Evening Star Newspaper, January 28, 1930, Page 15

5 F) 4 FINANCIAL INDUSTRIAL CURB STOCKS IN DEMAND Steel and Farm Implement | Shares Featured in Quiet Market. BY JOHN A. CRONE. Special Dispatch to The st NEW_YORK, January 28.—Industrials crowded utilities and oils for leadership in today's dull but fairly firm curb trading. Sales up to noon were 310,600 m. or nearly 46,000 shares less than Brazilian Traction, Electric Bond & Share and Middle West Utilities led the power and light issues. Opening with a block of 4,000 shares, Cities_Service easily outdistanced the ©oils. London cables telling of the com- pletion of the Standard Oil Export- Anglo American Oil Co. limited merger, following deposit of more than 75 per cent of the latter's shares, were ex- pected, and there was no reaction. Steels shared the speculative spot- light with farm implement issues in the industrial list. Republic Iron & Steel Co., new common stock featured early trading. These shares, and new ferred, which also is being admitted unlisted trading privileges, are being exchanged for securities of the present Republic Iron & Steel, Central Alloys Steel, Donner Steel and the Bourne Fuller Co. Opening at 763 Republic Iron new common within an hour rose to_78, before reacting around midday. Deere & Co. advanced 8 points be- fore encountering profit taking, but Cleveland Tractor, frequently mentioned in merger rumors, opened down 13 points. Artificial silk shares moved in opposite directions, Celanese preferred opening up 134 points at 843, as Tubize appeared down fractionally at 1627, then dropping quickly to 159. 108% 107% Alu Co of Am pf (6. 75 129% 113% Am Gas & Elec (31). 5% 245 227 Noranda Mines featured the mining list both in fluctuation and frequent ap- piled up the greatest num- until noon, as a block of t at %. Newmont, Hud- United Verde at times r. Bunker Hill Sullivan, weeks ago broke 2815 slump in silver, appeared ts. points. Gas initiated the move- ral gas stocks, such issues ally popular United Gas and Utilities rapidly follow- annual dividend payments from $1 to $1.50 a share. Wi moved at a faster rate than most chain stocks as profit taking. Thermoid, one of the units of the automobile accessory in- that has sufficient other lines to keep it busy, also gained. St. Regir Paper continued in demand. 3 CHICAGO LIVE STOCK MARKET CHICAGO, January 28 () (United tes Department of _Agriculture).— Hogs—Receipts, 35,000 head, including 13,000 direct; market mostly 10 to 20 cents higher; top, 10.55; bulk 160-220 10.30 to 10.50; 2 to 10.00; butchers, me- , 250-300 ds, 9.50 50 pounds, 10.10 to 10.55; . 10.20 to 10.55; 130-160 10.50; sows, 8.15 tedium to choice, 90-130 10.15. ttle—Receipts, 6,500 head; calves, Teceipts, 2.500 3 ; better grade fed steers and yearlings shipper account. 4, : ] g : z g £ 3 i ) steady; largely on fi!r grades B’IW: 1 1, 15.50; 1,100-1,300 pount 1225 to 16.00; 950-1,100 Nllna,ségg‘n' to 16.25 EE 1117 G HR 2 % B3 k) 2 i 2 ZR] RS o L -4 33332 s - - T O o) 8328855 EETEE 25 agegs sgss: k= Fo Sgl:! 3 \8 H St i relloies R ¥ 13% 9% Dubiller Ct NEW YORK CURB MARKET . 1930.— . Low. 45 Stock and Dividend Rate. Acme W Co vte (12). Sales— 2 46% 28% 3% y Corp. 16 All Amer Gen Corp. % Allied Aviation. 12% Allied Mills (60c). 35% Allied Pow & Lt, 76% AlLP & L 18t pf § 76 Aluminum Co of 5% EUTTTY PUSI WY 4% Am Brit & Cont 68 Am Cigar Co. i4 AmCP&LB 20% Am Colortype (2.40). 23% AmCwith P A b10%. 34% AmCwith PBb10%. 3 Am Cmwlith Po war. % Am Control Ofl Flds. 25% Am Cyanam B (1.60) 18% Am Equities....... 65% Am For Power war.. 13 11 11% 10 Am Inv 2 4% Am Investors (war). 1 Am Lt & Tract (10). 5008 34 Am Maize (12.80) 1% Am Maracaibe. 23% Am Superpower (1 87% Am Superpow pt 94% Am Super 1st pf (6) 5% Am Yvette (new) wi. 11% Anchor Post ¥ (2)... 17 Anglo-Am vot (73¢). 16% Anglo-Am n-v (73¢). 17% Anglo Chil Nitrate. 9% Arcturus Rad Tu 1% Arizona Com (50¢) % Ariz Globe Copper. 8% Arkansas Nat G: 8% Arkansas Nat Gi 18 Art Metal Works(3) 2 ° Asso-Dyeing & Ptg.. 6% Asso-Elec Ind Ltd. .. 36% Ass0G & E A (12.40) 7 Ass0 G&E A deb rts 1% Asso Laund (320¢) 39% Asso Rayon pf (6).. 15% Atlantic Sec Corp. ... 18 Atlas Stores Corp $1. 15 AutV Mevprpt (). 20% Aviation Corp of Am 124 Aviation Credit. . T Aviation Securities 122 Babcock&Wlleox 19. 245 Bahia COrp..vvr.... 46% Bancomit new (1.60) 5 Bellanca Alrcraft. .. 35 9 1 4 S - S ol mos k@ R e TR 25 e M 2% Bridgeport Machine. 70% Bunker H&S (16%).. 8 Burco, Inc. 8 Burco, Inc (war). 3% Burma Corp (t31c).. 5 Bwana M Kubw: 3% Cable Radio T vte BN 0 e 08 b 3215 Celanese Corp....... 50 an Cor 1st pf (7). & Southw Util.. States. 34% Cent PSv A (alL75). 19 Cen States El (340¢c) 4% Centrifug Pipe (60¢c) 121 (éuln Stores Stock. . EErTt 4 b4 .100s 109 B4 94 Com'with & 8 pt (6) % Comstock Tunnel. ... 15 Consolidated 5 Consolidated Copper. 15% Con Dairy Prod (32). 60% Con Gas, Balto(3.60) 213 Con Gas Ut A (2.20). 78% Cor & Rey pf A (6).. 6% Creole Petroleum, 19% Crocker Wheeler 1% Cusi Mex Mining. 18% Davenport Hos (2) T 145 Duke Power (35)....250s Durant Motors. 9 13% Duval Tex Sul w.i 26% EastGas&F Asso. . 18% East S s Po B(1).. 7% Eastern Util Inv A.. 16% Elec Sharehldg (31). 80 EIl Sharehold pf (6, 14 Empire FireIns...., 40 Empire Pwr Corp(2), 14% Emp Pub Sv A(1.80). 10% Empire Steel Corp 1% Engineers Gold. . 2% Evans Wallow Lead. 1734 Fiat Stk deb rts rota. 3% Finan Invtst, N Y.. t Dairy. 16 Foremost Fab (2) 33 Fourth Nat Inv, 20 Franklin Mfg (2).... 20 Garlock Pkg (1.20).« 3% General Bakin, . 45% General Bak pt (6).. 8% General Cable war.., 11% Gen E Ltd rets (60¢) 20% Gen Empire Corp.... 31% Gen Fi'proof (123).. 13% Gen Gas & El (A).... 8 Gen Laundry Mach.. 9% Gen Rity & Utilities. 654 Gen R & Util pf (6).. 25 Gen Theat Equip vts. 44 22% Gerrard (SA) Co.... 12 17 Gilbert (AC) (1)..sy 1 % 21 Glean Com Harn(1). 114% Glen Alden Coal (10) 11% Globe Underwriters, 60 Goldbg Stores pt(7) % % Gold Coin, 64 3 Golden Ce; 41% 25% Goldman Sachs 4% 3% Gold Seal Eln. 15% 60 o 8 50s 116% 116% 3 8 38% 14% 12% Groo Stors Prod vte.. 274 24% Ground Gripper (1). 38 Guardn Fire Assn(2) 28% Gunther Law (2).... 138 Guif Ollof Pa (1%). 2% H'd Page p pf (19¢).. 12 Hecla Mining (1) 5% Helena Rubenstein. 1 22% Heyden Chemic (2).. 1 4% Hollinger Gold (60c) g 2 1 28% 5 136% 15 2% 2 12% 5 41% Horn & Hard (2%).. 8% Hudson Bay M&8.. 78 Humble Ol (2)...... 37% Hydro Elec Serv (2). 22 305 Illinois PL (20).... 50s 308 25% ImpOll Canreg(50c) 6 26% 20% Indian Terr Illum... 28% 39 Ind PLnew (12%) 54% Insull Ut Inv(b6%).. 17 Insurance Sec (1.40) 20% Intercoast Trade (1) % Intercontinent Petn. 20% Intl Petrol, n(62%¢). 10% Int Safety Ras B 13.. 22% Intl Superpow (31).. 6% Internatl UtB...... 1% Internatl Util (war). 104 Interstate Equities. . 0% uwutl‘flll-‘(l) 130 130 130 2% 2% 2% % V4 168 161% 5 5% 2 1 114% 114% 13 THE EVENING STAR, WASHINGTO! Add 00. Open. High. Low. Close. a7 47 23% 3% 5% 6l 6% 18% 13% 108% 103% 23 28 21% 21% 114% 114% 164 15% 163 60 60 60 & & 5 5 35 35% 3 3% 32 35 8 8 116% 116% 35 36% 3% 36 28% 138 2% 12% 28% 28% 136% 138 2% 2% 12% 5 224% 5% 43% 12% 81% 42% 42 808 308 308 26% 26% 26% 8% 28% 9% 60 5 22% 5% 48% 12% 81% 6% 43% ~Prev. 1930.— Stock and . High. Low. Dividend Rate. 3 2% Iron Cap Copper.... 12 irving Alr Ch (1.50). 5 Italian Superb war. . 9% Itallan Superpow A.. 108 Jer.Cen. P&L pf (7). 28% Johnson Motor Co. .. 1% Kirby Petroleum % Kirkiand...... % Kolster-Br (Am Sh), 35'4 Lackawanna Sec(4). Ty Lakey Fdy&Mch(1) .. 26% Lane Bryan tine (2). 14% Lefcourt Real(11.85) 29 Lefcourt Real pf (3) 6% Lehman (The) Corp. 5 Liberty Baking Corp ¥ Lily T Cup (150). ... 341 Lone Star, new (80c) 107% Long Isld Lt pf (7).. 3% Loulslana Lan & Ex. 32% Marine Mid Cp (1.20) % Marland of Mexico.. Memph Nat Gas Co.. 16 Mer & MfS A (1.50), 1% Mesabi Iron........ ¥4 Met & Min Ine (1.20) 22 Midl Unit (b1% %).. 5% Middle Wst U(b8%) 97 Mid W Utcy pf xwé. 2 Mid West Ut A war. 3 Mid West Ut B war.. 18% Mo-Kansas Pipe L.. 40% Moody's 1S pt pf (3) 38% Morison Elec (31)... % Mount Prod (1.60).. 621 Murphy Co (1.20) - at 12% Nat 6% Nat Pow & Lt pf (7). Pub Sv A (1.60). NY Tel pf (6%).... 2 11% Niagara Hud P(40¢) 3 Niag Hud Pw A war. 6% Niag Hud Pw B war. 12 Niagara Shares Md... s Bement Pond.. nda Mines (3).. 5% North Am Aviation.. 5% North Am Util Sec. . 8 North Cen Tex (60c) 168 North St Pow A (8).. 225 Novadel Agene (2).. - 8% Ollstocks,Litd A 350 29 Orange Crush (1.50). 69 Otis Elevator new. .. 10% Outbd Mot A (1.80).. 3% Outboard Motor (B). 29 Pac Pub Serv (1. 12% Pac Western Oil. 1 PandemOil...... 1% Pantepec Oil 11% Param C Mfg (2.40). 42%% 40% Parke-Davis (11.35). ‘arker Pen (234). ... 25% 22% Patterson Sargnt (2) 13 8 Penn Ohlo Ed B war. 36 35 PennOhio Ed op war 111% 105 Penn O Ed pr pf(7).. 85 32% Pennroad Corp...... 32% Peop L&P A(a2.40).. 19% Petrol Corp (1%).... % Philip Morris Inc. 20% Pie Bak of Am A(2). 10% Pierce Govern (1%). 10% Pilot Rad T A (1.20). 10 Pii B Pn (20¢) % 13 Pit 'orging Co. 112 Pitts&LE (5). = o 1% Premier Gold (24e¢) -.- 8% Prince & Whitely. ... 35% Prince&Whitely pf3. £ e R Gk o e kS SR T Lh e b BB s e G ibiess Pug SP &Lt pt T% RainbowLumProd A % Red Warrlor........ 2% Reiter-Foster (40¢).. 16% Rel'nc: 5% Reynolds Bros Inc. .. 224 Reynolds Met n 2.40. 850; 29% Rhode IP S pf (2) 2% Richmond Radiator.. 9% Rich Radia cum pf.. 25% Roan Antelope Min, . 19 gockluu Lt&P(92¢). LTSI PPN 221 19% St pet . 3 210 176 Stfeway 8 war (2d). 10s 2 2 Salt Creek Con (40¢): 12% 10% Salt Creek Prod (2).. Schift (The) Co (2).. & Zan pt % 5 Sentry Safety Cont.. 8% Shattuck Den Min w 1 T PTH- e Hoa 14% So Pipe Line (1) 10% Southland Roy (1) Southw Penn PL(1) Standard Motors. ... 96 Stand Oil Expt pf(5) 2 Stand Oil, Ind (2%). 28% Stand Oil, Kan (2)... 3% Stand Ofl, Ky (1.60) . 88% 81 StOll of Ohio {2%).. 124% 113% St Oil of Ohio pf (7). 2 Standard PubA..... 62 Stand Pwr&Lt(new) 62 Stand Pwr & Lt. B. .o % Std Silver Lead, 34 Starrett Corp pf 18 Stein(A)& Co (1. 8% Stinnes (Hugo) 1% Stutz Motor Ca Srnadirnnannant - s 32 Swift Intern'l(2%).. 54% Tampa Electric (32). Ten El P L (7)., 4% Teck Hughes (60¢).. 9 Texon Oil & Land. 18% Thermoid Co (2) 26% Third Nat Inv (1)... 22% Thomp Prod A 12.40. 45 Tish Realty & Con. 23 Tobacco & All Stks 44 Todd Shipyard (4) 41% Transamer (31.60) 6 Tran Con Air Tran. o 8 HEBroRRNE . meNERBoaanG ©ud 4 Tri-Cont Corp war. 11% Tri-Continental Cor. 76 Tri-Cont Corp pf(6). 40 Tri-Util Cor (31.20) 24 Trunz Pork 8 (1.60). 178% 140% Tub Art Silk B (10).. 49% 10% Tung-Sol Lamp (2).. awn IS TSP T 17% Ulen & Co. 264 Ungerleid 28% UnN G Can (11.60).. % Union Tobacco, Utd Carr Fastar 1.2 32 United Chpt pt (3).. 14% United Corp war.... % Unit El Ser pur war. 19% United Gas Co...... 29% Unit Lt&Pwr A(80¢) 97 Utd Lt & Po pf (6) 14 USDairyB.... 19 U8 Elec Pwr ww. 22% U S Finishing (32).. 17% U SFoll B (1) 2B -1 aomal Ba Sulnpuarnenmpnad U S & Interntl 8 60% U'S&InS otf (2% 11 Unit Verde Ext (4. 4 Unity Gold. 214 Utah A P 93% Vacuum Ofl (+4%) 8 Vick Fin Corp.. 54 Walgreen Co. 10 Walker (H) (1), ‘Walker Minti 52° Welch G Julce t1%.. — & Wenden Copper....s e Reclived by Private Wire Direct to The Star Office Sales— Add 00. Open. High. Low. Close. 1 2w 2n 2 % 2% 18% 13% 10418 104% 28% 28% 2% 2% 2% % W 40 D. C, TUESDAY, JANUARY 28, 1930. BUSINESS REVIVAL SEEN IN EUROPE Low World Money Rates Are Factor in Improved Con- ditions Abroad. + | Special Dispatch to The Star. NEW YORK, January 28.—Cable dis- patches to The Business Week give the following swift survey of business abroad for the week ending January 25: Europe—All Europe anticipates a business revival following six months of uncertainty culminating in the a spicious settlement at The Hague, con- current with low world money rates. The probable infusion of international capital is welcomed. With difficulties over, reparations problems in Eastern Europe ironed out, the way is prepared for regular and more active trading, despite the economic weakness of some countries and unemployed surpluses in others. Observers cite as favorable factors: Recent systematic development of in- ustrial and business organization, the tent of physical productive equipment, the degree of operating efficiency, last 14 | year's record industrial and agricultural trade volume, public purchasing power and wages—generally higher than- ever in history. Because volume of flexibil- ity of credit are not commensurate with the business expansion of the last three years, it is considered the single dom- inant factor entailing danger and par- tial business relapse. Great Britain's Condition. Great Britain.—Year’s trade deficit is 8 per cent greater than 1928, due to higher imports of industrial raw ma- terials and relatjvely smaller expansion of exports of manufactures. Coal ship- ments, however, increased, nearly equal- ing value of outfoing iron and steel goods, and exports of shoes, paper, motor cycles and automobiles estab- lished records. Textile exports fell be- low last year's slump. Recent improvement of business is mirrored in economists’ tabulation of 400 companies which showed increased profits in the last quarter, notwithstand- ing some large failures and the stock crash. These tabulations also indicate the tendency to increase dividend dis- tributions, preferred dividends averag- ing 5!, per cent, common 10, per cent and debentures 5 per cent. Cabinet Minister Thomas intimates that the City and Bank of England are prepared to finance deserving industrial ration- alizations, a move which implies a re- versal of policies. France.—American oil interests active in the French market plan co-operative program to distribute effectively behind the rising protective tariff. Plan allo- cates to Gulf Oil 25 per cent participa- tion; to Atlantic, 15 per cent; to Stand- ard, 60 per cent. Each will observe these quotas in furnishing crude ofl for refining and distribution. Germany’s Trade Balance. Germany—VYear's favorable trade balance of $12,000,000, just announced, compares with a deficit of $300,000,000 last year and $500,000,000 in 1927. The favorable balance is due chiefly to the enlargement of exports, which is an indispensable offset to reparations out- . Rapid expansion of French short term credits is noted. Rallways, al- 3| jocated to the Government by Hague 83 83 117% 117% 2 2 62 62 62 3 384, 18% 107% 1074 B¢ 5% 9 21% 34% % 4% 162% 158% % 20° % 20% 20! 19 14% 95 8% 59%' 10% 4% 66 6 2 % _ % agreements, expect to benefit by a lower loan rate than was obtainable independently. Automobile tire quotas in tgee German market are allocated: Thirteen per cent participation to the United States, 45 per cent to contin- ental exporters, 26 per cent to German Dunlop, equal participation in the balance to six others. The Soviet tire trust is left out. Completely reorgan- ized, Opel-General Motors resumes Pproduction, Holland—Rubber restriction again at- tempted. Fresh plan advanced as basis for discussion with representatives of British rubber interests proposes estab- lishment of a participating fund—plant- ers contributing 20 guilders per ton, natives 2 Dutch cents a_ kilogram—the rated production contributions to -be confiscaf it the prescribed quota is exceeded. Austria—Deep satisfaction and relief follow announcement of annulment of reparation obligations, opening the wa; for $100,000,00 construction loan whi will give country fresh start industrially. Hungary—Business men are satisfied with the settlement whereby rgparations will be devoted to reimbursement of owners of sequestered agrarian property in ceded territories until 1943, when further reparations will represent only 1 per cent of the budget. Scandinavia—In Sweden the discount rate is reduced; industrial activity con- tinues on top of record .year, with highest post-war trade balance. In Norway, the whaling season ylelds income estimated at 105,000,000 crowns, compared with 1928 record of 68,000,~ 000. netted 81,000,000 crowns above the normal annual valuation, Poland—New Bartel government in- cludes renewed consideration of the Harriman electrification project. Russia—The government is exporting wheat despite a shortage. Some observers interpret this to indicate the pressing need for foreign exchange, others that it is simply expedient to avoid difficult long train hauls within country. GRAIN MARKET. CHICAGO, Janu: 28 (A).—Under a wave of selling, wheat prices today broke to below any recent bottom level, but afterward rallied. Weakness of the rye market here and of wheat values at Winnipeg were out~ standing bearish factors. A leading speculative holder of contracts for fu- ture deliveries of rye was a heavy seller, and dispatches were at hand saying that not within memory has there been such a distracted .state of things in the German rye market ‘as prevails at present owing to a big ex- portable surplus both in Germany and % | Boland, ¥ Wheat closed frregular at 3 cent a bushel below yesterday's finish to ¥, cent over, corn closed % cent off to Ya cent up, oats g cent to 3 cent down, an cents setback to a rise of 15 cents. one. holders approve sale l‘ll“ IIJ"?IB F. W. WOOLWORTH CO. NEW YORK, January 28 (#)—The net profits of the F. W. Woolworth Co. for 1929 amounted to $35,664,252, equal to $3.66 a share on the 9,750,000 $10 par shares, compared with $35,385,606, or :gifl'l a share on 3,900,000 $25 par res, ‘The number of stores in operation at the end of 1929 totaled 1,825, as against 1,725 at the end of 1928, The company's balance sheet shows current assets of $51,501,638 and current labilities of $3,135,117, leavi a work- USES OF STEEL FINANCIAL INCREASED BY INVENTION OF ALLOYS Corporation Chairman Cites Benefit to Industry Through Gain in Demand BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, January 28.-—In the Nation’s Business for January F. J. Griffiths, chairman of the Central Alloy Steel Corporation, head of the research division of the Republic Steel Corpora- n, says: “Fifty lper cent of the steel used in automobiles is alloy and the average weight per car has been reduced to less than 30 per cent of what it was,” ‘The use of steel has expanded rapidly singe the development of steel alloy, for it has increased flexibility and en- durance. It has solved the problem of rust through “stainless steel.” The use of rust-resisting alloy for freight cars has reduced the weight of each car by one ton. A new aljoy process known as “nitriding” has produced the hardest known metal surface. “It has been found that every time the price of a special steel is reduced 1 cent a gounu the market for it is widened by 10 per cent,” says this in- ternational authority on alloy steel. ‘The steel industry, already huge, is only in,its infancy. An industry that has a monopoly upon one form of service or another is apt to become stale. A new invention often wakes it up and forces it to ex- tend its research and to s up its lagging interest. Fine tonic for most monopolies. Not long ago a leading member of the artificial dustry, in speaking of the effect’ that mechanical refrigerators have had upon the industry, said that it had awakened the industry as to its possibilities and caused a general clean- up in the natural ice industry by cut- ting out waste and rendering better service. h groups prospered! ‘The f,“ industry suffered a severe blow when electricity became general for lighting purposes. Up to then, Il{hun. had been almost its sole “means of support,” but the cutting off of this it would have to find other markets or quit the fleld. So it turned to the field of cooking. Realizing the advantages gas had over other forms of heating energy, the industry pushed its sale for use in househeating and in industrial processes. The extent to which it has been suc- cessful may be readily seen from its sales for 1929, which were greater by 8.1 rer cent than they were in 1928. While the domestic- sales, chiefly cook- ing, increased by only 4.4 per cent, sales for house heating purposes in- creased 61.;1 per cent tlml or industrial i cent. 1 ry may : suffer severely from a substitute entering into its fleld, if it is successful in clearing out the dead wood, reducing waste and increasing research, the new competi- tion often proves to be a blessing in disguise. Will Germany, poor in natural re- sources and raw materials, become eventually a free trade country like England? Many of her industries are kept up NEW YORK, January 28.—The fol- lowing i"lw'nadly's summ:erya ob; lg\hnpomnwé corporation news prepa: Statistics Co., Inc., New York, for the Associated Press: News Trend. Early estimate of dally domestic cmdezoil m&éon 'iozr;it;el ;eek Jan: uary : at 2,615,128 barrels, B dvl g‘k ‘1"1.';': - pncem? previous week. average of crude ofl in 10 producing flelds during the week was $1.575 a barrel, the same as in ‘the preceding week; average price & year ago was $1.693 a barrel. Gaso- line prices at four principal refineries declined last week to 7.375 cents a gal- lon from 7.50 cents in the preceding week. '~ Service station prices at 10 pnn;ipfl markets remained at 19.22 cents & % Rallroad earnings for Decemier with but few exceptions continue to make an unfavorable comparison with the like month of 1928, s of the first ‘2: fléh’fl.dl to ann "l.l decun: net operating income of 18 per cent from December, 1928. For the full year, however, these same roads show an increase in net operating income of 5.8 per cent from the year 1928. The Companies. American Brown Boveri expects defi- cit for fourth quarter of 1929. Arundel Corporation earned $4.15 in year 1929 vs. $3.16 in 1928. Atlas Stores declares common stock dividend of 1Y, per cent and regular quarterly dividend of 25 cents on common s . Baltimore & Ohio net, December, 1929, off 33.9 per cent: year 1929 off 0.4 per cent from 1928. Republic Steel Corporation details of merger of this company with Central Alloy Steel Corporation, Donner Steel Co., Baurn-Fuller Co. and Trumbull- Cliffs into new Republic Steel Corpora- tion, include issuing of $55,000,000 of 6 per cent cumulative convertible pre- ferred $100 par stock and 1,985,144 shares of no par common stock which will be exchanged for preferred and common stock of these companies. There will -also be outstanding funded debt assumed of $59.059,400, and $5,- 000,000 of 6.per cent cumulative pre- ferred stock of Trumbull-Cliffs Furnace, Rutland Railroad, December, 1929, net off 35.8 per cent; 12 months, 1929, up 6 per cent from 1928. Sweets Co. of America earned $1.22 in year 1929 against $1.06 in 1928. ‘Texas & Pacific, mber, 1929, Off 48.5 per cent; year 1929, down 15.9 per cent from 1928.. Earned $12.76 in year 1929 against $17.50 in 1928. United States Rubber to supply 1930 motor coach tire requirements to De- troit street railways; rent and service, $424.87 a day on mileage basis. Wheeling & Lake Erie d, December, 1929, net, off 50.7 per cent; yel; 1929, net, up 2.8 per cent from provision varying from. 5| 192 White Eagle Oil & R:‘flnin' stock- assets to ehanna Rai . | net, December, 1929, off 16.3 per ¢ “for Various New Products. now by importing raw materials, de- veloping them into manufactured prod- ucts and sending them out to all parts of the world. The porcelain industry is an example. Germany has 300 factories, employing 60,000 workers, and has been developed largely in Saxony, Bavaria and Silesia, specializing in household decoratives and electro-porcelain. ‘The raw materials come from three different countries—china clay is ob- tained from Czechoslovakia, feldspar from Scandinavia and the quartz from Germany itself. But the thrifty Germans have ham- mered it into one of their most prosper- ous industries. . ‘When the Czar of Russia was killed, he had lai sums of money deposited in various banks throughout the world ~—in Berlin, Paris, London and New York. The Czar, well advised in busi- ness, did not put all his money into one basket. Frank Gardner, Philadelphia-born mining engineer, whose career ante- dates even that of John Hays Ham- mond in uncovering the great mining treasures of the world, was a close friend of the Czar. He was trusted by the family. This money, still on deposit, is wait- ing for its legal claimants. This Ameri- can engineer, a friend of the family, has been given power of attorney to secure the money. But who can give a legal proof of the Czar's death? ‘Two _sisters of the Czar still are liv- ing. One, Grand Duchess Xenia, lives at Windsor Palace, near London. She is the wife of the Grand Duke Alex- ander. The other sister is Grand Duchess Olga, who married a Russian cavalry officer, and who lives at Copenhagen, the home of the dowager empress. Frank Gardner has had many hard and difficult tasks to solve in his long one. A. R. Erskine, president of the Stude- baker Corporation, believes that 'the automobile industry has been so com- pletely integrated into the economic so- cial life of the Nation that production from now on will sustain a very definite mathematical relation to the growth of population, wealth and income of the country and to the volume of commer- cial and industrial ‘activity throughout the world. He believes that the average annual output of 5,000,000 cars in the United States will be an established fact in the next 10 years. To take care of the annual replace- ments, 3,750,000 will have to be pro- duced. In 1928 replacement sales reached 2,450,000 while annual exports now reach 500,000. ‘When the foreign business of Ameri- can car manufacturers reaches 40 per cent of the output, and Mr. Erskine be- lieves that it will eventually, then the problem of the American car manufac- turers will be a relatively simple one. (Copyright, 1930, North American Newspaper Standard Oil of New York, in exchange for stock of latter; basis 81 shares of Socony for each 10 shares White e. Blaw Knox declares quarterly divi- dend of 37! Ccents, placing common stock on $1.50 annual basis; formerly paid $2. Bohn Aluminum & Brass earned $7.43 in year 1909 against $9.10 in 1928, Buffalo, Rochester & Pittsburgh, net, | December, 1929, up 9.9 per cent; 12 months, 1929, up 5 per cent from 1928. Buffalo & u.l’old‘. cent; year 1929, up 7.1 per cent over 1928. CI , Milwaukee, Paul Pacific Railroad, December, 1929, net, off 342 per cent; year 1920, net, off 9.6 cent from 1928, Cleveland, Cincinnati, Chicago & St. Louis Railroad, net, December, 1929, off 56.4 per cent; year 1929, up 1.9 per cent over 1928. Delaware & Hudson Railroad net De- cember, 1929, off 65.2 per cent; year 1929, up 6.2 per cent. Delaware, Lackawanna & Western, , 1920, net off 6.4 per cent: year 1929, up 2.3 per cent from 1928. Fox Theater s institutes receivership action against this com- pany. General Refractories declared extra dividend of 25 cents and regular quar- terly dividend of §1 on common stock. Great Northern net Decem-~ ber, 1929, $1,950,135, against $946,546, & year ago; year 1929, net up 3.9 per cent over 1928, Gulf, Moblle & Southern Railroad net December, 1929, off 27 per cent; lgzgmnfl’u 1929 up 9.9 per cent from 1928. Hawailan Pineapple earned $5.08 in year 1929, against $3.80 in 1928, International Great Northern Rail- road, December, 1929, net up 9.6 per cent; year 1925, off 13.6 per cent. Minneapolis & St. Louis Railroad net DYenr ugo: vear 1030, 1,887 018, ngnines 3 year ago; year ), $1,867,016, agal $522,277 in 1928, Missouri, Kansas & Texas Rallroad murnedu" $5.10 in year 1929, against $4.61 Missouri Pacific, December, 1929, net Off 11.7 per cent; year 1929, up 15 per cent from 1928. Earned $10.42 in year 1929, against $7.15 in 1928. Nashville, Chattanooga & St. Louis per cent; year 1920 up 14.2 per cent. Pennsylvania Rallroad, December, 1929, net off 35.8 per cent; 12 months, 1929, up 14.4 per cent over 1928, Powdrell & Alexander, declared extra dividend of 371, cents and quarterly dividends of 87% stock, BANK CLEARINGS. NEW YORK, January 28 (Special).— New York bank clearings, today, $1,182,000,000; & year ago, $1,991,000,000. New York bank balances, today, $142,~ 000,000; & year ago, $187,000,000. New ‘York Federal reserve credit bal- ances, today, $137,000,000; a year ago, $156,000,000. STOCK AND BOND MARKET AVERAGES Prom Yesterday's 5:30 Edition. the Assoclated Press. By ing capital of $48,367,521 at the end of- 929. The worl capital at the end of 1928 totaled $50,645,743. —Prev, 1920.— Stock Hi Dividend _18% _ 16% Wiillams R C (1.40) 56 “51 Wilson Jones (3).... 4% 3% Winter (Benj).. 1 RIGHTS. BExpire. 85" Open. Hisn. Low. Close: 6 8 1 e Ta " 1% 1% Baltimore & Ohio..Mar. 11 128 ‘1% 1% 1% 14 1 Crocker Wheeler ..Feb.24 ,l R e 90.4 , $7,7) ,000. (Copyright, 1930, Standard Statistics Co.) Loy 56 Bs 3w 2% So. LR LY 54 % M annual payment. 1. leasn or " v *Ex-dividend. tPartly stock. b Payabla tock and Bales— Dividend Rate. Add 00. Open. High. Low. Close. Cal. Edison. .10 .01 Trans Corp.., Dividend rates tn «ADr.12 3 3 3 3 3 <«.Mar.b 12 06 .06 .03 .03 dollars based on last guarterly or semi- extra. $Plus extra in stock. @ Payable in stock, lnnh.m- lfll-.. and eventful life. But none more diffi- | Americ market made the industry realize that | cult this *e A5 REPARATIONS LOAN PROSPECT IS GOOD Market for Foreign ~ Dollar Bond'Issues Has Im- proved Recently. BY CHARLES F. SPEARE. Special Dispatch to The Star. WALL STREET, NEW YORK, Janu- ary 28.—From the standpoint of floating supply tha market for fore! dollar bonds is in a stronger posit today than in the past two years to receive the first installment of the proposed reparations loan. On the other hand, it is less favoral situated with respect to prices than it had been before gndln‘ the flotation of what might termed a pivotal piece of European financing in the form of dollars. With easier money conditions in this country, however, it is the feeling of those bankers who will head the syndi- cate to be formed for the reparation loan that the price situation can be improved. Already this is taking place in those foreign ds that have the most intimate connection with the reparations loan. This includes German issues of the municipal type and also the securities of institutions over which the Reich exercises more or less control, All of these bonds have advanced sub- stantially since the early part of the year. 1929 Financing Small. Figures presented by the finance divi- sion of the Department of Commerce suggest the low ebb in foreign financing during 1929. The total number of new issues that year and the dollar amount represented by them was the smallest since 1924. Less than half the new capital for foreign use was raised in ;g;s! country in 1929, compared with An analysis of the record of foreign loans since 1916, when France and Great Britain M“& large borrowers in this country and their securities were somewhat timidly presented to the ican invest public for approval, shows that the time for such operations was between 1924 and 1928. It was at the latter end of this period that the market became so saturated with foreign dollar issues that it crum- bled and practically all of the offerings in the first half of 1928 went to a sub- at:lntm discount from the subscription prices. In this five-year period there were approximately 1,000 *different foreign issues, including loans to governments, cities and provinces, to industrial cor- porations, to public utilities, to banks and even to religious izations. They represented a total value of approximately $7,000,000,000. Thy of greatest volume in loans was 1927, When nearly $1,600,000,000 came into the American market. Between 1916 and the end of 1923 there were about 500 different issues represented by a par value of slightly under $5,500,000,000. These mflm n}:nmt the chotlu ‘l of strongest of the European credits and of which many have since been retired. Excgss Largely Absorbed. | Coming down to 1929, it is found that the total number of new issues in that year was only 132 and that the dollar amount was $715,000,000. However, very high percentage of this was for Canadian account. Few _loans nding weak accounts such loans ln’:anlm' hands. gotiations abandoned ml. —— NEW YORK COTTON. ton open siesay today st & Gecine o n o] s ata of 1 point to an advance of 2 points. There was a little selling under the relatively easy showing of Liverpool and the de- chlk:': in mhy. but !.h:y offerings were uite readily absorbed by trade buying gr covering and the initlal end of the 3 only moderately active, but there was a little more trade in evidence and probably coves the demand would bearish comment and may have been a factor on some of the earlier selling. —_— NEW YORK BANK STOCKS. America .. Ame Rallroad, net December, 1929, up 128.9 Bk ¥ City . Columbus " Commercial cents on common | g ifth Ave. Pirst Nationai. Grace g 858 sot ‘3 3= aFai anaBaetiy 3! 355288 £ 5 County Empire | Equitable Fidelity Fulton Guaranty Hibernia . 2823, 8oL I3 s Eagrausy ¥Eusey EEEESE Underwritel United States. SILVER QUOTATIONS. NEW YORK, January 28 (#).—Bar silver, 44%,; Mexican dollars, uf" Hydroelectric planned .vuoo!n-'.l. g.m Mflg