Evening Star Newspaper, May 17, 1930, Page 12

Logerys FINANCIAL." THE EVENING STAR, WASHINGTON, D. C., SATURDAY, MAY 17, 1930. . FINANCIAL. NEW YORK STOCK EXCHANGE » wew o BOND s s smwens o s e vusens b o sy pwswews__ EASY CREDIT FALS | BOND PRICES IRM | o s BONDS o s [DEAL IN UTLITES ’_p 101 T0IMPROVE BONDS Market Has Shown Declining Tendency Despite Lower- ing of Rates. SPEARE. § BY CHARLES F. Bpecial Dispatch to The 8t NEW YORK, May 17.—The great ‘Wall Street mystery of the day is the action of the investment market in re- fusing to respond to & set of conditions more favorable for its advance than any that have been provided for it in the past two years. Today the average-of a selected list of domestic bonds was below the aver- age of May 1, when the rediscount rate of the Federal Reserve Bank of New York was reduced to 3 per cent and a general slashing of money rates occur- red throughout Europe. The average of foreign bonds was also slightly ander the level of two weeks ago. In between these two dates there has been a small and brief rally, followed by a slow but persistent decline. Compared with the high average for the year reached on March 20, domestic bonds ars off nearly 2 points. Foreign dollar is ues reached their top for the year alut & woeek later than domestic issues now nearly a point below thc be:t figure of last March. Temporary Surplus. Except for the temporary surplus of funds in March, which for a short period forced open money rates down 1011 per cent, the entire money mar- ket situation at present is more favor- able to the investment market than it was sIx years ago. Call loans are re- newing at 3 per cent from day to day, compared with 31 per cent earlier. Time money is quotsd 'at 3'4 to 3% per cent for 60 to,90 days as against 31; to 4 per cent in the last week of March, Bankers' acceptances are 2% per cent bid as against 3 per cent. The Trecent trend of brokers' loans has been distinctly downward. ‘With these factors all making for a strong investment market, dealers in bonds, who expected to see their busi- ness broaden out rapldly after redis- count rates here and in Europe were reduced, are sitting idly by and waiting for something to happen. They have been moderately successful in dis- tributing some of the new issues. In others they have had the familiar ex- perience of obtaining large allotments and being unable to sell their propor- tlon. A few bonds have gone to a mium; others are being held at their price by syndicate bids. No difficulty seems to be experienced in ing of any worthwhile maturity, either of corporation or municipal bonds. On the other hand, there is decided tance to the sale of long maturi- . ‘This is in contrast * with the normal disposition of the buyer of ‘bonds to seek the long rather than the short maturities when money is ex- tremely easy and promises to remain so gor an indefinite period. Supply of Bonds. It is argued that there are too many bonds in the market. In comparison, however, with other periods of cheap ‘money, notably the early part of 1928, the supply is not excessive. Further- more, while there have been some in- stances of price inflation beyond the int warranted by quotations on ex- ting issues, syndicate managers have used better judgment this Spring in fix- ing quotations and yields on new of- ferings than they did two years ago. ‘There has not been the extreme compe- tition that resulted then in a great mass of 415, per cent domestic and foreign bonds which the public would not buy at the asked 3 ‘Technicaily, market is in a better state today than in previous times of low money. It has a stronger warrant for , in the lower average of money rates and in the possibility of these rates long maintained, than it had in the Spring of 1928, when 414 per ceat bonds were being issued at about the same prices now being asked for 5 per cent obligations. So far as there is any satisfactory answer to the failure of the bond mar- ket to advance and to adjust itself to the several taken by ‘he Federal Reserve in its behalf, it lies in the fact that the institutions have not yet taken 8 decided position on bonds, followin, their experience with shrinking ond accounts last year, and that the general lic is still stock-minded in spite of ts losses six months ago. Look for Appreciation. Institutions and individuals are at- tracted to bonds in a rising market, just as they are attracted to stocks when these are being advanced from day to day. In both instances the buyer wants more than the return from interest or from dividends. He is looking .or cap- faj o i-annual semi-annual interest eriod Which the bond market usually starts to discount early in June does not de- valog better conditions, investment bankers will be much disappointed and Wwill begin to turn their attention again to the distribution of “equity issues, {Copyright, 1930.) ! . BURKE REAPPOINTED. BALTIMORE, May 17 (Special).— Henry G. Burke of this city, has been re-appointed chairman of the arbitra- tion committee of the Maryland Asso- ciation of Certified Public Accountants. members appointed to the commitiee, which was created for the purpose of promoting and expanding the principles and practice of the arbitra- tion of commercial disputes in the State, are Raymond E. North, William N. Bar- tels, Joseph Oliver and C. A. Trageser. Burke, who is also a member of the arbitration committee of the American Bociety of Certified Public Accountants, recently completed a survey on com- merelal arbitration, dealing with the relation of arbitration to business in Maryland. POTATO MARKET. CHICAGO, May 17 (#), (U. S. Dept Agriculture). —Potatoes; ~ receipts, cars (53 new, 27 old)y on track, 154 cars (103 new, 51 old) ; total U. §. ship- ments, 975 cars; old_stock, trading rather light, market firm: Wisconsin sacked round whites, 2.85a3.00; fancy, shade higher: Minnesota sacked round whites, 2.80a2.90; Idaho sacked russets, 3.153.90; new stock, trading falr, mar- ket slightly weaker; Alabama sacked Bliss Triumphs, 3.60a3.70; Loulsiana sacked Bliss Triumphs, 3.5083.75; most Iy 3.60a3 65. By the Assoclated Press. NEW YORK, May 17—The Anglo- Chilean Consolidated Nitrate Corpora- tion has contracted with W. R. Grace & Co., for approximately 2,000,000 feet of fir timbers, 1,800,000 feet of fir lum- ber and 30,000 railroad cross ties to be used in construction of the new Pedro de Valdivia nitrate plant of the Lautaro Nitrate Co, in Chile. ‘The Gamewell Co. has acquired the business of the Rockwood Sprinkler Co., of Massachusetts. An order for 115 miles of 16 and 18- the A. O. Smith Corporation from the Southern Natural Gas Corporation. Gregory Flynn, for the last five years of the manufacturers’ division it, has been appointed sales of the Motometer e & Eq nt Corpoyation of New Yark, Stock an. Dividend Rate. St L-San Fran pf (6) o - S Seaboard AirLine. .. i Seahoard Air Line pf Seasrave (e1.20). ... Sears Roebuck (2%%). Servel. Ice. ... Shattuck (FG)(+1%) Shell Union (1.40)... Shell Un Ofl pf (53%) Shubert Theatres. ... Simmons Co (3). ... Sinclair Con Ofl (2). Skelly Of1 (2)....... Solvay Am pf(5%). . So Porto Rico Sug (2" Southern Cal Ed (2). Southern Pacific (6). Southern Rwy (8)... Southern Rwy pt (5) Spang-Chalfant. ... Sparks Withngtn(1) Spicer Mfk..... Spiccer Mfg pf (3 Stand Branas (1%). Stand G & B (3%)... Stand G & Epf (4).w Stand Invest Corp... 4 Stand O of Cal (234). Stand Oil Exp pf(5).. Stand Oil of Kan (2) Stand Oil of N J($2). Stand Ofl N ¥ (1.60). Stand Plate Glams: . Starrett (LS) (12%) Sterling Sec (A). ... Stewart-Warner (1). Stone & Webster (4). % Submarine Boat. Sun O1l (11). Superior Of Superior St Symington Texas Corp (3) Tex Guif Sulphur(4) Texas PC&Ofl..... Texas Pac Land Tr.. Thermold Co (2). ... Thompson Prod(2.40" Thompson Starrett. . Thomp-Star pf (3%) i Tide Water A (60c). Tide Water As pf (6) Timken Det Ax(80c). Timken Roller (3) Tobaceo Product Tobacco Products A.. Transcontl Oil (30c). Tri-Contl Corp Tri-Cntl Corp p! Truax Traer (1.60). 9 Twin City Ra Tr(4) 7% Und-Ell-Fischer (5). 10 »Union Bag & Paper.. 76 Union Carbide (2.60) 215 Union Pacifie (10)... 43% Utd Afrcraft. . . 56 Utd Afrcraft pf (3).. 36 Utd Biscuit (1.60).e0 44% Utd Carbon (2) s " 2am @ FaRe-araaroBoarte (Continued Prom Page 11.) . Sales— s Add 00. High. Low. Close 9% 9984 226% % 71% 525 651 ~Prev. 1930.~ 99% Utd Cor) U S Rea! Util Pwi Vick Ch VaEl& Vulcan Wabash Wabash Walwort Warner Warren Warren Wess O i Weston White & Wil & R 4 Woolwo! Am Roll CRI& 4 Phillips n the latest quarterly or hulf vearly decla s than 100 shares. t Partly ex: 3 Plus scrip. 1 Plus 9% in stock. a Paid last ye: able {n stock. d Pavable when earned. TPlus 10% in stock. gPlus 6% in s Plus 8% in stock. k Plus 3% in stock. n e ing les: . § Payable in Ro Yeguiar rate. b Pay able in cash or stock. B Plun"2% in stock..”s 65% Stock and Dividend Rate. Utd Cigar Stores. Utd Cigar Strs pf. Vadasco Sa Vanadium Stl (t4).. Rad-Keith-O.May 19 694 Truax Tra C..May 29 102 Dividend rates as given in the above table ere the annual cash ol Recelved by Private Wirg Direct to The Star Office. Sales— o 4 poration United Corp pf (3).. Utd Fruit (4)........ Utd Gas & Imp(1.20) Utd Gas & Imp pt(5). Utd Stores (A)... Utd Stores pf.... U S &For Secur U S Hoffman (2). U S Alcohol (+7).... USPipe&F (2)...01 1ty (5) 4 US Rubber. U S Smelt Ref (3%). US Steel (7)...cco0n Univ Pipe & Rad.... r&Lt A (e2).. Corp.. emical (2%). ar Chem....... Pwr pf (7).. Det (4). Vulcan Det'A (4). Bf (A) (5).. Waldorf Systm(13%) th Co (2). Ward Baking (B Bros Pla ( Warner-Quinlan (1). Bros (3).... Fdy & P (2). & Sn pf (4).. West PemrEl pf (6). West Penn El pt (7). Westers Md. Western Md 2d pt Western Union (8).. Westinghse A B (2). Westinghse E&M (5) El Instr (1). ewing Mach.. Wilcox Oll & Gas. ... Wilcox Rich A (2%) Wilcox & Rich B (2). ich ctfs (B).. Willys-Overland 315 Wilson & Co. 4 Wilson & Co \Wilson & Co pf. rth (2.40 Worth Pump. Yellow Truck. Yellow Truck pf Zenith Radio. RIGHTS EXPIRE 1 M..June 16 Am Tel & Tel.Aug 1 Pac..May 19 Pet..June 16 1% 1% 1% 1% 1% 11y W tock. Plus Washington Ticker BY CHAS P. SHAEFFER, Associated Press Financial Writer. Long term State and municipal bond issues floated during Agrll eclipsed all previous records for thfs period with a fotal of $141,123,000. This is held by the Associated General Contractors of America, which' announced the figures, to presage a greater volume of public works and engineering construction in 1930 than ever before. April's totals, together with he un- usually large amounts during the first quarter of the year, brought the first four morths’ aggregate to $452.442,000, the association’s compilation discloses. The monthly average of $113,110,500 being maintained represents an increase of more than $25,000,000 monthly over the comparable period of last year. “Under the stimulus of easier financ- ing through bond issues,” says the asso- ciation, “public works and engineering projects will do more than any cther type of the industry’s activity to sustain the” 1930 volume of construetion very nearly to the average fof recent years.” The contractors’ organization views the future with optimism. “With the large holdover demand for public im- provement projects being adequately cared for, and with schedules for fu- ture projects being advanced in accord- ance with President Hoover's policy of construction acceleration, indications are that the original 1930 estimate of a total expenditure of $1,614,000,000 for public works and utilities will be ex- ceeded,” they declare. Leading banking authorities of the Nation will confer in this city on May 19 and 20, the occasion being a periodic meeting of the Federal Advisory Council. ‘This council was created by the Fed- eral Reserve act, and comprises one rep- resentative from each of the Federal Reserve districts, or 12 in all. The duties, briefly, are to confer on all mat- ters pertaining to banking and to make such recommendations as they deem remedial to the Federal Reserve Board. While all meetings will be executive sessions, it is believed the credit situa- tion will be gone into thoroughly and a policy recommended for best meet- ing the conditions in that market. Members comprising the council are Herbert K. Hallett of Boston, William C. Potter of New York City, Levi L. Rue of Philadelphia, Harris Greech of Cleveland, John Poole of Washington, D. C.; J. P. Butler, jr., of New Orleans; Frank O. Wetmore of Chicago, Walter ‘W. Smith of St. Louls, George H. Prince of St. Paul, Walter S. McLucas of Kan- sas City, Mo.; B. A. McKinney of Dal- las, and F. L. Lipman of San Francisco. | Railroads of the country are already | making plans for handling the sea- sonal crop movement which begins in about a month. Officials of the American Railway Association, meeting in Chicago, have advised local headquarters that rail equipment is in best physical condi- tion in years, and will be adequate barring abnormal delay at loading or unloading points. As has been custom- ary in recent years, empty cars adapted to the loading of grain are being re- turned as rapidly as possible to their home roads in the grain-raising States 50 as to be available as soon as the | crop movement begins. Preliminary forecast of Winter wheat production in 1930 indicates a crop 5 per cent less than the last two years, but about equal to the five-year average of 1924-28. Growing conditions the last 60 days in the areas of principal production have been relatively unfa- vorable, Spring wheat acreage is ex- pected to be slightly less than last year, with generally favorable weather “con- ditions to date. While the assoclation is making no effort to gauge accurately the volume of wheat it will be called up to move, it is, anticipating an average ‘The Department of Commerce reports gross earnings of 95 utility systems in March were $199,000,000, as against $195,000,000 the corresponding month a year ago. Net earnings for the two periods were $88,000,000, against $85,- 000,000, respectively. Brazilian scientists hope to save their threatened coffee crop through the use of an insect army, according to govern- ment trade dispatches. ‘These insects are known as “propropis nassuta,” and are reported to be deadly enemies of the coffee pest (stephano- dores). ‘The serfousness of the evil is viewed with much alarm. It was first observed in 1927, affecting 13 regions. The terri- tory was increased to 18 regions the fol- lowing year, while in 1929 the pest had infested 29 areas, embracing 3,844 of the l&fll 10,486 plantations under cultiva- n, Grept Britain plans to develop the en- tire trade of the empire through crea- tion of an empire e asembly, organi- zation of which is now under way. According to the Department of Com- merce, the body will be comprised of trade delegates from every British do- _ minion, with duties similar to those of | usual measure, the fall of commodity PACE OF BUINESS DELARED UNEVEN Weekly Trade Reviews Say Volume of Wholesale Orders Is Holding Steady. Special Dispatch to The Star. NEW YORK, May 17.—Reviews ol" general trade report conditions during the past week to have been highly un- even and without a decisive trend. ‘Wholesale and jobbing trade was main- tained at the previous week’s modest volume, but there was a slight slowing up in retail buying, chiefly in the rural districts, where frequent rains or active Spring planting were outstanding fea- tures. There was also a further slight easing off in industrial operations. | Bradstreet’s weekly summary says, in part: “The addition of a number of chain store organizations to the group whose sales were reported last weck, bringing the number tabulated up to 58, has the effect of diminishing somewhat the per- centages of gain in April and four months’ sales over the like periods a year ago. Sales in April of the 58 chains, including the leading mail-order houses, totaled $355208,439, as against $325,- 339,077 in the corresponding month of 1929, an increase of 9.2 per cent. “Much of this gain was, of course, due to the late date of Easter this year, and a better measure of Easter trade may be obtained by adding the March sales to those for April, which gives a total of $663,580,185, there being 50 chains included in the March compila- tion. “Compared with March and April of last year, when the identical organiza- tions reported aggregate sales of $639,- 751,625, there was an increase of 3.7 per cent, the gain of 9.2 per cent in April having more than offset the loss of 1.9 per cent in March.” Prices Continue Unsteady. ‘The R. G. Dun & Co. weekly review says, in part: “With the month of May more than ‘half over, the course of business remains highly uneven. Gains and recessions in activity are interspersed in more than prices has not been definitely arrested, adjustments in production continue, and there are also evidences of the operation of other forces which are natural to a period of economic change. “The present experience has dem- onstrated anew the importance of the time element in a process of commercial transition, and there is a more general recognition now of the fact that a rapid recovery was scarcely to be ex- pected following a severe and far-reach- ing setback. Disappointment over the results in various quarters this Spring is tempered by the knowledge that the marked tension caused by last,Autumn’s speculative collapse has been relieved and that the movement toward Te- habilitation is under way.” Undercurrent of Betterment. “After an era of great expansion, with maximum records attained in many fields of enterprise, the subsequent re- versal was the more pronounced, and it would not be logical to anticipate a quick rebound from widespread un- settlement. Allowance for those points is essential in appraising the existing situation, with its irregularities and sharply contrasting tendencies, and the absence of a broad advance. Specific developments from week to week are rather unimpressive, with a few excep- tions, and it is beneath the surface conditions that the chief foundation for encouragement rests. “Certain of the statistical barom- eters, while outwardly continuing to make adverse exhibits, are beginning to reflect more plainly the undercurrent of moderate betterment. It is of less significance that losses persist in com- the totals for a year ago, contracting in some ing a turn in the right direction.” ——— office. Within a section of the assem- bly there would be a group which would bring into consultation “representatives of particular industrial, commercial, financial, shipping, agricultural and other interests within each part of the empire.” The advisability of creating a new ministerial post in edch part of the empire hds also been suggested and it would be the primary duty of such a minister to confine himself to the study of kingdom trade problems. ‘The Persian vernment has drawn the attention of all tourists and mer- chants to the fact Persia has Markets at a Glance NEW YORK, May 17 (#).—Stocks, irregular; railroads continue to improve. Bonds, slightly rregular; convertibles moderately active. Curb, steady, United Light A touches new high. Foréign ex- changes, irregular; Italian lira reacts slightly. Cotton, higher; unfavorable weather. Sugar, barely steady; hedge selling. Coffee, easy; foreign selling. CHICAGO STOCK MARKET By the Associated Press. CHICAGO, May*17.—Following is the complete official list of.transactions in stocks on the Chicago Stock Exchange today: STOCKS. s Mig .. 50 Addressograph i 450 Allied Motor Ind 150 Allied Products 300 Amer Equities High. Low. Close. - 30 8 300 CeCo Mg . 200 Central Coid ‘Stor. 20 Cent 1l Pub Serv 150 Cent Il ~Securities Bub Se 150 Chi City & 2080 Chicago Materia 100 Constr Materials pf. T Aiees oote Gear & Ma 1600 General Theater Eq 100 General Water Wks A 50 Gen Wat Wks pf.... 350 Gleaner .. 850 Great Lak b s Alrcraft. Grunow 8 g DL 80 Lindsay ‘Nunn Pib. 750 Lion Ofl Refining. 100 Lynch_Glass Maci 4600 Maj HHold, 400 Manhatt 0 Mid Unit war, 11 Midland Util 4 20 Midland UUL 7% D 11 450 Mo-Kansas Pipe Line T 726 Mohawk Rt 80 Monroe: Chemical 100 No & So Am 10 Oshkosh Ove: 50 Polymet M{x 20 Pub Ser n . 100Q R 8 Music 'Co. 300 Railroad Shares 50 Rath Packing nt Gear ' 100 Sangamo Elec 400 Seaboat er Corp. rall Bueg. gush 8. 0 Swift & Co. 1200 Swift Intl . 78 W 2830 Zength Radio - Stock sales today, i 1000 Edison 6s 43 110% 110 1000 Edison 65 44 91" 01 Bond' sales today Boise Newspaper Man Dies. BOISE, Idaho, May 17 (#)—Guy placed an embargo on fye import of the economic committee of the League of Nations, and the international' laboj silver coins, according to'fnnouncement imperiay legation Rere, o Flenner, '59, ploneer newspaper man of the Northwest, and former editor of th¢ Stajesman, | Bolse Idaho | furniture manufacturer, INQUIET MARKET Second-Grade Rails in Good Demand—Convertibles Move With Stocks. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, May 17.—Firm prices were the rule in today's quiet trading in bonds. The feature of the market was the good demand for the second- Current, earnings are being rded and these issues picked up on their attractive yields. An instance 'is Chicago Great West- ern 4s, although in this case the road has made striking improvement in recent months. The bonds sold today at 70, a new high on the move and at A price to give a maturity return of more than 614 per cent. Other issues in this same general classification were Missouri Pacific gen- eral 4s, International Great Northern adjustments and St. Paul adjustments. Southern Railway general 4s, which are of considerably better grads, wetc turned over actively, but without much change in price, and Erie 55 sold off fractionally. Industrials were irregular. Certain- teed 5!2s had a setback and Armour of Delaware 555 lost over a point. The high-grade group was steady but that was all. Little interest was taken in United States Government securities. ‘The convertibles as usual moved with their respective stocks. Special atten- tion was paid to Philadelphia & Read- ing Coal & Iron 6s and New Haven convertible 6s. Foreign bonds held well, but activity was restrained in the ex- pectation that the terms of the new German annuity loan ‘would be made public shortly. An official forecast is that the coupon rate will be 51, per cent and the price 90 or 92 to yield over 6 per cent. Dealers are none too sanguine about the demand at that price. It was announced today that the Southern New lglgllnd ‘Telephone Co. will issue $10,000,000 in 40-year 5 per cent debentures next week. WORKMEN HOPE T0 STOP WILD OIL GUSHER TODAY Niw Fire Menace Breaks Out in South Oklahoma City Field. By the Associated Pri OKLAHOMA CITY, May 17.—Work- men hoped today to curb the rampant Sigmon gusher which presented a new fire menace in the South Oklahoma City oil field. Just half a mile east of “Wild Mary” Sudik, which blew oil and gas over miles of surrounding urban territory for 11 days, the well, operated by the Prai- rle, Slick and Phillips companies, went wild at noon yesterday when sand cut away a fipple above the master gate and prevented closing up upper and lower gates. Work of replacing con- nections began under great difficulties. Lease men believed the Sigmon’s daily flow, first estimated at 10,000 bar- rels of oil and 75,000,000 cubic feet of gas, had increased early today as the well, on the land of an Oklahoma City continued to spout from the top and sides of its derrick. RUM ON YACHT SEIZED May 17 (A)—Mrs. collector of customs HONOLULU, Jeanette Hyde, | here, asked officials at Washington yes- terday for radioed instructions con- cerning the seizure of 70 cases of nqgor on the yacht Orion, owned by Julius goritmlnn. ‘wool manufacturer of New ork. The Orion arrived from the Far East Tuesday with the liquor listed on the manifest but under seal. Forstmann said he had been advised that if the liquors were on the mani- fest and sealed they would not be seized, but they were placed in a vault in the customs office. NEW YORK COTTON NEW YORK, May 17 (Special).— Further gains occurred in cotton to- day as a direct result of an increasing number of complaints of excessive moisture in Western sections and pre- dictions of showers throughout the en- tire belt over Sunday. After opening slightly lower prices gained 10 to 15 points and ended a few points higher than -last night. Spots were unchanged at 16.50. Cotton range: January January March (old) GRAIN MARKET CHICAGO, May 17 (Special).—The wheat market was extremely nervous today. During the first hour trade was light with fluctuations narrow. Little pressure to sell developed, but the fea- iture was a lack of buying power. Last prices were 3 to 3 higher, and for the week 21, to 37 higher. May, 1.06; July, 1.06% to 1.06%; September, 1.09% to 1.09%; December, 1.143%. The corn market was influenced by the action in wheat. Last prices. were % lower to 4 higher and for the week 2% to 3% higher. May, 80%; July, 7 to 82; September, 8315 to 83Vi; December, 77% to 77'%. Oats closed J51to Y4 lower and for , 41% to 42; ember, 413: December, 43%. A Provisions were SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Allis-Chalmers Co_5s 1037 American Tel. & Tel. 5igs American Thread Baltimore & Ohio 41 Batavian Pet. Corp. 4}s 104 Bell Tel of Canada bs 1057. Beth. Steel Corp. 5s 1031, California Pet. G Canad 2 h_Corp. 85 1947, . & St. L. 6s 1932 Peo. Gas, Lt. & Coke 4355 1930] Bhillips Pei.’ Co '5%s 1939 Va8 1937, . L., Ir. Mt. & So. Ry. 35 | L. Southwestern Ry. 45 Swifl'& Co. 5s 1932 ! Co. of Calif United Drug Co. 55 1985, .. . Western Electric Co. 55 1944 ng Steel Cq BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, May 17.— Sales. STOCKS. 160 Arundel Corporation . 150 Baltimore Trust Co. 35 Black K ce GO 3C & P Telephone, Balio, pfd 9 Consolidated Gas com. 12 Fidelity & Deposit Co 160 Pinance Co of Ameri 110 Maryland Casualty Cc 10 New Amsterd 3¢ United Rail s Go. 350 8 PFidelit; § s 3000United Rwy & 15t 45,0000 4000 Qnitgd By &cRigs 19ooma 4. ee. Last Sale, EECases B! e Sales. Lib1st4%s.. Lib4th 4% US4s'4s.... 23 1023 Argentine 6s B Australia ¢35 5 Australia 58 '57. Austria 7s. . Bank of Chil Batavian Pet 4148, Belgium 6s. Belgium 7s '66 Belgium 7%s Belgium s Bordeaux 6; Brazil 6%s Brazil 6158 Brazil §s Bremen State 7s. . Canada 5= '53 Chile 65 '60 Chile 6s 61 Chile 743 i Con Pwr Japan 7s. Denmark 63 s Dutch Fast Ind DE15%s, Mcl Flat 7s ex war "46 Finland 6%s. 5. . 47, % Japanese 4 Japanese 615 . Jugoslavia Bank 78 Kreuger&Toll bs ct. Marsellle 6s. Mex 451904 asnd. Orfent dev Orient Dev Paris-Lyon: Paris Orleans §%s. Peru 65’60 Prague 7% Queensland 6 Rhine Wt EP 6s'53 Rhine Westés '53. . Rhine Wst EP 75'50 Rio de Janeiro 63 Rio 16 Jan 8546 R'y’l Dutch 4%s Sao Paulo '50. Saxon (PW) 7 Solssons 6. Sweeden 53 Swiss Conted 8 Toho El Pwr Tokio 5% 561, Utd Kingm 5% s '37 Uruguay 6s'60 2 Yokohama 6s Abitibl P&P Bs '53.. Abram&Straus 5% s Alleghany 6s°49. .. Allls Chalm 6837, AmIGCh51%8"49., Am Int Cor 5% 49 Am Smit & R 1st 58 Am Sugar Ret Am T&T cvath Am T&T 5865 1 Am Water Wks Armour&Co 4% s'39 6% Bell Tel, Pa. §s (B). Bell Tel Pa 63 (C) Bethlehm Stl pm b Certn-Td 5%s rcts. Chile Copper 6 Col G&E1 65, May'52 Colon Of1 R ta Com Invest 533 49 Com Invest 65 °48. ConGasN Y 5%4s. Cuban Am Sugar 3 @ 13, e 8 XONRALD NN WSS East Cuba Sug 7%s Fisk Rubber 8 Mot Ac Co: Gen St Cast 5348’49 Gen Thea Eq 68 '40. Gen Thea Eq 65 '44. Goodrich 63%s. Goodyer bs ret Humble O & R 5i HumbleO&R § 11i Bell Tel h NG ANRSHA R RO N Kan City P & Lt 5a. Laclede 5%s D '60 Lautaro Nitrate 6; Ligg&Myers 58 'S Liggett & Myes Loew's 6s w o war., Lorillard 5 Midvale Steel bs. ... Montana Pwr 43 Morris&Co 1st43%: B uReS NN oA e~ 8 © Paramount Phila Co s Phila & Read Phillips Pet 6%8. .4 Postal Tel & C5%s. Pub Sve G 448 "67.. Pub Serv G 414870 Pure Ol 5%38°37... Rem Rand 5%s war Skelly Of1 6%, Stnclair Ofl 63. Sinclair Ofl 6%48. . Sinelair O11 7s. Stnclair Crude 5%s Solvay Amer 5842, So Por Rico Sug 78 South Bell Tel 6s. . Southwest Bell § Stand OIL. NJ *46 Stand Oil. N Y.4%s. Tenn El Pwr 68 °47.. Tex Corp cv 6544 Transcontl Ol %8 United Drug §s '53. 7 -3 68’49, 105 6 B e e - nBwo ORA GRmRranENRS 8 oaam U S Rubber 7%s. Utah Pwr&Lt bs. Utilities Pwr 5%35.. ‘Warn Bros P 65 '49. S - Win RepeatAr 7%s Youngstn S &T 6s.. 19 Atchison ad] 4s. Atchison gen 4 Atchdeb 4%s'43. Tuft R & Pitts 4% Can Nat 4348’57 , CanNat 4% High. 5 31009 1009 10 10115 10115 10115 Low. Close, 1009 1022 1023 12 107 21 10721 10721 FOREIGN. . Low. Close. 93% 93% 102% 102% 107% 107% 1128 113 108% 108% 115 115 i 110% 110% 79% 84 84 100% 100% 102 1023 1 ! i 104% 104% 100% 1015 102% 864 101% 101 102 107% 100 101% 9l 91% 218 9% 1013 101% 99% 99% 100 100% 101% 1015 102% 102% 94 94 8814 B8 9615 96% 108% 108% 117% 117% 1224 122% 108% 108% 104 104% 85 85 9815 98% 983, 981 971 9TH 108% 1038% 82% €8 98% 98Y 103% 103% IE" 1 9% 9% 86% R6% 104 104 98% 98% 100% 10015 103% 108% 102 102 89% 89y 96% 96% 108 108 101% 101% T T56% 76 9 9" 84% 85 106% 106% 100% 100% 9201% 91 9 9% 100% 100% | % 1% 99% 9914 89% 89% 97 97 98 9RY 107% 107% R3% R4 90 90 103% 103% 104 104 107% 107% 9% 99% 90 90 104% 105 98 98 2 96% 96% 96% MISCELLANEOUS. 864 864 101% 1013 101 101 102 102 107 107% 100 101% 101% 103% 103%, 164% 164% 104% 104% 104% 104% 107% 107% 104 104% i 100% 100% 5 103 102% RAILROAD. 91 945 894 89% 83% 8414 103 108 102 102 105 105 106% 106% 103 108 4% A% 95% 95% 101% 101% 103 103 104% 104% 991y 99% 139% 139% 105% 106 93% 93% 101% 101% 101% 102 105% 105% 100 1004 100% 100% TH 9T 104% 1043% 102% 102% 82 82% % 103% 103% 121 121 98 98 88% 881 100% 100% 1021 1024 82 82 99% 99% 1063 106% 100% 100% 106% 106% 108% 1031 102% 102% 106% 106% 101% 101% 99% 103% 103% 104% 104% 103 103 94 9T 106% 106% 104% 105 102 1024 9 96 84% 84% 106% 107 34 34 1001 100% 103 108 101% 101% 90% 91 941 94% Gh % 135% 135% 100 100 1024 102% 103% 103% 954 95% Q5 984 Received by Private Wire Direct UNITED STATES. (Sales are in'$1,000.) . Low. Close. 1024 102% 102% 102% 110% 8T .- 100% Car Clin & O 6552, 108% Cent of Ga 5sC §9 101% 104% 103 100% 99% 97le 97% 93% 6% Cent Pac 1st 53 '90. Ches&Ohio Corp Ches & O gen 4% [si 3 A - Chi&E 11l gn 63 6. Chi Gr West 4869 Chi MII&StP 4%s B ChiM{IStP&P 65'76. CMSP&Pac adjss03 Chi NW 438 2037. . Chi & NW con 4% s. Chi & NW ref 5 Chicago Rwys bs ChiR [ &P gn ChiR1& P rf 4 ChiR1&P 4% Chicago T H 53 Chi Un Station C& W Ind con C& W Ind b%s Term 4%s Clev Term 5%3. Cuba RR §s. Del & Hud 5% Den & Rio G cn Erle 1st con 4 Erie gen 4s. Erle 6s, 1967 Erle bs, 1975.. Erleconv Ex 7s. Erie (Pa) clt tr 4 Erie & Jersey 6. Fla East C5s'74 Grand Trunk 7s..... Gt Nor 4%8'76(D). Grt Nor 4% (E) Gt Northern b3 Great Nor gen 7s Gulf Mo 68 (B)...., Hav El Ry 635 '51. Hud & Man ad} Hud & Man ref 5 111 Cent ref 65 65 Iut Rapid Trans bs Int Rap Tr s stpd Int Rapid Trans Int Rapid Trans Int & Gt Nor adj Kan City Ft 8 48, Kan City Sou 3 LehV gen 435 2003 L&N 4%832003. ManRy 1st 4 Market St 75 '4 wrufonBananpmunmrm©E - > BRARARN @ PEPT- TR T 113 57 110% 97 =S 33 9% 109% 111% 99 564 824 99% 106 » 9 69% 59 29% 84 96% 76 9% 9% 58 92 100% 12% 98Y% 104 kil 9914 100 107% 4., M StP&SSM bs gtd. MK & Tex adj 6s. . 53 9% 98% 106% Y6% 101% 102% 85% 9314 126% 56 92% 66 91 101 48 100% 103% 108% 86% 4 105% % 108% « 100% - - Broronaan ol meorn 0B NeRRAL A 20 BH RRaORRR MR- SRS » M EXS HS R~ P P C C&StL 5s B 6. Port EIP L 6 Reading gen 4% A RIATk &L 4%s StL&SFpldisA Tex Ark F'S 5% Tex & Pac 5s B*77 105 101% 102% 101% 9% Rl MW R AOH NN RNWSANINRG Al GHA C. & 0. MAY GET LINE THROUGH TO PACIFIC Special Dispatch to The Star. NEW YORK, May 17.—O. P. and M. J. van Sweringen of Cleveland, who this week took formal control of the Missouri Pacific Rallroad System, are prepared to extend it to the Pacific Coast by acquisition of the Denver & Rio Grande Western and the Western Pacific, it was disclosed in a statement by L. W. Baldwin, president of the Missouri Pacific. Acquisition of the two Western roads would re-creAte the system assembled 30 years ago by Géorge Goul, which later fell apart. Traveling eastward by train, Mr. Baldwin telegraphed to the St. Louis offices of the Missouri Pacific a state- ment of his approval of acquisition of the two Western roads. He was re- tained as head of the Missouri Pacific when the Van Sweringens took control, and for this reason it was accepted in railroad circles that his views repre- sented theirs. BANK RESOURCES OFF IN NORTH CAROLINA ‘Total resources of State and national banks in North Carolina showed de- creases in the one-year period from March 27, 1929, to March 27, 1930. John Mitchell, chief Stat nk ex- aminer, said the decreases “are in line and comparable to the decreases shown b};mllnnkl for the United States as a whole. Resources of State banks at the close of business March 27, 1930, totaled $312,966,246, a decrease of $11,068,055 irom the previous 1]!!!’! Re- INVESTMENT TRUSTS NEW YORK, May 17 (#).—Over-the- counter market. Assoc 8tand Ofl Stocks. Colonial Investors . s i United N Y Bank Trust 8h C.. Others, unchange: NEW YORK BANK STOCKS NEW YORK, May 17 (#).—Over-the- counter market: Bid. Asked. .. n% ulg% Asked. 138 120 m 1 57 Bt Rabd sk Manhattan 1600 Co. 41 SURPRISES §IREETM Latest Move of United Cor- poration Believed Forerunner of Further Expansion. Special Dispatch to The Star. NEW YORK, May 17.—Wall Street, which is used to seeing big deals. rubbed its astonished eyes on hearing of United Corporation’s latest alllance with Co- lumbia Gas & Electric Co. United, the Margan-Bonbright utility holding company, by this deal not only gets about a 36 per cent ownership in the largest and fastest growlag natural gas company in the country, but breaks records for utility growth, as it has in- creased 1ts assets more than $600,000,000 since its formation only 16 months ago, Columbia Gas, by virtue of this deal, will expand more rapidly in the Eastern industrial centers, Philadelphia, Wash- ington, Richmond, Norfolk and gerhnm later Baltimore and New York City, while United Corporation obtains an in- terest—virtually control—in a profitable utility concern. New Offer Expecled. United Corporation, which offers 112 common and one-third preferred shares for each Columbia commons “ex” the special dividend of Columbia ofl and gasoline stock, it is_believed next will make an exchange offer for Public Serv- ice of New Jersey common. United Corporation common for the first time will be put on a regular divi- dend basis, 75 cents a share, beginning in 1931, and will inaugurate these pay- ments with the declaration of 50 cents a share 1n October, 1930. ‘Based on Thursday’s closing prices for United Corporation common and pre- ferred, the exchange offer made for 25 per cent of Columbia Gas & Electric cormon 1is equal to 92 for Columbia, after giving effect to Columbia Ofl & Gasoline, one share of which stock will be paid to Columbia Gas holders of record May 24 for each five Columbia Gas shares. Columbia Gas at the time of the exchange offer announced it had ob- tained 150 miles’ right of way through Virginia, West Virginia and Eastern | Kentucky to facilitate piping gas to Eastern industrial centers. Since United Corporation already is the largest shareholder in United Gas Improvement and an important stock- holder in Niagara Hudson Power, Con- solidated Gas of New York, Public Service of New Jersey and Common- wealth & Southern, early expansion and interconnection plans of many utilities east of the ippi River can expected. Holdings of Corporation. United Corporation, according to its listing application to the New York Stock Exchange on April 15, held the follot ing shares: 62,370 Mohawk Hudson Power Carporation, 1,673,250 Niagara Hudson Power copmon and class A warrants to buy 752,460 common, also class B warrants to buy 436,590 common and C warrants to buy more than 300,000 common. ‘United also had 959,921 Jersey Publc Service common, 4,151,846 United Gas Improvement common (since in- creased), 245263 Columbia Gas com- mon, 1,798,270 Commonwealth & Southern, also option warrants entitling purchase of 1,005,000 additional com- mon; 87,464 Electric Bond & Share common, 109,000 Consolidated Gas common and 33,105 Lehigh Coal & Navigation capital shares. (Copyright, 1930.) Speeial Dispatch to The Star. BALTIMORE, Md, May 17.—Pota~ hite, 100 pounds, 2.2523.00; new, toes, wi : po Lfl:fl:.fl"i hbanl, Ty cabbage, hamper, 3. crate, 3.00a4.50; caulifiower, crate, 2.00a 2.5 celery, crate, 2.50a3.50; kale, bushel, 40a75; lettuce, hamper, 1.00a beans, );amplr 7.0028.00 ; peas, hamper, 3.0026.00. radishes, 1.00a1.15; spinach, 60; squash, bushel, 1.25a1.75; tomatoes, crate, 3.00a7.50; apples, bushel, 1.25a 3.50; cantaloupes, box, 5.00a8.50; grape- fruit, box, 2.50a6.00; oranges, box, 3.50a 9.50; pineapples, crate, 2.50a3.00; straw- berries, quart, 10a25. Dalry pound, a40; orns, 3 roosters, 14al7; old hens, 24a26; Leg- rns, 17a22; ducks, 24a25; guinea fowls, each, 50a75; pigeons, pair, 30a35. Eggs—Receipts, 1,403 cases; nearby firsts, 21; hennery white firsts, 22. Butter—Good to fancy creamery pound, 34a362; ladles, 25a28; rolls. 25¢ 28; process, 30a31; store packed, GENERAL EXPANSION FORECAST IN FALL Hornblower & Weeks state in their May investment review that, although there has been moticeable improvement in eeveral lines of business, it mow seems unlikely that a broad general ex- pansion of industrial activity will take place before early Fall. “It is probable, therefore,” they say, “that the stock market for the mext Jmonth will display little in the way of definite trend, with a considerably de- creased volume of sales, previous to later resumption of the main upward movement. :‘rpannuy ample credit and continu decline in commodity prices should impart a decided stimulus to the bond market.” CHICAGO LIVE STOCK MARKET CHICAGO, May 17 (#).—(United States Department of Agriculture) — = Cattle—Receipts, 500 head; comj one week ago all grades and classes of fat cattle closing unevenly higher than Monday, but weak to unevenly lower than a week ago. Strictly choice weighty steers steady to 25 lower; practically all others, including light Yyearlings, 25a50 lower; late trade on common and medium light steers very dull; stockers and feeders, 25a40 lower; steers, 14.00; one load Hittle , 14.! very best. yearling steers, 12.00. light heifers, 11.85; mostly, 9.50210.75 ;xe&'{: _l,'lu killing steers lowest since Sheep—Receipts, 6,000 head; nominal, 5,800 direct; for week 102 doubles from feeding stations, 41,500 direct; com; one week ago shorn lambs, 50a75 lower, woolskins, lacking demand, around 1.00 off; Spring lambs, 1.00a1.50 lower; fat ewes unchanged; late bulk shorn lambs, 9.2529.50; top, 9.75: early top, 10.10: good woolskins, 9.50a10.00; early top, i?’ 'Lo, California Springers closed around Towa Produces Most Honey. AMES, Towa, May 17 (#).—The vale of Towa's 1929 honey crop was greater than that of any other State. More than 18.000 persons were interested in g:n tpm;mlfilon and more zhln 80 per o le crop was senf = P to outside BANK CLEARINGS. ; NEW YORK, 17 (Special) - N. ¥. bank clear- LR e ings $1,118,000,000 $1,481,000,000 149,000,000 148,000,000