Evening Star Newspaper, March 5, 1930, Page 12

FINANCIAL. WOMEN VITAL FACTOR IN TOBACCO SALES Which of the “Big Four” of the to- bacco industry will gain ascendency in THE EVENII\G STAR, WASHINGTON, D. €, WEDNESDAY, MARCH 5, 1930 NEW YORK CURB MARKET |CAN CONCERN HEAD ooy OPTIMIST ON TRADE designated by the wlle.h-hmflnnnoeuun»fl Ressived by Private Wive STOCK AND BOND AVERAGES Direct to The Star Office By the Associated Press. Prom Yesterdsy's 5:30 Rdition. CURB TURNS DOWN IN FINAL TRADING 22 ~Prev. 1 Stock and High Low. ' = Dividend Rate. 3% 14 Internatl Util (war). 14% 10% Interstate Equities.. Aeate. (»m e Taw. mo.e 11 IIK hundred-share lots Hfif s ('ll) (llll). lots only Bales— 12 ‘Market Finishes Lower as Realizing Hits Oils, Gas and Utilities Shares. BY JOHN A. CRANE. @pecial Dispatch to The Star. NEW YORK, March 5—Reversing its upward trend late in the last hour, the eurb market finished lower today as realizing took place in ofls, natural #as and utilitles, which had led the early advance in the most active ses- slon this year, Cities Service, Arkansas Natural Gas, Humble Oifl & Refining and other leaders slipped after they had reached record hlgh levels for the year. Elec- tric Bond & Share, United Light & Power A. American Superpower, Fox ‘Theaters A and similar pivotal securities reacted under the weight of increased offerings. Buying of utilities spread to virtually all sections of the power and light group, carrying such _issues as American Cities Power & Light and Hydro Elec- tric to record peaks for the year. Radio manufacturing companies re- laced radio communications in the favor of traders, with the result that Radio Products and Eisler Zlectric climbed to new high leveis for 1930. Canadian Marconi and Marconi Ma- rine slowed. Miscellaneous _issues scoring record marks included Royal Typewriter, Atlas lywood, American Chain and Pines ‘Winterfront. Glen Alden Coal, which reduced its annual dividend from $10 to $8 by pay- ment of $2 quarterly, fell 5 points to 105, a new low price for the year. Newmont Mining featured the mine list, running up nearly 5 points within that many sales as a result of reports that the annual report next month ‘would show earnings approximating $20 & share, against $15 a share in 1928. Higher earnings attracted early buying into Noranda. Niles Bement Pond was up & point as & result of 1929 earnings, which were nearly double those of the previous year. Air Shares were stimulated by a :rxt that General Motors may con- lidate its air stock holdings into one company. Traders feel that General Motors may add to its present aviation ‘holdings. MOVIE EXPORT BUSINESS SHOULD SHOW BIG GAIN Although the movement toward wir- ing o:ht:mmu h:zr sound motion pic- part: “American producers, in consequence, nne been analyzing the situation and be satisfacto) h.lhe production. Reproduction of an American movie in a French studio, for example, through the substitution of an entire French cast, is one of the feasible methods In this manner a large plrt of the original production ean be reproduced abroad for a small portion of the first picture’s cost.” GRAIN MARKET. CKXCAOO March 5 (#).—With Farm auxiliaries not actively supporting un ‘wheat nnuru market today, prices slipped much lower. Liquidating sales of wheat futures were in evidence on the part of scattered holders, and there was & lack of any big buying except from previous sellers who were in a position "4‘) collect profits. Estimates current that NEW COMPANY 0. K.'D. NEW YORK, March 5 (4).—Authori- gation of the formation of the Securities Holding Co. has been voted by stock- holders of the Rossia Insurance Co. ‘The new company will have an initial capital of $7,500,000, and will purchase all insurance stocks held by 'Ros!ll at the prices at which they are carried on the books as of December 31. 1929. Stock in the new company will be of- fered Rossia Co. stockholders at $10 2 share on the basis of one and one- half for each share of Rossia. SOUTH PENN OIL. NEW_ YORK, March 5 () —South Penn Oil earned $4.28 on common stock in 1929, against $3.26 year ago. BONDS ON THE CURB DOMESTIC BONDS. | Hieh Fow, 55 cenifil; 18 m-s ml 32 100 mv mn-. 149 103 % e fulesin usands 3 Al at_Wi 3 Georeln Power s '8 Gulf o1l x4 713;'-- 101 B orgien S 00 e e ten NI A 1R S B FRoSRer TRy EEEy L e | ERCE 2 20 'EE 983! EEERS S '57 l% sa160. E55s W & llwuw bl 57 % 8 Wes Union Tef we—with warrants. Xw—_Without warrants. &—ew. . ~Prev. 1929~ Stock and High. low. Dividend Rate. 10% 7 Aeronautical Indu: 2% 1% Aeronautic Ind wa: 2% 18% 16 All Amer Gen Corp. 2 % Allled Aviation. ... 15% 12% Allled Mills (60c). 18% 14 Allled Mot Ind(1)... % % Allison Drug St A. lfl!‘b 105% Alu Coof Am pf (l). 7% 4% Am Brit & Cont....u 12 7% AmBrBEIfdshs... 8% 8% Am Capital (B). 51 37 AmChain(3). 2% 14 AmCP&LB (b10%) 27% 23% AmCwith P A b10%. 5% 3% Am Cmwlth Po war. % 3% Am Control Ol Flds. 251 Am Cyanam B (1.60) 3 Am Dept Stor 6% 65% Am For Powe X‘Z‘A 113% Am Gas & Elec (31 10 Am Invest inc B. 4% Am Investors (war). 31% Am Maize Prod (2) 65% Am Mfg pf (5). 1% Am Maracaibo, 7% Am Natural Gai 23% Am Superpower (1 ). 94% Am Super st pf (6) 3% Am Thread pf (25c). 5§ Am Yvette (new) wi. 17 Amrad Corp (1)..... 27% Amster Trad (13%) 114 Anchor Post I (2). 16% Anglo Chil Nitrat, 17% 9% Arcturus Rad Tube. Asso G&E A deb rts.. 391 Asso Rayon pf (6).. 224 Atl Coast Fish(1.40). 15% Atlantic Sec Corp, 221 Atlas Plywood (2). 18 Atlas Stors Corp(31) 7 Auto Musie (A) (1).. 6% Auto Voting Mach, 14 AutV Mevprpt (2). 36 Axton-F Tob A 3.20., 122 Babcock&Wilcox 19. 2% Bahia COrp...... 234 Bliss Co (B W) Q) 6% Blue Rid 83% Blue Ridge cv pt (a3) 27% Blumenthal (S) 6% Bourjols, Inc (1). 85% Brazil Tr & Lt (2). 23 Bridgept Mach (25¢), 10% Brill Corp, A (65¢). 2% Brill Corp B..... 3 Burma Corp (t31¢) 5 Bwana M Kubwa.. 2% Cab&Wire LtdA rets 1% Cab&Wire Ltds rets. 4% Cab&WireLtdpf rets 3% Can Marcont. .. ~ Can Pmflc(nlw)'.l. 132 A% 8. 33 Cent Hud GR&EI v. +25% Cent Public Service.. 34% Cent P Sv A (aL.75)., 1:}? Cen States El ($40c¢) 4% Centrifug Pipe (60c) 12% Chain Stores Stock. ) 20 City nuu’rwmn % Clark Lighter A. 63 Clev El lilum (1. 18 Clev Tractor (1. ‘0)-. 52 Colgate-Pal-P (2%). 5% Colon Ofl..euesnns 20 Colum A Pecvpf (Z). % Columbia Syndicate. 3% Comwlth & Sou war.., 12% Com Wat Ser (b6%). % Comstock Tunnel. ... 15 Consolidated Aircraf % C A M Coectf 13% Con Dairy Prod (32). 90% Con Gas, Balto(3.60) 21% Con Gas Ut A(2.2 3 Cons Instrument. 10 Cons Laundries. 11% Cord Corp. 38 Cooper Bess pfA(3). 12% Corroon & Reynolds. 53% Cosden Ofl...veunees 89% Coty Soc Anon rcts. . 5% Creole Petroleum. .. 18% Crocker Wheeler. % Crown Cent Petrol. 2% Curtiss Alrports vte. 5% Curtiss Flying Serv.. 1% Curtiss Wright war. 7% Darby Pet (1).. 131% 113 Deere & Co new '.I..< 5% 2% De Forest Radlo.. 10% 5% De Haviland (60¢)..; Z;% 19 Deisel-Wem-Gil 1%. ol Air (75¢) Dres(SR)MIg A 3 Driver Harris(new). 8% Dubilier Cond&Rad. 145 Duke Power (35). 4% Duran: Motors. 13% Duval Tex Sul wi..u 25% EastGas& ¥ Asso.. 18% East Sts Pow B (1).. 7% Eastern Util Inv A.. 13 Educational Pic pf. Eialer Elec (1.50) % 80% ElBond& Sh (b 106% 103% El Bond & Sh pt 24% Elec Pow As50 (1), 224 Elec Pw As50 A (1) 285 E1 P& Loopt war.... 995 El PAL 24 pLA (7). 16% Elec Sharehldg (11). 82 ElSharehold pf (6).. 86% Emp G F cum pf (7). 40 Empire Pwr Corp(3) 19% Emp Pub Sv A(1.80), 22% Employ Reinsur 13%. 16 Eng PSoptwar.. 18% Europan Elec (The). % Engineers Gold...... 3% Evans Wallow Lead. 2 Fabrics Finishing % Fandango Corp. 17% Flat receipts (1. 1% Fiat Stk deb rt: 13% Fokker Afrcraft 6 Foltis Fischer Corp. 28 Ford MotorCan A... 36 Ford Motor Can B 10% Ford Mot, Ltd 37%¢ 9 Foremost Dairy Pr. 33 Fourth Nat Inv. 21 Fox TheatCl A. 41% Fren Line B (2.54).. 20 Garlock Pkg (1.20), Gen Petrol Corp w 9% Gen Rty & Utiliu 32% Gleaner Com Har(2), 121% 110 Glen Alden Coal (10) 16% 11% Globe Underwrite; % 41'/. 35 Goldman Sachs (bs). 254 230% GrA&PTnv(6). 39 31% Graymur Corp... 27% 24 Ground Gripper (1).. 144 131% Guif Ofl of Pa (1%). 1tine Corp (1), 13 Heels Mizlog (1) e Holt (H) & Co(1.8 Hollinger Gold (800) 414 Horn & Hard (2%).. 8% Hudson Bay M & 78 Humble Ol (2)..... 37% Hydro Elec Serv (2). 10 Hygrade Food Prod. 224 Imp O1L, Can (50¢). .+ 88% Indiana P L, n(12%) 20% Indian Terr Illum Ind Fin otfs (b10 Indus Fin v pf (1) bE% 17% Internl Petrol n (1) 6% Internat Products 32% Intl Superpow (31). 84% Iternatl UtA (3%).. 6% Internatl eassoa Hu of Add 00. Open. High. 0 Low. 2 lofi!i lflfl#fi lOGu 106% 9\/. w. 8% 51% 281% 26% % & 28% 4% 69% 140 13 28% 13 17% 17% e 157 15% ™% "% 8% 51 IM% 12% ™ 9% 8l 513% 26% 26% % 27 0& lSBlh 1T% i 144 144 10815 1081 108 3% 6% 45 11 53% 25% 19 24% 27% 1% 6% 14% 45 181% 4 26% 130 4 - me N - Roenvslue nomanan~ni - Bw e u..u..:aa., lG 58% - o owotradnanatere - % T 17 3 llzu 112% 112 4 2% 29% 4% 154 oo ae SE-Zfonesnubonm anSSnunwn-a o aSRB - 33 27 109% 109% 6 144 144 .l 5% I 58 394 40 108 236 236 23 38% 40 8 24 24 12 136 139 3 27% 214 & 3% 5% % 60 43% 46% 9 10% 10% 26 24 244 3 39% 39% 140 48 43 000w 3% 61 44 10% 130 4 26% 30% 39 32% * Th 16 28% 33 102 14% k] 3% 5% kel 39% 236 38% 24 136 258 _63% _63%__6 6T 3 6% 130% 4 25% 12% 41% 39 30% 39% 34 Cent Sta El ev p£(6) . 26; l'th l'llu 17250 X'Ilh % ™ 16 112 29% 4 1% 11% 40 16% 50 41% 6 33 108 4% & 3l 5% kel 39% 236 40 24 139 27% 5% 459 45% - 16% 9% 4% 105 Nat Dairy g Y 144 Th 124% 40% Interest Eq cv pf (3) 81 Interstat HM (1.40). 2% Iron Cap Copper 9% Italian Superpo 5 Itallan Superb war. 41% Jefferson E (13%).4; 28% Johnson Motor Co. 26 KanCity PSvtcApf 1% Kirby Petroleum... 4 Kirkland..... 15 Klein (H)pt pf $1.20. 07‘/’ Kolster-Br (Am Sh). 85% Lackawanna Sec(4). 1% Land Co of Florida.. 4 93% Lazarus F&R pf 614. " 14% Lefcourt Real 11.85., 75% Lehman (The) Corp. 1% Leonard Oil... 88l Lerner Stores (2)... 18 Libby McNell & L... 4% Liberty Baking Corp 12% Loews Inc deb rts... 3% Loews Ino war.. 344 Lone Star. new (806) 40 Long Isl Light(60¢). 3 Louisiana Lan & Ex. 18 Mac Marr Stor % Magdalena Syndicat. 144 Mangel Stores 76 Mangel Strs pf (61%) 37 Mapes Cons Mfg (3). 9% Mare Int M(52%¢). . 32% Marine Mid Cp (1.20) 10 Marion Steam Shov.. 50% Marshall Field & Co. 1 Mavis Bottling. .... 48 Mayflower Asso (11) 10% Memph Nat Gas Co. 8% Met & Min Inc (1.20) 28 Miller & Sons (2).. . 13 Miss River F Cp war 18% Mo Kan P L (b10%). 103% Moh Hud P 2d pt (7) 41 Moody's IS pt pf (3) % Mountain & Gulf 8c). 7% Nat Amer Co. 834 Nat Aviation. pfA(T) 17% Natl Fam, % 60 Nat Steel Corp xw fll Nat Sugar NJ (2) 20 Natl Transit (1)...s; 344 illt ‘Union Radio. % N 1 Corpn (1.30) 6614 New Jer Zinc (14)... 8% New Mex & Aris Ld.. 105% Newmont Min (34).. Newport Co (2)..... _N.Y. & Hond Ros 12.,__ N Y Transit (11.70). ll% Nllnxrnflndl’(doe) 12% Noma EI Cor (1. 34% Noranda M 6% North Am Aviation.. 6% North Cen Tex (60¢) 170 North 8t Pow A (8).. % Ohilo Copper. 66% Ohio Ofl (12) Otis Elevator new.., Outbd Mot A (1.80).. Pac Coast Bis pf 3.50 Param C Mfg (3.40) Parke-Davis (1. ll)- Pllot Rad T A (1.20), Pines Win Ftn (81). Pitney B P n (20c) Pitts& L E (5).. Plymouth Ofl (2).... Polymet Mfg (31)... Propper Sikk HM (2) Prudential Inv. Pyrene Mfg (80¢c)... Radio Prod (50). Koppers G & C pf(6). 2! New Eng T & T (8). 260 5 4% 8 2% 13% 6% 48% - 40% 20% 2% 4- 40% 20% 2% Y % 15% 18 1 1 1 1 100% 100% 100% 100% o SonnrsaBusaaummanarce 3 -B5aa we monm 9 3314 33% 83 33 105% 106 105% 1064 4% 4% 4% 4% 288 28% 28% 28% 24% 2T% 24% 26% 244 24% 24% 24% 107% 10Th 107% 107% 424 42% 42% 42% % % % % 9% BN 9 13% 14% 13% 14% 105% 106% 106% 105% 18% 18! 31% 261 2 24 64% 31% 204 % 14 24 145% 1464 usu 85% 84% Bd% 6% 6l 128% 126% 31% 13 FoNmARRNNRNG 145% 85 6% 6! 123% 128 31 81% 31 13 1S o 26 26 257 @ m—wnaunuuq 6 16 5 9% 15 40% 19% 42% 10 "% 3 B 8 8 178% 179% 177 1 1 69% 69 80 14 63 8 177 13 43 1814 24% 13% 1% 9%, 384 17 17% 20% Raflway & Lt 8 (15) !50- RainbowLumProd B Reiter-Foster (40¢).. Rel'nce Managemnt.. Republic Steel n wi., Rep Steel cum pf wi., Roof Refining. Royal Typewr( Ryan Consolidated. St Anthony Gold. St Lawrence Pap M.. St Regls Paper (1).. Safety Car H & L(8) Salt Creek Con (40¢). Schiff (The) Co (2).. Schulte Un 5c-31 St.. Select Ind pr (5% ) Sel Indallotefs 5% .. Pac Eleo (2).. Sikorsky Aviation... Silica Gelet..... Singer Mfg Ltd(30c) m Treasury Facing Financing of Nearly Half Billion in Maturities. BY JOHN F. SINCLAIR. ‘The Continental Can Co. is one big business corporation which watches certain farm crops carefully. The veg- etable crop plays a very large part in the company’s earnings, In former years when it specialized more on cans for vegetable packs than on its grow- ing business for paint, oil and other general lines. it maintained a close survey of tne canning conditions in every State in the Union. At the close of 1929 Continental Can showed net earnings of nearly $9,000,- 000—a new high mark—equivalent after Fre(!rted dividends to $5.02 a share on ts 1,725,045 shares outstanding at the end of the year. For the year 1928 it earned $4.35 a share on 1,459,991 shares outstanding. When I asked C. C. Conway, presi- dent, \;n’u opinion of business conditions, “We found that our November and December business dropped off rather noticeably, but by the end of Janu- ary it was coming back and our sales now are slightly ahead of the same period last year. We see no reason why we should not have a normal year, getting better as the months progress.” ‘This is a conservative yet optimistic statement from one of the younger of America’s big business leaders. Heavy Financing Soon. Within 30 days the United States Treasury will have to finance maturities of Government obligations slightly in excess of a half billion dollars. On March 15 United States Govern- ment certificates totaling $404,209,500 fall due and two days later SlMflW- 000 Treasury bills will be sol The recent sale of 'n-mury bflh to- taling $56,108,000, to the Marine Trust Co. of Buffalo was one small mcee of financing completed in anticipation of the March situation, There will be a big difference in the interest rates on Government issues of last year and this year. The certifi- cates maturing in March bear 5! per cent interest, while the new certificates will draw about 37, per cent. Then there will be a considerable amount of income tax payments made to the Government before March 15. Some of this amount will be available w pay debts. So that the total amount of discount bills and certificates will | d¢ probably be considerably less than the amount coming due. ‘This much can be said: That while England has long made it a custom to sell treasury bills at discount, mly re- xro cently has the United States Treasury done so0. The experiment has worked admirably so far lnd it is expected that more of these bills will be offered as Government commitments fall due. Incomes Over $1,000,000. ‘Think of four Americans during 1928 earning $6,527,360 by their own per- sonal efforts. Yet this information was brought out at the trust conference of the American Bankers’ Association in New York when it was revealed that each of these Amer- icans had returned incomes of over $1,000,000 in Federal tax reports. “In 1928 540,893 individuals returned taxable incomes to the Federal Govern- ment of $5,000 or more- received from salaries and commissions, or incomes earned by their own personal service,” sald Joseph S. McCoy, United States Government actuary of the Treasury Department. “In this group 19,229 returned in- comes in excess of $25.000 for the cal- endar year 1927 and 746 returned in- comes in excess of $100,000 annualiy. “Of these it is probable that in case of death some 12,000 wouid leave no es- tates other than the proceeds from in- surance policies, and over one-half of them would be residents of New York.” New York State probably has the largest number of estates where life insurance constitutes the largest asset. Many New York business men who command large salaries spend most of it with the exception of the amount they put into life insurance. This tendency has been growing for many years. Currency Issue Monopoly. The Bank of England, unlike the Federal Reserve Bank of New York and other central banks of issue, is & private bank, with a monopoly on currency 1ssue. Many British investors are stock- holders in the Bank of England and receive from it regular dividends. Many Americans are, too. Edward Lane, pres- ident of the Atlantic National Bank of Jacksonville (Florida's largest bank), once told me he bought a few shares just to say that he was a stockholder in the oldest bank in Eurofie Of recent years the Bank of England has rarely entered into the fleld ol&fl vate financing, although in earlier days it did a considerable amount of it. Recently the Bank of England pur- chased 250,000 shares of class B stock of a certain partial-payment financing company owned by the Commercial it Co. of England. This B stock has a par value of $2 1, | and a paid-in value of $1, but it has Singer Mfg Co (126) 10s 2 So Penn Ol (12%) So Col Pow A (2) Southern Corp. So Pipe Line (t2)..., Southland Roy (1) 4 Stinnes (Hugo). Strombg-Carl ll%).. Swift Intern’l(2% ) ‘Taggart Corp (1) Tampa Electric ( Technicolor, Inc Teck Hughes (6! Texon Ofl & Land. ‘Thermotd Co (2) Third Nat Inv (1 Tobacco & All Stks. Tobacco Pr Export: Transamer (31.60) . . A'ran Con Afr Tran. . Transcontl Ofl (30c) ¢ Tr-Lux DL P8 (A).. Tri-Continental Cor. Tri-Cont Corp war. ., Tri-Cont Corp pf(6). Tri Utilities (31.20).. ‘Tub Art Silk B (10). 100 ‘Tung-Sol Lamp (2) . ‘Tung-Sol La'p pf (3) Union Tobaeco. . Utd Carr HES s 3 United Gas Co 70 lo2u 102% 102% 140 140 140 26% 25% ]S’- 70 102% 140 25% o= o or e an RN N A awr D 48% 49 136% 138 24% 341 22% 3214 27% W 14% 20% i 431 34y 48% 49 137% 138 26 25 34y 20‘ BeraneFo Utd Lt & Pwr A (1).; 176 Utd Lt & Po ot ). . nit §h Mch (13%). U8 Dat e n e (2%).. US&Int Se 3d pd 3% ., U S Lines pf (1), United Stores. Unit Verde Ext “).- Ity (lll 174 Udlity 4 4 1 no voting rights, and the bank agreed not to sell its stock without first offer- ing it to the directors who control the A stock. ‘The London Economist, “learning with surprise” of the arrangement, says: “This new partnership is so novel an arrangement and, if it is to be a prece- dent, opens up such remarkable pos- sibilities, that a fuller statement of the relations of the bank toward this enter- prise is very desirable.” No such a business relationship be- tween commercial business and a semi- governmental institution, like the Fed- eral Reserve system, would be possible in the United States. Banks as Alminlnnlon. It was not many years ago that the family attorney usually became the ad- ministrator or executor of his client's estate. The bank serving as such was unknown. In the past seven years the appoint- ment of banks and trust companies as administrators of estates has grown with astonishing rapidity. As against |, 6,000 estates so handled in this way in i:gg there were 60,000 so handled in At the end of June, 1929, there were 1,734 national banks actively operating trust departments—an increase of 57 per cent in three years. In the matter of personal trusts be- ing administered by national banks in 1929, the total was 75,988, an increase of 49,935, or 191 per cent, since 1926. And the assets of these trusts at the end of 1929 amounted to more than $4,000,000,000. Most of the larger estates in the Na- o handled tion are being in this manner now and many of the smaller ones. (Copyright. 1930, by North American News- vaper Allission) WARNER BROS. PICTURES. NEW_ YORK, March 5 (#)—Warner Bros. Pictures is to erect four new houses in New Jersey and two in Penn- | Man sylvania. BIG STEEL MERGER 1S CONSUMMATED $350,000,000 Republic Corp. Deal Awaits Only Acts of Various Boards. By the Associated Press. CLEVELAND, March 5.—Consum- mation of the $350,000,000 merger of the Republic Steel Corporation was as- sured here yesterday with announce- ment by & merger committee that sufficient percentages of stocks of the constituent companies have been de- posited under the proposed plan of consolidation. Announcements of the receipt of stock deposits were mailed to stockholders at once. ‘The announcements said the com- mittee proposed to declare the mernr operative as soon as the requisite cor- porate proceedings have hem taken by stockholder groups. The merger committee antici) that the boards of directors will meet in about 10 days and announce stock- holders’ meetings to follow shortly. Extend Deposit Time. In order to comply with requirements of the New York Stock Exchange, the committee extended the time to make ts of stock to March 10. 8. Eaton, Cleveland industrial- ist and financier, who l.rnn.efl the merger, announced the plans last Fall. Companies included are the Republic & Steel Co., its subsidiaries, Steel bes Co., and the Union Drawn Suel Co.; Central Alloy Steel and its|2 subsidiary, Interstate Iron & Steel Co.; Donner Steel Co. and its luuldury. ‘Witherow Steel Co.; Bourne Fuller Co. and Trumbull Cliffs Purnace Co. E. T. McCleary is slated to be the president of the new com] v TG Girdler is the expected chairman of the board. McCleary is pruuent of the Republic Iron & Steel Co. and Girdler was former president of the Jones & Laughlin Steel Corporation. Annual Sales $250,000,000. Estimated annual net sales of the new Republic Steel Corporation will be $250,000,000. Its physical proper- ties will include: Four blast furnaces, 67 open hearths, 7 electric furnaces, 2 bessemers, 633 coke ovens, 16 rolling mills, 160 finish- ing mills and raw material reserves consisting of 125,000,000 tons of iron ore, 165,000,000 tons of coal and 30,- iy 000,000 tons of limestone and dolomite. Principal lucts of the company will include yearly zm 000 tons of pig iron, 4,900,000 tons of steel ingots, 3,- 350,000 tons of semi-finished steel and 5,400,000 tons of finished steel products. The latter group includes plates, tin plate, pipe, strip, sheets, merchant bars, alloy bars, stainless steel bars, rounds, light structural steel, wire rods, cold finished products and nuts and bolts. Pflntlmlfl«lnu of the company are located in stown, Warren, Niles, Canton, Mu&ulon and Cleveland, Ohio; Detroit, Mich.; Chicago and Moline, Plttlbllllh Pa; Buffalo and B , N. Y., Muncie, Ind, and Birmingham, Ala. REGULATION- URGED IN COTTON TRADING Senate Probe Committee Seeks Body | to Supervise Future Dealings in Staple. By the Associated Press. Establishment of a Government com- mission to regulate the cotton futures exchanges was recommended today by the Senate cotton market investigating |, committee in a report approved by the Senate agriculture committee. The committee report proposed that the cotton futures exchanges be desig- nated by the Secretary of Agriculture as “contract markets” and that a Gov- ernment commission be empowered to suspend or revoke the designation of a “contract market.” It was recommended that the Secre- taries of Agriculture and Commerce and the Attorney General compose the Supernumerary Commission. “The committee is -mcul-rly im- pressed,” its report read, “with the lack of reliable exact information concern- ing fundamental conditions existing from day to day in those markets (cot- ton futures) lnd with the fact that no governmental agency is authorized to exercise any regulatory supervision or control whatever over the actual processes of future trading or to obtain current information of a kind which would be absolutely essential to any re- liable conclusions with respect to manip- n}:'t.llve N.n?: "';ntrlll'.llrll influencd-‘ which ime are suj ve an_effect “l’lt th::’r open"’.rm s urged the Secreta of A.rlculture to Im’d‘:rdlfl bale-cove‘z ing materials with a view to affording :z:e;o Tave ::'Aunsecuh e':twnt s;u menh: e study recen productions of cotton lbr’md e NEW YORK BANK STOCKS. NEW YORK, Ma -the- countermhrkety T T Ove-the American Broadway Nj Ghase" Rationa en ity Natfonat o o th Aven Fiman Manha In"é"‘m.l unty auitable Guaranty Irving Blltwl‘—ont-pmmd rints, 3812a39% ; tub, 361283715, z e Eggs—Hennery, 24; current receipts, 23. Poultry, l!lve—’l‘urkcyn‘ young, 32a38; old, 28a30; Spring broflers, 40m42; Winter_chickens, 32a35; horns, :30; fowls, 30; capons, 32a35; ducks, 158l keats, 60a65. Dreued—’mrkeyl, Iom 35a38; old, 32a35; Spring broflers, 45 Winter chickens, 37a38; Leghorns, fowls, 32a33; capons, 35a40; ducu Sfl keats, 80a90. uem fresh killed—Beef, 20a23; ml Joxzs: bacom. 281 Tages, con, jard, in 14} in bulk, 13¥ s Live stock—Calves, 8a13; lambs, 10a 13; Spring lambs, 20a25. Bples—suppllu moderate; demand rate, market lundy bsn'els. Vir- 8. No. 1, 2% inches up, Ben 00' suymlnl. bldly scalded, e 1 bas] . 1, 23 inches up, Yorn, mostly 1.50 Black ‘Twigs, 1.50a unclassified, 2% inches up, Delleto\u 1.7582. N, Pennsylvania, U. 8. No. 1, 2, inches uy. Northwestern orml 3 1.75. e Cabbage—Su] ; dema l ght, market Xm new stock, 2-bushel hampers, pointed and roun mx 3.0083.25; Texas, crates, approxi- mately 100 pounds net, round type, 5.50; old stock, New York, 100-pound sacks, Danish type, fair condition, 3.50. Celery—Suppiies moderate; demand light, market dull; Florida, 10-inch crates, crates washed and individually washed snd pre-cooled, 4-6 dozen, 2.25 nu few 2.75; 3 dozen, 2.00a2.25. liberal; ~dema: ll(hh market dull; California, crates, Ioeberg type, 4-5 dosen, 2.7503.00; few ow as 2. Onlonl—suppllel light; demand light, market dull; Ohio, 100-pound sacl Jln. ‘mostly , 2.00a2.15, d stock—Supplies moder- ate; demand moderate, market about 'y U. 8. No. l. Green pount ada, No. 1, 3.50. light; demand siow, market dull; ida, bushel crates, Bliss Triumphs, U. 8. NB 1, dirty, 2.50. uou—su plies moderate; mmd light, mnket steady; Florida, ripes and turning, wrapped, fair qu and condition, fancy count, 350-3.7 3 choice count, 3.5082.75; lug boxes, ripes, wrapped, 6x7, lon, showing some decay, 2.00; Mexic ripes and turning, Wra) lx! belt 4.00; some chilled, lllghtg l(:_.wer rmcw u‘l\knuvm nrl‘- pes, , fancy count, fi'n-:so. choice count, 1.75a2.00; most- 2.00. bennn——lu:&us very light: de- et stronger; Flor- pers, green, best, 5.50a ly good quality and condi- llon. .50.5 tuphnt——!upplm very light; too few sale: quote. e;wflplu Teht: Jemsnd dlight, market steady: Florida, fancy, 6.00a6.50; choice, mum.y around S utan Bupptiée ve light; ~> " lu?\?lmnkn Rl I n;h h 45- pcmnd crates, 5,50. ‘arrots—Supplies moderate; demand lllht. market :uldy Texas, Western lettuce, crates, bunched, 2.50a3.00; , 2.0082.25. light; demand lltht ‘estern reported. c-ulmawer—supplles luht demand light, market slightly nger; Califor- crates, nuzoo mostly 2.00. s»mril——fluppuumode te; demand light, market steady: %8s, bushel baskets, Savoy type, 1.00a1.10, Strawberries—Supplies mand light, market l-lllht;y weaker frigerators, various varieties, mostly around 30 cents per quart; some sandy, 25 cents per quart. ngn—auppnes moderate; demand ‘market steady: Florida, boxes, medlum size, No. 1, 4.7585.00; large to very large size discounted, 50a1.00 per box; No. 2, medium size, 4.2584.50; large size discounted, 50a1.25 per box. Grapefruit—sSupplies modcn mand moderate, market steady boxes, No. 2, medium size, 3. 'IBICW. large size discounted, 50 cents per box. WOOL MARKET QUIET. Special Dispatch to The Star, BOSTON, March 5.—Scattered sales of fleece wools are reported, but the market for them as a whole is compara- tively quiet. Quarter bloods are report- ed to have sold on a scoured basis at 58 to 63. While it is said that strictly combing fine wools brought prices esti- mated at 78 to 81, scoured, a number of inquiries have been received on three- eights blood, due to the diminishing supplies of quarter blood, but as yet no sales have been arranged. Fine territory combing clean quoted today at 78-80, French com| b]n', 15.73 half blood, 74-75; three-eights blood, 70-72; quarter blood, fl-u. H'ne Ohio fleeces were quoted 3-34, grease basis; half blood, !B-lG '.hm Slghts blood, 37; qulmr blood, 35-36, UNITED ELECTBIC SERVICE. NEW YORK, March 5 (P).—United Electric Service Co. of Italy earned 75 cents on American shares in six months to December 31, 1929, against 81 cents | » year ago. rom nfiu London, pound Paris, frane Brussels. belgs ark e n, lo, crown tockholm, crown Stock and Dividend Rate. Utll & Ind pf (1%).. Utility Equities. Vaouum o1l (1414). Veeder Roof (2%). Venezuela Ptm (306! Vick Fin Corp. —Prev. 1020.~ . Low. 24% 10% 884 5 West Alr lnn (800).. 51 Wilson Jones (3).... Worth. e HREAR-T NOKS S Sales— Add 00. Open. High. l.o'. Close, 26 17% 914 3% 8% 49 & N 4 Pac Lighting Stock and Dividend Rate. Sales — Add 00. Open. Hish. Low. Close. & & & 19% 19% 19% oh ok oh ok Dividend rates in dollars based on st quarterly or semi~ 52 |onnual pavment. &- loa or stock. hm-i.\ Pasable tn preferred stosk. .“.. the scramble for public favor depends largely, says Moody's Investors Service, on the success with 'hfi:h the market among woman smokers is developed. In a study entitled “Outlmk for Tobacco Comp-nlza " issued today, Moody's sa! “The large increases in cigarette con= sumption in recent years have given rise to considerable speculation concernini the question as to what percentage ol this consumption may be attributed to woman smokers. This question has im- portant bearing on estimates of total future consumption of cigarettes in this country as it is relevant to know how large & field still remains open to po- tential cigarette business. For practical reasons we have approached this prob- lem from a purely statistical angle, but have checked our results, so far as was possible, with opinions of a number of people in the trade. We have arrived at the conclusion that women smoked in 1929 not more than 12 per cent of the cigarettes in this country—that is, not more than about 14,000, 000,000 ""‘Xn":: absence of any evidence to the contrary, it may safely be assumed that the popularity of the cigarette will cofi- tinue &.l" the next decade at least. The forces which have stimulated the recent growth of cigarette consumption are still at work and the present-day tendencies of our economic and social development seem to favor continued preference of smokers, both men and women, for the cigarette.’ BLACK & DECKER HEAD FINDS BUSINESS GOOD Special Dispatch to The Star, BALTIMORE, March 5—Reports persist that new_interests are buying llnw the Black & Decker Manufacturing Co. When the attention of R. Duncan Black, president of the company, Was called to the reports he said: “If new interests lrekbuylln hnc(m’xr com| I have no knowledge of pnn{y reason I can assign for activity in the shares is improvment in our business, which now approxi- mates that of & year ago, the best in our history. As the wu'.her opens up I expect further expansion of business. e General mecmc and the du Pont mumm were mentioned as buyers of the stock. Directors will meet lho\n March 20 to act on the dividend for the first quarter of the current year. Pt BUYING OIL FIRM. NEW YORK, March 5 ().—Negotia- tions are nearing completion whereby the Shell Petroleum tion of B ;}“hmm"z;h lenore than 30 ch opera e Goe l' tations in Cincinnati and ad- jacent territory. County Fire Insurance Com any Y St i PHILA! i “:',‘: A2 SloiPier o ¢ red unde: :'&.'fiu June 30, 1903, an " g:‘:ll: -mk pA 10,000.00 82.13 3533,008.58 transacted duriny allied classes. B D. R. ACKERMAN, Becrethry, bscribed and sworn to before me this Sul 26th day of Pebruary, ng. 4 HOMER REED, Notary Public, Br ; ke Bl B SO Tt ) STATEMENT THE CONDITION THE Union Insutance Society of Canton, Ltd. Of Hongkong. on the 3ist day of Decem. v, 1039, s reauired under ‘the Disteict of o Columbly Code. amended June 30, 1903, and August 18, 1 &St Jeodutld ; il 5 3,086,662.50° b Y 52,076.22 384642423 All other assets: Due from companies on pald losse Total assets . 665,086 65 513,283.40 82,560.07 712:30 13,754.69 Net inpaid e ot A claims . % 3 required by comintsslons, ‘brokerase, ote Reserve for n!lml d expenses on unsettled losses . ‘Total liabilities 31,275,306.11 Chal :ter BI bulln!u trln acted during Q) l!lkll& riot, elvil :omncuon llslnllon. -utomobl le, marine Amount of ri . ing the year 192! . .$632,401,334.00 i Losses sustained during P 1929 Expended during me 2, ki 2 n.ed !tltu Mana er. et et faees Auditor, Subscribed and sworn to befors me. this bruary, 1930, ""' Bedy ©f T RATHARTIE SACHEN. Notary Publie. My commission expires Feb: 'y 19, 1931, ENT OF THE CONDITION FeETN OF THE First American Fire lnsurance Company Of New York. Y. f‘fld'.hl fl":'.t:: D"l:!!blle:t 1929, required unde; o Colimbia ESue ‘smended June 30, 1902, and August 18, 1911 stoc! +$1.000,000.00 atocks paid p)in cash.."1,000,000.00 K4 i Stocks and bonds (market value) 3,71 Bills receivable Premiums n hany Interest due Total assets ..... @ LIABILITIES, un) aims. E:r '.p:. r-qmud by law aries, “rents veen . $1,478,352.70 (aOharacter of businers transacted. during r 1929: i) e PFire, 8 A 3 i) commotion, .x- et LIS mour "?.f Hok grsvumed Losses pustained durins ihe year 1f ear 1935 Expended [ r'l Queens. o0 A 8704 (!om E ifil:’!fi“fll". Glries No. re Walter G. Dunlop 307 Colorado Bldg. | - Biat 0893 i3 ol 'x.g; Vice Pre President. . Secretary, nd sworn _to before this Fuary, 1999, the