Evening Star Newspaper, May 20, 1931, Page 15

FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, CURB PRICES GAIN [ NEW YORK CURB MARKET UNIT TAX DECISION THEN TURN DOWN HITS CHAIN OWNERS WEDNESDAY, MAY 20, 1931 AND BOND AVERAGES By the Asseclated Press. WEDNESDAY, MAY 20. Received by Private Wire STOCK Direct to The Star Office Note—All stocks are sold in one ht undred-share lots ~Frev. 181~ those designated by the lotter s (80s) (350e), igh. Low. Stock ana Baies— 4 Dividend Rate. Add 00, Open. High. Low. Close. 12% 12% 12% 12% Ind Ter lluONlA... 2 Part of Early Advances Lost " _ Shortly Before Midday {% After Higher Opening. BY JOHN A. CRONE. Epecial Dispatch to The Star. NEW YORK, May 20.—Opening ir- regularly higher, the Curb Exchange today lost part of its early advance shortly before midday, when only & ‘handful of inactive specialties registered gains over their pervious final levels. Electric Bond & Share most of the time was up about a half point. Cities Bervice, after opening on a block of 5,200 shares at 12%, off %, rallied slightly, then dropped to a new low for the year. Standard Oil of Indiana maintained its early recovery. but other voams glentn nl, which was up more than 5 points at times on Detrolt Singer Manu- facturing, which recovered 5 points of its 20-point break of Tuesday, and City Machine & 'l‘:on!e. up 2 points, advanced pects. Standard Oil of Indiana resisted early it out by the announce- Diicks. TThe tompany 18 reported. 1o ha 3 company ve leased the Freeman-Keystone section of ‘Teapot Dome Pipe Line to Kansas. Nat- ural Gas, s Cities Service sul . Commonwealth Southern warrants ‘were among the most active utility hold- ing company issues. One block of 4,000 shares came out the noon hour at 1%, nged. States B ‘was 2bout & point and Electric Power Associates d ted its 1931 low during this E Neither the announcement of further 3 y. BEducational Pictures preferred with a rise of 2 points was the only ukmg. spot in the amusements. Mohaw] udmn.mmm. firm spot in utility preferred shares. _ (Copyrieht. 1931.) TIN OUTPUT PLANS AID METAL PRICES Special Dispatch to The Star. itional 20,000 tons annually in the production of tin, was favorably received in both the London and New York markets. The o per ton for both spot and forward tin, While the price of the metal in New York jumped a cent a pound to above 24 cents. ‘The proposed further cut is equivalent 10 15.9 per cent of the t Tm.m‘ a total restriction of 33 per cent on the 1929 production, as compared with an existing rate of 22 per cent. CHICAGO STOCK MARKET By the Associated Press. stocks on the Chicago Stock Exchange today: P 300'Acme Steel 100 _EE‘ 8 o5 TtunneBtdunts o su3bese8Eadetesiiusils folo 53! o 8 ; § witn Bdis truc Mat pf umers. Chicago Chic pf Cos & o & 9999 Ve ¥, 3885EY, W SRR e e TER RS8R, & ou 0 Inveet Co of Am Kalamazoo Stove Katz Drug - ..... 130 Kellore Bwitch, 50 Kel Switch & Bup pi 150 Ken-Red T & L 70Ky cum 1.0 i¢ Kevatone Stecl pfd 20 Leath D 3300 Libby-McNeill 100 Lincoin _Print a - 5 e e S YSBSRIEIIAG est Util vUnll!d Unit pfd 8% A p! TSR BESBYT.. WEASWSPoINIIIS 222BLT_- ISV o - e FE FEF 2 BB.BCEE. FFEE B ginton o aotooEERE B8 S8 RTRET LPe T 55 3 s oF, SEEEEES e = - E5RES e 3 & 22332 & i\ hich shows Afliated Prod 1.60.. Atnsworth Mfg (1). All Am Gen Corp. Alleg Gas........co0 Allied Mills (60c)... Aluminum Co of Am 925 Alu Coof Am pf (6). 3 Am Austin Car... Am Br B 1d shar: Am Capital B. Am Cigar Co. .. . AmCit PELBb10%. Am Com P A (b10%) American Corp(15¢) Am Cyanamid B Am Dept Stores Am Equities. Am For Pow wai Am Founders. . Am Gas & Elec (21).., Am Invest. Inc (B).. Am Laundry Mach 2. Am Lt & Trac (3%). Am Maracaibo...... Am St Pu Sve(al.60) Am Superpcw (40c). Am Superp pf (6)... Am Superp 1st (6).. Am Utll&Gen (B)vte Am Yvette Co (26c). Anglo Chil Nitr: Arcturus Rad Tub Arkansas Nat Gas. .. Arkans NatGasA... 43 Armstrong Cork (1).400s Art Metal Wks (60c) Asso Gas&El A (a2). Asscc G & Elwar..., % Assoc Laundries. ... Assoc Tel Ut (b8%) . Atlas Utll Corp...... Auto Vot M ev pf pt.. Bahia Corp......... Bellanca Aircraft... Bell Tel of Can (8)..100s #lue Ridge Corp..... 10 Blue Ridge cv pfas.. Brazs Tr& Lt (b8%). Brit Am O11 C (80¢).. Bulovaev pf (33).. 1% Burma rets 37 3-5¢. 5 Butler Bros.... Cable Radio T vte. Stock and Bales— 10 A 9% PRUTTRTR S Cent Stat El (b10%). 62 87 Cent Sta El pf(6)ww. 50s 5% Centrifug Pipe (60c) 1 7 Chain Stores Stock.. 1 13% Chat Ph Aln.v. (1).. 12 110 Chesebor Mfg (t43%) 0 Co pt (7). 6 CitSvptB (60c 74 City Mach&Tool 80c. 4% Claude Neon Lts, Inc 6% Cohn & Rosen 1 3 Col Ol Col Pict vte (1% Cmwith Edison (8).. 50s 1% Cmwilth & Sou war.. 70 Com Wat Ser g12%¢ pL(B).. B0s Cord vesssvesem 60 40 Cor& ReypfA (6).. 2_ Creole Petroleum. .. % Cresson Consol (4c). 7% Crocker Wheeler. ... 20% Cumberland P L (2). % Cus! Mex Mining.... % Dayton Air & Eng... 22 Deere & Co (1.20 1 20 13 8 508 1 56 15 6 19% Driver Harris new. 2% Duquesne Gas Corp 1% Durant Motors. .. East St Pow B (1) !}u Bast Utll Assoc (2 T o Noomcom @ 3 3 B axan®a Elec Pow Assoc (1).; Elec Pow Asso A (1) Elec P & Lt op wa: El Sharehold (b - Empire Pwr pt(2.24) Empire Pub 8ve (A). Financial InvNY . Fischman & Sons. ... Ford MCan A (1.20). Ford Mot Can B 1.20. Ford Mo of Fr(p28e) Ford Mot Ltd 36 3-5¢ Foremost Dairy Pr. Foremost Fabrics Foundation For 5 Fox Theater Cl A Franklin Mfg Co. Gamewell Co pf (! Garlock Pkg (1.20). Gen Alloys. . Gen Aviation. . 11 Gen Elec Ltd (p70¢c). 10 Gen Empire Cor (1). 3 Gen G&E cv pf B (6) 1008 Gen The Eqcvpf(3). 14 Gen Tire & Rub (3).. 108 Georgla Pow pf (6).. 2 Glen Alden Coal (4).. 4 Globe Underwr(15( ). 4 Goldman Sach TC... 37 Gold Seal Elec new.. 1 BUs Gt At&Pac Tea nv(6)160s Groc Strs Prod vte.. 1 Gulf Oflof Pa (1%). 5 Hall Lamp (40¢).... 2 7 o o Prmnrman Raapaa Happiness Candy Hazeltine Corp (2).. Hecla Mining (40c). Hollinger Gold(65c) . Hudson Bay M&S .. 17% Hydro Elec Sec 1.40. 2% Hygrade Food Prod. 11 20 Imp Ol of Can (80c) 2! Imp Tob Gt Bri $76c. 1 2 2 2 Humble O11 (12%).. 5 1 1 9 1 those stocks were sold in odd lota, Dividend Rate. Add 00. Open. High. Low. Close. 1:% 18% 17% 17 3% Tran Con Air Tran. vide: ent. ividend, ¢ X, X! ip Tk Industrial Finan ctfs Insull Inv (B6%).... Ins Co ofNo Am $2%. Intercontinent Fetn. Int Petroleum (1). Int Prod pf (6)...... Int Utdlities A (3%). Int Utilitles B. .. Inter Equ conv pf(3) Italian Superpow A.. Italian Superp war.. Kolster-Br (Am 8h), Leh Coal & Nav 1.20. Lone Star Gas n Long Is cu pf B (6) Long Isld Lt pf (7) Louisiana Lan & Ex. MacMarr Stores (1). Magdalena Synd. Margay......... Mead Johnson (14).. Memph N G Co (80c) Mesabi Iron. Mohawk Mining (1 Montecatini deb rts % Moss Gold Mines Mountain Prod (1). Nat American Co. . at AVIAtION. .0e0ee Nat Bd & S Corp (1)« Nat CC A pf (t85e).; Nat Container pt (2) Nat Fuel Gas (1)...0 Investors. .. 8T Sec A (3600) Eng Pow pt (6 Jers Zinc (13).. New Mex & Ar Land. N Y Steam n (2.60) N Y Tel pf (6% L Niag-Hud Pow (40¢) Niag-Hud Pow A Wee N ‘Hud Pow Bw.. Niag-Hud Pow C w Niag Sh Md (40¢) Nor Am Aviat A wa: Nor Europ O:l Corp. Nor Ind Pub 8 pt (§) Nor Bt Pow pt (8). Ohio Copper. ... Outboard Motor B. PacG&E1stpf1%. Pac Western Ofl. Pan Am Airways Pandem Ol 3 % Parker Rust Pr (3)..15608101% Patterson Sarg (2).. 268 24 Pennroad Corp (20e) 21 PennaGas&ElecA.. 1 Peninsula Tel (1.40). Peop L& P A (2.40).. Perryman Electric. . Philip Morris Inc.. Phoenix 8 Cpt (3)... - " o T Premier Gold (12¢).. Prudential Invest. Pub Bve, N 111 pf (6 Pub Utll Hold war... 82 Pub Util Hold Cp xw Puget B4 PAL pf (5) 10s Puget 84 P&L p (§) 70s Pure Ol pf (8)......1008 Iatnbow Lum Pr A, Reliance Int A... ance Int Cor 1ance M Richfield Ol Cal 1% Roosevelt Fiel 2% Rossia Int Col 12% Shawingan W (2% Shen Corp pf (a3) Singer Mg (112%) Smith (A O) (). S0 Am Gold & P! South Penn Ofl (1 South C’Edpt C1 SouthernNat Gas Spieg May Stera pf.. Stand Ol of Ind (3).. Stand Oil of Ky 1.60.. Stand Oil, Ohto (2%) Stand Pwr & Lt (2).. Starrett Corp......« Starrett Corp pf (3). Stein Cosmetics..... Stutz Motor Car. Sunray O1l (b6%). Swift & Co (2)... Swift Internat (3). Taggart Corporation. Tampa Electric (32). ‘Teck Hughes (60¢).. Texon Ofl&Land (1). Thatcher Sec Corp. .. Tob Prod Exp (10¢c) Todd Shipyard (4). 18 PO A UTDTCRRSUUTORIIES SITOINY IO 1 - SUNP SUPRPRIOIEN~ P QDT AUPISTS.—JUVEN PYOTPOY - JOTINES 109y Trans Lux DL P Tri-Cont Corp wa Tubise Cantlllon (B) Ungerieider Fin Cp Unit Corp war. Unit Founder: Unit Gas Corp. Unit Gas war Unit Gas pf ( Unit Lt &Pwr A . Unit Lt&Pwr(B) (1) Unit Molasses, Ltd Unit Pub Service ® _we ‘Walker (H) (50e). watsen (J W) Co.... Williams R C (70¢) .. “Y" Oll & Gas..... Youkon Gold. d, {Partly extra. b Payable in~ stock. Plus 6% in stock. h P us 1! 7 us 10% in stoek.” m Plus 3 iR $106k. B Paid 1ast year—no TeRUIAr Fate: %|Defense Suggested Volume of Business as Better Basis for Revenue. BY JOHN F. SINCLAIR. NEW YORK, May 20 (NANA)— Chain store owners and operators were left dazed by the decision of the United States Supreme Court Monday that a unit basis of taxation, based on the number of stores, is legal. The case in question was an action between La- fayette Jackson, owner of 225 grocery % | stores in Indiana, and the Legislature * | tificall of that Staie over the license tax. ‘The Indiana law requires a $3 license fee for one store, and $10 for every ad- ditional store up to 10. From 11 to 20 stores, the fee is $20 per- store, while over that total it is $25 for each store. The tax derived in this way has been fur- nishing the State with almost $500,000 for its public school funds. The case was fought on the issue of discriminavion. The largest department store in Indianapolis, which does more business than Jackson in his 225 stores, pays only the $3 tax fee. The plaintifi’s counsel pointed out that a more just re- sult would e achieved if the State based its license fee on volume of business. This point was also made in the-opinion filed by the dissenting minority of the Justices. “If t taxation of this kind is per- mitted,” said one of the largest chain store owners, “where will it end? It is not the modest Indiana fee itself which we are opposed to, but the principle in- volved. Of course, this tax will apply 8as stations, tire shops, drug stores, cigar stores—pernaps even hot dog stands! Meanwhile the big one-store fellows in the cities get off with a $3 fee.” There has been much discussion of late concerning faulty distribution of , profits and production. Under the astute direction of Carleton H. Palmer, president of E. R. Squibb & Sons, that company has worked out a plan to overcome the evil. It is called the Squibb plan and is regularly incorporated as a separate in- stitutlon. This organization holds all the smsets of thc company in the way of common stock, sales revenue and dividends. Preferred shares are divided between the company and the retail druggists. After deducting the usual items of expense, the profits are split between the participating retail drug- Share"Tor sharer T addition o, 6" et forshare, n cent gmal:nu, et plan really boils down to a profit-sharing scheme. Under it the Co. 1s assured of the active marketing support of the druggists and |is able to arrange its production pro- ind financial operations scien- At Jn outset, Mr. Palmer had to un- dertake & sort of stumping c-mpn,n to sell the idea to the druggists. All the large cities were covered. At first, there was much opposition, but Mr. Palmer got the idea across. ‘The New York clearing house hi again cut the interest rate on deman and time deposits. This action was ex- pected soon after the reduction in bill rates by the Federal Reserve, but the Clearing House Committee refused to g: .z‘n nthn '.l.me.k :&eln;hfle.‘ rates on ney market automatically re- duced themselves in adjustment with lower rates on bankers' bills. When the PFederal Reserve slashed the rediscount rate to 1'% per cent, it was 'ted by many as an attempt to force the hands of the Clearl House Committee, which ring banks will be one-half g( 1 mutual savings deposits, and 1 per cent on all time deposits. These rates be- came effective yesterday, and are the lowest rates established since the clear- ing house entered the scene in 1018. It is expected that the Committee on For- ef Deposits will take similar action o few days, Virgil Jordan of Business Week wasn't much impressed with the business lead- ership shown at the United States Cham! of Commerce Atlantic City meeting two weeks ago. objected to the re- He particular]; marks of Prof. Wesley Mitchell of Co- lumbia Universit Cycles,” who ably no such thing as stabilization and that it wouldn't be desirable, anyway. *‘All that Prof. Mitchell could suggest,” sald Mr. n, “was that we ought first to commence to get ready to begin to prepare to sf proaching the task of analyzing more scientifically the possibilities of under~ | taking to examine the question, etc.” | Which is Mr. Jordan's idea of how sions. Ten years ago no one believed that Soviet Russia would be occupying the | spotlight of world economic drama, yet that is what she did this week on the same day in both Geneva Zondon. At Geneva her delegate, Maxdm Lit- vinoff, brusque and frank, presented Russia’s proposal for an economio non- aggression act between nations, without any of the usual bolshevik verbal fire- works. The plan, which is clear, con- cise and direct, would provide, accord- ing to Litvinoff, a basis on which both the capitalist and Communist systems could conduct their rivalry in a peace- ful manner. So different in tone and approach was this proposal from the former flery So- viet denunciations and demands that it ‘was almost automatically referred to a committee for _serious deration, along with other resolutions, despite its far- character. If & pol- ey of live and let live can be worked out all nations it will be a real boon At London, on the other hand, the Soviet delegates monopolized the stage with a somewhat different performance. ‘They assumed a “take-it-or-leave-it” ; | attitude on their world wheat control rates in dollars bastd on last quarterly or semi-an- *Ex dividen Plus 4% in gtock. @ Adjustment in n Baltimore Markets Bpecial Dispateh to The Btar. BALTIMORE, Md., May 20.—Pota- toes, white, 100 pounds, 1.25a1.85; new potators, barrel, 2.00a3.75; sweet pota toes, barrel, 2.00a4.50; yams, barrel, 3.50a 4.50; beans, bushel, 1.2582.25; asparagus, 5082.00; beets, crate, 1.50; cabbage, , 6081.00; bushel, 25a50; caulifiower, crate, 2.00a2.2! . 1.5083.50; lan bushel, 10a30; lettuce, lima beans, :.m:.’fl ; Spring onions, h, bushel, 20a ; grapefruit, box, == box, 1.7582.5¢ X 2.5084.50; straw- 2.5 4 1.5(a3.00; , box, berries, quart, 8a15. Dairy Market. Poultry, alive—Chickens, yvunf 258 38; old hens, 22a24; Leghorns, 17a18; roosters, 14al5; ducks, 15a25; suxnn fowls, each, 50a75; , pair, 25a30. . 186 cases; nearby firsts, dozen, 1634; current receipts, 1615 Butter- to fency creamery, pound, 22'325; ladles, 19a20: rolls, 16 al7; process, 21a22; store packed, 14. Hay and Grain. Wheat—No. 2 red Winter, export, 83; No. 2 red Winter, gariicky, spot, 83, May, 83. 3 | cob, 3.75a4.00. Rye—Nearby, 50855 ‘Hay—Receipts, none. depending on to $26 per ton. 12.00a13.00. Cattl ply: market dull. Ste plain to fair, 5.50a6.00; Pplain, 5.00a5.50. choice, none; 8.50. to fair, 4.0004.50; 3.50a4.00. Cows—Cl to choice, plain, 2.00a3.00. to fair, 4.5005.25, 70.00 Corn—No. 2 domestic, yellow, 72a73; | | Oats—White, No. 2, 38; No. 3, 37. While rece) of hay are ampie for all requirements, |there "is no surplus of heavy clover | mixed being offered. Buch bring a premluv:\h of 81 to §! ¢ amount of clover. | Fair to good timothy ranges from $24 Straw—Wheat straw, No. 1, 12.00813.00, Oat straw, No, 1, e o’ Live Stock Market. t1 e—Rouufiu 75 head; light sup- ers—Choice to prime, 5 good to_cholce, 8.0088.50; medium 15’ 58 | 7.00a7.50; fair to medium, 6.25a7.00 common to Bulls—Good to prime, none; medium to fair to medium, 4.5006.00; pial common to hoice to prime, : 50005.80.” medium 5o gond. 4.5025.00; fair to medium, 3.5084.50: plain to fair, 3.00a3.50; common to Heifers—Choice to prime, none; to_cholce, none; medium to (:2;,' 6“'7:2 1.25; fair to medium, 6.00a6.75; plain i common to Presh Cows and Springers, 30008 light supply; market steady; 1.5083.50;_8] 1y, market higher: light, eavies, 6.75a7.55; roughs, 4. ; 7508 light pigs, 7.3: ades will per ton, ply, market stead CHICAGO, May 20 creamery extras (92 score), standards (90 score carlots), extra firsts (90-91 score), 21 00d, | (86-87 score), 18a10%5. Rece prices unc] , 8l market firm; fowls, to | trueks 5.00a | broilers, in | 20833; Spring d CHICAGO. celpts, 87 cars; on track, 252; sacked Bliss Triumphs, 1.60al.7 fancy higher, m plain, | heated, Texas, 1.50; old stock trading very B weight, Wisconsin 1.25; Idaho Russets, 1.30a1.40, Sheep and lambs—Receipts, 200 head; g h ‘Hogs—Receipts, 500 head; light sup- 1.50a7.75; medium, 7.50a7 ;g‘ p‘g'-xvu—n'geélpu 50 head, light sup- calves, 4.0088.50. CHICAGO DAIRY MARKET. (#).—Butter— Receipts, 10,013 tubs; market firmer; o022, firsts (88-80 score), 20'2821; seconds .ufiznum; ket ipts, market ve—Receipts, 2 cars, 20 19821; 27a30; roosters, 12; turkeys, ucks, 18a20; old, 16; CHICAGO POTATO MARKET. 20 (). —Potatoes—Re. total U. 8. shipments, 809: new stock dull; | trading slow; Alabama, Louisiana. Tr;(u ew ostly around 1.70a1.75; weak, , per hundred- * are round Wwhites, 1.158 showing tures in opinion. Their proposal was that either they must get credits to compensate for reduced wheat exports or they will go on_increasing shipments abroad. The success of the wheat conference just now seems dubfous. (Copyright, 1931, by the North American Newspaper Alliance.) CHICAGO, May 20 (#)—Wheat ad- vanced in the late dealings today, offer- ings being scarce. The market was bullishly affected by unconfirmed re- ports of a revolution in Russia. Some frost damage to Spring wheat was also re, were not regarded as serious. ‘Wheat closed irregular, !4 off to 7 up; corn at Y, decline to !; advance; visions ranging from 2 cents setback to 7 cents gain. December Great Britaln, with a decrease of 10 per cent, and Japan, with 1.6 per cent, the only principal world powers ok per cent on all demand deposits except | 3 . author of “Business | A id that there is prob- | A the problem of ap- A | some experts expect to solve depres- | At ported in late advices, but the losses l;o er oats a shade to 5 higher, and pro- | Secu Three years High, 1931. . Low, 1931.. High, 1930 Low, 1930 High, 1929 Low, 1929 0 &0 EVENIES DROPFORMONTH Gross for April Was $9,322,- 857, or $1,507,865 Below Figures for Last Year. Gross Tevenue, net railway operating income and net income of the Chesa- peake & Ohio Railway Co., together | with operating ratio, are shown in the | statement of operations for the month | of April, report for which was sent to the Interstate Commerce Commission today. For comparative purposes, the figures for the month of April, 1930, and four months’ period to April 30, 1931, includes the figures for the Hock- ing Valley Rallway Co. Gross revenues for the month were $9,322,857, a decrease of $1,507,865 over April of last year; operating ‘expenses were $6,208,522, a decrease of $1,239,446 as compared with April of last year; net rallway operating income was $2,211,276, a decrease of $336,206 over April of last year. Net income after all charges for April, 1931, was §1,510,877, a decrease of $501,- imposed 060 over April of last year. The oper- ating ratio is 66.6 per cent, compared with 68.7 per cent for April of last year, or_a decrease of 2.1 cent. For the four months ended April 30, 1931, the Chesapeake & Ohio shows gross revenuer. of $38,121,298, a decrease of $6,498.100. Opera expenses were $25728,797, a decrease of $4,761,414. Net railway operating income was $9,- 078,704, a decrease of $2,117,580. Net income after all charges is $6,527,361, a decrease of $2,455,391 compared with corresponding period of 1930. The oper- | These diff ating ratio for the period is 67.5 per cent, a decrease of 8 per cent as com- pared with same period a year ago. —_— VIRGINIA PRODUCE HOUSE | LICENSE REVOKED BY U. S.| By the Associated Press. The license of Burton & Briel, Inc., Richmond, Va. produce dealers, has | been revoked by the Agriculture De- partment for violation of the perish- able agricultural commodity act. The revocaiion was announced yes- terday by the department, with "the statement “that the violations were “flagrant and repeated.” The company may not engage in business again ex- f-lep«: at the discretion of Secretary yde. INVESTMENT TRUSTS NEW YORK, May 20 (#).—Over-the- market: = Asked. 5% 553 S S P S P : Sww 28%0 PO+ S anttaas. IREES 883, ncorporated Investors ncorporated Invest Equi ndependence’ Trust Sharei: H | Tnt Becur Corp Amer A .. Int Secur Corp Amer B0 | ot an t : Nation-wide Secur o National Indust Shares National t Bhares Nort h*Amer Gorb B orp B. North ‘Amer Trust Bhares. Northern Secur - ciai’ o g & ony Invest Tru = E5%a8a avoo s8%aues Representative Research Inv Re 3 # h Inv Corp uni B8, o TN Seleet _A’ 8 s nk it DECISION UPHOLDS CHAIN STORE TAXES Ruling Seen as Leaving Or- ganizations to Mercy of State Legislatures. BY JOHN F. MILLER. Chain stores may be taxed to the limit. The Supreme Court of the Uni States has so indicated in an UPlnm which, some experts believe, leaves the stores “wide open” for almost any blow 1‘::1; rsuue Legislatures decide to admin- For more than five years the chains have endeavored to prevent any taxes being levied on them which were not imposed upon mnmznt and other stores. Such I amount to class legisiation, they contended, and that wuuuonlym stores that they may be put in - arate class. An hs Iu'.:n“gf the opinion is the reference to the cases holding that special taxes may be ‘upon TSONS using trade o3 pons and Mwhnnd laundries n:x;c‘b‘- taxed, although steam laundries are not. Given Separate Classification. The ly class- fied, the Suprme in & 5-f opinion, in which Chief Justice Hu‘m the so-called liberal group, Justices Holmes, Br-ndgg, are numer- stores, the majority opinion, written by Justice I:ohm.’deehnd: erences and advan in chains is shown m:k ‘The decision itself applied the Indiana tax, which is tr:glu’lh'g according to the numn;‘ o’l stores in befi; for the first store, $10 for each the next four, and 0 on up to 20, when the maximum levy of $25 a store is imposed. lese rates, of course, are not high. To the taxpayer involved, who owned 1235 stores, ‘it meant a difference of less than $5,000. Tax expe: 3 however, that under the opinion, rates might be increased to any point short of confiscation. “There does not seem to be any sure comfort,” the dis- senting opinion says, “in the suggestion sometimes made that this court may be expected to intervene whenever the tax reaches the point of destruction.” Two Bills Pending. Clearly enough the rates may be much higher those imposed in the chains’ action. itel) ly 314 | most of the legislative bodies have ad- Journed for the year, but a féew are still at work, and in at least two States chain store tax bills are pending. One ray of hope remains for the chains. The rate of the Mississippi sales tax on them is one-fourth of 1 per cent, or double that payable by depart- ment and other stores. The validity of that classification is also before the Supreme Court and a decision against the State would mean that, while the court will permit a special tax to be imposed on the chains, a definite limit will be set on the rates. ‘The opinion handed down in the In- diana case does not indicate any such intent, but it should be borne in mind that the decision was 5 to 4. Any one of the majority five could have chl;fid the entire result by voting the er way. (Copyright. 1931.) Washington Produce Butter—One-pound_prints, 29; tub, 28, Eggs — Hennery, 17a18; current re- celpts, 16a17. Foultry. aiive_Turkeys, hens, 24a28; , 13813%;; veal, 12al4;. lamb, 20a32; pork loins, 19; fresh hams, 19: fresh shoulders, 14; smoked hams, 20; smoked shoulders, 123 ; strip bacon, 23; lard, in packages, 12: in bulk, 11. Live stock—Hogs, heavy, 6.25a7. medium and light, 7.00a7.35; pigs, 7.00 a7.25; loughs, 3.50a5.00; calves, 5.00a 8.00; Spring lambs, 8.00 all. Pruif taloupes, California, 5.00a 5.50; strawberries, 3.5085.00; - ples, 3.5024.00; apples, box stock, 2.50 82.75; bushel baskets, 2.50a2.75; oranges, California, 3.50a4.00; Florida, 3.50a4.25; lemons, 5.50; bananas, 1.00a2.50; pears, per 100, 3.00; honeydews, 3.00a3.50; cherries, 2.25a8.50; bananas, 1.75a2.25. Vegetables—Potatoes, new, per barrel, 4.00: old, 120-pound . 2.60a 2.75; Idaho bakers, 100-pound sacks, .60; sweets, 1.7582.00; cabbage, 75a , 1.50a1.75; string beans, 1.00a 2.5083.( tomatoes, Florida, 3-pan containers, 1.5083.00; Mexican, lugs, 4.00a4.50. ——e BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, 20 5288 Autantic it Conn. . 216 Battimore Trust Oo.. veess 134 Black & com & P Telephone Bai A Vernoon-We 81t 66 .e. b Pidellty £°G T tern’ Maryiand Dairy unlug:n:.‘ ’Pr\‘n g £ R i b Ui & B ER $>B83 - sxf & 8 ¢ is85 us:&z:ii igastis] 2283323118 & gl s8ine S8sda: BE! 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SIBLRIZBIIINS W 20 B3B38 IBRIBII22RIBRL, B33 L& & Beons VAR ® SEELINNEL FEELE S 83 E3 2 — ‘warrants. IW—_Without warrants. Wi—When lssued. NEW YORK BANK STOCKS.::/ NEW YORK, May 20 (#)— Bank % g:; b fth A re Guaranty roia