Evening Star Newspaper, February 24, 1931, Page 15

FINANCIAL G STAR, WASHINGTON, D. C, TUESDAY., FEBRUARY 24, 19 FIN ¥R INVESTMENT SECURITIES Listed Bonds and Stocks. also Excellent Public Utilities Received by Private Wire CURB SHARES RISE 10 RECORD LEVELS Public Utilities Featured as List Moves Upward After Holiday. BY JOHN A. CRONE. Bpecial Dispatch to THe Star. NEW YORK, February 24—Fifty- five stocks reached record heights for 1931 in early trading on the Curb Ex- change today. This list included Electric Bond & Share, Blue Ridge, American Cyanamid B, American Superpower, Niagara Hud- son Power, United Light & Power A Newmont Mining, Cord Manufacturing, Aluminum Co. of America and Douglas Aircraft, Cities Service came within a fraction of its previous peak. To the tune of the biggest opening and the widest advance on the Curl Exchange in more than a year, thi market informally inaugurated trading | on its new floor today. The opening ‘was attended by the largest number of brokers and clerks that have appeared in the curb arena in 13 months. They were there, however, not so much out of curiosity to see the new and en- larged facilities, but to handle a stream of orders that flowed in from all parts of the world over the two-day holiday. Big blocks were not uncommon in tha first 15 minutes. Electric Bond & Share opened in a lot of 12,000 shares At 58%. American Superpower came out on 7,500 shares at 16%. Cord Man- ufacturing, in a block of 6,000 shares, opened at 117%. Citles Service, on 4500 shares, started at 20. Niagara Hudson Power and other utilities ap- peared on the tape in 5,000-share gToups. The strength of public utilities was &t once transmitted to the motors, chemicals, foods, aviation shares, cop- pers. trusts and radios. Late amuse- ments, natural gas shares, steels and some of the specialties joined in the uprush. Sales in the first two hours amounted to 534,600 shares, the largest forenoon session since June 20 last, | when 605,300 shares changed hands in that period. Strength in Auburn Auto caused the rise in Cord Manufacturing. Ford Motor, Ltd., was weak in early dealings, Gespite Lisbon cables telling of Ford ex- pansion in Portugal. Traders considered the Dominion automotive tariff would benefit Ford Motor of Canada. The winning of another patent suit started an advance in Hazeltine Radio. Possibilities of the use of Muscle Shoals for a fertilizer plant and improvement in the chemical outlook stimulated bull- ish operations in American Cyanamid B Associated Rayon common and preferred shares started the upswing in textiles. Special buying operations came into ‘Tuhize-Chatillon, which continued Sat- urday's brisk rise Reflecting the buoyancy of London, mest of the international issues, espe- cially utilities, were strong. The cop- pers, African, Canadian and American, were aided by rumors of another ‘price advance in the red metal. Aluminum Co. of America ran up 7% points in the forenoon. Steady accumulation of Mead-John- son was continued. It was followed by such food shares as Pie Bakeries of America A, Grocery Store Products, Na- tional Sugar Refining and Food Ma- chinery Corporation. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value $4.8665 3913c D 13le Madrid, peseta vienna. schilling Budapest, penzo Prague. crow Warsa o] 3 Sl crown, *1 Btockholm, crown 267630 """ 36.75%c 26.76c BONDS ON THE CURB MARKET. Bales in thousands DOMESTIC BONDS. High. Low. Noon 56 10235 102 1023 52 104% 1Alabama Pow 55 16 Aluminum Co 5 . 4Am Cmwih Pw_6s '40 16 10Amer G & E 55 '28. 98 TAmer P & L 65 2016 108 11 Appalach Gas 6s 45 88 2 Abpalac Gas 65 B '45 2 Appaiach Pow 55 56 8As Eiec Ind 4':s '53 9 Asso G&E 425 '49 C 31 Asso Gas & El 55 68 T 6As50 G & E 5'28 ‘71 518 Ry cod 35 2027 s Bervice 55 50 erv Gas 5135 '42 Sery Pow 8i:s '52 dr Larabee 65 ‘41 wih Ed 45 E ‘601007 ible Steel 55 '40 El Pow 5145 59 G 6ias A 37 ww squesre Gas 65 45 60 TNt Inv 35 ‘54 El Bost 55 A P & L 55 A 2030 874 o N G 6las 38 105 ire O&R 5138 42 ) oo anan: THIUP999990 - SO N O £l QOm YN 2000 o 5 om0 D e NEW YORK CURB MARKET n Guif 55 '50 L& Ry 63 A PALS n Dominion 4 Cent Bk Co 63 B Chile Mtg Bk 65 Danish s B Europ Mig 75 C Finld R M Bk 6 Ger Cons Mun 65 Gestueral 65 '53 ww 8: Hamburg El 5's8 '38 Mansfield M&S 7 Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (2508), which shows those stocks were sold in odd lots. ~Prev. 1931~ Stock and Sales— Bigh. Low. Dividend Rate. 20% 11% AfMliated Prod 1.60. 10% 5 Agfa Ansco. 7 1% % Air Investors vtc. 1 % % Allied Aviation. 3 u 4% 3 Allied Motor Indu: 1 1n 170 140% Aluminum Co of Am. 9758175 109% 106% AluCoof Ampf (6). 4 109% 1% 7% Am Austin Car. 12 2 1% Am British & Cont.. 5 3% Am Br B fd shars. 6 5 AmcCapital B. 67% 65 Am Cigar Co... 9% 5% AmCit P&RLBMO%. 17 11% AmCom P A (b10%) 16 24'y Am Com Pr B(b10%) 2 7% Am Cyanamid B. o8 1% Am Dept Store; 2 412 Am Equities. . 13 14 Am For Pow war.... 150 313 Am Founders. 17 70% Am Gas& Eln 3 4% AmInvestIncB 66 115 Am Invest war 2 39% Am Laundry Ma (3). 43 AmLt& Trac (2%). M Am Maracaibo 397 Am Meter (3). 3w Am Natural Gas.... 9% Am Superpcw (40c). £1'% Am Superp 1st (6) 31 Am Thread pf (2ic) 815 Am Util&Gen (B)vte 1 Am Yvette new wi 3% Anchor PF (b10%). 5 Appalachian Gas. 515 Arkansas Nat Gas « Arkan: atGas A.. 6% Ark N G cu pf (60c). 104 ArkP&Lpf (7). 4'a Art Metal Wks (60c) 4% Assoc El In Ltd 30c. 15 Asso Gas & Electric. 17% Asso Gas&EI A (a2). 1'¢ AssocG&E A dbrts 19 AssocG & Eall ctfs. 85 AssocG&EDL(5).. % Assoc Rayon... 34 Assoc Rayon pf (6). 61 Atl Secur Corp. ... &% Atias Plywood (2) 1% Atlas Utilities war. . 2'; Auto Voting Mach & Auto Vot M cv pf pt 17% Aviation Cp of Am. . 36% Axten Fish To A 3.20 2 Benson & Hedges. 24 Blauners (82).. 155 Bliss ‘o (EW) (n1). 3% dlue Ridge Corp. . 303, Blue Ridgecv pfa 12% Blumenthal (8)..... 6 Bourjois Ine. . 21 BrasTr&Lt (b8%). 1% Bridgep Mach (25c). 3 Brill Corp A (34c)... 1% Burma rets 127 3-5c. 5% Butler Bros...... s Cable Radio T vte % Cable & Wire B rcts. 1% Canada Marconi 14 Carib Syndicate. . 14 Cent Pub Sve A bl 9 CentStat El (b10%). 58% CentStEcvpfnab, 13% Chat Ph Aln.v. (1).. 110 Chesebrough (16': 18 Cities Service (230c¢) 79% Cities Serv pf (6) 913 Claude Neon Lts, in 48 Clev El1lllum (1.60). 7% Clev Tractor (80c).. 1's Colon Oil. # Colombia 5 ColOll & Gasvtc. ... 167 Columbia Ple (f112). 17% Col Pict vte (f1%).. 221 Cmwith Edisoh (8).. 1% Cmwlth & Sou war.. & Com WatSv (b8%). & Comstock Tunnel. 21 Consol Copper. . 14% Consol Gas Ut A 2 5% Consol = Ut B vtc 10 Consol Laund (1) 2 “onsol Royal (30c) 40 Cont Shares conv pf ‘ont Shares pf (B) “oaper Bessemer (« “ooper Bess pf A(3). “opeland Pr Inc A “ord Corp... orp fec Ch ( “osden Ol eole Petroleum. “rocker Wheeler. rown Cent Petrol “rCork Int A (1).... ‘uban Tob vte (1%3), eo Press (213) % Curtiss Wright war. % Cusl Mex Mining 1's Dayton Air & Eng. 331 Deere & Co (1.20). 1% De Forest Radio. 12 Deisel W Gilb (1%3). 2% Derby Ofl Refining 1% Detroit Afreraft Cp.. 5% Doehler Die sting. 12% Douglas Air (11%). . 30 DressSRA (3%)... 19 Dresser Mfg B (%) 21% Driver Harris new. . 8% Dubilier Cond & Rad 2% Duquesne Gas Cp wi. 1% Durant Motors. . 2% Duval Tex Sul wi. 17 EastG & F Assoc. 13% East 8t Pow B (1)... 4 FEisler Electric Corp. 40 Elec Bond & Sh (b6) 1693 3 FElec Pow Assoc (1). 11 lec Pow Asso A (1) 19 c P & Ltop war.. 31 I Sharenold (b6%). 11 Fl Shareh pt (a6%). mp Corporation. re Pub 8vc (A). 68 20% 10 1% 3758 o -5 IS ST TR~ PO WS PNy yndicate. 3 Falrchild Aviatio Fanstez] Products 2% Federated Capital 10% Fiatrets (1.25) Ford M Can A (1.20) Ford Mot Can B T Ford Mo of 147 Ford M Ltd (p37%) 215 Foundation For Shs « Fox Theater Cl A. 5% Gen Aviation 10 27% Gen B Gen Baking N ¥ wi.. ble war ec Ltd (p70¢) . eproof (2) 501y Gen G&Ecvpf B (6 3 Gen Thea Epevpf3d) Gleaner C Harv new., len Alden Coal (8). lobe Unders 01a Coin new. . den Center...... “» Gold Seal Elec new. . 5« Goldman Sach T 2315 Graymur Corp (1) 167% Gt At&Pac Teanv(6) 20s 117 GrtA&PTpf(7).. 208 3 Groc Strs Prod vic 13'y Guenther Law (2)... 1 63% Guif Oilof Pa (13%). 45 144 Hazeltine Corp (2) 1% Helena Rubenstein.., 1 12 Heyden ML) .o 1 4% Hudson B: M & 10 % Humble Oil (12%).. 10 « Hydro Elec Sec (2).. 1 « Hygrade Food Prod. A 11l Pow & Lt pt (6) .. B0 16% Imp Oil of Can (50c) 14 Ind Ter Nlu OilA... b'y Industrial Finan ctfs 29% Insull Inv (b6%). 52 Ins CoofNo Am 12 64 Insurance Sec (70c). 6 Intercoast Trade (1) % Intercontinent Petn. 13 Int Petroleum (1)... 21% Int Superp (11.10). .. 344 Int Utilities A (33%4). bis Int Utilities B, 2 Int Utilities war. 2'3 Interstate Equities. 268 Inter Bqu c 3 Tia Irving Air Chute (1 234 Ialian Superpow A. # Kirkland. .. 5 % Kolster-Br (Am 8h). 10 101 Koppers G&C pf (6). 268 33% Lackawanna Sec (4). 1 7 Lake Superior d rets, 28% Leh Coal & Nav 1.20. % Leonard O11. .. 80 Lerner Stores (2)... 10 4 Rio de 1R Sl &t 28tinnes 7s "36 x! 8 Terni Soc 6' aswinn Vhen issued. 30% Ley (FT)&Co (3).. 1% Liberty Dairy Prod.. 18% Lily Tulip Cup (1%) 9% Loew’s Inc deb rts. 14 Loew'slnc war..... 24 LoneStar Gas (1) . 30 Long Island Lt#0c) 8% MacMarr Stores (1). 214 10 204 10 1% 5 1% 171 & 107 1 Add 00. Open. High. Low. Close. 20% 10 12 iy 1% 173% 107 1 s 10% 4 3213 104 % 1 98 32% & 25% 350 32% 1% 24% 21% i 270 34 dend. ~Prev. 1931~ High. Low. % 9% 5 3415 3 T 9874 7' 1214 304 2! 1 3 9815 9 an 113 25 i 24% 1 3% e 11 1 5| 2 1 5 9 194 24% 10% " { 11% 2% l Dividend rates in dollars base payment. a Payal Direct to The Star Office 8% 8% 21 Stock and Dividend Rate, Magdalena Synd.... 15 Marconi IntM(p38c). 2 Margay. e 215 Mass Tt ov pf (2%4). 50s 15 Mavis Bottling .70 7 Mead Johnson (13 4 Memph N G Co (60c) 8 8 Mesta Machine (2).. 4 % Met & Min Inc (1.20) 2 4 3 Sales— % 314 1% Met Chain Stores. 71 Met Edison pf (6). Mid St Pet vte A D25 N 1 1 Mid 'St Pet vtc B. 0% Mid WSEUL (13)..7 2 Ti Mid West Ut (b8%). 52 2 Mid WUt B wi 1 4 Mid St Prodn (2) 1 1% B Mining Corp of Can. MoKanPL (b10%). 1 MoKanPLvtc..... 8 Mowhawk Mining(1) 5% Mont Lt H& T (1%) 25 414 Nat Aviation. . s Nat Bond & Sh ( 4 Nat Container pf ( 315 Nat Family Stores 3 4% Nat Investors....... 49 0 Nat Investors pf. ... 258 7 NatPow&Ltpf (6). 1 atSTSec A (350c) 9 Stl Car Lta Nat Sugar N J (2) 101 16 42 321 . 13 at Union Radio.... 45 4 elsner Bros pf (7). 79 ew Brad Ofl (40c). 1 New Pow pf (6) 1305 New Jers Zinc (13).. 2 Newmont Min (4)... 3 NY Hamburg (213). 1 NY P &Lt pf (7) Niag-Hud Pow (40c) 348 Niag-Hud Pow A w. . Niag-Hud Pow B w Niag-Hud Pow C w. . Niag Sh Md (40c) Niagara Sh,Md w: iles-Bem-Pond ( ipissing (30c). Noranda Mines Nordon Corp Ltd. ... or Am Aviat A war 5 Nor Am Util Sec Nor Europ 0il Corp. Nor Ind Puh S pf (6) 25 Nor Ind PS pf (7) Nor St Pow A (8). Nor St Pow pf (7)... Novadel-Ang (14%). Ohlo Brass (B) (5 Ohio Copper. . ...... stocks Ltd A (40e) board Motor B. . Overseas Sec.... Pac Pub Sve A(1.30), Pac Western Of1. Pandem Ol. .. PantepecOil........ Paramount Cab Mfg. Parke Davis (11.35) Pender D Gr A Pennroad Corp Penn Wat & Po: Peop L& P A (2.40). Perfect Stove (4 Terryman Electr Philip Morris Inc. Philip Morris A..... Phillip L Inc B 1.60. . Pie Bak of Am A Pliot Rad Tube A. Fitney B Pn (20c) Plymouth Ol (2). Polymet Mfz. . Premier Gold (12¢).. Prudential Invest. .. Pub Util Hold Cp ww Pub Util Hold war. . Pub Util Hold Cp xw Pub Ut Hold cu pf(3 Pure Oil pt (6) Rainbow Lum Pr B. . Reiter-Foster Reliance Int A...... fance Int Cor B Reynolds Invest. Rike Kumbler (2.30) Roan Antelope Min.. Rock Lt & P (30¢). Rossia Int Corp. Roval Typewriter(3) Royalty Corp pf Rubberoid Co. (1) £t Anthony Gold. zis Paper (1 1 k Prod (2). xet Co Schletter & Zander hulte Un 5¢c-81 St. . aboard Util (50¢c). u Corp Gen (40c). eman Bros (3) g Lock & H (50c). iberling Rubber. .. lected Industries. . 11Ind (full p stpd). lected Indus pr pf. Sentry Safety Cont.. 2] Shattuck Den Min... 6 Shenandoah C 20 49 th (A 0) ( i Viscos So Am A South C uth Corp. . uth Penn ¢ nP&I sh & Ger and Motors. .. nd Oil of Ind (2 nd Oil Ky (1 and O11 Starrett Corp arret't Corp pt (3). ein Cosmeti Sunray Oll (b5%)... Swift & Co (2). . Swift Internat (2). .. Syracuse W Mach B. Tampa k! Technicol Teck Hu . Inc. s (60c).. Texon Oil&Land (1), Thatcher Sec Cor Timken Det A 1 Tran Con Alr Trans Lux DL P S Tri-Cont Corp wa Unit Chem pt pf (3). Unit Corp war. Init Dry Sve pf war Unit Founders Unit Gas Corp Unit Gas pf (7) Unit Lt &Pwr A (1). Lt& Pwr pf (6). Dairy (B) c Power Ww. . 7§ Finishing. ...... & J 5 Foil (B) (50c)... i & Inl Secur . 2 1S Inter Sec 1st pf.. 7S Lines of (1)..... b ]S & Overseas war. U S Play Cards (4) Unit Stores e Unit Verde Ext (2).. Univ Pictures. 15 49 Add 00. Open. L a 4 33% 3 2614 11% 32 % 3y 9RY 4 1% 2415 24 R 17% % e % [ B5% 181 104 UG ADeE: .. .. Y G Utica G & El pf (7)., 50s Util P&Lt(at1.023%4). 14 Ut P&L B(at1.0 27 Util & Ind & Util & Ind p! 5 18 Utility Equities..... 13 8 Util Equity pf (5%). 74 Vacuum (4) 66 VanCamp Pkg...... 2 4 Vic Finan Corp(40c) 5 6 Waitt & Bond(A)(2) 18! Walgreen Co. 26 Walgreen Co war. ... 7 Walker (H) (1). 28 8 West Afr Exp (60c).. 12 19 West Auto S A (3)... 21 Williams R C (1.40) . 12 Oll & Zonite Products (1). RIGHTS. Expire. 1% Sou Cal EA...Apr20 58 2, 103 “Ex dividend. = fPartly extra je In cash or stock. b Payable in stock. . e Ad) Plus 5% in stock, W TPlus 2% in stock. 11% nPlus 8% in stock. Plus 6% in stock. kPlus 10% in stock. 1% " ' % % 21 12% % 1% 2k % i 14% % 11% & 2% Plus 4% Plus, . Low. Clo 4 33% 1 961 11% 32 on last quarterly or semi-anoual in stock. tment_divic % in stock. mPlus 3% in stock. se. ‘. 9% REVISION OF TRADE RULES PREDIGTED Codes of Business Conduct May Be Changed by Fed- eral Commission. BY J. C. ROYLE. | A revision of the trade practice rules % | established in 127 industries in this country is extremely likely as a result of the nction of the Federal Trade 2 Commission. That was the opinion ex- | pressed today by leaders in a score of | industries, which have adopted codes of business conduct approved by the { commission. The commission on February 2 with- drew its approval from 18 of 21 rules of the code of practices for marketing refined petroleum products. This ac- tlon was taken without any previous notification to the industry. Approxi- | mately 16,000 marketers of petroleum | products had subscribed to this code. The American Petroleum Institute pe- titioned that the ruling of the com- mission be suspended until April 8, 1931, and the industry will operate un- der the code up to that time. This | code was put into effect first July 25. :11928, and approved officially a year .| later. i Institute Meeting. The Petroleum Institute will hold a meeting at Chicago on March 4 to determine what action will be taken. Three courses of conduct are under consideration. It may be decided to attempt to convince the Federal Trade Commission that the present code should be continued with or without re- | vision. Another possibility is that a substitute code will be submitted to the commission for approval. The industry, in the third place, may decide to un- dertake to make the present code or some substitute code effective without approval of the commission. This, 1t was felt, would result in the submis- sion of a friendly test suit in the courts if the Department of Justice decided that it was necessary and gave its con- sent. The action of the petroleum in- dustry will have a decided effect on the course pursued by other industries sub- ject to alteration of codes under the new policy of the commission. The 21 rules of the petroleum code are di- vided into two groups. The first are those which are enforceable under the laws of the country. The second group are rules of fair play, which should be regarded as good business policy on the part of any merchant Members of the commission say that the fact that the petroleum industry was not notificd that approval would be withdrawn from the code was a mere oversight. They assert that they have come to the conclusion of the 3 rules out of the 21, 2 of which were rewrit- ten, are all to which they will extend their approval. The commissioners have let it be known that they have no in- tention of reconsidering their action, believing the other rules ill advised. The first seven rules are enforcable under the Clayton and Sherman acts. They provide among other things that companies must not pay sign rental or make other allowances for displaying advertising at service stations. Com- pany-owned service stations or sites may be leased to dealers only on the basis of a reasonable return on the val- uation of the property. Gasoline is not to be sold from tank wagons or trucks to motor vehicles except in emergencies. No oil is to be given away or special | inducements granted on opening days, special sales or other occasions. Prices of products must be posted conspic- | uously. Would Destroy Procedure. “If the commission adheres to its previously announced intention to with- draw its approval of the petroleum rules.” it was stated by W. R. Boyd, ir., executive vice president of the Ameri- can Petroleum Institute, “it is equiva- lent to a reversal of policy which means that the commission will rescind its approval of all those rules heretofore approved for all other industries which are not specific violations of either the Sherman law or the Clayton act. In effect, this will mean complete destruc- tion of the trade practice conference procedure of the commission, because the adoption by an industry and ap- proval by the commission of rules which merely quote the language of the law will be valueless to any industry.” The commissioners let it be known today that they had not in contemplation at this time any revision of other trade practice codes. (Copyright, il TRUST REGULATION URGED BY RIPLEY Expert on Railroad Merger Warns Against Control of Wealth by Few People. 1931.) By the Associated Press Rigid governmental regulation of in- vestment trusts and public utilities en- gaged in interstate commerce is urged by Prof. William Z. Ripley of Harvard University. The author of railroad consclidation proposals told the Senate Banking In- vestigating Committee that millions of American investors of small sums were having their funds tied up in the hands of a “very limited number” of people through the operation of investment trusts He warned of danger in this practice inless the Government asumed control and required “full publicity and an honest accounting of the financing.” Ripley conceded his proposal involved a constitutional question, but said the line should be drawn by the courts to determine which companies were en- gaged in interstate business. + He said one of the “cardinal weak- nesses” of the investment trust plant resulted from a great temptation to use the trust as a waste basket in which to place something which cannot be put in_the hands of the public successfully. Marcus Nadler, associate professor at New York University, and research di- ector of the Institute of International Finance, told the committce a law hold- ing directors primarily responsible for failures of banks would result in “more conservative banking.” He blamed lack of responsibility of officers and absence of bank liquidity due to excessive loans on securities and mortgages and less liquid investments for many of the closings in recent years. To increase the liquidity of ‘small banks, including savings institutions, he urged establishment of a_central mort- gage bank for urban real estate which “could take inortgages held by banks, and on the basis of this, issue its own bonds.” This, he said, would create a “ready market for urban mortgages and in times of stress enable the banks, com- mercial as well as savings, to convert their mortgages into cash.” Special Dispatch to The Star. WHEELING, W. Va., February 24.— The Fidelity Investment Assoclation, which is devoted to the sale of annuities, reports contracts written for January of $4,724,000, compared with $3,808,000 in January, 1930, a gain of $916,000 or 24 per cent. These figures also repre- sent an increase of $788,000 over De- cember. Resources of the Association increased from $25.047,124 as of Jane uary 1, 1031, to $25,393,707 as of Feb- ruary 1, a gain of $346,582. EDISON ELECTRIC ILLUMINATING CO. (This is the twenty-ninth article of series on the sublect of public utilit covering the principal operating holding companies, giving their history. field of operations and an analysis of the capital structure. Mr. Hughes will dis- cuss bonds as well as stocks will present the facts without any attemot to recommend purchase or sale of specific securities.) BY GEORGE T. HUGHES. In the early Autumn of 1929 the pub- lic utilities department of Massachu- setts handed down a deci-ion denying an application by the Edison Electric Illuminating Co. of Boston to split its stock 4 for 1. 1In the decision some very frank _criticism /was delivered of the price level to which all public utility stocks had been bid up in the great bull market of that year. The commission xpressed the opinion that instead of splitting up its stock, the corporation ought to reduce rates. It was this ex- pression which gave the stock market its first tremor and foreshadowed the collapse of October and November. The Edison Electric Illuminating shares were not split, and they sell to- day at a price higher in doliars than almost any other utility issue. The regular cash dividend is higher than almost any other, at present $13.60 a share annually. In the speculative ex- citement of 1929 the shares were quoted above 400, and in the panic they drop- ped more than 200 points from the high. In 1930 the range was only a little over 50 points, and at this writing they are selling approximately half way between the high and low of last year. Notwithstanding this hectic market career, the stock, which is of only one class, of $100 par value, is of undoubted investment quality. At 250 the yield is 5.44 per cent, which is higher than that to be had from the stocks of most other operating companies of the same class. Results for the full year of 1930 are not available, and because of lower rates and the business depression, it is reasonable to expect earnings will not be as large as those for 1929, but the longer term outlook is good. Even if a downward revision in the dividend should be nec- essary, shareholders could still look for- ward to receiving from time to time rights to subscribe to new capital, which, judging by the record of the past, would have a high market value The corporation s unique in its policy of financing by short-term securities, paying them at maturity, either by a new issue of the same kind or by sell- ing additional stock. At present the funded debt consists of three note issues, one of $10,000,000, maturing November 1, 1931, carrying a 3% per cent coupon; one of $20,000,000, due November 1, 1932, at 4 per cent, and one of $30,- 000.000, due January 15, 1933, at 5 per cent. The company has a monopoly of supplying electric light and service to Boston and surrounding territory. i NEW YORK COTTON NEW YORK, February 24 (Special). —Cotton opened about 75 cents a bale higher at the opening today. This market was spurred by reports freely spread before the opening that stocks| would burst through their previous highs. Mill buyers were in the market for cotton of all deliveries. Market let- | ters all reviewed a large increase in cot- | ferings from Southern houses | pinched off on the scale up. | Opening prices were March, 11.09, |up 15; May, 11.40, up 17: July, 11.66, up 19; October, 11.91, up 16: December, 12.06, up 12, and January, 12.17, up 13.| were, Authorized Service Wico-Webster R. W. & Simms Magneto Repairs MILLER-DUDLEY CO. 1716 14th St. N.W. North 1583- ' Dominion ton goods business in recent weeks. Of- | fl CANADIANS SEEKING COAL INPORT DUTY Interests Declare Protection Is Needed Against U. S. Product. | By the Associated Press. ] Additional grief of vast potential pro- portions threatens the aiready-harassed coal industry of this country. ‘This became known here as the Na. tional Coal Assoolation learned Cana- dian producers had approached the ivestment ‘Trusts. COURTLAND ~ NI1XO! St N.W. N [we on BONDS, MORTGAGES, REAL ESTATE NOTES, AND LISTED STOCKS We Buy Second Trust Notes on homes occupied by owners. | BANKERS BOND AND INVESTMENT COMPANY 734 Southern Building _ i | minister of mines at Ottawa to request a larger subvention on coal shipped east | of Winnipeg, and seek protection from the competition of American fuel oil. A delegation of Nova Scotia producers, headed by Premier Harrington of that | province, are said to have conferred | during the week with Premier Bennett | and other members of the cabinet and requested that certain changes be made ‘ in the tariffs. They said their industry | should be protected from imports of | bituminous coal, coke and anthracite | screenings, and that there should be ap- plied the dumping provisions upon coal produced by non-union labor. Such a mandate, the association says, would affect a predominant part of our exports to Canada, which range from 15,000,~ 000 to 20,000,000 tons annually. The producers also are requesting | that a specific item in the Canadian tariff, which gives proprietors of by- product recovery coke ovens a draw back of 99 per cent of the duty on bi- | tuminous coal converted into coke by them, should be canceled. ‘With respect to subventions, the Ca- On our liberal 20 monthly repayment plan. No quired. A Maryland Personal Bankers, INC. nadians are esking for a bonus on all‘ Canadian coal used in their coking | plants; a subvention of one-half cent per ton mile on all Nova Scotia coal | discharged at St. Lawrence ports for | shipment inland, in order to place the freight charge on a transportation par- ity with American coal shipped East; and further, that the reduction of the | Winter rail rate from $3 a ton to $2 a | ton should be effective throughout the | year. It was announced by the minister | of rallways and canals that should the | fcquest be granted the government, at Ottawa would be obliged to pay $9.200,- | 000 to the railways in reimbursement for the transportation of freight in the | maritime provinces at the reduced rates. | It is understood the Nova Scotia coal | producers want the tariff increased to $1.00 a ton instead of the present 50 | cents per ton, and that they are also seeking an embargo on imports of Rus- sian coal and for a more extensive use of Nova Scotfa coal by the Canadian way Money to Loan Seeured by first Prevalling. interest. and’ s | Joseph 1. Weller [ Money to Loan D.C.Real Estate 6% Floyd E. Davis Co. 733 12th St. N.W. Shoreham Building Practically Planned Space in the Shoreham Building isn't just “cut up” into offices—but laid out and finished to meet the requirements of modern methods — pro- viding both facility and comfort—with service of a maintained type you will appreciate. Look into the avail- able space and see how perfectly it will serve you—and note the whole atmosphere of the build- ing—its refinement and character of tenants. MSKEEVER & GOSS 5. Representative of the Owners SHOREAAM INVESTMENT CO. Rental Office, Room 520 15th at H National 5643 for Investing in Securities...... tions of the System, write GENERAL UTILITY SECURITIES INCORPORATED 61 Broadway Above average productivity in these utility areas New York “All factors indicate present is Opportune " 2T Looks on the face of things as if the time is ‘right’ and prices are I ‘right.” There remains the matter of a ‘right’ securit this, everyone must judge for himself and select for himself." (Thomas F. Woodlock in The Wall Street Journal, January 24, 1931.) The steadily growing earnings, desirable character of the territory served and the essential nature of the business recommend Associated Gas and Electric Company securities. Gross and net carnings as well as gas and electric ourp\;t of the properties in the Associated System during 1930 were the largest in its history. A0 The better than average industrial, agricultural and mining produc- tivity of the territories served should result in more rapid development and wider use of gas and electricity in Associated areas. Per capita value of manufactured, mining and agricultural products in the 2,857 counties that have electric service in the United States, is $631. Per capita value of these products in the 63 counties in which Associated properties serve half or more of the population, is $685. 30,300 new investors during 1930, bringing the total to 220,480 dur- ing ‘the year, points to the public’s appreciation of the earnings pos- sibilities of the Associated System. An unusually large proportion of the security holders are customers served by the operating properties. Earnings on an ‘“‘overall” basis after depreciation, are 2.04 times annual interest requirements on the funded debt of the company and all interest and preferred dividend charges of its operating properties. For a list of recommended securities of the Associated Gas and Electric Company, together with a booklet descriptive of the opeta-