Evening Star Newspaper, February 11, 1930, Page 14

FIN DEMAND FOR STEEL CONTINUES TO GAIN Jron Age Review Indicates Industry Is Holding Its Own. Increase Rapid. A_14 *#¥x Br the Associated Press, NEW YORK, February 11.—Stee]l de- ‘mand, after rebounding sharply in Jan- vary, is not only holding its own, but, in the aggregate, has shown a further slight. gain, Iron Age says in its weekly summary of the iron and steel indus- iry. The most recent expansion of bus- iness, however, it adds, has not been shared in by all producers. “Whereas steel ingot output at Chi- eago has risen to 90 per cent of (rated) capacity. however,” the summary states, “at Pitisburgh it remains at 75 per cent and in the Youngstown district has de- clined a few points. The average for the country at large has advanced to 79 per cent, compared with nearly 77 per cent 8 week ago. “Rall releases help account for the | high rate of production in the Chicago district. One Lake Michigan rail mill is mow running full and the other will reach capacity operations by the end of the month. Bookings in other products are also large, with deliveries on plates, shapes and bars now ranging from four 1o six weeks. Last month's specifications for soft steel bars at Chicago were 16 per cent larger than in January, 1929. “The outlook in heavier rolled prod- ucts is generally favorable, thanks to railroad equipment purchases and struc- tural steel awards. The Van Sweringen lines have placed 13.500 freight cars in the last fortnight and may soon pur- chase 2,500 additional. Fabricated steel Jettings were in heavy volume for the third week, totaling 52,000 tons, com- pared with 52,500 tons last week and 53.000 tons two weeks ago. Electrifica- tion work for the Pennsylvania Railrcad, 12,000 tons, and a New York subway section, 6,800 tons, were conspicuous #mong the current contracts. “Chicago mills look for the early re- Jease of 100,000 tons of plates for a gas line pipe contract placed last Fall. Among prospective pipe projects is a 500-mile line to be built in Northwestern Texas by the South Plains Pipe Line Co., & subsidiary of the Prairie Oil & Gas Co. Chicago Teports the award of | 2.000 tons of plates for oil storage tanks, ‘with 20,000 tons of such work in sight. “Demand for automobile steel, al- though still gaining, is not well diversi- fled. “The Tron Age composite price of pig iron dropped to $18 a gross ton from $18,17 last week. The finished steel composite remains at 2.305 cents a pound.” Baltimore Markets Bpecial Dispatch to The Star. BALTIMORE, Md., February ;l’— 258 barrel, 1.5023.00; beets, crate, 2.00 beans, hamper, 1.7524.00; cab- bage, hamper, 75a1.00; carrots, 100, 3.00 X caulifiower, crlu, !.Ml?.ofi: cel- ery, crate, 1.75a3.00; lettuce, crate, 2. 4.25; kale, bl.rrd 1.10a1.40; onions, 100 pounds, 1.75; peppers, crate, 3.00a5.50; peas, bushel, 2.00a2.50; parsnips, basket, 50a60: spinach, bushel, 50a1.25; squash, bushel, 3.50a4.00; tomatoes, crate, 2.50a $.50; turnips, hamper, 20a30; apples, bushel, 60a2.75; cranberries, box, 5.50a 6.25; grapefruit, box, 2.50a4.50: oranges. box, 2.00a4.50; tangerines, bnx, 125a 3.50; strawberries, quart, 35a50. I Live Stock Market. Cattle—Receipts, 75 head: light sup- piy: market dull and weaker. Steers—Choice to prime, none: 12.00 to 12.50; 1025 to 11.25; pluln to fair, 9.00 to 10.00; common to plain, 8.00 to 9.00. Bulls—Choice to prime, none; good 1o choice, 9.50 to 10.00; medium to good, 0; fair to medium, 8.50 10 9.00; plain ln fllr 8.00 to 8.50; com- mon to plain, to 8.00. caw»—-omlee w prime, none; good | 1o choice, 8.25 to 9.50; medium to good, 7.25 to 8.25; fair to medium, 6.50 to /| 7.25; plain io fair, 550 to 6.50; com- mon to piain, TretiorbGhoice to pnmz, none: good %o choice, 10.00: to 11.00; medium to good, 9.00 to 10.00; fair to medium, 8.00 to 9.00; plain to fair, 7.00 to 8.00; common to plain, 6.00 to 7.00. Presh cows and springers, $60 to $150. Dairy Market. Poultry, alive—Turkeys, pound, 32a37: | old Toms, 20a25; Spring chickens, 30: 35; leghorns, 22a25; poor and thin, 1 20; old roosters, 17a18; capons, 30a36; old hens, 25a27; leghorns, 22a25; poor and thin, 17a18 ducks 17a27; gui.nel fowls, each, 45a70; pigeons, 25a30. Eggs—Receipts, 709 cases; nearby firsts, 42',a43; pullets. 35; hennery firsts, 43a45; culls and dirty and _fancy creamery, pound 33238 Jadles, 31832 store pack- , 20a21; rolls, 25a28; process, 33a34. Hay and Grain Prices. ‘Wheat—No. 2 rted Winter, spot. 1.2 No. 2 red wlm.er 'lrllcky. spot, No. 3, gar- l!ckv no quotati nx Corn—No. 2 domest; yellow. new, 1.01a1.02: cob corn, new, 4.65a4.75. | Oats—No. 2 white, domestic, spot, ! ; No. 3 white, domestic, spot, | Rye—Nearby, 90a95. Hay—Receipts, 19 tons: general hay | market is quiet; some little hay is ar- riving, but hardly enough upon which 1o establish quotations by grades. Bet- ter grades for timothy and clover mixed are selling from 15.00a18.00 per ton, according to quality and condition. re- ceipts by truck supplying most require- ments. s'r.w—wmn No. 1. per ton, nrpo” 10.00; o . 1, per ton, 9.00a10.00. CHICAGO 'LIVE STOCK MARKET CHICAGO, February 11 (#) (United States Department of Agriculture).— ‘Hogs—Receipts, 40,000 head, including 13,000 head direct; market steady to slow advance: top, 11.10; 150250 pounds, 10.65 to 1 300 pounds at 10.50 and 320 poundx 10.40; butchers. medium to choice, 250~ 300 pounds, 10.15 to 10.90; 200-250 pounds, 10.60 to 11.10: 160-200 pounds, 10.65 to 11.10; 130-160 pounds, 9.85 to 11.05: pu,km' sows, 8.50 to 9.60: pigs. medium to choice, 90-130 pounds, 9.00 10 10.60. Cattle—Receipts. 7,500 head: calves, receipts, 2,500 head. ' Slow steer trade. mostly steady; killers resisting higher asking prices; early top, 15.00; some held higher; practically all she stock higher. Slaughter classes: Steers, good and choice, 1,300-1,500 pounds, 13.00 to 15.50; 1.100-1,300 pounds, 13.00 to 16.00; | 950-1,100 pounds, 13.00 to 16.00: com. mon_and medium, 850 pounds up, 8.50 10 13.00. Fed yearlings, good and choice, 750-950 pounds, 13.25 to 16.00. ‘Helfers, good and choice, 850 pounds | down, 12.25 to 14.50; common and me- dium, 800 to 12.25. Cows, good and ANCIAL. (Continued Prom PlCI 13.) Stock and | Sales— Dividend Rate. xzs. Ludlum Steel (2). 30 McAndrews&F t2.35. 40% McCall Corp (23%). .. 14% McIntyre Pore M(1). 61 McK'port TP (14%) 32 McKesson & Rob (2) 44)% McKes & Rbpf(3%). 33 PRSI 20% Man Shirt (2)... 5% Maracaibo Oil Exp 39 Marlin-Rockwl 14 - 1% Market StRy. . 17 Market St Ry Dr of.. 20% Marmon Motor (2).. 3 Martin-Parry. .. 871 Mathieson Alki)i 42] 49 May Dept Stra (n2). 16% Maytag Co (12). 76 Maytag Co 1st pf(6). 26 Melville Shoe (). ... 15 Mengel Company (2) 83 Mengel Copf (7).... 16% Mexican Seaboard. .. 26% Miami Copper (4)... 53 Michizan Steel (233). 25 Mid-Continent P (3). PTTOCEISITN 2: © - =1 P s BrorBonmandnan~n Middle States O %) 124 Minn Moline Pwr. 1% Minn & St Louis. 46% Mo Kan & Texas. 105% 103 Mo Kan & Tex pf(7). 92% 87 Missouri Pacific..... 140 134 Missouri Pac pf (5).. 40 36 Mohawk C Mills (3). 49 Monsanto Ch (g1%). 38% Montgomry Wrd (3) 3% Moon Motors. . 58t Morrell J (3.60). 81% Morris & Essex (3% ) 1% Mother Lode (40c) 4% Motor Meter G & E. 26% Motor Wheel (3) 35% Myer(FE)& Bro (2). 12% Mullins Mfg. 57% Mullins Mfg 18 MurrayCor (b2 %st! 51% Nash Motors (6 18% Nat Acme (1%). 11 Natl Air Tran: 9% Natl Bella Hess l!l) 177 Nat) Biscult (7). 71 Nat Bisn (p2.80) 14215 NatlBiseuit pf (7) 73 Nat Cash Reg,A(14). 45% Nat Dairy (12) 20 Natl Dept Store: 29 Nat Distillers (2). Natl Lead (5). 1381 Natl Lead pf A (7) 32 NatlPwr&Lt(1)... 1% Natl Radiator. 1 Natl Rys Mex 2 102 Natl Supply (5) 70% Natl Surety (5) 35% Nat Tea Oo (2) N Y Central (8) NYChi&StL N Y Chi & St L pf (6) 180 N Y & Harlem (5)... 108% NY NH & Hart (l 5 122 NYNH&Hpf( 13t% N Y Ont & We: 100 N Y Steam pf (6).... % 226 Norfolk&Westn (10 16% Norfolk Southern. .. 93% North Am(b10% stk) 100% North Am Ed pf (6). 45 Nor Ger Llovd(3.41). 841 Northern Pae (5).... 8214 North Pacet (5). 13% Oliver Farm Equlp.. 31% Olivr Fr £q ev pt(3). 0 30% Otis Steel (234) 521 Owens 11l Glass(nd). 17% Pacific Coast 1st pf.. 52% Pacific Gas & E (2) 72 Pacific Lighting (3). 15% Packard Motor (1) 501 Pan-Am Pete B. 48% Paramount-F-L (4). 25 Park & Tilford (33). 214 Park m-n. 17% Parmel 5 Pathe Exchan 5 6% Peerless Motor Car. 35% 264 Penick & Ford (1). 110 107 Penick & Ford pf(7). 2 63% Penney (JC) (23%) 3 9313 Pen (JC) pfA (6). 64 Penn Dixle 30% Penn Dixie 256’\ 230 People's Gas Chi (3). 17% Peoria & Eastern. . 41»-. 38% Phelps Dodge (3) 15%: 11% Phila& ReadC& 1 50% Phila Co 6% pf (3) 24% Phillips-Jones (2)... 70 * Phillips-Jones pf (7) 31% Philtips Petrm (n2). 1 Plerce Ofl 214 Pierce Petroleum 34 Pillsbury Flour ( 0% 45 Pirelll Co A (2.83 % 116 Pitts& W Va (8) 1 17% Pittsbgh Screw 1.40.. 27% Poor & Co.(B) (2)... 59% P Rican Am To (A)7 12 P Rican Am To (B).. 97 Postal Tel & C pf(7). 481 Prairie O&G (123).. Prairie Pipe L (15) 7% Pressed Steel Car. ... 52 Pressed St1Cpf (7).. 46 Prophylactic Br(2). 811 Public Sery, NJ 3.40. 106% Pub Sve NJ pf (6 107% Pub Sve E&G pf( 82% Pullman Corp (4). 6 Punta Alegre Sugar. Pure Oil (1%). Pure Ofl pf (8) Purity Bakeries (l) . % Radlo Corp. . Radio pt B (5). Radio-Keith-Orph A Raybestos Man 2.60. Reading (4)... Reading 1st pf (2) % Real Stk (5).... 2 Real Silk Hos pf (7).100s Rem Rand (50c).... 82 Remington 1st pf (1) 2 Reo Motor Car (.80). 10 Rep Ir & Steel ctfs. . % Repub Ir & Steel (4). Rep Ir & St1 p (17)... 4 Reynolds Spring. % Reynolds Tob A (3 4 Reynolds Tob B (3 Rhine W E1 P (2.16) . % Richfield Oil (2) Rio Grande Oil (2) . Ritter Dent Mfg (13) Rossia Ine (2.20).... Royal Dutch (23.20). Safeway Stores(es). Safeway pf (6). St Joseph Lead (13). St L-San Fran (8)... St L-San Fran pf(6). St L Southwestern Schulte Retafl Stra. . ® EE T PR T > o8 ruBenSTea ® 224 112% 77 s 2 _.; P2 33 ~o 14 44% 122% 99% 57% 114% 941 69% 134 1M1% 96 4814 107% 92 59% 4% Audmmm‘i Low. Close. cu.. THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE - Received by Private Wire Dirget t- The Star Office. 42 30 43 17% 69 3215 45%7 15% 81 150% 13% 8% 6 43% 42y 30 a3 17% 69% 31% 46 !lh Ste: I Pipe qoacaagac wmnmm“mu West Westin; T 1% 130 10:30 AM.... 1:30 P.M. { payments based on th 4% in stock. Searng Tesular rate: 83%% Seaboard Air Linepf 1 Sears Roebuck (3234) 164 Second Natl Inv 6 Sharon Steel H (2).. Sharp & Dohme. ... . Sharp& Do pf (33%). Shattuck (FG) (+134) Shell Transpt(a2.41). Sheil Unfon (1.40) % Shubert Theatre: Simmons Co (g3). 4 Simms Pet (1.60). 5 Sinclair Con Oil (2 Sinclalr Oil pt (3) Skelly Ol (2). 4 Snider Packing Solvay Am In pf . % So Por Rico Sug (2). % Southern Cal Ed (2). Southern Dairles B. . Southern Pacific (8). Southern Rwy (8) Southern Ry pf (5 Sloss Sheffeld St Spaldinz(AG) (2)... % Spang-Chalfant.. Sparks Withngen(1). 4 Spencer Kelg (1.60). Spicer Mg pt (3). 4 Splegel-May-St (3).. Stand Brands (1%4). Std Brands pf (7)... Stand Com Tob (1).. Stand Gas & El (3%4) 6: Stand G&E pt (4).. Stand Invest Corp. .. Stand O of Cal (234) . Stand Ofl Exp pf (5). % Stand OJI N J (72) Stand OIIN Y (1. % Stand Plate Glass. .. Starratt (L 8) Co(2) Sterling Sec A. . Sterling Sec f(1,20) % Sterling Sec ev pf(3) rt-War (h314). Stone & Webater (2). % Studebaker Co (5) % Submarine Boat. 4 Sun Oil pf (6).. % Superior Oll. Superior Steel Symingtqn (A). 4 Telauto Cp (11.26)...° Tenn Cop & Ch (1) Texas Corp (3) Util Pwr&Lt A (e2).. Vadsco Sales Corp & Vanadium (14). Vick Chemical ( Virginia-Car Chem. . Virginia-Car 6% pf Vulean Detinning. Vulcan Detin A. Wabash..... i Waldorf Systm (1) n Walgreen pf (6% ) Ward Baking A . Ward Baking pf (7) Warner Bros Ple (4). 4 War Broa P pf (2.20) Warner-Quinlan (2). Warren Bros (19)... Warren Fy&Pipe(2) Webater-Eiseniohr 80nit of trading less Thas- 100 able in serip. able in cash or stock, B Plus 3% in stock, in stock. nPlus 5% in stock. D Sul 125 27% 91 12% 20 12 3 e e el 2 RrnSrsvnanumEinR o o SanmwnnBdn~e > > SamaanFun Texas Pac Land Tr. . Thatcher Mg (1.60). Third Avenue. 4 Thompson Starret Thomp-Star pt (3%3) Water Asso 60c. ‘Tide Wat Asso pf (6) Timken Det Ax 180 Timken Roller (3)... Tobacco Products. Tobacco Products A . Transcontinental Oil Transue & W (1). Trico Prod (2%) Truscon Stl (g1.20) Twin City Rp T (4). Und-Ell-Fisher (5). . Union Carbide (2.60) % Union Oil of Cal (32) Union Pacific (10) 4 Union Pacific pf (4 Union Tank Car Utd Aireraft& Trans. Utd Afrcraft&T pf 3. Utd Carbon (2 Utd Cigar Stor United Cigar Stra pt. Utd Corporation Utd Corp pf (3). Uitd Dyewood . Utd Dyewood pf (7). 30s United Elec Coal United Fruit (4) 4 Utd Gas & Imp(1.20) 3z Utd Paperboard Unit Piece Dye W (2) U S & Foreign Secur. U S & For Sec pf(6) U S Freight (3). U S Ind Alcohol U S Leather. Pipe & F 168, 5 100% 39% 18t pf (1.20) Pipe&F 2d pf 1.20 Reaity (5) Rubber Rubbe: SmlltRl 18%). 52% 1 181% 1415 68 a6 4% 35 4% 638 38% 6% 28 95% 8 60 26% 995, 26 65 58% 514 6 be +230s fi(ln 3 260 O&Sn pt (4). t Penn El pt (6). n Kl pf (7). West Penn Pw pf(6) vu-urn Maryland. ., tern Pacifie. . tern Pacific pf. Western Union (8).. 4 Westngh 1d Brk(2). 0 E&M (5) Westhse E&M pf (5) Weston El Ins (1)... Westvaco Chlor (2) White Motors (2).... White Rock M S (14) White Sewing Mach. Wilcox Oil & Gas. ... Wilcox Rich, B (2).. Willys-Over (1.20).. s Wilson & Co. . Wilson & Co pf. Woolworth (2. 4 Worthington Pump. Yellow Truck &C... Young Spring (3). Young Sheet & T (5). Zenith Raalo RIGHTS EXPIRE 5 Am R Mills. .June 15 Balto & Ohfo.Mar 11 Col Carbon..Mar 11 Erie RR. Lig & Myers Sales of Stocks on New Feb 23 i Mar 12 13% 379,100 ,412,900 + 2,364,600 Dividend rates as civen in ihe above table are the aa ual cash i early declarations. 0 sll:‘:-n es, | PArtly extra, 't Plus b Pavable in stock. | I i Plus 8% in stock. &1 xpm. s Biect 05 Sppravel EXPANSION IN LABOR DEMAND IS EXPECTED Relief From Present Situation Fore- cast in Next Few l(onth-. cnoice, 8.00 to 10.25: common and me- dium, 6.00 to 8.00: low cutter and cut- ter, 4.75 10 6.00. Bulls, good and choice | more acute than at this season of the ! «beef), 8.50 to 9.25; cutter to medium, 7%.00 to 875. Vealers (milk fed), good and chojce, 10.50 to 15.00; medium, 9.50 10 10.50; cull and comm: 7.00 to 9.50. Stocker and feeder steers, cholee, all weights, 10.25 to 11.50; com- mon and medium, 8.00 to 10.25. COAL PRODUCTION. National juction of bituminous wroal, for mmtfil week estimated by the Mines Buresu and comparable periods, is as follow: ‘Week ending February 1.11,694,000 tons. Freceding week . . 11,763,000 ton: Ezme week last ye ..11,675,000 tons. d | quarters, ‘While unemployment is st present past_several years and conditions are admittedly disturbing, the seriousness of the situation from a national stand- point is being overemphasized in some according to a current survey of the Standard auumu Co. of New York. The survey continues, in part: '.rhlml&vny should be upward het'ull now and Summer, thus providing em. ployment for a large proportion of the ‘workers temporarily released during cent months. This bellef is prd.\fl'ed tries, which were severely curtailed in | December, have lately taken the up- grade in rather decisive fashion. “Expanding operations in the iron and steel, textile and certain other in- dustries, should provide employment during near term to many workers released in the past several months. Then, too, the approach of Spring is likely to witness at least a moderate revival in building trade activitles, in- cluding roads, utility projects and municipal improvements. Finally, im- proving weather conditions and the up- ward trend of industrial employment should directly influence redistribution of workers from the few large centers in which the unemployed are now con- centrated to the districts affording new employment vwortunluu. PARIS BOmE PEICES PARIS, February 11 (#).—Price changes ‘were irregular on the bourse today. Three per cent rentes, 89 francs 80 centimes. Five per cent loan, 102 franes 10 centimes. Exchange on London, 124 franes 19%; Jargely on the fact that operations in both the automobile and steel indus- | centimes. The dollar ghs francs 54% centimes, FAVORABLE DIVIDEND ACTIONS ON INCREASE Special Dispatch to The Star. NEW YORK, February 11.—The ratio of dividends increased or initial- ly declared by American corporations to those passed or reduced, is still a satistactory one. In December, accord- ing to a compilation of the “Financial Chronicle” there were about 210 divi- dends whose positions was improved, against 30 dividends that were reduced or omitted. The same publication has made an analysis of dividends in Janu- ary and finds that 82 were in the favor- able class against 49 toward which the attitude was unfavorable. In both months the dividends that were raised were on ks of more importance than on those stocks whose dividends ‘were reduced or passed. TREASURY BALANCE. : ‘The United States Treasury balance, announced today as of close of business Phb'rulry 8, was ul.fi!l 412.82. Customs the month to date were for quoted at 25 | $10, $70:385,000.86. Totar ordinary expendi- | tures, $13,781,938. D Co BUNI] PRICES SAG Prime Group Declines Slight- ly—Convertibles «Fluc- tuate With Stocks. BY F. H. RICHARDSON, Special Dispatch to The Star. NEW YORK, February 11.—Over $100,000,000 of new financing in two days proved quite a strain for the in- vestment market and bond prices worked irregularly lower today. Time money rates stand unchanged. A noticeable slackening in the buy- ing for forelgn account has caused a set-back in foreign dollar credits u well, this being widest in the French issues, which had gone to new highs, and in the Brazilian and South Ameri- can coffee state bonds,' always sensi- tive to general market movements. Declines in the pnme Jdomestic group include Baltimore & Ohio first 4s, Ca- nadian National 5s, Southern. Pacific 415s, Great Northern 7s, Chesapeake & Ohio 4%s Inland Steel 415s and Stand- ard of New York 4}:s. Utah Power & Light 5s, and American Telephone 58 (1965) were fractionally higher, Con- vertibles fluctuated uncertainly with the stock market. United States Govern- ment bonds were quiet. ‘The firmness in railroad securities of all kinds kept the junior carrier descrip~ tions from wide declines. Missouri- Pacific 5125 were off a point. Boston & Maine 5s and Cuban Railroad 5s both improved. Elsewhere there was little of note. American Natural Gas 6%s were off 112 points, Pathe 7s off 2, and Ar- mour of Delaware 5%s and American Sugar 6s off fractionally. There was strength in Sinclair Oil Bonds, Hudson % | Coal 5s, National Dairy Products 5%s, Dodge 6s, Goodyear 5s and U. S. Rub- ber 5s. The new Cuban issue of $40,000,000 Public Works 5125 was offered today at 98, to yield 5.70 per cent. Outstanding Cuban bonds were active and fraction- ally higher. Other new issues included $9,365,000 public utilities, the biggest of which was $4,000,000 Utah Power & Light 5s, offered a point under their re- cent price and $1, 3]!000 municipal of - ferings. ‘Atiention has been drawn to a group of natural gas companies affected by merger rumors in this type of Dubllc utility. Most of these issues carry stock purchase warrants and in addition are direct mortgages on the companies’ properties. All are quoted around their best levels of the year. -Southern Gas Co. 628 at 103% are af their high prlne Its tangible assets cover the 2.5 times. Memphis Natural Gas &5, also at their high at 9714, are cov- ered by tangible assets 1.6 times. Hous~ ton Gulf Gas “A” 6s at 84% are around their best level. The company is controlled by the United Gas Co. Northern Texas Utilities 7s, Southern Natural Gas 6s and El Paso Natural Gas 6!5s fall within the same class! fication and are all affected by the in- creasing use of natural gas. Electric Bond & Share has extensive holdings In companies incidental to this lndustry POTATO KARKET CHICAGO, February 11 () (United States Department of Agriculture).—Po- tatoes—Receipts, 74 cars; on track, 318 cars; total United States Ahlpments 669 | trading just fair; market about steady; Wisconsin sacked round whites, 2.40 to 2.55; few fancy, 2.60; Minnesota sacked round whites, 2.35 to 2.40; Idaho sacked russets, 3.00 to 3.35. ‘Washington Stock Exchange SALES, Capital Traction 55—$9,000 at 95, $1,000 at 95, $500 at 95. Washington Gas 6s A—$500 at 1034, ’wuhlnmn Gas 6s B—$500 at. 1051, Washington Rwy. & Elec. 4s—s1, 000 at 85%, $1,000 at 853,. Potomac Electric 6% pld —4 at 1121}, Potomac Electric 5% % pfd.—2 at 10! 5 at 108. Riggs National Bank—3 at 530. Chevy Chase Dairy pfd.—5 at 102. Columbia Sand & Gravel pfd.—10 at 85, Federal-American Co. com.—30 at 3273, 10 at 3215, 5 at 3 National Mige. & nv. | pfd.—50 at 4%, Re;l EM.I'Ae Mtge. & Guar pfd. —4 wuhu}gmr. Mechanics' Mtge. com.—25 at 10, 25 at 10, AFTER CALL. Capital Traction 55—$1,500 at 95, Mergenthaler Linotype—10 at 109, 10 at 109, 30 at 109, NOTICE—This exchange will closed tomorrow, Lincoln's Birthday. Bid and Asked Prices. BONDS. PUBLIC UTILITY, be el Capital Traction City & Suburban 55 Geo,setown Gas 15t 8. Potomac Elec. Cons. 8¢ & M. Vi A Bk (AN L Wash: Gons. “Titie s. STOCKS. PUBLIC UTILITY. sh’, Balio. & Annap. com .. ‘Wun Balto, & Annap. pfd. NATIONAL BANK. 1 Second 3 . L 210 National Bank of Washington.' 250 TRUST COMPANY, American Security & Trust Co.. 4 Continental Trust...... 121 Washington Losn' & Triist. SAVINGS BANK. Secenty Street s United States Washington ' Aechanies FIRE INSURANCE. American Skt ane garcoran i National " Urion TITLE INSURANGE. MISCELLANEOUS. arber & Ross. Inc., com. nts' Mer,lnthlhr Peopies Drig Store Real Est. Mt Woodward & Lo TUESDAY, FEBRUARY 11, [ UNITED VJIIKI..... Australia 55 1957... Austria 7s. Bank of Chile 6% % Bolivar 7s 53 Bollvia Tset Bolivia 8s. Bremen State 7 Canada 631931.. rx@wuNatutan na STATES, Low 99 2 99 1016 1012 1016 7 9925 9920 9920 751046 1044 1046 FOREIGN. Salen. Australia 68 1955. . mz » 33 1 Colombla 65 Jan 61. Con Pow Japan 7s.. Copenhagen 4% 63, Copenhagen 6s ct. 1 DE15%s Mch 62.. Dutch East I 47. Dutch East I 6 Flat s ex war Finland s £ Finland 7s. Framerican 71%s Lyons és. . 451904 r..nfl M Milan 6% x. Montevideo 7. .... New So Wales 51 Norway l%n nn.. Orient dev 5 68.. Orlent Dev'mt 65 53 Paris Orleans 5%a. Peru 63 1960. . Peru 63 1961.... Peru 7s. Poland 63 40. Poland Poland Prague 743 Queensiand 6 and 7 Rhinelbe Un 7s. Rhine Wat EP 65 52 Rhine West 65 53.. Rio de Janeiro §%4s Rio de Jan 85 1946. Rio Grdo Sul 6x 48, Rio Gr Do Sul 8s... Rome 6%s. . Sao Paulo 85 1936. . Seine 78%2. .. Serbs®r Slov 7s. .. Serbs Crot Slo 8s. Shineyetsu 6335 52 | Soissons Swiss 5% Swins Confed 8s. .. Toho El Pow 63 32. | Toho El Pow 78 Tokio 5%5 1961 Uruguay 6s 1960 Vienna 63 52. 7 Alleghany Cp bs 44 Alleghany 68 49. ... o Allis Chalmrs 53 '37 Am Cotton Oil b AmChem 5% s ev Am IntCor 5%s Am Nat Gas AmSmit& Am Sugar Ref Am T&T cv 4% Am Tel&Teleg AmT&Teltr Am Tel & Tel 5%.. Am Water Wk Am Wrtg Pap 65 47. Armour&Co 433s 39 Armour Del 5% = Atl Gulf 5859, Bell Tel Pa5s B. Bell Tel Pa b5 C. Bethlehm Stl pm 58 Beth Steel rf 58, Certn-Td 5% ret Com Invest 5345 49, Con Coal M4 b, ConGasNY 5%s. . Cuban Am Sugar 83 Det Edison Dodge 6s. Duquesne East Cuba Sug T%a Gen Cable 5%s 47.. Gen Mot Ac Cor 5. Gen Stl Cast 5% s 4§ Goodrieh 6%s Intl Match s 47, Int Mer Maj Int Paper bs 47, Inter Paper 6. Int Tel & Tel 4% 1. . Int Tel&Tel 4Y4mn~ Kan City P & Lt by KanG & E6sb2.... Kendall 5%s 43 war Laclede bs. Laclede G 5348 52 Lautare Nitrate ll:‘l,llfll.lly s 5n 61 Manati Sugar 7% Midvale Steel bn. Montana Pow 43. 2 19 100% 100 Intl Tel&Tel 55 '55. 218 Kreuger&To'l s ot lsx 10 102% 102% 881 9% 103% 106 102 5% 5% 93 6% 834 94 107 100 107 102 2% 102% 924 9214 99% 67% 995 13 2 Utd Kingm 5% s 37.128 6 MISCELLANEOUS. . | Abitibi Pa&P 5353, Abram&Straus 63%s 5 99 12 824 82% 98% 50 102% 101% 10 1021 101% 5 951 Am Agri Chem 733 6 149% 148% 5351 1013 101 13 103% 103% 10 10136 101% 89% 894 89K 84% 84 4 6% T6% T6% 104 103% 103% 106 106 106 102% 102 102 3104 103% 104 5 60% 60 60 7 9% 95 954 78 B6% 84k 8% 100% 35 88 871 8% 8 6214 624 624 22 106% 105% 105% 2103 102% 102% 4100 100 100 5 106% 106% 108% 18 94% 94% Nh 14 98 90 84 84 85 85 85 101 101 101 103% 102% 102% 102% 10215 102% 106% 1061 108% 92% 91% 92 19 100% 100% 100% 101% 101% 101% 103% 103% 103% 984 984 98K 92 94 9% 97 85 86 901 90 90 119% 117% 118% 96% 96 964 104% 104% 104% 106 104% 104% 90 90 90 100 100 100 1028 102% 102% 8114 80% 80N 101% 101 101 1074% 107% 107% 83% 83 83 M 42 WS wamu~ ~aN 90 90 101 101 824 824 90 1101 2 86 28 98% 93% 98% 2 28 28 28 6 103'% 1081 1034 12 106% 106's 106% FINANCI lnn. e S 100% 100 100 101 100% 100% 100% 100% 100% 106% 106% 105% 102 101% 101% 102 102 102 103t% 108 103 9! 9t 45 N Y Tel 6849, Nor States Pow Pacific Gas & 1 5 PacT&T Istbs... PacT & T bs 52 Paramoun Phila Co 58 67. Postal Tel &C i“l Punta Alegre 7s.... Remington Ar Rem Rnd 6% war Richfield Ofl 63 44.. Sinclair Oil ¢ Sinclair Ol 100% 100 100 101% 101% 101% 984 98 98y 95 95 95 102% 1024 1024 104% 104% 1041 1025 102 102% | 100 10815 106% lp 102 101% 101% 99% 99% 99% 93% 934 93% 87 864 87 00% 100% 100% % Stand OIINJ 6‘ Stand Oil N Y 434 ‘Tenn Cop 63 B 44. .. ‘Tenn ElecPowss 47 Tex Corp ev 55 1944 Transcontl Oil s Onited Drug 68 53.. U'S Rub 1st rf b; US Rub 7%s. Utah Pow & Lt bs.. Utilities Pow 63 | Vertientes Sug 7s.. Walworth 65 45 War Quinland Western Eleo b: Westn Union bx Westn Union 6% White Eagle O 5%. Wickw Spen 1st. Wick-Spenev 7s. ., Willys-Ov 6%533. . 1 Wilson & Co 15t 6 86 61 89 87 1025% 1024 102% 101% 101% 101% 109 109 103% 103% 103% 0 Youngstn S & T b; 7101% 101 101% I!AII.HOAD Atchison adj 4s. Atchison gen Atlantie C L 1at 4s. Atlantie O T, 4, Ed AtlantieCL 4%u64 5 Balto&0Ohio gold 4s. 8 92% | . 42 i 98% | 6 10214 101%% 10U . 13102 102 102 . B4 108% 103% 108% 9109 109 109 R 928 A2 924 27 1024 101% 1 ’T% 3T 9T 8T 9114 874 a1y o7 P ary & 100 1000 10 4 99y 99 194 R4 s T 9T 9T% a7 £ 1014 101% 1011 6 991 9915 991 K ozmg gon, 9on 7 1021 10214 10214 €4 100% 100% 1001 2 2 9RA, OR1, 0814 Chas& O4%893 A, 5 941 041 Chicago & Alton 3s. 2 66 66 Ch&O0 48 B 1995 ’I7 a0 0L 1y % 8 n 2 46 2 1 ‘1 214 7Y Ruff R & Pitts 4 4e. a1y ‘Bush Term con bs. . Can Nat 414s°57, .. Can Canada Natl 5= Can Nor 434w 1935, Can Pacdebdn®. .| Can Pac 434m 46 Can Pacific atfs Cent of Ga 5sC59. Cent Pac 4s. . Cent Par 1xt 5 80 Ches & O Corpn bx. Chen& O zen 4%y, CM &St P Gen 2 R4 Chi MIISP&Packa7s 58 921, CMSP&Pacadifs03 76 741 Ch! & NW gen 4. 2 RT% RTH RT% ChiNW43,s2037. 1 95% 905% 95% Chi&NW conv 4% s 111 100% 100 100 % 7 10815 10814 1081 1% T1% 89 89 5% 957 3% 93% oG 97% REY R6Y 99 99y 0RY, 98% 81% 81% 92w 92 92 lm‘u,. IM% 100“ i o am 891, 89% 898 /Ay REY REY R2% 8274 5 961 951 957 10 101% 101% 101% 2101 101 101 11 57% AT B7% R % 30 30 1105 105 105 1 9% %6 26 3 961 96% 961 €109 109 109 7 110% 110% 110% 2 214 27% 2% 7 1% 1T 1% 54 964 961 96 2 SRl 881 881 25 981 981 98y 36 102% 102% 1029 35 67 67 67 33 67 66 68Y 1 57 57 87 4 914 91y 911 110315 1084 1031 18 89 88 89 3% 3y u 12 FlaFast CinT4. ., Fonda J&G 4148 53. Gr Trunk st 4b ks GtNor 44a 76 D. GtNor4%sE Gt Nor 5%a..... Gt Nor een 7s. .. Green B & W deb Hud & Man ai §s ‘Hud & Man ref §s. 1 Cent 48 53 T11 Cent 4% x 61 T11-C-C-StTL&NO b Tnt Rapld Trans 5s. Int Rap Tr 58 atpd. 6 des Tnt RysC A 3 Tnt Rys C A 6% sret - Towa Cent 1st 5s. 5 95% 95 95% 3 100% 10014 100% 1 894 89% 894 9 99% 991 99% 1 R84 R8N KR . 6 99% 98U 98Y% 16 94% 941 94% 1 95% 95% 95% 3 60 ‘Kan City Term s, Lake Shore 4s'31. Leht Val en TLong In6x37... Louin & Nash uni L&N4%82003.. Man Ry 1st 48 90... Mill El Ry&Lt 4 2 99y MilEl Ry & L 5s 61 41 98 Minn & StT.ens... 13 39 M StP&SSMenda.. 5 89% M St P&SSM 5% » Z 83 998, 16 105% 105 10 101% 100% 101% 27 5% AN TAN Mont T'rm ref §s o Nat Ry Mex 4% 77.. NOTex& MbsA.. NOTex&M b3 B, 97% 33 8 106 1058 106 9 106% 106% 106% 32 107 106% 107 2 106% 106% 106% 35 101% 101% 101% 83 83 83 20 138% 132 132 105% 105% 1051 60 60 60 224 229 22% 89% 88y 88% 3‘6 9% 9K 65 65% 118% 113% 113% 920 92% 92% 100 100 100 98% 98% 98% 984 98 98 1061 106% 106% 108 102% 1023 108% 108% 108% 100% 100% 1004 103% 103% 103% 107 107 107 99% E2) NY Sta uRy‘“l NYW&BA%u... Norfolk & W en 4=, Nor Pae 35 2027, NorPacrféa... Ore Wash 1st ¢s... Penna 45 1948 stpd. Penna con 4%s.... Penna gen 4348.... » ERTE STV = HOARAIASDE® B -~ Reading gen 4%s5A. 7 RIArk&L4%s 17 StL IM&S R&G 4s. 87 ¥pl 8% bl 9% 9% 9% 965 96y, 964 31 88% uu. 8814 StL »é 90 90 89% St L & San Frin 10 !oufi lom lolu St L&ASW con 4533, 25 87 Sub AL lflJ Sl 4. 10 | erages go through 82% | S0 AT (oo won BONDS socx s |GHARTS INDIGATE Received by Private Wire Direct to MARKET ADVANCE Dow System of Averages Has Been Tested Over 30- Year Span. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, February 11.—An in- cident in the recovery of the.stock market this month, to which improve- ment in business sentiment and more industrial activity are closely identified, is the advance in both the industrial and railroad stock price averages above thlt. reached early in December, To readers of market graphs and charts this is a most significant de- velopment. It augurs better times both for securities and for maumy ‘which have come to be recognized as inter- dependent, with price movements in one fleld clo:ely sympathizing with those in the other. o . Dow Theory of Averages. Thirty years or more ago the so- called “Dow theory of averages” was established. It has run quite true to its original form as a barome markets ever since. sions it has anticl) reactions and eq ket advances. At that the end of the bear movement in stocks ended some weeks ago and that the outlook for an indefinite period is far more favorable conditions. In discussing the Dow theory of averages, the Wall Street Journal said editorial "lt the method of reldlnx this barometer, which has useful guide tor more than 30 is stil reliable, it is reasonabl m expect that the tidal movement of the market will be upward for the indefi- nite future. This conclusion does not include any forecasts to_the immediate course of the market. Frequently, but by no means always, when both ay- revious hi the surge carries considerably fu: T be- fore the market experiences a serious xe%oend“lry n‘a&tlor;' aling with the averages chrono- logically it will be found that when in- dustrial stocks reached their summit on September 3 last they represented the high record for all time of 381.17. On November 13 they were down to 198.69, or a shrinkage of nearly 50 per cent. Both industrial and rail averages reached their crest on the same day, the latter at 189.11, followed by a break to 128.07 Inl the NM!mhfl' crisis, Then came a slow ter a rapid recovi which eulmlnn.ed lor the m%wm’g December 7, when the -ven.u of this group touched 263.46, or gain of about 65 points from the p-n.lc figure. ;wo dlmu; l;hel.'l;;“ Aaverages went aj al or 24 its hmm- than in November, oA It was at this time that a great deal of stock that had been Illv-led in the panic was redistributed. amount of it increased the flufin ly to such an extent that es ime heavy again and continued so for over & month. They were affected not only by technical market conditions, the appearance of trade medun '.hac had been caused by the wm Street slump and which s rlmu of earnings and result in q few dl;i:gdlm redm.‘tbu;m The situa wu al urbed heavy for purposes. In the m.mt Ohrhtmll the industrials were about g:lrnu nveu{k lower than on De- o ;I lndlr;n“: mm'illower Not muc change uation occurred until the middle of January. ited severe market ly pronounced mar- resent it suggests Five hundred years & young man would make his lnu:gtzm known by glving the girl a “love ,” & hand- ::da utensil with two bowls on a single ———————— Sales. High, Seab AL con 6s. 39 ’Il: 74 SBAIFIa6s'35A. 1 ou Pag 43 rets. Sou Pac 4345 63 ww w9 rnSen o a3 Third Ave ref Tol Tr L&P 54830 Ulstr&Del 5s 28 sta Union Pac 45 Union Pac 1st Un Pac 1st rf 4 Union Pac 4%s. .. Virginia Ry 1st 5., VYRy &P s, Whash 4148 78 rets Wabash 1st & Wabash 2d 5. Whash 6s 76 B o » ped o auled v ‘West Shore 43 61 Wis Cent gn 4s 49. . 1 82% Money to Loan ln-rn,:'m‘-l.n‘.a‘:n of trust on real atate. L& Tran Joseph I. Wolln FoR ‘Wm. Gordon Buchanan of Councilor & Buchanan National 6110.6111-6213 (Telephome Directory Omission) MONEY FOR YOUR CHILD'S EDUCATION ONI dollar per day ayss tematically invested over » period years en the In- Vestors ndicate Plan win y all expenses of the finest unive: or technical scheol training By starting NOw assure these Your boy or girl, witheut strain to yoursslf. Clip this adver. tisement your name and detaits. RESOURCES OVER $32,000,000 INVESTORS SYNDICATE FOUNDED 1894 N ’ 3