Evening Star Newspaper, March 6, 1932, Page 63

FINANCIAL. THE SUNDAY STAR, WASHINGTON, D. C., MARCH 6, 1932—PART SIX. FINANCIAL | In Short Interest INACTIVE MARKET Noted by Brokers | By the Associated Press. FOR WEEK ENDING MARCH 5, 1932. —1081.— Intl Petroleum (1)....,. 10% Low. P Int Safety Razor (2).... 4% e 3 Intern Superpr (1). © Intern Util A. . . 80 P4 Internat] Utilities (B) . InterstateFquities. .. Stock and dividend. Utility Pow & Lt pf (). Utllity & Ina 2% Utility & Ind pf(13%) . Utility Equittes........ Ctility Equity pf (5%). Van Camp Pack. Stock and dividend. High. Stock and dividend. High. T'n Gas of Canada. . Union Oil Asso(1.36 Unit Chem pt ptf (2) Unit Corp war. Unit Dry Dock Unit Founders. High. 3 Stock and dividend. Agfa Ansco. . Agfa Ansco pf. - Alabama Gt South pf (4) Ala Power pf (6) . s NEW YORK, March 5—The New York Stock Exchange announced today Utilities Issues Lead Trading. Numerous Small Ad- vances Scored. BY JOHN L. COOLEY, Assoclated Press Financial Writer. NEW YORK, March 5—The curb was firm in more active trading to- day, clesing with moderate net gains. Insuil issues provided the feature of the short session. Commonwealth Edi- son was offered freely in the first hour, dropping 5'» points to 81, but met good support, on the break and rallied briskl in the later dealings. Closing at 88 it was up 1! net. Middle West Utili- ties sagged well under 2. but reduced its loss to a minor fraction Other utility stocks were rather ouiet. Electric Bond & Share. ne gain of a point and there Jar rise in American Gas changes in leaders proved to be narrow Industrials were rather active, mak- ing mostly fractional gains. American Cynamid “B” added slightly to its re- cent improvement. Aluminum of America was up a couple of points and Newmont, reflecting a more favorable attitude toward the metal shares, firmed. Deere, Stutz, Ford of Canada “A” Ford Ltd. and numerous other Jow priced issues returned small gains. Baltimore Markets Bpecial Dispatch to The Star BALTIMORE, Md., March 5—In sympathy with other leading markets as well as to ample receipts from all points, the egg market continues easy in tone and values show a further de- cline of nearly 2 cents a dozen. With all receipts being sold as current re- ceipts, sales on the exchange have been light, owing to the fact that most of the receipts are of mixed stock and consequently cannot be sold as firsts. The market closed today at 123 cents a dozen for current receipts from all sections, with small pullet eggs not wanted at any price. Duck eggs, how- ever, continue in good demand and the market holds steady at 22 cents a dozen for nearby, large, clean stock, but small or dirty eggs move slow at 18. Poultry Prices. ‘The live poultry market holds steady on practically all lines with the excep- tion of old hens and geese, but it takes large, fat stock of all kinds to bring top values. Turkeys continue in light receipt with a fair demand prevailing, but centered on smooth, fat, young hen turkeys at 30 to 32 cents a pound, and gobblers, 23 to 25, but old hens and large gobblers at 20 and crooked breasts at 15 and 16 are hard to move out. Medium to large, smooth, young chick- ens continue jn fairly good demand, especially broilers at 22 and 23, but Leghorns are not so desirable at 18 to 20, with all poor, thin fowl, as well as bare backs, neglected at 12 and 13. Demand for old hens is easily satisfied and the market shows a slight decline at 15 to 18 for fowl weighing 31: pounds and over and Leghorns, 15 and 16, but all poor, light fowl, as well as old roosters are hard to move at 11 to 13. Young ducks, 41> pounds and over, in fairly good demand at 18 to 23, but geese are easy at 14 to 18 for large, fat stock, and all small. poor, thin ducks and geese move slow at 11 to 13. Capons in light receipt, and market has a firmer tone at 26 and 27 for birds | that the total short interest on March |1 was 3,102,876 shares, a decrease of | 497,389 shares from February 1. | The cecrease was regarded as rela- tively small, leaving the market in a favorable techincal position Added interest was given to the fig-} heoming senatorial in- | | ures by the f | vestigation of market operations. INSURANCE FIRMS FAVOR RAIL BONDS Five Largest Companies In-{ creased Their Holdings Dur- ing Last Year. Y FRANK H. McCONNELL. (Copyright, 1932, by the Associated Press.) NEW YORK, March 5—The five largest American insurance companies | increased their holdings of railroad bonds by $48,499.499 during 1931, com- | plete figures obtained today reveal |~ The total of such holdings on Decem- ber 31, 1931, was $2,151,952,629. | Continued accumulation of railroad | bonds by the insurance companies took | place at a time when leading insurance executives were warning the Interstate Commerce Commission that a railroad debacle threatening dire consequences to the entire financial structure of the country would result unless the railroads were given badly needed relief. Company Viewpoint. A spokesman of the insurance com- pany viewpoint said that this action was entirely consistent. In the first place, he explained, the insurance com- panies were not so much disturbed over the eventual safety of their own invest- ment in gilt edge railroad bonds as they were over the financial situation in gen- eral, should relief for the carriers be withheld. Second, he explained, it be- came more evident in the latter half of the year that some relief would be given to the carriers; thus justfying greater confidence in railroad bonds. ‘The combined 1931 purchases of rail- road bonds by the Metropolitan, Pru- dential, New York Life, Mutual Life of New York and Equitable Life Insurance Cos. totaled $113,220,499. Against this total there were offsets amounting to $64,721,000, which represented the year’s reduction in bond holdings, caused mostly by retirement of matur- ing bonds. This left a net increase of $48,499,499 in railroad bond holdings of the companies. An executive of a prominent railroad banking institution in Wall street said that the insurance company holdings were not in the same category as the holdings of most investors. Insurance companies, he explained, had concen- trated their investments in first lien or wunderlying bonds, which are well secured by mortgages on the entire as- sets of railroad systems. “But their additional purchases in 1931 didn't greatly help the general | picture,” this banker said. “It's safe to | say that the insurance companies didn't buy any railroad refunding mortgage | bonds, hence, their market purchases weighing 7 pounds and over and 24 and | didn’t contribute money directly to the 25 for medium, but smaller, as well as | Tallroads for use by them in meeting slips. move slow at 22 and 23. Market | maturities.” for guinea fowl and pigeons holds steady | The insurance companies found a at 30 to 65 each for the former and 20 | number of attractive purchase possibili- to 25 a pair for both young and old| ties during 1931, an authority said. Due of the latter. | to abnormal conditions, many wealthy Market for white potatoes holds steady | individuals and even large institutions and unchanged at 75 to 90 per 100 Wwere forced at times to unload large pounds for well graded No. 1 stock, with | blocks of bonds to raise cash. As there mixed or No. 2 stock not wanted at any Was only a restricted public market price. | available, it was necessary to turn to Sweet potatoes and yams in moderate | the insurance companies when such receipt, and under fair demand market | distress sales became necesary. The in- shows no change from last week at 1.00 | surance companies were one of few to 125 a barrel for the former and 1.25a1.50 for the latter, but mixed over- large ungraded stock is hard to place at 50 to 75 Receipts of native and nearby garden truck continue light and show little change from last week at the following quotations: Kale, 30 to 35 bushel; onions, 3.00 and 4.00 per 100 pounds: oysterplants, 4.00 and 5.00 hundred; spinach, 50 to 60 bushel, and washed turnips, 25 to 50 hamper. Live Stock Prices. The live cattle market continues easy in tone under light demand, which is centered on first-quality stock, and all common undergrades are hard to move at inside prices. Quotations today at Light Street wharf Cattle—Beef cattle, first quality, per pound, 6a7; common to medium, 3a5; bulls, as to quality. 2':a4; cows, choice to fancy, 4a5; common to fair, 2a3; oxen, as to quality, 3':a4; calves, veal choice, 7a large. fat, 6a6l,: large, Tough, 5a5'%; common, thin, 4ad? Sheep and Lambs—Sheep, ad; s‘o\slng lambs, choice, 6a7; fair to good, a5. Hogs—Straight, 4a4 stags, 2a2'5; live pigs, 6a8. sows, 8a10 3a31; shoats, U. S. TREASURY CERTIFICATES (Reported by Chas. D. Barney & Co.) Offer. 100 6-32 100 6-32 100 1-32 100 3-32 100 3-32 100 3-32 100 9-32 | sizable buyers then available, Selling by Banks. In cities where banking difficulties | arose there was heavy selling of choice | railroad bonds by banks, distress offer- 'ings which were made at sacrifice in | price. The energetic effort of Philadel- | phia banks to raise cash so as to allay |the concern of depositors was cited as an instance. The insurance com- panies bought large blocks of these sacrificial offerings, it was said, and thereby played a double role: that of turning needed cash over to the bank- |ing institutions and that of acquiring blocks of strong underlying railroad bonds at the lowest prices in years. Since then the emergency has passed and the price of gilt-edged bonds has | gone up. | NEW YORK BANK STOCKS | NEW YORK, March 5 (Special) — | Bank and trust stocks rallied fraction- ally just near the close of today’s mod- erately active market. | Bankers’ Trust at 62. was up %4: Cen- tral Hanover at 150 was up 1; Chase National. 41, up 1; Chemical. 353, up “%: National City, 53Y, up 1%; Com- mercial, 160, up 1; Corn Exchange, 62, up '»; Empire, 25, up 1%; First Na- tional, 1,700. up 10; Guaranty, 306, up 1; Irving, 207, up l4; Manhattan, 30, up 13: Manufacturers' Trust, new, 321, |up 1.; New York Trust, 90, up 2, and | Title Guarantee & Trust, 58, up ;. The following were unchanged: Brook- Iyn Trust, 235; Continental, 16%, and | Public, 28. HOW IS BUSINESS? Showing Current Business Activity Compared With Same Week a Year Ago. RAL BUSINESS ACTIVITY for the country indicated by Bank Debl City. Shaded areas shew weeks of activit previous year. Black areas indicate declines fr, ove the corresponding we same weeks 12 months earlier. ACTIVITY BY FEDERAL RESERVE DISTRICTS. Check Transactions compared with the same week a year ago. Boston k| Philadeiphia | —%63% | —= 0% [~ Chicago 5t L AR Cleyela Atla; —34.0% LEADING BAROMETERS. Showing Lrend of impertant facters. Business in dollars (checks cashed) . Employment (Department of Labo es (Department eof Labor)... Cost of living (Industrial Conference Whalesale prices (Fisher's Index) Adrtenltural prices (Department of Agriculture) .. Movement of goods (car leadings) Retail trade (Federal Reserve Board) Building contracts (F. W. Dodge) . Failures (Dun’s) .. Bond prices (Annalist) Stock prices (Annalist) .. Stock market volume (sha Change Present trend. year age : . Downward Downward e Dov.nward Board . Downward vae . Steady Downward Downward Downward Downward Downward Upward Downward Downward (AL righis reserved, Cambridge Assoclates, Boston.) Ala Pwr cam pt (T Allied Mills Inc.. . Aluminum Co of Am. .. Alumn Co of Am pf (3) Aluminum Co Ltd Aluminum, Ltd (€) war. Aluminum.Ltd (D) war. AmCit P& L A (a3) mCit Pw & Lt B. . Am Com Alco (new). Am Com Pow A.. Am Com Pow B. A COTD. - s - - Am Cyanamid (A). Am Cyanamid (B). Am Dept Stores. Am Equitfes. .. Am ForPwr war... Am Founders Am Gas & Elec (£1). Am Investment Inc (B). Am Laun Mch 1.20. ... Am Lt & Trac (2%).... Am Maize Products (2). Am Morzeatbo. ... Am Superpower. ... .- Am Superpwr 15t pf(6) . Am Superpo pf (6)..... Am Ut & G B vte Am Yvette Co.. In Anchor Post Fence. . 4 Animal Trap Co of A Appalachian G: Arcturus Radi Ark Nat Gas ArkNatGasA......... Arkansas Pwr&Lt pf () 2 Armstrong Cork Asso Elec Indus Ltd. s & El Ltd . S&EA (D3%). As & 151 all ct 1.60. Asso Gas & Elec ctfs(8). Asso Rayon Asso Tel Ui Atlantic Lobos. Atlantic Sec Corp. Atlas Utilities Corp... Atlas Utilities(war). Atlas Util pf (3). Auto Vot Machine Auto Vot M cv pr pf. Babcock & Wilcox (4). Baumann (L) pf (7). Bell Te! of Can (8). Blue Ridge Corp. . Blue Ridge pf (a3)..... Borne-Scrymser Co..... Brazilian Trac Lt&P(1). British-Am O11 C (80c). . Brit Am Tob reg 1.13 3-5 Brit Cel Ltd ret. . Buckeye Pipe Li . Buff Niag&EP 1st pf(5). Buffalo, N&EP pf(1.60) Bunker Hill & Sullivan.. Burma Corp Ltd, rts(2¢) % Cable Radio Tub vio. Cabl & W Ltd. Arets. .. Cable&Wire pf rets 19¢. Camden Fire Ins (1)... Canadian Marconi. Carnation Co (1%). Carrier Corporation Celanese Corp pf (7). Celanese Corp 1st pf. Cellulotd Corp Cent 111 Pub Sve pf (6).. Cent Public Service A. .. Cent & Sown Util (b7%) Cent&Sowst Util pf (7). Central States Electric.. Cent States Elec (war). Chain Stores Stocl Chesebrough (16 Cities Service(g3(c) . Citles Service of (6). Citles Serv. B B.pf(6) Claude Neon El (1.60) Clev Elec 1llum (1.60).. Colombta Syndicate. ... Colon Of1 z Colum G&E ¢V pL(5).... Columbia O1l & Gas vtc. Columbia Pictures vtc. . Commwlth Edison (8).. Comwlth & Sou (war).. 4 Community Water Serv. Consolidated Afrcraft.. Consol Gas Balto(3.60). 4 Consol Gas Utility A. Consol Mitn & Sm ( Consaol 011 Corp. . . Cont Shares conv pt Cont Shares pf (B). Cooper Bessemer . 5 Cooper Bessemer pf (A) Copeland Pr Inc (n) Cord Corp .. . 1% Corp Secur of Chi (b6%) 19 Corroon & Rey pt (A) Cosden Oil Creole Petr Cresson Consol. Crocker Wheeler. Crown Cent Petrol. Crown Cork Intl (A). Crown Zeller pf A (1%4). Cuban Tob vot trcfs. ... Curtiss Wright war Cust Mex Mining. Darby Petroleum o5 Dayton Airplane & Eng. Deere & Co. ... De Forest Radio Derby Oil & Refin. Derby Oil & Refin pf.... Detroit Afrcraft Corp. .. Dow Chemical (2) Driver Harris (ne Dubllier C & Radio. Duke Pow (5).. Duquesne Gas Corp Durant Motors. astern Sta Pw pf A. Eastern Sta Pw pf B.. ¥ tates Pow B. rn Util Asso (2 sler Electric Corp. Elec Bond & Sh (b6%). . Elec Bond & Sh new w.i.. Bond & Sh of (6).... ec Bond&Sh cu pf (5) ec Pow ASSO (1).... ec Pow Asso A (1). 2l P& L opt war.,.. Elec P&L %d pf A (T 1ilec Shareholding Empire Power pt ( Empire Pub Sve (A). s Wall Lead. Fageol Motor. Fajardo Sugar. Falcon Lead Fansteel Prod Federated Metal, Foremost Dairy pf. Foremost Fabrics Fox TheatersClassA. neh Lin Garlock Packing (1.20).. General Av ( obe Un'writers (p40c). 4% ~ Gold Seal [lec new. i Golden Center. . Goldfield Cunsolidat. Golam hs T C n » Tea vf (1) North Paper 2 kmester Lind. Hall Lamp (30¢) . Hamilton Gas v.t Happiness Candy. fiecla Mining (40¢).. Helena Rubinstein. Hevden Chem (25 Hollinger Gold ( Horin&Hardart(2% Hudson Bay Min & 8 Humble Oil (2).... Hydro El Securities Hyrrade Food Prod Il Pwr & Lt pf (6) Imp Chem Ind(pd0c).. Imp Ol of Can (50¢) . Imp Oil of Can reg (50¢) Imp Tob G B&L (p1.12) - Indiana Pipe Line (1).. Indian Ter Ilu Oil A. Industrial Finance ctfs. 7 2 }u-xunlmpsnm;n;) ;: nsull Util 2d pf(6)..... Insur Co of Nr Am (2).. 36% Intercont Pete new..... Inu Hydro cv pf (3%).. 19% + T4l b+ 4 i L4440 ++ | T (W LA e ZAESRR. F Fer #EF Fies 1 0w - EF FFET FEESFL * 2 4 Interstate Equity cv pf.. Interstate Power pf (7). Irving Air Ch(40c). Italtan Superpowr A. Itallan Super debrts. ... Johnson Motor Co...... Kirby Petroleum. Knott Corporation Kolster-Br(Am shs). Lack Securities (4). Lake Shor Mines (2). Lefcourt Realty 1.60. LefcourtRity pf(3) Lehigh Coal & Leonard O1l. Lerner Store. i Lone Star G n (88¢) Long Isl Lt pf «7) Long Isl cu of B (6) Louistana Lan & Ex.... MaedalenaSvndfecate. .. Marconi " M (ps7 Mazgay Ol (1).. - Mass Util Asso 3 Mass Util Asso cv pf 2% Mavis Bottiing (A)..... McCord Radiator B. . Mead Johnson (1313)... Memph N G Co (60c). Metal & Mining, Inc Met 5¢ to0 50c S (B) Midl Sts Pet vtc. A . Mid West Util (b8%, Mid W U Co pf n xw (6). Midland United (b6%). . Minne-Honey pf (6).... Mo-Kan Pipe Line. . Miss River Kuel bd rt Moh Hud P Ist pfe7y .. Mountain Prod (80c).... Nat Amer C> National Aviation Nat Bancservice Xat Bd & S Corp (1) National Container. . Nat Dairy Ppf A (7). # Nat Elec Power A(1.80), Nat Fuel Gas (1) t Investors. Nat Investors war. .. Natl Pwr & Lt pf (8. Nat Pub Serv (A) ( t Rubber Mach. Nat Secur Invest pf Nat Service Co..... - Nat Sh Term Sec A 260¢. Natl Stl Car, Ltd (2). Nat Sugar N J (2) Natl Transit (1) Nat Unfon Radio. Nehi Corp.... Newberry (JJ) pf (7).. 4 New Bradford Oil. . New Eng Pow pf (6). 2 New Haven Clock. New Jersey Zinc (2).... New Mex & Ariz Land. . ewmont Mining. Y Shipbldg Corp N Y Steam new (2.60)... N Y Tel pf (6%).. . N Y Tran n (k10c) Niag.-H. Power (40c) Niag.-H. Pwr A war.... Niag Hud Pwr (B) war. ag Share(Md) 20c les-Bement-.Pond ma Elec Corp (40c).. Nordon Corp Ltd. .. . Nor European Ol Corp. Nor Ind Pub Sve pf(6).. North Ind P S pf (7). North Pipe Line new. North Stat Pwr A(8)... North S Pow pf (7).. Novadel Agene (4). Ohio Brass (B) (2).. Ohio Copper. Ohio Ofl n (ct Overseas Sec PacG&E1stpf (1%).. Pacific Lighting pf (68).. Pacific Pub Sve new. ... Pac PSnpf (1.30). Pacif Tin Corp(sp: Pac Western Oil Pan Am Airways. Paramount Motor Parke Davis (11.10) Parker Rust P'roof (3 Pennroad Corp (40¢). Penn Mex Fuel (p134).. Penn Wat & Pow (3). Phila Co (new) 11.60. Philip Morris Inc. Phoenix Secur Corp..... Thoenix Sec Corp pf (3). Pilot Radio Tube(A). . Pioneer G M Ltd (12c).. Pitney Bowes P (b4%). Pitts & Lake Erle(5). Pitts Plate Glass (1). Plymouth Ol Polymet Mfg Pratt & Lam Premier Gold Prent Hall cv (3). Prudential Inv. ... Prudential Inv pf (6) Pub Sve N T11(8)no par. . Pub SveN 111(8)$100 par Pub Sve of Nor 111 pf(6). Pub Sve N D pf (7)...! Public Util Hold war. Fub Util Hold Corp x Pub Ut H Cp cum pf Pure Oll pf (6) Quaker Oats (17). Radio Products. R R Shares Corp Rellance Intl (A). Rellance Management. . Republic Gas Corp..... Richman Bros (3) : Roan Antelope Mines. .. Rockland Lt&Pwr(90c). Roosevelt Fleld. Ine. .. Root Refining cv pr pf. . Rossia Intl Corp Ruberold Co (4)........ Safety Car Heat & Ltg.. Antony Geld, Paper Salt Creek Prod (1) Seaboard Util (28¢ Sec Allied Corp (1) . Seeman Brothers (3). Segal L & Hdwr... Selected Industries. . Sel Indus allot ctfs (5%) Sle Ind prior (5%). . Sentry Saftey Control. . Shattuck Den Min Shenandoah Corp. . Shenandoah Corp pf. ... Sherwin-Williams (4).. Smith (A.0)..... South Penn Of1 (1) Sou Calif Edis pf (2)... SoCal Edpt A (1%).... So Cal Edis pf (B) (1%) Sou Cal Ed pf C(1%). Southern Corp SouthernNat Ga: Sou Pipe : No. Union G: Scuthland Royal Sou Wn G&E pf (7). So West Gas Uul. Spieg May Stern pf. Stand Invest cum pf Stand Motors. ... . Stand O1l of Ind( 1) Stand Oil of Ky (1.6 Stand Oil Nebr (2). Stand 011 Ohio(2 %) Stand Pwr & Lt (2)..... Stand Pwr & Lt (B) (2). Stand Silver & Lead.. .. Starrett Corp pf.. .. Stromberg-Carlson. . Stutz Motor Car. Sun Investing. . Sun Investing pf Sunray Oil. Swift & Co (2 Swift Internat Swiss Am EL pf (6). & Swiss Oil Corp. . Taggart Corporation. ... % Tampa Elec ( 3t 16 Tastyeast, Inc Technicolor Inc. . Tech Hughes (60¢) . Texon Oil & Land (1 Tobacco Prod Exp “vodd Shpyard (2). Trans Air Trans Trans Lux DL P 8. Triplex Safety Gla: Tri-contin’l Corp war... Tubize Chatel, B. . . Tung Sol Lamp (1). Tung-Sol Lamp pf (3) ... . — = e 1% -1 w 44 s 2013 -6 + oI+ 4 (1L D 41+ 1 I +4+++ | +++ (NN EEE: Utd Gas Corpn Unit Gas Corp war United Gas pf (7). Utd Light & Pwr A Utd Light & Pwr pf (§). United Profit Sharing. 1 Shoe Mach(+3%2).... ¥ Dairy (A) (6) U S Elec Power ww. U S Finishing. ... U S Foil CoB(30c) USS Inter Sec 1st pf. A US Lines pf. 1 Playing € Unit Stores v.t.c. Unit Verde Exte % Utah Apex......... Util ity Pwr&Lt(h10%) 1til P&L(B) efs(b10% ) TRACTORREDUCES FARN EROPCLSTS Production of Foodstuffs Has Now Exceeded Consumer Demand. BY FRANK I. WELLER, Associated Press Farm Editor. | Many years ago one of the owners of the “101 Ranch,” in Oklahoma, pre- dicted that, given time, the tractor would break every farmer in America. In the light of current economies and the myriad factors responsible for the world agricultural surplus, there is a question whether the tractor now must rot make every farmer. ‘The early prophecy saw the tractor as an instrument of overproduction; the latter sees it as the key to a chang- ing agriculture in which low-cost pro- duction is the first law. Records on the agricultural occupa- tion of the world confirm the ranch- man's theory of expansion. Most of the crop area added in the last 75 years is in the prairies and plains of North America, the Russian steppes, the Ar- gertine pampas and the semi-arid lands | of Australia, where modern farm ma- chinery allows one man to do the work of five. | The expansion of low-cost areas has | Waltt & 8% 1% Walker, % & Wenden West Ca 85 25 Western t+ i+ L+E Ll Venezuela Petrol Vick Financial (30¢). B.A(2) Walgreen Co. . H 2 Conper. rtridge p Md pt.. 14% 6% Willlams R C (T0¢).. 2o 3 1 Woodley Petrol. o e % 124 5la Wiwrth(FW Lt 2% % “Y" Oll & Gas. Dividend rates in nual pavment aPayable In cash or dividend stock 8w 9 | stoek *Ex dividend. fBlus 5% In stock JPlud 2% in stock nPlus 87 in ctock. D Paid last year—no regular rate. dohars based on iast quarterly of semr-an~ 3 in stoc. e Adjustment. h Plus m Plus 3% in stock. & Plus 6" k Plus 10% in $1,000,000,000 Gain In Stock Values Scored in Month By the Assoclated Press. NEW YORK, March 5-—More than a billion dollars was added to_the total | value of stocks listed on the New York Stock Exchange in February, it was dis- closed in the Exchange’s monthly com- pilation issued today. The market value of all shares listed on March 1 totaled $27.585,989,257. com- pared with $26,377,647.814 on Feoruary 1. As of March 1 there were 1276 stock issues, aggregating 1,320,153,047 shares, listed on the Exchange, com- pared with 1275 issues, aggregating 1,319,233,336 shares, on February 1. The average value of all listed shares on March 1 was $20.90, against $19.99 on February 1. ‘Total borrowings by members of the Exchange against collateral on March 1 amounted to 1.90 per cent of the mar- ket value of all stocks, a new low record. SECURITY MARKETS SHOW STRONG TONE IN WEEK’S TRADING (Continued From First Page) Stores preferred and Twin City Rapid | Transit preferred. | Of greater significance than these, however, were the reductions in the rates previously paid by the National City Bank of New York and the Chase National Bank, in keeping with the re- | adjustment in their surplus and undi- | vided profits accounts at the end of last | EXPORTS OF AIRCRAFT SHOW GAIN DURING 1931 By the Associated Press Exports of aircraft in 1931 from the United Statss exceeded shipments dur- ing the peak year of 1928. A statement by the Commerce De- partment said shipments of aeronautics products, including complete aircraft, engines, ' parts and accessories. were valued at about $4.800.000 in 1931, as compared with $3,650,000 in 1928. The department said that forcign governments are “coming more and more to demind the airworthiness cer- tificat> of the department as a guaran- tee of stress analysis, factory inspection and flight tests.” M'CRORY SALES UP. Sales of McCrory Stores Corporation (chain of 5-and-10-cent stores) for February and two months, without con- sideration of change in number of stores during the year, compare as Xout;;lgé $3,066,752 5,986,034 oo il ...23 February . Two months Changes Inc. $120,787 . Inc. 137,566 . INVESTMENT TRUSTS NEW YORK, March 5 (#).—Over- Am Ins Stocks . Assoc Stand Oi Atl Sec 5o far outrun the contraction of the |year which was made necessary by | At Sec war Atl & Pac Int units. Figh-cost that transition presently gives | josses in securities and in commercial | A & £ac Int unit the world more food and fiber than it | |oans When it is considered that the | can consume. | net profits of industrial corporations | Production Exceeds Demand. | in 1931 were 53 per cent below those of | | 1930 and 72 per cent under the profits Two-thirds of the crop expansion of | in 1929, and that nearly the same re- the last century—which economists fig- | vision has occurred in the net operating | ure to have put as much land under the | income of many of the railroads, it | plow as all other centuries combined— | is surprising that the monthly totals has occurred within the last 30 years. Such tremendous increase in such | relatively little time has given the world, | for the last seven years, an average an- | nual production of 43,000,000 bushels | more wheat than it used, and for the last five years an average production of 2,400.000 bales more cotton than | consumed. ‘This year's world carryover of wheat exceeded 500,000,000 bushels on August | 1, and the cotton carryover was esti- mated at 13,948,000 bales on July 31. These figures do not include Russia | scribed for incor and China. The world’s wheat area is 42,000,000 | aores larger than before the World War, 14,000,000 acres of which has been con- tributed by the United States. In the last 10 years the world has added 16,- 000.000 acres to its cotton area, 9,000,000 of which is in this country. A contributing factor in mounting crop production is tractor and automo- bile replacement of mules and horses. There is an estimate that the 8,000,- 000-head decrease since the war has re. T o 07000000 wores ta® foe |proposal that will meet with a ready | Inv of dividend and interest money dis- | tributed stand at such high figures. | Delay in Tax Policy. | Part of the sluggishness in business is ascribed to the delay in establishing the Government's tax policy for 1932.| Not knowing the character or the de- | gree of these taxes, those businesses that will be most affected by them are marking time. There is the same un- willingness on the part of large in- vestors to make commitments pending information coxemmg the rates pre- e taxes that will preju- dice some securities and advantage | others. Collateral to this is the deter- mination of how far the new taxes will | p; cover the prospective Government deficit | | for the remainder of this fiscal year, as | well as for 1932-33. It is expected that the Treasury pro- |gram for its March 15 financing will | | be announced early next week and that, | with the recent improvement in senti- !ment and the lower rates for money, | the Government will be able to make a e | | production of food and cotton in this | [¢SPonse {rom the regular purchasers of | country. | It is said also that the increased “efficiency” with which the Nation's better-bred live stock transforms feed | into food probably is as important 3| factor as mechanical power in adding to farm production. | ‘There are fewer hogs on farms than | a decade ago, but the production of pork and lard apparently is 20 per cent| greater. There are only a few more | dairy cows, and yet milk production has | increased ‘more rapidly than human | population. Likewise, the total consumption per | person of wheat, corn, oats, rye, buck- | wheat and barley has declined 100 | pounds a year, or nearly 30 per cent | under pre-war consumption. | Exportable Surplus. Combining all the major agricultural | products consumed by the American | people on the basis of crop land re- quired to produce them, it appears that, were a stationary yield per acre as. sumed, the net land requirements per capita would be about the same as 30 years ago. In the meantime, azricul-i tural production has increased about 17 per_cent. i The increase, theoretically, is export- able surplus. However, in Northwestern Europe— | where most of American exports go— | the birth rate has been declining for | 50 years, agricultural technique advanc- | ing to where some acre-yields are twice | as high as in the United States, and | g; governments, by tariffs and food laws, | encourage pre-war and even better pro- | duction of native crops, principally wheat. At present trends it is predicted these importing countries will have a sta- tionary population within 20 to 30 years | if not sooner. Meantime, the United States has not | contracted the acreage it developed to feed them during the war. and the same | estimates indicate a stationary popula- tion in this country in 50 to 60 years | or sooner. i | ARUNDEL GETS CONTRACT TO START NEW TOWN The Safe Harbor Water Power Cor- poration has awarded a $300,000 con- tract to the Consolidated Engineering | Co. for the building of a new village for employes at the new hydro-electric | plant on the Susquehanna River. | ‘The operators’ village will consist of | 25 buildings, there will be 21 single- | family houses, English type cottages of | brick construction and an apartment | house, bachelors' quarters, a dormitory | and dining hall, with accommodations for transients. | The construction of sewage and wa- | ter systems, grading of streets and foundations of the buildings is being | carried out by the Arundel Corporation, | which was awarded the general con- | tract for thd construction of the dam | and power house. | EARNINGS REPORTED. NEW * YORK, March 5 (#).—Per share earnings of corporations report- | ing this week. with comparisons for & | year ago, include: (Year ended December 1930 $10.4 American Bend; [ 1 1 8552 ._Shattucl 5 It Business Machines. Electric Power & Light. 22225 2 2 0. 0. s-Manville X h Nut Packi 4 ational Sal G ase ... - 1 1 8 0 3 1 BRFIIEE5IRE s awnBnommistmwe 33838538832 & K. | Turpentine, short-term certificates. | ‘The immediate international political | situation is predicted on the outcome of | | the German elections on March 13. The | Maior Ct result of this may have an important bearing on the subsequent negotiatior oetween the European powers on repara. tions payments. (Copyright, 1932) What Things Cost | (Siandard Statistics Co. New York) | NEW YORK, March 5 (#).—Of the‘ 26 important commodities in the fol- | lowing table 9 are higher in price than | last week, 9 are lower and 8 remain | unchanged. Four of the twenty-six | are at their high for 1932, while eight | are at their low: This Last Unit. Week. Week Butter. creamery extra..lb. $0.2175 $0.2250 Cheese, flats. fancy......lb. 115 .1 Coffee.” Rio No. 7. o 0713 Sopper, el Conn. Vaillllb. 055 | Cotton. Midupland ......Ib. 0705 Cottonseed Ol | bleachable sl 04 Corn, No. 2 vellow..... 3 “aags Egss. standards doz 5 16 | Flour. Spring patent.’...bbl. 485 | Hides. native steer .....Ib. .0 0 b 140 Ibs. ... s | L pig . . | Linseed, oil. ' carlots ‘o Petroleum, Okla.. 32 d | Rosin. B ... o X Rubber. piantation’ . ve, No. 2 Western. . b Silk. ‘crack, double ex...Ib. ilver . o aits 22 f s | heat, hard Win., bu. 525 | Wool, ‘Terr., fine, Boston.Ib 53 Boc el 0317 Atl & Pac pf war Bancamerica B Bankers Nat In Bansicilla Corp . Basic Industry : British Type Inv. .. Central Nat Corp Al Central Corp B Century Tr Shrs Chain & Gen Equities Chartered Invest Chartered Inv pf Cnelsea Exch A.. Chelsea Exch B Cumulative Tr Sh Corporate Trust ... Corporate Trust A A : Corporate Trust Accum Ser Crum & Foster....... Crum & Fost 8, pf Crum & Fost Ins Crum & Fost Ins B Diversified Tr A Diversified Tr Diversified Tr C.. Diversified Tr D. Equity Invest Cony Stpd: N omul Pund Tr Shrs B Granger Trade Gude Winmill Tri Huron Holding Corp Incorp Investors | Incorp Invest Equit . depend_Tr Snrs. Bornataao! Int Sec Am Inv Le: Leaders of Indust B Leaders of Indust C Low-Priced Shrs . ‘orp Shr. Mutual Inv Tr A1l a3 Nor Am Tr Sh 1956 Northern Secur Oil Shares units Qld Col Inv Tr 2 Old Col Tr Assoc. Petrol Trad A Public Serv Tr Repres Tr Shrs Second Int Sec A. Second Int Sec B.. Sec Int Sec 6. 1st P Secur Corp Gen 36 pf. Selected Am_Sh Selected Cumul Sh SuulleaBeen g, SuussuubbunavelassBusuan’ 5 Selected Income Sh Selected Manage Trust Shawmut_Bank X Spencer Trask Fund tand All Am Tr... tand Am Tr Shrs Stand _Collat_Trust State Street Invest Super of Am_Tr Al Super of Am Tr B Super of Am Tr D Trust Shrs of Am Trustee Stand Iny C: Trustee Stand Inv D. Trustee St Oil A...... .. rustee St Oil Shrs B rusteed N Y C Bank Trusteed Am Bk Sh Trusteed Am Bk A..... Twentieth Cent Pixed Tr Two-Year Trust Sh... RS ST B 7 U S Elec Lt & Pow A U S Elec Lt & Pow B Universal Tr 8h... Put Your Idle Dollars to Work at Home Washjngton has suffered less from the depression than any other large city in the world. Consumption of electri, y and gas here has shown a steady increase even during recent so-called depression years. Owners of securities in these two big local industries have had no cause for anxiety either as to safety of principal or income . . . world-wide depression has not affected them. For safety with attractive yields we recom- mend the following, all of which are listed on the Washington Stock Exchange. Potomac Electric Power Co. 5 1931 101 Wash. Ry. & Electric Co.. Wash. Gas Light Co..... Wik Gax Tigh Coliiis Wash. Ry. & Electric Co.. i 4.90% 4 195t 83 5.40 5 1960 101 6 1933 10014 : 5% Pfd. 921} 5 - % ¥ Potomac Electric Power Co. 5% Pfd. 104 Y. E. Booker & Co. INVESTMENT BANKERS 730 Fifteenth St.