Evening Star Newspaper, May 5, 1931, Page 14

\ TA 14 ¥% FIN CHAMBER PLEASED BY HOOVER SPEECH Challenging Address on Arms ‘1 Struck Responsive Chord I at International Session. BY JOHN F. SINCLAIR. President Hoover's address before the International Chamber of Commerce here yesterday was the most challeng- ing he has made against armaments. 1t struck a responsive chord through- , especially within the :‘:lktsh;l!t‘l::” dr:?e'lltr:f the 43 nations assembled. Here is one of his most outstanding sentences: “The world expenditure on all arms 4s now nearly $5,000,000,000 yearly—an * increase of about 70 per cent over that *' previous to the great war. We stand today with near 5,500,000 men actively under arms and 20,000,000 more in re- serves * * * yet, we are all signatories to the Kellogg-Briand pact, by which we have renounced was as an instru- ment of national policy and agreed to ~gettle all controversies by pacific means.” The President went on to say that international eunfldemée must be b}xlld- ~ed u will and not upon fear; * thltptohne "oggle history of the world is filled with “chapter after chapter of failure to secure peace through rither competitive arms or intimidation.” Next year the leading nations of the _world are to hold a disarmament con- ference on land forces. Several dele- gates here expresied themselves, after- ward, as believing that this statement of the President was the beginning or . the entering wedge of a movement to tie up war debts and disarmament. As one delegate expressed it: Let us suppose France, now the ! heaviest armed force in Europe, de- ! cided to attend the disarmament con- ference and made the proposition that ~ she would reduce her armaments 10 | per cent if her war debts to the United States and England were cut by the same amount. “If that principle was adopted, it would only be a step from 10 per cent to 50 or 60 per cent. As a matter of fact, that's what I think is going to happen. It will happen not onlv in the case of France, but of every (#-r n country. In such a poiicy they have nothing to lose and every- “thing to gain. I do not see how the President’s address can be interpreted as anything but an effort to reduce armaments and possibly war debts at the same time.” There is probably more truth thag fiction in the observation. George Theunis, retiring president of the chamber and for many years after the war prime minister of Belgium, made a vast, exhaustive survey of world | conditions in his 20,000-word repcrt. His address covered such subjects s world economic _conditions, public finance, the monetary policy and the _gold question, capital and silver mas kets, industrial production, internation- al industrial concentration, the agri- cultural situation, overproduction and ‘tariff walls. “I am personally convinced,” said Mr. Theunis, “that the commercial policy and the customs tariff in force in most of the countries of the world constitute one of the fundamental causes of our actual economic troubles. * * * A liberal customs_policy might be expected to lead to better business conditions.” Another subject upon which Mr. Theunis especially dwelt was that which resulted from the drop in silver. Ever since the demonetization of silver in 1870 by Germany, and by other na- tions who have adopted the gold stand- ard since the war, silver has been drop- . PFrom 1871 to 1:75.‘16 ver to 1 of gold. During rose again, but afterward it declined, until in mmz last the ratio was .75.8 to 1. Half the world’s population, doing almost a quarter of the world's trade, has been affected by this critical “drop in silver. It is a subject which will be given much attention at this convention. Senor Don Carlos G. Davila, Ambas- sador of Chile to the United States, gave a rather discouraging picture of | present conditions in Central and South | America. It looks like a case of just | stumbling through, without any lead- ership or direction. “The hoping for | the best” business leaders seem to be in | the majority. Latin America has three principal crops. Coffee forms 28 per cent of its | total exports. Sugar comes next with | about 15 per cent, and copper is third with 10 per cent. What's ahead for business in Latin America? The Am- bassador said he did not know, but he! s positive of one thing: The final lution rested with business groups “such as this, rather than with gov- ernments.” Latin America frankly is looking for leadership. Julius H. Barnes, chairman of the board of the United States Chamber of | Commerce, was encouraged over the re- ports that have been coming in to him in person from various delegates. In discussing conditions with the writer, | he attributed the drop in the commod. ity prices of the past year as the big- gest factor in holding back business recovery. “A year ago we were within 7 per cent of normal when commodity prices all over the world started their precip- itous decline. Nothing could arrest that ‘movement once it got under way. think ;the price decline has pretty well reached the bottom. That, to me, is a! source of great encouragement.” Norman Leonard, vice president of | the Stable Money Association, was in-| clined to criticize the management for not giving the subject of monetary sta- | bilization a place on the printed pro- | | gram. “Nejther here nor at Atlantic City. where the United States Chamber of Commerce met last week,” he said, “‘was there any mention of this very ‘ital subject. Yet to me it is the most im-; portant problem before the business| men of the world.” Only & month ago, over an interna- tional radio hook-up, Lord D'Abernon, the British diplomat and financier, gave | this subject his entire time. He said, among other things: | “I hold that the present deplorable conditions are due in the main, though not entirely, to the fall in the price of stable commodities. This fall has been brought about by adequate means of payment not being available has been a corner in gold and gold| currency. This position can be cor- rected by a combined action between the central banks of the leading gold- using countries, provided that these central banks come to an understand- ing on a joint policy and that they take as their objective the restoration of stability to be the standard of value.” Proublg the reason why no mention of this subject is made on the program is because it is considered too involved and academic by most business men and bankers. Still, it should not have been ignored. ” On another occasion Silas H. Strawn, now president of the United States Chamber of Commerce, said with re- gard to this subject of monetary sta- bility: “A solution of the problem of sta- bilizing the purchasing power of money would be the greatest financial and economic achievement the world has | American ANCIAL. (Continued From Page Stock and Sales— Hi 3 Dividend Rate. 804 28 Paramount Pub (4).. 129 1 3 Penick & Ford (1)... 9 2814 Penney (J C) (2.40).. 7 20 Pinney (JC)ptA () 1 3 Pénn Dixie Cement.. 1 50% Penn RR (4)........ B3 9614 Peoples D S pf (6% ). 608 20014 Peop Gas Ch (8)... 58 Pere Marq pf (5)... 6% Petrolm Cp of Am(1) Phil Read C& 1. 103 250 80 10% 12% 12 16% 23% 8%, 80 16% 5 15 8 . 208 38 22 Phillips Petroleum 9 Pierce Oil pf. 114 Plerce Petrolm 31% Pirelli (A) (m3.13) 65 Pittsburgh Coal pf. 104 Pitts Screw (1.40). 314 Pitts Terminal Coal., 9 Pitts United Corp 4 PRAmMTobB. 18 Postal Tel&Cable pf. 9145 Prairie Oil & Gan (2) 17% Prairie Pipe L (3). 314 Pressed Steel Car. 63 Proct & Gamb (2.40) 8 Prod & Refiners pf.. 9614 72 PubSvNJ (3.40) 10115 95 PubSv N Jpf (5) 157% 148 Pub Sv N J pf (8) 11215 109% PubSvE &G pf ( 5815 86% Pullman Corp (4) 2 % Punta Alegre Sugar. 1% % Punta Aleg Sug ctfs. 11% 5% PureOll 101% 67 Pure Ofl pf (8) 55% 29% Purity Bakeries (3). 2714 12 Radlo Corp. 55' 48 Radio Corp 60 34' Radlo Corp B (5).... 24'5 1513 Radio-Keith-Orph A. 2915 18% Raybesios Man 2 60. 3914 20% 26% Ti 1% 16 Reo Motor Car (40¢). 12§ Republic Steel. . . Republic Steel pf. . Reynolds Metals (2). Reynolds Tob B (3).. Richfield Ofl. Rio Grande Oll. Rit Dent Mg (2%) Rossia Insur (220).. Roy Dtch (m1.3404).. Safeway Stores (5).. St Joseph Lead (1).. St Louis & San Fri St L-San Fran pf (6) Savage Arms (2).. Schulte Retall Str Scott Paper ($1.40) Seaboard Air Line 80 24 3 31 27% 38% 154 18 314 Seneca Copper. Servel Inc. . Sharp & Dohme. Sharp & Do pf (3%). Shattuck F G (11%) Shell Union Of} Shell Un Ofl pf (%) Shubert Theaters, Simmons Co. . Simms Petroleum Sinelair Con Ofl (1) Sinclair Oil pf (8) Skelly Ofl. vens Skelly Oll of (6).... ShefTield St pf. king. Snider Packing p! South Port Rico Sug. South Cal Ed (2). Southern Dairies(A 3 South Dairies B 821 South Pacific (6). 35% South Ry (8)... 7 Sparks Withing (1) 2% Spear & Co.4....... 17% 5% Splegel-May-Stern.. 20% 164 Stand Brands (1.20). 123% 118 Stand Brands pf (7). 88% 58 StandG&E 3%). 64 57 StandG&Epf (4 4% 2 Stand Invest Corp. F1% 33 Stand Ol Cal (h2%). 105% 102% Stand Oil Exp pf (6). 52% 33% Stand OIINJ (12)... 26 17% Stand Ol N Y (1.60). 344 17% Starrett (LS) (12%) 5% 2% SterlingSecA...... 12% Add 00. High. Low. Close. Close. 31% 1% 2 223 THE EVENIN ~Prev. 1931~ High, Low. 21% 13) Prev. T18% 118% 112 45% 34% 40% 30 M % 18% 64 36% 20 56% 36% 10% 54 41 ATn 29% 1% 4% 3 29% 1% 4 30% 1% 4 2% 341 Sun Of1 3 841 Superio; 35% Superio; 97 419 Tide Wi Timken Timken Tran Trico Pi Und-El Un Pac!! Unit At Unit Bi Unit Co Unit Fri US & F U S Fre U S Lea Uniy Pij Util P& Vanadiu Vulean Ward B; Ward B Warner Warner Warren Warren Webste W Westy: Wextar Stock and Dividend 10% Stewart Warner. 35% Stone & Webster (3). Studebaker (1. Studebaker Cp pt Unit G & Im (1.20) Unit G & Im pf (5).. Unit Piece D W (2). Unit Plece D pf 6% . Utah Copper (8).. Vadasco Sales Corp.. G 'NEW YORK STOCK EXCHANGE Receited by Private Wire Direct to The Star Office. - Sales— Add 00. High. « 9 3 20) (11) Superheater r Ofl r St Texas Corp (3). Tex Gulf Sulph (4). Texas Pac Land Tr. TEird Avenu, Thermolid Co. Thompson Starrett. . Thomp-! Tide Water As (60c). 3 11 Star pf (33%) at As pf (8).. Det Ax (30c) Roller (3) Tobacco Products Tobacco Prod A 9 merica (1) Tri-Cont Corp. . Tri-Cont Corp pf (6). roducts(2%). Truax Traer Coal Co. Ulen & Co (1.60). . 1-Fisher (5) Union Bag & Paper. Un Carbide (2.60) Un Oil of Cal (2). fic (10). Un Pacific pf (4). reraft. scuit (2) rp pf (3) uit (4).. 85 ‘or Secur.. 1ght. ... U S Gypsum (1.60).. ther. . U S Rubber. U S Rubber 1s U S Smelt & Ref U S Steel (7). . U S Steel pf (7). Unit Stores A. Unit Stores pf (4) Univ Leaf Tob (3) Dl 9 3 608 L A (e12.16). 101 25 177 pe & Rad. im Corp'n. Det (4). Wabash RR. Wabash RR Waldorf Sys (1) .. Walworth Co (1). 1 18 1 8 aking B, aking pf (7) Bros Pict... Quinlan.... Bros (3).... Fdy & P (2). r Eis pf (7). West Pa El pf (7)... West Pa Pow pf (7). Western Dairy (A).. Western Dairy B. Western Md. Western Pac! Western Union (8).. Westing A B (2).. Westing E1&Mfg (4). vesting E&M pf (4). co Chlor (2 k Radio Strs. White Sewing Mach. White Sew Mach pf. Wilcox Willys- Wilson 0il & Ga Overland. & Co pf. Woolworth (2.40)... Worthington Pump. Wrigley (Wm) (4).. Yale & Towne (2). Yellow Youngs TrUCK, . o0sse Spring (3).. Sales of Stocks on New York Exchange. 10:30 AM. 1:30 P.M.. vidend rates 104y | tions 37% | 4% in stock. §Ps 1914 | year—no regular rate. 20 | ¢ Pavable in cash or s h Plu % 2 "'1n stoc 3% | 3% in stock. m Paid t 104 3% 19% 21 3u a 3715 | cash payments based or t! 5 Uit of trading I ayable 300.000 12:00 Noon. 1.00,000 800,000 ' s the sbove t; in a atest quarterly or e aentoza! ble are haif yearly declara- ess than 100 shares. tPartl: g B et Plus 9% in '-m T Bae ¥ ock. tock. 1 o stock: "% Pis 850 3 3 Plus 50c in special preferred his year—no reguinr rate. n Plus 5 CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS By the Assoclated Press. NEW YORK, May 5.—The following | is a summary of important corporation | news prepared by Standard Statistics | Co., Inc., New York, for the Associated | Press: News Trend. Automobile production in April by members of e National Automobile | Chamber of Commerce, comprising all important manufacturers except rd, is estimated to have been 20 per cent over March. Although this April in- | crease is a little less than had been | indicated by the early reports of April shipments or production released by | individual companies, and although | some rise is to be expected at this se: son, nevertheless the fact of a substan- | tial gain in activity in a major ind\ulryi in itself may be considered encouraging. | It must be borne in mind, however, that this estimate of production is still 12| per cent under April, 1930, and that the estimate for the four months of this | year is 22.6 per cent under the same period of last year. | Another increase in daily average crude oil output occurred in the week ended May 2, as estimated by the Ofl | and Gas Journal. This gain, amounting to 38,892, is a small total daily average 2480,731, but, nevertheless, it serves once again to draw attention to the| unfavorable situation in oil caused by mounting production in spite of efforts | to effect curtaliment and low price levels In the Corporation News the quarter- ly report of the Radio Corporation, showed share earnings of two cents. | Marmon reports a deficit for the fiscal year to February 28. Additional reports of April retail sales continue mixed in | character, The Companies. Chicago Railways—Tilino's Attorney | General starts action to test validity of unificatior. measures. Federal Screw Works—April business equal to March when profit of $3,951 was shown. Pennsylvania Power & Light, affiliate Lehigh Navigation Electric, calls for payment July 1_entire issue of first rlr;v;?qlg- steries B 5 per cent bonds of St. Louis-San Francisco Rallway— Business report unaffected by pipe lines, gasoline and oil tonnage above year ago. Universal Pipe & Radiator takes no action on preferred dividend; paid $1.75 February 2. Commonwealth Power's | gross earnings, 12 months, to March 31, up 4.5 per cent; net before reserves and taxes, up 16.1 per cent. Art Metal Construction—March quar- ter deficit $30,548 vs. net income $157,- ggn equal to 49 cents common share in Certain-teed Products—March quar- ter deficit, $233,892 vs. deficit $550,564. Columbia Graphophone, Ltd.— Re- ceives share for share exchange offer from Electric & Musical Industries, Ltd., if accepted stockholders of ordinary stock to receive 56 cents dividend and bonus consisting of holdings of Co- lumbia Phonograph shares. Endicott-Johnson Corporation orders 20 per cent above 1930 level; ing at about 80 per cent of capacity: introduces men’s shoes to retail at $1 a pair. Kroger Grocery & Baking sales, 4 weeks to April 25, off 0.5 per cent; 16 Perhaps, after all. the subject will yeceive & hearing before the world con- ference of business men closes. (Copyright, 1931, by Neorth American News- 1 ¥ 4 paper Alliance.) weeks off 3.8 per cent, Lehigh Valley Railroad allowed to common share earnings 33 cents, against $1.03. Maytag Co. March quarter preference share earnings 36 cents, again:t 95 cents. Mohawk Hudson Power 1930 common share earpings $2.53, against $2.49. Pennsylvania Railroad-Baitimore & Ohio granted trackage rights over Wil- liamsport-Driftwood line. Radio Corporation of America March quarter common share earnings 2 cents. Skelly Ol Co. March quarter deficit $7176,345, against net income $547.510, equal to 50 cents common share in 1930. American Department Stores deficit year ended January 31, $148,081. Chgin & General Equities liquidating value’ March 31, 1931, $1.41, common share vs. 5 cents December 31, 1930. Chicago, Burlington & Quincy Rail- road March quarter earnings $2.39 vs. $3.39. Commercial Credit March quarter common share earnings 34 cents 4s. | 50 cents. Grand Union Co. March quarter com- mon share earnings 46 cents vs. 42 cents. Marmon Motor Car deficit, year end- ed February 28, $2915,707 vs. net in- come $832,889, equal to $2.93 common share; new car sales year to February 28 totaled 10,115 vs. 29,216 in preceding year; sales volume was $12,854,366 vs. $30,462,361. Vulean Detinning March quarter common share earnings $1:38 vs. 2.21 National Candy March quarter com. mon share earnings 35 cents vs. $1.30. National Radiator deficit, 12 months to March 31, $1,352797 vs. deficit $1,172,152. Durant Motors, Inc.,, reaches settle- |ment of dispute with Durant Motors of Canada, Ltd., over transfer of as- sets to Dominion Motors, Ltd. Edison Bros.’ Stores April sales up 41.2 per cent; 3 months up 38.6 per cent. Ford Motor—World production _of | cars and trucks in April totaled 117,891, highest month since July, 1930, against 99,035 in March and 206,340 in April, 1930; four months output, 357,817 units against 605,661, International Agricultural Corp.— Omits quarterly dividend on prior pre- ferred stock; paid $1.75 March 2. Mid-West States Utilitles—1930 net income before reserves $272,446 against $203,911. Mining Corp. of Canada Ltd.—First | quarter output totaled 116,238 ounces of silver and 177,297 pounds of cobalt against 250,287 ounces and pounds, respectively. New York Power & Light—1930 com- bined preferred share earnings, $25, against $25.75. Southern Pacific Co.——1930 passenger and freight revenues off 14 per cent and 164 per cent, respectively; $703,- 000 damages still unpaid by Mexico; about $15,000,000 invested in motor vehicle lines which are operating suc- cessfully. United States Steel gets order for 12,000 to 15,000 tons pipe from Colum- bia Gas & Electric. ‘Waldorf System—April sales of 0.5 per cent; 4 months off 2.9 per cent. Prairie Pipe Line April deliveries off 58.3 per cent; four months, off 62.7 per cent. Sinclair Consolidated Oil to appeal from decision of Guthrie Federal Court denying injunction request to permit in- creased output from Oklahoma City feld. Smith (A. O.) Corporation gets 9,000~ ton pipe order from Ohio Oil. Acme Steel Co. dividend needs, 62'; cents, reported not covered in first quarter. Central Power & Light first quarter | off 3 per cent, net earnings be- fore depreciation up 4.8 per cent; 12 months’ gross up 2.9 per cent, net up 12.5 per cent. n Tobacco 1930 common share discontinue off-track freight stations in New York_ City. Marlin-Rockwell Corporation March s | Cul earnings $1.55 vs. $3.01. Container Corporation of America March quarter deficit 3124‘518. against. -\ common share | 14,000 | net income $135,387, equal to 26 cents class A share in 1930. Denver & Rio Grande Western Rail- | road reported ready to drop plans for | acquisition of Denver & Salt Lake. | Federal Water Service gross reve- | nues, 12.9 to February 28, up 4.8 per cent; net income off 16.6 per cent. General American Tank Car March | quarter common share earnings, $1.48 vs.G$21'l,l e eneral as & Electric 7! cents dividend on class A and 15 w/léu divi- d"e:ci on B common payable in cazh or | _General Motors May Chevrolet out- put expected to reach 110,000 units va. 106,000 in April. | Grant (W. T.) April sales up 11.7 | per cent: 4 months up 9.8 per-cent. | _ Inland Steel operation at 49 per cent | vs. 50 per cent week previous. Kolster Radio Corporation—New com- pany. Kolster Radio, Inc., chartered in New Jersey by interests affiliated | graph, which are engaged in reorgan- | 1zing properties of this corporation sold recently to Orange Security Corporation. Cincinnati territory to 14 cents a pack- | age or two for 27 cents. McCrory Stores April sales up 1.4 per cent; four months, up 2.5 per cent. per cent; four months, up 1.1 per cent. | _ Pacific Telephone & Telegraph March | quarter common share earnings $2, against $1.88. Standard Power & Light 1930 com- mon share earnings $3.75, against $4.25. United Gas Corporation offers to ex- change §7 preferred for bonds of Dixie Gulf Gas, Houston Gulf Gas, South | Texas Gas and Southern Gas Utilities on basis of one share preferred for each $100 principal amount of bonds. |2.2 per cent; four months off 1.3 per | cent. | with other operators for unit explofta- | tion of Eastern Venezuelan properties. P il METAL MARKET. NEW YORK, May 5 (#).—Copper |quiet: electrolytic, spot and future, 9.00a9.50. Iron quiet and steady. Tin steady; spot and nearby, 23.00a27.00; future, 2355, York, 4.00; East St. Louls, 3.80. Zinc easy; East St. Louis, spot and future, 3.25. Antimony, 6.70. - — RUBBER MARKETS. NEW YORK, May 5 (Special).— | Crude rubber, smoked ribbed sheets, with International Telephone & Tele-! Kroger Grocery & Baking advances|C. & P. prices of popular brand cigarettes in|S5D | McLellan Stores April sales up 1.6|% Creole Petroleum makes arrangements | w Lead steady:, spot, New | STAR, WASHINGTON, D. C., TUESDAY, BONDS ARESTRONG BUT TRADING QUET Investments Going to High- Grade Municipals, Govern- ment and Short-Term Paper. BY F. H. RICHARDSON. Bpecial Dispatch to The Star. NEW YORK, May 5—Bonds were strong today in quiet trading. Now that the investment market, for two consecutive days, has been freed of the influence of forced selling com- from the stock market, and also the depressive effect of weakness in uities, some appraisal may be made of the current investment trend. While gflcu have responded readily to the uying, there has been little volume in dealings and it is apparent that the bulk of funds seeking investment from sav- ings banks, insurance companies and other corporate investors are still gnlng into high-grade municipals, Unite States Governments and prime short term paper. An instance of this today was the quotation of Liberty first 4l4s at lev- els yielding less than 11, per cent per annum. This buying, of course, is predi- cated ongthe theory that the Liberty loan will refunded on the call 8ate, June, 1932, This certainly has been the Tressury's plan, but whether it will be able to do it or not depends on tI market. Intimation by the Treasury Depart- ment today that another long-term loan was in sight emphasizes the fac that the Treasury has more than $2,000,000,000 in short-term paper fall- ing due between July 1 and December 15. When the soldier bonus agitation was at its height it was reported that the Treasury would not be able to refund the Liberty loans callable in 1932 and 1933. The municipal market today received the announcement that Asheville, N.C., and its county, Buncombe County, have defaulted on May 1 service on funded debt. The county was hard hit in recent months by bank failures. Against this glum news, however, San Fran- cisco sold $10,400,000 of 4!, per cent bonds to a Pirst National Bank syn- dicate on a 4.14 per cent cost basis to the city. Municipals are in keen demand and dealers are convinced that Asheville and Buncombe County will be able to pull through with banking help, just as the State of Mississippl did recently. The tendency to buy only the best of bonds was shown by the action of Bush Terminal 5s of 1955, which today were 81 bid, or nearly 18 points below recent levels. The issue, while not a prior lien on the company's prop- erties, is part of a funded debt that was covered by earnings 3.03 times fixed charges in last earnings reports. However, there was speculative buy- ing in many junior bonds, among them McKesson Robbins 513s, Warner Bros. Pictures 6s, Utilities Power & Light 5s, Frisco A 4s and 415s, Shell Union Oil 5s, Missouri-Pacific 5s, In- ternational Telephone 4158 and Gen- eral Theaters Equipment 6s. Prime issues were firm at their best levels of the year. Atchison General 45 sold at par, tbeir best price since 1912. Amercan Telephone 5s and 5'%s reached to new 1931 tops. The same was true of other high-grade rail and public utility emissions. Time money was easy and in plentiful supply at 13 per cent for 90-day loans. In the foreign department there were wide gains in many recently depressed bonds, notably Uruguay 6s and 8s,, Sao Paulo 7s, Peru 6s, Medellin 61,5, New South Wales 55, German Central Bank 6s, Finland 6,5, Buenos Aires 6',s, Bo- livia 8s, Australia 5s and Argentine 6s. Italian bonds were firm, reflecting the announcement that the Italian cabinet had approved issue of a new 5 per cent internal loan of $209,200,000 in nine- year treasury bonds at 95. The loan will be exempt from taxes. German is- . |sues were unchanged to fractionally higher. (Copyright, 1931.) Washington Stock Exchange SALES. Capital Traction Co.—10 at 34, 10 at 34, 40 at 34, 10 at 34, 10 at 34, 10 at 34, 10 at 34. Federal-American National Bank & ‘Trust—40 at 50, 50 at 50. Lanston Monotype—10 at 100. National Mtge. & Inv. pfd.-—30 at 4%. AFTER CALL. ‘Washington Gas 6s “A"—3$300 at 1027}, $200 at 1021, Polnsmnc Electric Cons. 35—$1,000 at 4. National Metropolitan Bank—10 at 272. Capital Traction 5s—$1,000 at 80%a, $3,000 at 80%, $1,000 at 80'5. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel & Tel 4! Am. Tel. & Tel ctl Anscostia & Pot. R. Ana. & Pot. guar. 53 Tei. of Va. 3s. c Elec. cons Potomac Elec 65 1953 Wash.. Alex. & Mt Ve ington Gas 41as. ington Gas s . Gas 65, series A, K 3% e 63. W. M. Col T Wash. Cons. Title 6s. STOCKS, PUBLIC UTILITY. Amer. Tel | . Woolworth (F. W.) Co. April sales off | wash. Gi Eléc. Power ptd Elec. Power 5ia% pid. h. Ry. & EL com. (7). . RWy. & EL pfd. (5) NATIONAL BANK. Capital (14). Columbia (12) Commercial (s Fed.-Amer. Nil. BK. & Tr. (2} Liberty (78)....... : Lincoin (12)1% % Metropolitan’ (i4) Riggs (153) cond (9e) Washington (13).....0.00000 TRUST COMPANY. er. Bec. & Tr. Co. (15| Aonttnenin rrat 18 Natl. Sav. & Tr. (131} : 42! Prince Georges Bank & Trisi . Unlon Frust (800, o Wash. Loan & Trust (14 BAVINGS BANK. | was 3 cent higher at today's noon quo- | Commerce & tation of 6 cents. This compares with ‘Gw a month ago and 14% a year ago. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Allis-Chalmers Co. S5 dan. Rt 98 American Thread vee | Bal re & Ohio 3 “ a an Pet. Corp. 4'as 1 ‘B!" Tel. of Canada 55 1957 California Pet. Co Chi. Nort! Chicago Rock I | Chile Copper Co. 5s 1 cvas | Denver & Rio Grande 4133 i36 Gen. Mot. Accep. Corp. 8s 1937 General Petroleum_ Corp. 55 1940 | General Theaters Equip. 6s 1940 Goodyear T. & R. 55 1957 . Grand Trunk of Canada 6s 1936 | Guif Oil of Pa. bs 19 S Humble Oil §15x 193: Inter; tch | Marland Oil 5s 1932 New York, Chi. & 8t L8 | Philups Petroleum Co. 85 1 | Pure Oit Corp. 8%s 1037 1947 | Binclair Crude Oil Co. 5! Standard Oil N. Standard Ofl N. IMS R , Southwestern Ry. 4s Union Oil Co. of Calii 155 85 1935 el 531944 Corp. 525 1343 seling Steel Corp. 4'2s 1053, Potomse (101 Security 88 Seventh Btr i United States (30). Washington Mechanics (20} FIRE INSURANCE. & Gom. Bk (7). TITLE INSURANCE. Columbia (). Real Estate ( 4 po MECELLANEOUS 88, Inc.. B Sedicar id "cfi%"’ g Fed.-Am. Co. pid. Lanston Monotype ().’ Mer. Tr. & St Mer. Tr & 8t Mergenthaler s Mige, & Inv'pld."(3) tores pd. (6%4) .. ME& D 0 Wash. . Corp. Woodward & Loth Woodward & Lothiop o “Ex dividend. % f {Ex dividen €14a% extra 081 £30¢ axtr 31 47 ex: §1% extra, 8% extra. MAY 5, 1931 Received by Private Wire UNITED STATES. (Sales are tn $1,000.) Rales. High. Low. Close. Lib 3%s32-47.. 10 102 10 102 List4%s32-47. 21 103 102 29 10229 L4th4%s33-38105 104 3 104 1104 1 U S 3%s40-43.. 33 10127 10125 10127 US3%s4 2 10127 10127 10127 US3%s43-47.. 13 302 5102 5102 § u 44-54.... 52 108 3 107 80 107 30 US4%s47-52., 1112 6 112 6112 6 High. Low. Close b4 b 99% 86'% 13 72 8a ADbitibl P & P 6853 Ab & St 5%s 43, Adams Exp he | 5 101% 103% 101 Am T&T cv4%s Am T&T 68 °65. Am T&T c tr bs Am T&T bs s 6l 3 6. 0.. 12 1 Atchis 45 1905-55 Atchison gen 9 Atchiscv 4%s 41 At& Danv 4s°48... At & Danv 2d 4s '48 AtCL 1st 48°'62... AtC Lol 48°52, AtCL4%s At Gulf 58 °69 At Pef deb 5837 Australia 4% s ‘6 Australia bs ‘65 Australia 58 ‘57 Austria Austria 7857 ctfs. B & O Toledo 48 '50. Bk of Chile 6%s '61 Batav Pet 41842, B 110%, 116% 110% 109 113% 1% 108% 104% 19% Hell Tel Pa 53 C '60. Berlin Cy El 8s '55. Beth Steel pm 58’36 Beth St rf 5 Bolivia 7858 Bolivia 75 '69 Bkiyn Elev 6% Bkiyn Man Bklyn Un 58°45. ... Bkiyn Un Ist 68°50. Buenos A 6s ‘61 Pv. Budapest 65’62 Buff Gen El 4%45'81 Bush T Bldg 5s '60. Calif Packing 58’ 40 Canada 45 '60 Canada 55 '52 Can Nat 4%8 67, Can Nat 4%5°68. Can Nat 4%3°6 s 68 July P » N or 655 db 46 Can Nor 7s de Cent Pac 45°43.. Cent Pac 65 '60. Cen Ry NJ g &8 Ches Corp bs "47. C&Ogen4%s’y: N NN AR AR IR OINA TN O RN AR RN~ PR BN B NEN Dm0 D 0 Chi Grt West 4’59 Chi Ind&L gn 55'66, Chi M&SIP 4%8C.. Chi M&SIP 4348 E. . Chi M StP&P 5875 Chi M & St P adj Chi&NW g 3%s'87. Chi & NW gn 45°87. Chi&Nwn 4 %8s 2037 Chi& NW con 4%s. Chi&NW rf 58 2037 Chi RI&Prf4n’ ChiRIcvé%s C TH&SE In 58 Chi Un Sta 4%s Chi Un Sta 78 B Chi! 42. Chin Gvt Ry - e Colon O11 3! . Colo & Sou 4%8°35. Col G&E 5s May 62 Com Inves 5%s'49. C C Md 1st rf 65 '50 o RONNBE RN SN~ BOB DRI I DS m® Con Pwr Jap 6%s.. e Det Unit 4%s '3 . Deutsche Bk 65 '32. Dodge Br cl 65 ‘40 Duquesne 4%s'67.. Dutch East 16847, Dutch East 16 Fram 1 D 1%8 "42.. French 78 '49. French Gvt 7%s'¢1 German 5%s 65 German Bk 68 " German Ts rep ‘49 Goodrich cv 68 °45. Good llll%l'fl.’“ GrandTr sf db 65’36 6 Grt Nor4%s 76 D. Grt Nor bs Greek 6363 Gulf Mobile 58 ‘50. . Hav El Ry 5%8°51. Hock Val4%s°99., Hud & M ad) 6857 Hud & M rt 58 67 4 5 5 5 5 1 1 6 1 4 6 9% FINANCIAL. [ o BONDS s Direct to The Sales. High. Low. Close. Humble O] 5s°37.. 9 101% 100% 101 Hum O&R %8 10 102% 102% 1024 107 86% 83 B4 1 108% 93% My 70 70% 861 6% 111 Steel 4%s Inland Stl 4% s A'78 4 Inland Stl 4s% B'81 1. Int Rap Tr 68 Int Rap Tr sta Int Cement 58 °43. . Int & Gr Nor 53 '56. Int & Gr Nor 6s '52. Int & G N ad 2 Int Hydro El < Int M Co 58 ret 41, Int Match 68 " 4 Int Rys C A 58 Iat T&T cv ¢ Italy Pub Sv 7a 62, Japanese 5% 65, Japanese 6% Jugosl Bank 78 KRCP&Ld4Y%s 95% 954 105% 105% 85 85 103% Lautaro Nit 6 Leh Valev Lake Shore Lig & Myers 53 Lorillara Lorfllard 6% Lorillard 78 ‘44 McCormack 6s '34. McKes & R5% Manh Ry 1st le 633 Milan MIERy &L M StP&SSM con 4s. MSP&SSM 538 T8, MK&T4sB'S: . 10 MK&TprinéaA.. Mo Pac gen 48 ‘75, . Mo Pac 65 A ‘65 Mo Pac bs F 17 Mo Pac bs H '80 Mo Pac ref 58 ‘81 Mo Pac b¥%scv 4 Mont Pow 55 "43. Mont Tr 1st b8 41.. Montevideo 7a ‘52, . NCh&StL 4 Nassau Elec ¢ Nat Dairy 6%s Netherlands 6s°72. NOT&Mb%s 54, New 8 Wal T 20 2 N Y Cent db 4 NYCent4%82013. 5 NY Cenrf 4%s2013 58 NYCreimbs2012,. 4 NYCentdb6s'3s.. 9 NY C&StL ¢%s°78. 40 NYC&StLG NYC&StL N Y Edison 41, NY ELH&P 4s'49.. 11 NY NH&H 4s56... 14 NYNH&H db 4 L NY NH&H ¢%3°67, 10 NY W&B 4 %848, Nia Sh Md 5% Nor St Pw bs A *41. 17 Nor St Pw 63 B *41. Norway 58 '63. Orfent dev 53 ‘58. Orlent dev 68 ‘53... PacG & K168°43... 14 :u T&T ref 5s'52. 9 95% ~95% 100 100% 104% 104% 107% 107% 101% 101% 89 Pillsb F' M 6: P CC&StL 4% PCC&StL5sA PCC&StLEsB &WV "43... 7. 7 0.. 64 Pure Oll 6%8°37... 17 Queenland Reading Rem Arms 6s Rem Rb5%s Rhinelbe 78 & Rhine West 6s '55. 16 Rhine West 78 '50.. 17 8 SanA&APés'dl.. Sao Paul Sao Paulo 8o | terprises, dends and some of Shell Un Oi1 Shell Un O11 Shinyetsu 6 52 Sinclair O11 6 3% #'3 Sinc O T8 ev A ‘31 Sine Cr O 5% 3 MAY BOND YIELDS TOTAL §181,775.3%2 Holders Also to Get Large Sums From Calls, Redemp- tions and Maturities. Special Dispatch to The Star. NEW YORK, May 5.—Holders of do- mestic corporate bonds, United States Government and_fore! dollar bonds will receive $181,775,532 in interest in May, accord! to_the Standard Sta- Co. of New York, while the sum to be received in that from calls, redemptions and mat same classes of securities will amount to $240,325,683. Detalled cover- ing the principal classifications for the two groups Tollow: Calls. maturi- ties and re- demptions. 31,567,800 Interest. 1,107.378 358100 1.492:250 Advertising. and _pub! Auto and Auto tires . Bullding and real estate 3 B3 38 S5afsk 28 | §8uEY SEaNEEss 9 333 i 353 28 2 tole lephone. —traction and busses ...... Porein ... ... 0 U. 8. Government.. Total BY GEORGE T. HUGHES. An investment program must be fitted to the needs of the individual. There probal securities held, and, lastly, the age and temperament of the investor. Take the present situation, for in- stance, a time of intense and world-wide fon. Securities, it bonds, have in many cases been selling at levels that would have. been thought impossible less than two years ago. All look forward to re- covery, but no one is confident as to the date of recovery. Meanwhile there is a constant withdrawal from the market of shares in time-tested corporate en- of them paying divi- longer them no on the dividend list. It is within the bounds of possibility, to put it conservatively, thi many of dividen mflmun to hold on, regard ppens in the market and regardless of the time that elapses before pros- perity returns again. That question cannot be answered without some in- formation as to the circumstances of the (Copyright. CHICAGO LIVE STOCK MARKET CHICAGO, May 5 (#).—Hogs, re- 1931) fully age, 140-310 pounds, 7. 7.25; 220-320 pounds, -6.40a7.1 sows, 5. 5 it el ), 140-160 et s SEher Cciaiees mosty stcady; siangbic: Choice, 800-900 ounds. &00a10.50; and medium, 8002 ; nd mq 5.00; low cutter and wt'zer?hfi‘hzfi., bulls (yearlings excluded), good and choice (beef), 4.00a5.25; cutter to me- dium, ‘:é" .50; vealers (milk fed), Sheep—13,000 head; better grads lambs mostly 10a15 higher, others and sheep strong; top wool skins, 10.00: choice clippers, 8.65a9.00; ewes, 3.00a3.50; medium ‘weights, com- ewes, 90-150 2.50a3.75; cull and commo! 50a2. Sales. Hiah. 7 105! Low. Close. % Un St1 W 6358 A 47 Ud StI W 6%8A 51 Utd St W 6%sC'51 u ww, Utll Pow 538 47,0 s Wabaxh 1st Warn Br Pl | Warsaw 7558 StOUNTY ¢80 61 MU 9% Wt Sh 1st 4s 2361, West Eldeb 58 °44 West Un Tel b8 '51, West Un T 6383 WEO5%s8'3] ww. Wick Spen cv 78’ Wil & Co 15t 854 Wis