Evening Star Newspaper, February 24, 1930, Page 15

FINANCIAL CURB SHARES AT ** INDRAGEY MARKET Utilities Issues Steadier After Wave of Profit Taking Sales. B»~_BY JOHN A. CRONE. Evecial Dispatch to The Star. * NEW YORK, February 24.—After opening moderately active, but vir- tually trendless, today the curb market slackened its trading pace and moved lower. Utilities were the first group to sumn heavy. Industrials eased next, no- tably such as might be affected by de- clining commodities. Oils were some- ‘what stronger, as were coppers and los. After the first wave of profit-taking power and light holding companies steadie Electric Bond & Share was down at intervals nearly 2 points. American & Foreign Power, American Superpower and United Light & Power A also fell. Niagara-Hudson Power, St. Regis Paper and Eastern States Power, @il related, likewise reacted. General Petroleum Corporation when issued new common, which will be the outstanding stock of the merged Stand- ard Oil of New York-Vacuum Oil—if the Department of Justice approves the merger—appeared at 32';. The next sale was 32%. It was traded in on the Produce Exchange at 32. Indian Territory Oil, which recently brught in several new wells, was whirled to its previous high price. Vacuum opened up 13 points at 9234 and then moved to 93!,, but later eased off. Canadian Marconi featured the radios in gain and activity. Opening on a 5,000 share lot at 5% or up 3 it climbed to 5':, a new high for the year on floor reports of a merger. Then Marconl International Marine opened up 7 points. In the manufacturing list Pilot Radio, Am-Rad, and Eisler Elec- tric turned over frequently with little change. Natural gas shares showed strength. Memphis Gas. the first to appear fre- ently, was joined by United Gas and cific Public Service. The latter, asso- clated with Standard Ofl of California in distributing natural gas, plans to step up output considerably. Dixie Gas & Utilities and Arkansas Natural Gas were active. National Steel responded to an an- nouncement that Weirton Steel, & unit of the combine, had closed an order for $3,500.000 with United Engineering & Foundry to build a mill which will in- crease capacity. Republic Iron & Steel ‘was off slightly. Implement shares, such as Deere & Co., moved lower, mirroring the commodities. Copper shares were active and higher. ‘The betterment in Hudson Bay, United Verde and B'wana M'kubwa later ex- tended to Newmont Mining. Noranda at times was up about 15. . BOND DEMM:D REPORTED ACTIVE IN BALTIMORE &pecial Dispatch to The Star. BALTIMORE, February 24.—Local Investment bankers report that the de- mand for bonds and gl':{::{etflheflock! is steadily wing, an sup- ly of dflll":gle issues is smaller than ?ur more than a year. They declare that the market is not confronted with excessive flotations, and that the sit- + uation on tl;eeu whole 1is Gil.vo:bl;i Municipal as as corporation bon recently brought out have been well distributed. Inmux::ed by the recent success. ful sale of State of Maryland 4!, per eent bonds, two Maryland counties will Teceive bids tomorrow for ‘small issues. ‘Wicomico County will be in the market with an offering of $300,000 41, per Georges Gty Wil aper pida 1 ity open or $125,000 obligations bearing the same rate of interest. Bankers say that com- petition will be keen for both issues, and that there is every reason to believe they will command good prices. 1t the sale of Wicomico and Prince Georges County bonds is as successful a8 now seems probable, it is likely that other Maryland counties, cities and towns will call for bids for bonds they contemplate selling this year. POTATO MARKET. CHICAGO, February 24 (United States Department of Agriculture).— Potatoes—Receipts, 225 cars; on track, 358; total United States shipments Pri- day, 878; Saturday, 623; Sunday, 32 cars; trading rather slow, market dull; Wisconsin sacked round whites, 2.40 to 2.55; Idaho sacked Tussets, 3.0083.20. BONDS ON THE CURB MARKET. Ty DOMESTIC BONDS, sands. Hi 10 Aluminum Co 58 '52. 13% . i . e Ve 11Am G 58 28 15 941, 2 S > g5 tS 5 8 5 .. Jel} R oo sosit 3% ap, 28000 2y ond) i oN¥ LG £88! Sk nses Bl MM e ks o ¢ é’ ) 3 9 tohomtetorsiotet DL ¥~ & Fodn & A " g Sohasee. 2T o Zmg et e 38 BT oo g” 74 A a8 4128 '8 P 855D dis_5s ", T i Fid 6 S 3 (o 002! 99y 85 An P S 5 55 ‘44 20w 0 22832 EEELH 3400 94 Sias 53 87 85 A 521 s | 05 e B A St s NI A3t i M a0 0 gaaca: »Ep223 sh W & P 55 3 Waldorf Ast 7s 14 Warner Bros 6s '39 . 7 West News Del 6s '44 § Westvaco On 818 37 30 West Union 5s '80... FOREIGN BONDS. 2Bue Alres Pr 7las '47100 3 Cauca Val 7s 102% 102 100%2 100% 72 1% Bk 65 .3 Er M E 6 A'53 w 7 Euro Mig 7s C '67 in Ind B FE RS 3 823282323888 333822838333 & S Nflht—hAll MI“ are sold excepting those ignated which shows those stocks h" ~Prev. 1930.~ High. Low. 124 ¥ 7 ¥ 21% 111 16 L3 27% 1144 4 23% 3 w 25'% 154 654 113% 105% 10 W A% 225 1% T 5514 10 24% 18 23% 94% 5 274 1% 15 2% 124 B an 224y 1% 7 6% 14 124 % 36 2% bu 1501 Y. 28 23w 6% 83% 27% 36 2% 104 14% 24% 14 4% 19 534 97 1% 264 84 88 % 63 18 52 % 234 3% 12% % 15 % 5 * 13% Con Dairy Prod (32). 90% 100% 124 38 11% 12% 3% 12% 1% 1% 3 128 25% 18% 4 Fox Theat Cl A, & 28% be sold in odd lots Stock ana Sales— Dividend Rate. Add 00 Open. Aero Sup Mfg B., 5 1% Aetna Rubber Co. .., 7 Ainsworth Mfx 1214 | Ala Pwr cum pf (7)., All Amer Gen Corp, Allegheny Gas Co Allled Aviation, All Int Inv-Corp, Allied Mot Ind(1)... Aluminum Co of Am 310 Am Beverage Corp. % Am Brit & Cont 6 Am Br B El fd s Am Chain (3)... AmC P&L B (b10%) AmCwith P A b10%, Am Cmwith Po war., Am Control O1l Fids. Am Cyanam B (1.60) Am Equities cease Am For Power war. ., Am Gas & Elec (31). Am Gas&Elee pf (6). Am Invest inc B, Am Investors (war). Am Lt & Tract (10). Am Maracaibo, Am Natural G Am Salamandra (. Am Solvents Chem. . Am Sol Ch ev pf (3). Am St Pub S(A)1.60 Am Superpower (1), Am Super 1st pt (6) Am Yvette (new) wi. Amster Trad (1%) Anchor Post ¥ (2).,, Anglo-Am vot (73e). Anglo Nor Hold. Apex Electrical Mf Arcturus Rad Tube, 1 2 2% 1 112% 15 17 6% 1% 6 1% [ 1% 6 1814 310 5% 18% ERa- e -~ e I & RN O N e OIS e 1 5 rts.. Asso Laund (320e) Asso Rayon.. Atlantic Lobos. Atlas Plywood (2). Atlas Stors Corp($1) Auto Music (A) (1).. Auto Voting Mach. Aut V Mcvprpt (2). Aviation Credit..... Aviation Securities. Axton-F Tob A 3.30. Bahia Corp.... Bellanca Afreraft Bell Tel of Can (8)... 1 Blckfor Inc pf (2%). Bliss Co (E W) (1) Blue Ridge Corp. Blue Ridge cv pf. Blumenthal (S). .. Braall Tr & Lt (2). Bridgeport Machin, Brill Corp, A (65¢). Brillo Mfg (1.20) Buf Niag&EPpf 1 - Cable Radio T vte. orufEre annomaal luloid Corp. .. Cent P 8Sv A (al.75).. Cen Stat tock Ches & Ohio (new Cinn Gas &Elec pf. Chief Consolidated. . Cities Service (330¢; Cit Serv pf B (60c). Citles Serv pt (6) Clark Lighter A Clev El Iilum (1. Clev Tractor (1. Colgate-Pal-P - 3 ET LT T LT e g Com'with Edison (8) 10s Comwlth & Sou war.. 56 Com Wat Ser (b6%). 11 Comstock Tunnel.... 1 Consolidated Aireraf 1 CAMCootfs..ccv.o 3 Consolidated Copper. 5 Consol Cortes Stlver. b4 12 Con Gas, Balto(3.60) Cons Gas Balt pf A 5. i Continenta] Ofl... ... Cooper Bess pfA(3). Cord Corp. Corroon & Reynolds. Cor & Rey pf A (6).. Courtaulds (50¢), .0 Co! Curtiss Wright war.. Cusi Mex Mining.... Dayton Alr & Eng... Deere & Co new w.i... De Forest Radio. ..., Derby Oil & Refin. .. Detroit Atrcratt Cor. Dix Gas & Utilities. . Dixon(J)Crue (8) Dolores Esperanza. ., Draper Corp (15). Dres(SR)MIg A3%. Driver Harris(new), Dubilier Cond&Rad.. Douglas Aircraft 76e Duke Power (35). Durant Motors. East Ga 8 Soawnnnsn ou H 2Rum © El Bond & Sh pt (6) . Elec Pow Ass0 (1)..; Eleoc Pw Asso A (1) ElP&Lopt war.... Elec Sharehldg (31). Emp G F cum pf (7). pt Europan Elec (T! Fabries Finishing... Fairchild Aviation, . Fansteel Products. .\ Federated Metals(1) Financial InvN Y..., Ford Motor Ltd. Foremost Dairy Fore D Pr pt ( Fourth Nat Inv, Srelerer e roan General Baking. General Bak pf ( B »N Gen Empire Corp.... Gen Fi'proof (12%).. G Gen Petrol Corp wi Gen Rity & Uit Gen R & Util pf (6)., Globe Underwriters. - Belowandm-S- Goldman Sachs (b6). Goth Knitback Mach GrA &P Tea pf (1). » Soad Greif & Br pf X (7).. Groe Stors Prod vie Ground Gripper (1) e Gunther Law (2). Guif Oll of Pa (13). Happiness Candy. ... Hudson Bay M & 8., Humble O11 (2). Hydro Elec Serv (2). Imp Ofl, Can (50¢). sy Indian Terr Illum. .. Ind Fin ctfs (b10% ). Insull Ut Inv(b6%).. Ins Co of N Am (13). Intercontinent Pet n, Intl Holdg&Iny 10c. . Intl Petrol. n(63%e). Internat Products. .. Intl Superpow (31). Internatl Ut - P T Interstate Equities. . Jerome Verde Dev, ., Johnson Moter Co. .. in one hundred-share lots | —Prev 1930.« High the letier s (85s) (283s), 26% % 25 3 1125 112% 112% THE EVENING STAR, WASHINGTO NEW YORK CURB MARKET Recsived by Private Wire Direct to The Star Office —_— Stock and Dividend Rate. : KanCity PSvtcApf 4 2% Kirby Petroleum. ... 1 Kolster-Br (Am Sh). 9 Lakey Fy & Mch (1), 227 Lefcourt Real 11.85. . Lefcourt Real pf (3) Lehman (The) Corp. Leonard Oil Liberty Baking Corp Lily T Cup (160). Lion Oil Refin (2) Loews inc deb rts. Loews Inc war.... Lone Star, new (80¢c) Long Isl Light(60c). Louisiana Lan & Ex. Mac Marr Stores. ... Magdalena Syndicat. Marc int M(52%e).. Marine Mid Cp «1.20) Marion Steam Shov. Marshall Field & Co. sa Low. a5 87 [ N T » - ra vema ShemnlvannEoncneicESclans C Mer & M S A (1.50), MerChap&S pf A 6% Mid West Ut A war.. Midld Stl P 2d pf(2). Miller & Sons (2)... Mo Kan P L (b10%). Miss River F Cp war Mock Judson Voe(2) Mountain & Guif §c). Mount Prod (1.60), Muniecipal Service. .. Nat Amer Co. Nat Aviation. Nat Baking pt (7) Natl Fam Strs (1.60) Nat Investors (new) Nat Pub Sv A (1.60). Nat Steel Corp xw (3 Nat Union Radio.... Nelson (Herman)(2) New Hav Clock 11% New Mex & Ariz Ld. Newmont Min (34).. Newport Co (2). N ¥ Invest (1.20). N Y P&L 6% pt (6 - o) xRS E Niagara Hud P Niag Hud Pw A war. Niles Bement Pond.. Noranda Min, B Northam W ev pf(3 North Am Aviation. . North Am Cement, North St Pow A (3)., Ohio Brass B (5).... ©Ohto Copper. Ohio Ol (12) Otis Elevator new. .. Outbd Mot A (1.80).. Outbeard Motor (B). Pac Coast Bis pf 3.50 Pac G&EI 18t pf 13 Fub Serv (1.30) Weatern Ol ndem Oil. Pantepec Oll 58 mnBowan B - - CreSmmpamana Goor Petrol Corp (1% )... Philip Morris Ine... & Piedmnt & North (6) 175s Pllot Rad T A (1.20), Polymet Mfg (31) Prines Radio Products (2).. Railway & Lt S (15).150s RainbowLumProd A RainbowLumProd B Reiter-Foster (40¢).. Reliable Strs (b5%). Rel'nce Managemnt.. 7 2 1 3 8 Rep Steel cum pt wi., 3 Reynolds Bros Ine.., 1 Reynolds Metn 2.40., 1 Roan Antelope Min., 1 Rocklans Lt&P(93¢), 2 Ross Stores, Inc....3 2 Ryan Consolidated.., 1 2 St Anthony Gold.... St Regis Paper (1).. 19 Safety Car H & L(3) 3008 Salt Creek Prod (2).. Schlet & Zan (1%).. 5% Seg Lock & H (50¢) - Seiberling Rubber. ., Selected Industries. Sel Ind allot ofs §% o 4% Sentry Safety Cont., Sheaffer Pen (12%).. Shenandoah Corp. Shenan Corp pf(a3). Sierra Pac Elee (3).. Silica Gel ct. Singer Mfg Ltd( ger Mfg Co (126) to Fin Corp. ... » Fuo~ennlaonare - 3 Southern Ice Util A 8o Ice & Utiliti 8 W Gas Util, .o Spanish & Gen Reg. . Stand Ofl, Ind (23%4). Stand O1l, Kan (3)... Stand Oil, Ky (1.60)., 8t Oll of Ohio (3%).. Starrett Corp. Sterch Br St Strauss Roth Stuts Motor Car..... Sun Inv pf (3) Sunray Ol uperheater (13%).. Swift & Conew (2).. Tampa Electrio (32). Technicolor, ) % Teck Hughes (60¢).. « ‘Tish Realty & Con. Tobacco Pr Export Tonopah Belmont. Transamer (31.60 Tran Con Afr Tran. « Tr-LuxDLPS8 (A). Tri-Cont Corp war. ., Tri-Continental Cor., ‘Tri-Cont Corp pf(§). Tri Utilities (1.20 Tub Art Silk B (10).. Ulen & Co. Ungerleid D Union Amer Invest Union Tobaceo. Utd Carr Fastnr 1.20 United Ch pt pf (3) Un! forey wAR R anes SroBuBananmanin mmononemmm H Unit El Ser pur war. Utd Founders(b2-35) United Gas Co...... Unit Lt&Pwr A(60e) Utd Lt & Po pf (6).4 8Zoar Utility Pw & Lt(a1), UtIIP&L B otfs (al). Utility & Ind. Utility Equities. Vacuum O11 (14%) Vick Fin Corp... 8% Waltt&BondB(1.40). Walgreen % 18% 6% 2% RIGHTS. Expire. n Gas El L&P..April 1 ler Electric.....Mar 21 Eng Tel&Tel So. -Apr.13 .01 Trans Corp........Mar *Ex-dividend. tPartly extra. tPlus extra in or stock. bPaysble in stock. d Payable 4 loam s Add 00. Oven. Hign. 2 25 25 2 1 % 3% 3% 180 180 6% 1 674 79 13% 5% 1 67% 79 14 6% 65 26% 364 15% 1% 2% 10% 33w 14% 864 _ 126% 1254 93% L) 18% 50% % 13% 9% 8 2% 12 8 1% 92% % 18% 50 % 13% * 38 ™% 2% 12% 8 15 , 2582 3 23a24; Guinea fowls, each, 45a70; % | firsts, dozen, 9y, | ter grades of timothy and clover mixed D. C., MONDAY, FEBRUARY 24 |BUSINESS GAINS OF JANUARY NOTED IN GUARANTY SURVEY {Reports Thus Far Available Are Contra-| dictory. Says Report—Auto Output Grcater—Storc Sales Less. 'BUSINESS OUTLOOK | IS HELD ENCOURAGING, Union Trust Co. Survey Declares Renewed Activity Is in Prospect. ’5”"‘!‘ Dispatch to The Star. CLEVELAND, Ohlo, February 24.— | The gradual recovery of business is | continuing. although the improvement is not uniformly apportioned among industries, and the general outlook is | | distinetly encouraging, the Union Trust Co., Cleveland, reports in its monthly survey of business conditions. | A few of the encouraging signs re- ported in the survey are renewed activ- ty in steel and automobiles, improved credit situation and the upward trend of building. On the other hand, con siderable unemployment is still in evi- dence, according to the bank. } “Preliminary "estimates of mutomo- bile production during January give a production total for that month of approximately 275,000 units, s com- | pared to 119,000 in December and 400,- 00 in January, 1929,” the bark says. “The largest gains were evidenced in the lower priced field, with Ford pro- duction reported at about 6,200 cars daily. As manufacturers increass pro- | duction schedules a corresponding gain | is being shown among the parts and accessories plants. “It is particularly encouraging to note that automobile compantes are not following their past practice of piling up heavy inventories in anticipation of Spring business, but are moving for- ward cautiously in an effort to keep production within the limits of con- sumer demand. “Steel mill tions have traveled from a range of 40 per cent to 50 per cent of capacity at the lowest point during December to one of 75 to 80 | per cent in February. This cecovery indicates the vigor and extent of the improvement that has taken place from the bottom of the recent reces- sion.” BY GEORGE T. HUGHES, Recent financing for Siemens & Halske, the great German electrical equipment manufacturing concern, is interesting in that it shows the modern trend in investment. For this corpora- tion there were sold in this country re- cently a block of participating deben- tures, which are bonds in name and in fact, but which pay interest at the same rate as the current dividend on the common stock. ‘The evident idea is to appeal to the buyer by offering the security of the bond with the speculative possibility of the stock. Interest on the debentures to the amount of 6 per cent is a fixed charge, but anything above that is contingent on earnings. When these securities were floated a price of $933 was fixed for each debenture of a prin- cipal amount of $400. On this $400 6 per cent of $24 annually must be paid in any event. An additional amount will be disbursed equal to the amount by which the dividend rate exceeds 6 per cent. It is now 14 per cent, and that, therefore, is the return on the de- bentures, which makes a yield of 6 per cent at a price of $933 for a $400 piece. In other words the buyer is paying over 233 per cent for his bond because it pays 14 per cent. He is speculatin; on the continuance of the dividend at the present rate hoping that it will be increased but taking the chance that with a change in industrial conditions in Germany or in the prospect for this particular company it may be decreased. He 1s sure of his 6 per cent but the grlee he is paying for the bond is fixed y_the speculative feature. This is not the first time this com- a bond with a profit-sharing provision. A block ef debentures somewhat similar in character was distributed in 1926 although in this case the bonds carried warrants for the contingent interest. In making any such investment the same precautions should be taken as are exercised in any common stock com- mitment, Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., February 24.— Poultry, alive—Turkeys, pound, 30a36; old toms, 20a25; Q:Yn 8 _chickens, 17a30; igeons, pair, 25a30. ggs—Recelpts, 1923 cases: nearby e 5; hennery, white, firsts, 237, Butter—Good and pound, 34a38%%; g‘cked, 20821; 3834 Vegetable Prices. Potatoes, white, 100-pound sacks, 2.25 82.90; sweet potatoes, barrel, 1.75a2.75; yams, barrel, 1.75a2.50; beets, y 2.0002.25; cabbage, hampers, 75a1.00; carrots, 100, 3.00a4.00; caulifiower, crate, 75a1.50; celery, crate, 2.00a3.00; lettuce, fancy creamery, ladles, 31a32; !W"Q rolls, 25a28; process, parsnips, basket, 40a50; spinach, bushel, 85a1.00; squash, bushel, 2.50a4.50; tomatoes, crate, 2.50a5.00; turnips, hamper, 25a30; bushel, 60a75; cran- berries, box, 5.50a6.50; grapefruit, box, 80; oranges, 2.10a4.75; tangerines, 1.2583.50; strawberries, quart, Live Stock Market. Cattle—Receipts, 250 head; supply light, market higher.* Steers, choice to prime, none; good, 12.00a12.50; medium to good, 7.25a12.00; fair to medium, 10.25a11.25; plain to fair, 9.25a10.25; common to plain, 8.00a9.00. Bulls, cholice to , none; good to choice, none; lum to good, 8.50a9.00; fair to medium, 8.00a8.50; plain to fair, 17.50a8.00; common to plain, 7.00a7.50. Cows, choice to prime, none; good to choice, none; medium to good, 7.50 to 8.00; fair to medium, 6.00 to 7.50; plain to fair, 5.00 to 6.00; common to plain, 4.00 to 5.00. Helfers, choice to prime, none; good to choice, 10.00 to 11.00; medium to 9.00 to 10.00; fair to medium, t0 9.00; plain to fair, 7.00 to 8.00; common to plain, 6.00 to 7.00. Fresh cows and Springer, 60 to 1.50. Sheep and lamb—Receipts, 80 head; light supply, market lower. Sheep, 2.00 to 6.50; lambs, 7.00 to 12.75. Calves—Receipts, 350 head; light sup- r;yo.o market lower, Calves, 17.00 Hay and Grain Prices. ‘Wheat—No. 2 red Winter, export, 1.09; No. 2 red Winter, garlicky, spot, 1.09%;; February, 1.09%; March, 1.00%; No. 3, garlicky, no quotations. pany has sold in the American market | bo. Corn—No. 2 domestic, yellow, new, 96a97; cob corn, new, a4.75. Oats—No. 2, white, domestic, spot, 5315a84; No. 3 white, domestic, spot, 5214853, Rye—Nearby, 80a90. Hay—Receipts, 38 tons; general hay market is quiet; some little hay is ar- riving, but hardly enough upon which to establish quotations by grades, Bet- are selling from 16.00a20.00 per ton, to quality and condition, re- & | according eelpt; by truck supplying most require~ ments. slock. o Pavadlemn firsts, 26 o 25%. in preferred stock. Straw—Wheat, No, 1, per ton, 9.00a 10.00; oat, No. 1, per ton, 9.00a10.00, CHICAGO DAIRY MARKET. CHICAGO, February 24 () ; Teceipts, 12,519 tubs; extras, 341; firsts, ”V‘ofi) 34; firsts, onds, 31 to 311}, easy; receipts, 122,891 cases; extra . 27; graded to 26%; ordinary firsts, 2412 1930 Special Dispatch to The Star, NEW YORK, February 24.—Informa- tion on the business situation which has become available so far this month is | but on_the | tion contracts were larger than in De- | | whole favorable, according to the Guar- | cember, contrary to. the usual trend at | ty Survey, published by the Guaranty | Trus 3 7 | sentiment has undoubtedly been im-| somewhat _contradictory. Trust Co. “It is now fairly clear,” the Survey | says, “that business activity in January |rates and by the general downward increased by more than the usual sea- sonal amount over the December level, | Federal Reserve Banks, and it appears that further gains have been achieved this month. In some di- rections, the bright promise of January has not been entirely borne out, but in others the progress made has even ex- ceeded expectations. “Undoubtedly the most impressive im- provement has been reported by the steel industry. This i both significant and encouraging because of the wide va- riety of sources from which the demand for steel arises and the fact that the trend of steel output usually follows the course of general industrial activity rather closely. Weekly trade reviews have consistently reported increases in business. with special emphasis on im- provement in industrial centers, *‘Automobile production increased very e ko sharply last month, while smaller gains were reported in cotton consumption and electric power production, according | to the preliminary estimate. Construc- the beginning of the year. Business! proved by the continued ease in money movement of rediscount rates at the “On the other hand, both check pay- | ments and railway freight loadings con- | tinue to compare unfavorably with the totals for comparable periods in previ- ous years. Chain store sales reflect the slowest rate of growth reported in some time, and department store sales show a slight recession from the level of a year ago. The volume of foreign trade continued to decrease last month. The average level of employment reported for January throughout the country was the lowest sinc. 1922. Coal production | was considerably smaller last month than in December, if normal seasonal change is taken ' into consideration. Bullding contracts declined _sharply from the January level during the first half of February.” GRAIN MARKET. CHICAGO, February 24 (#).—Wheat suffered more than a 4c fresh break in price here early today, and fell to low record quotations during the present crop year. Severe set-backs in prices at Liverpool and Winnipeg, together with stop loss selling here and prospects of a larger end of the season carry-over of wheat in the United States than in,1929 were chiefly responsible. Opening 1'2 to 3'; down Chicago wheat future de- liveries later went still lower. Corn, oats and provisions fell with wheat, corn starting 12 to 73 off, and subse- quently contining to Tecede. Persistent heavy selling pressure de- veloped in the Chicago wheat market today as soon as trading began. A large part of the offerings thrown on the market appeared to come from holders unable or unwilling to meet further losses, especially in the face of continued downward plunges of wheat values both at Liverpool and Winnipeg. Meanwhile, no indications of any large amount of North American export busi- ness over the week end were in evidence, and estimates were current that United States clearances of wheat must total 9,000,000 bushels weekly from now on or else result in more domestic wheat being left undisposed of this season than was the case before harvest last year, Almost total lack of aggressive buying support accentuated the weakness of the Chicago wheat market at times today, would-be speculative purchasers holding off pending absence of tangible basis for anxiety about domestic crop conditions. Purthermore word was at hand that farm board co-operative allies were refusing to accept wheat today at Omaha, the refusal being due to scarcity of storage room available, Notice was also being taken here of reported dissensions between grain growers’ organizations in the Northwest. MARYLAND TOBACCO SALES. BALTIMORE, February 24 (Special). —Receipts of Maryland leaf tobacco last week totaled 44 hogsheads, while sales of 33 hogsheads were reported, leaving a stock in State tobacco ware- nhnwu:-‘ ‘1.552 l':‘o'ul sheads and 252 of ‘ground leaves. og;n is still a good demand for practically all grades of old-crop to- ccos, but very few offerings. Quotations today for Maryland leaf per 100 pounds—Inferior, 7.00a12.00 sound common, 13.00a20.00; good com. mon, 21.00a30.00; medium, 31.00240.00; good to fine red, 41.00a51.00; fancy, 1.50852.00; seconds, common to good common, 7.20; medium, 21.00a30.00; to fine, 31.00a40.00; upper coun- gg:nuol:y. nominal; ground leaves, 6.l .00, i American cigars may be introduced into Japan. 1853 +We take pleasure in announcing that MR. WILLIAM H. DONAHUE, 2nd (Formerly associated with Messrs. J. & W. Seligman & Co.) Members NEW YORK, NEW YORK COTTON. NEW YORK, February 24 (#).— Cotton opened barely steady today at declines of 12 to 22 points in response to lower Liverpool cables and a renewal of near month liquidation. The selling was more or less general at the start and prices for nearly all positions made new low ground for the season with March selling off to 1495 and May to 15.25, or 24 to 25 points net lower. Later months were relatively steadier but October declined to 1570 or 16 points under the closing quotations of last Priday. Stop orders were uncovered on the decline, but were absorbed by covering and trade buying and the market was rather steadier with prices showing rallies of a few points from the lowest at the end of the first half hour. Liverpool cables refimd liquidation. mm;“inm and Bombay selling in that marke NEW SECURITIES. NEW YORK, February 24 (#).—New securities offered today include: Canadian National (West Indies) Steamships, Ltd., $9,400,000 25-year 5 per cent guaranteed gold bonds, to be dated March 1, 1930 and maturing March 1, 1955, priced at 100 and in- terest. Offered by a banking syndicate headed by Dillon, Read & Co., and in- cluding the National City Co., Guaranty Co. of New York and others. Beauharnois Power Corporation, Ltd., 30-year 6 per cent collateral trust sink- ing fund bonds with stock bonus de- livery warrants and stock purchase warrants attached, dated October 1, 1929, and due October 1, 1950, mced on appliéation, offered by A. Iselin & Co. and others, Albany County, N. Y., $1,200,000 4% per cent bonds maturing March 1, 1931 to 1960, inclusive. The 1931 maturities are priced at 100 and interest, and the 1932-1960 maturities are priced to yield 4.10 per cent, offered by Barr Bros. & Co. k-nd the New York State National Bank. Money to Loan b Ay X Joseph Wm. Gordo:n Buchanan Councilor & Buchanan Certifiog emer Builling™tant National 6110-61116213 has become associated with us in our Washington Office STEIN BROS. & BOYCE Estadlished 1353 Woodward Building WASHINGTON, D. C. Main Office: Baltimore, Md. Stock Exchanges Assoclate Members New York Curb Esxchamge (Telephone Directory Omission) Baltimore and Louisville Experience THROUGH a nu'dy of the Real Estate loan sections of the country the Metro- £olinn Life Insurance a perfected a embodies satisfactory elements to the borrower, We invite applications for loans situation in all Company loan plan that PRODUCTION GAIN INU.S. REPORTED Reserve Board Figures—Em- ployment Increased Since Middle of January. By the Associated Press. The Pederal Reserve Board in its summary of general business conditions reported a 4 per cent increase in it trial production in January from tue low level of December. This increase, the board said, re- flected principally a larger output of automoblles, steel, cotton textiles and shoes. Output of copper, cement, um- ber, anthracite coal and flour declined. In the first two weeks of February steel plants reported an increased rate of operation, but continued to be less ac- tive than in the corresponding pericd of 1929, “Factory emsfloymont. which was in relatively small volume in the middle of December, was further reduced by the middle of January, but preliminary reports indicate a slight increase in the three weeks following,” the sum- mary said. . “In automobile and steel planw there was an iIncrease in employment in the month ended January 15 and in recent Wweeks further increases have beem re- ported for these industries. There were decreases in January in the number of wage earners employed in the machin- ery, car-building and repairing, lumber and cement industries.” The board said there was a further liquidation of bank credit and a declin~ in money rates, while commodity pricec continued to move downward. STEEL OPERATIONS DROP. NEW YORK, February 24 (#).—Steel operations in the Youngstown district declined 3 per cent—from 77 to 74 per cent of rated capacity—during the past week as a result of a downward revi- sion of open-hearth schedules, Thirty- nine open ,hearths will be active this week, compared with 42 last week, ~ NEW YORK BANK STOCKS. NEW YORK, February 24 (#).— Banks, £ . 135% {Ifi 3200 3875 82538337253 TRUSTEED SHARES the IDEAL IN' 'VESTMENT yestors who _demand — and GROWTH of phncips Specially suited fo long-term in yestments ~ for individi trust funds and funds of organizations. 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MORTGAGE & GUARANTY CoRPORATION Capital Resources $3,800,000 24 JACKSON PLACE