Evening Star Newspaper, March 1, 1930, Page 25

i 1 JANUARY EARNINGS | OF RAILROADS SAG: ~Prev 1930.~ NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct t- The Star Office. ICONVERTIBLE BOND | [ o BONDS o ] | RREGULAR TREND IN INDUSTRY SEEN Received by Private Wire Direct FOREIGN. Sales. Argentine 8sJu by, Sales. High Low Close Willys-Ov 634533 1 99% 99% 99% Wilson & Co ist 3 100 9% 99 (Continued Stock ana From Page 8.) 18 Sales— < prev Lowest Ratios of Profits / Since 1927 Revealed in Carriers’ Reports. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, March 1.—The com- Pleted list of important railroad system earnings ‘in January show the lowest ratios of gress earnings and net operat- | Pillsbury Flour (2). ing income for the month since 1927. Not only was there a severe shrinkage in the movement of traffic last month, compared with the same period in 1929, but in a great many instances there ‘was a drop from the level of 1928, when some of the carriers were still experi- Teaction of the previous year. decrease in net operating income, when the final figures are available, is expected to be about 25 per cent in comparison with a year ago. This is not so large as that of November, but | runs to about the same proportions a: the shrinkage in December. Altogether, the last three months have witnessed | the most severe curtailment in railroad | operating revenues since 1927. Pre-| liminary estimates of February returns Ppromise only a slight improvement over | the January figures. | ‘Extent of Decrease. | The decrease in net operating income | was about four times greater than in | gross income. This was due not only to | the severe operating conditions which | the roads had to face last month but ! to their policy of continuing expenses | at a relatively high point in order to carry out the Government program of assisting business. i In view of the high state of physical | condition attained by a majority of the | carriers through liberal expenditures in | the last few years, they would have| been able to offset a considerable part of gross decreases with a paring down of maintenance expenses had the obli- gation to support the Government pro- gram not been entered into last De-| cember. Losses were common to practically every section of the country. Naturally the decrease in activity in the iron, steel and automobile districts in tha East affected the revenues of the trunk lines, which carry vast amounts of iron and steel produets and coal and take trainloads of automobiles in normal times daily out of the Michigan pro- ducing centers. The Pennsylvania, Baltimore & Ohio, and New York Central all showed sub- stantial losses in gross and net. The effect of withholding grain and the col- lateral results of a reduced purchasing power by communities owing o fallirg prices of wheat s vividly indicated in the poor statements of.Great Northern, Northern Pacific, St. Paul and Chicago & Northwestern, the same general effects obtain in the Southwest where not only wheat but cotton enters into the traffic situation and produced a series of un- favorable reports by the leading sys- tems in that section. See Better Business. ‘This was also indicated in the state- ments of the roads in the South whose January gross and net in most cases was lower than for the same month in either 1929 or in 1928. it has been difficult with such poor earnings statements to attract much investment support recently in the shares of railroad companies, most of which have reacted from the high level of the year reached two weeks ago. Railroad executives are confident that they will later have the benefits of encing the effects of the mild business | High Low 4% 485 25 2% 17% 2% 5 614 264 6tx 7214 221% 1% i Ri4 35 29% | 1 Panhandle P& R. ... Paramount-F-L 14). Park & Tilford (13). 5% 2 | e 12 | 29 Peerless Motor Car. Penick & Ford (1 Penn Dixie Cement. . Pennsvivania RR(4) Phila Company (7). Phila& Read C& 1., Phiiip Morris (1).... Phillips Petrm (n2). Plerce Ofl.... Pierce Petroleum. .. Pitts Steel pf (7). Pittston Company Poor & Co (B) (2) P Riean Am To (B Prairie Oil & Gas(2) Prairie Pipe L (15) Pressed Steel Car. Proc & Gamble (2).. Public Serv. NJ 3.40, 102 Pullman Corp (4)... 4 Pure Ofl (1%)...... 12 Purity Bakerles (4). Radlo Corp Radio vt B (5 Radio-Keith-O R R Sec I C stk C(4) Raybestos Man 2.60 Real Silk (5). . Rels (R) & Co . Rem Rand (1.60).... Reming-Rnd st (7). Reo Motor Car ( 80). 4 Repub Ir & Steel (4). Rep Ir & § pf otfs(7) Rep Ir & Stl pf «7).. Rever Cop & Brass. . Reynolda Spring. .. Reynolds Tob A (3). Revnolds Tob B (3). i Richfield Ol 12). 28 Safeway pf (8). St Joseph Lead (13). St L-San Fran (3)... St L-San Fran of(6). Savage Arms (2). Schulte Retail Strs. . Schulte Retall pf(8) 30s 4 Sears Roebuck (32% Second Natl Inv Servel Ine Shattuek (P Stmmons Co (g3). Sinclalr Con Ol 2).. Skelly Ol (2) . Snider Packing pf... So Por Rico Sug 12). Sonthern Cal Ed (2). Southern Dairies B. . Southern Pacifie (8). Southern Ry pf (5).. Sou Ry M&Oct (4). Spang-Chalfnt pf(6) 20s Sparks Withngtn(l). 18 & C¢ Stand Gas & El (33%) Stand G& E pf (4).. Stand Invest Corp. .. Stand O of Cal (234 ). Stand Oll Exp pf (5). Stand Ol N J (12).. Stand Ol N Y 11.60). Stand Plate Glass. .. Sterling Sec A...... Stewart-War (h3%) Stone & Webster (4). Studebaker Co (5) Submarine Boat..... Superior Steel. Sweets of Am Dividend Rate. Add 00. High. Low &4 4 Close Close 4y A% 69y, (9% 26 256% 25% 2 16% 40% 9614 42% £ 16% 404 974 425 3 207 10% no regular rate. ab) 20% 10 20% Jo"|8%% in stoci stockholders. k. Thatcher Mg (1.60). Third Avenue. . Thomipson J R (3 60) Thompsn Prod(2.40) Thompson Starrett. . Tide Water Asso 60c. Timken Roller (3) Tobaceo Products. .. Transcontinental Ofl Transue & W (1).... Trico Prod (2%) ..., Truscon Stl (g1 20).. Und-Kll-Fisher (6).. Union Bag & Paper. . Union Carbide +2.60) Union Oil of Cal Utd Afrcraft& Trans Utd Aircraft&T pf 8. Utd Biseuit ¢ 4019 33% 125% 124 921, 421 60% 661 2) 4 Utd Corporation Utd Corp pf (3). United Elec Coal United Fruit (4).... Utd Gas & Imp(1.20) 2! Utd Paperboard. & Fdry (2). Pipe 1st pf (1.20) Reaity (). S Rubber 1st pf... U S Smeit Ref (33%). U S Steel (7).... Univ Pict 1st pf(8)..100s Univ Pipe & Rud.... 2 ULl Pwr&Lt A (e2). Vadsco Sales Corp. Vanadium (14) Vick Che Virginia-Car Chem.. 1 Vulcan Detinning. .. Waldorf Sysum (1%) Walworth Co (2)..,. Ward Baking A. Ward Bakiog B..... 1 Ward Baking pf (7). 1 Warner Bros Pic #4). 659 War Bros P pf (2.20) Warner-Quinlan (2). Warren Bros (19)... 1 rren Fy&Pipe(2). Webster-Bisenlobr.. 1 Westn Dairy (B).... Western Maryland. . Western Pacific pf... Western Union (). . Westinghse A B (2). Westinghse k&M (5) 117 Westhse £&M pf (5) bUs Weston El Ins (1)... Westvaco Chlor (2). White Motors (2).... White Rock M S (14) Wilcox Rich, B (2).. Willys-Over (1.20) Woolworth (2.40)... Wrigley Wm (4).... Yale & Towne (15)... Yellow Truck & C... 1 Young Spring (3)... Young Sheet & T (5). RIGHTS EXPIRE 4 Am R Mills. .June 15 Balto & Ohio. M: Col Carbon Lig & Myer: So Cal ki Dividend rates as given in the above tables are the anoual cash payments based on the latest quarterly or half yearly declarations. 5 Unit of trading less than 100 shares. in stock. § Payable in scrip. b Pavabi or stock ) h Plus 2% in stock. J Plus 8% 1 nPlus 5% .19z 2z 16 1 . B4 feal (2%). 1 20s 7 6 208 22 o7 14 n 12 3 32 3 2 3 6 8 ki 23 1 1 0 4 2 70 17 a7 16 14 11 . 1 .Mar 12 JApr2l E 1 Partly extra. $ Plus 4% 1 Plus 9% in stock. = Paid last year. ock d Payable when 10% in st stock. in st e 3 ock. g Plus 6% in o k Plus 3 k. m Plus lock. —p Sublect to approval of traffic that has been held up tempo- nflt)‘)l"by ell!";zqr s}gvt'gudness conditinns or situation e congested grain markets. They give the month of April as the probable time when earnings will again begin to show favorable compari- sions with 1929. (Copyright, 1930.) Wall Street Briefs By the Associated Press. Reports from the copper market to- day stated that buying of thc red metal has been somewhat better of late due to increased orders for copper wire. A material advance in orders is expected soon in view of the contemplated new construction work scheduled for this Spring and Summer by public utility and other copper consuming companies. ‘The first 44 railroads to report Jan- uary earnings had a net operating in- come of $36,584,000, compared with $47,763,000 in January, 1929, a decrease of 23.4 per cent. Their December net amounted to $45,588,000. ‘The Chicago, Milwaukee, St. Paul & Pacific Railroad will spend more than $28,000,000 during the current year on new equipment, improvements and ad- ditions to its properties, an increase of $3,500,000 over the 1929 budget. Of this amount, nearly $11,000,000 will be spent for new equipment. Directors of the National Depart- ment Stores today declared an initial quarterly dividend of 50 cents a share on the common stock, placing it on a $2 annual basis. The dividend is pay- able Aprii 1 to stock of record March 15. In an interview published % Sales Management, R. president of Sears, Roebuck & Co., states that this year the company will concentrate on ‘developing the stores now in operation, instead of adding any large number of new stores to tne chain. A similar policy already has| been adopted by Montgomery Ward & Co. this week E. W The New York Federal Reserve Bank's statement of the gold movement at New York for the period February 20 to 26, inclusive, comprised imports of $6,394,000, of which $6,308,000 came from Brazil and $86,000 from other Latin American countries. There were no exports, nor was there any. change in the amount. of gold earmarked for foreign account. MACHINERY MARKET CONDITIONS SPOTTY Special Dispatch to The Btar. NEW YORK, March I1.—Spottiness is still the chief characteristic of ma- chinery and machine tool business throughout the country, but the unusual flow eof inquiries continues unabated, American Machinist reports. February is ahead of January in total volume of machine tool sales, accord- ing to general opinion in the trade, but the market is regarded as not yet normal. The same tendency to pro- crastinate in placing orders, which has been in evidence for the past two months, is still clogging the wheels. A number of New York dealers are doing an_exceptional business, but the majority is hoping that the recent rail- road lists and other inquiries will bear a little §rul£. Chicago producers are likewise looking forward to March to bring the flood of orders expected during February. Detroit dealers report steady gains and a number of fairly large orders are coming into the market. Cincinnati business is reported fair, with orders mainly for single units. Business in machinery is described as marking time in the Cleveland district, with steel mills By the Assoclated Press. NEW YORK, March 1.—The follow- ing is today's summary of important corporation news, prepared by Standard Statistics Co., Inc.,, New York, for the Associated Press: News Trend. ‘The unseasonably warm weather, to- gether with price unsettlement of ag- ricultural products, had a marked effect on u&ewne of in ton cloths down, whdfle )fl'l;‘l;“ wl:m prices brought good orders to flour in the Southwest, but operations in the'l Northwest were still low. Reports on sales of farm implements were surpris- ingly good, indicating that the decline in grain prices is -flacltbll:l g: ‘de-lm and speculators rather than armer. Bank clearings for the week made a relatively better showing than for any time since early in the year. Total clearings at all leading cities of the country were $8,895,400,000, a decline of 198 per cent from a year ago. New York City clearings totaled $5,885,000,~ 000, a drop of 22.1 per cent, while total of centers outside New York was $3,010,~ 400,000, or 124 per cent below last year. Increases were shown by sev- eral cities, among them Boston, Minne- apolis, Omaha and San Francisco. ‘The Companies., Baltimore & Ohio Railroad earned $11.24 on average common shares out- standing in 1929 vs. $12.43 in 1928. Brunswick-Balke-Collender reported Warner Brothers Pictures negotiating for radio, phonograph and record business. Canadian Pacific Railroad January net off 61.2 per cent from year ago. Celanese Corporation of America earned $1 in year 1929 vs. 67 cents year ago. Corn Products Refining earned $5.49 on_common in 1929 vs. $4.35 in 1928, Congress Cigar declares extra dividend of 25 cents in addition to regular quarterly dividend of $1.25. Container Corporation of America January net profits $72,183 vs. $18,394 year ago. Fanny Farmer Candy Shops uary sales up 1 per cent from year ago. General Motors February shipments Buick and Marquette cars 8,842 vs. 7,299 in January cnd about 15,000 in February a year ago. Gold Dust earned stock in 1929, L. Greif & Bro. earned $2.81 on com- mon stock in 1929 vs. $2.56 in 1928. Gulf States Steel declares four 1930 quarterly dividends of $1.75 on preferred stock. Hazeltine Corporation earned $1.38 on common stock ‘1 1929 vs. 81 cents in 1928, Maine Central Railroad declares $1.25 quarterly dividend on common stock, "$4.06 on eommon ! placing issue on a $5 annual basis against $4 formerly. Mengel Co. unfilled orders February 14 were $2,343,000 vs. $3,340,000 a year ago and $12,268,000 at end of 1929, Michigan Central Railroad January net operating income off 31.8 per cent from year ago. National Dairy Products concludes arrangements for acquisition of Kraft- Phenix Cheese Corporation; basis, $33,- 175,000 5% per cent debentures, 663,- 500 shares National Dairy Products common stock and $6,400,000 cash. Purchase, which includes control of Southern Dairies Corporation (con- trolled by Kraft), increases National's sales volume to $400,000,000. Contracts 2lso made for purchase of D. H. Ewing's Sons Creamery, Sugar Creek Sanitary Milk and Gray-Van Allmen Co. of Louisville, Ky. . $1.04 on common stock in 1929. Pierce-Arrow Motor Car, 129,014 and fabricators the latest to enter the m;bg:ltfiwmmpecm ts rted good are_repo in the Newpxngund territory, but most other business there is of the one-two varlety, In Philadelphia, woodworking yhh:m. marine and numd interests .d" the principal buyers. iwaukee con tions are better and business in Buffalo de Joported quict, shares class A :nd all class B stock held by Studebaker Corporation. Pirelll Co. of Ttaly declares dividend of $3.14 per American share for 1929 In 1928 $2.88 was paid. Pittsburgh Coal (revised) earned 4 cent on preferred stock in 1929, a National Trade Journals, Inc., earned | $2,696,735 in period April 10 to Decem- ber 31, 1928. ‘Seaboard Air Line January net oper- | ating income off 3.9 per cent from year ago. Shattuck-Denn Mining earned 16 cents in 1929 versus deficit of $221,325 in 1928. Swift & Co. declared initlal dividend of 50 cents on new stock; $8 annually paid on old stock, split four for one. Spear & Co. earned $2.31 on common stock in 1929 versus $1.18 in 1928, ‘Truscon Steel earned $3.39 on com- mon stock in nine months to Septem- ber 30, 1929, United Gas negotiations pending for formation of a natural gas company, which will. include this company, Louisiana Gas & Fuel and the natural a: properties of Magnolia Petroleum United States Electric Power declares initial prefered dividend of $1.50 on $6 preferred stock. Vulcan Detinning earned $14.30 in year 1929 versus $8.34 a year ago. ~ West Jersey & Seashore Railroad stockholders approve leasing of road to Pennsylvania Railroad for 999 years, from July 1, 1930. — CHICAGO STOCK MARKET. By the Associated Press. CHICAGO, March 1—Following is a m&lfle official list of transactions in on the Chicago Stock Exchange today: Sales. = STOCKS. 150 Abbott Lab. 100 Adams Mt 50 Addry lied 5000 Bendix _ Aviation 925¢ Borg Warner. .. 50 Borg Warner pf. 100 Borin 'Vivatone 450 Brown Fence & 1900 il Bub’ Serv ‘bt Il Securities. Ind Pow ctfs pf Investor 100 Chicago_Investors bi. 7100 Cities Service 3: 200 Club_ Aluminuim 25 Coleman_Lamy 50 Commonwith 404 375 3705 3710 L1 275% 275% 2751 .: “221a 2 va Constru Materials pi 5 7400 Continental Ghic ctt 4800 Cord "Corp. ree. e 13 D 100 Corp Securities. ane Co..... Lakes ‘Aircraf sby-Grunow . land Ut 78 dland Util 85 land Uil Reynolds Investing indicated loss for 1929 was n,m,uo".‘ against surplus of Stock Exchange Offer. NEW YORK, March 1 (#).— The American Utilitles & General Corpora- tion have offered to exchange two shares of $3 preferred stock and three shares of class “B” stock for each five shares of class “ stock. TREASURY CERTIFICATES. (Reported by J & W. Beligman & Co.) Rate—Maturity, Bid. 3iss Mar. 13 930 Va5 FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling caecks value (orpar). _toda; London, pound 34.8665 Paris, fianc... Oslo. crown Stockholm, crown. (Reported by J. & W. Seligman & Co.) Bia. Allis-Chalmers Co. 55 1937 Alum. Co. of Amer. 55 1 . Rolling Mills bs 1948, Chicago Ghile Copper Co. 81 194 Humble O] 5'2% 1932.. Internatl. Mateh Corp. | ¢ s . b5, 18" 101% | a5 Aoss. 101 Wheellng Steel Gorp. 4tas 1985, 81% BALTIMORE STOCKS. BALTIMORE, Md, March 1.— Special Dispatch to The Star. 415 Aruhdel Corporatia Decker com Rellance . 500 Rollins Hosiery 50 Ryerson & Son 250 Stone (HO) & Co.... 50 Studebaker Mail & Co. 3 sine’. 200 Yates Machine. Stock aales today-"i3i:d00 shares. ock sal ay—idi. 3 Bond sales todny—423,000. . 106% 106% lth :‘% 35 | market today were firm to sifghtly , {®ained a point. 5 | proved by the board of estimate as a Co.. 9% | North “Capital Sav Northea: Washi Saviny 1082 Wasningion Title To IRl R A MARKET IS AGIVE {List Maintains Steady Under- tone—Changes Small at Short Session. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, March 1.—Although volume was considerably reduced com- pared with Friday, prices on the bond higher except in the foreign depart- ment. Convertibles, particularly American Telephone 4%is (1939), featured the trading from the opening, with rapid advances paralleling movements of com- panion stocks. American Telephone 4145 were over a point higher and at a new high level for the year. Phila- delphia & Reading Coal & Iron 6s High-grade public utility bonds were in -demand, such issuss as American Telephone 5s (1965), Western Union 5s (1951) and International Telephone 5s (1955) equaling their pre¥ious high prices of the year, with other gains in Duquesne Light 4}:s and Philad°lphia | Co. 5s. St. Louis-San Francisco “A” 4s im- proved !4 point, but other prime rail- road bonds were unchanged or slightly lower, with fractional dips in New York Central 4s, Southern Pacific 41s, Great Northern 7s and Nickel Plate 4s. Junior rail obligations, industrial loans and amusement company bonds were guiet. Fisk Rubber 8s advanced 2 points. National Dairy Products 5%4s regained a portion of Friday's decline. Interborough Rapid Transit refunding 5s sagged a point in heavy trading, pinion being mixed as to the effect of he court decision upholding New York | City’s contract for a 5-cent fare. Bond- holders cling to the unification plan ap- + bullish point for Interborough bonds, as under it the city would assume respon- sibility for butstanding bonds. Foreign dollar creaits were generally lower, though losses were not large. Sao Paulo 6s dropped a point. German issues held closely to their high levels. |NEW FOX FILM FINANCE PLAN TO BE OFFERED By the Assoclated Press. NEW YORK, March 1.—Halsey, Stuart & Co., investment bankers, last night announced that it did not intend to participate in a refinancing plan for | the Fox Film and Fox Theaters Corpo- rations which recently was submitted to the directors of the Fox companies by Bancaamerica-Blair Corporation, Leh- man Bros. and Dillon, Read & Co. Halsey, Stuart & Co. announced that another plan would be submitted on its behalf at a Fox stockholders’ meeting on March 5. The announcement said Halsey, Stuart & Co. believed this plan would be “materially more advantageous from the standpoint of the stockholders and the camglmzs as a whole than the plan which has already been accepted by the directors of the Fox companies.” Washington Stock Exchange SALES. Mergenthaler Linotype—10 at 108, e AFTER CALL. City & Suburban 5s—$1,000 at 83. Federal-American National Bank—1: at 288. W;gg}‘ngwn Gas 5s (1960)—$500 at | Commercial National Bank—1 at 238 Peoples Drug Stores pfd.—30 at 103 N 20 at 1031, 1 Pult.g{z:nc Electric Cons. 55—$1,000 at' Capital Traction 55—$1,000 at 95%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. | Amer. Tel. & Telga. 4%3s Amer, Tel. ‘& Telw Am. Tel & Anacostia ‘& Pot. G Anncostia & Pot. giar. bs C. & P. Tel. of Va. 8s. Capitai Traction K. R. City & Suburban S5 Georsetown Gas. Ist 53 Botomac Elec. Cons. 3% Potomac Elec. 65 1953 &;u:,. Ao & Mt ash. ‘Balto, & Anna Warhingion Gas bs. Wash Gas 6 Al Wash. Gas 6: Wash. Rwy. MISCELLANEOUS Barler & Ross, Inc., 6 Sham-Vanblt. Hotel Chevy Chase' Club 5% D. C. Paper Mig. 6s Po1.“Joint Stock Ld. BK W. M. Cold Storaze Sa Wash. Cons. Title 6s... STOCKS. Amer. Tel. & Telga Capital Tractivn 3 com! . Wash., Balto. & Annap. ofd... NATIONAL BANK. National Capital Columbla 210 Ssiink 'of Washingion.. ' TRUST COMPANY. American Security & Trust. Continental ey Merchants' Washinglon Potomac S Security Seventh | Firemen's * | National Un. { TITLE INSURANCE. olumbia Title. | KoM B i | Title & 1av. ot M MISCELLANEOUS. Barber & Ross, Inc., com Col, vand & Gravel D. . vuper Mig. ptd. istrict National Secu: merson's Bromo Selt Merchants' Tran. & Stoy Mergenthaler Lifotype. National Mtre. & Inv. Peoples Drug Stores pf Real Estate Mige. & G Security Stora Ter. Ref. & The C: . Mech. M Wash. Medical Bldy. Cor} Woodward & Lothrop pfd. *Ex dividend. Unlisted Department. BONDS. Army-Navy Club bs.. Cosmos Club_4'zs. Commercial Club 15t Metropolitan Club 4%2s. Anacostia Bank. in Miller Traiu Control.. Munsey T) rust Bavi Bank. g, Svog B Raleigh Hot ] rlcll1 1b. B av. Bank Bsoususzd BasE Argentine May 61.. Argentine 6s Oct 69 Argentine 5%s 62.. Argentine6sA... Australia 438 56 Australia 68 1955 Christiania 6s. ..., Colombia 6 Jan 61 Con Pow Japan 1s. Copenhagen 414 63. Czecho 85 1952, Dutch Bast | | El Salvador 8; Karstadt E Kreuger&To'l 6s ot Lyons 6s. Milaa 6%s Montevideo Norway 6% Norway 6s 1943 Norway 63 1944. ... Norway 6%4s 19532.. Peru 6s 1960. Peru 6s 1961. g Queensiand Rhine Wst K| Rhine West Rhine Wst EP 78 50 Rio de Janeiro Rlo de Jan 83 194 Rio Gr do Sul 6s 43, Rio Gr Do Sul 8 Rome 6%4s...... Sao Paulo 85 1936.. U1td Kingm § Uruguay 6s 1 Vienna 6s 53. Yokohama 6 MISCELLANEOUS. Abitibl Pa&P 58 '63. Alleghany CRbs 44 Alleghany 65 49.... Allis Chalmrs bs *37 Am Agri Chem T%s Am Chain AmChem 6§ Am Int Cor Am Nat Am Smit & R Am Sugar Ref 3 3 11 3 £l 8 4 Am T&T cv 4%s3 39 975 Am Tel&Teleg 55'65 AmT & Teltrbs.. AmT&Tst6s..., Am Tel & Tel 6% Am Water Wka § Armour&Co 4%s Armour Del 5%s. .. Bell Tel Pa 63 B. Bethiehm Stl pm 68 Rklyn Edison §s. .. Bush Term Bldg Chile Conner 8s. ... Colon O11 68 38..... Col G&EI 6s May 62 Com Invest 5= 49, Com Invest 6248, Con Coal M4 6s ConGas N Y Dodge - . Duauesne 4%4s 67., Fisk Rub Gen Mot Ac Cor fs. Gen Pub Serv 5%n. Gen St Cast 5% s 4f Goodrich §%s. Goodyear bs rets Humhle O & R 5%s 1 Steel 4%840.... Tnland Stl 414s 7 Int] Mateh 547 .. nt Mer Mar Inter Paner 6 ... Int Tel&Tel 43w e 'ntl Tel&Ta1 bu ‘55, Kan City P & Lt 5s. Lackawanna Stl 5s. Laclede s ....... Laclede G 5% =62, . Tautarc Nitrat, Loew's Inc 68 loew's 6% w o war. Lorillard fs Lorfllard fln | Lou Gas & Bl 5= 52, Midvale Steet 6. Montana Pow 42. .. Montana Pw deb 58 Nat Da‘rvRyn NYG&EHP4 NYTaldtn . No Am Fd 5% s 62 Nor Ohto Tr&L 6s. Nor States Pow is Nor States Pow 6s, Pacific Gas & R1 PacT& T5ab2.... o n 1947 Phila Co fn67..... Phila & Read 68 49, Phillips Petro 5% Pillsbury F' M 68°43 Postal Tel & C5%s Pub Serv Gas 4%s. Pure ON 514 s 37 Remington Ar 63 3: Rem Rnd 5% war. . Richfleld O1l 6s 44. Sinclair ONN Sinclair Ofl E Sinclair O11 78, .. ... Sinclair Crude 6%4s Sin Pipe Line bs. . So Por Rico Sug 7s. South Bell Tel Stand Ol N J 46... Stand Ol N Y ¢%s. ‘Tenn Elec! 7 Tex Corp ev bs 1944 il Westn Union s 51. Weatn Union 6% 28 Buns aBNN DeB—R " M Ba3-5 aeRe mann® oo =28 ~ B0 mBR=Tan = NRNAN MR NBNERE BEN N~ D R - moepeaedE P XS BB XAl K315 102 8214 101% 101% 100% 100% 101 104% 4 101% 108% 102% 4 100% 6% 96% 102 100% 1038 bl o) BOW 101% 101% 1045 1011 3 Youngstn S & T 6 6 101% 101 101 UNITED STATES. (Sales are in $1.000.) Sales. High. Low. Close 35 9922 9919 9922 2101 101 101 22 10110 1018 1018 5 9921 9921 9921 10 9924 9924 9924 51077 1077 1077 511112 11112 11111 US3%s 47.. US4as1944.. US4y 2. 85 92 9% 924 9% 102% 1081 & 109% 93 85% 923, 917 924 9914 1025 10:8Y% 109% 93 e 1025, At & Bir 4s33 Atlantic Balto&Oh1o gold 43 B&Ucy 4%s.. B&Orfb 88hy 20 97 y2ie 93% 9 102 98% 114t 10 4% 1017% 101 98, 100% Ham 102% 64 Bkiyn Manhat Buff R & Pitts 4 %s. Nat4%s ‘57, Canada Natl 53 . Can Nor 4145 1935.. Can Nor 6% Car Clinch & O 5s. . Cent of Ga 65 C 69, Ches & O Corpn bs. Ch & O 4%s B 1995. CPI&E 11l gn bs Chi Gt West 45 69.. Chi MilSP&Pac5s75 CMSP&Pacadibs03 22 Ch1 & NW gen 4s. . Chi & N W con 4%s Chi& N W 7s. . CCCESIL deb 4 Jolo & Sou 4%s. ... Conn Ry&L 4% s sta Clev Term b Cuba RR 58 Cuba RR 7% Del & Hud 1st rf 48 Den & Rio G en Erle conv £x 7s.... Fla FastC6a74... Gr Trunk st db Gt Nor 4%s 76 D. Gt Nor gen 7s. Hud & Man ref 111 Cent ref 4s 111 Cent 43 63 111 Cent 4% 111 Cent Chi Int & G Nor 1st 6 Kan City S 3 Kan City Term 4 LehiVgen 4% 2003. Lehigh Valley 68 20 Long Isrf 4s 49, Louis & Nash un! L &N 4182003 Louis & Nash 5. Market St 75 40.... M1l El Ry & L 65 61 MStP&SSM 5s gtd. M St P & SSM 648, M K & T adj b: MK&Tprin Mo Pacific gen Mo Pacbs F 77.. Mo Pac 65 G 18, Mo Pac 6%s 49 evt. Nassau El NOTex&M 49 081 100 105 101% T 994 £9Y 109 NYC&SLE%nA N YC&StL6s'32. NY NH&H 3%s '54. o) » koSSRl nsmanmma 888 12y 8% 8% 103% 108% 100 106% 98Y% 837% 9% Penna gen 448 Penna 4% s 63. Penn 5864, . Penna 6% Penna Gold 7 PCC&StLSsA Port El P L 6s. Rio G West ¢! 4 RIArk& L 4% St I IM&S gn 68 '31 S' L IM&S R&G 4s. SIL&SFplisA.. SIL&SF4%n78.. St L&SW con 4232, StP & KCShL 4%s. Seab AL ref 4 Seab AL con Sou Pac clt s B WS Am AR R NNN SN SE R NARD ARRAS 97 8914 90% EL) 954 59 74 90 9N 94% 8 " oo Sou Ry gen 4 Sou Ry con & . Sou Ry Mo & O ¢s.. Term AssoSLds.. Tex & Pac bs B 1977 Tex & Pac 55 C 19 Tex Ark FS 5% Tol Tr L&P 5% 30 Unton Pac 1st4s. .. Union Par 4s 6! Vy Ry & P bs. Wabash 1st 5s. Whash 55 76 B. ... West Maryland 4s, West Md Blja 71, West Pacific 5s. 108 93% 8TH% 100% 100% 105 =8z, Anmee Bom S Baltimore Markets Special Dispatch to The Star. - BALTIMORE, Md., March 1.—Pota- toes, white, 100-pound sacks, 2.25a2.75; sweet potatoes, barrel, 1.75a3.00; yams, barrel, 1.7522.50; beets, crate, 3.25a3.50; beans, hamper, 3.50a4.5 cabbage, hamper, 75a1,00; carrots, 100, 3.00a4 .00 caulifiower, crate, 1.60a1.75; celery, crate, 2.00a2.75; lettuce, crate, 2.50a 3.00; kale, barrel, 1.00a1.50; onions, 100 pounds, 1.50a1.75; peppers, crate, 3.00a 6.50: peas, crate, 4.75a5.25; parsnips, asket, 40a50: spinach, bushel, 50a1.00; squash, bushel, 2.50a4.00; tomatoes, crate, 1.00a4.00; turnips, hamper, 30a 40. _ Apples, bushel, 75a2.50; cranber- ries, box, 7.00a7.50: grapefruit, box, 2.50a4.25: oranges, box, 2.10a4.50; straw- berries, quart, 15a40. Dairy Market. Poultry, alive—Turkeys, pound, 30a36; | old toms, 0a25;. chickens, 31a36; poor and thin, 20; old roosters, 17a20; ducks, 17a30: old hens, 32; Leghorns, 27a28; gglx’nan fowls, each, 40a65; pigeons, pair, a30. Eggs—Receipts, 2,614 cases; nearby firsts, 251¢; hennery whites, 26a26'%. Butter—Good and fancy creamery, pound, 36a36';; ladles, 31; store pack- ed, 20a21; rolls, 25a28; process, 31432, Dividend Action Deferred. NEW YORK, March 1 (#).—Directors of the Texas Pacific Coal & Ol Co. have deferred action for 30 days on the declaration of the 2!, per cent stock dividend, due at time, because of the unsettled situaf industry, B Steel Scrap Prices Cut. NEW YORK, March 1. (#).—Meltin| scrap steel at umm beln‘ quoted at $13.25 to $13.75 a'ton, off cenis during the week. et .. in the Texas oil [odk {Warm Weather and Price Fluctuations Noted in Weekly Reviews. Special Dispatch to The Star. G NEW YORK, March 1.—The varied cffects on trade and industry of the | two main factors of the past week- at is, the unseasonable warm weather and | the fluctuations in the prices of lead= ing commodities—have strengthened earlier predictions that the recovery from the November speculative slump would be at an irregular pace, accords !ing to the commercial reviews. R. G. Dun & Co.'s Weekly Review of Business says in part: . “Following a speculative disturban of great intensity, it would hardly ha: been logical to expect rapid general re- covery, adjustments to new conditions requiring time for their completion. That some definite gains have been achieved, however, Is evident, and the commercial structure has rhown s grat- ifying measure of resistance to adverse clements of more than ordinary signifi- cance. “Progressive depression in leading ag- ricultural products, checked only after a severe decline in prices, has been un- settling, yet surfacc changes in senti- ment do not obscure the underlying con- fidence In the more distant outlook. With recognition of the fact that trade revival is likely to be a slow and irreg- ular movement, the obstacles which ap- pear now in varied form are to be re- garded as inevitable concomitants of a veriod of transition. Uncertainty in Textile Trade. “Evidences of betterment in textile trades are not absent, yet certain fa tors have combined to cause uncer- tainty. Those elements have included the reduced prices for Fall woolens and worsteds and the ‘conspicuous depres- sion in cotton and wheat. Markets for the latter commodities recovered after an early break this week, but recent severe declines have raised the question of the probable effect upon farmer pug~ chl;!:[ powlra “The attendance of buyers in d goods channels has made a lng showing, but hesitation is indicated by the fact that individual commit- ments have been smaller and have not disclosed any purpose to anticipate needs freely. The ?flnclpul textile raw materials have fallen in price, with especially sharp breaks in cotton, and the not unnatural result has been a trad toward lower quotations on go0ds. “From prelim'nary data availabfe at this writing it appears that February has been marked by a substantial de- cline in business mortality. Such showing was to be expected, in view the short month, and present ind'ca- tions point to a reduction of about 18 per cent from January's high record of 2,759 commercial defaults. “The liabilities for last month will, it is expected, disclose a d - approx mately 16 per cent. Comparis son with the returns of February of !nther years, however, shows that last m-nth’s indebtedne's was the largest for the period since 1922, while this also is true of the number of in= solvencies,” Varied Effect of Weather. Bradsireet's State of Trade says, in (part: “Mild weath°r caused the virtual | disappearance of snow from all parts of the country, except a few extreme Northern regions; slowed sales aof do- mestic grades of coal, started the growth of Winter wheat in some sec- tions and provided a stimulus to move- ment of Spring lines of clothing in cer- tain areas, while it slowed down final clearance sales of Winter apparel in others, “The heavy break and partial recove ery in ricu for wheat, corn and cot- ton had a marked effect on the securi- ties markets and the tone of business in general. The fluctuations of cotton namirally held trade in cotton cloths do#1 to a hand-to-mouth basis, small, but frequent orders, being the rule. The lore'r level of wheat prices was said to have brought good orders to flour mills in the Seuthwest, but operations in the Northwest were still at a low ebb. “Much irregularity was observable, as between various sections of the coun- try, in the operations of other indug- meg than flour l:“mi.':l:" In the null. trade the expansion in operations parently halted, as regards the wunrg as a_whole, but there was a stepping up of plant activities in the leading Mid- dle Western centers, contrasting with some recession in the East. Buying of steel by automobile manufacturers sub+ sided somewhat, but there was good volume of railway rolling stock booked, l{lfl ll-rm implement, mfl :uumde m‘ x line orders came in steady volu: I”""Prlce- were variable, with. strength in bars and plates, and ‘weakness in some grades of scrap, pig iron and wire . Railroad orders continued to be, perhaps, the chief feature of the steel markets. FPFreight car bookings wei said to be the heaviest for this time year since 1926. - Copper in Good Demand. “In the non-ferrous metals field, cop~ rr was taken in good quantities while he other metals were quiet, tin prices weakening. Reports on sales of farm implements were surprisingly good, give ing some color to the statement, re- peated in some quarters, that the de- c’'ne In grain prices in recent months { has fallen on dealers and speculators m;zre heavily than on the farmers them= selves, | “Machine tool plants lpnlred tanrly active, and there was some improvement in demand for hardware. In the auto~ mobile industry the expansion of opera- tions was slow and highly irregular, with the makers of low-priced cars, as in earlier weeks, furnishing the best 1y ports. The ever-present used-var prob. lem continued a source of much com= plaint.” BROOKMIRE F.ORESEES SECONDARY DECLINE “At best 1930 will be a subnormal year,” says the Brookmire Economic Service, Inc.“although it may be that during this year the basis will be laid for a substantial recovery in 1931.” “It seems probable that actual buy- ing power this Spring,” adds the Brook- mire Forecaster, “will not prove strong enough to maintain business at the January level; that a decline is .most likely to start not later than the middle 1of the second quarter, and that it will |not reach bottom before sometime in Summer or Fall. Whether there will be a sharp collapse and swift recovs or a long drag below the present ievel seems to be the only thing about which ! there is much question.” DIVIDENDS DECLARED. NEW YORK, March 1 (#).— 4 Pe- Pay. Hidrs. Rate. riod. able. " recor W M .'..,.E BB o & 8 Beli“rel o bd Bim Do. My Do Rath Packin Maurice Vai 'Bi 1 uare D C1 A % La & L & . new. Westmorelend' Tnc. 5 20c Davis Coal & Colb W30 LY