Evening Star Newspaper, May 8, 1930, Page 15

FINANCIAL, RAILROAD STOCKS INBETTER DEMAND Carriers Show Gradual Gain in Earnings After Poor First Quarter. FINANCIAD," MAY 8, 1930. CURB STOCKS OFF IN'LIGHT TRADING Oils, Utilities and Aviation Issues Show Small Declines. NING STAR, WASHINGTON, D. C, THURSDAY, THE TRANSACTIONS ON THE NEW YORK CURB MARKET ~Prev 1030.—~ Stock and High. Low. _ Dividend Rate. 6 1% Watson (J W) Co.... % & WendenCopper..... 6 % % W 15% 6 Wil-Low Cafeterfa.. 14 14% 15 13% 612 3 Winter (Benj)... 1 3% 8% 3 L # Yukon Gold. 3 % » “ 21% 147« Zonite Products (1).. 15 15 16 1% RIGHTS. Expire. 20 Clev El Il June 3 4 Lone Star Ga Bales— Add 00. Open. High. Low. Close. 4 3% W 3w 84 Sales— 'Add 00. Open. High. Low. Close. 501 53 50l 53 10 10 10 10 1% 1% 1% 1% LR T 20% 20% 20w 204 55 55 55 18% 185 1815 24% 24% 24M 1% 1T 17w 20 AT 881 11 I 3 3 3 8% % &% 12% 1% 1% 24 2u 2% | —Prev 1930.—~ High. Low. a2 7 11 % 14% 38 16% 22 10% 8574 T 2% 8 8% 2% Stock ana Dividend Rate. U S Radiator ctfs(2) U S Shares Fin. . Utd Verda Ext (4) Unity Gold....... Utility Pwr&Lt(al). Util P&L B ctfs (a1) Utility & Ind. . . Util & Ind pf (1%).+ Utility Equities. . acuum Ofl (14%) an Camp Packing. . Venezuela Petroleum Vick Financial Corp. Walker (H) (1)..... Walker Min (7%¢).. ~Prev 1930.~ Stock and High. Low. Dividend Rate. 14% 10% Tnterstate Equitles. 9% 6 Irving Alr Chute war 1 27 12 Irving Air Ch(1.50) 18 9% Itallan Superpwr A.. 44 28% Johnson Motor. . 2% 1% Jonas & Naumburg.. 1% Kirby Petroleum...: 13% Klein Hpt pf(11.20). % Kolster-Br (Am Sh). 821 L'Air Liquide....... 6 Lakey Foundry..... 14% Lefcourt Real(+1.85) 38% Lehigh Coal & N 1.40 14 Leonard Oil.... 154 Libby McNell & L 17% Lily Tullp Cup 1% 18% Lion Ofl Refin (2). 3% Loew's, Inc (war) 124 Loew’s, Inc. deb rt 3414 Lone Star Gas (1) 40 Long Isl Light(60c). Long Isld Lt pf (7 Louisiana Lan & Ex. MacMarr Stores (1). Magdalena Synd Mangel Stores. Mangel Strs pf(6%). Man-Bowman (B)... Mfg Finance v.t.e. Mare Int M (523%¢). Marine Mid (1.20) Mavis Bottling.. Mayflower Asso (12) Mead Johneon(t334), Memphis Nat Gas. ... Mer & Mfg SA(1%). Mer Cha & S (1.60).. Mesabi Iron.... . Mesta Mach (+1.70) ., Met & Min, Inc(1.20) Met Chain Stor f M1d Sts Pet v.t.c. A.. i Mid Sts Petv.te. B.. Mid W Sta Ut (1%).. Mid Wst Util(b8%) . Mid W Ut ev pf xw 6. Mid Roylty ev pf(2). Mid St) Prod, n (2).. Midland Ut(b1% %). Mo Kan P L (b10%). Moh H P 18t pf (1).. Natl Amer Co. Natl Aviation. Natl Baking Co. Natl Bond & Share. tl Fam Stra(1.60) tl Fam S pf (2 t1 Food Prod (A) 1 Fuel Gas (1)..s tl Investors(new) atl Leather . Natl Pub Sy A(1.60). Natl Screen Sve(2). . Natl Short Trm SecA tl Steel x-war(2).. tl Sugar, NJ (2).. tl Trade Journal.. Natl Union Radio. .. Nebel Oscar 1% . Nevada Cal Elec w Brad Ofl (50¢) .. w Hav Clock 1% w Mex & Ariz Ld., wmont Min (34).. wport Co (2).... . Y Merchandise (2) N Y Rio&Bu Afres. .. % Niag Hud Pwr(40c) .. Niag Hud Pwr A war Niag Shars Md(40c). Niles-Bement-P 12 Nipissing (30¢)..... Noma Elec (1.60).. Noranda Mines (3).. S 0. Open. Righ. Low. Close. 11%m 11% 10% 11 Sl R4 R4 22% 22'% 214 12% 12 12'% 39 39% 39 2 2 NOTE—The New York Curb Market Is now operating on daylight saving time. Notice—All stocks are sold in one hundred-share lots excepting those designated by the letter s (65s) (285) which shows those stocks to be sold in odd lots only. ~Prev. 1930.~ Stock and Sales— High. Low. Dividend Rate. Add 00. Open. Hizh. Low. Close. % 1% Aeronautic Ind wi T D 3% & AeroSupply (B) 9% 9% 9% 23% 13% Aero Underwritel 13% 13 13% 34 19 AgfaAnsco........y 2810 284 2814 2% 24 Alr Investors (war). 215 2% 24 182% 119% Ala Great Sou (17). 120 120 120 141 126 Ala GtSoupf (17). 131 130 130 21 16 Al Am Gen Corp. 18% 18% 18% 9% 4 Allegheny Gas 64 64 3 % Allfed Aviation. 1% 1% 15% 9% Allied Mills (60c 94 9 856 275 Aluminum Co of Am 300 300 24% 19% Alumn Goods (1.20). 22y% 22% 8% 4% Am British & Cont. . 6l 6% 49 37} Am Cit PAL(A)(a3) 424 42% 28%_ 14 Am C P&L(B)(10%) 21m 22 3318”201 Am Colortype (2.40). 31% 314 2815 234 Am Com I'(A) b10%., 25% 6% 34 Am Cwith P(B)10% 2n 42% 3 Am Co'with Pwr war 2% 24 % Am Control O1l Fl U 24% Am Cynam B (1.60). 265 3 Am Dept Stores w 110% Am DT, NJevpf(7) 1114 Am Equities. 16 Am For Pwr(war). 491 & Elec pf(6) 108y & Elec (1) 140 it AWAT) 2w 6% st, Ine (B). 124% Am Lt&Trac (n). Tl Am Mfg Co (4). 50 Am Maricabo. 3% Am Natural Gas 16% Am Superpwr (1) 314 Am Superpwr pt ( 461y A.n Super 18t pf (6). 100% Ani Transfor (1.40) 19 Am U&Gen B vte 408 12% Am Yvette (n) w 314 Anglo Chii Nitrat 36% Appalachian Gas. 1% ‘Arcturus Rad Tube. 15 Arizona Com(50c). 1% Arkansas Nat Gas 12 Ark Nat Gas (A). 121 Ark P &Lt pf (7). 108 Asso Elec ind (3vc). 6% As30 GEE (A) 12.40. EI Asso Rayon pf (6).. o2 AtlanticFruit & Sug. ' Auto Music A(t1.05 T Auto Voting Mach. bly Auto Vot Ma cv pt pt 11ia Aviation Corp of Am Bahia Corp. Bell Telof Can (i Bickford's, Ine (1).. Bickford's,Inc pf 214 BlsaCo (EW) (1).. Blue Ridge Corp.... Blue Ridge cv pf(a3) Brazil Trac & Lt (1), Brown F&W ,B(2.40) Buft,N&EP pI(1.60) Burco, Inc (wWar)... Burco, lnc..... Burco, Inc, cv pf (3). Bwana M Kubwa.... Cable&Wire (B) rcts Canada Marcon: Can Pacificinew) Carib Synd; Cent Pub sve. Del Cent P S (A) (aL.75) Cent States Elec 140¢ Cent Sta El pf(6)xw, Chain Stores Dev. Chain Stores Stock., W 18% au % % 9% 18% 281 21p 120 131 18% o 1is 9% 3001 221 613 42i 124 311y 25% 2% 3 237 e 9 208 21 20% 204 6 4w 4 4 4 2 1% Phillips Pet....June18 2 1% 1% 1% 1% % % Traux Gruer....May2) 10 % % % 4 Dividend rates in doilars based on last quarterly or semi- annual payment. Partly extra. Plus extra in stock. & Payable *Ex-dividend. in cash or stock. b Pavable in stoek. d Payable in preferred stock 12 25% 50% % 27 25% 29 19% 60% 55% 56, 111% 5 24% ' 16 T 12 7% 11% 4% 3% 68 68 224 354 20 21 33u 16% 20 1% 6 26% 38 109% 23% 22 20% 314 108% 128 BY CHARLES F. SPEARE. Spectal Dispatch to The Star NEW YORK, May 8 —That phaze of the stock market liquidation which has been represented in the persistent de- cline in railroad shares of all degrees of value and which brought this group on Monday to an Average Aabout 10 points below the high of the year and close to the low of 1929, has been fol- lowed by a recovery of about 20 per cent from the total loss. Some of the high dividend paying ralls and the lower grades of carrier stocks, which may be affected by mer- gers sooner or later, made additional wdvances during yesterday's session. ‘There has been what Wall Street calls good buying” of them by bargain hunters and by investment trusts in the last few days on the theory that they had discounted a considerable portion of the effect of current poor earnings and were selling on a yield basis that warranted their purchase regardless of the immediate market trend in them. Gross Earnings Tmprove, ¥reliminary figures of rallroad gross earnings for April do not show up well, compared with a year ago, but they are relatively better in some sections of the country than those for March or Feb- ruary.” So far as railroad managers can estimate from present traffic tendencies | there will be no material gains this month or in June, when gross earnings are again expected to make an unfavor- able exhibit with those of last year, Considerable attention was given to- day to the analysis of the first quarter results made public by the bureau of railroad economics. This covers gross operating revenues, net raflway income, operating expenses, taxes and most im- portant of all, the percentage of earn- ings on property investment in the eight regions into which the raliroads of the country are divided. Operating revenues in the quarter de- creased approximately $150,000,000 or 10 per cent. This not only reflected the falling off in revenue from freight, but a continuation of the long downward trend in passenger traffic. As an offset to the loss in gross earnings, the rafl- roads were able to reduce their operat- ing expenses by about $60,000,000, or 5.4 per cent, and in the three months BY JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, May 8.—In a session that was marked by a singular lack of demand, curb stocks eased off today. Vaolume was very light and there was no great amount of selling to account for the lower trend. but stocks did not display either resistance to the decline or ability to rally when moderate buying did make its appearance. Just before noon a mild period of recovery set in but_prices improved very slightly. Cities Service, continuing its leader- ship of the market, started with a 15,600-share deal at 34, off frac- tionally. Later the decline was widened and then a small part of it was re- traced. Other oils, however, did not manifest the same degree of resistance. Gulf Ofl of Pennsylvania went below 150 again and declines of one or more points were the rule in such stocks a3 Humble Ofl, Vacuum Oil. Standard of Indiana and Houston Oil As has been the case in most recent market sessions, the heaviest volume was in the public utilities. Electric Bond & Share opened on 57000 shares, off nearly a point. It fell 3 points in early trading, but retraced part of the loss. Associated Gas & Electric, Ameri- can Gas & Electric, American & For- eign Power warrants, American Super- power, Brazilian Traction, Common- ealth Edison, Eastern States Power " Middle West Utilities and Empire Power all dropped below Wednesday's closing levels, The aviation group was no exception, the only stock to make a gain being Douglas Aircraft, which is still affected by improved earnings reports. In the motors, Ford Limited was off. General Motors new preferred sold at its pre- vious high of the year. Industrials sagged in dull trading, led by Crocker~ eeler and Aluminum Corporation. BONDS ON THE CURB MARKE' 102 9614 ' MONEY RETURNING 10 STOCK MARKETS Business Interests Declared Still Cautious in Plans for Expansion. STOCK AND BOND AVERAGES By the Associated Press. 4% From Yesterday's 5:30 Edition. 111% 111% ELOE N 195 19% e bl 12% 12% 68 6% % 9y 224 o 22% 43% 2% 654 634 187 32 18% = 27 15% 19% 9% 9% 4% 4% 26% 274 33% 347 104% 104% 22 22% 19% 19% 27 27w 30% 314 106% 106% £ 8 174 1T% 5 5 2 2 17% 17% 23 23% 13 13 34 34 214 21% 2 2 2% 245 29 29 13% 14 68 684 32 82 4 4 8% 8y 124 124 134% 134% 2% 2% 214 21% 4% 4% 113 1158 35% 35w 194 19% 15% 15% 20% 21% % bW 18" 19 83w 134 FLONE TN 134 T STOCKS. 50 20 Industrials. Ralls. 180.2 129.7 184.9 130.2 192.7 130.5 2222 1322 168.4 1304 1174 115.0 2024 1418 166.5 1214 BONDS. 10 Industrials. Today ... e B4 Previous day 93.9 Week ago.. a1 Year ago. 94.2 Two years ago. & 96.6 Three years ago, weekly a 95.4 High (1930). 945 107.8 Low (1930). e 91.9 104.5 (Copyright, 1930. Mtandard Statisties o) LARGE UTILITIES BROKE OUTPUT RECORD IN 1929 Public utility systems of the United States having an annual output each of 100,000,000 kilowatt hours or more produced 81,561,345,767 kilowatt hours in 1929, Electrical World reports in summarizing a survey of electric power production in North America. The out- put is the largest in the history of the companies acccunted for and_compares with a total of 72,826693,215 kilowatt hours produced in’ 1928. In all, 137 light and power systems in the United States account for 88 per cent of the energy gencrated in all public utility plants for light and pow- er throughout ul,he cuutg:’?}f‘ md‘ dservxu: 18,538,001 customers, residential | gy | y paid in taxes $7.200,000 less than o2y THeNe \ate | i thevniressthese monthe (o Tos0tTy 26 systems, the survey shows, producing | is extremely difficult for a carrier to re- a billion Kilowatt hours or more each. | aqjict ita expenses in A shott time to & The total output of thete systems 1ast | 15 per cent reduction in gross earnings year was 57,191,852,664 kilowatt hours. especially when, as in the present eit- U' s. m_RfiGfiADE uation, it feels a responsibility for con- 20 Utilities. 2536 256.4 2713 225.1 160.2 1109 281.3 2079 i 26% an 11w 17 8314 108% 141 5% 12% 7w 50 4 1% 320 Yoy 101 % 27% L 111w 17 5315 108% 142 b% 12% 784 50 4 17% 3z 961y 101 19 13 Today .. Previous day. Week ago Year ago Two years ago. Three years ago, High (1930) Low (1930). 18% 2 27 15% 19% 10 Ralils. 106.7 106.5 105.9 103.8 108.0 107.1 10 Utilities, 99.3 99.3 0 BY J. C. ROYLE. Estimates of the amount of money available for business today seem to depend on which side of the bank counter the estimator is on. Treasury | officials and bankers in some centers say there is an ample supply of money at a low rate. Merchants, industrial- ists and others who want money say, “Try to get it.” The situation seems to impartial critics to show that ex-| treme caution is being ecxercised by | MARKET IS NOTED commerce and industry to take advan- tage of available funds was responsible for the drop in the New York Federal Retiring President of Ex- change Comments on Se- curities Investment. Reserve rediscount rate to 3 per cent, equaling the low point for all time. Industrialists indicate that when they come to the banks and ask for this cheap money the bankers are inclined to doubt whether the expansions for which the money is sought are justified under present conditions. Treasury officials say that undoubtedly greater inducements must be offered industry in order that it may move forward briskly. Bargain Hunters Active. There is small doubt that money is moving back again into the speculative | markets. It is believed here that the| recent reaction in stock prices is a re-| sult of the unfortunate position in which some of the leading interests, especially the copper mining industry, find themselves technically placed, rather than a reflection of general busi- ness conditions. Bargain hunters are abroad in both the commodity and stock marekts. Purchasers, however, are disinclined to buy unless most advantageous prices are - 4% 18 29 » 5 T s jabama Pow 55 8. 102 5 Alabama Pw 4 7 96% luminum 0 981 30 89 28. 983 Amer P & L 65 2016° 10734 Amer Roll Mill 55 48 9973 Am Soly 6125 36 ww 9312 Appalach Pow 55 '56 10014 Appalach Gas 65 '45 1233 Arkans P & L 55 '56. 987a Asso Electric 45 53 91% AsS0 G & E 4155.C 40 813 Anso Gas & Ef 55 08 8 As50 Gas & E 315, Asso G & E Biss As Bim Hdw 65 94 As Tel UNil 5125 44 C 9812 8 Bates Valv 6542 ww 108 9 Bell Tel Can 55 B '57102'4 96 Bost & Me 2d 35 '55 9934 3Bost & Me g5 M3 10230 9 Can Nat R E 75 E '35 108 102 OO~ TR TSP 3 - P Special Dispatch to The Star. NEW YORK, May ‘The unex- ampled growth of the securities market during the past year and fundamental factors in the business and financial situation were the sallent features of the sixth annual report of E. H. H. Simmons, president of the New York Stock Exchange, presented to members yesterday upon the eve of his retire- | ment as executive head of the exchange. | Statements made by him in a speech in | Philadelphia in January as to the prin- YO ot 4 tinuing employment in order to assist the Government program for sustain- ing business, 1Canad Pacific s ‘54, 102 1 Carolina P & L 58 '58 101% Caterpil Tr 55’38 wi 104 Gent- St Elec 815 '54 832 Cent St P&L 51is '53 89% 5C M & St P 415 991007 5 Chic Ry cod 8% 2027 78 $13C. R I & P 4lss 60101 9 Childs Co 85 '43.... 89 Gin 8t Cur 81ag X' 4 P s 4 it Serv Pow 5'as 4 Cleve Ter Bldg 65 ‘41 Cons Pub 6343 ‘36 1 Consum Pow 4'as - Cont G & E 55 A '58 4 Continen Oil 548 '37 16 Crown_Zeller 65 40, . 2Dela El Pow 5izs 59 9 3 Denv & Salt L 65 60 30 Det C Gas 55 B 50 3 Det C Gas 65 A Dix GG 6'38 A '37 . Charis Corp (14). Chathm Pnoe Al n-v. Chem Nat Ass0 n-v. Chicago Corp (The) Cities Service(jsve), Cities Srve pe (6) City Sav B, Ltd(2.79) Clev £l Lilum (1 Colombia Syndica: Colon Uil eaans Colum Vil&Gas w.l . Columbia Ficiure: Colum Pictures v. Com’ with kdison($). Com'with & u war., Comm Wat Serv bs% Consol Aircratt Consol Auto Merch! Consol Au Mer cu pf. - I3 Roprdraornan 9 S 315 an 1% 20% % 2% 16% 51 4y 31> a5 17% 20% » @ No Am Aviat A war.. Nor Am L&P (b8%) . North Am Util Sec. Nor Cent Tex(60c) . Nor Sta Pwr A(8 N W Engineer (2) Ohio Brass B (6). Ohfo Copper. Ohio O11 (4). Ohlo Oil,new, cu pf. Otistocks. Ltd A 350e o 3 4 Okla Gas & KIpf (7). Outbd Mot(A)(1.80). Outboard Moter (B). Pac Coast Biscuit (1) Pac Coast Bis pt 3.50 Pac G&El 1st pf 1%. Pac Western Ofl 9 1631 27 3 Th 2% 107% 10 112% 145 £ 47 95 27% 164 R T 4 4 8 9 16315 27 73 % 2% 1071 10 112% 15% 9% 4T% 95 2% 16% available. It is reported in Government circles here that the drop in copper, for instance, was not followed by addi- tional buying by consumers. On the other hand, consumers felt that they could buy copper when they wanted it, in view of the heavy supplies, and buy it at about their own price. Similar conditions have been mani- fest in stocks. Some investors have been doing little more than window shopping as yet. As technical positions readjust themselves real buying may develop. If | there is another orgy of speculation the Federal Reserve Board may again have a chance to put into effect its policy of “direct pressure” on the Fed- eral banks, which, it said in the annual cipal reasons for thc unprecedented de- cline of security prices in October and November were reiterated and empha- sized, particularly the assertion that one of the outstanding causes was the enor- mous volume of new securities sold dur- ing the last months of the rising market. Regarding business conditions gener- ally, Mr. Simmons declared that “the year 1929 will undoubtedly go down in American history as particularly sig- nificant because of the extremes in busi- ness which it witnessed. uring the first six months, he said, average pro- duction and consumption of goods far exceeded previous records. In the third quarter, however “a period of hesitation and change of trend set in, whose sig- nificance was not at first clearly appa- flected in Exp: for Mon By the Associated Press. Commerce Department graphical trade movem A reduction in European buying dur- | {ing March, as compared with the same month last year, proved to be the larg- est item responsible for a reduction in American foreign trade that month, in ort Total th, panies _without figures on geo- ents released to- act of 1926. DECLINED IN MARCH | N | | Washington Ticker ' European Buying Slump Is Re-| S BY CHARLES P. SHAEFFER, Associated Press Financial Writer. It is expected the Senate will take up shortly the White bill, which would authorize the Postmaster General to give preference in the award of mail contracts to lines purchased from the Shipping Board—in fact, and permit the award of contracts to such com- competitive bidding, within the maximum rates of compen- sation allowed under the Jones-White Little senatorial opposition is expect- day. ‘Though the European shutdown in purchasing was the most notable, both export and import trade, with ail the ! grand divisions of the globe, were shown tremely high rates of production in|to_be affected by the same trend. | basic industries which were reached by | Figures which follow give exports and early Summer and the proPortlonnlely:‘mF“rfS for March by grand divisions, sharp decline during the Fall and Win- |in comparison with those of the same | ter. This marked acceleration and sub- | month last year: sequent decline, he said, had a direct| Exports— effect on all business conditions, in- |Europe ... cluding securities values, o s |GIANNINI FORESEES 'BRANCH BANK SPREAD Apparently what investors dread most is the sharp fluctuations that might be Ocean occasioned by the present psychological | Financier Tells House Committee Africa TImports— trend of public sentiment. (Copyright, 1930.) Modern Trend Cannot Be Stopped. INSTITUTE MEMBERS TO ELECT OFFICERS | B~ the Associated press. South America . Asia 84126103 104.940.171 | Oceani 3.027.466 552,345 Africa ,280,263 10,540,769 Canada was the best customer of the | United States in March and received $6€,565,366 in exports from this coun- try, as compared with $90,633,805 in the same month last year. | The prediction that “nation-wide | Members of Washington Chapter, | branch banking is coming and you | American Institute of Banking, start|can't stop it” was made before the balloting at 4 o'clock this afterncon for | House banking committee today by A. | officers for the coming year. P. Giannini, organizer of the Bank of Some interesting contests are in pros- |Italy and the Trans-America Corpora- pect. The polls close at 8 and the bal- | tion. lots will be counted at once. “You can't block economic progress,” he said. “In these days of rapid com- NEW YORK COTTON munication and transportation, the NEW YORK, May 8 (Special).—Cot- little communities are drying up.” | ton trading started in at a higher pace today, with distant crop positions show- Giannini testified in the committee’s | study of banking two days after re- mT the greatest gain. Close to $2 a bale advances were made in December, January and March positions. The trade, the Continent and Liverpaol were buyers, while the South and the local speculative element sold. Opening prices were: May, 16.35, up 10; July, 16.43, up 7; October, old, 14.67, up 15: October, new, 14.50, up 24; De- tirement. from active participation in | comber. old, 1486, up 17: December, e organization he built up from & |new. 14.68, U S , old, 15.00; small district bank in 1904 to be one Rabsle ey BRI of the country's largest financial insti- tutions. Contending that the automobile, food, theater and other industries were op- erating on a nation-wide basis, he de- manded: “Why not nation-wide banking?"” “If you have nation-wide branch up 25: January, new, 14.75, up 33, and March, 14.95, up 29. sippi Shipping Co. is given the only mail POTATO MARKET. contract to be awardea on this route it will cost the Government approximately banking you will get away from this Wall Street bugaboo we hear so much about,” he asserted, explaining his be- report, had been eflicacious in 1929. One effect of the discount rate re- ductions has been an improvement in the position of some corporations through the refunding of debts. Many concerns had security issues outstand- ing which carried high rates of inter- eest. These in many instances have been refunded at the present rates, re- sulting in a large saving to the com- panes, rent. In the fourth quarter this change of trend developed into a precipitous decline unexceeded in severity since 1924." Mr. Simmons pointed out the ex- Pandem Oil Pantepec Oil . Param’t Cab(b8%).. Parke Davis(11.45).. Pennroad Corp. Penna Pwr&Lt o aHEapna nEnanN ed, although the measure departs from the fundamental principles of con- tractural relations between the Govern- ment and private businesses, Whether objections will be raised to the measure on this account remains to be seen, but there are some wno feel a dan- gerous precedent would be established by the Government entering into con- tracts with steamship lines without competitive bidding, and refusing the same sort of treatment to other cor- porations which do business regularly with the Government. It is said that one of the points involved in this legislation is the ap- parent desire of the Mississippi Ship- ping Co., purchaser of the line which had been operated from New Orleans to ports on the east coast of South America_from the Government, to not only obtain for themselves this mail contract, but to surround themselves with such legislative protection as would prevent. the Postmaster General from awarding another mail contract to any operator of Amcrican ships from the Gulf to similar ports. Claim is made in certain steamship circles that such a procedure would be creating little short of a monopoly for the Mississippi Shipping Co. and legis- latively limiting the development of shipping out of the Guif to South America that would flow down the Mis- sissippi Valley from the great industrial cities and sections of the country ex- tending for many miles inland. Also, it is claimed, the proposed legis- lation ‘would automatically prevent the carriage in American ships of A sub- stantial portion of the exports of this country as enunciated in the merchant marine act of 1920 and reaffirmed by the act of 1928. Steamship interests which oppose the measure point out that if the Missis- 1% 2% 5% 3414 13% 106 36 1 2% 5% 35 < quesne Gas_ 65 '45 102 Pasy N G 638 '38 107 Pa NG 638 '43 ww 106 ec P & L 45 A 2030 92! mpire O&R 515 42 ¥ ab Fin Cp:6s A | Fairbanks Mor 55 ' Federal Wat 5138 retone C M 3% irestone Tire 8 ' da P & L 58 au Pow 55 '36 u Pow 65 ‘41 en Rayon 65 A 48 7 orgia Power 55 '67100% 1 Gulf Oil Pa 58 '47,.. 103 Guif 8t Util 5 A /38 7% Hood Rubber 5'ss 36 88 1 Hood Rubber 75 38.. 96% 4 Hous GG 6125 43 ww 917 3 Houst Gulf G 65 A 43 914 2 Hyarade Fd 65 A 49 70 31 Inanap P&L 55 A '57100'2 0 Inland _Util' 65 '34.. 11312 Insull Uit 65 B 40 106' 8 Inter Pw Sec 75 E '57 98%a Intern Sec Am 5 '47 834 Intersia Power 55 '57 917u 2 Kans GAE 65 A 20221054 208 Kelvinator 6s Xw 904y € Koppers G&C_: * 100 Kopper G&C 8las '50” 1024 Consol Copyer Con Gas, Ballo( Con Gas Uul A 2.20.. Con Gas ULLB v.Le.. Consol instrument. Consol Laundries. Consol Nevada-Utah Con Hetall stre (1) Consol Kuyal (6vc) Cooper Bessemerti2), Copeland Prod.inc A. Cord Corp. ceen Corroon & Reynolds. Cor & Rey pt (A)(6), Cosden Uil Corp Secur, Courtaulds (dvc). Creole Petroleum. .., Cresson Consol (§6)+ Crocker Wheeler. ... Cross & Black (3%4) e Crown Cent Fetrol. . Crown Ca& pL(z10). 5 102 Cuban Cane pr opt w & Lon Irland LY 65 ‘45 108% 3 Cumveland P L(118), 57, 962 % Curtuss Wright war. Darby Petroim (1), Dayion Air & kng. Dee K, Lid(Am sns). Deere'& Co (11.20). De Forest Kadio.... Derby VIl Refining Detroit Alreraft. . Doehler Die Casting. Douglas Alr (75¢). .. Dres(sH)MIEA 3% Driver Harris(new). Dubilier Cond & Rad Durant Motors. . Duval Tex Sul wioa Kasin G&b Asso.... lasin Sta Pwr B(1). sastn Uul Inv (A).. Kisler Eclectric(l ) 1 ond & Sh (b6) .+ 151 Bond & 5b pE (6) Elec Pwr Anso (1). Elec Pwr Ao A (1) Elec Pwr & L op war, Elec Shareholdg(31) kl Sharenold pf (6).. Emyp G&F cu pf (1) Empire Power (). Employ Reins(1%) Eurep EL Ltd.A 80c. ola 0% 122% 1244 2 1t Azl 4 4 1313 . % bla Baj 4 4 43 a9n i n A 1l 16 75 46 26 1w ot 1 260 8l k) 20 iBaninm10le S e S Y A0 . o Be 8T8 Philip Morris, Ine... Philippe(L) B 11.80 Pilot Ra T(A)(1.20). Pitney B P, n (20¢) = Pittbgh Forg (1.60). Pitts & Lake Erie(5) Polymet Mfg (31)... Pond Creek Poncha. ., Prince & Whitely 1.. Prince & Whit pf(3). Prudential Inv . Pub Ul Hold w w..; Radio Products 1. ... Rainbow Lu Prod B Red Bank Relter-Fo . Reliable Stra(bs%) . Reliance Manag. . Reynolds Bros, Inc.. Roan Antelope Min. . Rocklans Lt&P(9z¢) RollsR,Ltd rets 150¢, Stores, Inec... Int1 Corp. ... 000 March. 1930. $174,763,762 100.358.789 31:291520 42.422.350 11,308.088 479,261 March, 1930. 725, 88! 2 Tnvestment Buying. The country as a whole has been mos. receptive to the stable, safe. long- time investment issues. Bond offerings from January 1 to April 30 totaled over $500,000,000 more than for the first four months of 1929. This indicates a | solid belief in the future of industry. 1 March, 1020, | | o s [ IUTUPNUPHINIOP APVt R e T - T T T March. 1929, $109.838,657 | 92,253,109 | 60,715,704 | - 48,668,833 TerNomrparnGeorno-Seananrrebaoren D 8 « s N Minn P&L 4128 '78.00 ‘92'a Miss River Fuel xw & 97 Mo Pac RR 5¢ ‘80 wi100%¢ 1 10034 10015 107 81'a 22 78 Nat Trade J 6 ‘38, Neisner Bros fs 48 54 B Newh'y JJ 5:5 40 wi 90 @7 New Eng GAE 55 47 92% GAE 55 '48 93 47.8 67 943 Pow 65 °50 1053, Niaz_Shares iss '50. 103'2 8 Nor Ind P D 766102 1 Nor Sta 33 102% 70hio Pow D '86. 95 10hio Pow 3 52... 102 8§ Oswego Palls 6s '41 . 100% 2Penn Doc W 6s '49. 9714 $Penn O Ed 535 B 59 100 3 Penn O Ed 65 50 xw. 104’4 8Phila_Elec 5125 '72... 106%4 1Pug 8 P & L 5% '49 101! 1 4%an 40 wi . 987 Salt Creek Con(40¢). Sait Creek Prod (2) . Schulte Un be-$1 St.. Scovill Mfg (4 Seaboard Utilit Seaman Bros (3)...e Seg Lock & H (50¢).. Seiberling Rubber. Selected Industrie Sel ind allot ofs 6% Select Ind pr(6%) Shattuck Den Min Snenandoah Corp. . Shenan Coro pf (a3). Sherwin Will (14%). Silica Gel CUS. ... Singer Mfg (126)... Sisto Finance Corp. . Skinner Organ (2%). Smith (AO) 12)...0 Solar Refining (2%). South Coast........ 3% 60 % 40 % 85 v 6% 6815 5% 150 431 83 23 500 21% 313 220 22 10% NEW SECURITIES NEW YORK, May 8 (#)—New secu- ritles offered today include: Westchester County, N. Y., $19,775,- 000 41, per cent bonds, to yield from |3.50 to 4.05 per cent. by syndicate :’u’aded by Chase Securities Corpora- ion. Crucible Steel Co., $10,000,000 5 per cent debentures, priced at 995, by Chase Securities Corporation and Mel- | lon National Bank. City of Tacoma, Wash., Electric Light & Power, $3,350,000 4% per cent bonds, | priced to vield 480 per cent, by Bane- | america-Blair Corporation and syndi- | e 30 301 | 56 Pow 81 5 P S 55 B ‘58 R E 6 '35.. Seripps 51as 43 L0 3 Servel Inc 85 48 20 B 8haw WAP &'as A 67 94% 8 8bawsheen 75’31 .. 100'% 18nider Pack 6s 32.. 703 E PAL 65 A 2025 xw 108 EA 5% '51103 B8 '52 102% CHICAGO. May 8 (United States De- | $6,500.000, and will produce in the way partment _Agriculture) —Potatoes, 59; 'of new construction just half as much on track. 296; total United States shi tonnage as would be produced if two ments. 809; old stock, trading slow: | contracts were awarded which could market, about stea Wisconsin sacked | be accomplished through an additional round whites. 2.4082.60; Idaho sacked oxpenditure by the Government of about russets. 3.45a3.65; few, 3.25; New York $900,000. 500 21% 31% = S Evans Wallow Lead. Fabrics Fininshing Fairchild Av! South Penn Oil (12% SoCal Ed pfA (1%). So Cal Ed pf B(1%). 393 Iowa Southern Utilities, $2,500,000 cate. | 6 per cent debentures, priced at 98, by | lief that branch banking organizations would be developed with head offices in many different parts of the country, trading _good, market sacked Bliss Triumphs, ateady: Texas 3.5583.75; Al Canada maintained its distinction of 2223222 zcc Langley & Co. and Halsey, Stuart o National Tea Ci.. $4.000,000 5 per cent notes, priced at 99, by Foreman State Corporation and syndicate. Harrisburg Gas Co.. $2,200,000 5 per cert bonds, priced at 99'3, by Drexel & Co. and Bonbright & Co Standard American Shares, units, by National Republic Co. INTEREST RATES. 1 By the Associated Press. Collateral interest rates at principal | money centers of the country continue | to average slight recessions, both in the time and call markets. Latest figures submitted to the Cen- sus Bureau of the Foreign and Domestic Commerce Department are as follows: | 31lek ended May 3—Time, 4,7 ; call, 4%, Previous week—Time, 43¢ Same week last year— call, 11'4%. g SHORT-TERM SECURITIES. (Reported by J. & W. Sellgman & Co) Falcon Lead Fedders Mfg Federal Screw (3). Fiat receipts (1.25).; Financial Inv, N Y.,y Kirst Natl Copper Flintkote (A) (1%4). Fokker Alrcraft. ¥ord Motor. Ford Mot of France. Ford Mor,Ltd. 37 j4e. Foremost D P pt 1.60 Foremost Fab (2)N.. Fox Theater Cl (A). Galena Ofl Corp w.i. Garlock Pkg (1.20) Gen Alioys (80c). General Baking. n Baking pf (3). Gen k. Ltd rctatb0e) Gen G&Ecv pf B(6). Gen Indus Alcobol. Gen Mot pf new w.i Glen Alden Coal § Globs Underwrite Gold Cofn. Golden Center. Southern Corp. Southland Roy taley Mfs 65 v 5 FAL B 3 : Std Cap&S new (2. Stand Inves pf(5%) . Standard Motors. ... Stand Oil, Ind (2%). Stand O11 Ky. (1.60). Std Pwr & Lt p (1) By 3 4 45. 101 38, 99%; 40 0% L9013 45 997 B #7103 Ry 8138 '52 9015 368 104 27 385 195 1ia 2% 6% 468, 368, 104 27 381 trust | o L a A AR OB YR NN RS R R D ] Pay- riod. able. July 1 July 1 Aug. 1 July 1 1 1 Hldrs. of record June 14 June 14 Company. Ra, Alabama P 37 pf $1.75 Do. 36 pf...... 3130 Do $5 pf.......$1.25 Am W W & Epfl 3150 Blums Inc pf....8713¢ Byron Jackson .. 2! Chi Rk’ sl & P Do (A Do_ 7% of 3 Chi So Shore & So Bnd RR pf A i Cleveland Quarrie Crum & For Ins A Posis. .. f Bf L Stein Cosmetics. Steinite Radlo Stutz Motor Car Sunray Ofl (40¢). Superneater (13%) Swift & Conew (2). Swift Internatl(2%) Tampa Electrie (32) Technicolor, Ine. ... Teck Hughes (60 Texon Oil & Land Thatcher Sec Corp. . Thermold Co pf (7). 17 Tobacco & All Stk Tobacce Pr Export Tonopah Belmont Tonopah Mining. ... Transamer (31.60).. Tran Con Alr Tran.. Tr-Lux D L P S(A).. Tri-Cont Corp (war) Tubsize Chatillon Ulen & Cu. Ungerleider F Union Am Inve - Union Tobacco. ... Utd Car Fastnr(1.20) United Corp (war). Unitt Dry Docks. Utd Founders(b2.35) United Gas Co...... United Gas Co (new) United Gas (war) United Gas pf (7) United Co c.0. Utd Lt & Pwr A(1) Utd Lt & Pwr pf(6). U8 Dairy (B)...... U S Elec Pwr (war).. S Finishing (12). S Foll (B) (1), 8 S s @caqa: June June June 30 June 30 June 30 2 50 1021 HRTH ) 6010375 N BONDS, P sisaEs June June May 3 May 3 May 3 Aug Nov, July July July May June June Do Do. Do. pf . Eastinan Kodak ', Do. pf Pedeial Lt 28 Oa.u,‘u 990000000 > > JTDHR ORI v May May June June Julsy June June June 1 o % | 2204 Tt 115 364 GrA&PTnvs). Gr A &P Tea pt (1).. 20 Groc Stores Prod vte 5 Guard Fire Asso(2).. 1 Guardian Invest. ..., Gulf Ofl of Pac1%)., Happiness Candy Hazeltine Corp 11) Helena Rubenstein Holiinger Gold (§0¢) Houston O1l of Tex n Hudson Bay M & Humble Ot (2) Hydro ilygrade Food Prod. 1mp O11. Can (80e Imp Tob, Can (26c). . Ind Terr i1lu O11 (A) Iud Terr f1lu Ofl (B) Ind #1n cta(b10%). Inxull Ut Inv(b6%). Ins Co. No Am (13).. Intercontinent Pet n. intl Petroleum (1) Intl SBuperpwr(21),. Interst Egev pf(3).. Internatl Utll (B) 3. Pounds. 3,796,680 596,165 52,822 55,209 2,045,885 Value. $291,484 65.377 8,502 14,163 159,958 172,003 24,833 382,209 38,194 Silk hosiery exported from this coun= | try in 1929 showed an Increase of 2 per 15/ cent, both in quantity and value, over 31 the previous year. Shipments gained from £99,314 dozen 30| Paits, valued at $9.657,498. in 1928 to |921,119 dowen,” valued at $9.811,494, in |the last calendar year. Of the total . | value, women’s full fashioned hose com= “"’prlfipd approximately 85.6 - per cent; men’s, 8 per cent; women’s seamle Islz.s per cent, and children’s th 5 | der. Ear) Allis-Chalmers Co_5s 1937 American Tel & Tel. 5i3s 1943, American Thread Sigs 1938 " .. Balumore & Ohto 43 Tozs. . atayian Pet. Corp. 4ias all Tl of Canadu S¢ 1081 th Bteel Corp. 88 1931.. fo: t. Corp, 81as i n Rwy. ‘4155 1938 Rock Isiand 4s 1034 14 Crude cottonseed... 13| Refined cottonseed. 1| corn . 30 | Coco butter. . 22| Coconut ceees 10% /) 15 19% 28% 34 [ 10% 270 b% 301, 35% 21 9 9415 841y Mar 1 Sept. 13, Dec. 15, FOREIGN EXCHANGES. 712 | (Quotations furnished by W B. Hibbs & Co.) | Nominal gold Selling checks 993 | value (or par). _ today. “ | London, pound... ... §4.8665 = $4.8513 Barls, franc L 39l 392 ssels, 100000D0OEZ0000000c0060E0 S0 DOPOO! 3 2 ceseont 131% 14 Corp. ;a!Llnseed X 5 Soy bean 15 and not necessarily concentrated in|bama sacked Bliss Triumphs, 340; being the United States' best cusiomer New York. Louisiana sacked Bliss Triumphs, 3358 | of vegctable olls during March, last, GRAIN MA_R_k ET- Lgp - division of the Department ot Com- merce indicate that proximity to the s f supply was a valuable consid= cncaco. ay 8 cspecinn —ne| DIVIDENDS DECLARED | souree f summy vas s, saims wheat market had a weak tone today,| NEW YORK, May 8 (#).— | The bulk of the Dominion’s purchases reflecting the decline in the stock mar- [ ot T tless o omT WANREIHe ket, July and December”sold a¢ new cottonseed oil amounting to $3,796,680 low levels on the crop. Houses with | pounds, valued at $291484. Canada, foreign connections were principal sell- el iR quim L) alinieiowy HormTas ers. May opened Lflfl_“q. July ‘l;fll‘l to the crude product to save duty, after L0 i LA o A which it is converted, in large measure, first half hour May 1.00%, July 1.00%, {o lard compound, aithough a part of s e o, the erude product is manufactured inte Corn was irregular with shorts cover- soap. This country, incidentally, was ing in May. May opened 80% July 8114 D e e cotom to 81'y, September 82 to 817,. Aflqr oil during the onth. L e i T O U Coconut oil was another factor in the [ISEREERIEC RIS v Dominion's supremacy _during the Gl Losaa Lo Ly month, purchases totaling 950,763 opened 417 to 41'%, July 40%, Septem- pounds and valued at $159.958 being her 39%. After first half hour May made. In addition, it purchased 79.- e e 445 pounds of linseed ofl, 44,784 pounds Provisions were higher with hogs. of soy bean oil and 32,923 pounds of P < A o coco butter oil. TREASURY CERTIFICATES. Total exports to all countries during G e G the month under discussion, with their T e et S values, follow: oner | 4 1 ) i ; 3 : Bo% "ot 10| e o 1 e 1839 Iron Firemen Mfg..35¢ 1932 Material r Corp. 50c 1932 McColl Front Ofl...13¢ Nat Family Stores..40c June Do. pf 50c June Plr‘(AmRY!\.!“Sh;YI‘"AGTPQC Q Jur;u 3 er Ryt Pr 01t B MU, T 6. L & 8an FRy 2% Q Julv 1 WOG T of A..31.75 Q June 2 T s =T 000 - 18% 5 19 . Accep. Corp. 65 1937. Pet. Corp 5% 1940.. T & R. 55 195 222! Cleveland Quarries L Eastman Kodak Baon Initial. Montr Lt H & P N.37%¢ .. Reduced. col0e M L% Q Stock. Byron Jackson _..2% — P Crum' & Forster A 3% For the fourth time boys of South |pederal Lt & Tr... 1% Africa recently won the King's Trophy |Parker Rust Pr..10% for miniature rifle shooting, open to ail boys in the RJgitish Empire, Canada 20 B 94y 83% 46% 116 284 15% 22% 20 ¢ iumble Ol bty 1932 017°0 " 1 PO Trternat Mstch Corp. 8 1941 Madrid, Deseta N. Y. Chi & 8t T 6 1833 Vienna, schili Beo Gas 1 & Goke $158°1930 991 = 115 Sherl Union Oil Co. 8 1947 Copenhisgen. ¢ 281 a1, | 8 C ; 51000 | Gl erSwin 144 Stocknolm, 22% 20 5% 674 16% 18% 9 941 v Wailuky Sugar . o)) st Zonite Products May crown. . 26.7515¢ 26.16c 26.84c ) vdney NEW ' L Terni Soc 6'4s A ‘52 857 Tletr (L) 71,5 ‘48 % 100 United El Ser 7 '56 102 3 Uit El Ser s ‘56 xw 82 Umt Tndust 8'z5 ‘41, 91 U'E W 6las A 47 w97 sasued SW_With werrants FTw—Without warrants. crown. ! Aug. May May June Aay 10| 69'% L) 17 3214 404 % 21% 7 8t L, It Mt. & 80 St. L' Southwestern Swiit & Co_5s 1933 Union Ol Co_ of C 6734 United Drug Co. 85 16 Western Electric Co b el i i ol 3 i 2 3 1 2 2 1 1 H Ry. 48 188 8. . Adelphi Theater, erected in London in 1806, and the scene of the murder of Williamy Terriss, the famous actor, in 1807, 1s rebullt, &1Indl Secur. .. .. &Intl See 18t ( Linespt (). U 1] 4 s U SO U Iceland is shipping frozen meat to 26 v countries,