Evening Star Newspaper, April 9, 1931, Page 14

OIL CURTAILMENT PARLEY RESUMES Producers Study Survey of Commerce Bureau in Con- sidering Proposed Cut. BY LOUIS E. VAN NORMAN. Oil was probably the principal busi- ness topic ?n thel’Nnuon-l Capital to- day as the Oil States Advisory Com- mittee prepared to resume its confer- ence with the Federal Oil Conservation Board to discuss a proposed compact for curtailment of production. ’ The petroleum producers had_before them & survey made public by the Bu- reau of Foreign and Domestic Commerce which emphasized the importance of ofl as a business maker for the great Southwest. This survey pointed out that of all the crude petroleum pro- duced in the world in 1929 43 per cent came from the wells of the Gulf South- west, with an_estimated total value of more than $800,000,000, including nat- ural gas and gasoline. This tremendous activity of 123,000 wells utilized the services of more than 120,000 workers at an operating cost of between $350.- 000,000 and $400,000,000, of which some 50 per cent was for labor. Many Depend on Industry. Aside from what may be called the oil value of the products of these six States—Arkansas, Kansas, Louisiana, New Mexico, Oklahoma and Texas—the oil industry is a major source of in- come to thousands of people who earn thelr living by transporting and refining petroleum, as weil as to other thousands who supply these people with food, clothing, apparatus, tools, public utili- ties and other necessities and comforts of life. The development of these oil- producing sections has all sorts of ef- fects on finance, particularly banking, | and the value of property, besides open- ing up many new avenues of the dis- tribution of necessities and luxuries. Many of the largest cities of the Gulf | Southwest have bzen built upon oil. Oil has contributed largely to the expansion of highways, the enlargement of educa- tional systems and the general indus- trial growth of the region. The local banking systems have had a difficult job on their hands to provide the large capital necessary to finance new opera- tions. 0il Pool Royalties. | ‘While the effect of oil production, un- | even as it has sometimes been, has not always been favorable to individual com- munities, it has been a powerful pro- | moting force for the producing States | as a whole. The survey notes the fact| that a large share of the value of the petroleum output in these six producing States is subject to royalty® from oil pools located on school and university | lands. In Texas the State University | has an endowment of more than $9,000,- | 000 collected from the sale of oil pro- duced from its properties. | As a factor in the development of raflway transportation, in the develop- ment of harbors and the deepening of navigation channels and cheapening transportation in other ways, oil has been a tremcndous economic factor in this region. One of the most impressive recent developments is the extension of | pipe lines, for crude and gasoline as| well as for natural gas. Chicago will | soon be served with natural gas piped from Texas. (Copyright, CHAIN STORE SALES DECLINE IN MARCH| Decrease of 4.6 Per Cent Reported for 32 Firms Compared to March, 1930. 1931) Special Dispatch to The Star. NEW YORK, April 9.—According to s compilation issued by Merrill, Lynch & Co., 32 chain store companies, in- cluding three mail order concerns, show total sales for the first three months of 1931 of $409,233,022, against $430,315,- 715 in the corresponding period of 1930, & decrease of 4.90 per cent. The three mail order companies alone show sales for the first three months of 1931 of $127,804,077, against $145,514,875 in the three months of 1930, a decrease of 1217 per cent. Excluding the mail order companies, 29 companies show gales for the three months of 1931, $281,428,945, against sales of $284,200,- 840 in the same period of 1930, a de- crease of 1.18 per cent. Results for March, 1931, as reported by 32 chain store companies, including three mail order concerns, show total sales of $146,261,412, against $153,328,- 172 in March, 1930, a decrease of 4.60 per cent. Three mail order companies alone show sales for March of $44,819,299, against $49,219,682 in March, 1930, a decrease of 894 per cent. Excluding the mail order companies, 29 chains show sales for March, 1931, of $101,442,113, against $104,108,490 in March, 1930, a decrease ©of 2556 per cent. ‘While the reports of chain store sales for March show a decrease in dollar volume over the corresponding month of the previous year, taking into con- sideration the decline in prices of the merchandise handled, it is apparent that most chain stores showed substan- tial increases in units of sales. H. T. Parson, president of P. W. Woolworth Co., in commenting on the decline in sales of his company for March, said: “In March, 1930, there were five Satur- days and 26 business days, whereas in March, 1931, there were only four Sat- urdays and 26 business days. A Sat- urday in March is equivalent to about $1,750,000 in sales.” It is said in trade circles that the Saturday before Easter Sunday is ordinarily poor from a gales viewpoint, so that the loss of a Satur- day in March just before Easter is a good reason for smaller chain store sales for the month Reports for the month follow 1931 1930, 25,174 441 2248137 Stores Corp. W. Grand-Siiver Stores e > H. C. Bohack (4 wks. to Mar. 28) .. . Danie] Reeves, (831 076 G40 5 3 1024264 11322484 Mar. 21) 1,284,868 ‘Western _Augo Supply Co-"icansas ‘City) Ameiican Dept, Stor. Schiff Co. ...... . Bickfords : Fed. Bake Shops, Inc. Eifiie Broso1 oo 0 asvee Blores Morison Elec. fupply. Total 32 chain store and mail order companies $146,261.412 $153,328,172 3 mail order com- panies .. . 44.819.290 49,.210.682 29 chain store com- S T panies ... +-$101,442,113 $104,108.490 . POTATO MARKET. CHICAGO, April 9 () (United States Department of Agriculture).—Potatoes: Receipts, 135 cars; on track, 208; total United States shipments, 829; slightly weaker, trading very slow; sacked per hundredwelght, Wisconsin Tound whites, 1.5081.60; occasional car, 165; Minne- THE EVENING STAR, WASHINGTON, D. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page stock and Dividend Rate. Chi & St L (6) Dock pf (5). & Harlem (5)... N H & Hart (6).. N Y Investors....... —Prey. 1931~ 108 ¥ Y ¥ Y 4 Norf & West (112).. North Am Aviation. . Nor Am (b10% stk North Amer pf (3) North Am Ed pf (6). Northern Pacific (6). Ohto Of1 (1)... Oliver Farm Eq new. Oliv Farm Eq pr pf.. Omnibus Corp. ... Otis Elevator (234).. Otis Steel pr pf (7).. Owens 111 Glass (3). Pacific Coast 1st pf.. Pacific Gas & El ’z) . Pacific Lighting (3). Pacific Tel & Tel (7) Pack Mot Car (60¢).. Pan-Am Petrol B. ... Paramount Pub (4).. & Pathe Exchange A... Penick & Ford (1)... Penney (J C) (2.40). Penney (JC) pf A (6) Penn Dixie Cement. . Penn RR (4)........ Peoples D S pf (6%) Peop Gas Ch (8).... Fetrolm Cp of Am(1) Phelps Dodge (2)... Phila Co 6% pf (3) Phil Read C& 1. Phillips Petroleum. . o wlona Pillsbury Flour (2). Pittsburgh Coal pf.. Pitts Unit Cp pf (7). Poor & Co (B).. Port R Am Tob A 3 Prairie Oil & Gas (2) Prairie Pipe L (3)... Pressed Steel C Proct & Gamb (2.40) Proc & Gamb pf (5). Prod & Refiners pf. Pub Sy N J (3.40). Pub SV N J pf (5).een 4 Pub Sv N J pf (7). Pullman Corp (4)... Pure O1l. Pure O1l p! Purity Bakerle: Radio Corp...... Radio Corp B (5).... 11 Radio-Keith-Orph A. 140 RR Sec 1 C stk C (4). 208 Raybestos Man 2.60. Reading Ry (4)..... Real Silk Hos(b10%) Reis (Robt) & Co... Remington-Rand. Rensselaer & Sar (8) iteo Motor Car (40¢). Republic Steel Republic Steel pf.. .. Reynolds Metals (2) Reynolds Spring. ... Reynolds Tob A (3). Reynolds Tob B (3). Richfield O: M 2 [ JUIOTTS- JOrryse, Rossia Insur (2 20).. Roy Dtch(m1.3404). Safeway Stores (5).. Safeway pf (6) Shattuck F G (11%). Shell Unfon Ofl..... Shell Un Ol pf (5%) Shubert Theaters. Simmons Ce Simms Petro Sinclair Con O1l (1) Skelly Oll.... . Solvay Am pf ww 5% South Port Rico Sug. South Cal Ed (2).... South Pacific (6).... South Ry (8)... Sparks Withing (1). Spencer Kellog (80c) Spiegel-May-Stern. . Stand Brands (1.20). Stand Brands pf (7). SandG&E (3%)... Stand G& Epf (4).. 19 Sales— Prey Add 00. High. Low. Close. Close. 185 8% 75 2 63 ~Prev. 1931~ - 13.) High. Low. 68 60 68 60 185 75 69 65 185% 9% 7 105% 115% 196 10 7 55% Stand O1 Stewart % 6% 1054 1164 190 9% 6% 55% 105% 45% 12% Texas P 4 Thermols Tide Wa Tide Wa! Tobacco Tobacco Tri-Cont Truscon Un Tanki Unit Cig Unit Cor Hoff: daacacaca nBnnLLLn stock ana Dividen 51% 42% Stand Ofl 14% Stand Oil of Kan (1) Stand Ol N Y (1.60). Stone & Webster (3). % [{15) Sun Ol pf Superior Of autograph (1.40). nessee Corp(50¢) Texas Corp (3).....: Tex Gulf Sulph (4). Und-Ell- Un Carbide (2.60) Un Oil of Cal (2). Un Pacific (10). Un Pacific pf (4). S Indus Al S Leather........ Leath pr pf (7) Plpe & F (2).... Realty & Im (3). Rubber. Smelt & Bales— Add 00. High. h2%) 14 44 5 43 d Cal ( 14% INJ (12)... Warner.... 45% r(1.20)... 3 23% er Cp pf (7) 108 115 2 40 104 % c&oil.. Texas Pac Land Tr. dCo. .. Thompson Prod 1.20. Thomp-Star pf (3% ) ter As (60c). t As pf (6). Timken Roller (3) Products. Prod A 195¢ Tob Prod div ctfs B.. Tob Prod div ctfs C Transamerica (1) Corp Stl (g1.20).. Fisher (5) Car (1.60).. Unit Aireraft..... Unit Biscuit (2).... Unit Cigar Stores. .. Strs pf (6) D (76¢) Unit Corp pf (3) Unit Electric Coi Unit Fruit (4).. Unit G & Im (1.20). Unit G & Im pf (6).. U 'S & For Secur..... U S & For Sec pf (6). S Gypsum (1.60). 'man. g ohol (2) U S Steel (7). U S Steel pf (7 U S Tobacco (4.4 Unit Sto resA.. Unit Stores pf (4) Univ Leaf Tob (3). Univ Pipe & Rad. Utl] P&L A (012.15).. Vadasco Vanadius 4 33 Sales Corp.. 6 m Corp (3).. 404 o Va-Car Chem. ... Va-Car Chem 6% pf. 10 Vulean Det (4)..... 3608 Wabash Waldort RR (A).... Sys (134).. Warner Bros pf 3.85. Warner Quinlan. ... Warren West Pa West Pa 4 West Pa Pow pf (6). Bros (3). ElA (7)... Elpf (7)... 208 308 West Pa Pow pf (7). 20s Western Dairy B.. 4 Western Ma... Western Union (8) Westing Westing W Wheel & White M; AB(2), El&Mfg L Erie pf. otors (1) White Sewing Mach. Wilcox Oil & Gas Willys-Overland. ... Willys-Over pf (7) Wilson & Co A. .. Woolwo rth (2.40). Worthington Pump Worth Pump B (6) Wrigley (Wm) (4) Yale & Towne (2). 9%, Yellow Truck. . Youngs Spring (3) RIGHTS—EXPIRE. 2! Sou Cal Sales of Si Dividend rates a: cash payments based o; tions. 4% 1in stoc year—no regular able in cash or 2% in_stock 18 123% 2% 63% 18 231 72% 63% r e b Pl 3% ‘s Unit of trading less than 1 k" (Fayable in scrip. 19 . § Plu in stock. m Paid this year—; Ed..Apr20 18 2% tocks on New York Exchange. 300.000 12:00 Noon. . 900,000 1,200,000 2:10 P.M 1 400,000 s given in the above table are the ann n the latest quarterly or half yearly decla; shares. s 50c Special Dispatch to The St BALTIMORE, Md., April 9.—Pota- toes, white, 100 pounds, 1.25a2.00; potatoes, barrel, 6.50a9.00; sweet pota- toes, barrel, 2.00a4.00; yams, barrel, 3.00 24.00; beans, bushel, 2.00a4.00; beets, crate, 2.00a2.25; cabbage, ton, 18.00a 20.00; carrots, bushel, 40a65; cauli- flower, crate, 1.50a2.00; celery, crate, 2.75a3.75; eggplants, crate, 2.50a5.00; kale, bushel, 1.00a1.25: lettuce, hamper, 1.00a2.00; Lima beans, 5.00a7.00; pep- pers, crate, 2.00a5.50; parsnips, bushel, 80a1.00; spinach, bushel, 50a1.00; to- matoes, crate, 1.00a5.00; turnips, bushel, 50a1.50; apples, bushel, 60a2.00; per box, 1.25a2.25; grapefruit, box, 1.50a 2.75; oranges, box, 2.75a4.25; strawber- ries, quart, 20a35. Dairy Market. Poultry, alive—Chickens, young, 30a 40: old hens, 22a26; Leghorns, 20a2l; roosters, 13a16; capons, 32a40; ducks, 18a27; guineafowl, each, 50a75; pigeons, pair, 30a35, = Eggs—Receipts, 2,991 cases; firsts, dozen, 20%2; Butter—Good ~ t nearby current receipts, 20. 0 fancy creamery, pound, 26a30; ladles, 22a23; rolls, 18a 20; process, 25; store packed, 16al7. Live Stock Market. Cattle—Receipts, 200 head; light sup- ply; market dull. Steers—Choice to prime, none; good 7.25a8.25; fair to medium, 6.50a7.00; plain to fair, 6.0086.50; common to plain, 5.0026.00. to_choice, none; medium to good, 5.00a 5.50; fair to medium, 4.50a5.00; plain to fair, 4.00a4.50; common to plain, 3.5024.00. Cows—Choice to prime, none; good to_choice, none: medium to good, 4.50a 5.50; fair to medium, 4.00a4.50; plain to fair, 3.00a4.00; common to plain, 2.00a3.00. Heifers—Choice to prime, none; good to choice, none; medium to good, 7.00a 7.50; fair to medium, 6.00a7.00; plain to fair, 5.50a6.00; common to plain, |4.5025.25. Fresh cows and springers, 3.00a7.00. Sheep and lambs—Recelipts, 50 head | 1ight supply, market higher; sheep, 1.50 |4.00: lambs, 4.50a10.50 |~ Hogs—Receipts, 600 head; light suj | ply, market steady; lights, 8.40a8.65; heavies, 7.50a8.30; medium, 8.40a8.6 | roughs, 5.00a6.90; light pigs, 8.00a8.2! pigs, 8.25a8.50. Calves—Receipts, 50 head: light sup- +1 ply, market lower; calves, 5.0029.75. Hay and Grain. Wheat—No. 2 red Winter, export, 83; No. 2 red Winter, garlicky, spot, “| 83: April, 83; May, 84'%. Corn—No. 2, domestic, yellow, old, 75a76; cob corn, new, 4.00a4.10. } Oats—White, No. 2, new, 41; 3, 40 | Rye—Nearby, 55a60. Hay—Receipts, 36 tons. General hay market is quiet. Receipts ample, but no No. Such types bring a premium of 1.00a 2.00 per ton, depending on the amount of clover. from 24.00a26.00 per ton. Straw—Wheat straw, No. 1, per ton, 10.00a11.00; oat straw, No. 1, per ton, 1.00812.00. SILVEB QUOTA;IO—NS. sota round whites, 140a150; Idaho Russets No. 1, 1.75a1.80: No. 2, 150a 1.55; Texas Bliss Triumphs, 50-pound sacks, to choice, 8.50a9.00; medium to good, | Buils—Choice to prime, none; good | 4 WAGE CUT DISCUSSIONS ARE AFFECTING MARKET | Special Dispatch to The Star. NEW YORK, April 9.—The general discussion of pogsible wage reductions, both in the industrial and railroad field, is claimed to be one of the new influ- | ences affecting the stock market. There is said to be serious discussion of ad- justments in the iron and steel trade. One of the weekly trade reviews sug- gested it in a statement that only four important producers of steel would show their common dividends to have been earned in the first quarter of the year and that with the volume of business | mot. likely to increase “wage rates may | easily become more vulnerable.” The fear of wage reductions is that they might bring on labor troubles, which have been conspicuously absent {in this depression compared with other panic periods. INVESTMENT TRUSTS counter market: Bid. Asked. All Am_Invest 7 9 A Am Tnvestors shrs 8 9 i & Gen Secur B.. Am Brit & Cont 67 |Am Composite e Am Founders 1-70th_ctfs | Founders conv pf ctfs Am Founders war Founders 1-40th’ ctfs. tocks Ins Sto Asoc Stand Oil Shares P g var |4 { |At & Pac bf war | Bankers Nat'Inv. . | Bansicilia ° corp Basic Industry Shares. | British "Type ‘1 Chain & Chain & | Chain ' Store 5 | Chain Store Invest pf. . | Chain Btore Shr Owners Chartered Invest. | Chartered Invest | Ghelsea Exchange | Cheisea Exchange B | Cumulative Tr Corporate Trust Shares.. Crum & Foster Ins B Crum & Foster Ins pf | Crum & Foster tnc B 77 Diversified Trustee Shrs C Equities Investors Corp com Equities Investors Corp units. Equity Trust_Shr First Amer Corp Pixed Trust Share: Fixed Trust Shares B Fundamental Tr Shrs A Fundamental Tr Sh General Equity A | Granger Trade. | Gude” Winmill “Trad Incorporated Investors i Incorporated Investors Equii Independence Tr Shre....... Ins Shares & Gen Manage Cor. m A.. surplus offered of heavy clover mixed. | Inves Fair to good timothy ranges i Leaders of Industry | Low "Priced Shrs Major Corp Bhrs Mass Investors T 2 NEW YORK, April 9 (#).—Over-the- BUSINESS MACHINES CO. ADDS MORE EMPLOYES Special Dispatch to The Star. NEW YORK, April 9. —International Business Machines Corporation is con- tinuing to increase the number of its employes in 1931, Thomas J. Watson, president, informed stockholders at the annual meeting here. Last year the company increased its manufacturing facilities and employed more people at higher wages than in 1929. It is antici- pated that a further increase in plant capacity and employment will be neces- sary this year, he stated. The company’s earnings, which were approximately 10 per cent larger last year than in 1920 and the best in its kistory, continue to show an increase this year, Mr. Watson added. Directors were re-elected. TREASURY CERTIFICATES. (Reported by J. & W. Selisman & Co) ity E 15, 1931 100 7-3: 15, 193 100 15, 3%s Dec. 15, NEW YORK BANK STOCKS NEW YORK, April 9.—Over-the- counter market: BANKS. America Bank of U'8 Units. hase ........ Chat Phenix. T e Fifth “Avenue Furst National N' Y. Harriman . Manhattan Co Peoples’ National .. TRUST COMPANIES, | Bancs Comm Ital... Bankbrs Bid. Asked o 953 B 8 - 9415 2600 3950 1500 841y 200 nty . Guaranty Hibernia Irving ... Manuiaciure; United States.. .20 Westchester Titie & Tr... Nor Am Trust Shares Northern Secur | Old Colony Invest “Trisi. . ny Trust Second Int Secur Corp B Sec Int Sec Corp 6% 1st Selected Am _Shares. Selected Income Shrs. = Trust Shrs of Amer 'r:s:m Stand _Invest Shr: Trustee 9 %"Yl‘ i Shrs Y Bank Tr Shis . . o Nor & Bouth Am Cord B.iecsss .y BONDS IRREGULAR | Coxsew vorc BONDS sroecwxeunncs] [HOLDERS OF BRAZIL S RAILS DECLINE 23* Foreign List Strong—Domes- | tic Utility and Industrial * Groups Gain. BY F. H. RICHARDSON. Spectal Dispatch to The Star. NEW YORK, April 9.—Thotgh there was general strength in foreign dollar bonds and in virtually all domestic utility and industrial obligations, rail- road issues of all but the highest type continued their downward course day. MI};murl-Flclflc general 4s, for in- stance, dropped to a price where their yield is well over 7 per cent—the lowest point they have touched in over seven years. Missouri-Pacific 55 were at a record low. Wide declines occurred in Frisco A 4s, Frisco 44s, Southern Rail- way gemeral 4s, Southern Pacific 4158 of 1969, New York, Chicago & St. Louis 4'2s and first 4s, Erle 5s of 1975 and 1967, Chicago & Northwestern 4%s, St. Paul 5s and Alleghany Cor- poration 5s. On the Curb Exchange Van Sweringen 6 per cent notes drop- ped to new minimum levels, The liquidation of the rails was not confined to any particular group or system. Earnings statements for March are expected to show the worst declines in traffic yet reported. The plight of some of the roads has been indicated by attempts to increase passenger traffic by lowering rates. Today the Chicago & Northwestern Railroad an- nounced that it would experiment with a one-cent-a-mile rate. It will be recalled that some Southern roads have already instituted cheaper pas- senger rates. Of course, the high-grade railroad group hardiy reflected this selling. Where earnings over a long period have been many times fixed charges and where bonds are secured by mortgages that do not run into too heavy figures per mile of right of way, the chief con- sideration of price is prevailing money rates, and these are the lowest in years. Atchison general 4s, Baltimore & Ohio first 4s, Chicago & Alton 3s, Quincy general 4s and Union Pacific first 4s are still near their best prices of the year, yielding from 4 to 4.25 per cent. In the rest of the domestic list trad- ing was quiet. Warner Bros. Pictures 6s advanced 2 points with the stock. International Match 5s were firmer, al- legedly on covering by shorts. Gen- eral Baking 54s were off nearly a point with the companion stock. ‘There' was some investment buying in high-grade issues such as Youngstown Sheet & Tube 5s, Standard Oil of New York 4l,s, International Cement 5s, Duquesne Light 4l:s, American Tele- phone 5%:s and American 1. G. Chemi- cal 515s. In the foreign department the feature was the further recovery of Brazilians. It was pointed out by bankers that Brazil's position is no worse than that of some other South American repub- lics and, and as a matter of fact, will be considerably better if her provinces can manage to keep up the service on their debts without seeking the aid of the Rio government. German issues were strong, with a gain of over a point in German Gov- erment 51,s. Other Europeans were firm but featureless. . Washington Stock Exchange SALES. Real Estate Mtge. & Guaranty pfd.— 10 at 63;. Carpel Corp—25 at 24, 25 at 24, 25 at 24, AFTER CALL. Washington Gas 6s '35 “B"—$200 at 104%,. Washington Gas 6s "33 “A"—$100 at 101%. National Mtge. & Inv. pfd.—40 at 47. Peoples Drug pfd.—10 at 103, Federal-American Co. pfd.—3 at 95. Federal-American Co. com.—25 at 23. Wu?mmn Rwy. & Elec. pfd.—10 at 98%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. & Tel. 4%as " E Pot. guar. . & P. Tel. of Va. 55 Capital Traction K. R. 55 City & Suburban 5s...... Georgetown Gas 1st 5s.... Potomac Elec. cons. 5% Potomac Eiec 65 1953 e h.. Alex. & Mt. Ver. ctfs. " Balto. & Annap. 5 Washington Gas 412s..... Washington Gas 5s Wash. Gas 6s, Wash. Gas 6s, vash. Rwy. & Elec. 45 MISCELLANEOUS. Barber & Ross, Inc.. 6las Chevy Chase Club 5%as.. ... Columbia Country Club 5% D. C. Paper Mfz. 6s........ Wash. Mkt. Cold Storsge 5s. Washington Cons. Title 6 STOCKS. PUBLIC UTILITY. Amer & Tel. (9. Wash. Gas Lt. Co, (i) N. & W. Steamboat (12} Pot. Elec. Power 6% pfd Pot. Elec. Power 5%a% i Wash. Ry. & EL com. (7). . Wash. Rwy. & Elec. pfd. (5).. NATIONAL BANK. Capital (14).. Second Washington (i3 TRUST COMPANY. Amer. Security & Trust Co. (15) Continental Trust (6).. Natl. Sayings & Trust (13f) Prince Georges Bank & T1 Union Trust (8s... Wash. Loan & Trust (14, SAVINGS BANK. Bank of Bethesda (6§). ... S vings (10} t Washington (12) s Potomac (10) 65 Security Sav. & Com. BK. (1) Seventh Street (12).. . 290 United States (30) ) Washington Mechanics (20, FIRE INSURANCE. American (12) 3 i et National Union " {(i8:: ! TITLE INSURANCE. Columbla (6h). . Real Estate (6h)". MISCELLANEOUS. Barber & Ross. Inc., com c . G m, i Federal Storage pfd. (8) Fed.-Am. Co. com. (1.20f) Fed-Am. Co. pfd Lanst, Mer. 6 er, Ty "% Btge. pfd Mergenthaler Linotype (6) . M nv. pfd, (81" Peoples Drug Stores pfd. (814). al E & G, prd. @ )., *Ex dividend. b Books closed. 5% extra. eli2% extia. SAUNDERS STORES SOLD. MEMUHIS, Tenn., April 9 (#).—Sale of the 132 stores of Clarence Saunders Stores, Inc., bankrupt grocery chain, was lpzmved tonight by Referee John R, Walker. Confirmation last night of a bid of $130,500 for stores at Memphis, Helena and Blytheville, Ark., brought the final total to $445400. The bid was made by Hugh Fulghum, Memphis manager of Kroger stores. It was the last of a re- sale ordered after creditors protested $319,700 bid at the first sale yesterday was a ‘give-away’ price for the chain, Received by Private Wire Direct to Th UNITED STATES. in $1.000.) High. Low. Close. 101 23 101 23 101 23 102 24 10223 108 30 108 26 95 101 14 10112 10114 10110 101 10 101 22 101 18 101 18 105 20 105 20 105 20 25 107 20 107 20 107120 11129 11126 11126 Lib 3%s 32-47.. List4 2-47. 45 L4th4%s 33-38 262 US3%s40-43.. US3%s4l43.. 21 U S3%s43-47.. 20 US3%s46-56. 25 U S 48 44-54 US4%s47-52.. 82 ADItibl P & P 58 Ab & St 5%35'43 Adams Exp 48 *4 Al Allegheny 5s 49 Alleg Corp 55 Allis-Chalm 6 44 43 Am T&T 688 £'60.. 25 Am T&T 6%3 43... Am W Wks 55’34 Am Wr Pap 6547, Argentine 5%s "62. Argentine 6s Ju '59. Argentine 6s Oc ‘59 Argentine 6s A '57. Argentine 6s B '5 12 Arm Del 5%s Assoc Oil 65 '35 Atcnis 45 1905-5 Atchison ad) 4s '95. Atchison gen Atchiscv 4% Atch Ariz At& Bir 4s At & Danv 4s 48, AtCL ist4s At Gulf 58’69 At Ref deb 553 Australia 4% Australia 5s '56 Australia 58 57 B& O P&WV 45741, B & O Toledo 43 '50 Bk of Chile 6%: Batav Pet 4% Belgium 68 '55..... Belgium 6345 °49.., Belgium 78 °55..... Belgium 7866, .... Bell Tel Pa 63 B 48 Bell Tel Pa 55 C '60 Beth Steel pm 65'36 Beth St rf 5542 Bolivia 7558, Bolivia 75 '63. Bolivia 85 45 Bordeaux 63 Bos & Me 5. Brazil 6% Bklyn Un 1st 55°50. Buff Gen El 4% 581 65, Can Nat 58'70..... Can Nat 68 July "6y, Can Nat 58 Oct '69. Can Nor 7s deb "40.. Can Pac deb 4; Can Pac 4%: Can Pac 4%s Cent Pac 68 '60. . Cert-1d deb 5% * Ches Corp 63 °47. C&O4%sA'93 C&O4%sB'95. Chi & Alt 3s. . Chil & Alt3%s CB&Qgen+ . C B&Q 1strf 5871, Chi Grt West 45 '59 Chi M & St P 48°89. Chi M&StP 434sC.. Chi M&SLP 4%s E. Chi M StP&P bs ‘75 Chi M & St P adj bs Chi & NW gn 4s'87 Chi&Nwn 4% 2037 1& NW con 4%s. Ch1 & NW 6%s '3 Chi RI&P gn ChiR1&Prf4s’3¢ ChiRIcv4¥%s Chi RI&Pac 4%s'52 C TH&SE in 58 Chi T H Inc 6s " ChiUn Sta 6%s C& W Ind5%s Chile 6560 Chile 63°61.. Chile 75 "42. Chile Cop db Chin Gvt Ry 5 Clev Term 58 "13. .. Colomb 6s Jan '61.. Colombia 6s ‘61 Oct Colo & Sou 4% '35. Colo & Sou 435 '80. Col G&ZX 53 May '52 Com Inves 53%s 49, CC Md 1st rf 55’60 ConG N ¥ 6%s"45. Con Pwr Jap 6%s.. Con Pow Japan 7 Copenhag 4 %8 ‘5 Copenhag 5 Cuba 5%s 45 Cuba R R 53 52 Cuba RRrf 7 Cuba Nor 5% '42.. Czecho 85 '51. Czecho 98 "52.... Del & Hud rf 4843, Del & Hud 5%s '37 Denmark 4 4% 47, *51. ET Lo » R ane Denmark 6s ‘42 Denver Ga: g D & R Gr gn 4s 36, DRG& W st5s'78 @ orerd ehpneSe SEan mBaaSranares Dugquesne 4%s '67. Dutch East 16347, El Salvador 83°48. . Erie 18t con 4 Erfe cv 6867 Erie 58'75. Flat7s war. . Ftat 7s ex wi Finland 5% Fla E Coast 5: Fram 1D 7% French 7s *49 Gelsenk’chen 6s '34 Gen Baking 5%s’40 G ks GenStCas5%s'49. 1 Gen Th Eq 65 '40... 14 German 5%s 65... 118 German Bk 65'38.. 7 Ger CerPBK 63’60 J. 60 Ger Cen B 65'60 O 49 German 6%5'60.... 3 German 7srep '49.. 2 Ger Gen E178'45... 2 Goodrich cv 6345, 24 Good 1st 6348°47... 4 Goody'r Rub . 19 GrandTr sf db 6836 1 Grand Trunk 7s 40 Grt Nor 43877 E. Grt Nor 1st 5s..... Grt Nor 6873 Grt Nor gn b - Grt Nor gen 78 '36.. Haiti 63 °62. Hav El Ry 6%s'51. Hud & M ad)j il";‘l. INBTIistpf6sA.. 11l Cent 45 ‘53...... 111 Cent ref 4s ‘55 111 Cent 4% 5°66.... 11 CCSIL&N 6s A. . 111 Steel 4345 °40. .. Int Rap Tr 68 Int Rap Tr sta ‘66, 243 Sales. High. 3 60 72% 65 Star Int Rap Tr 6s'32. Inrt Rap Tr Int Cement 6s 10224 |Int & Gr Nor & 103 26 10114 |Int&G Nadé Int Hydro EI 6 Int Match 68°47.., Int M Co 5s ret ‘41 Close. %! Japanese 6% °6. Jugosl Bank Kan CFtS&M 4836 Kan City Sou bs ‘50 0. 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Nor St Pw 53 A "41. Nor St Pw 65 B "41. Norway 5563 Oreg-Wash 45°61.. 1 Orient dev 5%s '58. 33 Orient dev 68 53. PacG & Kl 53" Or 5% 68. Pathe Exch 7s ‘37 Penna 4%s D'81. Penn cv 4% ‘60 Penn gen 4 %3 6 % | Poland 7s *47 Porto Alegre Pos Tel & C 63 '53 Pr Queenland 6s 47, nland 7s ‘41. Read gn 4%s A 97, Reading 434s B. Read Jer Cen 4s ‘51 Rem R 6%s A *47. Rhinelbe 78 ‘4 Rhine West 68 '52 t RiodeJan 6%s Rio de Jan 8 R Gr De Sul Rio Gr W 1st 4539, RIAr&L4%s'34. %3°52 Roy D 4545 ww StL IM R&G 4s°3: Sao Paulo 85 '36 Sao Paulo 85 '50 Saxon Seine 7842, 5 Serbs-Cr-S1 78'62.. 19 Serbs-Cr-S1 85 °62 3 Shell Un Of1 65 *47. 38 Shinyetsu 6%s'62.. 19 Sinclair Ofl 6348'38: Sinc O 7scv A ‘37 Sine Cr O 5%s ‘38 Skelly O11 5%s ‘39 Soissons 6s '36. Sou Bel T&T b Sou Pac ret Sou Ry gen Sou Ry 6 StOINJ 68 StOIl N ¥ 4%s ‘51. Sug Es Or 75 '42 Swiss 5%8°46 Tenn E1 P 63 A "47. Tex & Ark 6%s 50, 13 Tex Corp cv b8 '44. Tex & Pac 58 C ’:l"o 7. 7 Unit Drug cv 6853 37 87% ! Utd King 6148°37.. 20 884 ) U'S Rub 18t hs 47 92 | Unit SS Cop 6s'37. 102 | Uruguay 6s'60. 94 Uruguay 6s'64.... 74% Utah P& L 68'44.. 13 T4% “72% "% UUIPO'M‘“':. 10 & 10616 % 83l 1 Offic= Bales. High. 40 65 Low. Close. 58% 65 93% 931 9% 95 0% 70% 85 85 59% 60% 884 88% 92 924 96% | 4 6315 8T% 00% % 100% 96% 105% 83 98% 95% 9515 8714 100% 1 96 96 105% 105% 82 82 96% 95% 95% 96% 0% 71 3% 94y 102% 103 101% 101% 1014 101% 65% 6613 87 87 0T 106% 105% 96% Y6% 94 941 95% 96k 111% 111% 106% 106% 98% 987 106 106 105 105 80 B0% b4% 56 97 97 104% 1047% 102% 102% 89% Busy 102% 102% 5 5 87 90% 97 89 98% 95% 9514 96% 106% 99% 106 105% 87 9015 97 89 96% 98% 8415 9615 95% 8415 581 B9 £8 8% 8713 85 85 104% 104% 101% 101% 9 19 101% 101% 4 & 10474 101% 79 110% 110% 884 B8Y 58 58 58 58 841 B4, 99 99% 100 100 106 106 824 24 99 99 84 84 104% 10435 101 1015 115% 1154 99 99 80% 807 85% 79% B0 5% 2% T2l Y3 93 105% 105% 116% 1163 36 36 1034 1031 1031 106% 1063 B4ty 106% 106% 103% 103% 1074 107% 1117 104 106 101% 106 105% 102 . 94% &l 102 102 94% 94% 9415 95 100% 100% 104% 104% 105 105 107% 107% 102% 102% 104% 104% 106! 106% 103% 103% 86 864 96% 96% 105% 105% 101% 101% 95 9% 100% 100% 1034 103% 109% 109% 99 99 108% 108% 92 92% 101% 102 30 30 95 100% 104% 81 314 55% 56 101% 102 103% 103% 103% 103% 90% 90% 81% 81% 96 96 101% 101% 100% 100% 95 5 79 95 95 100% 101% 90 90% 90% 90% 7 7 107% 107% » B1% 98 101% 101% 72% 78 106% 106% 1054 105% 95% 95% 96% 96l 96% 96 9 9 80% 80% 108% 108% 103% 103% 9815 98% M 9% 104% 104% 105% 105% 107% 107% 103 108 9T 9% 93% 934 105% 107% 95% 95% 98% 98% ' SECURITIES UNEASY Government Faced With:In- terest Payment on 15 Foreign Loans. BY CHARLES F. SPEARE. 8Special Dispatch to The Star. A NEW YORK, April 9—The next 60 to 90 days will be a critical time for the government and state treasuries of Brazil and for the holders of their dol- lar obligations. In this period interest and sinking fund payments on nearly 40 per ‘cent of the entire amount of Brazilian loans floated in this country will become due. These payments will have to be met on 15 of the 30 loans contracted in the United States in the past 10 years. Five of them must be taken care of on May 1 and the same number on June 1, the latter involving more than half of th: debt service in the present quarter. Service Requirement. The outstanding amount of bonds on whioh interest or sinking funds are payable between now and July 1 is ap- proximately $163,000,000 of the total of all Brazilian loans of about $400,000,000. The debt service requirement in the months of May, June and July is esti mated between $5500,000 and $6,000, 000. Judging from the fact that on 15 different loans affected in the pres- ent situation there has been a deprecia- tion of nearly $75,000,000 in market value, with about half of this number of loans selling below 50 and several under 40, it is apparent that holders of them anticipate trouble for Brazil and her political divisions in obtaining funds to meet the current requirements. After the revolution in Brazil last the representatives of the new nt stated that they would do ything posible to maintain the sanc- tity of Brazilian credit. They recog- nized the necessity for preserving the credit status abroad in order to nego- tiate additional foreign loans at such a time as markets had recovered and were friendly to foreign issues. The strain on Brazil of the world-wide eco- nomic depression and of a foreign debt entirely out of proportion to her mor- mal resources has placed her in the msltlnn where it is believed by bankers re that she will be forced to ask fo some concessions on the part of he: creditors. May Pay in Script. One opinion is that a part of the nearby debt service will be paid in script instead of cash. It may be neces- sary at the same time to default, by con- sent of hondholders, on sinking fund payments. Such payments have always been an embarrassment to weak gov- ernment and corporation debtors and have frequently brought about trouble that might have been avoided if inter- est on debt had been the only obligation. Bolivia and Peru have already de- faulted on dollar loans, and the prices of their bonds quoted on the New York Stock Exchange have fallen to about one-third of that at which they were originally placed among American in- vestors. Six of the Brazilian issues were quoted today at figures approxi- mately 40 per cent of those when they were brought out in recent years. They are now in about the same average price area as were the Bolivian and Peruvian issues just prior to announcement of delflult. t is understood that hea - tion of Brazilian dollar han:yhfi“’“m taking place recently for Eus ac- count. In nearly all of these of- fered by American bankers a partici- pation was given to issuing houses in London or on the Continent. A - cialist in foreign bonds said today 3:: he believed that Europe had now sold back nearly all of the South American dollar bonds to which she had sub- scribed in the past five years. This has placed an additional weight on a mar- ket that has had difficulty jn absorb- ing a steady stream of liquidation for the account of private investors and corporations in the United States. Recent Losses. It is obvious that with the losses that American investors have taken in South American securities, both in de- preciated capital and in loss of income, it will be many years before it will again be possible for any great volume of loans to the defaulting countries to be successfully negotiated here. (Copyright, 1931.) Lelooen MARCH DIVIDENDS TOTAL MORE THAN 400 MILLION Cash dividend payments made by domestic corporations in March, totaled $401,079,571, against $237,903,442 in February, according to the Standard Statistics Co. of New York. The pe- troleum division led the list with dis- bursements of $75,421,817. Electric light and gas companies were next with $63,959,260, while railroads and steel companies eacn paid dividends of more than $24,000,000. Detailed figures for the various major industries follow: Advertising, printing and publishing ......... Agncu}tunl implements. 't 85,408,254 2,499,842 5,250 387,777 Fertilizer . Food (except Household products. Insurance ...... Investment trusts, and finance companies. 3,315,073 2,466,555 17,407,262 1,973,362 848,124 Railroads . comessnee Rallroad equipment...esssee Rayon: . 300,000 Retail trade. 17,477,635 Shipping and shipbuildf 98,161 Silk goods. 71,573 24,173,812 331,250 5,638,939 21,158,432 63,959,260 ‘Traction and busses. Woolen goods....... Total weevescansinsseess.$401,079,571 —_— Sales, High. Low. Close Utll Pow 5%s’47.. 5 80% 80 80% t 7842, 1 27 27 881 874% 99% 100% 100% | W 4 100% 100% 106% 106% 70% 71 101 101 874 874 ' 86% 85% % 103% 1031y % 724 98 w West Un'T 6%s'36. Wick Sp ev ot 7s'35 Wil & Co 15t 6s°41. 100% 100% 100% 101% 101% 1016