Evening Star Newspaper, April 8, 1931, Page 15

FINANCIAL. GURB ISSUES MOVE [N NARROW RANGE Market Points Higher at the Opening, but Gain Brings Out Selling. BY JOHN A. CRONE. , Bpecial Dispatch to The Star. NEW YORK, April 8—Resuming the 1ally in evidence at Tuesday's close, the Curb Exchange opened higher today, only to seact during the first hour. When offerings failed to increase prices again showed some improvement. Public utilities led the rally, with Electric Bond & Share heading that group. Cities Service opened lower, but Tecovered its early loss. Prospects of some tangible, constructive development coming out of the Washington oil con- ference maintained the prices of oil shares. Great Atlantic & Pacific Tea, which did not appear on the tape until a few minutes before the close Tuesday, be- latedly respended to its favorable 1930 earning statement. Aluminum Co. of America opened up 6 points in response 1o reports that the new alloy plant had received an order for 4,000,000 pounds of aluminum sheet. The new plant in Alecz, Tenn., soon will be able to main- ity_production schedule. in Fox Film Corporation on card was mirrored in General Fquiumem preferred, which declizzed about 5 points in forenoon dealings. Tox Theaters A stock was in- active. National Screen and Trans-Lux d ease Somo cf ths investment trusts early encountcred selling. This group includ- ed Tri-utilities, which broke to a new Jow for the year: Continental Shares B and the convertible preferred, both of which entered new low ground, and In- sull Utilities. Neisner Bros. Preferred dropped 4 points to a new low for 1931. Zonite Products sold off nearly a point on the 1 to change stock from $1 par to enabling a capital reduction, turn would permit the writing tents and good will. Co. again was one of the xtile issues. This stock in has risen from 54 to more following publication of its Traders today heard the i be split three for one, ividend rate on the new 2s not mentioned. Allled Mills, Tubize and cther textiles were active, but disp'ayed mixed price trends. Lone Star Ges duplicated its previous minimum mark, presumably on disap- pointing 1930 nrofit,s oIL DEVELOPMENT WORK TO STOP IN COLOMBIA By the Ascoclated Press. NEW YORK, April 8.—Two Amer- fcan oil companies which have large interests in Colombia have decided to halt all development work on their holdings, pending further revision of the oil laws to which they object. ‘The Texas Corporation, which has title to 800,000 acres, announced pub- licly in Bogota that it would suspend ‘operations. The Sinclair Consolidated Oil Cor- poration, also a land owner, like- ‘wise has decided halt 'flrk on its Colombian oil lands, it was said at the offices of the company today. While no &b‘}lc announcerhent of proy no par, ird 6 Aluminum Lid ss 1085 18 L Am thwlh 65 '40 1% er e . 1023 & Me 435 JJ 61 99% 7Can Nat Ry v" 38100 1Cent 1l E& 9 1 Cities Service 35 168 T3va 3 Cleve EI Ly 55 39.. 1045 1z E 55’6 9 & Comeined 41 s D 311027 19 Cont G & & '58 854 5 s %40 103 s A ? Bact ot 1 s- 5 20 Elec P & L 55 A 2030 2 Empire O&R 8iss '42 1 Fairbanks Mor 55 42 14 Florida P & L 55 /54 3 Gauneau Pow 85 36 1 Gen Wat Wi 65 B3 Georgia Power 85 ' 21 Gillette & Raz, RREE £ SSqagEncg gdsy (T o SRR Uil P 2! 2ZRLER] Rt 1 5 om0 'u: RERaR, P Pe0a08 “ELmaEGE Bhrhsrsntsencorsion R L3y ey’ erTr L w8 w908 iy > BResnsaons i EEE2eREEER,: S555005: Vanagium *5e 41 an Bueringen va'rb g 2 West News Del 6s 44 3ivy 2 Wiscon P&L 55 E '53 10234 POREIGN BONDS. SCom Pr Bk 5iis 2Danzig_Port 6'3s § Europ Mg 7s Hous 6125 '8 1 Sanitago mme 1- 4 1 Btinnes 75 8 10 Terni Soc ww—with warrants. XW-_Without warrants, n—New. Wi—When issued. Ow-llshkmed th!e stole m por 4 ves e a hnue recently, W’D{ in London recen hmmtmbouhwm o Note—All stocks are sold In one hundred-share lois excepting those designated by the letter s (80s) (250s), those stocks were sold in odd lots. which shows ~Prev. 1931~ Stock ana High. Low. Dividend Rate. 22% 11% Affillated Prod 1.60 19% 15 Agfa Ansco. 1 86 67 Agfa Anscop 8 5% 4% Allied Mills (60c)... 224 140% Aluminum Co of Am 5253 16. 109% 106% Alu Co of Am pf (6). 10 16% 14 Alum Goods (1.20).. 1 1% % Am Austin Car. 26 Am Capital pf (3) 65 AmCigarCo........ 5% Am Cit P&L B b10%. 11% Am Com P A (b10%) 85 Am Com Po 15t pfA 7 508 23% Am Com Pr B(b10%) 1 7% Am Cyanamid B..... 30 1% Am Dept Stores. . 1 414 Am Equities 14% 314 0% 4% 43 5% 1% 14 9%, Sales— ‘Am Invest. Inc (B Am Lt & Trac (2%).. Am Maracaibo Am Pneumatic Sv. .. Am St Pu Sve(al.60) Am Superpcw (40c). 81% Am Superp 1st (6).. 5 Am Transformer.... 2814 Am Ut&Gen cu pf (3) ¢ Am Util&Gen (B)vte Am Yvette new wi. .. Anglo Chil Nitrate Appalachian Gas. Apponaug Co (2).... Arcturus Rad Tube.. Arkansas Nat Ga Arkans Nat Gas A Assoc El In Ltd & Asso Gas&El A (a2). 715 Ass0 G & Elct (3)... Assoc G & Ept (5).. i AssocG & E A dbrts Assoc G & El war. Assoc Rayon At Lobos pf. Atlas Util Co 1% Atlas Utilities 17% Aviation Cp of Am..; 1% Bahia COrp...ceesss 1% Bahia Corp pf. . 31 slue Ridge Corp. 80% Blue Ridge cv pf as.. 88% Borg-War cum pf(7). 21 BrasTr&Lt (b8%). % Cable & Wire A rets. % Cable & Wire B rct 3 Cab & W pfrets 19c. 4% 84 8% 2% 304 2% 214 6% 38% 964 28 1% 3% 5 16 Carrier Corporation. 104% 1041 Cent Pow & Lt pf (7) 9 14 Cent Pub SvcA b10% 9 CentStat El (b10%). 1 Chain Store Devel... 13% Chat Ph Aln.v. (1).. 15 Citles Service (g30c) 79% Citles Serv pf (6)... 6% Claude Neon Lts, Inc 48 Clev El Illum (1.60). # Colombia Syndicat. 4% Col Oil & Gas vtc. . 256% 221 Cmwith Edison (8).. 1% Cmwlth & Sou war Com Wat Sv (b6%).. % Comstock Tunnel.... 214 Conscl Copper. 3% Consol Dairy Prod. .. 82 Consol Gas Balt3.60. 4 9714 Contl G&E pr pf (7). 258 35 Cont Shares pf (B)..400s 35 Cont Shares conv pf.700s 12% Cooper Bessemer. . 27 Cooper Bess pf A(3). 1 3% Copeland PrIncA... 12 3% T% 101 o 2 B 40 Cor & Rey pf A (6) 2% Creole Petroleum % Cresson Consol ( 7% Crocker Wheeler. % Curtiss Wright w: % Cus! Mex Mining. % Dayton Alr & Eng. 284 Deere & Co (1.20) 1% De Forest Radio. 3t% De Hav Alr rets 18c. . - 4% 3% Dubilier Cond & Rad. “118 Duke Pow (5)... 6% 2% Duquesne Gas Cp wi. 3% 1% Durant Motor: 1 1 1 1 7 5 1 L] 5 3 1 2 3 1 2 . o] 40 Elec Bond & Sh (b‘). 108% 102% Elec B & Sh pf (6). 22% 13 Elec Pow Assoc (1) 37% 20 ElecP & Lt op war., 18 9 [ElSharehold (b6%). 2% 1% Emp Cor-aration.... 3% Empire Puu Sve (A). k] B CaaSedursanemusar b Sl 1% Europ Elec deb 1 Evans Wallow Lead. 10% Flat rets (94%c). 21% Ford M Can A (1.20). 7% Ford Mo of Fr(p28c) 14% Ford Mot Ltd 36 35c.. 1 Foremost Dairy Pr.. 1% Foremost Dai pr pf.. 44 Fox Theater Cl1A 5% Gen Aviation. 50% Gen G&E cv p! 803 Gen Pub Sve pf (6).. 21% Gen The Eqcv pf(3). 38% Glen Alden Coal (4).. o 20s 37 1% % GoOld Seal Elec new.. 11% 5% Goldman Sach T C. 23% 20 GorhamIncpf (3)... 5% 4 Gr'd Rapids Var 50c.. 29% 23% Graymur Corp (1).. 260 167% Gt At&Pac Tea n'(l)l70| 6% 3 GrocStrsProdvte.. 2 76'% 60% Guilf Oll of Pa (1%). % 5% Hamilton Gas rets. .., 7ia 5% Hecla Mining (40c). 3% 1% Helena Rubens 6% Hollinger Gold(66c). 4% Hudson Bay M&S ., 54% Humble Ol (123%). ., 2% Hygrade Food Prod. 14% Imp Ofl of Can (50c). 14 Ind Ter Illu Ofl A 29% Insull Inv (b6%).... 6% Insurance Sec (70c).. 5% Intercoast Trade (1) % Intercontinent Petn, 11% Int Petroleum (1)... 8% Int Products. 10 IntSaf Raz B (12%). 34% Int Utilitles A (33). 5% Int Utilities B. 2% Interstate Equiti. 26% Inter Equ conv pf(l) 2% Iltalian Superpow A.. % Italian Superp war., 8% Johnson Motor . 10 Kress SH sp pf 60c. . 24% Lake S Mines (1.20).. % Land Co of Florida. . 2014 Lefcourt Real pt (3) 5% Lion Oll & Refining. . 19% Lone Star Gasn (s8¢ nm 106% Long Isld Lt pf (7).. 1% Louisiana Lan & Ex. Add 00. Open. High 21% 26 65% 8 THE EVENING STAR, WASHINGTON, D. C, NEW YORK CURB MARKE Stock ana Dividend Rate, MacMarr Stores (1) Magdalena Syni ~Prev. 1931~ High. Low. 1% 8% L Low. Close. 221 21% 4 167% 86 4% 4w 4 1731 7% 10719 4% 14% 1 1% 26 66% 81 6% o 6 124 30 147% 36% 99 1% 43, | 25% | 101 17% 41 164 10715 107 14w 14% 1 Mest 4 Met F Memph N Mercantile Strs (1).. 4 Mer Ch &S (1.60). Received by Private Wire Direct to The Star Office Sales— Add 00, Open. Hign. Low. Close. G Co (60c) chine (2) dison pf (6)... Met & Min Inc (1.20) Mexico Ohio Ofl Mid West Ut (b8%) . Mid W Ut cv pf xw 6 Mid Roy ev pf (2)... Minne-Honey pf (6). 11 Mo Kan P L (b10%). Mo Kan P L vte. . Miss Riv Fuel bd rts. Montecatini deb rts. 2 Mont Lt H& T (1%) 258 Moss Giold Mines. Mountain Prod (1. Nat Bd & S Corp.(1). at k51 Pow A (1.80). Nat Family Stores.., Nat Fuel @as (1) 1% % 3 6% 96 103% 10% #* 6% 95 103% 31 13% . 6% Sun Inv. 3 324 4% 2% 9 10% 28% % 22% 5% 5% 19% 204 1114 111% 1% 1% % 2 in cash or stock. | per cent n stock. Vacuum (4. . Voght Mfg Co (2) Walgreen Co. .. Walker (H) (1) % Wenden Copper. Wil-low Cafe pt (4). “Y" Oll & Gas.... % Ygstn S&Tu pf(534) . 10- mm. 100% Zonite Products (1).. Nat Investors t Rubber Mach t Screen Sv (2). Nat § T Sec A ($50¢) Nat Transit (1).. Nat Union Radio. Veisner Bros pf (7) son Herman (1) ew Brad Oil (28¢). % New Mex & Ar Imnd s Newmont Min (4). Y Merchandise (|)._ 508 Y& Hon B (11%) 1 Y Telpf (6%)... { Transit (1).... Niag-Hud Pow (40¢) Niag-Hud Pow A w.. Niag Sh Md (40¢)... Nipissing (30¢).. Noma El Corp (80c). randa Mines. Nordon Corp Ltd. r Am Aviat A wa r Am Util Sec. or W v pt (3).. Nor Europ Gil Corp. . Nor Ind Pub S pf (6) Nor St Pow pf (6) i Ohto Copper. . Outboard Mot Outboard Motor B. PacG & E1st pf 1%. Pac Pub Sve A(1.30). Pandem Ofl. . Paramount Cab Mfg. Parke Davis (11.45)., Parker Rust Pr (3).. Pennroad Corp (20c) Penn Pw & Lt pf (7) Perryman Electric Petrol Corp war Philip Morris Inc. Phoenix Secur Corp. Piedmont Hyd Eln w Pllot Rad Tube A. .. Pines Winterfr (1).. Pitney B P n (20¢).. Plymouth O11 (1). Polymet Mfg. .. Producers Roy Corp. Prudential Invest. .. Prudential Inv pf(6) Pub Utl] Hold war.. Pub Util Hold Cp xw Pub Ut Hold cu p£(3) Reliance Int A...... Rellance Manag . Reynolds Invest.... Rossia Int Corp. ... Royalty Corp pt # St Anthony Gold. .. St Regis Paper (1).., Salt Creek Pro(1.40). 508 o 08 3D LRI N - Seaboard Util (50c) Seg Lock & H (50¢) ., Belected Industries. , S1.1Ind full pd (5%). Sle Ind prior (53). .. Sentry Safety Cont. Shattuck Den Min Shenandoah Corp. Shen Corp pt (a3)..u S0 Am Afr Lines 1st. South Penn Ofl (1).. South CEdpf C1%. SouthernNat Gas. Spleg May Stern pf..150; Stand Motors. .. Stand O1l of Ind (2) Stand Oil of Ky 1.60 Stand O1l, Ohio (2% Stand P & L pf (7) Starrett Corp. Starrett Corp p! % Strauss Roth........ Stromberg-Carl(1%4) Stutz Motor (new). . ). Sun Invest pt (3). Sunray Ofl (b5% ) SwWift & Co (2).v..us Swift Internat (3). Technicolor, Ine. Texon Ofl&Land (1). Tonopah Mining. Tran Con Alr Tran. ., " Trans Lux DL P 8.. Tri-Cont Corp war. ., Tri Utllities (31.20)., Tubize Cantillon (B) Ungerielder Fin Cp. Un Tobacco Unit Car F' Unit Corp war Unit Dry Docks. . Unit Founders. Unit Gas Corp. Unit Gas war. Unit Gas pt (7). Unit Lt &Pwr A (1).. Unit Lt& Pwr pf (6). 5 Fin Holding. .. U S & Inl Secur. U § Inter Sec 1st pf. U S Lines ot (1) 4% 2% 13% 10% 28% 6% 54 10 21 % 3% 30% % % 100% 11 14% 18% 14% RIGHTS—EXPIRE Ford Mot Ltd.Apr 17 218 Dividends rates in dollars based on “Ex dividend. tPartly extra. $Plus 4 per cent in stock. & Payable b Payable in stock. £Plus 8 per cent In stock. I Plus 2 per cent in stock. in stock. mPlus 3 per cent in stock. n Plus 8 per cent in stock. © Pald last year—no regular rate. » % last quarterly or semi- © Adjustment dividend. & Plus 6 per cent in stock, hPlus 1 k Plus 10 per cent BY GEORGE T. HUGHES, (This is the first of a seri cles discussing the applic vestment principles to prese Gitions in” business And in. securitics) Before any intelligent investment program can be formulated it is neces- sary to take into account the general situation in business and in finance. It is true that the principles of invest- ment do not change, but it is equally true that their application is modified by the stage of the business cycle. As every one knows, we are in the midst of & world-wide depression comparable in intensity to any seen in a generation. Commodity prices have suffered the most drastic slump of which there is any record, and securities have been subjected to a deflation which, con- sidering the high level at which it be- gan, was also unprecedented. There is some reason to believe that the low polnt ul the depression has been reach- ed, if not passed; that commodity prices are now near a stabilization level, l:ll)d e less the ume situations _named nl.nr: -uu the salient features the mea. and seznmunce of which investors have to'weigh before any commitments. As & rsuuottml business reaction, low. The first inference to be drawn, ac- | Investment authorities, would be that | this is the time to buy fixed interest- | bearing securities responsive in market words, high-grade bonds. If the pro- ceeds of the coupon on a bond will buy | more goods the bond is worth more | money, and, therefore, in periods of falling’ commodity prices an advancing bond market is the normal result. Sim- ilarly, when money can be borrowed for less than the return on the security security is bound to be profitable, pro- | vided the grade of the investment does not deteriorate. ‘This, however, does not help us very much. For one thing the investing public is still stock mind- ed, and it is not at all certain that what ought to take place will thke | place. It is safe to say that no loss will Tesult from taking the conserva- tive course, but that is about all. In order to reap the most benefit from further. Baltimore Markets I Special Dispatch to The Star. BALTIMORE, Md., April | tatces, white, 100 pounds, 8.—Po- 1.25a2.00 at the market price purchase of the | existing conditions we must go a step cording to all the orthodox teachings of ' 18.00a20.00; | prices “only to money rates—in other | ket deflation money rates are extremely I potatoes, barrel, 2.00a4.00; yams, bar- | rel, 3.00a4.00; beans, bushel, 2.00a4.00; beets, 2.00a2.25; carrots, bushel, 40a65; caulifiower, crate, 1.50a2.00; celery, crate, 2.75a3.75; eggplants, crate, 2.50a 550; kale, bushel, 1.00a1.25; lettuce, hamper, 1.00a2.00; lima beans, 5.00a 7.00; peppers, crate, 2.00a5.50; parsnips, bushel, 80a1.00; spinach, bushel, 50a 1.00; tomatoes, crate, 1.0085.00; tur- nips, bushel, 50a1.50; apples, bushel, 60a2.00; per box, 1.25a2,25; Bflvpefnm. box, 1.50a2.75; oranges, box, 2.7584.25; strawberries, quart, 20a35. Dairy Market. Poultry, alive—Chickens, young, 30a 40; old hens, 22a26; Leghorns, 20a21; roosters, 13a16; capons, 32a40; ducks, 18a27; guinea fowl, " each, 50a75; pigeons, pair, 30a35. Eggs—Receipts, 1,010 cases; nearby firsts, dozen, 20%;; current uulpl& zo Butter—Good to fancy creamery, pound, 26a30; ladles, 22!13, rolls, 18a 20; process, 25; store packed, 16al7. —_— PARIS BOURSE PRICES. PARIS, April 8 (#).—Price changes were firregular on the Bours: today. Three per cent rentes, 88 francs 60 cen- times; 5 per cent loan, 104 francs 55 unumn London, 124 francs crate, cabbage, ton, 23 " cen es. dollar was quoted mmwwmumnunfmkmr- | new potatoes, barrel, 6.5029.00; sweet |at 25 francs 56 '&n » |active buyers and cash IHIGH CORN PRICES BELIEVED REACHED Traders Do Not Expect Grain - Will Exceed Recent Levels. BY FRANK I .WELLER, Associated Press Farm Editor The trade is about convinced that corn has sold as high as its going to. May corn broke under 60 cents for the first time last week when futures on the new wheat crop found new low levels. The persistent faflure of an aggres- sive cash demand for corn to make its appearance and a belief in some quar- ters that there probably will be a normal difference between the price of wheat and corn later despite the ronouriced shortage of the feed grain, have induced some operators to buy wheat_and sell_corn. It is pointed out that with July wheat around 59 cents and September if it assumes the normal habit of be- ing influenced by wheat prices. July l(cmn has been 62 and September at 60%. Furthermore, most feed grains which can be substituted for corn have gone lower. Promised increased acreages of corn, oats and barley seem to have increased the pessimism over the future of the market. Outside Interest Lacking. ‘There is continued slow demand for corn from consuming areas. Approach- ing pasturage in many sections which will be available to supplement corn supplies early in the Summer were also weakening influences. Aggressive selling by Eastern commission houses and pro- fessional pressure disclosed an absence ! of outside interest in corn. Sentiment is still mixed on wheat. ‘Where one crowd holds that wheat con- ditions are such that a wild advance would occur should some important bullish factor appear, another insists July futures eventually will sell at a 3-cent discount under September. ‘While the condition of the new crop is considered to be excellent, it is re- called that on another occasion in the past an almost perfect April crop con- dition saw wheat subsequently damaged. There has been a little buying on reports calling attention to the pos- sibility of damage from grasshoppers, + | particularly in the Northwest, if Spring weather should be favorable for their development. An unusual presence of the pest was reported last Summer and under favorable hatching conditions serious damage might be expected in the heavily infested sections. Early emergence of grasshoppers has WEDNESDAY., APRIL around 58, corn cannot rise very much | been reported in Missouri, South Dakota, Florida and Mississippi—the earliest on record in Missouri. More of the insects were present last Summer in Western Montana than at any time since the series of bad outbreaks which began in 1917, Crop Forecasts. On the bearish side are indications of unusually small abandonment of wheat acreage. Private forecasts at the first of April placed the crop about 15,000,000 bushels above last season’s harvest. Crop prospects in Europe continue generally favorable, European demand for wheat is rather dull with millers generally buying for immediate needs only. Canada sold between 3000000 and 4,000,000 last week, principally the continent, and reported that lots o! wheat was wanted on scale orders below 57 cents, or under the world market. Stock in the chief ports of Argentina are about 1,500,000 bushels smaller than & year ago and farmers are reluctant to ship wheat due to the unsatisfactory prices. Domestic cash wheat demand is re- to be excellent, with flour mills markets firm. Farm Board officials are looking for a good demand from millers from now on, but the general trade is a little skepti- cal about a big demand for cash wheat until they see more being shipped from primary markets to consuming centers. A prominent grain trader at cmugo says it looks as if exports from March 1 to the end of the crop season would be 15,000,000 bushels less than for the same period last year, thus making the carryover 75,000,000 bushels more than it was on July 1, 1930. Assuming the grain stabilization corporation ~ will finally own 250,000,000 bushels, which would leave about 100,000,000 bushels of free wheat for purposes other than storage, he says the markets would have a tendency to become more normal as time passes. HEADS MOVIE PRODUCERS HOLLYWOOD, Calif., April 8 (#).— Louis B. Mayer was elected president of the Association of Motion Picture Producers, Inc., at the annual meeting of the organization yesterday. He wiil succeed Cecil B. De Mille, who had served three years. Fred W. Beetson was elected exec tive vice president and secretary-trea urer; Jack L. Warner, first vice presi- dent, and Joseph I. Schnitzer, second vice president. Will H. Hays, president of the Motion Picture Producers and Distributors of America, parent organization of the producers’ association, was present. ELECTRICITY OUTPUT. NEW YORK, April 8 (#).—Production of electricity by the electric light and power industry for the week ended April 4 showed a slight decrease from the previous week. The week, which in- cluded the Good Friday holiday, showed total output of 1 672 405,000 kilowatt hours. The total was 1.6 per cent below the figure for the corresponding week of last year. Washington Produce 34a33; Butter — One-pound prints, tub, 3215a3314. Eggs—Hennery, 22; current receipts, 1. allve—Turkeys, young toms , 32a33; old toms, 28; Spring broilers, 38a40; Winter chickens, 30a33; hens, heavy, 24a25; light, 22a23; Leg: horn hens, 20; roosters, 12al4; ducks, 15; keats, voung, 75a80; old, 40. Dressed turkeys, young, 38a40; old, 34a35; Spring broilers, 45; Winter chickens, 38a40; hens, heavy, 27a28; light, 25a26; Leghorn hens, 22a23; roosters, 15al6; keats, young, 80a90; old, 50. Meats—Beef, 1312a15'5; veal, 14a16; lamb, 19; pork loins, 19a21; fresh hams, 19; fresh shoulders, 14; smoked hams, 21; smoked shoulders, 12; strip bacon, 21; lard, in bulk, 11; in packages, 12. | “'Live stock—Hogs, heavy, Imedium and light, 8.25a8.50 7.50a8.2! loughs, 2.00a6.00; lambs, 12.00; calves, 5.00a9.50. Fruits—Strawberries, 35a40; 50; oranges, Florida, 3.75a4.50; Cali- fornia, 3.5025.20; pefruit, lemons, 4.50a6.25; limes, per 100, 2.00; pes, Arsem.\n apples, bushel backets, stock, 2.25a3.00; pe: 5; pineapples, 085 00; honeydews, Argentina, 2.50a2.75. Vegetables—Potatoes, Maine and New York, 120-pound sacks, 2.T: Idah bakers, 100-pound sacks, 2.75; Florida, new, per bushel, 3.00; sweets, Nancy Halls, per bushel, 150; reds, 1.25a1.50; caulifiower, 1.75a2.00; mushrooms, 50a- 90; squash, 3.50; eggplant, 4.50a5.00; asparagus, South Carolina and Georgia, 1.75a3.50; string beans, 2.50a4.50; umn, Cuba, 450!500 P'lm'ldl, 6.00a6.50; cu- Indiana hot house, per dozen, tomatoes, three-pan contain- 50; peppers, 2.00a5.50; car- rou, per crate, 2.75; beets, per crate, 5; turnips, bunched, per crate, 2.75; klu. 1.00a1.25; spinach, 100-11!. h‘f .00; lemloe, iceberg, 3. 8, 1931, STOCK AND BOND FINANCIAL, AVERAGES By the Associated Press. From Yesterday': 's 5:30 Edition. STOCKS. lndus!rhh Today. l'revlunl d..y Two ml‘ ago. Three years ago. High, 1931 9 * New 1930 Tow. Today. Previou Week age Month Year ago. Two years ago. Three vears ago. High, 1931 90 Total. 129.3 131.0 20 Utilities, 181.2 10 Utilities, 100.7 100.8 100.9 100.8 (Copyright, 1931, Standard Statistics Co.) POWER BOARD RULING AFFECTS VARIOUS UTILITIES PROJECTSi BY GEORGE E. DOYING. ‘The Federal Power Commission, now less than four months old in its pres- ent organization, already has stirred up a second storm through its action upon the application of the Appalachian Electric Power Co. for a “minor part”, license to proceed with an $11,000,0000 | hydroelectric development on the New River in Virginia. 5 ‘The commission, charged in the €rst | outburst by Progressive members of the | Senate with being a tool of the “power | trust,” now has ruled not only against an important utility directly, but infer- entially against other projects in pros- pect, as well as against the contentions of five States that Virginia should be left to control this particular develop- ment. Pinchot View Favored. On the other hand, the immediate ruling is in accord with the position taken by Gov. Pinchot of Pennsylvania and the popular Government League, both contending that the Federal Gov- ernment should assume full jurisdiction. The first furore caused by the com- mission is about to gc on trial in the courts, though this action has been concentrated upon its chairman, George Otis Smith, as a result of the di of Secretary Bonner, Solicitor Russell and Accountant King immediately upon reorganization of the board late in De- cember. This action so stirred some Senators that they demanded of Presi- dent Hoover that he return the nomi- nations to the Senate, notwithstanding they had been confirmed. Upon the President’s refusal to accede to this demand the Senate instituted action to oust the chairman, after going through the form of rec:‘ulnx and then reject- ing his confirmation. g(ow the Appalachian case will take the commission into the courts to de- termine whether its powers extend to electric developments on a stream that itself may not be navigable—the com- mission refused to decide that point— but which is a tributary of a rlvex that undeniably is navigable. Has Spent $2,000,000. ‘The power company and the States of Virginia, West Virginia, Kentucky, Tennessee and Arkansas contended that the New River is not navigable and part” llcenl.lt. which joined the proceeding principle involved, and Gov. Pinchot came in for the same reason, but with an opposite viewpoint. The Appalachian company already has spent about $2,000,000 on the project. The Union Carbide Co. has expended a considerable sum further down the stream, and this probably will be af- fected by the commission’s holding. The commission’s position is that while the question of the navigability * of the New River Is one for the courts to decide, the fact that the river is the principal tributary of the Kanawha River, which in turn is one of the prin- cipal tributaries of the Upper Ohio, meens that any project constructed in the New River would affect the inter- ests of interstate and foreign commerce. Commission’s Finding. ‘The commission unanimously held, therefore, that it has complete juris- diction and that the Appalachian com- pany cannot proceed with its plans until it has secured from the commis- sion a “major license,” which would include positive control over the com- pany’s financial affairs, its valuation, recapture of excess earnings and a limit of 50 years on the leasehold. If the commission’s position is finally sustained, it will mean that complete Federal control will be exercised over practically every hydro-electric develop- ment in the country, as every stream capable of such development, whether navigable or not, is the more less di- rectly tributary to a navigable river. «Copyright, 1931.) New York Cotton Special Dispatch to The Star, NEW YORK, April 8.—Cotton prices dropped another 5 to 10 points at the open! of the market today. There was & heavy accumulation of overnight selling orders, both from abroad and from shorts, who believe that current crop statistics warrani cotton prices undzr 10 cents. Opening prices were: May, 10.27, off 5 July, 10.48, off 7; October, 10.80, off December, 11.03, off 7; January, 11 10, off 10, and March, 11. 39, off 8. CANTON CO. ELECTION. BALTIMORE, April 8 (Special).— The Canton Co. of Baltimore and its subsidiary, the Canton Railroad Co., at their annual meetings yesterday named ©O. H. Nance as president of both com- panies, Mr. Nance, who is also president of the Maryland and Pennsylvania Rail- road Co., succeeds Walter B. Brooks, who declined re-election. The stockholders also eleeted to the board of directors of the Canton Co. two new dl!er.-tan 8. H. Ogden of Phil- ude mldent and treasurer ation, and John | u. Hflnn, i, ptcuom& of the Nelson Corporation of this city, to sucmd James C. of New York, and the late John D. Probst of New York. All other directors were re-elected. SILVER QUOTATIONS. NEW YORK, April 8 (#).—Bar silver quiet and steady and % higher at 271, Buying for China gave the market a slightly healthier undertone. x | modities, amon; #x8 A_15 FRACTIONAL DECLINE IN WHOLESALE PRICES Only Two of Fourteen Groups Showed Gain During Week—Five Commodities Unchanged. A decline of 6 fractional points was | shown in the weekly wholesale price index of the National Fertilizer Asso- clation for the week ended April 4. This decline follows a loss of 3 fractional points during the preceding week and a decline of 1 fractional point weeks ago. The index number on April 4 stands at a new low, 74.3, compared with 75.9 a month ago and 91.8 at this time a vear ago. Only 2 of the 14 groups in the index advanced during the latest week. Grains, feeds and live stock advanced. 1 full point, while the index number for fer- tilizer materials advanced fractionally, due to the rise in the price of cotton- seed meal. Seven groups declined. The greatest loss was shown in the fuel group. This group includes petrs- leum and gasoline, in addition to coal and coke. Rather drastic reductions were noted upon the announcement of new ‘coal prices at the beglnn(nr of April. The other groups that decline during the latest week were textiles, | fats and oils, other foods, metals, chem- icals and drugs and miscellaneous com- modities. The declines in_these six groups were only fractional. Five groups were unaffected during the latest week. Prices for 25 commodities showed losses during the latest week, including tallow, family pork, dried beans, can- ned tomatoes and peaches, cotton, corn, | stlver, rosin, petroleum, coal, me'.hamfl calf skins, coffee and rubber. Advances were shown in the prices for 23 com- which were cottonseed ofl, eggs, dried fruits, cattle, hogs, sheep, cottonseed meal, burlap, hemp, wheat, barley and silk. 3,100,000 AUTO OUTPUT PREDICTED FOR YEAR By the Associated Press. SOUTH BEND, Ind., April f.—A, R. Erskine, president of the St.debaker Co: tion, in an address before the South Bend Chamber of Commerce yes- terday, predicted that the automobile industry in this country would make 3,100,000 cars in 1931 and 4,000,000 in~ 1932, exclusive of exports. The Studebaker f.yrofl during March was $300,000 a week, he said, lnd during April it will be $350,000. The A orders so far exceed by 12 per cent those of the same month last year, Mr. Erskine said. He also said that the corporation had made 2,500 loans to its employes out of work duflng the Winter. These totaled $117,500 and all but $31,000 have been repaid. Resignation Rumor ;enied NEW YORK, April 8 (#)—Persistent rumors in the film trade that Sidney R. xem, vice president of Paramount-Pub- ix Corporation. is to resign to become genml ‘manager of the Fox Fiim Cor- poration, were denied at Mr. Kent's office today. Mr. Kent was quoted as il “There is no truth to that TRUST SHARES The leading fixed trust A Common Sense Investment With Safety Good Return Marketability Growth in Value KNAPP & CO. Investment Securities THE CENTRAL PUBLIC SERVICE SYSTEM s a nation-wide system built by the careful acquisition of long-established utility successes One member of this nationewide family is the Mobile Gas Company, third oldest gas company in America. Others,among them the Atlanta Gas Light Company, date well before the War between the States. " Its Portland General Electric property, in operation 49 years, and Seattle Gas Company are by comparison lusty youngsters. Thus the foundation upon which the Central Public Service System has been built is a thoroughly seasoned one. Strategically centered where population and industry show greatest promise of growth, enjoying modernized equip- _ment and efficient group man- agement, many of these long- established companies are ex- ceeding all past performance. Onsuchcarefully considered lines has Central Public Service Corporation steadily expanded until it now extends into 684 communities in 24 States, 2 Provinces of eastern Canada, 2 dependencies of the United States and 3 foreign countries. * ing cities, 24 with its §8-year-old Central Public Service Corporation G Serving 684 communities in 24 States, 2 Provinces of castern Canada, 2 dependen- cies of the United States, and 3 foreign countries G Morie than 65,000 stockholders Q50% of net operating revenue derived from electricity, 39% fromgas G Invested capital more than £7231000,000.00 BB The net result is a well-calculated territorial diversification that successfully avoids sec- tional fluctuations in prosperity. Among principal points served with gas or electricity, or both, are 2 number of lead- populations over §0,000. , Included are: Seattle,Wash.; Portland,Ore.; Atlanta, Ga.; Rockford, Ill; Roanoke, Va.; Mobile, Ala,; Charleston, S. C.; Manila, Pl It is significant that in the past five years the Central Public Service Corporation—in revenue, holdings and number of stockholders, now more than 65,000 -—has become one of the major units in the pub- lic utilities industry. Complete facts concerning the Central Public Service System are readably presented in a 32-page book soon off the press. This book, including a number of highly interest= ing charts, tells a story of remarkable growth. ‘Wite for it to: Central Public Service Corpora- tion, 224 South Michigan Avenue, Chicago. Port Arthur, Texas. CENTRAL PUBLIC SERVICE CORPORATION General Officetl X 4 i % CHICAGO