Evening Star Newspaper, April 20, 1931, Page 14

A—14 wEk* PUBLG EXPENSES | REDUCED N WEST Taxpayers Will Benefit by Cut in Plans for Commu- ‘nity Spending. Epecial Dispatch to The Star. KANSAS CITY, Mo.. April 20.—As economic conditions are being realized 80 far as they relate to the average citi- zen, there is being adapted a program of economy in public expenditures in the interior that should furnish some relief to the taxpayer. Bond issues so freely voted in the past are almost certain of defeat. Re- ports of reduced salarfes for school teachers are frequent, usually being a cut of 5 per cent; county employes are being dismissed, and it is .becoming more difficult to raise by contributions, memberships or appropriations funds for undertakings such as health units, Farm Bureau maintenance and similar public or semi-public projects. Plans for transporting pupils to central points | rather than maintain expensive high schools for a few pupils are seriously discussed.. All sorts of budgets are being brought within limits felt to fit the ability of communities, and generally there is a definite effort to adjust finances to in- come. A statement this week of the Spring report of the State banks of Kansas shows $31,000,000 less deposits than a year ago, $7,000,000 less than in De- cember—and there are 61 fewer banks. | A similar condition exists in Oklahoma and Nebraska—indeed, all through the farm area, where income has been lim- ited because of low price levels for products. The Legislatures now ad-| Journed have generally reduced appro- priations only moderately, but at least they have ceased the usual upward trend. Along with this is going a continued caution in expenditures, which, of course, affects Spring trade. Seasonal buying has shown activity mostly in less expensive lines, and stores are stocking with goods that meet the abili- ty rather than the desires of their cus- tomers. This policy is giving better re- sults and keeping the volume of units, if not of dollars, to a fairly regular movement. Shelves are lightly stocked, and any betterment in the ability of the purchasers will have immediate re- sult in calls on wholesalers and manu- facturers. (Copyright. 1931.) CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, April 20.—The follow- ing is & summary of important corpo- ration news, prepared by the Standard Statistics Co., Inc., New York, for the Associated Pre: News Trend. Primarily in reflection of increasing disappointment over the Spring indus- trial showing, now that the peak def- initely seems to have been passed, stock prices last week showed further decline, continuing a movement which began late in Pebruary. Secondary influences of an unfavorable nature were also present to affect the week's movement, particularly the publication of several extremely unfavorable first-quarter statements, the announcement of fur- ther dividend cuts and omissions and disturbing foreign political develop- ments. The Standard price index for 90 stocks showed a decline of 5.8 points to 1249 cn April 17 from 130.7 on April 10. It is to be observed that the total decline, as shown by the index, was not extraordinary in amount and was ac- complished in a relatively small share | turnover. | Weekly News Review. Wholesale prices, according to the Department of Labor index, declined in March to 745 from 75.5, including February's downward movement. This figure is below March of 1930, | Steel activity during the week showed | a further decline to about 51 per cent of capacity from 53 per cent the week before, a drop for the fourth successive week. The composite price of heavy melting scrap, as compiled by the Iron | Age, which often reflects the direction | that mill activity will take in the im- | mediate future, fell to $10.83 a ton, the | Jowest since 1915. Such developments | in one of the basic industries were dis- | appointing in some quarters which had expressed moderate optimism a week 250 Oil was again the source of unfavor- able news. Daily average crude output for the week ended April 11 was re- | ported last Wednesday to have increased | 55,642 barrels over tie preceding week, | continuing the persistent increase in | output of the past two months in spite | of efforts to effect control. At the end | of the week it was reported that an | agreement had been reached between | important factors in the in over a national plan to limit production, but it _is still too early to judge the actual | effect of this develspment Revenue freight car loadings for the week ended April 4, reported on Wed- nesday, declined 11568 cars from the ! week before, due largely to_the ob- servance of Good Friday. This drop, | however, was less than the usual sea- sonal decline for the week. Executives who have m-de public comments on | March results imparted a general feel- | ing of optimism over the showing that the figures, most of which will become | available during the coming week, will | make | Cotton statistics for March presented a favorable picture. Domesti> con-| sumption showed a large increase over | February. Although still somewhat un- | der the level of March, 1930, the spindle activity gained. At the same time| stocks at the end of the month showed a marked decrease from February 28. Production of standard cotton cloth in- creased 2.4 per cent over February, shipments and sales were both well in| excess of production, and stocks at the end of March were 14.3 per cent below the month before, recording a new 10 Crude rubber consumption for March increased 13.9 per cent over February. Eiectricity output of public utility| plants in week ended April 11, consid- ered a significant figure, was 3.1 per cent under the same 1930 w The production of the week before was 16.6 per cent under 1930 The Industries. Abbott Laboratorics March quarter common share earnings, based on ap- proximate net $1.34 Abitibi Power & Paper—Price of newsprint cut $5 a ton, $3 retroactive from Jannary 1, and the rest effect: 1, by this company. St. Lawrence Corporation, Canada Power & Paper and Price Brothers & Co. Copper Range Co 1930 net before depreciation and depletion §104,841, against $839,742 Industrial Rayon March quarter com- mon share earnings 7 cents, against $1.80 ware) proposes changing 150,000 shares class A common, no par, to 1,000,000 common shares, $1 par, and 500,000 shares class B common, no par, to 250. 000 shares class B, no par; stated cap- ital represented by class A common ‘would reduced from $5 a share to 50 cents; two shares of each class to be exchanged for one new sbare each | crate, Insurance Shares Corporation ADfla-l FINANCIAL. THE EVENINC = ¥ STAR, “NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page Stock and Sales— Dividend Rate. Add 00. Hi 14 Norwalk Tire & Rub. 11% Ohlo Ol (1)..... 15% Oliv Farm Eq pr pf 3% Omnibus Corp. .. €0% Orpheum Cir pf (8).. 308 46% Otis Elevator (2%4). 24% Otis Elev pf (6) 10 Otis Steel. 54% Otis Steel prp 281 Owens 111 Glass (2). 45% Pacific Gas & El (2).. Pacific Lighting (5). Pack Mot Car (60c).. Pan-Am Petrol B Panhandle P & R. Paramount Pub (4) Park Utah Parmelee Transport. Pathe Excharge. Pathe Exchange A. Patino Mines. Peerless Moto Penick & Ford (1). % Penney (J C) (2.40). Penney (JC) pf A (8) Penn RR (4) Petrolm Cp of Am(1) Phil Read C & 1... Philip Mor & Co (1) Phillips Petroleum Phoenix Hos pf (7) Pitts Steel pt (7). Port R Am Tob A 3% PRAMTobB...... Postal Tel&Cable pf . Prairie Oil & Gas (2) Prairie Pipe L (3) Pressed Steel Car. Proct & Gamb (2.4 Prod & Refiners . Prod & Refiners pf. . Pub Sv N J (3.40) Pub Sv N J pf (5) PubSvE& G pf (6). Pullman Corp (4) Punta Alegre Sugar. Pure Ofl. ... Pure Ofl pf (8 Durity Bakerios (4). Radio Corp. .. Radio Corp B (5).. Radio-Keith-Orph A Readinz Ry (4).. Real Silk Hos(b10%) Remington-Rand. . Reo Motor Car (40¢). Republic Steel. . Republic Steel pf. Revere Cop & Br(A). Reynolds Metals (2 Reynolds Spring. Reynolds Tob A (3). Reynolds Tob B (3). Richfield Oi1 Rio Grande Ofl. Rossia Insur (2 20) Roy Dtch(m1.3404). Safeway Stores (5). Safeway pf (6)..... 17 Safeway Strs pf (7). 10s St Joseph Lead (1).. 5 St Louis & San Fran. St L-San Fran pf (6) St L Southwestern. 1 Schulte Retail Stri 15 Schulte Retail pf (§) 50 Seaboard Alr Line. Seab Afr Line pf.... Sears Roebuck 12% . Second Nat Inv.. Servel Inc. . harp & Doh: . Sharp & Do pf (3%5). Shattuck F G (11%) Shell Unton Ol Shell Un Oil pf (53) 4 Shubert Theater: Simmons Co. Sinclair Con Of Skelly OMl. ... Skelly Oil pf (6). Sloss Sheffield St pf. Saider Packing. . Snider Packing pf. Solvay Am pf ww 5% 4 South Port Rico Sug. Sou P Ric Sug pf (8) South Cal Ed (2).. South Pacific (6). South Ry (8) outh Ry pf (5)..... outh Ry M&O ct (4) iding 1st uf (7).. Sparks hing (1) Spicer Mfg...... Splegel May-Stern. 4 Stand Brands (1.20). Stand G&E (3%)... Stand G & E pf (4).. Stand Invest Corp. .. Stand O11 Cal (h2%) Stand Oil Exp pf (5). tand Oil of Kan (1) Stand O1l N.J (12).. 1 1 9 ST TP ES PTG PO P o 10 3 1 20. 20s ~Prev. 1931 High, Low. 26 13) o Prev. Close. Close. - | 1% 17% 66 46% 129 10 54 314 49 59 81 3 614 gh. Low. 1 1 2% 1% T 1T 83 14'% Stone & 4 Sun 011 Superios The Fal Third A Third Nat Invest Thompson (J R) Thompson Starrett. . Tide Water As (60c). Tide Wat As pf (6).. Timken Timken Tobacco Products. .. Tobacco Prod A 95¢. Transamerica (1). Transue & W (1) Trico P Tri-Con Tri-Con Truax Traer Coal Co, Twin City R Tr (§4). Und-Ell-Fisher (5).. Un Carbide (2.60). Un Oil of Cal (2). Un Faci Un Paci Un TankCar (1.60) Unit Alrcraft. . Unit Ail Unit Biscuit ( Unit Ca Unit Cigar Stores. Unit Co Unit Co Unit Electric Coal... 4 Unit Fr Dividend Rate. 201 Stand Ofl N ¥ (1.60). Sterling Sec A. Sterl Sec pf (1.20). Sterl Sec cv pf (3). Stewart Warner. Studebaker (1,20). .. Studebaker Cp pf (7) Superheater (23) Texas Corp (3) Tex Gulf Sulph (4) Texas P C & Ofl. Texas Pac Land Tr. Sales— Prev. Add 00. High. Low. Close. Close. 5 20% 20% 20% 20% 4 4w 4w 4 B- 87 g 38 a8 1414 42 2214 115% 4014 0% 10% tock and Webster (3). 5 aenEmwSen 1. . r Steel. 2 e rpt (7) venue. .. ). = Det Ax (30c) Roller (3)... Funaneleaemaan roducts t Corp . t Corp pf (6) %) M fic (10). fic pt (4). w© reraft pf (3). rbon 8 BrwlrrretereaSn maxSen D (T5¢) D b (3). uit (4). Unit G & Im (1.20) Unit G & Im pf (5).. Unit Plece D pf 6%. . U S Gypsum (1.60). . S Ind Pip ISP& Rubber....... Rubber 1st pf. us Alcohol (2) e & F (2).. F 1st (120) ty & Imp( melt & Ref (1). U S Steel (7). U ob; teel pf (7).. acco (4.40) Unit Stores A.. Univ Leaf Tob (3)..1 Univ Leaf T pf (8) Univ Pi Ul P&. Vanadiu c 1st pf (8) L A (et2.15).. 1m Corp'n Car Chemn pf (7). Va Elec & Pwr pf(6) Vuican Wabash Waldor: Det (4). h RR... 1Sys (1%) Walworth Co (1) Ward B aking B. .. Warner Bros Plct Warner Warner Warren Webste Wess O Wy Wextar| White Motors (1) White st ’a Pow pf (6). 2 Western Dairy A (4) Western Dairy B Western Md. .. Western Pacific Western Pacitic pf. \Western Unjon (8) Westing A B ( Westing Westing E&M pf (4).100s Bros pf 3.8 Quinlan. Bros (3). r Eisenlohr & Snpf (4).. ® 10 wnaanTon SI&MIE (4) 19 66 th 781 1004 1w 193 42 100 k Radio Strs. 2 Rock MS 141 2 White Sewing Mach. Wilcox Willys- Willys- Oil & Gas. Overland. . Over pf (7) Woolworth (2.40). Vorthington Pump.. 0% 30 29 vellow Youngs Wrigley (Wm) (4).. Yale & Towne (2). Truck. . Spring (3) 21 21 Sales of Stocks on New York Exchange. 10:20 A M. :30 P.M... Dividend rates as given in the . 200000 + 1,100,000 12:00 Noon. «. 700000 « 1200,000 bove table are the annual cash payments based or the latest quarterly or half yearly declara- tions. 5 Unit of trading less than 100 shares. le 10 sc ock. §Pay regular rate tnstock ‘m Paid t Partly extra, Plus 9% in stock. in stock. d Payable when earned. < TPlus 8% in stock. & Plus 8% in stock. Plus 50c in special preferred stock. k Pluy s year—no regular rate. n Plus 5 in stock 1Plus b Paya hi year’s earnings expected to exceed $1.25 a share on combined A and B stock. Northern States Power (Delaware) affiliate, Minnesota Power, calls entire | issue first and refunding 6s of 1936. Paramount Publix Corporation—Ok- lahoma independent theater companies file damage suit against 20 large film companies alleging illegal combinations in restraint of trade. United Biscuit Co. of America March quafter common share earnings 73 cents, against 94 cents. United Dyewood Corporation common share earnings 19 against $2.04 Western Power, Light & Telephone four subsidiaries granted higher tele- phone_rates. Duff-Norton Manufacturing 35 cents common dividend; paid 62'. cents Feb- Tuary 14 1. 'G. Farben Industrie. A. G. Rayon prices advanced; current rayon sales reported 10 to 15 per cent larger than I ago. haron Steel Hoop operating 55 per cent of capacity, against 60 per cent in preceding week; open hearth output unchanged at 50 per cent White Rock Mineral Springs March quarter common share earnings 73 cents, against 89 cents Winn & Lovett Grocery common share earnings, year ended December 27, 79 cents, against $1.30. Dome Mines, Ltd., March net, before depreciation and depletion, $448,148, against $89,687. 1930 cents, Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, April 20.—Po- tatoes—White, 100 pounds, 1.25 3 new potatoes, barrel, 2.00a4.00; yams barrel, 3.00a3.75; asparagus, dozen, 1.25 a4.00; beans, bushel, 2.50a6.00; beets 2.00a2.25 1.25; carrots, bushel, 75a80; cauliflower, crate, 1.75a2.25; celery, 1.50a2.50; egg- plants, crate, 2.50a5.00: kale, bushel, 6.00a7.00; lettuce, hamper, 50a1.50; lima beans, bushel, 6.00a7.00; peppers, crate, 2.00a5.50; spinach, bushel. 30a 50; tomatoes. crate, 1.00a5.00; apples, bushel, 6022.00; per box, 1.25a2.2 grapefruit, box. 1.50a3.00; oranges, box, 2.75a4.25; strawberries, quart, 20a30. Dairy Market. Poultry, alive—Cnickens, young, 30a 40; old hens, 22a26; Leghorns, 20 poor, light fowl, 15a16; roosters, 13a16; ducks, 18a27; guinea fowls, 50a75; pigeons, pair, ‘30a35. ]nm, dozen, 17al7%; current receipts 17, | Butter—Good to fancy creamery, | pound, 26a28; ladles, 21a22; rolls, 18a 20; process, 23224; store packed, 14al5. | Hay and Grain. { . Wheat—No. 2 red Winter, export, 86%; No. 2 red Winter, garlicky, spot, 1863:: April, 86%: May, 877 {_ Corn—No. 2 domestic, vellow, old, 76a77; cob corn, new, 4.00a4.10. Oats—White, No. 2, new, 4la4liy; No. 3, 40a40%5. Rye—Nearby, 55a60. Hay—Receipts, 81 tons. General hay market is quiet. Receipts ample, but no surplus offered of heavy clover mixed. Such types bring a premium of 1.00a 3.00 per ton, depending on the amount of clover. Fair to good timothy ranges from 24.00a26.00 per ton. Straw—Wheat straw, No. 1, per ton, 10.00a11.00; oat straw, No. 1, per ton, 1 11.00a12.00. class. International Petroleum Co.. Ltd, unaffected by new Colombian oil laws: titles of property held by subsidiary bem:ot;numnmumdmmlnu o Live Stock Market. Cattle—Receipts, 650 head; light sup- ruary. The good seasonal deinand for | round whites, ply; market dull. Steers—Choice to to_choice, 8.00a8.50. prime, none; good medium to go cabbage, bushel, 50a | pects are good for a satisfactory turn- plain to fair. 5.50a6.00; common to | plain, 5.00a5.50. Buils—Choice to prime, none; good to_choice, none: medium to good, 5.00a 5.50; fair to medium, 4.50a5.00; plain to fair 4.0024.30; common to plain, 3502 Cows—Choice to prime, none; good | to choice, none: medium io good, 4.50a 5.00; fair to medium, 4.00a4.50; plain to fair, 3.00a4.00; common to plain, 2.0023.00. Heifers—Choice to prime, none: good to choice. none; medium to good, 6.75 a7.25; fair to medium, 6.0027.75; plain to fair, 525a6.00; common to plain, 45085 2 Fresh cows and Springers, 30.00a70.00. Sheep and lambs—Receipts, 600 head; light supply: market steady. Sheep, 1.5024.00; lambs, 4.50210.50. Hogs—Receipts, 2.800 head; moder- ate supply: market spotty. Lights, 2.35 a8.60; heavies, 7.5028.25; medium, 8.35a 8.60; Tough: a6.85; light pigs, 8.00a 8.30; pigs, 8.2528.55 300 head Calves Calves—Receipts, ply; market stronger. WHEAT POOL PROBE MAY AID FARMERS Investigation of Futures Trading Intended to Show if Grow- ers Are Hurt. light sup- 4.0028.50 Special Dispatch TORONTO, to The April 20.—Whether or not the probe being conducted by Sir Josiah Stamp at Winnipeg results in | the prohibition of trading in wheat fu- tures in the Dominion, any rate will provide the government with facts on which to base its future | policy~toward the Grain Exchange and the wheat pool The immediate purpose of the in- vestigation is to asceriain if the wheat growers suffer financial loss through the practice of hedging by speculato The Grain Exchange argues that Liver: pool would still continue to trade in futures even if the practice were dis- continued in Canada At present about 40 per cent of non- pool wheat in country elevators is de- clared to be the outright property of | the farmers. On this amount the ele- vator company usually advanced from 60 to 70 p nt to the producers, the cash being borrowed from the banks. Eags—Receipts, 3.212 cases; nearby |1 the farmer himself does not hedge | he elevator manager usually avails imself of the privilege in order to satisfy the demands of the banks. On the other hand, pool grain is not hedged until it reaches the market. (Copyright, 1931) Scottish Linen Industry. for linen manufac- turing in Scctiand are thought to have seached rock-bottom prices and in- quiries during early February increased, reports Vice Consul Edwin B. Earnest, i*dinburgh. Eales of flax and tow were reported fair ency of the marke! Thz Dunferm- iine and Kircaldy linen industries have worked on restricted lines since the middle of 1930 and dissatisfaction was | manifested as a result of the refusal of | the trade board to reduce wages 10 per cent. Competition by Irish and con- tinental concerns made itself apparent and less than 50 per cent of the Joom | cepacity was in operation in early Feb- Raw rial embroidered goods, ho |in keeping up emplo; ver, is alding nt and pros- the inquiry at| owing to the firm tend- | 'RESTRICTIVE POLICY IS SEEN IN TRADE Henry Chalmers, chief of the Foreign Tariff Division of the Department of Commerce, sees a trend toward “in- tensified protection and restrictive na- tionalism.” In a review of foreign tariffs and trade control movements during the past year, today Mr. Chalmers declares “The’ cconomic depression that affected almost the entire world during 1930 has been a dominant influence in the trend of the commercial policy of most for- eign countries in the past year.” Littl= success was ascribad to efforts of several groups of countries for closer | ceonomic co-operation up 1o the end of The majority of tariff changes and other measures for control of interna- tional trade adopted by the various foreign governments seem, he termed an “expression of a sense of an i | ereased tension in international comp: | tition and of a shaper spirit of economic | nationalism. The *character of measures taken, Chalmers said, varied considerably with the particular domestic problems of the countries. In Europe, he added, “the | increasing industrial unemployment and | the falling off in trade gave urgency in many cases to measures designed to re- | serve the home market more exclusively | to domestic manufacturers by means of | higher duties or other restrictions.” | "The majority of European tariff measures, he said, were aimed at aiding | agricultural prodiicers in meeting for- eign competition, particularly from | Russia. In Latin America anxiety over their | foreign exchange situation led several countries to curtal imports | Oriental countries, particulatly Japan, | found themselves needing revenue and | revised duties upward to obtain funds. iy TREASURY READY TO PAY RESIDUE OF NOTE ISSUE By the Associated Press. Despite the deficit, the Treasury is anxious to pay out $63,811,000 now in its_coffers. | Secretary Mellon said the sum rep- resented the residue of a billion-dol- | lar note issue which was called in on | March 15 during Treasury refinancing operations. The securities have ceased | to bear interest and the owners are | getting no benefit from them. |~ While the Treasury is benefiting from | the failure of the holders to turn the notes in, the Secretary said some of the owners might not have heard that | the issne had been taken up and might | be still under the impression that the | securities would pay 3'2 per cent in- | terest until 1932, the date of their maturity. The securities eligible for re- demption are A and B. | The Secretary said several million dollars in Liberty bonds, due several years ago, also were still unredeemed. POTATO MARKET. CHICAGO, April 20 (# (United State Department of Agriculture).—Po- tatoes—Receipts, 183 cars; on track, 232; total United States shipments | Saturday, 836 cars; Sun 31; old stock about steady, trading only fair; sacked, per hundredweight; Wisconsin round whites, 1.45al. 1.30a1.35; Idaho Russets, mostly 1.65; few 1.70; Colorado Mc Clures, 2.15; new stock barely steady trading fair; Texas d Bliss WASHINGTON, | sul | mileS : Washington *| Capital Traction—15 at 33! a Paid last | D. C, MONDAY, FOREIGN BOND LIST REGISTERS RALLY Speculative Buying Results in Gains—Domestic Is- sues Are Firm. BY F. H. RICHARDSON. NEW YORK, April 20.—A moderately large speculative inquiry today caused gains throughout those portions of the foreign dollar bond list that have been s0 widely depressed of late. There was also a firm tone in domestic issues ow- ing to the postponement for the present of any new bond financing. Volume was low, however, and it was evident that no more than the minimum of the normal investment demand was present. Time money rates were un- changed. Dealers have been encouraged by the presence of buying in the very weak sections of the foreign list, but some point out that the sharp advance of January and February was based on the same factor and that later profit- taking drove the list back to new low levels. At any rate, Brazilians gained 1 to 2> points. and_Australian bonds improved narrowly. The German group | remained firm Central European credits had small | advances, while there was a steady de- | mand-for the better grade French, Bel- | gian and Italian issues. Developments over the week end | were not calculated to make for any | substantial gain. Among the adverse |factors in the foreign list were new | political disturbances in Central and | South America, apprehension in Eng- { land over Chancellor Snowden's coming budget. the uncertainty that exists in regard to the position of the new Span- ish government, the lack of any definite | assurance cf stability in India and {China and the uncertain Australian | situation. In the domestic list weak spots, re- | sulting from the sag in stocks, were in- | termixed with advances in high-grade { bonds. Goodrich 6s cropped 115 points. | International paper 5s and Shell Union Oil 5s both dropped a point. Warner Bros. Pictures 65 lost 1% points. There were fractional losses elsewhere. Prime issues remained firm, with the best, buying in American Telephone 5155, Consolidated Gas 5145, | railroad mortgages such as Atchison | general 4s and Union Pacific first 4s, and in industrials like National Dairy Prod- ucts 5l4s and Youngstown Sheet & Tube 5s. There were no new offerings today of any size, but a group headed by Harris, | Forbes & Co. announced that a $32,- 1 000,000 issue of Associated Electric Co. will be offered some time this week. | 31, | Associated Electric is an operating con- jcern for the Assoclated Gas & Electric | system. The bonds will not represent {any new financing. They will mature in S;ock Exchange ! SALES. | Capital Traction 55 "4 | Washington Gas 6s “B Washington Gas—>5 at 119, Washington Rwy. & Elec. pfd.—10 at % 41,000 at 781 AFTER CALL. Api 10 at 337, 10 at 33%.. Mergenthaler Linotype—10 at 8015, Capital Traction 55—$3,000 at 79. Bid and Asked Prices. BONDS. . PUBLIC UTILITY. & Tel 39.. Tel Amer. Tel { Am. e ‘Anacostia & Pot. . Anacostia & Pot. guar C. & P.Tel. of Va. 35 Capilal Traction R. R. 5% Cliy & Suburban 55 Georgetown Gas 1st 55.. Potomac Elec. cons, 8 ... Potomac Eiec 65 1953. .. Wash., Alex. & Mt. Ver. ctfs Wash. Baillo. & Annap. 55 shinkton” Gas 4125, .. ingion Gas 55. ... Wash. Gas 6s. series A | Wash. Gas 6s. series B .. | Wash" Rwy. & Eiec. 45...... | MISCELLANEOUS. | Barber & Ross. Inc., 6'as.. Chevy Chase Club §125 Columbia Couniry Club 5 DG Papcr MIg. ber . Cold Storage 53 . Cons. Title 65 STOCKS. PUBLIC UTILITY. { Amer. Tel. & Tel. (9)..... Capital Traction Co. (4) Wash, Gas Light Co, (18).. N. & W Steamboat (12) | Pot. Elec. Power 6, | Pot. Elec’ Power 513 | Wash. Rwy. & Elec. com | Wash. Rwy. & EL pfd NATIONAL BAN; 41 etl. R 55 | capital (14) | Columbis ¢ | Commerc District (8) Fed-Am. Natl Bk. & T Libérty (76) 1 “(stamped) (10} i2) TRUST COMPANY. | Amer. Sec. & Tr. Co. (15) | Continental Trust (§) Natl Sav. & Tr. (129) | Prince Georges Bank & Trist | Union Trust (8s) Wash. Loan & Trust (1%) SAVINGS BANK | Bank of Betnesda (63) Commerce & Savings (i0) | East Washington (12) Potomac (10) Security Sav. ‘& Com. Bk Seventh Street (17 United States (30) ... Wash, Mechanics (20} 5 FIRE INSURANCE. Aurican (13).505..0 vs eonsnasn Corcoran ¢ Firemen's | National Union (i3} TITLE INSURANCE. Columbia (8h). ................ Real Estate (65) i MISCELLANEOUS. Barper & Ross, Inc.. com Col. Medical Bidg. Corp. 6, Col: Sand & Gravel pfd. (7 Dist. Natl.'Sec. pfd. (1) Emer. Bromo-Selz “A" i2) | Federal Storage pfd. (8).. Fed.-Am. Co. com. (1.20f) Fed-Am. Co_ pfd. (6) | Lanston Monotype (8) | Mer. Tr. & Stge. com. (10). Mer. Tr. & Stge. pfd. (7) Mergenthaler Linotype (6} Natl. Mige. & Inv. pfd. ( Peoples Drug Stores ptd. (6 Real Est. M_ & G, pfd. (8) Security ‘Storage (4e) £ Ter. Ref. & Wh. Corp (3) The_Carpel Corp. (1.50¢) W. Mech. Mtge. com. (6) Wash. Med. Bldg. Corp. (7s) Woodward & Lothrop com Woodward & Lothrop pfd. *Ex dividend b Books closed. c50c extra. | n25¢ extra. 130¢ extr l §1% extri amy! Finance Company Purchases. BALTIMORE, April 20 (Special).— The Manufacturers’ Finance Co. reports that its volume of purchases increased approximately $1,000,000 in March over Pebruary. The company is said to have more acceptable accounts-receivable contracts in hand than ever before in its history, so that there should be a material increase in volume, officials said, with any upward trend in shipping, whether seasonal or otherwise. As a result of the sale and liquidation in part of its motor lien business, the company reports that the balance of time-payment obligations of $10,296,000 on January 1, has been reduced to $2 608,000, of which only $957,000 is repre- sented by motor lien paper. As against its investment in time-payment oblig: tions, it is_hclding $387,000 of dealers’ reserves, officials stated. Aircraft Sales. NEW YORK, April 20 (#).—Sales of 17 of the 41 exhibftors at the National Au-cnn"show at Detroit totaled 636 the seasoned | $100 at 10414, | |CB&Qgen of int Papss APRIL 20, 1931. Received by Private Wire UNITED STATES. (Sales are in $1.000.) ales. High Low. Close 101 25 101 23 101 23 Lilst4lgs3 . 21 10226 102 26 102 26 L4th41,s33-38 40 10331 10329 10329 {US3%s40-43.. 1 10120 10120 10120 USIHs4l-43.. 2 10121 10121 10121 lUSs3%s43 2 101 24 10124 10124 US4s 44 .. 2107 21 10721 107 21 US4%s47-52.. 40 11128 11126 11128 Lib 314532 47.. Sales. High. Low. Close. 53. 8 641y 6313 634 2 9 i 33 1 21 25 ADItibI P & P s Ab & St 5%5'43. Allegheny 55 °44... Allegheny 5 * Allis-Chalm 53 Am Chain 6s '33. Am F P 55 2030 Am Metal 5% Am N Gas 6%3'4 Am S&R 1st 58°47. Am T&T cv 4%8'39 Am T&T 53°65..... Am T&T c tr 53 "46. Am T&T 588 £°60.. Am T&T 5% 4 Am W Wks 5s ‘34 AmWat Wk 65 *75.. Am Wr Pap 6s"47.. Argentine May '61. Argentine 6s Ju ‘59, | Argentine 6s Oc '59 Argentine 6s A '57. Argentine 6s B '58.. Arm & Co 4%s ‘39, Arm Del 514343 Assoc Oil 6s Atchis 45 1905-55. . Atchison adj 4s Atchison zen 4s'95 Atchiscv 4358 ‘41, AtCL1st 5 At Pef deb 5s ‘37 Australia 4%s'5 Australia 63 ‘55 Australia 58 ‘57 Austria Ts '43 Austria 7857 58 D 2000. s P&WYV 4541 Ek of Chile 6% ‘61 Batav Pet 4145 "42.. Belgium 6s ‘G5. . Relgium 6% s '49 Belgium 7 Belgium 7s '56. . Bell Tel Pa 55 B ‘4 Beth Steel pm & Beth St rf 55 '42, Bolivia Ts Bolivia ! Bolivia 8s "4 Rordeaux 65 '24. Bos & Me 53°5 | Bos & Me 5 67 | Brazil 6149 26 Brazil 615827, Brazil 8s 41 Bremen 75 '35 BKlyn Man 65 ‘68 BKlyn Un 58 45 Bklvn Un 1st 5850 Budapest 65'62. ... Buenos A 6x'61 Tv. Buff Gen El 41, 5'81 BR&PItt 4%s 57, Canada 58°62...... Can Nat 4%s '54... Can Nat 4%8°57. .. ! Can Nat 43,8 '68. .. n Nat4%s 65, .. | Zan Nat 5s July "6y | Can Nat 55 Oct 69 Can Nat 5s°'T Can Nor Can Nor A%< db ‘46 Can Nor 7s deb '40. Can Pac deb 4s. . Can Pac 4%s '46. Can Pac 4155 '60. .. Can Pac/s ctfs "44. Can Pac 6s ' . CarClin & O 6s Cen Ry NJ g 58 '87. | Cert-ta den 51 48 | Ches Corp £s "47 | C&Ogen4lps” C&O4%sB | | | { 10614 10004 1011 1001 10274 1061 10614 1081 101% 58.. CB&Q4%STT. C B&Q 11 dv 4s*45. Chi & Eas 111 5851, Chi Grt West Chi Tnd&Lou Chi M&! Chi M SUP&P e Chi M & S1 P adi ie C& W (nd cv 4552 Chile fs°60. Chile fa '61. ile 6563 Chile Cop db s Chin Gvt Ry 58 Christiana 6s “olomb 6= Jan ‘61.. Colon Oil 65 '38. Col G&E bs May '52 Com Inves 55849 C C Md 1st rf 55 ‘50 ConG N Y 5l 45, Con Pwr Jap 6%s. . Con Pow Japan 7s. | Copenhag 4% '53.. Cuba RR58°52. ... Cuba Nor 5148 '42. . Czecho 8s '51. Del & Hud rf 4543 Denmark 4%s ‘62 Denmark 5148 ‘55 Denmark 6s'42. . . DRG& W st 5578 Det E¢ G&R415'61 Det Unit 4%s'32. .. Nodge Br ¢l 65°40.. Duquesne 41 '67. Dutch East 16s°47. Dutch East 1 6s'62. 1 Salvador 8s'48. . Srie 1St con 4 '96. . krie ~on 4s A 53. ie conv 45 B rie Gen 4s Erie cv Brie 5875, Erie Pa cit Flat 7s ex war 46 Finland 6s "4 Finland 7s '60. Fisk Rub 8s'41.. Fla E Coast 55 ‘74 | Fram 1 D 73842 French 7s 49, French Gvt 7%s '41 Gelsenk'chen 6s ‘34 Gen Baking 51¢s'40 Gen Motors 65 37 Gen P Sv 5148 3! Gen St Cas 5%s ‘49 Gen Th Ea 63 °40. German 5%5s 65 German Bk 6s 3! Ger Cen Bk 6s Ger Cen Bk 65 '60 O German 7s rep '49. . Ger Gen El 78 '45. .. Goodrich cv 68 *45. Good 15t 6148 '47. . Goody'r Rub 5: . 4 GrandTr sf db 65'36 Grand Trunk 7s *40 Grt Nor 4%5s 17 E Grt Nor gn 6%s 52, Grt Nor gen 78 '36.. Halt! 63 °52 HavERL&P Hud & M ad) 6 Hud & M rf &s Humble Ojl 55 '37 Hum O&R 6%s 63, 11 BT 1st pf 63 4, Il Cent 45 53, 111 Cent ref 4s ‘65. 111 Cent 4% 3 '66.. 11l CCSIL&N 63 A 111 Steel 4343 "40 Inland Stl 453 B'81 Int Rap Tr 63 '66. .. Int Rap Tr sta Int Rap Tr 20 | 107% 118 ! 125% | 941 951 99 102'% 102% 106% | 821y 85% 86 91% 102% 93'% 3% 3% 9 FINANCIAL. | ON NEW YORK BONDS STOCK EXCHANGEl Direct to The Star Offic~ Sales. Hish. It Ry C A 61847, I1at T&T cv 434539 [t T & T 58 '55. Irish Free St £8°60. Towa Cen 1st 55 '3 Italy 78 '51. [taly Pub Sv 78 '52. Japanese 5138 Japanese 6% s ‘54 Jugosl Bank 78 '57. Kan CFtS&M 4536 n City Sou 3s 50 Kan City Sou bs '50 Kan City Ter 43 '60. Karstadt 63 °43.. Kreug & Toll 58 '59 Lackaw St 5350, .. LacG St L 5s"34... Lake Shore 3348 ‘97 Lake Shore 43 ‘31. ., Laclede 6%s C‘53.. Laclede 5%s D '60.. Lautaro Nit 68 '54.. Leh Val cv 48 2003., Leh Val 63 2000. ... Lig & Myers 58 '51.. Loew’s 65 ex war. Long Isl rf 4349, Lorillard 53 ‘61. . Lorfllard 5%s ‘37 Lorillard 7s 44 Lou G & EI 5 '52... L& Nuni4s'40 .., L &N 4%s 2003 L&N1strf5%s... Lyons 6s'34....... McKes & R5%8°50 Man S 1st 7% Midvale Stl 5336 Milan 6%s ‘52 M &SL 1st 1t 4 M StP&SSM 6338, MK & T 1st 45 9| MEK&T prin Mo Pac gen 4s Mo Pac 55 A "65. Mo Pac 53 F "77. Mo Pac 5s H '80 Mo Pac ref 63" Mo Pac 516 cv 49, Mobile-Ohio 5s '38. Mont Pow 5s Mor & Co 1st 4 Nassau Elec 4s '51.. Nat Dairy 5%s ‘48. Nat Rad 6%s ‘47. Netherlands 6s '72.. New S Wales 63 '57 New S Wales 6s 58, N YCgn3s ... N Y Cen 45°98 NY Cen rf 41382013 3 NYCreim 55 2013.. NY C& St L 4837, NYC&StL5%sA N Y Edison 53 B "44 NY NH&H 3%s ‘54, NY NH&H 3%s ‘56, Y NH&H 45 56 NYNH&H db 48 57. NY NH&H 4% '67. NY NH&H cv db 6s NYAO&W 1st 4892, N Y Tel 4%s 39 N ¥ Tel 6s 41.. N Y Tel 63 49. NY ELH&P 58 NY W&B 4%s'46. Nor & Wnev 4 No Am Co 5s 61 N A Ed'son 5s C'69 Nor Am Eo blgs ‘63 Nor Pac 415 2047... | Nor Pac 4s 97. Nor Pac r 1632047, Nor St Pw 53 A *41. Norway 53 '63. Norway §%5 ‘65 Norway 6543, Norway 6544, Norway 6s '52. | Ore Short L 55 gta. | Ureg-Wash 45 '61.. Orient dev 535 ‘38, Orient dev 68 53 Pac G & Kl 58°42. Pac T&T 1st 5s 37, Pan-Am Pet 6s '34 Para unt 6s°47.. Faris-Ly M 7y '58.. Pathe Exch 7s ‘37 renna 4% Penn gen 4 venn 4128 70. venn 4% s 63 Penn 5s '64 Penna zen 58 6! Penn 633 '36. Penn O&D 4%s 77 P’ere M 1st 4s 56. ’eru 6s "60. Peru 6s'61. Peru 75 5. | Pniia Co 58 67 | Pnila & Read 6549 | ehillip Pe: 53839, P CC&SIL 4%8 7T, [y nd 6s ‘40 i'oland 7s 47 Poland 8s '50. . Porto Alegre 8s '61. For RT am 65 '42 Pos Tei & C 58 Prague 715s " Prussia 6 Public Serv 4s Pub Sv G 43S 6 Pub Sv G 4% 7! Pure Oll 515 '37 Queenland 6s 47 Queenland 7s ‘41 Rend gn 4% 8 A '97. | lzead Jer Cen 4s 51 Rem Arms 65 A '37. Rem R 5% A 47.. Rhine West 6s Rhine West 65 '53 Hich Ol cal €3 °44.. R0 de Jan 6158 52, Rio de Jan 85 46 R Gr De Sul 63 '68 Rome 64552, Roy D 4s 45 ww StL&SFin4sA. tL&SF 4%s 78. St L&SF pr In 5s B. St L & SF gn 6331, SULS W Ist4s'89. San A & A P4s'43.. Sao Pau 7s 40 reis. Sao Paulo 85 '36. Sao Paulo 8s '50. e e = Saxon 7s 45 . Seab A L rf 43'49.. Seab A L adj 5s'49. Seab A L cv 6s 45.. Sea All Fla 6s A '35 2 Selne 7s'42. . Ser < - Shell Un O b3 47. Shell Un Oil 5s ' Sinclair Ol 6%s's Sinc O 7scv A'37.. Sinc CrO5%s 38.. Sinc P L s '4 Skelly Oil 5%s ‘39 Soissons 6s ‘36 SW Bell T 55 A Sou Pac 4%s '68. .. Sou P 433 '69 ww. Sou P&Or 4%s "7 Sou Ry gen 43 '56.. Sou Ry 63 '56. . Sou Ry 6%s ‘56 | Sou Ry M&O StOII N J 5846 SLOIIN Y 4348 Swiss blas "46. Tenn El P 65 A "47. Tex Corp cv 5s "44. Tex & P 1st §s 2000 Tex & Pac 58 C 79 Third Av ref 43 60 Third Av 1st 58 '37. Third Av ad)j 58 '60. Toho El Pow 78 65+ Tokio 55 '5! Tokio 5%s 61. Un Pac 1st 45 '47 Un Pac %8 67 Unit Drug cv 68 ‘63 Utd King 515 37.. US Rub 1st 68°47.. Un St1W 6! AT Uruguay 6s "6 .. Uruguay 8s "4 Utah P& L 5s°44.. Uthl Pow 55 59 ww. Utll Pow 5143 "47.. Vert Sug 1st 75’42, Vienna Gm ! & Pow b v 1st58°62.... Int Cement b Int & Gr Nor b: Int & Gr Nor Int &G N ad Int Hydro EI 6 Int Match 6s 47 Int M Co 6s ret *41 Int MM col u:"" 95 74 854 58% - 87% 92 3% ys C 1! bash 4%s 7 abash 1st 68 | Walworth 6s A *45. arn Br Pic 68 '39. Wt Sh 1st 48 2361. West £ dub 68 ' West Md 4 ‘52 Un Tel 5 West Union §s '60 " Erreunaiopliol ot~ rBrenxbeaBesan 1 Low. o 68 72 94 97 102% | 100% 72 107 1067 95 94% 100% 100 106% 70 80% 87 100 108% 102 2% 9% 30 88% 88 . 108% 103% 105% 105% 9% 30 88 103% 105% 66 103% T1% 51 91 105% 4 T8% | | that the basis of one of the 2% | CLOSESTUDY HADE OF MIDGET SALE Merchants Seek to Advance Profits by Mass Selling in Very Small Units. BY J. C. ROYLE. Midge*, sales are receiving close ate tention by the retailers of the country, according to reports to the Department of Commerce today. The possibilities of profit from merchandising of very small units are being fully investigated, and in many instances experiments have shown remarkable opportunities for building up mass distribution and profits. ‘The media through which these sales are made usually include use of auto- matic or semi-automatic vending ma- chines and the application of up-to-date methods of storage and refrigeration. ‘These possibilities long have been realized in the cases of candy. chewing gum and nuts. In the last vear the per capita consumption of chewing gum in this country amounted to over 100 sticks for each inhabitant of about seven- tenths of a pound. A very large part of this amount is sold by the stick or by the 5-cent package through auto- matic machines. Move Spreading Rapidly. Now the merchants are turning to | other commodities and applying the same principles. In_several Eastern cities, according to the foodstuffs di- vision of the department, automatie stores have been opened in apartment houses and yielded excellent results. In most of the stores the commodities handled are restricted to about 30. Most. of these are staples, including butter, eggs and milk, properly refrig- erate packaged refrigerated meats, canned vegetables and fruits, coffee, tea, sugar and flour. It is estimated one employe can serve ice two or three such installations, while those which handle between 175 and 200 articles need only one man to change and restock the units. The vending of apples by the unemployed has been followed by the installation of apple and orange automatic vending machines in office buildings and fac- tories. Liquid coffee in bottles has proven an attractive item in some )oc_‘l_;,mes.] e volume of sales made b handling small_packages of foodst m\l:d' and soft drinks in office buildings is indicated by a count made in one build- ing in a southern city which showed an average of 900 sales were made to i those employed in the building daily. The .building was devoted to one cor- poration only. So great was the traffie to and from the stand that the corpo- ration crdered the stand removed as detrimental to the proper concentration of workers. Vending Machines Popular. Vending machines are now beiny - erated which sell single clnn‘:gd cigarettes. The possibilities of profits from such sales are shown by the fact big tobact fortunes of this country was r:rmed g szles from trays hung around the necks of two brothers who made their prod- ucts at night and sold them on the streets of New York's East Side by day. So great has been the development of demand for frozen foods that the Na- tional Frozen Food Association, em- | bracing food manufacturers and dealers, scientists, refrigeration interests and container producers, has been formed. Lunch counters are being installed in lg;t‘)ge'rg }silm'es h;: some cities and are ave a favorabl | on food purchases. ke (Copyright, 1931) INVESTMENT TRUSTS NEW YORK, April 20 (). -the- counter market: GRS All_Am_TInvestors Sh A B'C'1y Shrs Series D. | Am_ & "Cont ‘Corp B S B Bid, Asked. H Tr Shrs Serie: Gen Secur..... Gen Secur B. | & Gen Secur $3 pf. Brit & Cont 6% pf. Composite Tr Shrs. pt Founders pE.o Founders 1-70th ctfs: .. Founders conv pf ctfs Founders war. .. Founders 1-40th ctfs.’ Ins Stocks. . | Assoc AL Se Tt unts Pac_con Al & Pac pf w Bankers Nat Inv. | Bansicilla Corp. Basic Industry Shar British Type Invest... | Chain & Gen Equities | Chain & Gen Equit 65 Chain Store Invest.. Chain Store_Invest | Chain Store Shr Ow Chartered Invest.. Chartered Invest b Chelsea Exchange A | Chelsea Exchange B | Cumulative Tr sh 2 | Corporate Trust Shares Crum & Foster Ins B Crum & ‘pt. Foster Ins pf Crum & Foster Inc B. Crum & Foster Inc 87 pi Deposited Bank Share N ¥.. Deposited Bank Shrs N ¥ ALl Diversified Trustee Shrs A Diversified Trustee Shrs B. Diversified Trustee Shrs C. Eguities Iavestors Corp com. . Eauities Investors Corp uniis. | Equity Trust_ Shrs. S Pirst " Amer Corp...... Fixed Trust Shares A Fixed Trust Shares B. Fundamental Tr Shrs A .. Furdamental Tr Shrs B.. General Eauity = A Granger Trade .. Gude Winmill Trad: . Incorporated _Invesiors. Incorporated Investors Bauil Independence Tr Shrs..... Ins Shares & Gen Man Gorp Int Secur Corp Am A. | Int Secur Corp Am B Int Secur Corp Am 6% pi. | Int Secur Corp Am 6'37% Invest Trust Associates.... | Investment Tr of NY Coilat *A | Investors Trustee Shares. Jack & Curtis Inv Assoc. .. | Jack ‘& Curtis Sec Corp Leaders of Indusiry A ... Leaders of Industry B.. Leaders of Industry C | Low Priced Shrs. ... Major_ Corp Shrs % Mass Investors Trisst . Mohawk Invest. .. Mutual Invest Trust A Mutuel Manage.. ... Nation Wide Secur National Indust Shis National Tr Shrs. , N Y Bank Tr Sh Nor & South Am Corp B Nor Am Trust Shares Northem Secur. : | Q1d Colony Invest Trust Old Colony Trust Assoc | Gil Shares Inc units..... Petroleum Trad A...... Power & Rail Trustee Shrs.. Public ‘Service Tr Sh... Representative Trust Shr Research Inv Corp.... Research Inv_Corp il Secur Corp Gen 6.00 pf. Second Int Secur Corp ‘Al Second Int Secur Corp B... Sec Int Secur Corp 6% 1st bf. Selected Am Shares. . Selected Tncome Shrs. Selected Managements Ti Shawmutt _Bank Spencer Trask Fund Stand Am Trust Shr. Stand Collat Trusteed Si State Street Invest Corp. Super Corp of Am Tr Shr: | Super Corp of Am Tr Shrs B. Super Corp of Am Tr Shrs C. Super Corp of Am Tr Shrs D Trust Shrs of Amer.. | Trustee Stand Invest Shrs. | Trustee Stand Invest Shrs Trustee Standard Oil Shrs A Trustee Standard Ol Sbrs B. Trusteed Am Bk Sh.. Trusteed N Y C Bank Shares Two Year Trust Sh. 20th Century Pixed Tr United Fixed Shrs_ United Founders 1-70th’ com ik Pt T (o ooy 2.5 e =88R aa B E o o TEETES & & Elec & Pr Shrs A. Elec Lt & Pr Shrs B.. Tr Sh.. o885, &5 & 3 102% 102% 102% 6 84 8% 8% 7100 100 100 3 30 26 30 6 54% 54% B54% Wick Sp ev et Wil & Co 1 | Win RA T%s"41 Wis Cen gn 4s 3 pe ¢