Evening Star Newspaper, May 14, 1930, Page 14

A-—14 DIVIDEND POLICIES | UNDERGO CHANGES Effect of Recent Trade Re- cession Is Reflected in Cur- rent Declaration. BY CHARLES F. SPEARE. Spectal Dispatch to The Btar. NEW YORK, May 14—In the five months since the end of last November, the period covering the most acute business depression in this country since 1922, no less than 463 American cor- porations have increased their divi- dends or made initial payments to sharcholders, either in cash or stock, while 102 companies have reduced their | dividends or passed them Beginning with December, a study or the situation shows that in that month there were 209 dividend declarations favorable to sharehalders and 31 un- favorable. This represented payments due on January 1, which, with July 1, is one of the periods of heaviest dis- bursements during the year. In the next month 82 dividends were increased and 49 decreased. The record in Feb- ruary was 6€ dividends higher and 16 lower. At this point dividend policies begin to reveal quite clearly the effect of earnings in the business depression, for in March there were 71 favorable dividend declarations and 57 that were adjustments to smaller revenues. In April, for the first time, decreases ex- ceeded increases, the figures being 39 and 35, respectively. Dividend Policies. An analysis of the trend of dividend policies in the five months discloses the strong sections in the corporation life of the country and also its weak spots. Among the prominent corpora- | tions that have increased their dividends | or declared initial payments since last November are: Allis Chalmers,, Public Service Corporation of New Jersey, the Frank G. Shattuck Co., United Gas Im- provement Co., Vlrglnll Railway, Amer- ican Power & Light, Hershey Chocolate Corporation, National Buiscuit, Norfolk & Western Railway, General Electric, Boston & Maine Railroad, Paramount- Famous-Lasy, Remington d, Coco Cola, International corpoutlon. Niagara Shares Corporation, Niles Be- ment Pond Co., Loose Wiles Biscuit, the Big Four, Colorado_Fuel, Inland Steel and Westinghouse Electric. Just prior t0 the period under review, Consolidated Gas of New York, National Dairy Prod- ucts and International Match Co. raised their dividends. ; The less favorable dividend policies are those affecting principally the motor, radio, aviation, motor accessory, textile, copper mining, retail dlurlb uting nrgammnom, finance and trading companie: In this list dividends that have been reduced or passed are those of such out- standing corporations as Studebaker, Calumet & Arizona Mining, Jones & Loughlin Steel, Marmon Motor Car, Chile Copper, Empire Steel, Simmons Sewart Warner, Willys Overjand, Curtls Aeroplane & Motor, General Baking, Glen Alden Coal, Grigsby Gru- now, Hupp Motor Car, National Bellas Hess and Wright Aeronautic. Investment Trusts. .+ One railroad, the Norfolk & Southern, 1'emitted its semi-annual dividend of 1 i.per cent on the common stock, in co ftrast to the several others that have lincreased their rates during the period :of acute drop in traffic. One public uaility company reduced its preferred stock dividend, and several others, “'which were also identified mainly with !the traction side of the industry, cut “their common stock dividends or passed .them entirely. + It is quite Blgnmcln! that with all of the depreciation that occurred in the ! market value of the portfolios of the 1 Bcores of so-called “Investment Trusts” {‘that were set up in 1929, there has been +s0 uuwle disturbance in the dividends ‘initially paid on the common stock of «these concerns Only a few were com- ! pelled to adjust their payments to * shareholders to a change in their affairs. Of these the Shenandoah Corporation . stands out conspicuously as one with a «large amount of outstanding capital E:Ld a widely distributed shareholders’ Altogether the record of dividends so +dar paid is astonishingly favorable. It ‘4s an indication of the reserves that ‘most_corporations were able to estab- lish during the prosperous years of 1928 :and 1929, and into which most of them now feel justified in dipping to con- * tinue dividends, although these may not be currently earned. (Copyright. 1930). Baltimore Markets Bpecial Dispatch to The Star. BALTIMORE, Md., May 14.—Poultry, alive—Chickens, springers, pound, 30a 40; Leghorns, 25a33; old, roosters, 13a 16, old, hens, 23a25; Leghorns, 17a32; Spring ducks, 24a25; guinea fowls, each, 50a75; pigeons, pair, 30a35. Ens—mlpu 3,802 cases; mearby firsts, 22a22%; hennery, whites, firsts, 23a23'5. Butter — Good to fancy creamery, und, 35837 ; ladles, 25a38; rolls, 25a s process, 30a31; store packed, 20. Vegetable Prices. Potatoes, white, 100 pounds, 2.2583.00; 82.25; sweet potatoes, yams, barrel, 3.50a "dozen, 50a2.00. beets, .00a2.50; beans, hamper, 1.00& 3.00; cabbage, hamper, bushel, 1.00a1.25; ‘caulifiower, crate, 2.00a2.50; celery, crate, 3.00a4.50; kale, bushel, 40a60; lettuce, hamper, 1.25a2.25; lima beans, bushel, 6.00a7.00; onions, 100 pounds, 50a1.00; green, 100, 1.00a1.25; radishes, 100, 1.00a3.00; spinach, bushel, 40a60; squash, bushel, 1.25a2.00; tomatoes, crate, 1.50a4.50; apples, bushel, 1.25a 3.50; grapefruit, box, 250a6.00; oranges, box, 3.75a9.50; pineapples, crate, 2.50a 3.00; strawberries, quart, 10a20. Hay and Grain Prices. Wheat—No. 2 red Winter, export, 1.031,; No. 2 red Winter, garlicky, spot, 1.07;° May, 1.07; No. 3, garlicky, no quotations. Corn—No. 2 domestic, yellow, new, 1a92; cob corn, new, 4.75. Oats—No. 2 white, domestic, spot, 8$315a54; No. 3 white, domestic, spot, 525215, Rye—Nearby, 7580 Hay—Receipts, none. The general hay market continues quiet under light receipts, mostly by trucks, but ample for the demand, which is limited. While not enough hay is arriving on which to establish values by grades or carload Iots, the better grades of timothy and clover mixed are in fair demand at a range of 20 to 25 per ton. Straw—No. 1 wheat per ton, 9.00a 10.00; No. 1 oat per ton, 9.00a10.00. FIN SHORT-TERM SECURITIES. (Reported by J. & W. Beligman & Co.) Allis-Chaimers Co, Anerfzan Teir £orek 1 5 1943 107 American ol &,Tg) Spg,l04 101k 107 -] 100 . 0 Mot orp. 851937, enull rez “Coip. 55,3 Sodvenr T & R, 63 1081, Grand Trux}k of c-mu Guif Oil of Pa. 58 5 Humble Ol 5145 198 Internat, Match C‘x’."’ J54,igii 3 5 1030 Bhiliins et €0 8708 1038 4 Bure B Gorp telat" 1937, Shel, Union Oll Co. smmlracm‘ue"ou o, THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued From Page 13.) ~Prev. 1030.~ High. Low. 44% 28" Ludlum Steel (2).... 40% McCall Corp (23)... 63 McCrory (A) (2) 60 14% Mclntyre Pore M Stock and 74 0 136% S caibo Ofl Exp. Market St Ry pr pf. . 17% Marmon Motor (h2) 43 Marshall Field (2%) 31% Mathieson Alkil 12). 49 16% Mengel Co (2).... 83 Mengel Copf (7). 16% Mexican Seabodrd. 17 Miami Copper (4)... 53 Michigan Stl (m2%) 2314 Mid-Cont Petm (2).. % Middle States Ofl et. 324 Midland Steel (3).... 90 Midland Steel pt (). 12% Minn Moline Pwr. 72 Minn Mol 28% MStP& 54 MStP& 46% Mo Kan & 108 103 Mo Kan & 98% 70 Missouri Pacific 145% 125 Missouri Pac pt 19 Mohawk C Mills (3).. 48% Monsanto Ch (g1%). 50 35% Montgom Ward (3).. a8 59!. 261 Motor Wheel (3). 57 Mullins Mfg pf (7). 18 Murray (bz%stk) 35% Myer(FE) & Bro(2). 385 Nash Motors (6).... 24 118 Nash, Chat&StL (7). so. 11 Natl Alr Trani 5 13814 Natl Lead pf(A) (7). 108 32 Natl Pwr& Lt (1)... 203 10; Natl Supply (6).... 1 108 N Y Chi& StL p£(6).. 35 NY Dock. 180 N ¥ & Harlem (5) 107% N Y N H & Hart (6). 119 NYNH&HDpL (1) 10% N ¥ Ont & Western ) 9% North Am Aviation. . 93% North Am(b10%stk) 51 North Amer pf (3)..3 100% North Am Ed pt (6).. 45 No Ger Lloyd (3.43). 78 Northern Pacific (5). 77% North Pacific ct (5).. % Norwalk Tire & Rub. 18% Oliver Farm Equip.. 31% Oliv Fr Eq cv pt(3 2% Omnibus Corp. 43 Oppenhm Colli ) 63 Orpheum Cir pf (8).. 67% Otis Elev, n(2%)...0 29% Otis Steel (2%4)....0 52% Pacific Gas & El (3). 72 Pacific Lighting (3). Pacific Tel &Tel (7).. 15% Packard Motor (1).. 51% Pan-Am Petrolm.... 50% Pan-Am Petm (B) 4 Panhandle P&R.... 47% Panhandle P& R pf.. 48% Param'nt Publix (¢). 20% Park & Tilford (33).. 124 Parmelee Trans 1%.; 181 Peop Drug Stra(1).. 34% Pheips Dodge (3). 29% Paillips Petrm (n2) 10% Phoenix Hosiery. 1 Plerce Ofl. 20% Plerce Oll pf. 2% Plerce Petroleum. . 31 Pilisbury Flour (2).. 44% Pirell of ltaly (3.14). 100 Pitts& W Va (6)... 21% Pure Oil (1%) 66 Purity Bakeri, 34% Radio Corp. 53 Radiopf A (3%). 68 Radlio Corp (B) (6. 19 Radio-Keith-Urpb A. 625 33 Raybestos Man 2.60.. 7 110% Reading Rwy (4) 43% Real Silk (6). 88 Real Silk Hos 3% Rels (Robt) & Co... 26% Rem Rand (1.60). 10 Reo Motor Car (80c). Rep Ir & 3l pt (7).. 28% Reynolds Metls 2.40. 49 Reynolds Tob B (3). 20% Richfield O1l (2)..... 16% Rio Grande Vil (3).. 44% Ritter Dent Mfg (13) 33 Rossia Insur 13.20).. 49% Royal Dutch (a3.20). Y P! 571 40% StJoseph Lead 118% 107% St L-San ¥ran (8) 101 92 StL-San Franpt 70 58 StL Southwestern..; 90 85 St L Soutwn pf (5 1214 8% Seaboard Air Lin 144 9% Seagrave (e1.20). 100% 79 Sears Roebck (32%) 23 9% Second Natl Inv..... 15 Seneca Cobpar. ... 774 Servel, Irc. 17 Sharp & Dohme 54 Sharp& Dopt (3%). 36% Shattuck(FG)(113%) 25% 20% Shell Union (1.40)... 106% 100 Shell Un Oll pt (5%) 35 8% Shubert Theatr 94% 35% Stmmons Co (3). 37 22% Simms Petrm ( 32 21% Stnc 3% 18% 27% 63% 52 Bales— Dividend Rate. Add 00. High. 18 33 10s 1431 66% 67% 2214 8 104% 5 28% 43 30% 108 28% —Prev. 1930.~ Prev. 28% Close. Close. 33 . 31% Low. 31% 63 18% 82 28% 68% 1% 361 ket 41 19% Stand Of Stand Of Stand Pl Starrett Sterling Sterling Sterling Submari ‘Texas & Texas P 4 Thermol Thomp ( Tide W ‘Tobaeco ‘Tobaceco Transue Tri-Catl Truscon Union Utd Afrel Utd Pie Pipe Pipe s s s S Reall s s aqagcacag Vadasco Wess oil We Western Western Wrigley Young S CRI1& Ludlum 298, L St og | BPue u i ocke” Stock and Dividend Rate. Add 00. High. Low. Close. Olm. Skelly Ofl (2).... 36! 36! 364 Solvay Am pf(§%).. 1 So Porto Rico Sug (3" 8o Port Ric S pf (8).. 50» Southern Cal Ed (2). Southern Pacific (6). Southern Rwy (8)... Southern Rwy pf (§) Spalding (A G) (2).. Sparks Withngtn(1). 20 Stand Ofl of Kan (2) Stand Oil of N J(12).1115 12,227 600 ru thap 100 Sales— 3 36% 15 28 66 11 6 2 1 7 08 2 2 ‘ Stand G & E pt (4).. Stand O of Cal (2%). 1 Exp pf(5).. 29 IN Y (160), 87 Stand Plate Gl ate Gla: (LS) (Vflhl Sec (A).... Sec pt(1.20) Seccv pt(3) Stewart-Warner (1). Stone & Webster (4). Studebaker Corp (4). Studebaker Co pf(7). ne Boat. Sun O11 pf (6) Superior Ol Superior Steel % Symington. . Symington (A)..... Telaut Corp (11.30).. ‘I'enn Cop & Ch (1).. Texas Corp (3)..v... Tex Gulf Sulphur(4) Pacific (5).. caon Texas Pac Land T Thatcher Mfg (1.60). Thatcher pf (3.60)... The Fair pf (7)..... d Co (2)., Third Avenue. . Third Nat Inv (2) J R) (3.60). Thompson Prod(2.40° Thompson Starrett. . Thomp-Star pf (3% ) Tide Water As (60c). Tide Water Pt (§) ter Ol pf(5) Timken Roller (3) Product Produets A .. Transcontl Oil (30¢). & W (1), Tri-Contl Corp. Corp pf (6). Stl (g1.20).. Twin City Ra Tr4).. Und-Ell-Fischer (5). Union Bag & Pape; Union Carbide Union Oll of Cal (3. Union Pacific (10) A Union T’k Car (1.60). Utd Alfrcraft... . .!7u raft pf (3). Utd Cigar Stra pf.... 4 Utd Corporation. United Corp pt (3).. Utd Electric Coal. Utd Fruit (4)... Utd Gas & lleLIO) e Dye W (3) A) U 8 Alcohol (17). S Leath Leather (A) &F () & F 1at 130, ty (6) Rubber. Rubber 1st pf. S Smelt Ref (3% ). USSmelt Refpf3%. U S Steel (7). U 8 Steel pf (7). Univ Leaf Tob (3) Univ Pipe & Rad. Utll Pwr&Lt A (e3) . Sales Corp.. Vadsco Sales pf (7).. Vanadium St (14).. Vick Chemical (2%). Va-Car Chem.... Va El & Pwr pf (7). Vulcan Det (4). Ward Baking pf (7).. Warner Bros Plo (4). Warner-Quinlan (1). Warren Bros (3).... Warren Fdy & P (2). & Snow (2). Wess O & Sn pf (4).. w Penn El pf (6). 20s Penn Pw pf(6). 80s West Penn Pw pf(7). 30s Dairy (B Md.. White Motors (2). .. White Rek MS(1434) White Sewing Mach.. Whit Sw Mch pf (4). Wilcox & Rich B (2). Willys-Overland. Wilson & Co. . Wilson & Co (A). Wilson & Co pf. Woolworth (2, Worth Pump. Worth Pump!(. 5 Worth Pump(B) (6) - (Wm) (9., Yale & Towne (16).. Yellow Truck....... » Youngs Spring (3).. heet & T (6) . % Zenith Radfo. ... RIGHTS EXPIRE % Am Roll M..June 16 Am Tel & Tel.Aug 1 Pac..May 19 Stl. . May 19 Rad-Keith-O.May 19 Truax'Tra C..May 29 Warner-Quin.May 16 4 Zenith Rad. Sales of Stocks on New York Exchange y 14 501,100 12:00 Noon. IWPH. « 1,485,500 o2 440 700 the an: a0 l‘ ulfl-rb :'lh'lll 'l‘l‘! a y * Partly ex % cg‘rlp |Pllll l’ fi L s e U el SVOEK, s 8% - tock INVESTMENT TRUSTS NEW YORK, May 14 (#).—Over-the- counter market. Investment Tr Foster Inc g{\‘r‘e";lig!fl ‘Trustee Bhllll A Incorp Investors Power & Light Zec ‘rr- atand Collat Trust 8 Trustee_Stand Oll ‘Sha Yrion, Pinancial A U 8 Elec Lt & Pow Shares B Gtiers unchanged. FOREIGN EXCHARGES (Quotations furnighed by W 8 Hibbe & Co.) i fomina soid Selling checks | convention here yesterday. "gmny during the last 30 days, “and ot 'Wg:' Naime 2 e erawn WHOLESALE GROCER sEEs‘ BETTER BUSINESS AHEAD | By the Associated Press. ATLANTA, Ga, May 14.—Better | business conditions were forecast for | the Summer by J. H. McLaurin, Wash- ington, president of the American Wholesale Grocers' Assoclation, in his annual address to that organization’s Business generally has improved the outlook is bright for a good Sum- mer,” Mr. McLaurin said. Delegates from all sections of the NEW YORK BANK STOCKS | counter market. Banks, NEW YORK, May 14 (#).—Over-the- ; 7 se l;m Asked. 133 671 15 162 13705 57 America Bk of U 8 units. Broadway Natl. Chase Nati.. Chat Phenix Natl Cheisea .. City Bank w . 105 159 1341, | Fifth Ave. First Nat' N ¥ | Hariiman Nati'" Co.. ianhat United States reported that conditions |Equit generally were better than any t\mc‘ since last Spring. United Cigar Stores. NEW YORK, May 14 (&) -—Notice has been received by the New York Stock Exchange from the United Cigar Stores Co. of America of a propused change in its authorized common from TREASURY CERTIFICATES. |Nen\.ne\1‘hx 9 & W. Sepgman & Gy 6,000,000 shares of $10 par to 6,000,000 shares of no par, each present share to be exchanged far one neg share. D G, WEDNESDAY, MAY 14, 1930. FINANCI AL. |CONVERTIBLE BOND | Cox v ~ore BONDS o scawver] |CHILOREN ARE HELD i {35 and then sold off. | gapuar a8y, |z e Extoel cors. Rail Group Active at Higher Prices—Demand for Short Maturities. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, May 14—The move- ment in railroad stocks today gave a basis for bidding up railroad con- vertible issues. These were at times the most active members of the semi- speculative list. The leaders were Atchison 4145, which gained over 4 points, and Balti- more & Ohio 4138, up a point from Tuesday's lowest. = Southern Pacific and Missour! Pacific issues were also strong. The firmness of this section of the market was in contrast with the heavy tone In the higher-grade rail bonds, which were more depressed by lack of demand than by actual _offerings. % | Dealers are persistent in their belief that the day wil come when institu- tions wil be forced to invest in cor- poration mortgages yielding them be- tween 4'; and 43 per cent, as they will not be able to afford the Jow rates received on call or time money or on commercial pape: corporation or tax exempt issues is be- scoured for offerings. All the short maturities of the rllh‘eld equipment issues recently advertised have been taken up, while the longer dates are hanging fire. Junior rails sympathized to some ex- tent with the convertibles. Good gains were made by Chicago Great Western 4s, St. Paul adjustments and gold 5s and Western Maryland 4s. Erie new 5s were off & point from the issue price. Active industrial bonds were National Dairy Products 5!3s, U. S. Rubber 5s, Pan-American Petroleum 6s and the various convertibles of the amusement companies. Apl‘\ew $15,000,000 issue of the Na- tonal Power & Light Co., in the form of a long-term 5 per cent debenture at 91 was offered today. There were rumors of another very large Argentine loan. One of the Argentine provinces has ne- gotiated a $6,000,000 six-month loan with & 5% per cent coupon. The new Japanese 5128 went into a premium of It was reported that the recent Sao Paulo coffee loan may be bought at a 2-point discount from the issue price. In London it is quoted 1% points under the original figure. Washington Stock Exchange SALES. Capital Traction 5s—8$500 at 94, $1,000 at 94, $2,000 at 94, $7,000 at 94, $1,000 at 94, $2,000 at 94. Capital Traction Co.—50 at 74%, 50 at 47, 15 at 747 N. & W. Steamboat rts. wi.—10 at 17% Tat 17%, 8 at 17%. Pot. Elec. 514% pfd.—5 at 108. Coml. Natl. Bank—13 at 235, 20 at 235. Lanston Monotype—1 at 124, 7 at 124, 10 at 12413, 10 at 12415, Merch. T!r & Stge. p(d—s at 100%, 5 at 1 Merlem.hlle'r Linotype—10 at 107, 10 at 107, AFTER CALL. Contl. Trust Co—5 at 125. N. & W. Steamboat rts. wi.—10 at 17, 7 at 17, 40 at 17. Wash. Gas 6s “B"—8$100 at 103%2, $100 at 103} Ya. Capital Tncunn Co.—-lo at 74%. Beginning Mly 11 ths Exchange will be cloud on Saturdays until Saturday, October 4, 1930. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Amer. Tel. & Amer Tel. & Am. Tel. & Tt ito. & Annap. com. g:un & Annap. pfd. NATIONAL BANK. 5 cflmmenlll stampedy (103 | District (8) Federal- Amenun “(ioy Washinston ( Amer. Sec. & Trust Co. (18). Continental Trust (6 nts' Bank (6) Natl. Tr (130 Union Trust (8g Wark Toan & “Trust’ (107, BAVINGS BANK. Bank of Bethesds (61) Commerce & ngs £amt Washington (13) Potomac _(10) Security Sav_& Col Seventh Street” (1) United States (30) Washington Mechanics' '(20). FIRE INSURANCE. Amertcan. (1) Chremenrs ‘(5 National Unlon (i8). TITLE INSURANCE. Golumblia (#h).. Real Estate (6h) Title & Inv. Co. Md. com MISCELLANEOUS. Ross, Inc. ‘Dist. Natl. Sec. pfd ‘(7' Emer.” Bromo-Seiz. Federal Storage pfd Fed.-Am. Co. a Fed-Am. Co. ptd. (6) Lanston Monotype (8 1 Merch. Trans & Stee. com llm Merch. Tr. & prd. (7)... 100 4.8., Mech, Mige, com. (8) Wash: Med: Bids. Wawd. '& Tothion pra i) | §Ex dividend, ella% extra wiwnen Tssued. STOCK OFFERED NEW YORK, May 14 (#).—The United | Corporation, Morgan-Bonbright utility holding company, under its offer of May 1 has received tenders amounting to 1,425,000 shares of United Gas Improve- ment Co. common. These tenders were | in addition to 500,000 shares previously | “‘w‘"d and brought Unltefl'! holdlnu common to 6,076,846 shares, or 26.94 pel' cent of the 22,554,000 shares of U. G. 1. common ouuunam; COMPANY BUYS STORES NEW YORK, May 14 (#).—The J. J. Newberry Co. has purchased seven stores located at Port Jervis, S8alamanca, Al- bion, N. Y.; East Palestine, Ohlo; Ol- :,un:"?’ lllld Perry, Iowa, and Rock Is- an ISSUES ARE STRONG| UNITED STATES. (Sales are 1n $1.000.) mu High. Low. Close. 110011 1009 100 11 l 10114 10114 101 14 84 1024 1021 36 1019 1014 3 1019 1022 1019 1019 1019 1 10721 10721 107 21 FOREIGN. Sales. High. Australia §s ‘55 Australia 6857 Austria Ts..... Bank of Chile 6% s Rank of Chi 2 Batavian Pet 4%s. Belgium fs. Belgium 6%s Belgium 7s'55. Brazil 6148 '26. Brazil 614527, Braail 7: Brazil 8s. Bremen State 7, Canada 5331 Canada 6s 52 Chile 63 '60 Meanwhile the ‘market for all short | Chil Copenhagen 4348 ‘5" Copenhagen §s rets Cuba 6%s Czecho 85 '51. Danfsh Munic 8s A. Danish Munic 8s B. Denmark 6s. .. Dutch East In& Dutch East I 68 62. Finland 5% Finland 7s. Framerican 7%s German Bank 6 German EI P 63| Ger Gen Elec Greek 6s°63. Hungary 7% Italy 78 itallan Japan Japanese 614 . 171 Jugoslavia Bank 73 Karstadt 63 *43 Kreuger&Toll Lyons 6 Marsellle 6s. Milan 6%s. Norway u&- 2. Qrient dev 63 53 Rhine Westés ‘63 Rio de Jane!ro 6%. Rio de Jan 85 '46. Rio Gr du Sul 648 Rome 6%s. R'y’l Dutch Sao Paulo '50 Saxon (PW) 1- sunc 7842, 6. Swiss Conted 8 Toho El Pwr Toklo 5% Utd Kingm 53 Uruguay 65 '60 Uruguay Vienna 6s '52 Abitibi P&P bs 53, Abram&Straus 515 s Allis Chalm 68 37, Am Agri Chem %8s Am Chain 6s°33. .. AmChem 535 ev'49 Am Int Cor 5% '43 Am Metal 5% '34. . Am NatGas 61442 13 914 91 Am Smit & R 1st 53 91117 i69% 1655 168% | Hud & Man 62 104% 104% 104% | Hud & Man ::g + Armour&Co 4% Armour. Del.5%s. . At Guif bs 69 Atl Refining 68 Bell Tel, Pa. 68 (B) Bethlehm Stl pm bs Beth Steel rf bs. ... Bush Term Bldg 68 Chle Copper bs. Colon Ofl s '38 Col G&FI bs.May'52 Com Invest 538 49 Com Invest 65°48. . Con Coal Md. b Con Gas N ¥ Fls. . Consumers Pwr 5 Cuban Am Sugar 8a Denver Gas Det Edison 68 Dodge 65 Dugquesne ¢ East Cuba Sug T%s Fisk Rubber 88 Gen Cable 63847 Gen Mot Ac Cor 6 Gen Pub Sve 6% Gen Thea Eq 63 Gen Thea Fq 6s'44. Goodrich 6% Goodyer 58 rets Hoe & Co 6348 Humble O & R 58 Humble O & R 6%s 11 Bell Tel 63 11l Steel 4% Inland Steel 43 [ntl Cement 53 48 Intl Match 68%47... Intl Mer Mar 6s. Intl Tel & Tel 4%s. Intl T&T 433 ¢ Int] Tel&Tel b8 Kan City P & Lt bs. KanG & E 63 b Laclede 518 '53 Laclede 5% Lautaro Nitrate 6s. Ligr&Myers 63 '51. Liggett & Myers 78 Loew’s, Inc, 6s. . Loew’s 63 w o war. Lorillard bs. Lou Gas&El 68 '53. Hccrmok lcR l 34 Morein&Co 18t4%3- Nat Dairy 64s. ... Nat Radiator 6% N ¥ Edison 5544 . 3N 984 29 98y 93u 98U 981 98 8 90% 90 104% 104% 95% 954 9814 93% 102% 102% 10714 1074 | St 78 78% % 1031 103% 834 841 84 84 90 90 100% 100% 102% 1024 100% 100% i 103% 104% 91 91% 974 971 100% 100% 110 110 109 109 109 109 921 921 100% 10 5 106% 105% 0 17 101% 101% 101% 1024 884 881 100 100 108 108 17% 117% 122 122% 914 91!/. 9 108% 10514 104% 104% 86% 864 102% 1024 981, 98% 96% 96% 97% 9784 102% 102% 824 834 VU TN 98% 99 103% 103% 103% 103% 92 92 874 87w 87 87 104% 104% 98%, 98% 100% 100% 102% 103 103% 1034 101% 101% 89y 90 95% 05% 102% 102% 104% 104% T T8 79 80 84 85 94% 94k 100% 101 106 106 umu 106%, 91 9% 9% 99% 73 92% 89% 97 97% 98 1074 1074 82l 8314 9% 94u 89% 891 103t 1034 104% 104% 104% 104% 107% 1073 9% 99% 100% 100% 9% 7914 20 90 104% 105 98 98 106 106% 874 87w 9 91 9% 494 73 92 89% 91 964 954 964 MISCELLANEOUS. 6 X6% 864 86W 3 101'% 101% 101% 8 101% 101 46 101 16 102 101% 100% 100% 101% 101% 1 103% 103% 103% 4 101% 101% 101% 39 107 3 100 106% 106% 99% 100 T 9y 991 99y 91 3 101% 1014 101% 3 104 11 1047% 104% 104% 26 104% 104 104% 40 107% 107% 107% 7 1014 101 1 80% 16 891 89 12 84 1 77 1 101% 101% 101% 5 104% 2 102% 1021 102% 1103 1 101% 35 96 3 78% 102% 2 94% 94n 92% 5 98 3 106% 2 103% Z 994 1 103% 3 1064 9 9% 5 99% T 9 76 28 101 26 108% 2 100 . 82 100 19 142 20 106% 10 943 4 77 8 101% 2 101% 4 106% 24 100 10 944 18 100% 30 100% 1 100% 6 924 83 124 40 97% 1 104% 4 106% 1 103 5 102% 21 821 110315 7121 58 130 4 97y 3 89 6 103 3 102 11 102 5 Tois 101% 101% | Nort & Wn con | Nor Pacific non. 2 82 56 1004 1 20 4 105 1 11 2 94N 14 106% 105% 105% Penna con ¢%s. 6 100% 100% 100% Penna gen ¢3s. 49% 4T% 49y 1014 80% 804 B9Y 83% €3 A 104% 104% 103 103 101% 101% 954% 96 8% T8 101% 101% 7% 98 4064 106% 103% 103% 994 103% 1031 105% 106 95 85 99% 99% W T % 1 100% 101 103 103 100 100 99% 994 141 141 105% 105% 9% 94% n 101 101 101% 101% 105% 105% 993 99% 94 94 100% 100% 1001 100% 100% 100% 92 92 122% 124 7% 97w 10414 1044 1056 105 103 103 102% 102% 2 82u 103% 103% 121 121 127% 130 MU 9Ty 88% 88% High. Low. Close. 1074 106 107 102% 102% 102% 103% 103% 1034 103 103 103 101% 101% 101% 1024 102 102 1024 102 102 104% 104% 104% 107% 106% 1074 100% 100% 100% Ti% T34 T34 102% 1024 102% N Y Tel 6s°41. North Am Ed b: NoAmEd§%s Nor Ohlo'Tr&L Nor States Pwr bi Pacific Gas & El PacT&T list5s... Phila Co bs 67 Phila & Read 6549, Phillips Pet 6% Pilisbury F M Por Ric Am Tob 12 281 9 95% 0% 98% 984 391 39 98% 98% 100% 100% 100% 102 102 102 1031 103% 103% 100 97 9 108% 102% 103 98 98 98 96% 96% 96% 103% 103% 103% 104% 104% 104% 106% 106% 106% 101 101 101 'Puh Svo G 4%8'67 Pub Sve Gas ¢ % Punta Alegre 7s... Rem Rand 5%s war Stnclair O11 6 4 Stand OIL. N Y.4%s Solway Am In 55’42 South Bell Tel 3. . Southwest Bell 5s. Tenn El Pwr 63’47, Tenn Cop 65 B 44. BIGGEST U. S.ASSET Economic Value of Youth to Nation Figured Out by Gov- ernment Officials. BY J. C. ROYLE. The greatest asset of the United States, in the view of Government of- ficials, consists of the children of the Nation. They estimate the economic value of a boy baby at birth at $9,333. This value gradually increases as he 8rows to 18 years, when his potential value to the Nation is $28,654. It costs $7,238 on the average to raise a child from birth to 18, so that before most boys have really taken their first steps in the business and industrial world each one already shows the United States a profit of $21,416. The value of a child at birth is based on the amount it would be necessary to put out at 3 1-3 per cent to rear the child to 18 years and to produce the net income he is expected to earn throughout the working period of his Tex Corp cv bs Transcontl Ol1 United Drug & U S Rub 1st rf 105% 105 105% 102% 102% 102% 964 961 964 85% 85% 85% 100% 100% 100% 101 100% 101 92 92 92 P14 91% 91% 105 105 105 103% 103% 103% 3 103% 103% 103% 109% 109 109% 106% 106% 106% 780 158 v7e 100% 100% 1004 101% 100% 101% Western Elec Westn Union b: Westn Union 6% s White Eagle 53 White Sew Mac Willys-Ov 61 Wilson & Co 1st 63. Win RepeatAr 7%s 403 103 108 Youngstn § &T 5s.. 12 102% 101% 101% RAILROAD. AlaGrtSouds’43.. 2 98% 93y 931 Atchison gen <9 94k 94 94 Atchdeb 4%s'43.. 64 137% 134% 135% AtlCoastLineds.. 2 90% 90% 90% AtlCoast L 1st 4s.. 24 931 93y 93% AtICL4%s 5 9T% 9T% 9% B & O gold 4 21 94 93% 93m B&Ocv 4y 14 100% 100 B&Oecv4%s'60. B&Oref5s B & O 68 2000 (D) B&O 1st bsrcts. B&Ortimp6s.. B & O PLEWY 4s Boston & Maine 5; Brdway&Tth Av b Bklyn Elev 6%s. .. Bklyn Manhat 6s. Bklyn Un El §s st; Buff R & Pitts 448, Can Nat 4%4s 54. Can Nat 4148 '57. Can Nat bs. July's9. Can Nat bs. Oct "69. Can Nor 4% 4 104% 104 1041 17 109% 109% 109% 98% 95 5 9 102% 10214 1025 9 102% 1021 1023 1 991 99 991 6 116% 116 1164 2 110% 110% 110% . 6 F6% 8615 863, 15 99% 99w 99u 4 1043 10415 104% 4 93% 9.y 93y 4 104 103% 103, 13 100t 100% 100 10 995 595, 99 4 9TH 9T 9Tly 16 98% 971 98u 6 103% 103% 103% 4 93% 933 93y 7 98% 98% 985 61067 1063 1067 1100 100 100 2 103% 103% 103‘4 1 78 8 1 37 434846, Cent of Ga 548 Central Pacific Cent Pac 1st 5s Ches&Ohio Corp bs. Ches & O 434893 A Ches & O 4%s B ‘95 Ches & Ohio con bs. C B&Q Il diy 4s. . CB&Q4%s'17B.. CB&Qistrts CCC&StL deb 4% CCC&StL 5s (D). Chi & E 111 gn 68 51, Chi Gr West 45 '59. CM&StP ret 4%s 89 Chi Mi1&St P 4%8 C ChiM{IStP&P 65'75. 17 CMSP&Pac adj5s03 213 Chi & NW gen4s... 25 ssu 10 101'. 1043 104% 13 100 99% 100 9% Tusy 79N 9T 9TW 951 951 My 91y 991 99y 895, 89 % 1047 1047% Chi T H ine 6s ‘60 Chi Un Sta 4 %s. C& W Ind con C& WIndbk% Clev Term 414877, Clev Term 5%s. . Colo & Sou 43%s. Conn Ry&L 4% Cuba RR 6s.. 7 8% 78 Cuba Nor %srcts. 18 64 Del & Hud 1strf4s. 2 98 2 10494 104% 104% 9% 94 94% 93 91% 87 B4Y 82% 95% o1 94 9415 2 100% 100'1 100% 2 30 28 30 3 105% 105% 105% +0 10 111 110% 110% 5 105% 106% 105% 1071, 9%, Erle 1st con Erie conv 48 Erle ll, 1975. Erleconv Ex 7s Fonda J&G ¢%s 52 Gr Trunk st deb 6 Grand Trunk 7s, Gt Northern bs. 0. 99y, | L& N 43482003, Gt Northern 5%s. 3 110% 110% 110% Great Nor gen T . 46 111% 111% 111% 25 82% 82 82% 12 99% 99% 9% 111 Cent 45 '52. .21 9% 9% 91% Ili Cent 4s ‘53 . 1 89% 89 89% I11 Cent ref 4s. 25 92U 92% W% IICent4%s'66.... 5 100% 100% 100% 111 Cent ref bs ‘55 2106 105% 105% 1 109% 109% 109 105% 6915 69% 3 103% 103 103% 2 83% 83% 83 5 96% 96% 96% 2 6l 5% Tk 40 101% 100 101% 1 99% 99% 99y 1 89% 89 89 2 98y, 981 981 5 109:4 109% 109% 28 987 B4 9B ManRy 1st 4 ... 2 B3% 53% 53K Market St78'40... 5 92 9215 921 M1l El Ry&Lt 4338 10 100 100 100 Mill EI Ry&L 68'61. 16 100% 100%: 100% Minn&StLenbs.. 1 40 40 40 1 98 98 98 1 88y 881 88% 101 101 884 88 8T 8T 5 94l 941 11 103% 102% 102% 1104 104 104 1T 79% T8N THN Mo Pacifie 2 100% 100% 100% Mo Pac§s F'77.... 45 100'% 997 997 MoPacbsG'78.... 5 100 997 100 Mo Pac5%s 49 cv. 74 109% 109 109 102 102 79% %0 9513 954 . 24 9% V1% 9% 3 984 98 98y 54 100% 100 100% 8 1078 106% 106% 2 106% 1064 106% & StL 5 99% 99% 99% &StL4%sC. 41 964 96% 96% &StLb6%sA 5 107% 1074 107% &SUL 68°32.. 13 1021 102% 102% 20 79 8% T84 s. . Int & Gt Nor adj 6s. Kan City Ft S 4s. M K&T prin 5s(A) d) 0000000 H e s 13 i life. Thus it 1s estimated that the ag- gregate value of the male population of the United States is $1,144,000,000,000. Population Grows Rapidly, Since so much of the work of women is that of the housewife, their value cannot readily be reduced to a dollars and cents basis. It is contended that the value of the female population is a least equal to that of the male citi- zegs, but even estimating it at one- hny, the country has a total vital asset value of $1,700,000,000,000. This is about five times the estimated material wealth of the Nation. Some of the material resources are as yet undevel- oped, but population is growing steadily, as the present census figures show, and there is little likelihood that the ratio of vital to material assets will change nhm?) After reaching the age of 18 some children cease to show a profit to the Nation, but these are in a small mi- nority. Most citizens continue to in- crease their value up to the age of 50 or beyond. The rate of growth of value in the youth is shown by the following figures: At birth, $9,333; 1 year, $10, 350; 2 years, $11,250; 3 years, $12,200; 4 years, $13,150; 5 years, $14,156; 10 years, $19,078; 15 years, $25341; 18 years, $28,654. In view of the value of these human assets, the Federal authorities and in- dustrial leaders are giving more thought and attention to public health ques- tions than ever before. Each ath which might ve prevented means a di- rect loss of thousands of dollars and & lessening of the working forces and buying power of the Nation. These facts are behind safety-first campaigns and dissemination of information on health and hygiene, Child Crop Important. 'rhe theorem to be solved is as simple plus 2. It costs $7,238 to raise a chlld. Of this sum $534 is expended on the child’s health. If the child is kept well, this sum is saved. Moreover, t is estimated that the average per capita loss from work on account of sickness in this country is at least seven days a year. The White House conference on child health and pro- tection estimates that $6,000,000,000 can be saved annually to the Nation by prevengive methods against illness and by education in hygiene. Th: cost cf raising a child to 18, as divided by the economists, include the following items: “ost of being born, $250; food, $2.500; clothing »nd shelter, $3,400 (includ’ig taxes, which provide for education): minor educational ex- Other minor items make en Bxlghlm Young first led his followers to Utah, he caused to le taught and preached in every Mormon meeting house that “Utah’s best crop is children.” Government officials say that the business world is coming to adopt this doctrine as the right one for the Nation. (Copyright. 1930.) uj Butter—One-pound prints, 40a41; tub, 39a40. Eggs—Hennery, 24a25; current re- ceipts, 22a23. Poultry, _alive—Turkeys, hens, 32; toms, 20a22; Spring broilers, 38a40; Winter chickens, 32a35; Leghorns, 30a 33; old hens, 23a24; capons, 32a35; ducks, 15a16; keats, 60a65. Dressed— Turkeys, young, 34a35; old, 30a3 Spring broilers, 46a48; Winter chickens, 37a38; Leghorns, 36a37; fowls, 28a3 capons, 35a40; ducks, 25a26; kea 80a90. Meats, fresh killed—Beef, 20a23; 20a22; lamb, 22; rk loins, fresh hamis, 24a25; fresh shoulders, 22; smoked hams, 26; smoked shoulders, 20a22; bacon, 26, lard, in packages, 13; in bulk, 12. Live stock — Calves, 8al0; Spring lambs, 11a12. STOCK INQUIRY STARTED. NEW YORK, May 14 (#).—The New York Stock Exchange today started an investigation of recent erratic price movements of the stocks of the Celotex Co. and of the Manhattan Electrical Supply Co. New Investment Trust. NEW YORK, May 14 (#).—Forma- tion was announced of the Assoclated National Shares, series A, a fixed com- mon stock investment trust, composed exclusively of the common stocks of 30 of the leading corporations -in the United States. Sales Fign Low Close 19 100% 1004 100% 2 103% 103% 103% . 28 109 108% 109 10 98 97% 98 6 104 103% 103% 1 2 29 29 5 109 108% 109 2 100% 100% 100% 1 101% 101% 101% 2 104% 104% 104% 4 99% 991 99y 92% 85% 94 8 98% 981 98% 10 100% 100% 100% 5 90% 904 90% 50 93% 931 9% 6 103% 103% 103w 874 Penna 4% x 63 5 Port RL & P Ewis. Port RL&P 7%3'46. Reading gen 4% A Reading J C 4s 61 Rio G Weat col 4s. Rio Gr Wt 1st 4 RIArk&L 43 S&LA&SF gen 68 8 StL&SFpldsA. SIL&SF4%s 78 StL & SanFr in bs. . StLSW 1st4 StLS W eon 48 StPthsnLuA-. Seaboard A L 4 Sou Pac 4%5'69 ww Sou Rwy gen. Sou Rwy eon Sou Rwy 6s 'S Sou Rwy 6%s ‘Term Asso SL 4 % 1 109% 109% 1094 1 117% 117% 117% 9 123% 128% 123% 1 90 90 9 1 Bb% B5h 5% 2 801 80 80 21 9415 93w 94y 57 126 124% 124% 12 108% 105% 105% Mgl i v v e 2z i Z222 227222222 3 zZz 103 103 101% 102 102 102 82 99% 100 % 8 104% 104% 1134 1134 % 9N 3 6 6% 6l 1 68 68 15 15 16 16 89% saw 89% 93 93 6614 Mu\ 6614 a1 6 118% 113% 113% 8 91% 914 9% 0... 158 95% 954 5% 3 102% 102% 102% « 10 100% 100% 1004 Nor Pacific 41 Nor Pacific ref Ore Wash ist 4s. .. Penna 4%s 1 £ Tex Ark F'S 5% #'50 Texas & Pac 1 Tex & Pac 58 B Tex & Pac 58 C 5105 105 - 105 6 109% 109% 109% 4 102% 102 102 6 102% 102% 102% 9 49l 4% 49% 9 28 27% 28 10 94% 943 94% 4 904 %0 90 3 98% 98% 98% 3 105% 105% 105% 43 933 93y 98% 410 15 1024 102% 1102 102 102 3 10114 101% 101% 10 844 B4 84 10 99% 99% 99% LU Y 3 ." Union Pac 4% Virginia Ry 1st Wabash 414878 rt Wabash 1t 58, Wabash 2d 5 Wabash 68 ‘76 Western Ma West Md 6% West Pacific '