Evening Star Newspaper, January 15, 1930, Page 15

FIN * (URB SHARES GAN Ji LED BY UTILITES |fdils, Motors and Mines Are Heavy in Light Volume of Trading. 0 BY JOHN A. CRONE. Bpecial Dispatch to The Star, «NEW YORK, January i5—Public ftllities led the upswing on the Curb ,¥oday as oils, motors and mines turned heav, Part of the rise in power and light issues was attributed to earnings and part to merger rumors. ‘The usual leader of the utilities, Elec- tric Bond & Share. merely backed and filled. United Light & Power A was slightly lower for a time following an analysis indicating the company is not likely soon to increase its dividend. Allled Power & Light, American & Foreign Power and American Gas & Electric moved ahead. St. Regis Paper, often linked with utilities because of its power properties, spurted 1'% points around noon. The cut in crude oil, announced by Humble, together with the belief that some of the smaller refineries, espe- clally skimming plants, are producing too much gasoline and thereby off- setting to some extent the crude cur- tailment program, unsettled the petro- leum list. Standard Oil of Kentucky, which at this season usually is doing a good Southern business, sold off. Vacuum opened a point higher before the crude cut came out. Standard of Indiana eased and Standard of Kansas slowed. | COPPER INDUSTRY MAKES NEW RECORDS Reports for 1929 Indicate Best Year in History of Com- panies, Many records were broken by the copper industry in 1929, according to the United States Bureau of Mines, De- partment of Commerce. Domestic with- drawals, which assumed record-break- ing proportions in the Fall of 1928, con- tinued at a high rate, and for the year 1929 were higher than ever before, even than during the war years. Copper prices rose from a monthly average of 13.9 cents a pound in January, 1928, to 15.9 cents in December and continued the rapid advance to a high of 23.775 cents a pound, at refinery, March 23, 1929, where it held until April 5. From April 5 to April 15 the price dl‘ogped to 1{775 cents a pound, where it has re- mained up to the present time. Heavy demand, followed by increased prices, brought forth the highest smelter and refinery production on record. The heavy demand in the Fall of 1928 drew heavily on stocks of refined copper, and at the end of the year only 114,000,000 nds were in stock, while the largely increased production during that period made itself apparent in blister stocks, which were larger than at the end of 1927. Production has been sufficiently ahead of withdrawals in 1929 for stocks of refined copper to much more than double during the year. Curtailed pro- duction at the mines and smelters dur- ing the last quarter of 1929 has been apparent first in blister stocks again, and these are estimated by producers to have increased only about 5 per cent. Refineries report that at the end of 1929 approximately 265,000,000 pounds of refined copper were in stock, con- siderably more than double the 114.- 000,000 pounds at the end of 1928. It is estimated that stocks of blister cop- per at the smelters, in transit to re- fineries and at refineries, and materials in process of refining were about 443,- 000,000 pounds on December 31, com- pared with 423,000,000 pounds at the end of 1928, an increase of 20,000,000 pounds. ‘The quantity of new refined copper withdrawn on domestic account during the year was about 1,849,000.000 pounds, compared with 1,609,000,000 pounds in 1928, an increase of 240,000,000 pounds. or nearly 15 per cent, and the highest ever recorded. POTATO MARKET. CHICAGO, January 15 () (United States Department of Agriculture) — Potatoes, receipts, 69 cars; on track, 223 cars; total U. S. shipments, 771 cars; trading rather slow, market steady; Wisconsin sacked round whites, 2.50 to, 2.60; few fancy shade higher: Michigan sacked round whites, 2.50 to 2.55: Idaho sacked russets mostly 3.10 to 3.25. BONDS ON THE CURB MAREKET. n DOMESTIC BONDS, f ands. Wibama Pow 4135 a7 §5%; ss" 152 102 AT B 8 8 100 =] w. Noon. L;:’ag" 102 183, 188 st 13 NSk - Tean S S T B AZFEEEETEEO 388 Se8Y 250 e B #3 ans G & E 65 A 2022 101 C 55 47 961 00t & Co 65, 3 Pug A P&L 10 Roch_Cent s 4 Shell U 10 Snider 9 8E P&L 35 10015 1 8817 ; 101% 1011 i Tl 1T 9917 35 001, 881z E P 55 A '55... er Bros 65 '39 Tex Ut 5s A ‘57 63 FOREIGN BONDS. 1 Aert Mtg Bk 78 7 Buen Air Pr 7'ss 9415 0 od s kfort 6'as '68 sepkirchen os ‘3, 93 n, hn Wes KR 65 A 38 4814 a8 %ab Bow 8. 11 v s, n nsteld MAS 15 41 93 arana Braz 7s '58.. 61 2 St TP~ AAKIER R + i . :m:';:n 1 s A 155 1 * 100 i W B v b B B P With warrants Xw—Without warrants. NCIAL l 1920.- Stock and Low. Dividend Rate. 5% Aero Sup Mfg B.. 10 ‘Air Inv Inccv pr. 1% Alexander Indus % Allled Aviation. 101 Allied Mills (60c 23 Allied Pow & Lt 40% Allled Pwr&Lt p 71 AlNP&L1stpfs 99% Aluminum Co, L 108 Alu Co of Am Dt (6). 5 AmBrit& Cont..... 76 Am Cigar Co 29% Am Cit PAL A (a3). 10 Am CP&L B (b10%) 18 AmCwith PAD10%, 22 AmCwlthPBb10%. 16 Am Colortype (2.40). % Am Control Oil Fids. 20% Am Cyanam B (1.60) 214 Am Dept Stores. ... 144 Am Equities. . 3 254 Am For Power war., 70 Am Gas & Elec (31) 6% Am Invest Inc B 624 Am Laund Mch( 190 Am Lt & Trac (4). 1% Am Maracaiho 10/ Am Solvents Chem. 251 Am Sol Ch cv pf (3). 18% Am St Pub S(A)1.60, 15 Am Superpower (1). 256 89% Am Super 1stpf (6). 3 82 Am Superpow pt (6) 4 5 Am Yvette (new) wi, 7 14 Anglo-Am vot (73c). 53 11 Anglo-Am n-v (73c). 12 3% ArkansasNatGas... 4 614 Arkansas NatGasA. 16 4 ArkNGempf (60c) 2 51 Asso-Rlec Ind Ltd... 1 3514 AssoG & EA (12.40) 87 314 Asso G&E A deb rts.. 11 Asso Laund (120¢).. 80' Asfo Rayon pf (6)... # Atiant Fruit & Sug.. 14% Atlas Stores (32%).. 201 Aviation Corp of Am 12 Aviation Credit 30 Axton-F Tob A 3.20. 46'5 Bancomit new (1.60) 4% Bellanca Aircraft. 1414 Bickfords, Ine (1)... 10 BlissCo (E W) (1).. 3% Blue Ridge Corp. ... 23% Blue Rdg ev pf (a3). 1 Blyn Shoes. ne.... % Botany Mills..... 314 Brazil Tr & Lt (2). 14 Brillo Mfg (1.20). ... 22 Buf N&E P pf (1.60). 13% Butler Bros (1.20)... 4 Bwana M Kubwa 1% Cab&Wire LtdB re! 3 Cab&Wire LtdA rets % CAMCoctfs C A M Co cum pf Can Marconi. Carib Syndica Celanese Corp. Celan Cor 1st pf (7). Cent P Sv A (a1.75). Cen States El (340¢) Chain Stores Stock. . Ches & Ohio (new).. Chesebor Mfg (16).. Citles Service ($30c) 25 Citles Serv pf (6). Clev Tractor (1.60) Club Alum Uten. Colts Pat Fire A (2). 16'% Columbia Pictures 1% Columbia Syndics S @m EE R P TPre 20 3 258 11 N > a0 = " [R-T): JOI0)- - 100UV 2 1 1 20 80 20 12 9 44 13) 0 2 1 17 93% Comwlth Pow pf (6). 1% Comwith & Sou war. 95% Com’wlith & S pf (6). 124 Com Wat Ser (b§%) 1% Consol Cigar (war).. 10 Consolidated Coal...1258 4 Consolidated Copper. 3 12% Con Dairy Prod ($2). 1 71 Con Gas, Balto(3.60) 21 Cons Instrument. 10 Cons Laundries. 5% Creole Petroleum 1 Cresson Cons (8c). 174 Crocker Wheeler % Crown Cent Petrol. 4% Curtiss Flying Ser 1% Curtiss Wright was 1% Cusi Mex Mining. 17 Davenport Hos (2) 2 Davis Drug Stor, cfs 810 Deere & Co (6). 3 De Forest Radlo. . .. 54 Detroit Afrcraft Cor. &% Dix Gas & Utilities. . 14% Doehler Die Casting., 12% Douglas Afreraft. ... 32 Dres(SRIMfR A 3%, 34 Driver Harris(new). 20 4 Dubilier Cond&Rad 324% 120 Duke Power (35) 20 3% Durant Motor, 55% 1% 96 6 1 19 20% 13 4% 34% 57% 642 26% 17% 30% 42 45% 48'% 59 5 68 % 3 9 Eastern Utll Inv A. . 15% Edison Bros Strs(1). 10 Etsler Elec Corp. El Bond & Sh (b6). Elec Pow Asso (1), 31 Kl Sharehold (31). 14% Emp Pub Sv A(1.80) 16 Engineers PS war. . 3 Fairchild Aviation 10 Falcon Lead. % Fandango Corp. . 13% Fanny Farmr C (1).. 3 Fedders Mfg A (2) 297% Federal Screw (3). 4% Finan Invtst, N Y. 15% Fiat Stk deb rts ret 8 Fokker Afrcraft, 15 Ford Motor Can A. 10% Ford Motor Ltd. 3 Ford Mot of Franc: 3% Foundation For Sh 20 Fourth Nat Inv. 4% Fox TheatClA.. 4% Galena Signal 1 78% Galena Sig n pf cod. 120s 184 Garlock Pkg (1.30).. 2% General Baking..... 8% Gen Am Invest new., 45 General Bak pf (6).. 7% Gen E Ltd rets (50¢) 1315 Gen Gas & Bl (A)... Gen Indus Alcohol. .. Gen Laundry Mach. . Gen Rity & Utilities. Gen R & Util pf (6).. Gen Theat Equip vts. 11% Globe Underwriters. 22 Gerrard (SA) Co % Gold Coin. .. 3 Gold Seal Eln. 2% Golden Center. .16 Goldfield Conso 32 Goldman Sach 23 Graymur Cor) 162 114 10 10 115 1 . 20 18 75 11 208 245 GrA &P Teapf (7). Greif & Brother..... Groc Stors Prod vte., Gulf Oil of Pa (13%). % Happiness Candy. ... 3% Helena Rubenstein., 39 Horn & Hard (233)., 6 HudsonBay M &S 74% Humble Ofl (2)... 27 Hydro Elec Serv (2). 10 Hygrade Food Prod. 260 Illinois P L (20).... 22 Imp Ol Cann (50¢). 26 Ind PLnew (12%).. 5 Indian Terr Illum. .. 52 Insur Coof Am(31;) 26 Insull Ut Inv(b6%). 20 Intercoast Trade (1) % Intercontinent Petn. 10 Interstate Equities. . 3% Intl Holdg&Inv 10c. , 15 Intl Petrol, n(623%¢) 25% Intl Superpow ($1).. 3 Internatl UtB...... 11% Irving Air Ch (1.50). 6% Italian Superpow A.. Jefferson Elec Co. 29 Johnson Motor Co. 1 KanCity Pub S vte.. 1% Kirby Petroleum. ... 1 Kolster-Br (Am Sh). 23 Lefcourt Real pf (3) 1 5 TH 00, O.In. High. Low. Close. k] 17 119% 120% 101 651 6514 7bs 2375 238 1 11 2 1 L 449% 210% Com’wlth Edison (8) 30s 240 2 97 % 16 103% 103% 34 13 10% 10% 8 9% 10 1008 159% 162 18 5 5 28% 371 84% 9 1031 103% 15 30% 28 8% 5214 1% 144 131y 83 10% 36% 14% 221 3% Y 16 364 334 608 116% 10% 13% 2% & 30% 31 THE EVENING STAR, WASHINGT NEW-YORK CURB MARKE Stock and Dividend Rate. 63 - Lehman (The) Corp.. Leonard Ofl 8% 8% Lone 5 72 10% b 240% 99 2 12y 5% 1674 1037 3 10% 6l 31 28% 25% 8Tk 16% 174% 85% SwW % 6% 334 246 116% 10% 14 140% 1 5% 42 1% Bb% 4“ 1% 30714 26% 40 29% 73 58% 21 1% 10% [ B 30% 144 3o e 5% 217% 85 T4 13% 10% 42 304 4 2% L 10% 41% 20 4 24 % 30% a3 annusl payment. 'Ex-dividend. 1) cash or a ingara Shares(50c) Niles Bement Pond. . Noranda Mines (3).. North Am Aviation. . North Am Util Sec.. rth St Pow A (8).. Novadel Agene (2). Ohio Copper. ... Ohio Oil (2) > Ollstocks,Ltd A $50¢ Otis Elevator new. Pac G&El 1st pf 1%., Pac Pub Serv (1.30). Pandem Oil. .. Received by Private Wire Direct te The Star Office Sales— Add 00. Open. High, 7% 178 Lion Ofl Refin (2) Loews Inc deb rt Inc war. tar, new Long Isld Lt pt (7).. 208 Louisiana Lan & Ex. 7 Mac Marr Stores. Magdalena Syndicat. Marine Mid Cp (1.20) Marion Steam Shov.. Mavis Bottling. Mercantile Stors( Mer & Mf S A (1.50). Met Chain Stores Mo-Kansas Pipe L. . Moh H P 1st pf (7). Moh Hud P 2d pt (1) s MonL H & P (2.40). Mtg Bk Col (Am sh), Morison Elec ($1). Mount Prod (1.60. 4 Municipal Serv. ‘achman Spring (3 Nat Amer Co (2). Nat Aviation. .. Nat Buking pt (7). .. Natl Fam Strs (1.60) Nat Investors (new) Nat Transit (1).. Nat Steel Corpx w.. Nehi Corpn (1.30)... son (Herman) (2) w Brad Oll (50c) . New Eng Pow pt (6) 100, Newmont Min ($4).. N ¥ Pet Royalty (1). § N Y Rio&Bu Alres. . Niagara Hud P(40c) Niag Hud Pw A war. ) » & BE N AN e BAR R AR S AR S NAR AN S BN oa o a2 Motor (B). Penn Pr & Lt pf (6). Penna Wa & Pwr (3) Peo L& P A (a2.40)., Petrol Corp (134) Philip Morris Inc. .. Philippe (L)B(1.60). Pilot Rad T A (1.20). Pitney B P n (20¢).. Pitts Plate Glass (2) Plymouth Oil (2)... Polymet Mfg ($1) Powdrell&Alex(3%) Power Securitiet Premier Gold (2 Prince & Whitely Prince&Whitely pf3 Propper Silk HM (2, Prudential Inv...... Pub Util Hold war. . Pug SP &Lt pf (6). i RainbowLumProd A RainbowLumProd B Rel'nce Managemnt, Rellable Strs (b5% ). Relter-Foster (40¢). Reynolds Met n 2.40, Roan Antelope Min. . Rocklans Lt&P(32¢) . Roosevelt Fleld, Inc. Safety Car H& L(8). St Regls Paper (1).. St Regis Pap pt(7 Salt Creek Prod (2 Schulte Un 5¢c-31 St Schutter J Candy A., chift (The) Co (2).. Sex Lock & H (50c) Selected Industrie; Select Ind pr (5%).. Sel Ind allot cfs 614, ‘Sentry SaYety Cont. . Shenandoah Corp. .., henan Corp pf(ad).. Sierra Pac El pf (6). Silica Gel et 5 Sisto ¥Fin Corp Sonora Produc Bouth Coast South Penn ( B S'east P&L pr pt(b). Southern Corp...... ) Spanish & Gen Reg. . Sple May 8 pf (6%). Standard Motors. ... Stand 01l Bxpt p1(6) Stand Oil; ind (2%). stand Oil, Kun (2)... Stand 11, Ky (1.60). SLOIl of Ohto (215) . 1508 Stand Pow & Lt t Pow & Ltpf (7). Starrett Corp pf(6) Sterch Br St (1.20) Stroock & Co (3). Stutz Motor Car, Sunray U1l (4uc, Swift & Co (8). Swift & Co new rampa Electric (32). exon Oil & Land. .. hird Nat Inv (1). ransamer (31.60) . ran Con Air Tran. ‘Urans Air Lrans cts. ar-Lux DL P S (A). “I'ri-Cont Corp war. . “'ri-Continental Cor. “Cri-Cont Corp pf (6, ‘Trunz Pork Store; Tub Art Silk B (10 Ungerleider ¥ Corp. Uuon Tobacco, . ... Utd Carr Fastnr 1.20 United Ch pt pt (3). United Corp wal United Dry Docks United Elee Ser United Gas Co. Unit Lt&bwr A(6ve) 372 Jtd L& 1o pL (6).. it Molasses Lid. . nit Reproducers B. Unit RUCh pt (35). Utd Itet Chem B etf. United Stores U'S Dairy B eh S Finishing (32, U S Foll B (1) US&lnSectt IS Lines (ave) Rubber R hares Fin, Verde I5xt ¢ Apex (avc) Utility Pw & Li(al Utllity & Ind. Utlity Equities Vacuum O1l (14%). Van Camp Packing. . Venezuela Mex Oil. . Venezuela Ftm(z0e). Vick Fin Corp Vogt Mfg Co ( Walgreen Co Walker Minin, Watson (JW) Co. Wayne Pump. Wenden Copper. . Wes Auto Sup A (3). Williams R C (1.40). Winter (Benj). Worth Inc A... RIGHTS. Mt. 8t. T.& T.,. So. Cal. Edison .07 Trans Corp.. Dividend rates in dolla: ¥ 15 123% 103 dh% sty 28 2l 5 1344 % ddly T6% Yiu 3> a3% s 4 ). 1308 » 1 7% % T4 312 3 3 3 .06 .09 .06 .08 based on last quarterly or semi- 1y extra. $Plus extra in stock. a Payablein ock. b Payable 1n stock, d Payable in preferred stock. HEADS GLASS COMPANY, NEW YORK, January 15 (#).—Wil- liam E. Levis, who has been first vice president of the Owens-Illinois Glass Co. of Toledo, Ohlo, has been elected president of the company, it was an- nounced today, luccudlnr William H. Boshart, who resigned of ill health. It also was announced that a cash dividend of $1 a share would be paid on the common stock February 15, to stock of record January 31, and that the regular quarterly dividend of $1.50 would be paid on the preferred stock on April 1. last puv&m cash dividend on the common was one of 50 cents, paid last November, and as an interim adjustment dividend covering the period from October 1 to - iried Pae lod Novem: RAILROAD TRAFFIC. By the Associated Press. Volume of traffic on railroads, as in- dicated by carloadings reported today by the American Railway Association, increased slightly at the outset of 1930. Figures of the total of cars loaded for the week ending January 4 and com- parable perlods are as follows: Week ending January 4, 776,259 cars; i '.rek.',“dul.l’.us cars; same , 198,682 cars; same weel 19! 'm,m cars. M g METAL MARKET. NEW YORK, January 15 (#).—Cop- per quiet; electrolytic, spot and future, 18. Iron quiet; unchanged. Tin steady; spot and nearby, 38.87; future, 39.50. Lead steady; spot, New York, 6.25; East 8t. Louis, 6.10. Zinc easy; East St. Louis, spot and futurs, 5.15a5.25. Antimony, 8.50, MINNEAPOLIS, January 15 (#).—For smoking in the library of the University of Minnesota in_deliberate deflance of & new rule, Harrison Salisbury of Minneapolis, student editor, has been suspen for & year, % p BY JOHN F. SINCLAIR. D. C, WEDNESDAY, JANUARY 15, 1930. PIGTURE INDUSTRY SHOWS GREAT GAIN Mergers of Various Units | Have Placed Business on Better Basis. Special Dispatch to The Star. NEW YORK, January 15.—No indus- try has shown a more romantic growth than motion pictures. From the days of the 5-cent nickelodeon, 20 years ago, the big busi- ness today is an | epoch in American industry. The total profits of the five large companies this year totaled above $50,000,000. Like dustries, velopment toward cen tralization is marked. The com- panies named are practically the only ones left the fleld. The difficulties of the Fox com- panies at this time would seem to point to the possible purchase of the controlling interest in Loew's by one of the other large com- panies, Radio-Keith-Orpheum for in- stance. It has the backing of Radio Corporation and could handle such a situation. Possibly the stumbling point in the | situation” has been the reluctance of Mr. Fox to sell Loew's at less than the figure he paid. But market prices have dropped much lower since that time. If he does sell it at a lower figure it doubtless will show on the balance sheet. . The keener competition in Europe has had no adverse effect on the Amer- ican companies. Their European busi- ness continues to expand. Sidney Kent, aggressive general man- ager of Paramount, is now in Europe surveying the fleld. The talking picture has brought new life into the industry. This year's de- velopment should be in color, depth and width of screen. Naturally, every big picture company is anxious to have the situation cleared up so that it may go ahead with its normal expansion programs. American automobiles do not have a world monopoly such as American motion pictures enjoy. In. Prance, for exchange, where the French manufacturers attempted to put up & new schedule on foreign motors and parts, carrying rates as high as 90 per cent ad valorem, only one-seventh of the total cars sold in that country are American. The French position more closely re- sembles that of the United States than any other . European country. The French are Nationalists, and believe in protecting home industry even at the expense of incurring the displeasure of other countries. The Wall Street Journal puts it this way: “It is extremely unkind of the PFrench to put up in the ition of protesting against their tariff proposals on the ground that they resemble too closely some of our own shedules ap- plicable to commodities produced in France.” Jobn F. Sinclair. With the quick oversubscription of the $150,000,000 5 per cent 35-year bonds of the American Telephone & Tele- graph Co. yesterday, other big issues are now expected to be put on the.mar~ ket rapidly. The Erie R. R. as well as the Chesa- peake & Ohio will soon place large bond issues. Several other railroads are contemplating the same procedure. The Columbia Gas & Electric Co. is understood to making arrangements for the issuance of bonds in order to finance the construction of pipe lines through the South, particularly in Vir- ginia. It is expected that the Chesapeake & Ohio will offer a $35,000,000 4'2 per cent refunding issue some time next week on a basis to_yleld $4.75. As soon as the Young plan has been finally accepted the American people will be offered many foreign bond issues. These, however, will not be of- fered until after the initial appearance of the reparation bonds, which should be made within 60 days. ‘The warm reception of the. big tele- hone issue this week has given heart dealers in bonds. So brisk was the demand for these bonds that they rej 1s|1ered & gain of 1'z points in the day’s sales. P. H. Sisson of the Guaranty Trust Co. of New York, optimistic concerning the business future, says the automo- bile, radio and airplane industries are unfavorable factors at present, as are coal and oil in the raw material fleld. 850,000 to between 2,500,000 and 3,000,- 000 men, while trade, on the whole, has fallen 10 to 12'; per cent. On the favorable side this New York banker lists especially “a very sound 1y | banking and credit situation.” “Perhaps the most reassuring facto says Mr. Sisson, “is that nearly $100,- 000,000 more buying power will exist in the agricultural districts this year than last year and agriculture constitutes 60 per cent of the Nation's business.” Ultimately, agriculture must be brought up to the level of industry. Business men have been slow to recog- }|nize this fact. 930. by the North American (Copyright, 1 | Newspaper Alliance.) GRAIN MARKET. CHICAGO, January 15 (#).—Influ- enced by reports of curtailed estimates of European import needs, wheat prices here dropped today to the lowest level since December 20. Unexpected sharp downturns in Liverpooi wheat quota~ tions preceded the setback. Opening % to 11y off, Chicago wheat later under: went decided further losses. Corn, cats and provisions were also weaker, with corn starting !4 to % down, and subse- quently continuing to sag. Emphasizing pressure to sell, which resulted in the Chicago wheat market today from sudden breaks in Liverpool quotations and from word that esti- mates of European import needs had been cut, was talk here that export competition is sharpening. This coun- try's three great competitors in the wheat export trade—Argentina, Au- stralla and Canada—were said to be all in a position where sale of their wheat is necessary, and where their general financial position suggests need for such sales. According to a state- ment today from one of the largest rain houses here, the balance of trade n the three countries named, and ex- change conditions which flow from that balance, will undoubtedly become an important factor in forcing export sal Unemployment, too, has increased from i of wheat, and thus give additional com- petition in the disposal of the United States surplus. Increased weakness of wheat values at Liverpool and Winnipeg today were given particular attention in the Chi- cago wheat pit, especially the fact that the Liverpool market today closed at 2 pence to 2% pence off, whereas an ad- vance there had been looked for. Simul- taneously, current advices indicated that export demand for North American wheat was extremely slow. A few sales were made overnight to Europe, but the total was disappointing. PARIS BOU. PARIS, January 15 (#).—Prices were fim on the Bourse today. Three per cent rentes, 88 francs 80 centimes; 5 per cent loan, 108 francs 80 centimes; exchange on London, 123 francs 93 cen- imes. The dollar was quoted at 25 francs 45%, centimes * to it have ranged from 6 to cent. s v STOCK AND BOND 971 weekly aver.. 96.0 90.4 Three years a, High (1929) . Low (1929) .. Total sales (par value), $9,055,000. (Copyright, 1930, ta END OF BUSINESS RECESSION IS SEEN BY Special Dispatch to The Star. - NEW YORK, January 15.—Business is sound, industry is more. adequately financed than ever, the decline in interest rates is iavorable to enterprise and construction work and the reces-| sion will not last long, Charles E. Mitchell, chairman of National City Bank, told shareholders at their annual meeting here yesterday. Most of the prominent banks and trust companies held shareholders’ meet-.| ings yesterday, which, according to the national banking act, is bank day. Questioned about the decline of Na- tional City’'s stock, Mr. Mitchell said the advance of the stock reflected the overenthusiasm of speculators and the subsequent decline was aggravated by baseless reports. Replying to A suggestion of a stock- holder that in the interests of the By the Associated Press. Prom Yesterday's 5:30 Edition. STOCKS. 50 E FINANCIAL #xe A_IS MARKET AVERAGES ndard Statistics Co.) BANK OFFICIAL organization & full statement should be made for the National City Co., the investment, and security affiliate of the bank, Mr., Mitchell said that it had terest of the stockholders ' that the complete condition of National City Co. should not be disclosed. He denied that National City Co. was “loaded up” with National City Bank stock, as one share- holder present expressed it. Asked about National City's commit- ment in Cuban sugar properties, Mr. Mitchell referred to recent statements made by Presidént Gordon S. Rentschler at Washington which showed the bank made its sugar investments about 1920, and Mr. Mitchell added, “At present National City ‘has about $25,000,000 invested in Cuban properties, but plans to get out'of them at a profit ds soon as conditions warrant.” LOANS BY RESERVE INCREASED INPANIC | Member Banks Reported Gain in Borrowings as Security Prices Dropped. The six days from October 23 to October 29 covered a period of more Rreuinl liquidation in securities than as ever been witnessed in American financial history, says an article hy Norman Merriman in.the current issue of the Bankers' Magazine. During this time the New York Times index of in- dustrial stock prices dropped from a high of 409 to a low of 2472, or ap- proximately 40 per cent. Total trans- actions on the New York Stock Ex- change on October 29 amounted to 16,- 388,700 shares. and on the New York Curb to 7,096,300. The total shrinkage of values on the New York Stock Ex- change for that one day was estimated at_about $10,000,000. In spite of the avalanche of selling which took place that week, which, ac- cording to all precedent, should have been reflected by an enormous drop in the security loans of the member banks of the Federal Reserve system: which make veek& reports (these banks have about two-thirds of the resources of all Federal Reserve member banks), total security loans of these banks increased during that week from $7,920,000,000 to $9,179,000.000, a gain of $1,259,000,000, and total loans and investments of these banks rose from $22,895.000,000 to $24,431,000,000—an increase of $1,536,~ 000,000. New York Report. In this same period New York City brokerage loans, as reported by the Federal Reserve Board, declined $1,096,- 000,000, but -total loans and invest- ments of the New York City member banks increased $1,391,000,000.- Nearly all of the incre: in outstanding mem- ber bank credit which occurred in the week is thus shown to have taken place in the New York City member banks, the increase in security loans in that center having been about 95 per cent of the increase reported for all member banks in 101 leading cities of the country. Beginning the first week in No- vember, these collateral loans began to decline, and the last available weekly «report of the New York City member banks showed them to be at practi- cally the same level as at the beginning of the October break in the stock mar- ket. The table shows the fluctuations from October 16 to December 11, of the three items—total loans and invest- ments, total security loans, and total of all other loans (chiefly . commercial loans), of all weekly reporting member banks, and of all New York City mem- ber banks. From October 16 to December 4 the Federal Reserve Board's figures of loans to New York brokers, made by New York City member banks, declined from $6,801,000,000 to $3,392,000,000. a drop of $3,409,000,000. This decline was made up as follows: Loans for own account.... $303,000,000 Loans for account of out- of-town banks. . . 1,151,000,000 Loans for account of “oth- . 1,955,000,000 $3,409,000,000 Effect of Figures. These figures appear to contradict the statement that there has apparently been no liquidation of bank credit dur- ing the period of stock market liquida- tion, especially since brokers’ loans made by New York banks for the ac- count of out-of-town banks declined $1,151,000,000 in these eight weeks. It should be noted, however, that - this total includes an indeterminate amount of loans made for the account of cus- tomers of out-of-town banks. and that the only comprehensive statistical figure ‘Total reduction indicating the amount of credit, based {.h on security collateral, put out by the banks of the United States, is the figure published weekly by the Federal Re- serve Board, showing the total of such loans made by the reporting member banks in 101 leading citles of the United States. The resources of these banks are the comme: of the banks of the United States, so that it is fair to consider that they represent a reasonably satisfactory cross-section of the banking situation of the whole country. The question as to what the remaining banks of the country did, during this particular period, will probably never be answered, for these banks make reports only a comparatively long intervals. Further- more, the majority of these banks, when making reports to the controller of the currency, do not segregate their commercial loans from their securit; loans—merely reporting the grand total of thelr loans and discounts as one item, Among European countries the best economic aspect at the moment, in the opinion of American official observers abroad, is being evinced by Switzerland and France. Charles E. Lyon, commer- clal attache in Switzerland, writes. to the Washington Government that im- proved domestic consumption, uniformly good crops, heavier industrial produc- tion and diminishing unemployment marked the Swiss business history of 1929 and governed the outlook for 1930. For five years the Swiss Central Bank discount rate has held at 3! per cent, while the rates in tountries neighbor equal to about one-half of | Public r&al bank resources of all | Se: 10 per | & FOX EXPLAINS DIVIDEND PAYMENT OF FILM CO. By the Assoclated Press. NEW YORK, January 15—Com- menting on the decision of the Fox Film directors to pay in scrip the current quarterly dividend of $1 on the class A stock, Willlam Fox, president of the corporation, said today: “The corporation has sufficient sur- plus, amounting to over $22,000,000, out of which the directors lawfully .could declare and pay such dividends, and at the time such dividend was declared it was expected that the temporary financ- ing arising out of various acquisitions would be permanently funded so that there would be no difficulty in meeting the cash .requirements for -this divi- dend, amounting to $920,000. “Such permanent funding of the, cor- poration’s indebtedness has not yet been accomplished. The corporation, there- fore, asks for the loyal co-operation of its stockholders in this difficulty.” The scrip is payable on or before January 15, 1931, and bears 6 per cent interest. o AUTO EXPORTS INCREASE. January-November Shipments Ex- ceeded Those of 1928 Period. Shipments of all automotive products for the January-November period of 1929 were valued at $537,153,119' and a;euded the 1928 total by $15,055,145, the Department of Commerce an- nounced. y November exports were at a néw low point for- the year, amounting to $27,- 129,963, as compared with $34,660,887 in October and $45,880,862 in Novem- ber, 1928. The drop from the Novem- ber figure of last year is largely ac- counted for by the decline in ship- ments of passenger cars. Exports of pleasure cars, numbering 29,684 with a valuation of $21,733,510 during November, 1928, dropped to 13,929 units valued at $10,394,995 for the corresponding month of last year, with all price classes being affected. ‘The average export valuation for the first eleven months of 1929 was $43,- 832,101, as compared with $44,178,024 and $34,314.410 for the like periods of 1928 and 1927, respectively.. ———— NEW YORK COTTON. NEW YORK, January 15 (#).—Cot- ton open. steady,at a decline of 2 to 3 points today fn’ Tesponse to relatively easy Liverpoo] cables, while there may ?x;v?l b!!dn a ll,‘l‘"e selling uon slightly aller domestic consumption T than anticipated. R i March sold off to 17.37 and May to 17.57 right after the call, making net declines of about 2 to 6 ints, but there was enough trade buying or cov- ering to give the market a steady un- dertone and prices held fairly steady- }llr[mlrhese figures during the first half The report of the Census Bureau placed do‘nestlc consumption for De: cember, 453,892 bales against 544, 150 in November, and 533,301 in De- | cember, 1928, Liverpool cables reported that hedg- ing and continental liquidation had been absorbed by trade calling in' that market and said there had been fair cloth sales to India and the Near East. NEW YORK BANK STOCKS. NEW YORK, January 15 (Special). | America Amer Union Bank U 8 un Bk Yorktown B'way N Central” Nat hase ... Chat Phenix ", ity Columbuy Commerclai Continental Fifth Ave . First Nationai | Grace. ‘new . | Harbor Siate Harrim Industrial sh 'Sq World Excl Yorkville . Trust Companies. Bankers' new ..’ Banca é’; X of il Bk Burope T Bk NY & T Hibernia Interstate Irving Law Tie & G anufacturers Murray Hul ... NYT&Mcls ew York acific . Pi cf always been considered best to the in-. USE OF ELECTRIC POWER INCREASES Rates Falling Slowly as Num- ber of Consumers Shows Gain. BY J. C. ROYLE. Trends of electric power consumption are still upward and rates for consumers e falling slowly. Official figures avail- able to Government authorities make those trends fully evident and, in con- sequence, there is a feeling of confident optimism for eleciric power industry. During the year just ended approxi- mately 97,000,000,000 kilowatt hours of current were consumed. This amount exceeded the consumption of the re- mainder of the world combined and was a gain of 9,000,000,000 kilowatt hours over 1928 and 17,000,000,000 kilowatt hours over 1927. There is every indica- tion that consumption in 1930 will reach 107,500,000,000 kilowatt hours, ‘The two trends, that of incre: consumption and lower rates help each other. Lower rates undoubtedly have stimulated production and great produc- tion and consumption have enabled the utility concerns to make cheaper rates. Further rate revisions downward are in prospect. Revisions Voluntary. In most cases these revisions are be- ing made voluntarily. The companies had one of the most profitable years in their history in 1929. In some localities they made a policy of sharing net profits with customers, dividing profits of the preceding year in the form of & rate reduction for the ensuing year. In ‘Washington this has already resulted in a reduction of around !: cent a Kilo- watt hour, a steep reduction from the price level at 6.24 cents a kilowatt hour for the country as a whole. Coming reductions are counted on to increase consumption and it is evident, utility experts say, that with larger consumption, new machinery and methods of transmission will enable the power companies to cut costs as well ‘as rates. There has been a feel- ing that rate adjustments so far have favored the large consumer rather than the domestic user, but Department of Commerce figures do not substantiate that theory. Consumption of domestic current in 1929 increased, but the average family bill showed only a slight advance. Dur- ing the year the average householder used 459 kilowatt hours and the aver- age bill was $30.10. Customers Gain. * The number of domestic consumers increased during the year by 887520 to 19,721,490 out of a total of 24,257.- 160. It is estimated that 70 per cent of American homes are wired for elec- tricity. There were 3,456,430 customers for corpmercial lighting and small power (?urpoues and 1,079,240 large power cdbnsumers. ‘The power utility companies have just begun to build. The expansion of rllnu and high tension transmission ines in 1930 is expected to be of ex- traordinary proportions. Matthew S. Sloan, president of the New York Edison Co., placed the amount to be spent by the industry at $865,000.000, in addition to a cost of over $125,000,- 000 for maintenance. This assures a busy year for the electrical equipment manufacturers. IMPROVEMENT IN STEEL INDUSTRY IS REVEALED NEW YORK, January 15 (Special) — The Iron Age today presents.a better picture of the iron and steel situation than in several months. ~Compared with production at 40 per cent of ca- pacity at the end of 1929 the present rate is 70 per cent among the leading producers. This change the Iron Age regards as impressive “since buyers are still cautious and limiting specifications to nearby needs.” ‘The price condition is not so favor- able as production, with finished steel again declining this week and now at the lowest figure since July, 1928. The Bank of England was founded by a Scotsman, who died in poverty. Complete Installation in One Day— No Discomfort Terms to Suit Your Convenience Write_or Phone For Particulars Washington Gas Light Company House Heating Division National 8280 “The Years of Your Earning Power Are Limited” Every pay check you receive marks another step toward the end of SoubkprodunisverifSeSes aside part of every dollar now, and build a future income by adding to your investments regu- larly. “Strength and Security” First Nllnortgage Notes Per 61/2 Cent State T'& Times Square Title Guar Co. N A T Co. Underwrite Dait Btates