Evening Star Newspaper, March 10, 1931, Page 14

[ARCH 10, 1931. | INVESTHENT BOND | [ o BONDS e | UNITED STATES. : (Sales are in $1.000.) Sales. High Low. Close. Lib3%s..... 51 10127 10124 10127 NEW YORK STOCK EXCHANGE FINANCIAL. Recelved by Private Wire Direct to The Star Office. b IVELD ON STOCKS | NOW 729 PER CENT 104 10: Recent Advance in Market Has Reduced Income Re- High. Low. 104' 104% 103% 103 106% 106'% 103'%% 103% 1071 107 103% 103 103 106%; 106% 1061 104 103% 1 93% N Y Edison NY (Continued From Page 13.) J Saend "Ra N Y Tel 6841 Dividend Rate. ati Sugar. del Brother: . Man Elev mod g (d5) Maracaibo Oll Exp. . Marine M1 (1.20)... Marshall Fleld (23%) Prev. Close. Close. 3% 3% 89% 20 ';'5;: New Issues Absorbed With- 3" out Affecting Firm Stock ana g Dividend Rate. 2% Snioer Packing. . 89% Solv Am pr ww b 9% South Port Rico Sug. 29 96% Sou P Ric Sug pf (8) 2008 46% 3 4 92% 4T - SOVIET 15 SEEKING | CHINK' OL TRADE| — Russians Plan to Take Mar- ket From U. S. and Brit- Lib1st4%s.. & 10226 10222 10222 Lib 4th 43;s.. 72 10323 10320 103 22 3. 21012 1012 1012 51017 1017 1017 25 10520 10520 10520 27 107 24 107 18 107 20 111119 11119 11119 107 Nor St Pw 68 A "41.. Nor St Pw 68 B *41., Pac G & K Paramount Pathe Exch 5% 32% 2% ish Producers. BY JOHN F. SINCLAIR. Special Dispatch to The Star. ’ NEW_ YORK, March 10.— Premier Molotoff, youthful Soviet leader, warns America that Soviet Russia cannot con- tinue to buy goods from the United States unless the United States buys goods from her. He told the 1.479 del- egates to the All-Union Soviet Congress, now in session in Moscow, that Russia expects to go ahead with her five-year plans vigorously, no matter what action outside countries take against her. At the same time, a message from Shanghai tells of Soviet plans to wrest the ofl trade of China from British and American interests. The principal Amer- ican exporters of oil to China are the Standard Ol Co. of New York and the “Texas Co., and the principal British ex- porters the companies forming the Royal Dutch Shell group. The Soviet government sees a rich prize here, and the vigorous activity of its oil fields attests the fact that it} is planning big things in this_industry. | In 1930 Russia preduced 135,000,000 barrels of crude oil—an increase of 31 per cent over 1929, She has trebled her output of oil since 1924. Last year Russia exported 32,850,000 | barrels, most of it gving to England, France, Italy and Germany. | That's why the big American and | British ofl companies are watching ‘every move ot Soviet leaders these days., Reardon’s Rise. It took Daniel L. Reardon, new presi- dent of the United States Trucking Cor- poration of New York, 35 years to move up from driving a team to the head of this corporation. When he started with the company only horses were used in its vast work. Now they're nearly all gone. Automobiles have taken their Pplace. Today the United States Trucking Corporation, a $22,000,000 corporation, does 65 per cent of New York City's en- tire hauling work, as well as 80 per cent of the armored car deliveries, It operates 850 trucks and 350 other pieces of “floating” equipment. It is the disappearance of horses that President Reardon regrets more than anything else, for as late as 1920, when | the company was fcrmed by a series | of mergers, there were 1,850 hcrses in the outfit. Now there are but 19. The trucking business has changed completely in character during the life of one individual. ‘The bond market is taking on new life. The $100,000,000 New York City issue of last week and Andrew Mellon’s $1,493,000,000 of Federal Government | jssues were snapped up quickly and oversubscribed. There is nothing to in- dicate any lessening in the demlnd‘ since these two large transactions have been completed. The $500,000,000 United States Gov- | ernment issue of 3% per cent, maturing in 12 years, was really the big test, and it was oversubscribed more than four times — $2,100,000,000 in subscriptions were turned in. No question, as things stand today, that the Federal Government could se- cure several billion dcllars more with- out disturbing banking ccnditions. Bui that is not the most important point. Should business recovery take place the credit surplus now lying in the banks could be absorbad in a short period. And that hight happen most any time, althcugh there’s nothing at the moment to indicate any change in | business conditions over what they were a month ago. ‘Brokers' Loans. In spite of the rise in the stock mar- ket to new highs for the year, brokers' loans have decreased $218,000,000 in the past 10 weeks. That statement is good news and to that extent bullish. The great amount of recent talk, saying that the public has at last gone into the stock market with a vigor mot witness:d in the last twe years, is large- ly exaggeration. The public has not gone into the market on as large a | scale as some have believed. ! From a survey of the situation we have found that the vast majority of brokers have a very strong cash posi- tion and could handle a large amount of additional credit without calling upon the banks for any help. When the public regains its confi- dence sufficiently to go back into.the market the vigorous gyrations which have been witnessed in the last two weeks will occur less frequently. A. T. & T. Report. Walter Gifford’s repo¥t on the activi- ties of the American Telephone & Tele- graph Co. for 1930 must lave its 567.- 694 stockholders, who are scattered in every part of the world, somewhat be- wildered. Not because of its lack of comprehensive figures, but by the breath-taking size of the figures sub- mitted. Think of one company spending from 1923 to 1927 for expansion a total of | From 1923 to 1930, this | $1.800,000,000! company expended about $3,500,000,000 for new additions and constructions and Mathieson Alkall (2) % May Dept Strs (23). Maytag Copf (3).... Mengel Co. ..... e Mexican Seaboard. .. Mid-Cont Pet (2).... Midland Steel (3). Midland Steel pf (8). Minn Moline Pow. .. Minn Moline pf (613) Mo Kan & Tex (a3).. Missouri Pacific Mohawk Carpe: Monsanto Ch W ( Montgomery Ward Mother Lode. 4 Motor Meter G & El. Motor Products (2).. Mullins Mfg........ Mullins Mfg pt (7).. 8! Murray Corp. ... : Myer (F E) & Br (2) Nash Motors (4).... 1 Nash Ch & St L (5)...100: Nat Acme (80¢)..... Nat Bella Hess : Nat Biscuit (2.80)... Nat Casl Reg A (3). Nat Dairy (2.60) Py s vosBrivananSulanabranens 8 9 08 28 0 s 5 3 3 28 187 N Nat Pow & Lt (1 Nat Radlator Nat Steel (2) Nat Surety (5). Nat Tea (1) Neisner Bros Nevada Copper (1) Newport Co (1)... Newton Steel. N Y Central (8). N Y & Harlem (5)... N Y Invest (120). N Y N H & Hart (6). NYNH&H ()., Norf & West (+12).. 1 2 Norf & West pf (4).. 30s North Am Aviation.. 14 Nor Am (b10% stk 56 North Amer pf (3) @ North Am Ed pf (6). 1 No Ger Llovd(a3.43). 4 Northern Pacific (5). Ohio O11 (1) 4 Otis Elevator (23).. Owens 111 Glass (3). Pacific Gas & El (2). Pacific Lighting (3). Pacific Tel & Tel (7) Pacific T-& T pf (6) . Pack Mot Car (60c). % Paramount Pub (4). % Park Utah ......... Parmelee Transport. Pathe Excharge. ... Pathe Exchange A. .. Fatino Mines Peerless Motor Car. . Penick & Ford (1)... Penney (J C) (2.40). 2 Penn Dixie Cement Penn RR (4). ‘ 3 1 22 10s 10s 60 27 3 Peop Drug St ¢ Peop Gas Ch (8) Pere Marquette (6). . Pet Milk (132) Fetrolm Cp of Am(1) Phelps Dodee (2)... 4 Phtl Read C&1.. Philip Mor & Co (1), Phillips Petroleum. . Pierce Oil % Pierce Petrolm (10c) Phisbury Flour (2). Pittsburgh Coal pf.. Pitts Screw (1.40)... Pitts Term C pf. Pitts United Corp. Poor & Co (B) Port R Am Tob A 3% PR Am Tob B % Postal Tel&Cable pf. Prairie O] & Gas (2) Prairie Pipe L (3)... Pressed Steel Car. .. Proct & Gamb (2.40) Pub Sv N J (340). Pub Sv N I pf (5). Puh Sv N J pf (7). Pullman Corp (4). Punta Alegre Suga PureOfl...... Pure Ol pf (8) s Purity Bakeries (4). Radio Corp ... Radio Corp B (5).... Radio-Keith-Orph A. 107 Raybestos Man 2 60. 57 Real Silk Hos (3). 2 Reis (Robt) & Co. Remington-Rand.... 16 Rem-Rand 2d pf (8). 108 Reo Motor Car (40c). 4 Republic Steel...... 28 Republic Steel pf. ... Revere C& B pf (7). Reynolds Metals (2) Reynolds Tob B (3) Richfield O:1. Rio Grande OI] 1 1 & M E e D RN B e A ° Dromoar Dol % 128% 9% % 85 95% on 38 10 12 34 15% 18% 21% ) 14% 904 8 2 12 29% 2 81 508 11% 40% 2% 5% 27 164 3% 38% Royal Dutch m1.3404 Safeway Stores (5). Safeway pf (6)..... 50s Safeway Strs pf (7). 50 St Joseph LA (2).... 2 St Liouis & San Fran. Savage Arms (2). Schuite Retall'Strs. . Seaboard Alr Line Sears Roebuck 12 Second Nat Inv. Servel Inc. .. 12 ‘Sharp & Dobme. .... 221 Shattuck F G (t1%) 7% Shell Union Ofl. improvements to its vast properties. For 1931, the expenditure in this fleld will average about $1,250,000 a day—or $450,000,000 for the year, Last year this $5,000,000,000 company had a gross income of $283,000,000, and a net income of $201,645,000. This was, after laying aside the proper reserves, an average net income equal to $10.44 a share on the average number of shares (15,856,000) outstanding during the year. This compares with the equivalent of $12.67 on 13,113,746—the average num- ber of shares outstanding in 1929, No new financing on a large scale is contemplated by the company this year, as it had approximately $330,000,000 on i“;.’?ld for this work at the beginning of (Copyright, 1931. by North American News- paper Alliance.) GRAIN STOCKS ON U. S. FARMS ARE ANNOUNCED | By the Associated Press Stocks of grain on farms March 1 in the principal producing States were an- | nounced tcday y the Department of Agriculture as ollows Corn. Bushels. Pennsylvania . Ohio .. Indiana . Ilinots ‘Wisconsin Minnesota Iowa .. Missouri North Dakot: South Dakota . Nebraska . Kansis XKentucky . Oklahoma Texas . Ctlorado . 2,478,000 . 15,240,000 . 106,063,000 Wheat. Pennsylvania Ohi 1605, 5,521,000 5,873,000 North Dakcta . £outh Dakota . Nebraska . . Kansas Oklahoma ‘Texas . Montana . Idaho . Co'orado . Washinglon 58 Shell Un Oi} pf (5%) H % 4% Shubert Theaters. .. Simmons Co. ....... imms Petroleum. .. nclair Con O] (1), Sinclair Ol pf (8)... olly Of. ... eily Oil pf (6) o BeBononas 102% 12% 62 NNN” 813 42% & 8% 10 Stand G Stewart Stone & Texas & Timken Timken Stand G & E pf (4). Stand Invest Corp. .. Stand Oil Cal (h23%) Stand 01l Exp pf (5). Stand O11 of Kan (1) Stand Ol N J (12)... Stand Ol N ¥ (1.60). Starrett (L8) (1214) Sterl Sec pf (1.20)... Webster ( Studebaker (1,20) Sun Ol (11)... Sun O pf (6) Superior Of1 Superior Steel Symington A. Telautograph (1.40). Tennessee Corp(50c) Texas Corp (3) Tex Gulf Sulph (4) Texas P C & Oil Spencer Kellog (80c) Stand Brands (1.20). Stand Brands of (7). 45 & E(3%) 63% 3% 103 15% 45% 32 8% 21% 7 23% o 42% 104 36% 1% 17 5% 21% 81, 22y 524 Warner. Pacific 4 Texas Pac Land Tr.. Thatcher Mf (1.60). The Fair pf (T)..... Thermold Co. .. Third Nat Invest. Thompson (J R) (3). % Thompson Pr (2.40). Thompson Starrett. . Tide Wat Oil (80c). . Det Ax (80c) Roller (3). Tobacco Praducts Transamerica (1) Transue & W (1). 4 Tri-Cont Corp Tri-Cont Corp Trico Prod (234) . Twin City RT pt Ulen & Co (1.60).... Und-Elliot-Fish (3). Un Carbide Un Ol of Cal (2). 4 Un TankCar (1.60).. Unit Alreraft....... Unit Afrcraft pf (3) Unit Biscult (2) Unit Carbon. ... Unit Cigar Store: ) 2.60) Unit Corp (75¢) Unit Corp pf (3) Unit Electric C Unit Fruit (4) Unit G & km (1.20).. 1init G & Im pf (5).. Unit Piece D'W (2).. U S Distributing. ... U 8 & For Secur. U S & For Sec pf (6 U S Freight.... 4 USGypsum (1.60).. U S Indus Alco (6).., U S Leather..... U S Leather A Wabash Wabash Wi Weston USPipe & F (2). U S Rubber. .. U S Rubber 1st pf. .. U S Smelt & Ref (1). USSmé&Refpf3 % U S Steel (7). U S Steel pt (7. Unit Stores A. Univ Leaf Tob (3). Univ Pipe & Rad. ... Util P&L A (e12.15).. Vadasco Sales Corp.. Vadasco Sales Cp pf. Vanadium Corp (3) RR. RR Idorf Sys (1%).. Walworth Co (1). Ward Baking A. Ward Baking B..... Warner Bros Pict Warner Quinlan Warren Bros (3) . War Bros cv pf (3). Webster Eisenlohr. . Wess Oil & Snow (2) Wess O & Sn pf (4).. West PaEl A (7)... West Pa El pt (7) West Pa Pow pf (6). West Pa Pow pf (7). i Western Dairy A (4 Western Dairy B Western Md Western Pacific pf. . Western Union (8). Westing A B (2).... Westing £ & M (5).. ...3808 9 El Instr (1). Westing E&M pf (5) Westvaco Chlor (2). Wheel & L Erle pf. White Motors (2) Wileox Oil & Gas. ... Wilcox Rich A (2%) Wilson & Co of. Woolworth (2.40) % Viorthington Pum Wright Aeronaut Wrigley (Wm) (4). Yale & Towne (2) Yellow Truck. . Youngs % Zenith Radio... 274 83 13% 3 3 Spring (3).. % 4u RIGHTS—EXPIRE. Pac Gas & El. Mar 11 2% Sou Cal Ed...Apr20 66 38 3 2% 2% 2% 2% 2% Sales of Stocks on New York Exchange. 10:30 A.M 1:3¢ P.M Dividend rates as d on Unit of trading in stock. §Payable 1 —no_regular rate ¢ Payable in c; | stock. n I 4834 | Zpn regular rate or. n s n Plus 500.000 2 200,000 0 P.M en in the above table a + 1.500 000 «+. 2400.000 the annua casn the latest quarierly or half ia ar'ihth 188 terty it yearly deciarsu b Payable in stock. scrip. {Plus 9% n_earned. st € Plus 6% in stock k. 3% ip stoek. m Paid this year tork. tock. K Plus 8% 1n o | | | | CORPORATION REPORTS | TRENDS AND PROSPECTS OF | | | reabiNG ORGANIZATIONS. | | | | NEW YORK, March 10.—The fol-| lowing is & summary of important cor- poration news prepared by the Stand- ard Statistics Co., Inc., New York, for the Assachte'd Préss: News Trend. | Following the excellent reccpnon! given the large Treasury financing last| week, today saw the largest railroad | financing for any single day in the| $50,000,000 Pennsylvania Railroad and | o | $75.000,000 New York Central offerings. | Another offering by the port of New | York authority of $66,000,000 increases | the total for the day to over $170,000,- | 000, an extraordinary figure. Announcement of completion of ar-| rangements between New York Edison and Niagara Hudson Power for inter-| changz of power between systems is| | consiaered of unusual interest in the ' public utility field. Power sources of each system are such as to furnish ex- | cess energy at separate times of year, a | circumstance that allows benefit to be! derived from such interchange. | Last week’s index of automobile pro- duction shows another iIncrease, to 61.1 from 59.2 for the week ended February | 28, and 55.9 for the week to February | 21. A year ago the index stood at 86.4. | Recent increases in production sched- | ules account for the gain shown, and, {on the same basis, continued increases | in these schedules which have been i reported sphould presage further gain in | | production. The Companies. American Hardware common earnings, year ended January 1, $1. vs. $5.11 year ended January 1, 1929. American Woolcn 1930 deficit $4,807,~ 84 vs. deficit $4,228,191 1 1929, Canadian Fairbanks Morse 1930 com- o on share earnings $2.98 vs. $6.48. Celanese Corporation of America 1930 common share earnings 7 cents vs. $1. Chicago & Northwestern Railway president forecasts smaller February net cperating income, Consolidated Gas of New York com- pletes arrangements for interchange of power between systems of New York Edison, subsidiary, and Niagara Hudson Power, Eastern RolMng Mill 1930 deficit $320,955 vs. net income $593,625, equal to $2.48 common share in 1929. First National Stores sales, four weeks ended February 21, down 4 per cent. Foster Wheeler Corporation 1930 com- mon share earnings $6.37 vs. $6.34. General Motors Corporation—Buick retail sales up 17 per cent from Jan- uary and 7 per cent above year ago. General Steel Castings 1930 common share earnings, 1 cent. Grand Union February retail sales off 42 per cent; two months, off 3.2 per_cent. Gulf Refining reaches agreement with Univerzal Oil Products regarding use of Dubbs cracking process. Ley (Pred T.) & Co. declared 37% cents quarterly common dividend, not 50 cents, as reported previously; former- ly paid 75 cents quarterly. Illinois Bell Telephone January gross off 2.5 per cent; operating income off 13.1 per cent. ) Ilinois Pipe Line to cut erude ofl runs to about 50 per cent of recent av- erage. Interstate Department Stores Febru- ary sales up 2.9 per cent; two months, up 2.1 per cent. Iron Fireman Manufacturing 1930 common share earnings, $2.20, against .85. Jersey Central Power & Light 1930 combined preferred share earnings, $20.98, against $18.32. Kendall Co. 1930 deficit, $233851, against net income, $557,415, equal .to 81 cents common share in 1929. ; Mackay Co.’s 1930 common share carnings $7.56 against $7.36. Manning, Bowman & Co. 1930 deficit 2161600 against net income $173,396, equal to $1.21 class B share in 1929. Mesta Machine unfilled rs Decem- ber 31, $7,150,616 against $5,649,231 year mlldl.nd Steel Products ting at operal 0 rlt cent, 30 per cent over February. ational Dkaleu' ¢ m;non share earnings $1.23 againsf National Supply of Delaware 1930 common share earnings on average number of shares outstanding, $5.25 against $11.48 in 1929. Neisner Bros., Inc, common dividend omitted; paid 40 cents January 1, 1931, New York Central Rallroad to build $15,000,000 warehouse on lower West Side, New York City; offering of com- mon stock right to stockholders may follow sale of $75,000,000 bond issue. New York Merchandise 1930 common share earnings $1.92 against $4.45. Northwest Engineering 1930 common share earnings $2.54, against $4.82. Peoples Drug Stores February sales up 4.7 per cent; two months up 7.6 per cent, Pittsburgh Forgings 1930 common share earnings $1.52, against $2.38 year ended October 31, 1929. Sally Frocks February sales off 1.9 per cent, two months off 6.2 per cent. Strauss (Nathan), Inc., February sales up 1.3 per cent; two months up 10.1 per_cent. decision in favor of operating subsidiary gives that company, as lessee, absolute control of leased properties, including right to curtail production; holds over 60 per cent of Indian Refining stock. Timken Detroit Axle 1930 common share earn! 62 cents, t $1.27. Ulen Co 1930 common share earnings $3.07. against $4.43. Van de Kamps Holland Dutch Bakers, Inc., takes no on common divi- d; paid 37% cents January 2. ‘Waldorf System February sales off 4.2 per cent; two months off 5.1 per cent. Yellow Truck & Coach Manufactur- ing—General Motors Truck & Coach of Canada reduces truck prices $25. Youngstown Sheet & Tube operations up 5 per cent to 40 per cent of capacity. e s g METAL MARKET. NEW YORK, March 10 (#).—Copper | quiet; elcctrolytic, spot and future, 10% 21012, Iron quiet, unchanged. Tin quiet, spot and nearby, 27.20; future, 27.50. Lead steady; spot New York, 4.60; East St. Louis, 4.35. Zinc steady; | East St. Louls, spot and future, 4.05. Products 1930 Antimony, 7.05a7.10, AN Price Trend. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW' YORK, March 10.—Where a few months ago the issuance of nearly $200,000,000 of new bonds, no matter how high their investment character, would have been sufficient to set the bond market back, today's dealings re- flected a different interpretation. The investment market took the faith of the bankers in its power to absorb such a large amount as an accomplished fact and prices Held firm or strength- ened all along the line. A new $75,000,000 issue of New York Central 415 per cent refunding and im- provement mortgage bonds due 2013 and priced at par, went to a shade premium after dealings were opened, and $50,000,000 of Pennsylvania Rail- road 410 per cent General Mortgage bonds due 1981, offered at 961, went to 1. point premium. Of a total of $66,000,000 Port of New York Authority 4% per cent bonds due 1933 to 1960 and priced to yield 3%, to 4.22 per cent, cording to maturity, $50,000,000 were reported sold after the first hour. There was a slight tightening in the money market owing to Treasury with- drawals to meet soldiers’ bonus loan checks, but it neither caused an ad- vance in time rates or had any appre- ciable effect on high-grade domestic se- curities which ordinarily fluctuate in response to the money market. A renewed upward surge of foreign dollar securities was a feature of to- day’s trading. Some interpreted the declaration of the Bank of Internation- al Settlements that it would support with its own funds the resumption of long-term international credits as her- alding a new period when New York would become a world export point for capital. It was intimated that numer- our foreign long-term issues would be flcated here within the next 60 days. A more sober view of bankers and bond dealers, however, is that the resump- tion of foreign financing here will be slow and new issues will have to be priced attractively to regain favor with the American investor. Meanwhile, however, houses with for- eign connections and a host of opera- tors believed the foreign news good enough on which to base an upturn in dollar bonds and the whole list was pushed vigorously uup to and beyond its previous high level for the year. This move was most evident in securities which had in past weeks suffered the widest declines. Obligations of the South American republics with the best credit ratings, such as Argentine, Chile and Brazil, gained 1 to 5 points. Antioquia 7s of various maturities added 1 to 2 points to their recent gains. Tolima 7s, emis- sions of one of the departments of Colombla, jumped 8 points. Lautaro Nitrate 6s gained 2 points. Obligations Jf the coffee-growing state of Sao Paulo, Brazil, rose fractionally. European credits were led by Ger- man government 5':s and German Cen- tral Bank issues to new high ground | for the year. Washington Stock Exchange SALES. Washington Gas 5s—31,000 at 104, $1,000 at 104, $3,000 at 1047}, $500 at 104%5, 81,000 at 104 Washington Gas 6s “A"-—$100 at 101%. ‘Washington Gas ¢s “B"—$200 at 104. Capital Traction Co.—10 at 36%, 1 at“ 35%, 5 at 3615, Potomac Electric 5% pfd.—2 at 110. Washington Gas Light—1 at 125, AFTER CALL. Mergenthaler Linotype—2 at 87. Capital Traction 55—$2,000 2t 8115, $2,000 at 81z, $500 at 811z, $1,000 at 81%. | Capital Traction Co.—10 at 36%4. Bid and Asked Prices. BONDS. PUBLIC UTILITY. y & Buburban_ss. Georgetown Gas_1st 55, Potomac Elec. Cons. 5'c. Elec, 6 1983....." " Wash., Alex. & Mt. Vernon ctf. Wash., Balto, & Annap. s..... Washington Gas 4%us.. Washington Gas 5s... Wash. Gas 6s, serics A Wash. Gas s, series B Wash. Rwy. & Elec. 4 4 MISCELLANEOUS. Barber & Ross, Inc., 6%as.. Chevy Cnase Club 8%us.. Rt Columbla_ Country Club 5%s.. D. C Paper Mfg. 6s...... h “Mkt. Cold St 26% | Wash. Cons. Title Gs. . il STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9).....N.... Capital Traction Co. (4)... .. 3 Washington Gas Light Co. (16). Norfolk & W. Steamboat (12)... 190 Pot. Elec. Power 6'c pid. Pot. Elec. Pow. i pfd . R¥y, & Elec. com. :7) Wash. Rwy. & Elec. pfd. (5) NATIONAL BANK. Second (9e) " Washington (i3) TRUST COMPANY. Amer. Security & Trust Co. (15) Contihental Trust (6) National Sav. & Trust (131). Prince Georges Bank & T Union Trust (8s Wash. Loan & T: SAVINGS BANK. Bank of Bethesda (6%). Commerce & Savings (1 East Washington (12). Potomac (10: Security Sav. Seventh Street (12).. Onited States (30) Washington Mechanics (20).""."" FIRE INSURANCE. TRy Texas Corporation—Superior Court | By an Firemen’s (8) " S Natlonal Union (15)."" TITLE INSURANCE. Columbia (6h) . Real Estate (6 P 0. Md. com.... Title & Inv. o MISCELLANEOUS. Barber & Ross, Inc., com. Col. Med. Bidg. Corp. (6 Gol. Sand & Gravel ptd, (7). Naul. Sec. ptd (7). Emer. Bromo-Selz. ' Fede: m. Fed.-Am 3 Lanston Monotype (8| Mer. Tr. & St Ter. Ref. & Wh. Cq The,_Carpel Corp. . Mech. Mtge. Wash. Med. i . Woodward & Lothrop com. Woodward & Lothrop pfd.’ (7). *Ex dividend 52 b Books closed. a. 130c extra. §1% extr c50c extra. Steel Ingot Production. NEW YORK, March 10 (#).—Dow, Jones & Co. reports steel ingot luc- tion in the Chicago territory in- creased to 58 per cent of caj i faew against 55 per cent last week. No addi- tional blast furnaces have been ffired, but open-hearth output is heavier. In- land Steel Co. staried five sheet mills at the Milwauke: works, the first time these unluwl;-ve been lnhoponuon thhl; year. Heavier buying is reported sheet producers, FOREIGN. Argentine May "61. s Ju ‘59 Austria 78’43 Bk of Chile 638 '57 Batav Pet 4%s '42. Belgium 68 "55. Belgium 6%s"49... Belgium 7s°55. Belglum 7s '56. Bolivar 7s ‘58 Bolivia 7s ctf: Bolivia 8s Canada 55'31.....0 Canada 58 ‘52 Chile 65 '60. Chile 65 ‘61 Chile 7s *4: Colomb 63 Jan 1. Con Pwr Jap 6%5. . Con Pow Japan 7s. . Copenhag 4338 '53. . | Copennag 6s 52.... Cuba 6% 45.... Czecho 85 '51. Denmark 4%s '62. . Denmark 6% ‘65. . Denmark 65 °42.... Dutch East 1 6563, FlatTsex w Finland 6% ‘8. 102% 88 8314 Sales. High. Low. 5% . Close. 95% 95% 95% 95% 4 108% French 7s 43 French Gvi 7% Gelsenk'chen German 5%s " rman 7s rep *49.. Ger Gen EI 734, Greek 65 '63 Hol-Am 5 £ 63 Irish Free S Italy 7851, ltaly Pub Sv 78 Japanese 518 ‘65 Japanese 6%s '54 Karstadt 6s4; Kreug & Toll 58 59 Lyons 6s°34... Marseille 65 '34 Mex 4s asstd 19 Milan 6%3 52 Montevideo 65 '59. Montevideo 7s 52.. New S Wales 6s ‘57 New S Wales 6358 Nord 6% 50 Norway 58 ‘63 Norway 5% '65. Norway 6s *43 Norway Norway Orient dev 5%s Orient dev 68 53... Paris-Ly M 65 '58 Paris-Ly M 7558 Peru 6s Peru 6s°61. Peru 7s 5y, Pirelli 7s. Poland : Poland 7s "4 Poland 8s 5 Porto Alegr Prague 738 52 Queenland 6s 47. Queenland 7s ‘41. Rhinelbe is ‘46 6 Sweden 5854 Swiss 514846 ho El Pow 6s 32, oho Kl Pow 75 85. Tokio 5%s 61.. Utd King 6%s ‘37 Uruguay 6s '60. Uruguay 6s '64. Uruguay 8s '46. Vienna 6s Warsaw 7s 58 Yokohana 6s '61. Abitibi P & P 63 '53 Allegheny 5s 44. Allegheny 5s *49. Am Ag Ch 7%s 41. Am F P 55 2040 Am1GCh5%s & Am IntCp 535549, Am Metal 5% 6% 831y Am S&R 1st bs 47. Am Sug Ref 6s '37. Am T&T cv 4%8 '39 Am T&T 58°65..... Am T&T c tr 5s "46. Am T&T 588160, Am T&T 5% 43... AmWat Wk 65 'T5.. Am Wr Pap 6s " Arm & Co 43839, . Arm Del 518 43... Assoc Oil 65 '35 At Ref deb 55 37... Bell Tel I'a 5s C ‘60 Beth Steel pin 5336 Beth St rf 55 ‘42 Bush T Bldg 55 '60. Cert-td deb 6%s '48 Chile Cop db 5s '47. Colon O1 6s '38. Col G&E 5s Ma Com Inves 5 ] EnERERa Rraw ane ConG N ¥ 5185 4. Consum Pov s 5. CAm Sug ™5 31 Det £d G& 4% 5'61 Dodge Br cl 65 ‘40 Donner St 7s"42 Duguesne 4% East C Sug 7 Gen Cable 5% '47. Gen Motors s ‘37 Gen P Sv5%s-39.., Gen Th Eq 6s'40... Goodrich cv 65 '45. | Good 1st 638 °47. .. Goody'r Rub 58 '57. Hurmble O11 58 '37. . Hum O&R 5%s 62. Il BT 1st pt 58 A 111 Steel 435 *40. Inland St 416578 .. Inland Stl 451 B'S1 Int Cement 58 4 int Hydro El 68 "44. Int Maich 58 47 Int MM col tr 6341 Int Pap 53 A 47 Int Pap 6s 5 Int T & T 4%s°52 1at T&T cv 4%s 39 Int T & T b8 5 K CP&L4%s"57. KanG & K 4%s '80, Kend 548 48 ww LacG St L 5s 3 Laclede 6345 C '63. . Laclede 633 D"E;L Yoo i o o = PauBa e crunade eBhonl @ £l 2 o am EmeNaradean = - McCormack Midvale Sti =11 Nat Rad 6%s'47... MISCELLANEOUS. 118% 105% 1015 93% 1013y 235 994 4 104% 107 761 8% B11% 105 85 101 943 9474 102% 102% 108% 65% 107 121 102% 102% 108% 0 Penples’ Ga Phila Co 5; Phila & R Phillip Pet § Pos Tel & C 5s'53.., Pressed St C 58 '33. Pub Sv G 4%s°67.. 1 Pure Of1 5% 537 Rem Arms 6s A "37. Rem R 538 A 47, Rich Oll cal 6: Shell Un O11 63°47.. Sinclair O1l 6%5'38. Sinc O 7scv A'3T.. Sine Cr O 5% ‘28, Skelly O11 63 Solvay Am 58 4 Sou Bel T&T 55 '41.. SW Bell T 65 A *54.. StOINNJ6s'46.... StOINY 4%s 51, Tenn E1 P 63 A *47.. Tex Corp cv bs "44.. Unit Drug cv 63 53 U 8 Rub 1st 58°47., Utah P & L 58 *44. . Utll Pow 5559 ww., Utll Pow 538 '47 Vert Sug 1st 7s '4 Warn Br Pic 6s '39. 188 Warn Quin 6s'39 6 West Un Tel 5s West Union 5s '60. West Un T 6%3°36. W v. Wick Sp cv et 7s'] Wil & Co 15t 6s°41. Win R A 73541 Ygstn Sh&T 58 7! 105% 5 106% 104 100% 1074 100% 99% 1% 102% 4% 104% 109% 103 10% 101 101 42 1015 RAILROAD. Atchison gen 4595 43 Atchiscv4ls’4l.. 10 Atch Ariz 43s'62.. 3 At & Bir 45°33. At C Lecol 4 AtCL4%s’64. Bklyn Un 1st 58°50. BR&Pitt 434357, Bush Ter con Can Nat 4% . Can Nat 4345 '68... Can Nat 435 °70. Can Nat 4% ‘5| Can Nat 5s July '69 Can Nat 58 Oct "69. Can Nor 6%s db "46 Can Nor 7s deb "40. Can Pac deb 4 Can Pac 4148 '46. Can Pac 4%s"60... Can Pac 5s ctfs "44. Can Pac 55 ‘54 Car Clin & O 55 '38. Cent of Ga 5355 '59. Cent Pac 43'49.... Cent Pac 53 Ches Corp 5s *47. Chi& O gn4%s°92, Chi& O 4%s .4 '93. Chi& O 4%s B '95..010 CB&Qgen 4s'58.., 12 CB&Q4%s"T 5 CB&Q ill1dv 4s'49. 3 Chi & Eas 111 58 °51. Chi Grt West 4s ‘59 Chi M&StP 4%s E. Chi M StP&P 5s 75 Chi M & St P adj 5s. Chi&NW g 31,587, Chi & NW gn 4s'87 Ch&Nwn 4% s 2037. Chi N Wst 4% ¢ '37 Chi & NW con 4%s. Chi & NW 613 '36. Chi RI&P gn 4s '88. Chi R1& P rf 4s°34 Chi RIcv 4%s'60. ChHiRI&P4%sA. Chi Un Sta 4345 '63. Chi Un Sta 635 '63. C& W Ind cv 4s '52. C& W Ind 5%s '62. CCC&St L 4%s E. . CCC& St L5s D63 CCC&StL6sC... C U Ter 41%s 2020 Clev Term 43s 717, Clev Term 53 '73. Clev Term 5%s 7. Colo & Sou 415 '35. Colo & Sou 4%s "80. Cuba R R §s '52 Cuba Nor 5%s *42 Del & Hud rf 4s°43. D& R Grgn 4836 D&R Gr43s36.. D&RG W 58'55... 1 DRG& W st 55'78 Erfe 1st con 4s 96 Erle Gen 4s. Erie cv 58 '67. Erie 55 75. Erie Gen R 65 '57.. -| Fla E Coast 5s ‘T4 Grt Trs fdb 6s 36 Grt Trunk 7s ‘40 Grt Nor 445 '76 D. Grt Nor 415 "7 Grt Nor gen 7s '3 Hav El Ry 515 '51. Hud & M adj 6s ' Hud & M rf 585 11l Cent 4s '53. 111 Cent ref 455 I1l Cent 4% s ‘66 111 Cent 6%s '36 i1l CCSLL&N 5s A Int Rap Tr s '66. . Int Rap Tr sta ‘66 Int Rap Tr 6s 32. Int Rap Tr 7s 32. Int & Gr Nor 6s'52. Int & G N ad 6s ‘52 Int RysC A 5572 Kan CFtS&M 4s 36 Kan City Sou 3s 50 Kan City Sou 5s '50 Kan City Ter 4s '60. Leb Val cv 4s 2003, LehV cv 4%s 2003, Long Isl db 5s'31. L& Nuni4s'40.... Market St 7s 40... Mil E Ry & L 6s°61 M StP&SSM con 4s. M StP&SSM 6s gtd. MSP&SSM 638 78, M StPESSM 6%s. . MK &T Ist 4s 90, E. 6. o e PRy " T TSI T PO~ P TR e MK&T4sB MK&T 4%s 78 MK & T ad) 58 '67. MK&TprinbsA. Mo Pac gen 4s *75. . Mo Pac 5s A '65. . Mo Pac 58 F17. Mo Pac 58 G '78. Mo Pac 5s H '80. Mo Pac ref bs ‘81 Mo Pac 5lsscv '49. Mobile-Ohio 55’38 Mont Tr 1st 55 '41 Nat Ry M 43%s '57 NOT& M5%s '54. 21 NYCgn3y . N Y Cent db 4s 34 N Y Cent 438 2013, NYC re im 5s 2013. N Y Cent db 65 '35. NY C&StL 4%s 18, NYC&StL5%sA NY NH&H 55 NY NH&H 4s NYNH&H db 4 NY NH&H 4%s 9 107 9% 20 95% 106% 101% 102% 105 105 101% 100% 18 18 NY NH&H cv db 6s NY NH&H elt NY O&W st NY Rys Inc 6 Pac 43 Pac 4%s 2047 Pac5s D2047., 7 92 100% 98Y% 101 112 871 101% 9714 9815 116% 101% 105% 100 105 101% 101% 97% 102% 98 9 111% 264 TN 100 89% 93 95% 109% 4 100% 42 101% 100% 99% 105% 104y 102% 97% 9615 105% 100 105% 101% 101% 108% turn, Moody’s Says. Special Dispatch to The Star. NEW YORK, March 10.—As a resuly of the spirited advance in stock prices during February, the dverage yleld on the 371 cash dividend-paying common stocks listed on the New York Stock Exchange registered a sharp decline from 8.29 per cent on February 2 to 7.29 4 | per Cent on March 2, it was announced by Moody’s Investors' Service. The yield at the beginning of this month is the lowest recorded by Moody's since August 29, 1930, when an average of 7.14 was attained by the entire group. The large number of dividend changes in February exerted additional influence in reducing the average stock yield, Moody's states. Of 26 dividend revisions last month, 14 wers decreases, 7 were increases and in 5 cases the dividends were omitted. Because of the reductions the number of yields of 13 per cent or over dropped from 35 in February to 18 in March. “Due to the extensive dividend cuts since the first of the year, the arti- ficially high yields are now a relatively unimportant factor in determining the average” the analysis points out. “The downward movement in yields over the past month was widely dis- tributed over the individual groups of stocks, with yield declines for 39 groups and advances for only 3. Decreases were especially pronounced among ag- ricultural jmplements, building, che icals, copper, miscellaneous mining, au- tomobiles, motor accessories, ofl, rafl- road equipment, steel, tires and to- bacco (other than cigarettes). dend reductions were a significant cause for lower vields in the motor, oil and railroad equipment groups.” Despite the improvement in stock prices as reflect:d in average yield de- creases, Moody's considers = current stock ylelds still attractive in compari- son with those prevailing most of the time during the last 12 years. Yields since 1919 are given as follows: Date. November 5, August 24, 19 March 7, January ‘4, 193¢ Maren 30, June 7. 1927 y 1 1929 August’ 1, 1929 September 3, September 7. October 1, |N er August 29, 1930, September 30, Bhover 1. Toag 0 1930, December 1. 1 December. 17. Janvery February DEMAND FOR MACHINERY IS REPORTED FAVORABLE | Special Dispatch to The Star. NEW YORK, March 10.—A- fairly even demand, still distinguished by the lack of purchase-order signatures, marked machinery and machine tool trading in the country's markets for the past week, American ist inquiries providing the fuel. New York machine tool sales are holding about even, with inquiries, | Quotations and prospects gl 3 Philadelphia ‘dealers anticipate commitments from railroads and yards. Chicago machinery show a decline, with sales holding even. Grinders are moving actively to auto- motive interests and the University of Chicago is getting ready to buy its list. Detroit reports spotty machinery orders, while general business continues its improvement. Reports from Cleve- Inad show a' better volume of February sales. Current lists in that district are. from the Dayton Airport, the Canton Steel Co. and several rubber concerns. Oiders reported are from electrical appliance, ~ automobile, ac and rubber tire manufacturers and machine 0ps. Inquiries continue to advance in the New England district. Cincinnati has one manufacturer with many recent orders. Others are holding about even, with selling agents busy dnem prospects. Markets in the Sout district _at last show improvement, though hesitancy still rules. Milwaukee reports a slight improve- ment last month. Sch there now have lists out, with General Electric and other electrical buyers expected to re- lease lists shortly. Buffalo’s used-tool demand is principally for small lathes. lot.her business there is slowly improv- ng. Rail Track Shipments. NEW YORK, March 10 (#).—Track work shipments for rail track of 60 pounds per yard and heavier incr in February to 6,321 net tons from 5. 626 tons shipp:d in January. The to- tal, however, was considerably lower than the 12,524 tons shipped in Febru- ary of 1930. Lendon has a “keep young” move- Sales. High. Low. Close. Nor Pacr{6s2047. 1 113% 113% 113% Oreg-Wash 4 95 Penn cv 435 '60 105% 101% Penn 4%s ‘70 97 Penn 4%s 63 101% Penn gen 55 Penn 5s '64 Penn 6%s ‘36 Penn O&D 4%5'77. Peor & E-1st 4540, Pere Mar 4%s 80. . Pere M 1st 5s ‘56 Philippine RR 4s. . P CC&StL 41877, PCC&StLbsB.. P& W V4lsCr60. Rio Gr W 1st 45°39. Rio Gr W clt RIAr&L 4%s 34, 10 3 8 SanA & A P4s’43. Seab A L cv 68 '45. . Sea All Fla 65 A '35 Sea All Fla 6s B35 Sou Pac coi 48 '49. . Sou Pac ref Sou Pac 4%s Sou P 4%s 69 Sou P&OF 415 '7 Sou Ry gen 4s ‘56 Sou Ry 5594 Sou Ry 65 ‘56 Sou Ry 6%s TerAs St L 5s 44. . Texas Pac 5s D ‘80, Third Av ref 4s°60 Third Av adi 5s '60. Un Pac 4s 6! 4% Un Pac 4%s8 '67 19 101% Va Ry 1st 6562, Va Ry & Pow &: Wh&LEocy W & LE rf 435 '66. Wis Cen &0 45 '36..