Evening Star Newspaper, April 7, 1931, Page 14

A—14 sx% FIN ANCIAL. TARIFF ACT RAPPED AS ECONOMIC BLOW Peace Foundation Denounces Smoot-Hawley Law—Labor Chief’s Position. ~Prev. 1931~ High, ‘Low. BY JOHN F. SINCLAIR. Epecial Dispatch to The Star. NEW YORK, April 7—The Carnegie Foundation for International Peace has issued a sweeping denunciation of the Hawley-Smoot tariff act, which in- creased United States import duties on 890 different commodities, Here is the summation of the article: “It was a blow struck by one nation &t the economic stability of 60 nations. * * * It was a blind, desperate effort of a great country to hang on to the top of the ladder by kicking at every other country. * * * A national tarift act, passed in utter disregard of its consequences _abroad, is today an an- achronism. It is a throwback to an age of savage conques The foundation contends that because of the Hawley-Smoot act 45 different countries already have increased their tariff duties. that American exports have dropped off more than $1,000,000,000 since last July, and that American im- ports in the same period have been cut about $1,000,000,000 in value. And along with the foundation's de- nunciation comes an announcement from William Green, president of the American Federation of Labor, that or- ganized labor will join any movement for a downward tariff revision “unless certain highly protected industrialists halt their wage-slashing campaign.” And what a fight that is liable to develop! Result in Doubt. When Gandhi decided that instead of sending 15 delegates to the next Round Table Conference on India in| London—the number to which the All- India National Congress is entitled—he . would send only five, the news created & sensation both in India and in Great Britain. Gandhi considers 15 an un- wieldly number, wheteas 5 delegates, he belleves, can do much more effective work. But imagine British astonishment at being told that Gandhi has decided to be the whole delegation himself. And India, too, is just as surprised as Great Britain. Gandhi was successful in his recent negotiations with the viceroy, Lord Irwin. So the Indian leader believes he can repeat this success in London. Gandhi expects to take along with him Miss Madeline Slade, the daughter of an English admiral, as his personal secretary and adviser, as well as three of four other members of the national cabinet and a few experts in finance and business. ‘Will Gandhi be able to carry his own people along with him in the program which is finally adopted? Many of In- dia's younger leaders are much more radical than he is, and this powerful Indian leader has insisted all along on “unqualified self-determination and in- dependence of the pzople” themselves. ‘The next tew weeks will be critical ones. N® one is attempting to predict the result. But frcm a purely business standpoint, Great Britain will do well to counsel with Gandhi. For if he fails, the more radical elemen's in India may com: in and destroy what has already been accomplished. It will be interesting to watch the coming Round Table” Conference and see how well 90 pounds of humanity can really represent the hopes and aspi- rations of India’s 300,000,000 people. Atlantic City Conference. When the United States Chamber ©f Commerce meets at Atlantic City at its annual convention the last week of this month, it will have plenty of ma- terial available for discussion. Should the anti-trust laws be changed? Should wages be stabilized at their present levels? Or should they be brought into line with the lower price level? Would State unemployment in- surance be a good thing? Or should industry tackle the job seriously? Should the policies of the Farm Board be modified cr strengthened? Can the Federal Reserve Banks do anything to improve business conditions? Immediately after the Atlantic City meeting, the International Chamber of merce will hold its annual gather- ing at Washington. Some of the wcrld sutstanding leaders will spes, including Melvin A. Traylor, head of the First Bank of Chicago; Owen D. Young of New York, President Meyer of the European Steel Cartel, and Alberto Pirelli, Italian business leader. Both of these business gatherings will be largely attended and each will be ziven over primarily to discussing rather than deciding issues. Believes Market Improved. Paul Clay, one of the ablest econom- 4sts in the United States, does not be- lieve, as many seem to, that “the stock market is going back into a genuinely bear movement.” 3 “The market must have time for gen- eral trade to catch up to the improve- ment in stock prices,” says Mr. Clay. “The downward movement has the ef- fect of shaking out the weak and timid, and thus improving the position of the market.” Mr. Clay must have knitted his brow yesterday when he saw United States Steel close at slightly less than 137—a new low record for 1931. The drop in this stock—a bell-eather to a number of traders—signaled to many that the end of the readjustment period was not yet_ccmpleted Still, one man's guess is always just #s good as another’s. (Copyright, 1931, by the North American Newspaper Ailian NEW FOX FILM ISSUE IS EXPECTED SHORTLY B the Associated Press. NEW YORK, April 7.—Wall Street ects that the first step in the long- aited financing for Fox Film Corp- on will consist of an issue of $30,- 000 6 per cent convertible deben- tures, to be offered first to class A and B stockholders. The new financing is to take care of $55,000,000 in 6 per cent notes which mature April 15 and other company ob igations. Wall Street estimates have cod the total for the new financing high _as $75.000,000. The financial program will be com- | ted after the arnual meeting April 15, at which stockholders will vote on | 2 realignment of the board of directors recommended by Harley L. Clarke, resident of the company. The Chase Securities Corporation, in- vestmént,_affiliate of the Chase National Bink of New York. has replaced Halsey, Stuart & Co., as bankers for Fox Film, and it will be represented on the board the election of Albert H. Wiggin, chairman of the Chase National, and th> re-election of Matthew C. Bush, president of American International oration, who heretofore has rep- Tesented the Chase interests. BANK SALE APPROVED. FTMORE, April 7 (Special).— ving a reccmmendation made by George W. Page, receiver for the Chesapeake Bank, Judge Dennis late yesterday signed an order in Circuit Court lp})l‘m‘mg sale of the Walbrook branch of the Chesapeake Bank to the Unilon Trust Co. for $95,000 unless cause THE EVENING TAR, WASHINGTON, D. C., TUESDAY, APRIL 7, 1931 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 13.) stock ana Dividend Rate. 414 Minn Moline Pow, .. 17% Mo Kan & Texas..... 65 Mo Kan & Tex pt (7) 2915 Missouri Pacific..... 8614 Missouri Pac pf (5). 15% Montgomery Ward. . 51 Morrell & Co (4.40). 15 Mother Lode. . Motor Products (2) 8% Mullins Mfg........ 3 Mullins Mfg pf (7).. 10i 11% Murray Corp........ € 384 Myer (F E) & Br (2). sh Motors (4) Nat Biscuft (280).. Nat Cash Register A. at Dafry (2.60) 4% Nat Dept Store..... 3614 Nat Dept St 15t (7). 19% Nat Dist Prod (2) 11815 Nat Lead (5). 31% Nat Pow & Lt (1). 15 Nat Radiator 43 Nat Steel (2) 49 Nat Supply (4). 41% Nat Surety (5) 15% Nat Tea (1)... 10'% Nevada Copper (1).. 147 Newport Co (1)..... 144 Newton Steel. 106 N Y Central (6). 83 N YChi&StLp 165 N Y & Harlem (5) 71 N'Y Investors. ... 75 N Y N H & Hart (6). 111 N Y Steam 1st pf (7) 6 Norfolk & Southern. 196 Norf & West (t12).. 4% North Am Aviation. . 62 Nor Am (b10% stk). North Amer pf (3).. No Ger Lloyd(a3.43). Northern Pacific (5). 1215 Ohlo Ofl (1)... 3% Oliver Farm Eq new. 3% Omnibus Corp. . 48% Otis Elevator (234). » 124% Otis Elev pf (6 S 10 Otis Steel 33% Owens 111 45% Pacific Gas & El (2).. 50% Pacific Lighting (3). 11615 Pacific Tel & Tel (7) 100s 124 Pacific T & T pf (6).. 508 8% Pack Mot Car (60c).. 381 2% Panhandle P&R.... 1 86% Paramount Pub (4). 5% Park & Tilford . 1% Park Utah..c...eeon 3 Parmelee Transport. 1% Pathe Excharg 3 Pathe Exchang 10% Patino Mines. .. 37% Penick & Ford (1)... 281 Penney (J C) (2.40). 315 Penn Dixie Cement. . 17 Penn Dixie Cmt pf 55 Penn RR (4)...... Sy 961 Peoples DS pf (63%). 2001 Peop GasCh (8).... 6% Fetrolm Cp of Am(1) 19% Phelps Dodge (2)... 7% Phil Read C& 1. 9 Phillips Pctroleum. . 5% Plerce Oil 9 Plerce Ol 317% Pirelli (A) (m3.13 13 Pitts United Corp. 8% Poor & Co (B). 16 Port R Am Tob 4% PR Am Tob B...... 12% Prairie Oil & Gas (2) 17% Prairie Pipe L (3)... 4 Pressed Steel Car.... 63 Proct & Gamb (2.40) 214 Prod & Refiners. .... 72 PubSvNJ (3.40)... 95 PubSv N Jpf(5). 109% PubSv N J pf (6)... 128% PubSvNJpf (T).... 148 PubSvNJpf(8)... 45% Pullman Corp (4 815 Pure Ofl. 88 PureOilp 38 Purity Bakerles (4). 12 RadioCOrp......... 48 Radio Corp pf A(3%. 3414 Radio Corp B (5).... 15% Radio-Kelth-Orph A. 18% Raybestos Man 2.6 45 Reading 1st pf (2) 20 Real Silk Hos(b10%) 11% Remington-Rand. ... 7% Reo Motor Car (40 12 Republic Steel...... 2915 Republic Steel pf. ... 11% Reynolds Metals (2) 70 Reynolds Tob A (3). 40% Reynolds Tob B (3). 2% Richfield 5% Rio Grande Oil.. 27 Rit Dent Mg (2%). 16% Rossia Insur (220).. 25% Roy Dtch(m1.3404). 38% Safeway Stores (5). 86 Safeway pf (6)..... 98 Safeway Strs pf (7). 20% St Joseph Ld (2).... St Louis & San Fran. Schulte Retail Strs. . 1 Seaboard Air Line... 615 Seagrave (60c). 447% Sears Roebuck 123 . 34 Second Nat Inv. 1% Seneca Coppe: 4 Servel Inc. 12 Sharp & Dohm . 2214 Shattuck F G (11%) 514 Shell Union Ofl. 48 Shell Un Oll pt ( 4% Shubert Theaters. 14% Simmons Co. 6% Simms Petroleum. .. 10% Sinelair Con Ofl (1). 7% Skelly Ofl........ 16 Sloss Sheflield Steel. 29 Sloss Sheffield St pf. 89 Solvay Am pf ww 55 9% South Port Rico Sug. 45% South Cal Ed (2).... 4 South Dairfes B..... » e e wrFelans e - S a e Fan-m3SumBanai " 3 aa 508 105 6 4 Dales— Add 00. High. Low. Close. 4% ~Prev. 1931~ High. Low. 109% 65% 13% 161% Prev. Close. an 4y 171 Wi Wi tions. 4% in stock. ¢ ea Tegular rate 49w sod Plus 2. in_stock Un Oil of Cal (2).. Un Pacific (10) Unit Aircraft..... Unit Afrcraft pf (3). Utd Am Bosch. Unit Biscuit (2). Unit Biscuit pf (7) Unit Carbon... Unit Cigar Stores, Unit Corp (75¢) Unit Corp pf (3). Unit Electric Coal... Unit Fruit (4). Unit G & Im (1.20) Unit G & Im pf (5).. Unit Piece D W (2).. U S & For Secur. U S Indus Ale U S Leather. o USPipe & F (2). U S Realty & Im (3). U S Rubber..... U S Smelt & Ref (1). U S Steel (7). U S Steel pf (1) U S Tobacco (4.40) Unit Stores A Unit Stores pf (4). Univ Leaf Tob (3) Univ Leaf T pf (8) Univ Pipe & Rad. Util P&L A (e12.15). Vadasco Sales Corp.. Vanadium Corp (3).. Va E1 & Pow pf (6).. Vulcan Det (4)..... 310s Dividend rates as cash payments based on the latest quarterly or half vearly declara- s UML of trading less than 100 able in scrip. (P Stock ana Dividend Rat South Pacific (8) South Ry (8) Sparks Withing (1). Spencer Kellog (80¢) i Spicer Mfg pf (3)... Stand Brands (1.20). Stand Comcl Tob. ... StandG& E (3%). Stand G & E pf (4. . Stand Ol Cal (h23%). Stand Invest Corp... i Stand Oil N J (12) Stand Oil N ¥ (1. Sterling Sec A. Sterl Sec pf (1.20) 4 Stewart Warner. Stone & Webster Studebaker (1.20) Sun Of1 (11) . Sun Oil pf (8). Superior Ofl. Superior Steel. Symington. Symington A Telautograph (1.40). Texas Corp (3).. ' Tex Gulf Sulph (4).. 4 Texas P C & Oil, Texas Pac Land The Fair pt Thermoid Co. 4 Third Nat Inves . Thompson (J R) (2). Thompson Prod 1.20. Thompson Starrett. . 4 Tide Water As (60c). Tide Wat As pf (6).. Timken Det Ax (80¢) Timken Roller (3)... Tobacco Products. .. Tobacco Prod A 195¢ Transamerica (1)... Transue & W (1).... Tri-Cont Corp. ...... Tri-Cont Corp pf (6) Trico Prod (2%).... Truax Traer (1.60).. Truscon St (g1.20).. Twin City R Tr (§4 4 Und-Ell-Fisher (5).. 1 105% 6 24% 29 e © = & = o 2 o IR S [P PPN T T YOS O T OINT VPRS- JETO ISP SIS hol ( 208 2 21 2 670 108 Ward Baking B 4 Warner Bros Pict. Warner Quinlan.... Warren Bros (3).... War Bros cv pf (3) Warren Fdy & P (2 Wess Oll & Snow (2) West Pa El pf (6). t Pa El pf (7). West Pa Pow pf (6). West Pa Pow pf (7). rn Dairy A (4) tern Dalry B.... Western Md. Western Pacific. Western Union (8) Westing A B (2).... Westing EI&Mfg (4) Westing E&M pf (4). Weston El Instr (1) Westvaco Chlor (2 Wextark Radio Str. Wheel & Lake Erie. . White Motors (1).... White Rock MS t414, White Sewing Mach. Wilcox Oil & Gas. ... Willys-Overland. Wilson & Co. Wilson & Co A. Woolworth (2.40). Worthington Pump. Worth Pump B (6).. Wrigley (Wm) (4).. Yellow Truck. . Yellow Truck pf. Youngs Spring (3) Zenith Radlo....... RIGHTS—EXPIRE. 2% Sou Cal Ed...Apr 20 Sales of Stocks on New York Exchange. 12 2% 2% 2y 300.000 12:00 Noon 1,000 000 .500,000 2:10 P.M. 1700,000 given in the above table are the annual 1 shares. tPartly extra lus 97" in stock. @ P b Paygble in stock. d Pa , 0 e 1 w e Pavable In cash or stock. f Plus 8% in stock. & Plus 87 in Stock. n 3 Plus 50c in special preferred stock. 3% in stock. m Pald this year—no regular rate. n k Plus Plus 5% in stock. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, April 7.—The following | is today’s summary of important corpor- ation news prepared by Standard Sta- tistics Co., Inc, New York, for the| Associated Press. News Trend. After persistent increases in daily | average crude oil output for the Nation in several weeks past, in spite of efforts to curtail production, favorable news | now comes from this quarter in the form of a decrease for the week ended | April 4 of 26,529 barrels daily, accord- | ing to the Oil and Gas Journal. Euch‘ a development is a source of encourage- ment, both because the decrease may in- | dicate that curtailment efforts are meet- | ing with some success and because the decrease itself is not inconsiderable in | volume. Steel ingot production for March is reported above February, continuing a three-month upward trend. It should be borne in mind, however, that such a tendency is normal at this season. The March output of 3,023,440 tons, a daily average of 116,286 tons, represents an | increase of about 10 per cent over the daily average for March, 1930. March quarter output is about 35 per cent un- der the same 1930 quarter. Indications of further progress in the development of the four-trunk-line Eastern Consolidated plan is to be found in the appointment of arbitrators to set- tle the differences which_ remain be- tween the major parties. It is believed that such differences as exist are clearly understood by all concerned, and that the arbitrators will be able to consider them with small loss of time over pre- liminaries. ‘The Companies. to the contrary was shown by May 8. Page stated a similar offer of $95.000 made by a group represented by Miiton L. Holland had not revealed required financial responsibility. The fight for the branch bank has been_between the Holland group and the Union Trust Co. since the Chesa- | enabling writedown of good will nnd\[ poake Bank closed last December. Hol- Jord several weeks ago offcred $105,000 for, branch bank, but this was St. Louis-San Francisco Railway— President states action on common divi- dend would await return of more nor- mal earnings. Zonite products proposes changing par value of stock to $1 from no par, re- ducing capital represented thereby and | patents. American Electric Power 1930 pre- Dome Mines Ltd., March vroductlfln‘ valued at $258,635, against $361,767 in February and $361,767 in March, 1930. Paramount Publix Corporation 1930 common share earnings, $6.15, against $6.36, based on average number of shares outstanding in both years. Kinney (G. R.) Co.—March sales off 13.7 per cent; 3 months off 20.3 per cent. Westinghouse Electric & Manufac- turing Electric Refrigerator bookings to absorb next three months’ production. Union Oil of California March quar- ter common share earnings, based on approximate net earnings, 41 cents, against 61 cents. United Pruit Co. March quarter com- mon share earnings, before Federal taxes, based on approximate net earn- ings, $1.06, against $1.30. Waltham Watch 1930 class A share earnings, $1.42, against $11.85. Acme Steel March sales reported best since June, 1930; about 16 per cent over February. Atchison, Topeka & Santa Fe Rail- way proceeding with capital improve- ments; cash and Government securi- ties around $6,400,000; crop conditions in territory reported good. Calumet & Arizona Mining March volume production of copper, including New Cornelia Copper Co., prior to con- solidation, off 11.5 per cent; three months, off 18.5 per cent. Copeland Products—March unit ship- ments up 27.6 per cent; first half fiscal | year to March 31 up 52.7 per cent. First National Stores had 2,563 stores | April 1; company’s inventory on April 3 | approximately two weeks' supply. Fuller (George A) Co.—Canadian subsidiary: Business on hand December 31, 1930, $8,655,051, against $2,097,479 January 1, 1930, Grant (W. T.)—March sales up 74 | _ Hamilton Brown Shoe pays additional |5 per cent dividend to creditors; total payments 95 per cent of claims. duction 33,220 tons, inst 285,951 in February and 360,600 year ago. Ka Stores—March sales up 349 per cent; three months up 24.3 per cent. Mandel Bros.—Sales first quarter about same as 1930 period; profits larger. sales said to have been below expec- tations. Morison Electrical Sales off 11.3 15.2 per cent. Supply — March rred share earnings $12.15, against fe Newton Steel—Past. th's - tone aportad best since BIng of 1950; iper cent; three months up 8.9 per cent. | sland Creek Coal—March coal pro- Montgomery Ward & Co.—March | B! peg cent; three months off | iiibe operations at about 70 per cent of capacity. North American Co.—Electric output 12 months ended March 31 about 1 per cent under year before, but 6.5 per cent over like 1929 period; March quarter output off 4.3 per cent. Pond Creek Pocahontas—March coal production 85433 tons, against 72,024 in February and 57,298 year ago. Port Huron Sulphite & Paper—Com- mon share earnings year ended January 31, 57 cents, against 68 cents. Seaboard Dairy Credit passes pre- fi?}m dividend; paid $1.75 January 1, Staley (A. E) WManufacturing—s2 common dividend; paid $3 July 1, 1930, American Stcres—Sales 4 weeks to March 28 off 4.7 per cent; 12 weeks off 3.2 per cent. Brooklyn-Manhattan Transit — State I;,efixslu!ure passes transit unification Melville Shoe—March sales up 169 per cent; three months up 6.8 per cent. Texas ' Corporation—Development of Colombian acreage not to be under- ;::en because of restrictions in new oil POTATO MARKET. CHICAGO, April 7 (#) (United States Department of Agriculture) .—Potatoes, 109 cars; on track, 335; total United States shipments, 585; trading rather slow. Sacked, per hundredweight, Wis- consin round whites, 1.50a1.65; fancy, shade higher; ungraded, 1.40al.45; Minnesota round whites, 1.45a1.50; Idaho Russets No. 1, 1.75a1.85; No. 32, ;.gga].fifl: raska Triumphs, mostly NEW YORK BANK STOCKS NEW YORK, April 7 (#).—Over-the- counter market: Banks. America Yis Bk of U 8 Units chi Chat Phenix Qay ... Manhat Co . Peoples Natl . Tru . Corn Exchange oty Guarenty . s Irving . Yahed suates’ ieheaier Title' & T it SOUTH AMERICAN | BOND ISSUES WEAK, by Decline in Coffee and Rubber Prices. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, April 7.—Acute weak- ness in the South American list again characterized bond trading today. Most Brazilian issues dropped to levels around their lows of the year and in some cases under their worst prices of 1930. ‘Weakness in coffee and rubber, com- bined with a poor exchange situation and the absence of any signs of im- provement in the immediate future, were factors in_the liquidation of Bra- zillan bonds. Much of the selling, it was reported, came from management trusts which had bought Brazilians at thelr January lows in the hope of a uick turn. Many of the Investment ommittees of these trusts are meeting just now and drastic cleaning-out oper- ations have been instituted. ‘While Brazilians suffered most, losses in Chilean, Colombian and Bolivian bonds ranged from 1 to 4 points. Brazil 8s dropped 4 points and the 61%s over 3 points. Sao Paulo State 8s d:clined 3 points. Rio Grande do Sul 8s sagged 9 points to a I2vel over 18 points from the year’s high. Minas Geraes 6 were off 6 points. Brazil Central Rail way 7s were 2 points lower. Janeiro 8s were down 3 points. Market observers estimated that holders of Brazil's dollar loans have seen a de- pression of over $25,000.000 in their holdings in the past two days. Money rates were stiffer, with 90-day time money quoted at 2 to 214 per cent. This followed higher call money, caused by th2 heavy Treasury financing this month and the demands made by the new capital market. Volume of trading was moderately heavy. Apart from the South American sit- uation, foreign dollar bonds held fairly steady. Australians were off fraction- ally on selling from London, but this liquidation did not bring out any large amount of bonds here. German issues were unchanged t> a shade firmer. Other Europeans- and Japanese bonds were quiet. In the domestic list, the large amount of new bonds offered today—over $120,- 000,000—created some unsettlement. ‘The $100,000,000 of Pennsylvania Power & Light 4':s, which were offered at 96, to yield 4.68 per cent, were re- ported causing heavy switching from other public utility 412s of a comparable credit rating. At any rate there were fracti>nal declines in some of the power and light honds listed on the curb and in such big board issues as New York Telephone 4135, American Telephone 4125 and 5'2s and International Tele- phone 5s. On the other hand, high- grade rails and other utilities were firm, including Atchison general 4s, Duquesne Light 41is, Great Northern 7s, Nickel | Plate 412s, Philadelphia Co. 5s, South- ern Pacific 4';s and Western Union 5s. Passage of the New York City transit bill at Albany was resp:nsible for heavy buying of traction bonds, especially Manhattan Railway 4s and Interbor- ough refunding 5s. SALES. Washington Gas 65 102V, $1,000 at 102%4, $1,000 at 1021, Washington Gas 65 “B"—3300 at 105. Capital 34Y,, 8 at 34%. Norfolk & Washington Steamhoat Co.— 2 at 192V, 2 at 192V, Potomac Electric 6% pfd.—8 at 11215, Washington Rwy. & Elec. pfd.—: 98';. Real ‘Estate Mtge. & Guar. ptd—25 at ,, 5 at AFTER CALL. Washington Gas 55s—$500 at 105. Potomac Elec. 5),% pfd.—7 at 1093, W;:l;:}ngwn Rwy. & Elec. pfd—I14 at 2. Potomac Elec. 512 % pfd.—10 at 109%. . | Capital Traction 55—8500 at 79. Mergenthaler Linotype—10 at 827z, 10 at 827, 5 at 8215, » | Capital Traction Co.—10 at 341, UNLISTED DEPARTMENT. , | Commercial Club 55—$100 at 80. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel. 4%as '39.. Am. Tel. & Tel. ctl. tr. 55... 0 Anacostia & Pot. R. R 5s... .. Anacostia & Potomac Gu C. & P. T . & P. Tel. of Va. 55 Capital’ Traction R. R. 5s. . & Elec. 45,0 MISCELLANEOUS. ber & Ross, Inc, 6'2s....... Chevy Chase Club 3125 - Columbia Country Club 5'zs. er Mfg. Bs. ... ... t. Cold Storage 5s.... ‘Washington Cons. Title 6s. STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Traction Co. Wash. Gas _Lt. Co. (18) N. & W. Steamboat (i2) Pot. d. Pot. Wash. Ry. & EL com. (7) Wash. Rwy. & Eiec. pfd. (5 NATIONAL BANK. Capital % i Columbia (12). . Commercial (siamped) (i0).. District (8) ...a..... Fed.-Amer. Natl. Bk. & Ti Liberty (7§) Lincoin (12 Metropolitan” '(14) (158) . . scond _(ge) Washington (i3) : TRUST COMPANY. Amer. Security & Trust Co. (15)* Continental Trust (6) Natl. Savings & Trust (12 Prince Georges Bk. & Tr. Union Trust (8s).. Wnsh. Loan & Trust (i4). SAVINGS BANK. Bank of Bethesda (65) . Commerce & Savings (10) East Washington.(12). Potomac (10)...... ... Security Sav. & Com. B Seventh Street (12). United States (30) 7000 Washington Mechanics (20 FIRE INSURANCE. American (12) . 280 Corcoran '10) .. Firemen's (8)...." National Union TITLE INSURANCE. Columbia (BR) . .......ovuenreen Real Estate (6h) 3 MISCELLANEOUS. ber & Ross, Inc.. com Medical Bldg. Corp. Sand & Gravel pfd. (T) Sec, pid. (7). 335 115 Barl Col. Co Mergenthale Natl. Mtge. & Inv. pfd. (8} Peoples Drug Storés pfd. (8i4) Real Est. M. & G, pfd. (8). Security Storage [ Ter. Ref. & W de)... ... . & Wh. Corp. (3. The_Carpel Corp. (1.50c). W. Mech. ) Brazilian Securities Affected; v | Am Int Cp 5365 Washington Stock Exchange: “A"—$4,000 at| ‘Traction Co.—10 at 3413, 10 at| FINANC IAL. [ v o BONDS o] ||ERETABLE PRGES Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are 1n $1.000.) Sales. High Low. Close. 40 101 26 10125 101 26 . 12 102 25 102 23 10225 5101 103 28 103 25 103 28 90 10112 10110 101 10 86 10111 10110 10111 6 101 20 101 20 101 20 46-56. 25 10519 10519 105 19 -54.... 30 107 24 107 19 107 24 Sales. High. 9 76 1 Lib 335 32-4 Lilstdlys L4th4ys3 US3 Abitibl P & P 53°53 Ab& St5%s'43. .. Adams Exp 45 '48. Allegheny 5s ‘44 | Aliis-Chalm 5s'37 Am F P 55 203 AmIGCh5% 100% 9214 2814 1024 104% 126% 1077% 106% Am N Gas 615 '42. Am B&R 1st 55°47. Am Suz Ref 65 '37. Am T&T cv 4%8 39 Am T&T 55’65 Am T&T c tr 53 '46. Am T&T 5s's £ '60 Am T&T 5%s 43, Am W Wks 5s'34 Argentine 51s 62 Argentine May ‘61. Argentine 6s Ju '59. Argentine 6s Oc *59 Argentine 6s A " Argentine 6s B ‘58 Arm & Co 4%s5 '39 Arm Del 534543, Assoc Oil 6335 Atchison gen 4595 Atchiscv 4345’41, Atch Ariz 4%s°632. . At & Danv 2d 4548 AtCL Istds'c2... AtCL4%s'04. At Gulf 5 '59. At Ref dab 53°37. .. Australia 4%s 56 Australia 5s ‘5! Australia 55 '57. B&O 4s"48. B & O Sw dy 5s50. B & O Toledo 4s'50. Ban & Aroos 4s '51. BK of Chile 6% 57 Batav Pet 4% "42., Belgium 68 '55. . Belgium 63549, Belgium 7s 55 Belgium 75 56 Bell Tel Pa 63 B *48 Bell Tel Pa 55 C '60 Beth Steel pm 55'36 Beth St rf 5542, ., Bolivia 7s '38. Bolivia 7s* Bolivia 8s°45. .. Bordeaux 6s ‘34, Bos & Me 63 '55. Bos & Me 55 '67, Brazil 63 s '26 Brazi] 618 '27 Brazil s, Brazil 8s Bremen 7s '35, Bklyn Man 6s 68 . Bklyn Un 1st 5850 Buff Gen El 4145'81 BR& Pitt 43557, Bush T Bldg 55 '60. Canada 5s '52 Can South 55 '62 Can Nat 438 ‘54 Can Nat 435’57 Can Nat 43s ‘68 Can Nat 4%s '55 Can Nat 55 Can Nat 58 July "6y Can Nat 55 Oct "69. Can Nor 414535, ., Can Nor 65 db ‘46 Can Nor 7s deb 40, Can Pac deb 4s. Can Pac 4%s Can Pac 438 °60. .. Can Fac 5s ctfs '44. Car Clin & O 6s '52. Cent of Ga 55 C '59. Cert Pac 4s'49. ... Cent Pac 58 '60. .. . Cert-td deb 53 s *48 Ches Corp 6s 47 C&Ogen 414592 C&O4%sA'93 C&O41:sB Chi & Alt 3s. 5 Chi & Eas 111 55 5 CB&Qgen 4s ‘58 CB&Q4ks CB&Q Ist rf 5s'71. CB&Q 11dv 3155 49 C B&Q 111dv 4549, Chi Grt West 45’59 Chi M & St P 45 '89. Chi M StP&P 65 *75 Chi M & St P ad} bs C&Nwn 415 ¢ 2037, Chi & NW con 4%s. Chi&NW rf &5 2037, Chi & NW 6%s '36.. Chi Rwys bs 27, Chi RI&P gn 45 '88. Chi R1& Prf 4s'34 Chi RIcv 435 60 Chi Un Sta 43%s '6; Chi Un Sta 6%s 63. C& W Ind cv 4s'52. Cé& W Ind 5%s 62, Chile 6s 60 Chile 65 '61 Chile 7s 42 Chile Cop db 55 *47. Chin Gvt Ry 55 '51. CCC&St L 4%s E. . CCC& St L 5s D '63 Clev Term 5s'73. . Colomb 6s Jan '61. . Colombia 6561 Oct Colon O11 6538, ... Colo & Sou 4155 ‘35. Colo & Sou 4% '80. Col G&X 5s May ‘52 Com Inves 515 10014 100% 1640% 1031% 106% 106% 1Y) BN AR AR ANA RN S B RO S D e aa NoanoRom - o - [T o P 0 ConG N Y 6%s'45. Con Pwr Jap 6%s. . Con Pow Japan 7s. . Copenhag 445 '53. . Copenhag 5s '52.... Cuba 5%5 45...... Cuba Nor 5%s 43, Czecho 8s '51.. Del & Hud rf 4s* Del & Hud cv 5s '35 Del & Hud 5%s '37. Denmark 4% . Denmark 53%s '65. . Denmark 6s'42. ... Denver Gas b3 ‘51. . DM&FtD 4s'35.. D& R Gr gn 4s '36. D&RG W b8 '55. .. Det Ed G&R4 1561 Dodge Br ¢l 6s '40.. Donner St 7s '42. Duguesne 415 67, Dutch East 16s°47. 'vador 8s'48. . 1st con 48 '96. . Erie Gen 4s. Erlecv 5867 Erie 58°75...,. Erio & Jer 655 Flat 7s ex war '46.. Finland 5%s '58. Finland 6%s '56. Finland 7s '50. Fisk Rub 8s '41 Fla E Coast 6s Fram I D 7%s " French 7s'49 5 French Gvt 7345 "41 Gelsenk'chen s ‘34 Gen Baking 5 Gen Cable 6 109% 961 104 105 9614 4 101% 105 102% FR8newndrnh aBGaana e ammEr Surnmn=Se wuman panem 4 125% 94% 95'% German 6% Garman Bk 6s 3! German 6%s '50. German 7s rep " Goodrich cv és Good 1st 6348 47 Goody'r Rub 58 '57. Grand Trunk 7s '40 2 21 P. Mtge. « 'fd G (7s) 357 extr c50c extra. - 8§17 extra ella% extra. CHICAGO DAIRY MARKET. CHICAGO, April 7 (#)—Butter— Receipts, 13,989 tubs; market steady, prices unchanged. Eggs—Receipts, 33,152 cases; market firmer; extra firsts, 20 fresh graded firsts, 18%; ordinary firsts, 15; storage packed firsts, 21%2; storage packed ex! 22, Grt Nor 4345 '76 D. Grt Nor 4%s'77 Greek 6s '63 Halt1 68 '52. Humble O11 65 '37. . Hum O&R 6%s 62, Hungary T%s IMBTIistpfésA.. 111 Cent 4s 53 ¥ 111 Cent ref 45’55 InCent 4% 8 11l Cent 6%s ‘36 109% %| Nor Pac 55 D 2047.. ;| Nor St Pw5s A “41. S| Norway 538 ¢ | Orient dev 535 58 Sales. High. Low. Close. 3 93% 93% 10 102% 1C2 6 95% 954 11l CCStL&N bs A I11 Steel 434540 Inland Stl 4 %s Inland Stl 48 B Int Rap Tr 68 '66. .. Int Rap Tr sta '66. . 22! Int Rap Tr 6s '32... Int Rap Tr 78 Int Cement 68 Int & Gr Nor 6: Int & G N ad 6: Int Hydro El 63 Int Match 58°47... Int M Co s ret '41. Int MM col tr 6541 int Pap 68 '55. Int Rys C A 5373 Int Rys C A 65 '41 Int T&T4%s"62.. It T&T cv 4%s ‘39 It T&TB5s'55.. .. Irish Free St 65 '60. Italy 7s '51.. 10: 95% B4y 64 6814 % 807 94 4 88N 88 2 103% 103% 1034 41 100% 100 100% ftaly Pub Sv 32 96% 96 96% 9 961 96% 96t Japanese 5% Japanese 6%s 18 106 105% 106 7 82 81% 81% Jugosl Bank 7s ' 7 KRCP&L4%S'67.. 6 103% 103'% 103% Kan CFtS&M 4s5°36 36 98 98 98 an City Sou 3850 11 Kan City Sou 6850 3 Kan City Ter 43'60. 1 anG & E 4%3'80. 27 Karstadt 6s°43.... 25 Kreug & Toll 5369 17 92% 934 4 104% 104% 104% Lackaw St 6s '50 Lac G St L bs 34 5 103% 103% 103% 3 101% 101% 101% 8 101 100% 101 34 68% 65% 7 87 86% 87 7 105% 105% 105% 1 121% 121% 121% 11 96% 961 96% 1 93% 93% 93% 9 95% 95% 95% 5 106% 106% 106% 3 99 99 99 1100 100 100 8 104% 104% 104% 3 1047 1047 1047 3 1011 101% 101% 45 814 80% 81 54 57 54 4791 9 .9 6 T 1E TR 1 1027% 1027 102% 5 89% 894 89 5 102% 102'5 102% b5 87% 87% 7% 1%s D '60.. Lautaro Nit 6s 54.. Leh Val cv 4s 2003. Lig & Myers 53 °51. Lig & Myers 7s "44. Loew’s 6s ex war.. L& N uni 4s’40 L &N 435 200; L & N 5 B 2003. . Lyons 68 '34. McCormack 6s'34. . McKes & R 5%s5 ‘50 Manh Ry 1st 4590 Market St 75 '40. .. Mex 4s asstd 1904, , Midvale Stl 58 36.. Milan 638 '52. Mil ERy & L 5. M StP&SSM con 4: M StP&SSM 6s gtd. MSP&SSM 5%s'49. MSP&SSM 538 "78. MK & T 1st 4590 MEK&T4sB'62 MEK&T4%s"8 MK & T adj 5867 MK&Tprinbs A §6 Mo Pac 58 F "17. Mo Pac 65 H '80.... 15 Mo Pac ref 5 '81. . 10: Mo Pac 53%scv 49, Mobile-Ohlo 58 '38. Mont Pow 58 ‘43 Mont Pdb 5s A '62. Mont Tr 15t 5541, Mont Tram 58 '55. . Montevideo 65 '59. Mor & Co 1st 4% Nat Dairy 5% 48. Nat Rad 6% 47 N Eng T 1st 68 '52.. N&T&M5s B 54. New S Wales 6557 31 New S Wales 6358 50 NYCgni%s'o7... 4 § 5 T5% T5% 7 104% 104% 104% 15 104 103 103 4 101% 101 101 1 95 95 95 g 82 8% 4% 15 814 81 81 21 102 101% 102 USE e e 1 110% 110% 110% 1 82 82 82 59 59 61 59% 59% B4% Bd% 84N 94 93% 93% 12 100% 100% .100% N 2013. 13 99% 99% 994 NY Cenrf 41452013312 100% 100 100% .+ 1 106% 106% 106% 1 106% 106% 106% 2 98'% 981 98l 50 87 86% 864 8 104% 104% 1043 15 101% 101% 101% 7 115% 115 115% 10 99% 99% 99% 3 93 93 93 10 105% 105% 105% s 5 117 116% 116% - 15 37 36 37 3 43 43 43 3 59 8 58 4 6% T4 6% 26 103%; 103 103 10 106% 106% 106% 1 111% 111% 111% 1 84% 84% 84% 3 98u 98y 98% 1 103% 103% 108% 7 103% 103% 103% NY ELH&P 4s "4 NY NH&H 43 NY NH&H clt 1. 92 Nor Am Ed 58°51. . Nor Am Ed 5%s '63 Nor Pac 38 2047. Nor Pac 48°97. Nor Pac 4345 2047.. 1 20 103% 103% 103% 7 1124 111% 112% 3 103% 103% 103% 16 106% 106 106% 26 101 100% 101 2 102% 102%5 102% 3 106 106 106 4 105% 105% 1056% 1 107% 107% 107% 8 94% 94% 94y 5 94% 94% 94% 1 104% 104% 104% 22 102 101% 101% 5 94% 94% 94% 12 104% 104% 104% Paris-Ly M 7¢'58.. 1 106% 106% 106 Paris-Or 5%s ‘68 3 108% 1034 103% Pathe Exch 75 ‘37.. 49 88% 8% 87% Penna 414s D'81.. 145 96% 961y 96% Nor Pac r 1 6s 2047, Nor St Pw 6s B '41. Norway 55 '63. Norway 6s '43. Norway 63 Ore Short L 5s gtd. Oreg-Wash 4s Pac G & K 68 "42 Pan-Am Pet 6s Paramount 6: Paris-Ly M 6s ¢ | Peru 6s'81. Penncv44s’60... 5 105% 105% 105% Penn gen 4138 °65.. 27 1024 101% 101% Penn 4145 ‘70 . 40 96% 951 95% n 4%s 63 + 13 100% 100% 100% Penn 55°64.%...... 18 105% 104% 104% Penna gen 55°68... 20 109% 109% 109% Penn 6%s ‘36 . 9110 109% 110 Penn O&D 4%s'77. 10 99% 99% 99% Penples’ Gas 6s. 11 108% 108% 108l Pere Mar 4%s'80.. 16 95 94% 95 Pere M 1st 53 '56 5 101% 101% 101% Peru 6s°60. 19 31 30% 30% 7 31% 30% 30% 1 64 54 54 . 18 102% 102 1024 29 8% 1% TT% T T4% T4 T4% 1105 105 105 8 101 101 101 30 108% 108% 108% 5 94% %% 941 Peru 7s '59. Phila Co 68°67 & Read Phillip Pet 5 . Pillsb F M 6s 43 P CC&StL 4%s 77, PCC&StL5sB.. P& W V4%5C60. Poland 65°40. Poland 7s 47, Poland 8s '50...... Porto Alegre 85 '61. Por RTam 6s'42. Pos Tel & C 6s '53 PubSv G 4%s 67 Pub %v G 4%s'T0 Pure Ol 5145 '37. Queenland 6s47. Queenland 7s "41. Read gn 448 A '97. Rem Arms 65 A '37. Rem R 535 A 47 Rhine 6; Rhine W Rich Oll cal €s°44.. 12 55 Rio de Jan 6%s '52. Rio de Jan 8s R Gr De Sul 63 '6! R Gr De Sul8s '46 Rio Gr W clt 4s ‘49, Rio Gr W Rome 638 '52. Roy D 4s'45 ww. StL IM R&G 4533 StL&ESFIndsA StL&SF 4% St L&SF pr In StLSWev StLSW 1st 4 StP Un Dep SanA&A Sao Pau 7s "40 ret: Sao Paulo 8s '36 Sao Paulo 86 64% 73 7 671 67% 67k 3 103% 103% 103% 7 103% 103% 103% 7 90% 90% 90% 2 81% 81% 81y 9 96 95% 96 3 101% 101% 101% 2 93 921 92y 8% 8% 861 87 19 91% 16 100% 100 100 79 78 8 54 68% 66% 66% . 46 92 20 92 '32.. 3 99% 99% 99% % 6% 6% 1 107% 107% 107% 8 82 81% 82 6 9214 91% 92% 7 172 9 98% 5 6 101% 101% 101% 1 106% 106% 106% 12 105% 105% 105% 8 106% 106% 106% 22 96% 96! 19 97 ‘| AREFAIRLY STEADY Egg Markets Advance, Fruits in Downward Trend, Potatoes Stronger. Early April markets have shown rather more losses than gains in prices of farm products, says the United States Deépartment of Agriculture, Bureau of Agricultural Economics, Market News |Service. But. in general, a part of the March rise has been Tetained. Egg markets continue to advance un- der moderate receipts, but dairy mar- kets are unsettled under increasing pro- duction. Live stock prices are irregular, with fairly good undertone. Cash grain prices are irregular, but mill feeds still tend upward. Potatoes sold lower at Chicago in early April, but were main- tained at Eastern country shipping points. Vegetables Lower, Most fruits and vegetables showed a downward tendency during early part of April. Western New York coun- try potato markets advanced slightly, and Maine was a little stronger. The Chicago carlot market was considerably lower on all arrivals. Yellow sweet po- tatoes from Maryland and Delaware were tending downward, while stock from New Jersey was stronger. North Carolina Porto Ricans held steady. Old onions from storage held steady in Western New York, but declined in Michigan shipping districts, South- eastern asparagus brought $2.25 to $3.50 per crate for medium-size stalks. Florida tomatoes declined. Ten inter- mediate States expect to plant a total of 40,590 acres of tomatoes this season, or 1,440 more than last year. Baldwin apples weakened slightly in Western New York. Butter Fairly Steady. Butter markets of early April ruled steady in the larger Eastern cities, al- though neither btiyers nor sellers ex- pre a great deal of confidence in the general situation. The majority of the trade feel that the comparatively low prices which have prevailed - out the entire country during the past few months have been of comider‘::.l influence in stimulating consumption. Indications are that the make of but- ter during March continued to exceed that of a year ago. Butter-fat prices, in comparison with the prices of other farm products, have been, and continue to be, quite satisfactory. Tone of cheess markets was easy to weak in producing sections the first week of April. Trading showed some falling off in volume from the previous week at all points except sibly Bos- ton. Canadian markets showed a de- clining price trend. Eggs Tend Higher. ‘The smaller receipts of eggs near the first of April, combined with the in- creased retail buying, caused the mar- ket to advance fully 1 cent. The de- crease in shipments was partly the re- sult of weather conditions, but a lighter output was also in line with earlier ex- pectations and tended to improve trade sentiment. Receipts of fresh-killed fowl were noticeably light, but the efforts of some dealers to secure premiums caused many buyers to turn to frozen stock for a part of their requirements. Demand for nearby fresh-kiiled broilers con- tinued firm and the market was strong on the fancy grades. Broilers of irregu- lar quality, however, were difficult to move. Cattle Markets Slow. ‘While an extreme top of $10.75 was made at Chicago for heavy steers, cat- $10 figu sprinkling above $1! stopped at $10.25, with gt‘mrs and yearlings selling at $7.50 The early April hog market responded to :‘\;g:.ced Asnup;;ll,ln. with moderate pr15 upt . creased proportion the lightweight hogs were in well fin- ished condition, but the average quality of hogs from the Fall crop had e viously been plain. Strong wei butchar:egl e l.ll;z cfilfl grade pre- dominated, pigs and packing sows in limited quota. Prices of fat lambs soared to the highest levels of the Winter season. Tennessee, California and Texas con- tributed a fairly sixable supply of Spring lambs going direct to packers, with marketward movement from these sources considered about two weeks earlier than normal. The recent activity in domestic wools has substantially reduced the spot sup- ply, and the selection has become re- stricted with a number of houses. The trend of wool values, while slightly up- ward, has not kept pace with the ad: vances reported in foreign markets. Cash Grain in Good Demand. Grain markets of early A reflected the weakening lnfluenge g;u‘enerauy favorable new crop prospects. Moderate offerings of cash grain met a steady de- mand, but prices of most feed grains and rye declined with futures. Flax was slightly lower influenced by a fur- ther decline at Buenos Aires and the slow demand for oil. The corn market turncd weaker, largely as a result of a continued slow demand from consuming areas. Approaching pasturage in many sections, together with prospects of in- creased acreage of oats and barley which will be available to supplement corn supplies early in the Summer were also weakening influences. The oats market ened along with other feed grains, Barley also worked lower. Prices of wheat mill feeds continued their sharp upward trend. Prices near the first of April were the highest since last September. Offerings have been light as indicated by flour production at the prinicpal milling centers. Passengers carried by the Imperial Airways of England last year topt:.led 27,600, as compared with 11,170 in 1924. —_—_— A Sales. High. Low. Close. . 105% 10515 105% 105% 105% 105% Sweden 5% s '54 Swiss 5% '46. ‘Tenn Cop 6s "41. 91 920 90 Tenn El P 65 A 47. 107% 107% 107% Ter As St L 4s 93 93 93 98 97% 97% 110% 110% 110% 95% 94% 95% 95% 941 94% 48% [ 48% 28% 281 100% 100% 100% 100% 96 95% 99% 987 93 928 943, 100% 100% 1064 106% 70% 70% 88% 88lg 88% 88 103 103 103% 103% 3% 3% 88 88 108% 103% 106% 106% T T0% 104% 103% 102% 102% Tokio 6%s"6 Un Pac 1st 43 *47. Un Pac 4 Un Pac rf 45 2003. U S Rub 1st 5s Uruguay Uruguay 8s "4/ Utah P& L 55 44. . Utll Pow 55 ‘59 ww. Vienna 6552 . Va Ry & Pow 58 ‘34 Va Ry 1st bs Wabash 434878, .. Warner Sug 7s ‘41 Warsaw 7s 58, . :’m deb 55 44, 108% Wil & Co 1st Wis Cen gn 4s Yokohama Ygstn Sn&T BT 100% 103%