Evening Star Newspaper, April 9, 1930, Page 13

FINANCIAL. _——wz‘ CURB ISSUES GAIN - AFTER DULL START| = Utilities, Oils, Radio and| % Other Groups Join in Advance. BY JOHN A. CRONE, Special Dispatch to The Star. NEW YORK, April 9.—Opening ir- regularly and somewhat dull the Curb Market showed improvement today as trading progressed. Utility, oil, radio, amusement and aviation shares led in point of fluciuation and volume. Electric Bond & Share advanced al- most 11; points in the first few hours and American Superpower, Middle West Utilities, Niagara Hudson Power and United Light & Power A also rallied from their lows of the preceding session. Pittsburgh & Lake Erie forged ahead in response to the declaration of a 10 per_cent dividend today. Chesapeake & Ohio new opened unchanged, despite the improvement in initial dealings in the old shares on the big board. The advance in gasoline prices, fur- ther restrictions in oil output and opti- mistic statements from leaders of the industry as well as favorable earning reports caused a resumption of the rise in oil shares. Good gains were made in early trading by Cosden Oil, Humble and Gulf Oil of Pennsylvania, Canadian Marconi featured the radio communication stocks, moving to a new high of 8!, on a huge turnover. Poly- met Munufaclurlng was the leader in radio manufacturing companies. After some of the realty issues showed signs of life General Realty & Utilities com- mon moved into new high ground. Fox Theaters A opened at a new record high price and closely main- tained that level in the first few hours. National Screen Service and Loew's warrants during this period also gained. Aviation Corporation of America was the most prominent in the air shares as it climbed nearly 8 points to a new altitude record. North American Avia- tion again was active and attained its highest quotation for the year. SEASONAL ADVANCES NOTED IN BUSINESS| | World-Wide Extension of Depres- sion Makes Progress Slow, Bank Asserts. Special Dispatch to The Star. NEW YORK, April 9.—The state of general business has shown seasonal im- provement during the past month, ac- cording to the monthly review of con- ditions prepared by the National City Bank of New York, although the stee! industry, which made a fine recovery tc February 15, has since dropped from 80 per cent of capacity to slightly under 75. Even so, the review goes on to say, production recently has been at the rate of slightly less than 50,000,000 tons a year, or slightly larger than in any cal- dar year save 1929. The decline in steel is not surprising, in view of the fact that that industry evidently had forged ahead of general business and that buyers are following an extremely cautious policy. Continuing, the bank says, it is now evident that the failure of business to make a more rapid recovery since the first of this year is due to the world- wide extent of the reaction. The fail of prices of staple commodities has been even more serious to other countries. ‘The loss of purchasing power and enforced policy of economy in all coun- tries are reflected in this country’s trade and are a factor in the lessened activity {n most of the industries as compared with a year ago. U. S. TREASURY BALANCE. The United States Treasury balance =1no 1ced today as of ~lose of business April 7 was $329,168.260.37. Customs receipts for the month to date were $9,551,058.59. Total ordinary expendi- tures $24,185,890.86. BONDS ON THE CURB 4 €10 10 Am Metals 55 34 wi wa 9 1 Beh Tel‘Gan 5 A 53 1 2 P& L8s 58 9178 aticeau Pow 586, 0% Gatineau Pow G B 23%‘ 36.. 97 W 953, P 69 A '43 953 T3 Yodeneadt S 6’30 1107 Inland Ut 2 5 Niag_Falls Pow, 65 sn 108% 10 Nor Tex Ut s '35 ww 102 8 Nortuw Power & ' 1 onio Pow 4138 D 8 Pe, Ed K i 6. 89% uuu "Gl 4138 40 Wi 973 $ Roch Cen Fow 55 '53 193 3¢ Hoyal, Duteh; 8976 8San Ant 2 Shaw' Web o1 € Shawsheen s 1SE P&L 65 A 2025 Xw 18 14 Southern N_G 6s '44 1South L & P 65 A ‘57 97 , 1Stand Inv 5%s '39.. & Standard P & L 65 51 mn 4 Stinnes 78 46 x ash 80. .. 10015 sh W & Pow b5 '60 1011 ebster Mull 6148 "33, 973 7 Wes Union Tel ‘5s "80 1023 B F o 'i"-“i,- THE EVENING STAR, WASHINGTON, D. C, WEDNESDAY, APRIL 9, 1930. FINANCIAL #%% A_13 TRANSACTIONS ON THE NEW YORK CURB MARKET Notice—All stocks are sold in those undred-share fots (85s) (285%8), S .' e M?“.MJ only designal which hm those -lom to be b 930, Stock and ““ l Dividend R-u.’ Son 4% Aeme W Co Aorfln jutical Indus.. Aern supply Mfg B) Agfa Ansco. Al'nlworlh Mfg $3%. e SN O RN ER IR R RS MO DR ANN Aloxander Indust. All Amer Gen Corp. , Allegheny Gas Corp. % Allled AVIATIOD. . e0ew Allled Mills (80e) % Allison Drug St A, % Allison Drug 8t B Aluminum Co of Am Aluminum Co, L1d. . Alumin Goods (1.20). Am Beverage Corp. . Am Brit & Cont. Am Br B El 14 sh Am Capital (B). Am Capital pf(3)... Am Capital pr pt 5% . Am Chain (3)....... AmC P&L B (b10%) Am Cwith P A 010%. Am Cwith PB b10%. Am Cmwith Po war, Am Control O} Flda, Am Cyanam B (1.60) Am Equities.cceesen Am For Power war., Am Gas & Elec (31). Am Invest Ino B.... % Am Investors l'u). - e 3 Am Laund ueh(n . Am Light & Tractn. Am Superpower (l) . Am Super 1st pt (8) Am Superpow pf (6) Am Yvette (new) wi, Anglo Chil Nitrate. . Arcturus Rad Tube.. Ariz Globe Copper. Arkansas Nat Gas Arkansas NatGasA. Ark N G em pt (80c) Asso-Dyeing & Ptg.s 4« Asso-Elec Ind Ltd 0 GEE. A (12.40). Asso Gas & Elec, n. . A330 G&E A debrta. e e ) Asso Rayon of 27u AssoTel Dt o1% 96 Atlanta Birm & C pf. 1% Atlant Fruit & 8 15% Atlantic Sec COrD. oo 221 Atlas Plywood (3).. 9% Auto Vot Ma cvprpt 24% Aviation Corp of Am 124 Aviation Credit. 7% Aviation Securities 2% 5t 23 6% 8’(;’4 27% Bl 36% Brllll Tr & Lt (3)... Brillo Mfg. ... Brillo Mfg A (2) Brit Am Oil Coupon., Buckey Buft, N&BP pf(1. 0). Burma Corp (131¢).. Bureo, Inc.. oo Butler Bros (30¢). Bwana M Kubw. 3 Cable Radio T vte. 1% Cab&Wire LtdB rots. 4% C&W pf rots(27%¢). 8% Can Marcon. 51 Can Pacific(new)w.d. % Carib Syndicate..... 261 Carnation Co (31%4). 85" Caatle (A M) t4).a 23 Cel 80 Cela 316 Cent Atlantic States. 30 Cent Hud G&E ct(n) 25 Cent Public Service.. 34% Cent PSVA uL’ll).\ 19 Cen Staté: 21, Chain Stores ncv. vt 12% Chain Stores Stock. . 23% Chatham Phoe Al n-v 23% Chem Natl Asson-v. 53% Ches & Ohio (new).. 261 Citles Service (3300). 88 Cities Bervptf (8)..u 63 Clev El Illum (: 18 Clev Tractor (1.60).. 11% Cohn & Rosen, Ine. 17% Colum Of1&Gaso w. 24 Columbta Plctures. . % Columbia S!ndlflu- 209 234" Gom'with Bdison (8) 3% Comwlith & Sou War.. 121 Com Wat Ser (b8%) 15 Consolidated Alreraf % Consol Auto Merch.. 90% Con Gas. Balto(3.60). 21% Con Gas Ut A(3.30)ce 11% Con Gas UtilB v.t.6.e - 3 S le mmepoanm— o Tt T 28 Cooper Bessem! 5 Copeland ProdIncA. 127% Corroon & Reynol 71% Cor & Rey pL A (6)ee 50 Cosden Oil.. 15& Crocker Whealer. 31% Cross & Black (l")- 3% Crown Cent Petrol. . % % Cuban Cane propt w, 4% 1% Curtiss Wright ware 2 1 Cusi Mex Mining.... 11 7% Darby Pet (1). 22% 18% Davenport Hos 8 3 4Dayton Alr & Eng... 152% 113 Deere & Co new w.l.. 8% % g% 24% Detroit Gasket(1.20); 10% Dix Gas & Utilities. . 161 Doehler Die Casting. 12% Douglas Alr (756)..e 1 . 81 Dres(SR)MIgA3%. Driver Herris(néw). Driver Harris pf (7)o East Sts Pow B (1).« Eastern Util Asso ov Bastern Util Inv A.. Eisler Electric (1%) % ‘Kl Bond & Bb (b6). .y 2 E1 Bond & Sh pf (8)« EIP& LOpt war...o Elec Pw Ass0 A (1).. Elec S8harehldg (31). ' El Sharehold pf (6) .. Em Gl‘eumpf('l). P Corp(! qnnnnnouaago En; Bvans Wallow b‘l Euro El, Ltd deb rt. » Rrw o Fiat receipts (1.36) s Film Inspect Mach.« Fischman Sons A. .o Fokker Afrcraft. Foltls Fischer Corba. xsu Foote Bros Gear&M., 28 Ford Motor Can A. 6% Ford Mot of France.. 10% Ford Mot. Ltd 37%e. 2% Fox Theat ClA..com 1 14% Franklin Mfg (3)..:. b:vn\-a'} 2:2.‘.. S-n_uS—uag—! 6 Gen Laundry Ma 9% Gen Rity & Bull!l 20 Gen W WAHA (3)vn 21 Glnnor Com llr(l) len Alden Coat (6 g nu mmu-nnm 60 . Golabg Stores. e 1 » - Nams l“ 14% o h §2%._52%. . ulo&oun.nl:h. u-. 2 l’l 13% 3 13 238, 30% 8 20 140% 114% 2% 20% % 3 11% 1 k3 % Ll 5 852 850 852 226 220 226 ~Prey 1930.— gl w. % Ross Stores. Ino, Stock and Sales— ¥ Gola Co Grand Rap Var (1).. Groo Stors Prod vte. Guardn Fire Assn(3) Gulf Ofl of Pa (1%). Hartford El Lt(2%) Hagel*ine Corp (1), Helena Rubenstein. . Houd-Her cv pfA2% Hudson Bay M & 8 Humble Ol (3).... Hydro Elec Serv (3 Hygrade Food Prod. Imp OIL Can (60¢). .. Ind Terr Illu Oil (A) Ind Terr 1llu Ol (B) Ind Fin otfs (b10% ). Indus Finov f (7). InsCoof N Am (13). Insurance Sec (1.40) Intercoast Trade (1) Intercoutinent Pet n, Intl Superpow (113 Internatl Ul B. Interstate Eq Interest Eq cv pf (3) Iron Cap Coppe: Irving Afr Ch (160). Isot Fraschinf (1,05), italian Superb war. ltallan Superpow A.. Jefferson B (13%) Johnson Motor Co. Kirby Petroleum. 4 Kolster-Br (Am Sh). Lackawanna Sec(4). Lake Superior Corp. Lane Bryant. Inct2). Lefcourt Real 11.. Lehigh Coa)&Nav(n) Leonard Ol Libby McNe! ( Long Isl Light(80¢)« Louisiana Lan & Ex. MacMarr Stores (1). Mfgs Fin Co v.t.c. Mapes Cons Mg (3). 4 Mar W T br shrs 62c. Marine Mid Cp (1.30) Marshall Field & Co.. Mavis Bottling...... Mayflower Asso (33) Memph Nat Gas Co.. Mer Chap & 8(1.60) Mesabi iron Mesta Ma Co (11. Met & Min Ino (l.lo) Met Chain Stores. Mexico Ohio Ofl. 4 Wi Mid Stl Prod, n (2). Mo Kan P L (b10%). 21 Moh H P 1st pf (7)..100s 4 Moh Hud P 2d pf (1) 258 Mohawk Mining(12). Monroe Chem (1%).. Moody’s I S pt pf (3) Morison Elec (31)... Municipal Service. .s Nat Amer Co. Nat Aviatio Natl Bond & Share. .. Nat Datry P pf A(?)A Nat Fuel Gas (1) Nat Investors ( Nat Mfrs & Sto; Nat PubSv A ( Nat Screen Serv (2).. Nat Steel Corp xw (3 Nat Sugar NJ (2). - @ for aSranokBrataeBn Mammn Nauheim Phar pf. 4 Nebel (Oscar) (1%). Neet Inc ov A (1.60). Neisner Bros pf (7). 4 Nevada Cal EI p£(7). Newberry (JJ)pf(7). New Eng Pow pf NewEng T& T ( New Jer Zine (14 Newmont Min (34, Newport Co (2) N Y Invest (1.2 N Y Rio&Bu Alres. Niagara Hud P(40¢) Niag Hud Pw A war. Ntiag Hud Pw B war. Niag Shares Md (40c) Niles-Bement-P 133 Nipissing (30c) Noma El Cor (1.60) Noranda Mines (3), North Am Aviation.. No Am Aviat A war., North Am Cement. ., North St Pow A (8).. Novadel Agene (2).. Ohio B Tel cm pf(7). Ohto Copper. . Ohio Ofl (12). Oflistocks,Ltd A $50e. Outbeard Motor (B). Overseas Seo (1). Pacific Coast Bis. Pac Coast Bis pt 3.50, Pac GEEl 1st pf 1% . Pag Pub Serv (1.30) Pao Western Of] Pandem O1l. Pantepec Oil. Param'’t Cab ( - Parke Davis (11.45) Pennroad Corp. Penn Mex Fuel (2). Peop Drug Strs (1) .. Peop LAP A(83.40).4 Petrol Corp (1% ) eee Philip Morris Ine. .« Phillp Morris (A). Plerce Governr(1%). Pilot Rad T A (1.30). Pitney BPn (20¢). s Pitts Forging Co. .. Pub Ut Hold Cp war., Pug 8P &Lt of (6),; 108 Pyrene Mfg (80e)... 4 Radio Prod (50). Railroad Shares. RainbowLumProd A RainbowLumProd B Raymond Con pf (3). Reiter-Foster (40c).. Reliable Strs (b5%). Rel'nce Managemnt. Repetti Candy. Rep Steel cum pf (6) Reynolds Bros Inc. . Reynol Hol n3 Roan Ani Min. Rocklans M&Plue) Rolls Roy Ltd rets. . Roosevelt Field. Inc. e ©AD A D IO 0N 0 63D 0 B 000 03 09D Ruberoid Co (4). St Rexis Paper (1)., Schulte Un 5ec-$1 St. Seaboard Utilit! Seeman Bros (3). Seg Lock & H (500) .. Seiberling Rubber... Selected Industries.. Bel Indallotefs 6% Sentry Safety Cont. Sheaffer Pen (13) Shenandoah Corp. Shenan Corp pf(a! Sillea OOI n Singer .lfilllh IA 0) 32). 80 Pflln Ofl (12%).. Cal Ed pf C(1%)w ] - 33% Stand Cap & Seal (n) 5 Standard M, otors. ... Stand OiL Ind (234). Stand O1l, Ky (1.60). Stand Ofl, Neb(13%) 1 8t Ol of Ohto (3%). 100s St Ol of Ohio pf (7).* 108 Stand Pub Ser Co A.. Starrett Corp. . 12 Starrett Corp p! 3 teln Cosmetics Ine, 3 Stromberg Carl (1%) 1 Stuts Motor Cafe.ee. 1 IDVesecemecanns - 8 Dividend Rate. Wos 65 Opwn. Wisk: Low. 2: ~—Prev 1930.~ High. Low. Dividend Rate, iy 47% 39 Sun inv pf (3 1 4 !% Sunray Oil (4 . 8 Superheater (13%).. 10 Swift Intern"1(2%).. 6 Syrac Wash M B (1), Tampa Electric (33). ‘Technicolor, Ine. Teck Hurhes (806, Texon Of] & Land. ‘Thermold Co (3) Thermotd cum pf ‘Todd Shipyard (4) Transamer (31.60) 1'ran Con Air Tran, Tr-Lux DL P8 (A Tubsize Chatillon. .. Tung-Sol La’p pf (3) Ulen & Co. Un Nat Gas, Can 1.60 Uugerleider F Corp. . Union Tol m Uni Chem p! pf (!)-. United Corp wa United Dry Docl United Gas 00 United Gas new MERGERS AROUSE LOCAL OPPOSITION Civic Pride Arrayed Against Concentration of Control in New York. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, April 9.—Cyrus S. Eaton’s % | strongest card in the fight which he has waged against the merger of the Bethle- hem Steel Co. and the Youngsiown Sheet & Tube Co. has been his insist- ence that by such a deal the city of % | Youngstown and the State of Ohio ‘would lose control of a large unit in the steel industry, and that the corporation would become just one more unit for ‘Wall Street to play with. The people of Youngstown themselves are keenly alive to this. Other com- munities are making similar complaints. Go to any industrial city today, ask its leading citizens about their “key in- dustries, and more often than not you will learn that the business leaders are becoming anxious over the growing number of corporations whose policies are controlied and determined in New York City. ‘This business concentration is looked upon by many business men as any- thing but heaithy. With Samuel Insull, Chicago utility magnate, in Europe, reports persist that an important Italian company, the Piedmont Hydroelectric Co., will be ac- quired by him before he returns. If so, it will be the first major parti- cipation of the vast Insull interests in any foreign development. The Piedmont Hydroelectric Co. is one of the largest public utility corpo- rations in Northwest Italy, serving sev- eral manufacturing centers and being strategically located in the center of the largest electro-chemical activities of Italy. Thls company centers its activities in Turin and Lombardy. and has over 240,000 customers. Iis assets probably exceed $50,000,000. It is known that the minority interest in this company is held by the Italian Superpower Corporation, which in turn is affiliated with the Bonbright inter- ests of New York. Samuel Insull and his associates organized the Utility In- vestments, Inc., as an investment trust of the insull interests in the United States. It is possible that this com- pany may organize a foreign holding subsidiary company to do for the Insull interests what the American Foreign Power Co. now does for the Electric Bond & Share organization. The entrance of Mr. Insull, one- time secretary to Thomas A. Edison, into any utLiity situation is important. But this, his first reported venture in Europe, is interesting. William Fox's salary as chairman of the advisory board in the new Fox set-up is said to be $500000 a year. But when will the advisory board meet? Probably never. So the Fox salary really is in the nature of a bonus. Comprises had to be made, and when Harley L. Clarke and his associates bought the controlling interest of 151,000 shares of Fox class B voting stock Monday this was part of the agreement. “\-flhnt now will happen to Loews? 3| The increase of authorized class A 232% 239% 13% 13 stock of Radio-Keith-Orpheum might indicate that Radio-Keith may acquire Loews from Fox on the basis of two shares of Radio-Keith for one share of Loews. The spectacular rise in Radio-Keith- Orpheum stock yesterday of 3% points in a turnover of 294,000 shares indi- cates definite expansion. This stock has moved up from $19 at the be‘!nmnu of the year to $43.75 last night. Radio-Keith stockholders -ppmved an increase of authorized class A lwck from 3,500,000 to 4,500,000 there are 1808,409 shares ou'l:‘t:ng . 1830, by North Amer (Copyrisht, 1930, by North At DIVIDENDS DECLARED NEW YORK, April 9 (®).— Regular. - Pay- Hidrs. of Rate. J;d l‘b’le ruord .50c @ June30 Juneld .50c Q Sep. 30 Sep. 15 .50c Q Dec. 31 . 18 Am Can $1 Q May 15 Apr. 30 Am Eq Assur N Y..30c Q May 1 . 19 Berg Co 1st Nt A...50c SA May 1 Do »f ... .35¢c SA May 1 E L Co B Bl comty Pow & gl‘fllt Allénnce Gemt Siear Company. Aluminum Mfrs . s, cnpm ’I‘Yn’v?o 3. de Wat ‘ONl pi Thion" Ol of 5 E ©00%200: 00000000 DOOOLOOOOLO Mandel H Asso.....50c .. Wolv Petro (8t L). Lt&Pow. . N AT 4R 6 Union Oll of Cal Patino Mines. .. Pinal Dividend Dye.. v op 7 re of neher Securities !:r' Sach Thatcher Mfg. Co. common stock. ——————— TREASURY CERTIFICATES. ted by J & W. Sellgman & Og) {Q— [atu) V % x:::...m T g1 mm’ i ) § | common stock. 2| Am London & Emp Part . 18| Assoc Stand oil Stocks. 1% ~—Prev 1930.—~ High US&Int Wenden 1% Ludlum Low. Dividend Rate. 20 US Finishing 32).. U 8 Gypsum (1.60).. Stock ana Bales— Add 00. Open. L 288, 0 3d pd 3% . USLinespt (1)..... U 8 & Overseas war. U 8 Shares Fin..... Unit Verde Ext (4)., United Wall Paper. . Universal Ins (3%).100s Utility Pw & Lt UHIP&L Botfs (a1). Utllity & Ind Utll & Ind of (13%).. Utility Equit! Vacuum O] (14%) i Ptm (206 Vick Financial Corp. Walgreen Co. . Walker (H) (1) Walker Min'g (T%¢) Warren Bros.... Watson (JW) Co Wayne Pump. Coppe: West Alr Exp (60c).. White Sew M derts., Wil-Low Cafeteria. . Winter (Benj). . Woodley Petroleum. “Y" O11 & Gai Yukon Gold. 17% Zonite Prod (1.60) RIGHTS. % Asso Tell UUI... 7 Ind Ter 111 Ofl...Apr 30 Expire. Apris 12 16 7% % TH T4 2 1% 1% 1% 1% Steel....May 19 Dividend rates in dollars based on last quarterly or semi- ayme) -dividend. tPartly extra. iPlus extra in stock. a Pavable in cash or stock. b Payable in stock. d Payable in preferred stock. STOCK AND BOND AVERAGES By the Associated Press. From Yesterday's 5:30 Edition. STOCKS. Today .. Prevjous day.. Week ago 80 Three years ago, weelly aver High (1930) Low 20 Utilities. 270.4 50, Atandard Statistics Co.) 0Oil Stocks BY GEORGE T. HUGHES. (This is the eighth of a series of brief analyses by Mr. Hughes of the principal of stocks. TAe intent iz mot o recom- mend the purchase or sale of an; tieular, stock. but to' give the Tnvestor uch information as may enadle him Intelligently fo chart his oton’ course.) Confirmation of the view that despite all the difficulties under which the trade labored the calendar year 1929 | was a profitable one for the well man- | aged oll companies is to be had in the annual report of Gulf Oil Corporation. In 1929 gross earnnigs of Gulf Oil were $272,413,238, against $260,335906 in 1928, and net income before dividends was $44,489,685, against $36,325,140. On a per share basis, earnings in 1929 were | $0.83, against $8.06 in 1928, although the number of shares outstanding had increased about 20,000. Gult Oil of Pennsylvania is one of the two largest ofl companies in Amer- iea outside the Standard Oil group. Besides two bond issues, each carrying a 5 per cent coupon and of the high- est investment rating, the company’s capitalization consists of 4,525,221 shares of $25 par value stock. ‘The market appraises this stock at a very high rate for two reasons—first, because it is a minority stock, some 90 per cent of the shares being owned and controlled by the Mellon interests, and because of the extraordinary con- servatism of the bookkeeping. On this latter point it is interesting to note that the corporation wrote off in 1929 for intangible development costs, de- preciation and depletion the large sum of $58,531,764, or more than $12 per share of stock. Nearly $80,000,000 was expended on property, plant and equip- ment during the year, It is for reasons of this nature that the stock, paying only $1.50 in divi- dends annually, sold at the time the report was made public at a price to yield approximately only 1 per cent on the investment. The earnings, whether reinvested in the business or added to surplus, belongs to the stock- holders_and the market reflects that fact. For income the stock has no ltmcunn. but_for those who can af- ford sacrifice current return for ummlu Nfi"‘l appreciation it pre- sents pou CHAIN STORE SALES UNDER MARCH, 1929 Bpecial Dispatch to The Star. NEW YORK, April 9.—Total sales of 26 of the Nation’s leading chain store systems aggregated $124,248,568 for the month of March, a decrease of $10,- 661,703, compared with the total of $134,910,271, reported for March, 1929, according to figures compiled by George H. Burr & Co. ‘Total sales of the same 26 chlhu for the first quarter of 1930 aggregate $356,843,701, an increase of $1,660,! 512 compared with total sales of $355,182,- 789, reported for the same period last year. Columbia Pictures Corpomtion. NEW YORK, April (®).—New financing for the Columb!l Pictures Corporation, to provide funds to liqui- date bank loans and for other corporate purposes is expected to be made soon in the form of an luue of voting trust cer- tificates for 50,000 shares of no par INVESTMENT TRUSTS NEW YORK Aprfl 9 (A).—Over-the- counter market. Bid. Asked. Basic Industry Shares Colonial Investors .. Diversified Trustee Shares Do. B Do. C. Pederated Cap Com nxed 'rnm Shares A. ?nnn . Incorp n‘"“'x"r:n i & Share. FOREIGN EXCHANGES. (Quotations fu: by "x?‘&unn.?xm ) i RAILROAD CONTROL IS BOUGHT IN MARKET | Joyce and Associates Accumulated Chicago Great Western Stock in Break. By the Assoclated Pres: CHICAGO, April 9.—From Chicago's back of the yards came the Middle West's newast rail chief, Fitrick 7. Joyce, 51, wko yesterday fo: i-lly an- nounced that control of the “hicago Great Western Raflroad I'~d passed to himself, John O’Leary and associates. The arnouncement was ma-e wicer the stockholders’ and directo.+ meeti. ;s, at which two new directors were elicted and it was decided to t operatio..> under President e ner. From a source close to Joyce c: me the story behind the formal typewritten announcement which marked the p. .- ing «f the road's afairs to the Joyce coterie. Since the death of Samuel M. Felton, former chairman of the board of the Great Western, Joyce and his associates have been accumulating holdings of the stock, purchasing large >locks of ‘he securities duflng the hectic market fluc- tuations of last Fal Control of the holdh‘u’s ‘was effected during the forepart of last December, it wa. said, and purchases of siick were continued until the n: group o.aed outright more than 55 per cent cof the outstrnding stock of the road. The Chicago Great “7.stern operates 1495 miles of railroad, between this|| city, Minneapolis, St. Paul, Kansas City and Cmaha, most of which serves ter- l::flry through the Middle Western farm In the recent consolidation plan, worked out by the Interstate Commerce Commission, the road . .s allocated to the Santa Fe system. FINANCE CORPORATION HAS GAIN IN EARNINGS Charles Delmar, local representative, reports that the volume of new loans made by the Continental Pinance Cor- poration of New Jersey total $145,098 for the three months ending March 31, compared with $134,798 for the same period last year, an increase of 16.3 per_cent. The loans outsanding as of March 31, 1929, increased from $278,959 to $475,755, as of the close of business on March 31, 1930, or an increase of 70.5 per cent. Gross earnings for the three months showed an increase of 82 per cent, due iargely to expansion of busi- ness from newly opened offices. GRAIN MARKET CHICAGO, April 9 (Special).—The wheat, market was higher today under short covering influenced by the fact that there was no rain in the South- west and cables were about 2 cents better than due. Liquidation in May developed on the buige and caused some reaction. May opened 1.14%,al.14%4, July, 1.15%a1.15%; September, 1.17)%a 1.17%. After the first half hour May, 1.13%; July, 1.15; September, 1.173%. Corn opened firm with wheat but re- acted later under liquidation. May opened 8515a85%s; July, 8734a87%: September, 8812a88%. After the first half hour May, 85%; July, 87%; Sep- et we! lile chungsd Bt ed ats were little c! a) I 447; July, 447; gg;tembei up:fl% After the first_half hour May, 44%; July, 447; September, 433%. Provisions sold lower with hogs. ————— NEW YORK COTTON NEW YORK, April 9 (Special).—De- clines were general at the opening of the cotton market today, with quota- tions off 1 to 10 points. The May op- tion lost 8 points, continuing Tuesday's decline, while July was off 10. New crop months were steadler, The weather map was mostly clear, with some frost reported in the Eastern belt. ‘Opening prices were: May, 16.36, off a July 16.35, off 10; October, old, 15.56, ; ‘October, new, 15.32, off 4 eembe old, 15.68, off 8; December, n 1545, off 5; January, new, 1551, Ofl 6, Hln:h 15. 'Il off 1. NEW INVESTMENT TRUST. BALTIMORE, April 9 (Special) —The First American Corporation, an invest- ment trust, organized by F. A. Willard & Co. of New York, has been incorpo- rated under the State law of Maryland Authorized capitalization of the cor- poration consist of 5,000,000 shares of voting common stock ‘without par value- The !nm 1t is said, will pay cash divi- dends out of its net cash income and stock _ divi out of accumulated EASTERN UTILITY INVESTING CORP. setting op 1058 A Common stock ling on New York Curb times 154 e-mmu—x‘hl'{';.'f':nm'" e on Teanest i 3 Price at market net mcnn'x‘xm'x‘:"m‘mma Courtland Nizon. 1518 K St. Natlonal 1926, ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 64th Issue of Stock Now Open for Subscription Money loaned to members on easy monthly payments James E. Connelly I F. President S ecr e Secretary Real Estate Investments JAMES Y. PENNEBAKER Nat.5291 1520K St.N.W. BUSlNESS INSURANCE A'New Low Cost Life Contract e 35—$10.000 Protection Costs $140.50 per annum Send_ror Illustration Insurance Exclusively Twenty Years 'AIl Branches Transacted LEROY GOFF 1036 Woodward Building Nat'l 0340 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. First Mortgage Notes FOR SALE In Denominations of $250 and Upwards JAMES F. SHEA 643 Louisiana Ave. N.W. Wm. Gordon Buchanan Councilor & Buchanan Certified Publie Accountants Tower Buildin National 6110. 61110211 (Telephone Directory Omisston) Real Estate Loans Mnde Linkins Co. Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commission. Joleph I Weller “"}"“’h';‘,","‘,;f The Commercial National Bank Savings Deposits Bear Interest on Daily Balances from Day of Deposit to Day of Withdrawal. Com- pare this method with usual method of computa- tion. Call and let us ex- plain. Other Departments are equipped to serve you in all banking and fiduciary matters. The Bank of Personal Service 14th & G Sts. N.W. Resources Over $20,000,000 \ WADE H. COOPER. President > S. S. Kresge Company We have prepared a com- prehensive review of the company Copies upon request STEIN BROS. & BOYCE Established 1853 Woodward Building WASHINGTON, D. C. Main Office: Baltimore, Md. Members NEW YORK, Baltimore and Louisville Stock Ezchanges Associate Members New York Curb Ezchange Mortgages We have a selected group of safe 6%% first mortgages secured on improved real estate and backed by our $3,800,000 resources. There is NO loss of principal or curtailment of dividends in these high-yielding first mortgages. In denominations as low as $250 Stop in, or Send for Booklet “The Success Plan” May Be Purchased on Monthly Payments REALESTATE/ MORTGAGE & GUARANTY CoRPORATION Capital Resources over $3,800,000 24 JACKSON PLAEE