Evening Star Newspaper, April 11, 1931, Page 14

PA—I4 ¥ FIN TRADE EXPANSION | DECLARED ON WAY Borrowing by Merchants |- Taken as Indication of Business Gain. BY CHARLES W. STORM. Editor, the News Service of Wall Btreet. Special Dispatch to The Star. | NEW YORK, April 11.—The stock market may continue to back and fill in & manner most irritating to investors and speculators, but the worst of the depression in business is over. This statement is made on the authority of two of America’s most important bank- | ers, one in New York City and the other | in Chicago. These bankers declare that the borrowing by merchants and manu- facturers is increasing and this means Jarge business in some directions and preparations for expansion in others. These banking interests also declare that earnings to be reported for the sec- ond quarter of this year will make a better showing than those for the first three months’ period. Railroads Heavy. Although some of the good railroad investment stocks have sold down to a | new low level for the year, their heavi- ness failed to have much unfavorable influence on the industrials, which showed a rallying tendency, until late yesterday afternoon when the profes- sional bears resumed their attack on “Westinghouse Electric & Marufacturing. The bears were aided by unfavorable rumors regarding earnings for the first quarter of this year in this stock. Everybody knows that earnings of corporations and railroads for the first three months of this year will make a | poor showing. Important banking in- terests declare that the showing for the second three months will show improve- ment, so that the stories of the poor earnings for the first quarter should be regarded by security owners as “water over the dam” and should not cause them'to part with their good investment stocks. Tobacco Shares Strong. ‘Tobacco stocks continued to furnish some brightness in the market. Most of these issues advanced to new high prices for this movement, it being gen- erally recognized that the tobacco com- panies are continuing to increase their financial strength and earnings in poor times. R. J. Reynolds Tobacco is said to be running at full capacity 24 hours daily, according to Wall Street rumor, by reason of its recent compre- hensive advertising campaign. A feature of the dealings in the rail- road shares was that while most issues touched new low levels the preferred stock of Chicago & Great Western ad- vanced to a new high price for this movement, due to the fact that earn- &r_fi for the first quarter of this year be the largest in the history of the # road. . (Copyright, 1931, by North American News- paper Alliance.) Commodity Price ANCIAL. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 13.) ~Prev. 1931~ Stock ana Sales— High. Low. b4 3T% 26 18% Stone & Webster (3). Studebaker (1.20) Superior Steel Symington. . Telautograph (1.40). Tennessee Corp(50c) Texas Corp (3). 10 1 %) er As (60c). As pf (6). Timken Roller (3) ‘Tobacco Products. Tobacco Prod A t95¢c. Transamerica (1) Transue & W (1). Tri-Cont Corp. ... Tri-Cont Corp pf (6). Und-Ell-Fisher (5) 4 Ulen & Co (1.60) Un Carbide (2.60. Un O1l of Cal (2). Un Pacific (10). Un TankCar (1.60). .. Unit Alrcraft... Unit Biscuit (2).. Unit Cigar Stores. Unit Corp (75¢)... Unit Corp pf (3) Unit Electric Coal 4 Unit Fruit (4)...... Unit G & Im (1.20).. Unit G & Im pt (6). . U S Freight. 4 USGypsum (1.60 U S Indus Aleohol (2 U S Leather. . U S Leath pr p! U S Plpe & F (2) U S Rubber. .. Dividend Rate. ~ Add 00. High. 46% ~Prev. 1931 nl:gm Low. Divid U S Rubl Warner Warren Wess O Wess O tions. , | 4% in stock. §Payabl year—no regular rate. e Payable in cash or st hPlus 2% in stock. 3% in stock. m Pald ti GENERAL BUSINESS LEVELS HOLD FIRM Further Recessions Believed Unlikely—Dividend Cuts Now Water Over Dam. Special Dispatch the The Star. | BOSTON, April 11.—In its summary | and forecast of business conditions this | week, the United Business Service says that the Steady flow of dividend cuts| has been the chief unsettling factor in the stock market. These have damp- | ened the spirit of even the most ardent | optimists, but they should be considered as water over the dam. Although cer- tain industries may show additional de- | clines, current statistics indicate that no further recessions in general busi- ness from present levels are likely The | weekly index registers 22.7 per cent be- | low normal this week, a slight improve- | ment over recent weeks. | by domestic | trade reports, and orders are appearing | Business Notes NEW YORK, April 11.—Some im- provement in retail sales of men's wear, due partly to the favorable weather during the last two days, was reported by stores in New York. The rain during the early part of the week was responsible for keeping customers out of stores, it was said, but the warm weather that followed stimulated sales. One of the leading chains reported that its sales this week were ahead of the corresponding week of last year, de- spite the fact that a year ago Easter fell on the 20th. Another drop in food prices carried | the March index of wholesale grocery | prices, prepared for the National | Wholesale Grocers' Association, to 81, the lowest point on record. The figure | is 2.3 per cent below the average for February and 18 per cent below that of March, 1930. The index, based on & | list of 24 representative grocery items, shows that raisins, cottonseed ofl and | lard were the only products showing | price increases. Machine copies of women's imported | mesh sweaters, which were introduced manufacturers several weeks ago, have begun to attract con- siderable attention from buyers, the steadily. Whereas the imported goods | retail from $10 up, the domestic prod- uct sells in the neighborhood of $5. Instructions to cut al peslsimistic | U S Steel (7)... U S Steel pf (T)..... U 8 Tobacco (4.40)..; Util P&L A (012.16) Vadasco Sales Corp.. Vanadium Corp (3 Va-Car Chem. ... Va-Car Chem Vulean Det (4) Walworth Co (1) Ward Baking B..... R 214 Sou Cal Ed...Apr20 s Unit of trading less than 100 shares. Prev. . 11:50. Close. 28% 29% 187% 137% 149% 149% 1% 70 9 Bales— Add 00. High, ber 1stpf... 5 204 + 107 1384 and end Rate. 9 41 39% 26% 26% 1 55% 2 10% 61% 10% bla 11% 37% 23% 56 Bros Pict... Bros (3).... 1 & Snow (2) &Snpf (4).. & West Pa Bl pf (1)... 10s West Pa Pow f (7). Western Dairy B 208 tvaco Cblor (2). e Motors (1). Wilcox Oil & Gas.... Willys-Overland Woolworth (2.40)... Worthington Pump.. Wrigley (Wm) (4).. Yellow Truck....... 2% Zenith Radio........ 12% 3% T 2% Dividend rates as glven in the above table are the annual cash payments based or the latest quarterly or half yearly declara- 1Partly extra. 1Plus le in scrip. 1Plus 9% In stock., a Pald last b Payable in stock. d Payable when earned. ock. {Plus 8% in stock. & Plus 6% in stock. 3 Plus 50c in 1 preferred stock. k Plus his year -no regulai Plus 5% in stock. |BUILDING INDUSTRY SHOWS MOST VIGOR ;Bnuineu Publication Sees Much to Be Accomplished in Over- coming Slump. Special Dispatch to The Star. NEW YORK, April 11—Business continues to crawl along the flat trough that hes lasted more than four months. Week to week and even month to month movements are slight, sporadic, |still unsignificant, says the Business Week in its report covering the week | ending April 11. | Steel activity slides off mofe swiftly from its feeble Spring peak, with in- creasing price uncertainty but per- sistent hope of improved demand later fron Summer construction contracts. Bullding alone evidences any vigor, but only with support of public money. Other indicators are static, and the index dithers indecisively around the average of recent months, with a slight slump in the last few weeks. For the week ended April 4 it settled at 79.8 per cent, against 81.3 in the preceding week and 96.0 per cent in the same week last year. Backgroung conditions, excepting only SATURDAY INVESTMENTBOND | Cox e xone BONDS MARKET IRREGULAR New Domestic Issues Retard; List—Junior Group Is Stronger. BY F. H. RICHARDSON. Special Dispatch to The Btar. NEW YORK, April 11.—Investment market trading today revealed an ir- regular trend in domestic bond prices and a general upwdrd swing in foreign dollar bonds, Outstanding domestic issues were still depressed by the competition of new issues, espegially the influence of a number of recently offered bonds selling at a discount. New York Cen- tral 4'5s sold off fractionally again to 11, points discount. Pennsylvania 41,8 dropped to a fractional discount after closing Friday at their offering prices. Volume was moderately heavy owing to the brisk trading in these new issues. Money rates were un- changed. One strong feature was found in some of the junior bonds that have shown wide declines in the past week. Frisco 4lps and Missouri-Pacific 4s, both of which touched new low levels on Thursday and Friday, recovered 1 to 113 points on fairly aggressive buy- ing. In these and other comparable bonds, there was an oversold condition and, no doubt, a sizeable short interest. Elsewhere prices sagged, chiefly owing to a lack of interest. General Theaters Equipment 6s, International Cement 5s, International Hydro-Electric 6s, Richfield Oll 6s, Texas Corporation 5s and American I. G. Chemical 5';s were the types of bonds affected. High- grade bonds were mostly unchanged, with a fair demand for American Tele- phone 5s, Brooklyn-Manhattan Transit 6s, Atchison General 4s, Great North- ern 7s, National Dairy 54s and Youngs- town Sheet & Tube 5s. In the foreign list advances were the rule. Brazillans and other South American_bonds continued their re- covery. European issues also had a strong tone. German Government 5l4s sold fractionally higher. German Repa- rations 7s, German Central Bank 6s, Berlin 6s, Cologne 615 and Saxon 78 also improved. Elsewhere there was buying of Belgium 7s, Australian 5s, French 7s and 7';s, Gelsenkirchen 6s, Irish Free State 5s, Italy 7s, Lombard Electric 7s, Meridionale Electric 7s, Oslo Gas & Electric 5s, Vienna 6s and ‘Westphalia Electric 6s. Washington Stock SALES. Potomac Elec. Power 514s pfd.—5 at 110. Federal-American Nationtal Bank & ‘Trust Co.—10 at 50, 10 at 50, 1 at 50, 10 at 50, 10 at 50. Union Trus: Co.—5 at 210. Mergenthaler Linotype—i0 at 813, 10 at 8115, 10 at 81, 10 at 81. The Carpel Corp.—25 at 24%, 25 at 24%. Exchange AFTER CALL. Washington Gas 6s '36 “B"—$1,000 at 105%, $100 at 105%4. Capital Traction—10 at 33. Capital Traction 5s 1947—$1,000 at T, $1,000 at 77. Correction—Sale as of yesterday, APRIL 11, 1931 Received by Private Wire UNITED STATES. (Bales are ln $1.080.) Aales. High. Low. Close. Lib31%832-47.. 2 10124 10124 10124 List4%s32-47. 1 10224 10224 10224 L4th4is33-38 16 103 29 103 27 103 29 US3%840-43., 1 10114 10114 10114 Sales. High. Low. Close. ADbItibl P& P 55’53, 10 65% Ab & St5%s"43 Allegheny All 3. Am F P 58 2030 AmIGCh6% Am T&T c tr 5s Am T&T 588 £'60 Am T&T 65%s '43. Am W Wks bs ‘34 Am Wr Pap 6s 47 Argentine 58 "45 Argentine May 61. Argentine 68 Ju '59. Argentine 6s Oc '59. Argentine Argentine 63 B ' Arm & Co 4%s '39 Arm Del 5% 8"43. Atchison gen 4s *9| Atchiscv 4%s '41 4. AtC Lcol 4s'52 Austraifa 5857 B&O4%s8'33.. B& O conv4%s B & O ref 6895, Belgium 6% Belgium 7a ‘55 Bell Tei a 8s B "48 Bell Tel F'a bs C "60 Beth Steel pm 55'36 Beth St rf 5342 Bordeaux 6s ‘34 Bos & Me 65 '67. Brazil 618 °26. .. Brazil 618 ‘27 BARXRAARTERNDT NAAN SR BNR RS Beom Rremen 7s '3 Bklyn Man 6: BR&PItt 4% Can Nat 43 Can Nat 4% Can Nat 58’70 Can Nat 5 July ‘69, Can Nat 55 Oct "69. Can Nor 7s deb '40.. Can Pac deb 4 Can Pac 4345 '46 Can Pac 4% 560 Can Pac 58 Can Pac 58 54 Centof Ga 5% . Cent of Ga 58 C '59. Cent Pac 53 °60. ... Cert-td deb 514 s "48 Ches Corp 53 47 C&O04%sB"95 Chi & Eas 111 58 '51. Chi Grt West 4559 Ch M&SEP 4% '89, Chi M StP&P 6s 75 Chi M & St P ad) 5s. Chi & NW gn 45°87. Chi&Nwn 4%s 2037 Chi & NW con 4%s, Chi R1& P rf 4s 3. AN RN NN IR~ AN DA INRN N AR N Chi Un Sta 4%s '63 FINANCIAL STOCK EXCHANGE l ——— The Star Offic~ . Low. Close. 81% 98 60% 86% 8714 854 105 Direct to Mo Pac gen 4s *7§ Mo Pac 68 F 7 Mo Pac ref 68 80 53% 102 10 NY Cenrf 434852013105 NYCreim bs 2013., NY C&StL 4%s NYC&StLG6 N Y Edison & NY NH&H 4 NYNH&H db ¢ NY NH&H clt 6 NY NH&H cv db 6s NY O&W 1st 4892, NY S&W 1st 5s'37. N Y Tel 4%n°39 N Y Tel 63°41. N Y Tel 6s°49 NY W&B 4 %8¢ Nord 6%s ‘50 Norf South bs Nor Am Ed 5%s ‘63 Nor Pac 38 2047 Nor Pac 7 .o Nor Pac 43852047, Nor Pacr16s 2047.. Nor St Pw bs A "41., Nor St Pw 6s B 41, Norway bs ‘63 Norway 6%s ‘65 Norway 6s 43, Norway 6s ‘52 Orlent dev 5%s '55. Pac G & EI 65 '42. T&T 1st 53°37.. Pac T&T ref 5s ‘52 = > 106% Bdn, 734 105 116 434% 7615 103% 106% 1 Penna 4%s D'81.., Penn gen 4 % ‘5. Penn 4%s°70. Penn 4% '63. Penn &5 "64. Penn 6%s " Penn O&D 4%s 17, Pere Mar 4% '30. . Pere M 1st 53 '5€. Peru 6s'60 Peru 6561 Phila Co 5867 Phila & Read 65 Phillip Pet 518 '39. Pillsh F M 68°43. P& W V4%sC 60, Poland 65°40. Poland 7s *47. Poland 8s '50. Pos Tel & C 55 *53 Pure Ol15%8'37.... Queenland 78 "41. Reading 4%s B. Rem Arms 6s A Rem R5%s A "47 Rhinelbe 78 ‘46 Rhine West 6: Rhine West 6 ‘53 Rich Ol cal 6844 Rio de Jan Rio de Jan R Gr De Sul R Gr De Sulss 1 Rio Gr W clt 43749, 20 Rome 634852, 14 Roy D ¢8'45 ww... 11 StL IM R&G 48°33. 1% StL&SFIn4sA.. 34 StL &S F 4%s°78. 199 St L&SF prin s B. StLS Wev4s'32 StP&KCSL4% Sao Pau 78 *40 ret - - ooa - MDA B RANRANHAND PAR LA NAAITEAN S RE-T A T-NNNNANI= AR A=A B RE NN 0 o S35 2 8 DEPRESSION STORM 1S DECLARED OVER Industries, in Slow Recovery, Complain of Government & Inquiries. BY J. C. ROYLE. ‘The storm of depression is over. The waves of business instability have flat- tened out, but business is not riding on an even keel because a not inconsider- able number of people—most of them well meaning—insist on rocking the boat. e seem to resent the fact that the storm has been weathered by fol- lowing policies other than those they recommended. At a time when all ought to sit steady and row hard, some are backing water and shouting conflicting orders. ‘This is specially noticeable in Wash- ington where proposals for investigation face many of the industries which by sound business policles have raised themselves a trifle from the bottom level. It is not confined to these, how- ever. Some industries wallowing in the bottom of the ditch are recommended for investigation, although obviously if their policies had been nefarious and ;llxtcc:utul. they would not be in the ch. Have Firm Foothold. In spite of these facts, the majority of the industries of the country have found a sane and sound basis of opera. tions and are climbing back to prosper= ity from this first firm foothold. ‘Wrangles over unemployment are con= stant, but unemployment is growing less every day although the over .opti- mistic reports from some semi-govern= mental sources make well informea sta~- tisticians grin behind their hands. The farmers are hiring men and ab- sorbing a good part of the drifting un- skilled laborers. The lakes have opened and this means work on vessels and docks, in_mines and elevators and in lumber mflls all over the Northern Cen- tral States and in the mid-continent coal mines. The steel mills are in- creasing production despite the threa$ aimed at their dealings with the raile roads on the question of rail supply. The sheet mills are responding to in- creased demand from the auto manu- facturers and the latter are procees on a more sound basis of production than at any time in their history. Rail- roads are assured of increased ship- ments in most sections within the next fortnight and this indicates better than all else just how business is picking up. They know this for in most instances the cars have been ordered spotted. It is becoming increasingly apparent that the four-system plan of railroad consolidation in Eastern trunk line ter- ritory is more than likely to be heart- ily indorsed and that, with slight amendments, it will go through. Al- though the filing of the petition to the Interstate Commerce Commission may not take place as soon as originally ex- pected. It will indicate also a better- ing of conditions in the soft coal mines and an improvement in service to all shippers, resulting from dissipation of uncertainty. Textile Industry. The textile industry is doing well and going to do better if it is not in- references to business conditions in the | encouraging crop prospects, are not con- | New York market from letters to for- | ducive to confidence. Stagnant or cign customers were issued by two large | sagging security markets indicate in- export houses this week. The belief creasing caution and Indecision in that buyers in other countries are hold- | anticipation of further dividend and | ing back normal orders under the im- | wage readjustment. Chronic weakening | pression that poor business in the|of commodity prices with continued United States will force companies here | credit contraction is stimulating re- | to break prices shortly is behind the |strictive agreements on production with | latest injunction. | governmental support or compulsion, terfered with. For the time being the non-ferrous metals show little perma- nent improvement® The shoe business is coming along in fine style and the clothing industry, while not out of the Wwoods, 1s at least out of the quicksands. The paint and chemical industry is picking up in anticipation of ths an- nual spring clean-up period. The whole- European Situation Is Tense. ‘The Austro-German customs union incident, states the Business Service, serves to bring out in bold relief the tense and delicate political and military balance on which European peace and P onomic conditions in the United States are bad enough, says the service, Saxon Ts 45 Seab A L rf 4549 Seab A L cvés'45.. Sea All Fla 65 A '35 Seine 7 S.... Serbs-Cr-S] 7s Serbs-Cr-S1 83 ‘62 11 Un Of1 58°47. 4 | Shinyetsu 6158 '52. Solssons 6s '36. C& W ind cv 4552, Chile 6360, Chile 63 '61. Chile 78 Federal-American Co. com., 25 at 22, was made in error. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Tel. & Tel. 448 '30..... 1 ‘el & Tel. ctl. tr. 5s... Trends of Week BY H. N. McGILL, Editor McGill Commodity Service. AUBURNDALE, Mass., April 11 (#).— Commodity prices during the past week Clev Term 43%s 77, Clev Term 53%s 72 Colomb 6s Jan '61. . Colombia Amer. Am. T again declined. The average of all products, following a moderate upturn in late March and early April, is now about equal to the low point established in the middle of March. Out of 14 9 declined, 2 ad- ed unchanged. The rate of industrial activity shows no pronounced trend either upward or downward. ‘The first quarter of 1931 ha$ accomplished two things—first, es- tablished a low point in business activ- ity, and, second. carried the business ‘volume moderately upward ffom the ex- and the general trend appears to be flattening out into & more horizontal line. It is generally agreed that a gen- eral price readjustment of 29 per cent from the high in 1929 goes far toward{ discounting unfavorable economic con- ditions, not only in the United States, but throughout the world. From now on price changes on both the up and down side will be more notable In > cific products and specific groups rather than for the entire list of commodities. It is an interesting point to ncte that the characteristics now being noted have been repeated in every period fol- lowing a '5"“ depression. In other words, after the corner is turned.the first six months of recovery are not re- garded with confidence and enthusiasm. ‘The reason is that the starting point is 80 low, the full effect of the moderate Tecovery is not really felt for a matter | of months. . i All Commodities. Noting specific changes, the price average of all commodities was nearly one point lower. The individual groups which averaged lower during the past | week were industrial products, agricul- tural products, live stock, chemicals, | fuels, hides and leather, textiles, both | fine and coarse, and vegetable ofls. Industrial Products. A wider degree of fluctuation than has been noted in Tecent weeks was shown in industrial products. This was largely due to continued weakness in | Jeading chemicals, a severe break in the average price of coal, and a distinct | downward trend in textiles, and hides. | Agticultural Products. Agricultural products declined to & new low. The grains have been erratic, and there is little confidence, due to the cntical surplus of wheat and the | Government report that, based on pres- ent condition of the Winter wheat but they are at least under our own control. Americans may be thankful that these 48 States are not an armed camp, shot through with bitter hatreds, | jealousies, and revenges; cut across by | a score of high tariff barriers, and held together by a few treaties which are en- | forced by enormous armaments. Security Price Outlook. | Prices of stocks, says the service, should advance in anticipation of better | business just as soon as it is certain | that prospective earnings justify op- | timism. When it appears evident to the | majority of investors that the business | trend is again upward, them stock prices | will rise faster than the general busi- | ness advancement, due to the competi- | tion for the securities of the companies most likely to prosper in the coming ! period. DECREASE REPORTED | IN UTILITIES’ GROSS '} Am | Am | Am Revenues of Light and Power Companies in February and Year Announced. Gross revenues of the electric light and pcwer utilities of the United States totaled $171,779,600 for the month of February, tional Electric Light Association, This is a decrease of $2,725000, or 1.6 per cent, below the figures reported for February, 1930. It is, however, $8256,- 800, or 5 per cent, larger than the rev- enues for February, 1929. For the 12 months ended February 28, preliminary figures indicate a total revenue of $1,993714,400, as compared with $1,962,120,600 for the same period last year and with a revised total of $1,998,560,500 for the calendar year ended December 31, 1930. ‘Total revenues from sales of elec- tricity to ultimate consumers in 1930 and 1929 follows: January . Pebruary March . April May June . July o ugus September tober 59,100 1701900 crop, which is above normal, the esti- | mated output is 40,000,000 bushels | greater than last year and 90,000,000 | bushels over the average of the past | five years. . | (Quotations furnished by W. A marked price readjustment down- | b ward was registered by fuels. The spot | price of bitupninous coal, Lo.0. mines, | Kty dropped to $1.64, which is under the low point established in 1930. Anthracite prices were revised sharply downward, November December Total ye 1.938,450.200 FOREIGN EXCHANGE. B. Hibbs & Co) ominal gold Selling checks . todav London, pound.. 3485 29-32 391 1-32¢ Brus: Berl! Rom which reflects ketrn competition. | Textiles. Textiles lost ground during the week, cotton dropping to-a low of 10.20 per cent, while silk has snown a moderate down trend. Rayon and wool remain stable. The three groups which remain un- changed during the past week were fer- rous metals, paper and puip, and build- ing materials. The only two groups which advanced were non-ferrous metals and paint materials, both upturns being of a fractional nature, Important Price Changes. This Previous weel. el Apr. 10, Apr. 3, 3631 i 66.7 67.6 62.1 All commodities Indpstrials . cultural Livestock Fuels .. ‘Textiles, fine ‘Textiles, course Chemicals .. U.. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of business April 8 was $4567,501,824.03. Customs ceipts for the month to date were £10,124,389.03. Total ordinary expendi- ’ £12,720,173.39. wn_(nom. | loty > 267741 5c 26.75Vic 26.76%c crown. . Oslo. crow i | Stockholm, crown. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman ‘3 Co.) Ofter Allis-Chalmers Go. 55 1837.... 101 Amer. Tei, & Tel $1is 1043 | American T Baito. & Ohio 4 953, 58 _'R. R. Co. 55 19 Chicago Rock Isiana 4s 1934 Chile Copper Co. bs 1047.. . . Gen. Mot, Accep, Corn 65 1637 Gen. Pet. Corp_ 55 1940 Gen. Theaters Eauip. s 1640 . e R. 55 1957 914 19360 } 107% 102 102% 1013 78 Pure ‘orp. 5128 1937, Shell Union Oif Co_ 55 1947 8inclair Crude O . 102 8td. Oil of New, Jersey $5 1946, 8td. Oil of New York, 4135 1951, 8t. L. 8. W. Ry Co. ds 1932... Union Oil Co. of Ci 1 United Drug Co. U, B. Rubber ling Steel Corp. 8ias 1048’ 101! Wheeling Steel Corp. 4135 1953, R 1931, according to the Na- | + | Nor = 08 * | US Elec & P Business Failures Fewer. By the Associated Press. | Business failures decreased last week | as their change was calculated by the Department of Commerce. In the aver- age that follows, the index is given for comparable periods, based on the 1923-25 average as 100: Week endsd April 4 Previous week........ Same week last year. L1349 .160.7 1236 | thereby aggravating unemployment and speeding socialization. Moves for major international conference action to meet the emergency and check deflation are apparently at last developing around | Gov. Norman's visit, but further drift and delay are likely until a third Winter | of unemployment looms so long as our | the ostrich, the original optimist. |CHANGES IN ECONOMIC { STRUCTURE OBSERVED INVESTMENT TRUSTS NEW YORK, April 11 (#).—Over-the- counter market: All Am Investors Shrs * B, At ABCTrSnrs D Am : Am B & Gen Secur 13 pf. m Brit & Cont 6% pf. Am Composite Tr SArs. Am Founders 8% pf Am Founders 74 pf Founders 1-70th ctfs Founders conv pf ctfs Pounders war Am Am )Iu Atl Sec pf | AtL | Bansicilla Corp. G | Basic “Industry Shares. British Type Invest...... Chain & Gen Equities | Chain & Gen Equit 6'.% Chain ‘Store Invest.. in Store Invest ‘pi Chain Store Shr Owners Chartered Invest...... (2 By the Associated Press. The economic structure of the country is undergoing vast changes be- cause of business and financial depres- sion. Commodity prices as measured by the Bureau df Labor Statistics now are at the lowest point in 16 years. Price is always the controlling factor in the present economic system. Operations | now must be reckoned with a price | average about 17 per cent below the level at this time last vear, and ap- - | proximately 28 per cent below the average late in 1929. The present price index, 75.3, based on 1926 average as 100, means more |efficient and cheaper manufacturing | methods must be put into general busi- | ness. Sales and merchandising methods | must be readjusted to obtain the most satisfactory results with least expense. | Research into world markets is | necessary . to determine what changes - | have taken place and to devise means | of competing with the new order of | things to conduct business at a profit. New and superior manufactures are ; | needed as well as the ultimate in dis- | Certain Government B N ¥ | Deposited Bank Shrs N Y Al Diversified Trustee Shrs A ... Diversified Trustee Shrs B Diversified Trustee Shrs C. Equities Investors Corp com Equities Investors Corp units. . Equity Trust_Shrs | First “Amer Corp. . Fixed Trust Share | Gereral Equity A | Granger “Trade | Gude Winmill Trad..... Incorporated Investors Incorporated Investors Eauit.. Independence Tr Shrs | Int Secur Corp Am B Int Secur Corp Am 6% pi... Investment Trust Associates | Invesiment Tr of NY Col “A | Investors Trusiee Shares | Jack & Curtis Invest Assoc | Jackson & Curtis Sec Corp pf Leaders of Industry A........ Leaders of ‘Industry B . | Lenders of Industry © | Low “Priced " Shrs. | Major_Corp shrs’ . | Mass Investors Trust | Mohawk Invest..... : | Mutual” Invest Trusi A | Mutual Manage 2 Nation Wide Secir Natioual Indust Shis | National Tr 8hrs |N"¥ Bank' Te Shis & South Am Corp B | Nor ‘Am’ Trust Shares Narthern Secur : | O1d Colony Invest “Trust | Old Colony Trust Assoc | B | Power: & Rail Trasiee Shra. .. | Public ‘Service Tr Sh 2 | Representative Trust Shis | Research Inv' Gorp... | Research Inv Corp iinits Corp Gen 600, pf 8econd In Sec Int Secur Corp 6 Selected Am Shares Selected Income Shrs Selected Managements Bank ... “Trustee. |8 | Super Corp of Am Tr Shrs Super Corp of Am Tr Shrs | Trust shrs of Amer... ... | Trustee Stand ‘Tnvest Shrs | Trustes Stand Trusteo Standard Trustee Standard Tristeed Am B Invest Shrs Oil Shrs Oil Shrs sh. wato! Yaws: t Lt nt Ltd B British Int Ltd $3 pi T Shrs A Pr 6hrs B US Elec Lt & Tr 8b..e Universal | tribution methods. officials feel | that in many lines of industry the field of profit has been narrowed down to that return obtained from reduction of every cost factor. This would embrace cheaper methods of financing, lowering fixed charges and adoption of modern mechanism. Attention is called to a recent survey s | by the American Machinst which re- vealed that 48 per cent of the metal working machinery now in use is 10 years old or more. Progress of tool de- ‘slgnlnfl been so rapid during the |1ast few years that most machines or | equipment so old as this are obsolete, | and continued use means high cost op- eration. Other industries are faced with a similar dilemma, operating at a higher overhead in the face of lower prices. TREASURY TO WITHDRAW SUBSTANTIAL AMOUNTS | By the Associated Press | NEW YORK, April 11.—Withdrawals 4 |from bank balances by the United States | Treasury from April 15 to 17, inclusive, will be in very substantial amounts, it was learned in Wall Street today. These operations are not expected to | have any marked effect on the money market as they will be largely of a book- keeping nature and preparations for them have been made already. About $149,000,000 interest on the Government debt will fall due on April 15. A sub- stantial portion of the withdrawals will | be caused by the payment of checks | for veterans loans. ‘Withdrawals from the Second Fed- eral Reserve District on April 13 and 14 will total $10,158,900 respectively and throughout the United States $53,240,- 600. These funds will come from the proceeds of the two issues of certificates of indebtedness dated March 16, Deposits remaining in this account after the latter withdrawals will total $124,800,000 in the Second Federal Re- serve District and $327,049,300 through- out the country. e o TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co) "~ Riaturity 14" © “Gtrer. 100 T5Y 100 SEE B, 100 100 1-33 100 100 1:32 101 1433 101 18-32 New York's Woolworth Bullding, once the tallest, is today fifth in height among the city’s high buildings. | official and financial econcmics emulates | Anscostia & Pot. R. Anacostia & Poi. guar. C. & P. Tel. of Va. 58 Capital Traction L s 55 series A Wash. 6s, series Wash. Rwy. & Elec. 4s. s 'MISCELLANEOUS. Barber & Ross, Inc,, 6as.... Chevy Chase Club 3'as. S Columbia Country Club 3145 D. C r MIg. 63....... w ki. Cold Storage 5 Washington Cons. Title s. STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Triection Co. Wash. Gas Lt. Co. (i Pot Wash. Ry. & EL com. (T) Wash. Rwy. & Elec. pfd. (5) NATIONAL BANK. Capital (14) Coumpia (1 Washington (13)..."" TRUST COMPANY. Amer. Sec. & Tr. Co. (15) Continental Trust P Natl. Savings & Trusi ({2{) " 4% Prince Georges Bank & Trust.. 28 Loan & Trust (i4).. 1100 SAVINGS BANK. Washington Mech 20, FIRE INSURANCE. American (13) TITLE INSURANCE. Columbia (6h) . Real Estate (6h) 361 Oct Colon 011 65 38. ... Col G&X 53 Ma Colo & Sou 4%s '35, Com Inves 53549 . CC Md 1st rf 65 50 ConG N Y 634845 Con Pwr Jap 6%s Con Pow Japan 7s. Copenhag 5s ‘62 Cuba 548 °45. Cuba Nor 5148 42 Czecho 85 '51. Czecho 9 Del & Hud rf Denmark 4%s '62. Denmark 515 '65. Denmark 6s " D&RG W 6855, Det Ed G&R4%5'61 Dugquesne 414s ‘67, Dutch East I Nov. . Dutch East 16547 Erle Gen 4s Erfe cv 55 '67. Erie 55°75.... Finland 6s *45. 9 AN N NARER NSRS LA Serane oo T0% 2% 72 934 Gelsenk'chen 6s ‘34 Gen Baking 5155 '40 Gen Motors 6s 37. Gen Th Eq 63 40 German 5%s ‘65 German Bk 6s '3 Ger Cen Bk 6560 J Ger Cen Bk 6560 O German 6% '50. ., German 7s rep '49., Goodrich cv 68 '45. Cora® ovalirn Gon w3 o & Grt Nor 4% Grt Nor 4%s Grt Nor 55 '73. Grt Nor gn 634 Grt Nor gen 7s Greek 6563, Halt! 65 '52 Hud & M ad. Hud & M rf 58 '57. , Hum O&R 5%s-'629, MISCELLANEOUS. Fed.-Am. Co. com. Federal-American C Lanston Monotype (8| Mer. Tr. & 8 Peoples Drug St Real Est. M. & G. D Securlty Btofage (ie); Ter. Ref. & Wh. Corj rop com Woodward & Lothrop pfd. (7). *Ex dividend, b Books closed. c50c ext, §1% extra 8% extra. Unlisted Department. (These securities not listed under exchange rules.) BONDS. Army-Nayy Clu b 5s... 41ss... National Press Blds. Anacostia Ban) Chapin Sacks 8 Connecticut Ple Co. Chr. Heurich Brewery. District Title Insurance Munsey Trust Co. North Capitol Savings ‘Bas Northesst Savings Bank.. Raleigh Hote Washington Saving: 3 Washinston Title Insurance Co. u Washington Basc Ball Woodridge-Langdon Sav. Bank. Markets at a Glance NEW YORK, A:Lll 11 (#).—Stocks irregular; Wunndhuu at new low. Bonds firm; 1 recover. Curb, steady; trading, dull. Poreign ex- changes irregular; French . franc, strong. Cotton higher; active week- end covering. Sugar steady; Cuban buying. ccflg easy; European selling. IBTlstptss 4 L1l Cent 45 '62. 1l Cent 4 '53. 111 Steel 4348 °40. .. Inland St1'414s A'78 Inland Stl 4s3 B'81 Int Rap Tr 65 ‘66 Int Rap Tr sta int Rap Tr Int Cement Int & Gr Nor Int & Gr Nor 6 Int &G N ad Int Hydro E1 68 '44. Int Match 6847 Int M Co s ret4i.. Int MM col tr 68 41 Int Pap 6855...... It T&T cv 434839 It T&TEa"S. ... Irish Free St 5560, Ttaly 78 '51.. Japanese 5365 . Jugosl Bank 78 '57. KCP&L4%s'sl.. Kan CFS&M 45 ‘38 Kan City Sou 38’50 Kan City Sou 6 '50 80 Lac G St L 55 34 Laclede 65%s.C '53. Laclede 5%s D '60 Lautaro Nit 6s '54... Leh Val cv 452003 2, MilERy & L 68 M StP&SSM con 4s M StP&SSM 58 '38. MSP&SSM Al 78, MK&T ist 48 90, 97 0% Sinc O 78 cv A 37 Sinc CrO 5% 38. . Sou Bel T&T Sou Pac 4%s Sou P 4%8'69 ww Sou P&Or 4%s '17 Sou Ry gen 45 '66. Sou Ry 6% '5 Sou Rv M&O 4= '38. St Ofl N T 58 41 StOIIN Y 4%s 5 Sweden 5% s '54. Tenn Cop 65 '4 Tenn EI P Tex Corp ev 5844 Tex & P 1st 58 2000 Tex & Pac 58 C 79 . Third Av ref 45°60 Third Av adj 65 °60. 39 Tokio 55 52. ... Toho EI Pow 6 Tokio 5%8°61. Unit Drug ev § Utd King 6%s U S Rub 1st 63 "47 Unit SS Cop 65 '37 Uruguay 6s '60 Uruguay 8s 46 Uruguay 6s 64 Utah P& L 58 °44. . Utl] Pow 5859 ww. Utll Pow 5148 '47.. Vienna 6s°62...... Va Ry & Pow b8 '34 Wabash 4%s 7! 24 worth 6s A '45. Warn Br Pic 6s'39. 39 103% 103% 1024 102% 100% 100% 100% 100 101% 101 POOR EARNINGS SEEN IN STEEL INDUSTRY Analysis Shows Downward Tend- ency in Production Is Now Indicated. %837 Wil & Co 1st 63 "41. Yokohama 63 '61 Ygstn Sh&T 100% 100 101 By the Assoclated Press. NEW YORK, April 11.—Slow con- sumptive demand and unremunerative " prices indicate that earnings in the steel industry during the next few months “will remain distinctly poor,” says an analysis issued by Standard Statistics Co. Whether or not the recent decline in steel activity marks the passing of the seasonal peak, “it is apparent that the industry is now fluctuating dround a broad top from which the next definite trend will undoubtedly be downward into the dull Summer period,” asserts the review. Although operations for April will probably approximate those for March and although it is reasonable to believe that second quarter activity will aver- age moderately above the first, the com pany says production for the first half year “will fall far short of the corrs sponding periods of any recent year. ‘“Current efforts to advance prices on certain lines are proving ineffective, and contract prices for second quarter business will probably be little changed. Despite increased posted quotations, present contract values in most cases are below those of the final quarter of last year, and also apparently below cost of production for many producers.” PARIS BOURSE PRICES. PARIS, April 11 firm on the Bourse toda: rentes, 89 francs 45 gent loan, 104 francs 24 francs 2615 quoted at 25 ct _ Exchange on London’ gentimes. The dollar w francs 57 centiTes. salers are looking forward to the needs of the young men and women who will graduate or at least leave school in the late Spring. The June brides alone wiil Wear over a millian yards of bridal veil- ing to say nothing of the yardage of the remainder of their costumes. Building is getting under way, but is not of any extraordinary proportions. main construction activity is in roadt }méldiéng lrl‘fil lpRving. but the ce- ment industry still is in a bad statisti o iy tistical (Copyright, 1931.) Washington Produce Butter —One-pound prints, 34a35; | tub, 321583315, Eggs—Hennery, 22; current receipts, 20. 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, 12a14; ducks, 15; keats, young, 75a80; old, 40. Dressed turkeys, young, 38a40; old, 34a35; Spring broilers, 45; Winter chickens, 38a40; hens, heavy, 27a28; light, 25a2 Leghorn hens, 23a23; roosters, 15a16; keats, young, 80a90; old, 50. Meats—Beef, 1312a1515; veal, 14a16; lamb, 19; pork loins, 19a21; fresh 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. .50; medi;‘xm 2and light, 8.00; pigs, 7.50a8.25 roughs, 2.00a6.00; Spring laml .00; calves, 5.00a9.00. i e Fruits—Strawberries, 25a45; pineap- bles, 4.0085.00: oranges, Florida, 4 0ba 4.50; California, 3.50a5.50; lemons, 4.50 85.50; limes, per 100, 1.75a2.00; apples, bushel baskets, 1.00a2.00; box stock, 2.2523.00; grapes, Argentina, 3.50a4.00; , 4.50; honeydews, Argentina, 2.50 < drhb%bsrb,llsflchli’gnn hot house, -pound boxes, 1.00; home grown, per dozen bunches, 1.50. i = Vegetables—Potatoes, Maine and New York, 120-pound sacks, 2.75; Idaho bakers, 100-pound sacks, 2.75; Florida, new, per bushel, 3.00; sweets, Nancy Halls, per bushel, 1.50; reds, 1.25a1.50; caulifiower, 1.75a2.00; mushrooms, 50a~ 90; squash, 3.50; - éggplant, 4.50a5.00; asparagus, South Carolina and Georgia, 2.00a4.00: string beans, 2.00a4.00; limas, Cuba, 4.5025.00; Florida, 6.00a6.50; cu- cumbers, Indiana hot house, per dozen, 1.7582.25; tomatoes, three-pan contain. ers, 2.50a3.25; peppers, 2.0085.50; car- Tots, per crate, 2.75; beets, per crate, 2.75; turnips, bunched, per crate, 2.75; kale, 50a1.00; spinach, 50a1.00; okra, per pan, 1.00» 6-pan containers, Cuba, 4.00a4.50; broccoli, 5.00a5. peas, 4.00 85.00; lettuce, Iceberg, 2.25a3.50; Flor- ida, 2.50; cress, 1.25a1.50; turnip salad, 50; cabbage, new, per hamper, 1.25. PETROLEUM AND LUMBER SHIPMENTS ARE HEAVY By the Assoclated Press. The United States Ship) Board reports 77 per cent of mep“e‘:.tboun(l traffic from the Pacific to the Gulf and Atlantic Coasts during the last fiscal year was in petroleum and lumber. Petroleum shipments aggregated 3,- 433,022 tons, or 48 per cent. OIl fields of Southern California supplied 92 cent of the total tonnage, the l’emlfi: der coming from the central portion of the State. New York City reported the heaviest receipts of petroieum, followed by Philadelphia, Baltimore, Boston and scattered Atlantic and Gulf ports. 108,554 tons of coppes snd Soam Tone . ‘copper ,261 of pigments. o ‘The ® outstanding commodity in the westbound intercoastal movement from the Atlantic and Guif Coasts was iron and steel products, which, with 1,415, 000 tons, accounted for nearly 50 per cent of the traffic. Other important groups were 162,500 tons of pigments, 127,000 tons of machinery and vehicles, 120,000 tons of sulphur and 26,001 tons of copper. One of the cipal causes of blind- ness—the ohief cause in hot countries— Is granular conjunctivitis or trachomdy