Evening Star Newspaper, February 20, 1930, Page 14

L2 2 ) FINANC!A‘L" A-14 FOXFILM CONTEST | NG _STAR, WASHINGTO! D. C, THURSDAY, FEBRUARY 20, 1430 NEW YORK STOCK EXCHANGE | BONDSIRREGULAR | 5 i Rae, Kdd00 lose, |N UUIH MARKET h. Low. Dividen . High. Low. Close. i B "G5 St Joseph Lead (13). 1 6 Ot 4% B3% THE EVE FINANCIAL, RUSH 0 BUY STOCK - INNEW YORK BANKS ———— g [on mew vomx_ B()N])s__—_:]:o:: o ‘ Received by Private Wire Direct to UNITED STATES. (Sales are in $1.000.) Sales. High. Low. Close. 998 998 Close. 106% ll?\t 101% (Continued From Page 13.) Stock and Dividend Rate. High. Low. 107 106% 110% 110% 101% 101 NYTel6sd1. N Y Tel 63 49. North Am Edis Sales— 99 12 ARDLSES BANKERS Struggle for Control of Com- pany Will Be Decided March 5. BY JOHN F. SINCLAIR. Special Dispatch to The Star, NEW YORK, February 20.—In two ‘weeks—] ch 5—the Fox Film stock- holders will determine which banking group they favor in the struggle now | going on for the control of the Fox organization. Not since the fight over control of the Standard Oil of Indiana has there been such a banking contest. Halsey, Stuart & Co.; Western Elec- tric and two vice presidents and direc- tors of the Fox companies, Winfield Sheehan and Saul Rogers, oppose the financial plan and set-up by Lehman Brothers, Bancamerica, Blair, Inc., and Dillon, Read & Co., which the Fox stockholders will vote upon. Under this plan the Fox Film Cor- poration would issue $65,000.,000 of new securities, composed of $40,000,000 in debentures, each bond carrying war- rants to subscribe to 25 shares of com- mon at $20 for the first five years and $25,000,000 new 7 per cent preferred convertible into common stock starting at $25. Halsey, Stuart & Co. and Western Electric oppose this proposition, because both of them have 15-year preferential contracts, one on Fox financing and the other on Fox equipment. Under the plan svbmitted both of these con- tracts are in danger. Halsey, Stuart & Co. have submitted a counter-proposition, providing for the issue of $40,000,000 debentures, with the remaining funds necessary to come from the sale of new common stock to the banking group. l!mg!lg Unlpzrmeyer. the Fox counsel, opposes the Halsey-Stuart plan as be- ing more expensive, because it involves an issue of 350,000 to 600,000 more shares than the Lehman plan and fur- ther provides a five-year option to Hal- sey, Stuart & Co. on 500,000 shares of Fox Film Corporation stock at $20 a share, in addition to the banking and underwriting commission of more than ,000,000. 39330 the Lehman-Dillon-Read-Banc- america-Blair group plan has the = ing of William Fox, though $975,000 will have to be paid out even if the plan is rejected by the stockholders. So there you are. It's'a battle to the bitter end. Gold Imports. Wil a ;nn]orng?ld impokr: mox‘e:nent begin in the next few weeks again? It looks like it. Gold imports since January have been confined almost en- tirely to South America and Japan, but the European exchanges have steadily declined during the past 60 days to a point in several countries now where it will pay to ship the gold rather than to pay the exchange rate. Economists call it the gold point. Should the pound sterling reach $4.95 gold probably would start moving from London to the United States. The French situation is different. with plenty of credit still in England and the United States France could prevent gold export, but owing to the eagerness of French banking leaders to establish Paris as an international ex- change and gold market they probably would prefer to see some gold moved to the United States. The shipping gold int from Paris is about 3.90 cents a anc. It stands today at 3.915 cents. Should such a condition occur and a major gold import movement start, the Federela Reserve banks could neutralize the situation of this gold by selliing se- curities and acceptance holdings in the open market, thus preventing any in- flationary move. This is'why the gold movements are being watched with particular care these days by Federal Reserve officials. Business Recovery. Julius H. Barnes, chairman of the national business survey conference, emphas} the positive rather than the negative in public statement. He says: “Now 44,000,000 persons are gainfully employed in the United States—10,000,000 more than during the 1921 business depression.” Is the construction program in the United States outlined two months ago being carried through? Mr. Barnes believes it is. His reputation for con- srvative statement, however, it fully maintained in these words: “Reports coming in from business establishments disclose also that they generally are following through the suggestions of the business survey con- ference that until outdoor construction generally can get under way they can assist by advancing within prudent judgment all necessary repairs, im- provements and betterments of both normal and emergency character.” He sees the end of the business | slump. “The danger of a long depression appears fairly over, with every evidence of renewal of normal upward march | of living standards and business pros-| pects,” says this Hoover champion. If the stock market is any evidence of returning prosperity the recovery must be in sight. Most stock market observers believe that stock prices at the present time have considerably overdiscounted the recovery. “Please give us a comprehensive defi- nition of the word debenture,” writes 2 Kansas City reader of this column. That's a big order, for the word de- benture is ustd in so many different ways by so many banking houses, and means so many different things. Technically, I suppose a debenture is an obligation issued on the general credit of a company without having any specified pledge of security. Granted that this definition is correct, a debenture bond is below a mortgage bond and just above a preferred stock. As no foreclosure is possible in case of dcfault, suit can be entered and judg- ment secured only against the general credit of the company. So_a debenture bond is just as good as the eredit of the company, no better, no worse. If the credit is thin, then the debenture is\thin. If the credit is first class, then ihe debenture itself is first class. But to the investor, the word deben- ture prefixed to the word bond should be a signal to investigate carefully the company’s credit position and the con- f!lim;x under which the debenture is ssued. (Copyright, 1930, by North American News- paper Alliance.) ARGENTINA BEST BUYER OF AMERICAN TIRES By the Associated Press. Last year's exports of automobile tires from the United States, as the totals were compiled from customs rec- ords, amounted to $25924,202 in value and 2,509,138 in numbers. Argentina was by far the best national customer for American tires, taking about 10 per cent of all the country's exports, or 272,829 tires, valued at $2,485,000. It is just possible that the American tire sent to the Argentine ran with less trouble than did tires generally, for in spite of that country’s prominence in American tire consumption, its con- sumption of tire repair materials = relatively less than that of several other countries. Canada, for example, im- ported $218,000 worth of tire repair ma- terials from the United States in 1929, which was more than the $155,000 worth of tires it got in the same period. Australia, also, tosk $143,000 worth of tire repair material, and only $100,000 worth of tires, Wher.as, to balance off its $2,500,000 of American tire imports, Argentina last year only imported $150,000 worth of tire repair materials from this country. —_—— ‘The National Hellenic Chamber of Commerce has been promote tloser commercial rel: | tween the United States and &Ry formed here to ized as the Low. 884 LouG&EIA(1%).. 32% Ludlum Steel (2).... 30 McAndrews&F 12.85. 65 McCrory B (2). 61 McKeespt T P(4%) 32 McKesson & Rob (2) 444 McKes & Rbpf(33%). 14% MeLellan Store 70 Mack Trucks (6).... 159% 137% Macy (RH) & Co(n2) 144 12 Madison Sq G (1%).. 45 Magma Copper (5).. 8 Mallinson & Co. Manati Sugar pf. an Elec Supply 0% Elev mod (d5).. 51% Manhat Elev gtd (7).16 20% Marmon Motor (2).. 3 Martin-Parry....... 1 Mathieson Alkili (2). 49 May Dept Strs (n2).. 76 Maytag Co 1st pf(6). 26/ Meiville Shoe (2).... 15 Mengel Company (2) 164 Mexican Seaboard. .. 26% Miami Copper (4)... 53 Michigan Steel (2%). 25 Mid-Continent P (2). 1 Middle States Ofl ct.. 61 Minn Hon Reg(13%) 12% Minn Moline Pwr. ... ) M StP & SSM 11 (4). 1308 % 46% Mo Kan & Texas. 3 106% 103 Mo Kan & Tex pf 93 87 Missouri Pacific. 140 134 Missouri Pac pf 40 33 Mohawk C Mills (3).. 49 MonsantoCh (g1%). 2 38% Montgomry Wrd (3). 158 3% Moon Motors, 581 Morrell & Co ( . 1% Mother Lode (40¢c).. 4% Motor Meter G & E. . 26% Motor Wheel (3) 12% Mullins Mfg. . . 57 Mullins Mfg pf (7).. 18 MurrayCor(bi%stk. 190 Nash, Chat&StL (7) 51% Nash Motors (6). Acme (1%) 11 Natl Air Trans. 9% fatl Bella He 177 Natl Biscuit (7). 1 Bisn (p2.80) Cash Reg,A(t4) t Dairy (32).. 29 Nat Distillers (2). .., 27% Natl Enameling (3).. 137 ‘Lead (5)....00 13% Natl Lead pf A (7).. 116 Natl Lead pt B (6).., 10s 32 Natl Pwr& Lt (1)... 1% Natl Radlator. 4 Natl Radiator pf. Natl Ry Mex 1st pf. Natl Supply (5). d tl Surety (5). t Tea Co (2) 27% Nevada Copper 40 Newton Steel (3) 44% N Y Atrbrake (3.60).. 180 N Y & Harlem (5)... 167 N Y Central (8) 180 NYChi&StL . 108% NY NH & Hart (6)... 122 NYNH&HDpL (7)., 13% N Y Ont & Wi .. 1% N Y State Rallway 6% Norfolk Southern. .., Norfolk&Westn(10) . 83 Norfolk&Wstn pf(4) 93% North Am(b10%stk) 51 North Am ptf (3).. 100% North Am E4 pf (6). 45 Nor Ger Lloyd(3.41). 844 Northern Pac (5). 23 North Pac ct (6) 9 Norwalk Tire pf. 13% Oltver Farm Equip.. 70 Olivr Fr Eq pt A(6).. 31% Olivr Fr Eq cv pt(3). 2% Omnibus COrp....... 47% Oppenheimer Col (5) 63 Orpheum Cir pf (8).. i 280 Otis Elevator (6). 118% Otis Elev pf (6). 30% Otis Stee] (23 ). 91 Otis Steel prpt (7).. 17% Pacific Coast 1st pf. . 5zln Pacific Gas & £ (2).. 72 Pacifie Li Pacific Tel & T (7). 15% Packard Motor (1).. 52 Pan-Am Petroleum., 50% Pan-Am Pete B. 60 49% 4 110s 48% Paramount-F-L (4). 2% Park Utah. . 17% Parmelee Trans 1% .. 2% Pathe Exchang 5 Pathe Exchange A. 28% Patino Mines (3,89 72% Pennsylvania RR(4) 94% Pere Marq pr pf (5). 38% Phelps Dodge (3). 11% Phila& Read C& 1 8% Philip Morris (1).... 70 Phillips-Jones pf (7) 30% Pnillips Petrm (n2). 1 Plerce Oil., 20% Pierce Oil pt. .., 2i4 Plerce Petroleum, 34 Pillsbury Flour (2 45 Pirelli Co A (2.88) 683 Pittsourgh Coal. 99 Pittsburgh Coal p! 175% Pittsbgh Screw 1.40. Pitts Steel pt (7) 20% Pittston Company 27% Poor & Co (B) (2)... 59% P Rican Am To (A)7 12 P Rican Am To (B).. 97 Postal Tel & C pf(7). 48 Prairie Oil & Gas(2). 58 Prairie Pipe L (15).. 7% Pressed Steel Car., Frenme- Snwe S 107% Pub Svc E&G pf(6).. 106% Pub Sve NJ pf (6 82% Pullman Corp (4). .. 6 Punta Alegre Sugar. 22% Pure Ofl (1% 112% Pure Oil pt (8) 77 Purity Bakeries (4). 34% Radlo Corp.. 68 Radio pf B (5)...... 19 Radio-Keith-Orph A. 33 Raybestos Man 2.60. 25% Item Rand (50c| 92 Reming-Rnd 1st (7). 10% Reo Motor Car (.80). 72% Repub Ir & Steel (4). 107 Rep Ir & Stl pf (7)... 73% Rep Ir & S pf ctfs(7) 4 nolds Spring.... 5 2% nolds Tob A (3). 110s 49% Reynolds Tob B (3. 32 41 Rhine W El P (2.1 22% Richfield O1l (2).... 16! Rio Grande Oil (2).. 44% Ritter Dent Mfg (13) 37% Rossia Inc (2.20).... 49% Royal Dutch (23.20). 1 7 23 1 20 9 96 Safeway pf (6)...... b 109 105% Safeway Strs pf (7). 20s Washington Ticker BY CLINTON COFFIN, Assoclated Press Financial Writer. In the Eddystone district at Phila- delphia there is now approaching com- pletion a $20,000,000 industrial plant of highly specialized and mechanized type, which has been under construction a year, but whose principal creator and sponsor never seen it. He pens to be R. P. Lamont, Sec- retary of Commerce and formerly presi- dent.of the. American Steel Foundries ition, who had to turn over his pet scheme for a mammoth casting plant in Eastern territory to be worked out by his helpers when he took up Government service for President Hoo- ver last year. “And since then I haven't even had time to look at our structure,” Secret Lamont remarked somewhat ruefully when asked about the development. ;‘tflm. 1 may be lbleh’u;h u; It‘ w‘}!uln begins~ operations, W] ntici- pated in 60 days or s0.” ‘The Eddystone plant, which is - o-ur: 'I:‘ ouunn‘qg i poration, represents also a unique degree of co-operstion among. & group of in- Add 00. High. Low. Close. 4% 42 42 % 108 tary | mittee on interstate commerce is ex- - Splawn, who has secently Prev. Close. Seo Natl Sheil Un! Shell Un 4 Spicer M. Starratt Sterling Timken ‘Tobacco ‘Tobacco Transue Una-Ell- Union O] Union Virginia. Waldorf Wi Western Western W Young S Balto & 1 & 10:30 A.M.. payments based k. 98 987, | 8 106% 108 ' of stockholders. dustrial enterprises interested in the product. It is designed to make pri- marily the tremendously heavy castings which go into raflroad engine frames, and in to the frames of passenger and special freight cars. While the American Steel Foundries owns con- trol of it, a group of locomotive builders in Eastern territory,‘the Pullman Co. and other industrial users of the great md castings joined in financing the By reason of its modern design, and the assignment to it of volume business from the start, the plant is expected to cheapen materially construction costs in the production fleld for which it is es- fi:cl-llly fitted. Most of the enterprises terested in it will take their supplies cease g operations fo: themselves. 4 “hairman Parker of the House com- pected to announce shortly the selection of Dr. M. W. Splawn, former Texas University president and State railroad commissioner, to be special counsel for the House in the conduct of the projgct- ito holding somen. o St L-San Fran (8). St L-San Fran pf(6). Savage Arms (2) Seagrave (e1.20).... Sears Roebuck (32%) 2: Second Natl Inv. Shattuck(FG)(t1% ShellTranspt(a2.41). Solvay Am In pf § So Por Rico Sug (2).. Southern Cal Ed (2). 4 Southern Pacific (6). Southern Rwy (8). Spalding(AG) (2)... Spang-Chalfant. . Sparks Withngtn(1). Union Carbide (2. Union Pacific (10). Utd Alrcrafté& Tran: Utd Alrcraft&T pf 3., Utd Gas & U S Hoffman (2).... U S Ind Aleohol (17). U S Leath: Col Carbon. ErifeRR... 13% Lig & Mye: Sales of Stocks on New York 2,297,800 Dividend rates as given in the above table are the on the latest quarterly or baif 2 UDIt 01 trading less thi ock: '{ Fayavie in serip. °1 e tock. h PI Plis '$%% in” stock- ol Inv pf (6).u - PRCI-TN) | PO ePR v - ) @ Su 9 fon (1.40)... Ofl pf (6%) -5 Stmmons Co (g3)... Simms Pet (1.60) e 8 Y 18 00ens Splegel-May-St (3) Stand Brands (1%) Std Brands pf (7) Stand Com Tob (1) Stand Gas & El (3%) Stand G & Ept (4).. Stand Invest Corp. .. Stand O of Cal (23 ). Stand Oil Exp pf (5). ¢ Stand OLIN J (12)... Stand Ofl N ¥ (1.60). Stand Plate G sStand Plate Glas (L 8) Co(2). SecA...... Sterling Sec cv pt(3) Stewart-War (h3%). Stone & Webster (4). Studebaker Co (5). Symington. Symington ( Telauto Cp (11.35)..; Tenn Cop & Ch (1). Texas Corp (3). & Tex Gulf Sul (4). Tex PC& O (b10%). % Texas Puc Land Tr. . ‘Thompson J R (3.60) % Thompson Prod..... Thompson Starrett Tide Water Asso 60c Tide Wat Asso pf (6 Tide Water Oil pt(5) Det Ax 1800 Timken Roller (3). Products Products A. Transcontinental Oil. &W(1).... Trico Prod (2%). Truax Traer (1.60) -Fisher (5).. 32 ) 216 91% 11% 42 7 231 7 3% 51% 631 1 of Cal (32) Car, 7 65 United Elec Coal. United Fruit (4). Im pt (5).. rboard. 2 15 2 Rubber 18t pf. .. 5 Smelt Ref (3%).. U S Steel (7). 69: Vadsco Sales Corp. Vanadium (t4).. Vick Chemical (2%). Virginia-Car Chem -Car 6% pt Vulean Detin pt (' ‘Wabash ., Systm (1%) reen pf (6%)... Walworth Co (2) Ward Baking A. Ward Baking B Warner Bros Ple (4). 390 Warner-Quinlan (2). Warren Bros (19)... Warren Fy&Pipe(2). Webster-Eisanlohr. . 3 29 5 4 Westn Dairy (B) Maryland..; Pacific p: Westhse E&M pf (6). 60s Weston El Ins (1). Westvaco Chlor (2).. Wextark Radio (2).. White Eagle Oil (2)., White Motors (2) White Rock M 8 (' White Sewing Mach % Wilcox Oll & Gas Wilcox Rich (A) Wilcox Rich, B (2) Willys-Over (1.20) Woolworth (2.40). Worthington Pump.. Yellow Truck & C. pring (3). Zenith Radlo. RIGHTS EXPIRE Am R Mills. .June 15 129 1% 5 1% b 14% 1% Ohlo.Mar11 229 % «Mari1l 42 Feb 28 187 .Mar 13 % 1% W W 14w 96 14% Exchange. 12:00 Noon......1,542,200 2:10 P.M. - 2,487,700 Satly deciarations: 464,800 serip. . & Plus P Subier’ Wosrevai to the German-American mixed claims commission, has already surveyed the :l‘e:: of work he is expected to under- The House voted authority for the inquiry last month on recomtlynmdn!lon of the Interstate Commerce Commis- sion, but the committee assigned to un- dertake it has been busy with the draft of legislation intended to control high- Way passenger transport operations and consequently has not been ready to proceed with hearings on investment and holding company practices. BALTIMORE LOAN RATES. BALTIMORE, February 20 (Spe- cial).—Local banks quote time loans, all maturities, at 5 to 6 per cent, with most of the business at 5)% per cent. While | 5, there is an ample supply of money to finance trade there is not a plethora of funds such as has overtaken some of the outside markets. Due to withdrawal of cash for use in | business and with which to secur- ities there has bee: i care of their | railroad issues. |WEST VIRGINIA WATER | subsidiary of Federal Water Service Trading Turns Dull—Prime Group Shows Upward Trend. Changes Small. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, February 20.—Although the bond market had an active opening today, during which prices clung closely to their closing levels of Wednesday, trading became dull after the first hour. The list turned irregular, with an up- ward trend in the prime group, mixed losses and the second-grade domestic section, and weakness in for- eign dollar loans. There was little in the news to affect the market. The reactionary stock market did not have its usual effect of increasing bond trading. Anticipation of another increase in brokers’ loans today points to a continuation ot the public’s renewed interest in equities and consequently to continued quietness in bonds. Dealers report that recent new issues are moving slowly. Today's new offerings total $14,150,000, of which only $4,950,000 consists of bonds. However, money was still in good supply at low rates, and under this influence high-grade issues made some progress. Gains were scored by Pennsylvania General 4!¢s, St. Louis-San Francisco “A" 4s, Great Northern 7s, American Telephone 5'%s and Utah Power & Light 5s. Convertible bonds were gen- erally lower, exceptions being Atchi- son 414s, American Telephcne 42s and International Telephone 4'%s. Seaboard Airline 6s at a fractional advance were most active in the junior railroad. group. There were gains in Chicago & Great Western 4s, Erie Re- funding 5s, St. Louis-San Francisco 4128 and Boston & Maine 5s. Slight losses were shown by St. Paul Ad- ments and Missouri-Pacific 5zs. Trac- tions were firm and moderately active. In the foreign department City of Berlin 6'2s were weak. The city had to pay nearly 10 per cent for a $10,- 000,000 bank credit arranged through a group of leading European banks. Chilean issues were active with the announcement of the arranging of a 60,000,000-franc loan in Paris. The new loan is for 32 years and has all been | placed in Europe. Declines were sprinkled all through the foreign list, the only strength being shown by a few South American descriptions and French SERVICE CO. REPORTS West Virginia Water: Service Co., a Corporation, reports gross revenues of $812,775 for the year ended December 31, 1929, as compared with $773,435 for the preceding 12 months. Operating expenses, maintenance and taxes, other than Federal income tax, totaled $434,- 921, as against $420,470. Gross in- come amounted to $377,854, which com- pares with $343,965 for the year ended December 31, 1928. New Director Named. NEW YORK, February 20 (#).—Hum- phrey W. Chadbourne, president of the International Mining Corporation and a director of Noranda Mines, Ltd. has been elected a director of the But terick Co. NORTH AMERICAN CO. NEW YORK, February 20 (#).—The North American Co., large public util- ity holding organization, in its pre- liminary report cove 1929 opera- tions, made public y, had net! earnings of $28,806,824, equal to $5.03 | a share, compared with $24,402,753, or | $4.68 a share in 1928. RS S Washington Stock Exchange SALES. Washington Gas 6s A—$200 at 102. Potomac Electric 6% pfd.—1 at 111. Potomac Electric 55 % pfd.—5at 107 Wl:h’u;llwn Rwy. & Electric pfd. at 9515, Mml-’Amerlun N. Bank—4 at 290. Continental Trust Co.—10 at 127, Federal-American Co. com.—6 at 32. AFTER CALL. Capital Traction 55—$1,000 at 955, Potomac Electric 51 % pfd.—1 at 10745, Security Storage Co.—10 at 115, 10 at 115. Bid and Asked Prices. BONDS. UBLIC UTILITY. " iy Bid, Asked. n Gas Ss.. . Gas 6s, setles A . h. Gas ries B Rwy. & Elec. 4s. MISCELLANEOUS. Barber & Ross. Int. o evy C Club 51 ase D. C. Paper Mfg. 6s. Pot soint Stock Ld: Bi WM. STOCKS. PUBLIC UTILITY. American Security & Trust Co. Continental Trust Merchants' Bank. National Savings & Trii Union Trust b Washington Lot Trist. SAVINGS BANK. Bank_of Bethes aving: haton. arity SETen Siteer . DUnited States.. .. Washington Mechani FIRE INSURANCE. £522553 £E o 22 TITLE INSURANCE. Columbia Title. Real Estate Tit) Title Co. u8. Barber & Ross. Inc. co Chevy Chase Dairy Bf SO Bapa"d aravel prd usssss e Tage DI motype & 8 Votype. - v. pfd. Stores pfd. @ R & e. & ug B el G VR e M S 8!;‘.'3:.. i Rio de Janeiro 6% 100 31 10117 99 21 99 18 104 6 106 25 110 26 FOREIGN. Sales. High. Argentine May 61.. 4 97 Argentine 6sJu 69.. 1 Argentine 6s Oct 69 10 Argentine 5%s 62.. Argentine s A.... Argentine 63 B. Australia 438 56, Australia 58 1955 Australia 58 1957 Austria 7s Bank of Chile 6% Bank of Chile 6% 10031 100 31 1013 1018 9921 9921 9918 9918 1046 1046 106 21 106 25 110 24 110 26 Low. Close. 97 97 9% 9T 96% ) 92% 97 9T 97 Belgium 7s 1955. ... 51. Czecho 8s 1952, Danish Munie 8s A B Denmark 5%s Denmark Dutch East I47 Fiat 7s ex war Finland 6% Finland 7s. German Bank 6s'3. German EI P 648 German 7s... Ger Gen Elec 7. Japanese 4s. . Japanese 6%, Jugoslavia Bank 7 Rarstadt 651943, ., Kreuger&To'l bs ct. 12% 20 20 105 85% 104% 9 n! Mex 45 1904 asnd Mexico s asnt Milan 6%s. Netherlands 6s 72.. New So Wales 57 97 101% 103 103% 102% 88%, 9% 103% 106 101% Norway 5%s. Norway 6s 1943 Norway 6s 1944 Norway 6381952, Orlent dev 5% 58 Orlent Dev'mt Paris-Ly-Med 6 Paris-Ly-Med 7s. Paris Orleans 6%, Peru 65 1960. 2 1024 88% 9Th 4 103 105% 101% T5% 9314 ¢ 112% 5% 83 9% 95 Poland 7s (rets). Poland 8s Porto Alegre 8s Queensland Queensland Rhine Wst EP Rhine West 6s 53 —a wahe mo SR e e msT DA oo Rlo Gr do Sul 6s 43. Rio Gr Do Sul 8 Rome 8% Sao Paulo 1950 Saxon (PW) 7s. » omaa S 107% 9% 90% 874 103% 104% 103% 108% 9% 89% 15 104% 6 96 §i .71 « 1 96 96 MISCELLANEOUS. Abitibi Pa&P 5s°53. 12 831 82% Abram&Straus 848 2 98% 98% Ajax-Rubber 8 2 49% 49% Alleghany Cp 55 44 107 102 101% Alleghany 65 49..., 77 102 101% Am Agri Chem 7348 4 1041 1041 Am Chain 6s33.... 6100 100 AmChem 6%sc/ 49 21 100% 10 0 Am Int Cor 5%s 49 9% Am Nat Gas 6%s 43 Am Smit & R 1st b8 Am Sugar Ref Am T&T cv 43% Am Tel&Teleg Am T & Teltrb Shineyetsu 61 s 62. Solsson: 1n 25 1 8wiss Confed Toho El Pow 6s 32, Tokio 5%s 1961 Utd Kingm 5%s 37, Uruguay 6s1960... Warsaw 7s 52. Yokoham: 104% 96 834 0 104% 100 100% R 157% 151% 151% 101% 101 1037 103% 22 101% 101 5 105% 1051 9 100% 100% 5 89 98 T 84% 84y T 102% 102% 1 7 78 3 100% 100% 1103 108 2 102% 102% 1104 104 3 101% 101 55Y Armour&Co 4%s 39 Armour Del 5%s. Associated Of1 6s. . At] Gulf 5359, Atlantic Refin 6 Bell Tel Pafs B Reth Steel rf Bklyn Bdison bt Bush Term Bldg 5s. Certn-Td §3%s rets. Chile Coppe: Colon O11 6s38..... Col G&EI 5s May 63 Com Invest Com Invest 6214 21 105% 105 1 100% 100% T 94% 94 2 102% 102'% 43 98 9814 2 A2 82 15 81 81 5 100% 100% 85 103 102% 1 96% 96% 1103 103 1 106% 106% 48 924 92 2 99% 99% 4 103% 103y g 98 98 8 East Cuba Sug 7%s Gen Cable 5%s 47.. Gen Mot Ac Cor 6s. Gen Pub Serv 5% Gen Stl Cast 5%s 4§ Int] Cement 5s 48 5 Intl Match 68 47.... 16 Int Paper 68 47..... 20 Inter Paper 6s. 1 Int Tel & Tel 4%s.. 4 Int Tel&Tel 4348 € 1162 Intl Tel&Tel 55°55. 110 96% 96% KanG & E6s62.... 1105 105 Kendall 5%s48 war 9 90 90 2 100% 100% 11 103 102% 64 814 80% 1 1 100% 100% 8. 2 119% 119% 7 110% 110 1 944 94y 12 84% 84 .- 10 90% 904 Manat! Sugar 7% 1 8 85 MeC'rmick ER 6334 6 1004 100% Midvale Steel 55... 3 100% 100% Montana Pow 43... 3 100% 100% 100% 105 101 101% 102% 100% 100% 105 105 101% 101 102% 101% 102% 102% 100 100 99% 99% 102% 102% 98% 98W 95%% Pan-Amer Pete 7s. . Paramount 6s 1947, Peoples Gas bs. Phila Co 58 Phila & Read 6349, Pure Ol 534837 Rem Rnd 5% w: 101% 101% 98 9TH 9% 95 91 91 102 102 104% 104% Stand OfI N Y 4% 9% 95% Tenn Cop 6s B 44. Tenn ElecPowés 47 Tex Corp ov 55 1944 105 Transcontl Ofl 6%s 14 United Drug 100% 100 106% 106% 101% 101 9% 99% 93% 93% 86% 86Y Utllities Pow 6%s. Walworth War Quinland 6s '39 1 Warner Sug 7s 39 48 101% 1 100% 100% 100% 109 109 109 103 103 103 3 37% 100% 100 100 Westn Union 6%s White Eagle O 6%. Wick-Spen cv 78, Wilson & Co 1st 5 Win Repeat Ar 7%8 1 100% 100% 100% Youngstn S&T6s. 6 101 101 101 RAILROAD. 11 89% 89% T 92% 92% 92% 27 138% 136 136 12 92% 91% 92% 91 994 99U 99% 10 102'% 102% 102% 30 102% 101% 102% 2 108% 108% 103% 10 110 109% 110 2 102% 102% 102% 3 97w 9% 1 41% 4% 10 91% 90% 10 97T% 9% 4 93% 93% 1 93% 98% . 5 94 93% 27 101% 101 2 108% 103% 103% 3 113% 113% 113% 10 10 89 Atchison gen 4s.. Atch deb 4% Balto&Ohio gold 4s. % 417% 1% 9% Can Nat 4%s '54 Can Nat 43%s'57 Can Nat 4%s'68, 101% 102 8 91% 91% 91N 2 102% 102% 102% 11 100% 100% 100% . 2 98% 984 98Y 3 94% 94% 94y 5 67 67 67 64 94 93% 94% 3 102% 102% 102% 6 96% 96% 964 Ch &0 4%s B 1995. Ches & O con §s.... CB&Q4%s17B CBB&QIlldiv 4 ChI&E 11l gn 53 61.. Chi Gt West 43 59 CM&StPGen89.. Chi MiISP&Pac6s7s CMSP&Pac adj5303 ChI&NW conv 4¥s Chi & NW 6% " 29 2% 991 991 6 107% 107% 107% 270 7070 30 96% 964 96% 13 93% 93% 93% 197 o7 97 4104 104 104 2 102% 102% 10214 3 1141 114% 114% 24 104% 104% 104% 2 99% 99% 99% 2 102% 102% 102% 1 107% 107% 107% 90 90 90 96 683 91% 93% 96% 96% 21 96'% 96% 1 104% 104% 104% 4 8 85 85 22 95% 95% 95% 1 101% 101% 101% 4 59% 69 59 3 104% 104% 104% 2110 109% 110 7 96 95% 3 95% 95% 95! 5 95 95 95 18 110% 110% 110% % T T 95% 90% Chi Un Sta Chi Unfon Sta Chi Unlon Sta 6% C& Wi15%s62 CCC&StL deb 434s. Clev Term b Clev Term 5 3: Cuba R R 65 1936 ef Cuba R R 73s. Cuba Nor b%s eta.. Del & Hud1st rf Den & Rlo G en Den&R G W 415536 DRG& Wst 68 55.. 957% 68% 91% 93% Erie conv £x Ts FlaEastCés 7 Gr Trunk st d Grand Trunk 7s GtNor4%s76D... GtNor4%sE.. . Great Northn 1st §s Gt Nor gen 7s...... Hud & Man aj Hud & Man re 111 Cent 43 52. Int & G Nor 1st Int & G Nor adj Int RysCA 6%srct 22 964 95% 96 5 954 95% 954 5 T8% 5% 5% 00 100 100 8% S8% 991 99% 9T 9T 94N 9% 95% 954 59 59% 99% 99% 98 98 83% 83% 2 1 26 11 7 Kan City Term 4 Lake Shore 4s°31.. Lo 5 & N L&N4%82003.... Man Ry 1st 45 90 MilEl Ry & L 65 51 MUl El Ry & L 6s 61 o1 101% |3} 97% i di | pared with the 1 most_as much, 341.6 More Than 38,000 New Hold- ers on Lists of Ten Leaders in Three Months, Coincident with the drastic decline in prices of stocks in October and Novem-’ ber of 1929, and despite opinjons ex~ pressed by many people to the effect that the market, temporarily, at least, holds no interest for the general pub~ |lic, a survey by the American Banker shows that thousands of new stock- holders have been added to the lists of the large New York banks since the break in prices occurred. Taking 10 of the large and impore tant banking institutions in the down- town area, the survey indicates that holders of stock in these inst: i ions have increased from 162,886 just et the break to 201,096 at the]btgmr;nlnr: of the current year, a gain of 38,210 in the last three months of 1929, when the price decline was in full swing, e Bink o §rp Yo 4 ani atham Fhentx . 389 SRR . 18402 Ul Lest © 59,783 7.031 10.831 3.000 sgast Z2ENE: Bt o Huge Incréase in Year. e survey also shows th: number of stockholders in t:nteatehfd::a-‘ cal institutions increased from 64,690 at the beginning of 1929 to over three times that amount on January 1, the increase being 136,406. This latter in- crease is due to some degree to mer. gers, but stock split-ups and capital increases which gave a wider uhl& to the bank stock market was the chief split-ups cause. stock did not occur “However, mergers, l‘l:g‘n cl&tal] increases g the last three months With these institutions except O‘L l::: instance, so that the inquisitor will have to seek elsewhere for an answer to why such a large increase in stock- :‘ogg:;: o?o:ur‘red during the dying ast year,” Ameri- unmnmkerh 4 e 5 - explanation upon w] appears to be a conunpsom ofhhh g that there were many thousan tential bank stock investors in stocks who believed the January to October prices were too high; that in- evitably a break would occur. Conse- quently, when the reaction did set in, the public, educated as never before in history as to the value of banks stocks, bought these securities at what they considered bargain prices when com- i reached earlier in 1929, S “The post-break purchasers of bank stocks indicated that even these cau- tious buyers no longer invest~ ment yield seriously. ir commit- ments are mainly made from the view- point of appreciation in price through progress in earning powers. Irving Trust Heads List. ‘Analyzing the figures at hand find that the greatest increase in nm:f ber of shareholders during 1929 was i T T el os" 373.6 per cent. 5 “National City increased its list al- r cent; Chem- ical Bank & Trust, 330 per cent; !ankm- ers Trust, 318 per cent; Guaranty Trust, 213.1 per cent; Bank of United States, 117.6 per cent, and Equitable Trust, 100 per cent. “The distribution which took isince October 1 in Equitable mpmu 89 89 99% 100 85% 85% 5 101% 101% 101% 26 76 Taw 75 .16 991 98% 994 18 99% 99 99y 39 111 110% 111 55% 554 554 98% 98% 94 a7 Mo Pac 5% 49 evt. Nassau El 4s 51. A 3 .14 89 88% 89 o 17 106% 105% 106% 3 107 106% 107 1 106% 106% 106% 6 102% 102 F 05 5614 20% 82 88% 0% 1% 65% 88 2104 104 104 4 89% 89 89 6 921 92% 924 1 101% 101% 101% 9 99 98 102% 102% 7 108% 107% 107% 10 100% 100% 100% 1 106% 106% 106% 2 99 98% 99 3 98u 98K 98, 19 9 9 3 98 9% 9N 6 9T 9T IR 28 100% 100% 100% 6% 96% 88% 89 EZZZ e T0% 91% 66 88% Port RL P 6s 47 Rending gen 4348 A, RIArk&L 4%s StL IM&S gn 6 98% | Tol Tr L&P 5 %8 1 9T 9% 9% 1 104% 1043 104% 2 6T% 6Th 674 69 Montana Pw deb 6s. 6 99 994 16 98% 98y 3% 113% 9 9 24 91% u. 3§ Virginia Ry 1st 8%, 98 o 4 89% xow BY W % 117 1 122% 122% 122% 11 88% 88% 88% [ Whasl 7 | Woash 6% s notable. Of the annual gain in stock- hnm"t,nzml!q‘:‘lum mf'u:mng to 109 per cen per cent was prior to Octo{er, ‘while the mnnmmifi month opened, coincidental with Equit- dble stock split-up and capital increase in December. “In Chemical Bank nearly a third of the entire year's gain in number of stockholders was tered in the last three moriths of emr.ths"l‘l.: amounting to more than Chemical on January 1, 1929, to start with. . ] A loss in the sale of stock or bonds may not be deducted on account of anticipated profits that have not been realized. A dealer in securities, as de- fined by income-tax regulations, may use the inventory method to r?on in- come because the stocks and bonds held by him are not investments but comprise his stock in trade. taxpayer possessing stock of a cor- poration cannot deduct from gross in- come any amount claimed as a loss merely on account of shi in value of such stock on account of fluc- tuation of the market or otherwise. The loss allowable in such case is that actually suffered when the stock is dis- posed of. &% A taxpayer, other than a dealer in securities, cannot deduct any loss claim- ed to have been sustained from the sale of stock or securities, if within 30 days before or after such sale he has acquir- ed (other than by bequest or inherit- ance) substantially identical property. This provision is designed to prevent a taxpayer, in computing net me, from claiming as a deduction a so-called “loss” sustained from a sale of securi- ties, which is immediately followed or immediately preceded by a purchase of substantially identical securities. Gain or loss, however, is realized in * the case of a “short sale.” A taxpayer owning 100 shares of the X corporation who purchases another 100 shares and within 30 days thereafter sells the first 88% | 200 shares, a gain or loss from both transactions is thereby realized at that time, and if he sells the stock included within the second purchase a gain or loss is realized. BANK CLEARINGS. NEW YORK, February 20 (Special) — New Yorkobln.k clearings, e e ,000; & year g H New. York hu;..k 280, $1,564,000,000. ) . 8 000,000; 8 year ago, $174,000,000. York ‘u'mluum Tve credit hlllneu“ 3 mmm ,000,000; & year ago, $131,- N 'ments have been made for the sale of a seat on the New York Stock ew Exchange at uoo“?oo. an increase of e. $1,000 over the pre M! recorded sale Sales. High. Close. ToARTIEY AR Tex & Pac bs C 7! 0% 1001 1ooms 4 31% 31% 1% 10 100% 100 100% 2 88 838 88 6 93% 93y 93% 4 89% 89% 89U o 3 06% 96% 965 10 107% 1074 107% 10 103 103 108 . 18 1014 101 101 « 4 100% 100% 100% 22 99% 99% 9% B..... 3 104% 104% 104% 81 81 Un Pac 1st ref §s. West Maryland 4s. 5 81 West Pacific bs, 7. 98% 98% 984