Evening Star Newspaper, March 8, 1930, Page 21

FINANCIA CURB SHARES FIRM Utilities Issues, Air and Trust| s Groups Figure in Day’s Turnover, BY JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, March 8—Industrials, air issues and trusts shared the specu- lative spotlight with public utilities in today's moderately active and firm curb market. Electric Bond & Share. the market leader, piled up a sizeable volume of transactions without showing much change in price. This was true also of Cities Service, Indian Territory Illu- minating Oll, Arkansas Natural Gas and United Gas, all of which may be more or less interested in the projected natural gas pipe line from Texas to Chicago. Crocker Wheeler Electrical, recently dull and inactive, ran up more than 3 points within & few minutes. Gen- eral Baking preferred, conspicuously weak in the last few sessions, rallied more than 3 points. Walgreen, which of late has been subject to pressure, likewise: improved. American Chain and United States Tin Foll scored new tops for the year. Consolidated Aircraft moved into new high altitudes as its president told about increased passenger business as a result of the recent rate reduction. Na- tional Aviation and North American Aviation opened higher. Lehman Corporation featured early dealings in trading corporations as it rimd more than 3 points to record igh price for the year. Goldman Bachs, Blue Ridge and Shenandoah were very active, with their quotations most of the time higher than their in- itial sale. GRAIN MARKET. CHICAGO, March 8 (Special).— Wheat opened lower under selling in- fluenced by the - *akness in Liverpool. Liverpool closed 2% to 2% cents lower. March opened 1.06%;, May, 1.114a 1.10% ; July, 1.08a1.08%;. After the first half hour, March, 1,06%; May, 1.11; July, 1.087%. Corn was lower with wheat. March opened 78, May, 831(a82%,; July 85':a 85%5. After the first hour, March, 78; May, 823;; July, 85%%. Oats were lower with other grains. May opened 43%, July, 4312 After the first half hour, May, 43%; July, 43%. Provisions were quiet, but firm with —— FOX FILM BOND RIGHTS. - .. NEW YORK, March 8 (#).—Stock- holders of the Fox Film Corporation, of record March 11, will have the right to subscribe to the new debentures and class “A” stock to be issued as part of the rehabilitation of the company's finances. DELCO LIGHT CO. NEW_ YORK, March 8 (#).—The Deleo Light Co. of Dayton, Ohio, a subsidiary of General Motors, is now manufacturing a new system for creat- ing gas for use in cooking stoves, water heaters and similar domestic appliances, in homes not served by city gas mains. NEW YORK BANK STOCKS. NEW YORK, March 8 (#).— TRUST COMPANIES. 18 Eahad"pich Ad 16ap Adm 58 Gent St Elec s ent lec Gent 8¢ b 8l 518 s Y38 D K 58 A, it Serv Gas rv Pow Elec 11 h Eq S5 RCEr T P EEEER PR S S ® & EE 5 # 3 SS8IERR238838%S! S 2 23az=SEssiasanss s S#sd 23age: BTG e =2z85ECesees ZEEEE] 4: eSesensEisenaend Fu 55 _Riv t - e SEEE R e TTTFCZZZZZK! #us, creased 109 per cent over January, on % *|a daily basis, and came within 2.9 per ¥ er Mill 6128 [ . 5o e sBua TO00O000mMY g2z ESE waraao—! NEW YORK CURB MARKE IN ACTIVE MARKET sz sz s Stock and Dividend Rate. 1% Aeronautic Ind war. 13% Aero Underwriters., 4 Allegheny Gas Corp, 19% 16 All Amer 2 4 Corp.. Allied Int Inv pf (3). 12 Allled Mills (600)... 345 276 Aluminum Co of Am 108% 105% Alu Coof Am pf ¢6). 304 26% Alumn Ind, Inc(1%) % 2 864 Am Arch Co (3)..... 82 Am Book (7).. % Am Capital (B). 37 AmChain (3). 14 AmCP&LB (510%) 234 Am Cwith P A b10% % Am Control Ofl Fids. 9% 284 Am Cyanam B (1 194 164 Am Eaquitie: 76% 65% Am For Pow 142% 113% Am G 1074 1068 Am 18 Am St Pub S(A)1.60 23% Am Superpower (1 94% Am Super 1st pt 9% Arcturus Rad Tub 28% Arizoha Power. . 8% Arkansas Nat Gas... 5 8% Arkansas Nat Gas A. 108% 102 Ark Po & Lt pf (7) 3% 2 asmo-Dyeing & Ptg.. 7 6 Asso-Elec Ind Ltd. . 46's 36% ASS0OG & E A (13.40) 4 % Atiant Fruit & Sug.. 25 18 Atlus Stors Corp(11) 7 Auto Music (A) (1). 6'4 Auto Voting Mach. .. 18% Aut V Mev pr pt (2). T Aviation Securities.. 21 Bahia Corp, % Blue Ridge Corp. % Blue Ridge cv pf (a3) 30% brasil Tr & Lt (2). . Ys Bridgept Mach (25¢) Bureo, Inc (war).... Burma Corp (131¢) Cab&Wire Ltais rot; 8% B4l 28% 27% by 29% 254 Cent Public Serv 4% Cent Atlantic States 34% Cent PSv A Cen States & 94% Cent States Kl pf(7). 43 Centrifug Pipe (6uc) 12!3 Chain Stores Stock. . 20 City Mach&Tool(12) 264 Citles Servide (330¢) 8% Cit Serv pt B (60c).. i» Clark Lighter A. 52 Colgate-Pal-P (23%). 24 Columbia Pictures. . 4 Columbia Syndi 25 20 Colum A P cv pf (; 288 284 Com'with Edison «8) 6% 3% Comwith & Sou war. 22w 16 Consolidated Alreraf % CAMCooctfs 2% 1% CA M Cocum pf. 19 18% Con Lairy Prod (3: 118% 90k Con Gus, Baito(3 60) 29% 21% Con Gas Ut A(2.20)., 8% 3 Cons Instrument, 15% 10 Cons Laundries. 240 240 Cons Min&Sm 1121 32% 28 Cooper Bessemer(z) 7% 5 Copeland Prod Inc A 14% 11 Cord Corp. 16% 12% Corroon & 41% $9% Coty Soc Anon rets. 6% 5% Creole Petroleum, 28% 18% Crocker Wheeler % 2 "o 858 B o ® e - s 1% Curtiss Wright war.. 14 Cusi Mex Mining. T4 Darby Pet (1)....0 % 181% 11 Deere & Co new w.i, % Detroit Alreraft Co: 10% Dix Gas & Utilities 165% 16:% Dixon (J) Crue (8). 18! 12% Douglas Air (75¢)... Dres(SR)MIgA3%. 8% Dubilier Cond&Rad.. 4% Duran: Motors...... 18% Duval Tex Sul wi.. " 3 e T T » e 14 Eisler Klee (1.50) 104% 80'% El Bond & Sh (b 107% 103% Kl Bond & Sh pf (8). 6% 24% Eleo Pow Asso (1), 34 22% Eleo Pw Asso A (1) 49% 8% EIP& Lopt war.... 32% 16% KElec Sharehldg (31). 82 Kl Sharehold pt (6).. 40 Empire Pwr Corp(2) 16 Kng P8 opt war . 18% Kuropan Kiec (The). 8% Europe Kl Ltd opt w. 3 Kvans Wallow Lead, 2 Fabrics Finishing. . 22 Federated M 28 Kord Motor 10% Ford Mot Ltd 37% 2} Koundation kor ¥hs. = See S e R P T 1 - = 69 Gen R & Utll pf 16),, 16% Gllbert (A C) (1)... 81 Gleaner Com Har(2), 2% Gold Seal El n, 3 Gold : 85 Goldman Sachs (b6) 31% Graymur Corp...... 116% Gr A & P Tea pf (7). 280k GrA&PTov (6).. 12% Groe Stors Prod vte. 24 Ground Gripper, (1) 3 Guardian Invest, 1814 Gulf Ot of Pa (1 28% Gunther Law (2) % Happiness Candy 89 Hartford K1 Lt(2%) 5 Helena Jubenstein, . 8% Hudson Bay M & 8.. 78 Humble Ol 42)..... 8 Huyler Stores of Del 37% Hydro Klec Serv i) 10 Hygrade Food Prod. 22% Imp OIl, Can (§0¢c). 20'% indlan Terr Lllum. 17 Ind Kinetfs (b10% ). 69 InsCoof NAm (13). 5413 losull Ut Invib6%). 82 Insull Ut In 2d pf 6.. % Intercoutinent Pet n 17% Internt Petroln (1). 6% internat Produets. .. 823 Int) Superpow (31). 6% luternatl Ut 40% Inter & Interstat H M ( 12 irving Alr Ch ¢ Y% lialian Superpow A. 8% Johnson Moter Co... 15 Klejn (1)pt pf $1.20. b2 Kolster-lr (Am 8h) 10% Lake Superior Cor 14'a Lefcourt Real 11.85. . 29 Lefcourt lteal pf (3) 6% Lehman (The) Corp. 42 Leland Elec Co (2) 18 Libby MeNell & L. .. les— Add 00. Open. High. Low. Close. 2 73 21 4 224 1920~ Marine Marion Metopn Mid W Mo Kan Nat Am Natl Fa. Nat Uni, Nevada New Br N Y inv N Y Tel North 8 North Si N W En, Ohfo Coj Ouis Ele Pac Coa pr 4 Pub Uui Rel'nce Republi Salt Cre Schulte Skinner Southla 4 8 W Gas Utll, Stand O Stand P 8 Stetson Sun Inv Sun Inv Sunray Swift& Tonopal Tr-Lux Tri-Con! Tri-Con Tub Art Un Nat Utd Car 11 24 4y, 2eh Tah, 678 953 11 4o 41% 22 2un TR TR 61% 678 4 Utility 20 20 gL 17 7 39% 38 38n, a4y ayne Wilson RIGI W 14y L ac Divideno rates | Duyment n *Ex-diviaend_ tPartly ext k ble in cah or stoc Stock and A Dividend Rate. Lily T Cup (160).... Lone Star, new (80¢) Marland of Mexico. . Marshall Field & Co. Mavis Bottling..... Mayflower Asso (12) Mead Jolinson (1334) Met Chain Stores Met be-G0c Strs pf Midland Stl P 2d pi Midl Unit (b1% %). Mock Judson Voe(2) Municipal Service. .. Nat Aviation Nat Food P, B(b2%) Nat Fuel Gi Nat Investors (n Nat Leather. Nat Pub Sv A (1, at Pub Serv B 1.60. Neet Inccv A Jer Zine (14) ... ewmont Min (34).. N Y Rio&Bu Aires Niagara Hud ¥(40c) Niag Hud Pw A war. Niag Hud Pw B war. Niles Bement Pond.. Noranda Mines (3 North Am Av North Am Cement. % Outbeard Motor (B). Pac G&IL 18t pS 13 . Pub Serv (1.30). Peop L&P A(a2.40). Pepperell Mfg Co (8) Perryman Lileg Co, . Petrol Corp (¥#)..u Philip Morris in Pilot Had T A (1.20). Pitney B P n (30¢) Polymet Mfg (31).., Power Securities pf. Premier Gold (24¢) .. ce & Whitely. Prince&Whitely pf3. Propper MeCallm (2) Prudential Inv . Radio Prod (59).. Ratlway & Lt S (15). RainbowLumProd A RainbowLumProd B Reiter-Foster (40¢).. Reliable Strs (b6%). Steel cum pt Wi Rocklans Li&P(92¢) Rooseveit Field. ine, St Hegls Faper (1).. Schift (The) Co (2).. Selected Industrie: Select Ind pr (5%) Sel ind allot efs b % Sentry Safety Con Slerra Pac klec (2).. Silver King Coal(1). Singer Mfg Ltd(30¢) Sisto Fin Corp,.v.as Starrett Corp. . Starrett Corp pf (3) n Cosmeties inc, Stutz Motor Car, Superneater (134). Swift Intern'l(2%).. Tampa Electric (32) Teck Hugh ‘Technicolor, fne. Thermold Co (2) Third Nat Inv (1)... Tish Realty & Con Tobacco Pr Exports Transamer (31.60) Tran Con Air Tran Transcontl Of) (30¢) Tri Utilities (31.20). ¢ Tung-Sol La'p of (3) Union Tol United Corp war . ... Utd Founders (b2.35) United Gas Co...... Utd Lt & Pwr A (1), Utd LL & Pwr B (1), Utd Lt & Fo pt (8) U S Dairy B... U S Elec Pwr ww, USFoll B(l),..... US&Int Se 3d pd 3% . Utility & Ind Utility Kquitte Vacuum O1l (14%).. Van Camp P pf(1%). Vick Fin Corp. Walgreen Co....oeu H Zonite Prod (1.60).. Con Gas Balto.. 4 igisler £ D. O, SATURDAY, MARCH 8, 193 FINANCTAL Recsived by Private Wire Dicect to The Star Office Sales— Add 00. Open. 1 20% Mid Cp (1.20) Steam Shov.. Nat Gas Co. 'S P L(b10%). er Co e 0 G i 1 e G 18 e IS € 61 O M S 02 I G S e R e m Str ) ). Eu o on Kadlo. ... Cal 13 > ad Vil (bve). est (1.20)... PL6%). .00 114% 114 15% 46 4% dn 9 9% 39 89 Al 4l 174 bl | 29 1 7914 5 | 61% 26 L Pow A (8). t Pow pf (7). gineer (2)... pper. .. vator new. st B1s pf 3.50 . 5% 100 10% o 5% 100 11 2 @ o CorubrmrrarahienSebuaae 10 884 38| 13 1 Hold Loine @ s 00 1 1 05 0 1 00 0 0 e e 02 55 S Ot i IS IS IS 88 e G RS e b OB Managemnt.. c Steel n wi. ek Con (40¢c). Un 6e-31 St., e Organ (2% & | 1% 8 264 26% 5 | nd Roy (1) 1L, ind 'wr & Lt . ge wataSeResoniben anrmnres (J B) (6%). 20 43% 4d4% 48% 480 R 82y 321 | 823 s2w | 0 69 6l | pL3). Oll (40¢). .00 Co new ¢2).. h Min (15¢).. DLPSIA). tinental Cor. t Corp war.. Silk B (10). 136% 136% 86% 38 G, Can 11,60, 20% 29% eco k) * r Fastnr 1.20 20 19% pLel).. Pw & Lt nd pt Pump Jones s Expire. Apr 1 coise Marsl ng Tel&T. . Apr 2 Mur 21 .May 1 52 3% 4 hased on iast quarterly or semi- stock. a Payable in n oreferred tock H 8 n doll . e PIG IRON OUTPUT GAINED IN FEBRUARY Pig iron production in February in- cent ot February, 1929, says Iron Trade Review, Cleveland. The month's dally was 101 gross tons, compared with 91,673 tons in Janusry and 114,942 tons last February. Despile the thres day th, the Februsry total what k llll?l{ traceable to the bulge in opera- tlons late fn January, when demand for iron and steel was broader than todsy So many of the 17 blast furnaces lighted in January came into production in *he closing day that che full try's 314 potential stacks in blast Feb- ryary 28. Considerable pig iron is believed to have been piled in the past fortnight. Steelmaking capacity being more flex- ible than that of pig iron, fz s probable that steel ingot statistics for February, ble next week, will show that the gains in production in the first three weeks of the month were tempered by the decline which developed in the fourth week. March, which nurmally sees the Spring “me in full stride. opens with operating rates continuing [2 0 Fall, Some expansion in automotive re- uirements for steel seems certain by %m end of M‘:rch. hiuttl wmdn raiiroad buying t its genith and current heavy rafiz s at Chicago not being re- placed, opinion concerning the éecond quarter has undergone revision down- ward in the past week. As pig iron producers enter March with no indica- tlons of coverage by customers whose |May reds normally would quicken the next ll‘o to 90 days, their expectations are ly 1 g in - rrh-.ntu‘nl.ym -hwyng. | tron 'Trade Review composite after being stationary at §35.24 since the lnst weck of January, fell 12 cents this week, to the’ lowest level since September, 1926. st e < NEW YORK COTTON, Special Dispatch to The Star. NEW YORK, March 8.-Cotton prices | broke another quarter of & cent today {under heavy liquidation, which carried May coniracts in New York within 4 points of 14_cents, while all old-crop | months in New Orleans touched 14 cents or sold below that figure. A running break at one time dislodged | considerable cotton, when & wave of week end covering toward the close left final prices 10 to 15 points lower than | Friday. Spots were reduced 10 points | to 1405, Cotton Range. s Sed | heavier lines, GAIN IN BUSINESS OF WEEK 1S SHOWN Trade Reviews Say Warmer Weather Is Factor—Prices Still Unsettled. Special Dispatch to The Star. NEW YORK, March 8—There has been little change in business condi- * | tions during the past week, with favor- able and unfavorable cross-currents, each carrying about the same amount of weight, according to the trade re- views. The hope for widespread recov- ery is still absent, but the arrival of warmer weather is causing expansion of outdoor work on crops, highways and building. R. G. Dun & Co.s Teview of busi- ness says, in p. rt: “With confused elements intensified now, contradictory opinions of the status of trade are not surprising, yet the undercurrent of betterment is not obscured. The improvement is distinct when comparison is made with the low point of the recession, although its progress is being obstructed and re- strained by continued commodity price unsettlement and other obstacles. In view of the character of those impedi- ments, business is manifesting a meas- ure of resistance that demonstrates its inherent strength. “It had not been expected by close observers of the situation, however, that a general revival would come during the first quarter of the year, after the disorganiation caused by a speculative shock of unprecedented severity. Recognition of that fact is important in appraising present con- ditions, and their lack of balance is a logical corollary of the economic re- adjustment through which the country is paseing. Unevenness of trends is common enough even in normal periods, with so many varied enterprises, hav- ing broad ramifications, and in'times of transition the irregularities and contrasts are naturally accentuated, Stock Market Conditions. “The action of the stock market, which has been free from disturbing movements, has been considered re- assuring; the position of money rates is favorable and tends toward further easing; industrial outputs are being restricted where necessary to prevent accumulations of supplies, and there are reports of unusually low inventories in some lines. | “Certain of the statistical exhibits, | moreover, are beginning to point more cline, and these more promising por- tents may gain in importance during the Spring season. The recovery in pig iron production was sharp in Feb- ruary, while a recent slight let-down in steel manufacture has come only | after a decided upturn, and is believed ! to be & temporary change. “Generally, the situation reflects a a disposition in many quarters to r <rd the longer future with confidence. Slight Easing in Steel. part: “The reports from the Winter wheat crops are of the vlant showing green 1and in good condition in the Southwest | with & higher average of condition than | a year ago. More life is seen in whole- sale and jobbing trade in west central areas, but, as a -whole, the changes are not very important. Trade, as a whole, in both wholesale and retail lines ranges from fair to quiet and industry still leads in distribution of activity. “On the less favorable side might be mentioned ‘s slight easing off in steel buying and in operations, with the ex- ception of Chicago. which having reaped a good part of past railroad orders, reports steel mills busy, especially in Reports from the auto- mobile trade are of slightly lessened buying of material strips, but the agri industry remains active, with reports of heavy orders for tractors, Toad machin- * | ery and other lines affected by agricul- tural preparations. Very large ship- ments of tractors are noted. Prices Still Weak. “In general trade, the continued weakness of prices of leading agricul- tural products, such as grain, particu- larly wheat and cotton, have a tendency to retard distant buying. The general price movement for the week is down- ward, this applying to Imported as well as domestic products. In the wheat market, estimates point to visible and invisible supplies combined being little different from a year ago, when, it will be recalled, supplies were the heaviest in a decade. The crowded condition of | elevators and other grain storage struc- tures renders the problem of meeting another possibly good-sized crop move- ment a matter of concern. “From several centers come Teports that employment conditions are' such as to affect retall buying. Both trade and industry are still below a year ago, and the opening of the Spring season is awalted with impatience, because of Ihrkpomble opening up of outdoor work." ——— TRADE IS MARKING TIME, SURVEY SAYS Week's Barometers Indicate Some of Recent Momentum Has Been Checked. | 8pecial Dispatch to The Star. NEW YORK, Msrch 8—Business throughout the country is more defi- nitely marking time, with latest rec- ords indicating that in the last half of February it lost a good deal of the momentum _ gcquired_in the January | upturn, and is now barely holding its gains, says the Husiness Week in fits Tepori covering the week ending March 8. Theugh Winter has come and almost gone, Spring seems still to be too far behind for the crocuses of commerce to take & chance on March frosts. Steel continu to slip, with renewed weak- ness in prices. Cleneral building shows a spurt for the week, but February as a whole canceled the January gain over December, and heavy construction is laggmg. Coal and even oil are down. Continued weakness in commodity prices indicates plainly enough that markets are dull and doubtful. 0IL COMPANY CURTAILS REFINERY PRODUCTION By the Associated Press. NEW YORK, March 8—The Sin- clair Consolidated Oil Corporation has “not only curtailed its drilling opera- tions and production of crude oil, but has also greatly reduced its refinery uns, | today, in telling of -his company’s con- | tribution toward crude oil conservation. “In former years,” Mr. Sinclair said, ‘we normally built up large stocks of oline during the Winter months. ‘oday, as & result of the reduction of refinery Dgu tions put into effect sev- eral mont! 0, our storage supply of gasoline is only what is necessary to meet day-to-day requirements, In other words, anticipating present conditfons we have for months put into practica: application the policy of curtailment now advocated by the Federal Conserva tion Board.” EERESEETE Amelia Rogers, recently fined in Dev- npm.lnn land, .l.urnbl;ln‘: : 'unnunud ) W /e charged interest, plainly in the direction of advance, or | | at least a lessening of the rate of de- gradual process of recuperation, with ! Bradstreet's State of Trade says, in | Harry F. Sinclair, chairman, said | RAIL MERGER PLANS NEARING RESULTS IN EASTERN SECTION Important Steps Expected to Follow Com- pletion of Preliminary Details—Sit- BY CHARLES F. SPEARE. Speclal Dispateh to The Star. NEW YORK, March 8—Step by step, slowly but surely, the knitting to- gether of railroad lines in the Easter trunk line territory is taking place. Im portant developments in this situation | are likely to come at almost any time. ‘The approval just made by the In- terstate Commerce Commission of the Baltimore & Ohio’s convertible bond issue, which was partly for the pur~ pose of acquiring the Buffalo & Sus- quehanna Raflway, practically com- pletes one detail of the proposed new Baltimore & Ohio system, This has been carried out quieily but persistent- ly against the opposition of competing lines. Now the Baltimore & Ohlo has before it the larger job of obtaining complete control of the Reading Jersey Central, which it most needs to round | out its system. Position of B, & O. Under the Interstate Commerce Com- mission's recent consolidation plan_the Lehigh Valley was assigned to the Wa- bash, or fifth system in the East. Con- trol of it is held between the Wabash |and the Pennsylvania Railroad inter- ests. It is understood, however, that the Lehigh Valley is likely to be a party in the trade that may take place be- tween three of the major Eastern sys- tems, and that eventually it will be- come the property of the New York Central when the New York Central agrees to sell its present holdings of Reading common stock to the Biltimore & Ohio, ‘With the Reading shares now owned | by the Baltimore road and in control | of its friends and those of the New | York Central added to them, the Balti- | more line would be in possession of nearly two-thirds of the entire out-| standing Reading common stock. Should this plan work out it would be an interesting development in view of the fact that a few years ago the | New York Central held “about 20 per| | ley to its competitor. It might uation Gradually Clearing. cent of Lehigh Valley stock, which it had bought to protect itself against other railroad combinations that were then forming In the East. It sold its Lehigh Valley at a very good price and t a substantial profit to the laware & Hudson, In turn the Delaware & Hudson sold out to the Pennsylvania and Wabash interests at a figure said to have been about $100 a share. There would, of course, have to be an agree- ment on the part of the Pennsylvan Railroad to giving up the Lehigh V| will- ing to do this in order to work out a reasonable plan in the East along the lines originally proposed when the trunk line territory was to be divided up into four parts rather than five, Wabash System. Uhder these conditions the only other important independent line in the East, namely the Lackawanna, would go to the Chesapeake & Ohio- Nickel Plate-Erie group, where it has been assigned in the Interstate Com- merce Commission’s plan. So far as can be learned, this is at present agres able to the other three Eastern systems. There is still a great deal of con- fusion as to what may develop among the various lines which form the East and West links of the proposed Wabash system. There is considerable unrest, it is understood, among those identi- fied with the Pittsburgh & West Vir- ginia and Wheeling & Lake Erie. ‘The identity of the purchasers of the Pittsburgh & West Virginia has never been definitely established, although it is presumed that it was the Pennroad Corporation. The ultimate location of the Western Maryland is also somewhat is doubt, with little objec- tion on the part of the Baltimore & Ohio to giving up its control in view of the permission it has received to | acquire other lines which fit more ceptably into its proposed new and shorter route between tide water and Chicago. (Copyright, 1930.) OIL STOCKS LITTLE AFFECTED BY ACTION OF GENERAL LIST During the past decade oil stocks, with few conspicuous exceptions, have yielded returns altogether unsatisfactory as compared with results which could have been obtained through investment in & diversified list of industrial stocks, says the Standard Statistics Co. of New York in current survey. The accom- panying chart illustrates the major fluctuations of shares of the oil pro- dueing and refining group and of the entire industrial list from. 1918 to date. Between April, 1926, and August, 1929, the Standard Statistics index of 337 in- dustrials advanced by 142 per cent. The corresponding upward swing in the oil group was of longer duration—extending from August, 1925, to October, 1929— yet the index of that classification ad- vanced by only 95 per cent. The major upward movement in the industrial which ran from July, 1923, to January, 1926, resulted in an advance of 72.9 per cent in the index of 337 industrials. ‘The corresponding swing in the did not start until September, Iterminated in February, 1925; nef it same preciation in the group index was only 39.8 per cent. While during bull markets the oil group has on the average registered a smaller proportionate gain than the general run of industrials, losses in periods of declining prices have been virtually as large. h! average decline in the index of petroleum shares during the last four major down swings was 20.6 Ker cent; the industrial index, dur- ing the four major reactions which have occurred since November 1919, showing an average decline of 30 per cent. On varigus past occasions the oil p has moved downward during periods of strength in the general list. During the two years ended February, 1927, the index of this group showed & net loss of 0.94 per cent. Over the riod the general industrial index gained 25.5 per cent. Furthermore, in the two months immediately following (February-April, 1927), the oil group registered a decline of 12.8 per cent, vhl:.a industrials advanced by 4.6 per 1929 POWER OUTPUT UP NEARLY 11 PCT.! | Many Electrical Plants Extra Busy to Meet Demand Due to Lower Water. According to a statement issued by the United States Geological Survey preliminary figures of the total pro- duction of electricity by public utility power plants in the United States in 1929 indicate an output of 97,294,000,000 kilowatt-hours, an increase of nearly 11 per cent over the output in 1928, The low precipitation throughout the country during 1929 resulted in low water mn most of the streams used for water power, and in consequence the production of electricity at hydro-electric plants was about 115 per cent less than in 1828. The water-power output dur- ing the previous seven years had shown increases ranging from 3 to 17 per cent and averaging 13 per cent. As a result of the decrease in 1939, fuel-burning power plants were forced not only to supply the usual yearly increase in the demand for electricity, but also to make up the deficiency in output at water- power plants, The annual increase in output of elec- tricity by the use of fuels for 1927 and 1928 was about 5'; per cent. In 1920 the Increase was 18 per cent, or about three times the increase for each of the preceding two years. The increases in consumption of coal, ofl and gas over 1928 were 9, 41 ar o i sectively, and 46 per cent, re. T F R BIG CAR ORDER NOTED. RICHMOND, Va., March 8 -An order for 1,000 box cars, to cunw oufi‘- 000, has been placed with the Richmond Car Works Co. of this city by the Sea- board Alr Line Railway, it was an- nounced by L. R. Powell, jr., president, The order 15 similar to one announced today by the railroad for the Pullman Co's plant at Bessemer, Ala. The order calls for 50-ton cars. STOCK Alj 50 Industrials. 1834 BOND v the Associated Press. From Yesterday It is important that the taxpayer render on or before the due date— March 15, 1930, if filed on the calendar- year basis—as complete and final return as possible. However, a request for a reasonable extension of time may be granted. Application for an extension should be addressed to the collector of internal revenue for the district in which the taxpayer files his return, together with a full recital of the cause for the delay. Except in the case of taxpayers who are abroad, no extension may granted for a period of more than six months. made before the return is due. An e tension of time for filing a return does not extend the time for payment of the tax, or any installment thercof, unless 80 specified in the extension. The commissioner of internal revenue at request of the taxpayer may extend the time of payment of the tax, or any instaliment thereof, for a period not to exceed six months from the prescribed date. An application to extend the time of ]x-yment should be made through the collector of internal revenue for the district in which the return is filed and should state under oath the specific reason for desiring an extension and | clearly indicate what hardship, if any, would result if the extension were not granted. The amount for which the ex- tension is desired also should be stated. The commissioner will not consider an application for an extension unless made on or before the due date of Qhei tax. or Installment thereof. If the extension is granted interest on the amount is collectible at the rate of 6 per cent a year from the date when payment should have been made if there had been no extension to the expiration of the period of the extension. o Continued drought in West Java is causing hardship among native rice grow AVERAGES :30 Edition, STOCKS. 20 Rails, 1 136.5 The request must be | INVESTMENT GAIN INFEBRUARY SEEN Survey Reveals Better Tone in Both Bond and Stock Markets. Constructive forces for the most part ruled both the stock and bond markets in February, when new public offerings of securities aggregated $600,981210 in the American market, according to the monthly investment review of Lawrence Stern & Co., investment bankers, of Chicago and New York. “In the bond market there were no substantial price changes during the month,” sald the review, “but the de- mand for higher-price issues is becom= ing measurably stronger and there ap- pears to be an undertone of real strength in the market. While it might be hazardous to predict any substantial advance in bond prices, it can be stated with confidence that the elements of strength predominate and that an im- provement seems more probable than any reaction, Recovery in Stocks. “The fahly substantial reaction in the stock market was followed by a comparatively brisk recovery which car- ried average prices to a level somewhat higher than that prevailing at the be- ginning of the month, There appears to be consistent investment buy! of the higher-grade issues, and the out~ look seems to be for continued but moderate strength.” Statistics complled by Lawrence Stern & Co. showing the volume of new financing in February as compared with February, 1929, follow: Feb., 1929. $634,697,550 . 464,908,303 394,134,614 Total...$600,981,210 $1,028,832,164 “February’s volume of bond offer- Ings” said the review, “amounted to $464,908,303, including some issues of first importance, such as the $40,000,000 Republic of Cuba offering and the $35,000,000 Western Union issue. Rail- road offerings were in the ascendency, Wwith a total in excess of $150,000,000, followed by foreign issues, the volume of which_exceeded a hundred million ' dollars. Public utility offerings - gated $91,330,000, and tax exem as reported by the bond buyers York totaled $74,270,000. The lowest ;:ln.:sln{:lttmnuln nt_‘he II.I}“ is found in the eal estate cffer , which totaled Sl?ilfifl.ggfl.mck o b “In the s offerings it is apparent that bankers still hnl-e to ok out major issues until there is more definite evidence of entire recovery from the stock market debacle of 1929. Public stock offerings for the month showed a very substantial increase over December and January, but still remained far ba- low normal. Stock Financing. m;l&:mld‘:flmr;"w npp.mu;uhl! $136,- , public stock offerings, stock financing to the amount of - mately $164,000,000 is represes by subscription rights expiring during the month, “The larger volume of public stock offerings was In the industrial and in the public urility classifications, the lumst important single issue of the | month bring the offering of 540,000 | common shares of Marshall Field & Co., | one of the country's greatest mercantile | establishmenis. Tnve:tment trust offer- | ings totaled cnly $10.646,000 and for- | elgn issues $6,160,000." | BUILDING ACTIVITY. By the Assaciated Press. Building activity last week as re- ported in Census Bureau averages showed an emphatic forward bound, land for the first time this year indi- | cated a grealer construction total begun | than that for the same period last year, Figures which follow give the average | daily total of building contraets let for the week and comparable periods in territory east of the Rocky Mountains: ' Week ending March 8, $22,200,000; pre- ceding week, $10,594,000; same week last _year, $19,859,000. e — Wm. Gordo.l'l Buchanan Councilor & Buchanan Nk. untants National 6110-6111.6213 (Telephone Directary Omission) Real Estate Loans' Made Linkins Co. Secured b; it deed of Frevalling. interest and commisnions * Joseph 1. Weller g1+t 's § First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. 800 I5th 8t N.W. Mortgage L orrespondent for The Prudential Insurance Co. of America ESTMENT SECURIT “'Fn\’.‘"';l’?ac"-':o'h“t % " 8t 'TLAND NIXON, 1518 K St. Nat. 1926 ' ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. NW. 63rd Issue of Stack Now Open for Subscription Shares of Stock, $1.00 Each Payable Monthly - . Connelly James F. Shes ident Secretary First Mortgage Loans Lowest Rates of Interest and Commission IThomn J. Fisher & Company, Inc. ffices for Rent - in the Chandler Building 1427 Eye St. N.W. IN the heart of Washington's financial distriet. Single Offices and Suites, l-;unmm‘ 0lfl ‘:ru“mou.rhl service, pul stenographer, ice water on each floor, high- speed elevators, excellent outside ight and Venetian blinds at all windows, ! Reasonable Rentals SHANNON_ & LUCHS, Managing Agents 1455 K St. Nat. 2348