Evening Star Newspaper, May 27, 1930, Page 13

FINANCIAL D. C., TUESDAY, MAY 27, 1930 ~ WASHINGTON GAS [ NEW YORK STOCK EXCHANGE | |STOCKSIRREGULAR |-dfoiiibitiese oans Recelved by Private Wire Direct to The Star Offica. Joseph I. Weller 9 i STEED SHARES INCOME INCREASES |z s s e oo e e | IN DRIVE ON RAILS [, e, s te! vestors - who b o e s e 163 121 Del Lack& Wn (17). & 127 126 1274 JISLD and GROWTH o i ' 5 5| 110 100 Davos kT Tervrtiy. 208 T1A* 13 b 12 PR e e 3 ini 8 e evoe 1st pf (7). 112 i b f lunds and funds of oOrga Report for Apl‘ll Shows Gain| 58 & ARame K (L0 2 3 237 Diamona Match (8). 3 220 215 226 Carrier Stocks Sold on Re Sold in Lots—$100.00 Up FINANCIAL On improved Real Estate in the District of Columbia and mearby Maryland Virginia for 3, 5 or 10 year terms on your Dom Stores (31.20) 3 23% Over Same Month {32 Rivance Rumiey vi. 3 2 b Dome Mines (1) % in 1929, BY EDWARD C. STONE. Net income of the Washington Gas ! Light Co. in April was ger than in the corresponding month last year. Ac- | cording to the monthly statement just filed with the Pub- lic Utilities Com- mission, the gas light company’s to- tal net income In April of this year amounted to $109,- 91647, against $104,052.83 in the same month a year ), an increase of $5,864.64. For the first four months of 1930 net income totaled $381,113.18, against the higl er figure of $392,- 43264 in the cor- responding period in 1929, Catherine M. Kries. ‘The Georgetown Gas Co. has also filed the April state- ment with the Utilites Comm!::x?rr:. th: figures showing a net corporal com¢ for the month amounting to $21,730.30, & good gain over the net income of April, 1929, when it was $15,058.08. For the first four months of this year net earn- ings amounted to $84531.45, which is & substantial increase over the similar rflod of 1929, when it totaled $58,- 45.34¢. The figures show that the Georgetown company is making a par- ticular good record in expanding earn- ings, which it hopes to maintain during the rest of the year. Pennsy’s April Earnings Off. * Net railway operating income of the Pennsylvania Railroad Co. for the first four months of 1930 amounted to $28,- 792,424, as compared with $39,624,842 for the corresponding period of 1929 and $30,143,301 for 1928. Gross revenues for first third of the year totaled $191,707,193, it $212,769,658 for the like period t year and $198,967,437 for 1928. For April gross revenues were $49.- 645,598 as compared with $56,029.625 for April, 1929, and $51,226,863 for April, 1928. Net railway operating in- come for last month amounted to 49,385,703, against $12,103,360 for April, 19: and $8446,417 for April, 1928. Miss Krieg Thrice Honored. Miss Catherine M. Krieg, who has been awarded third place in the essay contest open to members of Washing- ton Chapter, American Institute of , and sponsored by the District Banckers' Association, has won these honors three times. She won sccond place one year, then she raised her average and captured first honors, and now has won another convention trip at the expense of the Riggs Natlonal Bank, the bank for which she works, all the essay winners being sent to the con- vention by the banks by which they are employed. Miss Krieg has been showered with congratulations since the judges announced their findings. She s been with the Riggs Bank several years and has” been one of the leading students in the local institute chapter. This is the last time she can compete in the essay contest, as she graduates this year. Joins Local Brokerage Staff. Annguncefent was’fiade yesterday by | the local office of Harriss & Vose, mem- bers of the'New York Stock Exchange, that John L. Horan has joined the staff of the Washington office, in the Southern Building. ~ Horan is well known in the financial district, where he has many fritnds. For many years he was associated with Fenner & Beane, where ‘he was formerly assistant mana- ger. The Federal Reserve Board's con- dition - statement of weekly reporting member banks in leading cities on May 21, shows increases for the week of $45.000,000 in loans and inyestments and $32,000,000 in time deposits, and decreases of $85,000,000 in net demand deposits and $4,000,000 in from Federal Reserve Banks. A. T. & T. Fixes Bond Price. The American Telephone & Telegraph Co. announced yesterday that the con- version price of the 415 r cent de- | bentures will be redu rom $180 to | $166.38 in accordance with the recent | conversions into stock. All except $14,000,000 par value of the debentures have been converted into capital stock. The bulk of the con- versions were made prior to May 23 in order to take advantage of the rights to stockholders to subscribe to shares | &t $100 in the ratio of one for six held. M.At ge time of the amm:rmax- the company announces e ¢ conversion price during 1930 would be $1807 in 1931 and 1932, $190, and '.h!re-; after at $200. Potomac Power Exchange Feature, Potomac Electric Power 5% per cent preferred stock was the leading feature on the Washington Stock Exchange to- day. Twenty sales of 10 shares each were recorded consecutively at 107. Sales of 20 lhl'-l:: and 5‘xhlre! !70215 Jowed, making day’s turnover shares, all made at 107, ex-dividend. This is the same price which has pre- vailed in the issue for some time. Capital Traction opened with 10 ,shares selling at 68, followed by 10 shares moving at 67. Forty shares were then sold in 10-share lots at 66' and the market in Capital Tracticn closed with 10 shares changing hands at 66 flat. a new low. Norfolk & Washington Steamboat Co. rights appeared on the board at 17% and 17%. Washington Rallway & Electric preferred came out in a small transfer at 987, ex-dividend. Chevy Chase Dairy preferred sold at| 103, Lanston Monotype, ex-dividend, at 124, and Peoples Drug Stores preferred 8t 108. The closing stock sales were | two 5-share lots of Mergenthaler Lino- | type at 1025, | In the band division Georgetown Gas | 5s came out at 102';. while Washing- ton Railway & Electric 4s moved at & ‘Washington Gas Light 5s sold at 102 and the series A Gas 6s at 102’ In light trading. Heard in Financial District. Stroud, Kurtz & Co., the investment firm in the Transportation Building, is| noting its tenth anniversary today. The artnership, formed just a decade ago, £os peoves highly_successful ‘The District Bankers' Assoclation luncheon group will have its last meet- ing before the convention tomorrow noon &t the Willard. The council of administration of the bankers' association will have its final session before the convention Thursday noon at the Willard, the members being the guests of the president, W. J. Waller. ‘Washington brokers will be scattered to the four winds at the end of the present week. With the New York Stock Exchange closed from Wednesday after- noon until Monday they will have ample time for some quite extended trips. One Washington banker said today that while business is still very slow, 4t cannot remaln so indefinitely. It is bound to rove. ‘The reason for the continued delay, he said, is because peo- ple have not yet recovered from the stock market crash of last November. Frederic A. Delano of Washington, esident of the Stable Money Associa- has sent out invitations for dinner in honor of Sir Josiah Stamp, to be held | at, the Harvard Club in New York on W. R. McNecl, Boston econom i Aviation Corp of Del makes the assertion that “accorditg (w conclusion based on a logarithmic Ahumada Lead. .. Alr Reduction (3). Afr Way T1 Ap(234). Ajax Rubber.. Alaska Juneau . Albany Wrap Paper. Allegheny Corp. .... 4 Alleg Cp w $30 w 534 Alleg Cpw $40 w54 . Allled Ch & v, Allfs-Chalme: Amerada Corp (2)... Am Agricul Ch of... Am Brown Bov Elec. Am Brewn B E pf(7) 100 Am Can (4)... .0 000e 20 Am Can pf (7 Am Car & Fdy (6)... Am Car & Fdy pf(1). Am Chain pf (7) Am Chicle (12% Am Com Aleoin! Am Encaustie (2)... Am European Secur. Am & Forn Power. .. Am & For Pwr pf(1). Am&Forn Pwr 24 pf. Am Hawafian S (2) Am Hide & Lea pf. .. Am Home Prod(4.20) AmIce (t4)....0000 Am Internat) «2), ... Am La Fr & Foamite Am LaFr & Foam pf.190s Am Locomotive (4).. 41 Am Locomotpf (1), 4 12 100 Am Ra&Std San 1% . Am Rad & SSf (7). Am Rolling Mill(n2) Am Safety Razor(5). Am Seating (2). Am Sm & Ref (4). AmEm & Ref pf (7). Am Sol&Ch ov pf(3). Am Steel Fdy (3). Am Sugar Ref (§)... Am Sugar Ref pf (T) Am Tel & Cable (5).. Am Tel & Tel Am Tobacco Am Tobaceo Am Tobacco pf (8).. Am Type Fdy of (7). 4 Am Water Wks (n1) Am Wat W 1st pt(6) Am Wool Am Woolen pf. Am Writ Paper etf: Am Writ Pa pf (4) AmZine L4 & Sm. ... Anaconda Cop (7)... Anaconda W&C (3).. Anchor Cap (3.40). .. Anchor Cap pf (8%). Armour of Il (A)... - = Bolkarandswnane Asso Ol (2). Atch To & 8 F ). Atl Gulf & W Ind(1). Atl Gulf&W I pf (5). At Refining (12).... Atlas Stores (n1). burn Auto (§4)... ales pf. ... Auto-Strop Saf R(3) i 0 - 2 Semcutunnio Baldwin Loco (1%). 17 Baldwin Loco pf (1) 6608 Balto & Ohlo (7) . Bamberger pf (6 10» Bang & Aroos (3%). s 4 (7). 208 ¥ Barnsdall. A (3)..,. 17 4 Beatrice Cream (4).. : Beech-Nut Pkg (3)., ing-Hemingway N Ry ptpf 5.49. dix Aviation (2). m Steel (6). Bethlehem Sti f (1) Blaw-Knox (1%). Booth Fisherle: Borden Co (k3)... Borg Warner (3).... Boston & Maine (4). . Briggs MfgCo...... Brockway Motor Trk Bklyn-Manhat (4). . Bklyn&Queens pf(4) Bklyn Union Gas (5) Brown Shoe (3). Burr Add Mch (1), Bush Term deb (7). Bush T Bld pt (7). Canadian Pacifie(10) Can Pacifie(new)w.1. Celotex (3) Celotex pf (7). Cent Agulrre As1%. Certain-teed Prod. .. Checker Cab (4.30)., Ches & Oh/ ChiR I & Pae (7). ChiR 1 & Pacpf (). Chickasha Cot O (3). Child; r Corp § City lee&F (k3.60) ., . City Stores (50e City Stores A (334) . CCC&StLDL(5)., ) 4 Coca-Cola A (3)... Colgate-Pal-P 13%), Colg-Palm-P pf (¢ Collins & Alkma Cylo & South (3) o} Fuel & Iron ) Colum Graph (a28¢) Columbian Carb «16 T Com Inv T ev pfie§) Comm Solvents (1) Comwlth & Sou« Consol Fflm 2)...,. Consol fim pf (3).. Con RR Cub of (6).. Consol Textile. ... ContainertA) (1.20). Container(B). .. ... Contl Baking (A) Contl Baking B Contl Baking pf Conti Can (2% Contl Dia Fi Contl ins ontl Motars Contl Ofl of Del, Contl Shares (1) Corn Prod (18% ). Corn Prod pf (1) Coty. Ine (k3). ..., Cream of Wht(13i{) Crosley Radie (1).,. Crown Zellerbach (1) Cructble Steel 1kb). , Cuba Cane Preducts uba Co % Gotham Silk Hosiery 1 Drug Corporatn (4). 133 Dunhfll'Intl (34).... 2 Duplan Silk pf (8).. Du Pont de N (14.70) Duques Lt 1st pf (5) Eastman Kodak (18) Eaton Axle & 8 (3).. Eles Auto Lite (6).. El Pwr & Lt (1).....106 El Pwr & Lt pf (7). Fairbanks Co pt.... Fairbanks Morse (3) Fed Motor Tr (80e¢). Fed Wat 8. A (e3.40) Firestone T&R(1.60) Firestone T&R pf(6) First Nat Strs (3%). Fisk Rubber. . Follansbee Bros (3). Foster Wheeler (3). Fourth Natl Invest. Fox Film (A) (4) Foundation Co. Frank Simon pf Freeport. Tex (15). Gabriel Snub(A)new Gardner Motor. ..... Gen Am Tnk Car($4) Gen Asphalt (4)..... Gen Bronze (3)....e Gen Cable (A) (4). Gen Cigar (4).. Gen Electrie (1.60) Gen Elec spec (60c) Gen Food Corp (3). Gen Gas&EL A(e30). Gen G&E! cv pf (6) GenG & EIpfA (7). Gen Ital Eds (a2.62). Gen Mills (3) . » Gen Motors (13.30). Gen Motors pt (7). Gent Out Adv (1).... Gen Out Adv(A) (4). Gen PublieSve (b§). . Gen Realty & Util. .. Gen Refractor(t4%) Gen Theat Equip vte. Glllette Saf Ras(ns). 8 Senlaanmns wnlid Goodyear Tire (5)... Goodyear 1st of (7). © ol Gotham 8 H pf (7).. 1208 Gotham pf xw (7). Grabam-Paige. Grt North pt (5). Grt North pf et (§) Gr Nor ctfs Ore (a% . Grt West Sug (3.80) 22 Grt West Sug pf (1).150s Grig Grunow, 3 Guif Mo & N pf Hackensk pf A(1%). Hahn Dept Stores. .. Hanna (M A) 1st(7), Har Wkr Ref (13%). Hartman (B) (1.20). Havana Elec Ry. Hayes Body Hershey Choe hey Choe pf ( hey Ch pr pf Hocking Val (10).,. Holland Fur (et2%) Househld Fi pf 13%, Ho! n Ol (b10% ). Howe Sound (t434). Hud&Man Ry (3.50). Hudson Motor (5)... Hupp Motor Car (3). Independ OI1 & G (1), Indian Refin! d! Refining “), ration Cop (2) Interlake Iron (1). Intl Agricultural Intl Bus Mach (n6)., Intl Carriers, Ltd % . Intl Cement (4)..... I[ntl Combustion. ... Intl Comb Eng pt... Intl Harvester (23) Intl Hydro El A (e2) Intl Match pt (4) Intl Mer Marine ( Intl Nickl of Can(1). Int] Pap & P (A)2.40. Intl Pap&Pwr pf (7). [otl Print Ink of (¢ Int Rys Cen A pf Intl Salt (8) IR Teleg (3). tors Equity (3). Island Creek Coal(4) Jewel Tea (14).. Johns-Manville (. Kaufmann DS (1%). Kayser Julius (4). .. Kelvinator Corp. .. . Kendall Co pf(16.87) % Kennecott Cop (5). . Kimberly-Clark(13), Kinney (G R) (1) Kinney (GR ) of ) <resge (8S) pt (1) Kress (SH) (1)...., Kreuger & Toll 1.60. Kroger Gr&Bakin1). Lambert Co (3) Leh Port Cm pf Lehigh Valley Coal. Lehigh Valley(v43%) Lehman Corporation Lehn & Fink (1), b o = wnBaninnnnemos Loew's pf xw (6%4). Loft. Inc. . Loose- Wiles ¢ ) Lorillard (P) Ce.... Lou G & El(A) (1%) Ludlum Steel (). .. Melntyre Porc M(1) McKeespt T P1 (15). Mckesson & Hob (2) McKes & Ro pf(33%) Mack Trucks (§). ... Macy (RH)&Co(nt3) M ®a 2. SER So~ Z& o Se Marmon Mot (h§0c). Marshall Field (2% ) Mathieson Alkil) (3), May Dept Strs (n3).. Maytag Co (12) Maytag Co pf (3 Melville Shoe (2) Mexican Seaboard Miami Copper (4) Michigan 8t] ‘m2%) Mid-Cont Petm (2)., - & B - LTt - T LT o Minn Moline pf (6 Mo Kan & Tex (1) Mo Kan & Tex pf( Mohawk Carpet..... Monsanto Ch «g1%). Montgom Ward (3). Morvall & Co (4.49). . 1 | the market was unable to ignore unfa- % | mon. Unfavorable news developments, ports of Losses in April Cldhaigd Operations. BY CLAUDE A. JAGGER. Associated Press Pinancial Editor. NEW YORK, May 27.—Speculation for the rise was again pressed forward in today’s stock market, undaunted by the moderate setback late yesterday, but vorable news from the railways and the farm implement makers, and became unsettled as the session wore on. Operators for the advance again con- centrated their activity in the utility shares, capitalizing the favorable effects | upon market sentiment of the announce- ment of another major natural gas pro- Ject by Missouri Kansas Pipe Line, and unconfirmable rumors that a new hold- ing company will be formed to acquire bstantial blocks of Niagara Hudson d Consolidated Gas, with a view to an eventual merger. was accelerated somewhat during the early hours of the session, and a wide assortment of food shares, industrial and specialties joined the ad~ vance. Gains of 2 or 3 points were com- however, had a de) ing influence on the rails and f implements, and a bear drive in the latter group unsettled speculative confidence. The record made by the railways in April does not improve as the evidence continues to pour in. With 44 romds | reporting, aggregate net operating in- come for the month shows a drop of 33 per cent from April of 1929. The | first 14 reports indicated a decline of | less than 27 per cent. Some of the more important trunk lines such as| Pennsylvania, and Baitimore & Ohio, showed relatively better results than average. The decline in farm imple- ment output is now reported as more drastic than normal for this period. Reports from the petroleum industry, however, were more favorable. Early estimates indicate & -curtailment in crude production last week of more than 35,000 barrels daily, Credit continued in increasing sup- ply, and time money rates were shaded further, although call money held at 3 per cent, time money and commercial paper rates are now the lowest in more than five years. The condition state- ment of weekly reporting Federal Re- serve member banks, however, showed & gain of $76,000,000 in loans and se- curities, while brokers' loans during the same period gained only $8,000,000. All other loans declined $76,000,000. High flyers in the early advance were Peoples Gias, American Power & Light, Electric Power & Light and Foster Wheeler, up 4 points or more. In the food shares, National Biscuit, Hershey preferred, and Borden reached new high ground for the year. Such issues as United States Steel and American Can showed moderate strength during the morning. In the farm implements, Case was depressed more than 12 points, and International Harvester substan- tially, losses of & point or more were common in the rails and General Motors, a recent firm spot, eased. SHORT-TERM SECURITIES, (Reported by J & W. Seligman & Co.) Bid, Offer Allis-Chalmers Co. S 1937 American Tel. & Tel. 513 American Thread 573 1 altimore & Ohio 4fas 03 Rock 1 per Co. Co. fBoston 4 en. Mot Accep. Corp. 68 eneral Petroleum Corp. 55 1940 oodyear T & R, rand Trunk of Canada 63 193¢ ult Oii of Pa. 53 1937 , o535 28555550555 ! SRR Péop.'Gas. Lt. & Coke 4125 1930 Phillips P m Co. §'is 1939 Bure "Oil Corp: 5148 1937 Shell Union Oil Co. 55 194%. Sinclair Crude Oil Co. 8las. 93 F et i S CL S R HN i L’ Southwestern Ry. 4 1032 Wit & Co S5 1932 d Drug Co. 53 1935 96 Western Electric Co. 5y i64d. . 1031 Wheeling Steel Corp. 5155 1948 10234 Wheelinz Steel Corp. 4'%s 1988° _90' REAL ESTATE LOANS SIDNEY ROCHE CHANDLER BUILDING NATIONAL 7915 Call or Write Today Saul Building 925 15th St. N.W. Several desirable rooms at very reasonable rents. Inspec- tion invited. B. F. SAUL Co. Nat. 2100 925 15th St. N.W. Money to Loan on Real Estate District of Columbi or Maryland 517 & 6 Prompt Decision on All Applications 1435 K St. NNW. National 2345 Standard Collateral Shares Corporation ‘Wood Met. 8788 ————a BEN HUNDLEY, TIRES 3436 14th St. N'W. Adams 8100 Road Service—Charge Accounts Invited Publie Service Corporation of New Jerse Dividend No. 92 on Com- o Stack Dividend No. 46 on 8% Cumulative Preferred Stock Dividend No. 30 on 7 Cumulative Preferred Dividend No. 8 on gs.oo Cumulative Preferred The Board of Directors of Public Servics Corporation of New Tersey has declared divie denc it the rate of 8 &(r annum on the 8% Pref ock, being $2.00 ¢ the rate of 1% per annum on the Preferred ‘Stock, being $1.75 per share; at the rate of $5.00 per annum on the Bon par value Cumulative Preferred Stock, be- ing §1.25 per share, and 85 cents per share on the non par value Common Stock for the quarter ending June 30, 1930. All dividend: are payable June 30, 1930, to stockholders of record at the ‘elose of business May 31, 1930. i 6% Cumulative Preferrad stock nea H ble or the last day of each. | T . Vas Mladlcoworth: Thoaeurer. | R b (ol S L o Public Service Electric Gas Compan Dividend No. 24 on 7. Cumulative Preferred Dividend No. 22 on 6 Cumulative Preferred S The Board of Directors of Public Servies Electric and Gas Company has declared the regular guarterly dividend on the 7% and 8% Preferred f that Company. Dividends are payable June 30, 1030, to stockholders of record at the close of business June 2. 1030 New York Title and Mortgage Company With Capital Funds Over $63,000,000 issues owners’ and mortgagees’ policies of title insurance on real property in the District and nearby counties of Mary- land and Virginia and underwrites certificates of title issued by Capitol Title and Guarantee Company Chandler Building Washington, D. C. Prompt Service Courteous Attention 1321 Connecticut Ave. Your Money Back— Plus $2,500| Sfl aside $32.50 per month for 120 months, under the In- vestors Syndicate Plan. The Syndicate will then pay YOU $33.33 & month for the fol- ten years, which is more b e e e e, in you $9,500 cash g Many other money -building yz‘cm "E“S: are ||\0“'I-s: et, ““Enjoy Money." for it today. & —175,000 INVESTORS - Send booklet, “Enjoy Money™ tom ESTORS SYNDICATE FOUNDED 1894 BARR BUILDING G.M.P. MURPHY & CO. New York WASHINGTON Philadelphia Richmond London New York Stock Exchang Washington Stoek Exchange Richmond Stock Exchange New York Produce Exchange New York Curb Exchange Copy o1 our “Fortnightly Review" om Request 1510 H Street Connecticut at K PROPERTY RANDALL H. HAGNER & COMPANY MORTGAGE LOAN Col--tonnm NEW YORK LIFE INSURANCE COMPANY Decatur 3600 F. B. KEECH & COMPANY n.:'('w.-uu‘ i DIRECT PRIVATE WIRES H CORNER 17TH ST., N. W., WASHINGTON NATIONAL 0248 mwvess emciss mmAcmeas meremes sncemm SEASONAL BRANCH OFFicES LN GEAGH MRAMI GARATOGA SPAINGS BAR MARBOR BRETYON WeeRe HARRISS ano VOSE announce with pleasure that MR. JOHN L. HORAN is now associated with their WASHINGTON OFFICE Southern Building 807 15th St. N.W. Metropolitan 2508 HARRIS AND VOSE 60 BEAVER STREET NEW YORK CITY ASSOCIATE MEMBERS New York Curb Market Mackubin, Goodrich & Co. Established 1899 BANKERS Members New York and Baltimore Stock Exchanges eAssociate Member New York Curb Exchange 1508 H STREET REDWOOD & SOUTH STS. 'WASHINGTON D.C. BALTIMORE, MD. St. Louis-San Francisco Railway Company 6% Preferred Stock Circular on Request Earnings record, merger prospects, management, equity, yield and outlook for future growth, form the basis of & comprehensive study of this investment security, R.W. PRESSPRICH & CO. Members New York Stock Exchange 160 Broadway New York ‘Telepaone: Hitchcock 0383 MANAGEMENT Apartment House MANAGEMENT We keep the properties in our care under constant super- vision—which means that every detail of service is consistently carried out, and every protection .insured the owner. We have a trained organiza- tion to do just these things. B. F. SAUL CO. 925 15th St. N.W. Nat'l 2100 Gudany Packt ) Curtiss Wri 19 E:nflwn-nfi?. National 9600 ¥ index, stock prices within a year and a| 1 shman's - of (1) . ill be selling her than they| 43% Davison Chemieal... & 3 36% 18 M 23! : gy s i they thap] & Debenham’s (82.83) . i ® ‘