Evening Star Newspaper, March 25, 1931, Page 13

FINANCIAL. NEW YORK STOCK EXCHANGE Reseived by Privatd Wire Diréét to The Star Office. * INDUSTRIL OUTRUT GAINS IN FEBRUARY More - Than Seasonal - In-; crease Reported by Re- .serve Board, BY EDWARD C. STONE. ‘Output of most of the important in- dustries increased more than seasonally in Fel and alt! th factory em« &lzymm'. vanced at a less rapld rate, volime of wage payments at fac- tories also rose more than seasonal amounts, according to the Federal Re- aerve Board’s business and financial summary for February and March. Industrial production, measured by | the board's index, increased 4 per cent in February from t"> lavel of De- cember and January. The value of building contracts awarded in February was sll(htly higl er than in January, according t F. Dodge reports. in the first half of mnhmmnsmmunmmthe daily avérage of contracts awarded. T it Targer Bha. Sial i aiomo: rol n usual in at - bile, shoe, woolen goods and coloring industries. Sales by department stores increased slightly. Increases in Silver Prices. ‘Whslesale commodity prices declined further in February, and the Bureau of Labor Statstics index, at 75.5 per cent of the 1926 average, was about 18 per cent below the level of a year ago.| Prices of many agricultural pmdutu decreased considerably, while the price of cotton advanced further. In the first half of March there were considerable increases in prices of sllver, live stock, meats and hides and declines in the Loans and investments of member banks in leading cities changed re! tively little between the end of .Ynnu- ary and the middle of March. Total loans on lu:urlfla declined, notwith- standing growth in brokers’ loans in New Yort Olt.y and all other loans showed iderable further liquida- tion, while the banks’ investments con- downward in February and showed lit- tle between March 4 and March Montagu Norman's Visit. Unusual interest is being manifested l!umfl::flz"lmlntmn‘gnm Montagu Norman, governor of Bank England, will arrive in this country unofficial Sooverstons wbout it are at least believed most money rates with Treasury Installmen i he e it 'hlc % R buying, h l‘ dechl’e‘: some appears w hnve ‘weath- h-tm- disclosed that the Ameri- actually ‘The can people _have increased St i el - atores afi'{mlfimn propor- m mm on 1930 v‘?.":u pumunt 63.3 per cent in 1920. Vote Regular and Add Extra. At & “ecent meeting of the Executive Corporation % mfltfl%fld of 37% cents per share with extra of 12% cents was declared payable on the com- mon stock of the company, April 1, to lders of record March 25. about eq-un]ly ‘aividca between and bonds. ‘Washington Railway & Electric pre- ferred sold to the extent of 60 shares A tal Traction figured in a . ex-dividend, at 35, snd ype moved Becurity & Trust. with three changing hands at 348. The m sale was in Capital Traction 1,000 m-mln‘z at 81%. Later $500 on the Wol! Vlrglnh Bonds Offered. Interest s being manifested here in a publie offering of $5.000,000 State of 334 per cent and 4'4 Issud for road purposes, today by & banking syn- consists of $3,579.000 nds, due 1942 to 1956, and $1421,000 415 per mflue 1932, t0 1962, priced 225 to 380 per cent. Valuation of the Statp u is officially reported 010 2 and its total bonded debt. 15 issue, at $82,914,700. !hnolbl District Comment. headquarters m the Becker ss of the American Ice Co. in was ebout the same quarter of 1930, Charles ml resident, told stockhold it & H o um'mrm&n";e:g 129% 103 Mv High. o bmaend 14 9 Abitibl Pow 52 39 Abitibi P& P ul). 103 100 Abraham St pf (7) 28% 164 Adams Exp (1.80)... 321 22% Adams Millis (2).... 11% 8% Adv Rumley (new).. 109% 92% Air Reduction (14%) 10% 6% Air Way Klec Appl. . 9% 7 Alaska Juneau (40¢) 6% Albany Wrap Paper. AlleR COTR.. 1oeres Allex Cp $30 ww 614, Alleg Cp 340 ww 6% .. Allled Ch & Dye (n6) Allled Ch & D pt (7). Allis Chalmers (3). Alpha Port Cemt (1) Amal Leather. Amerada Corp (3) Am Agri Ch of Del A% Am Beet Sugar. 140 200w A Ctn J13) ¢ 27 20% 384 144 Am Colortyp (1,46}, 9 Am Comel Aleshol. . 4% 28% 18% (1 6 Am La Fr & Foam pf 20% Am l.ocomotive (2) 724 Am Locomot pf (1 3% 16% 20 Am NatGaspf(7).. 64%% 45 Am Pow & Lt (21).. 21% 16% Am Rad & St San (1) 56 145 141 AmRad &8 Spf (7). 108 12% 7 Am Republies....... 6 37% 26% Am Rolling Mills. ... 66 57 Am Safety Razor (5) 58% 40% Am Sm & Ret (4).... 102% 93% Am Sm & R 24 pf (8) 1 Am Sm & Ref pf (7). Am Snuft (13%).. Am Steel Fdy (3). Am Stores (1234). Am Bolv & Chem, Am Bolv & Chem p¥:; Am Bugar Ret (b) .. Am Sugar Ref pf (7) Am Tel & Tel (9). Am Tobaceo (18). Am Tobaceo B (16). Am Tobaceo pf (8) Am Water Wka (3) Am Wat W 1st pf ( Am Woolen, ... Am Woolen pf Am Writ Paper etf; Am Zinc Lead & 8m.. Anaconda Cop (2%). Anchor Cap (2.40 Archer-Dan.M 120% 122% 3 Atch To & 8 Fo ( Atch T &8 Feopf (5). Atl Coast Line ¢110). Atlantic Refining (1) Atlas Powd.r “ Atlas Stor Auburn Avuuan ‘Corn of Déi 20% Baldwin Loco (1% Balto & Ohio (5) Balto & Ohfo pf « Bamberger pf (6% Barker Bros Barnet Leaf Barnsdaall (A) (1 Jeech-Nut Pky (3) Beldln(-ncmin‘w em 8 ethlehem lt Blaw-Knox (1 2 BohlAlun&Br 1%. 10 67% Borden Co (k3). . Borg, Warner (1).... 161 Briggs Mfg (11%)... 18% Bri A5% 114% zu 52 Bklyn 1yn Union em- (1)... P o 1ix 34% cyrus ev pf ( uau nm Ductrut Dt (1).. Wlteh !l“). Bros cum pf.. 50s [ 1f Packing n. u enmu.n Zm 86% Calumet & Arl 16 1L Clmv w&cryu 4ou @A (3).. l;» cnf-eme %) 17% Cannon Mills (1. 18 26% Caterpillar Traé un) s 11 Celanese Corp. 4% Celotex vtc ct 19% Cent Aguirre 2% Century Rib 2215 Cer do Pas 23 Certain-teed 12 Cheecker Cab Mfy. 39% Ches & Oh.r (3 40 Chesapeal il!fi. 12% ';: 15% Ch: ~15% asn City lc-tfuz (3. ln) 0% Clark Equipment (2) ll!\t Cocoa-Cola (17%). .. Colghte-Pal-P (23%). Collins & Afkman, .. 10% Colonial Beacon..... 324 21% Colo Fuel & Iron (1), 45% 334 Col Gas& Bl (2).... 109% 100% Col Gas & El pf A (8) 16% 7% Col Graphoph (a%). 73% Columblan Carb (16) 18w Comel Credit (2).... Comel Credit A (3).. Comel Cred 18t (§34) 208 Comel Cred pf B (2). 108 Comm In¥ Trust (3), 1 Comel 1 T ev pf (e8). Comm Solvents (1), . Cmwith & Sou (80 Cmwlith & Sou pf (8) Congoleumn: Congress Ciga Consolidated ¥ilm Consol Film pt (2).. 1 Consol Gas N Y (4). mu 101% Con Gasof NY of(5) 15% 16% Consol Laundries (1) Consol Textile Container B, Cont) Baking A. 100% 11% 0% lsu Contl Insur (3.40) Cont] Motors. taw. Close. Clofs. m« 10% ~Prev, 1031 Low. 76% 38 18 % Dupont de N Du P de N deb pt (6). Eastman Kodak (18) Eaton Axle (1.60) Eltington-Schild £leo Auto Lite (6) Eleo Boat, .. Elec Pwr & Lt (1)... Elec Pow & Lt pf ( Elec Pow & Lt pf (1) Elec Stor Bat (5) Emerson Brant A 4 Emerson-Brant (B porium Capwel sndicott-John pf (7) Eng Pub Sv (2.40). .. Eng Pub Sv pf (5% Erie RR. . Erle RR 18t 5f (§) Eureka Vac Cleaner, Falrbanks Co pt Fashion Park 17 20% Florsheim Sh A (3 Follansbes Bros Foster Wheeler (2).. Foundation Co. . Fourth Nat Invest Fox Fllm A (4). . 4 Freeport-Texas (3).. 4 Gamewell-Co (5) Gardner Motor 24% Gen Asphalt (3) Gen Bronz Gen Cigar (4) Gen Elee (1.6 Gen Elec spec Gen Food Corp (3) Gen Out Adv A “)‘- Gen Ptg Ink (2%) Gen Ptg Ink pf (6) Gen Pub Sv b8 % stk. Gen Ry Signal (5)... Gen Ry Signal pf (8) Gen Realty & Utll... Gen Refractories (4) Gen Theater Equip. . Gillette Saf Rasor... Gillette Saf R pf (5). Goodrich B ¥ pf (7). Goodyear Tire (6). .. Goodyear 18t pf (1) Graham-Pa . Graham-Paige rcts. . Granby Consol (2).. Grand 811 Strs (h1).. Grand Unfon........ Grand Union pf (3., Grt Western Sugar. . % Grt West Sug pf (1). 10s Grigsby Grunow . % Guantanamo Sugar. . Guilf Mobile & North, Hahn Dept Stores. .. Hahn Dpt St pf (6%) % Hall (WF) PrCo.(2) Hanna pf (1)........ Harb Walk Ref (2).. Hartman Corp (B) Hayes Body Hercules Mot (1 20). Hershey Choe (5 Hersh Choc pf ('l). ‘ Hollander So Holland Furn (12 K) Homestake Min (17)s Houdallle Hershey, . Household Finpf (4) Houston Ofls.csescns ‘Mouston O (neéw). . Howe Sound (3). . Hudson & Man (33 ). Hudson Motor (1).... Hupp Motors. ... Illinots Central (7)., o !-o..-.-a.?nn% o 00% 103 16% - Ingersoll Rand (16). Inland Steel (4).. Insuranshar Dei 40¢. Interb Rap Transit.. Interlake Iron (80c). int Agricultural Int Bus Mach (n). Int Cement (4) Ing Combustion. Int Comb Eng pf. Int Harvester (23) Int Harvester pt (1). Int Hydro E1 A (e2). Int Match pt (4) Int Merc Marine Int Nickel (80e) Int Paper & Pow Int Pap & P bf (7) Int Print Ink pf (6). Int Rys Cen A pf (5) Int Salt (3). int Shoe (3) Int Tel & Tel Inter Dept Strs ( Investors Equity. Jewel Tea (4). Jobns-Manville ( Jordan Motor Car... Kans City Bod (5)... Kans City Bou pf (4) Kayser Jullus (23%). Kelly-Spring Tire. .. Kelly-Spr T 6% pf. . Kelly-Spr T 8% pf.. 3 Kelsey Hayes (2).... Kelvinator Corp. ..+ Kendall Co pt (§ Kennecott Cop (2) Kinney (G R) pf (8) Kolster Radio:. . Kolster Radlo ct 2 54% 3% Lambert Co (8). Lee Rubber & Tire. v Lehman Corp (3). Lehn & Fink (2) Lib Ow Ford Gla Loose-W! Torhiara 1 Co LouG&EA (1% Louts & Nash (7). Ludlam Steel. Ludlum Steel pf.... McCrory Stores A(2) SicCrory pf (6) McKeespt Tin P(15) . MeKesson & Rob (1) Ael.eliun Stores. 4 Back Trucks (3) Macy (R H)&Co(; Mad'Sq Garden (80c) 2 7% Magma Copper (2).. 8 22 Manati Sugar.......1008 5 Manhat Elev gtd (7). 10s 59 Man Elevmod g (45) 4 Marine Miq (1.30) 2 221 Market 8t Ry.......1008 1% % Marmon Motor Car. . Marshall Fleld (24) Mathieson Alkali (2) May Dept Strs (2%) 2114-Cont Pe: Mo Kan & Texas Mo Knn & Tex p! ) Missourt Pac pf (56). Monsanto Ch W(14) 0 104% 102% 123% 123% 170% 20% 521 1 1% 69% 50s 109% 109% % 7 8% 3% 1 160% 167% 54 4 101% 100% % 21% 5 8 187 21% B 7 102% 128% another 1STOCKS G0 HIGHER |2 . INTRADER MARKET Rails Join Industrials in Up- swing, but Advance Is Moderate. BY GEORGE T. HUGHES. Spectal Dispateh to The sur NEW YORK, March & market dominated by pm(ullmtl Acflvi(y, stocks worked upward today. In & few specialties with & limited floating "zfl ply the gains were large, but for most part the advance was moderate. Rallroads recovered with the industrials. The gain in the carrier stocks wds made in the face of another batch of unfavorable February earnings state- ments, in the face of dividend uncer- tainties and in the face of & continued decline in car loadings, as comparéd with a year ago, although loadings were up on the week and showed & slightly larger thén normal seasonal increase. Evidently there was & large short in- terest in the rails, as well as in the industrials. Move in Auburn. Leaders in the first half of the session included New York Central, Baltimore & Ohio, Union Pacific and Southern Railway, all of which sold higher on light volume. The interests sponsoring the move in Auburn Auto showed no mercy to the shorts. They had bid the stock up 21 points on Tuesday, and before noon today the advanced it 11 more points, pi {Mng it to a new year's high above 5250 a share and aimost 150 points up from the year's low. Ad- mitting an encouraging trade outlook, no one supposes that this spectacular rise reflected anything other than the mnlpuhtkm possible in & stock with 80 small & floating supply. Stmilar rations, but on & much smaller scale, went on in Vanadium. This stock ran up under & combination of new buying and short eaver!n( to approximately its best for the year. Commitments for the decliie i J. I Case were taken and that stock, too, pushed ahead. Investthent Stocks. Coming to the stocks of investment % | rating, the best showing was made by Ameri can Can, which sold within & fraction of its year's best. Food and store stocks were strong at intervals, with new highs for National Dairy Products and Woolworth. McKeesport Tin Plate added to its sharp gains of the dly before, taking it to new high Whne-uthum.omlmlnmu' selected issues, United States Steel and General Motors lagged behind. Traders were abandoning motors for stocks that gave, them “more action” and Steel was held back by (.ha mcmnm tenor of the Weekly Trade Revie Here and there a weak mot Columbian clrbon ‘Ill and dend unceruln were blamed 1or thz liquidatior Oog per stocks were heavy, but held remark- ably well in view of the situation in the metal market. The oils did nothing one way or the other. In fact it was not & broad market, the turnover being con: fined to & oompl atively few issues. Early Market Irregular. Strength in industrial specialties, moderate short covering in the rails and irregularity elsewhere in the list characterized early trading. Buying of the rails presumably was based on the increased carloadings re- ported ip_the weekly statement. benefited New York Central most, al- though Union Pacific was a point or two higher. AumAnmedupmmw new high, showing a gain of 9 points at 249 on top of its n-pntm advance of Tuesday. McKeesport Tin Plate and American Sugar Refining wilunudenewhluh-lnnunm On the other hand, Westinghouse Electric was heavy awaiting decision of the directors on the dividend. United States Steel, Coneolidated Gas and American Can were & shade lower and fresh liquidation in Col n Carbon carried that stock off to & the movement. INVESTMENT TRUSTS NEW YORK. Mlfl‘h 25 (#).—Over- the-counter mark evmon L TE Snns B Incorp Investors & Gen SPEEER auatasibs 0. st tieth Century Pix Tt 8h) ited Pixed iversal T hers unchangec S CHICAGO DAIRY MARKET. CHICAGO, March 25 (#).—Butter— | 5,587 tubs; unsettled; creamer; 92 scure), 2 standzrds (90 seore car lots), 28Y extra firsts (90-91 score), 2714a271;; firsts (88-89 acare). 26‘ 237; seconds’ (86-87 score), 281 T1:903 crates, e exiin fl:;:.; 197 gea}ll_"'rldegm firsts, 1:;1‘, o ary 2 '3, storage e firsts, 201;; storage ked ex| p"fl g STATEMENT CONDITION Missouri State Life Insurance Co. of St. Louis, Mo. On the 31st day of December, 1030, as quired under the District of Columbia emended June 30, 1003, and August 18, extras Capital stock ... oY Capital stock, paid up, in cash 8, %] Cash in ofmce . 40.921.723.74 37,286.912.99 4.638.864.18 e b A Al other b} 2 Collateral loans 1 Total assets ABILITIES. 1 “"“t‘.“n?é‘\na by T Character of business transacted {he vear 1930: Life, accident 2 i 280 780.270.00 20,68¢ 40,550,107.22 5, BN boun the this furing Illl’ 1930 Money _ rece year 1930 nded d POTATO MARKET. CHICAGO, 1il., n-nn‘_ ¢ 1.40a1.65, mostly 1.5041.55; Idaho'Rus- sets No. 1, 1.6081.75, mostly 1.65al’ Salisbyry Bond Issue Sold. BALTIMORE, March 25 ( ‘The National City Co. of New [York was the successful bidder for an, issue of $50,000 of street improvement ibonds of the city of Salisbury, Md., on & bid of $104.609. There were eight bidders. W Bruton & 3 . of Baltimore e next highest bid at $104.16412. i s, Emdnuel & Co—A move against an ) — Colorado Red MeClutes, 2.25, Brown | overextended short interest may Beauties, 1.58. before the market nlhnflnmvnd- B In Prime of Life % Bank Executive Available /‘/) Many years’ residence in Washington and fine secord | of accomplishment in New York and New England, now wishes to teturn to Washington. . Would purchase; stock or accept satisfactory salary. . 'This man has a remarkable secord for bank building. Ilymmhnkh:l*dm.ufllo!pb‘b«i«lfm should Mlhfid—hfl!mm consult this Address Box 67-Z, Star Office REAL ESTATE ly appraised homes located in the Nation’s Capital and backed by our enormous resources. hs.nfe 'and sure invest- ents for Ir lus funds. by Denominations as low as $100 tb. hased on New England Gas and Electric Association 5% Convertible Gold Debenture Bonds Due 1947, 1948 and 1950 \ / ? ATTRACTIVE FEATURES 7 MARKET AND YIELD Well seasoned, active on the New York Curb, selling around 92, to return about 53%4% currently or approximately 5.75% to maturity. CONVERSION Convertiblé into 10 shares $5.50 Cumulative Preferred Shares for each $1,000 bond, up le one-half the amount of bonds of éach series, Net over 2% times all an November 30, 1930, before depreciation; 1. EARNINGS nual interest thl!sel of Association and subsidiaries, year ended 3 times after depre REVENUES ciation. 96% of gross revenues derived from gas and electric operations. GROWTH Gross earnings, 19201930 increased 75%, from $8656,000 to $15,158,000; net elrmng increased 192 from $1,884,000 to $5,515000, Ratio of et to gross increased from 21 to over 36%. Gross and net earnings for 12 months ended February 28, 1931, were sub- stantially greater than for the preceding year. TERRITORY -A prosperous and highly developed industrial and residential area, including C:mbnfie, ew Hamp- Worcester, New shire, Calais in Maine, and the Maritime Provinces of Canada. PROTECTIVE CLAUSE Bedford and Framingham, Mass, Portsmouth and Deérry, N Assets may not be pledged without ratably securing these Debentures and additional bonds may be issued only when net earnings equal &t least two times annual interest requirements. 61 Broadway, New York The management and supeérvision of the vi direction of the experienced public utility executives wh8 have been responsible for the successful development of the properties to their present high standards, i Tax Refund in Massachusetts EQUITY FINANCIAL POLICY MANAGEMENT jous operating Price at Market Incorporated Telephon &roodncuon cost of properties, plus net current asséts, after minority equity, $1,885 per To eliminate prior debt, leaving Debentures a first claim upon the properties. Priorities now only 16% of total debt and minority equity. companies are under the GENERAL UTILITY SECURITIES e BOwling Greén 9-3957 Circulars on thése Bonds on Requést WAGGAMAN, BRAWNER & CO. 1700 Eye Street F THE CONDITION STATEMENT OF THE Franklin Fire Insurance Company of Philadelphia, Pa. 1930, as On “‘l. 31st day Q‘ D‘elc".nwl ‘Code of ERRTee e nmrm 2t Col B Other ‘Total income .. remiums interest fncome DISBURSEMENTS. Net amount paid policyholders ., . o u 4573, Al ther disbursemen 37,560,048.14 Total disbursements $187,120.52 ° 0 . 20,678.117.08 1,481,879 Reenty baiane I Interest and Sents’ dus 6F ey NI hok aaimiiied “Total admitted assets .. LI et unpaid cla i BT fl-‘-’;‘nu} Dver all isbiist b District of Columbin. Btk 87.60 0 1,446.81 861.00 47.25 n.‘T:’.TG 1383007 #. V. SMITH, Vice President. V. P. WYATT, Secretary. State of New York, Cbusity 6f New York: E ,.-.-.-."w;*;m i velon nm:’ Eheil | commotion nd explosion T8.440.478.86 | Yo Incorporated Investment Bankers STATEMENT OF THE CONDITION OF THE United States Branch of the Halifax Fire Insurance Compnny of thfn, Ncn Scohn CRulten dmder Baction B47 of he TAW'Tor the District of Columbia. 3021.212.12 101:371.87 736.50 $1,003,320.79 352,321.63 625,688.57 Agents’ balane Tierest ‘and. ren o At Tatal admitted assets .......32,637,870.82 LIABILITIES. gc popald clatms Othe: apital deposit urplus of NET PREMIUMS WRITTEN DURING THE District of Total. Col: 450 $416,450 $2,771.58 ‘W. KURTH, U. 8. firlhfl #A3d avern ,fi"“" me this Net amount paid ””Elhfll‘ll’. ADGae Habureiints ‘Total disbursements Hitl»h- A:mmnm. ’I'u‘a -m“h [ ah of Lorniv (8eal) nvt.'e. HOWARD W PHlLLlPS & CO Edmonds Bldg. Agents 15th St. N\W.