Evening Star Newspaper, March 10, 1930, Page 14

FINANCIAL" NEW YORK STOCK EXCHANGE EARLY TRADE GAIN 1S SEEN BY BANKER J. F. Sartori Says Return to Favorable Situation May Result Soon. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, March 10.—J. F. Sar- tori, Los Angeles banker, is inclined to believe that the readjustments Iollowlnl the stock market drop were so that the worst is over and that a re- turn to a favorable situation will be more rapid than was first expected. “The most prevalent spirit existing in the various lines of business here is one of caution” said this Iowa-horn Californian banker. “It is a spirit not 8o much of anticipation of a further fa'l off, but rather of a feeling of inability to plan for the future. As it becomes clearer that the public’s re- action to the situation is not Joinx to be nearly as drastic as was ani and as, in fact, the public itself flpflly adjusts its frame of mind to the pres- ent, I believe this spirit of caution Wul tade and renewed activity will ‘The Hoover pronouncement last week expecting a strong business rise within 60 days should help, especially the psy- chological factor which, as this Los An- geles banker says, “to a large extent is governing the existing situation. A rapid restoration of confidence will mean a rapid improvement in business. If the spirit of caution lingers, business will take longer to improve.” Chicago, “the terrible example,” is not so bad financlally, even if it is the world’s most maligned Financially the Illlnnis metmwlu is embarrassed but not bankrupt. There's a vast difference. When its reassess- ment dragged on twice as long as the time estimated, the city was hog-tied and forced to.issue so-called tax antici- pation warrants for pay day. Chicago found itself in the position of any sound business which at the me- ment is not able to collect its just debts. For two years now not a dollar has been paid into the treasury .of Cook County or the city. So tax an- ticipation warrants allow the city to function until the reassessment is com- pleted and the 1928 and 1929 taxes are real estate valuation. Chicago owes 3 per cent of what her visible realty assets are worth. Is that terrible? Hardly. capita for Philadelphia. Her per ita debt is less than is found in Buf- , Newark, Baltimore, Cleveland, sburgh, and a score of other prosperous American les. Recently, the Detroit bureau of gov- ernment research made a study of the situation and found that not only in per capita debt was Chicago lower than either Philadel) and New York, but in the ratio of its net debt to actual valuation it was very much lower. Chi- cago has 3 per cent of a net debt, New Yotk 7.6 per cent and Philadelphia 8 per_cent. ‘Then why all the adverse publicity? Let Rufus C. Dawes, well known Chi- financier, answer: is not a city that hides its ‘When the Federal Reserve Board is- sued its February bulletin it pointed out that in factory employment alone the decline “during the five months from August to December last was about as large as for the two years from the end of 1925, -when employment was at a temporary peak, to the end of 1927, ‘when the recession l;.f ;t‘ 1':0 lowest The el of factory em- mphyml in mMmher. furthermore, was about the same as at the end of 1927.” ent is today more serious er the Winter of tem of employment exchanges, at 'hlz{l.t.he unemployed would register em\er for * application for jobs or for er purposes to be developed. M eight years nothing done. No one knows fow ma Bltgt the steps immediately to develop a plan of securing accurate data on this all-im- portant subject or the Barnes commit- te= should make a definite recommen- dation for the same. Every one recognizes the need. ‘The industrial reeovery ‘which lolmd January making greater progress tha ingle month since l‘ll 1922, hls slacke ‘The whole lndusmnl fleld by Tity. But with Spring just around the cor- per, the three key industries of America —automobiles, building and steel— should take on new life and activity. fly, those industries showing the greatest ress at the present time are shipbuilding, chemicals, utilities (except traction), tobacco, motion pic- tures, electrical equipment and chain sto) res. ‘Then railroads, steel and iron, mail order and agricultural machinery are showing up well, too. Rayon, sugar refining, copper, build- ing, leather and shoes and automobile parts—well, not so good. Radlo, coal, cotton goods, aircraft, silk goods, building materials, woolen goods and passenger luwmubfleb—quut Most business men would like to for- get the wheat and cotton situation, but that is impossible. Wheat prices have dropped 25 per cent and cotton about cent since the first of the year. Khly $250,000,000 represents the loss in these two lines at present prices. If one-fifth of the crop still remains in farmers’ hands. their purchasing power has dropped about $50,000,000 since January. There does not seem to be any particular demand for these products ( elther which will cause any at rise in cotton or wheat prices in m next few weeks. (Copyright, 1930, by North American News- paper Allfance. MURPHY EXPECTS GAINS IN INVESTMENT TRUSTS An -mlysh of G. M. P. Murphy & The lcuvlty which carried ‘invest- ment trusts’ a few months ago to prices representing up to 150 per cent and even up to 200 per cent of their net asset values may have resplted from a bellef in financial miracles rather than from any calm judgment. The relative neglect of such stocks since the break, on the other hand, is probably the mnatural condition in a temporarily over- crowded market. We cannot believe |that it ‘will be possible continuously to buy a diversified list of good securities at discount of around 20 per cent from ~Prev 1930.—~ Stock ana High. Low. Dividend Rate. 49% 35% Lima Locomot 73 80% 104 88% 6% 12% 66% 284 138 9% 46% £ 4% 5% 6% | BT e e LT T T Lok - LT Yoy~ Loewlnf‘w’l%) 31% Loft inc. 11% Long Bell 501 Loose-Wiles (12.70). 16% Lorillard «P) Co.. 128 Louls & Nash (7)... 8% Louisiana Oll....... 38% LouG&EIA (1%).. 82% Ludium Steel (2)... 61 McKeespt T P(14%) 31% McKesson & Rob (2) 44% McKes & Rbpf(3%). Mack Trucks (6). ) Madison Sq G (1%). Magma Copper (5 Mallinson & Co. 5 Manatl Sugar. 25% Man Elec Supply 30% Man Elev mod (4§ 20% Man Shirt (2). 17 Market St Ry pi 29% Marlin-Rockwl t4% . 20% Marmon Motor (3).. 9 oo 83 76 Maytag Co 1st pf(6). 264% Melville Shoe (2). ... 154 Mengel Company (2) 83 Mengel Copf (7).... Michigan Steel (2% ) 23% Mid-Continent P (2). % Middle States Oll et. 37 Midland Steel Prod. . 90 Midland Steel pf (8). 61 Minn Hon Reg(13%) 124 Minn Moline Pwr.... 54% MStP&SSMpf... Mo Kan & Tex pf(7). Missouri Pacific. . Missour! Pac pf (5)... 30 Mohawk C Mills (3).. 49 Monsanto Ch (g1%). 38% Montgomry Wrd (3) 3% Moon Motors. 581 Morrell & Co (4.40) .. 1% Mother Lode (40¢) 12% Mullins Mfg.... 46 Munsingwear (14) 18 MurrayCor (b2 %stk. 35% Myer(FE)& Bro (2). 45% Nash Mnlorl (l) % 177 Natl Biscuit (7). 71 Nat Bisn (p2.80) 72% Nat Cash fiol.Anl). 45% Nat Dairy ¢32) 20 Natl Dept Stor 29 Nat Distillers (3). 27% Natl Enameling (2 187 National Lead (18).. 32 Natl Pwr& Lt (1) 102 Natl Supply (5). 114 NatiSupply pt (7) 70% Natl Surety (5). 36 Nat Tea Co (2) 43 Neisner Bros (1.60 27% Nevada Copper (3) 51 NewportCo A (3). 40 Newton Steel (3). 167 N Y Central (8)..... 108% N!Chl‘!tbpf(‘) 180 N Y & Harlem (5 108% NY NH & Hart ( 122 NYNH&HDpI(7).. 4 2 NY Railways pf. 100 N ¥ Steam pf (6). 226 Norfolk&Westn(10). 93% North Am(b10%stk) 45 Nor Ger Lloyd(3.41). 84 Northern Pac (5).... 82 Nortb Pae et (5) 9% O1l Well Supply... 13% Oliver Farm Equip. 70 Olivr Fr Eq pf A(6).. 31% Olivr Fr Eq ev pt(3). 2% Omnibus Corp. 63 Orpheum Cir pf (8), 91 Otis Steel pr pf (7).. 521 Owens 11l Glass(n4). 1 524 Pacific Gas& E (2).. 102 72 Pacific Lighting (3). 14 1 14 Pan-Am Pete B. 4% Panhandle P& R.... 48% Paramount-F-L ll). 2% Park Utah. 17% Parmelee Trans 1 " - 2% Pathe Exchange. 5 Pathc Exchange A 284 Patino Mines (3.89). 6% Peerless Motor Car.. 26% Penick & Ford (1) 63% Penney (J 8) (3) 93': Pen (JC)pfA(6)... 6n Penn Dixie Cement.. 30% Penn Dixie Cemt pf.. 721 Pennsylvania RR(4) I‘IBM 230 People’s Gas Chi (8). 18% Pet Milk (1%).. . 38% Phelps Dodge (3)... 70 Phillips-Jones pf (7) 10- 11% Phila& Read C&1.. 8% Philip Morris (1).... u 30 3 2 110 2 93 30 50 1 66 1 33 3 l 29% Phillips Petrm (n2). 21% Plerce-Arrow A. 1 PlerceOil.... 20% Pierce Oil pf.. 24 Plerce Petroleum. 34 Pillsbury Flour (2). 45 Pirelli Co(A)(p3.14). 97% Pittsburgh Coal pf. . 17% Pittsbgh Screw 1.40. 100 Pitts Steel pf (7).... 8 Pitts Terminal Coal. 20% Pittston Company. .. 27% Poor & Co (B) (2)... 59% P Rican Am To (A)7 12 P Rican Am To (B).. 45 Prairie Oil & Gas(2). 54% Prairie Pipe L (16).. 7% Pressed Steel Car. ... 52% Proc & Gamble (2).. 6% Prod & Refiner . 31 Prod & Refinerspf.. ¥1% Public Serv, NJ 3.40. 106% Pub Sve NJ pf (6)... 121 Cub Sve NJ pf (7).. ¥1% Pullman Corp (4)... 4% Punta Alegre Sugar. 21% PureOll (1%) 112% Pure Oil uf (8). 17 Purity Bakerle: (0). 34% Radlo Corp. 53 Radiopf A (: 68 Radio pf B (5) 19 Radlo-Keith-O: 121 Reading (4) 45% Reading 1st 44% Real S1lk (5). 2 108 2 3 2 6 30 11 21 3 103 16% 224 33% 8% 26% 524 60 16% 9% 8 108 58 1 1 3 6 Reming-Rnd 1st ( 95 Reming-Rnd 2d (8). 10% Reo Motor C: 72% Repub Ir & § 73 Rep IT&Stictfs (4). 113 RepIr&S pf ctfs(7 4 Reynolds Spring.... 72% Reynolds Tob A (3). 49% Reynolds Tob B (3). 22 Richfield Ofl (2).... 161 Rio Grande Ofl (2).. 4% Ritter Dent Mfg (13) 2 20s 92 9 n 3 Received by Private Wire Direct t- (Continued Prom Page 13.) —Prev. 1930.~ High. Low. 48% 54% 122% 9% 57% 114% 95% 49% 96% Safeway 96 Sec Natl Shell Un Superior Superior Timken % Tobacco ‘Tobacco Whil Wrigley Am Roll Col Car! . 2 stockholders. Stock and Bales— Dividend Rate. Add 00. High. Low. Close Close. 37% Rossia Ine (2.20) 46 Royal Dutch (a3. Safeway pf (8) St Joseph Lead (13). St L-San Fran (3)... St L-San Fran pf(6). Savage Arms (2) Symington (A) Telauto Cp (11.26) ‘The Fair (2. Third Ave: ‘Thompson J R Thompsn Prod (2. Tide Water Asso 60c. Timken Roller (3). Transcontinental Ofl Transcont'al Oil n... Transue & W (1). Truscon 8tl (g1.20) Twin City Rp T (4) Twin City R T p£(7 Und-Ell-Fisher (5) Union Carbide (2.! Univ Pict 18t pf(8) Univ Pipe & Rad. Utl]l Pwr&Lt A Lig & My PacT&T . lh h llun ,’ in ll“.- Pllll l* lflol*‘“ k Pl l %% in stock. e | The Star Office. Prov. 45% 45% 50% 50% 103 i 96% 504 1114 96». Storesies Inv of (5) Seneca Copper. Servel Ino. ... Sharon Steel H (2). %). Shattuck(FG) (11%) Shell Union (1.40)... Ofl pf (5%) Shubert Theatres Simmons Co (g3) Simms Pet (1.60) Sinelair Con O (; Skelly O1l (2) Solvay Am In pf 8o Por Rico Sug (2). Stand Brands (1%) Stand Comm Tob Stand Gas & EI (3 Stand G & E pf (4 Stand O of Cal (2% Stand Oil Exp pf (5). Stand Ol N J (12).. Stand OfI N Y ¢ Stand Plate Gla: Stand Plate Glass pf Sterling Sec A. Sterling See pf( Sterling Sec ov pf(3) Stewart-War (h3%). Stone & Webster (4). i Studebaker Co (5).. 4 Sun O1l pf ¢ » 2 ofl. Steel o » 8 PR O OR L AONN N RN S D MRS IE A Det Ax 1800 o Products. Products o an Raalte . Vick Chemical (2% Virginia-Car Chem Virginia-Car 6% pf Virginia-Car pf (7) Vulean Detinning (1 6% Warner-Quinlan (1) Warren Bros (19). Warren Fy&Pipe(2). W r-Eisenlohr. . ) White Motors (2). Rock M S (t White Sewing Mach. Wilcox Rich, B (2) Willys-Over (1.20) Woolworth (2.40). Worthington Pum| Wm (4) Yale & Towne (15, Yellow Truck & C. Young Bllrlnl ll). Young She Zenith Rady RIGHTS lx-l’lll M.. June 16 Balto & Ohio. Mar 11 ChiRI1&P... Mayy 1 bon..Mai 11 148 .Mar12 28 «Mar 314008 LApr2l 18 1% 17% 22% 8% Stocks on New York neh.nn. 504,400 719,300 12:00 Noon 1,542,500 3 059,100 noual eath .cl-uun:\; Plus kS md Iast year— i | in Sock. D Bubject G0 Sekrorar Butter—One-pound prints, 3972a48%2; b, 37%,838%. wun—l/z h gathered, 23a24. Poultry, lth’hlrkeyl. young, 32a33; old, 28a broilers, 40a42; Winter chlckznl, 32035; Leghorns, 30 fowls, 30; capons, m.'l. ducks, 15a18; keats, 60465, o ho:m, 32; fowls, 32a33;. capons, ducks. 30; keats, 80890, Meats, fresh killed—Beef, 20a23; “3‘0‘ the market gnu as it is still possible to do through the meulum of many in- wvestnent company sha icularly does thh ‘seem unlike! when the evidence indicates that well managed funds came throuch the brnk -m: rather less than average losses should therefore be |hle to garner n'.her tter than average capital profits to 'owned. As a matter of fact, study of field even now shows here and there investment company stock selling at proximately its llquld-tm; value,” smoked hams, 20-22 b-cga‘ 28; hrd.ln packages, 14; uvs stock—Calves, Oul v, znu'/,, lambs, 12; Spring m"x‘he dzuy‘mnket report on fruits and vegetables (compiled by the Market News servlu jureau of Agricultural Appl&—-B‘rrell No Sales rted. | Yorks, 1.50a1.75; Winesaps, 2.25. Tepo! Boxes: Supplies, light; demand light, market dull; hington, extra fancy, medium to size, Delicious, 4.00a 4.25; Winesaps, 3.25. Bushel baskets: Virginia, U. 8. No. 1, 2} inches up, Cabbage—New stock: Supplies light; I demand moderate, market about steady; Plfll‘lfll. 1%-bushel hampers, inted 90a3.15; mostly around 3.00; Texu. barrel crates, round type, 5.508 6.00. Celery—Supplies _moderate; demand | § ll‘ht market steady; Florida, 10-inch crates, individusily washed and pre- cooled, 4 dozen, 2.50a3.00; mostly 2.75, 3 dozen, 2.25a2.50. ee——supplles light; demand light, market steady; California, crates, Ice- beu tme. 4-5 dozen, 2.75a3.00; most- | hushel ly 2.7 yomona—supphes light; demand luht. market steady; Ohio and Indiana, 1 pound llckl Yellows, U. 8. No. 1, medium to large size, mostly 2.25; me- dium size, 2.00a2.15; few low as 1.90; some fair condition 1.75. Potatoes—Old stock: Supplies mod- erate; demand light, market m-dy; 8. No. 1, Maine, 150 Green Mountains, 4.35a4. sacks, mostly 3.50; sacks, round whites, 4.25; I pound sacks, Russet Burbanks, 4.00. New stock, no sales reported. Tomatoes—Supplies moderate; de- mand Jight, market about steady; Flor- ida 6s, ripes and turning, wrsppeyd sngm soft fancy count, 3.00a3.50; choice count, 2.00a2. Ba. green wrapped, fancy count, i repacked, unknown url(ln 3s, ripes, wrapped, some soft, mostly 2.00; choice count, betnl—-euppllu light; demand te, market slightly weaker. Flor- bushel hampers, green, best, most- 00, few higher; generally good qual- uy and condition, 4.00a4.50; few ordi- nary quality and condition low; - 1 hampers, green, ordinary quality and condition, 2.50a2.75. Eggplant—Supplies light; demand slow, market dull; Florida, pepper cr-us fancy, 3.00a3.50, few higher. ppers—Supplies ll‘h'.' demand Ikht, market slightly weaker; Florida pepper fl(’:um, fancy, 5.00a5.50; choice, cnrroh—luvpllu light: demand light, ‘market l'ufly ‘Texas, Western lettuce mtu, bunched, best, mostly 2.75; ordi-, nlry quality and condition, few low as 2.00. California, Western lettuce crates, fcw sales, 3.50. “st * [ known but it is | again strong, the Liberty first 4l4s, % Washington Stock Exchange % | National Capit Columbia BONDS ARE HIGHER High-Grade Issues Move to New Highs—Inquiry Is Greater. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, March 10.—After a hesitnat opening, the bond market re- sumed its upward swing today, with all parts of the list participating. i taken full advantage of last week's lowering mcney rates was contained in the movement of many high-grade bonds to new highs. Contrary to the | situation prevailing barely 10 days ago, | when demand was slack and new issues moved but slowly, there is now a lively | inquiry for nds. ‘The Alleghany Corporation chose an excellent time to bring out its $25,000,~ 000 issue of 5 per cent collateral con- vertibles, and as a result, when the issue was admitted to unlisted trading privi- leges today, it sold at a fractional ad- vance over the offering price of 97. The subscription books were closed before noon. The outstanding Alleghany bond issues of a similar character advanced over a point. New offerings United American Utilities 6 per cent convertibles, $9,000,000 State of Arkansas 4% per cent short term notes, and $2,500,000 of other municipals. ‘With the market as active as it is now, the Street is again filled with talk of new issues soon to be brought out. According to report of the Pennsylvania Railroad is rleplrln: to bring out $75,000,000 of new bonds, 1ncludlng $50,000,000 to retire a like amount of 7 per cents due on APru 1, and $25,- 000,000 of debenture 4}28. The coupon rate on the $50,000,000 block is not thought it will likely be 4, or less. United States Government bonds were Treasury 3%s (1947) and Treasury 3%s (1943) all going to new highs for the year. American Teleghnne 514s gained fractionally to a new high and improve- ment was made by Atchison General 4s, Canadian Pacific 4s, Pennsylvania 4'/;5. Prisco “A” 4s, Standard Oll of New York 413s and Utah Power & Light 5s. Convertible bonds were higher, re- flecting the upturn of their companion AFTER DULL START! Evidence that the market had not 4, included $2,500,000 b Libist 4% Libath 4%.. Uss3 Belgium T%s. .. Belgium Bolivar 7: 4 Colombia 6s Con Pow Copenhagen 414 Copenhagen §s et. Cuba & Czecho Czecho Danfsh Munic 8s B. Denmark 4% Denmark 638 55. . Denmark Dutch East T 4! El Salvador 8s 4 Finland 6%, Finland 7s. . Framerican 7348, French 7s...... French 7% German Bank 6s°3. German E1 P 6%s . Haiti 6s. Hungary 1% stocks. Bonds of amusement companies, were particularly active as a sequel merger rumors in the theatrical group. Warner Brothers 6s and Shubert Theater 6s were most active, the latter gaining over 4 points to a new higl Among the junior railroad bonds the most active issues were St. Paul ad- justments, Erie General Lien 4s, Mis- souri-Pacific 515s, Frisco 415s, Seaboard Airline 6s, Southern Railway 4s, West- ern Maryland 4s and Atlantic Gulf and fractions or more. There was strength in American Na- tural Gas 6!2s, New York Telephone 4%s, Pathe 7s, National Dairy Product 5%s, Dodge Rubber 5s, American Sugar 6s, Colon Oil 6s, Phillips Petroleum 5Y%s, Hud- son-Manhattan refunding 5s and Inter- borough Rapid Transit refunding 5s. Brazilian and Argentinian credits featured the foreign department. They were stronger, with Brazillan 6%s jumping a point and Province of Buenos Aires 6s a similar amount, both to new high levels for 1930. Italian and Ger- man descriptions vances in the European group. Bond trading on the curb exchange was centered around tremendous activ- ity in Insull Utility Investment copr vertible 6s, which gained 2 points. Alli NEW YORK, March 10 (#)—Unfill- ed orders of the Allis-Chalmers Manu- facturing Co., of Milwaukee on March 1, totaled $13,592,000, a new high record, and an increase of $2,521,000 over the amount of unfilled orders on the company’s books on March 1, 1929. SALES. Capital Traction Co. at 8515 Potomac Electric 5 pfd.—5 at 1073, 10 at 1073, | Commercial National Bank—10 at 239. Liberty National Bank—10 at 205. AFTER CALL. Mergenthaler Linotype—10 at 106%. Potomac Electric 52 % pfd.—2at 1071 Potomac Electric 6% pfd.—2 at 111 Washington Rwy. & Electric 4s—$1,000 at 86. UNLISTED DEPT. Metropolitan Club 4'5—$1,000 at 81. Bid and Asked Prices. BONDS. PUBLIC UTILITY. | Amer Tel. & Tel Amer, Tel, ‘& T A el & Tel. cil tr. B Anacostia & Pot. R. Avecostia & Fot. su C.'& P. Tel. of Va Casieal Traction B. City & Suburban 5 Georgetown Gas 1 Fotomac Elec. col Fotomac, Eiec, 883582280 gion Gas eries ‘A Wathington Gas !s. o Wash. Rwy. & Elec. mscu.unsuuu & Ross. Inc., @53 232 | Barber American Tel. & Tel Capital Traction C Washington Gss Li N & W. Steamboal . Annap.'com h.. Balto. & Annap. ofd.. NATIONAL BANK. al District Federal-American ', Libertv ... Tincoin | National Riggs TRUST COMPANY. American !ec‘xl_uny & T PIRE INSURANC American | garcoran - National *Onton. . TITLE INSURANCE. tle. g D-T'ntle Title & Tnv. of umclru.ANlous. S ws o e S Egott s 2xSB5ESLSERB B2 FEFF Bros. 6s, United States | made the best ad- P Irish Free State Ttaly 7 Ttallan Pub § Japanese 4s. Japanese 634 Jugoslavia Bank 7a Karstadt 6s 1943 Kreuger&To'l bs Lyon; West Indles 5s. All made advances of | peiv Norwl.v C%l 1952, Orlent dev 6% 63. . Orfent Dev'mt 3 Plfll-Ly-llld Porto Alegre Prague 7%s. Soissons 6s. :w-don 5% Tokio 6% 1961.... Utd Kingm §%s 87, Uruguay 6s 1960... Vienna 65 62....... Warsaw 78 62...... Yokohama 6s. 101 18 10013 100 108 20 11223 UNITED STATES. 101 10 15 4 100% 105% 8714 100% 1074 115% 122% 91 92% 15 107% 9 o Snlan o8 neraleans mm =L @ eSnomo v - Se P - o 28 opaanIuann o e 15 3 4 18 2 9 103 86% 9414 102% 96% 99 96 96% 103% 81 % 96% 103% 92 91% 110% 109% 105% 87U 1001 107% 115 122 90 - 92% 107% 103 86% 94% 102% 961 99Y% 95% 96'4 10814 MISCELLANEOUS. Abitibl Pag&P 5s '63 Abram&Straus 6% 1 4 Alleghany Cp 68 44 129 Alleghany 6s 4 Am Chain 6s 3 AmChem 6%s. Am Int Cor 6% ‘l llfl 3 6 Am Nat Gas 6 Am Smit &R 1 Am Sugar Ref Am T&T ov 4% Am Tel&Teleg Atl Gulf 5s 69, Atlantie R Bethlehm Stl pm b8 Bklyn Edison s Bush Tegrm Bldg [ Certn-Td 6%s rets Chile Copper Colon O11 Col G&EI b8 Mt Com Invest 638 49. Con Coal M4 b: ConGasN Y6 Consumers Pow Cuba Cane 8s Cuban Am Slltlr [ Det Edison Gen Cable 5%847.. ‘Gen Mot Ae Cor §s. Gen Stl Cast 548 4§ Goodrich 6348, Goodyear 58 rets. Humble O & R 6%s 111 Bell Tel 6s. 111 Steel 4343 40, Inland Stl 4%s Int Tel & Tel 434s. . int Tel&Tel 4348 6 \ Int] Tel&Tel 68 Kan G & E6s 62 Kendall 5% 48 war l.-enw-nn. Stl6s. Manat! Sugar 7%s. Midvale Steel Mor's & Co 1 Nat Dairy 6% « The Carpel Corp Wash. Mech. Mt Wash Medical oodward & ard hi *ES dhidend: 28o825-8.88558 i Nat Radiator 6%s. New England N Y Edison & N Y Edison 6%s. .. NYG&EHPSs.. 8314 98y ¢ 105% 101 21 100 13 100 15 108 22 11226 110% 110% 109% 9214 100% 104% 102 105% /7% 100% 1071 115% 122% 91 92% 23 | Can Nat 4345 °57. 4| Del & Hud 1st rf4s 129 93% 921¢ 1 % Port EIPL 6 FINANCIAL. [or v om BONDS e snaver] [BANKING MERGERS Received by Private Wire Direct Salen High. Low. Close 99% 99% 99% | N 107 107 17 102% 102 4 101% 101% 1 104% 104% 13 102 101% 03! Nor States Pow Nor States Pow Pacific Gas & El bs PacT & T 53 52. 104% 102 1038% | Pillsbury F M 65'43 Por Ric Am Tob 6: Postal Tel & C 6 Pub Serv G 4%s Pub Serv Gas 4%s Pure Ofl 5148 37 Rem Rnd 6% wai Richfleld O1l 68 44.. 10 Sinclair Of1 14 Sinclair Ofl 6 Stnclair O11 7 Sinclair Cru Sin Pipe Lin Skelly O11 5% Southwest Bel Stand Ol N J Stand OfI N ¥ 4% Tenn Cop 63 B 44.. . Tenn ElecPowss 47 Tex Corp cv 651944 66 Transcont! Ofl 6%s 13 United Drug 68 63 96% 964 100 100 9% 9T% 96% 95 100% 1004 100% 100% 102 101% 98 98 95% 95% 914 91l 104% 104 102% 102% 96 95% 100% 100 107 106% 101% 101% 9T 97 93% 93% B6% B6% 5 101% 100% 9915 9¥% 89% 894 93 93 103 103 96% 100 7% 95 100% 104% 102% 26 100% Utah Pow & Lt Utllities Pow 6% Walworth 6s 45 Walworth 6%835. . War Quinland 6s ‘33 w-rmr Sug 7s 41 tern Elec 68 Weatn Union Westn Union 634s.. White Eagle O 5%. Willys-Ov 6%5 33, Wilson & Co 1st 6s. Win Repeat Ar7%s 3 100 100 Youngstn S& T bs. 26 101% 101% RAILROAD. Ann Arbor 4s. g 19 Atchison ad) 4s 1 90% Atchison gen s 21 93% Atch deb 4%s"43... 5 136 Atl & Dan 1st 45 43. Atlantic C L 4s.... AtlanticCL 4%864 16 98% 98% 10 105 24 102% 102 1. 11 102% 102 3 109 108% 1 102% 102% 6 100 100 21 100 99% 99% 100 101% 79 90% 93% 135% 9944 28 102'« 102% 2 103% 103% 2 104% 103% 26 110 109% 1 93% 93y 21108 102% 851 851 881 88% 98% 98y 38 38 98 98 921 9214 96% 96% % 9% 4% 29 101% 101% 1 115% 115% 16 85% 84% 9 99Y% 99% 17 103 102% 3108 108 6100 100 4 105% 105 15 924 92m 2 102% 102% " 27 1004 100 7 98% 98Y% 34 96 95%, 18 96% 95% 31024 1024 1 65% 5% Boston & Maine Brdway & 7th Av §s Bklyn Manhat 6: Buff R & Pitts 4340, Bush Term eon 6 Can Pacific ctfs CarClin& O 6s 52.. Cent of Ga 6s C 69. Central of Ga I’Al‘ 63. CBB&Q Illdiv 4s. Chi&E 11l gn 68 51. Chi Gt West 48 59 CM&StPGens8).. Chi M&StP 4%s E. Chi MISP&Pachs’ CMSP&Pac adj| Chi N W 43%s2037. Chi & N W con 4%s 96w 961 63 100% 100% 10 109 109 22 100% 1001 27 176 5 . 10 97% 9TH 50 95 94 10 100% 100% 1 97 97 CMTHIIWIICO... 2 9l 91 Chi Unfon Sta 68 44 CCC&StL4%sE... 2 96% 964 964 1104 104 104 3 108% 108% 108% 10 95 95 95 16 99% 99% qmrl 2 82 80 T3 Gow dex om 3 100w 102 fozw | P! AGAIN IN PROSPECT Movement Toward Greater Combines Is Revived on Larger Scale. Special Dispatch 1o The Star. NEW YORK, March 10.—Reported negotiations for merging the Chase National Bank and the Equitable Trust Co. of New York into one greater institution, with consolidated resources aggregating between two and three billion dollars, suggests that we are entering a new era of bank mergers. It will be recalled that many-tuge bank combinations were effected last year, the greatest of them having been the consolidation of the Guaranty Trust Co. and the National Bank of Com- merce into a two-billion-dollar institu- break in the stock market last Autumn, attended as it was the National City Bank - Corn Bank merger flasco, abruptly halted that movement, however. Nor had any revival been expected so shortly after that blow to confidence had fallen, because it was doubted that bankers % | would undertake ambitious mergers without the inspiration of a business boom and a rampant bull stock market. Theorists Mistaken. It now appears that those theorists were mistaken, for, undismayed by the slackening of business activity or the market break, bankers are said to be planning the biggest merger of them all, which if consummated will give the United States undisputed supremacy as possessor of the greatest banking insti- ‘The ttu',lun in the world. g:pum impression created by the big bank mergers that have charac- terized recent Wall Street history has been that a race is on between powerful rival banking groups to see which shall have the largest institution. There may be a certain element of sentiment in the movement, but the fundamental reasons for bank mergers are more practical than that.. The fact of the matter is that bigger banks are neces- sary to provide the credit facilities and banking service which the bigger busi- ness of today requires. Before the war we had billion dollar corporations and billion dollar banks. Now we have two billion dollar corporations, such as American Telephone and United States Steel, with the Stendard Oil of New Je not far behind, and we require illion dollar banks. The Teasons are obvious. The law limits to 10 per cent of a bank’s capital resources the amount which it may loan single borrower. As big business loans it. & posi- Non to satisfy their customers’ needs n that respect. Other Advantages. There are many other advantages. Bank mergers are a quick method of obtaining larger deposits, so necessary to the banking business, and new ac- counts are particularly hard to get now, as any broker will confess. thlrd advantage is ected through cnmxu down overhead. A fourth is the greater diversification of business obtained. Thus the Chase- Equitable merger would be an ideal combination because it would give-the Chase a pany able branches of (connum. 1030.) Convertible Bonds BY GEORGE T. HUGHES. With investors again showing a prefer- ence for equlty securities . th:e carrying fixe anxious for m a his caj :l. l:l“weu' as a chart a course. His diffici ties are similar to what they were last Summer. although not in the same he buys the popular stocks he may see the market price of his holdings ad- 92% 7 100% 100% 100% 4% 94% 94% e 1% 91% 96 96% 72 2 80% 824 03 Y% 95 95% 1 101% 101% 101% 2 55% b65% b65% 8 105 104% 104% 5 110% 110% 110% 7 97T% 9% 97': 5 97 97 2 104% 104% mu& .24 111% 111 111% 27 T9% 9% T9% 37 9% 97 9% 1 100% 100% 100% 3 104% 104% 104% 5 65% 656% 65% 17 65% 65% 65% 54 54 104 105 89% 89% 4 9TH 97 97N 19 97 96% 96% 1 101% 101% 101% 6 89% ¥9% 89% G 991 991 991 87% 88% 98% 98% 924, 92% 9 99 95% 95% b5% 57% 99 99 14% 40 95 12 98 % 86% 31 106 105'% 106 1 1017% 1017% 101% 46 1T 76% 4 32 100 11 100% 99% 100% 83 111% 111 111% 2 96% 96% 96% 2 9% 9% 9% 5 b54% b4 54 3 98k 981 981 1 96% 96% 96% 4 101% 101% 9% 9% 1 89% 89% 89% 23 98% 9B 98% 8 106% 1057 1057% 17 106% 106% 106% 3 95% 95% 95% 96 96 S6%aA 2 107% 1071 107% 2 101% 101% 101% 6s°32. 17 1024 102% 102% 1. 37 93 92% 93 6a. 28 129% 120% 129% 106 106 595 59% 21% 88% 6815 674% 89% 5 96 96 6 14 113% 113 113% 1 104% 104% 104% 2 90% 90 90% 4 100% 100% 1004 9 99% 99% Erle conv £x 78 Fla East C 6s 7¢. Gr Trunk st db Gt Nor gen 7s. Hud & Man aJ 5 Hud & Man ref bs. Il Cent 4% 111 Cent rf bs Int Rapid Trans Int & G Nor 1st Int & G Nor ad{ 6s. Int Rys CA 6%src. Kan City Ft 8 ds. sas City S 6= City Term 4s. Lake Shore Long Is 5s37.. Louis&Nash nui Man Ry 1st 43 90. . Mil El Ry & L 63 61 22 Minn & StL ref ¢s.. Minn & StL en b . M Stp & SSM cn 5s. MStP&SSM b3 gtd. MK&T4sB. MK & T ad) MK&TprinésA. Mo Pacific gen 4 Mo Pac 68 F 17, Mo Pac 58 G T 8 T 2 2 1 5 5 2 7 Mont T'rm re Montreal Tr 55 B Nassau E1 4861 NOTex& MEsA 22w [yl raw = 22272222227 %e SaF = ) ZZZZE Nor & Sgen 68 64.. 10 Nor Pac 38 2027 25 Nor Pac rf 6s. Ore Short L en 5 Ore Wash ist 103% 1083 1 109% 109% 1091 16 1003 100 100 3 92U 921 9 5 30 30 30 1107 107 107 3 99% 99 99N A 6% Penna Gold Pere Mar 1st & Philippine RR PCC&StL 6 phone & Telegraph convertible 415 cent debentures of 1939 and the Af son, Topeka & Santa Fe 4!2 per csm debentures of 1948. Each of these bonds sell at this writing to give aj nmmu- ly 3 per cent, which is a re not jof their safety or their investment merit, bu* of the conversion option. There are advan in blTu the bonds over taking the stocks, but in neither case is the yield the motlve. Probabl; better way is to find, if possible, & con- vertible hcnd which is obtainable at & price that allows of some investment re- turn. Any such band, however, is not likely to be of as high a rating as the two already mentioned. Still some de- serve consideration. Simply for the sake of illustration, and not with the intention of recom- mending the purchase of either, we may instance Philadelphia & n convertible 6s of 1949 -nd Kreu- lerr& Toll_debenture 58 19! warrants. The return on around 6 per «ent for the former and over 5 per cent for the latter, which is what is meant by an investment return. So far neither has reflected in its mar- ket price the stock privilege option to an extent sufficient to detract the status of the bond as an investment on its own account. There are others in this classification, but before any com- mitment is made the same careful anly- sis should be sec! as before any other investment. Low. Clor=. 94 106 106 84% 84y 98% 98% Sales. High. 4 99% 1 106 1 84% 10 98% 6 100% Port RL & P 5s'30 Port RL&EP T%s 48 Rio G West ¢l és... RIArk&L4%s St L IM&S gn 63 '31 St L IM&S R&G 4s. 7% StL&S Fpl4s 20 Sou Pac clt Sou Pac ref Tol Tr L&R 5%» 30 Union Pacific 1st ds 2 8 100% 100 100% 92% . Union Pac ¢%8. VyRy&P Wbhash 4 % Wabash 1st ‘Wabash 2nd 5 Wbash 6s 76 West Maryland ¢ 92% }ll!fi Weat Ma 614 11. Pact| WieCont ko