Evening Star Newspaper, April 6, 1931, Page 15

FINANCIAL, CURB ISSUES MOVE | IN NARROW RANGE Market Turns Irregular After an Early Show of Strength. BY JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, April 6—The curb ex- | change turned irregular at midday to- day, after opening strong. Mixed news from trade centers, a further small de- cline in commodity prices, and pros- pects of firmer call money, as out-of- town banks called some $50,000.000 of loans, created trading uncertainty. Electric Bond & Share, after opening higher, lost all of its early rise. Citier Service virtually ignored the announce- ment that the merger of Richfield Oil may be abandoned. Most of the olls clung close to previous low levels. The spectacular spurt of Auburn over on the big board caused Cord Manu- facturing to climb to a new high level for the year. Stutz, Ford Motor of Canada A and Ford Motor of France were in greater demand than usual, without registering wide fluctuatiors. Gold stocks again made the best showing in the metal group. Airplane makers behaved similarly in their class- ification. Pipe lines and radios lagged. National Screen Service's acquisition of Advance Trailer Corporation was not an immediate market factor. Imperial Tobacco B rose a small frac- tion following its two-point decline in the previoius week on fears of increased British taxes. Although some retailers have been advised to expect an increase in wholesale cigarette prices on April 15, following the mark-up of cigars and tobacco by leading local chains, the various cigarette issues have not dis- counted this action marketwise. Call money rose from 2 to 2 per cent on the Curb Exchange money posi at 12:15 pm. This development had been forecast fully an hour, but when money firmed trading slowed and prices eased further. Previous to this some of the specialties such as Parker Rust f, showed signs of moving upward. Aluminum Co. of America again swung through a series of fluctuations approximating 11 points. Agfa Ansco bettered its previous high mark with a #ain of more than a point. Noranda Mines and Teck Hughes made the best showing in the gold shares. New Jersey Zinc again dupli- cated its minimum level. Pacific West- ern Oil opened off almost a point. Some of the packing issues, such as Swift International, ed. EARNINGS REPORTED. NEW YORK, April 6 (#).—Utilities Power & Light Corporation today re- 1930 net income of $7,236,840, equal to $4.08 a share on the class A stock, compared with $7,617,657, or $4.79 a share on a smaller capitalization, in 1929. ‘Total assets increased from $401,836,- 106 at the end of 1929 to $447,120,623, ‘while current assets rose from $37,186,- 641 to $49,856,835. Current liabilities amcunted to $27,525,184 at the end of :.30, against $16,858,524 the year be- ore. Harley L. Clarke, president, informed the stockholders that the corporation spent mcre than $30,000,000 for new z:atmcllon during 1930 in the United ites, Canada and Great Britain, ‘Where its properties are situated. o ‘WOOLWORTH SALES. NEW YORK, April 6 (#).—Apparently due to one less Saturday in the month, March sales of F. W. Woolworth Co. showed a moderate decline from the total for the like month of 1930. In explaining the figures, H. T. Par- &2n, president, said there were five Sat- urdays in March last year, against four for the month this year, and that a Saturday in March is equivalent to about $1,750,000 in sales, The March total was $21,723,647, a decline of 3.3 per cent from $22,481,375 for March of 1930. Sales for the first three months this year showed an in- crease of nine-tenths of 1 per cent to $60,351,720, over $60,916,843 for the corresponding period of 1930. ; BONDS ON THE CURB o {144 3535575858 28 s2328sEneys: b5 ve 5138 '49 19 ot '3 2031 s Ba3 59999592292 B Essan taneiisSnse szaSaseigssase 3555050995 0! NEW YORK CURB MARKE Note—All stocks are Stock and Dividend Rate. Affiliated Prod ~Prev. 1931~ High. Low. 22% 114 18% 15 1087 100 Alleg Gas. Aluminum Co of Alu Co of Am pt (6) Am Arch Co (3) Am Austin Car. Am Capital B Am Cit P&L (A) (a3) Am Cit PRL B b10%. Am Com P A (b10%) Am Com Pr B(b10%) Am Cyanamid B..... Am Equities Am For Pow w Am Founders. ...... Am Gas & Elec (11). Am Gas & El pf (6).. % Am Maracaibo Am Natural Gas. ... Am St Pu Svc(a1.60) Am Superpcw (40c). Am Superp 1st (6).. Am Ut&Gen cu pf(3) Am Utll&Gen (B)vte Am Yvette new wi.. Anchor P F (b10%). Anglo Chil Nit Appalachian Gan. Apponaug Co (2). Arcturus Rad Tu Arkansas Nat Arkans Nat Gas A Armstrong Cork (1). Asso Gas & Electric. Asso Gas&El A (a2). Asso Ray pf cod(6). Atl Lobos pt.. Atlas Util Corp. Atlas Utilities war. . Auto Voting Mach. . Auto Vot M ev pf pt ¢ Bahla Corp. . Bahia Corp pf.. Rell Tel of Can (8).. Beneficial 1L (1%).. Bliss Co (EW) (n1). & dlue Ridge Corp. . Blue Ridge cv nf a3. Boss M{g Co (4).... Braz Ti & Lt (b8%). Buff N&EP pf (1.60). Burco Inc. ) Burco Ine w Cable Radio T vtc. Canada Marconi. Carib Syndicate. .... Celanese 1st pf (7). Cent Hud G&E (80c). Cent Pub SvcA b10% Cent Stat El (b10%). Chain Store Devel. .., Chat Ph Al n.v. (1). Citles Service (g30c) Citles Serv pf (6). Claude Neon Lts, Inc Clev El [llum (1.60) . Colombia Syndicate. Colon Ofl..... . Cmwlth Edison (8).. Cmwlith & Sou war Com Wat Sv (b6%) .. Comstock Tunnel. ... Consol Dairy Prod. .. Consol Gas Balt 3.60. Consdl Royal (30c). . Cont Shares conv pf. Cont Shares pf (B) Cord Corp. Creole Petr G Cresson Consol (4c Crocker Wheeler. ... Cuban Cane pr opt w. Cus! Mex Mining. ... Davenport Hos (2).. Dayton Air & Eng... Deere & Co (1.20).... De Forest Radlo. .... Detrolt Afrcraft Cp.. Doehler Die Casting. Douglas Afr (t11%).. Driver Harris new. . Riia] 108 12 East St Pow B (1)... East UtilInvA.. 1 Elec Bond & 8h (b6). 574 ElecB&Shecupf5.. 1 Elec B & Sh pf (6)... Elec Pow Assoc (1). Elec Pow Asso A (1) Elec P& Lt op war... El Sharehold (b6%) . 7 13 Engineers Gold Faleon Lead. .. Fedders MIg CoA... Ford M Can A (1.20). Ford Mo of Fr(p28c) Ford Mot Ltd 36 35c. Foremost Dairy Pr.. Gen Aviation. . Gen Cable war. Gen Elec Ltd (p70¢). Gen Fireproof (2)... Gen G&E cv pf B (6) 150; Gen Pub Sve pf (6).. 20s Gen The Eqcv pf(3). 4 Gerrard (SA) Co. ... Glen Alden Coal (4). Globe Underwriter Golden State Milk. Gold Seal Elec new. . Golden Center. . Goldman Sach T C Grand Rap Var (1).. Gt At&Pac Tea nv( GrtA&PTopf (7)., Groc Strs Prod vie. . Guif Ollof Pa (1%). Hamilton Gas rets. .., Helena Rubenstein. . Heyden Chem (1)... Hudson Bay M &S Humble Of1 (3% ) Hygrade Food Prod. 111 Pow & Lt pf (6).. Imp Ol of Can (50¢) Imp Tob Gt Br t89¢c. 2258 Ind Ter Illu Of1 A, i Insull Inv (b6%). ... Intercont Power (A) Intercontinent Pet n. Int Petroleum (1) Int Utllities B. Int Utilit E Intersta . Interst Hose Mills Iron Cap Copper. . Kolster-Br (Am 8h). Lackawanna Sec (4), 2 Lake 8 Mines (1.20). Lefcourt Real pf (3) Leonard O1l. ..., 1 s 20s 11 L 1 o5 3 1 5 24% 2014 3 10 197 80 Lone Star Gas n (§8c Long Island Lt (60c) 2 1 & 1 1 2 1 1 1 1 7 1 20ld in one hundred-share exoepting those designated by the letter s (80s) (250s), which shows those stocks were sold in Sales— Add 00, Open. High. Low. cln;.. 4 49% 96 2 107 16% 15% 29% 16 THE EVENING ~Prev. 1931. Hizh. ‘Lew. 11% 5 lots odd lots. 21% 17% 102 2% 2% 162 108 25 1 5 3Ty 8% 15% 2314 9% 5le Memph Parke 55 Parker : e Pender Pennroa Penn Mex Fuel (p3). Peop L& P A (2.40).. Perryman Electric. .- Philip Morris Inc. ... Phoenix Secur Corp. Pilot Rad Tube A. ... Pines Winterfr (1) Pitney B Pn (20¢).. Pitts Plate Gl (2)... Plymouth Of1 (1) Polymet Mfg Premier Gold (12 Producers Roy Corp. Prudentia) Invest... Pub Utl] Hold war.. Pub Uti! Hold Cp xw Pure O Rainbow Lum PrA.. Rainbow Lum Pr B.. Refter-Foster. . Reynolds Invest. Rock Lt & P (30c Rossia Int Corp Royalty Corppf..... St Anthony Gold. ... St Regis Paper (1) SaxetCo.vvecenseon Seaboard Ut (50¢).. Seg Lock & H (50c). Selected Industri Sle Ind prior (5%). Shattuck Den Min. Shawingan W (2} Shenandoah Corp Shen Corp pf (a3) Sherwin Wil (t4% Silica G Silver King Col(80¢) So Am Afr Lines 1sf So Am Gold & Plat.. South CEd pt B1%. South Corp. SouthernNat Gas. ... 5 Southld Royalty 60c. S'W Gas Utllities Spleg May Stern pf..12f Stand Ofl of Ind (2) % Stand Of Swift & Swift Internat (3)... Syracuse W Mach B. Taggart Corp. . .. Taylor Milling (2 Technicolor. Inc. Teck Hughes (60c) Tonopah Mining. Tran Con Alr Tran. TransLuxDLPS8 Triplex Tubize Cantilion (B) Ungerteider Fin Cp.. nion Am Invest. ... Un NatGase,Can t1.45. Union Of1 Assoc (2). Un Tobacco Unit Chemical. ... Unit Chem pt pf (3). Unit Corp war. Unit Founders. 91y 6 U 8 Elec Power ww U S & Inl Secur. U 8 Inter Seo 1st pf. t Verde Ext (2) Uni Jtah A Utl] P& P&L B(at1.02%). Utl & I Util & Ind pt (1%) Vacuum (4) Van Camp Pkg. ... Venezuela Petrolm.. Vie Finan Corp(40c) Walgreen Co. ... West Air Exp (60c) Wil-Low Cafaterias. Winter Zonite Products (1) % | | *Ex dividend. in’ cash or stock. 1214 | {Plus 6 per cent in 2014 204 | per cent in stock 24 20 m Pl 34 34 | ppaid last vear— Stock les— Dividend Rate. Add 00. Open. Hign. Low. Close. MacMarr Stores (1). 9 % % Margay.... 1% Mavis Bottling. . Mead Johnson (14).. Mesta Machine (2).. Met & Min Ine (1.20) Met Chain Stores Mid St Pet vic A. Mid WSt Ut (1%).. Mid West Ut (b8%). Mo Kan P L (b10% Mo Kan P L vte. Miss Riv Fuel bd Mohawk Mining (1 Moss Gold Mines. ... Mountain Prod (1) Nat Family Stores Nat Investors......, Nat Pow & Lt pt (6). Nat 8 T Sec A (350¢c) Nat Sugar NJ (2)... Nat Transit (1). Nat Union Radio New Jers Zine (13) New Mex & Ar Land New Orleans Pub Sv NYP&Ltpf (7). N Y Transit (1). Newmont Min (4)... Niag-Hud Pow (40c) Niag-Hud Pow A w.. Niag Sh Md (40¢)... Noranda Mines Nordon Corp Ltd. . .. Nor Am Aviat A war. Nor Am Util Sec..... Nor Europ 0il Corp... Nor Pipe Line (4)... Nor St Pow pf (6). Nor St Pow A (8). Novadel Agene (4).. Ohio Copper Oilstocks Ltd A (40¢) Outboard Motor B... Overseas Sec........ PacG & E1st pf 1%. Pac Western Ofl..... Pandem Of1 Pantepec Oll. Patterson Sarg ( Stand Oil Nebr (2). . Stand O11, Ohto (2% ) 1008 Stand Oil. Ohio (5).. 80; Starrett Corp pf (3 1 Strauss Roth. Stutz Motor ( Sunray O11 (b5%). pex Lt Ford Mot Ltd. Apr 17 173 Dividends rates tn doll TPartly ext b Payab) Pl s 3 per cent in stock. no regular rate STAR, WASHINGTON, | Received by Private Wire Direct to The Star Office ana Sal 2 9% 315 % 4 104% * 10% 35% 1% 3 N G Co (60e) o 104 @ P - O O U O UIROL. AT T PN 1 avis ( Rust Pr ( DGrA (3% ad Corp (20¢) 1pf (6).. N e 28 elctfs. L O O e et T [T T P 13- IO -0} il of Ky 1.60.. 1 27 35, Co (2)... 28% Safety Glas: a110234). nd.. (Benj)...... - 21 RIGHTS—EXPIRE & terly or semi- t s Payabie e Adjustment divid & per cent in stock. h Plus | lus 3 per cent in_ stock. lus 10 per cent nPlus 8 per cent in stock. stock D. C., MONDAY, LIQUID CONDITION OF FIRMS BETTER Accountants Show That Most Corporations Have Weather- ed Depression Very Well. Special Dispatch to The Star. NEW YORK. April 6.—Strengthen- ing and improvement of the general fiscal position of corporations in the 1929-30 period, as compared with the 1920-21 period of depression, are shown in compilations announced by Ernst & Ernst, accountants, from published re- ports of 433 corporations whose figures are available for 1929 and 1930 and also for 1920 and 1921. The figures are classlflei. by 20 different industrial lines. 'or the aggregate of all the corporations in all the lines the main raints are as follows: Cash and_securities showed an in crease of 0.54 per cent in 1930, com- ared with 1929, and a corresponding ncrease of 3.15 per cent in 1921, com- pared with 1920. Inventories (in dollar value) showed a decline of 11.59 per cent at the close of 1930, compared with 1929, and a corresponding decline of 26.48 per cent at the close of 1921, compared with 1920. Net working capital showed a decline of 5.68 per cent at the close of 1930, compared with 1929, and a decline of 9.68 per cent at the close of 19217 com- pared with 1920. Net working capital at the end of 1930 was $6,949,000,000— much greater than the $4,706,000,000 at the end of 1921. Percentage of net working capital erpresented by inventories at the close of 1920 was 81 per cent, at the close of 1921, 66 per cent; at the close of 1929, 59 per cent, and at the close of 1930, 55 per cent. Ratio of Liabilities. Ratio of current assets (less inven- tories) to current liabilities at the end of 1920 was 1.39 to 1, at the close of 1921, 1.98 to 1; at the close of 1929, 2.76, and at the close of 1930, 3.34 to 1. Net profits (400 companies) declined 43.16 per cent in 1930, compared with 1929, and 83.93 per cent in 1921, com- pared with 1920. A number of trends are clearly in- dicated by the study, leading to the | conclusion that corporations generally bave prcgressively improved their finan- cial position from the standpoint of liquid assets and the relative amount of working capital required for inven- tories. Aggregate figures of the 433 com- panies show Current assets--In 1921 $6,350,050,320; in 1930, $8,279,523,205; increase, $1,- 929,472.885. Current_liabilities—In 1921, $1,643,- ; in 1930, $1,320,828,568; de- crease $314,156,052. Inventories—In 1921, $3,092443.301; in 1930, $3,833,412,751; increase, $740,~ 969,450. Cash and ul In 1921, $1.434,- 54,867 in 1930, 860,640, increase, $1,114,405, riti $2,548, Liquid Position. The improvement shown in the liguidity of balance sheets also clearly reflects the additional capital brought into the financial structure of corpora- tions in recent years through several vears of high profits and through finan- cings which were the means of liquidat- ing current labilities and providing substantial amounts of working capital, Inventory declines in dollar value in 1930, as compared with 1929 were rel- atively less than for 1921, as compared with 1920. Adjusting these inventories for price declines it is indicat>d that vhile at the close of 1930 inventory Guantities in mary lines snow decreases as compared with 1929, the group as a whole shows a slight increase. Certain raw material lines seem to account very largely for this increase. Adjusting 1921 inventories in a similar manner, it ap- pears that even though the price de- clines from 1920 were larger than as between 1930 and 1929, Inventory quan- tities were slightly lower at the clcse of 1921 than at the end of 1920. New York Cotton Special Dispatch the The Star. NEW YORK, April 6.—Cotton prices were 1 point lower to 1 higher at the opening of the market today. Conti- nental markets were mostly closed and there was little in the local situation to causg active trading. Local profes- sionals sold in anticipation of a bearish acreage report, but their offerings were readily absorbed by the trade and com- | mission house buyers. Opening prices were: May, 10.50, up 1; July, 10.75, unchanged: October, 11.05, unchanged: December, 11.26, un- changed; January, 11.36, up 1, and March, 11.53, off 1. Grain Market By the Associated Press. CHICAGO, April 6—Influenced by auspicious crop reports from domestic Winter wheat territory, grain prices tended downward early today. Profit taking for recent purchasers was in evidence. Opening % off to ' up, wheat later underwent a general sag. Corn started unchanged to % down and subsequent- ly declined further. New speculative selling in consid- erable volume added t> pressure that wheat labored under from profit taking. Some of the speculative selling was associated with reports that Russian shipments of grain were finding an outlet into Central Europe up the Danube from the Black Sea. Hereto- fore all of Russia’s grain exports to Central Euroj have been made by way of Mediterranean and Atlantic ports Comprehensive reports from railroad sources said domestic wheat prospects Southwest were never better at this | picture. APRIL 6, 1931. ] BUSINESS STABILITY OBJECT OF CONFERENCES PLANNED HERE| FINANCIAL. Chamber of Commerce of United States Will Make Effort to Stabilize Industrial Conditions. The possibilities of bringing about a | greater measure of business stability throughout the world will be explored at two conferences to be held soon, preparations for which are now actively | under way here. The first of these gatherings will be the nineteenth annual meeting of the Chamber of Commerce of the United | States, to be held at_Atlantic City the last week in April. The second will be the sixth congress of the International Chamber of Commerce, to meet in Washington the first week in May. Final plans for the two meetings, announced here today at the headquar- ters of the United States Chamber, disclose that the problem of stabilization of industry and employment is one to which the business men of the world are giving attention. Both conferences will present the opportunity for exami- nation of the long-range aspects of stabilization through appraisal of the difficult problems brought by the present economic situation and the train of events leading up to it. The experi- ences growing out of readjustments now taking place in business, it was pointed out, will guide the conferences in shap- ing a course of action. Will Seek Solution. In a broad sense the Atlantic City and Washington meetings represent an economic or business effort to find a solution of the overshadowing problem of industrial depression and unemploy- ment. At the Atlantic City conference expe- rienced business leaders from all parts of the country will delve deeply into such questions as the business cycle, | unemployment, pensions, employment | insurance, the effect of Government competition on business, taxation, bank- | ing ‘and credit, and other questions | related to business fluctuations. These problems will be considered from the viewpoint of practical business manage- ment. What has already been accomplished in the fleld of stabilization by individual industries will be the subject of dis-] cussion at general and round-table ses- sions. Dr. Wesley Mitchell of Colum- bia University, a recognized authority on the business cycle, will analyze and d‘eflnc the whole question of stabiliza- tion. R. R. Deupree, president of Procter & Gamble, Cincinnati, one of the busi- ness concerns which has been success- ful in reducing seasonal fluctuations and maintaining employment on a reason- ably constant level, will explain the methods used by his company. L. D. H. Weld of New York, an authority on distribution, will present marketing aspects, and Rome C. Stephenson, presi- dent of the American Bankers' Asso- ciation, will discuss the general phases of stabilization from the broader bank- ing viewpoint. In summarizing these discussions, | Julius H. Barnes, chairman of the board | of the National Chamber and chairman | of President Hoover’s National Business | Survey Conference, will discuss practical | steps suggested to keep business on an even keel. | Insurance System. The obstacles that stand in the way of extending the stabilization methods | now in use by a number of concerns to the whole field of industry will supply | the text for several important addresses. Whether the anti-trust statutes con- | stitute a bar to progress in this dir tion will be considered, together with the related question of governmental ef- forts to direct and control economic ac- tivities by assuming economic functions | in direct competition with private busi- | ness. | The practicability of developing a system of insurance, to cushion the ef- fects of industrial changes which can- not be foreseen or lie beyond the con- | trol of business management, is an- other phase of the problem. Agriculture, which presents one of the most difficult angles of the entire subject of stabilization, also enters the Harper Sibley, Rochester, N. Y., will discuss it from the standpoint of national land policy. F. E. Murphy, publisher of the Minneapolis Tribune, ' will review the steps by which North Central sections obviated some of the difficulties that agriculture encountered. The economic role of Government, in levying taxes, establishing tariffs, reg- ulating transportation and other ac- tivities, developing public facilities, shapin’ national economic policy, will have a conspicuous place in the deliber- ation of the meeting. It will be fepre- sented by Secretary of Commerce Robert P. Lamont, as one of the speakers and others. Immediately following the Atlantic City conference, many of the delegates will journey to Washington to partici- pate, with representatives from other countries, in the deliberations of the International Chamber meeting. As a basis for consideration of the larger question of world business stabil- ization, Georges Theunis, of Belgium, president of the Internaticnal Chamber, will present at the first plenary session a comprehensive analysis of the causes and effects of the depression, with a detailed report on conditions in the different countries. He will propocse remedies to hasten a return of more normal world business conditions. Agenda of Conference. The complete agenda for the Wash- ington conference, as announced today by Silas H. Strawn, chairman for the American Committee, include many of the troublesome problems now facing the business wcrld, all dealing with some phase of the question of restoring and maintaining the business equi- librium. The International Conference will dis- cuss the silver problem in the Far East, the movement toward a European econcmic union, the agricultural crisis, | the economic development of Europe and the United States, the impact of the economic crisis upon world business structures, regularization of employ- ment, tariffs and the new commericial treaty policles, and the effect of the decline in commodity prices. President Hoover heads the list of speakers. Others include Owen D. Young, chairman of the board, Gen: eral Electric Co.; Melvin A. Traylor, president, Pirst National Bank, Chicago; Sir Arthur Balfour, Sheffield steel manufacturer, Englan Dr. Alberto Pirelli, prominent Italian industrialist and a member of the Dawes and Young Committges on Reparations: Aloyse Meyer, president of the European Steel Cartel, Luxemburg, and Robert Masson, director general, Credit Lyonnais, France. Out of the conference will come defi nite proposals for dealing with inter- national phases of industrial and em: ployment stabilization. . Because of the influenza epidemic all public institutions of Derry, Ireland, were closed to the general public re- | | | *¥3 A_18 MARYLAND MILL STOCKS OF WHEAT ESTIMATED Special Dispatch to The Star. COLLEGE PARK, Md., April 6.— Stocks of wheat in interior mills and elevators in Maryland on March 1, 19 were estimated to be 400,000 bushels, compared with 530,000 bushels in 1930 and 523,000 bushels in 1929, according to the Maryland Crop Reporting Serv- ice. One of the principal reasons given for the smaller stocks of wheat in Mary- land this year is that much more wheat was fed to live stock than is usual. Elevator stocks in Vi ted at 750,000 bushe! against 832,000 bushels held on March 1 last year and 922,000 bushels in 1920. Holdings in Pennsylvania were about 1,125,000 bushels this year, 1425000 :)ual);enls last year and 1,500,000 bushels n A United States wheat stocks as of March 1 this year were estimated at 000 bushels in 1929. This report is intended to include only wheat stocks in country elevators and the smaller interior mills, which are not included in the United States De- partment of Agriculture’s reports on stocks in 39 markets or in the Bureau of the Census report on stocks of wheat 1!2 merchant mills and attached eleva- TS, U. S. TREASURY BALANCE. ‘The United States Treasury balance, announced today, as of close of business April 3, was $543,650,663.76. Customs receipts for the month to date were $3,- 957,390.56. _ Total ordinary expendi- tures, $13,152,107.58. - REAL ESTATE LOANS Made at Low Interest Ra TYLER & RUTHERFORD ne invited en high - clams Money to Loan it dy e terest wd" sommaimlenr ' Joseph L. Weller 7% 3 & 3! Your Dollars Should Be Profitable and Safe ‘What your money earns is im- portant—its safety is paramount. First mortgage notes secured on properly selected and appraised ‘Washington real estate are as safe as any security can be. The notes we are offering are avallable in denominations of $100 and upward and yield 6%. 1435 K Street, N.W. Hemphill, Noyes @& Co. Members New York Stock Exchange 15 Broad Street, New York Announce That HENRY SHEPHERD Has Become Associated With Their Washington Office Shoreham Building April 6, 1931. Telephone—National 5334 BRING your TRUCK PROBLEMS to S. 0. S. Improved service to ur customers o s + Ine creased profit from your truck operations , . « may result from a discussion with us. It costs you nothing to investigate. In most businesses no other department can so easily be made to produce extra profit as the operation of trucke. Any firm owning and operating trucks, whether 1 or 100, is in the transportation business. But the average owner of a business cannot be a truck specialist or transportation engineer. Only the very largest users can employ experts to manage their trucks efficiently. time of year and that the crop had ample moisture. Doubts that export demand for North American wheat would be sustained in the face of re- cent advances in price were empha~ sized by relative weakness of the Win- P dent. The produce market was particu- | which gives some measure of encourage- larly affected by declines in corn prices, | ment. followed closely by rye. Wheat declined | , Automoblle production for March, rc- CORPORATION ported in the middle of last week, 0 22ZZZZ: ER e 1Y w.._. asgmpeoyTTTTY pazgegayyy . AW W awsheen s | 3 : 9614 | 5895 ¢ 102 8EEE S enmeia 29! s | 3T xwW.. B4 i £ 3 115 10115 qd Gas & tand Inv 8s un Ol 8138 el PR R Ut 65 45 677 L 65 2002 10214 1014 | 10313 2015 | 2| Nippon EI P @15 53 93 tiago_Chile 7s '61 837, ihnes 75 96 xw... 83% With warran arrants. seued. REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, April 8.—The following is today’s summary of important cor- poration news, prepared by Standard Statistics Co., Iuc., New York, for the Associated Press Weekly News Review. ‘The decline in stock prices which gathered headway in the latter part of the week before last continued through last week without appreciable change in pace. As has been the case throughout recent movements the relative change of the rail stocks was least and of the utilities the greatest. Standard price index figures for 90 stocks showed a decline for the week from Thursday to , since there was no trading | on Friday, of 8.7 points, to 130.6 from 139.3. Rails fell only 4.2 points to 91.7 on April 2, while utilities fell 15.8 points to 182.7 and indusirials 7.9 points to 125.8. It is of interest to observe that the ' week’'s decline was regular, but that there were indications of termination toward the end of the period. On Sat- urday, after the above index figures had been prepared, the market showed a definite turn upward. A decline in stock prices found mod- erate reflection on the bond marke:, which showed a relatively small decline of 0.8 points for the week to 96.2 on April 2 from 97 on March 26. Commodity Markets. the commodity ; IaSTemenis 15 Tover Tovis Saene 'vrp: A8 part of the same movement, as did also cotton As has been remarked before, the causes for the falling of pric's on the different markets are difficult to place exactly. They would appear to lie, how- ever, in a general revision of prospects for the near future in the light of cur- rent industrial reports rather than in any series of apecific unfavorable news developments. The industrial reports themselves are somewhat mixed in na- ture. The week’s most unfavorable re- ports come from steel, which shows a slackening in operations at a time when increasing activity normally should be expected. Operations for the week | ended March 30 fell to about 55 per cent from 57 per cent the week b:fore, due largely to irregularity of demand from the automobile manufacturers. | Some observers believe that the aut mebile industry covered its current de- mands well in advance for this season, | but that further orders are to be ex- p cted from this source before the end of the week from the Pennsylvania Railroad. Nevertheless an indication of steel activity for the immediate future, unfavorable in character, is believed to be found in the present very low prices of melting scrap, which usually is in some demand when steel mills are active. Chain store sales for March are being recelved, but too few have reported as ct to form the basis of a definite opin- {ion. Those on hand are of a distinctly | mixed charact:r. Some important sys- | tems report greater sales for March, and | the three months are reported in dol- lars, and that present prices are below | those of a year ego. It is apparent 1 thus far ha - porting. thus nam | showed an increase over February, ris | ing to the highest level in 10 months. | Freight car loadings for the week ended March 21 were further above the week before than was expected, but still | much below the same week of 1930. News of a more unfavorable nature | comes from the utilities, which pro- | duced a volume of electric power 1.5 per cent under the same week. Unfavorable reports continue to be received from the ofl industry, where | price-cutting continues, particularly in California, and where efforts to curtail output still have not met with great | success. Efforts to effect some sort of | control are being made at present, how- | ever, the success of which will be await- ed with interest. | The Companies. Allis-Chalmers Manufacturing obtains $1,025,000 in orders from Inland Steel and a California utility company. Callahan Zinc-Lead Co. 1930 deficit, before depreciation and depletion, $65,- 910, against deficit $57,770 jn 1929. Elgin National Watch omits dividend; | paid 3742 cents February 1. General Motors March output of Oakland and Pontiac cars totaled 11 291 units, against 10,007 in February and 7,900 in January; Chevrolet truck output increased. Gruen watch declares two preferred dividends of $1.75 each. | Jewcl Tea number of sales routes 4 | weeks ended March 31 up 5 per cent; | 12 weeks, up 5.3 per cent. Kresge (5. 8.) Co. on March 31, 1931, had 654 American and 32 Canadian tcres. c-mollc’ lcbo;l; in ; number PR SO Ry nipeg market. Advices of frostedam- age to Germany's wheat and rye crops were ignored. Corn and oats followed wheat. Provisions derived firmness from up- turns in hog values. RATE INCREASE APPROVED. By the Associated Press Examiner Disque today recommended to the Interstate Commerce Commis- sion that railroads in trans-Missouri territory be granted an increase in division of freight rates from Western trunk line territory to points within the trans-Missouri area. He recommended also the commis- sion decline to change the division of rates for freight hauled between West- ern trunk line territory and what is known as transcontinental or mountain- Pacific territory. The trans-Missouri roads would, un-! der his recommendation, be given a division of rates based on mileage hauled plus 15 per cent. ‘The proceeding, which the recom- mendation would settle, was started by the commission after complaints had been received from some of the roads that divisions of rates were not prop- erly made. The examiner found that rates from territory west of Chicago to the Mis- souri River, known as Western trunk line territory, to Pacific Coast points were properly made, but that roads operating in the territory bounded on the east by the Missourl River and on the west by a line through EI Paso, Salt Lake City and Boise, Idaho, should be given an increased division on freight oing to destirations in their territory rom Western trunk line territory, or vice versa, costs you nothing to have us try. Helping firms in their profitable use of trucks is as much a part of our business as leasing, selling or servic- ing trucks. Our wide experience in every phase of truck sales and operation fits us particularly to counsel with you. We do not promise to improve your service or to cut your costs, But we may very likely be able to, and it write—now—for further information? S. O. S. Call—Metropolitan 0505 + TRUCK LEASES Why not phone or TRUCK. MAINTENANCE CONTROLLED BY GENERAL MOTORS TRUCK COMPANY Richmond Branch And Lease Truck Service 30-38 M.St. N Station, 107 West Canal St. Specializing in CommerciaWTransportation Lease Truck Service Station Paint end Body Shop l‘;lOn!t.N.W.