Evening Star Newspaper, April 20, 1931, Page 15

FINANCIAL. CIRB IREGULAR, WITHTRADIG UL Early Flurry Reflects Betterf \ 1 1 Tone of Week End, but Fails to Continue. BY JOHN W. COOLEY, Associated Press Financial Writer NEW YORK, April 20—The Curb was quiet and slightly irrcgular today. After a flurry of early activity, when the somewhat better tone thot had devel- oped late Saturday served to influence som: covering, the market lapsed into a stupor. A few specialties, mostly in the higher- priced brackets, turned upward, but as a whole the list was content to hold small fractions cither side of the pre- vious close. Oils suffered from group weakness, Gulf making a new low and | Vacuum trading at approximately the | bottom. Cities Service ruled under 17. Particular points of strength included Parker Rust, Great Atlantic & Pacific and Aluminum of America. Mead Johnson, however, reacted rather sub- stantially, although the volume was| amall. Deere dipped moderately to a new minimum. There was als) some pressure against Noranda, Pilot Radio and Columbia Pictures. Marion Steam Shovel, an inactive, rallied 3 points. Utilities struggled against the specu- lative apathy that was the outstan characteristic of the entire ma Electric Bond & Share made a good start with an opening sale above 45 but quickly sagged back to Saturday's final level. United Corporatica war- Tants rallied about a pcint. Call money renewed on the curb at| 2 per cent. CHICAGO LIVE STOCK MARKET CHICAGO, April 20 (#) (United States Department of Agriculture.— Hogs, 50.000 head, including 26,000 di- rect; slow; 5-10 lower than Friday's average; bulk, 150-310 pounds, 7.65a 7.80; top, 7.85: 220-310 pounds, 7.00a .70, pigs, 7.25a7.50; packing sows, 6.00 a6.40; light light, good and choice, 140~ 160 pounds, 7.60a7.80; 200 pounds, 7.65a7.85; 200-250 pounds, 7.30a7.85; heavy weight, 250-350 pounds, 6.75a7.40; packing sows, medium and good, 275-500 pounds, 6.00a6.50; slaughter pigs, good and choice, 100-130 pounds, 7.25a7.65. Cattle—14,000 head: calves, 2.000; fed steers steady; yearlings steady to 25 higher, light heifer and mixed year- lings showing most upturn and activity: killing quality medium to good, best medium weight and weighty steers stop- ping at 9.00 early; she stock most steady: lers strong and bulls easy. Largely steer and yearling run, slaughter cattle and vealers—Steers, good and choice, 600-900 pounds, 7.75a10.00; 900-1,100 pounds, 7.7589.75; 1, ¥ ? 7.5029.50; 1,300-1,500 pounds, 7.5029.50; common and medium, 600-1,300 pounds, 5.75a7.50; heifers, good and choice, 550~ 850 pounds, 6.7528.75; common and medium, 5.50a7.2 cows, good and choice, 5.00a6.00; common and medium, 4.5085. low cutter and cutter, 3.25a 4.25; bulls (yearlings excluded), good and choice (beef), 4.00a5.00; cutter to medium, 3.35a4.40; vealers (milk fed), good _a choice, 7.7529.00; medium, 6.00a7.75; cull and common, 4.0026.00; stocker and feeder cattle, steers, good and choice, 500-1,050 pounds, 6.75i 5 common and medium, 5.25a6.75. Sl 27,000 head; bulk run on Tect early trading very 3 most_ bids 25-50 lower: bulk desirable fat lambs held at 9.50-9.75; sheep scarce; weak to 25 lower; lambs, 90 lbs. down, good and choice, 9.00-9.75; ‘medium, 8.25-9.00; 91 to 100 lbs., medi- um to choice, 7.85-9.60; all weights, common, 6.75-8.25; ewes, 90 to 150 lbs., medium to choice, 3.00-4.25; all weights, cull and common, 1.50-3.25. SHOE SALES HEAVY. NEW YORK, April 20 (Special). — ‘The Melville Shoe Corporation, oper- ators of 484 stores in 214 cities as far West as Denver, reports the largest Easter week's business in its history. ‘The stores sold 305,456 pairs during the six-day period, as against 275,530 pairs in Easter week of 1930, according to ‘Ward Melville, president. 797 797 4 10324 10310 85 * 85 1021, 10212 10214 100% 100%% 100% 107 107 ' 107 i u o ec P & L 55 A 2030 88% 88 Pa NG 6725 '43 ww 105 ° 104 pire OKR 5';5 '42 73! irbanke Mot 42 9 gfl! 3y 99 eorgia Power ulf Oil Pa 5 0! 005 08 1 s e B O TR PTTTY H41 | HAEC v 228 iund Gas & E 65 51 | nd Inv S5s x 8 84 H |3 o 99 | Tenn Elec Pow 5s '56 1023, 1027, 10: Texas Elec 55 '60 wi 99!; 99'; 99, P & L 8" % e 1017, | 34 i o 48 39% 40 B 67104 106 104 | 1023, 1024 102% | 101 101 o1, "o ety @B 55, Bl Sorts 31 A R0 Chile 75 4b 18.° T8 T 5 46 xw... 8% 6% 6% arrants. 5y b NEW YORK CURB MARKET Stock Dividend Rate. Kirby Petroleum. KKlein (H) pt pt. Kolster-Br (Am Sh) Lakey Foundry Leonard Of1 . Lone Star Gas n 88e. Long Island Lt (60c) Note—All stocks are sold in one hundred-snare loa excepting those designated by the letter s (80s) (250s), which shows those stocks were sold In ~Prev. 1931~ stoct ana High Low Dividend Rate. 2214 11% Affiltated Prod 1.60.. 19% 5 Axfa Ansco 24 Alleg Gas. 24% Allied Pro 140% Aluminum Co of 14 Alum Goods (1.20).. 28% Alum Ltd A war 26 Aluminum,.Ltd Bwar 33 Aluminum,Ltd Cwar. Aluminum,Ltd Dwar Am Arch Co (3). % Am Austin Car Am Capital B. Am Cit PERL Bb10%. Am Com P A (b10%) Am Com Po 1st pfA 7 Am Cyanamid B. Am For Pow war. Am Founders. . Am Gas & Elec (11). Am Invest Inc (B).. Am Maracaibo. . Am Natural Gas Am St Pu Svc(al.60) Am Superpow (40c). 1 Am Superp 1st (6).. Am Thread pf (25¢). Am Ut&Gen cu pf(3) Am Utll&Gen (B)vte Am Yvette Co (2 Anchor P F (b10%). Appalachian Ga Arkansas Nat Ga Arkans Nat Gas A. Ark P& L pf (7) Asso Gas & Electric. Asso Gas&El A (a2). Assoc G & E A dbrts Assoc G & El war. Assoc Laundries Asso Ray pt cod(6). Atlas Plywood (2)... Atlas Uil Corp Axton Fish To Bellanca Aircraft. Beneficial 1L (1%).. Bickford’s Inc (1.20) Siue Ridge Corp. ..~ Blue Ridge cv pfa3.. Braz Tr & Lt (b8%). Bridgep Mach (25¢). Brillo Mfg (60c).... Brit Am Oil C (80¢). Bulova cv pf (3%) Burco Inc war. Cable & Wire B ret: Canada Marconi. Carib Syndicate..... Cent Pub Sv Del..... Cent Pub SvcA b10% Cent Stat El (b10%) . Cent St E cv pfn aé. 100s Chat Ph Aln.v. (1).. 3 Chesebor Mfg (14%) 1 Citles Service (g30c) 220 Citles Serv pf (6) Cit Sv pt B (60¢). Claude Neon Lts, Clev El Illum (1.60). Clev Tractor (80c). Col 01l & Gas vte Col Pict vte (f1% Cmwlith & Sou wa: Com Wat Sv (b6%).. Comstock Tunnel. ... Consol Auto Merch Conscl Copper...... Consol Dairy Prod. Con Gas Baito (3.60). Consol Theaters. Cont Shares conv. 24 5 5% Cord Corp....... Corp Sec Ch (b6%) Creole Petroleum. . Cresson Consol (4c). Crocker Wheeler Curtiss Wright war. Dayton Alr & Eng. Deere & Co (1.20) De Forest Radio. Douglas Alr (11%).. DressSRA (3%)... Dubllier Cond & Rad. Duquesne Gas Cp wi. Durant Motors. . East G & F Assoc StG & F As pt (6) East St Pow 8 (1)... c Bond & Sh (b6). cB & Shcupth Elec B & Sh pf (6). Elec Pow Assoc (1). Elec Pow Ass0 A (1) Elec P & Lt op war 4 Emp Corporation. ... Empire Pwr pt(2.24) Engineers Gold Europ Elec deb rts. Evans Wallow Lead. Fairchild Aviation. . Food Machinery 1% . Ford M Can A (1.20) Ford Mot Ltd 36 3-5¢ Ford M Ltd n 36 3-5c Foremost Fabrics Fox Theater Cl Gen Aviation........ Gen Elec Ltd (p70c). Gen Fireproof (2)... Gen Laundry Mach.. Gen The Eqcv pf(3). Globe Underwr (15¢ /. Gold Seal Elec new. . Golden Center. Goldfield Consol. Goldman Sach T C... Gramaphne rets(pl). Gt At&Pac Tea nv(8) Hambleton prpf (2). Hamilton Gas rets. ., Hecla Mining (40c). Hollinger Gold(65¢). Hudson Bay M&S .. Humble Ol (2% ) Hydro Elec Sec 1.4 Imp Ofl of Can (50¢) Indana Pipe Line (1) ind Ter Illu Ofl A, Insull Inv (b6%). Ins Co ofNo Am 12% Insurance Sec (70c).. Intercont Power (A). Intercontinent Petn. Int Cigar Mach (2%) Int Hydroev pf 3. Int Petroleum (1 Interst Hose Mills T4 Irving Air Chute (1) 2% Italian Superpow A.. Open. H! 20% THE EVENING STAR, WASHINGTON, D. C, ~Prev. 1931~ odd lots. Low. Close. 2005 20% 15 16% 24 30% 1gh. 0% 23 Mapes C Marion McCord 4 Memph Received by Private Wire Direct to The Star Office MacMarr Stores (1). Consol (13%) Magdalena Synd. ... Steam Shov. Mavis Bottling (A).. Mayflower Asso (2). Rad & Mf B, Mead Johnson (14).. N G Co (60¢) Mesta Machine (2). 4 Mid St Pet vic A. Mid St Pet vtc B. Mid W St Ut (1%). Mid West Ut (b8%) . Mid W Utev pf xw 6 Mid St Prod n (2) Midland Unit (b6 %) Mo Kan P L (b10%). Mo Kan P L vte. . Mohawk Hud 1st (7) 50; Nat American Co. Nat Family Stores. 6% 105 1054 31 Nat Fuel Gas (1).... Nat Inv estors. . at Pow & Lit pf (6 at Pub Sv A (1.60) at Screen Sv (2)... at S T Sec A (150c) Nehi Corp pf (5% ). . Nefsner Bros pf (7). eptune Meter A (2) Nestle Le Mur. ... New Brad Qil (28c) ew NY&H Niag-H! Nordon Ohto Co Reeves Schulte Schulte Shattucl Stutz M Sunray Unit Gi U S Ele Walker Dividend nual payment a Payable in dividend. _fPlus 6% stock. jPlus 2% in ew York Cotton U S——— NEW YORK, April 20 (C.RA,,.—\ After recovering a dollar a bale dur- | ing closing trading last week, cotton prices made a further slight advance today, with May selling at 10.34. Price fixing by mills in advance of first notice day a week from tomor- | fow. combined with less active May | liquidation by co-operative associations, exerted a steadying influence during early trading. Later in the session, | weakness In the stock market and a | This is mainly due to the removal of | over 120,000 bales from the Houston stock to interior points, where carrying costs are cheaper. Weather conditions again were un- favorable over Sunday, but the Weather Bureau predicted unsettled conditions tomorrow. According to the Fossick Bureau, April weather has been favorable except during the first few days of the month. Sections that usually plant before April 1 are a bit late, but by far the most | important sections of the belt are on! If cotton germinates promptly | time. { the boll weevil from the start. (Copyright, from find a nursery 1931) decline in rubber to lowest on record, | together with a setback in wheat, eased | both old and new crop months on the local exchange. Prices, however, were confined withia the limits of 10 points and the feature | of trading was a further increase in the May discount under new crop deliveries. May sold 86 voints under December, or more than 12 points per month for ‘the seven months' carrying charges, ‘The Farm Board has reversed its pol- icy of a year ago when extensive hold- ings in the May and July deliveries were used as a lever to advance near months about 2c over distant positions. ‘This year, holdings in May are being released in advance of notice day and replaced | by the purchase of Deczmber, which has caused a steadily increasing spread between near and distant months. Spot interests, with hedges in May, have been purchasing May contracts a full carrying difference and shifting the hedge interest forward. In other words, the Farm Board is carrying hundreds of thousands of bales of hedges for individual firms at a very profitable discount, but at o'uldenbh expense to the Government, The stock which was Grain Market | By the Associated Press. | CHICAGO, April 20.—Grain prices | underwent early setbacks today as a result of reports indicating general break-up of drought. Material enlarge- ment of the amount of wheat on ocean passage counted also as 4 bearish factor. Opening at 1, cent off to %a% up, wheat _afterward _continued to sag. Corn started unchanged to 'z down and subsequently declined all around. Rain and snow, both in United States and Canadian wheat territory, more than offset talk of continued good North Amer- ican export demand, with fresh early up- turns in Liverpool quotations. s laid stress on weakness of Argentine | markets and on the fact that supplies afloat for Europe totaled 45,432,000 bushels, against 43,064,000 and 35,984, 000 this time last year. Russian at vices of delayed sending because of favorable weather and owing to short- age of draft animals and feedstuffs were apparently ignored. Outboard Mot A PacG & E 1stpf1% Pandem Ofl. .. Parker Rust Pr (3). Pennroad Corp (20¢) Penn Pw & Lt pf (6). 258 Peop L& P A (2.40).. Perryman Electric. . Phoenix Secur Corp. Pledmont Hyd Eln w Pilot Rad Tube A. .. Pitney B P n (20c).. Polymet Mfg Producers Roy Corp. Prudential Invest. Prudential Inv pf(6) Pub Util Hold war. . Pub Util Hold Cp xw Pure Oil pf (6)...... 108 Rainbow Lum Pr A Sullivan Machinery. Swift&Co (2)... Syracuse W Mach B. 4 Technicolor. Inc. Tobacco & All Stk Tob Prod Exp (10c) Todd Shipyard (4) . Trans Lux DL P Tri-Cont Corp war. .. Tubize Cantillon (B) ngerieider Fin Cp.. Un NatGas,Can 11.45 Union O1l Assoc (2). Unit Gas war. Unit Lt &Pwr A Unit Lt& Pwr pf (6). Unit Sh Mch pf (1%) US Linesof (1). Unit Verde Ext (2) Utah Apex..... Util P&Lt(a11.0234). Ut P&L B(at1.02%). Vacuum (4).. Van Camp Pkg. Walgreen Co. Welch Grape Ju (12) 2 West Air Exp (60c) West Mass Co(2%) Willlams(RC) (70¢). Wil-Low Cafaterias. Woodley Petroleum Youkon Gold. Zonite Produc: rates in dollars “Ex dividend. cash_or stock stock. nPlus 8% in stock. ond Ros(11%) ud Pow (40¢c) 122 Niag Sh Md (40¢)... Noma Noranda Mine: Zlec Cp(40c). Corp L Nor Am Ayiat A w. Nor Europ Gil Corp, Nor St Pow pf (6)...150s Northw 58 974 Yeast Co 12) 50s 140 pper. . % 5% 28% % . 10 274 36008 947 12 @ 2 1 (D) (1% Reiter-Foster. . Reynolds Invest. ... Roosevelt Fleld Inc Ryan Consolidated. . # St Anthony Gold. St Regls Paper (1).. Salt Creek Pro(1.40). Saxet Co. ... Un 5c-31 8t 5c-31 St pt. Seaboard Util (50¢).. Seg Lock & H (50¢)., Selected Industrie: S15Ind full pd Sle Ind prior Sentry Safety Cont. 5% %) . k Den Min Shen Corp pt (a3) South Corp. . South CEd pf B13%. South C Edpf C 1%. SouthernNat Gas. Southld Royalty 60c. 8 W Gas Utilities Spanish & Gen rcts., Spleg May Stern pf. Stand Motors....... Stand Ofl of Ind (2).. 49 Stand Oll of Ky 1.60. Stand O1l, Ohto (2%) 100s Stand Ol Ohio (5). Stand Pub Sve (A Starrett Corp. Storkline Fur p! Stutz Motor (new).. 5 208 «a otor (war) O11 (b5%) o c Power ww. 1 10% 26 49% 4% 19% 7 4% 20 5614 9% 5% 3 (H) (D.voee q 471% 20 561 9% 5% 3 * & 14% 14% d on last quarterly or semi- artly extra. :Plus 47 in stock. b Payable in stock. e Adiustment ¢ Plus 6% in stock. hPlus 1% in k Plus 10% in stock. m Plus 3% n p Paid last ¥ o regular It 2 BN RN EHRE A D BNATL SR AN RS IR-R RO~ NON BBE NN 1).. in stock. stock, ginning of Summer alteration of clocks abroad, and had a bearish effect here because showing evident reversal of sen- timent with bulls at a disadvantage. Liverpool finished at ’2-% pence net | decline, and a decided increase of selling pressure .in Chicago_followed. Notice was taken, too, that British millers had formally resolved to refrain from buying United States wheat on certificate final terms. Corn and oats went down with wheat. Provisions paralleled hog market declines. RELIANCE-EATON AXLE MERGER APPROVAL VOTED CLEVELAND, April 20 (#)—Final approval was voted today to a merger of the Reliance Manufacturing Co. of Massillon with the Eaton Axle & Spring Ov. of Cleveland. Stockholders repre- senting 83 per cent of the Reliance common shares voted the approval unanimously. Under the terms of the deal ton Axle_acquires the assets and liabilities of Reliance, $1,600,000 concern, and will exchange five shares of Eaton stock for each four shares of Reliance. To compensate for a difference in the companies’ dividend rates, the meet- ing of Reliance officials and stockhold- ers, which was held in Cleveland, voted 2 special dividend of 16 2-3 cents a share on Reliance common stock, pay- able May 1 to holders of record April 25. DIVIDENDS DECLARED NEW YORK, April 20 (#).— _Pe- Pay- Hidrs. of Rate'riod. able. ~ record. Co.62%c @ May is May 1 Company. Chain ~Beli Kroger Groc | sequence of the steel Industry’s cus- STEEL DEMAND PEAK PASSED IN MARCH | Orders for Sheetings Now Lead Market, With Auto Pur- chases Slow. Special Dispatch to The Star. PITTS] H, April 20 —Pabricated structural steel sheetings have been so heavy in the last 30 days that this outlet for steel may still be considered the steel industry’s best customer, | while automobile trade buying of steel has continued so light that it is one of the poorest customers. It is impossible to draw up a list in tomers to show the respective standing, on account of various complications. Thus in a technical sense tin plate is by far the best line of all. Tin plate production just mow is at an annual rate well in excess of total production in the best tin plate year, 1929, but this is partly seasonal and partly due to tin plate being a law to itself. It never suffers in depression as much as other lines of steel consumption. Tin plate simply has one big loss, about two-thirds of its export trade. Tin mills are now running at close to The poo tion is in dwelling house construction and general work on the farm, there being hardly any of either. Statistics or estimates of slowly rising automo- bile production afford no comfort to the steel trade. It is pointed out that the production is nearly all Ford and Chevrolet, light cars, and the Ford Motor Co. makes a good bit of steel itseM. The peak rate in steel production so far this year fell at about the middle of March, at around 56 per cent of capacity, as recently ascertained for December 31, 1930, the March average being 54% per cent and the closing rate 52 to 53 per cent, while this week may be estimated at 51 to 52 per cent. MONDAY, APRIL 20, 1 Commodity Price 4 Trends of Week BY H. N. McGILL, Editor McGill Commodity Service. AUBURNDALE, Mass., April 20 (#).— Commodity prices during the past weel again fluctuated within a narrow range, moving fractionally upward from a week ago. A year ago at this time commodity prices were falling rapidly, & movement which did not culminate until early 1931. It is interesting to note that since the first of the year commodity prices have flattened out and are still running a sidewise course. During the past week out of 14 indi- vidual groups 8 declined, 2 advanced and 4 remain unchanged. ‘The da:tee of recovery in industrisl activity durning the first quarter was disappointing. Improvement is noted more in specific lines rather than gen- erally. Iron and steel, tire, automobiles, cotton, silk and wool, as well as many other basic lines, have recorded a fa- vorable upturn from the extreme low reached last T, ‘The upturn, however, has not proven broad enough to forcefully affect bear- ish sentiment, which still prevails in both industrial and agricultural sec- tions. International trade is badly pped by the critically low pur- chasing power of foreign countries. A check-up shows that such commodities as rubber, wool, hides, silk, silver, cof- fee, cocoa, tin and other products of foreign origin have suffered the most eritical price decline on record. There is still a critical maladjustment in the distribution of the d’s gold supply. The amount of gold recently held in the United States reached a new high for all time. There are signs that the large holdings in Prance will soon enter a process of liquidation. In the final analysis this country is still dependent upon foreign countries for the distribution of between 5 and 7 per cent of annual production. All Commaedities. Noting specific changes, the ave or CHRE commoditics. waa moderately FURTHER GAIN SEEN | IN AUTO PRODUCTION General Motors Largest Unit Re- ported Within Range of Normal Output. \ Special Dispatch to The Star. DETROIT, April 20.—Further im- provement in the immediate prospects of automobile manufacturing have been reported this week. Among the tangi- | ble factors was the Chevrolet increase in schedule for April to 95,000 units from 81,000 as originally planned. At the same time it was intimated that further expansion may be made | before the month is out and that volume | for April may reach 100,000 cars. Should this objective be attained, it will | bring the largest General Motors fac- tory unit back within good range of | normal output. During previous heavy | selling seasons the Chevrolet maximum | has climbed as high as 130,000 units| and above it for a single month. The volume for the industry during March has been officially estimated as| 286,883 cars and trucks. The indi-| cations are that it may reach 300,000 for April. Seasonal increases measured by percentages have been scheduled by numerous companies. This week the Ford assembly line at | River Rouge turned out Ford car No. 20,000,000, which means that approxi- mately 5,000,000 of the model A series have been manufactured. ‘The General Motors report for March shows 101,339 cars sold at retall, record- ing an increase of 47 per cent over deliveries in the United States during February. Sales by General Motors Corporation to dealers in the United States amounted to 98,943, as compare with 118,081 in March, 1930, Continued good weather is one factor that the automobile makers are bank- ing on to restore real activity for cars in all price classes. Another is that replacemeng should make heavier de- mands on the production than in any previous year. The calculations are that there are 7,000,000 cars under operation at present that are at least six years old. A large percentage of them are ready to disappear as junk under the plans of unsafe car disposal which several large manufacturers have in operation. (Copyright, -— MANY FORMER LUX 1931) URIES RATED AS NECESSITIES| BY EVERIT B. TERHUNE. Have the American people been spending too much money on luxuries? Not to any serious extent. The luxury of yesterday is the necessity of today. Automobiles, radios, electrical appli- ances, etc., give employment to millions of people and are an important and necessary part of our complicated eco- nomic structure. | When does & luxury become a neces- | sity? When the one who enjoys that| “luxury” resists every effort to také it away from him. (Copyright_by United Business Publishers’ Bureau of Economic: g MARYLAND TOBACCO PRICES. BALTIMORE,- April 20 (Special).— No sales of Maryland leaf tobacco were reported this week, with receipts of 154 hogsheads being held for offerings next month, Stocks in State tobacco ware- houses are low, only 3,845 hogsheads re- maining and the magket holds steady to firm at the following quotations per 100 pounds: Inferior, 6.00a10.00; sound, common, 10.00a22.00; good common, 22.50a32.00; medium, 32.50a40.00; good to fine red, 40.50a53.00; fancy, 53.50a54.00. Sec-| onds—Common to good common, 10.25; medium, 25.00a35.00; good to fine, 35.50a45.00; ground leaves, nominal; | upper country Burley, 7.00240.00. PARIS BOURSE PRICES. PARIS, April 20 (#).—Price changes were irregular on the Bourse today. Three per cent rentes, 89 francs 50 cen- times. Five per cent loan, 104 francs 50 centimes. Exchange on London, 124 francs 28 centimes. The dollar was quoted at 25 francs 57% centimes. higher, due to the sharp e Fiock ® prices. Bullding material | prices also showed a slight up trend. | The groups which declined were agri- cultural products, hides and leather, non-ferrous metals, ferrous metals, both fine and coarse textiles and vege- | table oils. Industrial Prices. Industrial prices showed but little change, holding at 66.6, compared with 66.8 last week. In January the weekly industrial index averaged 67.9, February 68.2, March 67.7, The present weekly figure is 66.6. Agricultural Prices. Agricultural prices remained stable. Preliminary reports clearly show that| acreage has not been reduced to any | | appreciable amount. Growing condi: | tions to date are favorable. Prospects | favog total production comparable with | a year ago. To this must be added a | carryover above averages. Live Stock. A substantial galn over the previous | week was registered by live stock, prices | for cattle, nogs and lambs all regis- | tering a favorable increase. | Hides and Leather. I The hide and leather index dropped further last week, solely due to the de- cline in hide prices. All grades of | leather remained stable. i Other groups which declimed were | textiles, both fine and coarse, due prin- | cipally to cotton and silk, and to burlap in the coarse textile group. Non-fer rous metals declined sharply again, due principally to further declines in cop- per, tin and zinc. Important Price Changes. Previous Week. April 10 1931 ! i All_commodities . Industrial Agricultural Hides and leather FINANCIAL, GAIN IN RESIDENTIAL BUILDING MOPEFUL ‘March Report Partly Offsets Show- | ing in Previous Momth in Contracts Awarded. First Mortgage Loans | Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. WE PAY By the Associated Press. Contracts awarded for building. as | recorded by the F. W. Dodge Cor- poration, showed a sharp increase in March over February because of sea- sonal influences. Excluding public works, the totals awarded for residential and non-resi- dential building in March in 37 States east of the Rocky Mountains repre- sented 37,542,000 square feet of floor | space, as compared with 28,092,000 in Felwuary, 52989000 in March of lutl year and 87,633,000 in the peak month of 1928. March contracts were 40.8 ) per cent higher than the Dprevious | month. Non-1 tial building was re- ilure of work in March for Over 40 Years A long record of continuous service, together with | among our members. fs sufi- clent indication of the great confidence the public has in gur sound principles of oper- Open Daily 9 to § Saturdays Until Noon NAtional 1381 a year ago, total 22,150,000 square feet, against 20,71 an increase of 7.2 per cent. As residential work is the backbone of , the March gain is held’ to be encouraging. | BUILDING ASSOCIAT ION| 23S NNTHST W Hemphill, Noyes & Co. Members New York Stock Exchange 15 Broad Street, New York Announce That H. KENNETH MURRAY Has,Become Associated With Their Washington Office Shorehem Building April 16, 1031, Telephone—National 5384 R T We Give Property Personal Attention This Office Has a Reputation for expert care of all kinds of property—residential, apartment house, office building, business—protect- ing investment, regulating expense to income prop- erly—taking all worry and responsibility off the owner’s mind—making regular reports and PROMPT REMITTANCES immediately collections are made. Let us show you exactly what this service will mean to YOU. RANDALL H.HAGNER & COMPANY MORTGAGE LoAN CORRESPONDENT 1321 Connecticut Ave. Decatur 3600 00000000000 | Perrous metals ed | Non-ferrous metals " NEW YORK, April 20 () —Daily average crude oil production in Cali-| fornia in March was 527,898 barrels, | compared with 533,248 barrels for Feb- | ruary, the American Petroleum Institute | reports. Stock figures, covering all | | products held by the principal market- | ing companies at all points in the Pa- cific Coast territory, including British | Columbia, Alaska and Hawail, at the end of March totaled 177,611,522 bar-‘ rels, a decrease of 1,328,316 barrels dur- | | ing the month. NEW LUMBER BUSINESS. By the Associated Press. | New business received at lumber mills |during the week ended April 11 con- tinued in favorable relation to produc- | tion. Reports recelved by the National| | Manufacturers Association from 748 | | leading mills indicate orders were ap-| proximately 1 per cent in excess of the cut which ameunted to 218,546,000 feet. | Shipments from mills were reported as| 2 per cent below prodjiction. Construction Contracts. NEW YORK, April 20 (#).—Construc- tion contracts awarded in the metro-| politan area of New York during th first half of April totaled $40,166,300. Non-residential building was the lead- | ing construction class for tHe two weeks | with a total of $17,233,600. Residential building was second with $15,347,700 | and public works and utilities 'totaled $7,585,000. Head of Copper Co. Quits. WARREN, Ariz., April 20 (#).—Gor- don R. Campbell announced just pre- | vious to the company’s annual meeting today he had resigned as director and president of the Calumet & Arizona Mining Co., effective _immediately. Campbell, president since 1921, made no other statement. I FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checis ue: 1 London, pound anc. o, crown. . Stockholm, crown. Remarkable Business Opportunity An unusual opportunity awaits a man of proven busi- ness ability and integrity. Th exclusive franchise for the Cit to handle a product consumed the year. A thorough study an trict shows a very conservative fifty thousand dollars annually facts will be demonstrated to your satisfaction, nothing similar to this in you against competition by U. S. and Foreign Patent Laws. Twenty thousand dollars capital will be required. bank, business and personal will be thoroughly investigated, Unless you have the quali- fications outlined above, please Address e right party will be given an v of Washington and vicinity by every family every day of d market analysis of the dis- ly estimated net profit of over to the franchise holder. These There is r city today, It is protected Best of references are required and do not communicate with us. Box 125-D, Star Office GoobBODY & Co. MEMBERS NEW YORK STOCK EXCHAN MEMBERS NEW YORK CURB EXCHANGE | MEMBERS PHILADELPHIA 8TOCK EXCHANGE 115 BROADWAY, NEW YORK ANNOUNCE THAT A. McCook DunLorP HAS BECOME ASSOCIATED WITH THEM AS ASSISTANT MANAGER OF THEIR WASHINGTON OFFICE AT SOUTHERN BUILDING 807-15TH STREET, N. W. TELEPHONE METROPOLITAN 2608 APRIL 20, 1931 Today or Tomorrow . . . TODAY . . . conditions may make it desirable that your investment account return a maximum of income con- sistent with safety: TOMORROW . . . you may be more interested in accumulation of principal. Moody's Composste Portfolio CORPORATE TRUST SHARES represents an ownership interest in deposited com- mon stocks of these 28 Companies— Peansylvania Con. Gas of New York American Tel. & Tol. Swand. Oil (New Jersey) Union Pacific General Electrie du Pont Aschison American Tobacco Stand. Oil of New York In either event the logical investment is - CORPORATE TRUST SHARES With a fixed portfolio of common stocks of twenty-eight outstand- ing companies, Corporate Trust Shares provide a desirable and flexible investment. At your own selection you may- use the full amount of distribu- tion on the shares for current needs or, if preferred, you may build up principal through rein- vestment in additional trust shares. Price at Market, about $6 per share Descriptive circular on request PHIMDELPH* g NEW YORK 300 SOUTHERN ILDING—-WASHINGTON 1 District' 9310