Evening Star Newspaper, April 2, 1931, Page 15

. FINANCIAL. WITHLOWER TREND 0il Group Weak, Public Utili- ties Show Reaction- ary Tone. BY JOHN A. CRONE. Special Dispatch to The Star. . NEW YORK, April 2—Oll shares furnished the weakest spot in today’s in) ar Curb Exchange session. Public utilities, under the leadership of Elec- tric Bond & Share, reacted around mid- day. Motors ignored the favorable March output figures. Cities Service was dull and lower. Gulf Ol of Pennsylvania, one of the | better grade of miscellaneous petroleum rhares, was the first to break into new low ground. This distinction in the Standard Oil iist was attained by Im- perial Ofl of Canada. Columbia Oil early equalled its minimum level and new lows were registered by Consoll- dated Royalty, Intercontinent Pe- troleum and others. When Electric Bond & Share sold down to 50 some of the other utilities softened. Eastern States Power B de- clined about & point and a half. Com- monwealth Edison was down more than & point. Meanwhile, some of the new issues admitted today began to appear on the tape. Moss Gold Mines, Ltd., made its bow at %s. Hamilton Gas came out at 53,. Others admitted included Mickel- berry Food Products and Mavis Bottling | new A sheres. { Raymond Concrete Pile Co. preferred with a gain of 23, points rose to a new high for the year. Mesta Machine advanced a point. Vought Manufactur- lng'hlt a new bottom. ew Jersey Zinc was conspicuously weak. On a few sales this closely held | stock sagged to & new low mark. Un- certainty over the immediate price trend of the red metal brought further n&g with these movements wese whirled, many o new top prices for the year or longer. Aluminum Co. of America opened up m points, but failed to retain all of gain in the forenoon. Centrif Plge Corporation, which reported 1930 net on common of $1.25 a share or the same as in 1929, was active, but un- changed. American Austin came out on the tape occasionally at unchanged quota- | tions following the announcement that operations of the Canadian subsidiary had been discontinued and would be transferred to Butler, Pa. The motors generally ignored the favorable March productiot: figures announced today. Air shares, unlike the previous two ses- sions, were not pressed for sale. The however, for mm'z group caused recede on small offerings. Recent sponsors of ug tinued to absent ives from the buying side. Celanese Corporation of America preferred was down about 3 points. Other textiles lagged. con- SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Bid. Offer. Allis-Chalmers Co. 5s 1937 . American Tel. & Tel. 8123 1943. American_Thread 5ss 1938. Baito. & Ohio 1933. e s it e e g B2§SS2eddress’ 83 TE SEETSESE W é‘;f% - 382! 1 Co. 58 1947... 8ias 1938 102 S8 inde.. 1 BONDS ON THE CURB MARKET. Pales in 'DOMESTIC BONDS. H housands High. Low. Noon. | 1 Abbott Daires 65 43100 100, 100 2 Aluminum Co_5s '52. 108% 108% 105% 1 Aluminum L:d s 48 100% 100! 1001 m Comwh Pw 65 '40 771z 11% §Amer G&E 55 2028.. 100 i 3 Amer G&Pow 5. 8712 Am Ro Mill 4123 2023 977 Roll Mill s 43 93!z o IS ..... 258 e R F T 38338 8E3g=s0e & FRPEUURUR.. SUUUTETUN, U - HOPQUI SO, DPPUTEL NPT - 0L JONOTT T — O 2l 9999990 bt g3isamadiadsiinun nuniiaaagaiy e EEH 538 55 BN ) 2 e L g BN & 2222232223328 231388 SSEEEEET! TARSSAC Yy 5 FOE IR 233335358 o xw 1031 £x "4 A 1ARr Mtz Bank 7s ‘47 1 Bogot %1 Bk 7 +5 gom P- Bk Note—All stocks are sold In one hundred-share lots those designated by the letter s (80s) (2508), shows those stocks were sold in odd lots. Stock ana Bales— Dividend Rate Add 00. Onen. H'zh Low Close Aero Supply A (1%5). 2 " " 9y 9 | 4 Aefo Supply B. E3™Y 3w AfM'iated Prod 1 60 17 21% 21% Agfa Arsco 23 18 184 Air Investors vie 3 1% Alab Great Sou pf(7) 108 Ala Pow pf (6 11 s Allied Mills (80c) Aluminum Co of Am 525: Alu Co of Am pf (). Am Arch Co (3) Am Austin Car. Am Capital B. . Am Capital prof 5% Am Cigar Co . B Am Cit PAL Bb10% . Am Com P A (b10%) Am Cyanamid B Am For Pow war. Am Founders. Am Gas & Elec Am Invest Inc (B). Am Laundry Ma (3 Am Lt & Trac (2%). 25 o3 0 a=SRaRaBe Am St Pu Sve(al.60) Am Sunerpcw (40c) . Am Util&Gen (B)vte Am Ut&Gen cu pf(3) Am Yyette new wi... Anchor P F (b10%). Anglo Chil Nitrat Appalachian Ga Apponaug Co (2). Arcturus Rad Tube Arkansas Nat G Arkans Nat Gas A.. Asso Gas & Electric. Asso Gas&El A (a2). Asso G & El ct (3) Assoc G & Eall ct Assoc G & Epurr Assoc G & El war. .. Assoc Rayon pf (6). Atl Lobos. ... 6% Atl Secur Corp. Atlas Util Corp. Atlas Utilities war... Auto Voting Mach... Auto Vot M cv pf pt. Benson & Hedge Bigelow-! 4 Bigelow-! 4 644 42 2 = B Nia o rneAnmbBaniiatoan Stock ana Dividend Rate. A Leonard Of1.. Lone Star Gas n (88¢c Louisiana Lan & Ex. Magdalena Svnd. . Mavis Bottling Mayflower Asso (2 Mead Johnson (14).. Memph N G Co (60¢) Mercantile Strs (1).. MerCh& SpfA6iy. Mesta Machine (2).. Mich Gas & Oil Corp. MidStPet VicA..... Mid West Ut (b8%). Minne-Honey pf (6). MoKanPL (b10%). MoKanPLvte..... Moh H P 1st pf (7).. Nat American Co. t Aviation THE EVENING STAR, WASHINGTON, Received by Private Wire Direct to The Star Office Bales— dd 00. Open. High. Low. Close. Cessse 213 1 1 1 26 o » 0003 i e e 00 10 = M 8 Nat Investors. 4 Nat Pub Sv A ( 3 Nat PS cv pf ww 315, 4 Nat S T Sec A (350c) Nat Service Co. . Nat Sugar N J (2) Nat Transit (1). Nauheim Phar. Nehi Corp (60c). 'w Eng Pow pf (6) New Haven Clock. .. New Jera Zinc (13).. New Or Pub §v pt(7) NYP&Ltpf (7)... N Y Steam n (2.60).. N Y Telpf (83)°. New Brad Oil (28¢c).. Niag-Hud Pow (40c) Hud Pow A w.. Niag-Hud Pow B w.. Niag-Hud Pow C w.. Niag §h Md (40e). Niles-Bem-Pond (2). Noma El Corp (80c). Noranda Mines. . Nordon Corp Ltd Nor Am Aviat A war Nor Europ il Corp.. Nor Ind Pub § pf (8) Nor St Pow A (8). Nor 8t Pow pf (6)... Ohlo Copper. ... Ohio Pow pf (6).. Outboard Motor B Overseas Sec. .. PacG&EIstpf1%. Pac Tin Cop spec (2) Pac Western Ofl. Pantepec Oil. Paramount Parke Davis (11.43 Parker Rust Pr (3).. Pender D Gr A (314 Pennroad Corp (20c) Penna Gas & Elec A. Peop L& P A (2.40). Perryman Electric. . Phoenix Secur Corp.. Phoenix S Cpf (3)... Pierce Governor..... 1 Pllot Rad Tube A. Pitney B P n (20c) Pitts Plate Gl (2). Polymet Mfx. . Plymouth Ofl (1).... Foterero Sugar...... Powdrill & Alex (2)., Premier Gold (12¢). Producers Roy Corp. PS. N T11(8) $100 par 100, Pub Utl] Hold war.. Pub Uti{l Hold Cpxw T Pub Ut Hold cu pf(3) 1 Pure Oil pf (6).. Rallroad Sh (50¢)... Itatnbow Lum PrA.. Rainbow Lum PrB.. Raymond Con pf (3). Reifance Int Cor B Reliance Manag. Bohack (HC) (4)... 1 Borg-War cum pf(7) 100s BourjolsInc........ 7 Braz Tr & Lt (b8%). Buckeye PL (4).... Buft N&EP pf (1.60) Bunk Hill & Sul (3). Burma rets 127 3-Se. Cable Radio T vie Canada Marcon! Carib Syndicate 9 Celanese Cp pf (7)... 50s Celanese 1st pf (7). . 1 Cent Pub SveA b10% 10 Cent Stat El (b10%). 25 Cent StEIpf (7).... 258 Centrifug Pipe (60c) & Chain Store 0 Chain Stor Chat Ph Aln.v. (1).. Chesebor Mfg (14%) Citles Service (g30c) 31 Citl rv pf (8) Cit Sv pf B (80¢).... Claude Neon Lts. Ine Clev Ei Illum (1.60). Clev Tractor (80c). . Colombia Syndicate.. Colon 011 Col Of1 & Gas vte. 21 Cmwlith Edison (3). 1% Cmwith & Sou war.. 8 Com Wat8v (b6%).. 508 18 4 30 4 3 4 3 27 3 2% Consol Copper. 82 Consol Gas Balt3.60. 5 Consol Gas Ut B vte. 2 Consol Royal (30¢).. 36 Cont Shares pf (B).. 50s 36 Cont Shares conv pf.150s 18% Cooper Bessemer . 2 2 3 1 Ro! Royal 7 CrCorkIntA(1).... % Curtiss Wright war.. % Cus! Mex Mining. 1 Dayton Alr & Eng. 304 Deere & Co (1.20, 5 MBS i nnan B8 3w Ren 1% Durant Motors. .. 5% Eagle Picher Lead 13'4 East 8t Pow B (1)... 4 Eisler Electric Corp. 40 Elec Bond & 8h (b6) 18 102% Elec B & Sh pf (6).. 89% ElecB&Shcupf 5. 13 Elec Pow Assoc (1) 20 EleeP & Ltop war.. 9 ElSharehold (b6%). 1% Emp Corporation. ... 85% EmpG & F cupf (8). Bea Starr. 1% Europ Elec deb rts. . 1 Evans Wallow Lead. 1% Fairchild Aviation.. 30 jardo Sugar. & Failcon Lead 1014 Federated Metals(1) 108 Fiat rets (94%e). . 217% Ford M Can A (1.20) 25 Ford Mot Can B 1.20. 714 Ford Mo of Fr(p28c) 14% Ford Mot Ltd 36 35c. v 3 » [UreTeon | 16 Garlock Pkg (1.20). 5% Gen Aviation........ 10% Gen Elec Ltd (p70¢). 14 Gen Empire Cor (1).. 23% Gen Fireproof (2)... 50% Gen G&E cv pf B (8) 21% Gen Petroleum. g 38% Glen Ald 7 Globe Underwriters. % Golden Center. . 4 Goldfield Consol 54 Goldman Sach T C. . 9% Gramaphne rets(pl) 1675 Gt At&Pac Tea nvis) 3 Groc Strs Prod vie. . €2 Guif Ollof Pa (1%). % Happiness Candy... 1415 Hazeltine Corp (2). 1% Helena Rubenstein 25% Hires (CE) A (2) H & (12%). o w3 Sl uteenon R Non warsoR e o s 2 a 3% Imp Chem Ind (péde) 14% 1mp O1l of Can (50¢). 14 Ind Ter 1lluONA... 534 I[ndustrial Finan ctfe 29% Insull Inv (b6%).. 52 InsCoofNo Am 12%. 614 Insurance Sec (10c). 6 Intercoast Trade (1) % Intercontinent Pet n 41 Int Hydrocvrf3 214 Int Hydro EI A war. 11% Int Petroleum «1) 21 lnt Superp (1110 5% Int Utilities B., 244 Interstate Equities. 26% Inter Equ conv pf(3 6 Interst Hose Mills, .. 734 Irviug Air Chute (1) 2% [talian Superpow A % Italian Superp war. 6% Jonas & N cum pf. % Kolster-Br (Am 8h). 29% Lackawanna Sec 2% Lakey Foundry 23% Leh Coal & Nav 1.20. P e L T 5 e Aed B o o % Dt o et atoet Pria’s ger tons 1 4 in stock. 'S o e L Roan Antelops Min. Rock Lt & P (90¢)... nt Corp. .... Typewriter(3) St Anthony Gold..... . 5t Regls Paper (1) Salt Creek Prod (2).. Saxet Co.... . Schulte Un 5c-31 § Seaboard Uti] (50c Seg Lock & H (50c Seiberling Rubber. Selby Shoe (1.40).... Selected Industries. . Sentry Safef Seton Leather (1).... Shattuck Den Min... Shenandoah Corp. ... Shen Corp pt (a3)... Smith-Corona vte. .., Solar Refining. .. South Penn Ofl (1) SoCalEdpf A (1%). South C Ed pf B 114. South C Edpf C 1%.. South Cory Southern) Sou Pipe Line (2). Southld Royalty 60c. 3 % % SW Dairy Products 8 W Gas Utility, Spanish & Gen rets Spieg May Stern pt [ Starrett Corp pf (3). Strauss (Nathan)... Strauss Roth. . Stuts Motor (new) Sunray Ofl (b5%). .. Swift & Co (2). . Swift Internat (3) ‘Taggart Corp. . Tampa Electric Technicolor. In Teck Hugnes (60c) .. Tenn EI P st pf (7). Tobacco & All Stks. . ‘Tran Con Air Tran Trans Lus DLPS.. ‘Tri-Cont Corp war Triplex Safety Gla Tri Uttlities (31.20). Tubise Cantilion (B) Union Am Inve: 4 30 2 24 5 2 5 2 6 4 2 5 s 18 3 H 3 e RIS T TR A= e T L I - Cont.. t Gas 8 3 1 5 2 5 14 . g 1 1 5 1 . 150 . A 8 Stand Ofl of Ky 1.60.. Unit Chem pt pf Unit Corp wi Unit Found, Unit Gas Corp. Unit Gas war Apf 7). &Pwr A (1). Shoe Mach (2% U S Dairy (B) U § Elec Power ww.. U 8 Elec Pwr war... U S Finishing. .. U 8 Foll (B) (50¢) U 8 & Inl Secur. U 8 Inter Sec 18t pf.. Utll & Ind pf (1%) Utility Eauities. . Util Equity of (5%). “Venezuela Petrolm. . Vle Finan Corpi40e) Voght Mfz Co (2) Walgreen Co. Walker (H) ( Wil-low Cafe pf (4 Woodley Petroleum. Zonite Products (1).. RIGHTS—EXPIRE % Ford Mot Ltd.Apr 17 375 dol rates in liars based on last Qs $Plus ¢ per cent b Payable in stock. e Adjustme Jiock, SFius 6 per cent jus 3 per cent in stock. 0t in st cer nun‘ m Plus 3 per 23% | o Paid last year—no regular rate 011 AN N 1N N BN N i e 2% 14 12% % quarterly in stock. en ock. nPlus 8 {MASS EMPLOYMENT HELD |Finsnce corporation, findings upon facts revealed by the lat- i.| NEEDED PROSPERITY AID est inccme tax and cersus reiurns. | Special Dispateh to The Ster “In 1929, generally considered as a CHICAGO, April 2.—Even though D}raizm;l‘uflvur. ?nly“! out o{devhe'ry 100 of e Nation’s families coul con- 1920 was & peak year, 92 out of every | fo NRHS SRS SO Catd Mr 100 American families were unzble t0 | Harbison. “The other 92 made a nice earn enough to require filing a personal | living so long as no emergencies, such income tax report. They averaged only |as sickness or unemployment, arose. $41 a week, while the income of the If we expect 92 per cent of our fam- lucky remaining eight families reached | il an ovu-:n:‘ a week, to a stal it made today Harbison, president of Mass employ- who based h\.s’mpm is the next problem to solve in this rge of mass production, mass dis- tribution and mass finance.” Buick Shipments Gain. NEW YORK, April 2 (#).—Buick Mo- tor Car Co. produced and shipped 10 550 cars in March, against 7,907 in Pebruary and 8,760 in March last year. The_ schedule for April wrodllm 15 13,457 .cars, against 9,601 >ghipped April of 1930, in Tk | justm ~ D. €., THURBDAY, «/ FEW CHANGES SEEN IN FIFTH DISTRIGT Monthly Review Shows Trade and Agricuiture Still | Awaiting Upturn. By the Associated Pre: RICHMOND, Va., April 2.—Willlam W. Hoxton, chairman and Federal Re- serve agent at the Bank of Richmond, in his April review of credit, business and agricultural conditions today said that some seasonal developments were not>d and that there were a few signs of better sejustment to existing condl- tionc. With the 2'plion of the few ad-! nt signs, Mr. Hoxton cald that) February witnessed no material chang2 in the trend of business in the fifih Federal Reserve district in comparison with other recent months. The month, the review said, is™wsually a relatively poor period for trade and this year was said to be no exception. At the Reserve Bank rediscounts for member banks remained at about the same level between February 15 and March 15, and on the latter date were practically the same as on March 15, 1930. The circulation of Federal Re- serve notes declined seasonally during the month, but the volume of notes outstanding continued larger than a year ago. Outstanding loans by re- ng member banks declined mode! 2 between the middle of Februa and tic middle of March, and the dc- sits drapped in similar | but time deposits in mem- | nd savings deposits in Bal- | ings banks rose. Debits to Individual Accounts. Debits to individual accounts for four weeks ended March 11, 1831, totaled 3.3 per cent less than the debits in the 11, 1931, and 11.8 per cent less than in four weeks ended March 13 last year. Business failures in the fifth district in February this year showed a sea- sonal decline in comparison with Jan- uary, but were more numerous than for any other February since 1022. However, liabilitles involved in last month’s failures were lower than those for all other Februarys except 1929 and 1926 since 1920. Labcr conditions showed no material change during February. Bituminous ! coal production in February was less than in either January this year or February, 1930, the latter comparison reflecting decreased demand this year from industrial consumers. Textile Situation Better. The textile situation improved some- what, cotton goods sales having been reported as exceeding production, and the danger of overproduction was greatly lessened by the abandonment of night work in most Southern mills. Cotton consumption in the fifth district in February was less than consumption in January this year, or February, 1930, in total bales, but on a daily basis the Pebruary record was better than that of January. Retail trade in department stores last month_averaged about 5 per cent less than the volume of business done in February, 1930, but a considerable part of the decrease was due to price de- clines @uring the year. Wholesale trade also compared unfavorably with February, 1930, trade in most lines, but sgain price changes played an im- portant part in the decline, the review said. Washington Heads 32 Cities. Building permits issued in February in most of the leading cities cf the district were fewer in number and lower in estimated valuation than in the corresponding month year, but a large .volume of work provided for in Washington brought the total valua- tion figure for February, 1931, in the | 82 reporting cities_considerably above that of last year's February total. Tobacco markets closed in February and March after selling & total cro) above that of last year, but this year's rices were low and the quality of to- o sold also compared unfavorably with the average qul\’x‘try in most years. Winter crops in the fifth district were reported as probably not up to preceding four weeks ended February|g,, ’RIL 1951. ‘Washin, call, on December 31, 1930: 1, 1930. ,828,119.51 101,603.98 16,069,424.49 8,581,034.19 19,070,435.48 4,818,956.30 3,626,826.00 6,453,823.48 18,291,111.72 1,785,051.31 53,923,961.63 6,452,399.71 Benk of Washington.. Columbia .. Commercial District Federal-American P Metropolitan .. National Capftal ... Riges .. FINANCIAL. DEPOSITS OF ALL LOCAL BANKS AS SHOWN BY CALL OF MARCH 25| EARNINGS ARE LOWER Following is an officlal tabulation showing deposits in all the banks in L gton as of March 25, 1931, the date of the last call issued by Controller of the Currency John W. Pole, the figures being compared with the last previous NATIONAf, BANKS. Mar. 25, 1931. Increase. $130,365.11 247,251,883 203,767.73 804,412.32 79,225.34 .. 176,789.12 834,721.01 312,643.06 101,843.19 5,447,204 .40 476,130.99 9,385,446.51 19.149,660.82 4,995,745.42 3,609,014.03 7,288,544 .49 18,603,754.78 1,886,894.50 69,371,166.03 6,928,530.70 Totals .. Anacostia p Bank of Brightwood y Chas 35 $1480,272.77 796,434 69 023,045.3 ntal .. East Washington Industrial ...... Inter-Exchange . MecLachlen ... Morris Plan Bank. Mount Vernon.... 649,738.88 2,122,231.10 1,040,126.64 4,206,386.60 1,443,706.86 1,579,705.33 3,454,376.06 3,517,548.49 391,220.67 6,234,412.80 1,943,670.58 2,541,085.10 2,822,710.09 725,710.91 431,993.84 Prudential 2 Security Savings & Com. Seventh_Street. United States . Washington M Washington Savings.. Wood. Lang. & Com. -$152,092,748.10 $160,889,200.28 SAVINGS BANKS. $8,796,542.18 $1:474.647.16 834,614.05 1,049,117.01 2,048,266.54 1,325.127.14 874,008.65 $83,541.75 641,849.26 2,284,802.23 1,022,050.53 4,226,451.69 1,407,272.89 ... $5,625.61 S e v 16,071.668 . 20874036 110003 65,207.21 .. . " 4,048.34 7,889.54 "'18,076.11 "'3643397 '51,021.38 ,897.05 2791865 . 127,394.20 . 717,076.31 486,901.92 Totals $40,980,200.16 American Security Munsey . . National Savings . s Unlon Trust .. Washington Loan. . $30,486,747.35 4,944,833.29 13,492,040.02 8,728,477.62 16,279,930.68 $4146740043 $487,190.27 TRUST COMPANIES. $33,362.223.93 5,333,282.23 13,718,892.53 9,223,827.60 17,982,918.94 $2,875,576.58 . 388,448.94 . 226,852.51 . 495,349.97 1,702,988.26 eeeevene. $73,932,028.97 National banks # 40,980,300.16 « 73,932,028.97 $79,621,145.23 $5,689,116.26 RECAPITULATION. -$152,092,748.10 $160,889,290.28 ,706,542.18 487,190.27 5,689,116.26 41,467,490.43 79,621,145.23 udley A. -$267,005,077.23 $281,977,925.94 P. Sav $14,972,848.71 . Auditor, National Savings & Trust Co.) GAIN IN AUTOMOBILE | TRADE 26 PER CENT| March Production Figures Placed at 187,848 Cars in Survey i of Industry. By the Associated Press. NEW YORK, April 2—The automo- bile industry in the United States and Canada made marked progress along the road to recovery in March, esti- | mates indicated today. The National Automobile Chamber of | Commerce placed output for its mem- | bers at 187,848 cars, a gain of 26 per cent over February, or substantially larger than th normal seasonal gain. | This doss not include the Ford Motor Co., output of which is estimated in | trade circles around 100,000, bringing | total March output into the neighbor- | hood of 200,000 cars, or, roughly, 100,- | 000 less than in the iike month of 1930. | ‘The Chevrolet Motor Co.’s output for March is estimated at about 80,000 | units, faliing behind Ford Motor Co. for the first time this year. Output for the entire industry in the United States and Canada for April is expected to show a substantial gain over | March on the basis of schedules an- nounced, although it is now expected in trade ctrcles that the total may come | cloZer to 300,000 units than 400,000. The latter figure was generally esti- mated a few weeks ago. CHICAGO LIVE STOE{ i(ARKET CHICAGO, April 2 () (United States | Department of _Agriculture) —Hogs— Receipts, 25,000 head, fncluding 16,000 direct; slow; mostly 15-25 higher; some heavies up less: top, 8.25; bulk 140-210 pounds, 8.1088.20; 220-320 pounds 8.10; pigs, 7.50a8.00; packing sow: 86.75; light light, good and cholce, 140- 160 pounds, 8.00a8.25; light weight, 160- 200 pounds, 8.10a8.25; medium welght, vear's average condition, due to & lack of suficient moisture in the soil | this season, and farmers were said, on | the whole, to be in a much weaker | finaneial position to undertake 1931/ farming operations. Poor ylelds and | low prices for most agricultural prod- | ucts last Fall resulted in making 1930 one of the worst vears on record for agricultural interests in the fifth dis- trict, the report said. 200-250 pounds, 7.60a8.25; heavy weight, 250-350 poupds, 7.00a7.70: packing sows, medium and good, 275-500 pounds. 6.40 26.85; slaughter pigs. good and choice, 100-130 pounds, 7.65a8.10. Cattle—Receipts, 5,000 head: calves, 2,000 head: shipper demand at stand- still naking medium weight and weighty steers very dull with prospects lower; | about steady on common and medium | grade killers sclling at 8.50 downward: she stock steady to 25 higher; most steers of value to sell at 7.50a9.00. Slaughter cattle and vealers—Steers, New York Cotton Special Dispatch to The Star, NEW YORK, April 2.—Cotton was 1 to 3 points lower at the ning of the market today. Heavy lquidation, caused | by & private estimate of new crop acre- age, and the fallure of security mar! to discount any improvement in busi- ness conditions, was partially offset by trade buying. Opening prices were: May, 10.55, off 2: July, 10.80, off 1; October, 11.10, off 2; December, 11.31, off 2; January, 11.42, off 1, and March, 11.58, off 3. By the Associated Press. CHICAGO, April 2. of in- creased vessel chartering SBouthern Russian ports saw grain prices average lower early today, with oats outdoing | the season’s low price record. Buying, | however, for previous sellers who wished to even 'up accounts in preparation for a holiday tomorrow served to steady the market somewhat. | Opening % cents off to 1; up, wheat afterwards kept near to the init'al| range. Corn started at !, decline to 1, advance and subsequently sagged further. | All grains hovered around the sea- son’s lowest prices. Corn and oats reached new bottom levels and wheat equaled the record. Selling was ascribed largely to discouraged holders. Pros- pects of an increased acreage of corn this season had a particularly bearish influence, more than offsetting at times the effect of curtailed receipts both of corn and wheat. Helping to give relative steadiness to wheat, however, were reports or early | emergence of grasshoppers in half a dazen States, especially Missouri and South Dakota, the earliest ever known in Missouri. Crop experts said timt | a prolonged wet period followed normal hatching, serious damage could be ex- pected in heavily infested fons. Bulls made much also of signs of continued good export demand for Canadian wheat. Oats swayed with other cereals. Provisions held about steady. LARGE GAINS REPORTED IN FIDELITY ANNUITIES The Fidelity Investment Association of West Virginia reports volume of | annuities written for February totaled | $4,272,000, compared with $3,430.000 for | the same month of 1930, an increase of | $842,000. For the first two months of the year new business amounted to $8,572,000, compared with $7,200,000 for th> corrssponding two months of 1930, an increase of $1,282,000. Resources vere $26,183,797 on March 24, compared with $25,047,124 as of January 1, & gain of $1,136,673. results for 1930, points ouf new an- uif books ni on the reached $47,868, an increase of more than $10,000,000 over 1929. unless the eggs prematurely hatched or & good and choice, 600a900 pounds, 8.50a 10.7 8.50a10.75; 6.2528.75; heifers, good and choice, 550-850 pounds, 7.0029.25; common and medium, 5.50 7.50; cows, good and choice, 5.0026.50: | common and medium, 4.25a5.25; low cutter and cutter, 3.2524.25: bulls (yearlings excluded) good and choice (beef) 4.5025.75; cutter to medium, 4.00 34.90; vealers (milk fed) good and | choice, 7.2529.25: medium, 6.00a7.25; | cull and common, 4.5026.00. Stocker | and feeder cattle—Steers, good and choice, 500-1,050 pounds, 7.25a8.75; | common and medium, 5.50a7.50. Sheep, 18,000; fairly active to out- | siders; mostly steady; packers bidding lower; choice wooled lambs, 9.50a9.75; clippers, 8.5028.75; hothouse springers, 16.00a10.00; lambs, 90 pounds down, good and choice, 9.00a9.75; medium, 8.50a9.00; 91-100 pounds, medium to choice, 8.2529.60; all weights, common, | 7.0028.50; ewes, 90-150 pounds, medium to choice, 3.75a5 all weights, cull and common, 2.0024.25. Pay Roll Increased. NEW YORK, April 2 () —The Eui- falo factory of the Curtis Airplene & | Motor Co.” is reported employing the | Jargest number of persons in its his- tory, with between 1000 and 1,100 workers on & full-time basis. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) hmvl:m ssld Selling checks London, pound 1 Paris, franc Br 15, belga Berlin, mark.. 2osiie 2695 3ie 26.77'%5¢ Oslo. _cror Stockholm, TREASURY CERTIFICATES. - (Regorted by J. & W. Seligman & Cop 2%s June 133 ; 3-32 i e Bent. 13, 1831, s Sept. 15, 1931 . 18, 1 100 4-1 28, Mar. 15, 193; 100 10 22 3l3s Dec’ 15, 1931:33::: 101 15-33 101 17-33 n g crown Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt Repiies to Applications JAMES F. SHEA 643 Louisiana Ave: N.W. SEASONAL DECREASE MAY BE REVERSED Mctor Car Industry, Road and Home Building Expected to Speed Up Business. BY JOHN H. VAN DEVENTER. In normal times business has a sea- sonal downward trend which begins | with the end of the first quart:r of ths | year and extends into the This year, however, it appears as if this seasonal trend may be reversed. One reason for this is that we have been bumping along on the bottom for | so many months that there is only one direction in which business can go, and that is up. But there are better rea- sons for the expactation than that one. One of them is the encouraging ex: perience of the automobile industry. People are buying cars, and that is re- flecting itself in operating rates and in employment, as well as in orders for steel and other materials. Each week brings more definite indications of a sustained increase in the business. The February output of 23 364 cars was the largest in six months. And observers are agreed that the peak month in auto production year will b> as late as June or even July. This | will be & big help to all industries and business in reversing the usual seasoral | decline. Road building and outdoor construc- tion begins to speed up with the mel ing of the snow and th: coming of fa- vorable weather. = An unusual amount of Summer activity is certain in these lines this year. The construction of natural gas pipe lines will also proceed apace, and these projects call for vast tonnages of steel, as well as much out- door construction labor. Home building has also taken an up- ward turn at last, after a long period of decline. The siump in this began a 11 year before ths stock mark-t crash. he contract for th= construction of the huge Hoover Dam, awarded t weeks ago, will stimulate considerabl activity and start some 48 millions of | dollars rolling. We can be very thankful that the increase in business during the past two months has been very gradual. Had it been a sudden upturn, a Summer slump would have been almost unavoldable. And that would have been very dis- couraging. As it is, we may reasonably hope that no dips will be met on the ugwnrd incline. « Ugited Business Pub- o opyright, 1931, by lishers’ Blireau of Economics. First Mortgage Loan Applications Invited at 5% ' Glover & Flather 1508 H St. N.W. National 1753 SALE! of Our Entire Stock of BETTER USED CARS For the first time in the his- tory of our business, we are of- fering automobiles of the latest model at prices reduced below the present market. For three days only— FRI, SAT. & SUN. April 3rd, 4th & 5th 9 AM. to 8 PM. ‘we sell regularly, and on which we bave built our re handling quality merchs PRICES MARKED PLAINLY ON EACH CAR This is your opportunity to buy the car you have often wanted but have felt you eounld not afford, MOTT MOTORS, 1520 14th St. N.W. Dec. 4341 Decrease. | #¥% A_1S SOUTHERN DAIRIES Company Nets 94 Cents Per Share on Class A Stock, Against $3.35 in 1929. Special Dispatch to The Star. NEW YORK. April 2—Th» report of Southern Dairles, Inc., and subsidiaries for year ended December 31, 1930, shows net income of $236201, after interest, depreciation, Federal taxes, subsidiary preferred dividends, etc., equivalent to 94 cents & share on 250,000 no-par shares of class A stock. This compares with $836,952. or $3.35 a share, on class A stock in 1929, . Consolidated income account for year 1930 compares as follows: Net_sales 1930 e $9.310.145 Expenses, etc 8 1920 $10.438.180 8,912,383 Balance ... 51825767 Other incomeé. . 183,047 s1.688.81 Total income. ey 289.019 427238 Moty ‘it and ot 5 nt. &hd other deductions Net income.. Py Class *$743,202 Consolidated surplus account follows: Surplus December 31, 1929, per pub- lished report for 1929 year, $631,223. Deduct deficit of subsidiary company at December 31, 1929, not heretofore con- solidated, $89.784; organization expenses and unamortized discount on subsidiary company’s preferred stock written off, 232,642, provision for additional Federai tax of prior years, $66,470; cost of ap- praisal made in 1929, $32,542; obsolete preperty and inventory write-off, $132,- 204; additional provision for bad debts of prior years, $63,502; increase in re- serve for State and local taxes, $10,007; premium on stock of subsidiary pur- Summer. | —_— AMERICAN EXPRESS BANK INCREASES RESOURCES Special Dispatch to The Star. NEW YORK, April 2.—The American Express Bank & Trust Co, which opened for business less than a year ago, reports total resources as of March 25, 1981, of $54,052,120. This com- pares with resources of $50,536,124 on December 31, 1930, and $38,782,461 shown in its first published statement as_of June 30 last year. 'posits of the bank on March 25 to- taled $25,582,686, compared with $24, 361,270 on December 31, 1930, and 819, 192,146 on June 30, 1930. Capital, sur- plus and undivided profits on March 25 \zmounbed to $15.538.415 against $15,- 00,560 at_the end of 193 The Shoreham Buildin ——o ‘A New Standard for Office Accommodations g @NE trip through the Shoreham Building, and you'll be immediately - impressed with the superiority of the facili- ties and service. Type and character of the rooms and suites—mod- ern in every way—dif- fer from any you can find in Washington and with location that is in itself an asset. Just give us an idea of what space and arrange- ment you require and let us show you how perfect- ly they will be supplied in the Shoreham Building. MSKEEVER 8GOS 5 Representative of the Owners Shoreham Investment Company Rental Office, Room 520 15th at H National Metropolitan Bank OLDEST NATIONAL BANK in the District of Columbia 15th Street Opposite U. S. Treasury EVER SINCE 181% —The Metropolitan has provided The Best in banking facilities, meeting the needs of cors porations, firms and individuals, under all business con- ditions. 3% on Savings