Evening Star Newspaper, April 24, 1930, Page 14

A-14 NEW HARBORS BILL DISPLEASES WEST| Nine-Foot Channel in Upper Mississippi Declared Eco- nomic Necessity. BY JOHN F. SINCLAIR. Special Dispatch to The Star. ' NEW YORK, April 24—The North- ‘west, centering around the Twin Cities, is greatly disappointed because the new rivers and harbors bill does not include a full authorization of the proposed 9-foot channel in the Upper Mississippi River. The bill as it now stands provides for the United States taking over the Os- wego and Erie Canals, in New York State, which will facilitate the move- ment for an all-American deep water- way to the sea and sidetrack the St. Lawrence project. In addition, the bill authorizes the deepening of the upper parts of the 1llinois River. Northwestern shippers contend these provisions clearly discriminate against their section of the country. A leading publlcm states their case in this way: “The people of the Northwest cannot understand why there should be a dou- ble standard o{ waterway authorization —why there should be a standard of comparative laxness for the rest of the country and a standard of unexampled severity for the Mississippi Valley.” Business men in the Upper Missis- sippl Valley have insisted for years that they have been shackled and held back by transportation handicaps. The “9-foot channel,” they say, “holds out a promise of release from intolerable conditions which have been stifling ‘the development and stunting the mwth of the Northwest for a long time.” The sentiment in that section is unan- imously in favor of the proposed chan- nel, but the United States Government, -ppnrently supponted by President Hoo- ver, thinks otherwise. ewton D. Baker of er of Cleveland, former e of War, has called attention to mfllnflnl attitude of the British aristocracy toward the new idea—at Jeast for the British—of centralizing their wealth in securities rather than in land. “The rich people of l:nchnd used to be the landed ar! jow the rich people of anlnnd are (he people who own stocks and bonds,” says Mr. Baker. The intangibles, represented by stocks and bonds, rather than the physical ownership of thousands of acres of land are really the basis of the modern in- dustrial order. ‘Naturally, the high-pressure salesman ed to concentrate on this form of investment. Millions of dollars in ‘worthless securities are offered and sold every year. The amount seems to be increasing rather than decreasing. Look at the estates probated each week in the United States. Nearly all contain plenty of worthless securities— nmml cats and dogs of all kinds. It's of the history of the country itself. m gambling instinct undoubtedly has something to do with this change. Mr. Baker contends that too many gaple get into financial difficulties by lure and appeal of getting much ‘more than a just return lor money in- vested. Few people can resist a 20 per cent opport\lnity. even though the fllk is three times t of the ordinary 6 cent lnvemnem “The wise investor considers safety of principal first. There are second, third, fourth and more rules for in- vestment, but the safety of principal will always be the first rule,” said one of America’s richest men 25 years ago. ‘Whitney Coombs, l:rlculmml econo- issued tise on “Taxation Farm Property,” th,h every student of farm conditions may well Mr. Coomnbs says that direct taxes now paid by farmers amounts to more than $900,000,000 mnunlly, of which lhou:.lu per cem paid through the '.hll udmlrlhl: mue work an analy- tion, of taxes and agricultural income ‘ from various types of farm tenure, of farm assessments and farm values, as ‘well as of the incidents and effects of 'darm values. Here are a few of Mr. Coombs’ con- lusions : About 30 per cent of the net rent of farm real estate into taxes. From 18'; to 31 per cent of returns on farms operated by owners goes into taxes. ‘The period of a rapid rise in farm taxes is past. “The !‘l'e of increase in State and local taxes will be less than it has been, but no general reduction in farm taxes is likely to come from a decrease in local expenditures,” says Mr. Coombs. “It may come either through new methods of financing certain Govern- ment expenditures, such as more State support for the schools, or through the introduction of new sources of local revenues m ,supplement the general _property ta ‘Taxes h.ve become one of the key ‘factors in the farming situation. (Cobyright. 1930, by the North American 3 e A ‘PROTECTION OF CREDIT ' IS DECLARED DIFFICULT L By the Associated Press. ‘The Federal Reserve Board reported . to Congress today that “the protection iof TFederal Reserve credit against - diversion into channels of speculation * constitutes the most difficult and Surgent problem” confronting it. < In its annual report to Congress the ~board: said this problem was met by it “in efforts “to work out a technique of . credit control that shall bring to the | country such steadiness of credit con- . ditions and such maintenance of economic stability as may be expected 1o result from compstent administration of the resources of the system.” Pennsy Plans Stock Issue. By the Associated Press. i Authorization to issue 360,000 shares :of common capital stock, with an ag- gregate par value of $18,000,000, to be . sold to its officers and employes at $50 per share, was sought today by the Pennsylvania Railroad in an application f'zmthe Interstate Commerce Commis- sion. Wall Street Briefs . By the Associated Press. Reports from the copper trade today ! state that buying here and abroad is 1% 138‘/: 128 FINANCIAL. ! THE EVENING STAR, WASHINGTON, D. C, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. . ey 32 lnh Vll Coal pf (3).. 89% Lehman Corporation 29% Lehn & Fink (3).... 19% Libbey Owens (1) 91% Liggett & Myers(15) 91% Ligg & Myers B(15). 35% Lima Locomot!’ 80% Loew's, Inc pf (I*)- 84 Loew's pf xw (6%) 3% Loft, Inc 50% Loose-W: 16% Lorillard (P) Co. 38% Lou G & EI(A) (1! 8 Loulllznl oil. h . 32% Ludlum Steel (2). 28 McAnd & F (12.85).. 93 MacA & Forb pf (6). 40% McCall Corp (2%) 92 McCrory pf (6). 35 McGraw-HIll (2). 14% Mclntyre Pore M(1). McKeespt T P(14%). 11% Madisen Sa G (1%).. 43% Magma Copper (5).. 72% Mallison pf (7). 26% Man Elec Supply. ... 30% Man Elev mod (d5). 20% Man Shirt (2)......0 5% Maracaibo Oil Exp. . 20% Marmon Motor (2).. 44% Marshall Field & Co. 3 Martin Parry....... 37% Mathieson Alkil «2). 49 May Dept Strs (n2).. 16% Maytag Co (12). 29% Maytag Co pf (3). 26% Melville Shoe (2)... 15% Mengel Co (2) 83 Mengel Co pf (7). 23% Metro G P pf (1.80) 16% Mexican Seaboard %) 238% Mid-Cont Petm (2).. 7 Middle States Ofl et Midland St » 12% Minn Moline Pwr. 54 M StP & SSMlsd (4). 1% Minn & Sl Lon 24 Mohawk C Mills (3). 48% Monsanto Ch (g1%). 4 35% Montgom Ward (3).. 1 3% Moon Motors. . 58% Morrell & Co (4.4¢ 50 Motor Products (2). Motor Wheel (3) Mullins Mfg. . Murray (bz%stk) Myer(FE) & Bro(2). Nash Motors (6).... 21 Nash, Chat&StL (7).100s 4 6). 16% Norfolk & Southern. 83 Norfolk & Wn pt (4). 13% North Am Aviation. . 93% North Am(b10%stk) 51 North Am pf (6).... 84 Northern Pacific (5). 82% North Pacificct (5)., % Norwalk Tire & Rub. 9% Ofl Well Supply..... 13% Oliver Farm Equip.. 31% Oliv Fr Eqcv pt(3).. 70 OlvFrEqpfA (6).. 2% Omnibus Corp. . . 43 Oppenheimer Col (5) 63 Oprheum Cir pf (8). 160s 70% Otis Elev, n(23). % 118% Otis Elev pf (6 30% Otis Steel (2%). 91 Otis Steel pr pf (7). 1 52% Owens,1ll Glass(n4). 2 7 Pacific Coast. 2 17% Pacific Co st p! 108 52V Pacific Gas & B\ (2). 19 8% 14 32% 92 31% 27% 108% 108% 39% 5% 87% 107 92 4% 64Y 26% 47% 10% 17 25 72 Pacific Lighting (3). 21 1 140 Pacific Tel & .I('l) 2208 llg"/: 149% 149% 150 16% Packard Motor (1).. 50% Pan-Am Petm (B)... 4% Panhandle P& R. 47% Panhandle P & R pf.. 48% Paramount-F-L (4). 25 Park & Tiiford (tl).. 21 Park Utah.. 17% Parmelee Trana l% . 2% Pathe Exchange. ... 5 Pathe Exchange (A) 23 Pul;lo Mines i 63 Penney (JC) (3). 6% Penn Dixie Cement. 30% Penn Dixle Cmt pf. 72% Penua RR (4).. Gas, Chi (8) 34% Phelps Dodge (3) 50% Phila Co 6% pf (3). 11% Phila ReadC & I. 24% Phillips-Jones (3). 8% Phillp Morris (1) 29% Phillips Petrm (n2).. 21% Plerce-Arrow (A)... 69% Plerce-Arrow pf (6). 1 Plerce Oil. 20% Plerce O1l 2V Plerce Petrole 32% Pillsbury Flour (2) 443 Pirelll of Italy(3.14). 59 Pittsburgh Coal..... 97% Pittsburgh Coal pf. 17% Pittsbgh Screw 1.40. 8 Pittsbgh Trml Coal. . 36 Pittbgh Term Cpf... 20% Pittston Company. 27% Poor & Co (B) (2), 12 P Rican Am To (B).. 97 Postal Tel & C pf(7) 45 Prairie Ofl & Gas(2) 54% Prairie Pipe L (5).. T% Pressed Steel Car 52% Proc & Gamble (2) 81% Pub Serv.NJ 112% 106% Pub Serv N J pf (6) 110% 107% Pub Serv E&G pf(6). 82% Purity Bakerl 34% Radio Corp. Pacific Mills. . 100 44 lobh 103% 102% lolk 25 25 7 14 1% l‘& an 19% 58% 11 57 T1% 30% 3 310 20% 6 60% 58% 60% 37 10% 1 57 69 5 14 131 109 8l 81% 3 60% 60 60% 60 86 318% 309 318 314% 9 36% 36% 36% 37 1 54 54 55 163 23 23 23% 2 23% 26% 26% 12% 12% ll‘l 41 4 31% 1 81% &0 3 62 8 1 4 1 1 8 508 3 5 13 57% 118% 101 31% uzu 216 86% 29 1% 52% 83% 9 508 53% 19% 105 53% 198% 146 68 3 9% 110 117% 150% 15% stock and Sales— Dividend Rate. Add 00 nm: Low. 4 Reynolds Spring.... 3 5% 49% Reynolds Tob B (3). 32 ssv. 22% Richfleld Ol (2)..... 2 26% 16% Rio Grande Oil (2).. 24% 447% RI 514 3T% 49% 93% 9% . 708 45 St Joseph Lead ("). 2 107% St L-San Fran (8)... 61 92 St L-San Fran pf () 1 241% Savage Arms (2).... 107 Schulte Retail Strs. Seaboard Afr Line. .. Seaboard Air Line pt Seagrave (e1.20) 4 59 6 Seneca Copper. Servel. Irc. .. Sharp & Dohme. Sharp & Do pf (334) .. Shattuck(FG) (11%) Shell Union (1.40). .. Shell Un Ol pf (5%). Shubert Theatres. i Simmons Co (3)..... % Simms Petrm (1.60). Sinelair Con Ofl (2).. 156 Sinclair Oil pf (8). Skelly Ofl (2). .. 13 Sloss-Sheffield pf (7) 108 Snider Packing...... &nider Packing pf . s Solvay Am pf(5%).. 5 So Porto Rico Sug (2] 6 Southern Cal Ed (2). 27 27 7 Southern Rwy pf (5 Spalding 1st pf (7).. 10 Spang-Chalfant.... Sparks Withngtn(1). Spear &co....... 508 Spencer Kelg (1.60).. 1 Spiegel-May-S (3).. 1 Stand Brands (1%).. 150 Stand Brands pf (7). 1 Stand Comm Tob.... 2 StandG&E (3%). 16 StandG&Epf (4).., 1 Stand Invest Corp. Stand O of Cal (2%). 105 Stand Oil Exp pf(5).. 1 Stand Ofl of Kan (2). 9 Stand Oil N J (12)...787 Stand Oil N Y (1.60 Stand Plate Glass Stand Plate Glass pf Starrett (LS) (12 'A) Sterling Sec (A)..... Sterling Sec pf(1.20) Stew-Warner(h3%). Stone & Webster (4). Studebaker Co (5). Submarine Boat Sun Ofl (f1).. 5% 20 8% Symington (A) 13 Tenn Cop & Ch (1). 50% Texas Corp (3)...... 547 Tex Gulf Sulphur(4) 117 Texas & Pacific (5).. 8% Texas PC & Oil. . 13% Texas Pac Land Tr.. 19 Thatcher Mfg (1.60). 40% Thatcher pt (3.60).., 26 The Fair (2.40)...... 42% Third Nat Inv (2)... 33% Thompson Prod(2.40} 11 Thompson Starrett. . 10% Tide Water As (tne 78 Tide Wa 86% Tide Water Oil pt(i) 14% Timken Det Ax(80c) 70% Timken Roller (3) 2% Tobacco Produc! 7% Tobacco Products A. 16% Transcontl Oil (30¢). 17% Tri-Contl Corp. 89% Tri-Cntl Corp pf (6). 15 Truax Traer (1.60) 19 Twin City Ra Tr(4).. 97% Und-Ell-Fischer (5). 10 Union Bag & Pape! 76 Union Carbide 41% Union Ol of Cal (12) Union Pacific (10). 824 Union Pacific pf (4) 43% Utd Aire: 56 Utd Alrcraft pf (3) 36 Utd Biscuit (1.60). 44% Utd Carbon (2). 4 Utd Cigar Store; 30% Utd Corporation. 46% United Corp pf (3).. 10 Utd Electric Coal 86% Utd Frult (4).... 31% Utd Gas & Imp(1.20) 97 Utd Gas & Imp pf(5). 25 Utd Piece Dye W (2) 3 = Southern Rwy (8). § s 112% 14% 947% ) » 5 1 e TETT ST RSPy - PICC GO - 88% U S Alcohol (17). T4 U 8 Leather. .. 15 U S Leather (A). 17% U 8 Leather pr lul('l) @ rpulventuSaank 47% U S Rubber 1st pf. ... 29 USSmelt Ref (3%). 49% U S Smelt Ref pf3%. 166 U S Steel (7). . 3 141 U S Steel of (7) 60% U S Tobacco (4)..... 70 Univ Pic 1st pf (8) 2% Univ Pipe & Rad. 195 Utah Copper (16) 31% Utll Pwr&Lt A (e 4 Vadasco SalesCorp.. 8 49% Vanadium St (t4).. 176 37% Vick Chemical (2%). & 5% Va-Car Chem 1 26% Va-Caro Chem e A 65 Vulcan Det (4) 1408 68 Vulcan Det A (4).... 30s 51 Wabash.. 83 Wabash pf (A) 24Y% Waldorf Svstm (1% 26 Walworth Co (2) 21% Ward Baking (A). 4% Ward Baking (B)... 109 58 Ward Baking pf (7). 2 38% Warner Bros Plc (4). 594 16% Warner-Quinlan (1). 57% Warren Bros (new).. 231 Warren Fdy & P (2). 5% Webster-Eisenlohr. . 104% West Penn Pw pt(6). 113% West Penn Pw pf(7). 13% Western Dairy (B).. e 708 6 10s 4 Westvaco Chlor (2).. White Motors 12). 36% White Rek MS(t4%) 7% White Sewing Mach. 11% Wilcox Of' & Gas. . 27 Wilcox Rich A (2%) 19% Wilcox & Rich B (2). 71 Willys-Overland. ... 67% Willys-Over of (7).. 315 Wilson & Co. 58% Woolworth 67% Worth Pum| 67% Wrigley (Wm 12% Yellow Truck. 72 Yellow Truck pf. 36% Youngs Spring (3) 108 Young Sheet & T (5). 5% Zenith Radio........ RIGHTS EXPIRE * | Title & THURSDAY, BOND PRICES SAG z| ON NEW OFFERINGS Market Influenced by Addi- tion of $58,000,000 of Is- sues—Rails Gain. BY F. H. RICHARDSON. Special Dispatch to The 8t NEW YORK, April 24—Despite the fact that a Yew of the highest type of railroad and public utility bonds made fractional gains, the bond market was almost unanimously lower today. The addition of another $58,000,000 of new offerings was the bearish factor responsible. Under its influence out- standing issues retraced almost all of the ground gained in the past two ses- slons because of money fluctuations, Convertible and stock option descrip- tions pursued an erratic course as the stock market backed and filled. Phila- adelphia & Reading Coal and Iron 6s, which touched a new 1930 top at 107 at one time, slanted actively downward after the first hour until the loss amounted to 2 points. Part of this was later regained. The same trend char- acterized American Telephone 4!:s, In- ternational Telephone 4!3s, Texas Cor- g{)nflnn 55 and the railroad converti- es. In point of activity, bonds of amuse- ment companies continued to hold the center of the stage. General Theaters Equipment 6s were off in early trading and then regained part of the loss. Warner Brothers Pictures 6s and Loews 6s were also lower. Pathe Ts were still active around their best price because of the continued reports of a merger being negotiated with R.ldio- Keith-Orpheum. Keith 8 made a small gain. Shubert 6s reflected a sudden rise in their complementary stock with a gain of over a point to a new high price for 1930. Foreign dollar credits revealed a number of substantial gains, but the declines, small as they were, were much in the majority. Nearly all the French descriptions dropped, along with those of Italy, Denmark, the United King- dom, Australia, Chile and the coffee states of Brazil. German honds re- flected the imminence of the new rep- arations loan with a. general gain, while Greek, Hungarian, Swiss, Polish, Bolivian, Colombian and Japanese issues 7% | Were firm to a point higher. — Washington Stock Exchange SALES. Wuhlnron Rwy. & Electric 45—$1,000 Clplhl “Fraction Co.—10 at 78, 10 at 78, 10 at 77%, 10 at 77%, Potomac Electric 6% pfd~60 at 11215, Potomac Sand & Gravel pfd.—10 at 95, 10 at 95, 10 at 95, 10 at 95, 10 at 95. Me?:g;.hller Linotype—10 at 107, 10 at 107. Real Estate Mtge. & Guar. pfd.—25at 7. ‘The Carpel Corp.—44 at 26, 50 at 261%. AFTER CALL. Potomac Electric 6% pfd.—3 at 113. Capital Traction Co—5 at T7%. Mergenthaler unotyphlo at 107%. Potomac Electric 53 % 3:!/. W;.;hmxl’ ton Rwy. & c. 45—$500 at Washington Rwy. & Electric pfd.—12 at 997, Washington Gas 6s “B"—$6,000 at 105%, $500 at 105. Washington Gas 55—$500 at 101, Bid and Asked Prices. BONDS. - PUBLIC UTILITY. Amer. Tel. & Tels C. & 5 Gapital Traction R. Gity'& suburban Se. Barber & Ross, Inc. 6! Cham.-vanderblit o Chevy Chase Club 5! Paper MIg. NATIONAL BANK. ! Clr“‘gl (l“}z, Commeretal (siamped)’ (10). Dmrlc . Feder, Ciberty (18 Stetropolitan etropolita Rise: s ¢ Washinston T TRUST COMPANY. 41 Amer. Sec. & Tr. Co. (15) Merchants' Bank (¢ atl. Sav. & Trust (121). Dhlen Trast ¢ ) Washington Loan & Trusi 4 SAVINGS BANK. Bank of Bethesda (6§). Commerce & Baving: East Washing Security 8a Seventh Street (12) United States (3 Washington Mechanics ' (3 FIRE INSURANCE. American (12) . *320 (i) Netionsi® Unton TITLE INSURANGE. Columbia (6h) Real Estate Title (Lo Inv. Co. Md. Barber & Ross, om Ghevy Chase Barry “oid. ol Bard & Gravel prd. (1 D. C. Paper Mfg. Natl. ucumm Peoglu Drug swm (nm Est. Mtge R Ter. Ref. & Whe. Cori The c'n'f"nco"’ Medttal Bide. Woodward & Loth: *Ex dividend. 9% & extr HET N 10-CENT CAR FARE CUTS APRIL 24, 1930. FINANCIAL. o vew soux BONDS occeeemanr] - ASSOGIATED GAS ) irect to The Star Office UNITED STATES, (Sales-are in $1,000.) Sales. High. Low. 12:58, 35 1002 1002 1002 85 10126 10123 101 24 26 10014 1009 1009 11 10011 1009 1009 1 104 21 104 21 104 21 110710 1072 1072 36 11111 11156 11111 FOREIGN. Sales. mm. Low. Argentine 6s Ju’69. 17 Y8 Argentine, May '61. 15 :ga US4Kss... Argentine 6s Australia 43% Australia 58’65 Australia 5s ‘57 Austria7s...... Bank of Chile 6% Bank of Chile 6% Belgium 6s. . Belgium 68 Belgium 7s '55. Belgium 7s Bolivia 8s. Bordeaux Brazil 6% Brazil 6%s 27, Brazil §s Bremen State 7 Canada 5331 Canada 53 '52 Chile 65’60 6 Con Pwr Japan 7s. . Copenhagen 41 s '53 Dutch East Ind’ 47. Fiat 7s ex war '46.. d 5% 101% 93% 90% Italy 7s.... Italian Pub Sve 7s.. Japanese 4s..... Japanese 6%s Jugoslavia B: Karstadt 6s '43 Kreuger&Toll 55 ct. Lyons 6s. Marseille 6s Mex 45 1904 asnd Mexico 58 asnd Milan 6%s. ® e Norway 6% '52. Orient dev 514 68 Orlent Dev 6553 Paris-Lyons-M 6s.. Paris-Ly-Med 7 Paris Orleans 5%s.. Peru 65 '60. Peru 6s'61. Peru 7s. . Pirelli 7s 52 Poland 68 '40. Poland 7s (re Poland 8 Porto Aleg Queensland 6s. Rhinelbe Un 7s... . Rhine Wst EP 6352 Rhine West6s '53. . Rhine Wst EP 7550 Rio de Janeiro 6% . Rio Gr du Sul 6; o RO XN AN X OB 0% Sao Paule 50 Saxon (PW) 7 Seine 7842, . » ooy wanEremdx o RO -2 Toho El Pwr Toklo 5345 '61 Utd Kingm 5% Utd SS Copen 68'37. Uruguay 6= 60 MISCELLANEOUS. Abitibl P&P 58 '53. Abram&Strau Alleghany Cp 58 Alleghany 6849, .. Am Agri Chem 718 Am Beet Sugar 6s. . 33 1 AmChem 5155 evi49 15 Am Int Cor 51 s'49 Am Nat Gas 614842 20 Am Smit& R 1st5s 3 Am Sugar Ref 6s... 6 Am T&T cv4145'39 937 Am T&T 58°65..... 21 Am T&T cl tr Am T&T s t 5 Am T&T 6%s Am Water Wk Armour&Co 4% Armour, Del.5%s. At] Gulf 65 59 Atl Refining 58 Bell Tel, Pa, 5s (B). Bethlehm Stl pm 58 Brklyn Edison 5s Cuban Am Sugar 8s Det Edison Duquesne 438 '67. . Fisk Rubber 8s. ... Gen Cable 518 '47. Gen Mot Ac Cor 6s. Gen Pub Sve b%s. . Gen St Cast 51849 Goodrich 6%s. Goodyer Gs rets. Humble 0 & R Humble O & R 5% Ili Bell Tel 5s. ... 111 Steel 415 °40. Inland Steel 4% 78, Intl Cement 55 48. . Intl Match 68 '47... Intl Mer Mar6s..., 3 Intl Paper 55'47... 4 Intl Paper 6s.... 5 Intl Tel & Tel 4%43. 6 Intl T&T 4%scv.. 438 Intl Tel&Tel 68'55. 74 KanCity P&Lt5s. 5 KanG & E6s'52... 12 35 17 90 834 90% 127% Pan Amer Pete 68, Paramount 6s '47. Phila & R'-d Cl‘l! lll Phillips Pet 6% Plerce Ol deb 8. Sinclair Crude Sinclair P L 5s Skelly Oil 6%s. So Por Rico Sug T South Bell Tel 5: Southwest Bell 5s. . Stand Oil, NJ '46. .. Stand Oil, N Y.4%s. Sug Es Orient Tenn Cop 6s B Tenn Bl Pwru'fl. Tex Corp cv bs ‘44.. Transcontl Oil 6148 2 United Drug 58 '58. U S Rub 1st rf 5 U S Rubber 7%s. Utah Pwr&Lt bs. Utilities Pwr 5%35.. Walworth 63 '45. ... Walworth 6%s '35, Warner Sug 7s'39.. Western Elec 5s. ... Westn Union 58'51. Westn Union 63%s. . White Eagle 5%s. . Wickw Spen 1st. ... Willys-Ov 6%s '33. ‘Wilson & Co 1st 6s. Youngstn S &T 5s.., RAILROAD. Atchison adj 4s Atchison gen 43, Atch deb 48 '43. Atl Const L 1st 4s Atl Coast Li B & O gold 4 Boston & Maine Bklyn,Manhat 6 Bklyn Un El 58" Bush Term con §s Can Nat 414s°54. Can Nat 4338 '57 Can Nat4%s ‘68. Can Nat bs, July'69. t 58, Oct '69. Can Pacific ctfs Central Pacific Cent Pac 1st 55 '90. Ches&Ohio Corp 5s. Ches & O gen 4%s. . Ches & O 4%s B '95 Ches & Ohio con 5s. Chi & E 11l gn 58 51. Chi Gr West 4 '69. ChiMIIStP&P 5875 CMSP&Pac adj5s03 Chi & NW gen 4s. Chi & NW con I%l. Chi & NW 7s. Chicago Rwys 5s. ChiRI&Prf4s.. C&W Indhlgs's2. Clev Term 4%s'7 Conn Ry&L 4%s Cuba R'R 68 Cuba Nor 5%s rots. Del & Hud 1st rf 4s Del & Hud 7s'30. Den & Rio G cn 4s.. Den&RGW 5s '55 Det United 434, 3 . Erle cv 5567 Erie 551930 w.i.... Erle & Jersey 6 Fla East C5s'74... Fonda J&G 43%s'52 Gr Trunk st deb 6s. Gt Northern 5%s. Great Nor gen 7. Hav BIRv 8is Hud & Man ref §s. 111 Cent 4s '52.. 111 Cent 45 '53 11l Cent 4% s 111-C-C-StL&NO Iut Rapid Trans 6s. Int Rap Tr 5 Int Rapid Trans 6s. Int Rapid Tra: Int & Gt Nor 5s Int & G Nor 1st 6s.. Int Rys C Am & Int Rys CA 6%s re.. Kan City Ft S 4 Kan City Sou Lake Shore 4s '31 00% | Leh1 Val con 4 LehV gen 4%s 2003 Long Isl 58°37..... L&N4%82003.... ManRy 1st 45'90... Market St 7s '40. Mill El Ry&Lt 4% Mill El Ry&L 5s'61. Minn & StL ref 4s. . M StP&SSM con 4s. M StP&SSM cn bs. . M StP&SSM 6. M StP&SSM 6%s. .. MK & Tex 1st 4; MK & Tex 4s (B).. M K&T prin5s(A). MK & Tex adj bs. Mo Pacific gen 4 Mo Pacific 55 A '65. Mo Pac 58 F '77 Mo Pac 58 G '78 Mo Pac 5%s'49 cv.. Nat Ry Mex 4%s. .. N O Tex & M 58(A) NOTex& M5sB.. NYT&MG5%s N Y Cent 45 '98. NYCenrfim4%s. N ¥ Cen re bs N ¥ Gen deb 6: N YCenLSel3%s. NYC&StL4%sC. NYO&StLbksA NYC&StL5%sB NCO& St és31 NYNH&H 3%s '56.. NY NH&H 4158 '67. NY NH&H cv db 65 N Y NH&H clt 6s. Y% NYONt& W istds. NYW&B4%s. ... Norf & Wn con 4s. Nor Pacific 3s 2027. Bales. Hi 2 .u 93 - 17 %0 « 21 9% 94% 95 s 104 101 100% 100% 75 66% 75 100 99% 107% 105% lfl'l!‘ 954 95% YEW 105% 105% 106% | 94l 94% u 96% 96% 96% 45% 4 45% 100% IW 100% 99% 104 HAS RECORD YEAR Assets Exceed $1,000,000,- 000 and Gross Revenues _Show Unusual Advance. sults attained during another banner year are revealed in the annual report Sou|of the Assoclated Gas & Electric Co. 105 | for 1929. Total gross revenue and other 103% 103% 1031 | income of the entire associated system, 104% 104% 1043 | 8mounting to $91,480,596, an increase 103 102% 108 | Of 117 per cent, and net revenue of $45,- 96 96 96 |755.674, & gain of 139 per cent, are 4 38 40 [shown, these figures including earnings 101% 101% 101% | of New properties only since date of ac- 106% 106% 106% |quisition in 1929; whereas the full 12 105% 105% 105 | months’ gross of all properties now in 103% 103 103% | the system aggregated $103,556,864, with 96 6 96 net, before depreciation, of $50,282,036. 994 96 9o | Total assets of the associated system at 160k d00m 1004 ae:;g;ber 31, 1929, amounted to $1,000,- e Son ooat| Condensed consolidated income state- 911 91 ment of Associated Gas & Electric Co. and its subsidiaries shows net income available for renewals, replacements and retirement reserve, dividends and sur- plus lm?unz';n! to sw,.’;ss.ozl,“:n sian. crease of 129.6 per cent over the $8,- o5 109w 109% 109 | 515,886 of the previous year. After pre- > '35 '35 ‘95 |ferred stock dividends and deprecia- % 100% 100% 100% | tion. balance remained available for 19 102 1015 1015 |class A and other dividends and sur- 18 102 102 1024 | Blus of 813176835, comparing with $3,- 172,795, an increase of $10,004,043, or 315.2 per cent. 920 90 %0 ‘These consolidated earnings were 92% 92% | equivalent to $3.64 per share for the 18 138% 130% 130% | priority dividend of $2 per share on the 10 92% 92% 92%)average number of class A stock out- 6 89% 89% 89% x;‘:ndlrx;g lzxur:’;{r I;hel . Dec\lucnng the priority ution of earnings to of 100s 19a% (32| the 'class A and B stocks of §2 per 24 102% 101% 10z |share and also the maximum possible 13 102% 102% 102y | Additional payment of 50 cents per 3 101% 101% 1011 | Share on these stocks (a total of $2.50 2 104% 104'% 104% | per share) before dividends must be de- © 108% 10515 1085 | clared on the common stock, the bal- 5 93 93 |ance available for it, allowing for par- mz 102 |ticipation rights of the other classes, 98y | would be equivalent to $2.26 per share 981 | on the average number of shares of the 88 |common stock outstanding during the 88 | year. Corporation News NEW YORK, April 24.—The follow= ing is a summary of important corpora- tion news prepared by sundard Statis- ties Co., Inc,, New York, for the Asso- ciated Bress. News Trend. ‘Two developments of importance to the ofl industry in the day's news were the establishment by Standard Oil of California of a posted price at which it offers to purchase gasoline in cargo lots and the settlement of the price war in the Far East between the Royal Dutch interesis and the Standard Oil Co. of New York. The };omnl of a price for purchase of line is an innovation in the oil lnd\ut.ry Crude oil prices have been posted at the wells for a number of years, but the whole- sale gasoline market has never had the benefit of ted prices. Hereto- fore distress selling has often caused prlcu of llsollne to fall below cost. rporate news is mixed. Dominion Sh)l‘es declared dividend of 2 per cent in stock on common shares. Acquisi- tions were announced by Borden Co. and Process Corporation. —Quarterly earnings statements are again prom- inent. Transcontinental Oil and Amer- ican Safety Razor report small increases over the 1929 quarter. The Companies. Ameflcln Safety Razor earned $1.3¢ common k in March quarter, mlnzl $1.25 in like 1929 period, American Transformer earned $3.05 6 103% 103% 108% 16 102% 102 102 95% 95 95 1 102% 102 102% 10 101% 101% 101% 1 115% 115% 115% 2 110% 110% 110% 11 ¥b% 864 85% 25 99 98% 99 10 102% 102% 102% 9 98 93 93 6 102% 102% 102% 7 100% 100% 100% 1 99% 99% 994 31 Y6% 96 L6 16 102% 102% 102% 30 68% 68 68% 1 9 90 90 41 101% 100% 100% 2 100% 100% 100% 80 80 6 96% 96% 96% 4 93% 93% 93% 2 8815 88% 88 27 106 9% 914 l 96% 1 78 1 87 2 87 27 20 1 100% lm‘/u ll)l."/& 1 95% w4% 5% 4 96 96 Y6 1 98% 98% 98% 7 105 104% 104% 1 85% ¥b4 854 14 81 80 80 pper Mining reduces wages of employes in Butte, Anaconda and Great Falls 25 cents a day, effec- tive May 1. Barnsdall Corporation earned 60 cents on common stock in March quar- m.lodmsm 84 cents in like 1929 period. Bancamerica-Blair has arranged to acquire block of General Foods stock. Borden Co. acquires Huber Ice Cream Co. of Bridgeport, Conn. Borg-Warner Corporation, subsidiary Ingersoll Steel & Disc Co., receives $500,000 order XDI' motor supports ild timing gear cov Clinchfield Co-| had deficit of 321.- :‘I,)Sl;;\lwifi, against deficit of $249,589 Commercial Solvents earned 30 cents 136 95% 95% 95% 1 118% 113% 113% 2 59 59 59 3 33 33 33 2 106 105% 105% 11 109% 109% 109% 18 110% 110 110% 1 67 67 67 4 96% 96% 96% 12 9% 79 79 12 97% 9TK YTU 1 92 92 5 88% 88% 4 99 98% s 2104 104 104 11 72 T 1% 28 72 Tl% % 6 60% 60% 60% 3 95% 96l 96% 1 96% 96% 96% 1 100% 100% 100% 5 99% 99% 99% 4 ¥ 8% 89 1 98 98 98 2 100% 100% 100% 19 9T% 9THm 9TH 29 53% b52% 524 8§08 92" 93 5100 100 100 13 100% 100% 100% 1 13% 13% 13% 7 9 9 9 9 99% 99% 99% 1 99% 99% Y9N 1 101% 101% 101% 1 86% 86% 86% 6 864 ¥6L 86 2 101% 101% 101% 2 107% 107T% 107% 45 100% 100 100 32 9% 9y Y9y 11 99% 99 99 7 111% 111% 111% T 9N e 5 99% 99% 99% 2 99 99 ¥9 7 102% 102% 102% 27 91 91 91 .16 8% 78 3 99 981 98K 14 105% 105% 105% 9107 107 107 1 8% Te% TE% 11 95 94% 95 17 107% 107% 1074 4 106% 106% 106% 16 101% 101% 101% 25 102 102% 1024 4 8K T8 T8 8 924 Y24 924 47 126% 125% 126% 2 106% 105% 105% 5 b9% 694 09% 1 88 88 92% 92% 66% 651y 0% 90 3 97 97 18 11z 1% 1% on common stock in March quarter, against 35 cents in like 1929 period. Commonwealth & Southern net in- come 12 months ended March 31, $24,- 316,640, against $20,428,402 in prevlou.s fiscal year. Dominion Stores, Ltd., declares 2 per cent stock dividend on common stock. n Electric Illuminating of Brock- ton earned $3.39 on common stock in 1929, against $2.72 in 1928. General Electric acquires mining rl:hts of Berylluim Corporation, Vienna. & W. Grand 5, 10 and 25 Cent swm, Inc, buys 5 units of A. A, Adams Stores, Inc., for $59,000. Gulf States Steel earned 30 cents on common stock in March quarter, against $1.68 in like 1929 period. Process Corporation acquires Cam- bridge Press, Inc. Radio-Keith-Orpheum reported ne- gotiating for acquisition of Pathe Ex- change, Inc. Southern California Edison March net income (before depreciation), $1,:14,239, vs. §1,280,583 year ago; throe months’ net, $4,085,186, vs. $3,905,921. A. O. Smith Corporation obtains or- der for 300-mile gas line from Ameri- can ht & Traction. Swedish Match preparf; facture matches in United il‘u” of expected higher tariff restric- ions. ‘Transcontinental Ofl earned 36 cents on common stock in March quuner, VS, 16 cents in like 1929 quarter. Before Federal taxes for both periods. International Railways of Central America March net operating mco.rne $446,663, vs. $420,036 year ago; months’ net, $1,237,273, vs. $1,265, 433 Kroger Omcery Baking revised 1929 report places net for year at $5,917,097, a reduction of $456,602 from nrevluu.l | Teported figure. Link Belt earned 82 cents on com- mon stock in March quarter, vs. 91 cents in like 1929 period. Moon Motor Car produc!ng 12 Wind- sor cars daily. National Biscuit earned 70 cents on common stock in March quarter, vs. 71 cents in like 1929 period. National Tube receives order for 450 % Am Roll M..June 16 22'/:- 21% Am Tel & Telex. . 2% % ChiRI&P..M 3% 1% Int Tel&Tel..May 1 6% 3% Pac Ltk .May 1 % Peerless Mot C May 9 % Rossia Ins....Apr 28 Sales of Stocks on New York Exchange Kendall 51%5'48 ww Laclede Gas 5s. Laclede G 5%s Lautaro Nitrate Ligg&Myers 5s Loew's, Inc, Ore Wash 1st 4s. Penna 4%s 1970 Penna con 4%s. Penna gen 4% Penna 4 %5 '63 12 #8% 884 884 215 94% 94% 94% 1 101% 101% 101% 11 994 99 T 99% 99% 99% 18 107% 107% 107% | 12 104% 104 104 4109 108% 108% small, with domestic orders just enough to cover immediate requirements and with little change shown since before l.he price of the metal was reduced from to 14 cents a pound. Persistent 1 nnnors from abroad thnt a further cut to 12 cents will soon be made has held \ID foreign buying. net operating income of the um;h Valley Railroad in March was $305,007, as against $783,916 in March, 1929. For the first quarter the com- pany reported a wul of $1,547,217, compared with $2,248606 during the corresponding period of last year. Construction wards in the 37 States . east of the Rocky Mountains du the week from April 12 to 18 $100, uuo_t:'h tl; :1‘“ Dodge 22:"';?11 re com ;:eg l“ 490 for ‘week and the 117153,400 fof the cormpondlu ‘eek o{ last year. Since the first i, 2o, Sl [ e et and engineering worl ve £1,379,067,100, as against $1719,086,400 for the same period last year. 68 Radlo Corp (B) (5).. 19 Radlo-Kelth-Orph A.1120 33 IRaybestos Man 2.60. 54 1"/5 115% Reading Rwy (4) 2 47% Reading 2d pf (2). 44% Real Silk (5) 3% Rels (Robt) miles seamless pipe from American Lignt & Traction. ! DOWN PASSENGER LIST 5% | Special Dispatch to The Star. %| BALTIMORE, April 24.—The real ex- *%|tent to which car riding was reduced § 2.183,1 | by the 10-cent car fare is indicated in a i‘“‘fi{' cd-;v o war.. 2155000 | Teport of passengers hauled in March | Lorillard e " Dividend rater as given in the above table are the annual cash | by the United Railways, which controls | Lorillard (P) 7s.... 5{ g?m gg% :2!‘ & on the atest guaterly o Fait vertly declartions. ' he trolley system of Baltimore, and re- | yranats Sugar 7% 5. 9 1 o iiiaeu ee 1 2 * Partly .. Fock.” & Pl ISt Year— lpqrud by the company to the Public | McC'rmek KR 65'34 2 100% 100 100 Montana Pwr '43. 2100 Sou Pac ref 4 sw. 5% Sou Rwy con Sou Rwy 6s 'l Sou Rwy 6% Sou Rwy Mo ‘Term Asso SL Tex Ark F'S 5% Texas & Pac 1si Tex & Pac 58 B 17, Tex & Pac 55 C'79. Third Ave ref 4s 60 ‘Third Ave adj bs Union Pac 1st 4s Un Pac 1st ref 4s Union Pac 45 '68. | Virginia Ry 1st 5 Wabash 41578 ret. Wabash 5s'76 B... 7 58% b58% b58% | Wabash 5%s'75... ¢ 14 73% 738 78 46% 100% 14% 10% Reo Motor c.rnloc). 1 79»9 76 Rep Iron & Stitnew) 2 95 RepIron&Stipfn.. 14 ock o w 11 101 RepIr&Stpttn.. 11145 nm i g m‘ Service Commisison. Plus § 30 ere Copper & Br. 3 24% 24 - tock. S Sou Reynotos sietin 240, 39 38 3 ;* BT T TR W ST . | e number of revenue passengers for fare was 1,328,522 less than for March, Markets at a Glance lvlfl,fl w}tm: the 4-for-35-cents fare was effect March traffic this year and last af- forded a perfect basis for study of the NEW YORK, April 24 (®).—Stocks irregular; Radio again touches new p high. Bonds {rregular; U. §. Govern- | j,pop; " favorable crop advices. 24a24%; graded firsts, 23',a23%; ordi- | cations employment was no worse this ments firm. Curb irregular; Citles ".:' pearist leu" reports. Cattle nlry.':;l‘l.l.e 23V ed gl;l 'ilh::n last, "b‘edt some observers think effect of increasing fares. Increased unemployment, however, Service at new high. [Forelign ex-'steady. lower., 26; ter. - % 30 Port RL & P5s'42. Rio Gr Wst 1st 4s. . RIArk& L 4%s Montana Pwr db Morris&Co 1std 3. Nat Dairy 63s. Nat Radiator 634 New Eng Tel 5s. ... N Y Edison 5s 44 5 98y 98% 98y 12 100% 100% 100% 3 97% YTH 9TH 46 90% B89 B9Y 83 91% 91k 91% 1 102 St LS W con 4s'32 StL S W 58’62 changes steady; Italian lira at year's high. Cotton higher; drought in West| CHICAGO, April 24 (#).—Butter Texas and covering. Sugar easy;|frmer; 7,084 tubs; creamery-extras lower spot market. Coffee higher; for- |37y, standards, 37%; extra firsts, 36a CHICAGO DAIRY MARKET. StL IM&S R&G 104% 104% 91% 91% 100% 100% IM 104 elgn buying. 36%; firsts, 34a35; seconds, 31833 | yas a factor in reducing traffic this CHICAGO, April 24 (A)—Wheat | Eggs—Steady: 31,857 cases; firsts, | March, although there are some indi- Nor States Pwr Pacific Gas & El 5s. 101 7 101% 101% A £