Evening Star Newspaper, April 17, 1930, Page 15

n FINANCIAL. CURB ISSUES MOVE | IN NARROW RANGE Market Irregular, With Nu- merous Declines—Utilities «& . Continue Strong. * T BY JOHN A. CRONE. Special Dispatch to The Star NEW YORK, April 17—While to- day’s curb market showed great strength in certain sections—notably the public utilities and the pipe line and gas stocks—there were numerous declines throughout the list. However, what weakness there was evidently was attributable to lack of interest rather than to any organized short selling, as most of the losses were fractional. On the other side, many of advances carried stocks into new high ground for the year. American Light & Traction went to & ‘new high at 349'; for the old stock and the new gained nearly 2!, points to 8914, also a new high. This move was coupled with an upturn in United Light | & Power, of which American Light & | subsidiary. United Light A" was turned over in large amounts, rising 2 points to a new high | at 55. Most of these gains were shaded & little as the session worg on. At the opening it was apparent that some special operation was in progress in Crocker-Wheeler, which opened a point better at 30!x and added to the gain later. The Street heard that a mk_pml had been formed to push the Electric Bond & Share was unshaken in its position as market leader in ac- tivity. After opening fractionally lower, it retraced the loss and sold at a small in around 115%. Other public util- ities giving a good account of them- selves were American and Foreign Power warrants, American Gas & Electric, Electric Power & Light option-warrants, Brazilian Traction, Eastern States Power “B,” Electric Power Associates “A" and Niagara-Hudson Power. Commonwealth Edison rose 3 points on publication of the first quarter earn- ings rt, which showed net of $3.73 a share on 1.372,306 shares, compared with $3.94 & share on 1,255,168 shares in the March, 1929, quarter. Pipe line and gas stocks were strong following reports of mergers and ex- amlnn programs in these industries. mberland Pipe made a new high at 653, a gain of 5% points on the day and 153 in the last two sessions. Lone Star Gas gained a point to a new high and Southwest Gas Utllities advanced over a point, also to a new 1930 peak. An exception to the upturn in this “:‘_E was Buckeye Pige, which made another new low at 56%;. Reiter-Foster was a feature of the miscellaneous oil section, running up 2 points to a new high price over 5. Cities Bervice dropped fractionally. - New !;e:l for Research Corp. NEW YORK. April 17 (#).—John Y. Whbbins has resigned as vice president of the Equitable Trust Co. and is to suc- ceed Ross Beason as president of the Administrative & Research Corporation, which, through its subsidiaries, sponsors (nvestment trusts of the fixed type. Mr. is to become chairman of the PARIS BOURSE PRICES. PARIS, April 17 (#).—Prices were firm on the Bourse today. Three per | cent rentes, 89 francs 30 centimes. Five per cent loan, 102 francs 90 centimes. change on London, 124 francs 4 centimes. The dollar was quoted at 25 francs 51% centimes. ‘The Bourse will be closed until Tues- day, April 22. ‘BONDS ON THE CURB DOMESTIC BONDS. © 3'Alabama Pw 4lgs ‘67 940 & Aluminum Ltd bs '48 99 §Am Cmwin Pw 65 '40 98 49102 30 '50 dihe 0! 9 H 5533 209 BBl Sumnen. 585, T et <) s 25 jes Service 55 '66. 8 Bery Pow 5133 '52 e Ter Blde 85 9 t G & E 88 100000 bt S 10020 %2989 9 Bost 55 A '33 1013 & L 55 A 2030 9203 banks Mor 55 971 P 2 cnsco IR ca st creers 5 2 B o TS mea er 55 '57 9112 8 Intersta Power 65 '52 90% SInves B & S 55 A 1471024 3 Towa-Neb L&P 94 1 Kelvinator 6s 3 Kovpers G & 2 Kopper Laclede G = Zg 5 5 5! y McN & L 55 4 ng Island ¢ 6s 45104 & L Ss’57. .. . 962 nitob P blas A ‘81 99 S ‘_!I s iss River Fuyel 0 Pac R R 55 ont L H& rrasangett oS et 22z N 2 T L kS ,10“ PN "’""rmao“l‘ 90 ot S YTV IRZLLZLLL; L LR 200 H2EE 3omuC2, a0 28200 74 B0T0rs £ o k) EEr s s, " ch Cen 23 s PR . << prere % 87 > 100 W & Pow 55 '80 1011 Tex UL 85 A 157 8115 Union Tel 55 '60 102% FOREIGN BONDS. Bank 75 ‘47 alley s 4 BK 6 . -, THE EVENING STAR, WASHINGTON, D. C., THURSDAY, APRIL 17, 1930. FINANCIAL, TRANSACTIONS ON THE NEW YORK CURB MARKET Notice—All stocks are sold tn ene ‘bundred-share lots excepting those designated by the letter o (65s) (283s), which shows these stocks to be sold in odd lots enly Open. High. Stock and Dividend Rate. Sales— Add 00. 8 Aero Supply MfgB). 3 3 19 Agfa Ansco. 34 Alr Investors vt 11% Afr Inv Inecv pr. 21% Afnsworth Mfg 13%. 8 126 Ala Gt Sou pf (17). 2756 Aluminum Co of Am. 105% Alu Co of Am pf (6). 19% Alumin Goods (1.20), 108 Aluminum Co, Ltd. ., 7% Am Br B El fd shs. 4% Am Brit & Cont. 8714 Am Cit PAL A (a3). 14 AmCP&L B (b10%) 23% Am Cwith P AD10% 344 AmCwith PBb10%. 3% Am Cmwlith Po war. % Am Control O1l Fids. 25' Am Cyanam B (1.60) 110% AmDIstT.NJ cv pf 7. 508 16% Am Equities, 6 60's Am For Powe . 113% Am Gas & Elec (21). 23 o - 9258 Am St Pub 8(A)1.! 25% Am Superpower (1). 87% Am Superpow pt (€) 94% Am Super 1st pf (6) 10% Am U&Gen B vte ¢0e 31y Am Yvette (new) wi 10 Anchor Post F b10% 17 Amrad Corporation. 121 Anglo-Am vot (73e). 15% Anglo Chil Nitrate. . 2% Anglo-Nor Hold, 25e. 13% Appalachian G: 8% Arkansas Nat §% Arkansas Nat Gas A. Ark Po & Lt pf (7).. Art Metal Works(3) 2 asso-Dyeing & Ptg.. 5% Asso Elec Ind (30¢). 484 Asso Gas & Elec. n. . 36l A8so G&E. A (12.40), 7 A830 G&E A deb rts.. P 0 RayoD...... 3914 Asso Rayon pf (8) 60% Asso Tel&Tel(A)( 267 Asso Tel Utll (b7%). 224 Atl Coast Fish(1.40). % Atlant Fruit & 8uj 154 Atlantic See Corp. .. 22 Atlas Plywood (2)..: 6% Auto Musie (A) (1).. 4% Auto Voting Mach. .: 9% Auto Vot Ma ev pr pt 24% Aviation Corp of Am T4 Aviation Securities. 122 Babcock & Wil (19). 21 Bania Corp 150% Bell Tel of Can ( 3% Benson & Hedges. 31% Blaw-Knox Co (1%). 234 Bliss Co (E W) (1).. 6% Blue Ridge Corp. 83% Blue Ridge cv pf (; 35% Brasil Tr & Lt (3) 2% Brill Corp B.... 28% Brillo Mfg A (2).... 27% Br Celanese Lid rcts 14 Brown F&W, B 2.40 57 Buckeye P L (4)... 24% Buff, N&BP pf(1.60. & Bureo, Ine. ceses 3 Bureo, Ine (war).... 2% Burma Corp (1310).. 10% Butler Bros (30¢)..s 3 Cable Radio T vte... 24 Cab&Wire LtdA rets 1% Cab&Wire LidB rets. 4 C&W ptrets(273ce). 814 Can Marcon! 51 Can Pacific(n % Carib Syndicate. 26% Carnation Co (31%). 254 Cent Public Servies. 34% Cent P Sv A (al.75). 19 Cen States El (340e) 224 Cent & Swst U(b6% ) 4% Centrifug Pipe (60e) 2% Chain Stores Dev... 124 Chain Stores Stoek. . 224 Charis Corp (13). ... 23% Chatham Phoe Al n-v 22% Chem Natl Asso n-v. 53 Ches & Ohio (new).. 20 City Mach&Tool(13) 26% Citles Service (330¢) 88 Citles Serv pf (6). 8% Cit Serv pf B (60¢). 63 Clev El Illum (1.60) % Colombia Syndicate. 3% Club Alum Uten... 54 Colon Ofl. .. 17% Colum Of1&Gaso 24 Columbla Pictures. . 4215 Colum Pictures v.t.c. 234 Com'with Edison (3) 31 Comwlith & Sou war. 12% Com Wat Ser (b8%) Comstock Tunnel... Consol Auto Merch. CAMCocumpf.... Consolidated Copper Cons Dairy Prod (2). 0) N oRanSaces m ELErT - e el T T ISTICTH I PP TR -4 7 2 12 33 83 1 oy wooge ke » O T L e T~ e L L B ot T Cons Instrument. Cons Laundries. .... Con Retail Strs (1).. Cooper Bess pf A (3) Copeland Prod loc A. Cord COrpecveressson Corroon & Reynolds. Cor & Rey pf A (6).. Cosden Oil.... Cosden Oil pf (7). Coty, Soc Anon (74 41 Crown Cent Petrol. . Cuban Cane pr opt w. Cumb’ind Pipe L(4). Curtiss Wright war. Cusi Mex Mining.... Darby Pet (1) Davenport H Dayton Alr & Kng. 108 140% 13 11% 23% aa, 2318 a2 ™M N 111 18 T4 162% 14% 345 87% 128 4% 11 29 17% 33% 3 13% 164 14% 154% 1508 134 164 11% 23% 8% 24 321 140% 3% ™ 111% 188, 5% 153 147 3494 891 12% M 11 304 17% 331 3 13% 154 14 107 234 2t 614 18% 134 o 4 4% 4% 226s 154 1544 F 5 36 26 164 4 6 6 Deere & Co new w.l.. 39 167% 161% t Radio.... 25 4 De Haviland (60¢c). Derby Oil & Refin. .. Derby Oil & R. pf. Detroit Aircraft Cor. Detroit Gasket( Dix Gas & Utilite: Douglas Alr (76¢) Dow Chemical (2) Dres(SR)M(g A 3%. Driver Harris(new). 13 Driver Harris pf (7). 10s Dubilier Cond&Rad. D Duval Tex Sul Bast Gas & F Asso.. East Sts Pow B (1).. 106 iSastern Util Inv A.. Eastern Util Asso cv Eisler Electric (1%) El Bond & 8b (b6). .. 1 Bond & 8h pf (6). Elec HouseUtil (2).. Elec Pow A880 (1).. Elec Pw A850 A (1) El P& L opt wi Elec Sharenldg - El Sharehold pf (6) .. EBS, IncAn-v(2)s Empire Fire 1 Empire Pwr Corp(1) Emp Pub Sv A(1.80) Empire Steel Corp. .. Eng P S opt war..... eka Pipe Line(4) Europan Elec «The). Kuro EI, Ltd deb rts.. Fabrics Finishing. B T L L L Fd Ins (5) Fokker Alreraft. ... Foote Br Gr M (1.20, Ford Motor Can A. .. Ford Mot of France.. Ford Mot, Ltd 37% Foremost Fab (2). Foundation For Sh Fox Theat Cl A.... Galena. O1l Corp w.i. Galena Sig. otfs. dep. Galena Sig o pf cod. 1508 8 12 T " @ . — ing. 35% Gen Baking pf (3). 58% Gen Capital M,* 1 % Low. 3:88. 11% 11% 3% 150140 1524 14% 14% 842 349 BTH B8 24 1001 100% 12% 12% 4% 4u p R 1 29 304% 1% 17% 33 33 3 3 134 13% 14% 15 1% 14% 107 107 23% 234 2% 2w 6l 6% 48 484 aAn 4% 9 9w 6% 6% 584 59 60 61 26% 26% 2 22 W % 28 23 2% 22% 6% 7 5% b4 1% 11% 49% 49% 154 18% 134 134 % 4% 154 154% 5 5 8515 25% 13% 2% 51 5 35% 28 54 424 98 5% 17 17% by L % 1 A% am 5% 6 16 16 126% 1264 8 28 1% 11% % b 14 10% 44 "% 164 17% 86 60% 70 a% 6% 304 Bales— Add 00. Open. High. Gen W WaB A (2).. Gleaner Com Har(2). Goldberg Stores (1).. Gold Coin. . BT TS Goth Knitback Mach Graymur Corp. GrA&P Teapf GrA&PTnv Greenfleld Tap&! Groe Stors Prod vte. Gulf Ofl of Pa (1%). Guenther Law (2)... Handley Pag pf t15¢ Hazeltine Corp (1).. Heela Mining (1).... Hires (CE) A (2). Hudson Bay M & Humble Ol (2) Hydro Eleo Serv (3). Hygrade Food Prod. 1M Pipe Line (20).... b0s Ind Terr [1lu O1l (A) 50 ind Terr Illu Of1 (B) 62 Ind Fin otfs (b10%). 14 Indus Fin ev pf (1)..100s Insull Ut Inv(b6% ). Ins Coof N Am (13). Insurance Seo (1.40) Intercoast Trade (1) % Intercontinent Pet n Intl Cigar Mach (5).. Int] Holdg&inv 10c.. Intl Petroleum (1) Internat Produet: . Intl Superpow (31). Internal Util A(3%) Internatl Ut B...... Internat] Utll (war). Interstate Equities. . Interest Eq ev of (3) Irving Air Chute. ... Irving Alr Ch (1.50). Italian Superb war.. Italian Superpow A.. 09 100 OY B0 00 0 80 B 1 it 37 92 8 Jonas & Naumburg.. Kan City Pub B vte.. Klein (H)pt pf $1.30. Kleinert Co (2%) Kolster-Br (Am Lackawanna Ses(4). Lake Superior Corp. Lehigh Coal&Nav(n) Leonard Ol Lerner Stores (2) Libby McNell & L. Loews Ino war. » - Lone Star Gas (1). Loutstana Lan & Ex. MacMarr Stores (1). Mfgs Fin Co v.t.e..... Mapes Cons Mfg (3) Marshall Field & Co. Mass Util Asso.. Mavis Bottling. Mayflower Asso (13) Memph Nat Gas Co.. Met & Min Ine (1.30) Met T Cor pt pf (13% Met Chain Stores. ... Mexico Ohio Ofl....: Mid Sts Pet v.t.c. A.. Arid Sts Pet v.t.c. B.. Mid W Sta Ut (1%).. Mid W T (b8% ). Mid West Ut A war., Ut B war., Sons (3). Miss River F Cp war. Mo Kan P L (b10%). Monroe Chem (1%).. Montecatint deb rts. Morison Eles (31)... Mtg B,ColAm sh 1.91 » El . » 2 BerPororshobuonnSeinobe R advennSans mann vae Sonanee - Mount Prod (1. Munielpal Service. Nat Amer Co. Nat Aviatiol Natl Bond & Sh: Lo Fam Natl Fam S pf (2)... Nat Fuel Gas (1).... Nat Investors (new) 1 Nat Leather. 1 Nat Sugar NJ (3).. Nat Union Radlo.... Nebel (Oscar) (1%). Neet Incev A (1.60). Nehi Corpn (1.30)... New Brad Ol (60¢) .. New Eng T & T (8). 450 Hav Clock 11% Jer Zine (14)... 1% New Mex & Ariz Ld.. Newmont Min (34).. N'Y Invest (1.20)..a N Y Pet Royalty (1) N Y Rio&Bu Alre NN DW DR RE AR e Niag Hud Pw A war. Niag Hud Pw B war. Niag Shares Md(40c) Niles-Bement-P 133 Noranda Mines (3) No Am Aviat A war. NoAmL&P (b8%). North Am Util Sec North St Pow A (8).. North St Pow pf (7). Ohto Copper. ©Ohto Ofl (12) Ohio Oil, n, cu pf w.1.. 4 Otistocks.Ltd A 3606 Outbd Mot A (1.80).. Outbeard Motor (B). Pac G&EI 18t pf 1% = Pac Pub Serv (1.30). Pandem Oll........e Param’'t Cab (b8%), Parke Davis (t1.45). Penn Gas& EA (1% Penn Mex Fuel (2).. Pennroad Corp. ..... Peop L&P A(a3.40).. Petrol Corp (1%)..« Philip Morris Inc. Plerce Governr(1%). Pilot Rad T A (1.20). Pitney B P n (20¢).., Pittsbgh Forg(1.60) .. Polymet Mg (11)... Pond Creek Poch Potrero Sugar. Pratt&Lambert (1 Prent Hallev (3)...4 Prince & Whitely. .. Prince& Whitely pf3. Prudential Inv...... Public Utll Hold w w Pub Ut Hold Cp Pug 8 P & Lt pf Pyrene Mfg (80e. Radio Products (1).. Rallroad Sha RainbowLum. RainbowLumProd B Reiter-Foster (40¢) .. Reliable Strs (b5%). Relia Intl Corp A w1 Rep Steel cum pf ($) Rich Oil Cal pt (1.76) Rich Radla cum pf.. 4 Roan Antelope Min. ., Rocklans L1&P(93¢) Ross Stores, ino, St Anthony Gold St Rexis Paver (1)., 123 St Regis Pap pf(7)..450s Salt Creek Prod (3 Schulte Un 6o-$1 Seaboard Utilities erling Rubber. . % Selected Industries.. Sel ind allotefe 6% .. ntry Safety Cont.. Shattuck Den Min. Shenandoah Cor Shenan Corp pf(as). Sterra Pao Eleo (3) .. Silica Gelet. ... Singer Mfg (126). 130 F1n COrp. .veea do Smith (A O) (2) Southland Roy (1). S W Dairy Products, 8 W Gas Util. . 1 Spanish & Gen Reg. 33% Stand Cap & Seal (n! 704 Stand Inves BE(5%) 12 124 27 Low. TH 22% 3% 49% 12% « 2 16% &5 4% 5 9 4% 7 | price at 18 cents on an economic basis. Bates— Add 00. Open. High. Low. 385 30 ‘_zlu 2% 24 2% % Stand OIL Ind (3%). tand Ofl, Ky (1.60)., Stand Oil, Neb(13%) Stand Pow & Lt. Stand Pwr & Lt. Starrett Corp. Starrett Corp pf Stein Cosmetics Ine. Steinite Radio. .. .. Stroock & Co ( . Stuts Motor Car. ... Sunray Ofl (40¢).... Swift & Co new (3).. Swift Intern'1(3%).. Taggart Corp (1)..e ‘Tampas Electrio (33). ‘Technicolor, 27 9 R N PN T T ® Tobacco Pr Exports. Transamer (31.60)... ‘Tran Con Air Traa.. Tr-Lux DL P 8 (A). Tri-Cont Corp Triplex Safety Glars Tri Utilities (31.30) .. Truns Pork 8 (1.60). Tubsize Chatillon. ... Tung-Sol Lamp (2).. Uugerletder F Corp.» Un Nat Gas, Can 1. Union Tobaceo. United Chemical Uni Chem pt pf (3). United Corp war. United Dry Docks. Unit Ei Ser pur war. Utd Founders(b3.85) 128 United Ges Co. ... 26 D9 001 N 0000 <1 1 83t i O United Gas new . ~Prev 1930.~ High. Low. 42% 40% 5T% Vacuum Venezue Venezue Wenden Watson W Ludlum Rockl'd rates in dollars end. _tPartly extra. ock. b Payable in stock. d Paya Stock and Dividend Rate. United Gasc.o.d. United Gas war. United Gas pf (7). 8 Finishing (33) 8 Foil B S Gypsum (1.60).. IntSe3d pd 3% . Linesof (1)..... &O Ut & Ind of (1%).. Utility Pw & Lt(al). Uti]P&L B ctf: Utility Bquit . Veeder Roof (2%).. ‘Wahl Company . Walker (H) (1). t Tab & Sta (2).. Wil-Low Cafeteria. . Winter (Benj) . Woodley Petroleum.. “Y” 01l & Gas. . Zonite Prod (1. 3 RIGHTS. Bx) Ind Ter Ill Ofl...Apr Low. 3:88. 40 40 9% 9% 964 534 17 Bales— Add 00. Open. High. 7 40 40 9% 56% (a). . - s e A el Ll M ammomHm R~ Soe- Seln al). Ofl (4% ).. la Mex Ofl.. 1a Petrolm. . Copper. . (JW) Co.... pire. 30 Steel....May 19 L&P. .May § based on 1Plus Iast quarterly s ¥. a Payable et preterred. stok: INCREASED COPPER SALES PREDICTED Early Upturn in Price of Metal May Follow Heavier Demand. BY J. C. ROYLE. Federal officials do not expect any lasting effects from the drastic drop in the prioe of copper, although they do not minimize the importance to indus- try of the development which caused & recession from 18 cents to 14.3 cents a pound. The blame, in some quarters, is placed directly on artificial mainte- nance of prices. The statistical position of copper has warranted a drop for months, but the price had been pegged at 18 cents. Con- sumers were thoroughly aware of the trend and by withholding buying orders, confident in the belief that they could fill their needs at any time, have pre- cipitated the drop. Other Commeodity Prices. Government officials say the quota- tion level may possibly revert to the 18- cent mark, but even so they see a'de- pressing influence on certain industries. Some go so far as to say that the arti- ficial maintenance of prices has never been proved successful, although they are discreetly silent on the efforts of the farm board to restrict production of wheat, cotton and tobacco With the same object in view. Reduction in the cost of copper, they indicate, is lfkely to increase demand, but on the other hand, they point out that until the market is stabi d con- sumers are likely to withhold orders in the hoj of further recessions. The first effect will be felt on the mining industry. For months restriction has voluntarily been placed on production, but this drop will mean the closing of some of the higher cost producers. It is well known that some properties can and do produce copper at a cost of 7 to 9 cents a pound. There still remains an ample margin for these, The drop will not be passed on to the consumers of copper products immedi- ately. The copper products now avail- able for use in the building industry have been made from 18-cent copper and until these stocks are cleared no reduction is in prospect. It may check building to some extent, in that con- tractors will delay placing of orders in the hope of still lower prices. The same is true of the automobile industry, the radio manufacturers and the hardware producers. The utility companies stand to benefit first of all and their consumption is a heavy item. Low costs may produce heavy buying from this source. Government officials were not sur- prised by the price cut. They said to- day that they had been fully cognizant of the increase in copper stocks of 22,- 897 tons in the Western hemisphere dur- ing March. This brought the total re- serves to 256,020 tons, which compared | with 52,968 tons at the end of March, 1929, and was the highest point reached since July, 1922, Shipments across the Atlantic were 104,167 tons, as compared with 165,806 tons in March a year ago. Production Decreases. It is true daily production in March dropped to 4,099 tons as against 4,328 tons in February and 5,276 in March, 1929. But the use of scrap copper rose to 12,165 tons, making the total from the‘ scrap source for the year nearly a third | more than in 1929. Government agencies, it is evident, disapproved of the pegging of the copper They point out that whereas copper Was for a time maintained at 18 cents by keeping 30 per cent of possible require- ments in reserve recently, the policy was changed and an effort to accomplish the | same results was made by holding stocks | beneath possible orders. None the less, many expect to see copper recover in price since it is an essential commodity and lower prices are deemed likely to revive both foreign and domestic de- mand. (Copyright, 133C.) RAILROAD FILES SUIT AGAINST COAL COMPANY Special Dispatch to The Star. BALTIMORE, April 17. — Alleging breach of contract, the Western Mary- land Railroad yesterday filed suit in Philadelphia against the Consolidation Coal Co. of Pennsylvania for $10,331,- 205.48 ages. ‘The suit charges the railroad sustained a net loss of that amount in the last six years as a result of the coal com- pany's failure to adhere to stipulation of a hauling contract signed in 1915. Under the contract, according to the suit, the Western Maryland spent $10,- 000,000 in extending its lines to mines operated by the coal company in the Fairmont district of West Virginia and Somerset County, Pa. ‘The suit alleges that the coal com- pany failed to carry out its agreement to ship 3,250,000 tons ef coal annually over the Western Maryland upon com- pletion of the new trackage for 50 years. Two weeks ago the coal company filed suit in Federal Court here asking for the cancellation of the contract. NEW YORK COTTON NEW YORK, April 17 (Special).— With opening prices 6 lower to 2 high- er, cotton did not give any indication in early trading of continuing its advance of yesterday. What buying there was centered around the new December and January positions. The shorts who covered so hurriedly in May and July in the tlErevlmu session, evidently re- sumed their position as these contracts opened lower, Opening prices were: May, 16.07, off 1; July, 16.19, off 2; October, old, 15.34, off 6; October, new, 15.12, off 1; Decem- ber, old, 15.54 off 2; December, new, ‘1&,!’2: up 1, and January, new, 15.39, NEW YORK, April 17—The follow- ing is a summary of important cor- poration news prepared by Standard Statistics Co., Inc., New York, for the Associated Press. News Trend. \ Outstanding in the day's corporation news was the announcement of a re- organization plan under which control of the Radio ration of America and subsidiaries will pass to the Gen- eral Electric Co. d Westinghouse Electric & Manufacturing. Under the plan Radio Corporation will acquire exclusive licenses under all General Electric and Westinghouse American patents to manufacture radio appa- us, real estate, factories and other manufacturing facilities now employed by the electric companies in manufac- ture of radio apparatus in return for 6,580,375 shares of common stock, 3,948,225 shares of which will be re- ceived by General Electric and 2,632,150 shares by Westinghouse. Other items of outstanding interest are the offer of rights by American Telephone & Telegraph to stockholders for subscription to one additional share of stock at $100 on basis of one share for each six held. Favorable dividend announcement was made by Powdrell & Alexander, Inc. Companies with fa- vorable March quarterly reports include Bickfords, Inc.; Curtis Publishing, Hudson & Manhattan and Mapes Con- solidated Manufacturing. Unfavorable quarterly statements were issued by Johns-Manville, S. S. Kresge and Willys-Overland. The Companies. Alpha Portland Cement earned $2.13 on common stock in 12 months ended March 31, 1930. Amoskeag Manufacturing net income in 1929 was $1,065,534, against deficit of $960,698 in 1928, before depreciation both years. Associated Gas & Electric extends to January 1, 1936, the existing rights ex- piring September 1, 1930, and January, 1, 1831, to purchase common stock at $30 a share. Bickfords, Inc., earned 59 cents on common stock in quarter ended March 31, 1930, against 37 cents in like quar- ter 1929. Consolidated Instrument Co. of America had deficit of $105,866 in 1929. I&dl{ul earned 53 cents on common stock. American Telephone & Telg%rnph stockholders of record May 23 offered rights to subscribe to one additional share stock at $100 on basis one share for each six shares held. Rights expire August 1. Ownership of convertible bonds does not entitle holders to sub- scription rights, nor will stock to be issued in their conversion after May 23 be entitled to rights. Curtis Publishing earned $2.75 on common stock in quarter ended March 31, against $2.32 in like 1929 quarter. De Forest Radio sues Cordon Phono- craft, alleging infringement of patents. General Motor Adam-Opel factories producing 200 cars daily; capacity, 300. Hudson & Manhattan R. R. earned $1.27 a common share in March quar- ter, against $1.10 in like 1929 period. Johns-Manville Corporation earned 81 cents on common stock in quarter ended March 31, 1930, against $1.30 in like 1929 quarter. S. 8. Kresge Co. earned 49 cents on common stock in quarter ended March 31, 1930, against 57 cents in like 1929 quarter. Kreuger & Toll, French government, to repurchase at 103!; the $75,000,000 long term 5 per cent bonds sold to Kreuger & Toll and Swedish match group. Mapes Copsolidated Manufacturin, earned $2.76 on common stock in qu-rE ter ended March 31, 1930, against $2.17 in like previous quarter. w):gg: Motor l’lx;'e:h tiiri.recklrs ordered cause w] eir election shy not be nullified. e J. J. Newberry Co. has added 11| stores to chain since January 1; cur- rently operating 200 stores, Packard Motors had 59,230 stock- holders as of March 28. Pathe Exchange, Inc., to produce 20 feature pictures in 1930 at cost of $7,000,000; total expenditure for pictures in 1930 would approximate $14,200,000. Powdrell & Alexander, Inc., declares extra dividend of 37!, cents and regu- lar quarterly dividend of 87!, cents on common_stock. s'IP;:lel}-Dr’:ée ge:-ne]:\lt earned $2.42 on er stocl 12 months ende: H{'l:fg‘ 31, 1930. & lo Corporation announced spe- clal stockholders’ meeting will be held May 6, 1930, to vote on proposal to in- crease authorized common stock from 7,500,000 shares to 15,000,000 shares and authorized B preferred stock from 813.365 to 1,500,000 shares. Subject to | ratification of foregoing R. C. A. would issue to General Electric and Westing- house Electric & Manufacturing 6,580,- 375 shares of common stock, three- fifths of -total to General Electric and two-fifths to Westinghouse. In return for these shares R. C. A. will acquire patents to manufacture radio appa- ratus, real estate, factories and of manufacturing facilities now employed by the electric companies in manufac- ture of radio mplnt\u. also shares of stock held by them in National Broad- casting, R. C. A, Victor, R. C. A. diotron, R. C.. A. Photophone and Gen- eral Motors Radio Corporation. The value of the Radio Corporation shares will include reimbursement to the elec- tric companies for the $32,000,000 cash advances made by them in connection with acquisition of Victor Talking Ma- o mitod Alrcratt & Transport reported nited Airera Te] it holds 57 per cent of Nlflonlyo Alr- craft & Transport stock. ‘Willys-Overland earned 93 preferred stock in quarter 31, 1930. In like 1929 quarter it earned 8 cents on common stock, before Federal taxes. - COMMODITY PRICES SEEM STABILIZED Wall Street Believes Down- ward Trend Has Now Been Halted. Special Dispateh to The Sta NEW YORK, April 17.—For the first time in several months there was a definite improvement indicated in the average of commodity prices last week. The decline of 4 cents a pound in the price”of copper metal may temporarily offset this gain and counteract the effect of the stabilization that has oc- curred elsewhere, The feeling in both business and banking circles, however, is that the deflation in copper metal represents the last big adjustment to overproduction that will have to be made and that from now on the adverse factor on in- dustry of falling commodity prices will gradually be eliminated. Commodities have been on the down- grade in this country and_throughout the world for several years. The llel within a few months has been con- ditions prevailing in 1922 after the post- war inflation. The most acute effects of this followed the break in securities last Autumn. By the middle of March the commodity g:lu index was 8 points lower than in the same month of 1929. Most of this decline occurred subse- quent to the beginning of the reaction in stocks from the high record level of last September. In it were included the effects of the slump in farm prod- ucts, in sugar, rubber, coffee, base metals and textiles. While lead, zinc and silver were reaching the lowest prices in many years, copper metal was artificially maintained just as the quo- tation for crude ofl while production of oil was outrunning consumption. ‘With the copper producers now fall- ing in line with the general tendency to list their product at a price conforms with the demand, the business outlook assumes a clearer form. Al- ready consumers of raw lucts had begun to regard commodity prices as close to the stabilization point. Wall Street some weeks ago convinced itself that it need not worry any longer over the fall in the prices of farm products and other commodities. Instead of continuing bearish on specific groups of shares that were affected early in the year by the commodity - situation, it took a’ bullish position on them and argued that manufacturers could now go ahead and buy at good figures the commodity elements that entered into their specific trade. (Copyright, 1930.) NEW YORK BANK STOCKS NEW YORK, April 17 (#).—Over- the-counter market: Harriman _Nati Manhat Co... Bankers . Guaranty rving ... Manufacturers ew York. . Westchester Darwin once calculated that in 750 exclusive licenses under all General Electric and Westinghouse American years the descendants of one pair of elephants might number 19,000,000. STOCK AND BOND AVERAGES By the Assocla From Yesterd 104.5 (Copyright, 1930, Mtandard Statistics Co.) Ra- | HXP A—1S AMERICAN EXPRESS BANK OPENS IN NEW YORK Spectal Dispatch to The Star. NEW YORK, April 17.—The new American Express 'Bank & Trust Co. opened for business yesterday at 65 Broadway. The bank appeared as & new lender on the New York Stosk Exchange during the day, placing $6,200,000 of its funds on call. ‘With capital and surplus aggregating 15,000,000, the new bank starts opera- tions with close business contacts throughout the world. BANK CLEARINGS. NEW YORK, April 17 (Special) New York bank clearings, today, $1,274 000,000; year ago, $1,345,000000. New York bank balances, today, $162,000,000; year , $144,000,000. New York Fed- .!R:s!rve credit balances, today, eral $152,000,000; year ago, $139,000,000. CORPORATE TRUST SHARES A single investment in Corpor- ate Trust Shares is a composite investment in all of these 28 repre- sentative American companies. RAILROADS New York Central Illinois Central Union Pacific Southern Pacific Louigville & Nashville Ivania o OILS Stand. Oil (New Jersey) Stand. Ol of New York i Stand. Oil of Ind. American Tel. & Tel. ‘Western Union Con. Gas of New York INDUSTRIALS United States Steel General i PRICE AT MARKET ABOUT $10} PER SHARE Circular on request PHILADELPHIA NEW YORK 300 SOUTHERN BUILDING WASHINGTON mosTON TRENTON SCRANTON _ NEWARK WASHINGTON READING PITTSBURGH BALTIMORE Guaranteeing The, Trade Mark Satisfaction 44 Years of Constant Progress STOCKETTALK NO. 9 This is our Story and we're Going to Stick to it! A House Organized ~ for Service In This Plant We Are Equipped to Do Your Printing Blank Book Making Paper Ruling Engraving We Produce Every Kind of Accounting Record ‘The business man may bring his “record-keeping” problems to us with the assurance that we will suggest the systems and de- vices best suited to his pur] —and the necessary “prlnn‘e forms” are made to order IN OUR OWN FACTORY. This envieble return to original bond hol- ders consists of 6% in- terest on the CREDIT SERVICE, Inc. Profit Shar- ing Bonds plus one-third of net earnings. A CustomerMarketis mein- tained at 100, less 2% bro- kerage after one year: from purchase. Coupon brings full information. KYNASTON & CO. Investment Bldg. Met. 5334 NAME ADDRESS.