 6 '60. Third Av 1st 58 '37. Toho El Pow 78 55. Toklo 5%s 61 Ulst & De Un 1.t {Un 109% - Un 95 |Um Pac4%s'67.... b 954% | Unit Drug ev 68’63 8 94'; Utd King 6%s'37.. 17 4 1 Ed 1 49 49% 2T% 2T% 951 95% 100% 160% 95% 95% 69 69 98% 99 92% 92% 95% 9544 101% 101% % 9974 1024 102% 4 106% 89 Hud & M adj 68 '57. Hyd & M rf 58 57.. Humble Ol 53 *37.. Hum O&R 6%s '62. M BTIstpf6sd.. Cy T=F WR-TEITN @ ac rf 4s 2003 6. .. Int Rap Tr sta *66..130 Int Rap Tr 68 °'32... & and tobaccos at prices that represented a reasonable allowance over cost. “Disregarding our experience, we feel that the trade in general would follow a leader mnklns an advance in prices, and that we aré observing the situation very closely, believing that the move- ment is not only constructive but really necessary to the best interests of the retailer, jobber and manufacturer.” Retailers declare that the present margin is inadequate, and the estab- lishment of a price scale of 15 cents & pack and two packs for 27 cents has been suggested. Under the present scale the profit for the retailer is about 2 per cent. The merchants feel that a profit of 8 or 10 per cent would be Justified. If the retail price of cigarettes is ad- vanced, jobbers would b> able to raise the wholesale price, so that the profit of all distributors would be increased. The United Cigar Stores Co. and the Schulte Retail Stores Corporation will increace the price of cigars at the end of this week. United Cigar Stores will establish a price of six cigars for 25 cents on 5-cent cigars, which are sold at present as low as five for 18 cents, an officer of the company declared, Furnaces Relighted. NEW YORK, April 2 (#).—] lic Steel Corporation has relighted two cpen-hearth furnaces at the Bourne- Fuller plant in Cleveland, producing steel at the works for the first time since June of last year. Sales. High. Low. Close. L1 884 BT 87K 2 102% 102 102% 2 108% 103% 1084 10 474% 73 Ut Pow 5%s *47.~ Vert Sug 1st 78 "43.. Vienna 6s ‘52 Wabash 2d 6s °! Walworth 6s A *45., Warn Br Plc 6s'39. Warn Quin 6: e Warner Sug 7s *41 Warsaw 78 '68..... Wst Sh 1st 4s 2361, West El deb 53 °44 gnx Ma 4s 62 Yokohama 6s°61... % Ygotn Sh&T ba ‘18,