Evening Star Newspaper, April 23, 1930, Page 15

FINANCIAL, CURB SHARES GAIN INHEAVY TRADING New Money Post on Ex- change Facilitates Opera- tions—Many Advances. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, April 23.—Stimulated by the new facilities offered to margi- nal traders, with the establishment of & money desk, where call money opened Exchet oty emed e acgest rey volume thus far tht‘s year. ning strong, wm\ bunched orders in leading securities numerous, the market moved irregularly higher in mc first twe hours, displaying signs of profit teking shortly after midday Which canselled some of the early gains. Public utilities, oils, investment, com« fes, natural gas shares and miscel- ianeous industrials piled up the largest volume of trading and registered the widest advances, while the copper lst displayed the weakest trend. Electric Bond ‘& Share opened higher and continued strong. Cities Service opened unchanged, but po! wards. Standard Oil of Indiana showed only a slight gain. Fox Theaters A and Radio-Keith rights led the amusements. The feature of the opening was the initial transaction in Petroleum Cor- poration of America. This stock came out in a block of 41,800 shares, one of the biggest deals thus far this year, at 2812, a new high price and up %. The company holds large blocks of high- grade ol securities. Commonwealth Edison, International Utilitles B and about 10 other active utilities climbed into new high territory dyring early trading. Then -Securities General Corporation old shares, with a leap of 35 points, and the new shares with a gain of 1 point, moved to new peaks for the year. New York Investors followed the lead taken by Securities General. Midland, Corroon-Reynolds and Insull Utilities also headed for higher levels. Southwest Utilitles Gas was the first of the natural gas issues to attain a new maximum quotation. Lone Star Gas gained !ouowcl:{ its wqullmon of West- ern & Stamford Gas. Appalachian Gas continued active. Floor rumors, which lacked confirmation, to the effect that Driver-Harris would declare a stock dividend of 100 per cent and retire its bonds, stirred that issue into activity. SALES OF TRACTORS SHOW LARGE INCREASE to 221,200, valued at $193,324,000; of combines (harvester-threshers), 35,800, valued at $45.263,000, and of threshers, 14,500, valued at $11,800,000. Of uumm. 194,300, valued at $140,204,000, ‘wheeled type and 26,900, ‘vale ued lt $53,120,000, of the mck-ll . The , as compared wil represent substantial increases for tractors and combines, but the production and sale of threshers 'h%'md-fiméx 1929 liminary lor are pre and are subject to such correction as may be found necessary mru:n of the returns. They are to & small extent on estimated data, but in no case do these estimates exceed 10 per cent of the total. CHICAGO DAIRY MARKET. CHICAGO, April 23 (#).—Butter, steady; receipts, 6,360 tubs; prices un- b2 m:.d‘m receipts 24,520 cases; prices unchanged. x DIVIDENDS DECLARED. NEW YORK, April 23 (#)— r:é;&ifi“ 3 :nfl‘fifi: Rerronsen. 0 S5 2, 838385818 SE5E » 3. oy 92959999 2 @R L2 3 "Prgen! ey B PR, J . . ISy ool FEH 003! Swa>> SEriy Q 5o P e e 33555053 R FF ¥y ({0} sz2azess ¥ £ bt topney WO S 3 Lt 2 Valvoline 37 12 Virsin Ry B Webster fi O%0s 33 91 19 el 4 1Wes Union Tel bs '60 103 FOREIGN BONDS. 52 100Y 8,047 100 THE EVENING STAR, WASHINGTON, D. C, WEDNESDAY, APRIL- 23, 1930 FINANCIAL. TRANSACTIONS ON THE NEW YORK CURB MARKET Notice—All stocks are sold tn excepting those designated by nkluhmm-onnh‘lol--uhdl £fa Ansco. 21% Alnsworth ($2%). 84 Alr Investors v.t.c.. lm Alr Inv, Ine, ev pf. 22% Imp Oll. Can (50c. .. 22 Alabama Pwr pf (7). MI ll‘K Alexander Indust, All Am Gen Corp. Allegheny Gas Alles & Fisher Allied Aviation. Allied Mills (60¢). ... Aluminum Co of Am Alumn Goods (1.20) Am British & Cont. Am Br B fd shar. Am Capital (B 14 Am CP&L(B)(10%) 284 Am Com P(A) b10%. 844 Am Cwith P(B)10% 8% Am Co'with Pwr war % Am Control Ofl Flds. lll'A nou AmDIsT,NJ, 22 16% Am Equitie 76% 60% Am For Pw: 166 118% Am Gas & Elec (31 60% 60% Am Hard Rubber(6) ‘00! 164 10 Am Invest, Inc (B) 0 7% 4% Am Invest (war) 3494 flb Am Lt&Tract (10) Am Lt&Trac (II) 28% Am Superpwr (1). 94% Am Super 1st pf (8). 87% Am Superpwr pf (6). 3% Am Thread pf(25¢).. 10% Am U&Gen B vte 40¢ 3% Am Yvette (n) wii... 17 Amrad Corporation. 10 Anchor PF (b10%). 12% Anglo-Am vot (73c). 13W Appalachian Gas.... & Ariz Globe Copper. Asso Dyeing & Ptg. Asso Gas & Elec (n). Asso G&E (A) 12.40. Asso G&E (A) dbrts Asso Laund (320¢).. Asso Rayon pf (6).. AtlanticFruit & Sug. Atlantic Secur Corp.. 4 Atlas Plywood (2).. Auto Vot Ma cv pf pt Aviation Corp of Am 4 Bahla COrp.......ou Bell Telof Can (8). Bellanca Alreraft. .. Bickford's,Inc pf 2% Blaw-Knox (13§)..., Bliss Co (EW) (1) Blue Ridge Corp.... Blue Ridge cv pf(al) Brasil Trac & Lt (2), Bridgept Mach (25¢) Buckeye P L (4)...0 Buff, N&EP pf(1.60). Bulovacv pf (3%).. Bureo, Inc....... Burma Corp (t31c) Butler Bros (30¢) Cable Radio T v Cable & Wire A rcts Cable&Wire (B) re! Canada Marconi. Can Pacific(new)' Carnegie Metal Cent Hud G&E Cent Pub Sve. Del CentP S (A) (al.’ Cent Btates Elec 140c we S RarRR oA nRnann e ermnlBan rorsennBe Chathm Phoe Al n- Chem Nat Agso n-v. 4 Ches & Ohio (new). Ch bor Mfg (143 Service(330c). 610 ca Srve pf (6)... 8% Cit ivc PLB (60C)..0 16 Clark (DL) Co (1%) 63 Clev El Illum (1.60). 18 Clev Tractor (1.60).. 8% Club Alumn Utensils b Colon Oil....ovvevee 17% Colum Oil&Gas w.1. 24 Columbia Picture: 4 Columbia Syndicat % 308 284 Com'wlth Edison(8 15071805K no 804% 823‘ 64 3% Com'with & Sou war. 48 12% Comm Wat Serv b6 % % Consol Auto Merch.. 5 Consol Copper..... 18% Cons Dairy Prod (2) . 90% Co Balto(3.60) 21% Con Gas Util & 2.20 10% Con Gas Util,B v.t. 8 Consol Instrument. 10 Consol Laundri 28 Cooper Bessemer(2 38 Cooper Bess pf A (3) 5 Copeland Prod,Inc A. 114 Cord Corp. 12% Corroon & 1% Cor & Rey pf (A) (6 50 Cosden Oil. 39% Coty,So Ano! e - UL TRt TP 2% Curtiss Atrports vte. 1% Curtiss Wright war.. 1 Cusi Mex Mining. 7% Darby Petrolm (1).. Dayton Alr & Bng... 24% De Forest Radlo.... 6% DeHav.Air Itd ret 60¢ 4% Derby Oil Refining. . 5 Detroit Alrcraft. ... 10% Dixie Gas&Utilities. 1644 Doehler Die Casting. 12% Douglas Air (76¢).. . 81 Dres(SR)MfgAd3%. 41 Driver Harris(new). 8 Dubilier Cond & Rad 145 Duke Power (15) 4% Durant Motors. 26% Eastn G&F Asso. 2 18% Eastn Sta PwrB(1). 61 7% Eastn UtilInv (A).. 4 14 Eisler Eelectric(1%) 80% El Bond & Sh (b6) .. 103% El Bond & Sh pf (6). 44% Elec House Util(2).. 24% Elec Pwr Asso (1).. 22% Elec Pwr Asso A (1) 28% Ele: Pwr & L op war 16% Elec Shareholdg($1) 82 El Sharehold pf ( 86% Emp G&F cu pf 19% Emp Pub 8v A( IV) . 22% Employ Reins(1%).. 18% Europ El Ltd.A 60c. 8 Euro Elecdeb rts 2 Fabrics Fininshing 3 Fairchild Aviation. . % Falcon Lead. % Fandango Corp. ... 9 Fedders Mfg Co(A) 32 Federal Screw (3).., 24% 22% Federat Metls(f1%). 21% 17 Flat receipts (1.25). 8% 1% Fiat Stock deb rti % % Film Inspect Mach 116% 101 Firemen's F'd Ins: ¥% % First Natl Copper. 18% Fokker Aircraft. 28 Ford Motor, CIn(A). 6% Ford Mot of France.. 104 Ford Mor,Ltd. 37 %e. 2% Fox Theater Cl (A). 6% Gen Alloys (80¢).... 2% General Baking. .. 36% Gen Baking pf (3)... 21 Gen Empire Corp 10% Gen E, Ltd rcts(60¢) 89% Gen G&E cv pf BU6). 6 Gen Laundry Mach. 32 Gen Petroleum w.i.., 20 Gen W W&E(A) (3). 21 Gleaner Com Har(2) 99 Glen Alden Coal 8... 11% Globe Underwriter: % Gold Coln 3 Golden Cente: - e & & NKES HaNANARRSARNS PP TN @l - ] Sales— Dl'lmd RIIL Add 14 1 11% 3 27% 3 23% 10 46% Imp Tob GB&I(1%). Ind Terr Illu Oil (A) Ind Terr Illu Ofl (B) 13 46 Ind Fin ctfs(b10%). 2 28 Indus Fin cv pf (7)..900s 704 1UtInv(b6%). \ 2 6R% 1 Ut In 2d pf(8) 2008 tl Ins Co, No Am (13).. 6 Insurance Sec(1.40) % Intercontinent Petn. 24% 24% 26% 40% 40% 3% 4 & & 31% 31% 4% 4% 112% 112% 18% 18% 1% 72% % 8413 349% 86 874 2% 2% 18% 19% 8% Met & Min, Ine(1.20) + Mid Sts Pet v.t.c.B., " 152 12 2 o 20 4 41% 8% 26% 16” 26% 12% 1084 22% 18% 16% 50 29 2% 8% lVA 184 i 0% % ‘g?' 183% 170 ) 109 954 34% 22% T, 1% S % b% 20 18% 10% 1e% 1m ¥ % 1 i eo % % 16% 164 127% 126 125 28 28 28 8% 21 20% 2T% % 11% 18% 16 12 3% 365 264 11% 95 116% Gr A &P Tea pf (’l).. 108 117% 117% 117% 0 2204 GrA&PTn-v (5).. 43 87 Gorham Mfg vte(12) 23% 20 Gram'ph'nercts 2.91. 11% Groc Stores Prod vte 36% Guard Fire Asso(2).. 5% 3 Guardian Invest.... 160% 181% Gulf Oilof Pa(1%). % Happiness Candy. .. 18% Hazeltine Corp (1).. 5 Helena Rubenstein.. 6% Horn (AC) Co.fs 1.36% 8% Hudson Bay M &S . 2408 240 240 240 40 40 40 4 47% l'l% 47% 2 9 IBB% Ibh% lBIM 6! 104 . Oh ms uu = 86% 3% Kolster-Br (Am Sh). Intl Petroleum (1) Internatl Util (B) Internatl Util (wa: Interstate Equitie Interst Eq ev pf(3 Iron Cap Copper. Irving Afr Chute. Irving Air Ch(1.50 Italian Super war. Italian Superpwr Johnson Motor. Kirby Petroleum. Klein(H) pt pf 1. 20. Kleinert Co (2%). Lackawanna Sec(4). Lehigh Coal&Nav(n) Leonard Oil. . Libby McNeil & L. Liberty Baking. ..., Pes PnS aodnunel e neoawn Loew's, Inc, deb rts.. Lone Star Gas (1).. Long Isl Light(60c). Louisiana Lan & Ex. MacMarr Stores (1) Mapes Cons (3) Mfg Finance v.t.e. Marine Mid (1.20)... Marion Steam S8hov., Marshall Field & Co. Mass Util Asso. Mavis Bottling. May Hos cum pf (4). Memphis Nat Gas. .. Mercantile Stors (5). BBt 0 e BT -1 Met Chain Stores. ... Mexico Ohio Oil. Mid W Sta Ut llfi)- Mid Wt Util(b8%). Mid Wat Util A war, Mid Sts Pet v.t.c. A., e e B Midland 8t1 P 2d pf.. Min Corp of C (25e).. Mo Kan PL (b10%). Miss River F Cp war Montecatini debrts.. Moody's I 8 pt pf (3) Morison Elec($1)... Mtg B,ColAm sh 1.91 % Mountain&Gulf(8e). Munieipal Servic Natl Amer Co... Natl Aviation. Natl Fam Strs(1.60). Natl Food (B) (hl%) Natl Fuel Gas (1).. Natl Investors(new) Natl Pwr&Lt pf (7). 110 Natl Pub 8v A(1.60). Natl Rub Mach (2).. Natl Screen 8ve(2).. Natl Steel x-war(2)., Natl Sugar, NJ (2).. Natl Transit (1) d Nebel Oscar 1%.... Neet, Inc, cv A(1 CD) . Neptune Meter (2) New Brad Ofl (50¢).. New Eng Pwr pf (6).110s NewEng T&T (8).. 60s New Mex & ArizLd.. 2 Newmont Min (34).. 8 N Y&Hon Ros(11%). 1 N X Invest (1.20).... 81 NYPwr&Ltpf (7). 258 N Y Rio&Bu Afre 36 N Y Tel pf (6%) 758 Niag Hud Pwr(40¢c). 426 Hud Pwr A war 110 g Hud Pwr B war 39 l\ll‘ Shars Md(40c). & es-Bament-P 'l‘“ 2 Mplulnt (30c: » - LN - » BerpmnlranrTolaran momam No Am Aviat A war.. Nor Am L&P (b8%).. North Am Uti] Sec.,. Nor Cent Tex(60c) Sta Pwr A(8). Sta Pwr pf (7)..300s Novadel Angene (2).. 1 Ohio Brass B (5).... 50s Ohio Coppe: 8 Ohio Oil (12) . Ohio Ofl,new, cu pt Ohio Power pf...... 108 Oilstocks, Ltd A $50c 3 Outboard Motor (B). 11 Overseas Secur (1).. 4 Pac Coast Bis pt 3.50 Pac Western Ol Pandem Oil. Pantepec Oil Param’t Cab( Peop Drug Su-lu) Peop L&P, Perryman Elec Petrol Corp (1 Philip Morris, Ii Pierce Gov (1%) Pilot Ra T(A) (1. Polymet Mfg ($1) Poterero Sugar. Premier Gold (24¢; Prince & Whitely 1. Prince & Whit pf(3) Prudential Inves! Pub Util Hold w Pub Util Hold war. Puget S P&Lt pf (6). 208 Pyrene Mfg (80¢c). .. Radio Products 1 Railroad Sha Railway & L Rainbow Lu Prod Rainbow Lu Prod Rocklans Lt&P( Rolls-Roy of Am pf. Roosevelt Field,In Ross Stores, Inc Rossfa Intl Corp Ryan Consolidat St Anthony Gold. . St Regis Paper (1).. 17! Salt Creek Con(40¢). Salt Creek Prod (2).. 8chiff(The) Co (2).. Schulte Real Esta Schulte Un be-! Seaboard Utllit Secur Corp Gen ( Sec Corp Gen new (4) Seg Lock & H (50¢c) - ......_...w.....u.,?.e., - R ke Select Ind pr(5%) Selfridge Prov S 2 Sentry Safety Cont. Shattuck Den Min... Shenandoah Corp. .« P 3.5 - PRPROE- TN P9 TTVT TP PSP So Cal Ed ptcu%). Southern Corp. ..... So Pipé Line (12). Southland Roy (1).. 8 W Dairy Prod\leu. 8 W Gas Utilities. 8 W Pwr & Lt pf (7). Spanish & Gen Reg. . Stand Inves pf(53%). Standard Motors. ... Stand O1l, Ind (2%). Stand Ofl Ky, (1.60). Stand Oil. Neb($3%) St Ofl, Ohlo pf (7)... Starrett Corp of (3). Stein(A) Co vns%) Stein Cosmeti Steinite Radio Stroock & Co (3). Stutz Motor Car.. Sunray Ofl (40c).... Superheater (13%).. Swift & Co new (2).. ALt Internatl(3i4) ® g 3 R e T R0 o 00. Open. High. 8 115% 115% 54 11% ~Prey 1030.— Stock and High. Low. Dividend Rate. 27% 19 TaggartCorp (1)... 98 Tampa Electric ($2) Technicolor, Inc. .., % Teck Hughes (60¢c). Thermoid Co (2).... ‘Tobacco & All Stks. . Transamer (31.60).. Tran Con Alr Tran.. Tr-Lux DL P 8(A). Tri-Cont Corp (war) Tri Utiliths f (3).0 Tubsize Chatillon. .. Ulen & Co........ Ungerleider F Cor; Un Nat Gas, Can 1. e Union Tobaceo. .. United Corp (war).. Unit El Svo pr wa: Utd Founders(b3.35) United Gas Co. United Gas Co (new) United Gas Co c.0. United Gas (war)... United Gaspf (7)... Utd Lt & PwrA(1).. Utd Lt & Pwr pe(6). Utd 8h Mach (183%). U 8 Dairy (B)... U 8 Blec Pwr (war). USFoll (B) (1). U S&Int1S 3d pd 3% . 8 Lines pf (1). S &Overseas war. 16 S Radiator (2). 1 S Shares Fin. U U U U 85 1% :|EASY MONEY SEEN AS CREDIT DANGER Economist Fears Period of Inflation Will Result From Low Rates. BY JOHN F. SINCLAIR. Special Dispatech to The Star. NEW YORK, April 23.—“Beware of easy money,” says Dr. Benjamin M. An- derson, economist of the Chase National Bank. Dr. Anderson fears that not only in- dividuals, but many cities and States will increase their debts unwisely, bor- 3 | rowing simply because money is cheap and no%ybeuuu it can be used advan- ously. While easy money is a stimulant to business, he says, it may also become an intoxicant. Prosperity resulting trom this kind of a B!Llnuhnt is likely to_prove very costly in the end. 'he question of easy money is one of the most debatable finance. Some belleve that it is the only hope of busi- ness. Others point out t when capi- tal can be easily secured it has a tend- ency to extend credits too much, which results in inflation, rising costs and, finally, in the collapse of 'business. Dr. Anderson contends that easy money is & good thing when used in moderation, but otherwise rather dan- gerous. Hence his warning. British subjects are reviving their claims to $379,000,000, face value and in- terest, which they say is due them on bonds issued years ago by several Ameri- can States. About $75,000,000 of this sum represents principal, the remainder being accruing interest, for approxi- mately half of these defaulted bonds antedate the Civil War. The other bonds were issued du: the reconstruction period in the United States after that war. In the British House of Lords recently, | these defaults were compared to the repudiated Russian bonds issued under the old Czarist regime. Herbert Bolow. who has written con- siderably about the bonds issued after the war, tells a story of three men buy- ing from Florida three ratlroads at the rate of $2,000 & mile, with a worthless check and a sum of money embezzled from several North Carolina railroads. He says: “They bribed the Africanized Legisla- ture and the cllaetbu officials to grant $16,000 & mile cent bonds to c 'Eleu equi) dp. and mflnnin the roads. 0 worth were lold A B o ators pocketed all but $309,000 of the money secured; the latter sum went to This story throws a strong light on some of the peculiarities of financial mucuan; et this period of American Ty, Have these bonds, which were repudi- ated long ago, any legal standing now? That _question has been debated for gnn. Many attempts have been made the European holders of the bonds to institute suits for the recovery of the money they belleve due them. Such suits, however, can only be brought in the courtd of the States affected, and these courts have always refused to en- tertained any actions at law. Now and then an effort has been made to interest the Federal courts, but under amendment 11 of the Constitu- tion of the United States the Federal Government has no jurisdiction, for no sult 12 law or e': ity cl:.nt be "go‘x‘n; menced or prosecuted against one of United States by citizens of another State or by citizens or subjects of any furel(n state.” An early effort to have Congress as- sume part of these repudiated debts was rejected in a decided manner. Still, certain Europeans insist on bringing up the sub’ecc for discussion The holders of the pa mem should be made, but the settle- ments rest entirely with the States in- volved, and none of them shows any disposition to take the matter under consideration. (Copyright. 1930, by thy North American tance.) INVESTMENT TRUSTS [EW YORK, April 23 (#).—Over- the-counter market: Am & Conf Assoc !!lnd 0 istock Shary nvest Investmen| Selocted Amer Shares. TREASURY CEBTch’r!s. (Repgrted by 3. & W. Seligman & Co, m, Tis0 ept. 3 3 3138 Mar. 15, 3 3 12s B IS 103 SHORT-TERM SECURITIES. (Reported by J. & ' Seligma, .?&.v 1937 Ssdgit L 81 Co. 3 Standara QI N, Jerses 85 m- 102:, Standard Olf N Fork 4v 9814 rug Co. 5 1 n_Electric_Co. T oo. oun. mn. the | tainty continues Ividi Utd Verda Ext (4).. Bales— d mu Aaanonn.l:n. Low. %88 1% 11 ll‘n Utah Apex (50¢). Utility Pwr&Lt(al). Util P&L B ctfs an Utility & Ind. Utility Equiti Vaccum Ol (t4%). Veeder Root (234). Venezuela Mex Ofl., Venezuela Petroleum Vick Financial Corp. Vogt Mfg Co (2). Walgreen Co. ‘Walker (H) (1) ‘Walker Min (7%e¢) ‘Watson (J W) Co Westn Air Exp(60¢). ‘Westn Mass Co (2).. Wil-Low Cafeteria. . Woodley Petroleum. Worth, Inc (A) “Y” Oll & Gas Young (J 8) ¢ RIGHTS. Ind Ter 11l Ofl...Apr Ludlum Steel.... Mny 19 1% Radio K O.. May 1% Rockl'd 4 Warner Quin'n,.May 15 % Zenith Radio. L&P May 14 Dividend rates in dollars based om last quarterly annusl payment. *Ex-dividend. tPartly extrs. IPlus extrs in stock, 'avable . " 1n cash of stock. b Payable in stock. d Pavable in lnlmol stock. — AND BOND AVERAGES By the Associated Press. From Ye: STOCKS. Three years High (1930 Low (1930). Two years ago. ‘Three years ago, weekly aver High (19: Low (1930). BALTIMORE TROLLEY REVENUES INCREASE Gain Results From Increase in Fares to Ten Cents—Expenses Also Greater. Special Dispatch to The Star. BALTIMORE, April 23.—The 10-cent | Standa: fare ihaugurated by the United Rail- ways & Electric Co., which controls the trolley system of Baltimore, on Febru- ary 6, is reflected in a gain of $23,259 in gross earnings and $14,725 in net in- come for March, the first full month bperations reported since the higher rate went into effect. “Gross revenue for March, 1930, was $1,484,031.11, as against $1,460,771.33 for March, 1929. The company earned | ing & net income for March, 1930, of $81,- 082.98. This is the llrlest net the com- has earned since th be:lnnln: of year. Pnlimlnlrr figures for the flnt ter of 1930 show an increase of t'm m: the "iém “operating expenses. reiec: e “operal expenses,” re! - ing commencement of the company’s betterment J)hnl designated to accom- plish generally improved service. Py i MACHINE TOOL TRADE IS DECLARED QUIET Specisl Dispatch to The Star. NEW YORK, April 23.—While uncer- as _the influencing characteristic of machinery and ma- chine-tool buying in markets through- out the country, separate areas, such as Chicago, Buffalo, Detroit and Cleve- land, report a measure of improvement in demand from certain branc! fleld, American Machinist reports. In the Chicago district, sales and in- quiries during the past week increased | of and railroads showed the most interest. Buffalo dealers expect business to exceed in volume any other month this year. Detroit, reports indi- cate, seems at least to be pulling itself out from under the enveloping and dense business ds to emerge into a more ‘optimistic atmosphere. Aubomnlc machinery manufacturers in Cleveland report substantial sales to automobile builders, ‘Hn:m‘" mm;x(muun there also report improvemen! ((Fl:l volume. of export orders is the only bright spot in a listless New York market. Cincinnati manufac- turers report the machinery market there is sluggish, while dealers say it is unchanged. The Philadelphia market is uncertain, with the bulk of incoming | € orders slated for replacement purposes. New England is in the grip of a long, hard pull and is not expected to show z-w advances before the last quar- T, —— MARYLAND COAL CO. BALTIMORI. April - 23 lSpeeci.Al)— At annual holders of Maryland &ul Co. at the offices of the company here yuurdn{ President J. W. Calloway and thn lowing directors were re-elected: Hewlett, N-'.h-n Todd Porter, ]I' J. E McGowan and H. of New York, and Gordon Sm]th of Baltimore. J. S. Willlams of Wendel, Taylor County, W. Va., was elected a director to fill the vncmcy caused by the resig- nation of George Paull of Pittsburgh. Mr. Calloway continues as a director. ‘The mines ‘g( 'El"x,e wone‘orul Lonacon! e n. “)llg Calloway, who has president of this company for several years, is also president of the Maryland Coal Co. of West Vi ia, with mines located at Wendel, the Fairmont reglon of West Virginia. | —t— U. S. TREASURY BALANCE. The United States Treasury balance announced today, as of close of business April 21, was lfllfl /145,705.42. Customs receipts for the month to date were ‘20 055,087.54; total ordinary expendi- tures, $18,762,395.65. PARIS BOURSE PRICES. P. 28 ().—Price changes were regiios ‘on the Bourse today. “Three per cent rentes, 89 Xnm: 55 centimes. Five per cent loan, "103 francs. London, 123 (rtnu 95 oted at Exchange on centimes. Tne dollar was qu 25 francs 49% centimes. FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & Co.) y are at Creek been ens, Madrid, Desete Vienna, achiiiin rday's 5:30 Edition. A-15 DEMAND FOR STEEL HOLDING UP WELL Trade Journal Finds Gain in Orders During the Last Week. By the Associated Press. NEW YORK, April 23—Cross-curs rents in demand,, coupled with a sensi< tive price situation and extreme cautiorr among buyers, present a picture that is out of keeping with the actual per- formance of the iron and steel indus- try, Iron Age will say tomorrow im its ‘weekly review. Although specifying i8 from hand to, mouth, it says, and the requirements of certain consuming lines are dimin- ishing, the aggregate of all business has not only held up, but has shown further slight improvement. This gain is attributable mainly to larger orders from the automobile industry, particu- % | larly the makers of low-priced cars. “The current moderate gain in motor car production is expected to continue into May,” the review states, “and it is now estimated that output in the sec- ond quarter will reach 1,100,000 cars, making & total of 2,100,000 for the Frst, nalt o! the yeaf, compared with, 3,500,000 in the same period last year. “Steel ingot output for the -country at large, te the increase in total business, now averages 80 per cent, compared with 78 per cent last week. Rallroad Buying. “Railroad buying, which gave cone’ splcuaul sUJ w the industry earlier the year, is light, in consonance wlth the reduced earnings of the car<’ riers. Merchant mpo demand, which depends to such a large extent on buuding construction, shows little bete terment. On the other hand, tin pl production is unchecked, further ural gas pipe line contracts have beenr placed, farm equipment plants remain active and evidences are accumulating that the heavy construction program, which received so much attention three or tour momhs ago, is getting well "nghway building promises to be a feature of the public works program in coming months, Of the week's award of 9,500 tons of reinforeing steel, 3,000 tons was for road work. Highway ma~ 91.9 104.5 (Copyright. 1930, Standard Statistics Co.) Oil Stocks BY GEORGE T. HUGHES. (This s the Igufl.-cnth of 8 seriss of of "tne Dol s o tent % ot Sy parieutas e %0 sl fiVestor siich Information. as. may mm- him intelligently to chart his course.) Another ofl company with a uplm structure of the sfln t character is fornia. There are no bonds, there is no preferred nock and the only capital obligation is some 13,000,000 shares of no D:;‘ value m mon I'Mk The present com] back only to 1926, but its mm was one of the original Standard Oll group. It is uld to be the largest crude oil producer in the United States and the third largest refiner in the world. The 1929 earnings statement, has only recently been made public, .'Io [ -hue on outstand- showed earnings of the average number during the year, untnlt $3.66 a share in 1928 also on the a num- ber outstanding during mc market capif at & very’l.uch ;.u?flut is pruy due to gl“ company, fact that the stockholders do not have to divide their profits with any bond. holders or with the owners of any senor security, as already mentioned, and partly to the extremely conservative character of the bool 3 In 1929, for instance, operating in- come was $66,384,618 and the to depreciation and depletion $21,089,201, more than 30 per cent. 1928, with operating income only a ‘rifle under that of 1929, the charge-off was $19,996,000. In 1927 the deduction was $20,053,000 and in 1926 it was 'l 670,000. The present dividend rate $2.50 in cash, but late last year z&r cent extra was paid in stock. cember 31 balance sheet showed strongest kind of a financial position, with all current liabilities of $12,032, m, against which there were cash an ketable securities of $27,194,702. If the problem of overproductlon mlved in part or in whole Standard of California stands- to beneflc II much as any other one oil compan; in -ppnmnfl the market price of '.he stock important fact bear in mind. PIERCE-ARROW PROFITS SHOW GAIN IN MARCH Special Dispatch to The Star, BUFFALO, April 23.—Pierce-Arrow. H net profits for the first quarter ending March 31 were $461,401, against $448,- 532 last year, an mw of $12,869. Sales of passenger cars in the initial quarter this year. !me 2,244, against 1, 169 last year, an increase of 26.9 per le directors declared the regular quarterly dividend of 112% on the pre- n,;s. ferred stock, payable June 1 to stock- holders of record May 10. —— FINDS AUTO PRODUCTION MOVING AT HIGH SPEED Automobile production 1s just ge! into high speed after hlvlng '.rlveled in second for the past four or five months, Alfred Reeves, general mariager of the National Automobile Chamber of Com- merce, declared in a nd.lo ulk April production, said, was running well uhna nl Mmh and he eg:phumed the point that current production is based upon the require- wents of dealers. POTATO MARKET. CHICAGO, April 23 (# (United States Department of Agriculture) — Potatoes—Recelpts. 70_cars; on_track, 335 cars; total United States shipments, to | cember, old, 1529, up 6: chinery makers are taking steel in uantities. wgnum structural steel awards, n um tons, are still subnormal. The av of lettings so far this tons, compared with 43,« Wmm In the corresponding of d 40,700 tons in 1928. New mk"t;:atl ‘;na come up for bids totals 34,000 cona, mwed with 30,000 tons k * ipe awards of the week ine . O. Smith Corpora miles of seamless pipe, t8 be laid from Amarillo, Tex., ordered from the Nl- tional Tube Co. The Lone Star Gas Co. plans_to eonm'\mt 8 nno-muo line {ro;nl'.he ‘Texas to Nebraska and Iowa. Shipbuilding Aectivity. hanged, 2.264 3& 0 &ound and plmxvn at $17.75 & gross GRAIN MARKET increased on the ad IMY.EXM*.MAI&:W Va3 Bl hoer, May. 10037 ad, 108785 iber, 109%. was er with wheat. Soriner, 4% 845 Muthflz‘i :’fl‘.fl September 42. Provisior NEW YORK COTTON NEW YORK, April 23 (Special).— the | The cotton market opened modeu "g active today, 2 to 9 points higher, wil most of the strength shown by the new crop months. Trade shorts continued to cover in near months, with com- mission and wire houses still selling. . ‘Opening pflcu were ‘May, 15.65, up 2; July, 15.85, up 5; October, old, 15.14, up 4; October, new, 14.89, up 5; De- December; new, 15.05, up 7; January, old, 15. 31 g'l January, new, 15.10, up 9; b. 15.32, up 5. CHICAGO LIVE STOCK MARKET CHICAGO, April 23 (#).—(United States Department of Agriculture).— 16 000 head, l.m:ludin[ 4,000 di- weak to 10 lowey; slow at decline: Jight - welght hogs off most: top, 10.25% bulk, 160-230 Ibs., 10.00810.25; 210 -290 1bs., 9.75a10.00; butchers, medium te eholce 250-300 lbs 9!0!101 200-250 1bs., 0<2DO 055, Cattle, 9,000 head; calves, 3,000 head; largely steer run; slow, steady to easy; fully stead: grade weighty ueers‘ . slaughter classes; good and chokc 1,300-1,500 Ibs., 12 50a1! 5 950-1,100 1 1,300 , 12.25a15.005 . 12.00814.50; common and medium, 850 lbs. up, 8.50a12.50; fed yearlings, good :nd choice, 750-950 1bsy 11.50a14.20 ~ heifers, good and choice, 850 Ibs. down, 10. 50!1300 common and medium, 7.75a10.50; cows, good and 9029.75; common and medium, .50; low cutter and cutter, 5.008 625 bulls good and choice (beel), 7.7589.00; c*‘tter to medium, 6.75a8.10; vealers (milk fed), good and choice, 8.758 11.75; medium, 8.0088.75; cull and com= mon, 6.0028.00; stocker and feeder steers, good and choice, all weights, 13.00311.15; common and medium, 8.00a 10.00. Sheep, 17,000 head; nothing done; talking weak to mostly 25 lower; indica- tions handyweight lambs around 9.50; best held, 10.00; fat ewes, nominal; 80~ 685 cars; old smck trldln( fair; mar- round oon: m nncy. -nm higher; Minnesota, sacked, round whites, 2.90a 3.00, Idaho, sacked, Russets, 3.75a3.90; .9584.00; new stock, trading fair; market stro, Texas, sacked, Bliss Triumphs, 4.50a4.75; mostly 4.75. FREIGHT TRAFFIC GAIN. By the Associated Press. Another increase of freight traffic on railroads is reported by American Railway Association. Figures which fol- low give the total number of cars loaded With revenue frelght on first-ciass raile rommmhummpflodlnd wplnbln Apfll 12, 911,310 cars; week, 907,928 cars; same wee year, 973,152 cars. METAL MARKET. NEW " YORK, April 23 (#).—Copper | an unsettled; electrolytic, spot and future, 14.. Iron quiet; unchanged. Tin weak; spot and nearby, 35.62; .future, 35.87. Lead quiet; spot, New York, 5.50; East St. Louls, 540. Zinc easy; East St. Louis, spot and future, 4.80. Anti- mony, 7. Best & Co., New Yurk department store, plans to open a new branch at Asbury Park, N. J, making a total of pound shearing lambs, 9.25; lambs, good and choice, 92 pounds down, 9.25a10.153 medium, 8.50a9.40; common, 8.00a8.5¢ medium to choice, 92-100 pounds, 8.2! 10.00; ewes, medium to choice, 150 pounds down, 4.75a600; cull and come mon, 2.50a5.00; feeder lambs, good and choice, 8.5089.00. s Stock Increase Approved. NEW YORK, April 23 (). —Stocke holders of the Pennfllvlnh Railroad have approved an increase in the aus thorized stock by $170,000,000 and have to! thorization to offer Yurk Stock Exchange yesterday at $81.50 a share. NEW FINANCING. NEW .YORK, .April 23 (#).—New is being for the vertlbla 615 per cent secured gold notes, “in 1035, each note conver- ubh into 80 shares of common stock. ‘The corporation formed to acquire and operate natural gas properties in ‘Western Panmylvnnlu SILVER QUOTATIONS. NEW YOI =] SR e e