Evening Star Newspaper, December 26, 1930, Page 14

CA—l4 ¥ CEMENT INDUSTRY 15 OVEREXPANDED Plants Declared Operating on 60 Per Cent Basis Pending Sale of Surplus. FIN BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, December 26.—B. F. Affleck, president of the Universal Atlas Cement Co., says the cement industry, like many other industries just now, is overexpanded and “in _spots disor- ganized and filled with sharpshooters.” “The American cement mills have a capacity of about 260,000,000 barrels a year,” said Mr. Affieck to the writer. “While the demand at the present time 1s approximately 150,000,000 to 160,000~ 000. In other words, we now have 40 cent more capacity than demand. should say that there are about 90 different companies working 140 plants, engaged in making cement in th United States.” Present Schedules. “Then the plants, as a whole, are running at about 50 per cent capacity? T asked. “That is substantially correct. In such a situation, naturally, youll find plenty of firms, embarrassed for ready cash, who will sell below cost of pro- duction. It can hardly be avoided in such times as we have been going through. The next 12 months should see a good deal of this unhealthy situ- ation cleared up.” Checking from the figures, supplied by the United States Bureau of Mines and other governmental agencies, I find that the over capacity of American cement plants during the last five years has been larger than ever before. In 1907, the total capacity of Ameri- can mills was about 55,000,000 barrels, with 50,000,000 barrels of demand. The Now plants were constructed, and the business always kept far ahead of the demand. By 1019, the capacity had reached 130,- 100,000 barrels but the demand was only 80,000,000. Still the cement men continued to build. By 1929, the in- dustry had 260,000,000 barrel capacity, while the demand was 170,000,000 barrels. However, prices have been well maintained on the whole. Cement was $1.65 & barrel for the first seven months of 1929, as against $1.60 for 1930. Crossing State Lines. Transmitting power across State and National border lines is increasing rap- idly. The Federal Trade Commission lists 448 corporations engaged either in sending_or receiving electrical energy across State “;},’ international bound- aries during 1930. The intercountry business was be- tween Canada and the United States and Mexico and the United States. Canada_and Mexico together sent to the United States 1438,493,991 kilowatt hours; whereas the United States com- es sent them only 37,552,487 kilo- watt hours of energy. Canada is, by far, the largest exporter of electric wer in the Americas and one of the t in the world. The Middle Atlantic States are still the big generating States, with over ,000,000,000 kilowatt hours generated ?fld 23,000,000,000 consumed during the largest amount of interstate movement of elegu'ic current, where nearly 5,000,- :enernad ‘were sent across State bor- '%u commission revealed that while the total electrical energy the United States in 1929 was 95,500,~ 000,000 kilowatt hours, only 81,000,000, ) reeptible loss, was fitenmes, Yo percpaiie Lo, s Nearly one-fifith ' of all the power eonsumed in the United States is at Kruent. being turally the tion of Federal su- er of interstate power is fast “In 10 years we will be transmitting electric power by wireless. Then '.h; m will be used to run subways in New York and street cars in Rome.” visioning the future. Progress In Rail Merger. ‘The of the East had on four main trunk lines is premature. conference has been held for the pur- of ironing out the differences be- has been made. “Hmver. several major points are yet i ay be accomplished later it is well lowu! that it had not been cleared decision was due largely to the eager- .mul:lmwmmemn people wish to doubt at all that this he licated the railread prob- The South Atlantic States had the 000,000 hours out of 11,000,000,000 generated in 000 kilowatt hours were consumed. The tween the generation and the consump- tion. sent across State lines. & national issue. of Iceland—and what power the: said an electrical engineer recently announcement that the railroads For 10 years now lerence after !'een the various roads. A great deal 40 be cleared up, and while this situa- et. wPr{)btbly the haste in announcing such th accomplished. There is have the thing o bl o ness has compl lem. But this holds true not only in the Eastern territory, but also in the Mid- dle West, where & new contest has start- ed over the contemplated merger of the Great Northern and the Northern Pa- cific, and in the Far West, where new trunk lines are in process of formation. The Interstate Commerce Commission has yet to approve of any substantial outline of merger development. While the situation is so confused the rail- roads face uncertainty and, in spots, difficulties. Reduction in Transatlantic Fares. The great reductions in the passenger fares between Europe and Canada, an- nounced by all of the major transat- lantic lines, should spurt European travel business during the present Win- ter months. Fare reductions of from 10 to 50 per cent have been made, de- pending upon the accommodations. Passenger_trade between the United States and Europe has suffered a severe decline this year. The Brussels Atlantic Conference ~estimated a decrease of about 30,000 passengers during 1930. Apparently these new fare reductions are to be made permanent, for they apply notfonly to the present Winter rates, but also to Summer rates as well. ‘The Leviathan, the flagship of the | United States Lines, has reduced its| major suites, consisting of three rooms, | three baths, & veranda and a trunk| room from $2,340 to $1,530 for three persons. Smaller suites costing $1,000 or more_range from $755 to $780 under the new schedule. It has been estimated that the de luxe outside rooms will cost only $5 a day| more than the minimum fare. ‘Week end trips to London are liable to become as ar as al parties #o Palm Beach and Miami now. Copyri . by the North American (CopTTiEbt: Newspaper Alliance.) GENERAL MOTORS HOLDS FIRM IN RECENT TRADING Bpecial Dispatch to The Sta: ANCIAL. AR. WASHIN NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office, (Continued From Page 13.) ~Prev.1930~ Stoc High. Low. Di 49% 26% McKes & Rpf (3%). 88% 33% Mack Trucks (4). 159% 86 Macy & Co (nt3). 5% 4% Mad Sq Garden(60c). 19% Magma Copper (3). 1% Mallison & Co 24 Man Elev mod g (45) 6% hat Shirt (1). 1% Maracaibo Oil Exp. 17% Marine Mid (1.20) Marli . 1 Fleld (2%) son Alkall (2) 27% May Dept Strs (n2) 15 Maytag Co pf (3). 68 Maytag Co 1st pf 25 Melville Shoe (2) 3 11 Mid-Cont Pet 15% Midland 8¢ 9% Mohawk Carpet. 16% Montgomery Ward. 48% Morrell & Co (4.40).. 1% Motor Meter G & El. 14% Motor Wheel (3).... % Mother Lode. .. . 9 Murray (B) (2% stk) 8¢ Myer (FE) & Br (2). 21% Nash Motors (¢).. 70 N Chat & St L (5) 28 Nat Cash Reg A 85 Natl Dairy (2.60). 6 Nat Dept Store. 18% NatDist Products 30 Nat Pow & Lt (1). 41 Nat Steel (2). 60 Nat Supply (6). 35 Nat Surety (5). 14% Natl Tea (1) 9 Nevada Copper (1 23 Nelsner Bros (1. 12% Newport Co (2) 152 NY& 9% N Y Inve 67% NYNH NYNH&HDf (1).. % N Y State Ryspf.... 4% Norfolk & Southern.. 181% Norfolk&West (113) 4% North Am Aviation.. 574 Nor Am (b10%stk).. 42% Northern Pacific (5). 16 Oh1o O11 Co (2)..... 1% Oliver Farm Equip. . 4% Oliver Farm Eq ev pt 17% Oliv Farm Eq pr pf.. ¥ ¥ x Y 3% ¥ 33% 265 15% 132% 97 32 4% 6% 90% 80% 38% 4% 60% 19% T4t 107% 3% Pacific Coast. 40% Pacific Gas & . 46 Pacific Lighting (3). 178 114% Pacific Tel & Tel (7) 100s 118 28% 7% Packard Motor (50c). 67% 33 Pan-Am Petrol (B) 77% 34% Param'nt Publix (¢). 35% O Park & Tilford. 4% 1% Park Utah 264 3% Parmelee 80 27% Penney (JC) (3) 12% 4 86% 603 2% 20 Phelps Dodge (2) 6% Phila Read C& i. 8% Philip Morris&Co 11% Phillips Petrol (n2) 70 Phoenix Hos pf (7). Ridefn v - ° T L L L L 85 Pitts Steel pf (7). 3. Pitts Terminal Coal 121% 48% Pitts & W Va(6). 34% 108 54 60 16% 8% 11% 123% 66 PubSvNJ (3.40) 117 104% Pub8v N J pf (6) 89% 49% Pullman Corp (4) ~8% 1 Punta AlegreSugar. 1% % Punta Alegre S cifs. 7% PureOfl..... 90% Pure Oll pf (8). 36 Purity Bakeries (4). 11% Radio Corp - 109 52 S8n8en 37 46% 14% 9% 28 Reynolds Metals (2).1670s 1% Reynolds Spring. 2 70 40% R 4% Richfleld Ofl. 5 Rio Grande Ofl. 27% Ritter Dent Mf 14% Rossia Insur (2.20).. 871 Royal Dutch u3.2166. 42 Safeway Stores (5). 19% St Joseph Lead (13). 43 St L-San Fran (8) 62% St L-San Fran pf 12% Savage Arms (2) Schulte Retall Stry 35 Second Natl Inv pi 6 50% ~Prev.1930— High. Low. 3% Shubert Stand G Stand G Stand In; Stand Of] Stand Of Sterling Superior Symingts Tex: Texas P ‘Tobacco ‘Tobacco Transue Un Tank Utd Afre: Utd Afre: Utd Gas Pipe cqaacaaaaca UtilP & Vadasco Waldorf % 69% % 109% ‘g% Western Western Western w Wrigley Young SI RIGHT! Sales of 8 M. nd rates as P PROTECTION FOR OIL INDUSTRY IS URGED Oklahoma Representative Declares for Tariff on Crude Product. By the Associated Press. . Representative Garber of Oklahoma says the Department of Justice should investigate the administration of the curtailment of oil production by the proration system in Texas, California and Oklahoma in the interest of con- sumers and independent producers and refiners. ure. Garber also says cmsren should rotect the domestic oil industry by a Bu'lflolllperbmeloncnldeofl curtailment of oil the domestic producers an even break in the home market,” says Mr. Garber. el PaPtaicac RAW SILK FUTURES. NEW._YORK, December 26 (Spe- cial). —The December option of raw silk the | futures was off 15 points at the open- and -up in this month, ing today and evening-up ., g | lows. TAX SELLING TO LAST ONLY FOUR MORE DAYS Special Dispatch to The Star. NEW YORK, December 26.—There are only four more days in which sell- ing to establish 1930 income tax losses can be accomplished. On one of these days transactions must be made for cash. Those who look for some heaviness and irregularity in the stock market for the remainder of the year base their conclusions on the prospect of addi- tional liquidation of this sort. It would be interesting to know just what the volume of this kind of selling has been in the last few months. It probably runs into many hundreds of millions of dollars. It will also be worth study- ing its effect on the general market during the December quarter, in the light of how the market may act when relleved of this pressure. Some feel that there will be additional selling in Inasmuch as a considerable , it ying to replace stocks sold for tax losses will much more than balance the influence of any new offerings of this character that come into the market. Markets at a Glance NEW YORK, December 26 (#). Stocks heavy; mercantile shares at Bonds irregular; investment is. Stock and s Dividend Rate. Add :o Hig! Third Natl Inv (a2). 390 ‘Thompson (J R) (3). Thomp-Star pf (3% ) Tide Water As pf (8) Tide Wat Ofl (pf (5). ‘Timken Roller (8)... Transamerica (1)... pe Vanadium Corp (3). Zenith Radlo. . Divide: 3 payments based on the sUnle of wading le Sale: h. 4% 'RIDAY, DECE [ o BONDS o ] IBONDS ARE LOWER IN SMALL TRADING 5 Declines Generally Held With- Theaters. ... Stmmons Co. ... SinelairCon Ol (1) Skelly Of1 (2). Skelly Ofl of (8) . Sloss-Sheffield pf. Snider Packing. . Solvay Am pr ww 6% Sou P Ric Sug (1.40) Southern Cal Ed (3) Southern Pacific (6. Southern Rwy (8)... Southern Rwy pf ( Sparks Withing (1) Spear & Co pf (7 Spicer Mfx. . Spicer MIg pf (3). Spegel-May-Stern Stand Bran Stand Brands pf (7 (1.20 &E(3%). & E pf (4) vest Corp. 1,Cali(h2%). 1of Kan (2). Stand Ofl of N J (12) Stand OlI N Y (1.60). Sec (A). Sterl Sec pf (1.20)... Sterl Sec cv pf (3)... Stewart-Warner (2). Stone & Webster (4). Studebaker Corp (3). Sun Of1 pf (6). oil. Superior Steel on (A) Telautograph(11.40). Tennessee Corp (1).. Corp (3). . Tex Gulf Sulph (4).. c&oil... Texas Pac Land Tr.. Thatcher Mfg (1.60). 1 2 3 s 2 1 Tide Water As (80c) 23 1 1 1 2! Products.... 7 Prod A t95c. 3 37 &W (1) 1 ‘Tri-Cont Corp. il ‘Tri-Cont Corp pf (§). Truax Traer (1.60). . 87| Ulen & Co (1.60) Und-Ell-Fischer (8). Union Carbide (2.60) Union Oll, Calif (32) Union Pacifie (10)... Union Pacific pf (4). Car (1.60) Taft. ... raft pf (3) UnitedBiscult (2). United Carbon (1). Utd Cigar Stores. Utd Cgr Store pf(6). Utd Corp (50¢).... Utd Corp pf (3)...... Utd Electric Coal.... Utd Fruit (4)... & Im (1.30). Utd Plece Dye W (2) Utd Stores (A) U 8 & For Secur. U 8 & For Sec pf (8. U S Freight. U 8 Hoffman . 8 Indus Alco (17).. S Leather...... S Leather (A)..... Leath pr pf (7)., &F (2).. Rubber 1st pf. Smelt & Ref (1). 1 LA (£12.15) 6 Sales Corp. 10 101 1 Vulean Det (4).. Wabash... Systm (1%) Walworth Co (3).... Ward Baking (B) . Ward Baking pf (7). Warner Bros Pict. Warner Quinian. Warren Bros (3) Warren Fdy & P (3). 6 Wess Oil & Snow (2) 2 West Penn P pf (7)..100s West Penn EI pf (7). lfi; Dairy (B) Ma... Pacific Wilcox Rich A (2 Willys-Overland Y | Amer. Securit; Woolworth Worthington Pumi Wright Aeronaut. (Wm) (4) Yellow Truck. Youngs Spring h & Tube(5) 2% 'S EXPIRE 8% Peop Gas Chi..Jan 16 tocks on New York Exchange e table are the annual cash it quarterly or half yearly declarations. jess than l.fl‘,lfl‘l‘l'fl"-x 1Partly ml’;. (lh% RS it : ‘P1da 310 Tn Dreferrea siock: RIVERDALE FIREMEN PLAN FUNDS DRIVE Solicitors to Call on Residents to Contribute Money for New Apparatus. Special Dispatch to The Star. RIVERDALE, Md., December 26.— The annual drive for funds for the local volunteer fire department will be held December 28 and January 4. On one of these days & member of the fire de- partment will call at each home in Riverdale soliciting funds which will be used in the purchase of new appa- ratus in the near future, The drive is being held by the firemen in conjunc- tion with the auxiliary with Mrs. Guy Baker, president fi{, the auxiliary, chair: ve. At a meeting of the auxilia last Friday arrangements were made to purchase 12 uniforms for the firemen Bant and three extra coats, also 14 pairs of boots, at an approximate cost of $200. CHICAGO DAIRY MARKET. CHICAGO, December 26 (#)—But- ter—Receipts, 5,655 tubs; weak; cream- ery extras (92 score), 28; standards (90 | Sa score, car lots), 27 xtra « score), 27a27%; firsts (88 to 89 score), 25a26; seconds (86 to 87 score), 24824%. Eggs—! 6,670 cases; barely firsts, 28; fresh graded ordinary firsts 20a28; refrig- erator firsts, 14l3; refrigerator ex- tras, 16. et Resplendent in their official robes, of- ficials of Edin d, attended in Narrow Limits—Prime Issues Firm. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, December 26.—Bonds were irregularly lower in price today on a small volume of trading. Declines were held within narrow limits. The market had little on which to base any movement. Money rates were &t their lowest, but there were year end demands for funds that diverted money that might otherwise have supported bonds. There was some tax selling, though most of this had been accom- plished earlier in the month. There was no large volume of liquidation by banks and the cashing of securities in this afternoon was readily absorbed, especially in high-grade group. Enough advances were sprinkled through the list to give the market a good undertone, Prime issues mostly stood firm. The following were unchanged or a shade better: Atchison General 4s, Canadian Natlonal 5s, Canadian Pacific 4s, Frisco A 4s, Nickel Plate 4!25, American Tele- hone 514s, Philadelphia Co. 5s, Colum- ia Gas 5s, Utah wer & Light 6s and Laclede Gas 5%s. ‘There were small losses in New York Central 4s, Great Northern 7s, Chicago, Burlington & Quincy 4s, Standard Oil of New Jersey 5s and American & For- eign Power 5s. United States Govern- ment issues were irregular, ran; from 2-32 lower to 6-32 higher. s Convertible bonds were mixed. Al- leghany 5s were off 1% points and there were small sags in American In- ternational 51s, Southern Pacific 414s, gmm:z.: gleghzxe 4148 :!nd Loews 6. tren nternational Telephons 4%s, International . : ‘Warner were firm. Industrials such as Hudson Coal 5s, Dodge Bros.’ 6s, Armour of Delaware 515, American Sugar Refin- ing 6s, Pan-American Petroleum 6s, Gillette Razor 5s, Cities Service 5s and 2% | Associated Gas & Electric 58 were all lower. Small gains marked Certainteed 5%s, Pathe 7s, National Dairy Products McKesson & Robbins 5%s and inclair 7s. Foreign dollar issues were dull. Ger- man dollar bonds were fractionally lower. Bolivian and Rio de Janeiro credits failed to reflect bullish develop- ments in tin and coffee respectively. PGy " Washington Stock Exchange SALES. Washington Gas 6s '—$100 at 101: Barber & Ross 6125—$1,000 at 84. % AFTER CALL. Washington Rwy. & Electric pld.—7 at %. Woodward & Lothrop pfd.—4 at 106. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tels lec. . 5% Potomac_Eieciric 6s 1983 M Wasl Alex. & Mt. Vernon ctf. nnap. 5s. Barber & Chevy Chase Club 8% Columbia Country Club oG, BRET JMIf. Wash. MEE. Cold Wash. Cons. Title Fed.-Am. Liverty (14 Lincoin (1. ust_ (6) Continental Tr Na vings, ao o =53 Bank of Bethesda (6) Commerce & Bavings (1 East n (12). g @ [ Oited"states ‘30) © Washington Mechai 2 FIRE INSURAN American (12) Corcoran ( Firemen's (8) National Union TITLE INI Columbla (6h) . Real Estate (6h Title & Inv. Co. Md. ¢om MISCELLANEOUS. Barber & Ross. Inc.. com Col.” Medical Bldg. Corp. Col, 8and & Gravel ptd. (7} C. Paper Mfg. pf atl. Sec. 8zt g aetEtuEy T ech. . com. (6) Wash. Med. Bldg. Corp. (7 Woodward & Lothrop ptd. (i *Ex dividend. b Books closed. nasc extra. TREASURY CERTIFICATES. ke ted b w. 3 erutariy, Y & W Sellgman & Cg s June 15, 1981...... X June 15, 198 2 108 313 Sept. 15, 19: 183 3 100 15-32 i 18 Mar. 15, FOREIGN EXCHANGES. Sept. 15, s Dec.’ 15, (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value today. a. extra, London, pound franc. Stocknsim, ¢ RAILROAD EARNINGS. NEW YORK, December 26 (/).—Rail- roads reporting income for November, with comparisons with last year, in- cluded: 8t. Louis-San Prancisco.s3iades 318480 New Haven Revii R il Received by Private Wire Direct to The Star UNITED STATES. (Sales are in $1.000.) High. Low. Closs. 5 10129 10124 10124 35 10230 10226 10229 Lib 3%s. Sincl Cr O 5% ‘38, Solvay Am bs Sou Bell T&T SW Bell T 196 10320 108 18 10818 78 1027 1027 1027 35 10810 1088 1083 Argentine 5s ‘45 Argentine 6% 57, Austria Ts"43. Bremen 7s ‘3 Canada 68’31 Chi Fiat 7s war Flat 78 ex war *4 Finland 65 '45. French 7549, French Gvt 7%s @elsenkirchen German 638 ‘65 German Bank 6s '3 German 7s rep *49 Ger Gen E1 78 '45. . Greek ass Milan 6% Mew So Wales6s'57 New So Wales 65’58 Nord 638 °50. Orent dev 53 Orfent dev Roy D 45’45 ww... Sao Paulo Sao Paulo 8s Saxon 78’45 Seine 7843, Serbs-Cr 81 7s Serbs-Cr-8S1 Solssons Swiss Confed 83 *40 Toho El Pow 6s "32 Toho E] Pow 7s '55 Utd King 6% s MISCELLANEOUS. AbItIDIP & P s'- 3 18 5%s45. 34 C Am Sug col 85°31 10 Det Ed rf 65 B 4| Dodge Bros cl Goody’r Rub . Hum O&R 6%8'63. 1 111 Steel 4%8°40... 2 inland Steel 43578 10 In: Cement 6s°48. 14 Int Hydro E1 68 44 Int Match 58 °47... InMMeoltrn i % Int T &T 63’65 Kan Gllu_ 4%s 'S0 34 Laclede 5% s C '58. Laclede 5%s D:::. Lou G & EI bs 52 McCormack 6s ‘34. McKes&Ro 5%8'50 16 Man S 1st T%s 42, Mid 8 Nor 8t Pow bs Pac G & £1 6842 Pan-Am Pet Paramount §: '| Pathe Exch 72 37." Co 881 RTam6s'42.. Pos Te) & C bs '53.. Pub Sv G ¢%s 67 Pub Sv G 43%8°70.. Pure Oll 6%s '37... Rem R'd 5%8 A 47 Richfi'd O cal 63 °44 Shell Un 011 A’. Sinel O 6 Sinel ‘e 0% 30% 30% 101% 102 % 102% 102% 811210 1122 1126 FOREIGN. Sales. High—Low. Close. 88 2% 72 T2% 108% 108% 92% 92% 101% 101% 107% 107% 111% 111% 108 108 107% 107% 38% 38% 36 36 43% 46 5 7 YouSt& T bs'7 6 Atch’on 48 1906-55 Atchison Atchison gen 2 1 oo 3 7 8. . 2 10 T0% ll 110% 110% 93% 93% 105 105% 101% 101% b i3 TT% 15 % ¢ Can Nor 6% s db'46 Can Nor 7s deb '40. 2 3 104% 104% 104y |being carried forward. 12 22 6 6 102% 101% 101% | high- 1 107% 107% 107% | &t 2 - 2 '60.. 33 % 1103 103 9% 99% 1% 62 3 104% 104% 100 100 104% 104% 104% 104% 101% 101% 87% 884 4% 9% 1 18 'hi Grt West 43'59 3 ME&StP4%sE M St P&P 68 16. 5’ M&StPadjbs 46 1 4%8C2037 6 coné%e. 11 23 829 2999992 99 Hanmee Eriviad 13 2 28 5 5 9 2 32 2 00099 (] 54 1455¢ mnn 2 [ 5 103 6 4 Colo & Sou 434» '35 2 3% | Cuba RR 6s ctf 1 Cuba RR rf 73453 3 Cuba Nor 5%s 42 7 Del & Hud 5%48s°37. D&RGriY%s Den&R G W 68 '66. 105" 105 2 MU 97U - 93y 94 | & k(- 104% 104% Fla E Coast 63 '74. 99 Fond J&G ¢ 1 GrTrsfdb 10 Gr Trunk 7s "40 13 Gr Nor 4% 77 (E) 67 69 . 1 Gr Norgn 5% . 2 Gr Nor gen 78 '3 32 Hud & M adj 68 '57. 22 Hud& Mrf 111 Cent 45 s Int & Gr Nor 6s 62 Int & G N ad 6352 Int RysC A 68°72 Kan CFtS&M 4s’ Kan City Sou 102% 1023 103% 103% 120% 120% 104% 104% 104% 105 104% 104% 107 107% 101% 101% 101 101 [ 8 86 7% 12 102 102 107 107 101% 101% 103% 104 106 106 101% 101% 27% 28 89l 89% 100% 100% 91 91 104% 104% 106% 106% 1 65 2 3 2 3 3 e Lake Shore ¢s“31.. 1 Leh Valev 48 2003, Leh Val 65 2000. .. Long 1sl rf L & N uni 4840 L&N 4%s2003 Manh Ry 1st ¢s ‘90 Market St 75 °40. .. Mil E Ry & L 6861 MK & Tadj 5s°67. 18 15 1 M MStP&SSM 5% 578 M StP&SSM 6% Mo Pac gen Mo Pacific 6 A "65. Mo Pacific 6s I *77. Mo Pacificss G 78, 98 " 9| Ny cenagaer 104 104 H 108 Joky [N ¥ Contavasa. 7 83 834 . 103% 103% 1 58 2 43% 101% 101% 101% 101% 101 101 48 105 100 96 1. Penn cv 4%s'60... Penn gen 4%8 65, 48 | Penn s’ .85 105 % - 100% 96 81 81 102 102 103% 103% 100% 100% 8 27 103% 103% 98 98 % 1 98% 98% 16% 154 106 105 106% 106% 101% 1011 1064 106% 99% 99y 101% 101% 101% 101% 102% 102% 102% 102% b 101% 101% .11 Pere M 1st bs 6 PCC&StL6s P CC&StL 4%s P&WV4%isB 25 P& WV4ksC6u 5 Reading ¢%s 1 RIAr&Lé%s'3s 15 St L Ir M'nt StL IM R&G StL&SFin 22 . 38 8 4 2 lgfl‘ 104% i1 3 51% B3 RTe 1024 1024 e 89% 89% 84 84 57 5% Third Av adj 68 On Pac 18t ¢ 47 o TR T L 56 100% 0 94 5 108% 108% 108% 6 10 10 9 1 45 FINANC CHANGE Office High. Low. Close. 9% 97 97 97 104 104 104 104% 104% 104% 108% 103 108% 98% 98% 984 14 4 " 108% 103% 103% 100% 100 100 95 95 95 48 4 101% 101% 101% 107% 107% 107% 102 102 102 26 8% 7 L 98 98% 984 102% 102% 102% RAILROAD. 923 92% % 49 94% 94% 9% 96 4 94% 96 93 92% 92% 101% 101 101 105% 105% 105% 101% 101 101% 107 106% 107 95 01% 88% 99 98% 681 9% 84% 9% 97% 84% 9T% 97T% 101% 101 1 3 103% 103% 103% |stations was started 104 103% 103% 110 110 110 88% 88 29 102 88% 98% 981 101% 102 95 95 95 4% 4% 9du 102% 102 102% 96% 96 96% 103 99% 9% 95U 32 63% 9% 95% 32 % 108% 87 87% 105 89% 89 89 80 80 80 101% 101% 101% 104% 104% 1043 113% 113% 113% 88 86 88 1024 101% 101% 99% 991 99% 103 103 1044 104 104% 102 6 100% 100% 100% added 26 93% 2% 9 | St st 55 65 70 40 55 65 70 40 55 65 70 40 1 104% 104% 104% | plant extensions and 2 9% 96 96 1% 71 % 1% TT% TT% 78 1% T4 10 109% 109% 109% | BOW- 20 19% 19% 26 26 26 105% 105% 105% 111 110% 110% 96% 96% 967 102% 102% 102% 107% 107% 107% 109% 109% 109% T4% T4% 4% 7% 9% 85 85 95% 95% 98 95% 661 66% 86 86 kil 43 70 95% 1% 98Y% 98 :2‘% 92% 2% 82% 82% 100% 100% 100% 2 70 95% 7% 102 102 102 93 92 9% 9TH 98% 99 52% 62% 90 90 101 101 891 89 K&TprinbsA. 2 101% 101% 101% 1 96 9% 95 9 9814 95% 963 94% 98% 70 95% 95% 9% 1 84 84 84 7 100% 100% 100% 98% 98% 98% 4% 94 96% 96% 88 88 99% 100 81 81 904 90% 3T 37 264 2% 48% 80 364 97% 10% 96% 97% 110% 110% 96% 95% 96 99% 99% 994 108% 98 98 98 107 107 92% 92% 92% 9% 94 9 29% 99% 99% 29 99 99 86% 8% 98% 99% 85% 86% h 86% 94 94 S1%m 91% 45 26 98 93% 214 IAL. PONER EQUPNENT SALES ANTAINED {Many Firms Report Bette_l\ Business in 1930 Than During 1929. 'Y ELY C. HUTCHINSON, Editor of Power and Member of the Americt Committee of the World Power Conferenc Power equipment manufacturers, a8 & class, have been thus far less af- fected by the depression than others. A considerable number report an increased volume of sales for 1930 over 1929. Many others indicate a satisfactory year, with a recession of orders in the last quarter, while a much smaller num~ ber are pessimistic. It is significant that many have been requested to pre- pare proposals on new work. Some have. taken advantage of a period of lessened oduction to better their plant facil- ties, improve their product and strengthen their sales set-ups to better 71 100% 99% 100% | meet competition when the time comes, Gross Revenues Gain. Last year the electric utilities planned to spend more than $900,000,000, of which $292,000,000 were allocated to power-plant _construction. The total budget for 1931 will be less than that of last year. One factor having to do with this reduction is the present con- dition of the bond market. On the other hand, gross revenues for the first 10 months of 1930 exceeded those of the same period of 1929 by 3.9 per cent. ‘;l;m.l is despite numerous rate reduc- ons. While work upon relatively few new during the year, several were completed and extensions 1 115% 115% 115% | Were made to a considerable number of existing plants, Extension programs are Preliminary plans are also being made for some new stations. In the industrial fleld, many new process in- essure plants in the les and much were reconstruction completed during 1930, hence there is time. firms projecmm:york pel further to committments in their financial state- ments. comparatively little un con< struction of importance at K:ml hding foriner deveions ments in the business situation, as they do not deem it wise include such There is & marked desire among in- dustrial executives to secure cheaper ually through the early months yulfiv. while others, (eell,lng that the re- 40 98% 7% 98k 26 8% 8T 8TH ;:qveryo;p‘ermd will be about equal to the period, do not anticipate nor- mal conditions until later in the year. Institutional Work. 3 As to institutional work, the outlook portends greater activity, due, in part, to public appropriations to relieve un. employment. One State is already com- mitted to an extensive program of re- habilita the power plants of its pub- lic lnlfi!llltyU;IA Such work offers wide portunity for operating economy and. ample is almost certain be ly used. Experience with the present depres- to the growing lon should be programmed over long periods and definite objectives covering five years or more will tend to stabilize conditions, and avoid cyclic disturbances. This applies not only fo! reconstruction, but may also properly include maintenance. < 1 78% 73% 73% |The very conditions brought about by the depression, namely, low comm¢ ices and cheaper labor, are one of the t arguments for st iction It is doubtful, if for many years to come, mate: will again be ob- tainable at anything like present CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, December 26.—The fole lowing is & summary of important cor= poration news prepared by the Standard Statistics Co., Inc., New York, for the Associated Press: News Trend. Electric power production during the week ended December 20 aggregated 1,765,588,000 kilowatt hours, an increase 1 86% 86% 86 |0f 1 per cent over the preceding week, but 5.4 per cent below the like 1929 week. Since May, 1929, when electrical energy sales exceeded by 16.3 per cent. the sales during the same month of 1928, gains have slowly receded and since May, this year, losses have re- placed increases. However, the resist~ ance which sales of utilities have shown to influences which have proven disas= trous to other types of business is an- indication of the strong recuperative powers which eventually should be dis- %’v‘fi with & revival in industrial 24 The Companies. Chapman Valve Manufacturing Co. proposes four for one common stock split and rights to new common; one K 3 1000 100% 194 | for 6 held at par (25). 2013. 12 106% 105% 106% 5 96% Delaware, Lackawanna & Western Ralilroad omits usual $1 annual extra. Fashion Park Associates—November net sales, $1,799,448; 11 months, $23,- ‘Grand Union Co.—Store sales 50 weeks ending December 13 up 8.9 per cent; cash in banks December 13, $1,096,789 against $621,310. International ‘Telephone -& Tele- graph—Panama grants radio concession to subsidiary, All-America Cables. City Southern Railway—G. C. Hand, T. and Cotton Bmmm floeky Maine Central—Common share earn- ings 11 months to November 30, $6.82 8 91% 91% 91% |against $12.34. 1 105% 105% 105% 4 101% 101% 101% New York, New Haven & —New York Pul commt tation fare inquiry plea to devote whole 5 102% 102% 102% | attention to New York Central case. 28 108% 108 Pennsylvania Power & Light makes domestic rate reductions aggregating l‘5 {3'21% 1021% 102% | about $1,300,000 annually. J 7 99% 99% 99y | $582,500 fireboat cont ‘Todd Ship Yards, Nu: York City— Warner Co. retired $2,466,000 of un- derly! obligation, about 15 per cent %fio in 20 months since April 8, lona Traction, Light & Power— Barcel 5 100% 100% 100% | N . 15 98% 98" ‘o ovember net off 0.5 per cent, BANK CLEARINGS. NEW YORK, December 26 (Sj 1) —New York bank cl .pg‘l’l $996,000,000; year ago, $1,166,000, New_ Yorl balances, $138,: 000,000; year ago, $179,000,000. New York Bank credits, to- day, $107,000,000; year ago, $154,000,000. the closing of the Ke 104% 104% 99 99 92 92% Wabash 63%875... 9% West Ma 63811, Wat Sh 1st 4u 23 Pao 68