Evening Star Newspaper, April 23, 1931, Page 15

1931, FINANCIAL, ¥¥¥ A_]5 STORAGE OF AUTOS AFFECTSNEW SALES WASHINGTON, D. C, APRIL BUSIESS OUTLOOK VIEWEDBY .. DUN FINANCIAL. THE EVENING STAR, THURSDAY, CURB PRICES BREAK [NEW YORK CURB MARKE: FOR RECORD SLUMP -y STOCK AND BOND AVERAGES By the Associated Press. From Yesterday's 5:30 Edition. Received by Private Wire ect to The Star Office STOCKS. 10 10 Industrials, Rails. 116.5% 85.0% 1193 86.2 Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (2508), which shows those stocks were sold in odd lots. ~Prev. 1931~ Stock and Bales— High. Low. Dividend Rate. Add 00. Open. High. Low. Close. Add 00 Open. High. Low. Close. 13 18% 18K 13% 86% 364 34 34 B65% bBBW Ba% BRY 10 Utilities, 169.0 1713 30 Total. 120.9* 123.4 1Ind Ter Illu Of1 Insull Inv (b6%) 631 52 InsCoofNoAm 1234, High. Low. 16% 134 Severe Selling Movement Forces Stocks Down to 49% 29 New Lows Again. 1 BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, April 23.—One of the severest selling movements of the year broke stock prices on the Curb Ex- change around the noon hour today, carrying many popular leaders to rec- ord low levels for the year or longer. Trading volume increased as prices de- clined. Ford Motor, Ltd., which had put up stubborn resistance, fell to a new_low. Cities Service hit 153, down 5. Elec- tric Bond & Share met some support buying around 41's, after it was down about a point. American Light & ‘Traction and American Gas & Electric sank to new lows for the year. In the third hour signs of support appeared. A wave of selling in the amusements followed early weakness in petroleum and public utility securities, Later | some of the natural gas and allied industries were pressed for sale and then the metals gave ground. Niagara Hudson Power opened un- changed, but the appearance of huge blocks of the issue just at midday brought the stock within a fraction of | it minimum price for the year. Offer- | ings resulted from the publication of | first-quarter profits, which amounted to 14 cents a share, against 18 centd a share for the same period in 1930 Professional attacks on General The- aters Equipment preferred and Fox ‘Theaters A made these issues the weak- est in the amusement division. Selling spread to other shares in this classifi- cation as traders heard of decreased theater receipts. Standard ©Oil of Indiana and Stand- ard of Kentucky early in the session crashed into new low territory. They were followed by Imperial Oll of Can- ada, General Petroleum new when is- sued and others. Price cuts of Penn- sylvania crude by South Penn Oil and other companies depressed such stocks. Gulf Oil was the first of the miscel- laneous group to establish a new low figure. Some of the inactive issues recorded wide price swings. Quaker Oats open- ed down 21 points to a new low at 140 A. O. Smith was off 5 points. Great Atlantic & Pacific Tea rapidly lost more than 4 points. Aluminum Co. of America moved. back and forth in an 8-point range. Recently weak, North- ‘western Yeast moved up 6 points, only to_reverse its direction several tim The curb today lost one of its metal leaders when Noranda Mines was trans- fered to the big board, but Newmont Mining tried to replace it in point of activity. Newmont sank to> a new low. as did New Jersey Zinc, following | further softness in zinc quotations. Durant Motors was a feature of its group in the forencon. A block of 13.- 500 shares opened at 2, unchanged. but the stock later declined. Ford Moter | of Canada A scraped a new bottom. Perfect Circle Co. opened at 29, off 51; points, in response to its March income statement of 77 cents a share, | against 82 cents in the first quarter of Jast year. Western Auto Supply was off about 3 points. Lerner Stcres at 32 was down more than a point. Welch | Grape Juice equaled its previous low | and Glen Alden Coal broke through its record minimum. (Copyright, hAE SILVER. NEW YORK.. April 23 (¥)—Bar sil- | ver, . an advance of i, cent. Mar- | k=t firm with a good demand, but little offered. 1931) 'S ON THE CURB MARKET. Balesin DOMESTIC BONDS. thousands. High 13 Alabam Pw 4%as ‘67 n 98'% 3 Alabama Pow 3s '36. 103 1Alabama Pow S5 '68. 103%: 2 Amer EI Pow 6s A '57 6) 9Amer G & E 55 2023 12 Amer P & L 6s 2016 9 Amer Rad &izs 47 Roll M ¥as 23 2 Arkans P & L 5 21 Asso El Ind & 5As50 G & E 415 6 Asso Gas & 1As G&E § 24850 G & E 5'an i Birmham Gas 5s 5 20 Bost & Me 4345 61 JJ 8Can Nat Ry '4'is '36 1Can REIsE’'3 1 Caterpillar_Tr 5s '35 9 Cent Pub Ser 5'.s 49 6Cent Stat Elec 55 '48 3Cent St EI 5125 C '54 1Chi Dis El 4135 70 A 5Chi Dis Elec 5's '35 1Chic Ry cod 55 2027 132 Cities Bervice Ss "50 2Cit Sery Gas 5'as '42 1Cit Ser Gas U 6s 143 3 Cit Serv_Pow 5'ss 2 Comwh Ed 4zs C 1Comwh Ed 4'3s D 2Con GU 655 A 43 3 Con Gas Util '6s A 43 2Cons Pub 6% 36 3 Consum Pow 4'4s 5Cont G & E 55 A 1 Continen Ol 5%s 5 Cudahy Pkg 5is 3Det C Gas 55 A 2 East Ut Inv 55 34 8Elec P & L 55 A 2030 21 Gillette § 4 Guardian 1 3 Gulf Bt Ul 1 Hrgrade Pd_6s A 2Min P & L 5. 2 Independt "1} 6: 7Indnap PAL Intern Sec A Jer Cen P& Nb L&P 5 s A 81 . 4 P & L 65 A 2025 1053, 1 Pacific 4'.5 '8 96%4 w Nat G 6s '45 57 fe 6s '42_.. 96 < & E 65 1351011 1 E cv 65 s & E 6 I, 65 of Tiin 4 er of Tlin 4' < i &Tenn Prb Berv & 3 Texrs Flec 5 1% Texas P & L 5 & Unton 20T T &P S1ni It & P 15 Tinited P & ERM 84 o, Moo 5 '33 101 1 2214 19% 1% 115% 3% 5 30% 224 16% 40% 2% 13 o 4% 31 104 1213 €5 684 £ 100 17 2914 04 £4% 10% 5215 1uz 114 108, 11% Affiliated Prod 1.60.. 5 5 Agfa Ansco. 38 % Air Investors . 1 113 Ala Pow cum pf (7).. 508 2% Alleg G 4 4% Allied Mills (60c) 2 24% Allied Prod cv A3%. 1 140% Aluminum Co of Am.750s 14 Alum Goods (1.20).. 5915 Aluminum Co Ltd 2814 Alum Ltd A war 24 Am Arch Co (3) 2814 Am Bakeries A (3). 1% Am British & Cont. .1 33 Am Br B fd shar! 5 Am Capital B, 65 Am Cigar Co 33% Am Cit P&L ( 5% Am Cit P&L B b10%. 11% Am Com P A (b10%) 20 Am Com Pr B(b10%) 7% Am Cyanamid B 4'a Am Equities, . 14'c Am For Pow war. 313 Am Founde; . 67% Am Gas & Elec ($1). 49 Am Hardware (4) 4% Am Invest, Inc (B). 11; Am Invest war. 33% Am Laundry Ma (3). Am Lt & Trac (2%).. Am Maize Prod (2). . % Am Maracaibo 2% Am Natural Gas 14 Am St Pu Sve(al.60) 9% Am Superpcw (40c). 8114 Am Superp 1st (6).. 2% Am Util&Gen (B)vte 1 Am Yvette Co (25¢). % Anglo Chil Nitrate.. 5 Appalachian Gas 47: Arkansas Nat Gas 4% Arkans Nat Gas A 17t Asso Gas&El A (a2). 19 Assoc G & Eall ctfs. 4 AssocG & E A dbrts Assoc G & E pf (5).. 4 Asso G & Flct (8) 13 Assoc G & El war... Asso Ray pf cod(6). 22 Assoc Tel Ut (b8%). 61« Atl Secur Corp. Atlas Plywood (2) 3’ Atlas Util Corp. 1% Atlas Utilities war.. 17% Aviation Cp of Am 1'% Bahia Corp..... . 54 Beneficial 1L (1%). 25 Bigelow-Sanford. 1415 Bliss Co (EW) (n1). 3l JSlue Ridge Corp. . 30% Blue Ridge cv pf a3. 18 BrazTr & Lt (b8%). 1 Bridgep Mach (25c). 3 Brill Corp A (34c) 10 Brit Am Ol C (80c). 10'% Brit-Am Oil r 19's BritA Treg 1.17 4 1% Br Ce! S1s Buff N & E P 1st Bulova cv pf (3%) Burco Inc % Burco Inc 34'¢ Burco Inccv 1% Burma rets +27 3-5c. 1% Bwana M Kubwa.... 1y Cable Radio T vie. .. ble & Wire B rcts. 1% Canada Marconi .. 177 Cent Hud G&E (80c) 1041 Cent Pow & Lt pf (7) 508 15 CentPubSvDel.... 1 14 Cent Pub SveA b10% 20 94% Cent&Swn Ut(b10%) 50s 941¢ Cent&Swn Utprin7. bUs 9 CentStat El (b10%). 35 50 CentStEcvpfnaé.. 1 54 Cent St Elpf xw (6). 5% Centrifus Pipe (60c) 7 Chain Stores Stock. . 137 Chat Ph Aln.v (1).. 110 Chesebor Mfg (+414) 15 Citles Service (z30c) 43 €13 Cit Sv pf B (60c).... 79% Cities Serv pf (6)... 6 flauds Neon Lts, Inc 48 Clev El Illum (1.6M), 112 Clev El llum pf (6).. 20 # Coombia Syndicate. 5 3% Col Oll & Gas Sos Cmwlth & Sou war 2 Com Wat Sv (b6%). 4% Comstock Tunnel i» Consol Auto Merch.. 213 Consnl Codper, . 82 (on Gas Balto (3.60). “onsol Gas Ut A 2.20 1% C =0l Royal (30¢c).. 6% Contl Chicago Corp. * Cont Shares conv nf.1 Cont Shares pt (B) o e B #aBBaRuln S S oanna 85 6 56 4 1258 4 21 4 56 4 [ O O T TP 1 % P 2 5 4 4 5 4 5 1 3 8 1 a S A N R A DN N RNt R R 8 ) Cooper Bess pf A( 7y Copeland PrincA... Cord Corp 13 Corroon & R 14 Creole Petralenm 4 Cresson Consol (4c). 7% Crocker Wheeler. ... 5% CrCork Int A (1) 7% Cuneo Press ( 5 %, Curtics Wrisht war. % Cusi Mex Mining.... % Dayton Alr & Eng. 241 Deere & Co (1.20).... 1% De Forest Radio. . ... 12 Delsel W Gilb (135). 1% Detroit Afrcraft Cp.. % Dinkler Hotels (2) 1284 Douglas Afr (113%).. 30 DressSRA (3%). 19 Dresser Mfg B (2) 21% Driver Harrls new. 3 Dubilier Cond & Rad 2% Duquesne Gas Cp wi 1% Durant Motors 2 Duval Tex Sul wi Bagle Picher Lead. Fast G & F Assoc. st St Pow B (1)... st Util Inv A sler Electric Corp. ec Bond & Sh (b6) ecB& Shenpf5., ec B & Sh of (6).. ec Pow Assoc (1). ec Pow Asso A (1) ec P & Lt op war.. Sharehold (b6%). Shareh pf (a6%). mp Corporation irop Elec deb rts vans Wallow Lead. M Ed 3 - €4 PAVRNDNND—a 0P s Fageol Motor. .. ) Fajardo Sugar. « Fandangzo Corp Fansteel Product Federated Metals. 10% Fiat rets (94%c) % Flintkote Co A. 211 Ford M Can A ( 1% Ford Mot 1.td 36 13% Ford M Ltd n 36 3-3 “oremost Dairy Pr.. ndation For Shs. ‘ox Theater Cl1 A... Gen Alloys. .. en Aviation..... 10% Gen Elec Ltd (p70¢). 14 Gen Empire Cor (1). 23% Gen Fireproof (2)... 50% Gen G&E cv pf B (6) 300s 2113 Gen Petroleum...... 1 n The Eq cv pf(3). aner Comb Harv 2 Glen Alden Coal (1) Globe Underwr (15 % Golden Center Goliman Sach T | Elec new hne rets(nl) vmur Corp (1) At&Pac Tea nv(§) AZPTOO(T) . 108 t Nor Parer (3). 3 uwif Oflof Pa 1), 23 Hamilton Gas rets. . » Hazeltine Corp (2) : fecla Mininz (40c). . tletena It ihenxtein, o Hires (CE) A (2) 6% Hodinzer Gold(6ic) 4% Hudson Bav M & 8 3 Hu » Carn2iaR oo T s s 4 5% EREE o 204 15% 1 115% 2 20 15% 1 1154 2 4% 28% 161 14% 77 44 26 30 21 4% 28% 166 14% kid 20 14 28% 15813 159 14% 44 25 30 20 14% 1 1 115% 115% 2 415 2 415 28% 144 7 44 20 ‘ 65 36 6% 17 Aer Mtz Bark 2 Caues_“alley 7 10 Cent BE Co_6: 2 Ghile Mts Bk 65 1Com Pr Bk 5'u 2 Danish Cons 55 '53 iDanish Con_ 5. 1Pinid_Ind Bk 75 '44 ¢ 8 Ger Cons Mun 6s 47 § Gen Cons Mun Ts 47 3 Gestueral 65 ‘53 ww 5 Hanover Pro 6lzs 49 11tal Sup Pow 65 A '63 E6% 111 Pow 11 Tmpt 1214 Imp O Can reg (50c). 1% 9% [ 15%% 13% 33% 45 10% % % 107 314 14 4 Insurance Sec (70c) .. Intercontinent Petn, Int Petroleum (1), IntSaf Raz B (12%). Int Superp (1.10). Int Utilities A (334). Int Utilit Int Utilit Interstate Equities. . Irving Air Chute (1), Itallan Superpow A.. Itallan Superp war Kleinert (IB) Rubber., Knott Corp (1)... Kolster-Br (Am Sh). Lackawanna Sec (4), Leh Coal & Nav 1.20. Leonard O11.. Lerner Stores (2) 1 Lerner Stores pf (6)1008 Liberty Dairy Prod.. 1 Lily Tullp Cup (1%) 1 Lion Ofl & Refining i Lone Star Gas n 880. 11 Long Island Lt (60c) 1 Long Isld Lt pt (7).. 20s MacMarr Stores (1). 3 Magdalena Synd. 3 Mangel Stores pf.... 50s Mass Utev pf (2%). 508 Mavis Bottling (A 1 Mayflower Asso MecCord Rad & Mf B, Mead Johnson (14)., Mesabl Iron. ....... Mesta Machine (2). Met & Min Inc (1.20) Mich Gas & Mid St Pet Mid W St U Mid West Ut (b8%). 9 Midland Unit (b6%). 1 Minne-Honey pf (§). 208 Mo Kan P L (b10%), Mountain Prod (1). Nat American Co. . Nat Aviation. .. » wonmRum~Tamnar » Ko o 1 1 0 4 4 ki Nat PS cv pf ww 33 Nat Pub 8v pf (7) Nat Servi b Nat S T Sec A (350¢) <at Transit (1). Cevada Cal ¥ Pow pf (6) ing Pow (2) w Jers Zine (13) New Mex & Ar Land. Newmont Min (4) N Y Hamburg (23). N Y Tel pf (6%4).... Niag-Hud Pow (40c) Niag-Hud Pow A w., Niag-Hud Pow B w Niag-Hud Pow C w Niag Sh Md (40¢)... iles-Bem-Pond (2 ip Noma or Am Aviat A war Nor Europ Gil Corp.. % Y 1% 224 ™ * 1% 12% 2214 417 T ¥ 2% oy a4 I 6% 108 1 32% Nor St Pow A (8)... 3 orthw Yeast Co 12) 2508 del Agene (4).. Ohio Pow pf (6) Pac Western Of1 Pandem O11 Pantepec Ol Paramount Cab Mfg. 1 "arker Rust Pr (3)..1000s Pennroad Corp (20¢) &3 Penn Wat & Pow (3) Peop L & P A (2.40). Perfect Circle . Perryman Electric. . Philip Morris Inc. .. Phoe: ecur Corp. Phoenix § C pf (3)... Pie Bak of Am A (2). Pilot Rad Tube A... Pitney B P n (20¢). Polvmet Mfg. Premier Gold ( 6 Producers Roy Corp. 1 Prudentiai Inv pf(6) 150s Pub Util Hold war.. 2 Pub Util Hold Cpxw 6 Quaker Oats pf 6)... 103 Raiiroad Sh (50¢) Reliance [nt A Reliance Manag Reybarn Co Reynolds Inv 49 1 1 3 1 ichman Bros ¢ Boch Gas&E pf D 4 Rock Lt & P (40c). .. cosevelt Field Inc. ia Int Corp. . valty Corp pf. St Anthony Gold t Itezis Paper (1). It Creek Ofl (28¢) . alt Creek Pro(1.40). Saxet Co. Schulte Un 5¢-31 St. Lock & H (50¢). eibecling Rubber elected Indusiries. Sentry Safety Cont. . Shattuck Den Min. .. Shawingan W (233). Shenandoah Corp. .. n Wil (1134) i eletfs. ..., Sloux C G&E pf (7). mith (A O) (2) outh Penn Ofl ( 1004 6115 20 i Southld Royalty 60c. W Bell Tel pf (7).. 50s W Dairy pf ww.... 10s S W Gas Utilitles... 1 Spleg May Stern pf..105s Stand Holding Corp. 1 Stand Oil of Ind (2). 20 stand Ol of Ky 1.60. 11 and Ofl. Ohto (2%) 1108 Starrett Corp > X Stein(A) & Co (1.60). £tein Cosmetics. ... Stutz Motor (new).. Sunray Oll (b5%) ... Swift Internat (3) Technicolor, Inc Teck Hughes (60¢. Todd Shipyard (4).. Tonopah Mining Tran Con Air Tran. Trans Lux DLPS.. Tri Utilities (31.20).. Ungerteider Fin Cp.. Unit Chem pt pf (3). Unit Corp wa nit Dry Dock Unit Founder: Nat Fuel Gas (1). Unit Gas Corp. Unit Gas war Unit Gas pf (7)..... Unit Lt &Pwr A (1). Unit Lt& Pwr pf (6). U S Dairy (A) (5) llec Power ww. n Holdin nizhi Koil () ‘nit Stores .. init Verde Ext ( til & Ind e & Ind pf (1%).. %). tP&L Biat] 02%4). Ittty Eauities Util Equity pf (5%).100s Vacuum (4) 20 Vic Finan Corp(40c) 3 Walgreen Co........ & wejker M Wayne Pump Welch Grape Ju (1 West Auto S A | West Mass Co( Vest Pwr ol Youkon G Zomite ¢ %), st t,” a s pducts (1), 1 1 1 1 1 1 6014 nuzi p & Payab) wivicend <to stock based on last quarterly or 1Partly extra. Plis 4 5 Ph n Pius 8% in stock. b Pavable in stbck £ Pius in_ stock. 1 Plus 10 1n stock. pPaid last’ year-—no rezular rate. BANK OF FRANCE. PARIS, April 23 ().—The weekly | '+ | statement of the Bank of France shows « | the following changes in francs: Gold BOURSE IRREGULAR. PARIS, April 23 (#).—Prices moved irregularly on the Bourse today. | RUBBER MARKET. NEW YORK, April 23.—Crude Rub- | ber, Smoked Ribbed Sheets, was un- | changed at today’s noon quotation of 6c. e £ pyens 1214 2214 N ™ 2% 214 Greater Efficiency Now Being Generated May Be Felt Later in Year. Special Dispatch to The Star. NEW YORK, April 23.—The question naturally arises as to whether or not the peak of activity for 1931 was reached with the level which was at- tained in the month of March. It will be observed that in the years 1925, 1926, 1927 and 1929 the peak of activity oc- curred in March, while in 1928 it was | reached in May, and although the peak was actvally reached in March of 1930 it was almost duplicated in May of that year. There is little evidence from the fluctuations of this particualr index, therefore, which would lead the stu- dent to expect a higher level of activity later in the year than that of March. It is, of course, true that October is a month of increased activity prior to the final year end reduction of operations. At the present time it is difficult to predict industrial trends and sentiment as far ahead as the Autumn. The point shculd be made, however, that October activity, according to this in- dex, has rarely been as great as that of the early Spring, and that thereafter there has been a general downward trend to the end of the year. The possibility still exists. of course, that greater activity will be seen in Ma: than in March, as was the case in 1928, and was almost the case in both 1926 and 1930. The fact, however, that the seasonal gain from February to March of 1930 amounted to only about two- thirds of the normal gain for that period in spite of the noticeable im- provement in business sentiment after the close of 1930, suggests that this will not be thz case and that probably the peak of activity for 1931 has been seen. This conclusion implies merely that ac- tivity is unlikely to duplicate the March peak and not that recession will not cease before the end of the year. Reconstructive Forces May Be in Motion. comment that the public is inclined to | exaggerate. Two years ago, in the midst of prosperity, expectations were held which could not possibly have been satisfied. Now, with conditions re- versed, public opinion has swung to the other ‘extreme. Many predictions are heard today which could only be ful- filled if the business structure were to disintegrate completely. While we must face the facts without fear and with- out mitigation w2 must remember that overemphasis of the disagreeable as- { pects of the present situation is as un- |sound as was the expansive optimism | {of 1929 | Valuable as statistics are in throwing light upon the rate and direction of ! industrial activity, they are necessarily « | limited in their application. They can- 11, | not measure the extent of the economic 31, | forces which are constantly at work to | remedy maladjustment and to prevent the pendulum from swinging too far in any one direction. Although these | forces are invisible in their operation, their ultimate sgnificance is as great as that of any set of known factors which are measurable. Periods such as the one through which we are now passing generate a greater | degree of efficlency than is found in | an era of prosperity. The efficiency leads to a reapprisal of conditions, to the ability to cbtain the maximum from what is offered, to gradual expansion, and so agaimn to prosperity. Firm Foundation Necessary. There is. each year, a definite ment to the wealth of the entire world nd the individual Nation, which arises m the productivity of agriculture. 1t is independent of prices which prevail for farm produce, and takes its place with other real wealth in the possession !of the people, regardless of market flutuations. The greater sclectivity and conc on with which husbandry 15 practiced as a result of periods of de- flation has often been a major factor operating to set in motion constructive forces. For a number of months industrial ity has bren contracting. Concur- the excesses of the era of pros- perity were being corrected. It is ap- has elapsed since deflation first set in i | that it should not continue a great deal 6« | longer: it may even now be generating 5% {1ts own end. In all probability the re | vival will be a slow and gradual one, 1 land it is right that it should be s 4 !since only by this means can a firm | foundation be laid and the evils of in- flation avoided NE legieeony YORK COTTON e Star <, April 23.—Cotton prices t lower to 1 point higher at the opening today. With the list near previous lows again, considerable 15'% | hesitancy s manifested by cperators xjon both sides of the market. What 21% | liquidation there w m professionals 12 and from houses with Southern connec- 27% | tions was ebsorbed by trade and com- 18% | micsicn house | were 1 pc 41, May, 10,50, un- unchanged: Octo- 10.90, off 1; . 10.32 up 1; D:cembor, % | Januar 2j‘ | unchanged. CHICAGO DAIRY MARKET. CHICAGO, April 23 P Buitor 8 ices unchanged. sieady; prices un- a7 Butter — One - pound prints, 29a30; tub, 28. Eggs — Henuery, | ceipts, 16a17 | Poultry, alive—Turkeys, hens, 26a27; toms, 25." Spring broilers, 38a40; Wi ter chickens, 30a32; hens. heavy, 24a25; | light, Leghorns, 20: roosters, 12 al4; duc young, 75a80; old, | 40 heéns, 35a38; 5; Win- 27a28; 17a18; current re- 38240, he Leghorns . roosters, A als, young, 70a80 , 50. | Meals—Be:f, 13 g 1, 13a15; | lamb, 20a23; ‘pork " loins, 9; fresh | ham fresn shoulders, 14; smoked hams, 21; smoked shoulders, strip bacon, 21; lard, in bulk, 11; in pack- ages, 12. Live stock—Hozs, heavy, | light and medium. 7.50a7.75: pif 1 7.50; lou , 4.00: ; calves, 4.00a7.50; ing lambs, 10a13. Fruits—Strawberries, 20a30: peaches, Chile, boxes of 36, 3.50; grapes, Argen- #) tina, black, 5.00; white, 3.50; oranges, | Florida, 4.0024.50; California, 3.50u4.00; | lemons, 4.00a5.00; limes, per 100, 3.00a 4.00: grap:fruit, 00; honeydews, pineapple: : apples, box 50a3.00; bushel baskets, 1.00a home grown, per dozen 50a60. bies—Potatoes, 150-pound sacks, 3.50; 120-pound cks, 2.%»; Canada, 100-pound * sacks, 2.50; Idaho bakers, 100-pound _sacks, 2.50; aweets, bushel, 1.50a2.0( tomatoes, Mexi lugs, 4.00a6.00; kale, 50a75; spinach, 75; eggplant, 4.50a5.00; beets, crates, 2.50a2.75; carrots, _crates, 7.00a7.50; 2.502.75; Summer ‘squash, 2.5023.00; celery, 3.2 It is hardly necessary to repeat the| 11.01, up 1, and March, 11.21, | 7.00a | 1239 Low, 1929 Industrials, Today 84.5% i | Previous ! ‘Week ago. | Memtage.. High, 1931 Low, 193 High, 1930 Low, 1930 High, 1929, Low, 1929 * New 1931 low. PLAN SEEN FUTURE - NEED OF BUSINESS Economists and Leaders Agree Definite Preparation Will Improve Conditions. BY J. R. BRACKETT, Associated Press Business Writer. NEW YORK, April 23.—The Ameri- can business giant, in an economic bog, | may be lifted to the paths of orderly | production by master planning of its future endeavors. In the confusion surrounding dis- cussions of business conditions there have been spasmodic suggestions for | some super-planning agency to regu- late—by suggestion or by absolute con- trol—developments in all branches of industry. To ascertain the concensus | |of experts, the Associated Press re- | i quested a dozen business leaders and | economists _throughout the United | States to give their opinions. | Most of those queried regard some [sort of master planning of the future | endeavors of industry as essential to full progress. Instead of blindly stumbling toward progress with duplication of effort and | disregard of production and demand, of a national body which would bring about co-operation so that no more ! would be produced than could be used: so that factories would not be built when there was no stable market for | their products: so that 6,000,000 work- \ers could work. Value Not in Rules. “It is consistent with our develop- ment,” says Julius H. Barnes, chairman <f the United States Chamber of Com- merce, “that there should be a coun- cil 10 consider large questions of na- tional policy, but its value would lie not | in the arbitrary regulation and ctontrol | of industry and consumption, but in | giving intelligence to voluntary effort | on tie part of business management to do more cffectively the common task of | meeting national wants znd desires.” | The idea of a national plan would not | necessarily involve rigid restraint of business, ~ these experts believe. It would mean that a route would be laid out, in which every business unit would co-operate to avold the pitfalls of a trial and error process. “Old systems and old ideas have ended in futility,” says Prof. R. G. Tug- well, suthor and departmental repre- | sentative of the Columbia Economics | Department, New Ycrk. ‘“Something { new 1is needed; and the vast interest which has been 'aroused by the notion of | be our next great social experiment.” government and business leaders; it cculd function with legal authority or | government or business or both, or it various conceptions submitted. Time Ripe for Planning. The time is now ripe for National slanning,” says Dr. Ernest Minor Pat- | terson, president of the American Academy of Political and Social Sci- ‘ence and professor at the Wharton | | School of Finance of the University of Pennsylvania. “Our experiences of the last 18 months are a forceful reminder that our I nomic and social machinery will | cperate of itself. Guidance will increasingly necessary if a repetition of such disasters, or perhaps wors ones. is to be avoided.” Prof. Frank D. Graham, writer and member of Princeton University’s eco- | | nomic staff: “Without a National plan | we shall no doubt muddle along, though | with increasing stress and strain, with 1 eco- | not | be | _' unanswered challenges, with poverty in the midst of riches, with insecurity fear and conflict. But if we want i better social and economic order, | must plan for it.” Dr. Ernest L. Bogart, president of the American Economics = Association and | professor of economics at the Uni- versity of Iilinois, sees an existing in- | terdependence 1n' the economic order {that to some extent brings about co- operative endeavor. He sees increased | production as a positive gain, and finds | maladjustments in_production and in- equalities in distribution as the re- mainder problems. No Change in Decade. “For the solution of the first,” he ays, “We need more knowledge and educated leaders who will be guided by | it. For the second we shall probably | | have to invoke the power of the state | to_supplement private justice. It has | taken 300 years for the American Na- tion to reach its present position. No change is going to be made over night. ‘The next century will probably see im- portant changes, but scarcely the next decade.” During the past 10 years,” says Prof. | Charles A, Gulick, noted commentator | and member of the economics depart ment of the University of California, “There has been increasing recognition |of the fact that a comprehensive te- vision of the economic structure of America is necessary.” “The idea that unregulated indivi- dualism will automatically promote even business prosperity,” says Prof. Frank H. Knight, writer and professor of economics at the University of Chicago, not to mention other phas well-being, without any conscious plan- ning or co-ordination, anywhere is su discredited by experience.” 'he only feasible thing is a pro- gram of piecemeal improvements and corrections,” Prof. A. C. Whitaker, member of Leland Stanford University's | cconomics staff, holds. “Our national record in finding and carrying out such a program is not half bad. | STOCKS EX-DIVIDEND. | NEW YORK, April 23 (#).—Stocks | we | these experts see value in some sort | 1285 142.1 202.5 204.1 181.6 201.8 276.8 (Copyright, 1931, Standard Statistics Co.) Washington Ticker BY CHAS. P. SHAEFFER, Associated Press Financial Writer. Railroads are the coal industry's best customers, consuming slightly less than 25 per cent of the entire market. Data made public by the Bureau of Mines show the carriers leading the list with 23.7 per cent of the total con- sumption, followed by general manu- facturing, which accounted for 18.4 per cent. The data covered generally 1929, but for the manufacturing industry the bureau used 1927, the latest census period available. Consumption amounted to 500,129,000 tons. Railroad shops and stations ab- sorbed 2.5 per cent, while for other classes of industries coke ovens used 17.4 per cent; electric utilities, 8.6 per cent; steel works, 4.5 per cent; coal kas and water F“ plants, 1.3 per cent; coal mine fuel, 0.9 per cent; mines and quarries other than coal, 0.8 per cent; bunker, 1.5 per cent, and domestic and all other uses, 20.4 per cent. The total of 18.4 per cent, represent- ing consumption of general manufac- turing, is made up as follows: Stone, clay and glass products, 4.8 per cent; metals and metal products other than steel, 3 per cent; food products, 2.2 per cent; chemicals and fertilizers, 2 per cent: paper, pulp and printing, 1.9 |per cent; textiles and their products, | 1.6 per cent; petroleum refining, 0.7 | per cent; leather and rubber products, 0.8 per cent; lumber and wood products, C.6 per cent; miscellaneous manufactur- ing industries, 0.5 per cent, and ice, 0.3 per cent. | _E. B. Reeser, president of the Ameri- | can Petroleum Institute, replying to the demand by Senator Borah that the Government fix the price of oil, declares the industry acts for the benefit of the public as well as for itself. He says “present prices for petroleum and its products are based on flush pro- ducing wells and are so slow that if conditions are not corrected 300,000 small wells which are now being oper- ated at a loss will be permanently abandoned.” Senator Borah suggests treating the | petroleum industry as a public utility |and demands governmental control of | prices the public must pay for petroleum | products “if the importations of oil |are to b2 restricted upon the initiative |and under protection of the Govern- ment and if domestic production is to | be restricted upon the initiative and by authority of the States with the ap- proval of the Government.” From the statement of Reeser it Is felt here success of the proration move- ment may bring to 2n end the low oi! prices the Government is depending on to justify adoption of oil as fuel in part of its multi-million-dollar building projects. The Department of Commerce is ad- vised that delegates of the various | groups belonging to the International . % = i s St | Steel Entente have agreed to the prin- | o parent frem the ltngth of time which | master-planning indicates that this may | ciple of an export tonnage program. | “After long discussions during the export. quotas. | “'There remains to be fixed in later each group. In view of the essential the various groups, there will have to | be determined what can be granted as compensat.on under the heading of in- | demnificat on. = | Th= question of fines for exceeding | the quota, remains mcre than before, on | the order of the day, because regulaung the export market can be efficacious only if excesses are punished. Argentina is seeking to interest for- eign firms, especially American and | German, in bidding for construction of the prop:sed new dam and power sta- tion at Dique San Rogue in the province of Cordoba. Calls for bids are dus May 12. The project is to provide Cordoba City with hydrcelectric power. Pre- liminary_Argentine data at the Com- merce ~Department indicate a hy- craulic head of 150 meters would be- come available, capable of being utilized in a power station of 10,000 horsepower. The reservoir to be created would ccn- tain 200,000,000 cubic meters of water | as against 112,000,000-cubic-meter ca- pacity of the present reservoir. The Financial World declares fire in- surance in the United States last year decreased 10 per cent in volume. Losses were nearly 10 per cent higher in 1930 than the previous ye:r for the same companies. The underwriting profits declined frm $18,416.882 in 1929 to $7,343,537, or approximately 60 per cent. In addition to Joss of premiums. earn- ings from investments of the fire in- surance companies were reduced ma- terially. Price Recession Continues. General prices continued to recede last week as their change was tabulated by the Department of Commerce. In the totals that follow, the index of whelesale selling prices is given for | comparable periods, based on 1926 aver- ages as 100, The selling price of a ton of composite steel products is given for like periods: Al Commodities. Steel. Week ended April 18... 74.6 31.59 Previous week .... . 152 31.67 Same week last year... 90.7 34.44 Brake Lining Sales Up. NEW YORK, April 23 (#).—The World Bestos Corporation of Paterson, N. J., manufacturers of brake lining, repor its business with automobile manufac- turers was 26 per cent greater during | the first half of April than their total | March sales. Business with jobbers, the company stated, in the same half month | wes 67 per cent greater than all its March jobber business. Litigation Settled. NEW YORK, April 23 (). —Translux Daylight Pictures Screen Corporation and the News Projection Corporation announced that all litigation has been | settled between them. A new company, to be called Translux Movie Ticker Co., will be formed to take over and consol 300,70 Cars Estimated Withdrawn to Save License and Registry Fees. BY J. C. ROYLE. ‘There are thousands of automobiles today in the United States in dead storage. These cars are not worn out and have not been abandoned by their owners. ‘They simply have been with- drawn from active use because of the expense involved in their operation and for registration and license fees, ‘The official registration figures, which have now come into the Government departments, indicate a decided falling off in the number of automobiles reg- istered. Detail inquiry shows that | these cars are stored for the time being. However, they continue to exert a very decided influence on the sales of new cars and the automobile companies have encountered this sales resistance, which up to the present time they have been unable to account for. 300,000 Cars Withdrawn. Government officials attribute the situation to withdrawals from _two sources. One of these is the multiple car owner, who in times of prosperity operated two or more automobiles. Now one car is regarded as ample. The other sponsors of the withdrawals are the large fleet owners who, because of reduced freight and passenger traffic, have had to put a part of their fleets into storage until business demands warrant their return to activity. It is estimated that there are at least 300,000 vehicles thus withdrawn. That means that there will be 300,000 fewer replacement sales in 1931 than normally might be expected. The automobile in- dustry usually determines replacement sales by deducting the gain in regis- tration during the year from the do- mestic sales for that period. On this basis replacement in 1929 amounted to about 2,700,000 units out of total do- mestic sales of around 4,800,000 vehicles. If this same method of computation were followed in the case of 1930, it would indicate that all domestic #les during that year were replacements, This, of course, cannot be accepted as true. But the fact remains that there was practically no increase in registra- tion from 1930 to 1931. Registration for the passenger cars and trucks for the 48 States and the District of Columbia totaled 26,601,443 at the beginning of 1930. At the beginning of 1931 the registration was 26,523,779, Gas Consumption Up. ‘The factories of the country in 1930 turned out 3,354,000 cars, of which 238,000 were exported. New passenger- car registrations in 1931 totaled 2,626.- 000, as compared with domestic sales of 2,652,000 passenger cars. It appears from these figures that production was very closely held to retail orders in 1930 and that this production was more ]romplctcly translated into registration figures than in any previous year. It |also must be taken into consideration | that part of the 1930 registrations came from the larger stock of cars in deal- ers’ hands at the end of 1929. Gasoline ccnsumption of automobiles in the last year served to give & possi- ble index to the use of cars during the | year, as compared with 1929. The con- sumption in 1930 was approximately § per cent greater than in 1929. This compares with a gain of 15 per cent in 1929 over 1928, according to the fig- ures reported to the Bureau of Mines. These figures are substantiated by the |data based on gasoline taxes. | This gain of only 5 per cent in gaso- |line consumption in the face of heavy | car usage of fuel caused by the trend toward larger motors and the increased | use of trucks and busses, lends support 'to the assumption that there were no | more cars on the road in 1930 than in 11929, (Copyright. 1931) || Wall Street Briefs | By the Associated Press. NEW YORK. April 23.—The Pere | Marquette Railroad reported March net operating income of $244,313, compared | with $442259 for the corresponding | month of 1930. Stockhclders of Reliance Manufac- | A national economic council could be | 1. ; meetings an agreement was reached ' turing Co. of Massilon, Ohio, have ap- compos-d entirely of business, or both | to discriminate between the interior atd | proved acquisition of their company by ! Eaton Axle & Spring Co. Under the | terms of the merger Eaton Axle acquires - | merely as an advisory body; it could be | meetings, it is said, the figure of the | Reliance assets subject to its liabilities, set up by the voluntary action of either | tonnage program which will be allowed | i, consigeration for which each Reliance shareholder is entitled to receive five could be set up by legislation, in the | difference of the interior markets of p.req of Eaton Axle stock for each four shares of Reliance stock. Supplementing its recent anncunce- ment covering a survey of capacities for pig iron, ferro-zlloys and steel ingots, The American Iron and Steel Institute announced that a survey of steel cas- ings capacity just completed shows total capacity as of December 31 last as 2.083.085 tons, compared with 2,097,995 tons at the end of 1929. Withdrawals by the United States | Treasury from depositcry banks in the | Second Federal Reserve district will total $7.077,900 each on today and tomorrow and withdrawals throughout the coun- itry on each of those days will amount to $18,532,800. An agreement has been signed by which_Indiana Lamp Co. of Conners- ville, Ind., a subsidiary of Allied Prod- ucts’ Corporation, will merge with the J. W. Brown Manufacturing Co. of Co- | lumbus, Ohio, and the Thomas J. Cor- coran Lamp Co., of Cincinnati. Ohio. The merger will be effective as of Feb- { ruary 1 last. Food company earnings were main- tained at normal levels in 1930, regis- tering only a slight decline from the 1929 peak, according to a current sur- vey by Standard Statistics Co. Sev- eral factors contributed to the showing, the survey says, but of greatest impor- tance were the status of food in the class of necessities and the sustained, if not widened, margins of profit through the sharp decline in prices of raw materials. Wall Street hears that Ford of Bel- gium has doubled ass:mbly lines on ac- count of a heavy increase in orders. New passenger automobile registra- tions in 32 States in March totaled 116,131, an increase of 43.5 per cent over February, but only 65.2 per cent of the number registered in March of 1930. BOSTON WOOL MARKET. Special Dispatch to The Star. BOSTON, April 23 (C.P.A)—Quota- tions on domestic wools are mostly nominal, due to restricted demand, and in some cases show recessions from the levels prevailing a week ago. A few sales have been closed on medium grades. Territory half blood is reported to have sold at 56 and 57 cents for good staple. A few original bags of | territory also have moved at slightly easier prices, but the quality was not large enough to establish the market at_the levels paid. Fine territory combing clean was quoted today at 63-65, French combing, 62-63; half blood, 58-60; three-eighths blood, 50-52 and quarter blood, 44-47. | Fine Ohio fleeces were quoted at 26-27, | balf blood, 25-26: three-eighths blood, |23, and quarter biood, 21-22. Sales Contract Closed. 9 Mansfleld M&S 75 ‘41 1 Mansf M&S 75 ‘41 xw ana Brazil 7s 58 6s A NEW YORK, April 23 (#).—Chester Lehman, goneral sales manager of Jnv-Knox 'C... announced that Blaw- 2 1% had closed o coniract with Amer- Due i@ the activ the Mesic a ctor Eguipment Co. of Peoria, tourist Buieau, more thatPgQ.000 Aier- - 1. and Oakland. Calif.. to take over lican yacationists visjted xico Jast its manufacture and sale for the Eastern year, b part of the United States and foreign | decreased 9,000,000: sight balances | ex-dividend today: abroad decreased 7,000,000; bills dis- | , per dozen, 1.50a e e date the movie ticker business of those companies. Three per cent rentes, 89 francs 25 oy, campares with 7% a month ago counted at home decreased 1,000,000; | centimes; 6 per cent loan, 104 francs ..q 15% a year ago. b:’lls bought abrcad Increased 1,000,000: | 8o centimes. | advances decreased 42.000,000; circula- | o i tion decteared 916,000,000: current sc. | EXchange on London, 124 francs 32' | centimes. The dollar wi connts increesed 617.000. Rate of discount 2 per cent. 25 francs 574 centimes. Pe- Pay- | . Rate. Tiod. uble. | May"1 May 1 May 1 May 1 H 5 . pea: 2.50a3.0 3.00a4.00; 'limas, 5.00a8.00; lettuce, North Carolina, 1.75a2.25; Iceberg, 5.00a 5.50; cabbage, hampers, 1.25; crate Tourists visiting Alaska in the last 12 2.00a2.25; radishes, per 100 bunches, quoted 8! months were one-fifth greater in pum- 2.00a2.50; Spring onfons, r 100 " ber than in the previous year. bunches, 2.00a2.50; asparagus, 3.5024.00. 793 i Company. Allied Intl Inv $3 conv pf. Corn Ex Bk & Tr (NY). Genl Tire & Rub.. Lincoln Print Co_ 7 Swiss Am_Elec Co pf. Tampa ~ Elee. ... Wash L & Tr (Was| i e 1Tietz (L) 1 —With wi Without May 1 May 1 May =