Evening Star Newspaper, March 15, 1930, Page 23

F CONSOLIDATED S TOPS TRUST LT Survey Reveals Popularity of | 64 Common Stocks in Investment Field. Consolidated Gas of New York is held by more investment trusts than any other common stock issue, accord- ing to an analysis of 1929 investment trust portfolios just released by Frazier Jelke & Co. General Electric is the most favored industrial, Union Carbide has the distinction of being the most widely held chemical stock, and New York Central stands first among the rails. Of 64 issues appearing in more than 10 different investment trust portfolios, 19 are utilities and 11 are rails. At the end of 1929, 79 companies analyzed had about 2,429 million dollars of their capital invested in securities and about 317 million dollars in cash. The 10 most popular stocks with in- vestment trust managers appear to be Consolidated Gas of New York, Electric Bond & Share, American Telephone, General Electric, New York Central, Union Carbide & Carbon, Columbia Gas & Electric, Standard Oil of New Jersey, Pennsylvania Railroad and Union Pa- cific. National Dairy Products stands first among the food shares and Ken- necott leads the coppers. Remarks published along with the annual reports of investment trust companies, accord- ing to the survey, “strongly suggests that the investment trusts were big buyers of stocks during October and November; but in spite of this, market appraisal of the portfolios of 50 com- panies was less than cost at the close of the year, while only 30 had a profit an their investments. “It also should be remembered that management type investment trust is a new institution in America and has not yet become thoroughly acclimated, that 1928-1929 was a difficult period to buy good investments at a bargain, and that the object of long-term investment is not immediate profit, but longer-term appreciation and & satisfactory yield with safety. “In making up their income accounts for 1929 most companies disregarded capital losses unless actually realized and did not include in their statement of income any unrealized profits. Not a few managements explicitly tell stock- holders that the rtocks and bonds pur- chased have becn bought for perma- nent investment and income,sand not for resale. Seventy-seven companies Teport an aggregate income of approxi- mately 187 million dollars, many of them having operated less than a full year.” Markets at a Glance NEW YORK, March 15 (#).—Stocks jrregular; Investment Securities sag. Bonds strong: high-grade issues very active. Curb heavy: United Founders slips below 40. Foreign exchanges easy; Japanese yen rallles to years best level. Cotton steady; firm cables. Sugar steady; trade support. Coffee featureless. — CHICAGO STOCK MARKET. By the Associated Press. o CHICAGO, March 15.—Followin, is the complete official list of transactions in stocks on the Chicago Stock Ex- change today: High. Low. Noon. B85 Abbott i3 i (R 25 18 42 43 16 6% i 22 73 25 13 4233 300 Auburn Auto uburn Auto. .. Banco Kentacky. 250 g0 Corp 200 Chicago Investors 2700 Citles Service 100 Commonwith Edison . 280! 9900 Community Telephone 22 350 Construct Materials.. 203 130 Construc Materials pf 3812 ar e1s 100 Electric . 200 Fitz8im & Conneil. .. 350 Foote Gear & Mach . 400 General Theater E 150 Gerlach klow ux Great Lakes Aircrafi 1gsby-Grunow Iniand Utilities 3100 Insull Util Invest 200 Insull Ut In pf 2d Ser 100 Jefferson Elec 6090 Kalsmazoo Stove 3 v 50 1300 B 00 Mo-Kansas Pipe Line 257 35% Lithograph.. 19 18 gore gt 18 8 2 1700 Nobli 3200 North 430 8RS sic Co 1600 Railroad Shares Packi 30 Seabonrd aboar 1908 Sheiacia 180 Bignode St 1080 W G Elec ptd 50 U'ility & Tnd 00 Van Sickien. 80 Vorclone .. Wi achine adio 0 ;109 108% 21 | economic balance | current conditions have tentatively out- | trust law to meet the cause of their 2| posals would allow producers and man- | ufacturers in any given branch of pro- INANCIAL. THE EV ENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct t- The Star Office. (Continued From Page Stock and Sales— 7014 Natl Surety (5) 354 Nat Tea Co (2). 27% Nevada Copper (3) 40 Newton Steel (3) 108% N Y Chi& St Lpt 8314 N Y Dock pt (5) 180 N Y & Harlem ( 108% NY NH & Hart (6).. 122 NYNH&HDf (1) 13% N Y Ont & West, Norfolk&Westn(10). Norfolk&Wstn pf(4) 50s 24 1 83 98% North Am(b10%stk) 51 North Ampf (3). 45 Nor Ger Lloyd( 8214 North Pacet (6).... 42 Northwestn Tel (3). 9% Ofl Well Supply 18% Oliver Farm Equip. . 314 Olivr Fr Eq cv pt(3). 9% Otis Elevator n(2%) 118% Otis Elev pf (8) 7° Pacific Coast. o s 17% Pacific Coast 1st pf..3708 16 Pacific Coast 2d pf.. 2008 52% Pacific Gas& E (2).. 31 72 Pacifio Lighting (3). 4 Pacific Ofl stubs. 7 41 193 , 43 25 17% Parmelee Trans 13.. 2% Pathe Exchan 5 Pathe Exchange A.. 27 Patino Mines (3.89). 64 Peerless Motor Car. 2614 Penick & Ford (1) 63% Penney (J 8) (3). 93% Pen (JC) pf A (6). 64 Penn Dixie Cement. 30% Penn Dixie Cemt pf.. nsylvi People's 11% Phila & Rea 814 Philip Morris (1). 29% Phillips Petrm (n2). 1 Plerce Oil. 20% Plerce Ofl of. 214 Plerce Petroleum. . & Pitts Terminal Coal. 20% Pittston Company... 75 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).. 77% Pressed Steel Car.... 52% Proc & Gamble (3).. 615 Prod & Refiner: 114 Public Serv. Y 92% Pub Sve NJ pt (5) 121 Tub Sve NJ of (7) 1073 Pub Sve E&G pf(6). 81% Pullman Corp (4). 214 Pure Ofl (1%) 112% Pure Ofl of (8)..... T4% Purity Bakeries (4) 34% Radio Corp. . 68 Radio pf B (5) 9 |o-Ke|lh~0rnh‘ AL 0 92 Reming-Rnd 1st (7). 10% Reo Motor Car (.80). 7214 Repub Ir & Steel (4). 4 Reynolds Spring.... 49% Revnolds Tob B (3). 2214 Richfield O11 (2).... 16% Rio Grarnde Ofl (3).. 447 Ritter Dent Mfg (13) 37 Rossia Ine (2.20).... 49% Royal Dutch (a3.20). 9614 Safeway Stores(eb). 106% Safeway Strs pf (7). 484 St Josepb Lead (13). 92 St L-San Fran pf(6). 24% Savage Arms (2)... 43 Schulte Retall Str: 45 Scott Paper (31.40). 9% Seagrave (61.20).... 82% Sears Roebuck (323 9% Second 1 Inv. 24 Seneca Copper S 1 wnhononnSananas %) Shell Union (1.40)... Shell Un Ofl pf (§%) 8% Shubert Theatres... 52% Simmons Co (g3)... 227% Simms Pet (1.60). 21% Sinclair Con Oil (2) 28% Skelly Ofl (2)....q.e 35 Sloss Sheffleld Steel. 5% Snider Packing...... 24% So Por Rico Sug (2). 56% Southern Cal Ed (2). 18% South Daliries, A 1% 119% BSouthern Pacifio ( 123% Southern Rwy (8. 98 Southern Ry pf ( 33 Spalding(AG) (2) 108 Spalding’ pe(7). 19% Spang-Chalfant..... 13% Sparks Withngtn(1). 21% Spicer Mfg..... 39% Spicer Mfg pf (3)... 22% Stand Brands (1%). 5 Stand Comm Tob.... 109% Stand Gas & El (3%) 64 StandG&E pf (4).. 65% Stand O of Cal (2%). 2 98 Stand Oil Exp pf (5). 58 Stand OIINJ (12) 200 e wa bl {825 Washington Ticker BY CLINTON -COFFIN. Associated Press Pinancial Writer. A definite campaign will be opened in New York next month at American Bar Association committee hearings by busi- ness interests desiring drastic revision of the Clayton and Sherman anti-trust laws. i The session has been called by Rush C. Butler of Chicago, as chairman of | | the association’s commerce committee, and executives of several trade organi-| zations are preparing to outline the proposals for changes in trust laws that will be sought. There will be some at- tendance of Government representatives | at the sessions, but as yet there is no/| sign thet administrative support is be- | ing lent to the program. Manufacturers and producers general- 1y, and organizations representing them, have heen growing increasingly con- | cerned over the tremendous scope of | mergers in the retail and wholesale fleld, the advance of the chain store and other factors which have operated to change the character of markets. It is now represented that all these great growths of interlocking enterprises in the distributive channels have resulted in giving buyers more complete com- mand of almost all markets. While the statute books still contain laws that| prevent producers ocombining, the growth of mergers in distribution has| resulted in extensive combination of primary buying power and the upset of Individuals holding this opinion as to lined some modifications of the anti- complaint. In principle, these pro- duction to associate together for price fixing providing it can demo that there is a consolidation of buying power in that field which has attained serious proportions. Responsibility for | establishing the state of facts which would allow the producers to embark upon open co-operation would be placed upon the Government trade-regulating organizations, such as the Commerce Department and the Federal Trade Commission An important M{ of opinion critical of the present anti-trust laws is known to exist in the country, and the discus- sions are intended to develop the veiw- points. People interested in the scheme described say that it is a natural out- growth of the policy that the admin- istration and the Federal Trade Com- mission have been developing in recent months through , trade conferences which have specified a large number of things that business enterprises may West Jersey & Seashore R. R. places | there has been an unprecedented era A commen on £3 annual against $2.50 for- of debt vaying in the U =merly, lawfully do in combination. During the last three or four months Dividend Rate. Add 00. High. 4 90 65% 8) ~—Prev. 1030.~ — Starrett Sterling Stew-Wi Stone & Sun Oil Telauto ‘Tex Gul. TexPC Timken Timken ‘Tobacco Transco! Transco! Twin Cit Una-ElL Union B: Union Of Utd Car! Utd Gas Utd Pap: 1| Plpe: Rub u us us uUs us us uUs us us Smel v 4 Vanadiui Wabash Wabash Warner Warren Wargen Warren Wess Of Weston ‘White S Woolwo! in stock§ Payable in no regular rate. b Payi able in cash or stock % in & \ackhoidars. Stock ana Dividend Rate. Stand O1I N ¥ (1.60). Stand Plate G Stand Plate Glass of Studebaker Co (§) Submarine Boat, U S Steel (7) U S Steel pt (7). U S Tobacco (4). Univ Leaf Tob (3) Univ Leaf Tob pf(8) Univ Pipe & Rad. Utll Pwr&Lt A sco Sal ( Waldort Sysum (1%) Walgreen pf (634)... Walworth Co (3)eess Ward Baking A. Ward Baking B. Worthington Pump. Wrigley Wm (4). Yale & Towne (16).., Yellow Truck & C.... Yellow Truck pf.. Young Spring (3 Young Sheet & T ( Zenith Radio........ RIGHTS EXPIRE Am Roll M., . June 16 ChiRI&P. E] in stock. ! Pl 55" i atock B FMs S% " 1n stock. Sales— Add 00. 40 lass... 4 k] 39% 17% 39 96U 2% (LS) (12%) SecA...... arner (h3%) Webster (4). ot (6). Superior Ofl. Sweets of Am Symington (A). a Cp (11.25).., Tenn Cop & Ch (1), s Corp (3). f Sul (4). & O (b10%). ‘Texas Pac Land Tr.. Thatcher Mfg (1 Third Avenu . Thompson J R (3.60) Tide Water Asso 60c. ‘Tide Water Oil pf(5) Det Ax(80¢) Roller (3) Products A. ntinental Of1 nt'al Ofln... Transue & W (1). ty Rp T (4).. -Fisher (8).. ag & Paper. . Union Carbide (2.60) 11 of Cal (32) Unton Pacific pf (4).. Utad Atreraft& Tra Utd Alrcraft&T pf 3. Utd Biscult (1.60) bon (2 Utd Cigar Stor Utd Corporation. . Utd Corp pf (3). United Elec Coal.... United Fruit (4).... Utd Gas & Imp(1.20) & Im pt (5).. erboard..... Unit Piece Dye W (2) United Stores A..... U S & Foreign Secur. U 8 Ind Alcohol (17). S Leather A. &F 2d pf 1.20 ber 1st pf. .. Smelt Ref (3%). it Ref pf 3% . Corp. m (14). Vick Chemical (234). Virginia-Car Chem.. Virginia-Car 6% pf. Vulcan Detinning (1) Vulcan Detin (A)(1) »of, Bros Ple (4). War Bros P pf (3.20) Warner-Quinlan (1). Bros (19)... Bros 1st (3). Fy&Pipe(i). ) & Snow (3) O&Snpf (4).. Westhse E&M pt (6) El Ins (1) White Eagle O1l (2) White Motors (3). White Rock M 8 (1 ewing Mach. Wileox 0il & Gas. Wilcox Rich, B ( Willys-Over (1.20).. 94 645 111% 681 12 21% 87% rih 12.40)..0 138% M m 1% 4 19% 3w 3w Dividend rates as given in the avove tables sre the annual cash | payments based on the latest quarterly or half yearly declarations. 5 Unit of trading less than 100 shares. tPartly extra f Plus 4% scrip. § Plus 9% in stock. s Paid last year— able in stock d Payable when e P {Plus 10% in stock gPIus 6% 1o siock % 1n stock. k Plus 3% In stock. m Plug D Bubject to approval of rned. DIXIE'S INDUSTRIAL GROWTH ATTRACTS UNIONS SOUTHWARD By the Associated Press. BIRMINGHAM, Ala.,, March 15.—Or- ganized labor has pitched its tent in :}1‘:1 South, with plans for a permanent | t. There will be little of the spectacular 1 to mark the campaign to unionize Dixie, according to Paul J. Smith, in charge of organization work for the American Federation of Labor, with | headquarters here. | Instead the movement will feature | educational methods, with a slow-and- | steady-wins-the-race keynote. | The unionization campaign, he says, reflects a rapid industrial development below the Mason and Dixon line that is approaching the grown-up stage. A few years ago the South was not ready for organization, he says, because in- dustry. as distinguished from purely ag- ricultural ’Fursmt& was comparatively ‘new. The first industrial growing pains came with the rapid growth of the textile industry. | One objective of the movement will be the unionization of textile workers, but the campaign also will include | scores of other crafts. | Much of the preliminary work will be | done in Birmingham, chosen as head- | uarters because of its location and in- | ustrial importance. The city already | has organized railway employes, car. | penters, barbers and skilled craftsmen, | but they constitute a minority of the 128,000 employed persons in the dis- trict. Smith, a labor organizer since 1905, is in charge of the campaign in Ala- March review of business conditions, Private and corporate borrowers have returned banks some huge sums which were kept out in the form of loans during most of the two previous years, and the fact largely accounts for the present prevalence of low interest rates, and the continuous cutting of re- discount rates in the reserve system it- PAUL J. SMITH. bama, Georgia, the Carolinas, Missis- sippi, l’lonfn, Kentucky, Tennessee, Virginia, Arkansas and Louisiana. company operations in railroad stock, on '3,m¥n ;l,xe\rvemnwn have been al work for some time. At the same time, Interstate Com- the rail field, do not consider that anything like a transcontinental rail system has as yet been constructed. The Van Sweringen group of Eastern self. “Total liquidation of security loans both by banking and non-banking lend- ers between October, 1929, and Febru- ary, 1930, can be estimated $4,750,- 1000,000,” the board says, f which | $4,250,000,000 represents liquidation of security loans for the account of non- banking lenders and $500,000,000 for the account of member and non-mem- ber banks. During recent months the Mkenln, f business activity has been ireflecud n a liquidation of commercial loans.” ‘he engaging possibility that the 'Van Sw.‘c‘rlnle::'lntzmm of Cleveland have effectuated the creation of a complete coast-to-coast railroad system has now oeen raised in railroad circles. It will unquestionably be a subject thoroughly tates, t notes in h Federal Reserve Boar its inquired into next month, when the House interstate commerce committee takes up the investigation of holding roads does span the New-York-to-St.- | Louis portion of the continent, and the | recent acquisition of dominating shares of the Missouri Pacific by the Alle- ghany Corporation, a Van Sweringen investment institution, places them more or less in control of rail heads run- | Mnf as far West as Pueblo, Colo. That their progress farther West has been brought about through acquirement of the Western Pacific is somewhat doubted, since that railroad, which is now seeking an entrance to San Fran- cisco, has closely associated with the Great Northern system, and is deeply involved in the strategytof West- | ern raflroad competition. The Washington view is that the | Van Swer! Missouri Pacific pur- ‘ chase may et ‘mher a move toward en! u) deavor to cox‘uolldlum ern lines. It | 1s pointed out that gn this connection the Missouri Pacific considerable 3 | Merc merce members and others familiar with | D. C., SATURDAY, MARCH 15 1930, FINANCIAL. PRICES ARE MIXED | o rev von BONDS smoce sscuav] IN BOND TRADING List Maintains Its Recent Gains Fairly Well at Short Session. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, March 15.—Mixed with the advances on the bond market to- day were a number of declines indicat- ing that in some issues at least full advantage had been taken of the cut in money rates. But it was a slowing uj only so far as prices were concerned, because volume was as great as on yesterday for the two-hour period. With practically the entire domestic list standing at the highest prices of the year, there was a tendency to play selected issues. For instance, news of developments in connection with the (m’mnu‘on c(:’(mn natural gas holding company to - bine all %he properties of Electric Bond & Share and the United Gas Co. in Texas and Louisiana brought large sup- port to Natural Gas Co. issues, partic- ularly those subsidiary to the compa- nies involved in the merger proposals. Houston Gulf Gas “A” 6s advanced a point and Houston Gulf Gas 6s with warrants jumped 2 points to a new high. Southern Gas 6';s and Southern Natural Gas 6s were also active. Ameri- can Gas 6'2s gained fractionally. Washington Stock Exchange SALES. Capital Traction 55—$1,000 at 95%. Po&n;.c FElectric . Cons. 55—$1,000 at 101 Washington Gas 6s “A"—$1,000 at 103. Capital Traction Co.—45 at 83, 5 at 83, 10 at 82%, 10 at 82'¢. i Potomac Electric 6% pfd.—5 at 1113%. Washington Rwy. & Elec. pfd—10 at 9514, 10 at 9573, 15 at 95%4. Mergenthaler Linotype—10 at 106%, 10 at 1061, 20 at 10655,°20 at 1063, 10 at 106%, 10 at 106%, 20 at 1067, AFTER CALL. Mergenthaler Linotype—12 at 106 Washington Gas 65 B—$1,000 at 105%,. Potomac Electric 5'2% pfd—10 a 107%. Capital Traction Co.—5 at 8215. Washington Gas 6s “A"—$500 at 103. Bid and Asked Prices. BONDS. PUBLIC UTILITY. & Telga. 4135 '33 Bid. Asked. 10074 4155 39 Amer. Tel Amer_ Tel. Am. Tel. & T An a & Pot Anacostia_& C. & P. Tel. Capital Traction R. R. City & Suburban 5s.. Georgetown Gas 1st 5s. 0to: ec. cons. 8% . 65 'sertes A 65, Series B. lec. 45 MISCELLANEOUS. Barber & Ross, Inc., 6} Cham-Vanbit. Hotel “8%: ., PAper ot. Joint Stock 4 v. 'M. Cold Storage 5s.. Wash." Cons. Title 6s. TOCKS. Amer. Tel. & Telga h Ruy h., Balf. ¥ Balt. & Annep. pfa ... NATIONAL BANK. incoln National = Metrop 1gRS Second National Bank of ‘Washington. TRUST COMPANY. | American Security & Trust Co. | Continental Trust.. ank.. National Savings & Trust. Union Trust . s Washington Loan & Trust . SAVINGS BANK. Bank ot Bethesda.. 5 ommerce & Savings. & | East Washington Potomac Savini Security Savin, Seventh St United state Washington Mechanics'. FIRE INSURANCE. | | American Corcoran .. Firemen's .. . National Uniol TITLE INSURANCE. Columbia Title. . Real Estate Title Title & Inv. of Md. coi MISCELLANEOUS. Barber & Ross, Inc., com. Ghevy Chase Dairy 'pfd ol Band & Cravel pid. istzict Nattonal Securit merson's Bromo Seltzer Federal Storage pfd......... Federal-American Co. ¢oi Federul-American pfa ‘Lanston Monotype. . ] Trans. & Storage. Tians. & Stor. pld 335885222835 oo woa é—;:- = 3a &, o Medical o, Sl 55 *Ex dividend. Unlisted Department. BONDS. Asked Army-Navy Club 5s. . vings k. Raleigh Hotel Co. Washington Savings 'Ban BALTIMORE STOCKS. BALTIMORE, March 15.— . STOCKS. Sales 935 Arundel Corporation. BONDS. 1000 United Rwys. & Elec. Income 4s. 45 e FOREIGN EXCHANGE. (Quotstions furnished by W. B. Hibbs & Co.) Nominal gold Selling checks gl R zg.ltfkc 19.35%¢ London, pound. {s, franc. BHiteels, bei Berlin, Rome. Zurich, 391%c I 139ic . 2382c 5.26c 193¢ 13c D193 C 1407 17.49¢ 2.984c y. . e 1128 crown... 268c . 268c . 268c rs..c. , franc. hi Warsaw, zlot | Copenhagen | oslo, erown | Stocknolm, crown. association with the Wabash system tter railroad is sronsor for :lem':!hl.lclelx-n"e consolidation scheme that. conflicts with the Van Sweringen grouping. UNITED STATES. (Sales 26 1135 . Close. 1006 100 10 510111 10115 10129 10129 101 10 101 10 1017 1017 1069 1069 10829 108 29 11230 1135 RAILROAD. Ann Arbor 4s. Atchison adj Atchison gen Atch deb 43543 AtlanticCL 1st 4s. Balto&0hto gold 4s. B&Ocviak%s Bal& Oh 415 cv '603 B&O«tbs. . B & O 68 2000 B &Orfimp B&OSW 6850.... Bang & Aroos 48 61 Boston & Maine 6s. Bkiyn Elev. 6% Bklyn Manhat 6s Bklyn Un El 68 sta. Buff R & Pitts 4348, Bush Term con §; Can Nat 434s°57. .. Can Natl 5s July '69 Can Natl 58 Oct '69 Can Nor 6%s Can Nor 7s. Can Pac deb 4 Can Pac 4%s Car Clin & O iE Cent of Ga 68 C 69. Cent Pac Pac 1st 63 9 Ches & O Corpn 5. Ches & O gen ¢%s. Ches& O 4%893 A, Ch &0 4%s B 1995, CB&Q+4%s71B., 26 1 Bonoal © ChiN W 4%82031. 20 Chi & N Wcon4%s 97 CRiRI&P4% ChiT H Inc 6 . Chi Union Sta 68 44 Chi Union Sta 6%s. C& W lcon 4 C& WI1b%s62 CCCaStL4%sB... CCC& St L bs D. CCC&StL6sC Clev Term 6s Clev Term 5%s Colo & Sou 4 %8 Conn Ry&L 4%s sta Cuba R R 6s 1936 et RR1 Cul Cuba Nor 548 ots.. Del & Hud 1strf 48 16 Del & Hud 6%s..... 7 Del & Hud 78 30.... 14 Den & Rio G cn 5 DRG & Wst bi DRG& Wst Det United 4% Erfe conv 4s B, Erie Gen 4s. . Erie cv bs 67, Erte conv £x Fla East C6s74... Fonda J&G 448 62. Gr Trunk st db 2 Gt Nor gen 7s. 16 Hud & Manaj bs... 32 Hud & Man ref §s.. 30 Il Cent 4% I1-C-C-StL&) Int Rapid Trans 6s. 48 Int Rap Tr 6s stpd. 124 Int Rapid Tran: “.| Int Rapid Trans 7s. 23 Int & G Nor 1st 6 Kan City Ft S 4 Kansas City S 5s. Lehi Valen ¢s..... Leh!Vgen 43 2003 Long Inés 37.. Louls & Nash 53 Man Ry 1st 45 90. .. Ml El Ry & L 68 61 7 Mo Pac 6%s 49 evt. Mob & O 4%8177... Mont T"rm ref §s 41 Montreal Tr 6s B 55 Nassau E1 4s TZzZa0a0 H o s 4 > o i 1 1 g g o ZZZZ2ZZ22%22% 2 Ore Short Lien Ors Wash 1st 4 | Penna 4s 1948 stpd. Penna con 4% Penna gen ¢34 Penna ¢ % 8 63, PortEIPL6s Port RL&P 1% Rio G West el 4 St L IM&S gn 8 St L IM&S R&G 4s. St L & San Fr in bs. S&L&SF gen 68 31.. Seab A L 4ssta Seab AL ref Seab AL adj 5 Seab AL c8n 6 S B All FI Sou Pac el Sou Pac re! Sou Ry gen Sou Ry con 5 Third Ave ad) 58 Union Paeific 1st Union Pac ¢%s. Un Paoc 1st ref & virginia Ry 1st 6s.. Whash 4%s 78 rots 135 Wabash 1st 6s. 7 Whbash 68 76 B. West Maryland West Md Soamas 82 91 95 134% 93% 931 00 80% 82 o1 ob 941 95 13414 93% 9314 99% 101% 1038 103% 110 103% 8T1¢ 100% 101% 125% 90 10274 102% 317 954 981y 109% 105 931 FOREIGN. Sales. 4 2 1 High 9% 998, 944 96k Y6l 1341 Direct to The Star Office Sales. High. Low. Close . 4108 Bordeaux 6s. Chile 78 1943, Con Pow Japa: Copenhagen §s et Cuba 6% Denmark ¢%s Denmark Dutch East 147. Fiat 7s ex war ¢6.. Finland §% Finland 7s. Framerican 7%8. .. French 18 French 7%s. German Germ: German 1 Ger Gen Elec T 123% 93 9574 Bank EIP Ttaly 7s.... Italian Pub S 7 Japanese ¢s Japanese 6% Jugoslavi Rarstadt 651943, .. Kreuger&To'l 6sct 152 Lyonsés... Marseille 8s. Milan 6% Netherlands 6s 73. . Norway 68 1963, Norway §%4s. . Norway 63%s 1953, Orfent dev 53 58. Orlent Dev'mt 6; Paris-Ly-Med 6s Paris-Ly-Med 78 Paris Orleans 6%s Peru 63 196 Peru 63 196 Peru 7, Poland Poland 7 Poland Prague 7%s Queensland Queensland Rhine Wat EP Rhine West 68 63.. Rio de Janeiro 8148 Rio de Jan 85 1946 Rio Gr do Sul 6s ¢8. Rome6}s........ Sao Paulo 1950 Saxon (PW) 7s. Seine 78 42... Serbs Cr Slov 7s... Serbs Crot Slo 8s. . Shineyetsu 6%s 52. Sweden 5%s.... Swiss Confed 8: Toho El Pow 6s 32, o a3 wnon IS a2 R om meananEwan @ 3 91% 107% 107% 9914 100 7% 90% 103%. 96% 8914 9T AmChem 6%scv 49 11 Am Int Cor 6%s 49 29 Am NatGas6%s43 41 Am Smit & R 1st 6s Am Sugar Ret Am T&Tcv 4%e39 213 Am Tel&Teleg 5565 93 Am Tel & Tel Am Water Wk Armour&Co 4 2 Armour Del 6348, .. Atl Gult 68 Atlantic Refin b8, Bell Tel Pa s B. Bethlehm Stl pm Chtle Copper. 101% 103% Com Invest 6848, . ConGas N Y 6% Consumers Pow Det Edison Det Ea! Dodge Fisk Rub8$s... Gen Cable 5%8 47 Gen Mot Ac Cor €s. Gen Pub Serv 6%s. Goodrich 6% . Goodyear 6a rots Humble O & R 6s. Humble O& R 6§ I11 Steel 4%s 40, Inland Stl1 4%s 78.. Kan G & E6 . Kendall 5%s 48 war Lackawanna Stl 6s. Laclede G 6%s 63.. Loew's 68 w Lorillard 6s. Lorillard 634 Lorillard (P) Lou Gas & E1 . Manati Sugar 7%s. Midvale Steel 6 Montana Pow 43... Montana Pw deb 6. NYG&EHPs.. Nor Ohto Tr&L Nor States Pow 5 100% 102 1024 Phillips Petro 6 %s. Pillsbury F' M 68'43 Por Ric Am Tob Stnclair Of1 Sinclair O} Stnclatr O11 Sinclair Crug Sin Pipe Lin Skelly O11 6% South Bell Tel & Southwest Bell Tenn Cop 68 B a4. .. Tenn ElecPowes 61 Tex Corp av 68 1944 Transcont! Ofl 638 Western Eleo Westn Union Westn Unio . White Eagle O 5%. White S8ew Mac! Willys-Ov 6348 Wilson & Co 18t & ‘Win Repeat Ar 734s Youngsin S & T 6s. 90 10 10k ST TORN 1OPS ., 1 0 0 i 102 SOME INDUSTRIES SHOW STEADY GAIN Amusement and Tobacco Shares Reflect Healthy Con- dition in Those Lines. | Special Dispateh to The Star. NEW YORK, March 15.—There are some lines of business which are show- ing, as & result of the severe tests of re- cent months, that they are practically immune to the influence of reactionary times. One such is furnished, says Henry Clews & Co., by the amusement industry. Most of the companies in the film business, as well as in allied en- terprises, show not only no falling off during the last quarter of last year and the early weeks of 1930, but they show steady expansion and decided improve- ment, with correspondingly hopeful prospects so far as dividends and mar- ket prices go. There has been obvious growth of confidence in that branch of the inestment field. Very much the same thing is to be sald of the tobacco shares, the review says, They are demonstrating the ca- pacity to maintain the higher price for cigarettes which was established by the wholesalers last Autumn and to profit by it in spite of retall controversies, with the result that the current values of the leading shares are in many cases well up to pre-panic levels. Oil Prospects Improved, Considerable interest was aroused during the past week by the apparently better prospects of the oil industry for some genuine curtailment on a co-oper- ative basis, and there has been mhl&n- tial buying of these shares as a conse- quence. Not only in these, but in several other groups, decided opportunities of profit are now recognized; and this includes the automobile and copper stocks, which have recovered comparatively little from the panic prices of last year. Market values, under the influence of th> factors already outlined, - have maintained themselves well and hbid out the promise of doing even better as thé season advances. That that confi- . | dence of the public is fast returning is shown by the increase in brokers’ loans, which, however, are still low so far as commission houses are concerned. While the advance in some stocks has been considerable, as compared with the panic prices which prevailed last e:x!tumn‘ln shoaldl?e borne in mind that ues of practically evel on list were carried down mru v:?; much below intrinsic merit; therefore, notwithstanding the uplift which has taken place since the first of the year the shares of all the strong companies are selling at very reasonable prices— indeed, in some cases they are still un- ; | dervalued based on financial and earning power, as demonstrated by past performances and which are likely t0 be repeated as time goes on. Trading on Same Basis. One thing that is causing much sat- isfection in connection with the present market operations is that they are con- ducted in a very sane manner. Normal reactions are allowed now and then to oceur, but it is becoming more apparent day by day that there is no great amount of liquidation overhanging the market, and in consequence the demand for the general run of stocks is outrun- ning the supply; as a matter of fact, the market is in & very healthy condi- tion with the credit situation the best that it has been in years, thus revers- ing the conditions which prevailed at this time one year ago, the Clews Re- view concludes. . h. OIL CURTAILMENT SAVES OPERATORS HUGE SUM BY the Associated Pre: VENTURA, Calif., March 15.—Cali- fornia's struggle for enforced conserva- tion of oil and natural gas, after being in effect in the Ventura avenue fleld two months, has haved operators more than a million dollars. H. Paul Grimm, oil umpire in the fleld, reported a saving of 6,971,837,000 cubic feet of gas and 929,683 barrels of oil in that lod. He amounted to $1,371,242. t, Grimm said, have been a benefit which has not yet been collected in . Most of the conservation has been accomplished by the outright “killing” of 80 of the 217 producing wells. —_— BANK CLEARINGS. Bank clearings continue reduced as compared with the heavy amounts a year ago, although this week’s report is again somewhat less unfavorable than those for the earlier weeks of the A of lary. learings this week at all leading cities in the United tates, as reported to Dun's Review, of $10,340,139,000 show & decline of 16.2 per cent from those of last year. At New York City clearings of $7,052,000,- 000 are 18.4 per cent lower, wi the aggregate for the principal centers out- side of New York of $3,288,1 11.6 per cent below last year’s. In addi. ton to New York City, several of the larger Western cities as well as_some of those in the South and on the Pacific Coast report quite heavy declines. Small gains now ap at Pittsburgh, Richmond and San ncisco. Clearings for the week, as reported to year to date are com- pared herewith: Detroit . Cleveland Cincinnatt §t. Lo SHORT-TERM SECURITIES (Reported by J. & W. Seligma; Atlig-Chalmers Co. 85 5 Q O Jefte 54 tandard Ol N, York aiag i i ; Bouthwesters Ry 46 1 wift & Co. 55 1933, ... TREASURY CERTIFICATES, ted by J & W. Seliy aturity. une 18. Dt. ar. b Dt & 2.