Evening Star Newspaper, April 22, 1931, Page 15

FIN 'LOSSES ROUT HOPE FOR RALLY ON CURB . Oils, Rails and Public Utilities Head Lower Movement on Increased Offerings. l BY JOHN A. CRONE. £ Bpecial Dispatch to The Star. NEW YORK, Aprill 22.—Hopes for a rilly around the end of the first hour | on the Curb Exchange faded before midday today as olls, rails and public utilities, in or named, moved lower on_increased offerings. In the power and light list Electric Bond & Share was down about a half int, and so was American & Foreign er Warrants, but American Super- power and a few others firmed. Cities Service, after opening on a block of 4.100 shares at 16’2, off 35, showed lit- tle sign of rallying. Standard Oil shares by the merest of fractions entered into record low price territory for the year or longer. Stand- ard Oil of Indiana, Vacuum. Standard of Kentucky, South Penn Oil, Interna- tional Petroleum and Humble Oil shat- tered previous minimum quotations. Pennroad Corporation was relatively inactive until noon, when a block of 4.000 shares came out at 6. The next sale was at 57, a new record low price since the stock was issued about two years ago. American Gas & Electric, among the more seasoned utilities, was the first to establish a new bottom price. | Ford Motor, Ltd., improved on De- | trolt advices that the company plans to maintain a_uniform production rate during the Summer. This bit of news offset the announcement that the Co- Jogne assembly plant opening, with initial output of 140 units daily, has been postponed to May 1. Hudson Bay Mining marketwise paid little attention to the encouraging re- marks of the president of that concern At the annual meeting of shareholders in Toronto today. Niles Bement Pond was the first of the air shares to nose- dive to a new low. The manner in which many shares fgnored favorable news developments was typified by Trans-Lux Daylight Pic- tures Screen Corporation, which barely budged after the announcement that all litigation had been settled between it and News Projection Corporation. A new company, Translux Movie Ticker Co., will be formed to consolidate the movie ticker business of both concerns. Brazilian Traction & Light was one of the first international utilities to record & new low mark. Bwanna Mec- Kubwa, ex rights, sold at i‘s lowest price and Newmont Mining came with- in a fraction of its low as a result of Jowered red metal quotations. reports and dividend pay- ments had some effect in early dealings. Parker Rustproof responded to the first- quarter report showing a surplus of $208,830, against $155,797 in the same 1930 period. Deere & Co. improved dur- bl this same movement following ANCIAL. NEW YORK CURB MARKE Note—All stocks are sold in one hundred-share lola excepting those designated by the letter s (80s) (2508), which shows those stocks were sold In odd lots. ~Prev, 1931~ Stock and Sales— High. Low. Dividend Rate. 22'% ‘11% Afilated Prod 1.60.. 19% 5 Axfa Ansco. 33 4 140% Aluminum Co of Am 475s 9% 106% AluCoof Ampf (6), 1 16% 14 Alum Goods (1.20).. 1 1% 5 22 10 i Am Capital B. Am Cit P&L B b10% Am Com P A (b10%) Am Com Pr B(b10%) Am Cyanamid B Am Equitie Am For Po Am Founders Am Gas & Ele 3 Am Invest Inc (B).. Am Laundry Ma (3). Am Lt & Trac (2%). Am Lt & Trpf (1%). 2 508 7 1 1 5 Am St Pu Sve(al.60) 4 Am Superpow (40c). Am Superp pt (6). Am Superp 1st (6).. Am Ut&Gen cu pf (3) Am Util&Gen (B)vte Am Yvette Co (25¢). Appalachian Gas Arcturus Rad Tube. . Arkansas Nat Gas Arkans Nat GasA. .. Art Metal Wks (60c) Assoc El In Ltd 30c. Asso Gas & Electric. Asso Gas&El A (a2). Ass0G & Elct (3)... 2 Assoc G & E Adbrts 0 Ray pf cod(6). Atl Coast Fish. . Atlas Plywood (2) Atlas Util Corp. Atlas Utilitles war.,. Aviation Cp of Am 481 13 10 2 11 Corp pt. . Benefical IL (1%).. Bickford's Inc (1.20) Blauners (£2)......, Bliss Co (W) (nl). wsiue Ridge Corp Blue Ridge cv pfas.. Braz Tr & Lt (b8%). Bridgep Mach (25c). Brillo Mfg A (2) BritA T reg 1. 3 Buft N&EP f (1.60). Buff N&EP 1st (5). Bulova cv pf (3%) Burco Incev pf (3).. Bwana M Kubwa.... Can Hy El 1st pf (6). 50 Canadian Indus Alco Canada Marcom Cent Pub SvcA b10% Cent&Swn Ut (b7%) Cent Stat El (b10%). Cent St El pf xw (6). % Centrifug Pipe (60c) Chain Store Devel. . Chain Stores Stock. Chat Ph Aln.v. (1).. Chesebor Mfg (1413) “ity Ma&Tool (1.60). City Sav Bk Ltd 4.19. Citles Service (g30c) 45 % Citles Sery pf (6)... Clauds Neon Lts, Inc 81 10% ing declaration of the regular quarterly dividend. bhG Texas dispatches indicating that the {mmediate outlook for pipe line projects ‘was clouded by a proposal to tax all such lines, gas as well as oil, were at once in a drop of 91, points in A. O. Smith Co., supplier of consid- erable pipe to lines finished or now un- der way. Memphis Natural Gas, de- spite March and 12-month sales gains of 19 and 21 per cent, respectively, eased at the opening, as did its parent com- pany. hian Gas. Lehigh Coal & Navigation was forced to a new low as a resuwlt ‘of the refusal of Panther Cheek Valley miners to work Saturdays, thereby blocking the opening of other mines. Indlana Pipe Line scraped & new bottom. Fox Theaters A broke to & new low record. (Copyri BONDS ON THE CURB eht. 1931.) i) 3133 &t BonSanasasan 1! g @ ;:E' 2852 A oneSE -t g P vi':.z- e 292 Gppt 2 33a ] sororor St 9 i 9 SEmETEeEs 3va805 98 o33! £ PEes IOl -3 - O & e__._,...,_...... g e .. TR &g, 29 SOR! 1007 1007 1007 10473 1043 1043, 100 * 100" 100 a5 Beereronsrararsts 22 2 2R R R AR 1083 108% 102> 10345 103% 10330 098 " 94 94 9 s 01 0% it it EEee 200! 0ot Tk o e » o0, % B, B o s 4 e S o o! 04 44 4315 49 49 B 70101 101 101 FOREIGN BONDS. 81 81 81 0% 8% i1 warnRe e Clev Tractor (80¢). . Colombla Syndic: Colon 0Oil. Col Ol & Cmwlth Edison ( Cmwlth & Sou war. Com Wat Sv (b6%).. Comstock Tunnel. ... Consol Copper. Consol Dairy Prod. .. Con Gas Balto (3.60). 10% % 34 T 256% 2% 12% W BT . 208 21 17 i Cont Shares conv pf. 508 Cont Shares pf (B)..125s Cooper Bessemer Cord Corp..... Court'ds Ltd 13 3-5c.. 4 Creole Petroleum... Cresson Consol (4¢). Crocker Wheeler Cuneo Press (2% Curtiss Wright wi Cus! Mex Mining. Dayton Air & Eng. Deere & Co (1.20) . De Forest Radfo. Detroit Afrcraft Cp. Douglas Afr (t13%) DressSRA (3%). Dresser Mfg B (2). Dugquesne Gas Cp wi. Durant Mot Esler Electric Corp. 3 Elec Bond & Sh (b6). §81 ElecB&Shcupfb.. Elec B&Shpf(6)... Elec Pow Assoc (1).) Elec Pow Asso A (1) Elec P & Lt op war El Sharehold (b§% Emp Corporation Emp G & E cu pt 4 Engineers Gold.....: Europ E Ltd A (60c). Europ Elec deb rts. .. Evans Wallow Lead. Fageol MOtOT......o Fairchild Aviation Falcon Lead. .. Fiat rets (94%c) Ford M Can A (1.20) Ford Mot Ltd 36 3-5¢ Ford M Ltd n 36 3-5¢ Foremost Dairy Pr.. Foremost Dal pr pf.. Foremost Fabric Fox Theater ClA Gen Alloys. Gen Aviation Gen Elec Ltd (p70¢). Gen Empire Cor (1).. Gen Fireproof (2). .. Gen G&E cv pt B (6) 150 Gen The Eqcv pf(3). Glen Alden Coal (4).. Globe Underwr (15¢ Golden Center Goldfield Cons: - Gold Seal Elec new.. Goldman Sach T C. .. Gramaphne rets(pl) . Gt At&Pac Teanv(8) 10, Grt A &P T pf (T)... 40 * Groc Strs Prod vte. . Gulf Oflof Pa (1%). Hamilton Gas rets Happiness Candy Hecla Mining (40c Hollinger Gold(65¢c) Hudson Bay M& S Humble O11 (123%) Hydro Elec Sec 140.. Hygrade Food Prod. 11l Pow & Lt pf (6).. b imp Of of Can (50¢) Indana Pipe Line (1) 135 Ind Ter Iliu Ofl A... 29% Insuld Inv (b6%). 52 InsCoofNo Am 12% 6% Insurance Sec (70c). % Intercontinent Petn 11% Int Petroleum (1).. 21% Int Superp (11.10) - ZeBanmBommarSanaa - » 1 1 1 2 1 2 6 9 3 n 5 1 6 1 1 24 5 o 2 0, 13 . s 1 9 3 7 5 6 : 1 5 2 4 1 2 . 5% Int Utilities B.. 215 Interstate Equitie: 26% Inter Equ conv pf(3) 85 Interst Pow pf (7).. 30 714 Irving Alr Chute (1) 2% Italian Superpow A.. Add 00. Open. High. Low. Close THE EVE Received by Private Wire Direct to The Star Office ~PreV. 1931~ Hizh Lew. 3% Stock ana Dividend Rate. Italian Superp war.. Klein (D) Co (1).. Kleinert (1B) Rubber. Kolster-Br (Am Sh). Lefcourt Real pf (3) Leh Coal & Nav 1.20. Leonard O11. . Lerner Stores (2). Lion Ofl & Refining. . 4 Lone Star Gas n 88c. Long Island Lt (60c) Long Isld Lt vf (7)., Long Iscu pf B (6). Louislana Lan & Ex. MacMarr Stores (1). Mardalena Svna. . . Marconi Tnt Mar .367 4 Marion Steam Shov.. Mavis Bottling (A).. Mayflower Asso (2).. McCord Rad & Mf B. Mead Johnson (14).. les— Add 00. Open. Hien. bL T L Y Low. Close. % 1% 13% 13% 7 7 K 121 10 20% 141 159 10914 14% 20% 16 159 20% 16 162 109, 14% 20 4% 10 5 % 1418 20 ™ Mid St Pet vte B. . Mid West Ut (b8 % Mid W Ut cv pf xw 6 Mid St Prod n (2). Midvale Co (4) 4 Mining Corp of Can, Minne-Honey pf (6). Mo Kan P L (b10%). ¢ Mohawk Hud 1st (7) Mont Lt H& T (1%) Moss Gold Mines. ... Mountain Prod (1)... Nat American Co.... Nat Aviation........ Nat Bd & S Corp (1).. Nat Food Prod A Nat Fuel Gas (1) Nat Investors. .. Nat Mfgs & Stores. ., Nat Pow & Lt pf (6). Nat Service Co. ... Nat ST Sec A (350c) Nat Sugar N J (2)... Nat Transit (1)... Nat Union Radio 9 Nehi Corp (60c). 4 Nelsner Bros nf ( Newberry (JJ) 1.10.. New Eng Pow pf (6) New Jers Zinc (13).. Newmont Min (4). N'Y Hamburg (234). N Y Tel pf (6%).... Niag-Hud Pow (40c) Niag-Hud Pow A w.. Niag-Hud Pow B w.. Niag-Hud Pow C w.. Niles-Bem-Pond (2).. Nipissing (30c). Noma Elec Cp(40c). Noranda Mines Nordon Corp Lt Nor Am Aviat A w Nor Europ Gil Corp.. Nor Ind Pub S pf (6) Nor St Pow pf (6)... Northw Yeast Co 12) Novadel Agene (4).. Outboard Mot A..... PacG & E1st pf 1%. Pandem O11 Pantepec Of 5 Paramount Cab Mfg. Parker Rust Pr (3).. Pennroad Corp (20¢) Penn Mex Fuel (p3). Penn Wat & Pow (3) Perryman Electric. . Phoenix Secur Corp.. Phoenix S C pf (3). Pilot Rad Tube A Pitney B P n (20c) % Plymouth O11 (1) Polymet Mfg. Premier Gold . Producers Roy Corp.. Prudential Invest. Pub Utll Hold war. .: Pub Util Hold Cp xw Pyrene Mfg (80¢). .. Raliroad Sh (50¢). Iiainbow Lum PrA.. Reliance Manag. Reybarn Co. Richfield Of1 C: Rock Lt & P (30¢)... Rossia Int Corp. Ryan Consolidate & St Anthony Gold., St Regls Paper (1)... Salt Creek Pro(1.40). Saxet Co..... ) Secu Corp Gen (40¢). Seeman Bros (3).... Seg Lock & H (50¢) Selected Industries. S151Ind full pd (5% Sentry Safety Cont. Seton Leather (1)... Shattuck Den Min. .. Shawingan W (2%).. Sheaffer Pen (13) Shenandoah Corp. Shen Corp pf (a3). Sioux C G&E pf (7)., Smith (A 0) (2). South Penn Ofl (1) SouthCEdpfB1%. SouthernNat Gas. ... Southld Royalty 60c. SWG&ED! (1) S W Gas Utilities. Spanish & Gen rets. Spleg May Stern pf. Stand Invest cum pf. % Stand Motors....... Stand O1l of Ind (2).. Stand Of1 of Ky 1.60.. Stand P& L pf (1) .. Starrett Corp. Stein Cosmetic Storkline Fur pf (1), Stutz Motor (new) Stutz Motor (war)... Sunray O11 (b5%) . Swift &Co (2)....00 4 Swift Internat (3)... Taggart Corp Tampa Electr: Technicolor, Ine Teck Hughes (6 Tob Prod Exp (10¢).. Todd Shipyard (4)... I'ri Utilities (21.20) .. Tubize Cantillon (B) Tung Sol Lamp (1). Unit Gas pt (7) . Unit Lt &Pwr A (1) .. Unit Lt&Pwr (B) (1) % Unit Lté& Pwr pf (6). U 8 Elec Power ww., U S Inter Sec 1st pf.. US Lines of (1). Unit Verde Ext (2) Util P&RLt(at1.02 P&L B(at1.02%4). Vacuum (#).... Vie Finan Corp( Walgreen Co. Walker (H) (1) Welch Grape Ju (12) West Air Exp (60c).. West Mass Co(2%).. Wil-Low Cafaterias. Zonite Products (1).. rates in dollars b ual pavment. *Ex dividend. Pavable in cash or stock £Plus 5% in stock. iPlus 2% in stock. n Plus 8% in stock. caoet 40c) 612 2i 47% 20 55% 1 6 25 14% msed on last quarterly 1Partly exira. IPlus b Payable in stock. ¢ Plus 8% In stock. hPlus 1% in k Plus 10% in stock. m Plus 3% in D Pald last year—no regular rate. 5 3 1 b55% 6 13% i o semi-w 8714 | & A o | dded 4 ! stock. ock. e Adjustment. TRADING IS ERRATIC IN MACHINE MARKETS Special Dispatch to The St NEW YORK, April 22.—Trading ac- | tivity is erratic in the country’s ma- chinery and machine-tool markets. Occasional large sales alternate with periods of inactivity, and inquiries are 9 i1 9 81t 80 2 8 34 D 1 8% 96% 9 impeded by postponement and indeci- sion. Such sales as are being put through now are achieved only after weeks of hard work. The general tone, however, 13 better, notwithstanding that April 1s nol expected to equal March's average. New York reports several sales for | export and & 15-tool inquiry from China | in an otherwise featureless week. New England pent orders. similarly affected, American Machinist reports. | In common with general business, progress in the machine-tool industry is | A | some promise. GENERAL ELECTRIC'S EARNINGS DECREASE SCHENECTADY, N. Y, April 22 (#)—The General Electric Co. earned 38 cents a share on the common stock in the first quarter, compared with 50 cents a share in the like quarter of 1930, Gerard Swope, president, an- nounced yesterday. The earnings were 2 cents a share short of the dividend requirement of 40 cents for the quarter. Orders received during the quarter fell off sharply, amounting to $60, 366,297, compared with.$90,397,731 for the like period last year. les bl also showed a decline, totaling $61,959,~ 800, against $91,205,732, Total profit available for dividends on the common stock was $10,844,334, tools, although one large order for lathes and inquiries from Amtorg, a railroad, and the Government offer FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Belling checks Value today. 34.8 485 31-32 13,0 390 31-32¢ 139lc’ 13.90¢ 23820 2382% 5.26c 5.2301c 193¢ 19.26'3¢ 13c 193¢ 14.07c 17.49¢ 2.964c 2 26.8 London, Paris, franc.. Brussels, Berlin, Rome,’ lir rid, peseta . schilling. t, Dengo . 967c #95c" 26.75¢ 26.78'3¢ Domestic servants in aristocratic sec- tions of London, where there are from | ragve, crown (nom.) Harsaw, slowy.. 0} gen. crown Galo" ¢ trade 15 sk , with cur- muunmw'mnfium the cor- 10 to 30 in one family, form & majority | compared with $14,398,790 in cor- electorat 5 dresponding quarter last 4 | phere of the country hasn't settled on ed | Co. of America, accol I FARRELL REPORTS | GAINS IN' STEEL President Dispels Much Gloom in His Annual Address Be- fore Stockholders. Special Dispatch to The Star. NEW YORK, April 22.—Substantial improvement in March steel business over February, particularly in the sell- ing prices of the largest tonnage factors, mainly structural, was reported to stoc holders of United States Steel Corpora: tion at the annual meeting by James A. Farrell, president. He added that there bhad becn further improvement in prices of many products since the first quar- ter. Stockholders adopted the revised pen- sion plan providing for the voluntary retirement of officials at the age of 65 and compulsory retirement at 70. Mr, Farrell said there has been a great deal of talk about prices. “As a matter of fact, if we can get a little better tonnage on present prices we are going to have a Teasonably good year,” he stated. Mr. Farrell, himself over 68 years old and one of the first of the senior of- ficers to be affected by the new plan, addressed the mesting in favor of the proposed changes. He said: “I think that the pension plan is the greatest thing that this corporation has done with respect to the welfare of its men in the history of the corporation.” Myron C. Taylor, chalrman of the Finance Committee. called the annual meeting of _stockholders of United States Steel Corporation to order. 7,649,047 Shares Represented. The total shares represented in per- son and proxy aggregated 7,649,047, of which 5,588,287 were common and 2,- 060,760 preferred. : Mr. Taylor said that ‘the corporation’s employes profit-sharing plan called for payments from net income after deple- tion, depreciation, etc., and when this netincome exceeds $100,000,000 an- nually. He said since 1921, when the plan was organized, approximately 60 per cent had been actually distributed in cash. The balance has been invested in United States Steel common at pre- vailing_market price. Mr. Taylor said that during the 10 years from 1921 until now, distributions have been made annually ‘except in 1921 and 1922. The average distrib- | uted during the eight years amounted to $3,112,168. Farrell on Business Status. Discussing business conditions, Farrell said: “The gloom that pervades the atmos- Mr. the roof of 71 Broadway. “In the 29 or 30 years of our ex- périence, we have had periods of de- pression, and at least two more seri- ous than the present one. “We managed to get through 1930 in a reasonable sort of wi We earned $9.18 a share on our common stock and all the time this huge pro- gram of construction was going on and has_continued. “Our business in February was not very much better than in January, and we came to the conclusion very early in this first quarter that we were not going to have a good quarter. Our busi- ness in the month of March showed substantial improvement, particularly in the selling prices of our largest ton- nage factors, meaning such material as structural steel and the heavier lines of products. We can reasonably feel that, even if I am obliged to speak for myself alone, this slow upward tendency in prices is bound to gather momentum later in the year. “Certainly in many of our products that we were receiving lower prices for & |in the first quarter of the year there has been a beneficial improvement. | “We hear a great deal about condi- | tions abroad.” ‘Work Carefully Distributed. Mr. Taylor pointed out to the stock- holders that early in the past year it appeared that there would be a business recession which would affect employ- ment, and as a result the management defined a policy of distribution work. “Out of the normal working force of 241,000 during the period between March 16 and March 31 we had 79,000 employes on fuli time and 145,336 on part time” Mr. Taylor added. “The number not working was 7,490.” “Of our working force at that time as we ciassified them there were upward of 96 per cent of our employes at work either on full or part time.” Since last October the corporation spent approximately $700,000 to aid those who were not working and for whom work could not be obtained and in contributions for unemployment re- lief funds on various communities. A general review for the three years, 1928, 1929 and 1930, was\given by Mr. Taylor. It showed net profit on capital stock of $416,187,406. Dividend distribu- tion was $249,687,513 and surplus net profits $166,499,893. Sixty per cent of the net profits was distributed in divi- dends. Earned Surplus, $166,499,893. ‘The following table was submitted: Earned surplus in excess of cash divi- dends, $166,499,893; depreciation, de- pletion and amortization, $192,359,58' insurance and contingent reserves, $4,949,874. Other income receipts: Re- funds of Federal income taxes, exclusive of $26,109,458 of interest allowance, $49,084,368; net receipts in liquidat! of employes’ Nouse purchase, etc. $6,160,999; miscellaneous receipts, $2, 406,197. Receipts on capital account: From 1,016,605 shares of common sold to stockholders, $142,697,62 18,157 shares sold under employes' subscrip- tion, $3,029,873; 536,438 shares issued for Atlas Portland Cement, Columbia Steel & Oil Well Supply, value $91,570,~ 335; installment paid in by employes under stock subscription plan, $8,104,- 520; total net resources available, $666,~ 863,270 Cost of fixed property at Atlas, Co- lumbia Steel & Oil Well Supply prop- erties, $50,519,537; additions, extensions, etc., $250,915845; bonds and mort- gages paid off, $373,555,153; premium paid in retirement of bonds, $40,800,254; additional outlay for advanced mining royalties, $4,821,027; total, $720,611,816. Excess of payments from resources, $53,748,546, Mr. Taylor said: “These large trans- actions resulted in a very great im- provement of the corporation's operat- ing plants, but we have not trespassed very greatly upon our working capital as it stood on January 1, 1928.” Mr. Taylor wound up the meeting by saying: “We can face the future with the fullest confidence. In bringing this meeting to a close the chairman desires to give expression this single thought. That the stimulus which adversity has glven to our efforts to reorganize and improve our industrial structure is very great. We have been passing through some tribulation, but if we emerge from the testing period with improved effi- ciency and more highly productive and economical bases of operation our tribu- lation will not have been in vain. For myself, I entertain no doubt that such will be the outcome.” RECORD DRILL STEEL ORDER FOR HOOVER DAM Special Dispatch to the Star. NEW YORK, April 22.—The largest order for rock drill steel recorded in the history of modern engineering construc- tion has just been placed by Six Com- panies, Inc, the contractors on the Hoover Dam, with the Crucible Steel rding to announce- ment made here by A. T. Galbraith, general sales manager of the company. Requirements to be filled are approxi- mately 1,000 tons. First shipments on the order are on the way from Pitis- burgh, NG__ STAR, WASHINGTON, D. C, \VEDNEDAY. APRIL 22, 1931. FINANCIAL. STOCK AND BOND AVERAGES By the Associated Press. From Yesterday 's 5:30 Edition. STOCKS. Today. .. Previous day ‘Week ago. Month ago. Year ago.. Two years ago. Three ye:n ago. Low, 1929. \ Today. Previous day Week ago. Month ago. Year ago.. Two years ago. Three years ago. High, 1931. Low, 1931.... High, 1930. Low, 1930. High, 1929 Low, 1929. * New 1931 low. (Copyright, 1931, Sta BY CHARLES P. SHAEFFER, Assoclated Press Financial Writer. Despite the growth of chain-store merchandising establishments, single store independents still rule supreme. This fact is disclosed by the Depart- ment of Commerce in a study just com- pleted that compiles the percentage of sales made in all trades through single store independents, local chains or multi-units, and sectional and national chains. It covers 485 cities of 10,000 or more population. A striking relationship between the size of the city and the percentage of goods sold is revealed. Single store in- | dependents account for approximately 62 per cent of total sales, the aggregate of which exceeds $15,000,000,000. The range is from 72 per cent for cities of 10,000 to 30,000 population, to 50 per cent for the two cities of over 1,000,000 population. There is only slight variation from this principle of the larger the city.the larger the proportion sold by multi- units when the group averages are con- sidered, either among local multi-units or sectional or national chains. Chains of local stores, classified as local multi- units, followed single store independents in importance with nearly 20 per cent of total sales, or nearly one-third as much as single stores, This figure varies from 13 per cent in cities of 10,000 to 30,000, the,smallest size of cities re- ported separately, to 29 per cent aver- age for the two cities of more than a million population. Sectional and national chains account for about 17 per cent of total sales, with only 13 per cent of the business in the smallest classification of cities dene by this group and 19 per cent in the largest cities. “All other” types of stores ac- count for about 1 per cent of the total. ‘The Bureau of Mines reports the domestic output of new nmiagnesium in- got decreased from 1,329,669 pounds in 1929 to 1,173,557 pounds last year. ‘Though failing to equal the high rec- ord in the production and sales in 1929, the industry registered and increase as compared with 1928 and previous years, the bureau says. The output of new in- got was more than double the 1928 out- put, and only 12 per cent less than in 1929, Magnesium ingot sold or used in 1930 totaled 559.631 pounds valued at $268,864, and although scarcely two- thirds of the 1929 volume, compares favorably with the 530,782 pounds val- ued at $289,658 for 1928. During the last three years the domes- tic output of primary magnesium has been obtained from magnesium chloride recovered as one of the co-products of the extensive indus based on the brine wells of Midland, Mich. ‘Two substantial price reductions in ingot magnesium were made in 1930. In January the price was 80 cents a pound for lots of 5,000 pounds or over and $1 a pound for 100-pound lots; from February through November prices were 65 to 80 cents, and in December the price for ordinary quantities, 100- pound lots or over, was cut to 48 cents, with additional discounts on larger orders. ‘The British rubber market remains under the influence of contradictory re- ports regarding progress of restriction discussions. Official trade advices to the Com- merce Department state spot prices dropped below 7 cents a pound during the early part of April to establish a low record for all time. The imme- diate cause of the drop was the re- port that a group of important Dutch rubber interests had advised the Dutch Rubber Committee they objected to any Government interference in the industry, and would not co-operate in the proposed restriction. group always has been op) to restriction and apparently believes in a policy of the survival of the fittest. COTTON PRIGES OFF AS MARKET OPENS Farm Board Denial of Dumping' Reports Improves Ring Sentiment. Speclal Dispatch to The Star. NEW YORK, April 22.—Cotton prices were 4 to 6 points lower at the opening of the market today. Ring sentiment ‘was somewhat improved by the Federal Farm Board's denial of reports that it would dump all of its wheat abroad, but market opinion veered away from the theory that any sustained advance in cotton is likely just now. Professionals were still on the short side and their offerings were partially absorbed by scale down buying by the trade and a few persistent long traders, Opening prices were May, 10.12, off 6; July, 10.39, off 6; October, 10.75, off 5 December, 11.00, off 4; January, 11.08, off 6, and March, 11.30, off 5. (Copyright, 1931.) CHICAGO GRAIN MARKET Spectal Dispatch to The Star. CHICAGO, April 22.—The wheat | market was fractionally lower today under scattered selling influenced by weak foreign markets. The weather map showed low temperatures in the Southwest and little precipitation in Spring wheat territory. May, old, opened at 8: new, 83!, to 83 July, 64% to 64Y,; September, 6375 to 633%; Degember, 67, the haif " hour, May, old, Bl;xlly. 64),; September, 6: fa- Corn was easier with wheat. May, old, opened at 60% to 597s; H July, 623 to 62',; September, 613 to 613g; December, 541,. After the first half hour May, old, 593;; new, 60%; me.,cz- September, 6113; De- cember, 543, Oats were firm on buying by cash houses at the start, but later reacted. May, old, opened at 30% to 30%; July, :m% September, 303, After the first half hour, May, old, 30; July, 30%; September, 30%,. Provisions were easier with hogs. (Copyright, 1931.) In most States of the United States attempted suicide 8 @ crime punish- sble by law, 3 . 10 Industrials, 119.3 ndard Statistics Co.) (This is the eighth of a series of | articles discussing the application of | investment principles to present day | conditions in business and in securi- es.) | Advice to invest in high-grade securi- ties is not helpful without some defini- tion of what a high-grade security is, and at the same time such a definition is not easy to give. What is meant of course is a security about which there | is no doubt as to the payment of inter- est, if it is a bond, and as to the con jnnu:nce of dividend payments if it is a | stock. | This is a standard of perfection ap- | proached in varying degree, but never | quite reached, nor is there anything | static about the rank of any specific |bond or stock. The investment rating | of all securities is subject to change and | the best that can be hoped for is that these changes will come so gradually as to give the holder plenty of time to re- {adjust his program. Take United States bonds, for ex- | ample; there can be no doubt about the | ability and willingness of the American | Government to meet its obligations, and | yet a decade ago the same would have | been said in Berlin about German Gov- | ernment securities. Or, to take a stock |now in the first rank, United States | Steel preferred less than 25 years ago | was a speculative security. | " 'Probably as good & description as we can give of a high-grade security is one that is responsive in market price only /to changes in money rates. If the United States Treasury reports a deficit | for the next fiscal year and it is neces- sary to increase taxes, or even to in- | does not have the slightest effect on the |investment rating of United States! If the Steel Cor-| Government bonds. | poration should report a deficit after | preferred dividends for the first half of 1931, it would not affect the market | valuation of the preferred stock. | "To take one more example, the pres- | ent extreme depression in the railway business, the falling off off car loadings and the decreases in gross and net earn- | ings are not reflected in the market | price of such a bond as Atchison gen- leral 4s. Any security of this grade | fluctuates only in response to the pre- vailing-interest rate. (Copyright, 1981.) :317 UTILITY CONCERNS REPORT INCOME DROP Special Dispatch to The Star. manufactured and natural gas utilities aggregated $63,125,872 in February, 1931, as compared with $69,274,925 in Febru- ary, 1930, a decline of 8.9 per cent, ac- cording to reports from 317 companies serving 13,560,068 customers and repre- senting nearly 90 per cent of the public utility distribution of manufactured and natural gas, it was announced today by Paul Ryan, chief statisticlan of the American Gas Association. ‘The manufactured gas companies re- ported revenues of $32,801,815 for Feb- ruary, a drop of 4.3 per cent from a year ago, while revenues of the natural gas concerns totaled $30,324,057, or approxi- ruary, 1930. e The average height of Englishmen is estimated to be 5 feet, 7% inche: 61 Broadway New York City. DEAR SIRS: We are-pleased to adv the exchange of Rochester Central 6%, Cumulative of January 15, 1931, an our letters of January operative through the with The Chase National York, Depositary, so as A thirty-day extension change up to the close 1931, Very trul oy crease the national debt, that l\lun!lon; NEW YORK, April 22.—Revenues of | mately 13 per cent less than for Peh-J i = ) WHOLESALE PRICES IN FURTHER SLUMP | | New Low M ark Established During Past Week, Latest Index Reveals. | | | Wholesale prices, as measured by the | weekly index of the National Fertilizer | Association, continue to decline. Dur=~ | ing the weck ended April 11 the gen- ergl index number, based on 476 com- modity prices, declined four fractional points. During the preceding week the | index declined six fractional points. The index number on April 18 stands at a record low, 73.2, compared with 75.2 a month ago and 92.0 a year ago. Of the 14 groups comprising the in- dex, 7 declined, 2 advanced and 5 were unchanged during the latest week. ‘The groups that declined were fertilizer materials, mixed fertilizer, fats and oils, other foods, grains, fecds and live stock, chemicals and drugs and miscel- laneous commodities. Slight advances were noted in the groups of metals and building materials. The groups which showed no change during the latest week | were textiles, agricultural implements, | fuel, automobiles and house furnishings. Price recessions were noted for 32 commodities during the latest week, while advances were made by 21 com- modities. Wool, butter, cheese, eggs milk, bread, cattle, hogs, melting stee | zine, tin, cotten and mixed fertilize: | prices dedlined. Gains were shown in the prices for silver, copper, turpentine, c’r;;n, oats, wheat, cottonseed meal and silk. 'WESTERN MARYLAND REVENUES DECREASE Decline of 15 Per Cent Made in Week Ending April 14 From Last Year. | | Special Dispatch to The Star. BALTIMORE, April 22 —Revenue of | the Western Maryland Railway for the week ended April 14 totaled $288,014.23, compared with $337,347.63 in the cor- responding week a year ago, making & decline of $49,333.40, or 15 per cent. This is a larger decrease than the first | week of April made from its like week a year ugo, the decline for that period | having been only 11 per cent. For the two weeks of April the gross revenue totaled $588253, a decrease of 13 per cent as compared with the same period of 1930. Coal and coke revenue for last week was still ahead, the re- | port showed. For the year to April 14 revenue totaled $4,522,083, as against $5,268,374 a year ago, a decrease of 14 per cent. Washington Produce Butter — One - pound prints, 29a30; tub, 28. Eggs — Hennery, ceipts, 16a17. Poultry, alive—Turkeys, hens, 26a27; toms, 25; Spring broilers, 38a40; Win- ter chickens, 30a32; hens, heavy, 24a25: | light, 22a23; Leghorns, 20; roosters, 12 al4; ducks, 15; keats, young, 75a80; old, | 40. Dressed—Turkeys, hens, 35 toms, 32a33; Spring broilers, 45; Win- ter chickens, 38a40; hens, heavy, 27a28; light, 25a26; Leghorns, 22a23; roosters, 17a18; current re- | lamb, 16a19; 3 | hams, 19; fresh shoulders, 14; smoked | hams, 21; smoked shoulders, 12; strip bacon, 21; lard, in bulk, 11; in pack- ages, 12. Live stock—Hogs, heavy, light and medium, 7.75a8.00; pigs, 7.008 8.00; loughs, 4.00a5.50; calves, 4.00a7.50; Spll;rll’“l‘r lambs, 10a13. ts—Stra: tina, black, 5.00; white, Florida, 4.00a4.5¢ 00a5. 2.75a3.00; pineapples, k, 2.50a3.00; bushel 2.00; rhubarb, home grown, per dozen bunches, 50a60. Vegetables—Potatoes, lga;go\md sacks, peas, baskets, 2.25a2. string beans, 3.50a4.50; beets, per crate, 2.25a2.50; carrots, per crate, 2.25a2.50; lettuce, Ice: 00a5.00; Carolina, 2.00a2.25; ;];lau‘c& 75; cress, 1.00; as- aragus, 2.50a4.00; cabbage, new, 1.00a1.25; radishes, 2.00a2. hes, 2. Pl 00a2.50; cucumbers, Illi- 1.25a1.50. 100 bunc! nois hot house, per dozen, Associated Gas and Electric Company New York April 18, 1931, MANUFACTURERS TRUST COMPANY, W. C. LANGLEY & €O. BONBRIGHT & COMPANY, INCORPORATED, ise you that the plan for Power Corporation 59/, Gold Debentures, Series A, due 1953 Preferred Stock approved and recommended in your letters to us d publicly announced in 16, 1931, has become deposit of the required amount of debentures and preferred stock. In accordance with the plan, our Convertible 5% Gold Debentures and $6 Dividend Series Pre- ferred Stock, which depositors are to receive in exchange for their securities, will be deposited Bank of the City of New to be ready for delivery by the Depositary on or before May 18, 1931, upon surrender of the Deposit Receipts. of the period for deposit having been already announced, additional deben- tures and preferred stock of Rochester Central Power Corporation may be deposited. for ex- of business on May 18, We wish to express our appreciation of your cooperation, and that of security dealers asso- ,ciated with you in the original offerfing of these securities, in bringing the consummation of the plan to a successful conclusion. ly yours, ASSOCIATED GAS AND ELECTRIC COMPANY, H. C. HOPSON, Vice Presicent snd Treasurer.