Evening Star Newspaper, February 26, 1930, Page 14

*e» Fl . &P.NETINCOME REVEALS DECREASE Figures for January Below Those of Year Ago, Re- port Shows. BY EDWARD C. STON Total net income of the Chesapeake ! & Potomac_Telephone Co. in January | was $111,663, compared with a net of $145473 in the same month a year ago, according to the monthly statement filed toda; with the Public Utilities Commission. Net revenues from op- erations after de- duction of operat ing expenses nted to $191,- against in Jan et additions to outside plant and rtral office equip- ment add>d to the telephone com - vstem _in ict of Co- uring_ the $211,660. Gross additions 21,643, with retirements of $109,983. Net additions to plant for H the 12 months ended January 31 were John W. Pole. 2 ring January, making 159,7 ey end of the month. The financial statement shows the follow- | ing comparisons between earnings in | January, this year, and January, 1929. January, January. 1930. 1929. $705.664 Telenhone Tev- ‘entie Telephone Denses .. operating operating evenues. 1com Tevenues Gross income .. .. Rent and miscellan€ous. Interest deductions Net income oo $111,663 3145473 Pole Urges New Banking Move. Tocal bankers expressed intense in- terest today in the appearance of Con- troller John W. Pole before the House banking and currency committee, when he urged a policy of decentralized branch banking, eminating from com- mercial centers outside of New York City. He expressed the view that the revamping of the banking system of | the country is necessary, citing the many bank failures in some parts of the country as making such action desirable n the near future. The hard- ships on depositors and upon those whoi invest their money in country ‘bank stock are an indication that there is| something radically wrong in the bank- | ing syste® in the rural districts, he id. { “Contmllfl' Pole said he found the fixing of the trade areas a most difficult matter. In concluding his prepared statement before the committee he d: he laboring man and the small| ‘wage earner in ‘these cities are receiv-} ing a stronger protection and a higher | and better type of banking service than | is possible for the farmers and small | business men, who must do business with country banks. | “I have, therefore, put forward for| further investigation and study by your committee the question of the desirabil- | ity of bringing these country banks into a more direct and closer relationship to metropolitan banks than is possible un- der any voluntary extension or intensi- fication of the corporate relationship. “1t this is permitted to grow up, through branch banking, strong metro- politan banks in commercial centers out- side of New York City with the right to | open offices i@ the rural tributary com- | munities, it d naturally follow that | in time these small country banks would to a very large extent become branches or offices of such city banks.” Peoples’ Drug Dividends Voted. ‘The directors of Peoples Drug Stores, Inc., have declared the regular quar- terly dividends of 25 cents on common, payable April 1 on stock of record March 8, and $1.62': on the preferred stock, payable March 15 to stockholders of record on March 1. The local com- pany’s preferred stock is listed on the | ‘Washington Stock Exchange and is sell- | ing around $104 a share, while the com- | mon. is listed or the New York Curb| Market and sold yesterday at $44 per | share. | January Railroad Report Out. The Pennsylvania Railroad reports for January a net railway operating in- ccme of $5,996.615, a decrease of $1,920,- 474, when compared with the first month of 1929. Gross revenues for January were $48,351.409, compared with $51,664,304 in the corresponding month last year A decrease of slight- | v more than $3,000,000 in freight rev- enues was reported as the largest item in the decline in gross. Passenger rev-| enues fell off a little less than $150,000 | for the month. Railway operating ex- | penses were $1,381,783 less than in Jan- uary, 1929. The Norfolk & Western Railroad had_January net operating income of $2,853,056, a decrease of $57,584, and a net income of $2,549,517, a decrease over January of last year of $78,960. The Virginian Railway reports a January net operating income of $898,- 025, an increase of $46,499. Prices Firm on D. C. Exchange. Prices were steady on the Washing- ton Stock Exchange today in another session of moderate selling. Capital Traction registered 86': on a_very| light sale. Potomac Electric Power 5%, per cent preferred opened at 10713, advanced to 10734 and closed at 10’ ‘Twenty shares of Merganthaler Lino- type appeared on the board, the stock again selling at 10833. Carpel Cor- poration figured in a 15-share turn- | over at 233, \ In the bond division Washington Gas 65 series A, came out at 103, while the serics B bonds opened at for a $500 bond and closed at on a $200 sale. ington Railway & changed hands at 85% on a $1,000 turnover, and a $1,000 Anacostia & Potomac' Railroad 5 sold at 83 MARYLAND COUNTIES AWARD BOND ISSUES Epecial Dis) BALTIMORE, Maryland coun Prince Georges and Wicomico—yesterday awarded bond is- sues, Baltimore bankers being the suc- cessful bidders in both cases. Alexander Brown & Sons of this city, and the Salisbury National Bank were awarded the Wicomico County obligations, amounting to $300,000, at 101.531, or on a slightly less than'4.30 per cent basis 1ly 30 cents per $1,000 bond separated the first and second highest bids, the latter bid having been submitted by the Baltimore company. The Baltimore company and Robert 'Garrett & Sons were the successful bid- ders for the Prince Georges County is- sue. amounting to $125,000, the price being 102.229, or an approximately 4.35 per cent basis. The bonds of both coun- ties bear interest at the rate of 412 per cent. Those of Wicomico County ma- ture serially December 1, 1930, to De- cember 1, 1943, while those of Prince Electric 4s NANCIAL. NEW YORK STOCK EXCHANGE Received by Private Wire Direct t- The Star Office. (Continued From Page ~Prev. 1930.~ Stock and Sales— High, Low. 87 72 2 1% 581 46T 106% 103 93 87 141 134 31% 38% 3% 5814 1% 4% 264% 12% 18 50% Minn Moline pr 6%. . Minn & St Louts. ... Mo Kan & Texas. ... Mo Kan & Tex pf(7). Missour} Pacific. Missouri Pac pf Mohawk C Mills (3). Montgomry Wrd (3) Moon Motors. ...... Morrell & Co (4.40).. Mother Lode (40¢).. Motor Meter G & E. ., Motor Wheel (3) Mullins Mfg. MurrayCor (b2 Nash Motors (6).... Nat Acme (1%) Natl Alr Trans, Natl Bella Hess Nat Bisn (p2.80) . ¢ Natl Biscuit pf (7).. Nat Cash Reg,A(14). Nat Dairy (32) ; Natl Dept Stores. ... Nat Distillers (2).. Natl Enameling (2 Natl Lead pf B (6).. Natl Pwr & Lt (1) Natl Radtator pt, Natl Surety (5)..... Nevada Copper (3).. Newport Co A (3).... Newton Steel (3). N Y Central (8)..... N YChi &St L(6).. NEDock:....... NY NH & Hart (6) NYNH&Hpt (1).. N Y Railways pf N Y Steam pf (6).... 3 Norfolk& Westn(10). North Am(b10%stk) North Am Ed pt, (6). Nor Ger Lloyd(3.41), Northern Pac (5). North Pac ct (5) Oliver Farm Equip., 2 Olivr Fr Eq ev pt(3). 7 Omnibus Corp... 98 Orpheum Cir pt (8). 10s Otis Elev pf (6).....1508 ¢ OusSteel (2¥4)eeess 4 Outlet Co (4)... 20s Pacific Gas & E (2).. 14 Pacific Lighting (8). 19 Pacific Oil stub; 3 Pacific Tel & T 1108 Paclfic T & T pf (6). 508 Packard Motor (1).. 64; Pan-Am Petroleum. . Pan-Am Pete B. Panhandle P& R.... Paramount-F-L (4). Park & Tilford (33). Parmelee Trans 1%.. Cxchange. ... AMotor Car., Penick & Ford (1)... Penney (JC) (2%).. Pen (JC) pt A (6) Penn Dixie Cement. ., Pennsylva: R(4) Pere Marquette (18). Pere Marq pr pf (5). Pet Milk (13%) Phelps Dodge (3)... Phila& Read C& L.. Phila Co 6% pf (3).. Phillips Petrm (n2) Pierce Oil Pierce Petroleum, Pillsbury Flour (2). Pirelll Co A (2.88) Pitts Terminal Coal. Pittston Company Poor & Co (B) (2) P Rican Am To (B, Prairie Oil & Gas(2). Prairie Pipe L (15).. Pressed Steel Car. ... Pressed Stl C pf (7). Proc & Gamble (2).. Prod & Refiners. ..., Prophylactic Br(2). Public Serv, NJ 3.40. Pub Sve NJ pf (6) Pub Sve E&G pf(6). Pub Sve NJ pt (8) 4 Puliman Corp (4). Pure Oil (1%)...... Purity Bakerles (4). 5 Radio Corp. 1554 Radio pt B (6) AR Radlio-Keith-Orph A. 368 Raybestos Man 2.60. Real Silk (5) Rels (R) & Co. Reis (Robt) & Co pf. Rem Rand (1.60). ... Reming-Rnd 1st (7). Reo Motor Car (.80).. Repub Ir & Steel (4). Rep Ir & Stl pf (7)... Rever Cop & Brass. . Reynolds Spring. ... Revnolds Tob B (3). Rhine W El P (2.16) . Riehfield Oil (2).... Rio Grande Ofl (2).. Rossia Ine (2.20). Royal Dutch (a3.20). Safeway Stores(es). Safeway pf (6)..... 10s Safeway Strs pt (7).100s Savage Arms (2). 4 Schulte Retail Stri Seaboard Air Line 4 Seaboard Air Line p: Seagrave (e1.20).... 4 Sears Roebuck (32% Servel Inc......euve Sharp & Do pf (33%). Shattuck(FG)(11%) ShellTranspt(a2.41). Sheil Union (1.40)... Shell Un Ofl pf (5%) % Shubert Theatres. .. Simmons Co (g3)... Simms Pet (1.60). Sinclair Con Oil (2). Skelly Ol (2).. Snider Packing. Snider Packing p Solvay Am In pf 6%. So Por Rico Sug (2). 6 8 100% 15 841 2 2 ) [ JOPL PR 15% PHOI PO - rea E8az N 5 - Bl ad Dividend Rate. Add 00. High. ~Prev. 1930.—~ High. Low. 122 117 64% 564 127 119% 136% 129 36 33 31 19% 20% 134w 80 71 36y 21% 52 354 20% 25% 117% 3 109% 64 13.) Prev. Low. Close. Close. 82 824 82 1% 1% 54 53 105 105% | 91 91u | 139% 1397 31% 823 5% 44 12% 1% 67 68 17% 1% 6 b%| 30% 29% | 8% 18 204 20% 51%4 5l 244 2 18% 8o Port Souther: 214 1% Spear & Spt Stand G Stand O Sterling Sterling Stone & Telauto Tide Wa Timken Tobacco Transue Truscon Utd Alre; Utd Atre: Utd Bisc Utd Carl Utd Gas United S Udt Stor Pipe Real! Rub u U u U u u u U U u s s s s s s s s s U S Steel Vanadiu Warner- Webster-Eisenlohr. . West Pe West Pe: West Pe West Pe W We % Westing! Westing! White E: Wrigley % 108 5% Young S| % B 1 Balto & 134 Sales of S 10:30 A M., . 1:30 P.M.. 21'% 101% 12% 6614 244 i 24% ! 29% | 6 34%, 104 25 in stock. § Payable in no regular rate. able in cash or Stock. h Pl 637 in_ stock. stockholders. Stock and Dividend Rate. ~ Add 00. High. Low. Southern Pacific (6). Southern Rwy (8)... Spalding(AG) (2) Spang-Chalfant. Sparks Withngtn(1). Stand Invest Corp Stand O N J (12).. Stand O1l N ¥ (1.60). Rubber. Warren Bros (19) Wess O & Sn pf (4).. Col Carbon..Mar 11 4 Erie RR. Lig & Myers. . Mar 12 258 1,958,500 Dividend rates as given in the above tables are the annval cash payments based on the latest quarterly or half vearly declarations. s Unit of trading ‘less than 100 shares. b Pavable in stock. d Payable when earned. us 2% in stock. J Plus 8% in stock. k Plus 3% in stock nPlus 8% Sales— Ric S pt (8). 10s 117 n Cal Ed (2). 16 6414 124 128% Co pt (7). Mfg.. Splegel-May-St (3).. Starid Brands (1%). Std Brands pf (7)... Stand Com Tob (1).. Stand Gas & El (3%4) &EDpf(4).. of Cal (234). SecA...... Seccv pf(3) Stewart-War (h3'%a). Webster (4). Studebaker Co (5) Sun Oil (11). Superior OIl. ... Superior Steel. Symington. . Symington (A) Cp (11.25).4 Tenn Cop & Ch (1) Texas Corp (3).. Tex Gulf Sul (4).... Tex PC&O (b10%). Texas Pac Land Tr., The Fair (2.40)... Thompson Prod. Thompson Starrett. . ter Asso 60c. Det Ax 1300 Timken Roller (3)... Products A. Transcontinental Oil & W (1)o.. Trico Prod (2%4).... Stl (g1.20). Twin City Rp T (4). Twin City R T pf(7). 2 Und-Ell-Fisher (5).. Union Carbide (2.60) 4 Union Ol of Cal ($2) Union Pacific (10). .. Union Pacific pf (4). Union Tank Car. . raft& Trans raft&T pf 3. uit (1.60) bon (2) . Utd Cigar Store: Utd Corporation. Utd Corp pf (3). United Elec Coal United Fruit (4).. & Imp(1.20) tores A....« s pf. U S Distribut. g U S & Foreign Secur. U 8 Frelght (3). S Ind Alcohol (17). Leather A....... Plpe & Fdry (2). 1st pt (1.20) ty (5). ber 1st pf. Smelt Ref (3%). Smelt Ref pf 3% Steel (7)., 1pf (7). 4 U S Tobacco (4) Univ Pipe & Ra Util Pwr&Lt A (e2). Vadsco Sales Corp. m (14)... Vick Chemical (2%). virginia-Car Chem., 3 Virginia-Car 6% pf. Vulcan Detinning Vulcan Detin A. Waldorf Systm (1%) Walworth Co (2).... Warner Bros Plc (4) 1150 War Bros P pf (2.20) - 390s . 110s 5 20 43 9 26 1 1 nn El A (7)., 10s nn Kl pf (6). 20s nn El pf (7).810s Quinlan (2). West Penn Pw pf(6) 50s nn Pw pf (7) 10s tn Dairy A (4). tn Dairy (B).... tern Maryland. ., tern Pacific pf... Western Union (8). . 20 4 41 hseAB (2). 9 hse E&M (5) 218 Westhse E&M pf (5) 200s Weston El Ins (1) Westvaco Chlgr (2). agle @il (2) White Motors (2).... White Rock M S (14) Wilcox Ull & Gas. Wilcox Rich, B (2).. Wilson & Co Wilson & Co Woolworth (2.40) Worthington Pump. Worth Pump A (7). Wm (4). Yale & Towne (15). Yellow Truck & C, Young Spring (3) heet & T (5). Zenith Radio RIGHTS EXPIRE Am R Mills. .June 15 Ohio.Mar 11 82 18 Feb 281139 1% "W 4% 14% tocks en New York Exchange. 354,400 12:00 Noon £ 2:10 P.M. 14 t Partly extra. 3 Plus 1 Plus 9% in stock. a Paid last year— e Pay- in_stock. m Plus P Subject to approval of scrip. fPlus 10 in stock. g Plus 6% in stock. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md. February 26.— Potatoes, white, 100 pounds, 2.25a2.71 sweet potatoes, barrel, 1.75a2.00; yams. barrel, 1.75a250; beets, basket, 2.008 2.25; cabbage, hamper, 75a1.00; carrots, 100, 3.00a4.00; caulifiower, crate, 758 crate, 2.50a3.25; Kale, barrel, 75a1.25; onions, 100 pounds, 1.50a1.75; pepper crate, 3.0026.00; peas, bushel, 2.50a3.00; parsnips, basket, 40a50; spinach, bushel, 50a90; squash, bushel, 2.50a4.00; to- matoes, crate, 2.50a5.00; turnips, ham- per, 25a30; apples, bushel, 75a2.5 cranberries, box, 6.50a7.00;, grapefruit, | box, 2.50a4.25; oranges, 2.10a4.50; straw- berries, quart, 15345. Dairy Market. Poultry, alive—Turkeys, pound, 30a 36; old toms, 20a25; Spring chickens, 30a35; poor, thin, 19a20; old roosters, 17a18; capons, 30a36; ducks, 17a30 28a30; Leghorns, 24a25 guinea fowls, each, 45a70; pigeons, pair, | —Receipts, 1,807 cases; hennery firsts, 28a28'. Butter—Good and fancy creamery, 34a38; ladles, 31a32; store packed, 20a rolls, 25a28; process, 33a34. Live Stock Market, Cattle—Receipts, 100 head; supply light, market higher. Steers, choice 1o | prime, none; good, 12,00a12.50; medium to good, 7.25212.00; fair to medium, 1025a1125; plain to fair, 9.2510.25: | common to ~plain, 8.00a9.00. Bulls choice to prime, none; good to choice, none: medium to good, 8.509.00; fair to medium, 8.00a8.50; plain to fair, 7.00a8.00; common to plain, 7.00a7.50 Cows, choice to prjme. none: good :c Choice, none; medium to good, 7.50 ic 8.00; fair to medium, 6.0007.50; plain | %0 fair, 5.0026.00; common to_plain, 4.00 | 25.00. ' Heifers, choice to prime, nione; good to choice, 10.00a11.00; medium (o good, 9.00a10.00; fair to medium, 8.00a 5.00; plain to fair, 7.00 to 8.00; common Georges County mature up to 1959. Canadian National Railways. NEW YORK, February 26 (#).—The Canadian National Railways plan to spend $9,000,000 on branch construc- tion in Western Canada this year, ex- |ply, market lower. Lights, 11.75a212.00. ' Gnion Ol Co. of Cal clusive of the Hudson Bay Railway and expenditures for betterments or new works on present lines. to plain, 6.00a7.00. Fresh cows and springers, 60a1.50. Sheep and lamb—Receipts, 25 head: light supply, market lower. Sheep, 2 00 6.50; lambs, 7.00a12.50. Calves—Receipts, 200 head; light sup- ply, market lower. ~Calves, 7.00a15.00. ‘Hogs—Receipts, 400 head; light sup heavies, 11.50a11.90; medium, 11.75a 12.10; roughs, 7.50a10.00; light pigs, 10.00a10.50; pigs, 11.20a11.40, 1.60; celery, crate, 3.00a5.50; lettuce, |Per cent bonds, due March 1, 1948, at NEW SECURITIES. NEW YORK, February 26 (&) security offerings today include: Western Utllities Corporation, $2,- 000,000 issue of 6 per cent notes, due September 1,°1931, at 99.25. Sheffield Steel Corporation, $1,500,000 additional issue of first mortgage 5, —New 97.50. CHICAGO DAIRY MARKET. CHICAGO, February 26 (/P).—Butter | —Easy; receipts, 8,698 tubs; creamery, extras, 33:; standards, 33':; extra firsts, 32,a33; firsts, 31'2a32; seconds, | 30a30%. Eggs—Firmer; receipts, 15,045 cases; | extra firsts, 261:a27; graded firsts, | 25%2a26; ordinary firsts, 24a25. NEW BUILDING-EONTRACTS. NEW YORK, February 26 (#).—F. W. | Dodge Corporation reports that new | building and engineering_contracts let | in the 37 States east of the Rockies | |during the week from February 15 | through February 21 amounted to $6: | 562,300, an _increase of $2,392,300 o | the previous week’s total, but contrast- ing with a total of $89,663,800 in the corresponding period last year. | SHORT-TERM SECURITIES (Reported by J. & W. Seligman & Co.) Allis-Chalmers Co. 55 1937 5o, Qoo Alum."Co. of Amer. 55 1952 | ‘Amer. Roling Mills bs 1048, | American Tel. & Tel. Stue 1043 | Balto. & ‘Ohio ‘41as i933.... . | Batavian Pet Corp. 455 1943 | Tel. of Canada 55 ‘1057, . in. Pei. Corb. 51yx 1038 Canadian Nor. Ry. 4%us 1935... | Chicago ‘Rock Isiand 4y 1944 | Ghile Copper Co. s 1347 " 9 | Cudahy Packing Co. 505 1937. 96 | Edison EL T of Bost. 4125 1930 393 | Gen. Mot. Accep. Corp. 65 1937. 1047 General Pet. Corp. 58 1940..... Soodyear T & B, 8 1967 rand Trunk of Canada 6s 19 Gulf Oil of Pa. Bs 1937. . | Ity Mateh o 5 v | Internatl” Match Corp. 55 1947, |N Y. C & 8t L s 1932..... | Bhullipe pet c%}ur“\m ure 'orD_ 848 1937, | Shefi Dnon "ol ps 1 Sinclair Crude Oi) Co. 51351 N Jersey £s 1948 1 Stand. Oil of T 0N W STy, 88 1949 163 99 983, 96% 95 | 8t. L. Ir M St L' Southwestern Ry. 4 Swift & Co. 5s 193 United Drug Co. s 19! Western Ejectric_Co. B. & 0. PAVES WAY FOR U. S. RAIL MERGER PLAN Special Dispatch to The Star. BALTIMORE, February 26—The Bal- timore & Ohio Railroad has withdrawn its own rail consolidation plan, paving the way for acceptance of the Inter- state Commerce Commission’s proposed method of amalgamation. 1t is the first railroad in_the country to do so. The Wabash, the O. & O. and probably the New York Central will follow its example, according to close observers of the situation, | R. M. Smith, one of the lawyers for the B. & O., announced withdrawal of its own merger proposition in a letter to Charles D. Mahafle, finance directo for the commission, The Baltimore & Ohio might have filed an amended petition protesting the 1 C. C. consolidation project as made known last December 9. TOBACCO LEADS CROP YIELDS IN VIRGINIA Tobacco during a four-year period represented 20.6 per cent of the gross| farm income obtained from 30 Virginia | commoaities, according to Arthur G. Peterson, economist at Virginia agri- cultural experiment. station. Of gross income received by State farmers during the four years, 1922 to 1926, 63.3 per cent was obtained from | crops. Livestock and livestock products | accounted for the other 36.7 per cent. Of the four types of tobacco grown, bright (flue-cured) was the most im- ' portant. the study shows, with about | 88,000,000 pounds production _yearly. Dark = (fire-cured) was second, with about 44,000,000 pounds Standard Plate Glass Co. NEW YORK, February 26 (#).—Suc- cess of plans to give temporary assist- ance to the Standard Plate Glass Co. in its financlal difficulties is seen in the announcment that more than 80 per cent of the company's five-year notes, maturing on Saturday, have oeen de- BONDS IRREGULAR INNARROW RANGE New Rail Issue of $32,228, 000 Proves Day’s New Feature. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, February 26.—Bond val- ues again fluctuated irregularly today, with little evidence in the listed issues % {on which to gauge the market. The feature of the day was the an- nouncement of terms of the new Chi- cago, Rock Island & Pacific Railway bond issue of $32,228,000 30-year bonds. The coupon is 4': per cent, and the ponds are convertible into common stock of the road at $125, or eight shares per $1.000 par-value bond. Since the bonds are offered to stock- holders at 95 to the extent of 25 per cent of their holdings, this makes pos- sible the purchase of the common stock at about $118.50 a share, and the con- version privilege runs until May 1, 1940, at this same figure. The plan must yet be approved by the stockholders and ihe Interstate Commerce Commission. The bonds were admitted on a “when is- sued” basis to the Curb Exchange and were actively traded around 99, The _entire $5,000,000 Province of Nova Scotia offering of 5 per cent de- bentures went to a Canadian syndicate at a price of 98.926. There are no parallel issues of Rock island bonds outstanding, but a recent Baltimore & Ohio convertible issue of 415 per cent sold as high as 103 after being offered at 95. It was quoted to- day around 98%. Other new issues in- cluded $1,500,000 Sheffield Steel Cor- poration 5155 at 9715, $2,000,000 Western Utilities Corporation 6s at 991, $8,085000 St. Louis-San Francisco equipment trust_certificates to mature 1931 to 1945, the maturities to yleld from 450 to 4.70 per cent. In the prime group United States Government bonds were slightly higher and there were advances in American Telephone 51,5 and Philadelphia Co. 5, the rest of the section being un- changed or fractionally lower. Bonds with conversion features were moderate- ly active and somewhat higher, Amer- ican Telephone 4158 gaining 2 points Junior railroad bonds were strong, with gains in Chicago & Great Western 4s, St. - Paul _adjustments, Florida East Coast 5s, International Great Northern adjustments, Missouri-Pacific 4s, St. Louis-San Francisco 4!5s, Seaboard All- Florida “A” 6s and Wabash 412s. Washington Stock Exchange SALES. Wash. Gas 65 A—$500 at 103, $100 at 10215, Wash. Gas 6s B—$500 at 10555, $200 at 1041, Cap. Tract. Co.—2 at 8615, Pot. Elec. 515% pfd.—3 at 1073, 5 at 1077, 5 at 1077 :‘ Mergenthaler Linotype—10 at 108%, 10 at 1087, The Carpel Corp.—15 at 233;. AFTER CALL. Wash. Gas 6s A—$5.000 at 103. Wash. R. & E. 45—$1,000 at 85%. Pot. Elec. 512 % pfd.—5 at 1073;. Ana. & Pot. R. R. 55—$1,00 at 83, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Aske Amer. Tel. & Telga. R A Amer Tel Am. Tel. & Tel Anacostia & Pot. Anacostia & Pot C. & P. Tel. of Va Capital Traction R. City & Suburban 5y Georgetown Gas 1st Potomac Elec. Cons. 57 ... Potcmac Electric 65 1953..." Wash., Alex. & Mt. Vernon' cti. Wash.. ‘Balto. & Anj Washington Gas 5s. Wash. Gas 65, series Wash. Gas 6s. series B.. Wash. Rwy. & Elec. 4s. MISCELLANEOUS. Barber & Ross. Inc., 6las Cham-Vanbit. Hotei 6'a Chevy Chase Club 5%as. D. C. Paper Mfg. 6s.... Pot.Joint Stock Ld. BK ‘3§ W. M. Cold Storage 55 yar. Ss.. 55 | Wash. Cons. Title 8s STOCKS. Amer. Tel. & Tel; Capital Traction Co.. . Washington Ges Light N & W. Steamboat . Potomac Elec. 6% pfd Potomag Elec 5% Rwy. Wash,, Balto. & Annap. pfd. NATIONAL BANK. National Capital. Columbia ... Commercial District ....... ederal-American Liberty . ... Lincoin ./ """, National Metr Riggs . 5 Second”"! 210 National Bank of Washington. 250 TRUST COMPANY. American Security & Trust Co. 420 Conlinental Trust........ Merchants' Bank...... National Savings & Trust. Dudon el v o0 Washington Loan’ & Tris SAVINGS BANK. Bank of Bethesda.... Commercial & Saving: East_Washington Potomac . il e gl Security Savings' & Commiercial 482 Seventh Street. Gievesivrve J00 United State: Washington FIRE INSURANCE. American Corcoran Firemen s National Union. TITLE INSURANCE. Columbla Title.... Real Estate Title, Title & Inv. Co. of Md. com.. MISCELLANEOUS. | Barber & Ross. Inc., com. ‘Chevy Chase Dairy pfd... ol Sand & Gravel pfd D’'C” Paper Mig pfd.. .. District Natl. Securities b Emersor: Bromo Seltzer "A Federal Storage pfd .. Federal-American Co. ¢om. Federal-American pf . Lanston Monotype Merchants' Trans. & Stor. Mergenthaler Linotype. ... Natl. Mige. & Inv. pfd Peoples Drus Stores. pfd; Rea: Est. Mtge. & Gua Security Storage. .. Ter. Ref. & Whr. Col The Carpel Corp. . Wash. Mech.’ Mtge. ‘com Wash. Medical Bldg. Corp. Woodward & Lothrop pfd *Ex dividend. TREASURY CERTIFICATES. (Reported by J & W. Seligman & Co) Rate—Maturity Bid Offer s Mar. 13, 1930 . 1001-32 1003 June 16, Bept. 15 Mar, Sept. 1 Dec. 18-32 15, 99 14-32 99 FOREIGN EXCHANGE. (Quotations furnished by W. B Hibl Co.) Nominal gold Selling checks value (or par). _toda §4.8665 $4.86. 2 0391 ‘13 1393 12382 2396/ 93 193 14069 London, pound Paris, franc Brussels, belga... Berlin, mark Rome," lira % frane schilling Budnpest, vengo ...... Prague, crown (nom.) Warsaw, zloty .. Copenhagen, crown slo. crown. .. Stockholm, crow: NEW YORK, February 26 (#).—For the first week in several months bitu- minous coal production fell below 10,- (00,000 net tons in the week ended Feb- ruary 22, the National Coal Associa- posited with the protective committee. The depositors agree to accept payment ' of the interest due March 1 and 75, per cent of the principal in cash. They #iso consent to a six months’ time ex- 2532533858851 | Wheeling Steel gorp: '}‘f Wheeling tension for payment of the remainder. tion’ states, estimating output at ap- proximately 9,600,000 tons. The Bu- reau of Mines places the tonnage for the week ended February 15 at 10,- 300,000 tons and for the week ended February 8 at 10,936,000, and | FINANCIAL [ e o BONDS o scms] |GROCERY BUSINESS UNITED STATES. (Sales are in $1.000.) High. Low. Close. 59 9916 9914 9916 20 100 31 10031 100 31 66 1018 1016 1018 25 9922 9921 9922 75 10410 1044 104 10 24 1072 10625 1072 FOREIGN. Sales. High. Argentine 6sJu Argentine May 61.. Australia 6s 1956. . 1957.. Bank of Chile 6%s. Belgium 6 Belgium 6% glum Belgium 7s 1956. Belgium 7% Belgium 8; Bolivar 7s § Bolivi Bolivia £ Bordeaux 63, Brazil 68 o Brazil 6348 1927... Brazil 7: Brazil 8s. Bremen State T Chile 63 61. . Chinese Gov Ry 5. Christiania 6s..... Colombia 6s Jan 61. Con Pow Japan 7s.. Copenhagen 414 53. Copenhagen 6s ct. . Czecho 8s 1951. Danish Munic 8s A. Danish Munic 8s B. Denmark 4% Denmark 5145 55 Denmark 6s. Dutch East I 47. Dutch East T 6s 62 El Salvador 8s48. . Fiat Ts ex war 4 Finland 5% Finland s £ 65 4 Finland 7a. Frameriean 7% French 7 French 73s. German Bank 6s'3. German E1 P 6%4s . German 7s. Greek 6s 1963 Holland-Amer 6s. Hungary 7%s. Irish Fre Italy 7s..... Italian Pub S 7 Tapanese 43 Japanese 6%s. .. .. Jugoslavia Bank 7 Karstadt 6 1943 Kreuger&To'l bs Lyons §s. Margelll, Milan 6%s Montevideo 7 New So Wales 58 Nord 6%s Norway 5s 1963. Norway 6%s. Norway 6s 1943, Norway 68 1944 . Norway 6%s 195! Orfent dev 5% 68. . Orient Dev'mt 63 53 Paris-Ly-Med 65 Paris-Ly-Med 1s. Peru 65 1960. . Peru 6s1961.... Peruts....... Pirelli 7s 2. Poland 63 40. . Poland 7s (rets) Poland 8s. .. Porto Alegre §s. Prague 7%s. Queensland 6 Rhinelbe Un 7s. ... Rhine West 63 53. . Rhine Wst EP 7s 50 Rio de Janeiro 6148 Rio de Jan 85 1946. Rio Gr do Sul 6s 48. Rio Gr Do Sul 8s. Rome 6%s. Sao Paulo 8s 193 Sao Paulo 1950 Saxon (PW) 7. Selne 78 42. Serbs Cr Sloy 7s... Serbs Crot Slo 8s. Solssons 6s Sweden 5% Swiss5%s Swiss Confec . Toho F1 Pow 6s32. Toho El Pow 7 Tokio bs B Toklo 5% 1. Utd Kingm 5% s 37. Unt § S Copen 6s 87 Uruguay 6s 1960 Uruguay 8s....... Vienna 6s 52. Warsaw 7s 62, Yokohama 6s o1l +149 15 109% 109 92 100% 104% 101% Low. Close. 96% 97lg 9644 921 961 104% 9714 101 103% 103 102% 8R4 98 103% MISCELLANEDUS. Abitibl Pa&P 6s 53 Abram&Straus 6% s Ajax-Rubber 8s. ... Alleghany Cp 63 44 Alleghany 65 49... . Allis Chalmrs bs ‘37 Am Chain 6s33.... AmChem 6%scv 49 Am Int Cor 5348 49 Am Nat Gas 643 42 Am Smit & R 1st bs 5 & 1 8 3 2 6 10 20 12 18 Am T&T cv 4%3539 690 Am Tel&Teleg 5s'65468 AmT& Teltrbs.. AmT&Tstbs.... Am Tel & Tel 5%.. Am Water Wks 5s. Armour&Co 4%s 39 Armour Del 5%s Associated O11 6s. . At Gulf 5569, Atlantic Refin 6s... Bell Tel Pa5s B.. Bell Tel Pa Heth Steel rf b8 Bush Term Bldg 58 Chile Copper 6s. ... Col G&EI 6s May 62 Com Invest 5345 49. Com Invest 6s " Con Coal M bs. ConGasN Y 6% Cuba Cane fs. .. Cuban Am Sugar 8s Det Edison 6s 40 Det Edison Dodge 6s. Duquesne 448 67. Bast Cuba Sug 7%s Fisk Rub Gen Cable 6% 47 Gen Mot Ac Cor Gen St] Cast 5%s 4¢ Goodrich 6% Goodyear bs.rets Hoe & Co 6168..... Humble O & R bs. . Humble O & R 6%3 111 Bell Tel bs. . 111 Steel 4% 40 tnland Stl4%s 7 Intl Cement 63 48.. Intl Match 6847 .. Int Mer Mar 6s. .. Inter Paper 6s. . Int Tel & Tel 4% Int Tel&Tel 4% ntl Tel&Tel b8 '55. Kan City P & Lt bs. Kan G & E6s 63. Lackawanna Stl 5s. Laclede 6a. Laclede G %8 62. . Ligget&Myers 6s 51 Loew's. Inc Loew's 68 w 0 w: Lorillard &s Lorillard 6% Lorillard (P) 7 McC'rmick ER 6: Midvale Steel b: Montana Pow 43 Montana Pw deb Nat Dairy 6%8s.. 9 47 a e wmnanlon mxre R aS~n ® s80 okt~ P &x e 83 9814 46 83 9814 46 4 1011 101 94% 74 101% 154'% 1011 108% 101% 1001 100 101 944 73! 1015 1511 10134 103% 1011 1055 100% 881, 8314 102% % 100% 98% 96% 9714 967% 1011 1013 100% 100 01% 94% “ 101% 1541 1011 108% 101% 105% 100% 881 98% Nor States Pow 68.. Pacific Gas & Bl PacT&T 1st bs. . Paramount 6s 1947. Pathe Exchange Phila Co 5 Phila & Read 65 Phillips Petro 5% Pllisbury F M 6s'43. Por RigéAm Tob 6. Postal Tel & C 5% Pressed Stl Car bs. Pub Serv G 4348 '67 Pub § Pure Ofl 534837, .. Remington Ar 6s 32 Rem Rnd 6% war. . Richfield O1l 68 Sinclair O Sinclair O11 6% Sinclatr O11 7 Sinclair Crude 5%s Sin Pipe Line 6s. ... So Por Rico Sug 1s. Southwest Bell 5 Stand ONIN J 46... Stand OIl N Y 4 %s. Tenn Cop 6s B 44. .. Tenn ElecPowss 47 Tex Corp ev 5 Transcontl O1l 6%s United Drug 6s 53 U S Rub 1st rf bs. Utah Pow & L Utllities Pow 6%8 Walworth 638 35 Western Elec 6 Westn Union 6s 51. Westn Unfon 6%s. White Eagle O 5% White Sew Mach. Wilson & Co 1st 65 Youngstn S& T Ann Arbor 4s. AS&SF cvt 45 06 Atchison ad) Atchison gen 4. Atch deb 435 43 At& Bir 4s33. Atlantic C L 1st 48. Atlantic CL 4%s 64 Balto&Ohlo gold 4s. B&Ocv4%s. B&Orf6s B&OSW 6s50. Bang & Aroos 4s 51 Boston & Maine § Bklyn Manhat Bklyn UnEl Bklyn Un El Ruff R & Pitts 414, Bush Term con bs. . Can Nat416s'54.... Can Nat 4%s8'57. .. Can Nat 414568 Canada Natl bs ... Can Nor 4748 1935, Can Nor 7s < Can Pac deb 4s Can Pacific ctf} Cent Pac Cent Pac 1st 53 90 Ches & O Corpn 6. Ches & O gen 4%s. . Ches& O 4%893 A. Chl B&Q gen 4s 53.. CBB & Q11 div 4s. Chi&E 111 gn 58 51. Chi Gt West 45 59.., CM&StPGen8d., ChiM&StP41%sC89. Chi M1ISP&Pac5s’ Chi & NW gen 4 Chi&NW conv 4% ChiRI&Pgn 4 ChiRI&Prf 4 ChiRI1& P 4%s. Chi Un Sta §s.. C& W 1con4s C& WIb%a62.. Colo & Sou 4% Cuba R R §s. Del & Hud1st rt 4 Del & Hud 7s 30, Den & Rio G en Den&R G W 4145 36 DRG & Wst 5s 65. DRG & Wst 5878 Des M&F'tD 4s ctfs. Erie Gen 4s.. Erle c¥ 65 67 Erfe conv £x 7s.... Fla Bast C 68 74 Fonda J&G 4%s 52. Gr Trunk st db 6s. . Grand Trunk 7s Gt Nor 4%5 76 D. Gt Nor §s Gt Nor 5% Gt Nor gen 7 Hav Fl Rv 5s 52 Hocking Val 414s Hud & Man ref 5s 11 Cent 4% s 66. . I1-C-C-StL&NO Fs. Int Rapid Trans bs. Int Rap Tr bs stpd. Int & G Nor 53 1956 Int & G Nor Int & G Nor Tnt Rys C A 5s. Int Rys C A 6s 41 Tnt Rvs C A R srot Towa Cent 1st bs. .. Kan City Ft S 4s.., Kansas City S bs. .. Kan City Term 4s. Take Shore 4s°31 Lehi Valen 4s LehiVeen 414 2003, Long Isrf 45 49 L &N 41552003 Louis & Nash 7s. Man Ry 1st 48 90. . M!11 El Ry&Lt 4148 Mil El Ry & L 65 51 Mil E] Ry & L 6s 61 Minn & StL ref 4s M St P&SSM cn 4s. Minn StP & SSM 6s. MK&T 1st 4s. . MK & T adj bs. MK &Toprinbs A, Mo Pacific zen 4 Mo Pac 5s A 65. Mo Pac 5s F 77. Mo Pac 6s G 78. Mo Pac 5%s 49 evt, Nash Chat& StL 4 Nassau El 4s 51 Nat Ry Mex 41¢s. NYT&M6% N Y Cen deb 4 StL6%S A StL5%s B NY Sus&Wn gen 68 NYW&B4% Nor & S gen 5s 64.. Nor Pac 4s. Nor Pae 5s D. Nor Pac rf Ogden & Lake Ch 4s Ore Wash 1st 4s. Panna con 4%s. Penna gen 4%s. Penna 4% s 63 Penn 5s'64 Penna 61gd. Penna Gold 7s... . Pere Mar 1st 45 56. Port El P L 6 . Port RL & Pbs43. Port RL&P T%Hs CMSP&Pac adj5s03 Low. Close. 23 103% 112% 105'% 9944 107% 110% 101% 100% 100% 4 105 a6 100 96 9674 95 100% 100% 101% 981 95% 104% 104'% 102% 95% 100 106% 101 98 93% 863 6 100% 5 98 87 101 102 101% 109 102% 73 100 101% 6 RAILROAD. Ch & O 4%s B 1995.15¢ 68 1 [ 39 20 9 9 13 20 10 10 18 1 1 5% 89 0 657 8974 104 2% 5 79 10 89 1101 1 98y 7 98% 11 103% 6 108% 7 100% 1 91% 8 98% 2 98y, 4 106 101% 1021 99% 47 97% 947 100 59 99% 1001 9814 14 891, 28 103% 113% 105% 99% 107% 110% 102 100% 100% 105% 101% 102% 100 47 981 94%4 91 104 93 335 IS DECLARED GOOD Kroger Co. President Says Outlook Is for Improve- ment in Sales. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, February 26.—Willlam H. Albers of Cincinnati, the 47-year old president of the Kroger Grocery & Baking Co., operating 5527 stores which in 1929 did a business of more than $286,000,000, sees a decided im- provement’ in' the last six months of 1930, Asked about grocery trade conditions throughout the country, he said: “Our general sales were 2 per cent better than a year ago for the same number of stores. There is still some weakness in the commodity prices. Our prospect for business within the next six months is fair, with a decided im- provement after that.” The name Kroger is known in more than a thousand cities throughout the Middle West. In volume of sales in the chain field it is now exceeded only by the F. W. Woolworth Co. and the At- lantic & Pacific Tea Co. ‘The Kroger organization years o began a scientific study of merchan- dising turnover. In 10 years the num- ber of articles sold in’ its stores has been decreasing—from 1500 different articles then to 800 and 900 now. The average Kroger store carries about $2,000 worth of goods and figures on turning over that volume every 10 days. When I asked Mr, Albers about the problem confronting the small grocer, he replied: “We have nearly 20,000 men employed in our business and nearly half of them are stockholders. Hundreds of these men never saved a dime before they entered our business. Profit sharing is here to stay. When a man becomes a keyman with us, we give him a sub- stantial stock interest. This is why our labor turnover is so very slight. “No one can foretell what the final form of merchandising distribution will take. Perhaps there is no final form, for the law of business progress spells continuous change.” Common Stocks and Trusts, Should common stocks be placed in trust accounts? Edgar L. Smith, New York investment banker, believes that voluntary restric- tions in the management of trusts should be established by indenture, or otherwise, if the tendency is toward the elimination of legal restrictions. Mr. Smith favored the admission of common stocks into trust investments on the ground that a certain percentage of them “became the best form of in- surance against the loss of purchasing power in a period of currency or credit inflation” But he laid great stress upon the fact that the account should maintain a balanced position between bonds and equity investments (stocks). “History 1s replete with examples of eminent trustees and administrators who have been carried away on the speculative illusion of their time to the detriment of the funds for which they were responsible,” said Mr. Smith, H. F. Wilson, jr., vice president of the Bankers' Trust Co. of New York, believes that a small percentage of trust fund investment in common stocks is sometimes desirable, providing the stocks are chosen on the basis of yield and soundness, not on speculative possi- bilities, Over the long pull the tendency of the country is to ‘get richer and under ordinary conditions the same holds true of corporations. So equities over periods of years, evidenced by com- mon stocks, would seem to have a bet- ter chance for a rise, other things be- | Ing equal, than bonds, which remain i fixed in amount and return, Natural Gas. | What part did a large available sup- ]pl_v of natural gas play in the determ- {ining of the United States Steel Cor- its Birmingham No doubt, a large one. . | poration to enlarge plants? United States Steel but a few days ;| ago signed a contract with the South- ern Natural Ges Corporation for the | delivery of gas to its subsidiaries in | the Birmingham region, which is equivalent in heat value to the total annual sales of gas in the city of Bos- ton. This is the second large contract | signed by the Southern Natural Gas Corporation for the delivery of large quantities of gas through their pipe line, opened but a few months ago. The new system comprises 900 miles, | piping gas from the Monroe and Rich- 1 rnnd gas fields in Northeastern Louisi- ana. Natural gas is playing a vitally important role in the development of the new industrial South, The question arises: Suppose this gas supply should fail? Provisions have been made by some companies to take care of unusual peak loads by storing gas in old wells. But never before in the history of the industry has such demands been made upon it and they are continually increasing. Should an insufficient supply of gas exist, millions of dollars of equipment would be useless as well as spelling ruin to these new industrial centers built around it. By the end of 1930 about $2,000,000,000 will have been in- vested, with consumption averaging about 1.7 trillion cubic feet. At present there are thousands of miles of natural gas pipe lines. The tremendous growth of the natural gas industry in recent years has been phe- nomenal—an old industry which has come to life. “Will any banking legislation be passed during the present session of Congress?” asks a California reader. Of course, nobody can say at this moment just what will happen in this situation. But as legislation shapes up now it does not seem possible that any legislation can be completed at this session of Congress, If the House committee on banking and currency enters into the proposed inquiry into chain and branch bank- ing it will undertake a man-sized job that will take months to complete, It does not seem possible that Con- gress can finish that job of thorough banking investigation in time to pre- sent any constructive banking legisla- tion before Congress adjourns. (Copyright, 1930, by North American News- paper Al Sales. High Reading gen 4%4sA 4 9734 Reading J C4s61.. 1 93 RIArk & L 4%s 6 97% StL IM&S gn 63 3 100% StL IM&S R&G 4 963 SIL&SFplesA 891 SIL&SF %18 Y014 St L & San Fr In Gs. 101% St L&S K gen 65 31, | StP & KCShL 4% San A & Arn Seab AL ref Seab AL con 6 SBAll Fla 6335 A. SB All Fla 63 35 B Sou Pac re! Sou Pac 4% Sou Ry gen Sou Ry con Sou Ry 68 56..... Sou Ry 6% Term Asso St L 5s. Tex Ark K'S b 48 b0 Tex & Pac bs B 1977 Tex & Pac bs C 79 Third Ave ad) b: Tol St L & W 43 50. Union Pae 1st Union Pac 4% Whash 4%s 78 rets Wabash 1st 58, ... Wabash 2nd 55, Whash 6 76 B 105% 106 Wheel&LE rf