Evening Star Newspaper, April 9, 1931, Page 15

FINANCIAL, RB STOCKS FIRM N SHORT COVERING arket Remains Professional as Public Interest Con- tinues Small. nm—mmmnum&mn Stock and Dividend Rate. 9% Aero Supply Mfg(A). I 3% Aero Supply B AMifated Prod Agrfa Ansce Allied Prodcv A 3%. 1 28 Aluminum Co of Am 14508173 AluCoof Ampf (6). 1 109 Aluminum, Ltd Bwar. Alum Goods (1.20)., Am Book (7) Am Capital B, Am Cigar Co. : Am Cit P&L (A) (a3) Am Cit PAL Bb10%. Am Com P A (b10%) Am Cyanamid B % Am Equities. . Am For Pow war. Am Gas & Elec ($1) Am Invest, Inc (B).. Am Invest war Am Laundry M. . Am Lt & Trac (2%) len— Add 00. 10 4% 2214 19% 29 224 BY JOHN A. CRONE. 1] Dispatch to The Star. NEW YORK, April 9.—Faced with the Jargest short interest since the bear narket began about 18 months ago and « mulated by cheerful news from scat- | d industrial flelds, stocks on the | Curb Exchange opened higher and | naintained that trend in the first few hours today. ‘The better tone of the market, how- ver, was due almost entirely to short covering, as public interest remained at low cbb and trading was largely in e hands of professionals. Electric Bond & Share shuttled back ind forth aimlessly, while American & [Foreign Power warrants and American perpower held their early gains fairly ll. Cities Service most of the time fractionally lower. Improvement in the price of copper lwas reflected only slightly in red metal Istocks. Better sales in automotive, tex- tile and machinery lines were mirrored in such issue: ‘The Ofl Stabilization [Conference at Washington brought fur- ther improvement into the oil division. Chain stores moved more in keeping with specific corporate developments than any other security classification. ) o Am St Pu Sve(al.60) Am Superpcw (40c). Am Superp 18t (6).. Am Transformer. 4 Am Ut&Gen o= nf(3) Am UtlI&Gen (B)Vie Am Yvette new wi Anglo Chil Nitrate Appalachian Gi Apponaug Co (2). Arkans Nat GasA. .. % Atk N G cu pf (60c). Assoc El In Ltd 30c. Asso Gas&El A (a2). Assoc G & Epf (5).. Assoc G & El war. Assoc Ravon..... Assoc Rayon pf (6 Assoc Tel Ut (b8%) Atlas Util Corp. ... Auto Vot M cv pf pt. Aviation Cp of Am Axton Fish To A 3.20 Babcock & Wil (7) 45 Baha Corp. . Buhia Corp pf. . Benefic:al IL (1%4).. Benson & Hedges. .. Bickford’s Inc (1.20) Siue Ridge Corp. 1 o oew 2 S T e R =TT b= - R =T YO VTIPS NPT OO0 - FYVIVIG - OIS R o FETUN- CHICAGO LIVE STOCK MARKET CHICAGO, April 8 (#) (United States [Department of ~ Agriculture) —Hogs— Receipts, 16,000 h including 4,000 direct: slow, mo steady: light weights steady to 10 higher; pigs 25 up: good to choice, 10 pounds, 7.85a 8.00; 3 20 pounds, 7.10a 75; packing sows, 6.25a6.60: light light, good and choic: 140-160 pounds, 7.75a8.00; light weight, 160-200 pound: 7.85a8.00;, medium 'weight, 200-250 pounds, 7.40a8.00; heavy weight, 250-350 pounds, 7.00a 7.55; packing sows, medium and good, 275-500 pounds, 6.2586.65; slaughter pigs, good and choice, 100-300 pounds, 7.50a7.85. Cattle—Receipts, 4.000 head; calves, fed steers and long vearlings ® - = Brit-AmT(B)1.17 4-5 BritA T reg 1.17 4-be. Bulova cv pf (3%) Burco Inc war.. Cable Radio T vtc. .. Canada Marconi. Carib Syndicat . Cent Pub SveA b10% Cent Stat El (b10%). Centrifug Pipe (60c) Chain Store Devel. Chain Stores Stock. . Chat Ph Aln.v (1).. Citfes Service (g30c) Citles Serv pf (6) Claude Neon Lts, Ine Clev Ei fllum (1.60). Clev Tractor (80c) Col Ol & Gas vtc Col Pict vc (f11) Cmwlith & Sou war.. Com Wat Sv «b6%). Comstock Tunnel. Conscl Copper. ... Consol Dairy Prod Consol Gas Ut A 2 Consol Royal (30c) Cont Shares conv p! Cont Shares pf (B).. 74 Consol Theaters. Cooper Bessemer . 75 Cooper Bess pf A(3). % Copeland Pr Iuc A. Cord Corp Corroon & Reynolds. Court'ds Ltd 13 3-5c. Creole Petroleum. Cresson Consol t4¢). | Crocker Wheeler. . 1 C CrCork Int A (1)... Cuneo Press pf (615) Curuiss Wright war. Cusi Mex Mining. ... ing gen- eral steer trade; kinds of value to sell at 8.00 downward show most advance; Joads, weighty slaughter cattle “and vealers, steers, good and choice, 600-900 pounds, 8.50a10.50; 900~ 1,100 pounds, 8.50a10.50; 1,100-1300 pounds, 8.25a1.50; 1.300-1,500 pounds, 8.50210.50; common and medium, 600- 1,300 pounds, 6.00a8.50. Helfers, good and choice, 550-850 pounds, 6.50a8.75; common and me- dium, ' 550a725; cows, good and choice 5.0026.50; common and me- dium, 45025.25; low cutter and cut- ter, 3.2524.50; bulls (yearlings ex- cluded), good and choice (beef), 5.75; cutter to medium, 4.00a4.85 vealers (milk fed), good and. choice, 6.5028.00; med:ium, 5.5026.50; cull and common, 4.0025.50; stocker and feeder | cattle, steers, good and choice, 500-1,050 | pounds, 7.0028.50; common and me- dium, 5.2527.25. Sheep, 18,000 head: market not es- tablished early; few bareiy steady; tendency lower; e light weight wooled lambs, 9.50; some held higher; Springer: charply ' lower, 10.00a14.50; | Jambs, 90 pounds down, good and chcice, 9.0029.75; medium, 8.2529.00; 9 ds, medium to choice, 8.00a 2’ weights, common, 7.0028.25; | ewes, 00-159 pounds, medium to choice, 3.7583.25; all weights, cull and common, | 2.0024.25. = me Davenport Hos (2) Dayron Air & £ Deere & Co (1.20) De Forest Radio Detroit Atrcraft Cp.. Douzlas Alr (11%).. Dubilier Cond & Rad Duke Pow (5) . Duguesne Gas Durant Motor: Bagle Picher Lead. East St Pow B (1)... East Util Assoe (2). East Util Assoccv. . Elec Bond & Sh 1b6) 4 Elec B & Sh of (6).. Elec Pow Assoc (1). Elec Pow Ass0 A (1) Elec P & Lt up war 15mp Corporation. . 4« Empire Pub Sve (A). Engineers Gold Eureka Pipe L Europ Elec deb rts Fairchild Aviation. . Fanny Farmer C (1). Ford M Can A (1.20) Ford Mot Ltd 36 35c. Foremost Dairy Pr.. Fox Theater Cl A... Gen Aviation. . Gen Cable war. i Gen G&E cv pf B (6) 200 Gen Petroleum. ... . Gen The Eq cv pf(3). Globe Underwriter: Golden Center. Goldman Sach T C. Gold Seal Elec new. Gramaphne rets(pl). 1 Gr'd Rapids Var 50c. 1 Gt At&Pac Tea nv(6) 80s Guif Otl of Pa (1%). Hamilton Gas rets. .. Eecla Mining (40c). Helena Rubenstein. . Hoilinger Gold(85¢c) Horn (AC) Co...... Hudson Bav M &S .. Hygrade Food Prod. tmp Oil of Can (50¢c) 1mp Tob Gt Br t89c.. Ind Ter Iliu O1] A, Insull Inv (b6% ). ... ins Co ofNo Am 123 Intercontinent Pet n int Petroleum (1)... Int Utilitles A (33%). int Utilities B. ... Int Utilities war interstate Equiti Iron Cap Coppe irving Air Chute (1) ltalian Superpow A.. Kirby Petroleum. Klein (D E) Co ( Knott Corp (1). . Kolster-Br (Am 8h) @ s Bales in MEST] NDS. Salesin Do IC BONDS. 5 (R e R e Srsanwoon! nt State Elec 55 /4l n G 55 T e 1 s 5 19 1 6 16 37 Power s Raz 55 a 55 2 114 1010 10134 Yhio Pow 5 Oswezo R 5 Pacific Pw & P&L 2Pa Cen . 5 pe: B ted by Bos) 35083, Jetter s D ot thos Seooks e WAL 100 1o 2 Open. High. Low. Close. . B 9 9 9 THE EVENING STAR, WASHINGTON, D. C. TfiURSb‘AY, z‘amzm‘s, 1931. DAILY CHANGES ARE NARROW IN HIGH-GRADE BOND PRICES NEW YORK CURB MARKET Mo Kan Nor Am Stock and Dividend Rate. Letcourt Real pt (3) Leonard O1fl..... Libby McNell & L. 1 Lone Star Gasn (83¢ 26 Long Isld Lt pf (7).. 10s % Louisiana Lan & Ex. MacMarr Stores (1). Magdalena Synd. Margay...... Mass Uil Assoc. Mead Johnson (14).. New Eng Pow pf (6) New Mex & Ar Land. Newmont Min (4)... Niag-Hud Pow (40c) Niag-Hud Pow A w.. 4 Niles-Bem-Pond. (. Neisner Bros pf (7) Cal Elec. 'oma El Corp (80 Noranda Mines. Nordon Corp Ltd. Nor Am Util Sec. or Europ Gil Corn. . or N Y Util pf (7)., or St Pow pf (6)... T Ohto Copper. ... Outboard M. Overseas Sec. Pac G & E 1st pf Pac Pub Sve A1 Pac Tin Cop spec Pandem Ofl. ... Parke Davis (+1 Parker Rust Pr (3). Patterson Sarg (2).. Pennroad Corp (20¢) Peop L& P A (2.40).. Perryman Electric. .- Phoenix Secur Corp Pilot Rad Tube A. Pines Winterfr (1 Pitts & L Erle (5) Polymet Mfg. Plymouth Of1 (1).. Producers Roy Corp. Direct to The Star Office Sates— Add 00. Open. Hign. Low. Close. 4 22% 23 22% 2 e el R 12% 16 27 Mesta Machine (2).. Met & Min Inc (1.20) Metal Tex pt pf(3%) Mid West Ut (b8% ). Minne-Honey pf (6). PL(b10%). Moss Gold Mines. ... Mount St Pow pf (7) Mount St T & T (8).. 208 Nat American Co. Nat Pub Sv B (12.20) Nat Pub Sv pf (1)... Nat S T Sec A (350¢c) Nat Service Co. Nat Transit (1) e 8 raonTanE e » 8 B Aviat A war or 1%. 30). (2) Prudential Inv Pub Utll Hold war Pub Utll Hold Cp xw Puget Sd P&L of (6) Pure Oil pf (6)...... Q RS-De Vr: Radio Products Rafiroad Sh (50c)... Rainbow Lum Pr B. . Rike Kumbler (2.20) Roan Antelope Min. . Rock Lt & P (90c). .. Roosevelt Field Inc. SafeCar H& L (8).. St Anthony Gold. St Regis Paper (1) Received by Private Wire l + | stimulus of open weather. DECLINE IN STEEL OPERATIONS NOTED Weekly Review Says Princi- pal Decrease Is in Flat- Rolled Products. By the Assoclated Press. NEW YORK, April 9.—Developments of the week include a further slight decline in steel works operations, open price reductions on various finishes of sheet and a somewhat stronger situation in bars, plates and shapes, Iron Age says in its weekly review of the iron and steel industry. “The recent falling off in steel de- mand was confined chiefly to flat-rolled products,” the review says. “First re- ported in automotive specifications, the recession in releases became more gen- eral, undoubtedly reflecting growing un- certainty as to prices. With clarification of the price situation and prospects of a recovery in motor car demands, senti- ment in the industry is again more sanguine. Business in heavy rolled products showed an encouraging gain at the end of the first quarter and total bookings in finished steel have ceased declining, if they have not yet resumed the increase that began early in the year. Curtailment at Chicago. “Raw steel production has been cur- |talled at Chicago, Cleveland, Youngs- town and in the East. Larger pro- ducers, with more diversified output, have been able to maintain steadier operations than smaller companies. | Averge_ingot production for the coun- try at large is cstimated at 53 per cent, compared with 55 per cent a week ago. “Recent slackening in steel specifica- . |tions from the motor car industry is now attributed to overbuying by a lead- ing automobile company for its March requirements. Steel deliveries which . i Should have been completed last month , | were postponed and April releases like- wise have been held back temporarily. But notwithstanding this miscalculation of steel needs, April production of motor cars in the United States and Canada is still expected to reach 330,000 to 350,000 units, with May output equaling lor slightly exceeding that of the cur- rent month. . “While it is not likely that unfilled 41, |orders for steel, gained in March, the opinion persists that peak production 1 | for the first half of the year has not vet been reachgd. Construction, rang- ing from highway projects to bridge and building work, wili soon feel the New fabri- cated steel business to come up for bids, at 128,000 tons, reached another | high weekly figure, raising the total of uch work reported since the first of {423,000 in the corresponding period of 11930 and 558000 tons two years ago. Aside frcm the prospective placing of pending tonnage, much of the steel | recently awarded is still to be rolled. Deliveries on the steel for the large | begin in May and will continue at the 6% | rate of about 10,000 tons monthly for Seg Lock & H (50c). Selected Industries. . Sentry Safety Cont. ., 4 Shenandoah Corp. .. Silica Gel ctfs . Iver King Col(§0c) Singer Mfg (112%).. 1 % So Am Air Lin South Coryp. .. 1st. South,Penn Oil (1).. South C Edpf C 1%. SWG&EDL (7). SouthernNat Gas. .. Southld Royaity 60c. SW Bell Tel pt ( and Ofl of Ky 1.60. Stand Oil, Ohio (234 ) 2008 Sta s: Stutz Motor (new).. Stutz Motor (war) nd Oil. Ohlo (6).. rrett Corp. ... t Corp pf ¢ Roth. 208 30 Sunray O1l (b5% ) Swift & T Co 12) art Corp. ampa Electri, Technicolor ine eck Hughes (60; n ELP 18t pf (7). n Con Air Trans Lux DL PS.. L'ri-Cont Corp war. . Tri Uti:ities (31.20). Ungerieider FinCp. . Un NatGas,Can t1.45 Union Ofl Assoc (2). Un Tobacco . Unit Chem pt pf (3) Unit Gas war. Unit Lt Pwr U S Dairy (B).. U 8 Elec Power w! U 8 Foil (B) (50c) U S & Inl Secur. ... . U S Inter Sec 1st pf.. 1 U 'S Lines pf (1 5 U 8 Playing C; Unit Stor . Unit Verde Ext (2).. Util & Ind. Utl] P&Lt(at1.02%) Uttlity Equiti Vacuum (4. Van Camp Pk Vic Finan Corp Voght Mfg Co (2) Walgreen Co. . West Air Exp (60c) Wil-Low Cafaterias. Wil-low Cafe pf (4). Woodley Petroleum.. Zonite Products (1). Ford Mot Ltd. Apr 17 Dividends rates in Goiars based on iast TParuy eilia *Ex dividend i cash or stock per cent in stock in_stock o Paid last b Payuble in £ Pius 8 per cent In stock JFlus 2 per cent in aLock m Pius 3 per cent in ock year—no regular rate 63 10 21 22 6 4 2 % 3 100% 14% %oy 100% 1001 100% 11 14% 4% 14 RIGHTS—EXPIRE 187 * 3 & * wuarteriy or semi- 4Plus 4 Der cent in siock & Fayubie lock e Adjusiment dividena 1 cent w stoek D Pius 1 Plus 10 per cent o Plus & Der cent in stock. & Plus CORPORATION REPORTS TRENDS AND PROSFECTS OF LEADING ORGANIZATIONS NEW YORK, April 9—The follow- ii:g is a summary of important corpora- tion news prepared by the Standard Staustics Co., Inc, New Yok, for the Associated Press: Nowi pa 1 there has been more « v Justment in this retail field. Independ. ent retailers are expected to conform to the higher level. it this devel ent is considered by many as favorable to the producers also is shown by yester- day's strength of tobacco stocks on the Stock Exchenge. Final reports of February net operat- ing income for class I railroads show a decrease of 54,2 per cent below Febru- ary, 1930, confirming the unfavorabl | situation indicated in preliminary re ports. Chain stove s2l=c for March con- | tinue mixzd in natur In the day's corporation news the out- h W & 106 * Tex Ut 55 A 51, 88 8 9 Youngs S&T 55 B, 70 101 101 FO! : 11Cent Bx Cogs B s¥.. 99 987 9% 3 Gom Pr Bk a4 port 88 101 standing item is the announcement of th: details of new financing by Fox | Film, which has been followed with in- terest. Indicated share earnings for Ford Mstor are reported to show an ap- preciable decline from last year. T n- nassee Corporation alio reports lower earnings, s Co. March sales off 12.2 per three months off 12.1 per cent. Ciwy:ler Corporation currant opera- tions ahout 20 per cent above March, when production was 25,000 units’ April objective, 31,000 units. Commonwealth & Southern M: arch electric output off 2.96 per cont; 3 months, off 6.67 per cent; 12 months, | off 7.08 per cent; March gas output off 539 per cent; 3 months, off 6.54 per ccnt; 12 months, off 5.43 per cent. Do: stores h 28, off 1.1 pe up 3.08 pe: cent Excaznge Buffet March sales o 139 per cent, 11 months, ofi 10.1 per cent. | Ford Motor Co. indicated 1930 ccm- mon share earnings $257.53, against $473.79, does not take into considera- tion dividends, if any, withdrawn by ! owners in both years. Sally Procks March sales up 14.8 per_cent, 3 months, up 0.4 per cent. People’s Light & Power electricity sales, 12 months ended February 28. 1, up 0.9 per cent; gas sales up 25.8 per_cent. Tennessee Corporation 1930 common share esrnin, 20, agrinst $2,19. Coigate-] ve-Peet Co. sales of $8,000,000 additional 6 per cent pre- ie:red stock thought likely. Kreuger & Toil Co. 1930 common share earnings, $3.04, against $3.87, besed on average number of shares outstanding in 1929. National Stel Coiporaticn $40,000,- 000 first collateral mortgage sinking fund bonds, due 1955, offeied ot 999. Drug Stores March szles up wnonths, up 5.3 per cent. Texas Gulf Sulphur denics rumor suiphur prices will be cut. Western Unicn Telegraph—Telegraph | traflic reporied running about 14 per cent under 1930 level. Film _announces which include initial ofTeri: cf 530, ,000 6 per cent convertible delen- turcs, due 1936, to stokholders, and irans’ers to new holding company of ioldings of 667900 sha.es ol Loew's, Inc. refinancing CHICAGO DAIRY MARKET. CHICAGO, April 9 (#).—Butter: Re- ceipts, 6,692 tubs; easier; creamery- extras (92 score), 26; standards (90 score carlots), 26%; extra firsts (90-91 | score), 2515a25%; firsts (88-89 score), |25825%,; seconds (86-87 score), 24a 1 ]HE"ggr Recelpts, 26,943 cases; steady; prices unchanged. ' Sports will be featured at this year's | Tair at Cologna, Germany. 113 months. Structural awards of the | week, at 41,500 tons, were of more than | average proportions. | “The outlook in construction has no | doubt influenced the attitude of mills |on prices for plates, shapes and bars. | While the price of 1.70 cents, Pitts- burgh, remains untested, considerable | contract business was driven in at 1.65 | cents, which represents an advance of |51 a ton over the average shipping price for the first quarter. Present Prices. “Widespread irregularity in sheet prices may be brought to a halt by | open reductions made by at least one producer. Automobile body sheets have been cut $2 a ton to 3.10 cents a | pound, Pittsburgh, and light plates, | blue annealed sheets and econtinuous { mill sheets have been marked down $1 |a ton. Light plates are now quoted | at 1.85 cents, Pittsburgh; blue annealed | sheets at 2 cents and continuous mill | sheets at 1.70 cents. Galvanized sheets | are now rather generally available at | { | 2.85 cents, Pittsburgh, or $1 a ton below the recent ruling market.” Increasing for the third consecutive month, pig iron output rose 7.6 per cent in March to 2,032.248 tons, or tons a day, compared with 1.706,621 tons, or 60,950 tons daily, in February. Notwithstanding the gain, the showing for March was the poorest her price for Pittsburgh dis- | brought an advance in composite price to $15 from $15.71 a weck ago. Finished remains at 28 cents a pound and heavy melting scrap is unchanged at $11.08 a gross trict has | Iron Age By the Associated Press. CHICAGO, April 9—Buying orders predominated in grains early today, and prices averaged cpean de- mand was r poried bette 1ccd largely on an officie] siate- heat in all United > cim‘nishing, with torage not a seri- States markets v he question of grain s ous one. Opening 15a% conts up, wheat after- ward continued firm. Corn started un- changed to s higher, s2gg2d temporar- hen rallied. 15 of a renewal of gcod ex- port demand for North American wheat accompanicd word of a decided falling |off in Russian shipments. Only 80.000 ! buchels of Russian wheat were exported last week, against total Black Sea ship- ments of 1.104,000 the week previous | and 1,168,000 a yea Fresh export busin merican wheat was approximately 1,000,000 | bushels, including some domestic Win- ter. It was announced that No. 1 hard | Winter from the United States had i been bought in Liverpool at 697 cents a bushel Corn and oats moved up with wheat and as a result cf notable scentiness of |corn receipts. Total arrivals at the principal markets were only 175 cars, compared with 304 a week ago and 372 on the corresponding day last year Dry weather compleints from Iowa were also a bullish factor. Pi hog values. PUBLIC SERVICE CONCERN | REPORTS HIGHER GROSS Virginia Public Service Co., subsiciary of Sezboard Public Service Co., reports gross carnirgs for 1930 of $7,537.986. as compored with $6,903,587 for 1929, an Balance available for bond interest, retirement appropiiation, was $3,- 2 2 come a v 718, compared with company is part of Utilities Systom. Earnings statement follows: ‘West $1,265,255. the Midle tiren Nel inconie COMMODITY PRICES. By the Associated Press General commodity prices continued to decline last week as their change was calculated by the Department of Commerce. In the totals that follow the wholesale selling index is given for | comparable periods, based on 1926 aver- | ages as 100. The selling price of a ton of eomposite st2-1 procucts also is given for like peri | All commodities, Steel. Week ended April 4., 75.3 31.67 Previous week ..,.... 5.8 Sasts week last year.. 90.8 | the year to 943,500 tons, compared with | Radio City project in New York will | and atten- | isions were upheld by a rise in | | snoroase of 9 per cent. | Market Flu FINANCIA ctuates Within Small Range. Character of Dealings in Investment Field Is Described. BY ALEXANDER HENDERSON, Associated Press Financial Writer. NEW YORK, April 9.—The bond market, presumably of great importance to Mr, Average Investor, since conserv- ative bankers generally recommend that the man of moderate means should have a few sound bond investments before even considering stocks, is the most complex of the securities markets, and undoubtedly the most confusing to the layman. The bond market is known to Wall Street as “the investment market,” as contrasted to “the speculative, or stock market.” It is the spectacular stock market, however, which grips popular attention, whiie the staid market for bonds, with its ramifications and tech- nicalities, attracts the attention pri- marily of the professional dealer in in- vestments. Fluctuations Narrow. The stock market has the advantage of a large speculative following, or the professional day-to-day traders who keep the ball rolling. They “make the market” by providing an aggressive group always ready to buy and sell. The stocks listed an actively traded on the New York Stock Exchange provide im- portant leadership and tend to central- ize the market. Day-to-day fluctuations in promi- nent high-grade bonds are narrow. Save in a few cefaulted or likely-to-default issués, or issues convertible into stocks, there is little if any speculative follow ing. There are hundreds of bond is- sues, which for lack of a speculative fo! lowing, have what is known as a “thi market. That is, there are few buyers or sellers and a person wishing to make a transaction is confronted with a sit- uation requiring study. If he wishes to sell, he must make & price low enough to attract a buyer, or if he wishes to buy, he must offer & price high enough to bring investment holdings into the market. Consequently, the occasional transactions in the so- called “inactive issues” show relatively wide price changes, often meaningless so_far as intrinsic ‘value is concerned. While bond trading centers in the bond department of the New York Stock Exchange, the fact that the market is “thin” save in two or three score of dealings. In many bonds listed on the stock exchange, a great part of the dealing does not take place there. In this connection, it is important to note butcrs are security affllates of banks, and are not members of the stock ex- change. Over-the-Counter Market. No attempt is made to tabulate the total sales of bonds in the over-the- | counter market. From the experience of some of the more important firms | dealing in bonds it is known that the turnover. in this market varies upward FORD REPORTS $257 | EARNINGS PER SHARE [Profit for 1930 Totaled $44,- 460,823, Against $81,797,861 in 1929. Special Dispatch to The Star. BOSTON, April 9.—According to the | baiance sheet of the Ford Motor Co., submitted to the Massachusetts com- missioner of corporations and made public yesterday, the profit and loss surplus of the company on December 31, 2193(]‘ was $708,888.247, zgainst $664.- 1 424 on December 31. 1929. This <hows an indicated profit of $44,460,823, | against $81,797.861 in 1929. On the 172,645 shares of capital stock this rep- nts a profit for 1930 of $257.52 a shire, against $473.79 per share in 1929. This per.od each year, when the com- | rany’s balance shect must be submitted | to the commissioner of corporations, is the only time at which figures on the cperations of the Ford Mctor Co. become public. All companies doing business in | Massachusetts must submit condition 1eports. The dividends that may have been raid to the three owners cf the com- pany, Henry Ford, Mrs. Henry Ford and Edsel Ford, are not taken into consideration in’ the balance sheet. New York Cotton Special Dispatch to The Star. NEW YORK, April 9. —Cotton prices were 6 to 8 pcints higher for all posi tions when the market opened today. 1 'The buying was atiributable to brisk short covering, on the theory that the wide drops of Tuesday and Wednesday had left an oversold condition. Opening prices were: May, 10.20, up 7. July, 10.45, up 7: October, 10.78, up §; December, 10.99, up 6; January, 11.11, up 8, and March, 11.25, up 8. | SUGAR PRICE PLAN. PARIS, April 9 ().—The sugar beet inicrests accepted today the Dutch pro- | posal | Sugar Conference, and Thomas L. | Chadbourne, promoter of the world- control plan, cabled Cuban sugar inter- ests asking for their acceptance. The Dutch proposal is to fix a.world price of 2 cents a pound and to add 5 | per cent to the production quotas of the { Chadbourne plan. Chadbourne said the problem was too | mementous for him to settle alone and {for that reason he had cabled not only th2 Cuban producers, but Amer.can banking interests in Cuba and Presi- | dent Machado. Year ago. Two years ago..... Three years ago.... High, 193i...... Low, 1931 High, 1930, Low, 1930 | | migh, 1929, Low, 1929 . 1413 issues, leads to a large volume of trans- | | actions through private and unrecorded | that many of the largest bond distri- | made yisterday to the World | the New York Stock Exchange. ‘That institution can and, on occoston, does _exercise drastic control over its members. Many of the firms and com- panies dealing in bonds are not mem- bers and therefore beyond its control. The exchange establishes minimum commissions, which its members must charge for transactions on the exchange, but as bonds are bought and sold often on extremely small margins if the ex- change attempted to enforce its mini- mum charges on sales made off its trading floor it would handicap its own members. Before, during and after the close of trading on the exchange the | over-the-counter market is in full swing. A bond trader often has 12 telephones on his desk and he uses all of them. ‘There is a fundamental difference be- tween the stock and bond markets, A substantial portion of all stock trans- actions in number and quantity of shares is compesed of odd lots, originating with the so-called small fry specula- tors. A comparatively smail amount of such people, because of the practice of margin trading, can buy a larger amount of stock than of bonds which are bought and sold outright. Pur- chases and sales involving $1,000 par value are much less frequent in bonds than in stocks. A fairly large portion of the trading in bonds comes from people who have some degree of expertness in invest- ments, as trust officers of banks, and fiscal executives of insurance com- panies. Naturally they are better able to trade than individual investors of limited means, which does much to ex- olain the over-the-counter market. They |may trade outside the exchange, but | they carefully watch the course of | prices there for a cue to their own | | conduct. Sales made on the exchange are the guide for the over-the-counter | market. Support for New Issues. Frequently when a powerful banking syndicate offers an issue of bonds of $50,000,000 to $100,000,000 there is an announcement by noon of the offering day that the bonds “have all been sold,” or its equivalent, the “subscription books have been closed.” This should not be interpreted to mean invariably that all the bonds have been sold to the ! ultimate investors. It signifies often | that the issue has been sold to dealers, ! who, in turn, retail the bonds to or- dinary invest ! When_such issue is sold to the | dealers there is usually a clause in the | syndicate agreement which provides | that the underwriting bankers will “support” the bonds (. e., prevent them from selling below the offering price, by | buying such as may be offerzd in 'the | open market), for a specified length of | tire do their best to sell such of the bonds as they have bought. When the time limit expires the bonds may or may not decline, depending on market conditions | and the circumstances in the individual | case. from two-thirds of the total sales on J Brokers’ Comment | NEW YORK, April 9.—The crowded chort interest leads brokerage house commentators to believe the stock mar- ket rally can go - further, although ! nothing more than a technical recovery | is expected. Opinion follows: Otis & Co.—For the remainder of |the week we believe the market in general should- do_better. Hornblower & Weeks—Until the trading has digested the first quarter earning reports due the end of the month we do not look for any sustained upturn marketwise, but the extended short position in the market could give us a sharp rally, the extent and dura- tion of which cannot be clearly de- termined. Babcock, Rushton & Co—We could expect a fair-sized rally from this level. | | Jackscn Bros., Boesel & Co—We are | convinced that the total short account | in Wall Street again approximates | record proportions. We can state that some well informed interests are con- vinced that the short interest has even | gone beyond all previous records. When a similar situatin existed last Janu- ary a group was organized to ‘operate | {on the bull side and aggressive short | covering followed. We know of no similar plans at the present time, but, to say the least, the time would be op- portune for ansther against the short | demonstration | terest. | Shields & Co.—Any unexpected good | news could influence a rally of fair | proportions, for the character of the | short selling gats weaker each day, but without some stimulus of this sort only spasmodic flurries are expected to interrupt the downward drift. Redmond & Co.—We believe the re- covery can carry further and might (reach violent proportions in a few spe- cialties of low capitalization, but any rise at this time is pureiy technical, representing a rebcund from a tempo- rarily overseld position rather than the beginning of a major upswing. While from a trading standpoint the chances favor a further recovery, it is no time to be heavily long of stocks. Breaking of previous resistance points on volume selling should be regarded as another danger signal and the possibility of an | early,testing out of the December lows. | EXPECI3 GAIN IN NET. NEW YORK, April 9 (®—V. V. Boatner, president of Chicago Great Western Railroad Co.. told stockholders at the annual meeting that, although | earnings figures were not yet available, first quarter net for this year would ex- | ceed that of the same period in 1930, well as that of any first quarter since the end of Federal control. | Net for the first two months was | $151,725, against $31,677 a year ago. In 11930 the road carncd $1,309,205, equal to $2.78 a preferred share, an increass of $73,325 over 1929. STOCK AND BOND AVER By the Assoclated Press. From Yesterday's 5:30 Edition. STOCKS. Utilities, 1.4 | 1,7523.50 BONDS, Indusirials, . 869 Previous day. (Copyright, 1931, Standard &tat | | April 7, was $500,610.173.14. F ics Co.) During that interval the dealers ! hs i ) A‘_is : A.&P.YEAR'S SALES PASS BILLION MARK 737 New Stores Opened. Tea Stands at Bottom of Articles Sold. Special Dispatch the The Star, NEW YORK, April 9.—~More than a billion-dollar turnover in commodities, 737 new stores opened, preferred stock (7 per cent) up to $13.38 a share, as against $11.77 the year previous—that is the 1930 record of the A. & P. chain store system. This Gargantuan conveyer of food last year sold 190,850,000 pounds of butter, 15,790,000 pounds of tea, 177,- 359,000 pounds of coffee and more than $125,000,000 worth of meat. Shades of the meat trust! Although it calls itself the Great Atlantic & Pacific Tea Co. of America, tea stands at the bottom of the list of the 13 classes of products sold by it. First on the roster of “best sellers” are the commodities sold in jars, cans, packages, etc., valued at more than $3.250,000, followed by fruits and veg- etables, meats, butter, sugar, coffee, eggs, bread, tobacco, soap, milk, flour and—tea! This ranking is according to the value sold, of course, rather than bulk. The Hartford family of Westchester, N. Y., the rulers of this powerful eco- nomic satrapy, still own four-fifths of the stock outstanding. John Hartford is the absolute dictator. His brother, George, is his close associate. But the inner workings of this vast and com- plicated machine, whose red facade duplicates itself in 15737 localities all over America, is practically a closed book to the public. If probed deeper, one will find manifold pipe lines of supply running out from its three sub- sidiaries—the American Coffee Corpora- tion, the Atlantic Commission Co. and the Quaker Maid Co. Yet this great system operates on a net werking capital of less than $100,- 000,000. How does it do it? Quick turn- over. Thirteen times in one year, this ;arg!i‘tal {r!eevglves upon itself, multiplies , s an army and ex) its dimensions! i e Offer to Gandhi. “Gandhi offered $1,000,000 to speak i the United States!” ¢ This report went over the wires yes- terday, but a little figuring proves it to be away out of plumb with reality. James B. Pond, head of the Pond Lecture Burcau, whose father brought Crarles Dickens to the United States on 2 lecture tour, commenting on the sup- poszdly mil'ion-dollar fee for a six- weeks U. 8. lecture tour by Gandhi, said that no lecture bureau could make such ;m’ offer and come cut—except in the ed “It’s easy to cable or tesegraph a mil- Lion-dollar offer, but tnat is a lot of said Mr. Pond. “Admiral Byrd b lecturing twice a day and trecking all known records, but he would have to lecture for many years to earn a million dollars, and there are ‘x},_ bigger lecture halis than he is sing.” _Gandhi probably will visit America, cither before cr after his visit to Eng- lznd. But when he does, he is not ex- pected to commercialize his fame. Friedsam Art Collection. Col. Michael Friedsam, president of B. Altman & Co,, whose death this week in New York has been widely com- mented cn throughout the Nation the possessor of one of America's ollections. The collection cp:n to the public. Still art and students always had the ceing the Dutch, French, Ital ish and American masterpieces in his collecticn. In 1925 Col. Friedsam purchased’ the Nicolini ~ portrait by Botticelll and “Portrait of an Elderly Man," by Perugino. These two are said to have cost_him’ $200,000. While no estimate has ever been made as to the value, it is reported that this art collection is worth in the neighborhood of $10,000,000. The colonel was never married. Dis- position of his property has not been announced, but it is understood that | his paintings will be given to the Col= lege of the City of New York in the hope that the gift will have a cultural effect on student life. New Treasury issue. Next Wednesday Secretary Mellon will - find the $275,000,000 17 per cent eight months’ certificates of indebtedness largely oversubscribed, in spite of the fact that the total Government securi- ties issued since March 15 was a little more than $1,800,000,000. The growing volume of short-term, or floating, debt is causing Treasury officials much worry. With this new i-sue it will have reached $2,705,000,000. Both Secretary Mellon and Assistant Secretary Mills have stated time and time again that the floating, or short- | term, debt is altogether too large and | shouid be cut. But there doesn't seem much chance to cut it unless a new Government bond issue is put out to take care of the situation. This prob- | ably will come some time soon. On April 15 th> United States public debt will reach $16.900,000,000. an in- crease of over $300,000,000 since the end of March. (Copyright, 1931, by North American News- paper Alliance.) Washington Produce Butter — One-pound prints, 34a35; tub, 321523313, Eggs—Hennery, 22; current receipts, 20221. Poultry, alive—Turkeys, young toms and hens, 32a33; old toms, 28; Spring | broilers, 38a40; Winter chickens, 30a33; hens, heavy, 24a25; light, 22a2 horn hens, 20; roosters, 12al4; 15; keats, young, 752a80; old, 40. Dr turkeys, young, 38a40; old, 34a35; Spring broilers, 45; Winter chickens, | 38240; hens, heavy, 27a28; light, 25a26: | Leghorn hens, 22a23; roosters, 15al6; keats, yourg, 80a90; old, 50. | Meats—Beef, 13'2a15'5; 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, 7.75: me- dium and light, 8.25; pigs, 7.50a8.25; roughs, 2.0026.00; Spring lambs, 12.00; calves, 5.0029.50. Fruits—Strawberries, 30a35; pineap- ples, 4.0025.00: oranges, Florida, 4.00a 4.50; California, 3.50a5.50; lemons, 4.50 25.50: limes, per 100, 1.75a2.00; apples, bushel baskets, 1.00a2.00; 3 2.25a3.00; grapes, Argentina, 3.50a4.00; s, 4.50; honeydews, Argentina, 2.50 L rhubarb, Michigan hof house, 5-pound boxes, 1.00; home grown, per dozen bunches, 1 0. Vegetables—Potatoes, Mame ana Sew York, 120-pound sacks, 2.75; Idsho | bakers, 100-pound sacks, 2.75; Florida, new. per bushel, 3. sweets, Nancy Halls, per bushel, 1.50; reds, 1.25a1.50; | cauliflower, 1.75a2.00; mushrooms, 50a- | 90; squash, 3.50; eggplant, 4.50a5.00; | asparagus, South Carolina and Georgia, ; string beans, 2.00a4.00; limas, 4.5025.00; Florida, 6.00a6.50; cu- s, Irdiana hot house, per dozen, tomatces, three-pan contain- , 250a3.50; peppers, 2.00a5.50; car- rer crate, 2.75; beets, per crate, : turnips, bunched, per crate, 2.75; K spinach, 50a75; okra, | per_pan, 1.00; 6-pan containers, Cuba, |4.00a4.50; broccoli, 5.0085.50; peas, 4.00 | 85.00; lettuce, Iceberg, 2.25a3.50; Flor- ida, 2.50. U. 8. TREASURY BALANCE. | The United States Treasury balance, announc:d today as of close of business Customs x'ef:églgs_’fgli the rnlunth to date were $7,962,097.51. Total ordinary expendi- tures, $10,327,787.58.