Evening Star Newspaper, February 27, 1931, Page 14

A—14 ex# FINANCIAL. THE EVENING STAR, WASHINGTON, -D. C., FRIDAY, FEBRUARY - 27, - 1931. EED OF STABILITY N MONEY IS URGED Expert Believes Greater In- terest Will Be Shown in Standard Currency. BY JOI/N F. SINCLAIR. Bpecial Dispa'eh to The Star. NEW YORK, February 27.—Norman Lombard, executive director of the Stable Mnncy Assoclation, thinks the preseyt depression will create a vastly Wwidr interest in stable money than ever bfore. Not that stable money is a de- sirable thing in itself, but because it is the means to a desirable end. It will bring industrial stability, employment stability, financial stability, stability of debtor and creditor relationships—in a word: social stability. But unlike most reformers, this Cali- fornian does not believe that the sta- bility of momey is a panacea for all of the ills of society. He says: “There will remain many problems to be solved after the dollar tas been tamed and made to perform its social and business tasks efficiently; but the solation of this one will make easier the solntion of all the rest. “A unit of value which masquerades a&s a stable unit, when it is not so in fact, is unscfentific, inefficient, unjust, dishonest. It must yield to a scientific, efficient, just, and honest unit. “It is no mean task to change the monetary ideals of a hundred million people—to alter the objectives toward which the thinking, the laws, and the complicated machinery of monetary ad- ministration are directed.” But this is the task which Norman Lombard and the founders of the Stable Money Association are attempting. Among these founders are such well known men as Bunard M. Baruch, Pierre S du Pont, Irving Fisher, Otto H. Kahn, John Moady, Alfred P_Sloan, Jr.; Silas H. Strawn, John J. Raskob, John E. Aldred, James Speyer, James H. Rand, jr, and Owen D. Ycung. Oil Royalties. The oll royalty has not yet become a major form of investment for New Yorkers. 1It's a strange thing, too, for ml.ny of its c]lfl—dweuers are, at heart, speculators and gamblers. Look at ‘Wall street! How does an oil royalty come into legal existence? This way—when a farmer leases his land io an oil com- pany for oil prospecting purposes, he usually receives for that right 1215 per cent of all oil and gas produced from his land. If oil or gas is struck on the farm, the lucky farmer has a legal right to 121, barrels of oll out of every 100 barrels produced. But supposz some one comes along and offers ‘the farmer a considerable amount of money for his royalty. Say the farmer decides to sell some part of it. That part is then sold and resold, Jjust like any other equity. That's the royalty! Many of the wisest oil men follow right behind the big companies and buy into owner's royalties. Year'’s Total Large. J. Edward Jones, New York oil royalty dealer, estimates that more than $150,- 000,000 a year is paid to owners of oil- groducmg royalties in the United States y the large oil-producing companies. “Oil-producing royalties constitute a first charge against actual production of the third largest industry in this country,” says Mr. Jones. “The tre- mendous revenues springing from the ownership cf such royalties naturally attach great value to them and invest- ‘ment in this field is becoming increas- ingly popular. It is only within the last decade that the investing public has be- gun to appreciate this form of invest- ment. “American produces something like 1,000,000,000 barrels of oil annually, and practically every barrel carries its toll for the benefit of the royalty own- er,” continued Mr. Jones. “Such an interest is nothing more or less than a right exacted by the land owner as part consideration for the granting of a lease to an cil company which explolus his land for oil or natural gas. Mr. Jones expects to lee a large in- crease in the number of oil royalty in- vestors in the coming de (Copyright, 1931, by North American News- paper Alliance.) PLEA FOR ECLUSION OF SOVIET GOODS MADE By the Associated Press. Henry D. Baker, former commercial attache for the government in Russia, says Soviet labor is the cheapest in the world, and that, unemployment will in- crease and prices decline in this coun- try uniess Russian goods are excluded. He adds that coal mined in Russia by cheap labor is “displacing Pennsyl- vania anthracite,” and that the Soviet is dumping its products in this country for the purpose of “wrecking the coal, manganese, ol and steel industries.” On the basis of a “vital public policy, the United States should exclude Russian goods,” he says, adding that Russia “confiscated and stole” the mines and | other industries which it is now oper- ating for the purpose of destroying the economic and capitalistic system of the POTATO MARKET. CHICAGO, February 27 (#) (United States Department of Agriculture). — Potatoes—Receipts, 123 cars; on track, 310 cars; total United States shipments, 878 cars; market dull; trading rather slow. Sacked per hundred weight — Wisconsin Round White, 1.10a1.25; few fine quality, 130a1.35; Minnesota Round White: Idaho Rus- sets No. 1, 1. , 1.60; No. 2, 1.10a1.20; few, Colorado Mec- Clures, kranded, 160&1 65; unbranded, fair quality, 1.30a1.40. Auto Accessories. NEW YORK, February 27 (#).— Manufacturers of automotive parts and accessories for original equipment have | had to speed up production to take care | of heavier demands, and nice gains in business were reported for both Janu- ary and February, the Motor and Equipment Association reports. With this group of suppliers leading the way in the current improvement in the parts industry, manufacturers of shop cquipment and tools also have enjoyed increased business. U. S. TREASURY BALANCE. The United States Treasury balance. announced today as of close of business February 25, was $152,891,843.78. Cus- toms receipts for the month to date were szsa.a 30629, Total ordinary ex- penditures, SHORT-TERM SECURITIES, (Reported by J. & W. Seligman & Co.) Allis- Phllm!u Co_5s Americi 1' 1938 Bflnmore & Ohlo 1 7! 1933 Calitcrnia Pet. Cory Canedian_Nor. 38 hi. Northwestern R R 3 Rock Bh!" 'Jnlon 1 Co. 5 “lndfll”dcra"fl s Sianaar d oil N Fork 4 i gk eo-uhnmm H.I & Union, Ol Co, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 1 Stock and 43% Loose-Wiles (12.70). 11% Lorillard (F) Co. 3% Louisiana Oll....... 27 LouGEEA(%).. 90% Louis & Nash (7). 11 Ludlum Steel... 32% McCall Corp (2%) 34 McCrory A (2) 85 McCrory B (2) 76 McCrory pt (6). T1% McKeesp T P (14%). 13 McKesson & Rob (1) 31 McKes&Rob pf(31) 7 McLellan Stores. . 35% Mack Trucks (4) 83 Macy & Co (nt3) 5 Mad Sq Garden (60¢) 20% Magma Copper (3).. 2% Mallison & Co. % Manati Sugar 5% Mandel Brothers 32% Man Elev mod g (d5) 52 Manhat Elev gtd (7) 7% Manhat Shirt (1).... 21 Maracaibo Oil Exp. 19% Marine Mid (1.20)... 23 {Marlin Rockwell (t4) 514 Marmon Motor Car. . 231 Marshall Field (23%) 214, Martin Parry 231 Mathieson Alkall (3) 20% May Dept Strs (23%). 5% Mavtag Co 151 Maytag Co pf (3). 29 Melville Shoe (2). 6 Mengel Co.... 2515 Met-Gold pf (1.89) 10% Mexican Seaboard 7% Miami Copper. 13% Mid-Cont Pet (2) Midland Steel (3 MStP&SSM. 20 Mo Kan & Tex (a8).. 70 Mo Kan & Tex pf (7) 30% Missouri Pacific. ... 861 Missouri Pac pf (5). 10% Mohawk Carpet 20 Monsanto Ch (g1%). 15% Montgomery Ward.. 46 1 Mother Lode. . 5 233 Motor Meter G & El. 30 Motor Products (2).. 14% Motor Wheel 1%) . 8% Mullins Mfg. 27% Munsingweal 11% Murray Corp 27% Nash Motors (4) 734 Nat Acme (80c). 3% Nat Bella Hess 17 Nat Bellas Hess pf. 76 Nat Biscuit (2.80) 146 Nat Biscuit pf (7)... 29 NatCash Reg A (3). 38% Nat Dairy (2.60) 19% Nat Dist Prod (2). 21 Nat Enam & Stam 136 Nat Lead pf A (7) 25% Nat Pow & Lt (1)... 5 Nat Radiator... 43 Nat Steel (2) 59 Nat Supply (5) 107% Nat Supply pf (7)... 41% Nat Surety (5).. 15% NatTea (1)... 191 Neisner Bros (1.60 10% Nevada Copper (1).. 110 N O Tex & Mex (7).. 14% Newton Steel. 21 N Y Air Brake (2.40) 113 N Y Central (8). . 165 N Y & Harlem (5) 10% N Y Invest (1.20). 76 N YN H & Hart (6). 5% N Y Ont & Western.. 1 NY Railways pf 100 N Y Steam pf (6).... 111 N Y Steam 1st pf (7) 30s 200% Norf & West (t12).. 2 89% Norf & West pf (4).. 108 4% North Am Aviation. . 62 Nor Am (b10% stk). 53 North Amer pf (3).. 102 North Am Ed pf (6). 47% Northern Pacific (5). 43 Northwest Tel (3) 2% Nunnally Co. . 15% Ohilo Ofl (1).... 3% Oliver Farm Eq new. 18% Oliv Farm Eq pr pf.. 3% Omnibus Corp. . 22 Oppenheim Col (3).. 60% Orpheum Cir pf (8).. 52% Otis Elevator (23%). 10 Otis Steel 33% Owens 111 Glass (3). 4 Pacific Coast . 45% Pacific Gas & El (2). 18 50% Pacific Lighting (3). 10 16% Pacific Mills. . 208 116% Pacific Tel & . 208 8% Pack Mot Car (60c). 40 32 Pan-Am Petrol B. 1 2% Panhandle P&R.... 36% Paramount Pub (4). 1% Park Utah.......... 3 Parmelee Transport. 1% Pathe Excharge. . 3 Pathe Exchange A 3% Peerless Motor Car.. 37% Penick & Ford (1) 284 Penney (J C) (3). 3% Penn Dixie Cement. . 17 Penn Dixie Cmt pf.. 55% Penn RR (4) 23 Peop Drug St B 96% Peoples D £ pf (G’&L 76 Pere Marquette (6) 77 Pere Marq pf (5). 6%FPetrolm Cp of Am1)1362 19% Phelps Dodge (2)... 52% Phila Co 6% pf (3).. 7% Phil Read C& 1. 12% Phillips Pet (2). % Pierce Oil. 9 Plerce Oil pf. 1% Pierce Petrolm (10¢) 26 Pillsbury Flour (2). 67% Pittsburgh Coal pf.. 13 Pitts United Corp. .. 93% Pitts Unit Cp pf (7). 8% Pour & Co (B) 16 Port R Am Tob 4% PR Am Tob B. 25 Postal T & Cpf (1).. 12% Prairie Oil & Gas (2) 17% Prairie Pipe Line (3) 4 Pressed Steel Car. .. 35% Pressed StCpf (7). 63 Proct & Gamb (2.40) 21 Prod & Refiners. . 11% Prod & Refiners pf. . 90% 72 PubSvNJ (3,40) 98% 95 PubSvNJpf(5) 116% 109% Pub Sv N J pf (6) 1343 128% Pub Sv N J pf (7) 58 49% Pullman Corp (4) 2 % Punta Alegre Sugar. 11% 8% PureOil..... 101% 95% PureOil 50% 38 Purity Bakeries 21% Radio Corp. . 56% 23% 28% 974 30% 1% 19% 88 1 108 . 408 32 1 24% 131 11% 36% 4% 50% 1% g 39 3 908 A 16% Radio-Keith-Orph A. 211 18% Raybestos Man 2.60.. 14 79 Reading Ry (4).. Real Silk Hos (3) % Reis (Robt) & Co 16% Rem Rand (1.60). 80% Rem-Rand 1st pt (7) 8% Reo Motor Car (40c). 12 Republic Steel. 29% Republic Steel p 11% Reynolds Metals 5% Reynolds Spring. 40% Reynolds Tob B ( 2% Richfield Oil. 5% Rio Grande Oil. 27 Rit Dent Mg (23) 16% Rossia Insur (2.20). 37% Royal Dutch m1.3404 38% Safeway Stores (5). 24 40 62 3) ~Prev. 1930~ St L-Sa; St L-Sai Savage Schulte Sears R Servel I Shattucl Shubert Sinclair Snlaer F Sou P R South C: parks Spear & Stand B: Stand Bi Stand G Stand G 2 4 Stand O Stand Of Stand Of Stand Of Sterling Sterl Se Stewart Stone & Studeba un O11 un Oil Superios Telauto; Tex Gul Thermo! Third A Thomps: Thomps Timken Timken Transan TrisCon Tri-Con Twin Ci Und-Ell Un Carb % Un Paci Utd Am Unit U S Leat U S Lea U S Real U S Sm Univ P) v Va El & Vulcan Walwor % Ward B: Ward B; Warner Warner Warren Weston Wextar Wilcox Wilcox 4 Willys- Wilson Wilson Wright Yellow Youngs 48% 19% % 48% 10:30 A.M. 1:30 P.M.... 5 Dividend rates as 87 3314 24% 40 69% 5 Unit of trading I in_stock. —no_regular e Payable in cash or stock. h Plu 2 regular rate 7 Y 39% 59% n Stock and Dividend Rate. St Joseph Ld (2) Skelly Oll. ... pang-Chal pt (6). . tarrett (LS) (12%) Texas Corp (3).. Un Oil of Cal (2) Unit Fruit (4). Unit G & Im (1.20). Unit G & Im pf (5) Unit Piece DW (2).. U S Rubber U S Rubber 1st pf. .. U S Smelt & Ref (1). U S Steel (7).. U S Steel pf (7). U S Tobacro (4). Unit Stores A....... Unit Stores pf (4)... Zenith Radio Brooklyn Fd... Pac Gas & El.Mar 11 Sales of Stocks on New York Exchange. $Payable in scrip. 8 2% in sY Sales— Prev. Add 00. High. Low. Close. Close. 76 29% 27 28 2T% 4814 70% n Fran (8)... n Fran pf (6) St L Southwestern. . Arms (2).... Retall Strs Seaboard Alr Line... Seagravi © (60c). . oebuck $2% .. Second Nat Inv... Second Nat Inv pf. Seneca Conper. ne Sharp & Dol Sharp & Do pf (3 KFG (1135). Shell Union Oil. Theaters. Simmons Co. . . Simms Petroleum. 16 Con O11 (1).. 837 . 1 >acking Solv Am pr ww 5% fc Sug (1.40) al £ (2) South Dairies B. South Pacific () outh Rv (8) pang-Cl 607 27% 12% halfal Withing ( Co. Spicer Mfg. Splegel- May-Stern. . rands (1.20) . rands pf (7). &E ¥ & E pf (4). Stand Invest Corp. . il Cal (h23%) . il of Kan (1) 11INJ (2)... 56 il N Y (1.60). 21 . 10s 3 5 1 Sec A. c Df (1.2 Sterl Sec cv pf (3) . Warner. Webster (3). ker (1.20). (). pt (6) Superheater (2%). rOfl. Superior Steel. Sweets of Amer (1)., Symington A. graph (1.40). £ Sulph (4).. Texas P C & Oil. Texas Pac Land Tr.. 4 Thatcher Mfg (1.60). Thatcher pf (3.60) id Co. venue Thompson (J R) (3). on Pr (2.40) on Starrett. . ‘Tide Water As (60c). Tide Wat As pf (6).. Det Ax (80c) Roller (3). Tobacco Product: Tobacco Prod A t merica (1). Transue & W (1) Trico Prod (2%) t Corp.... t Corp pf (6) 4 Truax Traer (1.60).. ty RTr (§4). Jot-Fish (8). hide (2.60). .. fic (10)...... Un TankCar (1.60).. Unit Afrcraft. . g Unit Aircraft pf (3). Bosch. Unit Biscuit (2 Unit Carbon (1). Unit Cigar Stores. ¥nit Corp (75c¢) . Unit Corp pt (3).. ctric Coal. .. US & For Secur. 4 US Gypsum (1. U S Indus Alco ther. ther A. USPlpe & F (2 1ty & Im (3). & Ref pf3%. pe & Rad.. Utah Copper (8). Util P&L A (et2.15 Vadasco Sales Corp. Vanadium Corp (3).. Car Chem pt (7). 1 234 2 .180s ve. 4208 Pow pf (6). Det (4).. Wabash RR. Wabash RR (A) Waldorf Sys (13%) th Co (1). aking A. aking pt (7). Bros Pict. Quinlan Bros (3) 5 2 . 215 11 . 144 War Bros cv pt (3)..510s Wess Ofl & Snow (2) West Pa ELA (7).. West Pa El pf (6). West Pa EI pf (7). West Pa Pow pf (6 West Pa Western Dairy A (4) Western Dairy B. Western Md........ Western Union (8).. Westing A B (2).... Westing E & M (5).. Westing E&M pf (5) 20s 2 308 . 108 108 108 208 5 1 Pow pf (7). 6 29 7 233 El Instr (1). k Radio Strs. Wheel & L Erie pf. .. White Motors (2)... White Sewing Mach. White Sew Mach pf. Oil & Gas. Rich A (23). Overland &Co A & Co pf. Woolworth (2.40)... Worthington Pump. Worth Pump B (6).. Aeronaut. Wrigley (Wm) (4).. 124 Yale & Towne (2)... 2 Truck. .. 33 Spring (3).. 3 23 RIGHTS—EXPIRE. 208 20% 13 2% 20% 203 21 2% 400,000 12:00 Noon. + 1,700,000 . 2,600,000 2:10 P.M. 2800000 given in the above table are the annui ca: payments based on the latest auarterly or haif yearly deciarations, ess than 100 shares. tPartly extra. iPlus 4% Plus 9% in stock. a Paid last year Payable in stock. d Payable when earned. {Plus 8% in stock. @ Pius 6% in X Plus 8% in stock.” i Pald this “year Plus 6% in stoc) BY GEORGE T. HUGHES. Utilities Power & Light Corporation. (This 1s_the thirteth article of seties on’ the ‘sublect of public utihities: the principal operating an the capital struc discuss bonds as ny aitempt to le of specific securities.) Serving various parts of 15 States which cover a wide section of the coun- try, also two Canadian provinces and, through British subsidiaries, certain cities and towns in England and Scot- land, Utilities Power & Light Corpora- tion has the type of capital structure common to many holding companies There are outstanding $50,000,000 in two bond issues of the parent company, one carrying a 5%z per cent and one & \now being paid 5 per cent coupon, both direct obliga- tions, but unsecured by mortgages. The 5 per cent debenture carries warrants entitling the holder to buy stock at prices well above the present market, so that the privilege has no immediate value. These bonds sold recentlty to yield well over 7 per cent. Following the bonds is a small issue of 7 per cent preferred stock and after that there are three other stock issues, class A, class B. and the common. Vot~ ing power resides solely in the class B stock, which as to dividends, however, ranks equally with the common shares. ‘The A stock is entitled to receive $2 a share annually before anything is paid on the other issues. Thereafter, an equivalent amount is divided between the class B and the common, share and share alike. The balance is next di- vided one-half to the class A and one- half to the B and the common. ‘The latest available income statement, that for the 12 months ending Septem- ber 30 last, shows an increase in net income over the same period a year prior, but a slight decrease in earnings per share, due to a larger amount of stock outstanding. The $2 dividend on the class A stock, X however, is, according to the statement, covered twice over. It should be noted that coming ahead of the holding company’s charges are interest on subsidiary bonds and divi- dends on subsidiary preferred stocks. The consolidated balance sheet shows, as of September 30, that the subsidiary funded debt was $153,291,360, against $124,632,959 a year ago, and that sub- sidiary preferred stocks were $51,278,035, against $45,280,503 in the prece year. It has Leen the policy of the cor- poration to give shareholders the option of recelving dividends in cash or in stock. Market quotations for all its securi- ties have been depressed in common with those for other utilities. Recovery will depend on general conditions, as well as the demonstration the company gives of its ability to maintain earning through a period of industrial reaction. o The American Federation of Labor is made up of 104 national and interna- tional unions, representing 29,000 local unions, with a total membership of 3,450,000, IFOREIGN BOND LIST Domestic Issues Turn Irreg- ular on Bonus and Earn- ings Reports. BY. F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, February 27.—Foreign dollar bonds continued their advance today, but the general list in the invest- ment market was thrown into an ir- regular tr:nd owing to two factors. One was the passing of the soldiers’ bonus bill by the House over the President’s veto, and the other was a large batch of January earnings reports. Ogden L. Mills' assertion that the Treasury would have to borrow $400,- 000,000 additional in March to meet the provisions of the bonus bill was con- strued in most quarters as bullish. As a result, United States Government long-term bonds, which have rec:ntly been weak, were strong, with gains of 1-32 to 14-32. The market had antici- pated a much larger addition to the March Government financing. As to the January earnings, though they showcd a decline in carrier net in- comes of 5 to 35 per cent, apparentl some believed that now that the wors news was out, rail bonds should be bought. At any rate, junior carrier ob- ligations that ordinarily are sensitive to earnings w-re strong. Gains of a point or more were made by Atchison con- vertible 41.s, Erie general lien 4s, Flori- da East Coast 5s, International Great Northern first 6s, Frisco A 4s and Loui- siana & Arkansas 5s. In the rest of the domestic list a considerable degree of irregularity pre- vailed. Prime bonds for the most part tended higher, with small gains in American Telephone 5s, Atchison gen- eral 4s, Canadian National 5s and 41¢s, Chicago & Alton 3s, Chesapeake Cor- poration 5s, National Dairy Products 5Yss, New Haven 41;s, New York Tele- phone 6s, North American Ediscn 5s, Southern Pacific collateral 4s, Standard Oil of New Jersey 5s, Western Union 5s and Youngstown Sheet & Tube 55. Junior issues were subject to wide moves, according to whether earnings were considered up to expectations or not. Anglo-Chilean Nitrate 7s gained 1% points to a new top for 1931. Cbi- cago Railways 5s, virtually a traction bond, rose fractionally. Commercial Investment Trust 5l%s were a shade higher. General Theaters Equipment 6s sold down with the stock. Goodrich 6s were off fractionally. Hudson Coal 5s, Hudson & Manhattan refunding 5s and Interbcrough 7s were higher. Issues of oil companies, which showed d creased earnings, moved lower. Washington Stock Exchange SALES. Capital Traction 5s5—$1,000 at 81, $3,000 at 81!, Washington Gas 5s—$500 at 104. Washington Gas 6s “A”—8$500 at 101%. { American Security & Trust Co.—5 at 5. Washington Loan & Trust Co.—3 at 435. Columbia Sand & Gravel pfd.—10 at 98. Mergenthaler Linotype—10 at 88, 10 at 88. AFTER CALL. Columbia Country Club 5':5—$1,000 at 100. The Carpel Corp.—25 at 20%. Washington Gas 4s “A”—$100 at 102. Federal-American National Bank & ‘Trust—10 at 50%. Washington Rwy. & Electric pfd—25 at 98. Washington Gas 6s 104%. Potomac Electric 6s '53—100 at 107%. 'Capl;al Traction Co.—10 at 36%, 10 at 36%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4125 '33. Amer Tel, & Telga 4128 39 “B"—$2,000 at Bid. Asked. 101 Washington Gas 4145 Washington Gas 5s Wash. Gas 6s, series Wash. Gas 6s. Wash. Rwy. & El MISCELLANEOUS. & Ross, Inc., 6as. Chevy Chase Club § Columbia Country D. C_ Paper Mlg. 65 ...... W. M. Cold Storage 5¢ Wash. Cons. Title 6s.. STOCKS. PUBLIC UTILITY. Barber Amer & EL 5 Ve Ry SR SR O NATIONAL BANK Capital (14)....... Columbia (12} Commercial (stamped) (10} District (8) 8 Fed.-Amer. Natl. Bk. & Tr. (2) Liberty (78)... : Lincoln (12) 1) ", Metropolitan (14} Risgs (158)" . nd (9e) Washington (13)". TRUST COMPANY. Amer. Security & Trust Co. (15) Continental Trust (6) . 3 Natl. Savings & Trust (121) Prince Georges Bank & Trust Union Trust (8s) s a0 Wash. Loan & Trust (i) SAVINGS BANK. Bank of Bethesda (68). Commerce & Savings (10) East Washington (12) Washington Mechanics (20)’ FIRE INSURANCE. American (12). Qorcoran (10) iremen’s (8) ational Union (i3}’ TITLE INSURANCE. Columbia (6h). Real Estate (6h) Title & Inv. Co. Md. com MISCELLANEOUS. Barber & Ross, Inc, com . ) Co Fed _Am._Co. pid. Lanston Morotype (8) Security “Storage (). . Ref. ‘& Wh, Cori The garpel Corp, (1. Socr W. Mech Mtge. com. (6) Wash® Med., Bide. Cor. ¢ Woodward & Lothra Woodward & Lothrop pfd. (7). *Ex dividend. b Books closed. n35c extr 130c extra. §1% extra. ela% extra. 4% ext 15% extra. c50c extra. ‘WESTERN MARYLAND RWY. BALTIMORE, February 27 (Special). —Although gross revenues of the West- ern Maryland Railway Co. in January were considerably lower than those of the corresponding month a year ago, net income approximated the same fig- ure. This was due largely to a sharp reduction in operating expenses. Operating revenues for the month amounted to $1,365,318, compared with $1,526,927 in the same month a year ago, a drop of $197,609. Operating ex- penses _ totaled only $832,432, against $1,035,584 a year ago. Operating ratio for the month was 60.97 per cent, com- pared with 66.13 per cent in January, ’l'hn large savings resulted in a net income of $185211, compared with $187,107 in January, 1930, or a decline of only $1,896. CONTINUES STRONG,,... i Argentine 514 s " lu (oo o BONDSox FINANCIAL. Received by Private Wire Direct to gh. 1wl 15 10221 108 13 100 26 101 104 28 1072 111 FOREIGN. . 111 | Eib 1st 43520 10 Lib 4th 4%s.. 166 S3%s°43.. US3%s"4T.. US3%s. Argentine 92% ’ B6Y Argentine 6s Ju '69. 2% Argentine 6s Oc ‘69 23 Argentine 63 A '57. Argentine 6x B ‘68 . Australia 4%s ‘66 Australia 58 ‘65 Australia 5s 57.. Bk of Chile 6% '57 Bk of Chile 6% s ‘61 Batav Pet 4 Y Belgium 6= '65. Belgium 6% 49, Belgium 7855 Belgium 75 ‘56 Bolivar 75 ‘68. Bolivia 7s ctfs Bolivia 8s Brazil 6% 2, Brazil 61827 109% 114 Brazil 8s 4 Bremen 7s°'35.. Canada 5s Canada 68 '5! Chile 6560 Chile 63 '61. Chile 75 *42 Christiana 6s “olomb 6s Jan '61 Con Pow Jap: Copenhag 43 Copenhag s ‘52 Cuba 5%s 45. Czecho 8 Czecho 9 52. Denmark 4%s '62. Denmark 6s 42.... Dutch East 1 6s'47. Dutch East 1 65 '62. Flat 7s ex war '46 Finland 5%s ‘58 Finland 7s ‘50 French 7549, French Gvt 7% Gelsenk'chen 6534 German 53365 German Bk 65 '38. German 7srep ‘49.. Halt1 6s'52. .. Hol-Am ss £ 65. ... Irish Free St 55 '60. 3 167 32 57 1 2 1 4 [taly Pub Sv 7 Japanese 633 Japanese 635 Jugosl Bank 7 Karstadt 6343 Kreug & Toll 55 '59 Lyons 6s'34.. Marseflle 6s'34. . Mex 4s asstd 1904 Mex 4s asstd 1910. . Milan 6%s 52 Netherlands 6s New S Wales 63 New S Wales 6s'58 Norway 5s '63 Norway 53%s "65. Norway 6s '43 Norway 6s'52 Orient dev 5355 Orient dev 6s 53.. Paris-Ly M 6s'58 Paris-Ly M 7s ‘68 Peru 6560, Peru 7s 59 Pirelli 7s. Poland 7 Poland 8 Porto Alegre 88 '61. Queenland 7s*41... Rhinelbe 75 *4 Rhine West 6s Rhine West 65 Rhine West 7s ‘5 Rio de Jan 6% R Gr De Sul 65 '68 R Gr De Sul8s "46 Rome 634352, . Roy D 4545 ww. Sao Pau 78’40 rets. Sao Paulo 8s '36. Sao Paulo 85 '50. Saxon 78’4 Seine 754 Serbs-Cr-S1 7s Serbs-Cr-Sl 83 Shinyetsu 6% Sofssons 6s ‘36. Sweden 5% '54 Swiss 5%8'46 Toho El Pow 68 '32. 1 234 | Toho El Pow 7s '55. % | Tokio 55 '52 Tokio 5%s'61 Utd King 5%s'37.. Uruguay 6s°60. 6 Uruguay 8s'46. Vienna 6s ’5: Warsaw 7s 1013 885 3 63 MISCELLANEOUS. Abitibi P & P 6853 25 Allegheny s "44. Allegheny 5549, Allis-Chalm 63 '3 Am Ag Ch T3s 4 Am Chain 6s'33.... AmF P 58 2030.... Am1GCh5%s’49. Am Int Cp 5%s "49. Am N Gas 63542, Am S&R 1st bs '47. Am Sug Ref 6s'37. Am T&T cv 4%s'39 Am T&T 5s8°65..... Am T&T c tr 5 ‘46, Am T&T 5s 8 Am T&T 6%s Am W Wks 5834 AmWat Wk 6s'75.. Am Wr Pap 6s ‘47 Arm & Co 4%s '39 Arm Del 5145 °43... Assoc O1l 6s '35 At Gulf 5559 Bell Tel Pa 6s B 48 Beth Steel pm 6836 Beth St rf 55 '42 Bk Ed gn A 5549 Bush T Bldg 5s '60. Cert-td deb 535 *48 Chile Cop db 65 '47. Colon O1l 65°38...... Col G&E 5s May '52 Com Inves 51s '49. ConG N Y 5%s'45. Consum Pow s '52. C Am Sug col 8531 Det Ed G&R4%8'61 Det Ed rf 65 B 40. . Dodge Br cl 65 40 Gen Motors 6s ‘37 Gen St Cas 5%;8'49. Gen Th Eq 65 '40... Goodrich cv 65 °45. Good 18t 6345 *47. .. Goody'r Rub 58 Hoe & Co 6%5s'34 1% o o POEBNATE MNREN B S lHum O&R 6%s '62. I BTI1stpt6s A, Inland St 4%s ‘78 Int Cement 5s "48. Int Hydro El 68 '44. Int Match 68°47... Int MM col tr 65’41 9 Int T & T 5s'55.... Kan C P&L 58 A '52 KanG & E 4%s "80. Kend 5%8'48 ww. Laclede 53%s C53.. Laclede 5%s D '80. Lautaro Nit 6 5 Lig & Myers 7, Lorillard 6%s McKes& R6% Midvale Stl 58 ‘36 Mont P db bs A '62. Nat Dairy 6% s 48 Nat Rad 6% NEng T 1s 52 NYEd llll%l'll. NY ELH&P 4549, N ¥ Tel 438 °39.... N ¥ Tel 6541, N Y Tel 6549 N Nor Am Ed 58°57. UNITED STATES. (Sales are in $1.000.) Low. 101 10 102 21 108 8 100 20 100 26 104 28 106 16 110 26 Sales. High. .. 29 B4 110% 11 110% 109% 96% 106 102% 102% 865 B2% 94% 120% % 126% 93% 8% 83% 103% 95 5% 102% 99 93% 95 106% 80%3 67 92% 105 104% 8k 102% 92% 98% 104% 106% 29% 2815 8 107% 81 91% 91% 107% 105% 105% 99% 99% 81 93 106% 9% 100% 88% 63 1% 86% 83 102 4 104% 101% 105% 95 60 1027% 103% 102% £8% 82% 94% 120% 126% 93% 78 84% 103% 95 57% 102% 99% 94 95 105% ;’. 106% 1031 Nor St Pw Pac G & EI 5 , Pac T&T int b8 ‘37. Pac T&T ref bs ' Paramount 6s *4 Pathe Exéh 183 Pos Tel & C b8 53. Rem Arms 6s A "37. Rem R 6% s A ‘47.. Kich Ol cal €x"44. . Shell Un O11 S'nelair i) 6 Sinc O 7scv A'3T.. Sine Cr O 5% = 38. Sinc P L 55 '42 Sou Bel T&T 68 41. StOINJ5s"46.... 92 SLOINY 4% 51. 19 107 13 3 100y 101 99% Tex Corpcv b8 '44. Gnit Drug v 6s ‘53 S Rub 18t 5s "47 Utah P & L 58 Uthl Pow 58 59 ww. Utll Pow 518 47 Vert Sug 1st 7s " Warn Br Pic 6s'39. Warn Quin 6539 West El deb 5844 West Union 5s '60 West Un T 635 '36. Wil & Co 1st 63 '41. Wil-Ov 15t 6355 '33. Win RAT1s'41. .. Ygstn Sn&T 58 ‘8. RAILROAD. 5 96 6 98% Atchison adj 4s '95. Atchison gen 48 ‘95 Atchiscv 4%s'41.. AtCL st 4s'5 AtC Lecol 45'52 AtCL4%s'64. B&O4s"48. 974 17 97% 6 1043 1104 1 109% 3 9T% 1 104% 8 89% 44 102% 54 102% 43 101 4 89 5 99% 2 9% 11 99% 1 101% 8 105% 8 105% 3 117% 12 112 87% Bos & Me 68 '55. . Bos & Me 5s '67. . Bklyn Man 6s ‘68. . BR & Pitt 434857, Can Nat 4%s 68 Can Nat 4% 5’55 Can Nat 58 July "69. Can Nat 5s Oct "69. Can Nor 6% s db *46 Can Nor 7s deb '40. Can Pac deb Can Pac bs ctfs "44. Can Pac 58 '54 Cent Pac 4s°'49. Ches Corp 58 "47 Chi & O gn 4%s'92. Chi& O 4%s A’93.. Chi& O 4%s B'95.. C &0 con'bs'39 Chi & Alt 35 CB&Qgen4s's8.. CB&Q 1strf 58 '71. C B&Q 111dv 4s Chi & Eas 111 6851, Chi Grt West 45’59 Chi M & St P 4589, Chi M&StP 4%s E. Chi M StP&P 6875 Chi M & St P adj 5s. Ch&Nwn 4% s 2037. Chi N Wst 43 ¢ '37 Chi & NW con 4% Chi Rwys 6s " ChiRTA P rr 4a734 ChiRIcv4%s'60.. ChiRI&P4%sA. C TH&SE in 58 '60.. Chi T H Inc 6s 60 Chi Un Sta 4%s "63. Chi Un St 55 "44 C& W Ind cv 4s CCC&StL4%sSE. CCC & St L §s D Clev Term 4%s'77. Clev Term 5%s'72. Colo & Sou 4%s"35. Colo & Sou 4%s Cuba R R 585! Cuba Nor 5%s *42 Del & Hud rf 4s°43. Del & Hud 6%s '3 D&RGrgn4 D&RG W 58'55 DRG & W st s Erfe 1st con 4: Erie con 4s A '53. Erie Gen 4. Erie cv 58'67. Erie 5375 Fla E Coast 55 '74.. Grt Tr s £ db 6s '3 Grt Trunk 7s "40. Grt Nor 4%s'76 D. GrtNor 4%s'77T E. Grt Nor gen 75 '36. . Gulf Mobile 53 '50. . Hud & M adj 6s'57. Hud & M rf5s 111 Cent 45 ‘53 111 Cent ref 4s ‘55 111 Cent a%- 66 111 Cent 585 111 COStL&N 455 1 Il CCStL&N 5S A. . 3 105% 20 72 38 97% 7 107% 2 111% 15 99% 25 98% 33 111% 187 52 8% % | Int Rap Tr 65 '66. 58 120% g2 4 109 99 90% 9Tl 80 102% 100% 101% 18 109% 114% 98Y 1024 106% 111% 101% 18 109% 114% 98! 102% 106% 111% 5 104k 104% 1044 Int Rap Tr sta '66.. Int Rap Tr 6s'32... Inrt Rap Tr 7s'32... Int & Gr Nor 6s’52. Int & G N ad 6s'52 Int Rys C A 6s 41 Int Ry C A 6%s "4 Kan CFtS&M 4s ‘36 Kan City Sou 33 '50 Kan City Sou 5s '50 Kan City Ter 45 '60. Lake Shore 4s '31.. LehV cv 4%s 2003. Leh Val 5s 2000 Long Islrf 4s’49... L & N uni 4s'40 L &N 4%s2003 L&N1stresy Market St 7s 40 MiIERy & L 5s M StP&SSM con 4s. M StP&SSM bs gtd. Mo Pac gen 4575 Mo Pac 5s A "65. Mo Pac 6s F "77. Mo Pac s H '80 Mo Pac ref 5581, .. Mo Pac 5%s cv '49. Nassau Elec 4s'51.. N & T & M 58 B '54. 14 100% 6 100% 42 92 17 106% NYC&StL6s'32. 8 101% NY NH&H 3%s'56 N Nor Pac 3s 2047 7 Nor Pac 58 D 2047 Nor Pacr16s 204’ Oreg-Wash 4s ‘61 Penn gen 4%s'65. . Penn 4%s'70. Penn 4%8 63. Gr W 1st 43 TAr&L4% St L Ir M'nt StL IM R&G StL&SFIn4sA.. 75 IS Low. 102% 106% 1031 106% 103% 104% 107% 101% 100 98 105% 103% 99% 1008 98% 100% o8 42% 101 95% 98% 120 9614 914 99 9% 101% 9T% 104 109% 105% 101 100% 105% 'OCK EXCHANGE l Close. 102% 105% 103% 106% 103% 104 107% 99% 1043% 103% 96k 100% 105% 101% 100% 105% 72 97% 109% 46 69 87 95% 2% 30% 2 92% 88 2% 103% 1047% 90% 100% 104% 102% 109% 101% 93% 67 45% | bees 97 105% 9'“/4 83% ¥6% 76 5% Y% 101% 95% 100% Yo 95% 100% 100% 105% 93 96% % 101% 884 931 T1% seh 94% ILAWS FOR CURBING | BANKRUPTCY URGED Solicitor General Gives Data | to Bankers on Spread I of Insolvencies. _ (Continued From Thirteenth Page.) posits.” This subject is very close to all bankers and his *alk aroused a re- sponsive chord among the delegates So convincing were his remarks thut they brought forth extended comment “|from the floor. The conference was requested to take action, placing the gathering on record as favoring the payment of no more than 3 per cent on savings accounts and no interest on checking accounts. Chairman Fleming called for a rising jvote. The resolution was passed, ai- though there was considerable opposi-' tion to it when the “no's” stood up. The resolution merely expressed the feeling on the part of the majority of the delegates at the conference. It is not obligatory on any bank that may, be paying higher interest on savin; and interest on checking accounts to make any change in its present policy. The final address at the evening ses- sion was made by C. W. Hoyt, auditor, New York State National Bank, at Al- bany. His topic was nalysis of In- dividual Accounts.” He brought up the question of service charges and many other important matters. Speakers at Today's Session. Chairman Fleming ealled today's ses- slon to order stortly after 9:30. Five addresses on the program related to the “Practical Bank,” the speakers and their subjects being as follows: “Answering ~ Administrative Prob- lems,” Harold Stonier, educational di- rector, American Institute of Banking. Credit Bureaus in County and Re- onal Clearing House Associations,’ George D. Snyder, manager, Reading and Berks County Credit Bureau, Read- mg‘ Pa. “Importance of Proper Selection and Development of Personnel,” C. E. Tal. man, vice president, American National Bank & Trust Co., Richmond, Vi “Creating an Undenundmx Between a Bank and Its Customers With Re- spect to Banking Punctions,” William K. Payne, president, Cayuga Cmmty National Bank, Auburn, N. Y. “The_Dutles and R&pomlbultles of Bank Directors,” F. G. Awalt, deputy controller of the currency. “Summary of the Conference,” O. Howard Wolfe, cashier, Philadelphia National Bank, Philadelphia, P Five State Presidents Here, The presidents of five State associa- tions attended the sessions: Mark H. Holmes, president, New York State Bankers' Association; Levi H. Morris, New Jersey; W. Walter Wilson, Penn- sylvania; C. E. Baksdale, Virginia, and D. R. Richards, West Virginia. George H. Keesee of the Richmond Federal Re- serve Bank also attended every session. Quite a number of woman bankers were also registered. All the financiers were most enthusiastic over the papers presented and the brief discussions, Many are remaining in the city for sightseeing and to attend the twenty- seventh annual banquet of the Ameri- ;::g!nsmute of Banking tomorrow eve- Railroad Stocks. NEW YORK, February 27 (Special).— Rail shares the next few days will have a test of their ability to overcome the effect of the January statements. These are even worse than those in De- cember. Quite a number of the carriers show operating deficits for the month in spite of the favorable operating con- ditions that have prevailed in nearly all parts of the country. There was some selling in the rail group today in re- sponse to these reports, though on the whole the reaction was slight and evi- denced the flct that poor earnings had n discounted. INVESTMENT TRUSTS NEW YORK, February 27 ~—Over- the-counter market: Bk ok 5 Incorporated Equities . Incorporated Igvn'.orl N Y Bank Tr Shri gower & Rall Trusiée Shis. Renreur;‘t%nve Tr Shrs ea; & Po: U § Fico Li: & Pow shares Others unchanged. NEW YORK BANK STOCKS NEW YORK, February 27 (#).—Over- the-counter market: BANKS. Bid. Asked. 0 4% America . Bank of U'S Unlu Chase Cha City 5 Fifth Aventie. Eirst National' New 'York Harriman Manhatt Peoples' o3y | Soun % 8 85 98% 00% 106% 91% 106% 101% 9% 94y “ 118% 681 2 102% 112% 94% 101% 97% 101% 109 104% 109% 100 99% 101% 68% 94% 102% 112% 9% 101% 97 101% 109 105 110 100m 99% 101% 109% 109% 94y 9414 107% 102 84‘/- 00 94% 94% 107% 102 843 l’ l 96 '3 ’\oou 100% 100% 5 100% 100% Wi Mlh 24 5s 39. 62 100% 86 . \86 | Guaranty Hibernia Manufacturers’ 4 Westchester Title & Tr. 114 Cultivation of more than 40,000 acres of land on the borders of the States of Coahuila and Nuevo Leon, in Mexico, will_shortly be started. Sales. High. Low. Close. StL&SF4%s'78. 223 82 81 81 St L&SF prinbs B. 18 101% 101% 4 857 StP&KCSL4 St P Un Dep 6872 Sea All Fla 65 A '35 Sou Pac col 4549 Sou Pac ref 4555 Sou Pac 435’68 Sou P 436569 ww. Sou P&Or 43877 Sou Ry gen 456 Sou Ry 58°94...... 2 Sou Ry M&O 45738, Ter AsSt L 4s " Tex & Ark 5 Tex & Pac Tox & Pag 5809 Third Avref 4 Third Av 1st 5 °37. Third Av adj 6s '60. Un Pac 1st 4547 Un Pac 4568, Un Pac rf 4s 201 Va Ry & Pow 5834 Wabash 1st bs West M Wst Sh nt 482361, ga.. 2 akeaoriie