Evening Star Newspaper, April 23, 1931, Page 14

'A—14 w=x ATTERBURY CITES | High, Low. Dividend Rate. Add 00. Hign. Lov. Close. Close. 33" 284 Link Belt (240).... 1 30 80 204 55% 34 Liquid Carbonic (3). 15 35 33% 34u 6315 4314 Loew's Inc (3).. 5 46 41m &7 2% Loft Inc. 6% 5o 547 43% Loose-Wiles (12 FO 48% 20% 11% Lorillard «F) Co 19% 181 415 8% Louisiana Ofl. an 3% 35% 27 LouG&EA (1%).. 30 20y 111 R1% Louis & Nash (7),. 8215 81 FINANCIAL. THE EViaanG WASH L NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. STAR, B €., BRHURIDAY, BONDS IRREGULAR IN LIGHT TRADING List Has Indifferent Tone Through Lack of Interest. Trend Downward. AL kIL FINANCLAL. [ox o vorx BONDS s wxemvea] | ADVERTISERS LEAD IN SALES ADVANGES byt g taly Pubsv1e%52. T8 95 55 Sales. High Low. Close. Japanese 6143°65.. 15 954 Better Merchants Report Gains Despite General Drop in Business Volume. Close. 95 95% Stock and Dividend Ri Safeway pf (6)..... St Joseph Lead (1).. St Louis & San Fran. St L-San Fran pf (6) Savage Arms (2) Schulte Retall Strs. . Schulte Retall pf (8) Seaboard Afr Line. .. Seagrave (60c)....., 2 Sears Rosbuck $2%.. 39 Second Nat Inv..... 1 ~Prev. 1931~ High, Low. 96 86 0% 16% 62% 21% %6 31% 20% 13 114 4 65 40% ) 6% 44 31 Sales— Prev. Add 00. High. Low. Close. Close. 408 95 95 95 2 16% 16% 16% 21% 21% 21% 34w 328 33 12% (Continued From Page 13.) 95 105 8214 103% 918 95% 964 6914 66 93% 104 Lib 3%s32-47.. 19 10126 10122 10125 | j41anese 6348 ‘64 05 Li1st4%s32-47. 1 10226 10226 10226 | ;004 B“',:'-,..E-,_ lw: L4th4,s33-38 284 104 2104 104 # US3%s40-43.. 18 10121 10120 10120 |RCP& L 414s'57.. 4 104 3%s41-43.. 12 10121 10120 10121 | Kan CFtS&M 4536 97% s 43-47.. 3 10126 10126 10126 | Kan City Sou 5s°50 95%, 127 107 28 1072710728 |KanG& E4%s°30. 04 KKarstadt 6s°43. 0% Jisuz 1z g L Kend 535848 ww. . 66% Sales. High. Low. Close. | Kreug & Toll 669 25 94 9 59 5 . 160 100 |Lackaw St6s'50... 104 1 Railroad Executive Lists 7 Cardinal Wrongs in American Situation. 18 7] 308 6 AbItibi P & P 63 °53 100 BY JOM! NEW YORK, April 23 (NANA).— Is big business in the United States waking up to realities? It is, if the stazement of W. W. Atterbury, p gent of the Pennsylvania Railroad, Is| indicative of its attitude. | Maldistribution of gold, war debts, | tariffs, installment buying, National debt reduction, high taxation and Fed- eral anti-trust laws are the seven cardi- nal sins of American business today, according to Gen. Atterbury. It is an excellent list! War aebts are a_caricature of eco- nomic principles. They are of political | ofigin, based on war' destruction, in- | stead of construction. Still dizzy from war finance, the world has gotten away ! from the fact that all debts ult mately | must be paid in goods or gold. No fancy finance can hurdle that truth It is easy to see how tariffs have knocked the props out from under world trade, They are choking off the exchange of goods, and are eatingaway a credit structure already paralyzed by the flow of gold in one direction. The United States. as Gen. Atterbury points out, has a surplus of both goods and gold and can dispose of neithet Installment buying during the “new era” was going to clothe all Americans in purple and fine linen and put the business man in clover. Instead, it has sent_some men to the bread line and set the business man to guessing about his future. Slower reduction of the national debt would probably help business in the United States just now. but it is diffi- cult to see how American taxes will come down in the future if thg Gov- ernment is forced to finance sgelal obli- gations no_one else seems 4illing to assume. Similarly, the ‘Government may liberalize the antisrust laws, but in so doing it will eXert even closer supervision. ¥ William Z. Rigfey, professor of politi- cal economy ay Harvard, does not agree with all of n. Atterbury’s statgments. Mr. Rigley contends that what the railroaZs need from the Government is not Jess but more supervision. In fact, he ‘advocatss the creation of a new #binet post—a Secretary of Transpo tation. This secretary would take over the jurisdiction and powers of the ex- isting Interstate Commerce Commission. “This official would have just the prestige and authority to enforce the discipline on that industry which it so_much needs,” Prof. Ripley says in xplanation. Th2 professor also points out a weak spot in the railroad situation when he says that 4 instead of 30 systems would simplify the technical and financial problem. It would also enable easier coptrol and inspzction of their opera- tion by the Government. Montagu Norman, the uncommuni- cative head of the Bank of England, seems to be out of luck regarding his proposed international credit bank. Just how far he is likely to get would be unwise to predict just now, but the gu}ropenn set-up at present will nct elp. It is felt that France opposes such a bank for the same reason that she | opposes political groups outside of the League of Nations. In the Bank for International Settlements she seems able to contrcl its policy in the same manner that she usually gets her way in the League. The new bank proposed by the gov- ernor of the Bank of England would not only limit the influence of the Bank for International Settlements, but it would prevent French domination, especially if the United States decided 1o join in the new movement. Meantime matters do not improve on the Continent. The Austro-Ger- man union endures. Poland, Rumania and Jugoslavia are dissatisfied with the French arrangement for “an agri- cultural-manufactures swap,” and Ger- many is gobbling all the Russian trade she can safely digest, with England and Italy doing the same. French ex- ports have dwindled very greatly in the last year. All in all, Prench business is feeling badly and Frenchmen blame every one, including their own government. Where does government begin and | business end> How much business should there be in government, and the other way around? Can business and government be separated—can they work together? Dr. O. C. Kiep, German consul gen- eral in New York, thinks that business d government should and can Wwork . and 50 solve the other prob- From his viewpoint, recently made public, the Government would take the lead and guide business, but| not {: it. “Co-operation instead ot | n and co-ordination instead n.” is his suggestion. | Mo one can deny that business needs | and control. The e to imagine all ons on business | d need re political rent peoples Governments sk, while | home, the | nize a world-wide | . | citiz s of $1 a d Znimous that is de 1t does s ticn when it permits its old and poor 5 to be cast adrift at- | tention than they primitive tribe have alrea stigma hay nor but 1 the m rig! many Eurc larly German long been rec > close dustrial and duties of this individual to States ha been responsibility. tries, p nsibilit in- | metary ted from the American slow to admit this it, it is interesting to see governments oring _ the past services of its citizens t) the com- munity as m business organizations an employes. _ v Treas: > meet the pi ns on the erans’ bonus s, of course, takes 1o one by surprise, as the bonus loans have been driving into the Federal Treasury high, wide and handsome. Gen. Hines warned last week of the tremendous burden the vet-| crate, 1 7522.25. erans’ bill jammed through by Cob-|egapiay gress. So here it is! This latest short-term issue makes it imperative that steps be taken very s00n to convert a sizable portion of this swollen debt into long-term issues ‘That debt now tips the scales at over $3,000,000,000! The gross debt of the s | toes Federal Government is around $9,000,- 000,000 The portion in short-term obligations 1s, therefore, fully one-third of the en- tire Federal debt. This makes it de- cidedly awkward and imposes a growing strain on the financial operations of the Government. (Copyright, 1931, by North American News- < paper Alliance.) 19 Ludlum Steel.... 25 McAnd & Forbes (2). 36 % McCall Corp (2%). b1% 35 McCrory B (2) = 264 20% Mcintyre Porc M (1) 10313 71% McKeespt Tin P(15). 17 11% McKessan & Rob ‘1) 87% 31 McKes&Rob pf(31%) 7 McLellan Store. % Mack Trucks (3 5 3 Macy (R H)&Co(n3). 19 Mazma Copper (2).. 2 Mallison & Co. 54 Mandel Brothers. ... Man Elev mod (d5) % Manhat Elev td (7) % Maracaibo Oil Exp. . 1914 Marine Mid (1.20) 22 Marlin-Rockwell (2) 51 Marmon Motor Car. . « Marshall Field (23) 4 Mathieson Alkall (2) 287 May Dept Strs (234). £% Mavtaz Co. ... 671 Mengel Co pf (T) 25 Metro-Gold pf (1 105 Mexlcan Seahoard 715 Miam{ Copper .. 915 Mid Continent Petm. ' 191 Midland Steel (3)... Midland Steel pf (8)., 104 MilEIR& Lt pf (6). 38 Min Hon'w Reg (t4). 4% Minn Moline Pow. 14 Minn & St Loul, Tih MStP&SSM... 17 Mo Kan & Texas. ... 60% Mo Kan & Tex pf (7) 25% Missourt Pacific..... 7113 Missour! Pac of (5). 15% Montgomery Ward.. 50 Morrell & Co (4.40).. 12 Mother Lode. 3 214 Motor Meter G & E 30 Motor Products (2).. 14 Motor Wheel 1%)... 8% Mulling Mfg........ 36 Mullins Mfg pf (7)., 11'% Murray Corp. ... 7is Myer (F E) & Br (2). Nash Motors (4).... €% Nat Acme (80c)..... 34 Nat Bella Hess 71% Nat Biscuit (280). 27 Nat Cash Register A, 384 Nat Dairy (2.60) 4% Nat Dept Store 19% Nat Dist Prod (2). 21 Nat Enam & at Lead (5). Nat Supply pf (7). at Surety (5). at Tea (1) 974 Nevada Copper (1) 14% Newton Steel..... . Y Air Brake (1.60) ¥ Central (6). Y Chi & St L (6) Y Investors....... N H & Hart (6). NH&HDI (.. Ont & Western. . Railwaye pf. Steam pf (6).... N Y Steam 1st pf (7) Noranda Mines. . Norf & West (12) orth Am Aviation, . Nor Am (b10% stk). North Amer pf (3).. 24% No Ger Lloyd(a3.43). 1 45% Northern Pacific () 3 3 Northwest Tel (3).. 2008 % Norwalk Tire & Rub. 3 ,10% Ohio Of1 (1) 3% Oliver Farm Equip.. 15% Oliv Farm Eq pr pf.. 3% Omnibus Corp. ... 60% Orpheum Cir pf (8).. 44 Otis Elevator (2%)., G4 Otis Steel ... 40 Otis Steel pr pf (1).. 281 Owens 111 Glass (2). 3% Pacific Coast. 45% Pacific Gas & Ei (2), 1 50% Pacific Lighting (3). 11615 Pacific Tel & Tel (7) 740s 715 Pack Mot Car (60c). 95 Pan Am Petroleum. . 31% Pan-Am Petrol B 2 Panhandle P&R... 31% Paramount Pub (4), 214 5% Park & THford...... 1 1% Park Utah.......... 3 3 Parmelee Transport. 1% Pathe Excharg 3 Pathe Exchange A 8% Patino Mines. .... Peerless Motor Car.. 35% Penick & Ford (1)... 1 Penney (J C) (2.40). 13 2% Penn Dixie Cement. . 54% Penn RR ( Baso s 1D 23 Peop Drug Strs (1).. 200% Peop Gas Ch (8).... 6% Petrolm Cp of Am(1) 19% Phelps Dodge (2)... 521 Phila Co 6% bf (3) 7% Phil Read C & I.. 9 Philip Mor & Co (1). 8% Phiilips Petroleum. . 63 Pierce-Arrow pf (6). % Pierce Oll. . 1% Pierce Petrolm (10c) 26 Pillsbury Flour (2). 20 Pitts Coal. .. 13 Pitts United Corp. .. 9314 Pitts Unit Cp of (7). 16% Pittston Co (1%). ... 16 Port R Am Tob A 334 24 Postal Tel&Cable pf. 12% Prairie Oll & Gas (2) 17% Prairie Pipe L (3)... 3% Pressed Steel Car. 63 Proct & Gamb (2.40) 2%4 Prod & Refiners. ... 11% Prod & Refiners 1 72 PubSv N J (3.40). 95 PubSv N Jpf(5). 148 PubSvNJpf (8). 40% Pullman Corp (4). % Punta Alegre Sugar., Y Y ) 4 Y Y DY TOPQUREIAE - Sy aSanSenne 7% PureOll...... #% Pure Oll pf (8) 24 Purity Bakerlcs (4). 13 12 RadioCorp......... 290 4% Radlo Corppf A(3%, 1 34% Radio CorpB (5).... 3 16% Radio-Keith-Orph A. 242 40 RR C stk C (4). 208 18% Raybestos Man 2.60.. 13 684 Reading Ry (4) 5 Reading 15t pf % Reading 2d pf (2) 16 RexlSilk Hos(b10%) s Reis (Robt) & Co. emington-Rand. teo Motor Car (40¢). Republic Steel...... Steel pf vere Cop & Br(A). 1113 iteynolds Metals (2) 70 Reynolds Tob A (3). Reynolds > 108 46 47 30 1% 198 10 10% T 12 Grande O fa Insur toy Dtch(m1.3404). Stores (5). BALTIMORE, Md., . white, 100 po potatoes, barrel, toes, barrel, 2.00a4.00; a4.00; asparagus beans, bushel, 2.00a2.25; cabbage, carrots, bushel, yam. dozen ; beets, crate, | bushel, 50a1.25; 66a75; caulifiower, celery, crate, 1.75a3.00; ciate, 2.0083.50; kale, bushel, 25a40; lettuce, hamper, 1.50a2.75; lima beans, bush.i, 6.00a8.00; peppers, crate, 3.00a6.50; spinach, bushel, 30a50; to- matoes, crate, 1.00a5.00; apples, bushel, 60a2.00; per box, 6.00a8.00; grapefruit, box. 1.50a2.75; oranges, box, 2.75a4.25; strawberries, quart, 15a25. Dairy Market. Poultry, alive—Chickens, young, 30a 40; old 'hens, 22a25; Leghcrns, 20a21; | poor, light fowl, 15a16; roosters, 13a | 16; ducks, 18a28; guinea fowls, 50a75; pigeons, pair, 30a35. Eggs—Receipts, 2,812 cases; firsts, dozen, 17. 12% nearby | to choice, 8.00a8.50; medium 17.00a7.75; 12 19 3 1 4 Servel | Sharp & Do . hattuck F G Seneca Conpes i o ne. . 119 4 ). 9 hell Tr (m96 3-5¢).. 208 Shell Unfon Of1 Shell Un Ol pf (5%) Shubert Theaters. .. Stmmons Co. . Stmms Petroleum Sinelair Con O11 (1 Skelly O11. Snider Packing pf. Solvay Am pf ww 5% South Port Rico Sug. South Cal Ed (2).... South Pacific (6).... South Ry (8) South Ry pf (5 - 2B S aneie outh Ry M&O et (4) 1 Spalding (A G) (2).. 3 Stpf (7).. 30s al pf (6)... 10s Withing (1).. 6 Spiegel- Stand Brands (1.20). tand Comcl Tob. and G and G and G tand O11 May-Stern.. 2 51 3 &E(3%)... 61 &EDPL(4).. 1 &EPL6).. 1 2%) 102 Stand Oil of Kan (1) 2 Stand Oil N J (12) and Ofl N ¥ arrett Sterl Sec pf (1. 143 a4 3 9 [ 160). (LS) (12%) Voo erl Sec cv pf (3) 2 4 Stewart Stone & Studebaker (1.20). Sun Ofl Superheater (215) Superior Ofl. ....... Warner., 10 Webster (3). 47 . 4 (11). e 1 a Superior Steel...... weets of Amer (1).., Telautograph (1.40). Tennessee Corp(50c) Texas Corp (3).. Tex Gul f Sulph (4).. Texas PC&Oll..... Texas Pac Land Tr.. 51 Thatcher Mfg (1.60). Thermoid Co. Thompson Prod Thompson Starrett. . Tide W ter As (60c). Tide Wat As pf (6).. Timken Timken Det Ax (80c) Roller (3) Tobacco Products .. Tobacco Prod A 195¢ Tran: merica (1). Transue & W (1) Tri- Twin C ont Corp. Trico Products Truscon tl (£1.20). vy RTr (§4). Twin City R T pt (7) 10 Ulen & Co (1.60).. Und-Ell-Fisher (5).. Un Carbide (2.60). Un Oil of Cal (2) Un Pacific (10) Un Pacific pf (4) Un TankCar (1.60) .. 15% 544 19% 161 8414 21 Unit Aircraft Unit Aircraft Unit Biscuit ( Unit Carbon. ....... Unit Cigar Stores. Unit Cig Str: Pt (6). Unit Corp (76c) . Unit Corp pf (3).. Unit D: ewood Unit Electric Co Unit Fruit (4). Unit G & Im (1.20) Unit G & Im pf (5) Unit Piece D W (2).. Unit Plece D pf 6%. . Distributing & For Secur. U Freight. . U S Gypsum (1.60) . U S Hoffman. ... Indus Alcohol( U S Leather U S Leather A. U Leath pr pf (7).. USPipe & F (2) U S Realty & Imp(2) U 8 Rubber. . . U S Rubber 1st pf... Smelt & Ref (1). U S Steel (7). U teel pf (7). U S Tobacco (4.40) Unit Stores A. .. Univ Leaf Tob (3) Univ Leaf T pf (8).. Univ Pic 1st pf (8).. Univ Pipe & Rad. ... Ut P&L A (e12.15). Vanadium Corp'n. Van Raalt i Car Chem. .. Car Chem 6% pf. 2 Slec & Pwr pf(6) 40 Vulcan Det (4) Waldorf Sys (13%) Walworth Co (1).... Ward Baking A..... yard Baking B..... rd Baking pf (7). roer rner Warner Warren Bros Pict. .. Bros pf 3.85. Quinlan. Bros (3) War Bros cv pf ( Warren Wess O & Sn pf (4).. West Pa Fdy & P (2). Sl pf (7)... 208 West Pa Pow pt (6).100s West Pa Pow pf (7). 30s Western Dairy A (4) Western Dairy B.... Western Md. .. . stern Paclfic..... ern Pacitic pf Western Union (8).. ing A B(2).... " W 3 4 10 2 10 2 '« Westing EI&Mfg (4) 316 ‘esting E&M pt (4).350s Weston El Instr (1).. 2 Westvaco Chblor (2). 2 Wextark Radio Strs. Wheel & Lake Erie. . Wheel & L Erie pf White Motors (1)... White Rock MS t414 lcox Rich A (214). w 4 108 . 108 10 Willys-Overiand. ... Willys-Over pf (7).. Wilson & Co. Wilson & Co A. Wilson & Co pf Woolworth (2.40)... Worthington Pump. Wrigley (Wm) (4).. 3 Yale & Towne (2). Yellow Truck.... 65% 1067 808, 30 154 20 Youngs 3 30 124 5 . 140 Spring (3).. 4 20 234 10 20 Sales of Stocks on New York Exchange. 10:30 A.M 1:30 P.M Dividend rates as 500.000 12:00 Noon 1.400.000 2,700,000 2:10 P.M 200,000 given in the above table are the annual cash payments based or the latest Quarterly or hall yearly declarar tione. 5Unit of trading less than 100 shares. tPayable in scrip 4% 1in stock no regular rate bl in cash or stock. n_stock. ‘m Pald this year—no regular rate. Plus 9% in stock. b Payable in_stock. d Payable when eori 1 Plus 8% in stock. & Plus 6% In stock. J Plus 50c in special preferred stock. k Plui n Plus 5% in stock. 1Partly extra. tPlus 3 Butter—Good to fancy creamery, pound, 24a26; ladles, 20a21; rolls, 16a 18; process, 22a23; store packed, 14al5. Hay and Grain, No. 2 red Winter, export, 85'4; No. 2 red Winter, garlicky, spot, 85%4; April, 85%4; May, 85%. Corn—No. 2 domestic, yellow, 74a75; cob corn, new, 4.0024.10. Oats—White, No. 2, new, No. 3, 39a391;. Rye—Nearby, 60a65 Hay—Receipfs, 100 tons. 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 range Wheat old, 40a40" | from 24.00 to 26.00 per ton. Straw—Wheat straw, No. 10.00a11.01 11.00212.00. Live Stock Market Cattle—Receipts, 100 head; light sup- ply; market dull. Steers—Choice to prime, none; good to good, fals to med‘lun 6.25a7.00; 1, per ton, oat straw, No. 1, per ton, | plain to fair, | plain, 5.00a5.50. Bulls—Choice to prime, none; good to choice, none; medium to good, 5.00a 5.50; fair to medium, 4.50a5.00; plain to fair, 4.00a4.50; common to plain, 3.50a4.00. Cows—Choice to prime, none; good to choice, none; medium to good, 4.50a 15.00; fair to medium, 4.00a4.50, plain to fair, 3.00a4.00; common to plain, 2.00a3.00. | Heifers—Choice to prime, none; good General hay | to choice, none; medium to good, 6.75a | Woodward & Lothrop pfd. (1) | 7.25; fair to medium, 6.00a7.75; plain to fair, 5.2586.00; common to plain, | 4.5085.25. | Fresh cows and Springers, 30.00a | 70.00. | | Sheep and lambs_Receipts, 75 head; light supply; market steady. Sheep, | 1.50a4.00; lambs, 4.50a10.50. Hogs—Recelpts, 500 head; ply; market lower. Lights, | heavies, 7.25a7.85; medium, | roughs, 4.75a6.50; 'light pigs, | pigs, 7.7588.00. | calves—Receipts, 50 head; ply; market steady. Calves, light sup- 7.8588.10; 7.8588.10 7.5087.85; light sup- 4.0028.50. BY F. H. RICHARDSON. 8pecial Dispatch to The Star. NEW YORK, April 23—Bond price movements were irregular today, with probably somewhat more emphasis placed on the down side. Price move- ments were wide in some special case: but on the whole the list had an i different tone, through lack of interest. Volume was small. Theoretically, the Federal Reserve action in cutting its bill buying rate, which usually presages a cut in the re- discount rate and a consequent easing in time money, should cause an up- turn in high-grade bonds. It had this effect today on United States Govern- ments, which advanced to levels close to their previous highs of the year, and in the case of a few corporation bonds of unquestioned integrity such as Ameri- can Telephone 55, Quincy General ds. Atchison General 4s and Duquesne Light 4%s, there were small gains. But it is a generally admitted fact that the investment demand for prime issues, both short and long term, has recently been so keen as to discount the easing to_ money rates far in advance. The movements of junior bonds were sensitive to the stock market trend. Both amusement and oil company ob- ligations were oustandingly weak. In the amusement group, Warner Brothers Pictures 65, General Theaters Equip- ment 6s, Fox Pilm notes, Paramount- Publix 555 and Paramount-Famous- Lasky 6s dropped 1 to 5 points to new low levels. The first two issues are both selling for less than 50 cents on the dollar. Sinclair Oil 7s dropped another 3 points to their low of the year, fol- lowing a similar decline in the previous session. There was also weakness in Shell Union Ol 5s, Texas Corporation 5s*and other oil issues of a comparable grade. In the rails interest was centered on the extremely active trading in St. Louis-San Francisco 4'js. This bond is the general mortgage of the road and is junior in security to approxi- ma}ely $150,000,000 of prior lien de- seriptions. Recently it has been weak, but today the price broke below 60 for the first tive. The prior lien 4s were off fractionally, also to a new low. However, the Street believes a favor- able announcement regarding the com- pany's financial structure is imminent. The incident accelerated declines in St. «| Paul 5s, Alleghany 5s, Denver & Rio Grande Western 55, Erle 5s, Missouri- Pacific general 4s and other carrier is- sues of a secondary nature, | Uruguay announced today that it {weuld pay May 1 first service on its |6 per cent bonds, of which $28,400,000 | mature in 1960 and $17,400,000 in 1964. | However, since cables from London re- | ported that European bankers were ne- | gotiating with Uruguay regarding an | extension of some foreign currency is- | sues of the South American republic, | the dollar bonds sold cff 3 to 5 points. South Americans were also Once again the market had a respite from new offerings. With so many | weak spots the market is in no con- dition to absorb anything but the best of high-grade ssu (Copyright, 1931 | ki % o | Washington Stock Exchange SALES. Capital Traction—10 at 3314, 10 at 33%. | Potomac Electric 6% pfd.—5 at 113, Washington Rwy. & Elec. pfd—2 at 98%5. Federal-American Co. com—5 at 21, Mergenthaler Linotype—10 at 30%. AFTER CALL. Washington Rwy. & Elec. 4s '51—8500 at 8935 Capital Traction—20 at 3313, 4 at 3315, Mergenthaler Linotype—10 at 80%, 10 at 80%%, 10 at 80%:, 10 at 80'%, 10 at 807, to at 80%. | Capital Traction 5s '47—3500 at 80. Washington Rwy. & Elec. pfd.—50 at 9815, 50 at 981;. District National Bank—5 at 203. National Savings & Trust—10 at 448. Peoples Drug Stores pfd.—-10 at 103. Bid and Asked Prices. BONDS. PUBLIC UTILITY. & Tel. 4':s '39. Am. Tel. & Tel. ctl. tr. 5s... Anscostia & Pot R. R. 5s.. ostia & Pot. guar. 55 P. Tel. of Va. 55 1'Traction R’ R. 58.... City & Suburban 5s Georuetown Gas It 35. . Bid. Asked. Amer. Tel Potomac Elec. cons. . series Al . G . series B Wash. Rwy. & Elec. 45.. MISCELLANEOUS, Barber & Ross. Inc.. 6as... Chevy Chase Club 5las.. . Columbia Country Club 5%3s.. D. C. Paper Mfg. 63 W. M. Cold Storage 5s. Wash. Title 6s. STOCKS. PUBLIC UTILIT American Tel. & Tel. (9).... Capital Traction Co. (4) Wash, Gas Light Co. (18) N. & W_ Steamboat (i2) Pot. Elec. Power 6% Pot. Elec. Power 53" Wash. Rwy. & Elec. com. Wash. Rwy. & EL pfd. (5) NATIONAL BANK. Cons Capital (14) Columbia (12) : cial (stamped).. Metropolitan (i4) Rizgs (158) Second (9e) Washineton (13 TRUST COMPANY. Amer. Security & Trust Co. (15) 333 Continental Trust (6) : 115 Sav. & Tr (12f) Prince Georges Bk. & «Tr Union Trust (8s) Wash. Loan & Trust (i4) SAVINGS BANK. | Bank of Bethesda (6%) Commerce & Savings East Washington (12) Potomac (10)........ Security Sav. & Com. Bk Seventh Street (12).. United States (30) Washington Mechanics (20) FIRE INSURANCE. American (127 . 280 Corcoran (10) 150 Firemen's (8) 30 National Union (15) 21 TITLE INSURANCE. Columbia (6h) ... Real Estate (6h) MISCELLANEOUS. Barber & Ross. Inc. com Col. Medical Bldg. Corp. 6) Col. Sand & Gravel pid. Dist. Natl. Sec. pfd. (7). Emer. Bromo-Selz. Federal Storage pfd : Fed.-Am. Co. com. (1.200) Fed-Am_ Co pfd. (6) Lansion Monotype (8} 0 Mer. Tr. & Stge. com. {10} . Mer. Tr. & Stge. ptd. (7)... Mergenthaler Lino (6).. U Mtge. & Inv. pid Peoples Drug Stores pfd. (614) . Real Est. M. & G, pfd. (8).. Security ‘Storage (4e) Ter. Ref. & Wh. Corp (3) The Carpel Corp. (1.50c). W. Mech. Mtge. com. (6) Wash. Med_ Bldg. Corp. (75} Woodward & Lothrop com. . 530 50 .28 1 105% e112% extra, 5277 ‘extra. ¥214% extra. 3% extra. 5% { *Ex dividenc. i b Books closed. c30c extra n2sc extra, 1 £30¢ extra. §1% extra. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) | Rate—Maturity. Bid. ofter. |27%s June 15, 1931 100 7-32° 100 8 1%s June 100 1-32 100 3-3 2%s Sept. - 100 9-32 1i4s Sept’ 99 30-32 Dec 1 3 00 Mar. 100 1-32 1 25 3%s Dec. 101 14-32 101 16-33 Ab& St 5%s°43. Allegheny 55 '44... Allegheny 5s *49 Alleg Corp 55 'G Am Ag Ch 71341, Am Chain 6s°33.. Am F P 53 2030.... AmI1GChb5%s'49. Am Int Cp 5348 '49 Am Metal 535 '34 Am Sug Ref 6s"37. Am T&T cv 4%8'39 Am T&T 58 °65..... Am T&T c tr 5s"46. Am T&T 68 s £ 60 Am T&T 6%s '43. Am W Wks 58°34.. AmWat Wk 68 ‘75 Am Wr Pap 6s 47 Argentine 5% Argentine May Argentine 6s Ju '59. Argentine 63 Oc *59 Argentine 63 A 57, Argentine 6x B '58., Arm & Co 4%s5 '39 Arm Del 53543 Atchison ad) 4 Atchlson gen 48 ‘95 Atchiscv 4358 '41. At C L col 4s°52 At Ref deb 55 37. Australia 4%s 56 Australia 63 '55. Australia 58 5’ Austria 15 '43. Austria 7s'67 cf B&O 4348, .. B&O4%s" B&Oref 58'95. B&O 58D 2000. B & O Sw dy 58 '50. Bk of Chile 6%8 ‘57 Bk of Chile 6% "61 Batav Pet 4145 '42. Belgium 6s ‘65 Belglum 6% s 49 Belgium 78 ‘55 Belgium 7s Bell Tel Pa 65 B *48 Bell Tel Pa 55 C 60, Beriin Cy El 65 Berlin CyEl 6135 Beth Steel pm 5526 Beth St rf 58'42...; Bolivia 75’69, Eollvia 8545 Bordeaux 63 '34. Bos & Me 5s ‘67, Brazil 613 '26 Brazil 6%8°27. Brazil Brazil 8s 41. Bremen 7s '35. Bklyn Elev 63s. Bklyn Man 65 ‘68. . Bkiyn Un 1st 5850, Buenos A 65 '61 Pv. Buff Gen El 41 s'81 B R & Pitt 4%5'57, Bush T Bldg 68 '60. Calif Packing 58’ 40 Canada 4560 Canada 55 ‘52 | Can Nat 434867, Can Nat 4%s'68.., Can Nat 4%s'55... Can Nat 58 July ‘69 ‘an Nat 55 Oct '69.- ‘an Nat 55°70. . Can Nor 4%s '35 Can Nor 675 d Can Nor 7s deb ‘40 Can Pac deb 43, Can Pac 4% '60. Can Pac 58 ' . Cert-td deb 5355 48 Ches Corp 53°47... C&O4%sA"93. .. C&O4%sB'95. .. Chi Ind&L gn 55'66. Chi & Eas 11158 '51. Chi Grt West 43 '69 Chi M&StP 4%s E. Chi M StP&P 55 *76 Chi M & St P ad] bs Chi & NW gn 4s'87 Chi&Nwn 4348 2027 Chi& NW con 4%s. Chi & NW 6158 '26. Chi R1& P rr4m'34 ChiRlcv4 C& W (nd cv 4 C& W Ind 5%s Chile 65 °60. Chile 6s '61 “hile 65 6. Chile 7s *42. ., . Chile Cop db 68 *47. CCC&StL4%SE. Colomb 6s Jan 61. Colombia 6s 61 Oc! Colon 011 63°38. ... Colo & Sou 4148 '35. Col G&X 53 May ‘62 Com Inves 51,8 '49. CC Md 1st rf b5 '60 ConG N ¥ 5%3 45, Con Pwr Jap 6%3 Con Pow Japan 7 Copenhag 4% '63. Copenbag s " Cuba 65%s 45 Cuba Nor 6% Czecho 85 ‘51 Denmark 4 Denmark b Denmark 6s '42. Denver Gas 5851, D&RG W 6355 Det Ed G&R4% 5 Dodge Br ¢l 63 °40.. Dugquesne 41 '67.. Dutch East I Nov.. Dutch East 16347, Dutch East 1 63 '62. El Salvador 85 '48. Erie Gen 4s Erfe cv 58°67... Erie 53°75. Flat7s war. Flat 7sex w Finland 5%s ‘8. Finland 6%s ‘56. Finland 7s ‘50. Fond J&G 435 French 7s*49 = French Gvt 7%s 41 Gen Baking 5%s '40 Gen Motors 6s 37.. Gen P Sv 5145 39 Gen Th Eq 63 40 German 5%8°65. .. German Bk 6s'38. . Ger Cen BK 65 '60 J Ger Cen Bk 6560 O German 6%s'50. .. German 7s rep '49.. German Bank 75 '50 Ger Gen E175°45. .. Goodrich cv 6545, Good 15t 6%s'47. .. Goody’r Rub 6s ‘67. GrandTr sf db 65’36 Grand Trunk 7s '40 Grt Nor 4%3 "7 E, Grt Nor gn 5% ' Grt Nor gen 78 '36. Greek 6363 . Halt! 63 '62. Hud & M ad, Hud & M rf 5 Humble Of1 £ Hum O&R 6%s '62.. Hungary 7%s "44. NIBT1stpf6s A, 111 Cent ref 45 '55. . 111 Cent 4% 3 66. 111 Cent 55 '55. 11 CCSIL&N 65 A Inland Stl 43 A'78 Inland Stl 4s% B'81 111 Steel 43840 Int Rap Tr 65 '66 Int Rap Tr 5ta 66, Int Rap Tr 63 '32 Int Rap Tr 7s Int Cement 68 °48. . Int & Gr Nor 68 '52. Int& G Nad 6s°'52. int Hydro El 63 '44 Int Match 68°47... Int M Co Gs ret 4 Int Pap 53 A *47, Int Pap 63 '55 Int RysC A 5 '#3. Int Ry CA 6%8 47, Int T & T 4%s°52. . It TET cv 4%8°39 Mt T&T68'55. ... Towa Qent rf 4s'51. irtsh St 08 60, Italy 78 '51. ruRan © mea EHsnntos Sxla conmenan~ah o~ 100% 75 74 73% 104'% 101% 8214 100% 90% 92 104% 129% 108% 108% 108 110% 103 106 65 B5% 92% 74 10315 86 1041 101% 1011y 101% 104% 1% 744 73 104 101% 8214 | 118 & Myera 7, LacG St L bs & Laclede 58 C '63.. Laclede 5%s D 60, Lautaro Nit 68 ‘4. . Leh Val cv 43 200 44 100 | Loew’s 68 ex war.. 165 90% 91% 1045 Lorfllard 63 61.... Lor/llard 5%s '37. Lorillard 7s 44. 128% | Lou G & EI 5s 52 L & N uni 4s ‘40 L &N 4%s 2003 L &N 1strf5%s La & Ark 58 '69 Lyons 68 ‘3¢ & McCormack 68 °34. . McKes & R 5138 ‘60 Manh Ry 1st 4390 Market St 78 40. Marsellle 65°34. ... Mex 45 asstd 1904. . Mexico 58 A ‘45 Midvale Stl 53 36. . Milan 6%s ‘52 Mil E Ry & L 58 '61. M StP&SSM con 4s. M StP M StP&SSM 5 MSP&SSM 5%s 78. MK&T 1st MK&Tals MK&Tprin Mo Pac gen 4 Mo Pac 53 A "65.. Mo Pac s F ‘77 Mo Pac 63 H '80 Mo Pac ref 65 '81 Mo Pac 538 cv '49. ] Mobile-Ohio 5 '38. Mont Pow 53 43 Mont P db 6s A Mont Tr 1st 5: Montevideo 65 '59. . Montevideo 78 '52. . Mor & Co 1st 4%s. ., Nassau Elec 45 '51.. Nat Dairy 538 ‘48. Nat Rad 6%8 '47... Netherlands 65 '72.. NOT&M5%s"54. w S Wales 63 '58. N Y Cent 4s 42, N Y Cen 4398 N Y Centdb 4s'34.. Y Cent 43432013, PEYS 1 6 wmaSasleanFelivasrnalemrwan-E mamnn 12 1 1 41 z 1 1 15 1 19 NY Cen rf 4%52013104 NYCre im 6s 2013. N Y Cent db 68 '35.. NYC&StL4s'37. NY C&StL 4%8"18. NYC&SLLG6%sA N Y Edison 68 B 44 N Y Ed 15t 64541, NY ELH&P 4549, Y ELH&P 53°48. . Y NH&H 434367, NY NH&H clt 6s. .. Y NH&H cv db Y O&W 1st 4892, NY O&W gn 4s°55.. Y Rys Inc 6s'65.. NY Rys 63 A '65. NY St Ry 4%8'62.. NY S&W 1st 53 '37. N Y Tel 43539 N Y Tel 63 ‘41 N Y Tel 63°49 N ia Sh Md 5% No Am Co 5s°61. Nor Am Ed 5357 NorOT &L Nor Pac 38 2047 Nor Pac 4897 r Pac 418 2047, Nor Pacr16s2047.. Nor St Pw 53 A "41. Nor St Pw 6s B '41. Norway 65 63 Norway 6s"43 Norway 68’62 Orlent dev 5%s 5 Orient dev 6s 883 | Oreg-Wash 841 T8 109% 983, 101% | peru 63 Pac G & El 6; Pac T&T 18t 6337 Pac T&T ref 5s '52. Pan-Am Pet 63 '34 Paramount 6s '47 Pathe Exch 7s '37 Penn 4s'48 Sta. . Penna 4% s D81 Penn gen 4%3 '65 Penn 435 ‘70 n &8 Penn 6% '36. Penn O&D 4%s Peoples’ Gas 5 Pere Mar 4% '80.. ‘60 100% | peru 65 61 98% | Peru 75 '59 38 105% | pnila & Read 63 943 9914 95% 100% 2% 1% 110 Pnila Cots-e1. ... Philiip Pet 5% 539, Poland 6s'40. Poland 7s *47. Poland 8s '50.. Porto Alegre 8s5'61. Por RT P'Ind G El 4%s'60. 96% | Pos Tel & C 58 '53.. 101% | Prague 7348 '52.... 105% | Pressed St C 58 '33. . 102% | Prussia 63 '52 70 Public Serv 4s 10 2 20 25 5 15 2 15 18 25 1 4 2 18 39 5 3 15 33 27 6 108% | Pure O11 538 '37... 12 104y | Read gn 438 A 97, 2 100% 101% 60% 8714 | Third Av ref 4 92% Rem Arms 63 A Rich Oll cal 63 "44.. Rio de Jan 6%s 52, Rio de Jan 8s '46 R Gr De Sul 6s ' R10 Gr W clt 48°49.. Rio Gr W 1st 43°39. Rome 6148'52 Roy D 48’46 ww. StL IM R&G 4s ‘33.. StL&SFin4sA.. 4 3 55 18 2 1 3 61 El 8 45 StL&SF 4%s'78. 327 StL&SK gen 55 '3 St L&SK prIn 68 B. StLSWecv4s'sz.. StP&KCSL4%s. San A& AP 4s'43.. Sao Pau 78 "40 ret Sao Paulo 8s '36 Sao Paulo 83 '50 Saxon Pu W 635’51 Saxon 78’4 . SeabA Lrf 9.0 Seab A L 4s st ‘50 Seab A L cv 6s'45... Sea All Fla 63 A '35 Shell Un O11 53 *47. Shell Un O11 55 °49.. Shinyetsu 633 '52.. Sinclair Ol 6148'38. Sinc O 7s cv A 37 Sinc P L 5842 Solvay Am 6s "42. Sou Bel T&T 53 SW Bell T 6s A Sou Pac 4%5 ‘68 Sou P 4%s5'69 ww. Sou P&Or 43817 Sou Ry gén 4s "5l Sou Ry 63 '94. Sou Ry 61 '56. Sou Ry 6% St Ol N J 6 StOINY 4 Swiss bis Tex & Ark 5% Tex Corp cv Tex & P 1st bs . Tex & Pac 58 B '17.. Tex & Pac 58 C*79.. 0, Third Av adj s '60. 9614 | Toho El Pow 78 ‘65. 3% 60 72 881 83% 67% | Un Pac 4%, + Unit Drug 8% | Uta Tokio 6%s°6; Un Pac rf 41 2003 6. g 6%s'37 us IK‘.'O 1st 58 °47 Un St1 W 6%s A 47 3% Uruguay s '60.... 104% Uruguay s '64. 99% Uruguay 85 '46. 123 1i 37 1 10 3 1 15 [ 1 82 » 2 11 29 11 14 17 20 4 k 6 9 72 24 103 103 101 103% 106% 111% 964 19 98% 103% 102 103% 107 66% 93% 95% 111% 103% 1064 101 105% 102% 9415 100 9 105 105 107% 101% 92 105 82% 99 96% 101% 95% 100% 1033 110% 99% 108% 93% 26% 26% 52 101% 3% T 70 9% | 84 54 12 90 61 103% 87 79 95% 88% 101% 95 80 «91 87 85% 85 49 44 83% 93 75 92 BY J. C. ROYLE. The old theory of the “survival of the fittest” is being amply substantiated { today by the annual reports of retail merchants. Retail sales of merchan- dises unquestionably is the most au- thoritative barometer of business ac- tivity. There no doubt has been & very decided drop in the volume of busi- ness transacted and vet the more ef- ficient merchants report, in_almost every case, an increase in business rather than a decrease for 1930. This is_strikingly cxemplified in the reports of the largest chain store sys- tem in _the world. For the 12 months ended February 28, 1931, this company reported the largest volume of goods sold with the largest volume of dollar sales ever recorded by the corporation. 1t also reported the greatest net profits of any year of its history of over 75 years. This company increased its margin of profit to 2.8 cents on each dollar of sales. This figure compared with 249 cents for the previous fiscal year. The net income for the company was more than double the amount in 1926 and more than four times the amount earned in 1922, Advertisers Lead Field. It is strikingly apparent that the more successful merchants are those whose percextage of expenditures for advertising is the highest. The estab- lishments doing the greatest businems have the largest expenditure for newh= paper advertising in proportion To thed net sales. According to information furnistes by the Department of Commerce, (e bulk of the advertising appropriations of the merchants of the country is devoted to newspaper advertising. A survey throughout the seven South- western States, which involve 376 re- tail stores, showed that companies hav- ing net sales of over $10,000,000 for the yeer devoted nearly 6 per cent of their totals to advertising, whereas stores with sales of less than $100,000 a year spent only 1.72 per cent of their totals for advertising. A great bulk of the stores covered held fairly well to a fixed rate between net sales and adver- tising expense. However, 29 per cent increased their advertising in the last year, whereas only 13 per cent re- duced it. Of the entire list which did over $500,000 worth of business during the year only two stores used no newspaj advertising, depending for their pfo- motion efforts on circulars and hand- bills. About one-third of the stores circularized used newspaper advertis- ing daily. An additional number used the newspaper six times a week and a still Jlkrm number used them five times a week. Followed With Mail. About 63 per cent of the stores sup- plemented their newspaper advertising with direct-by-mail appeals. This is usually done once monthly and the ap- peals consist largely of the including of circulars with the monthly state- statements of customers’ accounts. Some few stores, however, send out mailed sales messages twice and three times a month. The volume of sales of the more suc- cessful stores has been maintained and in fact increased despite the drastic drop in commodity prices. Wholesale grocery prices, for example, dropped 2.3 per cent in the last month, according to ;a‘neindexbuedonluntorzdnocery ms. Despite this fact, it is reported, that the earnings of the General Foods Cor- poration during the quarter ended March 1, amounted to approximately $5,300,000 after all charges and Ped- eral taxes. This compared with $5,990,~ 000 for the first quarter of 1930, al- though commodity prices are estimated to have dropped 15 per cent between the two periods. (Copyright, 1931.) NEW YORK PLANNING BAR SILVER MARKET National Metal Exchange, Inc., to Submit Rules for Trading in Futures. | By the Associated Press. NEW YORK, - April 23.—Establish- ment in New York of the world’s first organized market for trading in bar silver futures contracts has been voted by the board of governors of the Na~ tional Metal Exchange, Inc. ‘The exchange already supervises trading in tin and copper futures con- tracts. “The creation of a market for trad- ing in siiver futures,” the exchange's announcement said, “is another link in the establishment of New York City as the financial and commodity center of the world. “There is at present no organized ex- change whereon trading in silver futures is conducted. By the action of the National Metal Exchange, Ine., a free and open market for the purchase and sale of bar silver will be available to individuals, banks, corporations and governments throughout the world who are interested in silver. “Last year the world production of silver was approximately 243,000,000 ounces. Because America is the h!“"f producer of silver, it is logical 8% the first organized futures exchange for trading in silver should be estab- lished in New York. Rules governing trading will be drawn up and submitted to the members. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks London, pound Paris, franc.. Brussels, Berlin, Rome, Zurich, ‘Athens, Madrid, peseta. Vienna, schilli; Budapest, _pen; Prague, crown ( Warsaw, zloty. Gopenhagen, crown Oslo, crown. .. Stockholm, crown. frane: ! drachm Bales, High. Low. Close Utll Pow 5869 ww, 76 71 69 69% Utll Pow 6%3'47.a 25 78% 76k T77% Vienna 6s '5: 87% 8% 87N Va Ry & Pow 6 103% 1031 103'% Va Ry 1st bs 105% 105% 105% Wabash 43438 °78. .. 66 66 66 Wabash 1st 65 '39.. 103% 103% 103% 10 2 Wabash 2d 5s "39 101 100% 100% Walworth 6s A "45 70 70 70 Warn Br Pic 63 '39 50% 45% 46 Warn Quin 6s ‘39 53 52% b52% Warsaw 78 '58..... 63% 631 63% Warner Sug 7s "41. 105% 105% 105% Wat Sh 1st 43 2361, 9% 9% 9% st El deb 53 *44. 106 106 106 West Md 4s 52, 79% 9% T9% West Un Tel 6s ‘61, 104 104 104 West Union 5s '60.. 103% 108% 103% West UnT 6 109% 109% 109% WEOG5%s'37ww. 5102 102 102 Wil-Ov 1st 6345 ‘33, 9 99 99° Wilks B & E 1 45% 45% 45% Wil & Co 1st 6 99% 99% 9T Win R A 7T%s 41 2% 27w 27% Yokohama 6s'61..., 99% 99% 99% Ygstn Sn&T b8 78, 101% 100% 100% 75 2 85 10 3 16 17 4 41 e