Evening Star Newspaper, February 18, 1930, Page 14

K14 #=u COMMODITY PRICE DROP IS GENERAL Conditions Throughout Worid Declared Affected by Overproduction. BY JOHN F. SINCLAIR. @pecial Dispatch to The Star. NEW YORK, February 18 —“How can you build a prosperous business on & falling commodity price level.” This question was asked the writer by an important United States Government ecutive last week. I found it hard to explain_away. Petroleum, cotton and wheat are all bejJow what they were a year ago. “Feonomic conditions have become unfavorable in many countries, on all «antinents,” says Brookmire. “Ulti- mately cessation of the flow of capital all quarters of the globe to, Wall Street should lead to world-wide re- vival of economic activity. At present, however, deflation is in progress after a rather serious overproduction of many commodities. Readjustment will take place and the United States will meet diminished foreign demand (or” her goods during a large part of 1930. Other commodities showing a lower price tendency are butter, cheest milk, potatoes, raisins, barley, flour, Ty bacon, lambs, lard, pork. sheep, wool, coffee, rice, cottopseed oil and sugar. The American commodity price level is declining, but so are the levels in other nations. It's an international ‘condition. Seiberling Comes Back. Don't be surprised if Frank A. Seiber- *ling returns to his old place as president of the Goodyear Tire & Rubber Co. some time this year. It was nine years ago since Mr. Sei- berling, the president of Goodyear, pass- ed out of the picture in the awful smash of crude rubber prices. He lost millions, trusteed his property, lost his home— d began arain. "‘HL‘ f“fl:nd Edgar B. Davis came to his rescue and guaranteed $5.300.000 of Seiberling’s notes to enable Mr. Sei- berling to start again. The Seiberling Rubber Co—a small modest company— was formed. It now has become a $10,~ corporation. O s Eagar B, Davis, who, seeing the possibilities in rubber, got the U. S. Rubber Co. to develop Sumatra planta- tions. He made several millions out of development.. m;slr, Dllefs meanwhile, drilling oil in “Texas, needed $50,000. Mr. Seiberling aoaned it to him, and Mr. Davis event- ‘tally sold his production for $12,000,000. Foliowing U. S. Rubber's lead, Mr. began the development of mbbe%nuticms abroad and cotton cultivation in Arizona. Both were disas- trous. Some years after the Goodyear crash, Mr. Seiberling and Mr. Davis, working h Goodyear Shares, Inc., again began buying Goodyear stock. Today they control the largest single block. ‘Then S. Eaton, a partner in Otis & Co. of Cleveland, saw possibflr_h ties in rubber, and began buying Good- year through one of his companies— Continental Shares. Today, Seiberling, Eaton and Davis together probably control Goodyear. ‘Will the next step be the taking over of the Seiberling Co. by the Goodyear to bring this m;u-sur-old Irc\:zbr:r, genius back into the Goodyear p} ? There are many who believe this is the next move. Aircraft Production. ‘The value of all aircraft production in the United States last Fall was $98.- 000,000, as compared to $62,000,000 in 1928. While this is an increase of 58 per cent, the aircraft industry was dis- lpginltd. ‘To them, 1929 looked like a $125,000,000 year! use is growing rapidly. Offi- cial figures show 7,097.099 pounds of mail were transported by air in 1929, compared with 3.542,079 pounds in 1928 —a little less than 100 per cent in- crease in one year. Since December most air lines have cus their passenger rates vigorously, in many cases to a point where they com- pare favorably with railroad rates. Now comes the announcement that tion of Wayne, Mich, introducing a new series of four-place cabin mono- planes, is cutting prices from around $10,000 to $5,775. Other manufacturers are following suit. Sixty universities and colleges in the United States, with 2.400 students en- rolled, are today offering courses in| aeronautics, while 1361 active flying students working last year for their pilot’s license flew 46.649 hours in the air without a single fatality or accident of major importance. Reserve Bank Earnings. Pederal Reserve banks, since their or- ganization in 1914, have earned plenty of money. Net earnings have been $515,216,000. Of this amount, just $90,673,000 went back to the banks who owned all the stock as dividends: $227,434.000 was transferred to surplus, and $147,109,000 ‘was paid to the Government as a fran- chise tax. The 12 banks last year showed gross earnings of $70,955,000, an increase of $6,902,000 above 1928. After expenses were deducted, the net earnings were $41,264,000, or $4,116,000 higher than they were the year preceding. From present indications, the 1930 record will not be equal to that of 1929, because rediscount rates are 50 per cent lower than they were a year ago, while the amount of rediscounting is much Jess. For example, the week ending Feb- ruary 15, 1929, showed rediscounts with the Federal Reserve of $903.000.000. Last week they were but $381.000,000. But the Federal Reserve banks had only $177,000,000 of United States Gov- ernment securities last year, while last week they had $473,000,000. So while rediscounts are much less, open market purchases are much more. This is the Federal Reserve story to date. (Copyright, 1930. by Nor'h American News- aper Alliav.ce.) TRUST C0. CONFERENCE. MEW YORK, February 18 (#).—The | eleventh Midwinter irust conference of the trust company division of the American Bankers' Association opened in New York today. The conference will continue through until Thursday night. TREASURY CERTIFICATES. & W. Seligman & Co) (Reported by J yma Bier 338 Mar. 1 3is Sept. 15. 348 Dec 15, SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co) 100 Amer. Tel. 3 f imore & Ohio 4%s 1933 " vian Pet. Corp. 4%.s 1942.. Eel, Tel. of Canada 5 alifornia Pet Corp 54 a) Nor. Rwy. 41, Cldany Backa 5 Sk Fcison E1. i1. of Bost. 41zs 1930 GeRerar Ber cbfncg:pln.l!u b Geferar pet Co s ear 1. & R, 58 1957 55 1 st ‘Co. 5ios 1937 FINANCIZAE, (Continued From Page 13.) ~Prev. 1930.~ Stock and Sales— High. Low. Dividend Rate. 43% 32% Ludium Steel (2)... 31% 30 McAndrews&F t2. 45 40% McCall Corp (2%). 65% McCrory A (2) 92 McCrory pf (6, 32 McKesson & Rol 44% McKes & Rb pt(3%) 14% McLellan Stor: 70 Mack Trucks (6)... 137% Macy (RH) & Co(n3) 8 Mallinson & Co. 25% Man Elec Supply. 30% Man Elev mod (d5).. 20% Man Shirt (2).. 51 Maracaibe Oil Exp. 29% Marlin-Rockwl t4% 20% Marmon Motor (2).. 23 Manat! Sugar pt 114 Market St Ry. 371 Mathieson Alkill (2), 49 May Dept Strs (n).. 164 Maytag Co (12). 291 Maytag Copf (3). 2614 Melville Shoe (2). 154 Mengel Company (2) 83 Mengel Co pf (7). 16t Mexican Seaboard 267 Miami Copper (4) 3 Michigan Steel (2% 25 Mid-Continent P (2) 1 Middle States Ol 3% Miller Rubbes 61 Minn Hon Reg 1214 Minn Moline Pwr... 12 M StP & SSM11(4). 2008 & Te: . 29 Mo Kan & Tex pf(7). Missouri Pacifie. .... Missourt Pac pf (5).. 36 Mohawk C Mills (3). 49 MonsantoCh (g1%). 38% Montgomry Wrd (3) 3% Moon Motors. ‘e 581 Morrell & Co (4.40).. 1% Mother Lode (40¢).. 414 Motor Meter G & E. B 261 Motor Wheel (3).... 15 Mullins Mfg.......0 Mullins Mfg pf (7).. 18 MurrayCor(b2%stk. 51% Nash Motors (6).... 190 Nash, Chat&StL(18) 140 18% Nat Acme (1%) 11 1 26 4 95 3514 % 159% g 134 2 295 69 29 Nat Distillers (3)..u 27% Natl Enameling (2).. 137 Natl Lead (5). 116 Natl Lead pf B (6). 32 NatlPwr&Lt (1) 1% Natl Radiator. 102 167 N Y Central (8)..... 108% N Y Chi & St L pf(6) 35 N Y Dock.... . 108% NY NH & Hart (6)... 122 NYNH&HDpt(1).. 13% N Y Ont & West. 114 N Y Raflways pt 114 N Y State Raflwa; 100 N Y Steam pf (6) 16% Norfclk Southern. 226 Norfelk&Westn(10), 93% North Am(b10%stk) 51 North Am pf (3). 100% North Am Ed pf (6). 851 Northern Central (4) 84% Northern Pac (5) 823 North Pac et (5) 9% Ofl Well Supply. 13% Oliver Farm Equip 314 Olivr Fr Eqev pt(3). 2% Omnious Corp. . 280 Otis Elevator (6).... 30% Otis Stee] (2%)....a 52! Owens 11l Glass(n4). 52% PacificGas & E (2) 72 Pacific L! 21 Pacific Mi 1 Pacific Oil 150 ' Pacific Tel & T 116% Pacific T & T pf (6). 15% Packard Motor (1) 50' Pan-Am Pete B. 4% PanhandleP&R.... 48% Paramount-F-L «4). 25 Park & Tilford (33). 2% Park Utah... . 17% Parmelee Trans 13.. 2% Patbe Exchange. ..., 28% Patino Mines (3.89). 6ia Peerless Motor Car.., 26% Penick & Ford (1)... 63% Penney (JC) (23).. 6'a Penn Dixie Cement., 30's Penn Dixie Cemt pf.. 72} Pennsylvania RR(4) 230 People’'s GasChi (3). 94% Pere rq pr pf (5 % Phelps Dodge (3). 30 3 3 808 4 80s 308 626 8 2 118 255 - » BrafaBerrwancarosn Philip Morris (1). 24% Phillips-Jones (3) 30's Phillips Petrm (n2). il Pierce Petroleum. ... Pillsbury Flour (2), Pirelli Co A (2.88)... T8l 8% Pittsourgh Coal..... 5 63 151% 151 Pitts F W&C pt (7).. 708 1 225 Pittsbgh Screw 1.40.. 6 15% 15% Pitts Terminal Coal. 21% 201 Pittston Company... 33% 27% Poor & Co (B) (2)... 59% P Rican Am To (A 12 P Rican Am To (B).. 48 Prairie Ol & Gas(2) 58 Prairie Pipe L (15) 7% Pressed Steel Car. 52 Pressed StiCpf (7).. 52% Proc & Gamble (2).. 8% Prod & Refiner; 31 Prod & Refiners pt 46 Prophylactic Br(2).. 811 Public Serv, NJ 3.40. 106% Pub Sve NJ pf (6)... 824 Pullman Corp (4)... 6 Punta Alegre Sugar. 22% Pure O1l (13%).. 112% Pure Ofl pf (8) Purity Bakeries (4). a4 Radio-Kelth-Orph A. Raybestos Man 2.60. Reading (4)... . Reading 1st pf (2)... 44% Real S1lk (5) 8% Real Silk Hos pf (1), 30 Rels (Robt) & Co pf. 25% Rem Rand (60¢). . 10% Reo Motor Car (.80) 722 Repub Ir & Steel (4). 107 Rep Ir & Stl pf (7). 102 Revere Cop&B pf(7) 4 Reynolds Spring. ... 72V Reynolds Tob A (3). 49% Reynolds Tob B (3). 22% Richfield O11 (2).... 17% Rio Grande O11 (2).. 37 Rossia Inc (2.20). 50% Royal Dutch (a3.20) 111% Safeway Stores(es). 96 Safeway pf (6)...... 484 St Joseph Lead (13). 107% St L-San Fran (8) 8 2 St L-San Fran pt(6). 31% 24% Sava 4% Schulte Re: 9% Seaboard Alr Line... aboard Alr Line pf 9% Seagrave (el.20).... 82% Seurs Roebuck (32%) 914 Second Natl Inv..... Prev, Add 00. High. Low. Close. Close, 4an 29 B6ls 8 1067 1064 1 3782 90 4 140 11 34 56% 45% 1% i 318 193, 61t 1 11% 1 927% THY EVENING STAR, WASHINGTON, D. C, TUESDAY, FEBRUARY 18, 1930. NEW YORK STOCK EXCHANGE - Received by Private Wire Direct t- The Star Office. ~Prev_1030.~ High. Low. 71 ' 42 42 30 431 68 95 321 54 45 5% 101 651 29 65 [ 23 paldin 64 10 98 55% 56% 06% 106% 92 9 138% 138% 138 34% 341y 56 56 44 a4 33 12 20 13 191 1216 19 9 341a 40 Stock and Dividend Rate. Add 00. High. 5814 Sec Natl Inv pf (5) eneca Copper. 77 Servel Inc. . 2214° Sharon Steel H (2).o Sharp & Do pf (314) .. 36% Shattuck(FG)(113%) ShellTranspt(a2.41). 21% Sheil Unfon (1.40)... Shell Un Oil pf (5%) 8% Shubert Theatres « Simmons Co (£3) 7% Simms Pet (1.60).. 21% Sinclair Con Oil (2) “Skelly O11 (2) Sloss-Shefleld Snider Packing. w Snider Packing pf... 9514 Solvay Am In pf6%. % So Por Rico Sug (2).. 561 Sonthern Cal Ed (2). 315 Southern Dairfes B.. « Southern Pacific (6). 2 Southern Rwy (3)... Sou Ry M & O ct (4). Sales— Prev. .. Closs. Close. 18t pL(7). 197 Spang-Chalfant. . 13 Sparks Withngtn(1), iy Splcer Mg pf (3).. Jegel-May-St (3). 6ix Stand Brands (1%) 117'y Std Brands pf (7)... 109% Stand Gas & E1 (3%) Stand G & E pf (4).. Stand Invest Corp 57% Stand O of Cal (23 Stand Oil Exp pf (5 58% Stand OIlN J (12)... 31%5 Stand OHI N ¥ (1 1% Stand Plate Gla, Starratt (L 8) 10% Sterling Sec A...... Sterling Sec pf(1.20) 36% Sterling Sec cv pt(3) Stewart-War (h3%). Stone & Webster (), [t} bl Supertor O1l Superior Steel 81§ Symington (A). 16% Telauto Cp (11.26)..4; Tenn Cop & Ch (1). 5113 Texas Corp (3) 54x Tex Gulf Sul (4) 9ix Tex PC& O (b10%) 13% Texas Pac Land Tr.. hatcher Mfg (1.60). 40% Thatcher pf (3.60). '« The Fair (2.40). Third Avenue. 86'5 Thompson J R (3.60) hompson Prod. . homp-Star pf (3%) 10% Tide Water Asso 60c. 86 Tide Water Oil pf(5) 14': Timken Det Ax 1300 70% Timken Roller (3) 2% Tobacco Products. .. 7% Tobacco Products A. 814 Transcontinental Oil Transue & W (1).... rico Prod (2%).... Truax Traer (1.60). . 974 Und-Ell-Fisher (5).. Union Carbide (2.60) 423% Union Oll of Cal (32) Union Pacific (10) 435 Utd Aircrafi& Tra Utd Alrcraft&T pt Utd Biscult (1.60) 44% Utd Carbon (2). Utd Cigar Stores United Cigar Strs pt. % 215 56 36 4 26 sazoliacht &2 £ " #0% Utd Corporation. 4 10 96 » Utd Corp pt (3 United Elec Coal. United Frult (4).... 81% Utd Gas & Imp(1.20) 150 Utd Gas & Im pf (5).. 181y 60 166 141 126, USS 30 15% U S Distributing. 18! U S & Forelgn Secur. 85ls U S & For Sec pt(6) 9% U S Freight (3). 21w U S Rubber. . 47% U S Rubber 1st pf... 52% U S Smelt Ref pf 315 23 Univ Leaf Tob (3).., Univ Pict 1st pf(8). 2% Univ Pipe & Rad. ... Bl Util Pwr&Lt A (e2). 4 497 5% Virginia-Car Chem., 26% Virginia- 65 63 85 vul Detinning Vulcan Detin A..... Vulcan Detin pf (7).. adsco Sales Corp, ar 6% pt, 2 .+ 608 108 108 24% Waldorf Sysun (1%) 1 26 Walworth Co (2). 21% Ward Baking A. 4in Ward Baking 55 Ward Baking pf 48% Warner Bros Pic (4 36's War Bros P pf (2.20) . 16% Warner-Quinlan (2). 1 182 W 6 151 : 22% 14 20% 0% % 23% 48 58% 14% 3% 67U 6% 31 190 140 27 88 78 " 108 1 19130 A.M. :30 P.M.. 4% in stock. § P year—no regular rate © Payable stock. h Plus 2% m Phis 6%% in stock. of stockholders. Dividend rates ax given in the above table are Dayments based on Lhe lktest GUATLErly of BAM Jeats 8 Unit of trading I ayable in cash or stocl in stock pf (6). 105 st Penn El pf (7). 30s st Penn Pw pf(6) stern Maryland. ., Western Pacific 40'% Western Pacific pf. Western Union (2., 4i% Westinghse A B ( M bt (5) 101 Weston El ins (1) Westvaco Chlor (2 White Lagle Ol (2).. % White Rock M S (14) T White Sewing Mach. 27% White Sw Mch pf (4) 13% Wilcox Uil & Gas. .., Wilcox Rich (A) 2%, 19% Wilcox Rich, B (2).., T Willys-Over (1.20).. 67 Willys-Over pf (7)., Tin Wilson & Co A....... 62% Woolworth (2.40)... 67% Worthington Pump.. Worth Pump A (7)., Worth Pump B (6). 35% Wright Aero (2). 681 Wrikley Wm (4), 12% Yellow Truck & C #6'% Young Spring (3)... Young Sheet & T (5). 6% Zenith Radlo. . RIGHTS EXPIRE % Am R Mills. .June 15 1 Balto & Ohlo.Mar 11 Col Carbon..Mar 11 % Erie RR.... 13% Lig & Myers Sales of Stocks on New York Exchange. W i 4% 144 615,200 1,728,400 649,000 12:00 Noon 110 P. 2,996,400 annuat casn iy declarations. 1 Partly extra. t Plu Plun 0% 'in ‘stock. - a Pad a8t abje, I stock.’ d Pasible when earned i Plus 8% I atock. & Biust3s i ol ock. nPlus 5% in st in stock. k. k Plus 3% © Subject to approvai Markets at a Glance NEW YORK, FPebruary 18 (P)— Stocks strong; United States Steel, American Telephone & Telegraph and Westinghouse Electric & Manufacturing at 1930 highs. Bonds irregular; Ameri- can Telephone & Telegraph convertible over of about $5000,000 par value. Curb firm; Utilities Power & Light at new high for yesr. Foreign exchanges e L 13 igdn 9734 i Western Electric IVheeling Steel Corp. Vheeling !lui irregular; leading European rates sag lurelg‘z‘r while Cenadian dollar rallies Cotton lower; weak cables and liquida- tion. Sugar’ steady; trade support. Coffee higher; European buying. CHICAGO, February 18 (#).—Wheat firm; damage reports Kansas and 4%s rise more than 6 points on turn- | PUBLIC OWNERSHIP OF COAL MINES URGED By the Associated Press. NEW YORK, February 18.—Public ownership of coal mines, with private operation and sale of their products, was advocated yesterday in a paper by Frank Haas, Philadelphia mining eng neer, presented at the annual conve tion of the American Institute of Min- ing and Metallurgical Lngineers. The paper said Government purchase of all coal land and all mineral rights pertaining to coal would end the spec- ulation in coal lands, which appears as a great evil and a pronounced cause of the depression of the bituminous in- dustry. Under Government control of opera- ‘Winnipeg. ' Corn firm; [ g W TRy steady to lower, tion, he said, overprods n could avoided by the elimin; of compe- tition to & larse extent. be|to a technical BROAD UPWARD STOCK PRICE MOVEMENT SEEN Hornblower & Weeks, in their Feb- ruary investment review, express a de- | p; cided optimism in regard to the busi- ”Lnlmdry Co. of West New York, BONUS TAX ASSISTS MARYLAND FINANCES Special Dispatch to The Sta; BALTIMORE, February 18.— Th bonus which the State charges on the capital stock of corporations which are chartered under Maryland laws has be- come an important item, of revenue to the State treasury. For the last fiscal year, which ended September 30, 1929, the bonus tax to- taled $350,466.17, according to an an- nouncement of the State tax commis- sion just made public. This amount was just about $200,000 more than was derived from the bonus tax in the pre- ceding fiscal year, Of recent years some of the biggest corporations in the country have been chartered in Maryland. During the ex- pansive period of the late stock mar- ket boom the increase in the formation of large concerns, especially the so- called investment trusts, was note- worthy. Since the stoc market crash there has been a large decline in the incorporation of large concerns, In computing the amount of the bonus tax, which is on a graduated scal-, the tax commission assesses each share of stock authorized at $100, un- less the par value is otherwise stated. In other words, the no-par stocks, now <o popular, are considered for bonus tax purposes as having a par value of $100. orporation News NEW YORK, February 18.—The fol- lowing is today's summary of corpora- tion news, prepared by Standard Sta- tistics Co., Inc., New York, for the As- soclated Press: News Trend. Preliminary estimate of daily average crude oil production in the United States for the week ended February 15 totaled 2,675,989 barrels, an Increase of 57,228 barrels over the previous week. Prices of crude ofl at 10 producing flelds during the past week remained unchanged, $1.542 a barrel. prices at four principal refineries was also unchanged at 7.31 cents a gallon, while service station price at 10 lead- ing markets dropped to an average of 1815 cents a gallon, against 19'; cents in the previous week. Corporatjon news of the day included reports of several acquisitions and a number of interesting dividend an- nouncements. Central States Power & Light acquired Canada Electric Co., Ltd., and Eastern & Development Co. American Chain acquired Hazard Wire Rape. Consolidated Laundry purchased Ideal Laundry. Gleaner Combined Harvester increased annual dividend rate from $1 to $2. Taylor Colquitt Co. declared initial dividend of 57 cents on new no par stock. Hartman To- bacco Co. passed preferred dividend due at this time. The Companies. Alabama Great Southern earned 11.24 on common stock in year 1929 $11.44 in 1928, RAr'u‘l:lcan Chain acquires Hazard Wire ope S American Rolling Mill enters into merger negotiations with Gulf States Steel. Auburn Automobile January European ! shipments up 40 per cent from a year i ago. Belding Heminway sustained loss of in 1928. F. N. Burt Co. earned $4.66 on com- mon stock In year 1929 vs. $4.72 in 1928, Central States Power & Light ac- quires Canada Electric Co, Ltd., and .| Eastern” Electric & Development Co., | Ltd. Consolidated Laundry acquires ideal N. J. Douglas Alrcraft to enter commercial production in May, 1930. Eagle Pitcher id carned $1.16 on common stock in year 1929 vs. $1.10 In General Refractories bookings on Jan- uary 1, 25 per cent larger than on like date of 1920. Gleaner Combine Harvester declares common shares on a $2 annual basis, as against $1 formerly. Hartman Tobacco dividend of $1.621% on first preferred stock passed. Hershey Chocolate estimated 192t | earnings $8.23 a common share vs. $6. in 1928. Hudson & Manhattan R. R. January ; surplus after charges up 11.9 per cent from a year ago. Indiana Pipe Line earned $2.79 on common stock in year 1029, vs, $2.83 in 1928. Lerner Stores plan to open 30 new stores in 1930. per cent. Louisiana Oil Refining earned $1.14 on common stock, before Federal taxes, in 1929, vs, $1.08, after taxes, in 1928, Louisville & Nashville Raflroad esti- mated 1929 common share earnings $11.73, including $1,000,000 back mail pay, vs. $12.24 in 1928. McGraw Hill Publishing earned $3.72 on common stock in year 1929, vs, $3.04 n 1928, Missouri-Kansas Pipe Line to in- crease authorized $5 par common stock to 5,000,000 shares from 700,000, and to issue 5000000 shares of new $1 par class B stock. North American Aviation acquires Ford Instrument Co. Phillips Petroleum reported to have entered into merger negotiations with Independent Ol & Gas Co. Phoenix ~Hoslery earned $1.03 on common stock in year 1929, vs. $1.02 in 1928, Pilot Radio & Tube January sales up 34.4 per cent from a year ago, Royal Typewriter earned $5.59 on common stock in year 1929, vs. $4.08 in 1928. Standard Ofl Co. of Nebraska re- duces tank wagon and service station prices of gasoline 2 cents a gallon throughout Nebraska and in Council Bluffs, Iowa. Taylor Colquitt Co. declares an in- itial quarterly dividend of 57 cents on New no-par common shares. Sl REDUCTION IN COT—'I-'ON ACREAGE TO BE URGED BATON ROUGE, La. February 18 (P).—A state-wide set-up for carrying the message of cotton acreage reduction before the farmers of Louisiana was perfected here yesterday by a group of farm leaders acting on_the suggestion of the Federal Farm Board and the cotton acreage committee of the Amer- iean Cotton Co-operative Association. B. Mercier, chief of the agri- cultural extension forces in the State, was elected permanent chairman, with Floyd Spencer, assistant extension di- rector, as secretary. The State-wide committee agreed to organize every agency at its command “to place the vital facts concerning cotton production in 1930 before both farmers and business men to avert overproduction.” FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value (or par). 34.886 ness outlook over the next few months | Rt me: and believe that while there may be |Athen some peaction in stock prices this month that such a reaction will be |Bud: short-lived and will be followed by a|W broad upward movement, Expressing the view that the general trend of money rates toward lower levels emphasizes the sound tradition of fixed income securities, they point out that many new issues undoub?:dly are being aelayed only a sufficient time for bank- ers to feel out the digestive powers of the bond market, thereby contributing ituation which is not encouraging for an immediate material upward movement in bond prices. Gopenhagen Oslo, crown . Stockholm, crown e e el i) COMPANY EXPANDS. NEW YORK, February 18 (#).—North American Aviation, Inc., an aviation holding company, vesterday announced the Eurchne of all the common stock of the Ford lnumfint Co. of New York, one of the lafgst precision tool manufacturing firms'in the world, Gasoline | $163.644 in year 1920 vs, loss $426,033 | quarterly dividend of 50 cents, placing | ¢ Loft, Inc., sales for January up 288! ‘ [on wov vox BO Received by Private Wire UNITED STATES. (Sales are in $1.000.) High. Low. Close. Sales. 35 994 992 994 31 100 29 10023 100 29 141 1013 1011 1011 1 9917 9917 9917 10 103 26 103 26 103 26 5 11026 110 26 110 26 FOREIGN. Sales. High. Low. Close 25 96% 96 96 92 96% 97 B1% 88 88 104% Lib3% Lib1st 4% Lib 4th 4% .. US3%s 47.. 1US3%s..... US4y 62... Argentine 6sJu 59, Argentine 6%s Argentine 6s A Al Australia 68 1955.. Australia 68 1957.. 1 95% 102% 107 110% 107% Bollvar 7s 68 Bolivia Ts et Bolivia £ Bordeaux €s. Brazil 6%s 10319 76 6% 845 961 101 100 Brazil 8 Bremen Canada 68 1931 Canada 68 1952... Chile 63 60. . Chile 65 61 Chile 78 1943. ... Chinese Gov Ry 58 Colombla 68 Jan 6 Con Pow Copenhagen 4% 100% 102% BRI #EY 101% 257 6l 995 Y% 100 109% 110% 109% 918, 1004, 104%, 101% 101% 106 92 9113 100% 109% 110% 1091 9104 10014 104% 101% 1017 106 1091 Yty 1004 104% 101% 1017 106 92 85% 961 100 106% % 114% 120% Dantsh Muntc Denmark 4% Flat 78 war 4 . Flat 7s ex war 46. Finland 6%s. . Finland s £ 63 45 Finland 7s. 120% 89% a1 French 7% German Bank 5 German E1 P 6%s g 1 10714 102% 87 100% 98%; 85% 100% 98% FINANCIAL. DS ] ((NVERTIBLEBOND Direct to The Star Phillips Petro 6%s. 2 Pillsbury F M 6s'43 11 Postal Tel & C6%m 14 Pub Serv G 4% '67 Pure O115%8°37. Remington Ar Rem Rna 6% Sinclatr Of1 Sinclair O 6348, Sinclair O11 78 B Stand Ol N Stand Ol N Y 4%s. 1 Tenn ElecPowss 47 60 Tex Corp ov 68 1944137 Transcontl Oli 6%s 10 United Drug U8 Rub 1st rt 6 8 4 6 13 1 1 Utah Pow & Walworth 645..., 1 Walworth 61835.. 10 Western Elec 4 Westn Unton 68 61, 1 Westn Unfon 6%s.. 7 White Eagle O 6%. 15 White Sew Mach. .. Wilson & Co 1 Win Repeat Ar 7 Youngstn 8 & T 6i 101 RAILROAD. Ann Arbor 4s. v 8 Atchison ad) 4 1 88% Atchison gen 28 93 Atch deb 434 4! 20 139 Atl & Dan 1st4s43. 6 60 Balto&Ohio gold 4s 4« 102 Bang & Aroos 4 51. Boston & Maine 6 Bklyn Manhat 6s. .. Bkiyn Un El 6 60, Bklyn Un El 68 sta.. Buff R & Pitts 4%, Bush Term con 5s.. Can Nat 4% Can Nat 43 Can Nat4ls Canada Natl 5s. Can Pac deb 4s. 95 964 95% Japanese 6% A Jugoslavia Bank 78 Kreuger&To'l s ct. Lyons 6s. Marsellle 6s. Mexico b8 asnt, | Milan 6%s.... ew So Wales 58.. N 104 9 101 103% 103% BE% 7% 103% 106 Norway 6s 1944, Orfent dev 6% 68. Orlent Dev'mt Paris-Ly-Med 80 9% 103% 106 101% 5% 513 93% 76% 838 Paris Orleans 64 s.. Peru 65 1960. ... Peru 63 1961.. Peru7s... Poland 65 40.... | Poland 7s (rets) Poland 8s. Queensland 7 Rhine Wst EP | Rhine West 63 53 Rio Gr do Sul 63 Rio Gr Do Sul Rio de Janeiro P 25 Bonanixass doanahs Rome 6% Sao Paulo 8 193 | Serbs Crot Slo 8s... | Sotssons 6s. Sweden 5% Swiss Confed 8s. Toho El Pow 6s 32, Toho El Pow 7s. Tokio 5%s 1961, Utd Kingm 53%s 37, Uruguay 6s 1960... Uruguay Vienna 6s 52. Yokohama 6s. MISCELLANEOUS. Abitibi Pa&P 58 8214 2% Alleghany Cp 5 1017 1024 Alleghany 63 49. 101% 101% Allis Chalmrs 68 100 Am Agri Chem 718 104 Am Chain 6333, 100 AmChem 638 cv 49 27 1001 Am Int Cor 6%s 49 141 945 AmSmit& R1stbs 9 100% Am Sugar Ref 6s.. 3 1031 Am T&T cv 4% s 3856299 153 Am Tel&Teleg b 4 101 AmT& Teltrb 103% AmT&Tst6s. 5 101 Am Tel & Tel 6% 1054 Am Water Wk b Armour Del 538 Atl Gult 58 69, Atlantie Refin 68 Rell Tel Pa6s B... Bethlehm Stl pm bs Beth Steel rf bt Certn-Td 5% rets, Chile Copper § Colon Ol 6s38..... Col G&E1 63 May 52 3 Com Invest 5145 49, Com Invest 6848, Con Coal M4 bs. ... ConGasNY B4n.. Consumers Pow 6s. | Den Gas 6s. Det Edison Dodge 6: 6 Duquesne 4348 67, , Fisk Rub 8s. . Gen Cable 6%s ¢7.. Gen Mot Ac Cor 6s. Gen Pub Serv 5%s. Gen Stl Cast 5148 4¢ Goodrich 6%s. ... Goodyear bs rets Humble O & R s Humble O & R 5%s 111 Bell Tel 6s. 111 Steel 4348 40. Inland Stl 43s Intl Cement 6s Intl Mateh 5 47, Int Mer Mar 6s. ... Int Paper 58 47 e 044 104% 1 5 964 5% Intl Tel&Tel 63 '55. 110 KanG & E6s82...., 3 Lackawanna Stl6s. 1 Laclede 5s. Laclede G 6%n 62.. Lautare Nitrate 6s. Ligget&Myers bs 61 Liggett & Myers 7s. Loew's. Ino 6 . Loew's 63 w o war. Lou Gas & E 55 52, Manat! Sugar 7% McC'rmick ER Midvale Steel 5a. .. Montana Pow ¢3... Nat Dairy 6%s. Nat Radliator 6% 100% 8% 2974 1084 LORNG HREN ANIRDE~—DI Can Pac 4%3 46 Can Pacific ctfs 5 Canada Sou bs. Cent of Ga 58 C § Central of Ga 5% “ 107 & 100 Ch&O4%sB1595, Chi B&Q gen 48 53. CB&QII3 ChI&E 111 gn Chi Gt West 48 59.. CM&StPGen8d., ChiM&StP4%sC89. Chi M&StP4%sE. . Chi MIISP&Pacts?8 CMSP&Pae adj| Chi & NW gen 4s... ChI&NW conv 4%8. Chi& NW 6%s.. Chi& N W 1a 10 104% 12 102% Clev Term 5% Conn Ry&L 4% s sta Cuba RR §s. . Cuba Nor 6%s cts.. Del & Hud1st rf s, Den&R G W 4148 36 DRG & W g:. DRG & Wat s East Tenn Va&Gaba 3 104% 1 83 15 804 30 95% 2101 2 59% Erie cv . Erie conv £x 78 FlaEastCés4... 8 105 4 1104 2 95% 95 14 95 7 109% 11 110% Gr Trunk st db Grand Trunk . Gt Nor 4%s76 D... GtNor4%sE Great Northn 1st b8 Gt Nor 6%s. Gt Nor gen 7s. Hav El Ry 6%s61.. 2 664 Hud & Man a3 5 T T 3 90 3 a8y 4105% 1108 7664 5 664 11 90% 3 9% . 7105 AT i Int KysC A 6%sret Kan City Ft S 4 Kan City S 3s. Kan City Term ¢ Lake Shore 4531 Leh) Valen 4s. LehiVgen 4% 2003. Long In5837.. = 100% n Ry 1st 48 sau Fl 48 61, ket St 78 40 2 88 15 106 R 101 24 4% 2 100% 4. 98% MK&TprinbsA. Mo Pacific gen 4s. Mo Pac bs A 65. Mo Pac bs F 17, Mo Pac 68 G 7 . 11 99 Mo Pac 5%s 49 evt. 22 111% Mont T'rm ref 58 41 22 96 R 102 6 8% 2 884 4 98y 2 9% 10 106% 15 107% 1 106% 41 131% 6 106% 2 574 1 46% 1 23 2 5% 16 70% 3 01 1 88% 19 99 30 984 10 106% 12 108 5 108% . l: 1004 Ore Wash 18 Penna gen ¢ % Port RL & P 68 43, Reading gen 4%s A, 3 98W 1 98 2 92 1 84 RIArk &L 4%s 14 97T% Pow 6s. Pagific Gas & EI 5s. PacT&T 1st Pac T & T 58 62 Pan Amer Pete 65., 3106 1056 2 101% 101 3 101% 101% 10 1034 103w 1 102! 102} 102% StL IM&S gn 68 31, StL IM&S R&G 4s. StL&S F pl SIL&SF4 StL & San St L&SW con ¢ 96 14 88% % 93% 100% 1 v 107 96 96 4 102% 102% 102% 99 99 9 1: 100% 100% 100% [ West Maryland 27 9% 1 101% 101% fo1% Wh 5 98 Low. Close. 9% 99% 44% 45 98 98 9% 9% 9% 91% 104 ISSUES ARE ACTIVE A. T. & T. Features Group, Other Parts of List Show Strength, 99% 99% 96 96% 97 97 5% 95% 100% 100% 100% 100% 101% 101% 97% 984 95 95 102 102 104% 104 102 102 95% Q5% 106% 1061 101 101 99% 99% 93% 93% 8619 87 100% 100% 98 98 BY F. H. RICHARDSON. Speelal Dispatch to The Star. NEW YORK, Pebruary 18.—Great activity in American Telephone & Tele- graph convertible 4!2 per cents fea- tured the bond market today. Paral- leling an advance to a new high in the stock, the bond issue went up over 4 points to a new high above 156. While this produced sympathetic ace tivity in a few of the convertibles, the general trend in this group was irregu- ‘The rest of the list was uuhur’fit many issues showed strength, Money rates were unchanged, with 4% to 5 per cent prevailing for the longer term time money, and the mar- ket had no large new issues to encum- ber it, day's total being only $3,750,000. .he scarcity of new issues Monday and today is in sharp conirast with last week, when about $50,000,000 mfr;‘i‘:y w-: &mught out. week there have been a number of stock issues by Marshall Field & Co., Indian Territory Tlluminating Ofl and others, but the trend has been away from bonds. However, once the present supply of new issues is moved out, there are a number of impending flotations which will be brought down, Today's offerings included $3,500,000 Empire Public Service 6 per cent, car- tying stock options, The debentures are priced at 94': to yield 6.50 per cent, New York City sold $10,000,000 of 4% T cent short-term notes at par to ew York banking groups. Advances in the prime group included Atchison General 4s, Baltimore & Ohio first 4, Canadian National 5s, New York Central 4s, Chesapeake & Ohio L Chicago, Burlington & incy s, Standard Oil of New York 4%4s and American Telephone 5s (1965), METAL MARKET. NEW YORK, February 18 (#).~Cop- per quiet; electrolytic, spot and future, "'x 18. Iron quiet; unchanged. 09% | steady; spot and nearby, 38.75; 39.25. Lead steady; spot, New Y %:5! Szl.nloml' Louis, 6.10. Zinc quiet: st St. Louls, spot and nearby, 5.17a 5.20. Antimony, plo.'lfi, & 89 89 98 99 101% 101% 100% 100% 108% 109 103 103 3% 13% 100 100 100% 100% 101 101 8 88% 92'y 138 60 917 9874 78 884 92% 138 60 92 9874 1024 101% 102 108% 108% 101% 101 1015 101% 104% 104% 99 99w | Foot Ball Star in Stock Firm. John Law, captain of the 1929 Notre Dame foot blfl team, who recently graduated, is now assoclated with the Stock Exchange firm of Belden & Co., 44 Wall street, New York. Washington é;ock E;change SALES. CI'p‘I"Ll Traction Co.—10 at 87, 11 at 1021 102% 107 100'% 9% 93% 93% 1% Mfl;:égam' Transfer & Storage pfd.—5 al 2 {Real Esiate Mige. & Guar. ptd.—25 AFTER CALL. Barber & Ross 61:5—$1,000 at 88 $1,000 at 89, % Washington Gas 6s B—$100 at 105, Security Storage Co.—5 at 115. Capital Traction 5s—$3,000 at 95%, $1,500 at 95 Bid and Asked Prices. BONDS PUBLIC UTILITY. Amer. Tel. & Teli Amer_Tel. & Teli Am. Tel. & Tel. Anacogtia & o C & £ Tel. of 108t 108% 10015 100%: 70 70 96% 934y 974 0% 97 103'% 103'% 1145 114% 87 9314 97N gy, adee- 183 107% 107% 99% ¢ £ 814 814 . 67% 674 | potomac 93 a4 103% 104 931 93% 96% 96% o 89%% 89% e 104% 108% | S Vanpie s Hatel 83 83 Chevy Chase Club 5%s 80 804 | R C B 95% 95% | W. M. Col 101 101 5% 59% 104% 104% 109% 109% 951 9514 95% |N. & Gas | Wash- Gas 6. serie 40 | . Gas Wash. Rwy. & Elee. 45 5 1091 110% 1104 NATIONAL BANK. National Capit Columbia ooros 90 90 9% 9% 104% 1041 AN T4% 98 96 95 95% 5% 5% 884 88% 9% 994 87 BTN 7Y 9Ty 981y 98 MU MY 95% 96% 107 100% 100% 59% 5N 5! a1 99 08 39% 14 97 % 997 100% 861 86N 87 88% 106% 10615 101 101 731 3% 100 100% 98% 98% 9 99 110% 110% 9% 96 TRUST COMPANY. American Security & Trust Co. Gontinental’ Trust o3 American Corcoran prooran o : Rational Union. TITLE INSURANCE. X, Title & Inv. Co. ot Md. com. Bt BB, e A iry pl Col. ‘.nd & Gravel D. C. 't Mfg. pfd. .. Dist. Securities ptd. Emerson’s Bromo_Sel Federal Storage pf Federal-American Co. ' com. leral-American pfd 102 ‘lgé“- 5 Y 78Y 88 88w | T 9% 084 9T 971 105% 105% 106% 107% 106% 106% 181 131% 106% 106" 575 574 | A5% 45% 23 23 5% 54 70 708 9% 91% 89 9 uz uz 88% 88" 13., % 89 Sou Ry 6%4s. g Term fiuo s bbn " Term Asso St L 5 98% 99 98y, osi | Tex & Pac hg 1064 10614 | & 1025 10811 108 108is | Ulstr&Del 65 28 sta 1004 1004 | Unton Pae 1 . 96 Union Pac 4 3 Un Pacistrf 4s, ... Union Pac 4%s Virginia Ry 1st VY Ry & P b Whash 4348 78 rots Wabash 1st §s Whbash 538 16, 88% 88w 6 1004 100 1 10 31y m 854 o on Sow Son 6% 97y 108% 108 100% 100% gm 9! 984 98% 98 o8 fl%K 2% 90% 90% 8 84 9T 9T R oy s 41044 96 West Md 6348 7' 8% Sare| Weat Pacifie 8915 89, | West Shore 98 98 Wilks B&E 1at b