Evening Star Newspaper, January 25, 1931, Page 62

"IN UPWARD TREND Demand for Investment Is- sues Continues Good at Short Session. BY DONALD C. BOLLES, Associated Press Pinancial Writer. NEW YORK, January 2¢.—The im- vement in bond prices that has con- ued steadily throughout the weck was maintained today Aotive investment issues of domestic | corporations moved slowly upward, with some displaying hesitancy, and the larg. est gains were in less frequenty traded | issues, There were some sharp .ad- Jjustments of a point or more in issues that have’ been slow to participate in thz ncov!ry from the low levels of De- unusunl feature was the market- of a $15,000,000 bond issue for the d Steel Co, on the final day of the week. Pinancing seldom appears on Sttufll a whole the railroad group dis- yhnd the best tone, although advances were not as large as in recent sessions. United States Governments maintained their upward trend with Liberty 4l4s reaching & new high for the movement. Changes in the forcign list wer> narrow, averaging !; of a point and nflec!ed a steady tone. German gov- rnments were virtually unchanged. Convertibles followed the frregular trend o( shares. Kreuger and Tell Warrant and Warner Bros. 6s were fra tbuny higher. C. & P. TELEPHONE NET OFF $19,492 IN 1930 Annual Report Filed With Util- ities Oommission—Drop in December Earnings. net income of the Chesa- m?nwnmc Telephone Co. for m! lmnthll zeyx;dz\?ag D;t‘:!‘l:lber !; ‘amount to § which was dlwu:d of $19,492 !rom‘ the ume 29, the rt of operati w ?&‘Dfllh em’:wmbur mmnu calmllllon the District of Colum- bia shows. Balance - net income for December 115,062, as comparied with $162,- 37 for 5 tfi same momhz’;n 1929. This decrease of $37,3' " Pele evenues last ‘Telephone year .mm'nd to $8, l!!l with ex- u.mm After deducting uncollectible ope} $76 ‘:1'0\ - of !5’5‘!“70‘: l?"l, expenges f 3 telephone operating income, after ting taxes and uneouamble. g:dm This was & decrease of $30, December a year ago. expenditures for new plant nm for young hen lers, but shippers are to ship birds under eight 3 u are not wanted and ve to be sold at sharp discounts from fling market values. The same m applles to Spring chickens. as only medium to large fowl, two pounds and over, attracts attention, with all % I.hl.n stock sacrificed to the arab at irregular values. Young hen eight pounds and over, are 36 and 37 cents a pound and 12 pounds and over, 34 and 35 at 14 and 15. ; old hens is centered on Capons continue in very light receipt: and sell readily when large and fat 35 to 37 for birds weighi seven pounds and over, but smalier ‘will not bring over 28 to 33. A fairly good demand prevalils for fat young ducks and geese at 22 to 25 for the former and 20 to 24 for the latter, but small, poor ducks and geese four pounds are neglected at 14 Guinea fowl and pigeons are teady at 30 to 60 each for the former and 15 to 20 a pair for the latter. Demand for white potatoes continues slow and market dull, with prices most- in buyers’ favor at 1.90 to 2.00 per 00 pounds for Eastern Shore stock. with Ml’b potatoes selling mostly 1.50 to 1.75, lunmded potatoes are slow sale at 1.25 to 1.40. ‘The market for sweet potatoes and holds steady, but prices show no from last week at 3.00 to 4.00 for the former and 2.25 to 3.25 m . but ungraded stock will wver 2.00 to 2.50. etables are increas- in roeelpu.um “:‘m: Iuger i dmmd 1 ve nearby u‘d off to some extent and the nlrhl. is easy at the following quo- tations. -—ll”-—. 102 $328 Lib 31 1932-47 139 Heh. Lo, ‘Cloni. B, 90 Australla 65 ‘55 4 Austria 7843, Bank of Chile 6% Bank of Chile 6 Belgium 6s ‘65, Belgium 8541, Bolivia 78 ¢t 69 Bordeaux fs '34 Brazil %= 1926-5 Brazil 8s'41.. 4 Canada bs 52. Chile Republic Chinese Govt Ry bs '51. Colombia s 1961 Jan Copenhagen 5 Czechaslovakia 83 Denmark 5% IML cen 108'% 107 Dutch East Indl Flat 78 '46 war. Finland is ‘60 French 7 French 748 '41. Ger Gov 53¢ '65 wi German Bank 6s 1938 German 7s '49 Greek 6s 1968 Irish Free State 5 [taly 7s 51 : Japanese 61;s Kreug&Toll Mexico 48 1904-54 Milan 6%s '52. . Netherlands 6s *72 New South Norway 5%s. & Orfent Dev 6%s Rhine Westphal Rio de Janeiro 83’46 Seine Dept of s. . Serbs.Croats&SlavT, ¢ Serbs Croats Slov §s Swiss 638 '46. Toko Elec Pwr 1 4 Utd Kingdom 51837 Uruguay 8s 1960 MISCELLANEOQUS. Abram & Straus 5% s'43 Alleghany Cc cv 6844 Am I G Chm 5%s 1949 Am Internation 68 Am Natura) G 6%s '42 Am Sm & Ref 15t 68°47, . Am Writ Pap 6847, Armour & Co 43s'29, Armour of Del 5148 43, Atlantic Ref deb 68 '37 Bell Tel (Pa) ref bs s Beth Steel p m 6 Certain-teed 5% ® 194! Chile Copper 6s *47. Colon Of1 6 100 102% Goodyear Rub Humble O & R 5%s '32 Inland Stee) 4%s 1978 Inter Cement s Inter Mateh 6s Inter Mer Marin, Inter Paper 6s & ¢ Int Tel&Tel cv 4% Kan Gas & Elec 4 dall 5% Nat Dairy Prod 6%s "4 Nat Radiator 6358 1947, New England Tel bs ‘52, N ¥ Edison 1st $e 4l N ¥ Tel 434330 NY Tei6s'dl. ....., North Amer Ed 68 67, Northern States Pow 58 Pacific Gas & E b Pacific Tel & Tel 6 Pan-American 6; Para.Fam-Lasky Philadeiphia Co bs Phil&Read C&] 6s Philips Petrolm l\fil‘ll. . Postal Tel & Cab 5s'33. Reming-Rand 51847 Sinclair O1l 78°37..... Sinclair Crude O11 6% Sinclair Pipe Line 68 42 Southwes Bell Tel 55’54 Stand OII N J 68 Stand Ol N Y 438 '51 Sugar Est Oriente bs '43. Tennessee Copper 63 '41. . United Drug 6383 . . U 8 Rubber 181 & ref b8 Utan Power & Light bs. Ctilities P & L 535047, Walworth 68 48 . Western Union Tll 6. . 9! 6 110% 105% 4% lus' 2 108 L - oaooon 134 134 +2 TI% +18 + % 106% + % 82 424 82 “4ou 9% 120% 125% % + W + % 64 102% L28 7 102% 108 102y% 38 941y 6819 9814 T4 108y 964 " 87% Wilson & Co 1et 6; Youngstown S “RAILROAD, Atch T & S Fead) Atch T&S P Ateh To & S F Atlantio CL 1 Atl Coast Line Balto & Ohio 63 "9 B&OPLE& W Va B&OS W Div bs 60, Boston & Maine 6s ‘67 Broadwy & 7th Av 63 Brooklyn Manh 1st 65 A Brooklyn Union 4 Canada Natfonai Canad Caunadian Natl l‘.n 68. Can Nat July 5s Canadian Natl 58’6 ChiB&Q4%s B 77 Chi B& Qref 6s'T: ChiMStP&P ChiMStP&P Chicago&Nwn cv 49,549, 4 Chi & N W 6%s 3| Chicago Rys b Chi R | & Pac Chicago R 1 4% . Chi Union Station 4 4 Chi Union Station 63 Chi & West Ind con 4 Chi & West Ind 5%s CCC&StLI{4%sE" CCC&StL6sD.. Ch Clev&StL rf 6s Cleveland Term 68 B'73 Gleveland Terminal 6% $ Cuba North l% Del & Hudson 5% Den & Rio Grande cn Flor East Coast 58 '74 FondaJ &G 4%s'53. Grand Trunk y Hudson & Man ld) 6l‘67. . Hud & Man ref &s 'E'l. Inter Rap Tr 6s sta Inter Rapid Tran 6s 32 Inter Rapid Tran ev 7 Inter Gt Nor adj "66. Inter Ry Cent Am 6% Iowa Central 4s 5. City South &s n City Ter 1st 4s Lake Shore ¢s ‘31 Louis & Nash uni 4s "40 Market St Ry 7s A "40 4 Mo Kan & Tex 1st 48°90. . Mo Kan & Tex ad) 58 '67.. Mo Kan & Tex pr In 5sA. . Mo Pacific gen 48°75..... Mo Pacific §s A 65 Mo Pacifie §s I, Mo Pacific s G. Nassau Elec 48 ‘51, N Y Cent deb 45’34, 1 N ¥ Cen ref imp b8 2013, N ¥ Cent deb 10 Reading 4%s ‘97, Rio Grand West col 4; i RIATk& L 4% St L tron Mt gen 8 Seaboard A L ref Seaboard A L adj % Seaboard A L con South Pacific col s South Pacific 4 %48 u.‘.. Bouthern Pac 4%8 '69 ww Southn Pac Ore 4348 '77.. Southern Ry gen ¢s Southern Ry ln 58 °9: Union Pagific 1 Union Pacific Un Pacfic ret Virginia Ry 1st Va Ry & Power 941, P4 #4144+ ® <= SEEEE ¥ a3 Thompson (J R) (3). ‘Thompson Prod (2.40) Thompson Starrett Co. . ‘Thomp-Starr pf(3%)..u Tide Water Asso (60c). . Tide Water An O pf (6). Tid ater Ol pf (5).., Det Axle (80 ‘Tri-Continentl Corp, Tri-Con Corp pf (6). Trico Products (2%) Truax-Tra Coal (1.60 Truscon Stl (g1:2 Twin City Rap Tr (§ Twin City Rap Tr pf(7). United Alreraft. Unit Aircraft pf (3). UnitedBiscuit (2)... Unite (,orn ot (3) United Elec Co: United Fruit (4 Utd Plece Dye Wks U S Distributing pf (7 nEnnBLaR®E, Steel Corp pt S Tobaceo (4). nited Stores A, .. Low. 12% 14% L = s2Fse¥e I+1+01 00+ 014+ “F #x 25 "eFreves”F I++ 411+ ++ ++ 1 1++11+1 - E FINANCIAL, United s:::u ulu).. 1 ‘l'.i 1+4+1+ 1+41 Warner Bros pf (3.856) Warner Quinlan, . Warren Bros (3).. W’ren Bros cv pf (3) Warren Fdy & Plpe (2 Webster Eisenlobr. . West Penn Eleo A (7)... West Penn Elec pf (6). . West Penn Elec pt (7).. West Penn Power pf(6). West Penn Power pf(7). Westinghouse Alr B (3). Westinghouse B & M(5) Westinghse E&M pf (5) Weston Eleo Inst (1). .. Weston Eleo Ins t A (2). West Vaco Chlorine(2). 141 +++ ymients by R Y RN e Y | 1 UBit of trading 1Py o o Stock. b Plus 2% 1n 3% in stock. White Motors (2). White Rock M S (t4%4).. White Sew Mach pf. Wileox & Rich (A) 3%.. Wflgl—ov"hllfl. . Zenith Radlo. Dividend rates as s n Plus 5% in stock, Fh At AL A F IV I+ 0+ LT+ 0+ I+l + 4004+ 40400 4 © e e FEE FEFES + 1 =¥z 2 8% 3 e the annual en_in the above table 1 e ll(eu quarterly or half-yearly decla- kll than 100 sha 1Partl, 't b e, Py e, e d last b Payavie in sigck. dhnbu b4 Arned. Plus stock. lu oo, lnlul +1 in ‘Breterrea Seoc irm- GAS FIRMS EXPECT PROSPEROUS YEAR, = Leaders of Industry Confi- dent of Increase in Their Business. BY J. C. ROYLE. An asset of undoubted value is to be added to the gas industry this year. ‘That asset confidence. ‘The gas companies, those handling manufac- tured as well as natural gas, have come through a terrifically hard in- dustrial year unscathed. Whfie the figures for the whole industry are not yet available, those in close touch with the gas corporations declare their profits in 1930 compared most favor- ably with those of 1929. Consequently, they are like troops who have come victerious through a severe battle— confident in their ability to win other successes this year. Outlook Optimistiec. ‘The producers look for no abate~ ment in output or sales. In 1930, ac- cording to Clifford E. Paige, president of the American Gas Association, the volume so0ld exceeded two and a half trillion cubic feet. The number of customers to whom gas was sold in the last year grew between 2 and 3 per cent although most industries were loath to expend money for necessary changes in equipment. The total now is _over 16,000,0( ‘The manufactured gas companies have maintained their schedules of construction and expect to continue to do so in the coming 12 months. The uses for gas have steadily expanded and experimental laboratories now are pushing such development. In the natural gas field, the programs of con- struction seem likely to be more ex- | tensive this year than ever before. This is made possible because the success of the industry has inspired Investors with confidence, - according to the bankers interested in the in- dustry. Until this year, the public had | contributed only about one-third of the capital invested in the industry. ~ %|The remainder has been ll:ulapllm by +2% 50-MILE GALE SWEEPS EUROPE AND BRITAIN| | Rain and Lightning Accompanies Wind and High Seas Lead to Anxiety for Shipping. By the Associated Press. LONDON, January 24.—A gale of 50 miles an hour velocity swept Western lurope and the British Isles during the ht. There was an accompanying | tkuzt- of rain and thunder and light- | ni nfigh seas led to some anxlety for shipping. A Portuguese trawler was | mnk in the mouth of the Tagus, and | two of its crew were drowned. ia, en route from St. londgn damaged a rudder ‘u broadcast a l.nrw n;nn which brought '.he Dutch Witte Zee to her ass! other y mlp here, so the Witte Zee roturnod Vardulia rudioed her on to eT course, she was being driven e Was not eonsidered in any dang ar No wlifl.y was felt for the British cruiser Canterbury, en route from the Mediterranean, although she was many hours ovfl’duf at Plymcul.h U.S. CREDIT BANKS REPORTED OPERATING ON GOOD BASIS By the Associated Press. nuary 24 , ArTi here the rail- NEW YORK, January 2¢.—The 12 Federal intermediate credit banks have made loans totaling $1,059,776,648 in the last seven years, with a percentage loss believed by Charles R. Dunn, fiscal agent for the banks, to be the smallest of any finaneial fnstitution in the couniry, Mr. Dunn said the ratio of loss to volume was 0.28 per cent for the seven years in which the banks have oper- ated, loaning $553,500,000 to co-of ative marketing associations and $5606,~ 250,000 to discounting institutions. Mr. Dunn said that the contemplated program for 1931 should substantially increase the volum of business. banks are permanent and inde- lent lnltitu!kma operated under he supervision ol he Federal Farm Losn itural credit for Mflndj termedi- ROCKNE TELLS AUTO MEN THEIR NEED OF COURAGE Industry Should Develop “Superi- ority Complex,” Coach Asserts in Chicago. By the Associated Press. CHICAGO, January 14.—!!“" Rockne, Notre Dame foot ball coach, told sutomobile men last - lup'flfil t are * ate” between the usual maturities of short-time commercial bank loans and long-term mortgage loans. Since their organization to Septem- ber 30, 1930, the banks have issued de- bentures aggregating §769,655,000, of which $102,850,000 was outsnndlnl on that date, including $400,000 held by issuing banks but not including ma- tured debentures unredeemed. Mr. Dunn noted a steadily increasing volume of agricultural and live stock paper discounted by the banks. At the end of September the amount of such loans approximated $70,000,000 inst $62,000,000 in the comparable period of 1929. Cattle loans outstanding on that date were $26,000,000, compared with $21.000,000 in the first nin- monghs of 1920. Other livestock loans totaled $13,000,000, against $9,000,000, while general agricultural loaus, emounting to $25,000,000, were approximately the same. ball players, the famous coach added: “We develop courage and initiative in these youngsters, and they almost al- ways make good. Unquestionably the automobile business, as well as all other industries, needs all possible courage and fortitude for 1931." Rockne added that the automobile men demonstrated they had a ‘“su- gtriorlty complex” at the recent New wrparnuam and individus e that will be extended in the next year to l.enltonel never before served wnh this Technical progress in pipe helping development since it ible to secure pipe which will purpose for $10,000 & mile Jess than the oid style pipe. Experiments are being made in_de- | the velopment of a blower to build up high premures for long-distance transpor- tation. The conversion of natural gas into liquid form also is being considered since this would permit use of smaller sized pipe than transmission as a gas. It is estimated by Midwest engineers that pipe lines will require between 15,000,000 and 20,000,000 tons of pipe in the next five years. Director’s Opinion. Alexander Forward, managing direc- tor of the n Gas Association, says the gas industry suffered less than nearly any big business in America in lhe last year. the reconstruction of 1981,” he added. -n is important that we with our resources of knowledge and equipment and lplrl'. unimpaired shall have our full>part in the inevitable general re- covefy just ahead and in the solution of new problems. There are readjust- ments ahead but the gas industry’s strength is in its ability to readjust. Now_if ever is the time to keep one's feet-on the ground and one's eyes on the future.” ‘The industry undouhudlz) faces pos- sibilities of regulatory action .both by State’and Federal agencies during the next 12 months. (Copyright, 1931.) QUEBEC LIOUOR RECEIPTS IN 1930 $27,539,966 Highest in Nine Years of Commis- sion’s Existence, With $27,- 007,430 in 1929. By the Associated Press. QUEBEC, January 24.—Receipts of the Quel Liquor Commission for the year ended May 30, 1930, were shown to be the highest in the nine years of the commission's existence, in figures made rubue yesterday. ‘Total receipts for the year $27,539,966, as compared to $27, 001 .30 for the preleu year. The first year's business totaled $15,213,801. After deduction of 35 per cent for expenses and 33 per cent for excise and sales taxes, the commission had & net operating profit of $8,469,292 from re- ceipts of the last fiscal terest in property equivalent lations held by the Trustee: {ENT & RADIO: Corp. Warner Bros. AUTOMOTIVE Bendix Aviatios Briggs Manufacturing, + Packard Motor Car. AVIATION : The Aviation Corp. North American Aviation. CHAIN STORE: Kroger Grocery and Baking. CHEMICAL: Amer. Cyanamid * Com’l Solvents. ELECTRIC LIGHT & POWER: Commonwealth & Southern. Niagara Hudson Power. United Corp. Pictures. in market value. LOW-PRICED SHARES A Five-Year Fixed Trust PORTFOLIO Each Trust Share rtrruems a 1/2500 participatin, identical with each other unit as at the time constituted. The initial unit consists of 50 shares of the common stock of each of the followihg 25 companies, plus 8ny accumu- The principle upon which this trust is based is that low- priced stocks in general are at present deflaled to a greater extent than stocks of the type known as that, in a period of recovery, low-priced stocks should, on the average, have a correspondingly greater apprec OFFERING PRICE ABOUT 715 Based upon current market value of deposited stocks. WAGeAMAN, BRAWNER & CO. INCORPORATED 1700 EYE STREET N.W. Please Send Me Information on . LOW-PRICED SHARES in- to a unit. Fach unit will be FOOD: Standard Brands. METAL: Amer. Metal Co. (Ltd.) Internat’l Nickel, Canada. Republic Steel. NATURAL GAS & OIL: Continental Oil Co. Sinclair Cons. Oil, United Gas Corp. RAILROAD: Allegheny Corp. Pennroad Corp. REALTY: Gen'l Realty & Utilities. RUBBER: B. F. Goodrich Co. TOBACCO: P. Lorillard Co. a “blue chips” and ME. 3860 “We shall have a full part Bonds Falling Due. NEW YORK, January 24 (#).—Bonds nnu notes of corporations falling dlu month _aggregate $56, lll‘nlt *’D 405,980 this month ll!d nd 393,790 in Pebruary, 1930. Most of maturities are for small amounts. In addition one foreign loan, blic of Poland $5,000,000 5 per cent ds, falls due February 1. $24,000 to Your Dependents 1 RO LI TR 0. V. JONES 206 Commercial Nat., Bank Blds. Telephone National .9112. Write or phone for illustration, your age Established 1808 MONEY TO LOAN U ol Consult WELCH Realtor R e s and ‘l‘r-ll Co. mias First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Mortgage Loan Correspondent for The Prudential Insurance Co. of America BROKERS ARE CAUTIOUS TOWARD IAHKET GAINS cost mind, brokers are Advlllnl meu- clients to act cautiously and not to fol- low up the advance until the market has been definitely established enough above the previous high on .Y‘umnl'i'v 9 to confirm evidence that liquidation has been completed. LOCOHOTIVES ORDERED. NEW YORK, January 24 (#).—In- land Steel Co. has ordered two six-wheel switching locomotives from the Ameri- can Locomotive Co., Railway Age re- ports. The Minneapolis, §t. Paul & 8. 8, Marie road is inquiring for (mm 10 to 15 _locomotive tenders, te Raflways of Greece are hqulrlu " fm- 200 Hecmanical nxgmmr cars. % On our liberal 20 nu!hly repayment plan. N required. A strictly il.lifi.‘ and confidential service. \ Maryland I’emnl Bnhn, 8405 Georsla An. lllm T Sorine. Ma. loney to Loan Secured lmh“ .Clr‘ut on real estate, Trust Blds., 9th & F N.W. Opportunity for Exceptional Income Share in Control and Management Investment banking compan; clalizing in a security not Al;echd by speculative stocks or fluctuating real estate values, with net earn- ings more than twice its 8% di dend rate, can increase income with more capital. No debts. Full voice in management and control of finances offered. Address Box 175-K, Star Office Members New York Stock Exchange New York Curb Exchange hington Office 729 Flftnnlh St. N.W. G. BOWIE CHIPMAN, Resident Partner We Buy and Sell Securities On Commission Basis Only ‘0dd Lots Purchases and sales will be charged only the regular commission of the Exchange upon which the orders are executed, with a minimum commission charge of $1.00 on New York Stock Exchange securi ties and $2.00 on New York Curb Exchange securities. MAIN OFFICE 111 Broadway, New York We Are Pleased to Announce Our Removal to Larger Offices in the SHOREHAM BUILDING In the Heart of the Financial District Robert C. Jones & Co., Inc. Investment Bankers Shoreham Building Metropolitan 2922-2923 FIRST MORTGAGES FIRST MORTGAGES ARE SAFE In the history of investment first mortgages are among the earliest form. They have the advantage of not requiring any financial experience or test of judgment, for they are support- Over a Third of a Century Without a Loss ed by conservatively appraised real estate of ample value. Our 6% FIRST MORTGAGES give you freedom from worry and this liberal return through- out the entire life of the mort- gage. May be purchased in amounts from $250 up. B s SAUL CO. 925 15th St. NW.