Evening Star Newspaper, December 1, 1930, Page 15

\ FINANCIAL. IN SMALL TRADING Utilities Show Upward Ten- dency, Setting Pace for Market. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, December 1.—An up- ward tendency marked dealings on the Curb Exchange today, but sales were small, The market leader, Electric Bond & Share, rose fractionally, as did United Light & Power A and American Com- monwealths Power B. Cities Service moved within a narrow range, most of the time being a shade lower than its preceding final quotation. Public utilities, in joint of volume, and motors and coppers in point of gains featured the forenoon session. Olls remained weak, but there was less pressure directed against the oil pipe 1ine companies. Railroad and rail hold- ing and investment trusts were not aided by the character of earning re- ports nor l:y co&gressionxl Proj di- ted against them. "fi(evadgvcali(urnm_ Electric, with an intitial drop of 10 points to 90 registered the widest downswing in early utility trading. Gains in both net and gross earnings of United Light & Power ac- counted for the firmness of the shares. American (gns & !i‘.l;cmc dur- ing the same period rose 1%. ;‘ord Motor, Ltd., was the first issue in the motor list to point upward. This followed London cables stating that 1929 sales in England were 100,000 cars, or 20,000 less than estimated two years earlier, but that reduced prices of Fords will result in increased produc- tion. Stutz Motor was unchanged but turned active following Indianapolis dispatches that the company had con- tracted for all of its December output, had no cars on hand, and was now ‘booking orders for 1931 delivery. Price firmness displayed by copper metal was mirrored in the red metal shares. Newmont Mining and Noranda were early leaders on the upside. New Jersey Zinc later advanced. Richfield Oil preferred with a loss of 11, at the opening was one of the weakest spots on miscellaneous oils; ©Oil with an opening lot of &l}&ofl:fies enjoyed the largest single sale. Eureka Pipe Lin> declined 1% points to 28%, a new low for the year, and ed the most vulnerable of the pipe mmm. Later, however, New York Transit and other issues softened. Prince & Whitely Trading Corpora- tion preferred opened higher despite the omission of the quarterly dividend at this time. The market value of securities, plus cash, less estimated lia- bilities, as of November 26 last, approx- imated $5,350,000, giving an indicated net asset value of $28.75 a preferred share against a market quotation of $17.50. ‘The Curb's committee on listing, after investigating the affairs of Rainbow Luminous Products Corporation, tem- rily suspended shortly after aflure of Piperno & Co., market spon- sors, readmitted the A and B shares to trading today. The A shares opened at 3 and the B shares at 15, or approxi- mately their closing levels on the over- the-counter market Saturday. Diamond Match new common con- tinued active and. at most stages of the market, higher. Mead-Johnson Jjumped 3 points. Fajardo Sugar opefied off a point. Detroit Aircraft rose a fraction in response to President Bease- ley's statement that 60 planes, at a cost of $1,250,000, were to be turned out for the Government in the next 6 months. Pennroad Corporation was down a shade and some selling came into Railroad Shares Corporation. Southern Pipe Line Co. NEW YORK, December 1 (#).—For- rest M. Towl, president of the Southern Pipe Line Co., in a letter to stockholders says he expects the annual report for this year to show the company has a little more than earned the $2 in dividends which have been paid during the year. BONDS ON THE CURB MARKET. foles in DOMESTIC BONDS, usands, High. Low. Noon, 5 Alabama Pow 5s '68. 103 1023 103 2Am Cmwlh Pw _6s '40 80': 80'2 80 4Amer G & E 55 '28. Amer Rad 4135 " 10 Amer Seating 65 2 Appalac Cas 65 B 45 i h Pow gererEe 208 Adm 55 A '53 ww terpillar Tr 55 '35 399982 19000090 nsum Pow 4'is nt G & E 55 A ' ne Co 55 '40. 29! 5i25 37 W B mm o Sl BES s un oo o Sa Brsona i Lel LaP& L5 Massachu e A3 303 e S e s rs M b BhefTyeld 5ius 48 102 BEE P&L 65 A 2025 xw 101% 38thw Dal Pr 6'as '38 55 andard P & L 65 57 97% 3Ewift Co S5 ‘40 wi.. 9970 27Texas Elec 55 '60 wi 9513 1 Texas P & o8 67Tl Utl! 5 a1y 85 101% 1] Ulen & Co 2Unt Lt & Ry 6s A ‘54 100 L 65 75 6s ‘44 2 Union Guif 55 ‘50 United P & bbe ul T 65 ‘33, an_Bweringen 63 - wgter Bl 48 Yas Pesin. 55 3030, -nxgu As Alr Pr ins Ad L PR g2 < e i“:’E !r' [ =82 =223 S FF B PSR 2 2 &= G G 323333233; ¥ o L) W S Ld 2283338, F eI 388 gfl; il b = Note—All stocks are scld in ws those st ~Prev. 1930.~ Stock and High. w. Dividend Rate. 20% 10% Affiliated Prod 1. 9 1% Alr Investors vte. . Ala Pwr cum pf ()3 Am Capital (B) . Am C P&L (A) (a8)n Am CP&L B (10%).. Am Com P A (b10%) Am Com P B (10%).. ‘Am Cyanam!d (B) Am Dept Sto; Am Equitle: Am For Pow (war).. Am Gas & ET (31)... Am Hardware (15).. Am Invest Inc (B).. Am Invest (war). Am Maricabo. Am Natural Gas Am Pneumatic Sv. .. Am Potash & Ch (1). Am Superpowr (40¢). Am Superpwr 18t(6) Am Ut&G (B) (35¢c). Appalachian Gas. ... Ariz Globe Copper. Arkansas Nat Gax Ark Nat Gas (A) Ark N G cu pf (6 Asso El Ind Ltd 30c.. Asso GRE A (at2.40) Asso Tel Util (b8%). Atlantic Coast Fish.. Atlas Util Corp. ..... Aviation Cor of Am. Bahia Corp. 5 Bickford's . Blue Ridge Cp(p20c) Blue Ridge cv pfas.. Blyn Shoes Inc. Brazil Tr&Lt(h8%).. Brill Corp (A) (65¢). Buckeye P 1 Bulova ov & ), Burma Corp ' r31e).., Butler Bros «.0¢).... . Cable Radlo T vte. .. Canada Marconi. Celan ct 1st pf (' Cent Pub Sve A al.76 Cent St El (k40¢).... Cent St El pf (6) xw. Chat Ph Al nv (50¢).. Serv (g30¢)... Clties Serv pf (6). Colon O1l..... Col Oi1 & Gas vte. Com Edison (8). Com & Sou war. Consol Dairy e Consol Laundries(1) 2 ‘ol s Balt (3.60). 1 Cont G & E pr pf (7).120s Contl Share cv pf (6)110s Cont Shares pf B (6). 31 Cooper Bessemer (2) Copeland Pr Inc A. Cord Corp. . Corroon & Reynolds Cosden Oll...... Creole Petroleum. CrCork Int A (1). Wright war. Dayton Afr & Eng... Deere & Co (81.20).. De Forest Radlo. ... Deisel W Gilb (1%). Detroit Alrcraft..... 11 Diamond Match new. 48 Dia Matchcu pf (n). 6 DressSR (A) (3%,. 2 Driver Harris new.. 1 Dubilier Cond & Rad 7 Duke Power (j15)... 25s Duquesne GasCpwi. 1 Durant Motors. ..... East C & F Asso. . East St Pow B (1)... Efsler Electric Corp. Elec Bond & Sh (b6). 47’ El Bond & Sh cu pf 5. Elec Pow Asso (1).. Elec Pow Asso A (1) Elec Skareholdg (1).. Empire Corporation. Emp Pwr pt (14.60).. Emp P Ser A (a1.80) % Fngineers Gold..... Eureka Pipe L (4)... bl Europ E Ltd A (60c) Europ Elec deb rts. . Evans Wallow Lead. Fabrics Finishing... Fageol Motor. .. Fairey Av Ltd ( Fajardo Sugar steel Produ Federat Met (+1%).. Fiat Stock deb rt. Fiat rets (1.25). ... Ford Mot,CanAt2.10. Ford Mot Ltd 37 e Foremst Dairy pr pt. Fox Theater Cl (A). Franklin Mfg Co..., General Aviation General Baki; Gen E Ltd ret (50¢). Gen Empire Cor (1), Gen G&E v of B (6) Gen Theat Eq w.... Gen Th ev pf w1.(3), Glen Alden Coal (8) . 4 Globe Undwritrs 30c. Gold Seal Klec new. . Goldfleld Consol . . Goldman Sacn TC ., Goth Knitback Mch. Graymur Corp GrA&PTof ( Grier Stores (1) Groc Strs Prod v.t. Gulf Ofl of Fa (1%). Helena Rubenstein. . Hudson Bay M & S.., Humble Oil (123).., Hvdro Elec Sec (2).. Hygrade Food Prod.. Imp Chem Ind (25¢). Imp O1l of Can (60c) Ind Ter 11lu O] (A).. Ind Ter Ilu O1) (B). i Ind Fin ctfs (b10%). Irdus Fincv f (7).. & Insull Ut (+b10% %) Insull Util 2d p£(6).. InsCo N Am (13). Insurance Sec (70c). Intercontinent Pet . int Petroleum (1)... Internat Super (f1).. Int Utflitles A (33) . Internat Util (B).... 1 Intl Ut pt pf (7)... InterstateEquities.,. 1. Knott Corpn (a1.60) . Kolster-Br (Am Sh). Koppers G&C pf (6). 25, Leonardoit - Ley (FT) &Co (3). Loew’s Inc war).... 4 Lone Star Gasn (1). Long Isld Lt (55¢). . Long Islcu pf B (6). 50s 100 Louisiana Lan & Ex. 591 2 e T BN e & wE o cepting ceignated by the letter & (80s) (2608 those dt¢ ¥ s hicn sho focks to be sold in odd lots only. —Prev. 103 i 5 Mead Johnson (143 ). Memphis N G (170c), | Mer Ch &8 (1.60).... Mer & Mfg SA (1%)a Mesta Machine (2). .+ Met & Min Inc (1.20), Mid WSt Ut (1%).., Mid West Ut (b8 % Mid W Ut cv pf xw 6. Mo Kan PL (b10%). Mo Kan P L vte. . Moh H P 1st pf. (1) Mount & Gulf (8¢) Mount Prod (1.60)... Nat Aviation. . . t Bond & Sh(75¢). Nat Fam St pt (2)... Nat Investors. \ Nat Pow & Lt pf (6). Nat Sh T Sec A $50c. Natl Stl Car, Ltd (2). 5Q; Nat Sugar NJ (2)... Nat Union Radlo. Nauheim Phar. . Nauheim Pnar pf Neptune Meter A(2). Nestle Le Mur. Nevada Cal Elec Newberry (JJ) 1.10.. New Brad Ol (50c).. New Eng Fuel new New Eng Pow pf (6). New Jersey Zinc(13) Newmont Min (f4).. NY Steam Cpn w.i.. N Y Tel pf (6% N Y Transit (11.80).. Niag-Hud Pow (40¢c) Niag-Hud Pow A w.. Niag-Hud Pow B w.. Niagara Sh, Md(40¢) Noranda Mines (2) No Am Aviat A wa: No Am Cement. Nor Europ Of1 C Nor Ind Pwr Sve(6).. 1 Nor St Pow A (8).... Nor St Pow pf (6). Novadel Agene t3%.. Oflstocks Ltd A 60c.. Outboard Mot (B)... Overseas Secur (1).. Pac G&E 1st pf (1%) Pac Pub Sv (1.30). Pac Western Oil..... Pandem Ofl..... Paramount Cab Mfg. Pennroad Cp (20c) Penn-Mex Fuel (3) Peop L& P A a2.40 Pepperell Mfg (8).., Pitney BP n (20¢)..: Petrol Corp war. Plymouth O1l (2) Poterero Sugar. .. Pratt & Lamb (15) Premier Gold (24c) Prin Reeve Rellan, o Vie Fin Walker Walker West V | Dividend rates in 32 payment. *Ex divi 1‘0(! dend. f Plus 3Plus 2% in stock, 2 n Plus 8% m stock. 100 W 2% Stock and Dividend Rate. 814 MacMarr Stores (1). 36 Mapes Con Mfg t3%. Marconi 1 Mar (38¢). Wenden Copper. West Alr I2xp (60c). Yukon Gold Zonite Produc Received by Private Wire Ditect to The Star Office Sales— Add 00, High. Low. Close. 1 8% 8% 8% 36 38 9% T TS T LT s o @ E 2 PRECOE NODE IS NN @ - Jorey SRR 1 10s - Prudential Invest. Pub Ut Hold (50¢).. Public Util Hold war Puget S P & Lt pf(6) Pure Ofl pf (6)...... R R Sh Corp (25¢)... Rainbow Lum Pr A.. Rainbow Lum Pr B.. (Dan’l) (1%) nt (A) Reliance Manag. Reybarn Co Reynolds Invest. Rich Ol Cal pf (1%) Rock Lt & P (30c). .. Roosevelt Fleld Inc., Root Ref cv pr pf. Rossfa Int Corp. % Royalty Cp pf t1.70.. Rubberotd Co (4) Ryan Consolidate Safeway 8 w(2d) (C) 4 St Regls Paper (1) Saxet Co. . Schuite Un Ge-$1 St.. Scovill Mfg (3).. . Seaboard Util (50¢). Sex Lock & H (50c).. Selected Industries. Selec Inall ctfs(434) Select Ind pr (534).., Shawingan W (214). Shenandoah Corp . Shenandoah Cp (a: Smith (A O) (2). So Am Gold & Plat. . Sou Penn Ofl (123). Southern Corp. .. So Pipe Line (12). .. SouthldRoyalty (60¢) SW Dalry Products., S W Gas Utilities. . .. Std Cap&Seal (12.90). Standard Motors. ... Stand Of Ind 123) . Stand Oil of KY (12) Stand Oil Ohio (2%). Stand O Ohfo pf (7). Stand Pow & Lt (2 Starrett Corp Starret: Ccrp Strauss Roth....... Stromberg-C (113%). Stutz Motor Car. Swift Intl (13%) % Technicolor Inc. Teck Hughes (60¢) xon Oll&Land (15) % Tobacco Pr Exports. Toledo £d cu pf (7). Tran Con Air Tran. . Trans Lux DL F §| Tubize Chatel 1B). ., Twin St NG A pt (1), Union Ol Asso (j2).. d Chemical. .. Utd Corp (war) Utd Dry Docks. Utd EI Sv pr war Utd Found b2-35 sh. ¢ ‘.lll Gas Corpn, S ommorented Toom o s RN e B =8 Efmwon s ) Utd Lt & Pow pf (6 Utd Milk Prod pt US Elee Pow ww US Foil (B) (1), U S & Int Seeur US & Int Sec 151 (5) U 8 & Overseas war. Over ctfs 28% ¢ Uil Pow & Lt tal) Utility & Ind. . Utlifty Equities. Vacuum (t43) Van Camp Packing, Venezuela Petrol. ., n Cor (40¢). Walgreen Co. .. ). o s “6% 3in (73¢) 1% Coal & Coke. £r 19% % e 10 10 10 1l adoliars based on last quarteriy or semi-annual a Payable In cash or stock. 8% 1in stocl & us 4% " in stock. e Adjustment divi- B Plus 1% in stock. mPlus 3% in stock extra 3 bP?l:s)‘c!’“' ‘"l Nlbfkfpl K Flus 10% ‘n socke ) Baltimore Marke i Special Dispatch to The Star, BALTIMORE, Md., December 1 Potatoes, white, 100 pounds, 1.25a1.75; sweet potatoes, barrel, 1.50a2.75; yams, barrel, 2.25a2.75; beans, bushel, 1.00a 2.00; beets, 100, 3.00a4.00; cabbage, ton, 14.00a20.00; carrots, 100, 2.00a4.00; caulifiower, crate, 2.25; 1.75a2.00; peppers, crate, 1.00a2.5 parsnips, bushel, 90a1.00; spinach, bush. el, 1.25; tomatoes, 1.00a2.75; turni bushel, 40a70; cranberries, 2.50a3. box, 2.00a3.! oranges, box, 2.0084.00; bushel, 1.25a2.50. pears, Dairy Market. Poultry, alive—Turkeys, pound, 28a £ phian o s § i , 17220, 14a15; old hens, 16a24; Leghorns, 13a16; roost- ers, 12a15; ducks, 13a20; geese, 14a20; ea fowls, each, 30a60; pigeons, pair, lern firsts, fers of hay. 25; process, 30; store packed, 15a16. Hay and Grain. Wheat—No. 2 red Winter, export 79%; No. 2 red Winter, gariicky, spat. 79%; December, 79%. Corn—No. 2 domestic, yellow, old, $7a88; cob corn, new, 4.40a4.50. Rye—Nearby, 55a60. Oats—White, No. 2, new, 44a44'%; No. 3, 434315 Hay—Recelpts, none. General hay market strengthening. Drought has seriously curtailed nearby crops, chang- the entire situation. Sections her tofore shipping are now asking for of- Good clover mixed and timothy new hay will bring from 24.00 to 28.00 per ton. Wheat straw, No. 1, per ton, 9.00a }3% oat straw, No. 1, per ton, 9.00a Live Stock Market. Cattle—Receipts, 400 head; light lug:l!: “""'”w?”g" lndl |$ Yot choice, 550 to 6.00; medium to 450 to 5.50; falr to medium, 10‘000:; 4.50; plain to fair, 3.00 to 4.00; com- mon to plain, 2.50 to 3.00. o Helfers—Choice to prime, none; good to choice, none; medium to good, 7.00 to 8.00; fair to medium, .00 to 7.00; in to_fair, 5.00 to 6.00; common to plain, 4.50 1> 5.00, Fresh cows and springers, $30 to $80. Sheep and Lambs—Receipts, 1,500 head; moderate supply;” market higher. Sheep, 1.00 to 3.50; lambs, 4.50 to 9.50. Hogs—Receipts, 2,300 head; fair sup- ply; market lower. Lights, 9.00 to 9.30; ;w::svles. B.;lli '?ngaf(; medium, 9.00 to .25; rougl K 8.00; light pigs, 8.75 to 9.15; pigs, 9.00 to 9.33:‘ P Calves—Receipts, 400 head; 1light il;lls)‘i)l market higher. Calves, 5.00 to TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate—Maturity. Dec. 15, 1 * | know WILLARD EXPLAING NEW RAIL PROGRAM B. & 0. President Insists Carriers’ Usefulness Is Not Menaced by Competition. BY LEMUEL F. PARTON. Special Dispatch to The Star. NEW YORK, December 1.—Daniel Willard, president of the Baltimore & Ohio Railroad, does not echo the sug- gestion of alarm over the state of the railroads, aroused in some quarters over the announcement of the new legis- lative program of the Association of Railway Execufives. Mr. Willard did, however, in an interview granted this correspondent, touch on the importance of “restrictive legislation” in evening the burdens between the railroads and their competitors. ‘The attitude of Mr. Willard and other leaders of the industry indicated that sweeping legislative adjustments had absorbed railroad leadership for several years, in the face of compelling eco- nomic changes, to which adaptations must be made if the roads are to func- tion at their highest efficiency. Association Program. The program of the association, to be embodied in six congressional measures, takes into consideration the increasing competition of automobiles, water car- riers and pipe lines and a means to clear the way for such consolidation measures as may be necessary for basic cconomic readjustments. Mr. Willard and the others care ly stressed the constructive designs of the roads, in- sisting that their basic usefulness had not been in the legst impaired by com- peting transportation, providing the legal fundamentals were set right. Mr. Willard had no magical formula to offer for bettering conditions in the railroad industry, and frankly accepted new burdens and complexities as a challenge which the railroads must meet by efficiency and businesslike methods. Asked about automobile competition, Mr. Willard made it clear that enlightened railroad management held to no obstructive policies with re- gard to the continued development of automobile transportation, and that its growth would be commensurate with the service rendered—with the railroads continuing to function effectively in their fisld. Cause of Objection. “I haven't heard any particular com- plaint from railroad interests about au- tomobile competition,” he said. “We that the 22,000,000 automobiles in the country doubtless will increase with the building of more roads, and we are not opposing the construction of these roads. We do not object to more and better roads. “We do object, however, when an in- dividual or corporation becomes a com= mon carrier in competition with the | railroads without having to assume the burdens imposed upon other common carriers. As much as 12 cents of every dollar earned by the railroads.goes for the maintenance of permanent way and structures, and, in addition, probably upward of one-half of the eptire in- vestment in steam raflroads;” roundly 25 or 26 billion dollars, was used for the purpose of providing the roadway and structures upon which the trains operate. The railroads do not believe that they are being treated fairly when i among common car- riers, ed what is largely equivalent to the free use of the im- proved highways. “In this connection, it should be kept in mind that the railroads pay ‘over $400,000,000 a year in taxes, and a large portion of this amount is used for the development and improvement of highways over which some of their competitors are permitted to operate practically without cost. But if the eco- nomic demands of the country require increasing use of automobile trucks they will require increasing use of the rail- roads! We are not in the least de- spondent.” Capacity of Railroads. Questioned as to the ability of the roads to meet increasing demands with their present equipment and organiza- ! tion, Mr. Willard said: “Without doubt the railroads as a whole could handle 30 or 40 per cent more business than they are now get- ting. There are economies to be achieved through consolidation, but time will be required to bring such economies about. In cther ways there is always an oppertunity for econo- mics. In the past some of these econ- omies have failed becaute of restrict- ing legislation. We hope for improve- ments in this regard in the fulure. The raiircad industry intends to go forward by providing better service—through | technical improvements or through in- . | creased economy and efficiency in or- ganization and management.” In reply to an inquiry about wage policies, Mr. Willard said: “Naturally, no one wants to reduce wages. The railroads conform to en- lightened public policy in this regard and, of course, they want to keep their organizations intact and functioning on the highest possible level of ef- ficlency. Our purpose is to keep rates as low and wages as high as the busi- (Copyright. 1930.) GRATN MARKET CHICAGO, December 1 (Special).— The wheat marke{ was u fraction lower sday reflecting tile weakness at Liver- 1ies on December contracts ,000 bushel December, old, opened at 74%; new, 74%,; March, old, 42777 new, 717:a78; May, old, 791 v, 80a79%. After the first December, old, 741%; new, March, old, 77%; new, 17 old, 79%a; new, 79%a. Corn was firm on local buying be- cause of wintry weather. December, old, , 16; March, old, ; May, old, 7915a fter the first half ©5la; new 75%; May, old, Oats were firm. December, old, opened 34%a34%;; March, old, 36; May, old, 37%a37%; new, . After the first half hour December, old, 34%; ]V'llm'ch, old, 36%; May, old, 37%; new, rovisions were unchanged. U. S. TREASURY BALANCE. The United States Treasury balance, announced today as of close of business November 28, was $90,149,896.71. Cus- toms receipts for the month to date were $34,732,370.58. Total ordinary ex= penditure $7,038,905.34. G i SHORT-TERM SECURITIES. (Reported by J. & W. Selisman & Co.) Bid. Offer. 0015 1011 Chi. Chi cago Roc Chile Copper -32 | Stans Standard Oil N' York Bt. L., Ir. Mt. Public Utilities BY GEORGE T. HUGHES, (This s the fourth article of & serles on ‘the subject of public utilities, cover- ing the Drincipal operating and holdin companies, givin their history, fleld o operations and an analysis of the capi- tal structure. Mr. Hughes will discuss bonds as well as stocks, but will present acts without any attempt to recom= mend purchase or sale of specific securi~ American Telephone and Telegraph (1). ‘The high investment rating, which by common consent, is accorded to the stock of the American Telephone & ‘Telegraph Co. is the result of the steady expansion of that great corporation and the outlook for continued expansion and second to the able and intelligent char- acter of the management and, third, to_the generous return which share- holders have received on their invest- ment. While there may be a retarding of the rate of growth in times of indus- trial depression such as now prevails that is only a temporary affair. The demand for more telephone service has never reached the saturation point and there is no indication that it will for years to come. Besides the extension of communica- tion via radio to all parts of the world and the increasing use of long-distance facilities all make for larger gross rev- enues for the telephone company over a period of years. The point to bear in mind in this connection is that the securities of an industry with an ex- panding outlook command and ought to command a higher market price than the securities of one which has reached the limit of expansion. The manage- ment factor is also all important. Nec- essarily the telephone business is a monopoly and so properly subject to control in the public interest. So far the public relations policy of the American Telephone & Telegraph Co. has been such as to commend it- self to farseeing investors. It is the announced purpose to devote earnings in excess of the amount required to as- sure the best service and to command adequate capital to the enlargement and improvement of the plant or to a reduction of rates. In line with this policy there have been no stock divi- dends, a0 stock split-up and no extra | dividends, the additional compensation | to shareholders coming in the form of rights to subscribe new capital on at- tractive terms. o DIVIDENDS DECLARED NEW YORK, December 1 (#).— Regular. Pe- Company. Rate. riod. Allied Newspap Ltd Am dep rec fgr Holders able. of record. .26 . 18 18 o0 Biltmore Hats LT T Can_Nortliern' Pw Do_pf.. $1.75 Can W & ‘Ca pf.3162%a Diesel Wem & G.37%c Detroit & Clev Nav.20c El Paso Elec (Del) Bl A Do pf Bl El Pw & Li'lst (no p) all ctf o Do 15t pf allot ct! pd 81 Erskine Bf. Federal Terra Cotta 52 Goldblatt Bros...371ac Houdaille Hers A 62'zc Hollinger Con G M 5¢ Jefferson Elec. 50¢ Kop G & Coke bf.$1.50 Lawyers Mtg (NY).i0c Mor & Es RR.32.12% Morrist Sec Corp 28c o D! $2.50 Myers (FE) & Nat _Btandard ~Co.75¢ Northland Greyh L f 1 aLe O TETIO N A1) SHHLEE BRERatREEEventie s en 8. i Southw L&P 'pf.$150 Stroock (8) & Co.d5c Swift & Co old. . Un Pub Ut $6 pr.51.50 U S Mtge (NJ).. 20c Uil Pw & Lt pf.5L76 Vortex ..80c West G Do pf. Wiser Oil 'Co o 000000F000O0OOOOOODOOD LOTO: POOEEOE000 © 0O POPOOD OO PO TRTEITRR [eTETETCL et - T 2 EEESEy BE55eesa Am Coal of Allegh.$1 ta. §2 Hollinger Cons_GM _5¢ Stand Cap & Seal.50c Reduced. West Point Mfg..31.50 Q Omitted. Ind Limesto pf.......3175 New Eng Bd & 3 8712¢ Prince & Wh Trd pf A.75¢ Deferred. Dom B Ltd §2% pf.51.6214 Inter Pow Sec s =S First Mortgage Loans Lowest Rates of snterest and Commission Thomas J. Fisher & Company. Inc. Money on Hand to Loan onm First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Avé, N.W. FINANCIAL. CLEARING OF BUSINESS CLOUDS IS PREDICTED | e st Special Dispatch to The Star. NEW YORK, clouds are clearing in the securities market, says the Financial World, in- | vestment weekly published by Louls Guenther. “Our bankers abroad,” nancial World, “appear to have made constructive steps toward improving world-wide depression in easing the sil- ver situation. The commodity outlook, though only in the first stages of better- ment, is promising. Steel prices indi- cate early firming. A contra-seasonal trend in motor production is welcome, following the protracted dullness of that industry. Approaching the holi- day season, we will soon find whether or not the purse strings are again being loosened by the public. In again re: verting to the habit of spending, the experience should be a pleasant one and not at all harmful. The hopeless views of the future herctofore emanat- ing from Wall Street have assumed a more cheerful tone. The payment of extra dividends by several leading cor- porations clearly fixes their opt of the future and is substantiated by un- uczally favorable earnings r for this period of dull business. ‘The bulk of necessitous and unreasoning liquida- tion is undoubtedly behind us. Odd lots and an abundance of outright pur- chases are reported in bringing about a normal state, with the law of supply and demand functioning as it should. Improved business will make for better markets; so will better markets help business. A sharp and pronounced early improvement in both or either can hardly be anticipated. A period of dull but firm markets lies ahead. “The holder of sound securities should be determined in his holding. We are in the early stages of progressive im- provement. Our troubles and adversi- ties are now behind us. Money must work. When sound securities can be obtained to yield, in many cases, double and treble the prevailing money rates, it does not take long for this fact to be- come recognized. With fear and un- warranted caution dispelled, we again proceed to work out our problems as we have always worked them out hereto- fore.” S e NEW SECURITIES NEW YORK, December 1 (#)—New securities offered today include: People’s Gas Light & Coke Co., $8,000,000 4% and 42 per cent serial gold notes, due February 1, 1935 to 1936, priced to yield from 4.25 to 4.75 per cent, by Halsey, Stuart & Co. Rye, N. Y., $1,350,000 4, per cent school bonds, due from 1933 to 1955, priced to_yield from 3.75 to 4.10 per cent, by National City Co. and Guar- anty Co. Multnomah County, Oreg., $1,000,- 000 4!y per cent bonds, due December 15, 1936-1960, and priced to yield from | 4.10 to 4.20 per cent, by a group hezaded by the Continental Iilinois Co. City of Asbury Park, N. J., $1,000,000 4% per cent bonds, due 1932 to 1957, at prices to yleld from 4 to 4.60 per cent, by a syndicate headed by M. M. Freeman & Co. December 1.—The | moti: additional expenditures, than $2,000,000 for loco< and station construce On Our Liberal 20-Monthly-Repayment Plan No Endorsers Required A Strictly Dignified and Confidential Service Maryland Personal Bankers 8405 Ga. Ave., Silver S 3 Phones: | Sheperd 34- . Public Small Loan Co. Rosslyn, Vi Phone Clarendon 3 West 2448 Bethesda Personal Bankers Bet! "o hesda, Md. Phone Wisconsin 4374 We Are Now Located.in Our Own Building at 1610 K St. N.W. ‘This new location is more convenient to the financial center and will prove in every way a convenience to our investors. Capital Resources, $3,500,009 1610 K ST. N.W. Resolutions on the Margin NE bad habit marred the life of Pierre Fermat, great 17th century mathemati- cian — he kept no record of his work. Hasty notes on scraps of paper served him — and so his most brilliant theorem re- mained unsolved today — the answer written on the margin of a book which was lost. ‘Thousands of human beings resemble Fermat in cne respect — they make hasty resolves. to invest a portion of their salary in some sound security...but the resolution gets lost in the shuffle of unplanned expenses. \ Those who plan: for the future make a permanent record of salary and expenses — and set aside & certain portion for investment in a security they KNOW will always pay them a steady return, despite stock market depressions — a-security such as the 6% First Mortgage Notes sold through Swartzell, Rheem & Hensey Company. For more than 61 years, these Notes have paid every investor a steady, assured return — with principal always exactly at par. SWARTZELL. RHEEM & HENSEY CO. MORTGAGE BANKERS \711 15 STREET N.W. WASHINGTON D.C. RECOVERY HE readjustment of stock prices which ¥ has taken place over the past ysar has been more or less without discrim- ination. We believe the recovery from low levels will be to a great extent selective rather than general. g Members NEW YORK AND BALTIMORE STOCK EXCHANGES Associate Member NEW YORK CURB EXCHANGE In view of changed conditions, every invesfor should analyze his investments. We will be glad to submit reports on the position and prospects of any se~ curities you may hold. ‘Mackubin, Goodrich & Co. 1508. H STREET WASHINGTON, D. G. - ESTABLISHED 1899 B \ EDWOOD & SOUTH I'I‘Qy. o BALTIMORE, MD.