Evening Star Newspaper, April 26, 1931, Page 64

FINANCIAL. BONDS ON QUIET MARKET .-letter Grade Issues Go Through Narrow Fluctua- tions in Light Trading. BY ALEXANDER HENDERSON, Associaiod Press Financial Writer. YORK, ril 25 —Narrow fluc- among }7& bemer-‘gmder issues, sharp changes in a number of more or less speculalive obligations and quiet ?:dm' generally were the principal eatures of the bond market today. The average price of 30 leading is- sues was unchanged, indicating steadi- - among the more representative nds. Rallroad obligations were irregular. Replrts of March earnings showed “fur: ther decreases, compared with that - month last year. Seaboard Air Line stamped 4s of 1950, Western Pacific - 58, New York$ Susquehanna & West- ern refunding 5s; Missouri Pacific se- ries F and G 5s, International Great Northern adjustment 6s and series C 55 and Chicago, Indianapolis & Loudsville - 5s were among the rails to close 1 point am more lt)\ller.d I-{‘owm mlme sbnlgtng y were made by of recognize 3 credit rating. The Cairo division 4s of the Cleveland, Cincinnati, Chicago & St. Louis; Kansas City Southern re- “funding 5s, Great Northern 5las of 1052, Northern Pacific 4%s and the prior lien 4s, St. Louis Southwestern Jfirst 4s and Southern General 6s and consolidated 5s all :appreciated. . General Theateys Equipment @ and . Warner 6s made good gains. ‘The reduced volume in both issues was another indication that the recent sell- ing pressure in them had been reduced. Paramount-Famous-Lasky 6s closed at Sroped Sharhly. Fluciaations of Grier ly. Fluctuations of other “industrial issues were principally frac- -tional. Price changes in public utilities Were Narrow. Chilean obligations, following a break in home ties markets, and Argen- _.tine bonds were generally lower, but the fluctuations in other foreign issues were ARE STEADY | —1031.— High. Low. 1029 100 20 10313 102 8 1044 10224 102 30 1006 1039 10020 1071 1042 1092 10529 1139 10914 Stock and_dividend. Lib 8% 1933-47. . Lib 4th 4% s 1933-38. 104 U S 3335 1940-43 US3%8 194347 U S3%s 1946-56 U S 45 1944-54. U S 4%s81947-52 112 Stock and dividend. Abram & Straus 6% Alleghany Co cv 58 Am Agri Chem 73%s'41 Am Beet Sugar 6s '35. Am Chain 65 1933, Am I G Chm 5%s 1949 Am Internation 5%s ‘49 Am Natural G 635 42 Am Sm & Ref 1st 5847, Am Sugar Ref 6s 37 5 Am Tel&Tel cv 4% 39.. Am Tel & Tel s f 6s. Am Writ Pap 6s " Argentine bs June '59. 4 Argentine 6s A ‘67, Armour & Co 43539, Armour of Del 5%s'43. Atch T & S Fe adj 45’35 Atch T& S F gen 48" Atch To & S Fe 4%s Atlantic C L 1st 45 '62. Atl Coast Line 4 Atlantic Ref deb 55 '37.. Australia 5555 i Austria 7s'43 B & O gold 45°48 B&Ocv 434533 4 Balto & Ohlo 5348 B & Oref 5595 B&Oref 65 D 2 Balto & Ohio 6395 B&OPLE& W V: B&OS W Div 53’50 Bangor & Aroos 4s'51. Bank of Chile 6%s°57. Bank of Chile 6% 5 1961. Belgium 6s '55. . . Bell Tel (Pa) ref 63 '48. Beth Steel p m 5336, % Bollvia s ct 69, Bordeaux 68 34 i Boston & Maine 55 67, Brazil 615 1926-57 2 Brazil 8s'41... % Brooklyn Manh 1st 65 A 103'%- Canada bs '52. . ¢ 98 Canada National 4%s'54 9715 Canadian Natl 4%s 67 9715 Canadian Natl 414s'63. . 104 Can Nat July 55 °69. mixed. Both issues of Uruguayan 6s and the 8s closed lower, although the - Minister of that nation announced that ‘full payments on the dollar bonds will be made punctually in regard to prin- cipal, interest and sinking fund. Bel- glan, German and French issues were steady to higher. CORPORATION NOTES TRENDS AND. PROSPECTS OF LEADING ORGANEZATIONS. By the Associated Press. NEW YORK, April 25.—The follow- ~4ng is today’s summary of important corporation news prepared by Standard Statistics Co., Inc., of New York for the Associated Press. News Trend. Railroads reporting net operating in- ~eome for March thus far show a con- sistently better comparison with the year before than they did in Pebruary. ‘The first 12 roads an aggre- .gate net operating income of 17.1 per *cent under March, 1930, while the same roads reported a drop of 58.1 per cent in Pebruary. Those roads that have re- _ported March quarter net earnings pre- -sent comparisons with the same period 2of 1930 which are not considered dis. = ting, although the larger num- ber show declines. Chicago Great West- _ern reports higher share earnings. Ag- gregate rating revenues of all class b ! for the year 1930 showed a decline to $5,281,196,875 from $6,280,- 983,425 in 1929. The Industries. * . Railroads—Aggregate net income of first 12 roads to for March off 17.1 per cent; February net rating income of same roads was off .1 per cent. The Companies. - _Bon Ami Co. March quarter class B ‘share earnings 80 cents against 87 cents. Byers (A. M.) Co. preferred share -earnings, six months to March 31, $1.82 against $10.96. Chicago Great Western R. R. March 4 per cent preferred share earn- 59 cents against 30 cents. r Corporation—March quarter deficit, $979,927 against net income share; .March 31, $49,977,317 against $43,305. -)39; net working capital, March 31, $6 424,225 against $71,764,874. Erie R. R—March quarter, 4 per cent first, preferred share earnings, 59 cents against 65 cents. Fageol Motors Co.—Reduces price on all lines 10 to 20 per cent. Humble Oil & Refining 1930 common share earnings, $6.08 against $10.94. In lis Power & Light 1930 pre- :u’r;ed share earnings, $23.35 against 78, Loose Wiles Biscuit—March quarter _ommcn share earnings, 82 cents against 88 cents. Missouri-Kansas-Texas R. R—March quarter deficit, $279,691 against net in- come $402,670, eaqual to 61 cents a pre Zferred share in 1930, Mountain States Power 1930 net be- “fore depreciation and amortization, $577,351 against $665,405. i Nevada-California _Electric—Net in- come, 12 months to March 31, $822,396 | sgainst 81,041,355, Paramount-Publix-Audit—Under bond indentures shows net consolidated in- come before taxes as 5.65 times interest cl ; consolidated current assets, 258 times current liablities at close of 1980; ratio of tangible assets to total consolidated indebtedness was 2.03 to 1. Paramlee Transportation March quar- ter consolidated deficit $79,574. St. Louis-San Francisco Railway (system) March quarter deficit $898,330 inst net income $1,170,457, equal to 66 cents common share in 1930. Southern Colorado Power 1930 net before depreciation $630,458 against “$656,242. ‘Twin City Rapid Transit March qua ter commen share earnings 177 cen against $1.73. Vadsco Sales March quarter preferred | share carnings 63 cents against £1.64 before Federal taxes in 1930. Ward Baking Corporat. preferred shares earnings, 12 weeks to March 21, 71_cents against 79 cents. ‘Warner Quinlan Co. 1930 deficit $1,-} 650,832 against net income $1,364.955, | equal to $2.16 common share in 1929. Montgomery-Ward March quarter deficit $1,783,674 against deficit $2,318,- 260. ! Ainsworth Menufacturing March ! quarter deficit $35233 against net in- | come $146,416, cqual to 90 cents com- | mon share in 1930. American Hard Rubber, 50 cents quarterly dividend; formerly paid s1 Republics __ Corporation deficit $579,219 against r- ts | e March guarter deficit $194,875. Central Railroad of New Jersey March net operating income off 9.5 per cent; three months off 26.8 per cent. Corn products Refining March quar- "Eunu--wngm Corporation = subsid- fary, Curtiss Aeroplane & Motor, gets $440,000 Government contract for 30| 1ldi 1 lanes. Hecisie " Aufo-Lite March quarter common shmm:x;?k before Federal taxes $1.25 t. $2.08. Foundation Co. of Canada, —Cur- rent unfinished business around $5,000,~ 103% Canadian Natl 5s ‘69 Oct. B6% Canadian Pacific deb ¢s. . 95% Centra: Pacific 4849 102 Central Pacific bs 1960 81% Certain-teed 6348 1948 95% Chesapeake Corp bs ‘47 103'% Ches & Oh gen 43%s 92, 98’3 Ches & Ohlo 435’93 A. 991 Ches & Ohlo 4%s B'95 ChiB&Q4%sB'17. Chi B & Qref 55'71 Ch & East Il gen Chi Great West ChiMStP&P6bs Chi M St P & Padj 4 Chicago&Nwn cv 4 Chi& N W 63536 Chicago Rys 58 '27. Chi R 1& Pacref 4334 Chicago Rock Isl 4158°60. Chicago R 14%sA. . Chi Union Station 4 '4s. Chi Union Station 6%s Chi & West Ind con 4 Chi & West Ind 6% Chile Republic 6s 1960. .. Chile Copper 58 '47 Chinese Govt Ry bs 51 CCC&StLrf4%sE'TT. CCC&StLb6sD.... . Cleveland Terminal 5%s.. Colombia 6s 1961 Jan..,. Colon Oil 6s°38. . Colo & Sou ref 43%s'35... 10 Columb G & E deb 58 °52.5 10 Comm Invest 5%s'49. Con Coal (Md) ref Copenhagen 58 *52. Cuba R R 5852 Cuba North 6% Czechoslovakia 8s '51. Del & Hudson 5%s°37. 102% 72 20 25% 970 103% 108% 568 48 100% 9623 4 109% 103% 100%5 104% 95 69 | 72% 82t 1024 101% 101 844 695 Duquesne 435 1967 . Dutch East Indles 6s Erie 1st con 4 Erie gen lien 45°96 71% Erle ref 6567 71% Erle5s'75.. 79% Fiat 7s (xwar) "46. 92% Finland 50. . 20 Flor East Coast 58 '74. 117 French 7s” . 124 French 7%s'41 89 Gelsenkirchen Min 6s'34. 77% General Cable 5% s 1947, 3 1017 Gen Motors 6s 37 Ger Gov 5345 '65 wi 99%-German 7s 49 Grand Trunk s £ deb Grand Trunk 7s "40 Great North 4%s ‘7 Great Nor gen 5%s'52 Great North gen 75 ‘36 Greek 63 1068 Hudson & Man adj 58’67 Hud & Man ref 68°67 Humble O & R 5%s8°'32 Illinois Cent ref 4s’5: Illinols Central 4%8'66. . 105% 6 110 95% 107% 2 109% 5 824 101% 851 857, 66. Inter Rap Tr §s sta "66. Inter Rapid Tran 6s°32. Inter Rapld Tran cv 7s Inter Cement 6s *48 Inter Gt Nor adj ‘6 Inter Match 58°47. Inter Mer Marine 6; Inter Papervss A Int Tel&Tel cv 4% Irish Free State bi Italy 78°61..cueeess 7 1047 101% ) 100% 92% High. ..101 27 10122 10127 Lib 1st 4148 1932-47. 10227 102 2210227 101 25 10120 10120 10131 10131 10131 10524 105 24 105 24 10731 10720 107 31 9215 793 9t 05 111% 69 51 125% 9414 8315 91% b 1047 104 100% Net Stock Low. Close. Chge. +2 +4 +4 81% 102% 95% 97% 681 3 10325 104 2 Kendall 611124 112 4 Liggett 40 % 102 9914 0% i Louis& Mo Kan Mo Kan Mo Kan N NYChl 2 50 6313 101% 106 Norway Penn bs 6% 1% 25% 017 0% StL&S Sinclair Sinclair 101% Stnclair 8515 101% 85% 1% 7313 73% % Japanese 6345 '54.... Kan City South 3s 1950 n City South 6s ‘50 Kan City Ter 1st 43 ‘60 4 Kan Gas & Elec 4148 80. woew’s Inc 6 Lorillard 6%s '37 % St L & San Fr 68 B '60. St Louls S W con 4s'32. StPKCSLined%s 41.. Sao Paulo State of 8s '36. Seahoard A Liref 4 Seaboard A L adj Seaboard A L con Seine Dept of =. Serbs,Croats&Slav’ b 4 Serbs Croats Slov 8862, Southwes Bell Tel 5564, South Pacific col 45 *49 South Pacific ref 4s 55 South Pacific 4% '68. Southern Pac 4% Southn Pac Ore 4% Southern Ry gen 4s ‘56 Southern Ry 1st 5s'94.., Southern Ry gen 68 '56... South Ry dev 6%8 "5/ BOND SUMMARY FOR THE WEEK UNITED STATES GOVERNMENT. Net High. Low. Close. Chge. 5% 105 106% — % 8% and dividend. 5148’48 (war) Kreug&Toll 5s ct wi‘69.. Lackawanna Steel 58’50 # Laclede5%s D ‘60 Lake Sho Lehigh Val cn 4s 2 48°31 & Myers 55 51... x war'dl.. Nash uni 45 "40. .- Manati Sug s £ 738 '42 Market St Ry 7s A *40. % Mexico 45 1904-54. Midvale Steel 55 '36 Milan 6%s ‘52 MIIEIR&L1 Minn & St L ref 4s 3. MStP&SSM6%s"31., & Tex 1st 4890, & Tex adj 55 '67. & Tex prln §sA. 4 Mo Pacific gen 4s°75. Mo Pacific 5s . i Mo Pacific 6s 4 Mo Pacific 65 G £ Missouri Pacific 5s H '80 Montana Power 65 1943. . 4 Nassau Elec 4s'61. Nat Dairy Prod 53s°48.. 1 vat Radlator 6% 1947... 4 Netherlands 6s'72. 10. New England Tel 58 '52. . New South Wales 57 N Y Cent deb 45°34 5 N Y Cen ref imp 58 2013. N Y Cent deb 6s 35 Y Chicago & StL 4} NYCh& SLref6%sA.. & StLouis 6s '32 dison 18t 6% s '41. H & Hart 4%s 67 North Pacific 3s 2047 North Pacific 4s *97. . rth Pacific 5s D 2047.. North Pacificr 1 65 2047. . Northern States Pow bi 8%, Ore Wash 1st ref 45 '61 Orfent Dev 5% Pacific Gas & E15s"42..... Pacific Tel & Tel 68’62 Pan-American 6s'34. Para-Fam-Lasky 6847 .. Paris-Lyons-Med 6s58. . Paris Orleans 5%s 1968. . Penn gen 4%s 65 Penna RR 438 Penn 4% s '63. . 1964 Penn gen bs Penn 63%s'36.. Peru 6s°60. PeruTs...... 4 Philadelphia Co 53 6 Phil&Read C&I 65 wi Philips Petrolm 61, 5'29. . Pireill Coof Italy 7s'52. . Pittsbgh&WVa 445 C 60 Poland 8s '50 : Postal Tel & Cab 55 '33 Queensland 65’47 i Queensland 7s’41 Reading 43%s 97, 4 Reming- Rhinelbe 7s....... Rhine Westphalia 6352 9 Rio de Janeiro 8s 46 4 Rio Grande Do Sul 6s 68. Rio Grand West col 4 RIATk&L 4% Rome 63%3"52...... SLIM&SR&G 4s'33.. StL&SF prin4s A’0.. Rand 5%8°47... ‘ 100% 90 10014 7614 6415 8814 F4%s'78.... 91K e g i 59. Pt )] Ol 95'27...... Crude Ol 5%s. Pipe Line 68 '42 | g B ¥ 410 +++ 9 wwr . % Stand O11 N J 6s. Tenn Co; 4 Texas Texas P Stand Ol N Y 4% e Sugar Est Oriente 6s "42 Swiss 5% '46. pper 6s B '4 acific 53 B acific 55 C 5 Thira Ave Ist ref 43’60, . i Third Ave adj 5s°60. .. Toho Elec Pwr 75'55 Unlon Pacific 1st 45 '47. Union Pacific 4s *68 Un Pacific ref 4s 20 United Drug 6s ‘63 Utd Kingdom 5%8"37. 100t 100 53 9514 1007 U S Rubber 1st & ret b; Uruguay 65 1960...... Utah Power & Light § Utilities P& L 5%8 47 Vienna 65 1952. .. Va Ry & Power Vvirginia Ry 1st 6 Wabash Wabash 4%8 1978, 1st 63°39. Walworth 65 °45. Warsaw 7s 1958. West Sh West Maryland 4s ‘52, Western Union Tel 6% Wilson & Co 1st 63 '41. . Yokohama 6s '61. . Youngstown St | 1104 101 101% 103 8 99% 99% — % | ore 1st 4s 2361 109% — % Ml — N 101% + % 101 109% 994 991s 100% sugar price 10 points to 440 cents a ung. PoNew England Telzphone & Telegraph Murch quarter common thare earnings $2.32, against $2.49. Fackard Motor Car consolidated bal- nee sheet as of March 31 showed total assets of $68,801,320, against $74,575,- 262 year previous, surplus was $12,741,- 786, against $1£,241,081; net working capital $26,217.377, against $28,222,458. Sherwin-Wiliiams Co. 121, cents ex- tra and usual $1 quarterly common. Standard Oil of New Jersey subsidiary, Magnolia Petroleum, meets Texas crude orce reductions St. Louis Southwestern Railway March deficit after charges $134,691, against net income $194,253. Bethlehem Steel—Arrangements re- ported completed fol quisition of Lev- ering & Garrigues and Hay Foundry & Iron Works by McClintic-Marshall, sub- siciary . Int l’xrammru Corporation of Dela~ change in dividend pol- for disbursements terest and dividends W Pr icy which provid from earnings of received. International Cement March quarter common share earnings 65 cents, against $1.34 Allen Industrics March quarter deficit $7,583, against net income $59,385, equal to 71 cents common share in 1930. Borg Warner Corporation March quarter common share earnings 21 cents, against 84 cents. American Bank Note March quarter common share earnings 5 cents, against 99 _cents. Boston & Maine R. R. March net operating income off 20.3 per cent. General Motors. first half net expect- share earnings 77 centsied to be 20 per cent above dxvidend’ needs. Isle Royale Cop&er reported cost of production, excluding depreciation and depletion, is nearly 13 cents a pound; in 1930 company's average monthly loss was $12,000, "fli"’“ around 12 cents a pound, aga about 10 cents at present. Graham-Paige Motors current oper- ations 40 per cent above last month, output about 160 cars dally; new car stocks in dealers’ hands 40 per cent less 000. Jones & Laughlin Steel blows in one B Stacks six active fur- of year. March quar- 62 cents, Refining cuts refined L than year ago. Kolster Radio Omnuon——&mk- % action filed against company by Arrow Motor Car 325 cents dividend; paid 50 cents formerly. class A Buying for Profit (Thix is the twelfth and last of & serics of articles discussing the application of investment, principles to present-day con- ditions in business and in securitles.) BY GEORGE T. HUGHES. Whatever investment program is | adopted there are two requirements for which there are no substitutes— ade- [ quate diversification and competent supervision of securities after they are acquired. Diversification should extend to the | d—that is to | type of securities purchase say, bonds, stocks and mortgages. It | should extend to the kind of industry | represented. The old distinction was | between railroad and industrial invest- | ments. The latter have more recently | been subdivided into industrials proper and utilities. Among the industrials | | there is need for spreading out the risk over as many fields of enterprises as possible. Even though the investor is convinced | that the package food business, for in- stance, presents the most attractions at | this time, he should have only a pro- | portion of his funds tied up in that | line. Diversification should include | proper geographical distribution. If it | is decided to make utilities the leaders on the list, the security buyer should | | see to it that different sections of the country are covered. In some Instances it may be wise to diversify with respect | to the dates at which the income is to | be recelved, but that is not always nec- | | | essary. ‘The matter of supervision is not so | easy to deal with. It is never safe to buy stocks or bonds and “put them away and forget them.” There is not so much danger if the selections are conservatively made in the first place, and yet danger in some degree is al- ways there. Investment conditions are subject to constant change and some- one must be responsible for anticipat- himself he must find some one to do it for him. 'Trust companles sell such a i vStmans, Dagbore alos can lem. N ers. can elp. Somehow the Illmlloh must, be found. (Goprrisht, 1091 | Exton Axle | General Electric ing those chnnflu as far as possible. If the investor is unable to do this for | St: SEARS, ROEBUCK PROFITS TO EQUAL THOSE OF 1930 By the Associated Press. CHICAGO, April 25. — Profits of Sears, Roebuck & Co. for the first half of 1931 will closely approximate the profits for the first six months of 1930, according to present indications, com- pany officials said today. Profits for the first three periods of this year were about $200,000 less than the same period of 1930, and sales for the fourth period were better than any preceding month of this year. Sales for the fourth period, March 27 to April 23, totaled $28,714,667, against $30,495,295 last year, a decrease of 5.8 per cent. The sales from January 2 to April 23 were $98,745,934, compared with $110,- 114,879 in 1930, a decline of 10.3 per cent. CORPORATION EARNINGS. By the Associated Pres NEW YORK, April 25.—Per share earnings of corporations reporting tKis week, with comparisons with last year, include Three months, March 31— Air Reduction Co.. Allegheny Corporation Allis-Chalmers Manufacturing king um 7 apeake 7p Ohio Railroad Curtis Publishing ... Chesapeake Corporation Commercial Solvents . Consolidated Chemical Du Pont de Nemours ( & Spring 1930, §1.98 09 Indust; E'L). General Foods . General Motors "~ Gillette Safety Razor owe Sound .. Hudson Motor Car ... Industrial Rayon .. rnational Busin Lambert Co... Lily-Tulip Cup Mathicson_Alkal National Biscull New York, New Have Packard Motor Car . Pierce Arrow Motor Car . and: ap & Seal Studebaker Corporatio; Texas Guif Sulphur . Girls outnumbered boys by nearly 25 to 1 when 2,600 pupils from 40 Lon- don schools attended the recent musical festival, " abroad, failed to improve during the ;' Reserve member banks showed a frac- | kol | . (C., APRIL NEW YORK STOCK EXCHANGE (Continued From Second Page.) 26, 1931—PART SIX. Steck_and dividend. 22 91 Spencer Kellog (80¢) Spicer Mfg. . picer Mfg pf (3) Spiegel-May-Stern. Standard Brands (1.20) Stand Brands pf (7). Stand Comm Tobacco. Stnd Gas&Elec (3%).. .. Stand Gas & E1 pf (4)... Stand Gas& Elec pf (6) .. 4 Stand Gas & Elec pf (7). 107 Stand Invest Corp. Stand Oil of Cal (h2 4 Stand Ofl Export pf (5). 104 Stand Oil of Kan (1). 4 Stand Oil of NJ(12). Stand O N ¥ (1.60). Starrett (L S) Co(121% Sterling Sec A).. Sterling Secur pf (1.20). Sterling Sec cv pf(3) Stewart Warner. Stone & Webster (3). Studebaker Co (1.20) Studebaker Co pf (7).. Sun Oil (1) Sun Ofl pf (6) Superheater ( Supertor Ofl Superior Ste Sweets Coof Am Symington Class A. Telautograph (1.40). Tennegsce Corp (50¢). Texas'Corp (3).. Texas Gulf Sulphur (4). Texas Pacific C & Ofl Texas Pac Land Trust, Thatcher Mfg (1.60). Thatcher Mfz pf (3.6 The Fair (2.40). The Fair pt (7). Thermoid Co. Third Avenue. . hird Nat Investment. hompson Starrett Co Thomp-Starr pf(3%)... Tide Water Asso (60c) Tide Water As O pf (6 4 Tide Water O1] (80c).. Tide Water Ofl pf (5). Timken Det Axle (80c) ‘Timken Roller Bg (3). 4 Tobacco Products Tobacco Prod(A) (195 ‘Transamerica Corp (1). Transue & Willlams (1). Tri-Continent] Corp. ri-Con Corp pf (6). o Troducts (215).e.. ruax Traer Coal C Truscon Stl (£1.20)... Twin City Rap Tr (§4).. Twin City Rap Tr pf(7). Ulen & Co (1.60)....... Underwood-Ell-Fish (5). Union Bag & Paper...... Union Carb & C (2.60). Un Oil of Cal (2).. Union Paeific (10). Union Pacific of (4) . Union Tank Car (1.60). United Alrcraft. .. Unit Aircraft pf (3), UnitedBiscuit (2) . Utd Business Pub. 7% Unit Carbon. . United Cigar St td Cigar Stores pf nit Corporation (75c) nited Corp pf (3) United Dyewood. 4 United Dyewood pf (7).. United Elec Coal. United Fruit (4). Utd Gas & Improv (1.20) United Gas Imp pf (5).. Jtd Piece Dye Wks (2).. Utd Plece Dywks pf 6% . 107 7% U S Distributing....... 9 3 10 Net High. Low. Close. Chge. 24% Y% 22% 91 224 a1 1% T P 4 A SR AR 1 19% x19% 105 =105 4 4% i 221 26% I+E1 ALY 7 22% 27 12% 44 30% [ 8 BT R Fere? i, L HEFEFE F 66% 23% 9% 55 ¢ 29% T 1084 24% 106 81 *Unit of Sear' o e te. egiiler rate. 2 Payable in cash or ock. h Plus 3% % in stock. n Ph . __ Stock and dividend. U 8 Distributing pf (7). U S Express. U S & For Sec. . U S Freight. i US Gypsum (1.60). S Pipe&Fy 1st pf S Realty & Imp US Smelt & Ref pf(3%) U S Steel (7).... U S Steel Corp pf U S Tobacco (4.40). Univ Pictures 1st pf (! U Pipe & Rad.. Univ Pipe & Rad p! Util Pwr&Lt A (e12.1! Vadasco Sales. . Vanadium Corp'n. Van Raalte. 4 Van Raalte pf. Virginia-Caro Chem. Va-Caro Chem 6% pf. Va-Caro Chem pf (7).... Va Elec & Pwr pf(6) Va Iron Coal & Coke. Vulcan Detinning (4) 4 Wabash RR. . Wabash RR (A Waldorf System Walgreen pf (634). ‘Walworth Co (1). ‘Warner Bros Pict. . ‘Warner Bros pf (3.85). ‘Warner Quinlan Warren Bros (3). W'ren Bros.cv pt. Webster Eisenlohr. Wesson O1l & Snow West Penn Elec A (7)... 1 West Penn Elec pf (6)... West Penn Elec pf (7 West Penn Power pf(6). West Penn Power pf(7). 12; Westinghouse Air B (2). Westing EI&Mfg (4). Westing E&M pf (4). Weston Elec Inst (1) West Vaco Chlorine(2). White Rock M S ( 4 White Sewing Machine. Worthington Pump. Wrigley Wm (4). Yale & Towne (2) Yellow Truck & Coach. . Young Spring (3)...... Young Sheet&Tube(4). 2% Zenith Radlo...... Dividend 1ates as gi ash payments bused on ‘the Ia ng less than 1 erij yaible in P st in stacfl. us 5% in FINANCIAL. Net Close. Chge. 50 1 9% 20% 40 10 82'% High. Low. 50 50 1 CONTIVUES LOWER Dealers Returning 16 and 13 Cents a Dozen for Cur- rent Receipts. 1.20. 2). Local commission merchants ymum'g were dllphytn‘ghn deep interest in condition of the egg market. have continued at a much lower les had been anticipated, to the merchants, and no definite formation as to what may be expec the coming week could be given. Dealers the past few days have returning 16 and 17 cents a dozen 1 current receipts, while hennery aug ‘was only 1 or 2 cents higher. In soi instances, it is stated, retailers their supplies go as low as 20 and 2 cents a dozen, selected hennery stock selling a few cents higher. StoNng of eggs for next Winter's trade was begun in the West some time ago, but local dealers believe the ree cent cold weather may have affected the .storing for the reason that eu‘ that are chilled will not stand up wel in_storage. oo There has been very little stol done by local dealers, it is stated, a the storing probably will not be as heavy as usual, dealers recalling | ported losses from such storing 1:: % | season. % | According to a report of the Bur of Agricultural Economics, Departme of Agriculture, storage holding in 1 principal cities yesterday morn! wmfl&ug;c, ‘h\]fldlnp the cord Tespont of last year bel 2,499,428, e No complaints have been received by wholesalers as to the fallure of supplies to come up to the standard, practically all receipts thus far this season han been fresh. It is deemed probable some supplies may be held back better prices and that some future ceipts may not be in the best condit! when M reach the local markets. First Trust Money Avallable at Prevaill 3 Prompt” Consideration of r‘:-rnn“'mu A. C. Houghton & Co., 1516 H _St. N.W. Distriot_7536-3! MONEY TO LOAN oo B Bl e an Consult WELCH Realtor *EEL VLY i@y 7) 5). EYIELE Rl i fHhts | 1 107%x109% 110 110 116% 117 85 1Lt +i+)y Money to Loan Secured by first rast on real esta uged by frst deed of trust on tay &9 Wash. L & Trus — AT Josephs . Wele Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Applications . JAMES F. SHEA 643 Louisiana Ave. N.W. LRy 1 2% 2% —~ % are the annual alf-yearly decia. 00 shares. tPart TPETSY i stoen. e Fatd ma 3u in_the” abor test muru;fy ‘n‘fi rip, 3 earned. 0C] lus in_stock. S P BUSINESS OF WEEK Department of Commerce Survey Made Here and Abroad for April 18. By the Associated Press. The business situation, at home and week ended April 18, as summed up by the Department of Commerce. Bank debits, outside New York City, increased frem the preceding week but were lower than the some week in 1930. Total loans and discounts of Federal | tional increase from the previous week but were considerably lower than the correspcnding week a year ago. In- terest rates on call money declined from the week previeus and were ma: terially under the 1930 level. Time money rates increased during ithe week but were far below the rates prevalent during the corresponding week last year. Average prices of rep- resentative stocks continued the decline | which started during the closing week | of March, reaching the lowest point | so far this year, with the exception of | the first week in January. | Bond prices remained the same as for the week previous and were slightly | above the 1930 level. Number of busi- ness failures, as reported by R. G. Dun & Co., increased slightly over the pre- | vious week and were above the level of | a year ago. Wholesale Prices Down. Wholesale prices, as measured by Fisher's composite index of 120 com- | modities, continued the decline which bas been under way since the third week in March, reaching the lowest peint so far recorded this year. Prices of agricultural products de- clined fractionally from the week pre: vious, and prices of non-agricultural products also declined to about the | same extent. The price of cotton mid- | dling increased fractionally from the | week previous, while iron and steel | prices declined slightly during the week. Both prices were lower than a year ago. In Argentina the exchange value of the peso dropped heavily, but recovered somewhat toward the end of the week. | ‘The Banco de la Nacion has issued a | statement to the effect that it has de- cided to allow the exchange market to attain its natural level, but that if it should consider it advisable it will not | hesitate to resume its exchange con- trol. The cabinet resigned and a new one has been appointed. The political situation continues to exercise an un- settling influence on trade. Trade improvement in Canada is gen- | erally well maintained over all sections, although the situation in Quebec and the maritime provinces is rather spotty and Vancouver retail reports are un- favorable as the result of weather con- ditions retarding the movement of Spring lines. In all sections transpor- tation equipment is quiet, with slight promise of recovery. Manufacturers of airplanes and equipment are fairly busy on orders placed some months ago, but the future is not bright. » Japan More Optimistic. Japan entered the second quarter of the year with a slightly more optimistic feeling in business circles as a result of the apparent stabilization of commodity prices. Prices on the whole are still quite low, but are holding at the Janu- ary level, with a few commodities en- joying a slight advance in. wholesale quotations. Business continues spotty, with some markets enjoying seasonal ac- vity. In Mexico the peso is showing a slight weakening, due to the temporary inac- tivity of the Exchange Regulating Com- mission. Congressional committees are holding hearjngs on the new labor bill for the col ration of which a spe- cial Congress is to be called of FALS O INROVE ] |- about May 1. The general busine un}\mn ht}mchmnd'. Bl s n optimistic undercurrent vails in general Philippine conditions because of improved prices for sugar, cocoanut oil and abaca. The effect of low prices during the last 20 months, however, is now reflected in reduced import activ- v, although greater turnover in many merchandise lines is evidenced. £ S BALTIMORE STOCKS. Special Dispatch to the Star. BALTIMORE, April 25.— STOCKS. S35 Bauimore 5 Baltimore. . 25 Black & Decker co ust Co....... elity & Guaranty.. 15 Western Maryland Dairy pfd. 4 Union. 2612 U. 8. Fide “Bank Stocks” (In New York and other Cities) Bought—Sold—Quoted | Robert C. Jones & Co., Inc. Shoreham Bldg. Met. 2922 D. H. 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