Evening Star Newspaper, February 25, 1930, Page 15

3 - FINANCIAL. UTILITIES FEATURE ! UPSWING ON CURB -Favorable Earnings Reports and Better Business News - Aid Forward Movement. BY JOHN A. CRONE. i Bpecial Dispatch to The Star. , | YORK, February 25.—After | _Opening irregularly, the .curb market, ~under the leadership of utilities, “steadied as trading speeded today. “ The early hesitancy was caused by “formal announcement of the liqui «tion of the bankers’ pool, but this “hbeen discounted weeks ago. * Pavorable earning reports, large air- plane orders, betterment in the natural £as industry and the agreement to cur- tail ofl output in California brought about a rising trend. Electric Bond & Share started the | wing in utilities, moving up about | "1%2 points from its opening. American “Buperpower then overcame offerings, 3 in the third hour again encoun- tered selling. Middle West Utilities, United Light & Power and Niagara | Hudson next moved ahead. Cities Service and Indian Territory, | “among . the miscellancous petroleums, | Jpointed higher, while Standard Oil of Indiana, whose subsidlary brought in a | JJarge well in the Salt Creek fields, made the best showing in the Standard group. Imperial Oil of Canada hit a new low, | and Vacuum Oil was weak. . The success of the St. Louis Air Show, Jfrom the point of actual business booked, started a movement in aviation stocks: North American Aviation, Na- tional Aviation, Aero Supply Manufac- turing B and Douglas Aircraft were | early leaders, Natural gas stocks again climbed as ‘traders heard of merger rumors, ex- pansion plans and rising earnings, Mis- souri, Kansas Pipe Line showed a Janu- ary $26,000 gross earnings gain, or 30 ;:'cen: over December, according to ident Parish. Memphis Natural Gas lans to double its present output. P, ted Gas, most mentioned in mergers, Also improved. Steel shares, such as Republic Iron, opened lower, then advanced. National Steel and its first warrants rose as trld.\ng progressed, but Driver-Harris was off at times about 3 points. General Baking preferred and Gen- Zral Electric Co., Ltd., hit new lows for the y:l“" Golrged Seal xllumc!‘l‘ wlmch”’ ly e a loss for , equaled s previous low. May of the icago stocks that were depressed Aere Monday improved today. CHICAGO LIVE STOCK MARKET = CHICAGO, February 25 (#).—United States Department of Agriculture.— “Hogs, receipts, 30,000 head, including 3,000 direct; market 15 to 25, mostly 25, lower than yesterday’s average; 25 to 50 lower than early yesterday; top, 11.15; bulk, 160-250 pounds, 10.50 to 11.10; butchers, medium to choice, 250~ 300 unds, 9.90 to 10,65; 200-250 pounds, 10.25 to 11.15; 160-200 pounds, 10.50 to 11.15; 130-160 pounds, 9.75 to J1. packing sows, 850 to 9.75; medium to -130 pounds, m to 10.50. ' Cattle—Receipts, 6,000 head; calves, Feceipts, 2,500 head; generally steady: ‘trade slow and uneven; lowsr-grade Steers predominating; bulk, selling at 11.50a13.00; fat cows very dull; slaugh- er classes, steers, and choice, 1,300-1,500 pounds, /12.75a15.25; 1,100~ 1,300 pounds, 12.75a15.75; 950-1,100 pounds, 12.75a15.75; common and me- Alum, 850 pounds up, 8.75a12.75; fed choice, 750-950 heifers, good and , 850 pounds down, 11.50a14.25; common and medium, 8.00a11.50; cows, good and choice, 7.25a9.75; common and medium, 5.50a7.25; low cutter and cutter, 4.25a5.50 good and choice «beef), 7.75a9.f cutter to medium, 6.5028.25; vealers (milk fed), good and choice, 9.75a14.00; medium, 8.75a9.75; cull and common, 7.00a8.75; stocker and feeder steers, good and choice, all ‘weights, 10.75a11.75; common and me- dium, 8.00210.75. Sheep—Receipts, 11,000 head; ity plain; market slow, steady: early ‘bulk. 78 to 90 pounds, lambs, 10.50 to 11.00; best held above 1125, 'Fat ewes | steady at 5.50 down; feeding lambs nominal. Lambs, and choice, 92 pounds down, 10.00 to 11.65; medium, 9.75 to 10.15; common, 9.00 to 10.75; medium to _choice, 92-100 pounds, 9.00 fo 11.00. Ewes, medium to choice, 150 .75 to 6.00; cull and .common, 2.00 to 5.00. Feeder lambs, good and choice, 9.50 to 10.50. yearlings, good and “pounds, 12.75a15.75; choice, qual- Lt 4 TREASURY BALANCE. The United States Treasury balance | announced today as of close of business Ty 21 was $58,435,016.76. Cus- Aoms_receipts for the month to date were $26,425330.96. Total ordinary ex- Ppenditures $13,901,574.81. SILVER QUOTATIONS. NEW YORK, February 25 (&) —Bar silver, 42%. Mexican dollars, 3175, BONDS ON.THE CURB 2 g 2222220385 228 Q0 DOMESTIC BONDS. High. inum Co 58 °52.. 10: inum Ltd 5s *43. 9712 35 '28 4! § Low. MNoon. 102° 102 » ._...u_m.,g.u.__w-...., 9385558 52 s2n gEre 758, 8, ? 1050 -0t e . 2% Q% nl‘fl?) 393w= 793 3 9 3 t nt 109090 ;% 628 A 3T ww 75 P & 1 55 54 atineau P 55 o1ty s s ‘44 128 Gen Wat W 6s B '34 95 Georgia Pow 55 '67. 96% Gulf Oil Pa 5s '37. 10013 T Gulf Oll Pa 5s Guif St Util 55 A ‘56 Insull Ut 63 40, S0 b 5 15 a0 B e 90 1095 A0 BN b Bty s 6548, est Union 58 /60, 1003 1 " Con ‘Mun 7a '8l 9415 ov 7 '52 981 Sowonrara Poswnsunimnsr S, Notice—All stocks are sold in one hundred-share lots excepting those designated by the ‘which shows those stocks to be sold ~Prev. 1930.— Hig! 9% 12% 16 277 125% 2% 1% 2 181 43 1421 14% 67 27% 3n %4 1574 10% B0% 11% 29% LY 14% 5% 13% 3 2 % 3 131% bl T 26% 19 15% 41 19% 35 28% 15 18% 0: 106 36% 34 41% 21% 3 | 100% letter s (65s) (285s), | High in odd lots only 2% 13% 45% Stock and Low. Dividend Rate. Add 00. Open. High Low. 8 Acetol Prod A.. 8% 13% Aero Underwriters. . 21% Alnsworth Mfg 3235, 119% Ala Great Sou (7)., 1% Alexander Indust.,,. 16 All Amer Gen Corp, % Allled Aviation. 14 Allied Mot Ind(1) 364 Am Arch Co (3) 37 Am Chaln (3). 37% Am Cit P&L A (ad). 14 AmCP&LB (b10% 20% Am Colortype (2.40). 231 Am Cwith P A b10%. 15% 15% 25 25 125% 1364 2 * i aalnsBealiBeomenio % Am Control O1l Flds. » 654 Am For Power wa 113% Am Gas & Elec (31).. 10 AmInvestIncB..,. 4% Am Investors (war), 34 Am Maize (12.80),, Am Mfg Co (4). 114 Am Maracaibo....., 24% Am Sol Ch cv pf (3). 18 Am St Pub S(A)1.60 23% Am Superpower (1). 87% Am Superpow pf () 94% Am Super 1st pf (6) 5 Am Yvette (new) wi 11% Anchor Post I (2) 15 Anglo-Am vot (73e). 15% Anglo Chil Nitrai 9% Arcturus Rad Tubi & Ariz Globe Copper. 8% Arkansas Nat Ga: 2 8% Arkansas Nat Gas A. 11% 102 Ark Po & Lt pf (1)..150s 107% 18 ArtMetal Works(3) 2 23 Asso-Dyeing & Pt 614 Asso-Eiec Ind Ltd 26% Ass0 G & E A (12.40) 7 Asso G&E A debrts.. 4% AsSO Rayon........, 2914 Asso Rayon pf (6) 154 Atlantic See Corp. 221y Atlas Plywood (2) 18 Atlas Stors Corp(31) Auto Music (A) (1)., 6% Auto Voting Mach 14 Aut V Mecv prpt (; 12% Aviation Credit...... 2% Bahia Corp......... 46 Bancomitnew (1.60) 2 484 150'%% Bell Tel of Can (8)..1768 156 10% Bently Chn St(1.20), 1 23% Bllss Co (E W) (1).. 130% 1328 124 0 =5 o Ram 8 - & 12 @ w o Boomm oo q RN e enthal (S) 11 Bowman Bil H 2, 36 Brazil Tr & Lt (2) 2% Bridgeport Machine. 12% Brillo Mfg (1.20).... 3 BrCelanese Ltd rets 24% Buf Niag&EPpf 1.60. 3% Burma Corp (t31e).. 23 Carman & Co 24% Celanese Corp......: 80 CelanCor1istpf (7). 3 14 Cellulold Corp. i % Cent Public Service.. 12 34% Cent P Sv A (aL75).. 20 19 Cen States El (340c) 52 4% Centrifug Pipe (60c) 4 12% Chain Stores Stock.. 4 534 Ches & Ohio (new).. 2 26%s Citles Service (330c). 249 88 Citles Serv pf (6)...: 63 Clev El lllum (1.60) 3 b 234 Com'with Edison (8)110s 271% 3% Comwith & Sou war. 183 51 12% Com Wat Ser (b6%). % Comstock Tunnel. ... % C A M Co ctfs, 13% Con Dairy Prod (32). 21% Con Gas Util,A(2.80) 3 Cons Instrument.... 10 Cons Laundries..... 4 Consol Royal (60¢).. 1013 Cont G&EI prptf (7). W 6% Creole Petrolenm, # Cresson Cons (8¢)... 18% Crocker Wheeler.... % Crown Cent Petrol. ., 1% Curtiss Wright war.. 1% Cusi Mex Mining.... T%. Darby Pet (1)... 2 Davis Drug Stor efs. 113 Deere & Co new w.i... 21 De Forest Radio. . 5 Detroit Aireraft Cor. 24% Detroit Gasket(1.20) 16% Doehler Die Casting. 12% Douglas Aircraft 75¢ 31 Dres(SR)MIgA3%. 41 Driver Harris(new). Duke Power (35) 4% Durant MoLOTS...... 13% Duval Tex Sul w.l... 25% EastGas& ¥ Asso 18% East State Pwr B. ... % Eastern Uull inv A.. 14 Eisler Elec (1.50). 80% El Bond & Sh (b6).., 103% Kl Bond & Sh pf (). 24% Elec Pow Asso (1) 22% Elec Pw Asso A (1).. 2¥% El P& Lopt war,... 15% Elee Sharehldg (31) 82 El Sharehold pf (6) 30% Emerson BS, Inc 1. 86% Emp G F cum pg (7). 991 Emp G F cum pf (8). 19% Emp Pub Sv A(1.80). 18 Engineers P S war, 16 Eng P S opt wai % Englneers Goid. 18% Europan Elec (The). 2 Fabrics Finishing. .. % Fairchild Aviation 214 Fageol Motor....... 9 Fedders Mfg Co (A). 1% Flat Stk deb rts..... 174 Flat receipts (1 3513 Fire As Phil (2%)... 100 , Florida P&Lt pt (7). 28% Ford Motor Can A. 6% Ford Mot of Franc 10% Ford Motor Lid. 9 Foremost Dairy 16 Fore D Pr pf (1.60) 21 Foundation For Shs.. 33 Fourtn Nat Inv 2% Fox Theat ClA. 3 Galena Sig. ctfs. dep. 75% Galena Sig n pf cod. . 77 Galena Signal pf old. 2% General Baking. 38% eral Bak pf ( 1t E Ltd rets (60¢) 13 Gas & El (A). 85 Gen Gas&El cv pf( 10% Gen Indus Alcohol 324 Gen Petrol Corp wi 9% Gen Rity & Uulities. 69 Gen R & Utllpt 16).. 113 Glen Alden Coal (10) 11% Globe Underwriters. % Gold Coin... 2% Gold Seal Eln.. 4 Golden Center. % Goldfield Consol 35 Goldman Sachs (b6). 115% Gr A& P Tea pf (7). 280l GrA&PTn v (6) 31% Graymur Corp. . 12% Groo Stors Prod vte 24% Ground Gripper (1), 28% Gunther Law (2). 131% Guif Otl of Pa (1%). 47 Hambleton Corp cfs. % Happiness Cangy. ... 12 Hecla Mining (4).... 25 Hires (CE) A (2)... 5 Hollinger Gold (60e) 21 Holt (H) & Co(1.80). 9% Houston Gulf Ga 8% Hudson Bay M &8.. 37% Hydro Elec Serv (2). 10% Hygrade Food Prod.: 6 Imp Chem (Ind).... 23% Imp Oil, Can (60¢) . .3 38% Indiana P L, n(123) 20% Indian Terr Illum. .. 17 Ind Finoctts 54% Insull Ut Inv(d6%).. 69% Ins Coof N Am (13). 17 Insurance Seo (1.40) 20% Intercoast Trade (1) % Intercontinent Pet n. 17% Intl Petrol. n(623¢) 6% Internat Products 82% Intl Superpow (21 6 621 200s 1804 12 5% 4 93% 105% 105% 81% 32 294 3o 25 3TW 3T% 100% 100% 8% u8% 9% 15% 4 240 87 13 | g;‘/nl 178% - 20% 188 | 0% 52| "1 1] 42 12% 1 30 24% | gy, 5 | 21 | 48w 15% | 325 12 | a2 41% | 108% 0% | 4% sl 18% 22% 39% 89% 224 66% 8% 1 » P FrraneeBubie oaSrmmre-— bie erTen ~Prev. THE EVENING Low. 1 10% Stock and Dividend Rate. Internatl Utll (war). Interstate Equities. . Interest Eq ev of (3) Trving Afr Ch (1.50). Ttalian Superpow A.. Johnson Motor Co... Kerr Lake. . Kolster-Br (Am Sh), Lakey Fy & Mch (1), Lefcourt Real +1.85. . Lefcourt Real pf (3) Lehigh Con)&Nav(n) Lehman (Th. Loews Ine Loews Ine deb rt 4 Lone Star.mew (80c) Long Isl Light(60e). Loulsiana Lan & Ex. Magdalena Syndicat. Mangel Stores. Mapes Cons Mfg 4 Marc Int M(523¢) 4 Mar W T br shrs 62 Marine Mid Cp (1.20) Marland of Mexico. . Marshall Field & Co.. Mavis Bottling. . Memph Nat Gas Co.. 714 Mercantile Stors(5). Mesabd Iron. Met 5¢ to 50c Strs A, Mid Wst Util (b8%). Mid W Ut ev pf xw6. Mid West Ut A war., Mid West Ut B war.. Midld St P 2d pf(2). 7% Mo Kan P L (b10%). Miss River F Cp war Moody's I S pt pf (3) Morison Elec (31).,. Mount Prod (1.60) Municipal Servie Nat Amer Co. . Nat Aviation % Natl Fam Strs (1.60) Natl Fam S pf (2)... Nat Food P, B(b2%). Nat Fuel Gas (1)... Nat Investors (new) Nat Pub Sv A (1.60). Nat Rub Mach (2 % Nat Screen Serv Nat Steel Corp xw (2' Nat Transit (1) Nat Union Ra Nehi Corpn (1.30)... Nelson (Herman) (2) New Hav Clock t1%. New Jer Zine (14)... New Mex & Arlz Ld.. Newmont Min (24) Newport Co (2). New Eng Pwr (2). New Eng Pow pf (6) N Y Invest (1.20). .. NY P&L 6% pf (6] N Y Rio&Bu Alre: N Y Tel pf (6%). Niagara Hud P(40¢! Niag Hud Pw A war. Niag Hud Pw B war. Niagara Shares Md... Niles Bement Pond Nipissing (30¢)..... Noranda Mines (3).. North Am Aviation.. North St Pow A (8).. Ohto Copper. Ohio Ofl (12). Otis Elevator . Outbd Mot A (1.80).. Pac Coast Bis pf 3.50. Pac G&E] 1st pf 13%4.. Pac Pub Serv (1.30).. Pandem Ofl Pantepec Oil. Param C Mfg (2.40 Pennroad Corp Penn G&EIl A, . Penna Wa & Pwr (3) Peop Drug Strs (1).. Peop L&P A(a2.40).. Pepperell Mfg Co (8) Perryman Elec Co... Pet-Milk pf (7).. Petrol Corp (1%). Pilot Rad T A (1.20), Pitney B P n (20¢).. Plymouth Oil (2).... Polymet Mfg (31). Powdrell&Alex 13% . Pratt&Lambert (15) Prince & Whitely. .. Prince& Whitely pf3. Prudential Inv, Pub Utl] Hold Pug SP & Lt of ( Pyrene Mfg (80¢c). Quaker Oats pt (6) Radio Products (2).. Railway & Lt S (15). RainbowLumProd A RainbowLumProd B Red Bank Reiter-Fo Reliable Strs (b5 % ana Republic Steel n wi.. Rep Steel cum pt wi.. 4% Richmond Radiator., # Rich Radia cum pt.. A% 16% % 1% 7% 24% an 4% 117% & 1 61 49% 334 Ross Stores. Inc. .. .. Russek’s 5th Av 1.60 St Anthony Gola. St Regls Paper (1 Salt Creek Prod (2).. Schift (The) Co (2).. Schlet & Zan (1%4).. Schulte Un 6e-31 St. Selected Industries. Sel Ind allot efs 5% .. Select Ind pr (5% ). . Selfridge Prov S 27¢. Sentry Safety Cont Shenandoah Corp. Shenan Corp pf(al) . Sierra Pac Elec (2) Slica Gelet.......s Singer M{g Ltd(30c! Sisto Fin Corp. Sonora Products. @ So Penn Ofl Southern Corp. .. So Ice & Utilities S W Bell Tell pf (7 S W Dairy Products S W Gas Util..... Spanish & Gen Reg. Stand Cap & Seal. Stand Oil, Ind (2% ). Stand OiL, Ky (1.60).: St Ofl of Ohio (2%) Stand Pow & Lt. . Stand Pwr & Lt. B... St Pow & Lt pf (7)., Std Silver Lead . Starrett Corp Starrett Corp pf (3 Stein Cosmetics In Strauss Roth. Stutz Motor Ca Swift & Co new (2) Tampa Electric (32). Technicolor, Inc. Teck Hughes (60c) Third Nat Inv (1). Tish Realty & Con. Tobacco Pr Export Toledo Ed cu pf (7) Transamer ($1.60) BT AR DA MDA o RO R S AR o B A S NN O S S s R e BB €re DA 5188 1S Tr-Lux DL P S (A). % Tri-Continental Cor. 10% 881, 10% 2% 8 16z Tri-Cont Corp pf(6). Tri Utilities (31,20) .. Trunz Pork 8 (1.60). ‘Tub Art Silk B (10).. Ulen & Co....... Ungerlelder F Corp.. s United Gas Co. Unit Lt&Pwr Al Utd Lt & Po pf United Milk Pred. U S Shares Fin. ., ... Unit Verde Ext (4).. Universal Pictures. . Utllity Pw & Lt(al). Utlity & Ind. ... . Util & Ind pf (1%) Utility Equities Vacuum O1) (14 %)., Van Camp Packing.. Venezuela Ptm(20¢). Viek Fin Corp. .....i NOEEMIECO () mans 2% 2% 11% 44y 16 13% 40% % % 9% 207 35% 41 817% 10% 32 36% 507% 3% = » PRR e R R oo 1 Bt » 33 [IRTSTOR PR PIyShart- P YN PPN YUY - 3 o Frh - » » o NeRHEREe & Ra-Ba 26% 16% 15 0% 92 10% 10% 3% 3% 4 8% ia Sales— 2% 11% Bales— ' Add 00, Open. High. 4 51 b1 Winter (Benj) 17% Zonite Prod (1.60) VIRGINIAN'S NET | 1S HALF OF GROSS Road Makes New Low Rec- ord in Operating Expense Ratio During 1929. The Virginian Railway last year had the lowest ratio or operating expenses to gross revenues of any ciass 1 railroad in the country except Duluth, Missabe & Northern. Standing at 50.23 per cent, the road’s ratio compared with 54.7 per cent in the preceding year, and with 56.2 per cent for the Nérfolk & Western and 66.1 per cent for the Ches- apeake & Ohio, which operate in the same territory. Coal constitutes about 90 per cent of the Virginian's traffic, Operating ratio of Duluth, Missabe & Northern was 37.7 per cent last year. ‘This road, however, operates under spe- cial conditions, 'Its traffic consists | largely of iron ore, and it is a wholly | owned subsidiary of United States Steel Corporation, Gross revenues of $19,871,636 reported by the Virginian for 1929 were exceeded by the $20,328,348 gross in 1923 and in the two record years, 1926\ and 1927, when coal movement was stimulated by the British coal strike and gross reached $23,878,538 and $22,114,785, respectively. Last year's gross was an increase of $1,391,518 over the preceding year. Last year's operating ratio of 50.23 per cent was the lowest the road ever established. Nearest approach to it in Tecent years was in 1927, at 5247 per cent, In 1916 it was 50.75 per cent. In that year gross was $8,455,964, less than half last year’s volume. Net income after taxes and charges for 1929 of $5,752,784 was equal, after | 6 per cent preferred dividend require- ments, to $13.03 a share on the 312,715 shares of common stock outstanding. This compared with net income of $4,237,471 in 1928, equal to $8.18 a com- mon share. . Last year's share earnings were exceeded only in 1926 and 1927, when the road earned $16.12 and $13.53 a share, respectively. Road paid an initial annual divi- dend on the common stock of $4 at the end of 1924, $6 at the end of 1925, $7| at the end of 1926, 1927 and 1928, and {:n‘ gen the annual dividend was raised Contributing operating ratio last year were reduc- lons in maintenance of way angd struc- tures ratio, maintenance of ipment ratio and transportation expense ratio. In the face of an increase of $1,391,518 in gross revenues, transportation ex- penses increased only $8,814 over 1928. Maintenance of way and structures. cost | $90,319 more in 1929 than in the ceding year, e ,e/° ‘ NCONE A, Taxpayers who make casual sales of personal property for a price exceeding $1,000, or sell real property, on the de- ferred-payment plan, may use the in- stallment method when computing the tax on the profits derived from such sales if the initial payments made dur- ing the year do not exceed 40 per cent of the selling price. Persons who elect to use this method pay each year only the tax on the pro- portion of the installment payments received during the year which repre- sents a profit, instead of paying the tax on the total profit to be realized. To illustrate, a taxpayer sells a piece of real estate in 1929 for $9,000 which cost him $6,000, and the purchaser agrees to pay $3,000 each year, In this case the 1ax on the profit of $3,000 could spread over the three years; that is, one-third of each installment payment of $3,000, g;“’xaooo. would be taxable the year re- ed, NEW YORK COTTON. NEW YORK, February 25 (#).—Cot- ton opened steady at an advance of 7 fo 11 points today on-the firmer show- ing of Liverpool and reports that March Hotices had been issued against only 40,800 bales. Prices slipped a few points right after the start, under near-month liquidation, but the offerings seemed to be quite readily absorbed by the trade, and the market stiffened up.again on the demand from this source and cov- ¥ | ering. At the end of the first half hour ac- tive months were 14 to 17 points net higher, with March selling at 14.94, May at 14.24 and October at 15.68, A belief that yesterday's sharp break had improved the technical position of the market and that the March notices were likely to be stopped by the trade at about the prevailing ~differences probably led to the covering. Liverpool cables said liquidation had been absorbed by trade calling and re- actionary buying in that market and that the ballot in mills spinning Amer- ican cotton had not carried the short- time proposal. . Bond Issue Due. NEW YORK, February 25 (#).—An issue of $10,000,000 one-year 6 per cent sinking fund gold debentures, with com- mon stock purchase warrants, of the Crown Zellerbach Corporation -is ex- pected to be offered soon by a New York | and Midwestern banking group. NEW YORK BANK STOCKS. NEW YORK, February 25 (#).— Banks, Bid. Asked. 127 131 Chase 1 . i Chat dhenix ‘Nati Gity' Naffx ! ifth Ave..... First Natl N Y. Arri Natl Manhat Co... Bankers ... ‘ent Hariover. Chemi Bk & Tt Corn Exch..:. County . Eauitable Guaranty . Trving.. . Iaw Tiile & 'Gi Manufacturers New York.. Internationnl’ Trisst United States.. o2t i eelins &S Vidots sl ) T30 to the reduction in the | STAR, WASHINGTON, D. C, TUESDAY, FEBRUARY 25, 1930. Low. Close. 0% 8% Con Gas % Eisler Elec. Dividend Rate. Expt re. Add 00. Open. +Apr 1 ]: % High. Low. Close. Balt % 4% 4% 4 Newport Co 23 Pac Tel&Tel.. 2% So Cal Edison, 01 Trans Corp. Dividend rates in dollars based on annual_payment. *Ex-dividend cash or stock. 1 tra. tPlus extrs in b Payable in ttock. " d Pavabie in. . Payablein erred stock. BANK POOL STOCKS ARE SOLD IN MARKET Equities Bought in Panic Have Been Liquidated, Says Morgan Co. By the Associated Press. NEW YORK, February 25.—J. P. Morgan & Co. announced last night that the liquidation of stocks bought by the powerful banking group to sup- port the market during the October- November collapse had been completed last week. ‘The selling operations, a spokesman for the bankers said, had been “prac- tically over for two or three weeks,” It was added that the group “came out about even” on its transactions, which involved the employment of a huge fund, the total of which was never made public. The amount has been estimated at_several hundred million dollars. The statement, on which no formal comment was made at the Morgan of- fices, said: 7 “In behalf of the so-called banking group, consisting of ourselves, First Na. tional Bank, National City Bank, Guar- | anty Trust Co., Chase National Bank, | Bankers' Trust Co. and Messrs, Gug- | | genheim Brothers, which, on October 24 last, was Informally organized to assist in the stabilization of the then disturbed stock market situation, we are able to state that last week the group completed the liquidation upon | the open market of the last of its share holdings.” Liquidation of the holdings, it was| learned, began as early as last No- vember, or as soon as the market situa- tion had cleared. None of the securi- tles purchased for the stabilization of prices at the time of the crisis had been Tetained for permanent investment. Although in previous times of se- curity deflation banks had come to the restue of the market with loans, the organization of a powerful group with the definite purpose of stabilizing prices had never before been attempted, Rep- resentatives of each house met daily at the Morgan house during the period of the 1929 decline to discuss the situa- tion and map the course of action, GRAIN MARKET. CHICAGO, February 25 (#).—Wheat scored moderate early upturns in price | here today, but the gains failed to hold well in the face of continued | dearth of export business. Relative | firmness of wheat quotations at Liver- | pool and Buenos Aires helped to bring about the rallies here, the effect in | Chicago, however, being minimized by reports that the Liverpool advance was largely due to Argentine shippers pur- chasing. future delivery contracts at Liverpool. Opening unchanged to 1%, higher, Chicago wheat afterward rose | all around, and then at times receded to below yesterday's finish. Corn and oats averaged higher, with corn start- ing unchanged to % up and subse- quently reacting. Provisions were easier. Notable lessening of the severe selling pressure which has been so much in evidence in the Chicago wheat market of late became very apparent much of the time today. On the other hand, buyers showed little enthusiasm, and kept a wary eye on indications that ex- port demand for wheat from North America remained of inconsequential volume. Advices at hand said that Ar- gentina was continuing to undersell her competitors. A handicap to friends of higher prices here for wheat was announcement that early upturns in Liverpool quotatibns were lost at the finish, Liverpool fu- tures closing 114 to 174 pence net de- cline. A further weight on the Chicago market was an estimate current today that the United States, Canada, Ar- gentina and Australia have an available wheat surplus which would allow ex- port shipment of 18,026,000 bushels weekly until August 1 next, whereas importers’ needs call for but 13,750,000 bushels weekly. Under such circum- stances Chicago wheat prices at times dropped more than 1 cent a bushel be- low yesterday's finish. MONEY MARKET. NEW YORK, February 25 (#)—The call money market went through a comparatively quiet day today and the official renewal rate of 41; per cent remained in force. A steady tone pre- vailed and little if any funds were available in the “outside market” at a lower figure. Time money also was quiet with the rates unchanged. A fairly active day ws reported in the bankers' acceptance market. The asking rates were unchanged. Fox Film Financing. NEW YORK, February 25 (#).—It was reported in Wall Street today that a group of London bankers had been asked to participate in the underwriting of :I‘;'l capital for the Fox Film Corpora- n. s e i . BANK CLEARINGS, NEW YORK, February 25 (Special) — New York clearings today, $1,338,000,000; a year ago, $1,685,000,000. New York balances today, $166,000,000; a year ago, $155.000,000. New York Federal Reserve credit balances today, $143,000,000; a year ago, $124,000,000. POTATO MARKET. CHICAGO, February 25 (£) (United States Department of Agriculture.— Potatoes—Receipts, 118 cars; on track, 356 cars; total United States shipments, 994 cars; trading slow, market dull; Wisconsin, sacked, round whites, 2.35a 2.55; Minnesota, sacked, round whites, mostly 2.35; Idaho, sacked, Russets| 2.95a3.20. » The Crystal Palace in London had '-ern. 38a40; Spring chickens, 35a36; Leg- Wholesale Market Butter — One-pound prints, 38a39; tub, 36a37; store packed, 18a20. Eggs—Hennery, 27; current receipts, 26. Poultry—Turkeys, young, 32a33; old, 28a30; Spring chickens, 28a30; broilers, | N 33a33; Leghorns, 28; ca , 32a35; ducks, 15a18; keats, 60a65. Dressed— urkeys, young, 35a38; old, 32a35; broil- horns, 35; capons, 35a40; ducks, 28a30; keats, 80a90. Meats, fresh killed—Beef, 20a23; veal, 28a30; lamb, 23; pork loins, 28; fres] hams, 26; fresh shoulders, 20a23; smoked hams, 28; moked shoulders, 22; bacon, 28; lard, in bulk, 12; in pack- ages, 1315, ¥ v stock—Calves, 8al4; lambs, 108 13; Spring lambs, 20a25. Fruit and Vegetable Review. The daily market report on fruits and vegetables (compiled by the Market News Service Bureau of Agricultural Economics) says: Apples—Supplies moderate; demand light, market steady; barrels, Virginia, U. 8. No. 1, 2% inches up, Staymans, badly scalded, 4.00a4.50; boxes, Wash- ington, extra fancy, medium to large izes, Delicious, 4.00a4.25; Winesaps, 3.00a3.15, mostly 3.00; bushel baskets, Virginia, U, 8. No. 1, 21, inches up, Black Twigs, 1.50a1.75; Yorks, mostly 1.50; 3 inches up, Yorks, 2.00. Cabbage—New stock, supplies light; demand light, market about stead: Florida, 1';-bushel hampers, and round type, 2.75a3.00, few 3.25: Texas, barrel crates, round type, 6.0 ‘Western lettuce crates, round type, 4.50a 5.00; old stock, no sales reported. Celery—Supplies moderate; demand light, market steady: Florida, 10-inch 2,60; 3 dozen, 2.25a2.50, mostly 2.40. Lettuce—Supplies liberal; light, market dull; California, crates, Iceberg fype, 4-5 dozen, 3.00a3.25, few 3.50. Onions—Supplies light; demand light, market slightly weaker; Ohio, 100-pound sacks, Yellows, U. 8. No. 1, medium to large size, 2.15a2.25, medium size, 2.00 Potatoes—Old stock, supplies’ moder- | ate; demand Mmoderate, market about steady; Maine, 150-pound sacks, Green Mountains, U, 8. No. 1, 4.50a4. 120- pound sacks, Green Mountains, U. S. No. 1, 3 65; New York, 150-pound sacks, Round Whites, U. S. No. 1, 4.40a4.50; new stock, no early sales reported. ‘Tomatoes—Supplies moderate; de- mand light, market about steady; Orig- inals, Florida, lug boxes, ripes and turn- ing, wrapped, 6x6 and T, 4.7525.00, 6x7, 3.50a3.75, ripe, 3.00; sixes, green +and ripes and turning, wrap fancy count, 6.00; choice count, 5.00. Sweet potatoes—Supplies moderate; demand light, market dull; East Shore’, Maryland, bushel hampers, Yellows, Nc. 1, 1.25a1.35; slightly decayed, 1.00. String beans—Supplies light; demand light, market steady; Flori bushel hampers, , fair quality, 4.0084.50; 3,-bushel rs, green, fair quality, 3.00a3.50. Eggplant—Supplies light; demand light, market steady; Florida, pepper crates, fancy, 3.50a4.00. Cucumbers—Supplies moderate; de- ‘mand light, market dull; Indiana and Iowa, 2-dozen cartons, hothouse extra ;nsncy. mostly 3.00; choice, 2.75; No. 1, .50. Peppers — Supplies ht; light, market steady; Florida, crates, choice. 3.50a4.00. Peas—Supplies moderate; demand moderate, market firm; Mexico, 45- Knu!;dscn'/u, best, 4.75a5.00; fair qual- y, 4.50, Carrots—Supplies moderate; demand light, market steady; Texas, bushel baskets, bunched, clipped tops, 2.50 ;Voe;wm lettuce crates, bunched, 2.50a Beets—Supplies light; demand light, market steady; Texas, Western lettuce crates, bunched, 3.75a4.00; bushel bas- kets, bunched, clipped tops, 3.00. Ppepper 2.50a2.75, mostly around i Co demand | A-15 U. 5. CONSTRUCTION FIGURES INCREASE Contract for New York Hotel Raises Weekly Total of Contracts. ook NEW YORK, February 25.—Contract :;-rded fi;r m hfim:{um of -"u- story hotel city, mfin{ 000,000, raised the money val heavy construction and engineering con- tracts let throughout the country in the past week to $76,151,000, compared with $34,401,000 in the previous week and $66,191,000 in the corresponding week last year, dmurdinx to Engineering Recor ews 3 “Activity in commercial building and street and Yoad construction showed substantial gains over the preceding week,” the report adds. “The te value of awards in the past seven-day ren. year. Contract lettings announced during {the week included awards for subway construction in Brooklyn, N. Y., at a cost of approximately $3,937,000; a $3,- 500,000 apartment house for New York and work on three brid in the Pitts- $2,289,000 wil! burgh district, for whiel spent. “According to classes, heavy construc- tion and engineering contracts let dur- ing the week involved the following sums: Commercial buildings, $42,113,000, street and road construction, $12,620,- 000; industrial buildings, $3,165,000, and other engineering construction, $18,- 244,000, “Engineering awards announced in the United States since January 1 were valued at $377,994,000, which compare: with $668,791,000 for the correspondin: period last year.” DIVIDENDS DECLARED. NEW YORK, February 25 P).—- Z 00000000000000000%3 > 35 B2, i B Faultless Rui Foster Wheeler. §nning: So Penn Ol Western Pwr' pf " West. Tablet & 8¢ Do. . 355 Initial. Pac Indemnity new.35¢ Q . Of 275 warships of I kinds undes construction for navies of the worlc. last year, 58 were for Britain. First Trust and Construction Loans Applications Invited Glover & Flather 1508 H St. N.W. National 1753 Caulifiower—Supplies light; demand light, market about steady: California, g:ny crates, 1.65a1.75, few higher; dly spread low as 1.00. Spinach—Supplies liberal; demand light, market about sf 3 Texas, bushel baskets, Savoy type, mostly 75a 1.00; South Carolina, no sales reported. Strawberries—Supplies light; demand light, market slightly weaker; Florida, pony refrigerators, various varieties, 35 a45; few best, 50 per quart. CRUDE OIL PRODUCTION SHOWS FURTHER GAINS By the Associated Press. TULSA, Okla., February 25.—Esti- mated daily production of ‘crude n the United States for the week ending February 22 showed an increase of 23,107 barrels over the previous week, the Oil and Gas Journal says today. The total average daily output was 2,699,096 barrels, compared with a total of 2,675,989 for the previous week. Oklahoma showed a gain of 14,120 barrels, with an average production of 654,990 barrels. The production in West Texas registered a slight decline, with an average of 339,210 barrels produced daily, while the total for the Midconti- nent area showed a gain of 4,214, with A total daily production of 1,395,542 || bagrels. California had the largest gain of any section with 680,000 barrels, an increase of 17,500 over the daily aver- age for the previous week. SAVINGS COI&FEBENOES. NEW YORK, February 25 (#).—The first of the series of four regional sav- ings conferences to be held this year under the auspices of the savings bank division of the American Bankers' As- sociation will take place at Tulsa, Okla. March 5 and 6. Bankers from Alabama, Arkansas, Florida, Georgia, Kansas, Kentucky, Louisiana, Mississippi, Mis- souri, Nebraska, North Carolina, North Dakota, Oklahoma, South Carolina, South Dakota, Tennessee and Texas are expected to be in attendance. The sec- ond conference is scheduled for March 20 and 21 at New York City, the third in Detroit on March 27 and 28 and 1,104,211 visitors last year, and is re- ported to be making a profit. Two years ago. - Three years ago, weekly aver. . 11! l.:l,lh (1930) . (1930) Total sales, 2,320,430 the fourth at Salt Lake City May 27 and 28. TODAY’S STOCK AND BOND AVERAGES [ By the Associated Press. From Yesterday’ STOCKS. 50 Industrials. 's 5:30 Edition. The married man has a real incentive to succeed—to be- come financially independen to provide the luxuries of life. The achievement begins with saving a definite portion of your earnings and investing where it will be absolutely safe. We Recommend First Mortgage Notes With a Safe and Prompt Yield of 6‘/2% | [SHANNGN. & LUCHS) 1435 K St. Nat. 2345 54 CENTS A DAY —FOR $2,500.00 OU'LL never iiss this small zmount; ono fine day you wiil have $2,500m OF more—ecash in hand. It will seem llke finding the money ~It will do some wonderful things for you and yours, More than 165,000 peo- ple use the Investors Syndl. cate plan. Return this adver- tisement with your name and- address for payment sched- ules and full information, IESOUR?ES.?XEE ;sz,ooom INVE s;rgli's» SYNDIGATE . \FOUNDED - 18947