Evening Star Newspaper, October 28, 1930, Page 14

FINANCIAL. > FINANCIAL. TUESDAY, OCTOBER 28, 1930. A_l4 #¥s BELL FIRM SPENDS §1,000,000 PER DAY THE EVENING STAR, WASHINGTON, D. C, NEW YORK STOCK EXCHANGE | |FOREIGN BOND LIST | Cox v vou BONDSsmoce scawver] |RECORD OF FOREIGN , ' BONDS REVIEWED Sales. Hizh. PacG & F18s%42.. 11 1024 Pac T&T1st bs'37.. 3 104% UNITED STATES. (Sales are in $1.000.) Sales. High. Low. Close. Prev. . Close. Close. 7 8% Stock ana Sales— Dividend Rate. Add 00. Hi StandG& E (3%)... ki (Continued From Page 13.) ~Prev.1930~ 2615 Plant Equipment Bill of Tele- phone System Reaches Huge Figure. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, October 28.—Here's the way C. M. Van Tassell, Miami business man, would deal with the unemploy- ment problem: “Let every business firm call in its married women employes and put this question to each, ‘Is your husband ‘working?’ If the employe says yes, let that fortunate married woman go and give her place to one of the unem- ay. *“That '&il meet the problem. For example: "A New York friend of mine has a responsible banking position and a salary of $500 a month. He is mar- ried, but has no children. So his wife is working in one of the stores and drawing $200 a month. Now, why should she be allowed to hold that J)o- sition when her husband is gett enough to carry them both, with no other family responsibilities? Let her give way and then fill the job with a n who really needs it. “I should say, conservatively, that there are a miliion cases of that kind in the United States.” The Southern business man thinks this suggestion should be submitted to Col. Woods for his serious consideration. Telephone Company Expansion. ink of one company adding more '.hl.r: $1,000,000 a day to its plant equipment in 1929! That's the record of the Bell Telephone System. It added $395,000,000 to its plant equipment in 1929, - compared with $262,000,000 in 1928, $231,000,000 in 1927 and $258,000,- 000 in 1926. The total assets of this vast organi- gation are now in the neighborhood of $4.900,000,000, as compared with $2,400,- 000,000 of the United States Steel Cor- poration, $2,200,000,000 of the Pennsyl- vania Railroad and $1,800,000,000 each of the Standard Oil Co. of New York and the New York Central Railroad. The steady rise of this company’s since 1900 makes it the largest and most powerful cor- tion is directed by hun- officials in various parts of the yet few of their names are ly known. w.ml{i G‘mortd. i.‘h!'e' ‘Harvar aduate, president of Amzrlezn q!]gphme & Telegraph Co., 15, naturally, its best known executive, ’During the last 18 months, nearly ,000,000 has been secured by vari- oous offerings of the American ‘Telephone & Telegraph Co. and its subsidiaries. ° No Wage Reductions. = The assurances given by several big business leaders -uc‘l‘! as James A. Far- rell, chairman of the United States Steel Corporation; George F. Johnson, presi- dent of Endicott-Johnson Co.; C. R. . president of Cluett-Peabody Albert R. Erskine, president of the “gm ‘This dnds"(;t country, nationall comb_Carleton, president o ern Union Telegraph Co., tha their corporations would not be reduced has given heart to many labor leaders Henry Ford'’s recent book “Moving Forward,” this little gem about mergers appears: “No lamp posts have been provided for muoymmuwwmu to, and so they are apt to cling to one another. The embrace is called a mer- High. Low. 20 4% . 82 36% Nat Bella H pf (7). 71 Nat Biscuit (13.30).. 30 Nat Cash Reg A (14) 40% Nat Dairy (32). .o 3914 2214 NatDist Products(2 189% 116% Nat Lead (18) 119% 116 Nat Lead pf (B) (6). 30% Nat Pow & Lt (1) 811 Nat Supply (5).... 60% Nat Surety (5). % Nat Steel (2). Natl Tea (1) Nevada Copper (1). Newton Steel. N Y Ont & Western. . Norf & Western (10) North Am Aviation. . Nor Am (b10%stk).. North Am Ed pt (6). Northern Pacific (5). Norwalk Tire & Rub. Ohio O11 Co (2)..... 5 Oliver Farm Equip. . 4 Oliv F Eq pf A (6) 8 Oliver Farm Eq ¢ Omnibus Corp. Omnibus pf (A Orpheum Cir pf (8) Otis Elevn (2%). Otis Steel (234) . Pacific Coast 2d pf. Pacific Gas & El (2).. Pacific Lighting (3). Packard Motor (1).. Pan-Am Petroleum. ., Pan-Am Petrol (B) Panhandle P& R.... Param’'nt Publix (¢). PR Utal......c000 Parmelee Tran (60 Patl s s Rt BRnrRreniond wvas momm— - ® wa P Patino Mines....... Peerless Motor Car. . Penick&Ford (11%). Penney (JC) (3). ... Penna R R (4 People's Gas Ch (8).. Pere Marquette (18) . Petrol Corp (13%). Phelps Dodge (3).. Phila Co 6% pf (3).. Phila Co pf new (6).. Phila Read C& 1 Philip Morris&Co(1) Phillips Petrol (n2).. © RS T 10 i 10 5 1 1 010 I S 0 1 00 S SR c). Plilisbury Flour (2).. Pirelli Italy (a3.14). Pittsburgh Coal . Pittsburgh Coal pf. . % Pittsburgh Unit Corg Poor & Co (B) (2)... PR Am Tob (B).... Postal Te) & C pf (7) Prairie Of] & Gas (2) Prairie Pipe L (15).. Proct & Gamb (2.40). PubSv NJ (3.40), Pub Sv N J pf (6 PubSv NJpti6). Pub Sv N Jpf (8 Pullman Corp (4 Punta AlegreSugar. . 4 Punta Alegre S cifs. Pure Oil. ... Pure OI1 pf (8 Purity Bakerles (4). Radio Corp 4 Radio Corp (B) (5) Radio-Keith-Orph A. Raybestos Man 2.60. Reading Rwy (4).... Rem Rand (1.60)... Reo Motor Car (80¢). Republic Steel...... Republic Steel pf (6) Reynolds Metals (2). Reynolds Spring.... Reynolds Tob A (3). Reynolds Tob B (3).. Richfield Oil (new).. Rio Grande Ofl...... Ritter Dent Mf (13).. Rossia Insur (2.20).. Royal Dutch 83.2165. Vo aome S E St L-San Fran pf (6) Savage Arms (2) Schulte Retall St Seaboard Air Lin Seab'd Air Line pf... Sales— Add 00. High. Low . 8 B% 6% b 5% Prev. Close. Close Stand G & E pt (4) Stand G & El pf (6).. Stand G & El pf (7).. % Stand Invest Corp. ., Stand O of Cal (2%4). Stand Oil Exp pf (5). Stand Oll of Kol (2) . Stand Oil of N J (12); Stand OIl N Y (1.60). Sterling Sec (A) Sterl Sec pt (1.20 Sterl Sec cv pf (3). .. Stewart-Warner (2). Stone & W Studebaker Corp (3) Sun O11 (11). % Sun O1l pf (6). Superlor Of Saperfor Steel Superheater (13%).. ‘Telautograph (11.40) Tenn Cop & Ch (1) Texas Corp (3).. Texas P C & Oil. Texas Pac Land Tr. . Thatcher Mfg (1.60). Thermold Co. Thompson Sta Tide Water As (60c) Tide Water As pf (6) Timken Det Ax (80c) Timken Roller (3)... Tobacco Products. Tob Prod (A) (80¢).. Transamerica (1)... Tri-Cont COrp.... .0 Tri-Cont Corp pf (6). Trico Prod (2% ) Truscon Stl,(£1.20)., Twin City R Tr (§4). Und-Ell-Fischer (5). Union Carbide (2.60) Union Oil, Calif (32). Union Pacific (10)... Union Pacific pf (4). Un Tank Car (1.60).. Utd Afreraft........ Utd Alreraft pf (3).. Utd Biscuit (1 60). Utd Carbon (2) * = EI=ENSTICTEPR SRR [T TP P Cr - JOTS e N Bea Utd Corp (50¢) . Utd Corp pf (3) Utd Fruit (4)... Utd Gas & Im (1.20). 200 Utd Plece Dye W (2) 4 Utd Stores (A). Leather (A)..... Leath pr pf (7).. Pive & F (2). S Realty&Imp(3 Rubbe! 4 U S Rubl S U S Smelt & Ref (1). U S Steel (7). U S Steel pf (7) Univ Pic 1st pf (8) Univ Pipe & Rad. 6 Util Pow & Lt A (e2) L Vadasco Sales Corp. . Vanadium Corp (3). /a-Car Chem Va-Car Chem Va Iron Coal & C pf.. 105 Vulean Det (4)...... 708 Vulean Det pf (7). Wabash........ . Wabash pf (A) (5. Waldorf Systm (1 Walworth Co (2) ‘Ward Baking (A). Warner Bros Pict. Warren Bros (3) War Bros cv pf (3) ‘Webster Eisenlohr. . s Oil & Snow (2) Penn El pf (6).100s Penn E1A (7). 30s West Penn El pf (7). 10s Western Dairy (B).. Md........ 2 sees 36 Western Md 2d pf ... 92 E& Mt (5).. 1408 Weston El Instr (1). Westvaco Chlor (2).. Wh Rock M S (t434). Wilcox Oil & Ga 105 Sears Roebuck $2%.. Seneca Copper.... Servel Ine... Sharp & Dohme. & Wilson & Co pf, Woolworth (2.40).... Worthington Pump. Wrigley (Wm) (4) IN STRONG DEMAND Recovery in Brazilian and German Igsues Spreads to Other Groups. 63 63 100 99 109 108% 4 4 Lib3%s..... 12 1017 1015 Lib1st 4%s. 154 10217 1029 Lib éth 44s, US3%s'43.. US3%s'47.. US4ews's2.. 51022 1022 51021 1021 26 113 FOREIGN. Sales. High. Argentine 54562, 4 Argentine May ‘1. 5 Argentine 6s Ju '59 44 Argentine 6s Oc ‘59 Argentine 63 A '57. Argentine 6s B '58. Australia 4% s '66. Australia 68 '55. .., Austria 78 *43..... Bk of Chile 6% s ‘61 Belgium 208 B54 27% BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, October 28.—Bonds con- tinued their recovery today. The im- pressive strength was in the foreign de- partment. The quelling of the counter revolt in | Brazil resulted in further gains in that country’s dollar bonds. Germany's obli- gations were higher, reflecting the in- crease in confidence in the Bruening government. Japanese and European descriptions generally followed the trend. In the domestic department there was a steady ¢emand for high-grade invest- ments. Convertibles worked higher all around with stocks. Industrials had a firm tone. Secondary railroad bonds were irregular. The market's improvement was again aided by the setting back of proposed new issues. There was a total of less than $2,000,000 put out today. In the municipal market, however, there is the prospect, within 30 days, of some size- able amounts of “revolving loans” by Cook County, Ill., and the City of Chi- cago. This follows the decision of the Iilinois Supreme Court approving the legality of such bonds. ‘The Iliinoils court's decision appar- ently disregards United States Supreme Court decisions that municipalities may not borrow except for current expendi- tures. “Revolving” bonds set up a cash fund and the bonds are payable from a special tax, which may still be as- sessed after the issue has been amor- tized. The bonds, after redemption, may be reissued, so that the total amount is. continually kept outstand- ing. ‘The decision had not immediate ef- fect on the municipal market, though market experts declare ti the Illinois ruling will have to be further tested, as it virtually puts the municipal borror ing authorities “in the bank business.’ Money rates were unchanged today. Volume again was low. Brazilian issues were active right from the opening. Rio de Janeiro 613s, Brazil 612s and Rio Grande do Sul is- sues all worked higher. With them ad- vanced Argentine 6s, Uruguay 6s, Bo- livia 7s and 8s, Cordoba City 7s, Peru 6s and Santa Fe 7s. The strength was a further reflection of an active upturn in this group on the London market. AUTO ACCESSORY DEMAND. NEW YORK, October 28 (#).—Manu- facturers of automotive parts, acces- sories and shop equipment reported in- creased shipments to wholesalers in September and the same level of activity has been maintained in Octo- ber, the Motor and Equipment Associa- tion reports. Member wholesalers also | \ a reported better business in September | NOTWAY 884 and October, reflecting the more or less way és & general reprts of an active retail | Orfent dev replacement and service trade, the [ Orientdev association says. Brazil 85 "41. Bremen 7s'35..... Canada 6531, 51 Czecho 98 52 Denmark 4% Denmark § Finland 6% 5 Finland 6s *45. Finlane 78°50.... 1 Fram [D 73%8"43.. 1 Krench 78 4. , French Gvt 7148 o » EETSEYSIOTS PP TRy 0 9 28 Italy 7s 51 Ital; Ji Karstadt 6s°43. ... Kreug & Toll 65 '§9 34. d 1904, Mex 4s asstd 1910. Milan 618 '52. . Montevideo 7s '62. , New So Wales '57. New So Wales ‘5. Nord 6145 '50. ., Norway 6s '63. Norway 6148 '65 Norway 6s ‘43, e L o T T e P e L T3 NINE MONTHS' EARNINGS. NEW YORK, Ogtobe: 28 ()—Net in- come reports now available from 79 in- dustrial and utlity corporations for the 4 rst nine mon year show & de- | porto crease of 15.7 per cent from the cor- | Prague 1o responding period of last year, Standard | Queentang Statistics Co. reports. i Peru 7s'59. Poland Poland 7s '47 Poland oo 2. it 63 '53. Rhine West 7s 50, . Rlo de Tan 6%s 53, Rio de Jan 8s 46 R Gr De Sul 6 R Gr De Suls; Rome 6% '52. Roy D 4545 w Sao Paulo 8; *|Washington Stock Exchange v SALES. Capital Traction 5+—8500 at 8915, 8500 at 89';. Wumnfi:m Gas 6s “B"—$500 at 106!5. w:;l"flnflwn Rwy. & Elec. 45—$1,000 2t Potomac Electric 5%% PIA—S at 10814, 5 Y | Washington Railway & Electric ptd— il 10 at 98%,, 6 at 98';. Commercial ' National Bank—10 at 225. AFTER CALL. - 42 81 Serbs-Cr-S1 85 '62 Shinyetsu 6145 '52. 104 90 1021 1017 10217 47 10318 10316 10316 1022 1021 11231 113 Low. 88 125% 90 kid 84% 4 102% Paramount 6 1t Pathe Exc 26 45% 105% Phil Pet 54,8 * Pillsb F M 6s°43. .. Pos Tel & C 63 '53.. Pure Oll 5%s°37..., Rem R'd 638 A 47 Richfi'd O cal 63 "44 Sincl O 6%s B ‘38 Sincl O Ts cv A '37. Sinel Cr 0 5% ‘38 Sinetair P L 6s 42, Skelly Ofl 64839, Solvav Am bs 42 So I" R Sug 78 *41 Sou Bell T StOINJ 101% 10215 101 100 90 Tenn K) P 63 A 47. Tex Corp cv bs "4 113 Utd Drug cv 6s'63. 2 U S Rublst 5s'47.. 47 Utll Pow 5%s *47 Vert Sug 18t 7s *42. Warn Br Ple Warn Quin West Ei deb b: West Un Tel 58'51. 2 West Un T 61%5°36 1 WEO5%8'37 ww. 10 Wh Sew Mch 6s*40 2 WIL-Ov 18t 6%5°33 2 Wil&Co 15t 6s°'41.. 5 YouSt&T5s'78.. 6 RAILROAD. Atch'on 48 1905-55. 10 93% Atchison ad) 48'95. 19 Atchison gen 4395 10 Atch'oncy 415841 34 AtCL1st4s'52, 3 AtCL4%s'64. 12 40 100 98 103 93y 94 9714 123 96 1008 961 971y 101 106 1024 102 108% 96% 103 1001y 100% 5 9 53 22 20 Bos & Mebs '67. ... Bd & 7th Av 6843, 7 7% 8% Bklyn Un Ei 68 103% BKIyn Un 18t 68 '60 BR & Pitt 4%s '57. Bush Ter con bs ‘55 Can 2 at s July ‘69 at 58 Oct *69. Can Nor 61 s db'46 Can Nor 7s deb 40 Can Pactfic db 4s 52. 1 Cent of Ga 53 C '59. Cent Pacific 4549, Cent Pacific 55 60. Ches Corp 6 Ch & O gn 4%s'92, Ch&O4%sB 95 Chi & Alt 38, CB&Q4%s"T, CB&Q listrfbs'71, 2 CB&Q Il1dv 313849 1 C B&Q 111dv 45°49. Ch & East I1) §s '51 Ch Gr West 48 '59.. 10 Chin&Lgnbs'56. 3 Ch M St P&P 68 5. 30 Ch M & St Padj 5s 129 Ch&NW gn3%s'87 3 i NW 4158C 2037 3 Ch & NW con 4%s. 61 Ch & NW rf 552037 13 Ch& NW 6%s'36.. 8 '!l! 1 41 ChRIevathn 6o 16 16 35 . 25 52 15 C& W Ind 6%s'82 CCC&St L 438 (E) CCC&S L5sD 63 Clev Term 4145 7 Clev Term 58 '73. Colo & Sou 4%s '35 Colo Sou 4% s ‘80. Con Ry 4%s'51.... 106% 100% 981, 6914 8719 Bml 9514 | & 105 99% 103% 100% 704 10215 1075 | 91 973 43% 69% 9814 814 29 79 94% 94 10815 1081 94 102 106% | 1013 100 Premier European Issues Have Proved Unusually Safe, Moody Says, Special Dispatch to The Star. NEW YORK, October 28.—American investors who have purchased high- grade bonds of stable European coun= tries have obtained the same measure of safety as those who have acquired comparable domestic obligations, mc- cording to Moody's Investors Service, The analysis cites the confidence dis= played in certain European govern- ments as responsible for the apprecia- tion in the bonds of those countries, and points out that lower-rated bonds, including the majority of South Ameri- ?’r:hh‘;:urs, h-fi'e m{lnzd because l;l" & generally felt in vy mvnlved.y the basic credit The yields on 160 representative bonds are compared by Moody's, with particular contrast drawn between cur rent yields and those in November, 1929, when the general level of bond prices was lowest, and March, 1930, the peak of this year. Domestic bonds accorded Moody's AAA rating have appreciated 7.72 per cent since November and 1.78 per cent since March, while foreign bonds similarly rated have registered respective gains of 5.73 per cent and 2.49 per cent. “Almost as satisfactory is the com- parison_betwe:n AA foreign and do- mestic bonds,” the analysis states. “The latter gained 6.39 per cent since Novem- ber and 106 per cent since March, while the forcign AA issues have in- creased 6.64 per cent since November and show no change as against the /| level of late last menth. “Domestic bonds rated A and on the other hand, have risen 6.74 an 4 per cent in 11 months, and declined 6.76 per cent and 1.61 per cent since March. The relative instability of the lower-grade foreign bonds is clearly demonstrated by the fact that com- parable foreign issues have dropped 2.78 per cent and 12.23 per cent since No- vember 15.63 per cent and 20.70 per cent since March of this year. “It is the erratic behavior of the less conservative foreign bonds which usu- ally acts to move the entire foreign bond average much more violently than that of the general domestic list. The computation shows conclusively that (1) high-grade foreign bonds possess § most of the investment qualities held by domestic bonds with. th> same rating and (2) that generalities in respect to foreign bonds must be avoided, since the average of the whole foreign list is often deprsssed solely by the action of the lower-grade issues. MORE BONDS BEING CALLED FOR OCTOBER Month, However, Shows Opposite Trend From Situation During Past Ten Months. Corporate bonds have been called for redemption in October to a total value of $51,419,682, as compared with $26,- 443,855 for October, 1929, according to the Standard Statistics Co. The total for the 10 months to October 31, $466,~ 117,431, stows an opposite trend for the longer term, being less than 60 cent of the total for the similar of 1929, $785,088,300. Detailed for major classifications for the 10 months of 1929 and 1930 follow: Industrials Real estate Public utilfty " Railroad Foreign . Totals 3486,117,431 Con Ry 4158 st '51. Cuba RR 65 ctf '36. Cuba RR rf 7%s'36 CONDITIONS .STATIE —"l‘v Mr. Ford a merger looks like a sig- . But how about the tion in the world. history of America in the last 30 m;l is basically the history of mergers. the tast # Iy '0" Uniied arganizstio o n. Nevertheless, Henry Ford's 29-word definition of “merger” will not soon be forgotten. Armament Expense. N anB AN R e e Shattuck(FG)(t1%) Shell Union Oil. Shubert Theater: Simmons Co........ Simms Petrol (1.60). Stnclair Con Ol (2). Skelly Of1 (2). 4 Solvay Am pr ww 5% Sou P Ric Sug (1.40) Southern Cal Ed (2). Southern Pacific (6). Southern Rwy (8)... Spang-Chal pf (6) Sparks'Withing (1). Spear & Co. 208 Stand Brands (1%).. 126 s Oni er cent when ear: stock 3 Plus ver cent Dreferred 10:30 A.M.. 1:30 P.M..... Dividend rates as given m the ai cash payments based t of trading less than 100 sc) a Paid this year—no lar red **% Payasie Yale & Towne (2). Yellow Truck Yellow Truck Youngs Spring Sales of Stocks on New York Exchange 337.000 12:00 Noon. « 1.004,200 1410100 2:10 P.M. . . 1,706 900 bove tabl on the latest quarterly or ::'m'rur‘l.i.udu-m“-' o A e K rate. g"ll bl e o . al in eash or stock. 23 in stock. §Payable in in stock. n Plu T % Ftonk. T Bubject to soroval of stackoidere " “A Fascist Europe within 20 years,” s the of Premier Mussolini, ‘who is preparing in 1932 for the tenth anniversary of the Fascist ‘march on Rome as the “greatest armed gather- CORPORATION share in in 1929 period. Florida East Coast Railwa first nine months, against $2.42 ‘ 000 stockholders October 25, increase more than 15,000 since July, '1930. ! rginian Rallway earned $597 - y_Septem- | mon share in first nine mont gainst ‘Washington Gas 55—$1,000 at 105%. | Potomac Electric 5'5 pfd.—10 at 10814, Merchants’ Transfer & Storage pfd.— $100 at 931, Washington Rwy. & Electric 4s—$3,000 at 899, $1,000 at 893 Mergenthaler Linotype—10 at 89%, 10 at 89%. Capital Traction Co.—10 at 50%, 10 at 0 Union Trust Co—5 at 233. Bid and Asked Prices. BONDS. PUBLIC UTILITY. . 418 '33... 101% & Telga. 4125 10 Amer. Tel. & Telgn. 4'as '35 c 3 Capital Traction Solssons 6s '3 Sweden 534854 . Swiss Confed 8s *40 Toho El Pow 78 '55. Tokio b5 53 Toklo 5%8 '61. Utd King 6% 8737, 6 12 73 106 Utd SS Cgpen 68 '37 10 10115 Uruguay 8s '46 Vienna 6s ‘52, 7 102 1051 101% 99% 2 B4% 84% 26 66% 66 MISCELLANEOUS. Ab& St5%s'43.,., Allegheny 63 'a4. .. Am Ag Ch T%s "4 5 1 12 100% 26% 90 103% 101% 83 101% 9315 ing Rome has seen in 3,000 years of history.” . His latest speech, a charge against all foreign enemies df the Fascist move- ment, has caused a new anxiety to spread throughout Europe. Every one knows the growing bitter- ness between France and Italy today. ‘The increase in armaments throughout Europe is a result of the feeling in dif- ferent countries against the two ex- tremes—Fascism in Italy and Com- munism in Russia. The present armament expense— | Jarger than it was in 1913—is forcing the business interests of Europe to see g‘nmethtnx can't be done to check growth. For the international trade machine will_be permanently smashed if an- other great war breaks in the present decade. Strength in Stocks. The stock market showed strength yesterday—such strength that many observers feel it is now scraping bot- tom, and has become selective in char- acte “ One stock was singled out for ham- mering, although one wonders why. The J. 1. Case Co. has a book value of $195 a share, no funded debt, has $10.000,000 of preferred stock outstanding, and 195,000 shares of $100 par stock. It has 6 per cent dividends for three years, and its net earnings during the Jast five years—from 1925 to 1929, in- clusive—total 112 per cent, or more than the stock is selling for today. Naturally this company Is affected by the farm depression, but how such stock can be sold at the present price is diffi- cult to see. (Copyright, 1930 by North American News- paper Alliance.) V. S. TREASURY BALANCE. ‘The United States Treasury balance announced today, as of close of business October 25 was $225954,588.21. Cus- toms receipts for the month to. $31,558,908.39. Total ordinary expendi- tures $10,070,056.93 B. & 0. TO ORDER RAIL, BALTIMORE, -October 28 (Special).— ‘The Baltimore & Ohio Raiiroad Co. is arranging for for 1931 delivery The rails and track fastenings will be delivered during the first five months of 1931 and the order represents an ulti- mate expenditure of $4,500,000. Detalls regarding weight of rail and REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, October 28.—The fol- | lowing is a summary of important cor- | store. | |with 1,200 men on three-day-a-week basis, | | NEW YORK BANK STOCKS common share in first nine months,! NEW YORK, October 28 (#).—Over- poration news prepared by the Standard | 2gainst $6.33 in 1929 period. |ber net operating income off* 10 per | $8.75 in 1929 period. cent; nine months, 52 per cent below | | year ' ago. | ber net operating Florsheim Shoe opens ninth Chicago ‘ cent; nine months, from year ago. Ford Motor Memphis plant mpens; General Refractories earned $595 | the-counter market: Holyoke Water Power earned $15.09 | Western Pacific Corporation Septem- income up 55 per off 56 per cent Statistics Co., Inc, New York, for the Bank Stocks. Associated pres: News Trend. ment over the earlier months Reports of railroad earnings for Sep- tember continue to show sharp improve- | common share in year ended September | 30, against $15.78 in previous Year. | america International Hydro-Electric Septem- | Bk of U ber electric output up 6 per cent; nine |Chase .. months, 10 per cent above year ago. | Ghat Phenix Lion Oil Refining net income, before | Fifth " ‘Ave. . depreciation, depletion and taxes, first | First Natl N ¥. nine months, $891,097, against $2,310,- | Harriman of the| 4 hat Co Bid. Asked. | 9 2 75,000 tons of steel rail| year. As traffic during September re- | mained at the low levels of prior periods | the gain in net earnings can be attrib uted directly to lowering of transpor Net railway operating income of the first 57 roads reporting showed a de- | cline of 18.8 per cent from last year whereas in the nine months period the decline was 26.1 per cent of the 57 roads 10 showed a higher net than in | Scptember a year ago. Preliminary crude oil production fig- ures for last week indicate domestic output was reduced 5,723 barrels daily This reduction was affected in spite of a gain of 6,200 barrels daily in Califor- nia fields. ! The Companies. Addressograph International earned $199 common share in first nine | months, against $2.16 in 1929 period. Alabama Great Southern Rallroad September net operating income off 64.3 per cent; nine months, 54.8 per cent be- low year ago. Ann Arbor Railroad earned $2.56 pre- ferred share in first nine months, against $11.54 in 1929 period. Buffalo, Rochester & Pittsourgh Rail- way September net operating income off 14.9 per cent; nine months, 29.9 per | cent below year ago. | Chicago & Alton Railroad had oper- ating deficit of $1.211 for September, against {ncome $250,407 year ago; nine | months’ income, $431,458, against| $2,710,610. Chicago. Indianapolis & Louisville| Railway September net operating in-, come off 445 cent; nine months, | 52.3 per cent below year ago. Chicago, Milwaukee, St. Paul & Pa- cific Ral y September net operating | income off 8.3 per cent from year ago; | distribution of orders have not yet been concluded. ——— % Plans for the organization of a ho- mhnufacturers’ crzdit group. to b> _ affliated with the New York Credit Men's Association, will b;hcmm 1.I'I' .3 meeting Thursday. e group W nxeludt aboui 12 of hosiery manyfect==r of the nine months, off 38 per cent, after ex- | cluding $237,538 back mail pay in 1929. Chicago, Rock Island & Pacific Rail- | eal $4.60 common share nmh:m months, against $9.31 in 1929 | period. | Delaware & Hudson September net| operating income off 2.7 per cent; nine months, 20.6 per cent below year ago. Dexter Co. earned $1.73 common 434 year ago! mon share in first eight months, against | tation expanses and maintenance costs. |annual dividend probably will be cov- ered by earnings. common share in first nine months. carned $4.66 preferred share in first | New nine months, against $9 in 1929 period. 25 cents quarterly common dividend vdul: at this time. | net operating income off 50.3 per cent: | stockholders par value shares be re- | barrel. McCall Corporation earned $2.47 com- | "> """ 2.52 in 1929 period. B McGrow Electric president states $2 | Mead, Johnson & Co. earned $6.98 |County .. Irving ... Missouri - Kansas - Texas Railroad M-nul‘;ciiruy | or! United States Mock, Judson, Voehringer Co. omits Norfolk Southern Railway September nine month, 51.6 per cent below year ago. | Otis Allis-Chalmers Co_5s | Americar. Tel. & Tel | American Thread 5' Co. Baltimore & Ohio directors recommend to duced from $100 to $80 through distri- bution $20 dividend from funds re- celved in sale capital assets. w York Central Railroad Septem- ber et operating income 46.3 per cent: nine month, 43 per cent below year ago. Pittsburgh & Lake Erie Railroad Sep- | Gcneral Theaters Gen. . | General Pet. Cor tember net operating income off 16 per | Grand Truk Casiada ‘se 193" Y. o cent; nine months, 7.2 per cent below year ago Prairie Ofl & Gas reduces crude ofl prices n Oklahoma and Kansas in | amounts ranging from 7 to 37 cents| ‘Gulf Oil of Pa. 55 193 Humble OIl 515 1932. Internat. Mateh Corp. 3 Marland Oil 35 1932 New York. ChI. & B Phillips Pet. Co. $%4 Pure Oil C Sinclair Crude 01} | Standard Oil N.” Jer. Standard Oil N St L, Ir. M it L s 1939 Royal Dutch for working of petroleum | wells in Netherland Indies. Stockhold- ers to act on amendments to articles of association, in order to maintain capi- tal at its present amount following re- tirement of $28,500,000 guilders of 4': pe. cent priority shares. Rutland Raiizoad September net op- erating Income off 30 per cent; nine months, 36.2 per ceni below year ago. Seaboard Air Line Rallway Septem- ber net operating income off 49 per cent; nine months, 46.5 per cent below te—Muturity. year ago. e G 1 Southern Railway (System) Septem- Tune 1 ber net operating income off 24.5 Per Mar. 1 cent; nine months, 38.7 per cent below year ago. Standard Cap & Seil earned $2.71 common share in first nine months, against $2.57 a year ‘Transamerics Steel Co SHORT-TERM SECURITIES. Reported by J. & W. Seligman 1937 5125 il rp. 5 Wheeling Steel Corp. 4'2s 1953 TREASURY CERTIFICATES. (Reported by J. & W. Sellgman & Co.) Raturity, id. City & Suburban 5s. .. Georgetown Gas 1st 58 Potomac Elec. cons. % Potomac Elec. 65 1953 ke Wash., Alex. & Mt. Vernon ctf. Annap. 5 & Elec. 45. ... . MISCELLANEOUS. Barber & Ross. Inc.. 6'28 Cheyy Chase Ciub 5 . CPaper Mig. 6: Wash. Rwy. 4" | Arm Del 14 *43. 3 : .. {Ass0 Ol 68°35.... .. Wasn: Gons. “Titie 5. 100" | At Ref deb b3 '37. .. STOCKS. Bell Tel Pa bs C:':lo. PUBLIC UTILITY. N 201 Amer. Tel. & Tel. ( Gapital Tisstion ‘Go. (4, . Gas_Lig 4 : N W steamboat (12) Pot. Elec. Power 67 DI Power 5127 ConG N Y 5%s"45. Consum Pow 68 53 C Am Sug col 8s ‘31 Det Ed rf 63 B "40.. 0 NATIONAL BANK. Cllnul‘!".'ll'\n. o sssiesacsiesese o ereial (stamped) (10 pistriet \Scrican (10} Liberty (7%) P g | KieGabo East C Sug 7%s Fisk Rub 8s ‘41 e Washington (i3) .00 TRUST COMPANY. Amer. Security & Trust Co. (15) 336 Continental Trust_ (8) Merchants' Bank & Trust’ (6). Natl Savings & Trust (12¢). Prince Georges Bank & Trust Union Trust (85)..... Loan & Trust (14) SAVINGS BANK. Gen Motors Gen Thea Eq Goodrich 6% oody'r Rul 5 Humble Of] 6 °37. . Hum O&R 53862, MBTIistpf6sA. 111 Steel 418 °40. ... Inland Steel 4%s'78 Int Cement 584! Int Hydro £1 & Co) Bid. i 162 | Wash. Bank of Bethesda (65). .. Commerce & Savings (i0) East Washington (12).... Potomac s Security Savings & Co Seventh Street (12).".. United States (30) Wash. Mechanics’ FIRE INSURANCE American (12) Eorcoran. (10) Firemen's (8)... o . Rutiona "unton ‘(18 TITLE INSURANCE. Columbia (6h) Real Estate (6h) sessian Title & Inv. Co. . MISCELLANEO! , | Barver & Ross. Inc.. com + | Bhevy, Chase Daity pra C edical Bldg Corp.. I Sand & Gravel prd. (1) C ptd. Int T&Tbs Kan Gas&E 4% Lac G St L 6834, Laclede 53%8 C '53. S Lautaro Nit 6854 . Lig & Myers 53 '51. Loe Lorillard 68 Lorillard 6 Loriliard 7s Midval Mont Pow 68 ‘43 Mor & Co 1st 4% Nat Dutry u:‘a. Ter. Ret. & et tern, 1 . Med. Bidg. Cor Woodward & Lothrop Bid.” (1) 8ubttalad! N ¥ Tol 6345 Nor Am Ed 5345 "63 NorOT& L 6s°47. Nor St Pow b8 A ‘41 Ne Pow s B4l 100% 25% 8915 103% 1015 82% 101 9214 9318 102% Del & Hud rf 4843 Del & Hud 5%s'37. D& R Gren 4 D& RGril%s Den&R G W 6 '35, Erie Gen 4s. Fond J&G 4% CGrTrsfdb 6s e Great Nor 416s'77. 5 Gr Nor 4%s "77 (E) 10 Grt Nor 1st 58 1 Gr Nor s '73 Gr Norgn § Gr Ner gen 7s '36 Green Bay deb B. .. Gulf Moble 58 '50. Hud & M adj 63’57, 16 Hud & Mrf5s8'57.. 8 Illinots Cent 1 111 Cent ref 4s°55.. 28 Int Rap Tr sta "65.. 51 Int Rap Tr7s 32., 1 Int & Gr Nor 6s'52. 7 Int&G Nad 6s'52. 71 IntRysCAG6s'72. 9 Kan CFtS&M 4s'36 17 IN MACHINERY TRADE Special Dispatch to The Star. NEW YORK, October 28.—Conditions remain static in the Nation's machinery and machine-tool markets. Canada’s new tariff is proving beneficial to ma- chine-tool builders there, who report sn ~ increase in orders, while on the Ameri- can side, only Indianapolis, with export demand for the heavy tools injecting & new life in the market, reports any change for the better, reports American Machinist. No radical change in the present situation is ex| in the in- dustry before the first of next year. New York's pre-election quietude con- tinues. School business and replace: ment orders coustitute the bulk of the week’s transactions in Chicago where current buying is mainly for spot needs. Detroit dealers expect little immediate change for the better. Automotive buy= ers there are seemingly’ uninterested. Cincinnati is just jogging along, with increasing inquiries and a fair outlook. New England reports a number of con- trary factors, which, taken in the aggre- gate, indicate nothing either way. Cer- $ tain companies in that territory report a good volume of orders; new construc- tion is up, even beyond 1929, but sales are difficult to close. San PFrancisco considers the situation Kan City Sou 3550 2 Kan City Sou 68'50 5 Kan City Ter 45'60 4 Leh Val cv 45 2003, 26 Leh Vev4%s2003. 6 L&N 43352003 Manh Ry 1. favorable, but with little prospect of a real upturn before the beginning of 1931. May sales of replacement parts are reported, which indicate repair in- stead of replacement of machines. H04 100 101% 52 MONEY MARKET. | Oreg-Wash 43 °61.. Market St 78 °40. .. Mich Cent 4%s'79. & M&SL1strf4s'39 2 M1l E Ry & L 6361 57 M St P&SSM 6%s.. 3 M StP&SSM 6%s., 3 9 6 ¥ 8814 2% 10214 8 774 101% T5% 101% 90 8815 98% 9015 101t & T 1st 45 "90. T4sB 62.. T adj 6367, & TprinbsA. 29 16 19 K K& K&T4%s"78. . K& K Mo Pac5%scv'49. 15 NOT&MG5sA'S5. 8 NOT&Mb% . Nassau Elec 45 '51. N YCgn3iee'e7.. N Y Cent db 45 '34. N ¥ Cent 4148 2013. NYC re im 55 2013. N ¥ Cent db 65 '35 NYCLS ¢l 3%5°93. 25 NY C& St L 4s'37. NYC&St L db 45’31 NY C&StL 4% 2 NYC&StLb%SA 12 NYC&StL5%sB 4 NY NH & H 4s'56. NY NH&H 438 67 NY NH & H clt 6s. NY O&W 1st 48’92 NY St Ry 4148 °62 Nort South bs 41 Nor & Wn cv 4 Nor Pacific 3s 20. Nor Pacific 43 '97. . Nor Pacr 1682047, 29 Ore Short L 6s gtd. 1 5 12 1124 107% 945 102% 100% 111% 107% 94 102 100% 109% 109% 96k 105% 08% 1121 107% 94% 1025 100% 110% 109% 96% 105% 108% 101 NEW YCRK, October 28 (#).—Call money was in large supply today, with little demand, but the official rate held at 2 per cent, the renewal rate. Funds ‘were available outside at 114 per cent. Time money was dull and unchanged. Barkers’ acceptance asking rates and commercial paper were unchanged. L] Sales. High. 25 99% 884 87 101 102 100 2415 301 Low. Close, <" 9 99% 998 RBY, B8, 861 56w 101 101 101% 101% 100 23 29% 20 20 94'% 95% 4 97 Sou P 438 69 ww. i 98% Sou P&Or 4% 100% 101 Sou Rwy gen 86 87 Sou Rwy bs ‘94 Sou Rwy 56 Sou Rw' Y%s Sou Ry M&O 4¢s '38. Term AsSt L 4 StL IM R&G 4s'38 StL&SFin4sA StL&SF4%s'78. S&L&SF gen 68 31. St L & SF gn 65’31 SULS W cv 4832, Seab A L rf Seab A Lev 5 Seab All F1 63 A'35 Seab All FI 6s B'35 Sou Pac col 4s ‘4 Sou 20 1077 108 1115 111% o 1184 118% 3% 94 92 105 92 105 101% 101% 48 49 32 33 98%, 99 Third Av ad) Un Pae 1st Union Pac 43 '68. Un Pae rf 45 2008. Un Pac 4%s'67 Va RR 4% Va Ry 1st Va Ry & Pow Wabash 438 7 100% 100% 1061 106% 102 102 % 1034 1085 % 94 94. ’9 is'48.... 4 97 ‘Wst Sh1st4s 2361 § 93% 93