Evening Star Newspaper, February 26, 1930, Page 15

FINANCIAL.' CURB SHARES FIRM IN QUIET MARKET Few Issues Active—Utilities, Trusts and Air Stocks Featured. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, February 26.—A hand- ful of stocks from various sections of the Curb list were active in today's . Moderately strong market, but the ma- 4 Jority barely budged. Utilitles, trusts, aviation and radio shares led the upside. Oils vemained irregular. Industrials exhibited r-ixed price trends and Natural Gas shares Quieted. ‘The market leader, Electric Bond & Share, headed the rally, moving up about 2 points. It was followed by American Superpower, Niagara Hudson Power, United Light & Power A, Utili- ties Power & Light common, American Cities Power & Light A and Electric Power Associates A and common, Indian Territory Illuminating Oil fea- tured the oils, rushing to a record high price on a huge turnover. Cities Serv- ice, after a 4,000-share opening, quieted, but held steady. Imperial Oil of Can- ada hit a new low for the vear. Vac- uum was moderately active, ranging within a point_of its previous close, while General Petroleum was a shade higher. Standard Oil of Indiana lagged and softened. Marine Midland, going to a new high for the year, featured trust dealings. Reports that it planned to acquire Fidelity Trust Co. here on the basis of two Marine Midland shares for one Fidelity share started the move. United States and International Securities first preferred and certificates, which were up 2% and 6% points, respectively, Tuesday, wete whirled again today. Chicago, Rock Island & Pacific rights made their debut, coming out at 1 and later selling at 1'5. These rights give common and pre- ferred shareholders of record March 7 the right to subscribe to $32,228,000 of 412 per cent convertible bonds at 95 and interest to the extent of 25 per cent of their holdings. The rights expire May 9. Douglas Aircraft was the early air leader, due to reports of increasing or- ders. Aviation Corporation of America, National Aviation and North American Aviation also pointed upward. In the radio list Gold Seal Electrical dropped to a new low record, while Eisler Electric climbed to a new peak. Canadian Marconi again featured the communication division. Yo~ INCOME TAX If property was acquired by gift after December 31, 1920, the basis of determining taxable gain or deductible loss is the same as it would be in the hands of the donor, or last precedins owner by whom it was not receive by gift. For example, a man in 1925 bought stock in a corporation at $100 a share, kept it until January, 1927, when it was worth $120, and then gave it to his son, who, in 1928, gave it to his wife, the stock then being worth $150 a share. If in 1929 the wife hold the stock at $200 a share, the taxable gain is not $50 a share, but $100 a share, the gain over the cost to the preceding owner, who did not acquire the property by gift. If the wife sold the stock at $80 a share the deductible loss would be $20 a share. In computing the gain or loss from the sale or other disposition of prop- erty acquired by gift or transfer in trust on or before December 31, 1920, or by bequest, devise, or inheritance, the basis is the fair market value of such property at the time of acquisi- tion. For example, a taxpayer received in 1919 a gift of real estate having a fair market value of $10,000 which he sold in 1929 for $15,000. The original cost to the donor was $12,000. The taxable gain, however, is $5,000. If sold for $8,000 the deductible loss would be 2,000 NEW PLANT FINISHED. Al itic Coast Line officials at Tam- pa, ., announced completion of a new $200,000 phosphate terminal at Port Tampt Coast Line has for years operated the largest phosphate terminals in the world at its Port Tampa term- inals and shipments via the port con- stitute more than half of the total ton- nage out of Prodida. The Florida pro- | duction is estimated at approximately 80 per cent of the world total. BONDS ON THE CURB Salesin DOMESTIC BONDS. Cit Serv Pow 3128 1 Cleve Elec Tiu ne Texiile 35 41 ndnap P&L 55 A 88 Insull Utilities 6s 40 11Inter Pw Sec 7s E B 36 Oswego Riv Pw 65 '31 1Pac Invest S Pac D 4 Y 5iis 47 6Pug S P & L 5138 10 Qunsb Gas 5'as A /52 102 k7 er “Bros 6s 4 88'0 Union Tel 55 '60 101 FOREIGN BONDS. Alr Pr T'2s '47 993 k' ds (31 981 t B I 7 Maranhao Braz s '38 81'c 801 81% 5 Sauda P Ltd 55 A '35 100! 7TUn S W 625 A 47 ww 8! ®w—With warrants. XW—Without Warrants. B—New. 100 * 100 893 89" Notice—All stocks are sold excepting those designated by the letter s (65s) ‘which ~Prev. shows those stocks to be 1930.~ Stock and Dividend Rate. Aero Sup Mfg B..... 13% Aero Underwriters. . 1% Aeronautic Ind war., 20% Agfa ANSCO........, 16 All Amer Gen Corp. 4 Allegheny Gas Corp., 3% Allled Aviation.. ..., 14 Allied Mot Ind(1), 36% Am Arch Co (3). 4% Am Brit & Cont 68 Am Cigar Co.. 14 AmC P&L B (b10 37 AmChain (3). 20% Am Colortype (2.40 23% AmCwith PA bl10g,, p34% AmCwithPBb10%, % 29% 6 19% 76'% 1421 113% Am G: 14 225 107 59 % Am Control Ofl Fids. 25'% Am Cyanam B (1.60) 3 Am Dept Stor 15% Am Equitle: 65'% Am For Power war., s & Elec (31).. Invest Inc B..... 43, Am Investors (war). Am Lt & Tract (10).. 114 Am Maracaibo. TV Am Natural Gas. 55t% Am Salamandra (3). 23% Am Superpower (1), 87% Am Superpow pf (6) 94% Am Super 15t pf (6) 5 Am Yvette (new) wi 114 Anchor Post F (2) 94 Arcturus Rad Tu 15% Anglo Chil Nitrat 1% ArgoOil. # Ariz Globe Copper., £3, Arkansas Nat Gi &% Arkansas Nat Gas A. 7% Ark N G em pf (60c) « Asso-Elec Ind Lud. .. 3614 Asso G & E A (12.40) 7 Asso G&E A deb rts.. 291 Asso Rayon pf (6).. 221 Atl Coast Fish(1.40). 15% Atlantic Sec Corp. 223 Atlas Plywood €2). 18 Atlas Stors Corp($1) 7 Auto Music (A) (D)., 14 AutV Mcvprpt (2). 24% Aviation Corp of Am 124 Aviation Credit. 214 Bahfa Corp... 1574 150% Bell Tel of Can (8).. 35 4 30% 1% 407 12 40% 16% 4% 15 288 % 1 1 8% 19 118% 102 1 54 14% 16% 13% 40% 6% % 28% 3 8% 3 131% 1 51 5% ey 19 W 32 15% 64% 41 66'% 200 1 2 2% 1 % 121% 1 16% ke % 7 2% 234 31% Blaw-Knox Co (1%) 2% Brill Corp B . 234 Bliss Co (E W) (1).. 6% Blue Ridge Corp.... 33% Blue Ridgecv pf.... 9 Bowman Bil H 2d pf. Brazil Tr & Lt (2). 11% Brillo Mfg (1.20). 3 BrCelanese Ltd rcts 32% Bulova cv pf (33%). 8 Burco, Inc... 3 Burco, Inc ( 3 Cable Radio T vte 2% Cab&Wire LtdA rets 1% Cab&Wire LtdB rets 10 Can Ind Alc A(1.52). 4% Can Marcont. ....... 51 Can Pacific(new)w.i. 2 Carib Syndicate. 24 Celanese Corp 80 Celan Cor 1st pf (7) 254 Cent Public Service. 34% Cent PSv A (al.75). 19 Cen States El (140c) 72 Cent Sta El pf(6)xw. 4% Centrifug Pipe (60¢) 12} Chain Stores Stock. 224 Charis Corp (13 53% Ches & Ohio (new).. 261 Cities Service (230c) Cities Serv pf (6)... 20 City Mach&Tool(t2) 18 Clev Tractor (1.60).. 12% Com Wat Ser (b6%) Com’wlth Edison (8) 3% Comwlith & Sou war. 12 Comstock Tunn % CA MCoectfs. . 5 Consolidated Copper 13% Con Dairy Prod (32). 90% Con Gas, Balto(3 60) 00% Cons Gas Balt pf A 5. 3 Cons Instrument. 10 Cons Laundrie: 14% Copper Range (2) 11'% Cord Corp.......cont 89% Coty Soc Anon rets. . 5% Creole Petroleum. .. # Cresson Cons (8¢) 18% Crocker Wheeler. 1% Curtiss Wright war. % Darby Pet (1) 2 Davis Drug St 13 Deere & Co new w.i. 215 De Forest Radio. 4% Derby Oil & Refin. .. 5 Detroit Atrcraft Cor. 16% Doehler Die Casting. % Dolores Esperanza. .. 29 Donner Steel........ 12% Douglas Aircraft 76¢ 64 Draper Corp (15).... 31 Dres(SR)Mfg A3%. 41 Driver Harris(new). 45 Duke Power (35). 4% Durant Motors. 25% EastGas& F Asso. 18% East State Pwr B. 14 Eisler Elec (1.50). ... 80%; El Bond & Sh (b6)... 03% El Bond & Sh pf (6).. 24% Elec Pow Asso (1).., 22% Elec Pw Asso A (1).. 28% EIP& Lopt war.... 15% Elec Sharehldg (21). 82 El Sharehold pf (6).. 40 Empire Pwr Corp(2) 19% Emp Pub Sv A(1.80). % Engineers Gold..... 16 Eng P S opt war. 18% Europan Elec (Th 3% Evans Wallow Lead. 2 Fabrics Finishing. 2% Fageol Motor. 3 Fairchild Aviation. . % Falcon Lead 33% Federal Screw (3) 6% Ford Mot of France., 10% Ford Motor Ltd..... 33 Fourth Nat In 214 Fox TheatClA. lock Pkg (1.20). 2% General Baking.... 37% General Bak pf (6).. 11 Gen E Ltd rets (50¢) 13 GenGas&El(A)... 85 Gen Gas&El cv pf(6) 8 Gen Laundry Mach.. 32 Gen Petrol Corp wi. 9% Gen Rity & Utilities. 20 GenW W&EA (2).. 13 Glen Alden Coal (10) 11% Globe Underwrite: % Gold Coin. 2% Gold Seal 3 Golden Center Goldfield Consol. .. Goldman Sachs (b6). Goth Knitback Mach Gr A & P Tea pf (7). Graymur Corp...... Groe Stors Prod vte. Ground Gripper (1).. Gunther Law (2).... Gulf Otl of Pa (1%). Hall Lamp (1.50). .. Hazeltine Corp (1).. Hollinger Gold (60¢c) Holt (H) & Co(1.80) Hoover Steel (1.20) .. Houston Gulf Gi Hudson Bay M & 10% 223 24 38% 204 17 b4y i 17% 615 321 674 1% 10% 40% 12 a1y % 35% 108 Bk 297% 214 Hygrade Food Prod. Imp Ofl Can (50c). .: Imp Tob GB&I(1.25) Ind Fin ctfs (b10%). Insull Ut Inv(b6%). Intercontinent Petn. Intl Petrol, n(63%e¢) Internat Products... Intl Superpow (31). Internatl Ut B, .. Internatl Utll (war). Interstate Equi! Interest Eq cv pf Irving Atr Cb (1.50). Jefferson Elec (3)... Kolster-Br (Am Sh). Lackawanna Sec(4). Lake Superior Corp. Lakey Fy & Mch (1 Lamson&Sessns (n). Landay Bretlers (3) is S wE e Ennnarants 3o aBias in one hundred N 3 RBurZruoansanlion o P A8 S ) Ba » B 1o BN AR IR R M AN DI N N 5 A 300 18 18 o Do s EET e o " =N 2 a3 FTrannsd am ® 12 208 392 3 9 » L PP I T b I Tt R T A " THE EVENING 00. Open. High. 12 12% 10% 29% 2% hare lots —Prev sold in odd lots only Sales— Add Low. (28! High Y 24 3% o annus Direct 1930.~ Stock and Low. Dividend Rate. 147 Lefcourt Rea) 11.85.. 29 Lefcourt Real pf (3) 1754 Lehman (The) Corp. 18 Libby McNell & L, Long Isl Light(60e). Louisiana Lan & Ex. % Magdalena Syndicat. 14% Mangel Stores 37 Mapes Cons Mfg (3). 32% Marine Mid Cp (1.20) 1 50% Marshall Field & Co. 1% Mesabi Iron. 24 Met Chain Stos 26 Met e-50¢ Strs pf 364 Met T Cor ptpf (13% 2 Mexico Ohio Oil.... 2 Midl Unit (b1% %).. 97 Mid W Ut ev pf xw6. 2614 Mid Wst Util (b8%). 1% Mid West Ut A wa 4 Mid West Ut B wa; 187% Mo Kan P L (b10%). 8 Mount Prod (160).. 6% Municipal Service. 7% Nat Amer Co 814 162 254 121 22 18% 50 Nat Steel Corp xw (2 204 Nat Transit (1)..... 314 Nat Union Radlo. 161 Nehi Corpn (1.30)... 26 Nelson (Herman)(2) 887 New Eng Pow pf (6) 18% New Hav Clock t1% 664 New Jer Zinc (t4) 31; New Mex & Arlz Ld 2 at Fuel Gas (1).... at Investors (new) N Y Merchandise (2) 96% N Y P&L 6% pf (6). 11% Niagara Hud P(40c) 3 Niag Hud Pw A war, 6% Niag Hud Pw B war. 27'% Niles Bement Pond.. 34% Noranda Mines (3).. 514 North Am Aviation.. 5% North Am Util Sec. . 215 No Am Util 18t pf(6) North St Pow A (8§ 21% N W Engineer (2)... 22% Novadel Agene (2).. % Ohlo Copper. 6614 Ohio OIl (12) 81% Otlstocks,Ltd 3 or new... 10% Outbd Mot A (1.80).. 3% Outbeard Motor (B). 15% Overseas Sec (1).... 49 Pac Coast Bis pf 3.50. 26'% Pac G&EI 15t pf 1%.. 27% Pac Pub Serv (1.30).. 123 Paoc Western Ol ©» a8 EH Param C Mg (2.40). Pender(D)Gr A(3%) Penn G&EI A, (1%). Penn Mex Fuel (2).. Penna Wa & Pwr (3) 13 Pennroad Corp . 32 Peop L&P A(a2.40). 194 Petrol Corp (13%)... 99% Phil Elec Co pf.... . 101 77 Piedmnt & North (6) 5 10% Pilot Rad T A (1.20), 10 Pitney B P n (20c) 25% Plymouth Oil (2). 9 Polymet Mfg (21)... 1% Premier Gold (24e)., 814 Prince & Whitely. 35% Prince&Whitely pf3. 14 Prudential Inv,, 17% Pub Util Hold w: 99 PugSP&Ltpf (6 % Pyrene Mfg (80c)... 16 Radio Products (2).. 8% RalnbowLumProd A 3% RalnbowLumProd B 51 Raymond Conc (t4). 2% Reiter-Foster (40c).. 17 Reliable Strs (b5% ). 16% Rel'nce Managemnt.. 71 Republic Steel n wi., 90% Rep Steel cum pf w! 27 Richmond Radiator. 26% Rike Kumbler (2.20) 15 Rolls-Roy of Am pf. 15 17 73 = o= % St Anthony Gold. ... 19% St Regis Paper (1).. 10 Salt Creek Prod (2).. 7% Schlet & Zan (13%).. 22% Schlet & Zan pt3%.., 2% Schulte Un bc-$1 Si 5% Seg Lock & H (50¢).. 7% Selected Industr: Sel Ind allot efs - 4% Sentry Safety Cont., 7% Shattuck Den Min 8ix Shenandoah Corp. 83 Shenan Corp pf(as). 13% Sikorsky Aviation B 49% Stand Oil, Ind (2%) 27% Stand Oll, Kan (2) 38% Stand Ofl, Ky (1.60) 4 20 ' Starrett Corp......m 9% Strauss Roth. - 1% Stuts Motor Car. 5% Sunray Oll (40c).... 82!5 Swift & Co new (2).. 8 Syrac Wash M B (1), 19 Taggart Corp (1). 54%4 Tampa Electric (3: 78% Technicolor, Inc 8% Texon Oll & Land. ... 18% Thermold Co (2).... 44% Tish Realty & Con. 41% Transamer ($1.60) 6 Tran Con Alr Tran. . 16 Transcontl Oil (30c), 11% Tri-Continental Cor. 4 Tri-Cont Corp war. 75 Tri-Cont Corp pf(6). 40 Tri Utilities (11.20).. 130 Tub Art Silk B (10).. 17% Ulen & Co. 40 Union Oil A % Union Tobacco. 11 Utd Carr Fastnr 1.20 82 Uni Chem pt pf (3).. 14% United Corp war. 7 United Dry Dock: 42% Utd Founders (b: 19% United Gas Co. . 27 Unit Lt&Pwr A(608) 97'n Utd Lt & Po pf (6).4) 3% United Milk Prod. ... % United Ret Chem A.. % Utd Ret Chem B ctf., 13% USDairy B.......0 18% U S Elec PWr WW. .. 17% U S Foll B (1).. 60% US&InScts (2%4) 60% US&Int Seclst pt(5). 14 US Lines pf (1) 42% U S Radiator (2).... 42 U S Radlator ctfs(2) 11 Unit Verde Ext (4).. 14% Utility Pw & Lt(al) 17% Utility & Ind. 24% Util & Ind pt 10% Utility Equitie 88Y, Vacuum Ofl (143 ).. 10~ Van Camp Packing. . 12% Van Camp P pf(1%). 2% Venezuela Ptm(20c). 8 Vick FInCorp......; 8% Waltt&BondB(1.40), 60% Walgreen Co. . 52 Welch Grape Ju (12) % Wenden Coppe: 18% West Alr Exp 51 Wilson Jones (3) 3% Winter (Benj) % Yukon Gold. 17% Zonite Prod (1.60) RIGHTS. 3% Con Gas Balto, % Eisler Elec.. 45 Newport Co_ 28 Pac Tel&Tel. 2% So Cal Edison. 0 .01 Trans Corp.. .Mar Dividend rates in doliars based al payment. STAR, WASHINGTON, NEW YORK CURB MARKE Received by Private Wire Sales— Add 00 Oven. High - ] 08 1 00 N 10 6 B 1 00 1 to The Star Office 38 28 | GBerZomnmmnn~ 3114 26% 2474 18% 18% 634 6314 20 T4 234 1% » T 23 314 89% 9 3814 39 9% T 943, 1784 29 27% Y% 684 38 38% 9% s 945 178 9 s e N O BN B BN G D 0s 05 12 - o g oo = e e N S e L LT L TTeR - 50% 28 35% 22% 18% 2% 5% 32% L) 131 18% 40 % 15% 40% 19% 8 42% 30% 21% 8 43% 31% 0% 41% 19 106% 106% 3% 3% 17% ror e - © i AN woR~S BhoanenaSeRmmRREEN osm [OTTH TS S % 18% Expire. 2 4% 4% 4% 4% 36 % W % 1 & & & 420 20 20 20 72 3% 8% 3% 3u 5124 02 08 .01 .03 on last quarterly or semi- *Ex-dividend. 1Partly exira. {Plus extra in stock. a Payable in cash or stock. b Payable in stock. d Payable in preferred stock. IExperienced Advertisers Prefer The Star D. C, WEDNESDAY, FEBRUARY COLLATERAL LOAN ACCDUNT REDUCED Nearly Two Billions Lopped Off Total Since Panic in Stock Market. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, February 26.—The grad- i ual reduction in the amount of bank credit in the United States issued against security collateral is indicated again in the weekly figures of the Federal Re- serve Board for the 12 member banks as of February 19. This shows reduc- tion in loans and investments since the stock market panic period of approxi- mately $2,000,000,000. Of the total of $24,073,000,000 loans and investments in November about $18,500,000,060 were represented in the item of loans. This was divided be- tween loans on securities of $8,746, 000,000 and “all other” loans of $9, 743,000,000. The situation, according to the latest figures today, is that all loans hve been reduced $1,970,000,000. The cuntraction in loans on securities has have been reduced $1,970,000,000. The lateral $893,000,000. Of the loan reduction about 60 per cent has taken place in the New York Federal Reserve district, where the total drop of $1,228,000,000, that on se- curities alone was $868,000,000. In Chicago the decrease in the past three and a half months has been $284,000,000, or about 10 pir cent. In that city, how- ever, the cut in loans on securities was only $106,000,000 and $178,000,000 on “all other” loans. In Boston the de- crease amounts to $70,000,000, in Phila- delphia to $67,000,000, in Cleveland to $94,000,000, in Richmond to $37,000,000, | in Atlanta to about $30,000,000, in St. Louis to $31,000,000, in Minneapolis to $43,000,000, in Kansas City to $32,000,- 000 and the same in Dallas, with San Francisco showing a cut of $35,000,000. ‘There is ample evidence to sustain the statement that as stocks have ad- vanced in the last two months banks throughout the country have been gradually cutting down their loans on securities, either through compulsion or by voluntary act of borrowers. There still is, however, a larger total of col- lateral loans in the banks than bank- ers looking for a healthy credit condi- tion would like to see. The liquidation from now on probably will be slower than in recent weeks, because of the fact that remaining securities in loans are not as readily marketable as those released. and there is little sign of a thawing out of the great volume of loans made on real estate. Some liquidation has taken place in loans on commodities and has had its effect in the price movements of the main farm products. In spite of the reduction of nearly $2,000,000,000 in loans and investments since November, the total at present of these two items in Federal Reserve member banks is only $90,000,000 less than a year 0. Total loans are actually $330,000,000 above those of the same period last February, with loans on securities up $225,000,000 and “all other” loans $105,000,000 higher than in the 12 months previously. On the other hand, the investments of the member banks, in spite of the increase of $58,000,000 the past week, are $420,000,000 smaller than at this time last year. Compared with the middle of November, the banks now hold $58,000,000 more of United States Government securities, but $71,000,000 less of other securities. (Copyright, 1930.) NEW YORK COTTON. NEW YORK, February 26 (#).—The cotton market opened steady today at an advance of 5 to 10 poinis on rela- tively firm Liverpool cables and the upturn in wheat. May sold up to 15.40. At the end of the first half hour trading was quiet and the market was about steady at net advances of 5 to 7 points on the active months, with May selling around 15.36. Liverpool cables reported continental buying and covering With a shortage of contracts in that market, but said that business in cotton cloth for India was restricted pending the announcement of import duties and that yarns were in- active with stocks increasing. —_ CHICAGO LIVE STOCK MARKET CHICAGO, February 26 (#).—United States Department of Agriculture.—Hogs —Receipts, 20,000 head, including 6,000 head direct; market opened 10a15 high~ er; later trade 10a25 higher; slow at ad- vance; top, 11.30; bulk, 150-250 pounds, 10.65a11.15; 260-300 pounds, 10.40a10.75; butchers, medium to choice, 250-300 pounds, 10.10a10.80; 200-250 pound: 10.45a11.25; 160-200 pounds, 10.65a11.3 130-160 pounds, 9.75a11.10; packing sows, 8.50a10.10; pigs, medium to choice, 90-130 pounds, 9.00a10.50. Cattle—Receipts, 5500 head; calv®, receipts, 2,000 head; slow steady to weak trade on most killing classes; undertone very bearish, but supply small; choice weighty steers, 14.75; some held higher; fat cows very sluggish; slaughter classes, steers good and choice, 1,300- 1,500 pounds, 12.75 to 15.25; 1,100-1,300 pounds, 12.75 to 15.75; 950-1,100 pounds, 12.75 to 15.75; common and medium, 850 pounds up, 8.75 to 12.75; fed yearlings, good and choice, 750-950 pounds, 12.75 to 15.75; heifers, good and choice, 850 pounds down, 11.50 to 14.?3: common and medium, 8.00 to 11.50. Sheep—Receipts, 15,000 head; no fat lambs sold; taling 25c or more lower; best held above 11.25; talking 10.25 to 10.50 on bulk; fat ewes steady at 5.75 down; feeding lambs steady at 10.00 to 10.50; lambs, good and choice, 92 pounds down, 10.00 to 11.40; medium, 9.75 to 10.25; common, 8.75 to 9.75; medium to choice, 92-100 pounds, 8.75 to 10.75; ewes, medium to choice, 150 pounds down, 4.75 to 6.00; cull and common, 2.00 to 5.00; feeder lambs, good and choice, 9.50 to 10.50. Steel Outlook. NEW YORK, February 26 (#).—James J. Campbell, chairman of the Young: town Sheet & Tube Co. reports that the steel industry is in better condition than was anticipated after the market crash. He believes business will con- tinue to improve. TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of business, February 24 was $61,384,259.95. Cus- toms receipts for the month to date were $28,701,848.19. Total ordinary ex- penditures, $7,198,802.93. SILVER QUOTATIONS. NEW ' YORK, February 26 (4).—Bar siiver, 4212; Mexican dollars, 31%. N NEW YORK BANK STOCKS. NEW YORK, February 26 (). — Aoadvas *Nail adway ' Na Ch Natl. 140 Mannat Go; i1 Trust Companies. Bankers ... .. Cent Hanover Chemi Bk & Ti Corn Exch. County . Equitabl 26, 1930. TODAY’S STOCK AND BOND AVERAGES By the Associated Press. From Yesterday's 5:30 Edition. STOCKS. BONDS. Today .... Previous day. Week ago. Year ago Two years ago.. Three years ago, weekly aver High (1930) Low (1930). & 10 Industrials. 93.0 .. 91.9 Total sales (par value), $8,397,000. (Copyright. 1930, Standard Statistics Co.) EXPECT FARM BOARD TO HALT RAPID DROP IN WHEAT PRICES Grain Traders Believe Next Move in Situation Is Government Action. Other Commodities Fall. BY OWEN L. SCOTT. Special Dispatch to The Star. CHICAGO, February 26.—The next move in the wheat price situation— which now has reached the point of de- moralization—is up to the Federal Farm Board, in the opinion of grain traders. But what the board can do more than it already is doing is a matter of mys- tery. With prices nearly 60 cents under the season's top and 29 cents down from the prices prevailing on January 1 of this year, all in the face of efforts of the Farm Board to stabilize the price level, it appears that something more than Government action will be needed. As a matter of fact, the Farm Board has enough situations on hand to keep it running around in circles. Other Commodities Fall. While wheat is crashing, a somewhat similar crash has been going on in other commodities which form the backbone of cash income for farmers. Butter is selling 15 cents, or more than 25 per cent, under a year ago, with unprecedented storage stocks of more than 35,000,000 pounds on hand. In Wisconsin dairy farmers are holding bonfires to burn butter substitutes as a protest against one form of competi- tion to the industry. Eggs are 331-3 per cent under last year and at the lowest price level for this season in more than 10 years. Rec- ord-breaking supplies are on hand. Sheep are selling at the lowest level in nine years, materially under the prices paid by herders for these animals as feeder stock earlier in the year. Cotton has almost duplicated the fall in wheat, again in the face of Farm Board efforts at stabilization. ‘The situation in the dairy industry has arisen in a field where co-operative marketing has been carried to a rela- tively high degree of organization. It is & result of the cry of recent years for diversification as a solution for farm ills, So many farmers have gone in for | dairying that they have glutted the | markets with products. Farm Board Loss. As a result of its activity in wheat, the Farm Board already has a sizable loss on its investment. The Farmers' National Grain Corporation and the Stabilization Corporation, backed with Government funds, have bought well over 10,000,000 bushels of wheat, ac- cording 'to trade estimates. The price paid averages well over $1.20 a bushel, while at present levels this represents a loss of about 10 cents a bushel. The board, through its agencies, was paying its guaranteed price for grain from co- operatives on Monday, while values were sinking rapidly. In Canada the premiers of the three western provinces are meeting to decide to what extent the government should back the Canadian wheat pool, which already has suffered severe losses as a result of advances made to farmers on their 1929 crop. They hold hundreds of millions of bushels for which there is no market apparent at the moment. Chairman Legge of the Farm Board points out that farmers who have joined a co-operatjve can sell their wheat at profitable prices, no matter what the conditions on the spot market, but with most of last year's crop marketed and a new crop about to start growing, the grain growers’ concern is over the 1930 situation, which the present fu- tures largely represent. On that basis the outlook is not bright. (Copyright, 1930.) GRAIN MARKET. CHICAGO, February 26 (#).—Active trading and decidedly higher prices formed the rule in the wheat market here early today. Unlooked for sharp upturns in Liverpool wheat quotations were the chief new stimulating facwor, but immediate North American export business appeared unpromising, and price advances in Chicago met with in- creased selling pressure causing fre- quent moderate reactions. Starting 1 to 215 up, Chicago wheat futures after- ward receded temporarily in some cases to the same as yesterday’s finish. Corn, oats and provisions were also firmer, with corn starting at 3% to 15 gain, and subsequently sagging somewhat. Lively dealings, but with indications of lessened strain, went side by side in the Chicago wheat futures pit much of the time today. As compared with re- cent persistent wild changes in price, the fluctuations here kept within rela- tively normal limits and were governed largely by the course of values at Liv- erpool and Winnipeg. No signs of fresh purchasing of wheat future deliveries for the newly organized National Wheat Stabilization Corporation were appar- ent, and for the most part only ordinary trade factors were receiving attention. Property Advances today in Liverpool wheat quotations were ascribed here to late upturns yesterday in Chicago and to firmness with which asking prices on Argentine offerings to Europe were be- ing maintained. However, evidence of was lacking and bears were taking par- ticular notice of messages from Duluth saying that the new regulations for ob- taining prices equal to the Farm Board loan basis were being enforced on wheat arrivals from the country and were en- tirely eliminating commission mer- chants. . RUSSIA TO ERECT 55 FOOD CANNING PLANTS Special Dispatch to The Star. NEW YORK, February 26—Soviet Russia plans to erect 55 food canning factories at a cost of nearly $35,000,000 before 1933, according to semi-official advices reaching this country from British tin producers. The details of | the plans have been announced in Lon don by M. Shostak, a director of Arcos, ! who says that at first the tin plate to be used in the factories will be bought mainly in Europe. Management Is the janitor always on the job? ‘That’s one of the important details our department of Apartment House manage- ment takes off your shoulders when you place your apartment properties in our charge. B. F. SAUL CO. National 2100 925 1s5th St. N\W. More than a third of a century’s experience Refinancing at 3% offers the advantages of a longer loan term, and a lower interest rate . . May we prove to you, in detail, the substantial savings possible through five and one-half per cent Loan Correspondent for “The Prudential” financing. Prompt approvals == Valuable prepayment privileges Three year loans on newer properties without amortization, H.L.Rust 1001 Fifteenth Street E BT AN LT Guaranty International Irving ... Manufacturers . New York. United Stai Besdtisels Company National 8100 HED 1889 e S any special improvement in export de- ! mand for wheat from North America | Transcont. Qil BY GEORGE T. HUGHES. Every one who has followed Wall Street affairs at all during the past year or two is familiar with the furor in speculative circles whenever it is sug- gested that a popular stock is to be ‘fi‘" up meanng that two or more shares of new arc to be given for each share of old. Somehow or other traders believe, or act as if they believed, that giving of two pleces of paper for one gave them something that they did not have before. Now comes Transcontinental Oil with a proposition exactly the reverse of a split-up. Instead of giving two new shares for one old it asks the stockhold- rs to surrender twn old shares for one new. The result will be that the in- vestor who now has 100 shares of Trans- continental Oil will, under the new set- up, have 50 shares. Disregarding for the moment the reasons for this step and supposing, for the sake of argu- ment, that there are no other changes in the form of capitalization, each in- dividual stockholder will have exactly the same equity in the company after he has turned in his old stock for his new that he had before. He will have lost noth'ng whatever, just as the stock- holders in those other corporations whose stock was split up gained noth= ng. Siniply for purpose of illustration: If A company- has 1,000 shares of stock outstanding and you hold 100 shares, YOu own one-tenth of the company. If now the capitalization in common stock is cut in two, as is the plan in the case of Transcontinental Oil, and the num- ber of shares outstanding is reduced to 500, your holdings will have been re- duced to 50 shares and you will still own one-tenth of the company—no more, no less. There are advantages in a split-up when the market price of a stock goes so high that the small in- vestor hesitates to purchase it, but there 18 no increase in value. There are some- times good reasons why a common stock capitalization should be cut down, but there is on that account alone no de- crease in value, RAIL FREIGHT TRAFFIC. By the Associated Press. Freight traffic on railways began to Increase with the middle of February, the American Railway Association in- dicated today in announcing the latest totals of car loadings. Figures whick. follow give the total of cars loaded witiy | revenue freight for the week and com- | parable periods on trunkline systems: Week ending February 15. 891,597 cars Preceding week . . 886,581 cars Same week last «os 957,498 cars Same week 1928. . 888,586 cars Money to Loan ured by first ‘!::. l.u Joseph I. Weller & Real F-hh Loans Made ins Co. Wort. Gordm'l Buchanan Buchanan g otante nal 6110-6111-6213 one Directory Omission) Councilor & Certified is nothing like it for comfort and conveni- e. Completely installed 2 hours. No discomfort. I Terms. | B WashingtonGasLightCo. House Heating Division National 8280 Gillette Safety Razor Company A report on the company will be furnished upon request STEINBROS. & BOYCE Established 1853 Woodward Building WASHINGTON, D. C. altimore, Md. 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