Evening Star Newspaper, May 27, 1930, Page 15

s FINANCIAL UTILITIES FEATURE .- TRADING ON CURB " 0ils and Miscellaneous Issues Also Active—New Peaks Recorded. BY JOHN A. CRONE. Bpecial Dispatch to The NEW YORK, May 27.—Public utilities, | oils and a miscellaneous group of indus- trials led today's active Curb Market. " Standard Ut'lities, such as Electric Bond and Share, Eastern States Power B, Nlagara Hudson Power, United Light & Power A and Utilities Power and Light, headed the upswing that took Pplace shortly before midday. American Gas & Electric, however, provided the most interesting movement As it rose about 8 points on active buy- ing. Floor traders credited this buying to the same group who were purchas- ing National Power and Light, Electric Power & Light and American Power & Light over on the big board. American & Foreign Power opened up 1ls points as traders heard that its 1 Teport would be released Wednes- day. T report will show acquisitions as well as earnings in the last year. Ru- mors that American & Forelgn would go on a $5 basis are generally discredited. Creole Petroleum moved _slightly higher. Its annual report, which will be made public tomorrow, is expected to reflect Standard Oil of New Jersey's ac- tivities in Venezuela, as Creole is a sub- sidiary of that com; 3 Cities Service rights were very active, but the stock was rather quiet despite the announcement that subsidiaries had entered into a development contract with Standard Oil of New Jersey for Venezuelan properties. The deal calls for the formation of Paraguana Pe- troleum Corporation, in which Cities service will have a controlling interest. Missouri-Kansas Pipe was only frac- tionally higher despite the official an- nouncement of a 1,200-mile pipe line ‘Texas to Chicago via Kansas City. National Transit and New York Tran- ait opened lower. ‘Todd Shipyards reached a record high as a result of improved earnings. the generally improved out- look for building, Starrett Corporation referred rose more than a point. Na- nal Dulx{nmaucu preferred gained 13 points early trading, reaching a peak price. General Public Service eferred, ‘which appears only occasionally on the tape, came out at 92% on & lot of 50 shares for a gain of 131, points. Asso- ciated Rayon preferred was up 1%, as arospech for the success of the protec- ive committee appeared bright. BONDS ON THE CURB MARKE' el 555 55 o £ GRS w &l 3 * o eeGacisss & S3aEgensesacistsSayes 2232, f#? 2282383833388 %! 414 00! Ll G 3282383 2823238S! ok 58 ¥ 835232388 [elel 13 o o, ) 2 ¥ Su;—;g—t'-'qm 9d! ggé?...;; ol <@, - e SusnE & 2 g 4 o s SasuniSsnn 2 re s B882253832! i SREENS Fagns PRCEER R i 5 - e fl?ggaasai 2 Rk et 23 SEdESvanees £ 8T EERE M=-:.,...a:........_u..z.“.:-..d:!a By gaggdiag, By FEE 3 Hvsalial TS vES REXEERE T e 22 BRREo0 wongsnttt Seneges %o % 2 8823228223 TEE R XZ2XZZER ol & tvara v £ 5 b g Bonemullion Y ¥O00%! #358 990! BRI e 238 oF 5,855 00D, FEEE an 00.9, §880=n 3352858 2 el PRIP? g 4 5 o, 2 ) 2! uth- Call 10 Southern 5 South L A ST 1Sothw P&L 65 A 3022 108 18tandard Inv 8s “37. 78tandard PAL 65 '57 99% 185wift Co B5s '32....100% 1Tex City Gas 3 8 1Texas Gas Ut 3Texas P & L 55 23Tri ULl 85 719 POREIGN BONDS. High. ir Pry 6%s '52" 840 Buen Alr Prv Tias '47 1 3 Cauca Valley 7s '43.. 78 11 Ohile” Mg B 6s T ‘, k] FESSTIS < & FEEFES 1Finid R M Bk Gelsenkirchen 22BBRISLRE252! SR 22R=e8RISRRR22233238: S XF 23 h wy Ew_Without " warrants. n—New. Wi—When {saued. Atta:g;nee for one day at the recent ral show at Sydney, New South was 133,000, Notice—All -‘uen ‘t'e'l-bu m one excep! those designa y the 'l‘l:.“:g.'l those stocks to be sold ~Prev. 1930~ Stock and High. Low. Dividend Rate. Add 00. Open. 13 7% Acetol Prod (A)..... 3 9 13% 8 A 28% 183 Ae 33% 21% Alnsworth (32%)... 104% 103 Alabama Pwr pf(6). 3 26% 508 103% 7 20% Aluminum Co of Am 109% 105% Alu Co of Am pf (6). 232 108 Aluminum Co, Ltd 7% Am Br B fd shars 4% Am British & Cont. 874 Am Cit P&L(A)(a3) 14 AmCP&L(B)(10%) 23% Am Com I'(A) b10% 344 Am Cwith P(B)10% 2% Am Co'with Pwr war # Am Control Oil Flds. 24% Am Cynam B (1. - 58% 113% Am Gas & Elec ($1). 191 143 109% 105% Am Gas&Elec pf(6). 1 108% 16% 10 Am Invest, Inc (B).. 67% Am Lt&Trac (n).... $2 Am Machine & Fdry. 1% Am M 87% Am Superpwr pf (6) 94% A.n Super 1st pf (6). 3% Am Thread pf(25c). 10% Am U&Gen B vtc 406 2% Am Yvette (n) w.i... 17 Amrad Corporation.. 9% Anchor PF (b10%). 15% Anglo Chil Nitrate.. 10% Appalachian Gas. + Ariz Globe Copper. 16% 8% Arkansas Nat G 16% 8% Ark Nat Gas (A). 109 102 Ark P&Ltpf (7). 8 5% Asso Elec Ind (30¢). %) 16 Atl Coast Fish(1.40) 12% Atlas Util Corp..... 4% Atlas Utilities(war). 6% Auto Music A(11.05) 24% Aviation Corp of Am 124 Aviation Credit..... 18% 5% Bellanca Alrcraft. 187% 147 Bell Telof Can (8) 5! 6% Blue Ridge Corp.... 83% Blue Ridgecv pf(a3) 19 6 Bourjols. Inc. s | 80 Bow Biltmore 1st pf. 108 85% Brazil Trac& Lt (2) 48 20% Brit Am Oil coupon.. 3 2% Brit Celanese rets. 5 32% Bulovacvpf (3%).. 2% Burma Corp (f31¢). 8% Bwana M Kubwa.... 1 3 1 3 Cable Radlo T v.t.c.. 1 3% Canada Marconi.... 6 % Carib Syndicate. . 5 80 anese Corp pf(7). 508 26% Cent Pub Sve. Deli.. 4 3% Cent P S (A) (a1.76) 9 19 Cent States Elec 3400 11 72 Cent Sta El pf(6)xw. 3 4% Centritug Pipe(6le). 2 2% Chain Stores Dev.... 1 19% Chat Ph Al n-v(60c)s 7 20 Chem Nat Asson-v. 6 264 Cities Service(330c) 110 88 CitlesSrvopt (6)... 2 Colombia Syndicate. 5% Colon Oil. 11% Col Oil & 26 Colts Pat Fire A ( 64 8% Com'with & Sou war. 55 12% Comm Wat Serv b6 % % Consol Auto Merch.. 5 Consol CopPper...... 13% Cons Dairy Prod (2 90% Con Gas, Balto(3.60) 21% Con Gas Utll A .20.. 10% Con Gas Util,B v.t.e.. 10 Consol Laundries.... & Consol Nevada-Utah 28 Cooper Bessemer(3). 5 Copeland Prod.Inc A 10 Cord Corpe.....eses 24% Corp Secur, Chicago. 45 Cosden O .ee 89% Coty Soc An(74 5% Creole Petroleum... 18% Crocker Wheeler. & Cuban Cane propt 84 Cueno Press (2%) 1% Curtiss Wright war. 3 Dayton Alr & Eng... 1 b 1 1 1 3 1 L3 1 1 2 5 2 2 1 3 14 4 67 12| 10 2% 6% 5% b4 5 24 14 17 (SR) B (2).. Driver Harris(new). Rad &~ 164 Duquesne Gas (new). 3% Durant Motors...... 25% Bastn G&F Ass0.... 18% Eastn Sta Pwr )e 14 Eastn Util Asso ev.. 134 Eisler Eelectric(13%) 117% 80% EIl Bond & 8h (b6).. 109% 103% El Bond & 8h pf (6).. 24% Elec Pwr Asso (i).. 22% Elec Pwr Asso A (1) 99% ElP&L 2d pf(A) (7). 28% Elen Pwr & L op war 16% Elee Shareholdg(11) 99 Emp G&F cum pf(8). 6 Empire Steel Corp. . 18 Europ E, Ltd A(60c) 2 Fabrics Fininshing.. 2% Fagol Motor.. 3 Fandango Corp. 32 Federal Screw (3) 17% Fiatreceipts (1.25).; 13% Fokker Afrcraft.... 16 Foote BrGr M (1.20 28 Ford Mot,Can A 1% 36 Ford Mot,Can, B {135 2bs 64 Ford Mot, France 28¢c 10W Ford Mor.Ltd. 37 %e. 4 Foremost Dairy Pr. 21 Fox Theater Cl (A). 2% Galena Ol Corp. . 20 Garlock PKE (1.20). 6% Gen Alloys (80¢). 2% General Baking. . 34% Gen Baking pf (3) 50 Gen Capital Corp. 10% Gen E. Litd rots (5 21 Gen Empire Corp. 80 Gen G&E v pf B( 5% Gen Laundry Mach. 6 Gen Public Service. . 80% Gen Pub Svepf(6).. 50 95% Gen Mot pf new w.i.., 1 20 Gen W W&E(A) (2), Gleaner Harv, n (2).. 1 14 3 3 15% 347 104% 4 108 10 30% 10 29% 2 103% ¢ 1 1 1 . 5 416 30% Goldman Sachs(b§). &7 2% Gold Seal Eleg new., 1 2204 GrA&P Tn-v(6).. 208 115% Gr A &P Tea pf (7).. 90s 150 Great Lake D&D 110. 40s 11% Groo Stores Prod vte 2714 Guenther Law (2)... 131% Guilf Oliof Pa(1%). % Happiness Candy.... 5 Hollinger Gold (60c) *19% Holt (H) & Co(1.80) 19% Houston Ofl of Texn 1 8% Hudson Bay M&S.. 78 Humble Ofl (2)..... 3T Hydro Elec Sec (2).. 10 Hygrade Food Prod. 22% Imp Oil, Can, n(50e). 37 Ind PipeL,n (12%).. 35 Ind Terr llu Ol (A) 35% Ind Terr Illu Ofl (B) 17 Ind #in ctfs(b10%). 544 Insull Ut Invib6%). 694 InsCo, No Am (13).. 17 Insurance See(1.40). 20 Intercoast Trade (1) % [ntercontinent Pet n 221 Intercont Pow A (3). 17% Int] Petroleum (1) 50 Intl Salt (new). 234% Intl Utilities A( 6% Internat] Uthl (B). 1% Intl Util war (new) 10% Interstate Equits 12 frving Atr Ch(1.50). 6 [rving Air Chute war 9% [tallan Superpwr A. 1% Kirby Petroleum... 18 Kleineri Co (2%) ¥7 Koppers G&C pf(6). 5% Lakey F' L T TP TO R PR PR CER R S a® PS5 -T90: PN 25% 102 .13, 2b1 4% 14% 161% % 10% - 39 = 335% 284 Com'with Edison(8). 30s Il: 31 Y letter s (65s) 0 in odd lots only, o Mish. Low. il 13 27 103% 4 % 2 lbz' 16% 16% 16% % 5% 1 16% 15% 15% 15% 1 131% 131% 131% 131% 28 28 28 28 12% 13% * 56% 11% 10% 26 57% 40% 614 24% % 43 2% T% 127 5% 8in % 16% 16% 16% 102 102 102 LT Y 6 26 26 z 319 319 THE EVENING STAR, WASHINGTON. NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office fots Stock and a Sales— Dividend Rate. _Add 00. 14% Lefcourt Real(t1.85) 88% Lehigh Coal & N 1.40 1% Leonard ~Prev 1930.— High Low. 25% 50% High. Low. Close. 19% 424 2% Open. 19% 26% 3% . 84% Lone Star Gas, n (1), 83 Louisiana Lan & Ex. % Magdalena Synd. Mapes Cons (3 82% Marine Mid (1.20 20% Marine Un Inv (1 10 Marion St ™ B ot anannnon Bk B N0®n d Johnson (+3%) 10% Memphis Nat Gas. 15% M E 174 MerCha & S (1.60).. 1% Mesabi Iron. .. 26% Mesta Mach (t1. 16 Met Chain Stor . 3% Midland Utd (war).. 19 Midland St1 P 2d pf.. 7% Mid Sts Pet v.t.c. A.. 4 MidStsPetv.te. B 25 Mid Wsn Sts Ut(1%) 25% Mid Wst Util(b8%). 97 Mid W Utcv pfxw 6. 1% Mid Wst Util A war. 3% Mid Wst Util B war. 27 Miller & Sons (2). . 18% Mo Kan P L (b10%). 2 MissKPLv.te.. 18 Miss Riv Fuel bd rts. 37 Moody's 1S pt pf (3) % Mountain&Gulf(8c). 8 Mount Prod(1.60)... 8% Natl Aviation.. 4 Natl Baking Co 104 Natl Da Prpf A (7) 16 Natl Fam Strs(1.60). 26% Natl Fuel Gas (1) 12% Natl Investors. 108% Natl Pwr & Lt pt (1) 17 Natl Rub Mach (2).. 16% Natl Screen Sve(2).. 12 Nat Sh Trm SeA t50c 50 Natl Steel x-war(2). 29 Natl Sugar, NJ 12)., 25 Natl Theatre Supply. 214 Natl Trade Journal B ™ S E) sormelogsailnNowee poom * - 8408 1 88% New Eng Pwr pt (6). 90s % 3% New Mex & Ariz Ld.. 8§ 105% Newmont Min (34).. 24 Newport Co (2) 8 N Y Rio&Bu Afr 14 N Y Transit,n(+1.70) 18% Niag Hud Pwr(new). 4% Niag Hud Pwr,A war 11% Niag Hud Pwr B war 12 Niag Shars Md(40c). 27% Niles-Bement-P 123 12% Noma Elec (1.60). ... 26% Noranda Mines (3) 82 Northam W cv pf(3 2 NoAm Aviat A war, 3 North Am Cement. 67 Nor Am L&P (b8%). 158 Nor Sta Pwr A(8)... 22% Novadel Angene (3). % Ohilo Copper. 664 Ohio Oil (4) 103 Ohio Oil pf ne 84 Ollstocks, Litd A 35 29 Orange Crush (13)., 3% Outboard Motor (B). 26 Pac Coast Biscuit (1) 49 Pac Coast Bis pt 3.60 26% Pac G&E 1st pf 13%. 27% Pac Pub Sve (1.30). 12% Pac Western Oil. 1 Pandem Oil. 5 Param't Cab(b8%) Pennroad Corp. ..... Penn GEE(A) (134). Penna Pwr&Lt pf(T) Peoples L&P (A)e2.40 Pepperell Mfg (8)... 18% Petrol Corp (1%) 4% Petrol Corp war. % Philip Morris, Inc. 20% Ple Bak of Am A (3), 10 Pilot Ra T(A)(1.30). 13 Pittbgh Forg (1.60). 21% Plymouth Ol (3). % Premier Gold (240) 81 Prince & Whitely 1.. 35% Prince & Whit pf(3) 9 Propper McCallm(2) 14 Prudential Invest 17% Pub Util Hold 97% Pure Oil pf (6. T Pyrene Mfg (30 3% Rainbow Lu Prod B.. 14 Rellance Intl (A)... 3 Reliance Int Corp(B) 16% Reliance Mana, 74 Reynolds Inve: 19% Rocklans Lt&P(9: 16 Root Ref cv pf( 3% Ryan Consolida 65% St Law Pap M pf(6). 19% St Regis Paper (1).. 7 Seaboard Utllities. . Sec Corp Gen new (4) 6% Seg Lock & H (50c).. 7% Selected Industries. 66 Sel Ind allotcfs 5% 69 Select Ind pr(5%) 8% Shenandoah Cor 83 Shenan Corp pt 18 Silica Gel Ctfs. 16% Siato Finance Corp. 5 South Coast........ 87% South Penn Oil (12% 28% SoCalEdpfA (1%). 24% SoCal Ed pfB(13%). 9 Southland Roy (1).. 7% 8 W Gas Utilities. . % Standard Motor: 49% Stand Oil, Ind (3%). 334 Stand Ofl Ky. (1.60). 20 Starrett Corp....... % Starrett Corp of (3). 15 14% 150 10% 39% % 30 49% 20% 3 28 3 o Srarn © & [ - - RSN NEE o 5 54 » S e e - % % 5% B4 124 13% - 65% 1% 10% 20 563 40% 6 % 42% 2% 6% 114 5% T " 1% Stuts Motor Car 29% Swift & Co new . 31 Swift Internatl(2%) 54% Tampa Electrio (32) 51 Technicolor, Inc.... 4% Teck Hughes (60c) 8% Texon Oil & Land 3% Thatcher Sec Corp. . 76 Thermotd Co pf (7) 44% Todd Shipyard (4) & Tonopah Belmont. 88% Transamer (31.60). 6 Tran Con Alr Tran.. 4% Trans Lux DLPS 5% Triplex Safety Gla: 28% Trunz Pork 8 (1.60)., 12% Tubsize Chatel (B).., 17% Ulen & Co. July “B:y b .35 19% United Gas Co...... 17% United Gas Co (new) 29% United Gas Corp ctfs 27% Utd Lt & Pwr A(1).. 97Wn Utd Lt & Pwr pf(6). 14% U8 Elec Pwr (war). 17% U8 Foll (B) (1).... 2% U S& Intl Secur. ... 60% U S&Intl Sec 18t (5). 14 U S Lines pf (1). 17% U 8 & Overseas war. 42% U 8 Radiator (2).... 7 USShares Fin. 11 Utd Verda Ext (4).. 144 Utility Pwr&Lt(al). Util P&L B ctfs (a1) Util & Ind pf (1% 10% Utility Equities 85% Vacuum Ofl (14%) 6 Van Camp Packing. 24 Venezuela Pet (20¢). 8 Vick Financial Corp. 8% Walker (H) (1)..... 8% Wayne Pump....... 184 Westn Alr Exp(60c) 100% Westn Pwr pf (7). .. 100; 644 Wil-Low Cafeteria 45% Wilson Jones (3)..., 1% Wright Hargreaves, % “Y” Ofl & Gas. % Yukon Geld 14% Zonite Products (1). 19% Clev EI m. % Hud Bay M 4 Insur Coof NA. 33 Intl Salt. .. 4 Lone Star % Mo Kan Pipe Dividend rates in dollars based on i m"‘-’r::mu"-. TPartly extra. Plus extra {p Payable ent o us extra g stock. & Payab! 66 5% in oash ar stook. b Eavable i stock. @ Bayabis 4 preferred atook, 4% 3% “~ 1% iast quarterly or semi- » | Telephone, witn approximately 480,000 D. C, TUESDAY, HOLDERS INCREASE | INGOMMON STOCKS| | American Telephone Heads List With 490,000 Own- ers of Record. Special Dispatch to The Star. NEW YORK, May 27.—American holders of record, has the largest num- ber of shareholders of any American corporation, according to an investment survey issued today by Frazier Jelke & Co. Citles’ Service, with 359,000 hold- ers at the end of 1929, probably is sec~ ond. General Motors, with 218,392 owners of common stock on February 15, occupies third place. Pennsylvania Railroad had 206,470 on April 30; ‘As- sociated Gas & Electric, 190,139 at the end of 1929; Transamerica Corporation, about 175,000; Standard Oil of New Jersey, 103,677 early in 1930; Public Service of New Jersey, 105,726 at the end of the last fiscal year; Anaconda Copper has in excess of 100,000 stock- holders. Some Other Big Lists. Among the companies which are known to have over 50,000, but less than 100,000 stockholders, are Packard Mo- tor Car, Montgomery Ward & Co., United Gas Improvement, International Nickel, General Electric, International ‘Telephone, Consolidated Gas of New York, Standard Oil of New York and Standard Brands, Inc. “From a technical standpoint the biggest thing which the price adjust- ment has accomplished is a wider dif- fusion of cofporate ownership,” says the % | advance. # | number of survey. “Many big blocks of margin- held common stocks have been broken up and the number of stockholders of record pever was so large as at present. mmery Ward had 11,773 common 8 lolders on August 4, just one month prior to the peak of the stock market On May 7, 1930 the com- sha:cholders list had increased E approximately 51,250 names. Gen- eral Motors Corporation on February 15, 1930, had 218,392 common stock- holders, or 100,625 more than on August 17, 1929, United Gas Improve- ment in the Summer of 1929 had 28,004 shareholders, compared with 68,500 at the end of the year. United States Steel's list gained from 110,166 at the end of the third quarter of 1029 to 124,069 at the end of the first quarter of 1930, Pennsylvania Railroad had 184,997 holders of record at the begin- ning of October and 196,119 at the end of ber, The number of names on the books of such companies as Radio Corporation, International Nickel, An conda, Standard Ofl of New Jersey and Packard Motor Car showed a phenom- enal gain during the final three months of last year. Split-ups Important Factor. “An important factor in increasing the distribution of common stock issues has been the tendency to split up higher priced shares into smaller units, thus making the issue available to the smaller investor and giving it additional price appeal. A study of the changes in the number of stockholders of the more important corporations last year shows conclusively that the split-up is- sues were the favorites of the outright investors and the lower-priced share units ald real investor distribution.” In conclusion, the Survey says : “A companies maintain a stock- o provide.such sbecial inform: le such spec forma- tion as individual shareholders desire, and some have endeavored to determine why the stockholder sells his shares. | Earnings and production reports are much more complete and frequent than formerly; and it is significant to note that the companies with the largest number of shareholders keep their owners best informed. Investors each year are more interested in informative pamphlet reports. Two or three decades ago, when American indus was owned by the few instead of by the many, financial statements were infre- quent, abbreviated, inadequate, tardy and often deceptive. Now the annual report of almost any large American corporation is a mine of dependable, significant and authentic information for the investor. More widely distrib- uted corporate ownership, the strict re- quirements of the New York Stock Ex- change, and keener realization of the benefits of advertising and the wisdom of frankness have combined to lead big companies to publish information for stockholders which is at once complete and understandabl GRAIN MARKET CHICAGO, May 27 ().—Uncertain- ties about results concerning future policies of the Federal Farm Board and of Government sponsored agencies had 8 notable depressing effect on wheat values today. In this copnection reports were current that the National Grals Stabilization Corporation . would with- draw from participating in the wheat market as soon as the existing wheat surplus is eliminated. Toward the last, however, the market recovered to a ma- terial extent on account of buying for previous sellers who were in a position to_collect a profit. Wheat closed unsettled, % to 1% a bushel lower than yesterdey's finish Corn closed %a% off, oats unchanged to Y4 up and provisions varying from 10 decline to 5 advance. holders’ July September December RYE— May ptembe; December NEW YORK, May 27 (Special) — Trading in bank stocks and trust shares was dull today. National City at 197% was up %, Equitable, 134, up ; Guar- anty, 767, up 1; Bank of United States, 62, up l2; Brooklyn Trust, 813, up 3; Chemical, 75, up %; Continental, 37, up Y Empire, 89, up 15; Irving, 60% s; Manhattan, 135, up 1, and Man- ufacturers, 139, up 2'2. The following were unchanged: Chase, 168; Corn Ex- change, 222%; Rights, 233;; Bank of America, 132; Bankers, 163; Central Hanover, 390; Chatham-Phenix, 1381%; Commercial, 525; PFirst National, 5,875, and New York Trust, 298. Butter—One-pound prints, 39a40; tub, 8712a38%. Eggs—Hennery, 22a23; ceipts, 20a21. current re- Poultry, allve—Turkeys, hens, 22; 20a22; Spring broilers, large, 38a40; small, 32a33; Leghorns, 28a32; fowls, 23a24; Leghorn fowls, 22; ducks, 15a18; geese, 15; capons, large, 35a37; small, 30a33; keats, young, 60a65; small, 35; roosters, 14al5. " Dressed—Turkeys, + Spring chickens, large, 35a38; medium, 35a36; fowls, 27; 25; capons, large, 40a42; small, ; keats, 70a75. Meats, fresh killed—Beef, 20a23; veal, 20a22; lambs, 23a28; pork loins, 26a28; fresh ham, 24a25; fresh shoulders, 22; smoked hams, 27; émoked shoulders, 22; bacon, 27; lard, in packages, 13; in hu’luk‘, 12, - ive _stock—Calves, 8all; Spring lamb, 11al3, MAY 27, 1930. NEW YORK, May 27.—The following is today's summary of important cor- poration news prefared by Standard Statistics Co., Inc, New York, for the Associated Press. News Trend. April railroad earnings supplied the major part of today's corporation news. Aggregate net. operating income of the first 14 roads to report amounted to $9,997,000, & decrease of 26.7 per cent from April, 1929. Gross operating rev- enue for these roads was 10 per cent below & year ago, totaling $66,793,000. This compilation, however, does not in- clude a number of the later releases, which made a decidedly poor showing. The exceptions to roads showing de- preases were Chicago Great Western, Maine Central, Rock Island, Missouri Pacific, Minneapolis & St. Louis, and New Orleans, Texas & Mexico, all of which recorded substantial gains in net for the month. Exceptionally large decreases were shown by Erie, Great Northern, Pere Marquette and Missouri- Kansas-Texas. Crude oil production in the United States was reduced 35814 barrels daily in the week of May 24, according to preliminary estimates. Average output during the week was 2,576,069 barrels & day. The Companies. Ameritan Telephone & Telegraph new conversion price of 412 per cent convertible bonds $166.88, against $180 before stock issue. hic: Great Western Railroad April net operating income $174,348 vs. $69,150, 4 months net $701,848 vs. $342,666 year ago. Chicago, Milwaukee, St. Paul & Pa- cific Railroad April net operating in-| come off 47 per cent, 4 months 57 per cent below year ago. Chicago, Rock Island & Pacific Rail- road April surplus up 47 per cent, 4 months off 59 per cent from year ago. Delaware, Lackawanna & Western Railroad April net operating income off 42 per cent, 4 months 42 per cent below year ago. Electric Auto Lite May output 15 per cent ahead of April. Empire Steel Thomas Works suspends operations in 10 sheet mills at Niles, Ohio. Falcon Works only sheet plant active in Youngstown district. Railroad April surplus off 98.5 per cent; 4 months, down 89.3 per cent from year ago. Famous Players Canadian, minimum number of shares required under offer of Paramount Publix deposited. George A. Fuller Co. obtains two Canadian contracts involving $1,450,000. Goldman Sachs g reported ‘Waddill Catchings will retire. Great Northern Railway April net operating income, $136,059, against $1,- 578,297; 4 months’ net, $674,385 against $5,132,465 year ago. Kelley Island Lime & Transport earned $2.97 on common stock in 1929 against $3.96 in 1928. MacMarr Stores March quarter net estimated at $415,000 against $429,000 year ago. Maine Central Railroad April surplus llgol! per cent; 4 months’ 104 per cent above year ago. Minneapolis & St. Louls Railroad April net operating income, $83,668, against deficit, $66,083; four months’ deficit, $105,692, against income, $64,305 year ago. Missouri-Kansas Pipe Line contracts released for construction of $40,000,000 g{u line from Texas Panhandle to In- ana. Missouri-Kansas-Texas Railroad April surplus, off 63 per cent; four months, down 67 per _cent. Missouri Pacific Railroad April net operating income, up 5.9 per cent; four months, off 2.3 per cent from year ago. New Orleans, Texas & Mexico Rail- road April net operating income, up 43 per cent; four months, up 45 per cent. Niagara share to merge with Marine Union Investment, Inc. Norfolk Southern Rallroad April net operating income, off 48 per cent; four months, 50 per cent below year ago. Pathe Exchange, Inc., 8 per cent pre- ferred stockholders protective committee formed to elect directors. This right given in certificate of incorporation if eight quarterly dividends are deferred. Pere Marquette Railroad April suplus, off 73 pe cent; four months’ surplus, off 76 per cent. Pennsylvania Railroad April net operating income off 22.4 per cent; four months 27.5 per cent below year ago. Southern Pacific Railroad "April net operating income off 47 per cent; four months net 41 per cent below year ago. ‘Tonopah Mining of Nevada stockhold- ers to vote on transfer of all net as- sets, except for certain properties an~ stocks, to Tonopah Corporation, for 80,000 shares of $10 par stock. War- rants to purchase 100,000 shares of Tonopah Corporation stock at $5 in ratio of one $hare Tanopah Corpor: tion for each 10 shares Tonopah Min- ing to be issued to latter stockholders. United American Utilitles acquires five motor freight lines operating in California_for $3,062,000 cash. ‘Yukon Gold earned 13 cents on com- flozl; stock in 1929 against 11 cents in Markets at a Glance NEW YORK, May 27 (#)—Stocks irregular; J. I.-Case slumps on bear ralds. Bonds steady; St. Paul Railroad issues- decline sharply. Curb irregular; Deere breaks 8 points. Foreign ex- changes irregular: Spanish peseta up 312 points. Cotton easy: favorable weather. Sugar easy; Cuban selling. Coffee lower; easier spot market. CHICAGO, May 27 (#).—Wheat lower; favorable weather and crop news. Corn easy; bearish crop reports. Cattle steady. Hogs steady to lower. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co) Rate—Maturity id O 4125 June 16, 1030, 00 4 a5 Sept. 15, 3% Bee 15 1830 FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & Co.) g ’v'{’f"'":" 610 Selling checks London, pound. Patis, franc Brussels. bel Prague Warsaw. z Copenhagen, Oslo. FIN NEW YORK COTTON NEW YORK, May 27 (Special) —Cot- ton prices continued to range through narrow lmits today and, after easing off during the morning on extremely favorable weather in the South, scarcity of contracts caused covering before the close that left the list 1 point lower to i 13 _lgolnts higher than Monday. e volume of business was small and the general price level was well main- tained, with best figures of the day in :lto:lggodemm. Spots were unchanged A 5 Open. . Low. Clos 16 118, 1 1 1 2 1 96 9 9 \ 238332282 1 1 14 4 14 4 14 14 14 14 14 CHICAGO STOCK MARKET CHICAGO, May 27.—Following is the complete official list of transactions in ?g‘s’cn on the Chicago Stock Exchange ay: Sales in hundreds. 400 Abbott 200 Adams My 50 Addressograj 100 Ainsworth High. Low. Close. 40%2 40 0% b CEES T Tt 854! BERERSEEE 0 Banco Kentucksy.. 150 Bastian-Blessing 1730 Bendix _Aviation. 250 Bi) 100 Bore- b Bt et 50 Brown Fenc 200 Bruce (E. L.) 30 Burnham Trad Go am Trad Bros. . bell EEE S SIS 5 West {10215 1 Cog.. 13% 3.2 ul v. 6500 Foole Gear & Mac) 550 General Theate) 130 General "wn':'w{-‘fl oome RS ERC SERSRE FEE S e SR SRR 2828 pas——— BIRRIR! BuoSInTam: orc) 200 Mid-Contin Laund 25300 Mid West Util new: 150 Mid West Ut 6% pi 300 Mid West Ut "A" wi wi FE erall . Overall p. as & Elec Mfg 10 Oshkosh 100 Penn_ G 50 Polymet. o SRR SE88an SRR S o R e SEANTSRNSES B oo sue coca EEEEPE R & o o 88 5859ss SERIERS k Share Edward ne. BALTIMORE STOCKS. BALTIMORE, May 27.— Sales. s. i t Black & Decker C & P Telephone & 'i'a’i'?i 19 Consolidated. Gas_com. 3 le_Cor) e Amaterdam Cas Go. . S Fidelity & Guaranty. BONDS. 2000 Marylan, J A Mariand Electric Rwy. 1st 8 25 N 35U NCIAL. SIGNS OF REVIVAL INTRADE ARE SEEN Cleveland Reviewer Finds Business Still Slow, but Looks for Change. Special Dispatch to The Star. CLEVELAND, Ohio, May 27.—In the face of developments which indicate & generally slow state of business activity, definite signs of approaching recove! are seen in the increasing level of retal tl"dde, says the Union Trust Co., Cleve- land. Pointing to the reports of larger chatn store and department store sales, the bank says this means that more people ‘Who are unemployed are getting back on the pay roll. More dollars are finding their way to the store counters, and more stocks are being used up. “This resumption of public demand,” says the bank in its magazine, Trade Winds, “will inevitably sooner or later be reflected in increased manufacturing schedules and freight movements. Pub- lic purchasing power is the ultimate yardstick of business volume, and cur- rent figures would seem to point to & steady return toward better business as the season advances. Major Industries. “Looking at x':njormm’dmlu,o little encpuragement is to o peras tln% in iron and steel have shown & moderately d g tendency. Steel prices continue weak and quotations on some important products are at lowest ebb since 1915. The three greatest consumers of steel are railroads, automobiles and building, and in all these lines demand for steel is low. “In the automobile industry it is ene couraging to note that actual autom bile sales at retail have been cansider= ably larger in proportion to production than has been the case in recent years. From a large number of industries come reports indicating a slightly high- er rate of activity than was the case earlier in the year, but a substantially lower level than was enjoyed in 1929. “There seems to be general confidence that improvement will continue, but estimates of the date of returning to business are now ummtmd to the third or even the fourth quarter of the year. “One reason for this change in view is that a number of new factors have entered the business situation which were not prominently in evidence dure ing the Winter. These have tended to unsettle the state of industry and trade and have made it more difficult for the equilibrium of business to be once more re-established. Among these factors are commodity price weakness, the remarkable decline in money rates and the tariff situation. Low Interest Rates. “While low interest rates can be ine ; |terpreted as a favorable factor in the long run, the weakness at the moment points to a world-wide falling off in business activity, and it cannot be ex- pected to correct itself within a few w"'l.‘?: or, a“!!ew x::]nlhl‘.s “The tariff problem is aggravated the threats of retaliation by other n:! tions against import duties embodied in the llwstw’Amerlcm;.;lrfl! bill. Numer- ous countries are planning action which may cause American business to suffer.” NEW DIRECTORS NAMED. BALTIMORE, May 27 (; 1al) . The Baltimore Stelmyh&fl%.cl‘w) o holders, at their annual meeting here yesterday, elected three new directors £ ti'h- bg'-rdk, as lo’léaw:: :la;m Bowker lew York, president of the American lcultural ghem:cu’c&o;::n A. iting, president of Wholesale Phosphat Vorie & Acid Works, Inc, and Willlam J. Casey, of the Continental -m.?"&, both of this city. All other directors and offi- cers were re-elected. The Baltimore Steam Packet Co. op- erates the Old Bay Line of freight and passenger steamers on the Chesapeake Bay between Baltimore, Old Point Com- fort, Norfolk and Portsmouth. First Mortgage Notes FOR SALE In Denominations of $250 and Upwards JAMES F. SHEA 643 Louisiana Ave. N.W. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 64th Issue of Stock N Tor Subscription” U7 Money loaned to members on easy monthly payments .hlm:“!'."oun". elly llI'lIfl P." Shea First Mortgage Loan Applications Invited at 5)5% Conctruction Loans Glover & Flather 1508 H St. N.W, National 1753 Elec income 4 6009W B & A Railway st 5s. STOCK AND BOND AVERAGES Assoct Prom’ Yocterdas s st E MONDAY, s . 163 Three years ago, weekly aver. . 119, High, (1930) . . . 202, Low (1930). .7 4 Three years High (1! e Low (1930) . ago, weekly aver.. 8 . . 84, MAY 26. (Copyright, 1930, Mandard Statistics Co.) First Mortgage Money ' S 0 BUILDING LOANS or IMPROVED PROPERTY Reasonable Rates Prompt Action B. F. SAUL CO. 925 15th St. Nat'l 2100