Evening Star Newspaper, March 18, 1930, Page 14

A—14 *¥*3 BRITISH BANKERS HAVE WIDE FIELD "FINANCIAL. Their Loans Cover Larger| Area of World Than Do U. S. Credits. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, March 18.—Reading the hard Juck stories of business conditions England, one might draw the con- Suslon that British bankers are not loaning money to foreign nations. But they are—plenty of it, Total foreign loans for the United States, allowing for refunding oper: tions, were $671,000,000 in 1929, an '5(1,000000 for Great Britain, accord- to Government figures. jut the loans to European rations in that year from both countries showed a decrease over the previous yeer. The United States bankers advanced cnly $142,000,000 in 1929, representing & precipitous drop of $650,900,000 from 1928, while the British underwrote $817,500,000, or $190,000,000 less than they did in the preceding year. One flnnncinl observer makes this statement: “The fact that the British have cut down our lead as a foreign lender in a year when conditions have been exceedingly unfavorable for both countries is a fact that deserves serious consideration. It shows a relatively greater stability in British foreign capital, under the stress of difficulties such as those of last year.” The world sweep of the British banker is much wider than that of the American. It reaches into Australia, New Zealand and India. In far-away Africa the United States lent ncthing, whiie Great Britain in 1929 underwrote $65,000,000, largely for mining com-« panies. Most Americans believe that the world leadefship in finance has perma- nently crossed from London to New York. Millions of Britishers challenge this claim and show such figures as these to back up British prestige. 'Qnittd States is not the only country 'that is suffering from unem- ployment. While England is the worst sufferer (her number of unemployed is 135,000 more now than & year ago), the number of her unemployed is probably not larger than the total in the United States today. Russla, too, is having her unemployment troubles. Germany Is suffering severely from unemployment, more so now than in the last two years. Italy, too, finds her idle list growing. France seems to be the only country that has no unem- ploymentmr‘mblema to speak of at the When we turn to other parts of the world, we find the situation in South America and the Orient is much more serious. The coffee-producing coun- tries of South America have much idle labor. So have the rubber-growing regions of the Far East and the silver- using countries like China and India. ‘We just happen to be in one of those | eras where many different elements have to be correlated before we can say definitely that the turn for the bet- ter has come. Unemployment is a world-wide condition today. In the meantime, the prospecu for increased business during Spring months seem to be as encoungmz an element as anything else. ‘The leather industry has been suffer- ing for some time from excessive ca- pacity. Last year, a good one in that industry, saw it operating at 50 to 70 per cent of its effective capacity. Por the first time in American his- tory, the year 1929 showed an excess of leather lmpcm over exports. The Was -ppmximumy ‘(50000%0“\1 the imports slightly in X ods; idation of leather has pro- ceeded ’touqlu point where the industry bnnn the new year with about 3,300,- units of sole leather on hand, -nmn H 300 000 units at the begin- niny W!hlt klnd of hides are imperled“ f calf s o i d 100 per cent of IY. is well known that in the meat industry the cattle skin is a for it represents only 6 per cent of the packers' value of the whole animal. So, to a large extent, the leather Indlu"‘y plays second fiddle to the cattle food industry. Shoe manufacturers and g‘u‘g;? l::ld a fairly prosperous yecar o vu:clng sales about 6 per cent over the year precedini l(y:he record o% 1929 is equaled in 1930, shoe men will “call it a -6 and go fishing to celebrate. ‘Will the railroads of the future con- trol all means of communication? Elisha Lee, vice president of the Pennsylvania Railroad. whose company already is actively engaged in bus and air routes in addition to its regular transportation lines, says that it is also looking into water transport sys- tems on rivers and canals, with ocean- going traffic as a future possibility. This Pennsylvania official believes that this is a logical development and it is to the best interests of all con- cerned that the various railroads un- dertake the co-ordination of the vari- ous ‘means of transportation which have grown up in the United States, “and in connection wi‘h the others, provide the public with the most com- plete, efficient and economical service.” American railroads’ total freight load Jast year was equivalent to hauling 490,000,000,000 miles with the average load per train greater and more eco- nomical than ever before. The Pennsylvania Railroad wdn¥ is handling 90 per cent of all its freigl on regular schedule, as compared to 19 per cent a few years ago. Railroad efficiency is one of the im- portant contributing factors in the present industrial expansion. A well known railroad president has written me as follows: + ‘7o the extent that a better con- @i‘on exists, it represents less uncer- teinty on the part of people generally. ‘The force holding back the forward movement in almost every line is ex- cess productions, compared with re- munerative demand.” That's the story—too much produc- tion and too little demand—the effec- tive kind that requires money to make the demand more than a wish. (Covyright, 1930, by North American News- NEW YORK COTTON. NEW YORK, March 18 (#).—Cotton opened steady today at an advance of 3 to 12 points on a continuation of the covering movement in the old crop months, which were relatively firm again this morning. Liverpool just about met yesterday's local advance and after some irregularity, the market here sold up to 1538 for May, making a new high for the present movement and a net advance of about 20 to 25 points on old crop positions. Later deliveries were rather slow in following the advance, but sold 8 to 12 points net higher, or back to about the best prices of yesterday afternoon. ‘Trading was moderately active and the fluctuations suggested continued nerv- ousness gver the near month situation, particularly with reference to May. The difference between May in New York and Liverpool narrowed to about 74 points during the early trading. Tiver- m cables reported continental and bay buying with an absence of sell- ing pressure in that market and said there was an improved cloth demand for Egypt and South America. AL i An increase of 0.1 per cent in em- ployment in manufacturing I.nd\utnu n Pehrulry as compared: with January is shown by reports to the Labor De- prriment. Pl! roll totals 35 pr cent. ol 84 Loewsptxw (6%). 315 Loft, Ine. 50's Loose- Wil g 118% Loose-Wiles 1st (7). 16% Lorillard (P) Co..... 120 284 90 Ludlum Stl pf (6%). 61 McKeespt T P(u%) 25% Mc 14% Me 70 Mack Trucks (6).... 159\« 137% Macy (RH) & Co(n2) 8 Mallinson & Co. 5 Manati Sugas 25% Man Elec Supply. 304 Man Elev mod (d5). 5l Manhat Elev gtd (7). 20% Man Shirt (2)....... 5% Maracaibo Oil Exp. . 8y Marlin Rock (14%).. 20% Marmon Motor 2). . 87% Mathieson Alkill (2). « Maytag Co pf (3). Maytag Co 1st M(G) 264% Melville Shoe 154 Mengel Comp-ny( exican Seaboard mi Copper (4)... Michigan Steel (2% ). Midland Steel pf (8). 3% Miller Rubber...... 61 Minn Hon Reg(13%) 124 Minn Moline PWr.... 58 108 103 Mo Kan & Tex pf(7). Y84 ¥7 Missouri Puctfio. . 145% 134 Missourl Pac pf (5) e 40 29% Mohawk C Mills (3).. 49% 3% Montgomry Wrd (3) 3% Moon Moto! 58in Morrell & Co ( 1% Mother Lode (40¢).. 444 Motor Meter G & E. . 26'% Motor Wheel (3) 12% Mullins Mfg . 5734 Mullins Mfg pf (7). 18 MurrayCor(bi %stk, 85% Myer(FE)& Bro (2). 45% Nash Blotors (6) 18% Nat Acme (1%). 11 Nau Air Trans, 9% 1 Bella H 177 Natl Biscult (7)..... 71 Nat Biscuit, n (2.80), 142% Natl Biseuit pt (7). . 20 Natl Dept Stores(2).. 29 Nat Distiliers (2)... 137 National Lead (18).. 82 Natl Pwr& Lt (1) 1% Natl Radiator. 35% Nat Tea CO (2).esaa 27w Nevada Copper (3).. Newport Co A (3) 16% Norfolk Southern.... 2 226 Norfolk&Westn(10), 2 83 Norfolk&Wstn pf(4) 30s Y3% North Am(bl0%stk) 94 51 North Am pf (3) 100% North Am Ed pt 84 Northern Pac (6 821% North Pac ct (5) % Norwalk Tire & 9% O1l Well Supply. . 86 Ol Well Sup pt (1).. 13% Vliver Furm EQuip. . 314 Olvr Fr kq ov pted). 70 Olivr Fr kq pf A(§ 4 2% Omuibus Corp.. 333% 280 Otis Elevator (10) 20% (6% Otis Klevator n(2%) 36 80% OusSteel (2%4). 16% 7 Pacific Coast 29% 17% Pacifie Coast 1st nf.. 408 19% 15 Pacific Coast 2d pf.. 20s ©9% 524 Pacinc Gas & i (3).. xz 72 Pacific Lightog (3). 140 PacificTel & T (7).. lllJl 15% Packard Motor (1).. 330 50% Pan-Am Pete B. 4% Panhandle P& R 48% Paramount-F-L 4 25 Park & Tilford (33) 27 Patino Min 6% Peerless Motor Car. 26% Penick & Ford (1) 63% Penney (J 8) (3). 933 Pen (J C) pL A (6) 6! Penn Dixie Cement. . 724 Pennsylvania RR(4) 230 People’s Gas Chi (8). 150 Pere Marquette (18). 18% Pet Milk (1%) . 85 Phelps Dodge 50% Phila Co 6% pf (3 11% Phila & Read C& 8% Philip Morris (1). 29% Phillips Petrm (n2). 182 211 Plerce-Arrow A. Plerce Uil. Pi 33l Pillsbury Flour (2). 45 Pirelli Co(A)(p3.14). 121'/, 110 Pittsc W Va (6).... 20% Pituston Company 27w Poor & Co (B) (2)... 59% P Rican Am To (A)7 12 P Rican Am To (B).. 97 Postai Tel & C pf(7). 45 54% Prairie Pipe L (16). 6% Prod & Refiner: 81% Public Serv, N, 92% Pub Sve NJ pt (b)... 106% Pub Sye NJ pf (6) Iub Sve NJ pf (7) 74% Purity Bakeries (4). 34% Radlo Corp. ladio pt B (5) Radlo-Keith-Orph A, 70. RRSecICstkC(4). 33 Kaybestos Man 121 Reading (4). 44% Real Silk (5) 3% Reis (R) & Co. 28 Reis (Robt) & Co pf. 25% Rem Rand (1.60).... 92 Reming-Rnd 1st (7). 95 Reming-Rnd 2d (8).. 10% Reo Motor Car (.80). 2% Repub Ir & Steel (4 73 Rep Ir&Stl ctfs (4 107 Rep Ir & Stl pf (7). 4 Reynolds Spring. 72% Reynolds Tob A (3).. 494 Reynolds Tob B (3)., 224 Richfield O11 (2).... 16% Rio Grande Ofl (2).. 37% Rossia Ine (2.20).... 49% Royal Dutcb (a3.20). 96 Safeway Storestes). THE EVENING STAR, WASHINGTON, St Tidy cacgaacac War Whi ” 4 224 3% 10:30 A M., 1:30 P.M.. Dividend r payments ba in stock n cash or n’ stock 6% 100% 102% -Lukholdlll Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., March 18.—Po- tatoes, white, 100 pounds, 2.25a2.75; sweet potatoes, barrel, 2.00a3.00; yams, barrel, 2.00a3.00; beets, crate, 2.50a3.00; beans, hamper, 450a5.00; cabbage, ham- per, 75a1.00; carrots, buahel 1.00a1.15; caulifiower, crate, 2.00a2.50; celery. crate, 2.00a2.75; e llrn.! cr 2.50a4.50; lettuce, basket, IEOIHW klle hel, 65a75; onions, 100 pounds, 1.50a1.75; {pen crate, 3.00a5.50; 30a40; A squash, bushel, 3.00a4.50; toes, crate, 2,00a5.00; turnips, hamper, 35a50; apples, bushel, 75:3.00' grapefruii, bss, oranges, box, 3.00a5.50; straw- berries, quart, 15a45. Live Stock Market. Cattle—Receipts, 75 head; light sup- ply. market steady. teers—Choice to prime, none; gqod !o choice, 12.00 to 12.75; medium to good, 11.00 to 11.75; fair to medium, 10.00 to 11.00; plain to fair, 9.25 to 10.00; common to plain, 8.00 to 9.00. Bulls—Choice to prime, none; good to choice, 9.00 to 10.00; medium to good, 8.50 to 9.00; fair to medium, 8.00 to 8.50; plain to fair, 7.50 to 8.00; common to plain, 7.00 to 7.50. Cows—Cholce to prime, none; good to _choice, 8.00 to 8.50; medium to good, 7.00 to 7.50; fair to medium, €50 to 7.00; plain to mr. Hfl 0 6.00; com- | men fo piain, 407 . U 8 Freight (3). Webster-Ej Wess Ol} & Snow (2). O & Sn pf (4).. Penn El pf (6). West Penn EI pf (7). West Penn Pw pf(6) gu(ern Maryland. ., Bl Jose h L-ld l'l)- st b-Sln Fran (8) St L-San Fran pf| ) St L Southwestern. Seaboard Alr Line. . i Seaboard Alr Line pf. Seagrave (1.20).... Sears Roebuck (32%) :3 Second NatlInv..... 15 Seo Natl Inv pf (5). . Seneca Coppe Servel Inc. Sharp & Dohm Sharp & Do pf (3%) .. Shattuck(FG)(11%) Sheil Union (1.40)... Shell Un Oil pt (6%) Shubert Theatres. .. Stmmons Co (g3 Simms Pet (1.60). Sinclair Con Oil (2).. Skelly O11 (2). ... 00 Sloss Sheffield Ste: Snider Packing pf... Solvay Am In pf 6%. So Por Rico Sug (2).. Southern Cal Ed (2). Southern Pacific (6). Southern Rwy (8)... Southern Ry pf (6).. Spalding (AG) (2)..e Spang-Chalfant. Sparks Withngtn(1). Spicer Mfg. . Spicer Mfg pf Splegel-May-St (3 d Brands (1% Std Brands pf (7)... Stand Gas & E1 (3%4) Stand G & E pf (4).. Stand O of Cal (234). Stand O11 Exp pt (6). Stand O1I N J (12).. Stand OII N Y (1.60). Stand P! 1ng Sec A...... Sterling Sec p£(1.20) Sterling Sec v pf(3) Stew-Warner (h 3%) Stone & Webster (4). Studebaker Co (5) Studebaker pf (7) Submarine Boat, Sun Ol (f1). Sun O1l pt (8, Suparior Oi1, te Glass. .. Sweets of Amer (1).. Symington, . Symington (A). Telauto Cp (11.25). Tex PC&O (b10% ). Texas Pac Land Tr. . Thatcher Mfg (1.60). Third Avenue, Thompsn Prod (2.40, Thomp-Star pE3% ). er Asso 6uc. Tide Water Ol (80c). Timken Det Ax(80¢). Timken Koller (3)... Tobacco Product; Tobacco Products A, Transcontinental Ofl Transcontl Ofl(30¢).. Transue & W (1)..., Truax Traer (1.60) Twin City Rp T (4).. Und-Ell-Fisher (6).. Union Bag & Union Carbide «2.60) Union Oil of Cal (32) Union Pacific (10)... 4 Union Pacific pf (4). Utd Alrcraft& Tra: Utd Atrcraft&T pt per. . Utd Corp pf (3). United Elec Coal. United Fruit (4) us Toblcco (I). Univ Leaf Tob (3) Univ Pipe & Ra - Util Pwr&Lt A (.l)w Vadsco Sales Corp... Virginia-Car Chem Va El & Pwr pf (6) Va El & Pwr pf (7).. Vulcan Detinning(1) Vulcan Detin (A) (1) Wabash . Waldort Systm (1%4) Walworth Co (2).... Ward Baking B. Warner Bros Plo (4). War Bros P pf (2.20) Warner-Quinlan (1). Warren Bros (19) Fy&Pipe(2). nlohr. . n Md 2d pf... « 2,852,600 ive on the latest s Unit of lrldlnt oy 1'03'»"':';]:. o Bl ble in scrip. § Plus 9% 1n stoc| hinr Tats 2"!;:1“1: In Stock. ‘o Payante when e b.Plus 2% in stock. 1P nPlus 5% In stock. tern Pacific. ..., estern Pacific pt. Western Union (8).. Westinghse A B (2). Westinghse E&M (5) Weston El Ins (1)... Westvaco Chior (2 Wextark Radio (2). White Eagle Oil (2) Motors (2). White Rock M S (*- White Sewing Mach. White Sw Mch pf (4) Wilcox Ol & Gas.... Wileox Rich, B (2) Wil Woolworth (2.40)... Worthington Pump.. Worth Pump B (6). . % Wright Aeronautical Wrigley Wm (4).... Zenith Radlo..... RIGHTS EXPIRE Am Roll M., June 16 ChiRI&P.... Consol Film Indus. . 6% Kox Film, Fox Film db.May 28 Int Tel&Tel. Pac Lightg. .May 1 PacT&T. So Cal Ed.. Sales of Stocks on New York Exchange. May 9 A.Mar 31 May 1 dsw 31 .Mar 31200s LApr2l 20 238,000 002,800 ,216,300 e the annual cash declaruf s o Paid st vear— n in the above tabl fPlus 10% in stock. 6% i Plus 8% tn stock. k Plus 3% u: Stgex” m P ©Subject to aporoval of Heifers—Choice to prime, none; good to choice, 10.00 to 11.00; medium to 800d, 9.00 to 10.00; fair to medium, 8.00 to 9.00; plain to fair, 7.00 to 8.00; com- mon to plain, 6.00 to 7.00. Fresh cows and springers, $60 to $150. Sheep and lambs—Receipts, 50 head; light supply; market steady; sheep, 2.00 to 6.00; laimbs, 6.50 to 12.50. Hogs—-Receipts, 300 head; light sup- ply; market spotty; lights, 1120 to 11.50; heavies, 10.75 to 11.15; mzdlum. 1135 to 11.60; roughs, 7.50 to 9.60: m;»ml pigs, 10.00 to 10.50; pin. 11.00 cnlveb—necelph 150 head; light sup- ply: market steady; Calves, 7.00 w . O TUESDAY, MARCH 18, 1930. FINANCIAL. BOND SHOW GAIN | Cox v o BONDS socxsecmana] - DETROIT TIGHTENS): AFTER EARLY DROP|_ Market Points Upward After Recessions in Open- ing Sales. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, March 18.—As was natural after so steady and broad an advance, the bond market had a gen- eral reaction in early trading today, but after the first hour the list turned upward again and more than made up the losses. The momentary halt to the market's progress was due in large part to specu- lative profit-taking, particularly in the foreign department. There is an unabated demand from life insurance companies, and the buy- ing of savings banks has increased largely since last week. Dealers pre- dict a definitely higher range of prices and many are stocking up in moderate- ly big lines at current prices. Volume was about the same as on Monday, close to $20,000,000 for the session. New offerings totaled cloce to $40,- 000,000 for the day. The largest item was $20,00,000 Pure Oll Co. 55 per cent 10-year debentures. Stock market activity and strength sent convertible descriptions to higher levels. Alleghany 5s of 1044, 1949 and 1950; Chicago & Northwestern 4%s, Baltimore & Ohio 4!is, American Tele- phone 415s, International Telephone 4155 and Texas Corporation 5s all im- proved. American I. G. Chemical 5% and Commercial Investment Trust 555 were both a point better. Prime raflroad obligations were soft at the opening, but firmed later, with net advances in Atchison General d4s, Baltimore & Ohio first 4s, Canadian Pacific 4s, New York Central 4s, Great Northern 7s, Chesapeake & Ohio 4%%s and Chicago, Burlington & Quincy general 4s. Columbia Gas 5s, Utah Power & Light 55 and International ‘Telephone 5s (1955) featured the public utility group. ‘Tractions were prominent in the semi-speculative section. Interborough refunding 5s were 1!% points higher and at a new high. Interborough 6s gained 5 points. Brooklyn-Manhattan 6s, Hudson & Manhattan refunding 5s, New York State Railways and Third Avenue 5s all reached new highs for the year. F. 1. IRISH NEW MANAGER OF TELEPHONE COMPANY Special Dispatch to The Star. BALTIMORE, March 18.—Frederick J. Irish, chief engineer of the Chesa- peuke & Potomac Telephone Co. of Bal- timore, since last April, has been pro- moted to general manager, succeeding Graham K. McCorkle, who resigned to become vice president of the Illinols Bell Telephone Co. at Chicago. The change becomes effective April 1. Irish has been with the New York and New Jersey telephone companies most of the time since he graduated from Cornell, in 1906,.except for a short period during the war when he was in charge of installation of switchboards in the Chesapeake & Potomac_territory. After the war he returned to New York until appointed equipment engineer of the Baltimore company in 1921. McCorkle, who is going to Chicago began his telephone service at Louisville, Ky., in 1902, resigning to attend the University of Kentucky, and then r suming telephone service after gradua- tion in 1908. Washington Stock Exchange « SALES. Washington Gas 6s “A"—$500 at 10313, Washington Rwy. & Elec. 45—81,000 at 87. Capital Traction Co.—25 at 79, 7 at 79. W;sflflnmn Rwy. & Elec. pfd—10 at Nntionll Savings & Trust Co.—1 at 550. Lanston Monotype—10 at 116. Mergenthaler Linotype—20 at 107, ‘The Carpel Corp—150 at 2314, ‘Ter. Ref. & Whrs. Corp.—20 at 48. AFTER CALL. Potomac Electric 5!2% pfd.—1 at 1072, 10 at 108, 30 at 108. Washington Rwy. & Elec. pfd.—10 at 961y, 10 at 965, 10 at 96)4, 10 at 9614, 50 nt 9614, 50 at 9614, 3 at 965, 7 at 96 The Curpel Corp.—25 at 231, NnAt!nnnl Mtge. & Guar. prd —100 at a Bid and Asked Prices. BONDS. PUBLIC UTILITY. Asked. Amer. Tel. & T > Potomac Elec. 65 1953 Wasn., Alex. & Mt. Vflnon ot Wash: Balto & Ahnap. 5s... w“mn-mn Gas 55, Chevy. cmxe o918 D. C. Paper Mg, 65 Pot_Joint Stock Ld. BK. 55 Wash. Market Coid' Sto Wash. Cons. Title 6s. STOCKS PUBLIC UTILITY. Amer. Tel. & Telga. ec. Pnlomxfi Elec, 5120 pid. Wash Wash., Balio. & Annap. ¢om. Wash: Baite, & Abnav. pia. . NATIONAL BANK. National Capital 2l Second .. National Banl TRUST COMPANY. American Security & Trust C Continental Trust.. ‘chants’ Bani N:"mn'.l‘j Savings & Trist.. s Weitington Loan & ‘Trist SAVINGS BANK Bethesda Bominerce & Savins East Washingtou Becurlty Savings & c merci Seventh Streel e gton Mechanics. 1110 FIRE INSURANCE. American TITLE INSURANGE. bia Title. . Gonl"Eutate Tiiis: Title & Inv. of Md. com. . MISCELLANEOUS, Rbss, Inc., com. Dairy pfd. . & Gravel pfd. al Lanston \ Monotype. Merchants’ Transfer & Merchants’ Trans. & Stor. Mergenthaler, Linotype.. Nat & Inv. pid Eeoples Drug Stores pfd Est. Mige. & ouar o smxmy' Storage. er. The Carpel Cnm o w-m Medlrll nm: “Coi Loth B Eiviadnd.2throP PId. ————— i Many of London's historic theaters are b2 nz modernizsd. 11 Storage. pid. Lib 18t 4% Lib 4th ¢%.. 224 1 1 02 UNITED STATES. (Sales are in $1.000.) | Sales. High. Low. Close. % 10010 1003 1003 13 10113 10111 10111 10127 101 29 10115 10115 10115 2 10118 10110 10110 25 1068 1068 US4s1944.. US4% 62... 611 201 09 13 106 8 . 108 27 108 27 11220 11220 FOREIGN. . High. Australia 68 1955., Australia 65 1957.. Austria 7s. Bank of Chile 6% Bank of Chile 6% Belgium 6s. Bremen State 7s. Canada 651931, Canada 681952, Colombla 6s Con Pow Japan 7s Copenhagen 41 53, Copenhagen bs ct. Cuba 6%s. Czecho 83 1951. Danish Munic 8s A. DE15%sMch 52 Dutch East 147 Dutch East 1 61 62.. German Bank 6s'3. German E1P 6%s German Ger Gen Elec 7s. Greek s Hungary 1%s Irish Free State 6 Italy 7 ftalian Pul . Japanese 8%s. Jugoslavia Bank 7s Karstadt 6s1943. ., Kreuger&To'l bs ¢ Montevideo 7s. Netherlands 6s 72.. Norway 63 196! Norway 6% Norway 6s 1943 Norway 6s 1944.... Norway 6%s 1952.. Orient dev 6% Orient Dev'mt 6s 63 Prague 1%s. Queensland Queensland 7s. Rhinelbe Un 7 Rnine Wst EP Rhine West Rlo de Janetro Rio de Jan 88 19 Rlo Gr do Sul Rio Gr Do Sul 8 Rome 6%s... Sao Paulo 8s 1936 Serbs Cr Slov Serbs Crot Slo 8; Shineyetsu 6%s 62. Toho El Pow 6s32. Toho El Pow 78. ... Tokio 6s . TAkio 6%s 196: Utd Kingm 6%s 37. Ba% N RS xhRmASCAL © DaHA ROIANNDN 16 p 3 3 25 46 58 6 107 9814 Low. Close. 98 98% 98% 943 98% 98% 82% 90 290% 106% 96 97T% 103 108 111% 108 115% 6 103% 104% 7 103% 10 1 38 23 107% 99% Unt S S Copen 68 37 10 100 Uruguay 6s 1960... Vienna 6s 62 Warsaw 7s 62 Yokohama 2 15 1 7 9% 91 82 98 & 82 981 103% 103% 928 101% 106 87 86% 104'% 97% 101% 103% 103% 102 9L 9% 102% 104% 101% 84 100% 8% 101% 94% 104% 103 107% MISCELLANEOUS. Abitibl Pa&P 0s '63 35 Abram&Straus 6%s 1 Ajax-Rubber 8s. Alleghany Cp 68 Alleghany bs 49 Am Agri Chem 7 AmChem 6%scv Am Int Cor 6%s 49 10\! Am Nat Gas 6%s 42 Am Smit & R 1st 68 Am Sugar Ref 6 Am T&T cv 4’48 Am Tel&Teleg b Am Tel & Tel 6 Am Water Wks Armour&Co 4 Atl Gulf 68 59 Atlantic Refin b Bell Tel Pa 63 B Hell Tel Pa 68 C, Beth Steel rf b Bethiehm Stl pm 63 Bklyn Edison 5s. Certn-Td 5%s rcts. 1 Chile Copper 6 Colon O1 6s 38, Col G&E 5s May 63 Com Invest 5%s Com Invest 6348 Con Coal Ma 6 ConGasN Y 6 Cuban Am Sugar Den Gas bs..... Det Edison 55 40, .. Dodge 68 Dugquesne 4148 67.. % Gen Mot Aé Cor. Gen Pub Serv 5% 6 6 23 40 Gen Stl Cast 548 4§ 1 Hoe & Co 8 %L . Hum! Humble 0 & R 5%' 111 Bell Tel b Inland St Int] Cement Intl Match 6 Int Tel & T Int Tel&Tel Kan G & E68 62.. Lackawanna Stl 6s. 13 6 Loew’s 63 w 0 war. Lorillard b Lorillard 6%s. 106% 99% 89% 101% 103% 158% 103% 4 104 103% 106% 100% mu% 101% 4 103% 7% 107 96% 99% 85% 848 103 988 1041 107 944 85 4 100% Lou Gas & El 55 s':. 15 108% Montana Pow 43 6% 1014 102 102% 104% 944 9714 75! 101 1017% 981 99% 98% 95~ L9914 994 8274 20 904 106% 96 100% 101% 103% 105",'1 102 103 85 102% 120 103% 6% 101% 102 Montana Pw deb Mor’s & Co 1st Paramount 6s 1947, Pathe Exchange 7s. 1 Phila Co bs Phila & Read 68 49. b Stand Ol N J Stand O1I N Y n Cop 6s B Utilities Pow & Walworth Walworth Vertientes Sug 7s. W Quinland ern Elec Weatn Union 638 White Eagle O 8%.. Willys-Ov 63%s 33, Wilson & Co 1st YoungstnS& T bs. Sales. High. Low. Close 1 1011 101% 101% s 3 82 8I% 8I% 31 9 98% 98 27% 27% 2T% 104% 104% 104% 114 113% 114 106% 106% MW64% 99% 99% 99% 107% 107% 1074% 103 103 103 103% 103% 1034% 102 102 102 101 101 101 102 101% 102 1021 102% 102% 1041 104'% 104% 105 104% 105 101% 101% 101% 97 94 91 954 90 98% 98 981 98% 99% 99 99 7 96% 96 96 100% 100% 100% 101% 101% 101% 103% 103 103 994 99 994 9T 9T% 974 941 94 94% 105% 103 103 100‘& 100% IOO‘A 107 107 107 104 103% 104% 101 100% 101 97 96 97 BT% 87 87 100% 100% 100% 100% 100 1d0% 91% 90% 90% 0 90 90 105% 50 854 9l 105% 103 50 50 86% 85% 108% 103 103 103% 103 103% 1091 109% 109% 1 108% 103 103% 100% 100 100% 6:100% 100 100% 53 102% 102% 102% RAILROAD. Atch deb 4%s Atl & Dan 1st 4 AtlanticC L 1st 4 AtlantieCL 4%s Balto&Ohto gold o Bklyn Un EI 68 sta.. Buff R & Pitts 4%8. %s ‘68 Can Natl 5s July Can Natl 6s Oct. Ogen 4%s.. Ches & O fln ITA. Ch & O 4%s B 1995.102 Chi & Alton 3% Chi&E 111 gn 68 61. 108 Chi Gt West 48 69.. 71 Chi & NW gen 4 Chi Union Sta 68 C& W 1con CCC&StL 4%s B CCC & St L 58 D. Clev Term 6 Clev Term §% Colo & Sou 4% Conn Ry & Lt 4 Conn Ry&L 4% Del & Hud 1st rf Del & Hud 63! Del & Hud 78 3 Den & Rio G cn Erfe conv Fla East C6s T4 Gr Trunk st db Grand Trunk 7s. Gt Nor4%sE Gt Nor 5%s. Great Northn 18 Hud & Mana) Hud & Man ref 111 Cent 48 52.... Kan City S 8 Kansas City Kan City Term Lake Shore 3%s Lehigh Valley 6 Long Is deb b3 34 L &N 4%3 2008, Man Ry 1st 43 90 Market St 7s 40. 0 Pac Mana 8G 78..... 27 Mo Pac 5%s 49 ovt. 10 et e, zzizzzzzzzzzzzzzzz P 1 g g g g g g gz:zzzZnnooaann ExBmmrierere Erersoonans? mimee CMSP&Pac adj5s03 IOI Chi & N W con 0“-2'&4 CCC&StL deb 4% CCC&StL6sC. DRG & Wst6s78. Duluth § S & At bs. Gt Nor4%s 76 D. Louis&Nash nul 4 MStP&SSM 68 gtd. M St P&SSM 6%s 95 95% 135% 138 65% 2 93% - 93% 93% 3 99% 99% 99 5 94% 94% 94% 39 100% 100 100% 102% 101% 102% 104% 104% 104% 104% 104 104 104% 104% 104% 94 94% 94k 953 6 9 5 103 102% 103 1023 102% 102% 115% 115% 116% 110% 110% 110% 87 86% 87 100 100 102% 102% 102'¢ 105% 105% 105% 1014 101% 101% 108% 108% 108%: 95 93% 95 104 104 104 100% 100% 100% 102 100% 102 TH 9TH 69 ‘69 1 5 1 2 F9le 67 103% 1035 103'« 87 87 7 95% 95 7% 14 91% 91y 9% 101% 101 101% 100% 100% 100% 78 T8 5 97 1 102% 101"‘ 102% 90% 90 90% 5. 99% 99% 99% 5 5 87% 974 97% 2 1031 108% 103% 5105 105 1056 1 105% 105% 105% 1 108% 108% 108% 2.100 100 100 16 95% 95% 95% a1 95% 95% 81 81 93% 93% 651 654 5 93% 4 93 1104 104 104 1 10016 100% 100% 95% 95 98 “ 4 4 52 13 112 112 112 55 541 54% 105% 105% 105% 1125 111% 111% 98 9T 9T% 9% 9T 9T% 110% 110% 110% 964 964 96% 105% 105% 105% 112% 112 112% 82 811 81% 99%. 984 99% | . 931 93% 934 100% 99% 100% lflfih 105% 105‘: &8 5 1% 91 811 811 81% 109% 106% 106% 1004 100 100 961s 96 961 99 98% 99 RULES ON LISTINGS Exchange Obtains Far More Complete Facts in Move to Guard Investors. Special Dispatch to The Sta DETROIT, March 18—More than 80 per cent of listed companies on the Detroit Stock Exchange have furnished information required in new stringent 1 | listing applications now in force by the exchange. ‘To keep files uniformly complete, pre- viously listed companies had been asked to furnish six exhibits in addition to the four formerly required. Following gen- erally the recommendations of the As- sociated Stock Exchanges, & which the ‘Washington exchange is a,m&nber, and the policy of the New York and Chicago stock exchanges listing committees, the listing guide of the Detroit Stock Ex- change includes every jtem necessary for protection of securities purchasers. One of the exhibits insisted on is a written opinion of counsel (who is not an officer or director of the corporation whose stock is being listed) as to the " Llegality of organization of that company, legality of the authorization of its stock, legality of the actual stock issuance and validity of its securities. Some New Requirements. A contract now required by the De- troit Stock Exchange with the registrar insures that he will not register addi- tional amounts of stock named in the contract until first notified by the ex- change that such additional stock has been admitted for trading on the ex- change. Thus the registrar, acting as auditor of the transfer agent's work, will guard against accidental or inten- tional overissuance of stock. In this respect he is agent for the exchange, although not employed by it. ‘The Detroit Stock Exchange has been working for some time to arrange a list- ing guide that would be of maximum value in protecting investors, officials pointed ougu ‘The present brochure, which was put into eflect last Novem- ber, embodies all points considered vital. “We were surprised at the quickness with which previously listed corpora- tions complied with our requests for additional information,” Clark Wickey, secretary of the Associated Stock Ex- changes, said. “It was apparent that those corporations appreciated the necessity for providing the holder of securities with the fullest possible in- formation and for throwing about his investment every possible safeguard. Information Gladly Given, ‘“We were particularly surprised at the steady response, since the filing of the additional information required con- siderable research on the part of the corporations. In one case counsel for the company, in order to give an opin- fon on the legality of issue, to consult records 50 years old. “There is some delay in the 20 per cent who have not furnished the new information, but in no case has there been refusal to comply with our | CHAIN STORE GAINS BREAK ALL RECORDS ‘Total net profits for 1929 reported by 53 representative chains show a dollar gain over 1928 greater than the gain shown in 1928 over 1927, according to financial and business conditions nre- vailing during November and Decembet last_year, which is normally the moeb profitable season for retail trade. This list comprises grocery, 5 and 10 cent, restaurant, . drug, apparel, shoe and miscellaneous claims. Large increases reported by 41 of the systems offset lower earnings reported by 10 and small losses by two others. ‘Total net profits of these 53 wm'pl nies amounted to $152,143,402 in 1929, compared with $136.862,366 in 1928 and 3122 375,656 in 1927. The increase in 1929 was $15,281.036, or 11.16 per cent over 1928, as compared with an in- crease of $14,486,710 in 1928 over 1927. 1t should be polnted out that in certain individual cases a part of the gain in each year was contributed by estab- lished ‘units acquired during the period. However, the bulk of the gain was the | direct result of the opening of mnew m;xt'idu as well as of increased of old stores. | The total 1929 profits reported® group of 12 grocery companies :howed | an increase of 29.12 per total reported in 1928, Wi with an increase of 15.14 pex:| nnnn 1928 over the previous :yearhso-Dbree: drug chains reported an:sinceease sk 29.10 per cent, as compared With:dSbé: per cent. The 1920 profit of a8 'mw of eight apparel chains magt m cent greater than 1928, while five s! Chléns showed an increas cen Sales. N Y Raflway 6s.... 12 wh m NY StateRy 6%8 62 1 n%(. NYW&B4%s.... 8 Nor & S gen 53 54. Norfolk & W en Nor Pao 3s 2027 Ore Short L en 5: Ore Short L 6s gtd. Penna gen Penna 4% Penna gen bs. Penn ps ‘64 Penna 6% Penna Gold 7 Pa Ohio & Det 4% Peo E 1st 4s. Pere Marq 1st 68 PCC&StL6sBT6 Port EIPL6: Readine gen 448 A, Rio G W 1st 4s. RIATk & Ing¥%s St L TM&S gn 53’31 St L IM&S R&G 1 .o 58% B5T% 5T 94 94 94 100 100 101 100% 101 91 20% 91 9T 9TH 9TH 85 85 85 101% 100% 101% 96 26 26 9% 78% T9% 6 101% 101 101% 1004 100 100t 100% 100% 100% 111% 111% 111% 55 55 96% 97 102% 102% ey 1259 1% o1 Term Asso SL 4s. lW% inzn Term Asso St L 5'; 107 107% 107% 1073 804 88 804 991 991 991 98% 97 98y 1074 107% 107% 66 4% 941 94y 152 130% 1304 130% 1 105% 105% 105 12 58% 584 B8y ™ Sy Virginia Ry 1st VYRy &P s, Whash ‘le:mll 101% 94%