Evening Star Newspaper, April 8, 1931, Page 14

THE EVENING STAR, WASHINGTON, D. C. WEDNESDAY. APRIL 8 1931 FINANCIAL. ~ PICTURE INDUSTRY /[~ NEW YORK STOCK EXCHANGE | [BONDS UNSETTLED ’ [ox v vore BONDS o sxcawvee] |FREIGHT INCREASE MAKES HUGE GAIN UNITED STATES. Sales. High. Low. Close. (Bales are in $1.000.) 111 Steel 4% s *40 2 102 Inland St 4 54 Inland St] 4s% B’'81100 Int Rap Tr 4 Int Rap Tr Int Rap Tr 102 4% 93% 2% T2% 57w 102 95U 944 2% 2% 57% stock ana Dividend “Rate. Stand G & Epf (4).. Stand Ofl Cal (h2%) 21 43% Stand Ollof Kan (1) 1 14% Stand O1l N J (12).. 50508 44 (Continued Prom Page 13.) Bales— Add 00. High. 2 63% A NDRAGRYTRADING, 252 e PEARS CERTAN Sales. High Low. Close. Lib3%s32-47.. 21 10123 10123 10123 Li1st44s32-47. 45 102 27 102 24 102 27 L4th#4s33.38 77 103 29 103 27 103 29 US3%s40-43. 103 101 14 10110 101 10 ~Prev 1931~ stock and High ~ Low. Dividend Rate. 72% 3 Sales— Prev Add 00. High. Low. Close. Close. Mullins Mfg pf (7).. 10s 63! sgv. 63% 61 2! Record Shows U. S. Leads World in Number of Theater Seats. BY JOHN F. SINCLAIR. Special Dispatch to The Star. New York, April 8.—Is the motion picture industry depression-proof? The record net income of the Paramount Publix Corporation for the year 1930 would so indicate, so far as one com- pany is concerned. For this company, which operates theaters in 422 cities in the United| States, as well as in nearly every other | ]n.n of the world, showed net earnings in 1930 of $18,381,000, equal t> $6.15 & share on 2,986,829 shares, the average number outstanding in the period, as against $15,544,000, or $6.36 a share on 2,445,304, the average number of shares outstanding in 1929. And this record figure was reached after deducting $10.731,000 for deprec: ation. Also, another $1,700.000 was written off as film exhaustion and harged to expenses. * Hrog: msn,\'p big-business executives, wrestling with red figures, wish they| were in such fortunate position? In days of old, the unemployed millions crowded the saloons. But now they fill motion picture hou instead. Extent of Industry. Is America motion-picture minded to a greater degree than other countries? The figures say yes. For there are more theatbr seats in the United States than in the rest of the world combined. A recont checking shows that the tal seating capacity cf the 21,284 sound and silent theatrical accounts listed on fhe books of distributors now reaches 14142.761—one seat 10 persons in_the United Stal South ed” State in the country, “It\‘ll ‘I::;“on’: r every 29 persons. 2} by wllhryzs‘ and North Carolina rd with 22. “}?:’M‘ York State has more theater seats than any other State in the Coun- try—its 1,833 theaters having 1,576,980 seats, or about one seat for every eight inhabitants. Motion pictures, automobiles, radios— these industries unknown 30 years ago —are today giant industries—all of them —using billions of dollars and millions of men. Home Television. But what will be the giant industries | 0_vears from now? : Television for cne thing. And it will not take 30 years to make it & big in- ustry. S Ot;lyy yesterday Clem F. Wade, presi- dent of th> Western Television Corpor- ation of Chicago, announced that Dr. Lioyd P. Garner has workzd out a new and more powerful receiving glow lamp, in connection with the use of a scanning disk with lenses in the spiral of aper- tures in place of open holes, which makes “two-foot u}-vionn.p\cmxes for home production practical.” & Only a few months ago, it was an- nounced that television would not be ctical for home-use for years. A flew weeks later, came the announce- ment that television pictures a few inches square might become practical for the home, but just when nobody ‘would say. Now cyomn the announcement that Mr. Wade and Dr. Garner, using the same principles through which they produce the two-foot pictures soon ex- pect to be able to produce “television pictures of sufficient dimensions to fill 3 10-foot screen.” Yes, television is moving ahead so rapidly that already thousands of experi- mental sets are in use in and New York City. Foreign Loans. Dr. Stephen 1. Miller, executive man- ager of Rhe National Association of credit men, wants the United States to wake up and not continue to carry on its foreign trade “on lhglls.s g( long- dead debtor nation psychology. Dr. Miller believes a healthy foreign trade must recognize these four points: 1—That Americans are morally and economically bound to make loans to other countries, 2—That the United States must aid in the stabilization of foreign currency systems. 3—That a sane and stable credit basis for export business must be organized at the start. 4—Americans must sponsor effective constructive competition abroad. “We should not demand reciprocal trade abroad because we have made foreign loans,” Dr. Miller X “Credit extension should be made with- out any obligation to buy from us, for we must remember that w2 gain an indrect advantage at least from foreign Joans.” Just what responsibilities a creditor npation assumes in the modern world of business will be one subject fully discussed at the forthcoming interna- tional Chamber of Commerce meeting in Washingion in May. Decline in Stocks. The stock market, to pyt it mildly, is not doing very well. Yesterday, in | a turnover of 2405000, many new lows were recorded. Railroad stocks seemed to be far- ing the worst. The following record of six representative railroad stocks and | six industrial stocks is a fair picture of the decline. | February 24 Closed fi lasin Ohio Baltimore & e Dol Lacks. & Vieiiern | 9 American Can Bethiehem Sieel General Eleciric General Motors 8. steel 0 Westinghouse 1078 Yesterdey was a bad day in Wall Street, although the declincs indicated an orderly rather than a forced liqui- dati-n. The bears were comparatively However, many wise traders cal rally is due. Louis Adamic’s *Dyn: " s a good book for business men to read. It deals | with the his of the various sitrug-| gies which have occurred in the United States between the employers and t.h!Y emplcyed, from the days of the Ameri- | can Revolution down to the preszm; e. | It doesn't make much difference | whether one happens to be a liberal, a conservative, or a radical. Mr. Adamic trests the subject with ckoice good humor, and without any tinge of bit- terness He relates the long hisiory of strikes, | lockouts, bombings and bloody fights— | telling it with compelilng interest and rate skill. (Copyright. 1931, Newspa: FOTATO MARKET. CHICAGO, April 8 (#).— (United States Department of Agricuiture).—Potatoes —Receipts, 127 cars; on tracks, 322; total United States shipments, 852; about steady; trading rather slow; sacked, per hundredweight. Wisconsin round whites, 1.50a1.65; fancy, shade higher; Minnesota round whi es, 1.45a 1.50; Idaho russets, No. 1, 1.80a1.85; No. 2, 1.55a1.6¢;_Colorado McClures, 2.00a 2.10; Texas Bliss Triumphs, new stock, 4.25a4.50; Florida, barrel, Spalding Rose, 8.0029.00, according to quality. CHICAGO DAIRY MARKET. (CAGO, April 8 (#).—Butter—Re- 6,163 tubs; firmer; creamery by the North American per Alllance.) . CHI ceipts, Carolina is the “most unseat-{ 6 24% 38% Munsingwear (3). Murray Corp. ... Myer (F E) & Br (2) N Nat Dist Prod (2). Nat Lead (5) Neisner Bros. . Nevada Copper (1) Newton Steel . .. N Y Central (6). N Y Investors. . NYNH&Hart (6). NYNH&HDpf (7). N ¥ Railways pt N Y Steam pf (6) N Y Steam 1st pt 195% Norf & West (+12) 4% North Am Aviation. . 62 Nor Am (b10% stk). 102 North Am Ed pf (6). 47% Northern Pacifie (5) 15 Norwalk Tire & Rub. 12% Ohfo Ofl (1)..... 1514 Oliv Farm Eq pr pf.. 60% Orpheum Cir pf (8).. 48% Otis Elevator (2%). 10 OusSteel ... e 33% Owens 111 Glass (3). 45% Paclfic Gas & El (2). Pacific Lighting (3). Pacific Mills Pack Mot Car (60¢). Paramount Pub (4).. Park Utah. coeeeonoe Parmelee Transport. Fathe Exch: > Pathe Exchange A. Fatino Mines Peerless Motor Car. . venick & KFord (1).. Penney (J C) (2.40). Penney (JC) pf A (6) Penn Dixie Cemant. Penn RR (4).... Peop Gas Ch (8).... Petrolm Cp of Am(1) Phil Read C&1.....: Phillips Petroleum. Pierce Oll. . Pierce Oil pf. 100 10c) Pitts Unit Cp pf (7). Port R Am Tob A 3% PR Am Tob 8. Prairie Oil & Ga pe L (3). teel Ca ) Pub Sv N J (3.40)... Pub Sv N J pf (5) % PubSv NJ pf (6). 1854 Pub Sv N J pf (7) 5813 Pullman Corp (4). 2 Punta Alegre Sugar. 1% Pure Oli. . 1015 Pure Ol pf (8). b5% Lurity Baxerl 274 Radio Corp . 60 Radio Corp B P Radio-Keith-Orph A. 61 RRSec1CstkC (4). 9% Raybestos Man 2 60. Real Silk Hos(b10%) Eeis (Robt) & Co Remington-Rand. ... Reo Motor Car (40¢). Republic Steel. 4 Republic Steel pf.... Reynolds Metals (2) Reynolds Tob B (3). Richfieid Oll. ...% Rio Grande Oil...... Rit Dent Mfg (2%).. Rossia Insur (3 20).. Roy Dtch(m1.3404). Safeway Stores (5). St Joseph Ld (2) St Louis & San Fra. Schulte Retail Strs.. Seaboard Alr Line. .. Seab Afr Line pf. Sears Roevuck 12% . Seneca Cooper . Servel Ine. .. Sharp & Dohme Sharp & Do pf (3%). Shattuck F G (11%) 1174 @ Lo ooumalon ® o TP T IO P FoR R I & 12 534 22% 6l 4l 14% 6% 10% % Simmons Co. Simms Petroleum. Sinelair Con Oil (1).. Skelly Ofl. . > Saider Packing p Solvay Am pf ww 5% 9% South Port Rico Sug. 45% South Cai Ed (2).... 92 Soutn Pacific (§) 41 South Ry (8) 8% Sparks Withing (1). 103 Spicer Mg 5% Splegel-May-Stern. . 16% Stand Brands (1.20). 2% Stand Comel Tob . 58 StandG&E (3%). 8 59 N SulBuanal P 1414 40% Ston wwn we D aagaaace nwrnnnn Va-C 1:30 P.M Dividend rates tions. 4% in stock. year—no regular Stand Oil N ¥ (1.60). Sterling Sec A..... Sterl Sec cv pf (3) Stewart Warner. . & W Studebaker (1.20). .. Studebaker Cp pf (7)2208 Sun Of1 (§1) 2 Sun Ol pf (6). Superheater (234).. Superior Oll.cvvvees Telautograph (1.40). Tennessee Corp(50c) Texas Corp (3)..... Tex Gulf Sulph (4).. 1 Texas PC&Oll..... Texas Pac Land Tr. . Thatcher Mfg (1.60) Thermoid Co. . Third Nat Invest. Thompson Starrett. . Iide Water As (6Uc) Tide Wat As pf (6).. Timken Roller (3)... Tobacco Products. ... Tobacco Prod A 195¢ Tob Prod div ctfs B. Transamerica (1)... Transue & W (1). Tri-Cont Corp. ..... Tri-Cont Corp pf (6) Truscon Stl (g1.20).. Und-El-Fisher (5). Union Lag & Paper. Un Carbide (2.60) Un Oll of Cal (2) Un Pacific (10) Unit Alrcraft. Util P&L A (o12.15). Vanadium Corp (3). va-Car Chem 6% pf. Va Iron Coal & Coke. Va Iron C & C pf (3). Vulean Det (4). Vulcan Det pf (7)... Wabash RR (A) Waldorf Sys (1% Walworth Co (1). Ward Baking B..... Warner Br Warren Bros (3). War Bioscv pf(3).. 508 16 21% 4 S o N BNANEROSARnS RO BA~EEN KN Unit Corp pf (3) Unit Electric Coal Unit G & Im (1.20).. Unit G & Im pf (5).. Unit Piece D W (2).. U S Distributing. ... US & For Secur..... U S & For Sec pf (6). U § Freight.... Indus Alcohol (2) S Leather. . Realty & Im Rubber. Rubber 1st pf. Smelt & Ref (1) S Steel (7). U S Steel pf (7)..... U S Tobacco (4.40).. Unit Stores A. .. Unit Stores pf (4) Univ Leaf Tob (3) 16 393 1 108 10 2 Wess O & Sn pf (4).. West Pa Bl A (7). West Pa El pt (6). West Pa Pow pf (6). 40s yestern Dairy B.... 2 Western Md. . o 8 Western Union (8).. 3 Westing AB (2).... § Westing EI&M{g (4) Westing E&M pf (4). 10s Westvaco Cblor (2). Wextark Radio Strs. White Motors (1).... White Sewing Mach. White Sew Ma: Wileox Ol & G Willys-Overland. . . Willys-Over pt (7).. Wilson & Co A. . Woolworth (2.40) Worthington Pump. Wrigley (Wm) (4).. 78 Yellow Truck pf Youngs Spring ( RIGHTS—EXPIRE. Sou Cal Ed...Apr20 Sales of Stocks on New York Exchange. 10:30 AM........ - 1.400,000 21 20% 15 2% 24 . 900 000 1 600,000 given in the above table are the annual 300.000 12:00 Noon, 2:10 P.M. | cash payments based on the latest quarterly or half yearly declara- CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS news prepared by the Standard Statis- ties Co., Inc., New York, for the Asso- clated Press: v News Trend. Pessimism over steel prospects which has prevailed in certain quarters dur- ing the past week found justification in estima es by the Iron Age that opera- tions in the past week were again at a lower level. The indicated rate of 53 per cent of capacity was under the rate of the week before, estimated at 55 per cent, and the 57 per cent rate of the two weeks prior thereto. Preight car loadings, to which much significance is attached, also were lower in the report released today for the week ended March 28. The total was 1,863 cars under the preceding week, a small decline, but more unfavorable than is evident on its face, because the normal trend for th> week is slightly upward. Compared to the sa week of 1930, this week showed a fall of 145,245 cars. Reports of March retail sales by chain store systems and others which have been received in quantity in the last two days compare favorably with, al- though still below.” the year before. The aggregate for 29 chains and three mail order houses for the month showed a decline of 4.6 per cent. hould be ncted that March of last ear contained five Saturdays, whereas March of this year had only four, a fact that would account in large part for this relatively small deciine. Disturbing reports were received from the copper industry yesterday moruing to the effect that in some quarters metal was selling at a reduced price of 9'; cents a pound. Some re- assurance was given, however, by later news that this low price had been withdrawn and sales were continuing at the previous level. Corporation news of the day is fea- tured by certain annual reports of im- portence, particu'arly by the increased share eainings of Great Atlantic & Pa- cific Tea. St. Regis Paper reports a relatively small decline from 1930 earn- ings. A dividend cut by Cerro de Pasco Copper could not be unexpected in view of the general dif- ficulty in which the copper industry finds itself. The Companies. 1930 common share $1.90, against $3.15; 1930 output includh extras (92 score), 26%: standards (90 score carlots), 263 exira firsts (90-91 score), 25%a23%: firs’s (G 25-251;; seconds (86-87 sc-re), 24-24)% Eggs—Recelpls, 22,352 cases; firmer; extra firsts, 20%:; m—mfled firsts, lla al9; 18; m extras; 21%, & sales to affiliated companies totale: 70,259 cars and trucks, against 87 :Qll units in 1929; tractor production total 2,186, an increase of l'l.l& s Intert) rporation—Action eommonn;vidend deferred to April 21 Penney (J. C.) Co. March sales off un% 124 per.cent;. 3 months off 12 u:l“fll Radio Corporation NEW YORK, April. 8.—The following | is a summary of important corporation | 1t | Ford Motor Co. of Canada, Ltd., on months to January 31, $438,238, against 256, equal to 33 cents common share in 1930. earfungs said to be running sligatly in around $21,000,000. Anaconda Copper Mining _reported earning over $13,500,000 beiore depre- ciation on 9%-cent copper; equals about $1.50 per common snare; opera- tions currently averaging about 40 per cent of mine capacity. Great Atlantic & Pacific Tea com- mon share earnings year ended Feb- ruary 28, $13.86, against $11.77; ton- nage sales in fiscal year ended February 28, 1931, up 7.2 per cent; 15,737 stores in’ operation on February 28, 1931; in- crease of 319 during year. Milnor, Inc., common share earnings | nine months to Pebruary 23, 18 cents, | against $1.52. Muncie Gear making free-wheeling aevice for Fords, which will be sold | through Sears, Roebuck & Co. Richfield Oil, California—A group of stockholders of Universal Consolidated Oil seek proxies to elect directors to represent minority stockholders' inter- ests; 52 per cent of Universal stock held by this company. 1930 gross operating revenue derived from sales of other than newsprint. American Radiator & Standard San- itary first-quarter gross dollar volume off “more than 10 per cent; reported that profit was made in each of three months. | Bunker Hill & Sullivan Mining & Concentrating February profit, after or- dinary taxes, development chaiges, but before depreciation and depletion, $119,- 461, against $224,205; two months $269,591, against $373,796. Cerro Pasco Copper 37'; cents quarterly common dividend; previously paid 50 in 1930. | Federal Bake Shops March sales off 10.5 per cent; three months, off 6.2 per cent. Gamewell Co. March business re- ported double that of February; unfiiled orders said to be sufficient to maintain operating schedules at present rate un- til May 31 and permit carryover into new fiscal year. Horn (A. C) Co. 1930 deficit $57,- 006, against net income, before Fed-ra | taxes, $166;943; equal to 46 cents com- mon share in 1929. Imperial Chemical Industries, Ltd., 1930 ordinary share earnings 33 cents, against 49 cents. Lord & Taylor—J. E. Pridday elected president and general manager, suc- ceeding 8. W. Rayburn. National Department Stores declares $1 dividend on first preferred stock on account of quarterly disbursement of $1.75 ordinarily paid May 1. Reo Motor Car, first quarter deficit expected to be larger than 1930; deficit of $175,436; new lower priced cars and trucks expected around May 1. Simmons Co. including subsidiaries. .| off, 33.6 per cent. Truax-Traer coal earnings in fiscal HA 30, ex) share, St. Regis Paper—Over 90 per cent of | I | excess of preferred dividend needs; has | cash and Government securities of |against net income $167,281 equal to | | Columbian Carbon $1%25 quarterly | |dividend; paid 25 cents cxtra quarterly March sales off, 35.1 per cent; 3 months i United States Steel ingot production, net income, before Federal taxes, $130,- | week ended April 6, estimated at 54 per cent of capacity against 561; per cent preceding we:k and 55 per cent American Smelting & Refining 1931 | two weeks ago, 79 per cent like 1930 week, and 98 per cent in 1929, Utica Knitting 1930 deficit, $178,558 $2.98 common share in 1929. Walgreen Co. 444 stores operating on March 31, 1931. Gamewell Co. common share earnings, nine . months to February 28, $4.02 against $6.55. St. Regis Paper 1930 common share earnings, 95 cents against $1.08. CHICAGO LIVE STOCK MARKET CHICAGO, April 8 (/) (United States Department of Agriculture).—Hogs— Received, 15,000, including 4,000 direct; slow; 10 to 20 lower than yesterday's average; bulk, 140-210 pounds, 7.75a 7.85; early top, 7.90; 220-320 pounds, 7.00a7.70; pigs, 7.25a7.50; packing sows, 6.40a6.45; light light, good and choice, 140-160 pounds, 7.00a7.9¢ ht weight, 160-200 pounds, 7.75a7.90; me- dium weight, 200-250 pounds, 7.40a 7.90; heavy weight, 250-350 pounds, 6.90a7.50; packing sows, medium and good, 275-500 pounds, 6.35-6.75; slaugh- ter pigs, good and choice, 100-130 pounds, 7.35a7.75. Cattle—Received, 9,000 head; calves, 3,000; fed steers and yearlings weak to 25 lower; mostly 15 to 25 off; market slow at decline; largely steer run; early top long vearlings, 10.00; best early sales, 7.25a8.50; common and me- | dium grade light heifers and light- weight cows getting action, but other she stock dull; slaughter cattle and vealers, steers, good and choice, 600- 900 pounds, 850a10.50; 900-1,100 pounds, 8.50-10.50; 1,100-1,300 pounds, 8.50a10.5( 10.50; commend and medium 600-1,300 pounds, 6.2528.50. Heifers, good and choice, 550-850 pounds, 7.00a9.00; ccmmon and me- dium, 5.50a7.00; cows, good and choice, 5.0026.50; common and medium, 4.25a 5.25; low cutter and cutter, 3.25a4.50; bulls (yearlings excluded), good and choice (beef), 4.5025.75; cutter to me- dium, 4.00a4.90; vealers (milk fed), good and choice, 7.00a8.50; medium, 6.00a7.00; cull and common, 4.50a6.00 stocker and feeder cattle; steers, go: and choice, 500-1,050 pounds, 7.25a8.75; | common and medium, 5.50a7.50. | Sheep—Receipts, 10,000 head; few | sales steady; old crop lambs, tending Jower; good and choice wooled lambs, 19.25a9.50; best held above 9.75; choice | ciippers, 8.75; springers, 14.00a17.00 for Greek Easter trade; lambs, 90 pounds down, good and choice, 9.25810.00; me- dium, 8.5029.25; 91-100 pounds, medium to choice, 8.25a9.75; all weights, com- mon, 7.00a8.50; ewes, 90-150 pounds, medium to choice, 3.75a5.25; all weights, cull and common, 2.00a4.25. | TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) “Maturit Bid. 2%s June 1 . 1%5 Jupe 15, 1930. 2%ps Bept. 15, 1 pt. 18, 1 to approxi- " 28 e 1o 194 weighty steers held around 10.50; bulk | R; 1,300-1,500 pounds, 8.50a | Firm, but Other Groups Waver. High-Grade List Continuesi BY F. H. RICHARDSON. Special Dispatch to the Star. NEW YORK, April 8.—Bonds turned irregular today after a strong opening. The announcement that the Treasury ‘wouldy sell $275,000,000 of 17 per cent certificates of indebtedness was within the expectation of the market and there was no resultant unsettling of the Gev- ernment list. Some of the long-term issues, such as Treasury 33s and 33s, made small gains. The reoffering of the State of New York 3%s and 3'.s at prices to yield 1.90 to 3.45 per cent, according to ma- turity, was a bullish argument for out- standing States bonds and other high- grade municipals. There was a total of about $42,000,000 in new bonds and distribution was reported well under way. But all these developments were con- structive only as to high-grade issues and there has been no slackening in the demand for such obligations since the first of the year. Money rates were off today, with a quotation of 113 o 2 per cent for 90-day time loans. Volume, which was heavy at the start, tapered off when stock failed to make headway. It was in the junior market that wide price changes were common and, with acute weakness in railroad stocks as a factor, some of the carrier obligations declined sharply. Frisco 4!%s, Frisco A 4, Missouri-Pacific 4s, 5s and 5's; Chicago & Eastern Illinois 5s, Inter- national Great Northern Adjustments, St. Paul Adjustments, St. Paul 5s, Erie 4s and 5s and Alleghany 5s were freely offered. There were few bids in the market and prices dropped as much as points. The weakness extended to a few of the more seasoned types of rails. Nickel Plate 455 were off over a point and there were fractional declines in Southern Pacific 415s of 1969, Pennsyl- vania D 4l5s, New York Central A 4s and Baltimore & Ohio 415s of 1960. However, the high-grade rails, such as Atchison general 4s, Baltimore & Ohio first 4s, Great Northern 7s, Cana. dian National 5s, Canadian Pacific 4s and Union Pacific first 4s, were all un- changed or a shade better. Similarly 3% s 41-43. 338 43-47. 7S 3%s 46-56. 45445 415 47-52. s: ADItib1 P & P 6553 Ab & St 5%s 43 Adams Exp 48 Allegheny 58 44... Allegheny 55 °49. .. Alleg Corp 55 '5 Allis-Chalm 58 °37. ates. 52 1 Am F P 552030. ... 21 Am1GCh6%s'40 Am Metal 6%s Am N Gas 6% Am S&R 1xt 5847, Am Sug Ref 6s'37. Am T&T cv 4%8 39 Am T&T 58 '65 Am T&T 6%s 43. Am W Wks 58 '34.. Am Wr Pap 6s47.. Argentine 55 45... Argentine 5%s '62. ‘Argentine May ‘61. Argentine 6s Ju ‘59 Argentine 6s Oc 59 Argentine 6s A ‘57 Argentine 6= B 58, Arm & Co 4%s 39, Arm Del 5% s "43 Atchison zen 4s Atchiscv 4%s "41. Atch Ariz 4%s 62 AtCL 1st 4s G2... At Ref deb 5s '37... Australia 4%s ‘56 Austral Australia Austria 7s 43, B&O4s"48.. B & O Sw dy 58 °50. B & O Toledo 4s ‘50 Bk of Chile 68 '57 Bk of Chile 6%s '61 Batav Pet 4%s 42, Belgium 68 ‘55..... Belgium 6%s°49. .., Belgium 78 °65..... Belgium 75’56 Bell Tel Pa bs B ‘48 Bell Tel I'a 55 C '60 Beth Steel pm 5836 Beth St rf 5s '42... Bolivia 7s '58. Bolivia 7s 69, the prime utilities and industrials, like American Telephone 5s, Atlantic Refin- ing 5s, Consolidated Gas 55 and Phu-delghh Co. 5s, were strong, while less highly regarded bonds were frac- tionally lower. One strong feature was General Theater equipment 6s. which gained 4 points. ‘This was attributed to an oversold condition. In the foreign department Brazilian bonds recovered 1 to 3 points. The liquidation of the past two days was attributed to London and the continent. Pipe Line Rulings. By the Associated Press. In issuing regulations under the mineral leasing law, providing for rights of way for oil or natural gas pipe lines through public lands or fcrest reserves, the Interior Department prescribes that such pipe lines shall be operated as gn'\:mx: mnawrrt.'lumd n:hm be limited e tral lon oil or gas - duced under State or Federal hwa,ml.l?~ cluding those prohibiting waste. Washington Stock Exchange SALES. Wash. Rwy. 4s '51—$1,000 at 89%, D n—10 ‘at 34%, 10 at 3415, 10 at 34. i Pot. Elec. Power 515% pfd.—b5 at 110%. Wash. Rwy. & Elec. 10 at 985, 5 at 9815, 20 at 9 , 10 at 9813, 10 at 983, 10 at 985, 50 at 98%%. Union Trust—10 at 208. Re:.l Estate Mtge. & Inv. pfd.—100 at %. Peoples Drug pfd.—6 at 103, 2 at 10315, 40 at 10275, Carpel Corp.—25 at 2315, 25 at 23%, 25 at 23%, 25 at 23% AFTER CALL. Amer. Sec. & Tr. Co.—3 at 345. Fed.-Amer. Co. com.—25 at 23%. W::h.“l;wm 45—$1,000 at 89%5, $1,000 Norf. & Wash. Steamboat—10 at 189, Wash. Rwy. 4s '51—$1,000 at 89%, $1,000 at 89%. Pot. Elec. Pow. 5!,% pfd.—1 at 11 Wash. Gas 6s '36 B—$100 at 1043 Wash. Rwy. pfd.—170 at 9815. Carpel Corp.—25 at 23 . Bid and Asked Prices. BONDS. PUBLIC UTILITY. e Amer. Tel. & Telgs 4%us 0. b Am. T MISCELLANEOUS. Barber & Ross, Inc.. 6% : Chevy Chase Club 3las.. T Columbia Country Club 5%as. . D. C. Paper Mfg. 6s....... Wash. Mkt. Cold Storage 5: Washington Cons. Title és. STOCKS. PUBLIC UTILITY. . Power 6% pfd t. Elec. Power 515% pid. Wash. Ry. & EL gom. (7). ... 42 Wash. Rwy. & Eiec. pfd. (5)..] NATIONAL BANK. Capital (14). . i Columbia (13) ""..00 71000 Commercial (stamped) (10} . District (8) n (12)...." Metropolitan” "(14)". (15%) TRUST COMPANY. Amer. Security & Trust Co. (15)*335 Continental Trust (6)... L 118 Natl. Savings & Trust (123 Prince Georges Bk. & Tr. Union Trust (85) ... Wash. Loan & Trust (i SAVINGS BANK. Bank of Bethesda (64) . % Commerce & Savings East Washington (12) Potomac (10).. Security 8av. & Com. Bi. (17).. Seventh Street (13) United States (30) Washington Mechanic: FIRE INSURANCE. 12). 10) (8) Union {18} TITLE INSURANCE. American o en’s National 5 -~ 2B 28858228 = ¥ Mer. Tr. & Stge. ptd, ( Mergenthaler ino. (8) latl. Mtge. & ug Real Est. M. & G, urity Storage - Ret. & Wh, W Mech: M C g'nn. .ll'efl.. fifil&m W:n:nr & Lo Bolivia 8s Bos & Me bs " Bos & Me 6 * Brazil 6% 26, Brazil 6%s '27. Buff Gen El 4% '81 Bush T Bldg 58 '60. Canada 6s '52. n Nat 4%s Can Nat 4%5s '65 Can Nat 55 July "69. Can Nor 75 deb ‘40. Can Pac deb i Can Pac 435 48 Can Pac 445 60. .. Can Pac b5 ctfs *44. Can Pac 58 '54..... Car Clin & O 63 52.. Cent of Ga 5% Cent Pac 4s'49 Cent Pac 55 ‘60 Cert-td deb 6 4= 48 Ches Corp 65 '47. ... C&Ogen4%s’s C&O4%s A3 C&O 435 B9 Chi & Alt 3s. ‘est 4 Chi M & St P 4589, Chi M&StP 4%s E. Chi M StP&P bs 75 Chi M & St P ad) 55 Chi & NW gn 45’87 Chi&Nwn 4%s 2037 C&Nwn 4148 c 2037, Chi & NW con 4%s. Chi&NW rf 5s 2037. Chi Rwys 68°27.... Chi R1 & Prf 4s'34 Chi R1cv 4%s'60. Chi RI&Pac 4% 5'52 C& W Ind 5%s'62. Chile 6360 . Chile 63°61. . Chile 78 *42 . Chile Cop db 53 '47. Chin Gvt Ry 5551, CCC&StL4W%sE.. CCC & St L 53 D '63 Clev Term 4%s ‘7. Clev Term 55 ‘73 Clev Term 5% " Colomb 6s Jan ‘61. . Colombia 65’61 Oct Colon O1l 65 '38 Com Inves 5%s49. C C Md 1st rf 65 '50 ConG N Y 6348 '45. Con Pwr Jap 6% Con Pow Japan 7s. Copenhag 4%s '63. Copenhag 68 ‘62. Cuba R R 68 '52..... Cuba RR rf 734s°36 Czecho 8s 51 Denmark 4 148 '62. . Denmark 5%s ‘55. . Denmark 6s ‘42 D& R Gr gn 45 '36. Det Ed G&R4 % Dodge Br ¢l 65 Dugquesne 4%s ‘67 Dutch East 1 6s"47. Bl Salvador 8s '48. . Erie 18t con 48 "9 Eriezon 4s A 53 Erie conv4sB..... Erle cv 556 Erie 58°75. Flat 7s ex war '46.. Finland 68 °45. Finiand 7s ' Fla E Coast b French 7s 49 French Gvi 7 Gelsenk'chen 6s ‘34 Gen Baking 515540 Gen Motors 6s 37.. Gen PSv 5l Gen St Cas 5%s'49 Gen Th Eq 6s°'40... German 5%8 '65. .. German Bk 65 '38. . Ger Cen Bk 65 '60 O German 6%s ‘60 German 7s rep Goodrich cv 63 Good 15t 6148 '47 Goody'r Rub As '5' GrandTr sf db 6s'3; Grand Trunk 7s '40 Grt Nor 4%s'76 D. Grt Nor 434817 Grt Nor 1st Grt Nor 68 ‘7. Grt Nor gn b 52, Grt Nor gen 78 '36. Greek 6s . Gulf Mobile 55 50. . Hait! 63 '52 . Hav El Ry 6%s'61. Hud & M ad)j 68 '57 Hud & M rf 58 57.. Humble O11 58 '37.. 111 Cent 4s ‘63 » & » » o EISRT- TP ST ISP -PRRP Sy g . CCStL&N 63 Ave High. 98 8% 79% 7% 101 8313 10215 10414 57 67 9914 101% 104% 1041 102% 107 zow. 110114 101 14 10114 5 101 20 101 20 10120 4 105 24 105 24 10524 6 107 24 107 24 107 24 7 11128 11128 11128 Close. 72% 98 8415 +| Japanese 53 I 4| Pure Ol 6%8°37... nt Rap Tr Int Cement Int&G Nad 23 %Y 60 88y 92 964 8314 63 2% 80 934 2 Y BT% ' 18 100% 100 1004 6 96 95% 91% 96% 96% 4 106 105% 105% Jugosl Bank 15 83 82% 83 KhCP&L4%s'57. 4 103% 1031 103% Kan CFtS&M 4336 26 98 97% 98 Kan City Sou 3s 50 Kan City Sou bs ‘50 KanG & E4%s Karstadt 6s 43.... 1 Kreug & Toll 5869 Lackaw St b3 '50. .. 93y 95% 6014 881y 924 965, 83y 63 72 8015 933 87, Int Ma:ch 68 4 Int M Co 58 ret Italy 78 '61........ (taly Pub Sv 7862, 17 96% 6% 95% 9615 70% 234 5 104% 104% 104% 5103 103 103 Lacls 5%s D . 8 102 101% 101% 3 101% 101% 101% 1100 100 100 .89 66% 63 66% 6 874 87 87 12 100 97 97 1 165% 105% 105% 1 121% 121% 121% 31 96% 964 961 3 94k 93% 941 198 9 ‘92 3 95% 95% 95% 3 106% 106 106 38 99 99 99y 5 104% 104% 104% 3 81 80% 81 4 65% b5 85 16 97% 96% 96% 10 105 1047 104% 5 102% 102% 102% 19 89w B9 89N 1 102% 102% 102% 5 8Tl BTU KW 891y 1 97 99% 8914 8914 96 Lake Shore Lautaro Nit 6 Leh Val cv 48 2003, LehV cv 4%s 2003. Loew’s 68 ex war.. Long Is] rf 45’49 Lorillard 6s 51 Lorillard 6348 '37.. Lou G & El 53 62.. L & N uni 4s *40 L &N 53 B 2003. McKes & R 6% Manh Ry 18t 48 '90 Market St 78 40. Marseilie 63 °34. ... Midvale Sti 58 36. . Milan 6%s '52..... Mil E Ry & L bs 61 M StP&SSM con 4s. 13. 85 85 86 8 100% 100% 100% 37 61% b59% 59% 181 89% 88% 89% 86 104% 104% Mo Pac ref 58 Mo Pac5¥scv Mont Pow 58 Mont Trist5s’41.. 1 101% 101% 101% Montevideo 7s 62.. 9 904 90 90 Mor&Colst4ls.. 1 20 80 80 Nat Dairy 6%s‘48. 87 102 101% 102 N Eng T1stbs'5z. 11 111% 110% 110% NYCgniths o7 2 B4k B4l 84% N Y Cen 4s” 6 94% 93% 93 N 3 100% 100% 100% N Y Cent 414382013, 39 99% 99% 99 NY Cen rf 41452013283 1004 100 100 NYCreimb6s2013. 19 107 106% 106% NYC&StL4s'37. 3 99 99 99 39 864 84 84 NY C&StL ¢ %s 15 104'5 104% 104% 31 101% 101 101 2 106% 105% 105% 1 115% 115% 115% 3 734 734 T34 10 93 93 93 11 108% 105% 105% 23 117 116% 117 11 106% 106% 106% 5 112 111% 112 6 85% 85 85 8 33 30 30 10 104% 103% 104 8 104 108% 103% 2 58 58 58 28 68% 68 28 93% 934 93n 4 111% 111% 111% 23 104% 104 104% 10 1024 102% 102% Volume of Goods in Transit © Expected to Show Sharp Gain. BY J. C. ROYLE. More freight will be moved over the railroads of the country in the next three months than in the first quarter of 1931. It will be moved faster, more safely and more satisfactorily than ever before, but the volume of business pass- ing over the tracks of the country prob- ably will be around 5 per cent less than was the case in 1930. This fact is not depressing either to business men, ship- pers or to the rallroads. It simply means that the industries of the coun- try have got down to “cases.” They have gauged demand and regulated supply to it. Movements a year ago were to a cer- tain extent on a speculative basis. No- body knew what demand would be and some overest'mated it. This will not take place this year. These railroad shipments are the most thoroughly re- liable balances known, on which to weigh the general prosperity of the country. Were the railroads not oper= ating at the efficiency which they have attained, there could be no prospects of & Tenewal of prosperity, but the fact that they can and do move freight faster, farther, more safely and cheaper than ever before, casts a decidedly rosy light on the gain in shipments as com- pared with the first quarter of the year. Increase Expected on Coast. ‘The decrease in shipments will nat- urally be most heavily felt in the agri- cultural districts, such as the Pacific Northwest, the ‘Great Lakes Country and Middle Northwest. The Pacific Coast is expected to show a slight in- crease, and so is the Ohio Valley, which has become essentially an industrigl territory. Some specific industries will show gains and it is noticeable that these reflect a general improvement in employment. ng them are the liquid fuels, chemicals and explosives. ‘The move to distribute fruit juices, especially those of the citrus fi through the medium of dairy products merchandizers has raised the probable volume of citrus fruit lucts 85 cts, ton and wheat. It is a check to 683 | sion, 6 105% 105% 105% | of 4 106 105% 106 1 107% 107% 107% T % 4% 94y 5 100% 1004 100% 22 104% 104% 104% 1 107% 107% 107% 6 102% 102% 102% 1 94% 9dn 94y 2 106% 106% 106% 12 87% 864 864 6% 961 96 101% 101% 0 95% 95 95W 11 100% 100% 100% 4 104% 104% 104% Penna gen 5s 17 109 109 109 Penn 6%s ‘36 . 16 110 109% 109% Penn O&D 4%8'77. 8 99% 99% 99% Peoples’ Gas 5s Orient dev 6s '53... PacG & K1 6842 Penn gen 4%s '65.. Penn 43570 Penn 4% s 63. Penn 6s '64, Ave 12 31% 30% 30% | Harriman 3 53w 53 534 15 102% 101% 101% .14 T4W T4 123 23 5 105 105 10 101% 101% 101% 10 94 94 94 30 81% 6 86 Phila Co 68 Philiip Pet 53 Philippine RR 45 Pilisb F M 6543 4! Pos Tel & C 58 '53.. Prague 73s '52 . Pressed St C 58 '33. 67 17 103% 103% 103% 42 103% 1034 1034 2 90 89% 9% 1 81% B81% 81% 38 96% 95 96 13 101% 101% 101% 19 101 101 101 7 80 79% 80 5 93 93 93 44 88 86% 88 Queenland 6s°47... Queenland 7s ‘41... Read gn 4%s A 97, Reading 4%sB. . Rem R 6%s5 A ‘47 Rhinelbe 7 ':!. 55" | Shell Un O11 65 °47. 125% 94% 96% NEW YORK BANK STOCKS NEW YORK, April 8 (#).—Over-the- counter market: BANKS. 4 a EE%Y & o Chase 5 e & Manhat Co’ Peoples Nati TRUST COMPANIES. §a-§'§g§==_= ] SRIC R ers Bk NY Tr.. Cent Hanover '. Chem Bk & Tr. S ¥ * nuliZs! Manufacturers United States Westchester Title & SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co) Allis-Chalmers Co, 5s 1937 102% American Tel. & Tel. 5ia 110% American Thread 5iis 1938 101 Baltimore & Ohio 4'3s 1933 Batavian Pet. Corp. 41as 19: 1 85% 85l 85% | Chil 2 100 3 b4k 28 5l 51 39% 10 84% 13 90% 10 9% 6 100% 58 1% 167 66% St L&SF pr In §s ?. 100 100 541 50 364 84% 90 91 % R Gr De Sul 68 '68 Rio Gr W clt 4s StL IM R&G 4s°33. StL&SFindsA 63% 8914 85% 99% | 3 85 StP&KCSL St P Un Dep bs '72.. Suo Paulo 85 '50. . Saxon 7s ‘46 Seab A L 4s st 50 1 6% 2 6% 6% 6% 3 107% 107% 107% 8 81% 92 72 92% 9416 98% 981 9BY 101% 101% 3% T3% 784 10 106% 105% 105% 6 94 94 94 96% 96 96 96% 964 961, 96% . 964 96% 99% 99% 99% 9 81 81 81 11 109% 109% 109% 2 95 95 95 6 103% 103% 1034 19 105% 105 105 7 105% 105% 105% Sea All Fla 63 A 35 13 Sea All Fla 6s B '35 Seine 78 "43. . Serbs-Cr-Sl 7s Serbs-Cr-Si 85 '62 Shinyetsu 6%s '52. S'nclair Ofl 6%s'38 Sinc O 7sev A '37 Sine Cr O 5%s Skelly Ofl 5%s 39 Sou Bel T&T bs 41, Sou Pac coi 48 '49 Sou Pag ref 4s 55, Sou Ry M&O St Oil N J 68 * 3 % 9 90 2 107% 107% 107% 7 104% 104 104 Tex & Pac 55 C"79. 1 100% 100% 100% 96 \95% 95% 14 99% 98% 99% 2 92% 9% 92% 7 100% 100% 100% 6 106% 106% 106% 03 103 08 103% 3 58°44. Powbs'id ww. 15 74 Ne 99% 100% 764 | B s v | Wheeling Steel cors. & 355 LR 3 ] CERTTE 5383825 3 Wheeling Steel Corp. FOREIGN EXCHANGE. tations furnished by W. B. Hibbs & Co.) - pis llom'l:I‘{l woid seliine e‘l;ecu London, pound. Vi soes b Paris, franc 3913 russels, bel i Rom Zurich, Athens, Madrid, Vienna, Budapest, _pen: gue, crown (nom.) Warsaw, _zloty Copenhagen, Qslo. crow: Stockholm, frane drachm: ta. crown. Sales. High. Low. Close Utll Pow 5%s"47.. 1 81 81 Vienna 6s 52 Va Ry & Pow 4 Va Ry ist68°62.... Wabash ¢3%8°78. 2 106% 106% 106% 8 67 67 39 52 51 Wh&LEcvpf'4 Wick Spen cv 78'35 Wil-Ov 1st 6%s ‘33 Wil & Co 1st 6841, Wilks B & E 1st 5s. Yokohama 6s°61... 118,