Evening Star Newspaper, March 14, 1931, Page 15

FINANCIAL. CURB SHARES GAIN || NEW YORK CURB MARKE AFTER SLOW START Public Utilities Again Feature Gradual Upturn at Short Session, BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, March 14 —Hesitant at the opening, today’s Curb Exchange ses- sion slowly but steadily gained ground &s the session progressed. ‘The leader of the list, Electric Bond & Share, was up fractionally, along with American & Foreign Power War- rants, American Superpower and Niag- ara Eudson Power. Cities Service came in demand near the end of the first hour and worked slightly higher. American & Foreign Power has com- Pleted acquisition of United Eastern Agencies, Ltd., which enables the for- mer t> add substantially to its holdings ©of Utilitles in India. Estimates of $1 a share on American & Foreign Power common for 1930 continue to be heard in trading circles. Others Features. ‘The various shares of General Baking Corporation featured the food list. After the new when-issued common hit a new high, other issues such as Mead- Johnson came out at higher prices. Durant Motors, whose Canadian plant will be used to make Nash cars, was the early motor leader. Later Ford Motor, Ltd., came into prominence when its Holland subsidiary showed an expan- sion of net profits and the German company estimated that its 1931 sales would exceed those of last year by some 4,000 cars. Strength and activity of low-priced issues featured the first half hour today. Sharing in this movement were, in order named, public utilities, natural gas, oils and miscellaneous industrials. In virtu- ally every case it was one of the minor rather than the major factors in a given industry that forged ahead. Only after the lesser issues moved did the leaders meet demand. Southwest Gas Utilities, for example, led the natural gas shares by rising 1% ts on & string of sales. Then Amer- Natural Gas and Saxet Co. ed. ‘The latter hit a new 1931 peak. United Gas active, one block of 4,000 shares coming out at 10%4. BONDS ON THE CURB ma Pow 35 8 Aluminum Co_5s '5: mwlh P_6s 65° 2016. .. 1 3 Amer Roll Mill 4z 973 e 55 '48 93% 93% 93% 87 87 87% 70! 70 70 56 10315 108% 103% .. 99 98% 99 53 ww App: 8 Arkans P&L S5 ' Elec Ind 448 4125 48 B ener S B - Bt £ 56 t Stat Elec 5s ' e oL . E’sgz? ol Dok om o g sElmgiir; & 2} 2 5 £ 3 ! RLETRECRES S £ RSRES e 10 b o ELrEs Rty 28Sge L o £ 10° 102% ag;ggg 5 Sl 20 9315 9% s1% 4 101% 101% 90 20 90 . 80t 91 108'z 108'3 101% 10234 20 3999 o5 R o Ko Sy 0 g q 0 i 8! o & 17 2 12 3 3 3 H B4 n 1 9 35 Cont 10 1 3 3 7 1 3 22 1 1 1 3 1 1 H 5 5 El 5 4 EO & Q! 25 (0 2 ES = 5 > B w :--u:a—wfié-n- og?‘g:ggggrg a5sis: o mets S SEEER 3 S et 2 5 3 i (%2 = g A FReEw] W3, S FEESEES 358ees SESTaE EZ H B o 00088, EEREERY EEEy ] Suvaluauall QaaxT L, 2] iy traut RRRE " ! flg:::a::s&'é:::i e 08 oy g Mok (LT 'og- N H X aE: ..‘...:éé....... '-I"‘I'H 58 2! i 5) s rrt 4] H oo Roch Cn Pw 55 Ryerson & Son bs San Ant P 8 - I ! Shaw W, - 1o Boonsn-! 65 44 82 65 45 677 %2, Va1 B0 wonenuu-SEE-N5E 51 Tex Ut 55 A '41 8% FOREIGN BONDS. Aer Mtg Band Buen Alr Pr 71y CanDominion o sea8e388reasesesd G F3 Note—All stocks are sold in one exoepting those designated by the which shows those m;wcn ‘were sold ~Prev. 1031~ and cof Dividend Rate. AMliated Prod 1 60, Air Investors war... 1 4 Aluminum Coof Am 25s 157 AmCit PEL (A)(a3) 2 38 AmCit PALBb10%. 1 AmComP A (b10%) 7 Am Com Pr B(b10%) 1 Am Cyanamid B . Am Yor Pow war. Am Founders. Am Gas & Elec ‘Am Hard Rub (4). Am Invest Inc (B). ‘Am Laundry Ma (3) Am Superp 18t (6).. Am Uti1&Gen (B)vto Am Ut&Gen cupt 3., Am Yvette new wi... Appalachian Gas Arkans Nat GasA. .. Armstrong Cork (1). 4 Art Metal Wks (60c) 1 Ass, Gas&El A (a2). 8 5 Assoc G & El war. 6 Assoc G& E pf (5).. 108 Assoc Rayon of (6). 4 Assoc Tel Ut (b8%). 1 Atl Fruit & Sugar... 34 Atlas Ut] Corp 4 Auto Voting Mac 1 Beneficial TL (1%). . Bigelow-Sanford. Slue Ridze Corp % Bourjols Inc. . . Braz Tr & Lt (b8%). Butler Bros. ... 4 Cable Radio T vtc. .. Canada Cem Co Lt Canada Marcont Carib Syndicat Cent Pub SveA b10% Cent Stat El (b10%). Chat Ph Aln.v (1).. Chi B&QR R (10)... Citles Service (g30c) Citles Serv pf (6)... Cit Sv pf B (60c).... Claude Neon Lts, Inc Clev El Tllum (1.60). Clev Tractor (80¢). .. Colts Pat Fire A1%. Col Oil & Gas vtc.... Col Pict vto (f1%).. Cmwlith Edison (8).. Cmwlth & Sou war. Com Wat Sv (b§% Comstock Tunnel. Consol Auto Merch. . Consol Copper. ..... Consol Gas Balt 3.60. Consol Laund (1).... Cont Shares conv pf. 100 Copeland Pr Inc A... Cord Corp. Cosden Oll. Creole Petroleum. Crocker Wheeler, CrCork Int A (1). Cusl Mex Mining. Dayton Alr & Eng. Deere & Co (1.20). De Forest Radlo Detroft Afreraft Cp. . Douglas Alr (11%).. Duquesne Gas Cp wi. Durant Motors. . East St Pow B (1)... Eisler Electric Corp. Elec Bond & Sh (b6) Elec Pow Assoc (1). Elec Pow Asso A (1) El Sharehold (b6%). Emp Steel Corp. Europ E Ltd A ( Europ Elec deb rts. Evans Wallow Lead. Fairehild Aviation. . Fiat Stock deb rt: Fischman & Son Ford M Can A (1.20). Ford M Ltd (p37%).. Foremost Dairy Pr.. Foremost Dai pr pf.. Foremost Fabrics. .. Fox Theater C1A. Gamewell Co pf (6).. 3 1008 2 3 14 s ES- T TSI UPNN Fommnen 9 - NA - DO O N AN E RN RREAA A OOSO-A Gen Baking pf (3)... Gen Baking N Y wi.. Gen Baking c.od..... Gen Bak pf c.o.d. (3). Gen Elec Ltd (p70¢). Gen G&E cv pf B (6) Gen Emplre Cor (1). Gen Thea Ep cv pf 3) Gleaner Comb Harv., Globe Underwriters. Golden Cente! Goldfield Consol Goldman Sach T Gramophone rets( Groc Strs Prod vic. Guif Ofl of Pa (1%). Hollinger Gold(65c). Hudson Bay M&S .. Humble Oi (12%). .. Hydro Elec Sec 1.40.. Hygrade Food Prod. Imp O11 of Can (50¢). Indiana Pipe L (2) Ind Ter IlluOfl A. Industrial Finan ¢ Ins Co ofNo Am t2%. Insurance Sec (10¢).. Intercontinent Petn. Int Petroleum (1),.. Int Superp (1.10).. - o8 o PR Interstate Equities. . Itallan Superpow A.. Kolster-Br (Am Sh). 32% Lackawanna Sec (4). 25 Lake S Mines (1.20). 10 Lefcourt Realty 1.60 2% 1 hundred-share lots letter s (80s) (2508), in odd lots. les— Add 00. Open. High. Low. Close 4 19% 19% bl % THE EVENING STAR, WASHINGTON, D. C, SPRING BUSINESS | ~Prev. 1931 Hish Low. 24% % U 112% 106% 105 2 1% Louls % % 167% 38 19% L 157% 88 % 16% 26 10% 274 4% 8% 35 1% L) 1% 45% 112% 8% 7 29 1% Mid Roy 17% Mont Lt 98% 4 29% 4 T 5% 22 i Nat Inve 8 22 » 89 57% | 25 in 615 Y Stea Noranda Polymet Pub Utl Pub Utll St Regls 4 Selected SW Bell Stand Oi! Starrett Unit G U 8 Elec Vacuum 6l 2% % 1% Dividends rates in *Ex dividend. tPartly in cash or stock. per cent in stock. % 11% 11% 11% % Sel Ind pr sta (5 Select Ind pr (5%) .. Sentry Safety Cont. Shenandoah Corp. Smith-Corona vt Sni Viscosa rets. Solar Refining. ..... South CEApf B 1%. South Corp. .. . Sou Pipe Line (2)... S W Gas Utilitfes. .. Spieg May Stern pf.. 508 Stand Oll of Ind (2). Stein Cosmetics 4 Strauss (Nathan) 1 Stutz Motor (new).. Sunray O1l (b5%) Swift & Co (2) Technicolor. Ine..... Teck Hughes (60c). Trans Lux DLPS.. Tri-Cont Corp war. .. Tri Utilities ($1.20). % Tubize Cantillon (B) % Tung Sol Lamp (1).. Ungerieider Fin Cp. Unit Car Fastener Unit Chem pt pf (3) Unit Corp war. Unit El Sve pt Unit Founders. b Pa: fPlus 6 per cent In stock. 3§ Plus 2 per cent in stock. Received by Private Wire Direct to The Star Office Stock and Dividend Rate. % Loew's Inc deb rts. Loew's Inc war. Long Isld Lt pf a Lan & Ex. MacMarr Stores (1). Magdalena Synd.... Mavis Bottling. .. Mayflower Asso (2) Mead Johnson (14).. Memph N G Co (60¢) Mesabf Iron. . - Mesta Machine (2).. Met & Min Inc (1.20) Mid W St Ut (1%) Mid St Pet vt B..... Mid West Ut (b8%). Hign. Low. Close. 14% 14% 4% % % % % 111 111 1% 1% 1% 8% * % 45 8% % 45 11 1 cvpf (... Mo Kan P L (b10%). 4 MonWPPSpL1%. H&T (1%) %« Mountain Prod (1)... Nat Aviation....... Nat Container pf (2) Nat D Prpf A (7) Nat Food Prod B. Nat Fuel Gas (1). stors. ... Nat S T Sec A (350¢c) Nat Transit (1)..... o8 Nelsner Bros pf (7). mn (2.60 N Y Transit (1).. Niag-Hud Pow C w.. Niag Sh Md (40¢)... Mines. . Nordon Corp Ltd. Nor Europ Gil Corp. Ohlo Copper. ....... Ohio O1l n cu pf (6).. Okla Gas & El pt (7). Outboard Mot A..... PacG& R 1stpf1%. Pac Pub Sve A(1.30). Pandem Oil.... Pantepec Oil . Parker Rust Pr (3) .. Pennroad Corp (20¢) Peop L & P A (2.40).. Philip Morris Inc. Phoenix Secur Corp.. Phoenix Secur pf (3) % Pledmont Hyd Eln w Pilot Rad Tube A.... Pines Winterfr (1), Pitney B P n (20¢c) Mfg. Producers Roy Corp.. Hold Cp ww Hold Cp xw Quebec Power (2%). Reliance Manag Reynolds Invest. % Richfield Of1 Cal Rock Lt & P (90c) Rossia Int Corp..... Paper (1).. Salt Creek Prod (2) Seg Lock & H (50c). Industries. . Y. 2 5508 21 Tel pt (7).. 24 1Ky (1%).. 1 Stand Ol1, Ohto (234) 50s Stand P& L (B) (2). 3 1 10 Corp. 5 2 Corp. Unit Gas war. Unit Lt &Pwr A (1).. Unit Lt& Pwr pf (6). Unit Profit Sharing. . Unit Profit Sh pt (1). U S Dairy (B)...... Power ww. U S & Inl Secur. . U 8 Inter Sec 1st pf, Unit Verde Ext (2).. Utll P&Lt(at1.0234). 1 Util Equity pf (5%).100s “4)..... Venezuela Petrolm. . % Walker (H) (1)....q Walker Mining. ... . Warren Co (S D) (7) 50s Wil-Low Cafaterias. Wil-Low Cafeter pf.. “Y" Oll & Gas....... Zonite Products (1).. 2 6 2 7 1% 1% dollars based on last quarterly or semi. extra. 1Plus 4 per cent in stock. s Paval vable in stock. e Adjustment dividend. Plus 6 per cent in stock. h Plus 1 k Plus 10 per cent in stock. m Plus 3 per cent in stock. n 8 tock. D Paid last year—no regular rate. iR Commodity Price Trends of Week BY H. N. McGILL, Editor McGill Commodity Bervice. AUBURNDALE, Mass,, March 14 (®). —For the second consecutive week more individual groups advanced in price than declined. During the week just closed, out of 14 s:parate computations of commodities, six advanced, four de- clined, and four remain unchanged. Rising prices were stronger than price declines and the net result was a mod- erate upturn in the average of all com- ‘modities. The total volume of business remains low, yet certain industries—iron and steel, automobile, building, textiles and others—have shown more disposition to expand. As matters now stand the ex- treme low point in the deprcssion to date was reached in December and early January and in recent weeks the trend has advanced. In order for the year 1931 tc make a fair showing com- pared with the radical readjustment of 1930, a substantial revival in branches of industry and commerce must materialize. Some of the most reassuring factors center on the volume of new production which for a period cf two months has held at a level which is comparable with demand. Textiles are usually a good barometer as portraying future events. During the past month the amount of cotton goods produced fell sharply un- der actual sales and new orders causin, a substantial deciine in stocks on hand. The copper industry has finally reduced output to a level which has permitied several favorable reductions in inven- tories of refined copper in North and South America. Based on latest reports, commodity prices are showing more resistance to a downward trend and are enmmnw a more definite period of stabilizaf e . Bsg £ all| The groups which “uf p ich remain unchanged index is down 40 per cent and it i quite apparent that the price decline was overdone. Available stocks are large only in terms of the radically Teduced rate of consumption. There is not & burdensome supply of cattle hides or leather in this country, and, more- over, & large portion of annual re- 3:13::\«1!‘ comes from foreign coun- Non-Ferrous Metals. Non-ferrous metals were lower, but the average is holding above the low established in late February. Copper has shown some weakness, which is the principal reason for the decline | in this group. - Prices of other products are fluctuating within a narrow range. Fine Textiles. A downward trend has been shown by fine textlles for the past two weeks. ‘The upturn in the price of cotton from the low in December was too rapid to be healthy. The outlook for the con- imption of cotton is more encouraging and the total consumption during the :lxlct"sdixb;mnflu ‘;ted the season should & mar margin the first half year's conlumpfion.m ‘The four groups which declined dur- ing the past week were fuels, non-fer- rous metals, textiles, fine and coarse. ndustrial products, chemicals and paper and pulp. Important Price Changes. TR TR, i BUSINESS FAILURES FEWER. By the Assoctated Pre: Business failures decreased during the week ended March 7 as their change was measured by the Department of Commerce. 1n the index that follows the totals are given for comparable periods, based on representing the 1923-25 average as 100: tion have declared the regular quar- terly dividend of $1.62%; on the 6 per cent preferred stock and the reg- ular quarterly dividend of 50 cents on the common stock, both stockholders umm'ififm AUTOMOBILE OUTPUT GAINS IN FEBRUARY Total Is 230,364 Units, Compared to 178,399 in January This Year. By the Associated Pr NEW YORK, March 14.—February production of automobiles increased 29 per cent to 230,364 units, compared with 178,399 units in Jenuary, the Na- tional Automobile Chamber of Com- merce reported. Production for the first two months of 1931 amounted to 408,763 units, com- pared with 629,561 for the correspond- ing period of last year. The increase in February over Jan- uary was regarded as encouraging. In- dications of an increase in output of 50 per cent in March were seen. Dealer organizations in 10 key citles reported that retail sales are keeping step with the increased production. Directors of the chamber have se- lected the week from January 9 to 16 as the period for the next annual show in New York and the period from January 30 to February 6 for the Chi- cago show. BROKER LOAN INCREASE. NEW YORK, March 14 (Special)- The increase mn brokers’ loans of $2 000,000 this week is accepted as - dication that there has been further distribution of stocks, but it is also an evidence of borro'll.niullllnlt the large issues of bonds that have been brougnt out recently. One unusual feature of the latest increase is the expansion in loans “for others.” These loans have been dropping with very little interrup- tion for a year and a half, but it is not strange that they should have shown an increase of over 9 per cent this week, when call money rates advanced to 2 per cent, giving lenders a temporary ad- vantage over rate allowed them by the banks. HAHN DIVIDEND. Directors of Hahn Department Stores, Inc., have declared the r quar- terly dividend of $1.627; a sl on the 8%, per cent convertible preferred stock, payable April 1 kholders of record at the close of March 23. OUTLOOK BRIGHTER Early Arrival of Easter Ex- pected to Help Speed Retail Sales. In its annual Spring forecast, the United Business Service of Boston pre- dicts as follows: General Business.—So far this year trade and industry have hovered be- tween 23 and 25 per cent below normal. The firmness of this general business index, following the steep declines last year, is distinctly ericouraging, and the Spring season is entered with a mod- crate degree of optimism which seems justified. Spring business is not ex- pected to excced the normal advances for this time of year, however. Sales—Increased optimism s espe- cially_noticeable in the large centers and this has tended to reduce sales re- sistance somewhat. _Spring _business will be speeded up by the fact that Easter comes 15 days earlier than last year. It is estimated that the dollar volume of Spring sales for the entire United States will be within 15 per cent of last year’s figures, even though prices on many items have been reduced by this percentage. Commedity Prices—A greater stead- iness is believed ahead in prices, but a general advance will not take place until the revival in business is well under way. Stock Prices—Increased stability in stock prices should be manifest this Spring as business moves up in sup- port. The strictly technical advances that have been made so far this year have been made with litle regard to the position of business. As conditions improve this Spring, more rational causes for higher stock prices will be presented and the path of least resist- ance will be consistently upward. GASOLINE EXPORT PRICES ARE REDUCED Recent Slash in Crude Oil Quota- tions Influenced by Big Rus- sian Shipments. Special Dispatch to the Star. NEW YORK, March 14—Export gasoline prices along the Gulf of Mexico were reduced an average of one-half cent a gallon yesterday as a result of the slash in crude oil quotations in the midcontinent fields. The Gulf gasoline situation has been aggravated by increasing Russian and Rumanian competition, the lack of a petroleum export association and further gains in the Texas crude oil output. Export prices for U. S. motor gasoline yesterday were quoted here by Gulf com- panies at 4% to 5 cents a gallon against 51; cents heretofore. One of the grades popular in Europe—the 64-66 gravity— yesterday was offered at 5% cents, or % less than a week ago. Persistent dumping from Russia and Rumania_has virtually shut off export demand for Gulf gasoline, though the huge and thoroughuly integrated Amer- ican companies with strongly intrenched foreign marketing subsidiaries continue to_export gasoline on a moderate scale. The oil trade here considers it rather significant that just a year ago yesterday United States motor gasoline for export from Gulf ports was quoted at 8 cents a gallon and the 64-66 gravity at 9 cents. The foreign market then was under control of the Petroleum Export Asseciation, which was dissolved late last year. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, March 14— Poultry, allve—Turkeys, pound, 35a40; old, 20a32; chickens, young, 38a40; old hens, 18a24; Leghorns, 14a20; roosters, 12a15; capons, 32a40; ducks, 18a28; guinea fowls, each, 50a75; pigeons, pair, 30a35. ‘Eggs—Receipts, 2,357 cases; nearby firsts, dozen, 21%; current receipts, 20 ¥%. Butter—Good to fancy creamery, pound, 27a32; ladles, 22a23; rolls, 18a | 20; process, 25; store packed, 14al5. | New York Cotton Special Dispatch to The Star. NEW YORK, March 14.—After sell- ing off within 4 points from low levels of the week, the cotton market steadled today within a range of about 5 points and closing quotations were virtually unchanged from Friday. A further improvement in silver and a steady stock market brought in week end covering and trade demand in- creased at the lower price level. For the second consecutive week the market lost ground on the week after a steady improvement for seven weeks. Spots were unchanged at 10.75. Cotton range: Low. Close.. STARTED IN NEW YORK By the Assoclated Press. Hearings are now under way in New York City by the Interstate Commerce Commission in its investigation of the nonferrous metal rate structure. These will probably be the last in the case, which has been pending for more than two years, except for rebuttal evidence by railroads at a later hearing in ‘Washington. . Previous hearings have been held here and in Chicago at which carriers presented evidence, and at Far Western ints, and Joplin where shippers were ard, The case will be argued finally before the commission here before a decision is announced. The present hearings are expected to last throughout next week with shippers continuing their opposition to any in- crease in the present rates. During the hearings the railroads have not taken a pronounced stand for a change in rates, confining their presentation to conditions under the present rate structure. The inquiry was initlated by the commission under an act of Congress authorizing it to readjust the rate structure on all products, and there has been a feeling the commission might increase the metal rates in order to make up loss of revenue to carriers due to reduction of rates on agricultural products. —— GAS SALES JUMP. MEMPHIS, Tenn, March 14 (Spe- clal).—For the second _consecutive anonth gas sales of Memphis Natural Gas Co. in January exceeded a billlon cubic feet, while February sales showed an increase of more than 16 per cent over February, 1930, it is announced to- day, January sales were 1,098,352,700 cubic _feet, a gain of over 12 per cent over January, 1930, Sales for fi:bm A ; e:tk.“m month, were 889,087,000 cublc SATURDAY, MARCH 14, 1931. FINANCI1 A.T. & T. SCORES NEW RECORDS DURING RECENT DEPRESSION Annual Report Shows Revenues of $292.- 014.871; Number of Shareholders In- creases 97.893; Cash Position Strong. Special Dispatch to the Star. NEW YORK, March 14—Viewed from a depression standpoint, the operating results of American Tele- phone & Telegraph Co. for 1930 were highly satisfactory. While net income did nct show the usual normal growth, total income showed an increase over 1929, the aggregate of $292,014,871 for 1930 comparing with $275,695907 in 1929 and $235781,978 in 1928. Net in- come was approximately the same as that for 1929, being $165,544,707, against $166,189,758 in 1929 and $143,170,491 in 1928, The 1930 net after depreciation, interest, federal taxes, etc., was equiv- alent to $10.44 a share on 15.856,696 average number of shares outstanding during the year, and ccmpared with $1267 a share on 13,113,746 average shares for 1929. Applying the 1930 net to the 1929 shares, the earnings were but a few cents a share less than indicated for that year. For the first time in many years, the management was unable to keep ‘earnings in step with capital ex- pansion. During 1930, the company issued a record total of new shares, offering one share for every six held in April of that year which required an additional 2,418,958 shares. During 1930 also, the companay paid out the huge total of $139,238,073 in dividends, compared with $116,378,771 in 1929. It received from associated companies during the year an aggregate of $148,178.886 in dividends, compared with $140,911,590 in 1929 and $119,- 176,197 in 1928. Revenues Gain. Actual telephone revenues during 1930 aggregated $114,560,866, against $111.- 892,242 in the previous year. Interest and other income accounted for $29,- 275,119, against $22,894,075, and un- doubtedly was swollen by interest on funds on hand during the latter part of the year as a result of stock and bond sales as well as convertible bond con- version. Expenses and usual taxes and de- preciation amounted to $94,034,385, against $81,873,035, while interest paid totaled $32,435,779, against $27,633,114. Surplus for the year was reduced by $23,504,353 to $26,306,634 from $49,- 810,987. As a whole, the $148,178,885 dividends received from subsidiary companies were actually earned by a margin of $10,000,000. ‘The telephone operating revenues are obtained from operation of the long- distance lines and payments from the associated companies for services fur-| nished them under the license con- tracts, Ample Funds on Hand. ‘The chief item of interest in the company’s 1930 balance sheet is the large amount of funds available. These sums grew out of the large total of financing done during the year. Cash, Government, state and municipal bonds aggregated $388,857,763, against only $41,387,136 at the end of 1929. Thus it is obvious that the company will hardly find it necessary to do any new financing in 1931. The Bell System expansion expenditures for 1931 call for $450,000,000, and any advances the parent company may have to make can amply be cared for out of the large sum available. The parent company's investments, at cost, in stocks of associated com- panies increased by $188,735318 in 1930 to $1,778,062,693. This compares with its own capital stock outstanding at $1,795,651,200, an increase of $473,- 311,400 during the year. The company had an investment in stocks of subsidiary companies at the end of 1930 aggregating $168,692,888, an increase of $30,533,935. These vestments are in other than associated comparies and include an interest in such companies as Bell Telephone Lab- oratories, Bell Securities, Bell Tele- phone of Canada, Cuban American Telephone and Telegraph Co., Western Electrie Co., 195 Broadway Corporation, Eastern Telephone and Telegraph Co. of Canada and Transpacific Communi- cations Co., Ltd. Current assets as of December 31 last, aggregated $407,678,132, agains current labilities of $77,338.873. end of 1929, current assets were $60,- 322,089, against current liabilities of $66,174,895. ‘The company’s total assets amounted to $3.162,926,191, against $2,477,023,550 in 1929. Total surplus was $322,3€9,470, an increase of $21,322,356 for the year. Surplus after dividends for the year amounted to $26,306,634, but there were deductions amounting to $4,984,- 278 for taxes on new capital issues and disccunt and expenses on bonds issued less premium on bonds retired. Amer- ican Telephone and Telegraph ended the year with funded debt aggregating $462,615,700. Gain of 122,500 in Installation. There was an actual gain of 122,500 telephones installed by the Bell System during the year, bringing the total to 20,098,059, including Bell connecting companies and lines. This compares with an increase of 821,400 in the pre- vious year, and represents the smallest increase in new installations in about 20_years, Since American Telephone and Tele- graph Co. began to make rate reduc- tions in 1926, it has actually saved about $12,000,000 annually to the users of long lines. The last cut was made on January 1, 1930, with a saving of $5,000,000 to long distance telephone subscribers. Undoubtedly further re- ductions will be made when warrant- able. At the end of 1930, the company had 567,694 shareholders of record, an In- crease of 97,893 during the year, the largest increase for any year in its his- tory. Large amounts of the stock went into investment boxes and fixed trusts’ portfolios. The average holding is 32 shares. No single stockholder owns as much as 1 per cent of the total shares outstanding, and there are 211,384 stock- holders who hold five shares or less and 319,627 with ten shares or less. Those holding 100 shares or less num- ber 536,386. Stockholders are located in every State in the Union and in 70 in- STOCK AND BOND By the Associated Pres: SATURDAY, STOCKS. 50 Industrials, .133.6 Low, High, 1929 Low, 1929, (Copyright. 1921, Standard St At| foreign countries and possessions of the United States, Stability of the company's earnings in the last 20 years is indicated by the fact that from 1911 to 1921, inclusive, the lowest per share amount earned on the capital stock in any one year was $9.38 and the highest total $1 Fro 1922 to 1930 the lowest per share earn- ings were $10.44 n 1930 and the high- est $12.67 in 1929. Dividends of $8 were paid continuously from 1911 to 1921, when they ‘were increased to $8.75 a share and to $9 in 1922, which is the current rate. Teletype Co. Acquisition. One of the most important acquisi- tions made by the company during 1930 was that of Teletype Co., purchased by a stock exchange and now operated as a subsidiary of Western Electric. Its importance in the communications field is growing weekly, for it manufactures machines for sending and receiving typewritten mesages by wire. Until re- cently, when the name teletypewriter was chosen, these machines were known variously as telephone typewriters, tele- graph typewriters or printer telegraphs. These teletypewrifers are used exten- sively upon the wires of the Bell Sys- tem. The company also sells them to the ‘telegraph companies. It is obvious that with the purchase of that company, the Bell System is em- barking on a big expansion in this rap- idly growing fleld and the development of special telephone and teletypewriter equipment and circuits has made it possible to provide elaborate networks for rapid intercommunication among widely scattered units of larger organ- Furthermore, the Bell Lab- has developed a switchboard |to use with the teletypewriters. Thus {an interconnecting system for the typ: | written word such as the telephone sys- tem is for the spoken word is The company will provide a fast, eco- nomical and accurate intercommunicat- ing service to teletypewriter users con- nected with its system. BEARS’ LAST STAND IS SEEN BY EDITOR | Storm Believes Present Assaults on Market Are Part of New Campaign. BY CHARLES W. STORM, | Editor the News Service of Wall Street. | Special Dispatch to The Star. NEW YORK, March 14—The fight | going on in the stock market today marks the last stand by the army of professional bears, who, drunk with their success in the 1930 bear cam- paign, are once more attempting to as- sault the bulwarks of returning pros/ perity. As happens in all fights, the innocent bystander in the market is at his wit's end to understand what is going on. Important banking interests operators, who have made their for- tunes out of constructive developments in business and finance, are aligned oa the bull side of the market and have been the chief buyers of stocks during the recent unsettlement. The men who have been buying stocks recently feel confident that there will be a terment in world-wide in- dustrial as well as financial conditions by reason of the resumption of foreign loans by American and French banking interests. Money is the blood of in- dustry, and the injection of billions of new money into foreign and domestic enterprises is bound to stimulate in- dustry throughout the world. (Copyright, 1931.) Washington Produce Butter—One-pound prints, 33%a34; tub, 32a33. Eggs—Hennery, 22a23; current re- ceipts, 20a21. A Poultry, alive—Turkeys, young, 30a32; old, 25a27: Winter chickens, 30a3: Spring broilers, 38a40; hens, heavy, 2! 23; small, 18a19; Leghorns, 16; roosters, 16; ducks, 15; keats, large and young, 60a65; old, 25a30. Dressed—Turkeys, young, 38a40; old, 30a32; Winter chick- ens, 38a40; Spring broilers, 45; hens, heavy, 25a26; small, 21; capons, large, 37a38; small, 32a33; ducks, 24a25; roosters, 16; keats, young, 70a80; old, 40a45. Meats—Beef, 13152151 ; veal, 13al5; lamb, 17a19; pork loins, 21; fresh hams, 19; fresh shoulders, 14; smok:d hams, 21; smoked shoulders, 12; strip bacon, flt" lard, in bulk, 10%; in packages. Fruits—Strawberries, 50a55; oranges, California, 3.00a4.00; Florida, 3.25a3.75; grapefruit, 2.25a2.50; tangerines, 1.50a 2.25; lemons, 5.00a5.50; limes, per 100, 2.00; apyples, per bushel, 1.25a2.00; box stock, 1.75a2.50; pineapples,. 3.50a4.50; grapes, Belgian, per pound, 90a1.00; Almeiras, Chile, 5.00; Cuyanas, Chile, 5.00; pears, 2.75a3.25; rhubarb, hot house, 5-pound boxes, 90; California, 20-potind boxes, 2.00. ‘Vegetables—Potatoes, 120-pound sacks, 2.25a2.50; new potatoes, per bushel, 2.00a2.25; sweet potatoes, per 1.10a1.20; tomatoes, repacks, crates, 2.50a3.50; celery, 3.00a3.5( 8 beans, 5.00a5.50; limas, 6.50a7.00; broc- coli, 3.00a3.25; turnips, 1.00; caulifiower, 2.00a2.25; cabbage, new, per hamper, 1.00a1.25; old, per 100 pounds, 9021.00; spinach, 75a1.00; kale, 1.00; geppers. 3.50a4.50; carrots, old, bushel baskets, 1.00; new, per crate, 3.00; beets, get crate, 2.50a3.00: lettuce, Iceberg, 3.50a 4.00; Florida, 1.75a2.00; Summer squash, per crate, 6.00a7.00; peas, 5.00; aspara- g\gfld per crate, 7.50; cucumbers, crates, ‘The Rev. J. Woodhouse is sitting at the door of Christ Church, Luton, Eng- land, 12 hours a day to obtain $10,000 in order to qualify for a gift of $25,000 which has been promised to his parish. ,AVERAGES MARCH 14, AL. Lo A—15 RAPID GAIN NOTED IN NATURAL GAS Manufactured Gas Concerns Now Big Factors in Increas- ing Consumption. Special Dispatch to The Star. NEW YORK, March 14.—Natural gas is rapidly displacing manufactured gas in many sections of the country, but | public utility companies producing these competitive products are co-operating with little fric There is an increas- ing volume of natural gas each year being distributed through the mains of the principal manufactured gas compa- nies, About 20 per c-nt of total annual sales from manuiactured gas systems now represents natural gas, according to a statement by G. 2tt & Co. Consumption of na as increased from 798,200,000,000 cubic feet in 1920 to approximately 1,940,000,000,000 cubic feet In 1930, an increase of about 150 per cent. During the same period the | total number of natural gas customers doubled, increasing from 2,636,000 to an stimated total of 5,300,000 Compared with this unprecedented expansion in the natural gas fleld, manufactured gas sales showed an increass of about 40 per cent, from 300,700,000,000 cubic feet in 1920 to approximately 425,000,000,000 cubic feet in 1930, while manufactured gas customers increased from 8,837,000 in 1920 to the present estimated num- ber of 11,000,000, or about 25 per cent it is shown, A Sales Gain 45 Per Cent. The growing tendency on the part of manufactured gas companies to pur- chase natural gas for- distribution through their own mains, the state- ment points out, is shown by the fact that such purchases increased from 77~ 400,000,000 cubic feet in 1928 to 112,- 800,000,000 cubic feet in 1929, in of 45 per cent. On the other hand, total artificial gas produced and natural gas purchased by manufactured gas com- panles in 1929 increased only 9 per cent over 1928, Manufactured gas is strongly in- trenched in the domestic fleld, it is stated, as is indicated by the fact that its consumers are well over twice as numerous as those of natural gas. This fuel has up to now been restricted in its expension primarily to industrial purposes because of the remoteness of most natural gas fields from large pop- ulation centers. Out of a total con- sumption of 1,917,693,000,000 cubic feet of natural gas, shown by United States Department of Commerce figures for 1929, only 359,866,000,000 cubic feet, or 19 per cent, was consumed in homes. Thus a tremendous field for growth in domestic markets is awaiting the nat- ural gas industry. Expansion on a large scale into this field will commence with the completion of large pipe lines now under construction. The six leading natural gas systems each will have, within a year, pipe line networks ex- tending upward of 1,000 miles from their natural gas reserves to leading cities. Natural gas rarely fails to dis- place the manufactured product when brought to the outskirts of a commu- nity, because of its cheapness, high heating content and general superior- ity over other types of fuel. 4 Some Sections Too Remote. Based on the outlook at the present. time, it must be recognized that some sections of the country, such as New England, the Carolinas, most of Florida and several Midwestern and Western States are too remote to be served from available natural gas sources. Future discoveries of nearby reserves or more distant expansion of existing fields may yet permit certain of these sections to be supplied with natural gas. Exclud- ing these regions now outside the nn’e of natural gas operations, approximately 80 per cent of the present total 4 tion can be served from extensions of natural gas pipe lines, built or under construction, when local demand justi- fes. Natural gas and electric power utili- ties both attain greatest effectiveness by co-ordinating their services for the domestic as well as the industrial mar- kets, Barrett & Co. state. One market supplements the other, resulting in cheaper anersy or fuel as the most concentrated demand in any particular terrif is served. During the recent depression and decline of industrial con- sumption earnings of most natural ges companies held up well because of their backlog of domestic requirements. Gas Ready for Baltimore. The large pipe lines to be put in operation witl the next year will justify the capital expenditures in- volved, it is stated. These include the line of the Natural Gas Co. of America to Chicago, the line of Missouri Valley Pipe Line Co. to Eastern Nebraska and Towa, the line of the Panhandle Eastern Co. to supply communities in Missouri, Illinois and Indiana, and that of Colum- bia Gas & Electric Corporation already supplying Washington _and making available natural gas for Baltimore, Wil- mington and Philadelphia. ‘The concentrated initial demand of industries adjacent to these lines will be supplemented by the requirements of manufactured gas companies that are prepared to distribute natural gas through their mains to domestic con- sumers. The co-operation of natural gas and manufactured gas companies will be advantageous to both groups, but will be especially beneficial to natural gas expansion in many instances by providing immediate domestic reve- nues and by eliminating the laborious processes of building up domestic dis- ul'fl:;xung systems, the statement con- cludes. Shoe Contract Awur-ried. PHILADELPHIA, March 14 (#).—The International Shoe Co., St. Louis, today was awarded the contract for the manufacture of 22992 pairs of service shoes and 18,000 pairs of garrison shoes by the Quartermaster's Depot here of the United States Army, the company’s bids of $2.58!2 per pair for service shoes and $3.37 per pair for garrison sdhms were the lowest among six bid- ers. HOSIERY DIVIDENDS. Directors of Davenport Hoslery Mills, Inc., have declared the regular quar- terly dividend of $1.75 per share on the preferred stock and the regular quarterly dividend of 50 cents per share on the common stock, both payable April 1 to stockholders of record March PARIS BOURSE PRICES. PARIS, March 14 (#).—Trading was quiet on the Bourse y. per cent rentes, 88 francs 90 centimes. Pive per cent loan, 103 francs 50 centimes, Exchange on London, 124 francs 141 centimes. The dollar was quoted at 25 francs 553; centimes. Three Rooms, Kitchen and Bath Electrical Refrigeration THE ARGONNE 16th and Columbia Road Reasonable Rentals Istics Co.) Subscribe Today It costs only sbout 1% cents Sundays to “’l"elepbon- National 5000 and R S ately. U " lect at the end of each month. |