Evening Star Newspaper, December 27, 1930, Page 16

B, & 0.NETINGONE OFF IN NOVEMBER Seventh Street Savings Bank Votes Dividend—Other Financial Notes. BY EDWARD C. STONE. Net rallway operating income of the Baltimore & Ohio Railroad in Novem- ber totaled $2,379,285, in comparison with $3,227,244 in November, 1929, a decrease of $847,959, according to the monthly report made public this noon. ‘The same report stated that the net railway operating income for the first 11 months of the present year tmolmwd to $37,180,824, in cumplmn m - 742,207 in the correspondi: 1929, or a decline in net o! $9. 661 383 Both freight and passenger traffic fell off in November, freight revenues being down nearly $4,000,000 from the same month last year. The difference in pas- senger traffic was $267,500. While oper- ating revenues slumped during the month, both maintenance of way and :lquipment showed substantial reduc- ons. The figures for 11 months show the losses in freight, passenger and express revenues to be severe, far more than off- setting any economies in operations tha were brought about during the period under review. All the big railroads of the country depend on freight revenues for the largest share of their revenues, the B. & O. being no exception, as the figures show. Pennsylvania Railroad (including operations of West Jersey & Seashore) November net operating income, $5,- 277,727, against $7,204,408 in November, 1929; i1 months, $87,250,387, against $120,602,881. More Local Dividends Voted. Directors of the Seventh Street Sav- ings Bank have declared semi-annual dividend of 86 per share, payable De- cember 31 to stockholders of record December 26. ‘The board of directors of the Termi- nal Refrigerating & Warehousing Cor- tion yesterday declared the regu- semi-annual dividend of $1.50 per share on the total outstanding stock. The dividend is payable December 31 to stock of record December 26. The ‘books will be closed from today until January 2. ‘The directors of McCrory .Stores Cor- poration have declared the regular quarterly dividend of $1.50 per share on its 6 per cent convertible preferred stock, payable February 2, 1931, to stockholders of record January 20. A. T. & T. Conversion Plans. ‘The conversion price at which stock will be issued in exchange for the 10-year convertible 4!2 per cent gold debenture bonds of the American Tele- phone & Telegraph Co. will be changed on January 1, 1931, to $175.46 a share from $166.88. The new price is effective during the years 1931 and 1932, subject to adjust- ment, however, upon the issue from time to time of additional stock by the company as prescribed in article IV of the indenture under which the bonds are issued. Holders of the bonds in temporary bearer form have bsen somewhat slow in exchanging them for engraved bonds. ‘The trustee for the issue, the Guaranty ‘Trust Co. of New York, has exchanged only $7,200,000 cipal amount of the bonds of & of something less than $13,000,000 principal amount still out- be necessary for bondholders th ved bonds in order 1o collect the interest due on January 1, 1931, and on subsequent payment dates, since the temporary bonds were issued with only the first two lemlmnm.nl interest coupons attached, the company announces, Lincoln Bank Reviews Trade. The Lincoln National Bank has com- pleted iis monthly Qutline of Business, or distribution on January 1, the pub- |- lication being the most eompleu the hnk has yet put out. Latest Decem- ber bulletins on all the important in- dustries are lncluded. covering retail trade, iron md nnl. employment and pay rolls, rices, savings de- Posits, real s'.ne market, farm prices, meat consumption and public utilities. ‘The review also presents 32 standard barometers showing the business trend during the past six months. With ref- erence to 'mber trade, the bank says: “Despite lmemployment. and the ex- curtaflment of purchasing power, retail trade during the holidays was as satisfactory from many sec- tions of the country. In a few cities, dey ent stores enjoyed & volume of dollar sales that was in excess of 1929, but these localities represented the ex- ception. When the final returns are available about January 10, it is be- lieved that the total volume of trade for the count as a whole will be less than a year ago. Taking 1930 as a whole, retail trade is believed to have been approximately 8 B:rr cent below 1929 on the basis of "wlth the exception of the automo- tive industry, manufacturing as a whole pment which occurs each year. De- cember is a commercial rather than an industrial month.” Retail Credit Losses Small, Credit losses by 523 retail establish- ments during the first six montbs of 1930, averaged only 2.5 per cent of the total credit allowed, the Commerce De- partment’s survey of retail trade dis- closes. ‘Those establishments, located in 24 cities, had total net sales of $560,708.855 during the period, an in- crease of 6.7 per cent over the net sales i in the first six months of 1929. ©Of the total losses through credit, the | average on open credit accounts was 0.6 per cent and 19 per cent on in- stallment acountsc. Credit sales in- creased slightly in proportion to cash sales during the period. Open credit sales (regular charge accounts), were 48.3 per cent of the total sales in the 1929 period and 489 per cent in 1930. Installment sales (deferred payments), ‘were 10.4 per cent of the total sales in 1929 and 105 per cent in 1930. While installments sales showed a slight pro- portionate increase for the six months of 1930 over the like period of 1929, tnat occurred during January, February and March, the survey shows. Install- ment sales declined proportionately in April, May and June below those of the corresponding months a year ago. The net sales of jewelry stores de- creased 19.5 per cent, which was the greatest decrease of any of the seven types of stores covered in the survey. All the other types of stores showed decreases except electrical applance stores, which showed an increase of 0.1 per cent. EXPORT TRADE IN IRON DECREASES IN NOVEMBER By the Associated Press. Export trade of the United States in Note—All stocks are sold In one hundred-share 897 557 126% 324 67% w Alr Reduction (t434) 25% % 27 4 Am La Fr & Foamit 4 Am Locomot pf (7). 98% 9% aT% 1 3% 43% 28% T 304 35% ™ 30% 22% 45% 11% 23% 191% 133% 52% 64% 35% 20% ks 95 87 3T 199 40% aan 55 38 20% 104% 57 19% 56% 80 27% 48% 44 12 8% 18% 41 30% T 65% 15% 3014 % 864 FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, SATURDAY, DECEMBER 27, NEW YORK STOCK EXCHANGE Recelved by Private Wire ted the letter s (lfll) (2505) shows m&-‘?"&n t:ybc sold in odd lots only. Stock and Dividend Rate. ADbItib! Pow & Paper 4 Abitibl P& P of (€).. Bares— » S8 Airway El Ap (60¢). Afax Rubber..... Alaska Junelu(lflc). Allegheny Corp..... Alleg Cp $30 ww 53 . Allied Ch & Dye(n§). Allls Chalmers (3).. Alpha Port Cmt (2) Amal Leather. ... Amal Leather pf.... Amerada Corp (2) Am Agricul Ch pf. Am Bank Note (13) Am Beet Sug: Am Br Shoe (2. PETT - o ] = B £ I T T R P - PN R Y S- Tt AmCar & Pfiy of (7). Am Chain (3). Am Chicle (3 Am Encaustic (1).... Am European Secur. Am & For Power-.... Am & For Pw pf (7). Am & For Pow 24 pf. Am Hawafian (210). Am Home Pr (4.30).. Am Ice (14). Am Ice pf (6). Am Internatl (2)... - w» E3 Am Locomotive (2). »® 2 H Am Ma & Fy (41.65). Am Metals&Min (1) 1 Am Nat Gas pf (7).. 100s Am Power & Lt (r1). 18 Am Pow & Ltpf 16). 1 AmP&LDfA (3%) 1 Am Rad&Std San(1) 61408 Am Republics. . Am Roll Mill (n2) Am Safety Razor (5) Am Ship & Com..... 13 Am Shipbuilding (5) 30s Am Sm & Ref (4)... 656 Am Solv & Chem Am Steel Fdy (3 - Am Writ Paper ctta. Am Zinc Lead & Sm.. Am Zinc & Lead pf. . Anaconda Cop (23). Anaconda W & C (1) Andes Copper (1)... Archer-Dan-M (2)... Armour of Del pf (7) Armour of 111 (A) Armour of Il (B) Armour of I11 pf ( Atch To & 8 F ot (5), At Refining (12) Atlas Powder (4). Atlas Stores (n1). ... Auburn Auto (34) Autosales pf.. Aviation Corp of Del Baldwin Loco (1% ). Baldwin Loco pt (7).100s Balto & Ohio (T) 33 Bolflnt.flnmlnm! dix Aviation (1). t & Co (2). . Bethlehem Steel . 815 Bethlehem St pf (7). Blaw-Knox (1%).... Bloomingdale pf (1) 2008 Bohn Alum&Bri1%) 8 Booth Fish 1st pf... 1 Borden Co (k3). Borg, Warner (1)... Botany Con M (A) Briggs Mfg(11.62%) Briggs & Strat (2) Bruns-Balk-Col. Bklyn-Man Tr (4) Bklyn-Man Tr pf Bush Term deb (7).. 50 Bush T Bldg pf (7).. 10 Butte Copper & Zine. Byers (A M)... Calif Packing (4) Calum Arizo! Calumet & Hecla . ada Dry G A (¢ Can Pac new (2%).. Cannon Mills (1.60). Capital Admin (A).. Car Clin & Ohfo (4).. 108 se (J I) (6).... Caterpillar Trac(t4) Cavanaugh-Dobbs pt 330s 4 Cent RRof NJ (112). 1 Cent Rib Mills pf (1) 101 Cerro de “4).. Chesapeake Corp (3) Chic & Alton Chic Great Wi Chicago Great Wn p: Chic Mil St P & Pac. Chic M1l St P & P pf. Chi & Northwn (4) . Chi Pneu T pf (3%) ChicR | & Pao (7)... Chickasha Cotton Of1 Childs Co (2.40).. Chrysler Corp (1) City Stores (50¢). .. Clark Equipment (2) Clev & Pitts (3%)... Cluett Peabody (3).. Coca-Cola (). Coca-Cola A (3) Colgate-Pal-P (234). Colo & South (3) Col Gas & EI (2) Colum Graph (a. Columbian Carb (1§ Comm Credit (2 Comm Credit A 3 Com 1n Tr (g1.60).. 1667, Comm BSolvents (31) 32 Comwlith & So (60 ). 156 Comwlih & 80 ! 2 Conde Nast Pub ll) . Congoleum- Congress Ci, Consol Cig pr pf lu 40- Consol Film «2) 28% 12% Consol Film pf (2).. 136% 106% 62 % 22% 8% 524 % 94% ’n". 3% 1% 8l 30% 40% 111% 8% 9914 31 % b 2 1% 2 65 434 9% 87T 2l ™ 10 65 151% 140 33 8 22 n1 7 3%, LY 1% 3 35 Consol Gas N ¥ (4).. Cons Gas N Y of (5). Cons RR Cub of (§) Consol Textlle. Container A (1.20). . Container B . Contl Baking Contl Baking Cont] Baking pf Corn Prod pf (7). Coty Ine. . Crosley Radto. .. 101% Crucible Steel of (7). Cudahy Curtine Wright Corp 61 Curtiss Wr Corp Cutler-Ham (3%). 374 Add 00. High. Low. 8% 8 37% 15 82 25 2% % Close. Close B4 39 15% Direct to The Star Office, ~Prey.1030~ 255% 161 Stock and Dividend Rate. Detroit Edison (8) 3 6% Dome Mines (1). 12 80% 100 142% 11% 33 214 34% 854 4% 21 1 Dom Stores ($1.20).. 1 Drue Corporat (4)... 18 Du Pont de N (14.70) 56 Duques Lt 1st pf (5). 4 Bastman Kodak (18) 29 Eaton Axle (1.60 5 Elec Auto Lite ( Electric Boat. El Pow & Lt (1) El Pow & Lt pf (8).. El Storage Bat (§) Elk Horn Coal f. Endicott-John (6) Eng Pub Serv (2.40). Eq Offic Bldg (2%).. ErfeRR..cooven .o Erie RR 18t pf (4)... Eureka Vac Cleaner.. Evans Auto Loading. Fairbnks Morse 1.60. Fash.on Park Asso.. Federal Screw (1) Fed Wat Svc A 2.40. &ederated Dept Strs. Fid Ph Fire In (2.60) 953 Filene's pf (6%4)....1008 Firestone T& R (1). 13 Firest T& Rpf (6).. 8 First Nat Strs. um. t Fisk Rubber..... Fisk Rubber 1st pf.. 1‘01 Fisk Rub 1st pf cv.. 1108 Florsheim Sh A (3). 750 Follansbe Bros (1).. 6 Foster Wheeler (2). Foundation Co Fourth Natl Invest. . Fox Film (A) (4). Freeport Tex (t6) Gamewell Co (5) Gen Am Investo Gen Am Inv pf (8).. Gen Am T'k Car (24) Gen Asphalt (3) Gen Bronze » [PTCTOIPPRPRTE Y Gen Electric (1.60).. 463 Gen Food Corp (3).. 36 Gen Gas&F) Ate30c) 11 Gen Ital Ed (22.62).s 5 Gen Mills (3). 2 4 Gen Motors (13.30).. 21\‘ 4 Gen Motors pf (5)... 3 Gen Outdoor Adv.... 12 Gen Out Adv (A) (4) 2 Gen Pub Sve b8 % stk Gen Ry Signal (5) Gen Realty & Util Gen R & Ut pf (e Gen Refract (14%).. Gen Theatre Equip.. 21 Gillette Saf Raz (4). 11505 Gillette Saf Rpf (5). 6 Gimbel Bros.. .... 10 Gimbel Bros pf (1).. Glidden Company. Gobel (Adolf). Gold Dust (2% Goodrich (B F). Goodrich BF pf ( Goodyear Tire (5) Goody Goth Gotham S H of (7).. 100- Granby Consol (2).. Grand Silv Strs(hl). Grand Unfon ....... Granite City St (3).. Grant (WT) (1) Gr North of (5). Great Nor Ore(12%). Great Western Sugar 15 Gr West Sug pf (7). 1708 Greene Cananea Cop. 208 Grigsby Grunow.... 32 Guantanamo Sugar. . Guantanamo Sug pf. 4 Gulf Mob & N pf ( Gulf States Ste Hahn Dept Stores... Hahn Dept 8 pf (634) Hanna pf (new) (7). Har Wk Ref (12%)." Harumn Gorp (8)., 8858 Hayes Body.... Hershey Choo (5) . Hersh Choe pf (15).. Hoe (R) & Co. Houdaille Hershey. . Household Fin pf (4) Houston Ofl (b10%). Houston Oll (new). Howe Sound (t4% 4 Hud&Man Ry (3.50) 4 Indian Refining rct Hudson Motors Hupp Motors Ilinots Central (7)., Indfan Refining. 3) o s3 Ingersoll Rand (16, Inspiration Copper. . Insuranshar,Del 40c. Interboro Rap Tran. Interlake Iron (1) Intl Bus Mach (n§) Intl Carriers Intl Cement (4 Intl Combustio - o o ranI~TReonnSnan Int Harvester pf (7). Intl Hydro EI A (e2) Int] Match pf (4).... Intl Mer Marine (2). Intl Nick of Can (1). Intl Paper pf (7). .. Int] Paper & Pwr A.. Intl Pap & Pow (C).. Intl Pap & P of (1), Intl Printing Ink. . Int Print Ink pf (6). Intl Rys Cent Ame Int] Salt (3). Investors Equity Island Cr Coal (4. Johns-Manville (3).. 19 Jones&Laugh pf (7). 100- Jordan Motor Car... Kans City Sou pf (4) Karstadt (R) (1.03). Kayser Jullus (24). Kelly-Spring Tir Kelly-Spring 6% Kolster Radlo. Kolster Radlo ct Kresge (SS) Co 1.60 Kreug & Toll (1.60). Krog Gr & Bak (n1), Kuppenheimer (2)... Lambert Co (8)...... Lee Rubber & T 4 Lehigh Port Cmt (1) . 1 Lehigh Valley Coal.. 108 % Leh Val Coal pf (3). 30% Mathieson Afkall (2) Lehman Corp (2)... Lehn & Fink (3) Libbey O Ford G Ligeett & Myer (15). Lig & Myers B ( 5 Lima Locomotiv Link Belt (2.40). Loew’s, Inc (14) Loew's Inc pf (8%). Loft Ine...... Long Beil Lumb (A). Loose- Wiles (12.90). Lorillard (P) Co Loulsiana Oil... LouG&E (A) HK) Louis & Nash (1).... Ludlum Steel. .. McCrory (A) (2) MelIntyre Pore M (1) McKeespt Tin P1(16) McKesson & Rob (1), McLellan Stor Mack Trucks (4) Macy & Co (nt3). Mad Sq Garden (60c) Magma Coyper (3).. Mallison & Co Manati Sugar. Man Elev mod g (d5) 105 Manhat Elev g1d (7). 70a Manpat Shirt c1)..... 4 Maracaibo Ol Exp. . Marine M1d (1.20) .o7nn- Marmon Motor Car.. Marshall Fleld (23) 13 2 May Dept Strs (n2). Maytag Company . Met-Gold pf (1.89) Mexican Seaboard Miam{ C.lwfi".. Sales— Add 00. High. Low. 162% 16! 84 14% 601¢ 85% % " 19% 1 Glose. rose. 1% 162% IBZ‘G 101 148 134% a0y S 37w 86% 2 37% 41% EICY * | duliness and give very little 1ndlcntlon| STOCKS DEPRESSED 2| ATSHORT SESSION Weakness in Wheat Market| Is Reflected in Selling Pressure. BY GEORGE T. HUGHES. Spectal Dispatch to The Star. NEW YORK, December 27—Sc)llngx orders predominated at the start in to- | day's week end market and stocks went lower. Some of them, lncluumk a number of important issues, moved into new low ground for the yeer After the overnight orders had executed the pressure lifted and the market recovered partially. Sentiment was adversely affected by the weakness in wheat on Friday. When it was stated that July wheat at Chi- cago of the new contract had sold at the lowest since 1896, the gloom in Wall Street was intensified. Similarly, when in the first hour today Westinghouse Electric and General Electric went into new low ground it was discouraging, and yet as far as the stocks were con- cerned, at least, the loss was negligible. It was the persistent downward trend that counted in the minds of traders. The fact that progressively greater re- sistance was displayed on the decline was overlooked. Besides the two electrical manufac- turing stocks, new lows for the year were recorded by American Smeiting & Refining, Bethiehem Steel, Western Union, Montgomery Ward, Macy & Co. and International Telephone & Tele- graph—a rather imposing list. ‘There was little in the news about any of | these companies to account for the | liquidation, ¥ it was liquidation. The market was said to be discounting a downward revision in the dividend rate on Bethlehem Steel, but the regular | quarterly disbursement to be paid in | February has already been declared. Railroad stocks could hardly have | been expected to stand up under the weight of the November earnings state- | ments. To take only two examples, | both of large and prosperous systems, | New York Central reported November | gross of $34,923,970 against $45,179,241 a year ago,and net of $1,946,404 against $6,058,783 in 1929, while Atchison had a gross this year of $18,198,122 against $23,830,852 in November, 1929, and a net of $4,962,336 against $7,742,656. Brokers’ Comment NEW YORK, December 27.—Advices | of Stock Exchange commission hcuses | to customers today indicated considera- | ble uncertainty over the immediate | trend of the market, with an inclination | to feel that the mid-month lows may have to be thoroughly tested. Extracts follow Hornblower & Weeks—"“We expect to find real resistance developing around the lows of December, which we believe will hold at this time. Jackson Bros., Boesel & Co—"Year | end developments imply some additional | liquidation in the stock market, but we do not look for any critical situation to develop. We anticipate a concentrated liquidation in isolated issues only. The | market is again filled with scale-order buying orders representing the pur- chases of investors who annually come into the market in December to take advantage of tax selling.” Shields & Co.—“Returns from retail trade circles bear cut our survey of pre-holiday buying of a fortnight ago. While volume of sales of the larger de- partment stores was fairly large, the greater part of the buying was in- fluenced by price concessions, with the result that actual net income of most organizations makes poor comparison with those of previous years. The | smaller shops, particularly those deal- ing in novelties and luxuries, appar- ently suffered most of all.” Pask & Walbridge.—“The next few days will probably witness dull markets with underlying strength. Business ac- tivity will likewise reflect the year end of the immediate future. Special con- ditions continue to make available stocks of our leading banks at levels which place these stocks on the bar- gain counter.” Redmond & Co.—'Persistent selling of Bethlehem Steel suggests the pos-| sibility of & cut in the $6 dividend next | year. Full year's earnings for 1930 are expected to show between $5 and $5.50 a share, depending on year-end adjus ments. with perhaps little or nothing | earned in the last quarter. The next | dividend meeting will be held the lat-| ter part of Januar Hamershlag, Borg & Co—“In our opinion, the first important test of the market in the new year will be the publication of unfavorable earnings( statements and possible cutting of div dends by some of our major corpora- tions, The latter condition has always prevailed before the conclusion of a previous bear market. Smith, Graham & Rockwell—“Busi- ness conditions show no change to alter the belief that the trend of the market | is still toward lower levels, Rallies do | not hold and when they come along| 1930. BETTER SIGNS SEEN| IN STEEL MARKET Improvement Held Near Fol- lowing Light Year—End Purchasing Orders. As usual at this season, holiday and inventory shutdowns are depressing the purchasing, production and shipment of steel, says Steel, Cleveland. Launched from an abnormally low level, the con- sequence of 11 months of declining ac- tivity, the year-end dip probably will be the most pronounced in at least six years, and there are no illusions that the industry will snap back promptly after New Year. In some districts the policy of banks to deal drastically now with doubtful financial situations in order to know the worst before 1031 opens has lent further discouragement. Yet, the in- dustry as & whole has discounted the present period of minimum activity, sentiment is not unduly dejected and there are occasional signs in the market that some improvement is near. Sheet Business Picking Up. Contracting for sheets for the first quarter is moderate to excellent in prac- tically all districts despite the loathness of automotive consumers to commit prior to_the verdict of the January shows. Between now and the year end the railroads will put about 400,000 tons of rails on mill books, and they have fair inquiry out for equipment. Struc- tural steel inguiry is more promising. First signs of support for steel from emergency public construction have ap- peared at Chicago, where bridges for the Lakes-to-Gulf Waterway, expected to be expedited by congressional appro- priations, require 30,000 tons. Forty thousand tons of structural work is pending at Chicago, with a like tonnage in_prospect. New York Central is formally distrib- uting 170,000 tons of rails, with track fastenings to follow. The Pennsylvania award of 150,000 tons, with 50,000 tons additional optioned, is near, but awaits a decision on a new section. Other rail awards this week include 10,000 tons by the Denver & Rio Grande and 5,000 tons by the Chicago Great Western. Pig Iron Market Status, Recent contracting for pig iron has covered 50 to 70 per cent of probable first-quarter output. Production in the | Mahoning Vailey has been reduced to three stacks active out of 34. The one active stack in Virginia has been blown out, with 40,000 tons of iron piled. Scrap prices continue in delicate balance, some grades being slightly higher at Pittsburgh. Part of 11,000 tons of cast iron brought by Detroit was placed with the representative of French interests. Steelmaking operations opened the week at 33 to 35 per cent, but most mills will be idle Wednesday night to Monday morning. Buffalo mills have unexpect- edly expanded from 24 to 30 per cent. Cleveland mills maintain a 48 per cent rate. Other districts are lower, Bir- mingham being below 40 per cent, Pitts- burgh 25-30, Youngstown 23, Chicago and Philadelphia, 30-35. Foundry iron at Philadelphia has been reduced 50 cents, resulting in a decline of 2 cents this week in Steel's market composite, to $31.66. INTEREST RATES. By the Associated Press. Money rates strengthened last week as compared with the previous period as their change was calculated by the De- partment of Commerce. In the totals that follow the average for both classes of funds is shown At leading money centers for comparable periods: Time—Week ended December 20., 3.00; previous week, 2.75; same week last year, 5.00. Call—Week ended De- cember 20, 242; previous week, 2.00; | same_week 1ast_year, 4.50. First Mortgage Loans Lowest Rates of snterest and Commission Thomas J. Fisher Compan; Inc. Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. Regulnr Dclwerv Over 100,000 families read The star every day. The great ma- Jority have the paper delivered regularly every evening and Sun- day morning at a cost of 13 cents daily and 5 cents Sunday. If you are not taking advan- tage of this regular service at this low cost, telephone National 5000 now and service will start tomorrow. should be used for making sales.” First Mortgage Loans On improved R and nearby Maryland and Estate in the District of Columbia Virginia for 3, b or 10 year ferms on your Apartment 52% Office Building Business Property RANDALL H. TIAGNER & COMPANY MORTGAGE LOAN CORRESFONDENT New York Life In 1321 Connecticut Ave. surance Company Decatur 3600 1ing to Halse Want to get in touch with three capable salesmen of good char- acter, backed by records, who might consider change to new selling field of su- perior stability. Riding on crest of wave even in this present depression. appeal particularly to bond and security salesmen, has had a business career of eighty- eight years and paid out over Six good production Good income. Should . This Company Hundred N'nety Eight Millions of Dollars - in dividends. Address BOX 424—E, Star Office. BY GEORGE T. HUGHES. (This is the fifteenth article of a series on the subject of public utilities, cover- ing the prifcipal operating and holding their history, fleld of Slocks, but will present the Without any attempt “to recome mend purchase or sale of specific securi- ties. Eleetric Power and Light Corporation. Like National Power & Light, dis- cussed in the previous article in this serfes, Electric Power & Light has the benefit of affillation with Electric Bond & Bhare. Its subsidiaries serve a large number of communities in the South and West. Among the principal con- trolled companies are Dallas Power & Light, New Orieans Public servlcz. Idaho Power, Utah Power & Light, Utah Light & Traction, Louistana. Power & Light, Mississippi River & Light and Arkansas Power & Light. Somthing like two-thirds of gross earn- ings come from the sale of electric serv- ices, but natural gas is teking a larger part in operations now than it has in The past and its rtion Will prob- Ibl& increase in the future. nsion along the natural gas lines was facilitated some six months by the organization of & nmew subsidiary, United Gas Corporation, which in turn through its subsidiaries owns and con- trols large natural gas areas in Texas and Louisiana. It is the outlook for growth in this fleld which gives spec- ulative attraction to the common stock | of Electric Power & Light. The divi- dend rate on the common is $1 a share, which seems amply conservative in view of the income siatement for the 12 months ending September 30 covering a period of depression in busi- ness, which shows $293 a share for the 'stock. In the same period 12 months ago earnings cn the common were $2.79 a share. The market capitalizes these earnings generously, but that is characteristic of its appraisal of other strong public utility equities. The senior securities have investment merit in varying de- grees. There is a long term 5 per cent debenture bond selling to yield around 6 per cent and three series of preferred stocks. The 87 and the $8 first pre- ferred have the prior claim on earnings, the $7 second preferred class “A” has preference over the common subject to the prior preference of the first re~ ferred. Fixed charges are covered al 1.6 times and fixed charges and »re~ "s"ffm dividends taken together about es. AVIATION INDUSTRY HAS GOOD 1931 PROSPECTS | Special Dispateh to The Star. CHICAGO, December 27~—Accord- Dunwoody, vice president of Umversal division, American Air- ways, Inc, aviation, the infant amon American industries, is a leader o those industries which have gone for- ward in 1030 despite the heralded de- pression. Quoting from a great batch of statis- tical matter, Col. Dunwoody compiled this month, it is shown that aviation has enjoyed a banner year, conquering time and space, overriding depression and unemployment, and goes into the new {‘r to achieve new and more remarkable performance records last, | FAKE STOCK RESULTS IN PROBE Better Business Bureau Is- sues Warning in Fox Film Certified Forgeries. By the Assoclated Press. NEW YORK, December 27.—A warn- |ing that forged temporatry certificates | for Fox Film Class A stock had been | discovered in Chicago has been issued by the Better Business Bureau, an or- ganisation of merchants. Since the permanent certificates have been listed on the New York Stock Ex- change the temporary ones no longer are negotiable, the statement said, but financial houses were cautioned against receiving them. The bureau and the Bankers' Trust Co. are conducting an investigation to| determine whether the forgery was widespread. WARNING IN CHICAGO. Exchange Asks Members to Send in Film Certificates. CHICAGO, December 27 (#).—The Chicago Stock Exchange and the, Asso- |ciation of Stock Exchange Members | have warned all their member firms to |send in certificates for inspection, fol- lowing the New York exchange's order to stop trading in temporary Fox Film Class A certificates. Arthur Wood, president of the Chicago 2xchange, said he had discovered the ex- istence of other forged stocks since Louis Lissman was ntrested Wednesday as he tried to cash a $25,000 check ';x"n hl'm %o a hhmkerllnunrm in ex- change for shares of al ed!ornd Fox Film stocks. e The brokers, Stein, Alstrin & Co., said they verified other Fox certificates with the Bankers' Trust Co. of New York and no other forgeries were disclosed. l):oa‘)edver l?:edflentll?\ and mmmer sal ay fo certificates represen| ing 2.900 shares of Fox stock, valued at $89,000, had been discovered, that forged stock of “at least two large f:rpormom has been placed in elrcu- tion. Money to Loan g‘ l! Il’l‘ ‘M :( rt ll“.-l-l!l ase, I elltr e, Mak 'w" Fnut Mortgage Loans i jeen Commonwealth Investment ., Inc., #06 151 8. Mortgage Lun The Pmdwml lumm c.. of A MORTGAGES FORTUNES ARE BUILT THROUGH JUDICIOUS Wh 6% INVESTMENT en you buy our FIRST MORTGAGES vou are laying the foundation Over a Third for fu of a Century Without a pal, Loss ture affluence. Here you have that highly desirable com- bination of security of princi- and liberal interest—and with the further advantage of long term investment. May be purchased in amounts from $250 up. B. National 2100 THERE F. SAUL GO 925 15th St. N:W IS NO SUBSTITUTE FOR ' SAFETY Busy and Safe U be idle . . . and mi should be kept busy. NLESS you plan right now about the re-investment of your Jan- uary funds, your money will oney above all else You should not lose a single day’s interest in your re- investments. But, together money busy, it is re-invest your funds with keeping your more important to in securities which possess a high margin of safety and attractive yield. The 6 per cent First Mortgage Notes, sold tnrough Swartzell, Rheem & Hensey Company, are investments of this type. The Notes have achieved the notable record of MORE THAN 61 YEARS WITHOUT LOSS TO AN INVESTOR. Reservations Will Be dccepted Until Your Funds Are Available SWARTZELL, RHEEM & HENSEY CO. . MORTGAGE BANKERS \7 15 STREET N.Wo'/ SHINGTON D.C.