Evening Star Newspaper, May 24, 1930, Page 15

FINANCIAL. A-15 INDUSTRIAL GAINS SEORED I PRI IReserve Board Reports Bet- ter Tone in Some SATURDAY, MAY INVESTMENT TRUST POLICIES SET FASHION IN STOCK MART Public Takes Cue From Classes of Securi- ties Purchased by Trading Corpora- tions—Ustilities Group Favored. FINANCIAL. 24, 1930. - CURB ISSUES DOLL | WITH FEW CHANGES Power and Light Group * Featured in Trading. THE EVENING STAR, WASHINGTON, D. C. NEW YORK CURB MARKE IFURTHER RAILROAD EnTEETe T CANGES FOREAST o Uoss Siarus e b2 seld tn 644 tots enpy. 7% Van Sweringens May Make New Alignments for Ex- Received by Private Wire Direct to The Star Office s 20% Marine Un lnv (1).. Mauvin Bolling. Mayfiower Auso 1U Meinphis Nat Gas. .. 15% Mer & MIg SAlY). B Met & Min, 1ncil.év) 1930.~ Stock ano Sales— Low. Dividend Rate. _ Add 00. Open Hish. Low. Close. 1% Aeronautie Ind war. (AR s 12% Aero Underwriters, . 13% 184 18K 18y 3l Alr Investors v.t e vk e 24 Afr Investors (war). 2% 9% Allled Mills (80¢). .. v Fucneuee » - / Oils Gain. BY JOHN A. CRONE. Special Dispatch to The NEW YORK, May 24.—The dullest Saturday curb exchange scssion months ‘brought with it today virtually on market trend, for the narrow gains and losses about balanced each other. Public Utilities accounted for such volume as the tape ticked out. Leading power and light issues like Elesric Bond & Share, Niagara Hudson Power and American Superpower drew out nrtv!me bids. Citics Service headed the olls. American Commonwealths Power B . shares reached a record high pricc by gaining 2'4 points. The recent cpurt in this issue, whose sponsors always have disccuraged speculation, was said to be due to improved earnings rather than organized buying. The “A" shares were virtually*unchanged. Cheseborough Manufacturing, which appears infrequently, rose 2% points. Cosdon inclined higher. Missouri-Kan- sas Pipe Line was the first of the pipe issues to record a new 1930 peak price. Columbia Oil & Gasoline stock, which holders of record of Columbia Gas & Electric today will have distributed ts them, was off at the opening, but frac- tionally improved later on floor rumors that an_exchange offer woi.d be made for such shares by Standard Oil of New Jersey. Motor and motor accessory securities were relatively active. Ford Motor of Canada A was up about a point. Fed- eral Screw Works, which reported lower earnings because of the tapering automotive output earlier in the year, also rose a point. Detroit Aircraft accounted for most of the dealings in aviation shares as it see-sawed within a half point. Irv- ing Air Chute weakened early. St. Regis Paper Co., which has im- portant holdings in Niagara Hudson Power, was active, partly on New York State utility merger rumors and partly on the acquisition of the Tacoma mill formerly belonging to Union Bag & Paper—acquired recently by Niagara Hudson—by St. Regis' subsidiary, the Pacific Pulp Mill Corporation. e CONWAY BACK IN U. S. Cites Fall of World Prices as Cause of Business Slump. NEW YORK, May 24 (#).—Carle C. Conway, president of the Continental Can Co,, arriv.ng yesterday from Europe said the present stagnation in world business was due to the lppnlin{, fall in world prices, and “the lag between wholesale and retail prices.” “Commodity prices have fallen so ab- ruptly they must in the near future reach a point of relative stability and when this times arrives it is both possi- ble and probable to have a rather rapid Tecovery in business,” he said. POTATO MARKET. CHICAGO, May 24 () (United States Department of Agriculture) —Potatoes “—Recelpts, 48 new, 25 old; on track, 149 new, 75 old; total United States ship- ments, 1,103; old stock, dull, trading slow; Wisconsin sacked round whites, 2.50a2.75; Idaho sacked russet, 3.5 .70; new stock wesk, trading fair; Southern sacked Bliss Triumphs, best, ;.00”.!5: poor, 2.50a2.90, mostly 2.75a .85, BONDS ON THE CURB MARKET. St Bousands 5 Alabama Pw_4%s 884 - 1037 10158 101% 9913 9%, 994 00 100 v 8% 90% 4128 129 i o mma-a B iS, {114 3833 Ss; {elel Teyelel ] RIS 2iS8ge35332 .. 299 283 O Gati Pot Gen Baking Gen Vend Wk 6s B n Ven: 12 Gen Wat Georgla Goel 19 Guit on Fa & & ous GG 6% 3 Houst GUIf G 6 A '43 943 94%% 943 1 Houst Gulf 6s A cod il iia i, Fd_6s A 49 T0%2 % 943 9430 s Inland Util'6s 34, 119 17 Insull_Utilit 6 B 'id 105 10 Inter Pw Sec 75 E 57100 11Intern Sec Am 85 '47 3% 4 Intersta Power S5 '57 811z 8 Intercontin Po fe ww 04 2 Kelvinator 6s '36 xw A7 5 85 8 T 943 94T 4% 01081 10000 10315 D 661017 1017, 101% '56. 95 = 03 = % Allison Drug St (A). 34 Allison Drug St (B). 4% Am British & Cont. . 14 AmCP&L(B)10%) 23% Am Com I'(A) b10%. 24% Am Cwith P(B)10% 24 Am Co with Pwr war 24% Am Cynam B (1.60). 15% Am Equities. .o 46 Am For Pwr(war) 167 113% Am Gas & Elec (31). 109% 105% Am Gas&Elec pfi6). 54% 62% Am Machi Fdry. 45 Am MfgCo t4)... 65% Am Mfg Co pf (5). iy Am Maricab 77 Am Meter (new) 7% Am Natural Gas 23% Am Superpwr (1 #4% A.n Super 18t pf ¢ 17 Am Transfor (1.40). 10% Am U&Gen B vtn:o‘ 15% Anglo Chil I G 00 1 O 30 0 1 o B0 e a E & 60% 2 4% Ti% 19% 101 2 E B Tel Util (b7%) Uti] Corp. ... 6! Muslc A(11.06) 9% Auto Vot Ma cv pf pt 6% Blue Rid Bohack (H C) 2% . #5% Brazil Trac & Lt (2 10% Brill Corp (A) (§6c) 57 Buckeye PL (4) 2% Burma Corp (131 12% Campe Corp.... 3t Canada Marconi. oy Mo LT TOTNETETS =T O S WOrOr o) <P =TS 42% Colum Pie v.. 3% Com'with & Sou war. 12% Comm Wat Serv b6 % I TOT TSTOTRR - PRSP & Cuban Cane pr opt w 84 Cueno Press (234)... 1% Curtiss Wright war, 8% 3 ‘Dayton Alr & Eng 162% 113 Deere & Co (11.20). 2% De Forest Radlo, 5 Detroit Alreraft..... 31 Dres(SR)MIgA3%. 38% Dresser (SR) B (2).. 41 Driver Harris(new). 6% Dublilier Cond & Rad 16% Duquesne Gas (new). 18% Eastn Sta Pwr B(1). 14 Eastn Util Asso ¢ 7% Eastn Utl Inv (A).. 18% Eisler Eelectrie(1%) 80% EIl Bond & Sh (b§).. % Burpedena 28 Ford Mot,Can A 1% 6% FordMot France 30c., 104 Ford Mor,Ltd. 37 e. 4 Foremost Dairy Pr. 13 Foremost DP pf 2% Fox Theater Cl (A)., 2% General Baking....s 50% Gen Capital Corp.... 10% Gen E, Lta rets(50c) %0 Gen G&Ecv pf B(6). 95% Gen Mot pf new w.i.., 20 Gen W WAE(A) (3). 98 Glen Alden Coal8... 11% Globs Underwriters. 3_ Golden Center... % Goldfield Consol. 1 23% Goldman Sachs(b§). 22 1% Goth Knitback Mach 90 Grief & Br pfX (7).. 19% Houston Oil of Texn Ind Terr I1lu Of] (A) Ind Terr 1llu Ofl (B) Ind ¥in otfs(b10% )., oL (1) . NN BNNR RS A NOE N, ANBE SO T A NS BN AN e R NN Ins Co, No Am (13) Insurance Sec(. Irvi Irving Alr Chute war Italian Superpwr A.. Landay Brothers(3 Lily Tulip Cup 1% Loew's, Ino (war). Louisiana Lan & Ex. Man-Bowman(A)1% Mfg Finance v.t.e.... ‘nNzW YORK, ,‘:’l 24 'n:e follow- g is & summary of im nf - tion news, prepared by Standard m - tics Co., Inc., New York, for the As- sociated Press, News Trend. ‘The mercantile reviews of the week note but slight changes in the general commercial situation. improvements are more distinct in some * | instances, but are not representative of 2 SPAL P&LCS ofl 4108 " Cen_Pow 5& '5° Ant P 8 55 B wsheen 75 '31. P&L, 65 A 2075 ¥ 105 th Calif Ed 55 th Cal Gas 85 22 3 S 335 i : 3 TR > o B Tanses %8 6 100 3 0 L 5 '56.. 993 O * Tex U H.M;'\‘ 51 200 191 m:"' est Tex U} 85 A’ A 8i e s Union "Tel 85 ‘60 10344 103% 103% FOREIGN BONDS. uen Alr_Pr 7iis 47101 m Pr Bk 5lys ‘7. 9 Prr A 101% 101%, 98's 98Y RES LSS Y B A r Cons Mun o Ny B 1018 101% 1 a7 235, o 5 % 01 97 ww—With warrants. xw—Without Warrants, " - When issued. g .| year ago. a broad revival. Sentiment, they say, is unusually sensitive to varying condi- tions. Commercial failures for the week totaled 480, compared with 517 last week and 410 in a like period a Bank clearings in the coun- try's leading cities were 13.4 per cent less than in 1929. At New York City clearings of $6,613,000,000 declined 16 per cent, while a total of $3,387,521,000 1 centers outside of New ‘The less satisfactory showing made this month is because compari- son is made with the exceptionally large exchanges of May & year ago. ‘The Companies. American Beet Sugar earned $6.41 on $7 preferred stock in year to March 31, vs. $10.56 in previous fiscal year, Anaconda Copper Mining to reduce employes’ wages 50 cents a day, effec- tive June 1. Borg Warner Corporation declares dividend of 75 cents on common stock, placing issue on $3 annual basis against $4 formerly. H. M. Byllesby & Co. and associates have acquired eunl.ro]lh‘l’ interest in Western _Continental Utllities, . Ine., through Central Illinois. Consolidation Coal has tem; abandoned wage stabilization plan and reduced miners’ wages 12 to 14 per cent; affects over 2,500 employes. Chrysler Corporation introducing new line of De Soto 6-cylinder cars in six body styles; price range, $810 to $945. ‘urtiss-Wright Corporatian bad degaly 15 22% Indications of | Se¢ irily | The la; 16 %z 20 I 1o 1z w 29 duu s 2l v 14 1z B2 3 158 6 1z 1 v v 35 18 14 14 21 51 59 1 Aiet Chain Stores. 164 Alid Kuyily ev it U Mid Sts Fel v.Le. A, 4y M1d Sis Pet v.Lc. B, Midlund ULibL s % ) 8% Midland Utd (war). Mid wsa St Ut ~Oly Ald WEL LULDd% ). Moutecatius deb ru 1o Mo hun L \bLY 2 Miss kP Lyl 7 MOUNMINKGULLBC) . 16 Nuchman Spring (2). % AuU Ame Lo ANull Faw SU oW Null Fuel G 14y Natl Invesio Natsn rrm se. DR Dlees A watiZ). B4 Nebel Uscar L% 164 Neni Corp (L3v) Neison (nesmun) Aevada Cus buiec o Newberry (Jd)illv). % DNew Brad Ull (V¢ .. BB New kg Fwr bLas). oo N J Ziuc (124, 1o N Y Mumbure (2 10 N l&hon KusiTind, o ) Kiwkbu Aires. .. N Y Sransiuniliv). o 127 Nag Huu Fwrnew). 164 4n Niug HUd PWr,A war Niug Shars Mdiave) . 1¥% NoraSou Am Corp A. Zobw NUTalds Mines (é). . Northam w cv pt(3). N0 A AVIALA Wal.. Aourtnh Am Cement. .. ANUF DU FWEAB) ... % Uh1o Copper €bm Unlo UL (4, Biw ULiaLOCKS, L 8% LULLVALIY Mulul (B). Puc Coust Siscult (1) 1 Fundew vu. ur, NJ (Z). 5 2 " PR RKER R G b G G o Gas N el b3). 134 Philippe(l) b Pliot Xa T(A) (L. Pitney B F,n (ive, Pressed Met of Am. 2% Frince & Whitely 1. Frudenuul invest. L% Pub Ul Hold w w.. 16% ladio Productsl.... S Kainbow Lu F'rod B., 2w Keiler-Foster(4ve).. Kellunce Intl (A). 16% Helmuce Munag. Hepetl Cundy. ... Tl Keynolds Invest.... Ricn viCal, pil %) 66% StLaw Pap M pf(6). 195 St Megis Fuper (1).. % Schulte Un oc-§1 St.. Y deubourd Ullities. . Seu Corp Gen new (4) 0% Seg Lock & H (buc)., ‘il Selecled Jndusiries., 66 Sel.indalioLcls bi. Select ind prd¥#). .. 4% Seutry Satety Cuut., b4 Snenundoan Corp. ... 33 Snenan Corp pf \ad). Bilica Gel CLs..uvee 1% S0 Am Gold & Plat.. 874 South Penn Uil (12% 4% Southern Corp. . 13 So Pipe Line (12, Southland Koy (1) Spanish & Gen Ki % Standa:d Motors. 49 Stand U1l ind (2 444 Stand Oil, Neb.(13%) 117% St Oil, Ohio pL (7)... b4y e 484 1184 1184 2 21% b¥ Sunray Qi (4ve) 38 31 1 51 Superieater (13% Swift loternatl(3%) Taggart Corp (1)..u Technicolor, ine. &% Texon Oil & Land. ... 16 Thermoid Co pf (7).. Utd Founders(b2.356) 17% United Gas Co (new) 6% United Gas (wWar)... 29% United Gas Corp ctfs 27% Utd Lt & Pwr Adl).. 9Th Utd Lt & Pwr pf(6).; 18% U S Dairy (B)....ee. 14% U 8 Elec Pwr (war).. 17% USFoll (B) (1).... 60% U S&Intl Sec 1st (b 14 USLinespf (7). 17% U S & Overseas war., 14% Utility Pwr&Lt(al). 16w Utility & Ind.. 10% Utility Equities... #5% Vacuum Ofl (14%) 6 Van Camp Packing.. 2% Venezuela Petroleum 8 Vick Financial Corp. 8% Walker (H) (1). % Wi 19% Clev EI * sanus] of $1,620,920 in March quarter. Ford Motor introduces 1%-ton truck with 157-inch wheelbase. Hamilton-Brown Shoe answers to re- celvership gezmon denies allegations that oblf ons were past due, that creditors have threatened suit and that any creditor other than bank is likely to bring suit. Massachusetts Lighting stockholders receive rights to subscribe to 34,832 ad- ditional common shares at $50 in ratio of one share for each four held. Pro- ds to retire rates payable of $1,- 043,000, New York Central subsidiary (Securi- tles Corporation of New York Central Railroad) reported to have purchased 77,225 shares of Delaware, Lackawanna Western Railroad stock. m!‘(le:‘dY:rk,“ New lHlva e pril surplus af glper cent; four months, 8.2 per cent low year ago. Studeb'ker'omlfl order earned $1.44 & Hartford off on class A stock in'year to March 31 % vs. $2.83 in previous fiscal year. Teck-Hughes Mines ouvput in first four months estimated at $1,900,000. ‘Warner Bros. Pictures buys theater site in Dlan Ohio, for $1,000,000. Reported $2,500,000 theater and com- ding will be ere a mercial buil cted. BANK INSURES BORROWERS. The Long Island National Bank of Astoria, N‘.‘.Y., has adopted a plan of insuring the lives of borrowers who 6% Wil-Low Cafeteria, % “Y” O1l & Gi 4 Yukon Gold. 3% Intl Salt. % Mo Kan Pipe. 4 Newport Co. vidend rates in dollars based on last quarterly Upaiidead. tPart 1n eash or stock. b Fayebie secure personal loans. A contract with P joss resul 3 borrower before the loan is repaid. & KROGER TO USE RADIO. CINCINNATI, May 24 (Special).— rgest radio contract ever signed in this city provides for a new network of five stations "hle:nhwl’l‘l bro-docat 25 week]; -ams for the Kroger el ;emy 51'3' :}o.. tarting June 4. The nsoring pany operates 5.500 re- m m‘lm States, to be blanketed the e © - MO RE O~ A HhBRBE = - RIGHTS. Expire. 3 Cities Service....June 16 m «June 3 June — .June 25 ..June 20 gxtra. 17us extre in stock, a Payable in stoek. d Payable in pre tock. rred sl Washington Produce Butter—One-pound prints, 39a40; tub, 3714238} Eggs—Hennery, ceipts, 21. Poultry, alive— Turkeys, hens, 22; toms, 20a22; Spring broilers, large, 38a40; small, 32a33; Leghomns, 28a32; fowls, 23a24; Leghorn fowls, 22; ducks, 15a18; geese, 15; capons, large, 35a37; small, 30a33; keats, young, 60a65; small, 35; roosters, 14al5. Dressed—Turkeys, 22a23; current re- hens, 22; toms, 20a22; Spring chickens, | Be large, 35a38; medium, 35a36; small, 25; capons, large, 40 30a33; keats, 70a75. lowls, 27; 2; small, tension of System. BY JOHN F. SINCLAIR. Speeial Dispatch to The Star. NEW YORK, May 24—“The Van Sweringen brothers of Cleveland are very successful because they pick their work and their associates with extreme care,” said a well known American busi- ness leader this week. Armed with 66 per cent of the total outstanding stock of the Missouri Pa- cific at last week's stockholders’ meet- ing, John P. Murphy, secretary of the Allegheny Corporation, the Van Swerin- gen holding company, named eight new Van Sweringen directors, seven from Cleveland and one from Buffalo. Among those dropped were A. R. Graustein, the power behind the Inter- national Paper & Power Co.; John J. Raskob, well known financier; Willlam H. Williams, chairman of the Wabash; Finley J. Shepherd, husband of Helen Gould, and Matthew C. Brush. Two questions arise in connection with this interesting change. First: Will the Van Sweringens make an alliance with Arthur Curtiss James of New York, who now controls the Western Pacific? To acquire the Denver & Rio Grande ‘Western is the next step in the Van Sweringen program, for it would give them a chance to enter Salt Lake City from Pueblo, Colo. But this road is owned jointly by the Missouri Pacific, which the Van Sweringens now control, .| 8nd the Western Pacific, which Arthur Curtiss James controls. With this hurdle out of the way, the “Vans” would move into Salt Lake City on the D, & R. G. W. and into San Francisco and the Far West over the ‘Western Pacific. Second: Will the Missour{ Pacific’s banking connections, long handled by the powerful house of Kuhn, Loeb & Co., be tranferred to J. P, Morgan & Co.? Very possible. For the Van SBwer- ingen Brothers have received powerful financial support in building up their huge railroad and terminal enterprises from both the house of Morgan and its close business ally, the First National Bank of New York. ‘That China has reached a point where it is ready to fall into line with West- ern civilization in the march of prog- ress was the gist of the address of the Hon. Henry K. Chang, Chinese consul general at San Francisco, before the foreign trade convention. Despite the social unrest and military disturbance reported in the nawspapers, Chang avered that conditions in China were not so bad as they have been made out to be. But the forces at work are destined to triumph “and it is my belief that you will shortly see China emerge—a new nation—revitalized and rejuvenated,” he said. ‘hang pointed out that China's trade with the United States has increased fivefold in the last 20 years. In 1910 the United States was credited with 5 per cent of China’s import trade. In 1929 it amounted to $400,000,000, or r‘;)udghly 25 per cent of China’s foreign ade. “China as an actual and potential market has unlimited possibilities and deserves your closest attention,” Chang told the meeting. “We welcome the ex- tension of your commercial activities and your legitimate investments.” ket I & tew Sears.” Gepts Hosert B a few years,” rt Dol- lar of San Pnn’:'t:'oo ne?e“r tires o(Dl?le- peating. Hard on the heels of the statement made by E. W. Beatty, president of the Canadian Pacific Railroad, that the greatest help the United States could give to Canada would be to consume all of the wheat that it raised, comes the report of the United States Depart- ment of Agriculture that white bread is a wholesome, nutritious food and ah‘:culd be eaten as part of a balanced During the past five years the United States lgep-mnznt of Agriculture has found that there has grown up in the United States a distinct fear of white bread, a sentiment created largely by propagandists of wheat substitutes. So the amount of white bread consumed been gradually diminishing. But five nationally known authorities on dietetics announce that white and dead whole wheat bread should part of a balanced diet. DU Stentas Economists and farmers looking to the business side of the picture see dire | d disaster facing wheat farmers if anti- wheat bread propagandists have their way. The diminishi; white bread spells rur%er demoraliza- tion of the American wheat farmer. (Copyright, 1930, by 20,57 North American News- o FIRST DIVIDEND VOTED BY CHATHAM PHENIX CO0. Special Dispatch to The Star. NEW YORK, May 24.—At of the board of dh"’eflon nllc':::hlmun‘ Phenix Allied Corporation, a dividend of 50 cents per share was declared, payable July 1 to stockholders of record June 16. ‘This is the first dividend declared by the company and is pay- able out of current income from in- vestments. Total earnings of the com- pany from beginning of operations, Oc- tober 8, 1929, to May 21, 1930, after deducting expenses and all reserves for taxes, amounted to $2,081,271.83. The liquidating value of the stock on March 31 amounted to $26.49 per share, price Toctived ot the e ot S atons at the time o - ing on October 8, 1929, G TREASURY CERTIFICATES. (Reported by J. & W. paitReriad e . & W. Seypman & Coy 4%s June lg. 1930 3ias Bept. 15, 1 8 M 18 1008 3%s Bept. 15, 198 3%2s Dec.” 18, 1932 100 12-32 .. FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & Co.) )'l:mlenllnlrlal'e y!'”Il‘ltdthickl London, pound. S08005 s4 831 Paris, franc. Brussels, ' be : Athens, @ Meats, fresh killed—Beef, 20a23; veal, | ui° 20a22; b, 22; pork loins, 26a28; fresh ham, 24a25; fresh shoulders, 22; smoked hams, 26; smoked shoulders, 22; bacon, ; lard, in packages, 13; in bulk, 12. Live stock — Calves, 8al0; Spring lamb, 11a12. —g: DAWES IN WEDDING Nephew of Ambassador Best Man for Arthur J. Rehwold. LONDON, May 24 (#).—Henry Dawes, nephew of Ambassador Charles G. |Gl Dawes, today was best man at the wed- ding in St. James Church of Arthur | Gen. J. Rehwold of Beverly Hills, Calif, anllifllln. Irene Rogers of Long Beach, alif. Rehwold obtained a special license for the marriage from the Archbishop of Canterbury. After spending a few days in Paris the couple will return to Amer- ica next week. . SEMI-ANNUAL DIVIDEND. St. L. Trustees of the Aldred Investment Seuthwi ave declared a semi-annual divi- dend of 50 cents a share on mon_stock, plyshlfi June 2 to stock of record May 31, e : crown. Stockholm, s SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) American Thi Baltimore & o Batavian Pet. Corp. Bell Tel. of Canada’ l‘fi'l. Californis Pet. Corp. 5us I Cai an_Nor. Rwy, 4125 1935, 0 Rock Tsiand Ehdany Backife: 05, 1 ahy Packing Co. 8 Edison El. Il EDIIOI] 4las Pa, e S e 2250 N. Y. cm.nn.{ul Lt. & Cok 2 re Ofl Corp. 8: 181 Shell Union Ol Co. 58 Sinclair Crude Ojl Co. 8izs Sta rd H : i Ol N, Jei & 1 45 1932 k| the com-" U granted.’ 19:33| " He bent low over her and swept her . | engagement, and Robbie is jealous as & BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, May 24.—To a consid- erable extent the fashions in securities in the past two years have been set by the investment trusts and trading cor- porations. What they were buying or selling, according to popular rumor, has been taken as a guide by the public in its individual market operations. Lists of investment trust holdings of securities, analyzed from time to time, have indicated a strong favoritism for public utility and industrial stocks. A majority of them have revealed the fact that about a dozen issues from these two groups could be found in practically every portfolio. Among these were Con- solidated Gas. Electric Bond & Share, American Telephone & Telegraph, United States Steel, General Electric, Westinghouse Electric, Union Carbon & Carbide, American Can, National Bis- cuit, American Tobacco and Standare Oll of New Jersey. The absence of any large holdings, a widely diversified list of railroad shares, has been a conspicu- .ox‘:f feature in investment trust owner- ps. ‘This apparent discrimination against the stocks of the carriers is further em- phasized in an analysis made by the Wall Street Journal of the lists of about 25 so-called “trusts” whose total portfolios amount to nearly $800,000,000 and in which the railroad investment aggregates only $45,000,000. Eliminat- ing the figures of the Sun Life of Can- ada, whose investment in rails is less than $4,000,000 of a total portfolio of $460,000,000, the other 23 trusts show an ownership in railroad securities of approximately $42,000,000, or 12 per cent of all investments. Eight of these 23 “trusts” have a rail- road investment in excess of the general average of 12 per cent. One of the older ' companies apparently favored rails quite strongly, as it shows nearly 30 per cent in this classification. Two others have more than 325 per cent of their total portfolio in the stocks of the steam transportation lines, and an- other over 18 per cent. This would be & fair proportion of the well diversified list of securities, which would not only include the stocks of public utilities, in- dustrials and railroads, but also those of banks and insurance companies and a good proportion of domestic and for- eign bonds. To offset the effort to show prejudice on the part of creators of fashions in securities against rallroad stocks it should be sala that a majority of the investment trusts came into being at a time when the stocks of public util- itles were more popular than they had even been before. Not a few of the trusts followed the line of least specu- lative resistance and bought what every one was buying and with not too {ood judmem as to the prices paid. 6 wi competition between the various trusts for the same class of stocks as well as for the individual members of groups of stocks that had much to do with bidding up market values to a top-heavy level. In the subsequent reaction, it was the depreciation in public utility shares, more than in any other group, that brought down market values of trust below the prices which the pub- THE'CONQUE By - PETER'B.KYNE THIRTIETH INSTALLMENT (Continued.) “Caraveo and his men have just got back safely,” he informed her. ““Not a man of that bandit gang got back across the river, so I venture to say this hak been a lesson to them. I imagine the Rancho Valle Verde will be regarded in beyond-the-border cirlces as a good place to keep away from hereafter. How;s the future Mrs. Higuenes feeling now?” “Not so very chipper, Jimmy. How do you feel?” “Guilty as a sheep-killing dog. Still every cloud has a silver lining. Dingle's and I have a telegram from your Uncle Bill. It seems that the news of | ret the battle got to Los Algodones last night, via the man I sent after the loctors, and is now in all the papers in = ‘Uncle Bill? Why, what was loing “Uncle , What he d in El Paso?” “En route to Valle Verde, my dear. I'd wired the old gentleman a hearty invitation to come down and visit us, he has accepted and was on his . Thus Jaime Miguel Higuenes— the liar! However, he comforted him- self with the thought that it was only a white lie and was to be preferred to violating his word of honor to Crooked Bill not to reveal to his niece the news that only two days previous he had been in Los Algondones, plotting against their peace and happiness. “Youre such a dear, Jimmy. thoughtful. Dear Uncle Bill. I know he’s missed me. Does he know I'm hurt?” rs_carried the story. “Yes, the pape: I've wired him on the train to save his tears until our wedding day.” “Are Jimmy? I can't So |the hands that build empires; we. , remember that you've ever asked me to marry you. “‘Oh, didn't I, swetheart?” “Never.” He rubbed his chin and his eyes rove. over her whimsically. “I suppose I was afraid I might speak out of my turn, but of course when you came stamped- ing into that corral yesterday and broke the glad news to me, I couldn't, as a man of honor, pretend I didn't unde':dl.l..yd you. So I rather took it for cheeks with his eager lips, “Still inter~ ested in boll-weevil and irrigation, brown babies and cholv men and wom- en, heat, dust and purple lights on the buttes at dawn and sunset, darling?” She nodded. “I can be a good part- ner, Jimmy. I never had any responsi- bilitles—and now I want so badly to share yours—always, How are your wounded men?” “Taking an interest in life. Mrs. Ganby is still weeping with joy over our collie dog. He has an idea that when n'reh married he’ll have to leave the lic had a short time before paid for them. The 1928 and 1929 generation of stock buyers were public utility-minded just as the generation 25 years ago was railroad-stock minded. It was also industrial stock-minded. In spite of the fact that the business conditions which made for high earnings among light and power companies, as well as among corporations identified with iron and steel, copper, motors, clectrical manufacturing, foods and retail and wholesale distribution, also produced the highest gross and net railroad earn- ings and the best percentage of return on property investment since 1926. It was not the fashion to buy railroad stocks. Wall Strect can be as arbitrary in ‘1e matter of what it prefers in se- curities and what it compels its clients muy as any populah Parisian cou- er. (Copyright. 1930.) BUSINESS IN WEST SHOWS IMPROVEMENT General Employment Better, While Crop Outlook Is Also More Promising. Special Dispatch to The Star. MINNEAPOLIS, May 24.— Business in the Northwest and Middle West States shows improving tendencies, not- withstanding the presence of some ad- verse factors, according to_the North- ;;:c Bancorporation May Review, just ed. Less favorable developments noted are a slow movement of grain out of Branches of Trade. Industrial activity increased slightly in April from the rate prevailing in March, says the survey of the Federal Reserve Board. Factory employment declined by the usual seasonal amount, while factory pay rolls showed a smaller reduction than usual. Wholesale prices continued to decline in April and the first half of May. There was a further easing of open-market money rates. Production—Production in basic in- dustries in April was slightly larger than in March and the board’s index, which makes allowance for the usual seasonal changes, shows an increase of about 2 per cent, offsetting a large part of the decrease in March. Auto Production. Output of automobiles showed the usual seasonal expansion. Steel out- put declined seasonally in April and the early part of May. The output of silk textiles was considerably reduced and woolen mills curtailed operations, though less than seasonally. Cotton mills were more active in April and there was some increase in stocks. In the first half of May, however, a ;m- gram of curtailment was instituted in the industry. In comparison with the first four months of 1929, a year of exception- ally active business, production was smaller in almost all major branches of industry, with the exception of to- bacco. In comparison with 1928, how- ever, output was larger in the auto- mobile, petroleum and silk industries, slightly smaller in steel and coal and considerably smaller in cotton and wool textiles, flour, meat packing, automobile tires and lumber. Building contracts awarded during April, according to the F. W. Dodge Corporation, were 6 per cent larger than in March, reflecting further expansion the larger centers and a decline in copper prices with effect on general business in Northern Michigan and Montana. Favorable features are an improve- ment in the general employment situa- tion, a crop outlook throughout Minne- sota, the Dakotas, Towa and Nebraska that is very promising, and one of the most favorable seasons of record in Montana and the more Western States for lambing and the wool crop. ‘The summary notes that in the Northwest and Middle West States for 18 weeks from January 1 to May 7 the volume of checks handled by banks in 33 of the more important centers was $6.179,083,000, compared with $6,215,- 223,000 in the corresponding period in | 1929. This was a decrease of less than six-tenths of 1 per cent. In contrast to this 140 of the largest cities of the United States during the same period, exclusive of New York, showed a de- cline of 9 per cent. U. S. TREASURY BALANCE. The United States Treasury balance | announced today as of close of business May 22 wag $114,558,733.74. Customs | receipts for the month to date were | in awards for public works and utilities, and some increase in residential con- struction, largely seasonal in charac- ter. In the first two weeks in May there was a further increase in building activity. In comparison with 1929, awards in the first four months of the year were 17 per cent smaller, reflect- ing chiefly the continued small volume of residential building, which more than offset increases in public works and in utility construction. Employment_and pay_rolls.—Factory employment, which had been decreasing since last September, declined by about 1 per cent in April, which represents the usual development for that month, while the reduction in factory pay rolls from March to April was smaller than usual. Distribution.—Department store sales increased during the month by an amount estimated to be slightly larger than is accounted for by. the late Easter holiday. Foreign Trade. ‘The value of foreign trade decreased further in April, and for the first four months of the year exports were about 20 per cent smaller than a year ago, when trade was exceptionally active. $35,858,678.84. Total ordinary expendi- Lln part this decline reflected the lower tures, $8,621,564.56, “I wouldn't even have a ground squir- rel leave this ranch, Jimmy.” “Then we'll keep Robbie and his ma on the pay roll. After all, we owe Rob- bie a great debt. If he hadn't blabbed to Ken Hobart, that unfortunate Yankee, Glen Hackett, might have got you on the rebound, although to be quite frank, it was never my intention to permit you to escape. I schemed too darned hard to get you here—and any time Jaime Miguel Higuenes rolls the cr\:alt for a ple, nobody else is going to eat 1t.” “Does Uncle Bill know of our engage- ment?” aon Jaime produced the telegram and “I never figured on you taking over my principal responsibility, but now that you insist on being reckless, take a tip from one who knows. Stop. Do not spoil her. Stop. I did that long ago. Stop. You are as welcome in our family as the silence that follows a con- gressional oration. Sheepishly yours. “UNCLE BILL.” “Why does he sign himself ‘sheep- ishly yours’ Jimmy, dear?” “Some far-fetched allusion to the sheep that brought you here, Bobby. Just some of his gringo humor, I imag- ine’ She was silent, turning his brown, strong, useful hands, counting the callouses on them. Hands that had known toil and would always know it; hands that, when folded at last in the peace that would mean their parting, would be kissed by lowly people and sprinkled with their tears. “It will be forever and ever, Jimmy,” she whispered. “And I'm so happy— ane teful.” es men keep their women,” he assured her gravely. She thought of Glenn Hackett. “Poor dear,” she murmured absently. “He never had a chance,” Don Jaime assured her, with a flash cf that pres- cience, that clairvoyancy that would always make him, for Roberta, a new, puzzling, yet wholly understandable being and a joy forever. Yes, he would be the same always, yet always new, ways cl her interest, always holding it. Of him (the girl thought) it might be sald that age could not wither nor custom stale his infinite 2 get my tar an you & little Spanish love song my gra mother taught me,” he suggested. “ very old. It came to Peru with Piz- arro and worked north. Oh, by the way, I forgot something! Let's get this on record officially, Miss Antrim. Will youq do me the great honor to marry me?” “'You outrageous Celt,” she laughed. “You're the last of the troubadours. Of course I will.” (The End.) STOCK AND BOND AVERAGES By the Associated Press. SATURDAY, MAY . 91.9 07, 1 (Copyright, 1930, Mtandard Statistics Co.) level of wholesale prices. Wholesale prices. — An _increase in wholesale prices in the first week in April was followed by a substantial de- cline, which continued into May and brought tHe level of prices to the low- est t in a number of years. Prices of jportant raw materials, such as wheat, cotton and silk, declined during most of the period, but steadied some- what around the middle of May, while prices of silver, hides and coffee were comparatively stable, There were fairly continuous price declines in steel, sugar, raw wool and the textiles. Copper prices were reduced further early in May, but recovered somewhat following large purchases for domestic and for- eign consumption. Bank credit.—Loan and investments of member banks increased by about $160,000,000 in the latter half of April, but declined by almost that amount in the first two weeks in May, both move- ments reflecting chiefly fluctuations in loans on securities. Investments in- creased further, while “all other” loans continued to decline, and on May 14, ;gzt_,a.aeo,ooo,oon. were the smallest since ‘The volume of reserve bank credit declined further by $125,000,000 between the weeks ending April 19 and May 17, largely as a result of the addition of about $65,000,000 to the stock of mone- tary gold and of a further substantial reduction in the volume of money in circulation, which reflected chiefly smaller volume of pay rolls and de- clines in retail prices. The system's holdings of bills declined, while United States securities and discounts for mem- ber banks showed little change. Money rates on all classes of paper declined further in May. The discount rate of the Federal Reserve Bank of New York was reduced from 313 to 3 per cent on May 2 and that of the Federal Reserve Bank of Boston from 4 to 3% per cent on May 8. HIGHER INCOME SEEN FOR TOBACCO FIRMS Pointing out that cigarette production in the first quarter of 1930 increased 3.4 per_cent over the corresponding period of last year, Brookmire Economic Serv- ice, Inc., says in its latest analysis that the restoration of cigarette prices from $6 to $6.40 per thousand in October of last year will add greatly to the income of the large cigarette manufacturing companies. “There has been much talk of a further increase to $6.80,” says the analysis, “and while we fail to see any justification for this, we do believe that there is little likelihood of lower prices. On the present schedule of prices, earn- ings of the leading cigarette manufac- turers will be substantially increased this year. Our estimate for American tobacco of $17 makes allowance for & :;rn increase in advertising expendi- ures.” INVESTMENT TRUSTS NEW YORK, May 24 (#).—Over the counter market: Diversified Trustee Shares A Do Do © #ized Ti Do B United 1 % United OIl Trust Shares H. Others unchanged. DIVIDENDS'DECLARE.D NEW YORK, May 24 (P)— Regular. Pay- able. of'Teco July 18 Rate. rPl!” Holders . 1178 orhd 8 4 | B 00 8. i’duu" H Company. Am'a.?n-x P st 1 FHi2 FEETHAETR o REIEE June June