Evening Star Newspaper, April 25, 1931, Page 11

g FINANCIAL. " GAS CONPANY NET INSHARP ADVANCE ! March Earnings .iore Than Doubled—Retail Sales Gain Is Puzzling. BY EDWARD C. STONE. Net earnings of the Washington Gas Light Co. showed a sharp jump in . March, according to the monthly state- ment filed with the Public Utllities Commission. Net income totaled $128,764.51, in comparison with $56,403.15 in the same ! month last year, an increase of $72- 360.36. In other words, the report shows that profits were considerably more than J:mh!ed. Operating revenues were $603,714.48 | in Merch, 1930, against $477,142.04 in the corresponding period a year ago. Operating expenses required $376,789.75, eompare! with $327,805.75 last year. Total revenue deductions amounted to $412,578.32, as against $360,018.78 in the like month in 1930, these deductions Jeaving an operating income of $191- 136.16, in comparison with $117,122.26 last year. The gas company reported a non- operating income of $4.80408 against $1,853.44 in March, 1930. Deductions from corporate income _totaled $67,175.69, compared with $62,572.55 in March, 1930, leaving the above gain of more than $72,000 in net earnings. Gas Report for Quarter Filed. The company also filed the summary for the first quarter, which shows oper- revenues of $1,815,630.71, against 2 ! lmn.un.u; operating expenses were $1,100,655.70, compared with $993,610.33, Jeaving an operating income of $605,~ 048.98, compared with $453,726.69. ross corporate income amounted to $618,510.72, while this figure last year stood at $458.925.25. After all deduc- tions the first quarter net was $417- 007.48, while in the like three months in 1930 it was $271,197.33, or an increase this year of $145,810.15. The higher net figure for the month of March was due partly to the larger operating revenues, s new method in accounting ordered by the Utilities Commission in handling the municipal ptreet lighting item, which added *$20,000; larger sales than last year for gas furnaces, and increased funds from - auxiliary companies. Georgetown Gas Earnings Lower. According to the monthly report of the Georgetown Ges Co., also filed with »'the commission, net income in March was $13,050.61, against $16,666.50 In 2 March, 1930. Operating revenues were $119,112.65, * compared with $908,431.47, and operat- ing expenses amounted to $98942.03, against $63,795.07 a year ago. The * month's operating income was $16,- 255.65, compared with $20,537.94 last year. For the first three months George- town Gas had an operating income of $373,038.03, against $209,454.40, while operating expenses totaled $308,063.50, . against $210,214.33. tions absorbed $320,280.29, in % com; with $224,957.45 a year ago, Jeat an operating income of $52,- 157.79, against $74,496.95 last year. Other subtractions left a total net in- ‘come of $42,929.41, against the higher s of $62,801.15 in the first quarter in March, 1930, but it is dificuls to determine how large a part of the increase was due to the earlier this year. All of the Easter oc- The good record of last month did i to make up for the relatively poor trade in January and February, and total sales di the first quarter in many lines than they are t t, the Bank of Richmond ex- Stocks on the shelves of the reporting nt stores rnls‘e. an average of ~ March 31 average stocks at retail prices 14.6 per cent below stocks on hand ing the first quarter of 1931 stocks were turned .872 times, a higher figure than .1’1‘43 times in the first three months of 0. Collections in March, 1931, in 34 of the 35 stores averaged 28.9 per cent of receivables outstanding on March 1, 8 better record than that of March, 1930, when 27.4 per cent of outstanding Teceivables, as of March 1, were col- lected during the month, the review m;f:;mn'm led the Distri n 4 ct in re- tall sales, as already noted, with a gain of 133 per cent. Richmond and Bal- timore were up than 4 per cent. It was the high average locally that brought the average for the District up to 6.3 per cent above March, 1930. Test Case Being Studied. Counsel for the Richmond, Fred- ericksburg and Potomac Railroad Co., which was ordered Tuesday by the . Interstate Commerce Commission to pay $696,705.68 as one-half of its as- certained excess net raillway operating income, are stdying the company’s posi- tion. The commission allowed 120 days for payment to be made. As the R, F. & P. recapture con- . troversy is regarded nationally as a ~ test case for the raiiroads of the coun- < try, much interest has been shown in the order, and it is regarded as likely 10 go to the United States Supreme Court as the St. Louis and O'Fallon case did. This case has been under consideration since 1925, when tenta- tive reports of examiners were made. ‘The amount of recapture was then in 7 excess of $1000000. Final hearings were held last October, and the result was scaling down of the sum. The commission has since asked Congress 1o repeal the recapture provision of the transportation act. MATCH FIRM REPORTS INCREASE IN PROFITS Bpecial Dispaich to The Star. NEW YORK, April 25.—The Swedish Match Co. reports for 1930 net profits of $15442,000, as compared with §14,- 536,000 in 1929, an increase of $906,000, mnotwithstanding the past year's depres- sion. Including the profit transferred from last year of $4,601,000, the sum at the disposal of the annual meeting L1 :20,0‘!,000, against $17,213,000 in 1929, THE EVENING STAR, NEW YORK STOCK EXCHANGE mummmnmumlmou Note—All stock are sold excepting those designated by the which shows those stocks were sold in ~Prev 1031 Stock and Bates— th, Low. Dividend Rate. Add 00. Hi 5% Abitibl Pow & Paper ? 23% ADItIbI P& P pf (§) . in ome hi 824 Air Reduction 5 Alr Way Elec Appl 7 Alaska Juneau (40c 29% Am Br Shoe (2.40)... 7% Am Brown Bov Elec. 45% Am Br B E pf (7) 129% 1064 Am Can (16). 151 145 Am Canpf (7). 38% 20% Am Car & Fdry (3) 214 13% Am Colortype (1.40). 6% Am Comel Alcohol. . 19 Am European Secur. 26% Am & For Power.... 14 74 Am & For Pw f (). 1% Am Hide & Leather. . 10's Am Hide & Leath pf. 47% Am Home Pr (4.20).. 28% Amlce (3).... 74 AmIcepf (6) 15% Am International.... 19 Am Locomotive (2) 31 Am Mch & Fdy 1.40 50 Am News (13%)... 414 Am Pow & Lt (21).., 156's Am Rad & St San (1) 104 6's Am Republies...... 17 2615 Am Rolling Mills. .. 50% Am Safety Razor (5) 1 %, Am Ship & Com..... 1 . 11508 42 2 25 108 187 7 2T% 51% 40%s Am Sm & Ref (4) % 37 AmSnuff (13%). 1% Am Solv & Chem. 4'« Am Solv & Chem pf. 18% Am Steel Fdy (3).... 13 110 Am Steel Fdy pf (7). 20s 42% Am Sugar Ret (5)... 1 % 104% Am Tobacco B (16) 124'% Am Tobacco pf (6).. 105 Am Type Fdy of (7). 3% Am Water Wks (3).. 54% Am Wat Wks efs (3) 6% Am Woole: 4% Am Zinc Lead & 8m.. 28% Anaconda Cop (1%).. 26 Anchor Cap (2.40)..., 10 Archer Daniels Mid. 88% Armour of Del pf (1) 2 Armourof Il A 1% :rmour of I B 20% 21% Asso Dry G (234)... 203% 164 Atch To &S Fe (10). 39 22% Atl Gulf & West Ind. 23% 14% Atlantic Refining (1) 295% 101'% Auburn Auto (f4)... 64 3 Aviation Corp of Del 27% 16 Baldwin Loeo (1%). 87% B9 Balto & Ohlo (5).... 80% 72% Balto & Ohlo pf (4).. 107 101% Bamberger pf (6%). 10 5% Barker Bros... 14% 9 Barnsdall (A) (1) 81 66 Beatrice Cream (4).. 26% 16% Bendix Aviation (1). 32% Best &Co (2).. 45% Bethlehem Steel (6). 224% Blaw-Knox (1%).... 20% Bohn Alum & Br1%. 67% Borden Co (k3)..... 20% Borg, Warner (1) 15% briges Mfg (11%). 16% Briggs & Strat (2).. 58% Bklyn-Man Tr (4) 58 52 Bkiyn&QuTpf (). 129% 103 Bklyn Union Gas (5) 9% 5% BrunsTer&RyS. 20% 14% Bucyrus (1)... 25 Bucyruscvpf (23%). 608 110 runuamanBalRE 10% Bulova Watch (13). 17 Bush Terminal (2%) 102% Bush T Bldg pf (7). 21'5 Burroughs A M 113, 70 Bush Term deb (7)., 1% Butte Copper & Zinc. % Butte & Superlor.... 27% Byers (A M)... 28 Calif Packing (2) $6% Calumet & Arizona. 8 Calumet & Hecla. 11% Camp W&C Fy (1) » 13 e 17% Cannon Mills (1.60).. 79% Case (J 1) (8) .. 28 26% Caterpillar Trac (3). 2% Cavanaugh-Dobbs.. 100s 11 Celanese Corp 1 5% Celotex Co... 15% Cerro de Pasco(1.50) 8% Checker Cab Mfg. ... 38% Ches & Ohlo (2%)... 40 Chesapeake Corp (3) 19% Chi Great West pf... 5 Chi Mii St P & Pae..s 8 ChiMIIStP&PDS.. 20% Ch! & Northwest (4). 9% Chi Pneu Tool...... 48% Chi R I & Paeific (5). $1 ChiRI&Paepf (7). 10% Chickasha Cotton Oi} 28% Childs Co (2.40)..... 16% Chrysler Corp (1)... 261 T7% City Ice & F pf (%) 10s S 18% 88 3% 45% Colgate-Pal-P (2%). 46 9 Collins & Alkman. .. 16% Colo Fuel & Iron (1). 31% Col Gas & Ei (2).... 7% Col Graphoph (8% ). 78% Columb Carbon (5).. 17 Comecl Credit (1).... 761% Comcl Cred 1st (6% ) 25 Comm Inv Trust (2). 82 ComcllTevpf (e8). 14% Comm Bolvents (1).. 8 Cmwith & Sou (§0¢). 91% Cmwith & Sou pf () 6% Congoleum-Nal 26% Consol Cigars (5)... 54 ConsolCigprof€%. 6 Consolidated Film... Container Corp (A) 1% Container B. .. 15% Contl Baking A.. 2 Contl Baking B..... 54 Contl Baking pf (8)., Contl Can (2%4)..... Publish (17). ublish pf (1) Wright Corp 3% Curtiss Wr Corp A 25% Cutler Hamm. 176 Detroit Edison (8 13 Devoe & Ray (1.20). 14% Dfamond Mateh. ... 24% Diamond ‘The directors propose to pay the usual dividend of 15 per cent, § per cent of which was paid as an interim dividend last year, and to carry for- . ward the balance of $12,807,000 to the profit-and-loss account, as compared > with $9,977,000 carried forward in 1929. _ 'The directors propose to pay the usual interim dividend of 5 per cent for 1931 during the latter half of this year. ‘The company’s tolal assets are $185,- :‘m against $172,843,000 at the end 1929. e I pe high to be equipped ol e Wl 5 R case of trouble, may summon ‘medical or mechanical aid. 6114 Drug Corp 5% Dunhill Int 83 Dupont de Nem ¢ ern Roll Mills. . 384 Elec Pwr & Lt (1)... 86 Elec Pow & Lt pf (§) 50% Elec Stor Bat (5).... 102 Endicott-Jobn pf (7) 38 Eng Pub8v(2.40)... 93 Eng PubSvepf$)... 28% Eq Office Bldg (2%). 24 Erie RR. . 30 E 4% Evans Auto Products 22 Fed Wat 16% Federated 6% Fif 661 Firest Rpf(8).. 41 First NatStrs (3%). % Fisk Rul 27 bber. . 29 2 Fisk Rubber 1stpf.. 30s " 304 8% 45 45 114% 114% 116 304 6% undred share lots . letter s (80s) (250s), ' odd lots. 5% 161% 161% 151% 28 28 3 4 6% bt 14% 4% 6% 21 66 22 14% 202 202% 212 4 M 4 17 17 171 594 B69% 60 % T TT% 105 1 91% 1044 1 " % 5 1% 15% 2 54 564 42 05 54 9 69% 18 38% 48 21 34% 6814 20% 15% 19% 59% 5% 14 9% 04% 1 % 5 1% 15% 2 B4 £614 11% a2 a T% 3% 9% 10 102 14% Y% 104% 4% % W 1% 16 2 54 BTy ~Prev. 1931 High. (7 Low. 4% 22% 28% 72 854 5 144 61 5% 54 39 4% 21% 4% 8% 4 Btock and [ Dividend Rate. Foster Wh Fourth Nat Invest Fox Film A (4). Freeport-Texas (3 Gen Am Tank Car(4) General Baking Ce. Gen Asphalt (3) Gen Elec (1.60). Gen Elec spec Gen G & EI B (30c). GenG & Elev pf ¢ Gen G &EIpL A (1). Gen Motors (3)... Gen Motors pf (5)... Gen Pub 8v b8 % stk. Gen Ry Signal (5)... Gen Realty & Util... Gen R& Ut pt (e6).. Gen Refractories (4) Gen Theater Equip.. 971 Gillette Saf Rasor 3 108 b8! 9 8 1 1 5 2 2 e 16 Goodyear Tire&R(3) 314 Goodyear 1st pf (7).. Gotham Silk Hoslery 4 Gould Coupler. . Grabam-Pal Grt Nor Ore (2)..... Grt Western Sugar.. 1 Grt West Sug pf (7).100s Grigsby Grunow.... 37 o Sugar.. 1 1 10 108 4 Gulf States Steel. ... Hacken Wat pf A 1% Hahn Dept Stores. .. Ham Watch (11.95). 108 Hamilton W pt (6).. 108 Hall (WF) PrCo (2) 1 Hanna pf (T)........ 308 Hartman Corp (B) Hayes Body...... Hershey Choo (5)... Hersh Choe ot (15).. Hollander Sons. .. ... Holland Furn (13%) Houdaille Hershey .. Houston Ofl........; 8% Houston Ofl (new) ; Lambert Co (8), Howe Sound (3)..... Hudson & Man (3%4). Hudson Motor (1)... Hupp Motors. . Illinots Central (1) Iilinols Cent pt (8) Int Match pf (4) Int Merc Marin Int Paper & Pow Tot Paper & Pow C. Int Pap & P pf (1) Int Salt (3) Jewel Tea (4 . Johns-Manville (3).. Kayser (J) &Co (1). Kelly-Spring Tire Kelly-Spr T 6% pf. Kelsey Hayes (2)... Kelvinator Corp. Kennecott Cop (3) 0. Kreuger & T (21.60), Kroger Groc&Bak(1) Lane Bryant ¢1).... Lee Rubber & Tire. .. Leh Port Cmt (1)... Leh Port Cmt pf (7).100 Leh Valley Coal. 2 Lehn & Fink (3 Lib Ow Ford GI Lite & Myers B (15) Liquid Carbonie (3). (12:80). Lorillard (F» Co Louisiana Ofl. .. Louls & Nash (7). Ludlum Steel... MeCall Corp (2%) MeCrory Stores A( MeCrory pf ( Melntyre Pore pt Tin P(15). sson & Rob (1) Manati Sugar. Man Elev mod g Marine Mid (1.20). Marlin-Rockwell ( Marmon Motor Car. . Marshall Field (3%) Mathleson Alkali (3) 2 May Dept Strs (2%) Mexican Seaboard. Mid Continent Pet; Missour! Pac of (6). Monsanto Ch W(1%) Montgomery Ward.. 135 Mother Lode 4 Motor Me Motor Products (2).. Motor Wheel 1%) Mullins Mf, Murray Corp Myer (F E) & Br (2). ZZ2ZZ72ZAZZ Air Brake (1.60) N Y Central (8)..... N Y & Harlem (§ N Y Investors.... NYNH& Hart (8)., N Y Ont & Western. . N Y Steam 18t pf (7) B0; Noranda Mines..... Norf & West pf (4).. North Am Aviation. . . 17 40s 7 Nor Am (b10% stk), m? North Amer pf (3) Nor Ger Lloyd m2.66 Northern Pacifie «6). Ohto Ol (1).. . Olfver Farm Equip.. Oliv Farm Eq pr pf.. Omnibus Corp.....v Otis Elevator (3%).. Otin Elev pt (8 ot 4 Owens 111 Glass (2). Pacific Gas & 101 (3) . Pacifio Lighting (3). Pacific Mills, ... 2 2 82 1 2 Koo i 1 1 prpf (1).. m: vo 1408 Pacific Tel & Tel (T) 20a Pacific T & T pt ‘('l). 1004 . 7 42% leg— . Add 00. High. Lew. Close. r(2).. 4. N 42% 27% 16% 30% 61% 21% 22 6% 39% WASHINGTON, 18% N% 634 21% 224 Die ON STOCK MARKET Persistent Selling Again Weighs Heavily, but Volume Is Small. BY GEORGE T. HUGHES. Special Dispatch to The Star. YORK, April 25.—Persistent selling again weighed heavily down on today's stock market, with weakness in nearly al ups of stocks. The de- cline was effected on small volume and in an orderly manner, but it was never seriously challenged. How much of the day's weakness was an_aftermath of the Pynchon & Co. falure and how much was due to other considerations it was hard to determine. ‘The market had more unfavorable de- velopments in the way of earnings statements to appraise. One of these was the first quarterly report of the Chrysler Corporation showing a net loss of $979,927, against a profit of $180,717 a year ago. Chrysler was moderately lower and General Motors held well most of the time, possibly in response to the prediction of John J. Raskob that earnings for the first half of the year would exceed dividend require- ments by 20 per cent. Oils and rubbers were acutely weak. Goodyear was the chief sufferer in the latter group, dropping 4 points to a new vear's low. Among the oils Texas Cor- poration made a new low, reflecting concern over the dividend status, and new lows were made by Standard Oil of New Jersey and by Union Oil of California among others. Varjous specialties sold off sharply, including International Cement, which earned only 65 cents on its stock the first quarter of this year against $1.3¢ a year ago, and American Bank Note, which reported 5 cents a common share for the first three months against 99 cents in 1930. Each of these stocks made new lows, with the loss in Bank Note running over 5 points. California % | Packing went into new low ground while, among the more prominent shares, Westinghouse Electric broke through its old resistance point and General Electric sold only fractionally above its previous minimum. ‘The feature of the steel group was the weakness in the low-priced Republic Steel, the preferred stock of which went into new low ground. United States Steel fluctuated nervously, now slightly above and now slightly below the pre- ceding close. Corn Products was weak member of the food group. In this case earnings for the first quarter % | covered the regular dividend require- ments for that period, but by a scant margin. Rallroad shares had to absorb a deal of selling. Union Pacific, which had jumped 5 points at the close on Friday, came down over nearly all the ground gained. Atchison was off 4 or 5 points, New York Central sold below par, and Canadian Pacific, Southern Pacific and Chicago & Northwestern were lower. ‘The market closed at the low of the day. The feature was General Electric, which sold at the lowest since the four-for-one split-up in 1929. General Motors weakened toward the end and there was heavy selling of Union Car- bide & Carbon, Southern Pacific, American Can, J. I. Case and Johns- Manville. Auburn Auto dropped 10 points from Priday’s final. - (Copyright, 1931 s dbe e S BOSTON WOOL MARKET. Special Dispatch to The Star. BOSTON, April 25.—Dealers in the Boston wool market, say some interest is being displayed in' Texas 12-month wools, which are quoted at 58-60 for good staple and up to 62 for choice lots. No business has been done this week in either eight months’ or Fall wools, which are held at 52-53 gen- erally, with 55 asked for the best grade, New Arizona wool, in original s, 1s arriving in_small quantities. Choice wools of French combing staple in shipment are priced at 58-60 and aver- age at 56-58. Fine territory combing clean was quoted today at 62-64; French combing, half-blood, 56-5! three-eighths blood, 50-52, and quarter-blood, 44-47. Pine Ohio fleeces were quoted at 26-27; grease basis, half-blood, 25-26; three- gllql;gm blcod, 22-23, and quarter-blood, DIVIDENDS.DECLARED NEW YORK, April 25 (#).— Regular. Kidder Peabody Ac-. cept pf A 2.50 Do. 3d pt Power & Indust Sec Ltd b AR Bankers & Shipbers, Ins (N Y).. 31 Ref 'pf 13 ckeye Stl Castgs.S0c Do. 8" o Crandall McKe & Henderson. ....35¢ Crgwn Cork & ok e Diamond " 'ice Cosl pt - Down Chem 'Co.. Do. pt . pi 4 Eiseman Magn b Empire - Dist El Eyropean Elec A Do W ,...... Fashion Co Federal Wat Serv ‘A 80c Finance 8¢ C: 4 $5a a8 E R 00 00m0 DOO DO O DOOOOOOZOOOD PO OOOOWO D ma;m t i 25 4 0c of . ..l il Pirst Nat Bk (New ". Am Andrews Invest % i 58 R RS co pE31 T8 ates Rub Co azelwd 8 & T Pittsb) ... Hudson & Manha Ind Pinance 7 p L MU Langley Co’ Ltd B oo Maine Cent RR i Mercantile Com Bk "It (8t Louls).$1 nt " El c Ord Rec! 4 Newcastle-Upon-Tyne El, Sup Co Ltd Am p Ree for Ord 13¢ Do. Ord Rei New ' Brunsw North' Penn A RR Ohio 8t Pairpont. Pent; June Jinead Aor. 23 May 1 Apr. 1 0o OEER 0opOm Mar. 14 5 B e Vickers "~ Ltd" " Am " Dep Rec for Ord Reduced. Pe- Pay- Hldrs. of Company. . tiod, record. Domingues oil Fias toe "o say" 1 Abr. 34 P "‘fi Johnson & Sl ke ares for Ord.89%c .. SATURDAY, 'APRIL 25, 1931. ON BUSINESS PLAN One Warns Against Russian Type Program—Another Holds Idea Impossible. BY J. R. BRACKETT (Assoclated Press Business Writer). NEW YORK, April 25.—America should have a tional plan to direct and control its energies and resources, Dr. Ernest Minor Patterson, president of the American Academy of Political and Social Sciences, believes, but “what we should not undertake is the typs of control now being employed in Russia.” Dr. Patterson is one of a dozen noted experts who have given the Associated Press their ideas on a national plan. Dr. A. C. Whitaker of Leland Stan- ford University’s department of eco- nomics argues that a comprehensive plan “is so far from being necessary and inevitable, that it is not even pos- sible, I do not see what it could be.” Progress Is Cited. “An evidence of the importance of & planned economy is the progress toward it everywhere,” Dr. Patterson says. “In the Fall of 1920 President Hoover at- tempted to secure a certain amount of concerted action. * * * In England there is an Economic Advisory Committee to assist the government and Parliament; ' in Germany, Italy, Czechoslovakia and elsewhere similar attempts are bein, made to secure guidance. Russia is, of course, an outstanding illustration of what can be developed. “No one can state with any detail what such a ‘would undertake. It is quite clear, ver, that several lines of development, are in need attention. The most obvious today is that of connecting workers to jobs. The h-pfiufld approach we now have is “It will be inadequate and, in fact, impossible if attention is not given also to the direction of our production. At the present time the equipment of some of our leading.industries is far in ex- cess of any probable demand for its use. Such a condition should not have arisen, and if it persists, irregularity of employment is certain. This, in turn, suggests that investment needs guid- ance. Not only is there a great loss through investment in useless or harm- ful enterprises, but too much going in & | some directions and too little in others. Must Fit America. “Any plan that we adopt should be suited to American conditions. Our ap- proach must be an elaboration of what we now have. The personnel of & planning body should include repre- sentatives of the Government or pri- vate enterprise and professional econ- omis ts. “Our planning must extend beyond national b;l;m:‘nu Annd -lt once. (De- lay is not e. Any plans we form and efforts we make will be futile un- less conditions and activities in other parts of the world are considered and efforts made for co-operation.” Dr. Whitaker defines the American system as “characterized by private ownership of natural resources and of means of production generally, and by an almost unlimited freedom of tract and dealing between and among private persons and by a reliance upon private profit and self-help for getting the work of the world done. Seems Impoasible. “While this system keeps & lot of people alive (most of them on an ad- vancing standard of living) and has many irerits, it inevitably operates to bring about too great a disparity in wealth and income between rich and the poor, and it has, because of some deep-seated weakness, a susceptibility ible. ml ram of plecemeal improvements and corrections.” . Bonds Are Approved. BALTIMORE, April 25 (Special).— The $5,000,000 issue of first mortgage 415 per cent gold bonds of the Potomac Edison Co., recently snnounced, has been approved by the Public Service Commission of Maryland. mhnndl&nbemlun;m}‘by:.he company for the purpose of financing its ct:muucuon and extension and to reimburse the treasury for money already spent for these First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. D.H. McKnew & Co. 1200 15th St. N.W. Decatur 5660-1-2 Investment Securities The COMMERCIAL NATIONAL BANK 14th and G Streets MONEY TO LOAN at 5'5% and 6% Interest Before Placing or Renewing Your ist and 24 Tru Consult WELCH Realtor OFFICE A A A SPACE MONG aids that count today in speeding up business, low overhead is first. Vacancies here are priced per foot on the economical footing you want. See the better office space in The WOODWARD BUILDING Fifteenth at H Street N.W. CARL G.ROSINSKI y Realtor Leasing Representative Suite 5 Phone Nat. 8040 leventh of iThs Is th the application of vestment prineij present day cor ditions in business and in securities), BY GEORGE T. HUGHES. RETAIL TRADE CALLED 'SURPRISINGLY 600D Department Store Velume Holding Close to Results of Last Year. - | Special Dispateh to The Star. America has had one revolution after another, one of its countries has de- faulted on certain of its issues and another is sald to be on the verge of defaulting, while all of them are suf- fering from the drastic declines in the. price of raw materials and of food- stuffs. The result is that many of these South American bonds sell to yield hmaaue returns. The putlock in Europe from a t- cal standpoint is extremel; mn?w\uod. Here, however, there are Government BOSTON, April 25—It 8 rathey 1 | startling to find, says the United Busi- ness Service, that department store volume, even in dollar value, is holding close to results of a year totals in March were ':nan;’:: only under March, 1930, \uAry Pebris sales ':re :M G- . order and chain store well ':I the first bonds, which have maintained price | Tl stability. French bonds have held u in market price, reflectin o tremely strong financial France. In Asia the Japanese bonds have not declined, although the situa- tion in that country economically leaves much to be desired. Of course the British Government obligations are always sound investments. Up to a very recent time the same would have been said about the bonds of any com- ponent part of the British Empire, but Australia, through its constituted :;:lo‘kymnen, has frightened investors The moral of all this is that indi- vidual foreign issue must be examined on its merits and the highest discrimi- nation used in making a selection if investment be the purpose. As far as speculation goes, there is always chance of recovery in any security which has been so severely deflated as have many of these foreign bonds. Eventually there will be recovery as world-wide as the depression now pre- vailing and when that time comes some of these foreign issues will prove to have been on bargain counter. of B&nfl now, however, must assume the T (Copyright, 1931) Engl 1030 death rate lowest on record. per cent less than fotals The' United Service cane TV concludes wif the comment that retail sales in fl'l‘: first quarter of 1931 held up - ingly well under depression eom Dollar volume reached satisfactory levels despite price declines. Sales in the second quarter are expected to equal the first quarter results. ‘The United thermometer Tecords business at 26.5 per cent below normal for March, the same as for Peb- Tuary. The frend of the weekly figures in this general index for April indieates that moderate improvement has taken Pplace 5o far in the second quarter. BUSINESS FAILURES GAIN. Business failures gained sliy 1 week as_their change was amm.:; by the Department of Commerce. 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