Evening Star Newspaper, December 31, 1930, Page 11

b BURB SHARES FIRY -FINANCIAL. IN UPWARD TREND Utilities Again Leaders as Market Absorbs Selling for Tax Losses.- BY JOHN A. CRONE. _ Bpecial Dispatch to The Star. NEW YORK, Dcember 31.—Strong from the start, today’s curb market, because of short covering, maintained & firm tone in the face of considerable cash selling to establish “loss income tax es. ‘The market leader, Electric Bond & Share, was up more than a point as some of its many shorts sought to cover. Cities Service, after easing slightly, more than made up its early [+ b Omission of the common dividend on ‘American Founders wa8 not unexpected. but it sold off to its previous low of 3. 'United Founders, the parent company, likewise reacted. Prudential Investors preferred, on which an initial dividend of $1.50 has been declared, did not ap- pear in the first two hours, but the ‘common shares were slightly higher. The rails and motors, the former in int on uniform gains and the latter point of volume, were features of the forenoon session. Pennroad fractionally advanced and Pittsburgh & Lake Erie ; Tose about a point. The approach of the automobile show here is being used to stimulate interest in the motor division. Cord Manufacturing, Ford Motor of Canada A, Ford Motor Ltd. and American Austin ‘Sbenefited from this movement. reached for The record low price silver was reflected in Bunker Hill- Sullivan, which established a new minimum for the year. In the African coppers B'Wana McKubwa was active but unchanged following les showing @ sharp reduction in outpul for the last ‘month and the first 11 months of 1930. Swift International continued to R move upward, but Swift & Co. was in- 3 active following an analysis stating it may have its profits reduced scmewhat by the recent slump in butter and eggs. ¥, Great Atlantic & Pacific Tea was the . to 312 per cent feature of the store shares as it jumped mearly 5 points. Sales in the forenoon amounted to 1:5 ,500 shares, compared with 167003 money, after opening at 4 per cent, fell hortly after midd: GRAIN MARKET CHICAGO, December 31 (Special).— .. The wheat market was higher today under buying influenced by the strength in Liverpool and Bueons Aires. Premier Bennm of Canada made a speech it b 34: March, old, 79 to 7%; new, 80 to %; May, old, 81 to %; new, 81 to h T0%. After the first half hour, De- ; cember, old cs,m 1s: new, 63 to new, 68; May, old, old, 31 to 3; May, old, 32 to 1. Provisions were a fraction lower. POTATO MARKET. CHICAGO, December 31 () (United tates Department of Acrxflx;tm)— 42; on track, total msum shipments, 758; steady, rather slow; sacked per cwt. Wlm-fln round whites, 155 to 1.70; Russets, No. 1, 1.80 to 1.95; No. ’< 1.35 to 1.45; Colorado MeClures, un- 208, branded, 1.80 to 1.85; branded, 2.00 to BONDS ON THE CURB MARKET. -, KN ..os....sgz_..s;_.u... CEERY 5aqs TER 5 geeses. St > a8 [ B waenn o ara - 2 8333 5 s nd 103032 B ! FEESS B Ak 328382388388 , CERRER I p ] 3Ny EABAl ZEzZRZZ §:=:=‘§§ZKSI e, i 3282 #55 3k 2029 =3 s ' 8 segeiaEseassenney b3 2 2o <8385a82820823 LR LR Q_ £8 5 S U, o) ) se38ens! 258S: = & Eay Sy 0 0.1 Y 288 £ S8T20070L2 223 24 P gese2esassss 223 & Fgs 1 i oot 1 L i & Received by Private Wire Direct to The Star Office BETTER BUSINESS PREDICTED IN 1931 Company Head Calls Attention to Eow Inventories and High Wugu. BY THOMAS J. WATSON, President International Business Machines Corporation. 3 NEW YORK, December 31 (#).—I all parts of the country, plus the fact that we have an abundance of all the essentials needed for prosperity, with our people possessing a desire for more and better things. I believe one very important element of a return to normal prosperity is the | Roi fact that a halt has been called to the indiscriminate buying of securities by lnvmwflu of Lhe country are low, and our wage scale is high, with 43,- 000,000 ‘?eapu ployed. I we FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) crown Oslo. crowi Stockholm, Onlymmnwuunmeodhd-&h THE EVENING STAR, WASHINGTON, D.' C, WEDNESDAY, NEW YORK CURB MARKET - * : .___.—.__._____.___.___—_ 2 w3z 2 stocks hundred-share lots ~Prev 1930.— Stock and Bales— “awp_tigu brsrgenhtbeny i ttond letter & (n., (250s) | Msh. Low. Dividend Rate. Add00. Open. High. Low. Close. o S oo y 77% 30 Mangel Stpf (63).. 508 25 25 25 25 O LW S o 49% 32 MapesConMrgfiil 1 35 3 35 38 Close | 11% 7 Marconi | Mar (38c). 12 9% 9% 9% Tis Aero Bapniy 1B) M"’.‘-.’ Oven e Lon 9%° | 10w 3% Mass Ut Asso. 2 3% 3% 8% 3% gl pedg bl Lk ot % B 34 15 Mavis Bottling L1 oK K AfMliated Proa 1 11 11| 69% 35 Mayflow Asso (32).. 2 404 40% 40% 40% Allied Motor Indus. % 3 1.‘ l““ l“‘ ::fi 20% Mercantile Stores(1) lll 4; 5; 4: 6; Aluminum Co of Am 250- u'm 471 146% 146% Amer Austin Car . 1% % AN | B 18 5 vale Co 2 ot el 3710w B 1| T8 % Mining Corpor 101w 1% 1% 1% L4 ¢ v ¢| 368 5 MoKanPL (b10%). 25 B% 5% bW 5% AmCRAL'Ghaiss 3 B o 3w dew| 8 % MoKampLweool 4w on o H o m al). oo AMCP&L B (10%). 18 BW 6% 6% 6%| 13% 3% Mount Prod (1.60) 5 4w 4n 4w a% AmCom P A (b10%) 26 11% 12 11% 12 | 12% 3% NatAmericanCo.... 3 3% 4 3% 4 AmCyanamid (B).. 21 Th Th Th % L6 4w 4w 4 Am Dept Stores.....* 2 1% :h 1’& ::: ok sy : 2:1": 25_ Am Equities ....... 10 4 % at Lnvestor) % Am For Pow (war). 80 14% 14% 14% 14% Nat Rubber Mach(1) 7 5% 5% Am Founders(b4-70) 81 . -8 % Nat Pow & Ltpf (6). 1 95% 95% m Invest Inc (B 2 e d S see Y " i et 3 NatSh T SecA ti0c. 7 14% 15% 14% 15% Am Laund Mach 5 NaUThahsit(1)..... 1 12 12 13 18 Am Lt & Trac (2%, Neisner Bros pf (7 78 T3 13 W Am Natural Gas Nelson(Hermam) ) 2 1L 11 11 11 Am Superpowr (:‘sou 150 M' E:s;lfilfi g ol New HavenClock(1) 1 8 8 8 8 Appalachian Ga: New Jersey Zinc(t3) 3 474 51% 47% b1k Arcturus Rad Tube. . N Y ATE Nt G Niag-Hud Pow (40¢) 74 9% 9% 9 9% Niag-HudPow Aw.. 12 1% 1% 1% 1% ‘Armstrong Cork (1), Niag-Hud PowCw.. 1 1% 1% 14 14 Asso El Ind Ltd 30c. Niagara Sh.Md(40¢) 5 5% .6l 5% 6% Asso Gas & Elec. .., . Niles-Bem-Pd (13).. 3 19% 19% 19 19 As80 G&E A (21%.40) Nipissing (30¢). 3 1% 1w 1% 14 Asso G&E (A) db rts Noma ElCorp (80c). 2 5 5 5 & Asso Laundries. Noranda Mines...... 2 14% 14% 14% 14% Atlantic Coast Fish, No Am Aviat A war, 4 b L) % Atlas Util Cor; Nor EuropOfiCorp.. 6 % % % % Atlas Utilities war. NorStPow A (8)... 2 131% 132 131% 132 Auto Voting Mach. Ohio Brass (B) (16). 758 60% 60% 60% 60% Auto Vot M cv of pt. Ohio Copper. SR NEt R e 4 Aviation Securities. Oilstocks Ltd A Eflc“ 1 4 R 4 4 Blue Ridge Cp(p20c) * 12 8% 5% 8l 3% Outboard Mot (B)... 4 2k 2% 2% 2% Blue Ridgecvpf(ad) 10 31% 32 30% 30% Pac G&E Istpf (1) 1 26% 26% 20% 20% Bohack (HC) (13%). 3 72 72 12 12 PacPubSv (1.30)... 1 19% 19% 19% 19% Brasi] Tr&Lt(b8%), 10 21% 21k 21 21 Pac Western Oil 1 6% 64 64 64 Brit-Am 011 C (80c).. 41 15% 20 15% 20 i R G Broelanssercte. s 1IN du 1w X S8l 1K O IK % 1% Buff N&EP pf (160) 25% 26% 25% 25% Parke Davis (11.65). 1 20% 29% 291 29% Bunker HIIE S 10K 2168 48 404 4 480 Pennroad Cp (30c).. 47 €% 64 6l 6% Burma, Corp (t31¢) R orn ety Peop L & P A a3, 5 18% 21 18% 21 Bwana M Kubwi TR T 2 & oot O S A S I 5on 108101 101" 108 T S Cent PubSve Aal7s 2¢ 13w 141 134 144 Plymouth Oil (3). TN 07 O Cent St El (R40C),... 6 8% 9% 8% 9% Pond Creek Poncha.. 1 1% l4% 144 144 Centrifug Pipe (60c) 6 B% L 5% bW Prince& Whitely.... 6 "% "4 % u Chain StoresStock.. 1 6% 6l 6l 6k i R Tl R S T T ChatPh Aln.v, (1).. 22 13% 14 3% 13% A M}J‘ Txu‘ €). e 6 e g Cities Serv (g30c)... 166 15 15% 15 16% ublicUkl Holdwar 8 % X % % Citles Serv pf (6) 1 79% 9% 9% T9% PubUtHoldxw60c.. 1 64 64 64 64 ClevEl Illum (1.60). 1 47% 47% 47% 4% R R Sh Corp (26¢) 2 3% . 3% 3% 3 Clev Tractor (80¢)... 6 7 T4 Th Th Red Bank...... 1 2% 2% 2% 2% 20 Wil koK Reeves (Dan'l) (1%) 6 22 30 22 30 6 4% 5% 4% 4% g 919 8" 10 POyiiay Ay A 2 2% 2% 2% 2% 38 1% 1% 14 1% 6 2% 3 2% 2% 10 8% 8% 8 8% g 1% 3 ‘1% 2 4 9% 10 9% 10 5 % % W % 1% % ConsolAutoMerch.. 2 % % % % 1 NN % 8% 2 Consol Copper.., 1 25 2% 2% 24 3 20% 20% 204 20% 136% 78 ConsGasBalt(3.60), 5 90 95 90 9b 2 6 6 B% b% 30% 13 ConsGasUtilA220. 1 14% 145% 14% 14% 8 34 3% 34 3 16 10 Consol Laundries(1) 1 10% 10% 10% 10%| 36 26 Ryerson (J) (2) 1 24% 24% 244 24% 72 39% ContSharespfB (6). T5s 41 41 41 41 [ 147 88. SafeCarH&L (8).. 768 86 8 86 86 80 35 ContlSharecvpf(6) 5Os 40% 40% 40% 40%| 34 10% St Regis Paper (1).. 105 13% 161 12% 16% 17% 3% Cord Corp.. .. 28 6 6% 6 6% | 15% 5% Salt Creek Prod (2) 8 6k 6k 5% 6% 27% 14% CorpSecCh (b6%)., 1 14% 14% 144 14%| 25 M M K 3K Corroon & Reynol 6 44 BN 44 Bu| 4% % 1 w1 3 44 50 44 50 | 25 S e RPN 4 1% 2% 1% 24| low M 3 3 3 31 3% 3% 3w | 9 3% 4k 3% 4% 1% %% S| ik PSRl oMo B % CrownCentPtnew.. 1 3% b % 1 7I% 424 Selected Indusprpf. 15 44% 45 44% 45 3 3 CubanCaneproptw. 2 % % % %| 9% % SenuySafetyCont.. 6 1% 1% 1% 1% 4% % CurtissWrightwar, 2 % % % | 79% 45 Shawingan W (2%). 2 49k 49% 4Bk 49% $% 1% Dayton Alr & Eng. 2 2. 2 1% 1%| 20 2% Shenandeab Corp.... 8 3% 3% 3h 3% 162% 29% Deere & Co (g1.20). 1 3 36 36 36 48% 30 ShenanCorppf (ad). 4 30% 30% 30% 30% 8% % De Forest Radio, I 1% 1% 1% 1% 86 B8 Sherwin Wil (14%).1508 €0 60 € 60 9is o 1% m:m;::.r‘n-thx. 16 Ix I 1 1w 24% 11% Diamond Match new. 16% 16% 16 16% : 274 23% DiaMatchcupf(n), 1 20% 24% 24% 24%| 4% 164 SouPennOil(12y). 4 18% 18% 18 = 18% reraft 2% 2 ' ” .o AT 2 Ak Axe 13| qy%- 6 BouthMNayRity(V68) Pom Mmoo e 3 2% 2w 2% 2wl 18 1 SWDairyProducts.. 1 1% 1% 1% 1% 9 1M 1k 1% 1% 22: 3;’: gws-:zxguu. § 3 3™ o an panis! jen rets. . ¥ Kl k) Y 42 14% EastG & F Asso. 1 16% 16% 16% 16%| g5t 101t SDloy M Bepr (6%).. 108 120 129 1298 1290 44 1l BastStPowB(1)... 4 14 16% 14 18%| gout 30 Stand ON Ind (23). 65 34% 364 8414 dews 43% 26% EastUtilAsso(3).., 1 27 27 27 47 | (o) 18% Stand Oll of KY (1) 67 2014 201 30° 200 18% 1% East Util Inv (A) 2 2% 2% 2% 2%| 48 34 Stand Oil Neb(13%). 1 36 36 36 36 1 6 EamUulAssocy.... 1 7 1. 1. 7.0122 1154 StandOOniopt (7). 108 116% 116% 118% 115% 23 3% ElslerElectricCorp. 2 4% 4% 4% 4% ‘g0 '35 Sand Powd Lt(2), 3 34 39 8 117% 37i ElecBond &8k (b6). 269 41 1% 40% 414 | g)° 33 Siand PEL B (1) .. ¢ 109% 100% ElBond & Sbpf (6). 5 103 103% 108 108K | 197 90 St Pow & Lt pf (7).« 201 98% 88 El Bond & Sh cu pf 290 91 90 91 | Q5 T9u BrarsecsCory ot (), 39% 11 ElecPow Asso(1)... 5 13% 13% 12% 128| 21 9" Stein(A)& 6 8 37 10% ElecPow Asso A (1) 4 11% 12% 11% 12 | Tgi 161 Statz Motor Car s H 78% 16% ElPow& Ltopwar., 3 19% 204 19% 20%| oy : 5 32% 7% ElecShareholdg (1). 8 8% 9 84 9 | 51 35" guninvpfid)eeees 2 84 % EmpireCorporation, 5 1% 1% 1% 1%| 30 2 Sunray Ol (b5%) .. 8 25 4% Emp PSerA al80) 1 &4 5% 54 5%l 34, 27 Swift&Conew (2)., 1 60 31 BmpPwrpt(t40). 3 31% 31% 31% 31%| 3g 30 Swife Internatl (14); 2 30 204 Employ Reins (1%). 2 21 21 21 21 | o0 1o o 23 6% BuropBLtdA(600) 1 T T T 7wl 29K 10 TasgartCorp (1), H 6 % SmseWanlewiase. 2 1% 1% 1M | B8 0N THese Siwtne 3. § 13 3 Fansteel Proguets... 11 3% 5% 3% 6%| ‘g0 o Teck Hughes ( 0 12% 11% FinCpBaltoA(Ste). 2 11 11 11 11 | 6 3 Jodk Besies (800) 1 274 7 Flintkote Co (A) 1 7% 7% % % 130 ¢ TragsLusDLES.. 5 38% 18% Ford Mot.CanA12.10. 6 20% 21 20% 21 1 4 T“"‘I'“ e s 1 231 10% Ford Mot Ltd 37he. 20 144 16 14 L% | 15 o’ ZRRERBACely Glate 1 17% 2% PoxTheater C14A).. 14 4 44 ¢ &%| 55y, 24 Tri Uttlitien (31.30). 36 . 1 15 16 15 15 | 225 3 TubizeChatel (B),., 3 o % e e ‘g 5»: g 6;«' :% 15% 1 TwinStNGpt(A).. 1 [ B 44 28% Gen Bakingpf (3)., 6 20% 26 24% 26 | o 13 Dhserisiders Corp.. 1 | 168k Seacabie (WRELG TV] o 3N e I4].s5 33w 0Nt Oes 1 % en cv p! 10% % Gen Laundry Mach.. 17 % % Usiow O Ao S 3 37 22% GenThevpfwi(3). 38 23% 24 23% 24 2 231, 6 Gerrard (SA) (1%). 10 6% 6% 6% 6% 3 16% 6% Globe Undwritrs30c. 2 7 7 7 1 5 3 % GoldenCenter...... 1 % % % % 46% 4% GoldmanSachTC.. 71 5% 5% & 6% sis 6 % Gold Seal Elec pew IR TR TN 83 39% 18 Gorham Incpf(3).. 50s 20 20 19 19 = 196 150" GroAthPacrv 105, 208 1604 185 164 16 )i AR . 0 Tt ac nv 15.25, 20s 4y > 122 115% GrA & PTof (1)..."1408 116% 118% 116% 118% | oo, 20" 3}:,’:{:}’:‘;;(‘1‘)’ - 1% % Orimth (D W) (A. s G % Utd Milk Products,. 2 145 2 GrocSusProdvte. 2 3% 34 3% 3%| g gos Utd Shoe Magh 4%, 2 49 17 Guard Fire Asso (2). 12 174 20 17 20 22," 3% U'S Bloo P g . 3 166% b58% GuifOflof Pa (1%). 14 64} 65% 64% 654 ‘;: 1% U sm: P:: :':.})- 22 14 6% HeclaMining(1).... 1 7 7 7 7 | 26% 38 USFoilCoB (50c).. 1 % % 1% Helena Rubenstein, 106 3% W% sl F 1 B 7 | 14% 3% HudsonBay M &S 5 4% 4% 4 4%m| 75 28 U 2 119 57% HumbleOil (t2%)... b 58% 59 58 59 | 20% 6% U 2 55 20% Hvaro Elec Seo (3) 1 22% 22% 22% 22%| 23 104 U 2 15 2% HygradeFood Pred, 9 21 2% 2% 2%| 84 45 s [mpOllof Can(60c) 91 17% 19 17% 19 | 65 20 5 Imp Oil.Can reg(50c) 1 18% 18% 18% 18% | 6% 1 2 Ind Ter uON(A), 1 16 15 16 15 | 16% 2 “ Ind Pipe Lmew(t3).. 2 15 15% 15% 15%| 3% 3 % A Finectfs (010%). 1 6 6 6 6 | 28 74 Utll Pow& Lt al).. 41 Irdus Finevpf (T),. 26 56 56 56 56 | 68% 13% UtP&LcfsBatloz% 19 Insull Ut(fb10%%). 1 20% 29% 29% 29%| 28% 4% Utility & ind....... 7 Insull Utfl2d pf(6).. 60s 71 = 71 71 71 | 29% 13% Utl&Indpf(13%).. 5 InsGoNamvs) . 3 4% 60 49 60 | 22 8% Utility Kquities 20 nsurance Sec (70c). 3 64 6% 6% 6 Intercontinent Petn 6” 3 % 1 o1 i z::"(‘.‘_",‘“‘,"“’ Sl int Petroleum (1). . 75 14%% 15 1415 15 4% % Venes 1 Int Superpwr (£1.10) 1 200 20 20 20 9% 4% VioFinan Cor (460). 2 }";;'l',"'“l “!'",“‘!,’) ‘{' o 9'7’"’ 4% 6%| 221, 104 Vogt Mfg Co (2). 1 n vt pf (7). i InterstateEquities.. 20 21 3y 21 gy| 21 11% 2"““"“‘“”" 1 Interstate Ecnpf(3) 1 274 27w 27% 27a| 51 14, WalsreenCo... o ItVngAIEChOTRNT). 8 7 mh 7 aul| o35 TATWAIETesHCo fwee) : s Irving Alr Chuwar. 1 % 8 % s 13% B Walker (H) (1), 18 1% Italtan Superp (A) 2o ook | oS, LnEEOUENDSec. T 9% % [mlanSuperpwar.. & 1 1% 1 1n[ 2% % Test¥ Ceald Cone 21 . Bk Jonas& N oumpt. 1 8 8 8 8|95 55 WesternMapt,,.... 4 EolsterBeiAmEnt. 2 & & % - %iTes 49 WestMEMTRAINY, 3 51 43% 33 LackawannaSec(4) 2 364 36% 34 34 | 107% 95% West Pow pf (7).... 50s 100 100 100 1 50% 21% Leh C& Nn (1.40) 18 23% 25 23% 25 15% 2 Wil-Low Cafeter 1 2% 2% 2% 2% 4% 5 LeonardOli..... 14 % &% s sl §5 20 Wilson Jones (3). 120 20 20 20 21, (3% UbwyMoNalAL.. 2 o 10% ok 1ox| 5z Woodiey B | A e %% s Y LAly Tulfp Cup ¢ 18 18 . a 1, 29" 4% LionON& Refining.. 2 B% b% 5 g | 24 T “':;;::r“"' L OB C R E BG 20% 1% Loew's Inc war) BN 3 % 32 S5 105 Loneliar aeandis. 126" 20 e 5 | 14% 10% Com Bdison. b 320 um 12 1w 12 5 20 Lonk lald Lt (85c) 830 30 3 3 | 2 1% PubSryNNi Fend 3 1en 16% 1% lex % aLan& Bx. 16 1% 1% 1 Dividend rates 1n on iase quarteriy or semi-annuai 116 114 Ludlow Mfs Asso 10, 308 115 116" 115" 116 | Bygment.” vEx “dividend " nnu‘u‘fi' 7 p b atmiens et 24% 8% MacMarrsSiores(1). 4 84 8 «n 1 Plus 5% in stock; us 1% in stock. 164 5 MangelBtorem...... 1 24 2 24 ou|iFls 3% {0 siock Tha! % & m i35 10 oek mmuymlm-mhum year s ’mwhlm.mflhvum ble prieved in 1930, according to & govern- ment repogt Just PRORATION QF OIL WIDELY INDORSED Leaders in Industry See Hope for Better Times in Curtailment. BY BENNETT WOLFE, Associated Press Staff Writer. ‘TULSA, Okla., December 31.—As the somewhat battered ship Petroleum In- dustry embarks on the voyage of 1931 her officers and crew look hopefully for beacons that will guide the vessel clear of storms. While the ship, one of the newest upon the industrial seas, was buffcted upon rough waves during tie 12-month trip just ended, she survived in fairly good condition, her masters believe, and | may enjoy smoother sailing in 1931, if ] careful heed is paid to charts which have been prepared. Notes of Warning. Seeking to help find a fairer-weather course, the American Petroleum Insti- tutc and the Midcontinent Oil and Gas Association have equipped the navi- gators with certain maps and notes of warning. In the face of opposition leaders of the two organizations are confident their recommendations point the proper course. They do not look for any dangerous mutiny. First of all, continued proration of crude oil production is recommended. The proration question has been the subject of much debate in recent weeks and some vigorous assaults have been made upon the operation of proration, but the industry’s leaders repeatedly have urged that this method 'of re- stricting proauction must be kept in tfl;&d if the oil business is to be sta- “Proration has saved th industry from a chaotic condition,” declared E. Reeser, prefident of the Petroleum anmuu “and must be continued. mflnz 1930 the industry overcame se- rlous threats and maintained a healthy condition basically, which augurs a % | prosperous period during the coming W. N. Davis, president of the Mid- continent Ol and Gas Association, be- lleves proration is necessary if the in- dustry is to improve its position. “Proration is an essential factor,” he said. “Its abandonment would bring a price war which only the strongest could survive. Proration is the only rotection of the small producers who ve no pipe lmes. refineries or ex- clusive markets of their own.” C. C. Herndon, vice president of the skelly ©Oil Co. and formerly president the Kansas-Oklahoma division of the Midcontinent Association, voiced a similar view: “That affairs now are no worse than they are may be marked up as a dis- tinct credit to proration. Proration, coupled with restraint upon drilling, will make for stabilization.” Reduction of Stocks. Reduction of stocks of gasoline, the industry's Prlncipl.l money product, to an economic balance, is a recommenda~- tion which has been given especial emphasis lately by leaders of the in- dustry. A ‘tariff on oil imports is being sought by a large group of mdcpendznv. producers as a relief measure. The Tariff forees recently gained a new ally when Reeser joined their ranks. The American Petroleum - Institute head last week tel ed Secretary Wilbur of the Interiol ‘partment : “Personally I have heretofore not favored a tariff, but, in view of the present serious situation (referring to the plight of 10,000 independent pro- ducers in Northeastern Oklahoma and Southeastern Kansas who face loss of their market outlet in Prairie Oil & Gas Co.s withdrawal as a purchaser, I am not fully persuaded that a pro- tective tariff 15 necessary to save, not only the wells now in question, but to_save a much larger number of wells from the action which other companies will be required to take from an economic standpoint. We are not facing a theory, but a real condition. The labor thrown out of employment presents a serious problem. As a more remote remedy and one looked to for a permanent solution of overproduction resulting from competi- tive development of single oil pools, unitization, or unit operation, is being advocated. R CHICAGO TRANSACTIONS IN STOCK NEAR RECORD By the Assoclated Press. CHICAGO, December $1.—The Chi- cago Stock Exchange, its annual report sald today, approached within 15 per cent of its all-time record by handling trades in approximately 70,000,000 shares during 1930. The greatest vol- ume traded was 82216000 shares in 29. The 1930 total was 80 per cent more % than the 38,941,689 shares traded dur- ing 1928. It was seven times the size of the 1927 volume. Public Utilities BY GEORGE T. HUGHES. Pacific Gas & Electric. This is the seventeenth article of setics on"the ‘subicet. of public, utiitl govering _ the principal operat holding” companies, “gtving erations and ‘an -m :m“o“ i well ‘s stocks, bt will resent the ficts without ‘any atlempt oy Tecommend purchase or sale of spe- el “securities.) As the lurxest enterprise of its kind on the Pacific Coast, the Pacific Gas & Electric Co. has a deservedly high standing among investors. Its growth has been steady. and consistent, with a satisfactory showing even during the present depression. Interest on funded debt was covered last year more than 21, times and fixed charges and pre- ferred dividends 1.7 times. All the bonds are high-grade investments, and the preferred stock, which is outstand- ing two series, both of $25 par, one paying 6 per cent and one paying 52 per cent, is a conservative holding. In large part, these preferred stocks are held in the territory served: Out- side of California, pllbl.lc lnteren is concerned mostly with common stock, which is listed and uuveu dealt in on the New York Stock Exchange. It is of $25 par value and outstan to the amount of $141,954,525, or 5,678,181 shares. On this stock in 1929 the sum of $3.27 a share was earned. In the first six months of 1930 net available for the common was $1.60 a share, and for the full year it has been upofficially _estimated ~ that appraxi- mately $3.25 a share will be shown. The market price of the stock fluctuates over a wide range, something over 30 points during the year 1930. Earnings are CIF“.IM by the market liberally| as is the case with most public utility common stocks. The justification in the case of Pa- cific Gas & Electric is the same as with other prosperous operating companies— namely, the periodic offerings to share- holders of rights to subscribe to new capital. Pacific Gas & Electric has gven such rights in each of four years 1926 to 1929, inclusive. In 1920 there were twa offerings, one of new common at par in the ratio of 1 to 10, and the other in two parts, new common at par in the ratio of 1 to 10 and new common at $55 a share, likewise in ratio cf 1 to 10. ‘The avepage market price for these rights in that year was $3.15 a share (cr the first offering and $4 a share for two concurrent offerings. These u so0ld at the market made a very t‘l;.l.ld mnn‘w the income of DECEMBER 31, 1930. AND BOND By the Associated Press. Prom Yesterday' STOCKS. 50 Indllltrl;l.l. BONDS. 10 Industrials, 85.1 Month ago Year ago.. Two years ago. s Three years ago, weekly aver. High, 1930. Low, 1930. High, 1929. Low, 1929. (Copyright. 1930, Standard Statistics Co.) TEXTILE INDUSTRY IN BETTER POSITION Sales Are Ahead of Production as Year Draws to Close. By the Assoclated Press. A considerable trace of optimism fol- lows the textile industry into the new year. Depressed for a decade, the trade recently has seen distribution runnha ahead of production. A steady flow small orders pt stocks steadily decreasing since November and post- lnvan purchases may start mill wheels Zummuu more pronounced eadence. Merchuxts are hopeful the national for wider use of cotton 0“81 entered into by the Departments | Curtis o! Agriculture and Commerce at the direction of Congress, may bring about new cotton uses. Wool interests are showing sentiment for similar assist- ance, which is interpreted to indicate that the cotton campaign is beginning to_show results. Manufacturers of textiles have been AVERAGES s 5:30 Edition. PHONE COMPANY ADDS MANY EXTENSIONS Chesapeake & Potomac Has Voted $6,354,763 So Far This Year for Maryland. Extension to the telephone system in Maryland just authorized by the direc- tors of the Chesapeake & Potomac Tele- phone Co. of Baltimore City, will in- volve expenditures of 1,140. These projects bring the total amount appro- ;rm.ed for stmilar work in the State so ar this year to $6,354,762, according to a statement made by Frederick J. Irish, general man: A The projects just authorized “include underground cabl vide additional facilities in the Wolfe, and t central office areas, Baltimore; additional switchboard facil ties at Esex; cable extensions at Elk: ton; pole m‘wemenu in the Emmits- burg area, and on that section of the New York-Baltimore-Washington long distance line in the State of Maryland; and additional toll circuits between Prince Frederick and Solomons Island. encouraged greatly during the last two months by a noticeable stiffening in buying urdm Tgn have gone through & trying period without dumping their stocks on the market and are inclined to bargain for longer profits now that buyers appear to be about ready to look for supplies. Meanwhile they have gone pretty ex- un.slvely into sales psychology and are said to have been very successful with novelty wrapping of household necessi- ties, combinations of which are offered Imports of silk and rayon are smaller than a year ago. Consumption of ‘wool hy textile mills and spindle actlvity in e cotton industry is believed indica- uva of a presently wider use of do- mestic materials. DISTRIBUTION OF STEEL ORDERS IS ANALYZED Also included in the appropriation is the routine estimate for the first quar- ter of 1931, which involves expenditures | wi of 3!35000 Under this project addi- tional pole lines, wire, underground con- duit and cable, aerial cable, switch- 20ards, and central office equipment, and telephones and associated apparatus will ANCIAL, construction to pro- | Fo: LAND BANK SYSTEM AIDS DEBT REDUCTION Dr. Engberg Comments on Uses Made of Federal Credit Throughout Nafion. By the Associated Press. ‘The Federal Land Bank system has had a tendency to encourage farmers to reduce their form mortgage debt rather than to increase it, Dr. R. C. Engberg of the Federal Farm Loan Bu- rl:m; told a farm delegation in Cleve- nd. The loans made by the system amounted to about 12 per cent of the total farm mortgage debt on January 1, 1928, or $1,156,000,000, he said. Since that time the total loans outstanding have increased about $34,000,000. Dur- ing the period covered by the calendar year 1920 to 1927 there was an in- clease in the total farm miortgage debt from $7,858,000,000 to $9,469,000,000, or a net addition of $1,611,000,000. Dur- ing this same period, the Federal Land Banks loaned approximately $1,400,000,- 000. Of this amount about 82 per cent, or $1,155,000,000 was used for refunding existing mortgages and other indebted- ness, thus not adding to but menly shifting such indebtedness to amount. The balance loaned, repm- senting $245,000,000, was used for the purchase of live stock, fertilizer, equip- ment, erection of buildings, making other improvements, for capital stock in the National Farm Loan Association an-' for the purchlse of hnd DIVIDENDS DECLARED NEW YORK, December 31 (#).— Regul e- Pay- sSmmn | nis e P, Am Beh e 1 2175 Jun: '3 5 Am Found bt A.81ic Feb. 2 5 Do B. Feb. 2 3 Do, b B: k| Feb. 2 3 aw B, old 31,50 Jan. 15 L 31 man & S0c Feb. 28 Feb. 14 Tury Shites 3 Feb. 1 2 Corp ‘Trust Shares..35 Dec. 31 Dec. 23 Sec Bf....... 1 Feb. ‘2 Jan. 10 9 Dec. 30 Dee. 15 Dec. 29 . 15 Feb, 1 . 1 Dec. 15 Dec. 15 Dec. 15 Dec. 15 e [E O L DODDERZONNOOD LODOOOOOD: DWWOOOOOOD! » be placed in every lecuon of Maryhnd MACHINERY MARKETS QUIET DURING HOLIDAY Special Dispatch to The Star. 31.—The season now rules in the country's’ machinery and ma- chine-tool markets, but inquiries are g seasonal " xpectations, Amerieun expectations, erican Machinist reports. A prosperous new is predicted by dealers and manufacturers ln all dis- !y the Amcnled Press. ORK, December 31.—The buudlng lndun.ry took 17.80 per cent of the country rolled steel production in 1930 and was the largest user of the metal this year, says Steel, a trade|mmore ‘publication. Railroads were second, with 16.95 per cent; the automotive in- dustry third, with 14.10 per cent; the oil, water and gas industry fourth, with 9.48 per cent, and export consumption fifth, with 4.34. The remainder was ut miscellaneous ways, The autonfotive industry was the largest user of steel in 1928, but dropped to second place in 1929. Skyscraper construction, especially in New York; introduction of steel flooring in large structures and increasing em- loyment. of steel for exterior decora- floas were among the factors placing the building industry first as a con- sumer. / e BOND ISSUE AUTHORIZED. BALTIMORE, cial). —Permission to issue principal amount, of its series “wr bonds was granted to the Washington Suburban Sanitary Commission yester- day by the Public Service Commission. Proceeds of the bonds are to be used for the purpose of extending the water and sewerage facilities in Montgomery and Prince Georges Counties. CAR LOADINGS. By the Assoclated Press. Loadings of revenue freight con- tinued to show a declining tendency as their trend is calculated by the Amer- ican Railway Association. In the totals that follow the loadings are given for comparable periods: Week ended December 20, 713,810 cars. Previous week, 744,443 cars. Same week last year, 843,775 cars. Central— Southwest— tricts, with estimates of the time of its inning ranging from J-mury 15 to into the second quarter. The semi-annual review number of Ameri- can mchlnlst will contain 20 per cent ew tools than normal, an indica- tion ol Incrmlnl efforts at redesign in preparation for bettered conditions. A decline in inquiries is reported~for New York, where some purchases are beh) made. Chicago trading also shows falling off in inquiring, with current bu;‘lneu unlchldn ed. a4 ew Englan good prospects an lists several rolling stock orders. De~ troit_business has been suspended for the holidays. Machinery sales and in- quiries in Cincinnati are holding up well, considering the season, though pmdueuon has quieted down. Cleveland dealers pin their hopes for better busi- ness on automobile production, placing the real upturn at the middle of the coming year. Buffalo inquirles are high, though sales are small, and no change is ex- pected immediately. Indianapolis re- porta conflicting trends, but the situa- tion generally is looking up. Milwaukee is Quite timistic, expecting orders right after the first of the year. -Deal- ers in that territory report a better De- Seventh and Massachusetts Avenue. Seventh and E Streets Southwest. Capital—$3,400,000, Surpliss cember volume than they had antici- vated NEW YORK COTTON NEW YORK, Degember 31 (Special). 2 Feb. 2 Jgan. 13 ‘N“X:n‘lzn s A ' 375 Jan: 3 H as) o_Inc. 0 Jan, ¥ Dock b 4ase § Jan i ,E an k. Hugh 3 Tojeac o %% B 3 i Bo: 57 n' H ash GE 77 175 E Vg xSl 3 s Do. znflpfll B...S175 l} Extra. Corp Tr Share: EX 3 Dec. Metal & Thermi i A ] 2 ¢ ] 7 H Am Founders 170th 8h ) el Rdim'1ad ot A i1 T3 Frelght. o - 10 utter—One-pound prints, 37a38; tubs, 357583077 Eggs—] Hennery. 32a33; current re- ceipts, 28a30. Poultry, alive—Turkeys, young, 258 27 old. 23a24; chickens, 1711!.& lowls, heavy, 15a16 , unxs ughnm fowh 12; roosters, 13; old, 18; 17a18; small, keats, young, 70a80; old, 40a45. Meats—Beef, 18a23; veal, 18a23; lambs, 20a23; pork, loin, 24; fresh hams, 24; fresh shoulders, 20. Smoked— Hams,' 25; shoulders, 18; bacon, 27. Glme—-R-lbblV-!, 20a30. Lard—In bulk, 1215; in pumu, 15 Live stock—Calves, 10; Be rlnn per Emperors, 1.50a2.00; cran- berries, 8 75 apples, bushel baskets, 75a 2.00; box stock, 3.25a3.75; lemons, 5.50; pears, box stock, 3.00a3.50; pineapples, 5.00; limes, per 100, 2.00a3.00. Vegeuhles—Ponmeu 150-pound sacks, .00a3. Flo new, per el, , Der busml. 1.50a , large crates, 5.00; New York, small cntes 225!2 50; —Opening cotton prices were 7 to 10 points higher today. While Southern houses were still ready with sizable offerings, shorts generally covered in advance of the year end, while trade buyers bought moderately in near months. Opening prices were: Jan- uary, old, 9.95, up 7; January, new, 9.87, up 10; March, 10.07, up 10.35, up 9: JulY. October, 10.74, up 9, 8; May, 1057, up 8, and We Take Pleasure in Announcing The Appointment of MR. TERRY B. SIMMS LEASING AND MANAGING AGENT ’ [ for the new AMERICAN SECURITY BUILDING Now Under Construction on 15th Street at Pennsylvania Avenue N. W. Applications for leases, or information, may be made to Mr. Simms at 729 Fifteenth Street N. W. 15th and Penna. Ave. BRANCHES: Northeast— Northwest— Eighth and H Streets Northeast, 1140 Fifteenth Street Northwest. 3,400,000, und buahel 0a3.0( r ms, osalofl ‘mostly 75; caulifiower, 2.00a 2.25; tomatoes, Florida, originals, 6-pan crates, 5.00; cucumbers. fancy, per doun. 1801250 P'rench endive, 10- und box, 2.50; g beans, 4.00a5. knle 15-100 BDlnlch 1.0081.25; Hm: beans, 4.5