Evening Star Newspaper, March 20, 1931, Page 14

‘A—19 wss FIN SURVEY DISCLOSES POPULAR STOCKS Selections Made by Invest- ment Trusts Show Portfolios of 150 Corporations. NEW YORK, March 20.—A survey of the December 31, 1930, portfolios of 50 fixed and 100 management in- vestment trusts just released by Frazier Jelke & Co. reveals a combined owner- ship of 666,690 shares of Consolidated Gas of New York, 467,499 shares of Le- high Coal & Navigation and 412,967 shares of Commonwealth & Southern. The portfolios examined showed 358,- 974 shares Marine Midland, 322,556 shares of United Corporation, 308,677 shares of General Motors, 290,932 United Gas Improvement, 290,195 General Elec- tric, 286,038 Manufacturers Trust, 261,- 866 Commonwealth Edison, 252,026 Na- tional Dairy Products, 202,560 American "Tclephone and 201,382 shares American Radiator & Standard Sanitary. Hold- ings of 40 issues aggregated between 100,000 and 200,000 shares- each, while between 50,000 and 100,000 shares each of 36 additional common stocks were owned. Individual Issues. These figures do not include the large blocks of individual issues held by such investment companies as Alleghany Corporation, Chesapeake Corporation, Electric Bond & Share, United Corpora- tion and United Gas Improvement: nor are intercompany holdings, such as Pennsylvania’s interest in Norfolk & Western, included in the total. Includ- ing these larger commitments, con- centrated holdings of Niagara-Hudson Power total more than 12,180,000 shares; of Radio Corporation, over 6.600,000; Chesapeake & Ohio, over 4,304,000; United Gas Corporation, 4,020,330; Public Service of New Jersey, 3,065.- 560, and Pacific Gas & Electric, sub- stantially more than 2,293,495, ‘At the end of 1930,” says the Jelke analysis, “the 10 most frequently held stocks in the portfolios of the 150 in- vestment trusts were American Tele- phone & Telegraph, Consolidated Gas of New York, United States Steel, Standard Oil of New Jersey, General Electric, New York Central, Union Car- bide, E. 1. du Pont de Nemours, Atchi- son, Topeka & Santa Fe, and Interna- tional Harvester. Following close in line are Pennsylvania Railroad, Ameri- can Tobacco B, Unlon Pacific, Electric Bond & Share, United Gas Improve- ment, American Can, Westinghouse, Electric, Standard Oil of California and Borden Co. “Changes in the portfolios of the 100 management companies during the past year are interesting. The 10 most fre- quently held stocks at the end of 1929 were Consolidated Gas of New York, Electric Bond & Share, American Tele- phone, General Electric, New York Cen- tral, Union Carbide, Columbia Gas, Standard Oil of New Jersey, Pennsyl- vania Railroad and Union Pacific. At the end of 1930 Union Pacific, Penn- sylvania Railroad, Standard Oil of New Jersey and Columbia Gas & Electric had passed out of this list of 10, being replaced by United States Steel, Gen- eral Motors, Southern California Edison and United Light & Power. Blue Chip Issues. “Possibly the most important market Influence of invectment trusts has been to_reduce the floating supply of so- called blue chip issues. This may ex- plain, in a measure, some of the newer characteristics of the stock market. During the darker days of the bear market, the ylelds offered by the better stocks were not as attractive as thos available in previous crises of the same type, and price-earnings ratios of the stocks most widely held by investment trusts remain considbrably higher than the rank and file. The reduced float- ing supply of these stocks also appears to have increased their resiliency after abrupt declines.” INSURANCE AGENTS FACING OBSTACLES Association President Warns U. S. Underwriters of De- pressions Aftermath. BY ROLLIN M. CLARK. A warning sounded by Percy H. Good- win, president of the National Associa- tion of Insurance Ag nts, tha. trying days are ahead for the fire insurance agents of the country focused sttention upon the fact that business recovery will not be an immediate cure-ali for (hex Pproblems confronting this large group. Speaking before the mid-year meeting of this anizatior, at Nashtwile, Mr Goodwin ceclared that the insurance business is the last to feel the effects of an economic depression and likewise the last to rally from it. This is due to the time element in the insurance contract, as distinguished from an over-the-coun- ter sale of an crdinary commodity which terminates the transaction. Chief Obstaclcs. When business ebbs, existing policies are usualiy allowed to run thei: course; it may not be until months after a bus- iness slump is in full swing .hat these contracts expire. Then the amount of the renewal policies may be reduced or the business lost altogether, Depreciated property values, moral hazard and poor collections are the main bstacles in the insurance agert’s path All are having an effect upon me. Lower property values result in de- creased insurance coverage, which in turn means less premiums and less commissions for the agent. Unlike life insurance, which continues to show a steady growth from year to year, fire insurance is universally bought and there is little increase in available busi- ness. The comparatively little new business that does develop in the course of a year is more than offset by the constantly increasing number of agents in competition for it. When confronted with a shrinking premium volume, as at_present, the agent’s salvation s to sell other insurance lines to make up the difference. But today that is no easy task. Moral Hazard. The possibility cf incendiary fires— | hazard—is more acute in bad 4 than when business is at its peak. If investigaticn discloses that an ap- plicant is in financial difficulties or otherwise wculd be a bad risk, the proffered business is rejected. Collecticns, a troublesome problem to ANCIAL. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued From Page 13.) —Prev. 1931~ Stock ana Sales— High. Low. Dividend Rate. 85% Mack Trucks 83 Macy (R H)&Co( 20% Magma Copper (2 % atl Sugar... - 250 825 Elev mod g (d5) T4 Manhat Shirt (1).... 7% Market St R: 100 28 3 Market St Ry 2d pf.. 23t Marshall Fleld (23 ) 233 Mathieson Alkall (2) 28% May Dept Strs (234). 15'4 Maytag Co pf ‘1)4 ver 5% Mengel Co. . 10% Mexican Seaboard. .. 714 Miami Copper., > 12% Mid-Cont Pet (2) 21 Midland Steel (3). 84 Midland Steel pf (8). 381 Min Hon'w Reg (14). 814 MStP&SSM...... 415 Minn Moline Pow... 15 Minn & St Louls..... 18% Mo Kan & Texas..... 70 Mo Kan & Tex pf (7) 861% Missouri Pac pf (5). 10% Mohawk Carpet. 20 Monsanto Ch W ( 15% Montgomery Ward 51 Morrell & Co (4.40 15 Mother Lode. 215 Motor Meter AN 30 Motor Products (2).. 14% Motor Wheel 1%)... 8% Mullins Mfg...... 27% Munsingwear (3). 11% Murray Corp.... 27% Nash Motors (4) 814 Nat Alr Trans. 2 w a% 11814 Nat Lead (5) 313 Nat Pow & Lt 14 Nat Radiator. . 14 Nat Ry Mex 1st pf. 43 Nat Steel (2) 41% Nat Surety (5). 151 Nat Tea (1) 14 Neisner Bro: 10% Nevada Copper (1) 14% Newport Co (1).... 14} Newton Steel 108% N Y Central (6) 85% N Y Chl & St L pf (6) 165 N Y & Harlem (5). 8% N Y Invest (1.20) 75 N YN H & Hart (6)., 1 NY Railways pf. 100 N Y Steam pf (6) 7% 111 N Y St 1st pt 197% Norf & West (112) 8914 Norf & West pf (4).. 4% North Am Aviation. . 62 Nor Am (b10% stk). 53 North Amer pf (3).. i 102 North Am Ed pf (6). 47% Northern Pacific (6). 14 Ohio O11 (1) 15% Oliv Farm Eq pr pf.. 3% Omnibus Corp. ... 60% Orpheum Circ pf 8).. 5214 Otis Elevator (2%). 10 Otis Steel. . - 33% Owens 111 Glass (3). 45% Pacific Gas & El (2). 50% Pacific Lighting (3). 16% Pacific Mills 11615 Pacific Tel & Tel (7) 8% Pack Mot Car (60c). 363 Paramount Pub (4). 1% Park Utah. 1% Pathe Exchar 3 Pathe Exchange A. 10% Patino Mines. ... 86 Pere Marg pr pf (5). 315 Peerless Motor Car 37% Penick & Ford (1). 2814 Penney (J C) (2.40). 90 Penney (JC) pf A (6) 3% Penn Dixie Cement £5% Penn RR (4). 6% Fetrolm Cp of 19% Phelps Dodge (2).. 52% Phila Co 6% pf (3) T4 P’hil Read C & I.. 10% Phillips Petroleum. . 19 Pierce-Arrow A (2). % Plerce OIl.. 9 Pierce Oil pf. 1% Pierce Petrolm (10c) 26 Pillsbury Flour (2).. 3% Pitts Terminal Coal. 13 Pitts United Corp. .. 9314 Pitts Unit Cp pf (7). 8% Poor & Co (B). 4% PR Am Tob B. 25 Postal Tel&Cable pf. 12% Prairie Oil & Gas (2) 17% Prairie Pipe L (3). Pressed Steel Car. Proct & Gamb (2. » T e L L L L T DL LI I S ey U eEo Iy P LIy - o » BofrnenauaBinarnunnrTaruprsnhaenBum Lo nee 11% Prod & Refiners 72 PubSvNJ (3.40) 95 PubSv N Jpf5) 109% Pub Sv N J pf (6) 109% PubSvE& G pf (6). 49% Pullman Corp (4)... % Punta Alegre Sugar. % Punta Aleg Sug ctfs. 8% PureOfl..... 2415 Pure Ol pf (8). 38 Purlty Bakerles (4). 12 RadioCorp......... 6 48 Radio Corp pf A(3%. 34% Radio Corp B (5) 16% Radio-Keith-Orph 27% Rand Mines (1.215). . " S a2 78% Kem-Rand 1st pf.(7) % Reo Motor Car (40¢c). 12 Republic Steel. . . 2914 Republic Steel pf. .. Revere C & B pf (7). 1108 11'3 Reynolds Metals «2) 40% Reynolds Tob B (3). 2% Richfield Oil. 5% Rio Grande Oil. 27 Rit Dent Mfg (2%). 164 Rossia Insur (220). 37% Royal Dutch m1.3404 38% Safeway Stores (5). 86 Safeway pf (6) 24% St Joseph Ld (2 35 St Louls & San Fran. 5715 St L-San Fran pf (6) 4 Schulte Retail Strs 1 Seaboard Air Lin 1 Seab Air Line pf. 44% Sears Roebuck 12% . 31 Second Nat Inv.. 40 Second Nat Inv pf. 4% Servel Inc 10 Sharon Steel Hoop. 12 Sharp & Dohme. 2214 Shattuck F G ( 7% Shell Union Ofl Shell Un Ofl pt 415 Shubert Theater 14% Simmons Co........ Add 00. High. Low. Close. Close. 6 415% 40 7 1035 4 3614 1 Prev Y% “ 89 SolvAm 4 34 Spaiding 58 57 Stand 4 102 1 a4 3 35 10 '« Superior 14 2o 4 45 Lobacco bls Iri-Cont 92l Tri-Cont . 121 0% 22 P 40 4 60% Unit Cig 8 ® 80 117 o4 2in US Pipe 28 29 100 2 Va-Car( 16% 11 24 95 West Pa 108 West Pa 114 West Pa 45 West 13% Western 16 Western 130 Western 21 4% Wil 4% Wil 40 66% Wrigley 28 73 2% Sou Cal | Sales of Stocks on New York Exchange. | | 17% | Dividend rates as 281, | PAayments based on the latest quarterly or haif yearl: A Unit of trading less thon 100 shares. 4 puie s "% | 4% in stock 59 | —no T 18% regular rate. h Plus 2% in stock 18% ular rate. 9% South Port Rico Sug. 40% South Cal Ed (2).... 14' Southern Dairies(A): South Luiries 5. . 9% South Facine (6). 47% South Ry (¥). 9% South Ry pf (5). b% Sparks Wihing t1).. 5% Spiegel-Ma, 16% Stand Brauds (1.20). 921 Stand G & K pr (6).. Stand Uil Cat (hz%). % Stand 01l Exp pt (). » Stand Uil ot Kun (1) W Stand UL N J (12)..0 214 Stand OU N ¥ (L.60). Sterling Sec A 614 Steri Sec pt (1. Sterl Sec cv pf (3) 1414 Stewart Warner 37% Btone & Webster 20% Studebaker (1.20) Sun Uil pt (6). 11 Sweets of Amer (1), 4l Syminglon A..... Telautograph (1.40). Bix Lennessee Corpioue) Ly Lexus Lorb (6). 457 Lex Guil Sulph (4).. 1lin Texas Pac Land T, 13% Thatcher Mig (1.60) » The Fair (2.40) Lnermoid Co 18% Third Nat in Thompson (J 1) 11% Thompson Frod Lnompson Starieit. . 244 Thomp-Star pi (3%) biu Lide Walel AS (6UC) Lide Wal As bt (6).. v Limken Det AX (8UcC) Luniken KOUCE (8).., 10%, Tobuccu Frud A 195¢ 1l Transamerica (1)... Transue & W (1) 29% Arico Prod (2%).... 14% Ulen & Co (1.6v) 5lis Und-Eluot-Kish (3). Und Ell-Fisch pt (7) 9% Union Bag & Paper.. 5b'a Un Carbiue (2 Un Uil ot Cal (2) ‘i¥ Un Pacific 110) 3% Un Pacinic pt (4) Ln TankCar (1.60).. UL AIFCIR T, v e e Unit Aireratt pf (3, 3% Uit Biscult (2). 1% Unit Carvon Unit Cigar Store; 16w Unit Corp (75¢). 44% Unit Corp pt (s Unit Electric Coa 51% Unit Kruit (4). Zi% UnitG & im (120).. Y8k UMLG & Lm Pt (b).. 28w UnitLiece D W 12).. 74 U S Distributing U S Distribut pt (7). % US & For Secur..... U S & For Sec pt (6). U S Freight . 40% U S Gypsum (L. U S Indus Alco (6) 3% U S Leather. .. i USLeatherA...... 69% U S Leath pr pf (7).. n U S P &F 18t (1.20).. 4 U S Reaity & im (3). 1% U S Kubber......... 20% U S Hubber 1st pf. 1813 U S Smelt & Ref (1). 424 USSm & Ref pi 3% . 137 U S Steel (7). 1454 U S Steel pf (T)..... b Unit Stores A. 4 87 Unit Stores pf (4)... Univ Leaf Tob (3) Univ Pic 1st pf (8) 2% Univ Fipe & Rad. ‘Utah Copper (8 21% Utll P&L A (ot2. % Vadasco Sales Corp.. 45 Vanadium Corp (3).. “hem. . . 674 Va Car Chemn pt (7). 98l Va El & Fow bt (6) 41% Vulcan Det (4).. Wabash RR... \Wabash RR (A). % Waldorf Sys (1%) Walworth-Co (1) 3% Ward Baking B. 11% Warner Bros Pict. 4% Warner Quinlan. 274 Warren Bros (3) 41% War Broscv pf (3) Warren Kdy & P ( 214 Wess Oil & Snow ( 54ly Wess O & Sn pt (4) ton El Instr (1), ton Elec A (2 19% Westvaco Cblor (2). 1 Wextark Radio Str 20% White Motors (1).... 39 @Vhite Rock MS 1414 5 White Sewing Mach. Wilcox Oil & Gas. ... Wilcox Rich A (2%) Overland Over pf (7) 2% Wilson & Co. Wilson & Co pf 54% Woolworth (2.40). 59% Worthington Pump. . Yale & Towne (2). 9% Yellow Truck..... 22% Youngs Spring (3) Ygstwn Sh & Tu(4).. 2% Zenith Radlo....... RIG Payable in scrip. b P k Pl n Plus 6% in stock. Stock and 3 Dividend Rate. 10% Sinciair Con Ol (1) 8ls Skelly Ofl. 425 Skelly Oll p 2% Snicer Packing. 8 Snider Packing pi Prww o lh. - (AG)(2).e » o % N T Y £ T T T T e o » 0) Vil e 20, rioducts. 9 Rl e RGN NS R r R RO ERNE S e e ChIP.oooon. Corp pt (6). 6U). .0 Sts pt (6). &F(2) )e. El pf (6). El pt (7). Pow pt (7 Dairy B. Md. Md Union (8) (Wm) 1) TS—EXPIRE. Ed..Apr20 14 2% 500.000 1.900,000 12:00 Noon. 2:10 P.M given in the above table are th 1300 000 + 2100,000 tPartly extra. ayable. in stock. 4 bayable w 1PIus 8% In stock & Plus a TPlus 9 CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, March 20.—The follow- ing is a summary of important corpor- ation news prepared by the Standard Statistics Co., Inc., New York, for the Assoclated Press: News Trend. The approval given yesterday by di- rectors of Columbia Graphophone and insurance agents at any time, have been directly affected by the business slump. Agents are required to remit to thel companies within a limited time after golmn 0 into effect. If the policy olders do not pay promptly the nt finds a larger proportion of his working capital tied up. Many agencies, par- ticularly the smaller ones, are ng 1t increasingly difficult to finance their clients. Their only solution is to can- cel the contracts, which leaves them with a loss on the transaction and costs them future business. (Copyright, 1931.) g7 o it NEW SECURITIES NEW YORK, )llrcl';nfllx) dm ~Nw se- toda! iclude : “&mfid‘ Ayl,b!flyl. Cl:ndl, $4,000,~ 4% and per cent gold bonds, S0 1085 o 1061 by » syndicate headed 'Wood, Gundy & Co. , of Gramophone, Ltd. to plans for amalgamation, if supported by the stockholders, will mean the formation of an English company that will dom- inate the radio and phon)graph indus- try abroad. With an interest in the consolidated company reported at 27 per cent, the,influence of the Radio Corporation of America in this situation will not be inconsiderable. The week's increase in brokers’ loans of $94,000,000 is the largest since April 16, 1930. In view of the relatively small increase in stock market activity during the week it is difficult to believe that explanation of such a large increase is to be found there, especially since last week’s heavy Federal financing and tax yments, and the attendant shifting of ro.nn burden, offer in themselves a more probable cause. reversed yesterday, at least temporarily. | in the news, once again calling atten- | tion to the weak situation existing in that industry. | In the corporation news of the day | dividend cuts and unfavorable earnings again prevail, relieved somewhat by higher 1930 earnings of Amerada Corp., and General Parts Corp. The Companies, Amerada Corporation 1930 common shares earnings $4.64, against $2.99. American Hawalian S.8. United States | Intercoastal lumber conference agree- ment (eastbound), under which rates were maintained on Jumber, laths and | shingle shipments from Pacific to | Atlantic, is canceled. American Service C asses preferred dividend; paid $1.75 January 1. Atlas Utilities proposes increasing au- thorized capital stock from 2,300,000 shares to 4,000,000; plan to use addi- tional shares for acquisitions. Atlantic Pruit & Sugar 1930 deficit $1.945,189, against deficit $621,368 in Bancroft (Joseph) & Sons 1930 deficit $825,818, 2gainst net income $580,993, equal to $3.35 common share in 1929. | _ Chesapeake & Ohio Railway February net income after sinking fund, off 38 per cent; 2 months offi 39.2 per cent. Citles Service monthly dividend of one-half of. 1 per cent stock and 2% cents % Cclumbia Graphophone — Directors agree on amalgamation with Gramo- ne Co., Ltd, under plan providing ‘The rather spectacular recovery of silver bullion recently after a decline to More crude oil price cuts have appea.ed | in March 60,300. for formation of new company and exchange. the low “shilling level” was halted and share us 3% in stock. m P Detroit Aircraft Sales first two weeks Dixie Gas & Utilities $1.1625 prefer- red dividend, covering January and February. Wilcox (H. F.) Oil & Gas—Oklahoma governor orders prosecution of this company for alleged violation of pro- ration order. Kels:y Hayes Wheel 1930 common share earnings, $2.69, against $4.10. General Parts 1930 common share earnings, 59 cents against 11 cents. General Refractories physical proper- ties valued on balance sheet at $16,- 300,000 below appraisal figure. Habirshaw Wire & Cable increases quarterly common dividend to 25 cents from 10 cents. Hall (W. F.) Printing common share earnings, year ended January 31, $2.38, against $4.03. Indiana Pipe Line 25-cent dividend; paid 50 cents February 14. International Harvester — Alexander Legge, president, reappointed president. International Utilities 1930 net in- come, including profit on sale of sub- sidiaries, $7,818,853, against $1,400,484. Kellogg (Spencer) & Sons common share earnings, 24 weeks to February 14, 50 cents. Auto Travel Record. By the Associated Pre 5 ‘The National Automobile Chamber of Commerce says American automobile owners traveled the record distance of 162,000,000,000 miles during the calen- dar year 1920, a new high record, 5 per cent above the estimated 1929 mileage. ‘These figures are based on the known quantity of gasoline consumed by auto- mobiles, (9e. | Washington | Commerce & Savings | East Washington (12! | Seventn ! National FOREIGN BOND LIST TURNS IRREGULAR Domestic Issues Strong in Moderate Trading—New Offerings Few. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK. March 20.— Domestic bonds were strong today, while foreign dollar issues had an irregular trend. Trading was only moderately heavy. The market had another day free of any large budget of new issues. The entire week's total will be less than a third of the $262,000,000 put out ir. the previous week and dealers report that their stocks have gradually been worked down to a conservative basis. Natuarally this, with the advance in domestic issues, started renewed talk of new financing. It was reported that Consolidated Gas had made applica- tion for permission to sell $60,000,000 of 41, per cent debentures and $50,- 000,000 of $5 preferred stock. It was also reporied that common shares rights would be issued by the same company. Jersey Central Power & Light completed negotiations for the offering of some 5 per cent debentures at 101, the amount and coupon not be- ing given. Money ' rates, while not quotably changed, Tevealed an easier tone and unofficially 90-day loans were secur- able at 13; to 2 per cent, as against the market rate of 2 to 21, per cent. One of the features of the day de- veloped in bond trading on the curb exchange, where Vanadium 5s, the newly issued and sole funded obliga- tion of Vanadium Steel, ran up to over 105, a premium of 7'> points. While the bonds are convertible into common shares at 80 and the wide gain might be attributed to activity in the stock, it was the Street’s opinion that a_short interest had been caught in the bonds. High-grade coropration bonds were not much changed, but the trend was toward higher levels. There was a good demand for American Telephone 5s, especially the collateral 5s of 1946, Canadian Pacific 4'2s, Brooklyn-Man- | hattan Transit 6s, Chesapeake Corpor- ation 5s, Columbia Gas & Electric 5s, Consolidated Gas 5135, Standard Oil of New Jersey 5s and a long list of other prime issues, United States Government obliga- ticns, however, were off from 2-32 to 7-32,’ chiefly on selling induced by the disappcinting income tax returns and the possibility of increased taxation as a result of a Treasury deficit. Treasury 33ps of 1943 and 1947 were most widely affected. The report that the Govern- ment would issue another $500,000,000 of long-term bonds to finance the slom,“s. bonus borrowings was also a actor, Washington Stock Exchange SALES. Washington Gas 5s—$5,000 at 105, $5,000 at 105. Washington Gas 6s “A"—$100 at 1013, $300 at 1013, $1,000 at 102. ‘Washington Gas 6s “B"—$190 at 104. Potomac Electric 6% pfd.—5 at 112. Was;flnan Rwy. & Elec. pfd—20 at 983;. Mergenthaler Linotype—10 at 86, 10 at 86, 10 at 865, 10 at 86. AFTER CALL. | Anacostia & Potomac R. R. Guar. 5s— $2,000 at 95. Bid and Asked Prices. DS. PUBLIC UTILITY. Amer. Tel. & Telga. 4%2s '39. Am. Tel. & Tel. ctl. tr. 5s. Angcostia & Pot. R, R. 5 City & Suburban 55 Georgctown Gas 1st 55 Potomac Elec. Cons. 5. Potomac_ Elec. 63 1953 6s. series B & Elec. 4s MISCELLANEOUS. Barber & Ross. Inc. 6:s. Chevy Chase Ciub 5725 Columbia Country Club D. C. Paper Mfg. 8s..... .. Wash. M. Cold Storage 55 Wash. Cons. Title 6s... STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9).. Capital_Traction Co. i h. Gas Light Co. ¥ & W Steamooat (12 Wash. Rwy. a8 Wash. Rwy. & Elec, com. Wash. R¥y. & EL ptd. (5)..... NATIONAL BANK. Capital (14) | Columbia (12).! Commercial (stamped) Lincoin (12) | Metropolitan ' (14) Riges (158).. Second ) (13) TRUST COMPAN' Wash. Loan & Trust (14)...... SAVINGS BANKS. Bank of Bethesda (6§) .. , 0 Potomac _(10) ... Security Sav. & Ci Street (12). - United States (30). ", : Washington Mechanics (20) FIRE INSURANCE. 2 American (12) Bk, QD). | Corcoran (10} Firemen’s (8; Union’ (i3) TITLE INSURANCE. Columbia 2 Real Estate (8h) Title & Inv. Co MISCELLANEOUS. ber & Ross, Inc.. com prd.., Federal Storage pfd Fed Co. c Fed ! Co. pfd. (6). Lanston_Monotype (§) 1 Merch, Tran. & Stor, com. (10). 85 Merch. Tran, & Stof. pfd. (7).. 21 Mergenthaler Linotype (6) Natl, Mtge. & Inv. ptd. (8) rug Stores pid. M. & G. ptd. (8) ech. Mige. com. ( Wash. Med. Blde. Corp. ( Woodward & Lothrop co Woodward & Lothrop ©f *Ex dividend. 527 extra. b Books closed. ¥21ae extra. nasc extra. 37 extra. 130c extra. 7 ext §17% extra. ella% extra. EARNINGS REPORTED. NEW_ YORK, March 20 (#).—Na- tional Steel Corporation earned a sub- stantial margin over its $2 annual divi- dend during 1930, its first full year of operation, the annual report issued to- day disclos:d. Net earnings were reported as $8,415,- 822, equal after deduction of a special charge for additional inventory revalu- ation, to $391 a share on 2,149,734 shares outstanding December 31. E. T. Weir, chairman, said that while earnings as shown by the statement were $8,691,138, equal to $4.08 a share on the average shares outstanding dur- ing the year, directors decided to reducs e figure by the special vision of $275,316 for inventory revaluation. He said the business has shown a gradual, but steady improvement, sinc: the first of the y Kentucky Utilities Co., controlled by Middle West Utllities, in 1930 earned $10.13 a share on the common stock, against $11.33 a share in 1929, Pl Peter the the Apostle has been played by Heinrich Hauck for 41 years the Freiburg "Pullon‘ Play.” 5). m,. q. T W Y Received UNITED STATES. (Sales are in $1.000.) Sales Lib314832-47.. 1 Listd4%s32-47. 10 L4th4ls33-38 29 US3%s40-43.. 44 US3%s41-4 U S3%s43-47. US3%s46-56. U S 4s 44- USiks4 23 10 Abitibl P & P 5553 Adams Exp 45 48. . Allegheny 5s 44... Allegheny 5s Am Cot O db bs '31 Am F P 55 2030 Am Metal 635 '34.. Am N Gas 614542 Am S&R 1t 5847, Am Sug Ref 6537, Am T&T cv 4%8'39 Am T&T 58°65..... Am T&T c tr b3 '46. Am T&T 63860, Am T&T 5%s 43 Am W Wks 58" AmWat Wk 6 Ann Arbor 4s Argentine 5 '45. .. Argentine May '61. Argentine 5148 '62. Argentine 6s Ju '69. Argentine 63 Oc ‘59 Argentine 63 A ‘57, Argentine 61 B '58 Arm & Co 4%s Arm Del 5%s " Atchison gen 4; tAtchiscv 4%s 41, At & Bir 45’3, At Ref deb bs Australia 434s ' Australia 5s '55. Australia §s ‘57, Austria 18'43. B&O 4348 B&O Y4 B&O4% B & O ref 58 '35 B & O 58 D 2000, B&O 6395, . B & O Sw dy 58°50. Batav Pet 414342, Belgium 68 '55. Belgium 638 Belgium 78 '55. Belgium 78 66. .... Bell Tel P’a 55 C 60 Beth Steel pm 5536 Beth St rf &s Bolivar 78 58 Bolivia 7s ctf: Bollvia 85 45 Bordeaux 6s "34. Bos & Me 68 '55 Bos & Me 55 '67 Brazil 6% ‘26, Brazil 6827, Brazil 7 Brazil 8s . Bremen 7s '35 Bk Ed gn A 53°49.. Bklyn Elev 6 Bklyn Man 65 68 Bklyn Un 58°45. ... Bkiyn Un 1st 58 '50. BR& Pitt 4145 57, Bush T Bldg 55 '60. Can Nat 4%s Can Nat 4%s°70. Can Nat 4%s '55. .. Can Nat 5s July '69. Can Nor 4345 35. .. Can Nor 6145 db *46 Can Nor 7s deb "40. Can Pac deb 4 Can Pac s ctfs Can Pac 4%s o P LISTHTISTRE S - Tt o Cert-td deb 5145 '48 Ches Corp 6s *47... Chi Grt West 59 Chi & O gn 4%3'92. CB&Q4%s'T7 CB&Q 1strf5s'71. Chi M StP&P 5375 Chi M & St P 4589, 2| Chi M & St P ad) 5s. 89° Chi & NW gn 4s'87. Chi & NW con 4%s. Ch1 & NW 6348 '36.. Chi R1 & Prf 4534 Chi RIcv 4%s60. ChiR1&P4%sA.. C TH&SE in 55 '60. Chi T H Inc 6s'60. . Chi Un St 55 "44.... CRi Un Sta 53 B '63. Chile 65°60. Chile 63 °61. Chile 78°42.... .| Chile Cop db 65 '47. Clev Term 4%s 77, Colomb 6s Jan ‘61, . Colon Oil 6s '38 Colo & Sou 43 Colo & Sou 4145 '80. Col G&E 55 May ‘52 Com Inves 538 '49. CC Md 1st rf 53 °60 ConG N Y b6%s'45. Con Pwr Jap 6%s.. Con Pow Japan 7s. . Copenhag 4%s '53.. Copenhag 5s '52.... Cuba 5% 45...... Cuba R R 55 '52 Cuba RR rf 7%5°36 Cuba Nor 51%s 42 Czecho 85 '51. Del & Hud rf 4543, Del & Hud cv 68 '35. Del & Hud 5%s '37. Denmark 4 45 ‘62. . Denmark 5% °55.. j Denmark 6s '42. .. D& RGrgn 4s'36 DRG& W st5s'78 Det Ed G& 416861 Dodge Brcl 68 '40.. Duguesne 4%s '67. Dutch East 1 65 '62. East C Sug 714s 37 1 Salvador 85 '48. . Iirie on 4s A 53 Irie 15t con 48 Y6 Erie Gen 4s. Erie Pa cit tr 4s Erie & Jer 65 '55 Flat7s war. Fiat 7s ex war ‘4 Finland 5%s 58 Finland 6s '4 | Finland 615 ‘56 Finland 7s " Fisk Rub 85’4 Fla I Coast 5 ‘74 Fond J&G 418 '52. Fram 1 D 7%s "4; French 75°4Y...... French Gvt 7%s ‘41 Gelsenk'chen 65 ‘34 Gen Cable 5% 8"47.. Gen Motors 63 '37. . Gen St Cas 53549, Gen Th £q 68 ‘40 German 5%s 65 German Bk 6s ‘38. . German 6%s'50. .. German 7s rep ‘49 Ger Gen E17s 45 Goodrich cv 6545 Good 15t 633 °47. .. Goody'r Rub b8 ‘67 Grt Trsfdb 6s 36 Grt Trunk 78 "40 mEanSnalin a5 S & e Do Sneblern aloreaB8laehfonfHeanial » po S P Grt Nor 1st 6s..... Grt Nor gn 6%!'22. - Greek 65 '63. Halt! 6s 52 Hav EI Ry 5% Hoe & Co 635 34.. Hud & M ad) 68 '67. Hud & M rf 58 57.. Humble Ol 55°37. . Hum O&R 5348 '62. Hungary T%s"44. . IBTIistpf6sA.. I11 Cent 4s ‘63 111 Cent ref 4 INnCent ¢%s ao » 102 105 25 105 24 105 24 107 30 107 25 107 25 112 6 11120 11120 High. ~ Low. 10124 10124 101 24 102 25 102 22 128 28 103 28 103 25 103 25 10117 10116 10116 2 10128 10113 10113 Close. 101 19 10129 Sales. High. 7% Low. 74 8714 81 79 102% 105 99% 8574 101% 9419 i 125% 94% 86 1064 89% 89% % Close. 7% 871 81 79 102% 10274 90% 104% 101% 5. Oreg-Wash 4s 6. " FINANCIAL. o BONDS o= ] by Private Wire Direct to The Star Ofice Low. Close. 921 9214 9% 99y Sales. High. INCCStL&N 4%s.. 5 93 1l CCSIL&NGSA.. 2 Inland St 4s% B'S1 17 Int Rap Tr 58 '66... 18 Int Rap Tr sta '8 Int Rap Tr 6s 32 Int Rap Tr 7s 32 Int Cement 58°48. . Int & Gr Nor 55 '56 Int &G N ad Int Hydro E} Int M Co 5s ret Int Maich 58 4 Int Pap 6s A *4' Int Pap 6s '55. Int RysC A 5s Int T&T4%s "5 12t T&Tcv 4% It T&THa"'S5.... Irish Free St 68 '60. Italy 78 '51 Italy Pub Sv 78 '52. Japanese 5158 °65. . Japanese 6%s ‘54. . Jugosl Bank 7s '57. KCP&L4%s" K 8915 03% 103% 103% 67 99% 99w 997 12 95% 9% 9% 21 967 96% 961 78 106'% 106 1064 1 82% 82% 82% 25 102% 102% 102% City Sou 1 81 81 81 City Sou 5 100% 100% 100% Kan City Ter 4s 3 954 95l 95 Kan CFtS&M 4s " 1 991 991y 99 KanG & E4%3'80. 14 97% 97 6 26 Karstadt 6s 43 3% Kreug & Toll 58 '59 941 5 102% 102% 102% 22 102% 102% 102% lacGStLbs34... Laclede 518 C '53. Laclede 5%s D'60. 16 103 10214 103 Lautaro Nit 6s°64.. 25 74% 69% 71 4 9T 9TH 9TH 1 105% 105% 105% LehV cv 418 2003, Leh Val 63 2000. ... Lig & Myers 7s*44. 11 121% 118% 118% Loew's 63 war 41.. 80 108% 108 108 Loe 10 99 98 98y, Lorillard 58 17 90% 0% 90% Lorfllard 5 56 96 951 95 20 112% 111% 1124 2 106% 106 106 Lorillard 7s 3 100% 100% 100% . Lou G & El 53 L&N 4%s2003 2 106 105% 106 5 106% 105 105% L&NIistrf5l S 101% 101% 101% Lyons 68 °34. . MeCormack 6s°34. . 16 9% 9% 70 3 A% BA 54l McKes & R 5%s ‘60 Manh Ry 1st 48 '90 Market St7s°40... 2 961 9615 96% 2 104% 104% 104% 3 103 1027% 103 Marsellle 63 34 91 90% 901 Midvale Sti Milan 6%s 52 5 102% 102% 102% 1 838 88 88 92 MIERy&L . M StP&SSM con 4s. M StP&SSM s gtd. 2 92% 92 MSP&SSM 5%878. 6 96% 96% 96% MK&TIst4s'90.. 22 90% 90% 90% MK&T4sB . 1 91 o1 91 MEK&TprinésA. 6 102% 102% 102% MK&Tadj6s'67.. 15 90% 89% 90% Mo Pac gen 4s'75.. 6614 67 921 92y 95% 94 9 3 19 11 Mo Pac 5s A '65. .. Mo Pac b8 F '17 Mo Pac 65 G '78. Mo Pac 5s H "80 Mo Pac ref §s ‘81 Mo Pac 538 cv '49. Mobile-Ohfo 5s '3 Mont Pow 5s " Mont P.db 58 A Mont Tr 1st 58 *41 88 Mor&Co 1st4l4s.. 2 824 824 82% Nat Dairy 6% s'48. 112 102 101% 102 Nat Rad6%s 47... 1 16 16% 16% NEng T1st6s’62.. 5 110% 110% 110% NOT&MB5sA'35. 3 99% 99% 9% Netherlands 6s°72. 2 103% 103% 103% 57 9 65% 64% 65 New S Wales6s'58 10 65 64 65 7 7 B5% BSW 85% 6 95% 95% 95% s+ 4 100% 100% 100% 013. 14 100% 100% 100% 013 6 100% 100 100%4 1 106% 106% 106% 16 89% 89 89y 2 104% 104 104 11 106% 106% 106% 1 114% 114% 114% 1 110% 110% 110% NYC&StL6%sA N Y Edison 58 NY ELH&P 58 °43. . NY NH&H 338 '66. NY NH&H 45 5 43 50% 1 72% 724 724 12 103% 103% 103% 12 107 106% 106% 4 112 111% 111% 1 36 36 36 7 98 98 98 20 104% 103% 103% 6 103% 103% 103% 1 107 107% 107% 94% 8 113% 113 113% 3 103% 103% 103% 9 101 100% 101 2 102% 102% 102% 1106 106 106 b 105% 105% 105% 2 1024 102% 102% 11 94% 94% 94% 8... 12 101 100 100% . 2 95% 95 95% 4 104 103% 103% 2 104% 104% 104% 14 107% 107% 107% 6 9 96 96 Norf South bs Nor & Wn cv 4 Nor Am Ed 58 '57. Nor Am Ed 5%s NorOT& L Nor Pac 48°97. ... Nor Pac 4%s 2047 Nor Pacr | 65 2047, Nor St Pw bs A *4 Norway 63 '63. . Norway 5%8 6 Norway 6s Orfent dev 5% Orient dev 6s PacG & K1 6s 42 Pac T&T 1st bs Pac T&T ref Paramount $s 47, 6 aris-Ly M 8.. 2 106% 1 Pathe ixch 7 37.. 30 78 2?“ 1‘7’% 102% 71 9T% 9T 9T 2 102 101% 102 lg ;06'& 106% 105% 0 Penn 4%s 63 Penn 55 64 Penna gen 55 '68 Penn 648 '36. Penn O&D 43 Peoples’ Gas Peor & E Inc 4 3 93% 931 93y 5 98% 98 98% 2 1045% 104% 1045 L118 31% 304 30% - 78 3% 304 30% 7 49% 49 49 37 102% 102 102% 102 74% T1% T4% 24 24 79 79 105 105 11 101% 1013 101% 1 109% 109% 109% 1 95% 95% 95% 72 1% T4 82 82% 89% 89% 70 72 0 69 70 2 105% 105% 106% | 5104 104 104 4 9 90 90 1 81% 814 81% 8 96 944 96 1 101% 101% 101% 3 93 93 93 3 84 B4k R4% 10 9315 931 931 1 88 884 884 1100 100% 100% 20 611 60 60 12 67% 66 67% 2 8% 86 8T% 8 55 b4k bdw 6 88% 8T 87 3 84 83 84 1 100% 100% 100% 65 914 90% 33 92 9% 92 2100 100 100 13 82% 82 824 41 73% T2 73 12 95 9% 94w 4 100% 100 100 2 96% 96% 96% 3 1104 110% 110% 7 88 6% 86% 7 924 92 92 8 P& W V434sC"60. a Poland 8s ‘50 Por RTam 6s'42.. Pos Tel & C 53 '63.. Prague 7%s '52. Queenland 6s Queenland 7s ‘41 Read gn 4%s A ‘97, Rem Arms 6s A '37. Bem R6%8 A 47.. Rhinelbe 75 "46. Rhine West 6: Rhine We: Rich Ol c: RiodeJan 6 R Gr De Suls "46. . Rio Gr W clt 4549, RIAr& L 4%s 34, 52 StL IM R&G 45 '33.. StL&SFindsA. 7 StLSWev StP&KCSL 4%s., St P Un Dep 68 '72.. 97| 91% | T DEMAND FOR STEEL CONTINUES STRONG . Further Increase in Buying Predicted by Weekly Trade Review. By the Assoctated Press. NEW YORK, March 20.—Expansion of steel demand, although by no means spectacular, is unchecked, and further gains are indicated by the broadening Tequirements of the automobile and construction industries, Iron Age says in its weekly review of the industry. “Steel ingot output for the country at large,” the review says, “has risen from 55 to 57 per cent, with the greatest gains reported at Cleveland, where production is now 70 per cent of capacity, and at Chicago, where the district averag2 is 62 per ccnt, with the rate of one producer 75 per cent, Three dlast fuinzces have been added to the list of active stac one each having been lighted in th> Alabama, Youngs- town and Chicago disiricts. Gains Reported. “Finished steel specifications at Chi- cago are 25 per cent above the average for the year to date, while bookings at New York are running 10 to 20 per cent over those of February. Cleveland also reports substantial gains, chiefly attributable to the expanding needs of the automobile industry. “Motor car demand for steel is con- spicuous for its uninterrupted expan- sion. Orders from the Detroit district, however, usually call for 7 to 10 days delivery and, as a consequence, mills serving the automobile trade have vir- tually no backlegs, although their ship- ments from week to week are steadily increasing. 1In the face of this extreme conservatism, every week brings more definite signs of a sustained gain in motor car production. First quarter output for the United States and Canada is now estimated at 700,000 cars, while peak production of the year is expected to come later than usual, possibly in May or June. “‘Most makers of wire rods, wire and wire nails have adopted the advance of $2 a ton for s2cond quarter, first an- nounced a week ago. Likewise, most producers of bars, plates and shapes are ?uotlng 1.65 cents a pound, Pittsburgh, or the coming quarter. Lack of in- terest on the part of consumers thus far prevented these quotations from undergoing a real test. In the case of plates, shapes and bars the fact that most of the tonnage shipped this [flunmr has been at 1.60 cents may in- luence the attitude of buyers, notwith- standing that the spot price has been $1 a ton higher since the first of the year. Willingness of sheet mills to ac- cept second-quarter contracts at recent prices is complicated by the appearance of fresh weakness in current transac- . Automobile body sheets have de- clined $2 a ton to 3.20 cents a pound, Pittsburgh. Black sheets have been shaded $2 a ton to 225 cents, Pitts- burgh, while scattered sales of sheets have been made at con- cessions of $1 a ton. Iron Prices. “Pig iron prices are on the whole une responsive in a quiet market, with in- creases in demand confined chiefly to the autmobile industry. Alabama pro- ducers have announced an advance of 50 cents a ton to $11, Birmingham, on iron for Northern delivery, while Cleve- land producers have reduced prices 50 cents a ton for local shipment. Scrap is .sluggish, with prices for the most part marking time.” New fabricated structural steel proj- ects total 152,000 ton:s. Structural steel inquiries regoned thus far this year call for 696,500 tons, compared with 288,000 tons in the years ago. the week steel, at 2.142 cents a pound, is $3.40 a net ton lower than a year ago; pig iron, at $15.71, is $2.04 a ton lower, and heavy melting scrap, at $11.08, is $3.92 a ton lower. Bankers’ Acceptance: NEW YORK, March 20 (#)—Con- trary to usual behavior at this season of the year, the volume of bankers' ac- ceptances outstanding shows no reduc- tion of any important amount, Robert H. Bean, executive secrctary of the American Acceptance Council, reports. The total volume of bankers' accepte ances outstanding on February 28 was $1,519,857,484, only $332,399 iess than the total reported January 31. Mr. Bean said that not for years has there been such a close record of acceptance vol- ume for two months as disclosed in the report covering the first two months of this year. U. S. TREASURY BALANCE. The United States Treasury balan: announced today as of close of business March 18 was $746,105,929.76. Custcms :fi!}g'f‘s{;}r the month to date were ,108,457.58. Total ordinary expendi- tures, $19,987,207.43. i POTATO MARKET. CHICAGO, March 20 (#) (United States Dcpartment of Agriculture).— Potatoes, 154; on track 220; total United States shipments, 1,145; unset- tled, very few sal>s at wide range in prices; trading very slow and limited; sacked, per hundredweight, Wisconsin round whites, 1.65a1.90; Idaho, Russets, No. 1, mostly 1.85al. few 1.75; few best, 2.00; No. 2, 1.60a1.70; Minnesota, Russets, 1.60; Colorado, Brown Beau- ties, 1.75; Red McClures, 2.00a2.20. DIVIDEND DECLARED. BOSTON, March 20 (Special).—Di- rectors of Utllities Hydro & Rail Shares Corporation have declared divi- dend of 10 cents per share on common stock, payable May 1, 1931, to stock- holders of record at the close of busi- ness April 1, 1931. 1 Tex & Pac 55 C*19.. Texas Pac 5s D '80, 13 Third Av ref 43°60.. Third Av adj 63 '60. Tokio 5%s 9% 13 341 .28 14% 14% 14% 85 % 1 5 107% 107% 1074 2 82% 824 824 1 92% 92% 92% % 1% 7% 4 93% 92% 92y Sea All Seine 75 ‘4 1. Shinyetsu 6% '62.. Sinclair Oil 614538, Sine O 78 cv A ‘31 Sinc Cr O 5%s ‘38 Sinc P L £s'42. Solvay Am bs 42... Sou Bel T&T 53 41. SW Bell T 55 A "54.. Sou 148 '49 9 100% 1 974 9Tk 9T 1 105% 105% 105% 2 106% 106% 106% 19 96 96 26 9TH 96% 96% 2 9Th 9T 9TH 10 99% 99% 99% 4 lgl% 100% 1014 t Ol N Y 438 5. jug Es Or 7s ‘42... N ) Uruguay 68'64. ... Utah P& L 53 '44.. Jt1l Pow 68 ‘69 Utll Pow 5% Vienna 6s ‘52 Va Ry & Pow Wabash 4% Wabash 1st 6 Wabash 53%s°75... Warn Br Pic 6s ‘39 Warn Quin 6s°'39 ‘Warner Sug 7s ‘39 Warsaw 7s 58 West El deb 58 West Md ¢s ‘52 it Md 5 West Pac 5. Un Te| 1004 100% 100 101% 100 100 101% 103 ' ) & +