Evening Star Newspaper, May 14, 1931, Page 15

FINANCIAL. FINANCIAL, *DULL'CURB TRADING T ®¥% A_IS CANADA GETS FIVE HE EVENING STAR, WASHINGTON, NEW YORK CURB MARKET D. C, THURSDAY, MAY 14, 1931 BONDS ON THE CURB MARKET. ‘STOCK AND BOND AVERAGES Received by Private Wire By the Associated Pre ress. Direct to The Star Office SENDS PRCES LOW Business Stands Still, With i Ticker Silent for Minutes at a Time. q BY JOHN A, CRONE. Special Dispatch to The Star. NEW YORK, May 14.—Curb stock prices worked into new low levels for the movement today in trading that could cnly be classed as stagnant. The ticker was idle for minutes at a time and sales were made in small blocks. However, prices did not work so sharply lower as on the big board, owing to the Street's concentration on railroad stocks, cf which the curb has few. Pennroad, the only carrier issue to display any activity, was unchanged at 5%, The utilities were the target for the selling. Electric Bond & Share, the accepted market leader, was only off fracticnally at 41%, but United Light & Power A dropped heavily to 20%, off nearly 2 points and within a small fraction of the low price for the year. Other losers included Asscciated Gas & Electric A, American Cities Power & Light Corporation B, American Com- ‘monwealths Power A, American Super- power, Brazilian Traction—which tcuched a new low for the year—Cen- tral States Electric, Middle West Util- ities, Niagara Hudson Power and Utili- ties Power & Light. Alabama Great Southern was inac- tive, though the shares were “talked higher as a result of the declaration of the usual extra dividend of $1.50 each on the common and preferred, in ad- dition to the semi-annual dividend of 2.50 cn each class. ki (Copyright, 1931.) CKICAGl-)V LIVE STOCK MARKET| CHICAGO, May 14 (#).—Hogs. re-; ceipts, 22,000 head, including 6,000 di- rect; opened slow; later trading fairly active; in-between weights, 5a10 lower; others around steady: top, 7.24 for 130- 150 pounds: bulk, 150-220 pounds, 7.00a 7.15; heavies scarce; few 270-325 pounds, 6.50a6.80; most packing sows, 5.65a6.00; ri’ scarce; strong weights, 6.75a6.00; ight light, good and choice, 140-160 pounds, 7.10a7.25; light weight, 160-200 pounds, 7.0027.25; medium weight, 200- 250 pounds, 6.90a7.20; heav: ight, 2502350 pounds, 6.3026.9: sows, medium and good, 275-500 pounds, 5.60a6.10; slaughter pigs, good and choice, 100-130 pounds, 6.65a7.25, Cattle—Receipts, 6,000 head; calves, 3,000; fed steers and yearlings steady to strong; instances 10215 higher on arlings; better action on low priced vies; she stock unchanged:; bulls barely steady; most fed steers, 7.0028.00; rv!pecuve top on_ weighty bullocks, .85; sizable supply light yearling heif- ers selling rather actively at 7.50a8.00; best early, 8.25; slaughter cattle and pounds, e A0 0001100 pognde 750 , 7.5029. -1,100 pounds, 7. 29.50; 1. ,* 1.5089.00; 1,300-1,500 pounds, 7.25a9.00; common and medium, 600-1,300 pounds, 5.7528.00. Heifers, nd 550-850 pounds, 7.00a8.50; common and me- dium, 5.2527.00; cows, good and choice, 5.00a6.00; common and medium, 4.35a 5.00; low cutter and cutter, 3.25a4.35; (yearlings excluded), choice (beef), 4.00a5.25; cutter to me- dium, 3.35a 3 (milk fed), good and choice, 8.0029.50; medium, 7.00a8.00; cull and common, 5.00a7.00. Stocker and feedor cattle—Steers. good and choice, 500-1,050 pounds, 7.00 28.25; common and medium, 5.25a7.00. Sheep, 10,000 -head; few early sales with lower tendency; clipped Jambs,. 8.00a8.50; one load 8.75 to a city butcher; choice wool skins held around 9.75; desirable native spring- ers, 11.00a12.0; Californias bid 10.50; lambs, 90 pounds down, good -and choice, 9.0029.85; 8.0029.00; 91-100 pounds, medium to choice, 7.75 29.75; all weights, common, 6.7528.00; ewes, 90-150 pounds, medium to choice, 2.7524.00; all weights, cull and common, 1.50a2.75. choice, Aoy e S Prepares for Obligations. NEW YORK, May 14 (#).—Phillips | Petroleum Co. has deposited with | Chatham Phenix National Bank & Trust Co., trustee, $1,000,000 of 5% | per cent debentures to meet the mid- year fund requiremenis and funds in full to pay all coupons due on June 1. It was stated the company has on hand sufficient additional bonds to meet sinking fund requirements on De- cember 1. CHICAGO STOCK MARKET By the Associated Press. CHICAGO, May 14 —Following is the complete official list &f transactions in stocks on the Chicago Stock Exchange today: ales tn High. Low. Close. . 28 28 28 24'; 242 4 4 1 11, 3% 3 50 Club_ Alum 275 Comwlith Edis 300 Construct Mat p’ e St SRS L5 20 80 West G & E pi 50 5tand Dredsine 1280 Swift & Co. 100 Swirt intl 1 onit Am_ Ol nited Gas. U 8 Radio & Tel tah o Uil P & L nivoi..ll 3! V:I Ind 3., | Pair to good timothy ranges from $24 | Wi kshrs .. L3 o0k "meles today. 65000 shares. - y ctis 5927, . 65 ruce Palls $1as ‘35 840 8¢ Edison s 43 .. d sales today. 62.000 shy ~Prev, 1931~ High. 22% 13 5% 224 Note—All stocks are sold in one hundred-share lots exoepting those designated by the letter s (80s) (250s), ‘which shows those stocks were sold in odd lots. Stack and Low. Dividend Rate, 4% Acetol Prod A 11% Afliated Prod 1.60. 8 Afnsworth Mfg (1) 4% Allied Mills (60c) 140% Aluminum Co of A 106% Alu Co of Am pf (6). 28%4 Alum Ltd A war. % Am Austin Car. 214 Am Br B £d shars. 4 AmCapitalB....... 5% Am Cit PAL Bb10%. 11% Am Com P A (b10%) Bales— Add 00. Open. High. Low. Close. 4% 4% 5% 18% 15% 8 8 5 14035 108 35 % 4% 3% ™ 134% % 1% 3 18% 3% 643, 109 “ b4% 41% 5 1401 108 10213 Am Gas & El pf (6) 4% Am Invest. Inc (B). 3913 Am Lt & Trac (2%).. % Am Maracaibo 9% Am Superpcw 8215 Am Superp pf (6) 215 Am Util&Gen (B)vtc 20% Am Ut&Gen cu pf(3) Am Yvetta Co (25¢). % 12 86 2% 20% 3% 8 4% A 6% Ark N G cu pf (60¢). 16 Armstrong Cork (1). 1% Asso Gas&El A (a2). €7 AssoG & Elct (8)...150s % Assoc G & El wa 56 Asso Ray pf cod(6) 3 Atl Coast Fish . 7% Atlas Plywood (2). 3% Atlas Util Corp. 2!4 Auto Voting Mach 8 Auto Vot Mcvpf 1% Bahfa Corp. 1% Bahia Corp pf. 58 Baumann (L) pt (7). 25i 14% Benefic:al 1L (13%).. o 3 55 1 1 3 3 3 2 1 1 s 3 2 Blyn Shoes, Inc..... 15% Braz Tr & Lt (b8% ). 985 BUt N&E P 1st (3). % Cable & Wire B rets. 1% Canada Marcont 14 Carib Syndicate. 48 Celanese 1st pf (7).. 50s 68% Celanese Cp pf (7). .. 258 1027 Cent Pow & Ltpf (1) 1 9% Cent PubSv Del..... 1 124 Cent Pub SvcA b10% 9 67 Cent Pub Sve pf (6). 258 18 Cent&Swn Ut (b7%) 2 $% Cent Stat El (b10%). 10 5% Centrifug Pipe (60c) 1 7 Chain Stores Stock.. 2 13% Chat Ph Aln.v. (1).. 7 1315 Citles Service (g30c) 170 79 Citles Serv pf (6)... 10 81 CitSVP&LDL(6)..~ 2 5 Claude Neom Lts, Inc 2 4% Clev Tractor (80c).. 114 Colon Ofl. . . 221 Cmwlith Edison (8).. 30s 1% Cmwith & Sou war.. 42 8 Com Wat Ser g12%¢ 4 Comstock Tunnel.’,. 2% Consol Copper. . 8% Consol Dairy Prod 1215 Consol Gas Ut A 2.20 20% Cont Shares conv pf. 21 Cont Shares pf (B).. 50; 5% Cord Corp. 60 2 Creole Petroleup. 1, Cresson Consol (4c). 7% Crocker Wheeler. ... 4% CrCork Int A (1). 31 Darby Petroleum. 4 Dayton Air & Eng... 22 Deere & Co (1.20). 1% De Forest Radio 1% Detroit Afrcraft C 38 Douglas Shoe pf. 44% Dow Chemical (2 Dubflier Cond & Ra 2% Duquesne Gas Corp. . 1% Durant Motors. ..... 13% East St Pow B (1)... 3115 East Util Assoc (2). 6 East Utll Assoccv.. 185 Educational Pic pf.. 26s 7 Egyptian Port'd Cem 1 39, Elec Bond & Sh (b6) 215 102% Elec B & Sh pf (§).. 12 Elec Pow Ass0 A (1) 20 Elec P& Ltop war.. 70 EmpG&Ecunf (7). % Engineers Gold. .... 7 Europ E Ltd A (60c) 1% ‘Europ Elec deb rts. . 1 Evans Wallow Lead. 1% Fairchild Ayiation. . 17 Fire Asso Phila 1.60. 99 Florida P & Lpf (7). 1% FKoltis Fischer Corp. 18 Ford M Can A (1.20) 74 Ford Mo of Fr(p28e) 12% Ford Mot Ltd 36 3-5¢ 4 Foremost Fabrics. .. 2!5 Foundation For Shs. 3 Fox TheaterClA... 4 Gen Alloys. 5% Gen Aviation. % 14 Gen Empire Cor (1) 50% Gen G&E cv pf B (6) 6% Gen The Eqcv pf(3). 827 Gen Tire & Rub (3).. 10; 96 Georgia Pow pf (6). 814 Gilbert (AC) (1).... 31 Glen Alden Coal (4).. 7 Globe Underwr (15 ) % Gold Seal Elec new. . % Golden Center. Golden State Milk 103% P 2% 1% 48 75 102 14% Groc Strs Prod vie. 50 GuifOflof Pa(1%). €4 Hall Lamp (40c). % Happiness Candy. .. 6% Hoilinger Gold(65¢c) . £3 Humble Of) (12%).. 2% Hygrade Food Prod. £6% 111 Pow & Lt pf (6)..100s 11% Imp Ol of Can (50c) 11 13 Indiana Pipe Line(1) 2 29% Insull Inv (b6%).... 2 % Intercontinent Petn. 11 Int Petroleum (1) 5% Int Utilities B . 96 IntUtll ptpf (7).... 1% Irving A Chute war. 96 Kings C L cum pf D5100; 67 Kleinert(1B)Rubber 5 1 : 2 s 2 ~Prev, 1931~ High. Low. 28% 24% 2T% 20% 1% % 36% 30 14% 10 25 144 106% 100% 2 % 8tock ana Bales— Dividend Rate. Add 00. Open. Higl Lake S Mines (1.20).. 284 28% Leh Coal & Nav 1.20. LeonRrd Ofl.....e0u Lerner Stores (2)... Libby McNell & L.. . Lone Star Gas n38e. 1 17 17 Long Is cu pf B (6).. 50s 106% 107 Louisiana Lan & Ex. % MacMarr Stores (1). Magdalena Synd.... Mangel'Stores pf. Mass Utll Assoc Mavis Bottling (A).. Low. Close. 28% 28% 1 1 3 2 3 17 17 106% 107 % % ™ TH £ 21 T4 & 21% 4% 5 May Rad & Telev(1). Mead Johnson (14).. Memph N G Co (60¢c) Mesta Machine (2).. Met Edison pf (6)... Mid St Pet VIO A. ... Mid WSt Ut (1%)..1 Mid West Ut (b8%). Midland Unit (b6%). Midvale Co (4)...... Mo-Kan Pipe L (A). Mo-Kan Pipe L (B). Morris Plan of N Y., s Gold Mines. ... tBd & S Corp (1). Nat Family Stores. ., Nat Fuel Gas (1) Nat Investor! < Nat Pub Sv A (1.60). Nat Service Co....... Nat S T Sec A (350¢) Nat Sugar NJ (2)... Nat Transit (1)..... Nat Union Radio. ... NewEng T&T (8).. New Jers Zinc (13).. New Mex & Ar Land. 4 Newmont Min (4)... 2% % 152% 123% % 1043, 10315 4% 21 26% % 1091 107% 6 6 28% 30% % Niag-Hud Pow (40c) Niag-Hud Pow A W.. Niag-Hud Pow C w.. Niag Sh Md (40c). Nipissing (30c)..... Noma Elec Cp(40c). Nordon Corp Ltd.... Nor Am Aviat A war. Nor Europ Gil Corp.. Nor St Pow A (8). Ohto Copper. Ohio Pow pt Ohio Pub Sv pf Outboard Mot A. Overseas Sec. .. PacG & E 1st of 1%. Pan Am Airw Pandem Of1 . Parker Rust Pr (3).. Pennroad Corp (20c) Penn Pw & Lt pf (7). 50s Peop L & P A (2.40). Perryman Electric Phoenix Secur Cor 4 Phoenix S C pf (3) Pilot Rad Tube A. Pittsbgh&L E(110). . Pitts Plate G1 (2). Plymouth O1l (1) % Polymet Mfg..... 4 Producers Roy Corp. Prudential Invest. .. Prudentiai Inv pf(6) Pub Util Hold war. . Pub Utfl Hold Cp xw Puget Sd P&L of (6) Pure Oil pf (6).. Pyrene Mfg (80c). 4 Radio Products Reiter-Foster Reliance Int Cor 2 Reybarn Co. .. Reynolds Invest Rike Kumbler (2 Itoan Antelope Min. Rock Lt & R (90¢) Rossia Int Corp. St Anthony Gold. . St Regis Paper (1) Saxet Co. 4 Schulte Ui Secu Corp Gen (40c). Seg Lock & H (50¢). Seiberling Rubbe Selected Industri Sle Ind prior (5%) Sl1.1Ind full pd (5%). nt Shawingan W (23).. Sheaffer Pen (13)... Shenandoah Corp. .. Shen Corp pf (al). ‘Silica Gel c*fs. Smith (A 0) (2). So Am Goild & Plat : South Penn Ol (1) 3 1% " Dividend nuai_payment. a Payable in 'cash o 1 Plus 5% ocl Plus 2% in stock. n Plus 8% dividend, stock. stock. Starrett Corp pf (3). Stutz Motor (new) Sunray Ofl (b5%). Swift & Co (2).. Taggart Corporation Technicolor. Inc. . .. Teck Hughes (60c).. Thatcher Sec Corp. Trans Lus DLPS Tri-Cont Corp wa T'ri Utiiities (31.20). Tubize Cantillon (B) Un NatGas,Can t1.45 Unit Chemical . Unit Lt &Pwr A (1).. Unit Lt& Pwr pf (6). Unit Milk Prod. .. Unit Shoe Mach (2% U S Elec Power ww.. U S & Overseas war. Unit Verde Ext (2).. Utah P & Lt pf (7) Util P&Lt(ar1.02%). Ut P&L B(at1.02% Utll & Ind Vactium Ol (2). Walker (H) (50¢). Wil-Low Cafateria: Wright Hargrav 10c. Youkon'Gold......... 1 & & tes ollars base -an- TE i aend. " Pandy ittt AEe o S r stock’ bPayable in’ stock. e Adustment in . EPIus 6% in stock. hPlus 1% in k Plus 1 % in_stock. e e stock.” m Plus 3% in in stock. year—no regular rate. to choice, 8.00a830; medium to good, to medium, 6.25a7.00; 5.5086.00; 7.0087.75; fair plain to fair, plain, 5.0085.50. common \YIELDS ON STOCKS to Special Dispatch to The Btar. BALTIMORE, Md., May 14.—Pota- toes, white, 100 pounds, 1.25a1.85; new potatoes, barrel, 2.75a4.00; sweet pota- toes, barrel, 2.00a4.50; yams, barrel, |3.50a4.50; beans, bushel, 1.25a2.25; asparagus, per dozen, 1.25a2.00; beess, crate, 225a2.50; cabbage, bushel, 60a 1.10; carrots, bushel, 60a75; caulifiower, crate, 2.2582.50; celery, crate, 1.50a3.50; kale, bushel, lettuce, hamper, 2581.00; beans, 3.50a6.00; 4.00; Spring onions, Per 100, 75a1.25 spinach, 1277845; tomatoe: ; apples. bushel, 7522.50; , 1.75a2.50; grapefru:t, box, 1.50a 3.00; oranges, box, 2.50a4.25; strawber- ries, quart, 8a15 Dairy Market. Poultry, alive—Chic! 33. old hens, 21223; leghorns, 17218, s, 14215, duciks, 15a26; guinea- pig-ons, palr, 30235 nearby 7; eurrent receipts, 16);. Good to fancy creamery, 2215a25; ladles, 19a20; rolls, ! 16a17; process, 21a22; store packed, 14. young, 258 Hay and Grain. No. 2 red Winter, 2 red Winter, 847, 2 dome:tic, yellow, T3a 24.00 , 39; No. 3, 38. export, Rye—Ne: % Hay—Receipts, 34 tons. While re- | carby, lulvu of hay are ample for all require- | 55 ments, there is no surplus of heavy clover mixed being offered. Such ! will bring a premium of $1 to $3 per ton, depending on the amount of clover. to $26 per ton. Straw—Wheat straw, No. 1, per ton, | 12.00a13.00. Oat straw, No. 1, per ton, | tures, $12,537,809.40. 12.00a13.00. Live Stock Markel. Cattle—Receipts, 100 head; light sup- | facture, has been e stead; mark 7 Z teers—Choice to prime, none; good ' ing ; peppers, crate, 1.00a | to fair, garlicky, spot, | Buils—Good to prime, none choice, none; medium to good, 5.0 5.50; fair to medium, 4.50a5.00; plain to fair, 4.00a4.50; common to plain, | 3.5084.00. Cows—Choice to prime, none; good to_choice, none; medium to good, 5.00a 550; fair to medium, 4.0085.00;" piain air, 3.00a4.00; common lain, | 2.0083,00. bossal Heifers—Choice to prime, none; gcod to_cholce, none; medium to geod, 6.75a 725; fair_to modium. 6.00a6.75;" plain | .5086.00; com: £ o dair, mon to plain. | Presh cows and Springers, 30.00a70.00. | Sheep and lambs—Receipis, 250 head: light supply; market steady: sheep, 1.50 a4.00; Spring lambs, 8.00a12.25 | Hogs—Receipts, 1,000 head: ply, market lower; ligit, heavies, 6,7527.60; meaiu roushs, 4.75a6.00; light pigs, pigs, 7.60a7.85 C: eipts, 100 head t steady light sup- | 7.60a7.85 7.60a7.85; | 7.25a7.65; Lght sup- calves, 4.009.00. | CHICAGO POTATO MARKET. CHICAGO, May 14 | Recelpts, 104 cars; on {total United Stales cars; or Ply, Potatoes— | track, 246 ca shipments, 1.083 low. Sacked, n round ungraded, 1.15a K Wi 3 hundrz:weizh,—Albama, T Bliss Triumphs, to small, 1.35 up. TREASURY STATEMENT. The United States Treasury bal announced today as of close g{ bus?rx::‘seav May 12, was $227,250,890.01. Customs | receipts for the month to date were $11,781,249.94. Total ordinary expendi- engineer of manu- cted & director of David _Levinger. ; good to |, 02 | an: | apperel, | equipmént and theater companies. Wrslc‘.nghoun Electric & Manufastur- CLIMBED IN APRIL Average Increase to 8.58 Per Cent as Quotations Moved Downward. S8pecial Dispatch to The Star. NEW YORK, May 14.—The pro- nounced price declines during April re- sulted in an increase from 7.42 per cent to 8.58 per cent in the average yield on the 348 active cash dividend paying stocks iisted on the New York Stock Exchange, it 1s revealed by the month- ly computation of Moodfs Investors' Service. The most recent average comparcs with 9.5 per cent at the low prices of December 17, 1930, Numerous dividend reductions which have bzen made since the first ¢f the year are responsible for | the difference of almost 1 per cent in verage yield at the two low poinis, the ysis states. None of the individual groups of stocks chowed a decrease in average vield during April. Gains were muwst consvicuous for agricuitural implemenis, cement, copper, ofl, railroad GAS SALES INCREASE. BALTIMORE, May 14 (Special).—In- dustrial power sales of the Consolidated Gas Elcctric Light & Power Co. of Bal- timore, ~xclusive of power supplied to the Bithlehem Steel Cor lhn&nd the Baltimore Copper Smelting & ing Co. during th: month of April taled 35,960.418 kilowatt hours, com- |grade pared with 39,461,621 in April, 1930, a decrease of 9.13 per cent. Sales of gas in April for industrial and commercial purposes, howsver, wel 278,008,100 cubic feet, as against 276, 649,000 cubic fest in April last year, an increase of 0.52 per ‘ent. Sales in thousands. Low. Close. Alal 99 104 SrazeEiieaiss S r r Roll M s 5 Amer Roll Mill bs '48 85V 11 Appalach Gas 6s '45. 62 8 Appalac Gas 6s B 5! 6 Appalach Pow Bs ' Arkans P Lk 233382 *F 2 Contin Ol 5 1Crane Co 5 t C Gas 55 B 7 Duauesne Gas 6s 1 Eas W Gs ‘4 7 Gatineau Pw 6s B 1Cean Bronze 6s '40 945, | BESt burdens of the automobile indus- 65 '45 105 La P &L 58 57 1023 25 5 3 Manitoba Pw 57,5 '3i 92 as: ss Pow & Lt 5s 5 Miss Riv Fl 6s ‘44 ww 99 1 Miss River Pw 55 '51105 3 Mont L H&P 55 A '51 105! Montr L & /P 5s B t 58 Electric_5ias '8 12% P &1 558 2030 91'4 18Nat P 'S 55 '78. 1% 2 Nat Steel Corp 53’56 9914 2022, . 111} 2 32335 3! = BulYoluwudhnmBu . RS et ! 5 P & 4 Texas P& 12 Tri Uil 85 7 Union_Gulf, 5Unit P & 1 5 & fieon BAL 55 & 138 1033 iscon PAL 33 F '38 1037 FOREIGN BONDS. Bank 15 47 Cauca_Valley 75 48" Cent "B 'Co 65 B '3 Sup Po 163 ansfield M&S 7s "4 ST M&S 75 41 X 2., | McColi ¥, Metropolitan N ith warrantx Witheut warrants, New wi—When fssued. CHICAGO DAIRY MARKET. CHICAGO, May 14 (#).—Butter—Re- celpts, 7,656 tubs; market firm; cream- ery extras (92 score), 23%,; standards (80 score, carlots), 23Y;; extra firsts (90-91 score), 22a22);; firsts (88-89 score), 21a21%>; seconds (86-87 acore), 19a20. Eggs—Receipts, 21,900 cases; firm; extra firsts, 18l2; fresh led firsts, 17!2; current recelpts, 151,a16';; storage-packed firsts, 19; storage-packed extras, 195, Poultry alive—Hens firm; broilers easy; receipts, 4 cars, 28 trucks; fowls, 18a20; broilers, 113 up, 30a34; roosters, 13; turkeys, 20a23; old ducks, 16;. heavy Spring ducks, 19; Geese, 9. | 1 | | i | | | o | Conn o S | Finance Service Go inil Safety Ruzor A Do Maine Cent R 'R pf.. .. o | Liberty Bank & Tr (Louis-, Batterson Sargeant CO Stand Oil Stromberg Carlson Tel Sales. STOCKS. 90'Arundel Corporation . 1000 Uny 1000 W B THURSDAY, MAY 14. Two years ago.... ‘Three years ago. 1931. 1931. 1930. 1930. 1929, , 1929, * New 1931 Tow. Today. . Previous 5 Week ago. . Month ago. Year ago. Two years ago. Three years ago. (Copyright, 1931, Standard Statistics Co.) DISPOSITION OF USED AUTOS INDUSTRY'S BIGGEST PROBLEM Many Suggestions Have Been Tried Out but Manufacturers . Satisfactory Plan. BY DAVID J. WILKIE, Z Associated Press Staft Writer. DETROIT, May 14.—One of the big- try is one of its own creation—the used car. The industry has met and solved problems of export business, of produc- tion controd ction costs, merchan- dising do’gl ition and a muititude of’| other iculties that had their incep- tion when the “building” of motor cars’| was replaced by the “manufacture” of such vehicles. A satisfactory solution of the used car problem, however, still re- mains to be achieved. Admittedly responsible for an enor- mous annual charge against the indus- try, the used car presents a more com- plicated difficulty than any other single phase of the making and merchandising of motor cars. Various solutions have been suggested from time to time, both from within and from without the industry. While certain features of some of these plans had merit and some of them were tried out, in the main none has proved wholly acceptable to the industry. Plans Considered. ‘There have been junking plans; there | ive been proposals for the organiza- | tlon within the industry of a corpora- tion to handle all of its used cars; there have been proposals for the arbitrary fixing of trade-in allowances and plans for the most economical process of re- conditioning used cars. The junking plans have received con- siderable attention, the Ford Motor Co., particularly having undertaken the reclamation of wornout cars on a large scale. In junking, however, the industry alone bears the entire burden and the | dispositicn of the averige motor car | owner to get the mest from his car lim- its the application of the ul;:rplnx process to cars out of commission |are using the old automobile a little |are still using it and that it is being worn out. | approaching its peak of production and Continue to Seek thrcugh mechanical exhaustion. A‘almn the propcsal that the trade- in allowances be fixed arbitrarily it has | been argued that no two used cars are of exactly the same value, even though manufactured at the same time, and moreover that the practice if adopted ‘would tend to discourage the buying of new cars. Another objection voiced by | one executive is that the plan would" result in “crowding the highways with decrepit cars.” So the industry, admitting that the used car with its overhead for storage, rentals for display space, recondition- ing, guaranteeing of value and selling costs, levies a heavy annual charge, still seeks the ideal solution of the problem. Sees Cheering Feature. Alfred Reeves, general manager of the National Automobile Chamber of Commerce, sees in the used car a basis | of confidence in the future. He refers to the car that is being used, however, instead of the one that has been traded in. “While I am aware that many people longer,” he says, “it is obvious that they Altogether the future for the industry does not warrant any de- spondency.” The industry right now prcbably is sales for the current year. Production for the first four months of this year aggregated approximately 1,050,000 units, which compared with 1,512,000 in the like period of last year. For the present month prospects are that the aggregate output will approach 400,000 units. The estimate is based upon the assumption that Ford and Chevrolet will show further expansion this month. Between them they accounted for more than 223,000 units of the total April output of 348,000 cars and trucks. New York Cotton | | NEW YORK, May 14 (#).—An early decline in cotton here today was fcl- lowed by recoveries on some trade buying and covering, but after selling up from 9.73 to 9.81 for July prices eased again under renewed liquidation and local or Southern selling promoted by the favcrable weather outlook and an easier turn in the stock market. At | 2 o'clock, July was selling around 9.74 | and December, 10.33, or about 3 to 7 points net lower. Futures closed barely steady, 11 to| 15 points lower; May, 9.48; July, 9.69a | 9.70; October, 10.03a10.04; December, 10.26;: January, 10.37a10.38; March, 10.55a10.56. Spot quiet; middling 9.60. | High. Low. May .. 961 048 July October December January March NEW YORK, May 14 (#).—Copper ectrolytic spot and future, 9a ron quiet, unchanged. Tin ste2dy; | spot &nd nearby 23.35; future, 23.50.| Lead steady: spot New York, 3. East | St. Louis, 3.60. Zinc stcady; East St.| Louis spot and future, 3.35a3.40. Anti-/ mony, 6.55 | MONEY MARKET. [ NEW YORK, May 14 (M —Call| ! money steady; 1'. per cent all day. | Time loans easier; 60 days, 1allz cent; 3-4 months, 11:a2 per cent; 5-6 months, 115a1% per cent. i Primz ccmmercial paper, 2a2ls per | cent. Bankers' acceptances unchanged. Will Enlarge Plant. NEW YORK, May 14 (#).—General Mctors Corporation plans to start work at once on construction of an addition to the Saginaw malleable iron division, which will increase its capacity 50 per cent. Will Reduce Capital. NEW YORK, May 14 (#).—Stock- olders of National Bond & Share Cor- poraticn have ratified the plan to re- | | duce the stated capital to $5,000,000 | 9+, | from $10,000,000. STOCKS EX-DIVIDEND NEW YORK, May 14 (#).— ower Roiler ‘Bear Co rach (E J) & Sons... rown Ferice & Wire A Pow ville, Ky) rontenac - Pay jew Orleans Tex & M R o 80¢ iits Bessemer & L Eric. o 0OWOOOOE DOOOOEDOOODODD: DROZT et nd BALTIMORE STOCKS. pecial Dispatch to The Star. BALTIMORE, May 14.— 1 210 Baitimore Trust Co... 35 Black & & Guar Pire Corp. 10 Pirst National Bank 190 Houston Oil pfd. ... 200 Maryland ~ Casuaity " Go. 100 Mts Bond & Title Corp iew Amsterdam Cas Co.. 25 Pa Water & Power... 25 Standard Gas Eauip Co p: 73U 8 Pidelity, & Guarapt; 40 Western Mai¥and Dairy pi I%ONDS, ted Rwy & Elec Ist 45 & A Rallway 1at 8. | Last sale. e 38% FARM REALTY VALUES SLUMP TO NEW LOWS tod Farm real estate values have slumped to new post-war lows due to a com- binaticn of low prices, drought, de- pression and congested markets, ac- cording to the Agriculture Department. The United States average for the year ending March 1 was 106, nine points below the previous year, the de- partment reported. Largest declines took place in the South Central, North Central and Sough Atlantic States. PSS i 5 AR J. D. R. Freed Heads Firm, | NEW YORK, May 14 (#).—Benjamin | Katz, chairman of the board of the Perryman Electric Co., announced that Joseph D. R. Freed had been chosen as | president. Mr. Freed formerly headed | NORE L. . PLANS American Firms Taking Ad- vantage of Dominion’s Favorable Position. Special Dispatch to The Star, TORONTO, Ontario, May 14.—A gain in manufacturing operations has been | the chief influence leading to a better- ment in current business conditions in Canada over the level of the earlier months of the year, according to an an- nouncement by the Toronto Industrial Commission in reporting the establishs ment of five new industries of United States origin in the Toronto area dur~ ing April and a total of 19 such indus- since January. The products of the new branch plants include motor cars, electric mo- tors and other electric equipment, shoe dressings, leather dyes, hoslery, textile trimmings, asphalt and road oils, shoes, calendars and greeting cards, automatie musical instruments, automobile radia- tors, radio equipment, interior telephone systems, lead pencils, motion-picture films and electric refrigerators. ‘Three factors, the commission points out, have combined to effect an increase in recent months in the number of United States manufacturers organizing Canadian subsidiaries and setting up branch factories in this country. One is Canada’'s favorable position as a base lor world-wide export trade, the Domin- fon baving trade agreements with 73 British Empire and foreign countries. Another is the recent tariff increases and the third is a growing demand throughout the Canadian market for “made in Canada” products. \DELEGATES GATHER FOR WHEAT PARLEY Representatives of Eleven Export- ing Nations Arrive for London Conference. By the Asstlated Press. LONDON, May 14.—Representatives of 11 wheat exporting natlons are gathering here for the opening session on 'Kiondkljy of the world grain confer- ence, seeking a Mosaic sign to lead the world from the wilderness of flooded ‘wheat markets. The fact that only exporting countries will participate already has drawn the fire of the Laborite Herald, which de- ‘The American delegates are headed by Samuel McKelvie, former Governor of Nebraska and a member of the Fed- eral Farm Beard, who will arrive Friday aboard the liner Leviathan. Accom- panying him are Nils Olsen, chief of the Bureau of Agricultural Economics, and Dr. Alonzo Taylor of Leland Stane ford University, who will act as cal adviser. - Ray Cox, first secretary of the American embassy, will be secre- tray of the delegation. cothzr coun&:lmes r‘e\pre;exl:hwdflwul be Argentina, Australia, , India, Poland, Rumania, Euuh.unlnulo—r’ slavia and Bulgaria. CHICAGO, May 14 (&) —Stop-loss selling forced grains sharply downward oday, especially during late transac- tions, wheat and corn both falling more than 2 cents a bushel from yesterday's high point. Weakness of securities had a depressing effect. Canadian predic- tions of scattered wers in Northern Alberta and Saskatchewan provinces were also a late bearish influence. Wheat closed nervcus, a shade cents down: corn, 3- Ya-3% decline, and provisions varying from 5 cents setback to a rise of 2 cents. WHEAT— May (old May (aew July ... Eeptember Decembe; CORN- May May July . y the Freed-Eiseman Corporation and | Dece. more recently has been associated with | Warner Bres. Pictures as a radio ex- | ccutive. DRY GOODS MARKET. NEW YORK, May 14 (Si)eclll) — Cotton goods markets were quiet today. | Print cloth quotations were unchanged | at 5 for 64x60s and at 5% for 68x72s. Raw silks were quiet and 10 cents higher. Capital & Surplus $3,500,000 TH.\T'S why every with unfailing regularity- day. delay. Same Rate of (old) T September December RUBBER MARKET. NEW YORK, Moy 14 (Special) — Crude rubber, smoked ribbed sheets, was unchanged at tcday's noon quota= tion of 6, cents. This compares with 6% a month ago and 141; & year ago. Cash in Bank Takes The Sting Out of Adversity one dependent upon wages, or salary, should capitalize earning capacity by zealously laying something away QThe calendar has brought to hand another Pay- Start your ‘“rainy day” fund without Interest Paid On Small and Large Accounts Open Until 5:30 P.M. May Fifteenth OFFICERS: WILLIAM D. Vv President WOODBURY BLAIR. V. Pres. FRANK STLTSON. d Vice Pres. and Trust Officer LAMBORN Treasurer PERCIVAL WILSO! ERANK R, ULLMER BRUCE BAIRD. DAVID JOHN W. w. H E. N M. AUDLEY A. P, SAVAGE # Oldest Savin K, DIRECTORS: Natignal Savings & Trust Co. | nstitution in the District of Columbia . 5 Cor. 15tk and New York Ave.